As filed with the Securities and Exchange Commission on January 3, 2020

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-04556

TRANSAMERICA FUNDS

(Exact Name of Registrant as Specified in Charter)

1801 California St., Suite 5200, Denver, CO 80202

(Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, including Area Code: 1-888-233-4339

Rhonda A. Mills, Esq. 1801 California St., Suite 5200, Denver, CO 80202

(Name and Address of Agent for Service)

Date of fiscal year end:      October 31

Date of reporting period:    November 1, 2018 – October 31, 2019

Item 1: Report(s) to Shareholders.

The Annual Report is attached.

TRANSAMERICA FUNDS

ANNUAL REPORT

OCTOBER 31, 2019

Beginning January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, the funds intend to no longer mail paper copies of the funds’ shareholder reports, unless you specifically request paper copies of the reports from a fund or your financial intermediary (such as broker-dealer or bank). Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically (“e-delivery”), you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically anytime by contacting your financial intermediary or, if you are a direct shareholder with a fund, by calling 1-888-233-4339.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports where a fund is held through that intermediary. If you are a direct shareholder with a fund, you can call 1-888-233-4339 to let the fund know you wish to continue receiving paper copies of your shareholder reports. That election will apply to all Transamerica funds held directly with the fund complex.

Customer Service: 1-888-233-4339

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Transamerica Capital, Inc.

www.transamerica.com

Table of Contents

Shareholder Letter	1
Disclosure of Expenses	2
Manager Commentary and Schedules of Investments
Transamerica Asset Allocation – Conservative Portfolio	4
Transamerica Asset Allocation – Growth Portfolio	9
Transamerica Asset Allocation – Moderate Growth Portfolio	14
Transamerica Asset Allocation – Moderate Portfolio	19
Transamerica Asset Allocation Intermediate Horizon	24
Transamerica Asset Allocation Long Horizon	27
Transamerica Asset Allocation Short Horizon	30
Transamerica Multi-Manager Alternative Strategies Portfolio	33
Statements of Assets and Liabilities	38
Statements of Operations	40
Statements of Changes in Net Assets	42
Financial Highlights	48
Notes to Financial Statements	61
Report of Independent Registered Public Accounting Firm	73
Supplemental Information	75
Approval of Management and Sub-Advisory Agreements	76
Management of the Trust	81
Liquidity Risk Management Program	88
Proxy Voting Policies and Procedures and Quarterly Portfolio Holdings	89
Notice of Privacy Policy	90

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

Transamerica Funds Annual Report 2019

Dear Shareholder,

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

This annual report is provided to you to show the investments of your Fund(s) during the fiscal year. The Securities and Exchange Commission currently requires that annual and semi-annual reports be sent to all shareholders, and we believe it to be an important part of the investment process. This report provides detailed information about your Fund(s) for the 12-month period ended October 31, 2019.

We believe it is important to understand market conditions over the last fiscal year to provide a context for reading this report. As the period began, domestic and international markets were in the beginning phase of a fourth quarter decline which would eventually take the S&P 500^® down almost 20% from its previous record high. Investor anxiety was primarily driven by two dynamics creating high levels of uncertainty as the year was concluding. These dynamics were Federal Reserve (“Fed”) policy and the ongoing trade dispute with China.

Selling accelerated into year-end as the Fed implemented its fourth rate hike of the year and ninth since its tightening cycle had begun three years earlier. This played into developing market fears that the Fed was on the verge of a major policy error, of raising rates into a slowing economy. Parallel to concerns with the Fed, the market also grappled with deteriorating trade relations with China and the prospect of additional U.S. imposed tariffs. Together, these two concerns sent stocks sliding as the market experienced its worst month of December in more than eighty-five years. Unlike the equity markets, however, the December strains also garnered a flight to quality in U.S. Treasury bonds and a large downward move in the 10-year Treasury yield which fell by over a half a percent, from 3.24% on November 8th to 2.69% by the end of 2018.

As the calendar turned to 2019, the Fed quickly changed its perspective to one of patience, and it became clear to the market that no further rate hikes were likely in the immediate future. In May, markets were surprised to hear that a trade deal with China would not come to fruition as expected, and a new round of tariffs went into effect. This jolted stocks to some extent, however, the Fed acted quickly, first by signaling in June that it was ready to reverse course and begin reducing rates starting with a rate cut of 0.25% at the July meeting. As trade uncertainty with China continued and the rhetoric escalated, the Fed cut rates twice more in September and October, negating three of the four hikes from the year past. During the summer, investors also witnessed the inversion of the yield curve, as long-term Treasury rates fell below short-term rates, stoking recession fears. However, by late October, after the Fed had enacted its third rate cut of the year, long-term rates rose, and the yield curve moved back into a traditional upward slope.

In the credit markets, investment grade and high yield bonds began 2019 with elongated credit spreads as a result of the economic fears created from the Fed’s tightening activity toward the end of 2018 and the potential impact of tariffs on the U.S. economy. As both those fears thawed throughout the year, credit spreads narrowed, market fundamentals remained strong and corporate bonds posted strong returns throughout the first half of the year. International developed and emerging markets equities also recovered well during this time.

As the autumn months began, investors could also recognize the continued strength in the economy. The unemployment rate continued close to the lowest level in a half century, wages continued to grow, inflation remained benign and consumer spending progressed on a strong path. In this environment, lower rates also helped equity valuations as the market looked forward to higher earnings growth in 2020.

For the 12-month period ended October 31, 2019, the S&P 500^® Index returned 14.33% while the MSCI EAFE Index, representing international developed market equities, returned 11.63%. During the same period, the Bloomberg Barclays U.S. Aggregate Bond Index returned 11.51%. Please keep in mind that it is important to maintain a diversified portfolio as investment returns have historically been difficult to predict.

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

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

Sincerely,

Marijn Smit

President & Chief Executive Officer

Transamerica Funds

Tom Wald, CFA

Chief Investment Officer

Transamerica Funds

Bloomberg Barclays U.S. Aggregate Bond Index: Measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.

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

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

The views expressed in this report reflect those of the portfolio managers only and may not necessarily represent the views of the Transamerica Funds. These views are as of the date of this report and are subject to change based upon market conditions. These views should not be relied upon as investment advice and are not indicative of trading intent on behalf of the Transamerica Funds. Investing involves risk, including potential loss of principal. The performance data presented represents past performance and does not guarantee future results. Indexes are unmanaged and an investor cannot invest directly in an index.

Disclosure of Expenses

(unaudited)

SHAREHOLDER EXPENSES

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

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

The examples are based on an investment of $1,000 invested at May 1, 2019, and held for the entire six-month period until October 31, 2019.

ACTUAL EXPENSES

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

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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

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

			Actual Expenses				Hypothetical Expenses (A)
Fund	Beginning Account Value		Ending Account Value		Expenses Paid During Period (B)		Ending Account Value		Expenses Paid During Period (B)		Net Annualized Expense Ratio (C) (D)
Transamerica Asset Allocation - Conservative Portfolio
Class A	$	1,000.00	$	1,031.20	$	2.41	$	1,022.80	$	2.40		0.47	%
Class C		1,000.00		1,028.30		6.29		1,019.00		6.26		1.23
Class I		1,000.00		1,033.20		1.33		1,023.90		1.33		0.26
Class R		1,000.00		1,030.60		4.35		1,020.90		4.33		0.85
Transamerica Asset Allocation - Growth Portfolio
Class A		1,000.00		1,003.90		2.68		1,022.50		2.70		0.53
Class C		1,000.00		1,000.80		6.30		1,018.90		6.36		1.25
Class I		1,000.00		1,005.40		1.31		1,023.90		1.33		0.26
Class R		1,000.00		1,003.10		3.89		1,021.30		3.92		0.77
Transamerica Asset Allocation - Moderate Growth Portfolio
Class A		1,000.00		1,016.90		2.49		1,022.70		2.50		0.49
Class C		1,000.00		1,013.40		6.19		1,019.10		6.21		1.22
Class I		1,000.00		1,017.80		1.27		1,023.90		1.28		0.25
Class R		1,000.00		1,015.20		3.86		1,021.40		3.87		0.76
Transamerica Asset Allocation - Moderate Portfolio
Class A		1,000.00		1,026.00		2.45		1,022.80		2.45		0.48
Class C		1,000.00		1,022.30		6.22		1,019.10		6.21		1.22
Class I		1,000.00		1,026.90		1.28		1,023.90		1.28		0.25
Class R		1,000.00		1,024.30		3.72		1,021.50		3.72		0.73

Transamerica Funds Annual Report 2019

Page    2

Disclosure of Expenses (continued)

(unaudited)

			Actual Expenses				Hypothetical Expenses (A)
Fund	Beginning Account Value		Ending Account Value		Expenses Paid During Period (B)		Ending Account Value		Expenses Paid During Period (B)		Net Annualized Expense Ratio (C) (D)
Transamerica Asset Allocation Intermediate Horizon
Class R	$	1,000.00	$	1,029.40	$	3.07	$	1,022.20	$	3.06		0.60	%
Class R4		1,000.00		1,030.40		1.79		1,023.40		1.79		0.35
Transamerica Asset Allocation Long Horizon
Class R		1,000.00		1,021.30		3.06		1,022.20		3.06		0.60
Class R4		1,000.00		1,022.70		1.78		1,023.40		1.79		0.35
Transamerica Asset Allocation Short Horizon
Class R		1,000.00		1,037.40		3.08		1,022.20		3.06		0.60
Class R4		1,000.00		1,038.60		1.80		1,023.40		1.79		0.35
Transamerica Multi-Manager Alternative Strategies Portfolio
Class A		1,000.00		1,010.30		4.05		1,021.20		4.08		0.80
Class C		1,000.00		1,006.20		7.84		1,017.40		7.88		1.55
Class I		1,000.00		1,011.30		1.93		1,023.30		1.94		0.38
Class R6		1,000.00		1,013.20		1.27		1,023.90		1.28		0.25

(A)	5% return per year before expenses.
(B)	Expenses are calculated using each Fund’s annualized expense ratios (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).
(C)	Expense ratios (as disclosed in the table) do not include the expenses of the underlying investments in which the Funds invest. The annualized expense ratios, as stated in the fee table of the Funds’ Prospectus, may differ from the expense ratios disclosed in this report.
(D)	Net annualized expense ratios are reflective of any applicable fee waivers and/or reimbursements and are based on the most recent six-months and may differ from the expense ratio displayed in the Financial Highlights which covers a twelve-month period.

Transamerica Funds Annual Report 2019

Page    3

Transamerica Asset Allocation – Conservative Portfolio

(unaudited)

MARKET ENVIRONMENT

Global equity markets got off to a bumpy start for the 12-month period ended October 31, 2019. For much of 2018, U.S. stocks had rallied, largely on 2018’s corporate tax cuts and the resulting one-time bump in earnings growth. But stocks faltered in the fourth quarter of 2018 on trade-war concerns, slowing economic growth, and an interest-rate increase by the U.S. Federal Reserve (“Fed”). A market dip in October was followed by a more precipitous decline in December. The S&P 500^® dropped -9.03% in December, capping a -13.52% loss for the final quarter of 2018. Foreign stocks held up a bit better, with the MSCI EAFE Index falling -4.85% in December 2018 and -12.54% for the fourth quarter. The MSCI Emerging Markets Index declined -2.65% in December 2018 and -7.46% for the fourth quarter.

Equities rebounded in early 2019, spurred primarily by a mood shift at the Fed toward a more accommodative bias. The S&P 500^® jumped 13.65% in the first quarter of 2019, while the MSCI EAFE and MSCI Emerging Markets Indexes were up 9.98% and 9.91%, respectively. U.S. stocks continued to drift upward in the second and third quarters, and continued to outpace foreign markets despite negative S&P 500^® earnings growth and ongoing U.S./China trade-war drama. There were meaningful downturns in May and late July/early August, suggesting that investors still harbored anxiety about U.S. equity valuations, the trade war, and underwhelming economic growth. The Fed cut rates three times bolstering the equity markets, which ended the period with gains in September and October.

For the 12-month period ended October 31, 2019, U.S. stocks outgained foreign stocks. The S&P 500^® returned 14.33% for the 12-month period, while the MSCI EAFE Index was up 11.04% and the MSCI Emerging Markets Index rose 11.86%. Within the U.S., large- and mid-cap growth stocks led the gains. The Russell 1000^® Growth Index returned 17.10%, while the Russell 1000^® Value Index managed only an 11.21% gain. As a group, small cap stocks were left behind; the Russell 2000^® Index rose only 4.90%.

PERFORMANCE

For the year ended October 31, 2019, Transamerica Asset Allocation – Conservative Portfolio (Class A) returned 8.64%, excluding any sales charges. By comparison, its primary and secondary benchmarks, the Bloomberg Barclays US Aggregate Bond Index and the Wilshire 5000 Total Market Index^SM, returned 11.51% and 12.87%, respectively.

STRATEGY REVIEW

As value-driven managers overseeing a multi-asset portfolio, we’ve been gravitating to markets trading less expensively than U.S. stocks. In the equity sleeve, that has meant tilting more toward foreign markets than usual. Generally, we would consider a U.S. equity/foreign equity mix of about two-thirds/one-third to be our neutral stance. But we’ve been leaning more heavily into foreign stocks during the past year. In our view, valuations abroad have been more attractive. Though not cheap, stocks in many foreign developed markets, such as those in Europe and Japan, seem less exposed to a downward normalization of valuations. We also have been emphasizing emerging markets within the equity sleeve, as their valuations rank as the least-inflated in our analysis, while their fundamentals appear healthy in most cases. On the bond side of the portfolio, we have been more U.S.-centric, because yields in Europe and Japan have been very low. In fact, some bonds from those regions have been carrying negative yields. It has been a different story in emerging markets, as our analysts view emerging markets bonds to be one of the best-valued parts of the global bond market in recent years, and we have been overweight that area throughout the 12-month period.

Leaning into foreign equities has meant missing out on some of the U.S. stock market’s recent gains. Indeed, exposure to just about any equities other than U.S. large-cap growth stocks over the past year has diluted returns relative to the S&P 500^®. One example is U.S. small-cap stocks, which the portfolio diversifies into by design. As mentioned above, small stocks have lagged large stocks over the past year. We also have a modest position in energy infrastructure — which we believe is one of the few pockets of value within the U.S. That asset class has been fairly flat over the past year likely due to investors’ focus on oil prices. We like energy infrastructure because it’s selling at a bargain in our opinion, as its returns are not highly correlated to the major stock averages, and it has been paying the portfolio a stream of growing dividends. The portfolio also diversifies into several absolute-return funds, a couple of which were down a little for the year. On the bond side, we’ve been positioned more in line with what the market has rewarded over the past 12 months — an underweight position in high-yield bonds, overweight in core U.S. bonds, and as mentioned, overweight in emerging markets debt.

No market environment lasts forever. After the past couple of years it might seem like U.S. stocks are the only game in town, but you only need to go back to 2017 for an example of when the tables were turned. That year the MSCI EAFE Index returned 25.03% which outpaced the 21.83% return of the S&P 500^®, while the MSCI Emerging Markets Index outperformed both with a return of 37.28%. Value investing hasn’t been rewarded for a while either. Growth stocks have led not only in the U.S., but also around the world for the past two years. As value investors, we retreat from overheated parts of the market and look for the next opportunities, which can be found in places the market is ignoring.

Transamerica Funds Annual Report 2019

Page    4

Transamerica Asset Allocation – Conservative Portfolio

(unaudited)

STRATEGY REVIEW (continued)

Markets tend to move in cycles. The sands are always shifting, hot areas cool off, and forgotten areas rebound. We believe our value-driven process is the right approach for the long term, and we think it’s especially apt in the current environment characterized by rich asset prices across much of the risk spectrum.

Dan McNeela, CFA

Michael Stout, CFA

Ricky Williamson, CFA

Co-Portfolio Managers

Morningstar Investment Management LLC

Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		54.8	%
U.S. Equity Funds		16.4
International Equity Funds		14.7
International Fixed Income Funds		7.6
U.S. Alternative Funds		3.6
U.S. Mixed Allocation Fund		2.0
International Alternative Funds		1.0
Net Other Assets (Liabilities)		(0.1	)
Total		100.0	%

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

Transamerica Funds Annual Report 2019

Page    5

Transamerica Asset Allocation – Conservative Portfolio

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		2.67	%		2.86	%		4.87	%		03/01/2002
Class A (NAV)		8.64	%		4.03	%		5.47	%		03/01/2002
Bloomberg Barclays US Aggregate Bond Index (A)		11.51	%		3.24	%		3.73	%
Wilshire 5000 Total Market IndexSM (B)		12.87	%		10.05	%		13.50	%
Class C (POP)		6.82	%		3.26	%		4.75	%		11/11/2002
Class C (NAV)		7.82	%		3.26	%		4.75	%		11/11/2002
Class I (NAV)		8.95	%		4.28	%		5.56	%		11/30/2009
Class R (NAV)		8.28	%		3.64	%		5.13	%		06/15/2006

^(A) The Bloomberg Barclays US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.

^(B) The Wilshire 5000 Total Market Index^SM measures the performance of most U.S. domiciled public securities with readily available price data. Companies in the index are weighted by available float and market-capitalization.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares or the maximum applicable contingent deferred sales charge (1% in the 1st year) for Class C shares. Shares purchased prior to March 1, 2004 are subject to a maximum applicable contingent deferred sales charge (2% in the 1st year, decreasing to 0% after 2 years) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. There are no sales charges on Class I and R shares.

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

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

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

Transamerica Funds Annual Report 2019

Page    6

Transamerica Asset Allocation – Conservative Portfolio

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Shares		Value
INVESTMENT COMPANIES - 100.1%
International Alternative Funds - 1.0%
Transamerica Global Allocation Liquidating Trust (A) (B) (C) (D)		1,340		$  5,067
Transamerica Global Multifactor Macro (A) (B)		803,262		7,398,044
				7,403,111
International Equity Funds - 14.7%
Transamerica Emerging Markets Equity (B)		3,152,677		31,369,139
Transamerica International Equity (B)		1,898,656		34,004,936
Transamerica International Growth (B)		3,372,401		25,394,176
Transamerica International Small Cap Value (B)		617,196		7,795,191
Transamerica International Stock (B)		1,255,491		12,077,821
				110,641,263
International Fixed Income Funds - 7.6%
Transamerica Emerging Markets Debt (B)		2,474,651		26,082,827
Transamerica Inflation Opportunities (B)		3,048,951		31,556,645
				57,639,472
U.S. Alternative Funds - 3.6%
Transamerica Event Driven (B)		1,055,535		11,030,342
Transamerica Managed Futures Strategy (A) (B)		2,209,283		16,061,485
				27,091,827
U.S. Equity Funds - 16.4%
Transamerica Capital Growth (B)		1,657,450		22,292,697
Transamerica Dividend Focused (B)		3,162,103		30,261,321
Transamerica Large Cap Value (B)		2,027,376		22,382,231
Transamerica Mid Cap Growth (B)		43,579		458,884

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Equity Funds (continued)
Transamerica Mid Cap Value (B)		407,276		$   5,310,874
Transamerica Mid Cap Value Opportunities (B)		211,036		2,477,565
Transamerica Small Cap Core (B)		242,562		2,357,703
Transamerica Small Cap Growth (B)		227,190		1,551,707
Transamerica Small Cap Value (B)		237,840		2,364,132
Transamerica Small Company Growth Liquidating Trust (A) (B) (C) (D)		1,529		951
Transamerica US Growth (B)		1,508,066		34,202,937
				123,661,002
U.S. Fixed Income Funds - 54.8%
Transamerica Bond (B)		1,621,876		15,326,725
Transamerica Core Bond (B)		9,882,268		101,392,071
Transamerica Floating Rate (B)		863,066		8,302,690
Transamerica Intermediate Bond (B)		6,683,193		70,173,524
Transamerica Short-Term Bond (B)		5,665,118		57,274,341
Transamerica Total Return (B)		15,170,220		160,804,328
				413,273,679
U.S. Mixed Allocation Fund - 2.0%
Transamerica MLP & Energy Income (B)		2,254,033		14,696,294
Total Investment Companies (Cost $719,418,679)				754,406,648
Total Investments (Cost $719,418,679)				754,406,648
Net Other Assets (Liabilities) - (0.1)%				(631,124	)
Net Assets - 100.0%				$  753,775,524

SECURITY VALUATION:

Valuation Inputs ^(E)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Investment Companies	$	754,400,630	$	—	$	—	$	754,400,630
Total	$	754,400,630	$	—	$	—	$	754,400,630
Investment Companies Measured at Net Asset Value (D)								6,018
Total Investments							$	754,406,648

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

Transamerica Funds Annual Report 2019

Page    7

Transamerica Asset Allocation – Conservative Portfolio

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	Affiliated investment in the Class I2 shares, and liquidating trusts of Transamerica Funds. Affiliated interest income, dividend income, realized and unrealized gains (losses), if any, are broken out within the Statements of Operations.
(C)	Restricted securities. At October 31, 2019, the value of such securities held by the Fund are as follows:

Investments	Description	Acquisition Date		Acquisition Cost		Value		Value as Percentage of Net Assets
Investment Companies	Transamerica Global Allocation Liquidating Trust		07/31/2014	$	13,784	$	5,067		0.0	%(F)
Investment Companies	Transamerica Small Company Growth Liquidating Trust		10/26/2012		15,291		951		0.0	(F)
Total				$	29,075	$	6,018		0.0	%(F)

(D)	Certain investments are measured at fair value using the net asset value per share, or its equivalent, practical expedient and have not been classified in the fair value levels. The fair value amount presented is intended to permit reconciliation to the Total Investments amount presented within the Schedule of Investments.
(E)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(F)	Percentage rounds to less than 0.1% or (0.1)%.

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

Transamerica Funds Annual Report 2019

Page    8

Transamerica Asset Allocation – Growth Portfolio

(unaudited)

MARKET ENVIRONMENT

Global equity markets got off to a bumpy start for the 12-month period ended October 31, 2019. For much of 2018, U.S. stocks had rallied, largely on 2018’s corporate tax cuts and the resulting one-time bump in earnings growth. But stocks faltered in the fourth quarter of 2018 on trade-war concerns, slowing economic growth, and an interest-rate increase by the U.S. Federal Reserve (“Fed”). A market dip in October was followed by a more precipitous decline in December. The S&P 500^® dropped -9.03% in December, capping a -13.52% loss for the final quarter of 2018. Foreign stocks held up a bit better, with the MSCI EAFE Index falling -4.85% in December 2018 and -12.54% for the fourth quarter. The MSCI Emerging Markets Index declined -2.65% in December 2018 and -7.46% for the fourth quarter.

Equities rebounded in early 2019, spurred primarily by a mood shift at the Fed toward a more accommodative bias. The S&P 500^® jumped 13.65% in 2019’s first quarter, while the MSCI EAFE and MSCI Emerging Markets Indexes were up 9.98% and 9.91%, respectively. U.S. stocks continued to drift upward in the second and third quarters, and continued to outpace foreign markets despite negative S&P 500^® earnings growth and ongoing U.S./China trade-war drama. There were meaningful downturns in May and late July/early August, suggesting that investors still harbored anxiety about U.S. equity valuations, the trade war, and underwhelming economic growth. The Fed cut rates three times bolstering the equity markets, which ended the period with gains in September and October.

For the 12-month period ended October 31, 2019, U.S. stocks outgained foreign stocks. The S&P 500^® returned 14.33% for the 12-month period, while the MSCI EAFE Index was up 11.04% and the MSCI Emerging Markets Index rose 11.86%. Within the U.S., large- and mid-cap growth stocks led the gains. The Russell 1000^® Growth Index returned 17.10%, while the Russell 1000® Value Index managed only an 11.21% gain. As a group, small cap stocks were left behind; the Russell 2000^® Index rose only 4.90%.

PERFORMANCE

For the year ended October 31, 2019, Transamerica Asset Allocation – Growth Portfolio (Class A) returned 7.89%, excluding any sales charges. By comparison, its benchmark, the Wilshire 5000 Total Market Index^SM, returned 12.87%.

STRATEGY REVIEW

As value-driven managers overseeing a multi-asset portfolio, we’ve been gravitating to markets trading less expensively than U.S. equities. That has meant tilting more toward foreign markets than usual. Generally, we would consider a U.S./foreign mix of about two-thirds/one-third to be our neutral stance within the equity sleeve. But we’ve been leaning more heavily into foreign markets during the past year — along the lines of 55%/45%. In our view, valuations abroad have been more attractive. Though not cheap, many foreign developed markets, such as those in Europe and Japan, seem less exposed to a downward normalization of valuations. Of course we focus on more than just valuations; our research delves into country and regional fundamentals as well. All things considered, the majority of foreign markets look like better opportunities than the U.S. at this point in the cycle. We also have been emphasizing emerging markets, as their valuations rank as the least-inflated in our analysis, while their fundamentals appear healthy in most cases.

Leaning into foreign equities has meant missing out on some of the U.S. stock market’s recent gains. Indeed, exposure to just about any equities other than U.S. large-cap growth stocks over the past year has diluted returns relative to the S&P 500^®. One example is U.S. small-cap stocks, which the portfolio diversifies into by design. As mentioned above, small stocks have lagged large stocks over the past year. We also have a position in energy infrastructure — which we believe is one of the few pockets of value within the U.S. That asset class has been fairly flat over the past year likely due to investors’ focus on oil prices. We like energy infrastructure because it’s selling at a bargain in our opinion, as its returns are not highly correlated to the major stock averages, and it has been paying the portfolio a stream of growing dividends. The portfolio also diversifies into several absolute-return funds; and we don’t expect those to match stock returns during a rally like 2019’s, and they haven’t.

No market environment lasts forever. After the past couple of years it might seem like U.S. stocks are the only game in town, but you only need to go back to 2017 for an example of when the tables were turned. That year the MSCI EAFE Index returned 25.03% which outpaced the 21.83% return of the S&P 500^®, while the MSCI Emerging Markets Index outperformed both with a return of 37.28%. Value investing hasn’t been rewarded for a while either. Growth stocks have led not only in the U.S., but also around the world for the past two years. As value investors, we retreat from overheated parts of the market and look for the next opportunities, which can be found in places the market is ignoring.

Markets tend to move in cycles. The sands are always shifting, hot areas cool off, and forgotten areas rebound. More importantly, we believe our value-driven process is the right approach for the long term, and we think it’s especially apt in the current environment characterized by rich asset prices across much of the risk spectrum.

Dan McNeela, CFA

Michael Stout, CFA

Ricky Williamson, CFA

Co-Portfolio Managers

Morningstar Investment Management LLC

Transamerica Funds Annual Report 2019

Page    9

Transamerica Asset Allocation – Growth Portfolio

(unaudited)

Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		50.1	%
International Equity Funds		39.5
U.S. Mixed Allocation Fund		5.1
U.S. Alternative Funds		4.0
International Alternative Funds		1.4
Net Other Assets (Liabilities)		(0.1	)
Total		100.0	%

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

Transamerica Funds Annual Report 2019

Page    10

Transamerica Asset Allocation – Growth Portfolio

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		1.94	%		4.88	%		8.27	%		03/01/2002
Class A (NAV)		7.89	%		6.07	%		8.88	%		03/01/2002
Wilshire 5000 Total Market IndexSM (A)		12.87	%		10.05	%		13.50	%
Class C (POP)		6.20	%		5.29	%		8.13	%		11/11/2002
Class C (NAV)		7.10	%		5.29	%		8.13	%		11/11/2002
Class I (NAV)		8.19	%		6.35	%		8.88	%		11/30/2009
Class R (NAV)		7.71	%		5.76	%		8.62	%		06/15/2006

^(A) The Wilshire 5000 Total Market Index^SM measures the performance of most U.S. domiciled public securities with readily available price data. Companies in the index are weighted by available float and market-capitalization.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares or the maximum applicable contingent deferred sales charge (1% in the 1st year) for Class C shares. Shares purchased prior to March 1, 2004 are subject to a maximum applicable contingent deferred sales charge (2% in the 1st year, decreasing to 0% after 2 years) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. There are no sales charges on Class I and R shares.

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

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

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

Transamerica Funds Annual Report 2019

Page    11

Transamerica Asset Allocation – Growth Portfolio

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Shares		Value
INVESTMENT COMPANIES - 100.1%
International Alternative Funds - 1.4%
Transamerica Global Allocation Liquidating Trust (A) (B) (C) (D)		874		$  3,306
Transamerica Global Multifactor Macro (A) (B)		1,786,890		16,457,255
				16,460,561
International Equity Funds - 39.5%
Transamerica Emerging Markets Equity (B)		13,704,448		136,359,256
Transamerica Global Real Estate Securities (B)		256,425		3,933,552
Transamerica International Equity (B)		8,699,218		155,803,003
Transamerica International Growth (B)		14,599,989		109,937,917
Transamerica International Small Cap Value (B)		3,191,724		40,311,478
Transamerica International Stock (B)		358,199		3,445,875
				449,791,081
U.S. Alternative Funds - 4.0%
Transamerica Event Driven (B)		2,082,147		21,758,434
Transamerica Managed Futures Strategy (A) (B)		3,312,039		24,078,521
				45,836,955
U.S. Equity Funds - 50.1%
Transamerica Capital Growth (B)		7,128,028		95,871,975

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Equity Funds (continued)
Transamerica Dividend Focused (B)		13,607,212		$   130,221,023
Transamerica Large Cap Value (B)		8,799,777		97,149,539
Transamerica Mid Cap Growth (B)		60,065		632,486
Transamerica Mid Cap Value (B)		3,354,990		43,749,074
Transamerica Mid Cap Value Opportunities (B)		1,545,259		18,141,343
Transamerica Small Cap Core (B)		210,100		2,042,175
Transamerica Small Cap Growth (B)		1,801,847		12,306,612
Transamerica Small Cap Value (B)		2,223,322		22,099,825
Transamerica Small Company Growth Liquidating Trust (A) (B) (C) (D)		5,111		3,180
Transamerica US Growth (B)		6,513,316		147,721,996
				569,939,228
U.S. Mixed Allocation Fund - 5.1%
Transamerica MLP & Energy Income (B)		8,854,849		57,733,616
Total Investment Companies (Cost $1,053,493,635)				1,139,761,441
Total Investments (Cost $1,053,493,635)				1,139,761,441
Net Other Assets (Liabilities) - (0.1)%				(1,402,173	)
Net Assets - 100.0%				$  1,138,359,268

SECURITY VALUATION:

Valuation Inputs ^(E)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Investment Companies	$	1,139,754,955	$	—	$	—	$	1,139,754,955
Total	$	1,139,754,955	$	—	$	—	$	1,139,754,955
Investment Companies Measured at Net Asset Value (D)								6,486
Total Investments							$	1,139,761,441

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

Transamerica Funds Annual Report 2019

Page    12

Transamerica Asset Allocation – Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	Affiliated investment in the Class I2 shares, and liquidating trusts of Transamerica Funds. Affiliated interest income, dividend income, realized and unrealized gains (losses), if any, are broken out within the Statements of Operations.
(C)	Restricted securities. At October 31, 2019, the value of such securities held by the Fund are as follows:

Investments	Description	Acquisition Date		Acquisition Cost		Value		Value as Percentage of Net Assets
Investment Companies	Transamerica Global Allocation Liquidating Trust		07/31/2014	$	8,994	$	3,306		0.0	%(F)
Investment Companies	Transamerica Small Company Growth Liquidating Trust		10/26/2012		51,111		3,180		0.0	(F)
Total				$	60,105	$	6,486		0.0	%(F)

(D)	Certain investments are measured at fair value using the net asset value per share, or its equivalent, practical expedient and have not been classified in the fair value levels. The fair value amount presented is intended to permit reconciliation to the Total Investments amount presented within the Schedule of Investments.
(E)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(F)	Percentage rounds to less than 0.1% or (0.1)%.

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

Transamerica Funds Annual Report 2019

Page    13

Transamerica Asset Allocation – Moderate Growth Portfolio

(unaudited)

MARKET ENVIRONMENT

Global equity markets got off to a bumpy start for the 12-month period ended October 31, 2019. For much of 2018, U.S. stocks had rallied, largely on 2018’s corporate tax cuts and the resulting one-time bump in earnings growth. But stocks faltered in the fourth quarter of 2018 on trade-war concerns, slowing economic growth, and an interest-rate increase by the U.S. Federal Reserve (“Fed”). A market dip in October was followed by a more precipitous decline in December. The S&P 500^® dropped -9.03% in December, capping a -13.52% loss for the final quarter of 2018. Foreign stocks held up a bit better, with the MSCI EAFE Index falling -4.85% in December 2018 and -12.54% for the fourth quarter. The MSCI Emerging Markets Index declined -2.65% in December 2018 and -7.46% for the fourth quarter.

Equities rebounded in early 2019, spurred primarily by a mood shift at the Fed toward a more accommodative bias. The S&P 500^® jumped 13.65% in the first quarter of 2019, while the MSCI EAFE and MSCI Emerging Markets Indexes were up 9.98% and 9.91%, respectively. U.S. stocks continued to drift upward in the second and third quarters, and continued to outpace foreign markets despite negative S&P 500^® earnings growth and ongoing U.S./China trade-war drama. There were meaningful downturns in May and late July/early August, suggesting that investors still harbored anxiety about U.S. equity valuations, the trade war, and underwhelming economic growth. The Fed cut rates three times bolstering the equity markets, which ended the period with gains in September and October.

For the 12-month period ended October 31, 2019, U.S. stocks outgained foreign stocks. The S&P 500^® returned 14.33% for the 12-month period, while the MSCI EAFE Index was up 11.04% and the MSCI Emerging Markets Index rose 11.86%. Within the U.S., large- and mid-cap growth stocks led the gains. The Russell 1000^® Growth Index returned 17.10%, while the Russell 1000^® Value Index managed only an 11.21% gain. As a group, small cap stocks were left behind; the Russell 2000^® Index rose only 4.90%.

PERFORMANCE

For the year ended October 31, 2019, Transamerica Asset Allocation – Moderate Growth Portfolio (Class A) returned 8.37%, excluding any sales charges. By comparison, its primary and secondary benchmarks, the Wilshire 5000 Total Market Index^SM and the Bloomberg Barclays US Aggregate Bond Index, returned 12.87% and 11.51%, respectively.

STRATEGY REVIEW

As value-driven managers overseeing a multi-asset portfolio, we’ve been gravitating to markets trading less expensively than U.S. equities. That has meant tilting more toward foreign markets than usual. Generally, we would consider a U.S./foreign mix of about two-thirds/one-third to be our neutral stance within the equity sleeve. But we’ve been leaning more heavily into foreign markets during the past year — along the lines of 55%/45%. In our view, valuations abroad have been more attractive. Though not cheap, many foreign developed markets, such as those in Europe and Japan, seem less exposed to a downward normalization of valuations. Of course we focus on more than just valuations; our research delves into country and regional fundamentals as well. All things considered, the majority of foreign markets look like better opportunities than the U.S. at this point in the cycle. We also have been emphasizing emerging markets within the equity sleeve, as their valuations rank as the least-inflated in our analysis, while their fundamentals appear healthy in most cases.

Leaning into foreign equities has meant missing out on some of the U.S. stock market’s recent gains. Indeed, exposure to just about any equities other than U.S. large-cap growth stocks over the past year has diluted returns relative to the S&P 500^®. One example is U.S. small-cap stocks, which the portfolio diversifies into by design. As mentioned above, small stocks have lagged large stocks over the past year. We also have a modest position in energy infrastructure — which we believe is one of the few pockets of value within the U.S. That asset class has been fairly flat over the past year likely due to investors’ focus on oil prices. We like energy infrastructure because it’s selling at a bargain in our opinion, as its returns are not highly correlated to the major stock averages, and it has been paying the portfolio a stream of growing dividends. The portfolio also diversifies into several absolute-return funds; and we don’t expect those to match stock returns during a rally like 2019’s, and they haven’t. On the bond we’ve been positioned more in line with what the market has rewarded over the past 12 months — an underweight in high-yield bonds, overweight in core bonds, and overweight in emerging-market debt.

No market environment lasts forever. After the past couple of years it might seem like U.S. stocks are the only game in town, but you only need to go back to 2017 for an example of when the tables were turned. That year the MSCI EAFE Index returned 25.03% which outpaced the 21.83% return of the S&P 500^®, while the MSCI Emerging Markets Index outperformed both with a return of 37.28%. Value investing hasn’t been rewarded for a while either. Growth stocks have led not only in the U.S., but also around the world for the past two years. As value investors, we retreat from overheated parts of the market and look for the next opportunities, which can be found in places the market is ignoring.

Transamerica Funds Annual Report 2019

Page    14

Transamerica Asset Allocation – Moderate Growth Portfolio

(unaudited)

STRATEGY REVIEW (continued)

Markets tend to move in cycles. The sands are always shifting, hot areas cool off, and forgotten areas rebound. More importantly, we believe our value-driven process is the right approach for the long term, and we think it’s especially apt in the current environment characterized by rich asset prices across much of the risk spectrum.

Dan McNeela, CFA

Michael Stout, CFA

Ricky Williamson, CFA

Co-Portfolio Managers

Morningstar Investment Management LLC

Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		35.3	%
International Equity Funds		29.6
U.S. Fixed Income Funds		22.8
U.S. Mixed Allocation Fund		4.0
International Fixed Income Funds		3.8
U.S. Alternative Funds		3.6
International Alternative Funds		1.0
Net Other Assets (Liabilities)		(0.1	)
Total		100.0	%

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

Transamerica Funds Annual Report 2019

Page    15

Transamerica Asset Allocation – Moderate Growth Portfolio

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		2.38	%		4.04	%		6.96	%		03/01/2002
Class A (NAV)		8.37	%		5.23	%		7.56	%		03/01/2002
Wilshire 5000 Total Market IndexSM (A)		12.87	%		10.05	%		13.50	%
Bloomberg Barclays US Aggregate Bond Index (B)		11.51	%		3.24	%		3.73	%
Class C (POP)		6.65	%		4.44	%		6.81	%		11/11/2002
Class C (NAV)		7.60	%		4.44	%		6.81	%		11/11/2002
Class I (NAV)		8.64	%		5.49	%		7.59	%		11/30/2009
Class R (NAV)		8.08	%		4.94	%		7.32	%		06/15/2006

^(A) The Wilshire 5000 Total Market Index^SM measures the performance of most U.S. domiciled public securities with readily available price data. Companies in the index are weighted by available float and market-capitalization.

^(B) The Bloomberg Barclays US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares or the maximum applicable contingent deferred sales charge (1% in the 1st year) for Class C shares. Shares purchased prior to March 1, 2004 are subject to a maximum applicable contingent deferred sales charge (2% in the 1st year, decreasing to 0% after 2 years) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. There are no sales charges on Class I and R shares.

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

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

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

Transamerica Funds Annual Report 2019

Page    16

Transamerica Asset Allocation – Moderate Growth Portfolio

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Shares		Value
INVESTMENT COMPANIES - 100.1%
International Alternative Funds - 1.0%
Transamerica Global Allocation Liquidating Trust (A) (B) (C) (D)		5,843		$  22,100
Transamerica Global Multifactor Macro (A) (B)		2,083,865		19,192,399
				19,214,499
International Equity Funds - 29.6%
Transamerica Emerging Markets Equity (B)		16,153,778		160,730,091
Transamerica Global Real Estate Securities (B)		639,162		9,804,741
Transamerica International Equity (B)		11,146,145		199,627,462
Transamerica International Growth (B)		17,693,985		133,235,709
Transamerica International Small Cap Value (B)		3,928,723		49,619,775
Transamerica International Stock (B)		2,904,416		27,940,485
				580,958,263
International Fixed Income Funds - 3.8%
Transamerica Emerging Markets Debt (B)		4,841,905		51,033,679
Transamerica Inflation Opportunities (B)		2,158,650		22,342,031
				73,375,710
U.S. Alternative Funds - 3.6%
Transamerica Event Driven (B)		2,753,047		28,769,345
Transamerica Managed Futures Strategy (A) (B)		5,825,843		42,353,881
				71,123,226
U.S. Equity Funds - 35.3%
Transamerica Capital Growth (B)		8,755,690		117,764,031
Transamerica Dividend Focused (B)		16,686,047		159,685,468
Transamerica Large Cap Value (B)		10,780,336		119,014,906
Transamerica Mid Cap Growth (B)		104,958		1,105,211

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Equity Funds (continued)
Transamerica Mid Cap Value (B)		4,430,449		$   57,773,061
Transamerica Mid Cap Value Opportunities (B)		2,165,842		25,426,981
Transamerica Small Cap Core (B)		778,707		7,569,037
Transamerica Small Cap Growth (B)		1,230,612		8,405,079
Transamerica Small Cap Value (B)		1,507,707		14,986,604
Transamerica Small Company Growth Liquidating Trust (A) (B) (C) (D)		4,660		2,899
Transamerica US Growth (B)		7,986,442		181,132,502
				692,865,779
U.S. Fixed Income Funds - 22.8%
Transamerica Bond (B)		2,714,832		25,655,159
Transamerica Core Bond (B)		11,051,303		113,386,370
Transamerica Floating Rate (B)		1,466,852		14,111,112
Transamerica Intermediate Bond (B)		7,783,667		81,728,503
Transamerica Short-Term Bond (B)		4,570,337		46,206,103
Transamerica Total Return (B)		15,643,482		165,820,908
				446,908,155
U.S. Mixed Allocation Fund - 4.0%
Transamerica MLP & Energy Income (B)		11,917,500		77,702,101
Total Investment Companies (Cost $1,836,724,586)				1,962,147,733
Total Investments (Cost $1,836,724,586)				1,962,147,733
Net Other Assets (Liabilities) - (0.1)%				(1,655,026	)
Net Assets - 100.0%				$  1,960,492,707

SECURITY VALUATION:

Valuation Inputs ^(E)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Investment Companies	$	1,962,122,734	$	—	$	—	$	1,962,122,734
Total	$	1,962,122,734	$	—	$	—	$	1,962,122,734
Investment Companies Measured at Net Asset Value (D)								24,999
Total Investments							$	1,962,147,733

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

Transamerica Funds Annual Report 2019

Page    17

Transamerica Asset Allocation – Moderate Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	Affiliated investment in the Class I2 shares, and liquidating trusts of Transamerica Funds. Affiliated interest income, dividend income, realized and unrealized gains (losses), if any, are broken out within the Statements of Operations.
(C)	Restricted securities. At October 31, 2019, the value of such securities held by the Fund are as follows:

Investments	Description	Acquisition Date		Acquisition Cost		Value		Value as Percentage of Net Assets
Investment Companies	Transamerica Global Allocation Liquidating Trust		07/31/2014	$	60,118	$	22,100		0.0	%(F)
Investment Companies	Transamerica Small Company Growth Liquidating Trust		10/26/2012		46,600		2,899		0.0	(F)
Total				$	106,718	$	24,999		0.0	%(F)

(D)	Certain investments are measured at fair value using the net asset value per share, or its equivalent, practical expedient and have not been classified in the fair value levels. The fair value amount presented is intended to permit reconciliation to the Total Investments amount presented within the Schedule of Investments.
(E)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(F)	Percentage rounds to less than 0.1% or (0.1)%.

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

Transamerica Funds Annual Report 2019

Page    18

Transamerica Asset Allocation – Moderate Portfolio

(unaudited)

MARKET ENVIRONMENT

Global equity markets got off to a bumpy start for the 12-month period ended October 31, 2019. For much of 2018, U.S. stocks had rallied, largely on 2018’s corporate tax cuts and the resulting one-time bump in earnings growth. But stocks faltered in the fourth quarter of 2018 on trade-war concerns, slowing economic growth, and an interest-rate increase by the U.S. Federal Reserve (“Fed”). A market dip in October was followed by a more precipitous decline in December. The S&P 500^® dropped -9.03% in December, capping a -13.52% loss for the final quarter of 2018. Foreign stocks held up a bit better, with the MSCI EAFE Index falling -4.85% in December 2018 and -12.54% for the fourth quarter. The MSCI Emerging Markets Index declined -2.65% in December 2018 and -7.46% for the fourth quarter.

Equities rebounded in early 2019, spurred primarily by a mood shift at the Fed toward a more accommodative bias. The S&P 500^® jumped 13.65% in the first quarter of 2019, while the MSCI EAFE and MSCI Emerging Markets Indexes were up 9.98% and 9.91%, respectively. U.S. stocks continued to drift upward in the second and third quarters, and continued to outpace foreign markets despite negative S&P 500^® earnings growth and ongoing U.S./China trade-war drama. There were meaningful downturns in May and late July/early August, suggesting that investors still harbored anxiety about U.S. equity valuations, the trade war, and underwhelming economic growth. The Fed cut rates three times bolstering the equity markets, which ended the period with gains in September and October.

For the 12-month period ended October 31, 2019, U.S. stocks outgained foreign stocks. The S&P 500^® returned 14.33% for the 12-month period, while the MSCI EAFE Index was up 11.04% and the MSCI Emerging Markets Index rose 11.86%. Within the U.S., large- and mid-cap growth stocks led the gains. The Russell 1000^® Growth Index returned 17.10%, while the Russell 1000^® Value Index managed only an 11.21% gain. As a group, small cap stocks were left behind; the Russell 2000^® Index rose only 4.90%.

PERFORMANCE

For the year ended October 31, 2019, Transamerica Asset Allocation – Moderate Portfolio (Class A) returned 8.51%, excluding any sales charges. By comparison, its primary and secondary benchmarks, the Wilshire 5000 Total Market Index^SM and the Bloomberg Barclays US Aggregate Bond Index, returned 12.87% and 11.51%, respectively.

STRATEGY REVIEW

As value-driven managers overseeing a multi-asset portfolio, we’ve been gravitating to markets trading less expensively than U.S. equities. That has meant tilting more toward foreign markets than usual. Generally, we would consider a U.S./foreign mix of about two-thirds/one-third to be our neutral stance within the equity sleeve. But we’ve been leaning more heavily into foreign markets during the past year — along the lines of 55%/45%. In our view valuations abroad have been more attractive. Though not cheap, many foreign developed markets, such as those in Europe and Japan, seem less exposed to a downward normalization of valuations. Of course we focus on more than just valuations; our research delves into country and regional fundamentals as well. All things considered, the majority of foreign markets look like better opportunities than the U.S. at this point in the cycle. We also have been emphasizing emerging markets within the equity sleeve, as their valuations rank as the least-inflated in our analysis, while their fundamentals appear healthy in most cases.

Leaning into foreign equities has meant missing out on some of the U.S. stock market’s recent gains. Indeed, exposure to just about any equities other than U.S. large-cap growth stocks over the past year has diluted returns relative to the S&P 500^®. One example is U.S. small-cap stocks, which the portfolio diversifies into by design. As mentioned above, small stocks have lagged large stocks over the past year. We also have a modest position in energy infrastructure — which we believe is one of the few pockets of value within the U.S. That asset class has been fairly flat over the past year likely due to investors’ focus on oil prices. We like energy infrastructure because it’s selling at a bargain in our opinion, as its returns are not highly correlated to the major stock averages, and it has been paying the portfolio a stream of growing dividends. The portfolio also diversifies into several absolute-return funds; and we don’t expect those to match stock returns during a rally like 2019’s, and they haven’t. On the bond side, we’ve been positioned more in line with what the market has rewarded over the past 12 months — an underweight position in high-yield bonds, overweight in core bonds, and overweight in emerging-market debt.

No market environment lasts forever. After the past couple of years it might seem like U.S. stocks are the only game in town, but you only need to go back to 2017 for an example of when the tables were turned. That year the MSCI EAFE Index returned 25.03% which outpaced the 21.83% return of the S&P 500^®, while the MSCI Emerging Markets Index outperformed both with a return of 37.28%. Value investing hasn’t been rewarded for a while either. Growth stocks have led not only in the U.S., but also around the world for the past two years. As value investors, we retreat from overheated parts of the market and look for the next opportunities, which can be found in places the market is ignoring.

Transamerica Funds Annual Report 2019

Page    19

Transamerica Asset Allocation – Moderate Portfolio

(unaudited)

STRATEGY REVIEW (continued)

Markets tend to move in cycles. The sands are always shifting, hot areas cool off, and forgotten areas rebound. More importantly, we believe our value-driven process is the right approach for the long term, and we think it’s especially apt in the current environment characterized by rich asset prices across much of the risk spectrum.

Dan McNeela, CFA

Michael Stout, CFA

Ricky Williamson, CFA

Co-Portfolio Managers

Morningstar Investment Management LLC

Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		41.6	%
U.S. Equity Funds		24.2
International Equity Funds		21.2
International Fixed Income Funds		5.6
U.S. Alternative Funds		3.6
U.S. Mixed Allocation Fund		2.9
International Alternative Funds		1.0
Net Other Assets (Liabilities)		(0.1	)
Total		100.0	%

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

Transamerica Funds Annual Report 2019

Page    20

Transamerica Asset Allocation – Moderate Portfolio

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		2.52	%		3.35	%		5.84	%		03/01/2002
Class A (NAV)		8.51	%		4.53	%		6.44	%		03/01/2002
Wilshire 5000 Total Market IndexSM (A)		12.87	%		10.05	%		13.50	%
Bloomberg Barclays US Aggregate Bond Index (B)		11.51	%		3.24	%		3.73	%
Class C (POP)		6.78	%		3.76	%		5.70	%		11/11/2002
Class C (NAV)		7.77	%		3.76	%		5.70	%		11/11/2002
Class I (NAV)		8.86	%		4.78	%		6.49	%		11/30/2009
Class R (NAV)		8.21	%		4.27	%		6.19	%		06/15/2006

^(A) The Wilshire 5000 Total Market Index^SM measures the performance of most U.S. domiciled public securities with readily available price data. Companies in the index are weighted by available float and market-capitalization.

^(B) The Bloomberg Barclays US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares or the maximum applicable contingent deferred sales charge (1% in the 1st year) for Class C shares. Shares purchased prior to March 1, 2004 are subject to a maximum applicable contingent deferred sales charge (2% in the 1st year, decreasing to 0% after 2 years) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. There are no sales charges on Class I and R shares.

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

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

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

Transamerica Funds Annual Report 2019

Page    21

Transamerica Asset Allocation – Moderate Portfolio

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Shares		Value
INVESTMENT COMPANIES - 100.1%
International Alternative Funds - 1.0%
Transamerica Global Allocation Liquidating Trust (A) (B) (C) (D)		3,627		$  13,718
Transamerica Global Multifactor Macro (A) (B)		1,472,396		13,560,771
				13,574,489
International Equity Funds - 21.2%
Transamerica Emerging Markets Equity (B)		7,851,819		78,125,599
Transamerica International Equity (B)		5,606,234		100,407,660
Transamerica International Growth (B)		8,851,621		66,652,708
Transamerica International Small Cap Value (B)		1,889,916		23,869,640
Transamerica International Stock (B)		2,539,648		24,431,418
				293,487,025
International Fixed Income Funds - 5.6%
Transamerica Emerging Markets Debt (B)		4,279,722		45,108,273
Transamerica Inflation Opportunities (B)		3,173,306		32,843,720
				77,951,993
U.S. Alternative Funds - 3.6%
Transamerica Event Driven (B)		1,938,956		20,262,093
Transamerica Managed Futures Strategy (A) (B)		4,097,085		29,785,805
				50,047,898
U.S. Equity Funds - 24.2%
Transamerica Capital Growth (B)		4,275,365		57,503,657
Transamerica Dividend Focused (B)		8,132,360		77,826,688
Transamerica Large Cap Value (B)		5,247,229		57,929,411
Transamerica Mid Cap Growth (B)		74,826		787,922
Transamerica Mid Cap Value (B)		1,903,980		24,827,894

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Equity Funds (continued)
Transamerica Mid Cap Value Opportunities (B)		955,149		$   11,213,449
Transamerica Small Cap Core (B)		418,986		4,072,544
Transamerica Small Cap Growth (B)		689,102		4,706,569
Transamerica Small Cap Value (B)		835,175		8,301,637
Transamerica Small Company Growth Liquidating Trust (A) (B) (C) (D)		2,887		1,796
Transamerica US Growth (B)		3,888,095		88,181,996
				335,353,563
U.S. Fixed Income Funds - 41.6%
Transamerica Bond (B)		3,877,377		36,641,211
Transamerica Core Bond (B)		13,874,255		142,349,861
Transamerica Floating Rate (B)		1,292,323		12,432,150
Transamerica Intermediate Bond (B)		9,659,967		101,429,655
Transamerica Short-Term Bond (B)		6,185,246		62,532,839
Transamerica Total Return (B)		20,762,210		220,079,431
				575,465,147
U.S. Mixed Allocation Fund - 2.9%
Transamerica MLP & Energy Income (B)		6,226,169		40,594,622
Total Investment Companies (Cost $1,302,895,338)				1,386,474,737
Total Investments (Cost $1,302,895,338)				1,386,474,737
Net Other Assets (Liabilities) - (0.1)%				(855,399	)
Net Assets - 100.0%				$  1,385,619,338

SECURITY VALUATION:

Valuation Inputs ^(E)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Investment Companies	$	1,386,459,223	$	—	$	—	$	1,386,459,223
Total	$	1,386,459,223	$	—	$	—	$	1,386,459,223
Investment Companies Measured at Net Asset Value (D)								15,514
Total Investments							$	1,386,474,737

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

Transamerica Funds Annual Report 2019

Page    22

Transamerica Asset Allocation – Moderate Portfolio

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	Affiliated investment in the Class I2 shares, and liquidating trusts of Transamerica Funds. Affiliated interest income, dividend income, realized and unrealized gains (losses), if any, are broken out within the Statements of Operations.
(C)	Restricted securities. At October 31, 2019, the value of such securities held by the Fund are as follows:

Investments	Description	Acquisition Date		Acquisition Cost		Value		Value as Percentage of Net Assets
Investment Companies	Transamerica Global Allocation Liquidating Trust		07/31/2014	$	37,318	$	13,718		0.0	%(F)
Investment Companies	Transamerica Small Company Growth Liquidating Trust		10/26/2012		28,869		1,796		0.0	(F)
Total				$	66,187	$	15,514		0.0	%(F)

(D)	Certain investments are measured at fair value using the net asset value per share, or its equivalent, practical expedient and have not been classified in the fair value levels. The fair value amount presented is intended to permit reconciliation to the Total Investments amount presented within the Schedule of Investments.
(E)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(F)	Percentage rounds to less than 0.1% or (0.1)%.

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

Transamerica Funds Annual Report 2019

Page    23

Transamerica Asset Allocation Intermediate Horizon

(unaudited)

MARKET ENVIRONMENT

The period began with U.S. equities in decline, as trade tensions between the U.S. and China and a steadily climbing Federal Funds Rate shook investor confidence in the fourth quarter of 2018. Selling intensified near year end when investors decided that the December Federal Reserve (“Fed”) rate hike was one too many. At its worst, the S&P 500^® was down almost 20% from its peak while small caps were down over 25%, however, selling abated around the New Year when Fed Chairman Jerome Powell capitulated and paused the rate hikes. Over the 12-month period ended October 31, 2019, the Fed had fully reversed course and cut rates three times. The market responded positively and was achieving new all-time highs by spring of 2019.

Turning to fundamentals, the U.S. consumer continued to drive the economy, as low unemployment, rising wages and accommodative credit fueled spending. The manufacturing sector, both in the U.S. and abroad, did not enjoy the same strength, as evidenced by declining Purchasing Manager Index reports which saw numerous developed economies, including Japan, the Euro Area and the United Kingdom, fall into manufacturing contraction. As such, sectors like energy, materials and transports underperformed the broader market in the U.S., while growth sectors like technology and consumer discretionary outperformed.

Interest rate markets experienced volatility during the period, as investors tried to gauge whether the economy was continuing along in a later-cycle environment or if markets were at a turning point. This uncertainty kept a bid under Treasuries, which saw the 10-year yield fall from above 3% to 1.69% by period end. In hindsight, both equity and credit markets remained well supported by slow yet steady economic and corporate earnings growth, ample access to credit and strong investor demand for both yield and total return.

PERFORMANCE

For the year ended October 31, 2019, Transamerica Asset Allocation Intermediate Horizon (Class R4) returned 10.10%. By comparison, its primary, secondary, and additional benchmarks, the S&P 500^®, the Bloomberg Barclays US Aggregate Bond Index and the Transamerica Asset Allocation Intermediate Horizon Blended Benchmark, returned 14.33%, 11.51% and 11.47%, respectively.

STRATEGY REVIEW

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

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

The Fund’s best-performing holding over the 12-month period ended October 31, 2019 was Transamerica Mid Cap Growth with a gain of 23.41% and a target weighting of 3%. The top equity contributor to overall performance was Transamerica Large Growth which carried a target allocation of 13% and returned 15.57%. The top performing fixed income fund in the portfolio was Transamerica Intermediate Bond which returned 11.26%, boosted by falling market interest rates. It was also the largest overall contributor to performance and carried a target weight of 24%.

The weakest equity fund holding during the 12-month period ended October 31, 2019 was Transamerica Small Cap Value which gained 2.77% and had a target allocation of 3%. The weakest non-money market fixed income fund in the portfolio, Transamerica High Quality Bond, still achieved attractive returns of 5.38% and had a target weight of 8%. Relative to funds which can take on more credit and interest rate risk, the fund underperformed. That profile is by design, as we expect its short-term, high-quality focus to provide a relative ballast against more aggressive underlying holdings when markets decline.

Christopher A. Staples, CFA

Kane Cotton, CFA

Sean Serrell, CFA

Co-Portfolio Managers

Transamerica Asset Management, Inc.

Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		48.3	%
U.S. Equity Funds		40.4
International Equity Fund		11.2
Money Market Fund		0.2
Net Other Assets (Liabilities)		(0.1	)
Total		100.0	%

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

Transamerica Funds Annual Report 2019

Page    24

Transamerica Asset Allocation Intermediate Horizon

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019

	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class R (NAV)		9.85	%		N/A			5.64	%		05/19/2017
Class R4 (NAV)		10.10	%		5.12	%		7.26	%		09/11/2000
S&P 500® (A)		14.33	%		10.78	%		13.70	%
Bloomberg Barclays US Aggregate Bond Index (B)		11.51	%		3.24	%		3.73	%
Transamerica Asset Allocation Intermediate Horizon Blended Benchmark (B) (C) (D) (E) (F) (G) (H) (I)		11.47	%		6.08	%		7.83	%

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

^(B) The Bloomberg Barclays US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.

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

^(D) The Russell 3000^® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.

^(E) The MSCI World Index ex-U.S. captures large and mid-cap representation across developed markets countries, excluding the U.S.

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

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

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

^(I) The FTSE 3-Month Treasury Bill Index tracks the performance of U.S. Treasury bills with a remaining maturity of three months.

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

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

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

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

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

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Transamerica Funds Annual Report 2019

Page    25

Transamerica Asset Allocation Intermediate Horizon

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Shares		Value
INVESTMENT COMPANIES - 100.1%
International Equity Fund - 11.2%
Transamerica International Equity (A)		2,126,384		$  38,359,967
Money Market Fund - 0.2%
Transamerica Government Money Market (A)		672,895		672,895
U.S. Equity Funds - 40.4%
Transamerica Large Growth (A)		3,633,771		47,566,062
Transamerica Large Value Opportunities (A)		5,102,668		47,607,896
Transamerica Mid Cap Growth (A)		1,088,847		11,454,674
Transamerica Mid Cap Value Opportunities (A)		893,073		10,538,256
Transamerica Small Cap Growth (A)		1,562,377		10,671,035
Transamerica Small Cap Value (A)		993,771		9,897,960
				137,735,883

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Fixed Income Funds - 48.3%
Transamerica High Quality Bond (A)		2,555,541		$   25,555,411
Transamerica High Yield Bond (A)		2,303,743		20,964,066
Transamerica Inflation-Protected Securities (A)		3,843,908		39,246,297
Transamerica Intermediate Bond (A)		7,523,762		79,074,735
				164,840,509
Total Investment Companies (Cost $324,464,840)				341,609,254
Total Investments (Cost $324,464,840)				341,609,254
Net Other Assets (Liabilities) - (0.1)%				(170,967	)
Net Assets - 100.0%				$  341,438,287

SECURITY VALUATION:

Valuation Inputs ^(B)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Investment Companies	$	341,609,254	$	—	$	—	$	341,609,254
Total Investments	$	341,609,254	$	—	$	—	$	341,609,254

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Affiliated investment in the Class I3 shares of Transamerica Funds. Affiliated interest income, dividend income, realized and unrealized gains (losses), if any, are broken out within the Statements of Operations.
(B)	There were no transfers in or out of Level 3 during the period ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

Transamerica Funds Annual Report 2019

Page    26

Transamerica Asset Allocation Long Horizon

(unaudited)

MARKET ENVIRONMENT

The period began with U.S. equities in decline, as trade tensions between the U.S. and China and a steadily climbing Federal Funds Rate shook investor confidence in the fourth quarter of 2018. Selling intensified near year end when investors decided that the December Federal Reserve (“Fed”) rate hike was one too many. At its worst, the S&P 500^® was down almost 20% from its peak while small caps were down over 25%, however, selling abated around the New Year when Fed Chairman Jerome Powell capitulated and paused the rate hikes. Over the 12-month period ended October 31, 2019, the Fed had fully reversed course and cut rates three times. The market responded positively and was achieving new all-time highs by spring of 2019.

Turning to fundamentals, the U.S. consumer continued to drive the economy, as low unemployment, rising wages and accommodative credit fueled spending. The manufacturing sector, both in the U.S. and abroad, did not enjoy the same strength, as evidenced by declining Purchasing Manager Index reports which saw numerous developed economies, including Japan, the Euro Area and the United Kingdom, fall into manufacturing contraction. As such, sectors like energy, materials and transports underperformed the broader market in the U.S., while growth sectors like technology and consumer discretionary outperformed.

Interest rate markets experienced volatility during the period, as investors tried to gauge whether the economy was continuing along in a later-cycle environment or if markets were at a turning point. This uncertainty kept a bid under Treasuries, which saw the 10-year yield fall from above 3% to 1.69% by period end. In hindsight, both equity and credit markets remained well supported by slow yet steady economic and corporate earnings growth, ample access to credit and strong investor demand for both yield and total return.

PERFORMANCE

For the year ended October 31, 2019, Transamerica Asset Allocation Long Horizon (Class R4) returned 10.57%. By comparison, its primary and secondary benchmarks, the S&P 500^® and the Transamerica Asset Allocation Long Horizon Blended Benchmark, returned 14.33% and 12.72%, respectively.

STRATEGY REVIEW

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

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

The Fund’s best-performing holding over the 12-month period ended October 31, 2019 was Transamerica Mid Cap Growth with a gain of 23.41% and a target weighting of 6%. The top equity contributor to overall performance was Transamerica Large Growth which carried a target allocation of 21% and returned 15.57%. The top performing fixed income fund in the portfolio was Transamerica Intermediate Bond which returned 11.26%, boosted by falling market interest rates. It was also the largest fixed income contributor to performance and carried a target weight of 4%.

The weakest equity fund holding during the 12-month period ended October 31, 2019 was Transamerica Small Cap Value which gained 2.77% and had a target allocation of 6%. The weakest non-money market fixed income fund in the portfolio, Transamerica High Quality Bond, still achieved attractive returns of 5.38% and had a target weight of 0.5%. Relative to funds which can take on more credit and interest rate risk, the fund underperformed. That profile is by design, as we expect its short-term, high-quality focus to provide a relative ballast against more aggressive underlying holdings when markets decline.

Christopher A. Staples, CFA

Kane Cotton, CFA

Sean Serrell, CFA

Co-Portfolio Managers

Transamerica Asset Management, Inc.

Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		67.9	%
International Equity Fund		22.4
U.S. Fixed Income Funds		9.5
Money Market Fund		0.2
Net Other Assets (Liabilities)		(0.0	)*
Total		100.0	%

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

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

Transamerica Funds Annual Report 2019

Page    27

Transamerica Asset Allocation Long Horizon

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class R (NAV)		10.28	%		N/A			7.14	%		05/19/2017
Class R4 (NAV)		10.57	%		6.70	%		9.60	%		09/11/2000
S&P 500® (A)		14.33	%		10.78	%		13.70	%
Transamerica Asset Allocation Long Horizon Blended Benchmark (B) (C) (D) (E) (F) (G) (H)		12.72	%		8.28	%		10.82	%

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

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

^(C) The Russell 3000^® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.

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

^(E) The Bloomberg Barclays US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.

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

^(G) The FTSE 3-Month Treasury Bill Index tracks the performance of U.S. Treasury bills with a remaining maturity of three months.

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

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

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

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

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

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

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Transamerica Funds Annual Report 2019

Page    28

Transamerica Asset Allocation Long Horizon

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Shares		Value
INVESTMENT COMPANIES - 100.0%
International Equity Fund - 22.4%
Transamerica International Equity (A)		2,308,226		$  41,640,394
Money Market Fund - 0.2%
Transamerica Government Money Market (A)		421,339		421,339
U.S. Equity Funds - 67.9%
Transamerica Large Growth (A)		3,184,491		41,684,985
Transamerica Large Value Opportunities (A)		4,229,720		39,463,286
Transamerica Mid Cap Growth (A)		1,141,564		12,009,258
Transamerica Mid Cap Value Opportunities (A)		931,141		10,987,466
Transamerica Small Cap Growth (A)		1,759,826		12,019,612
Transamerica Small Cap Value (A)		1,033,884		10,297,481
				126,462,088

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Fixed Income Funds - 9.5%
Transamerica High Quality Bond (A)		90,154		$   901,539
Transamerica High Yield Bond (A)		388,513		3,535,473
Transamerica Inflation-Protected Securities (A)		572,116		5,841,306
Transamerica Intermediate Bond (A)		701,855		7,376,494
				17,654,812
Total Investment Companies (Cost $174,894,183)				186,178,633
Total Investments (Cost $174,894,183)				186,178,633
Net Other Assets (Liabilities) - (0.0)% (B)				(91,311	)
Net Assets - 100.0%				$  186,087,322

SECURITY VALUATION:

Valuation Inputs ^(C)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Investment Companies	$	186,178,633	$	—	$	—	$	186,178,633
Total Investments	$	186,178,633	$	—	$	—	$	186,178,633

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Affiliated investment in the Class I3 shares of Transamerica Funds. Affiliated interest income, dividend income, realized and unrealized gains (losses), if any, are broken out within the Statements of Operations.
(B)	Percentage rounds to less than 0.1% or (0.1)%.
(C)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

Transamerica Funds Annual Report 2019

Page    29

Transamerica Asset Allocation Short Horizon

(unaudited)

MARKET ENVIRONMENT

The period began with U.S. equities in decline, as trade tensions between the U.S. and China and a steadily climbing Federal Funds Rate shook investor confidence in the fourth quarter of 2018. Selling intensified near year end when investors decided that the December Federal Reserve (“Fed”) rate hike was one too many. At its worst, the S&P 500^® was down almost 20% from its peak while small caps were down over 25%, however, selling abated around the New Year when Fed Chairman Jerome Powell capitulated and paused the rate hikes. Over the 12-month period ended October 31, 2019, the Fed had fully reversed course and cut rates three times. The market responded positively and was achieving new all-time highs by spring of 2019.

Turning to fundamentals, the U.S. consumer continued to drive the economy, as low unemployment, rising wages and accommodative credit fueled spending. The manufacturing sector, both in the U.S. and abroad, did not enjoy the same strength, as evidenced by declining Purchasing Manager Index reports which saw numerous developed economies, including Japan, the Euro Area and the United Kingdom, fall into manufacturing contraction. As such, sectors like energy, materials and transports underperformed the broader market in the U.S., while growth sectors like technology and consumer discretionary outperformed.

Interest rate markets experienced volatility during the period, as investors tried to gauge whether the economy was continuing along in a later-cycle environment or if markets were at a turning point. This uncertainty kept a bid under Treasuries, which saw the 10-year yield fall from above 3% to 1.69% by period end. In hindsight, both equity and credit markets remained well supported by slow yet steady economic and corporate earnings growth, ample access to credit and strong investor demand for both yield and total return.

PERFORMANCE

For the year ended October 31, 2019, Transamerica Asset Allocation Short Horizon (Class R4) returned 8.78%. By comparison, its primary and secondary benchmarks, the Bloomberg Barclays US Aggregate Bond Index and the Transamerica Asset Allocation Short Horizon Blended Benchmark, returned 11.51% and 9.73%, respectively.

STRATEGY REVIEW

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

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

The Fund’s best-performing holding over the 12-month period ended October 31, 2019 was Transamerica Large Growth with a gain of 15.57%. With a target weighting of 3%, it was the top equity contributor to overall performance. The top performing fixed income fund in the portfolio was Transamerica Intermediate Bond which returned 11.26%, boosted by falling market interest rates. It was also the largest overall contributor to performance and carried a target weight of 46%.

The weakest equity fund holding during the 12-month period ended October 31, 2019 was Transamerica Small Cap Core which lost -6.31% and had a target allocation of 2%. The weakest non-money market fixed income fund in the portfolio, Transamerica High Quality Bond, still achieved attractive returns of 5.38% and had a target weight of 17%. Relative to funds which can take on more credit and interest rate risk, the fund underperformed. That profile is by design, as we expect its short-term, high-quality focus to provide a relative ballast against more aggressive underlying holdings when markets decline.

Christopher A. Staples, CFA

Kane Cotton, CFA

Sean Serrell, CFA

Co-Portfolio Managers

Transamerica Asset Management, Inc.

Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		89.5	%
U.S. Equity Funds		8.5
International Equity Fund		2.0
Money Market Fund		0.1
Net Other Assets (Liabilities)		(0.1	)
Total		100.0	%

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

Transamerica Funds Annual Report 2019

Page    30

Transamerica Asset Allocation Short Horizon

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class R (NAV)		8.51	%		N/A			3.59	%		05/19/2017
Class R4 (NAV)		8.78	%		3.13	%		4.47	%		09/11/2000
Bloomberg Barclays US Aggregate Bond Index (A)		11.51	%		3.24	%		3.73	%
Transamerica Asset Allocation Short Horizon Blended Benchmark (A) (B) (C) (D) (E) (F) (G) (H)		9.73	%		3.59	%		4.47	%

^(A) The Bloomberg Barclays US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.

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

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

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

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

^(F) The Russell 3000^® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.

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

^(H) The FTSE 3-Month Treasury Bill Index tracks the performance of U.S. Treasury bills with a remaining maturity of three months.

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

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

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

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

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

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Transamerica Funds Annual Report 2019

Page    31

Transamerica Asset Allocation Short Horizon

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Shares		Value
INVESTMENT COMPANIES - 100.1%
International Equity Fund - 2.0%
Transamerica International Equity (A)		146,951		$  2,650,989
Money Market Fund - 0.1%
Transamerica Government Money Market (A)		151,422		151,422
U.S. Equity Funds - 8.5%
Transamerica Large Growth (A)		328,591		4,301,252
Transamerica Large Value Opportunities (A)		479,923		4,477,681
Transamerica Small Cap Core (A)		262,897		2,581,653
				11,360,586
U.S. Fixed Income Funds - 89.5%
Transamerica High Quality Bond (A)		2,322,381		23,223,808

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Fixed Income Funds (continued)
Transamerica High Yield Bond (A)		1,436,345		$   13,070,738
Transamerica Inflation-Protected Securities (A)		2,132,076		21,768,493
Transamerica Intermediate Bond (A)		5,866,353		61,655,367
				119,718,406
Total Investment Companies (Cost $130,163,022)				133,881,403
Total Investments (Cost $130,163,022)				133,881,403
Net Other Assets (Liabilities) - (0.1)%				(67,788	)
Net Assets - 100.0%				$  133,813,615

SECURITY VALUATION:

Valuation Inputs ^(B)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Investment Companies	$	133,881,403	$	—	$	—	$	133,881,403
Total Investments	$	133,881,403	$	—	$	—	$	133,881,403

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Affiliated investment in the Class I3 shares of Transamerica Funds. Affiliated interest income, dividend income, realized and unrealized gains (losses), if any, are broken out within the Statements of Operations.
(B)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

Transamerica Funds Annual Report 2019

Page    32

Transamerica Multi-Manager Alternative Strategies Portfolio

(unaudited)

MARKET ENVIRONMENT

The end of 2018 was a challenging market environment for risk assets as a combination of slowing global growth, downward revisions in corporate earnings growth expectations, and a less accommodative U.S. Federal Reserve (“Fed”) weighed on performance. Global equities were down over the last two months of 2018, with major equity markets across the U.S., Eurozone and Japan all posting negative returns. Despite continued weakness in Chinese data, emerging markets equities outperformed developed markets in large part due to the strong performance of Indian equities. In bonds, the U.S. 10 year yield fell due to signs of slowing global economic growth.

In contrast, 2019 has so far been characterized by a synchronized rally in risk assets, recovering from the sell-off in late 2018. The key themes that have driven financial markets year-to-date include: a dovish pivot by central banks that has been supportive for risk assets, the continued drag on economic activity from trade tensions, and a softening in manufacturing data.

The first half of 2019 saw continued weakness in global economic growth. This weakness, combined with muted inflationary pressures across developed markets, led the Fed and the European Central Bank to keep monetary policy supportive of growth. Global equities delivered positive returns year to date, with strong outperformance in the U.S. supported by better than expected earnings and labor statistics. Emerging market equities were up modestly, underperforming developed market equities. In fixed income, U.S. 10 year bond yields declined on the back of an overall slowdown in the global economy, limited inflationary pressures and signaling by central banks of accommodative policy, namely expectations of U.S. rate cuts.

The third quarter of 2019 saw continued slowdown in global manufacturing and an increase in the possibility for recession. Interest rates on U.S. government bonds continued to fall as the Fed cut rates twice, while U.S.-China trade negotiations remained volatile. Global equities were slightly up on the quarter, with emerging market equities underperforming due to trade tensions. Oil remained very volatile, and posted a negative return despite a surge in prices following an attack on Saudi Arabian production.

In October 2019, there was a rally in risk assets driven by a tentative truce in the U.S.-China trade war, easy monetary policy, increased probability of a Brexit deal, and a better-than-expected earnings season.

PERFORMANCE

For the year ended October 31, 2019, Transamerica Multi-Manager Alternative Strategies Portfolio (Class A), returned 4.10%, excluding any sales charges. By comparison, its primary and secondary benchmarks, the ICE BofAML 3-Month Treasury Bill +3% Wrap Index and the HFRX Global Hedge Fund Index, returned 5.52% and 3.53%, respectively.

STRATEGY REVIEW

The Fund underperformed its primary benchmark, the ICE BofAML 3-Month Treasury Bill +3% Wrap Index, but outperformed the HFRX Global Hedge Fund Index, its secondary benchmark.

This is a fund-of-funds multistrategy portfolio, which seeks to provide returns from differentiated sources and strategies. It relies on diversification across active investment styles, asset classes, markets, geographies and strategies to deliver better risk-adjusted absolute returns less correlated to traditional equities. It invests primarily in underlying alternative strategies. The Portfolio also invested in an ETF and futures positions during the fiscal year.

During the fiscal year, alternative strategies broadly contributed to performance in the Fund. Transamerica Inflation Opportunities, Transamerica Unconstrained Bond, Transamerica Long/Short Equity, and Transamerica Global Real Estate Securities funds were the primary contributors. Transamerica Global Multifactor Macro and Transamerica Managed Futures funds were the main detractors among alternatives.

Traditional strategies also contributed positively overall as equities and fixed income performed well over the 12-month period. Transamerica Emerging Markets Debt, Transamerica High Yield Bond, and Transamerica Core Bond were among the top performers.

The Fund’s positioning to be short U.S. interest rates, implemented through U.S. Treasury futures, detracted from performance during the period as U.S. yields fell.

During the fiscal year, the Fund utilized derivatives. These positions detracted from performance.

Christopher Lvoff, CFA

Neill Nuttall

Co-Portfolio Managers

Goldman Sachs Asset Management, L.P.

Transamerica Funds Annual Report 2019

Page    33

Transamerica Multi-Manager Alternative Strategies Portfolio

(unaudited)

Asset Allocation	Percentage of Net Assets
U.S. Alternative Funds		32.7	%
International Alternative Funds		31.5
International Fixed Income Funds		16.9
International Equity Funds		6.5
U.S. Fixed Income Funds		5.2
Repurchase Agreement		4.5
U.S. Mixed Allocation Fund		2.8
Net Other Assets (Liabilities)^		(0.1	)
Total		100.0	%

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

^ The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral.

Transamerica Funds Annual Report 2019

Page    34

Transamerica Multi-Manager Alternative Strategies Portfolio

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		(1.64	)%		(0.52	)%		1.73	%		12/28/2006
Class A (NAV)		4.10	%		0.61	%		2.30	%		12/28/2006
ICE BofAML 3-Month Treasury Bill +3% Wrap Index (A)		5.52	%		4.09	%		3.61	%
HFRX Global Hedge Fund Index (B)		3.53	%		0.65	%		1.11	%
Class C (POP)		2.23	%		(0.14	)%		1.57	%		12/28/2006
Class C (NAV)		3.23	%		(0.14	)%		1.57	%		12/28/2006
Class I (NAV)		4.33	%		0.92	%		2.54	%		11/30/2009
Class R6 (NAV)		4.52	%		N/A			0.73	%		05/29/2015

^(A) The ICE BofAML 3-Month Treasury Bill + 3% Wrap Index assumes a 3% wrap fee and is comprised of a single issue purchased at the beginning of the month, which is subsequently sold at the end of the month and rolled into a newly selected issue. The issue selected at each month-end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date.

^(B) The HFRX Global Hedge Fund Index is designed to measure the daily performance of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies; including but not limited to convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage.

The ICE BofAML 3-Month Treasury Bill + 3% Wrap Index is an unmanaged index used as a general measure of market performance. The HFRX Global Hedge Fund Index is a passively-managed index designed to measure the daily performance of the overall composition of the hedge fund universe. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. There are no sales charges on Class I and R6 shares.

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

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

Alternative strategies may not suitable for all investors. Many alternative strategies tend to use sophisticated and aggressive investment techniques. Certain alternative strategies may be tied to hard assets such as commodities, currencies and real estate and may be subject to greater volatility as they may be affected by overall market movements, changes in interest rates or factors affecting a particular industry, commodity or currency, and international economic, political, and regulatory developments. Diversification does not guarantee a profit or protect against a loss.

Transamerica Funds Annual Report 2019

Page    35

Transamerica Multi-Manager Alternative Strategies Portfolio

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Shares		Value
INVESTMENT COMPANIES - 95.6%
International Alternative Funds - 31.5%
Transamerica Global Multifactor Macro (A) (B)		1,221,427		$  11,249,343
Transamerica Unconstrained Bond (B)		1,547,444		15,211,375
				26,460,718
International Equity Funds - 6.5%
Transamerica Emerging Markets Equity (B)		231,556		2,303,986
Transamerica Global Real Estate Securities (B)		209,563		3,214,694
				5,518,680
International Fixed Income Funds - 16.9%
Transamerica Emerging Markets Debt (B)		541,506		5,707,471
Transamerica Inflation Opportunities (B)		821,216		8,499,582
				14,207,053
U.S. Alternative Funds - 32.7%
Transamerica Event Driven (B)		938,646		9,808,849
Transamerica Long/Short Strategy (B)		1,429,376		9,047,951
Transamerica Managed Futures Strategy (A) (B)		1,184,789		8,613,413
				27,470,213
U.S. Fixed Income Funds - 5.2%
Transamerica Core Bond (B)		128,290		1,316,254

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Fixed Income Funds (continued)
Transamerica High Yield Bond (B)		334,204		$   3,044,598
				4,360,852
U.S. Mixed Allocation Fund - 2.8%
Transamerica MLP & Energy Income (B)		362,859		2,365,837
Total Investment Companies (Cost $81,003,819)				80,383,353
	Principal		Value
REPURCHASE AGREEMENT - 4.5%
Fixed Income Clearing Corp., 0.85% (C), dated 10/31/2019, to be repurchased at $3,804,429 on 11/01/2019. Collateralized by a U.S. Government Obligation, 1.88%, due 05/31/2022, and with a value of $3,883,214.		$  3,804,339		3,804,339
Total Repurchase Agreement (Cost $3,804,339)				3,804,339
Total Investments (Cost $84,808,158)				84,187,692
Net Other Assets (Liabilities) - (0.1)%				(122,123	)
Net Assets - 100.0%				$  84,065,569

FUTURES CONTRACTS:

Long Futures Contracts:
Description	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation		Unrealized Depreciation
S&P 500® E-Mini Index		7		12/20/2019	$	1,052,334	$	1,062,530	$	10,196	$	—

SECURITY VALUATION:

Valuation Inputs ^(D)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Investment Companies	$	80,383,353	$	—	$	—	$	80,383,353
Repurchase Agreement		—		3,804,339		—		3,804,339
Total Investments	$	80,383,353	$	3,804,339	$	—	$	84,187,692
Other Financial Instruments
Futures Contracts (E)	$	10,196	$	—	$	—	$	10,196
Total Other Financial Instruments	$	10,196	$	—	$	—	$	10,196

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

Transamerica Funds Annual Report 2019

Page    36

Transamerica Multi-Manager Alternative Strategies Portfolio

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	Affiliated investment in the Class I2 shares of Transamerica Funds. The Fund’s transactions and earnings are as follows:

Affiliated Investments	Value October 31, 2018		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)		Value October 31, 2019		Shares as of October 31, 2019		Dividend Income		Net Capital Gain Distributions
Transamerica Core Bond	$	1,225,944	$	437,932	$	(450,000	)	$	1,403		$	100,975	$	1,316,254		128,290	$	37,932	$	—
Transamerica Emerging Markets Debt		7,503,205		238,649		(2,500,000	)		(72,552	)		538,169		5,707,471		541,506		238,649		—
Transamerica Emerging Markets Equity		6,123,250		69,633		(4,100,000	)		(799,185	)		1,010,288		2,303,986		231,556		69,633		—
Transamerica Event Driven		12,580,458		231,536		(3,250,000	)		51,397			195,458		9,808,849		938,646		138,637		92,899
Transamerica Global Multifactor Macro		15,099,454		—		(3,500,000	)		(369,207	)		19,096		11,249,343		1,221,427		—		—
Transamerica Global Real Estate Securities		3,898,213		101,046		(1,350,000	)		131,707			433,728		3,214,694		209,563		101,046		—
Transamerica High Yield Bond		3,062,041		948,333		(1,061,066	)		(31,732	)		127,022		3,044,598		334,204		197,222		—
Transamerica Inflation Opportunities		11,194,078		168,233		(3,550,000	)		24,333			662,938		8,499,582		821,216		168,233		—
Transamerica Long/Short Strategy		11,652,395		425,552		(3,300,000	)		(913,231	)		1,183,235		9,047,951		1,429,376		—		425,552
Transamerica Managed Futures Strategy		11,669,810		—		(2,900,000	)		(875,061	)		718,664		8,613,413		1,184,789		—		—
Transamerica MLP & Energy Income		3,035,260		—		(700,000	)		10,764			19,813		2,365,837		362,859		—		—
Transamerica Unconstrained Bond		20,415,476		649,060		(5,978,888	)		(124,455	)		250,182		15,211,375		1,547,444		645,115		—
Total	$	107,459,584	$	3,269,974	$	(32,639,954	)	$	(2,965,819	)	$	5,259,568	$	80,383,353		8,950,876	$	1,596,467	$	518,451

(C)	Rate disclosed reflects the yield at October 31, 2019.
(D)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(E)	Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation).

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

Transamerica Funds Annual Report 2019

Page    37

STATEMENTS OF ASSETS AND LIABILITIES

At October 31, 2019

	Transamerica Asset Allocation – Conservative Portfolio		Transamerica Asset Allocation – Growth Portfolio		Transamerica Asset Allocation – Moderate Growth Portfolio		Transamerica Asset Allocation – Moderate Portfolio		Transamerica Asset Allocation Intermediate Horizon
Assets:
Affiliated investments, at value (A)	$	754,406,648	$	1,139,761,441	$	1,962,147,733	$	1,386,474,737	$	341,609,254
Receivables and other assets:
Affiliated investments sold		682,019		677,632		1,233,044		941,274		27,403
Shares of beneficial interest sold		330,548		231,568		444,083		223,473		1,029
Dividends and/or distributions		207,078		—		234,912		294,952		103,378
Total assets		755,626,293		1,140,670,641		1,964,059,772		1,387,934,436		341,741,064
Liabilities:
Payables and other liabilities:
Affiliated investments purchased		207,078		—		234,912		294,952		120,309
Shares of beneficial interest redeemed		1,205,479		1,600,997		2,168,734		1,199,160		11,515
Due to custodian		—		—		—		—		25
Investment management fees		78,467		117,218		202,858		143,806		28,755
Distribution and service fees		239,458		363,275		629,948		457,659		142,115
Transfer agent fees		52,323		129,453		182,018		111,089		58
Trustees, CCO and deferred compensation fees		2,466		3,716		6,471		4,609		—
Audit and tax fees		18,090		19,763		23,379		20,844		—
Custody fees		5,860		6,168		9,572		7,752		—
Legal fees		6,385		9,523		16,428		11,661		—
Printing and shareholder reports fees		19,145		39,798		62,559		40,048		—
Registration fees		6,844		8,522		9,103		8,142		—
Other accrued expenses		9,174		12,940		21,083		15,376		—
Total liabilities		1,850,769		2,311,373		3,567,065		2,315,098		302,777
Net assets	$	753,775,524	$	1,138,359,268	$	1,960,492,707	$	1,385,619,338	$	341,438,287
Net assets consist of:
Paid-in capital	$	709,607,801	$	987,978,376	$	1,759,609,676	$	1,260,254,827	$	316,372,745
Total distributable earnings (accumulated losses)		44,167,723		150,380,892		200,883,031		125,364,511		25,065,542
Net assets	$	753,775,524	$	1,138,359,268	$	1,960,492,707	$	1,385,619,338	$	341,438,287
Net assets by class:
Class A	$	610,131,252	$	887,341,900	$	1,531,349,332	$	1,066,485,525	$	—
Class C		126,366,685		205,680,795		354,234,928		266,488,913		—
Class I		16,422,742		43,396,104		72,826,629		49,586,749		—
Class R		854,845		1,940,469		2,081,818		3,058,151		332,117,257
Class R4		—		—		—		—		9,321,030
Shares outstanding (unlimited shares, no par value):
Class A		56,686,985		68,196,921		127,103,067		93,065,894		—
Class C		11,837,480		16,340,417		29,277,440		23,235,905		—
Class I		1,521,274		3,334,340		6,047,461		4,328,761		—
Class R		78,529		150,568		173,622		268,420		31,421,889
Class R4		—		—		—		—		881,697
Net asset value per share: (B)
Class A	$	10.76	$	13.01	$	12.05	$	11.46	$	—
Class C		10.68		12.59		12.10		11.47		—
Class I		10.80		13.01		12.04		11.46		—
Class R		10.89		12.89		11.99		11.39		10.57
Class R4		—		—		—		—		10.57
Maximum offering price per share: (C)
Class A	$	11.39	$	13.77	$	12.75	$	12.13	$	—
(A)      Affiliated investments, at cost	$	719,418,679	$	1,053,493,635	$	1,836,724,586	$	1,302,895,338	$	324,464,840

(B)	Net asset value per share for Class C, I, R and R4 Class Shares represents offering price. The redemption price for Class A and C shares equals net asset value less any applicable contingent deferred sales charge.
(C)	Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Funds’ Prospectus.

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

Transamerica Funds Annual Report 2019

Page    38

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2019

	Transamerica Asset Allocation Long Horizon		Transamerica Asset Allocation Short Horizon		Transamerica Multi-Manager Alternative Strategies Portfolio
Assets:
Affiliated investments, at value (A)	$	186,178,633	$	133,881,403	$	80,383,353
Repurchase agreements, at value (B)		—		—		3,804,339
Cash collateral pledged at broker for:
Futures contracts		—		—		48,510
Receivables and other assets:
Affiliated investments sold		36,936		36,398		—
Shares of beneficial interest sold		378		3,511		21,790
Dividends and/or distributions		17,694		64,292		57,225
Interest		—		—		90
Total assets		186,233,641		133,985,604		84,315,307
Liabilities:
Payables and other liabilities:
Affiliated investments purchased		22,469		68,523		57,326
Shares of beneficial interest redeemed		32,540		35,686		94,816
Due to custodian		42		—		—
Investment management fees		15,459		11,377		27,599
Distribution and service fees		75,755		56,387		21,015
Transfer agent fees		54		16		13,081
Trustees, CCO and deferred compensation fees		—		—		411
Audit and tax fees		—		—		16,125
Custody fees		—		—		868
Legal fees		—		—		778
Printing and shareholder reports fees		—		—		6,589
Registration fees		—		—		4,336
Other accrued expenses		—		—		2,545
Variation margin payable on futures contracts		—		—		4,249
Total liabilities		146,319		171,989		249,738
Net assets	$	186,087,322	$	133,813,615	$	84,065,569
Net assets consist of:
Paid-in capital	$	160,392,962	$	130,905,604	$	93,819,076
Total distributable earnings (accumulated losses)		25,694,360		2,908,011		(9,753,507	)
Net assets	$	186,087,322	$	133,813,615	$	84,065,569
Net assets by class:
Class A	$	—	$	—	$	30,118,595
Class C		—		—		16,281,048
Class I		—		—		37,494,895
Class R		177,391,923		131,051,158		—
Class R4		8,695,399		2,762,457		—
Class R6		—		—		171,031
Shares outstanding (unlimited shares, no par value):
Class A		—		—		3,062,213
Class C		—		—		1,663,001
Class I		—		—		3,816,296
Class R		16,900,551		12,735,611		—
Class R4		827,427		268,384		—
Class R6		—		—		17,171
Net asset value per share: (C)
Class A	$	—	$	—	$	9.84
Class C		—		—		9.79
Class I		—		—		9.82
Class R		10.50		10.29		—
Class R4		10.51		10.29		—
Class R6		—		—		9.96
Maximum offering price per share: (D)
Class A	$	—	$	—	$	10.41
(A)      Affiliated investments, at cost	$	174,894,183	$	130,163,022	$	81,003,819
(B)      Repurchase agreements, at cost	$	—	$	—	$	3,804,339

(C)	Net asset value per share for Class C, I, R, R4 and R6 Class Shares represents offering price. The redemption price for Class A and C shares equals net asset value less any applicable contingent deferred sales charge.
(D)	Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Funds’ Prospectus.

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

Transamerica Funds Annual Report 2019

Page    39

STATEMENTS OF OPERATIONS

For the year ended October 31, 2019

	Transamerica Asset Allocation – Conservative Portfolio			Transamerica Asset Allocation – Growth Portfolio			Transamerica Asset Allocation – Moderate Growth Portfolio			Transamerica Asset Allocation – Moderate Portfolio			Transamerica Asset Allocation Intermediate Horizon
Investment Income:
Dividend income from affiliated investments	$	18,522,353		$	17,590,743		$	39,258,309		$	31,611,961		$	10,501,156
Total investment income		18,522,353			17,590,743			39,258,309			31,611,961			10,501,156
Expenses:
Investment management fees		987,388			1,467,192			2,536,557			1,801,735			427,227
Distribution and service fees:
Class A		1,572,390			2,235,848			3,848,790			2,689,848			—
Class B (A)		2,728			16,769			19,903			5,549			—
Class C		1,569,880			2,544,358			4,497,307			3,413,441			—
Class R		5,094			10,154			15,022			17,935			1,706,576
Class R4		—			—			—			—			36,769
Class T1 (B)		7			8			7			7			—
Transfer agent fees
Class A		474,244			1,187,536			1,638,246			964,333			—
Class B (A)		2,598			11,715			14,726			5,952			—
Class C		152,063			371,768			542,737			356,019			—
Class I		20,185			49,066			80,849			52,552			—
Class R		2,023			2,848			3,621			2,949			—
Class R4		—			—			—			—			1,103
Advisor Class (B)		6			23			6			6			—
Trustees, CCO and deferred compensation fees		19,912			29,793			51,366			36,456			—
Audit and tax fees		26,770			31,097			40,121			33,588			—
Custody fees		27,530			29,346			92,992			54,496			—
Legal fees		38,035			57,098			98,518			69,650			—
Printing and shareholder reports fees		61,002			118,247			182,742			115,026			—
Registration fees		94,178			112,914			125,245			112,321			—
Other		40,236			54,704			86,708			64,632			—
Total expenses before waiver and/or reimbursement and recapture		5,096,269			8,330,484			13,875,463			9,796,495			2,171,675
Expenses waived and/or reimbursed:
Class B (A)		(1,824	)		(6,911	)		(9,076	)		(4,370	)		—
Class C		—			(11,050	)		—			—			—
Class R		—			—			—			—			(68,279	)
Class R4		—			—			—			—			(4,035	)
Recapture of previously waived and/or reimbursed fees:
Class C		—			11,050			—			—			—
Class R4		—			—			—			—			6
Net expenses		5,094,445			8,323,573			13,866,387			9,792,125			2,099,367
Net investment income (loss)		13,427,908			9,267,170			25,391,922			21,819,836			8,401,789
Net realized gain (loss) on:
Affiliated investments		(10,687,585	)		(34,983,706	)		(47,040,868	)		(23,290,854	)		(2,631,982	)
Capital gain distributions received from affiliated investment companies		23,243,412			109,953,679			133,345,344			64,801,896			16,022,762
Net realized gain (loss)		12,555,827			74,969,973			86,304,476			41,511,042			13,390,780
Net change in unrealized appreciation (depreciation) on:
Affiliated investments		39,152,114			2,819,578			49,135,596			53,074,922			11,487,816
Net realized and change in unrealized gain (loss)		51,707,941			77,789,551			135,440,072			94,585,964			24,878,596
Net increase (decrease) in net assets resulting from operations	$	65,135,849		$	87,056,721		$	160,831,994		$	116,405,800		$	33,280,385

(A)	Class ceased operations on May 6, 2019.
(B)	Class ceased operations on February 15, 2019.

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

Transamerica Funds Annual Report 2019

Page    40

STATEMENTS OF OPERATIONS (continued)

For the year ended October 31, 2019

	Transamerica Asset Allocation Long Horizon			Transamerica Asset Allocation Short Horizon			Transamerica Multi-Manager Alternative Strategies Portfolio
Investment Income:
Dividend income from affiliated investments	$	5,643,024		$	4,354,304		$	1,596,467
Dividend income from unaffiliated investments		—			—			85,800
Interest income from unaffiliated investments and repurchase agreements		—			—			22,759
Total investment income		5,643,024			4,354,304			1,705,026
Expenses:
Investment management fees		245,154			166,873			186,054
Distribution and service fees:
Class A		—			—			72,762
Class C		—			—			226,822
Class R		910,162			679,298			—
Class R4		55,656			8,003			—
Class T1 (A)		—			—			7
Transfer agent fees
Class A		—			—			74,368
Class C		—			—			49,774
Class I		—			—			46,836
Class R4		1,670			240			—
Class R6		—			—			17
Trustees, CCO and deferred compensation fees		—			—			2,385
Audit and tax fees		—			—			20,566
Custody fees		—			—			2,962
Legal fees		—			—			4,472
Printing and shareholder reports fees		—			—			17,355
Registration fees		—			—			65,755
Other		—			—			21,406
Total expenses before waiver and/or reimbursement and recapture		1,212,642			854,414			791,541
Expenses waived and/or reimbursed:
Class A		—			—			(21,760	)
Class C		—			—			(14,583	)
Class R		(36,449	)		(27,172	)		—
Class R4		(6,110	)		(880	)		—
Recapture of previously waived and/or reimbursed fees:
Class A		—			—			10,772
Class C		—			—			14,260
Class R4		30			—			—
Net expenses		1,170,113			826,362			780,230
Net investment income (loss)		4,472,911			3,527,942			924,796
Net realized gain (loss) on:
Affiliated investments		441,243			(559,056	)		(2,965,819	)
Unaffiliated investments		—			—			(18,746	)
Capital gain distributions received from affiliated investment companies		16,624,761			1,069,556			518,451
Futures contracts		—			—			(95,556	)
Net realized gain (loss)		17,066,004			510,500			(2,561,670	)
Net change in unrealized appreciation (depreciation) on:
Affiliated investments		(1,591,550	)		7,310,773			5,259,568
Unaffiliated investments		—			—			151,696
Futures contracts		—			—			(54,670	)
Net change in unrealized appreciation (depreciation)		(1,591,550	)		7,310,773			5,356,594
Net realized and change in unrealized gain (loss)		15,474,454			7,821,273			2,794,924
Net increase (decrease) in net assets resulting from operations	$	19,947,365		$	11,349,215		$	3,719,720

(A) Class ceased operations on February 15, 2019.

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

Transamerica Funds Annual Report 2019

Page    41

STATEMENTS OF CHANGES IN NET ASSETS

For the year ended:

	Transamerica Asset Allocation – Conservative Portfolio						Transamerica Asset Allocation – Growth Portfolio						Transamerica Asset Allocation – Moderate Growth Portfolio
	October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018
From operations:
Net investment income (loss)	$	13,427,908		$	20,166,825		$	9,267,170		$	20,944,015		$	25,391,922		$	43,998,661
Net realized gain (loss)		12,555,827			45,400,471			74,969,973			181,015,827			86,304,476			235,023,923
Net change in unrealized appreciation (depreciation)		39,152,114			(80,932,216	)		2,819,578			(228,825,242	)		49,135,596			(322,496,868	)
Net increase (decrease) in net assets resulting from operations		65,135,849			(15,364,920	)		87,056,721			(26,865,400	)		160,831,994			(43,474,284	)
Distributions to shareholders:
Class A		(45,261,784	)		(45,554,450	)		(135,896,039	)		(83,551,210	)		(195,121,983	)		(130,823,248	)
Class B (A)		(35,180	)		(279,940	)		(512,765	)		(1,115,464	)		(462,079	)		(1,558,402	)
Class C		(10,966,664	)		(17,868,293	)		(40,999,649	)		(60,272,182	)		(56,261,966	)		(93,284,446	)
Class I		(1,340,469	)		(1,826,411	)		(7,375,144	)		(5,973,901	)		(10,134,841	)		(8,338,212	)
Class R		(69,293	)		(84,734	)		(293,698	)		(269,687	)		(396,269	)		(383,683	)
Class T1 (B)		(647	)		(681	)		(1,600	)		(1,086	)		(1,321	)		(960	)
Advisor Class (B)		(647	)		(1,474	)		(5,599	)		(1,094	)		(1,338	)		(979	)
Net increase (decrease) in net assets resulting from distributions to shareholders		(57,674,684	)		(65,615,983	)		(185,084,494	)		(151,184,624	)		(262,379,797	)		(234,389,930	)
Capital share transactions:
Proceeds from shares sold:
Class A		28,963,268			39,089,538			36,257,491			53,553,410			46,324,431			81,895,826
Class B (A)		11,521			115,035			2,255			54,253			5,015			12,234
Class C		8,791,352			14,902,383			16,951,553			31,054,267			23,965,320			39,439,000
Class I		11,577,719			6,825,803			13,538,297			23,600,552			27,082,103			38,848,232
Class R		134,973			333,098			295,490			557,572			503,375			915,180
Advisor Class (B)		—			—			—			66,236			—			—
		49,478,833			61,265,857			67,045,086			108,886,290			97,880,244			161,110,472
Dividends and/or distributions reinvested:
Class A		43,684,623			44,051,751			129,511,175			78,932,540			184,646,010			122,152,628
Class B (A)		34,951			252,212			512,305			1,107,998			461,664			1,545,317
Class C		10,145,062			16,637,026			39,455,295			58,076,504			53,988,459			89,759,771
Class I		1,288,926			1,432,654			7,047,376			5,184,840			9,949,259			7,027,776
Class R		56,290			68,528			266,275			249,498			319,796			300,673
Class T1 (B)		647			681			1,600			1,086			1,321			960
Advisor Class (B)		647			1,474			5,599			1,094			1,338			979
		55,211,146			62,444,326			176,799,625			143,553,560			249,367,847			220,788,104
Cost of shares redeemed:
Class A		(167,067,908	)		(183,894,646	)		(198,248,806	)		(164,762,282	)		(332,908,342	)		(279,064,752	)
Class B (A)		(73,060	)		(697,960	)		(161,880	)		(1,235,868	)		(288,392	)		(1,771,945	)
Class C		(43,105,555	)		(76,247,331	)		(72,930,866	)		(124,543,318	)		(134,146,645	)		(227,701,359	)
Class I		(16,518,577	)		(15,588,038	)		(24,238,418	)		(26,897,449	)		(41,954,731	)		(40,281,360	)
Class R		(696,020	)		(301,203	)		(660,051	)		(1,008,121	)		(1,824,293	)		(1,759,040	)
Class T1 (B)		(10,640	)		—			(11,046	)		—			(10,875	)		—
Advisor Class (B)		(10,670	)		(11,970	)		(38,415	)		(39,945	)		(10,935	)		—
		(227,482,430	)		(276,741,148	)		(296,289,482	)		(318,486,983	)		(511,144,213	)		(550,578,456	)
Automatic conversions:
Class A		652,159			5,446,138			4,046,336			9,421,197			4,518,725			18,159,417
Class B (A)		(652,159	)		(5,446,138	)		(4,046,336	)		(9,421,197	)		(4,518,725	)		(18,159,417	)
		—			—			—			—			—			—
Automatic conversions:
Class A		35,687,849			79,491,707			62,246,676			226,548,641			111,934,138			383,174,411
Class C		(35,687,849	)		(79,491,707	)		(62,246,676	)		(226,548,641	)		(111,934,138	)		(383,174,411	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		(122,792,451	)		(153,030,965	)		(52,444,771	)		(66,047,133	)		(163,896,122	)		(168,679,880	)
Net increase (decrease) in net assets		(115,331,286	)		(234,011,868	)		(150,472,544	)		(244,097,157	)		(265,443,925	)		(446,544,094	)
Net assets:
Beginning of year		869,106,810			1,103,118,678			1,288,831,812			1,532,928,969			2,225,936,632			2,672,480,726
End of year	$	753,775,524		$	869,106,810		$	1,138,359,268		$	1,288,831,812		$	1,960,492,707		$	2,225,936,632

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

Transamerica Funds Annual Report 2019

Page    42

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the year ended:

	Transamerica Asset Allocation – Conservative Portfolio						Transamerica Asset Allocation – Growth Portfolio						Transamerica Asset Allocation – Moderate Growth Portfolio
	October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018
Capital share transactions - shares:
Shares issued:
Class A		2,786,794			3,505,424			2,899,234			3,461,855			4,030,806			6,043,931
Class B (A)		1,136			10,418			183			3,505			432			872
Class C		856,612			1,348,117			1,390,607			2,068,593			2,053,178			2,910,158
Class I		1,106,966			610,823			1,063,363			1,522,608			2,310,244			2,862,162
Class R		12,935			29,411			23,660			36,484			43,646			67,306
Advisor Class (B)		—			—			—			4,217			—			—
		4,764,443			5,504,193			5,377,047			7,097,262			8,438,306			11,884,429
Shares reinvested:
Class A		4,421,852			3,982,121			11,615,352			5,220,411			17,501,991			9,156,869
Class B (A)		3,565			22,845			46,071			73,768			42,046			112,632
Class C		1,041,298			1,515,032			3,636,433			3,953,473			5,064,583			6,728,618
Class I		129,883			129,171			633,757			343,593			945,747			528,007
Class R		5,651			6,132			24,075			16,633			30,399			22,624
Class T1 (B)		66			62			143			72			125			72
Advisor Class (B)		66			133			500			72			127			73
		5,602,381			5,655,496			15,956,331			9,608,022			23,585,018			16,548,895
Shares redeemed:
Class A		(15,975,739	)		(16,540,530	)		(15,657,203	)		(10,633,068	)		(28,429,441	)		(20,548,097	)
Class B (A)		(7,013	)		(62,636	)		(12,478	)		(79,772	)		(23,779	)		(127,220	)
Class C		(4,158,158	)		(6,915,402	)		(5,936,156	)		(8,288,502	)		(11,358,274	)		(16,798,327	)
Class I		(1,569,598	)		(1,399,764	)		(1,924,024	)		(1,744,144	)		(3,596,197	)		(2,980,046	)
Class R		(65,025	)		(26,757	)		(51,344	)		(65,770	)		(157,173	)		(130,157	)
Class T1 (B)		(1,035	)		—			(885	)		—			(946	)		—
Advisor Class (B)		(1,035	)		(1,119	)		(3,082	)		(2,382	)		(954	)		—
		(21,777,603	)		(24,946,208	)		(23,585,172	)		(20,813,638	)		(43,566,764	)		(40,583,847	)
Automatic conversions:
Class A		62,536			487,056			318,331			605,660			386,203			1,329,871
Class B (A)		(62,587	)		(489,153	)		(320,045	)		(612,384	)		(372,463	)		(1,300,120	)
		(51	)		(2,097	)		(1,714	)		(6,724	)		13,740			29,751
Automatic conversions:
Class A		3,401,919			7,211,571			4,880,226			14,665,283			9,541,413			28,372,032
Class C		(3,431,499	)		(7,283,864	)		(5,033,825	)		(15,176,321	)		(9,489,350	)		(28,520,033	)
		(29,580	)		(72,293	)		(153,599	)		(511,038	)		52,063			(148,001	)
Net increase (decrease) in shares outstanding:
Class A		(5,302,638	)		(1,354,358	)		4,055,940			13,320,141			3,030,972			24,354,606
Class B (A)		(64,899	)		(518,526	)		(286,269	)		(614,883	)		(353,764	)		(1,313,836	)
Class C		(5,691,747	)		(11,336,117	)		(5,942,941	)		(17,442,757	)		(13,729,863	)		(35,679,584	)
Class I		(332,749	)		(659,770	)		(226,904	)		122,057			(340,206	)		410,123
Class R		(46,439	)		8,786			(3,609	)		(12,653	)		(83,128	)		(40,227	)
Class T1 (B)		(969	)		62			(742	)		72			(821	)		72
Advisor Class (B)		(969	)		(986	)		(2,582	)		1,907			(827	)		73
		(11,440,410	)		(13,860,909	)		(2,407,107	)		(4,626,116	)		(11,477,637	)		(12,268,773	)

(A)	Class ceased operations on May 6, 2019.
(B)	Class ceased operations on February 15, 2019.

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

Transamerica Funds Annual Report 2019

Page    43

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the year ended:

	Transamerica Asset Allocation – Moderate Portfolio						Transamerica Asset Allocation Intermediate Horizon						Transamerica Asset Allocation Long Horizon
	October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018
From operations:
Net investment income (loss)	$	21,819,836		$	34,033,092		$	8,401,789		$	6,363,498		$	4,472,911		$	2,176,702
Net realized gain (loss)		41,511,042			107,868,345			13,390,780			13,521,823			17,066,004			17,750,520
Net change in unrealized appreciation (depreciation)		53,074,922			(172,595,717	)		11,487,816			(17,924,719	)		(1,591,550	)		(16,504,082	)
Net increase (decrease) in net assets resulting from operations		116,405,800			(30,694,280	)		33,280,385			1,960,602			19,947,365			3,423,140
Distributions to shareholders:
Class A		(97,926,773	)		(79,696,910	)		—			—			—			—
Class B (A)		(80,583	)		(666,368	)		—			—			—			—
Class C		(29,528,153	)		(50,992,713	)		—			—			—			—
Class I		(4,341,322	)		(4,615,541	)		—			—			—			—
Class R		(385,996	)		(336,729	)		(19,664,230	)		(5,979,500	)		(18,105,373	)		(1,915,537	)
Class R4		—			—			(901,809	)		(325,182	)		(2,388,591	)		(320,982	)
Class T1 (B)		(939	)		(746	)		—			—			—			—
Advisor Class (B)		(948	)		(765	)		—			—			—			—
Net increase (decrease) in net assets resulting from distributions to shareholders		(132,264,714	)		(136,309,772	)		(20,566,039	)		(6,304,682	)		(20,493,964	)		(2,236,519	)
Capital share transactions:
Proceeds from shares sold:
Class A		44,357,919			54,936,617			—			—			—			—
Class B (A)		28,373			10,682			—			—			—			—
Class C		15,689,310			30,710,772			—			—			—			—
Class I		22,200,013			23,676,547			—			—			—			—
Class R		668,340			1,088,514			468,562			985,195			957,908			1,404,357
Class R4		—			—			698,517			1,275,954			1,022,362			1,291,026
		82,943,955			110,423,132			1,167,079			2,261,149			1,980,270			2,695,383
Dividends and/or distributions reinvested:
Class A		93,193,725			75,423,729			—			—			—			—
Class B (A)		80,561			660,222			—			—			—			—
Class C		27,987,898			48,417,657			—			—			—			—
Class I		4,155,278			3,523,169			—			—			—			—
Class R		306,789			258,521			19,664,230			5,979,500			18,105,373			1,915,537
Class R4		—			—			901,809			325,182			2,388,591			320,982
Class T1 (B)		939			746			—			—			—			—
Advisor Class (B)		948			765			—			—			—			—
		125,726,138			128,284,809			20,566,039			6,304,682			20,493,964			2,236,519
Cost of shares redeemed:
Class A		(263,016,042	)		(231,644,937	)		—			—			—			—
Class B (A)		(92,318	)		(1,104,204	)		—			—			—			—
Class C		(111,144,409	)		(170,433,229	)		—			—			—			—
Class I		(24,733,916	)		(33,358,009	)		—			—			—			—
Class R		(2,116,311	)		(1,297,344	)		(57,297,281	)		(70,324,433	)		(32,181,999	)		(39,249,015	)
Class R4		—			—			(8,462,199	)		(6,720,259	)		(19,624,099	)		(9,391,146	)
Class T1 (B)		(10,739	)		—			—			—			—			—
Advisor Class (B)		(10,781	)		—			—			—			—			—
		(401,124,516	)		(437,837,723	)		(65,759,480	)		(77,044,692	)		(51,806,098	)		(48,640,161	)
Automatic conversions:
Class A		1,287,957			11,701,495			—			—			—			—
Class B (A)		(1,287,957	)		(11,701,495	)		—			—			—			—
		—			—			—			—			—			—
Automatic conversions:
Class A		76,379,755			223,009,120			—			—			—			—
Class C		(76,379,755	)		(223,009,120	)		—			—			—			—
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		(192,454,423	)		(199,129,782	)		(44,026,362	)		(68,478,861	)		(29,331,864	)		(43,708,259	)
Net increase (decrease) in net assets		(208,313,337	)		(366,133,834	)		(31,312,016	)		(72,822,941	)		(29,878,463	)		(42,521,638	)
Net assets:
Beginning of year		1,593,932,675			1,960,066,509			372,750,303			445,573,244			215,965,785			258,487,423
End of year	$	1,385,619,338		$	1,593,932,675		$	341,438,287		$	372,750,303		$	186,087,322		$	215,965,785

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

Transamerica Funds Annual Report 2019

Page    44

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the year ended:

	Transamerica Asset Allocation – Moderate Portfolio						Transamerica Asset Allocation Intermediate Horizon						Transamerica Asset Allocation Long Horizon
	October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018
Capital share transactions - shares:
Shares issued:
Class A		4,037,633			4,512,263			—			—			—			—
Class B (A)		2,455			837			—			—			—			—
Class C		1,416,741			2,527,763			—			—			—			—
Class I		2,009,704			1,945,103			—			—			—			—
Class R		60,701			89,504			46,404			93,172			95,289			126,970
Class R4		—			—			69,142			121,151			101,947			115,699
		7,527,234			9,075,470			115,546			214,323			197,236			242,669
Shares reinvested:
Class A		9,127,691			6,274,853			—			—			—			—
Class B (A)		7,543			53,244			—			—			—			—
Class C		2,722,558			4,028,091			—			—			—			—
Class I		408,181			293,597			—			—			—			—
Class R		30,166			21,579			2,081,178			568,224			2,058,634			174,869
Class R4		—			—			95,527			30,942			271,282			29,240
Class T1 (B)		91			62			—			—			—			—
Advisor Class (B)		93			64			—			—			—			—
		12,296,323			10,671,490			2,176,705			599,166			2,329,916			204,109
Shares redeemed:
Class A		(23,729,672	)		(19,052,444	)		—			—			—			—
Class B (A)		(7,922	)		(88,090	)		—			—			—			—
Class C		(10,003,669	)		(14,043,466	)		—			—			—			—
Class I		(2,240,543	)		(2,749,933	)		—			—			—			—
Class R		(195,388	)		(107,245	)		(5,645,262	)		(6,626,018	)		(3,203,524	)		(3,497,560	)
Class R4		—			—			(812,685	)		(631,128	)		(1,899,358	)		(844,686	)
Class T1 (B)		(984	)		—			—			—			—			—
Advisor Class (B)		(992	)		—			—			—			—			—
		(36,179,170	)		(36,041,178	)		(6,457,947	)		(7,257,146	)		(5,102,882	)		(4,342,246	)
Automatic conversions:
Class A		116,286			958,371			—			—			—			—
Class B (A)		(111,668	)		(934,530	)		—			—			—			—
		4,618			23,841			—			—			—			—
Automatic conversions:
Class A		6,857,680			18,426,404			—			—			—			—
Class C		(6,839,497	)		(18,534,093	)		—			—			—			—
		18,183			(107,689	)		—			—			—			—
Net increase (decrease) in shares outstanding:
Class A		(3,590,382	)		11,119,447			—			—			—			—
Class B (A)		(109,592	)		(968,539	)		—			—			—			—
Class C		(12,703,867	)		(26,021,705	)		—			—			—			—
Class I		177,342			(511,233	)		—			—			—			—
Class R		(104,521	)		3,838			(3,517,680	)		(5,964,622	)		(1,049,601	)		(3,195,721	)
Class R4		—			—			(648,016	)		(479,035	)		(1,526,129	)		(699,747	)
Class T1 (B)		(893	)		62			—			—			—			—
Advisor Class (B)		(899	)		64			—			—			—			—
		(16,332,812	)		(16,378,066	)		(4,165,696	)		(6,443,657	)		(2,575,730	)		(3,895,468	)

(A)	Class ceased operations on May 6, 2019.
(B)	Class ceased operations on February 15, 2019.

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

Transamerica Funds Annual Report 2019

Page    45

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the year ended:

	Transamerica Asset Allocation Short Horizon						Transamerica Multi-Manager Alternative Strategies Portfolio
	October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018
From operations:
Net investment income (loss)	$	3,527,942		$	3,730,571		$	924,796		$	2,514,883
Net realized gain (loss)		510,500			(35,098	)		(2,561,670	)		(289,738	)
Net change in unrealized appreciation (depreciation)		7,310,773			(5,400,185	)		5,356,594			(3,594,435	)
Net increase (decrease) in net assets resulting from operations		11,349,215			(1,704,712	)		3,719,720			(1,369,290	)
Distributions to shareholders:
Class A		—			—			(469,541	)		(405,017	)
Class C		—			—			(98,142	)		(230,495	)
Class I		—			—			(926,637	)		(1,400,849	)
Class R		(3,903,449	)		(3,535,598	)		—			—
Class R4		(97,873	)		(120,029	)		—			—
Class R6		—			—			(5,739	)		(1,830	)
Class T1 (A)		—			—			(180	)		(131	)
Net increase (decrease) in net assets resulting from distributions to shareholders		(4,001,322	)		(3,655,627	)		(1,500,239	)		(2,038,322	)
Capital share transactions:
Proceeds from shares sold:
Class A		—			—			1,243,437			2,466,514
Class C		—			—			279,134			1,179,090
Class I		—			—			6,081,767			10,745,865
Class R		1,892,149			990,387			—			—
Class R4		253,085			955,551			—			—
Class R6		—			—			37,002			198,334
		2,145,234			1,945,938			7,641,340			14,589,803
Dividends and/or distributions reinvested:
Class A		—			—			451,357			388,924
Class C		—			—			90,778			211,123
Class I		—			—			918,969			1,344,866
Class R		3,903,449			3,535,598			—			—
Class R4		97,873			120,029			—			—
Class R6		—			—			5,739			1,830
Class T1 (A)		—			—			180			131
		4,001,322			3,655,627			1,467,023			1,946,874
Cost of shares redeemed:
Class A		—			—			(8,525,196	)		(9,556,556	)
Class C		—			—			(7,069,754	)		(14,125,688	)
Class I		—			—			(22,954,901	)		(40,614,143	)
Class R		(24,046,669	)		(39,053,821	)		—			—
Class R4		(918,919	)		(4,727,193	)		—			—
Class R6		—			—			(152,583	)		(17,859	)
Class T1 (A)		—			—			(10,184	)		—
		(24,965,588	)		(43,781,014	)		(38,712,618	)		(64,314,246	)
Automatic conversions:
Class A		—			—			5,740,348			5,821,072
Class C		—			—			(5,740,348	)		(5,821,072	)
		—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		(18,819,032	)		(38,179,449	)		(29,604,255	)		(47,777,569	)
Net increase (decrease) in net assets		(11,471,139	)		(43,539,788	)		(27,384,774	)		(51,185,181	)
Net assets:
Beginning of year		145,284,754			188,824,542			111,450,343			162,635,524
End of year	$	133,813,615		$	145,284,754		$	84,065,569		$	111,450,343

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

Transamerica Funds Annual Report 2019

Page    46

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the year ended:

	Transamerica Asset Allocation Short Horizon						Transamerica Multi-Manager Alternative Strategies Portfolio
	October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018
Capital share transactions - shares:
Shares issued:
Class A		—			—			129,495			250,918
Class C		—			—			28,915			119,530
Class I		—			—			633,026			1,092,776
Class R		189,895			98,909			—			—
Class R4		25,168			95,103			—			—
Class R6		—			—			3,828			20,088
		215,063			194,012			795,264			1,483,312
Shares reinvested:
Class A		—			—			48,954			39,605
Class C		—			—			9,835			21,587
Class I		—			—			100,106			137,653
Class R		395,283			354,961			—			—
Class R4		9,904			12,037			—			—
Class R6		—			—			618			185
Class T1 (A)		—			—			20			13
		405,187			366,998			159,533			199,043
Shares redeemed:
Class A		—			—			(883,892	)		(970,195	)
Class C		—			—			(738,977	)		(1,443,224	)
Class I		—			—			(2,383,127	)		(4,137,207	)
Class R		(2,410,230	)		(3,905,892	)		—			—
Class R4		(89,902	)		(472,995	)		—			—
Class R6		—			—			(15,569	)		(1,801	)
Class T1 (A)		—			—			(1,067	)		—
		(2,500,132	)		(4,378,887	)		(4,022,632	)		(6,552,427	)
Automatic conversions:
Class A		—			—			590,691			596,327
Class C		—			—			(592,418	)		(601,292	)
		—			—			(1,727	)		(4,965	)
Net increase (decrease) in shares outstanding:
Class A		—			—			(114,752	)		(83,345	)
Class C		—			—			(1,292,645	)		(1,903,399	)
Class I		—			—			(1,649,995	)		(2,906,778	)
Class R		(1,825,052	)		(3,452,022	)		—			—
Class R4		(54,830	)		(365,855	)		—			—
Class R6		—			—			(11,123	)		18,472
Class T1 (A)		—			—			(1,047	)		13
		(1,879,882	)		(3,817,877	)		(3,069,562	)		(4,875,037	)

(A) Class ceased operations on February 15, 2019.

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

Transamerica Funds Annual Report 2019

Page    47

FINANCIAL HIGHLIGHTS

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Conservative Portfolio
	Class A
	October 31, 2019			October 31, 2018			October 31, 2017			October 31,   2016			October 31, 2015
Net asset value, beginning of year	$	10.67		$	11.59		$	11.18		$	11.40		$	12.38
Investment operations:
Net investment income (loss) (A)		0.19			0.25			0.24			0.23	(B)		0.23
Net realized and unrealized gain (loss)		0.65			(0.43	)		0.71			0.18			(0.11	)
Total investment operations		0.84			(0.18	)		0.95			0.41			0.12
Dividends and/or distributions to shareholders:
Net investment income		(0.18	)		(0.25	)		(0.25	)		(0.25	)		(0.23	)
Net realized gains		(0.57	)		(0.49	)		(0.29	)		(0.38	)		(0.87	)
Total dividends and/or distributions to shareholders		(0.75	)		(0.74	)		(0.54	)		(0.63	)		(1.10	)
Net asset value, end of year	$	10.76		$	10.67		$	11.59		$	11.18		$	11.40
Total return (C)		8.64	%		(1.77	)%		8.78	%		3.83	%		1.07	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	610,131		$	661,621		$	734,113		$	622,495		$	449,574
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.49	%		0.47	%		0.47	%		0.48	%		0.51	%
Including waiver and/or reimbursement and recapture		0.49	%		0.47	%		0.47	%		0.47	%(B)		0.51	%
Net investment income (loss) to average net assets		1.81	%		2.21	%		2.15	%		2.12	%(B)		1.94	%
Portfolio turnover rate		4	%		20	%		18	%		4	%		11	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(D)	Does not include expenses of the underlying investments in which the Fund invests.

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Conservative Portfolio
	Class C
	October 31, 2019			October 31, 2018			October 31, 2017			October 31,   2016			October 31, 2015
Net asset value, beginning of year	$	10.59		$	11.49		$	11.08		$	11.30		$	12.29
Investment operations:
Net investment income (loss) (A)		0.11			0.16			0.17			0.17	(B)		0.15
Net realized and unrealized gain (loss)		0.65			(0.42	)		0.69			0.16			(0.12	)
Total investment operations		0.76			(0.26	)		0.86			0.33			0.03
Dividends and/or distributions to shareholders:
Net investment income		(0.10	)		(0.15	)		(0.16	)		(0.17	)		(0.15	)
Net realized gains		(0.57	)		(0.49	)		(0.29	)		(0.38	)		(0.87	)
Total dividends and/or distributions to shareholders		(0.67	)		(0.64	)		(0.45	)		(0.55	)		(1.02	)
Net asset value, end of year	$	10.68		$	10.59		$	11.49		$	11.08		$	11.30
Total return (C)		7.82	%		(2.46	)%		7.99	%		3.10	%		0.26	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	126,367		$	185,581		$	331,669		$	405,546		$	453,483
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		1.26	%		1.23	%		1.23	%		1.22	%		1.22	%
Including waiver and/or reimbursement and recapture		1.26	%		1.23	%		1.23	%		1.21	%(B)		1.22	%
Net investment income (loss) to average net assets		1.07	%		1.48	%		1.51	%		1.56	%(B)		1.26	%
Portfolio turnover rate		4	%		20	%		18	%		4	%		11	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the contingent deferred sales charge.
(D)	Does not include expenses of the underlying investments in which the Fund invests.

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

Transamerica Funds Annual Report 2019

Page    48

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Conservative Portfolio
	Class I
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	10.70		$	11.62		$	11.21		$	11.42		$	12.40
Investment operations:
Net investment income (loss) (A)		0.21			0.28			0.28			0.28	(B)		0.27
Net realized and unrealized gain (loss)		0.67			(0.44	)		0.69			0.16			(0.12	)
Total investment operations		0.88			(0.16	)		0.97			0.44			0.15
Dividends and/or distributions to shareholders:
Net investment income		(0.21	)		(0.27	)		(0.27	)		(0.27	)		(0.26	)
Net realized gains		(0.57	)		(0.49	)		(0.29	)		(0.38	)		(0.87	)
Total dividends and/or distributions to shareholders		(0.78	)		(0.76	)		(0.56	)		(0.65	)		(1.13	)
Net asset value, end of year	$	10.80		$	10.70		$	11.62		$	11.21		$	11.42
Total return		8.95	%		(1.56	)%		8.97	%		4.13	%		1.33	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	16,423		$	19,845		$	29,213		$	25,946		$	28,126
Expenses to average net assets (C)
Excluding waiver and/or reimbursement and recapture		0.27	%		0.26	%		0.26	%		0.26	%		0.26	%
Including waiver and/or reimbursement and recapture		0.27	%		0.26	%		0.26	%		0.25	%(B)		0.26	%
Net investment income (loss) to average net assets		1.98	%		2.51	%		2.46	%		2.50	%(B)		2.28	%
Portfolio turnover rate		4	%		20	%		18	%		4	%		11	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Does not include expenses of the underlying investments in which the Fund invests.

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Conservative Portfolio
	Class R
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	10.78		$	11.70		$	11.28		$	11.49		$	12.47
Investment operations:
Net investment income (loss) (A)		0.15			0.20			0.21			0.22	(B)		0.21
Net realized and unrealized gain (loss)		0.67			(0.42	)		0.70			0.15			(0.13	)
Total investment operations		0.82			(0.22	)		0.91			0.37			0.08
Dividends and/or distributions to shareholders:
Net investment income		(0.14	)		(0.21	)		(0.20	)		(0.20	)		(0.19	)
Net realized gains		(0.57	)		(0.49	)		(0.29	)		(0.38	)		(0.87	)
Total dividends and/or distributions to shareholders		(0.71	)		(0.70	)		(0.49	)		(0.58	)		(1.06	)
Net asset value, end of year	$	10.89		$	10.78		$	11.70		$	11.28		$	11.49
Total return		8.28	%		(2.10	)%		8.35	%		3.44	%		0.68	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	855		$	1,347		$	1,359		$	1,209		$	1,532
Expenses to average net assets (C)
Excluding waiver and/or reimbursement and recapture		0.86	%		0.83	%		0.85	%		0.86	%		0.86	%
Including waiver and/or reimbursement and recapture		0.86	%		0.83	%		0.85	%		0.85	%(B)		0.86	%
Net investment income (loss) to average net assets		1.41	%		1.82	%		1.88	%		1.97	%(B)		1.77	%
Portfolio turnover rate		4	%		20	%		18	%		4	%		11	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Does not include expenses of the underlying investments in which the Fund invests.

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

Transamerica Funds Annual Report 2019

Page    49

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Growth Portfolio
	Class A
	October 31, 2019			October 31, 2018			October 31, 2017			October 31,   2016			October 31, 2015
Net asset value, beginning of year	$	14.38		$	16.35		$	14.71		$	15.57		$	16.35
Investment operations:
Net investment income (loss) (A)		0.11			0.26			0.23			0.23	(B)		0.20
Net realized and unrealized gain (loss)		0.67			(0.56	)		2.55			0.24			0.23
Total investment operations		0.78			(0.30	)		2.78			0.47			0.43
Dividends and/or distributions to shareholders:
Net investment income		(0.19	)		(0.32	)		(0.24	)		(0.23	)		(0.22	)
Net realized gains		(1.96	)		(1.35	)		(0.90	)		(1.10	)		(0.99	)
Total dividends and/or distributions to shareholders		(2.15	)		(1.67	)		(1.14	)		(1.33	)		(1.21	)
Net asset value, end of year	$	13.01		$	14.38		$	16.35		$	14.71		$	15.57
Total return (C)		7.89	%		(2.33	)%		20.19	%		3.28	%		2.65	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	887,342		$	922,131		$	830,875		$	727,751		$	729,547
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.54	%		0.51	%		0.52	%		0.53	%		0.53	%
Including waiver and/or reimbursement and recapture		0.54	%		0.51	%		0.52	%		0.52	%(B)		0.53	%
Net investment income (loss) to average net assets		0.90	%		1.65	%		1.53	%		1.63	%(B)		1.26	%
Portfolio turnover rate		1	%		32	%		9	%		1	%		6	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(D)	Does not include expenses of the underlying investments in which the Fund invests.

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Growth Portfolio
	Class C
	October 31, 2019			October 31, 2018			October 31, 2017			October 31,   2016			October 31, 2015
Net asset value, beginning of year	$	13.88		$	15.82		$	14.26		$	15.13		$	15.92
Investment operations:
Net investment income (loss) (A)		0.03			0.15			0.13			0.13	(B)		0.08
Net realized and unrealized gain (loss)		0.64			(0.55	)		2.46			0.21			0.23
Total investment operations		0.67			(0.40	)		2.59			0.34			0.31
Dividends and/or distributions to shareholders:
Net investment income		—			(0.19	)		(0.13	)		(0.11	)		(0.11	)
Net realized gains		(1.96	)		(1.35	)		(0.90	)		(1.10	)		(0.99	)
Total dividends and/or distributions to shareholders		(1.96	)		(1.54	)		(1.03	)		(1.21	)		(1.10	)
Net asset value, end of year	$	12.59		$	13.88		$	15.82		$	14.26		$	15.13
Total return (C)		7.10	%		(3.03	)%		19.31	%		2.49	%		1.91	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	205,681		$	309,195		$	628,621		$	660,687		$	716,039
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		1.31	%		1.26	%		1.26	%		1.27	%		1.26	%
Including waiver and/or reimbursement and recapture		1.31	%		1.26	%		1.26	%		1.26	%(B)		1.26	%
Net investment income (loss) to average net assets		0.25	%		1.02	%		0.91	%		0.93	%(B)		0.54	%
Portfolio turnover rate		1	%		32	%		9	%		1	%		6	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the contingent deferred sales charge.
(D)	Does not include expenses of the underlying investments in which the Fund invests.

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

Transamerica Funds Annual Report 2019

Page    50

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Growth Portfolio
	Class I
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	14.38		$	16.36		$	14.72		$	15.59		$	16.37
Investment operations:
Net investment income (loss) (A)		0.16			0.30			0.23			0.28	(B)		0.23
Net realized and unrealized gain (loss)		0.65			(0.57	)		2.59			0.22			0.25
Total investment operations		0.81			(0.27	)		2.82			0.50			0.48
Dividends and/or distributions to shareholders:
Net investment income		(0.22	)		(0.36	)		(0.28	)		(0.27	)		(0.27	)
Net realized gains		(1.96	)		(1.35	)		(0.90	)		(1.10	)		(0.99	)
Total dividends and/or distributions to shareholders		(2.18	)		(1.71	)		(1.18	)		(1.37	)		(1.26	)
Net asset value, end of year	$	13.01		$	14.38		$	16.36		$	14.72		$	15.59
Total return		8.19	%		(2.11	)%		20.52	%		3.52	%		2.96	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	43,396		$	51,209		$	56,253		$	32,116		$	34,547
Expenses to average net assets (C)
Excluding waiver and/or reimbursement and recapture		0.27	%		0.26	%		0.26	%		0.26	%		0.26	%
Including waiver and/or reimbursement and recapture		0.27	%		0.26	%		0.26	%		0.25	%(B)		0.26	%
Net investment income (loss) to average net assets		1.25	%		1.95	%		1.50	%		1.96	%(B)		1.48	%
Portfolio turnover rate		1	%		32	%		9	%		1	%		6	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Does not include expenses of the underlying investments in which the Fund invests.

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Growth Portfolio
	Class R
	October 31,   2019			October 31,   2018			October 31,   2017			October 31,   2016			October 31,   2015
Net asset value, beginning of year	$	14.22		$	16.20		$	14.57		$	15.45		$	16.24
Investment operations:
Net investment income (loss) (A)		0.08			0.22			0.18			0.21	(B)		0.15
Net realized and unrealized gain (loss)		0.67			(0.57	)		2.55			0.20			0.23
Total investment operations		0.75			(0.35	)		2.73			0.41			0.38
Dividends and/or distributions to shareholders:
Net investment income		(0.12	)		(0.28	)		(0.20	)		(0.19	)		(0.18	)
Net realized gains		(1.96	)		(1.35	)		(0.90	)		(1.10	)		(0.99	)
Total dividends and/or distributions to shareholders		(2.08	)		(1.63	)		(1.10	)		(1.29	)		(1.17	)
Net asset value, end of year	$	12.89		$	14.22		$	16.20		$	14.57		$	15.45
Total return		7.71	%		(2.67	)%		19.94	%		2.90	%		2.29	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,940		$	2,193		$	2,702		$	2,142		$	2,260
Expenses to average net assets (C)
Excluding waiver and/or reimbursement and recapture		0.80	%		0.79	%		0.80	%		0.86	%		0.83	%
Including waiver and/or reimbursement and recapture		0.80	%		0.79	%		0.80	%		0.85	%(B)		0.83	%
Net investment income (loss) to average net assets		0.61	%		1.41	%		1.19	%		1.47	%(B)		0.93	%
Portfolio turnover rate		1	%		32	%		9	%		1	%		6	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Does not include expenses of the underlying investments in which the Fund invests.

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

Transamerica Funds Annual Report 2019

Page    51

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Moderate Growth Portfolio
	Class A
	October 31, 2019			October 31, 2018			October 31, 2017			October 31,     2016			October 31, 2015
Net asset value, beginning of year	$	12.81		$	14.38		$	13.34		$	13.93		$	15.23
Investment operations:
Net investment income (loss) (A)		0.16			0.27			0.26			0.23	(B)		0.24
Net realized and unrealized gain (loss)		0.69			(0.50	)		1.67			0.20			0.05
Total investment operations		0.85			(0.23	)		1.93			0.43			0.29
Dividends and/or distributions to shareholders:
Net investment income		(0.21	)		(0.30	)		(0.25	)		(0.23	)		(0.27	)
Net realized gains		(1.40	)		(1.04	)		(0.64	)		(0.79	)		(1.32	)
Total dividends and/or distributions to shareholders		(1.61	)		(1.34	)		(0.89	)		(1.02	)		(1.59	)
Net asset value, end of year	$	12.05		$	12.81		$	14.38		$	13.34		$	13.93
Total return (C)		8.37	%		(2.02	)%		15.32	%		3.35	%		1.93	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,531,349		$	1,589,016		$	1,434,214		$	1,315,381		$	1,301,591
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.51	%		0.49	%		0.49	%		0.50	%		0.50	%
Including waiver and/or reimbursement and recapture		0.51	%		0.49	%		0.49	%		0.49	%(B)		0.50	%
Net investment income (loss) to average net assets		1.36	%		1.98	%		1.89	%		1.76	%(B)		1.68	%
Portfolio turnover rate		3	%		32	%		14	%		1	%		7	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(D)	Does not include expenses of the underlying investments in which the Fund invests.

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Moderate Growth Portfolio
	Class C
	October 31, 2019			October 31, 2018			October 31, 2017			October 31,     2016			October 31, 2015
Net asset value, beginning of year	$	12.72		$	14.28		$	13.24		$	13.82		$	15.12
Investment operations:
Net investment income (loss) (A)		0.08			0.18			0.17			0.14	(B)		0.14
Net realized and unrealized gain (loss)		0.70			(0.52	)		1.65			0.19			0.04
Total investment operations		0.78			(0.34	)		1.82			0.33			0.18
Dividends and/or distributions to shareholders:
Net investment income		(0.00	)(C)		(0.18	)		(0.14	)		(0.12	)		(0.16	)
Net realized gains		(1.40	)		(1.04	)		(0.64	)		(0.79	)		(1.32	)
Total dividends and/or distributions to shareholders		(1.40	)		(1.22	)		(0.78	)		(0.91	)		(1.48	)
Net asset value, end of year	$	12.10		$	12.72		$	14.28		$	13.24		$	13.82
Total return (D)		7.60	%		(2.82	)%		14.48	%		2.60	%		1.16	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	354,235		$	547,237		$	1,123,771		$	1,286,726		$	1,431,708
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		1.28	%		1.24	%		1.24	%		1.24	%		1.23	%
Including waiver and/or reimbursement and recapture		1.28	%		1.24	%		1.24	%		1.23	%(B)		1.23	%
Net investment income (loss) to average net assets		0.68	%		1.33	%		1.25	%		1.05	%(B)		0.96	%
Portfolio turnover rate		3	%		32	%		14	%		1	%		7	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Total return has been calculated without deduction of the contingent deferred sales charge.
(E)	Does not include expenses of the underlying investments in which the Fund invests.

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

Transamerica Funds Annual Report 2019

Page    52

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Moderate Growth Portfolio
	Class I
	October 31, 2019			October 31, 2018			October 31, 2017			October 31,     2016			October 31, 2015
Net asset value, beginning of year	$	12.80		$	14.38		$	13.34		$	13.93		$	15.23
Investment operations:
Net investment income (loss) (A)		0.19			0.30			0.27			0.27	(B)		0.28
Net realized and unrealized gain (loss)		0.68			(0.51	)		1.69			0.19			0.05
Total investment operations		0.87			(0.21	)		1.96			0.46			0.33
Dividends and/or distributions to shareholders:
Net investment income		(0.23	)		(0.33	)		(0.28	)		(0.26	)		(0.31	)
Net realized gains		(1.40	)		(1.04	)		(0.64	)		(0.79	)		(1.32	)
Total dividends and/or distributions to shareholders		(1.63	)		(1.37	)		(0.92	)		(1.05	)		(1.63	)
Net asset value, end of year	$	12.04		$	12.80		$	14.38		$	13.34		$	13.93
Total return		8.64	%		(1.84	)%		15.62	%		3.63	%		2.22	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	72,827		$	81,772		$	85,959		$	53,166		$	55,554
Expenses to average net assets (C)
Excluding waiver and/or reimbursement and recapture		0.26	%		0.25	%		0.25	%		0.25	%		0.25	%
Including waiver and/or reimbursement and recapture		0.26	%		0.25	%		0.25	%		0.24	%(B)		0.25	%
Net investment income (loss) to average net assets		1.65	%		2.24	%		1.96	%		2.04	%(B)		1.94	%
Portfolio turnover rate		3	%		32	%		14	%		1	%		7	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Does not include expenses of the underlying investments in which the Fund invests.

For a share outstanding during the year indicated:	Transamerica Asset Allocation – Moderate Growth Portfolio
	Class R
	October 31, 2019			October 31, 2018			October 31, 2017			October 31,     2016			October 31, 2015
Net asset value, beginning of year	$	12.73		$	14.30		$	13.26		$	13.85		$	15.15
Investment operations:
Net investment income (loss) (A)		0.13			0.24			0.18			0.21	(B)		0.20
Net realized and unrealized gain (loss)		0.68			(0.52	)		1.70			0.18			0.05
Total investment operations		0.81			(0.28	)		1.88			0.39			0.25
Dividends and/or distributions to shareholders:
Net investment income		(0.15	)		(0.25	)		(0.20	)		(0.19	)		(0.23	)
Net realized gains		(1.40	)		(1.04	)		(0.64	)		(0.79	)		(1.32	)
Total dividends and/or distributions to shareholders		(1.55	)		(1.29	)		(0.84	)		(0.98	)		(1.55	)
Net asset value, end of year	$	11.99		$	12.73		$	14.30		$	13.26		$	13.85
Total return		8.08	%		(2.33	)%		15.03	%		3.10	%		1.65	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	2,082		$	3,268		$	4,246		$	4,483		$	5,262
Expenses to average net assets (C)
Excluding waiver and/or reimbursement and recapture		0.78	%		0.76	%		0.76	%		0.79	%		0.76	%
Including waiver and/or reimbursement and recapture		0.78	%		0.76	%		0.76	%		0.78	%(B)		0.76	%
Net investment income (loss) to average net assets		1.12	%		1.74	%		1.36	%		1.61	%(B)		1.45	%
Portfolio turnover rate		3	%		32	%		14	%		1	%		7	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Does not include expenses of the underlying investments in which the Fund invests.

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

Transamerica Funds Annual Report 2019

Page    53

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Moderate Portfolio
	Class A
	October 31, 2019			October 31, 2018			October 31, 2017			October 31,     2016			October 31, 2015
Net asset value, beginning of year	$	11.64		$	12.80		$	12.11		$	12.46		$	13.56
Investment operations:
Net investment income (loss) (A)		0.18			0.26			0.25			0.24	(B)		0.24
Net realized and unrealized gain (loss)		0.69			(0.47	)		1.08			0.18			(0.06	)
Total investment operations		0.87			(0.21	)		1.33			0.42			0.18
Dividends and/or distributions to shareholders:
Net investment income		(0.23	)		(0.27	)		(0.23	)		(0.25	)		(0.28	)
Net realized gains		(0.82	)		(0.68	)		(0.41	)		(0.52	)		(1.00	)
Total dividends and/or distributions to shareholders		(1.05	)		(0.95	)		(0.64	)		(0.77	)		(1.28	)
Net asset value, end of year	$	11.46		$	11.64		$	12.80		$	12.11		$	12.46
Total return (C)		8.51	%		(1.89	)%		11.54	%		3.71	%		1.32	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,066,485		$	1,124,731		$	1,094,724		$	1,000,707		$	890,270
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.49	%		0.48	%		0.48	%		0.48	%		0.49	%
Including waiver and/or reimbursement and recapture		0.49	%		0.48	%		0.48	%		0.47	%(B)		0.49	%
Net investment income (loss) to average net assets		1.64	%		2.12	%		2.07	%		2.04	%(B)		1.90	%
Portfolio turnover rate		4	%		25	%		13	%		2	%		10	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(D)	Does not include expenses of the underlying investments in which the Fund invests.

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Moderate Portfolio
	Class C
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	11.55		$	12.70		$	12.01		$	12.36		$	13.44
Investment operations:
Net investment income (loss) (A)		0.10			0.17			0.17			0.16	(B)		0.15
Net realized and unrealized gain (loss)		0.70			(0.48	)		1.06			0.17			(0.05	)
Total investment operations		0.80			(0.31	)		1.23			0.33			0.10
Dividends and/or distributions to shareholders:
Net investment income		(0.06	)		(0.16	)		(0.13	)		(0.16	)		(0.18	)
Net realized gains		(0.82	)		(0.68	)		(0.41	)		(0.52	)		(1.00	)
Total dividends and/or distributions to shareholders		(0.88	)		(0.84	)		(0.54	)		(0.68	)		(1.18	)
Net asset value, end of year	$	11.47		$	11.55		$	12.70		$	12.01		$	12.36
Total return (C)		7.77	%		(2.68	)%		10.69	%		2.88	%		0.70	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	266,489		$	415,277		$	786,977		$	939,970		$	1,051,486
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		1.26	%		1.23	%		1.22	%		1.22	%		1.22	%
Including waiver and/or reimbursement and recapture		1.26	%		1.23	%		1.22	%		1.21	%(B)		1.22	%
Net investment income (loss) to average net assets		0.93	%		1.43	%		1.43	%		1.40	%(B)		1.18	%
Portfolio turnover rate		4	%		25	%		13	%		2	%		10	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the contingent deferred sales charge.
(D)	Does not include expenses of the underlying investments in which the Fund invests.

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

Transamerica Funds Annual Report 2019

Page    54

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Moderate Portfolio
	Class I
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	11.63		$	12.80		$	12.11		$	12.46		$	13.56
Investment operations:
Net investment income (loss) (A)		0.20			0.29			0.28			0.28	(B)		0.27
Net realized and unrealized gain (loss)		0.70			(0.48	)		1.08			0.17			(0.06	)
Total investment operations		0.90			(0.19	)		1.36			0.45			0.21
Dividends and/or distributions to shareholders:
Net investment income		(0.25	)		(0.30	)		(0.26	)		(0.28	)		(0.31	)
Net realized gains		(0.82	)		(0.68	)		(0.41	)		(0.52	)		(1.00	)
Total dividends and/or distributions to shareholders		(1.07	)		(0.98	)		(0.67	)		(0.80	)		(1.31	)
Net asset value, end of year	$	11.46		$	11.63		$	12.80		$	12.11		$	12.46
Total return		8.86	%		(1.73	)%		11.80	%		3.97	%		1.60	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	49,587		$	48,287		$	59,664		$	43,818		$	48,780
Expenses to average net assets (C)
Excluding waiver and/or reimbursement and recapture		0.26	%		0.26	%		0.25	%		0.25	%		0.25	%
Including waiver and/or reimbursement and recapture		0.26	%		0.26	%		0.25	%		0.24	%(B)		0.25	%
Net investment income (loss) to average net assets		1.84	%		2.40	%		2.26	%		2.40	%(B)		2.13	%
Portfolio turnover rate		4	%		25	%		13	%		2	%		10	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Does not include expenses of the underlying investments in which the Fund invests.

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Moderate Portfolio
	Class R
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	11.57		$	12.72		$	12.03		$	12.39		$	13.48
Investment operations:
Net investment income (loss) (A)		0.17			0.22			0.17			0.21	(B)		0.21
Net realized and unrealized gain (loss)		0.66			(0.46	)		1.13			0.17			(0.05	)
Total investment operations		0.83			(0.24	)		1.30			0.38			0.16
Dividends and/or distributions to shareholders:
Net investment income		(0.19	)		(0.23	)		(0.20	)		(0.22	)		(0.25	)
Net realized gains		(0.82	)		(0.68	)		(0.41	)		(0.52	)		(1.00	)
Total dividends and/or distributions to shareholders		(1.01	)		(0.91	)		(0.61	)		(0.74	)		(1.25	)
Net asset value, end of year	$	11.39		$	11.57		$	12.72		$	12.03		$	12.39
Total return		8.21	%		(2.08	)%		11.20	%		3.40	%		1.17	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	3,058		$	4,313		$	4,693		$	5,256		$	5,470
Expenses to average net assets (C)
Excluding waiver and/or reimbursement and recapture		0.74	%		0.73	%		0.73	%		0.74	%		0.73	%
Including waiver and/or reimbursement and recapture		0.74	%		0.73	%		0.73	%		0.72	%(B)		0.73	%
Net investment income (loss) to average net assets		1.54	%		1.82	%		1.38	%		1.80	%(B)		1.67	%
Portfolio turnover rate		4	%		25	%		13	%		2	%		10	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Does not include expenses of the underlying investments in which the Fund invests.

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

Transamerica Funds Annual Report 2019

Page    55

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Asset Allocation Intermediate Horizon
	Class R
	October 31, 2019			October 31, 2018			October 31,   2017 (A)
Net asset value, beginning of period/year	$	10.22		$	10.38		$	10.00
Investment operations:
Net investment income (loss) (B)		0.24			0.16			0.05
Net realized and unrealized gain (loss)		0.69			(0.16	)		0.37
Total investment operations		0.93			—			0.42
Dividends and/or distributions to shareholders:
Net investment income		(0.24	)		(0.16	)		(0.04	)
Net realized gains		(0.34	)		—			—
Total dividends and/or distributions to shareholders		(0.58	)		(0.16	)		(0.04	)
Net asset value, end of period/year	$	10.57		$	10.22		$	10.38
Total return		9.85	%		(0.07	)%		4.24	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	332,117		$	357,118		$	424,721
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.62	%		0.62	%		0.62	%(E)
Including waiver and/or reimbursement and recapture		0.60	%		0.60	%		0.60	%(E)
Net investment income (loss) to average net assets		2.35	%		1.51	%		0.99	%(E)
Portfolio turnover rate		35	%		27	%		26	%(C)

(A)	Commenced operations on May 19, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Does not include expenses of the underlying investments in which the Fund invests.
(E)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica Asset Allocation Intermediate Horizon
	Class R4
	October 31, 2019			October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			December 31, 2015			December 31, 2014
Net asset value, beginning of period/year	$	10.22		$	10.38		$	9.58		$	9.23		$	9.35		$	9.16
Investment operations:
Net investment income (loss) (D)		0.26			0.18			0.13			0.18			0.15			0.20
Net realized and unrealized gain (loss)		0.69			(0.16	)		0.78			0.35			(0.12	)		0.21
Total investment operations		0.95			0.02			0.91			0.53			0.03			0.41
Dividends and/or distributions to shareholders:
Net investment income		(0.26	)		(0.18	)		(0.11	)		(0.18	)		(0.15	)		(0.22	)
Net realized gains		(0.34	)		—			—			—			—			—
Total dividends and/or distributions to shareholders		(0.60	)		(0.18	)		(0.11	)		(0.18	)		(0.15	)		(0.22	)
Net asset value, end of period/year	$	10.57		$	10.22		$	10.38		$	9.58		$	9.23		$	9.35
Total return		10.10	%		0.18	%		9.53	%(E)		5.74	%		0.26	%		4.50	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	9,321		$	15,632		$	20,852		$	78,806		$	79,613		$	92,989
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		0.38	%		0.38	%		0.21	%(G)		0.10	%		0.10	%		0.10	%
Including waiver and/or reimbursement and recapture		0.35	%		0.35	%		0.20	%(G)		0.10	%		0.10	%		0.10	%
Net investment income (loss) to average net assets		2.60	%		1.73	%		1.37	%(G)		1.88	%		1.57	%		2.19	%
Portfolio turnover rate		35	%		27	%		26	%(E)		45	%		42	%		76	%

(A)	Transamerica Institutional Asset Allocation – Intermediate Horizon reorganized into the Fund on May 19, 2017. Prior to May 19, 2017, information provided reflects Transamerica Institutional Asset Allocation – Intermediate Horizon, which was the accounting and performance survivor of the reorganization.
(B)	Effective May 19, 2017, the Fund underwent a 1.23-for-1 share split. The per share data has been retroactively adjusted to reflect the share split. See the Stock Split section of the Notes to Financial Statements for more information.
(C)	The fiscal year end of the Fund is October 31 while the fiscal year end of the accounting and performance survivor is December 31. The Financial Highlights represents activity for the ten months of January 1, 2017 – October 31, 2017.
(D)	Calculated based on average number of shares outstanding.
(E)	Not annualized.
(F)	Does not include expenses of the underlying investments in which the Fund invests.
(G)	Annualized.

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

Transamerica Funds Annual Report 2019

Page    56

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Asset Allocation Long Horizon
	Class R
	October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.64		$	10.68		$	10.00
Investment operations:
Net investment income (loss) (B)		0.22			0.10			0.01
Net realized and unrealized gain (loss)		0.68			(0.05	)(C)		0.68
Total investment operations		0.90			0.05			0.69
Dividends and/or distributions to shareholders:
Net investment income		(0.23	)		(0.09	)		(0.01	)
Net realized gains		(0.81	)		—			—
Total dividends and/or distributions to shareholders		(1.04	)		(0.09	)		(0.01	)
Net asset value, end of period/year	$	10.50		$	10.64		$	10.68
Total return		10.28	%		0.47	%		6.90	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	177,392		$	190,928		$	225,869
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		0.62	%		0.62	%		0.62	%(F)
Including waiver and/or reimbursement and recapture		0.60	%		0.60	%		0.60	%(F)
Net investment income (loss) to average net assets		2.16	%		0.86	%		0.14	%(F)
Portfolio turnover rate		40	%		30	%		35	%(D)

(A)	Commenced operations on May 19, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Not annualized.
(E)	Does not include expenses of the underlying investments in which the Fund invests.
(F)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica Asset Allocation Long Horizon
	Class R4
	October 31, 2019			October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			December 31, 2015			December 31, 2014
Net asset value, beginning of period/year	$	10.64		$	10.68		$	9.38		$	8.87		$	8.92		$	8.71
Investment operations:
Net investment income (loss) (D)		0.25			0.12			0.06			0.11			0.11			0.17
Net realized and unrealized gain (loss)		0.67			(0.04	)(E)		1.31			0.51			(0.05	)		0.22
Total investment operations		0.92			0.08			1.37			0.62			0.06			0.39
Dividends and/or distributions to shareholders:
Net investment income		(0.24	)		(0.12	)		(0.07	)		(0.11	)		(0.11	)		(0.18	)
Net realized gains		(0.81	)		—			—			—			—			—
Total dividends and/or distributions to shareholders		(1.05	)		(0.12	)		(0.07	)		(0.11	)		(0.11	)		(0.18	)
Net asset value, end of period/year	$	10.51		$	10.64		$	10.68		$	9.38		$	8.87		$	8.92
Total return		10.57	%		0.72	%		14.69	%(F)		7.07	%		0.63	%		4.55	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	8,695		$	25,038		$	32,618		$	28,489		$	28,659		$	35,325
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		0.38	%		0.38	%		0.28	%(H)		0.10	%		0.10	%		0.10	%
Including waiver and/or reimbursement and recapture		0.35	%		0.35	%		0.26	%(H)		0.10	%		0.10	%		0.10	%
Net investment income (loss) to average net assets		2.47	%		1.09	%		0.64	%(H)		1.29	%		1.19	%		1.98	%
Portfolio turnover rate		40	%		30	%		35	%(F)		28	%		43	%		69	%

(A)	Transamerica Institutional Asset Allocation – Long Horizon reorganized into the Fund on May 19, 2017. Prior to May 19, 2017, information provided reflects Transamerica Institutional Asset Allocation – Long Horizon, which was the accounting and performance survivor of the reorganization.
(B)	Effective May 19, 2017, the Fund underwent a 1.22-for-1 share split. The per share data has been retroactively adjusted to reflect the share split. See the Stock Split section of the Notes to Financial Statements for more information.
(C)	The fiscal year end of the Fund is October 31 while the fiscal year end of the accounting and performance survivor is December 31. The Financial Highlights represents activity for the ten months of January 1, 2017 – October 31, 2017.
(D)	Calculated based on average number of shares outstanding.
(E)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(F)	Not annualized.
(G)	Does not include expenses of the underlying investments in which the Fund invests.
(H)	Annualized.

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

Transamerica Funds Annual Report 2019

Page    57

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Asset Allocation Short Horizon
	Class R
	October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	9.76		$	10.10		$	10.00
Investment operations:
Net investment income (loss) (B)		0.25			0.22			0.08
Net realized and unrealized gain (loss)		0.57			(0.34	)		0.09
Total investment operations		0.82			(0.12	)		0.17
Dividends and/or distributions to shareholders:
Net investment income		(0.26	)		(0.22	)		(0.07	)
Net realized gains		(0.03	)		—			—
Total dividends and/or distributions to shareholders		(0.29	)		(0.22	)		(0.07	)
Net asset value, end of period/year	$	10.29		$	9.76		$	10.10
Total return		8.51	%		(1.21	)%		1.72	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	131,052		$	142,129		$	181,866
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.62	%		0.62	%		0.62	%(E)
Including waiver and/or reimbursement and recapture		0.60	%		0.60	%		0.60	%(E)
Net investment income (loss) to average net assets		2.53	%		2.21	%		1.77	%(E)
Portfolio turnover rate		26	%		52	%		22	%(C)

(A)	Commenced operations on May 19, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Does not include expenses of the underlying investments in which the Fund invests.
(E)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica Asset Allocation Short Horizon
	Class R4
	October 31, 2019			October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			December 31, 2015			December 31, 2014
Net asset value, beginning of period/year	$	9.76		$	10.10		$	9.81		$	9.63		$	9.92		$	9.80
Investment operations:
Net investment income (loss) (D)		0.28			0.23			0.17			0.25			0.21			0.25
Net realized and unrealized gain (loss)		0.57			(0.33	)		0.28			0.18			(0.28	)		0.14
Total investment operations		0.85			(0.10	)		0.45			0.43			(0.07	)		0.39
Dividends and/or distributions to shareholders:
Net investment income		(0.29	)		(0.24	)		(0.16	)		(0.25	)		(0.22	)		(0.27	)
Net realized gains		(0.03	)		—			—			—			—			—
Total dividends and/or distributions to shareholders		(0.32	)		(0.24	)		(0.16	)		(0.25	)		(0.22	)		(0.27	)
Net asset value, end of period/year	$	10.29		$	9.76		$	10.10		$	9.81		$	9.63		$	9.92
Total return		8.78	%		(1.01	)%		4.49	%(E)		4.48	%		(0.72	)%		4.07	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	2,762		$	3,156		$	6,959		$	11,896		$	12,349		$	17,622
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		0.38	%		0.38	%		0.23	%(G)		0.10	%		0.10	%		0.10	%
Including waiver and/or reimbursement and recapture		0.35	%		0.35	%		0.22	%(G)		0.10	%		0.10	%		0.10	%
Net investment income (loss) to average net assets		2.75	%		2.30	%		1.98	%(G)		2.53	%		2.07	%		2.55	%
Portfolio turnover rate		26	%		52	%		22	%(E)		49	%		60	%		133	%

(A)	Transamerica Institutional Asset Allocation – Short Horizon reorganized into the Fund on May 19, 2017. Prior to May 19, 2017, information provided reflects Transamerica Institutional Asset Allocation – Short Horizon, which was the accounting and performance survivor of the reorganization.
(B)	Effective May 19, 2017, the Fund underwent a 1.11-for-1 share split. The per share data has been retroactively adjusted to reflect the share split. See the Stock Split section of the Notes to Financial Statements for more information.
(C)	The fiscal year end of the Fund is October 31 while the fiscal year end of the accounting and performance survivor is December 31. The Financial Highlights represents activity for the ten months of January 1, 2017 – October 31, 2017.
(D)	Calculated based on average number of shares outstanding.
(E)	Not annualized.
(F)	Does not include expenses of the underlying investments in which the Fund invests.
(G)	Annualized.

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

Transamerica Funds Annual Report 2019

Page    58

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Multi-Manager Alternative Strategies Portfolio
	Class A
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	9.61		$	9.89		$	9.71		$	10.07		$	10.50
Investment operations:
Net investment income (loss) (A)		0.09			0.17			0.10			0.31	(B)		0.11
Net realized and unrealized gain (loss)		0.29			(0.32	)		0.19			(0.22	)		(0.47	)
Total investment operations		0.38			(0.15	)		0.29			0.09			(0.36	)
Dividends and/or distributions to shareholders:
Net investment income		(0.15	)		(0.13	)		(0.11	)		(0.28	)		(0.07	)
Net realized gains		—			—			—			(0.17	)		—
Total dividends and/or distributions to shareholders		(0.15	)		(0.13	)		(0.11	)		(0.45	)		(0.07	)
Net asset value, end of year	$	9.84		$	9.61		$	9.89		$	9.71		$	10.07
Total return (C)		4.10	%		(1.55	)%		3.04	%		1.07	%		(3.42	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	30,119		$	30,546		$	32,240		$	61,341		$	91,684
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.84	%		0.76	%		0.73	%		0.70	%		0.66	%
Including waiver and/or reimbursement and recapture		0.80	%		0.76	%		0.73	%		0.69	%(B)		0.66	%
Net investment income (loss) to average net assets		0.94	%		1.76	%		1.04	%		3.28	%(B)		1.06	%
Portfolio turnover rate		1	%		11	%		65	%		42	%		80	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(D)	Does not include expenses of the underlying investments in which the Fund invests.

For a share outstanding during the years indicated:	Transamerica Multi-Manager Alternative Strategies Portfolio
	Class C
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	9.52		$	9.78		$	9.60		$	9.94		$	10.37
Investment operations:
Net investment income (loss) (A)		0.02			0.11			0.02			0.23	(B)		0.03
Net realized and unrealized gain (loss)		0.29			(0.32	)		0.18			(0.20	)		(0.46	)
Total investment operations		0.31			(0.21	)		0.20			0.03			(0.43	)
Dividends and/or distributions to shareholders:
Net investment income		(0.04	)		(0.05	)		(0.02	)		(0.20	)		(0.00	)(C)
Net realized gains		—			—			—			(0.17	)		—
Total dividends and/or distributions to shareholders		(0.04	)		(0.05	)		(0.02	)		(0.37	)		(0.00	)(C)
Net asset value, end of year	$	9.79		$	9.52		$	9.78		$	9.60		$	9.94
Total return (D)		3.23	%		(2.17	)%		2.22	%		0.39	%		(4.11	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	16,281		$	28,142		$	47,545		$	72,959		$	101,656
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		1.55	%		1.49	%		1.47	%		1.45	%		1.42	%
Including waiver and/or reimbursement and recapture		1.55	%(F)		1.49	%		1.47	%		1.44	%(B)		1.42	%
Net investment income (loss) to average net assets		0.25	%		1.10	%		0.21	%		2.39	%(B)		0.28	%
Portfolio turnover rate		1	%		11	%		65	%		42	%		80	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Total return has been calculated without deduction of the contingent deferred sales charge.
(E)	Does not include expenses of the underlying investments in which the Fund invests.
(F)	Waiver and/or reimbursement rounds to less than 0.01%.

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

Transamerica Funds Annual Report 2019

Page    59

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Multi-Manager Alternative Strategies Portfolio
	Class I
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	9.60		$	9.88		$	9.71		$	10.07		$	10.52
Investment operations:
Net investment income (loss) (A)		0.13			0.21			0.12			0.36	(B)		0.14
Net realized and unrealized gain (loss)		0.27			(0.32	)		0.20			(0.24	)		(0.47	)
Total investment operations		0.40			(0.11	)		0.32			0.12			(0.33	)
Dividends and/or distributions to shareholders:
Net investment income		(0.18	)		(0.17	)		(0.15	)		(0.31	)		(0.12	)
Net realized gains		—			—			—			(0.17	)		—
Total dividends and/or distributions to shareholders		(0.18	)		(0.17	)		(0.15	)		(0.48	)		(0.12	)
Net asset value, end of year	$	9.82		$	9.60		$	9.88		$	9.71		$	10.07
Total return		4.33	%		(1.11	)%		3.32	%		1.44	%		(3.19	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	37,495		$	52,477		$	82,742		$	108,591		$	191,022
Expenses to average net assets (C)
Excluding waiver and/or reimbursement and recapture		0.44	%		0.41	%		0.40	%		0.38	%		0.38	%
Including waiver and/or reimbursement and recapture		0.44	%		0.41	%		0.40	%		0.37	%(B)		0.38	%
Net investment income (loss) to average net assets		1.33	%		2.18	%		1.24	%		3.71	%(B)		1.31	%
Portfolio turnover rate		1	%		11	%		65	%		42	%		80	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Does not include expenses of the underlying investments in which the Fund invests.

For a share outstanding during the period and years indicated:	Transamerica Multi-Manager Alternative Strategies Portfolio
	Class R6
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	9.73		$	10.02		$	9.85		$	10.07		$	10.59
Investment operations:
Net investment income (loss) (B)		0.14			0.19			0.11			0.30	(C)		0.04
Net realized and unrealized gain (loss)		0.29			(0.30	)		0.22			(0.16	)		(0.56	)
Total investment operations		0.43			(0.11	)		0.33			0.14			(0.52	)
Dividends and/or distributions to shareholders:
Net investment income		(0.20	)		(0.18	)		(0.16	)		(0.19	)		—
Net realized gains		—			—			—			(0.17	)		—
Total dividends and/or distributions to shareholders		(0.20	)		(0.18	)		(0.16	)		(0.36	)		—
Net asset value, end of period/year	$	9.96		$	9.73		$	10.02		$	9.85		$	10.07
Total return		4.52	%		(1.09	)%		3.41	%		1.59	%		(4.91	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	171		$	275		$	99		$	55		$	47
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		0.34	%		0.31	%		0.31	%		0.28	%		0.28	%(F)
Including waiver and/or reimbursement and recapture		0.34	%		0.31	%		0.31	%		0.26	%(C)		0.28	%(F)
Net investment income (loss) to average net assets		1.41	%		1.93	%		1.15	%		3.08	%(C)		0.86	%(F)
Portfolio turnover rate		1	%		11	%		65	%		42	%		80	%

(A)	Commenced operations on May 29, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Not annualized.
(E)	Does not include expenses of the underlying investments in which the Fund invests.
(F)	Annualized.

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

Transamerica Funds Annual Report 2019

Page    60

NOTES TO FINANCIAL STATEMENTS

At October 31, 2019

1. ORGANIZATION

Transamerica Funds (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust applies investment company accounting and reporting guidance. The funds (each, a “Fund” and collectively, the “Funds”) are each a series of the Trust and are as follows:

Fund	Class
Transamerica Asset Allocation – Conservative Portfolio (“Asset Allocation – Conservative”) (A) (B)	A,C,I,R
Transamerica Asset Allocation – Growth Portfolio (“Asset Allocation – Growth”) (A) (B)	A,C,I,R
Transamerica Asset Allocation – Moderate Growth Portfolio (“Asset Allocation – Moderate Growth”) (A) (B)	A,C,I,R
Transamerica Asset Allocation – Moderate Portfolio (“Asset Allocation – Moderate”) (A) (B)	A,C,I,R
Transamerica Asset Allocation Intermediate Horizon (“Intermediate Horizon”)	R,R4
Transamerica Asset Allocation Long Horizon (“Long Horizon”)	R,R4
Transamerica Asset Allocation Short Horizon (“Short Horizon”)	R,R4
Transamerica Multi-Manager Alternative Strategies Portfolio (“Multi-Manager Alternative Strategies”) (C)	A,C,I,R6

(A)	Class T1 and Advisor Class ceased operations on February 15, 2019.
(B)	Class B ceased operations on May 6, 2019.
(C)	Class T1 ceased operations on February 15, 2019.

Each class has a public offering price that reflects different sales charges, if any, and expense levels. Effective May 6, 2019, Class B shares automatically converted to Class A shares. Class B shares are no longer available to existing investors except for exchanges, and dividend and capital gains reinvestment. Effective September 16, 2018, Class C shares will convert to Class A shares ten years from the date of purchase.

Each Fund, a “fund of fund”, invests the majority of its assets among certain other series of the Trust (hereafter referred to as “Underlying Funds”). The shareholder reports of the Underlying Funds, including the Schedule of Investments, should be read in conjunction with this report. The Underlying Funds’ shareholder reports are not covered by this report.

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

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

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

Transamerica Funds Annual Report 2019

Page    61

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

1. ORGANIZATION (continued)

TAM’s investment management services also include the provision of supervisory and administrative services to the Funds. These services include performing certain administrative services for the Funds and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Funds by State Street Bank and Trust Company (“State Street”), to whom TAM has outsourced the provision of certain services as described below: to the extent agreed upon by TAM and the Funds from time to time, monitoring and verifying the custodian’s daily calculation of the Net Asset Values (“NAV”); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Funds’ custodian and dividend disbursing agent and monitoring their services to the Funds; assisting the Funds in preparing reports to shareholders; acting as liaison with the Funds’ independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Funds.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

Commission recapture: The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Funds with broker/dealers with which other funds or portfolios advised by TAM have established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Funds. In no event will commissions, paid by the Funds, be used to pay expenses that would otherwise be borne by any other funds or portfolios advised by TAM, or by any other party.

There were no commissions recaptured during the year ended October 31, 2019 by the Funds.

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

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

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

3. SECURITY VALUATION

All investments in securities are recorded at their estimated fair value. The Funds value their investments at the official close of the New York Stock Exchange (“NYSE”) each day the NYSE is open for business.

Transamerica Funds Annual Report 2019

Page    62

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

3. SECURITY VALUATION (continued)

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

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

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include the Funds’ own assumptions used in determining the fair value of investments and derivative instruments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the “practical expedient” have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Funds’ investments at October 31, 2019, is disclosed within the Security Valuation section of each Fund’s Schedule of Investments.

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

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

Investment companies: Certain investment companies are valued at the NAV of the underlying Funds 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 of the underlying funds and no valuation adjustments are applied. These investment companies are categorized in Level 1 of the fair value hierarchy.

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

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

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

4. SECURITIES AND OTHER INVESTMENTS

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

Transamerica Funds Annual Report 2019

Page    63

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

4. SECURITIES AND OTHER INVESTMENTS (continued)

Restricted securities held at October 31, 2019, if any, are identified within the Schedule of Investments.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by their investment policies, to raise additional cash to be invested in other securities or instruments. When the Funds invest borrowing proceeds in other securities, the Funds will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Funds may borrow on a secured or on an unsecured basis. If the Funds enter into a secured borrowing arrangement, a portion of the Funds’ assets will be used as collateral. The 1940 Act requires the Funds to maintain asset coverage of at least 300% of the amount of their borrowings. Asset coverage means the ratio that the value of the Funds’ total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Funds may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

Interfund lending: The Funds, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Funds to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which place limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended October 31, 2019, the Funds have not utilized the program.

Repurchase agreements: In a repurchase agreement, the Funds purchase a security and simultaneously commit to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Funds’ custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Funds will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Funds and their counterparties that provide for the net settlement of all transactions and collateral with the Funds, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statements of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at October 31, 2019.

Repurchase agreements at October 31, 2019, if any, are included within the Schedule of Investments and Statements of Assets and Liabilities.

6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS

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

Market Risk Factors: In pursuit of the Funds’ investment objectives, the Funds may seek to use derivatives to increase or decrease their exposure to certain market risks, including:

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

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

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

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

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

Transamerica Funds Annual Report 2019

Page    64

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

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

The Funds are also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Funds will be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligations to the Funds. Investing in derivatives may also involve greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

The Funds’ exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

Futures contracts: The Funds are subject to equity and commodity risk, interest rate risk, and foreign exchange rate risk in the normal course of pursuing their investment objectives. The Funds use futures contracts to gain exposure to, or hedge against, changes in the value of equities and commodities, interest rates, or foreign currencies. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Upon entering into such contracts, the Funds are required to deposit with the broker, either in cash or in securities, an initial margin in an amount equal to a certain percentage of the contract amount. Subsequent payments (variation margin) are paid or received by the Funds, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gains or losses by the Funds. Upon entering into such contracts, the Funds bear the risk of equity and commodity prices, interest rates, or exchange rates moving unexpectedly, in which case, the Funds may not achieve the anticipated benefits of the futures contracts and may realize losses. With futures, there is minimal counterparty credit risk to the Funds since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

Open futures contracts at October 31, 2019, if any, are listed within the Schedule of Investments. Variation margin, if applicable, is shown in Variation margin receivable or payable on futures contracts within the Statements of Assets and Liabilities.

The following is a summary of the location and each Fund’s fair values of derivative investments disclosed, if any, within the Statements of Assets and Liabilities, categorized by primary market risk exposure as of October 31, 2019. Funds not listed in the subsequent tables do not have direct exposure to derivative investments during the year.

Asset Derivatives
Fund/Location	Interest Rate Contracts		Foreign Exchange Contracts		Equity Contracts		Credit Contracts		Commodity Contracts		Total
Multi-Manager Alternative Strategies
Futures contracts:
Total distributable earnings (accumulated losses) (A) (B)	$	—	$	—	$	10,196	$	—	$	—	$	10,196
Total	$	—	$	—	$	10,196	$	—	$	—	$	10,196

(A)	May include exchange-traded derivatives which are not subject to a master netting arrangement, or another similar arrangement.
(B)	Included within cumulative appreciation (depreciation) on futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

The following is a summary of the location and the effect of derivative investments, if any, within the Statements of Operations, categorized by primary market risk exposure as of October 31, 2019.

Realized Gain (Loss) on Derivative Investments
Fund/Location	Interest Rate Contracts			Foreign Exchange Contracts		Equity Contracts		Credit Contracts		Commodity Contracts		Total
Multi-Manager Alternative Strategies
Futures contracts	$	(151,903	)	$	—	$	56,347	$	—	$	—	$	(95,556	)
Total	$	(151,903	)	$	—	$	56,347	$	—	$	—	$	(95,556	)
Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments
Fund/Location	Interest Rate Contracts			Foreign Exchange Contracts		Equity Contracts		Credit Contracts		Commodity Contracts		Total
Multi-Manager Alternative Strategies
Futures contracts	$	(64,866	)	$	—	$	10,196	$	—	$	—	$	(54,670	)
Total	$	(64,866	)	$	—	$	10,196	$	—	$	—	$	(54,670	)

Transamerica Funds Annual Report 2019

Page    65

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

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

The following is a summary of the ending monthly average volume on derivative activity during the year ended October 31, 2019.

	Futures Contracts at Notional Amount
Fund	Long		Short
Multi-Manager Alternative Strategies	$	238,448	$	(1,846,272	)

7. FEES AND OTHER AFFILIATED TRANSACTIONS

TAM, the Funds’ investment manager, is directly owned by Transamerica Premier Life Insurance Company (“TPLIC”) and AUSA Holding LLC (“AUSA”), both of which are indirect, wholly owned subsidiaries of Aegon N.V. TPLIC is owned by Commonwealth General Corporation (“Commonwealth”). Commonwealth and AUSA are wholly owned by Transamerica Corporation, a financial services holding company whose primary emphasis is on life and health insurance, and annuity and investment products. Transamerica Corporation is owned by The Aegon Trust, which is owned by Aegon International B.V., which is owned by Aegon N.V., a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Funds Services, Inc. (“TFS”) is the Funds’ transfer agent. Transamerica Capital, Inc. (“TCI”) is the Funds’ distributor/principal underwriter. TAM, AUIM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Funds are also officers and/or trustees of TAM, AUIM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Funds. The Funds do pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statements of Operations.

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

As of October 31, 2019, the investment manager and/or other affiliated investment accounts held balances of each Fund as follows:

Fund	Account Balance		Percentage of Net Assets
Asset Allocation – Conservative	$	—		—%
Asset Allocation – Growth		—		—
Asset Allocation – Moderate Growth		90,617		0.00(A)
Asset Allocation – Moderate		—		—

Fund	Account Balance		Percentage of Net Assets
Intermediate Horizon	$	341,438,287		100.00%
Long Horizon		186,087,322		100.00
Short Horizon		133,813,615		100.00
Multi-Manager Alternative Strategies		168,131		0.20

(A) Rounds to less than 0.01%.

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

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

Fund	Rate
Asset Allocation – Conservative	0.1225%
Asset Allocation – Growth	0.1225
Asset Allocation – Moderate Growth	0.1225
Asset Allocation – Moderate	0.1225
Intermediate Horizon	0.1200
Long Horizon	0.1200

Fund	Rate
Short Horizon		0.1200%
Multi-Manager Alternative Strategies
First $500 million		0.1925
Over $500 million up to $1 billion		0.1725
Over $1 billion up to $2 billion		0.1525
Over $2 billion		0.1425

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities

Transamerica Funds Annual Report 2019

Page    66

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

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

Fund	Current Operating Expense Limit (A)			Prior Operating Expense Limit (B)
Asset Allocation – Conservative
Class A		0.60	%		0.60	%
Class C		1.35			1.35
Class I		0.35			0.35
Class R		0.95			0.95
Asset Allocation – Growth
Class A		0.60			0.60
Class C		1.35			1.35
Class I		0.35			0.35
Class R		0.95			0.95
Asset Allocation – Moderate Growth
Class A		0.60			0.60
Class C		1.35			1.35
Class I		0.35			0.35
Class R		0.85			0.85
Asset Allocation – Moderate
Class A		0.60			0.60
Class C		1.35			1.35
Class I		0.35			0.35
Class R		0.85			0.85

^(A)  Current operating expense limit is effective through March 1, 2020.

^(B)  Prior operating expense limit was effective through March 1, 2019.

Fund	Current Operating Expense Limit (A)			Prior Operating Expense Limit (B)
Intermediate Horizon
Class R		0.60	%		0.60	%
Class R4		0.35			0.35
Long Horizon
Class R		0.60			0.60
Class R4		0.35			0.35
Short Horizon
Class R		0.60			0.60
Class R4		0.35			0.35
Multi-Manager Alternative Strategies
Class A		0.80			0.80
Class C		1.55			1.55
Class I		0.55			0.55
Class R6		0.45			0.45

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the thirty-six months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class’s total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any, other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended October 31, 2019 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statements of Operations.

For the years ended October 31, 2017, October 31, 2018 and October 31, 2019, the balances available for recapture by TAM for each Fund are as follows. Funds not listed in the subsequent table do not have balances available for recapture during the year.

	Amounts Available
Fund	2017		2018		2019		Total
Intermediate Horizon
Class R (A)	$	39,740	$	80,174	$	68,279	$	188,193
Class R4 (B)		4,827		5,229		4,035		14,091
Long Horizon
Class R (A)		21,588		43,609		36,449		101,646
Class R4 (B)		5,223		8,135		6,110		19,468
Short Horizon
Class R (A)		17,323		32,572		27,172		77,067
Class R4 (B)		973		1,502		880		3,355
Multi-Manager Alternative Strategies
Class A		—		—		10,988		10,988
Class C		—		—		323		323

(A)	Class R commenced operations on May 19, 2017.
(B)	Class R4 was not subject to recapture prior to May 19, 2017.

Transamerica Funds Annual Report 2019

Page    67

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Distribution and service fees: The Trust has a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCI as the Funds’ distributor.

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

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

Class (A)	Rate
Class A		0.25	%
Class C		1.00
Class R		0.50
Class R4		0.25

^(A)  12b-1 fees are not applicable for Class I and Class R6.

Shareholder fees: Class A shares are subject to an initial sales charge, and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the year ended October 31, 2019, underwriter commissions received by TCI from the various sales charges are as follows. Funds and/or classes not listed in the subsequent table do not have shareholder fees.

Fund	Initial Sales Charge		Contingent Deferred Sales Charge
Asset Allocation – Conservative
Class A	$	209,806	$	193
Class C		—		12,349
Asset Allocation – Growth
Class A		664,347		1,541
Class B		—		3
Class C		—		24,192
Asset Allocation – Moderate Growth
Class A		840,917		23,889
Class C		—		36,364

Fund	Initial Sales Charge		Contingent Deferred Sales Charge
Asset Allocation – Moderate
Class A	$	480,416	$	1,839
Class B		—		1,133
Class C		—		18,024
Multi-Manager Alternative Strategies
Class A		7,147		—
Class C		—		422

Transfer agent fees: Pursuant to a transfer agency agreement, as amended, the Funds pay TFS a fee for providing services based on the number of classes, accounts and transactions relating to each Fund. The Transfer agent fees included within the Statements of Assets and Liabilities and Statements of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services.

For the year ended October 31, 2019, transfer agent fees paid and the amounts due to TFS are as follows:

Fund	Fees Paid to TFS		Fees Due to TFS
Asset Allocation – Conservative	$	628,598	$	48,473
Asset Allocation – Growth		1,589,429		123,728
Asset Allocation – Moderate Growth		2,222,213		172,121
Asset Allocation – Moderate		1,340,728		104,079
Intermediate Horizon		1,103		58
Long Horizon		1,670		54
Short Horizon		240		16
Multi-Manager Alternative Strategies		168,383		12,634

Deferred compensation plan: Under a non-qualified deferred compensation plan effective January 1, 1996, (as amended and restated January 1, 2010), available to the trustees, compensation may be deferred that would otherwise be payable by the Trust to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer (“CCO”) and deferred compensation fees within the Statements of Assets and Liabilities. For the year ended October 31, 2019, amounts included in Trustees, CCO and deferred compensation fees within the Statements of Operations reflect total compensation paid to the independent Board members.

Transamerica Funds Annual Report 2019

Page    68

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Brokerage commissions: The Funds incurred no brokerage commissions on security transactions placed with affiliates of the adviser or sub-adviser(s) for the year ended October 31, 2019.

8. PURCHASES AND SALES OF SECURITIES

For the year ended October 31, 2019, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

Fund	Purchases of Securities		Sales of Securities
Asset Allocation – Conservative	$	35,128,345	$	221,166,287
Asset Allocation – Growth		12,042,507		257,412,319
Asset Allocation – Moderate Growth		67,617,524		508,180,932
Asset Allocation – Moderate		56,312,889		391,636,725
Intermediate Horizon		125,910,843		192,635,278
Long Horizon		80,738,264		131,758,678
Short Horizon		35,797,976		59,455,715
Multi-Manager Alternative Strategies		1,234,624		35,508,511

9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS

The Funds have not made any provision for federal income or excise taxes due to their policy to distribute all of their taxable income and capital gains to their shareholders and otherwise qualify as regulated investment companies under Subchapter M of the Internal Revenue Code. The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. The Funds’ tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Funds’ tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Funds’ financial statements. If applicable, the Funds recognize interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statements of Operations. The Funds identify their major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Funds make significant investments; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales, mark-to-market on futures contracts, and liquidating trust basis adjustments. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. The primary permanent differences are due to liquidating trust basis adjustments, non-real estate investment trust return of capital adjustments, and distribution re-designations. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of October 31, 2019, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

Fund	Cost		Gross Appreciation		Gross (Depreciation)			Net Appreciation (Depreciation)
Asset Allocation – Conservative	$	724,542,999	$	37,911,324	$	(8,047,675	)	$	29,863,649
Asset Allocation – Growth		1,068,434,154		84,960,012		(13,632,725	)		71,327,287
Asset Allocation – Moderate Growth		1,867,340,571		117,836,209		(23,029,047	)		94,807,162
Asset Allocation – Moderate		1,316,597,874		83,071,158		(13,194,295	)		69,876,863
Intermediate Horizon		332,409,850		10,262,040		(1,062,636	)		9,199,404
Long Horizon		178,531,230		8,238,708		(591,305	)		7,647,403
Short Horizon		131,811,172		2,273,473		(203,242	)		2,070,231
Multi-Manager Alternative Strategies		85,768,211		1,847,099		(3,427,618	)		(1,580,519	)

Transamerica Funds Annual Report 2019

Page    69

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)

As of October 31, 2019, the capital loss carryforwards available to offset future realized capital gains are as follows. Funds not listed in the subsequent table do not have capital loss carryforwards.

	Unlimited
Fund	Short-Term		Long-Term
Multi-Manager Alternative Strategies	$	3,914,274	$	4,568,604

During the year ended October 31, 2019, the Funds did not have any capital loss carryforwards utilized or expired.

The tax character of distributions paid may differ from the character of distributions shown within the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2019 and 2018 are as follows:

	2019 Distributions Paid From						2018 Distributions Paid From
Fund	Ordinary Income		Long-Term Capital Gain		Return of Capital		Ordinary Income		Long-Term Capital Gain		Return of Capital
Asset Allocation – Conservative	$	12,873,630	$	44,801,054	$	—	$	22,750,909	$	42,865,074	$	—
Asset Allocation – Growth		12,136,814		172,947,680		—		23,512,693		127,671,931		—
Asset Allocation – Moderate Growth		26,269,025		236,110,772		—		53,357,709		181,032,221		—
Asset Allocation – Moderate		23,952,424		108,312,290		—		39,639,306		96,670,466		—
Intermediate Horizon		8,465,568		12,100,471		—		6,304,682		—		—
Long Horizon		4,472,911		16,021,053		—		2,187,094		49,425		—
Short Horizon		3,634,407		366,915		—		3,655,627		—		—
Multi-Manager Alternative Strategies		1,500,239		—		—		2,038,322		—		—

As of October 31, 2019, the tax basis components of distributable earnings are as follows:

Fund	Undistributed Ordinary Income		Undistributed Tax Exempt Income		Undistributed Long-Term Capital Gain		Capital Loss Carryforwards			Late Year Loss Deferral		Other Temporary Differences			Net Unrealized Appreciation (Depreciation)
Asset Allocation – Conservative	$	1,553,334	$	—	$	12,750,740	$	—		$	—	$	—		$	29,863,649
Asset Allocation – Growth		—		—		79,053,605		—			—		—			71,327,287
Asset Allocation – Moderate Growth		6,305,868		—		99,770,002		—			—		(1	)		94,807,162
Asset Allocation – Moderate		9,640,194		—		45,847,454		—			—		—			69,876,863
Intermediate Horizon		128,556		—		15,737,582		—			—		—			9,199,404
Long Horizon		—		—		18,046,957		—			—		—			7,647,403
Short Horizon		155,418		—		682,361		—			—		1			2,070,231
Multi-Manager Alternative Strategies		309,890		—		—		(8,482,878	)		—		—			(1,580,519	)

10. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update No. 2018-13 (“ASU 2018-13”), “Fair Value Measurement (Topic 820: Disclosure Framework), Changes to the Disclosure Requirements for Fair Value Measurement”. ASU 2018-13 eliminates the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the timing of transfers between levels of the fair value hierarchy and the valuation processes for Level 3 fair value measurements. ASU 2018-13 does not eliminate the requirement to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements, or the reporting of changes in unrealized gains and losses for recurring Level 3 fair value measurements. ASU 2018-13 requires that information is provided about the measurement uncertainty of Level 3 fair value measurements as of the reporting date. The amendment is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has evaluated and has early adopted the disclosure requirements and the impact is reflected within the Funds’ financial statements.

Transamerica Funds Annual Report 2019

Page    70

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

11. STOCK SPLIT

Effective as of the close of business on the date listed in the subsequent table, the respective Fund’s Class R4 underwent a stock split. Funds not listed in the table did not have a stock split. There was no impact to the aggregate market value of shares outstanding. The per share data presented within the Financial Highlights have been retroactively adjusted to reflect the stock split. The stock split ratios, net effect on the NAV per share, and the number of shares outstanding as of the date indicated were as follows:

Fund

Date

Share Split Ratio

Shares Prior to Stock Split

Shares After Stock Split

Increase (Decrease) Net Asset Value per Share

Increase (Decrease) Net Shares Outstanding

Intermediate Horizon

May 19, 2017

1.23-for-1

6,178,610

7,629,144

Decrease

Increase

Long Horizon

May 19, 2017

1.22-for-1

2,274,630

2,783,722

Decrease

Increase

Short Horizon

May 19, 2017

1.11-for-1

963,865

1,072,255

Decrease

Increase

12. CUSTODY OUT-OF-POCKET EXPENSE

In December 2015, State Street, the Funds’ custodian, identified inconsistencies in the way in which clients were invoiced for categories of expenses, particularly those deemed out-of-pocket costs, during an 18-year period going back to 1998. The issue was the result of inaccurate billing rates that were not subsequently reviewed or adjusted. The amount of the difference in what was charged and what should have been charged, plus interest, was paid back to the Funds in September 2016 as a reimbursement. The amounts applicable to each Fund, if any, were recognized as a change in accounting estimate and are reflected as a reimbursement of custody fees. This resulted in a decrease in net expenses and an overall increase in net assets. Please reference the Financial Highlights for additional information in regards to the per share impact.

13. LEGAL PROCEEDINGS

On August 27, 2018, Transamerica Asset Management, Inc. (“TAM”), Aegon USA Investment Management, LLC (“AUIM”) and Transamerica Capital, Inc. (“TCI”) reached a settlement with the Securities and Exchange Commission (the “SEC”) that resolved an investigation into asset allocation models and volatility overlays utilized by AUIM when it served as sub-adviser to certain Transamerica-sponsored mutual funds, and related disclosures. TAM and TCI serve as investment manager and principal underwriter, respectively, to Transamerica-sponsored mutual funds. TCI also serves as the principal underwriter to the variable life insurance and annuity products through which certain Transamerica-sponsored mutual funds are offered. AUIM, an affiliate of TAM and TCI, serves as sub-adviser to a number of Transamerica-sponsored mutual funds.

The SEC’s order instituting administrative and cease-and-desist proceedings (the “Order”) pertains to events that occurred during the period between July 2011 and June 2015, and, among other things, the operation and/or implementation of an asset allocation model utilized by AUIM when it served as sub-adviser to certain Transamerica tactical funds and asset allocation funds, the designation of the portfolio manager for certain of these funds as well as the operation and/or implementation of volatility overlays utilized by AUIM when it served as sub-adviser to the asset allocation funds. The Order also states that the parties failed to make appropriate disclosures regarding these matters, including in marketing materials, and failed to have adequate compliance policies and procedures. AUIM ceased to serve as sub-adviser to the Transamerica tactical funds on April 30, 2015 and to the Transamerica asset allocation funds on June 30, 2015.

Under the terms of the Order, AUIM, TAM and TCI were censured, and agreed, without admitting or denying the findings in the Order, to cease and desist from committing or causing any violations of certain statutory provisions and SEC rules. AUIM agreed to pay civil penalties of $21,000,000, $24,599,896 in disgorgement and $3,682,195 in prejudgment interest. TAM agreed to pay civil penalties of $10,500,000, $15,000,000 in disgorgement and $2,235,765 in prejudgment interest. TCI agreed to pay civil penalties of $4,000,000, $12,000,000 in disgorgement and $1,826,022 in prejudgment interest. The amounts paid in disgorgement, prejudgment interest and civil penalties have been deposited into a Fair Fund for distribution to affected investors. Affected investors are those who purchased or held the relevant mutual funds, variable life insurance and annuity investment portfolios and separately managed account strategies during the period between July 2011 and June 2015. The Order states that these investors are to receive from the Fair Fund the pro rata fees and commissions paid by them during that period, subject to any de minimis threshold.

The settlement does not impose any restrictions on the business or continued ability of AUIM, TAM or TCI to serve the funds.

The foregoing is only a brief summary of the Order. A copy of the Order is available on the SEC’s website at https://www.sec.gov.

Transamerica Funds Annual Report 2019

Page    71

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

13. LEGAL PROCEEDINGS (continued)

The funds are affected by many factors and risks: for example, the risk that the sub-advisers’ judgments and investment decisions, and methods, tools, resources, information, models and analyses utilized in making investment decisions, are incorrect or flawed, do not produce the desired results, and cause the funds to lose value. See “Principal Risks” in the prospectus.

The Order and settlement has no impact on the Funds’ financial statements.

Transamerica Funds Annual Report 2019

Page    72

Report of Independent Registered Public Accounting Firm

To the Shareholders of Transamerica Asset Allocation – Conservative Portfolio, Transamerica Asset Allocation – Growth Portfolio, Transamerica Asset Allocation – Moderate Growth Portfolio, Transamerica Asset Allocation – Moderate Portfolio, Transamerica Asset Allocation Intermediate Horizon, Transamerica Asset Allocation Long Horizon, Transamerica Asset Allocation Short Horizon, and Transamerica Multi-Manager Alternative Strategies Portfolio and the Board of Trustees of Transamerica Funds

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Transamerica Asset Allocation – Conservative Portfolio, Transamerica Asset Allocation – Growth Portfolio, Transamerica Asset Allocation – Moderate Growth Portfolio, Transamerica Asset Allocation – Moderate Portfolio, Transamerica Asset Allocation Intermediate Horizon, Transamerica Asset Allocation Long Horizon, Transamerica Asset Allocation Short Horizon, and Transamerica Multi-Manager Alternative Strategies Portfolio (collectively referred to as the “Funds”), (eight of the funds constituting Transamerica Funds (the “Trust”)), including the schedules of investments, as of October 31, 2019, and the related statements of operations, the statements of changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (eight of the funds constituting Transamerica Funds) at October 31, 2019, and the results of their operations, the changes in their net assets and the financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

Individual fund constituting the Transamerica Funds	Statement of operations	Statements of changes in net assets	Financial highlights
Transamerica Asset Allocation – Conservative Portfolio Transamerica Asset Allocation – Growth Portfolio Transamerica Asset Allocation – Moderate Growth Portfolio Transamerica Asset Allocation – Moderate Portfolio Transamerica Multi-Manager Alternative Strategies Portfolio	For the year ended October 31, 2019	For each of the two years in the period ended October 31, 2019	For each of the five years in the period ended October 31, 2019
Transamerica Asset Allocation Intermediate Horizon Transamerica Asset Allocation Long Horizon Transamerica Asset Allocation Short Horizon	For the year ended October 31, 2019	For each of the two years in the period ended October 31, 2019	For each of the two years in the period ended October 31, 2019, the period from January 1, 2017 through October 31, 2017, and for each of the three years in the period ended December 31, 2016

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Transamerica Funds Annual Report 2019

Page    73

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2019, by correspondence with the custodian, brokers and others, or by other appropriate auditing procedures where replies from brokers or others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

Boston, Massachusetts

December 23, 2019

Transamerica Funds Annual Report 2019

Page    74

SUPPLEMENTAL INFORMATION

(unaudited)

TAX INFORMATION

For dividends paid during the year ended October 31, 2019, the Funds designated the following maximum amounts of qualified dividend income:

Fund	Qualified Dividend Income
Asset Allocation – Conservative	$	4,385,875
Asset Allocation – Growth		13,286,895
Asset Allocation – Moderate Growth		24,550,624
Asset Allocation – Moderate		12,193,792
Intermediate Horizon		2,690,393
Long Horizon		2,775,248
Short Horizon		241,917
Multi-Manager Alternative Strategies		277,267

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

Fund	Dividend Received Deduction Percentage
Asset Allocation – Conservative		16	%
Asset Allocation – Growth		77
Asset Allocation – Moderate Growth		50
Asset Allocation – Moderate		26
Intermediate Horizon		29
Long Horizon		52
Short Horizon		6
Multi-Manager Alternative Strategies		12

For tax purposes, the long-term capital gain designations for the year ended October 31, 2019 are as follows:

Fund	Long-Term Capital Gain Designation
Asset Allocation – Conservative	$	44,801,054
Asset Allocation – Growth		172,947,680
Asset Allocation – Moderate Growth		236,110,772
Asset Allocation – Moderate		108,312,290
Intermediate Horizon		12,100,471
Long Horizon		16,021,053
Short Horizon		366,915

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

Fund	Foreign Source Income		Foreign Taxes
Asset Allocation – Conservative	$	1,332,856	$	260,854
Asset Allocation – Growth		6,214,636		1,150,081
Asset Allocation – Moderate Growth		27,666,045		1,411,384
Asset Allocation – Moderate		3,777,007		699,033
Intermediate Horizon		613,057		76,179
Long Horizon		749,053		82,694
Short Horizon		41,257		5,265
Multi-Manager Alternative Strategies		50,845		8,610

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2019. Complete information will be computed and reported in conjunction with your 2019 Form 1099-DIV.

Transamerica Funds Annual Report 2019

Page    75

TRANSAMERICA FUNDS

MANAGEMENT AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Trustees” or the “Board”) held on June 19-20, 2019, the Board considered the renewal of the management agreement (the “Management Agreement”) between Transamerica Asset Management, Inc. (“TAM”) and Transamerica Funds, on behalf of each of the following funds (each a “Fund” and collectively the “Funds”):

Transamerica Asset Allocation – Conservative Portfolio	Transamerica Asset Allocation Intermediate Horizon
Transamerica Asset Allocation – Growth Portfolio	Transamerica Asset Allocation Long Horizon
Transamerica Asset Allocation – Moderate Growth Portfolio	Transamerica Asset Allocation Short Horizon
Transamerica Asset Allocation – Moderate Portfolio	Transamerica Multi-Manager Alternative Strategies Portfolio

For the Funds listed in the left column below, the Board also considered the renewal of the investment sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively the “Sub-Advisory Agreements” and, together with the Management Agreement, the “Agreements”) between TAM and the corresponding sub-adviser listed in the right column below (each a “Sub-Adviser” and collectively the “Sub-Advisers”).

Fund	Sub-Adviser
Transamerica Asset Allocation – Conservative Portfolio	Morningstar Investment Management LLC
Transamerica Asset Allocation – Growth Portfolio	Morningstar Investment Management LLC
Transamerica Asset Allocation – Moderate Growth Portfolio	Morningstar Investment Management LLC
Transamerica Asset Allocation – Moderate Portfolio	Morningstar Investment Management LLC
Transamerica Multi-Manager Alternative Strategies Portfolio	Goldman Sachs Asset Management, L.P.

Following its review and consideration, the Board determined that the terms of the Management Agreement and each Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the applicable Fund and its shareholders. The Board, including the independent members of the Board (the “Independent Trustees”), unanimously approved the renewal of each of the Agreements through June 30, 2020.

Prior to reaching their decision, the Trustees requested and received from TAM and each Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and each Sub-Adviser as part of their regular oversight of each Fund, and knowledge they gained over time through meeting with TAM and each Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by each Sub-Adviser. In their review, the Trustees also sought to identify Funds for which the performance, fees, total expenses and/or profitability appeared to be outliers within their respective peer groups or other comparative metrics, and sought to understand the reasons for such comparative positions.

In their deliberations, the Independent Trustees met privately without representatives of TAM or any Sub-Adviser present and were represented throughout the process by their independent legal counsel. In considering the proposed continuation of each of the Agreements, the Trustees evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

Nature, Extent and Quality of the Services Provided

The Board considered the nature, extent and quality of the services provided by TAM and each Sub-Adviser to the applicable Fund in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for each Fund; the experience, capability and integrity of TAM’s senior management; the financial resources of TAM; TAM’s management oversight process; TAM’s and each Sub-Adviser’s responsiveness to any questions by the Trustees; and the professional qualifications and compensation program of the portfolio management team of each Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for each applicable Sub-Adviser and a comparison of trading results against a peer universe of managers.

The Board also considered the continuous and regular investment management and other services provided by TAM, when acting as a manager of managers, for the portion of the management fee it retains from each Fund after payment of the sub-advisory fees. The

Transamerica Funds Annual Report 2019

Page    76

TRANSAMERICA FUNDS

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

(unaudited)

Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of each Fund and its investment strategy; the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Funds; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Fund investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Funds; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Fund investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Funds’ prospectuses, statements of additional information, shareholder reports and other disclosure materials and regulatory filings for the Funds; and ongoing cash management services for the Funds. The Board considered that TAM’s investment management services also include the provision of supervisory and administrative services to each Fund. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Funds, oversees the services provided by the funds’ custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and shareholder service functions of the funds.

Investment Performance

In addition, the Board considered the short- and longer-term performance, as applicable, of each Fund in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the Fund’s benchmark(s), in each case for various trailing periods ended December 31, 2018. Based on these considerations, the Board determined that TAM and each Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the applicable Fund’s investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board’s conclusions as to performance are summarized below. In describing a Fund’s performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was “above,” “below” or “in line with” the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as “above” the median if a Fund’s performance ranked anywhere in the first or second quintiles, as “below” the median if it ranked anywhere in the fourth or fifth quintiles, or “in line with” the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering each Fund’s performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

Transamerica Asset Allocation – Conservative Portfolio. The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 3- and 5-year periods and in line with the median for the past 1-year period. The Board also noted that the performance of Class I Shares of the Fund was above its primary benchmark for the past 1-year period and below its primary benchmark for the past 3- and 5-year periods.

Transamerica Asset Allocation – Growth Portfolio. The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 5-year period and below the median for the past 1- and 3-year periods. The Board also noted that the performance of Class I Shares of the Fund was below its primary benchmark and a composite benchmark used for comparison purposes for the past 1-, 3- and 5-year periods.

Transamerica Asset Allocation – Moderate Growth Portfolio. The Board noted that the performance of Class I Shares of the Fund was in line with the median for its peer universe for the past 5-year period and below the median for the past 1- and 3-year periods. The Board also noted that the performance of Class I Shares of the Fund was below its primary benchmark and a composite benchmark used for comparison purposes for the past 1-, 3- and 5-year periods.

Transamerica Asset Allocation – Moderate Portfolio. The Board noted that the performance of Class I Shares of the Fund was in line with the median for its peer universe for the past 1-, 3- and 5-year periods. The Board also noted that the performance of Class I Shares of the Fund was below its primary benchmark and a composite benchmark used for comparison purposes for the past 1-, 3- and 5-year periods.

Transamerica Asset Allocation Intermediate Horizon. The Board noted that the performance of Class R4 Shares of the Fund was above the median for its peer universe for the past 1-year period, in line with the median for the past 5- and 10-year periods and below the

Transamerica Funds Annual Report 2019

Page    77

TRANSAMERICA FUNDS

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

(unaudited)

median for the past 3-year period. The Board also noted that the performance of Class R4 Shares of the Fund was below its composite benchmark for the past 1-, 3-, 5- and 10-year periods. The Trustees noted that the Fund had acquired the assets and assumed the liabilities of four Transamerica Partners funds on May 19, 2017. As a result of that transaction, and based on published guidance from the staff of the Securities and Exchange Commission, the Fund had assumed the performance history of the performance survivor, Transamerica Institutional Asset Allocation – Intermediate Horizon, effective as of that date in place of its own historical performance record. The Trustees observed that the performance of the Fund had improved during the first quarter of 2019.

Transamerica Asset Allocation Long Horizon. The Board noted that the performance of Class R4 Shares of the Fund was in line with the median for its peer universe for the past 1-, 5- and 10-year periods and below the median for the past 3-year period. The Board also noted that the performance of Class R4 Shares of the Fund was below its composite benchmark for the past 1-, 3-, 5- and 10-year periods. The Trustees noted that the Fund had acquired the assets and assumed the liabilities of four Transamerica Partners funds on May 19, 2017. As a result of that transaction, and based on published guidance from the staff of the Securities and Exchange Commission, the Fund had assumed the performance history of the performance survivor, Transamerica Institutional Asset Allocation – Long Horizon, effective as of that date in place of its own historical performance record. The Trustees observed that the performance of the Fund had improved during the first quarter of 2019.

Transamerica Asset Allocation Short Horizon. The Board noted that the performance of Class R4 Shares of the Fund was above the median for its peer universe for the past 3-, 5- and 10-year periods and below the median for the past 1-year period. The Board also noted that the performance of Class R4 Shares of the Fund was above its composite benchmark for the past 10-year period and below its composite benchmark for the past 1-, 3- and 5-year periods. The Trustees noted that the Fund had acquired the assets and assumed the liabilities of two Transamerica Partners funds on May 19, 2017. As a result of that transaction, and based on published guidance from the staff of the Securities and Exchange Commission, the Fund had assumed the performance history of the performance survivor, Transamerica Institutional Asset Allocation – Short Horizon, effective as of that date in place of its own historical performance record. The Trustees observed that the performance of the Fund had improved during the first quarter of 2019.

Transamerica Multi-Manager Alternative Strategies Portfolio. The Board noted that the performance of Class I Shares of the Fund was in line with the median for its peer universe for the past 1- and 3-year periods and below the median for the past 5-year period. The Board also noted that the performance of Class I Shares of the Fund was below its primary benchmark for the past 1-, 3- and 5-year periods. The Board noted that the Fund’s Sub-Adviser had commenced subadvising the Fund on July 7, 2017 pursuant to its current investment strategies. The Trustees also noted recent changes in the portfolio management team at Goldman Sachs Asset Management, L.P. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward. The Trustees observed that the performance of the Fund had improved during the first quarter of 2019.

Management and Sub-Advisory Fees and Total Expense Ratios

The Board considered the management fee and total expense ratio of each Fund, including information provided by Broadridge comparing the management fee and total expense ratio of each Fund to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board’s conclusions as to management fees and total expense ratios are summarized below. In describing a Fund’s management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were “above,” “below” or “in line with” the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as “above” the median if a Fund’s management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as “below” the median if it ranked anywhere in the first or second quintiles, or “in line with” the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Sub-Advisers for sub-advisory services, as well as the portion of a Fund’s management fee retained by TAM following payment of the sub-advisory fee and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

Transamerica Asset Allocation – Conservative Portfolio. The Board noted that the Fund’s contractual management fee was below the median for its peer group and in line with the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were above the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Funds Annual Report 2019

Page    78

TRANSAMERICA FUNDS

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

(unaudited)

Transamerica Asset Allocation – Growth Portfolio. The Board noted that the Fund’s contractual management fee was in line with the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were above the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Asset Allocation – Moderate Growth Portfolio. The Board noted that the Fund’s contractual management fee was below the median for its peer group and in line with the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were above the median for its peer group and in line with the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Asset Allocation – Moderate Portfolio. The Board noted that the Fund’s contractual management fee was below the median for its peer group and in line with the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were above the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Asset Allocation Intermediate Horizon. The Board noted that the Fund’s contractual management fee was in line with the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R4 Shares of the Fund were below the median for its peer group and in line with the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Asset Allocation Long Horizon. The Board noted that the Fund’s contractual management fee was in line with the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R4 Shares of the Fund were below the median for its peer group and in line with the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Asset Allocation Short Horizon. The Board noted that the Fund’s contractual management fee was in line with the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R4 Shares of the Fund were above the median for its peer group and in line with the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Multi-Manager Alternative Strategies Portfolio. The Board noted that the Fund’s contractual management fee was below the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were above the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and the Sub-Advisers under the Management Agreement and each Sub-Advisory Agreement are reasonable in light of the services provided.

Cost of Services Provided and Level of Profitability

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to each Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for each Fund and Transamerica Funds as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser’s long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Funds had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for each Fund.

Transamerica Funds Annual Report 2019

Page    79

TRANSAMERICA FUNDS

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

(unaudited)

With respect to the Sub-Advisers, the Board noted that the sub-advisory fees are the product of arm’s-length negotiation between TAM and the applicable Sub-Adviser, which is not affiliated with TAM, and are paid by TAM and not the applicable Fund. As a result, the Board focused on the profitability of TAM and its affiliates with respect to the applicable Fund.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Funds was not excessive.

Economies of Scale

The Board considered economies of scale with respect to the management of each Fund, whether the Fund had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Funds benefited from any economies of scale. The Board recognized that, as a Fund’s assets increase, any economies of scale realized by TAM or a Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Fund. The Board considered each Fund’s management fee schedule and the existence of breakpoints, if any, and also considered the extent to which TAM shared economies of scale, if any, with the Funds through undertakings to limit or reimburse Fund expenses and to invest in maintaining and developing its capabilities and services. The Board also considered each Sub-Adviser’s sub-advisory fee schedule and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the applicable Fund’s management fee schedule. The Board considered that certain Funds’ sub-advisory fees would be based on the combined assets of multiple funds. The Trustees concluded that each Fund’s fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fees payable to TAM and the fees paid to the Sub-Advisers in light of any economies of scale experienced in the future.

Benefits to TAM, its Affiliates and the Sub-Advisers from their Relationships with the Funds

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Advisers from their relationships with the Funds. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (“soft dollars”) as a result of its relationships with the Funds.

Other Considerations

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage each Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Advisers. The Board also noted that TAM has made a significant entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Funds.

Conclusion

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement and each Sub-Advisory Agreement was in the best interests of the applicable Fund and its shareholders and voted to approve the renewal of the Agreements.

Transamerica Funds Annual Report 2019

Page    80

Management of the Trust

Board Members and Officers

(unaudited)

The members of the Board (“Board Members”) and executive officers of the Trust are listed below.

Interested Board Member means a board member who may be deemed an “interested person” (as that term is defined in the 1940 Act) of the Trust because of his current or former service with TAM or an affiliate of TAM. Interested Board Members may also be referred to herein as “Interested Trustees.” Independent Board Member means a Board Member who is not an “interested person” (as defined under the 1940 Act) of the Trust and may also be referred to herein as an “Independent Trustee.”

The Board governs each fund and is responsible for protecting the interests of the shareholders. The Board Members are experienced executives who meet periodically throughout the year to oversee the business affairs of each fund and the operation of each fund by its officers. The Board also reviews the management of each fund’s assets by the investment manager and its respective sub-adviser.

The funds are among the funds managed and sponsored by TAM (collectively, “Transamerica Fund Family”). The Transamerica Fund Family consists of (i) Transamerica Funds (“TF”); (ii) Transamerica Series Trust (“TST”); (iii) Transamerica ETF Trust (“TET”); and (iv) Transamerica Asset Allocation Variable Funds (“TAAVF”). The Transamerica Fund Family consists of 133 funds as of the date of this Annual Report. With the exception of Mr. Smit, none of the Board Members serve on the board of trustees of TET. TET is overseen by a separate board of trustees.

The mailing address of each Board Member is c/o Secretary, 1801 California Street, Suite 5200, Denver, Colorado 80202.

Further information about the Fund’s Directors and Officers is available in the Fund’s Statement of Additional Information, which can be obtained without charge by calling 1-888-233-4339 or visiting the Fund’s website at www.transamerica.com.

The Board Members, their age, their positions with the Trust, and their principal occupations for the past five years (their titles may have varied during that period), the number of funds in the Transamerica Fund Family the Board oversees, and other board memberships they hold are set forth in the table below. The length of time served is provided from the date a Board Member became a member of the Board.

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INTERESTED BOARD MEMBERS
Marijn P. Smit (46)	Chairman of the Board, President and Chief Executive Officer	Since 2014	Chairman of the Board, President and Chief Executive Officer, TF, TST and TAAVF (2014 – present); Chairman of the Board, President and Chief Executive Officer, TET (2017 – present); Chairman of the Board, President and Chief Executive Officer, Transamerica Partners Portfolio (“TPP”), Transamerica Partners Funds Group (“TPFG”) and Transamerica Partners Funds Group II (“TPFG II”) (2014 – 2018); Chairman of the Board, President and Chief Executive Officer, Transamerica Income Shares, Inc. (“TIS”) (2014 – 2015); Director, Chairman of the Board, President and Chief Executive Officer, Transamerica Asset Management, Inc. (“TAM”) and Transamerica Fund Services, Inc. (“TFS”) (2014 – present);	133	Director, Massachusetts Fidelity Trust Company (2014 – present); Director, Aegon Global Funds (2016 – present); Director – Akaan-Aegon, S.A.P.I. de C.V. (financial services joint venture in Mexico) (2017 – present)

Transamerica Funds Annual Report 2019

Page    81

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INTERESTED BOARD MEMBERS — continued
Marijn P. Smit (continued)			President, Investment Solutions, Transamerica Investments & Retirement (2014 – 2016); Vice President, Transamerica Premier Life Insurance Company (2010 – 2016); Vice President, Transamerica Life Insurance Company (2010 – present); Senior Vice President, Transamerica Financial Life Insurance Company (2013 – 2016); Senior Vice President, Transamerica Retirement Advisors, Inc. (2013 – 2016); Senior Vice President, Transamerica Retirement Solutions Corporation (2012 – present); and President and Director, Transamerica Stable Value Solutions, Inc. (2010 – 2016).
Alan F. Warrick (71)	Board Member	Since 2012	Board Member, TF, TST and TAAVF (2012 – present); Board Member, TPP, TPFG and TPFG II (2012 – 2018); Board Member, TIS (2012 – 2015); Consultant, Aegon USA (2010 – 2011); Senior Advisor, Lovell Minnick Equity Partners (2010 – present); Retired (2010 – present); and Managing Director for Strategic Business Development, Aegon USA (1994 – 2010).	128	N/A
INDEPENDENT BOARD MEMBERS
Sandra N. Bane (67)	Board Member	Since 2008	Retired (1999 – present); Board Member, TF, TST and TAAVF (2008 – present); Board Member, TPP, TPFG and TPFG II (2008 – 2018); Board Member, TIS (2008 – 2015); Board Member, Transamerica Investors, Inc. (“TII”) (2003 – 2010); and Partner, KPMG (1975 – 1999).	128	Big 5 Sporting Goods (2002 – present); Southern Company Gas (energy services holding company) (2008 – present)
Leo J. Hill (63)	Lead Independent Board Member	Since 2002	Principal, Advisor Network Solutions, LLC (business consulting) (2006 – present); Board Member, TST (2001 – present); Board Member, TF (2002 – present); Board Member, TPP, TPFG and TPFG II (2007 – 2018); Board Member, TIS (2002 – 2015);	128	Ameris Bancorp (2013 – present); Ameris Bank (2013 – present)

Transamerica Funds Annual Report 2019

Page    82

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INDEPENDENT BOARD MEMBERS — continued
Leo J. Hill (continued)			Board Member, TAAVF (2007 – present); Board Member, TII (2008 – 2010); Market President, Nations Bank of Sun Coast Florida (1998 – 1999); Chairman, President and Chief Executive Officer, Barnett Banks of Treasure Coast Florida (1994 – 1998); Executive Vice President and Senior Credit Officer, Barnett Banks of Jacksonville, Florida (1991 – 1994); and Senior Vice President and Senior Loan Administration Officer, Wachovia Bank of Georgia (1976 – 1991).
David W. Jennings (73)	Board Member	Since 2009	Board Member, TF, TST and TAAVF (2009 – present); Board Member, TPP, TPFG and TPFG II (2009 – 2018); Board Member, TIS (2009 – 2015); Board Member, TII (2009 – 2010); Managing Director, Hilton Capital Management, LLC (2010 – present); Principal, Maxam Capital Management, LLC (2006 – 2008); and Principal, Cobble Creek Management LP (2004 – 2006).	128	N/A
Fredric A. Nelson III (62)	Board Member	Since 2017	Board Member, TF, TST and TAAVF (2017 – present); Board Member, TPP, TPFG and TPFG II (2017 – 2018); Chief Investment Officer (“CIO”), Commonfund (2011 – 2015); Vice Chairman, CIO, ING Investment Management Americas (2003 – 2009); Managing Director, Head of U.S. Equity, JP Morgan Investment Management (1994 – 2003); Managing Director, Head of Global Quantitative Investments Group, Bankers Trust Global Investment Management (1981 – 1994).	128	N/A
John E. Pelletier (55)	Board Member	Since 2017	Board Member, TF, TST and TAAVF (2017 – present); Board Member, TPP, TPFG and TPFG II (2017 – 2018); Director, Center for Financial Literacy, Champlain College (2010 – present); Co-Chair, Vermont Financial Literacy Commission with Vermont State Treasurer (2015 – 2018);	128	N/A

Transamerica Funds Annual Report 2019

Page    83

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INDEPENDENT BOARD MEMBERS — continued
John E. Pelletier (continued)			Chairman, Vermont Universal Children’s Higher Education Savings Account Program Advisory Committee (2015 – present); Founder and Principal, Sterling Valley Consulting LLC (a financial services consulting firm) (2009 – 2017);
			Independent Director, The Sentinel Funds and Sentinel Variable Products Trust (2013 – 2017); Chief Legal Officer, Eaton Vance Corp. (2007 – 2008); and Executive Vice President and Chief Operating Officer (2004 – 2007), General Counsel (1997 – 2004), Natixis Global Associates.
Patricia L. Sawyer (69)	Board Member	Since 2007	Retired (2007 – present); President/Founder, Smith & Sawyer LLC (management consulting) (1989 – 2007); Board Member, TF and TST (2007 –present); Board Member, TPP, TPFG and TPFG II (1993 – 2018); Board Member, TIS (2007 – 2015); Board Member, TII (2008 – 2010); Board Member, TAAVF (1993 – present); and Trustee, Chair of Finance Committee and Chair of Nominating Committee (1987 – 1996), Bryant University.	128	Honorary Trustee, Bryant University (1996 – present)
John W. Waechter (67)	Board Member	Since 2005	Partner, Englander Fischer (2016 – present); Attorney, Englander Fischer (2008 – 2015); Retired (2004 – 2008); Board Member, TST (2004 – present); Board Member, TF (2005 – present); Board Member, TAAVF (2007 – present); Board Member, TPP, TPFG and TPFG II (2007 – 2018); Board Member, TIS (2004 – 2015); Board Member, TII (2008 – 2010); Employee, RBC Dain Rauscher (securities dealer) (2004); Executive Vice President, Chief Financial Officer and Chief Compliance Officer, William R. Hough & Co. (securities dealer) (1979 – 2004); and Treasurer, The Hough Group of Funds (1993 – 2004).	128	Board Member, Operation PAR, Inc. (non-profit organization) (2008 – present); Board Member, Remember Honor Support, Inc. (non-profit organization) (2013 – present) Board Member, WRH Income Properties, Inc. (real estate) (2014 – present); Board Member, Boley PAR, Inc. (non-profit organization) (2016 – present)

* Each Board Member shall hold office until: 1) his or her successor is elected and qualified or 2) he or she resigns, retires or his or her term as a Board Member is terminated in accordance with the Trust’s Declaration of Trust.

Transamerica Funds Annual Report 2019

Page    84

Officers

The mailing address of each officer is c/o Secretary, 1801 California Street, Suite 5200, Denver, CO 80202. The following table shows information about the officers, including their year of birth, their positions held with the Trust and their principal occupations during the past five years (their titles may have varied during that period). Each officer will hold office until his or her successor has been duly elected or appointed or until his or her earlier death, resignation or removal.

Name and Age	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Marijn P. Smit (46)	Chairman of the Board, President and Chief Executive Officer	Since 2014	See Interested Board Members Table Above.
Christopher A. Staples, CFA (49)	Vice President and Chief Investment Officer, Advisory Services	Since 2005	Vice President and Chief Investment Officer, Advisory Services (2007 – present), Transamerica Funds and TST; Vice President and Chief Investment Officer, TET (2017 – present) Vice President and Chief Investment Officer, Advisory Services (2007 – 2015), TIS; Vice President and Chief Investment Officer, Advisory Services, TAAVF (2007 – present); Vice President and Chief Investment Officer, Advisory Services, TPP, TPFG and TPFG II (2007 – 2018); Director (2005 – present), Senior Vice President (2006 – present), Senior Director, Investments (2016 – present), Chief Investment Officer, Advisory Services (2012 – 2016) and Lead Portfolio Manager (2007 – present), TAM; Director, TFS (2005 – present); Registered Representative (2007 – 2016), TCI; and Registered Representative, TFA (2005 – present).
Thomas R. Wald, CFA (59)	Chief Investment Officer	Since 2014	Chief Investment Officer, Transamerica Funds, TST and TAAVF (2014 – present); Chief Investment Officer, TET (2017 – present) Chief Investment Officer, TPP, TPFG and TPFG II (2014 – 2018); Chief Investment Officer, TIS (2014 – 2015); Senior Vice President and Chief Investment Officer, TAM (2014 – present); Chief Investment Officer, Transamerica Investments & Retirement (2014 – present); and Vice President and Client Portfolio Manager, Curian Capital, LLC (2012 – 2014).

Transamerica Funds Annual Report 2019

Page    85

Name and Age	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Vincent J. Toner (49)	Vice President and Treasurer	Since 2014	Vice President and Treasurer, Transamerica Funds, TST and TAAVF (2014 – present), TET (2017 – present); Vice President and Treasurer, TPP, TPFG and TPFG II (2014 – 2018); Vice President and Treasurer, TIS (2014 – 2015); Vice President and Treasurer (2016 – present), Vice President, Administration and Treasurer (2014 – 2016), TAM; Vice President, Administration and Treasurer, TFS (2014 – present); and Senior Vice President and Vice President, Fund Administration, Brown Brothers Harriman (2010 – 2014).
Francine J. Rosenberger (51)	Chief Compliance Officer	Since 2019	Chief Compliance Officer, Transamerica Funds, TST, TET and TAAVF (2019 – present); Chief Compliance Officer (2019 – present), TAM; General Counsel, Corporate Secretary and Fund Chief Compliance Officer, Steben & Company, Inc. (2013 – 2019).
Molly Possehl (41)	Anti-Money Laundering Officer	Since 2019	Anti-Money Laundering Officer, Transamerica Funds, TST, TET and TAAVF (2019 – present); Anti-Money Laundering Officer (2019 – present), TAM; Assistant General Counsel, Transamerica Life Insurance Company/Aegon USA (2013 – present); Anti-Money Laundering Compliance Officer and Fraud Officer, Transamerica Life Insurance Company/Aegon USA (2015 – present); Attorney, Anti-Money Laundering Compliance Officer (Annuity products), Transamerica Life Insurance Company/Aegon USA (2006 – 2015).
Erin D. Nelson (42)	Chief Legal Officer and Secretary	Since 2019	Chief Legal Officer and Secretary, Transamerica Funds, TST, TET and TAAVF (2019 – present); Assistant General Counsel and Assistant Secretary, TAM (2019 – present), Assistant General Counsel and Assistant Secretary, TFS (2019 – Present); Senior Vice President and Chief Compliance Officer, ALPS Advisors, Inc. (2015 – 2019); Vice President, Deputy Chief Compliance Officer, ALPS Advisors, Inc. (2015).

Transamerica Funds Annual Report 2019

Page    86

Name and Age	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Rhonda A. Mills (53)	Assistant Secretary	Since 2016	Assistant Secretary, Transamerica Funds, TST and TAAVF (2019 – present); Secretary, Transamerica Funds, TST and TAAVF (2019); Assistant Secretary, Transamerica Funds, TST and TAAVF (2016 – 2019); Assistant Secretary, TPP, TPFG and TPFG II (2016 – 2018); Assistant Secretary, Vice President and High Level Specialist Attorney (2014 – 2016), Assistant General Counsel (2016 – present), TAM; Assistant Secretary, High Level Specialist Attorney and Vice President (2014 – present), TFS; Vice President and Associate Counsel, ALPS Fund Services, Inc. (2011 – 2014); Managing Member, Mills Law, LLC (2010 – 2011); Counsel, Old Mutual Capital (2006-2009); Senior Counsel, Great-West Life and Annuity Insurance Company (2004 – 2006); and Securities Counsel, J.D. Edwards (2000 – 2003).
Blake Boettcher (33)	Tax Manager	Since 2018	Tax Manager, Transamerica Funds, TST, TAAVF and TET (2018 – present); Senior Manager – Tax, Charles Schwab Investment Management (2015 – 2017); and Tax Manager, Deloitte Tax LLP (2012 – 2015).
Peter Sattelmair (42)	Assistant Treasurer	Since 2018	Assistant Treasurer, Transamerica Funds, TST and TAAVF (2018 – present); Director, Fund Administration, TAM (2014 – present); and Vice President and Assistant Vice President, Fund Administration, State Street Corporation (2007 – 2014).

* Elected and serves at the pleasure of the Board of the Trust.

Transamerica Funds Annual Report 2019

Page    87

LIQUIDITY RISK MANAGEMENT PROGRAM (“LRMP”)

(unaudited)

Per initial requirements for SEC Rule 22e-4, TAM established a LRMP in 2018. The Board appointed TAM as the LRMP Administrator in September 2018, and approved the LRMP in March of 2019. In advance of the final compliance date of June 1, 2019, TAM successfully completed the liquidity rule implementation. All Funds were on-boarded to the State Street Global Exchange (SSGX) truView system (a third-party liquidity bucketing tool) at the end of December 2018. TAM currently has policies and procedures established for the day to day monitoring of liquidity risk, and continues to test and improve these policies and procedures as may be required.

Transamerica Funds Annual Report 2019

Page    88

PROXY VOTING POLICIES AND PROCEDURES AND QUARTERLY PORTFOLIO HOLDINGS

(unaudited)

A description of the Transamerica Funds’ proxy voting policies and procedures is available in the Statement of Additional Information of the Funds, available without charge upon request by calling 1-888-233-4339 (toll free) or on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

In addition, the Funds are required to file Form N-PX, with their complete proxy voting records for the most recent 12 months ended June 30th, no later than August 31st of each year. The Form is available without charge: (1) from the Funds, upon request by calling 1-888-233-4339; and (2) on the SEC’s website at http://www.sec.gov.

Each fiscal quarter, the Funds will file with the SEC a complete schedule of their monthly portfolio holdings on Form N-PORT. The Funds’ holdings as of the end of the third month of every fiscal quarter, as reported on Form N-PORT, will be publicly available on the SEC’s website at http://www.sec.gov within 60 days of the end of the fiscal quarter.

You may also visit the Trust’s website at www.transamerica.com for this and other information about the Funds and the Trust.

Important Notice Regarding Delivery of Shareholder Documents

Every year we send shareholders informative materials such as the Transamerica Funds Annual Report, the Transamerica Funds Prospectus, and other required documents that keep you informed regarding your Funds. Transamerica Funds will only send one piece per mailing address, a method that saves your Funds’ money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, simply call a Transamerica Customer Service Representative toll free at 1-888-233-4339, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days.

Transamerica Funds Annual Report 2019

Page    89

NOTICE OF PRIVACY POLICY

(unaudited)

Your privacy is very important to us. We want you to understand what information we collect and how we use it. We collect and use “nonpublic personal information” in connection with providing our customers with a broad range of financial products and services as effectively and conveniently as possible. We treat nonpublic personal information in accordance with our Privacy Policy.

What Information We Collect and From Whom We Collect It

We may collect nonpublic personal information about you from the following sources:

• Information we receive from you on applications or other forms, such as your name, address, and account number;

• Information about your transactions with us, our affiliates, or others, such as your account balance and purchase/redemption history; and

• Information we receive from non-affiliated third parties, including consumer reporting agencies.

What Information We Disclose and To Whom We Disclose It

We do not disclose any nonpublic personal information about current or former customers to anyone without their express consent, except as permitted by law. We may disclose the nonpublic personal information we collect, as described above, to persons or companies that perform services on our behalf and to other financial institutions with which we have joint marketing agreements. We will require these companies to protect the confidentiality of your nonpublic personal information and to use it only to perform the services for which we have hired them.

Our Security Procedures

We restrict access to your nonpublic personal information and only allow disclosures to persons and companies as permitted by law to assist in providing products or services to you. We maintain physical, electronic, and procedural safeguards to protect your nonpublic personal information and to safeguard the disposal of certain consumer information.

If you have any questions about our Privacy Policy, please call 1-888-233-4339 on any business day between 8 a.m. and 7 p.m. Eastern Time.

Note:        This Privacy Policy applies only to customers that have a direct relationship with us or our affiliates. If you own shares of our funds in the name of a third party such as a bank or broker-dealer, its privacy policy may apply to you instead of ours.

Transamerica Funds Annual Report 2019

Page    90

Customer Service: 1-888-233-4339

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Transamerica Capital, Inc.

www.transamerica.com

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, Inc., Member of FINRA

134140 10/19

© 2019 Transamerica Capital, Inc.

TRANSAMERICA FUNDS

ANNUAL REPORT

OCTOBER 31, 2019

Beginning January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, the funds intend to no longer mail paper copies of the funds’ shareholder reports, unless you specifically request paper copies of the reports from a fund or your financial intermediary (such as broker-dealer or bank). Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically (“e-delivery”), you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically anytime by contacting your financial intermediary or, if you are a direct shareholder with a fund, by calling 1-888-233-4339.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports where a fund is held through that intermediary. If you are a direct shareholder with a fund, you can call 1-888-233-4339 to let the fund know you wish to continue receiving paper copies of your shareholder reports. That election will apply to all Transamerica funds held directly with the fund complex.

Customer Service: 1-888-233-4339

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Transamerica Capital, Inc.

www.transamerica.com

Table of Contents

Shareholder Letter	1
Disclosure of Expenses	2
Manager Commentary and Schedules of Investments
Transamerica Balanced II	7
Transamerica Bond	22
Transamerica Capital Growth	38
Transamerica Dividend Focused	42
Transamerica Dynamic Allocation	46
Transamerica Dynamic Income	49
Transamerica Emerging Markets Debt	52
Transamerica Emerging Markets Equity	62
Transamerica Event Driven	68
Transamerica Floating Rate	75
Transamerica Global Equity	88
Transamerica Government Money Market	93
Transamerica High Quality Bond	97
Transamerica High Yield Bond	104
Transamerica High Yield Muni	116
Transamerica Inflation Opportunities	129
Transamerica Inflation-Protected Securities	135
Transamerica Intermediate Bond	140
Transamerica Intermediate Muni	154
Transamerica International Equity	187
Transamerica International Growth	192
Transamerica International Small Cap Value	197
Transamerica International Stock	202
Transamerica Large Cap Value	207
Transamerica Large Core	211
Transamerica Large Growth	217
Transamerica Large Value Opportunities	223
Transamerica Mid Cap Growth	228
Transamerica Mid Cap Value Opportunities	232
Transamerica MLP & Energy Income	236
Transamerica Multi-Asset Income (formerly Transamerica Strategic High Income)	240
Transamerica Multi-Managed Balanced	247
Transamerica Short-Term Bond	263
Transamerica Small Cap Core	275
Transamerica Small Cap Growth	282
Transamerica Small Cap Value	286
Transamerica Small/Mid Cap Value	291
Transamerica Unconstrained Bond	298
Transamerica US Growth	326
Statements of Assets and Liabilities	330
Statements of Operations	346
Statements of Changes in Net Assets	357
Statement of Cash Flows	386
Financial Highlights	387
Notes to Financial Statements	477
Report of Independent Registered Public Accounting Firm	521
Supplemental Information	523
Approval of Management and Sub-Advisory Agreements	525
Management of the Trust	542
Liquidity Risk Management Program	549
Proxy Voting Policies and Procedures and Quarterly Portfolio Holdings	550
Notice of Privacy Policy	551

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

Transamerica Funds Annual Report 2019

Dear Shareholder,

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

This annual report is provided to you to show the investments of your Fund(s) during the fiscal year. The Securities and Exchange Commission currently requires that annual and semi-annual reports be sent to all shareholders, and we believe it to be an important part of the investment process. This report provides detailed information about your Fund(s) for the 12-month period ended October 31, 2019.

We believe it is important to understand market conditions over the last fiscal year to provide a context for reading this report. As the period began, domestic and international markets were in the beginning phase of a fourth quarter decline which would eventually take the S&P 500^® down almost 20% from its previous record high. Investor anxiety was primarily driven by two dynamics creating high levels of uncertainty as the year was concluding. These dynamics were Federal Reserve (“Fed”) policy and the ongoing trade dispute with China.

Selling accelerated into year-end as the Fed implemented its fourth rate hike of the year and ninth since its tightening cycle had begun three years earlier. This played into developing market fears that the Fed was on the verge of a major policy error, of raising rates into a slowing economy. Parallel to concerns with the Fed, the market also grappled with deteriorating trade relations with China and the prospect of additional U.S. imposed tariffs. Together, these two concerns sent stocks sliding as the market experienced its worst month of December in more than eighty-five years. Unlike the equity markets, however, the December strains also garnered a flight to quality in U.S. Treasury bonds and a large downward move in the 10-year Treasury yield which fell by over a half a percent, from 3.24% on November 8^th to 2.69% by the end of 2018.

As the calendar turned to 2019, the Fed quickly changed its perspective to one of patience, and it became clear to the market that no further rate hikes were likely in the immediate future. In May, markets were surprised to hear that a trade deal with China would not come to fruition as expected, and a new round of tariffs went into effect. This jolted stocks to some extent, however, the Fed acted quickly, first by signaling in June that it was ready to reverse course and begin reducing rates starting with a rate cut of 0.25% at the July meeting. As trade uncertainty with China continued and the rhetoric escalated, the Fed cut rates twice more in September and October, negating three of the four hikes from the year past. During the summer, investors also witnessed the inversion of the yield curve, as long-term Treasury rates fell below short-term rates, stoking recession fears. However, by late October, after the Fed had enacted its third rate cut of the year, long-term rates rose, and the yield curve moved back into a traditional upward slope.

In the credit markets, investment grade and high yield bonds began 2019 with elongated credit spreads as a result of the economic fears created from the Fed’s tightening activity toward the end of 2018 and the potential impact of tariffs on the U.S. economy. As both those fears thawed throughout the year, credit spreads narrowed, market fundamentals remained strong and corporate bonds posted strong returns throughout the first half of the year. International developed and emerging markets equities also recovered well during this time.

As the autumn months began, investors could also recognize the continued strength in the economy. The unemployment rate continued close to the lowest level in a half century, wages continued to grow, inflation remained benign and consumer spending progressed on a strong path. In this environment, lower rates also helped equity valuations as the market looked forward to higher earnings growth in 2020.

For the 12-month period ended October 31, 2019, the S&P 500^® Index returned 14.33% while the MSCI EAFE Index, representing international developed market equities, returned 11.63%. During the same period, the Bloomberg Barclays U.S. Aggregate Bond Index returned 11.51%. Please keep in mind that it is important to maintain a diversified portfolio as investment returns have historically been difficult to predict.

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

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

Sincerely,

Marijn Smit

President & Chief Executive Officer

Transamerica Funds

Tom Wald, CFA

Chief Investment Officer

Transamerica Funds

Bloomberg Barclays U.S. Aggregate Bond Index: Measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.

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

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

The views expressed in this report reflect those of the portfolio managers only and may not necessarily represent the views of the Transamerica Funds. These views are as of the date of this report and are subject to change based upon market conditions. These views should not be relied upon as investment advice and are not indicative of trading intent on behalf of the Transamerica Funds. Investing involves risk, including potential loss of principal. The performance data presented represents past performance and does not guarantee future results. Indexes are unmanaged and an investor cannot invest directly in an index.

Disclosure of Expenses

(unaudited)

SHAREHOLDER EXPENSES

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

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

The examples are based on an investment of $1,000 invested at May 1, 2019, and held for the entire six-month period until October 31, 2019.

ACTUAL EXPENSES

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

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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

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

			Actual Expenses					Hypothetical Expenses (A)
Fund	Beginning Account Value		Ending Account Value		Expenses Paid During Period (B)			Ending Account Value		Expenses Paid During Period (B)		Net Annualized Expense Ratio (C)
Transamerica Balanced II
Class I3	$	1,000.00	$	1,044.90	$	3.04		$	1,022.20	$	3.01		0.59	%
Class R		1,000.00		1,042.30		5.61			1,019.70		5.55		1.09
Transamerica Bond
Class A		1,000.00		1,046.20		4.74			1,020.60		4.69		0.92
Class C		1,000.00		1,043.20		7.98			1,017.40		7.88		1.55
Class I		1,000.00		1,049.60		2.58			1,022.70		2.55		0.50
Class I2		1,000.00		1,048.60		2.43			1,022.80		2.40		0.47
Class R6		1,000.00		1,049.80		2.43			1,022.80		2.40		0.47
Transamerica Capital Growth
Class A		1,000.00		916.60		5.65			1,019.30		5.95		1.17
Class C		1,000.00		912.90		9.31			1,015.50		9.80		1.93
Class I		1,000.00		917.60		4.40			1,020.60		4.63		0.91
Class I2		1,000.00		918.10		3.82			1,021.20		4.02		0.79
Class R6		1,000.00		1,006.00		0.27	(D)		1,021.40		3.87		0.76
Transamerica Dividend Focused
Class A		1,000.00		1,039.10		5.35			1,020.00		5.30		1.04
Class C		1,000.00		1,034.90		9.75			1,015.60		9.65		1.90
Class I		1,000.00		1,041.20		4.37			1,020.90		4.33		0.85
Class I2		1,000.00		1,040.60		3.86			1,021.40		3.82		0.75
Class R6		1,000.00		1,041.70		3.86			1,021.40		3.82		0.75
Transamerica Dynamic Allocation
Class A		1,000.00		1,027.20		5.62			1,019.70		5.60		1.10	(E)
Class C		1,000.00		1,024.10		9.44			1,015.90		9.40		1.85	(E)
Class I		1,000.00		1,029.00		4.35			1,020.90		4.33		0.85	(E)

Transamerica Funds Annual Report 2019

Page    2

Disclosure of Expenses (continued)

(unaudited)

			Actual Expenses				Hypothetical Expenses (A)
Fund	Beginning Account Value		Ending Account Value		Expenses Paid During Period (B)		Ending Account Value		Expenses Paid During Period (B)		Net Annualized Expense Ratio (C)
Transamerica Dynamic Income
Class A	$	1,000.00	$	1,042.50	$	4.74	$	1,020.60	$	4.69		0.92	% (E)
Class C		1,000.00		1,039.80		8.59		1,016.80		8.49		1.67	(E)
Class I		1,000.00		1,043.80		3.45		1,021.80		3.41		0.67	(E)
Transamerica Emerging Markets Debt
Class A		1,000.00		1,040.30		5.71		1,019.60		5.65		1.11
Class C		1,000.00		1,037.00		9.45		1,015.90		9.35		1.84
Class I		1,000.00		1,042.20		4.02		1,021.30		3.97		0.78
Class I2		1,000.00		1,042.70		3.50		1,021.80		3.47		0.68
Class R6		1,000.00		1,042.80		3.45		1,021.80		3.41		0.67
Transamerica Emerging Markets Equity
Class A		1,000.00		981.10		7.79		1,017.30		7.93		1.56	(E)
Class C		1,000.00		977.90		10.72		1,014.40		10.92		2.15	(E)
Class I		1,000.00		984.20		5.25		1,019.90		5.35		1.05	(E)
Class I2		1,000.00		985.10		4.75		1,020.40		4.84		0.95	(E)
Transamerica Event Driven
Class I		1,000.00		1,010.50		7.60		1,017.60		7.63		1.50	(E)
Class I2		1,000.00		1,010.60		7.65		1,017.60		7.68		1.51	(E)
Transamerica Floating Rate
Class A		1,000.00		1,004.00		5.30		1,019.90		5.35		1.05	(E)
Class C		1,000.00		1,000.20		9.07		1,016.10		9.15		1.80	(E)
Class I		1,000.00		1,005.20		4.04		1,021.20		4.08		0.80	(E)
Class I2		1,000.00		1,005.80		3.64		1,021.60		3.67		0.72	(E)
Transamerica Global Equity
Class A		1,000.00		995.80		6.79		1,018.40		6.87		1.35	(E)
Class C		1,000.00		992.10		10.54		1,014.60		10.66		2.10	(E)
Class I		1,000.00		997.20		5.54		1,019.70		5.60		1.10	(E)
Class R6		1,000.00		997.90		4.68		1,020.50		4.74		0.93	(E)
Transamerica Government Money Market
Class A		1,000.00		1,007.80		3.69		1,021.50		3.72		0.73
Class C		1,000.00		1,004.00		7.48		1,017.70		7.53		1.48
Class I		1,000.00		1,009.10		2.43		1,022.80		2.45		0.48
Class I2		1,000.00		1,010.00		1.52		1,023.70		1.53		0.30
Class I3		1,000.00		1,010.00		1.52		1,023.70		1.53		0.30
Class R2		1,000.00		1,007.50		4.05		1,021.20		4.08		0.80
Class R4		1,000.00		1,009.00		2.53		1,022.70		2.55		0.50
Transamerica High Quality Bond
Class I3		1,000.00		1,025.20		2.25		1,023.00		2.24		0.44
Class R		1,000.00		1,022.60		4.74		1,020.50		4.74		0.93
Class R4		1,000.00		1,024.20		3.32		1,021.90		3.31		0.65
Transamerica High Yield Bond
Class A		1,000.00		1,027.30		5.42		1,019.90		5.40		1.06
Class C		1,000.00		1,022.70		8.82		1,016.50		8.79		1.73
Class I		1,000.00		1,027.80		3.73		1,021.50		3.72		0.73
Class I2		1,000.00		1,029.60		3.17		1,022.10		3.16		0.62
Class I3		1,000.00		1,028.50		3.17		1,022.10		3.16		0.62
Class R		1,000.00		1,026.00		5.62		1,019.70		5.60		1.10
Class R4		1,000.00		1,027.30		4.34		1,020.90		4.33		0.85
Class R6		1,000.00		1,028.50		3.17		1,022.10		3.16		0.62
Transamerica High Yield Muni
Class A		1,000.00		1,048.10		4.70		1,020.60		4.63		0.91	(E)
Class C		1,000.00		1,044.10		7.78		1,017.60		7.68		1.51	(E)
Class I		1,000.00		1,048.00		3.92		1,021.40		3.87		0.76	(E)
Class I2		1,000.00		1,048.10		3.82		1,021.50		3.77		0.74	(E)
Transamerica Inflation Opportunities
Class A		1,000.00		1,039.60		5.14		1,020.20		5.09		1.00	(E)
Class C		1,000.00		1,036.40		8.98		1,016.40		8.89		1.75	(E)
Class I		1,000.00		1,040.70		3.86		1,021.40		3.82		0.75	(E)
Class I2		1,000.00		1,041.80		3.50		1,021.80		3.47		0.68	(E)
Class R6		1,000.00		1,041.80		3.50		1,021.80		3.47		0.68	(E)

Transamerica Funds Annual Report 2019

Page    3

Disclosure of Expenses (continued)

(unaudited)

			Actual Expenses				Hypothetical Expenses (A)
Fund	Beginning Account Value		Ending Account Value		Expenses Paid During Period (B)		Ending Account Value		Expenses Paid During Period (B)		Net Annualized Expense Ratio (C)
Transamerica Inflation-Protected Securities
Class I3	$	1,000.00	$	1,040.20	$	2.37	$	1,022.90	$	2.35		0.46	% (E)
Class R		1,000.00		1,037.30		5.14		1,020.20		5.09		1.00	(E)
Class R4		1,000.00		1,039.80		3.34		1,021.90		3.31		0.65	(E)
Transamerica Intermediate Bond
Class I2		1,000.00		1,057.40		2.18		1,023.10		2.14		0.42
Class I3		1,000.00		1,057.40		2.18		1,023.10		2.14		0.42
Class R		1,000.00		1,054.60		4.71		1,020.60		4.63		0.91
Class R4		1,000.00		1,056.10		3.37		1,021.90		3.31		0.65
Transamerica Intermediate Muni
Class A		1,000.00		1,036.00		3.39		1,021.90		3.36		0.66	(E)
Class C		1,000.00		1,032.90		6.56		1,018.80		6.51		1.28	(E)
Class I		1,000.00		1,036.60		2.72		1,022.50		2.70		0.53	(E)
Class I2		1,000.00		1,037.80		2.41		1,022.80		2.40		0.47	(E)
Transamerica International Equity
Class A		1,000.00		1,024.40		6.38		1,018.90		6.36		1.25
Class C		1,000.00		1,020.60		9.93		1,015.40		9.91		1.95
Class I		1,000.00		1,026.40		4.39		1,020.90		4.38		0.86
Class I2		1,000.00		1,026.40		3.93		1,021.30		3.92		0.77
Class I3		1,000.00		1,027.30		3.93		1,021.30		3.92		0.77
Class R		1,000.00		1,024.40		6.43		1,018.90		6.41		1.26
Class R4		1,000.00		1,025.00		5.21		1,020.10		5.19		1.02
Class R6		1,000.00		1,026.70		3.93		1,021.30		3.92		0.77
Transamerica International Growth
Class A		1,000.00		1,045.80		6.24		1,019.10		6.16		1.21
Class I		1,000.00		1,047.20		5.47		1,019.90		5.40		1.06
Class I2		1,000.00		1,048.70		4.08		1,021.20		4.02		0.79
Class R6		1,000.00		1,049.90		4.08		1,021.20		4.02		0.79
Transamerica International Small Cap Value
Class I		1,000.00		1,048.30		5.58		1,019.80		5.50		1.08
Class I2		1,000.00		1,049.00		5.16		1,020.20		5.09		1.00
Transamerica International Stock
Class A		1,000.00		1,013.70		6.29		1,019.00		6.31		1.24	(E)
Class I		1,000.00		1,014.80		5.03		1,020.20		5.04		0.99	(E)
Class I2		1,000.00		1,014.80		5.03		1,020.20		5.04		0.99	(E)
Class R6		1,000.00		1,014.80		5.03		1,020.20		5.04		0.99	(E)
Transamerica Large Cap Value
Class A		1,000.00		953.90		5.27		1,019.80		5.45		1.07
Class C		1,000.00		950.70		8.90		1,016.10		9.20		1.81
Class I		1,000.00		955.70		3.70		1,021.40		3.82		0.75
Class I2		1,000.00		956.00		3.40		1,021.70		3.52		0.69
Class R6		1,000.00		956.00		3.40		1,021.70		3.52		0.69
Transamerica Large Core
Class I3		1,000.00		1,024.10		2.55		1,022.70		2.55		0.50	(E)
Class R		1,000.00		1,021.60		5.04		1,020.20		5.04		0.99	(E)
Class R4		1,000.00		1,022.20		4.38		1,020.90		4.38		0.86	(E)
Transamerica Large Growth
Class I3		1,000.00		1,010.90		3.55		1,021.70		3.57		0.70
Class R		1,000.00		1,008.50		6.02		1,019.20		6.06		1.19
Class R4		1,000.00		1,009.30		4.56		1,020.70		4.58		0.90
Transamerica Large Value Opportunities
Class I3		1,000.00		1,018.90		2.54		1,022.70		2.55		0.50	(E)
Class R		1,000.00		1,016.30		5.08		1,020.20		5.09		1.00	(E)
Class R4		1,000.00		1,017.60		3.81		1,021.40		3.82		0.75	(E)
Transamerica Mid Cap Growth
Class A		1,000.00		1,093.10		6.44		1,019.10		6.21		1.22
Class C		1,000.00		1,088.30		10.21		1,015.40		9.86		1.94
Class I		1,000.00		1,095.30		4.81		1,020.60		4.63		0.91
Class I2		1,000.00		1,094.60		4.49		1,020.90		4.33		0.85
Class I3		1,000.00		1,095.80		4.49		1,020.90		4.33		0.85
Class R		1,000.00		1,092.00		7.12		1,018.40		6.87		1.35
Class R4		1,000.00		1,093.50		5.01		1,020.40		4.84		0.95

Transamerica Funds Annual Report 2019

Page    4

Disclosure of Expenses (continued)

(unaudited)

			Actual Expenses				Hypothetical Expenses (A)
Fund	Beginning Account Value		Ending Account Value		Expenses Paid During Period (B)		Ending Account Value		Expenses Paid During Period (B)		Net Annualized Expense Ratio (C)
Transamerica Mid Cap Value Opportunities
Class A	$	1,000.00	$	1,008.70	$	6.08	$	1,019.20	$	6.11		1.20	%
Class C		1,000.00		1,005.30		9.50		1,015.70		9.55		1.88
Class I		1,000.00		1,009.50		4.31		1,020.90		4.33		0.85
Class I2		1,000.00		1,010.30		3.80		1,021.40		3.82		0.75
Class I3		1,000.00		1,011.10		3.80		1,021.40		3.82		0.75
Class R		1,000.00		1,007.70		6.33		1,018.90		6.36		1.25
Class R4		1,000.00		1,009.40		4.56		1,020.70		4.58		0.90
Class R6		1,000.00		1,010.20		3.80		1,021.40		3.82		0.75
Transamerica MLP & Energy Income
Class A		1,000.00		949.30		7.86		1,017.10		8.13		1.60
Class C		1,000.00		945.50		11.52		1,013.40		11.93		2.35
Class I		1,000.00		949.40		6.34		1,018.70		6.56		1.29
Class I2		1,000.00		949.90		5.85		1,019.20		6.06		1.19
Transamerica Multi-Asset Income
Class A		1,000.00		1,053.80		5.38		1,020.00		5.30		1.04
Class C		1,000.00		1,050.40		9.10		1,016.30		8.94		1.76
Class I		1,000.00		1,055.60		3.73		1,021.60		3.67		0.72
Class I2		1,000.00		1,055.20		3.63		1,021.70		3.57		0.70
Transamerica Multi-Managed Balanced
Class A		1,000.00		1,041.40		5.30		1,020.00		5.24		1.03
Class C		1,000.00		1,037.60		9.14		1,016.20		9.05		1.78
Class I		1,000.00		1,042.70		4.22		1,021.10		4.18		0.82
Class R6		1,000.00		1,042.80		3.66		1,021.60		3.62		0.71
Transamerica Short-Term Bond
Class A		1,000.00		1,025.60		3.98		1,021.30		3.97		0.78
Class C		1,000.00		1,020.60		7.95		1,017.30		7.93		1.56
Class I		1,000.00		1,025.90		3.01		1,022.20		3.01		0.59
Class I2		1,000.00		1,027.50		2.50		1,022.70		2.50		0.49
Class R6		1,000.00		1,027.50		2.45		1,022.80		2.45		0.48
Transamerica Small Cap Core
Class A		1,000.00		942.40		6.36		1,018.70		6.61		1.30
Class C		1,000.00		939.50		10.02		1,014.90		10.41		2.05
Class I		1,000.00		943.60		5.09		1,020.00		5.30		1.04
Class I2		1,000.00		944.60		4.56		1,020.50		4.74		0.93
Class I3		1,000.00		944.20		4.56		1,020.50		4.74		0.93
Class R		1,000.00		942.30		6.95		1,018.00		7.22		1.42
Class R4		1,000.00		943.30		5.39		1,019.70		5.60		1.10
Transamerica Small Cap Growth
Class A		1,000.00		1,019.00		7.12		1,018.10		7.12		1.40
Class C		1,000.00		1,016.00		10.93		1,014.40		10.92		2.15
Class I		1,000.00		1,021.30		5.66		1,019.60		5.65		1.11
Class I2		1,000.00		1,020.90		5.14		1,020.10		5.14		1.01
Class I3		1,000.00		1,020.90		5.09		1,020.20		5.09		1.00
Class R		1,000.00		1,018.20		7.63		1,017.60		7.63		1.50
Class R4		1,000.00		1,021.00		5.86		1,019.40		5.85		1.15
Class R6		1,000.00		1,020.90		5.09		1,020.20		5.09		1.00
Transamerica Small Cap Value
Class A		1,000.00		978.10		6.48		1,018.70		6.61		1.30
Class C		1,000.00		974.80		10.00		1,015.10		10.21		2.01
Class I		1,000.00		980.30		4.94		1,020.20		5.04		0.99
Class I2		1,000.00		980.30		4.34		1,020.80		4.43		0.87
Class I3		1,000.00		981.30		4.34		1,020.80		4.43		0.87
Class R		1,000.00		978.30		6.83		1,018.30		6.97		1.37
Class R4		1,000.00		980.30		5.49		1,019.70		5.60		1.10
Class R6		1,000.00		981.40		4.39		1,020.80		4.48		0.88
Transamerica Small/Mid Cap Value
Class A		1,000.00		1,012.30		6.59		1,018.70		6.61		1.30
Class C		1,000.00		1,008.90		9.98		1,015.30		10.01		1.97
Class I		1,000.00		1,014.20		4.77		1,020.50		4.79		0.94
Class I2		1,000.00		1,014.50		4.27		1,021.00		4.28		0.84
Class R6		1,000.00		1,014.50		4.27		1,021.00		4.28		0.84

Transamerica Funds Annual Report 2019

Page    5

Disclosure of Expenses (continued)

(unaudited)

			Actual Expenses				Hypothetical Expenses (A)
Fund	Beginning Account Value		Ending Account Value		Expenses Paid During Period (B)		Ending Account Value		Expenses Paid During Period (B)		Net Annualized Expense Ratio (C)
Transamerica Unconstrained Bond
Class I	$	1,000.00	$	1,012.80	$	4.16	$	1,021.10	$	4.18		0.82	% (E)
Class I2		1,000.00		1,014.30		3.66		1,021.60		3.67		0.72	(E)
Transamerica US Growth
Class A		1,000.00		1,040.40		5.86		1,019.50		5.80		1.14
Class C		1,000.00		1,036.50		9.60		1,015.80		9.50		1.87
Class I		1,000.00		1,041.80		4.37		1,020.90		4.33		0.85
Class I2		1,000.00		1,042.80		3.76		1,021.50		3.72		0.73
Class T		1,000.00		1,042.40		4.02		1,021.30		3.97		0.78

(A)	5% return per year before expenses.
(B)	Expenses are calculated using each Fund’s annualized expense ratios (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).
(C)	Net annualized expense ratios are reflective of any applicable fee waivers and/or reimbursements and are based on the most recent six-months and may differ from the expense ratio displayed in the Financial Highlights which covers a twelve-month period.
(D)	Class commenced operations on October 18, 2019. Actual expenses are calculated using each Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (13 days), and divided by the number of days in the year (365 days). For comparability purposes, hypothetical expenses assume that the Funds were in operation for the entire six-month period ended October 31, 2019.
(E)	Expense ratios (as disclosed in the table) do not include the expenses of the underlying investments in which the Funds invest. The annualized expense ratios, as stated in the fee table of the Prospectus, may differ from the expense ratios disclosed in this report.

Transamerica Funds Annual Report 2019

Page    6

Transamerica Balanced II

(unaudited)

MARKET ENVIRONMENT

Aegon USA Investment Management, LLC

The fiscal year ended October 31, 2019 began with the prospects of healthy but moderating economic activity and global trade tensions that could potentially derail it. As consumption, fixed investments and government spending growth slowed, so did year-over-year gross domestic product (“GDP”) growth. Lower expectations prevailed throughout the year while any lingering optimism was reduced by a tumultuous geopolitical environment. As trade wars between the U.S. and China, and Japan and South Korea intensified, so did their impact on underlying economies.

Risks around trade policy were a concern for the U.S. Federal Reserve (“Fed”), which lowered 2019 GDP projections in December. Still, they stayed the course in normalizing rates given continued economic strength, and hiked rates once more in December of 2018. As a result, market expectations on Fed action soured, pricing in no further hike for the entirety of 2019 as a jolt of volatility overtook risk assets. The Fed’s more dovish tone and concerns over an inverted yield curve were top of mind for investors at the start of calendar year 2019. After cutting rates by 25 basis points in July and September, softening economic data and continued below-target inflation gave the green light to the Fed to trim its federal funds rate a quarter of a point at its October meeting.

Despite a rough start and volatility throughout the year, the credit markets performed well, both on a total and excess return basis. U.S. equities and high yield bonds posted their largest quarterly losses at the beginning of the fiscal year, which, when combined with higher volatility, depressed risk-return profiles for the quarter. Losses for investment grade bonds were more muted. As volatility normalized and financial conditions eased, risk assets, led by U.S. equities and high yield bonds, posted positive results in the second quarter. During the third quarter, risk assets and Treasuries posted positive results, led by U.S. equities and investment grade bonds. U.S. risk assets have broadly gained so far in the fourth quarter, led by investment grade bonds and Treasuries. October was risk-on with equities delivering positive returns in the U.S. Investment grade, high yield, and Treasuries also posted modest gains for the month.

J.P. Morgan Investment Management, Inc.

At the beginning of the fiscal year ended October 31, 2019, in November of 2018, U.S. equity markets were up 2.04%, a step upward after the October 2018 sell-off. Intermittent volatility still roiled markets, with questions abounding on the U.S./China trade narrative and whether we have reached peak corporate earnings. Trade tensions briefly eased following the G-20 Summit, where President Trump and China’s President Xi agreed to a short-term truce. The market ended the month of December down -9.03%, correcting again after the decline seen in October. Episodic volatility continued to shake the market, with fears surrounding trade, overextended corporate earnings, and declining global purchasing manager’s indexes (“PMIs”) raising concerns. Despite periodic market shocks, many market and economic indicators still leaned positive, including consumer and small business confidence, wages, and same store retail sales.

The market bounced back in the first quarter of 2019, making up for losses experienced at the end of 2018. After 2018’s large S&P 500^® Index price-to-earnings (“P/E”) multiple contraction, from over 18x at the year’s onset to 14x by the year’s end, a considerable amount of risk and uncertainty became priced into the market. While consensus remains that the Fed may keep rates steady, alleviating some recessionary fears, volatility escalated in May with increased tensions surrounding tariffs between the U.S. and China, in addition to proposed U.S. tariffs on Mexico. Investors took risk off the table given new developments in the trade narrative and signs of slower economic growth globally, despite a still generally constructive earnings backdrop in the U.S. Driven mostly by increased hopes of a trade deal between the U.S. and China at the G20 summit, the strong performance in equities provided both relief and hope to investors who piled back into the market and drove the S&P 500^® Index to fresh highs during June. Markets moved higher in July, with signs of easing global monetary policy, continuing strength in corporate earnings, and abating trade tensions. Market gains were lost come August, however, with the Fed’s move to cut rates, together with President Trump’s surprise tariff proposal, leading to risk-off sentiment. The market again rebounded in September, accompanied by a dramatic rotation from growth stocks into value stocks.

The market moved higher in October on the heels of September’s rally, with corporate earnings and consumer strength driving the advance. Corporate profits have been solid this third quarter earnings season, with 70% of S&P 500^® companies beating bottom-line estimates as of the date of this report. The unemployment rate has remained at record lows, which has helped to sustain high consumer confidence. While trade remains a concern, negotiations have been more constructive lately, with a “Phase One” deal outlined in mid-October. The Fed also showed a more accommodative stance by cutting the federal funds rate by 25 basis points at its latest meeting in October.

PERFORMANCE

For the year ended October 31, 2019, Transamerica Balanced II (Class R) returned 12.79%. By comparison, its primary and secondary benchmarks, the S&P 500^® Index and the Bloomberg Barclays US Aggregate Bond Index, returned 14.33% and 11.51%, respectively.

STRATEGY REVIEW

Aegon USA Investment Management, LLC

Over the past year, we continued to remain overweight spread-based assets relative to the benchmark given our views on expected risk-adjusted returns. Securitized credit remained a favored investment opportunity given our solid fundamental outlook and robust structural protections offered by many deals. Within corporate credit, we continued to prefer financials due to strong capital positions and lower expected event risk. Over the year, we became more biased towards shorter-dated credit given what we see as its attractive risk-adjusted return profile compared to longer maturity bonds.

One year relative performance for the portfolio was driven by the overweight to spread-based assets as both carry and spread effects contributed positively to relative returns. Yield curve effects were a detractor given a slightly shorter duration positioning compared to the benchmark as rates fell across the curve over the time period.

Transamerica Funds Annual Report 2019

Page    7

Transamerica Balanced II

(unaudited)

STRATEGY REVIEW (continued)

At an asset class level, the portfolio’s allocation to longer duration Treasury securities compared to the benchmark contributed positively to relative returns, as did the portfolio’s underweight allocation to agency residential mortgage-backed securities (“RMBS”) and overweight allocation to investment grade corporates. These positives were partially offset by poor security selection in agency RMBS and investment grade corporate credit. An overweight allocation to shorter duration commercial mortgage-backed securities also detracted from returns.

Within corporate credit, allocations to communications and transportation contributed positively to relative returns. Security selection with communications, transportation and real estate investment trusts (“REITS”) were detractors.

J.P. Morgan Investment Management, Inc.

The industrial cyclical, technology and utilities sectors contributed to performance, while the financials, basic materials and media sectors detracted from performance.

Within the retail space, an overweight in AutoZone, Inc. contributed to performance. The company demonstrated solid execution against a healthy industry backdrop as it posted solid margins and continued to make progress in the commercial do-it-for-me market. We have remained positive on the stock as we believe that in addition to industry tailwinds, AutoZone, Inc. can continue to grow and consolidate market share. Within technology, our overweight in Microsoft Corp. helped performance as the stock outperformed the market due to strong fundamentals across all segments. Commercial cloud growth drove strong earnings in 2019 and the company increased their revenue guide. We think the company is well positioned for the transition to the cloud with Azure and Office 365. We thus remain positive on the stock. Within pharma/medical technology, an underweight in AbbVie, Inc. boosted returns as the stock underperformed the broader sector. AbbVie, Inc. struggled amid further scrutiny on their Humira business, as the introduction of biosimilars has hurt sales in Europe even more than expected. We remain comfortable in our underweight given these persistent concerns.

Within energy, an overweight in EOG Resources, Inc. weighed on returns. Sector-wide operational fears surrounding Concho Resources’ well spacing test, which indicated well spacing was too tight, drove the stock down. Investors’ bearish outlook on oil prices further hurt the stock. However, we remain positive on EOG Resources, Inc. as a diversified U.S. shale producer with key assets in areas such as the Permian basin. Within retail our overweight in PVH Corp. weighed on returns as a result of higher tax rates and ongoing tensions in Hong Kong and the U.S.-China trade war. There has been some investor concern around the brand’s relevance as well. However, we maintain our overweight as we believe the company’s brands are durable and that PVH Corp. should be a share gainer in the industry given its ability to expand margins and allocate capital toward accretive acquisitions. Within media, our underweight in Facebook, Inc. – Class A hurt performance. Strong quarterly results throughout the year, largely due to engagement holding up better than expected, drove the stock higher. Advertisers have remained unable to diversify away from Facebook, Inc. – Class A because of the superior return on investment it provides. However, we believe revenue growth may continue to moderate, and margins may keep coming down. Given our view that regulatory and mix-shift risks still remain, we are comfortable in our position.

During the fiscal year, the Fund utilized derivatives. These positions added to performance.

Bradley D. Doyle, CFA

Tyler A. Knight, CFA

Doug Weih, CFA

Brian W. Westhoff, CFA

Sivakumar N. Rajan

Co-Portfolio Managers

Aegon USA Investment Management, LLC

Tim Snyder, CFA

Raffaele Zingone, CFA

Steven G. Lee

Co-Portfolio Managers

J.P. Morgan Asset Management Inc.

Asset Allocation	Percentage of Net Assets
Common Stocks		59.8	%
Corporate Debt Securities		13.9
U.S. Government Obligations		9.2
U.S. Government Agency Obligations		8.0
Commercial Paper		5.2
Mortgage-Backed Securities		4.4
Asset-Backed Securities		3.0
Short-Term U.S. Government Obligations		0.8
Foreign Government Obligations		0.6
Other Investment Company		0.4
Municipal Government Obligations		0.4
Preferred Stock		0.0	*
Net Other Assets (Liabilities) ^		(5.7	)
Total		100.0	%

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

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

^ The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral.

Transamerica Funds Annual Report 2019

Page    8

Transamerica Balanced II

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class I3 (NAV)		13.14	%		N/A			8.05	%		09/15/2017
Class R (NAV)		12.79	%		6.84	%		9.31	%		07/05/1994
S&P 500® (A)		14.33	%		10.78	%		13.70	%
Bloomberg Barclays US Aggregate Bond Index (B)		11.51	%		3.24	%		3.73	%

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

^(B) The Bloomberg Barclays US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.

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

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

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

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

The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the fund fall, the value of the fund will decline. Fixed income securities have several risks including fluctuations in market value, changes in interest rates as the values will decrease as interest rates rise, and issuers defaulting on their obligations to pay interest or return principal.

Transamerica Funds Annual Report 2019

Page    9

Transamerica Balanced II

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Shares		Value
COMMON STOCKS - 59.8%
Aerospace & Defense - 1.4%
Boeing Co.		640		$  217,542
General Dynamics Corp.		3,120		551,616
Northrop Grumman Corp.		780		274,934
United Technologies Corp.		4,030		578,628
				1,622,720
Airlines - 0.2%
Delta Air Lines, Inc.		2,790		153,673
Southwest Airlines Co.		1,320		74,091
United Airlines Holdings, Inc. (A)		690		62,680
				290,444
Auto Components - 0.1%
Magna International, Inc.		2,650		142,491
Automobiles - 0.2%
General Motors Co.		6,370		236,709
Banks - 2.9%
Bank of America Corp.		32,500		1,016,275
Citigroup, Inc.		14,030		1,008,196
Citizens Financial Group, Inc.		2,290		80,516
Fifth Third Bancorp		4,350		126,498
KeyCorp		20,139		361,898
Regions Financial Corp.		6,690		107,709
SunTrust Banks, Inc.		2,971		203,038
Wells Fargo & Co.		12,220		630,919
				3,535,049
Beverages - 1.3%
Coca-Cola Co.		19,610		1,067,372
Constellation Brands, Inc., Class A		900		171,297
PepsiCo, Inc.		2,020		277,084
				1,515,753
Biotechnology - 1.6%
AbbVie, Inc.		7,800		620,490
Alexion Pharmaceuticals, Inc. (A)		2,080		219,232
Amgen, Inc.		300		63,975
Biogen, Inc. (A)		1,100		328,581
Celgene Corp. (A)		2,260		244,148
Regeneron Pharmaceuticals, Inc. (A)		550		168,454
Vertex Pharmaceuticals, Inc. (A)		1,520		297,129
				1,942,009
Building Products - 0.2%
Masco Corp.		4,700		217,375
Capital Markets - 2.0%
Ameriprise Financial, Inc.		960		144,854
BlackRock, Inc.		330		152,361
Charles Schwab Corp.		6,550		266,651
Franklin Resources, Inc.		5,110		140,781
Intercontinental Exchange, Inc.		7,800		735,696
Invesco, Ltd.		7,190		120,936
Morgan Stanley		15,190		699,499
S&P Global, Inc.		270		69,657
TD Ameritrade Holding Corp.		690		26,482
				2,356,917
Chemicals - 1.2%
Celanese Corp.		2,010		243,511
Corteva, Inc. (A)		6,200		163,556

	Shares		Value
COMMON STOCKS (continued)
Chemicals (continued)
Dow, Inc. (A)		3,923		$   198,072
DuPont de Nemours, Inc.		3,090		203,662
Eastman Chemical Co.		4,170		317,087
Linde PLC		1,120		222,152
LyondellBasell Industries NV, Class A		1,480		132,756
				1,480,796
Commercial Services & Supplies - 0.2%
Cintas Corp.		200		53,734
Waste Management, Inc.		1,870		209,833
				263,567
Communications Equipment - 0.2%
Cisco Systems, Inc.		3,460		164,384
Motorola Solutions, Inc.		290		48,233
				212,617
Consumer Finance - 0.6%
American Express Co.		850		99,688
Capital One Financial Corp.		4,960		462,520
Synchrony Financial		4,090		144,663
				706,871
Containers & Packaging - 0.3%
Crown Holdings, Inc. (A)		2,610		190,112
Packaging Corp. of America		360		39,406
WestRock Co.		2,570		96,041
				325,559
Diversified Consumer Services - 0.0% (B)
H&R Block, Inc.		1,140		28,489
Diversified Financial Services - 1.0%
Berkshire Hathaway, Inc., Class B (A)		5,670		1,205,329
Diversified Telecommunication Services - 0.8%
AT&T, Inc.		2,300		88,527
Verizon Communications, Inc.		13,510		816,950
				905,477
Electric Utilities - 1.7%
American Electric Power Co., Inc.		1,520		143,473
Edison International		4,860		305,694
Entergy Corp.		2,320		281,834
Exelon Corp.		1,430		65,051
NextEra Energy, Inc.		2,960		705,486
Xcel Energy, Inc.		8,760		556,347
				2,057,885
Electrical Equipment - 0.6%
Eaton Corp. PLC		8,260		719,529
Entertainment - 0.8%
Electronic Arts, Inc. (A)		2,330		224,612
Netflix, Inc. (A)		1,640		471,352
Viacom, Inc., Class B		1,460		31,478
Walt Disney Co.		1,930		250,746
				978,188
Equity Real Estate Investment Trusts - 1.4%
AvalonBay Communities, Inc.		1,520		330,843
Boston Properties, Inc.		590		80,948
Equinix, Inc.		500		283,390
Equity Residential		1,200		106,392

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

Transamerica Funds Annual Report 2019

Page    10

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Shares		Value
COMMON STOCKS (continued)
Equity Real Estate Investment Trusts (continued)
Federal Realty Investment Trust		1,060		$   144,171
Host Hotels & Resorts, Inc.		4,880		79,983
Mid-America Apartment Communities, Inc.		310		43,087
Prologis, Inc.		4,060		356,306
Public Storage		300		66,858
Ventas, Inc.		2,560		166,656
VICI Properties, Inc.		2,590		60,994
				1,719,628
Food Products - 0.6%
Conagra Brands, Inc.		1,440		38,952
General Mills, Inc.		4,130		210,052
Mondelez International, Inc., Class A		8,690		455,790
				704,794
Health Care Equipment & Supplies - 1.8%
Becton Dickinson and Co.		300		76,800
Boston Scientific Corp. (A)		14,480		603,816
Intuitive Surgical, Inc. (A)		240		132,708
Medtronic PLC		7,650		833,085
Zimmer Biomet Holdings, Inc.		3,950		546,009
				2,192,418
Health Care Providers & Services - 1.7%
Anthem, Inc.		1,450		390,166
Cigna Corp. (A)		3,790		676,363
McKesson Corp.		560		74,480
UnitedHealth Group, Inc.		3,800		960,260
				2,101,269
Hotels, Restaurants & Leisure - 0.9%
Hilton Worldwide Holdings, Inc.		2,610		253,066
McDonald’s Corp.		1,520		298,984
Royal Caribbean Cruises, Ltd.		610		66,386
Yum! Brands, Inc.		4,674		475,392
				1,093,828
Household Durables - 0.2%
Lennar Corp., Class A		4,100		244,360
Household Products - 0.7%
Kimberly-Clark Corp.		270		35,878
Procter & Gamble Co.		6,520		811,805
				847,683
Industrial Conglomerates - 0.6%
Honeywell International, Inc.		4,450		768,649
Insurance - 1.3%
Allstate Corp.		1,810		192,620
American International Group, Inc.		6,110		323,586
Arthur J. Gallagher & Co.		810		73,888
Everest Re Group, Ltd.		260		66,843
Hartford Financial Services Group, Inc.		6,850		390,998
Lincoln National Corp.		750		42,360
MetLife, Inc.		9,200		430,468
Progressive Corp.		690		48,093
				1,568,856
Interactive Media & Services - 2.8%
Alphabet, Inc., Class A (A)		1,057		1,330,552
Alphabet, Inc., Class C (A)		960		1,209,706

	Shares		Value
COMMON STOCKS (continued)
Interactive Media & Services (continued)
Facebook, Inc., Class A (A)		4,630		$   887,339
				3,427,597
Internet & Direct Marketing Retail - 2.4%
Amazon.com, Inc. (A)		1,396		2,480,217
Booking Holdings, Inc. (A)		30		61,463
Expedia Group, Inc.		2,960		404,514
				2,946,194
IT Services - 3.9%
Accenture PLC, Class A		2,720		504,342
Automatic Data Processing, Inc.		4,980		807,905
Cognizant Technology Solutions Corp., Class A		4,400		268,136
Fiserv, Inc. (A)		1,519		161,227
International Business Machines Corp.		970		129,718
Leidos Holdings, Inc.		870		75,020
Mastercard, Inc., Class A		4,922		1,362,459
PayPal Holdings, Inc. (A)		6,850		713,085
Visa, Inc., Class A		3,600		643,896
				4,665,788
Leisure Products - 0.1%
Hasbro, Inc.		890		86,606
Life Sciences Tools & Services - 0.8%
Illumina, Inc. (A)		410		121,163
Thermo Fisher Scientific, Inc.		2,620		791,188
				912,351
Machinery - 1.4%
Caterpillar, Inc.		1,520		209,456
Cummins, Inc.		2,080		358,758
Deere & Co.		1,090		189,813
Ingersoll-Rand PLC		2,270		288,040
Parker-Hannifin Corp.		1,530		280,740
Snap-on, Inc.		680		110,616
Stanley Black & Decker, Inc.		1,970		298,120
				1,735,543
Media - 2.0%
Altice, Inc., Class A (A)		4,520		139,894
Charter Communications, Inc., Class A (A)		1,500		701,790
Comcast Corp., Class A		26,060		1,168,009
Discovery, Inc., Class A (A) (C)		6,317		170,275
Discovery, Inc., Class C (A)		6,894		174,005
				2,353,973
Metals & Mining - 0.1%
Freeport-McMoRan, Inc.		3,720		36,530
Newmont Goldcorp Corp.		1,360		54,033
				90,563
Multi-Utilities - 0.4%
CMS Energy Corp.		3,720		237,782
Sempra Energy		1,390		200,869
				438,651
Multiline Retail - 0.0% (B)
Target Corp.		330		35,280
Oil, Gas & Consumable Fuels - 2.6%
Chevron Corp.		9,340		1,084,748

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

Transamerica Funds Annual Report 2019

Page    11

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Shares		Value
COMMON STOCKS (continued)
Oil, Gas & Consumable Fuels (continued)
Diamondback Energy, Inc.		2,880		$   246,989
EOG Resources, Inc.		6,510		451,208
Exxon Mobil Corp.		2,270		153,384
Marathon Petroleum Corp.		6,670		426,547
ONEOK, Inc.		5,640		393,841
Pioneer Natural Resources Co.		2,670		328,463
				3,085,180
Pharmaceuticals - 2.6%
Allergan PLC		840		147,932
Bristol-Myers Squibb Co.		8,710		499,693
Eli Lilly & Co.		4,309		491,011
Johnson & Johnson		5,520		728,861
Merck & Co., Inc.		10,540		913,396
Pfizer, Inc.		9,010		345,714
				3,126,607
Road & Rail - 0.9%
Kansas City Southern		280		39,418
Lyft, Inc., Class A (A) (C)		1,050		43,512
Norfolk Southern Corp.		3,520		640,640
Union Pacific Corp.		2,500		413,650
				1,137,220
Semiconductors & Semiconductor Equipment - 2.6%
Advanced Micro Devices, Inc. (A)		9,710		329,460
Analog Devices, Inc.		5,530		589,664
Intel Corp.		2,110		119,278
KLA Corp.		510		86,210
NVIDIA Corp.		2,520		506,571
NXP Semiconductors NV		3,840		436,531
Skyworks Solutions, Inc.		260		23,676
Teradyne, Inc.		5,120		313,446
Texas Instruments, Inc.		6,330		746,877
				3,151,713
Software - 3.8%
Intuit, Inc.		650		167,375
Microsoft Corp.		26,800		3,842,316
salesforce.com, Inc. (A)		3,980		622,830
				4,632,521
Specialty Retail - 2.7%
Advance Auto Parts, Inc.		510		82,865
AutoZone, Inc. (A)		493		564,179
Best Buy Co., Inc.		4,840		347,657
Home Depot, Inc.		3,560		835,105
Lowe’s Cos., Inc.		5,310		592,649
O’Reilly Automotive, Inc. (A)		380		165,494
Ross Stores, Inc.		2,090		229,210
TJX Cos., Inc.		7,060		407,009
				3,224,168
Technology Hardware, Storage & Peripherals - 2.9%
Apple, Inc.		13,470		3,350,797
HP, Inc.		9,550		165,884
				3,516,681
Textiles, Apparel & Luxury Goods - 0.4%
NIKE, Inc., Class B		5,170		462,973

	Shares		Value
COMMON STOCKS (continued)
Textiles, Apparel & Luxury Goods (continued)
Ralph Lauren Corp.		760		$   73,006
				535,979
Tobacco - 0.8%
Altria Group, Inc.		5,450		244,105
Philip Morris International, Inc.		8,940		728,074
				972,179
Wireless Telecommunication Services - 0.1%
T-Mobile, Inc. (A)		1,180		97,539
Total Common Stocks (Cost $61,221,249)				72,157,592
PREFERRED STOCK - 0.0% (B)
Electric Utilities - 0.0% (B)
SCE Trust III,
Series H, Fixed until 03/15/2024, 5.75% (D)		320		7,638
Total Preferred Stock (Cost $8,784)				7,638
	Principal		Value
ASSET-BACKED SECURITIES - 3.0%
BlueMountain CLO, Ltd. Series 2015-2A, Class A1R, 3-Month LIBOR + 0.93%, 2.93% (D), 07/18/2027 (E)		$  250,000		248,750
BRE Grand Islander Timeshare Issuer LLC Series 2017-1A, Class A, 2.94%, 05/25/2029 (E)		47,512		47,708
BXG Receivables Note Trust Series 2015-A, Class A, 2.88%, 05/02/2030 (E)		46,335		46,281
CIFC Funding, Ltd. Series 2013-2A, Class A1LR, 3-Month LIBOR + 1.21%, 3.21% (D), 10/18/2030 (E)		250,000		249,998
JGWPT XXVI LLC Series 2012-2A, Class A, 3.84%, 10/15/2059 (E)		151,571		163,918
JGWPT XXVIII LLC Series 2013-1A, Class A, 3.22%, 04/15/2067 (E)		155,224		161,014
Laurel Road Prime Student Loan Trust Series 2018-B, Class A2FX, 3.54%, 05/26/2043 (E)		100,000		103,475
MVW Owner Trust
Series 2014-1A, Class A,
2.25%, 09/22/2031 (E)		30,102		30,093
Series 2016-1A, Class A,
2.25%, 12/20/2033 (E)		31,243		31,094
New Residential Advanced Receivables Trust
Series 2019-T2, Class AT2,
2.52%, 08/15/2053 (E)		380,000		379,533
Series 2019-T3, Class AT3,
2.51%, 10/20/2052 (E)		100,000		100,381

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

Transamerica Funds Annual Report 2019

Page    12

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Octagon Investment Partners 33, Ltd. Series 2017-1A, Class A1, 3-Month LIBOR + 1.19%, 3.16% (D), 01/20/2031 (E)		$   200,000		$   199,188
Ocwen Master Advance Receivables Trust
Series 2019-T1, Class AT1,
2.51%, 08/15/2050 (E)		118,000		118,306
Series 2019-T2, Class AT2,
2.42%, 08/15/2051 (E)		118,000		118,399
Orange Lake Timeshare Trust Series 2016-A, Class A, 2.61%, 03/08/2029 (E)		118,356		119,094
Palmer Square CLO, Ltd. Series 2015-2A, Class A1AR, 3-Month LIBOR + 1.27%, 3.24% (D), 07/20/2030 (E)		250,000		249,900
Sierra Timeshare Receivables Funding LLC
Series 2015-1A, Class A,
2.40%, 03/22/2032 (E)		11,613		11,610
Series 2015-1A, Class B,
3.05%, 03/22/2032 (E)		12,118		12,115
Series 2016-2A, Class A,
2.33%, 07/20/2033 (E)		19,396		19,376
SolarCity LMC LLC Series 2014-2, Class A, 4.02%, 07/20/2044 (E)		120,702		121,968
Towd Point Mortgage Trust
Series 2015-3, Class A1B,
3.00% (D), 03/25/2054 (E)		67,375		67,674
Series 2015-5, Class A1B,
2.75% (D), 05/25/2055 (E)		69,376		69,654
Series 2016-1, Class A1B,
2.75% (D), 02/25/2055 (E)		59,763		60,077
Series 2017-1, Class A1,
2.75% (D), 10/25/2056 (E)		113,881		115,228
Series 2017-3, Class A1,
2.75% (D), 07/25/2057 (E)		61,421		61,989
Series 2017-6, Class A1,
2.75% (D), 10/25/2057 (E)		210,093		211,842
Series 2018-1, Class A1,
3.00% (D), 01/25/2058 (E)		130,727		132,633
Series 2018-4, Class A1,
3.00% (D), 06/25/2058 (E)		112,592		115,785
VB-S1 Issuer LLC Series 2018-1A, Class C, 3.41%, 02/15/2048 (E)		145,000		146,960
VSE VOI Mortgage LLC Series 2016-A, Class A, 2.54%, 07/20/2033 (E)		32,695		32,682
Welk Resorts LLC Series 2017-AA, Class A, 2.82%, 06/15/2033 (E)		80,639		81,523
Total Asset-Backed Securities (Cost $3,591,091)				3,628,248
CORPORATE DEBT SECURITIES - 13.9%
Aerospace & Defense - 0.1%
Boeing Co. 3.50%, 03/01/2039		101,000		104,976

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Airlines - 0.6%
American Airlines Pass-Through Trust
3.15%, 08/15/2033		$   28,000		$   29,284
3.20%, 12/15/2029		55,412		57,273
3.70%, 04/01/2028 (F)		0		0
Delta Air Lines Pass-Through Trust 6.82%, 02/10/2024		248,049		271,723
JetBlue Pass-Through Trust 2.75%, 11/15/2033 (G)		97,000		97,950
United Airlines Pass-Through Trust 3.75%, 03/03/2028		203,457		215,841
				672,071
Auto Components - 0.1%
BorgWarner, Inc. 3.38%, 03/15/2025		92,000		96,214
Automobiles - 0.1%
Ford Motor Co. 4.35%, 12/08/2026		69,000		69,376
General Motors Co.
4.88%, 10/02/2023		26,000		27,927
6.25%, 10/02/2043		17,000		18,994
				116,297
Banks - 1.9%
Bank of America Corp.
Fixed until 01/23/2025, 3.37% (D), 01/23/2026		263,000		275,114
Fixed until 12/20/2027, 3.42% (D), 12/20/2028		69,000		72,223
Barclays Bank PLC 10.18%, 06/12/2021 (E)		147,000		164,575
BNP Paribas SA 4.40%, 08/14/2028 (E)		251,000		279,539
BPCE SA 2.70%, 10/01/2029 (E)		279,000		279,181
CIT Group, Inc. 4.13%, 03/09/2021		10,000		10,225
Citigroup, Inc.
Fixed until 04/24/2024, 3.35% (D), 04/24/2025		95,000		98,834
Fixed until 10/27/2027, 3.52% (D), 10/27/2028		90,000		94,743
4.50%, 01/14/2022		48,000		50,472
Commerzbank AG 8.13%, 09/19/2023 (E)		255,000		297,861
Intesa Sanpaolo SpA 5.02%, 06/26/2024 (E)		65,000		67,849
JPMorgan Chase & Co.
Fixed until 07/23/2023, 3.80% (D), 07/23/2024		140,000		148,077
4.13%, 12/15/2026		138,000		150,679
6.40%, 05/15/2038		72,000		102,498
Wells Fargo & Co.
4.10%, 06/03/2026, MTN		186,000		200,134
Fixed until 06/15/2024 (H), 5.90% (D)		45,000		48,600
				2,340,604
Beverages - 0.4%
Anheuser-Busch InBev Worldwide, Inc.
4.15%, 01/23/2025		41,000		44,824

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

Transamerica Funds Annual Report 2019

Page    13

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Beverages (continued)
Anheuser-Busch InBev Worldwide, Inc. (continued)
4.44%, 10/06/2048		$   108,000		$   121,225
4.75%, 01/23/2029		87,000		101,112
Constellation Brands, Inc.
3.15%, 08/01/2029		45,000		45,825
3.70%, 12/06/2026		18,000		19,268
Pernod Ricard SA 5.75%, 04/07/2021 (E)		128,000		134,727
				466,981
Biotechnology - 0.1%
AbbVie, Inc. 3.20%, 05/14/2026		116,000		118,795
Gilead Sciences, Inc. 4.15%, 03/01/2047		27,000		30,004
				148,799
Capital Markets - 0.9%
Credit Suisse Group Funding Guernsey, Ltd. 3.75%, 03/26/2025		250,000		263,766
Goldman Sachs Group, Inc.
5.25%, 07/27/2021		101,000		106,468
6.75%, 10/01/2037		73,000		99,330
Lazard Group LLC 4.50%, 09/19/2028		104,000		114,174
Morgan Stanley
3.70%, 10/23/2024, MTN		141,000		150,012
Fixed until 01/24/2028, 3.77% (D), 01/24/2029, MTN		22,000		23,582
5.00%, 11/24/2025		66,000		74,193
UBS AG 7.63%, 08/17/2022		250,000		281,750
				1,113,275
Commercial Services & Supplies - 0.2%
ERAC Finance LLC 3.85%, 11/15/2024 (E)		123,000		131,319
Waste Management, Inc. 3.20%, 06/15/2026		92,000		97,594
				228,913
Communications Equipment - 0.1%
Nokia OYJ 3.38%, 06/12/2022		92,000		93,035
Construction & Engineering - 0.5%
SBA Tower Trust
2.84%, 01/15/2050 (E)		333,000		336,310
2.88%, 07/15/2046 (E)		58,000		58,263
3.17%, 04/09/2047 (E)		110,000		111,459
3.45%, 03/15/2048 (E)		78,000		80,455
				586,487
Construction Materials - 0.3%
LafargeHolcim Finance LLC 4.75%, 09/22/2046 (E)		200,000		212,025
Martin Marietta Materials, Inc.
3.50%, 12/15/2027		90,000		94,097
4.25%, 12/15/2047		27,000		27,584
				333,706

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Consumer Finance - 0.3%
Ally Financial, Inc.
3.88%, 05/21/2024		$   57,000		$   59,531
4.13%, 03/30/2020		120,000		120,780
American Express Co. 4.05%, 12/03/2042		44,000		51,240
BMW Capital LLC 2.80%, 04/11/2026 (E)		72,000		72,946
Capital One Financial Corp. 3.30%, 10/30/2024		80,000		83,291
Discover Financial Services 3.75%, 03/04/2025		1,000		1,061
				388,849
Containers & Packaging - 0.1%
International Paper Co. 4.75%, 02/15/2022		44,000		46,318
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC 6.88%, 02/15/2021		34,654		34,697
				81,015
Diversified Consumer Services - 0.0% (B)
President & Fellows of Harvard College 3.62%, 10/01/2037		14,000		15,469
Diversified Financial Services - 0.1%
Aviation Capital Group LLC 7.13%, 10/15/2020 (E)		134,000		140,010
Kaupthing Bank 7.63%, 02/28/2020 (E) (I) (J) (K)		710,000		0
				140,010
Diversified Telecommunication Services - 0.5%
AT&T, Inc. 3.40%, 05/15/2025		114,000		119,450
GTP Acquisition Partners I LLC 2.35%, 06/15/2045 (E)		40,000		40,014
Hughes Satellite Systems Corp. 7.63%, 06/15/2021		74,000		79,735
Sprint Capital Corp. 6.88%, 11/15/2028		24,000		26,152
Verizon Communications, Inc.
3.50%, 11/01/2024		118,000		125,363
5.50%, 03/16/2047		164,000		223,452
				614,166
Electric Utilities - 0.6%
Appalachian Power Co. 3.40%, 06/01/2025		96,000		100,580
Cleveland Electric Illuminating Co. 5.95%, 12/15/2036		38,000		48,634
Duke Energy Corp. 3.75%, 04/15/2024 - 09/01/2046		197,000		204,159
Duke Energy Progress LLC 3.60%, 09/15/2047		70,000		75,079
Entergy Arkansas LLC 3.70%, 06/01/2024		53,000		56,501
Oncor Electric Delivery Co. LLC
4.10%, 06/01/2022		10,000		10,496
5.30%, 06/01/2042		22,000		29,245

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

Transamerica Funds Annual Report 2019

Page    14

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electric Utilities (continued)
PacifiCorp
3.60%, 04/01/2024		$   67,000		$   71,034
5.75%, 04/01/2037		22,000		29,503
Public Service Electric & Gas Co. 3.00%, 05/15/2025, MTN		123,000		128,475
				753,706
Electronic Equipment, Instruments & Components - 0.2%
Amphenol Corp. 2.80%, 02/15/2030		42,000		41,401
Arrow Electronics, Inc. 3.88%, 01/12/2028		92,000		95,114
Keysight Technologies, Inc. 4.60%, 04/06/2027		139,000		154,775
				291,290
Energy Equipment & Services - 0.1%
Schlumberger Holdings Corp. 3.90%, 05/17/2028 (E)		100,000		105,658
Schlumberger Investment SA 3.65%, 12/01/2023		29,000		30,691
				136,349
Equity Real Estate Investment Trusts - 0.8%
American Tower Trust #1 3.65%, 03/15/2048 (E)		120,000		128,958
CBL & Associates, LP 5.25%, 12/01/2023 (C)		139,000		97,328
EPR Properties 4.75%, 12/15/2026		104,000		113,304
HCP, Inc. 3.50%, 07/15/2029		51,000		53,694
Healthcare Trust of America Holdings, LP 3.10%, 02/15/2030		59,000		59,038
Highwoods Realty, LP 3.05%, 02/15/2030		75,000		73,946
Kilroy Realty, LP 4.25%, 08/15/2029		89,000		97,522
Life Storage, LP 4.00%, 06/15/2029		52,000		55,772
Service Properties Trust 5.00%, 08/15/2022		92,000		96,312
VEREIT Operating Partnership, LP 4.63%, 11/01/2025		88,000		96,626
WEA Finance LLC 4.13%, 09/20/2028 (E)		93,000		101,186
				973,686
Food & Staples Retailing - 0.2%
Sysco Corp. 3.30%, 07/15/2026		70,000		73,896
Walmart, Inc. 3.63%, 12/15/2047		118,000		131,325
				205,221
Health Care Equipment & Supplies - 0.3%
Abbott Laboratories 3.75%, 11/30/2026		100,000		109,564
Alcon Finance Corp. 2.75%, 09/23/2026 (E)		200,000		204,187

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Health Care Equipment & Supplies (continued)
Boston Scientific Corp. 4.70%, 03/01/2049		$   73,000		$   88,747
				402,498
Health Care Providers & Services - 0.3%
Cigna Corp. 4.13%, 11/15/2025		58,000		62,818
CVS Health Corp.
2.13%, 06/01/2021		50,000		50,077
4.10%, 03/25/2025		61,000		65,532
HCA Healthcare, Inc. 6.25%, 02/15/2021		50,000		52,375
HCA, Inc.
4.13%, 06/15/2029		31,000		32,842
5.25%, 04/15/2025		18,000		20,027
Quest Diagnostics, Inc. 4.20%, 06/30/2029		102,000		112,834
				396,505
Household Durables - 0.1%
D.R. Horton, Inc. 4.38%, 09/15/2022		82,000		86,043
Industrial Conglomerates - 0.1%
Carlisle Cos., Inc. 3.75%, 12/01/2027		80,000		84,455
General Electric Co. 6.88%, 01/10/2039, MTN		17,000		22,506
				106,961
Insurance - 0.5%
Athene Global Funding 3.00%, 07/01/2022 (E)		81,000		82,435
CNA Financial Corp. 3.90%, 05/01/2029		57,000		61,874
Hartford Financial Services Group, Inc. 2.80%, 08/19/2029		139,000		139,644
Lincoln National Corp. 3.63%, 12/12/2026		74,000		78,342
Markel Corp. 3.35%, 09/17/2029		33,000		33,710
Reinsurance Group of America, Inc. 3.90%, 05/15/2029		122,000		130,861
RenaissanceRe Finance, Inc. 3.45%, 07/01/2027		111,000		114,733
				641,599
Interactive Media & Services - 0.3%
Baidu, Inc. 4.38%, 05/14/2024		200,000		212,631
Tencent Holdings, Ltd. 3.28%, 04/11/2024 (E)		97,000		99,886
				312,517
Internet & Direct Marketing Retail - 0.1%
Booking Holdings, Inc. 3.60%, 06/01/2026		45,000		48,720
Expedia Group, Inc.
3.25%, 02/15/2030 (E)		40,000		40,027
3.80%, 02/15/2028		72,000		75,541
				164,288

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

Transamerica Funds Annual Report 2019

Page    15

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
IT Services - 0.1%
DXC Technology Co. 4.75%, 04/15/2027		$   27,000		$   28,535
Fidelity National Information Services, Inc. 3.75%, 05/21/2029		38,000		41,376
Fiserv, Inc. 3.50%, 07/01/2029		69,000		72,990
				142,901
Life Sciences Tools & Services - 0.0% (B)
Thermo Fisher Scientific, Inc. 5.30%, 02/01/2044		40,000		51,420
Media - 0.3%
CCO Holdings LLC / CCO Holdings Capital Corp. 5.75%, 01/15/2024		6,000		6,148
Charter Communications Operating LLC / Charter Communications Operating Capital 4.80%, 03/01/2050		49,000		50,159
Clear Channel Worldwide Holdings, Inc. 5.13%, 08/15/2027 (E)		35,000		36,433
NBCUniversal Media LLC
4.38%, 04/01/2021		182,000		188,311
4.45%, 01/15/2043		42,000		48,546
				329,597
Metals & Mining - 0.2%
Anglo American Capital PLC 4.00%, 09/11/2027 (E)		200,000		207,668
Freeport-McMoRan, Inc. 3.88%, 03/15/2023		45,000		45,675
				253,343
Multi-Utilities - 0.3%
Black Hills Corp. 4.25%, 11/30/2023		79,000		84,365
CMS Energy Corp.
3.88%, 03/01/2024		19,000		20,035
4.88%, 03/01/2044		29,000		35,022
Dominion Energy, Inc. 2.58%, 07/01/2020		69,000		69,206
DTE Electric Co. 4.30%, 07/01/2044		90,000		107,560
Public Service Enterprise Group, Inc. 2.65%, 11/15/2022		8,000		8,134
				324,322
Oil, Gas & Consumable Fuels - 1.2%
BP Capital Markets PLC 3.12%, 05/04/2026		193,000		199,232
Energy Transfer Operating, LP
5.15%, 03/15/2045		148,000		154,288
5.95%, 10/01/2043		31,000		34,619
Enterprise Products Operating LLC 4.25%, 02/15/2048		115,000		123,403
EOG Resources, Inc. 2.45%, 04/01/2020 (C)		78,000		78,133
Kinder Morgan Energy Partners, LP 4.15%, 02/01/2024		58,000		61,762
Nexen, Inc. 5.88%, 03/10/2035		10,000		12,931

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Noble Energy, Inc. 3.25%, 10/15/2029		$   119,000		$   118,401
Occidental Petroleum Corp. 5.55%, 03/15/2026		68,000		77,206
Petroleos Mexicanos
6.84%, 01/23/2030 (E)		139,000		148,382
7.69%, 01/23/2050 (E)		17,000		18,473
Plains All American Pipeline, LP / PAA Finance Corp. 3.55%, 12/15/2029		108,000		103,258
Sabine Pass Liquefaction LLC 4.20%, 03/15/2028		46,000		48,529
Shell International Finance BV
2.50%, 09/12/2026		114,000		116,336
3.75%, 09/12/2046		34,000		37,871
TransCanada PipeLines, Ltd.
3.75%, 10/16/2023		32,000		33,803
4.63%, 03/01/2034		31,000		35,387
Williams Cos., Inc.
5.40%, 03/04/2044		31,000		34,407
7.88%, 09/01/2021		29,000		31,852
				1,468,273
Pharmaceuticals - 0.4%
AstraZeneca PLC
2.38%, 06/12/2022		72,000		72,675
4.00%, 01/17/2029		28,000		31,362
4.38%, 08/17/2048		71,000		84,320
Bayer Finance LLC 3.00%, 10/08/2021 (E)		200,000		202,750
Bristol-Myers Squibb Co. 3.20%, 06/15/2026 (E)		42,000		44,606
Merck & Co., Inc. 3.40%, 03/07/2029		46,000		50,172
				485,885
Road & Rail - 0.2%
Burlington Northern Santa Fe LLC
3.00%, 03/15/2023		15,000		15,475
3.75%, 04/01/2024		10,000		10,708
CSX Corp. 3.80%, 11/01/2046		50,000		52,528
Park Aerospace Holdings, Ltd. 5.50%, 02/15/2024 (E)		172,000		189,097
				267,808
Semiconductors & Semiconductor Equipment - 0.4%
Intel Corp. 2.88%, 05/11/2024		127,000		132,175
KLA Corp. 4.10%, 03/15/2029		68,000		75,321
Lam Research Corp. 3.75%, 03/15/2026		78,000		84,217
NXP BV / NXP Funding LLC 4.88%, 03/01/2024 (E)		38,000		41,292
QUALCOMM, Inc. 3.25%, 05/20/2027		66,000		69,437
Sensata Technologies, Inc. Co. 4.38%, 02/15/2030 (E)		11,000		11,076
				413,518

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

Transamerica Funds Annual Report 2019

Page    16

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Software - 0.0% (B)
Microsoft Corp. 3.30%, 02/06/2027		$   45,000		$   48,711
Technology Hardware, Storage & Peripherals - 0.3%
Apple, Inc. 2.85%, 02/23/2023		92,000		94,860
Dell International LLC / EMC Corp. 6.02%, 06/15/2026 (E)		66,000		75,331
Western Digital Corp. 4.75%, 02/15/2026 (C)		120,000		122,628
				292,819
Tobacco - 0.2%
Altria Group, Inc. 4.40%, 02/14/2026		92,000		99,224
BAT Capital Corp. 3.22%, 08/15/2024		96,000		97,460
				196,684
Transportation Infrastructure - 0.1%
Penske Truck Leasing Co., LP / PTL Finance Corp. 3.45%, 07/01/2024 (E)		53,000		55,226
Wireless Telecommunication Services - 0.3%
America Movil SAB de CV 3.13%, 07/16/2022		200,000		205,022
Crown Castle Towers LLC
3.22%, 05/15/2042 (E)		42,000		42,533
3.72%, 07/15/2043 (E)		105,000		108,830
Sprint Corp. 7.88%, 09/15/2023		42,000		46,357
				402,742
Total Corporate Debt Securities (Cost $16,017,981)				16,744,779
FOREIGN GOVERNMENT OBLIGATIONS - 0.6%
Colombia - 0.2%
Colombia Government International Bond 4.50%, 01/28/2026		200,000		218,800
Indonesia - 0.2%
Indonesia Government International Bond 5.38%, 10/17/2023 (E)		200,000		220,593
Mexico - 0.1%
Mexico Government International Bond 3.75%, 01/11/2028		116,000		120,930
Peru - 0.1%
Peru Government International Bond 7.35%, 07/21/2025		100,000		126,851
Total Foreign Government Obligations (Cost $655,351)				687,174
MORTGAGE-BACKED SECURITIES - 4.4%
Alternative Loan Trust Series 2007-22, Class 2A16, 6.50%, 09/25/2037		170,243		112,488
BB-UBS Trust
Series 2012-TFT, Class A,
2.89%, 06/05/2030 (E)		140,000		139,982
Series 2012-TFT, Class C,
3.47% (D), 06/05/2030 (E)		315,000		312,536

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
BBCMS Trust Series 2013-TYSN, Class B, 4.04%, 09/05/2032 (E)		$   245,000		$   247,143
Caesars Palace Las Vegas Trust Series 2017-VICI, Class A, 3.53%, 10/15/2034 (E)		250,000		259,985
Citigroup Commercial Mortgage Trust
Series 2014-GC19, Class A3,
3.75%, 03/10/2047		24,969		26,489
Series 2014-GC19, Class A4,
4.02%, 03/10/2047		65,000		69,687
Series 2015-GC27, Class B,
3.77%, 02/10/2048		157,700		164,569
Citigroup Mortgage Loan Trust, Inc.
Series 2015-A, Class A1,
3.50% (D), 06/25/2058 (E)		68,026		68,774
Series 2018-RP1, Class A1,
3.00% (D), 09/25/2064 (E)		82,454		83,327
COMM Mortgage Trust
Series 2013-CR11, Class AM,
4.72% (D), 08/10/2050		20,000		21,731
Series 2013-GAM, Class A2,
3.37%, 02/10/2028 (E)		100,000		100,653
Series 2015-3BP, Class A,
3.18%, 02/10/2035 (E)		210,000		220,304
Series 2016-GCT, Class C,
3.46% (D), 08/10/2029 (E)		100,000		101,255
Commercial Mortgage Pass-Through Certificates Trust Series 2012-LTRT, Class A2, 3.40%, 10/05/2030 (E)		132,000		134,197
CSMC Trust Series 2014-4R, Class 21A1, 1-Month LIBOR + 0.33%, 2.68% (D), 12/27/2035 (E)		124,958		124,384
GMACM Mortgage Loan Trust Series 2005-AR1, Class 3A, 4.72% (D), 03/18/2035		59,847		60,723
GS Mortgage Securities Trust Series 2013-G1, Class A2, 3.56% (D), 04/10/2031 (E)		285,000		291,109
Impac CMB Trust Series 2004-6, Class 1A1, 1-Month LIBOR + 0.80%, 2.62% (D), 10/25/2034		39,975		40,059
IndyMac INDX Mortgage Loan Trust Series 2007-AR15, Class 2A1, 3.79% (D), 08/25/2037		123,804		107,599
Merrill Lynch Mortgage Investors Trust Series 2003-F, Class A1, 1-Month LIBOR + 0.64%, 2.46% (D), 10/25/2028		23,380		23,492
Morgan Stanley Capital Barclays Bank Trust Series 2016-MART, Class A, 2.20%, 09/13/2031 (E)		360,000		360,128
Morgan Stanley Resecuritization Trust Series 2014-R3, Class 2A, 3.00% (D), 07/26/2048 (E)		109,452		109,203

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

Transamerica Funds Annual Report 2019

Page    17

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Motel 6 Trust Series 2017-MTL6, Class C, 1-Month LIBOR + 1.40%, 3.31% (D), 08/15/2034 (E)		$   345,626		$   345,625
Nationstar Mortgage Loan Trust Series 2013-A, Class A, 3.75% (D), 12/25/2052 (E)		63,328		64,717
New Residential Mortgage Loan Trust
Series 2014-1A, Class A,
3.75% (D), 01/25/2054 (E)		29,652		30,881
Series 2014-2A, Class A3,
3.75% (D), 05/25/2054 (E)		75,708		77,041
Series 2014-3A, Class AFX3,
3.75% (D), 11/25/2054 (E)		53,831		55,997
Series 2016-3A, Class A1B,
3.25% (D), 09/25/2056 (E)		51,363		52,589
Series 2017-1A, Class A1,
4.00% (D), 02/25/2057 (E)		108,985		114,387
Series 2017-3A, Class A1,
4.00% (D), 04/25/2057 (E)		182,763		190,888
Series 2017-4A, Class A1,
4.00% (D), 05/25/2057 (E)		71,665		75,247
Series 2019-4A, Class A1B,
3.50% (D), 12/25/2058 (E)		241,898		249,768
Series 2019-5A, Class A1B,
3.50% (D), 07/01/2059 (E)		234,937		240,530
One Market Plaza Trust Series 2017-1MKT, Class A, 3.61%, 02/10/2032 (E)		195,000		201,236
Queens Center Mortgage Trust Series 2013-QCA, Class D, 3.47% (D), 01/11/2037 (E)		130,000		132,491
Structured Asset Mortgage Investments II Trust Series 2003-AR4, Class A1, 1-Month LIBOR + 0.70%, 2.55% (D), 01/19/2034		57,738		57,386
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 06/10/2030 (E)		225,000		231,322
Total Mortgage-Backed Securities (Cost $5,269,553)				5,299,922
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.4%
California - 0.3%
Los Angeles Community College District, General Obligation Unlimited, 6.60%, 08/01/2042		15,000		23,449
State of California, General Obligation Unlimited
7.30%, 10/01/2039		50,000		77,350
7.60%, 11/01/2040		55,000		92,801
7.95%, 03/01/2036		95,000		96,816
University of California, Revenue Bonds, Series AD, 4.86%, 05/15/2112		10,000		12,961
				303,377

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Georgia - 0.0% (B)
Municipal Electric Authority of Georgia, Revenue Bonds, Series A, 6.64%, 04/01/2057		$   10,000		$   14,013
New Jersey - 0.0% (B)
New Jersey Turnpike Authority, Revenue Bonds, Series F, 7.41%, 01/01/2040		14,000		22,419
New York - 0.1%
Metropolitan Transportation Authority, Revenue Bonds, Series E, 6.81%, 11/15/2040		15,000		21,474
New York City Water & Sewer System, Revenue Bonds, Series CC, 5.88%, 06/15/2044		15,000		22,024
New York State Dormitory Authority, Revenue Bonds, Series H, 5.39%, 03/15/2040		10,000		13,155
Port Authority of New York & New Jersey, Revenue Bonds, Series 181, 4.96%, 08/01/2046		20,000		26,630
				83,283
Total Municipal Government Obligations (Cost $394,417)				423,092
U.S. GOVERNMENT AGENCY OBLIGATIONS - 8.0%
Federal Home Loan Mortgage Corp.
12-Month LIBOR + 1.90%, 5.03% (D), 02/01/2041		5,442		5,684
5.50%, 06/01/2041		18,742		21,059
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
2.89%, 06/25/2027		379,781		394,974
3.01%, 07/25/2025		388,000		408,237
3.06% (D), 08/25/2024		405,000		421,805
Federal National Mortgage Association
3.33% (D), 10/25/2023		49,396		51,990
3.50%, 11/01/2028 - 01/01/2029		75,103		78,745
4.00%, 10/01/2025 - 06/01/2042		49,138		51,998
4.50%, 02/01/2025 - 06/01/2026		57,111		59,933
12-Month LIBOR + 1.75%, 4.82% (D), 03/01/2041		4,263		4,451
12-Month LIBOR + 1.82%, 4.90% (D), 03/01/2041		1,763		1,851
5.00%, 04/01/2039 - 11/01/2039		174,789		193,865
5.50%, 09/01/2036 - 12/01/2041		244,648		276,553
6.00%, 02/01/2038 - 06/01/2041		256,654		295,389
6.50%, 05/01/2040		34,231		39,419
Government National Mortgage Association, Interest Only STRIPS 0.80% (D), 02/16/2053		173,779		8,475
Uniform Mortgage-Backed Security
2.50%, TBA (G)		491,000		496,274

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

Transamerica Funds Annual Report 2019

Page    18

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Uniform Mortgage-Backed Security (continued)
3.00%, TBA (G)		$   2,952,000		$   3,001,979
3.50%, TBA (G)		2,673,000		2,744,419
4.00%, TBA (G)		1,088,000		1,129,055
Total U.S. Government Agency Obligations (Cost $9,644,995)				9,686,155
U.S. GOVERNMENT OBLIGATIONS - 9.2%
U.S. Treasury - 8.0%
U.S. Treasury Bond
2.25%, 08/15/2046		123,000		124,720
2.50%, 02/15/2045 - 05/15/2046		514,000		546,914
2.75%, 08/15/2042 - 11/15/2047		1,013,500		1,127,511
2.88%, 08/15/2045		166,000		189,130
3.00%, 05/15/2042 - 08/15/2048		247,100		287,639
3.13%, 05/15/2048		17,000		20,429
3.50%, 02/15/2039		369,000		457,992
3.63%, 02/15/2044		1,105,300		1,412,625
4.50%, 02/15/2036		69,000		94,517
4.75%, 02/15/2037		535,000		761,163
5.25%, 02/15/2029		177,000		231,393
U.S. Treasury Note
1.13%, 06/30/2021 - 09/30/2021		255,000		252,990
1.50%, 08/15/2026		145,000		144,031
1.63%, 08/15/2022 - 05/15/2026		399,800		400,782
1.75%, 11/30/2021		163,000		163,662
1.88%, 11/30/2021		155,000		156,084
2.00%, 01/31/2020 - 12/31/2021		625,000		628,127
2.25%, 11/15/2027		311,300		325,734
2.50%, 08/15/2023		156,000		161,558
2.63%, 08/15/2020 - 02/15/2029		1,296,900		1,330,288
2.88%, 05/15/2028 - 05/15/2049		464,500		526,692
3.13%, 11/15/2028		249,500		279,781
				9,623,762
U.S. Treasury Inflation-Protected Securities - 1.2%
U.S. Treasury Inflation-Indexed Bond
1.75%, 01/15/2028		88,184		99,241
2.50%, 01/15/2029		325,896		394,241
U.S. Treasury Inflation-Indexed Note 0.63%, 01/15/2024		947,898		963,960
				1,457,442
Total U.S. Government Obligations (Cost $10,343,077)				11,081,204
COMMERCIAL PAPER - 5.2%
Banks - 1.8%
Banco Santander SA 2.22% (L), 11/08/2019		325,000		324,862
Bedford Row Funding Corp. 2.14% (L), 12/17/2019		475,000		473,725
Concord Minutemen Capital Co. 2.15% (L), 01/02/2020		425,000		423,456
HSBC Bank PLC 1.96% (L), 01/23/2020		450,000		448,008
Skandinaviska Enskilda Banken AG 2.20% (L), 11/06/2019		474,000		473,858
				2,143,909

	Principal		Value
COMMERCIAL PAPER (continued)
Capital Markets - 0.2%
Cedar Springs Capital Co. LLC 2.16% (L), 12/04/2019		$   300,000		$   299,417
Diversified Financial Services - 2.9%
Alpine Securitization 2.19% (L), 11/21/2019		300,000		299,642
Atlantic Asset Securitization LLC
2.10% (L), 12/17/2019		250,000		249,342
2.14% (L), 11/12/2019		250,000		249,840
Bennington Stark Capital Co. LLC 2.17% (L), 11/19/2019		400,000		399,574
Gotham Funding Corp. 2.18% (L), 12/13/2019		300,000		299,251
Le Fayette Asset Securitization LLC 2.15% (L), 12/03/2019		300,000		299,437
Mont Blanc Capital Corp. 2.32% (L), 11/05/2019		300,000		299,924
Nieuw Amsterdam Receivables Corp. 2.11% (L), 01/15/2020		400,000		398,275
Ridgefield Funding Co. 2.19% (L), 11/19/2019		250,000		249,731
Sheffield Receivables Corp. 2.18% (L), 11/19/2019		500,000		499,465
Victory Receivables 2.18% (L), 12/13/2019		250,000		249,376
				3,493,857
Software - 0.3%
Manhattan Asset Funding Co. LLC 2.13% (L), 01/13/2020		400,000		398,305
Total Commercial Paper (Cost $6,335,488)				6,335,488
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 0.8%
U.S. Treasury Bill
1.73% (L), 01/02/2020		700,000		697,956
1.88% (L), 11/21/2019		175,000		174,821
2.01% (L), 11/07/2019		125,000		124,959
Total Short-Term U.S. Government Obligations (Cost $997,736)				997,736
	Shares		Value
OTHER INVESTMENT COMPANY - 0.4%
Securities Lending Collateral - 0.4%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.75% (L)		484,478		484,478
Total Other Investment Company (Cost $484,478)				484,478
Total Investments (Cost $114,964,200)				127,533,506
Net Other Assets (Liabilities) - (5.7)%				(6,860,300	)
Net Assets - 100.0%				$  120,673,206

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

Transamerica Funds Annual Report 2019

Page    19

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

FUTURES CONTRACTS:
Long Futures Contracts:
Description	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation		Unrealized Depreciation
S&P 500® E-Mini Index		2		12/20/2019	$	300,154	$	303,580	$	3,426	$	—

SECURITY VALUATION:

Valuation Inputs ^(M)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs (N)		Value
ASSETS
Investments
Common Stocks	$	72,157,592	$	—	$	—	$	72,157,592
Preferred Stock		7,638		—		—		7,638
Asset-Backed Securities		—		3,628,248		—		3,628,248
Corporate Debt Securities		—		16,744,779		0		16,744,779
Foreign Government Obligations		—		687,174		—		687,174
Mortgage-Backed Securities		—		5,299,922		—		5,299,922
Municipal Government Obligations		—		423,092		—		423,092
U.S. Government Agency Obligations		—		9,686,155		—		9,686,155
U.S. Government Obligations		—		11,081,204		—		11,081,204
Commercial Paper		—		6,335,488		—		6,335,488
Short-Term U.S. Government Obligations		—		997,736		—		997,736
Other Investment Company		484,478		—		—		484,478
Total Investments	$	72,649,708	$	54,883,798	$	0	$	127,533,506
Other Financial Instruments
Futures Contracts (O)	$	3,426	$	—	$	—	$	3,426
Total Other Financial Instruments	$	3,426	$	—	$	—	$	3,426

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	Percentage rounds to less than 0.1% or (0.1)%.
(C)	All or a portion of the securities are on loan. The total value of all securities on loan is $474,665. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(D)	Floating or variable rate securities. The rates disclosed are as of October 31, 2019. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(E)	Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2019, the total value of 144A securities is $12,815,107, representing 10.6% of the Fund’s net assets.
(F)	Rounds to less than $1 or $(1).
(G)	When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after October 31, 2019. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(H)	Perpetual maturity. The date displayed is the next call date.
(I)	Security is Level 3 of the fair value hierarchy.
(J)	Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2019, the value of the security is $0, representing 0.00% of the Fund’s net assets.
(K)	Securities deemed worthless.
(L)	Rates disclosed reflect the yields at October 31, 2019.
(M)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(N)	Level 3 securities were not considered significant to the Fund.
(O)	Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation).

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

Transamerica Funds Annual Report 2019

Page    20

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

PORTFOLIO ABBREVIATIONS:

LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
STRIPS	Separate Trading of Registered Interest and Principal of Securities
TBA	To Be Announced

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

Transamerica Funds Annual Report 2019

Page    21

Transamerica Bond

(unaudited)

MARKET ENVIRONMENT

The fiscal year ended October 31, 2019 began with the prospects of healthy but moderating economic activity and global trade tensions that could potentially derail it. As consumption, fixed investments and government spending growth slowed, so did year-over-year gross domestic product (“GDP”) growth. Lower expectations prevailed throughout the year while any lingering optimism was reduced by a tumultuous geopolitical environment. As trade wars between the U.S. and China, and Japan and South Korea intensified, so did their impact on underlying economies.

Risks around trade policy were a concern for the U.S. Federal Reserve (“Fed”), which lowered 2019 GDP projections in December. Still, they stayed the course in normalizing rates given continued economic strength, and hiked rates once more in December of 2018. As a result, market expectations on Fed action soured, pricing in no further hike for the entirety of 2019 as a jolt of volatility overtook risk assets. The Fed’s more dovish tone and concerns over an inverted yield curve were top of mind for investors at the start of calendar year 2019. After cutting rates by 25 basis points in July and September, softening economic data and continued below-target inflation gave the green light to the Fed to trim its federal funds rate a quarter of a point at its October meeting.

Despite a rough start and volatility throughout the year, the credit markets performed well, both on a total and excess return basis. U.S. equities and high yield bonds posted their largest quarterly losses at the beginning of the fiscal year, which, when combined with higher volatility, depressed risk-return profiles for the quarter. Losses for investment grade bonds were more muted. As volatility normalized and financial conditions eased, risk assets, led by U.S. equities and high yield bonds, posted positive results in the second quarter. During the third quarter, risk assets and Treasuries posted positive results, led by U.S. equities and investment grade bonds. U.S. risk assets have broadly gained so far in the fourth quarter, led by investment grade bonds and Treasuries. October was risk-on with equities delivering positive returns in the U.S. Investment grade, high yield, and Treasuries also posted modest gains for the month.

PERFORMANCE

For the year ended October 31, 2019, Transamerica Bond (Class A) returned 9.00%, excluding any sales charges. By comparison, its benchmark, the Bloomberg Barclays US Aggregate Bond Index, returned 11.51%.

STRATEGY REVIEW

Duration increased in the portfolio over the last year as our views on the interest rate environment evolved on macroeconomic developments. Although the duration gap relative to the benchmark narrowed over the year, we remained underweight duration during the period, which negatively impacted active returns as rates rallied across the curve.

We continued to favor exposure to spread-based assets over the year. While this positoning was a detractor overall, excess coupon contributed postively, particularly from high yield corporate credit, investment grade corporate credit, and securitized assets. However, this positive carry was completely offset by the spread volatility and interest rate effects during the period.

At an asset class level, the portfolio’s allocation to longer duration Treasury securities versus the benchmark was the largest positive contributor to returns, while the portfolio’s underweight allocation to agency residential mortgage-backed securities also contributed. These positives were offset by the portfolio’s overweight to shorter duration asset-backed securities, commercial mortgage-backed securities, and non-agency residential mortgage-backed securities.

Security selection within corporate credit, specifically investment grade, detracted from returns. While sector allocations to communications, wireless and consumer transports contributed positively to relative returns, security selection was negative in each. This led to an overall negative contribution to returns from corporate credit.

Bradley D. Doyle, CFA

Jeremy Mead, CFA

Doug Weih, CFA

Brian W. Westhoff, CFA

James K. Schaeffer, Jr.

Co-Portfolio Managers

Aegon USA Investment Management, LLC

Transamerica Funds Annual Report 2019

Page    22

Transamerica Bond

(unaudited)

Asset Allocation	Percentage of Net Assets
Corporate Debt Securities		45.8	%
Mortgage-Backed Securities		15.9
U.S. Government Obligations		13.8
Asset-Backed Securities		12.7
U.S. Government Agency Obligations		5.4
Commercial Paper		3.3
Repurchase Agreement		2.8
Short-Term U.S. Government Obligations		1.7
Loan Assignments		1.2
Other Investment Company		1.2
Foreign Government Obligations		1.1
Preferred Stocks		0.5
Municipal Government Obligations		0.5
Net Other Assets (Liabilities)		(5.9	)
Total		100.0	%

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

Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		20.9	%
AAA		14.8
AA		4.3
A		14.4
BBB		28.5
BB		7.2
B		8.5
CCC and Below		1.1
Not Rated		6.2
Net Other Assets (Liabilities)		(5.9	)
Total		100.0	%

Fund Characteristics	Years
Average Maturity §		6.66
Duration †		4.80

§ Average Maturity is computed by weighting the maturity of each security in the Fund by the market value of the security, then averaging these weighted figures.

† Duration is a time measure of a bond’s interest rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder.

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

Transamerica Funds Annual Report 2019

Page    23

Transamerica Bond

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		3.78	%		2.48	%		5.08	%		06/29/1987
Class A (NAV)		9.00	%		3.48	%		5.60	%		06/29/1987
Bloomberg Barclays US Aggregate Bond Index (A)		11.51	%		3.24	%		3.73	%
Class C (POP)		7.24	%		2.79	%		4.87	%		11/11/2002
Class C (NAV)		8.24	%		2.79	%		4.87	%		11/11/2002
Class I (NAV)		9.44	%		3.84	%		5.77	%		11/30/2009
Class I2 (NAV)		9.49	%		3.91	%		6.01	%		11/08/2004
Class R6 (NAV)		9.49	%		N/A			4.04	%		05/29/2015

^(A) The Bloomberg Barclays US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 4.75% for A shares or the maximum applicable contingent deferred sales charge 1% (in the 1st year) for Class C shares. Shares purchased prior to March 1, 2004 are subject to a maximum applicable contingent deferred sales charge (2% in the 1st year, decreasing to 0% after 2 years) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I, I2 and R6 shares.

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

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

Interest rates may go up, causing the value of the Fund’s investments to decline. Changes in interest rates, the market’s perception of the issuers and the creditworthiness of the issuers may significantly affect the value of a bond. Investing in bond funds entails interest rate and credit risk as well as additional risks such as high-yield/high-risk bonds and is subject to greater levels of liquidity risk. These risks are described in more detail in the prospectus.

Transamerica Funds Annual Report 2019

Page    24

Transamerica Bond

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Principal		Value
ASSET-BACKED SECURITIES - 12.7%
321 Henderson Receivables VI LLC Series 2010-1A, Class A, 5.56%, 07/15/2059 (A)		$  818,320		$  899,391
Access Point Funding I LLC Series 2017-A, Class A, 3.06%, 04/15/2029 (A)		82,749		82,756
Avid Automobile Receivables Trust Series 2019-1, Class A, 2.62%, 02/15/2024 (A)		1,725,000		1,725,970
Battalion CLO XII, Ltd.
Series 2018-12A, Class A1,
3-Month LIBOR + 1.07%, 3.19% (B), 05/17/2031 (A)		2,500,000		2,469,700
Benefit Street Partners CLO VII, Ltd.
Series 2015-VIIA, Class A2R,
3-Month LIBOR + 1.20%, 3.20% (B), 07/18/2027 (A)		525,000		521,446
BRE Grand Islander Timeshare Issuer LLC Series 2017-1A, Class A, 2.94%, 05/25/2029 (A)		273,192		274,321
BXG Receivables Note Trust Series 2015-A, Class A, 2.88%, 05/02/2030 (A)		1,276,330		1,274,838
CIFC Funding, Ltd.
Series 2015-2A, Class BR,
3-Month LIBOR + 1.25%, 3.25% (B), 04/15/2027 (A)		2,810,000		2,800,370
Countrywide Asset-Backed Certificates
Series 2002-S3, Class A5,
4.93% (B), 05/25/2032		6,731		6,733
Series 2006-6, Class 2A3,
1-Month LIBOR + 0.28%, 2.10% (B), 09/25/2036		684,530		684,963
Diamond Resorts Owner Trust Series 2019-1A, Class A, 2.89%, 02/20/2032 (A)		2,482,271		2,493,119
ExteNet LLC Series 2019-1A, Class A2, 3.20%, 07/26/2049 (A)		2,765,000		2,791,711
GSAA Home Equity Trust
Series 2006-1, Class A3,
1-Month LIBOR + 0.33%, 2.15% (B), 01/25/2036		1,403,914		916,902
Hertz Vehicle Financing II, LP Series 2017-2A, Class A, 3.29%, 10/25/2023 (A)		1,100,000		1,126,750
Hilton Grand Vacations Trust Series 2018-AA, Class C, 4.00%, 02/25/2032 (A)		1,415,047		1,460,093
Jamestown CLO IV Ltd.
Series 2014-4A, Class A2R,
3-Month LIBOR + 1.35%, 3.35% (B), 07/15/2026 (A)		2,650,000		2,650,249
JG Wentworth XXI LLC Series 2010-2A, Class A, 4.07%, 01/15/2048 (A)		668,212		700,734
JGWPT XXIII LLC Series 2011-1A, Class A, 4.70%, 10/15/2056 (A)		1,649,470		1,831,807

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Lehman XS Trust
Series 2005-8, Class 1A3,
1-Month LIBOR + 0.35%, 2.17% (B), 12/25/2035		$   1,198,147		$   1,264,777
Longfellow Place CLO, Ltd.
Series 2013-1A, Class ARR,
3-Month LIBOR + 1.34%, 3.34% (B), 04/15/2029 (A)		7,050,000		7,032,587
Mountain View CLO, Ltd.
Series 2014-1A, Class BRR,
3-Month LIBOR + 1.45%, 3.45% (B), 10/15/2026 (A)		2,000,000		1,985,842
MVW LLC Series 2019-2A, Class B, 2.44%, 10/20/2038 (A)		2,000,000		1,997,387
MVW Owner Trust Series 2019-1A, Class A, 2.89%, 11/20/2036 (A)		3,907,769		3,978,884
New Residential Advanced Receivables Trust
Series 2019-T2, Class AT2,
2.52%, 08/15/2053 (A)		9,790,000		9,777,977
Series 2019-T3, Class AT3,
2.51%, 10/20/2052 (A)		11,475,000		11,518,730
Series 2019-T3, Class CT3,
2.71%, 10/20/2052 (A)		2,000,000		2,007,577
Series 2019-T4, Class BT4,
2.46%, 10/15/2051 (A)		600,000		600,549
Series 2019-T4, Class CT4,
2.51%, 10/15/2051 (A)		3,000,000		3,002,738
Series 2019-T4, Class DT4,
2.80%, 10/15/2051 (A)		4,250,000		4,253,820
NRZ Advance Receivables Trust
Series 2019-T1, Class BT1,
2.84%, 07/15/2052 (A)		3,255,000		3,273,739
Series 2019-T1, Class DT1,
3.33%, 07/15/2052 (A)		2,800,000		2,815,666
Ocwen Master Advance Receivables Trust
Series 2019-T1, Class AT1,
2.51%, 08/15/2050 (A)		3,542,000		3,551,188
Series 2019-T1, Class BT1,
2.66%, 08/15/2050 (A)		467,000		468,205
Series 2019-T1, Class CT1,
2.81%, 08/15/2050 (A)		583,000		584,503
Series 2019-T1, Class DT1,
3.11%, 08/15/2050 (A)		636,000		637,637
Series 2019-T2, Class AT2,
2.42%, 08/15/2051 (A)		3,574,000		3,586,080
Series 2019-T2, Class BT2,
2.65%, 08/15/2051 (A)		800,000		802,765
Series 2019-T2, Class CT2,
2.75%, 08/15/2051 (A)		1,172,000		1,176,031
Series 2019-T2, Class DT2,
3.04%, 08/15/2051 (A)		1,373,000		1,377,652
Orange Lake Timeshare Trust
Series 2014-AA, Class A,
2.29%, 07/09/2029 (A)		249,554		248,978

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

Transamerica Funds Annual Report 2019

Page    25

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Orange Lake Timeshare Trust (continued)
Series 2016-A, Class A,
2.61%, 03/08/2029 (A)		$   681,446		$   685,694
Series 2018-A, Class C,
3.74%, 11/08/2030 (A)		1,321,981		1,337,015
Series 2019-A, Class A,
3.06%, 04/09/2038 (A)		871,535		883,638
Series 2019-A, Class C,
3.61%, 04/09/2038 (A)		871,530		886,536
OZLM Funding IV, Ltd.
Series 2013-4A, Class A2R,
3-Month LIBOR + 1.70%, 3.65% (B), 10/22/2030 (A)		3,000,000		2,942,028
Sierra Timeshare Receivables Funding LLC
Series 2018-3A, Class A,
3.69%, 09/20/2035 (A)		1,796,668		1,839,367
Series 2018-3A, Class D,
5.20%, 09/20/2035 (A)		802,286		810,715
Series 2019-1A, Class B,
3.42%, 01/20/2036 (A)		1,420,480		1,446,116
Series 2019-2A, Class A,
2.59%, 05/20/2036 (A)		2,098,349		2,111,071
Series 2019-2A, Class D,
4.54%, 05/20/2036 (A)		2,129,013		2,155,049
Small Business Lending Trust Series 2019-A, Class A, 2.85%, 07/15/2026 (A)		5,701,820		5,701,067
Sofi Consumer Loan Program LLC Series 2017-1, Class A, 3.28%, 01/26/2026 (A)		434,368		437,738
Soundview Home Loan Trust
Series 2006-3, Class A3,
1-Month LIBOR + 0.16%, 1.98% (B), 11/25/2036		1,046,233		1,029,972
SPS Servicer Advanced Receivables Trust
Series 2019-T1, Class DT1,
2.63%, 10/15/2051 (A)		900,000		900,730
Series 2019-T2, Class AT2,
2.32%, 10/15/2052 (A) (C)		5,500,000		5,500,000
STORE Master Funding I LLC
Series 2015-1A, Class A1,
3.75%, 04/20/2045 (A)		4,366,493		4,455,653
Series 2015-1A, Class A2,
4.17%, 04/20/2045 (A)		896,368		920,407
STORE Master Funding LLC
Series 2013-3A, Class A2,
5.21%, 11/20/2043 (A)		783,842		825,224
Series 2014-1A, Class A1,
4.21%, 04/20/2044 (A)		232,527		236,597
TICP CLO I, Ltd.
Series 2015-1A, Class BR,
3-Month LIBOR + 1.30%, 3.27% (B), 07/20/2027 (A)		1,440,000		1,434,334
TICP CLO III, Ltd.
Series 2018-3R, Class B,
3-Month LIBOR + 1.35%, 3.32% (B), 04/20/2028 (A)		1,250,000		1,242,271

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Towd Point Mortgage Trust
Series 2016-4, Class A1,
2.25% (B), 07/25/2056 (A)		$   322,411		$   321,837
Series 2017-1, Class A1,
2.75% (B), 10/25/2056 (A)		840,547		850,493
Series 2017-3, Class A1,
2.75% (B), 07/25/2057 (A)		1,322,387		1,334,619
Series 2017-4, Class A1,
2.75% (B), 06/25/2057 (A)		1,302,437		1,317,724
Series 2017-6, Class A1,
2.75% (B), 10/25/2057 (A)		2,680,491		2,702,810
Series 2018-2, Class A1,
3.25% (B), 03/25/2058 (A)		4,149,846		4,241,590
Series 2018-3, Class A1,
3.75% (B), 05/25/2058 (A)		8,612,695		8,946,855
Series 2018-5, Class A1A,
3.25% (B), 07/25/2058 (A)		3,374,782		3,459,031
Series 2019-1, Class A1,
3.75% (B), 03/25/2058 (A)		15,035,379		15,872,298
Trafigura Securitisation Finance PLC Series 2018-1A, Class A2, 3.73%, 03/15/2022 (A)		3,090,000		3,151,222
Welk Resorts LLC
Series 2015-AA, Class A,
2.79%, 06/16/2031 (A)		660,550		661,795
Series 2019-AA, Class A,
2.80%, 06/15/2038 (A)		1,885,410		1,906,199
Wellfleet CLO, Ltd.
Series 2016-2A, Class A2R,
3-Month LIBOR + 1.58%, 3.55% (B), 10/20/2028 (A)		4,725,000		4,667,932
Total Asset-Backed Securities (Cost $174,675,602)				177,870,792
CORPORATE DEBT SECURITIES - 45.8%
Aerospace & Defense - 0.1%
Northrop Grumman Corp. 3.20%, 02/01/2027		738,000		772,637
Airlines - 1.7%
America West Airlines Pass-Through Trust 8.06%, 01/02/2022		560,757		582,483
American Airlines Pass-Through Trust
3.15%, 08/15/2033		2,621,000		2,741,198
3.70%, 04/01/2028		1,365,875		1,443,718
4.00%, 01/15/2027		2,102,350		2,226,075
Continental Airlines Pass-Through Trust 6.90%, 10/19/2023		94,358		98,419
Delta Air Lines Pass-Through Trust
3.20%, 10/25/2025		1,655,000		1,731,136
4.75%, 11/07/2021		1,088,909		1,100,289
6.82%, 02/10/2024		1,339,137		1,466,944
JetBlue Pass-Through Trust 2.75%, 11/15/2033 (D)		2,848,000		2,875,882
Northwest Airlines Pass-Through Trust 7.03%, 05/01/2021		768,861		768,808
United Airlines Holdings, Inc.
4.25%, 10/01/2022		1,500,000		1,549,080
4.88%, 01/15/2025		1,500,000		1,575,000

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

Transamerica Funds Annual Report 2019

Page    26

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Airlines (continued)
United Airlines Pass-Through Trust
2.70%, 11/01/2033		$   1,051,000		$   1,057,395
3.75%, 03/03/2028		1,597,486		1,694,726
4.15%, 02/25/2033		2,400,000		2,626,779
US Airways Pass-Through Trust 3.95%, 05/15/2027		302,410		318,618
				23,856,550
Auto Components - 0.3%
Panther BF Aggregator 2, LP / Panther Finance Co., Inc. 6.25%, 05/15/2026 (A)		1,808,000		1,911,418
Weichai International Hong Kong Energy Group Co., Ltd.
Fixed until 09/14/2022 (E), 3.75% (B) (F)		1,600,000		1,608,748
				3,520,166
Automobiles - 0.2%
General Motors Co. 6.25%, 10/02/2043		2,723,000		3,042,407
Banks - 7.0%
Banco Santander SA 2.71%, 06/27/2024		3,400,000		3,452,712
Bank of America Corp.
Fixed until 01/23/2025, 3.37% (B), 01/23/2026		2,350,000		2,458,242
Fixed until 12/20/2027, 3.42% (B), 12/20/2028		6,296,000		6,590,108
5.88%, 02/07/2042, MTN		891,000		1,254,627
Barclays Bank PLC 10.18%, 06/12/2021 (A)		2,164,000		2,422,717
Barclays PLC
Fixed until 02/15/2022, 4.61% (B), 02/15/2023		1,317,000		1,375,690
BB&T Corp.
Fixed until 09/01/2024 (E), 4.80% (B)		5,098,000		5,187,215
BBVA Bancomer SA
Fixed until 09/13/2029, 5.88% (B), 09/13/2034 (A)		3,805,000		3,865,880
6.50%, 03/10/2021 (A)		1,105,000		1,160,261
6.75%, 09/30/2022 (A)		1,500,000		1,645,950
BNP Paribas SA
Fixed until 03/14/2022 (E), 6.75% (A) (B)		2,429,000		2,556,523
BPCE SA
2.70%, 10/01/2029 (A)		3,243,000		3,245,109
3.50%, 10/23/2027 (A)		3,484,000		3,623,279
CIT Bank NA
Fixed until 09/27/2024, 2.97% (B), 09/27/2025		3,010,000		3,034,456
Citigroup, Inc.
Fixed until 04/24/2024, 3.35% (B), 04/24/2025		2,836,000		2,950,460
Fixed until 10/27/2027, 3.52% (B), 10/27/2028		3,408,000		3,587,586
Fixed until 09/12/2024 (E), 5.00% (B)		2,894,000		2,991,672

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Commerzbank AG 8.13%, 09/19/2023 (A)		$   2,891,000		$   3,376,924
Credit Agricole SA 2.38%, 01/22/2025 (A)		6,243,000		6,246,356
Danske Bank A/S
Fixed until 12/20/2024, 3.24% (B), 12/20/2025 (A)		3,008,000		3,053,067
Discover Bank
3.45%, 07/27/2026		2,949,000		3,060,399
4.65%, 09/13/2028		2,953,000		3,317,625
HSBC Holdings PLC
Fixed until 09/17/2024 (E), 6.38% (B) (G)		3,343,000		3,526,865
ING Bank NV 5.80%, 09/25/2023 (A)		963,000		1,070,299
Intesa Sanpaolo SpA
4.00%, 09/23/2029 (A)		2,974,000		3,015,212
5.02%, 06/26/2024 (A)		595,000		621,077
JPMorgan Chase & Co.
Fixed until 07/23/2023, 3.80% (B), 07/23/2024		3,136,000		3,316,935
4.13%, 12/15/2026		4,486,000		4,898,153
National Australia Bank, Ltd.
Fixed until 08/02/2029, 3.93% (B), 08/02/2034 (A)		4,905,000		5,073,543
UniCredit SpA 6.57%, 01/14/2022 (A)		2,283,000		2,457,863
Wells Fargo & Co.
3-Month LIBOR + 3.77%, 5.89% (B), 12/15/2019 (E) (G)		2,848,000		2,883,600
Wells Fargo Bank NA 5.95%, 08/26/2036		459,000		610,085
				97,930,490
Beverages - 2.0%
Anheuser-Busch InBev Finance, Inc. 3.70%, 02/01/2024		1,543,000		1,646,124
Anheuser-Busch InBev Worldwide, Inc.
4.15%, 01/23/2025		2,390,000		2,612,898
4.44%, 10/06/2048		844,000		947,354
4.75%, 01/23/2029		3,118,000		3,623,759
Constellation Brands, Inc.
2.65%, 11/07/2022		2,509,000		2,547,404
3.15%, 08/01/2029		1,041,000		1,060,080
3.70%, 12/06/2026		2,851,000		3,051,863
Cott Holdings, Inc. 5.50%, 04/01/2025 (A)		4,510,000		4,701,675
Pernod Ricard SA
4.45%, 01/15/2022 (A)		6,778,000		7,120,899
5.75%, 04/07/2021 (A)		777,000		817,832
				28,129,888
Biotechnology - 0.2%
AbbVie, Inc. 3.20%, 05/14/2026		3,202,000		3,279,137
Building Products - 0.5%
Associated Materials LLC / AMH New Finance, Inc. 9.00%, 01/01/2024 (A)		2,215,000		1,938,125

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

Transamerica Funds Annual Report 2019

Page    27

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Building Products (continued)
Builders FirstSource, Inc. 5.63%, 09/01/2024 (A)		$   4,316,000		$   4,488,640
				6,426,765
Capital Markets - 2.6%
Bank of New York Mellon Corp.
Fixed until 06/20/2020 (E), 4.95% (B)		1,556,000		1,571,560
Charles Schwab Corp.
3.20%, 03/02/2027		3,118,000		3,272,954
Fixed until 12/01/2027 (E), 5.00% (B) (G)		3,340,000		3,398,450
Credit Suisse AG 6.50%, 08/08/2023 (A)		3,070,000		3,411,537
Credit Suisse Group AG
Fixed until 08/21/2026 (E), 6.38% (A) (B)		2,297,000		2,420,464
Fixed until 09/12/2025 (E), 7.25% (A) (B)		2,165,000		2,354,438
Goldman Sachs Group, Inc.
3.85%, 01/26/2027		3,241,000		3,448,779
5.25%, 07/27/2021		3,202,000		3,375,351
Lazard Group LLC 4.50%, 09/19/2028		2,336,000		2,564,532
Morgan Stanley
3.13%, 01/23/2023, MTN		755,000		776,840
4.00%, 07/23/2025, MTN		5,828,000		6,320,485
UBS AG 7.63%, 08/17/2022		1,105,000		1,245,335
UBS Group AG
Fixed until 08/13/2029, 3.13% (B), 08/13/2030 (A)		1,377,000		1,417,352
Fixed until 08/10/2021 (E), 7.13% (B) (F)		1,055,000		1,109,069
				36,687,146
Chemicals - 0.7%
Mosaic Co. 4.05%, 11/15/2027 (G)		800,000		845,758
NOVA Chemicals Corp. 4.88%, 06/01/2024 (A)		2,800,000		2,842,000
Nutrien, Ltd. 4.20%, 04/01/2029		2,514,000		2,779,841
Syngenta Finance NV 3.93%, 04/23/2021 (A)		3,855,000		3,920,014
				10,387,613
Commercial Services & Supplies - 0.4%
Ashtead Capital, Inc.
4.25%, 11/01/2029 (A)		1,358,000		1,371,580
5.25%, 08/01/2026 (A)		1,401,000		1,493,816
Stericycle, Inc. 5.38%, 07/15/2024 (A)		2,522,000		2,622,880
				5,488,276
Communications Equipment - 0.6%
CommScope, Inc. 5.50%, 03/01/2024 (A)		5,927,000		6,007,014
Nokia OYJ 3.38%, 06/12/2022		2,050,000		2,073,063
				8,080,077

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Construction & Engineering - 1.2%
Ashton Woods LLC / Ashton Woods Finance Co.
6.75%, 08/01/2025 (A)		$   990,000		$   994,950
9.88%, 04/01/2027 (A)		2,000,000		2,230,000
IHS Holdco BV
7.13%, 03/18/2025 (A)		1,565,000		1,616,176
8.00%, 09/18/2027 (A) (G)		1,975,000		2,064,270
SBA Tower Trust
2.84%, 01/15/2050 (A)		6,883,000		6,951,425
2.88%, 07/15/2046 (A)		1,005,000		1,009,555
3.17%, 04/09/2047 (A)		880,000		891,673
3.45%, 03/15/2048 (A)		995,000		1,026,312
				16,784,361
Construction Materials - 0.7%
CRH America Finance, Inc. 3.40%, 05/09/2027 (A)		2,580,000		2,683,001
LafargeHolcim Finance LLC 3.50%, 09/22/2026 (A)		4,266,000		4,391,913
Martin Marietta Materials, Inc. 3.50%, 12/15/2027		2,300,000		2,404,694
				9,479,608
Consumer Finance - 1.6%
Ally Financial, Inc.
3.88%, 05/21/2024		2,830,000		2,955,652
8.00%, 03/15/2020		500,000		509,750
Altice Financing SA 7.50%, 05/15/2026 (A)		2,750,000		2,921,875
BMW Capital LLC 2.80%, 04/11/2026 (A)		4,540,000		4,599,633
Capital One Financial Corp. 3.30%, 10/30/2024		3,509,000		3,653,355
Ford Motor Credit Co. LLC 4.54%, 08/01/2026		1,612,000		1,623,738
Navient Corp. 5.00%, 10/26/2020		2,050,000		2,087,822
Springleaf Finance Corp.
7.13%, 03/15/2026		2,000,000		2,280,000
8.25%, 12/15/2020		1,980,000		2,106,225
				22,738,050
Containers & Packaging - 0.8%
Mauser Packaging Solutions Holding Co. 5.50%, 04/15/2024 (A)		5,810,000		5,977,038
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC 5.75%, 10/15/2020		2,878,250		2,888,180
WRKCo, Inc. 3.90%, 06/01/2028		2,405,000		2,577,884
				11,443,102
Diversified Financial Services - 1.0%
Aircastle, Ltd. 4.25%, 06/15/2026		3,705,000		3,854,062
Aviation Capital Group LLC
2.88%, 01/20/2022 (A)		2,349,000		2,361,994
3.50%, 11/01/2027 (A)		1,166,000		1,170,736
7.13%, 10/15/2020 (A)		2,704,000		2,825,285

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

Transamerica Funds Annual Report 2019

Page    28

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Financial Services (continued)
Virgin Media Secured Finance PLC 5.50%, 05/15/2029 (A)		$   3,940,000		$   4,186,250
				14,398,327
Diversified Telecommunication Services - 1.9%
AT&T, Inc. 3.40%, 05/15/2025		4,207,000		4,408,105
CenturyLink, Inc.
5.80%, 03/15/2022		3,035,000		3,205,719
6.45%, 06/15/2021		3,455,000		3,636,388
7.50%, 04/01/2024 (G)		1,750,000		1,986,250
Hughes Satellite Systems Corp. 7.63%, 06/15/2021		4,855,000		5,231,262
Verizon Communications, Inc.
3.50%, 11/01/2024		870,000		924,287
4.13%, 03/16/2027		2,134,000		2,379,747
Virgin Media Finance PLC 6.00%, 10/15/2024 (A)		4,000,000		4,125,000
				25,896,758
Electric Utilities - 1.0%
Cleveland Electric Illuminating Co. 3.50%, 04/01/2028 (A)		4,009,000		4,215,402
EDP Finance BV 3.63%, 07/15/2024 (A)		8,739,000		9,033,443
Vistra Operations Co. LLC 5.00%, 07/31/2027 (A)		1,247,000		1,287,528
				14,536,373
Electronic Equipment, Instruments & Components - 0.5%
Amphenol Corp. 2.80%, 02/15/2030		1,106,000		1,090,231
Arrow Electronics, Inc. 3.50%, 04/01/2022		1,657,000		1,689,358
Keysight Technologies, Inc. 4.60%, 04/06/2027		3,886,000		4,327,024
				7,106,613
Energy Equipment & Services - 0.2%
Noble Holding International, Ltd. 6.05%, 03/01/2041		1,736,000		607,600
Schlumberger Holdings Corp. 3.90%, 05/17/2028 (A)		1,737,000		1,835,279
				2,442,879
Equity Real Estate Investment Trusts - 2.1%
CBL & Associates, LP 5.25%, 12/01/2023 (G)		997,000		698,099
EPR Properties 3.75%, 08/15/2029		2,420,000		2,460,780
HCP, Inc. 3.88%, 08/15/2024		2,877,000		3,085,624
Healthcare Trust of America Holdings, LP 3.10%, 02/15/2030		1,525,000		1,525,974
Highwoods Realty, LP
3.05%, 02/15/2030		619,000		610,305
4.20%, 04/15/2029		2,833,000		3,056,888
Iron Mountain, Inc. 5.25%, 03/15/2028 (A)		3,750,000		3,937,500
iStar, Inc. 5.25%, 09/15/2022		1,946,000		1,992,217

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Equity Real Estate Investment Trusts (continued)
Kilroy Realty, LP 4.75%, 12/15/2028		$   2,039,000		$   2,319,790
Life Storage, LP 4.00%, 06/15/2029		1,053,000		1,129,384
Service Properties Trust
4.65%, 03/15/2024		3,147,000		3,259,807
4.95%, 10/01/2029		2,914,000		2,924,305
VEREIT Operating Partnership, LP 4.63%, 11/01/2025		1,709,000		1,876,512
				28,877,185
Food Products - 0.2%
Post Holdings, Inc. 5.63%, 01/15/2028 (A)		2,000,000		2,140,000
Health Care Equipment & Supplies - 0.4%
Abbott Laboratories 3.75%, 11/30/2026		1,407,000		1,541,573
Alcon Finance Corp. 2.75%, 09/23/2026 (A)		1,000,000		1,020,933
Becton Dickinson and Co. 3-Month LIBOR + 0.88%, 2.98% (B), 12/29/2020		655,000		655,314
Boston Scientific Corp. 4.70%, 03/01/2049		1,604,000		1,949,996
				5,167,816
Health Care Providers & Services - 1.0%
CHS / Community Health Systems, Inc.
8.00%, 03/15/2026 (A)		725,000		708,688
8.13%, 06/30/2024 (A)		116,000		88,160
Cigna Corp. 4.50%, 02/25/2026 (A)		1,028,000		1,119,156
CVS Health Corp. 4.78%, 03/25/2038		3,079,000		3,417,427
HCA, Inc.
4.13%, 06/15/2029		2,885,000		3,056,383
5.25%, 04/15/2025		2,342,000		2,605,764
Quest Diagnostics, Inc. 4.20%, 06/30/2029		2,067,000		2,286,555
				13,282,133
Hotels, Restaurants & Leisure - 1.6%
GLP Capital, LP / GLP Financing II, Inc. 4.00%, 01/15/2030		2,357,000		2,384,037
International Game Technology PLC 6.50%, 02/15/2025 (A)		2,792,000		3,102,610
MGM Resorts International
5.75%, 06/15/2025		5,150,000		5,710,062
6.63%, 12/15/2021		500,000		541,875
Scientific Games International, Inc.
8.25%, 03/15/2026 (A)		3,200,000		3,384,000
10.00%, 12/01/2022		2,714,000		2,792,028
Viking Cruises, Ltd. 5.88%, 09/15/2027 (A)		4,525,000		4,807,813
				22,722,425
Household Durables - 0.3%
Century Communities, Inc. 6.75%, 06/01/2027 (A)		1,319,000		1,411,330

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

Transamerica Funds Annual Report 2019

Page    29

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Household Durables (continued)
D.R. Horton, Inc. 4.38%, 09/15/2022		$   2,438,000		$   2,558,197
KB Home 7.63%, 05/15/2023		795,000		903,319
				4,872,846
Independent Power & Renewable Electricity Producers - 0.4%
Calpine Corp.
5.25%, 06/01/2026 (A)		1,250,000		1,300,000
5.88%, 01/15/2024 (A) (H)		1,850,000		1,890,700
NRG Energy, Inc. 7.25%, 05/15/2026		1,616,000		1,769,569
Vistra Energy Corp. 7.63%, 11/01/2024		1,220,000		1,266,482
				6,226,751
Industrial Conglomerates - 0.3%
Carlisle Cos., Inc. 3.75%, 12/01/2027		2,284,000		2,411,177
General Electric Co.
Fixed until 01/21/2021 (E), 5.00% (B)		1,442,000		1,389,728
				3,800,905
Insurance - 1.4%
Aon Corp. 3.75%, 05/02/2029		3,831,000		4,138,909
CNA Financial Corp. 3.90%, 05/01/2029		1,187,000		1,288,495
Hartford Financial Services Group, Inc. 2.80%, 08/19/2029		3,312,000		3,327,356
Markel Corp. 5.00%, 05/20/2049		1,790,000		2,078,642
MetLife Capital Trust IV 7.88%, 12/15/2067 (A)		1,281,000		1,700,527
Reinsurance Group of America, Inc. 3.90%, 05/15/2029		3,871,000		4,152,162
Swiss Re Finance SA
Fixed until 04/02/2029, 5.00% (B), 04/02/2049 (A) (G)		2,978,000		3,284,770
				19,970,861
Interactive Media & Services - 0.2%
Baidu, Inc. 4.38%, 05/14/2024		1,186,000		1,260,904
Tencent Holdings, Ltd. 3.28%, 04/11/2024 (A)		1,686,000		1,736,156
				2,997,060
Internet & Direct Marketing Retail - 0.2%
Expedia Group, Inc.
3.25%, 02/15/2030 (A)		1,312,000		1,312,894
3.80%, 02/15/2028		1,761,000		1,847,602
				3,160,496
IT Services - 0.2%
DXC Technology Co. 4.75%, 04/15/2027		985,000		1,041,007
Fidelity National Information Services, Inc. 3.75%, 05/21/2029		760,000		827,531

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
IT Services (continued)
Fiserv, Inc. 3.50%, 07/01/2029		$   1,443,000		$   1,526,437
				3,394,975
Leisure Products - 0.2%
Mattel, Inc.
4.35%, 10/01/2020 (G)		960,000		972,010
6.75%, 12/31/2025 (A)		1,500,000		1,565,625
				2,537,635
Marine - 0.2%
MV24 Capital BV 6.75%, 06/01/2034 (A)		2,975,000		3,110,363
Media - 2.3%
Charter Communications Operating LLC / Charter Communications Operating Capital 5.13%, 07/01/2049		6,774,000		7,236,590
Clear Channel Worldwide Holdings, Inc. 9.25%, 02/15/2024 (A)		1,055,000		1,160,500
Comcast Corp. 4.15%, 10/15/2028		3,221,000		3,638,380
CSC Holdings LLC
6.63%, 10/15/2025 (A)		2,000,000		2,130,000
6.75%, 11/15/2021		1,315,000		1,416,912
Diamond Sports Group LLC / Diamond Sports Finance Co.
5.38%, 08/15/2026 (A)		1,040,000		1,086,800
6.63%, 08/15/2027 (A) (G)		690,000		710,700
DISH DBS Corp.
5.00%, 03/15/2023		1,500,000		1,511,250
5.88%, 07/15/2022		5,865,000		6,133,676
6.75%, 06/01/2021		900,000		945,000
Time Warner Cable LLC 5.00%, 02/01/2020		914,000		920,106
Univision Communications, Inc.
5.13%, 05/15/2023 (A)		2,250,000		2,250,000
6.75%, 09/15/2022 (A)		646,000		654,075
Ziggo BV 5.50%, 01/15/2027 (A)		2,750,000		2,901,250
				32,695,239
Metals & Mining - 0.2%
ArcelorMittal 6.75%, 03/01/2041 (G)		1,983,000		2,359,395
Multi-Utilities - 0.7%
Black Hills Corp.
3.15%, 01/15/2027		1,625,000		1,648,379
4.25%, 11/30/2023		2,549,000		2,722,097
Dominion Energy, Inc. 2.58%, 07/01/2020		4,960,000		4,974,783
				9,345,259
Oil, Gas & Consumable Fuels - 3.7%
Cheniere Energy Partners, LP 4.50%, 10/01/2029 (A)		1,735,000		1,767,531
Chesapeake Energy Corp. 8.00%, 06/15/2027 (G)		2,380,000		1,487,500
Citgo Holding, Inc. 9.25%, 08/01/2024 (A)		700,000		730,625

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

Transamerica Funds Annual Report 2019

Page    30

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Energy Transfer Operating, LP 6.00%, 06/15/2048		$   4,199,000		$   4,861,833
EnLink Midstream Partners, LP 5.05%, 04/01/2045		1,095,000		821,250
EQM Midstream Partners, LP 6.50%, 07/15/2048		2,310,000		2,115,238
Exxon Mobil Corp. 3.04%, 03/01/2026		2,584,000		2,729,644
Lukoil International Finance BV 6.66%, 06/07/2022 (A)		1,000,000		1,101,390
Noble Energy, Inc. 3.25%, 10/15/2029		3,234,000		3,217,710
NuStar Logistics, LP
4.80%, 09/01/2020		1,250,000		1,259,712
5.63%, 04/28/2027		2,000,000		2,080,000
6.00%, 06/01/2026		350,000		374,045
Occidental Petroleum Corp.
4.30%, 08/15/2039		938,000		955,059
5.55%, 03/15/2026		5,870,000		6,664,727
ONEOK Partners, LP 4.90%, 03/15/2025		1,134,000		1,247,068
Petroleos Mexicanos
6.50%, 01/23/2029		2,832,000		2,953,776
6.84%, 01/23/2030 (A)		2,948,000		3,146,990
7.69%, 01/23/2050 (A)		1,108,000		1,203,997
Plains All American Pipeline, LP / PAA Finance Corp. 3.55%, 12/15/2029		2,836,000		2,711,483
Sabine Pass Liquefaction LLC 6.25%, 03/15/2022		4,532,000		4,883,987
Targa Resources Partners, LP / Targa Resources Partners Finance Corp. 5.13%, 02/01/2025		2,500,000		2,562,550
Western Midstream Operating, LP 4.50%, 03/01/2028		1,792,000		1,709,710
YPF SA 8.50%, 07/28/2025 (A)		2,242,000		1,775,664
				52,361,489
Paper & Forest Products - 0.1%
Celulosa Arauco y Constitucion SA 5.50%, 04/30/2049 (A)		1,560,000		1,643,850
Pharmaceuticals - 1.2%
Allergan Finance LLC 3.25%, 10/01/2022		1,361,000		1,391,433
AstraZeneca PLC
2.38%, 06/12/2022		2,650,000		2,674,850
4.00%, 01/17/2029		3,089,000		3,459,868
Bausch Health Cos., Inc.
5.88%, 05/15/2023 (A)		1,039,000		1,054,585
6.13%, 04/15/2025 (A)		2,000,000		2,076,250
7.00%, 01/15/2028 (A)		617,000		665,589
Bayer Finance LLC 3.00%, 10/08/2021 (A)		2,331,000		2,363,055
Bristol-Myers Squibb Co. 3.20%, 06/15/2026 (A)		807,000		857,076
Merck & Co., Inc. 3.40%, 03/07/2029		1,505,000		1,641,492

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Pharmaceuticals (continued)
Takeda Pharmaceutical Co., Ltd. 5.00%, 11/26/2028 (A)		$   747,000		$   877,078
				17,061,276
Road & Rail - 0.2%
Park Aerospace Holdings, Ltd. 5.50%, 02/15/2024 (A)		2,862,000		3,146,483
Semiconductors & Semiconductor Equipment - 0.9%
Broadcom, Inc. 3.13%, 04/15/2021 (A)		5,000,000		5,058,748
KLA Corp. 4.10%, 03/15/2029		1,181,000		1,308,144
Lam Research Corp. 3.75%, 03/15/2026		1,283,000		1,385,263
Micron Technology, Inc. 4.64%, 02/06/2024		2,335,000		2,510,753
NXP BV / NXP Funding LLC 4.88%, 03/01/2024 (A)		725,000		787,816
QUALCOMM, Inc. 3.25%, 05/20/2027		1,314,000		1,382,430
Sensata Technologies, Inc, Co. 4.38%, 02/15/2030 (A)		286,000		287,966
				12,721,120
Technology Hardware, Storage & Peripherals - 0.8%
Apple, Inc. 2.85%, 02/23/2023		3,488,000		3,596,442
Dell International LLC / EMC Corp. 6.02%, 06/15/2026 (A)		2,445,000		2,790,668
Western Digital Corp. 4.75%, 02/15/2026 (G)		4,735,000		4,838,697
				11,225,807
Tobacco - 0.5%
Altria Group, Inc. 4.40%, 02/14/2026		2,338,000		2,521,589
BAT Capital Corp. 3.22%, 08/15/2024		1,554,000		1,577,637
Imperial Brands Finance PLC 3.13%, 07/26/2024 (A)		2,211,000		2,223,813
Reynolds American, Inc. 7.25%, 06/15/2037		340,000		432,269
				6,755,308
Trading Companies & Distributors - 0.2%
Air Lease Corp. 2.25%, 01/15/2023		3,479,000		3,463,253
Transportation Infrastructure - 0.1%
Penske Truck Leasing Co., LP / PTL Finance Corp. 3.45%, 07/01/2024 (A)		964,000		1,004,495
Wireless Telecommunication Services - 1.0%
Crown Castle Towers LLC
3.22%, 05/15/2042 (A)		3,545,000		3,589,970
3.72%, 07/15/2043 (A)		371,000		384,534
Sprint Corp.
7.25%, 09/15/2021		2,450,000		2,614,297
7.88%, 09/15/2023		6,500,000		7,174,375
				13,763,176
Total Corporate Debt Securities (Cost $621,897,342)				642,234,824

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

Transamerica Funds Annual Report 2019

Page    31

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS - 1.1%
Costa Rica - 0.3%
Costa Rica Government International Bond 7.00%, 04/04/2044 (A)		$   4,350,000		$   4,290,231
Dominican Republic - 0.1%
Dominican Republic International Bond 5.50%, 01/27/2025 (F)		1,122,000		1,196,344
Ecuador - 0.1%
Ecuador Government International Bond 7.88%, 03/27/2025 (A)		1,920,000		1,812,307
Indonesia - 0.2%
Indonesia Government International Bond 4.75%, 01/08/2026 (A)		2,780,000		3,064,165
Mongolia - 0.0% (I)
Mongolia Government International Bond 5.63%, 05/01/2023 (A) (G)		470,000		480,796
Oman - 0.1%
Oman Government International Bond 5.63%, 01/17/2028 (A)		1,625,000		1,606,719
Qatar - 0.2%
Qatar Government International Bond 3.88%, 04/23/2023 (A)		1,857,000		1,958,734
Saudi Arabia - 0.1%
Saudi Arabia Government International Bond 2.38%, 10/26/2021 (A)		560,000		560,980
Total Foreign Government Obligations (Cost $14,843,879)				14,970,276
LOAN ASSIGNMENTS - 1.2%
Commercial Services & Supplies - 0.5%
Spin Holdco, Inc.
Term Loan B,
3-Month LIBOR + 3.25%, 5.25% (B), 11/14/2022		7,587,731		7,357,732
Diversified Consumer Services - 0.2%
Pre-Paid Legal Services, Inc.
1st Lien Term Loan,
1-Month LIBOR + 3.25%, 5.04% (B), 05/01/2025		2,816,391		2,784,706
Food & Staples Retailing - 0.1%
Albertsons LLC
Term Loan B7,
1-Month LIBOR + 2.75%, 4.54% (B), 11/17/2025		155,878		156,613
Term Loan B8,
1-Month LIBOR + 2.75%, 4.54% (B), 08/17/2026		537,302		539,988
Give & Go Prepared Foods Corp.
1st Lien Term Loan,
1-Month LIBOR + 4.25%, 6.35% (B), 07/29/2023		1,254,005		1,153,685
				1,850,286

	Principal		Value
LOAN ASSIGNMENTS (continued)
Media - 0.4%
PSAV Holdings LLC
1st Lien Term Loan,
3-Month LIBOR + 3.25%, 5.23% (B), 03/03/2025		$   985,658		$   947,464
1-Month LIBOR + 3.25%, 5.28% (B), 03/03/2025		981,044		943,029
3-Month LIBOR + 3.25%, 5.35% (B), 03/03/2025		55,140		53,003
Term Loan,
3-Month LIBOR + 4.50%, 6.49% (B), 09/27/2026		3,000,000		2,940,000
				4,883,496
Total Loan Assignments (Cost $17,170,866)				16,876,220
MORTGAGE-BACKED SECURITIES - 15.9%
20 Times Square Trust Series 2018-20TS, Class C, 3.10% (B), 05/15/2035 (A)		2,400,000		2,450,789
280 Park Avenue Mortgage Trust
Series 2017-280P, Class D,
1-Month LIBOR + 1.54%, 3.45% (B), 09/15/2034 (A)		3,000,000		3,007,518
AFN LLC Series 2019-1A, Class A1, 3.78%, 05/20/2049 (A)		7,170,000		7,459,903
Alternative Loan Trust
Series 2005-14, Class 2A1,
1-Month LIBOR + 0.21%, 2.03% (B), 05/25/2035		770,502		739,376
Series 2005-14, Class 4A1,
1-Month LIBOR + 0.22%, 2.04% (B), 05/25/2035		1,552,708		1,470,792
Series 2006-OC1, Class 2A3A,
1-Month LIBOR + 0.32%, 2.14% (B), 03/25/2036		1,629,700		1,463,377
American Home Mortgage Assets Trust
Series 2007-2, Class A1,
1-Month LIBOR + 0.13%, 1.95% (B), 03/25/2047		566,954		527,460
Arroyo Mortgage Trust Series 2018-1, Class A1, 3.76% (B), 04/25/2048 (A)		1,310,650		1,339,717
Ashford Hospitality Trust
Series 2018-ASHF, Class D,
1-Month LIBOR + 2.10%, 4.01% (B), 04/15/2035 (A)		3,988,000		3,999,242
Austin Fairmont Hotel Trust
Series 2019-FAIR, Class D,
1-Month LIBOR + 1.80%, 4.05% (B), 09/15/2032 (A)		5,000,000		5,015,665
Banc of America Funding Trust
Series 2007-3, Class TA2,
1-Month LIBOR + 0.18%, 2.00% (B), 04/25/2037		327,846		273,860
BB-UBS Trust
Series 2012-TFT, Class A,
2.89%, 06/05/2030 (A)		240,000		239,969

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

Transamerica Funds Annual Report 2019

Page    32

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
BB-UBS Trust (continued)
Series 2012-TFT, Class C,
3.47% (B), 06/05/2030 (A)		$   2,345,000		$   2,326,660
BBCMS Mortgage Trust
Series 2017-DELC, Class C,
1-Month LIBOR + 1.20%, 3.11% (B), 08/15/2036 (A)		2,130,000		2,123,300
Series 2017-DELC, Class D,
1-Month LIBOR + 1.70%, 3.61% (B), 08/15/2036 (A)		2,130,000		2,132,657
Series 2017-DELC, Class E,
1-Month LIBOR + 2.50%, 4.41% (B), 08/15/2036 (A)		1,890,000		1,897,088
Series 2018-TALL, Class C,
1-Month LIBOR + 1.12%, 3.03% (B), 03/15/2037 (A)		7,065,000		7,056,102
Series 2018-TALL, Class E,
1-Month LIBOR + 2.44%, 4.35% (B), 03/15/2037 (A)		2,570,000		2,571,605
BHMS Trust
Series 2018-ATLS, Class C,
1-Month LIBOR + 1.90%, 3.81% (B), 07/15/2035 (A)		4,065,000		4,075,169
BX Commercial Mortgage Trust
Series 2019-XL, Class D,
1-Month LIBOR + 1.45%, 3.45% (B), 10/15/2036 (A)		6,435,000		6,441,048
BX Trust
Series 2017-APPL, Class C,
1-Month LIBOR + 1.40%, 3.31% (B), 07/15/2034 (A)		5,185,000		5,188,214
Series 2017-SLCT, Class C,
1-Month LIBOR + 1.40%, 3.31% (B), 07/15/2034 (A)		2,643,887		2,644,699
BXP Trust Series 2017-CQHP, Class D, 1-Month LIBOR + 2.00%, 3.91% (B), 11/15/2034 (A)		1,825,000		1,817,037
CGBAM Commercial Mortgage Trust Series 2015-SMRT, Class B, 3.21%, 04/10/2028 (A)		2,200,000		2,205,343
CGMS Commercial Mortgage Trust
Series 2017-MDRB, Class B,
1-Month LIBOR + 1.75%, 3.66% (B), 07/15/2030 (A)		2,200,000		2,197,670
CHL Mortgage Pass-Through Trust
Series 2005-11, Class 4A1,
1-Month LIBOR + 0.27%, 2.09% (B), 04/25/2035		219,437		216,440
Series 2006-3, Class 3A1,
1-Month LIBOR + 0.25%, 2.07% (B), 02/25/2036		329,862		310,966
CHT Mortgage Trust
Series 2017-CSMO, Class C,
1-Month LIBOR + 1.50%, 3.42% (B), 11/15/2036 (A)		9,000,000		8,997,170
Series 2017-CSMO, Class D,
1-Month LIBOR + 2.25%, 4.17% (B), 11/15/2036 (A)		5,750,000		5,757,207

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Citigroup Commercial Mortgage Trust
Series 2017-1500, Class C,
1-Month LIBOR + 1.25%, 3.16% (B), 07/15/2032 (A)		$   1,000,000		$   997,798
Series 2019-PRM, Class C,
3.90%, 05/10/2036 (A)		2,380,000		2,483,621
Citigroup Mortgage Loan Trust Series 2015-PS1, Class A1, 3.75% (B), 09/25/2042 (A)		1,393,686		1,425,617
Citigroup Mortgage Loan Trust, Inc.
Series 2014-A, Class A,
4.00% (B), 01/25/2035 (A)		103,893		107,751
Series 2015-A, Class A1,
3.50% (B), 06/25/2058 (A)		148,421		150,053
CLNS Trust
Series 2017-IKPR, Class C,
1-Month LIBOR + 1.10%, 3.03% (B), 06/11/2032 (A)		1,725,000		1,724,461
Series 2017-IKPR, Class D,
1-Month LIBOR + 2.05%, 3.98% (B), 06/11/2032 (A)		2,081,000		2,081,000
Commercial Mortgage Pass-Through Certificates Trust
Series 2012-LTRT, Class A2,
3.40%, 10/05/2030 (A)		2,225,000		2,262,038
Series 2012-LTRT, Class B,
3.80%, 10/05/2030 (A)		1,175,000		1,157,354
CORE Mortgage Trust
Series 2019-CORE, Class C,
1-Month LIBOR + 1.30%, 3.21% (B), 12/15/2031 (A)		2,215,000		2,214,996
CSMC Trust
Series 2014-11R, Class 17A1,
1-Month LIBOR + 0.15%, 2.17% (B), 12/27/2036 (A)		741,495		731,495
GPT Mortgage Trust
Series 2018-GPP, Class B,
1-Month LIBOR + 1.28%, 3.19% (B), 06/15/2035 (A)		1,150,000		1,145,688
Series 2018-GPP, Class C,
1-Month LIBOR + 1.40%, 3.31% (B), 06/15/2035 (A)		600,000		596,250
GS Mortgage Securities Corp. Trust
Series 2017-SLP, Class B,
3.77%, 10/10/2032 (A)		4,842,000		5,008,390
Series 2018-FBLU, Class D,
1-Month LIBOR + 2.00%, 3.92% (B), 11/15/2035 (A)		4,950,000		4,953,028
Series 2019-SOHO, Class C,
1-Month LIBOR + 1.30%, 3.21% (B), 06/15/2036 (A)		8,200,000		8,205,143
GS Mortgage Securities Trust Series 2013-G1, Class A2, 3.56% (B), 04/10/2031 (A)		2,000,000		2,042,873
GSCG Trust
Series 2019-600C, Class B,
3.16%, 09/06/2034 (A)		1,660,000		1,682,152
Series 2019-600C, Class C,
3.46%, 09/06/2034 (A)		4,480,000		4,530,329

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

Transamerica Funds Annual Report 2019

Page    33

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
GSR Mortgage Loan Trust
Series 2007-OA1, Class 2A1,
1-Month LIBOR + 0.13%, 1.95% (B), 05/25/2037		$   217,396		$   134,019
HPLY Trust
Series 2019-HIT, Class C,
1-Month LIBOR + 1.60%, 3.51% (B), 11/15/2036 (A)		3,521,889		3,524,088
ILPT Trust Series 2019-SURF, Class C, 4.29% (B), 02/11/2041 (A)		1,930,000		2,141,528
IndyMac INDX Mortgage Loan Trust Series 2007-AR15, Class 2A1, 3.79% (B), 08/25/2037		873,546		759,202
InTown Hotel Portfolio Trust
Series 2018-STAY, Class C,
1-Month LIBOR + 1.25%, 3.16% (B), 01/15/2033 (A)		3,835,000		3,833,795
Jefferies Resecuritization Trust Series 2009-R7, Class 1A1, 4.19% (B), 02/26/2036 (A)		23,614		23,668
JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-DSTY, Class C, 3.80% (B), 06/10/2027 (A)		2,000,000		1,877,377
Merrill Lynch Mortgage Investors Trust Series 2006-A1, Class 1A1, 4.29% (B), 03/25/2036		1,314,169		1,070,107
MetLife Securitization Trust Series 2019-1A, Class A1A, 3.75% (B), 04/25/2058 (A)		1,639,138		1,710,362
Mill City Mortgage Loan Trust Series 2019-1, Class A1, 3.25% (B), 10/25/2069 (A)		9,749,655		9,957,317
Monarch Beach Resort Trust
Series 2018-MBR, Class D,
1-Month LIBOR + 1.70%, 3.61% (B), 07/15/2035 (A)		2,225,000		2,224,979
Morgan Stanley Capital I Trust
Series 2018-SUN, Class C,
1-Month LIBOR + 1.40%, 3.31% (B), 07/15/2035 (A)		2,015,000		2,014,990
Morgan Stanley Resecuritization Trust Series 2014-R4, Class 4A, 3.92% (B), 11/21/2035 (A)		840,876		853,415
MSCG Trust
Series 2018-SELF, Class C,
1-Month LIBOR + 1.18%, 3.10% (B), 10/15/2037 (A)		1,375,000		1,377,578
Series 2018-SELF, Class D,
1-Month LIBOR + 1.65%, 3.57% (B), 10/15/2037 (A)		5,710,000		5,726,536
New Residential Mortgage Loan Trust
Series 2016-2A, Class A1,
3.75% (B), 11/26/2035 (A)		821,162		852,914
Series 2017-1A, Class A1,
4.00% (B), 02/25/2057 (A)		2,467,428		2,589,724
Series 2017-2A, Class A3,
4.00% (B), 03/25/2057 (A)		1,819,756		1,912,204

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
New Residential Mortgage Loan Trust (continued)
Series 2017-3A, Class A1,
4.00% (B), 04/25/2057 (A)		$   1,299,976		$   1,357,768
Series 2018-2A, Class A1,
4.50% (B), 02/25/2058 (A)		949,166		998,125
Series 2019-2A, Class A1,
4.25% (B), 12/25/2057 (A)		3,548,716		3,717,411
Series 2019-3A, Class A1A,
3.75% (B), 11/25/2058 (A)		9,302,478		9,692,215
Series 2019-4A, Class A1B,
3.50% (B), 12/25/2058 (A)		6,409,336		6,617,865
Series 2019-5A, Class A1B,
3.50% (B), 07/01/2059 (A)		10,875,646		11,134,545
Series 2019-RPL2, Class A1,
3.25% (B), 02/25/2059 (A)		5,387,017		5,522,813
RALI Trust
Series 2006-QO1, Class 3A1,
1-Month LIBOR + 0.27%, 2.09% (B), 02/25/2046		3,881,912		2,809,440
Series 2006-QO2, Class A1,
1-Month LIBOR + 0.22%, 2.04% (B), 02/25/2046		99,290		36,683
Series 2007-QH5, Class AI1,
1-Month LIBOR + 0.21%, 2.03% (B), 06/25/2037		264,886		229,670
Residential Asset Securitization Trust Series 2004-A4, Class A11, 5.50%, 08/25/2034		2,203,876		2,317,608
Stonemont Portfolio Trust
Series 2017-MONT, Class C,
1-Month LIBOR + 1.25%, 3.10% (B), 08/20/2030 (A)		874,331		873,786
Tharaldson Hotel Portfolio Trust
Series 2018-THL, Class C,
1-Month LIBOR + 1.35%, 3.34% (B), 11/11/2034 (A)		1,405,489		1,405,490
VNDO Mortgage Trust Series 2012-6AVE, Class E, 3.34% (B), 11/15/2030 (A)		4,000,000		4,057,344
Total Mortgage-Backed Securities (Cost $219,936,306)				222,800,646
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.5%
California - 0.5%
State of California, General Obligation Unlimited
7.30%, 10/01/2039		1,400,000		2,165,786
7.95%, 03/01/2036		4,345,000		4,428,076
Total Municipal Government Obligations (Cost $6,556,349)				6,593,862
U.S. GOVERNMENT AGENCY OBLIGATIONS - 5.4%
Federal Home Loan Mortgage Corp., Interest Only STRIPS 5.00%, 08/01/2035		859,763		174,568
Uniform Mortgage-Backed Security
3.00%, TBA (D)		28,184,000		28,638,721

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

Transamerica Funds Annual Report 2019

Page    34

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Uniform Mortgage-Backed Security (continued)
3.50%, TBA (D)		$   44,844,000		$   46,042,175
Total U.S. Government Agency Obligations (Cost $75,910,892)				74,855,464
U.S. GOVERNMENT OBLIGATIONS - 13.8%
U.S. Treasury - 13.0%
U.S. Treasury Bond
2.25%, 08/15/2046		18,993,000		19,258,605
2.50%, 05/15/2046		9,450,000		10,062,035
2.75%, 08/15/2042 - 11/15/2047		26,585,000		29,657,339
3.00%, 08/15/2048 - 02/15/2049		10,489,000		12,338,513
3.13%, 05/15/2048		8,143,000		9,785,278
3.50%, 02/15/2039		6,820,000		8,464,792
4.50%, 02/15/2036		7,145,000		9,787,254
6.25%, 05/15/2030		7,185,000		10,331,525
U.S. Treasury Note
2.00%, 02/28/2021		7,477,000		7,517,598
2.25%, 11/15/2027		1,426,800		1,492,957
2.38%, 02/29/2024		2,953,000		3,057,393
2.50%, 12/31/2020 - 01/31/2024		2,771,700		2,831,132
2.63%, 02/15/2029		9,707,500		10,495,476
2.88%, 10/31/2020 - 05/15/2049		31,800,200		33,955,322
3.13%, 11/15/2028		12,090,900		13,558,339
				182,593,558
U.S. Treasury Inflation-Protected Securities - 0.8%
U.S. Treasury Inflation-Indexed Bond 2.50%, 01/15/2029		9,227,601		11,162,761
Total U.S. Government Obligations (Cost $178,365,968)				193,756,319
	Shares		Value
PREFERRED STOCKS - 0.5%
Banks - 0.2%
CoBank ACB,
Series F, Fixed until 10/01/2022, 6.25% (B) (C) (J)		14,300		1,522,950
GMAC Capital Trust I,
Series 2, 3-Month LIBOR + 5.79%, 7.94% (B)		74,000		1,954,340
				3,477,290
Diversified Telecommunication Services - 0.3%
Centaur Funding Corp., Series B, 9.08% (A) (C)		3,533		3,674,320
Total Preferred Stocks (Cost $7,588,912)				7,151,610
	Principal		Value
COMMERCIAL PAPER - 3.3%
Banks - 0.2%
Concord Minutemen Capital Co. 2.15% (K), 01/02/2020		$  3,000,000		2,989,098
Capital Markets - 0.0% (I)
Cedar Springs Capital Co. LLC 2.16% (K), 12/04/2019		500,000		499,028

	Principal		Value
COMMERCIAL PAPER (continued)
Consumer Finance - 0.0% (I)
Daimler Finance North America LLC 2.19% (K), 11/12/2019		$   400,000		$   399,737
Diversified Financial Services - 3.1%
Alpine Securitization 2.19% (K), 11/21/2019		9,400,000		9,388,772
Bennington Stark Capital Co. LLC 2.21% (K), 11/12/2019		6,000,000		5,996,022
Jupiter Securitization Co. LLC 2.02% (K), 01/13/2020		3,000,000		2,987,955
Lexington Parker Capital Co. LLC 1.97% (K), 01/23/2020		7,100,000		7,068,407
Mont Blanc Capital Corp. 2.32% (K), 11/05/2019		4,700,000		4,698,815
Ridgefield Funding Co. 2.19% (K), 11/19/2019		7,920,000		7,911,486
Sheffield Receivables Corp.
2.18% (K), 11/19/2019		300,000		299,679
2.19% (K), 12/20/2019		4,565,000		4,551,641
				42,902,777
Total Commercial Paper (Cost $46,790,640)				46,790,640
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 1.7%
U.S. Treasury Bill
1.73% (K), 01/02/2020		12,600,000		12,563,208
1.75% (K), 12/12/2019		602,000		600,822
2.00% (K), 12/12/2019		7,300,000		7,283,659
2.01% (K), 11/07/2019		2,925,000		2,924,038
Total Short-Term U.S. Government Obligations (Cost $23,371,727)				23,371,727
	Shares		Value
OTHER INVESTMENT COMPANY - 1.2%
Securities Lending Collateral - 1.2%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.75% (K)		16,405,528		16,405,528
Total Other Investment Company (Cost $16,405,528)				16,405,528
	Principal		Value
REPURCHASE AGREEMENT - 2.8%
Fixed Income Clearing Corp., 0.85% (K), dated 10/31/2019, to be repurchased at $39,733,905 on 11/01/2019. Collateralized by a U.S. Government Obligation, 1.75%, due 06/15/2022, and with a value of $40,529,830.		$  39,732,966		39,732,966
Total Repurchase Agreement (Cost $39,732,966)				39,732,966
Total Investments (Cost $1,443,246,977)				1,483,410,874
Net Other Assets (Liabilities) - (5.9)%				(82,195,243	)
Net Assets - 100.0%				$  1,401,215,631

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

Transamerica Funds Annual Report 2019

Page    35

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

SECURITY VALUATION:

Valuation Inputs ^(L)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Asset-Backed Securities	$	—	$	177,870,792	$	—	$	177,870,792
Corporate Debt Securities		—		642,234,824		—		642,234,824
Foreign Government Obligations		—		14,970,276		—		14,970,276
Loan Assignments		—		16,876,220		—		16,876,220
Mortgage-Backed Securities		—		222,800,646		—		222,800,646
Municipal Government Obligations		—		6,593,862		—		6,593,862
U.S. Government Agency Obligations		—		74,855,464		—		74,855,464
U.S. Government Obligations		—		193,756,319		—		193,756,319
Preferred Stocks		1,954,340		5,197,270		—		7,151,610
Commercial Paper		—		46,790,640		—		46,790,640
Short-Term U.S. Government Obligations		—		23,371,727		—		23,371,727
Other Investment Company		16,405,528		—		—		16,405,528
Repurchase Agreement		—		39,732,966		—		39,732,966
Total Investments	$	18,359,868	$	1,465,051,006	$	—	$	1,483,410,874
Transfers
Investments	Transfers from Level 1 to Level 3		Transfers from Level 3 to Level 1		Transfers from Level 2 to Level 3		Transfers from Level 3 to Level 2
Preferred Stocks (J)	$	—	$	—	$	—	$	1,522,950

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2019, the total value of 144A securities is $649,582,548, representing 46.4% of the Fund’s net assets.
(B)	Floating or variable rate securities. The rates disclosed are as of October 31, 2019. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(C)	Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2019, the total value of securities is $10,697,270, representing 0.8% of the Fund’s net assets.
(D)	When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after October 31, 2019. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(E)	Perpetual maturity. The date displayed is the next call date.
(F)	Securities are exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At October 31, 2019, the total value of Regulation S securities is $3,914,161, representing 0.3% of the Fund’s net assets.
(G)	All or a portion of the securities are on loan. The total value of all securities on loan is $16,073,314. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(H)	Restricted security. At October 31, 2019, the value of such security held by the Fund is as follows:

Investments	Description	Acquisition Date		Acquisition Cost		Value		Value as Percentage of Net Assets
Corporate Debt Securities	Calpine Corp. 5.88%, 01/15/2024		6/27/2018	$	1,847,688	$	1,890,700		0.1	%

(I)	Percentage rounds to less than 0.1% or (0.1)%.
(J)	Transferred from Level 3 to 2 due to utilizing significant observable inputs. As of prior reporting period the security utilized significant unobservable inputs.

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

Transamerica Funds Annual Report 2019

Page    36

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(K)	Rates disclosed reflect the yields at October 31, 2019.
(L)	The Fund recognizes transfers in and out of Level 3 as of October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATIONS:

LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
STRIPS	Separate Trading of Registered Interest and Principal of Securities
TBA	To Be Announced

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

Transamerica Funds Annual Report 2019

Page    37

Transamerica Capital Growth

(unaudited)

MARKET ENVIRONMENT

Large cap growth stocks advanced over the fiscal year ended October 31, 2019, with real estate and materials as the best performing sectors in the Russell 1000^® Growth Index. Energy was the only sector to post a decline and hence was the greatest relative underperformer. Against this backdrop, our team continued to focus on bottom-up stock selection and the long-term outlook for companies owned in the portfolio.

PERFORMANCE

For the year ended October 31, 2019, Transamerica Capital Growth (Class A) returned 5.40%, excluding any sales charges. By comparison, its benchmark, the Russell 1000^® Growth Index, returned 17.10%.

STRATEGY REVIEW

The Fund underperformed its benchmark over this period due to unfavorable stock selection and sector allocation decisions.

Communication services was by far the greatest detractor in the Fund, due to unfavorable stock selection. Video game publisher Activision Blizzard, Inc. (no longer held in the Fund) was the poorest performer in the sector and the third greatest detractor in the portfolio. Concerns about the pace of new gaming content releases weighed on investor sentiment, as did a weaker than expected outlook.

Covetrus, an animal health technology and services company, was the poorest performer in healthcare and the second greatest detractor in the portfolio. Covetrus is the result of the recent combination of Vets First Choice, a leading online pharmacy platform used by veterinarians, and the animal health distribution business of Henry Schein. Covetrus shares declined due to disappointing results, resulting from weaker than expected demand in its animal health distribution business and greater investment spending related to the integration of the two businesses. Within healthcare the weakness in Covetrus and a diverse set of other holdings was partly offset by strength in Veeva Systems, Inc., Class – A (“Veeva”), a company which offers cloud-based sales software solutions to life sciences companies. Veeva was the top contributor in the portfolio during the period. The company has been executing well and seeing particular strength in its Vault product, which provides content and data management applications to aid research and development functions. Veeva is also looking to expand into other verticals outside of life sciences, and this has supported overall positive market sentiment.

Information technology was the top contributing sector in the portfolio, due to strong stock selection and an average sector underweight position. Several of the portfolio’s holdings in the software-as-a-service area were among the portfolio’s top contributors, including Workday, Inc., Class – A, which was the third largest contributor across the portfolio. Software-as-a-service providers have benefited from a generally strong demand environment, as enterprises continue to embark on digital transformation projects and employ cloud-based solutions to modernize their software and technology infrastructure, improve efficiency, enhance agility in responding to new business opportunities, and harness data to make more informed business decisions. Shopify, Inc., Class – A, which provides a cloud-based multi-channel commerce platform largely to small and medium sized retailers and manufacturers, also contributed, due to strong fundamentals; the company has experienced strong gross merchandise value growth and continued progress in adding additional merchants to its platform. Within Information Technology, the strength in these holdings was partly offset by weakness in Slack Technologies, Inc., Class – A (“Slack”), which was the top detractor in the portfolio. Slack is a leading provider of cloud-based collaboration software and a company that came public in June through a direct listing. Its shares were weak in spite of solid reported results. Despite ongoing concerns about competition from other large incumbent players, Slack’s results indicated that its offering has gained significant traction with large enterprise customers.

As of October 31, 2019, the portfolio has a small derivatives investment in the form of, over-the-counter puts on the Chinese Yuan. These puts are designed to provide a potential hedge to equities in the Fund that are exposed, directly or indirectly, to China.

During the fiscal year, the Fund utilized derivatives. These positions detracted from performance.

Dennis P. Lynch

Sam G. Chainani, CFA

Jason C. Yeung, CFA

David S. Cohen

Armistead B. Nash

Alexander T. Norton

Co-Portfolio Managers

Morgan Stanley Investment Management Inc.

Asset Allocation	Percentage of Net Assets
Common Stocks		99.2	%
Other Investment Company		9.8
Repurchase Agreement		1.2
Over-the-Counter Foreign Exchange Options Purchased		0.1
Net Other Assets (Liabilities)		(10.3	)
Total		100.0	%

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

Transamerica Funds Annual Report 2019

Page    38

Transamerica Capital Growth

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		(0.39	)%		11.82	%		14.68	%		11/13/2009
Class A (NAV)		5.40	%		13.09	%		15.34	%		11/13/2009
Russell 1000® Growth Index (A)		17.10	%		13.43	%		14.86	%
Class C (POP)		3.59	%		12.25	%		14.55	%		11/13/2009
Class C (NAV)		4.57	%		12.25	%		14.55	%		11/13/2009
Class I (NAV)		5.69	%		13.40	%		16.01	%		11/30/2009
Class I2 (NAV)		5.82	%		13.53	%		17.10	%		09/30/2011
Class R6 (NAV)		N/A			N/A			0.60	%(B)		10/18/2019

^(A) The Russell 1000^® Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe, and is comprised of Russell 1000^® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000^® Index measures the performance of the large-cap segment of the U.S. equity universe.

^(B) Not annualized.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for A shares or the maximum applicable contingent deferred sales charge 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I and I2 shares.

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

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

Returns on growth stocks may not move in tandem with return on other categories of stocks or the market as a whole. Growth stocks may be particularly susceptible to larger price swings or to adverse developments. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks.

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Transamerica Funds Annual Report 2019

Page    39

Transamerica Capital Growth

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Shares		Value
COMMON STOCKS - 99.2%
Biotechnology - 0.9%
Alnylam Pharmaceuticals, Inc. (A)		124,388		$  10,789,415
Exact Sciences Corp. (A)		8,768		762,816
Moderna, Inc. (A) (B)		397,926		6,665,260
				18,217,491
Capital Markets - 0.1%
S&P Global, Inc.		10,224		2,637,690
Chemicals - 3.6%
Ecolab, Inc.		375,273		72,078,685
Entertainment - 12.7%
Netflix, Inc. (A)		170,766		49,079,856
Roku, Inc. (A) (B)		492,020		72,425,344
Spotify Technology SA (A)		723,235		104,362,811
Walt Disney Co.		235,298		30,569,916
				256,437,927
Health Care Equipment & Supplies - 8.6%
Danaher Corp.		13,263		1,827,907
DexCom, Inc. (A)		352,348		54,346,155
Intuitive Surgical, Inc. (A)		212,788		117,661,125
				173,835,187
Health Care Providers & Services - 2.1%
Convetrus, Inc. (A)		1,013,683		10,050,667
Guardant Health, Inc. (A)		462,813		32,165,503
				42,216,170
Health Care Technology - 3.5%
Veeva Systems, Inc., Class A (A)		492,208		69,809,861
Interactive Media & Services - 11.1%
Alphabet, Inc., Class A (A)		4,215		5,305,842
Alphabet, Inc., Class C (A)		51,499		64,894,405
Facebook, Inc., Class A (A)		198,127		37,971,039
Snap, Inc., Class A (A)		2,165,593		32,613,831
Twitter, Inc. (A)		2,789,569		83,603,383
				224,388,500
Internet & Direct Marketing Retail - 12.6%
Amazon.com, Inc. (A)		87,306		155,113,078
Chewy, Inc., Class A (A)		575,042		14,186,286
Farfetch, Ltd., Class A (A) (B)		1,915,507		17,105,478
MercadoLibre, Inc. (A)		92,260		48,115,435
Wayfair, Inc., Class A (A) (B)		233,209		19,176,776
				253,697,053
IT Services - 15.6%
Adyen NV (A) (C)		48,119		33,778,076
MongoDB, Inc. (A) (B)		261,831		33,454,147
Okta, Inc. (A)		718,720		78,390,790
Shopify, Inc., Class A (A)		241,479		75,720,570
Square, Inc., Class A (A)		443,954		27,272,094
Twilio, Inc., Class A (A)		677,373		65,407,137
				314,022,814
Leisure Products - 0.0% (D)
Peloton Interactive, Inc., Class A (A)		13,933		332,581
Life Sciences Tools & Services - 4.9%
Illumina, Inc. (A)		334,823		98,946,893
Personal Products - 0.2%
Estee Lauder Cos., Inc., Class A		18,207		3,391,418

	Shares		Value
COMMON STOCKS (continued)
Road & Rail - 3.0%
Uber Technologies, Inc. (A) (B)		1,826,512		$   57,535,128
Union Pacific Corp.		12,775		2,113,751
				59,648,879
Semiconductors & Semiconductor Equipment - 2.0%
NVIDIA Corp.		206,490		41,508,620
Software - 18.3%
Atlassian Corp. PLC, Class A (A)		259,125		31,299,709
Coupa Software, Inc. (A)		401,993		55,270,018
ServiceNow, Inc. (A)		300,628		74,333,279
Slack Technologies, Inc., Class A (A) (B)		2,902,658		63,858,476
Trade Desk, Inc., Class A (A) (B)		251,112		50,423,290
Workday, Inc., Class A (A)		424,422		68,824,271
Zoom Video Communications, Inc., Class A (A) (B)		339,933		23,757,917
				367,766,960
Total Common Stocks (Cost $1,786,586,333)				1,998,936,729
OTHER INVESTMENT COMPANY - 9.8%
Securities Lending Collateral - 9.8%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.75% (E)		196,403,325		196,403,325
Total Other Investment Company (Cost $196,403,325)				196,403,325
	Principal		Value
REPURCHASE AGREEMENT - 1.2%
Fixed Income Clearing Corp., 0.85% (E), dated 10/31/2019, to be repurchased at $23,777,117 on 11/01/2019. Collateralized by U.S. Government Obligations, 1.75%, due 06/15/2022 - 06/30/2022, and with a total value of $24,255,279.		$  23,776,556		23,776,556
Total Repurchase Agreement (Cost $23,776,556)				23,776,556
Total Investments Excluding Options Purchased (Cost $2,006,766,214)				2,219,116,610
Total Options Purchased - 0.1% (Cost $5,405,685)				1,576,887
Total Investments (Cost $2,012,171,899)				2,220,693,497
Net Other Assets (Liabilities) - (10.3)%				(207,379,107	)
Net Assets - 100.0%				$  2,013,314,390

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

Transamerica Funds Annual Report 2019

Page    40

Transamerica Capital Growth

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

OVER-THE-COUNTER FOREIGN EXCHANGE OPTIONS PURCHASED:

Description	Counterparty		Exercise Price			Expiration Date		Notional Amount/ Number of Contracts			Premiums Paid		Value
Call - USD vs. CNH		BNP		USD	7.58		01/17/2020		USD	277,077,459	$	1,418,397	$	120,252
Call - USD vs. CNH		RBS		USD	7.85		06/16/2020		USD	388,428,678		2,004,292		682,469
Call - USD vs. CNH		RBS		USD	8.09		09/21/2020		USD	367,425,569		1,982,996		774,166
Total											$	5,405,685	$	1,576,887

SECURITY VALUATION:

Valuation Inputs ^(F)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	1,965,158,653	$	33,778,076	$	—	$	1,998,936,729
Other Investment Company		196,403,325		—		—		196,403,325
Repurchase Agreement		—		23,776,556		—		23,776,556
Over-the-Counter Foreign Exchange Options Purchased		—		1,576,887		—		1,576,887
Total Investments	$	2,161,561,978	$	59,131,519	$	—	$	2,220,693,497

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	All or a portion of the securities are on loan. The total value of all securities on loan is $191,980,572. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(C)	Security is registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the security is deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2019, the value of the 144A security is $33,778,076, representing 1.7% of the Fund’s net assets.
(D)	Percentage rounds to less than 0.1% or (0.1)%.
(E)	Rates disclosed reflect the yields at October 31, 2019.
(F)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

CURRENCY ABBREVIATIONS:

CNH	Chinese Yuan Renminbi (offshore)
USD	United States Dollar

COUNTERPARTY ABBREVIATIONS:

BNP	BNP Paribas
RBS	Royal Bank of Scotland PLC

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

Transamerica Funds Annual Report 2019

Page    41

Transamerica Dividend Focused

(unaudited)

MARKET ENVIRONMENT

Valuation matters, especially over the long run, and value stocks tend to outperform their growth counterparts over very long periods. The past fiscal year continued a trend that is now a decade old as growth benchmarks outperformed value yet again. However, there were some signs later that could signal a change in favor of value as technology stock returns moderated and were no longer leading the market as we ended the fiscal year. Instead, the best performing were more defensive sectors, such as real estate and utilities. Lagging sectors included energy, over concerns of slowing global growth, and health care, over concerns of political and regulatory changes.

While timing inflection points in style dominance is very difficult, we do know that valuation matters; and when valuation disparities in favor of value stocks become as extreme as they were at period end, confidence grows in the theory that when a sustained value cycle comes, it has the makings of a long and profitable one.

PERFORMANCE

For the year ended October 31, 2019, Transamerica Dividend Focused (Class A) returned 8.43%, excluding any sales charges. By comparison, its benchmark, the Russell 1000^® Value Index, returned 11.21%.

STRATEGY REVIEW

We stay fully invested with a conservative orientation based on our belief that superior returns can be achieved while taking below average risks. We construct portfolios that reflect all three value characteristics: price/earnings and price/book ratios below the market and dividend yields above the market (S&P 500^®). In addition, the strategy requires that stocks purchased not only pay a dividend, but also that each stock has a consecutive 25-year history of paying cash dividends. While we are exacting in our definition of value, we are equally demanding in our pursuit of quality. We seek companies with profitability and earnings growth greater than the market.

Transamerica Dividend Focused underperformed its value benchmark for the 12-month period ended October 31, 2019. Stock selection and an underweight in consumer staples were the largest relative detractors. Few technology stocks meet the 25-year dividend paying history requirement; therefore, our underweight and holding, relative to the benchmark, in information technology stocks hurt performance as did stock selection within financials and health care. The five largest detractors from performance for the period were: Schlumberger, Ltd., EOG Resources, Inc., State Street, Altria Group, Inc. and Philip Morris International, Inc. The Fund’s holdings in State Street, Altria and Philip Morris were all sold during the period.

Our consumer discretionary holdings were the largest contributors to relative performance. Holdings and overweights in industrials and utilities also aided performance. The top five contributing stocks were Entergy Corp., Target Corp., HCP, Inc., Johnson Controls International PLC and Stanley Black & Decker, Inc. Target Corp. was sold during the period.

Brian Quinn, CFA

Brad Kinkelaar

Lewis Ropp

Co-Portfolio Managers

Barrow, Hanley, Mewhinney & Strauss, LLC

Asset Allocation	Percentage of Net Assets
Common Stocks		97.7	%
Repurchase Agreement		2.0
Net Other Assets (Liabilities)		0.3
Total		100.0	%

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

Transamerica Funds Annual Report 2019

Page    42

Transamerica Dividend Focused

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		2.44	%		5.18	%		8.84	%		01/04/2013
Class A (NAV)		8.43	%		6.39	%		9.74	%		01/04/2013
Russell 1000® Value Index (A)		11.21	%		7.61	%		11.21	%
Class C (POP)		6.67	%		5.49	%		8.85	%		01/04/2013
Class C (NAV)		7.57	%		5.49	%		8.85	%		01/04/2013
Class I (NAV)		8.65	%		6.57	%		9.93	%		01/04/2013
Class I2 (NAV)		8.77	%		6.66	%		10.04	%		01/04/2013
Class R6 (NAV)		8.77	%		N/A			6.75	%		05/29/2015

^(A) The Russell 1000^® Value Index measures the performance of the large-cap value segment of the U.S. equity universe, and is comprised of Russell 1000^® Index companies with lower price-to-book ratios and lower expected growth values. The Russell 1000^® Index measures the performance of the large-cap segment of the U.S. equity universe.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I, I2 and R6 shares.

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

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

Focused funds are less diversified than other mutual funds; therefore, the performance of each holding in a focused fund has a greater impact upon the overall portfolio, which increases the risks associated with investing in the Fund. Value investing carries the risk that the market will not recognize a security’s intrinsic value for a long time or that a stock considered undervalued is actually appropriately priced. ADRs involve the same risk as foreign securities including currency fluctuations, adverse social and political developments, and relatively small size and lesser liquidity of the markets. Dividend income may vary depending on market performance and is not guaranteed. A company’s future ability to pay dividends may be limited.

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Transamerica Funds Annual Report 2019

Page    43

Transamerica Dividend Focused

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Shares		Value
COMMON STOCKS - 97.7%
Aerospace & Defense - 4.1%
General Dynamics Corp.		54,918		$  9,709,502
United Technologies Corp.		84,776		12,172,138
				21,881,640
Banks - 10.0%
JPMorgan Chase & Co.		105,516		13,181,059
US Bancorp		308,099		17,567,805
Wells Fargo & Co.		439,527		22,692,779
				53,441,643
Beverages - 1.3%
Molson Coors Brewing Co., Class B		134,035		7,066,325
Building Products - 1.0%
Johnson Controls International PLC		122,594		5,311,998
Capital Markets - 3.2%
Northern Trust Corp.		170,304		16,975,903
Chemicals - 6.0%
Corteva, Inc. (A)		418,034		11,027,737
DuPont de Nemours, Inc.		151,222		9,967,042
Linde PLC		54,935		10,896,357
				31,891,136
Consumer Finance - 2.1%
American Express Co.		94,916		11,131,748
Diversified Telecommunication Services - 5.6%
AT&T, Inc.		443,314		17,063,156
Verizon Communications, Inc.		213,141		12,888,636
				29,951,792
Electric Utilities - 9.0%
Entergy Corp.		233,221		28,331,687
Exelon Corp.		432,242		19,662,689
				47,994,376
Energy Equipment & Services - 1.5%
Schlumberger, Ltd.		243,585		7,962,794
Equity Real Estate Investment Trusts - 7.3%
Healthpeak Properties, Inc., REIT		610,475		22,966,070
Simon Property Group, Inc.		107,015		16,125,020
				39,091,090
Health Care Equipment & Supplies - 3.2%
Medtronic PLC		154,722		16,849,226
Health Care Providers & Services - 7.4%
Cigna Corp. (A)		30,733		5,484,611
CVS Health Corp.		296,492		19,684,104
UnitedHealth Group, Inc.		56,524		14,283,615
				39,452,330
Household Durables - 1.7%
Whirlpool Corp.		59,576		9,062,701
Industrial Conglomerates - 3.6%
General Electric Co.		1,929,295		19,254,364
Insurance - 3.3%
Chubb, Ltd.		115,346		17,581,037
IT Services - 2.7%
International Business Machines Corp.		106,744		14,274,875
Machinery - 3.8%
Stanley Black & Decker, Inc.		77,803		11,773,928

	Shares		Value
COMMON STOCKS (continued)
Machinery (continued)
Wabtec Corp.		118,188		$   8,198,702
				19,972,630
Multi-Utilities - 4.4%
Dominion Energy, Inc.		286,542		23,654,042
Oil, Gas & Consumable Fuels - 9.8%
BP PLC, ADR		272,098		10,315,235
EOG Resources, Inc.		106,223		7,362,316
Hess Corp.		79,766		5,244,615
Phillips 66		161,065		18,815,613
Valero Energy Corp.		107,371		10,412,840
				52,150,619
Pharmaceuticals - 1.0%
Johnson & Johnson		40,908		5,401,492
Specialty Retail - 3.1%
Lowe’s Cos., Inc.		149,658		16,703,329
Thrifts & Mortgage Finance - 2.6%
New York Community Bancorp, Inc.		1,172,109		13,655,070
Total Common Stocks (Cost $474,585,019)				520,712,160
	Principal		Value
REPURCHASE AGREEMENT - 2.0%
Fixed Income Clearing Corp., 0.85% (B), dated 10/31/2019, to be repurchased at $10,875,474 on 11/01/2019. Collateralized by U.S. Government Obligations, 1.88% -  2.13%, due 04/30/2022 -  05/15/2022, and with a total value of $11,095,332.		$  10,875,217		10,875,217
Total Repurchase Agreement (Cost $10,875,217)				10,875,217
Total Investments (Cost $485,460,236)				531,587,377
Net Other Assets (Liabilities) - 0.3%				1,368,842
Net Assets - 100.0%				$  532,956,219

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

Transamerica Funds Annual Report 2019

Page    44

Transamerica Dividend Focused

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

SECURITY VALUATION:

Valuation Inputs ^(C)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	520,712,160	$	—	$	—	$	520,712,160
Repurchase Agreement		—		10,875,217		—		10,875,217
Total Investments	$	520,712,160	$	10,875,217	$	—	$	531,587,377

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	Rate disclosed reflects the yield at October 31, 2019.
(C)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATIONS:

ADR	American Depositary Receipt
REIT	Real Estate Investment Trust

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

Transamerica Funds Annual Report 2019

Page    45

Transamerica Dynamic Allocation

(unaudited)

MARKET ENVIRONMENT

Over the past year, global fixed income and global equity markets rallied. Within fixed income markets, for the 12-month period ended October 31, 2019, the Bloomberg Barcalys US Aggregate Bond Index returned 11.51%, outperforming the Bloomberg Barclays Aggregate Bond Index, returning 9.54%. Fixed income was supported by the dovish activity by global central banks. In the U.S., the U.S. Federal Reserve (“Fed”) cut interest rates by 25 basis points three times since July. In August, the U.S. 2 year-10 year yield differential inverted for the first time in over a decade and the 30-year Treasury yield dropped below 2% for the first time. The European Central Bank announced additional stimulus in September and reduced the deposit rate.

Within the U.S., large cap stocks strongly outperformed small cap stocks, with the S&P 500^® Index returning 14.33% versus 4.90% for the Russell 2000^® Index. Large cap outperformance was driven by the rebound during the first quarter of 2019, where the S&P 500^® Index returned 13.65%. Abroad, emerging markets outperformed developed, with the MSCI Emerging Markets Index outperforming the MSCI EAFE Index.

Crude oil declined over the past year and was largely driven by the last two months of 2018. During that period, market concerns around over-supply spiked. Crude oil rebounded in the first quarter of 2019 due to tighter global supply conditions. This was driven by the U.S. reducing its drilling, Venezuelan sanctions and outages, and Saudi Arabia affirming their commitment to cutting oil output.

Trade tensions between the U.S. and China whipsawed markets and led to periods of increased volatility throughout the past year.

PERFORMANCE

For the year ended October 31, 2019, Transamerica Dynamic Allocation (Class A) returned 6.57%, excluding any sales charges. By comparison, its primary and secondary benchmarks, the Russell 3000^® Index and the Transamerica Dynamic Allocation Blended Benchmark, returned 13.49%, and 11.99%, respectively.

STRATEGY REVIEW

The Fund invests primarily in exchange traded funds (“ETFs”) that are designed to track various equity and fixed income indices. In addition, we use a combination of two risk management strategies that are designed to protect the Fund from experiencing significant losses in the event of a major decline in asset values, while allowing it to participate during trending bull markets. In sideways or fluctuating markets, the strategy tends to underperform.

One of these risk management strategies, Dynamic Risk Management, involves systematically raising the allocation to cash in response to rising volatility and declines in the value of the Fund’s net asset value. This strategy seeks to protect the investor from extended and severe market drawdowns.

The other strategy, Event Risk Management, involves the continuous use of put options on the S&P 500^® Index to provide additional protection against sudden market declines. This strategy tends to help relative performance in periods when the stock market is falling (since put options tend to rise in price when the underlying index is falling), but detracts from relative performance when the stock market is flat or rising.

Relative to its benchmarks, the Fund underperformed for the 12-month period ended October 31, 2019. All six of the Fund’s ETF holdings posted positive returns. The primary relative detractor was the iShares Russell 1000 Values ETF. The primary contributor was the iShares Russell 1000 Growth ETF.

Adam J. Petryk, CFA

Lisa Wang, CFA

Thomas Picciochi

Co-Portfolio Managers

QS Investors, LLC

Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		55.2	%
Other Investment Company		27.3
U.S. Fixed Income Fund		19.1
International Equity Fund		15.1
International Fixed Income Fund		11.1
Derivative		0.9
Net Other Assets (Liabilities)		(28.7	)
Total		100.0	%

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

Transamerica Funds Annual Report 2019

Page    46

Transamerica Dynamic Allocation

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		0.69	%		2.98	%		5.33	%		10/31/2012
Class A (NAV)		6.57	%		4.15	%		6.18	%		10/31/2012
Russell 3000® Index (A)		13.49	%		10.31	%		13.65	%
Transamerica Dynamic Allocation Blended Benchmark (B) (C) (D) (E) (F) (G)		11.99	%		7.25	%		9.13	%
Class C (POP)		4.85	%		3.39	%		5.40	%		10/31/2012
Class C (NAV)		5.85	%		3.39	%		5.40	%		10/31/2012
Class I (NAV)		6.88	%		4.41	%		6.47	%		10/31/2012

^(A) The Russell 3000^® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.

^(B) The Transamerica Dynamic Allocation Blended Benchmark is composed of the following benchmarks: 50% Russell 1000^® Index; 15% Bloomberg Barclays Global Aggregate Index ex-U.S.; 15% Bloomberg Barclays US Aggregate Bond Index; 10% MSCI ACWI ex-U.S. Index; and 10% Russell 2000^® Index.

^(C) The Russell 1000^® Index measures the performance of the large-cap segment of the U.S. equity universe, and is comprised of approximately 1,000 of the largest securities of the Russell 3000^® Index based on a combination of market cap and current index membership. The Russell 3000^® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.

^(D) The Bloomberg Barclays Global Aggregate Index ex-U.S. is a multi-currency benchmark that includes fixed-rate Treasury, government-related, corporate and securitized bonds from both developed and emerging markets issuers, excluding the U.S.

^(E) The Bloomberg Barclays US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.

^(F) The MSCI ACWI ex-U.S. Index captures large and mid-cap representation across developed and emerging markets countries, excluding the U.S.

^(G) The Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe, and is comprised of approximately 2,000 of the smallest securities of the Russell 3000^® Index based on a combination of market cap and current index membership. The Russell 3000^® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.

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

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

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

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

Asset Allocation, like many investment strategies, offers no guarantee of positive returns, and mutual funds are subject to market risk, including loss of principal. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of a ETFs share may be above or below the shares’ net asset value; and an active trading market for an ETF share may not develop or be maintained. The risks of investing in foreign securities are magnified in emerging markets. These may include risks related to market and currency volatility, adverse social and political developments and the relatively small size and less liquidity of these markets. Fixed income investing is subject to credit risk, inflation risk and interest rate risk.

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Transamerica Funds Annual Report 2019

Page    47

Transamerica Dynamic Allocation

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Shares		Value
EXCHANGE-TRADED FUNDS - 100.5%
International Equity Fund - 15.1%
iShares MSCI EAFE ETF (A)		32,369		$  2,182,318
International Fixed Income Fund - 11.1%
Vanguard Total International Bond ETF (A)		27,377		1,601,281
U.S. Equity Funds - 55.2%
iShares Russell 1000 Growth ETF		20,390		3,346,814
iShares Russell 1000 Value ETF (A)		24,495		3,186,065
iShares Russell 2000 ETF (A)		9,318		1,448,483
				7,981,362
U.S. Fixed Income Fund - 19.1%
iShares Core U.S. Aggregate Bond ETF (A)		24,472		2,769,007
Total Exchange-Traded Funds (Cost $12,390,650)				14,533,968

	Shares		Value
OTHER INVESTMENT COMPANY - 27.3%
Securities Lending Collateral - 27.3%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.75% (B)		3,945,304		$   3,945,304
Total Other Investment Company (Cost $3,945,304)				3,945,304
Total Investments Excluding Options Purchased (Cost $16,335,954)				18,479,272
Total Options Purchased - 0.9% (Cost $156,537)				125,818
Total Investments (Cost $16,492,491)				18,605,090
Net Other Assets (Liabilities) - (28.7)%				(4,143,980	)
Net Assets - 100.0%				$  14,461,110

EXCHANGE-TRADED OPTIONS PURCHASED:

Description	Exercise Price			Expiration Date		Notional Amount			Number of Contracts		Premiums Paid		Value
Put - S&P 500® Index		USD	2,350.00		12/18/2020		USD	10,001		1	$	7,423	$	5,315
Put - S&P 500® Index		USD	2,400.00		12/18/2020		USD	40,005		4		31,524		24,500
Put - S&P 500® Index		USD	2,450.00		12/18/2020		USD	40,005		4		30,506		26,740
Put - S&P 500® Index		USD	2,500.00		12/18/2020		USD	40,005		4		42,364		30,400
Put - S&P 500® Index		USD	2,575.00		12/18/2020		USD	20,002		2		22,056		18,202
Put - S&P 500® Index		USD	2,625.00		12/18/2020		USD	10,001		1		12,131		10,064
Put - S&P 500® Index		USD	2,650.00		12/18/2020		USD	10,001		1		10,533		10,597
Total											$	156,537	$	125,818

SECURITY VALUATION:

Valuation Inputs ^(C)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Exchange-Traded Funds	$	14,533,968	$	—	$	—	$	14,533,968
Other Investment Company		3,945,304		—		—		3,945,304
Exchange-Traded Options Purchased		125,818		—		—		125,818
Total Investments	$	18,605,090	$	—	$	—	$	18,605,090

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	All or a portion of the securities are on loan. The total value of all securities on loan is $3,859,138. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(B)	Rate disclosed reflects the yield at October 31, 2019.
(C)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

Transamerica Funds Annual Report 2019

Page    48

Transamerica Dynamic Income

(unaudited)

MARKET ENVIRONMENT

Over the past year, global fixed income and global equity markets rallied. Within fixed income markets, for the 12-month period ended October 31, 2019, the Bloomberg Barclays US Aggregate Bond Index returned 11.51%, outperforming the Bloomberg Barclays Global Aggregate Bond Index, which returned 9.54%. Fixed income was supported by the dovish activity of global central banks. In the U.S., the U.S. Federal Reserve (“Fed”) cut interest rates by 25 basis points three times since July. In August, the U.S. 2-year-10-year yield differential inverted for the first time in over a decade and the 30-year Treasury yield dropped below 2% for the first time. The European Central Bank announced additional stimulus in September and reduced the deposit rate.

Within the U.S., large cap stocks strongly outperformed small cap stocks, with the S&P 500^® Index returning 14.33% versus the Russell 2000^® Index which returned 4.90%. Large cap outperformance was driven by the rebound during the first quarter of 2019, when the S&P 500^® Index returned 13.65%. Abroad, emerging markets outperformed developed markets, with the MSCI Emerging Markets Index outperforming the MSCI EAFE Index.

Crude oil declined over the past year which was largely driven by the last two months of 2018. During that period, market concerns around over-supply spiked. Crude oil rebounded in the first quarter of 2019 due to tighter global supply conditions. This was driven by the U.S. reducing its drilling, combined with Venezuelan sanctions and outages, and Saudi Arabia affirming its commitment to cutting oil output. Trade tensions between the U.S. and China whipsawed markets and led to periods of increased volatility throughout the fiscal year.

PERFORMANCE

For the year ended October 31, 2019, Transamerica Dynamic Income (Class A) returned 9.35%, excluding any sales charges. By comparison, its primary and secondary benchmarks, the iBoxx $ Liquid High Yield Index and the Transamerica Dynamic Income Blended Benchmark, returned 9.05% and 11.64%, respectively.

STRATEGY REVIEW

The Fund, which is designed to generate income at a balanced risk level over a full market cycle seeks income across diversified sources, while balancing exposure to multiple risk factors. Over the short term, these risk factors can be correlated but we believe that over a full market cycle having a broad exposure to different risk factors may help mitigate the investor’s drawdown risk.

Relative to its benchmark, the Fund underperformed for the 12-month period ended October 31, 2019. Across equity holdings, the Global X Super Dividend US ETF was the primary detractor as defensive equities underperformed the broader U.S. equity market. Across fixed income holdings, the SPDR Bloomberg Barclays Short Term High Yield Bond ETF was the largest detractor. The Vanguard Long-Term Bond ETF was the top contributor relative to the benchmark, as decreasing interest rates throughout the year were beneficial to long-term bonds. All of the underlying holdings except for the Global X MLP ETF produced positive absolute returns. The top performing ETF was the iShares 20+ Year Treasury Bond ETF while the worst performing ETF was the Global X MLP ETF.

Adam J. Petryk, CFA

Lisa Wang, CFA

Thomas Picciochi

Co-Portfolio Managers

QS Investors, LLC

Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		42.4	%
International Fixed Income Funds		26.6
U.S. Equity Funds		23.4
Other Investment Company		7.6
U.S. Mixed Allocation Fund		7.2
Repurchase Agreement		0.2
Net Other Assets (Liabilities)		(7.4	)
Total		100.0	%

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

Transamerica Funds Annual Report 2019

Page    49

Transamerica Dynamic Income

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		4.16	%		1.68	%		3.38	%		10/31/2011
Class A (NAV)		9.35	%		2.67	%		4.01	%		10/31/2011
iBoxx $ Liquid High Yield Index (A)		9.05	%		4.70	%		5.97	%
Transamerica Dynamic Income Blended Benchmark (A) (B) (C) (D)		11.64	%		6.19	%		7.48	%
Class C (POP)		7.56	%		1.91	%		3.24	%		10/31/2011
Class C (NAV)		8.56	%		1.91	%		3.24	%		10/31/2011
Class I (NAV)		9.50	%		2.92	%		4.25	%		10/31/2011

^(A) The iBoxx $ Liquid High Yield Index is comprised of U.S. dollar-denominated high yield liquid corporate bonds.

^(B) The Transamerica Dynamic Income Blended Benchmark is composed of the following benchmarks: 40% iBoxx $ Liquid High Yield Index, 30% Bloomberg Barclays US Aggregate Bond Index, and 30% S&P 500^®.

^(C) The Bloomberg Barclays US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.

^(D) The S&P 500^® is market-capitalization weighted index of 500 large U.S. companies with common stock listed on the NYSE or NASDAQ.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 4.75% for A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I shares.

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

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

Asset Allocation, like many investment strategies, offers no guarantee of positive returns, and mutual funds are subject to market risk, including loss of principal. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF’s share may be above or below the shares’ net asset value; and an active trading market for an ETF’s share may not develop or be maintained. Foreign and emerging market investments involve risks not associated with U.S. markets, such as currency fluctuation, adverse social and political developments and the relatively small size and lesser liquidity of the markets. Fixed income investing is subject to credit risk and interest rate risk. Investments in high-yield bonds (junk bonds) may be subject to greater volatility and risks as the income derived from these securities is not guaranteed and may be unpredictable and the value of these securities tends to decline when the interest rate increases.

Transamerica Funds Annual Report 2019

Page    50

Transamerica Dynamic Income

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Shares		Value
EXCHANGE-TRADED FUNDS - 99.6%
International Fixed Income Funds - 26.6%
iShares Emerging Markets High Yield Bond ETF (A)		423,036		$  19,806,546
VanEck Vectors J.P. Morgan EM Local Currency Bond ETF		839,877		28,505,425
				48,311,971
U.S. Equity Funds - 23.4%
Global SuperDividend U.S. ETF (A)		1,503,097		35,097,315
Invesco S&P 500 High Dividend Low Volatility ETF		173,983		7,373,399
				42,470,714
U.S. Fixed Income Funds - 42.4%
iShares 20+ Year Treasury Bond ETF (A)		54,686		7,723,850
iShares Core 10+ Year USD Bond ETF		31,245		2,157,780
iShares MBS ETF		52,894		5,733,181
SPDR Bloomberg Barclays Short Term High Yield Bond ETF		1,320,623		35,379,490
Vanguard Long-Term Bond ETF (A)		253,891		25,919,732
				76,914,033
U.S. Mixed Allocation Fund - 7.2%
Global X MLP ETF (A)		1,656,131		13,116,558
Total Exchange-Traded Funds (Cost $183,408,482)				180,813,276

	Shares		Value
OTHER INVESTMENT COMPANY - 7.6%
Securities Lending Collateral - 7.6%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.75% (B)		13,816,208		$   13,816,208
Total Other Investment Company (Cost $13,816,208)				13,816,208
	Principal		Value
REPURCHASE AGREEMENT - 0.2%
Fixed Income Clearing Corp., 0.85% (B), dated 10/31/2019, to be repurchased at $286,860 on 11/01/2019. Collateralized by a U.S. Government Obligation, 1.88%, due 05/31/2022, and with a value of $294,029.		$  286,853		286,853
Total Repurchase Agreement (Cost $286,853)				286,853
Total Investments (Cost $197,511,543)				194,916,337
Net Other Assets (Liabilities) - (7.4)%				(13,458,230	)
Net Assets - 100.0%				$  181,458,107

SECURITY VALUATION:

Valuation Inputs ^(C)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Exchange-Traded Funds	$	180,813,276	$	—	$	—	$	180,813,276
Other Investment Company		13,816,208		—		—		13,816,208
Repurchase Agreement		—		286,853		—		286,853
Total Investments	$	194,629,484	$	286,853	$	—	$	194,916,337

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	All or a portion of the securities are on loan. The total value of all securities on loan is $13,454,009. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(B)	Rates disclosed reflect the yields at October 31, 2019.
(C)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

Transamerica Funds Annual Report 2019

Page    51

Transamerica Emerging Markets Debt

(unaudited)

MARKET ENVIRONMENT

The past 12 months (period ended October 31, 2019) remained volatile in emerging markets with developed market monetary policy and trade negotiations playing a pivotal role in asset prices and impacting other areas of the emerging world. While U.S. dollar-denominated assets were the best performers, the dispersion among asset classes has not been as significant over the course of 2019 as we had seen in parts of 2018. Down in quality, long duration risk in Sub-Saharan Africa, positive election outcomes like Ukraine and conventional spread risk out the curve in higher rated countries like Indonesia have all led the U.S. dollar emerging markets debt asset class to be the best performing opportunity set in the period.

Corporates have also been a strong performer, with Brazil and Mexico credits outpacing the index. Within local currency debt, there was a significant degree of dispersion in returns by country and region. Most recently Turkey rates rallied strongly amid substantial rate cuts. While the dovish stance of central banks in developed markets has been giving emerging markets countries space to ease, political noise and dollar strength have been weighing on emerging market currencies.

PERFORMANCE

For the year ended October 31, 2019, Transamerica Emerging Markets Debt (Class A) returned 10.42%, excluding any sales charges. By comparison, its benchmark, the J.P. Morgan Emerging Markets Bond Index Global, returned 13.69%.

STRATEGY REVIEW

The majority of the relative underperformance for the 12-month period ended October 31, 2019 has come from the hard currency sovereign side of the portfolio. Both Argentina U.S. dollar and local currency bonds were detractors. Even though we believe the administration will be much more investor friendly than expected, asset prices will likely be slow to recover without any confirmation around International Monetary Fund (“IMF”) negotiations as well as plans for a debt restructuring. Not owning duration in higher rated areas like China and Russia also hurt returns over the period.

While Petroleos Mexicanos was a positive contributor, on the whole the underweight in Mexico did not help performance given high quality outperformance in the hard currency space over the period. On the flip-side, Ukraine sovereign assets have been a strong performer on optimism surrounding continued engagement with the IMF, decent economic performance, and better than expected currency stability. Not owning Lebanon contributed to performance as that bond market continues to struggle with liquidity and solvency amidst an unstable political backdrop. Exposure to Ecuador also buoyed returns over the period as its government demonstrated concerted efforts to implement reforms and work with the IMF, albeit not without challenges.

On the local currency side, owning duration out the curve in Mexico has been good exposure for the portfolio. Brazil and Peru also contributed positively to the portfolio over the period. Brazil has delivered on pension reform, and we believe the central bank will likely cut rates to help spur domestic growth, while Peru remains an attractive market from a real rate perspective with a central bank that has helped reduce currency volatility.

Corporate exposure was a bright spot for the portfolio. Exposure in names like CSN, Vale SA, and Suzano Austria GmbH continued to trade very well. The deleveraging within Latin American names has generically been very powerful, and management teams have been hesitant to lever back up with global growth remaining uncertain. Exposure to high quality Mexican corporates in the banking sector added to performance. Indonesian power producers who sell to the quasi-sovereign space have also been some of the best performers over the course of the past twelve months.

Most recently, improved sentiment around U.S.-China trade negotiations, global central bank easing, and a partial stabilization of growth expectations in the U.S. and globally helped risk appetite in the first month of the fourth quarter of 2019. We were positioned out the curve in corporate, local, and sovereign debt, and benefitted from better sentiment and improved currency performance.

During the fiscal year, the Fund utilized derivatives. These positions detracted from performance.

Todd Howard, CFA

Scott Moses, CFA

Co-Portfolio Managers

MetLife Investment Management, LLC

Transamerica Funds Annual Report 2019

Page    52

Transamerica Emerging Markets Debt

(unaudited)

Asset Allocation	Percentage of Net Assets
Foreign Government Obligations		57.2	%
Corporate Debt Securities		38.8
Other Investment Company		4.7
Repurchase Agreement		3.2
Short-Term Foreign Government Obligations		0.2
Common Stock		0.1
Net Other Assets (Liabilities) ^		(4.2	)
Total		100.0	%

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

Credit Quality ‡	Percentage of Net Assets
AAA		4.4	%
AA		3.9
A		13.6
BBB		33.5
BB		14.9
B		18.5
CCC and Below		5.9
Not Rated		9.5
Net Other Assets (Liabilities) ^		(4.2	)
Total		100.0	%

Fund Characteristics	Years
Average Maturity §		10.44
Duration †		6.09

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

§ Average Maturity is computed by weighting the maturity of each security in the Fund by the market value of the security, then averaging these weighted figures.

† Duration is a time measure of a bond’s interest rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder.

^ The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral.

Transamerica Funds Annual Report 2019

Page    53

Transamerica Emerging Markets Debt

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		5.19	%		2.31	%		4.43	%		08/31/2011
Class A (NAV)		10.42	%		3.32	%		5.05	%		08/31/2011
J.P. Morgan Emerging Markets Bond Index Global (A)		13.69	%		4.83	%		5.50	%
Class C (POP)		8.70	%		2.58	%		4.32	%		08/31/2011
Class C (NAV)		9.70	%		2.58	%		4.32	%		08/31/2011
Class I (NAV)		10.89	%		3.67	%		5.42	%		08/31/2011
Class I2 (NAV)		11.00	%		3.78	%		5.51	%		08/31/2011
Class R6 (NAV)		11.01	%		N/A			4.82	%		05/29/2015

^(A) The J.P. Morgan Emerging Markets Bond Index Global tracks total returns for U.S. dollar denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities: Brady bonds, loans, Eurobonds, and local market instruments.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 4.75% for A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I, I2 and R6 shares.

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

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

The risks of investing in foreign securities are magnified in emerging markets. These may include risks related to market and currency volatility, adverse social and political developments, and the relativity small size and less liquidity of these markets. Debt investing is subject to credit risk and interest rate risk. Credit risks is the risk that the issuer of a bond won’t meet their payments and Interest rate risk is the risk that fluctuations in interest rates will affect the price of a bond.

Transamerica Funds Annual Report 2019

Page    54

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES - 38.8%
Argentina - 0.8%
Genneia SA 8.75%, 01/20/2022 (A)		$  1,631,000		$  1,100,925
Pampa Energia SA 7.50%, 01/24/2027 (A)		2,520,000		2,018,545
YPF SA 8.50%, 07/28/2025 (A)		2,100,000		1,663,200
				4,782,670
Austria - 1.0%
Suzano Austria GmbH 7.00%, 03/16/2047 (A) (B)		5,218,000		6,065,925
Bermuda - 0.7%
Digicel Group One, Ltd. 8.25%, 12/30/2022 (A)		2,823,000		1,669,099
Digicel, Ltd. 6.75%, 03/01/2023 (A)		4,670,000		2,451,796
				4,120,895
Brazil - 2.4%
Banco Votorantim SA 4.50%, 09/24/2024 (A)		2,185,000		2,253,063
BRF SA 4.88%, 01/24/2030 (A)		2,970,000		2,962,278
OI SA PIK Rate 4.00%, Cash Rate 8.00%, 07/27/2025 (C)		4,900,000		4,312,680
Samarco Mineracao SA 4.13%, 11/01/2022 (A) (D) (E)		2,575,000		1,751,026
Vale SA 5.63%, 09/11/2042 (B)		2,882,000		3,263,865
				14,542,912
Canada - 0.8%
First Quantum Minerals, Ltd. 6.88%, 03/01/2026 (A) (B)		5,235,000		5,123,756
Cayman Islands - 4.5%
Alibaba Group Holding, Ltd. 3.40%, 12/06/2027		4,410,000		4,580,497
Bioceanico Sovereign Certificate, Ltd. Zero Coupon, 06/05/2034 (A)		2,820,000		1,952,850
Comunicaciones Celulares SA Via Comcel Trust 6.88%, 02/06/2024 (A)		1,500,000		1,545,000
Latam Finance, Ltd. 7.00%, 03/01/2026 (A) (B)		2,500,000		2,692,500
Lima Metro Line 2 Finance, Ltd. 4.35%, 04/05/2036 (A)		5,295,000		5,625,938
Odebrecht Drilling Norbe VIII / IX, Ltd. 6.35%, 12/01/2021 (F)		2,474,039		2,461,694
Rutas 2 and 7 Finance, Ltd. Zero Coupon, 09/30/2036 (A)		1,500,000		975,000
Tencent Holdings, Ltd. 3.98%, 04/11/2029 (A)		2,760,000		2,970,366
Vale Overseas, Ltd.
6.25%, 08/10/2026		2,000,000		2,330,400
6.88%, 11/10/2039 (B)		2,028,000		2,593,325
				27,727,570

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Chile - 1.5%
Celulosa Arauco y Constitucion SA
4.25%, 04/30/2029 (A)		$   1,800,000		$   1,830,600
5.15%, 01/29/2050 (A)		2,780,000		2,747,196
Cencosud SA 4.38%, 07/17/2027 (A)		3,220,000		3,266,941
Empresa Electrica Cochra SpA 5.50%, 05/14/2027		1,410,000		1,454,063
				9,298,800
Ecuador - 0.5%
Petroamazonas EP 4.63%, 11/06/2020 (A)		2,785,000		2,753,669
India - 1.3%
Adani Ports & Special Economic Zone, Ltd. 4.38%, 07/03/2029 (A)		2,910,000		3,034,753
Muthoot Finance, Ltd. 6.13%, 10/31/2022 (A)		1,780,000		1,804,920
Shriram Transport Finance Co., Ltd. 5.95%, 10/24/2022 (A)		3,350,000		3,387,362
				8,227,035
Indonesia - 1.1%
Pelabuhan Indonesia II PT 5.38%, 05/05/2045 (A) (B)		2,570,000		2,923,375
Pertamina Persero PT 5.63%, 05/20/2043 (A)		3,600,000		4,138,773
				7,062,148
Ireland - 0.5%
C&W Senior Financing DAC 6.88%, 09/15/2027 (A)		1,400,000		1,473,500
LCPR Senior Secured Financing DAC 6.75%, 10/15/2027 (A)		1,665,000		1,708,706
				3,182,206
Israel - 1.1%
Israel Chemicals, Ltd. 6.38%, 05/31/2038 (F)		4,230,000		5,088,479
Israel Electric Corp., Ltd. 5.00%, 11/12/2024 (F)		1,600,000		1,759,200
				6,847,679
Kazakhstan - 0.3%
KazMunayGas National Co. JSC 5.75%, 04/19/2047 (A)		1,605,000		1,876,206
Luxembourg - 1.5%
Altice SA 10.50%, 05/15/2027 (A)		2,550,000		2,884,688
Swiss Insured Brazil Power Finance Sarl 9.85%, 07/16/2032 (A)		BRL  22,711,000		6,554,789
				9,439,477
Mexico - 6.6%
Banco Mercantil del Norte SA
Fixed until 06/27/2029 (G), 7.50% (A) (H)		$  3,635,000		3,790,396

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

Transamerica Funds Annual Report 2019

Page    55

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Mexico (continued)
BBVA Bancomer SA
Fixed until 09/13/2029, 5.88% (H), 09/13/2034 (A)		$   2,400,000		$   2,438,400
Docuformas SAPI de CV 10.25%, 07/24/2024 (A)		1,425,000		1,443,169
Grupo Bimbo SAB de CV
Fixed until 04/17/2023 (G), 5.95% (A) (H)		4,260,000		4,508,145
Industrias Penoles SAB de CV 5.65%, 09/12/2049 (A)		4,400,000		4,526,500
Mexico City Airport Trust 5.50%, 07/31/2047 (A)		5,761,000		5,756,391
Petroleos Mexicanos
6.50%, 03/13/2027		5,415,000		5,739,900
6.84%, 01/23/2030 (A)		2,200,000		2,348,500
7.69%, 01/23/2050 (A)		9,486,000		10,307,867
				40,859,268
Mongolia - 0.3%
Mongolian Mortgage Corp. Hfc LLC 9.75%, 01/29/2022 (A)		2,070,000		2,028,053
Morocco - 0.4%
OCP SA 4.50%, 10/22/2025 (A)		2,400,000		2,537,309
Multi-National - 0.3%
Promigas SA ESP / Gases del Pacifico SAC 3.75%, 10/16/2029 (A)		1,890,000		1,890,000
Netherlands - 3.9%
Braskem Finance BV
4.50%, 01/31/2030 (A)		4,110,000		4,073,010
5.88%, 01/31/2050 (A)		4,040,000		4,014,952
IHS Holdco BV 8.00%, 09/18/2027 (A)		3,900,000		4,076,280
MDGH - GMTN BV 3.70%, 11/07/2049 (A)		3,895,000		3,910,736
Minejesa Capital BV 4.63%, 08/10/2030 (A)		2,200,000		2,274,294
Mong Duong Finance Holdings BV 5.13%, 05/07/2029 (A)		2,600,000		2,644,187
MV24 Capital BV 6.75%, 06/01/2034 (A)		2,630,000		2,749,665
				23,743,124
Nigeria - 0.4%
SEPLAT Petroleum Development Co. PLC 9.25%, 04/01/2023 (A)		2,300,000		2,415,460
Northern Mariana Islands - 0.4%
Azure Power Solar Energy Pvt, Ltd. 5.65%, 12/24/2024 (A)		1,200,000		1,204,800
MTN Mauritius Investments, Ltd. 6.50%, 10/13/2026 (A)		1,000,000		1,103,500
				2,308,300
Panama - 0.5%
Aeropuerto Internacional de Tocumen SA 6.00%, 11/18/2048 (A)		1,430,000		1,780,350

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Panama (continued)
Cable Onda SA 4.50%, 01/30/2030 (A)		$   1,400,000		$   1,418,578
				3,198,928
Peru - 0.7%
Alicorp SAA 6.88%, 04/17/2027 (A)		PEN  6,500,000		2,093,985
Banco Internacional del Peru SAA Interbank 3.25%, 10/04/2026 (A)		$  1,920,000		1,915,200
				4,009,185
Republic of South Africa - 0.7%
Eskom Holdings SOC, Ltd. 7.85%, 04/02/2026, MTN		ZAR  72,000,000		4,371,767
Saudi Arabia - 1.1%
Saudi Arabian Oil Co.
2.88%, 04/16/2024 (A)		$  2,255,000		2,289,443
4.38%, 04/16/2049 (A)		4,105,000		4,456,842
				6,746,285
Singapore - 1.0%
LLPL Capital Pte, Ltd. 6.88%, 02/04/2039 (A)		3,952,800		4,620,033
Medco Oak Tree Pte, Ltd. 7.38%, 05/14/2026 (A)		1,400,000		1,425,265
				6,045,298
Thailand - 0.3%
Bangkok Bank PCL
Fixed until 09/25/2029, 3.73% (H), 09/25/2034 (A)		1,625,000		1,646,740
Turkey - 1.3%
QNB Finansbank AS 6.88%, 09/07/2024 (A)		3,120,000		3,283,413
Turkcell Iletisim Hizmetleri AS 5.80%, 04/11/2028 (A) (B)		1,200,000		1,164,048
Turkiye Vakiflar Bankasi TAO 8.13%, 03/28/2024 (A)		3,375,000		3,475,170
				7,922,631
United Arab Emirates - 1.2%
Acwa Power Management And Investments One, Ltd. 5.95%, 12/15/2039 (A)		4,060,000		4,392,027
GEMS MENASA Cayman, Ltd. / GEMS Education Delaware LLC 7.13%, 07/31/2026 (A)		2,810,000		2,911,862
				7,303,889
United States - 1.6%
Kosmos Energy, Ltd. 7.13%, 04/04/2026 (A)		2,150,000		2,241,375
NBM Holdings, Inc., Co. 6.63%, 08/06/2029 (A)		3,015,000		3,139,745
Resorts World Las Vegas LLC / RWLV Capital, Inc. 4.63%, 04/16/2029 (A) (B)		2,360,000		2,484,150
Sasol Financing LLC 6.50%, 09/27/2028		2,020,000		2,258,525
				10,123,795

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

Transamerica Funds Annual Report 2019

Page    56

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Venezuela - 0.1%
Petroleos de Venezuela SA
5.50%, 04/12/2037 (F) (I)		$   3,870,000		$   232,200
8.50%, 10/27/2020 (F) (I)		1,945,000		544,600
				776,800
Total Corporate Debt Securities (Cost $232,257,275)				238,977,780
FOREIGN GOVERNMENT OBLIGATIONS - 57.2%
Angola - 0.8%
Angola Government International Bond 9.50%, 11/12/2025 (A) (B)		4,280,000		4,814,743
Argentina - 2.7%
Argentina Republic Government International Bond
5.63%, 01/26/2022		4,815,000		2,022,300
6.88%, 04/22/2021 - 01/26/2027		9,265,000		3,770,705
7.50%, 04/22/2026		4,915,000		2,084,009
7.63%, 04/22/2046		2,580,000		1,035,870
8.28%, 12/31/2033		7,108,333		3,571,062
Argentina Republic Government International Bond, Interest Only STRIPS 5.00% Argentina GDP growth over base of 3.00%, 0.00% (H), 12/15/2035		19,120,000		334,600
Argentina Treasury Bond 2.25%, 04/28/2020		ARS  83,030,000		1,381,218
Provincia de Buenos Aires 6.50%, 02/15/2023 (A)		$  6,785,000		2,273,043
				16,472,807
Brazil - 2.8%
Brazil Notas do Tesouro Nacional Series F, 10.00%, 01/01/2025 - 01/01/2029		BRL  55,989,000		17,197,365
Chile - 0.5%
Bonos de la Tesoreria de la Republica en pesos 4.50%, 03/01/2021		CLP  2,130,000,000		2,978,861
Colombia - 2.2%
Colombia Government International Bond 4.00%, 02/26/2024		$  2,975,000		3,143,444
Colombia TES
Series B,
6.25%, 11/26/2025		COP  9,430,500,000		2,899,602
7.00%, 05/04/2022		16,124,100,000		5,001,370
7.50%, 08/26/2026		8,200,000,000		2,685,968
				13,730,384
Cote d’Ivoire - 1.5%
Ivory Coast Government International Bond 6.88%, 10/17/2040 (A)		EUR  7,850,000		8,925,915
Croatia - 0.6%
Croatia Government International Bond 6.00%, 01/26/2024 (A)		$  3,000,000		3,447,960

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Dominican Republic - 1.6%
Dominican Republic International Bond
6.00%, 07/19/2028 (A)		$   3,000,000		$   3,318,780
6.50%, 02/15/2048 (A)		2,000,000		2,180,020
6.88%, 01/29/2026 (A)		3,610,000		4,124,461
				9,623,261
Ecuador - 2.2%
Ecuador Government International Bond
7.88%, 01/23/2028 (A)		3,800,000		3,404,800
8.88%, 10/23/2027 (F)		345,000		321,368
8.88%, 10/23/2027 (A)		2,245,000		2,091,217
9.50%, 03/27/2030 (A) (B)		4,060,000		3,920,864
10.75%, 01/31/2029 (A)		3,550,000		3,603,285
				13,341,534
Egypt - 1.0%
Egypt Government International Bond
5.88%, 06/11/2025 (A)		1,000,000		1,035,448
6.20%, 03/01/2024 (A)		1,790,000		1,888,450
8.70%, 03/01/2049 (A)		2,775,000		2,970,277
				5,894,175
El Salvador - 0.2%
Republic of El Salvador 7.12%, 01/20/2050 (A)		1,415,000		1,435,518
Ghana - 0.6%
Ghana Government International Bond
7.63%, 05/16/2029 (A)		1,870,000		1,887,485
8.95%, 03/26/2051 (A)		1,970,000		1,991,177
				3,878,662
Indonesia - 5.6%
Indonesia Government International Bond
3.38%, 04/15/2023 (A)		3,740,000		3,829,582
3.75%, 04/25/2022 (A)		4,750,000		4,885,299
4.35%, 01/08/2027 (A)		6,100,000		6,645,703
4.75%, 01/08/2026 (A)		2,000,000		2,204,436
Indonesia Treasury Bond
7.50%, 08/15/2032		IDR  71,856,000,000		5,174,080
8.25%, 05/15/2036		25,935,000,000		1,956,270
8.38%, 03/15/2034		69,274,000,000		5,335,139
8.75%, 05/15/2031		25,000,000,000		1,983,445
Perusahaan Penerbit SBSN Indonesia III 4.40%, 03/01/2028 (A)		$  2,540,000		2,768,600
				34,782,554
Kenya - 0.3%
Kenya Government International Bond 7.00%, 05/22/2027 (A)		1,995,000		2,090,305
Malaysia - 2.6%
Malaysia Government Bond
3.90%, 11/30/2026		MYR  4,808,000		1,182,137
3.91%, 07/15/2026		19,908,000		4,904,748
4.89%, 06/08/2038		24,054,000		6,561,098

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

Transamerica Funds Annual Report 2019

Page    57

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Malaysia (continued)
Malaysia Sovereign Sukuk Bhd. 3.04%, 04/22/2025 (A)		$  3,000,000		$   3,115,265
				15,763,248
Mexico - 6.7%
Mexico Bonos
6.50%, 06/09/2022		MXN  105,210,000		5,462,891
8.00%, 09/05/2024		116,000,000		6,374,722
8.50%, 11/18/2038		100,000,000		5,962,207
Series M,
7.50%, 06/03/2027		86,770,000		4,713,406
10.00%, 12/05/2024 - 11/20/2036		178,115,300		11,369,194
Mexico Government International Bond
3.75%, 01/11/2028		$  4,230,000		4,409,775
4.60%, 01/23/2046		2,960,000		3,156,130
				41,448,325
Nigeria - 1.3%
Nigeria Government International Bond
7.14%, 02/23/2030 (A)		5,525,000		5,540,271
9.25%, 01/21/2049 (A) (B)		2,270,000		2,514,479
				8,054,750
Oman - 0.5%
Oman Government International Bond
6.00%, 08/01/2029 (A)		1,290,000		1,288,388
6.75%, 01/17/2048 (A)		2,105,000		1,973,437
				3,261,825
Peru - 2.2%
Peru Government International Bond
6.90%, 08/12/2037 (A)		PEN  13,997,000		5,169,839
8.20%, 08/12/2026 (A)		22,177,000		8,397,663
				13,567,502
Poland - 1.2%
Republic of Poland Government Bond
3.25%, 07/25/2025		PLN  22,058,000		6,216,388
4.00%, 10/25/2023		5,003,000		1,425,010
				7,641,398
Qatar - 0.9%
Qatar Government International Bond
2.38%, 06/02/2021 (A)		$  2,000,000		2,005,000
4.00%, 03/14/2029 (A)		3,340,000		3,703,252
				5,708,252
Republic of Korea - 1.2%
Export-Import Bank of Korea
6.90%, 01/08/2021 (A)		IDR  30,000,000,000		2,143,064
8.00%, 05/15/2024 (A)		35,800,000,000		2,651,617
8.40%, 11/30/2021 (A)		38,700,000,000		2,799,829
				7,594,510
Republic of South Africa - 1.1%
Republic of South Africa Government Bond 8.00%, 01/31/2030		ZAR  72,136,100		4,389,375

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Republic of South Africa (continued)
Republic of South Africa Government International Bond 5.75%, 09/30/2049		$  2,120,000		$   2,051,354
				6,440,729
Russian Federation - 5.4%
Russian Federation Federal Bond - OFZ
7.40%, 12/07/2022		RUB  362,035,000		5,875,500
7.70%, 03/23/2033		287,773,000		4,941,137
8.15%, 02/03/2027		745,002,000		12,851,248
Russian Foreign Bond - Eurobond 5.10%, 03/28/2035 (F)		$  8,400,000		9,658,841
				33,326,726
Saudi Arabia - 1.2%
Saudi Arabia Government International Bond 4.50%, 10/26/2046 (A)		6,795,000		7,474,092
Supranational - 1.4%
Asian Development Bank 6.45%, 08/08/2021, MTN		INR  82,890,000		1,168,521
Banque Ouest Africaine de Developpement 4.70%, 10/22/2031 (A)		$  3,975,000		4,000,122
Eastern & Southern African Trade & Development Bank 5.38%, 03/14/2022, MTN (F)		3,425,000		3,553,711
				8,722,354
Turkey - 1.0%
Export Credit Bank of Turkey 6.13%, 05/03/2024 (A)		1,785,000		1,762,902
Turkey Government International Bond 4.88%, 10/09/2026		4,640,000		4,344,719
				6,107,621
Ukraine - 4.0%
Ukraine Government International Bond
Zero Coupon (H), 05/31/2040 (F)		14,525,000		13,635,489
7.75%, 09/01/2020 - 09/01/2023 (F)		6,255,000		6,600,531
7.75%, 09/01/2021 (A)		4,160,000		4,347,200
				24,583,220
United Arab Emirates - 1.8%
Abu Dhabi Government International Bond
2.50%, 09/30/2029 (A) (B)		2,695,000		2,674,788
3.13%, 09/30/2049 (A) (B)		8,715,000		8,386,270
				11,061,058
United Kingdom - 1.0%
Ukreximbank Via Biz Finance PLC 9.75%, 01/22/2025 (F)		5,960,000		6,317,600
Uruguay - 0.3%
Uruguay Government International Bond 4.98%, 04/20/2055		1,700,000		1,989,017

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

Transamerica Funds Annual Report 2019

Page    58

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Venezuela - 0.5%
Venezuela Government International Bond
Zero Coupon, 09/15/2027 (I)		$   12,230,000		$   1,268,862
9.00%, 05/07/2023 (D) (E) (F)		9,260,000		960,725
11.95%, 08/05/2031 (F) (I)		5,565,000		577,369
				2,806,956
Zambia - 0.3%
Zambia Government International Bond 8.50%, 04/14/2024 (F)		2,880,000		2,025,734
Total Foreign Government Obligations (Cost $361,421,331)				352,508,961
	Shares		Value
COMMON STOCK - 0.1%
Colombia - 0.1%
Frontera Energy Corp.		93,356		744,047
Total Common Stock (Cost $5,390,007)				744,047
	Principal		Value
SHORT-TERM FOREIGN GOVERNMENT OBLIGATIONS - 0.2%
Argentina - 0.2%
Argentina Treasury Bill
0.00% (J) (K), 07/29/2020 - 10/29/2020		ARS  64,781,300		659,850
0.28% (J), 10/29/2020		71,466,000		636,275
Total Short-Term Foreign Government Obligations (Cost $4,338,150)				1,296,125

	Shares		Value
OTHER INVESTMENT COMPANY - 4.7%
Securities Lending Collateral - 4.7%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.75% (J)		29,250,886		$   29,250,886
Total Other Investment Company (Cost $29,250,886)				29,250,886
	Principal		Value
REPURCHASE AGREEMENT - 3.2%
Fixed Income Clearing Corp., 0.85% (J), dated 10/31/2019, to be repurchased at $19,845,557 on 11/01/2019. Collateralized by a U.S. Government Obligation, 1.88%, due 05/31/2022, and with a value of $20,242,394.		$  19,845,088		19,845,088
Total Repurchase Agreement (Cost $19,845,088)				19,845,088
Total Investments (Cost $652,502,737)				642,622,887
Net Other Assets (Liabilities) - (4.2)%				(25,913,653	)
Net Assets - 100.0%				$  616,709,234

FORWARD FOREIGN CURRENCY CONTRACTS:
Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation		Unrealized Depreciation
BCLY		11/29/2019		USD	8,296,133		HUF	2,459,713,823	$	—	$	(64,589	)
BCLY		11/29/2019		PLN	22,231,949		USD	5,779,276		40,572		—
BCLY		11/29/2019		HUF	4,577,981,261		USD	15,471,144		89,703		—
HSBC		11/29/2019		USD	3,394,791		MXN	65,159,962		22,919		—
HSBC		11/29/2019		USD	3,552,195		PLN	13,617,340		—		(12,533	)
JPM		11/29/2019		USD	9,614,849		ZAR	141,336,350		297,723		—
SCB		11/04/2019		USD	40,345,937		BRL	161,500,240		87,196		—
SCB		11/04/2019		BRL	161,500,240		USD	39,685,405		610,953		(37,618	)
SCB		12/03/2019		BRL	43,103,726		USD	10,754,758		—		(29,196	)
TDB		11/29/2019		USD	8,768,183		EUR	7,888,036		—		(45,836	)
TDB		11/29/2019		USD	2,373,248		HUF	703,786,694		—		(18,967	)
TDB		11/29/2019		JPY	505,590,851		USD	4,649,962		39,635		—
Total									$	1,188,701	$	(208,739	)

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

Transamerica Funds Annual Report 2019

Page    59

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

INVESTMENTS BY INDUSTRY (unaudited):

Industry	Percentage of Total Investments			Value
Foreign Government Obligations		54.9	%	$	352,508,961
Oil, Gas & Consumable Fuels		6.7			43,177,347
Electric Utilities		3.1			20,243,014
Metals & Mining		3.0			19,588,872
Banks		2.9			18,802,382
Chemicals		2.8			17,972,275
Diversified Financial Services		2.1			13,413,373
Food Products		2.0			12,704,153
Paper & Forest Products		1.7			10,643,721
Transportation Infrastructure		1.6			10,571,494
Construction & Engineering		1.1			7,004,130
Wireless Telecommunication Services		1.1			6,955,147
Diversified Telecommunication Services		1.0			6,764,476
Media		0.9			6,011,972
Marine		0.9			5,673,040
Road & Rail		0.9			5,625,938
Internet & Direct Marketing Retail		0.7			4,580,497
Professional Services		0.7			4,392,027
Capital Markets		0.6			3,910,736
Energy Equipment & Services		0.6			3,666,494
Food & Staples Retailing		0.5			3,266,941
Interactive Media & Services		0.5			2,970,366
Diversified Consumer Services		0.5			2,911,862
Airlines		0.4			2,692,500
Hotels, Restaurants & Leisure		0.4			2,484,150
Gas Utilities		0.3			1,890,000
Consumer Finance		0.3			1,804,920
Investments		92.2			592,230,788
Short-Term Investments		7.8			50,392,099
Total Investments		100.0	%	$	642,622,887

SECURITY VALUATION:

Valuation Inputs ^(L)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Corporate Debt Securities	$	—	$	238,977,780		$	—	$	238,977,780
Foreign Government Obligations		—		352,508,961			—		352,508,961
Common Stock		744,047		—			—		744,047
Short-Term Foreign Government Obligations		—		1,296,125			—		1,296,125
Other Investment Company		29,250,886		—			—		29,250,886
Repurchase Agreement		—		19,845,088			—		19,845,088
Total Investments	$	29,994,933	$	612,627,954		$	—	$	642,622,887
Other Financial Instruments
Forward Foreign Currency Contracts (M)	$	—	$	1,188,701		$	—	$	1,188,701
Total Other Financial Instruments	$	—	$	1,188,701		$	—	$	1,188,701
LIABILITIES
Other Financial Instruments
Forward Foreign Currency Contracts (M)	$	—	$	(208,739	)	$	—	$	(208,739	)
Total Other Financial Instruments	$	—	$	(208,739	)	$	—	$	(208,739	)

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

Transamerica Funds Annual Report 2019

Page    60

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2019, the total value of 144A securities is $343,671,431, representing 55.7% of the Fund’s net assets.
(B)	All or a portion of the securities are on loan. The total value of all securities on loan is $28,659,078. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(C)	Payment in-kind. Security pays interest or dividends in the form of additional bonds or preferred stock. If the security makes a cash payment in addition to in-kind, the cash rate is disclosed separately.
(D)	Securities in default; no interest payments received and/or dividends declared during the last 12 months. At October 31, 2019, the total value of such securities is $2,711,751, representing 0.4% of the Fund’s net assets.
(E)	Non-income producing securities.
(F)	Securities are exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At October 31, 2019, the total value of Regulation S securities is $53,737,541, representing 8.7% of the Fund’s net assets.
(G)	Perpetual maturity. The date displayed is the next call date.
(H)	Floating or variable rate securities. The rates disclosed are as of October 31, 2019. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(I)	Securities in default; partial receipt of interest payments and/or dividends declared at last payment date. At October 31, 2019, the total value of such securities is $2,623,031, representing 0.4% of the Fund’s net assets.
(J)	Rates disclosed reflect the yields at October 31, 2019.
(K)	Percentage rounds to less than 0.01% or (0.01)%.
(L)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(M)	Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation).

CURRENCY ABBREVIATIONS:

ARS	Argentine Peso
BRL	Brazilian Real
CLP	Chilean Peso
COP	Columbian Peso
EUR	Euro
HUF	Hungarian Forint
IDR	Indonesian Rupiah
INR	Indian Rupee
JPY	Japanese Yen
MXN	Mexican Peso
MYR	Malaysian Ringgit
PEN	Peruvian Sol
PLN	Polish Zloty
RUB	Russian Ruble
USD	United States Dollar
ZAR	South African Rand

COUNTERPARTY ABBREVIATIONS:

BCLY	Barclays Bank PLC
HSBC	HSBC Bank USA
JPM	JPMorgan Chase Bank, N.A.
SCB	Standard Chartered Bank
TDB	Toronto Dominion Bank

PORTFOLIO ABBREVIATIONS:

GDP	Gross Domestic Product
MTN	Medium Term Note
STRIPS	Separate Trading of Registered Interest and Principal of Securities

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

Transamerica Funds Annual Report 2019

Page    61

Transamerica Emerging Markets Equity

(unaudited)

MARKET ENVIRONMENT

Emerging Markets were positive for the fiscal year ended October 31, 2019.

Central banks, governments, and regulators reacted to heightened macro concerns (Brexit, trade wars, economic growth fears, inverted yield curves, etc.) by pivoting from hawkish policies over the second half of 2018 to dovish policies in 2019. For example, since December 2018, there were 95 global central bank rate cuts and numerous countries also implemented fiscal stimulus policies.

China is top of mind when evaluating emerging markets. Investor worries about China are ubiquitous and market conditions will be volatile at times, depending largely on the policies taken to support economic growth and negotiate trade relationships. While China is expected to slow, it remains one of the fastest-growing economies in the world. The Chinese government still has multiple levers to pull, including new stimulus measures, tax changes, infrastructure projects, and easing credit rules. Also, it is important to note that China continues to open its domestic stock market to outside investment. Consequently, foreign inflows will increasingly drive stock prices as Chinese companies become a larger part of the MSCI Emerging Markets Index.

We expect the macro uncertainty and volatility experienced in 2019 to continue into 2020 as much of the tensions have yet to resolve, and we add the additional uncertainty of the November, 2020 U.S. presidential election. While macro concerns and politics can dominate headlines, we believe that economics and earnings ultimately drive long-term asset and portfolio returns. Despite the heightened macro volatility, we remained disciplined and diversified and, as always, continued to avoid trying to time volatile markets.

PERFORMANCE

For the year ended October 31, 2019, Transamerica Emerging Markets Equity (Class A) returned 7.15%, excluding any sales charges. By comparison, its benchmark, the MSCI Emerging Markets Index, returned 12.29%.

STRATEGY REVIEW

The portfolio continues to be positioned in line with our overall philosophy. ClariVest employs a strategy of identifying and investing in the securities of firms entering or extending a fundamental growth cycle. We manage this strategy by marrying it with a disciplined approach to portfolio construction. We maintain a balanced profile of growth and value, as demonstrated by a positive exposure to recent earnings growth relative to benchmark, as well as a positive exposure to valuation (via such measures as earnings to price) relative to benchmark.

The fund underperformed its benchmark this fiscal year ended October 31, 2019. Top detractors from performance over the period included: an overweight to materials, stock selection within China and Korea, and stock selection within industrials and energy.

Bottom stock-level contributors included China’s largest oil and gas company, PetroChina Co., Ltd., H Shares (“PetroChina”), and China Railway Group Ltd., H Shares (“China Railway Group”), an engineering and construction company. PetroChina fell as third quarter earnings missed estimates partly due to higher than expected losses from imported gas. China Railway Group reported strong new orders, however, gross margins contracted on product mix and economic slowdown in China.

Top contributors to portfolio performance included: an underweight to Saudi Arabia, allocation to Taiwan, strong stock selection within South Africa and Russia, an overweight to information technology, and stock selection within materials and consumer discretionary.

Top stock-level contributors included ANTA Sports Products, Ltd. (“ANTA”), the Chinese sportswear designer, and JBS SA (“JBS”), the Brazilian meat producer. ANTA’s share price rose after the company posted net profit and revenue that beat analyst estimates for the first half of the year due, in part, to retail sales from its Chinese operated Fila and Descente brands. JBS benefitted from pork price rises in the wake of an African Swine Fever outbreak in China which drastically cut China’s production output.

David R. Vaughn, CFA

Priyanshu Mutreja, CFA

Alex Turner, CFA

Co-Portfolio Managers

ClariVest Asset Management LLC

Asset Allocation	Percentage of Net Assets
Common Stocks		98.8	%
Other Investment Company		0.7
Exchange-Traded Fund		0.5
Repurchase Agreement		0.4
Preferred Stock		0.3
Net Other Assets (Liabilities)		(0.7	)
Total		100.0	%

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

Transamerica Funds Annual Report 2019

Page    62

Transamerica Emerging Markets Equity

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		1.24	%		(0.91	)%		(0.10	)%		04/30/2012
Class A (NAV)		7.15	%		0.22	%		0.65	%		04/30/2012
MSCI Emerging Markets Index (A)		12.29	%		3.32	%		3.20	%
Class C (POP)		5.56	%		(0.41	)%		0.01	%		04/30/2012
Class C (NAV)		6.56	%		(0.41	)%		0.01	%		04/30/2012
Class I (NAV)		7.86	%		0.65	%		1.04	%		04/30/2012
Class I2 (NAV)		7.90	%		0.75	%		1.14	%		04/30/2012

^(A) The MSCI Emerging Markets Index captures large and mid-cap representation across emerging markets countries.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I and I2 shares.

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

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

The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the Fund fall, the value of the Fund will decline. The risks of investing in foreign securities are magnified in emerging markets. These may include risks related to market and currency volatility, adverse social and political developments and the relatively small size and less liquidity of these markets.

Transamerica Funds Annual Report 2019

Page    63

Transamerica Emerging Markets Equity

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Shares		Value
COMMON STOCKS - 98.8%
Brazil - 9.9%
Ambev SA (A)		1,309,800		$  5,676,181
B3 SA - Brasil Bolsa Balcao		669,900		8,081,227
Banco Bradesco SA, ADR (A)		411,600		3,605,616
Banco BTG Pactual SA (A)		267,000		4,324,728
Banco do Brasil SA (A)		522,300		6,270,726
Banco Santander Brasil SA (A)		754,185		8,849,756
BRF SA (A)		245,900		2,177,262
Cia Siderurgica Nacional SA		927,000		2,727,490
Equatorial Energia SA		180,700		4,590,379
IRB Brasil Resseguros S/A (A)		786,900		7,414,774
JBS SA		1,917,000		13,522,486
MRV Engenharia e Participacoes SA		623,800		2,735,979
Petroleo Brasileiro SA, ADR (A)		273,600		4,128,624
Vale SA, ADR (A)		642,100		7,538,254
				81,643,482
China - 30.0%
Agricultural Bank of China, Ltd., H Shares		10,891,000		4,489,300
Alibaba Group Holding, Ltd., ADR (A)		196,100		34,644,987
Anhui Conch Cement Co., Ltd., H Shares		1,388,500		8,319,358
ANTA Sports Products, Ltd.		1,363,000		13,358,738
Bank of China, Ltd., H Shares		25,890,000		10,605,849
China Communications Construction Co., Ltd., H Shares		9,041,000		6,888,095
China Communications Services Corp., Ltd., H Shares		3,056,000		1,891,487
China Conch Venture Holdings, Ltd.		1,869,000		7,322,443
China Construction Bank Corp., H Shares		16,917,000		13,622,633
China National Building Material Co., Ltd., H Shares		5,946,000		5,023,325
China Railway Group, Ltd., H Shares		11,963,000		7,221,204
China Shenhua Energy Co., Ltd., H Shares		3,288,000		6,688,496
Country Garden Holdings Co., Ltd.		1,909,000		2,660,339
CRRC Corp., Ltd., H Shares		2,503,000		1,676,982
CSPC Pharmaceutical Group, Ltd.		1,734,000		4,458,949
Guangzhou R&F Properties Co., Ltd., H Shares		1,304,800		2,028,148
Industrial & Commercial Bank of China, Ltd., H Shares		8,857,000		6,374,910
JD.com, Inc., ADR (A)		260,100		8,102,115
KWG Group Holdings, Ltd. (A)		2,928,000		2,959,406
Lenovo Group, Ltd.		7,164,000		5,010,078
LI Ning Co., Ltd.		1,817,000		6,179,602
Momo, Inc., ADR		134,200		4,498,384
NetEase, Inc., ADR		34,000		9,719,240
New Oriental Education & Technology Group, Inc., ADR (A)		52,600		6,420,356
PetroChina Co., Ltd., H Shares		11,682,000		5,739,661
PICC Property & Casualty Co., Ltd., H Shares		6,008,000		7,628,890
Shandong Weigao Group Medical Polymer Co., Ltd., H Shares		3,468,000		3,987,606
Sinopharm Group Co., Ltd., H Shares		740,800		2,661,262
Sunac China Holdings, Ltd.		836,000		3,808,753
Tencent Holdings, Ltd.		763,900		31,273,696
Trip.Com Group, Ltd., ADR (A)		135,200		4,460,248
Yum China Holdings, Inc.		152,700		6,489,750
				246,214,290

	Shares		Value
COMMON STOCKS (continued)
Colombia - 0.5%
Ecopetrol SA, ADR		235,400		$   4,296,050
Hong Kong - 3.5%
China Mengniu Dairy Co., Ltd. (A)		950,000		3,800,752
China Mobile, Ltd.		1,337,500		10,889,873
China Overseas Land & Investment, Ltd.		2,312,000		7,317,249
China Resources Beer Holdings Co., Ltd.		750,000		3,862,008
CITIC, Ltd.		2,199,000		2,890,485
				28,760,367
Hungary - 1.3%
MOL Hungarian Oil & Gas PLC		369,101		3,648,327
OTP Bank Nyrt		155,218		7,149,556
				10,797,883
India - 6.2%
Axis Bank, Ltd.		739,689		7,634,793
Coal India, Ltd.		1,127,827		3,311,351
Divi’s Laboratories, Ltd.		143,769		3,544,932
Dr. Reddy’s Laboratories, Ltd.		113,110		4,446,020
HDFC Bank, Ltd., ADR		119,322		7,289,381
ICICI Bank, Ltd., ADR		747,520		9,740,186
State Bank of India (A)		1,440,719		6,347,563
Tata Consultancy Services, Ltd.		189,323		6,071,228
UltraTech Cement, Ltd.		47,216		2,758,254
				51,143,708
Indonesia - 0.5%
Bank Negara Indonesia Persero Tbk PT		7,080,600		3,871,454
Malaysia - 0.4%
Tenaga Nasional Bhd.		1,002,200		3,324,277
Mexico - 3.2%
America Movil SAB de CV, Class L, ADR		820,800		12,976,848
Fomento Economico Mexicano SAB de CV, ADR		53,700		4,780,374
Grupo Financiero Banorte SAB de CV, Class O		854,800		4,673,816
Grupo Mexico SAB de CV, Series B		1,324,500		3,497,069
				25,928,107
Peru - 0.5%
Credicorp, Ltd.		17,505		3,746,770
Poland - 1.6%
Polski Koncern Naftowy Orlen SA		105,449		2,881,414
Powszechna Kasa Oszczednosci Bank Polski SA		728,685		7,270,353
Powszechny Zaklad Ubezpieczen SA		297,378		2,875,981
				13,027,748
Republic of Korea - 13.5%
Daelim Industrial Co., Ltd.		39,803		3,113,218
Fila Korea, Ltd.		118,939		5,888,423
GS Engineering & Construction Corp.		91,376		2,426,850
Hana Financial Group, Inc.		234,530		6,793,297
Hyundai Mobis Co., Ltd.		45,019		9,209,267
Hyundai Motor Co.		56,949		5,971,703
Industrial Bank of Korea		270,516		2,743,641
KB Financial Group, Inc.		257,618		9,288,818
Kia Motors Corp.		87,498		3,200,000
KT&G Corp.		46,793		4,021,917
NCSoft Corp.		12,390		5,495,071

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

Transamerica Funds Annual Report 2019

Page    64

Transamerica Emerging Markets Equity

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Shares		Value
COMMON STOCKS (continued)
Republic of Korea (continued)
Samsung Electronics Co., Ltd.		697,179		$   30,201,402
Shinhan Financial Group Co., Ltd.		143,088		5,226,903
SK Hynix, Inc.		113,368		7,990,181
SK Telecom Co., Ltd.		45,115		9,190,128
				110,760,819
Republic of South Africa - 5.1%
Absa Group, Ltd.		501,980		5,145,208
AngloGold Ashanti, Ltd., ADR		499,600		11,031,168
Exxaro Resources, Ltd.		177,566		1,449,036
MTN Group, Ltd. (B)		397,006		2,458,939
Naspers, Ltd., N Shares		114,823		16,304,403
Old Mutual, Ltd.		1,965,864		2,556,449
Sanlam, Ltd.		604,354		3,182,452
				42,127,655
Russian Federation - 4.2%
Gazprom PJSC, ADR		2,036,257		16,298,201
Lukoil PJSC, ADR		103,024		9,474,087
MMC Norilsk Nickel PJSC, ADR		210,477		5,837,580
X5 Retail Group NV, GDR		73,578		2,461,920
				34,071,788
Taiwan - 15.7%
Accton Technology Corp.		919,000		5,479,493
Asia Cement Corp.		3,551,000		5,021,946
Chipbond Technology Corp.		1,250,000		2,480,248
CTBC Financial Holding Co., Ltd.		9,091,000		6,331,342
Delta Electronics, Inc.		1,438,000		6,330,119
Elite Material Co., Ltd.		1,032,000		4,322,531
Far Eastern New Century Corp.		2,257,000		2,194,681
Hon Hai Precision Industry Co., Ltd.		5,040,000		13,344,853
King Yuan Electronics Co., Ltd.		1,822,000		2,289,434
MediaTek, Inc.		530,000		7,103,694
Nanya Technology Corp.		1,032,000		2,373,154
Novatek Microelectronics Corp.		1,889,000		12,162,875
Radiant Opto-Electronics Corp.		1,105,000		4,392,339
Realtek Semiconductor Corp.		1,228,000		9,137,235
Taiwan Semiconductor Manufacturing Co., Ltd., ADR		633,800		32,723,094
Uni-President Enterprises Corp.		1,569,000		3,876,047
Yuanta Financial Holding Co., Ltd.		8,096,000		5,066,566
Zhen Ding Technology Holding, Ltd.		961,000		4,577,619
				129,207,270
Thailand - 1.9%
Advanced Info Service PCL		488,300		3,703,286
Charoen Pokphand Foods PCL		2,696,600		2,254,981
CP ALL PCL		2,464,100		6,385,687
PTT Exploration & Production PCL		770,700		3,075,653
				15,419,607
Turkey - 0.8%
BIM Birlesik Magazalar AS		296,578		2,454,689
Tekfen Holding AS		602,823		1,787,197
Turk Hava Yollari AO (A)		1,296,316		2,639,226
				6,881,112
Total Common Stocks (Cost $778,867,123)				811,222,387

	Shares		Value
PREFERRED STOCK - 0.3%
Brazil - 0.3%
Telefonica Brasil SA, 6.83% (C)		195,600		$   2,588,816
Total Preferred Stock (Cost $2,548,372)				2,588,816
EXCHANGE-TRADED FUND - 0.5%
United States - 0.5%
iShares MSCI Emerging Markets ETF (B)		82,400		3,508,592
Total Exchange-Traded Fund (Cost $3,469,035)				3,508,592
OTHER INVESTMENT COMPANY - 0.7%
Securities Lending Collateral - 0.7%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.75% (C)		5,625,563		5,625,563
Total Other Investment Company (Cost $5,625,563)				5,625,563
	Principal		Value
REPURCHASE AGREEMENT - 0.4%
Fixed Income Clearing Corp., 0.85% (C), dated 10/31/2019, to be repurchased at $3,639,344 on 11/01/2019. Collateralized by a U.S. Government Obligation, 1.88%, due 05/31/2022, and with a value of $3,715,922.		$  3,639,258		3,639,258
Total Repurchase Agreement (Cost $3,639,258)				3,639,258
Total Investments (Cost $794,149,351)				826,584,616
Net Other Assets (Liabilities) - (0.7)%				(5,673,462	)
Net Assets - 100.0%				$  820,911,154

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

Transamerica Funds Annual Report 2019

Page    65

Transamerica Emerging Markets Equity

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

INVESTMENTS BY INDUSTRY (unaudited):

Industry	Percentage of Total Investments			Value
Banks		17.8	%	$	147,071,871
Semiconductors & Semiconductor Equipment		9.8			80,652,254
Oil, Gas & Consumable Fuels		7.4			60,990,900
Internet & Direct Marketing Retail		7.1			59,051,505
Wireless Telecommunication Services		4.7			39,219,074
Interactive Media & Services		4.3			35,772,080
Technology Hardware, Storage & Peripherals		4.3			35,211,480
Metals & Mining		3.7			30,631,561
Electronic Equipment, Instruments & Components		3.5			28,575,122
Food Products		3.1			25,631,528
Textiles, Apparel & Luxury Goods		3.1			25,426,763
Insurance		2.9			23,658,546
Construction & Engineering		2.8			23,328,051
Construction Materials		2.6			21,122,883
Real Estate Management & Development		2.3			18,773,895
Capital Markets		2.1			17,472,521
Entertainment		1.8			15,214,311
Beverages		1.7			14,318,563
Food & Staples Retailing		1.4			11,302,296
Auto Components		1.1			9,209,267
Automobiles		1.1			9,171,703
Machinery		1.1			8,999,425
Pharmaceuticals		1.1			8,904,969
Electric Utilities		1.0			7,914,656
Hotels, Restaurants & Leisure		0.8			6,489,750
Diversified Consumer Services		0.8			6,420,356
IT Services		0.7			6,071,228
Communications Equipment		0.7			5,479,493
Industrial Conglomerates		0.6			5,085,166
Media		0.5			4,460,248
Tobacco		0.5			4,021,917
Health Care Equipment & Supplies		0.5			3,987,606
Life Sciences Tools & Services		0.4			3,544,932
International Equity Funds		0.4			3,508,592
Household Durables		0.3			2,735,979
Health Care Providers & Services		0.3			2,661,262
Airlines		0.3			2,639,226
Diversified Telecommunication Services		0.3			2,588,816
Investments		98.9			817,319,795
Short-Term Investments		1.1			9,264,821
Total Investments		100.0	%	$	826,584,616

SECURITY VALUATION:

Valuation Inputs ^(D)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	282,343,186	$	528,879,201	$	—	$	811,222,387
Preferred Stock		2,588,816		—		—		2,588,816
Exchange-Traded Fund		3,508,592		—		—		3,508,592
Other Investment Company		5,625,563		—		—		5,625,563
Repurchase Agreement		—		3,639,258		—		3,639,258
Total Investments	$	294,066,157	$	532,518,459	$	—	$	826,584,616

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

Transamerica Funds Annual Report 2019

Page    66

Transamerica Emerging Markets Equity

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	All or a portion of the securities are on loan. The total value of all securities on loan is $5,440,093. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(C)	Rates disclosed reflect the yields at October 31, 2019.
(D)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATIONS:

ADR	American Depositary Receipt
GDR	Global Depositary Receipt

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

Transamerica Funds Annual Report 2019

Page    67

Transamerica Event Driven

(unaudited)

MARKET COMMENTARY

The 2019 fiscal year ended October 31, 2019 had a tumultuous start as volatility returned to both the equity and fixed income markets. However, the S&P 500^® Index rebounded at the outset of 2019. The 2019 year through October encountered ongoing volatility created by broad geopolitical concerns, including the trade war between U.S. and China, Brexit, and tensions in the Middle East. While the limited communication from the U.S. Federal Reserve (“Fed”) to the market was another source of volatility, the Fed followed through on previous indications and cut interest rates three times. The last rate cut came as the economy showed continued signs of slowing.

The global convertible market issuance remained healthy throughout 2019. The U.S. convertible market demonstrated strong performance. Broadly, the fiscal year period concluded with growing idiosyncratic volatility. Several factors contributed to individual stock volatility, including a steepening yield curve, continued market rotation from momentum into value, and an earnings season without outsized moves that signaled significant divergence between expectations and normalized valuations.

PERFORMANCE

For the year ended October 31, 2019, Transamerica Event Driven (Class I2) returned 4.41%. By comparison, its benchmark, the ICE BofAML U.S. Dollar LIBOR 3-Month Constant Maturity Index, returned 2.68%.

STRATEGY REVIEW

The healthcare and technology sectors were the greatest contributors to performance during the fiscal year, while the energy and media sectors were the greatest performance detractors. In terms of asset class, convertible bonds were the greatest contributors to performance whereas equity positions were the greatest detractors. The hybrid nature of the convertible asset class helped mitigate sharp downward swings in the market while also enabling upside participation through the convertible’s equity optionality. The Fund’s exposure to the merger and acquisitions sub-strategy was the greatest contributor to performance whereas the shorting sub-strategy & hedged positions were the greatest performance detractors during the fiscal year.

Inmarsat plc, Palo Alto Networks, Inc. and Inphi Corp. were the top performance contributors for the fiscal year. Inmarsat plc, the world’s leading provider of global satellite communications, was the top performer during the year. The Fund’s position in Inmarsat was established in 2018 and expressed through a convertible bond that was hedged with a short position in the company’s common stock to neutralize the delta exposure. Our long-term view that Inmarsat plc was an attractive takeover candidate came to fruition in mid-March 2019 when the company disclosed that it had been approached by a private equity consortium led by Apax Partners to be acquired. When the convertible notes traded up to reflect what we believed was near full value, the Fund exited its position.

Alibaba Group Holding, Ltd. – ADR, YY, Inc. and Evolent Health were the most significant detractors from returns during the fiscal year. The Alibaba Group Holding, Ltd. – ADR was a straight equity holding and the top performance detractor for the period. Alibaba Group Holdings, Ltd. is China’s largest ecommerce platform, and as one of the largest publicly traded companies in China, it remains a China sentiment proxy for many investors. During the period, we traded around our core fundamental position in the name. The company’s underlying equity experienced significant volatility during this period due to ongoing China-U.S. trade tensions and concerns of a global economic slowdown.

The portfolio was invested primarily in the U.S. during the fiscal year, with the remainder in Japan, Marshall Islands, France and China. The Fund’s largest sector concentrations were in technology, consumer discretionary and healthcare.

During the fiscal year, the Fund utilized derivatives. These positions detracted from performance.

Odell Lambroza

Tracy V. Maitland

Co-Portfolio Managers

Advent Capital Management, LLC

Asset Allocation	Percentage of Net Assets
Convertible Bonds		63.5	%
Corporate Debt Securities		17.9
Convertible Preferred Stocks		9.8
Common Stocks		7.9
Repurchase Agreement		6.8
Other Investment Company		3.1
Over-the-Counter Options Purchased		0.0	*
Exchange-Traded Options Purchased		0.0	*
Common Stocks Sold Short		(17.9	)
Net Other Assets (Liabilities) ^		8.9
Total		100.0	%

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

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

^ The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral.

Transamerica Funds Annual Report 2019

Page    68

Transamerica Event Driven

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			10 Year or Since Inception			Inception Date
Class I (NAV)		4.34	%		4.03	%		11/11/2016
Class I2 (NAV)		4.41	%		2.14	%		03/31/2015
ICE BofAML U.S. Dollar LIBOR 3-Month Constant Maturity Index (A)		2.68	%		1.87	%

^(A) The ICE BofAML U.S. Dollar LIBOR 3-Month Constant Maturity Index represents the London interbank offered rate (“LIBOR”) with a constant 3-month average maturity.

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

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

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

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

The value of your investment may be more volatile to the extent that the Fund borrows or uses derivatives or other investments that have a leveraging effect on the Fund. Other risks also will be compounded. This is because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the Fund would otherwise have had. The use of leverage is considered to be a speculative investment practice and may result in the loss of a substantial amount, and possibly all, of the Fund’s assets. The Fund also may have to sell assets at inopportune times to satisfy its obligations. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the Fund fall, the value of the Fund will decline. Fixed income securities have several risks including fluctuations in market value, changes in interest rates as the values will decrease as interest rates rise, and issuers defaulting on their obligations to pay interest or return principal.

The Fund is classified as “non-diversified,” which means it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. To the extent the Fund invests its assets in a smaller number of issuers, the Fund will be more susceptible to negative events affecting those issuers.

Transamerica Funds Annual Report 2019

Page    69

Transamerica Event Driven

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Shares		Value
COMMON STOCKS - 7.9%
Beverages - 0.3%
Constellation Brands, Inc., Class A		1,500		$  285,495
Entertainment - 0.6%
Sciplay Corp., Class A (A) (B)		10,000		96,700
Ubisoft Entertainment SA (A)		6,450		380,834
Viacom, Inc., Class A (B)		4,281		102,273
				579,807
Hotels, Restaurants & Leisure - 1.2%
Norwegian Cruise Line Holdings, Ltd. (A)		5,000		253,800
Six Flags Entertainment Corp.		7,000		295,330
Wynn Resorts, Ltd.		5,000		606,700
				1,155,830
Independent Power & Renewable Electricity Producers - 1.1%
NRG Energy, Inc.		25,000		1,003,000
Insurance - 0.2%
Fidelity National Financial, Inc.		4,000		183,360
Media - 0.4%
Discovery, Inc., Class A (A) (B)		13,500		363,892
Multiline Retail - 0.8%
Macy’s, Inc. (B)		20,000		303,200
Target Corp.		4,000		427,640
				730,840
Software - 0.9%
Adobe, Inc. (A)		1,500		416,895
FireEye, Inc. (A)		26,129		413,883
				830,778
Specialty Retail - 0.3%
Fnac Darty SA (A)		1,462		84,545
MarineMax, Inc. (A)		14,335		221,476
				306,021
Technology Hardware, Storage & Peripherals - 1.4%
Western Digital Corp.		25,000		1,291,250
Trading Companies & Distributors - 0.7%
United Rentals, Inc. (A)		5,000		667,850
Total Common Stocks (Cost $7,741,589)				7,398,123
CONVERTIBLE PREFERRED STOCKS - 9.8%
Chemicals - 1.1%
International Flavors & Fragrances, Inc., 6.00%		21,343		998,212
Electric Utilities - 2.4%
NextEra Energy, Inc., 4.87%		38,000		1,932,680
Southern Co., 6.75%		6,500		345,540
				2,278,220
Multi-Utilities - 1.7%
Dominion Energy, Inc., Series A, 7.25%		15,000		1,608,150
Semiconductors & Semiconductor Equipment - 4.6%
Broadcom, Inc., Series A, 8.00%		4,000		4,332,080
Total Convertible Preferred Stocks (Cost $8,744,650)				9,216,662

	Principal		Value
CONVERTIBLE BONDS - 63.5%
Banks - 2.7%
BofA Finance LLC 0.25%, 05/01/2023, MTN (C)		$  2,528,000		$   2,537,490
Biotechnology - 2.0%
BioMarin Pharmaceutical, Inc. 0.60%, 08/01/2024 (B)		1,700,000		1,700,299
PTC Therapeutics, Inc. 1.50%, 09/15/2026 (D)		200,000		207,775
				1,908,074
Capital Markets - 1.0%
SBI Holdings, Inc. Zero Coupon, 09/13/2023 (E)		JPY  100,000,000		974,460
Chemicals - 2.2%
Toray Industries, Inc. Zero Coupon, 08/31/2021 (E)		200,000,000		2,029,894
Communications Equipment - 2.5%
Harmonic, Inc. 2.00%, 09/01/2024 (D)		$  300,000		339,237
Lumentum Holdings, Inc. 0.25%, 03/15/2024		1,595,000		2,012,712
				2,351,949
Diversified Consumer Services - 1.0%
Chegg, Inc. 0.13%, 03/15/2025 (D)		1,000,000		935,800
Diversified Telecommunication Services - 1.1%
Vonage Holdings Corp. 1.75%, 06/01/2024 (D)		1,100,000		1,063,739
Electronic Equipment, Instruments & Components - 1.7%
Insight Enterprises, Inc. 0.75%, 02/15/2025 (D)		1,500,000		1,632,726
Entertainment - 1.6%
Zynga, Inc. 0.25%, 06/01/2024 (D)		1,500,000		1,533,540
Insurance - 1.4%
AXA SA 7.25%, 05/15/2021 (D)		1,286,000		1,333,421
Interactive Media & Services - 8.8%
Snap, Inc. 0.75%, 08/01/2026 (D)		2,450,000		2,476,289
Twitter, Inc. 0.25%, 06/15/2024 (C)		3,978,000		3,798,001
Zillow Group, Inc. 0.75%, 09/01/2024 (D)		2,000,000		2,007,041
				8,281,331
Internet & Catalog Retail - 3.7%
IAC Financeco 2, Inc. 0.88%, 06/15/2026 (C) (D)		1,700,000		1,828,736
IAC Financeco 3, Inc. 2.00%, 01/15/2030 (D)		1,450,000		1,612,714
				3,441,450
IT Services - 4.9%
Akamai Technologies, Inc. 0.38%, 09/01/2027 (D)		2,750,000		2,744,253
Okta, Inc. 0.13%, 09/01/2025 (D)		2,000,000		1,895,108
				4,639,361

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

Transamerica Funds Annual Report 2019

Page    70

Transamerica Event Driven

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CONVERTIBLE BONDS (continued)
Machinery - 3.4%
Fortive Corp. 0.88%, 02/15/2022 (C) (D)		$   3,200,000		$   3,157,047
Media - 1.0%
Liberty Media Corp. 2.25%, 12/01/2048 (D)		808,000		955,724
Metals & Mining - 2.2%
SSR Mining, Inc. 2.50%, 04/01/2039 (D)		1,800,000		2,045,250
Pharmaceuticals - 2.9%
Jazz Investments I, Ltd. 1.88%, 08/15/2021 (C)		2,703,000		2,696,207
Semiconductors & Semiconductor Equipment - 6.3%
Inphi Corp. 0.75%, 09/01/2021 (C)		2,500,000		3,450,043
Synaptics, Inc. 0.50%, 06/15/2022 (C)		2,589,000		2,443,369
				5,893,412
Software - 7.7%
Alteryx, Inc. 1.00%, 08/01/2026 (D)		2,100,000		1,893,167
Palo Alto Networks, Inc. 0.75%, 07/01/2023 (C)		2,047,000		2,251,624
Proofpoint, Inc. 0.25%, 08/15/2024 (D)		1,900,000		1,966,500
Workiva, Inc. 1.13%, 08/15/2026 (D)		1,200,000		1,079,791
				7,191,082
Specialty Retail - 5.1%
Guess?, Inc. 2.00%, 04/15/2024 (D)		900,000		857,813
RH
Zero Coupon, 06/15/2023 (B) (C)		2,303,000		2,599,533
Zero Coupon, 09/15/2024 (D)		1,250,000		1,306,024
				4,763,370
Transportation Infrastructure - 0.3%
BEST, Inc. 1.75%, 10/01/2024 (D)		230,000		239,930
Total Convertible Bonds (Cost $58,000,142)				59,605,257
CORPORATE DEBT SECURITIES - 17.9%
Communications Equipment - 2.4%
Viavi Solutions, Inc. 1.75%, 06/01/2023		1,700,000		2,205,839
Electronic Equipment, Instruments & Components - 4.6%
Vishay Intertechnology, Inc. 2.25%, 06/15/2025 (C)		4,417,000		4,352,361
Health Care Equipment & Supplies - 1.7%
Wright Medical Group, Inc. 1.63%, 06/15/2023 (C)		1,645,000		1,571,285
Oil, Gas & Consumable Fuels - 2.3%
Scorpio Tankers, Inc. 3.00%, 05/15/2022		2,000,000		2,187,645

	Principal			Value
CORPORATE DEBT SECURITIES (continued)
Software - 3.9%
FireEye, Inc. 0.88%, 06/01/2024 (C)		$   1,500,000			$   1,479,815
Splunk, Inc. 0.50%, 09/15/2023		2,000,000			2,167,000
					3,646,815
Specialty Retail - 0.8%
PetSmart, Inc. 7.13%, 03/15/2023 (D)		850,000			786,250
Technology Hardware, Storage & Peripherals - 2.2%
Pure Storage, Inc. 0.13%, 04/15/2023		2,000,000			2,097,618
Total Corporate Debt Securities (Cost $15,788,098)					16,847,813
	Shares			Value
OTHER INVESTMENT COMPANY - 3.1%
Securities Lending Collateral - 3.1%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.75% (F)		2,871,734			2,871,734
Total Other Investment Company (Cost $2,871,734)					2,871,734
	Principal			Value
REPURCHASE AGREEMENT - 6.8%
Fixed Income Clearing Corp., 0.85% (F), dated 10/31/2019, to be repurchased at $6,408,542 on 11/01/2019. Collateralized by a U.S. Government Obligation, 1.75%, due 05/15/2022, and with a value of $6,539,197.		$  6,408,391			6,408,391
Total Repurchase Agreement (Cost $6,408,391)					6,408,391
Total Investments Excluding Options Purchased (Cost $99,554,604)					102,347,980
Total Options Purchased - 0.0% (G) (Cost $232,763)					36,000
Total Investments Before Securities Sold Short (Cost $99,787,367)					102,383,980
	Shares			Value
SECURITIES SOLD SHORT - (17.9)%
COMMON STOCKS - (17.9)%
Biotechnology - (0.3)%
BioMarin Pharmaceutical, Inc.		(4,210	)		(308,214	)
Chemicals - (1.5)%
International Flavors & Fragrances, Inc.		(4,783	)		(583,574	)
Toray Industries, Inc.		(114,000	)		(813,592	)
					(1,397,166	)
Communications Equipment - (1.4)%
Harmonic, Inc.		(26,200	)		(203,836	)
Lumentum Holdings, Inc.		(4,462	)		(279,589	)
Viavi Solutions, Inc.		(54,846	)		(875,342	)
					(1,358,767	)

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

Transamerica Funds Annual Report 2019

Page    71

Transamerica Event Driven

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Shares			Value
SECURITIES SOLD SHORT (continued)
Diversified Financial Services - (0.8)%
AXA Equitable Holdings, Inc.		(17,861	)		$   (385,798	)
Voya Financial, Inc.		(6,272	)		(338,437	)
					(724,235	)
Diversified Telecommunication Services - (0.2)%
Vonage Holdings Corp.		(23,000	)		(224,710	)
Electronic Equipment, Instruments & Components - (1.3)%
Insight Enterprises, Inc.		(5,000	)		(306,900	)
Vishay Intertechnology, Inc.		(45,323	)		(913,258	)
					(1,220,158	)
Entertainment - (0.6)%
Live Nation Entertainment, Inc.		(3,060	)		(215,730	)
Zynga, Inc., Class A		(50,000	)		(308,500	)
					(524,230	)
Health Care Equipment & Supplies - (0.5)%
Wright Medical Group NV		(21,228	)		(441,542	)
Interactive Media & Services - (2.1)%
IAC / InterActiveCorp		(2,800	)		(636,300	)
Snap, Inc., Class A		(35,700	)		(537,642	)
Twitter, Inc.		(18,913	)		(566,823	)
Zillow Group, Inc., Class C		(8,000	)		(260,560	)
					(2,001,325	)
IT Services - (0.8)%
Akamai Technologies, Inc.		(4,000	)		(346,000	)
Okta, Inc.		(3,400	)		(370,838	)
					(716,838	)
Machinery - (0.2)%
Fortive Corp.		(2,500	)		(172,500	)
Metals & Mining - (0.3)%
SSR Mining, Inc.		(22,600	)		(334,254	)

	Shares			Value
SECURITIES SOLD SHORT (continued)
Metals & Mining (continued)
Oil, Gas & Consumable Fuels - (0.5)%
Scorpio Tankers, Inc.		(15,000	)		$   (477,150	)
Pharmaceuticals - (0.4)%
Jazz Pharmaceuticals PLC		(3,019	)		(379,277	)
Semiconductors & Semiconductor Equipment - (2.2)%
Inphi Corp.		(27,000	)		(1,940,760	)
Synaptics, Inc.		(2,501	)		(105,317	)
					(2,046,077	)
Software - (2.5)%
Alteryx, Inc., Class A		(6,000	)		(549,000	)
Palo Alto Networks, Inc.		(2,551	)		(580,072	)
Proofpoint, Inc.		(5,000	)		(576,850	)
Splunk, Inc.		(4,000	)		(479,840	)
Workiva, Inc.		(4,000	)		(166,680	)
					(2,352,442	)
Specialty Retail - (2.2)%
Guess?, Inc.		(13,000	)		(217,750	)
RH		(10,257	)		(1,863,697	)
					(2,081,447	)
Technology Hardware, Storage & Peripherals - (0.1)%
Pure Storage, Inc., Class A		(5,000	)		(97,300	)
Total Common Stocks (Proceeds $(16,311,360))					(16,857,632	)
Total Securities Sold Short (Proceeds $(16,311,360))					(16,857,632	)
Net Other Assets (Liabilities), Net of Securities Sold Short - 8.9%					8,393,354
Net Assets - 100.0%					$  93,919,702

EXCHANGE-TRADED OPTIONS PURCHASED:

Description	Exercise Price			Expiration Date		Notional Amount			Number of Contracts		Premiums Paid		Value
Call - Freeport-McMoRan, Inc.		USD	10.00		11/29/2019		USD	294,600		300	$	18,150	$	9,300
Call - Micron Technology, Inc.		USD	55.00		12/20/2019		USD	2,377,500		500		29,875		23,500
Call - Square, Inc.		USD	90.00		12/20/2019		USD	1,535,750		250		112,188		2,000
Call - Twitter, Inc.		USD	45.00		01/17/2020		USD	599,400		200		72,550		1,200
Total											$	232,763	$	36,000

EXCHANGE-TRADED OPTIONS WRITTEN:

Description	Exercise Price			Expiration Date		Notional Amount			Number of Contracts		Premiums (Received)			Value
Call - Twitter, Inc.		USD	50.00		01/17/2020		USD	359,640		120	$	(26,079	)	$	(600	)

	Premiums (Received)			Value
TOTAL WRITTEN OPTIONS AND SWAPTIONS	$	(26,079	)	$	(600	)

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

Transamerica Funds Annual Report 2019

Page    72

Transamerica Event Driven

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

OVER-THE-COUNTER SWAP AGREEMENTS:

Total Return Swap Agreements (H)

Reference Entity

Counterparty

Pay/Receive

Payment Frequency

Maturity Date

Notional Amount

Number of Shares or Units

Value

Premiums Paid (Received)

Net Unrealized Appreciation (Depreciation)

FireEye, Inc., 1.63%, 06/01/2035

CITI

Receive

Quarterly/ Monthly

05/01/2020

USD

3,732,720

3,732,720

$

130,643

$

143,186

$

(12,543

)

	Value
OTC Swap Agreements, at value (Assets)	$	130,643

FUTURES CONTRACTS:

Short Futures Contracts:
Description	Number of Contracts			Expiration Date		Notional Amount			Value			Unrealized Appreciation		Unrealized Depreciation
NASDAQ-100 E-Mini Index		(14	)		12/20/2019	$	(2,179,320	)	$	(2,265,270	)	$	—	$	(85,950	)
S&P 500® E-Mini Index		(12	)		12/20/2019		(1,809,450	)		(1,821,480	)		—		(12,030	)
Total Futures Contracts												$	—	$	(97,980	)

FORWARD FOREIGN CURRENCY CONTRACTS:
Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation		Unrealized Depreciation
SSB		11/29/2019		USD	454,121		EUR	409,000	$	—	$	(2,892	)
SSB		11/29/2019		USD	2,998,686		JPY	326,000,000		—		(25,121	)
Total									$	—	$	(28,013	)

SECURITY VALUATION:

Valuation Inputs ^(I)

	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	6,932,744		$	465,379		$	—	$	7,398,123
Convertible Preferred Stocks		9,216,662			—			—		9,216,662
Convertible Bonds		—			59,605,257			—		59,605,257
Corporate Debt Securities		—			16,847,813			—		16,847,813
Other Investment Company		2,871,734			—			—		2,871,734
Repurchase Agreement		—			6,408,391			—		6,408,391
Exchange-Traded Options Purchased		36,000			—			—		36,000
Total Investments	$	19,057,140		$	83,326,840		$	—	$	102,383,980
Other Financial Instruments
Over-the-Counter Total Return Swap Agreements	$	—		$	130,643		$	—	$	130,643
Total Other Financial Instruments	$	—		$	130,643		$	—	$	130,643
LIABILITIES
Securities Sold Short
Common Stocks	$	(16,044,040	)	$	(813,592	)	$	—	$	(16,857,632	)
Total Securities Sold Short	$	(16,044,040	)	$	(813,592	)	$	—	$	(16,857,632	)

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

Transamerica Funds Annual Report 2019

Page    73

Transamerica Event Driven

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

SECURITY VALUATION (continued):

Valuation Inputs (continued) ^(I)

	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value
Other Financial Instruments
Exchange-Traded Options Written	$	(600	)	$	—		$	—	$	(600	)
Futures Contracts (J)		(97,980	)		—			—		(97,980	)
Forward Foreign Currency Contracts (J)		—			(28,013	)		—		(28,013	)
Total Other Financial Instruments	$	(98,580	)	$	(28,013	)	$	—	$	(126,593	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	All or a portion of the securities are on loan. The total value of all securities on loan is $2,811,993. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(C)	All or a portion of these securities have been segregated by the custodian as collateral for open exchange-traded options and securities sold short transactions. The total value of such securities is $21,554,808.
(D)	Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2019, the total value of 144A securities is $33,897,875, representing 36.1% of the Fund’s net assets.
(E)	Securities are exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At October 31, 2019, the total value of Regulation S securities is $3,004,354, representing 3.2% of the Fund’s net assets.
(F)	Rates disclosed reflect the yields at October 31, 2019.
(G)	Percentage rounds to less than 0.1% or (0.1)%.
(H)	At the termination date, a net cash flow is exchanged where the total return is equivalent to the return of the reference entity less a financing rate, if any. As a receiver, the Fund would receive payments based on any positive total return and would owe payments in the event of a negative total return. As the payer, the Fund would owe payments on any net positive total return and would receive payment in the event of a negative total return.
(I)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(J)	Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation).

CURRENCY ABBREVIATIONS:

EUR	Euro
JPY	Japanese Yen
USD	United States Dollar

COUNTERPARTY ABBREVIATIONS:

CITI	Citibank, N.A.
SSB	State Street Bank & Trust Co.

PORTFOLIO ABBREVIATIONS:

MTN	Medium Term Note
NASDAQ	National Association of Securities Dealers Automated Quotations

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

Transamerica Funds Annual Report 2019

Page    74

Transamerica Floating Rate

(unaudited)

MARKET ENVIRONMENT

The fiscal year ended October 31, 2019 began with the prospects of healthy but moderating economic activity and global trade tensions that could potentially derail it. As consumption, fixed investments and government spending growth slowed, so did year-over-year gross domestic product (“GDP”) growth. Lower expectations prevailed throughout the year while any lingering optimism was reduced by a tumultuous geopolitical environment. As trade wars between the U.S. and China, and Japan and South Korea intensified, so did their impact on underlying economies.

Risks around trade policy were a concern for the U.S. Federal Reserve (“Fed”), which lowered 2019 GDP projections in December. Still, they stayed the course on normalizing rates given continued economic strength, and hiked rates once more in December of 2018. As a result, market expectations on Fed action soured, pricing in no further hike for the entirety of 2019 as a jolt of volatility overtook risk assets. The Fed’s more dovish tone and concerns over an inverted yield curve were top of mind for investors at the start of calendar year 2019. After cutting rates by 25 basis points in July and September, softening economic data and continued below-target inflation gave the green light to the Fed to trim its federal funds rate a quarter of a point at its October meeting.

The loan market started out with a sell-off that reached its apex in late December, with poor seasonal liquidity and heavy retail outflows contributing to the weakness. After the turn of the calendar year, the loan market rallied as collateralized loan obligation (“CLO”) issuance picked up, retail outflows moderated and market risk appetite picked up. The loan market traded in a range-bound pattern for much of the fiscal year, with three key themes. First, investors moved up in quality as the pace of rating agency downgrades increased. Secondly, retail investors made up less than 10% of the asset class due to persistent outflows, leading to the CLO market increasing its share of the market and making the market more ratings sensitive as a result. Finally, the size of the loan market finally stalled out after years of healthy increases in loans outstanding, and due to some of the pressures mentioned above, the high yield market stole some share of secured issuance while also enjoying a high number of paydowns throughout the year.

At the end of the fiscal year, the loan market legged back down, with the lower-quality segment leading the way lower as managers attempted to increase portfolio quality. BB rated credits eked out a slight gain in the month of October while other non-investment grade ratings fell. For the 12-month period, it’s notable that higher quality credits outperformed lower quality, with BBs and Bs producing positive returns while CCCs declined.

PERFORMANCE

For the year ended October 31, 2019, Transamerica Floating Rate (Class A) returned 2.44%, excluding any sales charges. By comparison, its benchmark, the Credit Suisse Leveraged Loan Index, returned 2.60%.

STRATEGY REVIEW

Security selection, most notably Bs and CCC-rated loans, was the largest contributor to relative performance for the 12-month period. The underweight to CCCs contributed positively, as lower-quality underperformed. The Fund was underweight to BBs, detracting from results, but security selection within that ratings category contributed favorably. Positive results were slightly offset by off-benchmark exposures to investment grade credits. By sub-sector, top contributors to active returns included healthcare, consumer durables and services. The largest detractors included holdings in food/tobacco, energy and media/telecom.

With respect to positioning, we believe food and beverage, packaging, and consumer products industries stand to benefit from historically low energy prices and increased consumer spending. However, the fund has continued to remain underweight retail given our negative outlook for the sector, driven by slower mall traffic, weak margins, and poorly structured deals. We continue to watch how e-commerce generally is impacting consumption patterns, particularly in the consumer products space. Additionally, we have positioned the Fund to be underweight technology. While the sector has been a long-term beneficiary of secular growth, there will be winners and losers, and we believe there is quite a bit of equity-related risk in many tech deals.

John F. Bailey, CFA

Jason P. Felderman, CFA

Zach Halstead

James K. Schaeffer, Jr.

Co-Portfolio Managers

Aegon USA Investment Management, LLC

Transamerica Funds Annual Report 2019

Page    75

Transamerica Floating Rate

(unaudited)

Asset Allocation	Percentage of Net Assets
Loan Assignments		73.8	%
Repurchase Agreement		14.4
Corporate Debt Securities		6.8
Other Investment Company		0.2
Common Stocks		0.1
Preferred Stock		0.0	*
Net Other Assets (Liabilities)		4.7
Total		100.0	%

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

Credit Quality ‡	Percentage of Net Assets
AAA		14.4	%
BBB		3.9
BB		22.0
B		48.0
CCC and Below		6.4
Not Rated		0.6
Net Other Assets (Liabilities)		4.7
Total		100.0	%

Fund Characteristics	Years
Average Maturity §		3.09
Duration †		0.17

§ Average Maturity is computed by weighting the maturity of each security in the Fund by the market value of the security, then averaging these weighted figures.

† Duration is a time measure of a bond’s interest rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder.

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

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

Transamerica Funds Annual Report 2019

Page    76

Transamerica Floating Rate

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		(2.41	)%		2.63	%		2.54	%		10/31/2013
Class A (NAV)		2.44	%		3.62	%		3.38	%		10/31/2013
Credit Suisse Leveraged Loan Index (A)		2.60	%		3.95	%		3.92	%
Class C (POP)		0.70	%		2.85	%		2.61	%		10/31/2013
Class C (NAV)		1.68	%		2.85	%		2.61	%		10/31/2013
Class I (NAV)		2.69	%		3.81	%		3.58	%		10/31/2013
Class I2 (NAV)		2.78	%		3.93	%		3.68	%		10/31/2013

^(A) The Credit Suisse Leveraged Loan Index is an index designed to mirror the investable universe of the dollar denominated leveraged loan market.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 4.75% for A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I and I2 shares.

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

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

Investing in high-yield bonds (junk bonds) may be subject to greater volatility and risks as the income derived from these securities in not guaranteed. Changes in interest rates, the market’s perception of the issuers and the creditworthiness of the issuers may significantly affect the value of a bond.

Transamerica Funds Annual Report 2019

Page    77

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES - 6.8%
Communications Equipment - 0.7%
CommScope, Inc. 5.50%, 03/01/2024 (A)		$  1,500,000		$  1,520,250
Containers & Packaging - 0.9%
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC
3-Month LIBOR + 3.50%, 5.50% (C), 07/15/2021 (A) (B)		2,000,000		2,005,000
Health Care Providers & Services - 1.3%
RegionalCare Hospital Partners Holdings, Inc. 8.25%, 05/01/2023 (A)		1,000,000		1,067,500
Tenet Healthcare Corp. 4.63%, 09/01/2024 (A)		1,665,000		1,707,624
				2,775,124
Hotels, Restaurants & Leisure - 0.9%
Scientific Games International, Inc. 5.00%, 10/15/2025 (A)		2,000,000		2,060,000
Media - 1.1%
CSC Holdings LLC 6.63%, 10/15/2025 (A)		2,000,000		2,130,000
MediaCom Broadband LLC / MediaCom Broadband Corp. 5.50%, 04/15/2021		400,000		400,000
				2,530,000
Oil, Gas & Consumable Fuels - 0.4%
eG Global Finance PLC 6.75%, 02/07/2025 (A)		835,000		835,000
Paper & Forest Products - 0.6%
Norbord, Inc. 6.25%, 04/15/2023 (A)		1,200,000		1,276,500
Pharmaceuticals - 0.9%
Bausch Health Cos., Inc. 6.50%, 03/15/2022 (A)		2,000,000		2,057,500
Software - 0.0%
Avaya, Inc. 7.00%, 04/01/2019 (B) (D) (E) (F)  (G)		1,700,000		0
Total Corporate Debt Securities (Cost $14,691,162)				15,059,374
LOAN ASSIGNMENTS - 73.8%
Aerospace & Defense - 0.2%
Avolon TLB Borrower 1 LLC Term Loan B3,
1-Month LIBOR + 1.75%, 3.60% (C), 01/15/2025		444,050		445,463
Airlines - 0.3%
WestJet Airlines, Ltd. Term Loan B, TBD, 08/07/2026 (H)		750,000		753,214
Auto Components - 1.7%
Jason, Inc.
1st Lien Term Loan,
1-Month LIBOR + 4.50%, 6.29% (C), 06/30/2021		318,477		278,136

	Principal		Value
LOAN ASSIGNMENTS (continued)
Auto Components (continued)
Jason, Inc. (continued)
3-Month LIBOR + 4.50%, 6.60% (C), 06/30/2021		$   833,761		$   728,151
K&N Engineering, Inc. 1st Lien Term Loan,
1-Month LIBOR + 4.75%, 6.54% (C), 10/20/202		2,227,327		2,093,687
Mavis Tire Express Services Corp.
1st Lien Term Loan,
1-Month LIBOR + 3.25%, 5.04% (C), 03/20/2025		644,742		610,893
Delayed Draw Term Loan, 5.04% (C), 03/20/2025		18,457		17,488
				3,728,355
Automobiles - 0.5%
Thor Industries, Inc. Term Loan B,
1-Month LIBOR + 3.75%, 5.81% (C), 02/01/2026		1,146,603		1,115,788
Beverages - 0.6%
Blue Ribbon LLC Term Loan,
3-Month LIBOR + 4.00%, 6.27% (C), 11/15/2021		1,484,234		1,269,020
Building Products - 1.2%
Anvil International LLC 1st Lien Term Loan,
1-Month LIBOR + 5.00%, 6.80% (C), 05/28/2026		350,000		326,375
NCI Building Systems, Inc. Term Loan,
1-Month LIBOR + 3.75%, 5.66% (C), 04/12/2025		1,456,250		1,407,101
VT Topco, Inc. 1st Lien Term Loan,
3-Month LIBOR + 3.75%, 5.85% (C), 08/01/2025		931,122		925,593
				2,659,069
Capital Markets - 1.2%
Blucora, Inc. Term Loan B,
2-Month LIBOR + 3.00%, 5.09% (C), 05/22/2024		530,125		529,463
Kingpin Intermediate Holdings LLC Term Loan B,
1-Month LIBOR + 3.50%, 5.29% (C), 07/03/2024		1,445,257		1,442,246
Victory Capital Holdings, Inc. Term Loan B,
3-Month LIBOR + 3.25%, 5.35% (C), 07/01/2026		679,773		682,322
				2,654,031
Chemicals - 1.3%
Minerals Technologies, Inc.
Term Loan,
4.75%, 05/09/2021 (I)		802,022		796,007

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

Transamerica Funds Annual Report 2019

Page    78

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
LOAN ASSIGNMENTS (continued)
Chemicals (continued)
Minerals Technologies, Inc. (continued)
Term Loan B,
1-Month LIBOR + 2.25%, 4.08% (C), 02/14/2024		$   86,451		$   86,667
1-Month LIBOR + 2.25%, 4.17% (C), 02/14/2024		4,876		4,888
1-Month LIBOR + 2.25%, 4.27% (C), 02/14/2024		3,901		3,911
3-Month LIBOR + 2.25%, 4.39% (C), 02/14/2024		17,066		17,109
Polymer Process Holdings, Inc. Term Loan,
1-Month LIBOR + 6.00%, 7.92% (C), 05/01/2026		897,750		879,795
VAC Holdings GmbH Term Loan B,
3-Month LIBOR + 4.00%, 6.10% (C), 03/08/2025		1,132,750		1,098,767
				2,887,144
Commercial Services & Supplies - 3.1%
Advanced Disposal Services, Inc. Term Loan B3,
1-Week LIBOR + 2.25%, 4.09% (C), 11/10/2023		1,627,327		1,629,338
Asurion LLC Term Loan B4,
1-Month LIBOR + 3.00%, 4.79% (C), 08/04/2022		960,526		960,526
BIFM Buyer, Inc. Term Loan B,
3-month LIBOR + 3.75%, 5.87% (C), 06/01/2026		997,500		986,278
GFL Environmental, Inc. Term Loan B,
1-Month LIBOR + 3.00%, 4.79% (C), 05/30/2025		800,124		797,124
Prime Security Services Borrower LLC Term Loan B1,
1-Month LIBOR + 3.25%, 5.25% (C), 09/23/2026		1,000,000		964,583
Spin Holdco, Inc. Term Loan B,
3-Month LIBOR + 3.25%, 5.25% (C), 11/14/2022		1,181,672		1,145,853
TruGreen, LP Term Loan,
1-Month LIBOR + 3.75%, 5.54% (C), 03/19/2026		415,726		416,246
				6,899,948
Communications Equipment - 0.6%
Securus Technologies Holdings, Inc. 1st Lien Term Loan,
1-Month LIBOR + 4.50%, 6.29% (C), 11/01/2024		1,605,226		1,232,011

	Principal		Value
LOAN ASSIGNMENTS (continued)
Construction & Engineering - 1.4%
Granite Acquisition, Inc. Term Loan B, 3-Month LIBOR + 3.50%, 5.60% (C), 12/19/2021		$   1,396,452		$   1,395,579
McDermott Technology Americas, Inc.
1st Lien Term Loan,
3-Month LIBOR + 5.00%, 7.10% (C), 05/09/2025		1,712,500		1,031,781
Term Loan,
TBD, 10/21/2021 (H) (J)		653,890		670,238
PSC Industrial Holdings Corp. 1st Lien Term Loan,
1-Month LIBOR + 3.75%, 5.67% (C), 10/11/2024 (D) (J)		0		0
				3,097,598
Construction Materials - 0.0%
Forterra Finance LLC Term Loan B,
1-Month LIBOR + 3.00%, 4.79% (C), 10/25/2023 (D) (J)		0		0
Containers & Packaging - 4.0%
Anchor Glass Container Corp.
1st Lien Term Loan,
1-Month LIBOR + 2.75%, 4.54% (C), 12/07/2023		80,160		60,120
1-Month LIBOR + 2.75%, 4.74% (C), 12/07/2023		1,493,753		1,120,315
Ball Metalpack LLC
1st Lien Term Loan B,
3-Month LIBOR + 4.50%, 6.62% (C), 07/31/2025		1,197,356		1,083,607
2nd Lien Term Loan B,
1-Month LIBOR + 8.75%, 10.87% (C), 07/31/2026		1,000,000		890,000
Consolidated Container Co. LLC 1st Lien Term Loan,
1-Month LIBOR + 2.75%, 4.54% (C), 05/22/2024		254,571		250,222
Flex Acquisition Co., Inc.
1st Lien Term Loan,
1-Month LIBOR + 3.00%, 5.03% (C), 12/29/2023		39,730		37,427
3-Month LIBOR + 3.00%, 5.10% (C), 12/29/2023 (J)		1,084,690		1,021,812
Term Loan,
3-Month LIBOR + 3.25%, 5.35% (C), 06/29/2025		276,341		260,452
Liqui-Box Holdings, Inc. Term Loan B, TBD, 05/21/2026 (H) (J)		1,750,000		1,717,187
Plastipak Packaging, Inc. Term Loan B,
1-Month LIBOR + 2.50%, 4.29% (C), 10/14/2024		1,422,608		1,372,817
Printpack Holdings, Inc. Term Loan,
1-Month LIBOR + 3.00%, 4.81% (C), 07/26/2023		1,109,970		1,098,870
				8,912,829

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

Transamerica Funds Annual Report 2019

Page    79

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
LOAN ASSIGNMENTS (continued)
Diversified Consumer Services - 1.5%
Belfor Holdings, Inc.
Term Loan B,
1-Month LIBOR + 4.00%, 5.79% (C), 04/06/2026		$   498,750		$   499,374
ServiceMaster Co.
Term Loan B,
1-Month LIBOR + 2.50%, 4.29% (C), 11/08/2023		142,247		142,034
USS Ultimate Holdings, Inc.
1st Lien Term Loan,
6-Month LIBOR + 3.75%, 5.95% (C), 08/25/2024		1,262,553		1,245,193
William Morris Endeavor Entertainment LLC
1st Lien Term Loan,
1-Month LIBOR + 2.75%, 4.54% (C), 05/18/2025		857,793		827,310
2-Month LIBOR + 2.75%, 4.62% (C), 05/18/2025		3,967		3,826
3-Month LIBOR + 2.75%, 4.68% (C), 05/18/2025		587,595		566,714
1-Month LIBOR + 2.75%, 4.68% (C), 05/18/2025		53,640		51,734
				3,336,185
Diversified Financial Services - 1.4%
BCP Raptor II LLC
1st Lien Term Loan,
1-Month LIBOR + 4.75%, 6.54% (C), 11/03/2025		438,900		384,038
Compass Group Diversified Holdings LLC
Term Loan B,
1-Month LIBOR + 2.25%, 4.04% (C), 04/18/2025		598,997		599,447
Messer Industries GmbH
Term Loan,
3-Month LIBOR + 2.50%, 4.60% (C), 03/01/2026		248,750		246,418
NBG Acquisition, Inc.
Term Loan,
3-Month LIBOR + 5.50%, 7.60% (C), 04/26/2024		1,760,487		1,478,809
WG Partners Acquisition LLC
Term Loan B,
3-Month LIBOR + 3.50%, 5.60% (C), 11/15/2023		349,074		342,093
				3,050,805
Diversified Telecommunication Services - 1.3%
CenturyLink, Inc.
Term Loan A,
1-Month LIBOR + 2.75%, 4.54% (C), 11/01/2022		467,949		468,387
Term Loan B,
1-Month LIBOR + 2.75%, 4.54% (C), 01/31/2025		952,576		943,646
Global Tel*Link Corp.
1st Lien Term Loan,
1-Month LIBOR + 4.25%, 6.04% (C), 11/29/2025		1,094,387		938,437

	Principal		Value
LOAN ASSIGNMENTS (continued)
Diversified Telecommunication Services (continued)
Hargray Communications Group, Inc.
Term Loan B,
1-Month LIBOR + 3.00%, 4.79% (C), 05/16/2024		$   451,439		$   450,150
				2,800,620
Electric Utilities - 0.5%
Vistra Operations Co. LLC
1st Lien Term Loan B3,
1-Month LIBOR + 2.00%, 3.79% (C), 12/31/2025		688,723		691,091
1-Month LIBOR + 2.00%, 3.89% (C), 12/31/2025		465,421		467,022
				1,158,113
Electrical Equipment - 0.8%
Electrical Components International, Inc.
1st Lien Term Loan,
3-Month LIBOR + 4.25%, 6.35% (C), 06/26/2025		725,638		660,330
Global Appliance, Inc.
Term Loan A,
1-Month LIBOR + 3.25%, 5.04% (C), 09/29/2022		457,286		445,854
VC GB Holdings, Inc.
1st Lien Term Loan,
1-Month LIBOR + 3.00%, 4.80% (C), 02/28/2024		668,755		642,005
				1,748,189
Electronic Equipment, Instruments & Components - 2.1%
Badger Buyer Corp.
Term Loan B,
1-Month LIBOR + 3.50%, 5.29% (C), 09/30/2024		1,441,432		1,210,803
Electro Rent Corp.
1st Lien Term Loan,
2-Month LIBOR + 5.00%, 6.88% (C), 01/31/2024		3,407		3,415
3-Month LIBOR + 5.00%, 6.94% (C), 01/31/2024 (J)		1,321,755		1,325,059
GrafTech Finance, Inc.
Term Loan B,
1-Month LIBOR + 3.50%, 5.29% (C), 02/12/2025		838,889		803,236
Radio Systems Corp.
Term Loan B,
1-Month LIBOR + 2.75%, 4.54% (C), 05/02/2024		1,430,000		1,404,975
				4,747,488
Entertainment - 0.5%
AMC Entertainment Holdings, Inc.
Term Loan B,
6-Month LIBOR + 3.00%, 5.23% (C), 04/22/2026		1,215,134		1,213,109
Equity Real Estate Investment Trusts - 1.1%
iStar, Inc.
Term Loan B,
1-Month LIBOR + 2.75%, 4.60% (C), 06/28/2023		538,903		538,903

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

Transamerica Funds Annual Report 2019

Page    80

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
LOAN ASSIGNMENTS (continued)
Equity Real Estate Investment Trusts (continued)
iStar, Inc. (continued)
1-Month LIBOR + 2.75%, 4.75% (C), 06/28/2023		$   525,431		$   525,431
MGM Growth Properties Operating Partnership, LP
Term Loan A,
1-Month LIBOR + 2.00%, 3.79% (C), 06/14/2023		1,490,625		1,483,172
				2,547,506
Food & Staples Retailing - 2.6%
Albertsons LLC
Term Loan B8,
1-month LIBOR + 2.75%, 4.54% (C), 08/17/2026		1,596,433		1,604,415
BJ’s Wholesale Club, Inc.
1st Lien Term Loan,
1-Month LIBOR + 2.75%, 4.67% (C), 02/03/2024		952,602		952,006
Chef’s Warehouse Leasing Co. LLC
1st Lien Term Loan,
1-Month LIBOR + 3.50%, 5.29% (C), 06/22/2022		1,219,021		1,219,021
Give & Go Prepared Foods Corp.
1st Lien Term Loan,
1-Month LIBOR + 4.25%, 6.35% (C), 07/29/2023		1,005,224		924,806
Hostess Brands LLC
2019 Term Loan,
1-Month LIBOR + 2.25%, 4.04% (C), 08/03/2025		213,947		212,700
Term Loan,
3-Month LIBOR + 2.25%, 4.18% (C), 08/03/2025		482,360		479,546
Sage BorrowCo LLC
Term Loan B,
1-month LIBOR + 4.75%, 6.55% (C), 06/20/2026		299,250		300,372
				5,692,866
Food Products - 1.5%
8th Avenue Food & Provisions, Inc.
1st Lien Term Loan,
3-Month LIBOR + 3.75%, 5.69% (C), 10/01/2025		372,188		372,497
CSM Bakery Solutions LLC
1st Lien Term Loan,
3-Month LIBOR + 4.00%, 6.03% (C), 07/03/2020		662,312		617,606
Del Monte Foods, Inc.
1st Lien Term Loan,
3-Month LIBOR + 3.25%, 5.39% (C), 02/18/2021		1,190,415		1,020,781
Prime Rate + 2.25%, 7.00% (C), 02/18/2021		3,166		2,715
Dole Food Co., Inc.
Term Loan B,
1-Month LIBOR + 2.75%, 4.54% (C), 04/06/2024		145,957		143,220

	Principal		Value
LOAN ASSIGNMENTS (continued)
Food Products (continued)
Dole Food Co., Inc. (continued)
1-Month LIBOR + 2.75%, 4.57% (C), 04/06/2024		$   290,241		$   284,799
Shearer’s Foods, Inc.
Term Loan B,
1-Month LIBOR + 4.25%, 6.04% (C), 03/30/2022		1,000,000		997,083
				3,438,701
Health Care Equipment & Supplies - 2.3%
Carestream Dental Equipment, Inc.
1st Lien Term Loan,
1-Month LIBOR + 3.25%, 5.04% (C), 09/01/2024 (J)		1,556,851		1,440,087
Carestream Health, Inc.
2nd Lien Term Loan,
1-Month LIBOR + 9.50%, 11.29% (C), 06/07/2021		1,010,000		964,550
CPI Holdco LLC
1st Lien Term Loan,
6-Month LIBOR + 3.50%, 5.54% (C), 03/21/2024		871,275		869,097
Mallinckrodt International Finance SA
Term Loan B,
3-Month LIBOR + 2.75%, 4.85% (C), 09/24/2024		558,860		435,911
3-Month LIBOR + 3.00%, 5.18% (C), 02/24/2025		672,644		524,662
Ortho-Clinical Diagnostics SA
Term Loan B,
3-Month LIBOR + 3.25%, 5.31% (C), 06/30/2025 (J)		987,146		939,331
				5,173,638
Health Care Providers & Services - 3.9%
AHP Health Partners, Inc.
Term Loan,
1-Month LIBOR + 4.50%, 6.29% (C), 06/30/2025		1,316,250		1,314,605
DaVita, Inc.
Term Loan B,
1-Month LIBOR + 2.25%, 4.04% (C), 08/12/2026		400,000		401,000
DuPage Medical Group, Ltd.
Term Loan,
1-Month LIBOR + 2.75%, 4.54% (C), 08/15/2024		991,029		971,208
HCA, Inc.
Term Loan B10,
TBD, 03/13/2025 (D) (H)		0		0
Term Loan B11,
1-Month LIBOR + 1.75%, 3.54% (C), 03/17/2023		612,542		614,361
Pearl Intermediate Parent LLC
1st Lien Term Loan,
1-Month LIBOR + 2.75%, 4.54% (C), 02/14/2025		649,283		636,298

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

Transamerica Funds Annual Report 2019

Page    81

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
LOAN ASSIGNMENTS (continued)
Health Care Providers & Services (continued)
Quorum Health Corp.
Term Loan B,
3-Month LIBOR + 6.75%, 8.68% (C), 04/29/2022		$   1,395,935		$   1,340,098
RadNet, Inc.
Reprice Term Loan,
3-Month LIBOR + 3.50%, 5.51% (C), 06/30/2023 (J)		506,444		504,545
Prime Rate + 2.50%, 7.25% (C), 06/30/2023		7,559		7,530
RegionalCare Hospital Partners Holdings, Inc.
Term Loan B,
1-Month LIBOR + 4.50%, 6.30% (C), 11/17/2025		992,500		990,328
Sound Inpatient Physicians
1st Lien Term Loan,
1-Month LIBOR + 2.75%, 4.54% (C), 06/27/2025 (D) (J)		0		0
Team Health Holdings, Inc.
1st Lien Term Loan,
1-Month LIBOR + 2.75%, 4.54% (C), 02/06/2024		852,500		660,687
WP CityMD Bidco LLC
Term Loan B,
3-month LIBOR + 4.50%, 6.60% (C), 08/13/2026 (J)		1,250,000		1,224,219
				8,664,879
Health Care Technology - 0.0%
Change Healthcare Holdings LLC Term Loan B, TBD, 03/01/2024 (D) (H)		0		0
Hotels, Restaurants & Leisure - 4.2%
Affinity Gaming LLC
Term Loan,
1-Month LIBOR + 3.25%, 5.04% (C), 07/01/2023		829,023		791,199
Boyd Gaming Corp.
Term Loan A,
1-Week LIBOR + 2.25%, 3.96% (C), 09/15/2021		286,388		284,718
Caesars Resort Collection LLC
1st Lien Term Loan B,
1-Month LIBOR + 2.75%, 4.54% (C), 12/23/2024		1,447,500		1,424,883
ClubCorp Holdings, Inc.
Term Loan B,
3-Month LIBOR + 2.75%, 4.85% (C), 09/18/2024		458,536		401,448
Flynn Restaurant Group, LP
1st Lien Term Loan,
1-Month LIBOR + 3.50%, 5.29% (C), 06/27/2025		1,088,972		1,024,541
Hilton Worldwide Finance LLC
Term Loan B2,
1-Month LIBOR + 1.75%, 3.57% (C), 06/22/2026		1,341,361		1,346,391

	Principal		Value
LOAN ASSIGNMENTS (continued)
Hotels, Restaurants & Leisure (continued)
NEP/NCP Holdco, Inc.
1st Lien Term Loan,
1-Month LIBOR + 3.25%, 5.04% (C), 10/20/2025		$   1,477,500		$   1,419,631
NPC International, Inc.
1st Lien Term Loan,
3-Month LIBOR + 3.50%, 5.43% (C), 04/19/2024		2,461,536		1,353,845
Penn National Gaming, Inc.
Term Loan A,
1-Month LIBOR + 2.25%, 4.04% (C), 10/19/2023		725,781		724,874
United PF Holdings LLC
Delayed Draw Term Loan,
1-Month LIBOR + 4.50%, 6.29% (C), 06/10/2026		13,889		13,820
Term Loan,
1-Month LIBOR + 4.50%, 6.29% (C), 06/10/2026		658,073		654,783
				9,440,133
Household Durables - 2.3%
American Bath Group LLC
Term Loan B,
1-Month LIBOR + 4.25%, 6.04% (C), 09/30/2023 (D) (J)		0		0
API Heat Transfer ThermaSys Corp.
Term Loan,
3-Month LIBOR + 6.00%, 8.10% (C), 12/31/2023		827,549		744,794
Hoffmaster Group, Inc.
1st Lien Term Loan,
1-Month LIBOR + 4.00%, 5.79% (C), 11/21/2023 (J)		991,820		967,025
Libbey Glass, Inc.
Term Loan B,
3-Month LIBOR + 3.00%, 4.94% (C), 04/09/2021		1,238,812		904,332
Lifetime Brands, Inc.
Term Loan B,
1-Month LIBOR + 3.50%, 5.29% (C), 02/28/2025		548,813		532,349
WKI Holding Co., Inc.
Term Loan B,
3-Month LIBOR + 4.00%, 6.10% (C), 05/01/2024		1,926,187		1,914,148
				5,062,648
Household Products - 1.1%
KIK Custom Products, Inc.
Term Loan B,
1-Month LIBOR + 4.00%, 5.80% (C), 05/15/2023 (J)		1,633,088		1,535,103
Safety Products/JHC Acquisition Corp.
1st Lien Term Loan,
1-month LIBOR + 4.50%, 6.29% (C), 06/26/2026		889,076		862,404
				2,397,507

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

Transamerica Funds Annual Report 2019

Page    82

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
LOAN ASSIGNMENTS (continued)
Independent Power & Renewable Electricity Producers - 0.8%
Calpine Construction Finance Co., LP
Term Loan B,
1-Month LIBOR + 2.50%, 4.29% (C), 01/15/2025		$   1,466,231		$   1,466,231
Terra-Gen Finance Co. LLC
Term Loan B,
1-Month LIBOR + 4.25%, 6.04% (C), 12/09/2021		380,302		357,484
				1,823,715
Interactive Media & Services - 0.4%
Ancestry.com Operations, Inc.
Term Loan B,
1-Month LIBOR + 4.25%, 6.04% (C), 08/27/2026		1,093,549		967,791
IT Services - 2.2%
Flexential Intermediate Corp.
1st Lien Term Loan,
3-Month LIBOR + 3.50%, 5.60% (C), 08/01/2024		882,000		741,615
Helios Software Holdings, Inc.
Term Loan,
3-Month LIBOR + 4.25%, 6.18% (C), 10/02/2025		500,000		493,541
Moneygram International, Inc.
Term Loan B,
1-Month LIBOR + 6.00%, 7.79% (C), 06/30/2023		1,441,708		1,290,329
Rackspace Hosting, Inc.
1st Lien Term Loan,
3-Month LIBOR + 3.00%, 5.29% (C), 11/03/2023		1,203,502		1,068,777
Tempo Acquisition LLC
Term Loan,
1-Month LIBOR + 3.00%, 4.79% (C), 05/01/2024		427,942		427,942
Vestcom Parent Holdings, Inc.
1st Lien Term Loan,
1-Month LIBOR + 4.00%, 5.79% (C), 12/19/2023		1,010,462		937,204
Prime Rate + 3.00%, 7.75% (C), 12/19/2023		174		161
				4,959,569
Leisure Products - 1.7%
Bombardier Recreational Products, Inc.
Term Loan B2,
1-month LIBOR + 2.50%, 4.29% (C), 05/23/2025		498,750		498,127
Callaway Golf Co.
Term Loan B,
3-Month LIBOR + 4.50%, 6.44% (C), 01/02/2026		932,500		941,825
Playpower, Inc.
Term Loan,
3-Month LIBOR + 5.50%, 7.60% (C), 05/08/2026		897,750		888,772

	Principal		Value
LOAN ASSIGNMENTS (continued)
Leisure Products (continued)
SP PF Buyer LLC
Term Loan,
1-Month LIBOR + 4.50%, 6.29% (C), 12/22/2025		$   1,735,000		$   1,535,475
				3,864,199
Life Sciences Tools & Services - 0.3%
Parexel International Corp.
Term Loan B,
1-Month LIBOR + 2.75%, 4.54% (C), 09/27/2024		699,811		667,226
Machinery - 3.2%
Columbus McKinnon Corp.
Term Loan B,
3-Month LIBOR + 2.50%, 4.60% (C), 01/31/2024		1,295,822		1,296,632
Cortes NP Acquisition Corp.
Term Loan B,
1-Month LIBOR + 4.00%, 5.93% (C), 11/30/2023		881,853		828,941
Gardner Denver, Inc.
Term Loan B,
1-Month LIBOR + 2.75%, 4.54% (C), 07/30/2024 (J)		960,561		962,482
Harsco Corp.
Term Loan B1,
1-Month LIBOR + 2.25%, 4.06% (C), 12/06/2024		95,408		95,408
Patriot Container Corp.
1st Lien Term Loan,
1-Month LIBOR + 3.50%, 5.29% (C), 03/20/2025 (D)		0		0
2nd Lien Term Loan,
1-Month LIBOR + 7.75%, 9.54% (C), 03/20/2026		1,500,000		1,350,000
Rexnord LLC
Term Loan B,
1-Month LIBOR + 2.00%, 3.79% (C), 08/21/2024		626,130		628,713
Terex Corp.
Term Loan B,
TBD, 01/31/2024 (D) (H)		0		0
Term Loan B1,
1-Month LIBOR + 2.75%, 4.54% (C), 01/31/2024		746,250		748,116
Welbilt, Inc.
Term Loan B,
1-Month LIBOR + 2.50%, 4.29% (C), 10/23/2025		1,250,000		1,237,500
				7,147,792
Media - 3.3%
A-L Parent LLC
1st Lien Term Loan,
1-Month LIBOR + 3.25%, 5.04% (C), 12/01/2023		1,124,666		1,125,229

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

Transamerica Funds Annual Report 2019

Page    83

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
LOAN ASSIGNMENTS (continued)
Media (continued)
Gray Television, Inc.
Term Loan B,
1-Month LIBOR + 2.25%, 4.26% (C), 02/07/2024		$   750,000		$   749,844
MCC LLC
Term Loan M,
1-Week LIBOR + 2.00%, 3.82% (C), 01/15/2025		960,000		962,000
Meredith Corp.
Term Loan B,
1-Month LIBOR + 2.75%, 4.54% (C), 01/31/2025		590,577		592,422
Nexstar Broadcasting, Inc.
Term Loan B4,
1-Month LIBOR + 2.75%, 4.55% (C), 09/18/2026		1,000,000		1,004,000
PSAV Holdings LLC
1st Lien Term Loan,
1-Month LIBOR + 3.25%, 5.23% (C), 03/03/2025		832,653		800,388
3-Month LIBOR + 3.25%, 5.28% (C), 03/03/2025		832,653		800,388
3-Month LIBOR + 3.25%, 5.35% (C), 03/03/2025		34,694		33,349
Quincy Newspapers, Inc.
Term Loan B,
1-Month LIBOR + 3.00%, 4.79% (C), 10/13/2022		731,460		726,888
Prime Rate + 2.00%, 7.00% (C), 10/13/2022		8,056		8,005
Sinclair Television Group, Inc.
Term Loan B2B,
1-Month LIBOR + 2.50%, 4.43% (C), 09/30/2026		500,000		500,125
				7,302,638
Multi-Utilities - 0.4%
Solenis Holdings LLC 1st Lien Term Loan,
3-Month LIBOR + 4.00%, 6.12% (C), 06/26/2025 (J)		1,000,241		949,395
Oil, Gas & Consumable Fuels - 3.2%
BCP Raptor LLC Term Loan B,
1-Month LIBOR + 4.25%, 6.04% (C), 06/24/2024		510,491		447,445
Citgo Petroleum Corp. Term Loan B,
3-Month LIBOR + 4.50%, 6.60% (C), 07/29/2021		871,957		870,867
EG Group, Ltd. Term Loan B,
3-Month LIBOR + 4.00%, 6.10% (C), 02/07/2025 (J)		472,469		455,342
Fieldwood Energy LLC 1st Lien Term Loan,
3-Month LIBOR + 5.25%, 7.18% (C), 04/11/2022		2,100,000		1,702,499

	Principal		Value
LOAN ASSIGNMENTS (continued)
Oil, Gas & Consumable Fuels (continued)
Phoenix Services International LLC Term Loan,
1-Month LIBOR + 3.75%, 5.66% (C), 03/01/2025		$   1,576,000		$   1,442,040
PowerTeam Services LLC 1st Lien Term Loan,
3-Month LIBOR + 3.25%, 5.35% (C), 03/06/2025		902,893		779,497
Prairie ECI Acquiror, LP Term Loan B,
3-Month LIBOR + 4.75%, 6.85% (C), 03/11/2026		2,224		2,162
Southeast PowerGen LLC Term Loan B,
1-Month LIBOR + 3.50%, 5.29% (C), 12/02/2021		465,185		439,988
Ultra Resources, Inc. 1st Lien Term Loan,
1-Month LIBOR + 3.75%, 5.80% (C), 04/12/2024		1,739,266		1,045,733
				7,185,573
Paper & Forest Products - 1.6%
Clearwater Paper Corp. Term Loan B,
1-month LIBOR + 3.25%, 5.06% (C), 07/26/2026		620,000		618,450
Dunn Paper, Inc.
1st Lien Term Loan,
1-Month LIBOR + 4.75%, 6.54% (C), 08/31/2022		609,956		597,757
1-Month LIBOR + 4.75%, 6.68% (C), 08/31/2022		2,286,681		2,240,947
Prime Rate + 3.75%, 8.50% (C), 08/26/2022		5,545		5,434
				3,462,588
Personal Products - 0.8%
Edgewell Personal Care Co. Term Loan B, TBD, 09/19/2026 (H) (J)		750,000		751,406
Knowlton Development Corp., Inc. Term Loan,
1-Month LIBOR + 4.25%, 6.04% (C), 12/21/2025		992,500		993,121
				1,744,527
Pharmaceuticals - 1.4%
Akorn, Inc.
Term Loan B,
PIK Rate 0.75%, Cash Rate 8.06%, 04/16/2021 (K)		445,641		410,547
1-Month LIBOR + 6.25%, 4.41% (C), 04/16/2021		445,641		410,547
Alphabet Holding Co., Inc. 1st Lien Term Loan,
1-Month LIBOR + 3.50%, 5.29% (C), 09/26/2024		980,000		892,290

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

Transamerica Funds Annual Report 2019

Page    84

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
LOAN ASSIGNMENTS (continued)
Pharmaceuticals (continued)
Amneal Pharmaceuticals LLC Term Loan B,
1-Month LIBOR + 3.50%, 5.31% (C), 05/04/2025		$   987,269		$   752,793
Endo Finance Co. I SARL Term Loan B,
1-Month LIBOR + 4.25%, 6.06% (C), 04/29/2024		759,500		694,400
				3,160,577
Professional Services - 0.9%
Advantage Sales & Marketing, Inc.
1st Lien Term Loan,
1-Month LIBOR + 3.25%, 5.04% (C), 07/23/2021		667,866		618,889
Term Loan B2,
1-Month LIBOR + 3.25%, 5.04% (C), 07/25/2021		491,206		455,185
Everi Payments, Inc. Term Loan B, 1-Month LIBOR + 3.00%, 4.79% (C), 05/09/2024		944,435		943,058
				2,017,132
Real Estate Management & Development - 2.7%
CityCenter Holdings LLC Term Loan B,
1-Month LIBOR + 2.25%, 4.04% (C), 04/18/2024		948,874		948,704
DTZ Borrower LLC Term Loan B,
1-Month LIBOR + 3.25%, 5.04% (C), 08/21/2025		970,038		971,250
RE/MAX International, Inc. Term Loan B,
1-Month LIBOR + 2.75%, 4.54% (C), 12/15/2023		1,454,631		1,447,358
Realogy Group LLC Term Loan A,
1-Month LIBOR + 2.25%, 4.07% (C), 02/01/2023		962,500		921,594
Trico Group LLC Term Loan,
3-Month LIBOR + 7.00%, 9.10% (C), 02/02/2024		1,773,496		1,720,292
				6,009,198
Road & Rail - 0.2%
Fly Funding II SARL Term Loan B,
3-Month LIBOR + 2.00%, 4.18% (C), 02/09/2023		402,699		402,699
Software - 2.3%
Almonde, Inc.
1st Lien Term Loan,
6-Month LIBOR + 3.50%, 5.70% (C), 06/13/2024		111,467		106,428
3-Month LIBOR + 3.50%, 5.70% (C), 06/13/2024		101,435		96,850

	Principal		Value
LOAN ASSIGNMENTS (continued)
Software (continued)
Almonde, Inc. (continued)
2-Month LIBOR + 3.50%, 5.70% (C), 06/13/2024		$   545,760		$   521,087
Avaya, Inc.
Term Loan B,
1-Month LIBOR + 4.25%, 6.16% (C), 12/15/2024		423,614		403,492
1-Month LIBOR + 4.25%, 6.17% (C), 12/15/2024 (J)		252,712		240,708
MA FinanceCo. LLC Term Loan B3,
1-Month LIBOR + 2.50%, 4.30% (C), 06/21/2024		184,981		179,316
Quest Software Holdings, Inc. 1st Lien Term Loan,
3-Month LIBOR + 4.25%, 6.18% (C), 05/16/2025		843,075		820,418
Seattle Spinco, Inc. Term Loan B3,
1-Month LIBOR + 2.50%, 4.30% (C), 06/21/2024		1,249,221		1,210,964
SS&C Technologies Holdings SARL Term Loan B4,
1-Month LIBOR + 2.25%, 4.04% (C), 04/16/2025		629,158		629,846
SS&C Technologies, Inc. Term Loan B3,
1-Month LIBOR + 2.25%, 4.04% (C), 04/16/2025		963,816		964,870
				5,173,979
Specialty Retail - 1.6%
Apro LLC Term Loan B,
1-Month LIBOR + 4.00%, 5.83% (C), 08/08/2024		663,439		661,781
Bass Pro Group LLC Term Loan B,
1-Month LIBOR + 5.00%, 6.79% (C), 09/25/2024		1,091,176		1,044,255
Men’s Wearhouse, Inc. Term Loan B2,
1-Month LIBOR + 3.25%, 5.28% (C), 04/09/2025		974,686		692,027
PetSmart, Inc. Term Loan,
1-Month LIBOR + 4.00%, 5.93% (C), 03/11/2022		515,927		501,578
Staples, Inc. Term Loan B2,
2-Month LIBOR + 4.50%, 6.62% (C), 09/12/2024		795,500		783,568
				3,683,209
Technology Hardware, Storage & Peripherals - 0.7%
Diebold Nixdorf, Inc. Term Loan A,
3-month LIBOR + 4.75%, 6.75% (C), 04/30/2022		494,644		482,278

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

Transamerica Funds Annual Report 2019

Page    85

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
LOAN ASSIGNMENTS (continued)
Technology Hardware, Storage & Peripherals (continued)
Diebold, Inc. Term Loan B,
3-Month LIBOR + 2.75%, 4.75% (C), 11/06/2023		$   639,944		$   588,749
NCR Corp. Term Loan,
1-Week LIBOR + 2.50%, 4.29% (C), 08/28/2026		400,000		399,875
				1,470,902
Textiles, Apparel & Luxury Goods - 1.5%
Augusta Sportswear Group, Inc. Term Loan B,
1-Month LIBOR + 4.50%, 6.29% (C), 10/26/2023		786,127		770,404
Kontoor Brands, Inc. Term Loan B,
3-month LIBOR + 4.25%, 6.80% (C), 05/15/2026		670,781		669,104
Varsity Brands, Inc. Term Loan B,
1-Month LIBOR + 3.50%, 5.29% (C), 12/15/2024		1,946,469		1,821,571
				3,261,079
Trading Companies & Distributors - 0.5%
Utility One Source, LP Term Loan B,
1-Month LIBOR + 5.50%, 7.29% (C), 04/18/2023		1,164,749		1,170,573
Wireless Telecommunication Services - 0.9%
Digicel International Finance, Ltd. Term Loan B,
6-Month LIBOR + 3.25%, 5.34% (C), 05/28/2024		852,624		722,599
Sprint Communications, Inc. 1st Lien Term Loan B,
1-Month LIBOR + 2.50%, 4.31% (C), 02/02/2024		1,379,993		1,363,319
				2,085,918
Total Loan Assignments (Cost $174,540,399)				164,637,136

	Shares		Value
COMMON STOCKS - 0.1%
Health Care Providers & Services - 0.0%
Valitas Holdings, Inc. (E)		21,887		$   0
Household Durables - 0.1%
API Heat Transfer Intermediate Corp. (L)		889,572		133,436
Total Common Stocks (Cost $316,362)				133,436
PREFERRED STOCK - 0.0% (M)
Household Durables - 0.0% (M)
API Heat Transfer Intermediate Corp., 0.00%		202,038		111,121
Total Preferred Stock (Cost $202,038)				111,121
OTHER INVESTMENT COMPANY - 0.2%
Securities Lending Collateral - 0.2%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.75% (N)		383,725		383,725
Total Other Investment Company (Cost $383,725)				383,725
	Principal		Value
REPURCHASE AGREEMENT - 14.4%
Fixed Income Clearing Corp., 0.85% (N), dated 10/31/2019, to be repurchased at $32,224,964 on 11/01/2019. Collateralized by a U.S. Government Obligation, 1.88%, due 05/31/2022, and with a value of $32,870,443.		$  32,224,204		32,224,204
Total Repurchase Agreement (Cost $32,224,204)				32,224,204
Total Investments (Cost $222,357,890)				212,548,996
Net Other Assets (Liabilities) - 4.7%				10,474,070
Net Assets - 100.0%				$  223,023,066

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

Transamerica Funds Annual Report 2019

Page    86

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

SECURITY VALUATION:

Valuation Inputs ^(O)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs (P)		Value
ASSETS
Investments
Corporate Debt Securities	$	—	$	15,059,374	$	0	$	15,059,374
Loan Assignments		—		164,637,136		—		164,637,136
Common Stocks		—		133,436		0		133,436
Preferred Stock		—		111,121		—		111,121
Other Investment Company		383,725		—		—		383,725
Repurchase Agreement		—		32,224,204		—		32,224,204
Total Investments	$	383,725	$	212,165,271	$	0	$	212,548,996

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2019, the total value of 144A securities is $14,659,374, representing 6.6% of the Fund’s net assets.
(B)	All or a portion of the securities are on loan. The total value of all securities on loan is $375,866. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(C)	Floating or variable rate securities. The rates disclosed are as of October 31, 2019. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(D)	Rounds to less than $1 or $(1).
(E)	Securities are Level 3 of the fair value hierarchy.
(F)	Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2019, the value of the security is $0, representing less than 0.1% of the Fund’s net assets.
(G)	Escrow position. Position represents remaining escrow balance expected to be received upon finalization of restructuring.
(H)	All or a portion of the security represents unsettled loan commitments at October 31, 2019 where the rate will be determined at time of settlement.
(I)	Fixed rate loan commitment at October 31, 2019.
(J)	When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after October 31, 2019. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(K)	Payment in-kind. Security pays interest or dividends in the form of additional bonds or preferred stock. If the security makes a cash payment in addition to in-kind, the cash rate is disclosed separately.
(L)	Non-income producing security.
(M)	Percentage rounds to less than 0.1% or (0.1)%.
(N)	Rates disclosed reflect the yields at October 31, 2019.
(O)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(P)	Level 3 securities were not considered significant to the Fund.

PORTFOLIO ABBREVIATIONS:

CPI	Consumer Price Index
LIBOR	London Interbank Offered Rate
PIK	Payment in-kind
Prime Rate	Interest rate charged by banks to their most credit worthy customers
TBD	To Be Determined

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

Transamerica Funds Annual Report 2019

Page    87

Transamerica Global Equity

(unaudited)

MARKET ENVIRONMENT

Global equity markets produced relatively solid returns for the 12-month period ended October 31, 2019. Gains in the U.S. outpaced those of non-U.S. markets. The biggest drivers of returns were particularly strong performance in information technology and sectors that generally exhibit less economic cyclicality (e.g., real estate and utilities), while trade war uncertainty as well as a flattening yield curve negatively impacted more cyclical industries, particularly banks.

The significant fall in yields driven by dovish actions by central banks across the world created what we believe to be bubbly valuations in certain sectors, particularly utilities, real estate, consumer staples and technology. At the other end of the spectrum, we feel the market is overlooking cyclical value, an area where we see compelling long-term opportunities.

We also believe that non-U.S. markets are poised to outperform the U.S. One potential catalyst is German fiscal stimulus, which may be unveiled over the coming months to combat a technical recession. German fiscal stimulus could boost European equities and sovereign bond yields, with cyclical and value stocks being the primary beneficiaries.

The U.S. market, which has been the best performer over the last 10 years, may be running out of steam. Due in part to uncertainty surrounding the 2020 U.S. presidential election, we suspect U.S. markets will become more volatile and potentially underperform other regions.

PERFORMANCE

For the year ended October 31, 2019, Transamerica Global Equity (Class A) returned 7.77%, excluding any sales charges. By comparison, its primary and secondary benchmarks, the MSCl All Country World Index Net and MSCI World Index ex-U.S., returned 12.59% and 11.70%, respectively.

STRATEGY REVIEW

Transamerica Global Equity underperformed its benchmark for the fiscal year due mostly to negative stock selection in financials and consumer discretionary. Our underweights in information technology, real estate and utilities also negatively impacted performance as did our overweight in energy. Swedbank AB, A Shares (“Swedbank”) was one of the largest detracting stocks. The company was under investigation for suspected money laundering at their Estonian unit. While the investigation was ongoing at period end, the stock was trading at what we consider attractive valuations. Swedbank operates in a fairly oligopolistic market, generating higher returns relative to other European bank peers, with a conservative balance sheet and a strong capital position. We feel the bank’s balance sheet should be able to weather potential fines; the increase in costs to date were manageable.

Covetrus also weighed on performance. The company is a combination of the spin-out of Henry Schein’s animal health business, one of the largest providers of animal health products, and VetsFirstChoice, which provides pharmacy services to veterinarians. Providing an end to end solution for providers (i.e., accounting/billing solutions to medical equipment and pet medication), Covetrus was negatively impacted by a combination of issues, including disappointing earnings and a delay in the release of its first earnings report. Management also cited macroeconomic headwinds in North America, which was not consistent with commentary from other animal health companies that had reported. Additionally, there were concerns that manufacturers like Zoetis were exploring more direct distribution models. Given these concerns, we exited our position.

On a sector basis, communication services was the largest contributing sector, driven by strong performance in Facebook, which continued to experience robust earnings growth. Spark Therapeutics, another top individual contributor, received a takeover offer from Roche.

Europe was the largest detracting region, with our European bank holdings negatively impacting performance. Japan was our top contributing region, with KDDI Corp. being the largest contributor; the stock recovered from underperformance related to competitive concerns.

Jimmy C. Chang, CFA

David P. Harris, CFA

Co-Portfolio Managers

Rockefeller & Co. LLC

Asset Allocation	Percentage of Net Assets
Common Stocks		98.5	%
Repurchase Agreement		1.1
Other Investment Company		0.7
Exchange-Traded Funds		0.5
Net Other Assets (Liabilities)		(0.8	)
Total		100.0	%

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

Transamerica Funds Annual Report 2019

Page    88

Transamerica Global Equity

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		1.82	%		4.81	%		5.88	%		03/01/2006
Class A (NAV)		7.77	%		5.99	%		6.48	%		03/01/2006
MSCI All Country World Index Net (A)		12.59	%		7.08	%		8.81	%
MSCI World Index ex-U.S. (B)		11.70	%		4.58	%		5.80	%
Class C (POP)		5.99	%		5.20	%		5.73	%		03/01/2006
Class C (NAV)		6.99	%		5.20	%		5.73	%		03/01/2006
Class I (NAV)		8.07	%		6.29	%		6.53	%		11/30/2009
Class R6 (NAV)		8.14	%		N/A			6.02	%		05/29/2015

^(A) The MSCI All Country World Index Net is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

^(B) The MSCI World Index ex-U.S. captures large and mid-cap representation across developed markets countries, excluding the U.S.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for A shares or the maximum applicable contingent deferred sales charge 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I and R6 shares.

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

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

The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the Fund fall, the value of the Fund will decline. Investments in global/international markets involve risks not associated with U. S. markets, such as currency fluctuations, adverse social and political developments, and the relatively small size and lesser liquidity of the markets. Investments in developing markets involve greater risks than investments in developed markets.

Transamerica Funds Annual Report 2019

Page    89

Transamerica Global Equity

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Shares		Value
COMMON STOCKS - 98.5%
Australia - 0.8%
Treasury Wine Estates, Ltd. (A)		70,995		$  859,883
Canada - 1.1%
Intact Financial Corp.		11,271		1,162,956
China - 2.8%
Shenzhou International Group Holdings, Ltd.		75,300		1,043,598
Tencent Holdings, Ltd.		46,300		1,895,499
				2,939,097
France - 6.6%
Airbus SE		15,104		2,163,297
Cie de Saint-Gobain		55,408		2,253,719
TOTAL SA		48,945		2,573,022
				6,990,038
Germany - 7.7%
Continental AG		9,450		1,263,485
Daimler AG		17,856		1,043,734
HeidelbergCement AG		33,414		2,482,703
KION Group AG		12,786		849,624
Vonovia SE		45,434		2,417,586
				8,057,132
Hong Kong - 3.7%
AIA Group, Ltd.		126,400		1,265,460
China Mobile, Ltd., ADR		63,981		2,583,553
				3,849,013
India - 0.9%
ICICI Bank, Ltd., ADR		76,514		996,977
Indonesia - 0.8%
Bank Rakyat Indonesia Persero Tbk PT		2,941,800		882,309
Ireland - 2.0%
Medtronic PLC		19,183		2,089,029
Japan - 10.3%
Amada Holdings Co., Ltd.		86,823		999,361
East Japan Railway Co.		10,500		957,630
Kansai Electric Power Co., Inc.		104,200		1,220,121
KDDI Corp.		85,500		2,374,428
Kyocera Corp.		26,300		1,739,370
Mitsubishi Electric Corp.		82,000		1,181,897
Sony Corp.		38,300		2,349,639
				10,822,446
Mexico - 0.7%
Cemex SAB de CV, ADR		203,676		767,858
Netherlands - 3.5%
ABN AMRO Bank NV, CVA (B)		63,770		1,187,037
ING Groep NV		218,095		2,463,548
				3,650,585
Republic of Korea - 3.0%
KB Financial Group, Inc.		28,711		1,035,220
Samsung Electronics Co., Ltd.		48,213		2,088,560
				3,123,780
Sweden - 1.3%
Swedbank AB, A Shares		96,367		1,347,843
Switzerland - 3.3%
Novartis AG, ADR		24,857		2,173,496

	Shares		Value
COMMON STOCKS (continued)
Switzerland (continued)
TE Connectivity, Ltd.		14,498		$   1,297,571
				3,471,067
United Kingdom - 6.3%
BP PLC, ADR		34,014		1,289,471
Lloyds Banking Group PLC		3,400,771		2,502,148
M&G PLC (C)		200,510		555,304
Prudential PLC		76,677		1,339,378
Reckitt Benckiser Group PLC		12,744		984,534
				6,670,835
United States - 43.7%
Aflac, Inc.		24,498		1,302,314
Alnylam Pharmaceuticals, Inc. (C)		9,564		829,581
Alphabet, Inc., Class C (C)		3,528		4,445,668
Amazon.com, Inc. (C)		1,693		3,007,885
Becton Dickinson and Co.		5,464		1,398,784
Cerner Corp.		15,275		1,025,258
Comcast Corp., Class A		65,794		2,948,887
Comerica, Inc.		21,968		1,437,147
CVS Health Corp.		24,072		1,598,140
Deere & Co.		9,672		1,684,282
DexCom, Inc. (C)		3,764		580,559
Facebook, Inc., Class A (C)		22,092		4,233,932
Foot Locker, Inc.		22,654		985,676
Illumina, Inc. (C)		3,127		924,091
Lamb Weston Holdings, Inc.		15,116		1,179,653
Microsoft Corp.		20,730		2,972,060
Neurocrine Biosciences, Inc. (C)		5,672		564,307
Progressive Corp.		26,544		1,850,117
Regeneron Pharmaceuticals, Inc. (C)		3,305		1,012,255
Reinsurance Group of America, Inc.		13,161		2,138,268
Royal Caribbean Cruises, Ltd.		25,882		2,816,738
Southwest Airlines Co.		54,224		3,043,593
Visa, Inc., Class A		8,734		1,562,163
Walgreens Boots Alliance, Inc.		9,725		532,735
Wells Fargo & Co.		37,155		1,918,313
				45,992,406
Total Common Stocks (Cost $88,834,002)				103,673,254
EXCHANGE-TRADED FUNDS - 0.5%
United States - 0.5%
iShares Core MSCI EAFE ETF		4,195		265,250
iShares Core S&P 500 ETF		874		266,544
Total Exchange-Traded Funds (Cost $514,762)				531,794
OTHER INVESTMENT COMPANY - 0.7%
Securities Lending Collateral - 0.7%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.75% (D)		739,156		739,156
Total Other Investment Company (Cost $739,156)				739,156

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

Transamerica Funds Annual Report 2019

Page    90

Transamerica Global Equity

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
REPURCHASE AGREEMENT - 1.1%
Fixed Income Clearing Corp., 0.85% (D), dated 10/31/2019, to be repurchased at $1,122,697 on 11/01/2019. Collateralized by a U.S. Government Obligation, 1.88%, due 05/31/2022, and with a value of $1,145,700.		$  1,122,670		$   1,122,670
Total Repurchase Agreement (Cost $1,122,670)				1,122,670
Total Investments (Cost $91,210,590)				106,066,874
Net Other Assets (Liabilities) - (0.8)%				(792,382	)
Net Assets - 100.0%				$  105,274,492

INVESTMENTS BY INDUSTRY (unaudited):

Industry	Percentage of Total Investments			Value
Banks		13.0	%	$	13,770,542
Interactive Media & Services		10.0			10,575,099
Insurance		8.5			9,058,493
Wireless Telecommunication Services		4.7			4,957,981
Health Care Equipment & Supplies		3.8			4,068,372
Oil, Gas & Consumable Fuels		3.6			3,862,493
Machinery		3.3			3,533,267
Construction Materials		3.1			3,250,561
Airlines		2.9			3,043,593
Electronic Equipment, Instruments & Components		2.9			3,036,941
Internet & Direct Marketing Retail		2.8			3,007,885
Software		2.8			2,972,060
Media		2.8			2,948,887
Hotels, Restaurants & Leisure		2.7			2,816,738
Real Estate Management & Development		2.3			2,417,586
Biotechnology		2.3			2,406,143
Household Durables		2.2			2,349,639
Building Products		2.1			2,253,719
Pharmaceuticals		2.0			2,173,496
Aerospace & Defense		2.0			2,163,297
Technology Hardware, Storage & Peripherals		2.0			2,088,560
Health Care Providers & Services		1.5			1,598,140
IT Services		1.5			1,562,163
Auto Components		1.2			1,263,485
Electric Utilities		1.1			1,220,121
Electrical Equipment		1.1			1,181,897
Food Products		1.1			1,179,653
Automobiles		1.0			1,043,734
Textiles, Apparel & Luxury Goods		1.0			1,043,598
Health Care Technology		1.0			1,025,258
Specialty Retail		0.9			985,676
Household Products		0.9			984,534
Road & Rail		0.9			957,630
Life Sciences Tools & Services		0.9			924,091
Beverages		0.8			859,883
Diversified Financial Services		0.5			555,304
Food & Staples Retailing		0.5			532,735
U.S. Equity Funds		0.3			266,544
International Equity Funds		0.2			265,250
Investments		98.2			104,205,048
Short-Term Investments		1.8			1,861,826
Total Investments		100.0	%	$	106,066,874

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

Transamerica Funds Annual Report 2019

Page    91

Transamerica Global Equity

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

SECURITY VALUATION:

Valuation Inputs ^(E)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	58,353,317	$	45,319,937	$	—	$	103,673,254
Exchange-Traded Funds		531,794		—		—		531,794
Other Investment Company		739,156		—		—		739,156
Repurchase Agreement		—		1,122,670		—		1,122,670
Total Investments	$	59,624,267	$	46,442,607	$	—	$	106,066,874

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	All or a portion of the security is on loan. The value of the security on loan is $701,551. The amount on loan indicated may not correspond with the security on loan identified because a security with pending sales are in the process of recall from the brokers.
(B)	Security is registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the security is deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2019, the value of the 144A security is $1,187,037, representing 1.1% of the Fund’s net assets.
(C)	Non-income producing securities.
(D)	Rates disclosed reflect the yields at October 31, 2019.
(E)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATIONS:

ADR	American Depositary Receipt
CVA	Commanditaire Vennootschap op Aandelen (Dutch Certificate)

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

Transamerica Funds Annual Report 2019

Page    92

Transamerica Government Money Market

(unaudited)

Asset Allocation	Percentage of Net Assets
Repurchase Agreements		44.9	%
Short-Term U.S. Government Agency Obligations		27.7
U.S. Government Agency Obligations		17.6
U.S. Government Obligations		6.7
Short-Term U.S. Government Obligations		6.5
Net Other Assets (Liabilities)		(3.4	)
Total		100.0	%

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

Fund Characteristics	Years
Average Maturity §		0.29
Duration †		0.10

§ Average Maturity is computed by weighting the maturity of each security in the Fund by the market value of the security, then averaging these weighted figures.

† Duration is a time measure of a bond’s interest rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder.

Transamerica Funds Annual Report 2019

Page    93

Transamerica Government Money Market

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS - 17.6%
Federal Agricultural Mortgage Corp.
1-Month LIBOR - 0.07%, 1.75% (A), 01/24/2020, MTN		$  20,000,000		$  20,000,000
SOFR + 0.05%, 1.87% (A), 08/26/2020, MTN		10,500,000		10,500,000
Federal Farm Credit Banks
3-Month Treasury Money Market Yield + 0.23%, 1.85% (A), 07/08/2021		3,055,000		3,055,000
1-Month LIBOR - 0.01%, 1.87% (A), 06/18/2020		1,525,000		1,524,981
1-Month LIBOR - 0.04%, 1.88% (A), 04/15/2020		28,500,000		28,500,635
3-Month Treasury Money Market Yield + 0.26%, 1.89% (A), 06/17/2021		5,180,000		5,179,166
1-Month LIBOR + 0.11%, 2.05% (A), 07/09/2021		1,330,000		1,330,000
1-Month LIBOR + 0.13%, 2.07% (A), 10/08/2021		965,000		965,000
2.16% (A), 09/23/2021		4,000,000		4,000,000
Federal Home Loan Banks
1-Month LIBOR - 0.04%, 1.85% (A), 04/17/2020		10,150,000		10,148,631
SOFR + 0.03%, 1.85% (A), 08/21/2020		1,595,000		1,595,000
SOFR + 0.04%, 1.86% (A), 02/09/2021		1,960,000		1,960,000
SOFR + 0.05%, 1.87% (A), 01/22/2021		2,010,000		2,010,000
SOFR + 0.08%, 1.90% (A), 07/24/2020 - 07/23/2021		8,915,000		8,915,000
3-Month LIBOR - 0.26%, 1.90% (A), 12/20/2019		23,500,000		23,500,000
SOFR + 0.09%, 1.91% (A), 09/10/2021		11,945,000		11,945,000
SOFR + 0.11%, 1.93% (A), 10/01/2020		5,840,000		5,840,000
SOFR + 0.12%, 1.94% (A), 10/07/2020 - 03/12/2021		8,700,000		8,700,000
1-Month LIBOR + 0.01%, 1.94% (A), 07/10/2020		10,575,000		10,575,000
SOFR + 0.13%, 1.95% (A), 10/16/2020		32,000,000		32,000,000
3-Month LIBOR - 0.23%, 1.96% (A), 02/10/2020		34,000,000		34,000,000
1-Month LIBOR - 0.03%, 1.97% (A), 08/04/2020		3,760,000		3,760,000
3-Month LIBOR - 0.13%, 2.03% (A), 12/21/2020		8,320,000		8,320,000
1-Month LIBOR + 0.05%, 2.05% (A), 05/08/2020		4,105,000		4,105,000
1-Month LIBOR + 0.05%, 2.07% (A), 05/08/2020		1,520,000		1,520,000
Total U.S. Government Agency Obligations (Cost $243,948,413)				243,948,413

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS - 6.7%
U.S. Treasury - 6.7%
U.S. Treasury Floating Rate Note
3-Month Treasury Money Market Yield + 0.03%, 1.67% (A), 04/30/2020		$   21,225,000		$   21,227,645
3-Month Treasury Money Market Yield + 0.04%, 1.68% (A), 07/31/2020		3,275,000		3,272,435
3-Month Treasury Money Market Yield + 0.05%, 1.68% (A), 10/31/2020		13,000,000		12,986,464
3-Month Treasury Money Market Yield + 0.12%, 1.75% (A), 01/31/2021		13,190,000		13,184,548
3-Month Treasury Money Market Yield + 0.14%, 1.78% (A), 04/30/2021		1,130,000		1,128,625
3-Month Treasury Money Market Yield + 0.22%, 1.86% (A), 07/31/2021		19,000,000		18,984,152
U.S. Treasury Note
1.50%, 05/15/2020 - 05/31/2020		4,990,000		4,978,028
1.63%, 06/30/2020		305,000		304,533
2.25%, 03/31/2020		2,545,000		2,547,061
2.38%, 04/30/2020		5,245,000		5,258,305
3.50%, 05/15/2020		8,220,000		8,293,133
Total U.S. Government Obligations (Cost $92,164,929)				92,164,929
SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS - 27.7%
Federal Farm Credit Bank Discount Notes
1.86% (B), 06/30/2020		4,530,000		4,474,883
1.90% (B), 06/26/2020		12,855,000		12,698,626
2.07% (B), 03/03/2020		4,915,000		4,881,078
2.13% (B), 01/23/2020 - 01/29/2020		4,765,000		4,741,469
2.36% (B), 03/10/2020		10,060,000		9,976,810
2.39% (B), 03/24/2020		8,205,000		8,129,186
2.43% (B), 02/21/2020		5,210,000		5,171,909
2.45% (B), 02/04/2020		5,395,000		5,361,259
2.50% (B), 01/17/2020		8,745,000		8,699,735
2.55% (B), 11/20/2019		3,365,000		3,360,613
Federal Farm Credit Banks 1-Month LIBOR - 0.05%, 1.95% (A), 02/04/2020		10,000,000		10,000,000
Federal Home Loan Bank Discount Notes
1.59% (B), 01/31/2020		7,415,000		7,385,667
1.65% (B), 01/27/2020 - 04/24/2020		45,205,000		45,010,955
1.66% (B), 01/29/2020		17,000,000		16,931,621
1.67% (B), 04/15/2020		8,195,000		8,133,103
1.68% (B), 01/22/2020 - 01/24/2020		14,895,000		14,838,752
1.69% (B), 01/21/2020		9,510,000		9,474,587
1.71% (B), 12/13/2019 - 01/15/2020		38,650,000		38,538,874
1.72% (B), 04/08/2020		9,010,000		8,942,946
1.74% (B), 01/03/2020		8,850,000		8,823,516
1.86% (B), 02/13/2020		2,505,000		2,491,793
1.90% (B), 03/13/2020		7,430,000		7,379,053
1.93% (B), 03/18/2020 - 03/20/2020		7,665,000		7,608,882

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

Transamerica Funds Annual Report 2019

Page    94

Transamerica Government Money Market

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal Home Loan Bank Discount Notes (continued)
1.98% (B), 12/11/2019		$   13,550,000		$   13,520,777
1.99% (B), 11/20/2019		12,020,000		12,007,630
2.01% (B), 02/07/2020		5,005,000		4,978,296
2.03% (B), 12/18/2019		1,210,000		1,206,848
2.04% (B), 11/13/2019		11,505,000		11,497,329
2.08% (B), 01/22/2020		8,425,000		8,386,044
2.12% (B), 11/07/2019		2,135,000		2,134,262
2.14% (B), 01/08/2020		9,115,000		9,079,102
Federal Home Loan Banks
SOFR + 0.01%, 1.83% (A), 11/13/2019 - 02/21/2020		28,160,000		28,160,000
SOFR + 0.02%, 1.84% (A), 05/22/2020		2,925,000		2,925,000
SOFR + 0.03%, 1.85% (A), 12/06/2019		2,580,000		2,580,000
SOFR + 0.04%, 1.86% (A), 06/19/2020		2,730,000		2,730,000
SOFR + 0.05%, 1.87% (A), 01/17/2020		6,020,000		6,020,000
1-Month LIBOR - 0.04%, 1.89% (A), 01/14/2020		3,505,000		3,505,000
Federal Home Loan Mortgage Corp. Discount Notes
1.67% (B), 03/18/2020		19,570,000		19,446,971
1.91% (B), 01/17/2020		2,135,000		2,126,461
Total Short-Term U.S. Government Agency Obligations (Cost $383,359,037)				383,359,037
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 6.5%
U.S. Treasury Bill
1.66% (B), 01/23/2020		1,730,000		1,723,499
1.72% (B), 04/09/2020		5,585,000		5,543,299
1.73% (B), 04/09/2020		3,570,000		3,543,186
1.80% (B), 09/10/2020		2,955,000		2,910,153
1.89% (B), 02/20/2020		735,000		730,807
1.93% (B), 02/13/2020		20,000,000		19,890,800
1.94% (B), 11/21/2019		770,000		769,187
2.09% (B), 01/02/2020		15,000,000		14,947,300
2.18% (B), 12/19/2019		18,600,000		18,547,151
2.45% (B), 04/23/2020		21,280,000		21,037,266
Total Short-Term U.S. Government Obligations (Cost $89,642,648)				89,642,648
REPURCHASE AGREEMENTS - 44.9%
Barclays Capital, Inc., 1.73% (B), dated 10/31/2019, to be repurchased at $80,003,844 on 11/01/2019. Collateralized by a U.S. Government Obligation, 1.63%, due 02/15/2026, and with a value of $81,600,010.		80,000,000		80,000,000
BNP Paribas SA, 1.73% (B), dated 10/31/2019, to be repurchased at $80,003,844 on 11/01/2019. Collateralized by U.S. Government Obligations, 0.00% - 2.88%, due 02/15/2020 - 05/15/2043, and with a total value of $81,600,361.		80,000,000		80,000,000

	Principal		Value
REPURCHASE AGREEMENTS (continued)
BNP Paribas SA, 1.75% (B), dated 10/31/2019, to be repurchased at $5,000,243 on 11/01/2019. Collateralized by U.S. Government Obligations and U.S. Government Agency Obligations, 0.00% - 5.00%, due 06/30/2021 - 08/20/2049, and with a total value of $5,100,030.		$   5,000,000		$   5,000,000
Citigroup Global Markets, Inc., 1.73% (B), dated 10/31/2019, to be repurchased at $1,000,048 on 11/01/2019. Collateralized by U.S. Government Obligations, 1.25% - 2.75%, due 11/30/2020 - 09/30/2024, and with a total value of $1,020,070.		1,000,000		1,000,000
Credit Agricole Corporate & Investment Bank, 1.77% (B), dated 10/31/2019, to be repurchased at $35,001,721 on 11/01/2019. Collateralized by U.S. Government Agency Obligations, 4.50%, due 01/20/2047 - 04/01/2049, and with a total value of $36,014,298.		35,000,000		35,000,000
Fixed Income Clearing Corp., 0.85% (B), dated 10/31/2019, to be repurchased at $1,101,166 on 11/01/2019. Collateralized by a U.S. Government Obligation, 2.25%, due 04/15/2022, and with a value of $1,127,023.		1,101,140		1,101,140
Goldman Sachs & Co., 1.73% (B), dated 10/31/2019, to be repurchased at $55,002,643 on 11/01/2019. Collateralized by U.S. Government Obligations, 0.00%, due 05/15/2041 - 02/15/2049, and with a total value of $56,100,001.		55,000,000		55,000,000
Goldman Sachs & Co., 1.75% (B), dated 10/31/2019, to be repurchased at $5,000,243 on 11/01/2019. Collateralized by a U.S. Government Agency Obligation, 4.25%, due 06/20/2069, and with a value of $5,100,001.		5,000,000		5,000,000
JPMorgan Chase & Co., 1.74% (B), dated 10/31/2019, to be repurchased at $70,003,383 on 11/01/2019. Collateralized by a U.S. Government Obligation, 0.00%, due 05/15/2046, and with a value of $71,400,031.		70,000,000		70,000,000
JPMorgan Chase & Co., 1.76% (B), dated 10/31/2019, to be repurchased at $80,003,911 on 11/01/2019. Collateralized by U.S. Government Agency Obligations, 3.00% - 5.50%, due 07/20/2033 - 01/15/2059, and with a total value of $81,600,000.		80,000,000		80,000,000

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

Transamerica Funds Annual Report 2019

Page    95

Transamerica Government Money Market

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
REPURCHASE AGREEMENTS (continued)
Merrill Lynch & Co., Inc., 1.73% (B), dated 10/31/2019, to be repurchased at $60,002,883 on 11/01/2019. Collateralized by U.S. Government Obligations, 0.00% - 0.75%, due 05/15/2028 - 07/15/2028, and with a total value of $61,200,000.		$   60,000,000		$   60,000,000
Merrill Lynch & Co., Inc., 1.75% (B), dated 10/31/2019, to be repurchased at $80,003,889 on 11/01/2019. Collateralized by U.S. Government Agency Obligations, 3.50% - 4.00%, due 06/20/2047 - 07/20/2047, and with a total value of $81,600,000.		80,000,000		80,000,000
Toronto-Dominion Bank, 1.73% (B), dated 10/31/2019, to be repurchased at $34,001,634 on 11/01/2019. Collateralized by a U.S. Government Obligation, 2.88% due 11/30/2023, and with a value of $34,680,073.		34,000,000		34,000,000

	Principal		Value
REPURCHASE AGREEMENTS (continued)
Toronto-Dominion Bank, 1.75% (B), dated 10/31/2019, to be repurchased at $25,001,215 on 11/01/2019. Collateralized by a U.S. Government Obligation, 2.88%, due 11/30/2023, and with a value of $25,500,079.		$   25,000,000		$   25,000,000
Wells Fargo Securities LLC, 1.73% (B), dated 10/31/2019, to be repurchased at $10,000,481 on 11/01/2019. Collateralized by a U.S. Government Obligation, 2.38%, due 05/15/2027, and with a value of $10,200,083.		10,000,000		10,000,000
Total Repurchase Agreements (Cost $621,101,140)				621,101,140
Total Investments (Cost $1,430,216,167)				1,430,216,167
Net Other Assets (Liabilities) - (3.4)%				(46,789,432	)
Net Assets - 100.0%				$  1,383,426,735

SECURITY VALUATION:

Valuation Inputs ^(C)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
U.S. Government Agency Obligations	$	—	$	243,948,413	$	—	$	243,948,413
U.S. Government Obligations		—		92,164,929		—		92,164,929
Short-Term U.S. Government Agency Obligations		—		383,359,037		—		383,359,037
Short-Term U.S. Government Obligations		—		89,642,648		—		89,642,648
Repurchase Agreements		—		621,101,140		—		621,101,140
Total Investments	$	—	$	1,430,216,167	$	—	$	1,430,216,167

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Floating or variable rate securities. The rates disclosed are as of October 31, 2019. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(B)	Rates disclosed reflect the yields at October 31, 2019.
(C)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATIONS:

LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
SOFR	Secured Overnight Financing Rate

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

Transamerica Funds Annual Report 2019

Page    96

Transamerica High Quality Bond

(unaudited)

MARKET ENVIRONMENT

Following a turbulent end to 2018, the financial markets posted impressive performances with both fixed income and equity markets generating strong positive returns for the fiscal year ended October 31, 2019. The investment grade fixed income market has benefited from both declining Treasury rates and a spread sector rally.

The U.S. Federal Reserve (“Fed”) tightened rates by 25 basis points in December 2018, then eased rates three times, by 25 basis points each, from July through October. U.S. economic growth continued at a moderate pace during the fiscal year. The consumer remained a bulwark of the economy as employment trends were strong and personal consumption expenditures continued to be robust. The housing market was also a bright spot in the economy.

The trade war has overshadowed the manufacturing side of the economy. Business investment remains weak, and companies dependent on trade have underperformed those with more domestic focus. Concern remains that the U.S. economy may be the only engine of growth for the global economy. Corporate debt new issuance in 2019 has remained slightly below the pace of 2018, while issuance levels in the structured markets are on par or slightly ahead of 2018. Dollar denominated investment grade fixed income continues to be prized by both domestic and international investors, supporting the liquidity and spread levels of these markets.

PERFORMANCE

For the year ended October 31, 2019, Transamerica High Quality Bond (Class R4) returned 5.15%. By comparison, its benchmark, the ICE BofAML U.S. Corporate & Government 1-3 Years Index, returned 4.90%.

STRATEGY REVIEW

The Fund uses relative value analysis in an attempt to select high quality investment grade and liquid fixed income assets and to tactically adjust portfolio weightings in an effort to generate strong risk-adjusted returns. Throughout the period the Fund maintained a neutral duration stance relative to the benchmark. During the past fiscal year, the Fund’s allocation to corporates and commercial mortgage-backed securities (“CMBS”) was modestly decreased, and the allocation to asset-backed securities (“ABS”) was increased. The spreads on these three sectors increased in November and December of 2018, with corporate bonds increasing the most. Spreads generally tightened through the remainder of the fiscal year. Residential mortgage-backed securities (“RMBS”) spreads followed a different course, gradually widening through the second half of the year. The Fund’s overweight to the spread sectors and underweight to Treasuries relative to the index contributed to performance.

The Fund’s specific security selection also contributed to performance. Its holdings of subordinated auto ABS tranches and mezzanine CMBS tranches outperformed the broader sectors, as higher beta securities generally outperformed. Treasury rates fell and the yield curve flattened over the fiscal year. While the overall Fund duration was kept intentionally close to the benchmark, the Fund was overweight the 0-1 year and modestly underweight the 1-3 year. In total, curve positioning added to return for the fiscal period.

Peter S. Kaplan, CFA

Jennifer K. Wynn, CFA

Co-Portfolio Managers

Merganser Capital Management, LLC

Asset Allocation	Percentage of Net Assets
Asset-Backed Securities		38.8	%
Corporate Debt Securities		36.1
Mortgage-Backed Securities		10.5
U.S. Government Obligations		9.3
U.S. Government Agency Obligations		4.6
Other Investment Company		0.9
Net Other Assets (Liabilities)		(0.2	)
Total		100.0	%

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

Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		13.9	%
AAA		11.7
AA		14.3
A		28.5
BBB		30.9
Not Rated		0.9
Net Other Assets (Liabilities)		(0.2	)
Total		100.0	%

Fund Characteristics	Years
Average Maturity §		2.43
Duration †		1.76

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

§ Average Maturity is computed by weighting the maturity of each security in the Fund by the market value of the security, then averaging these weighted figures.

† Duration is a time measure of a bond’s interest rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder.

Transamerica Funds Annual Report 2019

Page    97

Transamerica High Quality Bond

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class I3 (NAV)		5.38	%		N/A			2.53	%		04/21/2017
Class R (NAV)		4.85	%		N/A			2.03	%		04/21/2017
Class R4 (NAV)		5.15	%		1.61	%		1.77	%		09/11/2000
ICE BofAML U.S. Corporate & Government 1-3 Years Index (A)		4.90	%		1.62	%		1.56	%

^(A) The ICE BofAML U.S. Corporate & Government 1-3 Years Index tracks the performance of U.S. dollar denominated investment grade debt publicly issued in the U.S. domestic market, including U.S. Treasury, U.S. agency, foreign government, supranational and corporate securities that have a remaining maturity of less than three years and more than one year.

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

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

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

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

Any U.S. government guarantees of the securities held in this investment Fund pertain only to those securities and not the Fund or its yield. The values of bonds change in response to changes in economic conditions, interest rates, and the creditworthiness of individual issuers. The value of bonds and bond funds generally falls when interest rates rise, causing an investor to lose money upon sale or redemption.

Transamerica Funds Annual Report 2019

Page    98

Transamerica High Quality Bond

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Principal		Value
ASSET-BACKED SECURITIES - 38.8%
American Express Credit Account Master Trust Series 2017-7, Class B, 2.54%, 05/15/2025		$  1,000,000		$  1,014,026
AmeriCredit Automobile Receivables Trust
Series 2016-1, Class D,
3.59%, 02/08/2022		1,000,000		1,009,939
Series 2017-2, Class C,
2.97%, 03/20/2023		605,000		613,048
Series 2018-1, Class D,
3.82%, 03/18/2024		3,000,000		3,120,571
Series 2018-2, Class D,
4.01%, 07/18/2024		3,000,000		3,122,991
Capital Auto Receivables Asset Trust
Series 2015-4, Class C,
2.89%, 02/22/2021		190,558		190,618
Series 2015-4, Class D,
3.62%, 05/20/2021		1,575,000		1,577,938
Series 2016-1, Class B,
2.67%, 12/21/2020		114,048		114,079
Series 2016-2, Class B,
2.11%, 03/22/2021		838,683		838,562
Series 2016-3, Class C,
2.35%, 09/20/2021		725,000		725,511
Series 2018-2, Class C,
3.69%, 12/20/2023 (A)		1,750,000		1,779,106
Capital One Multi-Asset Execution Trust Series 2019-A1, Class A1, 2.84%, 12/15/2024		2,850,000		2,913,538
CarMax Auto Owner Trust
Series 2018-1, Class C,
2.95%, 11/15/2023		2,485,000		2,518,450
Series 2019-1, Class B,
3.45%, 11/15/2024		920,000		952,787
CCG Receivables Trust Series 2018-1, Class B, 3.09%, 06/16/2025 (A)		2,600,000		2,629,851
CLI Funding V LLC
Series 2013-1A, Class NOTE,
2.83%, 03/18/2028 (A)		858,000		854,734
Series 2013-3A, Class A,
3.67%, 11/18/2028 (A)		204,656		209,133
CNH Equipment Trust
Series 2017-C, Class B,
2.54%, 05/15/2025		1,140,000		1,153,965
Series 2018-A, Class B,
3.47%, 10/15/2025		1,700,000		1,750,145
Series 2019-C, Class B,
2.35%, 04/15/2027		1,730,000		1,735,163
Dell Equipment Finance Trust
Series 2017-1, Class D,
3.44%, 04/24/2023 (A)		495,000		496,475
Series 2017-2, Class C,
2.73%, 10/24/2022 (A)		1,150,000		1,155,489
Series 2018-2, Class C,
3.72%, 10/22/2023 (A)		1,220,000		1,252,914
Series 2019-1, Class C,
3.14%, 03/22/2024 (A)		1,045,000		1,062,244

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Evergreen Credit Card Trust
Series 2019-1, Class B,
3.59%, 01/15/2023 (A)		$   1,000,000		$   1,014,075
Series 2019-2, Class B,
2.27%, 09/16/2024 (A)		625,000		623,741
Ford Credit Auto Lease Trust Series 2018-A, Class B, 3.17%, 09/15/2021		1,250,000		1,261,163
Ford Credit Auto Owner Trust
Series 2016-C, Class B,
1.73%, 03/15/2022		1,418,000		1,413,597
Series 2017-1, Class C,
3.01%, 08/15/2028 (A)		2,000,000		2,015,620
Series 2017-A, Class C,
2.41%, 07/15/2023		2,578,000		2,586,909
Series 2017-C, Class C,
2.50%, 05/15/2024		3,000,000		3,010,428
Ford Credit Floorplan Master Owner Trust Series 2017-2, Class B, 2.34%, 09/15/2022		1,570,000		1,570,166
GM Financial Automobile Leasing Trust
Series 2018-3, Class B,
3.48%, 07/20/2022		1,100,000		1,116,929
Series 2019-2, Class B,
2.89%, 03/20/2023		1,000,000		1,012,493
GM Financial Consumer Automobile Receivables Trust
Series 2018-2, Class C,
3.31%, 12/18/2023		2,100,000		2,145,519
Series 2018-3, Class C,
3.45%, 02/16/2024		1,000,000		1,027,235
Series 2019-1, Class C,
3.52%, 09/16/2024		2,790,000		2,869,096
Hilton Grand Vacations Trust Series 2018-AA, Class A, 3.54%, 02/25/2032 (A)		827,513		854,637
Hyundai Auto Receivables Trust
Series 2017-B, Class B,
2.23%, 02/15/2023		1,840,000		1,847,524
Series 2017-B, Class C,
2.44%, 05/15/2024		1,000,000		1,003,266
Invitation Homes Trust
Series 2018-SFR2, Class D,
1-Month LIBOR + 1.45%, 3.36% (B), 06/17/2037 (A)		3,000,000		2,996,856
Series 2018-SFR4, Class D,
1-Month LIBOR + 1.65%, 3.54% (B), 01/17/2038 (A)		2,400,000		2,415,074
MVW LLC Series 2019-2A, Class A, 2.22%, 10/20/2038 (A)		1,615,000		1,613,740
MVW Owner Trust
Series 2015-1A, Class A,
2.52%, 12/20/2032 (A)		550,324		550,786
Series 2016-1A, Class A,
2.25%, 12/20/2033 (A)		312,434		310,941
Series 2017-1A, Class A,
2.42%, 12/20/2034 (A)		690,250		692,199

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

Transamerica Funds Annual Report 2019

Page    99

Transamerica High Quality Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Progress Residential Trust
Series 2018-SFR2, Class D,
4.34%, 08/17/2035 (A)		$   2,000,000		$   2,055,420
Series 2019-SFR3, Class D,
2.87%, 09/17/2036 (A)		1,000,000		996,692
Santander Drive Auto Receivables Trust
Series 2016-3, Class D,
2.80%, 08/15/2022		2,755,000		2,774,622
Series 2017-3, Class D,
3.20%, 11/15/2023		3,000,000		3,039,111
Sierra Timeshare Conduit Receivables Funding LLC Series 2017-1A, Class A, 2.91%, 03/20/2034 (A)		296,389		299,431
Sierra Timeshare Receivables Funding LLC
Series 2015-1A, Class A,
2.40%, 03/22/2032 (A)		164,603		164,556
Series 2015-3A, Class B,
3.08%, 09/20/2032 (A)		641,401		642,533
Series 2018-2A, Class A,
3.50%, 06/20/2035 (A)		617,846		632,746
Synchrony Credit Card Master Note Trust Series 2017-2, Class C, 3.01%, 10/15/2025		640,000		649,565
Toyota Auto Loan Extended Note Trust Series 2019-1A, Class A, 2.56%, 11/25/2031 (A)		1,100,000		1,126,168
Verizon Owner Trust
Series 2018-A, Class B,
3.38%, 04/20/2023		1,500,000		1,542,659
Series 2019-A, Class C,
3.22%, 09/20/2023		725,000		742,469
Series 2019-B, Class C,
2.60%, 12/20/2023		1,535,000		1,549,374
Volvo Financial Equipment LLC
Series 2018-1A, Class C,
3.06%, 12/15/2025 (A)		2,500,000		2,524,218
Series 2019-1A, Class B,
3.26%, 01/16/2024 (A)		660,000		679,988
VSE VOI Mortgage LLC Series 2016-A, Class A, 2.54%, 07/20/2033 (A)		1,136,139		1,135,688
World Omni Auto Receivables Trust
Series 2018-A, Class B,
2.89%, 04/15/2025		1,500,000		1,524,351
Series 2019-B, Class B,
2.86%, 06/16/2025		625,000		638,446
World Omni Automobile Lease Securitization Trust Series 2018-B, Class B, 3.43%, 03/15/2024		1,700,000		1,733,166
World Omni Select Auto Trust Series 2018-1A, Class C, 3.86%, 01/15/2025 (A)		1,500,000		1,542,502
Total Asset-Backed Securities (Cost $91,173,736)				92,736,976

	Principal		Value
CORPORATE DEBT SECURITIES - 36.1%
Airlines - 2.0%
America West Airlines Pass-Through Trust 7.10%, 10/02/2022		$   948,123		$   980,720
American Airlines Pass-Through Trust 4.95%, 07/15/2024		1,474,929		1,547,035
United Airlines Pass-Through Trust 4.63%, 03/03/2024		2,180,661		2,246,359
				4,774,114
Banks - 12.0%
Banco del Estado de Chile
2.67%, 01/08/2021 (A)		1,150,000		1,148,600
3.88%, 02/08/2022 (A)		1,552,000		1,600,657
Bank of America Corp.
Fixed until 01/20/2022, 3.12% (B), 01/20/2023, MTN		2,450,000		2,501,106
Bank of Montreal 3.10%, 04/13/2021, MTN		1,160,000		1,180,817
Bank of Nova Scotia 2.70%, 03/07/2022		1,270,000		1,291,966
Barclays Bank PLC 5.14%, 10/14/2020		1,505,000		1,544,040
Barclays PLC
2.75%, 11/08/2019		1,000,000		1,000,057
3-Month LIBOR + 2.11%, 4.29% (B), 08/10/2021		635,000		648,578
Citigroup, Inc. 4.05%, 07/30/2022		3,425,000		3,594,078
HSBC Bank NA 4.88%, 08/24/2020		2,252,000		2,303,823
HSBC USA, Inc. 5.00%, 09/27/2020		265,000		271,679
Huntington National Bank 3.25%, 05/14/2021		3,000,000		3,056,543
JPMorgan Chase & Co.
2.30%, 08/15/2021, MTN		640,000		641,065
3.38%, 05/01/2023		1,249,000		1,301,029
Manufacturers & Traders Trust Co. 1-Month LIBOR + 1.22%, 3.02% (B), 12/28/2020		1,760,000		1,760,801
Toronto-Dominion Bank 1.90%, 12/01/2022, MTN		2,445,000		2,438,768
Wells Fargo & Co. 3.07%, 01/24/2023		2,415,000		2,462,384
				28,745,991
Biotechnology - 1.5%
AbbVie, Inc.
2.50%, 05/14/2020		2,700,000		2,707,494
2.90%, 11/06/2022		930,000		947,992
				3,655,486
Capital Markets - 2.8%
Goldman Sachs Group, Inc. 3-Month LIBOR + 0.78%, 2.71% (B), 10/31/2022		3,500,000		3,516,870
Morgan Stanley 4.88%, 11/01/2022 (C)		3,000,000		3,217,969
				6,734,839

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

Transamerica Funds Annual Report 2019

Page    100

Transamerica High Quality Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Chemicals - 1.0%
DuPont de Nemours, Inc. 3-Month LIBOR + 1.11%, 3.27% (B), 11/15/2023		$   2,400,000		$   2,432,917
Consumer Finance - 2.6%
Capital One Financial Corp. 3.50%, 06/15/2023		965,000		1,005,571
Ford Motor Credit Co. LLC
3.34%, 03/28/2022		1,351,000		1,357,612
8.13%, 01/15/2020		1,000,000		1,010,709
General Motors Financial Co., Inc. 4.15%, 06/19/2023		2,200,000		2,288,914
Volkswagen Group of America Finance LLC 4.00%, 11/12/2021 (A) (C)		500,000		518,200
				6,181,006
Diversified Telecommunication Services - 1.0%
AT&T, Inc. 3.00%, 06/30/2022		2,245,000		2,293,252
Electric Utilities - 2.9%
Edison International 2.95%, 03/15/2023 (C)		1,440,000		1,423,170
Georgia Power Co. 2.40%, 04/01/2021		1,095,000		1,099,477
Mississippi Power Co. 3-Month LIBOR + 0.65%, 2.75% (B), 03/27/2020		1,625,000		1,625,612
NextEra Energy Capital Holdings, Inc. 2.40%, 09/01/2021		1,400,000		1,410,686
Southern California Edison Co. 3.40%, 06/01/2023		1,250,000		1,291,597
				6,850,542
Equity Real Estate Investment Trusts - 1.1%
SL Green Operating Partnership, LP 3-Month LIBOR + 0.98%, 3.15% (B), 08/16/2021		2,650,000		2,650,537
Food Products - 1.4%
Campbell Soup Co. 3-Month LIBOR + 0.63%, 2.75% (B), 03/15/2021		3,300,000		3,307,190
Health Care Providers & Services - 0.3%
Cigna Corp. 3.75%, 07/15/2023		690,000		722,802
Household Durables - 1.0%
Panasonic Corp. 2.54%, 07/19/2022 (A)		2,400,000		2,419,980
Independent Power & Renewable Electricity Producers - 0.4%
Exelon Generation Co. LLC 4.25%, 06/15/2022		1,000,000		1,047,958
Insurance - 1.6%
Allstate Corp. 3-Month LIBOR + 0.43%, 2.53% (B), 03/29/2021		800,000		801,896
Aon Corp. 5.00%, 09/30/2020		1,000,000		1,027,042

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Insurance (continued)
Marsh & McLennan Cos., Inc. 3.50%, 12/29/2020		$   2,000,000		$   2,035,156
				3,864,094
Media - 0.4%
Interpublic Group of Cos., Inc. 4.00%, 03/15/2022		1,025,000		1,064,424
Oil, Gas & Consumable Fuels - 2.9%
Energy Transfer Operating, LP 7.50%, 10/15/2020		2,000,000		2,098,515
Kinder Morgan, Inc. 3.05%, 12/01/2019		1,025,000		1,025,699
MPLX, LP 6.25%, 10/15/2022 (A)		2,628,000		2,675,323
Occidental Petroleum Corp. 2.70%, 08/15/2022		1,000,000		1,010,531
				6,810,068
Road & Rail - 0.4%
Union Pacific Corp. 2.95%, 03/01/2022		825,000		846,214
Technology Hardware, Storage & Peripherals - 0.5%
Hewlett Packard Enterprise Co. 3-Month LIBOR + 0.72%, 2.76% (B), 10/05/2021		1,285,000		1,285,010
Wireless Telecommunication Services - 0.3%
America Movil SAB de CV 5.00%, 03/30/2020		734,000		742,637
Total Corporate Debt Securities (Cost $85,274,884)				86,429,061
MORTGAGE-BACKED SECURITIES - 10.5%
Benchmark Mortgage Trust, Interest Only STRIPS Series 2019-B12, Class XA, 1.07% (B), 08/15/2052		35,897,636		2,727,405
BX Commercial Mortgage Trust
Series 2018-BIOA, Class C,
1-Month LIBOR + 1.12%, 3.03% (B), 03/15/2037 (A)		2,200,000		2,199,999
Series 2018-IND, Class D,
1-Month LIBOR + 1.30%, 3.21% (B), 11/15/2035 (A)		1,256,446		1,258,812
Series 2019-XL, Class D,
1-Month LIBOR + 1.45%, 3.45% (B), 10/15/2036 (A)		1,000,000		1,000,940
BX Trust Series 2018-MCSF, Class D, 1-Month LIBOR + 1.45%, 3.37% (B), 04/15/2035 (A)		2,000,000		1,994,980
CGDBB Commercial Mortgage Trust Series 2017-BIOC, Class D, 1-Month LIBOR + 1.60%, 3.51% (B), 07/15/2032 (A)		1,900,000		1,900,003
CHC Commercial Mortgage Trust Series 2019-CHC, Class D, 1-Month LIBOR + 2.05%, 3.96% (B), 06/15/2034 (A)		2,700,000		2,709,304

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

Transamerica Funds Annual Report 2019

Page    101

Transamerica High Quality Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Citigroup Commercial Mortgage Trust, Interest Only STRIPS Series 2019-GC41, Class XA, 1.19% (B), 08/10/2056		$   13,235,925		$   1,059,213
Credit Suisse Mortgage Capital Certificates Series 2019-ICE4, Class B, 1-Month LIBOR + 1.23%, 3.14% (B), 05/15/2036 (A)		1,800,000		1,802,823
DBCG Mortgage Trust Series 2018-BIOD, Class D, 1-Month LIBOR + 1.30%, 3.21% (B), 05/15/2035 (A)		2,784,417		2,781,779
GS Mortgage Securities Corp. Trust Series 2016-RENT, Class D, 4.07% (B), 02/10/2029 (A)		2,000,000		2,023,245
UBS Commercial Mortgage Trust
Series 2019-C16, Class XA,
1.56% (B), 04/15/2052		12,473,052		1,374,877
Series 2019-C17, Class XA,
1.64% (B), 10/15/2052		20,000,000		2,301,100
Total Mortgage-Backed Securities (Cost $24,242,951)				25,134,480
U.S. GOVERNMENT AGENCY OBLIGATIONS - 4.6%
Federal Home Loan Mortgage Corp.
4.50%, 09/01/2026		415,426		432,830
1-Year CMT + 2.04%, 4.57% (B), 06/01/2033		604,483		634,812
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
1.01% (B), 09/25/2029		29,000,000		2,159,645
1.31% (B), 07/25/2026		28,599,233		2,107,952
Federal National Mortgage Association
0.07% (B), 11/25/2022		56,822,598		97,309
0.10% (B), 10/25/2021		23,779,232		52,234
0.21% (B), 01/25/2022		21,733,472		145,677
1.95%, 11/01/2020		2,630,000		2,623,122
Government National Mortgage Association
0.70% (B), 09/16/2059		14,534,673		907,132

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Government National Mortgage Association (continued)
4.18% (B), 12/20/2061		$   74,007		$   75,260
4.44% (B), 09/20/2063		39,911		40,881
4.47% (B), 02/20/2063		205,459		208,536
4.70% (B), 06/20/2063		165,166		166,648
4.78% (B), 05/20/2062		185,711		189,784
5.25% (B), 11/20/2060		87,512		88,319
5.28% (B), 04/20/2061		49,506		50,684
5.75%, 12/15/2022		113,602		118,861
Seasoned Loans Structured Transaction 3.50%, 06/25/2028		955,771		992,580
Total U.S. Government Agency Obligations (Cost $11,469,138)				11,092,266
U.S. GOVERNMENT OBLIGATIONS - 9.3%
U.S. Treasury - 9.3%
U.S. Treasury Note
1.50%, 05/15/2020 - 09/15/2022		16,867,200		16,863,905
1.75%, 11/30/2021		1,070,000		1,074,347
2.50%, 02/15/2022		1,345,000		1,373,844
2.75%, 09/15/2021		2,915,000		2,978,766
Total U.S. Government Obligations (Cost $22,214,215)				22,290,862
	Shares		Value
OTHER INVESTMENT COMPANY - 0.9%
Securities Lending Collateral - 0.9%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.75% (D)		2,121,775		2,121,775
Total Other Investment Company (Cost $2,121,775)				2,121,775
Total Investments (Cost $236,496,699)				239,805,420
Net Other Assets (Liabilities) - (0.2)%				(459,400	)
Net Assets - 100.0%				$  239,346,020

SECURITY VALUATION:

Valuation Inputs ^(E)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Asset-Backed Securities	$	—	$	92,736,976	$	—	$	92,736,976
Corporate Debt Securities		—		86,429,061		—		86,429,061
Mortgage-Backed Securities		—		25,134,480		—		25,134,480
U.S. Government Agency Obligations		—		11,092,266		—		11,092,266
U.S. Government Obligations		—		22,290,862		—		22,290,862
Other Investment Company		2,121,775		—		—		2,121,775
Total Investments	$	2,121,775	$	237,683,645	$	—	$	239,805,420

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

Transamerica Funds Annual Report 2019

Page    102

Transamerica High Quality Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2019, the total value of 144A securities is $60,362,202, representing 25.2% of the Fund’s net assets.
(B)	Floating or variable rate securities. The rates disclosed are as of October 31, 2019. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(C)	All or a portion of the securities are on loan. The total value of all securities on loan is $2,078,411. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(D)	Rate disclosed reflects the yield at October 31, 2019.
(E)	There were no transfers in or out of Level 3 during the period ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATIONS:

CMT	Constant Maturity Treasury
LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
STRIPS	Separate Trading of Registered Interest and Principal of Securities

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

Transamerica Funds Annual Report 2019

Page    103

Transamerica High Yield Bond

(unaudited)

MARKET ENVIRONMENT

The fiscal year ended October 31, 2019 began with the prospects of healthy but moderating economic activity and global trade tensions that could potentially derail it. As consumption, fixed investments and government spending growth slowed, so did year-over-year gross domestic product “(GDP”) growth. Lower expectations prevailed throughout the year while any lingering optimism was reduced by a tumultuous geopolitical environment. As trade wars between the U.S. and China, and Japan and South Korea intensified, so did their impact on underlying economies.

Risks around trade policy were a concern for the U.S. Federal Reserve (“Fed”), which lowered 2019 GDP projections in December of 2018. Still, they stayed the course on normalizing rates given continued economic strength, hiking once more in December. As a result, market expectations on Fed action soured, pricing in no further hike for the entirety of 2019 as a jolt of volatility overtook risk assets. The Fed’s more dovish tone and concerns over an inverted yield curve were top of mind for investors at the start of calendar year 2019. After cutting rates by 25 basis points in July and September, softening economic data and continued below-target inflation gave the green light to the Fed to trim its federal funds rate a quarter of a point at its October meeting.

High yield returns rebounded in 2019, helping to more than offset the losses experienced into year-end 2018, as the broad high yield index increased by high single digits in the fiscal year. Reversing course from last year, lower-quality bonds significantly underperformed higher quality counterparts, as CCCs declined, while the more rate-sensitive B-and BB-rated credits led the way as market interest rates declined.

With Treasuries rallying through most of 2019, long duration, higher-quality assets outperformed their lower quality counterparts, leading to what we view as rich valuations for a large portion of the BB universe relative to the rest of the U.S. high yield market. Overall, high yield technicals were strong with outflows from 2018 reversing course and moving to inflows in 2019, while issuance remained muted. High yield fundamentals remain solid in our opinion given strong corporate earnings, though in many cases there is lowered guidance citing the effect of the trade war.

PERFORMANCE

For the year ended October 31, 2019, Transamerica High Yield Bond (Class A) returned 7.79%, excluding any sales charges. By comparison, its benchmark, the Bloomberg Barclays US Corporate High Yield 2% Issuer Capped Index, returned 8.38%.

STRATEGY REVIEW

Security selection was the primary contributor to fund performance this year. While the individual security selection was strong across high yield rating categories, the selection within B-rated credit was especially advantageous relative to the benchmark. Other positive contributors included the modest underweight position to CCCs and below as well as the small off-index exposure to investment grade credit. However, the fund’s underweight to BBs detracted as higher quality generally outperformed the broader high yield market during the last twelve months. By sector, the top contributors included consumer cyclical and non-cyclicals as well as technology sectors. The largest detractors from active returns were capital goods, electric utilities and finance companies.

With respect to positioning and themes, we have continued to prefer U.S. issuers relative to the rest of the world. Sectors where the team has remained overweight include consumer cyclicals, primarily housing and gaming, and financials, and we have been finding some opportunities in specific credits within the telecom and energy sectors. The team still views current valuations of basic materials as relatively rich and maintain an underweight position, primarily via chemicals. We also ended the period underweight consumer non-cyclical, primarily due to our view on the healthcare sector, where we have some fundamental concerns around certain private equity backed issuers.

We remained overweight B-rated and BBB- or higher bonds, while maintaining an underweight to CCC+ or below and BBs – but are pursuing idiosyncratic opportunities to add lower quality-rated credit. On a case-by-case basis, we are comfortable with risk exposure to lower-quality credit given underlying fundamentals. The team also believes there are select situations in the investment grade market that offer good risk/reward relative to BBs.

Kevin Bakker, CFA

Benjamin D. Miller, CFA

James K. Schaeffer, Jr.

Derek Thoms

Co-Portfolio Managers

Aegon USA Investment Management, LLC

Transamerica Funds Annual Report 2019

Page    104

Transamerica High Yield Bond

(unaudited)

Asset Allocation	Percentage of Net Assets
Corporate Debt Securities		93.4	%
Other Investment Company		4.2
Repurchase Agreement		2.6
Loan Assignments		2.1
Preferred Stocks		1.2
Common Stocks		0.4
Warrant		0.0	*
Net Other Assets (Liabilities)		(3.9	)
Total		100.0	%

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

Credit Quality ‡	Percentage of Net Assets
AAA		2.6	%
BBB		6.4
BB		44.0
B		39.3
CCC and Below		6.2
Not Rated		5.4
Net Other Assets (Liabilities)		(3.9	)
Total		100.0	%

Fund Characteristics	Years
Average Maturity §		4.43
Duration †		2.84

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

§ Average Maturity is computed by weighting the maturity of each security in the Fund by the market value of the security, then averaging these weighted figures.

† Duration is a time measure of a bond’s interest rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder.

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

Transamerica Funds Annual Report 2019

Page    105

Transamerica High Yield Bond

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		2.68	%		3.32	%		6.52	%		06/14/1985
Class A (NAV)		7.79	%		4.33	%		7.03	%		06/14/1985
Bloomberg Barclays US Corporate High Yield 2% Issuer Capped Index (A)		8.38	%		5.19	%		7.76	%
Class C (POP)		5.88	%		3.57	%		6.29	%		11/11/2002
Class C (NAV)		6.88	%		3.57	%		6.29	%		11/11/2002
Class I (NAV)		7.93	%		4.60	%		7.25	%		11/30/2009
Class I2 (NAV)		8.17	%		4.74	%		7.47	%		11/08/2004
Class I3 (NAV)		8.02	%		N/A			5.27	%		03/24/2017
Class R (NAV)		7.51	%		N/A			4.76	%		03/24/2017
Class R4 (NAV)		7.78	%		N/A			5.02	%		03/24/2017
Class R6 (NAV)		8.05	%		N/A			4.81	%		05/29/2015

^(A) The Bloomberg Barclays US Corporate High Yield 2% Issuer Capped Index is an issuer-constrained measurement of the market of U.S. dollar denominated, non-investment grade, fixed-rate, taxable corporate bonds. The exposure of each issuer is limited to 2% of the total market value of the index.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 4.75% for A shares or the maximum applicable contingent deferred sales charge 1% (in the 1st year) for Class C shares. Shares purchased prior to March 1, 2004 are subject to a maximum applicable contingent deferred sales charge (2% in the 1st year, decreasing to 0% after 2 years) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I, I2, I3, R, R4 and R6 shares.

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

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

Interest rates may go up, causing the value of the Fund’s investments to decline. Changes, in interest rates, the market’s perception of the issuers and the creditworthiness of the issuers may significantly affect the value of a bond. Investing in high-yield bonds (junk bonds) may be subject to greater volatility and risks as the income derived from these securities is not guaranteed and may be unpredictable and the value of these securities tends to decline when interest rates increases.

Transamerica Funds Annual Report 2019

Page    106

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES - 93.4%
Aerospace & Defense - 1.2%
Bombardier, Inc.
6.13%, 01/15/2023 (A)		$  5,720,000		$  5,562,700
7.88%, 04/15/2027 (A)		4,472,000		4,214,860
Triumph Group, Inc.
5.25%, 06/01/2022		4,732,000		4,649,190
7.75%, 08/15/2025 (B)		2,962,000		2,962,000
				17,388,750
Airlines - 1.0%
American Airlines Group, Inc. 5.00%, 06/01/2022 (A)		879,000		916,357
American Airlines Pass-Through Trust
5.60%, 01/15/2022 (A)		3,498,317		3,552,182
5.63%, 07/15/2022 (A)		2,004,768		2,043,004
Continental Airlines Pass-Through Trust
5.50%, 04/29/2022		491,430		502,131
6.90%, 10/19/2023		1,294,353		1,350,061
United Airlines Holdings, Inc.
4.25%, 10/01/2022		615,000		635,123
4.88%, 01/15/2025		3,468,000		3,641,400
United Airlines Pass-Through Trust 4.63%, 03/03/2024		1,152,993		1,187,730
				13,827,988
Auto Components - 0.9%
Dana, Inc. 6.00%, 09/15/2023		3,305,000		3,375,231
Goodyear Tire & Rubber Co.
4.88%, 03/15/2027 (B)		2,686,000		2,699,430
5.00%, 05/31/2026 (B)		1,404,000		1,451,385
Panther BF Aggregator 2, LP / Panther Finance Co., Inc.
6.25%, 05/15/2026 (A)		2,244,000		2,372,357
8.50%, 05/15/2027 (A)		2,408,000		2,426,060
				12,324,463
Banks - 3.8%
Barclays PLC
Fixed until 06/20/2029, 5.09% (C), 06/20/2030		1,675,000		1,820,469
Fixed until 09/15/2023 (D), 7.75% (C)		4,982,000		5,305,830
Fixed until 06/15/2024 (D), 8.00% (C)		1,512,000		1,649,970
BNP Paribas SA
Fixed until 03/14/2022 (D), 6.75% (A) (C)		3,950,000		4,157,375
Fixed until 03/30/2021 (D), 7.63% (A) (C)		2,298,000		2,412,900
CIT Group, Inc.
4.75%, 02/16/2024		666,000		710,369
5.00%, 08/15/2022		3,080,000		3,274,256
Citigroup, Inc.
Fixed until 09/12/2024 (D), 5.00% (C)		5,398,000		5,580,182
Fixed until 03/27/2020 (D), 5.88% (C)		4,078,000		4,134,073
Intesa Sanpaolo SpA 5.71%, 01/15/2026 (A)		5,632,000		6,037,528
JPMorgan Chase & Co. 3-Month LIBOR + 3.47%, 5.41% (C), 01/30/2020 (D)		1,907,000		1,918,442
Lloyds Banking Group PLC
Fixed until 06/27/2024 (D), 7.50% (C)		2,622,000		2,871,090
Fixed until 09/27/2025 (D), 7.50% (C)		709,000		780,035

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Royal Bank of Scotland Group PLC Fixed until 08/15/2021 (D), 8.63% (C)		$   2,860,000		$   3,081,650
Societe Generale SA Fixed until 09/13/2021 (D), 7.38% (A) (C)		5,338,000		5,618,245
UniCredit SpA 6.57%, 01/14/2022 (A)		4,270,000		4,597,055
				53,949,469
Beverages - 0.4%
Cott Holdings, Inc. 5.50%, 04/01/2025 (A)		5,510,000		5,744,175
Building Products - 2.5%
Associated Materials LLC / AMH New Finance, Inc. 9.00%, 01/01/2024 (A)		10,127,000		8,861,125
Builders FirstSource, Inc.
5.63%, 09/01/2024 (A)		2,078,000		2,161,120
6.75%, 06/01/2027 (A)		2,537,000		2,752,645
Cornerstone Building Brands, Inc. 8.00%, 04/15/2026 (A) (B)		9,908,000		9,743,329
Griffon Corp. 5.25%, 03/01/2022		8,224,000		8,265,120
Patrick Industries, Inc. 7.50%, 10/15/2027 (A)		3,404,000		3,531,650
				35,314,989
Capital Markets - 1.4%
Credit Suisse Group AG
Fixed until 12/18/2024 (D), 6.25% (A) (C)		1,350,000		1,439,438
Fixed until 08/21/2026 (D), 6.38% (A) (C)		2,135,000		2,249,756
Fixed until 09/12/2025 (D), 7.25% (A) (C)		2,450,000		2,664,375
Fixed until 07/17/2023 (D), 7.50% (A) (C)		1,875,000		2,022,000
Fixed until 12/11/2023 (D), 7.50% (A) (C)		6,403,000		7,098,942
Goldman Sachs Capital II 3-Month LIBOR + 0.77%, 4.00% (C), 12/02/2019 (D)		1,048,000		906,520
Goldman Sachs Group, Inc. 3-Month LIBOR + 3.88%, 6.07% (C), 12/02/2019 (D)		4,162,000		4,173,237
				20,554,268
Chemicals - 2.1%
Eagle Intermediate Global Holding BV / Ruyi Finance LLC 7.50%, 05/01/2025 (A)		3,304,000		2,878,610
Hexion, Inc. 7.88%, 07/15/2027 (A)		4,176,000		4,019,400
NOVA Chemicals Corp.
4.88%, 06/01/2024 (A)		8,059,000		8,179,885
5.25%, 06/01/2027 (A)		5,869,000		6,030,397
OCI NV 6.63%, 04/15/2023 (A)		1,784,000		1,862,050
Olin Corp.
5.13%, 09/15/2027		3,692,000		3,798,514
5.63%, 08/01/2029		2,736,000		2,840,707
				29,609,563
Commercial Services & Supplies - 2.4%
Ashtead Capital, Inc.
4.00%, 05/01/2028 (A)		880,000		883,300
4.25%, 11/01/2029 (A)		787,000		794,870
5.25%, 08/01/2026 (A)		3,642,000		3,883,282

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

Transamerica Funds Annual Report 2019

Page    107

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Commercial Services & Supplies (continued)
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
5.50%, 04/01/2023		$   1,713,000		$   1,746,746
5.75%, 07/15/2027 (A)		4,288,000		4,384,480
6.38%, 04/01/2024 (A)		2,208,000		2,299,080
Foxtrot Escrow Issuer LLC / Foxtrot Escrow Corp. 12.25%, 11/15/2026 (A) (E)		3,565,000		3,583,182
Garda World Security Corp. 8.75%, 05/15/2025 (A)		6,008,000		6,008,000
GW B-CR Security Corp. 9.50%, 11/01/2027 (A) (B)		538,000		552,795
Herc Holdings, Inc. 5.50%, 07/15/2027 (A)		6,100,000		6,321,125
Stericycle, Inc. 5.38%, 07/15/2024 (A)		3,060,000		3,182,400
				33,639,260
Communications Equipment - 1.0%
CommScope Technologies LLC
5.00%, 03/15/2027 (A)		779,000		636,833
6.00%, 06/15/2025 (A)		7,578,000		6,742,147
CommScope, Inc.
5.50%, 03/01/2024 (A)		1,255,000		1,271,942
6.00%, 03/01/2026 (A)		1,685,000		1,731,337
8.25%, 03/01/2027 (A)		1,679,000		1,590,399
Nokia OYJ 3.38%, 06/12/2022		1,764,000		1,783,845
				13,756,503
Construction & Engineering - 1.8%
Abengoa Abenewco 2 SAU PIK Rate 1.50%, Cash Rate 0.00%, 04/26/2024 (A) (F)		3,878,400		2
Ashton Woods LLC / Ashton Woods Finance Co.
6.75%, 08/01/2025 (A)		2,725,000		2,738,625
9.88%, 04/01/2027 (A)		6,325,000		7,052,375
Weekley Homes LLC / Weekley Finance Corp. 6.00%, 02/01/2023		4,094,000		4,104,235
William Lyon Homes, Inc.
5.88%, 01/31/2025		4,442,000		4,519,735
6.00%, 09/01/2023		2,000,000		2,070,000
6.63%, 07/15/2027 (A)		3,890,000		4,094,225
7.00%, 08/15/2022 2/7/2018 - 5/9/2018		603,000		604,507
				25,183,704
Consumer Finance - 2.2%
Ally Financial, Inc.
3.88%, 05/21/2024		2,474,000		2,583,846
5.75%, 11/20/2025		1,627,000		1,812,071
8.00%, 03/15/2020		1,425,000		1,452,788
Altice Financing SA 7.50%, 05/15/2026 (A)		6,692,000		7,110,250
Navient Corp.
5.00%, 10/26/2020		5,214,000		5,310,198
5.88%, 10/25/2024		3,955,000		4,073,650
6.50%, 06/15/2022		3,408,000		3,646,560
6.63%, 07/26/2021		1,020,000		1,077,375

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Consumer Finance (continued)
Springleaf Finance Corp.
7.13%, 03/15/2026		$   2,705,000		$   3,083,700
8.25%, 12/15/2020		551,000		586,126
				30,736,564
Containers & Packaging - 3.6%
ARD Finance SA PIK Rate 7.88%, Cash Rate, 7.13%, 09/15/2023 (F)		3,766,000		3,911,932
Ardagh Packaging Finance PLC / Ardagh Holdings, Inc.
4.63%, 05/15/2023 (A)		2,000,000		2,047,500
6.00%, 02/15/2025 (A)		3,857,000		4,049,850
Crown Americas LLC / Crown Americas Capital Corp. VI 4.75%, 02/01/2026		5,514,000		5,785,840
Flex Acquisition Co., Inc.
6.88%, 01/15/2025 (A)		2,805,000		2,629,688
7.88%, 07/15/2026 (A)		2,956,000		2,778,640
Greif, Inc. 6.50%, 03/01/2027 (A)		4,228,000		4,545,100
Mauser Packaging Solutions Holding Co.
5.50%, 04/15/2024 (A)		4,091,000		4,208,616
7.25%, 04/15/2025 (A)		1,207,000		1,154,194
OI European Group BV 4.00%, 03/15/2023 (A)		2,545,000		2,532,275
Owens-Brockway Glass Container, Inc.
5.88%, 08/15/2023 (A) (B)		3,860,000		4,077,125
6.38%, 08/15/2025 (A) (B)		820,000		864,075
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC
5.13%, 07/15/2023 (A)		2,268,000		2,326,855
5.75%, 10/15/2020		2,175,647		2,183,153
6.88%, 02/15/2021		1,429,467		1,431,253
7.00%, 07/15/2024 (A)		3,080,000		3,187,800
Trivium Packaging Finance BV
5.50%, 08/15/2026 (A)		2,039,000		2,135,853
8.50%, 08/15/2027 (A)		1,785,000		1,903,256
				51,753,005
Diversified Financial Services - 2.8%
Avation Capital SA 6.50%, 05/15/2021 (A)		3,305,000		3,445,463
DAE Funding LLC
4.50%, 08/01/2022 (A)		1,573,000		1,601,597
5.00%, 08/01/2024 (A)		1,639,000		1,710,788
5.25%, 11/15/2021 (A)		1,514,000		1,570,775
5.75%, 11/15/2023 (A)		1,520,000		1,592,200
Dana Financing Sarl 5.75%, 04/15/2025 (A) (B)		10,882,000		11,181,255
ILFC E-Capital Trust I 1.55% + Max of 3-Month LIBOR, 10-Year CMT, or 30-Year CMT, 3.77% (C), 12/21/2065 (A)		8,362,000		6,166,975
ILFC E-Capital Trust II 1.80% + Max of 3-Month LIBOR, 15-Year CMT or 30-Year CMT, 4.02% (C), 12/21/2065 (A)		1,171,000		898,743

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

Transamerica Funds Annual Report 2019

Page    108

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Financial Services (continued)
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. 5.25%, 03/15/2022 (A)		$   5,770,000		$   5,979,162
Virgin Media Secured Finance PLC 5.50%, 05/15/2029 (A)		5,405,000		5,742,812
				39,889,770
Diversified Telecommunication Services - 4.1%
CenturyLink, Inc.
5.80%, 03/15/2022		3,843,000		4,059,169
6.45%, 06/15/2021		1,564,000		1,646,110
6.75%, 12/01/2023 (B)		2,368,000		2,631,677
7.50%, 04/01/2024 (B)		1,917,000		2,175,795
Frontier Communications Corp.
7.63%, 04/15/2024		6,057,000		2,725,650
8.50%, 04/01/2026 (A)		1,542,000		1,545,855
8.75%, 04/15/2022		2,766,000		1,293,105
9.00%, 08/15/2031		5,484,000		2,447,235
11.00%, 09/15/2025		2,696,000		1,263,750
Hughes Satellite Systems Corp.
5.25%, 08/01/2026		328,000		351,370
6.63%, 08/01/2026		2,391,000		2,588,258
7.63%, 06/15/2021		6,342,000		6,833,505
Intelsat Jackson Holdings SA
8.00%, 02/15/2024 (A)		1,247,000		1,280,906
8.50%, 10/15/2024 (A)		5,205,000		5,245,078
9.50%, 09/30/2022 (A)		2,165,000		2,497,869
Level 3 Financing, Inc. 5.38%, 01/15/2024		2,314,000		2,360,280
Level 3 Parent LLC 5.75%, 12/01/2022		3,801,000		3,810,502
Sprint Capital Corp. 8.75%, 03/15/2032		3,669,000		4,473,905
UPCB Finance IV, Ltd. 5.38%, 01/15/2025 (A)		6,439,000		6,640,219
Virgin Media Finance PLC 6.00%, 10/15/2024 (A)		2,000,000		2,062,500
				57,932,738
Electric Utilities - 0.6%
Elwood Energy LLC 8.16%, 07/05/2026		4,180,631		4,538,852
NextEra Energy Operating Partners, LP 4.25%, 07/15/2024 (A)		2,213,000		2,273,194
Vistra Operations Co. LLC 5.00%, 07/31/2027 (A)		1,343,000		1,386,648
				8,198,694
Energy Equipment & Services - 1.7%
CSI Compressco, LP / CSI Compressco Finance, Inc.
7.25%, 08/15/2022		5,472,000		4,870,080
7.50%, 04/01/2025 (A)		1,431,000		1,388,070
Genesis Energy, LP / Genesis Energy Finance Corp.
6.50%, 10/01/2025		2,935,000		2,788,250
6.75%, 08/01/2022		4,908,000		4,932,540
KCA Deutag Finance PLC 9.63%, 04/01/2023 (A)		5,055,000		3,190,969

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Energy Equipment & Services (continued)
Noble Holding International, Ltd.
6.05%, 03/01/2041		$   2,288,000		$   800,800
8.95%, 04/01/2045		2,283,000		958,860
Transocean Sentry, Ltd. 5.38%, 05/15/2023 (A)		2,065,000		2,044,350
USA Compression Partners, LP / USA Compression Finance Corp. 6.88%, 09/01/2027 (A)		3,012,000		3,012,000
				23,985,919
Entertainment - 0.5%
Netflix, Inc.
4.88%, 06/15/2030 (A)		2,325,000		2,350,575
5.38%, 11/15/2029 (A)		851,000		895,677
5.88%, 11/15/2028		3,851,000		4,240,914
				7,487,166
Equity Real Estate Investment Trusts - 3.0%
CBL & Associates, LP
5.25%, 12/01/2023 (B)		7,893,000		5,526,679
5.95%, 12/15/2026		22,000		14,630
HAT Holdings I LLC / HAT Holdings II LLC 5.25%, 07/15/2024 (A)		2,690,000		2,827,862
Iron Mountain, Inc.
5.25%, 03/15/2028 (A)		9,877,000		10,370,850
6.00%, 08/15/2023		2,000,000		2,042,500
iStar, Inc.
5.25%, 09/15/2022		1,438,000		1,472,153
6.00%, 04/01/2022		4,917,000		5,046,071
MGM Growth Properties Operating Partnership, LP / MGP Finance Co-Issuer, Inc. 5.75%, 02/01/2027 (A)		2,539,000		2,869,070
SBA Communications Corp.
4.00%, 10/01/2022		1,665,000		1,698,550
4.88%, 07/15/2022		6,000,000		6,063,780
Service Properties Trust
4.35%, 10/01/2024		2,078,000		2,125,213
4.75%, 10/01/2026		2,278,000		2,335,337
				42,392,695
Food & Staples Retailing - 1.2%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons, LP
5.75%, 03/15/2025		6,134,000		6,346,850
6.63%, 06/15/2024		3,659,000		3,837,376
7.50%, 03/15/2026 (A)		1,383,000		1,536,859
Rite Aid Corp. 6.13%, 04/01/2023 (A)		6,529,000		5,558,137
				17,279,222
Food Products - 2.1%
B&G Foods, Inc. 5.25%, 09/15/2027 (B)		5,509,000		5,495,228
JBS USA LUX SA / JBS USA Finance, Inc. 5.75%, 06/15/2025 (A)		1,794,000		1,863,518
Pilgrim’s Pride Corp. 5.88%, 09/30/2027 (A)		8,022,000		8,595,733

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

Transamerica Funds Annual Report 2019

Page    109

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Food Products (continued)
Post Holdings, Inc.
5.00%, 08/15/2026 (A)		$   4,143,000		$   4,309,134
5.50%, 12/15/2029 (A)		1,120,000		1,180,704
5.63%, 01/15/2028 (A)		2,756,000		2,948,920
8.00%, 07/15/2025 (A)		5,209,000		5,547,585
				29,940,822
Health Care Providers & Services - 5.2%
CHS / Community Health Systems, Inc.
5.13%, 08/01/2021 (B)		1,445,000		1,441,388
6.25%, 03/31/2023		2,212,000		2,155,318
8.00%, 03/15/2026 (A)		8,385,000		8,196,337
8.13%, 06/30/2024 (A)		1,120,000		851,200
DaVita HealthCare Partners, Inc. 5.13%, 07/15/2024		3,669,000		3,745,205
DaVita, Inc. 5.00%, 05/01/2025		2,556,000		2,582,071
Encompass Health Corp.
4.50%, 02/01/2028		1,697,000		1,735,183
4.75%, 02/01/2030		1,189,000		1,226,156
5.75%, 11/01/2024 - 09/15/2025		8,688,000		8,912,717
HCA Healthcare, Inc. 6.25%, 02/15/2021		3,888,000		4,072,680
HCA, Inc.
5.88%, 02/15/2026 - 02/01/2029		10,528,000		11,861,710
7.50%, 02/15/2022 - 11/06/2033		7,670,000		8,580,065
Tenet Healthcare Corp.
4.88%, 01/01/2026 (A)		3,325,000		3,441,375
5.13%, 05/01/2025		4,130,000		4,228,088
5.13%, 11/01/2027 (A)		3,325,000		3,458,000
6.75%, 06/15/2023		2,401,000		2,541,338
8.13%, 04/01/2022		4,319,000		4,670,135
				73,698,966
Hotels, Restaurants & Leisure - 7.6%
Boyd Gaming Corp.
6.00%, 08/15/2026		1,911,000		2,020,883
6.38%, 04/01/2026		2,760,000		2,932,500
6.88%, 05/15/2023		6,165,000		6,396,187
Boyne, Inc. 7.25%, 05/01/2025 (A)		4,944,000		5,401,320
GLP Capital, LP / GLP Financing II, Inc. 5.25%, 06/01/2025		3,831,000		4,200,768
Hilton Domestic Operating Co., Inc.
4.88%, 01/15/2030 6/10/2019 (A) (H)		2,537,000		2,695,563
5.13%, 05/01/2026		4,585,000		4,814,250
International Game Technology PLC
6.25%, 02/15/2022 - 01/15/2027 (A)		7,217,000		7,630,862
6.50%, 02/15/2025 (A)		946,000		1,051,243
Marriott Ownership Resorts, Inc. / ILG LLC 6.50%, 09/15/2026		4,201,000		4,542,247
MGM Resorts International
5.50%, 04/15/2027		4,189,000		4,607,900
5.75%, 06/15/2025		6,384,000		7,078,260
6.63%, 12/15/2021		3,881,000		4,206,034
NCL Corp., Ltd. 4.75%, 12/15/2021 (A)		4,102,000		4,158,403

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Hotels, Restaurants & Leisure (continued)
Scientific Games International, Inc.
5.00%, 10/15/2025 (A)		$   3,947,000		$   4,065,410
8.25%, 03/15/2026 (A)		5,211,000		5,510,632
10.00%, 12/01/2022		8,444,000		8,686,765
Viking Cruises, Ltd.
5.88%, 09/15/2027 (A)		10,761,000		11,433,562
6.25%, 05/15/2025 (A)		5,512,000		5,746,260
Waterford Gaming LLC / Waterford Gaming Financial Corp. 8.63%, 09/15/2049 (A) (G) (I) (J) (K) (L)		1,066,313		0
Wyndham Destinations, Inc.
4.25%, 03/01/2022		1,780,000		1,815,600
5.40%, 04/01/2024 (B)		6,321,000		6,700,260
5.75%, 04/01/2027		2,681,000		2,928,993
				108,623,902
Household Durables - 2.6%
Beazer Homes, Inc.
5.88%, 10/15/2027 (B)		4,635,000		4,542,300
6.75%, 03/15/2025		1,314,000		1,359,990
7.25%, 10/15/2029 (A)		2,126,000		2,226,985
Century Communities, Inc.
5.88%, 07/15/2025		7,937,000		8,254,480
6.75%, 06/01/2027 (A)		2,955,000		3,161,850
KB Home
4.80%, 11/15/2029 (E)		1,703,000		1,716,837
7.50%, 09/15/2022		4,108,000		4,631,770
7.63%, 05/15/2023		2,525,000		2,869,031
Lennar Corp.
4.75%, 05/30/2025		1,600,000		1,712,000
5.00%, 06/15/2027		3,208,000		3,464,640
Meritage Homes Corp.
5.13%, 06/06/2027		1,570,000		1,691,675
7.15%, 04/15/2020		953,000		970,869
				36,602,427
Independent Power & Renewable Electricity Producers - 1.2%
Calpine Corp.
5.25%, 06/01/2026 (A)		4,839,000		5,032,560
6.00%, 01/15/2022 (A)		5,079,000		5,086,111
NRG Energy, Inc. 7.25%, 05/15/2026		2,823,000		3,091,270
Vistra Energy Corp. 7.63%, 11/01/2024		3,843,000		3,989,418
				17,199,359
Insurance - 1.4%
Genworth Holdings, Inc.
4.80%, 02/15/2024 (B)		2,000,000		1,855,000
4.90%, 08/15/2023		2,924,000		2,752,946
Hartford Financial Services Group, Inc. 3-Month LIBOR + 2.13%, 4.28% (C), 02/12/2067 (A)		8,676,000		7,651,885
Lincoln National Corp. 3-Month LIBOR + 2.36%, 4.48% (C), 05/17/2066		9,729,000		8,186,384
				20,446,215

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

Transamerica Funds Annual Report 2019

Page    110

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Leisure Products - 0.4%
Mattel, Inc.
3.15%, 03/15/2023 (B)		$   1,554,000		$   1,480,185
5.45%, 11/01/2041		1,400,000		1,119,972
6.75%, 12/31/2025 (A)		2,862,000		2,987,212
				5,587,369
Machinery - 1.4%
Colfax Corp.
6.00%, 02/15/2024 (A)		2,885,000		3,058,100
6.38%, 02/15/2026 (A)		845,000		914,713
Meritor, Inc. 6.25%, 02/15/2024		9,976,000		10,225,400
Novelis Corp.
5.88%, 09/30/2026 (A)		1,793,000		1,882,829
6.25%, 08/15/2024 (A)		3,525,000		3,692,437
				19,773,479
Media - 7.2%
Adelphia Communications Corp.
9.25%, 10/01/2049 (I) (J) (M)		1,305,000		91
10.25%, 06/15/2049 - 11/01/2049 (I) (J) (M)		1,460,000		102
Altice France SA 7.38%, 05/01/2026 (A)		8,459,000		9,058,278
Altice SA 7.63%, 02/15/2025 (A)		1,450,000		1,495,313
Cablevision Systems Corp. 8.00%, 04/15/2020		2,116,000		2,168,900
CCO Holdings LLC / CCO Holdings Capital Corp.
4.75%, 03/01/2030 (A)		3,400,000		3,466,980
5.00%, 02/01/2028 (A)		3,937,000		4,117,708
5.38%, 06/01/2029 (A)		1,590,000		1,697,325
5.50%, 05/01/2026 (A)		4,777,000		5,033,764
5.75%, 01/15/2024		1,005,000		1,029,824
5.75%, 02/15/2026 (A)		6,537,000		6,903,072
Clear Channel Worldwide Holdings, Inc.
5.13%, 08/15/2027 (A)		2,800,000		2,914,604
9.25%, 02/15/2024 2/7/2019 - 2/12/2019 (A)		3,651,000		4,016,100
CSC Holdings LLC
6.63%, 10/15/2025 (A)		7,331,000		7,807,515
7.50%, 04/01/2028 (A)		1,901,000		2,143,378
7.75%, 07/15/2025 (A)		2,536,000		2,719,860
10.88%, 10/15/2025 (A)		2,107,000		2,377,665
Diamond Sports Group LLC / Diamond Sports Finance Co.
5.38%, 08/15/2026 (A)		2,259,000		2,360,655
6.63%, 08/15/2027 (A) (B)		609,000		627,270
DISH DBS Corp.
5.00%, 03/15/2023		5,072,000		5,110,040
5.88%, 07/15/2022		975,000		1,019,665
6.75%, 06/01/2021		3,254,000		3,416,700
7.75%, 07/01/2026 (B)		6,085,000		6,138,852
Gray Television, Inc. 7.00%, 05/15/2027 (A)		1,327,000		1,451,406
LCPR Senior Secured Financing DAC 6.75%, 10/15/2027 (A)		2,585,000		2,652,856
Scripps Escrow, Inc. 5.88%, 07/15/2027 (A)		1,563,000		1,601,606

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Media (continued)
Sirius XM Radio, Inc.
4.63%, 07/15/2024 (A)		$   1,978,000		$   2,067,010
5.50%, 07/01/2029 (A)		1,598,000		1,727,358
Univision Communications, Inc. 5.13%, 05/15/2023 (A)		9,356,000		9,356,000
Ziggo Bond Co. BV 6.00%, 01/15/2027 (A)		3,225,000		3,370,125
Ziggo BV 5.50%, 01/15/2027 (A)		3,752,000		3,958,360
				101,808,382
Metals & Mining - 3.4%
Alcoa Nederland Holding BV 7.00%, 09/30/2026 (A)		3,945,000		4,285,256
Cleveland-Cliffs, Inc.
4.88%, 01/15/2024 (A)		3,126,000		3,211,965
5.75%, 03/01/2025 (B)		710,000		701,125
5.88%, 06/01/2027 (A)		3,403,000		3,245,611
Constellium SE
5.75%, 05/15/2024 (A) (B)		5,213,000		5,363,395
6.63%, 03/01/2025 (A) (B)		4,714,000		4,933,437
First Quantum Minerals, Ltd. 7.25%, 04/01/2023 (A)		1,918,000		1,923,994
Freeport-McMoRan, Inc.
4.55%, 11/14/2024 (B)		1,500,000		1,560,000
5.45%, 03/15/2043		5,050,000		4,696,500
Mineral Resources, Ltd. 8.13%, 05/01/2027 (A)		3,492,000		3,675,330
New Gold, Inc.
6.25%, 11/15/2022 (A)		2,858,000		2,858,000
6.38%, 05/15/2025 (A)		4,117,000		3,911,562
Teck Resources, Ltd.
6.00%, 08/15/2040		6,513,000		7,043,019
6.25%, 07/15/2041		643,000		716,549
				48,125,743
Oil, Gas & Consumable Fuels - 11.2%
Antero Resources Corp. 5.00%, 03/01/2025 (B)		3,322,000		2,192,520
Brazos Valley Longhorn LLC / Brazos Valley Longhorn Finance Corp. 6.88%, 02/01/2025		2,789,000		2,189,365
Callon Petroleum Co.
6.13%, 10/01/2024		6,801,000		6,460,950
6.38%, 07/01/2026		1,680,000		1,566,600
Carrizo Oil & Gas, Inc.
6.25%, 04/15/2023 (B)		3,112,000		2,894,160
8.25%, 07/15/2025		4,208,000		3,997,600
Cheniere Corpus Christi Holdings LLC 5.88%, 03/31/2025		2,801,000		3,105,861
Cheniere Energy Partners, LP 5.63%, 10/01/2026		3,609,000		3,812,006
Chesapeake Energy Corp.
7.00%, 10/01/2024		2,717,000		1,833,975
7.50%, 10/01/2026		3,952,000		2,529,280
8.00%, 06/15/2027 (B)		2,906,000		1,816,250
Continental Resources, Inc. 5.00%, 09/15/2022		2,335,000		2,352,827

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

Transamerica Funds Annual Report 2019

Page    111

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
CrownRock, LP / CrownRock Finance, Inc. 5.63%, 10/15/2025 (A)		$   5,692,000		$   5,564,044
DCP Midstream Operating, LP 5.38%, 07/15/2025		851,000		894,869
DCP Midstream, LP Fixed until 12/15/2022 (D), 7.38% (C)		3,349,000		3,223,412
Denbury Resources, Inc.
7.75%, 02/15/2024 (A)		1,903,000		1,398,705
9.00%, 05/15/2021 (A)		4,262,000		3,729,250
eG Global Finance PLC
6.75%, 02/07/2025 (A)		4,711,000		4,711,000
8.50%, 10/30/2025 (A)		1,447,000		1,519,900
EP Energy LLC / Everest Acquisition Finance, Inc.
7.75%, 05/15/2026 (A)		3,079,000		2,139,905
8.00%, 11/29/2024 (A)		1,526,000		625,660
Gulfport Energy Corp.
6.00%, 10/15/2024		2,007,000		1,289,498
6.38%, 05/15/2025 - 01/15/2026		5,590,000		3,377,745
HighPoint Operating Corp. 8.75%, 06/15/2025		4,089,000		3,639,210
Kinder Morgan, Inc. 8.05%, 10/15/2030, MTN		2,486,000		3,284,163
Moss Creek Resources Holdings, Inc.
7.50%, 01/15/2026 (A)		853,000		575,775
10.50%, 05/15/2027 (A)		2,410,000		1,861,725
NuStar Logistics, LP
4.80%, 09/01/2020		7,306,000		7,362,768
5.63%, 04/28/2027		2,431,000		2,528,240
6.00%, 06/01/2026		531,000		567,480
6.75%, 02/01/2021		2,632,000		2,727,226
Oasis Petroleum, Inc.
6.25%, 05/01/2026 (A) (B)		2,399,000		1,631,320
6.88%, 03/15/2022		6,285,000		5,515,087
Parkland Fuel Corp. 5.88%, 07/15/2027 (A)		2,935,000		3,106,169
Parsley Energy LLC / Parsley Finance Corp.
5.25%, 08/15/2025 (A)		1,778,000		1,822,486
5.38%, 01/15/2025 (A)		3,704,000		3,813,194
5.63%, 10/15/2027 (A)		683,000		705,198
PDC Energy, Inc. 6.13%, 09/15/2024		6,916,000		6,712,842
Shelf Drilling Holdings, Ltd. 8.25%, 02/15/2025 (A)		4,416,000		3,709,440
SM Energy Co.
6.13%, 11/15/2022		3,265,000		3,109,912
6.63%, 01/15/2027 (B)		4,965,000		4,183,012
6.75%, 09/15/2026 (B)		812,000		696,290
Southwestern Energy Co. 7.50%, 04/01/2026		4,737,000		4,157,144
Summit Midstream Holdings LLC / Summit Midstream Finance Corp. 5.75%, 04/15/2025		2,540,000		1,968,500
Summit Midstream Partners, LP Fixed until 12/15/2022 (D), 9.50% (C)		4,110,000		2,342,700

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Targa Resources Partners, LP / Targa Resources Partners Finance Corp.
5.00%, 01/15/2028		$   3,140,000		$   3,108,600
5.13%, 02/01/2025		4,256,000		4,362,485
5.88%, 04/15/2026		2,030,000		2,119,016
6.50%, 07/15/2027 (A)		1,228,000		1,313,985
6.75%, 03/15/2024		5,238,000		5,432,421
Ultra Resources, Inc.
6.88%, 04/15/2022 (A)		811,000		81,100
7.13%, 04/15/2025 (A)		3,098,000		309,800
Whiting Petroleum Corp.
5.75%, 03/15/2021		4,081,000		3,836,140
6.63%, 01/15/2026 (B)		3,734,000		2,315,080
WPX Energy, Inc.
5.25%, 09/15/2024		3,026,000		3,056,260
8.25%, 08/01/2023		4,190,000		4,671,850
				159,852,000
Paper & Forest Products - 0.6%
Boise Cascade Co. 5.63%, 09/01/2024 (A)		1,500,000		1,560,000
Norbord, Inc. 6.25%, 04/15/2023 (A)		6,660,000		7,084,575
				8,644,575
Pharmaceuticals - 2.1%
Bausch Health Americas, Inc. 8.50%, 01/31/2027 (A)		1,892,000		2,123,202
Bausch Health Cos., Inc.
5.50%, 11/01/2025 (A)		1,745,000		1,823,542
5.88%, 05/15/2023 (A)		3,960,000		4,019,400
6.13%, 04/15/2025 (A)		6,271,000		6,510,082
6.50%, 03/15/2022 (A)		866,000		890,898
7.00%, 01/15/2028 (A)		1,755,000		1,893,206
Endo Dac / Endo Finance LLC / Endo Finco, Inc. 6.00%, 07/15/2023 (A)		8,012,000		5,297,935
Endo Finance LLC / Endo Finco, Inc. 5.38%, 01/15/2023 (A)		1,221,000		769,230
Par Pharmaceutical, Inc. 7.50%, 04/01/2027 (A)		2,019,000		1,918,050
Teva Pharmaceutical Finance III BV
2.20%, 07/21/2021		1,000,000		948,020
6.75%, 03/01/2028 (B)		4,473,000		4,012,807
				30,206,372
Road & Rail - 1.6%
Avolon Holdings Funding, Ltd.
5.13%, 10/01/2023 (A)		3,558,000		3,839,082
5.25%, 05/15/2024 (A)		850,000		926,925
Hertz Corp.
5.50%, 10/15/2024 (A)		6,240,000		6,190,704
6.25%, 10/15/2022		2,029,000		2,046,145
7.13%, 08/01/2026 (A)		2,038,000		2,104,235
Park Aerospace Holdings, Ltd. 5.25%, 08/15/2022 (A)		971,000		1,034,066
Uber Technologies, Inc. 7.50%, 09/15/2027 (A)		6,787,000		6,685,195
				22,826,352

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

Transamerica Funds Annual Report 2019

Page    112

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Semiconductors & Semiconductor Equipment - 0.4%
NXP BV / NXP Funding LLC 3.88%, 09/01/2022 (A)		$   4,620,000		$   4,777,513
Sensata Technologies, Inc. Co. 4.38%, 02/15/2030 (A)		614,000		618,221
				5,395,734
Software - 0.8%
Infor, Inc. 6.50%, 05/15/2022		7,346,000		7,447,007
Sophia, LP / Sophia Finance, Inc. 9.00%, 09/30/2023 (A)		4,254,000		4,368,305
				11,815,312
Specialty Retail - 1.1%
L Brands, Inc.
5.25%, 02/01/2028		700,000		649,250
6.75%, 07/01/2036		4,502,000		3,736,660
6.88%, 11/01/2035		6,144,000		5,222,400
7.50%, 06/15/2029		1,182,000		1,172,781
Staples, Inc. 7.50%, 04/15/2026 (A)		5,076,000		5,280,055
				16,061,146
Technology Hardware, Storage & Peripherals - 2.0%
Dell International LLC / EMC Corp.
5.88%, 06/15/2021 (A)		1,739,000		1,765,746
7.13%, 06/15/2024 (A)		6,511,000		6,903,288
8.35%, 07/15/2046 (A)		2,901,000		3,862,897
NCR Corp.
5.75%, 09/01/2027 (A)		1,656,000		1,697,400
6.13%, 09/01/2029 (A)		1,935,000		2,026,912
Seagate HDD Cayman
4.25%, 03/01/2022		1,855,000		1,920,777
4.75%, 01/01/2025 (B)		1,044,000		1,104,684
4.88%, 03/01/2024		3,868,000		4,111,801
Western Digital Corp. 4.75%, 02/15/2026 (B)		5,178,000		5,291,398
				28,684,903
Trading Companies & Distributors - 1.3%
United Rentals North America, Inc.
4.63%, 10/15/2025		2,696,000		2,756,660
5.50%, 07/15/2025 - 05/15/2027		11,668,000		12,126,168
6.50%, 12/15/2026		3,657,000		3,958,702
				18,841,530
Wireless Telecommunication Services - 1.6%
Sprint Corp.
7.13%, 06/15/2024		10,138,000		10,999,730
7.25%, 09/15/2021		3,268,000		3,487,152
7.63%, 03/01/2026		1,850,000		2,046,562
T-Mobile, Inc.
4.00%, 04/15/2022		1,493,000		1,541,090
4.50%, 02/01/2026		2,854,000		2,943,187
6.50%, 01/15/2024		1,882,000		1,954,928
				22,972,649
Total Corporate Debt Securities (Cost $1,336,726,787)				1,328,056,142

	Principal		Value
LOAN ASSIGNMENTS - 2.1%
Hotels, Restaurants & Leisure - 0.4%
Connect Finco SARL Term Loan B, TBD, 09/23/2026 (E) (N)		$   5,319,000		$   5,239,215
Machinery - 0.2%
Cortes NP Acquisition Corp. Term Loan B, 1-Month LIBOR + 4.00%, 5.93% (C), 11/30/2023		3,723,168		3,499,778
Software - 1.0%
Avaya, Inc.
Term Loan B,
1-Month LIBOR + 4.25%, 6.16% (C), 12/15/2024		4,317,016		4,111,958
1-Month LIBOR + 4.25%, 6.17% (C), 12/15/2024		2,575,370		2,453,040
Infor, Inc. Term Loan B6, 3-Month LIBOR + 2.75%, 4.85% (C), 02/01/2022		6,951,076		6,951,076
				13,516,074
Wireless Telecommunication Services - 0.5%
Sprint Communications, Inc.
1st Lien Term Loan B,
1-Month LIBOR + 2.50%, 4.31% (C), 02/02/2024		6,053,435		5,980,291
Term Loan B,
1-Month LIBOR + 3.00%, 4.81% (C), 02/02/2024		1,048,624		1,042,507
				7,022,798
Total Loan Assignments (Cost $29,762,428)				29,277,865
	Shares		Value
COMMON STOCKS - 0.4%
Chemicals - 0.2%
Hexion Holdings Corp., Class B (K)		273,716		2,764,532
Electric Utilities - 0.2%
Homer City Generation LLC (H) (I) (J) (K)		270,659		2,167,978
Software - 0.0% (O)
ASG WT Corp. (I) (J) (K)		1,265		88,436
Total Common Stocks (Cost $22,546,736)				5,020,946
PREFERRED STOCKS - 1.2%
Banks - 1.0%
GMAC Capital Trust I, Series 2, 3-Month LIBOR + 5.79%, 7.94% (C)		569,050		15,028,610
Building Products - 0.2%
Associated Materials Group, Inc., PIK Rate 0.00%, Cash Rate 0.00% (F) (H) (I) (J)		11,675,323		2,335,065
Total Preferred Stocks (Cost $26,030,993)				17,363,675

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

Transamerica Funds Annual Report 2019

Page    113

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Shares		Value
WARRANT - 0.0%
Building Products - 0.0%
Associated Materials Group, Inc., (G) (H) (I) (J) (K) Exercise Price $0, Expiration Date 11/17/2023		116,602		$   0
Total Warrant (Cost $16,134)				0
OTHER INVESTMENT COMPANY - 4.2%
Securities Lending Collateral - 4.2%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.75% (P)		60,263,098		60,263,098
Total Other Investment Company (Cost $60,263,098)				60,263,098

	Principal		Value
REPURCHASE AGREEMENT - 2.6%
Fixed Income Clearing Corp., 0.85% (P), dated 10/31/2019, to be repurchased at $37,449,270 on 11/01/2019. Collateralized by a U.S. Government Obligation, 1.75%, due 06/15/2022, and with a value of $38,197,686.		$  37,448,386		$   37,448,386
Total Repurchase Agreement (Cost $37,448,386)				37,448,386
Total Investments (Cost $1,512,794,562)				1,477,430,112
Net Other Assets (Liabilities)  - (3.9)%				(55,860,228	)
Net Assets  - 100.0%				$  1,421,569,884

SECURITY VALUATION:

Valuation Inputs ^(Q)

	Level 1 -  Unadjusted Quoted Prices		Level 2 -  Other Significant Observable Inputs		Level 3 -  Significant Unobservable Inputs (R)		Value
ASSETS
Investments
Corporate Debt Securities	$	—	$	1,328,055,949	$	193	$	1,328,056,142
Loan Assignments		—		29,277,865		—		29,277,865
Common Stocks		2,764,532		—		2,256,414		5,020,946
Preferred Stocks		15,028,610		—		2,335,065		17,363,675
Warrant		—		—		0		0
Other Investment Company		60,263,098		—		—		60,263,098
Repurchase Agreement		—		37,448,386		—		37,448,386
Total Investments	$	78,056,240	$	1,394,782,200	$	4,591,672	$	1,477,430,112

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2019, the total value of 144A securities is $682,019,975, representing 48.0% of the Fund’s net assets.
(B)	All or a portion of the securities are on loan. The total value of all securities on loan is $59,028,410. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(C)	Floating or variable rate securities. The rates disclosed are as of October 31, 2019. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(D)	Perpetual maturity. The date displayed is the next call date.
(E)	When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after October 31, 2019. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(F)	Payment in-kind. Securities pay interest or dividends in the form of additional bonds or preferred stock. If the securities make a cash payment in addition to in-kind, the cash rate is disclosed separately.
(G)	Rounds to less than $1 or $(1).

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

Transamerica Funds Annual Report 2019

Page    114

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(H) Restricted securities. At October 31, 2019, the value of such securities held by the Fund are as follows:

Investments	Description	Acquisition Date		Acquisition Cost		Value			Value as Percentage of Net Assets
Corporate Debt Securities	Hilton Domestic Operating Co., Inc. 4.88%, 01/15/2030		6/10/2019	$	2,537,000	$	2,695,563			0.2	%
Common Stocks	Homer City Generation LLC		8/21/2017		13,906,767		2,167,978			0.1
Preferred Stocks	Associated Materials Group, Inc., 0.00%		6/30/2017 - 6/30/2019		11,305,953		2,335,065			0.2
Warrant	Associated Materials Group, Inc., 11/17/2023		3/24/2017		16,134		0	(G)		0.0	(O)
Total				$	27,765,854	$	7,198,606			0.5	%

(I)	Securities are Level 3 of the fair value hierarchy.
(J)	Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2019, the total value of securities is $4,591,672, representing 0.3% of the Fund’s net assets.
(K)	Non-income producing securities.
(L)	Security in default; no interest payments received and/or dividends declared during the last 12 months. At October 31, 2019, the value of this security is $0, representing less than 0.1% of the Fund net assets.
(M)	Escrow positions. Positions represents remaining escrow balances expected to be received upon finalization of restructuring.
(N)	All or a portion of the security represents an unsettled loan commitment at October 31, 2019 where the rate will be determined at time of settlement.
(O)	Percentage rounds to less than 0.1% or (0.1)%.
(P)	Rates disclosed reflect the yields at October 31, 2019.
(Q)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(R)	Level 3 securities were not considered significant to the Fund.

PORTFOLIO ABBREVIATIONS:

CMT	Constant Maturity Treasury
LIBOR	London Interbank Offered Rate
MTN	Medium Term Note

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

Transamerica Funds Annual Report 2019

Page    115

Transamerica High Yield Muni

(unaudited)

MARKET ENVIRONMENT

The municipal and Treasury rally that concluded 2018 continued its surge to start 2019 following the inability of President Trump and Chinese President Xi to successfully negotiate a new trade deal. The Chinese-U.S. trade war was one of the main contributors to Treasury and municipal performance, as investors flooded to safe assets after President Trump’s increase on Chinese tariffs boosted fears of a global economic slowdown in 2019. The largest rally throughout the year came in August 2019, when President Trump announced a 10% tariff, with the possible threat of a later 25% tariff on $300 billion of Chinese imports that would affect American consumers directly. The tariff announcement led to a 52 basis point (“bps”) and 57 bps rally, in 10-year and 30-year Treasuries respectively over the course of the month, setting multi-year lows, last seen in July 2016 and the lowest level of the Trump administration. In fear of a global economic slowdown, the Federal Reserve (“Fed”) enacted three rate cuts in 2019, negating the rate hikes experienced in 2018 in an attempt to insulate the economy from slowing global demand and market uncertainty.

As a result of long-dated Treasuries tightening over 100 bps throughout the fiscal year, the market has seen an uptick in municipal supply, as issuers tried to take advantage of lower yields to refinance their debt. Fund flows remained positive each month in 2019 due to the rally in rates and the demand for tax-sheltered income, as taxpayers faced the state and local tax (“SALT”) deduction cap in which taxpayers could only deduct a maximum of $10,000 from their federal tax returns. Investors flooded to municipals following April 2019, as taxpayers saw higher tax bills following the enactment of the SALT tax deduction. The $10,000 cap is not adjusted for inflation, so we expect that the demand for tax sheltered income will remain constant in the upcoming years.

PERFORMANCE

For the year ended October 31, 2019, the Transamerica High Yield Muni (Class A) returned 9.54%, excluding any sales charges. By comparison, its benchmark, the Bloomberg Barclays High Yield Municipal Bond Index, returned 11.65%.

STRATEGY REVIEW

We have preferred higher quality credits than the benchmark in the current market environment, as evidenced by the fund’s over 40% exposure to investment-grade credits. We have maintained a continued focus on diligent credit analysis in smaller deals, lesser-known issuers, and areas of the market we believe to be over-looked and under-valued by Wall Street. The Fund has remained very selective in the new issuance coming to market in terms of pay-ability and feasibility, as issuers look to take advantage of the multi-year lows in interest rates. The Fund maintains its wary stance on new project finance deals that were unable to clear the market previously. More recently, however, we have been able to buy these deals as investors have been willing to accept higher risk in search of higher yielding positions. We look to take advantage of such opportunities, when comfortable with the credit, while also keeping an active management approach to sell out of positions that, in our opinion, may no longer be providing enough value for the risk potential.

Although the Fund was positioned almost a half-year longer than the benchmark as measured by duration, it underperformed due to its overweight short-term positions in the zero- to one-year maturity bucket. With the dramatic rally in interest rates, the Fund would have been better positioned to allocate longer out on the curve, as it was underweighted in long bonds (22-years+) compared to the benchmark. Such portfolio positioning is the primary reason the Fund underperformed, despite having a slightly longer duration in a falling interest rate environment.

The Fund’s allocation across the credit spectrum was a detractor from performance as our investment grade holdings did not benefit from spread compression as much as the benchmark’s high yield holdings. Throughout the fiscal year, the Fund was materially underweight below-investment-grade and non-rated bonds.

Revenue bonds detracted from performance during the period. Relative to the benchmark, the Fund was underweight housing, hospital, special tax bonds, which were all sectors that generated positive returns. However, we were overweight in the education sector which was the best performing sector due to our highly selective exposure to charter school and secondary education investments.

Though the Fund was overweight in Puerto Rico, the exposure was limited to insured credits which have not traded at the same elevated spreads as the non-insured bonds, and thus did not realize the same outperformance seen in the non-insured credits, as the benchmark’s exposure to Puerto Rico is concentrated in these non-insured names. The Fund’s best performing state was Georgia due to strong credit selection and spread tightening.

Matthew Dalton

Brian Steeves

Co-Portfolio Managers

Belle Haven Investments, L.P.

Transamerica Funds Annual Report 2019

Page    116

Transamerica High Yield Muni

(unaudited)

Asset Allocation	Percentage of Net Assets
Municipal Government Obligations		93.5	%
Repurchase Agreement		2.2
Corporate Debt Securities		0.9
Investment Companies		0.7
Preferred Stock		0.4
Other Investment Company		0.0	*
Net Other Assets (Liabilities)		2.3
Total		100.0	%

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

Credit Quality ‡	Percentage of Net Assets
AAA		2.2	%
AA		18.3
A		4.0
BBB		23.8
BB		12.5
B		4.2
CCC and Below		1.4
Not Rated		31.3
Net Other Assets (Liabilities)		2.3
Total		100.0	%

Fund Characteristics	Years
Average Maturity §		5.40
Duration †		4.31

§ Average Maturity is computed by weighting the maturity of each security in the Fund by the market value of the security, then averaging these weighted figures.

† Duration is a time measure of a bond’s interest rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder.

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

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

Transamerica Funds Annual Report 2019

Page    117

Transamerica High Yield Muni

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		5.98	%		4.44	%		6.61	%		07/31/2013
Class A (NAV)		9.54	%		5.14	%		7.18	%		07/31/2013
Bloomberg Barclays High Yield Municipal Bond Index (A)		11.65	%		6.11	%		6.58	%
Class C (POP)		7.89	%		4.53	%		6.57	%		07/31/2013
Class C (NAV)		8.89	%		4.53	%		6.57	%		07/31/2013
Class I (NAV)		9.70	%		5.31	%		7.36	%		07/31/2013
Class I2 (NAV)		9.73	%		N/A			3.84	%		09/30/2016

^(A) The Bloomberg Barclays High Yield Municipal Bond Index is comprised of bonds that are non-investment grade, unrated, or rated below Ba1 by Moody’s Investors Service with a remaining maturity of at least one year.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 3.25% for A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I and I2 shares.

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

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

Municipal bond prices can rise or fall depending on interest rates. Interest rates may go up, causing the value of the Fund’s investments to decline. All municipal bonds carry credit risk that the issuer will default or be unable to make timely payments of interest and principal. Generally, lower rated bonds carry more credit risk. High-yield bonds (junk bonds) may be subject to greater volatility and risks as the income derived from these securities is not guaranteed and may be unpredictable and the value of these securities tends to decline when interest rates increases. The Fund is classified as “non-diversified,” which means it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. To the extent the Fund invests its assets in fewer issuers, the Fund will be more susceptible to negative events affecting those issuers.

Transamerica Funds Annual Report 2019

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Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES - 0.9%
Construction & Engineering - 0.3%
CalAtlantic Group, Inc. 5.88%, 11/15/2024		$  350,000		$  365,750
Food & Staples Retailing - 0.6%
Ingles Markets, Inc. 5.75%, 06/15/2023		582,000		593,640
Total Corporate Debt Securities (Cost $918,871)				959,390
MUNICIPAL GOVERNMENT OBLIGATIONS - 93.5%
Alabama - 0.6%
Alabama Industrial Development Authority, Revenue Bonds, 6.45% (A), 12/01/2023		175,000		177,445
Alabama Special Care Facilities Financing Authority, Revenue Bonds, 5.75%, 06/01/2045		25,000		27,951
County of Perry, General Obligation Unlimited
Series A,
5.50%, 12/01/2040		50,000		51,137
Series B,
7.38%, 12/01/2030		365,000		375,030
				631,563
Arizona - 2.5%
Arizona Industrial Development Authority, Revenue Bonds, Series B, 5.13%, 01/01/2054		50,000		55,209
Industrial Development Authority of the City of Phoenix, Revenue Bonds
4.63%, 07/01/2026 (B)		600,000		640,602
Series A,
4.00%, 07/01/2022 (B)		500,000		499,620
Industrial Development Authority of the County of Pima, Revenue Bonds, 6.95%, 07/01/2041		150,000		150,273
La Paz County Industrial Development Authority, Revenue Bonds, 5.88%, 06/15/2048 (B)		500,000		521,765
Maricopa County Industrial Development Authority, Revenue Bonds, 5.00%, 07/01/2036		110,000		124,457
Tempe Industrial Development Authority, Revenue Bonds, Series B, 5.35%, 10/01/2025 (B)		750,000		782,002
				2,773,928
Arkansas - 0.0% (C)
Saline County Property Owners Improvement District No. 49, General Obligation Limited, Series A, 5.75%, 02/01/2036		15,000		15,006
California - 9.6%
California County Tobacco Securitization Agency, Revenue Bonds
5.70% (D), 06/01/2046		260,000		261,706
5.75%, 06/01/2029		15,000		15,155
5.88%, 06/01/2035		180,000		181,766

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
California County Tobacco Securitization Agency, Revenue Bonds (continued)
Series A,
5.88%, 06/01/2043		$   45,000		$   45,612
California Municipal Finance Authority, Revenue Bonds
4.00%, 08/15/2020 (B)		250,000		253,237
5.00%, 01/01/2049		1,000,000		1,186,890
Series A,
5.50%, 06/01/2038 (B)		700,000		785,939
California Public Finance Authority, Revenue Bonds, 5.00%, 06/15/2049 (B)		250,000		256,630
California Statewide Communities Development Authority, Revenue Bonds
5.00%, 11/01/2048		950,000		1,056,580
Series A,
5.25%, 12/01/2056 (B)		500,000		564,015
Series B,
6.00%, 12/01/2024		210,000		228,789
California Statewide Financing Authority, Revenue Bonds
6.00%, 05/01/2037		25,000		25,169
Series A,
5.63%, 05/01/2029		30,000		30,213
City of Beaumont, Special Tax, 5.00%, 09/01/2049		385,000		441,876
Cypress School District, General Obligation Unlimited, Zero Coupon (D), 08/01/2050		100,000		90,524
Golden State Tobacco Securitization Corp., Revenue Bonds Series A-1, 5.00%, 06/01/2026 - 06/01/2047		3,350,000		3,572,698
Palomar Health, Revenue Bonds, 5.00%, 11/01/2028		45,000		53,111
Santa Barbara Unified School District, General Obligation Unlimited, Series B, 5.00%, 08/01/2044		500,000		617,245
Santee School District, General Obligation Unlimited, Series E, AGM, Zero Coupon, 05/01/2051		150,000		52,611
Tobacco Securitization Authority of Northern California, Revenue Bonds, Series A-1, 4.75%, 06/01/2023		60,000		60,286
Tobacco Securitization Authority of Southern California, Revenue Bonds
Series A1,
4.75%, 06/01/2025		15,000		15,016
5.13%, 06/01/2046		90,000		90,103
Upland Community Facilities District, Special Tax, Series A, 3.50%, 09/01/2049		600,000		611,496
				10,496,667

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

Transamerica Funds Annual Report 2019

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Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Colorado - 9.6%
Aerotropolis Regional Transportation Authority, Revenue Bonds, 5.00%, 12/01/2051		$   290,000		$   299,758
Brighton Crossing Metropolitan District No. 4, General Obligation Limited, Series A, 5.00%, 12/01/2047		500,000		529,400
Bromley Park Metropolitan District No. 2, General Obligation Limited, Series B, 6.38%, 12/15/2047		937,000		974,096
Colorado Health Facilities Authority, Revenue Bonds
Series A,
4.00%, 08/01/2049		3,000,000		3,207,480
5.00%, 09/15/2053		250,000		279,745
Colorado International Center Metropolitan District No. 14, General Obligation Limited, 5.88%, 12/01/2046		1,000,000		1,092,570
Denver Connection West Metropolitan District, General Obligation Limited, Series A, 5.38%, 08/01/2047		500,000		522,740
Denver International Business Center Metropolitan District No. 1, General Obligation Limited, 6.00%, 12/01/2048		500,000		524,820
Fronterra Village Metropolitan District No. 2, General Obligation Limited, AGC, 5.00%, 12/01/2037		25,000		25,015
High Plains Metropolitan District, General Obligation Unlimited, NATL, 4.00%, 12/01/2047		415,000		446,308
Painted Prairie Metropolitain District No. 2, General Obligation Limited, 5.25%, 12/01/2048		2,000,000		2,079,960
Park 70 Metropolitan District, General Obligation Unlimited, AGM, 4.00%, 12/01/2048		250,000		271,615
Public Authority for Colorado Energy, Revenue Bonds, 6.50%, 11/15/2038		60,000		91,303
Town of Frisco Marina Enterprise Revenue, Revenue Bonds, 5.00%, 12/01/2048		150,000		158,695
				10,503,505
Connecticut - 0.2%
Connecticut State Health & Educational Facilities Authority, Revenue Bonds, Series J, 5.00%, 07/01/2042		205,000		218,511
South Central Connecticut Regional Water Authority, Revenue Bonds, AGM, 4.50%, 08/01/2038		10,000		10,018
				228,529

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Delaware - 0.9%
Delaware State Economic Development Authority, Revenue Bonds, 5.00%, 08/01/2054		$   835,000		$   950,898
District of Columbia - 1.1%
District of Columbia, Revenue Bonds, Series B, 5.00%, 07/01/2048		100,000		116,241
District of Columbia Tobacco Settlement Financing Corp., Revenue Bonds
6.50%, 05/15/2033		10,000		11,409
6.75%, 05/15/2040		1,000,000		1,032,750
Series A,
Zero Coupon, 06/15/2046		100,000		19,003
				1,179,403
Florida - 1.4%
County of Lake, Revenue Bonds, 5.00%, 01/15/2054 (B)		825,000		873,708
Northern Palm Beach County Improvement District, Special Assessment
4.50%, 08/01/2031		50,000		51,018
5.13%, 08/01/2022		10,000		10,230
Santa Rosa Bay Bridge Authority, Revenue Bonds, ACA-CBI, NATL-IBC, Zero Coupon, 07/01/2020		19,663		19,224
Sarasota National Community Development District, Special Assessment, 5.30%, 05/01/2039		25,000		25,018
St. Johns County Industrial Development Authority, Revenue Bonds, Series A, Fixed until 08/01/2024, 4.13% (A), 08/01/2047		500,000		509,360
				1,488,558
Georgia - 0.2%
Atlanta Development Authority, Revenue Bonds, Series A, ACA, 6.25%, 07/01/2036		20,000		20,090
Gainesville & Hall County Hospital Authority, Revenue Bonds, Series A, 5.50%, 08/15/2054		215,000		251,462
				271,552
Hawaii - 0.3%
State of Hawaii, General Obligation Unlimited, 5.00%, 06/01/2026		30,000		30,085
State of Hawaii Department of Transportation, Revenue Bonds, 5.63%, 11/15/2027		295,000		297,797
				327,882
Idaho - 1.5%
Idaho Housing & Finance Association, Revenue Bonds
Series A,
5.00%, 06/01/2035		285,000		317,148
6.00%, 07/01/2049 - 07/01/2054 (B)		1,155,000		1,321,771
				1,638,919

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

Transamerica Funds Annual Report 2019

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Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois - 13.7%
Chicago Board of Education, General Obligation Unlimited
Series A,
5.50%, 12/01/2039		$   25,000		$   26,205
Series A, AGM,
5.00%, 12/01/2035		550,000		653,664
City of Belleville, Revenue Bonds, Series B, 7.88%, 05/01/2029		275,000		232,430
City of Chicago, General Obligation Unlimited
7.52%, 01/01/2040		205,000		248,370
AMBAC,
5.00%, 01/01/2029		175,000		175,590
Series A,
5.00%, 01/01/2033 - 01/01/2044		1,285,000		1,422,932
6.00%, 01/01/2038		1,195,000		1,417,258
Series A, AGM,
4.75%, 01/01/2036		70,000		70,158
5.00%, 01/01/2026		70,000		70,474
Series A, NATL,
5.00%, 01/01/2029		30,000		30,095
Series B,
5.43%, 01/01/2042		1,450,000		1,462,281
6.21%, 01/01/2032		240,000		263,100
Series C,
Zero Coupon, 01/01/2024		145,000		129,152
5.00%, 01/01/2026 - 01/01/2038		1,015,000		1,116,050
Series C, AGM-CR, NATL-RE,
5.00%, 01/01/2031		50,000		50,136
Series D,
4.30%, 01/01/2024		30,000		30,065
City of Chicago Waterworks Revenue, Revenue Bonds, 5.00%, 11/01/2026		40,000		43,619
Cook County Community College District No. 508, General Obligation Unlimited, 5.50%, 12/01/2038		500,000		538,350
Cook County School District No. 132, General Obligation Limited
Series A, AGM,
4.10%, 12/01/2024		178,000		189,413
4.20%, 12/01/2027		361,000		411,457
Harvard Special Service Area No. 5, Special Assessment, 4.65%, 02/01/2020		105,000		105,142
Illinois Finance Authority, Revenue Bonds
4.00%, 08/01/2032		440,000		462,924
Series A,
5.00%, 07/01/2020		50,000		50,287
Lake County School District No. 38, General Obligation Unlimited, AMBAC, Zero Coupon, 02/01/2020		60,000		59,677
Lombard Public Facilities Corp., Revenue Bonds, Series A-2, ACA-CBI, 5.50%, 01/01/2025		50,000		50,201

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Macoupin Sangamon & Montgomery Counties Community Unit School District, General Obligation Unlimited, BAM, 4.50%, 12/01/2042		$   320,000		$   339,782
Metropolitan Pier & Exposition Authority, Revenue Bonds
Series B,
5.00%, 06/15/2052		15,000		15,694
Series B, AGM,
5.00%, 06/15/2050		185,000		188,883
Series B2,
5.00%, 06/15/2050		15,000		15,163
5.20%, 06/15/2050		25,000		25,302
Northern Illinois University, Revenue Bonds, AGM, 7.95%, 04/01/2035		175,000		178,573
South Sangamon Water Commission, General Obligation Unlimited, 6.13%, 01/01/2041		35,000		35,125
Southern Illinois University, Certificate of Participation Series A-1, BAM, 4.50%, 02/15/2031 - 02/15/2032		125,000		128,365
Southern Illinois University, Revenue Bonds
Series A, AGM,
4.50%, 04/01/2027		25,000		25,078
5.25%, 04/01/2020		135,000		135,410
Series A, NATL,
Zero Coupon, 04/01/2026 - 04/01/2027		175,000		143,225
Series B1,
4.00%, 04/01/2035		20,000		19,705
State of Illinois, General Obligation Unlimited
Zero Coupon (D), 06/01/2033		680,000		671,078
4.13%, 03/01/2028		30,000		30,922
6.63%, 02/01/2035		25,000		29,397
6.75%, 03/01/2029		115,000		131,406
7.10%, 07/01/2035		155,000		189,836
7.35%, 07/01/2035		20,000		24,216
Series A,
5.00%, 05/01/2041		535,000		600,227
Village of North Riverside, Revenue Bonds, AGM, 3.63%, 12/01/2030		565,000		583,289
Village of Oak Lawn, General Obligation Unlimited, Series A, 3.35%, 12/01/2026		415,000		390,278
Village of Rosemont, General Obligation Unlimited, Series A, AGC, 6.00%, 12/01/2035		15,000		18,490
Village of Thayer, Revenue Bonds, Zero Coupon, 05/01/2025		55,000		39,597
Western Illinois Economic Development Authority, Revenue Bonds, 4.00%, 06/01/2036		1,480,000		1,508,327

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

Transamerica Funds Annual Report 2019

Page    121

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Western Illinois University, Certificate of Participation
6.00%, 10/01/2025		$   15,000		$   15,013
6.38%, 10/01/2029		30,000		30,007
Western Illinois University, Revenue Bonds, 3.70%, 04/01/2026		10,000		9,640
Will County Community High School District No. 210, General Obligation Unlimited
Series A,
3.25%, 01/01/2030		45,000		44,926
3.38%, 01/01/2033		25,000		24,883
5.00%, 01/01/2027		55,000		59,087
				14,959,954
Indiana - 1.8%
East Chicago Sanitary District, Revenue Bonds, 4.00%, 07/15/2031		1,320,000		1,425,864
Hamilton County Redevelopment Commission, Tax Allocation, 5.00%, 02/01/2025		70,000		70,123
Indiana Finance Authority, Revenue Bonds
5.00%, 10/01/2044		420,000		451,748
6.00%, 12/01/2019		25,000		25,075
Series A,
4.00%, 11/15/2026		20,000		21,120
				1,993,930
Iowa - 0.5%
Iowa Tobacco Settlement Authority, Revenue Bonds
Series A,
6.50%, 06/01/2023		90,000		91,290
Series C,
5.38%, 06/01/2038		145,000		145,026
5.50%, 06/01/2042		100,000		100,017
5.63%, 06/01/2046		215,000		215,036
				551,369
Kansas - 0.1%
Kansas Rural Water Finance Authority, Revenue Bonds, 4.25%, 03/01/2038		25,000		25,567
Wyandotte County Unified Government Special Obligation Revenue, Revenue Bonds, NATL, Zero Coupon, 12/01/2027		175,000		131,920
				157,487
Kentucky - 0.3%
County of Ohio, Revenue Bonds, Series A, 6.00%, 07/15/2031		215,000		219,093
Edmonson County Industrial Building Revenue, Revenue Bonds, 5.00%, 03/01/2027		20,000		20,031
Kentucky Area Development Districts, Certificate of Participation, Series M, 5.35%, 12/01/2028		25,000		25,042

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Kentucky (continued)
Kentucky Economic Development Finance Authority, Revenue Bonds 5.00%, 02/01/2030 - 02/01/2040		$   50,000		$   50,337
				314,503
Louisiana - 0.0% (C)
Parish of St. Charles, Revenue Bonds, Fixed until 06/01/2022, 4.00% (A), 12/01/2040		30,000		31,652
Massachusetts - 0.9%
Massachusetts Development Finance Agency, Revenue Bonds, 5.00%, 10/01/2049		500,000		562,310
Massachusetts Housing Finance Agency, Revenue Bonds, Series A, 4.10%, 12/01/2055		375,000		390,476
				952,786
Michigan - 1.5%
County of Wayne, Revenue Bonds, 9.25%, 12/01/2025		275,000		294,071
Dearborn Brownfield Redevelopment Authority, General Obligation Limited, Series A, AGC, 5.50%, 05/01/2039		25,000		25,074
Detroit Local Development Finance Authority, Tax Allocation, Series A, ACA-CBI, 5.50%, 05/01/2021		50,000		50,141
Michigan Tobacco Settlement Finance Authority, Revenue Bonds
Series A,
5.13%, 06/01/2022		555,000		555,777
5.25%, 06/01/2022		15,000		15,021
6.00%, 06/01/2048		670,000		673,651
				1,613,735
Minnesota - 7.0%
City of Deephaven, Revenue Bonds, Series A, 5.25%, 07/01/2037		80,000		87,083
City of Ham Lake, Revenue Bonds, Series A, 4.00%, 07/01/2028		375,000		386,486
City of International Falls, Revenue Bonds, 5.65%, 12/01/2022		65,000		65,908
City of Minneapolis, Revenue Bonds, Series A, 5.00%, 07/01/2047		200,000		213,062
City of Morris, Revenue Bonds, 2.55%, 08/01/2020		115,000		115,017
City of St. Paul Park, Revenue Bonds
3.25%, 09/01/2026		485,000		503,891
3.50%, 09/01/2027		500,000		523,975
3.70%, 09/01/2028		500,000		525,935
3.80%, 09/01/2029		340,000		358,221
4.00%, 09/01/2032		400,000		421,696
4.10%, 09/01/2033		200,000		210,912
4.13%, 09/01/2034 - 09/01/2035		730,000		767,714

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

Transamerica Funds Annual Report 2019

Page    122

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Minnesota (continued)
Housing & Redevelopment Authority of the City of St. Paul, Revenue Bonds
Series A,
4.00%, 09/01/2031		$   200,000		$   212,218
4.50%, 07/01/2028		650,000		666,887
5.00%, 07/01/2036 - 12/01/2050		1,765,000		1,843,456
Series B,
5.25%, 04/01/2043		400,000		411,144
Township of Baytown, Revenue Bonds
Series A,
4.00%, 08/01/2041		200,000		202,706
4.25%, 08/01/2046		120,000		122,892
				7,639,203
Mississippi - 0.1%
Mississippi Development Bank, Revenue Bonds, Series A, 3.25%, 06/01/2021		55,000		54,755
Mississippi Home Corp., Revenue Bonds, Series 3A, GNMA, 5.55%, 08/20/2049		5,000		5,203
				59,958
Missouri - 0.4%
City of Manchester, Tax Allocation, 6.88%, 11/01/2039		50,000		50,133
Health & Educational Facilities Authority, Revenue Bonds, 4.25%, 12/01/2042 (B) (E)		75,000		78,183
Missouri State Health & Educational Facilities Authority, Revenue Bonds, Series A, 5.00%, 02/01/2042		250,000		281,365
				409,681
Montana - 0.2%
City of Forsyth, Revenue Bonds, Series A, Fixed until 03/01/2031, 3.90% (A),		135,000		142,791
Lewistown Special Improvement District No. 2005, Special Assessment, 4.60%, 07/01/2022		25,000		25,025
				167,816
Nevada - 0.2%
City of Reno, Special Assessment, 7.25%, 12/01/2025		45,000		45,055
County of Clark, Special Assessment, 4.00%, 08/01/2022		170,000		176,836
				221,891
New Jersey - 3.4%
City of Atlantic City, General Obligation Unlimited, Series A, BAM, 5.00%, 03/01/2032		150,000		178,665
Essex County Improvement Authority, Revenue Bonds Series A, 5.00%, 12/01/2035 (F)		500,000		450,000
5.13%, 12/01/2045 (F)		30,000		27,000

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New Jersey (continued)
New Jersey Economic Development Authority, Revenue Bonds
5.75%, 09/15/2027		$   400,000		$   440,640
Series A,
5.13%, 09/01/2052 (B)		760,000		827,032
Series B,
6.50%, 04/01/2031 (E)		10,000		11,754
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Series B, 6.88%, 12/15/2039		325,000		325,754
Tobacco Settlement Financing Corp., Revenue Bonds, Series B, 5.00%, 06/01/2046		1,320,000		1,453,215
				3,714,060
New York - 4.5%
Buffalo & Erie County Industrial Land Development Corp., Revenue Bonds, Series A, 5.00%, 08/01/2052		500,000		543,730
New York City Industrial Development Agency, Revenue Bonds
FGIC,
CPI + 0.89%, 2.64% (A), 03/01/2027		20,000		20,325
NATL,
4.75%, 03/01/2046		135,000		135,189
New York Counties Tobacco Trust I, Revenue Bonds, Series B, 6.50%, 06/01/2035		15,000		15,009
New York Counties Tobacco Trust IV, Revenue Bonds Series A, 5.00%, 06/01/2038 - 06/01/2045		290,000		290,015
New York Counties Tobacco Trust VI, Revenue Bonds
Series A,
5.00%, 06/01/2045		850,000		910,359
Series C,
3.75%, 06/01/2045		1,845,000		1,751,661
New York State Dormitory Authority, Revenue Bonds, AMBAC, 5.25%, 07/01/2025		100,000		118,093
New York Transportation Development Corp., Revenue Bonds, Series A, 5.25%, 01/01/2050		860,000		959,975
Port Authority of New York & New Jersey, Revenue Bonds, AGM-CR, 6.50%, 12/01/2028		50,000		50,676
Village of Brewster, General Obligation Unlimited, 5.00%, 05/01/2033		50,000		66,066
				4,861,098

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

Transamerica Funds Annual Report 2019

Page    123

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
North Dakota - 0.2%
Burleigh County Health Care Revenue, Revenue Bonds, 5.00%, 05/01/2037		$   250,000		$   262,280
Ohio - 7.0%
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds
Series A-2,
5.13%, 06/01/2024		1,275,000		1,276,747
5.38%, 06/01/2024		75,000		75,082
5.88%, 06/01/2030 - 06/01/2047		845,000		849,928
6.00%, 06/01/2042		100,000		100,569
6.50%, 06/01/2047		890,000		910,203
Cardinal Local School District, Certificate of Participation, 5.25%, 04/01/2038		1,455,000		1,502,578
City of Cleveland, Revenue Bonds, 5.38%, 09/15/2027 (E)		20,000		20,054
Cleveland-Cuyahoga County Port Authority, Revenue Bonds, Series A, 7.05%, 11/15/2040 (B)		100,000		100,105
County of Hamilton, Revenue Bonds, 5.00%, 01/01/2036		100,000		112,784
County of Montgomery, Revenue Bonds
6.00%, 04/01/2038 (B)		2,000,000		2,225,760
Series A,
5.75%, 11/15/2021		500,000		519,970
				7,693,780
Oregon - 0.8%
Oregon State Facilities Authority, Revenue Bonds, Series B, 6.75%, 06/15/2022 (B)		160,000		164,294
Warm Springs Reservation Confederated Tribe, Revenue Bonds, Series B, 5.00%, 11/01/2039 (B)		600,000		699,510
				863,804
Pennsylvania - 1.7%
Blythe Township Solid Waste Authority, Revenue Bonds, 7.75%, 12/01/2037		565,000		642,993
Cumberland County Municipal Authority, Revenue Bonds, 5.00%, 01/01/2039		150,000		174,069
Dallas Area Municipal Authority, Revenue Bonds, 5.00%, 05/01/2048		250,000		280,067
Montgomery County Industrial Development Authority, Revenue Bonds, Series A, 4.25%, 01/15/2029		60,000		63,882
Pennsylvania Turnpike Commission, Revenue Bonds, 5.00%, 12/01/2040		500,000		596,295

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Pennsylvania (continued)
School District of Philadelphia, General Obligation Unlimited, Series A, NATL, 4.38%, 06/01/2034		$   90,000		$   90,127
Susquehanna Area Regional Airport Authority, Revenue Bonds, Series B, 9.88%, 01/01/2034		10,000		13,475
				1,860,908
Puerto Rico - 10.4%
Children’s Trust Fund, Revenue Bonds
5.38%, 05/15/2033		25,000		25,380
5.50%, 05/15/2039		55,000		55,974
5.63%, 05/15/2043		45,000		45,797
Commonwealth of Puerto Rico, General Obligation Unlimited
AGC-ICC,
5.50%, 07/01/2022		100,000		106,470
AGM,
5.13%, 07/01/2030		265,000		272,364
5.25%, 07/01/2020		100,000		101,880
AGM-CR,
4.50%, 07/01/2023		45,000		45,128
5.00%, 07/01/2028		30,000		30,758
Series A, AGC-ICC,
5.00%, 07/01/2022 - 07/01/2033		605,000		620,090
5.25%, 07/01/2030		55,000		56,535
5.50%, 07/01/2029		245,000		276,843
Series A, AGM,
4.00%, 07/01/2022		140,000		143,728
4.13%, 07/01/2023 - 07/01/2024		50,000		51,162
5.00%, 07/01/2035		265,000		277,421
5.38%, 07/01/2025		170,000		177,857
Series A-4, AGM,
5.00%, 07/01/2031		170,000		172,142
5.25%, 07/01/2030		50,000		50,670
Series B, AGC-ICC,
5.00%, 07/01/2035		400,000		408,256
Series C, AGM,
5.25%, 07/01/2026 - 07/01/2027		240,000		248,333
5.38%, 07/01/2028		30,000		30,950
5.50%, 07/01/2032		145,000		149,404
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds
Series A, AGC,
5.00%, 07/01/2028		195,000		199,930
5.13%, 07/01/2047		390,000		401,033
Puerto Rico Convention Center District Authority, Revenue Bonds
Series A, AGC,
4.50%, 07/01/2036		740,000		741,961
5.00%, 07/01/2027		210,000		215,330
Puerto Rico Electric Power Authority, Revenue Bonds
Series DDD, AGM,
3.63%, 07/01/2023		320,000		320,022
3.65%, 07/01/2024		195,000		195,027

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

Transamerica Funds Annual Report 2019

Page    124

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Puerto Rico (continued)
Puerto Rico Electric Power Authority, Revenue Bonds (continued)
Series RR, AGC,
5.00%, 07/01/2028		$   215,000		$   220,435
Series SS, AGM,
5.00%, 07/01/2030		85,000		86,987
Series TT, AGC-ICC,
5.00%, 07/01/2032		265,000		270,984
Series TT, AGM-CR,
5.00%, 07/01/2027		25,000		25,635
Series UU, AGC,
4.25%, 07/01/2027		355,000		355,696
5.00%, 07/01/2026		165,000		169,208
Series UU, AGM,
5.00%, 07/01/2020 - 07/01/2024		500,000		510,188
Series V, AGM,
5.25%, 07/01/2027		70,000		77,564
Puerto Rico Highway & Transportation Authority, Revenue Bonds
AGC-ICC,
5.00%, 07/01/2028		55,000		56,390
Series AA, AGC-ICC,
5.00%, 07/01/2035		85,000		86,754
Series AA, AGM,
4.95%, 07/01/2026		15,000		15,193
Series CC, AGM,
5.25%, 07/01/2033 - 07/01/2036		290,000		324,922
Series CC, AGM-CR,
5.50%, 07/01/2029		75,000		85,220
Series D, AGM,
5.00%, 07/01/2027 - 07/01/2032		580,000		593,894
Series E, AGM,
5.50%, 07/01/2020 - 07/01/2023		185,000		198,054
Series I, AGC-ICC, FGIC,
5.00%, 07/01/2026		305,000		312,777
Series K, AGC-ICC,
4.40%, 07/01/2025		30,000		30,080
5.00%, 07/01/2030		30,000		30,701
Series L, AGC,
4.00%, 07/01/2020		170,000		171,817
Series M, AGC-ICC,
5.00%, 07/01/2032		160,000		164,139
Series N, AGC,
5.25%, 07/01/2036		115,000		128,769
Series N, AGM-CR, AGC-ICC,
5.50%, 07/01/2026		165,000		184,119
Series Y, AGM,
6.25% (A), 07/01/2021		100,000		104,133
Puerto Rico Municipal Finance Agency, Revenue Bonds
Series A, AGM,
4.75%, 08/01/2022		140,000		143,042
5.00%, 08/01/2021 - 08/01/2030		990,000		1,012,455
Series A, AGM-CR,
4.75%, 08/01/2025		60,000		61,439

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Puerto Rico (continued)
Puerto Rico Public Buildings Authority, Revenue Bonds
Series F, AGC-ICC, AGM-CR,
5.25%, 07/01/2025		$   20,000		$   21,856
Series I, AGC-ICC,
5.00%, 07/01/2036		240,000		244,765
Series K, AGM,
5.25%, 07/01/2027		190,000		192,945
Series L, AGM-CR,
5.50%, 07/01/2021		65,000		67,122
				11,367,728
Rhode Island - 0.5%
Providence Redevelopment Agency, Revenue Bonds, Series A, 5.00%, 04/01/2020		250,000		253,235
Tobacco Settlement Financing Corp., Revenue Bonds, Series A, 5.00%, 06/01/2035		300,000		337,635
				590,870
South Carolina - 0.4%
County of Lancaster, Special Assessment, Series A, 3.13%, 12/01/2022		470,000		476,961
South Carolina Jobs-Economic Development Authority, Revenue Bonds, Series A, NATL, 4.38%, 08/01/2037		15,000		15,007
				491,968
Tennessee - 0.1%
Tennessee Housing Development Agency, Revenue Bonds, 3.05%, 07/01/2027		95,000		101,406
Texas - 3.6%
Arlington Higher Education Finance Corp., Revenue Bonds, Series A, 4.63%, 08/15/2046		250,000		253,813
Bexar County Health Facilities Development Corp., Revenue Bonds, 5.00%, 07/15/2042		600,000		672,144
Cameron Education Corp., Revenue Bonds, Series A, ACA, 5.25%, 08/15/2036		40,000		40,046
City of Dallas, Revenue Bonds, AGC, 5.25%, 08/15/2034		35,000		35,096
City of Houston Airport System Revenue, Revenue Bonds, 5.00%, 07/01/2029		150,000		167,562
Harris County-Houston Sports Authority, Revenue Bonds NATL, Zero Coupon, 11/15/2023		30,000		27,905

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

Transamerica Funds Annual Report 2019

Page    125

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Texas (continued)
New Hope Cultural Education Facilities Finance Corp., Revenue Bonds
5.00%, 07/01/2046 - 01/01/2047		$   1,450,000		$   1,511,433
5.25%, 01/01/2035		20,000		20,058
Series A,
3.38%, 08/15/2021 (B)		495,000		499,638
Series A1,
5.00%, 07/01/2046		55,000		60,511
Series D,
6.00%, 07/01/2026		105,000		107,227
Newark Higher Education Finance Corp., Revenue Bonds, 5.00%, 06/15/2048		50,000		51,252
North Fort Bend Water Authority, Revenue Bonds, AGC, 5.25%, 12/15/2034		10,000		10,047
Pottsboro Higher Education Finance Corp., Revenue Bonds, Series A, 5.00%, 08/15/2036		435,000		468,073
Texas State Student Housing Corp., Revenue Bonds, 6.75%, 07/01/2021		5,000		5,001
				3,929,806
U. S. Virgin Islands - 0.4%
Virgin Islands Public Finance Authority, Revenue Bonds NATL, 4.00%, 10/01/2020		5,000		5,056
Series A, AGM-CR,
5.00%, 10/01/2032		415,000		450,113
				455,169
Utah - 0.4%
Utah Charter School Finance Authority, Revenue Bonds, 5.00%, 04/15/2030 (B)		420,000		422,814
Virginia - 0.7%
Buena Vista Public Recreational Facilities Authority, Revenue Bonds, Series A, ACA, 5.50%, 07/15/2035 (F)		50,000		47,671
Buena Vista Public Service Authority, Revenue Bonds
Series A,
5.13%, 01/01/2023		25,000		25,043
6.00%, 01/01/2027		50,000		50,084
Henrico County Economic Development Authority, Revenue Bonds, Series C, 5.00%, 12/01/2047		375,000		416,209
Tobacco Settlement Financing Corp., Revenue Bonds, Series B1, 5.00%, 06/01/2047		190,000		190,515

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Virginia (continued)
Virginia College Building Authority, Revenue Bonds, 4.25%, 04/01/2020		$   20,000		$   20,045
				749,567
Washington - 0.1%
King County Housing Authority, Revenue Bonds, 2.15%, 05/01/2020		65,000		65,235
West Virginia - 0.1%
Tobacco Settlement Finance Authority, Revenue Bonds, Series A, 7.47%, 06/01/2047		100,000		103,182
Wisconsin - 4.6%
Public Finance Authority, Revenue Bonds
5.00%, 04/01/2022 (E)		25,000		25,811
5.00%, 06/15/2053		200,000		228,360
Series A,
5.00%, 06/15/2049 (B)		90,000		93,615
Series A, AGM,
5.00%, 07/01/2054 - 07/01/2058		2,145,000		2,462,934
Wisconsin Health & Educational Facilities Authority, Revenue Bonds
5.00%, 08/01/2039		500,000		538,100
Class B,
4.38%, 07/01/2038		850,000		884,161
Class C,
7.00%, 07/01/2043		750,000		750,428
				4,983,409
Total Municipal Government Obligations (Cost $97,550,161)				102,097,459
	Shares		Value
PREFERRED STOCK - 0.4%
Insurance - 0.4%
Enstar Group, Ltd., Series D, Fixed until 09/01/2028, 7.00% (A)		16,000		437,760
Total Preferred Stock (Cost $400,000)				437,760
INVESTMENT COMPANIES - 0.7%
U.S. Fixed Income Funds - 0.7%
MFS Multimarket Income Trust		114,783		689,846
Putnam Managed Municipal Income Trust (G)		5,000		39,850
Total Investment Companies (Cost $640,464)				729,696
OTHER INVESTMENT COMPANY - 0.0% (C)
Securities Lending Collateral - 0.0% (C)
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.75% (H)		40,425		40,425
Total Other Investment Company (Cost $40,425)				40,425

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

Transamerica Funds Annual Report 2019

Page    126

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
REPURCHASE AGREEMENT - 2.2%
Fixed Income Clearing Corp., 0.85% (H), dated 10/31/2019, to be repurchased at $2,449,408 on 11/01/2019. Collateralized by a U.S. Government Obligation, 1.88%, due 05/31/2022, and with a value of $2,499,249.		$  2,449,350		$   2,449,350
Total Repurchase Agreement (Cost $2,449,350)				2,449,350
Total Investments (Cost $101,999,271)				106,714,080
Net Other Assets (Liabilities) - 2.3%				2,512,650
Net Assets - 100.0%				$  109,226,730

SECURITY VALUATION:

Valuation Inputs ^(I)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Corporate Debt Securities	$	—	$	959,390	$	—	$	959,390
Municipal Government Obligations		—		102,097,459		—		102,097,459
Preferred Stock		437,760		—		—		437,760
Investment Companies		729,696		—		—		729,696
Other Investment Company		40,425		—		—		40,425
Repurchase Agreement		—		2,449,350		—		2,449,350
Total Investments	$	1,207,881	$	105,506,199	$	—	$	106,714,080

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Floating or variable rate securities. The rates disclosed are as of October 31, 2019. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(B)	Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2019, the total value of 144A securities is $11,610,240, representing 10.6% of the Fund’s net assets.
(C)	Percentage rounds to less than 0.1% or (0.1)%.
(D)	Step bonds. Coupon rates change in increments to maturity. The rates disclosed are as of October 31, 2019; the maturity dates disclosed are the ultimate maturity dates.
(E)	Restricted securities. At October 31, 2019, the value of such securities held by the Fund are as follows:

Investments	Description	Acquisition Date		Acquisition Cost		Value		Value as Percentage of Net Assets
Municipal Government Obligations	Health & Educational Facilities Authority Revenue Bonds 4.25%, 12/01/2042		09/10/2019	$	78,020	$	78,183		0.1	%
Municipal Government Obligations	New Jersey Economic Development Authority Revenue Bonds Series B 6.50%, 04/01/2031		01/22/2015		10,535		11,754		0.0	(C)

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

Transamerica Funds Annual Report 2019

Page    127

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

Investments	Description	Acquisition Date		Acquisition Cost		Value		Value as Percentage of Net Assets
Municipal Government Obligations	City of Cleveland Revenue Bonds 5.38%, 09/15/2027		07/27/2015	$	20,062	$	20,054		0.0	% (C)
Municipal Government Obligations	Public Finance Authority Revenue Bonds 5.00%, 04/01/2022		05/01/2017		25,171		25,811		0.0	(C)
Total				$	133,788	$	135,802		0.1	%

(F)	Securities in default; partial receipt of interest payments and/or dividends declared at last payment date. At October 31, 2019, the total value of such securities is $524,671, representing 0.5% of the Fund’s net assets.
(G)	All or a portion of the security is on loan. The value of the security on loan is $39,053. The amount on loan indicated may not correspond with the security on loan identified because a security with pending sales are in the process of recall from the brokers.
(H)	Rates disclosed reflect the yields at October 31, 2019.
(I)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

MUNICIPAL INSURER ABBREVIATIONS:

ACA	ACA Financial Guaranty Corp.
AGC	Assured Guaranty Corp.
AGM	Assured Guaranty Municipal Corp.
AMBAC	AMBAC Financial Group, Inc.
BAM	Build America Mutual Assurance Co.
FGIC	Financial Guaranty Insurance Co.
GNMA	Government National Mortgage Association
NATL	National Public Finance Guarantee Corp.

PORTFOLIO ABBREVIATIONS:

CBI	Certificates of Bond Insurance
CPI	Consumer Price Index
CR	Custodial Receipts
IBC	Insured Bond Certificate
ICC	Insured Custody Certificate
RE	Reinsured

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

Transamerica Funds Annual Report 2019

Page    128

Transamerica Inflation Opportunities

(unaudited)

MARKET ENVIRONMENT

It has been a volatile year in interest rates. Inflation-linked securities had a good year due to the overall rally in rates. However, break-evens did deteriorate over the year which detracted from U.S. Treasury Inflation Protected Securities (“TIPS”) performance.

The U.S. TIPS 10-year break-even was over 200 basis points (“bps”) in 2018 and declined precipitously to 155 bps on October 31, 2019. This decline in break-evens resulted in underperformance of the U.S. TIPS vs the nominal Treasury curve.

The U.S. Federal Reserve (“Fed”) ended 2018 with a plan to hike rates four more times, which quickly morphed into two rate hikes and a balance sheet on autopilot before year end. The market suffered a terrible fourth quarter where the market was projecting a large policy error. Then in early January 2019, the Fed switched completely back to easing and rate cuts, along with a dose of ending quantitative tightening. These moves, along with dovish European Central Bank and Bank of Japan, caused a global rates rally.

PERFORMANCE

For the year ended October 31, 2019, Transamerica Inflation Opportunities (Class A) returned 8.73%, excluding any sales charges. By comparison, its benchmark, the Bloomberg Barclays Global Inflation Linked Bond Index, returned 8.64%.

STRATEGY REVIEW

Asset allocation was the top contributor. The underweight in U.K. inflation-linked bonds (“linkers”) delivered positive performance as break-evens fell precipitously during the year, even though U.K. rates fell. The largest detractor to Fund performance was the shorter duration versus the index.

Asset allocation was helped by performance from inflation related corporate bonds as spreads tightened over the year. Commercial Mortgage Backed Securities (“CMBS”) and Asset Backed Securities (“ABS”) bonds also benefitted as real estate performed well in times of rising inflation and rent increases have outpaced inflation.

Asset allocation among inflation-linked bonds also helped performance. Canada lead the pack and the Fund was overweight that country. The Fund was also long New Zealand, which also outperformed the index. The Fund did own Italian linkers at the beginning of the year, but sold the positions in the first quarter as the Italian budget concerns became more acute. The portfolio managers have favored natural resource heavy countries of Canada, Australia, and New Zealand as a way to play a future stimulus package from China. Recently the Fund has taken some profit from the Canada trade and allocated a small percentage to Japanese linkers, which we believe have bottomed on a break-even basis.

During the fiscal year, the Fund utilized derivatives. These positions added to performance.

Robert A. Vanden Assem, CFA

Roberto Coronado

Gunter H. Seeger

Co-Portfolio Managers

PineBridge Investments LLC

Asset Allocation	Percentage of Net Assets
U.S. Government Obligations		50.9	%
Foreign Government Obligations		24.4
Corporate Debt Securities		21.9
Mortgage-Backed Securities		2.1
Other Investment Company		0.6
Asset-Backed Security		0.3
Short-Term Investment Company		0.3
Preferred Stock		0.1
Net Other Assets (Liabilities) ^		(0.6	)
Total		100.0	%

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

Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		50.9	%
AAA		7.5
AA		5.8
A		8.3
BBB		23.0
BB		2.3
B		0.8
Not Rated		2.0
Net Other Assets (Liabilities) ^		(0.6	)
Total		100.0	%

Fund Characteristics	Years
Average Maturity §		9.47
Duration †		7.89

§ Average Maturity is computed by weighting the maturity of each security in the Fund by the market value of the security, then averaging these weighted figures.

† Duration is a time measure of a bond’s interest rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder.

^ The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral.

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

Transamerica Funds Annual Report 2019

Page    129

Transamerica Inflation Opportunities

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		3.54	%		0.70	%		0.80	%		03/01/2014
Class A (NAV)		8.73	%		1.69	%		1.67	%		03/01/2014
Bloomberg Barclays Global Inflation Linked Bond Index (A)		8.64	%		2.15	%		2.08	%
Class C (POP)		6.90	%		0.93	%		0.91	%		03/01/2014
Class C (NAV)		7.90	%		0.93	%		0.91	%		03/01/2014
Class I (NAV)		8.97	%		1.93	%		1.91	%		03/01/2014
Class I2 (NAV)		9.09	%		2.00	%		1.99	%		03/01/2014
Class R6 (NAV)		8.97	%		N/A			3.06	%		07/25/2016

^(A) The Bloomberg Barclays Global Inflation Linked Bond Index cover eleven sovereign markets, quasi-sovereign issues in the Euro market and a full credit index in sterling.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 4.75% for A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I, I2 and R6 shares.

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

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

Fixed income investing is subject to credit risk, inflation risk, and interest rate risk. Investing in high-yield bonds (junk bonds) may be subject to greater volatility and risks as the return of principal and income derived from these securities are not guaranteed and can fluctuate based on firm profitability and economic conditions. Interest payment on inflation-related debt securities will vary as the principal and/or interest is adjusted for inflation.

Transamerica Funds Annual Report 2019

Page    130

Transamerica Inflation Opportunities

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Principal		Value
ASSET-BACKED SECURITY - 0.3%
STORE Master Funding I-VII Series 2018-1A, Class A1, 3.96%, 10/20/2048 (A)		$  391,735		$  414,269
Total Asset-Backed Security (Cost $391,634)				414,269
CORPORATE DEBT SECURITIES - 21.9%
Banks - 11.2%
BAC Capital Trust XIV 3-Month LIBOR + 0.40%, 4.00% (B), 11/15/2019 (C)		726,000		651,585
Bank of America Corp.
CPI-YoY + 1.10%, 2.91% (B), 11/19/2024, MTN		1,000,000		991,250
CPI-YoY + 2.10%, 3.91% (B), 02/18/2020, MTN		400,000		400,596
4.18%, 11/25/2027, MTN		1,028,000		1,111,952
Fixed until 04/24/2037, 4.24% (B), 04/24/2038		782,000		888,080
Barclays Bank PLC CPI-YoY + 1.00%, 2.81% (B), 05/22/2023, MTN		2,600,000		2,603,900
BBVA Bancomer SA Fixed until 01/18/2028, 5.13% (B), 01/18/2033 (A)		321,000		312,577
Citigroup, Inc. 4.65%, 07/23/2048		1,380,000		1,702,128
Corestates Capital II 3-Month LIBOR + 0.65%, 2.65% (B), 01/15/2027 (A)		269,000		254,205
Credit Agricole SA Fixed until 01/10/2028, 4.00% (B), 01/10/2033 (A)		701,000		727,914
Danske Bank A/S 5.38%, 01/12/2024 (A)		200,000		220,418
HSBC Holdings PLC Fixed until 05/22/2027 (C), 6.00% (B)		271,000		281,298
Intesa Sanpaolo SpA 4.00%, 09/23/2029 (A)		650,000		659,007
Royal Bank of Scotland Group PLC
Fixed until 03/08/2022, 2.00% (B), 03/08/2023, MTN (D)		EUR  800,000		927,490
Fixed until 03/22/2024, 4.27% (B), 03/22/2025		$  258,000		273,738
Fixed until 06/25/2023, 4.52% (B), 06/25/2024		1,122,000		1,192,143
UniCredit SpA
Fixed until 06/19/2027, 5.86% (B), 06/19/2032 (A)		201,000		208,967
6.57%, 01/14/2022 (A)		350,000		376,808
Fixed until 04/02/2029, 7.30% (B), 04/02/2034 (A)		211,000		245,956
Zions Bancorp NA 3.25%, 10/29/2029		288,000		287,451
				14,317,463
Building Products - 0.6%
Masco Corp. 3.50%, 11/15/2027		744,000		765,815

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Capital Markets - 1.1%
Goldman Sachs Group, Inc. Fixed until 11/10/2022 (C), 5.00% (B) (E)		$   702,000		$   696,384
Morgan Stanley CPI-YoY + 2.00%, 3.81% (B), 04/25/2023 - 06/09/2023		643,000		652,795
				1,349,179
Chemicals - 0.4%
Dow Chemical Co. 4.80%, 05/15/2049 (A)		410,000		455,988
Electric Utilities - 0.2%
FirstEnergy Corp. 3.90%, 07/15/2027		241,000		259,363
Equity Real Estate Investment Trusts - 0.3%
Alexandria Real Estate Equities, Inc. 3.80%, 04/15/2026		399,000		429,176
Health Care Providers & Services - 0.8%
CVS Health Corp. 4.78%, 03/25/2038		904,000		1,003,363
Insurance - 1.3%
Genworth Holdings, Inc. 3-Month LIBOR + 2.00%, 4.16% (B), 11/15/2066		1,350,000		810,000
Hartford Financial Services Group, Inc. 3-Month LIBOR + 2.13%, 4.28% (B), 02/12/2067 (A)		898,000		792,000
				1,602,000
Machinery - 0.1%
CNH Industrial NV 3.85%, 11/15/2027, MTN		180,000		187,513
Metals & Mining - 1.6%
Anglo American Capital PLC 4.00%, 09/11/2027 (A)		214,000		222,205
Glencore Funding LLC 4.00%, 04/16/2025 (A)		226,000		234,757
Newcrest Finance Pty, Ltd.
4.20%, 10/01/2022 (A)		832,000		870,552
5.75%, 11/15/2041 (A)		446,000		530,608
Newmont Goldcorp Corp. 2.80%, 10/01/2029		134,000		132,395
				1,990,517
Multi-Utilities - 0.1%
WEC Energy Group, Inc. 3-Month LIBOR + 2.11%, 4.27% (B), 05/15/2067		219,000		189,836
Oil, Gas & Consumable Fuels - 3.3%
Cenovus Energy, Inc. 4.25%, 04/15/2027		397,000		416,599
Enable Midstream Partners, LP 4.95%, 05/15/2028		253,000		259,131
Enbridge, Inc. Fixed until 07/15/2027, 5.50% (B), 07/15/2077		731,000		745,620
Energy Transfer Operating, LP
5.80%, 06/15/2038		315,000		359,926
Fixed until 02/15/2023 (C), 6.25% (B)		691,000		642,630

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

Transamerica Funds Annual Report 2019

Page    131

Transamerica Inflation Opportunities

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
EnLink Midstream LLC 5.38%, 06/01/2029		$   106,000		$   94,075
EnLink Midstream Partners, LP
4.85%, 07/15/2026		311,000		284,565
Fixed until 12/15/2022 (C), 6.00% (B)		133,000		91,345
Enterprise Products Operating LLC Fixed until 08/16/2027, 5.25% (B), 08/16/2077		243,000		247,860
MPLX, LP
4.25%, 12/01/2027 (A)		346,000		363,843
Fixed until 02/15/2023 (C), 6.88% (B)		348,000		352,757
Noble Energy, Inc. 3.85%, 01/15/2028		227,000		235,802
Petroleos Mexicanos 7.69%, 01/23/2050 (A)		169,000		183,642
				4,277,795
Transportation Infrastructure - 0.9%
Heathrow Funding, Ltd. 1.37%, 03/28/2032 (D)		GBP  549,917		893,425
Penske Truck Leasing Co., LP / PTL Finance Corp. 3.35%, 11/01/2029 (A)		$  264,000		263,809
				1,157,234
Total Corporate Debt Securities (Cost $27,378,626)				27,985,242
FOREIGN GOVERNMENT OBLIGATIONS - 24.4%
Australia - 2.5%
Australia Government Bond 0.75%, 11/21/2027 (D)		AUD  4,150,000		3,203,955
Canada - 2.6%
Canada Government Real Return Bond 4.25%, 12/01/2021		CAD  4,034,513		3,308,356
Japan - 2.3%
Japan Government CPI Linked Bond 0.10%, 03/10/2028 - 03/10/2029		JPY  306,822,800		2,944,892
Mexico - 2.6%
Mexico Udibonos
Series S,
2.50%, 12/10/2020		MXN  17,305,706		895,131
4.50%, 12/04/2025		44,211,657		2,469,431
				3,364,562
New Zealand - 2.8%
New Zealand Government Inflation-Linked Bond 2.00%, 09/20/2025 (D)		NZD  4,500,000		3,492,245
Spain - 8.6%
Spain Government Inflation-Linked Bond
0.30%, 11/30/2021		EUR  6,131,516		7,048,064
1.00%, 11/30/2030 (A) (D)		2,976,455		3,965,461
				11,013,525

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
United Kingdom - 3.0%
U.K. Gilt Inflation-Linked 0.13%, 03/22/2029 - 03/22/2044 (D)		GBP  1,744,714		$   3,764,809
Total Foreign Government Obligations (Cost $31,629,138)				31,092,344
MORTGAGE-BACKED SECURITIES - 2.1%
BANK Series 2019-BN19, Class A3, 3.18%, 08/15/2061		$  1,000,000		1,059,459
Benchmark Mortgage Trust Series 2018-B7, Class A4, 4.51% (B), 05/15/2053		1,000,000		1,161,561
CSAIL Commercial Mortgage Trust Series 2019-C17, Class A2, 3.00%, 09/15/2052		500,000		516,552
Total Mortgage-Backed Securities (Cost $2,574,899)				2,737,572
U.S. GOVERNMENT OBLIGATIONS - 50.9%
U.S. Treasury Inflation-Protected Securities - 50.9%
U.S. Treasury Inflation-Indexed Bond
0.75%, 02/15/2045		3,595,383		3,768,973
1.00%, 02/15/2046		2,598,672		2,884,799
1.38%, 02/15/2044		2,421,826		2,891,577
2.13%, 02/15/2040		1,187,000		1,567,494
2.38%, 01/15/2025		5,308,212		5,904,239
3.38%, 04/15/2032		3,179,880		4,391,022
3.88%, 04/15/2029		2,028,832		2,721,703
U.S. Treasury Inflation-Indexed Note
0.13%, 04/15/2020 - 07/15/2026		14,896,678		14,843,509
0.25%, 01/15/2025 - 07/15/2029		4,742,074		4,781,188
0.38%, 07/15/2023 - 07/15/2027		7,118,788		7,219,454
0.50%, 01/15/2028		2,600,275		2,667,386
0.63%, 04/15/2023 - 01/15/2026		8,575,487		8,744,886
1.13%, 01/15/2021		1,923,425		1,935,955
1.25%, 07/15/2020		635,261		639,827
Total U.S. Government Obligations (Cost $62,488,859)				64,962,012
	Shares		Value
PREFERRED STOCK - 0.1%
Banks - 0.1%
Banco Santander SA, Series 6, 3-Month LIBOR + 0.52%, 4.00% (B)		3,100		72,726
Total Preferred Stock (Cost $74,547)				72,726
SHORT-TERM INVESTMENT COMPANY - 0.3%
Money Market Fund - 0.3%
State Street Institutional U.S. Government Money Market Fund, 1.75% (F)		351,570		351,570
Total Short-Term Investment Company (Cost $351,570)				351,570

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

Transamerica Funds Annual Report 2019

Page    132

Transamerica Inflation Opportunities

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Shares		Value
OTHER INVESTMENT COMPANY - 0.6%
Securities Lending Collateral - 0.6%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.75% (F)		720,025		$   720,025
Total Other Investment Company (Cost $720,025)				720,025
Total Investments (Cost $125,609,298)				128,335,760
Net Other Assets (Liabilities) - (0.6)%				(824,384	)
Net Assets - 100.0%				$  127,511,376

FORWARD FOREIGN CURRENCY CONTRACTS:
Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation		Unrealized Depreciation
JPMS		01/16/2020		USD	1,861,872		AUD	2,750,000	$	—	$	(37,606	)
JPMS		01/16/2020		USD	11,949,930		EUR	10,800,000		—		(161,955	)
JPMS		01/16/2020		USD	4,728,466		GBP	3,850,000		—		(271,768	)
JPMS		01/16/2020		USD	2,973,366		JPY	318,495,877		15,181		(6,945	)
JPMS		01/16/2020		USD	3,269,204		MXN	65,000,000		—		(70,369	)
JPMS		01/16/2020		USD	2,107,423		NZD	3,325,000		—		(27,396	)
Total									$	15,181	$	(576,039	)

SECURITY VALUATION:

Valuation Inputs ^(G)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Asset-Backed Security	$	—	$	414,269		$	—	$	414,269
Corporate Debt Securities		—		27,985,242			—		27,985,242
Foreign Government Obligations		—		31,092,344			—		31,092,344
Mortgage-Backed Securities		—		2,737,572			—		2,737,572
U.S. Government Obligations		—		64,962,012			—		64,962,012
Preferred Stock		72,726		—			—		72,726
Short-Term Investment Company		351,570		—			—		351,570
Other Investment Company		720,025		—			—		720,025
Total Investments	$	1,144,321	$	127,191,439		$	—	$	128,335,760
Other Financial Instruments
Forward Foreign Currency Contracts (H)	$	—	$	15,181		$	—	$	15,181
Total Other Financial Instruments	$	—	$	15,181		$	—	$	15,181
LIABILITIES
Other Financial Instruments
Forward Foreign Currency Contracts (H)	$	—	$	(576,039	)	$	—	$	(576,039	)
Total Other Financial Instruments	$	—	$	(576,039	)	$	—	$	(576,039	)

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

Transamerica Funds Annual Report 2019

Page    133

Transamerica Inflation Opportunities

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2019, the total value of 144A securities is $11,302,986, representing 8.9% of the Fund’s net assets.
(B)	Floating or variable rate securities. The rates disclosed are as of October 31, 2019. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(C)	Perpetual maturity. The date displayed is the next call date.
(D)	Securities are exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At October 31, 2019, the total value of Regulation S securities is $16,247,385, representing 12.7% of the Fund’s net assets.
(E)	All or a portion of the security is on loan. The value of the security on loan is $704,856. The amount on loan indicated may not correspond with the security on loan identified because a security with pending sales are in the process of recall from the brokers.
(F)	Rates disclosed reflect the yields at October 31, 2019.
(G)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(H)	Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation).

CURRENCY ABBREVIATIONS:

AUD	Australian Dollar
CAD	Canadian Dollar
EUR	Euro
GBP	Pound Sterling
JPY	Japanese Yen
MXN	Mexican Peso
NZD	New Zealand Dollar
USD	United States Dollar

COUNTERPARTY ABBREVIATION:

JPMS JPMorgan Securities LLC

PORTFOLIO ABBREVIATIONS:

CPI	Consumer Price Index
CPI-YoY	US Consumer Price Index Urban Consumers Year Over Year
LIBOR	London Interbank Offered Rate
MTN	Medium Term Note

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

Transamerica Funds Annual Report 2019

Page    134

Transamerica Inflation-Protected Securities

(unaudited)

MARKET ENVIRONMENT

It has been a volatile year in interest rates. Inflation-linked securities had a good year due to the overall rally in rates. However, break-evens did deteriorate over the year which detracts from U.S. Treasury Inflation Protected Securities (“TIPS”) performance.

The U.S. TIPS 10-year break-even was over 200 basis points (“bps”) in 2018 and declined precipitously to 155 bps on October 31, 2019. This decline in break-evens resulted in underperformance of the U.S. TIPS vs the nominal Treasury curve.

The U.S. Federal Reserve (“Fed”) ended 2018 with a plan to hike rates four more times, which quickly morphed into two rate hikes and a balance sheet on autopilot before year end. The market suffered a terrible fourth quarter where the market was projecting a large policy error. Then in early January 2019, the Fed switched completely back to easing and rate cuts, along with a dose of ending quantitative tightening. These moves, along with dovish European Central Bank and Bank of Japan, caused a global rates rally.

PERFORMANCE

For the year ended October 31, 2019, Transamerica Inflation-Protected Securities (Class R4) returned 8.58%. By comparison, its benchmark, the Bloomberg Barclays US Treasury Inflation Protected Securities Index, returned 8.96%.

STRATEGY REVIEW

Asset allocation was the top contributor. Other contributors included European inflation-linked bonds (“linkers”), specifically Italian and Spanish linkers, and security selection witihn U.S. TIPS. The Fund was overweight the shorter end of the U.S. TIPS curve and the shorter end did not experience the falling break-evens of the longer end. The largest detractor to Fund performance was the shorter duration versus the index.

Asset allocation was helped by performance from corporate bonds as spreads tightened over the year. Commercial Mortgage Backed Securities (“CMBS”) and Asset Backed Securities (“ABS”) bonds also benefitted as real estate performed well in times of rising inflation and rent increases have outpaced inflation.

Asset allocation among inflation-linked bonds also helped performance. Canada lead the pack and the Fund was overweight that country. The Fund was also long New Zealand, which also outperformed the index. The Fund did own Italian linkers at the beginning of the year, but sold the positions in the first quarter as the Italian budget concerns became more acute. The portfolio managers have favored natural resource heavy countries of Canada, Australia, and New Zealand as a way to play a future stimulus package from China. Recently the Fund has taken some profit from the Canada trade and allocated a small percentage to Japanese linkers, which we believe have bottomed on a break-even basis.

During the fiscal year, the Fund utilized derivatives. These positions added to performance.

Robert A. Vanden Assem, CFA

Roberto Coronado

Gunter H. Seeger

Co-Portfolio Managers

PineBridge Investments LLC

Asset Allocation	Percentage of Net Assets
U.S. Government Obligations		80.9	%
Foreign Government Obligations		10.2
Corporate Debt Securities		7.2
Mortgage-Backed Securities		1.6
Other Investment Company		0.2
Short-Term Investment Companies		0.0	*
Net Other Assets (Liabilities) ^		(0.1	)
Total		100.0	%

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

Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		80.9	%
AAA		6.1
AA		2.2
A		2.1
BBB		7.4
BB		0.5
Not Rated		0.9
Net Other Assets (Liabilities) ^		(0.1	)
Total		100.0	%

Fund Characteristics	Years
Average Maturity §		8.51
Duration †		7.44

§ Average Maturity is computed by weighting the maturity of each security in the Fund by the market value of the security, then averaging these weighted figures.

† Duration is a time measure of a bond’s interest rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder.

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

^ The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral.

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

Transamerica Funds Annual Report 2019

Page    135

Transamerica Inflation-Protected Securities

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class I3 (NAV)		8.58	%		N/A			3.01	%		04/21/2017
Class R (NAV)		8.24	%		N/A			2.53	%		04/21/2017
Class R4 (NAV)		8.58	%		1.78	%		2.88	%		09/11/2000
Bloomberg Barclays US Treasury Inflation Protected Securities Index (A)		8.96	%		2.33	%		3.36	%

^(A) The Bloomberg Barclays US Treasury Inflation Protected Securities Index is a market value weighted index that tracks inflation protected securities issued by the U.S. Treasury.

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

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

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

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

Any U.S. government guarantees of the securities held in this investment Fund pertain only to those securities and not the Fund or its yield. The values of bonds change in response to changes in economic conditions, interest rates, and the creditworthiness of individual issuers. The value of bonds and bond funds generally falls when interest rates rise, causing an investor to lose money upon sale or redemption. Market values of inflation-protected securities can be affected by changes in the market’s inflation expectations or changes in real rates of interest.

Transamerica Funds Annual Report 2019

Page    136

Transamerica Inflation-Protected Securities

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES - 7.2%
Banks - 3.5%
BAC Capital Trust XIV 3-Month LIBOR + 0.40%, 4.00% (A), 11/15/2019 (B)		$  394,000		$  353,615
Bank of America Corp.
4.18%, 11/25/2027, MTN		508,000		549,486
Fixed until 04/24/2037, 4.24% (A), 04/24/2038		425,000		482,652
Citigroup, Inc. 4.65%, 07/23/2048		747,000		921,369
Credit Agricole SA
3.75%, 04/24/2023 (C)		326,000		340,752
Fixed until 01/10/2028, 4.00% (A), 01/10/2033 (C)		449,000		466,239
Intesa Sanpaolo SpA 4.00%, 09/23/2029 (C)		290,000		294,019
Royal Bank of Scotland Group PLC Fixed until 06/25/2023, 4.52% (A), 06/25/2024		590,000		626,884
				4,035,016
Electric Utilities - 0.1%
FirstEnergy Corp. 3.90%, 07/15/2027		130,000		139,905
Equity Real Estate Investment Trusts - 0.1%
Alexandria Real Estate Equities, Inc. 3.80%, 04/15/2026		168,000		180,705
Health Care Providers & Services - 0.5%
CVS Health Corp. 4.78%, 03/25/2038		491,000		544,968
Insurance - 0.4%
Hartford Financial Services Group, Inc. 3-Month LIBOR + 2.13%, 4.28% (A), 02/12/2067 (C)		487,000		429,515
Machinery - 0.1%
CNH Industrial NV 3.85%, 11/15/2027, MTN		97,000		101,049
Media - 0.1%
Comcast Corp. 4.60%, 10/15/2038		86,000		102,187
Metals & Mining - 0.4%
Newcrest Finance Pty, Ltd. 4.20%, 10/01/2022 (C)		452,000		472,944
Newmont Goldcorp Corp. 2.80%, 10/01/2029		60,000		59,281
				532,225
Multi-Utilities - 0.1%
WEC Energy Group, Inc. 3-Month LIBOR + 2.11%, 4.27% (A), 05/15/2067 (D)		119,000		103,153
Oil, Gas & Consumable Fuels - 1.8%
Cenovus Energy, Inc. 4.25%, 04/15/2027 (D)		166,000		174,195
Enable Midstream Partners, LP 4.95%, 05/15/2028		169,000		173,096
Enbridge, Inc. Fixed until 07/15/2027, 5.50% (A), 07/15/2077		397,000		404,940

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Energy Transfer Operating, LP
5.80%, 06/15/2038		$   171,000		$   195,388
Fixed until 02/15/2023 (B), 6.25% (A),		375,000		348,750
EnLink Midstream LLC 5.38%, 06/01/2029		44,000		39,050
Enterprise Products Operating LLC Fixed until 08/16/2027, 5.25% (A), 08/16/2077		132,000		134,640
MPLX, LP
4.25%, 12/01/2027 (C)		187,000		196,643
Fixed until 02/15/2023 (B), 6.88% (A),		189,000		191,584
Noble Energy, Inc. 3.85%, 01/15/2028		123,000		127,769
Petroleos Mexicanos 7.69%, 01/23/2050 (C)		76,000		82,585
				2,068,640
Transportation Infrastructure - 0.1%
Penske Truck Leasing Co., LP / PTL Finance Corp. 3.35%, 11/01/2029 (C)		118,000		117,915
Total Corporate Debt Securities (Cost $7,825,821)				8,355,278
FOREIGN GOVERNMENT OBLIGATIONS - 10.2%
Australia - 2.0%
Australia Government Bond 0.75%, 11/21/2027 (E)		AUD  3,000,000		2,316,112
Canada - 2.5%
Canada Government Real Return Bond 4.25%, 12/01/2021		CAD  3,581,660		2,937,010
Japan - 2.0%
Japan Government CPI Linked Bond 0.10%, 03/10/2028 - 03/10/2029		JPY  241,602,300		2,318,900
New Zealand - 1.7%
New Zealand Government Inflation-Linked Bond 2.00%, 09/20/2025 (E)		NZD  2,500,000		1,940,136
Spain - 1.5%
Spain Government Inflation-Linked Bond
0.55%, 11/30/2019 (E)		EUR                5		6
1.00%, 11/30/2030 (E)		1,305,138		1,738,804
				1,738,810
United Kingdom - 0.5%
U.K. Gilt Inflation-Linked 0.13%, 03/22/2044 (E)		GBP  264,656		571,114
Total Foreign Government Obligations (Cost $11,477,169)				11,822,082
MORTGAGE-BACKED SECURITIES - 1.6%
BANK Series 2019-BN19, Class A3, 3.18%, 08/15/2061		$  1,000,000		1,059,459

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

Transamerica Funds Annual Report 2019

Page    137

Transamerica Inflation-Protected Securities

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
CSAIL Commercial Mortgage Trust Series 2019-C17, Class A2, 3.00%, 09/15/2052		$   750,000		$   774,828
Total Mortgage-Backed Securities (Cost $1,802,463)				1,834,287
U.S. GOVERNMENT OBLIGATIONS - 80.9%
U.S. Treasury Inflation-Protected Securities - 80.9%
U.S. Treasury Inflation-Indexed Bond
0.63%, 02/15/2043		50,216		51,356
0.75%, 02/15/2042 - 02/15/2045		3,553,011		3,728,817
1.00%, 02/15/2046 - 02/15/2048		4,445,798		4,952,012
1.38%, 02/15/2044		2,256,714		2,694,438
1.75%, 01/15/2028		2,528,882		2,845,979
2.00%, 01/15/2026		2,759,765		3,063,234
2.13%, 02/15/2040 - 02/15/2041		2,811,139		3,723,373
2.38%, 01/15/2025 - 01/15/2027		4,586,799		5,198,229
2.50%, 01/15/2029		1,039,496		1,257,493
3.38%, 04/15/2032		522,368		721,325
3.63%, 04/15/2028		753,464		967,244
3.88%, 04/15/2029		2,497,024		3,349,788
U.S. Treasury Inflation-Indexed Note
0.13%, 04/15/2020 - 07/15/2026		27,319,837		27,205,345
0.25%, 01/15/2025		4,549,398		4,566,871
0.38%, 07/15/2023 - 07/15/2027		11,280,266		11,427,371
0.50%, 01/15/2028		1,040,040		1,066,883
0.63%, 04/15/2023 - 01/15/2026		10,376,244		10,571,987
0.75%, 07/15/2028		1,022,080		1,075,710

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (continued)
U.S. Treasury Inflation-Protected Securities (continued)
U.S. Treasury Inflation-Indexed Note (continued)
1.13%, 01/15/2021		$   3,694,383		$   3,718,449
1.25%, 07/15/2020		1,764,615		1,777,298
Total U.S. Government Obligations (Cost $91,889,798)				93,963,202
	Shares		Value
SHORT-TERM INVESTMENT COMPANIES - 0.0% (F)
Money Market Funds - 0.0% (F)
State Street Institutional U.S. Government Money Market Fund, 1.75% (G)		34,848		34,848
Total Short-Term Investment Companies (Cost $34,848)				34,848
OTHER INVESTMENT COMPANY - 0.2%
Securities Lending Collateral - 0.2%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.75% (G)		277,025		277,025
Total Other Investment Company (Cost $277,025)				277,025
Total Investments (Cost $113,307,124)				116,286,722
Net Other Assets (Liabilities) - (0.1)%				(134,775	)
Net Assets - 100.0%				$  116,151,947

FORWARD FOREIGN CURRENCY CONTRACTS:
Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation		Unrealized Depreciation
JPMS		01/16/2020		USD	2,288,409		AUD	3,380,000	$	—	$	(46,222	)
JPMS		01/16/2020		USD	2,338,472		CAD	3,110,000		—		(23,805	)
JPMS		01/16/2020		USD	1,726,101		EUR	1,560,000		—		(23,393	)
JPMS		01/16/2020		USD	563,731		GBP	459,000		—		(32,400	)
JPMS		01/16/2020		USD	2,342,639		JPY	250,565,288		14,232		(4,303	)
JPMS		01/16/2020		USD	1,933,124		NZD	3,050,000		—		(25,130	)
Total									$	14,232	$	(155,253	)

SECURITY VALUATION:

Valuation Inputs ^(H)

	Level 1 -  Unadjusted Quoted Prices		Level 2 -  Other Significant Observable Inputs		Level 3 -  Significant Unobservable Inputs		Value
ASSETS
Investments
Corporate Debt Securities	$	—	$	8,355,278	$	—	$	8,355,278
Foreign Government Obligations		—		11,822,082		—		11,822,082
Mortgage-Backed Securities		—		1,834,287		—		1,834,287
U.S. Government Obligations		—		93,963,202		—		93,963,202
Short-Term Investment Companies		34,848		—		—		34,848
Other Investment Company		277,025		—		—		277,025
Total Investments	$	311,873	$	115,974,849	$	—	$	116,286,722

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

Transamerica Funds Annual Report 2019

Page    138

Transamerica Inflation-Protected Securities

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

SECURITY VALUATION (continued):

Valuation Inputs (continued) ^(H)

	Level 1 -  Unadjusted Quoted Prices		Level 2 -  Other Significant Observable Inputs			Level 3 -  Significant Unobservable Inputs		Value
Other Financial Instruments
Forward Foreign Currency Contracts (I)	$	—	$	14,232		$	—	$	14,232
Total Other Financial Instruments	$	—	$	14,232		$	—	$	14,232
LIABILITIES
Other Financial Instruments
Forward Foreign Currency Contracts (I)	$	—	$	(155,253	)	$	—	$	(155,253	)
Total Other Financial Instruments	$	—	$	(155,253	)	$	—	$	(155,253	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Floating or variable rate securities. The rates disclosed are as of October 31, 2019. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(B)	Perpetual maturity. The date displayed is the next call date.
(C)	Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2019, the total value of 144A securities is $2,400,612, representing 2.1% of the Fund’s net assets.
(D)	All or a portion of the securities are on loan. The total value of all securities on loan is $271,350. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(E)	Securities are exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At October 31, 2019, the total value of Regulation S securities is $6,566,172, representing 5.7% of the Fund’s net assets.
(F)	Percentage rounds to less than 0.1% or (0.1)%.
(G)	Rates disclosed reflect the yields at October 31, 2019.
(H)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(I)	Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation).

CURRENCY ABBREVIATIONS:

AUD	Australian Dollar
CAD	Canadian Dollar
EUR	Euro
GBP	Pound Sterling
JPY	Japanese Yen
NZD	New Zealand Dollar
USD	United States Dollar

COUNTERPARTY ABBREVIATION:

JPMS JPMorgan Securities LLC

PORTFOLIO ABBREVIATIONS:

CPI	Consumer Price Index
LIBOR	London Interbank Offered Rate
MTN	Medium Term Note

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

Transamerica Funds Annual Report 2019

Page    139

Transamerica Intermediate Bond

(unaudited)

MARKET ENVIRONMENT

The fiscal year ended October 31, 2019 began with the prospects of healthy but moderating economic activity and global trade tensions that could potentially derail it. As consumption, fixed investments and government spending growth slowed, so did year-over-year gross domestic product (“GDP”) growth. Lower expectations prevailed throughout the year while any lingering optimism was reduced by a tumultuous geopolitical environment. As trade wars between the U.S. and China, and Japan and South Korea intensified, so did their impact on underlying economies.

Risks around trade policy were a concern for the U.S. Federal Reserve (“Fed”), which lowered 2019 GDP projections in December. Still, they stayed the course in normalizing rates given continued economic strength, and hiked rates once more in December of 2018. As a result, market expectations on Fed action soured, pricing in no further hike for the entirety of 2019 as a jolt of volatility overtook risk assets. The Fed’s more dovish tone and concerns over an inverted yield curve were top of mind for investors at the start of calendar year 2019. After cutting rates by 25 basis points in July and September, softening economic data and continued below-target inflation gave the green light to the Fed to trim its federal funds rate a quarter of a point at its October meeting.

Despite a rough start and volatility throughout the year, the credit markets performed well, both on a total and excess return basis. U.S. equities and high yield bonds posted their largest quarterly losses at the beginning of the fiscal year, which, when combined with higher volatility, depressed risk-return profiles for the quarter. Losses for investment grade bonds were more muted. As volatility normalized and financial conditions eased, risk assets, led by U.S. equities and high yield bonds, posted positive results in the second quarter. During the third quarter, risk assets and Treasuries posted positive results, led by U.S. equities and investment grade bonds. U.S. risk assets have broadly gained so far in the fourth quarter, led by investment grade bonds and Treasuries. October was risk-on with equities delivering positive returns in the U.S. investment grade, high yield, and Treasuries also posted modest gains for the month.

PERFORMANCE

For the year ended October 31, 2019, Transamerica Intermediate Bond (Class R4) returned 11.10%. By comparison, its benchmark, the Bloomberg Barclays US Aggregate Bond Index, returned 11.51%.

STRATEGY REVIEW

Over the past year, we continued to remain overweight spread-based assets relative to the benchmark given our views on expected risk-adjusted returns. Securitized credit remained a favored investment opportunity given our solid fundamental outlook and robust structural protections offered by many deals. Within corporate credit, we continue to prefer financials due to strong capital positions and lower expected event risk. Over the year, we became more biased towards shorter-dated credit given what we see as its attractive risk-adjusted return profile compared to longer maturity bonds.

One year relative performance for the portfolio was driven by the overweight to spread-based assets as both carry and spread effects contributed positively to relative returns. Yield curve effects were a detractor given a slightly short duration positioning compared to the benchmark as rates fell across the curve over the time period.

At an asset class level, the portfolio’s allocation to longer duration Treasury securities compared to the benchmark contributed positively to relative returns, as did the portfolio’s underweight allocation to agency residential mortgage-backed securities (“RMBS”) and overweight allocation to investment grade corporates. These positives were partially offset by poor security selection in agency RMBS and investment grade corporate credit. An overweight allocation to shorter duration commercial mortgage-backed securities also detracted from returns.

Within corporate credit, allocations to communications and transportation contributed positively to relative returns. Security selection with communication, transportation and real estate investment trusts (“REITS”) were detractors.

Bradley D. Doyle, CFA

Tyler A. Knight, CFA

Doug Weih, CFA

Brian W. Westhoff, CFA

Sivakumar N. Rajan

Co-Portfolio Managers

Aegon USA Investment Management, LLC

Transamerica Funds Annual Report 2019

Page    140

Transamerica Intermediate Bond

(unaudited)

Asset Allocation	Percentage of Net Assets
Corporate Debt Securities		35.2	%
U.S. Government Obligations		23.3
U.S. Government Agency Obligations		20.3
Commercial Paper		13.5
Mortgage-Backed Securities		10.9
Asset-Backed Securities		8.0
Short-Term U.S. Government Obligations		2.5
Foreign Government Obligations		1.1
Municipal Government Obligations		0.8
Repurchase Agreement		0.7
Other Investment Company		0.3
Preferred Stocks		0.1
Net Other Assets (Liabilities)		(16.7	)
Total		100.0	%

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

Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		46.1	%
AAA		15.3
AA		3.6
A		14.8
BBB		21.0
BB		1.2
B		0.5
CCC and Below		0.2
Not Rated		14.0
Net Other Assets (Liabilities)		(16.7	)
Total		100.0	%

Fund Characteristics	Years
Average Maturity §		7.76
Duration †		5.67

§ Average Maturity is computed by weighting the maturity of each security in the Fund by the market value of the security, then averaging these weighted figures.

† Duration is a time measure of a bond’s interest rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder.

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

Transamerica Funds Annual Report 2019

Page    141

Transamerica Intermediate Bond

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class I2 (NAV)		11.39	%		N/A			4.48	%		03/24/2017
Class I3 (NAV)		11.26	%		N/A			4.41	%		03/24/2017
Class R (NAV)		10.68	%		N/A			3.90	%		03/24/2017
Class R4 (NAV)		11.10	%		3.17	%		4.18	%		09/11/2000
Bloomberg Barclays US Aggregate Bond Index (A)		11.51	%		3.24	%		3.73	%

^(A) The Bloomberg Barclays US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.

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

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

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

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

Any U.S. government guarantees of the securities held in this investment fund pertain only to those securities and not the fund or its yield. The values of bonds change in response to changes in economic conditions, interest rates, and the creditworthiness of individual issuers. The value of bonds and bond funds generally falls when interest rates rise, causing an investor to lose money upon sale or redemption.

Transamerica Funds Annual Report 2019

Page    142

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Principal		Value
ASSET-BACKED SECURITIES - 8.0%
321 Henderson Receivables VI LLC Series 2010-1A, Class A, 5.56%, 07/15/2059 (A)		$  3,076,524		$  3,381,315
BlueMountain CLO, Ltd. Series 2015-2A, Class A1R, 3-Month LIBOR + 0.93%, 2.93% (B), 07/18/2027 (A)		7,532,000		7,494,355
BXG Receivables Note Trust Series 2015-A, Class A, 2.88%, 05/02/2030 (A)		1,006,742		1,005,565
CIFC Funding, Ltd. Series 2013-2A, Class A1LR, 3-Month LIBOR + 1.21%, 3.21% (B), 10/18/2030 (A)		15,580,000		15,579,860
Hilton Grand Vacations Trust Series 2017-AA, Class A, 2.66%, 12/26/2028 (A)		898,096		901,579
ICG CLO, Ltd. Series 2014-1A, Class A1R, 3-Month LIBOR + 1.22%, 3.19% (B), 01/20/2030 (A)		2,750,000		2,736,891
JG Wentworth XXI LLC Series 2010-2A, Class A, 4.07%, 01/15/2048 (A)		737,729		773,634
JG Wentworth XXII LLC Series 2010-3A, Class A, 3.82%, 12/15/2048 (A)		1,066,667		1,104,679
JG Wentworth XXXV LLC Series 2015-2A, Class A, 3.87%, 03/15/2058 (A)		1,581,169		1,709,436
JGWPT XXVIII LLC Series 2013-1A, Class A, 3.22%, 04/15/2067 (A)		6,047,545		6,273,089
Laurel Road Prime Student Loan Trust Series 2018-B, Class A2FX, 3.54%, 05/26/2043 (A)		3,770,000		3,900,994
Longfellow Place CLO, Ltd. Series 2013-1A, Class ARR, 3-Month LIBOR + 1.34%, 3.34% (B), 04/15/2029 (A)		3,500,000		3,491,355
Mill City Mortgage Loan Trust Series 2016-1, Class A1, 2.50% (B), 04/25/2057 (A)		937,979		940,279
MVW Owner Trust
Series 2014-1A, Class A,
2.25%, 09/22/2031 (A)		696,140		695,918
Series 2016-1A, Class A,
2.25%, 12/20/2033 (A)		2,655,693		2,642,996
Series 2019-1A, Class A,
2.89%, 11/20/2036 (A)		2,611,309		2,658,831
New Residential Advanced Receivables Trust
Series 2019-T2, Class AT2,
2.52%, 08/15/2053 (A)		12,340,000		12,324,845
Series 2019-T3, Class AT3,
2.51%, 10/20/2052 (A)		11,600,000		11,644,206
Series 2019-T4, Class AT4,
2.33%, 10/15/2051 (A)		1,240,000		1,241,142

	Principal		Value
ASSET-BACKED SECURITIES (continued)
NRZ Advance Receivables Trust Series 2019-T1, Class AT1, 2.59%, 07/15/2052 (A)		$   7,750,000		$   7,794,318
Octagon Investment Partners 33, Ltd. Series 2017-1A, Class A1, 3-Month LIBOR + 1.19%, 3.16% (B), 01/20/2031 (A)		3,600,000		3,585,391
Ocwen Master Advance Receivables Trust
Series 2019-T1, Class AT1,
2.51%, 08/15/2050 (A)		5,918,000		5,933,352
Series 2019-T2, Class AT2,
2.42%, 08/15/2051 (A)		5,918,000		5,938,003
Orange Lake Timeshare Trust
Series 2014-AA, Class A,
2.29%, 07/09/2029 (A)		403,581		402,650
Series 2015-AA, Class A,
2.88%, 09/08/2027 (A)		813,969		818,024
Series 2018-A, Class A,
3.10%, 11/08/2030 (A)		2,696,348		2,728,267
Series 2018-A, Class B,
3.35%, 11/08/2030 (A)		2,206,084		2,232,223
Series 2019-A, Class A,
3.06%, 04/09/2038 (A)		1,481,609		1,502,185
Palmer Square CLO, Ltd. Series 2015-2A, Class A1AR, 3-Month LIBOR + 1.27%, 3.24% (B), 07/20/2030 (A)		6,445,000		6,442,416
RAAC Trust Series 2007-RP4, Class A, 1-Month LIBOR + 0.35%, 2.37% (B), 11/25/2046 (A)		694,243		664,196
Sierra Timeshare Receivables Funding LLC
Series 2015-1A, Class A,
2.40%, 03/22/2032 (A)		241,855		241,786
Series 2015-1A, Class B,
3.05%, 03/22/2032 (A)		250,943		250,893
Series 2015-3A, Class A,
2.58%, 09/20/2032 (A)		549,773		550,043
Series 2016-2A, Class A,
2.33%, 07/20/2033 (A)		883,422		882,492
SolarCity LMC LLC Series 2014-2, Class A, 4.02%, 07/20/2044 (A)		3,519,831		3,556,746
Symphony CLO XIX, Ltd. Series 2018-19A, Class A, 3-Month LIBOR + 0.96%, 2.96% (B), 04/16/2031 (A)		3,000,000		2,970,549
Towd Point Mortgage Trust
Series 2015-3, Class A1B,
3.00% (B), 03/25/2054 (A)		2,836,250		2,848,857
Series 2015-4, Class A1B,
2.75% (B), 04/25/2055 (A)		742,536		744,472
Series 2015-5, Class A1B,
2.75% (B), 05/25/2055 (A)		4,498,119		4,516,159
Series 2015-6, Class A1B,
2.75% (B), 04/25/2055 (A)		2,529,085		2,542,625

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

Transamerica Funds Annual Report 2019

Page    143

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Towd Point Mortgage Trust (continued)
Series 2016-2, Class A1A,
2.75% (B), 08/25/2055 (A)		$   2,664,602		$   2,692,163
Series 2016-3, Class A1,
2.25% (B), 04/25/2056 (A)		4,429,635		4,419,727
Series 2016-4, Class A1,
2.25% (B), 07/25/2056 (A)		3,297,808		3,291,931
Series 2017-1, Class A1,
2.75% (B), 10/25/2056 (A)		3,888,210		3,934,216
Series 2017-2, Class A1,
2.75% (B), 04/25/2057 (A)		4,485,275		4,526,430
Series 2017-3, Class A1,
2.75% (B), 07/25/2057 (A)		1,332,828		1,345,157
Series 2017-6, Class A1,
2.75% (B), 10/25/2057 (A)		7,038,101		7,096,703
Series 2018-1, Class A1,
3.00% (B), 01/25/2058 (A)		11,431,364		11,598,043
VB-S1 Issuer LLC Series 2018-1A, Class C, 3.41%, 02/15/2048 (A)		9,945,000		10,079,448
VSE VOI Mortgage LLC Series 2016-A, Class A, 2.54%, 07/20/2033 (A)		3,432,939		3,431,575
Welk Resorts LLC Series 2017-AA, Class A, 2.82%, 06/15/2033 (A)		4,784,553		4,837,014
Wellfleet CLO, Ltd. Series 2016-2A, Class A1R, 3-Month LIBOR + 1.14%, 3.11% (B), 10/20/2028 (A)		8,060,000		8,059,944
Total Asset-Backed Securities (Cost $201,624,935)				202,958,967
CORPORATE DEBT SECURITIES - 35.2%
Aerospace & Defense - 0.2%
Boeing Co. 3.50%, 03/01/2039		5,642,000		5,864,131
Airlines - 1.4%
American Airlines Pass-Through Trust
3.15%, 08/15/2033		1,451,000		1,517,542
3.20%, 12/15/2029		196		203
3.70%, 04/01/2028 (C)		0		0
Continental Airlines Pass-Through Trust 4.00%, 04/29/2026		4,062,867		4,297,798
Delta Air Lines Pass-Through Trust
4.75%, 11/07/2021		5,753,197		5,813,321
6.82%, 02/10/2024		8,082,205		8,853,569
7.75%, 06/17/2021		255,175		256,793
JetBlue Pass-Through Trust 2.75%, 11/15/2033 (D)		5,168,000		5,218,595
Southwest Airlines Co. Pass-Through Trust 6.15%, 02/01/2024		223,043		236,314
United Airlines Pass-Through Trust 3.75%, 03/03/2028		5,488,697		5,822,799
US Airways Pass-Through Trust 5.38%, 05/15/2023		2,379,576		2,484,207
				34,501,141

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Auto Components - 0.1%
BorgWarner, Inc. 3.38%, 03/15/2025		$   2,709,000		$   2,833,097
Automobiles - 0.2%
General Motors Co.
4.88%, 10/02/2023		2,725,000		2,926,969
6.25%, 10/02/2043		1,075,000		1,201,097
				4,128,066
Banks - 5.3%
Banco Santander SA 2.71%, 06/27/2024		7,600,000		7,717,827
Bank of America Corp.
Fixed until 01/23/2025, 3.37% (B), 01/23/2026		12,459,000		13,032,865
Fixed until 12/20/2027, 3.42% (B), 12/20/2028		6,486,000		6,788,984
Barclays Bank PLC 10.18%, 06/12/2021 (A)		8,565,000		9,588,988
BNP Paribas SA 4.40%, 08/14/2028 (A)		6,106,000		6,800,248
BPCE SA 2.70%, 10/01/2029 (A)		7,801,000		7,806,074
CIT Group, Inc. 4.13%, 03/09/2021		555,000		567,488
Citigroup, Inc.
Fixed until 04/24/2024, 3.35% (B), 04/24/2025		2,758,000		2,869,312
Fixed until 10/27/2027, 3.52% (B), 10/27/2028		4,886,000		5,143,470
4.50%, 01/14/2022		2,945,000		3,096,653
Commerzbank AG 8.13%, 09/19/2023 (A)		8,120,000		9,484,822
Danske Bank A/S Fixed until 12/20/2024, 3.24% (B), 12/20/2025 (A)		6,130,000		6,221,842
Discover Bank 3.45%, 07/27/2026		5,445,000		5,650,686
Intesa Sanpaolo SpA 5.02%, 06/26/2024 (A)		2,945,000		3,074,070
JPMorgan Chase & Co.
Fixed until 07/23/2023, 3.80% (B), 07/23/2024		5,333,000		5,640,694
4.13%, 12/15/2026		8,112,000		8,857,292
6.40%, 05/15/2038		4,241,000		6,037,442
Lloyds Banking Group PLC Fixed until 11/07/2022, 2.91% (B), 11/07/2023		2,779,000		2,817,825
National Australia Bank, Ltd. Fixed until 08/02/2029, 3.93% (B), 08/02/2034 (A)		6,105,000		6,314,777
Royal Bank of Scotland Group PLC Fixed until 06/25/2023, 4.52% (B), 06/25/2024		2,959,000		3,143,985
Wells Fargo & Co.
4.10%, 06/03/2026, MTN		10,918,000		11,747,675
Fixed until 06/15/2024 (E), 5.90% (B)		2,758,000		2,978,640
				135,381,659

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

Transamerica Funds Annual Report 2019

Page    144

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Beverages - 1.1%
Anheuser-Busch InBev Worldwide, Inc.
4.15%, 01/23/2025		$   2,645,000		$   2,891,680
4.44%, 10/06/2048		6,551,000		7,353,218
4.75%, 01/23/2029		3,851,000		4,475,656
Constellation Brands, Inc.
3.15%, 08/01/2029		2,641,000		2,689,404
3.70%, 12/06/2026		1,404,000		1,502,917
Pernod Ricard SA
4.45%, 01/15/2022 (A)		3,146,000		3,305,156
5.75%, 04/07/2021 (A)		6,311,000		6,642,650
				28,860,681
Biotechnology - 0.3%
AbbVie, Inc. 3.20%, 05/14/2026		6,377,000		6,530,624
Gilead Sciences, Inc. 4.15%, 03/01/2047		1,186,000		1,317,969
				7,848,593
Capital Markets - 2.4%
Ameriprise Financial, Inc.
3.00%, 03/22/2022		1,814,000		1,854,611
3.70%, 10/15/2024		3,402,000		3,639,473
Credit Suisse Group Funding Guernsey, Ltd. 3.75%, 03/26/2025		5,047,000		5,324,912
Goldman Sachs Group, Inc.
5.25%, 07/27/2021		9,121,000		9,614,797
6.75%, 10/01/2037		4,556,000		6,199,242
Lazard Group LLC 4.50%, 09/19/2028		6,486,000		7,120,527
Morgan Stanley
3.70%, 10/23/2024, MTN		6,243,000		6,642,017
Fixed until 01/24/2028, 3.77% (B), 01/24/2029, MTN		1,355,000		1,452,442
5.00%, 11/24/2025		3,998,000		4,494,298
UBS AG 7.63%, 08/17/2022		11,848,000		13,352,696
				59,695,015
Chemicals - 0.2%
Syngenta Finance NV 3.93%, 04/23/2021 (A)		3,870,000		3,935,267
Commercial Services & Supplies - 0.6%
CK Hutchison International 17 II, Ltd. 2.25%, 09/29/2020 (A)		2,775,000		2,775,209
ERAC Finance LLC
2.70%, 11/01/2023 (A)		4,400,000		4,468,681
3.85%, 11/15/2024 (A)		3,020,000		3,224,254
Waste Management, Inc. 3.20%, 06/15/2026		4,789,000		5,080,174
				15,548,318
Communications Equipment - 0.2%
Nokia OYJ 3.38%, 06/12/2022		5,221,000		5,279,736
Construction & Engineering - 1.2%
SBA Tower Trust
2.84%, 01/15/2050 (A)		21,277,000		21,488,519
3.17%, 04/09/2047 (A)		4,040,000		4,093,590

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Construction & Engineering (continued)
SBA Tower Trust (continued)
3.45%, 03/15/2048 (A)		$   5,806,000		$   5,988,713
				31,570,822
Construction Materials - 0.5%
CRH America Finance, Inc. 4.50%, 04/04/2048 (A)		2,825,000		3,075,544
LafargeHolcim Finance LLC 4.75%, 09/22/2046 (A)		5,530,000		5,862,498
Martin Marietta Materials, Inc.
3.50%, 12/15/2027		2,929,000		3,062,326
4.25%, 12/15/2047		1,604,000		1,638,674
				13,639,042
Consumer Finance - 1.0%
Ally Financial, Inc.
3.88%, 05/21/2024		3,094,000		3,231,374
4.13%, 03/30/2020		5,550,000		5,586,075
American Express Co. 4.05%, 12/03/2042		2,075,000		2,416,435
BMW Capital LLC 2.80%, 04/11/2026 (A)		4,784,000		4,846,838
Capital One Financial Corp. 3.30%, 10/30/2024		5,408,000		5,630,476
Ford Motor Credit Co. LLC 4.54%, 08/01/2026		4,299,000		4,330,305
				26,041,503
Containers & Packaging - 0.3%
International Paper Co. 4.75%, 02/15/2022		1,209,000		1,272,691
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC
5.13%, 07/15/2023 (A)		2,095,000		2,149,365
5.75%, 10/15/2020		3,900,659		3,914,116
6.88%, 02/15/2021		1,231,940		1,233,480
				8,569,652
Diversified Consumer Services - 0.0% (F)
President & Fellows of Harvard College 3.62%, 10/01/2037		651,000		719,317
Diversified Financial Services - 0.3%
Aviation Capital Group LLC 7.13%, 10/15/2020 (A)		8,352,000		8,726,620
Diversified Telecommunication Services - 1.3%
AT&T, Inc. 3.40%, 05/15/2025		6,204,000		6,500,567
GTP Acquisition Partners I LLC 2.35%, 06/15/2045 (A)		1,585,000		1,585,554
Hughes Satellite Systems Corp. 7.63%, 06/15/2021		2,980,000		3,210,950
Sprint Capital Corp. 6.88%, 11/15/2028		822,000		895,717
Verizon Communications, Inc.
3.50%, 11/01/2024		10,126,000		10,757,851
5.50%, 03/16/2047		7,119,000		9,699,726
				32,650,365
Electric Utilities - 1.5%
Appalachian Power Co. 3.40%, 06/01/2025		6,562,000		6,875,051

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

Transamerica Funds Annual Report 2019

Page    145

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electric Utilities (continued)
Cleveland Electric Illuminating Co. 5.95%, 12/15/2036		$   458,000		$   586,172
Duke Energy Corp. 3.75%, 04/15/2024 - 09/01/2046		12,058,000		12,578,102
Duke Energy Progress LLC 3.60%, 09/15/2047		2,025,000		2,171,931
Entergy Arkansas LLC 3.70%, 06/01/2024		1,110,000		1,183,316
Oncor Electric Delivery Co. LLC
4.10%, 06/01/2022		3,366,000		3,532,887
5.30%, 06/01/2042		525,000		697,884
PacifiCorp
3.60%, 04/01/2024		4,221,000		4,475,182
5.75%, 04/01/2037		400,000		536,424
Public Service Electric & Gas Co. 3.00%, 05/15/2025, MTN		4,661,000		4,868,460
				37,505,409
Electronic Equipment, Instruments & Components - 0.5%
Amphenol Corp. 2.80%, 02/15/2030		2,354,000		2,320,436
Arrow Electronics, Inc. 3.88%, 01/12/2028		2,682,000		2,772,775
Keysight Technologies, Inc. 4.60%, 04/06/2027		7,531,000		8,385,697
				13,478,908
Energy Equipment & Services - 0.3%
Schlumberger Holdings Corp. 3.90%, 05/17/2028 (A)		6,223,000		6,575,095
Schlumberger Investment SA 3.65%, 12/01/2023		835,000		883,684
				7,458,779
Equity Real Estate Investment Trusts - 1.8%
American Tower Trust #1 3.65%, 03/15/2048 (A)		2,000,000		2,149,301
CBL & Associates, LP 5.25%, 12/01/2023 (G)		7,049,000		4,935,710
EPR Properties 4.75%, 12/15/2026		4,304,000		4,689,052
HCP, Inc. 3.50%, 07/15/2029		2,969,000		3,125,843
Healthcare Trust of America Holdings, LP 3.10%, 02/15/2030		3,232,000		3,234,064
Highwoods Realty, LP 3.05%, 02/15/2030		4,148,000		4,089,732
Kilroy Realty, LP 4.25%, 08/15/2029		6,162,000		6,752,004
Life Storage, LP 4.00%, 06/15/2029		3,081,000		3,304,494
Service Properties Trust 5.00%, 08/15/2022		5,581,000		5,842,587
VEREIT Operating Partnership, LP 4.63%, 11/01/2025		2,474,000		2,716,495
WEA Finance LLC 4.13%, 09/20/2028 (A)		4,748,000		5,165,933
				46,005,215

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Food & Staples Retailing - 0.5%
Sysco Corp. 3.30%, 07/15/2026		$   4,407,000		$   4,652,249
Walmart, Inc. 3.63%, 12/15/2047		7,040,000		7,834,998
				12,487,247
Health Care Equipment & Supplies - 0.5%
Abbott Laboratories 3.75%, 11/30/2026		4,467,000		4,894,248
Alcon Finance Corp. 2.75%, 09/23/2026 (A)		1,800,000		1,837,680
Boston Scientific Corp. 4.70%, 03/01/2049		4,497,000		5,467,039
				12,198,967
Health Care Providers & Services - 0.8%
Cigna Corp. 4.13%, 11/15/2025		3,636,000		3,938,040
CVS Health Corp.
2.13%, 06/01/2021		3,452,000		3,457,307
4.10%, 03/25/2025		2,224,000		2,389,238
HCA Healthcare, Inc. 6.25%, 02/15/2021		1,980,000		2,074,050
HCA, Inc.
4.13%, 06/15/2029		1,389,000		1,471,514
5.25%, 04/15/2025		1,332,000		1,482,014
Quest Diagnostics, Inc. 4.20%, 06/30/2029		5,553,000		6,142,835
				20,954,998
Household Durables - 0.2%
D.R. Horton, Inc. 4.38%, 09/15/2022		4,697,000		4,928,570
Industrial Conglomerates - 0.3%
Carlisle Cos., Inc. 3.75%, 12/01/2027		4,255,000		4,491,926
General Electric Co. 6.88%, 01/10/2039, MTN		2,732,000		3,616,909
				8,108,835
Insurance - 1.4%
Athene Global Funding 3.00%, 07/01/2022 (A)		3,885,000		3,953,813
CNA Financial Corp. 3.90%, 05/01/2029		3,303,000		3,585,425
Hartford Financial Services Group, Inc. 2.80%, 08/19/2029		7,560,000		7,595,052
Lincoln National Corp. 3.63%, 12/12/2026		3,750,000		3,970,017
Markel Corp. 3.35%, 09/17/2029		1,853,000		1,892,875
Reinsurance Group of America, Inc. 3.90%, 05/15/2029		6,982,000		7,489,123
RenaissanceRe Finance, Inc. 3.45%, 07/01/2027		6,509,000		6,727,912
				35,214,217
Interactive Media & Services - 0.4%
Baidu, Inc. 4.38%, 05/14/2024		5,327,000		5,663,438

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

Transamerica Funds Annual Report 2019

Page    146

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Interactive Media & Services (continued)
Tencent Holdings, Ltd. 3.28%, 04/11/2024 (A)		$   4,190,000		$   4,314,647
				9,978,085
Internet & Direct Marketing Retail - 0.4%
Booking Holdings, Inc. 3.60%, 06/01/2026		2,772,000		3,001,126
Expedia Group, Inc.
3.25%, 02/15/2030 (A)		2,008,000		2,009,368
3.80%, 02/15/2028		4,224,000		4,431,728
				9,442,222
IT Services - 0.3%
DXC Technology Co. 4.75%, 04/15/2027		1,834,000		1,938,281
Fidelity National Information Services, Inc. 3.75%, 05/21/2029		2,250,000		2,449,928
Fiserv, Inc. 3.50%, 07/01/2029		4,073,000		4,308,509
				8,696,718
Life Sciences Tools & Services - 0.1%
Thermo Fisher Scientific, Inc. 5.30%, 02/01/2044		2,023,000		2,600,548
Machinery - 0.1%
Doosan Heavy Industries & Construction Co., Ltd. 2.13%, 04/27/2020 (A)		2,430,000		2,428,924
Media - 0.7%
CCO Holdings LLC / CCO Holdings Capital Corp. 5.75%, 01/15/2024		512,000		524,646
Charter Communications Operating LLC / Charter Communications Operating Capital 4.80%, 03/01/2050		2,677,000		2,740,307
Clear Channel Worldwide Holdings, Inc. 5.13%, 08/15/2027 (A)		2,020,000		2,102,679
NBCUniversal Enterprise, Inc. 5.25%, 03/19/2021 (A) (E)		3,715,000		3,817,162
NBCUniversal Media LLC
4.38%, 04/01/2021		3,620,000		3,745,523
4.45%, 01/15/2043		4,080,000		4,715,949
				17,646,266
Metals & Mining - 0.3%
Anglo American Capital PLC
4.00%, 09/11/2027 (A)		5,075,000		5,269,576
4.75%, 04/10/2027 (A)		1,105,000		1,199,559
Freeport-McMoRan, Inc. 3.88%, 03/15/2023		1,125,000		1,141,875
				7,611,010
Multi-Utilities - 0.7%
Black Hills Corp. 4.25%, 11/30/2023		4,627,000		4,941,209
CMS Energy Corp.
3.88%, 03/01/2024		539,000		568,359
4.88%, 03/01/2044		725,000		875,542
Dominion Energy, Inc. 2.58%, 07/01/2020		3,948,000		3,959,767

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Multi-Utilities (continued)
DTE Electric Co. 4.30%, 07/01/2044		$   5,420,000		$   6,477,530
Public Service Enterprise Group, Inc. 2.65%, 11/15/2022		1,550,000		1,576,053
				18,398,460
Oil, Gas & Consumable Fuels - 3.1%
BP Capital Markets PLC 3.12%, 05/04/2026		8,368,000		8,638,194
Energy Transfer Operating, LP
4.90%, 02/01/2024		2,755,000		2,973,343
5.15%, 03/15/2045		1,238,000		1,290,595
5.95%, 10/01/2043		960,000		1,072,068
7.60%, 02/01/2024		3,005,000		3,493,434
Enterprise Products Operating LLC 4.25%, 02/15/2048		7,383,000		7,922,455
Kinder Morgan Energy Partners, LP 4.15%, 02/01/2024		5,190,000		5,526,602
Nexen, Inc. 5.88%, 03/10/2035		110,000		142,242
Noble Energy, Inc. 3.25%, 10/15/2029		6,476,000		6,443,379
Occidental Petroleum Corp. 5.55%, 03/15/2026		8,446,000		9,589,487
Petroleos Mexicanos
6.84%, 01/23/2030 (A)		5,604,000		5,982,270
6.88%, 08/04/2026		3,335,000		3,648,490
7.69%, 01/23/2050 (A)		641,000		696,536
Plains All American Pipeline, LP / PAA Finance Corp. 3.55%, 12/15/2029		5,988,000		5,725,092
Sabine Pass Liquefaction LLC 4.20%, 03/15/2028		2,976,000		3,139,599
Shell International Finance BV
2.50%, 09/12/2026		4,873,000		4,972,836
3.75%, 09/12/2046		2,122,000		2,363,598
Western Midstream Operating, LP 5.38%, 06/01/2021		1,956,000		2,019,181
Williams Cos., Inc.
5.40%, 03/04/2044		814,000		903,474
7.88%, 09/01/2021		796,000		874,295
				77,417,170
Pharmaceuticals - 1.0%
AstraZeneca PLC
2.38%, 06/12/2022		4,079,000		4,117,251
4.00%, 01/17/2029		1,620,000		1,814,499
4.38%, 08/17/2048		3,542,000		4,206,468
Bayer Finance LLC 3.00%, 10/08/2021 (A)		3,950,000		4,004,319
Bristol-Myers Squibb Co. 3.20%, 06/15/2026 (A)		1,911,000		2,029,580
Merck & Co., Inc. 3.40%, 03/07/2029		2,849,000		3,107,383
Takeda Pharmaceutical Co., Ltd. 5.00%, 11/26/2028 (A)		4,474,000		5,253,075
				24,532,575

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

Transamerica Funds Annual Report 2019

Page    147

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Road & Rail - 0.6%
Burlington Northern Santa Fe LLC
3.00%, 03/15/2023		$   269,000		$   277,522
3.75%, 04/01/2024		1,077,000		1,153,282
CSX Corp. 3.80%, 11/01/2046		2,932,000		3,080,225
Park Aerospace Holdings, Ltd. 5.50%, 02/15/2024 (A)		9,480,000		10,422,312
				14,933,341
Semiconductors & Semiconductor Equipment - 0.9%
Intel Corp. 2.88%, 05/11/2024		6,383,000		6,643,097
KLA Corp. 4.10%, 03/15/2029		4,195,000		4,646,625
Lam Research Corp. 3.75%, 03/15/2026		4,021,000		4,341,500
NXP BV / NXP Funding LLC 4.88%, 03/01/2024 (A)		2,341,000		2,543,829
QUALCOMM, Inc. 3.25%, 05/20/2027		4,454,000		4,685,954
Sensata Technologies, Inc. Co. 4.38%, 02/15/2030 (A)		595,000		599,091
				23,460,096
Software - 0.2%
Microsoft Corp. 3.30%, 02/06/2027		3,849,000		4,166,410
Technology Hardware, Storage & Peripherals - 0.6%
Apple, Inc. 2.85%, 02/23/2023		4,155,000		4,284,179
Dell International LLC / EMC Corp. 6.02%, 06/15/2026 (A)		3,104,000		3,542,836
Western Digital Corp. 4.75%, 02/15/2026		5,945,000		6,075,196
				13,902,211
Tobacco - 0.5%
Altria Group, Inc. 4.40%, 02/14/2026		5,504,000		5,936,196
BAT Capital Corp. 3.22%, 08/15/2024		5,654,000		5,740,000
				11,676,196
Transportation Infrastructure - 0.1%
Penske Truck Leasing Co., LP / PTL Finance Corp. 3.45%, 07/01/2024 (A)		3,097,000		3,227,097
Wireless Telecommunication Services - 0.8%
America Movil SAB de CV
3.13%, 07/16/2022		3,475,000		3,562,251
4.38%, 07/16/2042		2,600,000		2,932,026
Crown Castle Towers LLC
3.22%, 05/15/2042 (A)		7,142,000		7,232,598
3.72%, 07/15/2043 (A)		3,680,000		3,814,248
Sprint Corp.
7.25%, 09/15/2021		1,520,000		1,621,931
7.88%, 09/15/2023		1,290,000		1,423,838
				20,586,892
Total Corporate Debt Securities (Cost $855,228,098)				894,838,391

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS - 1.1%
Brazil - 0.1%
Brazil Government International Bond 4.25%, 01/07/2025 (G)		$   1,440,000		$   1,524,974
Colombia - 0.2%
Colombia Government International Bond
4.00%, 02/26/2024		810,000		855,862
4.50%, 01/28/2026		5,975,000		6,536,650
				7,392,512
Indonesia - 0.2%
Indonesia Government International Bond
4.75%, 01/08/2026 (A)		4,060,000		4,475,004
5.38%, 10/17/2023 (A)		1,500,000		1,654,450
				6,129,454
Mexico - 0.2%
Mexico Government International Bond 3.75%, 01/11/2028		5,717,000		5,959,973
Panama - 0.1%
Panama Government International Bond 3.88%, 03/17/2028		1,335,000		1,450,157
Peru - 0.1%
Peru Government International Bond 7.35%, 07/21/2025		1,010,000		1,281,195
Poland - 0.1%
Republic of Poland Government International Bond 3.00%, 03/17/2023		1,235,000		1,273,606
Qatar - 0.0% (F)
Qatar Government International Bond 3.88%, 04/23/2023 (A)		913,000		963,018
Saudi Arabia - 0.1%
Saudi Arabia Government International Bond 2.38%, 10/26/2021 (A)		3,047,000		3,052,332
Total Foreign Government Obligations (Cost $27,681,207)				29,027,221
MORTGAGE-BACKED SECURITIES - 10.9%
Alternative Loan Trust
Series 2005-36, Class 2A1A,
1-Month LIBOR + 0.31%, 2.13% (B), 08/25/2035		601,609		537,440
Series 2005-50CB, Class 1A1,
5.50%, 11/25/2035		1,032,282		1,013,850
Series 2005-51, Class 3A3A,
1-Month LIBOR + 0.64%, 2.49% (B), 11/20/2035		600,541		578,299
Series 2007-22, Class 2A16,
6.50%, 09/25/2037		5,615,068		3,710,177
Series 2007-5CB, Class 1A31,
5.50%, 04/25/2037		1,045,765		828,178
Banc of America Funding Trust Series 2005-E, Class 4A1, 4.63% (B), 03/20/2035		15,004		15,123
BB-UBS Trust
Series 2012-TFT, Class A,
2.89%, 06/05/2030 (A)		15,060,000		15,058,059
Series 2012-TFT, Class C,
3.47% (B), 06/05/2030 (A)		7,195,000		7,138,728

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

Transamerica Funds Annual Report 2019

Page    148

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
BBCMS Trust
Series 2013-TYSN, Class B,
4.04%, 09/05/2032 (A)		$   2,530,000		$   2,552,129
Series 2015-MSQ, Class B,
3.89%, 09/15/2032 (A)		1,100,000		1,135,935
BCAP LLC Trust Series 2011-R11, Class 23A1, 4.95% (B), 06/26/2035 (A)		86,930		87,737
Bear Stearns Alt-A Trust Series 2004-11, Class 2A2, 4.44% (B), 11/25/2034		32,544		32,581
Caesars Palace Las Vegas Trust Series 2017-VICI, Class A, 3.53%, 10/15/2034 (A)		7,430,000		7,726,749
CGRBS Commercial Mortgage Trust Series 2013-VN05, Class B, 3.58% (B), 03/13/2035 (A)		6,250,000		6,595,329
CHL Mortgage Pass-Through Trust
Series 2003-60, Class 1A1,
4.90% (B), 02/25/2034		36,602		37,542
Series 2005-3, Class 1A2,
1-Month LIBOR + 0.58%, 2.40% (B), 04/25/2035		122,251		116,804
Citigroup Commercial Mortgage Trust
Series 2014-GC19, Class A3,
3.75%, 03/10/2047		901,669		956,539
Series 2014-GC19, Class A4,
4.02%, 03/10/2047		2,065,000		2,213,906
Citigroup Mortgage Loan Trust Series 2015-PS1, Class A1, 3.75% (B), 09/25/2042 (A)		1,089,609		1,114,574
Citigroup Mortgage Loan Trust, Inc.
Series 2014-A, Class A,
4.00% (B), 01/25/2035 (A)		629,337		652,706
Series 2015-A, Class A1,
3.50% (B), 06/25/2058 (A)		2,220,128		2,244,543
Series 2018-RP1, Class A1,
3.00% (B), 09/25/2064 (A)		3,298,117		3,333,029
COMM Mortgage Trust
Series 2013-CR11, Class AM,
4.72% (B), 08/10/2050		565,000		613,912
Series 2013-GAM, Class A1,
1.71%, 02/10/2028 (A)		496,908		494,266
Series 2013-GAM, Class A2,
3.37%, 02/10/2028 (A)		4,005,000		4,031,135
Series 2014-UBS2, Class A5,
3.96%, 03/10/2047		4,680,000		4,987,248
Series 2015-3BP, Class A,
3.18%, 02/10/2035 (A)		25,340,000		26,583,375
Series 2016-GCT, Class C,
3.46% (B), 08/10/2029 (A)		4,900,000		4,961,486
Commercial Mortgage Pass-Through Certificates Trust Series 2012-LTRT, Class A2, 3.40%, 10/05/2030 (A)		7,035,000		7,152,107
CSMC Trust
Series 2014-11R, Class 17A1,
1-Month LIBOR + 0.15%, 2.17% (B), 12/27/2036 (A)		1,080,160		1,065,593

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
CSMC Trust (continued)
Series 2014-4R, Class 21A1,
1-Month LIBOR + 0.33%, 2.68% (B), 12/27/2035 (A)		$   3,033,819		$   3,019,876
GMACM Mortgage Loan Trust Series 2005-AR1, Class 3A, 4.72% (B), 03/18/2035		19,949		20,241
GS Mortgage Securities Corp. II Series 2013-KING, Class E, 3.44% (B), 12/10/2027 (A)		3,320,000		3,315,309
GS Mortgage Securities Trust Series 2013-G1, Class A2, 3.56% (B), 04/10/2031 (A)		4,664,567		4,764,558
HarborView Mortgage Loan Trust Series 2004-4, Class 2A, 1-Month LIBOR + 0.56%, 2.41% (B), 06/19/2034		255,804		253,958
Houston Galleria Mall Trust Series 2015-HGLR, Class A1A2, 3.09%, 03/05/2037 (A)		4,498,000		4,670,489
Impac CMB Trust
Series 2003-8, Class 1A1,
1-Month LIBOR + 0.68%, 2.50% (B), 10/25/2033		36,315		36,391
Series 2004-6, Class 1A1,
1-Month LIBOR + 0.80%, 2.62% (B), 10/25/2034		17,132		17,168
IndyMac INDX Mortgage Loan Trust Series 2007-AR15, Class 2A1, 3.79% (B), 08/25/2037		418,749		363,936
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2012-WLDN, Class A,
3.91%, 05/05/2030 (A)		6,660,104		6,854,773
Series 2014-DSTY, Class B,
3.77%, 06/10/2027 (A)		4,800,000		4,766,652
JPMorgan Mortgage Trust
Series 2004-A1, Class 1A1,
4.14% (B), 02/25/2034		35,041		35,508
Series 2006-A2, Class 5A1,
4.38% (B), 11/25/2033		25,491		26,668
Series 2006-S3, Class 1A12,
6.50%, 08/25/2036		210,362		147,549
MASTR Adjustable Rate Mortgages Trust Series 2007-R5, Class A1, 4.09% (B), 11/25/2035 (A)		301,120		235,388
Merrill Lynch Mortgage Investors Trust
Series 2003-F, Class A1,
1-Month LIBOR + 0.64%, 2.46% (B), 10/25/2028		17,145		17,227
Series 2004-A1, Class 2A1,
4.26% (B), 02/25/2034		97,912		99,594
Series 2005-A3, Class A1,
1-Month LIBOR + 0.27%, 2.09% (B), 04/25/2035		7,732		7,742
Series 2005-A4, Class 2A2,
4.51% (B), 07/25/2035		88,023		87,094

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

Transamerica Funds Annual Report 2019

Page    149

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2012-C6, Class AS,
3.48%, 11/15/2045		$   1,800,000		$   1,856,801
Series 2013-C11, Class B,
4.35% (B), 08/15/2046		1,035,000		1,091,528
Morgan Stanley Capital Barclays Bank Trust Series 2016-MART, Class A, 2.20%, 09/13/2031 (A)		13,747,000		13,751,897
Morgan Stanley Re-REMIC Trust Series 2009-R3, Class 1A, 5.50% (B), 10/26/2035 (A)		139		139
Morgan Stanley Resecuritization Trust
Series 2014-R3, Class 2A,
3.00% (B), 07/26/2048 (A)		3,345,892		3,338,283
Series 2014-R4, Class 4A,
3.92% (B), 11/21/2035 (A)		507,377		514,943
Motel 6 Trust Series 2017-MTL6, Class C, 1-Month LIBOR + 1.40%, 3.31% (B), 08/15/2034 (A)		17,626,909		17,626,870
Nationstar Mortgage Loan Trust Series 2013-A, Class A, 3.75% (B), 12/25/2052 (A)		1,826,931		1,866,976
New Residential Mortgage Loan Trust
Series 2014-1A, Class A,
3.75% (B), 01/25/2054 (A)		714,121		743,713
Series 2014-2A, Class A3,
3.75% (B), 05/25/2054 (A)		567,808		577,809
Series 2014-3A, Class AFX3,
3.75% (B), 11/25/2054 (A)		1,818,730		1,891,904
Series 2015-2A, Class A1,
3.75% (B), 08/25/2055 (A)		2,624,442		2,736,110
Series 2016-2A, Class A1,
3.75% (B), 11/26/2035 (A)		2,366,461		2,457,966
Series 2016-3A, Class A1B,
3.25% (B), 09/25/2056 (A)		3,287,227		3,365,684
Series 2017-1A, Class A1,
4.00% (B), 02/25/2057 (A)		10,081,144		10,580,807
Series 2017-2A, Class A3,
4.00% (B), 03/25/2057 (A)		1,726,011		1,813,697
Series 2017-3A, Class A1,
4.00% (B), 04/25/2057 (A)		9,916,372		10,357,213
Series 2017-4A, Class A1,
4.00% (B), 05/25/2057 (A)		3,691,013		3,875,522
Series 2018-1A, Class A1A,
4.00% (B), 12/25/2057 (A)		1,802,988		1,879,372
Series 2019-4A, Class A1B,
3.50% (B), 12/25/2058 (A)		13,113,901		13,540,565
Series 2019-5A, Class A1B,
3.50% (B), 08/25/2059 (A)		12,892,193		13,199,096
One Market Plaza Trust Series 2017-1MKT, Class A, 3.61%, 02/10/2032 (A)		10,807,000		11,152,619
Palisades Center Trust Series 2016-PLSD, Class A, 2.71%, 04/13/2033 (A)		6,500,000		6,509,178

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Provident Funding Mortgage Loan Trust Series 2005-1, Class 3A1, 1-Month LIBOR + 0.58%, 2.40% (B), 05/25/2035		$   952,972		$   964,807
Queens Center Mortgage Trust Series 2013-QCA, Class D, 3.47% (B), 01/11/2037 (A)		4,200,000		4,280,477
RALI Trust Series 2007-QO4, Class A1A, 1-Month LIBOR + 0.19%, 2.01% (B), 05/25/2047		561,567		553,095
RBSSP Resecuritization Trust Series 2009-7, Class 5A4, 1-Month LIBOR + 0.40%, 2.42% (B), 06/26/2037 (A)		194,331		193,298
Structured Adjustable Rate Mortgage Loan Trust
Series 2005-15, Class 1A1,
4.14% (B), 07/25/2035		311,428		250,046
Series 2007-3, Class 3A1,
4.42% (B), 04/25/2047		802,401		588,364
Structured Asset Mortgage Investments II Trust Series 2003-AR4, Class A1, 1-Month LIBOR + 0.70%, 2.55% (B), 01/19/2034		24,428		24,279
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 06/10/2030 (A)		6,983,000		7,179,193
WaMu Mortgage Pass-Through Certificates Trust
Series 2005-AR8, Class 2A1A,
1-Month LIBOR + 0.58%, 2.40% (B), 07/25/2045		32,134		32,139
Series 2007-OA6, Class 1A1B,
12-MTA + 0.81%, 3.20% (B), 07/25/2047		214,658		23,723
Wells Fargo Commercial Mortgage Trust Series 2015-C26, Class B, 3.78%, 02/15/2048		3,000,000		3,126,190
Total Mortgage-Backed Securities (Cost $275,282,493)				278,253,503
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.8%
California - 0.7%
Los Angeles Community College District, General Obligation Unlimited, 6.60%, 08/01/2042		340,000		531,512
State of California, General Obligation Unlimited
7.30%, 10/01/2039		2,760,000		4,269,692
7.60%, 11/01/2040		2,820,000		4,758,186
7.70%, 11/01/2030		1,650,000		1,743,737
7.95%, 03/01/2036		5,350,000		5,452,292
University of California, Revenue Bonds, Series AD, 4.86%, 05/15/2112		315,000		408,265
				17,163,684

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

Transamerica Funds Annual Report 2019

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Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Georgia - 0.0% (F)
Municipal Electric Authority of Georgia, Revenue Bonds, Series A, 6.64%, 04/01/2057		$   293,000		$   410,569
New Jersey - 0.0% (F)
New Jersey Turnpike Authority, Revenue Bonds, Series F, 7.41%, 01/01/2040		431,000		690,178
New York - 0.1%
Metropolitan Transportation Authority, Revenue Bonds, Series E, 6.81%, 11/15/2040		355,000		508,225
New York City Water & Sewer System, Revenue Bonds, Series CC, 5.88%, 06/15/2044		340,000		499,205
New York State Dormitory Authority, Revenue Bonds, Series H, 5.39%, 03/15/2040		330,000		434,108
Port Authority of New York & New Jersey, Revenue Bonds, Series 181, 4.96%, 08/01/2046		570,000		758,967
				2,200,505
Total Municipal Government Obligations (Cost $19,929,851)				20,464,936
U.S. GOVERNMENT AGENCY OBLIGATIONS - 20.3%
Federal Home Loan Mortgage Corp.
6-Month LIBOR + 1.36%, 3.69% (B), 05/01/2037		29,044		29,908
6-Month LIBOR + 1.57%, 3.93% (B), 04/01/2037		48,577		50,373
12-Month LIBOR + 1.73%, 3.98% (B), 09/01/2035		334,706		350,686
12-Month LIBOR + 1.80%, 4.05% (B), 09/01/2037		14,615		15,388
6-Month LIBOR + 1.57%, 4.07% (B), 02/01/2037		4,938		5,098
12-Month LIBOR + 1.66%, 4.67% (B), 01/01/2038		78,115		81,716
12-Month LIBOR + 1.75%, 4.74% (B), 12/01/2034		11,148		11,683
6-Month LIBOR + 2.12%, 4.85% (B), 05/01/2037		8,737		9,147
5.00%, 08/01/2035 - 12/01/2035		1,704,029		1,888,364
12-Month LIBOR + 1.90%, 5.03% (B), 02/01/2041		157,817		164,832
5.50%, 11/01/2038 - 06/01/2041		1,117,410		1,258,434
6.00%, 05/01/2031		302,667		347,483
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
2.89%, 06/25/2027		21,405,090		22,261,426
3.01%, 07/25/2025		16,012,000		16,847,131

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates (continued)
3.06% (B), 08/25/2024		$   14,490,000		$   15,091,234
3.17%, 10/25/2024		2,140,000		2,257,227
3.49%, 01/25/2024		9,965,000		10,532,130
Federal National Mortgage Association
6-Month LIBOR + 0.93%, 3.28% (B), 08/01/2037		3,075		3,120
3.50%, 07/01/2028 - 01/01/2029		2,436,735		2,555,088
4.00%, 06/01/2042		901,072		963,924
6-Month LIBOR + 1.53%, 4.08% (B), 08/01/2034		1,820		1,856
6-Month LIBOR + 1.51%, 4.10% (B), 01/01/2035		9,611		9,928
12-Month LIBOR + 1.73%, 4.49% (B), 08/01/2035		30,953		32,583
4.50%, 02/01/2025 - 06/01/2026		1,116,504		1,171,236
12-Month LIBOR + 1.75%, 4.82% (B), 03/01/2041		110,199		115,063
12-Month LIBOR + 1.82%, 4.90% (B), 03/01/2041		33,498		35,162
5.00%, 04/01/2039 - 11/01/2039		11,911,719		13,216,386
5.50%, 04/01/2036 - 12/01/2041		5,690,785		6,465,608
6.00%, 02/01/2034 - 06/01/2041		11,500,693		13,231,245
6.50%, 06/01/2038 - 05/01/2040		1,730,342		2,019,080
Government National Mortgage Association, Interest Only STRIPS 0.80% (B), 02/16/2053		5,787,106		282,244
Uniform Mortgage-Backed Security
2.50%, TBA (D)		26,990,000		27,279,932
3.00%, TBA (D)		163,551,000		166,342,663
3.50%, TBA (D)		144,952,000		148,824,936
4.00%, TBA (D)		58,726,000		60,941,989
Total U.S. Government Agency Obligations (Cost $512,340,937)				514,694,303
U.S. GOVERNMENT OBLIGATIONS - 23.3%
U.S. Treasury - 20.3%
U.S. Treasury Bond
2.25%, 08/15/2046		9,652,000		9,786,977
2.50%, 02/15/2045 - 05/15/2046		46,751,200		49,753,304
2.75%, 08/15/2042 - 11/15/2047		41,572,400		46,314,783
2.88%, 08/15/2045		6,203,000		7,067,301
3.00%, 05/15/2042 - 08/15/2048		15,243,300		17,717,647
3.13%, 02/15/2042 - 05/15/2048		25,862,800		30,480,356
3.50%, 02/15/2039		7,016,100		8,708,186
3.63%, 02/15/2044		42,584,600		54,425,115
4.50%, 02/15/2036		8,474,200		11,607,999
4.75%, 02/15/2037		24,549,000		34,926,706
5.25%, 02/15/2029		18,146,100		23,722,482
U.S. Treasury Note
1.13%, 06/30/2021 - 09/30/2021		29,963,000		29,726,345
1.50%, 08/15/2026		4,027,000		4,000,101
1.63%, 08/15/2022		6,000,000		6,018,281
1.63%, 08/15/2029 (G)		4,823,000		4,794,175
1.75%, 05/15/2023		5,064,000		5,102,376
2.00%, 01/31/2020 - 02/28/2021		26,764,000		26,848,770
2.25%, 11/15/2027		2,439,400		2,552,508

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

Transamerica Funds Annual Report 2019

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Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (continued)
U.S. Treasury (continued)
U.S. Treasury Note (continued)
2.38%, 02/29/2024 - 05/15/2029		$   22,540,000		$   23,860,849
2.50%, 12/31/2020 - 08/15/2023		19,780,000		20,092,622
2.63%, 08/15/2020 - 02/15/2029		30,665,400		31,293,881
2.75%, 02/15/2028		11,785,000		12,792,710
2.88%, 05/15/2028 - 05/15/2049		34,629,300		38,700,656
3.13%, 11/15/2028		13,478,000		15,113,787
				515,407,917
U.S. Treasury Inflation-Protected Securities - 3.0%
U.S. Treasury Inflation-Indexed Bond
1.75%, 01/15/2028		9,682,126		10,896,173
2.50%, 01/15/2029		22,316,595		26,996,704
U.S. Treasury Inflation-Indexed Note 0.63%, 01/15/2024		37,399,764		38,033,523
				75,926,400
Total U.S. Government Obligations (Cost $546,399,694)				591,334,317
	Shares		Value
PREFERRED STOCKS - 0.1%
Banks - 0.1%
Citigroup Capital XIII, 3-Month LIBOR + 6.37%, 8.31% (B)		60,502		1,651,100
Electric Utilities - 0.0% (F)
SCE Trust III, Series H, Fixed until 03/15/2024, 5.75% (B)		7,998		190,912
Total Preferred Stocks (Cost $1,827,194)				1,842,012
	Principal		Value
COMMERCIAL PAPER - 13.5%
Banks - 4.8%
Banco Santander SA 2.22% (H), 11/08/2019		$  25,000,000		24,989,403
Bedford Row Funding Corp. 2.14% (H), 12/17/2019		11,000,000		10,970,483
Concord Minutemen Capital Co. 2.15% (H), 01/02/2020		28,000,000		27,898,251
HSBC Bank PLC 1.96% (H), 01/23/2020		15,500,000		15,431,386
Macquarie Bank, Ltd. 2.17% (H), 12/20/2019		20,000,000		19,942,017
Skandinaviska Enskilda Banken AG 2.20% (H), 11/06/2019		23,030,000		23,023,107
				122,254,647
Capital Markets - 0.4%
Cedar Springs Capital Co. LLC 2.16% (H), 12/04/2019		10,000,000		9,980,567
Diversified Financial Services - 8.1%
Alpine Securitization 2.19% (H), 11/21/2019		25,000,000		24,970,139
Atlantic Asset Securitization LLC 2.10% (H), 12/17/2019		17,750,000		17,703,278

	Principal		Value
COMMERCIAL PAPER (continued)
Diversified Financial Services (continued)
Bennington Stark Capital Co. LLC
2.17% (H), 11/19/2019		$   25,000,000		$   24,973,375
2.21% (H), 11/12/2019		5,000,000		4,996,685
Crown Point Capital Co. 2.33% (H), 11/01/2019		16,000,000		16,000,000
Gotham Funding Corp. 2.18% (H), 12/13/2019		25,000,000		24,937,583
Kells Funding LLC 2.04% (H), 01/14/2020		23,000,000		22,905,444
Le Fayette Asset Securitization LLC 2.15% (H), 12/03/2019		11,000,000		10,979,369
Liberty Funding LLC 2.12% (H), 11/21/2019		16,500,000		16,480,933
Ridgefield Funding Co. 2.19% (H), 11/19/2019		16,550,000		16,532,209
Sheffield Receivable 2.18% (H), 11/19/2019		25,000,000		24,973,250
				205,452,265
Software - 0.2%
Manhattan Asset Funding Co. LLC 2.13% (H), 01/13/2020		5,000,000		4,978,810
Total Commercial Paper (Cost $342,666,289)				342,666,289
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 2.5%
U.S. Treasury Bill
1.73% (H), 01/02/2020		61,000,000		60,821,878
2.00% (H), 12/12/2019		2,000,000		1,995,523
Total Short-Term U.S. Government Obligations (Cost $62,817,401)				62,817,401
	Shares		Value
OTHER INVESTMENT COMPANY - 0.3%
Securities Lending Collateral - 0.3%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.75% (H)		8,564,185		8,564,185
Total Other Investment Company (Cost $8,564,185)				8,564,185
	Principal		Value
REPURCHASE AGREEMENT - 0.7%
Fixed Income Clearing Corp., 0.85% (H), dated 10/31/2019, to be repurchased at $18,360,399 on 11/01/2019. Collateralized by a U.S. Government Obligation, 1.88%, due 05/31/2022, and with a value of $18,731,692.		$  18,359,965		18,359,965
Total Repurchase Agreement (Cost $18,359,965)				18,359,965
Total Investments (Cost $2,872,722,249)				2,965,821,490
Net Other Assets (Liabilities) - (16.7)%				(423,442,170	)
Net Assets - 100.0%				$  2,542,379,320

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

Transamerica Funds Annual Report 2019

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Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

SECURITY VALUATION:

Valuation Inputs ^(I)

	Level 1 -  Unadjusted Quoted Prices		Level 2 -  Other Significant Observable Inputs		Level 3 -  Significant Unobservable Inputs		Value
ASSETS
Investments
Asset-Backed Securities	$	—	$	202,958,967	$	—	$	202,958,967
Corporate Debt Securities		—		894,838,391		—		894,838,391
Foreign Government Obligations		—		29,027,221		—		29,027,221
Mortgage-Backed Securities		—		278,253,503		—		278,253,503
Municipal Government Obligations		—		20,464,936		—		20,464,936
U.S. Government Agency Obligations		—		514,694,303		—		514,694,303
U.S. Government Obligations		—		591,334,317		—		591,334,317
Preferred Stocks		1,842,012		—		—		1,842,012
Commercial Paper		—		342,666,289		—		342,666,289
Short-Term U.S. Government Obligations		—		62,817,401		—		62,817,401
Other Investment Company		8,564,185		—		—		8,564,185
Repurchase Agreement		—		18,359,965		—		18,359,965
Total Investments	$	10,406,197	$	2,955,415,293	$	—	$	2,965,821,490

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2019, the total value of 144A securities is $687,722,434, representing 27.1% of the Fund’s net assets.
(B)	Floating or variable rate securities. The rates disclosed are as of October 31, 2019. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(C)	Rounds to less than $1 or $(1).
(D)	When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after October 31, 2019. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(E)	Perpetual maturity. The date displayed is the next call date.
(F)	Percentage rounds to less than 0.1% or (0.1)%.
(G)	All or a portion of the securities are on loan. The total value of all securities on loan is $8,387,653. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(H)	Rates disclosed reflect the yields at October 31, 2019.
(I)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATIONS:

LIBOR	London Interbank Offered Rate
MTA	Month Treasury Average
MTN	Medium Term Note
STRIPS	Separate Trading of Registered Interest and Principal of Securities
TBA	To Be Announced

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

Transamerica Funds Annual Report 2019

Page    153

Transamerica Intermediate Muni

(unaudited)

MARKET ENVIRONMENT

The municipal and Treasury rally that concluded 2018 continued its surge to start 2019 following the inability of President Trump and Chinese President Xi to successfully negotiate a new trade deal. The Chinese-U.S. trade war was one of the main contributors to Treasury and municipal performance, as investors flooded to safe assets after President Trump’s increase on Chinese tariffs boosted fears of a global economic slowdown in 2019. The largest rally throughout the year came in August 2019, when President Trump announced a 10% tariff, with the possible threat of a later 25% tariff on $300 billion of Chinese imports that would affect American consumers directly. The tariff announcement led to a 52 basis points (bps) and 57 bps rally, in 10-year and 30-year Treasuries respectively over the course of the month, setting multi-year lows, last seen in July 2016 and the lowest level of the Trump administration. In fear of a global economic slowdown, the Federal Reserve (“Fed”) enacted three rate cuts in 2019, negating the rate hikes experienced in 2018 in an attempt to insulate the economy from slowing global demand and market uncertainty.

As a result of long-dated Treasuries tightening over 100 basis points throughout the fiscal year, the market has seen an uptick in municipal supply, as issuers tried to take advantage of lower yields to refinance their debt. Fund flows remained positive each month in 2019 due to the rally in rates and the demand for tax-sheltered income, as taxpayers faced the state and local tax (“SALT”) deduction cap in which taxpayers could only deduct a maximum of $10,000 from their federal tax returns. Investors flooded to municipals following April 2019, as taxpayers saw higher tax bills following the enactment of the SALT tax deduction. The $10,000 cap is not adjusted for inflation, so we expect that the demand for tax sheltered income will remain constant in the upcoming years.

PERFORMANCE

For the year ended October 31, 2019, Transamerica Intermediate Muni (Class A) returned 9.35%, excluding any sales charges. By comparison, its benchmark, the Bloomberg Barclays Muni Managed Money Intermediate Index, returned 9.28%.

STRATEGY REVIEW

The Fund was positioned approximately 0.65 years longer than the index, as measured by duration, at the end of the period; however, the Fund was also overweight ultra-short duration (<1 year), which limited performance as yields rallied over a full percentage point throughout the 2019 fiscal year. The Fund’s outperformance was driven by its added exposure in long bonds (20-years+) versus the benchmark, which has concentration in the shorter end of the yield curve.

The Fund has increased its exposure to high quality paper. The allocation across the credit spectrum had a significantly positive effect on performance this fiscal year as credit spreads tightened concurrently with the rally in Treasuries. The largest contributor to relative performance was the fund’s overweight exposure to BBB-rated bonds. Relative to the index, the Fund was underweight both AAA and AA-rated credits, and overweight A, BBB, and non-rated credits.

The housing sector was the top-contributing sector to performance, and the Fund was overweight the sector relative to the index. With the rally in municipal yields, housing bonds outperformed with their higher price sensitivity to the market due to their lower average coupons. The Fund’s overweight exposure to insured bonds also contributed to relative performance this year as demand remained strong with investors searching for the extra protection provided by the bond insurers.

The Fund’s exposure to states with historically low supply like New Hampshire contributed to performance during this period. Purchases in states like these were made for future opportunistic trades in which future demand is anticipated for retail investors who seek state tax-exempt income. The Fund also seeks smaller issues that require extra yield to clear the market at issuance, as the spreads usually tighten to comparable trading names post-issuance. This is done in an effort to boost performance and provide alpha generation.

Active management through opportunistic trade execution remains a focus for the portfolio managers in an effort to outperform the benchmark. We seek to take advantage of certain market dislocations and inefficiencies by taking advantage on both the buy and sale side of the market. Additionally, we continue to monitor and manage duration to seek to remain more closely aligned with the Fund’s benchmark and peers.

Matthew Dalton

Brian Steeves

Co-Portfolio Managers

Belle Haven Investments, L.P.

Transamerica Funds Annual Report 2019

Page    154

Transamerica Intermediate Muni

(unaudited)

Asset Allocation	Percentage of Net Assets
Municipal Government Obligations		97.2	%
Repurchase Agreement		3.7
Investment Companies		0.4
Net Other Assets (Liabilities)		(1.3	)
Total		100.0	%

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

Credit Quality ‡	Percentage of Net Assets
AAA		8.7	%
AA		63.2
A		9.9
BBB		7.7
BB		1.2
B		0.1
CCC and Below		0.1
Not Rated		10.4
Net Other Assets (Liabilities)		(1.3	)
Total		100.0	%

Fund Characteristics	Years
Average Maturity §		5.88
Duration †		5.04

§ Average Maturity is computed by weighting the maturity of each security in the Fund by the market value of the security, then averaging these weighted figures.

† Duration is a time measure of a bond’s interest rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder.

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

Transamerica Funds Annual Report 2019

Page    155

Transamerica Intermediate Muni

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		5.81	%		3.02	%		4.42	%		10/31/2012
Class A (NAV)		9.35	%		3.70	%		4.92	%		10/31/2012
Bloomberg Barclays Muni Managed Money Intermediate Index (A)		9.28	%		3.19	%		2.94	%
Class C (POP)		7.80	%		3.09	%		4.29	%		10/31/2012
Class C (NAV)		8.80	%		3.09	%		4.29	%		10/31/2012
Class I (NAV)		9.45	%		3.81	%		5.02	%		10/31/2012
Class I2 (NAV)		9.64	%		N/A			2.92	%		09/30/2016

^(A) The Bloomberg Barclays Muni Managed Money Intermediate Index is comprised of tax-exempt bonds with maturities ranging from 1 to 17 years that are rated Aa3/AA- or higher by at least two of the following statistical ratings agencies: Moody’s, S&P and Fitch.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 3.25% for A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I and I2 shares.

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

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

Municipal bond prices can rise or fall depending on interest rates. Interest rates may go up, causing the value of the Fund’s investments to decline. All municipal bonds carry credit risk that the issuer will default or be unable to make timely payments of interest and principal. Generally, lower rated bonds carry more credit risk.

Transamerica Funds Annual Report 2019

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Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS - 97.2%
Alabama - 0.3%
Bessemer Governmental Utility Services Corp., Revenue Bonds, BAM, 5.00%, 06/01/2029		$  2,010,000		$  2,461,507
County of Jefferson Sewer Revenue, Revenue Bonds, Series A, AGM, 5.50%, 10/01/2053		1,015,000		1,165,362
Dekalb-Jackson Cooperative District, Revenue Bonds
AGM,
4.05%, 01/01/2050		140,000		147,606
5.00%, 01/01/2056		1,000,000		1,111,400
Harvest-Monrovia Water Sewer & Fire Protection Authority, Inc., Revenue Bonds, AGM, 4.00%, 04/01/2025		70,000		77,591
Marshall County Board of Education, Special Tax, AGM, 4.00%, 03/01/2032		330,000		367,478
				5,330,944
Alaska - 0.2%
Alaska Housing Finance Corp., Revenue Bonds
Series B,
2.50%, 12/01/2034		3,000,000		2,992,260
Series D,
5.00%, 12/01/2025		935,000		1,096,288
State of Alaska International Airports System, Revenue Bonds, Series A, 5.00%, 10/01/2031		65,000		76,464
				4,165,012
Arizona - 2.3%
Arizona Health Facilities Authority, Revenue Bonds, Series B2, AGM, 5.00%, 03/01/2041		35,000		36,499
Arizona Industrial Development Authority, Revenue Bonds
4.00%, 10/01/2049		1,000,000		1,061,220
5.25%, 07/01/2022 (A)		1,400,000		1,403,878
BAM,
5.00%, 06/01/2054 - 06/01/2058		8,550,000		10,057,683
Series A,
5.00%, 03/01/2037 - 01/01/2054		1,030,000		1,214,667
BluePath Trust, Revenue Bonds, 2.75%, 09/01/2026 (A) (B)		4,680,667		4,852,752
County of Pima, Certificate of Participation, 5.00%, 12/01/2026		35,000		40,062
County of Santa Cruz, Revenue Bonds, AGM, 4.00%, 07/01/2026		140,000		158,980

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Arizona (continued)
Glendale Industrial Development Authority, Revenue Bonds, 5.00%, 07/01/2038		$   250,000		$   268,510
Goodyear McDowell Road Commercial Corridor Improvement District, Special Assessment, BAM, 3.00%, 01/01/2025		1,200,000		1,272,972
Industrial Development Authority of the City of Phoenix, Revenue Bonds
2.95%, 07/01/2026		2,200,000		2,244,022
3.88%, 07/01/2021 (A)		95,000		95,871
5.00%, 07/01/2036		1,440,000		1,601,438
Series A,
4.00%, 07/01/2022 (A)		2,300,000		2,298,252
5.00%, 07/01/2043		110,000		129,645
Series B,
4.00%, 07/01/2022 (A)		1,625,000		1,623,749
Industrial Development Authority of the County of Pima, Revenue Bonds, Series R, 2.88%, 07/01/2021		45,000		45,306
La Paz County Industrial Development Authority, Revenue Bonds
4.90%, 06/15/2028 (A)		560,000		577,192
Series A,
5.00%, 02/15/2021 - 02/15/2026 (A)		1,870,000		2,061,161
Maricopa County Elementary School District No. 25, General Obligation Unlimited, Series A, BAM, 4.00%, 07/01/2024		135,000		151,115
Maricopa County Industrial Development Authority, Revenue Bonds
4.00%, 07/01/2049 - 07/01/2054		3,000,000		3,195,750
Series A,
5.00%, 01/01/2034		375,000		415,245
Maricopa County Pollution Control Corp., Revenue Bonds, 3.60%, 04/01/2040		1,740,000		1,830,115
Maricopa County Unified School District No. 89, General Obligation Limited, 5.00%, 07/01/2023		40,000		45,220
Tempe Industrial Development Authority, Revenue Bonds, Series B, 5.35%, 10/01/2025 (A)		1,575,000		1,642,205
Yuma County Elementary School District No. 1, General Obligation Unlimited, Series B, AGM, 5.00%, 07/01/2027		600,000		747,240
				39,070,749
Arkansas - 0.7%
Little Rock School District, General Obligation Limited 3.00%, 02/01/2026 - 02/01/2030		11,745,000		12,118,153

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

Transamerica Funds Annual Report 2019

Page    157

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California - 14.4%
Acalanes Union High School District, General Obligation Unlimited, Series C, Zero Coupon, 08/01/2026		$   235,000		$   209,719
Alameda Corridor Transportation Authority, Revenue Bonds Series B, AGM, 4.00%, 10/01/2035 - 10/01/2037		2,905,000		3,210,804
Alisal Union School District, General Obligation Unlimited, Series A, BAM, Zero Coupon, 08/01/2033		125,000		80,673
Avalon Community Improvement Agency Successor Agency, Tax Allocation Series A, AGM, 5.00%, 09/01/2024 - 09/01/2026		1,310,000		1,585,176
Baldwin Park / Monrovia School Facilities Grant Financing Authority, Revenue Bonds
AGM,
3.00%, 10/01/2033		60,000		63,490
4.00%, 10/01/2027		185,000		216,317
Beaumont Public Improvement Authority, Revenue Bonds Series A, AGM, 5.00%, 09/01/2037 - 09/01/2049		9,645,000		11,477,947
Calexico Financing Authority, Revenue Bonds, AGM, 4.00%, 04/01/2024		205,000		225,033
California Health Facilities Financing Authority, Revenue Bonds, Series B, 5.00%, 11/15/2031		75,000		92,559
California Municipal Finance Authority, Revenue Bonds
4.38%, 07/01/2025 (A)		750,000		790,920
5.00%, 07/01/2034 - 01/01/2049		16,500,000		19,940,167
Series A,
4.00%, 10/01/2034 - 10/01/2044		4,715,000		5,174,087
4.50%, 06/01/2028 (A)		200,000		218,902
5.00%, 10/01/2044		1,000,000		1,166,810
California Public Finance Authority, Revenue Bonds, 4.25%, 06/15/2029 (A)		790,000		809,655
California School Finance Authority, Revenue Bonds, Series A, 4.00%, 08/01/2025 (A)		350,000		386,208
California Statewide Communities Development Authority, Revenue Bonds
Fixed until 04/01/2020, 1.90% (C), 04/01/2028		75,000		75,144
5.00%, 08/01/2034 - 08/01/2038		2,775,000		3,399,419
AGM,
5.00%, 10/01/2026		400,000		472,984
Series A,
3.00%, 11/01/2022 (A)		1,665,000		1,686,445
3.50%, 11/01/2027 (A)		2,630,000		2,833,930

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
California Statewide Communities Development Authority, Revenue Bonds (continued)
5.00%, 12/01/2025 - 12/01/2029 (A)		$   775,000		$   895,623
Series B,
5.00%, 07/01/2030		445,000		525,514
California Statewide Communities Development Authority, Special Assessment
4.00%, 09/02/2028 - 09/02/2044		2,840,000		3,144,155
5.00%, 09/02/2034 - 09/02/2049		1,470,000		1,785,031
Carson Redevelopment Agency Successor Agency, Tax Allocation, Series A, AMBAC, 4.75%, 01/01/2036		110,000		110,284
Cascade Union Elementary School District, General Obligation Unlimited Series B, MAC, 4.00%, 08/01/2034 - 08/01/2039		445,000		498,657
Chowchilla Elementary School District, General Obligation Unlimited, 5.00%, 08/01/2048		850,000		995,214
City of Beaumont, Special Tax, 5.00%, 09/01/2044		345,000		397,771
City of Irvine, Special Tax, AGM, 5.00%, 09/01/2051 (D)		5,065,000		6,015,954
City of Lathrop, Special Assessment
3.00%, 09/02/2020		140,000		141,534
4.00%, 09/02/2021 - 09/02/2022		265,000		278,016
City of Los Angeles Department of Airports, Revenue Bonds, Series C, 5.00%, 05/15/2038		4,700,000		5,495,381
City of Sacramento, Special Tax Series 02, 5.00%, 09/01/2044 - 09/01/2049		2,585,000		3,015,911
City of San Francisco Public Utilities Commission Water Revenue, Revenue Bonds, Series B, 5.00%, 11/01/2037		75,000		87,829
City of Susanville Natural Gas Revenue, Revenue Bonds, AGM, 4.00%, 06/01/2045		3,320,000		3,734,004
Coachella Redevelopment Agency Successor Agency, Tax Allocation
AGM,
5.00%, 09/01/2026		70,000		81,674
Series A, AGM,
4.00%, 09/01/2032		110,000		123,170
5.00%, 09/01/2029 - 09/01/2030		670,000		818,911
Colton Joint Unified School District, General Obligation Unlimited
BAM,
4.00%, 02/01/2033		55,000		61,760
5.00%, 02/01/2029		480,000		582,533

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

Transamerica Funds Annual Report 2019

Page    158

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
Compton Unified School District, General Obligation Unlimited, Series B, BAM, 4.00%, 06/01/2049		$   5,855,000		$   6,442,139
County of El Dorado, Special Tax
BAM,
3.00%, 09/01/2025 - 09/01/2026		260,000		282,718
5.00%, 09/01/2021 - 09/01/2024		1,770,000		2,017,169
County of Santa Cruz, Certificate of Participation, 4.00%, 08/01/2033		75,000		85,244
Coyote Canyon Public Facilities Community Facilities District No. 2004-1, Special Tax, Series A, AGM, 4.00%, 09/01/2029		560,000		621,359
Department of Veterans Affairs Veteran’s Farm & Home Purchase Program, Revenue Bonds
Series B,
3.00%, 12/01/2031		5,400,000		5,655,258
3.25%, 12/01/2036		5,300,000		5,566,855
Dry Creek Joint Elementary School District, Special Tax, AGM, 5.00%, 09/01/2024		140,000		166,081
Durham Unified School District, General Obligation Unlimited Series A, AGM, 4.00%, 08/01/2037 - 08/01/2038		710,000		788,000
Elk Grove Unified School District, Certificate of Participation BAM, 5.00%, 02/01/2027 - 02/01/2028		2,270,000		2,757,188
Etiwanda School District, Special Tax
Series 2,
2.00%, 09/01/2020		50,000		50,278
3.00%, 09/01/2021 - 09/01/2022		185,000		190,524
3.50%, 09/01/2023		75,000		77,636
Fairfield-Suisun Unified School District Public Financing Authority, Special Tax BAM, 2.25%, 08/15/2021 - 08/15/2023		6,195,000		6,214,913
Folsom Cordova Unified School District, General Obligation Unlimited, Series D, AGM, 4.00%, 10/01/2044		44,910,000		49,494,862
Fresno Unified School District, General Obligation Unlimited, Series A, 5.00%, 08/01/2038		1,000,000		1,202,930
Golden State Tobacco Securitization Corp., Revenue Bonds
Series A, AGM,
5.00%, 06/01/2040		1,000,000		1,152,970
Series A-1,
5.00%, 06/01/2023 - 06/01/2047		15,895,000		16,654,969
5.25%, 06/01/2047		3,580,000		3,694,560

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
Golden State Tobacco Securitization Corp., Revenue Bonds (continued)
Series A-2,
5.00%, 06/01/2047		$   14,000,000		$   14,390,740
Hacienda La Puente Unified School District, Certificate of Participation, AGM, 5.00%, 06/01/2024		190,000		222,279
Heber Elementary School District, General Obligation Unlimited Series A, MAC, 4.00%, 08/01/2035 - 08/01/2039		475,000		524,535
Konocti Unified School District, General Obligation Unlimited AGM, 5.00%, 08/01/2042 - 08/01/2048		1,790,000		2,081,980
Lemoore Water Revenue, Revenue Bonds, BAM, 5.00%, 06/01/2049		7,500,000		8,954,025
Menifee Union School District Public Financing Authority, Special Tax
Series A,
5.00%, 09/01/2023		425,000		480,666
Series A, BAM,
5.00%, 09/01/2029 - 09/01/2034		1,240,000		1,460,805
Monterey Peninsula Community College District, General Obligation Unlimited, Zero Coupon, 08/01/2032		220,000		156,869
Oakdale Public Financing Authority, Special Tax, 2.63%, 09/01/2022		110,000		112,274
Peralta Community College District, General Obligation Unlimited Series D, 3.50%, 08/01/2032 - 08/01/2034		6,120,000		6,556,902
Pittsburg Successor Agency Redevelopment Agency, Tax Allocation, Series A, AGM, 5.00%, 09/01/2022		425,000		468,618
Pollock Pines Elementary School District, General Obligation Unlimited, MAC, 4.00%, 08/01/2049		1,565,000		1,706,351
Rancho Cucamonga Public Finance Authority, Revenue Bonds, Series A, 5.00%, 05/01/2034		695,000		894,507
Rio Elementary School District Community Facilities District, Special Tax BAM, 5.00%, 09/01/2029 - 09/01/2032		1,505,000		1,818,578
Riverside Redevelopment Agency Successor Agency, Tax Allocation, Series A, 5.00%, 09/01/2020		115,000		118,865

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

Transamerica Funds Annual Report 2019

Page    159

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
Robla School District, General Obligation Unlimited
AGM,
4.00%, 08/01/2037 - 08/01/2038		$   1,075,000		$   1,221,699
5.00%, 08/01/2044		1,720,000		2,061,678
Roseland School District, General Obligation Unlimited, Series C, MAC, 5.00%, 08/01/2046		260,000		316,394
San Bernardino County Redevelopment Agency Successor Agency, Tax Allocation Series B, AGM, 5.00%, 09/01/2025 - 09/01/2027		600,000		712,304
San Diego Public Facilities Financing Authority, Revenue Bonds, Series A, 5.00%, 10/15/2044		365,000		428,824
San Diego Unified School District, General Obligation Unlimited, Series K-2, Zero Coupon, 07/01/2030		1,350,000		1,047,181
Sanger Unified School District, Certificate of Participation, AGM, 3.13%, 06/01/2033		75,000		79,109
Santa Clarita Redevelopment Agency Successor Agency, Tax Allocation, AGM, 5.00%, 10/01/2023		435,000		496,009
Snowline Joint Unified School District, Special Tax, Series A, 3.00%, 09/01/2022		280,000		289,366
South Tahoe Redevelopment Agency, Special Tax, Series 1, 3.38%, 10/01/2021		110,000		112,608
State of California, General Obligation Unlimited, 5.00%, 04/01/2038		7,000,000		8,044,400
Stockton Public Financing Authority, Special Tax, Series A, BAM, 4.00%, 09/02/2030		1,310,000		1,490,859
Successor Agency to the Upland Community Redevelopment Agency, Tax Allocation, AGM, 5.00%, 09/01/2022		50,000		55,412
Sutter Union High School District, General Obligation Unlimited, BAM, Zero Coupon, 08/01/2028		200,000		162,794
Tahoe-Truckee Unified School District, Certificate of Participation, BAM, 4.00%, 06/01/2043		1,000,000		1,089,580

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
Tobacco Securitization Authority of Northern California, Revenue Bonds, Series A-1, 4.75%, 06/01/2023		$   20,000		$   20,095
Upland Community Facilities District, Special Tax, Series A, 4.00%, 09/01/2049		750,000		806,767
Vacaville Unified School District, Certificate of Participation, AGM, 4.00%, 12/01/2024		105,000		119,771
Washington Township Health Care District, General Obligation Unlimited Series DT, 4.00%, 08/01/2034 - 08/01/2036		1,675,000		1,882,047
Whittier Union High School District, General Obligation Unlimited, Zero Coupon, 08/01/2026		950,000		855,038
Wilsona School District, General Obligation Unlimited, Series A, AGM, 4.00%, 08/01/2044		500,000		543,470
				247,804,367
Colorado - 2.2%
BNC Metropolitan District No. 1, General Obligation Limited, Series A, BAM, 5.00%, 12/01/2032		360,000		433,696
Bradburn Metropolitan District No. 2, General Obligation Limited, Series A, 4.00%, 12/01/2028		500,000		507,770
Brighton Crossing Metropolitan District No. 4, General Obligation Limited, Series A, 5.00%, 12/01/2037		525,000		557,293
Bromley Park Metropolitan District No. 2, General Obligation Limited Series A, BAM, 5.00%, 12/01/2031 - 12/01/2032		460,000		565,862
Castle Oaks Metropolitan District No. 3, General Obligation Limited, 5.00%, 12/01/2037		1,500,000		1,541,640
Centerra Metropolitan District No. 1, Tax Allocation, 2.70%, 12/01/2019 (A) (B)		268,000		268,110
City of Arvada, Certificate of Participation 4.00%, 12/01/2032 - 12/01/2033		1,080,000		1,205,457
Colorado Educational & Cultural Facilities Authority, Revenue Bonds
4.00%, 07/01/2020 - 08/01/2026		420,000		465,418
5.00%, 06/15/2029 - 08/01/2031		1,590,000		1,870,663
Series A,
5.00%, 06/01/2036		540,000		625,720
Colorado Health Facilities Authority, Revenue Bonds
4.00%, 05/15/2029		1,960,000		2,266,368

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

Transamerica Funds Annual Report 2019

Page    160

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Colorado (continued)
Colorado Health Facilities Authority, Revenue Bonds (continued)
Series A,
4.00%, 08/01/2049		$   2,000,000		$   2,138,320
4.25%, 11/01/2024		1,890,000		1,970,627
5.00%, 12/01/2033 - 01/01/2040		275,000		288,773
Series B,
3.13%, 05/15/2027		1,250,000		1,253,950
5.00%, 05/15/2021 - 05/15/2026		2,815,000		3,053,989
Colorado Housing & Finance Authority, Revenue Bonds
GNMA,
3.38%, 11/01/2033		1,475,000		1,584,150
3.60%, 11/01/2038		2,560,000		2,736,256
Series C, GNMA,
2.75%, 05/01/2028		450,000		480,753
2.80%, 11/01/2028		345,000		369,115
Denver Health & Hospital Authority, Revenue Bonds, Series A, 4.00%, 12/01/2040		750,000		824,670
Heather Gardens Metropolitan District, General Obligation Unlimited AGM, 4.00%, 12/01/2024 - 12/01/2032		2,320,000		2,699,120
Meridian Metropolitan District, General Obligation Unlimited, AGM, 5.00%, 12/01/2042		15,000		17,956
North Park Metropolitan District No. 1, Revenue Bonds, Series A-2, 5.50%, 12/01/2034		1,000,000		1,071,840
Northglenn Urban Renewal Authority, Tax Allocation 4.00%, 12/01/2024 - 12/01/2038		2,740,000		2,927,326
Park Creek Metropolitan District, Revenue Bonds
Series A,
5.00%, 12/01/2032 - 12/01/2037		1,205,000		1,393,652
Series A, NATL-IBC,
5.00%, 12/01/2045		1,220,000		1,396,912
Sand Creek Metropolitan District, General Obligation Limited MAC, 4.00%, 12/01/2032 - 12/01/2034		1,475,000		1,691,726
Silver Peaks Metropolitan District No. 2, General Obligation Limited BAM, 5.00%, 12/01/2037 - 12/01/2042		1,520,000		1,817,292
				38,024,424
Connecticut - 1.7%
City of Bridgeport, General Obligation Unlimited, Series C, AGM, 5.00%, 08/15/2024		1,275,000		1,476,220

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Connecticut (continued)
City of Hartford, General Obligation Unlimited
Series A,
5.00%, 04/01/2030		$   20,000		$   21,517
Series A, AGM,
5.00%, 07/01/2025 - 07/01/2032		460,000		543,882
Series A, BAM,
4.00%, 12/01/2027		515,000		589,294
5.00%, 12/01/2022 - 12/01/2026		11,585,000		13,732,065
Series A, BAM-TCRS,
5.00%, 04/01/2025		765,000		828,143
Series B, AGM,
5.00%, 10/01/2032		100,000		114,154
Series C, AGM,
5.00%, 07/15/2023		900,000		1,018,638
Series C, BAM,
5.00%, 08/15/2021		320,000		341,117
City of New Haven, General Obligation Unlimited
Series A,
5.50%, 08/01/2034 - 08/01/2038		2,070,000		2,481,179
Series A, BAM-TCRS,
5.00%, 08/01/2037		635,000		741,566
Series B, BAM,
5.00%, 08/15/2025		40,000		46,808
Connecticut Housing Finance Authority, Revenue Bonds
Series 24,
3.80%, 06/15/2031		370,000		402,427
3.90%, 06/15/2033		405,000		439,433
Series A-1,
3.10%, 05/15/2028		2,015,000		2,163,687
Series A-4,
1.40%, 11/15/2019		200,000		200,002
Series B-1,
2.40%, 11/15/2026		90,000		93,499
Series B3,
2.40%, 05/15/2026		55,000		57,251
Connecticut State Health & Educational Facilities Authority, Revenue Bonds Series J, 5.00%, 07/01/2034 - 07/01/2037		895,000		958,246
State of Connecticut, General Obligation Unlimited, Series B, 4.00%, 03/01/2029		25,000		26,710
State of Connecticut Special Tax Revenue, Revenue Bonds, Series A, 5.00%, 08/01/2022		15,000		16,479
Town of Hamden, General Obligation Unlimited, BAM, 6.00%, 08/15/2033		1,190,000		1,534,100
Town of Wilton, General Obligation Unlimited
3.13%, 03/01/2034		250,000		256,118
3.25%, 03/01/2035 - 03/01/2038		550,000		563,647

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

Transamerica Funds Annual Report 2019

Page    161

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Connecticut (continued)
University of Connecticut, Revenue Bonds, Series A, 5.00%, 11/15/2023		$   25,000		$   25,068
				28,671,250
Delaware - 0.3%
Delaware Municipal Electric Corp., Revenue Bonds Series A, BAM, 5.00%, 10/01/2035 - 10/01/2044		3,135,000		3,810,321
Delaware State Economic Development Authority, Revenue Bonds
5.00%, 08/01/2049		900,000		1,029,042
5.38%, 10/01/2045		55,000		56,654
				4,896,017
District of Columbia - 0.6%
District of Columbia, Revenue Bonds
4.00%, 07/01/2049		1,000,000		1,076,530
Series A,
4.13%, 07/01/2027		1,000,000		1,050,010
5.00%, 07/01/2032		1,500,000		1,636,890
Series B,
3.88%, 07/01/2024		1,500,000		1,499,985
Series C,
4.00%, 12/01/2021		25,000		26,447
District of Columbia Housing Finance Agency, Revenue Bonds, Series A, 3.70%, 09/01/2033		2,010,000		2,186,076
District of Columbia Water & Sewer Authority, Revenue Bonds, Series A, 5.00%, 10/01/2023		25,000		27,745
Metropolitan Washington Airports Authority, Revenue Bonds, Series A, 5.00%, 10/01/2020		25,000		25,869
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Revenue Bonds
5.00%, 10/01/2053		505,000		539,309
Series B, AGM-CR,
6.50% (E), 10/01/2044		1,050,000		1,403,577
				9,472,438
Florida - 5.3%
Bridgewater Community Development District, Special Assessment, 4.50%, 05/01/2031		25,000		27,727
Cape Coral Health Facilities Authority, Revenue Bonds
4.00%, 07/01/2020 (A)		360,000		362,059
4.25%, 07/01/2021 (A)		435,000		442,517
Capital Trust Agency, Inc., Revenue Bonds 3.50%, 07/01/2020 - 07/01/2022 (A)		1,885,000		1,908,362
City of Cape Coral Water & Sewer Revenue, Special Assessment
AGM,
2.13%, 09/01/2022		90,000		90,831
2.75%, 09/01/2025 - 09/01/2026		460,000		483,876

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Florida (continued)
City of Fort Myers, Revenue Bonds 4.00%, 12/01/2032 - 12/01/2034		$   835,000		$   918,062
City of Jacksonville, Revenue Bonds
Series A,
5.00%, 10/01/2030		1,000,000		1,209,550
Series C,
5.00%, 10/01/2031		175,000		191,576
City of Miami Gardens, General Obligation Unlimited, BAM-TCRS, 5.00%, 07/01/2031		1,845,000		2,119,536
City of North Port, Special Assessment, BAM, 5.00%, 07/01/2020		90,000		92,222
City of Orlando, Revenue Bonds
Series A, AGM,
5.00%, 11/01/2027 - 11/01/2029		4,155,000		5,159,556
Series B, AGM,
5.00%, 11/01/2025 - 11/01/2038		8,255,000		9,988,749
City of Pompano Beach, Revenue Bonds, 4.00%, 09/01/2020		315,000		321,193
City of Tallahassee, Revenue Bonds, 5.00%, 10/01/2023		55,000		60,955
City of Tampa, Revenue Bonds, Series A, 5.00%, 11/15/2025		25,000		27,328
Columbia County School Board, Certificate of Participation, Series A, BAM, 5.00%, 07/01/2026		440,000		521,259
County of Lake, Revenue Bonds 5.00%, 01/15/2029 - 01/15/2049 (A)		1,750,000		1,904,616
County of Miami-Dade Water & Sewer System Revenue, Revenue Bonds
Series B,
4.00%, 10/01/2049 (D)		20,000,000		22,151,400
5.00%, 10/01/2044 (D)		1,000,000		1,230,110
County of Polk Utility System Revenue, Revenue Bonds, BAM, 5.00%, 10/01/2043		10,000,000		11,238,000
Florida Department of Environmental Protection, Revenue Bonds, Series A, 5.00%, 07/01/2022		55,000		60,567
Florida Higher Educational Facilities Financial Authority, Revenue Bonds, 5.00%, 04/01/2035		1,050,000		1,206,964
Florida Housing Finance Corp., Revenue Bonds
Series 1, GNMA, FNMA, FHLMC,
2.10%, 07/01/2028		525,000		529,683
2.20%, 01/01/2023		130,000		133,059
2.25%, 07/01/2023		110,000		112,558
2.30%, 01/01/2024		290,000		298,097
2.35%, 07/01/2024		470,000		485,388
2.45%, 01/01/2025		390,000		404,750
2.50%, 07/01/2025		455,000		474,670

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

Transamerica Funds Annual Report 2019

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Florida (continued)
Florida Housing Finance Corp., Revenue Bonds (continued)
2.65%, 01/01/2026		$   470,000		$   492,715
2.70%, 07/01/2026		230,000		242,158
2.75%, 01/01/2027		460,000		484,923
2.80%, 07/01/2027		460,000		484,288
2.85%, 01/01/2028		160,000		168,568
2.90%, 07/01/2028		360,000		378,619
3.75%, 07/01/2035		2,365,000		2,499,734
Florida Keys Aqueduct Authority, Revenue Bonds Series A, 5.00%, 09/01/2041 - 09/01/2049		2,250,000		2,602,685
Lee County Industrial Development Authority, Revenue Bonds 5.00%, 11/15/2039 - 11/15/2044		3,500,000		4,041,005
Manatee County School District, Revenue Bonds, AGM, 5.00%, 10/01/2021		50,000		53,643
Martin County Health Facilities Authority, Revenue Bonds, AGM-CR, 5.50%, 11/15/2042		15,000		16,268
North Sumter County Utility Dependent District, Revenue Bonds, 5.00%, 10/01/2042		100,000		107,065
Orange County Health Facilities Authority, Revenue Bonds
Series A,
5.00%, 10/01/2033 - 10/01/2034		8,200,000		9,809,892
Series B,
5.00%, 10/01/2044		200,000		233,222
Orange County Housing Finance Authority, Revenue Bonds, Series A, GNMA, FNMA, FHLMC, 3.15%, 09/01/2032		435,000		454,940
St. Johns County Industrial Development Authority, Revenue Bonds, Series A, Fixed until 08/01/2024, 4.13% (C), 08/01/2047		1,000,000		1,018,720
Tradition Community Development District No. 1, Special Assessment, AGM, 4.00%, 05/01/2023		275,000		298,493
Village Community Development District No. 12, Special Assessment
3.25%, 05/01/2023 (A)		300,000		306,264
3.25%, 05/01/2026		2,480,000		2,559,633
Volusia County School Board, Certificate of Participation Series A, BAM, 5.00%, 08/01/2027 - 08/01/2028		570,000		679,874
Walton County District School Board, Certificate of Participation, AGM, 5.00%, 07/01/2026		370,000		431,812
				91,519,741

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Georgia - 1.3%
Bibb County Development Authority, Revenue Bonds, 5.25%, 06/01/2050		$   5,720,000		$   7,030,967
City of East Point, Tax Allocation, 3.00%, 08/01/2022		1,000,000		1,016,980
Cornelia Urban Redevelopment Agency, Revenue Bonds, AGM, 5.00%, 10/01/2054		1,540,000		1,815,028
Georgia Housing & Finance Authority, Revenue Bonds
Series A-1,
3.20%, 12/01/2036		690,000		714,812
3.25%, 12/01/2037		1,320,000		1,363,481
Series B,
3.40%, 12/01/2037		2,285,000		2,401,055
Series C,
2.85%, 06/01/2028 - 12/01/2028		570,000		602,614
Main Street Natural Gas, Inc., Revenue Bonds, Series A, 5.00%, 05/15/2049		5,000,000		6,774,350
Valdosta Housing Authority, Revenue Bonds, XLCA, 4.50%, 08/01/2029		200,000		200,038
				21,919,325
Guam - 0.0% (F)
Guam Government Waterworks Authority, Revenue Bonds 5.00%, 07/01/2023 - 07/01/2031		335,000		388,108
Guam Power Authority, Revenue Bonds
Series A,
5.00%, 10/01/2034		100,000		106,839
Series A, AGM,
5.00%, 10/01/2026		200,000		219,784
				714,731
Idaho - 0.3%
County of Nez Perce, Revenue Bonds, 2.75%, 10/01/2024		4,500,000		4,674,105
Idaho Health Facilities Authority, Revenue Bonds, Series D, 5.00%, 12/01/2032		50,000		54,217
Idaho Housing & Finance Association, Revenue Bonds
Series A,
4.00%, 07/01/2026		280,000		296,909
4.63%, 07/01/2029 (A)		185,000		200,009
Series A-1, Class I,
2.75%, 07/01/2031		430,000		441,971
				5,667,211
Illinois - 13.7%
Adams County School District No. 172, General Obligation Unlimited
AGM,
3.00%, 02/01/2033		300,000		307,530
4.00%, 02/01/2032 - 02/01/2035		3,250,000		3,515,493
5.00%, 02/01/2029		1,345,000		1,572,682

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

Transamerica Funds Annual Report 2019

Page    163

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Boone & Winnebago Counties Community Unit School District No. 200, General Obligation Unlimited AGM, Zero Coupon, 01/01/2023		$   2,705,000		$   2,567,796
Carol Stream Park District, General Obligation Unlimited, BAM, 5.00%, 01/01/2037		1,375,000		1,604,927
Champaign & Piatt Counties Community Unit School District No. 3, General Obligation Unlimited Series A, AGM, 5.00%, 10/01/2022 - 10/01/2024		5,000,000		5,620,744
Chicago Board of Education, General Obligation Unlimited
Series A,
4.00%, 12/01/2020		3,245,000		3,313,307
Series A, AGM-CR, AMBAC,
5.50%, 12/01/2021		410,000		438,585
Series A, AGM-CR, NATL,
5.25%, 12/01/2021		150,000		159,700
Series A, NATL,
Zero Coupon, 12/01/2022		25,000		23,187
Chicago O’Hare International Airport, Revenue Bonds
BAM-TCRS,
5.00%, 01/01/2039		25,000		27,554
Series B,
5.00%, 01/01/2021		150,000		156,429
Chicago Transit Authority, Revenue Bonds, AGM-CR, 5.00%, 12/01/2051		25,000		28,364
City of Calumet City, General Obligation Unlimited
BAM,
4.00%, 03/01/2020 - 03/01/2024		2,335,000		2,507,406
Series A, BAM,
4.00%, 03/01/2022		945,000		993,989
City of Chicago, General Obligation Unlimited
Series A,
5.50%, 01/01/2049		2,750,000		3,199,130
Series A, AGM,
4.75%, 01/01/2030 - 01/01/2038		145,000		145,326
5.00%, 01/01/2026 - 01/01/2027		165,000		166,115
Series C,
5.00%, 01/01/2026 - 01/01/2034		3,030,000		3,432,213
Series D,
5.00%, 01/01/2020		90,000		90,248
City of Chicago Wastewater Transmission Revenue, Revenue Bonds
AGM-CR,
3.00%, 01/01/2021		750,000		764,167
5.00%, 01/01/2022 - 01/01/2024		700,000		753,234
BAM-TCRS,
3.00%, 01/01/2021		475,000		484,305

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
City of Chicago Wastewater Transmission Revenue, Revenue Bonds (continued)
Series A, AGM,
5.25%, 01/01/2042		$   675,000		$   795,987
City of Chicago Waterworks Revenue, Revenue Bonds
3.00%, 11/01/2019		125,000		125,000
4.00%, 11/01/2023		500,000		534,035
5.00%, 11/01/2021 - 11/01/2028		3,500,000		3,771,430
AGM-CR,
5.00%, 11/01/2027		140,000		153,233
Series A-1,
5.00%, 11/01/2024		5,000,000		5,784,700
City of Country Club Hills, General Obligation Unlimited
BAM,
4.00%, 12/01/2028 - 12/01/2031		1,240,000		1,360,079
4.50%, 12/01/2030 - 12/01/2031		1,295,000		1,403,298
City of East Peoria, General Obligation Unlimited, Series A, AGM, 4.20%, 01/01/2028		200,000		205,306
City of Flora, General Obligation Unlimited BAM, 3.50%, 11/01/2022 - 11/01/2024		585,000		615,932
City of Kankakee, General Obligation Unlimited, Series A, AGM, 4.00%, 01/01/2027		675,000		739,604
City of Monmouth, General Obligation Unlimited, Series B, BAM, 3.00%, 12/01/2023		130,000		137,835
City of North Chicago, General Obligation Unlimited
Series A, AGM,
4.00%, 11/01/2020		160,000		163,907
Series B, AGM,
4.00%, 11/01/2023		40,000		43,522
City of Princeton, General Obligation Unlimited, Series E, 2.50%, 12/01/2019		40,000		40,030
City of Sterling, General Obligation Unlimited, AGM, 3.00%, 12/01/2024		140,000		148,259
City of Waukegan, General Obligation Unlimited Series A, AGM, 5.00%, 12/30/2030 - 12/30/2036		4,340,000		5,110,900
Clinton Bond Fayette Etc. Counties Community College District No. 501, General Obligation Unlimited BAM-TCRS, 4.00%, 12/01/2026 - 12/01/2027		3,955,000		4,122,010
Cook & Will Counties Community College District No. 515, General Obligation Limited, 5.00%, 12/01/2024		70,000		79,835

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

Transamerica Funds Annual Report 2019

Page    164

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Cook & Will Counties School District No. 194, General Obligation Limited, Series B, BAM, 5.00%, 12/01/2033		$   775,000		$   883,182
Cook & Will Counties School District No. 194, General Obligation Unlimited, BAM, 4.13%, 12/01/2035		930,000		988,385
Cook County Community College District No. 508, General Obligation Unlimited
5.00%, 12/01/2019 - 12/01/2024		1,595,000		1,710,861
BAM-TCRS,
5.25%, 12/01/2027		1,825,000		2,067,634
Cook County Community High School District No. 229, General Obligation Limited, 4.00%, 12/01/2023		1,505,000		1,656,900
Cook County School District No. 100, General Obligation Unlimited, BAM, 4.00%, 12/01/2021		430,000		451,156
Cook County School District No. 111, General Obligation Limited, Series A, BAM, 5.00%, 12/01/2037		2,350,000		2,758,571
Cook County School District No. 149, General Obligation Limited, Series A-1, AGM, 4.00%, 12/01/2028		980,000		1,057,881
Cook County School District No. 157, General Obligation Unlimited Series A, AGM, Zero Coupon, 11/01/2021 - 11/01/2025		1,420,000		1,303,051
Cook County School District No. 158, General Obligation Limited, AGM, 3.00%, 12/01/2021		325,000		334,922
Cook County School District No. 162, General Obligation Limited, AGM, 4.00%, 12/01/2027		250,000		256,102
Cook County School District No. 163, General Obligation Limited, Series A, AGM, 5.00%, 12/15/2028		70,000		75,581
Cook County School District No. 31, General Obligation Limited Series A, 3.00%, 12/01/2021		100,000		102,744
Cook County Township High School District No. 201, General Obligation Limited
Series B, AMBAC,
Zero Coupon, 12/01/2019		100,000		99,866
Series C, AGM,
Zero Coupon, 12/01/2024		100,000		90,081
Cook County Township High School District No. 220, General Obligation Limited
AGM-CR,
5.00%, 12/01/2025		700,000		792,316

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Cook County Township High School District No. 220, General Obligation Limited (continued)
BAM-TCRS,
5.00%, 12/01/2026		$   1,545,000		$   1,746,144
County of Cook, General Obligation Unlimited
Series C, AGM-CR,
5.00%, 11/15/2024		1,500,000		1,653,660
Series D,
5.00%, 11/15/2019		25,000		25,028
County of Cook Sales Tax Revenue, Revenue Bonds, 4.00%, 11/15/2019		300,000		300,249
County of Union, General Obligation Unlimited, AGM, 4.25%, 09/01/2042		1,665,000		1,882,532
DeKalb & Kane Counties Community Unit School District No. 427, General Obligation Unlimited, Series A, BAM-TCRS, 4.00%, 02/01/2030		2,185,000		2,272,706
Douglas & Champaign Counties Community Unit School District N0. 302, General Obligation Unlimited, Series B, AGM, 4.00%, 12/01/2034 (D)		785,000		865,423
DuPage & Will Counties Community School District No. 204, General Obligation Unlimited, Series A, 2.50%, 12/30/2019		30,000		30,058
Grundy County School District No. 54, General Obligation Unlimited, AGM-CR, 6.00%, 12/01/2024		2,050,000		2,238,231
Henry & Whiteside Counties Community Unit School District No. 228, General Obligation Unlimited, Series A, AGM, 5.00%, 08/15/2028		150,000		175,038
Illinois Development Finance Authority, Revenue Bonds, AGM, Zero Coupon, 01/01/2021		30,000		29,516
Illinois Finance Authority, Revenue Bonds
4.00%, 08/01/2032		675,000		710,167
5.00%, 08/01/2025 - 08/01/2031		3,975,000		4,667,049
AGM,
4.00%, 12/01/2023		140,000		152,331
5.00%, 12/01/2036		1,900,000		2,200,143
Series A,
5.00%, 07/01/2020 - 11/15/2037		2,570,000		2,670,971
Series A-1,
3.50%, 12/01/2027		945,000		650,254
Fixed until 01/15/2020, 5.00% (C), 11/01/2030		110,000		110,799

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

Transamerica Funds Annual Report 2019

Page    165

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Illinois Finance Authority, Revenue Bonds (continued)
Series A-2,
Fixed until 02/12/2020, 5.00% (C), 11/01/2030		$   150,000		$   151,503
Series B,
5.00%, 11/01/2019		40,000		40,000
5.50%, 11/01/2020		80,000		80,000
Series C,
5.00%, 05/15/2020 - 08/15/2021		170,000		174,921
Illinois Housing Development Authority, Revenue Bonds
FNMA,
2.63%, 09/01/2032		1,493,526		1,519,140
Series A-1,
3.00%, 02/01/2022		340,000		351,251
Illinois State Toll Highway Authority, Revenue Bonds
Series A1,
5.25%, 01/01/2030		250,000		251,465
Series B,
5.00%, 01/01/2037		140,000		162,620
Series D,
5.00%, 01/01/2024		45,000		51,515
Iroquois & Kankakee Counties Community Unit School District No. 4, General Obligation Unlimited, Series A, AMBAC, BAM-TCRS, Zero Coupon, 11/01/2022		1,300,000		1,229,137
Jackson County Community Unit School District No. 186, General Obligation Unlimited AGM, 4.00%, 12/01/2035 - 12/01/2038		955,000		1,043,571
Jersey & Greene County Community Unit School District No. 100, General Obligation Unlimited Series A, BAM, 5.00%, 12/01/2026 - 12/01/2027		4,040,000		4,724,278
Joliet Regional Port District, General Obligation Unlimited, Series A, AGM, 4.00%, 12/30/2024		250,000		275,850
Kane Cook & DuPage Counties School District No. U-46, General Obligation Limited, Series A, 5.00%, 01/01/2033		260,000		289,544
Kane Cook & DuPage Counties School District No. U-46, General Obligation Unlimited Series D, 5.00%, 01/01/2025 - 01/01/2026		130,000		147,128
Kane County School District No. 129, General Obligation Unlimited
Series C, BAM-TCRS,
4.00%, 02/01/2022		1,200,000		1,266,876
5.00%, 02/01/2024 - 02/01/2025		5,000,000		5,817,024

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Kane Kendall Etc. Counties Community College District No. 516, General Obligation Unlimited, Series A, 5.00%, 12/15/2022		$   100,000		$   107,974
Knox & Warren Counties Community Unit School District No. 205, General Obligation Unlimited, Series B, 3.50%, 01/01/2027		210,000		222,125
La Salle & Livingston Counties Township High School District No. 40, General Obligation Unlimited, AGM, 4.00%, 12/01/2036		315,000		355,411
Lake & McHenry Counties Community Unit School District No. 118, General Obligation Unlimited 5.00%, 01/01/2021 - 01/01/2022		105,000		110,986
Lake County Community Unit School District No. 116, General Obligation Limited, Series B, 3.00%, 01/15/2023		105,000		109,979
Lake County School District No. 38, General Obligation Unlimited, BAM-TCRS, 3.00%, 02/01/2022		2,500,000		2,566,525
Lee & Ogle Counties Community Unit School District No. 275, General Obligation Unlimited Series B, AGM, 4.50%, 12/01/2025 - 12/01/2027		1,085,000		1,180,941
Macon & De Witt Counties Community Unit School District No. 2, General Obligation Unlimited
Series C, BAM,
3.25%, 12/01/2023		1,195,000		1,270,500
3.50%, 12/01/2024		1,270,000		1,380,757
4.00%, 12/01/2025		1,360,000		1,543,940
Macoupin Sangamon & Montgomery Counties Community Unit School District, General Obligation Unlimited BAM, 4.50%, 12/01/2036 - 12/01/2041		1,625,000		1,736,354
Madison & Jersey Counties Unit School District No. 11, General Obligation Unlimited, Series B, BAM, 3.50%, 03/01/2029		1,700,000		1,793,942
Madison Bond Etc. Counties Community Unit School District No. 5, General Obligation Unlimited, Series A, AGM, 4.00%, 02/01/2025		410,000		453,107
Madison-Macoupin Etc. Counties Community College District No. 536, General Obligation Unlimited
5.00%, 11/01/2021		105,000		110,791

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

Transamerica Funds Annual Report 2019

Page    166

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Madison-Macoupin Etc. Counties Community College District No. 536, General Obligation Unlimited (continued)
Series A, AGM,
5.00%, 11/01/2031 - 11/01/2033		$   3,450,000		$   4,044,298
Series A, BAM-TCRS,
5.00%, 11/01/2022 - 11/01/2026		4,990,000		5,641,639
McHenry & Kane Counties Community Consolidated School District No. 158, General Obligation Unlimited, AGM-CR, FGIC, Zero Coupon, 01/01/2024		510,000		469,628
McHenry County Community Unit School District No. 12, General Obligation Unlimited
BAM,
5.00%, 01/01/2035		2,625,000		2,968,639
Series A, AGM,
5.00%, 01/01/2023		70,000		76,766
McHenry County Conservation District, General Obligation Unlimited, 5.00%, 02/01/2026		110,000		129,252
McLean County Public Building Commission, Revenue Bonds, 4.00%, 12/01/2034		1,245,000		1,346,405
Metropolitan Pier & Exposition Authority, Revenue Bonds
5.50%, 06/15/2050		745,000		755,348
BAM-TCRS,
5.00%, 06/15/2052		500,000		565,335
NATL,
5.70% (E), 06/15/2023		165,000		186,226
Series A, NATL,
Zero Coupon, 06/15/2026		100,000		85,072
Series B,
5.00%, 12/15/2028		145,000		155,179
Series B, AGM,
5.00%, 06/15/2050		3,295,000		3,364,162
Series B2, BAM-TCRS,
5.25%, 06/15/2050		440,000		449,904
Metropolitan Water Reclamation District of Greater Chicago, General Obligation Limited, Series B, 5.00%, 12/01/2019		60,000		60,165
Montgomery Christian & Fayette Counties Community Unit School District No. 22, General Obligation Unlimited, Series A, AGM, 4.00%, 12/01/2032		270,000		297,219
Northeastern Illinois University, Certificate of Participation
AGM,
3.00%, 07/01/2020 - 07/01/2023		2,065,000		2,115,669
4.00%, 07/01/2025		565,000		623,867

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Northeastern Illinois University, Revenue Bonds
Series 1, BAM,
3.00%, 07/01/2020		$   125,000		$   126,388
4.00%, 07/01/2021 - 07/01/2022		1,015,000		1,073,896
Northern Illinois University, Certificate of Participation, AGM, 5.00%, 09/01/2024		105,000		119,927
Northlake Public Library District, General Obligation Unlimited, AGM, 3.00%, 12/01/2021		610,000		629,380
Peoria Public Building Commission, Revenue Bonds, BAM, 5.00%, 12/01/2022		1,075,000		1,187,509
Pulaski Massac Alexander & Johnson Counties Community Unit School District No. 10, General Obligation Unlimited Series C, MAC, 4.00%, 12/01/2026 - 12/01/2029		625,000		683,221
Railsplitter Tobacco Settlement Authority, Revenue Bonds
5.25%, 06/01/2020 - 06/01/2021		185,000		190,919
5.38%, 06/01/2021		85,000		90,200
6.00%, 06/01/2028		75,000		80,563
Regional Transportation Authority, Revenue Bonds, Series A, NATL, 5.50%, 07/01/2025		65,000		78,757
Rock Island County Public Building Commission, Revenue Bonds
AGM,
3.00%, 12/01/2021		175,000		179,191
4.00%, 12/01/2023		285,000		309,519
5.00%, 12/01/2024 - 12/01/2041		1,975,000		2,323,900
Sangamon County Community Unit School District No. 5, General Obligation Unlimited, Series B, 5.00%, 01/01/2023		150,000		165,862
Southern Illinois University, Certificate of Participation, Series A-1, BAM, 4.00%, 02/15/2026		455,000		491,445
Southern Illinois University, Revenue Bonds
Series A, AGM,
5.50%, 04/01/2023		370,000		418,607
Series B, BAM-TCRS,
5.00%, 04/01/2021		435,000		456,132
Southwestern Illinois Development Authority, Revenue Bonds, Series B, BAM-TCRS, 5.00%, 10/15/2026		1,000,000		1,169,060
St. Clair County Community Consolidated School District No. 90, General Obligation Unlimited AMBAC, BAM-TCRS, Zero Coupon, 12/01/2020 - 12/01/2023		1,645,000		1,542,688

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

Transamerica Funds Annual Report 2019

Page    167

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
St. Clair County High School District No. 201, General Obligation Unlimited, Series B, BAM, 5.00%, 02/01/2025		$   4,040,000		$   4,756,009
State of Illinois, General Obligation Unlimited
5.00%, 02/01/2022 - 04/01/2024		190,000		204,435
5.50%, 07/01/2025		185,000		204,312
Tazewell County School District No. 51, General Obligation Unlimited NATL, 9.00%, 12/01/2021 - 12/01/2022		1,355,000		1,602,969
Town of Cicero, General Obligation Unlimited, Series B, AGM, 4.20%, 12/01/2027		340,000		346,531
University of Illinois, Revenue Bonds
Series A, AMBAC,
5.50%, 04/01/2022		75,000		82,318
Series A, BAM-TCRS,
4.00%, 04/01/2031		1,445,000		1,584,905
Village of Bedford Park Water System Revenue, Revenue Bonds, Series A, AGM, 4.00%, 12/01/2026		95,000		104,700
Village of Bellwood, General Obligation Unlimited
AGM,
5.00%, 12/01/2019 - 12/01/2027		385,000		421,747
Series B, AGM,
3.00%, 12/01/2029		1,000,000		1,030,740
Village of Broadview, General Obligation Unlimited Series A, BAM, 3.00%, 12/01/2020 - 12/01/2022		510,000		524,119
Village of Calumet Park, General Obligation Unlimited BAM, 4.00%, 12/01/2021 - 12/01/2032		2,490,000		2,722,794
Village of Crestwood, General Obligation Unlimited
BAM,
4.50%, 12/15/2027 - 12/15/2029		2,395,000		2,593,587
Series B, BAM,
5.00%, 12/15/2028 - 12/15/2035		7,270,000		8,103,933
Village of Dolton, General Obligation Unlimited, Series A, AGC, 4.50%, 12/01/2024		300,000		300,429
Village of Franklin Park, Revenue Bonds, BAM, 5.00%, 04/01/2026		230,000		262,230
Village of Glenview, General Obligation Unlimited, Series A, 3.00%, 12/01/2019		25,000		25,033

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Village of Hazel Crest, General Obligation Unlimited BAM, 4.00%, 12/01/2024 - 12/01/2025		$   640,000		$   714,882
Village of Lakewood, General Obligation Unlimited, Series B, 5.00%, 12/01/2031		445,000		446,219
Village of Lombard, General Obligation Unlimited
4.00%, 01/01/2021		910,000		928,528
5.00%, 01/01/2022 - 01/01/2024		1,740,000		1,880,846
Village of Lyons, General Obligation Unlimited
Series B, BAM,
5.00%, 12/01/2032		125,000		135,258
Series C, BAM,
3.00%, 12/01/2019 - 12/01/2020		365,000		366,800
4.00%, 12/01/2022 - 12/01/2023		550,000		586,037
Village of Machesney Park, Revenue Bonds, Series B, AGM, 4.38%, 12/01/2019		150,000		150,378
Village of Matteson, Revenue Bonds BAM, 5.00%, 12/01/2024 - 12/01/2035		3,610,000		4,266,804
Village of Montgomery, Special Assessment
BAM,
2.10%, 03/01/2020		190,000		190,513
2.85%, 03/01/2024		192,000		197,457
3.00%, 03/01/2025		135,000		140,216
3.10%, 03/01/2026		265,000		277,749
3.30%, 03/01/2028		204,000		215,132
3.40%, 03/01/2029		739,000		779,283
3.45%, 03/01/2030		139,000		146,154
Village of Mount Prospect, General Obligation Unlimited, 3.00%, 12/01/2021		100,000		103,219
Village of Mundelein, General Obligation Unlimited, AGM, 4.00%, 12/15/2039		720,000		798,545
Village of Oak Lawn, General Obligation Unlimited, Series A, 3.00%, 12/01/2020		260,000		259,670
Village of Pingree Grove Special Service Area No. 2, Special Tax, AGM, 2.00%, 03/01/2020		210,000		210,500
Village of River Grove, General Obligation Unlimited, AGC, 3.80%, 12/15/2019		160,000		160,309
Village of South Holland, General Obligation Unlimited, Series B, 4.00%, 12/15/2022		105,000		112,311

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

Transamerica Funds Annual Report 2019

Page    168

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Village of Stone Park, General Obligation Unlimited Series B, BAM, 4.00%, 02/01/2035 - 02/01/2038		$   520,000		$   558,774
Warren County Community Unit School District No. 238, General Obligation Unlimited, AGM, 4.00%, 12/01/2021		75,000		79,005
Wauconda Special Service Area No.1, Special Tax, Series A, BAM, 5.00%, 03/01/2033		305,000		346,462
Western Illinois Economic Development Authority, Revenue Bonds 4.00%, 06/01/2020 - 06/01/2033		5,625,000		5,804,156
Western Illinois University, Certificate of Participation
AGM,
3.00%, 10/01/2022		3,010,000		3,085,009
5.00%, 10/01/2024		3,330,000		3,757,639
Western Illinois University, Revenue Bonds BAM, 5.00%, 04/01/2021 - 04/01/2024		2,030,000		2,202,565
Will County Community High School District No. 210, General Obligation Unlimited
4.00%, 01/01/2022		5,000,000		5,006,000
AGM,
5.00%, 01/01/2020		335,000		336,796
Series A, AGM-CR,
5.00%, 01/01/2027		3,475,000		3,785,144
Will County Community Unit School District No. 201, General Obligation Limited, Series C, AGM, 5.00%, 01/01/2027		1,075,000		1,275,638
Will County Community Unit School District No. 201, General Obligation Unlimited
AGM,
Zero Coupon, 11/01/2024		750,000		682,552
Series B, AGM,
5.00%, 01/01/2026		515,000		616,398
Will County School District No. 86, General Obligation Unlimited, Series C, AGM-CR, 5.00%, 03/01/2024		8,195,000		9,366,557
Will Grundy Et Cetera County Revenue, General Obligation Unlimited, Series B, 5.00%, 06/01/2038		200,000		222,906
				234,451,159
Indiana - 2.2%
Aurora School Building Corp., Revenue Bonds, 5.00%, 07/15/2020		115,000		117,942
Bloomington Redevelopment District, Tax Allocation Series A-1, 5.00%, 02/01/2026 - 02/01/2040 (D)		2,465,000		2,888,092

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Indiana (continued)
City of Evansville, Revenue Bonds, Series A, AGM, 5.00%, 02/01/2025		$   140,000		$   164,889
City of Rockport, Revenue Bonds
Series A,
2.75%, 06/01/2025		6,375,000		6,683,422
Series D,
Fixed until 06/01/2021, 2.05% (C), 04/01/2025		645,000		650,173
Evansville Redevelopment Authority, Revenue Bonds
BAM,
4.00%, 02/01/2028 - 02/01/2029		5,965,000		6,760,812
5.00%, 02/01/2026		700,000		839,783
Greater Clark County School Building Corp., Revenue Bonds, Series A, 4.00%, 07/15/2024		135,000		150,521
Indiana Finance Authority, Revenue Bonds
3.50%, 10/01/2025		960,000		1,009,344
4.00%, 02/01/2021		405,000		418,268
5.00%, 02/01/2022 - 10/01/2035		3,030,000		3,541,429
Series A,
4.00%, 09/15/2044 - 09/15/2049		1,040,000		1,110,512
5.00%, 09/15/2021 - 09/15/2028		2,705,000		3,004,204
Indiana Health Facility Financing Authority, Revenue Bonds
Fixed until 05/01/2020, 1.25% (C), 11/01/2027		3,100,000		3,099,845
5.00%, 11/15/2034		1,725,000		2,037,052
Indiana Housing & Community Development Authority, Revenue Bonds
Series A-1, GNMA, FNMA, FHLMC,
2.85%, 07/01/2031		225,000		228,877
Series C-1, GNMA, FNMA, FHLMC,
3.25%, 01/01/2032		1,515,000		1,603,627
Indiana University, Revenue Bonds, Series A, 5.00%, 06/01/2024		50,000		58,543
Jeffersonville Redevelopment Authority, Revenue Bonds, AGM, 3.00%, 08/01/2026		760,000		841,145
Jennings County School Building Corp., Revenue Bonds, 3.00%, 01/15/2020		345,000		345,783
Wawasee High School Building Corp., Revenue Bonds, 5.00%, 07/15/2038		1,300,000		1,525,537
				37,079,800
Iowa - 0.0% (F)
City of Ames, General Obligation Unlimited, Series A, 2.25%, 06/01/2028		120,000		122,640
Kansas - 0.4%
City of Dodge City, Revenue Bonds, 3.00%, 07/15/2021		80,000		82,384

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

Transamerica Funds Annual Report 2019

Page    169

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Kansas (continued)
City of Wichita, Revenue Bonds, Series I, 5.00%, 05/15/2028		$   300,000		$   337,341
Kansas Development Finance Authority, Revenue Bonds
5.00%, 01/01/2020		90,000		90,519
Series C, BAM,
4.00%, 05/01/2022		90,000		95,711
Kansas Independent College Finance Authority, Revenue Bonds, 5.50%, 05/01/2020		1,000,000		1,012,890
Marais Des Cygnes Public Utility Authority, Revenue Bonds AGM, 3.00%, 12/01/2026 - 12/01/2027		990,000		1,063,108
Montgomery County Unified School District No. 446, General Obligation Unlimited BAM, 5.00%, 09/01/2027 - 09/01/2030		3,140,000		3,814,919
Unified Government of Greeley County, General Obligation Unlimited, Series B, 5.00%, 12/01/2037		225,000		265,136
				6,762,008
Kentucky - 2.5%
Bullitt County School District Finance Corp., Revenue Bonds
3.10%, 09/01/2026		65,000		68,998
3.25%, 09/01/2028		545,000		574,228
City of Winchester Combined Utilities Revenue, Revenue Bonds, Series A, BAM, 4.00%, 07/01/2029		685,000		809,547
County of Hardin, Revenue Bonds, AGM, 5.75%, 08/01/2033		20,000		22,640
Eastern Kentucky University, Revenue Bonds, Series A, 4.00%, 04/01/2025		175,000		195,057
Fayette County School District Finance Corp., Revenue Bonds, Series B, 4.00%, 05/01/2024		140,000		155,196
Kentucky Economic Development Finance Authority, Revenue Bonds
5.25%, 08/15/2046		1,230,000		1,294,821
AGM,
5.00%, 12/01/2045 - 12/01/2047		1,680,000		1,935,475
Kentucky Municipal Power Agency, Revenue Bonds
Series A,
Fixed until 03/01/2026, 3.45% (C), 09/01/2042		2,500,000		2,572,500
Series A, NATL,
5.00%, 09/01/2023 - 09/01/2042		165,000		186,535
Kentucky State Property & Building Commission, Revenue Bonds, BAM-TCRS, 5.00%, 04/01/2029		3,450,000		4,208,621

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Kentucky (continued)
Kentucky Turnpike Authority, Revenue Bonds, Series A, 5.00%, 07/01/2021		$   25,000		$   26,495
Louisville & Jefferson County Visitors and Convention Commission, Revenue Bonds AGM-CR, 4.00%, 06/01/2024 - 06/01/2029		17,290,000		19,648,172
Morehead State University, Revenue Bonds
Series A,
3.00%, 04/01/2027		205,000		216,429
4.00%, 04/01/2030 - 04/01/2032		495,000		541,612
Nicholas County School District Finance Corp., Revenue Bonds
2.00%, 02/01/2023		55,000		55,960
2.38%, 02/01/2025		240,000		249,761
2.50%, 02/01/2027		305,000		318,643
3.00%, 02/01/2028 - 02/01/2032		365,000		388,844
Northern Kentucky University, Revenue Bonds, Series A, 4.00%, 09/01/2025		900,000		1,020,735
Paducah Electric Plant Board, Revenue Bonds Series A, AGM, 5.00%, 10/01/2029 - 10/01/2032		2,330,000		2,778,989
Warren County Justice Center Expansion Corp., Revenue Bonds, 5.00%, 09/01/2024		820,000		950,929
Warren County School District Finance Corp., Revenue Bonds, 4.00%, 04/01/2026		3,690,000		4,121,287
				42,341,474
Louisiana - 2.5%
City of Ruston, Revenue Bonds, AGM, 5.00%, 06/01/2036		585,000		682,514
Fremaux Economic Development District, Revenue Bonds, 5.00%, 11/01/2034		255,000		262,142
Jefferson Sales Tax District, Revenue Bonds, Series B, AGM, 5.00%, 12/01/2032		25,000		30,615
Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds AGM, 5.00%, 08/01/2026 - 08/01/2029		13,795,000		16,869,143
Louisiana Public Facilities Authority, Revenue Bonds
5.00%, 07/01/2022 - 07/01/2027		3,160,000		3,611,066
AGM,
5.00%, 06/01/2021		65,000		68,758
New Orleans Aviation Board, Revenue Bonds
AGM,
5.00%, 10/01/2033 - 10/01/2048		8,340,000		9,942,537

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

Transamerica Funds Annual Report 2019

Page    170

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Louisiana (continued)
New Orleans Aviation Board, Revenue Bonds (continued)
Series A,
5.25%, 01/01/2041		$   110,000		$   110,620
St. Tammany Parish Hospital Service District No. 1, Revenue Bonds Series A, 5.00%, 07/01/2033 - 07/01/2048		10,015,000		12,016,154
				43,593,549
Maine - 0.6%
City of Portland General Airport Revenue, Revenue Bonds, 5.00%, 01/01/2028		640,000		748,614
Maine Governmental Facilities Authority, Revenue Bonds, Series A, 5.00%, 10/01/2028		350,000		426,766
Maine Health & Higher Educational Facilities Authority, Revenue Bonds, Series A, 5.00%, 07/01/2038		35,000		41,991
Maine State Housing Authority, Revenue Bonds
Series B,
2.75%, 11/15/2028		410,000		431,254
2.90%, 11/15/2029		880,000		929,350
3.15%, 11/15/2039		1,680,000		1,734,382
3.35%, 11/15/2044		130,000		134,293
Series C,
2.35%, 11/15/2027		245,000		252,164
2.50%, 11/15/2028		550,000		567,539
2.75%, 11/15/2031		2,120,000		2,170,880
Series D-1,
2.50%, 11/15/2026		510,000		534,215
2.65%, 11/15/2027		755,000		792,833
2.80%, 11/15/2028		570,000		600,261
2.95%, 11/15/2029		350,000		369,124
				9,733,666
Maryland - 0.2%
City of Baltimore, Revenue Bonds, Series C, 5.00%, 07/01/2028		50,000		57,208
City of Rockville, Revenue Bonds
Series A-2,
2.25%, 11/01/2022		250,000		253,335
5.00%, 11/01/2023		345,000		386,065
Series A1,
5.00%, 11/01/2021 - 11/01/2023		550,000		601,647
Series C,
3.00%, 11/01/2025		1,500,000		1,506,645
Maryland Health & Higher Educational Facilities Authority, Revenue Bonds, 5.00%, 07/01/2021		35,000		37,243
Montgomery County Revenue Authority, Revenue Bonds, Series A, 4.00%, 11/01/2020		85,000		87,322
				2,929,465

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Massachusetts - 0.9%
Commonwealth of Massachusetts, General Obligation Limited, Series A, 5.00%, 07/01/2037		$   45,000		$   52,797
Lynn Housing Authority & Neighborhood Development, Revenue Bonds
4.25%, 10/01/2028		315,000		336,855
4.38%, 10/01/2029		300,000		321,387
Massachusetts Development Finance Agency, Revenue Bonds
5.00%, 10/01/2039		250,000		283,302
Series I,
5.00%, 07/01/2025 - 07/01/2026		1,080,000		1,284,204
Series K,
4.00%, 07/01/2038		5,410,000		5,883,970
Series S-2,
Fixed until 01/30/2025, 5.00% (C), 07/01/2038		75,000		88,701
Massachusetts Housing Finance Agency, Revenue Bonds
Series 178,
3.70%, 12/01/2033		940,000		994,003
Series 183,
2.80%, 06/01/2031		1,575,000		1,619,116
Series 187, FNMA,
2.65%, 12/01/2027		740,000		779,701
2.80%, 06/01/2028 - 12/01/2028		2,915,000		3,051,978
Series C,
2.40%, 12/01/2025		210,000		222,178
2.60%, 12/01/2026		150,000		157,113
2.70%, 06/01/2027		150,000		160,688
2.85%, 06/01/2028		160,000		169,766
2.90%, 12/01/2028		125,000		132,555
				15,538,314
Michigan - 3.4%
Allendale Public School District, General Obligation Unlimited, 5.00%, 11/01/2026		100,000		121,876
Capac Community School District, General Obligation Unlimited BAM, 4.00%, 05/01/2027 - 05/01/2031		1,240,000		1,439,647
City of Detroit Sewage Disposal System Revenue, Revenue Bonds Series A, AGM, 5.25%, 07/01/2023 - 07/01/2024		90,000		104,046
Clarkston Community Schools, General Obligation Unlimited, Series I, 5.00%, 05/01/2041		20,000		23,451
Decatur Public School District, General Obligation Unlimited, 3.00%, 05/01/2022		145,000		150,954
Detroit Wayne County Stadium Authority, Revenue Bonds, AGM, 5.00%, 10/01/2026		2,775,000		3,020,504

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

Transamerica Funds Annual Report 2019

Page    171

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Michigan (continued)
Downtown Development Authority, Tax Allocation, 5.00%, 07/01/2048		$   10,000,000		$   11,100,700
East Lansing Economic Development Corp., Revenue Bonds, Series B, 2.95%, 07/01/2020		50,000		50,345
Fitzgerald Public School District, General Obligation Unlimited, BAM, 4.00%, 05/01/2025		630,000		703,886
Forest Hills Public Schools, General Obligation Unlimited, Series I, 3.00%, 05/01/2024		85,000		91,236
Grand Rapids Economic Development Corp., Revenue Bonds, 3.00%, 11/01/2022		1,630,000		1,636,781
Grand Rapids Public Schools, General Obligation Unlimited AGM, 5.00%, 05/01/2030 - 11/01/2039		1,730,000		2,106,660
Lake City Area Schools, General Obligation Unlimited, BAM, 5.00%, 05/01/2035		2,725,000		3,190,157
Meridian Economic Development Corp., Revenue Bonds
Series A,
2.95%, 07/01/2020		450,000		453,100
3.25%, 07/01/2021		605,000		617,765
Michigan Finance Authority, Revenue Bonds
5.00%, 12/01/2035		1,340,000		1,434,644
5.25%, 10/01/2043		20,000		22,463
Michigan State Hospital Finance Authority, Revenue Bonds
Series F,
Fixed until 04/01/2021, 1.90% (C), 11/15/2047		1,320,000		1,332,857
Fixed until 03/15/2023, 2.40% (C), 11/15/2047		745,000		767,939
Michigan State Housing Development Authority, Revenue Bonds
Series B,
3.25%, 12/01/2032		3,835,000		4,031,352
Series D,
3.65%, 10/01/2032		2,700,000		2,768,229
Michigan Strategic Fund, Revenue Bonds, 5.00%, 11/15/2049		2,500,000		2,869,925
Saranac Community Schools, General Obligation Unlimited
4.00%, 05/01/2030 - 05/01/2031		825,000		933,165
Series A,
4.00%, 05/01/2025		130,000		146,920

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Michigan (continued)
Southgate Community School District, General Obligation Unlimited 5.00%, 05/01/2032 - 05/01/2035		$   1,950,000		$   2,302,157
Stockbridge Community Schools, General Obligation Unlimited, Series A, 5.00%, 05/01/2031		375,000		446,692
Sturgis Public School District, General Obligation Unlimited, Series A, 5.00%, 05/01/2026		45,000		53,271
Warren Consolidated Schools, General Obligation Unlimited
AGM,
4.00%, 05/01/2025 - 05/01/2027		700,000		798,824
Series B, BAM,
5.00%, 05/01/2023 - 05/01/2025		6,710,000		7,780,892
Wayne County Airport Authority, Revenue Bonds, Series A, 5.00%, 12/01/2032		250,000		305,728
Zeeland Public Schools, General Obligation Unlimited Series B, BAM, 5.00%, 05/01/2026 - 05/01/2030		5,820,000		7,217,629
				58,023,795
Minnesota - 1.2%
City of Apple Valley, Revenue Bonds, 4.25%, 09/01/2038		1,000,000		1,039,170
City of Deephaven, Revenue Bonds
Series A,
4.38%, 10/01/2027		250,000		259,095
4.40%, 07/01/2025		125,000		131,400
City of Red Wing, Revenue Bonds, Class A, 5.00%, 08/01/2047		1,250,000		1,306,612
City of St. Cloud, Revenue Bonds, Series A, 3.00%, 04/01/2021		250,000		170,000
City of Stillwater, Tax Allocation
3.00%, 02/01/2021 - 02/01/2027		2,455,000		2,528,731
4.00%, 02/01/2030		750,000		795,825
County of Chippewa, Revenue Bonds 4.00%, 03/01/2023 - 03/01/2026		5,460,000		5,871,054
Dakota County Community Development Agency, Revenue Bonds, Series A, 5.00%, 09/01/2029		705,000		756,853
Housing & Redevelopment Authority of the City of St. Paul, Revenue Bonds
Series A,
5.00%, 11/15/2025 - 12/01/2030		850,000		1,002,984
Series B,
4.25%, 04/01/2025		170,000		174,461
Minnesota Housing Finance Agency, Revenue Bonds
Series A,
4.00%, 08/01/2031		100,000		111,027

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

Transamerica Funds Annual Report 2019

Page    172

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Minnesota (continued)
Minnesota Housing Finance Agency, Revenue Bonds (continued)
Series B,
3.20%, 07/01/2025		$   75,000		$   75,718
Series C, GNMA, FNMA, FHLMC,
2.80%, 07/01/2024		120,000		125,243
2.95%, 07/01/2025		80,000		84,328
Series E, GNMA, FNMA, FHLMC,
3.30%, 01/01/2034		3,570,000		3,765,814
Series F,
2.90%, 01/01/2026		255,000		269,084
2.95%, 07/01/2026		310,000		327,338
Series F, GNMA, FNMA, FHLMC,
2.30%, 07/01/2032		1,280,000		1,252,416
Township of Baytown, Revenue Bonds, Series A, 4.00%, 08/01/2036		675,000		692,226
				20,739,379
Mississippi - 1.0%
Mississippi Development Bank, Revenue Bonds
4.00%, 07/01/2049		400,000		438,672
AGM,
6.88%, 12/01/2040		340,000		403,512
AGM-CR,
5.25%, 02/01/2049		7,500,000		9,254,025
Series A,
5.00%, 03/01/2022		650,000		656,903
Mississippi Home Corp., Revenue Bonds
Series A, GNMA, FNMA, FHLMC,
2.20%, 12/01/2024		695,000		717,685
2.35%, 06/01/2025		320,000		333,741
2.45%, 12/01/2025		520,000		546,697
2.70%, 12/01/2026		475,000		505,528
2.75%, 06/01/2027		150,000		159,841
2.80%, 12/01/2027		75,000		80,541
2.85%, 06/01/2028		170,000		182,709
2.95%, 12/01/2028		535,000		576,056
Series E, GNMA, FNMA, FHLMC,
3.00%, 12/01/2028		80,000		84,385
West Rankin Utility Authority, Revenue Bonds AGM, 5.00%, 01/01/2037 - 01/01/2038		3,155,000		3,610,926
				17,551,221
Missouri - 1.0%
Belton School District No. 124, Certificate of Participation, AGM, 5.00%, 01/15/2044		700,000		781,529
Branson Industrial Development Authority, Revenue Bonds
Series A,
3.00%, 11/01/2019 - 11/01/2021		1,135,000		1,141,498
4.00%, 11/01/2022		350,000		363,503
City of Kansas City, Revenue Bonds, Series A, 5.00%, 09/01/2034		100,000		100,247

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Missouri (continued)
Hannibal Industrial Development Authority, Revenue Bonds, 5.00%, 10/01/2037		$   1,500,000		$   1,752,090
Industrial Development Authority of the City of St. Louis, Tax Allocation, 3.75%, 11/01/2027		460,000		472,931
Lincoln University Auxiliary System Revenue, Revenue Bonds
AGM,
4.00%, 06/01/2035 - 06/01/2037		840,000		917,072
5.00%, 06/01/2027		870,000		1,056,041
Missouri Housing Development Commission, Revenue Bonds
Series B, GNMA, FNMA, FHLMC,
2.50%, 05/01/2029		5,000		5,126
2.55%, 11/01/2029		455,000		471,635
Missouri Joint Municipal Electric Utility Commission, Revenue Bonds, 5.00%, 12/01/2043		750,000		884,625
Missouri State Board of Public Buildings, Revenue Bonds, Series A, 2.25%, 04/01/2029		470,000		477,337
Missouri State Health & Educational Facilities Authority, Revenue Bonds Series A, 5.00%, 02/01/2029 - 02/01/2042		2,895,000		3,310,866
St. Louis County Industrial Development Authority, Special Assessment, 2.38%, 03/01/2020 (A)		300,000		300,132
St. Louis Municipal Finance Corp., Revenue Bonds Series A, AGM, 5.00%, 02/15/2030 - 02/15/2033		4,160,000		4,990,839
				17,025,471
Montana - 0.2%
Missoula High School District No. 1, General Obligation Unlimited, 4.00%, 07/01/2034		345,000		390,719
Montana Board of Housing, Revenue Bonds, Series A, 3.75%, 12/01/2038		345,000		369,012
Montana Facility Finance Authority, Revenue Bonds
5.00%, 07/01/2030		575,000		713,218
Series C,
5.00%, 06/01/2024 - 06/01/2025		1,460,000		1,690,840
				3,163,789
Nebraska - 0.6%
Central Plains Energy Project, Revenue Bonds, Series A, 5.00%, 09/01/2034		880,000		1,149,606
City of La Vista, Revenue Bonds
3.00%, 07/15/2034		475,000		482,296
3.25%, 07/15/2042		1,375,000		1,388,365

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

Transamerica Funds Annual Report 2019

Page    173

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Nebraska (continued)
Madison County Hospital Authority No. 1, Revenue Bonds, Series V, 5.00%, 07/01/2025		$   1,765,000		$   2,040,216
Omaha Public Power District, Revenue Bonds Series A, 5.00%, 02/01/2033 - 02/01/2034		4,025,000		4,669,782
Papio-Missouri River Natural Resource District, General Obligation Limited 4.00%, 12/15/2027 - 12/15/2029		425,000		455,303
Thurston County School District No. 16, General Obligation Limited, 3.88%, 06/15/2029		100,000		102,005
				10,287,573
Nevada - 0.3%
City of Carson City, Revenue Bonds, 5.00%, 09/01/2034		700,000		827,925
City of Las Vegas, Revenue Bonds, 2.75%, 06/15/2021 (A)		115,000		115,161
County of Washoe, Revenue Bonds, Series B, Fixed until 06/01/2022, 3.00% (C), 03/01/2036		1,200,000		1,247,100
Henderson Local Improvement Districts, Special Assessment
2.00%, 09/01/2023		355,000		357,141
2.25%, 09/01/2024		550,000		559,031
2.38%, 03/01/2021 - 03/01/2022		1,240,000		1,259,174
2.50%, 03/01/2023 - 09/01/2025		1,390,000		1,425,727
Las Vegas Special Improvement District Nos. 808 & 810, Special Assessment, 4.00%, 06/01/2020		175,000		176,858
Nevada System of Higher Education, Revenue Bonds Series A, 5.00%, 07/01/2021 - 07/01/2024		50,000		54,855
				6,022,972
New Hampshire - 0.1%
New Hampshire Housing Finance Authority, Revenue Bonds, 3.55%, 07/01/2037		925,000		971,639
New Jersey - 7.7%
Camden County Improvement Authority, Revenue Bonds
5.00%, 01/15/2026		255,000		293,367
Series A,
5.00%, 01/15/2029		10,000		11,775
City of Atlantic City, General Obligation Unlimited, Series B, AGM, 5.00%, 03/01/2037		950,000		1,118,444
City of Bayonne, General Obligation Unlimited, AGM, 5.00%, 08/01/2024		70,000		81,208

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New Jersey (continued)
City of Newark, General Obligation Unlimited, Series A, 5.00%, 10/01/2020		$   55,000		$   56,392
City of Paterson, General Obligation Unlimited, BAM, 5.00%, 01/15/2024		355,000		390,085
City of Trenton, General Obligation Unlimited
AGM,
5.00%, 07/15/2034		200,000		242,558
BAM,
5.00%, 07/15/2022 - 12/01/2023		5,805,000		6,423,123
Cumberland County Improvement Authority, Revenue Bonds BAM, 5.00%, 12/15/2023 - 12/15/2024		845,000		988,785
Essex County Improvement Authority, Revenue Bonds
4.00%, 11/01/2045 (D)		3,475,000		3,831,222
Series A,
5.00%, 12/01/2035 12/10/2015 (G)		535,000		481,500
Garden State Preservation Trust, Revenue Bonds
Series A, AGM,
5.75%, 11/01/2028		4,950,000		6,217,398
Series C, AGM,
5.13%, 11/01/2019		105,000		105,000
5.25%, 11/01/2021		45,000		48,330
Greater Egg Harbor Regional High School District, General Obligation Unlimited
AGM,
4.00%, 02/01/2030		150,000		167,564
5.00%, 02/01/2023 - 02/01/2024		2,345,000		2,689,611
Little Egg Harbor Board of Education, General Obligation Unlimited, AGM, 4.00%, 01/15/2021		125,000		129,116
New Jersey Building Authority, Revenue Bonds
Series A,
5.00%, 12/15/2022		45,000		45,100
Series A, BAM,
5.00%, 06/15/2028		475,000		563,018
New Jersey Economic Development Authority, Revenue Bonds
Series A,
3.50%, 09/01/2022 (A)		120,000		121,274
4.25%, 09/01/2027 (A)		200,000		214,460
5.00%, 06/15/2022 - 06/15/2025		8,675,000		9,781,049
5.00%, 09/01/2037 (A)		750,000		823,695
Series A, BAM,
3.13%, 07/01/2031		2,440,000		2,537,624
5.00%, 06/15/2021 - 07/01/2028		12,830,000		14,720,976
Series A, BAM-TCRS,
5.00%, 06/15/2027 - 06/15/2030		15,850,000		19,275,303

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

Transamerica Funds Annual Report 2019

Page    174

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New Jersey (continued)
New Jersey Economic Development Authority, Revenue Bonds (continued)
Series B,
4.25%, 09/01/2022 (A)		$   140,000		$   140,678
Series C,
4.00%, 06/15/2025		1,825,000		1,990,071
Series C, BAM-TCRS,
5.00%, 06/15/2026		2,755,000		3,287,294
Series DDD,
5.00%, 06/15/2024		2,000,000		2,274,880
Series DDD, BAM-TCRS,
5.00%, 06/15/2026 - 06/15/2035		7,085,000		8,532,205
Series K, AMBAC,
5.50%, 12/15/2019		100,000		100,452
Series PP, AGM-CR,
5.00%, 06/15/2025		14,450,000		16,526,609
Series UU, AGM-CR,
5.00%, 06/15/2025		905,000		1,035,058
New Jersey Educational Facilities Authority, Revenue Bonds
Series D, AGM,
5.00%, 07/01/2024		2,485,000		2,878,848
Series E, BAM,
5.00%, 07/01/2023		155,000		174,339
Series F, AGC,
4.00%, 07/01/2020		635,000		646,113
Series H, AGM,
5.00%, 07/01/2026		610,000		721,203
New Jersey Health Care Facilities Financing Authority, Revenue Bonds
5.00%, 07/01/2023		50,000		54,909
Series A, AGM,
5.00%, 07/01/2024 - 07/01/2046		1,025,000		1,174,145
New Jersey Higher Education Student Assistance Authority, Revenue Bonds, Series A, 2.38%, 12/01/2029		4,930,000		4,975,504
New Jersey Housing & Mortgage Finance Agency, Revenue Bonds
Series A,
2.60%, 11/01/2024		2,120,000		2,210,248
2.85%, 11/01/2025		1,830,000		1,938,153
Series B,
2.00%, 05/01/2021		3,825,000		3,858,010
Series F, FHLMC,
3.35%, 12/01/2030		1,255,000		1,326,824
New Jersey Transportation Trust Fund Authority, Revenue Bonds
Series A, AGM-CR,
5.50%, 12/15/2022		3,030,000		3,404,781
Series B, AMBAC,
5.25%, 12/15/2023		30,000		34,211
New Jersey Turnpike Authority, Revenue Bonds, Series B, 5.00%, 01/01/2033		15,000		18,487

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New Jersey (continued)
Newark Housing Authority Scholarship Foundation, Revenue Bonds, AGM, 4.00%, 12/01/2030		$   100,000		$   110,121
Parking Authority of the City of Trenton, Revenue Bonds Series B, AGM, 4.00%, 04/01/2023 - 04/01/2028		1,620,000		1,784,935
Passaic County Improvement Authority, Revenue Bonds, 5.00%, 05/01/2020		145,000		147,736
River Edge School District, General Obligation Unlimited, 3.00%, 02/01/2020		25,000		25,108
South Jersey Transportation Authority, Revenue Bonds, Series A, NATL, 4.50%, 11/01/2035		105,000		105,211
Tobacco Settlement Financing Corp., Revenue Bonds, Series A, 5.00%, 06/01/2023		25,000		27,878
Town of Kearny, General Obligation Unlimited, Series A, AGM, 5.00%, 02/01/2023		535,000		593,005
Township of Lakewood, General Obligation Unlimited, BAM, 4.00%, 11/01/2019		45,000		45,000
				131,499,993
New Mexico - 0.3%
City of Farmington, Revenue Bonds
Fixed until 06/01/2022, 2.13% (C), 06/01/2040		1,450,000		1,462,108
Series A,
Fixed until 04/01/2020, 1.88% (C), 04/01/2029		1,950,000		1,951,404
New Mexico Mortgage Finance Authority, Revenue Bonds
Series A-1,
1.65%, 09/01/2021		15,000		15,070
Series A-1, GNMA, FNMA, FHLMC,
3.45%, 07/01/2033		1,025,000		1,092,168
3.70%, 07/01/2038		1,065,000		1,132,297
				5,653,047
New York - 4.1%
Brooklyn Arena Local Development Corp., Revenue Bonds, Series A, AGM, 4.00%, 07/15/2035		2,400,000		2,659,896
Buffalo & Erie County Industrial Land Development Corp., Revenue Bonds
5.00%, 10/01/2037		400,000		479,344
Series A,
3.88%, 08/01/2027		2,545,000		2,706,506
5.00%, 08/01/2037		1,320,000		1,463,576

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

Transamerica Funds Annual Report 2019

Page    175

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New York (continued)
Buffalo Municipal Water Finance Authority, Revenue Bonds, Series A, AGM, 5.00%, 07/01/2039		$   600,000		$   713,730
Build Resource Corp., Revenue Bonds, 5.00%, 07/01/2041		100,000		111,496
City of Niagara Falls, General Obligation Limited, BAM, 5.00%, 05/15/2028		55,000		66,321
County of Suffolk, General Obligation Limited
Series A, AGM,
3.00%, 06/15/2025		1,505,000		1,622,375
Series D, BAM,
4.00%, 10/15/2027 - 10/15/2029		11,335,000		13,107,006
5.00%, 10/15/2023		115,000		130,855
Dutchess County Local Development Corp., Revenue Bonds 5.00%, 07/01/2032 - 07/01/2036		555,000		648,094
Jefferson County Civic Facility Development Corp., Revenue Bonds, Series A, 4.00%, 11/01/2030		350,000		382,494
Lockport City School District, General Obligation Unlimited
2.25%, 08/01/2027		620,000		650,957
2.50%, 08/01/2028		1,145,000		1,206,727
Metropolitan Transportation Authority, Revenue Bonds
Series A,
5.00%, 11/15/2025		50,000		55,696
Series D,
5.00%, 11/15/2030		2,500,000		2,749,500
MTA Hudson Rail Yards Trust Obligations, Revenue Bonds, Series A, 5.00%, 11/15/2051		2,000,000		2,125,260
New York City Housing Development Corp., Revenue Bonds
Series A, AGM,
4.10%, 07/01/2042		25,000		25,957
Series C-1,
2.25%, 05/01/2026		705,000		725,981
2.30%, 11/01/2026		925,000		956,635
2.40%, 05/01/2027		850,000		874,990
2.45%, 11/01/2027		190,000		195,390
2.55%, 05/01/2028		320,000		329,974
Series I, FNMA,
Fixed until 02/01/2026, 2.95% (C), 11/01/2045		4,950,000		5,221,755
New York City Industrial Development Agency, Revenue Bonds, FGIC, 4.50%, 03/01/2039		245,000		245,380
New York Liberty Development Corp., Revenue Bonds, 2.80%, 09/15/2069		1,500,000		1,529,565

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New York (continued)
New York State Dormitory Authority, Revenue Bonds Series A, 5.00%, 12/15/2029 - 08/01/2035		$   4,045,000		$   4,648,841
New York State Housing Finance Agency, Revenue Bonds
Series E, GNMA, FNMA, FHLMC,
1.00%, 11/01/2019		690,000		690,000
Series H, GNMA, FNMA, FHLMC,
1.60%, 05/01/2021		2,750,000		2,750,358
1.65%, 11/01/2021		4,970,000		4,987,842
New York State Thruway Authority, Revenue Bonds, Series A, 5.00%, 01/01/2051		385,000		443,066
Niagara Tobacco Asset Securitization Corp., Revenue Bonds, 4.00%, 05/15/2029		145,000		146,215
North East Joint Fire District, General Obligation Limited, Series A, BAM, 3.50%, 12/15/2019		60,000		60,164
Oneida County Local Development Corp. Revenue 4.00%, 12/01/2049 (D)		3,000,000		3,288,720
Port Authority of New York & New Jersey, Revenue Bonds
5.00%, 09/01/2048		2,160,000		2,637,792
5.25%, 11/15/2056		500,000		601,610
State of New York Mortgage Agency, Revenue Bonds
Series 190,
3.45%, 10/01/2030		110,000		115,772
Series 197,
1.90%, 04/01/2025		925,000		942,288
Town of North Hempstead, General Obligation Limited
Series A,
2.50%, 03/15/2030		1,455,000		1,499,639
2.75%, 03/15/2031 - 03/15/2033		3,165,000		3,283,412
Town of Oyster Bay, General Obligation Limited, AGM-CR, 4.00%, 02/15/2024		1,035,000		1,143,385
TSASC, Inc., Revenue Bonds, Series A, 5.00%, 06/01/2024		140,000		160,892
Westchester County Local Development Corp., Revenue Bonds, 5.00%, 11/01/2026		675,000		789,804
Windsor Central School District, General Obligation Unlimited
2.00%, 06/15/2020		115,000		115,673
3.00%, 06/15/2030 - 06/15/2031		285,000		302,110
				69,593,043

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

Transamerica Funds Annual Report 2019

Page    176

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
North Carolina - 0.9%
City of Charlotte, Certificate of Participation, Series A, 5.00%, 12/01/2021		$   25,000		$   26,968
North Carolina Housing Finance Agency, Revenue Bonds
2.63%, 07/01/2039		3,815,000		3,737,098
2.85%, 01/01/2043		3,115,000		3,061,453
Series 37-B, GNMA, FNMA,
1.95%, 07/01/2023		20,000		20,396
Series 38-B,
2.38%, 01/01/2025		2,050,000		2,142,721
2.45%, 07/01/2025		1,205,000		1,268,516
2.65%, 01/01/2026		1,055,000		1,109,143
2.80%, 01/01/2027		80,000		85,819
North Carolina Medical Care Commission, Revenue Bonds, 5.00%, 01/01/2038		620,000		700,234
Winston-Salem State University, Revenue Bonds BAM, 5.00%, 06/01/2029 - 06/01/2036		3,495,000		4,118,922
				16,271,270
North Dakota - 0.8%
Burleigh County Health Care Revenue, Revenue Bonds
3.60%, 05/01/2024		285,000		290,811
5.00%, 05/01/2037		2,000,000		2,098,240
City of Mandan, Revenue Bonds, Series A, 4.00%, 09/01/2034		1,010,000		1,094,608
County of Burleigh Multi-County Sales Tax Revenue, Revenue Bonds Series A, AGM, 3.00%, 11/01/2024 - 11/01/2025		905,000		946,658
Fargo Public School District No. 1, General Obligation Limited, Series A, 3.00%, 08/01/2026		25,000		26,700
Jamestown Park District, Revenue Bonds
Series A,
3.00%, 07/01/2035		3,730,000		3,810,904
4.00%, 07/01/2026 - 07/01/2031		2,235,000		2,446,112
North Dakota Housing Finance Agency, Revenue Bonds
2.80%, 07/01/2023		55,000		57,429
Series C,
2.55%, 01/01/2028		775,000		800,846
Series D,
2.80%, 01/01/2025		810,000		866,595
2.85%, 07/01/2025		745,000		801,650
				13,240,553
Ohio - 1.6%
Brunswick City School District, General Obligation Unlimited Series A, 5.00%, 12/01/2027 - 12/01/2037		1,485,000		1,661,208

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Ohio (continued)
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds
Series A-2,
5.13%, 06/01/2024		$   1,445,000		$   1,446,980
5.38%, 06/01/2024		360,000		360,392
Cardinal Local School District, Certificate of Participation, 5.25%, 04/01/2038		2,160,000		2,230,632
Cleveland Heights & University Heights City School District, General Obligation Unlimited 4.00%, 12/01/2029 - 12/01/2030		1,095,000		1,265,756
Cleveland-Cuyahoga County Port Authority, Revenue Bonds Series C, 3.00%, 05/15/2020 - 11/15/2023		605,000		625,188
Cleveland-Cuyahoga County Port Authority, Tax Allocation Series D, 3.00%, 05/15/2020 - 05/15/2023		1,620,000		1,658,650
Conotton Valley Union Local School District, Certificate of Participation MAC, 4.00%, 12/01/2035 - 12/01/2042		1,150,000		1,242,655
County of Butler, Revenue Bonds, 5.00%, 11/15/2027		65,000		80,621
County of Lucas, Revenue Bonds, 5.00%, 11/15/2023		810,000		858,454
County of Scioto, Revenue Bonds, AGM-CR, 3.50%, 02/15/2038		2,155,000		2,260,810
County of Warren, Revenue Bonds
5.00%, 07/01/2023		250,000		280,715
Series A,
4.00%, 07/01/2045		500,000		536,385
Dayton-Montgomery County Port Authority, Revenue Bonds, Series 1, 6.13%, 01/15/2025		730,000		754,638
East Knox Local School District, General Obligation Unlimited, BAM, 4.00%, 12/01/2030		260,000		292,235
Euclid City School District, Certificate of Participation, BAM, 4.00%, 12/01/2044		850,000		914,914
Little Miami Local School District, General Obligation Unlimited, Series B, 5.00%, 11/01/2048		2,000,000		2,293,680
Ohio Higher Educational Facility Commission, Revenue Bonds
5.75%, 11/15/2035		25,000		25,565
AGM,
5.25%, 11/15/2040		40,000		40,717

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

Transamerica Funds Annual Report 2019

Page    177

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Ohio (continued)
Ohio Housing Finance Agency, Revenue Bonds
Series D, GNMA, FNMA, FHLMC,
3.05%, 09/01/2032		$   2,140,000		$   2,235,701
3.40%, 09/01/2037		4,145,000		4,325,349
Pinnacle Community Infrastructure Financing Authority, Revenue Bonds, Series A, AGM, 4.00%, 12/01/2031		1,095,000		1,214,848
State of Ohio, Revenue Bonds, Series C, 3.25%, 01/15/2023		100,000		100,134
Summit County Development Finance Authority, Revenue Bonds
4.00%, 12/01/2028 - 12/01/2034		1,100,000		1,170,609
Series C,
4.00%, 11/15/2024 - 11/15/2025		155,000		171,283
Willoughby-Eastlake City School District, Certificate of Participation, BAM, 4.00%, 03/01/2025		145,000		162,629
				28,210,748
Oklahoma - 0.6%
Caddo County Governmental Building Authority, Revenue Bonds, 5.00%, 09/01/2027		435,000		512,722
Cleveland County Educational Facilities Authority, Revenue Bonds, 5.00%, 06/01/2023		45,000		50,677
Garfield County Educational Facilities Authority, Revenue Bonds, Series A, 5.00%, 09/01/2027		1,315,000		1,591,229
Grady County School Finance Authority, Revenue Bonds
3.00%, 12/01/2028 - 12/01/2030		290,000		292,324
4.00%, 12/01/2023 - 09/01/2029		950,000		1,016,007
5.00%, 09/01/2022 - 12/01/2027		3,725,000		4,331,524
Jefferson County Educational Facilities Authority, Revenue Bonds
3.25%, 12/01/2023		135,000		139,531
3.38%, 12/01/2024		135,000		141,325
Oklahoma Development Finance Authority, Revenue Bonds, 5.00%, 06/01/2020		25,000		25,541
Oklahoma Housing Finance Agency, Revenue Bonds, Series A, GNMA, FNMA, FHLMC, 2.75%, 09/01/2034		2,030,000		2,058,440
Oklahoma Water Resources Board, Revenue Bonds, Series B, 4.75%, 04/01/2039		55,000		57,415
				10,216,735

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Oregon - 0.9%
County of Jackson Airport Revenue, Revenue Bonds AGM, 5.00%, 12/01/2030 - 12/01/2032		$   305,000		$   364,795
Klamath Falls Intercommunity Hospital Authority, Revenue Bonds, 3.00%, 09/01/2035		820,000		848,175
Oregon State Facilities Authority, Revenue Bonds
Series A,
5.00%, 10/01/2021		440,000		467,914
5.50%, 06/15/2035 (A)		750,000		787,185
State of Oregon Housing & Community Services Department, Revenue Bonds
Series A,
2.45%, 07/01/2034		3,360,000		3,332,851
2.65%, 07/01/2039		7,650,000		7,522,627
Series D,
2.30%, 01/01/2026		795,000		817,284
2.45%, 01/01/2027		1,220,000		1,259,259
Warm Springs Reservation Confederated Tribe, Revenue Bonds Series B, 5.00%, 11/01/2034 - 11/01/2036 (A)		600,000		706,988
				16,107,078
Pennsylvania - 7.1%
Allegheny County Sanitary Authority, Revenue Bonds
AGM,
4.00%, 12/01/2035		345,000		386,690
5.00%, 12/01/2024		30,000		35,614
Allentown City School District, General Obligation Limited, AGM, 4.00%, 02/15/2023		5,395,000		5,795,039
Altoona Area School District, General Obligation Limited, BAM, 5.00%, 12/01/2036		255,000		298,442
Bristol Township School District, General Obligation Limited, BAM-TCRS, 5.00%, 06/01/2027		80,000		89,386
Bucks County Industrial Development Authority, Revenue Bonds
4.00%, 08/15/2050		6,510,000		6,956,846
5.00%, 10/01/2033 - 10/01/2037		1,950,000		2,198,166
Central Bradford Progress Authority, Revenue Bonds, 5.25%, 12/01/2019		95,000		95,286
Centre County Hospital Authority, Revenue Bonds, 3.00%, 11/15/2019		300,000		300,147
Chartiers Valley School District, General Obligation Limited, Series B, 5.00%, 10/15/2040		10,000		11,501

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

Transamerica Funds Annual Report 2019

Page    178

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Pennsylvania (continued)
Cheltenham Township School District, General Obligation Limited, Series A, 5.00%, 02/15/2033		$   90,000		$   103,431
City of Philadelphia Water & Wastewater Revenue, Revenue Bonds, Series C, AGM, 5.00%, 08/01/2020		110,000		113,092
City of Reading, General Obligation Unlimited, BAM, 5.00%, 11/01/2021		675,000		719,449
Columbia Borough School District, General Obligation Limited, BAM, 2.80%, 02/15/2021		530,000		530,329
Commonwealth Financing Authority, Revenue Bonds, Series B-1, AGM, 5.00%, 06/01/2025		2,900,000		3,425,045
Commonwealth of Pennsylvania, General Obligation Unlimited Series A, AGM-CR, 4.00%, 09/15/2030 - 09/15/2031		19,600,000		22,168,906
County of Lackawanna, General Obligation Unlimited BAM, 4.00%, 09/15/2032 - 09/15/2033		6,965,000		7,850,123
Erie County Conventional Center Authority, Revenue Bonds, 5.00%, 01/15/2026		1,725,000		2,038,760
Fairview School District, General Obligation Limited Series A, 4.00%, 02/01/2024 - 02/01/2026		365,000		405,282
Indiana County Hospital Authority, Revenue Bonds, Series A, 5.50%, 06/01/2029		250,000		270,888
Lancaster Industrial Development Authority, Revenue Bonds, 4.00%, 12/01/2044		1,070,000		1,151,727
Lancaster School District, General Obligation Limited, Series A, AGM, 5.00%, 06/01/2031		735,000		863,346
Nazareth Area School District, General Obligation Limited, Series D, 5.00%, 11/15/2035		10,000		11,803
Paradise Township Sewer Authority, Revenue Bonds BAM, 4.00%, 10/15/2035 - 10/15/2038		440,000		475,628
Penn Delco School District 4.00%, 06/01/2045 (D)		2,475,000		2,665,921

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Pennsylvania (continued)
Penn Hills School District, General Obligation Limited
BAM,
5.00%, 11/15/2023 - 11/15/2024		$   180,000		$   206,699
Series A, BAM,
5.00%, 11/15/2025		110,000		130,460
Pennsylvania Economic Development Financing Authority, Revenue Bonds, AGM, 5.00%, 01/01/2034		180,000		201,062
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, 5.00%, 07/15/2020		50,000		51,180
Pennsylvania Housing Finance Agency, Revenue Bonds
2.20%, 04/01/2027		670,000		684,291
2.25%, 10/01/2027		660,000		674,500
2.35%, 04/01/2028		1,405,000		1,426,005
2.40%, 10/01/2028		1,360,000		1,384,113
2.45%, 04/01/2029 - 10/01/2029		2,600,000		2,645,668
2.55%, 04/01/2030		1,280,000		1,312,141
2.60%, 10/01/2030		1,395,000		1,431,409
Series 119,
1.85%, 04/01/2022		620,000		626,330
Series 121,
2.20%, 04/01/2026		1,955,000		1,994,823
2.25%, 10/01/2026		1,275,000		1,298,371
2.35%, 04/01/2027		3,505,000		3,553,404
Series 124B,
2.30%, 04/01/2026		1,415,000		1,467,680
2.40%, 10/01/2026		745,000		772,915
2.45%, 04/01/2027		1,600,000		1,651,456
2.55%, 10/01/2027		1,450,000		1,507,985
2.65%, 04/01/2028		1,700,000		1,770,448
2.75%, 10/01/2028		1,580,000		1,647,798
Pennsylvania Turnpike Commission, Revenue Bonds
5.00%, 12/01/2037		15,000		16,284
Series A, AGM,
4.00%, 12/01/2049		11,725,000		13,003,142
Series B,
5.00%, 12/01/2034 - 12/01/2038		1,305,000		1,583,643
Series B, BAM-TCRS,
5.25%, 12/01/2044		8,275,000		9,458,821
Perkasie Regional Authority, Revenue Bonds, BAM, 2.75%, 02/01/2025		50,000		50,186
Philadelphia Gas Works Co., Revenue Bonds
4.00%, 10/01/2036 - 10/01/2037		425,000		460,061
5.00%, 08/01/2024		150,000		174,315
Reading School District, General Obligation Unlimited Series A, AGM, 5.00%, 02/01/2026 - 02/01/2027		2,115,000		2,471,654

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

Transamerica Funds Annual Report 2019

Page    179

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Pennsylvania (continued)
School District of Philadelphia, General Obligation Unlimited, Series A, NATL, 4.38%, 06/01/2034		$   50,000		$   50,071
State Public School Building Authority, Revenue Bonds
5.00%, 09/15/2021 - 09/15/2022		180,000		194,806
5.25%, 03/01/2020		115,000		116,500
AGM,
5.00%, 10/01/2020 - 10/01/2023		260,000		281,464
Series A, AGM,
5.00%, 10/01/2020 - 09/15/2021		975,000		1,032,762
Sto Rox School District, General Obligation Limited, BAM, 3.13%, 12/15/2027		100,000		102,982
Township of Warrington, General Obligation Unlimited, 2.40%, 12/01/2024		300,000		300,213
Wilkes-Barre Area School District, General Obligation Limited
BAM,
4.00%, 04/15/2054		1,505,000		1,647,809
5.00%, 04/15/2059		4,000,000		4,741,640
				121,085,938
Puerto Rico - 1.5%
Children’s Trust Fund, Revenue Bonds, 5.63%, 05/15/2043		125,000		127,213
Commonwealth of Puerto Rico, General Obligation Unlimited
AGC-ICC,
5.00%, 07/01/2034		150,000		153,214
AGM,
5.13%, 07/01/2030		10,000		10,278
5.25%, 07/01/2020		60,000		61,128
AGM-CR,
4.50%, 07/01/2023		100,000		100,285
Series A, AGC-ICC,
5.00%, 07/01/2020 - 07/01/2034		565,000		576,550
5.25%, 07/01/2020		275,000		278,965
5.50%, 07/01/2029		140,000		158,196
Series A, AGC-ICC, FGIC,
5.50%, 07/01/2020		175,000		178,574
Series A, AGM,
4.00%, 07/01/2022		470,000		482,516
5.00%, 07/01/2035		1,645,000		1,722,101
5.25%, 07/01/2024		210,000		220,158
6.00%, 07/01/2034		440,000		463,302
Series A-4, AGM,
5.00%, 07/01/2031		115,000		116,449
Series B, AGC-ICC,
5.00%, 07/01/2035		715,000		729,758
Series C, AGM,
5.75%, 07/01/2037		305,000		315,016
Series D, AGM,
4.13%, 07/01/2020		80,000		80,059

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Puerto Rico (continued)
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Series A, AGC, 5.13%, 07/01/2047		$   470,000		$   483,296
Puerto Rico Convention Center District Authority, Revenue Bonds
Series A, AGC,
4.50%, 07/01/2036		1,765,000		1,769,677
5.00%, 07/01/2027		535,000		548,578
Puerto Rico Electric Power Authority, Revenue Bonds
Series DDD, AGM,
3.65%, 07/01/2024		620,000		620,087
5.00%, 07/01/2023		40,000		40,674
Series RR, AGC,
5.00%, 07/01/2028		345,000		353,722
Series RR, AGM,
5.00%, 07/01/2020		1,075,000		1,088,061
Series SS, AGC,
4.38%, 07/01/2030		145,000		145,338
Series SS, AGM,
5.00%, 07/01/2030		2,100,000		2,149,098
Series TT, AGC-ICC,
5.00%, 07/01/2032		50,000		51,129
Series UU, AGC,
4.25%, 07/01/2027		20,000		20,039
5.00%, 07/01/2026		650,000		666,575
Series UU, AGM,
4.00%, 07/01/2023		120,000		120,041
5.00%, 07/01/2020 - 07/01/2024		1,185,000		1,210,707
Series V, AGM,
5.25%, 07/01/2027		80,000		88,644
Puerto Rico Highway & Transportation Authority, Revenue Bonds
AGC-ICC,
5.00%, 07/01/2028		30,000		30,758
Series A, AGC-ICC,
4.75%, 07/01/2038		185,000		187,977
Series A, AGM-CR,
4.75%, 07/01/2038		385,000		391,195
Series CC, AGM,
5.25%, 07/01/2032 - 07/01/2036		495,000		554,973
Series CC, AGM-CR,
5.50%, 07/01/2029 - 07/01/2031		160,000		182,204
Series D, AGM,
5.00%, 07/01/2027 - 07/01/2032		3,575,000		3,658,187
Series E, AGM,
5.50%, 07/01/2020 - 07/01/2023		185,000		195,693
Series M, AGC-ICC,
5.00%, 07/01/2032 - 07/01/2037		1,175,000		1,203,972
Series N, AGC,
5.25%, 07/01/2034 - 07/01/2036		260,000		291,314
Series N, AGM-CR, AGC,
5.25%, 07/01/2034		335,000		375,927
Series N, AGM-CR, AGC-ICC,
5.50%, 07/01/2025		95,000		105,030

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

Transamerica Funds Annual Report 2019

Page    180

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Puerto Rico (continued)
Puerto Rico Infrastructure Financing Authority, Revenue Bonds, Series B, AGC-ICC, 5.00%, 07/01/2041		$   35,000		$   35,611
Puerto Rico Municipal Finance Agency, Revenue Bonds
Series A, AGM,
4.20%, 08/01/2020		85,000		85,068
5.00%, 08/01/2021 - 08/01/2030		2,225,000		2,278,657
5.25%, 08/01/2020		105,000		106,514
Series C, AGC,
5.25%, 08/01/2020		110,000		112,328
Puerto Rico Public Buildings Authority, Revenue Bonds
AGC-ICC,
5.25%, 07/01/2033		275,000		282,752
Series I, AGC-ICC,
5.00%, 07/01/2036		495,000		504,826
Series L, AGM-CR,
5.50%, 07/01/2021		125,000		129,080
Series N, AGC-ICC,
5.00%, 07/01/2032		210,000		214,742
				26,056,236
Rhode Island - 1.4%
Providence Public Building Authority, Revenue Bonds Series A, AGM, 5.00%, 09/15/2024 - 09/15/2037		14,630,000		17,634,419
Providence Redevelopment Agency, Revenue Bonds
Series A, AGM,
5.00%, 04/01/2025		580,000		673,983
Series A, AGM-CR,
5.00%, 04/01/2027		1,200,000		1,395,684
Rhode Island Health & Educational Building Corp., Revenue Bonds
5.00%, 05/15/2028 - 05/15/2029		2,425,000		2,874,057
AGM,
4.00%, 05/15/2024		55,000		61,196
Series C,
5.00%, 09/15/2027		180,000		218,113
Rhode Island Turnpike & Bridge Authority Revenue, Revenue Bonds, Series A, 5.00%, 10/01/2024		130,000		151,624
Tobacco Settlement Financing Corp., Revenue Bonds Series A, 5.00%, 06/01/2023 - 06/01/2027		1,105,000		1,270,754
				24,279,830
South Carolina - 0.3%
City of Georgetown Combined Public Utility Revenue, Revenue Bonds, Series A, BAM, 4.00%, 06/01/2029		385,000		432,859

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
South Carolina (continued)
Piedmont Municipal Power Agency, Revenue Bonds, AGC, 5.75%, 01/01/2034		$   200,000		$   213,732
SCAGO Educational Facilities Corp. for Williamsburg School District, Revenue Bonds Series B, BAM, 5.00%, 12/01/2024 - 12/01/2025		500,000		589,430
South Carolina Jobs-Economic Development Authority, Revenue Bonds, 5.00%, 10/01/2026 (A)		2,725,000		3,017,066
South Carolina Public Service Authority, Revenue Bonds, Series A, AGM-CR, 5.00%, 12/01/2036		125,000		133,329
South Carolina State Housing Finance & Development Authority, Revenue Bonds, GNMA, FNMA, FHLMC, 2.00%, 07/01/2020		75,000		75,377
State of South Carolina, General Obligation Unlimited, 3.00%, 04/01/2026		200,000		200,238
				4,662,031
South Dakota - 0.7%
South Dakota Housing Development Authority, Revenue Bonds
Series B, GNMA, FNMA, FHLMC,
2.20%, 11/01/2024		665,000		689,691
2.30%, 05/01/2025		250,000		257,958
2.45%, 11/01/2025		290,000		306,504
2.55%, 05/01/2026		1,860,000		1,981,514
2.65%, 11/01/2026		330,000		354,734
2.75%, 05/01/2027		970,000		1,046,523
2.80%, 11/01/2027		1,330,000		1,431,200
2.85%, 05/01/2028		1,210,000		1,300,641
2.95%, 11/01/2028		440,000		472,679
Series C,
2.00%, 05/01/2023		20,000		20,311
Series F, GNMA, FNMA, FHLMC,
2.60%, 05/01/2027		860,000		903,000
2.65%, 11/01/2027		1,285,000		1,349,237
2.70%, 05/01/2028		390,000		410,108
2.75%, 11/01/2028		1,425,000		1,499,727
				12,023,827
Tennessee - 1.8%
Chattanooga Health Educational & Housing Facility Board, Revenue Bonds, 5.00%, 10/01/2027		675,000		782,460
City of Jackson, Revenue Bonds, 5.00%, 04/01/2041		150,000		179,958
Greeneville Health & Educational Facilities Board, Revenue Bonds, Series A, 5.00%, 07/01/2034		2,975,000		3,301,268

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

Transamerica Funds Annual Report 2019

Page    181

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Tennessee (continued)
Knox County Health Educational & Housing Facility Board, Revenue Bonds, Series A, 5.00%, 01/01/2026		$   100,000		$   119,366
Tennessee Housing Development Agency, Revenue Bonds
2.45%, 01/01/2024		260,000		272,246
2.75%, 01/01/2025		40,000		42,861
2.80%, 07/01/2025		280,000		301,008
2.95%, 01/01/2026		45,000		48,833
3.00%, 01/01/2031		450,000		472,892
Series 1C,
2.35%, 07/01/2021		1,075,000		1,091,125
Series 2B,
2.30%, 01/01/2022		285,000		289,939
2.55%, 01/01/2028		340,000		351,941
2.70%, 07/01/2024		195,000		203,009
Series B2,
2.05%, 01/01/2024		890,000		901,623
2.15%, 07/01/2024		265,000		271,670
2.25%, 01/01/2025		1,000,000		1,043,100
2.40%, 07/01/2025		2,000,000		2,110,060
2.55%, 01/01/2026		120,000		127,992
2.60%, 07/01/2026		800,000		838,832
2.80%, 07/01/2027		2,270,000		2,393,624
2.85%, 01/01/2028		3,205,000		3,383,839
2.95%, 07/01/2028		2,655,000		2,815,336
3.00%, 01/01/2029		2,750,000		2,919,510
3.05%, 07/01/2029		3,100,000		3,293,471
3.15%, 01/01/2030		2,820,000		3,006,853
				30,562,816
Texas - 3.4%
Arlington Higher Education Finance Corp., Revenue Bonds, Series A, 3.80%, 08/15/2026		350,000		355,418
Bexar County Health Facilities Development Corp., Revenue Bonds 5.00%, 07/15/2023 - 07/15/2026		570,000		638,007
Board of Managers Joint Guadalupe County-City of Seguin Hospital, Revenue Bonds 5.00%, 12/01/2019 - 12/01/2022		4,560,000		4,750,620
Camino Real Regional Mobility Authority, Revenue Bonds, AGM, 5.00%, 06/01/2024		420,000		485,869
Centerville Independent School District, General Obligation Unlimited, 4.00%, 08/15/2036		535,000		551,762
Central Texas Turnpike System, Revenue Bonds, AGM-CR, 5.00%, 08/15/2041		125,000		135,839
City of Arlington Special Tax Revenue, Special Tax, Series C, BAM, 5.00%, 02/15/2045		95,000		98,624

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Texas (continued)
City of Bryan Rural Electric System Revenue, Revenue Bonds, 5.00%, 07/01/2025		$   30,000		$   35,864
City of Dallas, Revenue Bonds, AGC, 5.25%, 08/15/2038		280,000		280,764
City of Laredo International Toll Bridge System Revenue, Revenue Bonds, AGM, 5.00%, 10/01/2022		90,000		98,984
City of Pearland, General Obligation Limited, 5.00%, 03/01/2023		25,000		27,993
Clifton Higher Education Finance Corp., Revenue Bonds, Series A, 5.00%, 08/15/2034		775,000		920,080
Colorado River Municipal Water District, Revenue Bonds, 5.00%, 01/01/2023		760,000		847,598
County of Denton, General Obligation Limited, 4.00%, 07/15/2029		50,000		56,464
Dallas County Flood Control District No. 1, General Obligation Unlimited 5.00%, 04/01/2020 - 04/01/2024 (A)		5,595,000		5,936,552
Dallas/Fort Worth International Airport, Revenue Bonds
Series A,
5.00%, 11/01/2045		50,000		51,888
Series C,
5.00%, 11/01/2034		40,000		45,076
Denton County Fresh Water Supply District No. 10, General Obligation Unlimited, AGM, 2.75%, 09/01/2030		80,000		81,898
El Paso County Hospital District, General Obligation Limited 5.00%, 08/15/2020 - 08/15/2026		445,000		474,457
Fort Bend County Levee Improvement District No. 15, General Obligation Unlimited BAM, 4.00%, 09/01/2029 - 09/01/2032		380,000		409,999
Fort Bend County Levee Improvement District No. 17, General Obligation Unlimited, AGM, 4.70%, 09/01/2035		50,000		51,011
Grand Parkway Transportation Corp., Revenue Bonds, Series B, 5.00%, 04/01/2053		25,000		27,789
Grant Road Public Utility District, General Obligation Unlimited, AGC, 3.50%, 10/01/2023		750,000		751,222
Harris County Cultural Education Facilities Finance Corp., Revenue Bonds, Series A, 4.38%, 11/15/2021		20,000		20,020

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

Transamerica Funds Annual Report 2019

Page    182

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Texas (continued)
Harris County Municipal Utility District No. 399, General Obligation Unlimited AGM, 4.00%, 09/01/2032 - 09/01/2033		$   525,000		$   560,480
Harris County Municipal Utility District No. 412, General Obligation Unlimited, MAC, 3.00%, 09/01/2021		100,000		102,762
Harris County-Houston Sports Authority, Revenue Bonds NATL, Zero Coupon, 11/15/2024		400,000		358,437
Houston Higher Education Finance Corp., Revenue Bonds, 5.00%, 08/15/2024		490,000		570,277
Hunt Memorial Hospital District Charitable Health, General Obligation Limited, 5.00%, 02/15/2024		15,000		17,051
Kingsbridge Municipal Utility District, General Obligation Unlimited, AGM, 3.50%, 03/01/2027		695,000		695,445
Love Field Airport Modernization Corp., Revenue Bonds, 5.25%, 11/01/2040		30,000		31,042
Lower Colorado River Authority, Revenue Bonds, 5.00%, 05/15/2020		35,000		35,698
Metropolitan Transit Authority of Harris County, Revenue Bonds, Series A, 5.00%, 11/01/2020		40,000		40,000
Montgomery County Municipal Utility District No. 113, General Obligation Unlimited AGM, 3.00%, 09/01/2030 - 09/01/2033		525,000		535,859
Montgomery County Municipal Utility District No. 119, General Obligation Unlimited, BAM, 4.00%, 04/01/2024		275,000		302,241
New Hope Cultural Education Facilities Finance Corp., Revenue Bonds
3.00%, 07/01/2021		555,000		551,437
4.00%, 07/01/2023 - 07/01/2028		2,355,000		2,385,307
5.00%, 01/01/2022 - 01/01/2028		3,835,000		4,214,310
Series A1,
4.00%, 07/01/2021 - 07/01/2036		2,255,000		2,348,329
5.00%, 07/01/2031 - 07/01/2046		1,815,000		2,022,097
Series B,
4.00%, 07/01/2021 - 07/01/2031		2,785,000		2,800,605
4.25%, 07/01/2036		885,000		885,469
Series B1, AGM,
5.00%, 07/01/2058		750,000		856,372
Series C,
5.00%, 07/01/2022 - 07/01/2026		635,000		664,525
North Central Texas Health Facility Development Corp., Revenue Bonds, 5.00%, 08/15/2022		90,000		99,071

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Texas (continued)
North East Independent School District, General Obligation Unlimited, Series B, Fixed until 08/01/2021, 1.42% (C), 08/01/2040		$   5,575,000		$   5,575,892
Northeast Higher Education Finance Corp., Revenue Bonds, Series A, 4.00%, 08/15/2025		80,000		88,184
Northwest Harris County Municipal Utility District No. 19, General Obligation Unlimited, BAM, 3.00%, 10/01/2028		50,000		51,078
Northwoods Road District No. 1, General Obligation Unlimited BAM, 4.00%, 08/15/2024 - 08/15/2027		405,000		457,973
Old Spanish Trail-Alemda Corridors Redevelopment Authority, Tax Allocation BAM, 4.00%, 09/01/2036 - 09/01/2037		2,450,000		2,763,364
Pottsboro Higher Education Finance Corp., Revenue Bonds, Series A, 3.88%, 08/15/2026		415,000		432,708
Texas Public Finance Authority, Revenue Bonds, BAM, 4.00%, 05/01/2029		150,000		165,578
Travis County Municipal Utility District No. 4, General Obligation Unlimited, AGM, 4.00%, 09/01/2035		450,000		474,592
Trophy Club Public Improvement District No. 1, Special Assessment, AGM, 3.00%, 06/01/2024		98,000		102,944
University of Houston, Revenue Bonds, Series A, 5.00%, 02/15/2024		40,000		41,915
University of Texas System, Revenue Bonds, Series B, Fixed until 08/15/2021, 2.50% (C), 08/15/2036		8,790,000		8,830,346
Viridian Municipal Management District, General Obligation Unlimited BAM, 6.00%, 12/01/2024 - 12/01/2031		1,785,000		2,168,448
Washington County Junior College District, Revenue Bonds, BAM, 5.00%, 10/01/2024		485,000		565,170
				58,928,804
U. S. Virgin Islands - 0.0% (F)
Virgin Islands Public Finance Authority, Revenue Bonds, Series A, AGM-CR, 5.00%, 10/01/2032 (B)		200,000		216,922

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

Transamerica Funds Annual Report 2019

Page    183

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Utah - 0.4%
City of South Jordan, Special Assessment, 3.13%, 11/01/2036		$   2,285,000		$   2,375,715
Jordan Valley Water Conservancy District, Revenue Bonds Series A, 5.00%, 10/01/2034 - 10/01/2035		970,000		1,034,693
Utah Charter School Finance Authority, Revenue Bonds
4.00%, 10/15/2021 - 10/15/2031		890,000		965,086
4.25%, 04/15/2034		120,000		129,524
4.30%, 04/15/2025 (A)		500,000		502,475
Series A,
5.00%, 10/15/2024 - 10/15/2025		1,035,000		1,200,328
Series G,
4.00%, 10/15/2022 - 10/15/2028		1,110,000		1,231,668
				7,439,489
Vermont - 0.7%
City of Burlington, General Obligation Unlimited
Series A,
5.00%, 11/01/2034 - 11/01/2037		400,000		494,091
Series A, AGM,
5.00%, 11/01/2032 - 11/01/2035		1,105,000		1,210,706
City of Burlington Waterworks System Revenue, Revenue Bonds 5.00%, 11/01/2034 - 11/01/2037		445,000		549,491
Vermont Educational & Health Buildings Financing Agency, Revenue Bonds Series A, 5.00%, 12/01/2026 - 12/01/2027		1,175,000		1,421,059
Vermont Housing Finance Agency, Revenue Bonds
Series A, GNMA, FNMA, FHLMC,
3.13%, 11/01/2042		950,000		971,109
Series D, GNMA, FNMA, FHLMC,
2.60%, 11/01/2026		350,000		375,319
2.90%, 05/01/2029		295,000		311,644
3.15%, 05/01/2033		2,045,000		2,133,896
Vermont Public Power Supply Authority, Revenue Bonds
Series A,
4.00%, 07/01/2020 - 07/01/2021		315,000		324,336
5.00%, 07/01/2022 - 07/01/2027		3,105,000		3,574,507
				11,366,158
Virginia - 0.2%
Alexandria Industrial Development Authority, Revenue Bonds, 4.00%, 10/01/2020		655,000		667,857
Henrico County Economic Development Authority, Revenue Bonds, Series C, 3.50%, 12/01/2027		445,000		463,116
Virginia Housing Development Authority, Revenue Bonds
Series B,
1.20%, 11/01/2019		370,000		370,000

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Virginia (continued)
Virginia Housing Development Authority, Revenue Bonds (continued)
Series E,
2.30%, 12/01/2026		$   55,000		$   57,076
2.45%, 12/01/2027		830,000		870,886
2.60%, 12/01/2028		800,000		840,688
				3,269,623
Washington - 0.8%
Central Puget Sound Regional Transit Authority, Revenue Bonds, NATL, 4.75%, 02/01/2028		50,000		57,256
Port of Vancouver, Revenue Bonds, Series B, AGM, 5.00%, 12/01/2048		930,000		1,126,900
Seattle Housing Authority, Revenue Bonds, Series A, 3.40%, 12/01/2032		450,000		479,884
Washington Health Care Facilities Authority, Revenue Bonds
Series A,
5.00%, 08/15/2020		35,000		36,021
Series B,
5.00%, 10/01/2026		75,000		91,943
Washington State Housing Finance Commission, Revenue Bonds
3.20%, 07/01/2021 (A)		260,000		261,537
3.70%, 07/01/2023 (A)		165,000		168,567
5.00%, 07/01/2033 (A)		375,000		413,464
Series 2N, GNMA, FNMA, FHLMC,
2.20%, 12/01/2025		90,000		93,854
2.35%, 06/01/2026		175,000		182,088
Series 3N, GNMA, FNMA, FHLMC,
2.25%, 06/01/2024		780,000		808,759
2.30%, 12/01/2024		595,000		619,389
2.40%, 06/01/2025		810,000		849,155
2.45%, 12/01/2025		565,000		594,007
2.60%, 06/01/2026		845,000		897,728
2.65%, 12/01/2026		620,000		662,055
2.70%, 06/01/2027		785,000		842,909
2.75%, 12/01/2027		805,000		865,560
2.80%, 06/01/2028		925,000		992,728
2.85%, 12/01/2028		640,000		685,498
3.25%, 12/01/2032		1,500,000		1,581,750
Series 3N-R, GNMA, FNMA, FHLMC,
2.05%, 12/01/2022		645,000		659,454
				12,970,506
West Virginia - 0.3%
City of Buckhannon, Revenue Bonds Series C, 4.25%, 08/01/2022 - 08/01/2023		1,090,000		1,090,718
West Virginia Economic Development Authority, Revenue Bonds, Fixed until 06/01/2022, 2.63% (C), 12/01/2042		1,000,000		1,026,500

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

Transamerica Funds Annual Report 2019

Page    184

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
West Virginia (continued)
West Virginia Housing Development Fund, Revenue Bonds
Series B,
2.60%, 11/01/2034		$   1,590,000		$   1,584,642
3.70%, 11/01/2032		1,500,000		1,616,145
				5,318,005
Wisconsin - 1.1%
Central Brown County Water Authority, Revenue Bonds, Series A, 5.00%, 11/01/2019		50,000		50,000
Milwaukee Housing Authority, Revenue Bonds, Series A, 3.38%, 07/01/2029		200,000		212,738
Public Finance Authority, Revenue Bonds
4.00%, 09/01/2029 (A)		850,000		913,589
Series A,
5.00%, 06/01/2027 - 07/01/2038		725,000		841,545
Series A, AGM,
5.00%, 07/01/2036 - 07/01/2054		1,225,000		1,444,564
Wisconsin Health & Educational Facilities Authority, Revenue Bonds
3.50%, 08/01/2022		910,000		919,974
5.00%, 08/15/2022 - 08/01/2032		2,325,000		2,667,941
Class B,
4.25%, 07/01/2033		1,250,000		1,300,375
5.00%, 07/01/2053		1,000,000		1,068,530
Series A,
5.25%, 10/15/2039		15,000		15,895
Series A1,
5.00%, 07/01/2038		5,000,000		5,545,400
Series B-4,
Fixed until 06/01/2021, 5.00% (C), 11/15/2043		105,000		111,206
Wisconsin Housing & Economic Development Authority, Revenue Bonds, Series B, FNMA, 3.15%, 09/01/2030		3,885,000		3,920,664
				19,012,421

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Wyoming - 0.2%
Wyoming Community Development Authority, Revenue Bonds, Series 2, 2.95%, 06/01/2033		$   3,860,000		$   3,956,963
Wyoming Municipal Power Agency, Inc., Revenue Bonds, Series A, BAM, 5.00%, 01/01/2042		235,000		274,299
				4,231,262
Total Municipal Government Obligations (Cost $1,611,871,131)				1,667,928,611
	Shares		Value
INVESTMENT COMPANIES - 0.4%
U.S. Fixed Income Funds - 0.4%
Nuveen AMT-Free Quality Municipal Income Fund		143,394		2,036,195
ProShares UltraShort 20+ Year Treasury Bond		175,000		4,359,250
Putnam Managed Municipal Income Trust		22,000		175,340
Total Investment Companies (Cost $7,185,701)				6,570,785
	Principal		Value
REPURCHASE AGREEMENT - 3.7%
Fixed Income Clearing Corp., 0.85% (H), dated 10/31/2019, to be repurchased at $63,581,931 on 11/01/2019. Collateralized by a U.S. Government Obligation, 2.25%, due 04/15/2022, and with a value of $64,854,587.		$  63,580,430		63,580,430
Total Repurchase Agreement (Cost $63,580,430)				63,580,430
Total Investments (Cost $1,682,637,262)				1,738,079,826
Net Other Assets (Liabilities) - (1.3)%				(21,469,681	)
Net Assets - 100.0%				$  1,716,610,145

SECURITY VALUATION:

Valuation Inputs ^(I)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Municipal Government Obligations	$	—	$	1,667,928,611	$	—	$	1,667,928,611
Investment Companies		6,570,785		—		—		6,570,785
Repurchase Agreement		—		63,580,430		—		63,580,430
Total Investments	$	6,570,785	$	1,731,509,041	$	—	$	1,738,079,826

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

Transamerica Funds Annual Report 2019

Page    185

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)

Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2019, the total value of 144A securities is $41,991,503, representing 2.4% of the Fund’s net assets.

(B)

Restricted securities. At October 31, 2019, the value of such securities held by the Fund are as follows:

Investments	Description	Acquisition Date		Acquisition Cost		Value		Value as Percentage of Net Assets
Municipal Government Obligations	BluePath Trust Revenue Bonds 2.75%, 09/01/2026		06/27/2016	$	4,680,675	$	4,852,752		0.3	%
Municipal Government Obligations	Centerra Metropolitan District No. 1 Tax Allocation 2.70%, 12/01/2019		04/20/2017		268,004		268,110		0.0	(F)
Municipal Government Obligations	Virgin Islands Public Finance Authority Revenue Bonds Series A, AGM-CR 5.00%, 10/01/2032		06/27/2017 - 02/01/2018		209,129		216,922		0.0	(F)
Total				$	5,157,808	$	5,337,784		0.3	%

(C)	Floating or variable rate securities. The rates disclosed are as of October 31, 2019. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(D)	When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after October 31, 2019. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(E)	Step bonds. Coupon rates change in increments to maturity. The rates disclosed are as of October 31, 2019; the maturity dates disclosed are the ultimate maturity dates.
(F)	Percentage rounds to less than 0.1% or (0.1)%.
(G)	Security in default; partial receipt of interest payments and/or dividends declared at last payment date. At October 31, 2019, the value of this security is $481,500, representing less than 0.1% of the Fund net assets.
(H)	Rate disclosed reflects the yield at October 31, 2019.
(I)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

MUNICIPAL INSURER ABBREVIATIONS:

AGC	Assured Guaranty Corp.
AGM	Assured Guaranty Municipal Corp.
AMBAC	AMBAC Financial Group, Inc.
BAM	Build America Mutual Assurance Co.
FGIC	Financial Guaranty Insurance Co.
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
MAC	Municipal Assurance Corp.
NATL	National Public Finance Guarantee Corp.
XLCA	Syncora (formerly XL Capital Assurance, Inc.)

PORTFOLIO ABBREVIATIONS:

AMT	Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.
CR	Custodial Receipts
IBC	Insured Bond Certificate
ICC	Insured Custody Certificate
TCRS	Temporary Custodian Receipts

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

Transamerica Funds Annual Report 2019

Page    186

Transamerica International Equity

(unaudited)

MARKET ENVIRONMENT

During the 12-month period ended October 31, 2019, international equities increased as part of a rebound in global equities. Investor concerns about trade disputes, interest rates and the outcome of Brexit characterized the period. Asia Ex-Japan performed the best, while the United Kingdom lagged other regions. Ten of 11 benchmark sectors posted positive returns with utilities and information technology leading; meanwhile, energy and financials lagged.

PERFORMANCE

For the year ended October 31, 2019, Transamerica International Equity (Class I) returned 7.66%. By comparison, its benchmark, the MSCI EAFE Index, returned 11.63%.

STRATEGY REVIEW

The Fund underperformed the MSCI EAFE Index due in part to two emerging markets holdings, Baidu, Inc., ADR (“Baidu”) and Embraer SA, ADR, (“Embraer”). Despite Chinese internet search giant Baidu releasing results and guidance above expectations, its stock declined due to increased competition in search and data restructuring in its health-care segment. Brazilian aerospace conglomerate Embraer underperformed after the company’s deliveries of new aircraft fell short of expectations. We believe Embraer’s position in an oligopolistic industry is undervalued.

The United Kingdom led regional relative performance with Barratt Developments PLC and Inchcape PLC among the top performers. U.K. homebuilder Barratt Developments PLC outperformed after releasing results above expectations supported by higher margins. Inchcape PLC operates a multinational automotive distribution, retail and services business. The company strategically disposed of underperforming retail locations to focus on high-return opportunities and more effective capital allocation.

Stock selection in industrials provided the biggest drag on a sector basis. Embraer and CK Hutchison Holdings, Ltd. (“CK Hutchison”) were the primary laggards. As mentioned above, shares of the Brazilian aerospace conglomerate declined following a lower number of aircraft deliveries. Hong Kong conglomerate CK Hutchison underperformed amidst a softer macro environment, despite reporting satisfactory results. The company announced a reorganization of its telecommunication segment to better monetize its underlying assets. This reorganization resembles Vodafone’s plan, which led to a significant rally in shares.

Materials holdings also lagged with ArcelorMittal and Kuraray Co., Ltd. (“Kuraray”) as underperformers. Steel manufacturer ArcelorMittal continued to endure a difficult pricing environment. Management reduced production and announced a plan to sell non-core assets over the next two years to reduce debt. The firm recently doubled its dividend; we believe mid-term shareholder return potential is significant given the company’s strong free cash flow. Japanese chemical and material company Kuraray experienced manufacturing and end market headwinds, leading to two negative guidance revisions. A fire in a North American factory derailed production and led to litigation while demand for PVA film used in LCD panels softened. We were re-evaluating our position in the company at period end.

Information technology and utilities were top sector contributors thanks to stock selection. NXP Semiconductors NV (“NXP”) and Hitachi, Ltd. drove outperformance in IT. Netherlands-based semiconductor manufacturer NXP performed well after reporting results above expectations and raising full-year guidance. The company also increased its dividend by 50%, and announced the acquisition of Marvell Technology Group, Ltd. to round out its product offering. Japanese conglomerate Hitachi, Ltd. reported strong results and guided for further margin improvement. The company is restructuring its business portfolio and selling undervalued, non-core segments. French companies Veolia Environnement SA (“Veolia”) and Engie SA (“Engie”) powered outperformance in utilities. Veolia reported strong results due to organic growth and improved operating efficiency. The company also announced the sale of its U.S. district heating operations at a favorable valuation. Engie, which reported results above expectations, continued to transform its operations as evidenced by its sale of European coal assets and acquisition of Brazilian natural gas infrastructure. Additionally, Engie announced a new strategy for wind and solar development during its recent capital markets day.

Brandon H. Harrell, CFA

Portfolio Manager

Thompson, Siegel & Walmsley LLC

Asset Allocation	Percentage of Net Assets
Common Stocks		99.2	%
Other Investment Company		1.1
Repurchase Agreement		0.3
Net Other Assets (Liabilities)		(0.6	)
Total		100.0	%

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

Transamerica Funds Annual Report 2019

Page    187

Transamerica International Equity

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		1.37	%		1.91	%		3.96	%		03/01/2011
Class A (NAV)		7.28	%		3.07	%		4.64	%		03/01/2011
Class C (POP)		5.50	%		2.33	%		3.93	%		03/01/2011
Class C (NAV)		6.50	%		2.33	%		3.93	%		03/01/2011
Class I (NAV)		7.66	%		3.43	%		6.51	%		12/18/1992
MSCI EAFE Index (A)		11.63	%		4.81	%		5.90	%
Class I2 (NAV)		7.72	%		3.52	%		5.11	%		03/01/2011
Class I3 (NAV)		7.78	%		N/A			4.85	%		03/10/2017
Class R (NAV)		7.23	%		N/A			4.32	%		03/10/2017
Class R4 (NAV)		7.44	%		N/A			4.56	%		03/10/2017
Class R6 (NAV)		7.76	%		N/A			2.12	%		05/29/2015

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

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I, I2, I3, R, R4 and R6 shares.

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

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

The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the Fund fall, the value of the Fund will decline. The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. Investments in global/international markets involve risks not associated with U.S. markets, such as currency fluctuations, adverse social and political developments and relatively small size and lesser liquidity of the markets.

Transamerica Funds Annual Report 2019

Page    188

Transamerica International Equity

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Shares		Value
COMMON STOCKS - 99.2%
Australia - 3.7%
BHP Group PLC, ADR		243,169		$  10,315,229
Challenger, Ltd. (A)		4,298,339		23,585,956
LendLease Group (A)		423,700		5,458,930
Macquarie Group, Ltd.		593,800		54,818,278
Qantas Airways, Ltd.		12,690,770		56,077,127
Santos, Ltd.		5,426,400		30,374,391
				180,629,911
Belgium - 2.2%
Groupe Bruxelles Lambert SA		510,820		51,263,170
KBC Group NV		760,400		53,326,886
				104,590,056
Brazil - 0.9%
Embraer SA, ADR		2,593,675		45,052,135
China - 0.6%
Baidu, Inc., ADR (B)		260,300		26,511,555
Denmark - 1.4%
AP Moller - Maersk A/S, Class B		41,035		52,301,432
Maersk Drilling A/S (B)		247,070		13,941,670
				66,243,102
France - 8.9%
Airbus SE		96,500		13,821,385
Arkema SA		420,560		42,983,782
Dassault Aviation SA		12,600		17,495,706
Engie SA		5,368,500		89,782,358
Rexel SA		2,224,717		27,541,610
Sanofi		909,801		83,834,577
TOTAL SA		996,200		52,369,886
Veolia Environnement SA		2,504,351		65,833,411
Vivendi SA		1,287,124		35,830,803
				429,493,518
Germany - 13.5%
Allianz SE		325,602		79,528,494
Bayer AG		678,852		52,680,648
Deutsche Boerse AG		304,900		47,250,625
Fresenius SE & Co. KGaA		1,227,900		64,536,579
HeidelbergCement AG		1,061,900		78,900,513
Infineon Technologies AG		3,104,927		60,178,695
Merck KGaA		327,100		38,998,673
SAP SE		567,647		75,211,866
Siemens AG		677,395		78,103,427
Talanx AG (B)		711,984		32,795,319
TUI AG		3,398,730		44,369,002
				652,553,841
Hong Kong - 3.2%
China Mobile, Ltd.		4,703,800		38,298,157
CK Asset Holdings, Ltd.		6,148,500		42,920,507
CK Hutchison Holdings, Ltd.		7,872,300		72,836,318
				154,054,982
Ireland - 3.3%
AIB Group PLC		10,580,400		33,890,510
DCC PLC		557,731		52,276,986
Ryanair Holdings PLC, ADR (B)		214,772		16,030,582
Smurfit Kappa Group PLC		1,783,915		59,489,035
				161,687,113

	Shares		Value
COMMON STOCKS (continued)
Italy - 2.9%
Eni SpA		3,626,315		$   54,882,888
Mediobanca Banca di Credito Finanziario SpA		4,189,492		49,762,541
Prysmian SpA		1,458,822		33,695,661
				138,341,090
Japan - 27.0%
Astellas Pharma, Inc.		4,046,900		69,646,853
Daiwa Securities Group, Inc.		9,896,700		44,878,359
Denka Co., Ltd.		1,035,280		30,246,397
FANUC Corp.		267,000		53,404,945
Fujitsu, Ltd.		387,660		34,537,243
Hitachi, Ltd.		1,952,280		73,560,768
Japan Airlines Co., Ltd.		1,585,000		49,521,159
JXTG Holdings, Inc.		14,886,800		70,222,575
Kirin Holdings Co., Ltd.		1,568,200		33,472,553
Kuraray Co., Ltd.		3,460,400		41,592,733
Kyocera Corp.		681,600		45,078,129
Matsumotokiyoshi Holdings Co., Ltd.		316,800		11,221,039
MS&AD Insurance Group Holdings, Inc.		684,100		22,228,974
Nintendo Co., Ltd.		92,300		33,008,853
Olympus Corp.		4,187,600		57,390,944
ORIX Corp.		5,622,300		88,845,772
Rakuten, Inc.		3,980,800		38,263,454
Sega Sammy Holdings, Inc.		3,288,400		46,529,079
Seven & i Holdings Co., Ltd.		2,264,600		85,978,887
SoftBank Group Corp.		381,000		14,782,758
Sony Corp.		1,576,500		96,715,552
Square Enix Holdings Co., Ltd.		812,800		38,686,841
Sumitomo Mitsui Financial Group, Inc. (A)		2,484,800		89,277,007
Toshiba Corp.		2,102,150		72,122,102
Toyota Industries Corp.		1,088,400		66,116,344
				1,307,329,320
Luxembourg - 0.7%
ArcelorMittal		2,426,135		35,798,628
Netherlands - 5.5%
ASML Holding NV		185,600		48,644,911
EXOR NV		216,500		16,593,295
Heineken Holding NV		717,385		68,328,477
Koninklijke Philips NV		1,623,727		71,115,700
NXP Semiconductors NV		543,800		61,819,184
				266,501,567
Norway - 0.8%
Mowi ASA		1,555,900		37,932,480
Republic of Korea - 0.7%
Samsung Electronics Co., Ltd.		827,100		35,829,507
Singapore - 1.3%
DBS Group Holdings, Ltd.		3,376,000		64,519,828
Spain - 0.8%
Siemens Gamesa Renewable Energy SA		2,772,400		38,109,601
Sweden - 0.7%
Investor AB, B Shares (A)		643,972		32,979,914
Switzerland - 7.6%
ABB, Ltd.		3,424,000		71,812,022
Glencore PLC (B)		5,679,600		17,116,226
Nestle SA		958,664		102,348,193

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

Transamerica Funds Annual Report 2019

Page    189

Transamerica International Equity

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Shares		Value
COMMON STOCKS (continued)
Switzerland (continued)
Novartis AG		756,915		$   66,054,549
Roche Holding AG		121,100		36,434,343
UBS Group AG (B)		6,195,774		73,105,737
				366,871,070
United Kingdom - 13.5%
Ashtead Group PLC		33,100		1,006,731
Aviva PLC		13,987,401		75,228,356
Barratt Developments PLC		2,974,900		24,323,528
British Land Co. PLC, REIT		7,245,000		58,242,145
HSBC Holdings PLC		5,876,200		44,619,210
IG Group Holdings PLC		2,284,400		18,802,109
Imperial Brands PLC		2,460,994		53,951,158
Inchcape PLC		5,014,396		41,895,323
Informa PLC		3,463,451		34,769,460
Persimmon PLC		1,500,700		44,263,333
Savills PLC		1,319,591		15,683,125
Tesco PLC		24,782,100		75,502,724
Unilever PLC		1,447,558		86,676,246
Vodafone Group PLC		38,955,520		79,425,679
				654,389,127
Total Common Stocks (Cost $4,606,058,781)				4,799,418,345

	Shares		Value
OTHER INVESTMENT COMPANY - 1.1%
Securities Lending Collateral - 1.1%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.75% (C)		51,544,974		$   51,544,974
Total Other Investment Company (Cost $51,544,974)				51,544,974
	Principal		Value
REPURCHASE AGREEMENT - 0.3%
Fixed Income Clearing Corp., 0.85% (C), dated 10/31/2019, to be repurchased at $14,308,279 on 11/01/2019. Collateralized by a U.S. Government Obligation, 0.13%, due 04/15/2022, and with a value of $14,594,305.		$  14,307,941		14,307,941
Total Repurchase Agreement (Cost $14,307,941)				14,307,941
Total Investments (Cost $4,671,911,696)				4,865,271,260
Net Other Assets (Liabilities) - (0.6)%				(26,781,553	)
Net Assets - 100.0%				$  4,838,489,707

INVESTMENTS BY INDUSTRY (unaudited):

Industry	Percentage of Total Investments			Value
Pharmaceuticals		7.1	%	$	347,649,643
Banks		6.9			335,395,982
Industrial Conglomerates		5.7			275,338,833
Capital Markets		4.9			238,855,108
Diversified Financial Services		4.4			213,268,107
Insurance		4.3			209,781,143
Oil, Gas & Consumable Fuels		4.3			207,849,740
Food & Staples Retailing		3.5			172,702,650
Semiconductors & Semiconductor Equipment		3.5			170,642,790
Household Durables		3.4			165,302,413
Multi-Utilities		3.2			155,615,769
Electrical Equipment		3.0			143,617,284
Food Products		2.9			140,280,673
Wireless Telecommunication Services		2.7			132,506,594
Health Care Equipment & Supplies		2.6			128,506,644
Airlines		2.5			121,628,868
Electronic Equipment, Instruments & Components		2.4			118,638,897
Chemicals		2.4			114,822,912
Entertainment		2.2			107,526,497
Beverages		2.1			101,801,030
Personal Products		1.8			86,676,246
Construction Materials		1.6			78,900,513
Aerospace & Defense		1.6			76,369,226
Software		1.5			75,211,866
Auto Components		1.4			66,116,344
Health Care Providers & Services		1.3			64,536,579
Real Estate Management & Development		1.3			64,062,562
Metals & Mining		1.3			63,230,083
Containers & Packaging		1.2			59,489,035

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

Transamerica Funds Annual Report 2019

Page    190

Transamerica International Equity

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

INVESTMENTS BY INDUSTRY (unaudited) (continued):

Industry	Percentage of Total Investments			Value
Equity Real Estate Investment Trusts		1.2	%	$	58,242,145
Tobacco		1.1			53,951,158
Machinery		1.1			53,404,945
Marine		1.1			52,301,432
Leisure Products		1.0			46,529,079
Hotels, Restaurants & Leisure		0.9			44,369,002
Distributors		0.9			41,895,323
Internet & Direct Marketing Retail		0.8			38,263,454
Technology Hardware, Storage & Peripherals		0.7			35,829,507
Media		0.7			34,769,460
IT Services		0.7			34,537,243
Trading Companies & Distributors		0.6			28,548,341
Interactive Media & Services		0.5			26,511,555
Energy Equipment & Services		0.3			13,941,670
Investments		98.6			4,799,418,345
Short-Term Investments		1.4			65,852,915
Total Investments		100.0	%	$	4,865,271,260

SECURITY VALUATION:

Valuation Inputs ^(D)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	159,728,685	$	4,639,689,660	$	—	$	4,799,418,345
Other Investment Company		51,544,974		—		—		51,544,974
Repurchase Agreement		—		14,307,941		—		14,307,941
Total Investments	$	211,273,659	$	4,653,997,601	$	—	$	4,865,271,260

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	All or a portion of the securities are on loan. The total value of all securities on loan is $49,040,386. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(B)	Non-income producing securities.
(C)	Rates disclosed reflect the yields at October 31, 2019.
(D)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATIONS:

ADR	American Depositary Receipt
REIT	Real Estate Investment Trust

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

Transamerica Funds Annual Report 2019

Page    191

Transamerica International Growth

(unaudited)

MARKET ENVIRONMENT

During the fiscal year ended October 31, 2019, international economies were relatively weak and macroeconomic risk continued to dominate headlines, including continuation of the U.S.-China trade dispute, ongoing Brexit negotiations, Italian politics and other geopolitical issues. Though this caused bouts of volatility in financial markets, the MSCI EAFE Index, the Fund’s benchmark posted positive returns, with the energy sector the only sector down. Since the global financial crisis, growth stocks have outperformed value stocks; however, value started to outperform growth in September.

We continue to hold companies with positive business momentum and competitive advantages that help sustain longer-term profitability. The earnings environment remained weak as of period end, and the outlook is expected to be moderately down over the next 12 months. Since the risks to the downside remain elevated and the market may be prone to periods of volatility, we prefer companies with a prudent use of leverage and a more resilient earnings profile. We take advantage of periods of weakness to add high-conviction stocks at a reasonable price.

PERFORMANCE

For the year ended October 31, 2019, Transamerica International Growth (Class I2) returned 15.22%. By comparison, its benchmark, the MSCI EAFE Index, returned 11.63%.

STRATEGY REVIEW

The Fund outperformed its benchmark, led by an allocation to emerging markets. Anta Sports Products, Ltd., a sporting retailer in China, continued to execute on its business plan and was the largest individual contributor to performance. The company, which has an excellent track record of acquiring assets, benefited from a recent acquisition in Amer Sports. In October 2019, the company also reported third quarter strong sales growth on healthy demand. We trimmed the position to take profits and to manage risk. The U.K. also contributed to regional performance, driven predominantly by stock selection. Compass Group PLC, a food services company, was the top U.K. contributor and second largest for the fund overall. The company continued to generate good organic growth and benefited from strength in its North American market.

A lower weighting and holdings in the Pacific ex-Japan region detracted from performance. a2 Milk Co., Ltd., a New Zealand-based company that distributes alternative milk products, weighed the most in the region after management revised down its margin guidance. While there is uncertainty over sales and margin improvements in the near term, the company is increasing marketing expenses in new end markets in the U.S. and China to build long-term franchise value. Based on our belief management is taking the right approach, we added to our position.

From a sector perspective, contribution was broad based with eight of the 11 sectors adding to performance. Holdings in consumer discretionary, financials and industrials sectors contributed the most. In financials, our tilt to non-bank financials, such as Swiss Life Holding AG, an insurance company, and Euronext NV, a financial exchange based in France, aided performance. Both companies are moving away from interest-rate sensitive to fee-based revenues. Industrial contributors were broad based across several regions. Epiroc AB, a Swedish manufacturer of mining equipment, Ashtead Group PLC, a U.K. equipment rental company, MinebeaMitsumi, Inc., a Japanese manufacturer of high-precision ball bearings, and Kingspan Group PLC, an Irish manufacturer of insulated building panels, all contributed.

At the stock level, the worst performing was Equinor ASA, a Norwegian integrated oil company. The stock was impacted by near-term uncertainty over an investment in a North Sea project, which was just coming on stream in the fourth quarter of 2019 and we believe should pay off later in 2019 and into 2020. The stock had not corrected as much as the Brent oil price earlier in the year, so we used the opportunity to trim the holding to reduce exposure. We continued to have strong conviction in the company and will be monitoring how revenues from the new asset start to materialize.

Alfred Li, CFA

Jeff Tiefenbach, CFA

Co-Portfolio Managers

TD Greystone Asset Management

Asset Allocation	Percentage of Net Assets
Common Stocks		97.4	%
Other Investment Company		3.0
Repurchase Agreement		1.6
Net Other Assets (Liabilities)		(2.0	)
Total		100.0	%

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

Transamerica Funds Annual Report 2019

Page    192

Transamerica International Growth

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		8.42	%		N/A			(2.57	)%		03/01/2018
Class A (NAV)		14.77	%		N/A			0.80	%		03/01/2018
Class I (NAV)		14.99	%		N/A			0.99	%		03/01/2018
Class I2 (NAV)		15.22	%		4.45	%		6.42	%		06/10/2008
MSCI EAFE Index (A)		11.63	%		4.81	%		5.90	%
Class R6 (NAV)		15.35	%		N/A			1.26	%		03/01/2018

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

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I, I2 and R6 shares.

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

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

The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the fund fall, the value of the fund will decline. Growth stocks may be particularly susceptible to larger price swings or to adverse developments. Investments in global/international markets involve risks not associated with U.S. markets, such as currency fluctuations, adverse social and political developments, and the relatively small size and lesser liquidity of the markets. Investments in developing markets involve greater risks than investments in developed markets.

Transamerica Funds Annual Report 2019

Page    193

Transamerica International Growth

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Shares		Value
COMMON STOCKS - 97.4%
Australia - 1.2%
Northern Star Resources, Ltd.		2,099,461		$  14,168,708
Austria - 1.1%
Erste Group Bank AG (A)		344,400		12,164,739
China - 7.2%
ANTA Sports Products, Ltd.		3,525,200		34,550,419
Ping An Insurance Group Co. of China, Ltd., H Shares		2,018,000		23,370,938
Tencent Holdings, Ltd.		618,000		25,300,621
				83,221,978
Finland - 2.1%
Neste OYJ		676,972		24,432,662
France - 10.1%
Airbus SE		154,800		22,171,506
AXA SA		1,318,601		34,831,997
TOTAL SA		547,953		28,805,698
Vinci SA		283,565		31,815,751
				117,624,952
Germany - 4.4%
Bayerische Motoren Werke AG		285,415		21,871,991
Henkel AG & Co. KGaA		149,581		14,405,567
Knorr-Bremse AG		149,179		15,055,662
				51,333,220
Ireland - 5.1%
Kingspan Group PLC		534,593		27,700,911
Smurfit Kappa Group PLC		935,989		31,212,856
				58,913,767
Israel - 2.0%
Nice, Ltd., ADR (A) (B)		149,186		23,540,059
Italy - 3.4%
Enel SpA		5,051,700		39,101,066
Japan - 21.4%
Asahi Group Holdings, Ltd.		665,000		33,437,818
Haseko Corp.		2,013,600		26,197,870
Isuzu Motors, Ltd.		1,137,900		13,355,758
Koito Manufacturing Co., Ltd.		386,800		20,487,971
Minebea Mitsumi, Inc.		1,406,100		27,082,952
Nidec Corp.		100,500		14,969,372
Nippon Telegraph & Telephone Corp.		475,800		23,686,460
Nitori Holdings Co., Ltd.		128,200		19,599,796
Open House Co., Ltd.		697,600		17,964,864
SoftBank Group Corp.		502,200		19,485,304
Sushiro Global Holdings, Ltd.		204,000		14,035,744
Takeda Pharmaceutical Co., Ltd.		519,842		18,908,597
				249,212,506
Luxembourg - 2.5%
Aroundtown SA		3,504,914		29,575,717
Netherlands - 2.3%
Euronext NV (C)		332,872		26,822,959
New Zealand - 1.1%
a2 Milk Co., Ltd. (A) (B)		1,598,900		13,270,508
Norway - 4.9%
DNB ASA		1,745,795		31,722,226
Equinor ASA		1,340,111		24,787,860
				56,510,086

	Shares		Value
COMMON STOCKS (continued)
Republic of Korea - 1.8%
Samsung Electronics Co., Ltd.		479,200		$   20,758,675
Spain - 1.7%
Banco Santander SA (B)		4,997,331		20,031,237
Sweden - 2.2%
Epiroc AB, Class A (B)		260,900		2,934,406
Epiroc AB, Class B (B)		2,026,189		22,033,601
				24,968,007
Switzerland - 6.6%
Lonza Group AG (A)		41,596		14,968,657
Roche Holding AG		117,909		35,474,294
Swiss Life Holding AG		53,514		26,754,288
				77,197,239
Taiwan - 1.7%
Taiwan Semiconductor Manufacturing Co., Ltd., ADR		387,820		20,023,147
United Kingdom - 14.6%
Ashtead Group PLC		783,168		23,819,916
Beazley PLC		3,222,658		24,483,271
British American Tobacco PLC		577,202		20,202,279
Compass Group PLC		1,322,983		35,234,213
GlaxoSmithKline PLC		1,488,260		34,095,388
Rio Tinto PLC, ADR		368,945		19,188,829
Smith & Nephew PLC		581,800		12,453,814
				169,477,710
Total Common Stocks (Cost $1,108,102,223)				1,132,348,942
OTHER INVESTMENT COMPANY - 3.0%
Securities Lending Collateral - 3.0%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.75% (D)		34,664,394		34,664,394
Total Other Investment Company (Cost $34,664,394)				34,664,394
	Principal		Value
REPURCHASE AGREEMENT - 1.6%
Fixed Income Clearing Corp., 0.85% (D), dated 10/31/2019, to be repurchased at $18,224,075 on 11/01/2019. Collateralized by a U.S. Government Obligation, 1.75%, due 06/15/2022, and with a value of $18,591,526.		$  18,223,645		18,223,645
Total Repurchase Agreement (Cost $18,223,645)				18,223,645
Total Investments (Cost $1,160,990,262)				1,185,236,981
Net Other Assets (Liabilities) - (2.0)%				(22,982,155	)
Net Assets - 100.0%				$  1,162,254,826

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

Transamerica Funds Annual Report 2019

Page    194

Transamerica International Growth

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

INVESTMENTS BY INDUSTRY (unaudited):

Industry	Percentage of Total Investments			Value
Insurance		9.2	%	$	109,440,494
Pharmaceuticals		7.5			88,478,279
Oil, Gas & Consumable Fuels		6.6			78,026,220
Machinery		5.7			67,106,621
Banks		5.4			63,918,202
Hotels, Restaurants & Leisure		4.2			49,269,957
Real Estate Management & Development		4.0			47,540,581
Electric Utilities		3.3			39,101,066
Automobiles		3.0			35,227,749
Textiles, Apparel & Luxury Goods		2.9			34,550,419
Beverages		2.8			33,437,818
Metals & Mining		2.8			33,357,537
Construction & Engineering		2.7			31,815,751
Containers & Packaging		2.6			31,212,856
Building Products		2.3			27,700,911
Capital Markets		2.3			26,822,959
Household Durables		2.2			26,197,870
Interactive Media & Services		2.1			25,300,621
Trading Companies & Distributors		2.0			23,819,916
Diversified Telecommunication Services		2.0			23,686,460
Software		2.0			23,540,059
Aerospace & Defense		1.9			22,171,506
Technology Hardware, Storage & Peripherals		1.7			20,758,675
Auto Components		1.7			20,487,971
Tobacco		1.7			20,202,279
Semiconductors & Semiconductor Equipment		1.7			20,023,147
Specialty Retail		1.7			19,599,796
Wireless Telecommunication Services		1.6			19,485,304
Electrical Equipment		1.3			14,969,372
Life Sciences Tools & Services		1.3			14,968,657
Household Products		1.2			14,405,567
Food Products		1.1			13,270,508
Health Care Equipment & Supplies		1.0			12,453,814
Investments		95.5			1,132,348,942
Short-Term Investments		4.5			52,888,039
Total Investments		100.0	%	$	1,185,236,981

SECURITY VALUATION:

Valuation Inputs ^(E)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	62,752,035	$	1,069,596,907	$	—	$	1,132,348,942
Other Investment Company		34,664,394		—		—		34,664,394
Repurchase Agreement		—		18,223,645		—		18,223,645
Total Investments	$	97,416,429	$	1,087,820,552	$	—	$	1,185,236,981

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

Transamerica Funds Annual Report 2019

Page    195

Transamerica International Growth

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	All or a portion of the securities are on loan. The total value of all securities on loan is $32,789,063. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(C)	Security is registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the security is deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2019, the value of the 144A security is $26,822,959, representing 2.3% of the Fund’s net assets.
(D)	Rates disclosed reflect the yields at October 31, 2019.
(E)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATION:

ADR American Depositary Receipt

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

Transamerica Funds Annual Report 2019

Page    196

Transamerica International Small Cap Value

(unaudited)

MARKET ENVIRONMENT

During the 12-month period ended October 31, 2019, international equities increased as part of a rebound in global equities. Investor concerns over trade disputes, interest rates and the outcome of Brexit characterized the period. Asia ex-Japan was the top-performing region, while Japan was the worst performing. Sector performance was led by real estate and information technology, while energy and consumer staples were the worst performing.

PERFORMANCE

For the year ended October 31, 2019, Transamerica International Small Cap Value (Class I) returned 9.84%. By comparison, its benchmark, the MSCI EAFE Small Cap Index Gross, returned 9.27%.

STRATEGY REVIEW

Transamerica International Small Cap Value outperformed the MSCI EAFE Small Cap Index led by European holdings ASM International NV and Barco NV. ASM International NV, which supplies semiconductor manufacturing equipment for front and back end processes, reported earnings above expectations alongside strong order intake. The continuation of order strength alleviated analyst fears of a pullback in demand from large chipmakers. Barco NV, a Belgian technology company specializing in digital projection and imaging, benefited from improving margins and revenue growth that led to reported results above analyst expectations. Management also raised full-year guidance twice over the past year.

Stock selection in the Asia ex-Japan region, primarily Pacific Textiles Holdings Ltd. and Great Eagle Holdings, Ltd., detracted the most from relative performance. Pacific Textiles Holdings Ltd., lowered its guidance after experiencing disruption at its Vietnamese factory and margin pressure from rising cost of goods sold. The company’s Vietnamese facilities later returned to production, which improved margins through higher utilization. At period end, we believed the stock was undervalued given its broad, brand-name customer base and significant shareholder returns. Great Eagle Holdings, Ltd., a Hong Kong-based real estate company, declined as political tensions weighed on investor sentiment. We believed the stock traded at an unwarranted discount to the value of its real estate assets as of period end.

Information technology and industrials were top sector contributors due to stock selection. IT was led by previously-mentioned ASM International NV and Barco NV. In industrials, take-outs of Ramirent OYJ and Hopewell Holdings Ltd. drove outperformance. Finnish construction equipment provider Ramirent OYJ received a takeover bid representing a sizable premium from a private competitor. Hong Kong-based infrastructure and property company Hopewell Holdings Ltd. received an offer to be privatized by its management team at a significant premium to its previous share price.

Health-care holdings were a significant drag on relative performance. Japanese dental equipment supplier Nakanishi, Inc. and Japanese pharmaceutical company Kaken Pharmaceutical Co., Ltd. (“Kaken Pharmaceutical”) were the primary detractors. Nakanishi, Inc. underperformed following a deceleration in revenues and earnings. The company had benefited from Japanese specific demand related to stricter sterilization regulations in the prior year. As this factor faded, Nakanishi, Inc. experienced a slowdown in domestic replacement demand and excess channel inventory with its original equipment manufacturing partners. We believe these issues are temporary and related to the long, four-year product lifecycle. The company’s new product releases should spur replacement demand and expand its addressable market. Despite delivering positive absolute return, Kaken Pharmaceutical lagged other holdings in health care. Many of the company’s older products faced pressure from drug price cuts in the Japanese market. Kaken Pharmaceutical, which has several new drugs set to launch in 2021, initiated a share repurchase program. At period end, we believed shares were undervalued: real estate was another significant drag on relative performance primarily due to sector allocation. Great Eagle Holdings Ltd., mentioned above, was the only sector holding detracting from relative return. The portfolio’s underweight in real estate hindered performance during a period when investor desire for some defensive exposures pushed real estate to be the best-performing sector in the benchmark.

Brandon H. Harrell, CFA

Stedman D. Oakey, CFA

Co-Portfolio Managers

Thompson, Siegel & Walmsley LLC

Asset Allocation	Percentage of Net Assets
Common Stocks		97.7	%
Repurchase Agreement		1.9
Other Investment Company		1.1
Net Other Assets (Liabilities)		(0.7	)
Total		100.0	%

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

Transamerica Funds Annual Report 2019

Page    197

Transamerica International Small Cap Value

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class I (NAV)		9.84	%		5.94	%		7.19	%		01/04/2013
MSCI EAFE Small Cap Index Gross (A)		9.27	%		7.79	%		8.78	%
Class I2 (NAV)		9.97	%		6.06	%		7.29	%		01/04/2013

^(A) The MSCI EAFE Small Cap Index Gross is an equity index which captures small cap representation across developed markets countries around the world, excluding the U.S. and Canada.

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

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

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

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

Investments in international markets involve risks not associated with U.S. markets, such as currency fluctuations, adverse social and political developments, and relatively small size and lesser liquidity of the markets. Investing in small-and medium-size companies involves greater risk than is customarily associated with more established companies. The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down.

Transamerica Funds Annual Report 2019

Page    198

Transamerica International Small Cap Value

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Shares		Value
COMMON STOCKS - 97.7%
Australia - 3.3%
BlueScope Steel, Ltd.		458,500		$  4,213,172
Charter Hall Group, REIT		364,532		2,839,578
IMF Bentham, Ltd. (A) (B)		3,244,969		7,627,895
LendLease Group		48,900		630,025
Senex Energy, Ltd. (A) (B)		10,795,700		2,679,126
WPP Aunz, Ltd.		2,293,679		845,914
				18,835,710
Belgium - 3.9%
Barco NV		26,862		5,842,040
D’ieteren SA		139,108		8,781,326
Fagron		378,748		7,185,322
				21,808,688
Denmark - 1.9%
Scandinavian Tobacco Group A/S, Class A (C)		468,028		5,530,008
Schouw & Co. A/S		76,367		5,474,328
				11,004,336
Finland - 1.1%
Cramo OYJ		125,600		1,330,776
Raisio OYJ, V Shares		1,427,483		4,983,183
				6,313,959
France - 3.8%
ICADE, REIT		83,600		8,186,389
Kaufman & Broad SA		125,729		4,792,908
Rothschild & Co.		295,719		8,311,346
				21,290,643
Germany - 5.5%
Bertrandt AG		49,309		2,460,996
DIC Asset AG		509,978		7,109,729
Gerresheimer AG		105,200		8,477,058
Hamburger Hafen und Logistik AG		241,040		6,242,275
SAF-Holland SA		535,400		3,779,842
Takkt AG		255,813		3,041,385
				31,111,285
Greece - 0.8%
Motor Oil Hellas Corinth Refineries SA		177,151		4,374,343
Hong Kong - 3.9%
First Pacific Co., Ltd.		9,232,350		3,534,613
Great Eagle Holdings, Ltd.		1,184,693		4,006,453
Kerry Logistics Network, Ltd.		5,284,500		8,443,385
NewOcean Energy Holdings, Ltd. (A)		7,639,020		1,238,083
Pacific Textiles Holdings, Ltd.		6,407,200		4,660,703
				21,883,237
Ireland - 4.4%
Bank of Ireland Group PLC		1,246,100		5,992,710
C&C Group PLC		221,900		1,092,265
Grafton Group PLC		400,900		4,055,779
Greencore Group PLC		1,737,100		5,229,355
Smurfit Kappa Group PLC		263,510		8,787,389
				25,157,498
Italy - 2.5%
Danieli & C Officine Meccaniche SpA		211,890		2,327,760
doValue SpA (C)		286,100		3,382,325
Prysmian SpA		376,252		8,690,615
				14,400,700

	Shares		Value
COMMON STOCKS (continued)
Japan - 32.2%
Aida Engineering, Ltd.		359,700		$   3,097,704
Air Water, Inc.		332,900		6,294,859
Capcom Co., Ltd.		428,400		10,183,376
Chugoku Marine Paints, Ltd.		124,900		1,221,358
Daiichikosho Co., Ltd.		53,800		2,570,682
Denka Co., Ltd.		382,460		11,173,824
DTS Corp.		281,800		6,014,900
GMO internet, Inc. (B)		227,100		3,865,263
Hakuhodo DY Holdings, Inc.		323,300		4,873,899
Hikari Tsushin, Inc.		38,100		8,403,945
Horiba, Ltd.		105,100		7,182,498
Kaken Pharmaceutical Co., Ltd.		110,100		5,423,947
Kenedix, Inc.		1,137,100		6,223,040
Kintetsu World Express, Inc.		559,100		9,143,167
Kumiai Chemical Industry Co., Ltd. (B)		692,500		6,463,932
Kyushu Railway Co.		132,200		4,382,591
Matsumotokiyoshi Holdings Co., Ltd.		195,900		6,938,767
Meitec Corp.		81,200		4,263,395
Nakanishi, Inc.		529,200		8,850,219
Nichiha Corp.		201,800		5,849,005
Nippon Parking Development Co., Ltd.		1,603,900		2,450,630
Rohto Pharmaceutical Co., Ltd.		185,000		5,610,473
Sanwa Holdings Corp.		906,600		10,703,908
Shinoken Group Co., Ltd.		352,900		3,656,775
Square Enix Holdings Co., Ltd.		229,100		10,904,473
Takasago Thermal Engineering Co., Ltd.		291,900		5,319,559
Token Corp.		73,600		4,743,550
Trend Micro, Inc.		140,700		7,165,941
Wakita & Co., Ltd.		329,000		3,360,376
Welcia Holdings Co., Ltd.		102,900		5,955,413
				182,291,469
Netherlands - 4.5%
ASM International NV		134,500		13,509,703
Euronext NV (C)		34,300		2,763,908
Intertrust NV (C)		489,700		9,306,605
				25,580,216
New Zealand - 1.6%
Air New Zealand, Ltd.		5,070,402		9,183,762
Norway - 0.3%
ABG Sundal Collier Holding ASA		5,265,727		1,946,844
Philippines - 0.3%
Alliance Global Group, Inc.		7,713,200		1,744,951
Republic of Korea - 2.2%
Eugene Technology Co., Ltd.		337,209		4,434,482
Interpark Holdings Corp.		565,819		1,167,188
NongShim Co., Ltd.		7,700		1,601,616
Value Added Technology Co., Ltd.		241,600		5,191,456
				12,394,742
Spain - 1.5%
Cia de Distribucion Integral Logista Holdings SA		401,364		8,411,177
Sweden - 4.5%
Cloetta AB, B Shares		1,570,600		5,328,755
Dios Fastigheter AB		1,151,874		9,591,295
Nobina AB (C)		693,172		4,389,891

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

Transamerica Funds Annual Report 2019

Page    199

Transamerica International Small Cap Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Shares		Value
COMMON STOCKS (continued)
Sweden (continued)
Scandic Hotels Group AB (C)		650,700		$   6,250,445
				25,560,386
Switzerland - 3.3%
Pargesa Holding SA		163,835		12,937,401
Swissquote Group Holding SA		127,476		5,551,312
				18,488,713
United Kingdom - 16.2%
Bellway PLC		222,700		9,115,794
Dialog Semiconductor PLC (A)		57,887		2,596,012
Equiniti Group PLC (C)		3,405,500		9,493,150
IG Group Holdings PLC		899,335		7,402,116
Inchcape PLC		418,400		3,495,736
Informa PLC		1,563,327		15,694,184
Intermediate Capital Group PLC		482,835		9,294,045
International Personal Finance PLC		1,503,150		2,589,650
Lancashire Holdings, Ltd.		614,600		5,664,410
Northgate PLC		701,868		3,132,073
Redrow PLC		1,008,100		7,861,172
Rentokil Initial PLC		807,381		4,753,348
Savills PLC		912,500		10,844,915
				91,936,605
Total Common Stocks (Cost $497,940,683)				553,719,264

	Shares		Value
OTHER INVESTMENT COMPANY - 1.1%
Securities Lending Collateral - 1.1%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.75% (D)		6,052,945		$   6,052,945
Total Other Investment Company (Cost $6,052,945)				6,052,945
	Principal		Value
REPURCHASE AGREEMENT - 1.9%
Fixed Income Clearing Corp., 0.85% (D), dated 10/31/2019, to be repurchased at $10,520,333 on 11/01/2019. Collateralized by a U.S. Government Obligation, 0.13%, due 04/15/2022, and with a value of $10,732,797.		$  10,520,084		10,520,084
Total Repurchase Agreement (Cost $10,520,084)				10,520,084
Total Investments (Cost $514,513,712)				570,292,293
Net Other Assets (Liabilities) - (0.7)%				(4,157,816	)
Net Assets - 100.0%				$  566,134,477

INVESTMENTS BY INDUSTRY (unaudited):

Industry	Percentage of Total Investments			Value
Real Estate Management & Development		7.4	%	$	42,062,232
Capital Markets		6.2			35,269,571
Diversified Financial Services		4.8			27,482,234
Household Durables		4.6			26,513,424
Air Freight & Logistics		4.6			25,997,729
Chemicals		4.4			25,153,973
Entertainment		4.1			23,658,531
Food Products		4.0			22,617,237
Building Products		3.8			21,872,472
Media		3.8			21,413,997
Semiconductors & Semiconductor Equipment		3.6			20,540,197
IT Services		3.4			19,373,313
Professional Services		2.8			16,030,996
Health Care Equipment & Supplies		2.5			14,041,675
Electronic Equipment, Instruments & Components		2.3			13,024,538
Food & Staples Retailing		2.3			12,894,180
Distributors		2.1			12,277,062
Road & Rail		2.1			11,904,555
Equity Real Estate Investment Trusts		1.9			11,025,967
Airlines		1.6			9,183,762
Containers & Packaging		1.5			8,787,389
Trading Companies & Distributors		1.5			8,746,931
Electrical Equipment		1.5			8,690,615
Life Sciences Tools & Services		1.5			8,477,058
Specialty Retail		1.5			8,403,945
Oil, Gas & Consumable Fuels		1.5			8,291,552
Commercial Services & Supplies		1.3			7,203,978

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

Transamerica Funds Annual Report 2019

Page    200

Transamerica International Small Cap Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

INVESTMENTS BY INDUSTRY (unaudited) (continued):

Industry	Percentage of Total Investments			Value
Health Care Providers & Services		1.3	%	$	7,185,322
Software		1.3			7,165,941
Hotels, Restaurants & Leisure		1.1			6,250,445
Transportation Infrastructure		1.1			6,242,275
Banks		1.0			5,992,710
Insurance		1.0			5,664,410
Personal Products		1.0			5,610,473
Tobacco		1.0			5,530,008
Machinery		0.9			5,425,464
Pharmaceuticals		0.9			5,423,947
Textiles, Apparel & Luxury Goods		0.8			4,660,703
Metals & Mining		0.7			4,213,172
Internet & Direct Marketing Retail		0.7			4,208,573
Auto Components		0.7			3,779,842
Consumer Finance		0.5			2,589,650
Industrial Conglomerates		0.3			1,744,951
Beverages		0.2			1,092,265
Investments		97.1			553,719,264
Short-Term Investments		2.9			16,573,029
Total Investments		100.0	%	$	570,292,293

SECURITY VALUATION:

Valuation Inputs ^(E)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	—	$	553,719,264	$	—	$	553,719,264
Other Investment Company		6,052,945		—		—		6,052,945
Repurchase Agreement		—		10,520,084		—		10,520,084
Total Investments	$	6,052,945	$	564,239,348	$	—	$	570,292,293

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	All or a portion of the securities are on loan. The total value of all securities on loan is $5,549,617. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(C)	Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2019, the total value of 144A securities is $41,116,332, representing 7.3% of the Fund’s net assets.
(D)	Rates disclosed reflect the yields at October 31, 2019.
(E)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATION:

REIT Real Estate Investment Trust

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

Transamerica Funds Annual Report 2019

Page    201

Transamerica International Stock

(unaudited)

MARKET ENVIRONMENT

International markets were positive over the 12-month period ended October 31, 2019 despite rising macro concerns. Central banks, governments, and regulators reacted to heightened macro concerns (Brexit, trade wars, economic growth fears, inverted yield curves, etc.) by pivoting from hawkish policies over the second half of 2018 to dovish policies in 2019. For example, since December of 2018, there were 95 global central bank rate cuts and numerous countries also implemented fiscal stimulus policies. These fears presented challenging uncertainties for us and other market participants during the fiscal year. Though challenging in this environment, it is critical to look through the shorter-term noise and focus on the longer-term trends where possible. We sought to maintain a balanced portfolio, positioning the fund to accommodate alternate outcomes and risks.

We expect the macro uncertainty and volatility experienced in 2019 to continue into 2020 as much of the tensions have yet to resolve, and we add the additional uncertainty of the November 2020 U.S. presidential election. While macro concerns and politics can dominate headlines, we believe that economics and earnings ultimately drive long-term asset and portfolio returns. Despite the heightened macro volatility, we remained disciplined and diversified and, as always, continued to avoid trying to time volatile markets.

PERFORMANCE

For the year ended October 31, 2019, Transamerica International Stock (Class A) returned 4.59%. By comparison, its benchmark, the MSCI EAFE Index, returned 11.63%.

STRATEGY REVIEW

ClariVest employs a strategy of identifying and investing in the securities of firms entering or extending a fundamental growth cycle. We manage this strategy by marrying it with a disciplined approach to portfolio construction. We maintain a balanced profile of growth and value, as demonstrated by a positive exposure to recent earnings growth relative to benchmark, as well as a positive exposure to valuation (via such measures as earnings to price) relative to benchmark.

The fund underperformed its benchmark for the fiscal year ended October 31, 2019. Top detractors from performance over the period included: stock selection in Switzerland and Japan, stock selection in materials and information technology, and an underweight position in consumer staples.

Bottom stock-level contributors included the Israel-based pharmaceutical company Teva Pharmaceutical Industries Ltd. (“Teva”) and the Japanese chemical products manufacturer Showa Denko K.K. (“Showa Denko”). Teva struggled as analysts slashed price targets in the wake of lawsuits surrounding the company’s sales of opioid painkillers. Showa Denko reported results showing a slowdown in hard disk media and graphite electrode demand.

Top contributors included: overweights to Switzerland, strong stock selection within Switzerland and Italy, overweighting the information technology sector, and strong stock selection within financials and utilities.

Top stock-level contributors included Enel SpA (“Enel”), the Italy-based multinational energy company, and NXP Semiconductors NV (“NXP”), the semiconductor company based in the Netherlands. Enel reported results in line with consensus and confirmed guidance for the year as expected. NXP shares gained after the firm beat estimates for the second quarter of 2019 and announced a solid 50% quarterly dividend increase.

David R. Vaughn, CFA

Priyanshu Mutreja, CFA

Alex Turner, CFA

Co-Portfolio Managers

ClariVest Asset Management LLC

Asset Allocation	Percentage of Net Assets
Common Stocks		95.9	%
Preferred Stock		1.2
Exchange-Traded Fund		1.0
Other Investment Company		0.3
Net Other Assets (Liabilities)		1.6
Total		100.0	%

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

Transamerica Funds Annual Report 2019

Page    202

Transamerica International Stock

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			10 Year or Since Inception			Inception Date
Class A (POP)		(1.11	)%		(8.40	)%		09/28/2018
Class A (NAV)		4.59	%		(3.56	)%		09/28/2018
MSCI EAFE Index (A)		11.63	%		1.94	%
Class I (NAV)		4.81	%		(3.37	)%		09/28/2018
Class I2 (NAV)		4.81	%		(3.37	)%		09/28/2018
Class R6 (NAV)		4.81	%		(3.37	)%		09/28/2018

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

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for A shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I, I2 and R6 shares.

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

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

The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the fund fall, the value of the fund will decline. Growth stocks may be particularly susceptible to larger price swings or to adverse developments. The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. Investments in global/international markets involve risks not associated with U.S. markets, such as currency fluctuations, adverse social and political developments, and the relatively small size and lesser liquidity of the markets.

Transamerica Funds Annual Report 2019

Page    203

Transamerica International Stock

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Shares		Value
COMMON STOCKS - 95.9%
Australia - 3.9%
Austal, Ltd.		128,161		$  369,294
BHP Group, Ltd.		13,234		327,967
Fortescue Metals Group, Ltd.		67,492		414,543
Goodman Group, REIT		61,861		613,645
OZ Minerals, Ltd.		86,581		605,799
Resolute Mining, Ltd. (A) (B)		231,558		193,145
Sandfire Resources NL		85,313		341,689
St Barbara, Ltd.		86,805		166,951
				3,033,033
Belgium - 0.6%
Anheuser-Busch InBev SA		1,704		136,910
UCB SA		4,257		343,078
				479,988
Denmark - 2.7%
Carlsberg A/S, Class B		3,034		426,829
GN Store Nord A/S		5,406		237,584
H. Lundbeck A/S		9,089		310,031
Novo Nordisk A/S, Class B		12,216		667,168
Royal Unibrew A/S		5,069		415,581
				2,057,193
Finland - 0.5%
Neste OYJ		10,837		391,119
France - 11.4%
Air France-KLM (A)		62,329		742,078
AXA SA		29,451		777,974
Cie Generale des Etablissements Michelin SCA		5,649		687,366
Constellium SE, Class A (A)		21,800		290,594
Eiffage SA		6,854		736,296
Engie SA		43,740		731,504
Pernod Ricard SA		2,129		392,975
Peugeot SA		52,616		1,332,095
Publicis Groupe SA		11,080		476,382
Safran SA		3,408		539,164
Sanofi		10,556		972,694
Societe Generale SA		11,711		332,409
Vinci SA		7,684		862,138
				8,873,669
Germany - 7.6%
Allianz SE		7,978		1,948,632
Bayer AG		2,928		227,220
Deutsche Telekom AG		20,500		360,514
HeidelbergCement AG		5,225		388,224
Merck KGaA		6,648		792,611
ProSiebenSat.1 Media SE		52,086		769,131
SAP SE		7,859		1,041,299
TAG Immobilien AG (A)		17,528		425,777
				5,953,408
Hong Kong - 0.4%
Wheelock & Co., Ltd.		50,000		309,790
Israel - 1.2%
Israel Discount Bank, Ltd., A Shares		203,749		930,744
Italy - 4.5%
Atlantia SpA		9,894		244,310
Enel SpA		241,296		1,867,674
Eni SpA		35,825		542,198

	Shares		Value
COMMON STOCKS (continued)
Italy (continued)
Leonardo SpA		74,702		$   867,310
				3,521,492
Japan - 22.7%
Asahi Group Holdings, Ltd.		16,900		849,773
Central Glass Co., Ltd.		13,700		334,286
Chubu Electric Power Co., Inc.		25,600		385,339
Cosmo Energy Holdings Co., Ltd.		8,100		175,366
Hiroshima Bank, Ltd.		34,300		177,233
Hitachi, Ltd.		33,100		1,247,189
Hokkaido Electric Power Co., Inc.		43,100		226,695
ITOCHU Corp.		73,000		1,535,170
Kajima Corp.		25,000		346,328
KDDI Corp.		31,800		883,121
Marubeni Corp.		187,900		1,332,473
Mitsubishi Corp.		16,900		432,555
Mitsubishi UFJ Financial Group, Inc.		144,200		760,859
Morinaga Milk Industry Co., Ltd.		8,100		315,404
NEC Corp.		25,600		1,019,354
Nichi-iko Pharmaceutical Co., Ltd.		16,900		199,219
NichiiGakkan Co., Ltd.		13,700		233,175
Nihon Unisys, Ltd.		8,100		268,900
Nippon Suisan Kaisha, Ltd.		43,100		247,848
Nippon Telegraph & Telephone Corp.		33,100		1,647,797
Nipro Corp.		25,600		301,539
NS Solutions Corp.		16,900		579,818
Ricoh Co., Ltd.		43,100		387,138
Sawai Pharmaceutical Co., Ltd.		8,100		458,292
Sekisui House, Ltd.		14,400		312,296
Showa Denko KK		22,500		640,684
Sojitz Corp.		84,900		268,875
Sony Corp.		16,900		1,036,786
Sumitomo Corp.		31,800		519,154
Toyota Motor Corp.		8,100		565,702
				17,688,368
Netherlands - 7.4%
ASM International NV		4,463		448,281
ASR Nederland NV		5,194		190,064
Koninklijke Ahold Delhaize NV		34,907		869,152
Koninklijke Philips NV		20,381		892,643
NN Group NV		32,248		1,228,965
NXP Semiconductors NV		11,881		1,350,632
Royal Dutch Shell PLC, B Shares		27,335		785,358
				5,765,095
Norway - 0.2%
Austevoll Seafood ASA		17,366		175,149
Singapore - 0.2%
Yanlord Land Group, Ltd.		169,800		151,022
Spain - 2.2%
Almirall SA		10,968		205,752
Banco Bilbao Vizcaya Argentaria SA		52,254		275,251
Banco Santander SA		77,024		308,742
Iberdrola SA		65,251		670,107
Repsol SA		15,824		259,433
				1,719,285
Sweden - 4.5%
Essity AB, Class B		33,103		1,032,958

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

Transamerica Funds Annual Report 2019

Page    204

Transamerica International Stock

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Shares		Value
COMMON STOCKS (continued)
Sweden (continued)
SSAB AB, B Shares		56,000		$   140,701
Telefonaktiebolaget LM Ericsson, B Shares		127,337		1,112,519
Volvo AB, B Shares		80,457		1,203,226
				3,489,404
Switzerland - 11.2%
Nestle SA		16,992		1,814,088
Novartis AG		23,234		2,027,587
Roche Holding AG		7,410		2,229,385
Straumann Holding AG		593		528,861
Swiss Life Holding AG		2,410		1,204,878
UBS Group AG (A)		26,655		314,510
Zurich Insurance Group AG		1,617		631,884
				8,751,193
United Kingdom - 14.7%
3i Group PLC		55,856		816,143
Ashtead Group PLC		37,572		1,142,746
Aviva PLC		85,357		459,075
Barclays PLC		288,519		627,124
Bellway PLC		6,180		252,966
BP PLC		94,914		601,579
British American Tobacco PLC		17,460		611,106
Coca-Cola European Partners PLC		9,854		527,288
Diageo PLC		21,948		899,678
Electrocomponents PLC		34,127		300,692
GlaxoSmithKline PLC		68,160		1,561,516
Halma PLC		15,531		376,912
Hammerson PLC, REIT		87,155		327,399
Imperial Brands PLC		14,045		307,902
Lloyds Banking Group PLC		628,181		462,190
Redrow PLC		30,206		235,547
Rio Tinto PLC		9,701		504,407

	Shares		Value
COMMON STOCKS (continued)
United Kingdom (continued)
Standard Chartered PLC		54,889		$   498,414
Tesco PLC		310,879		947,144
				11,459,828
Total Common Stocks (Cost $72,295,899)				74,749,780
PREFERRED STOCK - 1.2%
Germany - 1.2%
Volkswagen AG, 2.68% (C)		4,988		949,624
Total Preferred Stock (Cost $876,164)				949,624
EXCHANGE-TRADED FUND - 1.0%
United States - 1.0%
iShares MSCI EAFE ETF		11,840		798,253
Total Exchange-Traded Fund (Cost $771,150)				798,253
OTHER INVESTMENT COMPANY - 0.3%
Securities Lending Collateral - 0.3%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.75% (C)		204,233		204,233
Total Other Investment Company (Cost $204,233)				204,233
Total Investments (Cost $74,147,446)				76,701,890
Net Other Assets (Liabilities) - 1.6%				1,277,182
Net Assets - 100.0%				$  77,979,072

INVESTMENTS BY INDUSTRY (unaudited):

Industry	Percentage of Total Investments			Value
Pharmaceuticals		13.0	%	$	9,994,553
Insurance		8.4			6,441,472
Trading Companies & Distributors		6.8			5,230,973
Banks		5.7			4,372,966
Beverages		4.8			3,649,034
Electric Utilities		4.1			3,149,815
Metals & Mining		3.9			2,985,796
Automobiles		3.7			2,847,421
Oil, Gas & Consumable Fuels		3.6			2,755,053
Food Products		3.3			2,552,489
Diversified Telecommunication Services		2.6			2,008,311
Health Care Equipment & Supplies		2.6			1,960,627
Construction & Engineering		2.5			1,944,762
Electronic Equipment, Instruments & Components		2.5			1,924,793
Household Durables		2.4			1,837,595
Food & Staples Retailing		2.4			1,816,296
Semiconductors & Semiconductor Equipment		2.3			1,798,913
Aerospace & Defense		2.3			1,775,768
Technology Hardware, Storage & Peripherals		1.8			1,406,492
Media		1.6			1,245,513

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

Transamerica Funds Annual Report 2019

Page    205

Transamerica International Stock

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

INVESTMENTS BY INDUSTRY (unaudited) (continued):

Industry	Percentage of Total Investments			Value
Machinery		1.6	%	$	1,203,226
Capital Markets		1.5			1,130,653
Communications Equipment		1.5			1,112,519
Software		1.4			1,041,299
Household Products		1.3			1,032,958
Equity Real Estate Investment Trusts		1.2			941,044
Tobacco		1.2			919,008
Real Estate Management & Development		1.2			886,589
Wireless Telecommunication Services		1.2			883,121
IT Services		1.1			848,718
International Equity Funds		1.0			798,253
Airlines		1.0			742,078
Multi-Utilities		1.0			731,504
Auto Components		0.9			687,366
Chemicals		0.8			640,684
Construction Materials		0.5			388,224
Building Products		0.4			334,286
Transportation Infrastructure		0.3			244,310
Health Care Providers & Services		0.3			233,175
Investments		99.7			76,497,657
Short-Term Investments		0.3			204,233
Total Investments		100.0	%	$	76,701,890

SECURITY VALUATION:

Valuation Inputs ^(D)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	2,168,514	$	72,581,266	$	—	$	74,749,780
Preferred Stock		—		949,624		—		949,624
Exchange-Traded Fund		798,253		—		—		798,253
Other Investment Company		204,233		—		—		204,233
Total Investments	$	3,171,000	$	73,530,890	$	—	$	76,701,890

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	All or a portion of the security is on loan. The value of the security on loan is $189,117. The amount on loan indicated may not correspond with the security on loan identified because a security with pending sales are in the process of recall from the brokers.
(C)	Rates disclosed reflect the yields at October 31, 2019.
(D)	There were no transfers in or out of Level 3 during the period ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATION:

REIT Real Estate Investment Trust

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

Transamerica Funds Annual Report 2019

Page    206

Transamerica Large Cap Value

(unaudited)

MARKET ENVIRONMENT

In the fiscal year ended October 31, 2019, U.S. equity markets marked their eleventh consecutive fiscal year gain with the Russell 1000^® Value Index advancing +11.21%. There were large variations in performance among sectors, with the strongest being real estate, utilities, and technology. The bottom performing sectors were energy, materials and health care.

The past 12-months were challenging for value investing. Growth stocks continued to outperform as shown by the +17.10% advance in the Russell 1000^® Growth Index. Even within the value indices, there was a dichotomy of performance between perceived safety stocks and the contra-momentum stocks that are the hallmark of our investing style.

In the macro environment, the fiscal year was characterized by a gradual deterioration of economic conditions worldwide, especially in manufacturing, that was exacerbated by the trade war between the U.S. and China. As a result, long term interest rates fell, and the yield curve inverted in mid-2019, heightening recession fears. Market psychology began to change in September with improved prospects for a “Phase One” trade deal between the U.S. and China and a slight steepening of the yield curve, along with continued strength in consumer spending, employment, and corporate profits. All this contributed to an improvement in performance of value and contra-momentum stocks.

PERFORMANCE

For the year ended October 31, 2019, Transamerica Large Cap Value (Class A) returned 2.51%, excluding any sales charges. By comparison, its benchmark, the Russell 1000^® Value Index, returned 11.21%.

STRATEGY REVIEW

Our method of stock selection uses bottom-up fundamental research to identify quality businesses selling below what we believe they are intrinsically worth and that have catalysts for change that can drive stock prices higher, including management teams that are focused on creating shareholder value through strategic actions and optimal capital deployment. In addition, our contra-momentum strategy seeks to buy companies that are down in price or have significantly underperformed the market averages. The Fund underperformed the Russell 1000^® Value Index during the year ended October 31, 2019, primarily due to stock selection, but sector weightings were also a factor.

The sectors in which stock selection detracted most from fund performance over the 12-month period were information technology, utilities and energy. The top detractors in information technology were CommScope Holding Co., Inc. (“CommScope”) and Nokia OYJ, ADR (“Nokia”), while the top detractors in utilities and energy were PG&E Corp. (“PG&E”) and Occidental Petroleum Corp. (“Occidental”), respectively. We continue to hold CommScope, Nokia and Occidental due to their low valuations, prospects for turnarounds, and upcoming catalysts. Conversely, we sold the PG&E position in late 2018 due to its uncertain outlook in resolving its wildfire liability issues.

The sectors with the largest contribution to fund performance were health care and financials. Top names in health care were Bio-Rad Laboratories, Inc. – Class A (“Bio-Rad”) and AbbVie, Inc. (“AbbVie”), while the top names in financials were American Insurance Group, Inc. (“AIG”), JPMorgan Chase & Co. (“JP Morgan”) and Bank of America Corp. (“Bank of America”). AbbVie and AIG continue to be among our largest positions, and the fund continues to own Bio-Rad and JPMorgan, while Bank of America was sold on strength after significant appreciation.

Beginning in early September, we saw a significant rebound in relative performance in many of our positions as value and contra-momentum started to recover. As this period substantiated, our portfolios have historically performed best on both absolute and relative bases when markets are more broad-based and less momentum driven, and the recent turnaround is encouraging. We have managed portfolios through many market cycles and have successfully navigated periods of underperformance by staying true to our investment philosophy and process.

Jack Murphy

Christopher Susanin

Co-Portfolio Managers

Levin Easterly Partners LLC

Asset Allocation	Percentage of Net Assets
Common Stocks		95.9	%
Repurchase Agreement		3.6
Other Investment Company		2.6
Net Other Assets (Liabilities)		(2.1	)
Total		100.0	%

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

Transamerica Funds Annual Report 2019

Page    207

Transamerica Large Cap Value

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		(3.10	)%		6.30	%		10.20	%		11/15/2010
Class A (NAV)		2.51	%		7.50	%		10.89	%		11/15/2010
Russell 1000® Value Index (A)		11.21	%		7.61	%		11.43	%
Class C (POP)		0.90	%		6.72	%		10.13	%		11/15/2010
Class C (NAV)		1.81	%		6.72	%		10.13	%		11/15/2010
Class I (NAV)		2.88	%		7.81	%		11.25	%		11/15/2010
Class I2 (NAV)		2.90	%		7.91	%		11.36	%		11/15/2010
Class R6 (NAV)		2.90	%		N/A			7.21	%		05/29/2015

^(A) The Russell 1000^® Value Index measures the performance of the large-cap value segment of the U.S. equity universe, and is comprised of Russell 1000^® Index companies with lower price-to-book ratios and lower expected growth values. The Russell 1000^® Index measures the performance of the large-cap segment of the U.S. equity universe.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I, I2 and R6 shares.

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

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

The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the Fund fall, the value of the Fund will decline. Value approach carries the risk that the market will not recognize a security’s intrinsic value for a long time or that an undervalued stock is actually appropriately priced. The Fund may be more concentrated than that of a more diversified fund, subjecting it to greater fluctuation and risk.

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Transamerica Funds Annual Report 2019

Page    208

Transamerica Large Cap Value

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Shares		Value
COMMON STOCKS - 95.9%
Aerospace & Defense - 4.8%
Textron, Inc.		755,000		$  34,797,950
United Technologies Corp.		405,000		58,149,900
				92,947,850
Automobiles - 4.7%
General Motors Co.		2,450,000		91,042,000
Banks - 11.6%
Bank of America Corp.		2,450,000		76,611,500
Citigroup, Inc.		1,375,000		98,807,500
JPMorgan Chase & Co.		380,000		47,469,600
				222,888,600
Beverages - 4.3%
Cott Corp.		4,210,102		54,099,811
Keurig Dr. Pepper, Inc. (A)		1,000,000		28,160,000
				82,259,811
Biotechnology - 5.5%
AbbVie, Inc.		1,320,000		105,006,000
Capital Markets - 2.8%
Morgan Stanley		1,177,135		54,207,067
Chemicals - 3.0%
DuPont de Nemours, Inc.		880,000		58,000,800
Communications Equipment - 4.3%
CommScope Holding Co., Inc. (A) (B)		3,345,034		37,464,381
Nokia OYJ, ADR (A)		12,500,000		45,625,000
				83,089,381
Diversified Telecommunication Services - 4.6%
AT&T, Inc.		1,700,000		65,433,000
Verizon Communications, Inc.		365,000		22,071,550
				87,504,550
Electric Utilities - 1.2%
Exelon Corp.		508,838		23,147,041
Equity Real Estate Investment Trusts - 2.3%
SL Green Realty Corp.		519,836		43,458,290
Food & Staples Retailing - 3.5%
Walmart, Inc.		579,143		67,910,308
Food Products - 6.3%
Archer-Daniels-Midland Co.		1,285,000		54,021,400
TreeHouse Foods, Inc. (B)		1,241,876		67,086,141
				121,107,541
Health Care Providers & Services - 1.4%
Cigna Corp. (B)		155,000		27,661,300
Insurance - 8.1%
American International Group, Inc.		2,050,000		108,568,000
Lincoln National Corp.		850,000		48,008,000
				156,576,000
Life Sciences Tools & Services - 0.9%
Bio-Rad Laboratories, Inc., Class A (B)		50,115		16,619,136
Multi-Utilities - 5.8%
CenterPoint Energy, Inc.		3,830,000		111,338,100
Oil, Gas & Consumable Fuels - 9.0%
EOG Resources, Inc.		270,000		18,713,700
Exxon Mobil Corp.		610,000		41,217,700
Occidental Petroleum Corp.		1,920,000		77,760,000

	Shares		Value
COMMON STOCKS (continued)
Oil, Gas & Consumable Fuels (continued)
Williams Cos., Inc.		1,572,122		$   35,074,042
				172,765,442
Pharmaceuticals - 3.7%
Johnson & Johnson		375,000		49,515,000
Pfizer, Inc.		540,000		20,719,800
				70,234,800
Semiconductors & Semiconductor Equipment - 4.6%
Intel Corp.		1,575,000		89,034,750
Specialty Retail - 2.1%
Lowe’s Cos., Inc.		365,000		40,737,650
Wireless Telecommunication Services - 1.4%
Vodafone Group PLC, ADR		1,350,000		27,567,000
Total Common Stocks (Cost $1,814,595,800)				1,845,103,417
OTHER INVESTMENT COMPANY - 2.6%
Securities Lending Collateral - 2.6%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.75% (C)		50,129,738		50,129,738
Total Other Investment Company (Cost $50,129,738)				50,129,738
	Principal		Value
REPURCHASE AGREEMENT - 3.6%
Fixed Income Clearing Corp., 0.85% (C), dated 10/31/2019, to be repurchased at $69,480,968 on 11/01/2019. Collateralized by U.S. Government Obligations, 0.13% - 2.25%, due 04/15/2022, and with a total value of $70,870,685.		$  69,479,327		69,479,327
Total Repurchase Agreement (Cost $69,479,327)				69,479,327
Total Investments (Cost $1,934,204,865)				1,964,712,482
Net Other Assets (Liabilities) - (2.1)%				(39,476,445	)
Net Assets - 100.0%				$  1,925,236,037

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

Transamerica Funds Annual Report 2019

Page    209

Transamerica Large Cap Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

SECURITY VALUATION:

Valuation Inputs ^(D)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	1,845,103,417	$	—	$	—	$	1,845,103,417
Other Investment Company		50,129,738		—		—		50,129,738
Repurchase Agreement		—		69,479,327		—		69,479,327
Total Investments	$	1,895,233,155	$	69,479,327	$	—	$	1,964,712,482

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	All or a portion of the securities are on loan. The total value of all securities on loan is $49,001,741. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(B)	Non-income producing securities.
(C)	Rates disclosed reflect the yields at October 31, 2019.
(D)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATION:

ADR American Depositary Receipt

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

Transamerica Funds Annual Report 2019

Page    210

Transamerica Large Core

(unaudited)

MARKET ENVIRONMENT

Equities pulled back significantly in the fourth quarter of 2018 as continued trade concerns prevailed in the markets along with a pullback in technology stocks that were some of the top market performers over recent years. Midterm elections in the U.S. came and went with minimal surprise as the election results of a Democratic-led House majority and a Republican-led Senate were as expected. Consumer retail strength during the beginning of the holiday shopping season was also a positive. December 2018 was volatile as a sell-off gained traction on concerns about the longer lasting effects of the U.S.-China trade dispute as well as the near- and medium-term monetary path of the U.S. Federal Reserve (“Fed”).

First quarter 2019 performance for the U.S. equity market was strong, as markets bounced back on some expectation that the Fed would reconsider its stance on gradual rate hikes given the volatility during December; this was reaffirmed as the central bank stood firm on interest rates. Escalation in the trade tensions between the U.S. and China led to a largely negative market environment for U.S. equities as negotiations between the two countries broke down during May. The third quarter of 2019 was defined by the ongoing trade dispute. U.S. equities rose in October based on positive developments in trade negotiations and an expected rate cut with the Fed’s October meeting. Since a particularly weak September manufacturing report, economic results were mixed in the U.S. With the announcement of a “phase one” part of the U.S.-China trade deal, equities rallied, as this was the most positive development for trade sentiment in some time.

PERFORMANCE

For the year ended October 31, 2019, Transamerica Large Core (Class R4) returned 10.15%. By comparison, its benchmark, the S&P 500^®, returned 14.33%.

STRATEGY REVIEW

We believe that the most effective way to invest in equities is to categorize stocks according to where they reside in their respective company life cycles, then to let the categorization drive how they are analyzed for investment attractiveness. Through our quantitative framework, we rank companies within fundamentally similar groups of stocks based on six life-cycle stages (three types for growth companies and three for mature companies). Our model quantitatively assesses the attractiveness of each company based on numerous factors that are relevant to each life-cycle category. The model’s 70-plus factors can be aggregated into three equally-weighted clusters: quality, sentiment and valuation.

Transamerica Large Core underperformed its benchmark over the 12-month period. Real estate was the largest detracting sector to performance with Simon Property Group, Inc. and Host Hotels & Resorts, Inc. weighing the most. Top-performing sectors were utilities and consumer discretionary. Within utilities, the top contributors were Entergy Corp., which was an average overweight over the period, and having no exposure in Pacific Gas & Electric Co. Based on our proprietary life-cycle categorization approach, mature defensive holdings weighed the most, while mature turnaround names were the best performing. On a model factor cluster basis, valuation detracted the most, although it bounced back somewhat in September and October. Quality and sentiment were relatively flat over the period.

Sheedsa Ali, CFA

Kate Faraday

Co-Portfolio Managers

PineBridge Investments LLC

Asset Allocation	Percentage of Net Assets
Common Stocks		98.0	%
Exchange-Traded Fund		1.9
Other Investment Company		0.2
Net Other Assets (Liabilities)		(0.1	)
Total		100.0	%

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

Transamerica Funds Annual Report 2019

Page    211

Transamerica Large Core

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class I3 (NAV)		10.53	%		N/A			10.55	%		03/10/2017
Class R (NAV)		10.05	%		N/A			10.00	%		03/10/2017
Class R4 (NAV)		10.15	%		8.32	%		12.67	%		09/11/2000
S&P 500® (A)		14.33	%		10.78	%		13.70	%

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

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

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

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

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

Equity funds invest in equity securities, which include common stock, preferred stock and convertible securities. Because such securities represent ownership in a corporation, they tend to be more volatile than fixed income or debt securities, which do not represent ownership.

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Transamerica Funds Annual Report 2019

Page    212

Transamerica Large Core

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Shares		Value
COMMON STOCKS - 98.0%
Aerospace & Defense - 1.6%
Arconic, Inc.		22,141		$  608,213
Boeing Co.		4,820		1,638,366
Huntington Ingalls Industries, Inc.		2,427		547,677
Lockheed Martin Corp.		3,571		1,345,125
				4,139,381
Air Freight & Logistics - 0.3%
CH Robinson Worldwide, Inc.		9,199		695,813
United Parcel Service, Inc., Class B		548		63,113
				758,926
Airlines - 0.6%
Delta Air Lines, Inc.		13,523		744,847
Southwest Airlines Co.		6,466		362,936
United Airlines Holdings, Inc. (A)		3,982		361,725
				1,469,508
Auto Components - 0.1%
BorgWarner, Inc.		5,852		243,911
Automobiles - 0.3%
Ford Motor Co.		26,328		226,158
General Motors Co.		16,482		612,471
				838,629
Banks - 4.5%
Bank of America Corp.		142,640		4,460,353
Citigroup, Inc.		20,330		1,460,914
Citizens Financial Group, Inc.		3,393		119,298
Comerica, Inc.		9,094		594,930
Fifth Third Bancorp		60,489		1,759,020
JPMorgan Chase & Co.		11,392		1,423,089
M&T Bank Corp.		2,599		406,821
SVB Financial Group (A)		728		161,237
US Bancorp		21,105		1,203,407
				11,589,069
Beverages - 0.9%
Coca-Cola Co.		14,523		790,487
Monster Beverage Corp. (A)		6,168		346,210
PepsiCo, Inc.		8,525		1,169,374
				2,306,071
Biotechnology - 2.3%
AbbVie, Inc.		18,700		1,487,585
Alexion Pharmaceuticals, Inc. (A)		3,170		334,118
Amgen, Inc.		5,975		1,274,169
Biogen, Inc. (A)		3,086		921,819
Celgene Corp. (A)		7,018		758,155
Gilead Sciences, Inc.		16,782		1,069,181
Regeneron Pharmaceuticals, Inc. (A)		486		148,852
				5,993,879
Building Products - 0.0% (B)
Masco Corp.		1,096		50,690
Capital Markets - 2.6%
Ameriprise Financial, Inc.		4,810		725,781
Charles Schwab Corp.		19,450		791,809
E*TRADE Financial Corp.		7,900		330,141
Franklin Resources, Inc.		17,902		493,200
Intercontinental Exchange, Inc.		5,221		492,445
MarketAxess Holdings, Inc.		766		282,340
Moody’s Corp.		3,045		672,001

	Shares		Value
COMMON STOCKS (continued)
Capital Markets (continued)
MSCI, Inc.		1,164		$   273,028
Raymond James Financial, Inc.		6,085		508,037
S&P Global, Inc.		2,025		522,430
T. Rowe Price Group, Inc.		13,698		1,586,228
				6,677,440
Chemicals - 1.3%
Albemarle Corp. (C)		7,182		436,235
CF Industries Holdings, Inc.		15,750		714,262
Corteva, Inc. (A)		42,162		1,112,234
Dow, Inc. (A)		23,021		1,162,330
LyondellBasell Industries NV, Class A		219		19,644
				3,444,705
Commercial Services & Supplies - 0.5%
Cintas Corp.		2,845		764,366
Republic Services, Inc.		6,626		579,841
				1,344,207
Communications Equipment - 1.1%
Cisco Systems, Inc.		59,328		2,818,673
Construction & Engineering - 0.3%
Jacobs Engineering Group, Inc.		7,727		723,093
Construction Materials - 0.5%
Martin Marietta Materials, Inc.		5,048		1,322,122
Consumer Finance - 0.7%
American Express Co.		8,542		1,001,806
Discover Financial Services		7,085		568,642
Synchrony Financial		6,896		243,911
				1,814,359
Containers & Packaging - 0.2%
Ball Corp.		4,783		334,666
Sealed Air Corp.		3,715		155,176
				489,842
Diversified Financial Services - 2.3%
Berkshire Hathaway, Inc., Class B (A)		28,056		5,964,144
Diversified Telecommunication Services - 1.6%
AT&T, Inc.		17,196		661,874
CenturyLink, Inc.		61,497		795,771
Verizon Communications, Inc.		42,739		2,584,428
				4,042,073
Electric Utilities - 2.0%
Entergy Corp.		6,850		832,138
Evergy, Inc.		36,139		2,309,644
FirstEnergy Corp.		31,279		1,511,401
Pinnacle West Capital Corp.		2,237		210,546
Southern Co.		5,477		343,189
				5,206,918
Electrical Equipment - 0.5%
AMETEK, Inc.		5,553		508,932
Rockwell Automation, Inc.		4,421		760,368
				1,269,300
Electronic Equipment, Instruments & Components - 0.2%
CDW Corp.		777		99,386
Keysight Technologies, Inc. (A)		5,151		519,787
				619,173

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

Transamerica Funds Annual Report 2019

Page    213

Transamerica Large Core

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Shares		Value
COMMON STOCKS (continued)
Energy Equipment & Services - 0.4%
Helmerich & Payne, Inc.		7,840		$   294,000
National Oilwell Varco, Inc.		7,655		173,156
Schlumberger, Ltd.		9,420		307,940
TechnipFMC PLC		7,609		150,125
				925,221
Entertainment - 0.8%
Activision Blizzard, Inc.		4,809		269,448
Electronic Arts, Inc. (A)		364		35,090
Netflix, Inc. (A)		2,026		582,293
Viacom, Inc., Class B		26,813		578,088
Walt Disney Co.		4,202		545,924
				2,010,843
Equity Real Estate Investment Trusts - 2.7%
American Tower Corp.		7,140		1,557,091
Boston Properties, Inc.		1,535		210,602
Extra Space Storage, Inc.		3,181		357,131
Host Hotels & Resorts, Inc.		97,157		1,592,403
Public Storage		3,181		708,918
Simon Property Group, Inc.		16,443		2,477,631
				6,903,776
Food & Staples Retailing - 0.9%
Kroger Co.		4,383		107,997
Sysco Corp.		12,595		1,005,963
Walgreens Boots Alliance, Inc.		2,874		157,438
Walmart, Inc.		9,529		1,117,370
				2,388,768
Food Products - 1.0%
General Mills, Inc.		9,471		481,695
Hershey Co.		4,565		670,462
J.M. Smucker Co.		3,496		369,457
Kellogg Co.		3,715		236,014
Mondelez International, Inc., Class A		470		24,651
Tyson Foods, Inc., Class A		9,543		790,065
				2,572,344
Health Care Equipment & Supplies - 2.7%
Abbott Laboratories		25,453		2,128,125
ABIOMED, Inc. (A)		470		97,563
Align Technology, Inc. (A)		280		70,641
Baxter International, Inc.		3,011		230,944
Cooper Cos., Inc.		3,023		879,693
Edwards Lifesciences Corp. (A)		2,064		492,016
Hologic, Inc. (A)		7,935		383,340
IDEXX Laboratories, Inc. (A)		711		202,642
Intuitive Surgical, Inc. (A)		547		302,464
Medtronic PLC		15,981		1,740,331
Teleflex, Inc.		1,335		463,792
				6,991,551
Health Care Providers & Services - 3.2%
AmerisourceBergen Corp.		492		42,007
Anthem, Inc.		4,418		1,188,796
Cardinal Health, Inc.		9,692		479,269
Cigna Corp. (A)		4,492		801,642
CVS Health Corp.		20,919		1,388,812
HCA Healthcare, Inc.		5,488		732,868
Henry Schein, Inc. (A)		8,074		505,311

	Shares		Value
COMMON STOCKS (continued)
Health Care Providers & Services (continued)
McKesson Corp.		656		$   87,248
UnitedHealth Group, Inc.		10,585		2,674,830
Universal Health Services, Inc., Class B		2,987		410,593
				8,311,376
Hotels, Restaurants & Leisure - 1.9%
Chipotle Mexican Grill, Inc. (A)		931		724,467
Darden Restaurants, Inc.		7,613		854,712
Hilton Worldwide Holdings, Inc.		6,789		658,261
McDonald’s Corp.		273		53,699
Norwegian Cruise Line Holdings, Ltd. (A)		9,617		488,159
Starbucks Corp.		24,430		2,065,801
				4,845,099
Household Durables - 0.6%
Garmin, Ltd.		5,646		529,312
Newell Brands, Inc.		18,696		354,663
PulteGroup, Inc.		14,811		581,184
Whirlpool Corp.		876		133,257
				1,598,416
Household Products - 2.7%
Clorox Co.		4,490		663,128
Colgate-Palmolive Co.		14,498		994,563
Kimberly-Clark Corp.		10,404		1,382,484
Procter & Gamble Co.		32,181		4,006,856
				7,047,031
Independent Power & Renewable Electricity Producers - 0.8%
AES Corp.		84,302		1,437,349
NRG Energy, Inc.		15,588		625,391
				2,062,740
Industrial Conglomerates - 1.9%
3M Co.		8,112		1,338,399
General Electric Co.		99,019		988,210
Honeywell International, Inc.		14,354		2,479,366
				4,805,975
Insurance - 3.0%
Aflac, Inc.		20,537		1,091,747
Allstate Corp.		19,770		2,103,923
Aon PLC		3,723		719,135
Hartford Financial Services Group, Inc.		19,169		1,094,166
Loews Corp.		10,674		523,026
MetLife, Inc.		11,867		555,257
Principal Financial Group, Inc.		7,724		412,307
Progressive Corp.		15,641		1,090,178
Unum Group		6,266		172,566
				7,762,305
Interactive Media & Services - 4.9%
Alphabet, Inc., Class A (A)		1,967		2,476,060
Alphabet, Inc., Class C (A)		5,002		6,303,070
Facebook, Inc., Class A (A)		18,817		3,606,278
TripAdvisor, Inc. (A)		5,095		205,838
Twitter, Inc. (A)		4,409		132,138
				12,723,384
Internet & Direct Marketing Retail - 4.0%
Amazon.com, Inc. (A)		3,667		6,515,012
Booking Holdings, Inc. (A)		994		2,036,477
eBay, Inc.		24,862		876,386

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

Transamerica Funds Annual Report 2019

Page    214

Transamerica Large Core

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Shares		Value
COMMON STOCKS (continued)
Internet & Direct Marketing Retail (continued)
Expedia Group, Inc.		6,215		$   849,342
				10,277,217
IT Services - 5.5%
Accenture PLC, Class A		3,176		588,894
Akamai Technologies, Inc. (A)		7,446		644,079
Automatic Data Processing, Inc.		4,712		764,428
DXC Technology Co.		5,153		142,584
FleetCor Technologies, Inc. (A)		3,395		998,877
International Business Machines Corp.		7,723		1,032,797
Mastercard, Inc., Class A		11,514		3,187,190
PayPal Holdings, Inc. (A)		20,303		2,113,542
VeriSign, Inc. (A)		1,658		315,053
Visa, Inc., Class A		25,211		4,509,239
				14,296,683
Leisure Products - 0.1%
Hasbro, Inc.		2,737		266,337
Life Sciences Tools & Services - 0.4%
Agilent Technologies, Inc.		1,981		150,061
Mettler-Toledo International, Inc. (A)		668		470,900
Thermo Fisher Scientific, Inc.		1,424		430,019
				1,050,980
Machinery - 2.2%
Caterpillar, Inc.		12,427		1,712,441
Cummins, Inc.		7,140		1,231,507
Dover Corp.		10,402		1,080,664
Fortive Corp.		9,511		656,259
Illinois Tool Works, Inc.		290		48,888
Parker-Hannifin Corp.		1,603		294,134
Snap-on, Inc.		3,886		632,136
				5,656,029
Media - 2.4%
Charter Communications, Inc., Class A (A)		6,145		2,875,000
Comcast Corp., Class A		24,698		1,106,964
Discovery, Inc., Class C (A)		27,032		682,288
Fox Corp., Class B (A)		5,734		179,130
Interpublic Group of Cos., Inc.		7,551		164,234
Omnicom Group, Inc.		16,222		1,252,176
				6,259,792
Metals & Mining - 0.1%
Nucor Corp.		2,628		141,518
Multi-Utilities - 0.1%
CenterPoint Energy, Inc.		2,841		82,588
Public Service Enterprise Group, Inc.		4,326		273,879
				356,467
Multiline Retail - 0.2%
Dollar Tree, Inc. (A)		1,166		128,726
Target Corp.		2,769		296,034
				424,760
Oil, Gas & Consumable Fuels - 3.9%
Cabot Oil & Gas Corp.		5,027		93,703
Chevron Corp.		24,553		2,851,585
ConocoPhillips		25,848		1,426,810
Devon Energy Corp.		1,069		21,679
Exxon Mobil Corp.		54,595		3,688,984
HollyFrontier Corp.		5,900		324,146

	Shares		Value
COMMON STOCKS (continued)
Oil, Gas & Consumable Fuels (continued)
Noble Energy, Inc.		6,240		$   120,182
Occidental Petroleum Corp.		3,615		146,408
ONEOK, Inc.		6,556		457,806
Phillips 66		3,302		385,740
Williams Cos., Inc.		21,135		471,522
				9,988,565
Personal Products - 0.1%
Coty, Inc., Class A		5,201		60,800
Estee Lauder Cos., Inc., Class A		1,205		224,455
				285,255
Pharmaceuticals - 5.3%
Bristol-Myers Squibb Co.		20,277		1,163,291
Eli Lilly & Co.		10,582		1,205,819
Johnson & Johnson		40,914		5,402,285
Merck & Co., Inc.		38,297		3,318,818
Pfizer, Inc.		67,889		2,604,901
				13,695,114
Professional Services - 0.3%
IHS Markit, Ltd. (A)		12,702		889,394
Real Estate Management & Development - 0.4%
CBRE Group, Inc., Class A (A)		18,726		1,002,777
Road & Rail - 1.1%
CSX Corp.		25,742		1,808,890
Norfolk Southern Corp.		947		172,354
Union Pacific Corp.		5,037		833,422
				2,814,666
Semiconductors & Semiconductor Equipment - 3.5%
Analog Devices, Inc.		7,064		753,234
Applied Materials, Inc.		5,914		320,894
Broadcom, Inc.		2,573		753,503
Intel Corp.		53,549		3,027,125
Lam Research Corp.		1,369		371,054
Microchip Technology, Inc.		6,133		578,281
NVIDIA Corp.		462		92,871
QUALCOMM, Inc.		12,823		1,031,482
Texas Instruments, Inc.		14,570		1,719,114
Xilinx, Inc.		4,977		451,613
				9,099,171
Software - 6.9%
Citrix Systems, Inc.		1,205		131,176
Fortinet, Inc. (A)		6,993		570,349
Intuit, Inc.		11,416		2,939,620
Microsoft Corp.		75,653		10,846,371
Oracle Corp.		53,913		2,937,719
salesforce.com, Inc. (A)		1,650		258,209
Symantec Corp.		8,102		185,374
				17,868,818
Specialty Retail - 3.1%
AutoZone, Inc. (A)		1,456		1,666,217
Best Buy Co., Inc.		7,016		503,959
Home Depot, Inc.		17,705		4,153,239
Lowe’s Cos., Inc.		932		104,020
O’Reilly Automotive, Inc. (A)		1,313		571,825
Ross Stores, Inc.		9,858		1,081,127
				8,080,387

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

Transamerica Funds Annual Report 2019

Page    215

Transamerica Large Core

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Shares		Value
COMMON STOCKS (continued)
Technology Hardware, Storage & Peripherals - 4.9%
Apple, Inc.		47,243		$   11,752,169
Hewlett Packard Enterprise Co.		10,186		167,152
HP, Inc.		23,359		405,746
Xerox Holdings Corp. (A)		7,381		250,437
				12,575,504
Textiles, Apparel & Luxury Goods - 0.1%
Hanesbrands, Inc.		8,403		127,810
Ralph Lauren Corp.		215		20,653
				148,463
Tobacco - 1.4%
Altria Group, Inc.		54,116		2,423,856
Philip Morris International, Inc.		13,416		1,092,599
				3,516,455
Wireless Telecommunication Services - 0.1%
T-Mobile, Inc. (A)		2,300		190,118
Total Common Stocks (Cost $231,370,775)				252,959,412

	Shares		Value
EXCHANGE-TRADED FUND - 1.9%
U.S. Equity Fund - 1.9%
SPDR S&P 500 ETF Trust		15,793		$   4,790,491
Total Exchange-Traded Fund (Cost $4,365,547)				4,790,491
OTHER INVESTMENT COMPANY - 0.2%
Securities Lending Collateral - 0.2%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.75% (D)		440,820		440,820
Total Other Investment Company (Cost $440,820)				440,820
Total Investments (Cost $236,177,142)				258,190,723
Net Other Assets (Liabilities) - (0.1)%				(136,457	)
Net Assets - 100.0%				$  258,054,266

SECURITY VALUATION:

Valuation Inputs ^(E)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	252,959,412	$	—	$	—	$	252,959,412
Exchange-Traded Fund		4,790,491		—		—		4,790,491
Other Investment Company		440,820		—		—		440,820
Total Investments	$	258,190,723	$	—	$	—	$	258,190,723

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	Percentage rounds to less than 0.1% or (0.1)%.
(C)	All or a portion of the security is on loan. The value of the security on loan is $431,861. The amount on loan indicated may not correspond with the security on loan identified because a security with pending sales are in the process of recall from the brokers.
(D)	Rate disclosed reflects the yield at October 31, 2019.
(E)	There were no transfers in or out of Level 3 during the period ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

Transamerica Funds Annual Report 2019

Page    216

Transamerica Large Growth

(unaudited)

MARKET ENVIRONMENT

Morgan Stanley Investment Management Inc.

Large cap growth stocks advanced over the year ended October 31, 2019, with real estate and materials as the best performing sectors in the Russell 1000^® Growth index. Energy was the only sector to post a decline and hence was the greatest relative underperformer. Against this backdrop, our team continued to focus on bottom-up stock selection and the long-term outlook for companies owned in the portfolio.

Wellington Management Company LLP

U.S. equities, as measured by the S&P 500^® Index, posted positive results over the 12-month period ended October 31, 2019. Towards the end of 2018, volatility was elevated as markets contended with a confluence of moderating growth, tighter liquidity and monetary policy, trade uncertainty, increasing fiscal deficits, and political uncertainty.

The U.S. Federal Reserve (“Fed”) raised its benchmark interest rate in December 2018. During the first quarter of 2019, U.S. equities rallied to their largest quarterly gain since 2009, buoyed by a dovish shift in Fed policy and guidance, optimism for a U.S.-China trade deal, relatively strong fourth-quarter earnings, and corporate buybacks. The Fed left its benchmark interest rate unchanged during the first quarter, signaling a more patient approach toward future policy-rate adjustments in response to slowing economic growth and muted inflation. By the summer of 2019, unresolved U.S. trade frictions with China, Mexico, Japan, and the EU unsettled markets and raised concerns about the potential risks to U.S. economic growth from increasing cost pressures, supply chain disruptions, and waning business confidence and investment plans. In the third quarter of 2019, U.S. equities rose for the third consecutive quarter with the U.S. economy remaining resilient despite elevated geopolitical uncertainties and slowing global growth. U.S.-China trade relations were particularly volatile in the absence of meaningful compromises on key structural issues, and expectations for a protracted trade war and the potential for a longer-term decoupling of the world’s two largest economies has eroded consumer and business confidence and curtailed capital spending. The Fed lowered its benchmark interest rate in July and September in an effort to sustain economic expansion and mitigate the risks of moderating growth and trade frictions. In October, the Fed lowered interest rates for a third time in 2019 and signaled its intention to pause further changes in policy. U.S. and China has made progress towards finalizing sections of a “phase one” trade agreement.

Returns varied by market-cap, as large-cap stocks, as measured by the S&P 500^® Index, outperformed small-cap and mid-cap stocks, as measured by the Russell 2000^® Index and S&P MidCap 400^® Index, respectively, during the period.

PERFORMANCE

For the year ended October 31, 2019, Transamerica Large Growth (Class R4) returned 15.29%. By comparison, its benchmark, the Russell 1000^® Growth Index, returned 17.10%.

STRATEGY REVIEW

Morgan Stanley Investment Management Inc.

Morgan Stanley Investment Management, Inc. (“MSIM”) took over the sub-advising of the Fund’s sleeve on October 18, 2019. During the October 21, 2019 to October 31, 2019 period, the sleeve of the Fund underperformed its primary benchmark, the Russell 1000^® Growth Index.

Music streaming services provider Spotify Technology SA contributed to relative performance. Its shares advanced on good results which beat expectations, characterized by strong user growth in emerging markets and continued traction with its podcast offering. Television streaming platform provider Roku, Inc. also contributed to performance. In late October Roku, Inc. announced the acquisition of dataxu, a platform that enables marketers to manage their video advertising campaigns. The acquisition should help the company to provide advertisers with a more robust solution on its platform.

Twitter, Inc., a global communications platform, detracted from relative results. Its shares underperformed on mixed reported results, characterized by better than expected user growth but weaker than expected sales growth and profitability.

Stock selection was weak in the healthcare sector. Illumina, Inc., a leader in genetic testing and analysis, underperformed and detracted from relative results. The company reported better than expected quarterly results, but a somewhat lower than expected outlook due to several transitory items.

Transamerica Funds Annual Report 2019

Page    217

Transamerica Large Growth

(unaudited)

STRATEGY REVIEW (continued)

Wellington Management Company LLP

Wellington implements to a disciplined portfolio construction process that allows us to assess risk, weight individual positions accordingly, and in the process, build a portfolio that seeks to generate benchmark-relative outperformance largely via stock selection.

The Fund’s sleeve managed by Wellington Management Company LLP outperformed its benchmark, the Russell 1000^® Growth Index, during the 12-month period ended October 31, 2019.

During the period, stock selection within the health care, information technology and industrials sectors helped relative performance. This was partially offset by weaker selection within the consumer discretionary sector. Sector allocation, a result of the bottom-up stock selection process, modestly contributed to relative performance. The Fund’s underweight allocation to health care and overweight allocation to information technology contributed most to relative performance.

The Fund’s largest individual relative contributors during the period included Advanced Micro Devices, Inc. a semiconductor company, and Seattle Genetics, Inc., a cancer treatment biotechnology company.

The Fund’s largest individual relative detractors during the period included NetApp, Inc. (no longer held in the Fund), a cloud and data services company, Continental Resources, Inc., an American petroleum and natural gas exploration and production company, and GoDaddy Inc., a web hosting company.

Dennis P. Lynch

Sam G. Chainani, CFA

Jason C. Yeung, CFA

David S. Cohen

Armistead B. Nash

Alexander T. Norton

Co-Portfolio Managers

Morgan Stanley Investment Management Inc.

Mammen Chally, CFA

Douglas McLane, CFA

David Siegle, CFA

Co-Portfolio Managers

Wellington Management Company LLP

Asset Allocation	Percentage of Net Assets
Common Stocks		97.1	%
Other Investment Company		0.2
Net Other Assets (Liabilities)		2.7
Total		100.0	%

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

Transamerica Funds Annual Report 2019

Page    218

Transamerica Large Growth

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class I3 (NAV)		15.57	%		N/A			16.74	%		03/10/2017
Class R (NAV)		15.06	%		N/A			16.18	%		03/10/2017
Class R4 (NAV)		15.29	%		12.84	%		14.38	%		09/11/2000
Russell 1000® Growth Index (A)		17.10	%		13.43	%		15.41	%

^(A) The Russell 1000^® Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe, and is comprised of Russell 1000^® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000^® Index measures the performance of the large-cap segment of the U.S. equity universe.

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

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

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

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

Equity funds invest in equity securities, which include common stock, preferred stock and convertible securities. Because such securities represent ownership in a corporation, they tend to be more volatile than fixed income or debt securities, which do not represent ownership.

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Transamerica Funds Annual Report 2019

Page    219

Transamerica Large Growth

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Shares		Value
COMMON STOCKS - 97.1%
Aerospace & Defense - 0.8%
Raytheon Co.		28,375		$  6,021,459
Beverages - 1.2%
Constellation Brands, Inc., Class A		24,339		4,632,442
Monster Beverage Corp. (A)		79,768		4,477,378
				9,109,820
Biotechnology - 1.8%
Alnylam Pharmaceuticals, Inc. (A)		22,853		1,982,269
Moderna, Inc. (A)		72,391		1,212,549
Neurocrine Biosciences, Inc. (A)		34,965		3,478,668
Seattle Genetics, Inc. (A)		35,489		3,811,519
Vertex Pharmaceuticals, Inc. (A)		17,508		3,422,464
				13,907,469
Building Products - 0.6%
Fortune Brands Home & Security, Inc.		82,480		4,952,924
Capital Markets - 0.5%
Intercontinental Exchange, Inc.		43,936		4,144,043
Chemicals - 2.6%
Ecolab, Inc.		70,379		13,517,694
PPG Industries, Inc.		36,451		4,560,749
Sherwin-Williams Co.		5,074		2,903,952
				20,982,395
Commercial Services & Supplies - 0.4%
Copart, Inc. (A)		40,776		3,369,729
Consumer Finance - 0.9%
American Express Co.		36,904		4,328,101
Capital One Financial Corp.		34,031		3,173,391
				7,501,492
Diversified Telecommunication Services - 0.7%
Verizon Communications, Inc.		86,200		5,212,514
Electrical Equipment - 1.0%
AMETEK, Inc.		43,414		3,978,893
Eaton Corp. PLC		40,786		3,552,868
				7,531,761
Electronic Equipment, Instruments & Components - 0.5%
CDW Corp.		29,582		3,783,834
Entertainment - 7.0%
Activision Blizzard, Inc.		76,477		4,285,006
Netflix, Inc. (A)		30,300		8,708,523
Roku, Inc. (A)		90,823		13,369,146
Spotify Technology SA (A)		133,663		19,287,571
Walt Disney Co.		78,014		10,135,579
				55,785,825
Equity Real Estate Investment Trusts - 0.7%
American Tower Corp.		23,624		5,151,922
Food & Staples Retailing - 1.0%
Costco Wholesale Corp.		25,542		7,588,784
Health Care Equipment & Supplies - 5.8%
Baxter International, Inc.		73,358		5,626,559
DexCom, Inc. (A)		65,193		10,055,368
Edwards Lifesciences Corp. (A)		17,572		4,188,813
Intuitive Surgical, Inc. (A)		40,206		22,231,908
Teleflex, Inc.		11,964		4,156,413
				46,259,061

	Shares		Value
COMMON STOCKS (continued)
Health Care Providers & Services - 2.2%
Convetrus, Inc. (A)		219,627		$   2,177,602
Guardant Health, Inc. (A)		85,723		5,957,748
UnitedHealth Group, Inc.		38,314		9,681,948
				17,817,298
Health Care Technology - 1.6%
Veeva Systems, Inc., Class A (A)		89,807		12,737,327
Hotels, Restaurants & Leisure - 1.1%
Hilton Worldwide Holdings, Inc.		50,339		4,880,870
McDonald’s Corp.		19,962		3,926,525
				8,807,395
Household Products - 1.1%
Colgate-Palmolive Co.		72,246		4,956,076
Procter & Gamble Co.		29,189		3,634,322
				8,590,398
Insurance - 0.4%
Allstate Corp.		32,122		3,418,423
Interactive Media & Services - 10.4%
Alphabet, Inc., Class A (A)		15,672		19,727,914
Alphabet, Inc., Class C (A)		15,171		19,117,129
Facebook, Inc., Class A (A)		113,781		21,806,129
Snap, Inc., Class A (A)		412,903		6,218,319
Twitter, Inc. (A)		515,716		15,456,008
				82,325,499
Internet & Direct Marketing Retail - 8.4%
Amazon.com, Inc. (A)		27,146		48,229,212
Chewy, Inc., Class A (A)		106,425		2,625,505
Farfetch, Ltd., Class A (A)		353,552		3,157,219
MercadoLibre, Inc. (A)		17,034		8,883,572
Wayfair, Inc., Class A (A)		43,209		3,553,076
				66,448,584
IT Services - 12.2%
Adyen NV (A) (B)		8,913		6,256,655
EPAM Systems, Inc. (A)		15,769		2,774,713
FleetCor Technologies, Inc. (A)		22,946		6,751,172
Global Payments, Inc.		39,798		6,733,026
GoDaddy, Inc., Class A (A)		84,927		5,522,803
Mastercard, Inc., Class A		45,094		12,482,470
MongoDB, Inc. (A)		48,260		6,166,180
Okta, Inc. (A)		126,988		13,850,581
PayPal Holdings, Inc. (A)		52,826		5,499,187
Shopify, Inc., Class A (A)		44,564		13,973,934
Square, Inc., Class A (A)		81,780		5,023,745
Twilio, Inc., Class A (A)		125,046		12,074,442
				97,108,908
Life Sciences Tools & Services - 3.1%
Illumina, Inc. (A)		61,887		18,288,846
Thermo Fisher Scientific, Inc.		21,167		6,392,011
				24,680,857
Machinery - 1.7%
Illinois Tool Works, Inc.		31,525		5,314,485
Middleby Corp. (A)		12,005		1,452,005
Nordson Corp.		24,519		3,844,824
Snap-on, Inc.		18,236		2,966,450
				13,577,764

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

Transamerica Funds Annual Report 2019

Page    220

Transamerica Large Growth

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Shares		Value
COMMON STOCKS (continued)
Oil, Gas & Consumable Fuels - 0.2%
Continental Resources, Inc. (A)		52,414		$   1,544,640
Pharmaceuticals - 1.1%
Allergan PLC		19,357		3,408,961
Eli Lilly & Co.		46,285		5,274,176
				8,683,137
Professional Services - 0.7%
Equifax, Inc.		19,581		2,676,918
IHS Markit, Ltd. (A)		40,337		2,824,397
				5,501,315
Road & Rail - 2.0%
Norfolk Southern Corp.		17,704		3,222,128
Uber Technologies, Inc. (A) (C)		402,369		12,674,623
				15,896,751
Semiconductors & Semiconductor Equipment - 2.7%
Advanced Micro Devices, Inc. (A)		117,584		3,989,625
Marvell Technology Group, Ltd.		141,544		3,452,258
Micron Technology, Inc. (A)		77,890		3,703,670
NVIDIA Corp.		36,518		7,340,848
ON Semiconductor Corp. (A)		139,120		2,838,048
				21,324,449
Software - 16.2%
Adobe, Inc. (A)		23,481		6,526,074
Atlassian Corp. PLC, Class A (A)		48,897		5,906,269
Coupa Software, Inc. (A)		74,038		10,179,485
DocuSign, Inc. (A)		50,307		3,329,820
Guidewire Software, Inc. (A) (C)		33,208		3,743,870
Microsoft Corp.		183,673		26,333,198
salesforce.com, Inc. (A)		53,095		8,308,837
ServiceNow, Inc. (A)		73,824		18,253,722
Slack Technologies, Inc., Class A (A)		536,027		11,792,594

	Shares		Value
COMMON STOCKS (continued)
Software (continued)
SS&C Technologies Holdings, Inc.		64,461		$   3,352,617
Trade Desk, Inc., Class A (A)		47,874		9,613,099
Workday, Inc., Class A (A)		100,118		16,235,135
Zoom Video Communications, Inc., Class A (A)		64,987		4,541,941
				128,116,661
Specialty Retail - 0.8%
TJX Cos., Inc.		112,050		6,459,682
Technology Hardware, Storage & Peripherals - 3.3%
Apple, Inc.		104,897		26,094,178
Textiles, Apparel & Luxury Goods - 2.4%
NIKE, Inc., Class B		81,573		7,304,862
PVH Corp.		45,809		3,992,712
Under Armour, Inc., Class C (A)		194,805		3,603,893
VF Corp.		53,627		4,412,966
				19,314,433
Total Common Stocks (Cost $625,772,750)				769,750,731
OTHER INVESTMENT COMPANY - 0.2%
Securities Lending Collateral - 0.2%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.75% (D)		1,854,506		1,854,506
Total Other Investment Company (Cost $1,854,506)				1,854,506
Total Investments (Cost $627,627,256)				771,605,237
Net Other Assets (Liabilities) - 2.7%				21,794,139
Net Assets - 100.0%				$  793,399,376

SECURITY VALUATION:

Valuation Inputs ^(E)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	763,494,076	$	6,256,655	$	—	$	769,750,731
Other Investment Company		1,854,506		—		—		1,854,506
Total Investments	$	765,348,582	$	6,256,655	$	—	$	771,605,237

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

Transamerica Funds Annual Report 2019

Page    221

Transamerica Large Growth

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	Security is registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the security is deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2019, the value of the 144A security is $6,256,655, representing 0.8% of the Fund’s net assets.
(C)	All or a portion of the securities are on loan. The total value of all securities on loan is $1,811,876. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(D)	Rate disclosed reflects the yield at October 31, 2019.
(E)	There were no transfers in or out of Level 3 during the period ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

Transamerica Funds Annual Report 2019

Page    222

Transamerica Large Value Opportunities

(unaudited)

MARKET ENVIRONMENT

Equities pulled back significantly in the fourth quarter of 2018 as continued trade concerns prevailed in the markets, along with a pullback in technology stocks that were some of the top market performers over recent years. Midterm elections in the U.S. came and went with minimal surprise as the election results of a Democratic-led House majority and a Republican-led Senate were as expected. Consumer retail strength during the beginning of the holiday shopping season was also a positive. December 2018 was volatile as a sell-off gained traction on concerns about the longer lasting effects of the U.S.-China trade dispute as well as the near- and medium-term monetary path of the U.S. Federal Reserve (“Fed”).

First quarter 2019 performance for the U.S. equity market was strong, as markets bounced back on some expectation that the Fed would reconsider its stance on gradual rate hikes given the volatility during December; this was reaffirmed as the central bank stood firm on interest rates. Escalation in the trade tensions between the U.S. and China led to a largely negative market environment for U.S. equities as negotiations between the two countries broke down during May. The third quarter of 2019 was defined by the ongoing trade dispute. U.S. equities rose in October based on positive developments in trade negotiations and an expected rate cut with the Fed’s October meeting. Since a particularly weak September manufacturing report, economic results were mixed in the U.S. With the announcement of a “phase one” part of the US-China trade deal, equities rallied, as this was the most positive development for trade sentiment in some time.

PERFORMANCE

For the year ended October 31, 2019, Transamerica Large Value Opportunities (Class R4) returned 7.31%. By comparison, its benchmark, the MSCI USA Value Index Gross, returned 11.07%.

STRATEGY REVIEW

We believe that the most effective way to invest in equities is to categorize stocks according to where they reside in their respective company life cycles, then to let the categorization drive how they are analyzed for investment attractiveness. Through our quantitative framework, we rank companies within fundamentally similar groups of stocks based on six life-cycle stages (three types for growth companies and three for mature companies). Our model quantitatively assesses the attractiveness of each company based on numerous factors that are relevant to each life-cycle category. The model’s 70-plus factors can be aggregated into three equally-weighted clusters: quality, sentiment and valuation.

Transamerica Large Value Opportunities underperformed its benchmark over the 12-month period. Real estate was the largest detracting sector to performance with Simon Property Group, Inc. and Host Hotels & Resorts, Inc. weighing the most individually within the group. Top-performing sectors were consumer discretionary and materials. Within consumer discretionary, top-performing holdings were AutoZone, Inc. and Nike, Inc., Class B. Based on our life-cycle categorization approach, high-cyclical growth holdings weighed the most, while exceptional-growth companies were the best performing. On a model factor cluster basis, valuation detracted the most, although it bounced back somewhat in September and October. Quality and sentiment were relatively flat over the period.

Sheedsa Ali, CFA

Kate Faraday

Co-Portfolio Managers

PineBridge Investments LLC

Asset Allocation	Percentage of Net Assets
Common Stocks		97.5	%
Exchange-Traded Fund		2.0
Other Investment Company		0.2
Net Other Assets (Liabilities)		0.3
Total		100.0	%

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

Transamerica Funds Annual Report 2019

Page    223

Transamerica Large Value Opportunities

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class I3 (NAV)		7.58	%		N/A			7.69	%		05/05/2017
Class R (NAV)		6.97	%		N/A			7.14	%		05/05/2017
Class R4 (NAV)		7.31	%		6.05	%		11.20	%		09/11/2000
MSCI USA Value Index Gross (A)		11.07	%		8.19	%		11.95	%

^(A) The MSCI USA Value Index Gross captures large and mid-cap U.S. securities exhibiting overall value style characteristics.

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

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

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

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

The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the Fund fall, the value of the Fund will decline. Value investing carries the risk that the market will not recognize a security’s intrinsic value for a long time or that an undervalued stock is actually appropriately priced. The Fund may be more concentrated than that of a more diversified fund, subjecting it to greater fluctuation and risk.

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Transamerica Funds Annual Report 2019

Page    224

Transamerica Large Value Opportunities

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Shares		Value
COMMON STOCKS - 97.5%
Airlines - 1.0%
Delta Air Lines, Inc.		99,391		$  5,474,456
Auto Components - 0.2%
Lear Corp.		10,882		1,281,573
Banks - 9.4%
Bank of America Corp.		323,569		10,118,003
Citigroup, Inc.		39,455		2,835,236
Fifth Third Bancorp		223,476		6,498,682
First Citizens BancShares, Inc., Class A		1,890		929,729
JPMorgan Chase & Co.		89,061		11,125,500
Popular, Inc.		94,857		5,165,912
SVB Financial Group (A)		10,375		2,297,855
US Bancorp		158,500		9,037,670
Wells Fargo & Co.		68,955		3,560,147
				51,568,734
Beverages - 1.2%
Coca-Cola Co.		72,996		3,973,172
Monster Beverage Corp. (A)		2,024		113,607
PepsiCo, Inc.		19,232		2,638,054
				6,724,833
Biotechnology - 2.8%
AbbVie, Inc.		55,227		4,393,308
Amgen, Inc.		2,432		518,624
Biogen, Inc. (A)		14,229		4,250,345
Gilead Sciences, Inc.		94,526		6,022,251
				15,184,528
Capital Markets - 3.3%
Ameriprise Financial, Inc.		18,633		2,811,533
E*TRADE Financial Corp.		103,730		4,334,877
FactSet Research Systems, Inc.		19,590		4,966,457
Franklin Resources, Inc.		194,641		5,362,359
TD Ameritrade Holding Corp.		16,220		622,524
				18,097,750
Chemicals - 2.2%
CF Industries Holdings, Inc.		3,222		146,118
Corteva, Inc. (A)		189,750		5,005,605
Dow, Inc. (A)		111,721		5,640,793
NewMarket Corp.		2,881		1,398,697
				12,191,213
Communications Equipment - 2.4%
Cisco Systems, Inc.		284,191		13,501,914
Consumer Finance - 2.7%
Capital One Financial Corp.		77,687		7,244,313
Credit Acceptance Corp. (A)		3,663		1,603,698
Discover Financial Services		73,443		5,894,535
				14,742,546
Diversified Financial Services - 0.3%
Berkshire Hathaway, Inc., Class B (A)		6,907		1,468,290
Diversified Telecommunication Services - 2.1%
AT&T, Inc.		163,075		6,276,757
CenturyLink, Inc.		43,486		562,709
Verizon Communications, Inc.		82,303		4,976,862
				11,816,328
Electric Utilities - 2.3%
Evergy, Inc.		90,317		5,772,160

	Shares		Value
COMMON STOCKS (continued)
Electric Utilities (continued)
FirstEnergy Corp.		131,929		$   6,374,809
PG&E Corp. (A) (B)		89,049		549,432
				12,696,401
Electrical Equipment - 0.3%
Rockwell Automation, Inc.		9,223		1,586,264
Electronic Equipment, Instruments & Components - 0.6%
CDW Corp.		24,111		3,084,038
Entertainment - 1.5%
Viacom, Inc., Class B		178,776		3,854,411
Walt Disney Co.		33,584		4,363,233
				8,217,644
Equity Real Estate Investment Trusts - 2.7%
Host Hotels & Resorts, Inc.		333,239		5,461,787
Service Properties Trust		77,216		1,953,565
Simon Property Group, Inc.		48,069		7,243,037
				14,658,389
Food & Staples Retailing - 1.3%
Kroger Co.		4,611		113,615
Sysco Corp.		66,713		5,328,367
Walmart, Inc.		14,712		1,725,129
				7,167,111
Food Products - 1.9%
Kellogg Co.		70,215		4,460,759
Tyson Foods, Inc., Class A		69,502		5,754,071
				10,214,830
Gas Utilities - 0.2%
UGI Corp.		21,428		1,021,473
Health Care Equipment & Supplies - 0.9%
Cooper Cos., Inc.		2,496		726,336
Masimo Corp. (A)		9,104		1,327,272
Medtronic PLC		19,548		2,128,777
STERIS PLC		4,708		666,512
				4,848,897
Health Care Providers & Services - 3.5%
Anthem, Inc.		32,113		8,640,966
Cardinal Health, Inc.		91,281		4,513,845
CVS Health Corp.		10,081		669,278
HCA Healthcare, Inc.		38,834		5,185,892
				19,009,981
Hotels, Restaurants & Leisure - 1.9%
Darden Restaurants, Inc.		47,276		5,307,677
Starbucks Corp.		60,711		5,133,722
				10,441,399
Household Products - 4.4%
Clorox Co.		37,275		5,505,145
Colgate-Palmolive Co.		111,037		7,617,138
Kimberly-Clark Corp.		27,273		3,624,036
Procter & Gamble Co.		60,142		7,488,281
				24,234,600
Independent Power & Renewable Electricity Producers - 2.1%
AES Corp.		267,913		4,567,917
NRG Energy, Inc.		34,380		1,379,325
Vistra Energy Corp.		202,656		5,477,792
				11,425,034

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

Transamerica Funds Annual Report 2019

Page    225

Transamerica Large Value Opportunities

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Shares		Value
COMMON STOCKS (continued)
Industrial Conglomerates - 2.0%
3M Co.		56,100		$   9,255,939
Honeywell International, Inc.		10,537		1,820,056
				11,075,995
Insurance - 5.9%
Aflac, Inc.		130,542		6,939,613
Allstate Corp.		62,637		6,665,830
Arch Capital Group, Ltd. (A)		39,376		1,644,342
Athene Holding, Ltd., Class A (A)		16,312		707,125
CNA Financial Corp.		10,014		449,028
Hartford Financial Services Group, Inc.		103,744		5,921,707
Loews Corp.		4,307		211,043
MetLife, Inc.		113,160		5,294,756
Progressive Corp.		70,359		4,904,022
				32,737,466
Internet & Direct Marketing Retail - 1.1%
Booking Holdings, Inc. (A)		2,596		5,318,607
eBay, Inc.		26,934		949,423
				6,268,030
IT Services - 2.1%
International Business Machines Corp.		35,595		4,760,119
PayPal Holdings, Inc. (A)		15,186		1,580,863
Visa, Inc., Class A		29,298		5,240,240
				11,581,222
Machinery - 3.4%
Allison Transmission Holdings, Inc.		108,500		4,731,685
Caterpillar, Inc.		42,578		5,867,248
Dover Corp.		48,565		5,045,418
Snap-on, Inc.		18,780		3,054,943
				18,699,294
Media - 2.9%
AMC Networks, Inc., Class A (A)		11,202		487,847
Charter Communications, Inc., Class A (A)		12,017		5,622,274
Comcast Corp., Class A		71,523		3,205,661
Discovery, Inc., Class C (A)		23,701		598,213
Omnicom Group, Inc.		75,197		5,804,456
				15,718,451
Multi-Utilities - 0.2%
Ameren Corp.		3,615		280,886
CenterPoint Energy, Inc.		8,661		251,775
Public Service Enterprise Group, Inc.		7,284		461,150
				993,811
Oil, Gas & Consumable Fuels - 7.1%
Chevron Corp.		122,980		14,282,897
ConocoPhillips		142,750		7,879,800
Exxon Mobil Corp.		198,596		13,419,132
HollyFrontier Corp.		44,706		2,456,148
ONEOK, Inc.		18,752		1,309,452
				39,347,429
Pharmaceuticals - 9.6%
Bristol-Myers Squibb Co.		130,202		7,469,689
Eli Lilly & Co.		49,050		5,589,247
Jazz Pharmaceuticals PLC (A)		36,960		4,643,285
Johnson & Johnson		118,940		15,704,838
Merck & Co., Inc.		134,025		11,614,606

	Shares		Value
COMMON STOCKS (continued)
Pharmaceuticals (continued)
Pfizer, Inc.		205,294		$   7,877,131
				52,898,796
Real Estate Management & Development - 0.5%
Jones Lang LaSalle, Inc.		18,834		2,759,558
Road & Rail - 1.6%
CSX Corp.		19,573		1,375,395
Norfolk Southern Corp.		39,588		7,205,016
				8,580,411
Semiconductors & Semiconductor Equipment - 2.4%
Intel Corp.		133,033		7,520,355
QUALCOMM, Inc.		12,583		1,012,177
Texas Instruments, Inc.		40,651		4,796,411
				13,328,943
Software - 2.4%
Intuit, Inc.		18,975		4,886,063
Oracle Corp.		157,729		8,594,653
				13,480,716
Specialty Retail - 1.8%
AutoZone, Inc. (A)		4,755		5,441,527
Home Depot, Inc.		19,030		4,464,057
				9,905,584
Technology Hardware, Storage & Peripherals - 1.7%
Apple, Inc.		22,462		5,587,647
HP, Inc.		222,808		3,870,175
				9,457,822
Tobacco - 1.6%
Altria Group, Inc.		197,335		8,838,635
Philip Morris International, Inc.		3,239		263,784
				9,102,419
Wireless Telecommunication Services - 0.0% (C)
Sprint Corp. (A)		8,049		49,984
Total Common Stocks (Cost $522,139,285)				536,644,157
EXCHANGE-TRADED FUND - 2.0%
U.S. Equity Fund - 2.0%
iShares Russell 1000 Value ETF (B)		84,306		10,965,681
Total Exchange-Traded Fund (Cost $10,362,313)				10,965,681
OTHER INVESTMENT COMPANY - 0.2%
Securities Lending Collateral - 0.2%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.75% (D)		838,527		838,527
Total Other Investment Company (Cost $838,527)				838,527
Total Investments (Cost $533,340,125)				548,448,365
Net Other Assets (Liabilities) - 0.3%				1,424,637
Net Assets - 100.0%				$  549,873,002

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

Transamerica Funds Annual Report 2019

Page    226

Transamerica Large Value Opportunities

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

SECURITY VALUATION:

Valuation Inputs ^(E)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	536,644,157	$	—	$	—	$	536,644,157
Exchange-Traded Fund		10,965,681		—		—		10,965,681
Other Investment Company		838,527		—		—		838,527
Total Investments	$	548,448,365	$	—	$	—	$	548,448,365

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	All or a portion of the securities are on loan. The total value of all securities on loan is $804,075. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(C)	Percentage rounds to less than 0.1% or (0.1)%.
(D)	Rate disclosed reflects the yield at October 31, 2019.
(E)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

Transamerica Funds Annual Report 2019

Page    227

Transamerica Mid Cap Growth

(unaudited)

MARKET ENVIRONMENT

U.S. equities, as measured by the S&P 500^® Index, posted positive results over the 12-month period ended October 31, 2019. Towards the end of 2018, volatility was elevated as markets contended with a confluence of moderating growth, tighter liquidity and monetary policy, trade uncertainty, swelling fiscal deficits, and political turmoil. The U.S. Federal Reserve (“Fed”) raised its benchmark interest rate by 0.25% in December. During the first quarter of 2019, U.S. equities rallied buoyed by a dovish shift in Fed policy and guidance, optimism for a U.S.-China trade deal, relatively strong fourth-quarter earnings, and corporate buybacks. The Fed left its benchmark interest rate unchanged during the first quarter, signaling a more patient approach toward future policy-rate adjustments in response to slowing economic growth and muted inflation. By the summer of 2019, unresolved U.S. trade frictions with China, Mexico, Japan, and the EU unsettled markets and raised concerns about the potential risks to U.S. economic growth from increasing cost pressures, supply chain disruptions, and waning business confidence and investment plans. In the third quarter of 2019, U.S. equities rose for the third consecutive quarter with the U.S. economy remaining resilient despite elevated geopolitical uncertainties and slowing global growth. U.S.-China trade relations were particularly volatile in the absence of meaningful compromises on key structural issues, and expectations for a protracted trade war and the potential for a longer-term decoupling of the world’s two largest economies has eroded consumer and business confidence and curtailed capital spending. The Fed lowered its benchmark interest rate in July and September by a combined 0.50% in an effort to sustain economic expansion and mitigate the risks of moderating growth and trade frictions. In October, the Fed lowered interest rates for a third time in 2019 by 0.25% and signaled its intention to pause further changes in policy. U.S. and China made progress towards finalizing sections of a “phase one” trade agreement.

Returns varied by market capitalization, as large-cap stocks, as measured by the S&P 500^® Index, outperformed small-cap and mid-cap stocks, as measured by the Russell 2000^® Index and S&P MidCap 400^® Index, respectively.

PERFORMANCE

For the year ended October 31, 2019, Transamerica Mid Cap Growth (Class R4) returned 23.05%, excluding any sales charges. By comparison, its benchmark, the Russell Midcap^® Growth Index, returned 18.93%.

STRATEGY REVIEW

Since we began managing the Fund on December 6, 2018 (following a brief transition period from the prior sub-advisor), through the period ended October 31, 2019, the Fund outperformed its benchmark. Relative outperformance was almost entirely driven by positive stock selection. By sector, holdings in information technology, and to a lesser extent, industrials and health care, drove performance. Notable contributors included Global Payments Inc., a provider of payment technology services; Seattle Genetics, Inc., a biotechnology company that specializes in delivering cancer-killing agents directly to tumor cells; and SBA Communications Corp., a real estate investment trust providing wireless communications infrastructure such as cell towers.

Detractors included our positions in Centene Corp., a Medicaid-focused managed care organization; Vail Resorts, Inc., a U.S. based ski resort owner and operator; and Gartner, Inc., an IT research and advisory services company.

In terms of positioning, the portfolio continues to have a meaningful overweight in consumer discretionary funded by underweights in sectors such as consumer staples, materials, financials and industrials, most notably. Over the period, we have added several new holdings, largely in the IT and health-care sectors. We have also eliminated several holdings, a few of which had graduated beyond our mid-cap opportunity set on the back of strong performance.

Timothy N. Manning

Portfolio Manager

Wellington Management Company

Asset Allocation	Percentage of Net Assets
Common Stocks		99.2	%
Other Investment Company		1.9
Repurchase Agreement		1.2
Net Other Assets (Liabilities)		(2.3	)
Total		100.0	%

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

Transamerica Funds Annual Report 2019

Page    228

Transamerica Mid Cap Growth

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		16.41	%		N/A			6.31	%		03/10/2017
Class A (NAV)		23.15	%		N/A			8.62	%		03/10/2017
Class C (POP)		21.51	%		N/A			7.82	%		03/10/2017
Class C (NAV)		22.29	%		N/A			7.82	%		03/10/2017
Class I (NAV)		23.45	%		N/A			8.92	%		03/10/2017
Class I2 (NAV)		23.34	%		N/A			8.91	%		03/10/2017
Class I3 (NAV)		23.41	%		N/A			8.74	%		03/10/2017
Class R (NAV)		22.79	%		N/A			8.18	%		03/10/2017
Class R4 (NAV)		23.05	%		8.64	%		12.01	%		11/07/2001
Russell Midcap® Growth Index (A)		18.93	%		10.92	%		14.76	%

^(A) The Russell Midcap^® Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe, and is comprised of Russell Midcap^® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell Midcap^® Index measures the performance of the mid-cap segment of the U.S. equity universe.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I, I2, I3, R and R4 shares.

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

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

Returns on growth stocks may not move in tandem with return on other categories of stocks or the market as a whole. Growth stocks may be particularly susceptible to larger price swings or to adverse developments. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks. Investing in small and medium-sized companies involves greater risk than is customarily associated with more established companies. The securities of small and mid-capitalization companies are subject to higher volatility than larger, more established companies.

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Transamerica Funds Annual Report 2019

Page    229

Transamerica Mid Cap Growth

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Shares		Value
COMMON STOCKS - 99.2%
Aerospace & Defense - 8.0%
BWX Technologies, Inc.		164,851		$  9,577,843
Hexcel Corp.		118,413		8,835,978
				18,413,821
Banks - 2.0%
First Republic Bank		42,327		4,501,900
Biotechnology - 6.0%
Bluebird Bio, Inc. (A)		31,255		2,531,655
Incyte Corp. (A)		72,999		6,126,076
Seattle Genetics, Inc. (A)		48,810		5,242,194
				13,899,925
Diversified Consumer Services - 4.5%
Bright Horizons Family Solutions, Inc. (A)		69,753		10,359,716
Electronic Equipment, Instruments & Components - 1.8%
CDW Corp.		32,525		4,160,273
Entertainment - 3.0%
Take-Two Interactive Software, Inc. (A)		57,164		6,879,687
Equity Real Estate Investment Trusts - 3.9%
SBA Communications Corp.		37,422		9,005,604
Health Care Equipment & Supplies - 4.5%
ABIOMED, Inc. (A)		18,278		3,794,147
Penumbra, Inc. (A) (B)		42,676		6,656,176
				10,450,323
Health Care Providers & Services - 2.0%
Centene Corp. (A)		85,484		4,537,491
Hotels, Restaurants & Leisure - 9.9%
Aramark		268,712		11,758,837
Domino’s Pizza, Inc. (B)		15,983		4,341,303
Vail Resorts, Inc.		28,698		6,668,554
				22,768,694
Internet & Direct Marketing Retail - 4.9%
Expedia Group, Inc.		82,286		11,245,205
IT Services - 10.0%
Gartner, Inc. (A)		92,283		14,218,964
Global Payments, Inc.		52,477		8,878,059
				23,097,023
Life Sciences Tools & Services - 1.8%
Mettler-Toledo International, Inc. (A)		5,826		4,106,980
Professional Services - 7.4%
IHS Markit, Ltd. (A)		181,824		12,731,317
TransUnion		51,244		4,233,779
				16,965,096
Semiconductors & Semiconductor Equipment - 7.8%
Advanced Micro Devices, Inc. (A)		155,899		5,289,653
KLA Corp.		43,209		7,304,049
Monolithic Power Systems, Inc.		36,263		5,436,549
				18,030,251
Software - 15.2%
Ceridian HCM Holding, Inc. (A)		55,367		2,671,458
DocuSign, Inc. (A)		123,592		8,180,554
Guidewire Software, Inc. (A)		59,721		6,732,946
SS&C Technologies Holdings, Inc.		213,665		11,112,717
Tyler Technologies, Inc. (A)		23,072		6,195,293
				34,892,968

	Shares		Value
COMMON STOCKS (continued)
Specialty Retail - 3.7%
Burlington Stores, Inc. (A)		44,543		$   8,559,828
Textiles, Apparel & Luxury Goods - 2.8%
Under Armour, Inc., Class A (A) (B)		316,487		6,535,457
Total Common Stocks (Cost $212,233,308)				228,410,242
OTHER INVESTMENT COMPANY - 1.9%
Securities Lending Collateral - 1.9%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.75% (C)		4,430,555		4,430,555
Total Other Investment Company (Cost $4,430,555)				4,430,555
	Principal		Value
REPURCHASE AGREEMENT - 1.2%
Fixed Income Clearing Corp., 0.85% (C), dated 10/31/2019, to be repurchased at $2,875,663 on 11/01/2019. Collateralized by a U.S. Government Obligation, 1.88%, due 05/31/2022, and with a value of $2,935,223.		$  2,875,595		2,875,595
Total Repurchase Agreement (Cost $2,875,595)				2,875,595
Total Investments (Cost $219,539,458)				235,716,392
Net Other Assets (Liabilities) - (2.3)%				(5,355,190	)
Net Assets - 100.0%				$  230,361,202

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

Transamerica Funds Annual Report 2019

Page    230

Transamerica Mid Cap Growth

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

SECURITY VALUATION:

Valuation Inputs ^(D)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	228,410,242	$	—	$	—	$	228,410,242
Other Investment Company		4,430,555		—		—		4,430,555
Repurchase Agreement		—		2,875,595		—		2,875,595
Total Investments	$	232,840,797	$	2,875,595	$	—	$	235,716,392

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	All or a portion of the securities are on loan. The total value of all securities on loan is $4,331,431. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(C)	Rates disclosed reflect the yields at October 31, 2019.
(D)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

Transamerica Funds Annual Report 2019

Page    231

Transamerica Mid Cap Value Opportunities

(unaudited)

MARKET ENVIRONMENT

Most U.S. equity markets posted solid double digit returns for the fiscal year ended October 31, 2019, although it was certainly a bumpy ride. Specifically, December of 2018 witnessed a dramatic sell-off across equities driven by concerns of a global trade war, more restrictive monetary policy, and fears of peak earnings growth. Equities experienced a near mirror image recovery in January, suggesting that December’s weakness may have been exacerbated by tax-loss harvesting. After raising rates in December, the U.S. Federal Reserve turned dovish in 2019 and lowered the target rate three times. This dovish tone supported strong rallies in credit, equities, and Treasuries, although the market continued to oscillate around potential implications from a global trade war, downward trending forward indicators, heightened global growth concerns, and geopolitical risks both in the U.S. and abroad. With this backdrop and despite rising uncertainty, the economy continued to hold up, resulting in the continuation of one of the longest bull markets in history. Broader U.S. equity markets finished the 12-month period ended October 31, 2019 on top, led by large cap and growth stocks. Equity markets favored growth across style boxes, with pricier, higher multiple names outpacing those priced at a discount. This leads us to believe investor expectations are high which increases the potential for disappointment and further market volatility. As always, Thompson, Siegel & Walmsley LLC will maintain its disciplined approach to value investing and buy/sell stocks opportunistically irrespective of market fluctuations.

PERFORMANCE

For the year ended October 31, 2019, Transamerica Mid Cap Value Opportunities (Class A) returned 9.64%, excluding any sales charges. By comparison, its benchmark, the Russell Midcap^® Value Index, returned 10.08%.

STRATEGY REVIEW

The Fund outperformed its benchmark, the Russell Midcap^® Value Index, over the period on a gross of fees basis, driven primarily by stock selection. At the sector level, consumer staples and health care led performance. In staples, the portfolio benefitted from strong stock selection across a number of companies. Holdings in US Foods Holding Corp. (“US Foods”), General Mills, Inc. (“General Mills”), and Casey’s General Stores, Inc. (“Casey’s”) made considerable contributions to relative return. US Foods, a food distributor, benefitted from solid earnings driven by gross margin expansion and improved market sentiment on a prior acquisition. General Mills, a branded foods business, moved higher off strong earnings and positive sentiment around the portfolio mix shifting further away from legacy branded cereal and into more niche brands. Lastly, Casey’s, a convenience store and gasoline station operator, benefitted from a favorable gas margin environment and positive execution of their value creation plan. We have since sold the stock into strength. Within health care, the portfolio benefitted from holdings in Dentsply Sirona, Inc. (“Dentsply Sirona”) and Zimmer Biomet Holdings, Inc. (“Zimmer Biomet”). Dentsply Sirona designs, manufactures, sells, and distributes professional dental products and technologies. The company reported better than expected fourth quarter earnings and provided a positive outlook due to new product introductions. We took advantage of the price increase to eliminate our position in the first quarter of 2019. Zimmer Biomet, a provider of orthopedic reconstructive parts, moved higher off expectations of the roll-out of a robotic knee product and better execution by management in addressing gaps in the product portfolio.

Producer durables and financial services were the main detractors over the period. The portfolio’s underweight to producer durables, particularly machinery, drove the weakness in the sector. For names held in the portfolio, Trinity Industries, Inc. (“Trinity”) and Stericycle, Inc. (“Stericycle”) were the primary detractors. Trinity is a manufacturer of transportation, energy, and construction products, as well as one of the largest railcar lessors in North America. Order deceleration in the rail segment adversely impacted the stock, but we continue to hold the stock as we believe it trades at a discount to the sum of its parts. Stericycle, a medical waste management company, was impacted by pricing pressure in the industry and spend on IT initiatives at the organization.

We exited this position as our risk/reward outlook deteriorated given the rising risk associated with the company’s enterprise resource planning (ERP) software implementation and negative trending non-core business fundamentals. Within financial services, our underweight to the sector adversely impacted performance, notably driven by the underweight to real estate investment trusts (“REITs”), which have been strong due to falling interest rates. Strong stock selection and allocation to insurance companies as well as our bank positioning, however, mitigated the aggregate underperformance in the sector. At the stock level, our holding in Uniti Group, Inc., a telecommunications REIT, was the primary detractor. The company’s largest client filed for bankruptcy earlier in the year after losing an ongoing court case to a distressed debt investor. Our risk/reward outlook deteriorated following the unexpected news and we took advantage of recent price strength to exit the small position.

R. Michael Creager, CFA

Brett P. Hawkins, CFA

Co-Portfolio Managers

Thompson, Siegel & Walmsley LLC

Asset Allocation	Percentage of Net Assets
Common Stocks		91.9	%
Repurchase Agreement		8.4
Net Other Assets (Liabilities)		(0.3	)
Total		100.0	%

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

Transamerica Funds Annual Report 2019

Page    232

Transamerica Mid Cap Value Opportunities

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		3.61	%		6.46	%		7.27	%		04/30/2014
Class A (NAV)		9.64	%		7.66	%		8.37	%		04/30/2014
Russell Midcap® Value Index (A)		10.08	%		6.95	%		7.52	%
Class C (POP)		8.00	%		6.89	%		7.61	%		04/30/2014
Class C (NAV)		9.00	%		6.89	%		7.61	%		04/30/2014
Class I (NAV)		9.99	%		7.96	%		8.68	%		04/30/2014
Class I2 (NAV)		10.04	%		8.05	%		8.77	%		04/30/2014
Class I3 (NAV)		10.10	%		N/A			5.89	%		03/24/2017
Class R (NAV)		9.45	%		N/A			5.33	%		03/24/2017
Class R4 (NAV)		9.83	%		N/A			5.68	%		03/24/2017
Class R6 (NAV)		10.06	%		N/A			7.41	%		07/25/2016

^(A) The Russell Midcap^® Value Index measures the performance of the mid-cap value segment of the U.S. equity universe, and is comprised of Russell Midcap^® Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell Midcap^® Index measures the performance of the mid-cap segment of the U.S. equity universe.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I, I2, I3, R, R4 and R6 shares.

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

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

Investing in mid-sized companies involves greater risk than is customarily associated with more established companies. The securities of mid-sized companies are subject to higher volatility than larger, more established companies. The prices of securities the sub-adviser believes are undervalued many not appreciate as anticipated or may go down. Value approach carries the risk that the market will not recognize a security’s intrinsic value for a long time or that an undervalued stock is actually appropriately priced.

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Transamerica Funds Annual Report 2019

Page    233

Transamerica Mid Cap Value Opportunities

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Shares		Value
COMMON STOCKS - 91.9%
Airlines - 2.5%
Alaska Air Group, Inc.		272,616		$  18,927,729
JetBlue Airways Corp. (A)		873,200		16,852,760
				35,780,489
Banks - 2.8%
CIT Group, Inc.		526,160		22,567,002
Signature Bank		152,200		18,008,304
				40,575,306
Beverages - 1.9%
Molson Coors Brewing Co., Class B		523,884		27,619,164
Biotechnology - 1.3%
United Therapeutics Corp. (A)		202,200		18,165,648
Capital Markets - 1.5%
E*TRADE Financial Corp.		521,600		21,797,664
Chemicals - 2.9%
Corteva, Inc.		666,100		17,571,718
Mosaic Co.		680,800		13,534,304
Westlake Chemical Corp.		161,600		10,211,504
				41,317,526
Consumer Finance - 0.8%
Ally Financial, Inc.		349,939		10,718,632
Distributors - 1.9%
LKQ Corp. (A)		790,100		26,855,499
Diversified Financial Services - 1.4%
Jefferies Financial Group, Inc.		1,099,300		20,523,931
Diversified Telecommunication Services - 1.0%
GCI Liberty, Inc., Class A (A)		206,500		14,450,870
Electric Utilities - 3.5%
FirstEnergy Corp.		507,300		24,512,736
PPL Corp.		764,050		25,588,035
				50,100,771
Energy Equipment & Services - 1.2%
Baker Hughes Co.		814,600		17,432,440
Entertainment - 2.5%
Viacom, Inc., Class B		1,667,000		35,940,520
Equity Real Estate Investment Trusts - 7.0%
Brixmor Property Group, Inc.		836,800		18,426,336
Colony Capital, Inc.		2,420,105		13,552,588
Gaming and Leisure Properties, Inc.		585,700		23,638,852
JBG SMITH Properties		679,470		27,355,462
VEREIT, Inc.		1,758,100		17,299,704
				100,272,942
Food & Staples Retailing - 1.8%
US Foods Holding Corp. (A)		634,400		25,166,648
Food Products - 5.7%
General Mills, Inc.		316,300		16,087,018
J.M. Smucker Co.		130,400		13,780,672
Kraft Heinz Co.		502,700		16,252,291
Post Holdings, Inc. (A)		336,900		34,667,010
				80,786,991
Health Care Equipment & Supplies - 1.8%
Zimmer Biomet Holdings, Inc.		186,500		25,779,895
Health Care Providers & Services - 6.5%
AmerisourceBergen Corp.		316,856		27,053,165

	Shares		Value
COMMON STOCKS (continued)
Health Care Providers & Services (continued)
Cardinal Health, Inc.		348,968		$   17,256,468
Centene Corp. (A)		158,800		8,429,104
DaVita, Inc. (A)		125,400		7,348,440
Laboratory Corp. of America Holdings (A)		200,538		33,042,646
				93,129,823
Hotels, Restaurants & Leisure - 1.2%
Aramark		399,900		17,499,624
Household Products - 0.0% (B)
Spectrum Brands Holdings, Inc.		9,501		477,045
Insurance - 13.3%
Alleghany Corp. (A)		45,125		35,120,336
Allstate Corp.		259,400		27,605,348
Arch Capital Group, Ltd. (A)		522,500		21,819,600
Fidelity National Financial, Inc.		547,203		25,083,786
Loews Corp.		598,320		29,317,680
Markel Corp. (A)		21,100		24,708,100
Willis Towers Watson PLC		143,166		26,757,725
				190,412,575
Internet & Direct Marketing Retail - 1.4%
Expedia Group, Inc.		150,654		20,588,376
Machinery - 1.6%
Trinity Industries, Inc.		1,178,280		23,306,378
Media - 7.5%
Discovery, Inc., Class C (A)		533,580		13,467,559
DISH Network Corp., Class A (A)		657,893		22,618,362
Fox Corp., Class A		655,400		20,999,016
Liberty Media Corp. - Liberty SiriusXM, Class C (A)		402,900		18,207,051
News Corp., Class A		2,279,400		31,250,574
				106,542,562
Mortgage Real Estate Investment Trusts - 3.1%
Annaly Capital Management, Inc.		4,865,045		43,688,104
Multi-Utilities - 3.2%
CenterPoint Energy, Inc.		1,563,000		45,436,410
Multiline Retail - 1.9%
Dollar Tree, Inc. (A)		241,100		26,617,440
Oil, Gas & Consumable Fuels - 2.0%
Antero Resources Corp. (A)		2,521,000		6,302,500
Williams Cos., Inc.		1,020,100		22,758,431
				29,060,931
Personal Products - 0.5%
Coty, Inc., Class A		619,300		7,239,617
Pharmaceuticals - 0.8%
Perrigo Co. PLC		217,600		11,537,152
Semiconductors & Semiconductor Equipment - 0.8%
Qorvo, Inc. (A)		141,500		11,441,690
Software - 2.5%
CDK Global, Inc.		474,000		23,955,960
SS&C Technologies Holdings, Inc.		221,500		11,520,215
				35,476,175
Specialty Retail - 1.2%
Foot Locker, Inc.		395,900		17,225,609

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

Transamerica Funds Annual Report 2019

Page    234

Transamerica Mid Cap Value Opportunities

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Shares		Value
COMMON STOCKS (continued)
Technology Hardware, Storage & Peripherals - 0.7%
NCR Corp. (A)		328,100		$   9,583,801
Trading Companies & Distributors - 2.2%
AerCap Holdings NV (A)		365,900		21,178,292
HD Supply Holdings, Inc. (A)		270,800		10,707,432
				31,885,724
Total Common Stocks (Cost $1,182,185,184)				1,314,433,972

	Principal		Value
REPURCHASE AGREEMENT - 8.4%
Fixed Income Clearing Corp., 0.85% (C), dated 10/31/2019, to be repurchased at $120,087,810 on 11/01/2019. Collateralized by U.S. Government Obligations, 1.75% - 2.13%, due 05/15/2022 - 05/31/2022, and with a total value of $122,490,121.		$  120,084,974		$   120,084,974
Total Repurchase Agreement (Cost $120,084,974)				120,084,974
Total Investments (Cost $1,302,270,158)				1,434,518,946
Net Other Assets (Liabilities) - (0.3)%				(3,893,010	)
Net Assets - 100.0%				$  1,430,625,936

SECURITY VALUATION:

Valuation Inputs ^(D)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	1,314,433,972	$	—	$	—	$	1,314,433,972
Repurchase Agreement		—		120,084,974		—		120,084,974
Total Investments	$	1,314,433,972	$	120,084,974	$	—	$	1,434,518,946

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	Percentage rounds to less than 0.1% or (0.1)%.
(C)	Rate disclosed reflects the yield at October 31, 2019.
(D)	There were no transfers in or out of Level 3 during the period ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

Transamerica Funds Annual Report 2019

Page    235

Transamerica MLP & Energy Income

(unaudited)

MARKET ENVIRONMENT

In energy markets, concerns over a global economic slowdown, potential oversupply in commodity markets, particularly natural gas, and concern about the financial strength of upstream companies resulted in negative sector performance. While the energy infrastructure sub-sector was not immune from these concerns, midstream companies materially outperformed compared to other parts of the energy sector. This was because investors acknowledged that these companies have already implemented many of the reforms, such as reducing leverage, increasing coverage, and funding capital expenditures internally, that the market now demands of upstream companies.

The midstream sector has generated meaningful amounts of free cash flow over the past year as new projects were placed in service, capital spending abated, and production increased. Capital efficiency and shareholder returns have remained an area of focus for investors. Investors have demanded that energy companies generate free cash and increase the amount of capital they return to investors through debt reduction, dividends, and share buybacks. Recent quarterly results have been very good, as large diversified companies announced financial results that easily beat consensus estimates.

PERFORMANCE

For the year ended October 31, 2019, Transamerica MLP & Energy Income (Class A) returned -0.20%, excluding any sales charges. By comparison, its primary and secondary benchmarks, the S&P 500^® and the Alerian MLP Total Return Index, returned 14.33% and -6.36%, respectively.

STRATEGY REVIEW

Renewable, Canadian, and liquefied natural gas related infrastructure sub-sectors posted the best relative performance, while gathering & processing delivered the lowest relative returns. Fund-specific performance for the fiscal year was predominantly driven by negative contributions attributable to gathering & processing positions, largely offset by positive contributions from our Canadian oil & gas-related positions.

The largest individual contributors to performance during the fiscal year were investments in TC Energy Corp. and Kinder Morgan, Inc. TC Energy Corp., in a turnaround from last year, has demonstrated strong financial performance, while Kinder Morgan Inc., despite recently reported earnings that were mildly disappointing, was lifted by its $1.5 billion sale of its interest in the Cochin pipeline.

Targa Resources Corp. and Antero Midstream Corp. were the primary detractors to performance. Targa Resources Corp.’s processed natural gas volumes increased, however revenue shrank due to the pricing environment. As a sponsor-backed natural gas player in the northeastern U.S., Antero Midstream Corp. came under pressure as the market developed a negative view around the growth prospects of gas producers. While the company reported strong production growth and kept a lid on costs, weaker commodity prices negatively impacted earnings.

Although the Fund has experienced a bit more volatility than expected, we continue to manage the portfolio to favor higher quality midstream and renewable energy companies.

John C. Frey

Portfolio Manager

Kayne Anderson Capital Advisors, L.P.

Asset Allocation	Percentage of Net Assets
Common Stocks		62.2	%
Master Limited Partnerships		34.0
Other Investment Company		5.1
Repurchase Agreement		3.5
Net Other Assets (Liabilities)		(4.8	)
Total		100.0	%

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

Transamerica Funds Annual Report 2019

Page    236

Transamerica MLP & Energy Income

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		(5.69	)%		(7.84	)%		(3.38	)%		04/30/2013
Class A (NAV)		(0.20	)%		(6.79	)%		(2.54	)%		04/30/2013
S&P 500® (A)		14.33	%		10.78	%		12.72	%
Alerian MLP Total Return Index (B)		(6.36	)%		(8.96	)%		(4.26	)%
Class C (POP)		(1.79	)%		(7.47	)%		(3.26	)%		04/30/2013
Class C (NAV)		(0.84	)%		(7.47	)%		(3.26	)%		04/30/2013
Class I (NAV)		(0.03	)%		(6.52	)%		(2.27	)%		04/30/2013
Class I2 (NAV)		(0.08	)%		(6.42	)%		(2.17	)%		04/30/2013

^(A) The S&P 500^® is market-capitalization weighted index of 500 large U.S. companies with common stock listed on the NYSE or NASDAQ.

^(B) The Alerian MLP Total Return Index is a composite of the 50 most prominent energy Master Limited Partnerships (“MLPs”) that provides investors with an unbiased, comprehensive benchmark for this asset class.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would be lower. There are no sales charges on Class I and I2 shares.

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

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

Investing in MLPs involve risks related to limited control, cash flow changes, dilution risks and risk linked to the general partner’s right to require unit holders to sell their common units at an undesirable time or price. The energy industries can be significantly affected by fluctuations in energy prices and supply and demand of energy fuels, energy conservation, the success of exploration projects, and tax and other government regulations.

The Fund is subject to certain MLP tax risks. As the Fund is registered as a Regulated Investment Company, the Fund does not pay taxes. Changes to government regulations may impact future returns.

The Fund is classified as “non-diversified,” which means it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. To the extent the Fund invests its assets in fewer issuers, the Fund will be more susceptible to negative events affecting those issuers.

Transamerica Funds Annual Report 2019

Page    237

Transamerica MLP & Energy Income

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Shares		Value
COMMON STOCKS - 62.2%
Electric Utilities - 3.0%
NextEra Energy, Inc.		31,600		$  7,531,544
Independent Power & Renewable Electricity Producers - 4.1%
Atlantica Yield PLC		226,300		5,433,463
Clearway Energy, Inc., Class C		66,000		1,196,580
Innergex Renewable Energy, Inc.		113,400		1,415,455
Northland Power, Inc. (A)		69,900		1,395,771
TransAlta Renewables, Inc.		77,400		833,295
				10,274,564
Multi-Utilities - 0.7%
Algonquin Power & Utilities Corp.		80,300		1,102,898
Algonquin Power & Utilities Corp.		56,300		772,436
				1,875,334
Oil, Gas & Consumable Fuels - 54.4%
Cheniere Energy, Inc. (B)		279,591		17,208,826
Enbridge, Inc.		349,454		12,723,620
Equitrans Midstream Corp. (A)		159,000		2,213,280
Kinder Morgan, Inc.		701,900		14,023,962
ONEOK, Inc.		223,275		15,591,293
Pembina Pipeline Corp.		387,500		13,624,500
Phillips 66		101,000		11,798,820
Plains GP Holdings, LP, Class A (A) (B) (C)		685,413		12,721,265
Targa Resources Corp. (A)		140,135		5,448,449
TC Energy Corp.		297,325		14,964,367
Williams Cos., Inc.		726,860		16,216,247
				136,534,629
Total Common Stocks (Cost $142,702,895)				156,216,071
MASTER LIMITED PARTNERSHIPS - 34.0% (D)
Independent Power & Renewable Electricity Producers - 5.6%
Brookfield Renewable Partners, LP (B)		80,000		3,403,200
NextEra Energy Partners, LP		203,622		10,730,879
				14,134,079
Multi-Utilities - 1.2%
Brookfield Infrastructure Partners, LP		60,000		3,010,200
Oil, Gas & Consumable Fuels - 27.2%
BP Midstream Partners, LP		162,455		2,396,211
Crestwood Equity Partners, LP		47,500		1,716,650
Energy Transfer, LP		850,837		10,712,038

	Shares		Value
MASTER LIMITED PARTNERSHIPS (continued) (D)
Oil, Gas & Consumable Fuels (continued)
Enterprise Products Partners, LP		354,711		$   9,233,127
Enviva Partners, LP		19,382		649,685
GasLog Partners, LP		300,948		5,961,780
Hess Midstream Partners, LP		78,200		1,666,442
Hoegh LNG Partners, LP		248,800		3,707,120
KNOT Offshore Partners, LP		119,302		2,281,054
Magellan Midstream Partners, LP		98,300		6,126,056
MPLX, LP		267,281		7,048,200
Phillips 66 Partners, LP		95,100		5,315,139
Shell Midstream Partners, LP		273,805		5,618,479
TC PipeLines, LP		20,200		800,324
Western Midstream Operating, LP		235,607		5,009,005
				68,241,310
Total Master Limited Partnerships (Cost $91,640,492)				85,385,589
OTHER INVESTMENT COMPANY - 5.1%
Securities Lending Collateral - 5.1%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.75% (E)		12,873,073		12,873,073
Total Other Investment Company (Cost $12,873,073)				12,873,073
	Principal		Value
REPURCHASE AGREEMENT - 3.5%
Fixed Income Clearing Corp., 0.85% (E), dated 10/31/2019, to be repurchased at $8,732,196 on 11/01/2019. Collateralized by a U.S. Government Obligation, 2.13%, due 05/15/2022, and with a value of $8,907,646.		$  8,731,990		8,731,990
Total Repurchase Agreement (Cost $8,731,990)				8,731,990
Total Investments (Cost $255,948,450)				263,206,723
Net Other Assets (Liabilities) - (4.8)%				(12,106,029	)
Net Assets - 100.0%				$  251,100,694

SECURITY VALUATION:

Valuation Inputs ^(F)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	156,216,071	$	—	$	—	$	156,216,071
Master Limited Partnerships		85,385,589		—		—		85,385,589
Other Investment Company		12,873,073		—		—		12,873,073
Repurchase Agreement		—		8,731,990		—		8,731,990
Total Investments	$	254,474,733	$	8,731,990	$	—	$	263,206,723

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

Transamerica Funds Annual Report 2019

Page    238

Transamerica MLP & Energy Income

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	All or a portion of the securities are on loan. The total value of all securities on loan is $12,556,892. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(B)	Non-income producing securities.
(C)	When-issued, delayed-delivery and/or forward commitment (including TBAs) security. Security to be settled and delivered after October 31, 2019. Security may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(D)	The Fund may directly invest up to, but not more than, 25% of its total assets in equity or debt securities of master limited partnerships and other entities that are treated as qualified publicly traded partnerships for federal income tax purposes. This limit does not apply to master limited partnerships, which are not treated as publicly traded partnerships for federal income tax purposes.
(E)	Rates disclosed reflect the yields at October 31, 2019.
(F)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

Transamerica Funds Annual Report 2019

Page    239

Transamerica Multi-Asset Income

(unaudited)

MARKET ENVIRONMENT

Macroeconomic, geopolitical and fiscal-policy events dominated headlines and served as key drivers of market returns. Sentiment swings predominantly stemming from global trade and the U.S. Federal Reserve (“Fed”) contributed to market volatility. After raising rates in December 2018, the Fed turned dovish in 2019 and lowered the target rate three times. The 10-year Treasury rate ended the fiscal year ended October 31, 2019 at 1.69%, 155 basis points lower than its November 2018 high of 3.24%. Global macroeconomic data generally weakened throughout the year, warranting additional easing measures from many other global central banks. This dovish tone supported strong rallies in credit and equities.

PERFORMANCE

For the year ended October 31, 2019, Transamerica Multi-Asset Income (Class A) returned 11.72%, excluding any sales charges. By comparison, its primary and secondary benchmarks, the S&P 500^® and the Transamerica Multi-Asset Income Blended Benchmark, returned 14.33% and 12.71%, respectively.

STRATEGY REVIEW

The strategy mandates we maintain a significant exposure in high-yield credit to generate the Fund’s primary objective of high current income and to moderate overall portfolio risk. The Fund’s focus on higher quality high yield was additive to performance as lower-rated credit underperformed. The ICE BofA Merrill Lynch US High Yield (CCC & Lower) Index returned -2.58% for the 12-month period ended on October 31, 2019, compared to the ICE BofA Merrill Lynch High Yield (BB-B) Cash Pay High Yield Index return of 9.84%. The portfolio’s preferred equity allocation detracted from total performance as the ICE BofA Merrill Lynch Fixed Rate Preferred Securities Index returned 12.77% for the period.

Within equity, allocations in financial services and energy sectors aided relative performance. In financial services, STORE Capital Corp. was the standout, benefiting from stable fundamentals and declining interest rates. Within energy, Exxon Mobil Corp. outperformed due to additional large oil discoveries driving higher production expectations.

Notable detractors from relative performance among equities were Delta Air Lines, Inc. and Verizon Communications, Inc. Delta Air Lines, Inc. underperformed due to rising cost pressures. Verizon Communications, Inc. underperformed as the company continues to reduce debt, directing cash flow away from equity holders while improving the quality of the balance sheet.

The economic backdrop for the U.S. consumer remains positive, supporting pockets of ‘risk-on’ sectors within equities and high yield bonds. Security selection may gain importance as the bull market matures. However, we believe increased attention needs to be given to overall macroeconomic risks as economic data continues to gradually deteriorate. We will continue to seek out opportunities to increase portfolio quality without sacrificing yield and total return.

William M. Bellamy, CFA

Portfolio Manager

Thompson, Siegel & Walmsley LLC

Asset Allocation	Percentage of Net Assets
Common Stocks		48.2	%
Corporate Debt Securities		40.3
Preferred Stocks		8.6
Other Investment Company		3.1
Repurchase Agreement		1.0
Master Limited Partnership		0.4
Net Other Assets (Liabilities)		(1.6	)
Total		100.0	%

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

Transamerica Funds Annual Report 2019

Page    240

Transamerica Multi-Asset Income

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		5.62	%		5.50	%		5.74	%		03/01/2014
Class A (NAV)		11.72	%		6.70	%		6.80	%		03/01/2014
S&P 500® (A)		14.33	%		10.78	%		11.29	%
Transamerica Multi-Asset Income Blended Benchmark (A) (B) (C)		12.71	%		8.64	%		8.86	%
Class C (POP)		10.00	%		5.92	%		6.01	%		03/01/2014
Class C (NAV)		11.00	%		5.92	%		6.01	%		03/01/2014
Class I (NAV)		12.14	%		6.96	%		7.07	%		03/01/2014
Class I2 (NAV)		12.03	%		5.91	%		6.12	%		03/01/2014

^(A) The S&P 500^® is market-capitalization weighted index of 500 large U.S. companies with common stock listed on the NYSE or NASDAQ.

^(B) The Transamerica Multi-Asset Income Blended Benchmark is composed of the following benchmarks: 60% S&P 500^® and 40% ICE BofAML U.S. High Yield BB-B Rated Constrained Index.

^(C) The ICE BofAML U.S. High Yield BB-B Rated Constrained Index tracks the performance of BB and B rated high yield bonds.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would be lower. There are no sales charges on Class I and I2 shares.

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

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

The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the Fund fall, the value of the Fund will decline. Fixed income investing is subject to credit risk, inflation risk, and interest rate risk. Investing in high-yield securities may be subject to greater volatility and risks as the income derived from these securities is not guaranteed and may be unpredictable and the value of these securities tends to decline when interest rates increases. Preferred stock tends to vary more with fluctuations in the underlying common stock and less with fluctuations in interest rates and tends to exhibit greater volatility.

Transamerica Funds Annual Report 2019

Page    241

Transamerica Multi-Asset Income

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Shares		Value
COMMON STOCKS - 48.2%
Airlines - 1.1%
Delta Air Lines, Inc.		47,991		$  2,643,344
Banks - 4.1%
Bank of America Corp.		82,500		2,579,775
Citigroup, Inc.		37,500		2,694,750
JPMorgan Chase & Co.		35,000		4,372,200
				9,646,725
Beverages - 1.6%
Coca-Cola Co.		30,000		1,632,900
PepsiCo, Inc.		15,000		2,057,550
Thai Beverage PCL		3		2
				3,690,452
Biotechnology - 1.8%
AbbVie, Inc.		20,000		1,591,000
Amgen, Inc.		12,000		2,559,000
				4,150,000
Chemicals - 1.6%
Dow, Inc.		29,166		1,472,591
LyondellBasell Industries NV, Class A		25,000		2,242,500
				3,715,091
Communications Equipment - 1.4%
Cisco Systems, Inc.		70,000		3,325,700
Diversified Telecommunication Services - 2.6%
AT&T, Inc.		55,000		2,116,950
HKT Trust & HKT, Ltd.		689,540		1,073,563
Verizon Communications, Inc.		50,000		3,023,500
				6,214,013
Electric Utilities - 0.9%
Duke Energy Corp.		23,500		2,215,110
Energy Equipment & Services - 0.1%
Bristow Group, Inc. (A)		3,188		115,948
Equity Real Estate Investment Trusts - 3.8%
Healthpeak Properties, Inc.		77,500		2,915,550
Omega Healthcare Investors, Inc. (B)		40,025		1,762,701
STORE Capital Corp.		64,008		2,592,324
Ventas, Inc.		25,000		1,627,500
				8,898,075
Food & Staples Retailing - 1.2%
Walmart, Inc.		25,000		2,931,500
Health Care Providers & Services - 1.1%
CVS Health Corp.		40,000		2,655,600
Hotels, Restaurants & Leisure - 0.3%
Carnival Corp.		17,500		750,575
Household Products - 1.1%
Procter & Gamble Co.		19,825		2,468,411
Insurance - 1.7%
Allstate Corp.		6,250		665,125
Fidelity National Financial, Inc.		72,500		3,323,400
				3,988,525
Interactive Media & Services - 2.4%
Alphabet, Inc., Class C (A)		4,500		5,670,495
Media - 0.4%
Comcast Corp., Class A		19,500		873,990

	Shares		Value
COMMON STOCKS (continued)
Mortgage Real Estate Investment Trusts - 3.1%
Annaly Capital Management, Inc.		289,350		$   2,598,363
Blackstone Mortgage Trust, Inc., Class A (B)		54,925		1,993,778
Starwood Property Trust, Inc.		111,320		2,738,472
				7,330,613
Multi-Utilities - 1.1%
Dominion Energy, Inc.		30,000		2,476,500
Multiline Retail - 0.7%
Kohl’s Corp.		32,500		1,665,950
Oil, Gas & Consumable Fuels - 2.5%
BP PLC, ADR		45,000		1,705,950
Royal Dutch Shell PLC, Class B, ADR		37,500		2,185,875
Valero Energy Corp.		20,000		1,939,600
				5,831,425
Pharmaceuticals - 2.1%
Johnson & Johnson		14,000		1,848,560
Merck & Co., Inc.		35,000		3,033,100
				4,881,660
Semiconductors & Semiconductor Equipment - 1.9%
Broadcom, Inc.		10,000		2,928,500
Intel Corp.		27,500		1,554,575
				4,483,075
Software - 2.5%
Microsoft Corp.		40,750		5,842,328
Specialty Retail - 3.2%
Foot Locker, Inc.		52,550		2,286,450
Home Depot, Inc.		15,000		3,518,700
Lowe’s Cos., Inc.		15,000		1,674,150
				7,479,300
Technology Hardware, Storage & Peripherals - 3.4%
Apple, Inc.		32,500		8,084,700
Tobacco - 0.5%
Philip Morris International, Inc.		13,000		1,058,720
Total Common Stocks (Cost $93,815,203)				113,087,825
PREFERRED STOCKS - 8.6%
Automobiles - 0.2%
Ford Motor Co., 6.20%		20,000		532,000
Banks - 1.7%
Bank of America Corp., Series GG, 6.00% (B)		20,000		545,000
Citigroup, Inc., Series J, Fixed until 09/30/2023, 7.13% (B) (C)		12,000		346,200
KeyCorp, Series F, 5.65%		17,451		465,418
Wells Fargo & Co.
Series Q, Fixed until 09/15/2023, 5.85% (C)		40,000		1,077,200
Series R, Fixed until 03/15/2024, 6.63% (C)		50,000		1,443,500
				3,877,318
Diversified Financial Services - 0.4%
Voya Financial, Inc., Series B, Fixed until 09/15/2029, 5.35% (C)		30,000		813,300

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

Transamerica Funds Annual Report 2019

Page    242

Transamerica Multi-Asset Income

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Shares		Value
PREFERRED STOCKS (continued)
Electric Utilities - 1.1%
Duke Energy Corp., Series A, 5.75%		63,500		$   1,771,650
NextEra Energy Capital Holdings, Inc., Series N, 5.65%		30,000		833,100
				2,604,750
Energy Equipment & Services - 0.0% (D)
Bristow Group, Inc., 0.00%		284		10,329
Equity Real Estate Investment Trusts - 1.1%
Colony Capital, Inc.
Series E, 8.75% (B)		10,350		264,028
Series G, 7.50% (B)		8,250		205,343
Digital Realty Trust, Inc., Series C, 6.63%		10,000		266,300
Monmouth Real Estate Investment Corp., Series C, 6.13%		50,000		1,250,000
Public Storage, Series H, 5.60%		25,000		691,750
				2,677,421
Insurance - 1.7%
Aspen Insurance Holdings, Ltd., 5.63%		20,000		524,400
Athene Holding, Ltd., Series A, Fixed until 06/30/2029, 6.35% (C)		35,000		983,850
Enstar Group, Ltd., Series E, 7.00%		60,000		1,620,000
Globe Life, Inc., 6.13%		20,000		545,400
WR Berkley Corp., 5.70%		15,000		396,300
				4,069,950
Mortgage Real Estate Investment Trusts - 1.9%
AGNC Investment Corp.
Series B, 7.75%		15,000		377,400
Series E, Fixed until 10/15/2024, 6.50% (C)		55,000		1,415,150
Annaly Capital Management, Inc., Series F, Fixed until 09/30/2022, 6.95% (B) (C)		62,000		1,614,480
Two Harbors Investment Corp., Series B, Fixed until 07/27/2027, 7.63% (C)		39,800		1,043,158
				4,450,188
Real Estate Management & Development - 0.5%
Brookfield Property Partners, LP, Series A, 6.50%		39,500		1,055,045
Total Preferred Stocks (Cost $19,170,305)				20,090,301
MASTER LIMITED PARTNERSHIP - 0.4%
Capital Markets - 0.4%
AllianceBernstein Holding, LP		35,000		1,027,600
Total Master Limited Partnership (Cost $679,990)				1,027,600

	Principal		Value
CORPORATE DEBT SECURITIES - 40.3%
Aerospace & Defense - 1.1%
TransDigm, Inc. 6.25%, 03/15/2026 (E)		$  2,500,000		$   2,678,125
Air Freight & Logistics - 0.2%
XPO Logistics, Inc. 6.13%, 09/01/2023 (E)		500,000		516,250
Auto Components - 2.1%
American Axle & Manufacturing, Inc. 6.63%, 10/15/2022		1,518,000		1,525,590
Cooper Tire & Rubber Co.
7.63%, 03/15/2027		79,000		90,949
8.00%, 12/15/2019		300,000		301,500
Dana, Inc. 6.00%, 09/15/2023		1,130,000		1,154,012
Panther BF Aggregator 2, LP / Panther Finance Co., Inc. 6.25%, 05/15/2026 (E)		1,750,000		1,850,100
				4,922,151
Building Products - 0.5%
Builders FirstSource, Inc. 6.75%, 06/01/2027 (E)		1,000,000		1,085,000
Capital Markets - 2.2%
BCD Acquisition, Inc. 9.63%, 09/15/2023 (E)		1,565,000		1,610,025
FS KKR Capital Corp. 4.63%, 07/15/2024		2,000,000		2,052,105
MSCI, Inc. 5.75%, 08/15/2025 (E)		1,500,000		1,573,125
				5,235,255
Chemicals - 1.6%
Blue Cube Spinco LLC 9.75%, 10/15/2023		1,250,000		1,362,500
Chemours Co. 7.00%, 05/15/2025 (B)		1,000,000		965,000
Methanex Corp. 5.25%, 12/15/2029		1,500,000		1,533,352
				3,860,852
Commercial Services & Supplies - 1.8%
Ashtead Capital, Inc. 5.63%, 10/01/2024 (E)		1,500,000		1,545,000
Cimpress NV 7.00%, 06/15/2026 (E)		1,500,000		1,582,500
FXI Holdings, Inc. 7.88%, 11/01/2024 (E)		750,000		666,375
Waste Pro, Inc. 5.50%, 02/15/2026 (E)		500,000		516,250
				4,310,125
Communications Equipment - 0.4%
CommScope Technologies LLC 6.00%, 06/15/2025 (E)		1,000,000		889,700
Construction & Engineering - 0.8%
Brookfield Residential Properties, Inc. / Brookfield Residential US Corp. 6.25%, 09/15/2027 (E)		1,300,000		1,326,000
New Enterprise Stone & Lime Co., Inc. 6.25%, 03/15/2026 (E)		200,000		208,000

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

Transamerica Funds Annual Report 2019

Page    243

Transamerica Multi-Asset Income

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Construction & Engineering (continued)
Tutor Perini Corp. 6.88%, 05/01/2025 (B) (E)		$   250,000		$   249,338
				1,783,338
Construction Materials - 0.1%
US Concrete, Inc. 6.38%, 06/01/2024		305,000		317,481
Consumer Finance - 0.5%
Altice Financing SA 7.50%, 05/15/2026 (E)		1,050,000		1,115,625
Distributors - 0.2%
American Builders & Contractors Supply Co., Inc. 5.88%, 05/15/2026 (E)		456,000		478,937
Diversified Consumer Services - 0.4%
Carriage Services, Inc. 6.63%, 06/01/2026 (E)		805,000		837,200
Diversified Financial Services - 2.3%
Cornerstone Chemical Co. 6.75%, 08/15/2024 (E)		1,000,000		920,000
Icahn Enterprises, LP / Icahn Enterprises Finance Corp. 6.25%, 02/01/2022		1,500,000		1,535,625
ILFC E-Capital Trust I 1.55% + Max of 3-Month LIBOR, 10-Year CMT, or 30-Year CMT, 3.77% (C), 12/21/2065 (E)		1,500,000		1,106,250
Quicken Loans, Inc.
5.25%, 01/15/2028 (E)		1,250,000		1,289,062
5.75%, 05/01/2025 (E)		550,000		566,214
				5,417,151
Diversified Telecommunication Services - 0.3%
Sable International Finance, Ltd. 5.75%, 09/07/2027 (B) (E)		750,000		780,938
Electric Utilities - 1.0%
Drax Finco PLC 6.63%, 11/01/2025 (E)		1,750,000		1,852,812
Vistra Operations Co. LLC 5.50%, 09/01/2026 (E)		500,000		528,360
				2,381,172
Electronic Equipment, Instruments & Components - 0.1%
MTS Systems Corp. 5.75%, 08/15/2027 (E)		300,000		314,250
Energy Equipment & Services - 2.3%
Enviva Partners, LP / Enviva Partners Finance Corp. 8.50%, 11/01/2021		2,000,000		2,043,750
Rowan Cos., Inc. 7.38%, 06/15/2025		450,000		247,500
Transocean Poseidon, Ltd. 6.88%, 02/01/2027 (E)		1,250,000		1,260,337
Transocean Sentry, Ltd. 5.38%, 05/15/2023 (E)		750,000		742,500

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Energy Equipment & Services (continued)
USA Compression Partners, LP / USA Compression Finance Corp. 6.88%, 04/01/2026		$   1,000,000		$   1,010,000
				5,304,087
Entertainment - 0.4%
Netflix, Inc. 5.88%, 02/15/2025		760,000		836,000
Equity Real Estate Investment Trusts - 0.6%
ESH Hospitality, Inc. 5.25%, 05/01/2025 (E)		1,300,000		1,340,625
Food Products - 1.5%
B&G Foods, Inc. 5.25%, 04/01/2025		2,350,000		2,399,937
Pilgrim’s Pride Corp. 5.75%, 03/15/2025 (E)		1,000,000		1,037,500
				3,437,437
Health Care Providers & Services - 0.6%
Encompass Health Corp. 4.50%, 02/01/2028		1,300,000		1,329,250
Hotels, Restaurants & Leisure - 1.5%
Marriott Ownership Resorts, Inc. 4.75%, 01/15/2028 (E)		1,200,000		1,227,360
VOC Escrow, Ltd. 5.00%, 02/15/2028 (E)		1,466,000		1,524,640
Wyndham Destinations, Inc. 6.35%, 10/01/2025		650,000		719,875
				3,471,875
Household Products - 0.7%
Central Garden & Pet Co. 6.13%, 11/15/2023		1,700,000		1,757,375
Machinery - 2.4%
JB Poindexter & Co., Inc. 7.13%, 04/15/2026 (E)		250,000		260,625
Meritor, Inc. 6.25%, 02/15/2024		1,440,000		1,476,000
Mueller Industries, Inc. 6.00%, 03/01/2027		1,400,000		1,421,000
Terex Corp. 5.63%, 02/01/2025 (E)		2,000,000		2,005,000
Wabash National Corp. 5.50%, 10/01/2025 (E)		500,000		487,500
				5,650,125
Marine - 0.3%
Tidewater, Inc. 8.00%, 08/01/2022		700,000		721,000
Media - 3.0%
Altice France SA 7.38%, 05/01/2026 (E)		2,000,000		2,141,690
CSC Holdings LLC 7.75%, 07/15/2025 (E)		1,000,000		1,072,500
Diamond Sports Group LLC / Diamond Sports Finance Co.
5.38%, 08/15/2026 (E)		1,250,000		1,306,250
6.63%, 08/15/2027 (B) (E)		1,250,000		1,287,500

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

Transamerica Funds Annual Report 2019

Page    244

Transamerica Multi-Asset Income

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Media (continued)
Sirius XM Radio, Inc. 5.38%, 04/15/2025 (E)		$   1,250,000		$   1,300,000
				7,107,940
Metals & Mining - 0.4%
U.S. Steel Corp. 6.88%, 08/15/2025 (B)		1,000,000		901,900
Multiline Retail - 0.7%
Dillard’s, Inc.
7.75%, 07/15/2026		1,150,000		1,300,613
7.88%, 01/01/2023		350,000		379,157
				1,679,770
Oil, Gas & Consumable Fuels - 2.8%
Andeavor Logistics, LP / Tesoro Logistics Finance Corp.
6.25%, 10/15/2022		1,559,000		1,587,141
6.38%, 05/01/2024		450,000		466,554
Holly Energy Partners, LP / Holly Energy Finance Corp. 6.00%, 08/01/2024 (E)		300,000		312,375
HollyFrontier Corp. 5.88%, 04/01/2026		1,000,000		1,120,087
NuStar Logistics, LP 6.00%, 06/01/2026		1,000,000		1,068,700
PBF Holding Co. LLC / PBF Finance Corp. 7.00%, 11/15/2023		1,000,000		1,030,000
Sunoco, LP / Sunoco Finance Corp. 6.00%, 04/15/2027		500,000		525,000
Valero Energy Corp. 8.75%, 06/15/2030		300,000		420,603
				6,530,460
Paper & Forest Products - 0.3%
Boise Cascade Co. 5.63%, 09/01/2024 (E)		150,000		156,000
Louisiana-Pacific Corp. 4.88%, 09/15/2024		500,000		515,000
				671,000
Professional Services - 0.2%
AMN Healthcare, Inc. 5.13%, 10/01/2024 (E)		380,000		394,250
Real Estate Management & Development - 0.6%
Hunt Cos., Inc. 6.25%, 02/15/2026 (E)		347,000		340,722
Kennedy-Wilson, Inc. 5.88%, 04/01/2024		1,000,000		1,035,000
				1,375,722
Road & Rail - 0.8%
Fortress Transportation & Infrastructure Investors LLC
6.50%, 10/01/2025 (E)		350,000		353,500
6.75%, 03/15/2022 (E)		1,415,000		1,473,369
				1,826,869

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Software - 1.1%
j2 Cloud Services LLC / j2 Global Co-Obligor, Inc. 6.00%, 07/15/2025 (E)		$   1,250,000		$   1,328,125
Open Text Corp. 5.63%, 01/15/2023 (E)		1,324,000		1,348,825
				2,676,950
Specialty Retail - 2.0%
Carvana Co. 8.88%, 10/01/2023 (E)		1,082,000		1,119,870
Foot Locker, Inc. 8.50%, 01/15/2022		1,438,000		1,581,800
L Brands, Inc.
6.88%, 11/01/2035		750,000		637,500
6.95%, 03/01/2033 (B)		400,000		316,000
Lithia Motors, Inc. 5.25%, 08/01/2025 (E)		1,000,000		1,047,500
				4,702,670
Technology Hardware, Storage & Peripherals - 0.4%
Dell International LLC / EMC Corp. 8.10%, 07/15/2036 (E)		750,000		964,458
Textiles, Apparel & Luxury Goods - 0.0% (D)
PVH Corp. 7.75%, 11/15/2023		100,000		116,000
Trading Companies & Distributors - 1.3%
Beacon Roofing Supply, Inc. 4.50%, 11/15/2026 (E)		1,500,000		1,530,000
H&E Equipment Services, Inc. 5.63%, 09/01/2025		1,500,000		1,576,875
				3,106,875
Wireless Telecommunication Services - 0.8%
Sprint Corp.
7.25%, 09/15/2021		1,250,000		1,333,825
7.88%, 09/15/2023		450,000		496,687
				1,830,512
Total Corporate Debt Securities (Cost $93,569,532)				94,656,700
	Shares		Value
OTHER INVESTMENT COMPANY - 3.1%
Securities Lending Collateral - 3.1%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.75% (F)		7,216,856		7,216,856
Total Other Investment Company (Cost $7,216,856)				7,216,856

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

Transamerica Funds Annual Report 2019

Page    245

Transamerica Multi-Asset Income

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
REPURCHASE AGREEMENT - 1.0%
Fixed Income Clearing Corp., 0.85% (F), dated 10/31/2019, to be repurchased at $2,329,773 on 11/01/2019. Collateralized by a U.S. Government Obligation, 1.88%, due 05/31/2022, and with a value of $2,377,581.		$  2,329,718		$   2,329,718
Total Repurchase Agreement (Cost $2,329,718)				2,329,718
Total Investments (Cost $216,781,604)				238,409,000
Net Other Assets (Liabilities) - (1.6)%				(3,711,665	)
Net Assets - 100.0%				$  234,697,335

SECURITY VALUATION:

Valuation Inputs ^(G)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	111,898,312	$	1,189,513	$	—	$	113,087,825
Preferred Stocks		20,079,972		10,329		—		20,090,301
Master Limited Partnership		1,027,600		—		—		1,027,600
Corporate Debt Securities		—		94,656,700		—		94,656,700
Other Investment Company		7,216,856		—		—		7,216,856
Repurchase Agreement		—		2,329,718		—		2,329,718
Total Investments	$	140,222,740	$	98,186,260	$	—	$	238,409,000

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	All or a portion of the securities are on loan. The total value of all securities on loan is $7,062,921. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(C)	Floating or variable rate securities. The rates disclosed are as of October 31, 2019. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(D)	Percentage rounds to less than 0.1% or (0.1)%.
(E)	Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2019, the total value of 144A securities is $53,448,457, representing 22.8% of the Fund’s net assets.
(F)	Rates disclosed reflect the yields at October 31, 2019.
(G)	There were no transfers in or out of Level 3 during the period ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATIONS:

ADR	American Depositary Receipt
CMT	Constant Maturity Treasury
LIBOR	London Interbank Offered Rate

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

Transamerica Funds Annual Report 2019

Page    246

Transamerica Multi-Managed Balanced

(unaudited)

MARKET ENVIRONMENT

Aegon USA Investment Management, LLC

The fiscal year ended October 31, 2019 began with the prospects of healthy but moderating economic activity and global trade tensions that could potentially derail it. As consumption, fixed investments and government spending growth slowed, so did year-over-year gross domestic product (“GDP”) growth. Lower expectations prevailed throughout the year while any lingering optimism was reduced by a tumultuous geopolitical environment. As trade wars between the U.S. and China, and Japan and South Korea intensified, so did their impact on underlying economies.

Risks around trade policy were a concern for the U.S. Federal Reserve (“Fed”), which lowered 2019 GDP projections in December. Still, they stayed the course in normalizing rates given continued economic strength, and hiked rates once more in December of 2018. As a result, market expectations on Fed action soured, pricing in no further hike for the entirety of 2019 as a jolt of volatility overtook risk assets. The Fed’s more dovish tone and concerns over an inverted yield curve were top of mind for investors at the start of calendar year 2019. After cutting rates by 25 basis points in July and September, softening economic data and continued below-target inflation gave the green light to the Fed to trim its federal funds rate a quarter of a point at its October meeting.

Despite a rough start and volatility throughout the year, the credit markets performed well, both on a total and excess return basis. U.S. equities and high yield bonds posted their largest quarterly losses at the beginning of the fiscal year, which, when combined with higher volatility, depressed risk-return profiles for the quarter. Losses for investment grade bonds were more muted. As volatility normalized and financial conditions eased, risk assets, led by U.S. equities and high yield bonds, posted positive results in the second quarter. During the third quarter, risk assets and Treasuries posted positive results, led by U.S. equities and investment grade bonds. U.S. risk assets have broadly gained so far in the fourth quarter, led by investment grade bonds and Treasuries. October was risk-on with equities delivering positive returns in the U.S. Investment grade, high yield, and Treasuries also posted modest gains for the month.

J.P. Morgan Investment Management, Inc.

At the beginning of the fiscal year ended October 31, 2019, in November of 2018, U.S. equity markets ended up 2.04%, a step upward after the October 2018 sell-off. Intermittent volatility still roiled markets, with questions abounding on the U.S./China trade narrative and whether we have reached peak corporate earnings. Trade tensions briefly eased following the G-20 Summit, where President Trump and China’s President Xi agreed to a short-term truce. The market ended the month of December down -9.03%, correcting again after the decline seen in October. Episodic volatility continued to shake the market, with fears surrounding trade, overextended corporate earnings, and declining global purchasing managers’ indexes (“PMIs”) raising concerns. Despite periodic market shocks, many market and economic indicators still leaned positive, including consumer and small business confidence, wages, and same store retail sales.

The market bounced back in the first quarter of 2019, making up for losses experienced at the end of 2018. After 2018’s large S&P 500^® Index price-to-earnings (“P/E”) multiple contraction, from over 18x at the year’s onset to 14x by the year’s end, a considerable amount of risk and uncertainty became priced into the market. While consensus remains that the Fed may keep rates steady, alleviating some recessionary fears, volatility escalated in May with increased tensions surrounding tariffs between the U.S. and China, in addition to proposed U.S. tariffs on Mexico. Investors took risk off the table given new developments in the trade narrative and signs of slower economic growth globally, despite a still generally constructive earnings backdrop in the U.S. Driven mostly by increased hopes of a trade deal between the U.S. and China at the G20 summit, the strong performance in equities provided both relief and hope to investors who piled back into the market and drove the S&P 500^® Index to fresh highs during June. Markets moved higher in July, with signs of easing global monetary policy, continuing strength in corporate earnings, and abating trade tensions. Market gains were lost come August, however, with the Fed’s move to cut rates, together with President Trump’s surprise tariff proposal, leading to risk-off sentiment. The market again rebounded in September, accompanied by a dramatic rotation from growth stocks into value stocks.

The market moved higher in October on the heels of September’s rally, with corporate earnings and consumer strength driving the advance. Corporate profits have been solid this third quarter earnings season, with 70% of S&P 500^® companies beating bottom-line estimates as of the date of this report. The unemployment rate has remained at record lows, which has helped to sustain high consumer confidence. While trade remains a concern, negotiations have been more constructive lately, with a “Phase One” deal outlined in mid-October. The Fed also showed a more accommodative stance by cutting the federal funds rate by 25 basis points at its latest meeting.

PERFORMANCE

For the year ended October 31, 2019, Transamerica Multi-Managed Balanced (Class A) returned 12.53%, excluding any sales charges. By comparison, its primary and secondary benchmarks, the S&P 500^® and the Bloomberg Barclays US Aggregate Bond Index, returned 14.33% and 11.51%, respectively.

STRATEGY REVIEW

Aegon USA Investment Management, LLC

Over the past year, we continued to remain overweight spread-based assets relative to the benchmark given our views on expected risk-adjusted returns. Securitized credit remained a favored investment opportunity given our solid fundamental outlook and robust structural protections offered by many deals. Within corporate credit, we continued to prefer financials due to strong capital positions and lower expected event risk. Over the year, we became more biased towards shorter-dated credit given what we see as its attractive risk-adjusted return profile compared to longer maturity bonds.

One year relative performance for the portfolio was driven by the overweight to spread-based assets as both carry and spread effects contributed positively to relative returns. Yield curve effects were a detractor given a slightly shorter duration positioning compared to the benchmark as rates fell across the curve over the time period.

Transamerica Funds Annual Report 2019

Page    247

Transamerica Multi-Managed Balanced

(unaudited)

STRATEGY REVIEW (continued)

At an asset class level, the portfolio’s allocation to longer duration Treasury securities compared to the benchmark contributed positively to relative returns, as did the portfolio’s underweight allocation to agency residential mortgage-backed securities (“RMBS”) and overweight allocation to investment grade corporates. These positives were partially offset by poor security selection in agency RMBS and investment grade corporate credit. An overweight allocation to shorter duration commercial mortgage-backed securities also detracted from returns.

Within corporate credit, allocations to communications and transportation contributed positively to relative returns. Security selection with communications, transportation and real estate investment trusts (“REITS”) were detractors.

J.P. Morgan Investment Management, Inc.

The industrial cyclical, technology and utilities sectors contributed to performance, while the financials, basic materials and health services & systems sectors detracted from performance.

Within the retail space, an overweight in AutoZone, Inc. contributed to performance. The company demonstrated solid execution against a healthy industry backdrop as it posted solid margins and continued to make progress in the commercial do-it-for-me market. We have remained positive on the stock as we believe that in addition to industry tailwinds, AutoZone, Inc. can continue to grow and consolidate market share. Within technology, our overweight in Microsoft Corp. helped performance as the stock outperformed the market due to strong fundamentals across all segments. Commercial cloud growth drove strong earnings in 2019 and the company increased their revenue guide. We think the company is well positioned for the transition to the cloud with Azure and Office 365. We thus remain positive on the stock. Within pharma/medical technology, an underweight in AbbVie, Inc. boosted returns as the stock underperformed the broader sector. AbbVie, Inc. struggled amid further scrutiny on their Humira business, as the introduction of biosimilars has hurt sales in Europe even more than expected. We remain comfortable in our underweight given these persistent concerns.

Within energy, an overweight in EOG Resources, Inc. weighed on returns. Sector-wide operational fears surrounding Concho Resources well spacing test, which indicated well spacing was too tight, drove the stock down. Investors’ bearish outlook on oil prices further hurt the stock. However, we remain positive on EOG Resources, Inc. as a diversified U.S. shale producer with key assets in areas such as the Permian basin. Within retail our overweight in PVH Corp. weighed on returns as a result of higher tax rates and ongoing tensions in Hong Kong and the U.S.-China trade war. There has been some investor concern around the brand’s relevance as well. However, we maintain our overweight as we believe the company’s brands are durable and that PVH Corp. should be a share gainer in the industry given its ability to expand margins and allocate capital toward accretive acquisitions. Within media, our underweight in Facebook, Inc. – Class A hurt performance. Strong quarterly results throughout the year, largely due to engagement holding up better than expected, drove the stock higher. Advertisers have remained unable to diversify away from Facebook, Inc. – Class A because of the superior return on investment it provides. However, we believe revenue growth may continue to moderate, and margins may keep coming down. Given our view that regulatory and mix-shift risks still remain, we are comfortable in our position.

During the fiscal year, the Fund utilized derivatives. These positions added to performance.

Bradley D. Doyle, CFA

Tyler A. Knight, CFA

Doug Weih, CFA

Brian Westhoff, CFA

Sivakumar N. Rajan

Co-Portfolio Managers

Aegon USA Investment Management, LLC

Tim Snyder, CFA

Raffaele Zingone, CFA

Co-Portfolio Managers

JP Morgan Asset Management Inc.

Asset Allocation	Percentage of Net Assets
Common Stocks		60.0	%
Corporate Debt Securities		13.4
U.S. Government Obligations		9.2
U.S. Government Agency Obligations		7.9
Commercial Paper		5.3
Mortgage-Backed Securities		4.1
Asset-Backed Securities		3.2
Repurchase Agreement		1.2
Short-Term U.S. Government Obligations		1.1
Foreign Government Obligations		0.5
Other Investment Company		0.4
Municipal Government Obligations		0.3
Preferred Stocks		0.0	*
Net Other Assets (Liabilities)^		(6.6	)
Total		100.0	%

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

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

^ The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral.

Transamerica Funds Annual Report 2019

Page    248

Transamerica Multi-Managed Balanced

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		6.35	%		5.60	%		9.80	%		12/02/1994
Class A (NAV)		12.53	%		6.80	%		10.43	%		12/02/1994
S&P 500® (A)		14.33	%		10.78	%		13.70	%
Bloomberg Barclays US Aggregate Bond Index (B)		11.51	%		3.24	%		3.73	%
Class C (POP)		10.73	%		6.02	%		9.69	%		11/11/2002
Class C (NAV)		11.73	%		6.02	%		9.69	%		11/11/2002
Class I (NAV)		12.79	%		7.06	%		10.49	%		11/30/2009
Class R6 (NAV)		12.92	%		N/A			7.17	%		05/29/2015

^(A) The S&P 500^® is market-capitalization weighted index of 500 large U.S. companies with common stock listed on the NYSE or NASDAQ.

^(B) The Bloomberg Barclays US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for A shares or the maximum applicable contingent deferred sales charge 1% (in the 1st year) for Class C shares. Shares purchased prior to March 1, 2004 are subject to a maximum applicable contingent deferred sales charge (2% in the 1st year, decreasing to 0% after 2 years) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would be lower. There are no sales charges on Class I and R6 shares.

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

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

The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the Fund fall, the value of the Fund will decline. Fixed income securities have several risks including fluctuations in market value, changes in interest rates as the values will decrease as interest rates rise, and issuers defaulting on their obligations to pay interest or return principal.

Transamerica Funds Annual Report 2019

Page    249

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Shares		Value
COMMON STOCKS - 60.0%
Aerospace & Defense - 1.3%
Boeing Co.		5,210		$  1,770,931
General Dynamics Corp.		26,330		4,655,144
Northrop Grumman Corp.		6,560		2,312,269
United Technologies Corp.		33,980		4,878,848
				13,617,192
Airlines - 0.2%
Delta Air Lines, Inc.		23,490		1,293,829
Southwest Airlines Co.		11,200		628,656
United Airlines Holdings, Inc. (A)		5,780		525,055
				2,447,540
Auto Components - 0.1%
Magna International, Inc.		22,310		1,199,609
Automobiles - 0.2%
General Motors Co.		53,660		1,994,006
Banks - 2.9%
Bank of America Corp.		273,340		8,547,342
Citigroup, Inc.		117,570		8,448,580
Citizens Financial Group, Inc.		19,340		679,994
Fifth Third Bancorp		36,600		1,064,328
KeyCorp		169,840		3,052,025
Regions Financial Corp.		56,200		904,820
SunTrust Banks, Inc.		24,720		1,689,365
Wells Fargo & Co.		102,800		5,307,564
				29,694,018
Beverages - 1.3%
Coca-Cola Co.		165,020		8,982,039
Constellation Brands, Inc., Class A		7,710		1,467,444
PepsiCo, Inc.		17,110		2,346,979
				12,796,462
Biotechnology - 1.6%
AbbVie, Inc.		65,700		5,226,435
Alexion Pharmaceuticals, Inc. (A)		17,490		1,843,446
Amgen, Inc.		2,660		567,245
Biogen, Inc. (A)		9,130		2,727,222
Celgene Corp. (A)		19,160		2,069,855
Regeneron Pharmaceuticals, Inc. (A)		4,790		1,467,081
Vertex Pharmaceuticals, Inc. (A)		12,720		2,486,506
				16,387,790
Building Products - 0.2%
Masco Corp.		39,450		1,824,563
Capital Markets - 2.0%
Ameriprise Financial, Inc.		8,000		1,207,120
BlackRock, Inc.		2,800		1,292,760
Charles Schwab Corp.		55,010		2,239,457
Franklin Resources, Inc.		42,800		1,179,140
Intercontinental Exchange, Inc.		65,570		6,184,562
Invesco, Ltd.		60,600		1,019,292
Morgan Stanley		127,450		5,869,073
S&P Global, Inc.		2,300		593,377
TD Ameritrade Holding Corp.		5,930		227,593
				19,812,374
Chemicals - 1.2%
Celanese Corp.		16,940		2,052,281
Corteva, Inc.		51,586		1,360,839
Dow, Inc.		32,800		1,656,072

	Shares		Value
COMMON STOCKS (continued)
Chemicals (continued)
DuPont de Nemours, Inc.		25,986		$   1,712,737
Eastman Chemical Co.		35,180		2,675,087
Linde PLC		9,250		1,834,738
LyondellBasell Industries NV, Class A		12,300		1,103,310
				12,395,064
Commercial Services & Supplies - 0.2%
Cintas Corp.		1,540		413,752
Waste Management, Inc.		15,600		1,750,476
				2,164,228
Communications Equipment - 0.2%
Cisco Systems, Inc.		28,920		1,373,989
Motorola Solutions, Inc.		2,400		399,168
				1,773,157
Consumer Finance - 0.6%
American Express Co.		7,310		857,317
Capital One Financial Corp.		41,750		3,893,187
Synchrony Financial		34,100		1,206,117
				5,956,621
Containers & Packaging - 0.3%
Crown Holdings, Inc. (A)		22,030		1,604,665
Packaging Corp. of America		3,040		332,759
WestRock Co.		21,660		809,434
				2,746,858
Diversified Consumer Services - 0.0% (B)
H&R Block, Inc.		9,720		242,903
Diversified Financial Services - 1.0%
Berkshire Hathaway, Inc., Class B (A)		47,680		10,135,814
Diversified Telecommunication Services - 0.8%
AT&T, Inc.		19,300		742,857
Verizon Communications, Inc.		113,850		6,884,509
				7,627,366
Electric Utilities - 1.7%
American Electric Power Co., Inc.		12,610		1,190,258
Edison International		40,500		2,547,450
Entergy Corp.		19,500		2,368,860
Exelon Corp.		12,400		564,076
NextEra Energy, Inc.		24,940		5,944,199
Xcel Energy, Inc.		73,880		4,692,119
				17,306,962
Electrical Equipment - 0.6%
Eaton Corp. PLC		69,710		6,072,438
Entertainment - 0.8%
Electronic Arts, Inc. (A)		19,450		1,874,980
Netflix, Inc. (A)		13,730		3,946,139
Viacom, Inc., Class B		12,400		267,344
Walt Disney Co.		16,050		2,085,216
				8,173,679
Equity Real Estate Investment Trusts - 1.4%
AvalonBay Communities, Inc.		12,810		2,788,224
Boston Properties, Inc.		4,940		677,768
Equinix, Inc.		4,260		2,414,483
Equity Residential		10,180		902,559
Federal Realty Investment Trust		9,010		1,225,450
Host Hotels & Resorts, Inc.		41,090		673,465

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

Transamerica Funds Annual Report 2019

Page    250

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Shares		Value
COMMON STOCKS (continued)
Equity Real Estate Investment Trusts (continued)
Mid-America Apartment Communities, Inc.		2,600		$   361,374
Prologis, Inc.		34,280		3,008,413
Public Storage		2,530		563,836
Ventas, Inc.		21,660		1,410,066
VICI Properties, Inc.		21,831		514,120
				14,539,758
Food Products - 0.6%
Conagra Brands, Inc.		12,000		324,600
General Mills, Inc.		34,700		1,764,842
Mondelez International, Inc., Class A		73,170		3,837,767
				5,927,209
Health Care Equipment & Supplies - 1.8%
Becton Dickinson and Co.		2,680		686,080
Boston Scientific Corp. (A)		120,260		5,014,842
Intuitive Surgical, Inc. (A)		2,000		1,105,900
Medtronic PLC		64,460		7,019,694
Zimmer Biomet Holdings, Inc.		33,450		4,623,793
				18,450,309
Health Care Providers & Services - 1.7%
Anthem, Inc.		12,280		3,304,302
Cigna Corp.		31,810		5,676,813
McKesson Corp.		4,630		615,790
UnitedHealth Group, Inc.		32,020		8,091,454
				17,688,359
Hotels, Restaurants & Leisure - 0.9%
Hilton Worldwide Holdings, Inc.		21,970		2,130,211
McDonald’s Corp.		12,800		2,517,760
Royal Caribbean Cruises, Ltd.		5,060		550,680
Yum! Brands, Inc.		39,340		4,001,271
				9,199,922
Household Durables - 0.2%
Lennar Corp., Class A		34,560		2,059,776
Household Products - 0.7%
Kimberly-Clark Corp.		2,300		305,624
Procter & Gamble Co.		54,850		6,829,374
				7,134,998
Industrial Conglomerates - 0.6%
Honeywell International, Inc.		37,400		6,460,102
Insurance - 1.3%
Allstate Corp.		15,440		1,643,125
American International Group, Inc.		51,600		2,732,736
Arthur J. Gallagher & Co.		6,600		602,052
Everest Re Group, Ltd.		2,510		645,296
Hartford Financial Services Group, Inc.		57,700		3,293,516
Lincoln National Corp.		6,240		352,435
MetLife, Inc.		77,410		3,622,014
Progressive Corp.		5,700		397,290
				13,288,464
Interactive Media & Services - 2.9%
Alphabet, Inc., Class A (A)		8,830		11,115,204
Alphabet, Inc., Class C (A)		8,170		10,295,099
Facebook, Inc., Class A (A)		39,070		7,487,765
				28,898,068

	Shares		Value
COMMON STOCKS (continued)
Internet & Direct Marketing Retail - 2.5%
Amazon.com, Inc. (A)		11,780		$   20,929,055
Booking Holdings, Inc. (A)		230		471,217
Expedia Group, Inc.		24,850		3,396,001
				24,796,273
IT Services - 3.9%
Accenture PLC, Class A		22,800		4,227,576
Automatic Data Processing, Inc.		42,110		6,831,505
Cognizant Technology Solutions Corp., Class A		37,000		2,254,780
Fiserv, Inc. (A)		12,802		1,358,804
International Business Machines Corp.		8,200		1,096,586
Leidos Holdings, Inc.		7,300		629,479
Mastercard, Inc., Class A		41,310		11,435,021
PayPal Holdings, Inc. (A)		57,540		5,989,914
Visa, Inc., Class A		30,510		5,457,019
				39,280,684
Leisure Products - 0.1%
Hasbro, Inc.		7,500		729,825
Life Sciences Tools & Services - 0.8%
Illumina, Inc. (A)		3,600		1,063,872
Thermo Fisher Scientific, Inc.		21,870		6,604,303
				7,668,175
Machinery - 1.4%
Caterpillar, Inc.		12,800		1,763,840
Cummins, Inc.		17,480		3,014,950
Deere & Co.		9,180		1,598,605
Ingersoll-Rand PLC		19,140		2,428,675
Parker-Hannifin Corp.		13,000		2,385,370
Snap-on, Inc.		5,750		935,353
Stanley Black & Decker, Inc.		16,650		2,519,644
				14,646,437
Media - 2.0%
Altice, Inc., Class A (A)		38,040		1,177,338
Charter Communications, Inc., Class A (A)		12,540		5,866,965
Comcast Corp., Class A		219,510		9,838,438
Discovery, Inc., Class A (A) (C)		53,260		1,435,623
Discovery, Inc., Class C (A)		58,210		1,469,220
				19,787,584
Metals & Mining - 0.1%
Freeport-McMoRan, Inc.		31,450		308,839
Newmont Goldcorp Corp.		11,460		455,306
				764,145
Multi-Utilities - 0.4%
CMS Energy Corp.		31,300		2,000,696
Sempra Energy		11,620		1,679,206
				3,679,902
Multiline Retail - 0.0% (B)
Target Corp.		2,800		299,348
Oil, Gas & Consumable Fuels - 2.6%
Chevron Corp.		78,580		9,126,281
Diamondback Energy, Inc.		24,300		2,083,968
EOG Resources, Inc.		54,850		3,801,653
Exxon Mobil Corp.		19,350		1,307,480

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

Transamerica Funds Annual Report 2019

Page    251

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Shares		Value
COMMON STOCKS (continued)
Oil, Gas & Consumable Fuels (continued)
Marathon Petroleum Corp.		56,170		$   3,592,072
ONEOK, Inc.		47,620		3,325,305
Pioneer Natural Resources Co.		22,570		2,776,561
				26,013,320
Pharmaceuticals - 2.6%
Allergan PLC		7,090		1,248,620
Bristol-Myers Squibb Co.		73,250		4,202,352
Eli Lilly & Co.		36,382		4,145,729
Johnson & Johnson		46,490		6,138,540
Merck & Co., Inc.		88,720		7,688,475
Pfizer, Inc.		75,750		2,906,528
				26,330,244
Road & Rail - 0.9%
Kansas City Southern		2,400		337,872
Lyft, Inc., Class A (A) (C)		8,700		360,528
Norfolk Southern Corp.		29,650		5,396,300
Union Pacific Corp.		21,020		3,477,969
				9,572,669
Semiconductors & Semiconductor Equipment - 2.6%
Advanced Micro Devices, Inc. (A)		81,800		2,775,474
Analog Devices, Inc.		46,540		4,962,560
Intel Corp.		17,750		1,003,408
KLA Corp.		4,200		709,968
NVIDIA Corp.		21,400		4,301,828
NXP Semiconductors NV		32,200		3,660,496
Skyworks Solutions, Inc.		2,200		200,332
Teradyne, Inc.		43,090		2,637,970
Texas Instruments, Inc.		53,550		6,318,364
				26,570,400
Software - 3.9%
Intuit, Inc.		5,400		1,390,500
Microsoft Corp.		225,490		32,328,501
salesforce.com, Inc. (A)		33,430		5,231,461
				38,950,462
Specialty Retail - 2.7%
Advance Auto Parts, Inc.		4,190		680,791
AutoZone, Inc. (A)		4,140		4,737,733
Best Buy Co., Inc.		40,750		2,927,072
Home Depot, Inc.		29,910		7,016,288
Lowe’s Cos., Inc.		44,720		4,991,199
O’Reilly Automotive, Inc. (A)		3,360		1,463,314
Ross Stores, Inc.		17,580		1,927,999
TJX Cos., Inc.		59,640		3,438,246
				27,182,642
Technology Hardware, Storage & Peripherals - 2.9%
Apple, Inc.		113,440		28,219,335
HP, Inc.		80,360		1,395,853
				29,615,188
Textiles, Apparel & Luxury Goods - 0.4%
NIKE, Inc., Class B		43,300		3,877,515
Ralph Lauren Corp.		6,400		614,784
				4,492,299
Tobacco - 0.8%
Altria Group, Inc.		45,810		2,051,830

	Shares		Value
COMMON STOCKS (continued)
Tobacco (continued)
Philip Morris International, Inc.		75,190		$   6,123,473
				8,175,303
Wireless Telecommunication Services - 0.1%
T-Mobile, Inc. (A)		9,930		820,814
Total Common Stocks (Cost $413,455,207)				607,391,323
PREFERRED STOCKS - 0.0% (B)
Banks - 0.0% (B)
Citigroup Capital XIII, 3-Month LIBOR + 6.37%, 8.31% (D)		12,963		353,760
Electric Utilities - 0.0% (B)
SCE Trust III, Series H, Fixed until 03/15/2024, 5.75% (D)		960		22,915
Total Preferred Stocks (Cost $379,727)				376,675
	Principal		Value
ASSET-BACKED SECURITIES - 3.2%
321 Henderson Receivables VI LLC Series 2010-1A, Class A, 5.56%, 07/15/2059 (E)		$  305,746		336,036
BlueMountain CLO, Ltd. Series 2015-2A, Class A1R, 3-Month LIBOR + 0.93%, 2.93% (D), 07/18/2027 (E)		795,000		791,027
BRE Grand Islander Timeshare Issuer LLC Series 2017-1A, Class A, 2.94%, 05/25/2029 (E)		368,215		369,737
BXG Receivables Note Trust Series 2015-A, Class A, 2.88%, 05/02/2030 (E)		418,423		417,934
CIFC Funding, Ltd. Series 2013-2A, Class A1LR, 3-Month LIBOR + 1.21%, 3.21% (D), 10/18/2030 (E)		1,975,000		1,974,982
Diamond Resorts Owner Trust Series 2019-1A, Class A, 2.89%, 02/20/2032 (E)		381,888		383,557
ICG CLO, Ltd. Series 2014-1A, Class A1R, 3-Month LIBOR + 1.22%, 3.19% (D), 01/20/2030 (E)		670,000		666,806
JG Wentworth XXII LLC Series 2010-3A, Class A, 3.82%, 12/15/2048 (E)		578,207		598,812
JGWPT XXVIII LLC Series 2013-1A, Class A, 3.22%, 04/15/2067 (E)		897,197		930,659
Laurel Road Prime Student Loan Trust Series 2018-B, Class A2FX, 3.54%, 05/26/2043 (E)		595,000		615,674
Longfellow Place CLO, Ltd. Series 2013-1A, Class ARR, 3-Month LIBOR + 1.34%, 3.34% (D), 04/15/2029 (E)		1,175,000		1,172,098

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

Transamerica Funds Annual Report 2019

Page    252

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Mill City Mortgage Loan Trust Series 2016-1, Class A1, 2.50% (D), 04/25/2057 (E)		$   193,458		$   193,933
MVW Owner Trust
Series 2014-1A, Class A,
2.25%, 09/22/2031 (E)		124,994		124,954
Series 2016-1A, Class A,
2.25%, 12/20/2033 (E)		124,974		124,376
Series 2019-1A, Class A,
2.89%, 11/20/2036 (E)		353,998		360,440
New Residential Advanced Receivables Trust
Series 2019-T2, Class AT2,
2.52%, 08/15/2053 (E)		1,800,000		1,797,789
Series 2019-T3, Class AT3,
2.51%, 10/20/2052 (E)		900,000		903,430
Series 2019-T4, Class AT4,
2.33%, 10/15/2051 (E)		100,000		100,092
Octagon Investment Partners 33, Ltd. Series 2017-1A, Class A1, 3-Month LIBOR + 1.19%, 3.16% (D), 01/20/2031 (E)		800,000		796,754
Ocwen Master Advance Receivables Trust
Series 2019-T1, Class AT1,
2.51%, 08/15/2050 (E)		2,150,000		2,155,577
Series 2019-T2, Class AT2,
2.42%, 08/15/2051 (E)		2,150,000		2,157,267
Orange Lake Timeshare Trust
Series 2016-A, Class A,
2.61%, 03/08/2029 (E)		835,668		840,878
Series 2018-A, Class A,
3.10%, 11/08/2030 (E)		121,184		122,619
Series 2018-A, Class B,
3.35%, 11/08/2030 (E)		99,150		100,325
Palmer Square CLO, Ltd. Series 2015-2A, Class A1AR, 3-Month LIBOR + 1.27%, 3.24% (D), 07/20/2030 (E)		800,000		799,679
Sierra Timeshare Receivables Funding LLC
Series 2015-1A, Class A,
2.40%, 03/22/2032 (E)		38,374		38,363
Series 2015-1A, Class B,
3.05%, 03/22/2032 (E)		39,888		39,880
Series 2016-2A, Class A,
2.33%, 07/20/2033 (E)		178,095		177,908
SolarCity LMC LLC Series 2014-2, Class A, 4.02%, 07/20/2044 (E)		393,255		397,380
SPS Servicer Advanced Receivables Trust Series 2019-T2, Class AT2, 2.32%, 10/15/2052 (E) (F)		1,040,000		1,040,000
Towd Point Mortgage Trust
Series 2015-3, Class A1B,
3.00% (D), 03/25/2054 (E)		349,913		351,468
Series 2015-4, Class A1B,
2.75% (D), 04/25/2055 (E)		440,021		441,168
Series 2015-5, Class A1B,
2.75% (D), 05/25/2055 (E)		361,398		362,848
Series 2015-6, Class A1B,
2.75% (D), 04/25/2055 (E)		435,781		438,114

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Towd Point Mortgage Trust (continued)
Series 2016-1, Class A1B,
2.75% (D), 02/25/2055 (E)		$   360,034		$   361,926
Series 2016-2, Class A1A,
2.75% (D), 08/25/2055 (E)		770,539		778,509
Series 2016-3, Class A1,
2.25% (D), 04/25/2056 (E)		352,803		352,014
Series 2016-4, Class A1,
2.25% (D), 07/25/2056 (E)		734,637		733,328
Series 2017-1, Class A1,
2.75% (D), 10/25/2056 (E)		959,851		971,208
Series 2017-2, Class A1,
2.75% (D), 04/25/2057 (E)		560,933		566,080
Series 2017-3, Class A1,
2.75% (D), 07/25/2057 (E)		414,589		418,424
Series 2017-6, Class A1,
2.75% (D), 10/25/2057 (E)		695,479		701,270
Series 2018-1, Class A1,
3.00% (D), 01/25/2058 (E)		1,089,393		1,105,277
Series 2018-4, Class A1,
3.00% (D), 06/25/2058 (E)		971,985		999,554
Series 2019-1, Class A1,
3.75% (D), 03/25/2058 (E)		207,696		219,257
VB-S1 Issuer LLC Series 2018-1A, Class C, 3.41%, 02/15/2048 (E)		1,155,000		1,170,615
VSE VOI Mortgage LLC Series 2016-A, Class A, 2.54%, 07/20/2033 (E)		155,300		155,238
Welk Resorts LLC Series 2017-AA, Class A, 2.82%, 06/15/2033 (E)		618,229		625,007
Wellfleet CLO, Ltd. Series 2016-2A, Class A1R, 3-Month LIBOR + 1.14%, 3.11% (D), 10/20/2028 (E)		815,000		814,994
Total Asset-Backed Securities (Cost $31,902,595)				32,095,265
CORPORATE DEBT SECURITIES - 13.4%
Aerospace & Defense - 0.1%
Boeing Co. 3.50%, 03/01/2039		817,000		849,166
Air Freight & Logistics - 0.1%
FedEx Corp. 3.30%, 03/15/2027		563,000		582,466
Airlines - 0.6%
American Airlines Pass-Through Trust
3.20%, 12/15/2029		674,030		696,671
3.70%, 04/01/2028 (G)		0		0
Delta Air Lines Pass-Through Trust
4.75%, 11/07/2021		375,750		379,677
6.82%, 02/10/2024		1,080,786		1,183,936
JetBlue Pass-Through Trust 2.75%, 11/15/2033 (H)		795,000		802,783
Northwest Airlines Pass-Through Trust 7.03%, 05/01/2021		437,659		437,629
United Airlines Pass-Through Trust 3.75%, 03/03/2028		1,280,309		1,358,243

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

Transamerica Funds Annual Report 2019

Page    253

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Airlines (continued)
US Airways Pass-Through Trust 5.38%, 05/15/2023		$   652,296		$   680,978
				5,539,917
Auto Components - 0.0% (B)
BorgWarner, Inc. 3.38%, 03/15/2025		345,000		360,804
Automobiles - 0.1%
General Motors Co.
4.88%, 10/02/2023		453,000		486,575
6.25%, 10/02/2043		120,000		134,076
				620,651
Banks - 2.0%
Banco Santander SA 2.71%, 06/27/2024		1,200,000		1,218,605
Bank of America Corp.
Fixed until 01/23/2025, 3.37% (D), 01/23/2026		2,078,000		2,173,713
Fixed until 12/20/2027, 3.42% (D), 12/20/2028		1,062,000		1,111,610
Barclays Bank PLC 10.18%, 06/12/2021 (E)		1,217,000		1,362,498
BNP Paribas SA 4.40%, 08/14/2028 (E)		804,000		895,414
BPCE SA 2.70%, 10/01/2029 (E)		1,170,000		1,170,761
CIT Group, Inc. 4.13%, 03/09/2021		70,000		71,575
Citigroup, Inc.
Fixed until 04/24/2024, 3.35% (D), 04/24/2025		787,000		818,763
Fixed until 10/27/2027, 3.52% (D), 10/27/2028		742,000		781,100
4.50%, 01/14/2022		394,000		414,289
Commerzbank AG 8.13%, 09/19/2023 (E)		1,117,000		1,304,747
Danske Bank A/S Fixed until 12/20/2024, 3.24% (D), 12/20/2025 (E)		939,000		953,069
Discover Bank 3.45%, 07/27/2026		1,163,000		1,206,933
Intesa Sanpaolo SpA 5.02%, 06/26/2024 (E)		420,000		438,407
JPMorgan Chase & Co.
Fixed until 07/23/2023, 3.80% (D), 07/23/2024		1,105,000		1,168,754
4.13%, 12/15/2026		1,089,000		1,189,052
6.40%, 05/15/2038		569,000		810,022
Lloyds Banking Group PLC Fixed until 11/07/2022, 2.91% (D), 11/07/2023		303,000		307,233
National Australia Bank, Ltd. Fixed until 08/02/2029, 3.93% (D), 08/02/2034 (E)		830,000		858,520
Royal Bank of Scotland Group PLC Fixed until 06/25/2023, 4.52% (D), 06/25/2024		376,000		399,506

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Wells Fargo & Co.
4.10%, 06/03/2026, MTN		$   1,468,000		$   1,579,556
Fixed until 06/15/2024 (I), 5.90% (D)		365,000		394,200
				20,628,327
Beverages - 0.4%
Anheuser-Busch InBev Worldwide, Inc.
4.15%, 01/23/2025		339,000		370,616
4.44%, 10/06/2048		857,000		961,946
4.75%, 01/23/2029		710,000		825,167
Constellation Brands, Inc.
3.15%, 08/01/2029		360,000		366,598
3.70%, 12/06/2026		164,000		175,554
Pernod Ricard SA
4.45%, 01/15/2022 (E)		385,000		404,477
5.75%, 04/07/2021 (E)		1,095,000		1,152,544
				4,256,902
Biotechnology - 0.1%
AbbVie, Inc. 3.20%, 05/14/2026		963,000		986,199
Gilead Sciences, Inc. 4.15%, 03/01/2047		190,000		211,142
				1,197,341
Capital Markets - 0.9%
Ameriprise Financial, Inc.
3.00%, 03/22/2022		369,000		377,261
3.70%, 10/15/2024		604,000		646,162
Credit Suisse Group Funding Guernsey, Ltd.
3.75%, 03/26/2025		772,000		814,510
3.80%, 06/09/2023		738,000		772,554
Goldman Sachs Group, Inc.
5.25%, 07/27/2021		1,188,000		1,252,317
6.75%, 10/01/2037		591,000		804,160
Lazard Group LLC 4.50%, 09/19/2028		840,000		922,177
Morgan Stanley
3.70%, 10/23/2024, MTN		1,117,000		1,188,392
Fixed until 01/24/2028, 3.77% (D), 01/24/2029, MTN		180,000		192,944
5.00%, 11/24/2025		521,000		585,675
UBS AG 7.63%, 08/17/2022		1,047,000		1,179,969
UBS Group AG Fixed until 08/13/2029, 3.13% (D), 08/13/2030 (E)		336,000		345,846
				9,081,967
Chemicals - 0.1%
Syngenta Finance NV 3.93%, 04/23/2021 (E)		485,000		493,179
Commercial Services & Supplies - 0.2%
CK Hutchison International 17 II, Ltd. 2.25%, 09/29/2020 (E)		360,000		360,027
ERAC Finance LLC
2.70%, 11/01/2023 (E)		200,000		203,122
3.85%, 11/15/2024 (E)		560,000		597,875

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

Transamerica Funds Annual Report 2019

Page    254

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Commercial Services & Supplies (continued)
Waste Management, Inc. 3.20%, 06/15/2026		$   729,000		$   773,323
				1,934,347
Communications Equipment - 0.1%
Nokia OYJ 3.38%, 06/12/2022		654,000		661,357
Construction & Engineering - 0.5%
SBA Tower Trust
2.84%, 01/15/2050 (E)		2,915,000		2,943,978
2.88%, 07/15/2046 (E)		607,000		609,751
3.17%, 04/09/2047 (E)		800,000		810,612
3.45%, 03/15/2048 (E)		374,000		385,770
				4,750,111
Construction Materials - 0.2%
CRH America Finance, Inc. 4.50%, 04/04/2048 (E)		575,000		625,996
LafargeHolcim Finance LLC 4.75%, 09/22/2046 (E)		780,000		826,898
Martin Marietta Materials, Inc.
3.50%, 12/15/2027		400,000		418,208
4.25%, 12/15/2047		286,000		292,182
				2,163,284
Consumer Finance - 0.4%
Ally Financial, Inc.
3.88%, 05/21/2024		416,000		434,470
4.13%, 03/30/2020		915,000		920,948
American Express Co. 4.05%, 12/03/2042		225,000		262,023
BMW Capital LLC 2.80%, 04/11/2026 (E)		1,104,000		1,118,501
Capital One Financial Corp. 3.30%, 10/30/2024		871,000		906,832
Ford Motor Credit Co. LLC 4.54%, 08/01/2026		533,000		536,881
				4,179,655
Containers & Packaging - 0.1%
International Paper Co. 4.75%, 02/15/2022		239,000		251,591
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC
5.13%, 07/15/2023 (E)		405,000		415,510
5.75%, 10/15/2020		629,920		632,093
				1,299,194
Diversified Consumer Services - 0.0% (B)
President & Fellows of Harvard College 3.62%, 10/01/2037		70,000		77,346
Diversified Financial Services - 0.1%
Aviation Capital Group LLC 7.13%, 10/15/2020 (E)		1,312,000		1,370,848
Diversified Telecommunication Services - 0.5%
AT&T, Inc. 3.40%, 05/15/2025		1,240,000		1,299,275
GTP Acquisition Partners I LLC 2.35%, 06/15/2045 (E)		165,000		165,058

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Telecommunication Services (continued)
Hughes Satellite Systems Corp. 7.63%, 06/15/2021		$   410,000		$   441,775
Sprint Capital Corp. 6.88%, 11/15/2028		135,000		147,107
Verizon Communications, Inc.
3.50%, 11/01/2024		1,216,000		1,291,877
5.50%, 03/16/2047		1,052,000		1,433,363
				4,778,455
Electric Utilities - 0.6%
Appalachian Power Co. 3.40%, 06/01/2025		868,000		909,409
Cleveland Electric Illuminating Co. 5.95%, 12/15/2036		125,000		159,981
Duke Energy Corp. 3.75%, 04/15/2024 - 09/01/2046		1,596,000		1,669,832
Duke Energy Progress LLC 3.60%, 09/15/2047		594,000		637,100
Entergy Arkansas LLC 3.70%, 06/01/2024		206,000		219,606
Oncor Electric Delivery Co. LLC
4.10%, 06/01/2022		895,000		939,374
5.30%, 06/01/2042		75,000		99,698
PacifiCorp
3.60%, 04/01/2024		544,000		576,759
5.75%, 04/01/2037		125,000		167,633
Public Service Electric & Gas Co. 3.00%, 05/15/2025, MTN		455,000		475,252
				5,854,644
Electronic Equipment, Instruments & Components - 0.2%
Amphenol Corp. 2.80%, 02/15/2030		349,000		344,024
Arrow Electronics, Inc.
3.25%, 09/08/2024		250,000		254,653
3.88%, 01/12/2028		216,000		223,310
Keysight Technologies, Inc. 4.60%, 04/06/2027		1,131,000		1,259,358
				2,081,345
Energy Equipment & Services - 0.1%
Schlumberger Holdings Corp. 3.90%, 05/17/2028 (E)		861,000		909,715
Schlumberger Investment SA 3.65%, 12/01/2023		105,000		111,122
				1,020,837
Equity Real Estate Investment Trusts - 0.7%
American Tower Trust #1 3.65%, 03/15/2048 (E)		755,000		811,361
CBL & Associates, LP 5.25%, 12/01/2023 (C)		754,000		527,951
EPR Properties 4.75%, 12/15/2026 (C)		549,000		598,116
HCP, Inc. 3.50%, 07/15/2029		404,000		425,342
Healthcare Trust of America Holdings, LP 3.10%, 02/15/2030		480,000		480,306
Highwoods Realty, LP 3.05%, 02/15/2030		884,000		871,582

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

Transamerica Funds Annual Report 2019

Page    255

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Equity Real Estate Investment Trusts (continued)
Kilroy Realty, LP 4.25%, 08/15/2029		$   865,000		$   947,823
Life Storage, LP 4.00%, 06/15/2029		414,000		444,031
Service Properties Trust 5.00%, 08/15/2022		909,000		951,606
VEREIT Operating Partnership, LP 4.63%, 11/01/2025		551,000		605,008
WEA Finance LLC 4.13%, 09/20/2028 (E)		745,000		810,577
				7,473,703
Food & Staples Retailing - 0.2%
Sysco Corp. 3.30%, 07/15/2026		576,000		608,055
Walmart, Inc. 3.63%, 12/15/2047		955,000		1,062,844
				1,670,899
Food Products - 0.0% (B)
Kraft Heinz Foods Co. 2.80%, 07/02/2020		24,000		24,063
Health Care Equipment & Supplies - 0.2%
Abbott Laboratories 3.75%, 11/30/2026		686,000		751,613
Alcon Finance Corp. 2.75%, 09/23/2026 (E)		400,000		408,373
Boston Scientific Corp. 4.70%, 03/01/2049		591,000		718,483
				1,878,469
Health Care Providers & Services - 0.3%
Cigna Corp. 4.13%, 11/15/2025		470,000		509,043
CVS Health Corp.
2.13%, 06/01/2021		601,000		601,924
4.10%, 03/25/2025		286,000		307,249
HCA Healthcare, Inc. 6.25%, 02/15/2021		255,000		267,113
HCA, Inc.
4.13%, 06/15/2029		253,000		268,029
5.25%, 04/15/2025		166,000		184,696
Quest Diagnostics, Inc. 4.20%, 06/30/2029		828,000		915,949
				3,054,003
Household Durables - 0.1%
D.R. Horton, Inc. 4.38%, 09/15/2022		756,000		793,272
Industrial Conglomerates - 0.1%
Carlisle Cos., Inc. 3.75%, 12/01/2027		655,000		691,472
General Electric Co. 6.88%, 01/10/2039, MTN		420,000		556,040
				1,247,512
Insurance - 0.5%
Athene Global Funding 3.00%, 07/01/2022 (E)		612,000		622,840

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Insurance (continued)
CNA Financial Corp. 3.90%, 05/01/2029		$   450,000		$   488,477
Fidelity National Financial, Inc. 5.50%, 09/01/2022		195,000		212,658
Hartford Financial Services Group, Inc. 2.80%, 08/19/2029		1,117,000		1,122,179
Lincoln National Corp. 3.63%, 12/12/2026		615,000		651,083
Markel Corp. 3.35%, 09/17/2029		275,000		280,918
Reinsurance Group of America, Inc. 3.90%, 05/15/2029		1,010,000		1,083,359
RenaissanceRe Finance, Inc. 3.45%, 07/01/2027		886,000		915,798
				5,377,312
Interactive Media & Services - 0.2%
Baidu, Inc. 4.38%, 05/14/2024		710,000		754,842
Tencent Holdings, Ltd. 3.28%, 04/11/2024 (E)		742,000		764,073
				1,518,915
Internet & Direct Marketing Retail - 0.1%
Booking Holdings, Inc. 3.60%, 06/01/2026		369,000		399,501
Expedia Group, Inc.
3.25%, 02/15/2030 (E)		375,000		375,255
3.80%, 02/15/2028		550,000		577,048
				1,351,804
IT Services - 0.1%
DXC Technology Co. 4.75%, 04/15/2027		213,000		225,111
Fidelity National Information Services, Inc. 3.75%, 05/21/2029		299,000		325,568
Fiserv, Inc. 3.50%, 07/01/2029		552,000		583,918
				1,134,597
Life Sciences Tools & Services - 0.0% (B)
Thermo Fisher Scientific, Inc. 5.30%, 02/01/2044		316,000		406,215
Machinery - 0.1%
Doosan Heavy Industries & Construction Co., Ltd. 2.13%, 04/27/2020 (E)		490,000		489,783
Media - 0.2%
CCO Holdings LLC / CCO Holdings Capital Corp. 5.75%, 01/15/2024		139,000		142,433
Charter Communications Operating LLC / Charter Communications Operating Capital 4.80%, 03/01/2050		405,000		414,578
Clear Channel Worldwide Holdings, Inc. 5.13%, 08/15/2027 (E)		300,000		312,279
NBCUniversal Enterprise, Inc. 5.25%, 03/19/2021 (E) (I)		550,000		565,125

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

Transamerica Funds Annual Report 2019

Page    256

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Media (continued)
NBCUniversal Media LLC
4.38%, 04/01/2021		$   504,000		$   521,476
4.45%, 01/15/2043		274,000		316,708
				2,272,599
Metals & Mining - 0.1%
Anglo American Capital PLC
4.00%, 09/11/2027 (E)		650,000		674,921
4.75%, 04/10/2027 (E)		230,000		249,682
Freeport-McMoRan, Inc. 3.88%, 03/15/2023		140,000		142,100
				1,066,703
Multi-Utilities - 0.3%
Black Hills Corp. 4.25%, 11/30/2023		630,000		672,782
CMS Energy Corp.
3.88%, 03/01/2024		70,000		73,813
4.88%, 03/01/2044		152,000		183,562
Dominion Energy, Inc. 2.58%, 07/01/2020		516,000		517,538
DTE Electric Co. 4.30%, 07/01/2044		848,000		1,013,459
Public Service Enterprise Group, Inc. 2.65%, 11/15/2022		170,000		172,857
				2,634,011
Oil, Gas & Consumable Fuels - 1.2%
BP Capital Markets PLC 3.12%, 05/04/2026		1,426,000		1,472,044
Energy Transfer Operating, LP
4.90%, 02/01/2024		382,000		412,275
5.15%, 02/01/2043		600,000		613,365
5.95%, 10/01/2043		535,000		597,454
Enterprise Products Operating LLC 4.25%, 02/15/2048		1,082,000		1,161,059
EOG Resources, Inc. 2.45%, 04/01/2020		290,000		290,495
Kinder Morgan Energy Partners, LP 4.15%, 02/01/2024		480,000		511,131
Nexen, Inc. 5.88%, 03/10/2035		10,000		12,931
Noble Energy, Inc. 3.25%, 10/15/2029		972,000		967,104
Occidental Petroleum Corp. 5.55%, 03/15/2026		1,087,000		1,234,167
Petroleos Mexicanos
6.50%, 01/23/2029		385,000		401,555
6.84%, 01/23/2030 (E)		657,000		701,347
6.88%, 08/04/2026		340,000		371,960
7.69%, 01/23/2050 (E)		95,000		103,231
Plains All American Pipeline, LP / PAA Finance Corp. 3.55%, 12/15/2029		888,000		849,012
Sabine Pass Liquefaction LLC 4.20%, 03/15/2028		378,000		398,780
Shell International Finance BV
2.50%, 09/12/2026		873,000		890,886
3.75%, 09/12/2046		195,000		217,201

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
TransCanada PipeLines, Ltd.
3.75%, 10/16/2023		$   120,000		$   126,761
4.63%, 03/01/2034		110,000		125,568
Western Midstream Operating, LP 5.38%, 06/01/2021		225,000		232,268
Williams Cos., Inc.
5.40%, 03/04/2044		104,000		115,431
7.88%, 09/01/2021		100,000		109,836
				11,915,861
Pharmaceuticals - 0.4%
AstraZeneca PLC
2.38%, 06/12/2022		591,000		596,542
4.00%, 01/17/2029		211,000		236,333
4.38%, 08/17/2048 (C)		560,000		665,054
Bayer Finance LLC 3.00%, 10/08/2021 (E)		575,000		582,907
Bristol-Myers Squibb Co. 3.20%, 06/15/2026 (E)		331,000		351,539
Merck & Co., Inc. 3.40%, 03/07/2029		375,000		409,010
Takeda Pharmaceutical Co., Ltd. 5.00%, 11/26/2028 (E)		691,000		811,327
				3,652,712
Road & Rail - 0.2%
Burlington Northern Santa Fe LLC
3.00%, 03/15/2023		40,000		41,267
3.75%, 04/01/2024		37,000		39,621
CSX Corp. 3.80%, 11/01/2046		398,000		418,121
Park Aerospace Holdings, Ltd. 5.50%, 02/15/2024 (E)		1,376,000		1,512,774
				2,011,783
Semiconductors & Semiconductor Equipment - 0.3%
Intel Corp. 2.88%, 05/11/2024		955,000		993,915
KLA Corp. 4.10%, 03/15/2029		610,000		675,671
Lam Research Corp. 3.75%, 03/15/2026		627,000		676,976
NXP BV / NXP Funding LLC 4.88%, 03/01/2024 (E)		315,000		342,292
QUALCOMM, Inc. 3.25%, 05/20/2027		643,000		676,486
Sensata Technologies, Inc. Co. 4.38%, 02/15/2030 (E)		88,000		88,605
				3,453,945
Software - 0.1%
Microsoft Corp. 3.30%, 02/06/2027		695,000		752,314
Technology Hardware, Storage & Peripherals - 0.2%
Apple, Inc. 2.85%, 02/23/2023		772,000		796,002
Dell International LLC / EMC Corp. 6.02%, 06/15/2026 (E)		465,000		530,741

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

Transamerica Funds Annual Report 2019

Page    257

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Technology Hardware, Storage & Peripherals (continued)
Western Digital Corp. 4.75%, 02/15/2026 (C)		$   855,000		$   873,724
				2,200,467
Tobacco - 0.1%
Altria Group, Inc. 4.40%, 02/14/2026		762,000		821,836
BAT Capital Corp. 3.22%, 08/15/2024		576,000		584,761
				1,406,597
Transportation Infrastructure - 0.0% (B)
Penske Truck Leasing Co., LP / PTL Finance Corp. 3.45%, 07/01/2024 (E)		415,000		432,433
Wireless Telecommunication Services - 0.3%
America Movil SAB de CV
3.13%, 07/16/2022		407,000		417,219
4.38%, 07/16/2042		300,000		338,311
Crown Castle Towers LLC
3.22%, 05/15/2042 (E)		1,655,000		1,675,994
3.72%, 07/15/2043 (E)		160,000		165,837
Sprint Corp.
7.25%, 09/15/2021		200,000		213,412
7.88%, 09/15/2023		390,000		430,462
				3,241,235
Total Corporate Debt Securities (Cost $129,314,641)				135,243,350
FOREIGN GOVERNMENT OBLIGATIONS - 0.5%
Brazil - 0.1%
Brazil Government International Bond 4.25%, 01/07/2025 (C)		330,000		349,473
Colombia - 0.1%
Colombia Government International Bond
4.00%, 02/26/2024		235,000		248,306
4.50%, 01/28/2026		650,000		711,100
				959,406
Indonesia - 0.1%
Indonesia Government International Bond
4.75%, 01/08/2026 (E)		610,000		672,353
5.38%, 10/17/2023 (E)		115,000		126,841
				799,194
Mexico - 0.1%
Mexico Government International Bond 3.75%, 01/11/2028		1,126,000		1,173,855
Panama - 0.0% (B)
Panama Government International Bond 3.88%, 03/17/2028		315,000		342,172
Peru - 0.0% (B)
Peru Government International Bond 7.35%, 07/21/2025		125,000		158,564
Poland - 0.0% (B)
Republic of Poland Government International Bond 3.00%, 03/17/2023		275,000		283,596

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Qatar - 0.0% (B)
Qatar Government International Bond 3.88%, 04/23/2023 (E)		$   200,000		$   210,957
Saudi Arabia - 0.1%
Saudi Arabia Government International Bond 2.38%, 10/26/2021 (E)		455,000		455,796
Total Foreign Government Obligations (Cost $4,486,221)				4,733,013
MORTGAGE-BACKED SECURITIES - 4.1%
Aventura Mall Trust Series 2013-AVM, Class A, 3.74% (D), 12/05/2032 (E)		700,000		707,493
BB-UBS Trust
Series 2012-TFT, Class A,
2.89%, 06/05/2030 (E)		1,145,000		1,144,852
Series 2012-TFT, Class C,
3.47% (D), 06/05/2030 (E)		1,070,000		1,061,631
BB-UBS Trust, Interest Only STRIPS Series 2012-SHOW, Class XA, 0.60% (D), 11/05/2036 (E)		3,045,000		89,067
BBCMS Trust Series 2015-MSQ, Class B, 3.89%, 09/15/2032 (E)		600,000		619,601
Caesars Palace Las Vegas Trust Series 2017-VICI, Class A, 3.53%, 10/15/2034 (E)		700,000		727,957
CGRBS Commercial Mortgage Trust Series 2013-VN05, Class B, 3.58% (D), 03/13/2035 (E)		1,550,000		1,635,641
Citigroup Commercial Mortgage Trust
Series 2014-GC19, Class A3,
3.75%, 03/10/2047		80,457		85,353
Series 2014-GC19, Class A4,
4.02%, 03/10/2047		220,000		235,864
Citigroup Mortgage Loan Trust, Inc.
Series 2015-A, Class A1,
3.50% (D), 06/25/2058 (E)		247,368		250,088
Series 2018-RP1, Class A1,
3.00% (D), 09/25/2064 (E)		573,054		579,120
COMM Mortgage Trust
Series 2013-CR11, Class AM,
4.72% (D), 08/10/2050		410,000		445,493
Series 2013-GAM, Class A1,
1.71%, 02/10/2028 (E)		86,256		85,797
Series 2013-GAM, Class A2,
3.37%, 02/10/2028 (E)		110,000		110,718
Series 2013-WWP, Class B,
3.73%, 03/10/2031 (E)		1,150,000		1,213,482
Series 2014-UBS2, Class A5,
3.96%, 03/10/2047		2,415,000		2,573,548
Series 2015-3BP, Class A,
3.18%, 02/10/2035 (E)		2,250,000		2,360,402
Series 2016-GCT, Class C,
3.46% (D), 08/10/2029 (E)		520,000		526,525
Commercial Mortgage Pass-Through Certificates Trust Series 2012-LTRT, Class A2, 3.40%, 10/05/2030 (E)		830,000		843,816

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

Transamerica Funds Annual Report 2019

Page    258

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
CSMC Trust Series 2014-4R, Class 21A1, 1-Month LIBOR + 0.33%, 2.68% (D), 12/27/2035 (E)		$   409,699		$   407,816
GS Mortgage Securities Corp. II Series 2013-KING, Class E, 3.44% (D), 12/10/2027 (E)		320,000		319,548
GS Mortgage Securities Trust Series 2013-G1, Class A2, 3.56% (D), 04/10/2031 (E)		675,000		689,470
Houston Galleria Mall Trust Series 2015-HGLR, Class A1A2, 3.09%, 03/05/2037 (E)		700,000		726,843
Jefferies Resecuritization Trust Series 2009-R7, Class 1A1, 4.19% (D), 02/26/2036 (E)		10,467		10,491
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2010-C1, Class B,
5.95%, 06/15/2043 (E)		370,000		373,597
Series 2012-WLDN, Class A,
3.91%, 05/05/2030 (E)		2,107,444		2,169,043
MetLife Securitization Trust Series 2019-1A, Class A1A, 3.75% (D), 04/25/2058 (E)		245,871		256,554
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C6, Class AS, 3.48%, 11/15/2045		320,000		330,098
Morgan Stanley Capital Barclays Bank Trust Series 2016-MART, Class A, 2.20%, 09/13/2031 (E)		3,050,000		3,051,086
Morgan Stanley Resecuritization Trust Series 2014-R3, Class 2A, 3.00% (D), 07/26/2048 (E)		379,617		378,753
Motel 6 Trust Series 2017-MTL6, Class C, 1-Month LIBOR + 1.40%, 3.31% (D), 08/15/2034 (E)		2,311,111		2,311,106
Nationstar Mortgage Loan Trust Series 2013-A, Class A, 3.75% (D), 12/25/2052 (E)		202,459		206,897
New Residential Mortgage Loan Trust
Series 2014-1A, Class A,
3.75% (D), 01/25/2054 (E)		96,369		100,363
Series 2014-2A, Class A3,
3.75% (D), 05/25/2054 (E)		236,587		240,754
Series 2014-3A, Class AFX3,
3.75% (D), 11/25/2054 (E)		176,874		183,991
Series 2015-2A, Class A1,
3.75% (D), 08/25/2055 (E)		445,851		464,822
Series 2016-2A, Class A1,
3.75% (D), 11/26/2035 (E)		302,907		314,620
Series 2016-3A, Class A1B,
3.25% (D), 09/25/2056 (E)		308,177		315,533
Series 2016-4A, Class A1,
3.75% (D), 11/25/2056 (E)		369,606		385,505
Series 2017-1A, Class A1,
4.00% (D), 02/25/2057 (E)		885,506		929,395

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
New Residential Mortgage Loan Trust (continued)
Series 2017-2A, Class A3,
4.00% (D), 03/25/2057 (E)		$   730,660		$   767,779
Series 2017-3A, Class A1,
4.00% (D), 04/25/2057 (E)		1,229,229		1,283,876
Series 2017-4A, Class A1,
4.00% (D), 05/25/2057 (E)		1,037,750		1,089,626
Series 2018-1A, Class A1A,
4.00%, 12/25/2057 (D) (E)		414,687		432,256
Series 2019-4A, Class A1B,
3.50% (D), 12/25/2058 (E)		2,380,883		2,458,345
Series 2019-5A, Class A1B,
3.50% (D), 08/25/2059 (E)		2,388,531		2,445,391
One Market Plaza Trust Series 2017-1MKT, Class A, 3.61%, 02/10/2032 (E)		1,373,000		1,416,910
Palisades Center Trust Series 2016-PLSD, Class A, 2.71%, 04/13/2033 (E)		950,000		951,341
Provident Funding Mortgage Loan Trust Series 2005-1, Class 3A1, 1-Month LIBOR + 0.58%, 2.40% (D), 05/25/2035		113,385		114,793
Queens Center Mortgage Trust Series 2013-QCA, Class D, 3.47% (D), 01/11/2037 (E)		410,000		417,856
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 06/10/2030 (E)		560,000		575,734
Total Mortgage-Backed Securities (Cost $40,889,344)				41,416,640
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.3%
California - 0.3%
Los Angeles Community College District, General Obligation Unlimited, 6.60%, 08/01/2042		45,000		70,347
State of California, General Obligation Unlimited
7.30%, 10/01/2039		290,000		448,627
7.60%, 11/01/2040		480,000		809,904
7.70%, 11/01/2030		340,000		359,316
7.95%, 03/01/2036		905,000		922,304
University of California, Revenue Bonds, Series AD, 4.86%, 05/15/2112		40,000		51,843
				2,662,341
Georgia - 0.0% (B)
Municipal Electric Authority of Georgia, Revenue Bonds, Series A, 6.64%, 04/01/2057		35,000		49,044
New Jersey - 0.0% (B)
New Jersey Turnpike Authority, Revenue Bonds, Series F, 7.41%, 01/01/2040		54,000		86,472

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

Transamerica Funds Annual Report 2019

Page    259

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New York - 0.0% (B)
Metropolitan Transportation Authority, Revenue Bonds, Series E, 6.81%, 11/15/2040		$   45,000		$   64,423
New York City Water & Sewer System, Revenue Bonds, Series CC, 5.88%, 06/15/2044		45,000		66,071
New York State Dormitory Authority, Revenue Bonds, Series H, 5.39%, 03/15/2040		40,000		52,619
Port Authority of New York & New Jersey, Revenue Bonds, Series 181, 4.96%, 08/01/2046		70,000		93,207
				276,320
Total Municipal Government Obligations (Cost $3,005,606)				3,074,177
U.S. GOVERNMENT AGENCY OBLIGATIONS - 7.9%
Federal Home Loan Mortgage Corp.
5.00%, 08/01/2035		270,187		298,643
5.50%, 06/01/2041		97,119		109,123
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
2.89%, 06/25/2027		2,763,511		2,874,069
3.01%, 07/25/2025		4,041,000		4,251,765
3.06% (D), 08/25/2024		1,820,000		1,895,517
3.49%, 01/25/2024		1,298,000		1,371,872
Federal National Mortgage Association
3.33% (D), 10/25/2023		170,640		179,601
3.50%, 07/01/2028 - 11/01/2028		307,692		322,626
4.00%, 04/01/2026 - 06/01/2042		91,066		97,180
4.50%, 02/01/2025 - 06/01/2026		169,931		178,328
12-Month LIBOR + 1.52%, 4.58% (D), 02/01/2043		46,078		47,602
5.00%, 04/01/2039 - 11/01/2039		1,173,525		1,302,078
5.50%, 10/01/2036 - 12/01/2041		901,617		1,022,197
6.00%, 08/01/2036 - 06/01/2041		1,184,304		1,362,317
6.50%, 05/01/2040		108,238		124,645
Government National Mortgage Association, Interest Only STRIPS 0.80% (D), 02/16/2053		554,437		27,041
Uniform Mortgage-Backed Security
2.50%, TBA (H)		4,205,000		4,250,171
3.00%, TBA (H)		26,060,000		26,505,441
3.50%, TBA (H)		23,363,000		23,987,230
4.00%, TBA (H)		9,313,000		9,664,420
Total U.S. Government Agency Obligations (Cost $79,470,897)				79,871,866
U.S. GOVERNMENT OBLIGATIONS - 9.2%
U.S. Treasury - 8.2%
U.S. Treasury Bond
2.25%, 08/15/2046		2,776,000		2,814,821
2.50%, 02/15/2045 - 05/15/2046		7,240,000		7,705,467

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (continued)
U.S. Treasury (continued)
U.S. Treasury Bond (continued)
2.75%, 08/15/2042 - 11/15/2047		$   4,598,400		$   5,120,462
2.88%, 08/15/2045		1,070,000		1,219,089
3.00%, 05/15/2042 - 08/15/2048		2,212,400		2,591,006
3.13%, 02/15/2042 - 05/15/2048		1,301,000		1,533,991
3.50%, 02/15/2039		3,780,000		4,691,630
3.63%, 02/15/2044		7,318,000		9,352,747
4.50%, 02/15/2036		865,500		1,185,566
4.75%, 02/15/2037		4,556,000		6,481,978
5.25%, 02/15/2029		2,129,000		2,783,252
U.S. Treasury Note
1.13%, 06/30/2021 - 09/30/2021		4,867,000		4,828,500
1.50%, 08/15/2026		3,193,000		3,171,672
1.63%, 02/15/2026 - 08/15/2029		5,513,000		5,507,017
2.00%, 01/31/2020		2,381,000		2,383,232
2.25%, 11/15/2027		2,102,500		2,199,987
2.38%, 01/31/2023 - 05/15/2029		3,116,000		3,265,243
2.50%, 12/31/2020		2,841,000		2,869,854
2.63%, 08/15/2020 - 02/15/2029		5,563,500		5,652,059
2.88%, 05/15/2028 - 05/15/2049		6,337,900		7,087,163
3.13%, 11/15/2028		939,500		1,053,524
				83,498,260
U.S. Treasury Inflation-Protected Securities - 1.0%
U.S. Treasury Inflation-Indexed Bond
1.75%, 01/15/2028		1,240,560		1,396,115
2.50%, 01/15/2029		2,758,685		3,337,220
U.S. Treasury Inflation-Indexed Note 0.63%, 01/15/2024		4,935,880		5,019,521
				9,752,856
Total U.S. Government Obligations (Cost $85,919,187)				93,251,116
COMMERCIAL PAPER - 5.3%
Banks - 1.0%
Concord Minutemen Capital Co. 2.15% (J), 01/02/2020		2,500,000		2,490,915
HSBC Bank PLC 1.96% (J), 01/23/2020		3,500,000		3,484,506
Macquarie Bank, Ltd. 2.17% (J), 12/20/2019		3,500,000		3,489,853
Skandinaviska Enskilda Banken AG 2.20% (J), 11/06/2019		816,000		815,756
				10,281,030
Capital Markets - 0.3%
Cedar Springs Capital Co. LLC 2.16% (J), 12/04/2019		3,000,000		2,994,170
Consumer Finance - 0.1%
Daimler Finance North America LLC 2.19% (J), 11/12/2019		1,000,000		999,343
Diversified Financial Services - 3.7%
Alpine Securitization 2.19% (J), 11/21/2019		3,800,000		3,795,461
Atlantic Asset Securitization LLC 2.10% (J), 12/17/2019		3,000,000		2,992,103
Bennington Stark Capital Co. LLC
2.17% (J), 11/19/2019		1,700,000		1,698,190
2.21% (J), 11/12/2019		500,000		499,669

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

Transamerica Funds Annual Report 2019

Page    260

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
COMMERCIAL PAPER (continued)
Diversified Financial Services (continued)
Gotham Funding Corp. 2.18% (J), 12/13/2019		$   3,500,000		$   3,491,262
Kells Funding LLC 2.04% (J), 01/14/2020		3,800,000		3,784,378
Le Fayette Asset Securitization LLC 2.15% (J), 12/03/2019		3,400,000		3,393,623
Lexington Parker Capital Co. LLC 1.97% (J), 01/23/2020		3,900,000		3,882,646
Liberty Funding LLC 2.12% (J), 11/21/2019		2,500,000		2,497,111
Mont Blanc Capital Corp. 2.32% (J), 11/05/2019		3,850,000		3,849,029
Ridgefield Funding Co. 2.19% (J), 11/19/2019		2,410,000		2,407,409
Sheffield Receivables Corp. 2.18% (J), 11/19/2019		3,500,000		3,496,255
Victory Receivables 2.18% (J), 12/13/2019		1,600,000		1,596,005
				37,383,141
Software - 0.2%
Manhattan Asset Funding Co. LLC 2.13% (J), 01/13/2020		1,900,000		1,891,948
Total Commercial Paper (Cost $53,549,632)				53,549,632
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 1.1%
U.S. Treasury Bill
1.73% (J), 01/02/2020		9,400,000		9,372,552
1.79% (J), 12/12/2019		803,000		801,391
2.00% (J), 12/12/2019		300,000		299,328
2.01% (J), 11/07/2019		400,000		399,869
Total Short-Term U.S. Government Obligations (Cost $10,873,140)				10,873,140

	Shares		Value
OTHER INVESTMENT COMPANY - 0.4%
Securities Lending Collateral - 0.4%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.75% (J)		4,276,270		$   4,276,270
Total Other Investment Company (Cost $4,276,270)				4,276,270
	Principal		Value
REPURCHASE AGREEMENT - 1.2%
Fixed Income Clearing Corp., 0.85% (J), dated 10/31/2019, to be repurchased at $12,360,857 on 11/01/2019. Collateralized by a U.S. Government Obligation, 0.13%, due 04/15/2022, and with a value of $12,613,910.		$  12,360,566		12,360,566
Total Repurchase Agreement (Cost $12,360,566)				12,360,566
Total Investments (Cost $869,883,033)				1,078,513,033
Net Other Assets (Liabilities) - (6.6)%				(67,085,022	)
Net Assets - 100.0%				$  1,011,428,011

FUTURES CONTRACTS:

Long Futures Contracts:

Description

Number of Contracts

Expiration Date

Notional Amount

Value

Unrealized Appreciation

Unrealized Depreciation

S&P 500® E-Mini Index

44

12/20/2019

$  6,464,564

$  6,678,760

$  214,196

$  —

SECURITY VALUATION:

Valuation Inputs ^(K)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	607,391,323	$	—	$	—	$	607,391,323
Preferred Stocks		376,675		—		—		376,675
Asset-Backed Securities		—		32,095,265		—		32,095,265
Corporate Debt Securities		—		135,243,350		—		135,243,350

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

Transamerica Funds Annual Report 2019

Page    261

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

SECURITY VALUATION (continued):

Valuation Inputs (continued) ^(K)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
Foreign Government Obligations	$	—	$	4,733,013	$	—	$	4,733,013
Mortgage-Backed Securities		—		41,416,640		—		41,416,640
Municipal Government Obligations		—		3,074,177		—		3,074,177
U.S. Government Agency Obligations		—		79,871,866		—		79,871,866
U.S. Government Obligations		—		93,251,116		—		93,251,116
Commercial Paper		—		53,549,632		—		53,549,632
Short-Term U.S. Government Obligations		—		10,873,140		—		10,873,140
Other Investment Company		4,276,270		—		—		4,276,270
Repurchase Agreement		—		12,360,566		—		12,360,566
Total Investments	$	612,044,268	$	466,468,765	$	—	$	1,078,513,033
Other Financial Instruments
Futures Contracts (L)	$	214,196	$	—	$	—	$	214,196
Total Other Financial Instruments	$	214,196	$	—	$	—	$	214,196

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	Percentage rounds to less than 0.1% or (0.1)%.
(C)	All or a portion of the securities are on loan. The total value of all securities on loan is $4,188,396. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(D)	Floating or variable rate securities. The rates disclosed are as of October 31, 2019. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(E)	Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2019, the total value of 144A securities is $105,299,122, representing 10.4% of the Fund’s net assets.
(F)	Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2019, the value of the security is $1,040,000, representing 0.1% of the Fund’s net assets.
(G)	Rounds to less than $1 or $(1).
(H)	When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after October 31, 2019. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(I)	Perpetual maturity. The date displayed is the next call date.
(J)	Rates disclosed reflect the yields at October 31, 2019.
(K)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(L)	Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation).

PORTFOLIO ABBREVIATIONS:

LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
STRIPS	Separate Trading of Registered Interest and Principal of Securities
TBA	To Be Announced

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

Transamerica Funds Annual Report 2019

Page    262

Transamerica Short-Term Bond

(unaudited)

MARKET ENVIRONMENT

The fiscal year ended October 31, 2019 began with the prospects of healthy but moderating economic activity and global trade tensions that could potentially derail it. As consumption, fixed investments and government spending growth slowed, so did year-over-year gross domestic product (“GDP”) growth. Lower expectations prevailed throughout the year while any lingering optimism was reduced by a tumultuous geopolitical environment. As trade wars between the U.S. and China, and Japan and South Korea intensified, so did their impact on underlying economies.

Risks around trade policy were a concern for the U.S. Federal Reserve (“Fed”), which lowered 2019 GDP projections in December of 2018. Still, they stayed the course in normalizing rates given continued economic strength, and hiked rates once more in December. As a result, market expectations on Fed action soured, pricing in no further hike for the entirety of 2019 as a jolt of volatility overtook risk assets. The Fed’s more dovish tone and concerns over an inverted yield curve were top of mind for investors at the start of calendar year 2019. After cutting rates by 25 basis points in July and September, softening economic data and continued below-target inflation gave the green light to the Fed to trim its federal funds rate a quarter of a point at its October meeting.

Despite a rough start and volatility throughout the year, the credit markets performed well, both on a total and excess return basis. U.S. equities and high yield bonds posted their largest quarterly losses at the beginning of the fiscal year, which, when combined with higher volatility, depressed risk-return profiles for the quarter. Losses for investment grade bonds were more muted. As volatility normalized and financial conditions eased, risk assets, led by U.S. equities and high yield bonds, posted positive results in the second quarter. During the third quarter, risk assets and Treasuries posted positive results, led by U.S. equities and investment grade bonds. U.S. risk assets have broadly gained so far in the fourth quarter, led by investment grade bonds and Treasuries. October was risk-on with equities delivering positive returns in the U.S. Investment grade, high yield, and Treasuries also posted modest gains for the month.

PERFORMANCE

For the year ended October 31, 2019, Transamerica Short-Term Bond (Class I2) returned 5.41%. By comparison, its benchmark, ICE BofAML U.S. Corporate & Government 1-3 Years Index, returned 4.90%.

STRATEGY REVIEW

The Fund continued to remain cautious about interest rate volatility over the period and remained focused on identifying attractive risk-adjusted return investment opportunities in spread-based products. The portfolio managers view securitized credit favorably given strong fundamentals and robust structural protections. From a corporate credit perspective, the team remained positive on financials given strong capitalization and expected lower event risk compared to industrials.

Over the period, the largest driver of excess returns was coupon carry given the Fund’s overweight to spread-based assets. Yield curve factors did not impact relative returns as the negative impact of the Fund’s short duration positioning was offset by its relative positioning across the curve and rolldown effects. Credit spread factors were a negligible negative contributor to relative performance, largely attributable to the spread volatility experienced in late 2018.

At an asset class level, the overweight allocation to, and security selection in, investment grade corporate credit contributed positively to relative returns, as did the portfolio‘s underweight allocation to Treasury securities. Detractors included the portfolio’s ex-index allocations to commercial mortgage-backed securities and emerging markets debt. Within corporate credit, security selection in banking and insurance, as well as an overweight allocation to banking, contributed positively to relative performance, while security selection in retail and financial services detracted.

Tyler A. Knight, CFA

Doug Weih, CFA

Brian W. Westhoff, CFA

Norbert King

Glen Kneeland

Co-Portfolio Managers

Aegon USA Investment Management, LLC

Transamerica Funds Annual Report 2019

Page    263

Transamerica Short-Term Bond

(unaudited)

Asset Allocation	Percentage of Net Assets
Corporate Debt Securities		59.6	%
Mortgage-Backed Securities		21.0
Asset-Backed Securities		17.1
Repurchase Agreement		1.2
Loan Assignment		0.4
Other Investment Company		0.2
Foreign Government Obligation		0.1
U.S. Government Agency Obligation		0.0	*
Net Other Assets (Liabilities)		0.4
Total		100.0	%

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

Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		0.0	%* %
AAA		15.6
AA		5.9
A		32.7
BBB		40.7
BB		2.2
B		1.1
CCC and Below		0.4
Not Rated		1.0
Net Other Assets (Liabilities)		0.4
Total		100.0	%

Fund Characteristics	Years
Average Maturity §		2.26
Duration †		1.83

§ Average Maturity is computed by weighting the maturity of each security in the Fund by the market value of the security, then averaging these weighted figures.

† Duration is a time measure of a bond’s interest rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder.

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

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

Transamerica Funds Annual Report 2019

Page    264

Transamerica Short-Term Bond

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		2.39	%		1.58	%		2.73	%		11/01/2007
Class A (NAV)		5.04	%		2.11	%		2.99	%		11/01/2007
Class C (POP)		3.23	%		1.33	%		2.21	%		11/01/2007
Class C (NAV)		4.23	%		1.33	%		2.21	%		11/01/2007
Class I (NAV)		5.20	%		2.32	%		3.12	%		11/30/2009
Class I2 (NAV)		5.41	%		2.44	%		3.30	%		11/08/2004
ICE BofAML U.S. Corporate & Government 1-3 Years Index (A)		4.90	%		1.62	%		1.56	%
Class R6 (NAV)		5.42	%		N/A			2.53	%		05/29/2015

^(A) The ICE BofAML U.S. Corporate & Government 1-3 Years Index tracks the performance of U.S. dollar denominated investment grade debt publicly issued in the U.S. domestic market, including U.S. Treasury, U.S. agency, foreign government, supranational and corporate securities that have a remaining maturity of less than three years and more than one year.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 2.5% for A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would be lower. There are no sales charges on Class I, I2 and R6 shares.

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

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

The Fund is subject to a variety of risks, including credit risk, inflation risk, interest rate risk, prepayment risk, and liquidity risk. Additional risks include investing in foreign markets and non-investment grade securities. Changes in interest rates, the market’s perception of the issuers and the creditworthiness of the issuers may significant affect the value of the Fund.

Transamerica Funds Annual Report 2019

Page    265

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Principal		Value
ASSET-BACKED SECURITIES - 17.1%
Access Point Funding I LLC Series 2017-A, Class A, 3.06%, 04/15/2029 (A)		$  799,510		$  799,576
Avid Automobile Receivables Trust Series 2019-1, Class A, 2.62%, 02/15/2024 (A)		5,000,000		5,002,812
Benefit Street Partners CLO VII, Ltd. Series 2015-VIIA, Class A2R, 3-Month LIBOR + 1.20%, 3.20% (B), 07/18/2027 (A)		8,000,000		7,945,848
BXG Receivables Note Trust
Series 2012-A, Class A,
2.66%, 12/02/2027 (A)		1,852,097		1,851,970
Series 2013-A, Class A,
3.01%, 12/04/2028 (A)		5,118,528		5,109,829
Series 2017-A, Class A,
2.95%, 10/04/2032 (A)		5,698,278		5,707,620
CIFC Funding, Ltd. Series 2015-2A, Class BR, 3-Month LIBOR + 1.25%, 3.25% (B), 04/15/2027 (A)		16,270,000		16,214,243
Citigroup Mortgage Loan Trust, Inc. Series 2003-HE3, Class A, 1-Month LIBOR + 0.76%, 2.58% (B), 12/25/2033		212,890		213,532
CWABS, Inc. Asset-Backed Certificates Trust Series 2006-17, Class 2A2, 1-Month LIBOR + 0.15%, 1.97% (B), 03/25/2047		7,188,910		7,073,917
Dell Equipment Finance Trust Series 2019-2, Class A3, 1.91%, 10/22/2024 (A)		10,000,000		9,979,121
Diamond Resorts Owner Trust
Series 2017-1A, Class A,
3.27%, 10/22/2029 (A)		5,559,762		5,621,148
Series 2019-1A, Class A,
2.89%, 02/20/2032 (A)		9,547,197		9,588,920
Halcyon Loan Advisors Funding, Ltd.
Series 2014-3A, Class B1R,
3-Month LIBOR + 1.70%, 3.65% (B), 10/22/2025 (A)		10,000,000		10,011,370
Series 2015-1A, Class B1R,
3-Month LIBOR + 1.55%, 3.52% (B), 04/20/2027 (A)		8,000,000		7,966,000
Hertz Vehicle Financing II, LP Series 2019-1A, Class B, 4.10%, 03/25/2023 (A)		11,900,000		12,281,249
Hilton Grand Vacations Trust
Series 2014-AA, Class B,
2.07%, 11/25/2026 (A)		2,276,100		2,266,379
Series 2019-AA, Class A,
2.34%, 07/25/2033 (A)		9,487,261		9,510,973
ICG CLO, Ltd. Series 2016-1A, Class A2R, 3-Month LIBOR + 1.70%, 3.63% (B), 07/29/2028 (A)		6,000,000		5,940,618

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Jamestown CLO IV Ltd. Series 2014-4A, Class A2R, 3-Month LIBOR + 1.35%, 3.35% (B), 07/15/2026 (A)		$   13,500,000		$   13,501,269
Marathon CLO VII, Ltd. Series 2014-7A, Class A1R, 3-Month LIBOR + 1.32%, 3.26% (B), 10/28/2025 (A)		5,309,529		5,311,600
Mill City Mortgage Loan Trust Series 2017-3, Class A1, 2.75% (B), 01/25/2061 (A)		12,538,814		12,659,524
Mountain View CLO, Ltd. Series 2014-1A, Class BRR, 3-Month LIBOR + 1.45%, 3.45% (B), 10/15/2026 (A)		10,000,000		9,929,210
MVW LLC Series 2019-2A, Class B, 2.44%, 10/20/2038 (A)		8,500,000		8,488,893
MVW Owner Trust
Series 2014-1A, Class B,
2.70%, 09/22/2031 (A)		1,993,527		1,998,862
Series 2015-1A, Class A,
2.52%, 12/20/2032 (A)		2,057,286		2,059,012
Series 2019-1A, Class A,
2.89%, 11/20/2036 (A)		11,493,439		11,702,601
New Residential Advanced Receivables Trust
Series 2019-T2, Class AT2,
2.52%, 08/15/2053 (A)		10,000,000		9,987,719
Series 2019-T3, Class AT3,
2.51%, 10/20/2052 (A)		15,000,000		15,057,163
Series 2019-T4, Class AT4,
2.33%, 10/15/2051 (A)		5,000,000		5,004,605
Series 2019-T4, Class BT4,
2.46%, 10/15/2051 (A)		5,000,000		5,004,574
Series 2019-T5, Class DT5,
2.85%, 10/15/2051 (A)		10,000,000		9,999,983
NRZ Advance Receivables Trust
Series 2019-T1, Class AT1,
2.59%, 07/15/2052 (A)		5,000,000		5,028,592
Series 2019-T1, Class CT1,
2.93%, 07/15/2052 (A)		5,000,000		5,027,577
Ocwen Master Advance Receivables Trust
Series 2019-T1, Class AT1,
2.51%, 08/15/2050 (A)		5,000,000		5,012,971
Series 2019-T2, Class AT2,
2.42%, 08/15/2051 (A)		13,000,000		13,043,940
Orange Lake Timeshare Trust
Series 2014-AA, Class A,
2.29%, 07/09/2029 (A)		2,221,548		2,216,421
Series 2015-AA, Class A,
2.88%, 09/08/2027 (A)		3,845,524		3,864,679
Series 2016-A, Class A,
2.61%, 03/08/2029 (A)		7,650,132		7,697,822
Series 2018-A, Class C,
3.74%, 11/08/2030 (A)		4,957,427		5,013,808
Series 2019-A, Class C,
3.61%, 04/09/2038 (A)		8,279,535		8,422,093

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

Transamerica Funds Annual Report 2019

Page    266

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
ASSET-BACKED SECURITIES (continued)
OZLM Funding IV, Ltd. Series 2013-4A, Class A2R, 3-Month LIBOR + 1.70%, 3.65% (B), 10/22/2030 (A)		$   6,000,000		$   5,884,056
Sierra Timeshare Receivables Funding LLC
Series 2015-1A, Class A,
2.40%, 03/22/2032 (A)		454,424		454,295
Series 2015-1A, Class B,
3.05%, 03/22/2032 (A)		555,408		555,296
Series 2018-2A, Class B,
3.65%, 06/20/2035 (A)		3,722,521		3,804,531
Series 2018-3A, Class A,
3.69%, 09/20/2035 (A)		4,519,920		4,627,337
Series 2018-3A, Class D,
5.20%, 09/20/2035 (A)		4,418,222		4,464,644
Series 2019-2A, Class C,
3.12%, 05/20/2036 (A)		8,761,372		8,817,293
Small Business Lending Trust Series 2019-A, Class A, 2.85%, 07/15/2026 (A)		9,424,496		9,423,252
Sofi Consumer Loan Program LLC Series 2017-1, Class A, 3.28%, 01/26/2026 (A)		1,934,823		1,949,836
SPS Servicer Advanced Receivables Trust Series 2019-T2, Class AT2, 2.32%, 10/15/2052 (A) (C)		14,150,000		14,150,000
TICP CLO I, Ltd. Series 2015-1A, Class BR, 3-Month LIBOR + 1.30%, 3.27% (B), 07/20/2027 (A)		10,000,000		9,960,650
TICP CLO III, Ltd. Series 2018-3R, Class B, 3-Month LIBOR + 1.35%, 3.32% (B), 04/20/2028 (A)		10,000,000		9,938,170
Towd Point Mortgage Trust
Series 2015-3, Class A1B,
3.00% (B), 03/25/2054 (A)		1,434,425		1,440,801
Series 2015-4, Class A1B,
2.75% (B), 04/25/2055 (A)		5,217,002		5,230,603
Series 2016-3, Class A1,
2.25% (B), 04/25/2056 (A)		5,840,847		5,827,782
Series 2016-5, Class A1,
2.50% (B), 10/25/2056 (A)		8,314,161		8,345,955
Series 2017-1, Class A1,
2.75% (B), 10/25/2056 (A)		12,472,640		12,620,218
Series 2017-2, Class A1,
2.75% (B), 04/25/2057 (A)		5,472,517		5,522,730
Series 2017-3, Class A1,
2.75% (B), 07/25/2057 (A)		9,735,173		9,825,224
Series 2017-4, Class A1,
2.75% (B), 06/25/2057 (A)		10,023,886		10,141,535
Series 2017-6, Class A1,
2.75% (B), 10/25/2057 (A)		10,866,857		10,957,339
Series 2018-1, Class A1,
3.00% (B), 01/25/2058 (A)		10,276,608		10,426,449
Series 2018-2, Class A1,
3.25% (B), 03/25/2058 (A)		4,697,939		4,801,799

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Towd Point Mortgage Trust (continued)
Series 2018-3, Class A1,
3.75% (B), 05/25/2058 (A)		$   8,090,836		$   8,404,749
Series 2019-1, Class A1,
3.75% (B), 03/25/2058 (A)		10,836,309		11,439,494
Trafigura Securitisation Finance PLC
Series 2017-1A, Class A2,
2.47%, 12/15/2020 (A)		10,000,000		9,978,950
Series 2018-1A, Class A2,
3.73%, 03/15/2022 (A)		11,000,000		11,217,943
VSE VOI Mortgage LLC Series 2017-A, Class A, 2.33%, 03/20/2035 (A)		7,977,251		7,979,025
Welk Resorts LLC
Series 2013-AA, Class A,
3.10%, 03/15/2029 (A)		2,062,283		2,061,834
Series 2015-AA, Class A,
2.79%, 06/16/2031 (A)		2,741,908		2,747,074
Series 2017-AA, Class A,
2.82%, 06/15/2033 (A)		4,972,710		5,027,234
Wellfleet CLO, Ltd. Series 2016-1A, Class BR, 3-Month LIBOR + 1.50%, 3.47% (B), 04/20/2028 (A)		15,000,000		14,791,500
Total Asset - Backed Securities (Cost $518,056,159)				521,935,641
CORPORATE DEBT SECURITIES - 59.6%
Aerospace & Defense - 0.6%
Lockheed Martin Corp. 2.50%, 11/23/2020		7,102,000		7,139,177
United Technologies Corp. 3.65%, 08/16/2023		9,427,000		9,971,570
				17,110,747
Airlines - 1.2%
America West Airlines Pass-Through Trust 8.06%, 01/02/2022		5,288,970		5,493,888
Delta Air Lines Pass-Through Trust
3.20%, 10/25/2025		6,212,000		6,497,776
6.82%, 02/10/2024		3,475,575		3,807,283
Delta Air Lines, Inc. 3.80%, 04/19/2023		9,957,000		10,317,852
Northwest Airlines Pass-Through Trust 6.26%, 05/20/2023		358,939		368,127
Southwest Airlines Co. 2.65%, 11/05/2020		9,964,000		10,037,640
				36,522,566
Banks - 15.8%
ABN AMRO Bank NV 3.40%, 08/27/2021 (A)		15,000,000		15,353,520
AIB Group PLC 4.75%, 10/12/2023 (A)		13,973,000		14,968,365
Banco Santander SA
2.71%, 06/27/2024		8,400,000		8,530,230
3.85%, 04/12/2023		4,600,000		4,807,684

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

Transamerica Funds Annual Report 2019

Page    267

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Bank of America Corp.
Fixed until 07/21/2020, 2.37% (B), 07/21/2021, MTN		$   9,888,000		$   9,911,331
Fixed until 12/20/2022, 3.00% (B), 12/20/2023		7,542,000		7,714,927
Fixed until 01/20/2022, 3.12% (B), 01/20/2023, MTN		8,000,000		8,166,877
BB&T Corp. 2.15%, 02/01/2021, MTN		12,037,000		12,078,221
BNP Paribas SA 5.00%, 01/15/2021		17,935,000		18,606,950
BPCE SA 2.75%, 12/02/2021, MTN		19,500,000		19,774,248
Canadian Imperial Bank of Commerce 3.10%, 04/02/2024 (D)		10,284,000		10,650,051
CIT Bank NA Fixed until 09/27/2024, 2.97% (B), 09/27/2025		6,927,000		6,983,282
CIT Group, Inc. 4.13%, 03/09/2021		600,000		613,500
Citibank, NA Fixed until 05/20/2021, 2.84% (B), 05/20/2022		11,000,000		11,138,599
Citigroup, Inc. Fixed until 11/04/2021, 2.31% (B), 11/04/2022		9,909,000		9,937,538
Citizens Bank NA 2.25%, 10/30/2020		6,000,000		6,017,032
Commerzbank AG 8.13%, 09/19/2023 (A)		8,000,000		9,344,652
Cooperatieve Rabobank UA 3.95%, 11/09/2022		10,100,000		10,542,391
Credit Agricole SA
2.38%, 01/22/2025 (A)		9,011,000		9,015,844
2.75%, 06/10/2020 (A)		8,109,000		8,141,574
Danske Bank A/S Fixed until 09/20/2021, 3.00% (B), 09/20/2022 (A)		10,000,000		10,094,313
Discover Bank 7.00%, 04/15/2020		16,576,000		16,927,761
Fifth Third Bancorp 3.65%, 01/25/2024		10,000,000		10,548,272
Fifth Third Bank 3.35%, 07/26/2021 (D)		8,848,000		9,060,943
First Horizon National Corp. 3.50%, 12/15/2020		8,160,000		8,264,732
First Niagara Financial Group, Inc. 7.25%, 12/15/2021		6,340,000		6,982,282
First Tennessee Bank NA 2.95%, 12/01/2019		14,548,000		14,548,000
Huntington Bancshares, Inc. 2.30%, 01/14/2022		13,724,000		13,801,018
ING Bank NV 5.80%, 09/25/2023 (A)		12,067,000		13,411,522
Intesa Sanpaolo SpA 3.25%, 09/23/2024 (A)		11,000,000		11,072,263

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
JPMorgan Chase & Co.
Fixed until 12/05/2023, 4.02% (B), 12/05/2024		$   10,000,000		$   10,677,978
4.25%, 10/15/2020		6,865,000		7,014,176
JPMorgan Chase Bank NA Fixed until 04/26/2020, 3.09% (B), 04/26/2021		10,000,000		10,049,843
MUFG Union Bank NA 3.15%, 04/01/2022		11,000,000		11,306,602
PNC Financial Services Group, Inc. 3.90%, 04/29/2024		7,811,000		8,369,562
Regions Financial Corp. 2.75%, 08/14/2022		12,360,000		12,590,243
Royal Bank of Canada 3.70%, 10/05/2023, MTN		14,954,000		15,842,003
Royal Bank of Scotland Group PLC 6.00%, 12/19/2023		11,648,000		12,934,949
Santander Holdings, Inc. 2.65%, 04/17/2020		8,898,000		8,916,099
SunTrust Bank 2.80%, 05/17/2022		11,949,000		12,176,279
US Bancorp 2.40%, 07/30/2024		9,070,000		9,229,012
Wells Fargo & Co. 2.15%, 01/30/2020, MTN		12,348,000		12,355,768
Wells Fargo Bank NA 2.60%, 01/15/2021		19,494,000		19,660,399
Zions Bancorp NA
3.35%, 03/04/2022		5,582,000		5,720,116
3.50%, 08/27/2021		8,390,000		8,594,499
				482,445,450
Beverages - 2.0%
Anheuser-Busch InBev Finance, Inc. 3.70%, 02/01/2024 (D)		10,120,000		10,796,357
Anheuser-Busch InBev Worldwide, Inc. 3.50%, 01/12/2024		6,971,000		7,386,710
Constellation Brands, Inc.
2.65%, 11/07/2022		8,537,000		8,667,669
2.70%, 05/09/2022		5,441,000		5,509,788
Diageo Capital PLC 3.50%, 09/18/2023		9,800,000		10,344,941
PepsiCo, Inc. 3.10%, 07/17/2022		7,471,000		7,728,992
Pernod Ricard SA 5.75%, 04/07/2021 (A)		9,466,000		9,963,449
				60,397,906
Biotechnology - 0.8%
AbbVie, Inc. 2.50%, 05/14/2020		6,351,000		6,368,629
Amgen, Inc. 4.50%, 03/15/2020		13,653,000		13,780,857
Biogen, Inc. 2.90%, 09/15/2020		4,981,000		5,020,709
				25,170,195

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

Transamerica Funds Annual Report 2019

Page    268

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Capital Markets - 4.2%
Ameriprise Financial, Inc.
3.00%, 03/22/2022		$   7,986,000		$   8,164,787
5.30%, 03/15/2020		7,040,000		7,122,237
Bank of New York Mellon Corp.
2.20%, 08/16/2023, MTN		10,000,000		10,057,598
2.50%, 04/15/2021, MTN		10,123,000		10,215,544
Charles Schwab Corp. 2.65%, 01/25/2023		9,964,000		10,167,752
Credit Suisse AG 6.50%, 08/08/2023 (A)		5,462,000		6,069,647
Credit Suisse Group Funding Guernsey, Ltd. 3.13%, 12/10/2020		10,000,000		10,109,548
Goldman Sachs Group, Inc. Fixed until 10/31/2021, 2.88% (B), 10/31/2022		20,961,000		21,247,327
Morgan Stanley 2.75%, 05/19/2022		19,925,000		20,232,765
State Street Corp. 3.10%, 05/15/2023		11,076,000		11,458,975
UBS AG 2.20%, 06/08/2020 (A)		11,838,000		11,851,889
				126,698,069
Chemicals - 0.6%
Huntsman International LLC 5.13%, 11/15/2022		6,972,000		7,451,101
Syngenta Finance NV 4.44%, 04/24/2023 (A)		10,000,000		10,438,915
				17,890,016
Commercial Services & Supplies - 0.2%
CK Hutchison International 17 II, Ltd. 2.25%, 09/29/2020 (A)		5,000,000		5,000,377
Consumer Finance - 3.2%
Ally Financial, Inc.
3.88%, 05/21/2024		4,556,000		4,758,286
8.00%, 03/15/2020		5,717,000		5,828,482
American Express Co. 2.20%, 10/30/2020		15,217,000		15,261,051
BMW Capital LLC 3.40%, 08/13/2021 (A)		11,846,000		12,145,940
Capital One Financial Corp. 2.40%, 10/30/2020		9,963,000		10,003,075
Daimler Finance North America LLC
2.30%, 01/06/2020 (A)		4,850,000		4,852,571
3.40%, 02/22/2022 (A)		7,000,000		7,181,564
Ford Motor Credit Co. LLC 3.34%, 03/18/2021		8,000,000		8,045,682
General Motors Financial Co., Inc.
3.20%, 07/06/2021		3,115,000		3,154,705
3.55%, 07/08/2022		9,957,000		10,212,189
Springleaf Finance Corp. 8.25%, 12/15/2020		6,825,000		7,260,094
Volkswagen Group of America Finance LLC 2.70%, 09/26/2022 (A)		10,000,000		10,092,761
				98,796,400

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Containers & Packaging - 0.3%
Ardagh Packaging Finance PLC / Ardagh Holdings, Inc. 4.25%, 09/15/2022 (A)		$   3,035,000		$   3,072,938
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC 5.75%, 10/15/2020		7,063,826		7,088,196
				10,161,134
Diversified Consumer Services - 0.2%
Nationwide Building Society Fixed until 04/26/2022, 3.62% (B), 04/26/2023 (A)		6,888,000		7,080,342
Diversified Financial Services - 2.3%
Aircastle, Ltd. 5.13%, 03/15/2021		7,967,000		8,246,648
Aviation Capital Group LLC
2.88%, 01/20/2022 (A)		5,506,000		5,536,457
7.13%, 10/15/2020 (A)		18,266,000		19,085,302
AXA Equitable Holdings, Inc. 3.90%, 04/20/2023		12,251,000		12,841,090
GE Capital International Funding Unlimited Co. 2.34%, 11/15/2020		5,800,000		5,796,378
Protective Life Global Funding 2.70%, 11/25/2020 (A)		8,378,000		8,435,886
Voya Financial, Inc. 3.13%, 07/15/2024		9,332,000		9,647,595
				69,589,356
Diversified Telecommunication Services - 1.3%
AT&T, Inc. 3.88%, 08/15/2021		15,201,000		15,692,433
British Telecommunications PLC 4.50%, 12/04/2023		5,000,000		5,400,283
Deutsche Telekom International Finance BV 1.95%, 09/19/2021 (A)		9,000,000		8,975,769
Verizon Communications, Inc. 3.50%, 11/01/2024		8,134,000		8,641,552
				38,710,037
Electric Utilities - 2.8%
American Electric Power Co., Inc. 2.95%, 12/15/2022		8,469,000		8,654,135
Appalachian Power Co. 4.60%, 03/30/2021		4,633,000		4,764,862
Berkshire Hathaway Energy Co. 2.38%, 01/15/2021		11,562,000		11,638,047
Duke Energy Corp. 3.05%, 08/15/2022		21,461,000		22,034,462
Entergy Corp. 4.00%, 07/15/2022		8,552,000		8,946,099
Evergy, Inc. 2.45%, 09/15/2024		11,565,000		11,633,285
Metropolitan Edison Co. 3.50%, 03/15/2023 (A)		5,566,000		5,783,207
Southern Co. 2.35%, 07/01/2021		12,232,000		12,304,046
				85,758,143

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

Transamerica Funds Annual Report 2019

Page    269

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Equity Real Estate Investment Trusts - 2.0%
American Campus Communities Operating Partnership, LP 3.35%, 10/01/2020		$   4,795,000		$   4,846,214
American Tower Corp. 3.00%, 06/15/2023		17,032,000		17,494,778
Crown Castle International Corp. 5.25%, 01/15/2023		7,556,000		8,253,297
HCP, Inc. 3.15%, 08/01/2022		14,125,000		14,480,811
Service Properties Trust 4.35%, 10/01/2024		7,598,000		7,770,630
VEREIT Operating Partnership, LP 4.60%, 02/06/2024		8,370,000		9,026,227
				61,871,957
Food & Staples Retailing - 0.8%
Sysco Corp. 2.50%, 07/15/2021		9,646,000		9,736,827
Walgreens Boots Alliance, Inc. 2.70%, 11/18/2019		14,938,000		14,941,172
				24,677,999
Food Products - 0.4%
Mead Johnson Nutrition Co. 4.90%, 11/01/2019		10,859,000		10,859,000
Health Care Equipment & Supplies - 1.2%
Becton Dickinson and Co.
2.89%, 06/06/2022		13,942,000		14,214,874
3-Month LIBOR + 1.03%, 3.14% (B), 06/06/2022		2,726,000		2,747,257
DH Europe Finance II Sarl 2.05%, 11/15/2022		10,888,000		10,929,821
Zimmer Biomet Holdings, Inc. 3.38%, 11/30/2021		8,040,000		8,222,774
				36,114,726
Health Care Providers & Services - 2.3%
Anthem, Inc. 2.50%, 11/21/2020		8,464,000		8,514,407
Cigna Corp.
3-Month LIBOR + 0.89%, 2.89% (B), 07/15/2023		12,689,000		12,735,642
3.90%, 02/15/2022 (A)		9,465,000		9,819,147
CVS Health Corp.
2.13%, 06/01/2021		15,000,000		15,023,060
2.63%, 08/15/2024		4,979,000		5,032,945
HCA, Inc. 5.00%, 03/15/2024		9,958,000		10,852,321
UnitedHealth Group, Inc. 3.50%, 02/15/2024		6,971,000		7,359,074
				69,336,596
Hotels, Restaurants & Leisure - 0.1%
GLP Capital, LP / GLP Financing II, Inc. 3.35%, 09/01/2024		4,479,000		4,530,508
Household Durables - 0.1%
DR Horton, Inc. 2.55%, 12/01/2020		4,029,000		4,042,818

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Independent Power & Renewable Electricity Producers - 0.4%
Exelon Generation Co. LLC 4.00%, 10/01/2020		$   11,093,000		$   11,239,434
Industrial Conglomerates - 0.2%
General Electric Co. 3-Month LIBOR + 0.80%, 2.80% (B), 04/15/2020, MTN (D)		5,100,000		5,099,606
Insurance - 2.3%
Athene Global Funding 3.00%, 07/01/2022 (A)		14,168,000		14,418,953
Chubb INA Holdings, Inc. 2.88%, 11/03/2022		13,275,000		13,654,318
Five Corners Funding Trust 4.42%, 11/15/2023 (A)		8,785,000		9,548,670
Jackson National Life Global Funding 3.30%, 02/01/2022 (A)		9,000,000		9,252,691
New York Life Global Funding 2.88%, 04/10/2024 (A)		13,626,000		14,105,728
Principal Life Global Funding II 2.15%, 01/10/2020 (A)		8,947,000		8,950,085
				69,930,445
Internet & Direct Marketing Retail - 0.4%
Expedia Group, Inc. 4.50%, 08/15/2024		9,959,000		10,869,085
IT Services - 0.3%
Fiserv, Inc. 2.75%, 07/01/2024		8,481,000		8,670,771
Leisure Products - 0.2%
Mattel, Inc. 4.35%, 10/01/2020 (D)		7,005,000		7,092,633
Machinery - 0.3%
Caterpillar Financial Services Corp. 1.90%, 09/06/2022, MTN		9,959,000		9,969,077
Media - 1.7%
CCO Holdings LLC / CCO Holdings Capital Corp. 5.25%, 09/30/2022		7,500,000		7,603,125
Charter Communications Operating LLC / Charter Communications Operating Capital 3.58%, 07/23/2020		17,240,000		17,387,199
Comcast Corp. 3.70%, 04/15/2024		10,863,000		11,617,793
CSC Holdings LLC 6.75%, 11/15/2021		8,655,000		9,325,762
Sky, Ltd. 3.13%, 11/26/2022 (A)		6,970,000		7,198,508
				53,132,387
Metals & Mining - 0.3%
ArcelorMittal 5.50%, 03/01/2021		1,992,000		2,072,852
Glencore Funding LLC 3.00%, 10/27/2022 (A)		6,974,000		7,041,299
				9,114,151

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

Transamerica Funds Annual Report 2019

Page    270

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Multi-Utilities - 1.3%
Black Hills Corp. 4.25%, 11/30/2023		$   9,898,000		$   10,570,151
Dominion Energy, Inc.
2.58%, 07/01/2020		5,223,000		5,238,567
2.72% (E), 08/15/2021		7,100,000		7,166,672
DTE Energy Co. 2.53%, 10/01/2024		10,070,000		10,097,218
NiSource, Inc. 3.85%, 02/15/2023		7,343,000		7,652,652
				40,725,260
Oil, Gas & Consumable Fuels - 3.9%
El Paso Natural Gas Co. LLC 8.63%, 01/15/2022		8,935,000		10,097,843
Energy Transfer Operating, LP
4.15%, 10/01/2020		8,000,000		8,116,963
4.20%, 09/15/2023		4,980,000		5,262,729
Eni SpA 4.00%, 09/12/2023 (A)		8,629,000		9,127,130
Husky Energy, Inc. 7.25%, 12/15/2019		11,950,000		12,004,550
Kinder Morgan, Inc. 3.05%, 12/01/2019		6,132,000		6,136,184
MPLX, LP
3-Month LIBOR + 0.90%, 3.00% (B), 09/09/2021		7,897,000		7,928,734
4.88%, 12/01/2024		5,661,000		6,165,928
Occidental Petroleum Corp. 2.60%, 08/13/2021		13,935,000		14,022,496
Plains All American Pipeline, LP / PAA Finance Corp. 4.65%, 10/15/2025		5,976,000		6,385,845
Sabine Pass Liquefaction LLC 5.63%, 04/15/2023		14,900,000		16,210,472
Total Capital International SA 2.22%, 07/12/2021		8,882,000		8,935,745
Williams Cos., Inc. 4.55%, 06/24/2024		7,966,000		8,593,704
YPF SA 8.50%, 03/23/2021 (A)		1,743,000		1,590,487
				120,578,810
Personal Products - 0.3%
Unilever Capital Corp. 2.10%, 07/30/2020		8,900,000		8,917,990
Pharmaceuticals - 1.4%
AstraZeneca PLC 2.38%, 06/12/2022		9,966,000		10,059,456
Bayer Finance LLC 3.00%, 10/08/2021 (A)		7,474,000		7,576,779
Bristol-Myers Squibb Co. 2.90%, 07/26/2024 (A)		8,515,000		8,824,205
Takeda Pharmaceutical Co., Ltd. 4.00%, 11/26/2021 (A)		14,535,000		15,067,337
				41,527,777
Road & Rail - 0.8%
Avolon Holdings Funding, Ltd. 3.63%, 05/01/2022 (A)		12,397,000		12,654,857

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Road & Rail (continued)
Canadian Pacific Railway Co. 9.45%, 08/01/2021		$   7,000,000		$   7,834,625
Union Pacific Corp. 3.50%, 06/08/2023		4,457,000		4,682,607
				25,172,089
Semiconductors & Semiconductor Equipment - 0.9%
Broadcom, Inc. 3.13%, 04/15/2021 (A)		11,904,000		12,043,866
KLA Corp. 4.65%, 11/01/2024		8,678,000		9,580,255
QUALCOMM, Inc. 2.60%, 01/30/2023		5,815,000		5,928,134
				27,552,255
Software - 0.5%
Oracle Corp. 3.88%, 07/15/2020		14,812,000		15,022,971
Technology Hardware, Storage & Peripherals - 0.5%
Hewlett Packard Enterprise Co.
3-Month LIBOR + 0.68%, 2.81% (B), 03/12/2021		6,896,000		6,922,308
3.50%, 10/05/2021		7,170,000		7,360,864
				14,283,172
Trading Companies & Distributors - 0.9%
Air Lease Corp. 2.25%, 01/15/2023		5,548,000		5,522,888
International Lease Finance Corp. 8.25%, 12/15/2020		21,682,000		23,142,838
				28,665,726
Transportation Infrastructure - 0.3%
Penske Truck Leasing Co., LP / PTL Finance Corp. 3.45%, 07/01/2024 (A)		7,966,000		8,300,630
Wireless Telecommunication Services - 0.3%
Vodafone Group PLC 3.75%, 01/16/2024		8,355,000		8,807,607
Total Corporate Debt Securities (Cost $1,784,888,247)				1,817,436,218
FOREIGN GOVERNMENT OBLIGATION - 0.1%
Qatar - 0.1%
Qatar Government International Bond 3.88%, 04/23/2023 (A)		2,175,000		2,294,155
Total Foreign Government Obligation (Cost $2,164,443)				2,294,155
LOAN ASSIGNMENT - 0.4%
Commercial Services & Supplies - 0.4%
Spin Holdco, Inc. Term Loan B, 3-Month LIBOR + 3.25%, 5.25% (B), 11/14/2022		13,063,637		12,667,652
Total Loan Assignment (Cost $13,033,078)				12,667,652

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

Transamerica Funds Annual Report 2019

Page    271

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
MORTGAGE-BACKED SECURITIES - 21.0%
20 Times Square Trust Series 2018-20TS, Class C, 3.10% (B), 05/15/2035 (A)		$   10,900,000		$   11,130,665
280 Park Avenue Mortgage Trust Series 2017-280P, Class C, 1-Month LIBOR + 1.25%, 3.16% (B), 09/15/2034 (A)		15,640,000		15,639,876
Arroyo Mortgage Trust Series 2018-1, Class A1, 3.76% (B), 04/25/2048 (A)		8,784,895		8,979,725
Ashford Hospitality Trust
Series 2018-ASHF, Class C,
1-Month LIBOR + 1.40%, 3.31% (B), 04/15/2035 (A)		17,440,000		17,429,103
Series 2018-ASHF, Class D,
1-Month LIBOR + 2.10%, 4.01% (B), 04/15/2035 (A)		10,520,000		10,549,655
Austin Fairmont Hotel Trust Series 2019-FAIR, Class D, 1-Month LIBOR + 1.80%, 4.05% (B), 09/15/2032 (A)		5,000,000		5,015,665
BBCMS Mortgage Trust
Series 2017-DELC, Class C,
1-Month LIBOR + 1.20%, 3.11% (B), 08/15/2036 (A)		14,890,000		14,843,164
Series 2017-DELC, Class D,
1-Month LIBOR + 1.70%, 3.61% (B), 08/15/2036 (A)		15,000,000		15,018,708
Series 2018-TALL, Class C,
1-Month LIBOR + 1.12%, 3.03% (B), 03/15/2037 (A)		17,415,000		17,393,066
Series 2018-TALL, Class E,
1-Month LIBOR + 2.44%, 4.35% (B), 03/15/2037 (A)		15,000,000		15,009,370
BHMS Trust Series 2018-ATLS, Class C, 1-Month LIBOR + 1.90%, 3.81% (B), 07/15/2035 (A)		14,900,000		14,937,274
BX Commercial Mortgage Trust Series 2019-XL, Class D, 1-Month LIBOR + 1.45%, 3.45% (B), 10/15/2036 (A)		14,100,000		14,113,251
BX Trust
Series 2017-APPL, Class C,
1-Month LIBOR + 1.40%, 3.31% (B), 07/15/2034 (A)		15,300,000		15,309,483
Series 2017-SLCT, Class C,
1-Month LIBOR + 1.40%, 3.31% (B), 07/15/2034 (A)		8,464,955		8,467,553
Series 2018-GW, Class C,
1-Month LIBOR + 1.22%, 3.13% (B), 05/15/2035 (A)		5,480,000		5,483,386
Series 2018-GW, Class D,
1-Month LIBOR + 1.77%, 3.68% (B), 05/15/2035 (A)		4,250,000		4,263,310
BXP Trust Series 2017-CQHP, Class D, 1-Month LIBOR + 2.00%, 3.91% (B), 11/15/2034 (A)		11,825,000		11,773,402

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Caesars Palace Las Vegas Trust Series 2017-VICI, Class A, 3.53%, 10/15/2034 (A)		$   15,000,000		$   15,599,089
CAMB Commercial Mortgage Trust Series 2019-LIFE, Class D, 1-Month LIBOR + 1.75%, 3.67% (B), 12/15/2037 (A)		9,760,000		9,820,987
CCRESG Commercial Mortgage Trust
Series 2016-HEAT, Class B,
4.11%, 04/10/2029 (A)		4,319,000		4,379,939
Series 2016-HEAT, Class C,
4.92%, 04/10/2029 (A)		3,619,000		3,693,035
Series 2016-HEAT, Class D,
5.49% (B), 04/10/2029 (A)		7,290,000		7,448,708
CGMS Commercial Mortgage Trust Series 2017-MDRB, Class B, 1-Month LIBOR + 1.75%, 3.66% (B), 07/15/2030 (A)		10,000,000		9,989,410
CHT Mortgage Trust Series 2017-CSMO, Class D, 1-Month LIBOR + 2.25%, 4.17% (B), 11/15/2036 (A)		17,400,000		17,421,809
Citigroup Commercial Mortgage Trust
Series 2017-1500, Class B,
1-Month LIBOR + 1.10%, 3.01% (B), 07/15/2029 (A)		5,000,000		4,988,187
Series 2017-1500, Class C,
1-Month LIBOR + 1.25%, 3.16% (B), 07/15/2032 (A)		3,500,000		3,492,295
Citigroup Mortgage Loan Trust, Inc.
Series 2014-A, Class A,
4.00% (B), 01/25/2035 (A)		3,477,797		3,606,936
Series 2018-RP1, Class A1,
3.00% (B), 09/25/2064 (A)		9,193,502		9,290,818
CLNS Trust Series 2017-IKPR, Class C, 1-Month LIBOR + 1.10%, 3.03% (B), 06/11/2032 (A)		14,800,000		14,795,372
CORE Mortgage Trust Series 2019-CORE, Class C, 1-Month LIBOR + 1.30%, 3.21% (B), 12/15/2031 (A)		10,000,000		9,999,981
DBCG Mortgage Trust
Series 2017-BBG, Class B,
1-Month LIBOR + 0.85%, 2.76% (B), 06/15/2034 (A)		12,500,000		12,476,500
Series 2017-BBG, Class C,
1-Month LIBOR + 1.00%, 2.91% (B), 06/15/2034 (A)		2,500,000		2,495,294
DBWF Mortgage Trust Series 2018-GLKS, Class D, 1-Month LIBOR + 2.40%, 4.25% (B), 11/19/2035 (A)		10,000,000		10,050,067
GPT Mortgage Trust
Series 2018-GPP, Class C,
1-Month LIBOR + 1.40%, 3.31% (B), 06/15/2035 (A)		5,000,000		4,968,748

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

Transamerica Funds Annual Report 2019

Page    272

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
GPT Mortgage Trust (continued)
Series 2018-GPP, Class D,
1-Month LIBOR + 1.85%, 3.76% (B), 06/15/2035 (A)		$   5,000,000		$   4,962,500
GS Mortgage Securities Corp. Trust
Series 2018-FBLU, Class D,
1-Month LIBOR + 2.00%, 3.92% (B), 11/15/2035 (A)		16,400,000		16,410,032
Series 2019-SOHO, Class D,
1-Month LIBOR + 1.60%, 3.51% (B), 06/15/2036 (A)		7,500,000		7,504,687
GS Mortgage Securities Trust Series 2013-G1, Class A1, 2.06%, 04/10/2031 (A)		4,840,537		4,831,325
Hilton Orlando Trust Series 2018-ORL, Class C, 1-Month LIBOR + 1.30%, 3.21% (B), 12/15/2034 (A)		14,000,000		13,999,776
HPLY Trust Series 2019-HIT, Class C, 1-Month LIBOR + 1.60%, 3.51% (B), 11/15/2036 (A)		8,558,781		8,564,125
JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-DSTY, Class C, 3.80% (B), 06/10/2027 (A)		10,000,000		9,386,886
Lehman Brothers Small Balance Commercial Mortgage Trust Series 2005-1A, Class A, 1-Month LIBOR + 0.25%, 2.27% (B), 02/25/2030 (A)		907,783		899,329
Metlife Securitization Trust Series 2017-1A, Class A, 3.00% (B), 04/25/2055 (A)		11,752,301		11,959,071
Monarch Beach Resort Trust Series 2018-MBR, Class D, 1-Month LIBOR + 1.70%, 3.61% (B), 07/15/2035 (A)		12,000,000		11,999,885
Morgan Stanley Capital I Trust
Series 2017-ASHF, Class D,
1-Month LIBOR + 2.20%, 4.11% (B), 11/15/2034 (A)		10,800,000		10,854,130
Series 2018-SUN, Class C,
1-Month LIBOR + 1.40%, 3.31% (B), 07/15/2035 (A)		10,850,000		10,849,947
Series 2019-BPR, Class B,
1-Month LIBOR + 2.10%, 4.02% (B), 05/15/2036 (A)		6,720,000		6,719,893
Mortgage Equity Conversion Asset Trust Series 2010-1A, Class A, 4.00%, 07/25/2060 (A)		4,460,591		4,314,770
Motel 6 Trust Series 2017-MTL6, Class C, 1-Month LIBOR + 1.40%, 3.31% (B), 08/15/2034 (A)		8,328,329		8,328,311
MSCG Trust
Series 2018-SELF, Class C,
1-Month LIBOR + 1.18%, 3.10% (B), 10/15/2037 (A)		11,780,000		11,802,086

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
MSCG Trust (continued)
Series 2018-SELF, Class D,
1-Month LIBOR + 1.65%, 3.57% (B), 10/15/2037 (A)		$   8,820,000		$   8,845,543
New Residential Mortgage Loan Trust
Series 2014-1A, Class A,
3.75% (B), 01/25/2054 (A)		2,223,907		2,316,061
Series 2014-3A, Class AFX3,
3.75% (B), 11/25/2054 (A)		2,719,392		2,828,802
Series 2016-4A, Class A1,
3.75% (B), 11/25/2056 (A)		4,654,301		4,854,503
Series 2017-3A, Class A1,
4.00% (B), 04/25/2057 (A)		8,253,818		8,620,748
Series 2017-4A, Class A1,
4.00% (B), 05/25/2057 (A)		5,555,408		5,833,115
Series 2017-5A, Class A1,
1-Month LIBOR + 1.50%, 3.32% (B), 06/25/2057 (A)		6,284,001		6,385,099
Series 2018-1A, Class A1A,
4.00% (B), 12/25/2057 (A)		5,048,366		5,262,241
Series 2018-2A, Class A1,
4.50% (B), 02/25/2058 (A)		8,228,510		8,652,944
Series 2018-RPL1, Class A1,
3.50% (B), 12/25/2057 (A)		5,837,445		6,072,097
Series 2019-2A, Class A1,
4.25% (B), 12/25/2057 (A)		10,566,896		11,069,213
Series 2019-3A, Class A1A,
3.75% (B), 11/25/2058 (A)		9,205,817		9,591,505
Series 2019-4A, Class A1B,
3.50% (B), 12/25/2058 (A)		10,475,883		10,816,718
Series 2019-5A, Class A1B,
3.50% (B), 08/25/2059 (A)		14,683,591		15,033,139
Series 2019-RPL2, Class A1,
3.25% (B), 02/25/2059 (A)		9,619,672		9,862,166
RBSSP Resecuritization Trust Series 2013-2, Class 2A1, 1-Month LIBOR + 0.19%, 2.25% (B), 12/20/2036 (A)		6,003,958		5,982,530
Stonemont Portfolio Trust Series 2017-MONT, Class C, 1-Month LIBOR + 1.25%, 3.10% (B), 08/20/2030 (A)		13,027,528		13,019,404
Tharaldson Hotel Portfolio Trust Series 2018-THL, Class C, 1-Month LIBOR + 1.35%, 3.34% (B), 11/11/2034 (A)		12,151,204		12,151,211
TIAA Seasoned Commercial Mortgage Trust Series 2007-C4, Class AJ, 5.48% (B), 08/15/2039		168,581		168,848
Total Mortgage-Backed Securities (Cost $638,118,794)				640,626,471
U.S. GOVERNMENT AGENCY OBLIGATION - 0.0% (F)
Federal Home Loan Mortgage Corp. 12-Month LIBOR + 1.77%, 4.02% (B), 08/01/2037		327,327		345,920
Total U.S. Government Agency Obligation (Cost $331,917)				345,920

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

Transamerica Funds Annual Report 2019

Page    273

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Shares		Value
OTHER INVESTMENT COMPANY - 0.2%
Securities Lending Collateral - 0.2%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.75% (G)		5,790,085		$   5,790,085
Total Other Investment Company (Cost $5,790,085)				5,790,085

	Principal		Value
REPURCHASE AGREEMENT - 1.2%
Fixed Income Clearing Corp., 0.85% (G), dated 10/31/2019, to be repurchased at $36,779,908 on 11/01/2019. Collateralized by a U.S. Government Obligation, 1.88%, due 05/31/2022, and with a value of $37,519,147.		$  36,779,040		$   36,779,040
Total Repurchase Agreement (Cost $36,779,040)				36,779,040
Total Investments (Cost $2,999,161,763)				3,037,875,182
Net Other Assets (Liabilities) - 0.4%				11,974,858
Net Assets - 100.0%				$  3,049,850,040

SECURITY VALUATION:

Valuation Inputs ^(H)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Asset-Backed Securities	$	—	$	521,935,641	$	—	$	521,935,641
Corporate Debt Securities		—		1,817,436,218		—		1,817,436,218
Foreign Government Obligation		—		2,294,155		—		2,294,155
Loan Assignment		—		12,667,652		—		12,667,652
Mortgage-Backed Securities		—		640,626,471		—		640,626,471
U.S. Government Agency Obligation		—		345,920		—		345,920
Other Investment Company		5,790,085		—		—		5,790,085
Repurchase Agreement		—		36,779,040		—		36,779,040
Total Investments	$	5,790,085	$	3,032,085,097	$	—	$	3,037,875,182

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2019, the total value of 144A securities is $1,539,889,409, representing 50.5% of the Fund’s net assets.
(B)	Floating or variable rate securities. The rates disclosed are as of October 31, 2019. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(C)	Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2019, the value of the security is $14,150,000, representing 0.5% of the Fund’s net assets.
(D)	All or a portion of the securities are on loan. The total value of all securities on loan is $5,670,212. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(E)	Step bond. Coupon rate changes in increments to maturity. The rate disclosed is as of October 31, 2019; the maturity date disclosed is the ultimate maturity date.
(F)	Percentage rounds to less than 0.1% or (0.1)%.
(G)	Rates disclosed reflect the yields at October 31, 2019.
(H)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATIONS:

LIBOR	London Interbank Offered Rate
MTN	Medium Term Note

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

Transamerica Funds Annual Report 2019

Page    274

Transamerica Small Cap Core

(unaudited)

MARKET ENVIRONMENT

U.S. small cap equity investors experienced heightened volatility during the period ended October 31, 2019. The Russell 2000^® Index fell substantially at the end of 2018 only to spend the bulk of 2019 climbing back and ultimately finishing the period in positive territory.

The macroeconomic backdrop was volatile during the period as well, with investors focused on topics like trade disputes, interest rates and geopolitical events just to name a few. The U.S. Federal Reserve (“Fed”) went from raising interest rates at the end of 2018 to cutting rates in 2019. In addition, there is a substantial amount of government debt around the world that trades at negative yields. Throughout the period the global economy seemed to be decelerating or in a bit of a soft patch, although some developments nearer to the end of the period provided investors some encouragement. Uncertainty was the dominant theme around U.S.-China trade talks, Brexit, and U.S. government policy as the U.S. election cycle got underway in earnest.

For the period as a whole, investors once again favored “growth” stocks over “value “stocks, with the Russell 2000^® Growth Index outperforming the Russell 2000^® Value Index. Investors also held a strong preference for larger capitalization issues during the period.

PERFORMANCE

For the year ended October 31, 2019, Transamerica Small Cap Core (Class R4) returned -6.44%, excluding any sales charges. By comparison, its primary and secondary benchmarks, the Russell 2000^® Index and the S&P 500^®, returned 4.90% and 14.33%, respectively.

STRATEGY REVIEW

Academic and empirical research has shown the existence of a number of market anomalies that can be profitably exploited by a disciplined approach to security selection and portfolio construction. We continue to believe that the ultimate strength of the Fund’s strategy lies in our ability to produce a portfolio that, in aggregate, maintains objective and economically-meaningful exposures to the factors that our research has shown to be indicative of prospective outperformance.

The Fund underperformed the Russell 2000^® Index for the period as the Fund’s focus on companies trading at lower valuation levels was generally a headwind over the period, given investors’ preference for growth over value.

Relative to the Russell 2000^® Index, the Fund was underweight the software industry, which was up over 20% for the period and as a whole trades at a substantial valuation premium to the Fund’s other information technology sector holdings. Investors’ preference for larger capitalization issues also hampered the Fund’s relative performance given the more equal-weighted nature of the Fund’s positions relative to the market capitalization weighting scheme used by the benchmark. Sector allocations detracted from relative performance primarily due to an overweight to the energy sector amid generally falling oil prices over the period.

Eoin E. Middaugh, CFA

Portfolio Manager

Systematic Financial Management, L.P.

Asset Allocation	Percentage of Net Assets
Common Stocks		98.4	%
Other Investment Company		7.4
Repurchase Agreement		1.6
Net Other Assets (Liabilities)		(7.4	)
Total		100.0	%

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

Transamerica Funds Annual Report 2019

Page    275

Transamerica Small Cap Core

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		(11.72	)%		N/A			(2.46	)%		03/10/2017
Class A (NAV)		(6.56	)%		N/A			(0.35	)%		03/10/2017
Class C (POP)		(8.01	)%		N/A			(1.08	)%		03/10/2017
Class C (NAV)		(7.17	)%		N/A			(1.08	)%		03/10/2017
Class I (NAV)		(6.24	)%		N/A			(0.11	)%		03/10/2017
Class I2 (NAV)		(6.21	)%		N/A			0.03	%		03/10/2017
Class I3 (NAV)		(6.31	)%		N/A			(0.20	)%		03/10/2017
Class R (NAV)		(6.71	)%		N/A			(0.68	)%		03/10/2017
Class R4 (NAV)		(6.44	)%		1.78	%		9.10	%		09/11/2000
Russell 2000® Index (A)		4.90	%		7.37	%		12.27	%
S&P 500® (B)		14.33	%		10.78	%		13.70	%

^(A) The Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe, and is comprised of approximately 2,000 of the smallest securities of the Russell 3000^® Index based on a combination of market cap and current index membership. The Russell 3000^® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.

^(B) The S&P 500^® is market-capitalization weighted index of 500 large U.S. companies with common stock listed on the NYSE or NASDAQ.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would be lower. There are no sales charges on Class I, I2, I3, R and R4 shares.

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

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

Small capitalization companies may have less experienced management, unpredictable earnings growth, and limited product lines, which can cause their share prices to fluctuate more than those of larger firms. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the Fund fall, the value of the Fund will decline.

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Transamerica Funds Annual Report 2019

Page    276

Transamerica Small Cap Core

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Shares		Value
COMMON STOCKS - 98.4%
Aerospace & Defense - 0.6%
AAR Corp.		12,800		$  534,400
Astronics Corp. (A)		18,750		542,625
				1,077,025
Air Freight & Logistics - 1.1%
Atlas Air Worldwide Holdings, Inc. (A)		23,315		511,298
Echo Global Logistics, Inc. (A)		24,220		482,220
Hub Group, Inc., Class A (A)		12,240		560,592
Radiant Logistics, Inc. (A)		84,315		454,458
				2,008,568
Auto Components - 0.4%
American Axle & Manufacturing Holdings, Inc. (A)		74,450		622,402
Banks - 10.0%
1st Source Corp.		8,240		421,723
Bancorp, Inc. (A)		43,455		473,660
Bank of NT Butterfield & Son, Ltd.		17,850		588,157
Bank OZK		19,580		549,415
Cadence BanCorp		32,370		497,851
Cathay General Bancorp		16,995		604,512
CIT Group, Inc.		12,450		533,981
Community Trust Bancorp, Inc.		10,420		456,500
ConnectOne Bancorp, Inc.		21,630		525,176
Customers Bancorp, Inc. (A)		26,120		615,910
Eagle Bancorp, Inc.		13,705		618,644
Financial Institutions, Inc.		9,175		288,370
First Financial Corp.		10,145		445,061
First Internet Bancorp		8,600		195,564
First Merchants Corp.		15,995		632,602
Great Southern Bancorp, Inc.		7,470		451,337
Hancock Whitney Corp.		15,455		602,745
Heritage Commerce Corp.		35,835		430,737
Home BancShares, Inc.		31,000		572,880
Hope Bancorp, Inc.		39,005		556,601
IBERIABANK Corp.		7,475		548,590
Independent Bank Corp.		20,795		468,095
Lakeland Financial Corp.		12,275		571,401
PacWest Bancorp		16,800		621,432
PCB Bancorp		10,600		177,338
Peapack Gladstone Financial Corp.		15,705		458,586
Preferred Bank		9,850		525,104
RBB Bancorp		12,555		252,858
Sandy Spring Bancorp, Inc.		16,805		579,773
Sterling Bancorp		27,730		544,895
Synovus Financial Corp.		17,360		587,983
Texas Capital Bancshares, Inc. (A)		10,255		554,385
TriCo Bancshares		13,765		517,977
United Community Banks, Inc.		20,605		622,477
Western Alliance Bancorp		12,225		603,059
				17,695,379
Biotechnology - 3.0%
AMAG Pharmaceuticals, Inc. (A) (B)		44,970		436,434
Anika Therapeutics, Inc. (A)		9,885		695,805
Arena Pharmaceuticals, Inc. (A)		11,590		564,607
Eagle Pharmaceuticals, Inc. (A)		9,525		597,218
Enanta Pharmaceuticals, Inc. (A)		7,630		464,514
Ligand Pharmaceuticals, Inc. (A) (B)		5,750		625,657
Myriad Genetics, Inc. (A)		18,270		615,151

	Shares		Value
COMMON STOCKS (continued)
Biotechnology (continued)
PDL BioPharma, Inc. (A)		250,935		$   707,637
Vanda Pharmaceuticals, Inc. (A)		42,295		571,405
				5,278,428
Building Products - 1.1%
Builders FirstSource, Inc. (A)		29,010		655,916
Patrick Industries, Inc. (A)		14,475		715,210
Quanex Building Products Corp.		30,765		593,457
				1,964,583
Capital Markets - 1.6%
Ashford, Inc. (A)		304		7,269
Cowen, Inc., Class A (A)		33,535		502,019
Janus Henderson Group PLC		25,790		596,523
Legg Mason, Inc.		15,285		569,519
Virtus Investment Partners, Inc.		5,360		581,453
Waddell & Reed Financial, Inc., Class A (B)		34,960		578,937
				2,835,720
Chemicals - 1.9%
Huntsman Corp.		24,925		551,590
Kraton Corp. (A)		19,280		432,258
Minerals Technologies, Inc.		11,520		569,664
Olin Corp.		30,705		563,130
Stepan Co.		5,910		577,525
Trinseo SA		13,325		566,312
				3,260,479
Commercial Services & Supplies - 3.1%
ABM Industries, Inc.		14,225		518,644
ACCO Brands Corp.		57,760		528,504
Deluxe Corp.		12,305		637,768
Herman Miller, Inc.		13,080		608,220
HNI Corp.		16,710		634,980
KAR Auction Services, Inc. (B)		22,550		560,593
Matthews International Corp., Class A		16,815		621,819
Pitney Bowes, Inc.		127,750		562,100
R.R. Donnelley & Sons Co. (B)		184,901		806,168
				5,478,796
Communications Equipment - 1.3%
Comtech Telecommunications Corp.		18,200		636,090
Extreme Networks, Inc. (A)		75,480		486,091
NetScout Systems, Inc. (A)		23,625		572,198
Sierra Wireless, Inc. (A) (B)		47,470		525,018
				2,219,397
Construction & Engineering - 1.6%
AECOM (A)		15,840		633,758
Aegion Corp. (A)		24,340		527,448
EMCOR Group, Inc.		6,720		589,411
Great Lakes Dredge & Dock Corp. (A)		56,720		609,740
Sterling Construction Co., Inc. (A)		33,440		543,233
				2,903,590
Consumer Finance - 1.2%
Encore Capital Group, Inc. (A) (B)		16,285		540,499
EZCORP, Inc., Class A (A) (B)		78,065		410,622
Navient Corp.		43,605		600,441
OneMain Holdings, Inc.		14,160		566,400
				2,117,962

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

Transamerica Funds Annual Report 2019

Page    277

Transamerica Small Cap Core

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Shares		Value
COMMON STOCKS (continued)
Containers & Packaging - 0.3%
Myers Industries, Inc.		26,575		$   449,915
Distributors - 0.3%
Core-Mark Holding Co., Inc.		18,270		557,600
Diversified Consumer Services - 0.8%
American Public Education, Inc. (A)		21,680		470,890
Career Education Corp. (A)		33,045		467,917
K12, Inc. (A)		19,662		389,111
				1,327,918
Electric Utilities - 1.0%
Hawaiian Electric Industries, Inc.		13,270		599,140
IDACORP, Inc.		5,130		552,091
Portland General Electric Co.		10,680		607,478
				1,758,709
Electrical Equipment - 1.3%
Acuity Brands, Inc.		4,405		549,700
Encore Wire Corp.		10,640		597,968
Powell Industries, Inc.		13,540		530,226
Regal Beloit Corp.		7,730		572,407
				2,250,301
Electronic Equipment, Instruments & Components - 4.9%
Avnet, Inc.		13,940		551,466
Badger Meter, Inc.		10,170		587,826
Belden, Inc.		10,940		561,003
Benchmark Electronics, Inc.		20,930		709,527
Celestica, Inc. (A)		59,230		427,641
Fabrinet (A)		10,685		600,818
Hollysys Automation Technologies, Ltd.		33,615		474,308
Insight Enterprises, Inc. (A)		10,330		634,055
OSI Systems, Inc. (A)		5,530		548,797
PC Connection, Inc.		11,770		574,847
Sanmina Corp. (A)		18,580		570,963
Tech Data Corp. (A)		5,545		673,717
TTM Technologies, Inc. (A)		45,660		534,679
Vishay Intertechnology, Inc.		32,870		662,330
Vishay Precision Group, Inc. (A)		12,815		436,351
				8,548,328
Energy Equipment & Services - 1.3%
Forum Energy Technologies, Inc. (A)		267,910		310,776
Helix Energy Solutions Group, Inc. (A)		67,805		582,445
Matrix Service Co. (A)		32,265		605,291
Nabors Industries, Ltd.		253,745		469,428
Precision Drilling Corp. (A) (B)		339,275		356,239
				2,324,179
Equity Real Estate Investment Trusts - 5.5%
Apple Hospitality, Inc.		35,110		578,613
Ashford Hospitality Trust, Inc.		181,275		494,881
Brixmor Property Group, Inc.		28,340		624,047
Chatham Lodging Trust		30,875		557,294
DiamondRock Hospitality Co.		54,760		546,505
Hersha Hospitality Trust		36,715		506,667
Macerich Co. (B)		17,660		485,650
Medical Properties Trust, Inc.		30,345		629,052
Office Properties Income Trust		18,963		604,540
Retail Properties of America, Inc., Class A		46,435		638,946
RLJ Lodging Trust		34,815		571,314

	Shares		Value
COMMON STOCKS (continued)
Equity Real Estate Investment Trusts (continued)
Senior Housing Properties Trust		61,000		$   605,425
Service Properties Trust		23,255		588,351
SITE Centers Corp.		38,185		593,013
Summit Hotel Properties, Inc.		48,540		595,100
Sunstone Hotel Investors, Inc.		41,180		556,342
Washington Prime Group, Inc. (B)		138,105		582,803
				9,758,543
Food & Staples Retailing - 0.8%
Natural Grocers by Vitamin Cottage, Inc. (A)		31,060		272,396
SpartanNash Co.		49,430		647,286
Sprouts Farmers Market, Inc. (A)		28,615		555,417
				1,475,099
Food Products - 0.3%
TreeHouse Foods, Inc. (A)		10,100		545,602
Gas Utilities - 0.3%
National Fuel Gas Co.		11,770		533,299
Health Care Equipment & Supplies - 3.0%
Accuray, Inc. (A)		131,755		342,563
AngioDynamics, Inc. (A)		27,470		420,291
Haemonetics Corp. (A)		4,085		493,182
Hill-Rom Holdings, Inc.		5,580		584,170
Integer Holdings Corp. (A)		7,255		561,827
Masimo Corp. (A)		3,880		565,665
Meridian Bioscience, Inc.		56,670		554,800
Natus Medical, Inc. (A)		18,110		609,945
OraSure Technologies, Inc. (A)		72,270		617,186
Orthofix Medical, Inc. (A)		10,735		451,192
				5,200,821
Health Care Providers & Services - 7.0%
Acadia Healthcare Co., Inc. (A)		18,315		549,267
Amedisys, Inc. (A)		4,195		539,141
AMN Healthcare Services, Inc. (A)		10,715		629,613
Brookdale Senior Living, Inc. (A)		73,585		540,850
Chemed Corp.		1,257		495,145
Community Health Systems, Inc. (A) (B)		155,920		551,957
Cross Country Healthcare, Inc. (A)		43,890		474,451
Encompass Health Corp.		9,150		585,783
Ensign Group, Inc.		11,695		494,114
Magellan Health, Inc. (A)		8,300		538,670
MEDNAX, Inc. (A)		24,725		542,961
Molina Healthcare, Inc. (A)		5,010		589,376
National HealthCare Corp.		6,045		496,778
Owens & Minor, Inc.		112,075		754,265
Patterson Cos., Inc.		32,835		562,464
Premier, Inc., Class A (A)		14,950		487,071
Providence Service Corp. (A)		9,375		598,781
Select Medical Holdings Corp. (A)		33,560		611,463
Tenet Healthcare Corp. (A)		24,405		618,423
Tivity Health, Inc. (A)		29,825		483,463
Triple-S Management Corp., Class B (A)		36,450		551,489
US Physical Therapy, Inc.		4,090		578,612
				12,274,137
Health Care Technology - 1.6%
Allscripts Healthcare Solutions, Inc. (A)		51,615		564,668
Computer Programs & Systems, Inc.		22,785		525,650
HealthStream, Inc. (A)		21,220		595,433

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

Transamerica Funds Annual Report 2019

Page    278

Transamerica Small Cap Core

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Shares		Value
COMMON STOCKS (continued)
Health Care Technology (continued)
HMS Holdings Corp. (A)		14,295		$   467,304
NextGen Healthcare, Inc. (A)		37,510		634,106
				2,787,161
Hotels, Restaurants & Leisure - 0.7%
Cheesecake Factory, Inc. (B)		15,135		632,492
Red Robin Gourmet Burgers, Inc. (A)		17,025		519,262
				1,151,754
Household Durables - 1.0%
Ethan Allen Interiors, Inc.		29,635		584,106
Turtle Beach Corp. (A) (B)		56,660		616,461
Universal Electronics, Inc. (A)		11,030		574,883
				1,775,450
Household Products - 0.6%
Central Garden & Pet Co., Class A (A)		20,590		582,285
Spectrum Brands Holdings, Inc.		10,680		536,243
				1,118,528
Independent Power & Renewable Electricity Producers - 0.3%
Atlantica Yield PLC		23,320		559,913
Insurance - 1.6%
American Equity Investment Life Holding Co.		22,725		560,853
Assured Guaranty, Ltd.		12,390		581,339
CNO Financial Group, Inc.		35,600		557,140
Genworth Financial, Inc., Class A (A)		126,840		542,875
Hanover Insurance Group, Inc.		4,530		596,646
				2,838,853
Interactive Media & Services - 1.1%
Meet Group, Inc. (A)		160,625		684,262
TripAdvisor, Inc. (A)		14,515		586,406
Yelp, Inc. (A)		16,950		584,945
				1,855,613
Internet & Direct Marketing Retail - 0.8%
Points International, Ltd. (A)		15,820		172,438
Qurate Retail, Inc., Series A (A)		54,730		522,124
Shutterstock, Inc. (A)		15,965		647,860
				1,342,422
IT Services - 3.1%
CACI International, Inc., Class A (A)		2,465		551,544
Cardtronics PLC, Class A (A)		17,955		615,138
Endurance International Group Holdings, Inc. (A)		136,870		536,530
KBR, Inc.		23,370		658,099
MAXIMUS, Inc.		7,025		539,099
NIC, Inc.		26,970		634,335
Perficient, Inc. (A)		15,165		594,468
Sykes Enterprises, Inc. (A)		19,133		591,114
Unisys Corp. (A)		69,555		713,634
				5,433,961
Life Sciences Tools & Services - 1.5%
Bruker Corp.		11,865		527,992
Charles River Laboratories International, Inc. (A)		4,360		566,713
ICON PLC (A)		3,525		517,822
Medpace Holdings, Inc. (A)		6,820		502,157
Syneos Health, Inc. (A)		10,305		516,796
				2,631,480

	Shares		Value
COMMON STOCKS (continued)
Machinery - 1.7%
AGCO Corp.		7,620		$   584,378
Columbus McKinnon Corp.		14,520		544,790
EnPro Industries, Inc.		8,245		573,440
Meritor, Inc. (A)		31,190		687,116
Wabash National Corp.		38,325		546,514
				2,936,238
Media - 2.2%
AMC Networks, Inc., Class A (A)		11,775		512,801
Meredith Corp.		15,475		583,408
MSG Networks, Inc., Class A (A) (B)		32,870		532,823
National CineMedia, Inc.		62,315		523,134
News Corp., Class A		43,395		594,945
Perion Network, Ltd. (A)		112,910		604,069
TEGNA, Inc.		37,225		559,492
				3,910,672
Metals & Mining - 2.5%
AK Steel Holding Corp. (A)		228,310		538,812
Allegheny Technologies, Inc. (A)		28,135		591,116
Haynes International, Inc.		13,740		473,480
Kaiser Aluminum Corp.		5,975		639,803
New Gold, Inc. (A)		440,930		462,977
Schnitzer Steel Industries, Inc., Class A		23,400		499,356
U.S. Steel Corp. (B)		52,435		603,527
Warrior Met Coal, Inc.		29,605		576,705
				4,385,776
Mortgage Real Estate Investment Trusts - 0.3%
Western Asset Mortgage Capital Corp.		58,690		589,248
Multi-Utilities - 0.6%
MDU Resources Group, Inc.		20,680		597,445
NorthWestern Corp.		7,435		539,186
				1,136,631
Multiline Retail - 0.3%
Macy’s, Inc. (B)		36,785		557,661
Oil, Gas & Consumable Fuels - 3.4%
Arch Coal, Inc., Class A		8,115		640,193
Crescent Point Energy Corp.		124,085		454,151
Enerplus Corp.		72,065		434,552
Gulfport Energy Corp. (A)		181,825		506,383
Laredo Petroleum, Inc. (A)		208,185		491,317
Montage Resources Corp. (A) (B)		135,435		612,166
Peabody Energy Corp.		38,395		404,299
Range Resources Corp. (B)		127,570		514,107
SM Energy Co.		53,755		421,439
Southwestern Energy Co. (A) (B)		268,305		550,025
Whiting Petroleum Corp. (A) (B)		65,640		416,158
World Fuel Services Corp.		14,190		592,716
				6,037,506
Paper & Forest Products - 1.3%
Domtar Corp.		16,560		602,618
P.H. Glatfelter Co.		33,905		610,290
Resolute Forest Products, Inc.		91,775		332,226
Verso Corp., Class A (A)		44,895		657,263
				2,202,397
Personal Products - 1.0%
Edgewell Personal Care Co. (A)		17,630		617,050

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

Transamerica Funds Annual Report 2019

Page    279

Transamerica Small Cap Core

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Shares		Value
COMMON STOCKS (continued)
Personal Products (continued)
Nu Skin Enterprises, Inc., Class A		13,740		$   612,529
USANA Health Sciences, Inc. (A)		8,280		613,631
				1,843,210
Pharmaceuticals - 2.8%
ANI Pharmaceuticals, Inc. (A)		7,250		566,298
Bausch Health Cos., Inc. (A) (B)		25,785		640,499
Endo International PLC (A)		180,480		828,403
Horizon Therapeutics PLC (A)		19,990		577,911
Innoviva, Inc. (A)		53,205		618,242
Prestige Consumer Healthcare, Inc. (A)		17,025		603,707
Supernus Pharmaceuticals, Inc. (A)		18,385		510,919
Taro Pharmaceutical Industries, Ltd.		7,175		580,027
				4,926,006
Professional Services - 1.6%
Heidrick & Struggles International, Inc.		19,100		543,586
Kforce, Inc.		16,265		665,401
ManpowerGroup, Inc.		6,715		610,528
Resources Connection, Inc.		24,305		356,068
TrueBlue, Inc. (A)		26,905		616,125
				2,791,708
Real Estate Management & Development - 0.4%
Realogy Holdings Corp. (B)		100,030		788,236
Road & Rail - 0.6%
ArcBest Corp.		18,911		546,339
Landstar System, Inc.		5,280		597,432
				1,143,771
Semiconductors & Semiconductor Equipment - 2.0%
Canadian Solar, Inc. (A) (B)		26,520		452,696
Cirrus Logic, Inc. (A)		10,065		684,018
Diodes, Inc. (A)		13,860		646,569
NeoPhotonics Corp. (A)		90,370		594,635
Synaptics, Inc. (A)		14,640		616,490
Xperi Corp.		26,145		530,874
				3,525,282
Software - 1.9%
CommVault Systems, Inc. (A)		11,905		591,321
LogMeIn, Inc.		7,835		514,603
Nuance Communications, Inc. (A)		32,330		527,626
Synchronoss Technologies, Inc. (A) (B)		88,055		528,330
TiVo Corp.		69,310		564,183
Verint Systems, Inc. (A)		12,880		584,623
				3,310,686
Specialty Retail - 5.1%
Abercrombie & Fitch Co., Class A		27,635		447,411
American Eagle Outfitters, Inc.		26,415		406,263
Buckle, Inc. (B)		21,300		445,596
Cato Corp., Class A		24,770		433,227
Chico’s FAS, Inc.		97,145		334,179
Citi Trends, Inc.		24,870		443,930
Designer Brands, Inc., Class A		24,905		410,933
Dick’s Sporting Goods, Inc.		10,210		397,475
Express, Inc. (A)		155,795		501,660
Foot Locker, Inc.		10,750		467,732
Genesco, Inc. (A)		11,130		432,401
Group 1 Automotive, Inc.		4,760		473,334

	Shares		Value
COMMON STOCKS (continued)
Specialty Retail (continued)
Haverty Furniture Cos., Inc.		19,015		$   344,932
Hibbett Sports, Inc. (A)		19,805		472,547
Lithia Motors, Inc., Class A		2,805		441,731
Office Depot, Inc.		253,830		522,890
Rent-A-Center, Inc.		14,715		380,677
Sally Beauty Holdings, Inc. (A)		25,895		401,373
Signet Jewelers, Ltd. (B)		25,780		413,511
Urban Outfitters, Inc. (A)		15,675		449,872
Zumiez, Inc. (A)		14,135		451,048
				9,072,722
Technology Hardware, Storage & Peripherals - 0.6%
NCR Corp. (A)		18,975		554,260
Stratasys, Ltd. (A)		24,375		504,075
				1,058,335
Textiles, Apparel & Luxury Goods - 1.3%
Fossil Group, Inc. (A)		47,880		520,934
Ralph Lauren Corp.		6,350		609,981
Steven Madden, Ltd.		16,040		660,527
Vera Bradley, Inc. (A)		53,185		572,271
				2,363,713
Thrifts & Mortgage Finance - 1.0%
MGIC Investment Corp.		44,445		609,341
Radian Group, Inc.		23,950		601,145
Washington Federal, Inc.		15,120		551,275
				1,761,761
Trading Companies & Distributors - 1.8%
Beacon Roofing Supply, Inc. (A)		15,995		496,485
BMC Stock Holdings, Inc. (A)		21,925		591,756
Foundation Building Materials, Inc. (A)		34,890		648,605
NOW, Inc. (A)		46,740		492,639
Veritiv Corp. (A)		24,520		334,453
WESCO International, Inc. (A)		11,715		587,507
				3,151,445
Total Common Stocks (Cost $177,395,447)				173,454,919
OTHER INVESTMENT COMPANY - 7.4%
Securities Lending Collateral - 7.4%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.75% (C)		12,994,028		12,994,028
Total Other Investment Company (Cost $12,994,028)				12,994,028

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

Transamerica Funds Annual Report 2019

Page    280

Transamerica Small Cap Core

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
REPURCHASE AGREEMENT - 1.6%
Fixed Income Clearing Corp., 0.85% (C), dated 10/31/2019, to be repurchased at $2,790,122 on 11/01/2019. Collateralized by a U.S. Government Obligation, 1.88%, due 05/31/2022, and with a value of $2,849,042.		$  2,790,056		$   2,790,056
Total Repurchase Agreement (Cost $2,790,056)				2,790,056
Total Investments (Cost $193,179,531)				189,239,003
Net Other Assets (Liabilities) - (7.4)%				(13,055,922	)
Net Assets - 100.0%				$  176,183,081

SECURITY VALUATION:

Valuation Inputs ^(D)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	173,454,919	$	—	$	—	$	173,454,919
Other Investment Company		12,994,028		—		—		12,994,028
Repurchase Agreement		—		2,790,056		—		2,790,056
Total Investments	$	186,448,947	$	2,790,056	$	—	$	189,239,003

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	All or a portion of the securities are on loan. The total value of all securities on loan is $12,488,443. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(C)	Rates disclosed reflect the yields at October 31, 2019.
(D)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

Transamerica Funds Annual Report 2019

Page    281

Transamerica Small Cap Growth

(unaudited)

MARKET ENVIRONMENT

During the first two months of the Fund’s fiscal year ended October 31, 2019, the small cap equity market declined. The markets wrestled with a host of concerning events and the resulting sell-off and volatility was both severe and swift. Ranger believed the combination of high equity valuations, continued interest rate increases, escalating trade/tariff rhetoric and deceleration in economic data were the main culprits for the market weakness. This was the worst market sell-off since 2011, and the broad, indiscriminate selling that comes with such a sharp sell-off provided compelling fundamental and valuation opportunities as we entered 2019.

In a near complete reversal, during the first ten months of 2019, equity markets delivered strong performance. This move was due in large part to investor excitement surrounding the end of the U.S. Federal Reserve (“Fed”) tightening cycle, and to a lesser extent, a recovery from the lows of late 2018. One striking feature of recent markets has been the divergence between large cap and small cap indices. The Russell 2000^® Growth Index remains below the highs achieved in August of 2018. Meanwhile, the S&P 500^® Index, while also correcting in the fourth quarter of 2018, has steadily advanced throughout 2019 and reached a new high in October.

Over the period, we believe the underperformance by the small cap indices is the result of an economy, both at home and around the world, that is slowing. A quick review of the 30 largest economies globally reveals that most have seen a reduction in their purchasing manager indexes (“PMIs”) over the period, and nearly half have PMIs below 50. We attribute the past year’s volatility and negative relative performance by small cap companies to the deteriorating worldwide macroeconomic environment, which caused small cap earnings to decline more than S&P 500^® earnings estimates and also resulted in investors seeking safety by favoring large cap versus small.

PERFORMANCE

For the year ended October 31, 2019, Transamerica Small Cap Growth (Class A) returned 11.11%, excluding any sales charges. By comparison, its benchmark, the Russell 2000^® Growth Index, returned 6.40%.

STRATEGY REVIEW

The Fund outperformed its benchmark with technology, producer durables and consumer discretionary sectors contributing to performance, while energy and materials & processing sectors detracted.

The Fund’s holdings with durable growth and strong financial profiles continue to demonstrate financial characteristics, namely consistent revenue and earnings growth, above the benchmark.

From an earnings perspective, performance in the benchmark was nearly equal between earning and non-earning companies. However, from a valuation perspective, the benchmark was led by the highest valuation companies across all measures, including price/earnings, price/cash flow and price/sales ratios.

Pegasystems, Inc., a provider of business process management software, was the largest contributor to performance. Over the period, the company reported strong financial results with annual contract value bookings growth. The company has invested aggressively in sales force capacity and branding and is seeing the benefits as evidenced by the strong bookings growth.

Select Energy Services, Inc., Class A, a leading provider of oilfield water supply chain and logistics services, was the largest detractor. While the company has consistently reported quarterly results that were in line with expectations, the stock declined as pricing pressures for oilfield services increased as the U.S. rig count fell over the course of 2019. While Select Energy Services, Inc., Class A is not fully immune from these challenges, we believe their infrastructure and chemicals businesses are more stable than the recent performance in the stock price implies. During the most recent quarter, we took advantage of the weakness to add to the position.

W. Conrad Doenges

Andrew Hill

Joseph LaBate

Co-Portfolio Managers

Ranger Investment Management, L.P.

Asset Allocation	Percentage of Net Assets
Common Stocks		95.0	%
Other Investment Company		5.4
Repurchase Agreement		4.6
Net Other Assets (Liabilities)		(5.0	)
Total		100.0	%

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

Transamerica Funds Annual Report 2019

Page    282

Transamerica Small Cap Growth

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		4.97	%		9.19	%		10.13	%		08/31/2012
Class A (NAV)		11.11	%		10.43	%		11.00	%		08/31/2012
Russell 2000® Growth Index (A)		6.40	%		8.38	%		12.11	%
Class C (POP)		9.31	%		9.61	%		10.22	%		08/31/2012
Class C (NAV)		10.28	%		9.61	%		10.22	%		08/31/2012
Class I (NAV)		11.50	%		10.71	%		11.30	%		08/31/2012
Class I2 (NAV)		11.48	%		10.84	%		11.43	%		08/31/2012
Class I3 (NAV)		11.48	%		N/A			10.60	%		03/10/2017
Class R (NAV)		10.78	%		N/A			10.00	%		03/10/2017
Class R4 (NAV)		11.54	%		N/A			10.45	%		03/10/2017
Class R6 (NAV)		11.48	%		N/A			12.01	%		07/25/2016

^(A) The Russell 2000^® Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe, and is comprised of Russell 2000^® Index companies with higher price-to-value ratios and higher forecasted growth values. The Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would be lower. There are no sales charges on Class I, I2, I3, R, R4 and R6 shares.

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

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

Small capitalization companies may have less experienced management, unpredictable earnings growth, and limited product lines, which can cause their share prices to fluctuate more than those of larger firms. Returns on growth stocks may not move in tandem with return on other categories of stocks or the market as a whole. Growth stocks may be particularly susceptible to larger price swings or to adverse developments. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks.

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Transamerica Funds Annual Report 2019

Page    283

Transamerica Small Cap Growth

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Shares		Value
COMMON STOCKS - 95.0%
Aerospace & Defense - 5.8%
Axon Enterprise, Inc. (A) (B)		50,451		$  2,579,559
Kratos Defense & Security Solutions, Inc. (A)		208,943		3,944,844
Mercury Systems, Inc. (A)		31,401		2,312,998
				8,837,401
Banks - 3.4%
Banc of California, Inc.		161,163		2,219,214
CenterState Bank Corp.		117,575		2,981,702
				5,200,916
Biotechnology - 2.9%
Repligen Corp. (A)		56,373		4,481,090
Chemicals - 1.9%
Quaker Chemical Corp.		19,039		2,910,682
Diversified Consumer Services - 1.9%
Chegg, Inc. (A)		92,981		2,850,797
Diversified Telecommunication Services - 1.0%
Cogent Communications Holdings, Inc.		26,914		1,578,237
Energy Equipment & Services - 1.7%
Select Energy Services, Inc., Class A (A)		344,236		2,616,194
Food Products - 4.0%
Calavo Growers, Inc.		15,830		1,372,936
J&J Snack Foods Corp.		24,892		4,748,398
				6,121,334
Health Care Equipment & Supplies - 12.4%
CONMED Corp.		22,994		2,529,800
Heska Corp. (A)		19,365		1,568,952
Integer Holdings Corp. (A)		44,470		3,443,757
Lantheus Holdings, Inc. (A)		113,216		2,360,554
LeMaitre Vascular, Inc.		55,093		1,906,218
Mesa Laboratories, Inc.		17,182		3,913,200
Neogen Corp. (A)		44,662		2,905,710
Tactile Systems Technology, Inc. (A) (B)		9,143		415,275
				19,043,466
Health Care Providers & Services - 1.7%
BioTelemetry, Inc. (A)		67,580		2,659,949
Health Care Technology - 2.2%
Tabula Rasa HealthCare, Inc. (A) (B)		66,318		3,378,239
Hotels, Restaurants & Leisure - 0.7%
BJ’s Restaurants, Inc.		26,214		1,037,812
Household Durables - 4.6%
Skyline Champion Corp. (A)		151,015		4,263,154
TopBuild Corp. (A)		26,683		2,773,164
				7,036,318
Insurance - 1.1%
Goosehead Insurance, Inc., Class A (B)		32,737		1,675,480
IT Services - 13.0%
Endava PLC, ADR (A) (B)		43,718		1,880,311
Evo Payments, Inc., Class A (A)		148,420		4,219,580
I3 Verticals, Inc., Class A (A)		77,953		1,594,139
MAXIMUS, Inc.		64,261		4,931,389
WNS Holdings, Ltd., ADR (A)		117,139		7,243,876
				19,869,295
Life Sciences Tools & Services - 8.0%
Cambrex Corp. (A)		51,478		3,074,781
Medpace Holdings, Inc. (A)		28,375		2,089,251

	Shares		Value
COMMON STOCKS (continued)
Life Sciences Tools & Services (continued)
NeoGenomics, Inc. (A)		112,840		$   2,587,421
PRA Health Sciences, Inc. (A)		45,630		4,458,508
				12,209,961
Personal Products - 3.8%
Inter Parfums, Inc.		75,044		5,810,657
Road & Rail - 2.4%
Marten Transport, Ltd.		83,619		1,811,187
Saia, Inc. (A)		21,284		1,898,533
				3,709,720
Semiconductors & Semiconductor Equipment - 2.7%
Cabot Microelectronics Corp.		11,468		1,733,044
Silicon Laboratories, Inc. (A)		22,694		2,411,011
				4,144,055
Software - 13.6%
Appfolio, Inc., Class A (A)		17,405		1,692,288
Box, Inc., Class A (A)		116,124		1,964,818
Mimecast, Ltd. (A)		75,714		3,006,603
Pegasystems, Inc.		80,504		6,054,706
Qualys, Inc. (A)		51,825		4,422,227
Workiva, Inc. (A)		88,491		3,687,420
				20,828,062
Textiles, Apparel & Luxury Goods - 1.9%
Steven Madden, Ltd.		70,895		2,919,456
Thrifts & Mortgage Finance - 2.0%
LendingTree, Inc. (A) (B)		8,339		3,000,789
Trading Companies & Distributors - 2.3%
SiteOne Landscape Supply, Inc. (A) (B)		40,188		3,538,955
Total Common Stocks (Cost $112,796,470)				145,458,865
OTHER INVESTMENT COMPANY - 5.4%
Securities Lending Collateral - 5.4%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.75% (C)		8,254,865		8,254,865
Total Other Investment Company (Cost $8,254,865)				8,254,865
	Principal		Value
REPURCHASE AGREEMENT - 4.6%
Fixed Income Clearing Corp., 0.85% (C), dated 10/31/2019, to be repurchased at $7,066,813 on 11/01/2019. Collateralized by U.S. Government Obligations, 0.13% - 1.88%, due 04/15/2022 - 04/30/2022, and with a total value of $7,211,816.		$  7,066,646		7,066,646
Total Repurchase Agreement (Cost $7,066,646)				7,066,646
Total Investments (Cost $128,117,981)				160,780,376
Net Other Assets (Liabilities) - (5.0)%				(7,658,856	)
Net Assets - 100.0%				$  153,121,520

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

Transamerica Funds Annual Report 2019

Page    284

Transamerica Small Cap Growth

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

SECURITY VALUATION:

Valuation Inputs ^(D)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	145,458,865	$	—	$	—	$	145,458,865
Other Investment Company		8,254,865		—		—		8,254,865
Repurchase Agreement		—		7,066,646		—		7,066,646
Total Investments	$	153,713,730	$	7,066,646	$	—	$	160,780,376

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	All or a portion of the securities are on loan. The total value of all securities on loan is $8,083,584. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(C)	Rates disclosed reflect the yields at October 31, 2019.
(D)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATION:

ADR American Depositary Receipt

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

Transamerica Funds Annual Report 2019

Page    285

Transamerica Small Cap Value

(unaudited)

MARKET ENVIRONMENT

The market environment for the fiscal year ended October 2019 was marked by two very distinct periods. The first was the massive market sell-off at the end of 2018 which bottomed on December 24, 2018. The second distinct period has been the year-to-date recovery in 2019.

For the 12-month period ended October 31, 2019, U.S. large cap and overall growth stocks dominated with momentum stocks doing symmetrically better throughout the market cap spectrum. U.S. small cap value stocks have been out of favor for the past decade and continued to trail over the past year. However, U.S. small value stocks led the market in September 2019 as momentum stocks broke down from high valuations and concerns over delivering on future growth expectations.

PERFORMANCE

For the year ended October 31, 2019, Transamerica Small Cap Value (Class R4) returned 2.57%, excluding any sales charges. By comparison, its benchmark, the Russell 2000^® Value Index, returned 3.22%.

STRATEGY REVIEW

The Fund’s strategy focuses on quality companies that are mispriced relative to their sector peers and have a fundamental story that supports a pathway for the name to return to a higher valuation.

The Fund underperformed its benchmark for the period.

For the past year, favorable selection in the consumer discretionary, retail and healthcare sectors were additive to relative performance. The Fund’s holdings within producer durables sector lagged on a relative basis in the past fiscal year.

Winnebago Industries, Inc., which is a manufacturer of recreational vehicles and towables, contributed to the relative performance over period. In addition, Lantheus Holdings, Inc. (a medical diagnostics firm) and 1-800-Flowers.com, Inc. (online retailer of flowers and gifts) also helped performance during the period.

Briggs & Stratton Corp., which is a maker of small engines for both residential and commercial lawncare products, underperformed during the period. Thie was mainly driven by a wetter spring and summer mowing season and from a greater negative sales impact as a result of the Sears bankruptcy.

Jason R. Ballsrud, CFA

Tasso H. Coin, Jr., CFA

Douglas G. Pugh, CFA

Co-Portfolio Managers

Peregrine Capital Management, LLC

Asset Allocation	Percentage of Net Assets
Common Stocks		97.2	%
Other Investment Company		4.9
Repurchase Agreement		2.7
Net Other Assets (Liabilities)		(4.8	)
Total		100.0	%

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

Transamerica Funds Annual Report 2019

Page    286

Transamerica Small Cap Value

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		(3.28	)%		N/A			(1.26	)%		04/21/2017
Class A (NAV)		2.35	%		N/A			0.96	%		04/21/2017
Class C (POP)		0.77	%		N/A			0.22	%		04/21/2017
Class C (NAV)		1.69	%		N/A			0.22	%		04/21/2017
Class I (NAV)		2.85	%		N/A			1.31	%		04/21/2017
Class I2 (NAV)		2.86	%		N/A			1.33	%		04/21/2017
Class I3 (NAV)		2.77	%		N/A			1.38	%		04/21/2017
Class R (NAV)		2.32	%		N/A			0.87	%		04/21/2017
Class R4 (NAV)		2.57	%		3.36	%		9.96	%		01/23/2003
Russell 2000® Value Index (A)		3.22	%		6.24	%		11.08	%
Class R6 (NAV)		2.84	%		N/A			1.33	%		04/21/2017

^(A) The Russell 2000^® Value Index measures the performance of small-cap value segment of the U.S. equity universe, and is comprised of Russell 2000^® Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would be lower. There are no sales charges on Class I, I2, I3, R, R4 and R6 shares.

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

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

The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the Fund fall, the value of the Fund will decline. Small capitalization companies may have less experienced management, unpredictable earnings growth, and limited product lines, which can cause their share prices to fluctuate more than those of larger firms. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “growth” stocks. The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down.

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Transamerica Funds Annual Report 2019

Page    287

Transamerica Small Cap Value

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Shares		Value
COMMON STOCKS - 97.2%
Auto Components - 3.5%
American Axle & Manufacturing Holdings, Inc. (A)		73,389		$  613,532
Stoneridge, Inc. (A)		40,632		1,254,716
Visteon Corp. (A)		19,740		1,836,215
				3,704,463
Automobiles - 1.4%
Winnebago Industries, Inc.		31,818		1,529,491
Banks - 17.0%
Amalgamated Bank, Class A		47,670		868,071
Ameris Bancorp		26,903		1,152,794
Cathay General Bancorp		29,877		1,062,725
CenterState Bank Corp.		35,942		911,489
ConnectOne Bancorp, Inc.		44,930		1,090,900
Enterprise Financial Services Corp.		23,950		1,049,010
First Bancorp		28,467		1,074,629
First Interstate BancSystem, Inc., Class A		26,284		1,102,877
First Midwest Bancorp, Inc.		49,901		1,024,966
Independent Bank Group, Inc.		19,765		1,056,835
Pacific Premier Bancorp, Inc.		34,860		1,176,699
Renasant Corp.		22,880		793,936
Simmons First National Corp., Class A		39,821		952,518
United Community Banks, Inc.		37,353		1,128,434
Valley National Bancorp		102,960		1,192,277
Veritex Holdings, Inc.		45,138		1,111,298
WesBanco, Inc.		32,589		1,225,020
				17,974,478
Biotechnology - 0.9%
Coherus Biosciences, Inc. (A)		53,961		937,303
Chemicals - 1.4%
Livent Corp. (A) (B)		108,506		744,351
Olin Corp.		41,310		757,625
				1,501,976
Commercial Services & Supplies - 2.8%
BrightView Holdings, Inc. (A)		56,156		999,577
Charah Solutions, Inc. (A)		33,520		64,023
Covanta Holding Corp.		59,720		862,357
Interface, Inc.		62,692		1,042,568
				2,968,525
Communications Equipment - 2.6%
Casa Systems, Inc. (A)		117,567		790,050
Lumentum Holdings, Inc. (A)		17,479		1,095,234
Plantronics, Inc.		23,038		908,158
				2,793,442
Construction & Engineering - 3.7%
Concrete Pumping Holdings, Inc. (A) (B)		51,642		177,648
MasTec, Inc. (A)		33,780		2,126,113
Tutor Perini Corp. (A)		104,038		1,609,468
				3,913,229
Consumer Finance - 2.4%
Encore Capital Group, Inc. (A) (B)		36,740		1,219,401
PRA Group, Inc. (A)		37,583		1,275,191
				2,494,592
Containers & Packaging - 1.2%
Graphic Packaging Holding Co.		81,498		1,276,259

	Shares		Value
COMMON STOCKS (continued)
Electric Utilities - 0.4%
Spark Energy, Inc., Class A		48,094		$   460,260
Electrical Equipment - 0.6%
TPI Composites, Inc. (A) (B)		31,006		636,553
Electronic Equipment, Instruments & Components - 1.9%
Knowles Corp. (A)		37,837		816,523
Sanmina Corp. (A)		38,118		1,171,366
				1,987,889
Energy Equipment & Services - 2.1%
Cactus, Inc., Class A (A)		21,959		652,622
Select Energy Services, Inc., Class A (A)		112,109		852,028
Solaris Oilfield Infrastructure, Inc., Class A		64,130		682,343
				2,186,993
Entertainment - 2.9%
AMC Entertainment Holdings, Inc., Class A (B)		110,086		1,031,506
IMAX Corp. (A)		53,836		1,149,399
Lions Gate Entertainment Corp., Class B (A)		120,450		902,170
				3,083,075
Equity Real Estate Investment Trusts - 11.6%
Alexander & Baldwin, Inc.		42,903		1,008,649
CatchMark Timber Trust, Inc., Class A		98,991		1,135,427
Corporate Office Properties Trust		34,729		1,029,368
Easterly Government Properties, Inc.		64,423		1,437,921
Front Yard Residential Corp.		94,492		1,168,866
Industrial Logistics Properties Trust		53,033		1,126,421
Investors Real Estate Trust		11,880		898,960
Lexington Realty Trust		113,624		1,236,229
Pebblebrook Hotel Trust		36,025		926,203
Physicians Realty Trust		48,280		901,388
QTS Realty Trust, Inc., Class A		26,767		1,434,443
				12,303,875
Food Products - 1.2%
B&G Foods, Inc. (B)		28,016		435,649
Darling Ingredients, Inc. (A)		43,268		835,072
				1,270,721
Health Care Equipment & Supplies - 1.2%
Lantheus Holdings, Inc. (A)		32,022		667,659
Merit Medical Systems, Inc. (A)		28,090		580,199
				1,247,858
Health Care Providers & Services - 1.4%
AMN Healthcare Services, Inc. (A)		25,709		1,510,661
Hotels, Restaurants & Leisure - 2.1%
International Game Technology PLC		76,974		1,019,136
Penn National Gaming, Inc. (A)		56,700		1,208,560
				2,227,696
Household Durables - 1.5%
Century Communities, Inc. (A)		53,365		1,610,022
Household Products - 1.0%
Central Garden & Pet Co., Class A (A)		35,724		1,010,275
Insurance - 3.5%
Health Insurance Innovations, Inc., Class A (A) (B)		32,781		868,041
Horace Mann Educators Corp.		24,541		1,069,006
James River Group Holdings, Ltd.		24,168		865,456

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

Transamerica Funds Annual Report 2019

Page    288

Transamerica Small Cap Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Shares		Value
COMMON STOCKS (continued)
Insurance (continued)
Universal Insurance Holdings, Inc.		31,110		$   843,392
				3,645,895
Leisure Products - 1.2%
Callaway Golf Co.		62,913		1,272,101
Machinery - 1.5%
Briggs & Stratton Corp.		77,316		569,819
Meritor, Inc. (A)		48,175		1,061,295
				1,631,114
Media - 2.1%
Gray Television, Inc. (A)		48,835		801,382
MSG Networks, Inc., Class A (A) (B)		54,907		890,043
Tribune Publishing Co.		59,343		531,713
				2,223,138
Metals & Mining - 1.1%
Compass Minerals International, Inc.		20,672		1,167,554
Multi-Utilities - 1.9%
Avista Corp.		26,555		1,275,437
NorthWestern Corp.		10,473		759,502
				2,034,939
Oil, Gas & Consumable Fuels - 1.5%
Delek Holdings, Inc.		16,872		674,037
Scorpio Tankers, Inc.		27,862		886,290
				1,560,327
Pharmaceuticals - 0.8%
Corcept Therapeutics, Inc. (A)		58,110		847,825
Real Estate Management & Development - 0.9%
Newmark Group, Inc., Class A		93,968		997,940
Road & Rail - 1.7%
Hertz Global Holdings, Inc. (A)		74,695		1,009,130
Ryder System, Inc.		15,505		754,008
				1,763,138
Semiconductors & Semiconductor Equipment - 3.3%
Cohu, Inc.		51,983		863,958
FormFactor, Inc. (A)		68,580		1,497,101
Kulicke & Soffa Industries, Inc.		48,499		1,151,609
				3,512,668
Software - 2.7%
Cerence, Inc. (A)		52,188		808,914
Ebix, Inc. (B)		29,597		1,261,720
TiVo Corp.		92,011		748,970
				2,819,604
Specialty Retail - 4.3%
Asbury Automotive Group, Inc. (A)		13,626		1,405,249
Caleres, Inc.		55,408		1,192,380
MarineMax, Inc. (A)		47,162		728,653
Urban Outfitters, Inc. (A)		40,861		1,172,711
				4,498,993
Textiles, Apparel & Luxury Goods - 0.7%
Oxford Industries, Inc.		11,111		765,103
Thrifts & Mortgage Finance - 1.9%
Axos Financial, Inc. (A)		32,642		948,250
OceanFirst Financial Corp.		42,416		1,015,015
				1,963,265

	Shares		Value
COMMON STOCKS (continued)
Trading Companies & Distributors - 3.3%
GMS, Inc. (A)		46,404		$   1,390,264
Rush Enterprises, Inc., Class A		26,138		1,141,969
Triton International, Ltd.		26,893		986,973
				3,519,206
Total Common Stocks (Cost $94,055,956)				102,852,446
OTHER INVESTMENT COMPANY - 4.9%
Securities Lending Collateral - 4.9%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.75% (C)		5,132,260		5,132,260
Total Other Investment Company (Cost $5,132,260)				5,132,260
	Principal		Value
REPURCHASE AGREEMENT - 2.7%
Fixed Income Clearing Corp., 0.85% (C), dated 10/31/2019, to be repurchased at $2,885,082 on 11/01/2019. Collateralized by a U.S. Government Obligation, 2.25%, due 04/15/2022, and with a value of $2,944,474.		$  2,885,014		2,885,014
Total Repurchase Agreement (Cost $2,885,014)				2,885,014
Total Investments (Cost $102,073,230)				110,869,720
Net Other Assets (Liabilities) - (4.8)%				(5,104,801	)
Net Assets - 100.0%				$  105,764,919

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

Transamerica Funds Annual Report 2019

Page    289

Transamerica Small Cap Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

SECURITY VALUATION:

Valuation Inputs ^(D)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	102,852,446	$	—	$	—	$	102,852,446
Other Investment Company		5,132,260		—		—		5,132,260
Repurchase Agreement		—		2,885,014		—		2,885,014
Total Investments	$	107,984,706	$	2,885,014	$	—	$	110,869,720

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	All or a portion of the securities are on loan. The total value of all securities on loan is $4,987,355. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(C)	Rates disclosed reflect the yields at October 31, 2019.
(D)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

Transamerica Funds Annual Report 2019

Page    290

Transamerica Small/Mid Cap Value

(unaudited)

MARKET ENVIRONMENT

Systematic Financial Management, L.P.

The poor investor sentiment in the final weeks of calendar year 2018 drove stocks sharply lower amid concerns about the economic cycle’s staying power in the face of higher potential tariffs, geopolitical risks, and a then-hawkish U.S. Federal Reserve (“Fed”). Stocks bounced back in the new calendar year, however, with almost the same vigor with which they had fallen. The equity market regained life as U.S. and China seemingly made progress on the tariff front, easing fears of imminent recession. While hopes for a grand deal were dashed in the spring, investors got help from an unexpected source when the Fed reversed course during the summer and initiated a series of interest rate cuts. In doing so, the Fed provided an economic backstop for both the economy and financial markets, and stock prices responded well. In fact, the equity market generally remained buoyant over the rest of the fiscal year, despite continued uncertainty about tariffs and trade.

From a macroeconomic perspective, trends were mixed over the past 12-month period. Corporate business activity was undoubtedly hurt by the trade skirmish with China, as uncertainty about end demand was met by an unwillingness to hold inventory throughout many parts of the global supply chain. On the other hand, strong job growth and lower interest rates aided a stalwart consumer and kept the domestic economic engine chugging ahead.

Thompson, Siegel & Walmsley LLC

Most domestic equity markets posted solid double digit returns for the 12-month period ended October 31, 2019, although it was certainly a bumpy ride. Specifically, December of 2018 witnessed a dramatic market sell-off, driven by concerns around implications from the global trade war, a more restrictive monetary policy, and uncertainty on whether we have reached peak earnings growth. It also appeared there was a classic end of year tax loss harvesting taking place, as January 2019 witnessed a near mirror image recovery. After raising rates in December 2018, the U.S. Federal Reserve (“Fed”) turned dovish in 2019 and lowered the target rate several times. This dovish tone certainly supported strong rallies in credit, equities, and Treasuries, although the market continued to move around potential implications from a global trade war. Domestic equity markets in general finished the 12-month period on positve territory, with large cap and growth stocks as the clear leaders.

The economy continued to hold up, albeit with more uncertainty, downward trending forward indicators, and heightened global growth concerns. Political uncertainty also continued to present itself through presidential impeachment inquiries, and the potential binary outcome in the 2020 U.S. elections. With this backdrop, we certainly witnessed further volatility in the markets month to month, but the end result has been the continuation of a strong market despite heightened valuations.

PERFORMANCE

For the year ended October 31, 2019, Transamerica Small/Mid Cap Value (Class A) returned 7.63%, excluding any sales charges. By comparison, its benchmark, the Russell 2500^™ Value Index, returned 6.10%.

STRATEGY REVIEW

Systematic Financial Management, L.P.

In the Fund’s small-cap sleeve, Systematic generally invests in stocks of companies with small capitalizations that are attractively valued. Our security selection process generally favors companies with strong operating cash flow, healthy free cash flow, limited financial leverage and sturdy debt coverage.

The small-cap sleeve outperformed (gross of management fees) its benchmark, the Russell 2000^® Value Index driven by favorable stock selection and sector allocation.

On a relative basis, stock selection in industrials and energy contributed to relative outperformance, while those within the information technology and communication services sectors were headwinds during the period. From an allocation perspective, an underweight to the energy sector paid off handsomely in the period, helping to offset the small cap sleeve’s underweight to the strongly performing real estate and utilities sectors.

From a factor attribution standpoint, Systematic’s focus on healthy balance sheets, recurring free cash flows, and strong interest coverage drove significant relative outperformance during the period. Stocks with the highest interest coverage in the Russell 2000^® Value Index (by quintile) posted double digit positive average returns in the period, while those with the least interest coverage recorded high-teens average declines, which benefited the small-cap sleeve of the Fund.

Transamerica Funds Annual Report 2019

Page    291

Transamerica Small/Mid Cap Value

(unaudited)

STRATEGY REVIEW (continued)

Thompson, Siegel & Walmsley LLC

In the Fund’s mid-cap sleeve, Thompson Siegel & Walmsley LLC seeks to invest in companies we believe present a value or potential worth that is not recognized by prevailing market prices or that have experienced some fundamental changes and are intrinsically undervalued by the investment community. Our process uses a combination of quantitative and qualitative methods and is based on a four-factor valuation screen.

The mid-cap sleeve of the Fund outperformed its benchmark (gross of management fees), the Russell MidCap Value Index, during the fiscal year.

At the sector level, consumer staples and health care sectors were top contributors. In consumer staples, the portfolio benefitted from strong stock selection across a number of companies. Holdings in US Foods Holdings Corp. (“US Foods”), General Mills, Inc. (“General Mills”), and Casey’s General Stores, Inc. (“Casey’s”), made considerable contributions to relative return. US Foods, a food distributor, benefitted from good earnings driven by gross margin expansion and improved market sentiment on a prior acquisition. General Mills, a branded foods business, moved higher off strong earnings and positive sentiment around the portfolio mix shifting further away from legacy branded cereal and into more niche brands. Lastly, Casey’s, a convenience store and gasoline station operator, benefitted from a favorable gas margin environment and positive execution of their value creation plan.

In health care, the portfolio benefitted from holdings in Dentsply Sirona and Zimmer Biomet Holdings, Inc. Dentsply Sirona (no longer held in the Fund) designs, manufactures, sells, and distributes professional dental products and technologies. The company reported better than expected fourth quarter earnings and provided a positive outlook due to new product introductions. Zimmer Biomet Holdings, Inc., a provider of orthopedic reconstructive parts, moved higher off expectations of the roll-out of a robotic knee product and better execution by management in addressing gaps in the product portfolio.

Energy and producer durable sectors were the main detractors over the period.

While the portfolio benefitted from the underweight allocation to the energy sector, our bottom-up selection process has led us to more favorable risk/reward cases in a couple of natural gas companies which have been penalized by both the decline in pricing for the commodity, as well as the market’s heightened demand for free cash flow at any cost. In both cases, our thesis remains, and we continue to hold the respective stocks. In producer durables, we were impacted most by our underweight to the best performing sector over the period, and notably machinery stocks.

Trinity Industries, Inc. (“Trinity”) and Stericycle, Inc. were the primary detractors within producer durables. Trinity, a manufacturer of transportation, energy, and construction products, as well as one of the largest railcar lessors in North America, was impacted due to order deceleration in the rail segment. We continue to hold the stock as we believe it trades at a discount to the sum of its parts. Stericycle, Inc. (no longer held in the Fund), a medical waste management company, was impacted by pricing pressure in the industry and spending on IT initiatives at the organization.

Kenneth Burgess, CFA

Portfolio Manager

Systematic Financial Management, L.P.

R. Michael Creager, CFA

Brett P. Hawkins, CFA

Co-Portfolio Managers

Thompson, Siegel & Walmsley LLC

Asset Allocation	Percentage of Net Assets
Common Stocks		96.3	%
Repurchase Agreement		3.8
Other Investment Company		1.1
Net Other Assets (Liabilities)		(1.2	)
Total		100.0	%

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

Transamerica Funds Annual Report 2019

Page    292

Transamerica Small/Mid Cap Value

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		1.70	%		6.26	%		11.90	%		04/02/2001
Class A (NAV)		7.63	%		7.47	%		12.54	%		04/02/2001
Russell 2500™ Value Index (A)		6.10	%		6.36	%		11.85	%
Class C (POP)		5.91	%		6.74	%		11.80	%		11/11/2002
Class C (NAV)		6.85	%		6.74	%		11.80	%		11/11/2002
Class I (NAV)		8.03	%		7.85	%		12.65	%		11/30/2009
Class I2 (NAV)		8.14	%		7.96	%		13.09	%		11/15/2005
Class R6 (NAV)		8.11	%		N/A			7.64	%		05/29/2015

^(A) The Russell 2500^™ Value Index measures the performance of the small to mid-cap value segment of the U.S. equity universe, and is comprised of Russell 2500^™ Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2500^™ Index measures the performance of the small to mid-cap segment of the U.S. equity universe, commonly referred to as “smid” cap.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for A shares or the maximum applicable contingent deferred sales charge 1% (in the 1st year) for Class C shares. Shares purchased prior to March 1, 2004 are subject to a maximum applicable contingent deferred sales charge (2% in the 1st year, decreasing to 0% after 2 years) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would be lower. There are no sales charges on Class I, I2 and R6 shares.

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

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

The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the Fund fall, the value of the Fund will decline. Small capitalization companies may have less experienced management, unpredictable earnings growth, and limited product lines, which can cause their share prices to fluctuate more than those of larger firms. Value investing carries the risk that the market will not recognize a security’s intrinsic value for a long time or that a stock considered undervalued. The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down.

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Transamerica Funds Annual Report 2019

Page    293

Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Shares		Value
COMMON STOCKS - 96.3%
Aerospace & Defense - 1.3%
Aerojet Rocketdyne Holdings, Inc. (A)		54,850		$  2,371,165
Cubic Corp.		41,400		3,052,836
Curtiss-Wright Corp.		17,200		2,326,300
Elbit Systems, Ltd.		16,100		2,638,951
				10,389,252
Airlines - 1.8%
Alaska Air Group, Inc.		100,000		6,943,000
JetBlue Airways Corp. (A)		407,800		7,870,540
				14,813,540
Auto Components - 0.9%
Dana, Inc.		84,500		1,371,435
Gentex Corp.		34,500		967,725
Stoneridge, Inc. (A)		59,450		1,835,816
Visteon Corp. (A)		30,500		2,837,110
				7,012,086
Banks - 6.3%
Atlantic Union Bankshares Corp.		54,200		1,997,812
Bank of Princeton		41,500		1,193,540
Berkshire Hills Bancorp, Inc.		99,831		3,097,756
CIT Group, Inc.		165,800		7,111,162
Evans Bancorp, Inc.		8,150		309,619
First Citizens BancShares, Inc., Class A		17,663		8,688,783
First Community Bankshares, Inc.		83,350		2,653,030
Hanmi Financial Corp.		73,300		1,411,025
Hope Bancorp, Inc.		119,282		1,702,154
Lakeland Bancorp, Inc.		211,500		3,500,325
Sandy Spring Bancorp, Inc.		106,500		3,674,250
Signature Bank		43,000		5,087,760
Sterling Bancorp		144,000		2,829,600
Umpqua Holdings Corp.		157,500		2,491,650
United Community Banks, Inc.		95,500		2,885,055
Washington Trust Bancorp, Inc.		31,621		1,615,517
Webster Financial Corp. (B)		18,150		800,415
Western Alliance Bancorp		31,700		1,563,761
				52,613,214
Beverages - 1.2%
Molson Coors Brewing Co., Class B		184,400		9,721,568
Biotechnology - 1.0%
United Therapeutics Corp. (A)		89,300		8,022,712
Building Products - 1.4%
American Woodmark Corp. (A)		23,500		2,330,260
Continental Building Products, Inc. (A)		168,000		5,024,880
Gibraltar Industries, Inc. (A)		17,000		904,910
Insteel Industries, Inc.		18,900		360,423
Masonite International Corp. (A)		20,600		1,265,046
PGT Innovations, Inc. (A)		115,000		2,030,900
				11,916,419
Capital Markets - 1.9%
E*TRADE Financial Corp.		184,400		7,706,076
Legg Mason, Inc.		71,000		2,645,460
Piper Jaffray Cos.		36,300		2,851,002
Stifel Financial Corp.		45,700		2,558,286
				15,760,824
Chemicals - 2.6%
Chase Corp.		7,350		861,052
Corteva, Inc. (A)		287,600		7,586,888

	Shares		Value
COMMON STOCKS (continued)
Chemicals (continued)
Huntsman Corp.		64,400		$  1,425,172
Methanex Corp.		20,800		788,944
Mosaic Co.		248,200		4,934,216
Trinseo SA		55,100		2,341,750
Westlake Chemical Corp.		58,700		3,709,253
				21,647,275
Commercial Services & Supplies - 0.7%
HNI Corp.		15,150		575,700
Knoll, Inc.		78,500		2,099,090
Tetra Tech, Inc.		37,500		3,280,125
				5,954,915
Communications Equipment - 0.6%
Harmonic, Inc. (A)		161,100		1,253,358
KVH Industries, Inc. (A)		286,500		2,928,030
NETGEAR, Inc. (A)		22,000		597,740
				4,779,128
Construction & Engineering - 1.1%
Comfort Systems, Inc.		68,500		3,453,085
EMCOR Group, Inc.		50,500		4,429,355
Granite Construction, Inc.		55,500		1,306,470
				9,188,910
Construction Materials - 0.3%
US Concrete, Inc. (A)		44,700		2,336,022
Consumer Finance - 0.5%
Ally Financial, Inc.		123,705		3,789,084
Distributors - 1.2%
LKQ Corp. (A)		298,300		10,139,217
Diversified Consumer Services - 0.3%
American Public Education, Inc. (A)		70,300		1,526,916
K12, Inc. (A)		55,750		1,103,293
				2,630,209
Diversified Financial Services - 0.9%
Jefferies Financial Group, Inc.		389,153		7,265,487
Diversified Telecommunication Services - 0.6%
GCI Liberty, Inc., Class A (A)		72,600		5,080,548
Electric Utilities - 2.1%
FirstEnergy Corp.		181,900		8,789,408
PPL Corp.		268,900		9,005,461
				17,794,869
Electrical Equipment - 0.6%
Acuity Brands, Inc.		12,900		1,609,791
LSI Industries, Inc.		122,500		635,775
Regal Beloit Corp.		39,600		2,932,380
				5,177,946
Electronic Equipment, Instruments & Components - 1.0%
Coherent, Inc. (A)		10,000		1,489,200
Daktronics, Inc.		21,700		148,862
Methode Electronics, Inc.		89,200		3,068,480
OSI Systems, Inc. (A)		11,100		1,101,564
Vishay Intertechnology, Inc.		126,000		2,538,900
				8,347,006
Energy Equipment & Services - 0.6%
Baker Hughes Co.		171,700		3,674,380
Helmerich & Payne, Inc.		39,850		1,494,375
				5,168,755

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

Transamerica Funds Annual Report 2019

Page    294

Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Shares		Value
COMMON STOCKS (continued)
Entertainment - 1.7%
Lions Gate Entertainment Corp., Class B (A)		44,919		$  336,443
Viacom, Inc., Class B		634,209		13,673,546
				14,009,989
Equity Real Estate Investment Trusts - 7.6%
Apple Hospitality, Inc.		191,200		3,150,976
Brandywine Realty Trust		180,000		2,750,400
Brixmor Property Group, Inc.		302,600		6,663,252
Chatham Lodging Trust		80,000		1,444,000
Colony Capital, Inc.		841,844		4,714,326
Community Healthcare Trust, Inc.		72,050		3,488,661
DiamondRock Hospitality Co.		304,000		3,033,920
Gaming and Leisure Properties, Inc.		206,500		8,334,340
JBG SMITH Properties		198,000		7,971,480
Lexington Realty Trust		273,500		2,975,680
Outfront Media, Inc.		70,500		1,854,855
Physicians Realty Trust		167,300		3,123,491
Piedmont Office Realty Trust, Inc., Class A		62,300		1,398,012
Sabra Health Care, Inc.		100,200		2,464,920
Summit Hotel Properties, Inc.		290,000		3,555,400
VEREIT, Inc.		646,300		6,359,592
				63,283,305
Food & Staples Retailing - 1.1%
US Foods Holding Corp. (A)		224,300		8,897,981
Village Super Market, Inc., Class A		22,800		604,200
				9,502,181
Food Products - 3.4%
General Mills, Inc.		119,500		6,077,770
J.M. Smucker Co.		35,500		3,751,640
Kraft Heinz Co.		176,900		5,719,177
Post Holdings, Inc. (A)		120,800		12,430,320
Sanderson Farms, Inc.		3,900		603,759
				28,582,666
Health Care Equipment & Supplies - 1.8%
AngioDynamics, Inc. (A)		59,500		910,350
Meridian Bioscience, Inc.		176,600		1,728,914
OraSure Technologies, Inc. (A)		213,500		1,823,290
Zimmer Biomet Holdings, Inc.		78,100		10,795,763
				15,258,317
Health Care Providers & Services - 5.1%
AmerisourceBergen Corp.		112,000		9,562,560
AMN Healthcare Services, Inc. (A)		41,850		2,459,106
Cardinal Health, Inc.		123,400		6,102,130
Centene Corp. (A)		56,200		2,983,096
Cross Country Healthcare, Inc. (A)		246,500		2,664,665
DaVita, Inc. (A)		62,500		3,662,500
Encompass Health Corp.		50,300		3,220,206
Laboratory Corp. of America Holdings (A)		70,512		11,618,262
				42,272,525
Health Care Technology - 0.1%
Omnicell, Inc. (A)		15,400		1,084,006
Hotels, Restaurants & Leisure - 1.3%
Aramark		141,500		6,192,040
Bloomin’ Brands, Inc.		61,300		1,214,353
Churchill Downs, Inc.		27,100		3,522,729
				10,929,122

	Shares		Value
COMMON STOCKS (continued)
Household Durables - 1.0%
Ethan Allen Interiors, Inc.		78,300		$   1,543,293
Helen of Troy, Ltd. (A)		19,650		2,942,784
La-Z-Boy, Inc.		68,750		2,441,313
Turtle Beach Corp. (A) (B)		78,600		855,168
ZAGG, Inc. (A) (B)		69,500		512,215
				8,294,773
Household Products - 0.2%
Spectrum Brands Holdings, Inc.		38,663		1,941,269
Insurance - 9.0%
Alleghany Corp. (A)		16,300		12,686,127
Allstate Corp.		93,848		9,987,304
Arch Capital Group, Ltd. (A)		220,700		9,216,432
Fidelity National Financial, Inc.		205,100		9,401,784
Loews Corp.		179,900		8,815,100
Markel Corp. (A)		6,600		7,728,600
Selective Insurance Group, Inc.		62,750		4,337,280
United Fire Group, Inc.		75,868		3,453,512
Willis Towers Watson PLC		50,400		9,419,760
				75,045,899
Interactive Media & Services - 0.1%
IAC / InterActiveCorp (A)		3,675		835,144
Internet & Direct Marketing Retail - 1.4%
Expedia Group, Inc.		53,226		7,273,865
Qurate Retail, Inc., Series A (A)		484,600		4,623,084
				11,896,949
IT Services - 0.8%
KBR, Inc.		134,000		3,773,440
Leidos Holdings, Inc.		32,800		2,828,344
				6,601,784
Leisure Products - 0.3%
MasterCraft Boat Holdings, Inc. (A)		129,100		2,033,325
Machinery - 2.7%
Altra Industrial Motion Corp.		73,700		2,269,960
Columbus McKinnon Corp.		68,492		2,569,820
Douglas Dynamics, Inc.		51,000		2,388,330
Gencor Industries, Inc. (A)		130,000		1,625,000
Miller Industries, Inc.		11,050		397,248
Mueller Industries, Inc.		59,200		1,821,584
Oshkosh Corp.		17,150		1,464,267
Trinity Industries, Inc.		413,200		8,173,096
Watts Water Technologies, Inc., Class A		15,550		1,450,037
				22,159,342
Media - 4.7%
Discovery, Inc., Class C (A)		188,560		4,759,254
DISH Network Corp., Class A (A)		226,500		7,787,070
Fox Corp., Class A		242,600		7,772,904
Liberty Media Corp. - Liberty SiriusXM, Class C (A)		142,373		6,433,836
MSG Networks, Inc., Class A (A) (B)		214,500		3,477,045
News Corp., Class A		639,100		8,762,061
				38,992,170
Metals & Mining - 0.7%
Commercial Metals Co.		142,000		2,744,860
Kaiser Aluminum Corp.		23,200		2,484,256
Schnitzer Steel Industries, Inc., Class A		29,700		633,798
				5,862,914

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

Transamerica Funds Annual Report 2019

Page    295

Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Shares		Value
COMMON STOCKS (continued)
Mortgage Real Estate Investment Trusts - 2.0%
Annaly Capital Management, Inc.		1,828,542		$   16,420,307
Multi-Utilities - 2.5%
CenterPoint Energy, Inc.		550,800		16,011,756
NorthWestern Corp.		69,200		5,018,384
				21,030,140
Multiline Retail - 1.1%
Dollar Tree, Inc. (A)		85,300		9,417,120
Oil, Gas & Consumable Fuels - 2.6%
Antero Resources Corp. (A)		887,404		2,218,510
Delek Holdings, Inc.		62,496		2,496,715
Diamondback Energy, Inc.		15,700		1,346,432
EQT Corp.		246,300		2,645,262
Magnolia Oil & Gas Corp., Class A (A) (B)		217,600		2,136,832
REX American Resources Corp. (A)		30,000		2,427,600
Williams Cos., Inc.		368,000		8,210,080
				21,481,431
Paper & Forest Products - 0.5%
Domtar Corp.		55,800		2,030,562
Mercer International, Inc.		57,500		701,500
P.H. Glatfelter Co.		74,200		1,335,600
				4,067,662
Personal Products - 0.3%
Coty, Inc., Class A		217,900		2,547,251
Pharmaceuticals - 0.8%
BioDelivery Sciences International, Inc. (A)		40,700		235,246
Jazz Pharmaceuticals PLC (A)		14,850		1,865,606
Perrigo Co. PLC		92,200		4,888,444
				6,989,296
Professional Services - 1.3%
ASGN, Inc. (A)		47,600		3,026,884
FTI Consulting, Inc. (A)		13,200		1,437,084
Heidrick & Struggles International, Inc.		78,450		2,232,687
ICF International, Inc.		48,350		4,143,111
				10,839,766
Real Estate Management & Development - 0.3%
Newmark Group, Inc., Class A		242,700		2,577,474
Road & Rail - 0.3%
AMERCO		6,700		2,713,768
Semiconductors & Semiconductor Equipment - 3.4%
AXT, Inc. (A)		191,900		598,728
Brooks Automation, Inc.		48,000		2,038,560
Cohu, Inc.		201,249		3,344,758
Entegris, Inc.		65,000		3,120,000
MagnaChip Semiconductor Corp. (A)		179,800		2,296,046
MaxLinear, Inc. (A)		20,000		379,200
MKS Instruments, Inc.		34,800		3,766,056
Qorvo, Inc. (A)		85,574		6,919,514
Silicon Motion Technology Corp., ADR		69,050		2,903,553
Tower Semiconductor, Ltd. (A)		10,000		219,300
Universal Display Corp.		11,550		2,312,079
				27,897,794
Software - 1.9%
CDK Global, Inc.		179,700		9,082,038
LogMeIn, Inc.		36,250		2,380,900

	Shares		Value
COMMON STOCKS (continued)
Software (continued)
SS&C Technologies Holdings, Inc.		77,900		$   4,051,579
				15,514,517
Specialty Retail - 2.8%
Abercrombie & Fitch Co., Class A		99,500		1,610,905
American Eagle Outfitters, Inc.		196,000		3,014,480
Caleres, Inc.		23,000		494,960
Foot Locker, Inc.		192,100		8,358,271
L Brands, Inc.		258,600		4,406,544
Urban Outfitters, Inc. (A)		100,500		2,884,350
Williams-Sonoma, Inc. (B)		33,900		2,264,181
				23,033,691
Technology Hardware, Storage & Peripherals - 0.6%
NCR Corp. (A)		168,700		4,927,727
Textiles, Apparel & Luxury Goods - 1.0%
Capri Holdings, Ltd. (A)		94,300		2,929,901
Deckers Outdoor Corp. (A)		14,000		2,140,600
Steven Madden, Ltd.		67,800		2,792,004
				7,862,505
Thrifts & Mortgage Finance - 1.6%
Dime Community Bancshares, Inc.		109,000		2,102,610
Provident Financial Services, Inc.		82,500		2,058,375
TrustCo Bank Corp.		195,200		1,686,528
United Financial Bancorp, Inc.		207,258		2,926,483
Washington Federal, Inc.		125,400		4,572,084
				13,346,080
Trading Companies & Distributors - 1.4%
AerCap Holdings NV (A)		128,672		7,447,535
HD Supply Holdings, Inc. (A)		94,200		3,724,668
				11,172,203
Total Common Stocks (Cost $674,080,999)				799,973,398
OTHER INVESTMENT COMPANY - 1.1%
Securities Lending Collateral - 1.1%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.75% (C)		9,495,506		9,495,506
Total Other Investment Company (Cost $9,495,506)				9,495,506
	Principal		Value
REPURCHASE AGREEMENT - 3.8%
Fixed Income Clearing Corp., 0.85% (C), dated 10/31/2019, to be repurchased at $31,676,384 on 11/01/2019. Collateralized by a U.S. Government Obligation, 1.75%, due 05/15/2022 - 06/15/2022, and with a total value of $32,312,799.		$  31,675,636		31,675,636
Total Repurchase Agreement (Cost $31,675,636)				31,675,636
Total Investments (Cost $715,252,141)				841,144,540
Net Other Assets (Liabilities) - (1.2)%				(9,935,085	)
Net Assets - 100.0%				$  831,209,455

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

Transamerica Funds Annual Report 2019

Page    296

Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

SECURITY VALUATION:

Valuation Inputs ^(D)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	799,973,398	$	—	$	—	$	799,973,398
Other Investment Company		9,495,506		—		—		9,495,506
Repurchase Agreement		—		31,675,636		—		31,675,636
Total Investments	$	809,468,904	$	31,675,636	$	—	$	841,144,540

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	All or a portion of the securities are on loan. The total value of all securities on loan is $9,191,052. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(C)	Rates disclosed reflect the yields at October 31, 2019.
(D)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATION:

ADR American Depositary Receipt

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

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Transamerica Unconstrained Bond

(unaudited)

MARKET ENVIRONMENT

Spreads came under pressure in the fourth quarter of 2018 amid signs of slowing growth in China and Europe, sharp declines in oil and other commodity prices, weak December equity market performance and a disappointing U.S. Federal Reserve (“Fed”) meeting that offered no flexibility with respect to balance sheet reduction. Treasury rates traded lower across all maturities on the curve.

Credit spreads and other risk asset classes generally rallied in the first quarter of 2019. Investor sentiment improved amid a backdrop of progress on US-China trade talks, stable or better than expected corporate earnings releases and, most importantly, a dovish pivot from Fed Chairman Jerome Powell and the Federal Open Market Committee (“FOMC”).

An earnings season that was better than analyst expectations, stable to improving growth conditions in China and globally, and a dovish Fed led to bond prices trading higher in April. This was reversed in May as rhetoric from both the United States and China grew more and more rancorous ahead of June’s G20 Osaka summit and President Trump’s threat to initiate escalating tariffs on Mexican imports in early June. Outside of trade conflicts, investors also had to contend with weaker growth data in the form of lower than expected purchasing managers’ indexes and slower job and wage growth. Chairman Powell and the FOMC turned more dovish in June, stating that uncertainties in the U.S. outlook could call for rate cuts. Throughout the last four weeks of the third quarter, markets rallied in response to this change in narrative, recapturing May’s losses.

Most fixed income asset classes experienced positive total returns during the last four months of the period, despite volatility in equity and Treasury markets. The dovish stance of central banks continued amid concerns related to global growth, particularly in the eurozone, Brexit, and risks of trade war escalation between the U.S. and China. In August, investors saw a reescalation of US-China trade tensions. However, subsequently, the Office of the U.S. Trade Representative announced that various items would be excluded until mid-December. Additionally, the Fed made anticipated 25 basis point cuts in July, September and October. The European Central Bank (“ECB”) also cut rates in September moving further into negative territory and announced a new quantitative easing program to start in November.

PERFORMANCE

For the year ended October 31, 2019, Transamerica Unconstrained Bond (Class I) returned 4.23%. By comparison, its benchmark, the ICE BofAML U.S. Dollar LIBOR 3-Month Constant Maturity Index, returned 2.68%.

STRATEGY REVIEW

The Fund has both top-down and bottom-up elements to it. The global mutli-asset team sets top-down targets across all fixed income asset classes with a forward-looking intermediate-term investment horizon of 9-18 months. These targets are expected to be reset 2-6 times per year depending upon the magnitude and frequency of changes in market conditions.

Once given these targets, the fixed income team has flexibility to make tactical adjustments depending on their bottom-up views of market sentiment, valuations and technicals given the backdrop of a shorter investment horizon. Finally, portfolio managers work with analysts in implementing bottom-up credit research and selecting individual issues for the portfolio.

The Fund benefitted most from allocations to asset classes with longer spread and interest rate duration. The three largest contributors from an asset allocation standpoint were contingent convertible and preferred securities, high yield bonds and emerging markets corporate investment grade bonds. Amid sharply lower treasury rates, a hedged duration profile with short positions in treasury futures contracts detracted from performance during the year.

During the fiscal year, the Fund utilized derivatives. These positions detracted from performance.

Peter Hu, CFA

Michael J. Kelly, CFA

Steven Oh, CFA

Robert A. Vanden Assem, CFA

Roberto Coronado

Gunter H. Seeger

Co-Portfolio Managers

PineBridge Investments LLC

Transamerica Funds Annual Report 2019

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Transamerica Unconstrained Bond

(unaudited)

Asset Allocation	Percentage of Net Assets
Corporate Debt Securities		56.4	%
Asset-Backed Securities		14.1
Loan Assignments		11.8
Short-Term Investment Company		8.2
Foreign Government Obligations		4.5
Short-Term U.S. Government Obligations		3.8
Other Investment Company		1.6
Preferred Stocks		1.5
U.S. Government Obligations		0.8
U.S. Government Agency Obligation		0.1
Common Stocks		0.0	*
Net Other Assets (Liabilities)^		(2.8	)
Total		100.0	%

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

Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		4.7	%
AAA		10.5
AA		2.5
A		15.7
BBB		31.5
BB		14.8
B		12.5
CCC and Below		0.1
Not Rated		10.5
Net Other Assets (Liabilities)		(2.8	)
Total		100.0	%

Fund Characteristics	Years
Average Maturity §		6.72
Duration †		2.11

§ Average Maturity is computed by weighting the maturity of each security in the Fund by the market value of the security, then averaging these weighted figures.

† Duration is a time measure of a bond’s interest rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder.

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

^ The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral.

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

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Transamerica Unconstrained Bond

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			5 Year	10 Year or Since Inception			Inception Date
Class I (NAV)		4.23	%	N/A		3.23	%		12/08/2014
ICE BofAML U.S. Dollar LIBOR 3-Month Constant Maturity Index (A)		2.68	%	N/A		1.30	%
Class I2 (NAV)		4.54	%	N/A		3.36	%		12/08/2014

^(A) The ICE BofAML U.S. Dollar LIBOR 3-Month Constant Maturity Index represents the London interbank offered rate (“LIBOR”) with a constant 3-month average maturity.

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

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

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

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

Investing in the Fund entails interest rate risk, pre-payment risk, and credit risk as well as additional risks in that it may invest in high-yield/non-investment grade bonds. The Fund may also invest in foreign securities, including emerging markets, which carry currency risk if denominated in non-dollar or non-USD and are difficult to trade during periods of stress. Changes in interest rates, the market’s perception of the issuers and the creditworthiness of the issuers may significantly affect the value of a bond. Derivatives involve risks in addition to the risks of underlying securities, particularly counterparty and liquidity risk.

Transamerica Funds Annual Report 2019

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Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Principal		Value
ASSET-BACKED SECURITIES - 14.1%
AIMCO CLO Trust
Series 2018-AA, Class B,
3-Month LIBOR + 1.40%, 3.40% (A), 04/17/2031 (B)		$  500,000		$  488,764
Series 2018-AA, Class D,
3-Month LIBOR + 2.55%, 4.55% (A), 04/17/2031 (B)		1,500,000		1,365,165
American Express Credit Account Master Trust
Series 2017-6, Class A,
2.04%, 05/15/2023		1,000,000		1,002,088
Series 2018-4, Class A,
2.99%, 12/15/2023		1,425,000		1,451,157
Series 2018-8, Class A,
3.18%, 04/15/2024		3,146,000		3,225,137
Series 2019-1, Class A,
2.87%, 10/15/2024		2,600,000		2,664,528
Series 2019-2, Class A,
2.67%, 11/15/2024		2,000,000		2,041,467
AmeriCredit Automobile Receivables Trust Series 2019-1, Class A3, 2.97%, 11/20/2023		1,880,000		1,908,094
Ares XXXIIR CLO, Ltd. Series 2014-32RA, Class E, 3-Month LIBOR + 8.40%, 10.56% (A), 05/15/2030 (B)		3,400,000		2,583,844
Ares XXXVII CLO, Ltd. Series 2015-4A, Class ER, 3-Month LIBOR + 7.27%, 9.27% (A), 10/15/2030 (B)		4,000,000		3,097,376
Avery Point VI CLO, Ltd. Series 2015-6A, Class F, 3-Month LIBOR + 6.80%, 9.09% (A), 08/05/2027 (B)		2,000,000		1,542,722
BA Credit Card Trust
Series 2017-A2, Class A2,
1.84%, 01/17/2023		1,000,000		999,904
Series 2018-A1, Class A1,
2.70%, 07/17/2023		1,500,000		1,516,362
Series 2018-A2, Class A2,
3.00%, 09/15/2023		960,000		976,161
Benefit Street Partners CLO XVII, Ltd. Series 2019-17A, Class B, 3-Month LIBOR + 1.85%, 3.85% (A), 07/15/2032 (B)		400,000		398,580
BMW Vehicle Lease Trust Series 2019-1, Class A4, 2.92%, 08/22/2022		1,995,000		2,024,669
Canyon Capital CLO, Ltd. Series 2019-2A, Class A, 3-Month LIBOR + 1.37%, 3.46% (A), 10/15/2032 (B)		500,000		499,694
Capital One Multi-Asset Execution Trust
Series 2017-A4, Class A4,
1.99%, 07/17/2023		2,000,000		2,002,409
Series 2019-A2, Class A2,
1.72%, 08/15/2024		3,750,000		3,740,938
Series 2019-A3, Class A3,
2.06%, 08/15/2028		1,900,000		1,891,452

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Capital One Prime Auto Receivables Trust Series 2019-2, Class A3, 1.92%, 05/15/2024		$   1,000,000		$   1,000,517
CarMax Auto Owner Trust
Series 2018-4, Class A3,
3.36%, 09/15/2023		570,000		583,048
Series 2019-2, Class A3,
2.68%, 03/15/2024		1,155,000		1,170,714
Series 2019-3, Class A3,
2.18%, 08/15/2024		2,000,000		2,014,318
Cedar Funding VII CLO, Ltd.
Series 2018-7A, Class C,
3-Month LIBOR + 1.75%, 3.72% (A), 01/20/2031 (B)		750,000		712,130
Series 2018-7A, Class D,
3-Month LIBOR + 2.55%, 4.52% (A), 01/20/2031 (B)		3,000,000		2,725,680
Cedar Funding X CLO, Ltd. Series 2019-10A, Class A, 3-Month LIBOR + 1.34%, 3.47% (A), 10/20/2032 (B)		325,000		323,841
Citibank Credit Card Issuance Trust
Series 2018-A1, Class A1,
2.49%, 01/20/2023		1,200,000		1,209,916
Series 2018-A7, Class A7,
3.96%, 10/13/2030		1,000,000		1,135,525
Discover Card Execution Note Trust
Series 2019-A1, Class A1,
3.04%, 07/15/2024		3,040,000		3,118,201
Series 2019-A3, Class A,
1.89%, 10/15/2024		2,546,000		2,549,056
Dryden 53 CLO, Ltd. Series 2017-53A, Class B, 3-Month LIBOR + 1.40%, 3.40% (A), 01/15/2031 (B)		1,400,000		1,371,950
Dryden 55 CLO, Ltd. Series 2018-55A, Class F, 3-Month LIBOR + 7.20%, 9.20% (A), 04/15/2031 (B)		3,000,000		2,209,995
Elm CLO, Ltd. Series 2014-1A, Class CRR, 3-Month LIBOR + 2.35%, 4.35% (A), 01/17/2029 (B)		1,000,000		967,707
Ford Credit Auto Owner Trust
Series 2016-C, Class B,
1.73%, 03/15/2022		1,635,000		1,629,923
Series 2018-2, Class A,
3.47%, 01/15/2030 (B)		1,000,000		1,046,267
Ford Credit Floorplan Master Owner Trust Series 2017-3, Class A, 2.48%, 09/15/2024		1,750,000		1,777,173
GM Financial Consumer Automobile Receivables Trust
Series 2017-3A, Class A4,
2.13%, 03/16/2023 (B)		300,000		300,907
Series 2019-3, Class A3,
2.18%, 04/16/2024		1,500,000		1,508,335

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

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Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Greenwood Park CLO, Ltd. Series 2018-1A, Class E, 3-Month LIBOR + 4.95%, 6.95% (A), 04/15/2031 (B)		$   1,500,000		$   1,275,804
Hayfin Kingsland VIII, Ltd.
Series 2018-8A, Class A,
3-Month LIBOR + 1.12%, 3.09% (A), 04/20/2031 (B)		650,000		645,399
Series 2018-8A, Class B,
3-Month LIBOR + 1.48%, 3.45% (A), 04/20/2031 (B)		725,000		694,886
Honda Auto Receivables Owner Trust
Series 2019-1, Class A3,
2.83%, 03/20/2023		1,120,000		1,139,241
Series 2019-2, Class A4,
2.54%, 03/21/2025		2,000,000		2,035,491
HPS Loan Management, Ltd. Series 15A-19, Class B, 3-Month LIBOR + 1.80%, 3.97% (A), 07/22/2032 (B)		1,000,000		996,377
Madison Park Funding XVII, Ltd. Series 2015-17A, Class B1R, 3-Month LIBOR + 1.75%, 3.72% (A), 07/21/2030 (B)		2,225,000		2,215,056
Madison Park Funding XXX, Ltd. Series 2018-30A, Class C, 3-Month LIBOR + 1.70%, 3.70% (A), 04/15/2029 (B)		475,000		458,015
Magnetite VIII, Ltd. Series 2014-8A, Class FR2, 3-Month LIBOR + 7.44%, 9.44% (A), 04/15/2031 (B)		2,000,000		1,673,726
Marble Point CLO, Ltd. Series 2018-2A, Class A1, 3-Month LIBOR + 1.33%, 3.30% (A), 01/20/2032 (B)		4,750,000		4,730,354
Mariner CLO LLC Series 2015-1A, Class CR, 3-Month LIBOR + 2.50%, 4.47% (A), 04/20/2029 (B)		3,000,000		2,939,274
Mariner CLO, Ltd. Series 2018-5A, Class E, 3-Month LIBOR + 5.65%, 7.59% (A), 04/25/2031 (B)		4,000,000		3,501,356
Mercedes-Benz Auto Lease Trust
Series 2018-B, Class A4,
3.31%, 07/15/2024		2,619,000		2,667,144
Series 2019-A, Class A4,
3.25%, 10/15/2024		313,000		318,988
Neuberger Berman Loan Advisers CLO 34, Ltd. Series 2019-34A, Class A1, 3-Month LIBOR + 1.32%, 0.00% (A), 01/20/2033 (B) (C)		7,550,000		7,549,992
Nissan Auto Receivables Owner Trust
Series 2017-A, Class A4,
2.11%, 05/15/2023		1,000,000		1,002,931
Series 2017-B, Class A4,
1.95%, 10/16/2023		1,000,000		1,000,423

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Nissan Auto Receivables Owner Trust (continued)
Series 2018-A, Class A3,
2.65%, 05/16/2022		$   2,000,000		$   2,010,651
Series 2019-C, Class A3,
1.93%, 07/15/2024		2,000,000		2,004,943
Ocean Trails CLO VII Series 2019-7A, Class A1, 3-Month LIBOR + 1.40%, 3.40% (A), 04/17/2030 (B)		3,600,000		3,590,320
Octagon Investment Partners 18-R, Ltd. Series 2018-18A, Class E, 3-Month LIBOR + 8.25%, 10.25% (A), 04/16/2031 (B)		1,625,000		1,207,671
OHA Credit Funding 3, Ltd. Series 2019-3A, Class B1, 3-Month LIBOR + 1.80%, 4.43% (A), 07/20/2032 (B)		1,500,000		1,490,630
Post CLO, Ltd. Series 2018-1A, Class C, 3-Month LIBOR + 2.00%, 4.00% (A), 04/16/2031 (B)		3,075,000		2,993,202
Southwick Park CLO LLC Series 2019-4A, Class A1, 3-Month LIBOR + 1.30%, 3.47% (A), 07/20/2032 (B)		2,500,000		2,494,240
Stewart Park CLO, Ltd. Series 2015-1A, Class ER, 3-Month LIBOR + 5.28%, 7.28% (A), 01/15/2030 (B)		3,500,000		2,935,317
TCW CLO, Ltd. Series 2018-1A, Class D, 3-Month LIBOR + 2.91%, 4.85% (A), 04/25/2031 (B)		500,000		463,853
Toyota Auto Loan Extended Note Trust Series 2019-1A, Class A, 2.56%, 11/25/2031 (B)		1,950,000		1,996,390
Toyota Auto Receivables Owner Trust
Series 2018-B, Class A3,
2.96%, 09/15/2022		1,000,000		1,012,133
Series 2018-C, Class A4,
3.13%, 02/15/2024		900,000		925,251
Series 2019-B, Class A3,
2.57%, 08/15/2023		2,350,000		2,380,845
Verizon Owner Trust Series 2018-1A, Class C, 3.20%, 09/20/2022 (B)		1,200,000		1,219,763
Voya CLO, Ltd. Series 2018-1A, Class B, 3-Month LIBOR + 1.80%, 3.77% (A), 04/19/2031 (B)		750,000		709,964
Whitebox CLO, Ltd. Series 2019-1A, Class ANA, 3-Month LIBOR + 1.41%, 3.48% (A), 07/24/2032 (B)		6,000,000		5,986,338
World Financial Network Credit Card Master Trust
Series 2019-B, Class A,
2.49%, 04/15/2026		2,300,000		2,321,376

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

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Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
ASSET-BACKED SECURITIES (continued)
World Financial Network Credit Card Master Trust (continued)
Series 2019-C, Class M,
2.71%, 07/15/2026		$   1,300,000		$   1,302,946
York CLO, Ltd. Series 2015-1A, Class AR, 3-Month LIBOR + 1.15%, 3.10% (A), 01/22/2031 (B)		5,000,000		4,962,740
Total Asset-Backed Securities (Cost $143,897,996)				139,628,744
CORPORATE DEBT SECURITIES - 56.4%
Aerospace & Defense - 0.5%
BAE Systems Holdings, Inc. 3.85%, 12/15/2025 (B)		368,000		392,010
L3 Harris Technologies, Inc. 2.70%, 04/27/2020		558,000		558,925
Lockheed Martin Corp. 3.10%, 01/15/2023		1,064,000		1,102,420
United Technologies Corp. 1.15%, 05/18/2024		EUR  2,325,000		2,699,232
				4,752,587
Air Freight & Logistics - 0.1%
United Parcel Service, Inc. 3-Month LIBOR + 0.45%, 2.55% (A), 04/01/2023		$  1,500,000		1,508,048
Auto Components - 0.0% (D)
Allison Transmission, Inc. 5.00%, 10/01/2024 (B)		250,000		255,937
Delphi Technologies PLC 5.00%, 10/01/2025 (B) (E)		250,000		216,250
				472,187
Automobiles - 0.8%
FCE Bank PLC 1.11%, 05/13/2020, MTN (F)		EUR  3,750,000		4,202,608
Volkswagen International Finance NV 1.88%, 03/30/2027 (F)		2,900,000		3,454,706
				7,657,314
Banks - 16.0%
ADCB Finance Cayman, Ltd.
4.00%, 03/29/2023, MTN (F)		$  1,600,000		1,672,000
4.50%, 03/06/2023, MTN (F)		600,000		630,000
Australia & New Zealand Banking Group, Ltd. Fixed until 06/15/2026 (G), 6.75% (A) (B)		563,000		634,079
Banco Bilbao Vizcaya Argentaria SA
1.38%, 05/14/2025, MTN (F)		EUR  2,200,000		2,593,925
Fixed until 03/05/2025 (G), 6.50% (A)		$  1,309,000		1,349,948
Banco de Credito e Inversiones SA 3.50%, 10/12/2027 (F)		1,500,000		1,560,392
Banco Internacional del Peru SAA Interbank 3.38%, 01/18/2023, MTN (F)		1,000,000		1,012,000
Banco Santander SA
3-Month LIBOR + 1.12%, 3.12% (A), 04/12/2023		1,000,000		1,002,878
3.31%, 06/27/2029		200,000		207,224

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Banco Santander SA (continued)
3-Month LIBOR + 1.56%, 3.54% (A), 04/11/2022		$   1,000,000		$   1,017,022
Bank of America Corp.
3-Month LIBOR + 0.38%, 2.31% (A), 01/23/2022		1,000,000		1,000,227
2.38%, 06/19/2024, MTN (F)		EUR  2,895,000		3,561,552
Fixed until 10/22/2024, 2.46% (A), 10/22/2025, MTN		$  505,000		507,720
2.63%, 04/19/2021, MTN		1,374,000		1,388,697
3-Month LIBOR + 1.16%, 3.13% (A), 01/20/2023, MTN		2,000,000		2,027,760
Fixed until 04/24/2027, 3.71% (A), 04/24/2028		323,000		345,379
Bank of America NA Fixed until 01/25/2022, 3.34% (A), 01/25/2023		282,000		289,669
Bank of Montreal 2.05%, 11/01/2022, MTN		674,000		674,524
Bank of Nova Scotia 3-Month LIBOR + 0.62%, 2.78% (A), 09/19/2022		1,000,000		1,005,435
BankUnited, Inc. 4.88%, 11/17/2025		297,000		326,874
Barclays PLC
Fixed until 09/15/2023 (G), 7.75% (A)		3,150,000		3,354,750
Fixed until 06/15/2024 (G), 8.00% (A)		2,963,000		3,233,374
BNP Paribas SA
Fixed until 01/10/2024, 4.71% (A), 01/10/2025 (B)		1,279,000		1,390,522
Fixed until 03/14/2022 (G), 6.75% (A) (B)		3,305,000		3,478,512
Fixed until 08/16/2028 (G), 7.00% (A) (B)		1,410,000		1,586,250
Fixed until 03/30/2021 (G), 7.63% (A) (B)		400,000		420,000
BPCE SA
3-Month LIBOR + 1.22%, 3.37% (A), 05/22/2022 (B)		2,000,000		2,024,208
4.63%, 07/18/2023 (F)		EUR  2,500,000		3,226,272
Canadian Imperial Bank of Commerce 3-Month LIBOR + 0.32%, 2.22% (A), 02/02/2021		$  2,500,000		2,504,675
CBQ Finance, Ltd. 5.00%, 05/24/2023, MTN (F)		1,900,000		2,027,452
Citigroup, Inc.
3-Month LIBOR + 1.02%, 3.16% (A), 06/01/2024		1,000,000		1,011,182
3-Month LIBOR + 1.07%, 3.17% (A), 12/08/2021		1,000,000		1,014,150
3-Month LIBOR + 1.19%, 3.46% (A), 08/02/2021		1,000,000		1,014,450
Fixed until 06/01/2023, 4.04% (A), 06/01/2024		501,000		530,482
4.45%, 09/29/2027		279,000		306,951
Citizens Bank NA 2.25%, 03/02/2020		300,000		300,187
Citizens Financial Group, Inc. 4.30%, 12/03/2025		161,000		173,565
Construction Bank Corp. Fixed until 05/13/2020, 3.88% (A), 05/13/2025 (F)		1,500,000		1,506,510

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

Transamerica Funds Annual Report 2019

Page    303

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Credit Agricole SA
Fixed until 01/23/2024 (G), 7.88% (A) (B) (E)		$   4,000,000		$   4,509,664
Fixed until 12/23/2025 (G), 8.13% (A) (B)		1,553,000		1,859,717
Danske Bank A/S
0.88%, 05/22/2023, MTN (F)		EUR  3,750,000		4,251,291
3.88%, 09/12/2023 (B)		$  200,000		207,915
5.38%, 01/12/2024 (B)		210,000		231,439
DBS Group Holdings, Ltd. 2.85%, 04/16/2022 (B)		202,000		204,977
Fifth Third Bancorp 2.88%, 07/27/2020		909,000		914,526
First Abu Dhabi Bank PJSC 3.00%, 03/30/2022, MTN (F)		1,300,000		1,320,904
HSBC Holdings PLC
3.40%, 03/08/2021		283,000		287,893
3-Month LIBOR + 1.50%, 3.54% (A), 01/05/2022		2,000,000		2,041,320
Fixed until 03/11/2024, 3.80% (A), 03/11/2025		800,000		839,234
Fixed until 05/22/2027 (G), 6.00% (A)		200,000		207,600
Fixed until 03/30/2025 (G), 6.38% (A)		3,000,000		3,196,860
ING Groep NV
3-Month LIBOR + 1.00%, 3.09% (A), 10/02/2023		1,000,000		1,008,398
Fixed until 11/16/2026 (G), 5.75% (A)		2,050,000		2,101,250
Fixed until 04/16/2025 (G), 6.50% (A) (E)		1,500,000		1,593,600
JPMorgan Chase & Co.
2.30%, 08/15/2021, MTN		385,000		385,641
2.55%, 10/29/2020		912,000		917,399
3-Month LIBOR + 0.55%, 2.65% (A), 03/09/2021		3,000,000		3,004,020
Fixed until 10/15/2029, 2.74% (A), 10/15/2030		374,000		373,035
Fixed until 04/01/2022, 3.21% (A), 04/01/2023		764,000		782,364
3-Month LIBOR + 3.47%, 5.41% (A), 01/30/2020 (G)		1,549,000		1,558,294
Kreditanstalt fuer Wiederaufbau 1.63%, 03/15/2021		518,000		517,851
Lloyds Banking Group PLC
Fixed until 01/15/2023, 0.63% (A), 01/15/2024, MTN (F)		EUR  3,930,000		4,420,078
Fixed until 06/27/2026 (G), 6.75% (A)		$  1,881,000		2,000,914
Fixed until 06/27/2024 (G), 7.50% (A)		3,300,000		3,613,500
Malayan Banking Bhd. Fixed until 10/29/2021, 3.91% (A), 10/29/2026 (F)		1,200,000		1,224,420
Mitsubishi UFJ Financial Group, Inc. 3.41%, 03/07/2024		845,000		882,318
Mizuho Financial Group, Inc.
Fixed until 09/13/2024, 2.56% (A), 09/13/2025		568,000		568,100
Fixed until 07/16/2029, 3.15% (A), 07/16/2030		210,000		215,272
National Australia Bank, Ltd.
3-Month LIBOR + 1.00%, 3.00% (A), 07/12/2021 (B)		1,300,000		1,316,047

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
National Australia Bank, Ltd. (continued)
Fixed until 08/02/2029, 3.93% (A), 08/02/2034 (B)		$   200,000		$   206,872
National Bank of Canada 2.15%, 10/07/2022 (B) (E)		329,000		329,503
National Westminster Bank PLC 3-Month EURIBOR + 2.15%, 1.73% (A), 01/05/2020, MTN (G)		EUR  2,900,000		3,209,400
NatWest Markets PLC 3.63%, 09/29/2022 (B)		$  792,000		820,858
Nordea Bank Abp Fixed until 03/26/2026 (G), 6.63% (A) (B)		2,721,000		2,965,890
Oversea-Chinese Banking Corp., Ltd. 4.25%, 06/19/2024, MTN (F)		1,300,000		1,378,481
Philippine National Bank 3.28%, 09/27/2024, MTN (E) (F)		2,000,000		2,021,011
PNC Bank NA 3-Month LIBOR + 0.50%, 2.44% (A), 07/27/2022		1,700,000		1,705,794
Powszechna Kasa Oszczednosci Bank Polski SA Via PKO Finance AB 4.63%, 09/26/2022 (F)		1,750,000		1,850,625
QNB Finance, Ltd. 2.13%, 09/07/2021, MTN (F)		1,250,000		1,238,869
Royal Bank of Canada 3-Month LIBOR + 0.47%, 2.40% (A), 04/29/2022, MTN		1,000,000		1,001,458
Royal Bank of Scotland Group PLC
Fixed until 03/02/2025, 1.75% (A), 03/02/2026, MTN (F)		EUR  2,875,000		3,370,723
3-Month LIBOR + 1.55%, 3.66% (A), 06/25/2024		$  1,000,000		1,006,239
Fixed until 11/01/2024, 3.75% (A), 11/01/2029		200,000		201,750
Fixed until 03/22/2024, 4.27% (A), 03/22/2025		287,000		304,507
Fixed until 06/25/2023, 4.52% (A), 06/25/2024		200,000		212,503
Fixed until 08/15/2021 (G), 8.63% (A)		4,557,000		4,910,167
Shinhan Bank Co., Ltd. 3.88%, 03/24/2026, MTN (F)		2,200,000		2,304,515
Societe Generale SA Fixed until 12/18/2023 (G), 7.88% (A) (B) (E)		2,000,000		2,192,500
Standard Chartered PLC Fixed until 04/02/2022 (G), 7.50% (A) (B)		3,488,000		3,697,280
Sumitomo Mitsui Financial Group, Inc. 3-Month LIBOR + 0.74%, 2.74% (A), 10/18/2022		2,000,000		2,007,460
SunTrust Bank
3.20%, 04/01/2024		1,422,000		1,484,322
Fixed until 08/02/2021, 3.50% (A), 08/02/2022		188,000		192,541
UniCredit SpA
Fixed until 01/03/2022, 4.38% (A), 01/03/2027, MTN (F)		EUR  3,675,000		4,386,211
Fixed until 06/19/2027, 5.86% (A), 06/19/2032 (B)		$  200,000		207,928

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

Transamerica Funds Annual Report 2019

Page    304

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
UniCredit SpA (continued)
3-Month LIBOR + 3.90%, 5.90% (A), 01/14/2022 (B)		$   1,000,000		$   1,050,545
Fixed until 04/02/2029, 7.30% (A), 04/02/2034 (B)		200,000		233,134
United Overseas Bank, Ltd. Fixed until 09/16/2021, 3.50% (A), 09/16/2026, MTN (F)		1,300,000		1,314,872
Wells Fargo & Co.
1.00%, 02/02/2027, MTN (F)		EUR  2,930,000		3,388,149
Fixed until 10/30/2029, 2.88% (A), 10/30/2030, MTN		$  267,000		267,852
3.00%, 04/22/2026		434,000		446,234
3-Month LIBOR + 1.11%, 3.05% (A), 01/24/2023		4,000,000		4,050,179
4.30%, 07/22/2027, MTN		1,361,000		1,489,619
4.65%, 11/04/2044, MTN		279,000		328,655
Wells Fargo Bank NA Fixed until 09/09/2021, 2.08% (A), 09/09/2022		490,000		490,353
Westpac Banking Corp.
3-Month LIBOR + 0.57%, 2.55% (A), 01/11/2023		2,000,000		2,007,529
Fixed until 07/24/2029, 4.11% (A), 07/24/2034		179,000		188,486
Woori Bank 5.13%, 08/06/2028, MTN (F)		1,900,000		2,163,545
Zions Bancorp NA 3.25%, 10/29/2029		431,000		430,179
				159,523,376
Beverages - 0.2%
Anheuser-Busch InBev Worldwide, Inc. 4.75%, 01/23/2029		232,000		269,632
Constellation Brands, Inc. 3.15%, 08/01/2029		183,000		186,354
Heineken NV 3.50%, 01/29/2028 (B)		649,000		690,683
Keurig Dr. Pepper, Inc. 4.42%, 05/25/2025		383,000		419,906
				1,566,575
Biotechnology - 0.1%
Celgene Corp.
3.25%, 02/20/2023		750,000		774,728
3.63%, 05/15/2024		108,000		114,247
				888,975
Building Products - 0.1%
Fortune Brands Home & Security, Inc. 3.25%, 09/15/2029		166,000		168,373
Standard Industries, Inc. 6.00%, 10/15/2025 (B)		375,000		393,750
				562,123
Capital Markets - 4.0%
Ameriprise Financial, Inc. 3.00%, 03/22/2022		298,000		304,671
Charles Schwab Corp. 3.85%, 05/21/2025		691,000		749,890

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Capital Markets (continued)
Credit Suisse AG Fixed until 09/18/2020, 5.75% (A), 09/18/2025 (F)		EUR  2,900,000		$   3,383,959
Credit Suisse Group AG
Fixed until 07/17/2024, 1.25% (A), 07/17/2025, MTN (F)		2,925,000		3,393,361
Fixed until 07/17/2023 (G), 7.50% (A) (B)		$  1,745,000		1,881,808
Fixed until 12/11/2023 (G), 7.50% (A) (B)		1,700,000		1,884,773
Deutsche Bank AG
3-Month LIBOR + 1.23%, 3.36% (A), 02/27/2023		2,500,000		2,417,150
4.25%, 02/04/2021		151,000		153,966
Donnelley Financial Solutions, Inc. 8.25%, 10/15/2024		429,000		446,160
FS Energy & Power Fund 7.50%, 08/15/2023 (B)		172,000		174,391
Goldman Sachs Group, Inc.
2.35%, 11/15/2021		1,334,000		1,338,858
3-Month LIBOR + 1.16%, 3.09% (A), 04/23/2020		2,000,000		2,007,943
3-Month LIBOR + 1.36%, 3.30% (A), 04/23/2021		1,000,000		1,013,571
Fixed until 06/05/2027, 3.69% (A), 06/05/2028		199,000		210,166
4.25%, 10/21/2025		344,000		370,540
LPL Holdings, Inc. 5.75%, 09/15/2025 (B)		325,000		337,188
Morgan Stanley
3-Month LIBOR + 0.55%, 2.73% (A), 02/10/2021, MTN		3,000,000		3,002,716
3.63%, 01/20/2027		796,000		848,836
5.50%, 07/24/2020, MTN		346,000		354,760
SURA Asset Management SA
4.38%, 04/11/2027 (F)		750,000		796,883
4.88%, 04/17/2024 (F)		1,550,000		1,670,141
UBS AG
3-Month LIBOR + 0.85%, 2.99% (A), 06/01/2020		1,700,000		1,707,688
Fixed until 02/12/2021, 4.75% (A), 02/12/2026, MTN (F)		EUR  3,700,000		4,343,256
UBS Group AG
Fixed until 08/15/2022, 2.86% (A), 08/15/2023 (B)		$  1,000,000		1,014,370
3-Month LIBOR + 1.22%, 3.37% (A), 05/23/2023 (B)		2,000,000		2,026,480
Fixed until 01/31/2024 (G), 7.00% (A) (B)		3,225,000		3,458,812
				39,292,337
Chemicals - 1.4%
Braskem Finance BV 4.50%, 01/31/2030 (B)		326,000		323,066
Chevron Phillips Chemical Co. LLC / Chevron Phillips Chemical Co., LP 3.30%, 05/01/2023 (B)		162,000		167,733
CNAC Finbridge Co., Ltd. 4.88%, 03/14/2025 (F)		1,800,000		1,953,443
Consolidated Energy Finance SA 6.88%, 06/15/2025 (B)		275,000		266,750

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

Transamerica Funds Annual Report 2019

Page    305

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Chemicals (continued)
Dow Chemical Co. 4.80%, 11/30/2028 (B) (E)		$   256,000		$   291,789
Eastman Chemical Co. 1.50%, 05/26/2023		EUR  1,890,000		2,207,832
Ecolab, Inc. 2.38%, 08/10/2022		$  616,000		623,427
Equate Petrochemical BV 3.00%, 03/03/2022 (F)		1,700,000		1,701,258
FMC Corp. 3.45%, 10/01/2029		153,000		157,048
Huntsman International LLC 4.50%, 05/01/2029		348,000		367,863
Neon Holdings, Inc. 10.13%, 04/01/2026 (B)		244,000		241,255
OCI NV 5.25%, 11/01/2024 (B)		200,000		207,000
Praxair, Inc. 2.25%, 09/24/2020		472,000		473,413
Sasol Financing LLC 6.50%, 09/27/2028		1,400,000		1,565,315
Westlake Chemical Corp. 1.63%, 07/17/2029		EUR  2,890,000		3,250,571
				13,797,763
Commercial Services & Supplies - 0.2%
Ahern Rentals, Inc. 7.38%, 05/15/2023 (B)		$  325,000		263,250
Ashtead Capital, Inc.
4.00%, 05/01/2028 (B)		105,000		105,394
4.25%, 11/01/2029 (B)		155,000		156,550
Capitol Investment Merger Sub 2 LLC 10.00%, 08/01/2024 (B)		200,000		206,000
Clean Harbors, Inc. 4.88%, 07/15/2027 (B)		192,000		200,148
GW B-CR Security Corp. 9.50%, 11/01/2027 (B) (E)		500,000		513,750
Prime Security Services Borrower LLC / Prime Finance, Inc.
5.25%, 04/15/2024 (B)		350,000		358,312
5.75%, 04/15/2026 (B)		95,000		97,347
Sotheby’s 7.38%, 10/15/2027 (B) (E)		220,000		220,000
				2,120,751
Construction & Engineering - 0.0% (D)
ABB Finance, Inc. 3.38%, 04/03/2023		289,000		301,223
Tutor Perini Corp. 6.88%, 05/01/2025 (B) (E)		144,000		143,618
				444,841
Consumer Finance - 2.5%
Altice Financing SA 7.50%, 05/15/2026 (B)		600,000		637,500
American Express Co.
3-Month LIBOR + 0.65%, 2.78% (A), 02/27/2023		2,500,000		2,509,154
3.40%, 02/22/2024		210,000		220,321
4.20%, 11/06/2025		177,000		195,658

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Consumer Finance (continued)
BMW Capital LLC
3-Month LIBOR + 0.41%, 2.41% (A), 04/12/2021 (B)		$   1,000,000		$   1,001,550
3-Month LIBOR + 0.38%, 2.42% (A), 04/06/2020 (B)		1,000,000		1,001,204
3.10%, 04/12/2021 (B)		296,000		301,092
Capital One Financial Corp. 3-Month LIBOR + 0.95%, 3.05% (A), 03/09/2022		1,000,000		1,008,038
Capital One NA 3-Month LIBOR + 1.15%, 3.09% (A), 01/30/2023		1,454,000		1,466,372
Credit Acceptance Corp. 6.63%, 03/15/2026 (B)		475,000		504,687
Daimler Finance North America LLC
2.00%, 07/06/2021 (B) (E)		514,000		513,113
3-Month LIBOR + 0.45%, 2.60% (A), 02/22/2021 (B)		1,500,000		1,500,300
Enova International, Inc. 8.50%, 09/15/2025 (B)		203,000		187,064
Ford Motor Credit Co. LLC
2.39%, 02/17/2026		EUR  2,885,000		3,243,548
3.10%, 05/04/2023		$  427,000		421,463
3-Month LIBOR + 0.93%, 3.22% (A), 11/04/2019		1,000,000		1,000,000
3-Month LIBOR + 1.24%, 3.39% (A), 02/15/2023		500,000		486,668
4.06%, 11/01/2024		228,000		228,780
General Motors Financial Co., Inc.
3-Month LIBOR + 0.93%, 2.92% (A), 04/13/2020		1,000,000		1,002,084
3.20%, 07/06/2021		758,000		767,662
3-Month LIBOR + 1.10%, 3.34% (A), 11/06/2021		1,000,000		1,002,255
3.70%, 05/09/2023		361,000		370,200
Hyundai Capital America
3.40%, 06/20/2024 (B)		423,000		433,904
3.50%, 11/02/2026 (B)		277,000		280,065
John Deere Capital Corp.
2.35%, 01/08/2021, MTN		248,000		249,621
3-Month LIBOR + 0.55%, 2.65% (A), 06/07/2023, MTN		1,000,000		1,002,044
2.95%, 04/01/2022, MTN		476,000		488,323
3.45%, 01/10/2024, MTN		335,000		354,359
3.65%, 10/12/2023		130,000		138,385
Navient Corp. 5.63%, 08/01/2033, MTN		260,000		226,200
PACCAR Financial Corp. 2.00%, 09/26/2022, MTN		136,000		136,505
Springleaf Finance Corp. 6.88%, 03/15/2025		300,000		339,750
Synchrony Financial
2.85%, 07/25/2022		103,000		104,190
4.25%, 08/15/2024		426,000		451,179
4.50%, 07/23/2025		158,000		170,534
Toyota Motor Credit Corp. 3.45%, 09/20/2023, MTN		367,000		388,944

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

Transamerica Funds Annual Report 2019

Page    306

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Consumer Finance (continued)
Volkswagen Group of America Finance LLC 2.50%, 09/24/2021 (B)		$   200,000		$   201,345
				24,534,061
Containers & Packaging - 0.2%
Ardagh Packaging Finance PLC / Ardagh Holdings, Inc. 5.25%, 08/15/2027 (B)		325,000		333,125
Berry Global, Inc. 4.50%, 02/15/2026 (B) (E)		119,000		119,744
Crown Cork & Seal Co., Inc. 7.38%, 12/15/2026		135,000		162,000
Intertape Polymer Group, Inc. 7.00%, 10/15/2026 (B)		315,000		329,521
Owens-Brockway Glass Container, Inc. 5.38%, 01/15/2025 (B)		250,000		252,188
Sealed Air Corp. 5.13%, 12/01/2024 (B)		209,000		225,198
Silgan Holdings, Inc. 4.75%, 03/15/2025		375,000		383,437
Trivium Packaging Finance BV 8.50%, 08/15/2027 (B)		200,000		213,250
				2,018,463
Distributors - 0.1%
American Builders & Contractors Supply Co., Inc. 4.00%, 01/15/2028 (B)		147,000		146,633
Anixter, Inc. 6.00%, 12/01/2025		383,000		393,532
Ingram Micro, Inc. 5.45%, 12/15/2024		386,000		398,853
				939,018
Diversified Consumer Services - 0.0% (D)
Frontdoor, Inc. 6.75%, 08/15/2026 (B)		225,000		244,969
Diversified Financial Services - 0.3%
Fairstone Financial, Inc. 7.88%, 07/15/2024 (B)		320,000		336,960
GE Capital International Funding Unlimited Co. 3.37%, 11/15/2025		551,000		566,948
National Rural Utilities Cooperative Finance Corp.
2.85%, 01/27/2025		793,000		816,804
Fixed until 04/30/2023, 4.75% (A), 04/30/2043		780,000		801,060
Quicken Loans, Inc. 5.75%, 05/01/2025 (B)		380,000		391,202
USAA Capital Corp. 2.63%, 06/01/2021, MTN (B)		217,000		219,691
Voya Financial, Inc. Fixed until 01/23/2028, 4.70% (A), 01/23/2048		191,000		183,599
				3,316,264

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Telecommunication Services - 2.0%
AT&T, Inc.
3.15%, 09/04/2036		EUR  1,925,000		$   2,577,704
3-Month LIBOR + 1.18%, 3.31% (A), 06/12/2024		$  2,000,000		2,034,755
3.40%, 05/15/2025		1,447,000		1,516,170
4.30%, 02/15/2030		238,000		261,764
CenturyLink, Inc. 7.50%, 04/01/2024 (E)		525,000		595,875
Cogent Communications Group, Inc. 5.38%, 03/01/2022 (B)		325,000		338,000
Hughes Satellite Systems Corp. 6.63%, 08/01/2026		396,000		428,670
Intelsat Jackson Holdings SA 5.50%, 08/01/2023		330,000		308,550
Level 3 Financing, Inc. 4.63%, 09/15/2027 (B)		170,000		172,975
Ooredoo International Finance, Ltd. 3.25%, 02/21/2023, MTN (F)		2,200,000		2,236,300
Orange SA
1.88%, 09/12/2030, MTN (F)		EUR  1,400,000		1,781,802
Fixed until 02/07/2024 (G), 5.25% (A) (F)		1,895,000		2,467,471
Telesat Canada / Telesat LLC 6.50%, 10/15/2027 (B)		$  205,000		214,030
Verizon Communications, Inc.
1.50%, 09/19/2039		EUR  1,850,000		2,044,326
3-Month LIBOR + 1.00%, 3.12% (A), 03/16/2022		$  1,000,000		1,016,113
3.38%, 02/15/2025		191,000		203,313
4.02%, 12/03/2029		1,292,000		1,446,125
				19,643,943
Electric Utilities - 2.9%
AES Gener SA Fixed until 04/07/2025, 6.35% (A), 10/07/2079 (B)		447,000		448,922
DPL, Inc. 4.35%, 04/15/2029 (B)		68,000		67,905
Duke Energy Corp. 3-Month LIBOR + 0.50%, 2.68% (A), 05/14/2021 (B)		2,000,000		2,006,940
Edison International 4.13%, 03/15/2028		156,000		154,082
EDP Finance BV 1.50%, 11/22/2027, MTN (F)		EUR  2,200,000		2,641,767
Electricite de France SA Fixed until 01/22/2022 (G), 4.13% (A), MTN (F)		2,900,000		3,444,603
Enel Finance International NV
2.75%, 04/06/2023 (B)		$  200,000		201,880
4.25%, 09/14/2023 (B)		200,000		212,499
Enel SA 4.88%, 06/12/2028		1,400,000		1,543,500
Exelon Corp. 2.85%, 06/15/2020		1,815,000		1,823,178
Florida Power & Light Co. 3-Month LIBOR + 0.40%, 2.64% (A), 05/06/2022		3,000,000		3,000,150

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

Transamerica Funds Annual Report 2019

Page    307

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electric Utilities (continued)
Georgia Power Co. 2.00%, 09/08/2020		$   298,000		$   298,242
Israel Electric Corp., Ltd. 5.00%, 11/12/2024 (F)		1,200,000		1,319,400
Naturgy Finance BV
1.38%, 01/21/2025, MTN (F)		EUR  2,800,000		3,318,204
Fixed until 04/24/2024 (G), 3.38% (A) (E) (F)		3,600,000		4,288,088
Nevada Power Co. 2.75%, 04/15/2020		$  174,000		174,695
NextEra Energy Operating Partners, LP 4.25%, 07/15/2024 (B)		300,000		308,160
NTPC, Ltd. 4.38%, 11/26/2024, MTN (F)		1,310,000		1,386,553
Southern California Edison Co. Fixed until 02/01/2022 (G), 6.25% (A) (E)		1,229,000		1,201,347
Talen Energy Supply LLC
6.63%, 01/15/2028 (B)		136,000		131,240
7.25%, 05/15/2027 (B)		152,000		151,620
Vistra Operations Co. LLC 5.00%, 07/31/2027 (B)		370,000		382,025
				28,505,000
Electrical Equipment - 1.0%
Emerson Electric Co. 0.38%, 05/22/2024		EUR  2,880,000		3,243,895
EnerSys 5.00%, 04/30/2023 (B)		$  340,000		350,625
Hubbell, Inc. 3.35%, 03/01/2026		282,000		288,366
Siemens Financieringsmaatschappij NV
3-Month LIBOR + 0.61%, 2.73% (A), 03/16/2022 (B)		2,000,000		2,011,463
2.88%, 03/10/2028, MTN (F)		EUR  2,895,000		3,977,982
3.25%, 05/27/2025 (B)		$  510,000		539,261
				10,411,592
Electronic Equipment, Instruments & Components - 0.1%
Arrow Electronics, Inc. 4.00%, 04/01/2025		185,000		191,694
Trimble, Inc.
4.75%, 12/01/2024		32,000		34,772
4.90%, 06/15/2028		481,000		525,812
				752,278
Energy Equipment & Services - 0.2%
Calfrac Holdings, LP 8.50%, 06/15/2026 (B)		230,000		98,682
Genesis Energy, LP / Genesis Energy Finance Corp. 5.63%, 06/15/2024		280,000		261,800
Hanwha Energy Holdings Corp. 2.38%, 07/30/2022 (B)		295,000		295,917
Hi-Crush, Inc. 9.50%, 08/01/2026 (B)		340,000		146,200
Nine Energy Service, Inc. 8.75%, 11/01/2023 (B)		288,000		216,000
Pattern Energy Group, Inc. 5.88%, 02/01/2024 (B)		382,000		391,550

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Energy Equipment & Services (continued)
Pioneer Energy Services Corp. 6.13%, 03/15/2022		$   625,000		$   218,750
Schlumberger Holdings Corp. 4.00%, 12/21/2025 (B)		237,000		253,359
USA Compression Partners, LP / USA Compression Finance Corp. 6.88%, 04/01/2026		103,000		104,030
				1,986,288
Entertainment - 0.4%
Netflix, Inc.
4.38%, 11/15/2026		508,000		517,042
4.88%, 06/15/2030 (B)		505,000		510,555
TWDC Enterprises 18 Corp.
3-Month LIBOR + 0.13%, 2.26% (A), 03/04/2020, MTN		1,000,000		1,000,651
3-Month LIBOR + 0.19%, 2.32% (A), 06/05/2020, MTN		2,000,000		2,001,994
				4,030,242
Equity Real Estate Investment Trusts - 0.7%
American Tower Corp.
2.25%, 01/15/2022		1,218,000		1,222,853
3.60%, 01/15/2028		37,000		38,914
4.00%, 06/01/2025		220,000		236,573
AvalonBay Communities, Inc. 3.30%, 06/01/2029, MTN		163,000		174,053
Columbia Property Trust Operating Partnership, LP 4.15%, 04/01/2025		243,000		255,467
Crown Castle International Corp. 4.30%, 02/15/2029		200,000		222,681
CTR Partnership, LP / CareTrust Capital Corp. 5.25%, 06/01/2025		373,000		387,920
ESH Hospitality, Inc.
4.63%, 10/01/2027 (B)		275,000		275,715
5.25%, 05/01/2025 (B)		224,000		231,000
HAT Holdings I LLC / HAT Holdings II LLC 5.25%, 07/15/2024 (B)		495,000		520,369
HCP, Inc. 3.50%, 07/15/2029		121,000		127,392
Healthcare Trust of America Holdings, LP 3.10%, 02/15/2030		236,000		236,151
Iron Mountain, Inc. 4.88%, 09/15/2027 (B)		265,000		273,944
iStar, Inc. 6.00%, 04/01/2022		500,000		513,125
MGM Growth Properties Operating Partnership, LP / MGP Finance Co-Issuer, Inc. 5.75%, 02/01/2027 (B)		251,000		283,630
MPT Operating Partnership, LP / MPT Finance Corp. 5.00%, 10/15/2027		350,000		368,375
Sabra Health Care, LP 5.13%, 08/15/2026		425,000		460,396

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

Transamerica Funds Annual Report 2019

Page    308

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Equity Real Estate Investment Trusts (continued)
Sabra Health Care, LP / Sabra Capital Corp.
3.90%, 10/15/2029		$   243,000		$   241,177
4.80%, 06/01/2024		164,000		172,741
Simon Property Group, LP
2.45%, 09/13/2029		164,000		162,061
3.38%, 12/01/2027 (E)		28,000		29,966
WEA Finance LLC 2.88%, 01/15/2027 (B)		141,000		141,417
				6,575,920
Food & Staples Retailing - 0.2%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons, LP 5.75%, 03/15/2025		308,000		318,688
Costco Wholesale Corp. 2.15%, 05/18/2021		1,298,000		1,305,604
Walmart, Inc.
2.55%, 04/11/2023		483,000		494,804
3.05%, 07/08/2026		331,000		352,622
				2,471,718
Food Products - 1.2%
ConAgra Brands, Inc. 7.00%, 10/01/2028		190,000		240,550
Gruma SAB de CV 4.88%, 12/01/2024 (E) (F)		1,200,000		1,300,212
Grupo Bimbo SAB de CV 4.00%, 09/06/2049 (B)		1,800,000		1,717,956
JBS USA LUX SA / JBS USA Finance, Inc.
5.75%, 06/15/2025 (B)		87,000		90,371
5.88%, 07/15/2024 (B)		230,000		237,187
Kraft Heinz Foods Co. 2.80%, 07/02/2020		66,000		66,173
Lamb Weston Holdings, Inc. 4.63%, 11/01/2024 (B)		255,000		268,069
Land O’ Lakes, Inc. 7.00%, 09/18/2028 (B) (G)		4,820,000		4,530,800
Nestle Holdings, Inc. 3.50%, 09/24/2025 (B) (E)		225,000		242,280
Pilgrim’s Pride Corp. 5.88%, 09/30/2027 (B)		230,000		246,450
Post Holdings, Inc. 5.50%, 03/01/2025 (B)		375,000		392,850
Sigma Finance BV 4.88%, 03/27/2028 (F)		1,350,000		1,454,287
Smithfield Foods, Inc. 5.20%, 04/01/2029 (B)		99,000		109,303
Tyson Foods, Inc. 3-Month LIBOR + 0.45%, 2.60% (A), 08/21/2020		1,500,000		1,501,539
				12,398,027
Gas Utilities - 0.3%
ENN Energy Holdings, Ltd. 3.25%, 07/24/2022 (F)		1,500,000		1,505,731
Resources Gas Group, Ltd. 4.50%, 04/05/2022, MTN (F)		1,000,000		1,041,865
				2,547,596

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Health Care Equipment & Supplies - 0.5%
Becton Dickinson Euro Finance Sarl 1.21%, 06/04/2026		EUR  2,350,000		$   2,691,126
DH Europe Finance II Sarl 0.45%, 03/18/2028		1,625,000		1,795,688
Hologic, Inc. 4.38%, 10/15/2025 (B)		$  375,000		384,199
				4,871,013
Health Care Providers & Services - 0.6%
CVS Health Corp. 4.10%, 03/25/2025		1,785,000		1,917,622
DaVita HealthCare Partners, Inc. 5.13%, 07/15/2024		375,000		382,789
DaVita, Inc. 5.00%, 05/01/2025		100,000		101,020
HCA, Inc.
5.25%, 06/15/2026		195,000		218,211
5.38%, 02/01/2025		550,000		604,312
Laboratory Corp. of America Holdings 3.25%, 09/01/2024		389,000		405,471
MPH Acquisition Holdings LLC 7.13%, 06/01/2024 (B)		250,000		231,262
Roche Holdings, Inc. 2.88%, 09/29/2021 (B)		306,000		311,807
UnitedHealth Group, Inc.
2.38%, 10/15/2022		988,000		1,000,683
3.75%, 07/15/2025		742,000		804,555
				5,977,732
Hotels, Restaurants & Leisure - 0.2%
Brinker International, Inc. 5.00%, 10/01/2024 (B)		376,000		398,795
Eldorado Resorts, Inc. 6.00%, 09/15/2026		385,000		422,056
GLP Capital, LP / GLP Financing II, Inc. 5.38%, 04/15/2026		225,000		247,421
Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc. 6.13%, 12/01/2024		225,000		239,063
Silversea Cruise Finance, Ltd. 7.25%, 02/01/2025 (B)		200,000		212,624
Twin River Worldwide Holdings, Inc. 6.75%, 06/01/2027 (B)		250,000		263,200
Wyndham Destinations, Inc. 5.75%, 04/01/2027		330,000		360,525
Yum! Brands, Inc. 4.75%, 01/15/2030 (B)		140,000		146,825
				2,290,509
Household Durables - 0.0% (D)
Toll Brothers Finance Corp. 4.35%, 02/15/2028		110,000		114,366
Household Products - 0.1%
Central Garden & Pet Co. 5.13%, 02/01/2028		240,000		246,552
Energizer Holdings, Inc. 6.38%, 07/15/2026 (B) (E)		375,000		399,862

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

Transamerica Funds Annual Report 2019

Page    309

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Household Products (continued)
Procter & Gamble Co. 1.90%, 10/23/2020		$   25,000		$   25,046
				671,460
Independent Power & Renewable Electricity Producers - 0.1%
Clearway Energy Operating LLC
5.00%, 09/15/2026		84,000		84,000
5.75%, 10/15/2025		84,000		86,205
Empresa Electrica Angamos SA 4.88%, 05/25/2029 (F)		1,043,400		1,084,801
				1,255,006
Industrial Conglomerates - 0.8%
General Electric Co. 1.25%, 05/26/2023		EUR  5,835,000		6,641,717
Honeywell International, Inc. 3-Month LIBOR + 0.37%, 2.56% (A), 08/08/2022		$  1,000,000		1,004,400
Roper Technologies, Inc.
2.80%, 12/15/2021		561,000		569,829
4.20%, 09/15/2028		158,000		174,975
				8,390,921
Insurance - 0.8%
AmWINS Group, Inc. 7.75%, 07/01/2026 (B)		380,000		408,500
Assurant, Inc. Fixed until 03/27/2028, 7.00% (A), 03/27/2048 (E)		2,100,000		2,320,500
Athene Global Funding 3-Month LIBOR + 1.23%, 3.32% (A), 07/01/2022 (B)		1,000,000		1,012,608
Athene Holding, Ltd. 4.13%, 01/12/2028		153,000		159,070
Aviva PLC Fixed until 07/05/2023, 6.13% (A), 07/05/2043, MTN (F)		EUR  2,050,000		2,678,202
Chubb INA Holdings, Inc. 2.88%, 11/03/2022		$  313,000		321,944
Enstar Group, Ltd. 4.95%, 06/01/2029		500,000		535,050
Manulife Financial Corp. Fixed until 02/24/2027, 4.06% (A), 02/24/2032		275,000		286,789
Marsh & McLennan Cos., Inc. 3.50%, 12/29/2020		158,000		160,777
				7,883,440
Internet & Catalog Retail - 0.0% (D)
GrubHub Holdings, Inc. 5.50%, 07/01/2027 (B)		365,000		342,187
Internet & Direct Marketing Retail - 0.2%
Amazon.com, Inc. 2.80%, 08/22/2024		380,000		395,186
Prosus NV 5.50%, 07/21/2025 (E) (F)		1,300,000		1,449,313
				1,844,499
IT Services - 0.3%
Global Payments, Inc. 3.80%, 04/01/2021		490,000		500,348

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
IT Services (continued)
IBM Credit LLC
3-Month LIBOR + 0.26%, 2.23% (A), 01/20/2021		$   500,000		$   501,247
3-Month LIBOR + 0.16%, 2.45% (A), 02/05/2021		1,500,000		1,500,570
Rackspace Hosting, Inc. 8.63%, 11/15/2024 (B) (E)		315,000		288,225
				2,790,390
Life Sciences Tools & Services - 0.2%
Thermo Fisher Scientific, Inc. 1.88%, 10/01/2049, MTN		EUR  1,945,000		2,063,181
Machinery - 1.2%
Caterpillar Financial Services Corp.
3-Month LIBOR + 0.23%, 2.35% (A), 03/15/2021, MTN		$  2,000,000		2,001,688
2.55%, 11/29/2022, MTN		207,000		211,468
3.15%, 09/07/2021, MTN		156,000		159,796
3.45%, 05/15/2023, MTN		234,000		245,869
CNH Industrial Capital LLC 4.20%, 01/15/2024		209,000		223,000
CNH Industrial Finance Europe SA 1.88%, 01/19/2026, MTN (F)		EUR  2,275,000		2,678,491
CNH Industrial NV
3.85%, 11/15/2027, MTN		$  171,000		178,137
4.50%, 08/15/2023		186,000		197,716
Dover Corp. 0.75%, 11/04/2027		EUR  1,800,000		2,004,368
Harsco Corp. 5.75%, 07/31/2027 (B)		$  325,000		337,600
Illinois Tool Works, Inc.
0.63%, 12/05/2027		EUR  2,350,000		2,677,102
3.50%, 03/01/2024		$  222,000		235,474
Stanley Black & Decker, Inc. 3.40%, 03/01/2026		211,000		224,588
Terex Corp. 5.63%, 02/01/2025 (B) (E)		257,000		257,642
				11,632,939
Marine - 0.1%
Kirby Corp. 4.20%, 03/01/2028		104,000		111,032
Pelabuhan Indonesia II PT 4.25%, 05/05/2025 (F)		1,300,000		1,381,250
				1,492,282
Media - 1.4%
Altice France SA 7.38%, 05/01/2026 (B)		779,000		834,188
Belo Corp. 7.25%, 09/15/2027		450,000		513,000
Block Communications, Inc. 6.88%, 02/15/2025 (B)		370,000		385,725
CBS Corp. 3.70%, 06/01/2028		324,000		339,226
CCO Holdings LLC / CCO Holdings Capital Corp.
5.00%, 02/01/2028 (B)		418,000		437,186
5.38%, 06/01/2029 (B)		45,000		48,038

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

Transamerica Funds Annual Report 2019

Page    310

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Media (continued)
Charter Communications Operating LLC / Charter Communications Operating Capital
3-Month LIBOR + 1.65%, 3.56% (A), 02/01/2024		$   377,000		$   387,903
5.05%, 03/30/2029		296,000		333,805
Comcast Corp.
2.35%, 01/15/2027		389,000		390,080
2.65%, 02/01/2030		134,000		135,297
4.15%, 10/15/2028		731,000		825,724
CSC Holdings LLC
5.25%, 06/01/2024		342,000		368,505
5.50%, 04/15/2027 (B)		725,000		768,507
EW Scripps Co. 5.13%, 05/15/2025 (B)		412,000		417,665
National CineMedia LLC 5.88%, 04/15/2028 (B)		117,000		122,979
Nielsen Finance LLC / Nielsen Finance Co. 5.00%, 04/15/2022 (B)		500,000		502,510
Sirius XM Radio, Inc. 4.63%, 07/15/2024 (B)		744,000		777,480
Sky, Ltd. 2.50%, 09/15/2026, MTN (F)		EUR  2,500,000		3,198,802
Time Warner Cable LLC 6.55%, 05/01/2037		$  343,000		416,114
WPP Finance 1.38%, 03/20/2025, MTN (F)		EUR  2,000,000		2,328,344
				13,531,078
Metals & Mining - 2.6%
Anglo American Capital PLC
3.25%, 04/03/2023, MTN (F)		2,950,000		3,614,693
4.00%, 09/11/2027 (B)		$  1,232,000		1,279,235
BHP Billiton Finance, Ltd. Fixed until 10/22/2024, 5.63% (A), 10/22/2079 (F)		EUR  4,080,000		5,541,329
Cleveland-Cliffs, Inc. 5.75%, 03/01/2025 (E)		$  282,000		278,475
Commercial Metals Co. 5.75%, 04/15/2026		390,000		402,187
First Quantum Minerals, Ltd. 6.50%, 03/01/2024 (B)		370,000		361,490
FMG Resources August 2006 Pty, Ltd. 4.50%, 09/15/2027 (B)		300,000		296,063
Freeport-McMoRan, Inc.
3.88%, 03/15/2023		375,000		380,625
5.25%, 09/01/2029		128,000		130,278
Glencore Finance Europe, Ltd. 1.50%, 10/15/2026, MTN (F)		EUR  2,945,000		3,337,459
Glencore Funding LLC 4.13%, 03/12/2024 (B)		$  636,000		668,280
GTL Trade Finance, Inc. 7.25%, 04/16/2044 (F)		500,000		614,375
GTL Trade Finance, Inc. / Gerdau Holdings, Inc. 5.89%, 04/29/2024 (F)		1,400,000		1,543,500
Mineral Resources, Ltd. 8.13%, 05/01/2027 (B)		225,000		236,813

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Metals & Mining (continued)
Newmont Goldcorp Corp. 2.80%, 10/01/2029		$   104,000		$   102,754
Novolipetsk Steel Via Steel Funding DAC 4.50%, 06/15/2023 (F)		1,600,000		1,680,400
Severstal OAO Via Steel Capital SA
3.15%, 09/16/2024 (B)		1,500,000		1,491,912
5.90%, 10/17/2022 (F)		1,500,000		1,623,525
Southern Copper Corp.
5.25%, 11/08/2042		500,000		560,947
6.75%, 04/16/2040		1,320,000		1,704,457
				25,848,797
Mortgage Real Estate Investment Trusts - 0.0% (D)
Starwood Property Trust, Inc. 4.75%, 03/15/2025		375,000		389,414
Multi-Utilities - 0.4%
Ameren Corp. 2.50%, 09/15/2024		179,000		180,198
Centrica PLC Fixed until 04/10/2021, 3.00% (A), 04/10/2076 (F)		EUR  2,530,000		2,878,389
Consolidated Edison Co. of New York, Inc. 4.45%, 06/15/2020		$  237,000		240,588
NiSource, Inc. 2.95%, 09/01/2029		280,000		282,683
Public Service Co. of Colorado 3.70%, 06/15/2028		231,000		255,345
Sempra Energy 3.40%, 02/01/2028		311,000		318,279
				4,155,482
Multiline Retail - 0.3%
El Puerto de Liverpool SAB de CV 3.88%, 10/06/2026 (F)		2,300,000		2,348,898
Kohl’s Corp. 5.55%, 07/17/2045		169,000		174,579
				2,523,477
Oil, Gas & Consumable Fuels - 5.7%
Antero Midstream Partners, LP / Antero Midstream Finance Corp. 5.75%, 03/01/2027 (B)		395,000		293,781
BP Capital Markets America, Inc. 2.75%, 05/10/2023		919,000		941,431
BP Capital Markets PLC
2.97%, 02/27/2026, MTN (F)		EUR  2,905,000		3,786,978
3.51%, 03/17/2025		$  723,000		770,640
Brazos Valley Longhorn LLC / Brazos Valley Longhorn Finance Corp. 6.88%, 02/01/2025		249,000		195,465
Callon Petroleum Co. 6.38%, 07/01/2026		225,000		209,813
Canadian Natural Resources, Ltd.
2.95%, 01/15/2023		1,039,000		1,060,109
3.90%, 02/01/2025		248,000		264,073
Cenovus Energy, Inc. 4.25%, 04/15/2027		460,000		482,709

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

Transamerica Funds Annual Report 2019

Page    311

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Centennial Resource Production LLC 6.88%, 04/01/2027 (B)		$   225,000		$   220,500
Chaparral Energy, Inc. 8.75%, 07/15/2023 (B)		596,000		250,320
Cheniere Corpus Christi Holdings LLC 5.13%, 06/30/2027		300,000		323,250
Cheniere Energy Partners, LP
4.50%, 10/01/2029 (B)		76,000		77,425
5.25%, 10/01/2025		220,000		227,700
Chevron Corp.
3-Month LIBOR + 0.41%, 2.57% (A), 11/15/2019		1,000,000		1,000,212
3-Month LIBOR + 0.53%, 2.66% (A), 03/03/2022		1,000,000		1,006,040
China Shenhua Overseas Capital Co., Ltd. 3.88%, 01/20/2025 (F)		1,300,000		1,364,636
Cimarex Energy Co. 4.38%, 03/15/2029		460,000		479,459
CNOOC Finance, Ltd. 3.00%, 05/09/2023 (E)		2,000,000		2,029,013
ConocoPhillips Co. 3-Month LIBOR + 0.90%, 3.06% (A), 05/15/2022 (E)		1,700,000		1,724,152
Ecopetrol SA 5.88%, 05/28/2045		2,000,000		2,305,500
eG Global Finance PLC 6.75%, 02/07/2025 (B)		250,000		250,000
Enable Midstream Partners, LP
4.15%, 09/15/2029		164,000		155,389
4.95%, 05/15/2028		234,000		239,671
Energy Transfer Operating, LP
4.50%, 04/15/2024		340,000		362,984
4.90%, 03/15/2035		253,000		264,292
5.25%, 04/15/2029		86,000		96,732
EnLink Midstream LLC 5.38%, 06/01/2029		184,000		163,300
EnLink Midstream Partners, LP
4.85%, 07/15/2026		780,000		713,700
Fixed until 12/15/2022 (G), 6.00% (A)		1,400,000		961,520
Enterprise Products Operating LLC 4.05%, 02/15/2022		618,000		645,892
Extraction Oil & Gas, Inc. 5.63%, 02/01/2026 (B)		300,000		127,500
Hilcorp Energy I, LP / Hilcorp Finance Co. 5.00%, 12/01/2024 (B)		386,000		342,691
Holly Energy Partners, LP / Holly Energy Finance Corp. 6.00%, 08/01/2024 (B)		214,000		222,828
Lonestar Resources America, Inc. 11.25%, 01/01/2023 (B)		412,000		288,400
Marathon Oil Corp.
2.80%, 11/01/2022		733,000		741,966
6.80%, 03/15/2032		182,000		229,266
MEG Energy Corp. 6.50%, 01/15/2025 (B)		375,000		390,000
MPLX, LP
3-Month LIBOR + 1.10%, 3.20% (A), 09/09/2022		1,500,000		1,505,460

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
MPLX, LP (continued)
3.50%, 12/01/2022 (B)		$   110,000		$   113,219
Fixed until 02/15/2023 (G), 6.88% (A)		5,500,000		5,575,185
Murphy Oil USA, Inc. 4.75%, 09/15/2029		140,000		146,125
Noble Energy, Inc. 3.90%, 11/15/2024		616,000		649,017
Occidental Petroleum Corp.
3-Month LIBOR + 1.45%, 3.64% (A), 08/15/2022		2,000,000		2,012,371
6.45%, 09/15/2036		317,000		388,562
Oil India International Pte, Ltd. 4.00%, 04/21/2027 (F)		1,500,000		1,552,951
ONGC Videsh, Ltd. 4.63%, 07/15/2024 (F)		1,800,000		1,925,226
Pertamina Persero PT 4.30%, 05/20/2023, MTN (F)		1,000,000		1,052,950
Petroleos Mexicanos 5.35%, 02/12/2028		500,000		493,750
Raizen Fuels Finance SA 5.30%, 01/20/2027 (F)		1,300,000		1,417,000
Reliance Industries, Ltd. 4.13%, 01/28/2025 (F)		940,000		1,002,508
Saudi Arabian Oil Co. 3.50%, 04/16/2029, MTN (E) (F)		2,000,000		2,077,476
SemGroup Corp. / Rose Rock Finance Corp. 5.63%, 11/15/2023		401,000		410,022
Southwestern Energy Co. 7.50%, 04/01/2026		201,000		176,396
Summit Midstream Holdings LLC / Summit Midstream Finance Corp. 5.50%, 08/15/2022		238,000		213,010
SunCoke Energy Partners, LP / SunCoke Energy Partners Finance Corp. 7.50%, 06/15/2025 (B)		338,000		287,300
Tengizchevroil Finance Co. International, Ltd. 4.00%, 08/15/2026 (F)		2,000,000		2,096,264
Total Capital International SA 2.88%, 02/17/2022		919,000		940,949
TOTAL SA Fixed until 10/06/2026 (G), 3.37% (A), MTN (F)		EUR  2,935,000		3,738,254
Transportadora de Gas del Peru SA 4.25%, 04/30/2028 (F)		$  2,050,000		2,180,708
Transportadora de Gas Internacional SA 5.55%, 11/01/2028 (B)		1,300,000		1,503,125
				56,667,165
Paper & Forest Products - 0.4%
Cascades, Inc. 5.50%, 07/15/2022 (B)		311,000		315,665
Celulosa Arauco y Constitucion SA
4.20%, 01/29/2030 (B)		200,000		199,600
4.50%, 08/01/2024		1,400,000		1,456,014

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

Transamerica Funds Annual Report 2019

Page    312

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Paper & Forest Products (continued)
Inversiones CMPC SA 4.38%, 05/15/2023 (F)		$   1,500,000		$   1,547,005
				3,518,284
Personal Products - 0.1%
Coty, Inc. 6.50%, 04/15/2026 (B)		400,000		409,832
First Quality Finance Co., Inc. 5.00%, 07/01/2025 (B)		380,000		393,376
				803,208
Pharmaceuticals - 1.4%
Allergan Funding SCS 1.25%, 06/01/2024		EUR  1,000,000		1,161,239
Bausch Health Cos., Inc. 6.13%, 04/15/2025 (B)		$  725,000		752,641
Bayer AG Fixed until 07/01/2020, 3.00% (A), 07/01/2075, MTN (F)		EUR  3,700,000		4,177,086
Bristol-Myers Squibb Co. 3-Month LIBOR + 0.38%, 2.55% (A), 05/16/2022 (B)		$  2,000,000		2,002,000
Catalent Pharma Solutions, Inc. 5.00%, 07/15/2027 (B)		191,000		199,595
Eli Lilly & Co. 1.70%, 11/01/2049		EUR  1,925,000		2,152,212
GlaxoSmithKline Capital PLC
3-Month LIBOR + 0.35%, 2.53% (A), 05/14/2021		$  2,000,000		2,005,083
3.13%, 05/14/2021		318,000		324,423
GlaxoSmithKline Capital, Inc. 3.38%, 05/15/2023		220,000		230,664
Mylan, Inc. 4.55%, 04/15/2028		240,000		257,068
Shire Acquisitions Investments Ireland DAC 3.20%, 09/23/2026		520,000		537,009
				13,799,020
Real Estate Management & Development - 0.7%
Aroundtown SA 1.45%, 07/09/2028, MTN (F)		EUR  3,700,000		4,197,479
Kennedy-Wilson, Inc. 5.88%, 04/01/2024		$  375,000		388,125
Longfor Group Holdings, Ltd. 4.50%, 01/16/2028 (F)		2,000,000		2,072,461
Newmark Group, Inc. 6.13%, 11/15/2023		230,000		250,846
				6,908,911
Road & Rail - 0.1%
Avolon Holdings Funding, Ltd. 5.13%, 10/01/2023 (B)		325,000		350,675
Canadian National Railway Co. 2.85%, 12/15/2021		152,000		154,098
JB Hunt Transport Services, Inc. 3.88%, 03/01/2026		178,000		191,042
				695,815

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Semiconductors & Semiconductor Equipment - 0.2%
Amkor Technology, Inc. 6.63%, 09/15/2027 (B)		$   230,000		$   251,850
NXP BV / NXP Funding LLC / NXP USA, Inc. 4.30%, 06/18/2029 (B)		292,000		311,274
QUALCOMM, Inc. 3.25%, 05/20/2027		1,483,000		1,560,231
Texas Instruments, Inc. 2.25%, 09/04/2029		120,000		118,425
				2,241,780
Software - 0.4%
Camelot Finance SA 4.50%, 11/01/2026 (B)		64,000		64,666
CDK Global, Inc. 5.88%, 06/15/2026		350,000		374,500
Microsoft Corp.
2.40%, 02/06/2022		1,529,000		1,552,644
3.13%, 12/06/2028		EUR  1,250,000		1,767,530
SS&C Technologies, Inc. 5.50%, 09/30/2027 (B)		$  490,000		524,300
				4,283,640
Specialty Retail - 0.2%
Conn’s, Inc. 7.25%, 07/15/2022		327,000		331,088
Home Depot, Inc. 3-Month LIBOR + 0.31%, 2.45% (A), 03/01/2022		975,000		977,538
Lithia Motors, Inc. 5.25%, 08/01/2025 (B)		250,000		261,875
QVC, Inc. 4.85%, 04/01/2024		667,000		705,504
				2,276,005
Technology Hardware, Storage & Peripherals - 0.4%
Apple, Inc.
2.05%, 09/11/2026		210,000		209,201
3-Month LIBOR + 0.50%, 2.68% (A), 02/09/2022		2,000,000		2,015,159
Dell International LLC / EMC Corp. 6.02%, 06/15/2026 (B)		520,000		593,516
Diebold Nixdorf, Inc. 8.50%, 04/15/2024 (E)		257,000		221,662
NCR Corp.
5.75%, 09/01/2027 (B)		77,000		78,925
6.13%, 09/01/2029 (B)		145,000		151,888
Seagate HDD Cayman 4.75%, 01/01/2025 (E)		300,000		317,438
				3,587,789
Thrifts & Mortgage Finance - 0.0% (D)
New York Community Bancorp Inc Fixed until 11/06/2023, 5.90% (A), 11/06/2028 (E)		358,000		381,282
Trading Companies & Distributors - 0.2%
GATX Corp.
3-Month LIBOR + 0.72%, 3.01% (A), 11/05/2021		1,000,000		1,004,414

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

Transamerica Funds Annual Report 2019

Page    313

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Trading Companies & Distributors (continued)
GATX Corp. (continued)
4.35%, 02/15/2024		$   336,000		$   361,097
H&E Equipment Services, Inc. 5.63%, 09/01/2025		397,000		417,346
				1,782,857
Transportation Infrastructure - 0.3%
DP World PLC
5.63%, 09/25/2048 (B)		1,500,000		1,732,590
5.63%, 09/25/2048, MTN (F)		300,000		346,518
Penske Truck Leasing Co., LP / PTL Finance Corp.
3.35%, 11/01/2029 (B)		195,000		194,859
3.40%, 11/15/2026 (B)		249,000		254,989
3.95%, 03/10/2025 (B)		340,000		362,357
				2,891,313
Wireless Telecommunication Services - 1.0%
America Movil SAB de CV 0.75%, 06/26/2027, MTN		EUR  1,965,000		2,227,484
C&W Senior Financing DAC 6.88%, 09/15/2027 (B)		$  425,000		447,312
Sprint Corp. 7.88%, 09/15/2023		1,644,000		1,814,565
T-Mobile, Inc.
6.38%, 03/01/2025		90,000		93,394
6.50%, 01/15/2024		106,000		110,108
Vodafone Group PLC
2.88%, 11/20/2037, MTN (F)		EUR  1,900,000		2,510,977
Fixed until 04/04/2029, 7.00% (A), 04/04/2079		$  2,614,000		3,027,948
				10,231,788
Total Corporate Debt Securities (Cost $549,694,084)				561,099,286
FOREIGN GOVERNMENT OBLIGATIONS - 4.5%
Brazil - 1.0%
Brazil Government International Bond 10.25%, 01/10/2028		BRL  16,000,000		4,926,109
Brazil Notas do Tesouro Nacional Series F, 10.00%, 01/01/2025		17,000,000		4,972,580
				9,898,689
Colombia - 1.0%
Colombia Government International Bond 3.88%, 04/25/2027		$  7,200,000		7,646,400
Colombia TES 6.00%, 04/28/2028		COP  7,000,000,000		2,096,915
				9,743,315
Egypt - 0.4%
Egypt Government International Bond 6.59%, 02/21/2028 (F)		$  3,700,000		3,764,750
India - 0.1%
Export-Import Bank of India 3.38%, 08/05/2026 (F)		1,300,000		1,332,154

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Italy - 0.0% (D)
Republic of Italy Government International Bond 2.88%, 10/17/2029		$   226,000		$   221,423
Mexico - 1.0%
Mexico Bonos
8.50%, 05/31/2029		MXN  63,000,000		3,669,894
10.00%, 12/05/2024		100,000,000		5,954,253
				9,624,147
Norway - 0.0% (D)
Kommunalbanken AS 1.75%, 09/15/2020 (B)		$  330,000		330,088
Qatar - 0.8%
Qatar Government International Bond 4.50%, 04/23/2028 (F)		7,000,000		7,998,060
Supranational - 0.2%
Inter-American Development Bank 2.63%, 04/19/2021, MTN		1,000,000		1,013,339
International Bank for Reconstruction & Development 3.13%, 11/20/2025		345,000		374,244
				1,387,583
Total Foreign Government Obligations (Cost $42,329,957)				44,300,209
LOAN ASSIGNMENTS - 11.8%
Aerospace & Defense - 0.1%
TransDigm, Inc. Term Loan F, 1-Month LIBOR + 2.50%, 4.29% (A), 06/09/2023		616,646		613,274
Air Freight & Logistics - 0.0% (D)
1199169 B.C. Unlimited Liability Co. Term Loan B2, 3-Month LIBOR + 4.00%, 6.10% (A), 04/06/2026		230,781		230,946
Auto Components - 0.1%
Mavis Tire Express Services Corp.
1st Lien Term Loan,
1-Month LIBOR + 3.25%, 5.04% (A), 03/20/2025		863,574		818,237
Delayed Draw Term Loan,
1-Month LIBOR + 3.25%, 5.04% (A), 03/20/2025		24,721		23,423
				841,660
Automobiles - 0.1%
Belron Finance LLC Term Loan B, TBD, 11/07/2026 (C) (H)		343,298		342,440
CWGS Group LLC
Term Loan,
1-Month LIBOR + 2.75%, 4.54% (A), 11/08/2023		4,975		4,204
1-Month LIBOR + 2.75%, 4.76% (A), 11/08/2023		668,525		564,904

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

Transamerica Funds Annual Report 2019

Page    314

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
LOAN ASSIGNMENTS (continued)
Automobiles (continued)
Wand NewCo 3, Inc. 1st Lien Term Loan, 1-Month LIBOR + 3.50%, 5.29% (A), 02/05/2026		$   610,964		$   613,446
				1,524,994
Biotechnology - 0.1%
Grifols Worldwide Operations, Inc. Term Loan, 1-Week LIBOR + 2.25%, 4.09% (A), 01/31/2025		580,512		580,874
Building Products - 0.2%
C.H.I. Overhead Doors, Inc. 1st Lien Term Loan, 1-Month LIBOR + 3.25%, 5.04% (A), 07/29/2022		613,659		611,102
CD&R Hydra Buyer, Inc. Term Loan, 1-Month LIBOR + 4.25%, 6.04% (A), 12/11/2024		578,839		565,092
Quikrete Holdings, Inc. 1st Lien Term Loan, 1-Month LIBOR + 2.75%, 4.54% (A), 11/15/2023		621,000		618,089
				1,794,283
Capital Markets - 0.3%
Blackstone CQP Holdco, LP Term Loan B, 3-Month LIBOR + 3.50%, 5.66% (A), 09/30/2024 (C)		572,078		569,456
Camelot Acquisition 1 Co. Term Loan B, TBD, 10/25/2026 (C) (H)		572,115		572,830
Crown Finance, Inc. Term Loan, 1-Month LIBOR + 2.25%, 4.04% (A), 02/28/2025		900,632		888,699
Deerfield Dakota Holding LLC Term Loan B, 1-Month LIBOR + 3.25%, 5.04% (A), 02/13/2025		627,342		605,856
NEXUS Buyer LLC Term Loan B, TBD, 10/31/2026 (C) (H)		212,024		211,627
				2,848,468
Chemicals - 0.3%
Charter NEX, Inc. Term Loan B, 1-Month LIBOR + 3.00%, 4.79% (A), 05/16/2024		698,401		679,719
Chemours Co. Term Loan B, 1-Month LIBOR + 1.75%, 3.54% (A), 04/03/2025		593,985		560,821
Hexion, Inc. Term Loan, 3-Month LIBOR + 3.50%, 5.60% (A), 07/01/2026		813,469		811,435

	Principal		Value
LOAN ASSIGNMENTS (continued)
Chemicals (continued)
PQ Corp. Term Loan B, 3-Month LIBOR + 2.50%, 4.43% (A), 02/08/2025		$   563,923		$   563,218
Starfruit Finco BV Term Loan B, 1-Month LIBOR + 3.25%, 5.19% (A), 10/01/2025		930,868		907,014
				3,522,207
Commercial Services & Supplies - 0.6%
Asurion LLC
2nd Lien Term Loan,
1-Month LIBOR + 6.50%, 8.29% (A), 08/04/2025		63,905		64,172
Term Loan B6,
1-Month LIBOR + 3.00%, 4.79% (A), 11/03/2023		514,185		514,345
Term Loan B7,
1-Month LIBOR + 3.00%, 4.79% (A), 11/03/2024		330,872		331,038
BidFair MergerRight, Inc. Term Loan B, 3-Month LIBOR + 5.50%, 7.41% (A), 01/15/2027 (C)		554,270		540,413
BrightView Landscapes LLC
1st Lien Term Loan B,
1-Month LIBOR + 2.50%, 4.31% (A), 08/15/2025		165,427		165,633
1-Month LIBOR + 2.50%, 4.44% (A), 08/15/2025		199,637		199,886
Cast and Crew Payroll LLC 1st Lien Term Loan, 1-Month LIBOR + 4.00%, 5.79% (A), 02/09/2026		417,629		419,300
Creative Artists Agency LLC Term Loan B, 1-Month LIBOR + 3.00%, 4.80% (A), 02/15/2024		427,735		428,911
Garda World Security Corp. 1st Lien Term Loan B, TBD, 10/17/2026 (C) (H)		578,204		574,228
GFL Environmental, Inc. Term Loan B, 1-Month LIBOR + 3.00%, 4.79% (A), 05/30/2025		975,707		972,048
Prime Security Services Borrower LLC Term Loan B1, 1-Month LIBOR + 3.25%, 5.25% (A), 09/23/2026		864,416		833,801
West Corp.
Term Loan,
1-Month LIBOR + 4.00%, 5.79% (A), 10/10/2024		1,028		858
3-Month LIBOR + 4.00%, 5.93% (A), 10/10/2024		403,648		336,037
Term Loan B1,
1-Month LIBOR + 3.50%, 5.29% (A), 10/10/2024		652		541

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

Transamerica Funds Annual Report 2019

Page    315

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
LOAN ASSIGNMENTS (continued)
Commercial Services & Supplies (continued)
West Corp. (continued)
3-Month LIBOR + 3.50%, 5.43% (A), 10/10/2024		$   256,742		$   213,096
				5,594,307
Communications Equipment - 0.1%
CommScope, Inc. Term Loan B, 1-Month LIBOR + 3.25%, 5.04% (A), 04/06/2026		582,597		571,673
Construction & Engineering - 0.1%
USIC Holdings, Inc. Term Loan B, 1-Month LIBOR + 3.25%, 5.04% (A), 12/08/2023		584,696		566,424
Consumer Finance - 0.1%
Altice Financing SA Term Loan B, 1-Month LIBOR + 2.75%, 4.66% (A), 07/15/2025		440,891		425,047
Nielsen Finance LLC Term Loan B4, 1-Month LIBOR + 2.00%, 3.94% (A), 10/04/2023		869,923		866,389
				1,291,436
Containers & Packaging - 0.2%
Berry Global, Inc. Term Loan U, 1-Month LIBOR + 2.50%, 4.44% (A), 07/01/2026		871,960		874,794
BWAY Holding Co. Term Loan B, 3-Month LIBOR + 3.25%, 5.23% (A), 04/03/2024		725,529		705,124
Reynolds Group Holdings, Inc. Term Loan, 1-Month LIBOR + 2.75%, 4.54% (A), 02/05/2023		610,293		610,064
				2,189,982
Distributors - 0.0% (D)
American Builders & Contractors Supply Co., Inc. Term Loan, TBD, 01/15/2027 (C) (H)		341,974		341,261
Diversified Consumer Services - 0.1%
William Morris Endeavor Entertainment LLC
1st Lien Term Loan,
1-Month LIBOR + 2.75%, 4.54% (A), 05/18/2025 (A)		676,374		652,338
1-Month LIBOR + 2.75%, 4.62% (A), 05/18/2025		2,867		2,764
2-Month LIBOR + 2.75%, 4.62% (A), 05/18/2025		262		252
3-Month LIBOR + 2.75%, 4.68% (A), 05/18/2025		463,321		446,857
2-Month LIBOR + 2.75%, 4.68% (A), 05/18/2025		42,296		40,793
				1,143,004

	Principal		Value
LOAN ASSIGNMENTS (continued)
Diversified Financial Services - 0.4%
AI Ladder Subco SARL Term Loan, 3-Month LIBOR + 4.50%, 6.60% (A), 07/09/2025 (C)		$   622,168		$   594,430
AlixPartners LLP Term Loan B, 1-Month LIBOR + 2.75%, 4.54% (A), 04/04/2024		644,077		643,042
Dynasty Acquisition Co., Inc. Term Loan B1, 3-Month LIBOR + 4.00%, 6.10% (A), 04/06/2026		429,253		429,559
Fastlane Parent Co., Inc. 1st Lien Term Loan, 3-Month LIBOR + 4.50%, 6.60% (A), 02/04/2026		759,624		736,835
Financial & Risk Holdings, Inc. Term Loan, 1-Month LIBOR + 3.75%, 5.54% (A), 10/01/2025		1,155,355		1,161,132
Lions Gate Capital Holdings LLC Term Loan B, 1-Month LIBOR + 2.25%, 4.04% (A), 03/24/2025		402,147		389,078
Stars Group Holdings BV Term Loan, 3-Month LIBOR + 3.50%, 5.60% (A), 07/10/2025		474,515		476,191
				4,430,267
Diversified Telecommunication Services - 0.5%
CenturyLink, Inc. Term Loan B, 1-Month LIBOR + 2.75%, 4.54% (A), 01/31/2025		1,083,794		1,073,633
Coral-US Co-Borrower LLC Term Loan B4, 1-Month LIBOR + 3.25%, 5.04% (A), 01/30/2026		748,200		749,863
Intelsat Jackson Holdings SA Term Loan B3, 6-Month LIBOR + 3.75%, 5.68% (A), 11/27/2023		1,539,000		1,534,511
Iridium Satellite LLC Term Loan, TBD, 10/17/2026 (C) (H)		580,933		584,321
Level 3 Financing, Inc. Term Loan B, 1-Month LIBOR + 2.25%, 4.04% (A), 02/22/2024		606,364		606,515
Telesat Canada Term Loan B4, 3-Month LIBOR + 2.50%, 4.61% (A), 11/17/2023		630,202		629,939
				5,178,782
Electric Utilities - 0.1%
Talen Energy Supply LLC Term Loan B, 1-Month LIBOR + 3.75%, 5.69% (A), 07/08/2026		582,850		575,564

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

Transamerica Funds Annual Report 2019

Page    316

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
LOAN ASSIGNMENTS (continued)
Electrical Equipment - 0.1%
EXC Holdings III Corp.
1st Lien Term Loan,
3-Month LIBOR + 3.50%, 5.60% (A), 12/02/2024		$   351,458		$   344,429
2nd Lien Term Loan,
3-Month LIBOR + 7.50%, 9.59% (A), 12/01/2025		347,000		341,361
Gates Global LLC Repriced Term Loan B, 1-Month LIBOR + 2.75%, 4.54% (A), 04/01/2024		578,212		565,306
				1,251,096
Electronic Equipment, Instruments & Components - 0.1%
Verifone Systems, Inc. 1st Lien Term Loan, 3-Month LIBOR + 4.00%, 6.14% (A), 08/20/2025		373,431		349,508
Verra Mobility Corp. 1st Lien Term Loan, 1-Month LIBOR + 3.75%, 5.54% (A), 02/28/2025		355,972		356,306
				705,814
Energy Equipment & Services - 0.0% (D)
Apergy Corp. 1st Lien Term Loan, 1-Month LIBOR + 2.50%, 4.31% (A), 05/09/2025		343,635		341,917
Entertainment - 0.1%
AMC Entertainment Holdings, Inc. Term Loan B, 6-Month LIBOR + 3.00%, 5.23% (A), 04/22/2026		575,060		574,101
Equity Real Estate Investment Trusts - 0.1%
ESH Hospitality, Inc. Term Loan B, 1-Month LIBOR + 2.00%, 3.79% (A), 09/18/2026		248,915		249,148
VICI Properties 1 LLC Term Loan B, 3-Month LIBOR + 2.00%, 3.85% (A), 12/20/2024 (C)		668,167		670,116
				919,264
Food & Staples Retailing - 0.1%
Albertsons LLC Term Loan B8, 1-Month LIBOR + 2.75%, 4.54% (A), 08/17/2026		877,834		882,224
Food Products - 0.2%
JBS USA Lux SA Term Loan B, 1-Month LIBOR + 2.50%, 4.29% (A), 05/01/2026		420,727		421,974
Nomad Foods Midco, Ltd. Term Loan B4, 1-Month LIBOR + 2.25%, 4.16% (A), 05/15/2024		582,000		579,454

	Principal		Value
LOAN ASSIGNMENTS (continued)
Food Products (continued)
Sunshine Luxembourg VII SARL 1st Lien Term Loan, 2-Month LIBOR + 4.25%, 6.35% (A), 10/01/2026		$   757,691		$   758,070
				1,759,498
Health Care Equipment & Supplies - 0.1%
Greatbatch, Ltd. 1st Lien Term Loan B, 1-Month LIBOR + 3.00%, 4.98% (A), 10/27/2022		316,875		317,893
Immucor, Inc. Term Loan B, 3-Month LIBOR + 5.00%, 7.10% (A), 06/15/2021		465,749		463,032
Ortho-Clinical Diagnostics SA Term Loan B, 3-Month LIBOR + 3.25%, 5.31% (A), 06/30/2025		756,044		719,423
				1,500,348
Health Care Providers & Services - 0.5%
DaVita, Inc. Term Loan B, 1-Month LIBOR + 2.25%, 4.04% (A), 08/12/2026		406,471		407,487
HC Group Holdings II, Inc. Term Loan B, 1-Month LIBOR + 4.50%, 6.29% (A), 08/06/2026		872,363		854,916
MPH Acquisition Holdings LLC Term Loan B, 3-Month LIBOR + 2.75%, 4.85% (A), 06/07/2023		612,459		573,224
RegionalCare Hospital Partners Holdings, Inc. Term Loan B, 1-Month LIBOR + 4.50%, 6.30% (A), 11/17/2025		584,528		583,249
Sotera Health Holdings LLC Term Loan, 3-Month LIBOR + 3.00%, 4.93% (A), 05/15/2022		760,156		749,387
Sound Inpatient Physicians
1st Lien Term Loan,
1-Month LIBOR + 2.75%, 4.54% (A), 06/27/2025		522,015		519,732
2nd Lien Term Loan,
1-Month LIBOR + 6.75%, 8.54% (A), 06/26/2026		228,492		227,539
Team Health Holdings, Inc. 1st Lien Term Loan, 1-Month LIBOR + 2.75%, 4.54% (A), 02/06/2024		412,573		319,744
Upstream Rehabilition, Inc. Term Loan, TBD, 10/23/2026 (C) (H)		396,610		396,114
				4,631,392

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

Transamerica Funds Annual Report 2019

Page    317

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
LOAN ASSIGNMENTS (continued)
Health Care Technology - 0.1%
Change Healthcare Holdings LLC Term Loan B, 1-Month LIBOR + 2.50%, 4.29% (A), 03/01/2024 (C)		$   579,470		$   575,758
Hotels, Restaurants & Leisure - 1.1%
1011778 B.C. Unlimited Liability Co. Term Loan B3, 1-Month LIBOR + 2.25%, 4.04% (A), 02/16/2024		595,771		596,143
Boyd Gaming Corp. Term Loan B3, 1-Week LIBOR + 2.25%, 3.96% (A), 09/15/2023		336,642		336,762
Caesars Resort Collection LLC 1st Lien Term Loan B, 1-Month LIBOR + 2.75%, 4.54% (A), 12/23/2024		1,290,016		1,269,859
ETA Australia Holdings III Pty, Ltd. Term Loan, 1-Month LIBOR + 4.00%, 5.79% (A), 05/06/2026		430,147		429,341
Golden Nugget, Inc.
Incremental Term Loan B,
1-Month LIBOR + 2.75%, 4.54% (A), 10/04/2023		34,207		34,122
3-Month LIBOR + 2.75%, 4.68% (A), 10/04/2023		307,254		306,485
3-Month LIBOR + 2.75%, 4.72% (A), 10/04/2023		275,084		274,397
Hornblower Sub LLC Term Loan B, 3-Month LIBOR + 4.50%, 6.60% (A), 04/27/2025		464,545		465,126
IRB Holding Corp.
1st Lien Term Loan,
3-Month LIBOR + 3.25%, 5.19% (A), 02/05/2025		1,562		1,549
3-Month LIBOR + 3.25%, 5.22% (A), 02/05/2025		614,005		608,742
Merlin Entertainments PLC
Delayed Draw Term Loan B,
TBD, 10/17/2026 (C) (H)		47,063		47,298
Term Loan B,
TBD, 10/16/2026 (C) (H)		358,095		359,885
Mohegan Tribal Gaming Authority Term Loan B, 1-Month LIBOR + 4.00%, 5.79% (A), 10/13/2023		937,401		862,995
NEP/NCP Holdco, Inc. 1st Lien Term Loan, 1-Month LIBOR + 3.25%, 5.04% (A), 10/20/2025		570,862		548,503
PCI Gaming Authority Term Loan, 1-Month LIBOR + 3.00%, 4.79% (A), 05/29/2026		363,758		365,804

	Principal		Value
LOAN ASSIGNMENTS (continued)
Hotels, Restaurants & Leisure (continued)
PF Chang’s China Bistro, Inc. Term Loan B, 6-Month LIBOR + 6.50%, 8.45% (A), 03/01/2026		$   606,525		$   495,329
Scientific Games International, Inc. Term Loan B5, 1-Month LIBOR + 2.75%, 4.54% (A), 08/14/2024		1,169,196		1,154,581
SeaWorld Parks & Entertainment, Inc. Term Loan B5, 1-Month LIBOR + 3.00%, 4.79% (A), 03/31/2024		874,165		870,340
Station Casinos LLC Term Loan B, 1-Month LIBOR + 2.50%, 4.29% (A), 06/08/2023		495,625		495,906
Travelport Finance SARL
2nd Lien Term Loan,
3-Month LIBOR + 9.00%, 11.10% (A), 05/28/2027		271,077		217,765
Term Loan,
3-Month LIBOR + 5.00%, 7.10% (A), 05/29/2026		662,339		615,976
Twin River Worldwide Holdings, Inc. Term Loan B, 1-Month LIBOR + 2.75%, 4.79% (A), 05/10/2026		463,052		462,804
				10,819,712
Household Durables - 0.1%
API Heat Transfer ThermaSys Corp. Term Loan, 3-Month LIBOR + 6.00%, 8.10% (A), 12/31/2023		439,677		395,709
LTI Holdings, Inc.
1st Lien Term Loan,
1-Month LIBOR + 3.50%, 5.29% (A), 09/06/2025		530		485
2nd Lien Term Loan,
1-Month LIBOR + 6.75%, 8.54% (A), 09/06/2026		259,009		220,158
				616,352
Household Products - 0.1%
Diamond BV
Term Loan,
2-Month LIBOR + 3.00%, 4.86% (A), 09/06/2024		2,453		2,285
3-Month LIBOR + 3.00%, 4.93% (A), 09/06/2024		961,646		895,533
Energizer Holdings, Inc. Term Loan B, 1-Month LIBOR + 2.25%, 4.31% (A), 12/17/2025		499,800		498,759
				1,396,577
Independent Power & Renewable Electricity Producers - 0.0% (D)
Terra-Gen Finance Co. LLC Term Loan B, 1-Month LIBOR + 4.25%, 6.04% (A), 12/09/2021		347,315		326,476

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

Transamerica Funds Annual Report 2019

Page    318

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
LOAN ASSIGNMENTS (continued)
Insurance - 0.4%
Alliant Holdings Intermediate LLC Term Loan B, 3-Month LIBOR + 3.00%, 4.80% (A), 05/09/2025		$   1,089,760		$   1,061,699
AmWINS Group, Inc.
Term Loan B,
1-Month LIBOR + 2.75%, 4.54% (A), 01/25/2024		590,119		588,961
1-Month LIBOR + 2.75%, 4.74% (A), 01/25/2024		140,863		140,586
Hub International, Ltd.
Term Loan B,
3-Month LIBOR + 3.00%, 4.90% (A), 04/25/2025		2,376		2,323
3-Month LIBOR + 3.00%, 4.94% (A), 04/25/2025		936,204		915,432
Hyperion Insurance Group, Ltd. Repriced Term Loan, 1-Month LIBOR + 3.50%, 5.31% (A), 12/20/2024		383,471		382,991
Sedgwick Claims Management Services, Inc. Term Loan B, 1-Month LIBOR + 3.25%, 5.04% (A), 12/31/2025		871,395		844,164
				3,936,156
IT Services - 0.3%
Moneygram International, Inc. Term Loan B, 1-Month LIBOR + 6.00%, 7.79% (A), 06/30/2023		595,343		532,832
PI MergerCo, Inc. 1st Lien Term Loan, 1-Month LIBOR + 3.25%, 5.04% (A), 01/03/2025		916,603		910,415
Rackspace Hosting, Inc. 1st Lien Term Loan, 3-Month LIBOR + 3.00%, 5.29% (A), 11/03/2023		1,072,190		952,165
Tempo Acquisition LLC Term Loan, 1-Month LIBOR + 3.00%, 4.79% (A), 05/01/2024		523,722		523,722
				2,919,134
Life Sciences Tools & Services - 0.2%
Jaguar Holding Co. II Term Loan, 1-Month LIBOR + 2.50%, 4.29% (A), 08/18/2022		1,044,273		1,041,446
Parexel International Corp. Term Loan B, 1-Month LIBOR + 2.75%, 4.54% (A), 09/27/2024		841,130		801,965
				1,843,411

	Principal		Value
LOAN ASSIGNMENTS (continued)
Machinery - 0.3%
Crosby Acquisition Corp. Term Loan B, 3-Month LIBOR + 4.75%, 6.60% (A), 06/26/2026		$   594,653		$   563,433
Dynacast International LLC Term Loan B2, 3-Month LIBOR + 3.25%, 5.35% (A), 01/28/2022		604,255		555,914
Gardner Denver, Inc. Term Loan B, 1-Month LIBOR + 2.75%, 4.54% (A), 07/30/2024		414,156		414,985
Patriot Container Corp. 1st Lien Term Loan, 1-Month LIBOR + 3.50%, 5.29% (A), 03/20/2025		465,298		452,503
Shape Technologies Group, Inc. Term Loan, 3-Month LIBOR + 3.00%, 4.93% (A), 04/21/2025		307,693		276,924
Welbilt, Inc. Term Loan B, 1-Month LIBOR + 2.50%, 4.29% (A), 10/23/2025		588,000		582,120
				2,845,879
Media - 0.8%
Altice SA
Term Loan B12,
1-Month LIBOR + 3.69%, 5.61% (A), 01/31/2026		957,882		933,337
Term Loan B13,
1-Month LIBOR + 4.00%, 5.92% (A), 08/14/2026		358,503		352,587
Charter Communications Operating LLC Term Loan B2, 3-Month LIBOR + 1.75%, 3.58% (A), 02/01/2027		496,212		497,825
Cogeco Communications II, LP 1st Lien Term Loan, 1-Month LIBOR + 2.25%, 4.04% (A), 01/03/2025		627,139		627,139
CSC Holdings LLC
1st Lien Term Loan,
1-Month LIBOR + 2.25%, 4.17% (A), 07/17/2025		1,174,599		1,167,258
Term Loan B5,
3-Month LIBOR + 2.50%, 4.33% (A), 04/15/2027		403,284		402,150
EW Scripps Co. Term Loan B1, 1-Month LIBOR + 2.75%, 4.54% (A), 05/01/2026		341,789		341,533
Gray Television, Inc. Term Loan C, 1-Month LIBOR + 2.50%, 4.51% (A), 01/02/2026		436,700		437,480

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

Transamerica Funds Annual Report 2019

Page    319

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
LOAN ASSIGNMENTS (continued)
Media (continued)
ION Media Networks, Inc. Term Loan B, 1-month LIBOR + 3.00%, 4.81% (A), 12/18/2024		$   1,157,761		$   1,149,078
McGraw-Hill Global Education Holdings LLC Term Loan B, 1-Month LIBOR + 4.00%, 5.79% (A), 05/04/2022		670,488		612,239
Meredith Corp. Term Loan B, 1-Month LIBOR + 2.75%, 4.54% (A), 01/31/2025		363,215		364,350
Nexstar Broadcasting, Inc. Term Loan B4, 1-Month LIBOR + 2.75%, 4.55% (A), 09/18/2026 (C)		582,365		584,694
Numericable Group SA Term Loan B11, 1-Month LIBOR + 2.75%, 4.54% (A), 07/31/2025		306,876		296,391
Rentpath, Inc. 2nd Lien Term Loan, 1-Month LIBOR + 9.00%, 10.79% (A), 12/17/2022		765,000		72,197
Telenet Financing LLC Term Loan AN, 1-Month LIBOR + 2.25%, 4.17% (A), 08/15/2026		583,974		583,244
				8,421,502
Metals & Mining - 0.2%
Covia Holdings Corp. Term Loan, 3-Month LIBOR + 4.00%, 6.04% (A), 06/01/2025		509,637		354,197
Hampton Rubber Co. 1st Lien Term Loan, 1-Month LIBOR + 4.00%, 5.79% (A), 03/27/2021		614,139		605,694
U.S. Silica Co. Term Loan B, 1-Month LIBOR + 4.00%, 5.81% (A), 05/01/2025		903,915		721,625
WP CPP Holdings LLC
Term Loan,
1-Month LIBOR + 3.75%, 5.54% (A), 04/30/2025		882		865
3-Month LIBOR + 3.75%, 5.68% (A), 04/30/2025		348,237		341,490
				2,023,871
Oil, Gas & Consumable Fuels - 0.4%
Buckeye Partners, LP Term Loan B, TBD, 11/15/2026 (C) (H)		579,000		581,352
EG America LLC
2nd Lien Term Loan,
3-Month LIBOR + 8.00%, 10.10% (A), 04/20/2026		175,229		165,592

	Principal		Value
LOAN ASSIGNMENTS (continued)
Oil, Gas & Consumable Fuels (continued)
EG America LLC (continued)
Term Loan,
3-Month LIBOR + 4.00%, 6.10% (A), 02/07/2025		$   676,750		$   652,218
Lucid Energy Group II Borrower LLC 1st Lien Term Loan, 1-Month LIBOR + 3.00%, 4.79% (A), 02/17/2025		819,814		713,238
Medallion Midland Acquisition LLC 1st Lien Term Loan, 1-Month LIBOR + 3.25%, 5.04% (A), 10/30/2024		491,915		465,474
Osum Production Corp. Term Loan, 3-Month LIBOR + 9.50%, 11.60% (A), 07/31/2022		858,078		737,947
TEX Operations Co. LLC Term Loan B, 1-Month LIBOR + 2.00%, 3.79% (A), 08/04/2023		631,801		633,479
				3,949,300
Personal Products - 0.1%
Coty, Inc. Term Loan B, 1-Month LIBOR + 2.25%, 4.23% (A), 04/07/2025		941,673		914,207
Pharmaceuticals - 0.4%
Akorn, Inc.
Term Loan B,
PIK Rate 0.75%, Cash Rate 8.06%, 0.75% (A), 04/16/2021 (I)		206,294		190,048
1-Month LIBOR + 6.25%, 8.04% (A), 04/16/2021		206,294		190,048
Alphabet Holding Co., Inc. 1st Lien Term Loan, 1-Month LIBOR + 3.50%, 5.29% (A), 09/26/2024		594,729		541,501
Alvogen Pharma, Inc. Term Loan B, 1-Month LIBOR + 4.75%, 6.54% (A), 04/02/2022		579,820		500,578
Amneal Pharmaceuticals LLC Term Loan B, 1-Month LIBOR + 3.50%, 5.31% (A), 05/04/2025 (C)		1,025,071		781,617
Bausch Health Cos., Inc.
Term Loan B,
1-Month LIBOR + 2.75%, 4.67% (A), 11/27/2025		674,051		674,413
1-Month LIBOR + 3.00%, 4.92% (A), 06/02/2025		127,587		127,994
Catalent Pharma Solutions, Inc. Term Loan B2, 1-Month LIBOR + 2.25%, 4.04% (A), 05/18/2026		400,043		400,210

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

Transamerica Funds Annual Report 2019

Page    320

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
LOAN ASSIGNMENTS (continued)
Pharmaceuticals (continued)
Endo Finance Co. I SARL Term Loan B, 1-Month LIBOR + 4.25%, 6.06% (A), 04/29/2024		$   753,815		$   689,202
				4,095,611
Professional Services - 0.0% (D)
Everi Payments, Inc. Term Loan B, 1-Month LIBOR + 3.00%, 4.79% (A), 05/09/2024		459,004		458,335
Real Estate Management & Development - 0.2%
Brookfield WEC Holdings, Inc. 1st Lien Term Loan, 1-Month LIBOR + 3.50%, 5.29% (A), 08/01/2025		605,628		601,338
CityCenter Holdings LLC Term Loan B, 1-Month LIBOR + 2.25%, 4.04% (A), 04/18/2024		924,330		924,165
DTZ Borrower LLC Term Loan B, 1-Month LIBOR + 3.25%, 5.04% (A), 08/21/2025		865,808		866,890
				2,392,393
Road & Rail - 0.1%
PODS LLC 1st Lien Term Loan, 1-Month LIBOR + 2.75%, 4.67% (A), 12/06/2024		581,619		573,137
Semiconductors & Semiconductor Equipment - 0.1%
Bright Bidco BV
Term Loan B,
1-Month LIBOR + 3.50%, 5.29% (A), 06/30/2024		217,798		109,262
3-Month LIBOR + 3.50%, 5.60% (A), 06/30/2024		449,400		225,449
MaxLinear, Inc. Term Loan B, 1-Month LIBOR + 2.50%, 4.42% (A), 05/12/2024		409,814		406,740
Microchip Technology, Inc. Term Loan B, 1-Month LIBOR + 2.00%, 3.79% (A), 05/29/2025		300,172		300,923
				1,042,374
Software - 1.5%
Almonde, Inc.
1st Lien Term Loan,
6-Month LIBOR + 3.50%, 5.70% (A), 06/13/2024		102,038		97,425
3-Month LIBOR + 3.50%, 5.70% (A), 06/13/2024		499,592		477,007
2-Month LIBOR + 3.50%, 5.70% (A), 06/13/2024		92,855		88,657

	Principal		Value
LOAN ASSIGNMENTS (continued)
Software (continued)
Almonde, Inc. (continued)
2nd Lien Term Loan,
6-Month LIBOR + 7.25%, 9.45% (A), 06/13/2025		265,000		247,113
Applied Systems, Inc.
1st Lien Term Loan,
3-Month LIBOR + 3.00%, 5.10% (A), 09/19/2024		677,083		673,576
2nd Lien Term Loan,
3-Month LIBOR + 7.00%, 9.10% (A), 09/19/2025		249,232		251,880
Barracuda Networks, Inc. 1st Lien Term Loan, 3-Month LIBOR + 3.25%, 5.40% (A), 02/12/2025		580,665		577,036
Comet Acquisition, Inc. Term Loan, 3-Month LIBOR + 3.50%, 5.62% (A), 10/24/2025		348,246		342,151
Corel Corp. Term Loan, 2-Month LIBOR + 5.00%, 7.09% (A), 07/02/2026		470,891		444,992
Cypress Intermediate Holdings III, Inc. 1st Lien Term Loan, 1-Month LIBOR + 2.75%, 4.54% (A), 04/29/2024		426,119		418,981
DCert Buyer, Inc. Term Loan B, 1-Month LIBOR + 4.00%, 5.79% (A), 10/16/2026		582,675		571,022
Epicor Software Corp. 1st Lien Term Loan, 1-Month LIBOR + 3.25%, 5.04% (A), 06/01/2022		702,462		699,828
Greeneden Holdings II LLC Term Loan B, 1-Month LIBOR + 3.25%, 5.04% (A), 12/01/2023		642,347		626,556
Houghton Mifflin Harcourt Publishing Co. Term Loan B, 1-Month LIBOR + 3.00%, 4.79% (A), 05/31/2021		645,940		634,636
Infor, Inc. Term Loan B6, 3-Month LIBOR + 2.75%, 4.85% (A), 02/01/2022		651,122		651,122
Informatica LLC Term Loan, 1-Month LIBOR + 3.25%, 5.04% (A), 08/05/2022		645,103		645,910
ION Trading Technologies SARL Term Loan B, 3-Month LIBOR + 4.00%, 6.06% (A), 11/21/2024		640,516		608,490
Kronos, Inc.
2nd Lien Term Loan,
3-Month LIBOR + 8.25%, 10.50% (A), 11/01/2024		240,000		241,100

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

Transamerica Funds Annual Report 2019

Page    321

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
LOAN ASSIGNMENTS (continued)
Software (continued)
Kronos, Inc. (continued)
Term Loan B,
3-Month LIBOR + 3.00%, 5.25% (A), 11/01/2023		$   617,406		$   615,734
MA FinanceCo. LLC
Term Loan B2,
1-Month LIBOR + 2.25%, 4.05% (A), 11/19/2021		429,140		425,385
Term Loan B3,
1-Month LIBOR + 2.50%, 4.30% (A), 06/21/2024		61,780		59,888
McAfee LLC Term Loan B, 1-Month LIBOR + 3.75%, 5.55% (A), 09/30/2024		857,013		856,156
Project Boost Purchaser LLC Term Loan B, TBD, 06/01/2026 (C) (H)		585,657		576,384
RP Crown Parent LLC Term Loan B, 1-Month LIBOR + 2.75%, 4.54% (A), 10/12/2023		752,850		750,968
Seattle Spinco, Inc. Term Loan B3, 1-Month LIBOR + 2.50%, 4.30% (A), 06/21/2024		417,216		404,439
Solera LLC Term Loan B, 1-Month LIBOR + 2.75%, 4.54% (A), 03/03/2023		407,943		403,937
Sophia, LP Term Loan B, 3-Month LIBOR + 3.25%, 5.35% (A), 09/30/2022		898,043		896,078
SS&C Technologies Holdings SARL Term Loan B4, 1-Month LIBOR + 2.25%, 4.04% (A), 04/16/2025		99,787		99,896
SS&C Technologies, Inc.
Term Loan B3,
1-Month LIBOR + 2.25%, 4.04% (A), 04/16/2025		152,865		153,032
Term Loan B5,
1-Month LIBOR + 2.25%, 4.04% (A), 04/16/2025		224,293		224,698
Ultimate Software Group, Inc. Term Loan B, 1-Month LIBOR + 3.75%, 5.54% (A), 05/04/2026		400,548		401,216
Vertafore, Inc.
1st Lien Term Loan,
1-Month LIBOR + 3.25%, 5.04% (A), 07/02/2025		635,793		614,533
2nd Lien Term Loan,
1-Month LIBOR + 7.25%, 9.04% (A), 07/02/2026		322,041		307,549
				15,087,375

	Principal		Value
LOAN ASSIGNMENTS (continued)
Specialty Retail - 0.1%
Bass Pro Group LLC Term Loan B, 1-Month LIBOR + 5.00%, 6.79% (A), 09/25/2024		$   902,050		$   863,262
JP Intermediate B LLC Term Loan, 3-Month LIBOR + 5.50%, 7.43% (A), 11/20/2025		313,620		260,305
				1,123,567
Technology Hardware, Storage & Peripherals - 0.2%
Dell International LLC Term Loan B, 1-Month LIBOR + 2.00%, 3.79% (A), 09/19/2025		609,343		611,171
Diebold, Inc. Term Loan B, 3-Month LIBOR + 2.75%, 4.75% (A), 11/06/2023		867,195		797,820
NCR Corp. Term Loan, 1-Week LIBOR + 2.50%, 4.29% (A), 08/28/2026 (C)		532,859		532,693
				1,941,684
Textiles, Apparel & Luxury Goods - 0.1%
Varsity Brands, Inc. Term Loan B, 1-Month LIBOR + 3.50%, 5.29% (A), 12/15/2024		617,025		577,432
Trading Companies & Distributors - 0.1%
ASP Unifrax Holdings, Inc. Term Loan B, 1-Month LIBOR + 3.75%, 5.85% (A), 12/12/2025		367,225		319,715
Univar, Inc. Term Loan B, 1-Month LIBOR + 2.25%, 4.04% (A), 07/01/2024		575,659		577,818
				897,533
Wireless Telecommunication Services - 0.2%
Sprint Communications, Inc. 1st Lien Term Loan B, 1-Month LIBOR + 2.50%, 4.31% (A), 02/02/2024		1,569,578		1,550,613
Total Loan Assignments (Cost $120,247,817)				116,733,449
U.S. GOVERNMENT AGENCY OBLIGATION - 0.1%
Federal National Mortgage Association 4.00%, 03/01/2049		1,267,141		1,313,219
Total U.S. Government Agency Obligation (Cost $1,302,384)				1,313,219
U.S. GOVERNMENT OBLIGATIONS - 0.8%
U.S. Treasury - 0.8%
U.S. Treasury Note
1.25%, 08/31/2024		1,470,000		1,451,797

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

Transamerica Funds Annual Report 2019

Page    322

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (continued)
U.S. Treasury (continued)
U.S. Treasury Note (continued)
1.63%, 09/30/2026 - 08/15/2029		$   6,127,000		$   6,114,991
1.75%, 07/31/2021		288,000		288,878
Total U.S. Government Obligations (Cost $7,924,448)				7,855,666
	Shares		Value
COMMON STOCKS - 0.0% (D)
Household Durables - 0.0% (D)
API Heat Transfer Intermediate Corp. (J)		472,381		70,857
Machinery - 0.0% (D)
Ameriforge Group, Inc. (J) (K) (L) (M)		2,679		128,592
Total Common Stocks (Cost $247,541)				199,449
PREFERRED STOCKS - 1.5%
Banks - 0.9%
Banco Santander SA, Series 6, 3-Month LIBOR + 0.52%, 4.00% (A)		49,970		1,172,296
Bank of America Corp., Series K *, Fixed until 12/15/2066, 6.45% (A)		6,800		183,124
Deutsche Bank Contingent Capital Trust II, 6.55% (E)		39,850		1,014,183
GMAC Capital Trust I, Series 2, 3-Month LIBOR + 5.79%, 7.94% (A)		259,000		6,840,190
				9,209,793
Capital Markets - 0.1%
Oaktree Capital Group LLC
Series A, 6.63% (E)		14,800		399,156
Series B, 6.55% (E)		25,871		695,671
				1,094,827
Household Durables - 0.0% (D)
API Heat Transfer Intermediate Corp., 0.00%		100,682		55,375
Insurance - 0.0% (D)
Athene Holding, Ltd., Series A, Fixed until 06/30/2029, 6.35% (A)		10,512		295,492

	Shares		Value
PREFERRED STOCKS (continued)
Mortgage Real Estate Investment Trusts - 0.4%
AGNC Investment Corp., Series E, Fixed until 10/15/2024, 6.50% (A)		140,000		$   3,602,200
Real Estate Management & Development - 0.1%
Brookfield Property Partners, LP, Series A, 6.50%		30,325		809,981
Total Preferred Stocks (Cost $14,716,971)				15,067,668
	Principal		Value
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 3.8%
U.S. Treasury Bill
1.61% (N), 01/23/2020 (O)		$  1,350,000		1,345,276
1.65% (N), 04/02/2020		600,000		596,130
1.71% (N), 01/02/2020 (O)		33,000,000		32,912,051
1.93% (N), 02/06/2020		3,000,000		2,987,652
2.40% (N), 01/02/2020 (O)		210,000		209,440
Total Short-Term U.S. Government Obligations (Cost $38,039,656)				38,050,549
	Shares		Value
SHORT-TERM INVESTMENT COMPANY - 8.2%
Money Market Fund - 8.2%
State Street Institutional U.S. Government Money Market Fund, 1.75% (N)		81,580,051		81,580,051
Total Short-Term Investment Company (Cost $81,580,051)				81,580,051
OTHER INVESTMENT COMPANY - 1.6%
Securities Lending Collateral - 1.6%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.75% (N)		15,946,733		15,946,733
Total Other Investment Company (Cost $15,946,733)				15,946,733
Total Investments (Cost $1,015,927,638)				1,021,775,023
Net Other Assets (Liabilities) - (2.8)%				(27,596,707	)
Net Assets - 100.0%				$  994,178,316

FUTURES CONTRACTS:

Short Futures Contracts:
Description	Number of Contracts			Expiration Date		Notional Amount			Value			Unrealized Appreciation		Unrealized Depreciation
5-Year U.S. Treasury Note		(738	)		12/31/2019	$	(88,466,045	)	$	(87,971,906	)	$	494,139	$	—
10-Year U.S. Treasury Note		(444	)		12/19/2019		(58,440,479	)		(57,851,813	)		588,666		—
Total Futures Contracts												$	1,082,805	$	—

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

Transamerica Funds Annual Report 2019

Page    323

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

FORWARD FOREIGN CURRENCY CONTRACTS:

Counterparty

Settlement Date

Currency Purchased

Currency Sold

Unrealized Appreciation

Unrealized Depreciation

JPMS

01/16/2020

USD

160,707,998

EUR

143,965,572

$

—

$

(745,185

)

SECURITY VALUATION:

Valuation Inputs ^(P)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs (Q)		Value
ASSETS
Investments
Asset-Backed Securities	$	—	$	139,628,744		$	—	$	139,628,744
Corporate Debt Securities		—		561,099,286			—		561,099,286
Foreign Government Obligations		—		44,300,209			—		44,300,209
Loan Assignments		—		116,733,449			—		116,733,449
U.S. Government Agency Obligation		—		1,313,219			—		1,313,219
U.S. Government Obligations		—		7,855,666			—		7,855,666
Common Stocks		—		70,857			128,592		199,449
Preferred Stocks		15,012,293		55,375			—		15,067,668
Short-Term U.S. Government Obligations		—		38,050,549			—		38,050,549
Short-Term Investment Company		81,580,051		—			—		81,580,051
Other Investment Company		15,946,733		—			—		15,946,733
Total Investments	$	112,539,077	$	909,107,354		$	128,592	$	1,021,775,023
Other Financial Instruments
Futures Contracts (R)	$	1,082,805	$	—		$	—	$	1,082,805
Total Other Financial Instruments	$	1,082,805	$	—		$	—	$	1,082,805
LIABILITIES
Other Financial Instruments
Forward Foreign Currency Contracts (R)	$	—	$	(745,185	)	$	—	$	(745,185	)
Total Other Financial Instruments	$	—	$	(745,185	)	$	—	$	(745,185	)
Transfers
Investments	Transfers from Level 1 to Level 3		Transfers from Level 3 to Level 1			Transfers from Level 2 to Level 3		Transfers from Level 3 to Level 2
Common Stocks (M)	$	128,592	$	—		$	—	$	—

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Floating or variable rate securities. The rates disclosed are as of October 31, 2019. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(B)	Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2019, the total value of 144A securities is $178,981,366, representing 18.0% of the Fund’s net assets.
(C)	When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after October 31, 2019. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(D)	Percentage rounds to less than 0.1% or (0.1)%.
(E)	All or a portion of the securities are on loan. The total value of all securities on loan is $15,621,858. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

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

Transamerica Funds Annual Report 2019

Page    324

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(F)	Securities are exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At October 31, 2019, the total value of Regulation S securities is $197,610,889, representing 19.9% of the Fund’s net assets.
(G)	Perpetual maturity. The date displayed is the next call date.
(H)	All or a portion of the security represents unsettled loan commitments at October 31, 2019 where the rate will be determined at time of settlement.
(I)	Payment in-kind. Security pays interest or dividends in the form of additional bonds or preferred stock. If the security makes a cash payment in addition to in-kind, the cash rate is disclosed separately.
(J)	Non-income producing securities.
(K)	Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2019, the value of the security is $128,592, representing less than 0.1% of the Fund’s net assets.
(L)	Security is Level 3 of the fair value hierarchy.
(M)	Transferred from Level 1 to 3 due to utilizing significant unobservable inputs. As of prior reporting period, the security utilized significant observable inputs.
(N)	Rates disclosed reflect the yields at October 31, 2019.
(O)	All or a portion of these securities have been segregated by the custodian as collateral to cover margin requirements for open futures contracts. The total value of such securities is $1,554,717.
(P)	The Fund recognizes transfers in and out of Level 3 as of October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(Q)	Level 3 securities were not considered significant to the Fund.
(R)	Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation).

CURRENCY ABBREVIATIONS:

BRL	Brazilian Real
COP	Columbian Peso
EUR	Euro
MXN	Mexican Peso
USD	United States Dollar

COUNTERPARTY ABBREVIATION:

JPMS JPMorgan Securities LLC

PORTFOLIO ABBREVIATIONS:

CR	Custodial Receipts
LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
TBD	To Be Determined

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

Transamerica Funds Annual Report 2019

Page    325

Transamerica US Growth

(unaudited)

MARKET ENVIRONMENT

U.S. equities, as measured by the S&P 500^® Index, posted positive results over the 12-month period ended October 31, 2019. Towards the end of 2018, volatility was elevated as markets contended with a confluence of moderating growth, tighter liquidity and monetary policy, trade uncertainty, increasing fiscal deficits, and political uncertainty.

The U.S. Federal Reserve (“Fed”) raised its benchmark interest rate in December 2018. During the first quarter of 2019, U.S. equities rallied to their largest quarterly gain since 2009, buoyed by a dovish shift in Fed policy and guidance, optimism for a U.S.-China trade deal, relatively strong fourth-quarter earnings, and corporate buybacks. The Fed left its benchmark interest rate unchanged during the first quarter, signaling a more patient approach toward future policy-rate adjustments in response to slowing economic growth and muted inflation. By the summer of 2019, unresolved U.S. trade frictions with China, Mexico, Japan, and the EU unsettled markets and raised concerns about the potential risks to U.S. economic growth from increasing cost pressures, supply chain disruptions, and waning business confidence and investment plans. In the third quarter of 2019, U.S. equities rose for the third consecutive quarter with the U.S. economy remaining resilient despite elevated geopolitical uncertainties and slowing global growth. U.S.-China trade relations were particularly volatile in the absence of meaningful compromises on key structural issues, and expectations for a protracted trade war and the potential for a longer-term decoupling of the world’s two largest economies has eroded consumer and business confidence and curtailed capital spending. The Fed lowered its benchmark interest rate in July and September in an effort to sustain economic expansion and mitigate the risks of moderating growth and trade frictions. In October, the Fed lowered interest rates for a third time in 2019 and signaled its intention to pause further changes in policy. U.S. and China has made progress towards finalizing sections of a “phase one” trade agreement.

Returns varied by market-cap, as large-cap stocks, as measured by the S&P 500^® Index, outperformed small-cap and mid-cap stocks, as measured by the Russell 2000^® Index and S&P MidCap 400^® Index, respectively, during the period.

PERFORMANCE

For the year ended October 31, 2019, Transamerica US Growth (Class A) returned 19.17%, excluding any sales charges. By comparison, its benchmark, the Russell 1000^® Growth Index, returned 17.10%.

STRATEGY REVIEW

Wellington implements to a disciplined portfolio construction process that allows us to assess risk, weight individual positions accordingly, and in the process, build a portfolio that seeks to generate benchmark-relative outperformance largely via stock selection.

The Fund outperformed its benchmark, the Russell 1000^® Growth Index, during the 12-month period ended October 31, 2019.

During the period, stock selection within the health care, information technology and industrials sectors helped relative performance. This was partially offset by weaker selection within the consumer discretionary sector. Sector allocation, a result of the bottom-up stock selection process, modestly contributed to relative performance. The Fund’s underweight allocation to health care and overweight allocation to information technology contributed most to relative performance.

The Fund’s largest individual relative contributors during the period included Advanced Micro Devices, Inc., a semiconductor company, and FleetCor Technologies, Inc., a workforce payment product and services provider.

The Fund’s largest individual relative detractors during the period included NetApp, Inc. (no longer held in the Fund), a cloud and data services company, Continental Resources, Inc., an American petroleum and natural gas exploration and production company, and GoDaddy, Inc., a web hosting company.

Mammen Chally, CFA

Douglas McLane, CFA

David Siegle, CFA

Co-Portfolio Managers

Wellington Management Company LLP

Asset Allocation	Percentage of Net Assets
Common Stocks		99.1	%
Repurchase Agreement		0.9
Other Investment Company		0.4
Net Other Assets (Liabilities)		(0.4	)
Total		100.0	%

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

Transamerica Funds Annual Report 2019

Page    326

Transamerica US Growth

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		12.61	%		11.83	%		12.09	%		11/13/2009
Class A (NAV)		19.17	%		13.11	%		12.73	%		11/13/2009
Russell 1000® Growth Index (A)		17.10	%		13.43	%		14.86	%
Class C (POP)		17.30	%		12.22	%		11.88	%		11/13/2009
Class C (NAV)		18.30	%		12.22	%		11.88	%		11/13/2009
Class I (NAV)		19.56	%		13.45	%		13.45	%		11/30/2009
Class I2 (NAV)		19.70	%		13.59	%		13.34	%		11/13/2009
Class T (POP)		9.46	%		11.52	%		12.68	%		02/10/2012
Class T (NAV)		19.63	%		13.52	%		13.99	%		02/10/2012

^(A) The Russell 1000^® Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe, and is comprised of Russell 1000^® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000^® Index measures the performance of the large-cap segment of the U.S. equity universe.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include

any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for A shares and 8.5% for T shares or the maximum applicable contingent deferred sales charge 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would be lower. There are no sales charges on Class I and I2 shares.

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

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

Returns on growth stocks may not move in tandem with return on other categories of stocks or the market as a whole. Growth stocks may be particularly susceptible to larger price swings or to adverse developments. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks.

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Transamerica Funds Annual Report 2019

Page    327

Transamerica US Growth

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Shares		Value
COMMON STOCKS - 99.1%
Aerospace & Defense - 1.4%
Raytheon Co.		101,371		$  21,511,940
Beverages - 2.4%
Constellation Brands, Inc., Class A		110,193		20,973,034
Monster Beverage Corp. (A)		283,497		15,912,686
				36,885,720
Biotechnology - 2.4%
Neurocrine Biosciences, Inc. (A)		122,472		12,184,739
Seattle Genetics, Inc. (A)		123,349		13,247,683
Vertex Pharmaceuticals, Inc. (A)		62,589		12,234,898
				37,667,320
Building Products - 1.5%
Fortune Brands Home & Security, Inc.		383,808		23,047,670
Capital Markets - 0.9%
Intercontinental Exchange, Inc.		157,049		14,812,862
Chemicals - 2.6%
PPG Industries, Inc.		130,063		16,273,483
Sherwin-Williams Co.		41,764		23,902,372
				40,175,855
Commercial Services & Supplies - 0.8%
Copart, Inc. (A)		145,756		12,045,276
Consumer Finance - 1.7%
American Express Co.		131,123		15,378,106
Capital One Financial Corp.		118,281		11,029,703
				26,407,809
Diversified Telecommunication Services - 1.2%
Verizon Communications, Inc.		308,130		18,632,621
Electrical Equipment - 1.7%
AMETEK, Inc.		155,193		14,223,438
Eaton Corp. PLC		143,099		12,465,354
				26,688,792
Electronic Equipment, Instruments & Components - 0.9%
CDW Corp.		105,817		13,535,052
Entertainment - 2.3%
Activision Blizzard, Inc.		271,069		15,187,996
Walt Disney Co.		159,618		20,737,571
				35,925,567
Equity Real Estate Investment Trusts - 1.6%
American Tower Corp.		114,243		24,914,113
Food & Staples Retailing - 1.7%
Costco Wholesale Corp.		91,301		27,126,440
Health Care Equipment & Supplies - 3.6%
Baxter International, Inc.		262,224		20,112,581
Danaher Corp.		49,092		6,765,859
Edwards Lifesciences Corp. (A)		62,449		14,886,593
Teleflex, Inc.		42,808		14,871,927
				56,636,960
Health Care Providers & Services - 2.2%
UnitedHealth Group, Inc.		135,169		34,157,206
Hotels, Restaurants & Leisure - 2.0%
Hilton Worldwide Holdings, Inc.		179,942		17,447,176
McDonald’s Corp.		71,322		14,029,038
				31,476,214

	Shares		Value
COMMON STOCKS (continued)
Household Products - 1.9%
Colgate-Palmolive Co.		257,135		$   17,639,461
Procter & Gamble Co.		104,298		12,986,144
				30,625,605
Insurance - 0.8%
Allstate Corp.		114,826		12,219,783
Interactive Media & Services - 10.7%
Alphabet, Inc., Class A (A)		62,853		79,119,356
Alphabet, Inc., Class C (A)		20,500		25,832,255
Facebook, Inc., Class A (A)		322,721		61,849,480
				166,801,091
Internet & Direct Marketing Retail - 5.4%
Amazon.com, Inc. (A)		40,037		71,132,136
Booking Holdings, Inc. (A)		6,950		14,238,952
				85,371,088
IT Services - 9.7%
EPAM Systems, Inc. (A)		55,242		9,720,382
FleetCor Technologies, Inc. (A)		102,881		30,269,648
Global Payments, Inc.		142,262		24,067,885
GoDaddy, Inc., Class A (A)		301,565		19,610,772
Mastercard, Inc., Class A		174,222		48,226,392
PayPal Holdings, Inc. (A)		188,944		19,669,070
				151,564,149
Life Sciences Tools & Services - 1.8%
Thermo Fisher Scientific, Inc.		92,292		27,870,338
Machinery - 3.3%
Illinois Tool Works, Inc.		111,704		18,831,060
Middleby Corp. (A)		72,540		8,773,713
Nordson Corp.		87,407		13,706,292
Snap-on, Inc.		63,382		10,310,350
				51,621,415
Oil, Gas & Consumable Fuels - 0.3%
Continental Resources, Inc. (A)		187,078		5,513,189
Pharmaceuticals - 1.9%
Allergan PLC		67,281		11,848,857
Eli Lilly & Co.		164,172		18,707,399
				30,556,256
Professional Services - 1.2%
Equifax, Inc.		68,077		9,306,807
IHS Markit, Ltd. (A)		144,318		10,105,146
				19,411,953
Road & Rail - 1.2%
Norfolk Southern Corp.		63,288		11,518,416
Uber Technologies, Inc. (A) (B)		230,016		7,245,504
				18,763,920
Semiconductors & Semiconductor Equipment - 3.2%
Advanced Micro Devices, Inc. (A)		417,563		14,167,913
Marvell Technology Group, Ltd.		498,519		12,158,878
Micron Technology, Inc. (A)		278,422		13,238,966
ON Semiconductor Corp. (A)		485,164		9,897,346
				49,463,103
Software - 13.9%
Adobe, Inc. (A)		98,202		27,293,282
DocuSign, Inc. (A)		178,296		11,801,412
Guidewire Software, Inc. (A)		119,374		13,458,225

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

Transamerica Funds Annual Report 2019

Page    328

Transamerica US Growth

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Shares		Value
COMMON STOCKS (continued)
Software (continued)
Microsoft Corp.		658,357		$   94,388,643
salesforce.com, Inc. (A)		188,277		29,463,468
ServiceNow, Inc. (A)		64,981		16,067,202
SS&C Technologies Holdings, Inc.		228,698		11,894,583
Workday, Inc., Class A (A)		76,677		12,433,942
				216,800,757
Specialty Retail - 1.7%
TJX Cos., Inc.		462,269		26,649,808
Technology Hardware, Storage & Peripherals - 6.6%
Apple, Inc.		414,105		103,012,760
Textiles, Apparel & Luxury Goods - 4.6%
NIKE, Inc., Class B		324,804		29,086,198
PVH Corp.		162,720		14,182,675
Under Armour, Inc., Class C (A)		693,063		12,821,666
VF Corp.		188,339		15,498,416
				71,588,955
Total Common Stocks (Cost $977,610,660)				1,549,481,587
OTHER INVESTMENT COMPANY - 0.4%
Securities Lending Collateral - 0.4%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.75% (C)		6,596,931		6,596,931
Total Other Investment Company (Cost $6,596,931)				6,596,931

	Principal		Value
REPURCHASE AGREEMENT - 0.9%
Fixed Income Clearing Corp., 0.85% (C), dated 10/31/2019, to be repurchased at $13,591,967 on 11/01/2019. Collateralized by a U.S. Government Obligation, 1.75%, due 06/15/2022, and with a value of $13,866,664.		$  13,591,646		$   13,591,646
Total Repurchase Agreement (Cost $13,591,646)				13,591,646
Total Investments (Cost $997,799,237)				1,569,670,164
Net Other Assets (Liabilities) - (0.4)%				(5,501,842	)
Net Assets - 100.0%				$  1,564,168,322

SECURITY VALUATION:

Valuation Inputs ^(D)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	1,549,481,587	$	—	$	—	$	1,549,481,587
Other Investment Company		6,596,931		—		—		6,596,931
Repurchase Agreement		—		13,591,646		—		13,591,646
Total Investments	$	1,556,078,518	$	13,591,646	$	—	$	1,569,670,164

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	All or a portion of the security is on loan. The value of the security on loan is $6,443,514. The amount on loan indicated may not correspond with the security on loan identified because a security with pending sales are in the process of recall from the brokers.
(C)	Rates disclosed reflect the yields at October 31, 2019.
(D)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

Transamerica Funds Annual Report 2019

Page    329

STATEMENTS OF ASSETS AND LIABILITIES

At October 31, 2019

	Transamerica Balanced II		Transamerica Bond		Transamerica Capital Growth		Transamerica Dividend Focused		Transamerica Dynamic Allocation
Assets:
Investments, at value (A) (B)	$	127,533,506	$	1,443,677,908	$	2,196,916,941	$	520,712,160	$	18,605,090
Repurchase agreements, at value (C)		—		39,732,966		23,776,556		10,875,217		—
Cash		749,827		146,103		—		—		39,248
Cash collateral pledged at broker for:
TBA commitments		—		311,000		—		—		—
Futures contracts		98,000		—		—		—		—
Foreign currency, at value (D)		—		—		1,079		—		—
Receivables and other assets:
Investments sold		233,212		—		9,396,247		—		—
Net income from securities lending		153		2,897		245,814		—		390
Shares of beneficial interest sold		8,197		6,451,526		5,513,591		2,047,097		—
Dividends and/or distributions		66,889		—		24,061		684,560		—
Interest		270,059		9,181,749		561		257		—
Tax reclaims		867		6,116		28,963		712		—
Due from investment manager		—		—		—		—		8,649
Other assets		32,677		—		—		—		—
Total assets		128,993,387		1,499,510,265		2,235,903,813		534,320,003		18,653,377
Liabilities:
Cash collateral received upon return of:
Securities on loan		484,478		16,405,528		196,403,325		—		3,945,304
Cash collateral at broker for:
OTC derivatives (E)		—		—		1,740,000		—		—
Payables and other liabilities:
Investments purchased		225,177		1,358,000		15,138,139		646,157		—
When-issued, delayed-delivery, forward and TBA commitments purchased		7,486,679		77,682,031		—		—		—
Shares of beneficial interest redeemed		—		1,455,556		7,335,796		298,315		208,236
Dividends and/or distributions		—		694,641		—		—		—
Due to custodian		—		—		3,416		—		—
Investment management fees		48,669		329,360		1,259,769		319,424		—
Distribution and service fees		29,596		94,032		268,128		20,761		6,100
Transfer agent fees		661		128,783		189,980		7,239		1,930
Trustees, CCO and deferred compensation fees		414		2,698		5,157		1,844		52
Audit and tax fees		27,486		30,783		24,683		18,775		19,091
Custody fees		3,432		26,473		43,018		9,408		2,047
Legal fees		974		6,799		13,486		4,295		131
Printing and shareholder reports fees		5,135		58,043		126,448		23,075		1,697
Registration fees		1,950		12,544		13,185		7,844		4,272
Other accrued expenses		4,377		9,363		24,893		6,647		3,407
Variation margin payable on futures contracts		1,153		—		—		—		—
Total liabilities		8,320,181		98,294,634		222,589,423		1,363,784		4,192,267
Net assets	$	120,673,206	$	1,401,215,631	$	2,013,314,390	$	532,956,219	$	14,461,110
Net assets consist of:
Paid-in capital	$	105,433,886	$	1,363,496,051	$	1,593,370,384	$	427,062,069	$	13,014,220
Total distributable earnings (accumulated losses)		15,239,320		37,719,580		419,944,006		105,894,150		1,446,890
Net assets	$	120,673,206	$	1,401,215,631	$	2,013,314,390	$	532,956,219	$	14,461,110

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

Transamerica Funds Annual Report 2019

Page    330

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2019

	Transamerica Balanced II		Transamerica Bond		Transamerica Capital Growth		Transamerica Dividend Focused		Transamerica Dynamic Allocation
Net assets by class:
Class A	$	—	$	132,681,568	$	425,595,174	$	82,402,379	$	6,624,699
Class C		—		80,239,361		206,155,813		5,835,928		5,059,268
Class I		—		1,084,473,945		1,049,618,118		12,012,777		2,777,143
Class I2		—		84,015,390		316,760,891		428,186,758		—
Class I3		50,316,109		—		—		—		—
Class R		70,357,097		—		—		—		—
Class R6		—		19,805,367		15,184,394		4,518,377		—
Shares outstanding (unlimited shares, no par value):
Class A		—		14,067,541		15,804,328		8,606,254		531,959
Class C		—		8,562,802		9,781,881		612,904		411,327
Class I		—		114,790,564		36,957,413		1,255,277		223,391
Class I2		—		8,889,625		23,545,243		44,727,196		—
Class I3		4,577,253		—		—		—		—
Class R		6,402,721		—		—		—		—
Class R6		—		2,096,363		1,128,633		472,156		—
Net asset value per share: (F)
Class A	$	—	$	9.43	$	26.93	$	9.57	$	12.45
Class C		—		9.37		21.08		9.52		12.30
Class I		—		9.45		28.40		9.57		12.43
Class I2		—		9.45		13.45		9.57		—
Class I3		10.99		—		—		—		—
Class R		10.99		—		—		—		—
Class R6		—		9.45		13.45		9.57		—
Maximum offering price per share: (G)
Class A	$	—	$	9.90	$	28.50	$	10.13	$	13.17
(A) Investments, at cost	$	114,964,200	$	1,403,514,011	$	1,988,395,343	$	474,585,019	$	16,492,491
(B) Securities on loan, at value	$	474,665	$	16,073,314	$	191,980,572	$	—	$	3,859,138
(C) Repurchase agreements, at cost	$	—	$	39,732,966	$	23,776,556	$	10,875,217	$	—
(D) Foreign currency, at cost	$	—	$	—	$	1,077	$	—	$	—

(E)	OTC derivatives may include swaps, options and/or swaptions and forward foreign currency contracts.
(F)	Net asset value per share for Class C, I, I2, I3, R and R6 shares represents offering price. The redemption price for Class A and C shares equals net asset value less any applicable contingent deferred sales charge.
(G)	Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Funds’ Prospectus.

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

Transamerica Funds Annual Report 2019

Page    331

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2019

	Transamerica Dynamic Income			Transamerica Emerging Markets Debt			Transamerica Emerging Markets Equity			Transamerica Event Driven		Transamerica Floating Rate
Assets:
Investments, at value (A) (B)	$	194,629,484		$	622,777,799		$	822,945,358		$	95,975,589	$	180,324,792
Repurchase agreements, at value (C)		286,853			19,845,088			3,639,258			6,408,391		32,224,204
Cash		—			38,250			8,232			—		428,523
Cash collateral pledged at custodian for:
OTC derivatives (G)		—			—			—			3,500,000		—
Cash collateral pledged at broker for:
Securities sold short		—			—			—			7,150,533		—
OTC derivatives		—			810,000			—			71,088		—
Futures contracts		—			—			—			182,000		—
OTC swap agreements, at value		—			—			—			130,643		—
Foreign currency, at value (D)		—			2,572,545			100,689			—		—
Receivables and other assets:
Investments sold		731,280			5,832,868			—			—		659,416
When-issued, delayed-delivery, forward and TBA commitments sold		—			1,308,252			—			—		40,660,446
Net income from securities lending		17,574			3,249			15,463			633		636
Shares of beneficial interest sold		8,081			436,501			19,575			—		310,740
Dividends and/or distributions		3,407			214			849,400			5,320		—
Interest		7			8,112,171			87			241,488		942,157
Tax reclaims		—			58,354			29,685			—		5,261
Variation margin receivable on futures contracts		—			—			—			272,269		—
Unrealized appreciation on forward foreign currency contracts		—			1,188,701			—			—		—
Total assets		195,676,686			662,983,992			827,607,747			113,937,954		255,556,175
Liabilities:
Securities sold short, at value (E)		—			—			—			16,857,632		—
Cash collateral received upon return of:
Securities on loan		13,816,208			29,250,886			5,625,563			2,871,734		383,725
Cash collateral at broker for:
OTC derivatives (G)		—			580,000			—			—		—
Written options and swaptions, at value (F)		—			—			—			600		—
Payables and other liabilities:
Investments purchased		—			15,082,330			—			—		1,041
When-issued, delayed-delivery, forward and TBA commitments purchased		—			—			—			—		6,367,606
Shares of beneficial interest redeemed		200,497			516,596			282,561			58,630		25,407,512
Dividends and/or distributions		—			—			—			—		5,079
Dividends, interest and fees for borrowings from securities sold short		—			—			—			8,445		—
Foreign capital gains tax		—			98,629			—			—		—
Investment management fees		48,424			326,770			603,911			91,548		193,018
Distribution and service fees		82,936			9,419			1,607			—		20,720
Transfer agent fees		18,862			46,351			7,234			674		14,380
Trustees, CCO and deferred compensation fees		794			1,990			2,132			298		1,657
Audit and tax fees		18,979			31,332			25,697			33,003		35,183
Custody fees		1,223			45,328			93,161			18,139		44,528
Legal fees		1,553			5,156			6,666			844		4,635
Printing and shareholder reports fees		20,597			55,183			31,590			4,607		35,294
Registration fees		5,078			8,217			6,833			3,058		5,682
Other accrued expenses		3,428			7,832			9,638			41,027		7,111
Unrealized depreciation on forward foreign currency contracts		—			208,739			—			28,013		—
Unrealized depreciation on unfunded commitments		—			—			—			—		5,938
Total liabilities		14,218,579			46,274,758			6,696,593			20,018,252		32,533,109
Net assets	$	181,458,107		$	616,709,234		$	820,911,154		$	93,919,702	$	223,023,066
Net assets consist of:
Paid-in capital	$	247,019,481		$	688,140,765		$	942,484,463		$	92,038,428	$	244,995,863
Total distributable earnings (accumulated losses)		(65,561,374	)		(71,431,531	)		(121,573,309	)		1,881,274		(21,972,797	)
Net assets	$	181,458,107		$	616,709,234		$	820,911,154		$	93,919,702	$	223,023,066

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

Transamerica Funds Annual Report 2019

Page    332

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2019

	Transamerica Dynamic Income		Transamerica Emerging Markets Debt		Transamerica Emerging Markets Equity		Transamerica Event Driven			Transamerica Floating Rate
Net assets by class:
Class A	$	58,586,845	$	9,202,905	$	4,026,133	$	—		$	24,106,204
Class C		80,716,467		8,765,205		934,353		—			18,254,923
Class I		42,154,795		457,448,496		6,955,872		833,696			99,383,776
Class I2		—		135,377,482		808,994,796		93,086,006			81,278,163
Class R6		—		5,915,146		—		—			—
Shares outstanding (unlimited shares, no par value):
Class A		6,381,731		877,221		406,983		—			2,507,769
Class C		8,834,705		842,240		95,707		—			1,897,878
Class I		4,591,472		43,409,830		698,768		78,617			10,369,620
Class I2		—		12,845,104		81,259,763		8,906,177			8,448,115
Class R6		—		561,479		—		—			—
Net asset value per share: (H)
Class A	$	9.18	$	10.49	$	9.89	$	—		$	9.61
Class C		9.14		10.41		9.76		—			9.62
Class I		9.18		10.54		9.95		10.60			9.58
Class I2		—		10.54		9.96		10.45			9.62
Class R6		—		10.53		—		—			—
Maximum offering price per share: (I)
Class A	$	9.64	$	11.01	$	10.47	$	—		$	10.09
(A) Investments, at cost	$	197,224,690	$	632,657,649	$	790,510,093	$	93,378,976		$	190,133,686
(B) Securities on loan, at value	$	13,454,009	$	28,659,078	$	5,440,093	$	2,811,993		$	375,866
(C) Repurchase agreements, at cost	$	286,853	$	19,845,088	$	3,639,258	$	6,408,391		$	32,224,204
(D) Foreign currency, at cost	$	—	$	2,567,638	$	99,294	$	—		$	—
(E) Proceeds received from securities sold short	$	—	$	—	$	—	$	16,311,360		$	—
(F) Premium received on written options and swaptions	$	—	$	—	$	—	$	(26,079	)	$	—

(G)	OTC derivatives may include swaps, options and/or swaptions and forward foreign currency contracts.
(H)	Net asset value per share for Class C, I, I2 and R6 shares represents offering price. The redemption price for Class A and C shares equals net asset value less any applicable contingent deferred sales charge.
(I)	Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Funds’ Prospectus.

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

Transamerica Funds Annual Report 2019

Page    333

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2019

	Transamerica Global Equity		Transamerica Government Money Market			Transamerica High Quality Bond			Transamerica High Yield Bond			Transamerica High Yield Muni
Assets:
Investments, at value (A) (B)	$	104,944,204	$	809,115,027		$	239,805,420		$	1,439,981,726		$	104,264,730
Repurchase agreements, at value (C)		1,122,670		621,101,140			—			37,448,386			2,449,350
Cash		—		—			747,115			58,394			—
Receivables and other assets:
Investments sold		989,327		—			2,718			—			—
Net income from securities lending		190		—			91			31,238			3
Shares of beneficial interest sold		35,605		8,680,271			12,654			204,187			1,163,705
Dividends and/or distributions		170,892		—			—			—			160
Interest		27		820,029			1,077,977			20,352,521			1,613,175
Tax reclaims		26,237		—			—			35,882			—
Due from distributor		—		—			—			—			4,356
Total assets		107,289,152		1,439,716,467			241,645,975			1,498,112,334			109,495,479
Liabilities:
Foreign currency overdraft, at value (D)		29		—			—			—			—
Cash collateral received upon return of:
Securities on loan		739,156		—			2,121,775			60,263,098			40,425
Payables and other liabilities:
Investments purchased		1,054,374		48,234,617			—			3,063,498			—
When-issued, delayed-delivery, forward and TBA commitments purchased		—		—			—			10,429,334			—
Shares of beneficial interest redeemed		37,078		4,504,356			29,046			1,661,036			99,288
Dividends and/or distributions		—		2,518			—			71,097			865
Due to investment manager		—		511,742			—			—			—
Investment management fees		105,214		200,921			77,461			698,797			46,485
Distribution and service fees		20,811		2,443,132			13,872			142,907			14,559
Transfer agent fees		15,524		241,436			1,465			38,530			8,546
Trustees, CCO and deferred compensation fees		365		3,777			850			4,508			269
Audit and tax fees		15,563		19,092			28,743			33,234			32,529
Custody fees		5,763		45,581			6,883			33,899			8,596
Legal fees		834		9,896			2,015			10,915			803
Printing and shareholder reports fees		11,044		46,276			10,659			64,169			7,771
Registration fees		6,272		9,360			3,219			13,029			6,019
Other accrued expenses		2,633		17,028			3,967			14,399			2,594
Total liabilities		2,014,660		56,289,732			2,299,955			76,542,450			268,749
Net assets	$	105,274,492	$	1,383,426,735		$	239,346,020		$	1,421,569,884		$	109,226,730
Net assets consist of:
Paid-in capital	$	85,467,762	$	1,383,429,253		$	244,008,120		$	1,491,768,375		$	106,601,955
Total distributable earnings (accumulated losses)		19,806,730		(2,518	)		(4,662,100	)		(70,198,491	)		2,624,775
Net assets	$	105,274,492	$	1,383,426,735		$	239,346,020		$	1,421,569,884		$	109,226,730

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

Transamerica Funds Annual Report 2019

Page    334

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2019

	Transamerica Global Equity			Transamerica Government Money Market		Transamerica High Quality Bond		Transamerica High Yield Bond		Transamerica High Yield Muni
Net assets by class:
Class A	$	55,612,689		$	187,634,557	$	—	$	94,449,585	$	22,116,070
Class C		10,112,721			9,217,646		—		26,921,882		11,560,265
Class I		38,581,739			18,212,718		—		67,078,286		75,539,163
Class I2		—			5,400,333		—		477,380,626		11,232
Class I3		—			134,883,251		185,243,686		279,020,258		—
Class R		—			—		12,400,864		35,438,920		—
Class R2		—			910,347,009		—		—		—
Class R4		—			117,731,221		41,701,470		396,604,876		—
Class R6		967,343			—		—		44,675,451		—
Shares outstanding (unlimited shares, no par value):
Class A		3,919,409			187,636,489		—		10,477,281		1,846,304
Class C		734,662			9,214,267		—		3,000,746		963,855
Class I		2,711,575			18,213,728		—		7,400,324		6,294,003
Class I2		—			5,399,997		—		52,435,042		936
Class I3		—			134,886,624		18,532,751		30,654,715		—
Class R		—			—		1,237,430		3,893,720		—
Class R2		—			910,355,961		—		—		—
Class R4		—			117,733,390		4,172,004		43,573,452		—
Class R6		67,904			—		—		4,908,323		—
Net asset value per share: (E)
Class A	$	14.19		$	1.00	$	—	$	9.01	$	11.98
Class C		13.77			1.00		—		8.97		11.99
Class I		14.23			1.00		—		9.06		12.00
Class I2		—			1.00		—		9.10		12.00
Class I3		—			1.00		10.00		9.10		—
Class R		—			—		10.02		9.10		—
Class R2		—			1.00		—		—		—
Class R4		—			1.00		10.00		9.10		—
Class R6		14.25			—		—		9.10		—
Maximum offering price per share: (F)
Class A	$	15.02		$	1.00	$	—	$	9.46	$	12.38
Class R2	$	—		$	1.00	$	—	$	—	$	—
(A) Investments, at cost	$	90,087,920		$	809,115,027	$	236,496,699	$	1,475,346,176	$	99,549,921
(B) Securities on loan, at value	$	701,551		$	—	$	2,078,411	$	59,028,410	$	39,053
(C) Repurchase agreements, at cost	$	1,122,670		$	621,101,140	$	—	$	37,448,386	$	2,449,350
(D) Foreign currency, at cost	$	(29	)	$	—	$	—	$	—	$	—

(E)	Net asset value per share for Class C, I, I2, I3, R, R2, R4 and R6 shares represents offering price. The redemption price for Class A and C shares equals net asset value less any applicable contingent deferred sales charge.
(F)	Maximum offering price per share for Class A and R2 includes an initial sales charge (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Funds’ Prospectus.

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

Transamerica Funds Annual Report 2019

Page    335

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2019

	Transamerica Inflation Opportunities		Transamerica Inflation-Protected Securities			Transamerica Intermediate Bond		Transamerica Intermediate Muni		Transamerica International Equity
Assets:
Investments, at value (A) (B)	$	128,335,760	$	116,286,722		$	2,947,461,525	$	1,674,499,396	$	4,850,963,319
Repurchase agreements, at value (C)		—		—			18,359,965		63,580,430		14,307,941
Cash		—		24			131,638		5,722		—
Cash collateral pledged at broker for:
TBA commitments		—		—			1,281,298		—		—
OTC derivatives (E)		190,000		—			—		—		—
Foreign currency, at value (D)		19,657		52,356			—		—		4
Receivables and other assets:
Investments sold		—		—			3,814		880,244		—
When-issued, delayed-delivery, forward and TBA commitments sold		—		—			12,806,419		478,535		—
Net income from securities lending		39		19			5,586		—		33,239
Shares of beneficial interest sold		—		5,174			80,467		6,122,595		3,263,454
Dividends and/or distributions		—		—			—		8,376		17,455,222
Interest		554,490		328,307			14,742,786		18,451,792		338
Tax reclaims		239		—			6,375		—		11,553,496
Due from distributor		—		—			—		49,075		—
Unrealized appreciation on forward foreign currency contracts		15,181		14,232			—		—		—
Total assets		129,115,366		116,686,834			2,994,879,873		1,764,076,165		4,897,577,013
Liabilities:
Cash collateral received upon return of:
Securities on loan		720,025		277,025			8,564,185		—		51,544,974
Cash collateral at broker for:
TBA commitments		—		—			33,102		—		—
Payables and other liabilities:
Investments purchased		—		—			—		4,532,063		—
When-issued, delayed-delivery, forward and TBA commitments purchased		—		—			422,431,422		36,680,350		—
Shares of beneficial interest redeemed		78,500		1,151			20,291,180		4,561,919		3,496,691
Dividends and/or distributions		—		—			—		664,291		—
Due to custodian		109,971		—			—		—		—
Investment management fees		64,217		39,336			831,349		495,559		2,875,760
Distribution and service fees		610		4,378			63,453		168,205		88,442
Transfer agent fees		1,333		683			16,534		137,051		262,070
Trustees, CCO and deferred compensation fees		442		520			8,239		3,852		14,054
Audit and tax fees		29,229		29,498			40,046		38,359		37,986
Custody fees		8,203		15,054			56,566		50,989		209,608
Legal fees		1,118		971			22,351		11,558		39,341
Printing and shareholder reports fees		5,990		5,340			108,379		90,773		448,051
Registration fees		5,361		2,928			5,773		15,900		22,373
Other accrued expenses		2,952		2,750			27,974		15,151		47,956
Unrealized depreciation on forward foreign currency contracts		576,039		155,253			—		—		—
Total liabilities		1,603,990		534,887			452,500,553		47,466,020		59,087,306
Net assets	$	127,511,376	$	116,151,947		$	2,542,379,320	$	1,716,610,145	$	4,838,489,707
Net assets consist of:
Paid-in capital	$	127,007,435	$	120,060,084		$	2,465,373,227	$	1,677,969,339	$	4,679,446,133
Total distributable earnings (accumulated losses)		503,941		(3,908,137	)		77,006,093		38,640,806		159,043,574
Net assets	$	127,511,376	$	116,151,947		$	2,542,379,320	$	1,716,610,145	$	4,838,489,707

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

Transamerica Funds Annual Report 2019

Page    336

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2019

	Transamerica Inflation Opportunities		Transamerica Inflation-Protected Securities		Transamerica Intermediate Bond		Transamerica Intermediate Muni		Transamerica International Equity
Net assets by class:
Class A	$	778,118	$	—	$	—	$	218,941,340	$	153,300,313
Class C		528,690		—		—		143,332,062		46,959,867
Class I		4,657,980		—		—		1,354,325,819		2,210,380,499
Class I2		121,491,397		—		1,826,480,715		10,924		1,910,355,993
Class I3		—		104,686,664		485,794,420		—		210,438,473
Class R		—		9,125,087		51,334,938		—		31,770,103
Class R4		—		2,340,196		178,769,247		—		19,424,569
Class R6		55,191		—		—		—		255,859,890
Shares outstanding (unlimited shares, no par value):
Class A		75,852		—		—		18,551,048		8,687,476
Class C		52,653		—		—		12,172,418		2,707,968
Class I		451,246		—		—		114,259,817		123,559,208
Class I2		11,739,706		—		174,028,787		921		106,637,711
Class I3		—		10,251,056		46,206,146		—		11,667,620
Class R		—		892,306		4,878,671		—		1,761,897
Class R4		—		228,830		17,000,452		—		1,078,277
Class R6		5,332		—		—		—		14,142,639
Net asset value per share: (F)
Class A	$	10.26	$	—	$	—	$	11.80	$	17.65
Class C		10.04		—		—		11.78		17.34
Class I		10.32		—		—		11.85		17.89
Class I2		10.35		—		10.50		11.86		17.91
Class I3		—		10.21		10.51		—		18.04
Class R		—		10.23		10.52		—		18.03
Class R4		—		10.23		10.52		—		18.01
Class R6		10.35		—		—		—		18.09
Maximum offering price per share: (G)
Class A	$	10.77	$	—	$	—	$	12.20	$	18.68
(A) Investments, at cost	$	125,609,298	$	113,307,124	$	2,854,362,284	$	1,619,056,832	$	4,657,603,755
(B) Securities on loan, at value	$	704,856	$	271,350	$	8,387,653	$	—	$	49,040,386
(C) Repurchase agreements, at cost	$	—	$	—	$	18,359,965	$	63,580,430	$	14,307,941
(D) Foreign currency, at cost	$	18,648	$	51,224	$	—	$	—	$	4

(E)	OTC derivatives may include swaps, options and/or swaptions and forward foreign currency contracts.
(F)	Net asset value per share for Class C, I, I2, I3, R, R4 and R6 shares represents offering price. The redemption price for Class A and C shares equals net asset value less any applicable contingent deferred sales charge.
(G)	Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Funds’ Prospectus.

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

Transamerica Funds Annual Report 2019

Page    337

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2019

	Transamerica International Growth			Transamerica International Small Cap Value		Transamerica International Stock		Transamerica Large Cap Value		Transamerica Large Core
Assets:
Investments, at value (A) (B)	$	1,167,013,336		$	559,772,209	$	76,701,890	$	1,895,233,155	$	258,190,723
Repurchase agreements, at value (C)		18,223,645			10,520,084		—		69,479,327		—
Cash		—			—		1,323,120		—		274,140
Foreign currency, at value (D)		6,128,192			41,830		35		—		—
Receivables and other assets:
Investments sold		—			29		—		12,701,558		—
Net income from securities lending		21,448			2,407		78		8,351		145
Shares of beneficial interest sold		19			20,828		—		200,608		2,147
Dividends and/or distributions		3,600,297			1,623,875		133,384		3,536,539		217,837
Interest		430			249		—		1,641		—
Tax reclaims		3,017,065			865,271		11,306		740,324		—
Due from investment manager		—			—		67,192		—		—
Total assets		1,198,004,432			572,846,782		78,237,005		1,981,901,503		258,684,992
Liabilities:
Cash collateral received upon return of:
Securities on loan		34,664,394			6,052,945		204,233		50,129,738		440,820
Payables and other liabilities:
Investments purchased		—			—		—		1,408,847		—
Shares of beneficial interest redeemed		208,458			84,148		—		3,792,722		18,560
Investment management fees		727,462			440,985		—		1,001,667		97,115
Distribution and service fees		22			—		103		50,374		26,856
Transfer agent fees		7,262			12,060		418		52,410		1,546
Trustees, CCO and deferred compensation fees		3,213			1,972		20		5,942		843
Audit and tax fees		20,799			21,857		17,176		24,711		18,685
Custody fees		47,687			50,719		4,397		33,277		6,894
Legal fees		8,878			5,076		26		16,432		2,037
Printing and shareholder reports fees		44,812			31,996		27,066		115,299		10,257
Registration fees		4,695			2,488		4,476		12,832		3,079
Other accrued expenses		11,924			8,059		18		21,215		4,034
Total liabilities		35,749,606			6,712,305		257,933		56,665,466		630,726
Net assets	$	1,162,254,826		$	566,134,477	$	77,979,072	$	1,925,236,037	$	258,054,266
Net assets consist of:
Paid-in capital	$	1,178,208,082		$	538,676,143	$	75,596,301	$	1,886,155,470	$	236,120,059
Total distributable earnings (accumulated losses)		(15,953,256	)		27,458,334		2,382,771		39,080,567		21,934,207
Net assets	$	1,162,254,826		$	566,134,477	$	77,979,072	$	1,925,236,037	$	258,054,266

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

Transamerica Funds Annual Report 2019

Page    338

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2019

	Transamerica International Growth			Transamerica International Small Cap Value		Transamerica International Stock		Transamerica Large Cap Value		Transamerica Large Core
Net assets by class:
Class A	$	106,239		$	—	$	497,748	$	81,213,242	$	—
Class C		—			—		—		38,234,033		—
Class I		18,963			105,691,507		501,165		251,628,954		—
Class I2		1,162,119,419			460,442,970		76,498,412		1,523,734,134		—
Class I3		—			—		—		—		191,543,034
Class R		—			—		—		—		61,472,197
Class R4		—			—		—		—		5,039,035
Class R6		10,205			—		481,747		30,425,674		—
Shares outstanding (unlimited shares, no par value):
Class A		14,108			—		51,867		7,403,382		—
Class C		—			—		—		3,509,260		—
Class I		2,512			8,390,108		52,079		22,773,516		—
Class I2		154,254,316			36,465,130		7,949,978		138,024,018		—
Class I3		—			—		—		—		19,253,917
Class R		—			—		—		—		6,179,898
Class R4		—			—		—		—		506,465
Class R6		1,349			—		50,062		2,755,840		—
Net asset value per share: (E)
Class A	$	7.53		$	—	$	9.60	$	10.97	$	—
Class C		—			—		—		10.90		—
Class I		7.55			12.60		9.62		11.05		—
Class I2		7.53			12.63		9.62		11.04		—
Class I3		—			—		—		—		9.95
Class R		—			—		—		—		9.95
Class R4		—			—		—		—		9.95
Class R6		7.57	(F)		—		9.62		11.04		—
Maximum offering price per share: (G)
Class A	$	7.97		$	—	$	9.60	$	11.61	$	—
(A) Investments, at cost	$	1,142,766,617		$	503,993,628	$	74,147,446	$	1,864,725,538	$	236,177,142
(B) Securities on loan, at value	$	32,789,063		$	5,549,617	$	189,117	$	49,001,741	$	431,861
(C) Repurchase agreements, at cost	$	18,223,645		$	10,520,084	$	—	$	69,479,327	$	—
(D) Foreign currency, at cost	$	6,143,389		$	42,117	$	35	$	—	$	—

(E)	Net asset value per share for Class C, I, I2, I3, R, R4 and R6 shares represents offering price. The redemption price for Class A and C shares equals net asset value less any applicable contingent deferred sales charge.
(F)	Actual net asset value per share presented differs from calculated net asset value per share due to rounding.
(G)	Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Funds’ Prospectus.

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

Transamerica Funds Annual Report 2019

Page    339

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2019

	Transamerica Large Growth		Transamerica Large Value Opportunities		Transamerica Mid Cap Growth		Transamerica Mid Cap Value Opportunities		Transamerica MLP & Energy Income
Assets:
Investments, at value (A) (B)	$	771,605,237	$	548,448,365	$	232,840,797	$	1,314,433,972	$	254,474,733
Repurchase agreements, at value (C)		—		—		2,875,595		120,084,974		8,731,990
Cash		26,818,497		1,942,627		—		—		127,066
Foreign currency, at value (D)		—		—		—		—		2,057
Receivables and other assets:
Investments sold		1,239,174		—		561,615		—		264,388
Net income from securities lending		9,264		150		1,472		171		188
Shares of beneficial interest sold		2,687		14,320		48,325		2,462,247		28,178
Dividends and/or distributions		223,750		695,324		28,173		455,623		981,965
Interest		—		—		68		2,835		206
Tax reclaims		14,692		—		—		—		—
Total assets		799,913,301		551,100,786		236,356,045		1,437,439,822		264,610,771
Liabilities:
Cash collateral received upon return of:
Securities on loan		1,854,506		838,527		4,430,555		—		12,873,073
Payables and other liabilities:
Investments purchased		2,895,787		—		1,316,695		—		47,973
Shares of beneficial interest redeemed		1,171,866		38,047		24,644		5,586,936		258,889
Investment management fees		431,567		240,716		168,301		885,449		247,920
Distribution and service fees		57,174		38,612		12,171		70,228		13,799
Transfer agent fees		4,855		3,346		3,324		58,457		7,957
Trustees, CCO and deferred compensation fees		2,596		1,969		415		4,702		923
Audit and tax fees		21,369		18,719		21,029		28,747		24,045
Custody fees		25,583		10,342		4,264		30,794		6,241
Legal fees		6,311		4,467		585		12,604		2,293
Printing and shareholder reports fees		27,913		22,376		3,297		106,228		17,122
Registration fees		3,589		3,815		7,307		12,815		5,457
Other accrued expenses		10,809		6,848		2,256		16,926		4,385
Total liabilities		6,513,925		1,227,784		5,994,843		6,813,886		13,510,077
Net assets	$	793,399,376	$	549,873,002	$	230,361,202	$	1,430,625,936	$	251,100,694
Net assets consist of:
Paid-in capital	$	502,066,626	$	532,194,692	$	211,275,051	$	1,247,512,580	$	426,847,351
Total distributable earnings (accumulated losses)		291,332,750		17,678,310		19,086,151		183,113,356		(175,746,657	)
Net assets	$	793,399,376	$	549,873,002	$	230,361,202	$	1,430,625,936	$	251,100,694

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

Transamerica Funds Annual Report 2019

Page    340

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2019

	Transamerica Large Growth		Transamerica Large Value Opportunities		Transamerica Mid Cap Growth		Transamerica Mid Cap Value Opportunities		Transamerica MLP & Energy Income
Net assets by class:
Class A	$	—	$	—	$	11,983,606	$	22,142,801	$	16,362,626
Class C		—		—		1,370,361		19,808,364		11,795,771
Class I		—		—		768,933		512,149,757		14,257,909
Class I2		—		—		156,857,892		277,691,998		208,684,388
Class I3		640,098,655		438,106,746		38,275,008		212,673,739		—
Class R		118,346,210		73,595,932		20,747,970		62,961,314		—
Class R4		34,954,511		38,170,324		357,432		101,136,944		—
Class R6		—		—		—		222,061,019		—
Shares outstanding (unlimited shares, no par value):
Class A		—		—		1,159,820		1,904,225		2,509,036
Class C		—		—		140,651		1,725,854		1,815,599
Class I		—		—		73,523		43,651,982		2,185,534
Class I2		—		—		14,901,271		23,646,017		31,988,680
Class I3		48,895,549		46,983,326		3,640,412		18,028,606		—
Class R		9,105,576		7,888,534		1,985,441		5,347,911		—
Class R4		2,676,010		4,093,244		33,944		8,578,788		—
Class R6		—		—		—		18,772,637		—
Net asset value per share: (E)
Class A	$	—	$	—	$	10.33	$	11.63	$	6.52
Class C		—		—		9.74		11.48		6.50
Class I		—		—		10.46		11.73		6.52
Class I2		—		—		10.53		11.74		6.52
Class I3		13.09		9.32		10.51		11.80		—
Class R		13.00		9.33		10.45		11.77		—
Class R4		13.06		9.33		10.53		11.79		—
Class R6		—		—		—		11.83		—
Maximum offering price per share: (F)
Class A	$	—	$	—	$	10.93	$	12.31	$	6.90
(A) Investments, at cost	$	627,627,256	$	533,340,125	$	216,663,863	$	1,182,185,184	$	247,216,460
(B) Securities on loan, at value	$	1,811,876	$	804,075	$	4,331,431	$	—	$	12,556,892
(C) Repurchase agreements, at cost	$	—	$	—	$	2,875,595	$	120,084,974	$	8,731,990
(D) Foreign currency, at cost	$	—	$	—	$	—	$	—	$	2,062

(E)	Net asset value per share for Class C, I, I2, I3, R, R4 and R6 Class Shares represents offering price. The redemption price for Class A and C shares equal net asset value less any applicable contingent deferred sales charge.
(F)	Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Funds’ Prospectus.

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

Transamerica Funds Annual Report 2019

Page    341

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2019

	Transamerica Multi-Asset Income			Transamerica Multi-Managed Balanced		Transamerica Short-Term Bond			Transamerica Small Cap Core			Transamerica Small Cap Growth
Assets:
Investments, at value (A) (B)	$	236,079,282		$	1,066,152,467	$	3,001,096,142		$	186,448,947		$	153,713,730
Repurchase agreements, at value (C)		2,329,718			12,360,566		36,779,040			2,790,056			7,066,646
Cash		—			—		20,857,799			—			—
Cash collateral pledged at broker for:
TBA commitments		—			79,799		—			—			—
Futures contracts		—			312,000		—			—			—
Receivables and other assets:
Investments sold		1,160,824			1,955,880		—			—			1,297,335
Net income from securities lending		4,082			1,132		706			13,045			1,457
Shares of beneficial interest sold		1,007,777			828,152		8,349,099			17,802			2,787,352
Dividends and/or distributions		191,740			563,771		—			113,697			—
Interest		1,426,297			2,214,413		17,427,703			66			167
Tax reclaims		113,277			1,803		7,046			—			—
Other assets		—			226,100		—			—			—
Total assets		242,312,997			1,084,696,083		3,084,517,535			189,383,613			164,866,687
Liabilities:
Cash collateral received upon return of:
Securities on loan		7,216,856			4,276,270		5,790,085			12,994,028			8,254,865
Payables and other liabilities:
Investments purchased		—			1,947,994		20,798,584			6,514			3,258,027
When-issued, delayed-delivery, forward and TBA commitments purchased		—			65,363,362		—			—			—
Shares of beneficial interest redeemed		41,175			599,572		5,269,862			11,691			64,203
Dividends and/or distributions		—			—		861,918			—			—
Due to custodian		126,277			—		—			—			—
Investment management fees		107,426			550,419		953,145			120,902			98,898
Distribution and service fees		45,763			280,832		403,124			15,365			13,173
Transfer agent fees		19,286			77,623		221,587			1,762			6,867
Trustees, CCO and deferred compensation fees		657			2,656		8,593			724			560
Audit and tax fees		29,030			30,323		38,696			21,515			17,799
Custody fees		6,800			29,943		52,329			8,262			5,999
Legal fees		1,373			7,523		22,247			1,535			1,106
Printing and shareholder reports fees		11,328			58,514		208,353			7,440			12,396
Registration fees		6,488			4,930		11,415			7,350			8,340
Other accrued expenses		3,203			12,102		27,557			3,444			2,934
Variation margin payable on futures contracts		—			26,009		—			—			—
Total liabilities		7,615,662			73,268,072		34,667,495			13,200,532			11,745,167
Net assets	$	234,697,335		$	1,011,428,011	$	3,049,850,040		$	176,183,081		$	153,121,520
Net assets consist of:
Paid-in capital	$	276,354,111		$	776,227,533	$	3,051,820,844		$	202,464,908		$	112,025,477
Total distributable earnings (accumulated losses)		(41,656,776	)		235,200,478		(1,970,804	)		(26,281,827	)		41,096,043
Net assets	$	234,697,335		$	1,011,428,011	$	3,049,850,040		$	176,183,081		$	153,121,520

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

Transamerica Funds Annual Report 2019

Page    342

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2019

	Transamerica Multi-Asset Income		Transamerica Multi-Managed Balanced		Transamerica Short-Term Bond		Transamerica Small Cap Core		Transamerica Small Cap Growth
Net assets by class:
Class A	$	34,730,694	$	558,638,459	$	698,062,235	$	2,758,754	$	14,776,897
Class C		46,600,230		195,174,953		294,497,471		535,541		4,131,125
Class I		153,353,604		244,156,307		1,745,842,685		1,321,142		37,424,040
Class I2		12,807		—		282,640,847		16,035,333		53,600,107
Class I3		—		—		—		118,570,240		26,996,774
Class R		—		—		—		31,787,032		15,868,537
Class R4		—		—		—		5,175,039		251,622
Class R6		—		13,458,292		28,806,802		—		72,418
Shares outstanding (unlimited shares, no par value):
Class A		2,983,770		19,489,397		67,821,562		285,871		2,298,016
Class C		4,021,633		6,943,910		28,668,325		56,508		722,540
Class I		13,169,275		8,474,600		172,615,998		136,235		5,580,971
Class I2		1,150		—		27,968,359		1,650,356		7,848,690
Class I3		—		—		—		12,077,252		3,955,360
Class R		—		—		—		3,244,919		2,359,747
Class R4		—		—		—		527,094		37,011
Class R6		—		467,064		2,849,769		—		10,609
Net asset value per share: (D)
Class A	$	11.64	$	28.66	$	10.29	$	9.65	$	6.43
Class C		11.59		28.11		10.27		9.48		5.72
Class I		11.64		28.81		10.11		9.70		6.71
Class I2		11.14		—		10.11		9.72		6.83
Class I3		—		—		—		9.82		6.83
Class R		—		—		—		9.80		6.72
Class R4		—		—		—		9.82		6.80
Class R6		—		28.81		10.11		—		6.83
Maximum offering price per share: (E)
Class A	$	12.32	$	30.33	$	10.55	$	10.21	$	6.80
(A) Investments, at cost	$	214,451,886	$	857,522,467	$	2,962,382,723	$	190,389,475	$	121,051,335
(B) Securities on loan, at value	$	7,062,921	$	4,188,396	$	5,670,212	$	12,488,443	$	8,083,584
(C) Repurchase agreements, at cost	$	2,329,718	$	12,360,566	$	36,779,040	$	2,790,056	$	7,066,646

(D)	Net asset value per share for Class C, I, I2, I3, R, R4 and R6 shares represents offering price. The redemption price for Class A and C shares equals net asset value less any applicable contingent deferred sales charge.
(E)	Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Funds’ Prospectus.

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

Transamerica Funds Annual Report 2019

Page    343

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2019

	Transamerica Small Cap Value		Transamerica Small/Mid Cap Value		Transamerica Unconstrained Bond			Transamerica US Growth
Assets:
Investments, at value (A) (B)	$	107,984,706	$	809,468,904	$	1,021,775,023		$	1,556,078,518
Repurchase agreements, at value (C)		2,885,014		31,675,636		—			13,591,646
Cash		—		—		2,587,368			—
Cash collateral pledged at broker for:
TBA commitments		—		—		720,000			—
OTC derivatives (E)		—		—		110,000			—
Futures contracts		—		—		60,702			—
Foreign currency, at value (D)		—		—		2,560,916			—
Receivables and other assets:
Investments sold		165,275		747,889		321,932			—
When-issued, delayed-delivery, forward and TBA commitments sold		—		—		534,448			—
Net income from securities lending		22,725		16,181		8,753			19,187
Shares of beneficial interest sold		2,030		636,493		—			1,954,793
Dividends and/or distributions		39,102		270,177		—			793,704
Interest		68		748		6,514,266			321
Tax reclaims		—		—		44,933			393,693
Total assets		111,098,920		842,816,028		1,035,238,341			1,572,831,862
Liabilities:
Cash collateral received upon return of:
Securities on loan		5,132,260		9,495,506		15,946,733			6,596,931
Payables and other liabilities:
Investments purchased		—		19,634		8,987,226			—
When-issued, delayed-delivery, forward and TBA commitments purchased		—		—		13,984,161			—
Shares of beneficial interest redeemed		71,172		1,127,362		10,173			743,087
Investment management fees		71,523		541,350		482,241			857,281
Distribution and service fees		4,978		173,436		—			152,339
Transfer agent fees		2,779		105,968		5,716			146,782
Trustees, CCO and deferred compensation fees		843		2,414		1,810			4,603
Audit and tax fees		18,290		19,394		35,545			22,833
Custody fees		8,088		19,466		44,988			46,058
Legal fees		2,014		6,359		5,311			8,948
Printing and shareholder reports fees		9,817		77,341		26,262			58,984
Registration fees		8,115		9,166		2,525			7,206
Other accrued expenses		4,122		9,177		7,733			18,488
Variation margin payable on futures contracts		—		—		770,151			—
Unrealized depreciation on forward foreign currency contracts		—		—		745,185			—
Unrealized depreciation on unfunded commitments		—		—		4,265			—
Total liabilities		5,334,001		11,606,573		41,060,025			8,663,540
Net assets	$	105,764,919	$	831,209,455	$	994,178,316		$	1,564,168,322
Net assets consist of:
Paid-in capital	$	94,087,400	$	700,429,445	$	1,012,574,846		$	874,009,886
Total distributable earnings (accumulated losses)		11,677,519		130,780,010		(18,396,530	)		690,158,436
Net assets	$	105,764,919	$	831,209,455	$	994,178,316		$	1,564,168,322

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

Transamerica Funds Annual Report 2019

Page    344

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2019

	Transamerica Small Cap Value		Transamerica Small/Mid Cap Value		Transamerica Unconstrained Bond		Transamerica US Growth
Net assets by class:
Class A	$	4,542,743	$	349,550,429	$	—	$	661,542,070
Class C		743,870		116,291,408		—		18,377,631
Class I		15,652,971		296,684,067		868,743		266,729,586
Class I2		52,241,486		20,640,505		993,309,573		491,921,157
Class I3		24,215,677		—		—		—
Class R		7,982,011		—		—		—
Class R4		327,696		—		—		—
Class R6		58,465		48,043,046		—		—
Class T		—		—		—		125,597,878
Shares outstanding (unlimited shares, no par value):
Class A		462,021		13,734,305		—		29,849,375
Class C		76,897		5,378,286		—		897,857
Class I		1,576,535		11,213,812		88,171		11,750,270
Class I2		5,257,095		778,404		101,069,583		21,688,359
Class I3		2,432,441		—		—		—
Class R		803,496		—		—		—
Class R4		32,947		—		—		—
Class R6		5,848		1,803,710		—		—
Class T		—		—		—		1,949,003
Net asset value per share: (F)
Class A	$	9.83	$	25.45	$	—	$	22.16
Class C		9.67		21.62		—		20.47
Class I		9.93		26.46		9.85		22.70
Class I2		9.94		26.52		9.83		22.68
Class I3		9.96		—		—		—
Class R		9.93		—		—		—
Class R4		9.95		—		—		—
Class R6		10.00		26.64		—		—
Class T		—		—		—		64.44
Maximum offering price per share: (G)
Class A	$	10.40	$	26.93	$	—	$	23.45
Class T	$	—	$	—	$	—	$	70.43
(A) Investments, at cost	$	99,188,216	$	683,576,505	$	1,015,927,638	$	984,207,591
(B) Securities on loan, at value	$	4,987,355	$	9,191,052	$	15,621,858	$	6,443,514
(C) Repurchase agreements, at cost	$	2,885,014	$	31,675,636	$	—	$	13,591,646
(D) Foreign currency, at cost	$	—	$	—	$	2,556,363	$	—

(E)	OTC derivatives may include swaps, options and/or swaptions and forward foreign currency contracts.
(F)	Net asset value per share for Class C, I, I2, I3, R, R4 and R6 shares represents offering price. The redemption price for Class A and C shares equals net asset value less any applicable contingent deferred sales charge.
(G)	Maximum offering price per share for Class A and T includes an initial sales charge (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Funds’ Prospectus.

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

Transamerica Funds Annual Report 2019

Page    345

STATEMENTS OF OPERATIONS

For the year ended October 31, 2019

	Transamerica Balanced II			Transamerica Bond			Transamerica Capital Growth			Transamerica Dividend Focused			Transamerica Dynamic Allocation
Investment Income:
Dividend income	$	1,375,964		$	534,542		$	2,182,623		$	17,113,272		$	347,284
Interest income		1,579,506			38,533,300			1,428,090			116,368			13,684
Net income from securities lending		7,380			46,016			975,796			2,915			5,800
Withholding taxes on foreign income		(879	)		(4,895	)		(54,276	)		(76,920	)		—
Total investment income		2,961,971			39,108,963			4,532,233			17,155,635			366,768
Expenses:
Investment management fees		596,161			3,813,490			13,086,524			3,861,296			95,999
Distribution and service fees:
Class A		—			277,422			1,090,378			205,232			20,427
Class B (A)		—			345			3,641			—			—
Class C		—			581,666			1,932,800			48,143			56,213
Class R		372,970			—			—			—			—
Class T1 (B)		—			7			48			17			8
Transfer agent fees
Class A		—			248,239			581,707			31,764			12,554
Class B (A)		—			682			3,326			—			—
Class C		—			55,724			259,058			7,014			7,830
Class I		—			755,603			1,169,072			13,840			2,947
Class I2		—			7,047			12,642			32,822			—
Class I3		3,720			—			—			—			—
Class R		2,071			—			—			—			—
Class R6 (C)		—			1,022			40			320			—
Advisor Class (B)		—			—			234			6			—
Trustees, CCO and deferred compensation fees		3,124			23,459			44,709			13,454			412
Audit and tax fees		35,818			44,024			47,647			26,100			24,218
Custody fees		12,164			103,455			124,011			37,823			7,319
Legal fees		5,927			44,961			87,688			25,624			805
Printing and shareholder reports fees		16,129			186,198			440,937			47,774			7,248
Registration fees		21,130			201,295			204,926			92,095			46,818
Filing fees		12,900			15,804			25,671			17,388			11,213
Other		3,862			25,083			51,611			16,778			523
Total expenses before waiver and/or reimbursement and recapture		1,085,976			6,385,526			19,166,670			4,477,490			294,534
Expenses waived and/or reimbursed:
Class A		—			(1,663	)		(27,042	)		—			(40,629	)
Class B (A)		—			(552	)		(1,899	)		—			—
Class C		—			(849	)		(25,362	)		(1,184	)		(27,193	)
Class I		—			(537,645	)		—			—			(12,482	)
Class I2		—			(1,887	)		—			—			—
Class I3		(2,618	)		—			—			—			—
Class R		(3,817	)		—			—			—			—
Class R6 (C)		—			(228	)		—			—			—
Class T1 (B)		—			—			—			—			(9	)
Advisor Class (B)		—			—			—			(2	)		—
Recapture of previously waived and/or reimbursed fees:
Class A		—			—			27,042			—			1,483
Class C		—			—			25,362			699			1,066
Class I		—			5,882			—			—			564
Net expenses		1,079,541			5,848,584			19,164,771			4,477,003			217,334
Net investment income (loss)		1,882,430			33,260,379			(14,632,538	)		12,678,632			149,434
Net realized gain (loss) on:
Investments		2,521,840			3,159,414			248,206,910			59,286,473			1,379,785
Futures contracts		108,791			—			—			—			—
Foreign currency transactions		—			8,100			(60,166	)		—			—
Net realized gain (loss)		2,630,631			3,167,514			248,146,744			59,286,473			1,379,785
Net change in unrealized appreciation (depreciation) on:
Investments		10,576,845			47,815,352			(178,876,373	)		(27,626,239	)		(615,981	)
Futures contracts		(5,645	)		—			—			—			—
Translation of assets and liabilities denominated in foreign currencies		—			532			3,766			—			—
Net change in unrealized appreciation (depreciation)		10,571,200			47,815,884			(178,872,607	)		(27,626,239	)		(615,981	)
Net realized and change in unrealized gain (loss)		13,201,831			50,983,398			69,274,137			31,660,234			763,804
Net increase (decrease) in net assets resulting from operations	$	15,084,261		$	84,243,777		$	54,641,599		$	44,338,866		$	913,238

(A)	Class ceased operations on May 6, 2019.
(B)	Class ceased operations on February 15, 2019.
(C)	Class R6 commenced operations for Transamerica Capital Growth on October 18, 2019.

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

Transamerica Funds Annual Report 2019

Page    346

STATEMENTS OF OPERATIONS (continued)

For the year ended October 31, 2019

	Transamerica Dynamic Income			Transamerica Emerging Markets Debt			Transamerica Emerging Markets Equity			Transamerica Event Driven			Transamerica Floating Rate
Investment Income:
Dividend income	$	8,840,296		$	100,833		$	26,198,221		$	644,349		$	120,017
Interest income		15,770			44,176,436			135,044			1,165,043			33,207,475
Non-cash dividend income		—			—			5,072,774			—			—
Net income from securities lending		294,459			155,457			796,793			18,167			34,304
Withholding taxes on foreign income		—			(115,084	)		(3,203,890	)		(350	)		—
Total investment income		9,150,525			44,317,642			28,998,942			1,827,209			33,361,796
Expenses:
Investment management fees		976,485			4,080,732			7,594,198			1,253,827			3,548,043
Distribution and service fees:
Class A		147,896			23,526			10,974			—			64,535
Class C		949,371			96,821			11,862			—			198,856
Class T1 (A)		7			7			7			—			7
Transfer agent fees
Class A		73,164			22,381			16,304			—			25,668
Class C		122,827			18,427			2,557			—			19,031
Class I		43,970			502,815			7,756			879			123,194
Class I2		—			11,475			62,219			7,862			29,525
Class R6		—			369			—			—			—
Advisor Class (A)		6			21			7			9			—
Trustees, CCO and deferred compensation fees		4,792			16,204			21,160			2,636			14,225
Audit and tax fees		27,183			42,239			55,677			42,364			49,063
Custody fees		3,197			114,959			208,145			30,197			156,254
Legal fees		8,987			30,078			52,878			5,344			27,872
Printing and shareholder reports fees		97,087			113,913			95,407			11,960			80,628
Registration fees		55,970			94,844			68,379			32,934			63,954
Filing fees		23,949			15,794			13,714			10,854			13,077
Dividends, interest and fees for borrowings from securities sold short		—			—			—			196,094			—
Other		6,061			20,316			30,980			4,016			18,796
Total expenses before waiver and/or reimbursement and recapture		2,540,952			5,204,921			8,252,224			1,598,976			4,432,728
Expenses waived and/or reimbursed:
Class A		(43,680	)		(4,310	)		(1,134	)		—			(10,999	)
Class C		(77,138	)		—			(86	)		—			(6,710	)
Class I		(23,027	)		—			(595	)		(1,228	)		(50,520	)
Class I2		—			—			(77,603	)		(69,871	)		—
Advisor Class (A)		(4	)		—			—			(13	)		—
Recapture of previously waived and/or reimbursed fees:
Class A		1,296			4,310			544			—			6,421
Class C		6,423			—			—			—			4,340
Class I		941			—			—			604			22,089
Class I2		—			—			—			94,536			—
Net expenses		2,405,763			5,204,921			8,173,350			1,623,004			4,397,349
Net investment income (loss)		6,744,762			39,112,721			20,825,592			204,205			28,964,447
Net realized gain (loss) on:
Investments		(3,123,023	)		(6,539,970	)(B)		(64,226,955	)		1,138,892			(11,288,973	)
Securities sold short		—			—			—			767,315			—
Written options and swaptions		—			—			—			210,287			—
Swap agreements		—			—			—			207,702			—
Futures contracts		—			—			—			(1,035,617	)		—
Forward foreign currency contracts		—			(1,468,144	)		—			94,846			—
Foreign currency transactions		—			(96,662	)		(451,872	)		88,806			—
Net realized gain (loss)		(3,123,023	)		(8,104,776	)		(64,678,827	)		1,472,231			(11,288,973	)
Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments		13,050,499			36,271,246	(C)		108,406,256			4,967,636			(2,833,403	)
Unfunded commitment		—			—			—			—			(3,400	)
Securities sold short		—			—			—			(2,228,817	)		—
Written options and swaptions		—			—			—			(5,813	)		—
Swap agreements		—			—			—			(73,989	)		—
Futures contracts		—			—			—			(87,907	)		—
Forward foreign currency contracts		—			1,382,989			—			(61,140	)		—
Translation of assets and liabilities denominated in foreign currencies		—			217,537			13,779			330,647			—
Net change in unrealized appreciation (depreciation)		13,050,499			37,871,772			108,420,035			2,840,617			(2,836,803	)
Net realized and change in unrealized gain (loss)		9,927,476			29,766,996			43,741,208			4,312,848			(14,125,776	)
Net increase (decrease) in net assets resulting from operations	$	16,672,238		$	68,879,717		$	64,566,800		$	4,517,053		$	14,838,671

(A)	Class ceased operations on February 15, 2019.
(B)	Includes net of realized foreign capital gains tax of $3,094.
(C)	Includes net change in foreign capital gains tax of $(98,629).

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

Transamerica Funds Annual Report 2019

Page    347

STATEMENTS OF OPERATIONS (continued)

For the year ended October 31, 2019

	Transamerica Global Equity			Transamerica Government Money Market			Transamerica High Quality Bond			Transamerica High Yield Bond			Transamerica High Yield Muni
Investment Income:
Dividend income	$	2,437,301		$	—		$	—		$	2,677,226		$	90,520
Interest income		13,202			29,782,971			7,469,742			86,476,551			4,631,750
Net income from securities lending		15,343			—			4,967			597,337			1,619
Withholding taxes on foreign income		(174,572	)		—			—			—			—
Total investment income		2,291,274			29,782,971			7,474,709			89,751,114			4,723,889
Expenses:
Investment management fees		877,186			2,997,858			954,248			8,073,470			560,906
Distribution and service fees:
Class A		131,975			472,060			—			218,091			64,007
Class B (A)		865			1,762			—			391			—
Class C		157,586			120,549			—			296,500			114,866
Class R		—			—			64,142			188,183			—
Class R2		—			2,010,561			—			—			—
Class R4		—			366,331			94,078			942,554			—
Class T1 (B)		8			—			—			7			8
Transfer agent fees
Class A		122,818			210,671			—			192,039			15,726
Class B (A)		941			1,258			—			593			—
Class C		29,186			14,019			—			41,134			8,424
Class I		38,141			40,798			—			90,048			69,980
Class I2		—			380			—			34,947			—
Class I3		—			7,152			15,049			21,752			—
Class R		—			—			—			52,930			—
Class R2		—			2,490,492			—			—			—
Class R4		—			10,990			2,822			28,277			—
Class R6		68			—			—			2,749			—
Advisor Class (B)		7			—			—			9			—
Trustees, CCO and deferred compensation fees		2,640			31,555			6,166			34,647			2,583
Audit and tax fees		19,174			31,402			38,047			48,477			42,430
Custody fees		23,376			162,849			28,601			132,990			41,757
Legal fees		5,076			116,517			12,433			65,480			4,977
Printing and shareholder reports fees		27,721			146,814			21,416			115,030			18,288
Registration fees		88,320			130,427			34,993			153,778			78,725
Filing fees		14,857			23,441			10,919			27,366			7,841
Other		3,264			49,232			8,034			41,830			3,158
Total expenses before waiver and/or reimbursement and recapture		1,543,209			9,437,118			1,290,948			10,803,272			1,033,676
Expenses waived and/or reimbursed:
Class A		(97,975	)		(7,016	)		—			(33,227	)		(37,785	)
Class B (A)		(959	)		(928	)		—			(547	)		—
Class C		(30,558	)		(1,060	)		—			(3,610	)		(35,242	)
Class I		(29,718	)		(3,684	)		—			(4,082	)		(59,242	)
Class I2		—			—			—			(12,029	)		—
Class I3		—			(227	)		(7,845	)		(9,383	)		—
Class R		—			—			(393	)		(61,948	)		—
Class R2		—			(405,211	)		—			—			—
Class R4		—			(66,995	)		(22,814	)		(120,069	)		—
Class R6		(208	)		—			—			(758	)		—
Class T1 (B)		—			—			—			—			(3	)
Advisor Class (B)		(6	)		—			—			—			—
Recapture of previously waived and/or reimbursed fees:
Class A		27,055			155,542			—			—			3,541
Class B		—			1,076			—			—			—
Class C		16,842			45,466			—			518			1,290
Class I		27,550			3			—			4,082			7,741
Class I2		—			29,507			—			—			—
Class I3		—			3,128			—			48			—
Class R		—			—			—			836			—
Class R4		—			144			3,650			10,215			—
Class R6		208			—			—			—			—
Net expenses		1,455,440			9,186,863			1,263,546			10,573,318			913,976
Net investment income (loss)		835,834			20,596,108			6,211,163			79,177,796			3,809,913

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

Transamerica Funds Annual Report 2019

Page    348

STATEMENTS OF OPERATIONS (continued)

For the year ended October 31, 2019

	Transamerica Global Equity			Transamerica Government Money Market		Transamerica High Quality Bond		Transamerica High Yield Bond			Transamerica High Yield Muni
Net realized gain (loss) on:
Investments	$	4,697,132		$	—	$	606,443	$	(11,005,992	)	$	(297,921	)
Foreign currency transactions		(13,163	)		—		—		—			—
Net realized gain (loss)		4,683,969			—		606,443		(11,005,992	)		(297,921	)
Net change in unrealized appreciation (depreciation) on:
Investments		2,169,572			—		6,034,498		35,803,758			5,968,897
Translation of assets and liabilities denominated in foreign currencies		(157	)		—		—		—			—
Net change in unrealized appreciation (depreciation)		2,169,415			—		6,034,498		35,803,758			5,968,897
Net realized and change in unrealized gain (loss)		6,853,384			—		6,640,941		24,797,766			5,670,976
Net increase (decrease) in net assets resulting from operations	$	7,689,218		$	20,596,108	$	12,852,104	$	103,975,562		$	9,480,889

(A)	Class ceased operations on May 6, 2019.
(B)	Class ceased operations on February 15, 2019.

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

Transamerica Funds Annual Report 2019

Page    349

STATEMENTS OF OPERATIONS (continued)

For the year ended October 31, 2019

	Transamerica Inflation Opportunities			Transamerica Inflation-Protected Securities			Transamerica Intermediate Bond			Transamerica Intermediate Muni			Transamerica International Equity
Investment Income:
Dividend income	$	3,143		$	—		$	183,700		$	270,175		$	166,891,439
Interest income		3,601,967			2,674,140			89,573,033			47,474,456			572,479
Net income from securities lending		1,217			845			129,173			—			1,392,061
Withholding taxes on foreign income		—			—			(7,084	)		—			(13,812,593	)
Total investment income		3,606,327			2,674,985			89,878,822			47,744,631			155,043,386
Expenses:
Investment management fees		815,997			466,491			10,578,580			6,408,346			35,122,966
Distribution and service fees:
Class A		1,865			—			—			598,872			455,103
Class C		4,705			—			—			1,436,763			529,979
Class R		—			48,663			323,175			—			170,306
Class R4		—			13,307			464,140			—			42,437
Class T1 (A)		7			—			—			7			14
Transfer agent fees
Class A		885			—			—			111,615			487,260
Class C		479			—			—			94,049			106,564
Class I		3,659			—			—			1,187,800			2,386,493
Class I2		10,226			—			144,129			—			145,882
Class I3		—			8,078			48,303			—			15,847
Class R		—			—			1,754			—			936
Class R4		—			399			13,924			—			1,273
Class R6		4			—			—			—			16,691
Advisor Class (A)		—			—			—			532			1,334
Trustees, CCO and deferred compensation fees		3,491			3,033			70,010			37,493			123,153
Audit and tax fees		37,787			37,922			66,528			56,936			72,248
Custody fees		29,840			22,016			219,326			232,988			563,051
Legal fees		6,693			7,921			136,859			72,023			239,376
Printing and shareholder reports fees		14,002			8,899			249,992			217,613			999,569
Registration fees		62,611			31,629			68,132			187,879			264,793
Filing fees		8,418			8,812			37,611			23,864			67,483
Other		4,500			4,127			113,543			44,642			162,343
Total expenses before waiver and/or reimbursement and recapture		1,005,169			661,297			12,536,006			10,711,422			41,975,101
Expenses waived and/or reimbursed:
Class A		(666	)		—			—			(239,548	)		(98,681	)
Class C		(357	)		—			—			(359,191	)		—
Class I		(3,508	)		—			—			(296,110	)		—
Class I2		—			—			(12,599	)		—			—
Class I3		—			(41,052	)		(8,593	)		—			—
Class R		—			(7,599	)		(573	)		—			—
Class R4		—			(11,909	)		(33,189	)		—			—
Class T1 (A)		—			—			—			(3	)		—
Recapture of previously waived and/or reimbursed fees:
Class A		162			—			—			—			48,304
Class C		118			—			—			—			—
Class I		1,418			—			—			—			—
Class I3		—			22,362			—			—			—
Class R		—			9,355			—			—			—
Class R4		—			7,143			2,366			—			—
Net expenses		1,002,336			639,597			12,483,418			9,816,570			41,924,724
Net investment income (loss)		2,603,991			2,035,388			77,395,404			37,928,061			113,118,662
Net realized gain (loss) on:
Investments		(744,145	)		(680,539	)		36,073,363			1,651,178			(107,628,308	)
Forward foreign currency contracts		1,371,161			626,603			—			—			—
Foreign currency transactions		(96,816	)		(15,489	)		—			—			(597,851	)
Net realized gain (loss)		530,200			(69,425	)		36,073,363			1,651,178			(108,226,159	)
Net change in unrealized appreciation (depreciation) on:
Investments		10,199,760			8,498,598			187,891,216			92,728,203			352,189,450
Forward foreign currency contracts		(1,151,958	)		(416,557	)		—			—			—
Translation of assets and liabilities denominated in foreign currencies		7,889			2,318			105,537			—			386,761
Net change in unrealized appreciation (depreciation)		9,055,691			8,084,359			187,996,753			92,728,203			352,576,211
Net realized and change in unrealized gain (loss)		9,585,891			8,014,934			224,070,116			94,379,381			244,350,052
Net increase (decrease) in net assets resulting from operations	$	12,189,882		$	10,050,322		$	301,465,520		$	132,307,442		$	357,468,714

(A) Class ceased operations on February 15, 2019.

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

Transamerica Funds Annual Report 2019

Page    350

STATEMENTS OF OPERATIONS (continued)

For the year ended October 31, 2019

	Transamerica International Growth			Transamerica International Small Cap Value			Transamerica International Stock			Transamerica Large Cap Value			Transamerica Large Core
Investment Income:
Dividend income	$	36,814,607		$	20,831,506		$	261,723		$	56,606,599		$	5,702,588
Interest income		164,000			83,967			7			723,735			—
Net income from securities lending		558,563			205,403			358			101,074			1,967
Withholding taxes on foreign income		(3,754,928	)		(1,863,485	)		(24,998	)		(303,374	)		—
Total investment income		33,782,242			19,257,391			237,090			57,128,034			5,704,555
Expenses:
Investment management fees		8,526,888			5,873,732			70,075			13,288,199			1,164,166
Distribution and service fees:
Class A		226			—			1,169			225,013			—
Class C		—			—			—			456,971			—
Class R		—			—			—			—			333,448
Class R4		—			—			—			—			12,794
Class T1 (A)		—			—			—			7			—
Transfer agent fees
Class A		626			—			80			129,147			—
Class C		—			—			—			60,687			—
Class I		98			197,446			498			376,100			—
Class I2		84,255			32,373			646			117,459			—
Class I3		—			—			—			—			14,034
Class R		—			—			—			—			1,911
Class R4		—			—			—			—			384
Class R6		—			—			35			2,244			—
Advisor Class (A)		—			—			—			1,031			—
Trustees, CCO and deferred compensation fees		27,733			15,037			144			51,563			6,453
Audit and tax fees		25,201			28,960			22,833			43,360			24,481
Custody fees		70,934			135,788			17,960			129,827			25,580
Legal fees		53,299			30,006			11,491			101,142			12,653
Printing and shareholder reports fees		138,359			67,328			37,493			282,791			22,545
Registration fees		55,236			30,780			120,034			140,751			33,522
Filing fees		20,801			11,658			4,422			34,317			10,935
Other		73,484			21,952			332			65,320			7,986
Total expenses before waiver and/or reimbursement and recapture		9,077,140			6,445,060			287,212			15,505,929			1,670,892
Expenses waived and/or reimbursed:
Class A		(498	)		—			(31,895	)		—			—
Class I		(61	)		—			(33,077	)		(66,883	)		—
Class I2		—			—			(174,743	)		—			—
Class I3		—			—			—			—			(672	)
Class R4		—			—			—			—			(15	)
Class R6		—			—			(31,584	)		—			—
Recapture of previously waived and/or reimbursed fees:
Class A		31			—			23,162			—			—
Class I		2			—			23,802			—			—
Class I2		—			—			14,716			—			—
Class I3		—			—			—			—			112,028
Class R		—			—			—			—			37,697
Class R4		—			—			—			—			5,920
Class R6		—			—			23,044			—			—
Net expenses		9,076,614			6,445,060			100,637			15,439,046			1,825,850
Net investment income (loss)		24,705,628			12,812,331			136,453			41,688,988			3,878,705
Net realized gain (loss) on:
Investments		(61,035,258	)		(25,859,671	)		(177,644	)		22,290,004			(622,268	)
Foreign currency transactions		(1,027,329	)		92,195			(127,716	)		—			—
Net realized gain (loss)		(62,062,587	)		(25,767,476	)		(305,360	)		22,290,004			(622,268	)
Net change in unrealized appreciation (depreciation) on:
Investments		196,103,364			62,088,173			2,715,338			(6,265,871	)		22,256,766
Translation of assets and liabilities denominated in foreign currencies		139,880			8,934			992			—			—
Net change in unrealized appreciation (depreciation)		196,243,244			62,097,107			2,716,330			(6,265,871	)		22,256,766
Net realized and change in unrealized gain (loss)		134,180,657			36,329,631			2,410,970			16,024,133			21,634,498
Net increase (decrease) in net assets resulting from operations	$	158,886,285		$	49,141,962		$	2,547,423		$	57,713,121		$	25,513,203

(A) Class ceased operations on February 15, 2019.

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

Transamerica Funds Annual Report 2019

Page    351

STATEMENTS OF OPERATIONS (continued)

For the period ended October 31, 2019

	Transamerica Large Growth			Transamerica Large Value Opportunities			Transamerica Mid Cap Growth			Transamerica Mid Cap Value Opportunities			Transamerica MLP & Energy Income
Investment Income:
Dividend income	$	6,371,522		$	16,346,454		$	445,202		$	28,049,289		$	10,963,125
Interest income		5,469			44			29,641			1,397,842			297,527
Net income from securities lending		29,266			446			30,283			206,573			18,269
Withholding taxes on foreign income		(36,964	)		(5,738	)		—			—			(343,895	)
Total investment income		6,369,293			16,341,206			505,126			29,653,704			10,935,026
Expenses:
Investment management fees		5,211,494			2,515,715			644,795			11,126,146			3,221,509
Distribution and service fees:
Class A		—			—			26,099			147,304			47,686
Class C		—			—			13,156			187,845			138,796
Class R		644,746			408,523			98,321			326,446			—
Class R4		92,375			102,809			7,135			803,197			—
Class T1 (A)		—			—			7			8			7
Transfer agent fees
Class A		—			—			19,781			198,800			35,654
Class C		—			—			2,479			26,835			30,367
Class I		—			—			855			441,240			18,534
Class I2		—			—			1,285			21,002			17,733
Class I3		47,690			33,243			2,931			16,374			—
Class R		3,649			2,276			546			2,033			—
Class R4		2,771			3,084			214			24,096			—
Class R6		—			—			—			15,643			—
Advisor Class (A)		—			—			6			6			5
Trustees, CCO and deferred compensation fees		19,972			14,098			1,903			39,801			7,135
Audit and tax fees		31,070			26,260			25,760			44,993			36,236
Custody fees		87,137			41,012			17,226			117,633			25,313
Legal fees		40,915			27,295			2,721			78,257			14,158
Printing and shareholder reports fees		67,670			47,223			5,582			263,479			43,064
Registration fees		39,753			39,339			82,184			152,960			63,995
Filing fees		21,254			14,670			12,940			30,363			9,867
Other		24,844			17,570			1,632			49,589			9,382
Total expenses before waiver and/or reimbursement and recapture		6,335,340			3,293,117			967,558			14,114,050			3,719,441
Expenses waived and/or reimbursed:
Class A		—			—			(15,235	)		(200,579	)		(8,830	)
Class C		—			—			(2,220	)		(5,321	)		(11,062	)
Class I		—			—			(770	)		(54,193	)		—
Class I2		—			—			(6,076	)		(9,477	)		—
Class I3		(25,498	)		(12	)		(40,103	)		(9,172	)		—
Class R		(4,895	)		(3,354	)		(26,353	)		(5,826	)		—
Class R4		(20,283	)		(1,618	)		(9,681	)		(337,696	)		—
Class R6		—			—			—			(5,714	)		—
Class T1 (A)		—			—			(2	)		—			—
Advisor Class (A)		—			—			(5	)		—			(1	)
Recapture of previously waived and/or reimbursed fees:
Class A		—			—			3,180			71,284			2,507
Class C		—			—			454			6			1,989
Class I		—			—			123			435			—
Class I2		—			—			1,029			—			—
Class I3		—			34,858			25,665			—			—
Class R		—			13,792			21,490			6,827			—
Class R4		2,184			4,916			4,559			8,195			—
Net expenses		6,286,848			3,341,699			923,613			13,572,819			3,704,044
Net investment income (loss)		82,445			12,999,507			(418,487	)		16,080,885			7,230,982
Net realized gain (loss) on:
Investments		138,713,909			(336,389	)		3,052,135			34,759,911			(13,450,549	)
Foreign currency transactions		(22,695	)		—			—			—			1,740
Net realized gain (loss)		138,691,214			(336,389	)		3,052,135			34,759,911			(13,448,809	)
Net change in unrealized appreciation (depreciation) on:
Investments		(21,407,826	)		27,803,045			17,944,621			86,789,438			6,924,703
Translation of assets and liabilities denominated in foreign currencies		(224	)		—			—			—			464
Net change in unrealized appreciation (depreciation)		(21,408,050	)		27,803,045			17,944,621			86,789,438			6,925,167
Net realized and change in unrealized gain (loss)		117,283,164			27,466,656			20,996,756			121,549,349			(6,523,642	)
Net increase (decrease) in net assets resulting from operations	$	117,365,609		$	40,466,163		$	20,578,269		$	137,630,234		$	707,340

(A) Class ceased operations on February 15, 2019.

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

Transamerica Funds Annual Report 2019

Page    352

STATEMENTS OF OPERATIONS (continued)

For the period ended October 31, 2019

	Transamerica Multi-Asset Income			Transamerica Multi-Managed Balanced			Transamerica Short-Term Bond			Transamerica Small Cap Core			Transamerica Small Cap Growth
Investment Income:
Dividend income	$	3,678,959		$	10,730,500		$	—		$	3,280,617		$	655,481
Interest income		4,904,635			12,197,322			96,941,160			55,209			84,288
Net income from securities lending		54,410			54,584			27,621			59,495			17,521
Withholding taxes on foreign income		(22,667	)		(8,082	)		(7,829	)		(15,414	)		—
Total investment income		8,615,337			22,974,324			96,960,952			3,379,907			757,290
Expenses:
Investment management fees		1,151,432			6,290,090			13,372,059			1,591,509			1,212,119
Distribution and service fees:
Class A		74,288			1,348,061			1,690,938			7,573			37,954
Class B (A)		—			4,188			—			—			—
Class C		406,201			1,891,625			3,514,794			5,884			43,920
Class R		—			—			—			191,529			80,604
Class R4		—			—			—			13,155			7,161
Class T1 (B)		8			8			7			7			64
Transfer agent fees
Class A		37,008			452,199			429,848			6,335			29,348
Class B (A)		—			4,393			—			—			—
Class C		42,755			178,969			342,003			925			6,851
Class I		117,392			267,612			1,674,853			1,904			39,536
Class I2		—			—			20,222			1,337			2,583
Class I3		—			—			—			9,377			2,162
Class R		—			—			—			1,043			463
Class R4		—			—			—			395			215
Class R6		—			713			1,797			—			4
Advisor Class (B)		66			48			3,667			6			8
Trustees, CCO and deferred compensation fees		4,537			24,006			70,972			4,752			3,470
Audit and tax fees		42,567			43,288			63,870			27,545			23,164
Custody fees		28,542			119,979			200,703			34,531			25,893
Legal fees		8,749			46,214			136,028			9,191			6,795
Printing and shareholder reports fees		35,314			131,973			471,584			18,663			31,395
Registration fees		78,152			104,384			206,671			83,312			113,028
Filing fees		8,506			24,113			40,538			13,796			13,733
Other		5,338			31,729			87,537			6,173			4,373
Total expenses before waiver and/or reimbursement and recapture		2,040,855			10,963,592			22,328,091			2,028,942			1,684,843
Expenses waived and/or reimbursed:
Class A		(3,436	)		—			—			(3,940	)		(18,712	)
Class B (A)		—			(2,542	)		—			—			—
Class C		(1,909	)		—			—			(506	)		(3,958	)
Class I		(55,842	)		—			—			(800	)		(26,169	)
Class I2		(3	)		—			—			(2,310	)		(22,853	)
Class I3		—			—			—			(18,332	)		(13,520	)
Class R		—			—			—			(3,053	)		(6,043	)
Class R4		—			—			—			(4,936	)		(4,307	)
Class R6		—			—			—			—			(25	)
Class T1 (B)		—			—			—			(1	)		(15	)
Advisor Class (B)		(20	)		—			—			(2	)		(4	)
Recapture of previously waived and/or reimbursed fees:
Class A		3,436			—			—			74			583
Class C		1,909			—			—			61			193
Class I		31,663			—			—			160			3,146
Class I2		12			—			—			937			9,958
Class I3		—			—			—			8,554			597
Class R4		—			—			—			164			408
Net expenses		2,016,665			10,961,050			22,328,091			2,005,012			1,604,122
Net investment income (loss)		6,598,672			12,013,274			74,632,861			1,374,895			(846,832	)
Net realized gain (loss) on:
Investments		844,157			29,396,916			1,541,076			(17,271,902	)		9,471,121
Futures contracts		—			663,802			—			—			—
Foreign currency transactions		(4,756	)		—			—			17			—
Net realized gain (loss)		839,401			30,060,718			1,541,076			(17,271,885	)		9,471,121

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

Transamerica Funds Annual Report 2019

Page    353

STATEMENTS OF OPERATIONS (continued)

For the period ended October 31, 2019

	Transamerica Multi-Asset Income		Transamerica Multi-Managed Balanced		Transamerica Short-Term Bond		Transamerica Small Cap Core			Transamerica Small Cap Growth
Net change in unrealized appreciation (depreciation) on:
Investments	$	13,834,460	$	70,623,364	$	66,195,032	$	2,462,377		$	6,481,845
Futures contracts		—		424,563		—		—			—
Translation of assets and liabilities denominated in foreign currencies		2,336		—		—		—			—
Net change in unrealized appreciation (depreciation)		13,836,796		71,047,927		66,195,032		2,462,377			6,481,845
Net realized and change in unrealized gain (loss)		14,676,197		101,108,645		67,736,108		(14,809,508	)		15,952,966
Net increase (decrease) in net assets resulting from operations	$	21,274,869	$	113,121,919	$	142,368,969	$	(13,434,613	)	$	15,106,134

(A)	Class ceased operations on May 6, 2019.
(B)	Class ceased operations on February 15, 2019.

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

Transamerica Funds Annual Report 2019

Page    354

STATEMENTS OF OPERATIONS (continued)

For the year ended October 31, 2019

	Transamerica Small Cap Value			Transamerica Small/Mid Cap Value			Transamerica Unconstrained Bond			Transamerica US Growth
Investment Income:
Dividend income	$	3,593,507		$	14,594,786		$	1,182,850		$	9,454,923
Interest income		75,906			343,017			33,477,651			158,071
Net income from securities lending		308,809			168,151			174,001			36,191
Withholding taxes on foreign income		—			(12,415	)		—			(36,686	)
Total investment income		3,978,222			15,093,539			34,834,502			9,612,499
Expenses:
Investment management fees		1,909,123			6,325,627			4,638,198			7,904,491
Distribution and service fees:
Class A		10,121			853,746			—			1,465,872
Class B (A)		—			1,912			—			14,189
Class C		7,276			1,424,753			—			145,034
Class R		42,812			—			—			—
Class R4		614			—			—			—
Class T1 (B)		7			8			—			9
Transfer agent fees
Class A		8,894			742,738			—			1,047,204
Class B (A)		—			2,343			—			11,791
Class C		898			223,462			—			29,621
Class I		15,068			307,198			1,153			275,320
Class I2		13,883			1,478			52,340			17,184
Class I3		1,915			—			—			—
Class R		239			—			—			—
Class R4		18			—			—			—
Class R6		4			2,144			—			—
Class T		—			—			—			84,016
Advisor Class (B)		6			185			6			8
Trustees, CCO and deferred compensation fees		6,095			20,258			17,069			28,434
Audit and tax fees		24,165			28,505			55,584			33,464
Custody fees		35,683			72,175			162,112			63,311
Legal fees		12,253			39,081			33,981			52,825
Printing and shareholder reports fees		29,029			176,064			74,212			152,678
Registration fees		95,400			142,477			42,865			101,719
Filing fees		15,111			21,964			12,717			23,900
Other		7,966			24,913			22,081			62,984
Total expenses before waiver and/or reimbursement and recapture		2,236,580			10,411,031			5,112,318			11,514,054
Expenses waived and/or reimbursed:
Class A		(4,678	)		—			—			—
Class B (A)		—			(1,774	)		—			(5,743	)
Class C		(292	)		—			—			(22,379	)
Class I		(3,190	)		—			(8	)		—
Class I2		(6,841	)		—			(7,193	)		—
Class I3		(1,032	)		—			—			—
Class R		(299	)		—			—			—
Class R4		(215	)		—			—			—
Class R6		(2	)		—			—			—
Advisor Class (B)		(1	)		—			—			—
Recapture of previously waived and/or reimbursed fees:
Class A		846			—			—			—
Class C		129			—			—			22,379
Class I		1,716			—			—			—
Class R4		87			—			—			—
Net expenses		2,222,808			10,409,257			5,105,117			11,508,311
Net investment income (loss)		1,755,414			4,684,282			29,729,385			(1,895,812	)
Net realized gain (loss) on:
Investments		1,890,717			13,395,335			(11,588,371	)		121,338,133
Futures contracts		—			—			(12,744,358	)		—
Forward foreign currency contracts		—			—			(5,233	)		—
Foreign currency transactions		(5	)		—			(613,070	)		—
Net realized gain (loss)		1,890,712			13,395,335			(24,951,032	)		121,338,133

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

Transamerica Funds Annual Report 2019

Page    355

STATEMENTS OF OPERATIONS (continued)

For the year ended October 31, 2019

	Transamerica Small Cap Value		Transamerica Small/Mid Cap Value		Transamerica Unconstrained Bond			Transamerica US Growth
Net change in unrealized appreciation (depreciation) on:
Investments	$	1,953,462	$	41,061,548	$	26,114,656		$	88,291,273
Unfunded commitment		—		—		(4,033	)		—
Futures contracts		—		—		(503,609	)		—
Forward foreign currency contracts		—		—		(987,091	)		—
Translation of assets and liabilities denominated in foreign currencies		6		—		54,644			(3,290	)
Net change in unrealized appreciation (depreciation)		1,953,468		41,061,548		24,674,567			88,287,983
Net realized and change in unrealized gain (loss)		3,844,180		54,456,883		(276,465	)		209,626,116
Net increase (decrease) in net assets resulting from operations	$	5,599,594	$	59,141,165	$	29,452,920		$	207,730,304

(A)	Class ceased operations on May 6, 2019.
(B)	Class ceased operations on February 15, 2019.

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

Transamerica Funds Annual Report 2019

Page    356

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended:

	Transamerica Balanced II						Transamerica Bond						Transamerica Capital Growth
	October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018
From operations:
Net investment income (loss)	$	1,882,430		$	2,013,120		$	33,260,379		$	19,665,802		$	(14,632,538	)	$	(7,731,018	)
Net realized gain (loss)		2,630,631			1,536,510			3,167,514			(582,496	)		248,146,744			67,937,248
Net change in unrealized appreciation (depreciation)		10,571,200			(235,662	)		47,815,884			(21,519,364	)		(178,872,607	)		56,011,941
Net increase (decrease) in net assets resulting from operations		15,084,261			3,313,968			84,243,777			(2,436,058	)		54,641,599			116,218,171
Distributions to shareholders:
Class A		—			—			(3,599,802	)		(2,976,214	)		(16,845,243	)		(43,513,097	)
Class B (A)		—			—			(928	)		(8,013	)		(41,993	)		(359,311	)
Class C		—			—			(1,514,060	)		(1,421,858	)		(8,569,291	)		(20,055,109	)
Class I		—			—			(24,398,329	)		(10,582,642	)		(29,773,771	)		(55,327,406	)
Class I2		—			—			(3,545,254	)		(4,492,263	)		(13,510,949	)		(65,956,671	)
Class I3		(2,359,981	)		(1,119,238	)		—			—			—			—
Class R		(3,396,677	)		(1,383,991	)		—			—			—			—
Class R6 (B)		—			—			(503,661	)		(321,402	)		—			—
Class T1 (C)		—			—			(118	)		(514	)		(2,954	)		(11,709	)
Advisor Class (C)		—			—			—			(1,268	)		(16,460	)		(5,364	)
Net increase (decrease) in net assets resulting from distributions to shareholders		(5,756,658	)		(2,503,229	)		(33,562,152	)		(19,804,174	)		(68,760,661	)		(185,228,667	)
Capital share transactions:
Proceeds from shares sold:
Class A		—			—			75,784,620			34,165,272			163,954,427			210,615,143
Class B (A)		—			—			1,616			79,777			18,955			72,154
Class C		—			—			45,576,088			15,182,942			103,162,094			93,876,218
Class I		—			—			867,375,933			306,757,666			785,845,665			635,496,801
Class I2		—			—			239,618			6,223,598			3,794,193			18,539,341
Class I3		590,339			1,090,664			—			—			—			—
Class R		2,972,488			4,334,814			—			—			—			—
Class R6 (B)		—			—			11,408,787			5,495,156			204,903			—
Class T1 (C)		—			—			—			—			9,700			71,600
Advisor Class (C)		—			—			—			186,181			3,800			382,462
		3,562,827			5,425,478			1,000,386,662			368,090,592			1,056,993,737			959,053,719
Issued from fund acquisition:
Class I2		—			—			—			—			171,778,728			—
Class R6 (B)		—			—			—			—			14,982,875			—
		—			—			—			—			186,761,603			—
Dividends and/or distributions reinvested:
Class A		—			—			3,182,834			2,599,757			15,744,346			42,819,001
Class B (A)		—			—			881			7,829			41,964			357,982
Class C		—			—			1,260,503			1,153,551			8,420,392			19,328,218
Class I		—			—			18,490,111			8,614,351			29,370,611			54,098,365
Class I2		—			—			3,545,254			4,492,263			13,510,949			65,956,671
Class I3		2,359,981			1,119,238			—			—			—			—
Class R		3,396,677			1,383,991			—			—			—			—
Class R6 (B)		—			—			503,661			321,402			—			—
Class T1 (C)		—			—			101			393			2,954			11,709
Advisor Class (C)		—			—			—			652			16,460			5,364
		5,756,658			2,503,229			26,983,345			17,190,198			67,107,676			182,577,310
Cost of shares redeemed:
Class A		—			—			(41,940,624	)		(32,073,539	)		(146,505,845	)		(99,359,362	)
Class B (A)		—			—			(48,203	)		(111,196	)		(22,933	)		(209,205	)
Class C		—			—			(12,567,104	)		(15,901,194	)		(45,651,712	)		(24,538,488	)
Class I		—			—			(233,374,752	)		(89,887,771	)		(475,600,960	)		(246,590,786	)
Class I2		—			—			(25,998,005	)		(23,364,274	)		(35,163,964	)		(115,092,349	)
Class I3		(6,385,554	)		(8,691,683	)		—			—			—			—
Class R		(23,822,041	)		(15,153,991	)		—			—			—			—
Class R6 (B)		—			—			(2,017,577	)		(2,580,180	)		(95,904	)		—
Class T1 (C)		—			—			(10,527	)		(9,551	)		(75,200	)		(30,000	)
Advisor Class (C)		—			—			—			(197,200	)		(426,071	)		(6,333	)
		(30,207,595	)		(23,845,674	)		(315,956,792	)		(164,124,905	)		(703,542,589	)		(485,826,523	)
Automatic conversions:
Class A		—			—			71,198			378,629			879,020			991,771
Class B		—			—			(71,198	)		(378,629	)		(879,020	)		(991,771	)
		—			—			—			—			—			—

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

Transamerica Funds Annual Report 2019

Page    357

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Balanced II						Transamerica Bond						Transamerica Capital Growth
	October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018
Automatic conversions:
Class A	$	—		$	—		$	2,053,180		$	2,793,123		$	5,022,289		$	15,746,478
Class C		—			—			(2,053,180	)		(2,793,123	)		(5,022,289	)		(15,746,478	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		(20,888,110	)		(15,916,967	)		711,413,215			221,155,885			607,320,427			655,804,506
Net increase (decrease) in net assets		(11,560,507	)		(15,106,228	)		762,094,840			198,915,653			593,201,365			586,794,010
Net assets:
Beginning of year		132,233,713			147,339,941			639,120,791			440,205,138			1,420,113,025			833,319,015
End of year	$	120,673,206		$	132,233,713		$	1,401,215,631		$	639,120,791		$	2,013,314,390		$	1,420,113,025
Capital share transactions - shares:
Shares issued:
Class A		—			—			8,249,628			3,751,474			5,896,175			7,713,880
Class B (A)		—			—			179			8,737			900			3,393
Class C		—			—			4,971,272			1,676,024			4,669,717			4,229,922
Class I		—			—			93,962,005			33,657,653			26,697,868			22,078,737
Class I2		—			—			26,122			681,527			259,845			1,332,671
Class I3		55,932			104,576			—			—			—			—
Class R		289,343			414,862			—			—			—			—
Class R6 (B)		—			—			1,234,352			601,410			15,357			—
Class T1 (C)		—			—			—			—			382			2,448
Advisor Class (C)		—			—			—			20,514			139			12,993
		345,275			519,438			108,443,558			40,397,339			37,540,383			35,374,044
Shares issued on fund acquisition:
Class I2		—			—			—			—			12,844,998			—
Class R6 (B)		—			—			—			—			1,120,366			—
		—			—			—			—			13,965,364			—
Shares reinvested:
Class A		—			—			346,066			285,260			662,641			1,815,926
Class B (A)		—			—			98			854			2,296			19,257
Class C		—			—			137,907			127,365			449,807			1,019,959
Class I		—			—			1,998,725			946,024			1,174,824			2,191,075
Class I2		—			—			386,053			491,573			1,142,092			5,384,218
Class I3		241,447			107,753			—			—			—			—
Class R		350,180			133,356			—			—			—			—
Class R6 (B)		—			—			54,555			35,250			—			—
Class T1 (C)		—			—			11			43			124			496
Advisor Class (C)		—			—			—			71			660			218
		591,627			241,109			2,923,415			1,886,440			3,432,444			10,431,149
Shares redeemed:
Class A		—			—			(4,541,197	)		(3,514,073	)		(5,295,810	)		(3,661,460	)
Class B (A)		—			—			(5,374	)		(12,222	)		(1,092	)		(9,832	)
Class C		—			—			(1,381,656	)		(1,755,671	)		(2,104,314	)		(1,139,370	)
Class I		—			—			(25,372,662	)		(9,849,780	)		(16,489,041	)		(8,645,444	)
Class I2		—			—			(2,820,054	)		(2,560,259	)		(2,546,337	)		(8,254,667	)
Class I3		(615,129	)		(838,918	)		—			—			—			—
Class R		(2,300,042	)		(1,453,957	)		—			—			—			—
Class R6 (B)		—			—			(217,239	)		(283,314	)		(7,090	)		—
Class T1 (C)		—			—			(1,165	)		(1,044	)		(2,729	)		(1,155	)
Advisor Class (C)		—			—			—			(21,716	)		(14,789	)		(204	)
		(2,915,171	)		(2,292,875	)		(34,339,347	)		(17,998,079	)		(26,461,202	)		(21,712,132	)
Automatic conversions:
Class A		—			—			7,812			41,310			30,433			37,489
Class B		—			—			(7,801	)		(41,254	)		(39,645	)		(47,394	)
		—			—			11			56			(9,212	)		(9,905	)
Automatic conversions:
Class A		—			—			221,106			309,018			178,851			541,233
Class C		—			—			(222,518	)		(310,890	)		(227,886	)		(677,285	)
		—			—			(1,412	)		(1,872	)		(49,035	)		(136,052	)

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

Transamerica Funds Annual Report 2019

Page    358

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Balanced II						Transamerica Bond						Transamerica Capital Growth
	October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018
Net increase (decrease) in shares outstanding:
Class A		—			—			4,283,415			872,989			1,472,290			6,447,068
Class B (A)		—			—			(12,898	)		(43,885	)		(37,541	)		(34,576	)
Class C		—			—			3,505,005			(263,172	)		2,787,324			3,433,226
Class I		—			—			70,588,068			24,753,897			11,383,651			15,624,368
Class I2		—			—			(2,407,879	)		(1,387,159	)		11,700,598			(1,537,778	)
Class I3		(317,750	)		(626,589	)		—			—			—			—
Class R		(1,660,519	)		(905,739	)		—			—			—			—
Class R6 (B)		—			—			1,071,668			353,346			1,128,633			—
Class T1 (C)		—			—			(1,154	)		(1,001	)		(2,223	)		1,789
Advisor Class (C)		—			—			—			(1,131	)		(13,990	)		13,007
		(1,978,269	)		(1,532,328	)		77,026,225			24,283,884			28,418,742			23,947,104

(A)	Class ceased operations on May 6, 2019.
(B)	Class R6 commenced operations for Transamerica Capital Growth on October 18, 2019.
(C)	Class ceased operations on February 15, 2019.

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

Transamerica Funds Annual Report 2019

Page    359

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Dividend Focused						Transamerica Dynamic Allocation						Transamerica Dynamic Income
	October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018
From operations:
Net investment income (loss)	$	12,678,632		$	14,209,151		$	149,434		$	127,733		$	6,744,762		$	8,711,197
Net realized gain (loss)		59,286,473			78,058,559			1,379,785			372,170			(3,123,023	)		4,596,113
Net change in unrealized appreciation (depreciation)		(27,626,239	)		(88,893,899	)		(615,981	)		(325,121	)		13,050,499			(19,499,727	)
Net increase (decrease) in net assets resulting from operations		44,338,866			3,373,811			913,238			174,782			16,672,238			(6,192,417	)
Distributions to shareholders:
Class A		(12,974,346	)		(7,676,436	)		(112,118	)		(68,070	)		(2,377,154	)		(2,838,673	)
Class C		(782,738	)		(516,821	)		(4,957	)		(4,153	)		(3,254,419	)		(3,951,559	)
Class I		(2,234,630	)		(2,399,153	)		(32,828	)		(36,886	)		(1,743,915	)		(1,976,216	)
Class I2		(74,189,906	)		(47,996,255	)		—			—			—			—
Class R6		(672,731	)		(313,512	)		—			—			—			—
Class T1 (A)		(2,888	)		(1,191	)		(105	)		(74	)		(105	)		(365	)
Advisor Class (A)		(1,560	)		(931	)		—			—			(108	)		(373	)
Return of capital:
Class A		—			—			—			—			(591,949	)		(728,928	)
Class C		—			—			—			—			(810,402	)		(1,014,701	)
Class I		—			—			—			—			(434,262	)		(507,463	)
Class T1 (A)		—			—			—			—			(26	)		(92	)
Advisor Class (A)		—			—			—			—			(28	)		(97	)
Net increase (decrease) in net assets resulting from distributions to shareholders		(90,858,799	)		(58,904,299	)		(150,008	)		(109,183	)		(9,212,368	)		(11,018,467	)
Capital share transactions:
Proceeds from shares sold:
Class A		8,974,798			10,375,813			562,805			3,913,662			1,587,296			3,774,057
Class C		3,928,096			851,701			247,743			684,440			1,482,915			2,543,481
Class I		3,067,457			22,514,565			695,137			1,003,272			16,673,685			10,300,333
Class I2		8,967,098			66,167,413			—			—			—			—
Class R6		936,656			1,074,179			—			—			—			—
Class T1 (A)		—			24,379			—			—			—			—
		25,874,105			101,008,050			1,505,685			5,601,374			19,743,896			16,617,871
Dividends and/or distributions reinvested:
Class A		12,961,595			7,670,992			111,892			67,754			2,717,182			3,320,002
Class C		780,105			516,570			4,924			4,117			3,763,669			4,611,066
Class I		2,232,331			2,396,839			32,828			36,886			2,147,872			2,271,029
Class I2		74,189,906			47,996,255			—			—			—			—
Class R6		672,731			313,512			—			—			—			—
Class T1 (A)		2,888			1,191			105			74			131			457
Advisor Class (A)		1,560			931			—			—			136			470
		90,841,116			58,896,290			149,749			108,831			8,628,990			10,203,024
Cost of shares redeemed:
Class A		(17,951,568	)		(21,692,704	)		(5,349,044	)		(2,067,226	)		(21,936,644	)		(33,378,047	)
Class C		(3,479,245	)		(1,571,911	)		(1,379,911	)		(1,558,934	)		(31,513,301	)		(49,751,701	)
Class I		(8,905,043	)		(22,984,684	)		(717,512	)		(1,463,812	)		(21,533,160	)		(32,069,016	)
Class I2		(100,875,088	)		(161,668,665	)		—			—			—			—
Class R6		(880,158	)		(499,445	)		—			—			—			—
Class T1 (A)		(31,447	)		(3,500	)		(10,782	)		—			(10,441	)		—
Advisor Class (A)		(11,234	)		—			—			—			(10,442	)		—
		(132,133,783	)		(208,420,909	)		(7,457,249	)		(5,089,972	)		(75,003,988	)		(115,198,764	)
Automatic conversions:
Class A		852,319			533,498			58,518			486,064			5,544,466			1,965,282
Class C		(852,319	)		(533,498	)		(58,518	)		(486,064	)		(5,544,466	)		(1,965,282	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		(15,418,562	)		(48,516,569	)		(5,801,815	)		620,233			(46,631,102	)		(88,377,869	)
Net increase (decrease) in net assets		(61,938,495	)		(104,047,057	)		(5,038,585	)		685,832			(39,171,232	)		(105,588,753	)
Net assets:
Beginning of year		594,894,714			698,941,771			19,499,695			18,813,863			220,629,339			326,218,092
End of year	$	532,956,219		$	594,894,714		$	14,461,110		$	19,499,695		$	181,458,107		$	220,629,339

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

Transamerica Funds Annual Report 2019

Page    360

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Dividend Focused						Transamerica Dynamic Allocation						Transamerica Dynamic Income
	October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018
Capital share transactions - shares:
Shares issued:
Class A		1,015,229			937,102			48,065			325,704			175,506			402,454
Class C		442,696			76,229			21,359			57,032			164,995			273,393
Class I		337,729			1,912,576			60,854			83,680			1,831,892			1,110,186
Class I2		994,701			5,800,798			—			—			—			—
Class R6		101,927			96,383			—			—			—			—
Class T1 (A)		—			2,190			—			—			—			—
		2,892,282			8,825,278			130,278			466,416			2,172,393			1,786,033
Shares reinvested:
Class A		1,545,506			686,110			9,955			5,679			301,938			360,155
Class C		93,888			46,353			441			348			420,323			502,037
Class I		266,631			214,277			2,934			3,105			238,413			246,421
Class I2		8,852,392			4,295,038			—			—			—			—
Class R6		80,178			28,062			—			—			—			—
Class T1 (A)		346			107			9			6			15			49
Advisor Class (A)		186			82			—			—			15			51
		10,839,127			5,270,029			13,339			9,138			960,704			1,108,713
Shares redeemed:
Class A		(1,942,004	)		(1,940,771	)		(457,073	)		(171,845	)		(2,445,615	)		(3,598,352	)
Class C		(379,275	)		(140,520	)		(116,387	)		(130,564	)		(3,522,860	)		(5,387,132	)
Class I		(938,275	)		(2,037,868	)		(61,883	)		(121,747	)		(2,382,852	)		(3,460,924	)
Class I2		(10,874,035	)		(14,378,117	)		—			—			—			—
Class R6		(95,458	)		(44,719	)		—			—			—			—
Class T1 (A)		(3,250	)		(305	)		(919	)		—			(1,149	)		—
Advisor Class (A)		(1,217	)		—			—			—			(1,152	)		—
		(14,233,514	)		(18,542,300	)		(636,262	)		(424,156	)		(8,353,628	)		(12,446,408	)
Automatic conversions:
Class A		96,072			46,878			4,974			39,153			604,457			215,660
Class C		(96,627	)		(47,209	)		(5,027	)		(39,713	)		(607,675	)		(216,781	)
		(555	)		(331	)		(53	)		(560	)		(3,218	)		(1,121	)
Net increase (decrease) in shares outstanding:
Class A		714,803			(270,681	)		(394,079	)		198,691			(1,363,714	)		(2,620,083	)
Class C		60,682			(65,147	)		(99,614	)		(112,897	)		(3,545,217	)		(4,828,483	)
Class I		(333,915	)		88,985			1,905			(34,962	)		(312,547	)		(2,104,317	)
Class I2		(1,026,942	)		(4,282,281	)		—			—			—			—
Class R6		86,647			79,726			—			—			—			—
Class T1 (A)		(2,904	)		1,992			(910	)		6			(1,134	)		49
Advisor Class (A)		(1,031	)		82			—			—			(1,137	)		51
		(502,660	)		(4,447,324	)		(492,698	)		50,838			(5,223,749	)		(9,552,783	)

(A) Class ceased operations on February 15, 2019.

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

Transamerica Funds Annual Report 2019

Page    361

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Emerging Markets Debt						Transamerica Emerging Markets Equity						Transamerica Event Driven
	October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018
From operations:
Net investment income (loss)	$	39,112,721		$	45,603,698		$	20,825,592		$	9,716,309		$	204,205		$	(503,143	)
Net realized gain (loss)		(8,104,776	)		(51,839,174	)		(64,678,827	)		(37,916,126	)		1,472,231			3,255,138
Net change in unrealized appreciation (depreciation)		37,871,772			(52,161,593	)		108,420,035			(128,358,143	)		2,840,617			(2,564,107	)
Net increase (decrease) in net assets resulting from operations		68,879,717			(58,397,069	)		64,566,800			(156,557,960	)		4,517,053			187,888
Distributions to shareholders:
Class A		(325,061	)		(694,026	)		(13,769	)		(71,692	)		—			—
Class C		(289,607	)		(325,271	)		—			(1,032	)		—			—
Class I		(19,384,805	)		(21,985,652	)		(69,084	)		(72,864	)		(15,011	)		(915	)
Class I2		(6,267,258	)		(6,633,509	)		(9,490,631	)		(2,365,604	)		(2,151,965	)		(1,548,315	)
Class R6		(204,543	)		(260,275	)		—			—			—			—
Class T1 (A)		(87	)		(319	)		(84	)		(71	)		—			—
Advisor Class (A)		(284	)		(638	)		(102	)		(110	)		(300	)		(160	)
Return of capital:
Class A		—			(75,977	)		—			—			—			—
Class C		—			(35,609	)		—			—			—			—
Class I		—			(2,406,799	)		—			—			—			—
Class I2		—			(726,180	)		—			—			—			—
Class R6		—			(28,493	)		—			—			—			—
Class T1 (A)		—			(34	)		—			—			—			—
Advisor Class (A)		—			(67	)		—			—			—			—
Net increase (decrease) in net assets resulting from distributions to shareholders		(26,471,645	)		(33,172,849	)		(9,573,670	)		(2,511,373	)		(2,167,276	)		(1,549,390	)
Capital share transactions:
Proceeds from shares sold:
Class A		2,444,722			14,063,676			1,312,793			4,710,603			—			—
Class C		823,332			2,020,456			415,601			654,698			—			—
Class I		153,999,298			276,722,017			1,097,623			17,741,544			124,584			658,461
Class I2		399,295			34,115,378			1,022,132			898,106,042			225,690			55,373,167
Class R6		4,043,273			3,625,398			—			—			—			—
Advisor Class (A)		428			22,552			—			—			—			9,884
		161,710,348			330,569,477			3,848,149			921,212,887			350,274			56,041,512
Dividends and/or distributions reinvested:
Class A		313,023			756,316			13,716			71,570			—			—
Class C		266,219			333,535			—			1,032			—			—
Class I		15,266,165			19,397,127			69,084			71,978			15,011			912
Class I2		6,267,258			7,359,689			9,490,631			2,365,604			2,151,965			1,548,315
Class R6		143,622			74,060			—			—			—			—
Class T1 (A)		87			353			84			71			—			—
Advisor Class (A)		284			705			102			110			300			160
		22,256,658			27,921,785			9,573,617			2,510,365			2,167,276			1,549,387
Cost of shares redeemed:
Class A		(9,827,760	)		(19,118,138	)		(1,906,888	)		(10,071,471	)		—			—
Class C		(2,648,306	)		(4,868,153	)		(1,159,782	)		(1,104,470	)		—			—
Class I		(224,678,743	)		(429,968,194	)		(1,277,121	)		(17,844,573	)		(33,752	)		(175	)
Class I2		(43,122,922	)		(73,725,067	)		(103,253,279	)		(114,204,858	)		(27,631,941	)		(29,736,125	)
Class R6		(4,073,222	)		(4,278,305	)		—			—			—			—
Class T1 (A)		(10,504	)		—			(10,359	)		—			—			—
Advisor Class (A)		(34,147	)		(239	)		(12,042	)		—			(16,050	)		(4,237	)
		(284,395,604	)		(531,958,096	)		(107,619,471	)		(143,225,372	)		(27,681,743	)		(29,740,537	)
Automatic conversions:
Class A		389,034			85,621			17,742			133,511			—			—
Class C		(389,034	)		(85,621	)		(17,742	)		(133,511	)		—			—
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		(100,428,598	)		(173,466,834	)		(94,197,705	)		780,497,880			(25,164,193	)		27,850,362
Net increase (decrease) in net assets		(58,020,526	)		(265,036,752	)		(39,204,575	)		621,428,547			(22,814,416	)		26,488,860
Net assets:
Beginning of year		674,729,760			939,766,512			860,115,729			238,687,182			116,734,118			90,245,258
End of year	$	616,709,234		$	674,729,760		$	820,911,154		$	860,115,729		$	93,919,702		$	116,734,118

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

Transamerica Funds Annual Report 2019

Page    362

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Emerging Markets Debt						Transamerica Emerging Markets Equity						Transamerica Event Driven
	October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018
Capital share transactions - shares:
Shares issued:
Class A		235,928			1,348,306			134,368			412,256			—			—
Class C		81,339			188,373			42,986			57,760			—			—
Class I		14,981,143			25,892,393			112,834			1,692,558			12,186			62,348
Class I2		38,562			3,292,154			105,627			81,382,284			21,996			5,310,123
Class R6		384,484			343,733			—			—			—			—
Advisor Class (A)		42			2,135			—			—			—			928
		15,721,498			31,067,094			395,815			83,544,858			34,182			5,373,399
Shares reinvested:
Class A		30,519			72,321			1,524			6,520			—			—
Class C		26,151			31,901			—			94			—			—
Class I		1,482,558			1,828,138			7,659			6,512			1,522			87
Class I2		609,057			697,745			1,053,344			214,082			221,624			150,614
Class R6		13,922			7,049			—			—			—			—
Class T1 (A)		9			33			9			6			—			—
Advisor Class (A)		29			67			11			10			30			15
		2,162,245			2,637,254			1,062,547			227,224			223,176			150,716
Shares redeemed:
Class A		(979,828	)		(1,873,721	)		(199,075	)		(910,691	)		—			—
Class C		(260,699	)		(471,054	)		(122,998	)		(101,200	)		—			—
Class I		(21,822,766	)		(41,290,406	)		(135,354	)		(1,714,681	)		(3,206	)		(17	)
Class I2		(4,169,461	)		(7,215,697	)		(10,747,707	)		(10,383,039	)		(2,694,147	)		(2,846,460	)
Class R6		(394,931	)		(426,395	)		—			—			—			—
Class T1 (A)		(1,010	)		—			(1,068	)		—			—			—
Advisor Class (A)		(3,268	)		(23	)		(1,215	)		—			(1,569	)		(398	)
		(27,631,963	)		(51,277,296	)		(11,207,417	)		(13,109,611	)		(2,698,922	)		(2,846,875	)
Automatic conversions:
Class A		37,443			8,712			1,818			13,376			—			—
Class C		(37,740	)		(8,775	)		(1,837	)		(13,511	)		—			—
		(297	)		(63	)		(19	)		(135	)		—			—
Net increase (decrease) in shares outstanding:
Class A		(675,938	)		(444,382	)		(61,365	)		(478,539	)		—			—
Class C		(190,949	)		(259,555	)		(81,849	)		(56,857	)		—			—
Class I		(5,359,065	)		(13,569,875	)		(14,861	)		(15,611	)		10,502			62,418
Class I2		(3,521,842	)		(3,225,798	)		(9,588,736	)		71,213,327			(2,450,527	)		2,614,277
Class R6		3,475			(75,613	)		—			—			—			—
Class T1 (A)		(1,001	)		33			(1,059	)		6			—			—
Advisor Class (A)		(3,197	)		2,179			(1,204	)		10			(1,539	)		545
		(9,748,517	)		(17,573,011	)		(9,749,074	)		70,662,336			(2,441,564	)		2,677,240

(A) Class ceased operations on February 15, 2019.

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

Transamerica Funds Annual Report 2019

Page    363

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Floating Rate						Transamerica Global Equity						Transamerica Government Money Market
	October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018
From operations:
Net investment income (loss)	$	28,964,447		$	32,633,578		$	835,834		$	202,936		$	20,596,108		$	10,421,389
Net realized gain (loss)		(11,288,973	)		318,096			4,683,969			11,404,123			—			—
Net change in unrealized appreciation (depreciation)		(2,836,803	)		(7,301,367	)		2,169,415			(12,390,011	)		—			—
Net increase (decrease) in net assets resulting from operations		14,838,671			25,650,307			7,689,218			(782,952	)		20,596,108			10,421,389
Distributions to shareholders:
Class A		(1,279,886	)		(1,714,526	)		(13,068	)		(807,300	)		(3,070,100	)		(772,195	)
Class B (A)		—			—			—			(5,993	)		(548	)		(31	)
Class C		(840,954	)		(711,254	)		—			(510,170	)		(68,665	)		(867	)
Class I		(5,991,885	)		(5,449,204	)		(74,335	)		(746,307	)		(365,363	)		(194,793	)
Class I2		(20,944,564	)		(25,131,093	)		—			—			(74,325	)		(280	)
Class I3		—			—			—			—			(1,931,043	)		(990,000	)
Class R2		—			—			—			—			(12,396,432	)		(6,272,459	)
Class R4		—			—			—			—			(2,706,954	)		(2,190,764	)
Class R6		—			—			(2,938	)		(24,294	)		—			—
Class T1 (B)		(155	)		(451	)		(6	)		(179	)		—			—
Advisor Class (B)		—			—			(27	)		(255	)		—			—
Net increase (decrease) in net assets resulting from distributions to shareholders		(29,057,444	)		(33,006,528	)		(90,374	)		(2,094,498	)		(20,613,430	)		(10,421,389	)
Capital share transactions:
Proceeds from shares sold:
Class A		10,257,246			30,977,953			1,733,370			4,587,452			137,449,584			65,365,822
Class B (A)		—			—			4,227			10,966			8,567			90,724
Class C		4,513,734			9,398,709			380,046			1,050,539			12,640,089			12,163,868
Class I		50,365,367			158,554,811			7,563,001			5,094,686			3,446,872			7,238,529
Class I2		275,571			168,091,938			—			—			5,436,000			2,658,935
Class I3		—			—			—			—			520,476,831			522,618,214
Class R2		—			—			—			—			251,051,561			166,105,237
Class R4		—			—			—			—			117,122,333			79,350,513
Class R6		—			—			252,990			242,886			—			—
		65,411,918			367,023,411			9,933,634			10,986,529			1,047,631,837			855,591,842
Dividends and/or distributions reinvested:
Class A		1,270,733			1,700,265			12,078			736,670			3,052,122			765,363
Class B (A)		—			—			—			5,963			495			19
Class C		825,011			701,724			—			467,509			67,170			747
Class I		5,918,132			5,413,873			69,132			627,897			344,135			181,342
Class I2		20,944,564			25,131,093			—			—			74,325			280
Class I3		—			—			—			—			1,931,043			990,183
Class R2		—			—			—			—			12,396,432			6,272,459
Class R4		—			—			—			—			2,706,954			2,190,764
Class R6		—			—			2,938			24,294			—			—
Class T1 (B)		132			451			6			179			—			—
Advisor Class (B)		—			—			27			255			—			—
		28,958,572			32,947,406			84,181			1,862,767			20,572,676			10,401,157
Cost of shares redeemed:
Class A		(23,861,842	)		(33,712,226	)		(9,805,365	)		(11,366,028	)		(125,470,775	)		(91,066,511	)
Class B (A)		—			—			(7,503	)		(129,584	)		(34,151	)		(129,481	)
Class C		(8,549,819	)		(4,872,939	)		(3,912,539	)		(8,772,107	)		(16,492,390	)		(13,504,066	)
Class I		(140,552,949	)		(47,531,167	)		(3,932,358	)		(6,988,774	)		(6,859,421	)		(7,716,977	)
Class I2		(404,081,506	)		(226,818,641	)		—			—			(4,127,233	)		(6,491,761	)
Class I3		—			—			—			—			(493,951,562	)		(539,727,067	)
Class R2		—			—			—			—			(81,353,120	)		(79,035,174	)
Class R4		—			—			—			—			(176,245,652	)		(97,691,667	)
Class R6		—			—			(302,903	)		(406,037	)		—			—
Class T1 (B)		(10,534	)		—			(11,620	)		—			—			—
Advisor Class (B)		—			—			(12,483	)		—			—			—
		(577,056,650	)		(312,934,973	)		(17,984,771	)		(27,662,530	)		(904,534,304	)		(835,362,704	)
Automatic conversions:
Class A		—			—			195,226			623,334			424,383			275,445
Class B (A)		—			—			(195,226	)		(623,334	)		(424,383	)		(275,445	)
		—			—			—			—			—			—

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

Transamerica Funds Annual Report 2019

Page    364

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Floating Rate						Transamerica Global Equity						Transamerica Government Money Market
	October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018
Automatic conversions:
Class A	$	427,681		$	158,465		$	7,578,843		$	17,269,985		$	474,307		$	4,889,826
Class C		(427,681	)		(158,465	)		(7,578,843	)		(17,269,985	)		(474,307	)		(4,889,826	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		(482,686,160	)		87,035,844			(7,966,956	)		(14,813,234	)		163,670,209			30,630,295
Net increase (decrease) in net assets		(496,904,933	)		79,679,623			(368,112	)		(17,690,684	)		163,652,887			30,630,295
Net assets:
Beginning of year		719,927,999			640,248,376			105,642,604			123,333,288			1,219,773,848			1,189,143,553
End of year	$	223,023,066		$	719,927,999		$	105,274,492		$	105,642,604		$	1,383,426,735		$	1,219,773,848
Capital share transactions - shares:
Shares issued:
Class A		1,054,717			3,118,850			128,526			329,924			137,449,585			65,365,822
Class B (A)		—			—			309			798			8,567			90,724
Class C		464,771			946,167			29,502			76,657			12,640,091			12,163,868
Class I		5,197,945			16,033,189			553,973			361,573			3,446,872			7,238,529
Class I2		28,286			16,874,398			—			—			5,436,000			2,658,935
Class I3		—			—			—			—			520,476,833			522,618,214
Class R2		—			—			—			—			251,051,562			166,105,237
Class R4		—			—			—			—			117,122,333			79,350,513
Class R6		—			—			18,425			17,382			—			—
		6,745,719			36,972,604			730,735			786,334			1,047,631,843			855,591,842
Shares reinvested:
Class A		130,841			171,389			974			53,537			3,052,121			765,363
Class B (A)		—			—			—			437			495			19
Class C		84,866			70,725			—			34,554			67,170			747
Class I		611,051			548,089			5,571			45,632			344,135			181,342
Class I2		2,153,729			2,532,602			—			—			74,323			280
Class I3		—			—			—			—			1,931,043			990,183
Class R2		—			—			—			—			12,396,429			6,272,459
Class R4		—			—			—			—			2,706,954			2,190,764
Class R6		—			—			237			1,764			—			—
Class T1 (B)		14			46			—			13			—			—
Advisor Class (B)		—			—			2			18			—			—
		2,980,501			3,322,851			6,784			135,955			20,572,670			10,401,157
Shares redeemed:
Class A		(2,471,943	)		(3,399,213	)		(722,699	)		(816,151	)		(125,470,776	)		(91,066,511	)
Class B (A)		—			—			(597	)		(9,468	)		(34,151	)		(129,481	)
Class C		(877,761	)		(490,691	)		(298,210	)		(641,388	)		(16,492,389	)		(13,504,066	)
Class I		(14,490,005	)		(4,809,523	)		(292,946	)		(502,507	)		(6,859,421	)		(7,716,977	)
Class I2		(41,650,286	)		(22,841,767	)		—			—			(4,127,232	)		(6,491,761	)
Class I3		—			—			—			—			(493,951,562	)		(539,727,067	)
Class R2		—			—			—			—			(81,353,120	)		(79,035,174	)
Class R4		—			—			—			—			(176,245,652	)		(97,691,667	)
Class R6		—			—			(22,516	)		(29,176	)		—			—
Class T1 (B)		(1,085	)		—			(848	)		—			—			—
Advisor Class (B)		—			—			(889	)		—			—			—
		(59,491,080	)		(31,541,194	)		(1,338,705	)		(1,998,690	)		(904,534,303	)		(835,362,704	)
Automatic conversions:
Class A		—			—			13,886			45,115			424,383			275,445
Class B (A)		—			—			(14,130	)		(45,637	)		(424,050	)		(275,445	)
		—			—			(244	)		(522	)		333			—
Automatic conversions:
Class A		43,811			16,008			557,407			1,216,143			474,307			4,889,826
Class C		(43,801	)		(16,008	)		(572,913	)		(1,242,651	)		(474,307	)		(4,889,826	)
		10			—			(15,506	)		(26,508	)		—			—

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

Transamerica Funds Annual Report 2019

Page    365

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Floating Rate						Transamerica Global Equity						Transamerica Government Money Market
	October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018
Net increase (decrease) in shares outstanding:
Class A		(1,242,574	)		(92,966	)		(21,906	)		828,568			15,929,620			(19,770,055	)
Class B (A)		—			—			(14,418	)		(53,870	)		(449,139	)		(314,183	)
Class C		(371,925	)		510,193			(841,621	)		(1,772,828	)		(4,259,435	)		(6,229,277	)
Class I		(8,681,009	)		11,771,755			266,598			(95,302	)		(3,068,414	)		(297,106	)
Class I2		(39,468,271	)		(3,434,767	)		—			—			1,383,091			(3,832,546	)
Class I3		—			—			—			—			28,456,314			(16,118,670	)
Class R2		—			—			—			—			182,094,871			93,342,522
Class R4		—			—			—			—			(56,416,365	)		(16,150,390	)
Class R6		—			—			(3,854	)		(10,030	)		—			—
Class T1 (B)		(1,071	)		46			(848	)		13			—			—
Advisor Class (B)		—			—			(887	)		18			—			—
		(49,764,850	)		8,754,261			(616,936	)		(1,103,431	)		163,670,543			30,630,295

(A)	Class ceased operations on May 6, 2019.
(B)	Class ceased operations on February 15, 2019.

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

Transamerica Funds Annual Report 2019

Page    366

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica High Quality Bond						Transamerica High Yield Bond						Transamerica High Yield Muni
	October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018
From operations:
Net investment income (loss)	$	6,211,163		$	6,005,362		$	79,177,796		$	94,484,246		$	3,809,913		$	3,630,775
Net realized gain (loss)		606,443			(2,869,403	)		(11,005,992	)		6,553,769			(297,921	)		(100,506	)
Net change in unrealized appreciation (depreciation)		6,034,498			(1,897,277	)		35,803,758			(100,287,376	)		5,968,897			(2,439,155	)
Net increase (decrease) in net assets resulting from operations		12,852,104			1,238,682			103,975,562			750,639			9,480,889			1,091,114
Distributions to shareholders:
Class A		—			—			(4,797,236	)		(5,154,162	)		(931,266	)		(1,114,939	)
Class B (A)		—			—			(3,047	)		(24,048	)		—			—
Class C		—			—			(1,409,698	)		(1,878,383	)		(349,658	)		(336,838	)
Class I		—			—			(4,249,037	)		(6,999,933	)		(2,528,251	)		(2,178,524	)
Class I2		—			—			(27,363,567	)		(35,336,286	)		(409	)		(375	)
Class I3		(6,076,937	)		(5,292,699	)		(16,936,055	)		(19,478,851	)		—			—
Class R		(336,587	)		(298,452	)		(2,021,155	)		(2,519,293	)		—			—
Class R4		(1,096,904	)		(801,249	)		(21,144,240	)		(20,574,821	)		—			—
Class R6		—			—			(2,135,745	)		(1,801,266	)		—			—
Class T1 (B)		—			—			(159	)		(583	)		(120	)		(370	)
Advisor Class (B)		—			—			(285	)		(890	)		—			—
Net increase (decrease) in net assets resulting from distributions to shareholders		(7,510,428	)		(6,392,400	)		(80,060,224	)		(93,768,516	)		(3,809,704	)		(3,631,046	)
Capital share transactions:
Proceeds from shares sold:
Class A		—			—			32,993,875			38,203,122			9,954,383			13,238,105
Class B (A)		—			—			310			11,353			—			—
Class C		—			—			4,570,392			4,030,047			2,273,692			2,041,923
Class I		—			—			126,945,132			147,245,529			38,371,474			31,116,577
Class I2		—			—			2,421,305			88,697,016			—			—
Class I3		73,622,348			140,068,270			8,618,013			9,605,033			—			—
Class R		2,921,142			1,662,754			5,569,276			10,086,780			—			—
Class R4		16,603,956			8,465,097			57,182,197			45,360,966			—			—
Class R6		—			—			21,170,851			15,184,677			—			—
Class T1 (B)		—			—			—			1			—			—
Advisor Class (B)		—			—			—			2			—			—
		93,147,446			150,196,121			259,471,351			358,424,526			50,599,549			46,396,605
Dividends and/or distributions reinvested:
Class A		—			—			4,318,466			4,703,129			924,092			1,110,296
Class B (A)		—			—			2,963			22,647			—			—
Class C		—			—			1,308,337			1,740,441			347,983			335,430
Class I		—			—			4,104,219			6,655,453			2,521,080			2,156,673
Class I2		—			—			27,363,540			35,336,278			409			375
Class I3		6,076,937			5,292,699			16,935,672			19,478,851			—			—
Class R		336,587			298,452			1,802,587			2,314,432			—			—
Class R4		1,096,904			801,249			21,120,218			20,574,821			—			—
Class R6		—			—			2,135,920			1,801,244			—			—
Class T1 (B)		—			—			159			583			109			370
Advisor Class (B)		—			—			242			890			—			—
		7,510,428			6,392,400			79,092,323			92,628,769			3,793,673			3,603,144
Cost of shares redeemed:
Class A		—			—			(35,269,248	)		(60,670,907	)		(20,839,014	)		(17,450,672	)
Class B (A)		—			—			34,654			(193,666	)		—			—
Class C		—			—			(7,092,570	)		(14,199,088	)		(2,941,848	)		(2,652,436	)
Class I		—			—			(144,494,404	)		(230,621,466	)		(30,499,946	)		(27,374,270	)
Class I2		—			—			(33,003,586	)		(474,861,063	)		—			—
Class I3		(130,048,875	)		(152,551,826	)		(50,245,051	)		(92,903,355	)		—			—
Class R		(4,645,626	)		(7,558,553	)		(15,456,717	)		(22,751,620	)		—			—
Class R4		(14,607,954	)		(10,911,336	)		(49,754,812	)		(54,088,385	)		—			—
Class R6		—			—			(8,835,399	)		(20,083,678	)		—			—
Class T1 (B)		—			—			(10,741	)		—			(10,956	)		—
Advisor Class (B)		—			—			(16,279	)		—			—			—
		(149,302,455	)		(171,021,715	)		(344,144,153	)		(970,373,228	)		(54,291,764	)		(47,477,378	)
Automatic conversions:
Class A		—			—			151,472			1,002,202			—			—
Class B (A)		—			—			(151,472	)		(1,002,202	)		—			—
		—			—			—			—			—			—

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

Transamerica Funds Annual Report 2019

Page    367

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica High Quality Bond						Transamerica High Yield Bond						Transamerica High Yield Muni
	October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018
Automatic conversions:
Class A	$	—		$	—		$	3,727,191		$	4,219,166		$	139,340		$	169,090
Class C		—			—			(3,727,191	)		(4,219,166	)		(139,340	)		(169,090	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		(48,644,581	)		(14,433,194	)		(5,580,479	)		(519,319,933	)		101,458			2,522,371
Net increase (decrease) in net assets		(43,302,905	)		(19,586,912	)		18,334,859			(612,337,810	)		5,772,643			(17,561	)
Net assets:
Beginning of period		282,648,925			302,235,837			1,403,235,025			2,015,572,835			103,454,087			103,471,648
End of period	$	239,346,020		$	282,648,925		$	1,421,569,884		$	1,403,235,025		$	109,226,730		$	103,454,087
Capital share transactions - shares:
Shares issued:
Class A		—			—			3,720,549			4,192,701			865,245			1,141,289
Class B (A)		—			—			35			1,257			—			—
Class C		—			—			514,274			442,594			196,220			176,016
Class I		—			—			14,134,618			16,024,804			3,298,261			2,681,393
Class I2		—			—			271,649			9,668,351			—			—
Class I3		7,444,897			14,232,135			954,162			1,040,594			—			—
Class R		293,783			166,877			619,412			1,099,763			—			—
Class R4		1,674,175			858,785			6,342,153			4,939,205			—			—
Class R6		—			—			2,350,839			1,650,554			—			—
		9,412,855			15,257,797			28,907,691			39,059,823			4,359,726			3,998,698
Shares reinvested:
Class A		—			—			484,922			518,144			79,280			96,160
Class B (A)		—			—			341			2,474			—			—
Class C		—			—			147,698			192,548			29,737			29,019
Class I		—			—			457,566			728,522			215,036			186,431
Class I2		—			—			3,041,824			3,843,781			35			32
Class I3		615,637			538,744			1,883,526			2,123,331			—			—
Class R		33,991			30,326			200,610			252,341			—			—
Class R4		111,060			81,558			2,347,640			2,245,041			—			—
Class R6		—			—			237,094			196,275			—			—
Class T1 (B)		—			—			18			64			10			32
Advisor Class (B)		—			—			28			97			—			—
		760,688			650,628			8,801,267			10,102,618			324,098			311,674
Shares redeemed:
Class A		—			—			(3,986,368	)		(6,693,769	)		(1,802,301	)		(1,507,408	)
Class B (A)		—			—			3,874			(21,180	)		—			—
Class C		—			—			(804,049	)		(1,567,720	)		(253,677	)		(229,802	)
Class I		—			—			(16,186,910	)		(25,266,623	)		(2,633,965	)		(2,369,628	)
Class I2		—			—			(3,745,534	)		(51,651,838	)		—			—
Class I3		(13,151,435	)		(15,466,620	)		(5,605,265	)		(10,121,460	)		—			—
Class R		(467,790	)		(766,564	)		(1,717,646	)		(2,469,136	)		—			—
Class R4		(1,478,833	)		(1,107,350	)		(5,529,895	)		(5,908,619	)		—			—
Class R6		—			—			(980,597	)		(2,185,438	)		—			—
Class T1 (B)		—			—			(1,208	)		—			(960	)		—
Advisor Class (B)		—			—			(1,816	)		—			—			—
		(15,098,058	)		(17,340,534	)		(38,555,414	)		(105,885,783	)		(4,690,903	)		(4,106,838	)
Automatic conversions:
Class A		—			—			17,005			109,646			—			—
Class B (A)		—			—			(17,059	)		(109,518	)		—			—
		—			—			(54	)		128			—			—
Automatic conversions:
Class A		—			—			415,301			467,228			11,767			14,575
Class C		—			—			(417,510	)		(469,554	)		(11,757	)		(14,563	)
		—			—			(2,209	)		(2,326	)		10			12

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

Transamerica Funds Annual Report 2019

Page    368

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica High Quality Bond						Transamerica High Yield Bond						Transamerica High Yield Muni
	October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018
Net increase (decrease) in shares outstanding:
Class A		—			—			651,409			(1,406,050	)		(846,009	)		(255,384	)
Class B (A)		—			—			(12,809	)		(126,967	)		—			—
Class C		—			—			(559,587	)		(1,402,132	)		(39,477	)		(39,330	)
Class I		—			—			(1,594,726	)		(8,513,297	)		879,332			498,196
Class I2		—			—			(432,061	)		(38,139,706	)		35			32
Class I3		(5,090,901	)		(695,741	)		(2,767,577	)		(6,957,535	)		—			—
Class R		(140,016	)		(569,361	)		(897,624	)		(1,117,032	)		—			—
Class R4		306,402			(167,007	)		3,159,898			1,275,627			—			—
Class R6		—			—			1,607,336			(338,609	)		—			—
Class T1 (B)		—			—			(1,190	)		64			(950	)		32
Advisor Class (B)		—			—			(1,788	)		97			—			—
		(4,924,515	)		(1,432,109	)		(848,719	)		(56,725,540	)		(7,069	)		203,546

(A)	Class ceased operations on May 6, 2019.
(B)	Class ceased operations on February 15, 2019.

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

Transamerica Funds Annual Report 2019

Page    369

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Inflation Opportunities						Transamerica Inflation-Protected Securities						Transamerica Intermediate Bond
	October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018
From operations:
Net investment income (loss)	$	2,603,991		$	4,131,818		$	2,035,388		$	4,067,187		$	77,395,404		$	81,709,218
Net realized gain (loss)		530,200			1,710,851			(69,425	)		328,798			36,073,363			(36,084,758	)
Net change in unrealized appreciation (depreciation)		9,055,691			(8,408,196	)		8,084,359			(5,479,663	)		187,996,753			(115,360,682	)
Net increase (decrease) in net assets resulting from operations		12,189,882			(2,565,527	)		10,050,322			(1,083,678	)		301,465,520			(69,736,222	)
Distributions to shareholders:
Class A		(11,193	)		(13,213	)		—			—			—			—
Class C		(5,149	)		(10,155	)		—			—			—			—
Class I		(47,553	)		(17,402	)		—			—			—			—
Class I2		(2,338,367	)		(4,136,050	)		—			—			(54,762,627	)		(56,958,858	)
Class I3		—			—			(2,585,805	)		(3,170,576	)		(18,423,248	)		(18,678,249	)
Class R		—			—			(196,619	)		(221,753	)		(1,479,017	)		(2,316,866	)
Class R4		—			—			(216,656	)		(419,738	)		(4,868,442	)		(6,318,383	)
Class R6		(892	)		(1,243	)		—			—			—			—
Class T1 (A)		(71	)		(226	)		—			—			—			—
Net increase (decrease) in net assets resulting from distributions to shareholders		(2,403,225	)		(4,178,289	)		(2,999,080	)		(3,812,067	)		(79,533,334	)		(84,272,356	)
Capital share transactions:
Proceeds from shares sold:
Class A		66,601			171,506			—			—			—			—
Class C		70,199			22,175			—			—			—			—
Class I		2,510,098			2,075,115			—			—			—			—
Class I2		735,568			26,457,996			—			—			28,253,306			170,041,312
Class I3		—			—			1,742,569			5,308,071			21,539,587			327,773,739
Class R		—			—			1,047,764			1,154,166			7,152,395			11,712,541
Class R4		—			—			1,306,281			3,154,125			38,761,272			29,943,124
		3,382,466			28,726,792			4,096,614			9,616,362			95,706,560			539,470,716
Dividends and/or distributions reinvested:
Class A		10,889			13,213			—			—			—			—
Class C		5,149			10,155			—			—			—			—
Class I		47,553			17,402			—			—			—			—
Class I2		2,338,367			4,136,050			—			—			54,762,627			56,958,858
Class I3		—			—			2,585,805			3,170,576			18,423,248			18,678,249
Class R		—			—			196,619			221,753			1,479,017			2,316,866
Class R4		—			—			216,656			419,738			4,868,442			6,318,383
Class R6		892			1,243			—			—			—			—
Class T1 (A)		71			226			—			—			—			—
		2,402,921			4,178,289			2,999,080			3,812,067			79,533,334			84,272,356
Cost of shares redeemed:
Class A		(79,081	)		(208,620	)		—			—			—			—
Class C		(22,933	)		(125,378	)		—			—			—			—
Class I		(246,173	)		(149,821	)		—			—			—			—
Class I2		(39,543,990	)		(47,474,764	)		—			—			(379,471,338	)		(210,656,380	)
Class I3		—			—			(17,855,380	)		(36,960,643	)		(302,983,743	)		(243,489,920	)
Class R		—			—			(3,197,155	)		(3,185,784	)		(57,140,717	)		(26,653,038	)
Class R4		—			—			(14,745,076	)		(10,803,958	)		(60,752,215	)		(133,539,468	)
Class T1 (A)		(10,259	)		—			—			—			—			—
		(39,902,436	)		(47,958,583	)		(35,797,611	)		(50,950,385	)		(800,348,013	)		(614,338,806	)
Automatic conversions:
Class A		9,623			136,219			—			—			—			—
Class C		(9,623	)		(136,219	)		—			—			—			—
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		(34,117,049	)		(15,053,502	)		(28,701,917	)		(37,521,956	)		(625,108,119	)		9,404,266
Net increase (decrease) in net assets		(24,330,392	)		(21,797,318	)		(21,650,675	)		(42,417,701	)		(403,175,933	)		(144,604,312	)
Net assets:
Beginning of year		151,841,768			173,639,086			137,802,622			180,220,323			2,945,555,253			3,090,159,565
End of year	$	127,511,376		$	151,841,768		$	116,151,947		$	137,802,622		$	2,542,379,320		$	2,945,555,253

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

Transamerica Funds Annual Report 2019

Page    370

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Inflation Opportunities						Transamerica Inflation-Protected Securities						Transamerica Intermediate Bond
	October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018
Capital share transactions - shares:
Shares issued:
Class A		6,655			17,343			—			—			—			—
Class C		7,024			2,276			—			—			—			—
Class I		246,660			210,283			—			—			—			—
Class I2		73,203			2,639,987			—			—			2,889,261			16,901,618
Class I3		—			—			176,654			535,774			2,113,402			33,140,821
Class R		—			—			106,195			114,762			701,311			1,173,956
Class R4		—			—			132,966			317,869			3,842,517			2,986,752
		333,542			2,869,889			415,815			968,405			9,546,491			54,203,147
Shares reinvested:
Class A		1,105			1,342			—			—			—			—
Class C		535			1,047			—			—			—			—
Class I		4,763			1,767			—			—			—			—
Class I2		235,403			416,744			—			—			5,405,519			5,746,230
Class I3		—			—			263,616			321,631			1,819,051			1,882,526
Class R		—			—			20,069			22,492			146,128			233,150
Class R4		—			—			22,444			42,564			479,337			635,395
Class R6		89			126			—			—			—			—
Class T1 (A)		7			23			—			—			—			—
		241,902			421,049			306,129			386,687			7,850,035			8,497,301
Shares redeemed:
Class A		(7,916	)		(21,100	)		—			—			—			—
Class C		(2,394	)		(12,905	)		—			—			—			—
Class I		(24,045	)		(15,133	)		—			—			—			—
Class I2		(3,946,098	)		(4,798,718	)		—			—			(37,431,644	)		(21,260,163	)
Class I3		—			—			(1,810,799	)		(3,717,133	)		(29,502,427	)		(24,719,482	)
Class R		—			—			(322,797	)		(319,623	)		(5,709,001	)		(2,668,167	)
Class R4		—			—			(1,528,291	)		(1,086,797	)		(5,983,515	)		(13,497,368	)
Class T1 (A)		(1,053	)		—			—			—			—			—
		(3,981,506	)		(4,847,856	)		(3,661,887	)		(5,123,553	)		(78,626,587	)		(62,145,180	)
Automatic conversions:
Class A		950			13,953			—			—			—			—
Class C		(970	)		(14,200	)		—			—			—			—
		(20	)		(247	)		—			—			—			—
Net increase (decrease) in shares outstanding:
Class A		794			11,538			—			—			—			—
Class C		4,195			(23,782	)		—			—			—			—
Class I		227,378			196,917			—			—			—			—
Class I2		(3,637,492	)		(1,741,987	)		—			—			(29,136,864	)		1,387,685
Class I3		—			—			(1,370,529	)		(2,859,728	)		(25,569,974	)		10,303,865
Class R		—			—			(196,533	)		(182,369	)		(4,861,562	)		(1,261,061	)
Class R4		—			—			(1,372,881	)		(726,364	)		(1,661,661	)		(9,875,221	)
Class R6		89			126			—			—			—			—
Class T1 (A)		(1,046	)		23			—			—			—			—
		(3,406,082	)		(1,557,165	)		(2,939,943	)		(3,768,461	)		(61,230,061	)		555,268

(A) Class ceased operations on February 15, 2019.

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

Transamerica Funds Annual Report 2019

Page    371

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Intermediate Muni						Transamerica International Equity						Transamerica International Growth
	October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018
From operations:
Net investment income (loss)	$	37,928,061		$	32,887,507		$	113,118,662		$	125,105,851		$	24,705,628		$	24,766,686
Net realized gain (loss)		1,651,178			(5,366,562	)		(108,226,159	)		166,017,252			(62,062,587	)		174,008,088
Net change in unrealized appreciation (depreciation)		92,728,203			(39,608,905	)		352,576,211			(746,968,797	)		196,243,244			(354,812,569	)
Net increase (decrease) in net assets resulting from operations		132,307,442			(12,087,960	)		357,468,714			(455,845,694	)		158,886,285			(156,037,795	)
Distributions to shareholders:
Class A		(5,914,290	)		(6,652,422	)		(9,317,566	)		(7,233,243	)		(9,584	)		—
Class C		(2,669,640	)		(2,839,371	)		(2,326,119	)		(1,696,387	)		—			—
Class I		(29,328,247	)		(23,377,634	)		(117,072,117	)		(71,524,342	)		(2,024	)		—
Class I2		(283	)		(249	)		(109,821,969	)		(73,435,227	)		(191,458,593	)		(22,882,446	)
Class I3		—			—			(10,855,310	)		(6,742,243	)		—			—
Class R		—			—			(1,635,400	)		(842,448	)		—			—
Class R4		—			—			(748,348	)		(495,072	)		—			—
Class R6		—			—			(10,172,104	)		(6,002,484	)		(1,378	)		—
Class T1 (A)		(81	)		(233	)		(911	)		(257	)		—			—
Advisor Class (A)		(6,499	)		(15,541	)		(112,005	)		(12,723	)		—			—
Net increase (decrease) in net assets resulting from distributions to shareholders		(37,919,040	)		(32,885,450	)		(262,061,849	)		(167,984,426	)		(191,471,579	)		(22,882,446	)
Capital share transactions:
Proceeds from shares sold:
Class A		94,379,092			83,072,555			41,398,565			64,373,383			76,048			54,621
Class C		25,125,189			25,376,273			4,732,171			18,947,231			—			—
Class I		648,803,374			470,615,460			1,026,346,576			1,402,209,858			4,543			14,760
Class I2		—			—			188,968,326			472,898,109			49,084,772			204,015,943
Class I3		—			—			8,227,178			7,325,000			—			—
Class R		—			—			3,002,497			6,693,917			—			—
Class R4		—			—			4,038,039			3,190,561			—			—
Class R6		—			—			84,784,663			116,826,370			—			10,000
Class T1 (A)		—			—			—			19,501			—			—
Advisor Class (A)		433,886			920,032			291,187			3,217,928			—			—
		768,741,541			579,984,320			1,361,789,202			2,095,701,858			49,165,363			204,095,324
Dividends and/or distributions reinvested:
Class A		5,503,603			6,315,321			8,451,921			6,766,872			9,584			—
Class C		2,258,292			2,420,139			2,019,668			1,457,576			—			—
Class I		22,952,456			17,091,456			105,994,701			66,820,752			2,024			—
Class I2		283			249			109,821,969			73,383,042			191,458,593			22,882,446
Class I3		—			—			10,855,310			6,742,243			—			—
Class R		—			—			1,635,400			842,448			—			—
Class R4		—			—			748,348			495,072			—			—
Class R6		—			—			10,172,104			5,818,711			1,378			—
Class T1 (A)		68			233			911			257			—			—
Advisor Class (A)		5,392			15,549			112,005			12,723			—			—
		30,720,094			25,842,947			249,812,337			162,339,696			191,471,579			22,882,446
Cost of shares redeemed:
Class A		(167,219,326	)		(123,909,894	)		(99,752,508	)		(121,294,978	)		(31,835	)		—
Class C		(41,082,013	)		(54,059,017	)		(24,532,497	)		(19,063,281	)		—			—
Class I		(386,435,610	)		(371,398,458	)		(1,462,817,933	)		(921,944,493	)		(968	)		—
Class I2		—			—			(610,460,118	)		(410,622,817	)		(262,267,476	)		(199,968,352	)
Class I3		—			—			(31,905,385	)		(42,708,376	)		—			—
Class R		—			—			(10,823,187	)		(11,926,655	)		—			—
Class R4		—			—			(1,700,962	)		(7,622,080	)		—			—
Class R6		—			—			(45,889,518	)		(82,327,404	)		—			—
Class T1 (A)		(10,698	)		—			(24,746	)		(3,000	)		—			—
Advisor Class (A)		(1,084,313	)		(593,806	)		(2,513,368	)		(1,039,455	)		—			—
		(595,831,960	)		(549,961,175	)		(2,290,420,222	)		(1,618,552,539	)		(262,300,279	)		(199,968,352	)
Automatic conversions:
Class A		992,952			626,308			472,108			1,070,593			—			—
Class C		(992,952	)		(626,308	)		(472,108	)		(1,070,593	)		—			—
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		203,629,675			55,866,092			(678,818,683	)		639,489,015			(21,663,337	)		27,009,418
Net increase (decrease) in net assets		298,018,077			10,892,682			(583,411,818	)		15,658,895			(54,248,631	)		(151,910,823	)

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

Transamerica Funds Annual Report 2019

Page    372

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Intermediate Muni						Transamerica International Equity						Transamerica International Growth
	October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018
Net assets:
Beginning of year	$	1,418,592,068		$	1,407,699,386		$	5,421,901,525		$	5,406,242,630		$	1,216,503,457		$	1,368,414,280
End of year	$	1,716,610,145		$	1,418,592,068		$	4,838,489,707		$	5,421,901,525		$	1,162,254,826		$	1,216,503,457
Capital share transactions - shares:
Shares issued:
Class A		8,212,786			7,367,657			2,488,391			3,345,096			10,986			6,129
Class C		2,177,778			2,251,056			290,315			990,908			—			—
Class I		55,966,706			41,611,382			61,601,712			72,686,607			647			1,669
Class I2		—			—			11,122,278			24,147,942			7,167,736			22,568,356
Class I3		—			—			494,016			382,352			—			—
Class R		—			—			175,667			347,591			—			—
Class R4		—			—			236,459			163,495			—			—
Class R6		—			—			4,986,787			5,988,101			—			1,125
Class T1 (A)		—			—			—			981			—			—
Advisor Class (A)		38,482			81,533			16,507			163,897			—			—
		66,395,752			51,311,628			81,412,132			108,216,970			7,179,369			22,577,279
Shares reinvested:
Class A		476,954			562,468			548,816			354,101			1,561			—
Class C		195,742			215,990			132,611			77,243			—			—
Class I		1,970,538			1,515,988			6,812,010			3,458,631			329			—
Class I2		24			22			7,053,434			3,796,329			31,284,084			2,556,698
Class I3		—			—			692,303			346,467			—			—
Class R		—			—			103,901			43,180			—			—
Class R4		—			—			47,696			25,440			—			—
Class R6		—			—			647,080			298,090			224			—
Class T1 (A)		6			21			59			13			—			—
Advisor Class (A)		476			1,380			7,089			649			—			—
		2,643,740			2,295,869			16,044,999			8,400,143			31,286,198			2,556,698
Shares redeemed:
Class A		(14,592,462	)		(11,005,031	)		(6,079,760	)		(6,293,427	)		(4,568	)		—
Class C		(3,591,398	)		(4,818,479	)		(1,507,120	)		(1,013,783	)		—			—
Class I		(33,693,788	)		(32,923,381	)		(87,155,027	)		(48,536,128	)		(133	)		—
Class I2		—			—			(35,993,117	)		(20,919,149	)		(38,686,421	)		(22,294,920	)
Class I3		—			—			(1,870,919	)		(2,175,713	)		—			—
Class R		—			—			(635,166	)		(615,778	)		—			—
Class R4		—			—			(99,848	)		(386,909	)		—			—
Class R6		—			—			(2,693,684	)		(4,229,345	)		—			—
Class T1 (A)		(940	)		—			(1,469	)		(159	)		—			—
Advisor Class (A)		(94,992	)		(52,907	)		(148,360	)		(52,272	)		—			—
		(51,973,580	)		(48,799,798	)		(136,184,470	)		(84,222,663	)		(38,691,122	)		(22,294,920	)
Automatic conversions:
Class A		84,498			55,888			27,945			57,628			—			—
Class C		(84,707	)		(55,998	)		(28,416	)		(58,687	)		—			—
		(209	)		(110	)		(471	)		(1,059	)		—			—
Net increase (decrease) in shares outstanding:
Class A		(5,818,224	)		(3,019,018	)		(3,014,608	)		(2,536,602	)		7,979			6,129
Class C		(1,302,585	)		(2,407,431	)		(1,112,610	)		(4,319	)		—			—
Class I		24,243,456			10,203,989			(18,741,305	)		27,609,110			843			1,669
Class I2		24			22			(17,817,405	)		7,025,122			(234,601	)		2,830,134
Class I3		—			—			(684,600	)		(1,446,894	)		—			—
Class R		—			—			(355,598	)		(225,007	)		—			—
Class R4		—			—			184,307			(197,974	)		—			—
Class R6		—			—			2,940,183			2,056,846			224			1,125
Class T1 (A)		(934	)		21			(1,410	)		835			—			—
Advisor Class (A)		(56,034	)		30,006			(124,764	)		112,274			—			—
		17,065,703			4,807,589			(38,727,810	)		32,393,391			(225,555	)		2,839,057

(A) Class ceased operations on February 15, 2019.

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

Transamerica Funds Annual Report 2019

Page    373

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica International Small Cap Value						Transamerica International Stock						Transamerica Large Cap Value
	October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018 (A)			October 31, 2019			October 31, 2018
From operations:
Net investment income (loss)	$	12,812,331		$	17,081,621		$	136,453		$	(1,019	)	$	41,688,988		$	31,497,393
Net realized gain (loss)		(25,767,476	)		51,498,005			(305,360	)		(674	)		22,290,004			196,906,396
Net change in unrealized appreciation (depreciation)		62,097,107			(114,672,789	)		2,716,330			(160,903	)		(6,265,871	)		(207,866,272	)
Net increase (decrease) in net assets resulting from operations		49,141,962			(46,093,163	)		2,547,423			(162,596	)		57,713,121			20,537,517
Distributions to shareholders:
Class A		—			—			(520	)		—			(10,117,977	)		(11,859,895	)
Class C		—			—			—			—			(4,908,925	)		(5,416,437	)
Class I		(19,912,659	)		(10,430,076	)		(526	)		—			(38,243,845	)		(31,656,405	)
Class I2		(32,128,632	)		(16,845,554	)		(520	)		—			(179,435,398	)		(218,906,146	)
Class R6		—			—			(520	)		—			(3,093,034	)		(2,153,741	)
Class T1 (B)		—			—			—			—			(1,018	)		(1,252	)
Advisor Class (B)		—			—			—			—			(152,908	)		(266,827	)
Net increase (decrease) in net assets resulting from distributions to shareholders		(52,041,291	)		(27,275,630	)		(2,086	)		—			(235,953,105	)		(270,260,703	)
Capital share transactions:
Proceeds from shares sold:
Class A		—			—			17,895			500,000			14,954,685			34,593,548
Class C		—			—			—			—			10,691,585			17,855,992
Class I		42,457,716			94,653,501			18,226			500,000			148,592,891			250,391,490
Class I2		12,793,954			33,676,992			73,559,100			500,000			31,320,543			108,243,725
Class R6		—			—			—			500,000			9,596,075			14,820,432
Advisor Class (B)		—			—			—			—			15,971			3,807,018
		55,251,670			128,330,493			73,595,221			2,000,000			215,171,750			429,712,205
Dividends and/or distributions reinvested:
Class A		—			—			520			—			9,108,990			11,013,056
Class C		—			—			—			—			3,984,868			4,516,691
Class I		17,882,828			10,395,926			526			—			30,380,750			23,645,791
Class I2		32,128,632			16,845,554			520			—			179,435,398			218,906,146
Class R6		—			—			520			—			3,093,034			2,153,741
Class T1 (B)		—			—			—			—			1,018			1,252
Advisor Class (B)		—			—			—			—			152,908			266,827
		50,011,460			27,241,480			2,086			—			226,156,966			260,503,504
Cost of shares redeemed:
Class A		—			—			(976	)		—			(30,946,348	)		(43,942,788	)
Class C		—			—			—			—			(21,309,614	)		(14,620,812	)
Class I		(233,699,206	)		(106,602,952	)		—			—			(270,800,517	)		(109,385,787	)
Class I2		(33,906,638	)		(96,240,090	)		—			—			(219,399,362	)		(366,829,095	)
Class R6		—			—			—			—			(7,127,020	)		(4,042,101	)
Class T1 (B)		—			—			—			—			(10,980	)		—
Advisor Class (B)		—			—			—			—			(2,057,040	)		(3,808,195	)
		(267,605,844	)		(202,843,042	)		(976	)		—			(551,650,881	)		(542,628,778	)
Automatic conversions:
Class A		—			—			—			—			717,014			1,226,810
Class C		—			—			—			—			(717,014	)		(1,226,810	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		(162,342,714	)		(47,271,069	)		73,596,331			2,000,000			(110,322,165	)		147,586,931
Net increase (decrease) in net assets		(165,242,043	)		(120,639,862	)		76,141,668			1,837,404			(288,562,149	)		(102,136,255	)
Net assets:
Beginning of year		731,376,520			852,016,382			1,837,404			—			2,213,798,186			2,315,934,441
End of year	$	566,134,477		$	731,376,520		$	77,979,072		$	1,837,404		$	1,925,236,037		$	2,213,798,186

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

Transamerica Funds Annual Report 2019

Page    374

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica International Small Cap Value						Transamerica International Stock					Transamerica Large Cap Value
	October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018 (A)		October 31, 2019			October 31, 2018
Capital share transactions - shares:
Shares issued:
Class A		—			—			1,908			50,000		1,353,084			2,698,430
Class C		—			—			—			—		989,741			1,400,182
Class I		3,638,479			6,666,008			2,017			50,000		13,415,710			19,553,345
Class I2		1,067,407			2,377,703			7,899,916			50,000		2,799,204			8,395,702
Class R6		—			—			—			50,000		863,199			1,169,860
Advisor Class (B)		—			—			—			—		1,361			294,246
		4,705,886			9,043,711			7,903,841			200,000		19,422,299			33,511,765
Shares reinvested:
Class A		—			—			62			—		905,886			888,955
Class C		—			—			—			—		400,620			366,611
Class I		1,668,174			756,067			62			—		2,996,684			1,894,844
Class I2		2,991,493			1,223,352			62			—		17,700,123			17,566,281
Class R6		—			—			62			—		304,522			172,714
Class T1 (B)		—			—			—			—		102			101
Advisor Class (B)		—			—			—			—		15,169			21,309
		4,659,667			1,979,419			248			—		22,323,106			20,910,815
Shares redeemed:
Class A		—			—			(103	)		—		(2,823,903	)		(3,439,031	)
Class C		—			—			—			—		(1,966,330	)		(1,158,223	)
Class I		(20,348,376	)		(7,875,057	)		—			—		(24,482,018	)		(8,610,289	)
Class I2		(2,882,054	)		(6,688,786	)		—			—		(19,378,082	)		(28,422,613	)
Class R6		—			—			—			—		(638,586	)		(316,095	)
Class T1 (B)		—			—			—			—		(982	)		—
Advisor Class (B)		—			—			—			—		(181,043	)		(296,278	)
		(23,230,430	)		(14,563,843	)		(103	)		—		(49,470,944	)		(42,242,529	)
Automatic conversions:
Class A		—			—			—			—		64,937			93,591
Class C		—			—			—			—		(65,403	)		(94,309	)
		—			—			—			—		(466	)		(718	)
Net increase (decrease) in shares outstanding:
Class A		—			—			1,867			50,000		(499,996	)		241,945
Class C		—			—			—			—		(641,372	)		514,261
Class I		(15,041,723	)		(452,982	)		2,079			50,000		(8,069,624	)		12,837,900
Class I2		1,176,846			(3,087,731	)		7,899,978			50,000		1,121,245			(2,460,630	)
Class R6		—			—			62			50,000		529,135			1,026,479
Class T1 (B)		—			—			—			—		(880	)		101
Advisor Class (B)		—			—			—			—		(164,513	)		19,277
		(13,864,877	)		(3,540,713	)		7,903,986			200,000		(7,726,005	)		12,179,333

(A)	Commenced operations on September 28, 2018.
(B)	Class ceased operations on February 15, 2019.

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

Transamerica Funds Annual Report 2019

Page    375

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Large Core						Transamerica Large Growth						Transamerica Large Value Opportunities
	October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018
From operations:
Net investment income (loss)	$	3,878,705		$	3,181,307		$	82,445		$	931,960		$	12,999,507		$	10,103,525
Net realized gain (loss)		(622,268	)		39,299,517			138,691,214			50,882,943			(336,389	)		77,317,138
Net change in unrealized appreciation (depreciation)		22,256,766			(24,410,390	)		(21,408,050	)		39,918,938			27,803,045			(62,205,395	)
Net increase (decrease) in net assets resulting from operations		25,513,203			18,070,434			117,365,609			91,733,841			40,466,163			25,215,268
Distributions to shareholders:
Class I3		(33,494,006	)		(10,516,433	)		(51,130,073	)		(28,859,138	)		(82,193,743	)		(16,314,502	)
Class R		(12,409,397	)		(3,613,975	)		(11,259,676	)		(5,525,002	)		(15,794,135	)		(3,039,969	)
Class R4		(944,680	)		(415,139	)		(3,067,488	)		(1,583,244	)		(8,730,705	)		(1,213,363	)
Net increase (decrease) in net assets resulting from distributions to shareholders		(46,848,083	)		(14,545,547	)		(65,457,237	)		(35,967,384	)		(106,718,583	)		(20,567,834	)
Capital share transactions:
Proceeds from shares sold:
Class I3		4,144,027			4,729,131			10,628,391			6,841,505			7,678,091			4,874,180
Class R		1,509,647			7,465,152			5,876,055			21,627,998			1,980,160			5,317,383
Class R4		429,993			247,225			3,248,277			4,763,363			16,946,049			4,045,018
		6,083,667			12,441,508			19,752,723			33,232,866			26,604,300			14,236,581
Dividends and/or distributions reinvested:
Class I3		33,494,006			10,516,433			51,130,073			28,859,138			82,193,743			16,314,502
Class R		12,409,397			3,613,975			11,259,676			5,525,002			15,794,135			3,039,969
Class R4		944,680			415,139			3,067,488			1,583,244			8,730,705			1,213,363
		46,848,083			14,545,547			65,457,237			35,967,384			106,718,583			20,567,834
Cost of shares redeemed:
Class I3		(20,775,687	)		(29,006,226	)		(86,550,003	)		(124,042,641	)		(60,516,673	)		(86,641,189	)
Class R		(19,131,877	)		(15,975,810	)		(46,245,671	)		(41,908,897	)		(37,582,706	)		(19,194,740	)
Class R4		(1,267,555	)		(7,151,105	)		(10,925,695	)		(9,679,726	)		(18,029,749	)		(22,703,298	)
		(41,175,119	)		(52,133,141	)		(143,721,369	)		(175,631,264	)		(116,129,128	)		(128,539,227	)
Net increase (decrease) in net assets resulting from capital share transactions		11,756,631			(25,146,086	)		(58,511,409	)		(106,431,014	)		17,193,755			(93,734,812	)
Net increase (decrease) in net assets		(9,578,249	)		(21,621,199	)		(6,603,037	)		(50,664,557	)		(49,058,665	)		(89,087,378	)
Net assets:
Beginning of year		267,632,515			289,253,714			800,002,413			850,666,970			598,931,667			688,019,045
End of year	$	258,054,266		$	267,632,515		$	793,399,376		$	800,002,413		$	549,873,002		$	598,931,667
Capital share transactions - shares:
Shares issued:
Class I3		429,447			415,662			932,410			544,684			851,620			440,353
Class R		154,338			649,806			476,392			1,685,024			208,849			480,715
Class R4		45,208			21,702			274,357			379,499			1,633,747			368,137
		628,993			1,087,170			1,683,159			2,609,207			2,694,216			1,289,205
Shares reinvested:
Class I3		3,947,064			936,284			4,893,808			2,466,584			9,992,136			1,484,294
Class R		1,466,414			322,061			1,081,621			473,842			1,922,607			276,508
Class R4		111,534			37,013			293,821			135,546			1,063,561			110,399
		5,525,012			1,295,358			6,269,250			3,075,972			12,978,304			1,871,201
Shares redeemed:
Class I3		(2,164,698	)		(2,538,402	)		(6,933,037	)		(9,830,830	)		(6,537,991	)		(7,843,770	)
Class R		(1,987,977	)		(1,402,664	)		(3,746,333	)		(3,366,115	)		(3,890,110	)		(1,737,549	)
Class R4		(134,819	)		(630,684	)		(888,881	)		(763,105	)		(1,994,459	)		(2,076,810	)
		(4,287,494	)		(4,571,750	)		(11,568,251	)		(13,960,050	)		(12,422,560	)		(11,658,129	)
Net increase (decrease) in shares outstanding:
Class I3		2,211,813			(1,186,456	)		(1,106,819	)		(6,819,562	)		4,305,765			(5,919,123	)
Class R		(367,225	)		(430,797	)		(2,188,320	)		(1,207,249	)		(1,758,654	)		(980,326	)
Class R4		21,923			(571,969	)		(320,703	)		(248,060	)		702,849			(1,598,274	)
		1,866,511			(2,189,222	)		(3,615,842	)		(8,274,871	)		3,249,960			(8,497,723	)

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

Transamerica Funds Annual Report 2019

Page    376

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Mid Cap Growth						Transamerica Mid Cap Value Opportunities						Transamerica MLP & Energy Income
	October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018
From operations:
Net investment income (loss)	$	(418,487	)	$	461,084		$	16,080,885		$	16,376,150		$	7,230,982		$	2,599,532
Net realized gain (loss)		3,052,135			37,031,309			34,759,911			88,071,117			(13,448,809	)		(1,924,083	)
Net change in unrealized appreciation (depreciation)		17,944,621			(36,990,443	)		86,789,438			(23,334,476	)		6,925,167			(7,314,705	)
Net increase (decrease) in net assets resulting from operations		20,578,269			501,950			137,630,234			81,112,791			707,340			(6,639,256	)
Distributions to shareholders:
Class A		(3,390,336	)		(175,096	)		(7,646,310	)		(8,172,969	)		(187,587	)		(282,971	)
Class C		(432,213	)		(24,769	)		(1,146,490	)		(1,292,636	)		(116,268	)		(160,718	)
Class I		(196,830	)		(13,939	)		(23,727,906	)		(30,090,327	)		(184,148	)		(316,956	)
Class I2		(2,893	)		(3,238,011	)		(21,187,078	)		(23,409,015	)		(2,515,577	)		(2,627,809	)
Class I3		(11,444,616	)		(931,099	)		(16,928,642	)		(20,225,453	)		—			—
Class R		(6,087,925	)		(417,313	)		(4,822,358	)		(6,113,362	)		—			—
Class R4		(1,515,560	)		(179,887	)		(26,495,775	)		(30,226,839	)		—			—
Class R6		—			—			(15,092,910	)		(1,475,600	)		—			—
Class T1 (A)		(3,227	)		(193	)		(805	)		(740	)		(25	)		(98	)
Advisor Class (A)		(3,406	)		(217	)		(791	)		(796	)		(17	)		(106	)
Return of capital:
Class A		—			—			—			—			(779,277	)		(1,111,923	)
Class C		—			—			—			—			(483,029	)		(631,550	)
Class I		—			—			—			—			(764,978	)		(1,245,522	)
Class I2		—			—			—			—			(10,450,350	)		(10,326,185	)
Class T1 (A)		—			—			—			—			(87	)		(386	)
Advisor Class (A)		—			—			—			—			(100	)		(399	)
Net increase (decrease) in net assets resulting from distributions to shareholders		(23,077,006	)		(4,980,524	)		(117,049,065	)		(121,007,737	)		(15,481,443	)		(16,704,623	)
Capital share transactions:
Proceeds from shares sold:
Class A		3,548,776			2,994,683			27,567,062			44,765,561			1,009,593			5,635,060
Class C		220,232			283,781			6,658,632			5,071,156			660,502			1,360,328
Class I		221,731			239,069			315,293,391			185,045,880			5,650,629			25,864,814
Class I2		152,630,204			10,000			1,286,706			8,824,715			502,991			97,728,579
Class I3		5,695,501			929,592			4,157,071			3,386,198			—			—
Class R		2,322,807			6,970,413			2,926,781			9,920,268			—			—
Class R4		487,798			2,683,100			18,579,319			21,810,715			—			—
Class R6		—			—			72,826,043			168,510,517			—			—
Class T1 (A)		—			7			500			3			—			—
Advisor Class (A)		—			7			—			3			—			—
		165,127,049			14,110,652			449,295,505			447,335,016			7,823,715			130,588,781
Dividends and/or distributions reinvested:
Class A		3,386,329			174,864			7,531,028			8,066,660			891,610			1,277,238
Class C		432,213			24,769			1,065,963			1,212,653			493,051			641,039
Class I		196,830			13,939			20,775,719			27,039,120			930,504			1,308,067
Class I2		2,893			3,238,011			21,187,078			23,409,015			12,965,927			12,953,994
Class I3		11,444,616			931,099			16,928,642			20,225,453			—			—
Class R		6,087,925			417,313			4,822,358			5,895,337			—			—
Class R4		1,515,560			179,887			26,495,775			30,226,839			—			—
Class R6		—			—			15,092,910			1,475,600			—			—
Class T1 (A)		3,227			193			805			740			112			484
Advisor Class (A)		3,406			217			791			796			117			505
		23,072,999			4,980,292			113,901,069			117,552,213			15,281,321			16,181,327
Cost of shares redeemed:
Class A		(2,925,254	)		(3,391,002	)		(121,735,632	)		(57,698,324	)		(7,693,212	)		(14,280,863	)
Class C		(288,544	)		(256,183	)		(5,685,509	)		(5,874,543	)		(4,459,800	)		(8,269,989	)
Class I		(250,707	)		(191,629	)		(206,466,212	)		(231,019,544	)		(12,445,124	)		(51,699,906	)
Class I2		(7	)		(159,904,186	)		(30,672,823	)		(43,247,424	)		(51,703,582	)		(43,159,307	)
Class I3		(13,201,092	)		(10,472,053	)		(43,626,312	)		(62,073,657	)		—			—
Class R		(5,315,208	)		(12,235,911	)		(15,270,008	)		(33,430,531	)		—			—
Class R4		(5,512,863	)		(8,366,810	)		(297,491,796	)		(106,310,216	)		—			—
Class R6		—			—			(36,785,911	)		(12,079,445	)		—			—
Class T1 (A)		(10,673	)		—			(11,388	)		—			(9,769	)		—
Advisor Class (A)		(11,315	)		—			(11,305	)		—			(10,061	)		—
		(27,515,663	)		(194,817,774	)		(757,756,896	)		(551,733,684	)		(76,321,548	)		(117,410,065	)

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

Transamerica Funds Annual Report 2019

Page    377

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Mid Cap Growth						Transamerica Mid Cap Value Opportunities						Transamerica MLP & Energy Income
	October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018
Automatic conversions:
Class A	$	103,703		$	112,171		$	186,061		$	189,811		$	117,945		$	278,203
Class C		(103,703	)		(112,171	)		(186,061	)		(189,811	)		(117,945	)		(278,203	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		160,684,385			(175,726,830	)		(194,560,322	)		13,153,545			(53,216,512	)		29,360,043
Net increase (decrease) in net assets		158,185,648			(180,205,404	)		(173,979,153	)		(26,741,401	)		(67,990,615	)		6,016,164
Net assets:
Beginning of year		72,175,554			252,380,958			1,604,605,089			1,631,346,490			319,091,309			313,075,145
End of year	$	230,361,202		$	72,175,554		$	1,430,625,936		$	1,604,605,089		$	251,100,694		$	319,091,309
Capital share transactions - shares:
Shares issued:
Class A		338,761			201,861			2,569,778			3,792,820			147,767			763,587
Class C		25,042			19,610			624,727			434,104			98,141			186,369
Class I		23,495			15,967			28,030,136			15,675,022			832,010			3,418,089
Class I2		14,900,203			695			113,962			732,396			72,998			13,238,834
Class I3		724,652			61,776			364,907			286,586			—			—
Class R		239,740			470,142			257,461			827,297			—			—
Class R4		51,866			179,281			1,655,596			1,851,424			—			—
Class R6		—			—			6,241,247			13,745,333			—			—
Class T1 (A)		—			—			42			—			—			—
		16,303,759			949,332			39,857,856			37,344,982			1,150,916			17,606,879
Shares reinvested:
Class A		442,079			11,993			763,022			698,412			132,576			178,008
Class C		59,452			1,744			108,883			106,001			73,365			89,570
Class I		25,463			949			2,096,440			2,332,970			138,477			182,231
Class I2		372			219,974			2,135,794			2,018,019			1,925,163			1,796,995
Class I3		1,472,924			63,125			1,699,663			1,734,601			—			—
Class R		784,526			28,331			482,718			505,604			—			—
Class R4		194,303			12,187			2,657,550			2,592,353			—			—
Class R6		—			—			1,510,802			126,228			—			—
Class T1 (A)		421			14			81			64			18			66
Advisor Class (A)		441			15			79			68			18			70
		2,979,981			338,332			11,455,032			10,114,320			2,269,617			2,246,940
Shares redeemed:
Class A		(325,307	)		(228,648	)		(10,861,358	)		(4,874,055	)		(1,144,372	)		(1,975,741	)
Class C		(33,065	)		(17,757	)		(530,209	)		(506,316	)		(665,948	)		(1,137,821	)
Class I		(26,179	)		(12,693	)		(18,254,845	)		(19,281,697	)		(1,871,965	)		(7,025,681	)
Class I2		—			(11,096,731	)		(2,721,732	)		(3,621,304	)		(7,583,842	)		(5,833,306	)
Class I3		(1,357,010	)		(700,091	)		(3,854,179	)		(5,203,773	)		—			—
Class R		(545,652	)		(825,320	)		(1,373,365	)		(2,812,602	)		—			—
Class R4		(570,859	)		(548,376	)		(26,795,287	)		(8,897,529	)		—			—
Class R6		—			—			(3,211,701	)		(1,001,676	)		—			—
Class T1 (A)		(1,195	)		—			(1,020	)		—			(1,354	)		—
Advisor Class (A)		(1,256	)		—			(1,000	)		—			(1,391	)		—
		(2,860,523	)		(13,429,616	)		(67,604,696	)		(46,198,952	)		(11,268,872	)		(15,972,549	)
Automatic conversions:
Class A		11,159			7,507			16,514			15,516			17,373			37,031
Class C		(11,789	)		(7,755	)		(16,715	)		(15,730	)		(17,446	)		(37,219	)
		(630	)		(248	)		(201	)		(214	)		(73	)		(188	)
Net increase (decrease) in shares outstanding:
Class A		466,692			(7,287	)		(7,512,044	)		(367,307	)		(846,656	)		(997,115	)
Class C		39,640			(4,158	)		186,686			18,059			(511,888	)		(899,101	)
Class I		22,779			4,223			11,871,731			(1,273,705	)		(901,478	)		(3,425,361	)
Class I2		14,900,575			(10,876,062	)		(471,976	)		(870,889	)		(5,585,681	)		9,202,523
Class I3		840,566			(575,190	)		(1,789,609	)		(3,182,586	)		—			—
Class R		478,614			(326,847	)		(633,186	)		(1,479,701	)		—			—
Class R4		(324,690	)		(356,908	)		(22,482,141	)		(4,453,752	)		—			—
Class R6		—			—			4,540,348			12,869,885			—			—
Class T1 (A)		(774	)		14			(897	)		64			(1,336	)		66
Advisor Class (A)		(815	)		15			(921	)		68			(1,373	)		70
		16,422,587			(12,142,200	)		(16,292,009	)		1,260,136			(7,848,412	)		3,881,082

(A) Class ceased operations on February 15, 2019.

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

Transamerica Funds Annual Report 2019

Page    378

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period ended:

	Transamerica Multi-Asset Income						Transamerica Multi-Managed Balanced						Transamerica Short-Term Bond
	October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018
From operations:
Net investment income (loss)	$	6,598,672		$	5,116,776		$	12,013,274		$	11,446,691		$	74,632,861		$	67,744,273
Net realized gain (loss)		839,401			3,880,521			30,060,718			58,189,750			1,541,076			(9,452,655	)
Net change in unrealized appreciation (depreciation)		13,836,796			(5,324,697	)		71,047,927			(47,744,738	)		66,195,032			(41,360,373	)
Net increase (decrease) in net assets resulting from operations		21,274,869			3,672,600			113,121,919			21,891,703			142,368,969			16,931,245
Distributions to shareholders:
Class A		(1,292,583	)		(892,273	)		(38,925,530	)		(18,631,456	)		(17,334,476	)		(18,213,891	)
Class B (A)		—			—			(53,987	)		(39,885	)		—			—
Class C		(1,529,847	)		(1,116,453	)		(12,466,933	)		(5,735,192	)		(6,286,965	)		(6,540,709	)
Class I		(5,327,742	)		(3,068,436	)		(17,156,884	)		(8,731,540	)		(43,159,744	)		(33,893,076	)
Class I2		(595	)		(441	)		—			—			(7,760,016	)		(9,547,261	)
Class R6		—			—			(612,950	)		(317,627	)		(689,224	)		(373,863	)
Class T1 (B)		(230	)		(396	)		(693	)		(368	)		(81	)		(230	)
Advisor Class (B)		(2,337	)		(4,389	)		(5,459	)		(899	)		(47,660	)		(70,294	)
Net increase (decrease) in net assets resulting from distributions to shareholders		(8,153,334	)		(5,082,388	)		(69,222,436	)		(33,456,967	)		(75,278,166	)		(68,639,324	)
Capital share transactions:
Proceeds from shares sold:
Class A		10,013,616			13,479,563			48,858,902			36,633,991			215,323,232			213,003,959
Class B (A)		—			—			24,921			13,908			—			—
Class C		12,269,643			7,806,763			33,854,740			25,585,598			38,102,130			36,853,985
Class I		78,401,567			30,253,939			43,855,787			55,084,342			999,395,879			928,696,994
Class I2		—			—			—			—			128,088,532			117,327,477
Class R6		—			—			8,583,507			660,956			9,999,256			29,103,138
Advisor Class (B)		—			107,000			1,500			78,689			1,781,376			5,788,823
		100,684,826			51,647,265			135,179,357			118,057,484			1,392,690,405			1,330,774,376
Dividends and/or distributions reinvested:
Class A		1,263,288			859,497			38,048,394			18,275,344			16,207,781			17,028,111
Class B (A)		—			—			53,843			39,296			—			—
Class C		1,480,469			1,071,787			11,817,417			5,461,657			5,555,410			5,872,168
Class I		5,242,764			2,992,295			15,710,502			7,931,626			34,773,916			27,768,981
Class I2		595			441			—			—			7,760,016			9,547,261
Class R6		—			—			595,462			317,627			684,210			373,694
Class T1 (B)		230			396			693			368			69			230
Advisor Class (B)		2,337			4,389			5,459			899			42,201			70,294
		7,989,683			4,928,805			66,231,770			32,026,817			65,023,603			60,660,739
Cost of shares redeemed:
Class A		(6,822,899	)		(7,592,489	)		(93,532,358	)		(114,314,282	)		(335,529,063	)		(430,846,080	)
Class B (A)		—			—			(63,497	)		(204,202	)		—			—
Class C		(7,792,673	)		(12,945,203	)		(37,138,071	)		(42,300,880	)		(97,196,825	)		(151,834,719	)
Class I		(30,606,574	)		(12,039,725	)		(57,746,192	)		(94,861,437	)		(776,375,068	)		(794,307,491	)
Class I2		—			—			—			—			(80,213,860	)		(326,983,740	)
Class R6		—			—			(3,385,661	)		(3,509,962	)		(8,670,816	)		(4,514,560	)
Class T1 (B)		(11,154	)		—			(11,228	)		—			(10,327	)		—
Advisor Class (B)		(112,335	)		(15,831	)		(91,713	)		—			(7,302,644	)		(410,066	)
		(45,345,635	)		(32,593,248	)		(191,968,720	)		(255,190,763	)		(1,305,298,603	)		(1,708,896,656	)
Automatic conversions:
Class A		—			—			955,910			1,145,242			—			—
Class B (A)		—			—			(955,910	)		(1,145,242	)		—			—
		—			—			—			—			—			—
Automatic conversions:
Class A		473,281			582,350			6,556,689			25,323,116			53,677,373			7,411,824
Class C		(473,281	)		(582,350	)		(6,556,689	)		(25,323,116	)		(53,677,373	)		(7,411,824	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		63,328,874			23,982,822			9,442,407			(105,106,462	)		152,415,405			(317,461,541	)
Net increase (decrease) in net assets		76,450,409			22,573,034			53,341,890			(116,671,726	)		219,506,208			(369,169,620	)
Net assets:
Beginning of period		158,246,926			135,673,892			958,086,121			1,074,757,847			2,830,343,832			3,199,513,452
End of period	$	234,697,335		$	158,246,926		$	1,011,428,011		$	958,086,121		$	3,049,850,040		$	2,830,343,832

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

Transamerica Funds Annual Report 2019

Page    379

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period ended:

	Transamerica Multi-Asset Income						Transamerica Multi-Managed Balanced						Transamerica Short-Term Bond
	October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018
Capital share transactions - shares:
Shares issued:
Class A		911,389			1,195,062			1,796,147			1,298,925			21,194,546			21,028,863
Class B (A)		—			—			910			508			—			—
Class C		1,111,565			701,212			1,272,405			923,557			3,758,700			3,645,273
Class I		7,063,555			2,705,748			1,603,079			1,945,171			100,085,455			93,387,841
Class I2		—			—			—			—			12,892,612			11,808,140
Class R6		—			—			311,720			23,582			991,396			2,933,332
Advisor Class (B)		—			9,630			59			2,774			180,305			581,072
		9,086,509			4,611,652			4,984,320			4,194,517			139,103,014			133,384,521
Shares reinvested:
Class A		117,538			77,461			1,512,608			653,585			1,593,881			1,684,437
Class B (A)		—			—			2,180			1,416			—			—
Class C		138,772			96,929			482,081			199,112			547,615			582,165
Class I		487,224			269,390			620,831			282,422			3,476,173			2,795,907
Class I2		58			42			—			—			776,465			961,750
Class R6		—			—			23,469			11,311			68,498			37,733
Class T1 (B)		22			36			28			13			7			22
Advisor Class (B)		226			394			219			32			4,265			7,078
		743,840			444,252			2,641,416			1,147,891			6,466,904			6,069,092
Shares redeemed:
Class A		(621,223	)		(681,019	)		(3,440,442	)		(4,067,002	)		(33,101,024	)		(42,567,492	)
Class B (A)		—			—			(2,378	)		(7,347	)		—			—
Class C		(714,076	)		(1,165,635	)		(1,399,530	)		(1,530,412	)		(9,602,674	)		(15,037,337	)
Class I		(2,825,802	)		(1,080,662	)		(2,144,954	)		(3,345,104	)		(77,856,693	)		(79,905,360	)
Class I2		—			—			—			—			(8,050,251	)		(33,008,014	)
Class R6		—			—			(126,455	)		(124,352	)		(867,409	)		(454,569	)
Class T1 (B)		(1,022	)		—			(421	)		—			(1,023	)		—
Advisor Class (B)		(10,325	)		(1,435	)		(3,462	)		—			(735,540	)		(41,278	)
		(4,172,448	)		(2,928,751	)		(7,117,642	)		(9,074,217	)		(130,214,614	)		(171,014,050	)
Automatic conversions:
Class A		—			—			34,929			40,742			—			—
Class B (A)		—			—			(35,138	)		(41,025	)		—			—
		—			—			(209	)		(283	)		—			—
Automatic conversions:
Class A		41,719			51,290			236,934			876,784			5,244,714			734,583
Class C		(41,871	)		(51,562	)		(241,566	)		(893,954	)		(5,253,290	)		(736,042	)
		(152	)		(272	)		(4,632	)		(17,170	)		(8,576	)		(1,459	)
Net increase (decrease) in shares outstanding:
Class A		449,423			642,794			140,176			(1,196,966	)		(5,067,883	)		(19,119,609	)
Class B (A)		—			—			(34,426	)		(46,448	)		—			—
Class C		494,390			(419,056	)		113,390			(1,301,697	)		(10,549,649	)		(11,545,941	)
Class I		4,724,977			1,894,476			78,956			(1,117,511	)		25,704,935			16,278,388
Class I2		58			42			—			—			5,618,826			(20,238,124	)
Class R6		—			—			208,734			(89,459	)		192,485			2,516,496
Class T1 (B)		(1,000	)		36			(393	)		13			(1,016	)		22
Advisor Class (B)		(10,099	)		8,589			(3,184	)		2,806			(550,970	)		546,872
		5,657,749			2,126,881			503,253			(3,749,262	)		15,346,728			(31,561,896	)

(A)	Class ceased operations on May 6, 2019.
(B)	Class ceased operations on February 15, 2019.

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

Transamerica Funds Annual Report 2019

Page    380

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Small Cap Core						Transamerica Small Cap Growth						Transamerica Small Cap Value
	October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018
From operations:
Net investment income (loss)	$	1,374,895		$	1,419,004		$	(846,832	)	$	(565,604	)	$	1,755,414		$	1,622,016
Net realized gain (loss)		(17,271,885	)		18,354,804			9,471,121			11,294,709			1,890,712			20,943,074
Net change in unrealized appreciation (depreciation)		2,462,377			(12,056,861	)		6,481,845			(3,461,073	)		1,953,468			(40,264,859	)
Net increase (decrease) in net assets resulting from operations		(13,434,613	)		7,716,947			15,106,134			7,268,032			5,599,594			(17,699,769	)
Distributions to shareholders:
Class A		(295,764	)		(153,549	)		(1,414,128	)		(1,803,881	)		(328,985	)		(108,556	)
Class C		(53,933	)		(25,343	)		(490,258	)		(390,836	)		(64,184	)		(35,407	)
Class I		(182,602	)		(84,391	)		(3,349,386	)		(2,668,855	)		(1,523,486	)		(104,035	)
Class I2		(1,837,928	)		(1,300,776	)		(3,261,131	)		(4,230,808	)		(18,710,196	)		(10,810,508	)
Class I3		(12,130,508	)		(5,641,764	)		(2,685,929	)		(3,224,876	)		(2,348,533	)		(1,436,337	)
Class R		(3,866,307	)		(1,731,562	)		(1,546,130	)		(1,622,178	)		(756,005	)		(455,240	)
Class R4		(490,834	)		(310,768	)		(625,490	)		(568,604	)		(21,805	)		(13,409	)
Class R6		—			—			(6,051	)		(5,894	)		(5,036	)		(2,639	)
Class T1 (A)		(901	)		(359	)		(9,028	)		(1,084	)		(870	)		(439	)
Advisor Class (A)		(910	)		(471	)		(1,358	)		(1,548	)		(867	)		(453	)
Net increase (decrease) in net assets resulting from distributions to shareholders		(18,859,687	)		(9,248,983	)		(13,388,889	)		(14,518,564	)		(23,759,967	)		(12,967,023	)
Capital share transactions:
Proceeds from shares sold:
Class A		333,849			1,000,871			4,069,143			12,387,704			2,299,973			1,710,750
Class C		14,279			144,309			600,532			2,021,512			68,878			50,657
Class I		296,546			517,371			17,942,491			10,959,812			16,854,295			43,451
Class I2		416,241			2,614,929			20,694,441			4,159,437			1,107,468			7,908,511
Class I3		4,244,129			3,623,967			1,023,437			789,527			1,779,839			803,587
Class R		800,263			1,433,778			1,574,222			7,066,340			1,024,770			2,439,583
Class R4		889,880			910,722			346,137			1,125,023			93,762			28,958
Class R6		—			—			—			63			—			—
Class T1 (A)		4			—			537			79,383			—			—
Advisor Class (A)		4			—			—			—			—			—
		6,995,195			10,245,947			46,250,940			38,588,801			23,228,985			12,985,497
Dividends and/or distributions reinvested:
Class A		295,764			153,549			1,409,450			1,798,719			328,985			108,556
Class C		53,643			25,106			490,039			389,283			61,866			34,117
Class I		182,602			84,391			3,347,331			2,658,470			1,523,486			104,035
Class I2		1,837,928			1,300,776			3,261,131			4,230,808			18,710,196			10,810,508
Class I3		12,130,508			5,641,764			2,685,929			3,224,876			2,348,533			1,436,337
Class R		3,866,307			1,731,562			1,546,130			1,622,178			756,005			455,240
Class R4		490,834			310,768			625,490			568,604			21,805			13,409
Class R6		—			—			6,051			5,894			5,036			2,639
Class T1 (A)		901			359			4,745			1,084			870			439
Advisor Class (A)		910			471			1,358			1,548			867			453
		18,859,397			9,248,746			13,377,654			14,501,464			23,757,649			12,965,733
Cost of shares redeemed:
Class A		(717,499	)		(1,219,124	)		(9,647,333	)		(10,203,758	)		(900,436	)		(1,168,433	)
Class C		(96,608	)		(89,602	)		(1,467,483	)		(880,271	)		(114,037	)		(74,348	)
Class I		(897,380	)		(172,921	)		(16,075,177	)		(7,958,712	)		(3,320,073	)		(1,760,708	)
Class I2		(4,205,712	)		(12,199,516	)		(6,938,882	)		(18,453,485	)		(164,096,780	)		(36,295,986	)
Class I3		(14,531,351	)		(24,604,114	)		(6,863,546	)		(7,688,540	)		(5,397,154	)		(6,884,739	)
Class R		(12,796,488	)		(9,069,694	)		(4,188,076	)		(8,397,749	)		(2,459,965	)		(4,288,362	)
Class R4		(1,000,080	)		(4,693,244	)		(6,909,904	)		(741,682	)		(27,995	)		(104,869	)
Class T1 (A)		(10,591	)		—			(92,078	)		—			(10,424	)		—
Advisor Class (A)		(10,595	)		—			(15,069	)		(2,465	)		(10,460	)		—
		(34,266,304	)		(52,048,215	)		(52,197,548	)		(54,326,662	)		(176,337,324	)		(50,577,445	)
Automatic conversions:
Class A		2,672			36,600			51,648			233,833			344			14,772
Class C		(2,672	)		(36,600	)		(51,648	)		(233,833	)		(344	)		(14,772	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		(8,411,712	)		(32,553,522	)		7,431,046			(1,236,397	)		(129,350,690	)		(24,626,215	)
Net increase (decrease) in net assets		(40,706,012	)		(34,085,558	)		9,148,291			(8,486,929	)		(147,511,063	)		(55,293,007	)

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

Transamerica Funds Annual Report 2019

Page    381

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Small Cap Core						Transamerica Small Cap Growth						Transamerica Small Cap Value
	October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018
Net assets:
Beginning of year	$	216,889,093		$	250,974,651		$	143,973,229		$	152,460,158		$	253,275,982		$	308,568,989
End of year	$	176,183,081		$	216,889,093		$	153,121,520		$	143,973,229		$	105,764,919		$	253,275,982
Capital share transactions - shares:
Shares issued:
Class A		32,502			81,560			670,318			1,797,590			231,153			144,318
Class C		1,393			12,157			112,955			320,311			7,714			4,302
Class I		30,864			41,258			2,837,682			1,550,025			1,675,407			3,580
Class I2		44,490			212,994			3,071,290			587,212			119,842			649,754
Class I3		419,294			292,360			174,600			106,934			198,540			66,437
Class R		77,789			111,877			248,679			975,150			104,610			206,866
Class R4		87,344			73,631			54,405			159,986			9,776			2,453
Class T1 (A)		—			—			80			12,342			—			—
		693,676			825,837			7,170,009			5,509,550			2,347,042			1,077,710
Shares reinvested:
Class A		32,790			13,124			272,621			283,263			38,613			9,326
Class C		6,014			2,166			105,840			67,118			7,330			2,954
Class I		20,177			7,194			622,181			405,255			177,356			8,892
Class I2		202,862			110,799			596,185			636,212			2,178,137			923,186
Class I3		1,325,739			475,296			491,029			484,216			273,085			122,345
Class R		421,626			146,000			285,791			245,042			87,704			38,843
Class R4		53,526			26,181			114,980			85,504			2,532			1,143
Class R6		—			—			1,106			887			583			225
Class T1 (A)		99			30			918			170			102			38
Advisor Class (A)		100			40			253			235			100			38
		2,062,933			780,830			2,490,904			2,207,902			2,765,542			1,106,990
Shares redeemed:
Class A		(72,101	)		(102,925	)		(1,500,466	)		(1,519,276	)		(94,020	)		(99,636	)
Class C		(9,759	)		(7,564	)		(266,126	)		(137,629	)		(12,923	)		(6,460	)
Class I		(92,235	)		(14,402	)		(2,565,256	)		(1,154,309	)		(346,542	)		(151,703	)
Class I2		(423,331	)		(1,005,243	)		(1,074,530	)		(2,608,822	)		(16,754,141	)		(3,046,861	)
Class I3		(1,437,800	)		(2,018,291	)		(1,037,587	)		(1,075,653	)		(551,808	)		(581,031	)
Class R		(1,273,746	)		(751,562	)		(657,470	)		(1,179,783	)		(252,491	)		(365,190	)
Class R4		(98,927	)		(376,326	)		(1,102,211	)		(103,894	)		(2,870	)		(8,799	)
Class T1 (A)		(993	)		—			(15,095	)		—			(1,040	)		—
Advisor Class (A)		(998	)		—			(2,385	)		(367	)		(1,029	)		—
		(3,409,890	)		(4,276,313	)		(8,221,126	)		(7,779,733	)		(18,016,864	)		(4,259,680	)
Automatic conversions:
Class A		258			2,904			8,531			31,813			37			1,229
Class C		(262	)		(2,948	)		(9,550	)		(35,003	)		(37	)		(1,246	)
		(4	)		(44	)		(1,019	)		(3,190	)		—			(17	)
Net increase (decrease) in shares outstanding:
Class A		(6,551	)		(5,337	)		(548,996	)		593,390			175,783			55,237
Class C		(2,614	)		3,811			(56,881	)		214,797			2,084			(450	)
Class I		(41,194	)		34,050			894,607			800,971			1,506,221			(139,231	)
Class I2		(175,979	)		(681,450	)		2,592,945			(1,385,398	)		(14,456,162	)		(1,473,921	)
Class I3		307,233			(1,250,635	)		(371,958	)		(484,503	)		(80,183	)		(392,249	)
Class R		(774,331	)		(493,685	)		(123,000	)		40,409			(60,177	)		(119,481	)
Class R4		41,943			(276,514	)		(932,826	)		141,596			9,438			(5,203	)
Class R6		—			—			1,106			887			583			225
Class T1 (A)		(894	)		30			(14,097	)		12,512			(938	)		38
Advisor Class (A)		(898	)		40			(2,132	)		(132	)		(929	)		38
		(653,285	)		(2,669,690	)		1,438,768			(65,471	)		(12,904,280	)		(2,074,997	)

(A) Class ceased operations on February 15, 2019.

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

Transamerica Funds Annual Report 2019

Page    382

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Small/Mid Cap Value						Transamerica Unconstrained Bond						Transamerica US Growth
	October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018
From operations:
Net investment income (loss)	$	4,684,282		$	3,886,953		$	29,729,385		$	23,320,833		$	(1,895,812	)	$	(2,398,596	)
Net realized gain (loss)		13,395,335			77,145,651			(24,951,032	)		(5,107,923	)		121,338,133			101,172,920
Net change in unrealized appreciation (depreciation)		41,061,548			(59,923,934	)		24,674,567			(21,601,131	)		88,287,983			26,343,598
Net increase (decrease) in net assets resulting from operations		59,141,165			21,108,670			29,452,920			(3,388,221	)		207,730,304			125,117,922
Distributions to shareholders:
Class A		(35,533,133	)		(43,122,222	)		—			—			(55,720,551	)		(50,554,272	)
Class B (A)		(46,031	)		(639,012	)		—			—			(336,306	)		(546,263	)
Class C		(17,639,233	)		(32,267,610	)		—			—			(1,485,668	)		(5,140,014	)
Class I		(26,960,120	)		(30,473,301	)		(38,580	)		(83,485	)		(18,533,239	)		(18,709,124	)
Class I2		(1,973,487	)		(2,520,225	)		(25,928,686	)		(20,859,820	)		(18,610,200	)		(22,693,124	)
Class R6		(2,428,112	)		(494,961	)		—			—			—			—
Class T		—			—			—			—			(4,280,779	)		(4,498,847	)
Class T1 (B)		(1,106	)		(1,292	)		—			—			(1,290	)		(1,169	)
Advisor Class (B)		(31,000	)		(17,021	)		(121	)		(345	)		(1,376	)		(1,259	)
Return of capital:
Class I		—			—			(5,287	)		(10,079	)		—			—
Class I2		—			—			(3,552,855	)		(2,519,473	)		—			—
Advisor Class (B)		—			—			(18	)		(43	)		—			—
Net increase (decrease) in net assets resulting from distributions to shareholders		(84,612,222	)		(109,535,644	)		(29,525,547	)		(23,473,245	)		(98,969,409	)		(102,144,072	)
Capital share transactions:
Proceeds from shares sold:
Class A		27,957,215			35,241,213			—			—			18,661,331			19,735,361
Class B (A)		9,393			17,146			—			—			27,935			21,100
Class C		10,184,716			16,161,565			—			—			3,689,229			2,900,954
Class I		113,632,632			93,438,856			488,264			1,404,290			13,833,380			9,344,791
Class I2		960,735			820,884			315,217,999			481,390,903			4,509,941			21,977,924
Class R6		39,880,100			10,097,334			—			—			—			—
Class T		—			—			—			—			363,331			606,724
Advisor Class (B)		750			166,800			—			—			—			—
		192,625,541			155,943,798			315,706,263			482,795,193			41,085,147			54,586,854
Issued from fund acquisition:
Class A		—			—			—			—			57,268,942			—
Class C		—			—			—			—			3,847,753			—
Class I		—			—			—			—			52,176,672			—
Class I2		—			—			—			—			301,892,730			—
		—			—			—			—			415,186,097			—
Dividends and/or distributions reinvested:
Class A		34,017,232			41,347,231			—			—			54,741,100			49,576,762
Class B (A)		45,596			616,613			—			—			334,466			543,134
Class C		16,355,911			29,995,369			—			—			1,463,450			5,084,390
Class I		22,431,984			25,040,503			43,867			93,465			18,237,941			18,392,313
Class I2		1,973,487			2,520,225			29,481,541			23,379,293			18,610,200			22,693,124
Class R6		2,428,112			494,961			—			—			—			—
Class T		—			—			—			—			4,187,398			4,398,658
Class T1 (B)		1,106			1,292			—			—			1,290			1,169
Advisor Class (B)		31,000			17,021			119			388			1,376			1,259
		77,284,428			100,033,215			29,525,527			23,473,146			97,577,221			100,690,809
Cost of shares redeemed:
Class A		(85,608,852	)		(92,835,823	)		—			—			(73,305,079	)		(65,737,546	)
Class B (A)		(23,957	)		(533,712	)		—			—			(102,374	)		(375,423	)
Class C		(40,704,415	)		(55,805,642	)		—			—			(3,107,802	)		(5,726,054	)
Class I		(103,925,647	)		(65,498,780	)		(1,463,714	)		(1,686,071	)		(22,762,544	)		(27,869,439	)
Class I2		(1,314,154	)		(2,661,806	)		(60,465,651	)		(35,769,369	)		(48,207,235	)		(88,711,712	)
Class R6		(7,112,981	)		(1,861,419	)		—			—			—			—
Class T		—			—			—			—			(9,445,212	)		(9,372,231	)
Class T1 (B)		(11,101	)		—			—			—			(13,347	)		—
Advisor Class (B)		(323,549	)		—			(10,684	)		—			(14,524	)		—
		(239,024,656	)		(219,197,182	)		(61,940,049	)		(37,455,440	)		(156,958,117	)		(197,792,405	)

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

Transamerica Funds Annual Report 2019

Page    383

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Small/Mid Cap Value						Transamerica Unconstrained Bond						Transamerica US Growth
	October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018
Automatic conversions:
Class A	$	439,615		$	4,877,540		$	—		$	—		$	3,513,726		$	2,351,872
Class B (A)		(439,615	)		(4,877,540	)		—			—			(3,513,726	)		(2,351,872	)
		—			—			—			—			—			—
Automatic conversions:
Class A		25,628,344			42,926,528			—			—			2,481,727			39,772,817
Class C		(25,628,344	)		(42,926,528	)		—			—			(2,481,727	)		(39,772,817	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		30,885,313			36,779,831			283,291,741			468,812,899			396,890,348			(42,514,742	)
Net increase (decrease) in net assets		5,414,256			(51,647,143	)		283,219,114			441,951,433			505,651,243			(19,540,892	)
Net assets:
Beginning of year		825,795,199			877,442,342			710,959,202			269,007,769			1,058,517,079			1,078,057,971
End of year	$	831,209,455		$	825,795,199		$	994,178,316		$	710,959,202		$	1,564,168,322		$	1,058,517,079
Capital share transactions - shares:
Shares issued:
Class A		1,172,179			1,254,521			—			—			936,835			924,713
Class B (A)		395			745			—			—			1,418			1,054
Class C		500,538			660,996			—			—			194,827			145,833
Class I		4,562,679			3,206,944			49,842			137,448			645,406			433,222
Class I2		37,712			28,361			32,023,619			47,346,225			212,953			1,016,540
Class R6		1,548,982			344,513			—			—			—			—
Class T		—			—			—			—			6,166			10,843
Advisor Class (B)		29			6,083			—			—			—			—
		7,822,514			5,502,163			32,073,461			47,483,673			1,997,605			2,532,205
Shares issued on fund acquisition:
Class A		—			—			—			—			2,699,101			—
Class C		—			—			—			—			194,819			—
Class I		—			—			—			—			2,395,604			—
Class I2		—			—			—			—			13,762,481			—
		—			—			—			—			19,052,005			—
Shares reinvested:
Class A		1,582,933			1,515,105			—			—			3,203,107			2,533,308
Class B (A)		2,442			25,512			—			—			21,196			29,486
Class C		890,360			1,261,900			—			—			92,099			274,832
Class I		1,007,274			888,591			4,484			9,298			1,044,556			924,698
Class I2		88,497			89,306			3,015,936			2,343,459			1,067,711			1,144,383
Class R6		108,398			17,465			—			—			—			—
Class T		—			—			—			—			84,526			83,928
Class T1 (B)		51			48			—			—			75			60
Advisor Class (B)		1,375			597			12			39			79			63
		3,681,330			3,798,524			3,020,432			2,352,796			5,513,349			4,990,758
Shares redeemed:
Class A		(3,528,733	)		(3,302,754	)		—			—			(3,600,757	)		(3,117,096	)
Class B (A)		(1,200	)		(21,574	)		—			—			(5,747	)		(18,983	)
Class C		(1,977,841	)		(2,291,705	)		—			—			(165,490	)		(288,060	)
Class I		(4,158,667	)		(2,269,591	)		(150,631	)		(168,551	)		(1,099,341	)		(1,301,306	)
Class I2		(51,181	)		(91,680	)		(6,239,634	)		(3,596,561	)		(2,312,071	)		(4,162,695	)
Class R6		(279,877	)		(65,370	)		—			—			—			—
Class T		—			—			—			—			(161,539	)		(166,565	)
Class T1 (B)		(454	)		—			—			—			(679	)		—
Advisor Class (B)		(12,615	)		—			(1,092	)		—			(723	)		—
		(10,010,568	)		(8,042,674	)		(6,391,357	)		(3,765,112	)		(7,346,347	)		(9,054,705	)
Automatic conversions:
Class A		17,661			175,520			—			—			170,334			112,570
Class B (A)		(20,374	)		(198,264	)		—			—			(184,899	)		(119,823	)
		(2,713	)		(22,744	)		—			—			(14,565	)		(7,253	)
Automatic conversions:
Class A		1,040,972			1,488,416			—			—			118,654			1,745,914
Class C		(1,222,137	)		(1,717,127	)		—			—			(127,964	)		(1,857,940	)
		(181,165	)		(228,711	)		—			—			(9,310	)		(112,026	)

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

Transamerica Funds Annual Report 2019

Page    384

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Small/Mid Cap Value						Transamerica Unconstrained Bond						Transamerica US Growth
	October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018
Net increase (decrease) in shares outstanding:
Class A		285,012			1,130,808			—			—			3,527,274			2,199,409
Class B (A)		(18,737	)		(193,581	)		—			—			(168,032	)		(108,266	)
Class C		(1,809,080	)		(2,085,936	)		—			—			188,291			(1,725,335	)
Class I		1,411,286			1,825,944			(96,305	)		(21,805	)		2,986,225			56,614
Class I2		75,028			25,987			28,799,921			46,093,123			12,731,074			(2,001,772	)
Class R6		1,377,503			296,608			—			—			—			—
Class T		—			—			—			—			(70,847	)		(71,794	)
Class T1 (B)		(403	)		48			—			—			(604	)		60
Advisor Class (B)		(11,211	)		6,680			(1,080	)		39			(644	)		63
		1,309,398			1,006,558			28,702,536			46,071,357			19,192,737			(1,651,021	)

(A)	Class ceased operations on May 6, 2019.
(B)	Class ceased operations on February 15, 2019.

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

Transamerica Funds Annual Report 2019

Page    385

STATEMENT OF CASH FLOWS

For the year ended October 31, 2019

	Transamerica Event Driven
Cash flows provided by (used for) operating activities:
Net increase (decrease) in net assets resulting from operations	$	4,517,053
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:
Purchases of long-term investments		(253,464,009	)
Proceeds from long-term investments		250,000,219
Purchases to cover securities sold short		(92,900,688	)
Proceeds from securities sold short		84,278,414
Net purchases/proceeds of short-term investments		27,759,802
Net change in unrealized (appreciation) depreciation		(2,840,617	)
Net realized (gain) loss		(1,472,231	)
Net amortization (accretion) of discount and premium		(359,322	)
(Increase) decrease in receivables for investments sold		2,866,852
(Increase) decrease in receivables for interest		83,180
(Increase) decrease in receivables for dividends		19,696
(Increase) decrease in receivables for net income from securities lending		775
Increase (decrease) in payables for investments purchased		(3,476,409	)
Increase (decrease) in dividends, interest and fees for borrowings from securities sold short		(26,422	)
Increase (decrease) in accrued liabilities		(66,315	)
Increase (decrease) in collateral for securities on loan		530,967
Net cash provided by (used for) swap agreement transactions		42,161
Net cash provided by (used for) written options and swaptions transactions		196,744
Net cash provided by (used for) in futures contracts transactions		(1,156,507	)
Net cash provided by (used for) in forward foreign currency contracts		155,986
Net cash provided by (used for) foreign currency transactions		750,100
Net cash provided by (used for) operating activities		15,439,429
Cash flows from financing activities:
Increase (decrease) in foreign cash overdraft		(1,096	)
Proceeds from shares sold, net of receivable for shares sold		445,274
Payment of shares redeemed, net of payable for shares redeemed		(27,685,518	)
Net cash provided by (used for) financing activities		(27,241,340	)
Net increase (decrease) in cash and foreign currencies		(11,801,911	)
Cash and foreign currencies, at beginning of year (A)	$	22,705,532
Cash and foreign currencies, at end of year (A)	$	10,903,621
Supplemental disclosure of cash flow information:
Dividends, interest and fees for borrowings from securities sold short paid	$	222,516
Non-cash financing activities included herein consist of reinvestment of distributions	$	2,167,276

(A) for the period and year ended October 31, 2019, the beginning and ending cash balances consist of the following:

	Beginning of Year		End of Year
Assets:
Cash collateral pledged at custodian:
OTC derivatives	$	3,500,000	$	3,500,000
Futures contracts		66,514		—
Cash collateral pledged at broker:
Securities sold short		19,299,316		7,150,533
OTC derivatives		135,266		71,088
Futures contracts		—		182,000
Total assets		23,001,096		10,903,621
Liabilities:
Cash collateral received at custodian for:
Securities sold short		295,564		—
Total liabilities		295,564		—
Net cash per statement of assets and liabilities	$	22,705,532	$	10,903,621
Total cash and foreign currencies per statement of cash flows	$	22,705,532	$	10,903,621

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

Transamerica Funds Annual Report 2019

Page    386

FINANCIAL HIGHLIGHTS

For a share outstanding during the period and years indicated:	Transamerica Balanced II
	Class I3
	October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.21		$	10.17		$	10.00
Investment operations:
Net investment income (loss) (B)		0.19			0.18			0.02
Net realized and unrealized gain (loss)		1.08			0.07			0.15
Total investment operations		1.27			0.25			0.17
Dividends and/or distributions to shareholders:
Net investment income		(0.20	)		(0.17	)		—
Net realized gains		(0.29	)		(0.04	)		—
Total dividends and/or distributions to shareholders		(0.49	)		(0.21	)		—
Net asset value, end of period/year	$	10.99		$	10.21		$	10.17
Total return		13.14	%		2.49	%		1.70	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	50,316		$	49,964		$	56,169
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.58	%		0.59	%		0.66	%(D)
Including waiver and/or reimbursement and recapture		0.57	%		0.50	%		0.50	%(D)
Net investment income (loss) to average net assets		1.80	%		1.73	%		1.23	%(D)
Portfolio turnover rate		45	%		60	%		40	%(C)

(A)	Commenced operations on September 15, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica Balanced II
	Class R
	October 31, 2019			October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			December 31, 2015			December 31, 2014
Net asset value, beginning of period/year	$	10.20		$	10.17		$	10.11		$	9.68		$	9.85		$	9.04
Investment operations:
Net investment income (loss) (D)		0.14			0.13			0.14			0.11			0.10			0.10
Net realized and unrealized gain (loss)		1.09			0.06			0.91			0.63			(0.11	)		0.82
Total investment operations		1.23			0.19			1.05			0.74			(0.01	)		0.92
Dividends and/or distributions to shareholders:
Net investment income		(0.15	)		(0.12	)		(0.09	)		(0.12	)		(0.10	)		(0.11	)
Net realized gains		(0.29	)		(0.04	)		(0.90	)		(0.19	)		(0.06	)		—
Total dividends and/or distributions to shareholders		(0.44	)		(0.16	)		(0.99	)		(0.31	)		(0.16	)		(0.11	)
Net asset value, end of period/year	$	10.99		$	10.20		$	10.17		$	10.11		$	9.68		$	9.85
Total return		12.79	%		1.85	%		10.68	%(E)		7.69	%		(0.08	)%		10.35	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	70,357		$	82,270		$	91,171		$	90,455		$	90,541		$	77,447
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.07	%		1.09	%		1.20	%(F)		1.18	%		1.16	%		1.21	%
Including waiver and/or reimbursement and recapture		1.07	%(G)		1.01	%		1.13	%(F)(H)		1.09	%(H)(I)		1.10	%		1.10	%
Net investment income (loss) to average net assets		1.32	%		1.22	%		0.95	%(F)		1.13	%		1.00	%		1.09	%
Portfolio turnover rate		45	%		60	%		40	%(E)		37	%		50	%		92	%

(A)	Transamerica Partners Balanced reorganized into the Fund on September 15, 2017. Prior to September 15, 2017, information provided reflects Transamerica Partners Balanced, which was the accounting and performance survivor of the reorganization. Please reference the Reorganization section of the Notes to the Financial Statements for additional information.
(B)	Effective April 21, 2017, the Fund underwent a 2.01-for-1 share split. The per share data has been retroactively adjusted to reflect the share split. See the Stock Split section of the Notes to Financial Statements for more information.
(C)	The fiscal year end of the Fund is October 31 while the fiscal year end of the accounting and performance survivor is December 31. Prior to the closing of the applicable Transamerica Partners reorganization as of the close of business on September 15, 2017, the accounting and performance survivor operated as a feeder in a master-feeder structure and invested all of its investable assets in a corresponding Series Portfolio. The Financial Highlights represents activity for the ten months of January 1, 2017 – October 31, 2017.
(D)	Calculated based on average number of shares outstanding.
(E)	Not annualized.
(F)	Annualized.
(G)	Waiver and/or reimbursement rounds to less than 0.01%.
(H)	Includes reorganization expenses incurred outside the Fund’s operating expense limit.
(I)	Includes reimbursement of custody fees at the underlying Series Portfolio level.

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

Transamerica Funds Annual Report 2019

Page    387

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Bond
	Class A
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	8.95		$	9.34		$	9.31		$	9.22		$	9.46
Investment operations:
Net investment income (loss) (A)		0.29			0.33			0.33			0.36	(B)		0.28
Net realized and unrealized gain (loss)		0.49			(0.39	)		0.05			0.07			(0.23	)
Total investment operations		0.78			(0.06	)		0.38			0.43			0.05
Dividends and/or distributions to shareholders:
Net investment income		(0.30	)		(0.33	)		(0.35	)		(0.34	)		(0.29	)
Net asset value, end of year	$	9.43		$	8.95		$	9.34		$	9.31		$	9.22
Total return (C)		9.00	%		(0.67	)%		4.12	%		4.78	%		0.56	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	132,682		$	87,523		$	83,251		$	86,305		$	68,304
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.94	%		0.99	%		0.97	%		0.93	%		0.88	%
Including waiver and/or reimbursement and recapture		0.94	%(D)		0.97	%		0.97	%		0.91	%(B)		0.88	%
Net investment income (loss) to average net assets		3.20	%		3.58	%		3.59	%		3.92	%(B)		3.03	%
Portfolio turnover rate		50	%		38	%		34	%		47	%		27	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(D)	Waiver and/or reimbursement rounds to less than 0.01%.

For a share outstanding during the years indicated:	Transamerica Bond
	Class C
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	8.89		$	9.28		$	9.25		$	9.16		$	9.40
Investment operations:
Net investment income (loss) (A)		0.23			0.27			0.27			0.29	(B)		0.22
Net realized and unrealized gain (loss)		0.49			(0.39	)		0.05			0.07			(0.23	)
Total investment operations		0.72			(0.12	)		0.32			0.36			(0.01	)
Dividends and/or distributions to shareholders:
Net investment income		(0.24	)		(0.27	)		(0.29	)		(0.27	)		(0.23	)
Net asset value, end of year	$	9.37		$	8.89		$	9.28		$	9.25		$	9.16
Total return (C)		8.24	%		(1.33	)%		3.41	%		4.18	%		(0.15	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	80,239		$	44,958		$	49,394		$	60,126		$	64,995
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.56	%		1.63	%		1.65	%		1.64	%		1.59	%
Including waiver and/or reimbursement and recapture		1.56	%(D)		1.61	%		1.65	%		1.62	%(B)		1.59	%
Net investment income (loss) to average net assets		2.56	%		2.93	%		2.90	%		3.20	%(B)		2.32	%
Portfolio turnover rate		50	%		38	%		34	%		47	%		27	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the contingent deferred sales charge.
(D)	Waiver and/or reimbursement rounds to less than 0.01%.

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

Transamerica Funds Annual Report 2019

Page    388

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Bond
	Class I
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	8.96		$	9.36		$	9.32		$	9.23		$	9.47
Investment operations:
Net investment income (loss) (A)		0.33			0.36			0.36			0.38	(B)		0.31
Net realized and unrealized gain (loss)		0.50			(0.40	)		0.06			0.07			(0.23	)
Total investment operations		0.83			(0.04	)		0.42			0.45			0.08
Dividends and/or distributions to shareholders:
Net investment income		(0.34	)		(0.36	)		(0.38	)		(0.36	)		(0.32	)
Net asset value, end of year	$	9.45		$	8.96		$	9.36		$	9.32		$	9.23
Total return		9.44	%		(0.39	)%		4.54	%		5.05	%		0.84	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,084,474		$	396,083		$	181,977		$	162,875		$	55,370
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.58	%		0.64	%		0.67	%		0.67	%		0.61	%
Including waiver and/or reimbursement and recapture		0.50	%		0.59	%		0.67	%		0.65	%(B)		0.61	%
Net investment income (loss) to average net assets		3.57	%		3.94	%		3.88	%		4.20	%(B)		3.33	%
Portfolio turnover rate		50	%		38	%		34	%		47	%		27	%

(A)

Calculated based on average number of shares outstanding.

(B)

Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.

For a share outstanding during the years indicated:	Transamerica Bond
	Class I2
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	8.96		$	9.36		$	9.32		$	9.23		$	9.48
Investment operations:
Net investment income (loss) (A)		0.34			0.37			0.37			0.39	(B)		0.32
Net realized and unrealized gain (loss)		0.49			(0.40	)		0.06			0.07			(0.24	)
Total investment operations		0.83			(0.03	)		0.43			0.46			0.08
Dividends and/or distributions to shareholders:
Net investment income		(0.34	)		(0.37	)		(0.39	)		(0.37	)		(0.33	)
Net asset value, end of year	$	9.45		$	8.96		$	9.36		$	9.32		$	9.23
Total return		9.49	%		(0.32	)%		4.65	%		5.17	%		0.83	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	84,016		$	101,251		$	118,738		$	137,246		$	355,272
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.47	%		0.53	%		0.56	%		0.55	%		0.51	%
Including waiver and/or reimbursement and recapture		0.47	%(C)		0.52	%		0.56	%		0.53	%(B)		0.51	%
Net investment income (loss) to average net assets		3.73	%		4.03	%		3.99	%		4.23	%(B)		3.40	%
Portfolio turnover rate		50	%		38	%		34	%		47	%		27	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Waiver and/or reimbursement rounds to less than 0.01%.

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

Transamerica Funds Annual Report 2019

Page    389

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Bond
	Class R6
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	8.96		$	9.36		$	9.32		$	9.23		$	9.45
Investment operations:
Net investment income (loss) (B)		0.34			0.37			0.37			0.40	(C)		0.14
Net realized and unrealized gain (loss)		0.49			(0.40	)		0.06			0.06			(0.21	)
Total investment operations		0.83			(0.03	)		0.43			0.46			(0.07	)
Dividends and/or distributions to shareholders:
Net investment income		(0.34	)		(0.37	)		(0.39	)		(0.37	)		(0.15	)
Net asset value, end of period/year	$	9.45		$	8.96		$	9.36		$	9.32		$	9.23
Total return		9.49	%		(0.30	)%		4.65	%		5.16	%		(0.79	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	19,805		$	9,181		$	6,283		$	3,028		$	50
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.48	%		0.53	%		0.56	%		0.55	%		0.52	%(E)
Including waiver and/or reimbursement and recapture		0.48	%(F)		0.51	%		0.56	%		0.52	%(C)		0.52	%(E)
Net investment income (loss) to average net assets		3.65	%		4.05	%		4.01	%		4.38	%(C)		3.55	%(E)
Portfolio turnover rate		50	%		38	%		34	%		47	%		27	%(D)

(A)	Commenced operations on May 29, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.03% higher and 0.03% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Not annualized.
(E)	Annualized.
(F)	Waiver and/or reimbursement rounds to less than 0.01%.

For a share outstanding during the years indicated:	Transamerica Capital Growth
	Class A
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	26.81		$	28.32		$	25.70		$	25.35		$	24.40
Investment operations:
Net investment income (loss) (A)		(0.26	)		(0.21	)		(0.24	)		(0.14	)(B)		(0.19	)
Net realized and unrealized gain (loss)		1.55			4.14			7.40			1.33			1.80
Total investment operations		1.29			3.93			7.16			1.19			1.61
Dividends and/or distributions to shareholders:
Net realized gains		(1.17	)		(5.44	)		(4.54	)		(0.84	)		(0.66	)
Net asset value, end of year	$	26.93		$	26.81		$	28.32		$	25.70		$	25.35
Total return (C)		5.40	%		16.52	%		34.66	%		4.77	%		6.77	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	425,595		$	384,193		$	223,299		$	170,198		$	160,269
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.18	%		1.19	%		1.23	%		1.23	%		1.21	%
Including waiver and/or reimbursement and recapture		1.18	%(D)		1.19	%		1.23	%		1.22	%(B)		1.21	%
Net investment income (loss) to average net assets		(0.92	)%		(0.78	)%		(0.95	)%		(0.57	)%(B)		(0.75	)%
Portfolio turnover rate		90	%		40	%		66	%		32	%		24	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(D)	Waiver and/or reimbursement rounds to less than 0.01%.

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

Transamerica Funds Annual Report 2019

Page    390

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Capital Growth
	Class C
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	21.41		$	23.83		$	22.50		$	22.46		$	21.84
Investment operations:
Net investment income (loss) (A)		(0.37	)		(0.34	)		(0.35	)		(0.28	)(B)		(0.33	)
Net realized and unrealized gain (loss)		1.21			3.36			6.22			1.16			1.61
Total investment operations		0.84			3.02			5.87			0.88			1.28
Dividends and/or distributions to shareholders:
Net realized gains		(1.17	)		(5.44	)		(4.54	)		(0.84	)		(0.66	)
Net asset value, end of year	$	21.08		$	21.41		$	23.83		$	22.50		$	22.46
Total return (C)		4.57	%		15.65	%		33.68	%		4.03	%		5.98	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	206,156		$	149,727		$	84,852		$	69,159		$	68,922
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.93	%		1.93	%		1.97	%		1.96	%		1.92	%
Including waiver and/or reimbursement and recapture		1.93	%(D)		1.93	%		1.97	%		1.95	%(B)		1.92	%
Net investment income (loss) to average net assets		(1.67	)%		(1.52	)%		(1.69	)%		(1.30	)%(B)		(1.47	)%
Portfolio turnover rate		90	%		40	%		66	%		32	%		24	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the contingent deferred sales charge.
(D)	Waiver and/or reimbursement rounds to less than 0.01%.

For a share outstanding during the years indicated:	Transamerica Capital Growth
	Class I
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	28.13		$	29.39		$	26.43		$	25.98		$	24.92
Investment operations:
Net investment income (loss) (A)		(0.20	)		(0.16	)		(0.18	)		(0.07	)(B)		(0.12	)
Net realized and unrealized gain (loss)		1.64			4.34			7.68			1.36			1.84
Total investment operations		1.44			4.18			7.50			1.29			1.72
Dividends and/or distributions to shareholders:
Net realized gains		(1.17	)		(5.44	)		(4.54	)		(0.84	)		(0.66	)
Net asset value, end of year	$	28.40		$	28.13		$	29.39		$	26.43		$	25.98
Total return		5.69	%		16.77	%		35.03	%		5.09	%		7.07	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,049,618		$	719,431		$	292,452		$	164,575		$	153,719
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.92	%		0.94	%		0.96	%		0.94	%		0.92	%
Including waiver and/or reimbursement and recapture		0.92	%		0.94	%		0.96	%		0.93	%(B)		0.92	%
Net investment income (loss) to average net assets		(0.66	)%		(0.55	)%		(0.69	)%		(0.28	)%(B)		(0.46	)%
Portfolio turnover rate		90	%		40	%		66	%		32	%		24	%

(A)

Calculated based on average number of shares outstanding.

(B)

Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

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

Transamerica Funds Annual Report 2019

Page    391

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Capital Growth
	Class I2
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	13.97		$	17.26		$	17.43		$	17.40		$	16.88
Investment operations:
Net investment income (loss) (A)		(0.08	)		(0.05	)		(0.08	)		(0.03	)(B)		(0.06	)
Net realized and unrealized gain (loss)		0.73			2.20			4.45			0.90			1.24
Total investment operations		0.65			2.15			4.37			0.87			1.18
Dividends and/or distributions to shareholders:
Net realized gains		(1.17	)		(5.44	)		(4.54	)		(0.84	)		(0.66	)
Net asset value, end of year	$	13.45		$	13.97		$	17.26		$	17.43		$	17.40
Total return		5.82	%		16.90	%		35.14	%		5.25	%		7.19	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	316,761		$	165,523		$	230,981		$	241,857		$	1,039,343
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.80	%		0.83	%		0.85	%		0.81	%		0.79	%
Including waiver and/or reimbursement and recapture		0.80	%		0.83	%		0.85	%		0.81	%(B)		0.79	%
Net investment income (loss) to average net assets		(0.54	)%		(0.38	)%		(0.56	)%		(0.18	)%(B)		(0.34	)%
Portfolio turnover rate		90	%		40	%		66	%		32	%		24	%

(A)

Calculated based on average number of shares outstanding.

(B)

Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

For a share outstanding during the period indicated:	Transamerica Capital Growth
	Class R6
	October 31, 2019 (A)
Net asset value, beginning of period	$	13.37
Investment operations:
Net investment income (loss) (B)		(0.00	)(C)
Net realized and unrealized gain (loss)		0.08
Total investment operations		0.08
Net asset value, end of period	$	13.45
Total return		0.60	%(D)
Ratio and supplemental data:
Net assets end of period (000’s)	$	15,184
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.76	%(E)
Including waiver and/or reimbursement and recapture		0.76	%(E)
Net investment income (loss) to average net assets		(0.56	)%(E)
Portfolio turnover rate		90	%

(A)	Commenced operations on October 18, 2019.
(B)	Calculated based on average number of shares outstanding.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Not annualized.
(E)	Annualized.

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

Transamerica Funds Annual Report 2019

Page    392

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Dividend Focused
	Class A
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	10.59		$	11.53		$	11.15		$	12.75		$	13.35
Investment operations:
Net investment income (loss) (A)		0.20			0.21			0.20			0.23	(B)		0.23
Net realized and unrealized gain (loss)		0.43			(0.19	)		1.92			0.23			(0.18	)
Total investment operations		0.63			0.02			2.12			0.46			0.05
Dividends and/or distributions to shareholders:
Net investment income		(0.20	)		(0.21	)		(0.24	)		(0.23	)		(0.22	)
Net realized gains		(1.45	)		(0.75	)		(1.50	)		(1.83	)		(0.43	)
Total dividends and/or distributions to shareholders		(1.65	)		(0.96	)		(1.74	)		(2.06	)		(0.65	)
Net asset value, end of year	$	9.57		$	10.59		$	11.53		$	11.15		$	12.75
Total return (C)		8.43	%		(0.20	)%		20.35	%		4.30	%		0.32	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	82,402		$	83,567		$	94,083		$	86,943		$	51,809
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.05	%		1.03	%		1.01	%		0.97	%		0.97	%
Including waiver and/or reimbursement and recapture		1.05	%		1.03	%		1.01	%		0.97	%(B)		0.97	%
Net investment income (loss) to average net assets		2.11	%		1.85	%		1.77	%		2.09	%(B)		1.74	%
Portfolio turnover rate		55	%		22	%		14	%		54	%		15	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.

For a share outstanding during the years indicated:	Transamerica Dividend Focused
	Class C
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	10.53		$	11.47		$	11.09		$	12.70		$	13.32
Investment operations:
Net investment income (loss) (A)		0.12			0.11			0.11			0.14	(B)		0.12
Net realized and unrealized gain (loss)		0.44			(0.19	)		1.91			0.22			(0.19	)
Total investment operations		0.56			(0.08	)		2.02			0.36			(0.07	)
Dividends and/or distributions to shareholders:
Net investment income		(0.12	)		(0.11	)		(0.14	)		(0.14	)		(0.12	)
Net realized gains		(1.45	)		(0.75	)		(1.50	)		(1.83	)		(0.43	)
Total dividends and/or distributions to shareholders		(1.57	)		(0.86	)		(1.64	)		(1.97	)		(0.55	)
Net asset value, end of year	$	9.52		$	10.53		$	11.47		$	11.09		$	12.70
Total return (C)		7.57	%		(1.06	)%		19.42	%		3.41	%		(0.62	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	5,836		$	5,816		$	7,080		$	7,755		$	4,749
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.91	%		1.86	%		1.84	%		1.80	%		1.81	%
Including waiver and/or reimbursement and recapture		1.90	%		1.86	%		1.84	%		1.80	%(B)		1.81	%
Net investment income (loss) to average net assets		1.25	%		1.02	%		0.96	%		1.23	%(B)		0.89	%
Portfolio turnover rate		55	%		22	%		14	%		54	%		15	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the contingent deferred sales charge.

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

Transamerica Funds Annual Report 2019

Page    393

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Dividend Focused
	Class I
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	10.59		$	11.52		$	11.14		$	12.75		$	13.35
Investment operations:
Net investment income (loss) (A)		0.21			0.22			0.21			0.25	(B)		0.25
Net realized and unrealized gain (loss)		0.44			(0.17	)		1.93			0.22			(0.18	)
Total investment operations		0.65			0.05			2.14			0.47			0.07
Dividends and/or distributions to shareholders:
Net investment income		(0.22	)		(0.23	)		(0.26	)		(0.25	)		(0.24	)
Net realized gains		(1.45	)		(0.75	)		(1.50	)		(1.83	)		(0.43	)
Total dividends and/or distributions to shareholders		(1.67	)		(0.98	)		(1.76	)		(2.08	)		(0.67	)
Net asset value, end of year	$	9.57		$	10.59		$	11.52		$	11.14		$	12.75
Total return		8.65	%		0.06	%		20.56	%		4.38	%		0.49	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	12,013		$	16,823		$	17,286		$	10,559		$	6,318
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.87	%		0.85	%		0.84	%		0.81	%		0.81	%
Including waiver and/or reimbursement and recapture		0.87	%		0.85	%		0.84	%		0.80	%(B)		0.81	%
Net investment income (loss) to average net assets		2.30	%		1.98	%		1.91	%		2.26	%(B)		1.88	%
Portfolio turnover rate		55	%		22	%		14	%		54	%		15	%

(A)

Calculated based on average number of shares outstanding.

(B)

Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

For a share outstanding during the years indicated:	Transamerica Dividend Focused
	Class I2
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	10.59		$	11.53		$	11.15		$	12.75		$	13.36
Investment operations:
Net investment income (loss) (A)		0.22			0.24			0.23			0.26	(B)		0.26
Net realized and unrealized gain (loss)		0.44			(0.19	)		1.92			0.23			(0.18	)
Total investment operations		0.66			0.05			2.15			0.49			0.08
Dividends and/or distributions to shareholders:
Net investment income		(0.23	)		(0.24	)		(0.27	)		(0.26	)		(0.26	)
Net realized gains		(1.45	)		(0.75	)		(1.50	)		(1.83	)		(0.43	)
Total dividends and/or distributions to shareholders		(1.68	)		(0.99	)		(1.77	)		(2.09	)		(0.69	)
Net asset value, end of year	$	9.57		$	10.59		$	11.53		$	11.15		$	12.75
Total return		8.77	%		0.08	%		20.67	%		4.57	%		0.52	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	428,187		$	484,565		$	576,947		$	672,378		$	852,448
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.77	%		0.75	%		0.74	%		0.70	%		0.71	%
Including waiver and/or reimbursement and recapture		0.77	%		0.75	%		0.74	%		0.70	%(B)		0.71	%
Net investment income (loss) to average net assets		2.40	%		2.14	%		2.07	%		2.31	%(B)		1.98	%
Portfolio turnover rate		55	%		22	%		14	%		54	%		15	%

(A)

Calculated based on average number of shares outstanding.

(B)

Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

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

Transamerica Funds Annual Report 2019

Page    394

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Dividend Focused
	Class R6
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	10.59		$	11.52		$	11.15		$	12.75		$	13.25
Investment operations:
Net investment income (loss) (B)		0.22			0.24			0.21			0.27	(C)		0.11
Net realized and unrealized gain (loss)		0.44			(0.18	)		1.93			0.22			(0.48	)
Total investment operations		0.66			0.06			2.14			0.49			(0.37	)
Dividends and/or distributions to shareholders:
Net investment income		(0.23	)		(0.24	)		(0.27	)		(0.26	)		(0.13	)
Net realized gains		(1.45	)		(0.75	)		(1.50	)		(1.83	)		—
Total dividends and/or distributions to shareholders		(1.68	)		(0.99	)		(1.77	)		(2.09	)		(0.13	)
Net asset value, end of period/year	$	9.57		$	10.59		$	11.52		$	11.15		$	12.75
Total return		8.77	%		0.17	%		20.67	%		4.57	%		(2.79	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	4,518		$	4,082		$	3,524		$	474		$	49
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.77	%		0.75	%		0.74	%		0.71	%		0.72	%(E)
Including waiver and/or reimbursement and recapture		0.77	%		0.75	%		0.74	%		0.70	%(C)		0.72	%(E)
Net investment income (loss) to average net assets		2.37	%		2.11	%		1.90	%		2.39	%(C)		1.99	%(E)
Portfolio turnover rate		55	%		22	%		14	%		54	%		15	%

(A)	Commenced operations on May 29, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Not annualized.
(E)	Annualized.

For a share outstanding during the years indicated:	Transamerica Dynamic Allocation
	Class A
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	11.81		$	11.77		$	10.48		$	11.10		$	11.73
Investment operations:
Net investment income (loss) (A)		0.14			0.11			0.11			0.12	(B)		0.07
Net realized and unrealized gain (loss)		0.62			0.03			1.32			(0.23	)		0.04	(C)
Total investment operations		0.76			0.14			1.43			(0.11	)		0.11
Dividends and/or distributions to shareholders:
Net investment income		(0.12	)		(0.10	)		(0.14	)		(0.05	)		(0.11	)
Net realized gains		—			—			—			(0.46	)		(0.63	)
Total dividends and/or distributions to shareholders		(0.12	)		(0.10	)		(0.14	)		(0.51	)		(0.74	)
Net asset value, end of year	$	12.45		$	11.81		$	11.77		$	10.48		$	11.10
Total return (D)		6.57	%		1.17	%		13.73	%		(0.99	)%		0.91	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	6,625		$	10,935		$	8,560		$	9,348		$	14,100
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		1.58	%		1.56	%		1.59	%		1.33	%		1.36	%
Including waiver and/or reimbursement and recapture		1.10	%		1.10	%		1.10	%		1.09	%(B)		1.10	%
Net investment income (loss) to average net assets		1.15	%		0.95	%		0.96	%		1.14	%(B)		0.63	%
Portfolio turnover rate		71	%		25	%		3	%		142	%		308	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(E)	Does not include expenses of the underlying investments in which the Fund invests.

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

Transamerica Funds Annual Report 2019

Page    395

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Dynamic Allocation
	Class C
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	11.63		$	11.59		$	10.32		$	10.96		$	11.60
Investment operations:
Net investment income (loss) (A)		0.04			0.03			0.02			0.04	(B)		(0.01	)
Net realized and unrealized gain (loss)		0.64			0.02			1.30			(0.22	)		0.04	(C)
Total investment operations		0.68			0.05			1.32			(0.18	)		0.03
Dividends and/or distributions to shareholders:
Net investment income		(0.01	)		(0.01	)		(0.05	)		—			(0.04	)
Net realized gains		—			—			—			(0.46	)		(0.63	)
Total dividends and/or distributions to shareholders		(0.01	)		(0.01	)		(0.05	)		(0.46	)		(0.67	)
Net asset value, end of year	$	12.30		$	11.63		$	11.59		$	10.32		$	10.96
Total return (D)		5.85	%		0.40	%		12.82	%		(1.64	)%		0.15	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	5,059		$	5,944		$	7,231		$	8,710		$	11,492
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		2.31	%		2.29	%		2.32	%		2.06	%		2.12	%
Including waiver and/or reimbursement and recapture		1.85	%		1.85	%		1.85	%		1.83	%(B)		1.85	%
Net investment income (loss) to average net assets		0.34	%		0.22	%		0.21	%		0.37	%(B)		(0.13	)%
Portfolio turnover rate		71	%		25	%		3	%		142	%		308	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Total return has been calculated without deduction of the contingent deferred sales charge.
(E)	Does not include expenses of the underlying investments in which the Fund invests.

For a share outstanding during the years indicated:	Transamerica Dynamic Allocation
	Class I
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	11.78		$	11.74		$	10.47		$	11.08		$	11.71
Investment operations:
Net investment income (loss) (A)		0.16			0.15			0.13			0.15	(B)		0.10
Net realized and unrealized gain (loss)		0.63			0.02			1.31			(0.23	)		0.04	(C)
Total investment operations		0.79			0.17			1.44			(0.08	)		0.14
Dividends and/or distributions to shareholders:
Net investment income		(0.14	)		(0.13	)		(0.17	)		(0.07	)		(0.14	)
Net realized gains		—			—			—			(0.46	)		(0.63	)
Total dividends and/or distributions to shareholders		(0.14	)		(0.13	)		(0.17	)		(0.53	)		(0.77	)
Net asset value, end of year	$	12.43		$	11.78		$	11.74		$	10.47		$	11.08
Total return		6.88	%		1.45	%		13.89	%		(0.65	)%		1.15	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	2,777		$	2,610		$	3,012		$	2,324		$	3,889
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		1.27	%		1.26	%		1.29	%		1.03	%		1.08	%
Including waiver and/or reimbursement and recapture		0.85	%		0.85	%		0.85	%		0.83	%(B)		0.85	%
Net investment income (loss) to average net assets		1.31	%		1.22	%		1.21	%		1.39	%(B)		0.91	%
Portfolio turnover rate		71	%		25	%		3	%		142	%		308	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Does not include expenses of the underlying investments in which the Fund invests.

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

Transamerica Funds Annual Report 2019

Page    396

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Dynamic Income
	Class A
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	8.83		$	9.45		$	9.46		$	9.38		$	10.48
Investment operations:
Net investment income (loss) (A)		0.33			0.32			0.32			0.36	(B)		0.39
Net realized and unrealized gain (loss)		0.48			(0.54	)		0.06			0.32			(0.87	)
Total investment operations		0.81			(0.22	)		0.38			0.68			(0.48	)
Dividends and/or distributions to shareholders:
Net investment income		(0.37	)		(0.32	)		(0.32	)		(0.33	)		(0.45	)
Net realized gains		—			—			—			(0.20	)		(0.17	)
Return of capital		(0.09	)		(0.08	)		(0.07	)		(0.07	)		—
Total dividends and/or distributions to shareholders		(0.46	)		(0.40	)		(0.39	)		(0.60	)		(0.62	)
Net asset value, end of year	$	9.18		$	8.83		$	9.45		$	9.46		$	9.38
Total return (C)		9.35	%		(2.38	)%		4.12	%		7.79	%		(4.78	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	58,587		$	68,424		$	97,964		$	122,240		$	175,092
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.99	%		0.93	%		0.89	%		0.89	%		0.89	%
Including waiver and/or reimbursement and recapture		0.92	%		0.92	%		0.89	%		0.88	%(B)		0.89	%
Net investment income (loss) to average net assets		3.69	%		3.48	%		3.41	%		3.89	%(B)		3.84	%
Portfolio turnover rate		20	%		23	%		9	%		27	%		159	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(D)	Does not include expenses of the underlying investments in which the Fund invests.

For a share outstanding during the years indicated:	Transamerica Dynamic Income
	Class C
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	8.79		$	9.41		$	9.42		$	9.34		$	10.44
Investment operations:
Net investment income (loss) (A)		0.28			0.26			0.25			0.28	(B)		0.31
Net realized and unrealized gain (loss)		0.46			(0.54	)		0.06			0.33			(0.87	)
Total investment operations		0.74			(0.28	)		0.31			0.61			(0.56	)
Dividends and/or distributions to shareholders:
Net investment income		(0.31	)		(0.27	)		(0.26	)		(0.28	)		(0.37	)
Net realized gains		—			—			—			(0.20	)		(0.17	)
Return of capital		(0.08	)		(0.07	)		(0.06	)		(0.05	)		—
Total dividends and/or distributions to shareholders		(0.39	)		(0.34	)		(0.32	)		(0.53	)		(0.54	)
Net asset value, end of year	$	9.14		$	8.79		$	9.41		$	9.42		$	9.34
Total return (C)		8.56	%		(3.07	)%		3.34	%		7.00	%		(5.53	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	80,716		$	108,855		$	161,999		$	210,600		$	289,060
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		1.74	%		1.69	%		1.65	%		1.65	%		1.65	%
Including waiver and/or reimbursement and recapture		1.67	%		1.67	%		1.65	%		1.64	%(B)		1.65	%
Net investment income (loss) to average net assets		3.12	%		2.77	%		2.68	%		3.11	%(B)		3.09	%
Portfolio turnover rate		20	%		23	%		9	%		27	%		159	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the contingent deferred sales charge.
(D)	Does not include expenses of the underlying investments in which the Fund invests.

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

Transamerica Funds Annual Report 2019

Page    397

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Dynamic Income
	Class I
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	8.84		$	9.45		$	9.46		$	9.38		$	10.48
Investment operations:
Net investment income (loss) (A)		0.35			0.35			0.35			0.39	(B)		0.41
Net realized and unrealized gain (loss)		0.47			(0.53	)		0.06			0.31			(0.87	)
Total investment operations		0.82			(0.18	)		0.41			0.70			(0.46	)
Dividends and/or distributions to shareholders:
Net investment income		(0.38	)		(0.34	)		(0.34	)		(0.35	)		(0.47	)
Net realized gains		—			—			—			(0.20	)		(0.17	)
Return of capital		(0.10	)		(0.09	)		(0.08	)		(0.07	)		—
Total dividends and/or distributions to shareholders		(0.48	)		(0.43	)		(0.42	)		(0.62	)		(0.64	)
Net asset value, end of year	$	9.18		$	8.84		$	9.45		$	9.46		$	9.38
Total return		9.50	%		(2.04	)%		4.37	%		8.06	%		(4.56	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	42,155		$	43,330		$	66,235		$	83,297		$	144,733
Expenses to average net assets (C)
Excluding waiver and/or reimbursement and recapture		0.72	%		0.68	%		0.66	%		0.65	%		0.66	%
Including waiver and/or reimbursement and recapture		0.67	%		0.67	%		0.66	%		0.64	%(B)		0.66	%
Net investment income (loss) to average net assets		3.88	%		3.78	%		3.66	%		4.25	%(B)		4.05	%
Portfolio turnover rate		20	%		23	%		9	%		27	%		159	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Does not include expenses of the underlying investments in which the Fund invests.

For a share outstanding during the years indicated:	Transamerica Emerging Markets Debt
	Class A
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	9.85		$	10.92		$	10.50		$	9.70		$	10.75
Investment operations:
Net investment income (loss) (A)		0.57			0.51			0.55			0.63	(B)		0.60
Net realized and unrealized gain (loss)		0.44			(1.23	)		0.38			0.49			(1.26	)
Total investment operations		1.01			(0.72	)		0.93			1.12			(0.66	)
Dividends and/or distributions to shareholders:
Net investment income		(0.37	)		(0.32	)		(0.51	)		(0.30	)		(0.39	)
Return of capital		—			(0.03	)		—			(0.02	)		—
Total dividends and/or distributions to shareholders		(0.37	)		(0.35	)		(0.51	)		(0.32	)		(0.39	)
Net asset value, end of year	$	10.49		$	9.85		$	10.92		$	10.50		$	9.70
Total return (C)		10.42	%		(6.65	)%		8.96	%		11.86	%		(6.30	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	9,203		$	15,294		$	21,804		$	35,765		$	59,093
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.18	%		1.12	%		1.12	%		1.15	%		1.11	%
Including waiver and/or reimbursement and recapture		1.18	%		1.12	%		1.12	%		1.15	%(B)		1.11	%
Net investment income (loss) to average net assets		5.52	%		4.81	%		5.20	%		6.39	%(B)		5.94	%
Portfolio turnover rate		255	%		221	%		247	%		257	%		237	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.

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

Transamerica Funds Annual Report 2019

Page    398

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Emerging Markets Debt
	Class C
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	9.76		$	10.85		$	10.43		$	9.66		$	10.72
Investment operations:
Net investment income (loss) (A)		0.50			0.42			0.48			0.55	(B)		0.53
Net realized and unrealized gain (loss)		0.46			(1.22	)		0.36			0.49			(1.26	)
Total investment operations		0.96			(0.80	)		0.84			1.04			(0.73	)
Dividends and/or distributions to shareholders:
Net investment income		(0.31	)		(0.26	)		(0.42	)		(0.25	)		(0.33	)
Return of capital		—			(0.03	)		—			(0.02	)		—
Total dividends and/or distributions to shareholders		(0.31	)		(0.29	)		(0.42	)		(0.27	)		(0.33	)
Net asset value, end of year	$	10.41		$	9.76		$	10.85		$	10.43		$	9.66
Total return (C)		9.70	%		(7.36	)%		8.26	%		11.01	%		(7.02	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	8,765		$	10,089		$	14,023		$	14,363		$	17,462
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.88	%		1.88	%		1.87	%		1.89	%		1.84	%
Including waiver and/or reimbursement and recapture		1.88	%		1.88	%		1.87	%		1.88	%(B)		1.84	%
Net investment income (loss) to average net assets		4.89	%		4.03	%		4.53	%		5.56	%(B)		5.23	%
Portfolio turnover rate		255	%		221	%		247	%		257	%		237	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the contingent deferred sales charge.

For a share outstanding during the years indicated:	Transamerica Emerging Markets Debt
	Class I
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	9.88		$	10.95		$	10.52		$	9.72		$	10.78
Investment operations:
Net investment income (loss) (A)		0.62			0.54			0.60			0.66	(B)		0.64
Net realized and unrealized gain (loss)		0.46			(1.24	)		0.37			0.49			(1.27	)
Total investment operations		1.08			(0.70	)		0.97			1.15			(0.63	)
Dividends and/or distributions to shareholders:
Net investment income		(0.42	)		(0.33	)		(0.54	)		(0.33	)		(0.43	)
Return of capital		—			(0.04	)		—			(0.02	)		—
Total dividends and/or distributions to shareholders		(0.42	)		(0.37	)		(0.54	)		(0.35	)		(0.43	)
Net asset value, end of year	$	10.54		$	9.88		$	10.95		$	10.52		$	9.72
Total return		10.89	%		(6.36	)%		9.33	%		12.27	%		(6.03	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	457,449		$	481,999		$	682,535		$	618,258		$	581,888
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.80	%		0.82	%		0.82	%		0.82	%		0.81	%
Including waiver and/or reimbursement and recapture		0.80	%		0.82	%		0.82	%		0.82	%(B)		0.81	%
Net investment income (loss) to average net assets		5.96	%		5.12	%		5.62	%		6.60	%(B)		6.39	%
Portfolio turnover rate		255	%		221	%		247	%		257	%		237	%

(A)

Calculated based on average number of shares outstanding.

(B)

Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

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

Transamerica Funds Annual Report 2019

Page    399

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Emerging Markets Debt
	Class I2
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	9.89		$	10.95		$	10.52		$	9.72		$	10.78
Investment operations:
Net investment income (loss) (A)		0.63			0.55			0.62			0.65	(B)		0.64
Net realized and unrealized gain (loss)		0.45			(1.23	)		0.36			0.51			(1.26	)
Total investment operations		1.08			(0.68	)		0.98			1.16			(0.62	)
Dividends and/or distributions to shareholders:
Net investment income		(0.43	)		(0.34	)		(0.55	)		(0.33	)		(0.44	)
Return of capital		—			(0.04	)		—			(0.03	)		—
Total dividends and/or distributions to shareholders		(0.43	)		(0.38	)		(0.55	)		(0.36	)		(0.44	)
Net asset value, end of year	$	10.54		$	9.89		$	10.95		$	10.52		$	9.72
Total return		11.00	%		(6.21	)%		9.44	%		12.25	%		(5.86	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	135,377		$	161,794		$	214,450		$	169,122		$	60,406
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.70	%		0.73	%		0.72	%		0.72	%		0.70	%
Including waiver and/or reimbursement and recapture		0.70	%		0.73	%		0.72	%		0.72	%(B)		0.70	%
Net investment income (loss) to average net assets		6.08	%		5.21	%		5.83	%		6.48	%(B)		6.29	%
Portfolio turnover rate		255	%		221	%		247	%		257	%		237	%

(A)

Calculated based on average number of shares outstanding.

(B)

Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

For a share outstanding during the period and years indicated:	Transamerica Emerging Markets Debt
	Class R6
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	9.88		$	10.94		$	10.52		$	9.71		$	10.37
Investment operations:
Net investment income (loss) (B)		0.63			0.58			0.64			0.66	(C)		0.28
Net realized and unrealized gain (loss)		0.45			(1.26	)		0.33			0.51			(0.66	)
Total investment operations		1.08			(0.68	)		0.97			1.17			(0.38	)
Dividends and/or distributions to shareholders:
Net investment income		(0.43	)		(0.34	)		(0.55	)		(0.33	)		(0.28	)
Return of capital		—			(0.04	)		—			(0.03	)		—
Total dividends and/or distributions to shareholders		(0.43	)		(0.38	)		(0.55	)		(0.36	)		(0.28	)
Net asset value, end of period/year	$	10.53		$	9.88		$	10.94		$	10.52		$	9.71
Total return		11.01	%		(6.30	)%		9.45	%		12.36	%		(3.71	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	5,915		$	5,512		$	6,933		$	87		$	48
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.70	%		0.73	%		0.72	%		0.72	%		0.71	%(E)
Including waiver and/or reimbursement and recapture		0.70	%		0.73	%		0.72	%		0.72	%(C)		0.71	%(E)
Net investment income (loss) to average net assets		6.09	%		5.50	%		5.87	%		6.62	%(C)		6.66	%(E)
Portfolio turnover rate		255	%		221	%		247	%		257	%		237	%

(A)	Commenced operations on May 29, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Not annualized.
(E)	Annualized.

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

Transamerica Funds Annual Report 2019

Page    400

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Emerging Markets Equity
	Class A
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	9.25		$	11.01		$	8.83		$	8.50		$	10.25
Investment operations:
Net investment income (loss) (A)		0.18			0.07			0.12			0.07	(B)		0.06
Net realized and unrealized gain (loss)		0.49			(1.75	)		2.20			0.34			(1.70	)
Total investment operations		0.67			(1.68	)		2.32			0.41			(1.64	)
Dividends and/or distributions to shareholders:
Net investment income		(0.03	)		(0.08	)		(0.14	)		(0.08	)		(0.11	)
Net asset value, end of year	$	9.89		$	9.25		$	11.01		$	8.83		$	8.50
Total return (C)		7.15	%		(15.32	)%		26.75	%		4.88	%		(16.17	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	4,026		$	4,331		$	10,421		$	2,368		$	1,669
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.59	%(D)		1.53	%(D)		1.59	%		1.73	%		1.60	%
Including waiver and/or reimbursement and recapture		1.57	%(D)		1.53	%(D)		1.59	%		1.72	%(B)		1.60	%
Net investment income (loss) to average net assets		1.87	%		0.61	%		1.16	%		0.87	%(B)		0.63	%
Portfolio turnover rate		49	%		75	%		49	%		61	%		89	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(D)	Does not include expenses of the underlying investments in which the Fund invests.

For a share outstanding during the years indicated:	Transamerica Emerging Markets Equity
	Class C
	October 31,     2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	9.15		$	10.89		$	8.74		$	8.41		$	10.14
Investment operations:
Net investment income (loss) (A)		0.08			0.01			0.02			0.02	(B)		0.01
Net realized and unrealized gain (loss)		0.53			(1.75	)		2.22			0.34			(1.70	)
Total investment operations		0.61			(1.74	)		2.24			0.36			(1.69	)
Dividends and/or distributions to shareholders:
Net investment income		—			(0.00	)(C)		(0.09	)		(0.03	)		(0.04	)
Net asset value, end of year	$	9.76		$	9.15		$	10.89		$	8.74		$	8.41
Total return (D)		6.56	%		(15.95	)%		25.97	%		4.28	%		(16.73	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	934		$	1,625		$	2,552		$	1,846		$	1,882
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.18	%(E)(F)		2.23	%(F)		2.28	%		2.33	%		2.28	%
Including waiver and/or reimbursement and recapture		2.18	%(E)(F)		2.23	%(F)		2.28	%		2.32	%(B)		2.28	%
Net investment income (loss) to average net assets		0.89	%		0.09	%		0.23	%		0.23	%(B)		0.08	%
Portfolio turnover rate		49	%		75	%		49	%		61	%		89	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Total return has been calculated without deduction of the contingent deferred sales charge.
(E)	Waiver and/or reimbursement rounds to less than 0.01%.
(F)	Does not include expenses of the underlying investments in which the Fund invests.

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

Transamerica Funds Annual Report 2019

Page    401

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Emerging Markets Equity
	Class I
	October 31,     2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	9.32		$	11.07		$	8.88		$	8.55		$	10.30
Investment operations:
Net investment income (loss) (A)		0.24			0.13			0.17			0.08	(B)		0.10
Net realized and unrealized gain (loss)		0.48			(1.77	)		2.19			0.36			(1.72	)
Total investment operations		0.72			(1.64	)		2.36			0.44			(1.62	)
Dividends and/or distributions to shareholders:
Net investment income		(0.09	)		(0.11	)		(0.17	)		(0.11	)		(0.13	)
Net asset value, end of year	$	9.95		$	9.32		$	11.07		$	8.88		$	8.55
Total return		7.86	%		(15.01	)%		27.20	%		5.30	%		(15.89	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	6,956		$	6,653		$	8,072		$	476		$	1,281
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.07	%(C)(D)		1.20	%(D)		1.27	%		1.31	%		1.25	%
Including waiver and/or reimbursement and recapture		1.07	%(C)(D)		1.20	%(D)		1.27	%		1.31	%(B)		1.25	%
Net investment income (loss) to average net assets		2.44	%		1.20	%		1.64	%		1.04	%(B)		1.01	%
Portfolio turnover rate		49	%		75	%		49	%		61	%		89	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Waiver and/or reimbursement rounds to less than 0.01%.
(D)	Does not include expenses of the underlying investments in which the Fund invests.

For a share outstanding during the years indicated:	Transamerica Emerging Markets Equity
	Class I2
	October 31,     2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	9.33		$	11.08		$	8.89		$	8.56		$	10.30
Investment operations:
Net investment income (loss) (A)		0.24			0.19			0.13			0.12	(B)		0.12
Net realized and unrealized gain (loss)		0.50			(1.83	)		2.24			0.33			(1.72	)
Total investment operations		0.74			(1.64	)		2.37			0.45			(1.60	)
Dividends and/or distributions to shareholders:
Net investment income		(0.11	)		(0.11	)		(0.18	)		(0.12	)		(0.14	)
Net asset value, end of year	$	9.96		$	9.33		$	11.08		$	8.89		$	8.56
Total return		7.90	%		(14.94	)%		27.35	%		5.41	%		(15.74	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	808,995		$	847,486		$	217,617		$	146,458		$	270,402
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.97	%(C)		1.10	%(C)		1.17	%		1.19	%		1.14	%
Including waiver and/or reimbursement and recapture		0.96	%(C)		1.10	%(C)		1.17	%		1.18	%(B)		1.14	%
Net investment income (loss) to average net assets		2.48	%		1.83	%		1.37	%		1.46	%(B)		1.26	%
Portfolio turnover rate		49	%		75	%		49	%		61	%		89	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Does not include expenses of the underlying investments in which the Fund invests.

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

Transamerica Funds Annual Report 2019

Page    402

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Event Driven
	Class I
	October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.36		$	10.46		$	9.78
Investment operations:
Net investment income (loss) (B)		0.02			(0.02	)		0.10
Net realized and unrealized gain (loss)		0.41			0.08			0.60
Total investment operations		0.43			0.06			0.70
Dividends and/or distributions to shareholders:
Net investment income		(0.00	)(C)		(0.16	)		(0.02	)
Net realized gains		(0.19	)		—			—
Total dividends and/or distributions to shareholders		(0.19	)		(0.16	)		(0.02	)
Net asset value, end of period/year	$	10.60		$	10.36		$	10.46
Total return		4.34	%		0.57	%		7.19	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	834		$	706		$	60
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture, including dividends, interest and fees for borrowings from securities sold short		1.61	%		1.69	%		1.81	%(F)
Including waiver and/or reimbursement and recapture, including dividends, interest and fees for borrowings from securities sold short		1.53	%		1.49	%		1.44	%(F)
Including waiver and/or reimbursement and recapture, excluding dividends, interest and fees from borrowings from securities sold short		1.35	%		1.35	%		1.38	%(F)
Net investment income (loss) to average net assets		0.18	%		(0.15	)%		1.03	%(F)
Portfolio turnover rate		214	%		514	%		633	%

(A)	Commenced operations on November 11, 2016.
(B)	Calculated based on average number of shares outstanding.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Not annualized.
(E)	Does not include expenses of the underlying investments in which the Fund invests.
(F)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica Event Driven
	Class I2
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	10.22		$	10.31		$	9.83		$	9.66		$	10.00
Investment operations:
Net investment income (loss) (B)		0.02			(0.04	)		0.16			0.15	(C)		(0.03	)(D)
Net realized and unrealized gain (loss)		0.40			0.11			0.48			0.04	(E)		(0.31	)(D)
Total investment operations		0.42			0.07			0.64			0.19			(0.34	)
Dividends and/or distributions to shareholders:
Net investment income		(0.00	)(F)		(0.16	)		(0.16	)		(0.02	)		—
Net realized gains		(0.19	)		—			—			—			—
Total dividends and/or distributions to shareholders		(0.19	)		(0.16	)		(0.16	)		(0.02	)		—
Net asset value, end of period/year	$	10.45		$	10.22		$	10.31		$	9.83		$	9.66
Total return		4.41	%		0.68	%		6.55	%		1.98	%		(3.30	)%(G)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	93,086		$	116,012		$	90,175		$	97,399		$	125,039
Expenses to average net assets (H)
Excluding waiver and/or reimbursement and recapture, including dividends, interest and fees for borrowings from securities sold short		1.51	%		1.68	%		1.76	%		2.57	%		2.96	%(D)(I)
Including waiver and/or reimbursement and recapture, including dividends, interest and fees for borrowings from securities sold short		1.54	%		1.60	%		1.62	%		2.53	%(C)		2.77	%(D)(I)
Including waiver and/or reimbursement and recapture, excluding dividends, interest and fees from borrowings from securities sold short		1.35	%		1.35	%		1.45	%		1.73	%(C)		1.66	%(I)
Net investment income (loss) to average net assets		0.19	%		(0.40	)%		1.55	%		1.62	%(C)		(0.44	)%(D)(I)
Portfolio turnover rate		214	%		514	%		633	%		579	%		305	%

(A)	Commenced operations on March 31, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Reclassified fees for borrowings from securities sold short from net realized gain (loss) to expenses. Please reference the Reclassification section of the Notes to Financial Statements for additional information.
(E)	The per share amount may differ with the change in aggregate gains (losses) as shown in the Statements of Operations due to the timing of purchases and sales of Fund shares in relation to fluctuating market values during the year.
(F)	Rounds to less than $0.01 or $(0.01).
(G)	Not annualized.
(H)	Does not include expenses of the underlying investments in which the Fund invests.
(I)	Annualized.

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

Transamerica Funds Annual Report 2019

Page    403

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Floating Rate
	Class A
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	9.87		$	9.97		$	9.95		$	9.82		$	9.92
Investment operations:
Net investment income (loss) (A)		0.48			0.42			0.38			0.40	(B)		0.34
Net realized and unrealized gain (loss)		(0.26	)		(0.10	)		0.03			0.12			(0.08	)
Total investment operations		0.22			0.32			0.41			0.52			0.26
Dividends and/or distributions to shareholders:
Net investment income		(0.48	)		(0.42	)		(0.39	)		(0.39	)		(0.35	)
Net realized gains		—			—			—			—			(0.01	)
Total dividends and/or distributions to shareholders		(0.48	)		(0.42	)		(0.39	)		(0.39	)		(0.36	)
Net asset value, end of year	$	9.61		$	9.87		$	9.97		$	9.95		$	9.82
Total return (C)		2.44	%		3.32	%		4.14	%		5.50	%		2.73	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	24,106		$	37,011		$	38,312		$	6,327		$	3,360
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		1.07	%		1.07	%		1.08	%		1.11	%		1.11	%
Including waiver and/or reimbursement and recapture		1.05	%		1.05	%		1.05	%		1.05	%(B)		1.05	%
Net investment income (loss) to average net assets		4.94	%		4.22	%		3.79	%		4.05	%(B)		3.46	%
Portfolio turnover rate		23	%		54	%		55	%		50	%		41	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(D)	Does not include expenses of the underlying investments in which the Fund invests.

For a share outstanding during the years indicated:	Transamerica Floating Rate
	Class C
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	9.87		$	9.97		$	9.95		$	9.82		$	9.92
Investment operations:
Net investment income (loss) (A)		0.41			0.35			0.30			0.32	(B)		0.27
Net realized and unrealized gain (loss)		(0.25	)		(0.10	)		0.04			0.13			(0.08	)
Total investment operations		0.16			0.25			0.34			0.45			0.19
Dividends and/or distributions to shareholders:
Net investment income		(0.41	)		(0.35	)		(0.32	)		(0.32	)		(0.28	)
Net realized gains		—			—			—			—			(0.01	)
Total dividends and/or distributions to shareholders		(0.41	)		(0.35	)		(0.32	)		(0.32	)		(0.29	)
Net asset value, end of year	$	9.62		$	9.87		$	9.97		$	9.95		$	9.82
Total return (C)		1.68	%		2.55	%		3.36	%		4.70	%		1.98	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	18,255		$	22,412		$	17,549		$	6,669		$	2,904
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		1.81	%		1.83	%		1.83	%		1.84	%		1.86	%
Including waiver and/or reimbursement and recapture		1.80	%		1.80	%		1.80	%		1.80	%(B)		1.80	%
Net investment income (loss) to average net assets		4.22	%		3.50	%		3.05	%		3.30	%(B)		2.78	%
Portfolio turnover rate		23	%		54	%		55	%		50	%		41	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the contingent deferred sales charge.
(D)	Does not include expenses of the underlying investments in which the Fund invests.

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

Transamerica Funds Annual Report 2019

Page    404

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Floating Rate
	Class I
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	9.84		$	9.94		$	9.92		$	9.79		$	9.92
Investment operations:
Net investment income (loss) (A)		0.51			0.45			0.40			0.41	(B)		0.35
Net realized and unrealized gain (loss)		(0.26	)		(0.10	)		0.04			0.14			(0.09	)
Total investment operations		0.25			0.35			0.44			0.55			0.26
Dividends and/or distributions to shareholders:
Net investment income		(0.51	)		(0.45	)		(0.42	)		(0.42	)		(0.38	)
Net realized gains		—			—			—			—			(0.01	)
Total dividends and/or distributions to shareholders		(0.51	)		(0.45	)		(0.42	)		(0.42	)		(0.39	)
Net asset value, end of year	$	9.58		$	9.84		$	9.94		$	9.92		$	9.79
Total return		2.69	%		3.57	%		4.40	%		5.75	%		2.66	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	99,384		$	187,447		$	72,316		$	13,061		$	787
Expenses to average net assets (C)
Excluding waiver and/or reimbursement and recapture		0.82	%		0.85	%		0.85	%		0.85	%		0.87	%
Including waiver and/or reimbursement and recapture		0.80	%		0.80	%		0.80	%		0.80	%(B)		0.80	%
Net investment income (loss) to average net assets		5.20	%		4.56	%		4.02	%		4.21	%(B)		3.57	%
Portfolio turnover rate		23	%		54	%		55	%		50	%		41	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Does not include expenses of the underlying investments in which the Fund invests.

For a share outstanding during the years indicated:	Transamerica Floating Rate
	Class I2
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	9.87		$	9.97		$	9.95		$	9.82		$	9.92
Investment operations:
Net investment income (loss) (A)		0.52			0.45			0.41			0.42	(B)		0.38
Net realized and unrealized gain (loss)		(0.25	)		(0.09	)		0.03			0.13			(0.09	)
Total investment operations		0.27			0.36			0.44			0.55			0.29
Dividends and/or distributions to shareholders:
Net investment income		(0.52	)		(0.46	)		(0.42	)		(0.42	)		(0.38	)
Net realized gains		—			—			—			—			(0.01	)
Total dividends and/or distributions to shareholders		(0.52	)		(0.46	)		(0.42	)		(0.42	)		(0.39	)
Net asset value, end of year	$	9.62		$	9.87		$	9.97		$	9.95		$	9.82
Total return		2.78	%		3.64	%		4.45	%		5.81	%		2.99	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	81,278		$	473,047		$	512,061		$	374,908		$	336,546
Expenses to average net assets (C)
Excluding waiver and/or reimbursement and recapture		0.72	%		0.75	%		0.75	%		0.75	%		0.77	%
Including waiver and/or reimbursement and recapture		0.72	%		0.75	%		0.75	%		0.75	%(B)(D)		0.80	%
Net investment income (loss) to average net assets		5.30	%		4.54	%		4.12	%		4.32	%(B)		3.79	%
Portfolio turnover rate		23	%		54	%		55	%		50	%		41	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Does not include expenses of the underlying investments in which the Fund invests.
(D)	Waiver and/or reimbursement rounds to less than 0.01%.

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

Transamerica Funds Annual Report 2019

Page    405

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Global Equity
	Class A
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	13.17		$	13.58		$	11.14		$	11.15		$	11.08
Investment operations:
Net investment income (loss) (A)		0.11			0.05			0.08			0.08	(B)		0.05
Net realized and unrealized gain (loss)		0.91			(0.20	)		2.64			(0.09	)		0.02
Total investment operations		1.02			(0.15	)		2.72			(0.01	)		0.07
Dividends and/or distributions to shareholders:
Net investment income		(0.00	)(C)		(0.26	)		(0.28	)		—			—
Net asset value, end of year	$	14.19		$	13.17		$	13.58		$	11.14		$	11.15
Total return (D)		7.77	%		(1.18	)%		24.92	%		(0.09	)%		0.63	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	55,612		$	51,912		$	42,264		$	39,699		$	48,311
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.48	%(E)		1.45	%(E)		1.49	%		1.39	%		1.36	%(E)
Including waiver and/or reimbursement and recapture		1.35	%(E)		1.35	%(E)		1.35	%		1.34	%(B)		1.35	%(E)
Net investment income (loss) to average net assets		0.80	%		0.35	%		0.68	%		0.74	%(B)		0.46	%
Portfolio turnover rate		51	%		36	%		38	%		63	%		51	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(E)	Does not include expenses of the underlying investments in which the Fund invests.

For a share outstanding during the years indicated:	Transamerica Global Equity
	Class C
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	12.87		$	13.27		$	10.89		$	10.98		$	10.99
Investment operations:
Net investment income (loss) (A)		0.01			(0.06	)		(0.01	)		0.00	(B)(C)		(0.03	)
Net realized and unrealized gain (loss)		0.89			(0.19	)		2.58			(0.09	)		0.02
Total investment operations		0.90			(0.25	)		2.57			(0.09	)		(0.01	)
Dividends and/or distributions to shareholders:
Net investment income		—			(0.15	)		(0.19	)		—			—
Net asset value, end of year	$	13.77		$	12.87		$	13.27		$	10.89		$	10.98
Total return (D)		6.99	%		(1.91	)%		23.90	%		(0.82	)%		(0.09	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	10,113		$	20,289		$	44,450		$	48,720		$	61,427
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.19	%(E)		2.18	%(E)		2.21	%		2.13	%		2.10	%(E)
Including waiver and/or reimbursement and recapture		2.10	%(E)		2.10	%(E)		2.10	%		2.09	%(C)		2.10	%(E)(F)
Net investment income (loss) to average net assets		0.04	%		(0.41	)%		(0.07	)%		(0.01	)%(C)		(0.29	)%
Portfolio turnover rate		51	%		36	%		38	%		63	%		51	%

(A)	Calculated based on average number of shares outstanding.
(B)	Rounds to less than $0.01 or $(0.01).
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Total return has been calculated without deduction of the contingent deferred sales charge.
(E)	Does not include expenses of the underlying investments in which the Fund invests.
(F)	Waiver and/or reimbursement rounds to less than 0.01%.

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

Transamerica Funds Annual Report 2019

Page    406

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Global Equity
	Class I
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	13.20		$	13.61		$	11.19		$	11.17		$	11.06
Investment operations:
Net investment income (loss) (A)		0.15			0.08			0.11			0.11	(B)		0.09
Net realized and unrealized gain (loss)		0.91			(0.20	)		2.64			(0.08	)		0.02
Total investment operations		1.06			(0.12	)		2.75			0.03			0.11
Dividends and/or distributions to shareholders:
Net investment income		(0.03	)		(0.29	)		(0.33	)		(0.01	)		—
Net asset value, end of year	$	14.23		$	13.20		$	13.61		$	11.19		$	11.17
Total return		8.07	%		(0.94	)%		25.20	%		0.24	%		0.99	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	38,582		$	32,283		$	34,572		$	28,605		$	37,576
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.11	%(C)		1.12	%(C)		1.14	%		1.04	%		1.03	%(C)
Including waiver and/or reimbursement and recapture		1.10	%(C)		1.10	%(C)		1.10	%		1.02	%(B)		1.04	%(C)
Net investment income (loss) to average net assets		1.09	%		0.59	%		0.93	%		1.04	%(B)		0.78	%
Portfolio turnover rate		51	%		36	%		38	%		63	%		51	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Does not include expenses of the underlying investments in which the Fund invests.

For a share outstanding during the period and years indicated:	Transamerica Global Equity
	Class R6
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	13.22		$	13.62		$	11.22		$	11.18		$	11.63
Investment operations:
Net investment income (loss) (B)		0.15			0.10			0.13			0.09	(C)		0.03
Net realized and unrealized gain (loss)		0.92			(0.20	)		2.63			(0.05	)		(0.48	)(D)
Total investment operations		1.07			(0.10	)		2.76			0.04			(0.45	)
Dividends and/or distributions to shareholders:
Net investment income		(0.04	)		(0.30	)		(0.36	)		(0.00	)(E)		—
Net asset value, end of period/year	$	14.25		$	13.22		$	13.62		$	11.22		$	11.18
Total return		8.14	%		(0.80	)%		25.19	%		0.36	%		(3.87	)%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	967		$	949		$	1,114		$	140		$	48
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.01	%(H)		1.02	%(H)		1.04	%		0.95	%		0.93	%(G)(H)
Including waiver and/or reimbursement and recapture		1.01	%(H)		1.02	%(H)		1.04	%		0.94	%(C)		0.93	%(G)(H)
Net investment income (loss) to average net assets		1.08	%		0.70	%		1.01	%		0.82	%(C)		0.61	%(G)
Portfolio turnover rate		51	%		36	%		38	%		63	%		51	%

(A)	Commenced operations on May 29, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(D)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(E)	Rounds to less than $0.01 or $(0.01).
(F)	Not annualized.
(G)	Annualized.
(H)	Does not include expenses of the underlying investments in which the Fund invests.

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

Transamerica Funds Annual Report 2019

Page    407

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Government Money Market
	Class A
	October 31, 2019			October 31, 2018			October 31,     2017			October 31,         2016			October 31, 2015
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Investment operations:
Net investment income (loss) (A)		0.02			0.00	(B)		0.00	(B)		0.00	(B)(C)		0.00	(B)
Total investment operations		0.02			0.00	(B)		0.00	(B)		0.00	(B)		0.00	(B)
Dividends and/or distributions to shareholders:
Net investment income		(0.02	)		(0.00	)(B)		(0.00	)(B)		(0.00	)(B)		(0.00	)(B)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (D)		1.64	%		0.46	%		0.01	%		0.01	%		0.01	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	187,635		$	171,707		$	191,477		$	192,607		$	105,532
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.65	%		0.68	%		0.78	%		0.87	%		1.07	%
Including waiver and/or reimbursement and recapture		0.73	%		1.25	%		0.82	%(E)		0.43	%(C)(E)		0.27	%(E)
Net investment income (loss) to average net assets		1.62	%		0.44	%		0.01	%		0.01	%(C)		0.00	%(F)

(A)	Calculated based on average number of shares outstanding.
(B)	Rounds to less than $0.01 or $(0.01).
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(E)	Transamerica Asset Management, Inc. and/or its affiliates have voluntarily waived fees and/or reimbursed expenses in order to avoid a negative yield. Transamerica Asset Management, Inc. is entitled to recapture such amounts in certain circumstances, and some amounts have been so recaptured. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.
(F)	Rounds to less than 0.01% or (0.01)%.

For a share outstanding during the years indicated:	Transamerica Government Money Market
	Class C
	October 31, 2019			October 31, 2018			October 31, 2017			October 31,         2016			October 31, 2015
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Investment operations:
Net investment income (loss) (A)		0.01			0.00	(B)		0.00	(B)		0.00	(B)(C)		0.00	(B)
Total investment operations		0.01			0.00	(B)		0.00	(B)		0.00	(B)		0.00	(B)
Dividends and/or distributions to shareholders:
Net investment income		(0.01	)		(0.00	)(B)		(0.00	)(B)		(0.00	)(B)		(0.00	)(B)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (D)		0.57	%		0.01	%		0.01	%		0.01	%		0.01	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	9,218		$	13,477		$	19,707		$	22,189		$	21,500
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.41	%		1.46	%		1.56	%		1.61	%		1.68	%
Including waiver and/or reimbursement and recapture		1.77	%		1.69	%(E)		0.81	%(E)		0.43	%(C)(E)		0.27	%(E)
Net investment income (loss) to average net assets		0.57	%		0.01	%		0.01	%		0.01	%(C)		0.00	%(F)

(A)	Calculated based on average number of shares outstanding.
(B)	Rounds to less than $0.01 or $(0.01).
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Total return has been calculated without deduction of the contingent deferred sales charge.
(E)	Transamerica Asset Management, Inc. and/or its affiliates have voluntarily waived fees and/or reimbursed expenses in order to avoid a negative yield. Transamerica Asset Management, Inc. is entitled to recapture such amounts in certain circumstances, and some amounts have been so recaptured. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.
(F)	Rounds to less than 0.01% or (0.01)%.

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

Transamerica Funds Annual Report 2019

Page    408

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Government Money Market
	Class I
	October 31, 2019			October 31, 2018			October 31, 2017			October 31,         2016			October 31, 2015
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Investment operations:
Net investment income (loss) (A)		0.02			0.01			0.00	(B)		0.00	(B)(C)		0.00	(B)
Total investment operations		0.02			0.01			0.00	(B)		0.00	(B)		0.00	(B)
Dividends and/or distributions to shareholders:
Net investment income		(0.02	)		(0.01	)		(0.00	)(B)		(0.00	)(B)		(0.00	)(B)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return		1.89	%		0.95	%		0.01	%		0.01	%		0.02	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	18,213		$	21,281		$	21,578		$	21,185		$	18,529
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.50	%		0.52	%		0.62	%		0.69	%		0.78	%
Including waiver and/or reimbursement and recapture		0.48	%		0.76	%(D)		0.82	%(D)		0.43	%(C)(D)		0.26	%(D)
Net investment income (loss) to average net assets		1.87	%		0.94	%		0.01	%		0.01	%(C)		0.01	%

(A)	Calculated based on average number of shares outstanding.
(B)	Rounds to less than $0.01 or $(0.01).
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Transamerica Asset Management, Inc. and/or its affiliates have voluntarily waived fees and/or reimbursed expenses in order to avoid a negative yield. Transamerica Asset Management, Inc. is entitled to recapture such amounts in certain circumstances, and some amounts have been so recaptured. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.

For a share outstanding during the years indicated:	Transamerica Government Money Market
	Class I2
	October 31, 2019			October 31, 2018			October 31, 2017			October 31,         2016			October 31, 2015
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Investment operations:
Net investment income (loss) (A)		0.01			0.00	(B)		0.00	(B)		0.00	(B)(C)		0.00	(B)
Total investment operations		0.01			0.00	(B)		0.00	(B)		0.00	(B)		0.00	(B)
Dividends and/or distributions to shareholders:
Net investment income		(0.01	)		(0.00	)(B)		(0.00	)(B)		(0.00	)(B)		(0.00	)(B)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return		1.42	%		0.01	%		0.01	%		0.01	%		0.02	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	5,400		$	4,017		$	7,850		$	11,954		$	35,245
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.30	%		0.32	%		0.43	%		0.48	%		0.54	%
Including waiver and/or reimbursement and recapture		0.88	%		1.64	%		0.79	%(D)		0.43	%(C)(D)		0.26	%(D)
Net investment income (loss) to average net assets		1.47	%		0.00	%(E)		0.01	%		0.01	%(C)		0.01	%

(A)	Calculated based on average number of shares outstanding.
(B)	Rounds to less than $0.01 or $(0.01).
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Transamerica Asset Management, Inc. and/or its affiliates have voluntarily waived fees and/or reimbursed expenses in order to avoid a negative yield. Transamerica Asset Management, Inc. is entitled to recapture such amounts in certain circumstances, and some amounts have been so recaptured. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.
(E)	Rounds to less than 0.01% or (0.01)%.

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

Transamerica Funds Annual Report 2019

Page    409

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Government Money Market
	Class I3
	October 31, 2019			October 31, 2018			October 31,         2017 (A)
Net asset value, beginning of period/year	$	1.00		$	1.00		$	1.00
Investment operations:
Net investment income (loss) (B)		0.02			0.01			0.00	(C)
Total investment operations		0.02			0.01			0.00	(C)
Dividends and/or distributions to shareholders:
Net investment income		(0.02	)		(0.01	)		(0.00	)(C)
Net asset value, end of period/year	$	1.00		$	1.00		$	1.00
Total return		2.07	%		1.41	%		0.34	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	134,883		$	106,431		$	122,549
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.30	%		0.32	%		0.40	%(E)
Including waiver and/or reimbursement and recapture		0.30	%(F)		0.30	%		0.30	%(E)(G)
Net investment income (loss) to average net assets		2.02	%		1.41	%		0.86	%(E)

(A)	Commenced operations on May 19, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Not annualized.
(E)	Annualized.
(F)	Waiver and/or reimbursement rounds to less than 0.01%.
(G)	Transamerica Asset Management, Inc. and/or its affiliates have voluntarily waived fees and/or reimbursed expenses in order to avoid a negative yield. Transamerica Asset Management, Inc. is entitled to recapture such amounts in certain circumstances, and some amounts have been so recaptured. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.

For a share outstanding during the period and years indicated:	Transamerica Government Money Market
	Class R2
	October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	1.00		$	1.00		$	1.00
Investment operations:
Net investment income (loss) (B)		0.02			0.01			0.00	(C)
Total investment operations		0.02			0.01			0.00	(C)
Dividends and/or distributions to shareholders:
Net investment income		(0.02	)		(0.01	)		(0.00	)(C)
Net asset value, end of period/year	$	1.00		$	1.00		$	1.00
Total return		1.56	%		0.91	%		0.02	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	910,347		$	728,262		$	634,919
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.85	%		0.88	%		0.91	%(E)
Including waiver and/or reimbursement and recapture		0.80	%		0.80	%		0.80	%(E)
Net investment income (loss) to average net assets		1.54	%		0.92	%		0.30	%(E)

(A)	Commenced operations on October 13, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Not annualized.
(E)	Annualized.

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

Transamerica Funds Annual Report 2019

Page    410

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Government Money Market
	Class R4
	October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	1.00		$	1.00		$	1.00
Investment operations:
Net investment income (loss) (B)		0.02			0.01			0.00	(C)
Total investment operations		0.02			0.01			0.00	(C)
Dividends and/or distributions to shareholders:
Net investment income		(0.02	)		(0.01	)		(0.00	)(C)
Net asset value, end of period/year	$	1.00		$	1.00		$	1.00
Total return		1.86	%		1.21	%		0.03	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	117,731		$	174,150		$	190,300
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.55	%		0.57	%		0.65	%(E)
Including waiver and/or reimbursement and recapture		0.50	%		0.50	%		0.50	%(E)
Net investment income (loss) to average net assets		1.85	%		1.19	%		0.61	%(E)

(A)	Commenced operations on October 13, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Not annualized.
(E)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica High Quality Bond
	Class I3
	October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	9.79		$	9.97		$	10.00
Investment operations:
Net investment income (loss) (B)		0.25			0.21			0.09
Net realized and unrealized gain (loss)		0.27			(0.15	)		(0.04	)
Total investment operations		0.52			0.06			0.05
Dividends and/or distributions to shareholders:
Net investment income		(0.31	)		(0.24	)		(0.08	)
Net asset value, end of period/year	$	10.00		$	9.79		$	9.97
Total return		5.38	%		0.57	%		0.51	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	185,244		$	231,291		$	242,577
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.45	%		0.44	%		0.48	%(D)
Including waiver and/or reimbursement and recapture		0.45	%(E)		0.40	%		0.40	%(D)
Net investment income (loss) to average net assets		2.55	%		2.16	%		1.63	%(D)
Portfolio turnover rate		69	%		120	%		31	%(C)

(A)	Commenced operations on April 21, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.
(E)	Waiver and/or reimbursement rounds to less than 0.01%.

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

Transamerica Funds Annual Report 2019

Page    411

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica High Quality Bond
	Class R
	October 31,         2019			October 31,     2018			October 31,       2017 (A)
Net asset value, beginning of period/year	$	9.82		$	9.99		$	10.00
Investment operations:
Net investment income (loss) (B)		0.20			0.16			0.06
Net realized and unrealized gain (loss)		0.26			(0.15	)		(0.03	)
Total investment operations		0.46			0.01			0.03
Dividends and/or distributions to shareholders:
Net investment income		(0.26	)		(0.18	)		(0.04	)
Net asset value, end of period/year	$	10.02		$	9.82		$	9.99
Total return		4.85	%		0.14	%		0.32	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	12,401		$	13,520		$	19,443
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.94	%		0.93	%		0.97	%(D)
Including waiver and/or reimbursement and recapture		0.94	%(E)		0.90	%		0.97	%(D)
Net investment income (loss) to average net assets		2.00	%		1.60	%		1.03	%(D)
Portfolio turnover rate		69	%		120	%		31	%(C)

(A)	Commenced operations on April 21, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.
(E)	Waiver and/or reimbursement rounds to less than 0.01%.

For a share outstanding during the period and years indicated:	Transamerica High Quality Bond
	Class R4
	October 31,      2019			October 31, 2018			October 31,         2017 (A) (B) (C)			December 31, 2016			December 31, 2015			December 31, 2014
Net asset value, beginning of period/year	$	9.79		$	9.97		$	9.98		$	10.03		$	10.17		$	10.29
Investment operations:
Net investment income (loss) (D)		0.22			0.19			0.11			0.14			0.10			0.13
Net realized and unrealized gain (loss)		0.28			(0.16	)		0.01	(E)		(0.01	)		(0.06	)		(0.07	)
Total investment operations		0.50			0.03			0.12			0.13			0.04			0.06
Dividends and/or distributions to shareholders:
Net investment income		(0.29	)		(0.21	)		(0.13	)		(0.18	)		(0.18	)		(0.18	)
Net asset value, end of period/year	$	10.00		$	9.79		$	9.97		$	9.98		$	10.03		$	10.17
Total return		5.15	%		0.31	%		1.13	%(F)		1.31	%		0.38	%		0.55	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	41,701		$	37,838		$	40,216		$	56,312		$	57,227		$	58,080
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.70	%		0.69	%		0.75	%(G)		0.78	%		0.76	%		0.77	%
Including waiver and/or reimbursement and recapture		0.65	%		0.65	%		0.66	%(G)(H)		0.64	%(I)		0.65	%		0.65	%
Net investment income (loss) to average net assets		2.24	%		1.89	%		1.33	%(G)		1.34	%		1.01	%		1.21	%
Portfolio turnover rate		69	%		120	%		31	%(F)		92	%		70	%		92	%

(A)	Transamerica Partners Institutional High Quality Bond reorganized into the Fund on April 21, 2017. Prior to April 21, 2017, information provided reflects Transamerica Partners Institutional High Quality Bond, which was the accounting and performance survivor of the reorganization.
(B)	Effective April 21, 2017, the Fund underwent a 1.01-for-1 share split. The per share data has been retroactively adjusted to reflect the share split. See the Stock Split section of the Notes to Financial Statements for more information.
(C)	The fiscal year end of the Fund is October 31 while the fiscal year end of the accounting and performance survivor is December 31. Prior to the closing of the applicable Transamerica Partners reorganization as of the close of business on April 21, 2017, the accounting and performance survivor operated as a feeder in a master-feeder structure and invested all of its investable assets in a corresponding Series Portfolio. The Financial Highlights represents activity for the ten months of January 1, 2017 – October 31, 2017.
(D)	Calculated based on average number of shares outstanding.
(E)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(F)	Not annualized.
(G)	Annualized.
(H)	Includes reorganization expenses incurred outside the Fund’s operating expense limit.
(I)	Includes reimbursement of custody fees at the underlying Series Portfolio level.

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

Transamerica Funds Annual Report 2019

Page    412

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica High Yield Bond
	Class A
	October 31, 2019			October 31, 2018			October 31, 2017			October 31,   2016			October 31, 2015
Net asset value, beginning of year	$	8.86		$	9.34		$	9.06		$	8.97		$	9.68
Investment operations:
Net investment income (loss) (A)		0.48			0.50			0.48			0.49	(B)		0.48
Net realized and unrealized gain (loss)		0.16			(0.49	)		0.30			0.10			(0.58	)
Total investment operations		0.64			0.01			0.78			0.59			(0.10	)
Dividends and/or distributions to shareholders:
Net investment income		(0.49	)		(0.49	)		(0.50	)		(0.50	)		(0.49	)
Net realized gains		—			—			—			—			(0.12	)
Total dividends and/or distributions to shareholders		(0.49	)		(0.49	)		(0.50	)		(0.50	)		(0.61	)
Net asset value, end of year	$	9.01		$	8.86		$	9.34		$	9.06		$	8.97
Total return (C)		7.79	%		(0.20	)%		8.63	%		6.95	%		(1.11	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	94,450		$	87,028		$	104,904		$	114,761		$	127,509
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.09	%		1.08	%		1.04	%		1.02	%		1.00	%
Including waiver and/or reimbursement and recapture		1.05	%		1.00	%		1.04	%		1.01	%(B)		1.00	%
Net investment income (loss) to average net assets		5.36	%		5.45	%		5.24	%		5.64	%(B)		5.14	%
Portfolio turnover rate		38	%		35	%		39	%		49	%		61	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.

For a share outstanding during the years indicated:	Transamerica High Yield Bond
	Class C
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	8.81		$	9.30		$	9.02		$	8.92		$	9.64
Investment operations:
Net investment income (loss) (A)		0.42			0.43			0.42			0.43	(B)		0.41
Net realized and unrealized gain (loss)		0.16			(0.50	)		0.29			0.10			(0.59	)
Total investment operations		0.58			(0.07	)		0.71			0.53			(0.18	)
Dividends and/or distributions to shareholders:
Net investment income		(0.42	)		(0.42	)		(0.43	)		(0.43	)		(0.42	)
Net realized gains		—			—			—			—			(0.12	)
Total dividends and/or distributions to shareholders		(0.42	)		(0.42	)		(0.43	)		(0.43	)		(0.54	)
Net asset value, end of year	$	8.97		$	8.81		$	9.30		$	9.02		$	8.92
Total return (C)		6.88	%		(0.88	)%		7.91	%		6.34	%		(1.95	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	26,922		$	31,361		$	46,129		$	51,787		$	58,147
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.76	%		1.75	%		1.73	%		1.74	%		1.74	%
Including waiver and/or reimbursement and recapture		1.75	%		1.72	%		1.73	%		1.73	%(B)		1.74	%
Net investment income (loss) to average net assets		4.68	%		4.74	%		4.56	%		4.93	%(B)		4.41	%
Portfolio turnover rate		38	%		35	%		39	%		49	%		61	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the contingent deferred sales charge.

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

Transamerica Funds Annual Report 2019

Page    413

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica High Yield Bond
	Class I
	October 31, 2019			October 31, 2018			October 31, 2017			October 31,   2016			October 31, 2015
Net asset value, beginning of year	$	8.91		$	9.40		$	9.13		$	9.03		$	9.74
Investment operations:
Net investment income (loss) (A)		0.51			0.52			0.52			0.52	(B)		0.51
Net realized and unrealized gain (loss)		0.16			(0.49	)		0.28			0.10			(0.59	)
Total investment operations		0.67			0.03			0.80			0.62			(0.08	)
Dividends and/or distributions to shareholders:
Net investment income		(0.52	)		(0.52	)		(0.53	)		(0.52	)		(0.51	)
Net realized gains		—			—			—			—			(0.12	)
Total dividends and/or distributions to shareholders		(0.52	)		(0.52	)		(0.53	)		(0.52	)		(0.63	)
Net asset value, end of year	$	9.06		$	8.91		$	9.40		$	9.13		$	9.03
Total return		7.93	%		0.17	%		8.83	%		7.33	%		(0.85	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	67,078		$	80,141		$	164,626		$	155,777		$	127,675
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.74	%		0.74	%		0.73	%		0.73	%		0.74	%
Including waiver and/or reimbursement and recapture		0.74	%(C)		0.71	%		0.73	%		0.72	%(B)		0.74	%
Net investment income (loss) to average net assets		5.66	%		5.67	%		5.54	%		5.86	%(B)		5.32	%
Portfolio turnover rate		38	%		35	%		39	%		49	%		61	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Waiver and/or reimbursement rounds to less than 0.01%.

For a share outstanding during the years indicated:	Transamerica High Yield Bond
	Class I2
	October 31,        2019			October 31, 2018			October 31, 2017			October 31,   2016			October 31, 2015
Net asset value, beginning of year	$	8.94		$	9.43		$	9.15		$	9.05		$	9.77
Investment operations:
Net investment income (loss) (A)		0.52			0.54			0.53			0.53	(B)		0.52
Net realized and unrealized gain (loss)		0.17			(0.50	)		0.29			0.10			(0.60	)
Total investment operations		0.69			0.04			0.82			0.63			(0.08	)
Dividends and/or distributions to shareholders:
Net investment income		(0.53	)		(0.53	)		(0.54	)		(0.53	)		(0.52	)
Net realized gains		—			—			—			—			(0.12	)
Total dividends and/or distributions to shareholders		(0.53	)		(0.53	)		(0.54	)		(0.53	)		(0.64	)
Net asset value, end of year	$	9.10		$	8.94		$	9.43		$	9.15		$	9.05
Total return		8.17	%		0.30	%		9.05	%		7.43	%		(0.84	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	477,381		$	472,589		$	858,441		$	958,137		$	788,225
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.63	%		0.63	%		0.63	%		0.63	%		0.64	%
Including waiver and/or reimbursement and recapture		0.63	%(C)		0.61	%		0.63	%		0.62	%(B)		0.64	%
Net investment income (loss) to average net assets		5.80	%		5.83	%		5.65	%		6.01	%(B)		5.51	%
Portfolio turnover rate		38	%		35	%		39	%		49	%		61	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Waiver and/or reimbursement rounds to less than 0.01%.

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

Transamerica Funds Annual Report 2019

Page    414

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica High Yield Bond
	Class I3
	October 31,   2019			October 31, 2018			October 31,   2017 (A)
Net asset value, beginning of period/year	$	8.93		$	9.43		$	9.25
Investment operations:
Net investment income (loss) (B)		0.52			0.54			0.32
Net realized and unrealized gain (loss)		0.18			(0.50	)		0.18
Total investment operations		0.70			0.04			0.50
Dividends and/or distributions to shareholders:
Net investment income		(0.53	)		(0.54	)		(0.32	)
Net asset value, end of period/year	$	9.10		$	8.93		$	9.43
Total return		8.02	%		0.33	%		5.51	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	279,020		$	298,604		$	380,900
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.63	%		0.63	%		0.63	%(D)
Including waiver and/or reimbursement and recapture		0.63	%(E)		0.60	%		0.60	%(D)
Net investment income (loss) to average net assets		5.79	%		5.85	%		5.69	%(D)
Portfolio turnover rate		38	%		35	%		39	%

(A)	Commenced operations on March 24, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.
(E)	Waiver and/or reimbursement rounds to less than 0.01%.

For a share outstanding during the period and years indicated:	Transamerica High Yield Bond
	Class R
	October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	8.93		$	9.43		$	9.25
Investment operations:
Net investment income (loss) (B)		0.48			0.49			0.29
Net realized and unrealized gain (loss)		0.17			(0.50	)		0.19
Total investment operations		0.65			(0.01	)		0.48
Dividends and/or distributions to shareholders:
Net investment income		(0.48	)		(0.49	)		(0.30	)
Net asset value, end of period/year	$	9.10		$	8.93		$	9.43
Total return		7.51	%		(0.17	)%		5.19	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	35,439		$	42,802		$	55,724
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.26	%		1.23	%		1.14	%(D)
Including waiver and/or reimbursement and recapture		1.10	%		1.10	%		1.10	%(D)
Net investment income (loss) to average net assets		5.33	%		5.35	%		5.12	%(D)
Portfolio turnover rate		38	%		35	%		39	%

(A)	Commenced operations on March 24, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.

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

Transamerica Funds Annual Report 2019

Page    415

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica High Yield Bond
	Class R4
	October 31, 2019			October 31, 2018			October 31,   2017 (A)
Net asset value, beginning of period/year	$	8.93		$	9.43		$	9.25
Investment operations:
Net investment income (loss) (B)		0.50			0.52			0.31
Net realized and unrealized gain (loss)		0.18			(0.51	)		0.18
Total investment operations		0.68			0.01			0.49
Dividends and/or distributions to shareholders:
Net investment income		(0.51	)		(0.51	)		(0.31	)
Net asset value, end of period/year	$	9.10		$	8.93		$	9.43
Total return		7.78	%		0.08	%		5.35	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	396,605		$	361,072		$	369,181
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.88	%		0.88	%		0.88	%(D)
Including waiver and/or reimbursement and recapture		0.85	%		0.85	%		0.85	%(D)
Net investment income (loss) to average net assets		5.56	%		5.61	%		5.43	%(D)
Portfolio turnover rate		38	%		35	%		39	%

(A)	Commenced operations on March 24, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica High Yield Bond
	Class R6
	October 31,       2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	8.94		$	9.43		$	9.15		$	9.05		$	9.56
Investment operations:
Net investment income (loss) (B)		0.52			0.54			0.54			0.52	(C)		0.22
Net realized and unrealized gain (loss)		0.17			(0.50	)		0.28			0.11			(0.51	)
Total investment operations		0.69			0.04			0.82			0.63			(0.29	)
Dividends and/or distributions to shareholders:
Net investment income		(0.53	)		(0.53	)		(0.54	)		(0.53	)		(0.22	)
Net asset value, end of period/year	$	9.10		$	8.94		$	9.43		$	9.15		$	9.05
Total return		8.05	%		0.29	%		9.06	%		7.43	%		(3.04	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	44,675		$	29,499		$	34,335		$	4,086		$	49
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.63	%		0.63	%		0.63	%		0.63	%		0.63	%(E)
Including waiver and/or reimbursement and recapture		0.63	%(F)		0.61	%		0.63	%		0.61	%(C)		0.63	%(E)
Net investment income (loss) to average net assets		5.77	%		5.85	%		5.73	%		5.81	%(C)		5.64	%(E)
Portfolio turnover rate		38	%		35	%		39	%		49	%		61	%

(A)	Commenced operations on May 29, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Not annualized.
(E)	Annualized.
(F)	Waiver and/or reimbursement rounds to less than 0.01%.

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

Transamerica Funds Annual Report 2019

Page    416

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica High Yield Muni
	Class A
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	11.34		$	11.60		$	11.88		$	11.47		$	11.46
Investment operations:
Net investment income (loss) (A)		0.42			0.40			0.34			0.31	(B)		0.33
Net realized and unrealized gain (loss)		0.64			(0.26	)		(0.11	)		0.47			0.36
Total investment operations		1.06			0.14			0.23			0.78			0.69
Dividends and/or distributions to shareholders:
Net investment income		(0.42	)		(0.40	)		(0.35	)		(0.30	)		(0.32	)
Net realized gains		—			—			(0.16	)		(0.07	)		(0.36	)
Total dividends and/or distributions to shareholders		(0.42	)		(0.40	)		(0.51	)		(0.37	)		(0.68	)
Net asset value, end of year	$	11.98		$	11.34		$	11.60		$	11.88		$	11.47
Total return (C)		9.54	%		1.19	%		2.26	%		6.72	%		6.24	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	22,116		$	30,521		$	34,191		$	58,848		$	24,700
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		1.04	%		1.00	%		1.04	%		0.98	%		1.29	%
Including waiver and/or reimbursement and recapture		0.91	%		0.91	%		0.91	%		0.91	%(B)		0.91	%
Net investment income (loss) to average net assets		3.63	%		3.45	%		3.02	%		2.59	%(B)		2.88	%
Portfolio turnover rate		54	%		119	%		115	%		61	%		78	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(D)	Does not include expenses of the underlying investments in which the Fund invests.

For a share outstanding during the years indicated:	Transamerica High Yield Muni
	Class C
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	11.35		$	11.61		$	11.88		$	11.48		$	11.47
Investment operations:
Net investment income (loss) (A)		0.36			0.33			0.28			0.24	(B)		0.26
Net realized and unrealized gain (loss)		0.64			(0.26	)		(0.11	)		0.46			0.37
Total investment operations		1.00			0.07			0.17			0.70			0.63
Dividends and/or distributions to shareholders:
Net investment income		(0.36	)		(0.33	)		(0.28	)		(0.23	)		(0.26	)
Net realized gains		—			—			(0.16	)		(0.07	)		(0.36	)
Total dividends and/or distributions to shareholders		(0.36	)		(0.33	)		(0.44	)		(0.30	)		(0.62	)
Net asset value, end of year	$	11.99		$	11.35		$	11.61		$	11.88		$	11.48
Total return (C)		8.89	%		0.59	%		1.64	%		6.12	%		5.62	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	11,561		$	11,389		$	12,109		$	13,670		$	3,708
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		1.81	%		1.76	%		1.80	%		1.73	%		2.04	%
Including waiver and/or reimbursement and recapture		1.51	%		1.51	%		1.51	%		1.51	%(B)		1.51	%
Net investment income (loss) to average net assets		3.05	%		2.84	%		2.42	%		2.02	%(B)		2.31	%
Portfolio turnover rate		54	%		119	%		115	%		61	%		78	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the contingent deferred sales charge.
(D)	Does not include expenses of the underlying investments in which the Fund invests.

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

Transamerica Funds Annual Report 2019

Page    417

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica High Yield Muni
	Class I
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	11.36		$	11.62		$	11.89		$	11.48		$	11.47
Investment operations:
Net investment income (loss) (A)		0.44			0.42			0.36			0.33	(B)		0.34
Net realized and unrealized gain (loss)		0.64			(0.26	)		(0.10	)		0.46			0.37
Total investment operations		1.08			0.16			0.26			0.79			0.71
Dividends and/or distributions to shareholders:
Net investment income		(0.44	)		(0.42	)		(0.37	)		(0.31	)		(0.34	)
Net realized gains		—			—			(0.16	)		(0.07	)		(0.36	)
Total dividends and/or distributions to shareholders		(0.44	)		(0.42	)		(0.53	)		(0.38	)		(0.70	)
Net asset value, end of year	$	12.00		$	11.36		$	11.62		$	11.89		$	11.48
Total return		9.70	%		1.35	%		2.41	%		6.96	%		6.38	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	75,539		$	61,523		$	57,151		$	55,795		$	19,085
Expenses to average net assets (C)
Excluding waiver and/or reimbursement and recapture		0.84	%		0.79	%		0.83	%		0.77	%		1.07	%
Including waiver and/or reimbursement and recapture		0.76	%		0.76	%		0.76	%		0.76	%(B)		0.76	%
Net investment income (loss) to average net assets		3.79	%		3.59	%		3.17	%		2.76	%(B)		3.04	%
Portfolio turnover rate		54	%		119	%		115	%		61	%		78	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Does not include expenses of the underlying investments in which the Fund invests.

For a share outstanding during the period and years indicated:	Transamerica High Yield Muni
	Class I2
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016 (A)
Net asset value, beginning of period/year	$	11.36		$	11.62		$	11.89		$	12.10
Investment operations:
Net investment income (loss) (B)		0.45			0.42			0.37			0.03
Net realized and unrealized gain (loss)		0.64			(0.26	)		(0.11	)		(0.21	)(C)
Total investment operations		1.09			0.16			0.26			(0.18	)
Dividends and/or distributions to shareholders:
Net investment income		(0.45	)		(0.42	)		(0.37	)		(0.03	)
Net realized gains		—			—			(0.16	)		—
Total dividends and/or distributions to shareholders		(0.45	)		(0.42	)		(0.53	)		(0.03	)
Net asset value, end of period/year	$	12.00		$	11.36		$	11.62		$	11.89
Total return		9.73	%		1.42	%		2.44	%		(1.47	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	11		$	10		$	10		$	10
Expenses to average net assets (E)		0.73	%		0.68	%		0.72	%		0.66	%(F)
Net investment income (loss) to average net assets		3.83	%		3.67	%		3.21	%		3.22	%(F)
Portfolio turnover rate		54	%		119	%		115	%		61	%

(A)	Commenced operations on September 30, 2016.
(B)	Calculated based on average number of shares outstanding.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Not annualized.
(E)	Does not include expenses of the underlying investments in which the Fund invests.
(F)	Annualized.

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

Transamerica Funds Annual Report 2019

Page    418

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Inflation Opportunities
	Class A
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	9.58		$	9.97		$	9.99		$	9.57		$	9.95
Investment operations:
Net investment income (loss) (A)		0.16			0.20			0.14			0.08	(B)		0.00	(C)
Net realized and unrealized gain (loss)		0.67			(0.38	)		(0.03	)		0.34			(0.34	)
Total investment operations		0.83			(0.18	)		0.11			0.42			(0.34	)
Dividends and/or distributions to shareholders:
Net investment income		(0.15	)		(0.21	)		(0.13	)		—			(0.02	)
Net realized gains		—			—			—			—			(0.01	)
Return of capital		—			—			—			—			(0.01	)
Total dividends and/or distributions to shareholders		(0.15	)		(0.21	)		(0.13	)		—			(0.04	)
Net asset value, end of year	$	10.26		$	9.58		$	9.97		$	9.99		$	9.57
Total return (D)		8.73	%		(1.81	)%		1.11	%		4.39	%		(3.48	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	778		$	719		$	634		$	645		$	516
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.07	%(E)		0.95	%(E)		1.55	%		1.00	%		0.99	%
Including waiver and/or reimbursement and recapture		1.00	%(E)		1.00	%(E)		1.00	%		0.99	%(B)		1.00	%
Net investment income (loss) to average net assets		1.59	%		2.02	%		1.39	%		0.81	%(B)		0.01	%
Portfolio turnover rate		23	%		36	%		41	%		39	%		35	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(E)	Does not include expenses of the underlying investments in which the Fund invests.

For a share outstanding during the years indicated:	Transamerica Inflation Opportunities
	Class C
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	9.41		$	9.81		$	9.84		$	9.50		$	9.94
Investment operations:
Net investment income (loss) (A)		0.08			0.13			0.07			0.01	(B)		(0.08	)
Net realized and unrealized gain (loss)		0.66			(0.38	)		(0.03	)		0.33			(0.34	)
Total investment operations		0.74			(0.25	)		0.04			0.34			(0.42	)
Dividends and/or distributions to shareholders:
Net investment income		(0.11	)		(0.15	)		(0.07	)		—			(0.01	)
Net realized gains		—			—			—			—			(0.01	)
Return of capital		—			—			—			—			(0.00	)(C)
Total dividends and/or distributions to shareholders		(0.11	)		(0.15	)		(0.07	)		—			(0.02	)
Net asset value, end of year	$	10.04		$	9.41		$	9.81		$	9.84		$	9.50
Total return (D)		7.90	%		(2.59	)%		0.46	%		3.58	%		(4.22	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	529		$	456		$	709		$	517		$	371
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.80	%(E)		1.81	%(E)		1.80	%		1.77	%		1.77	%
Including waiver and/or reimbursement and recapture		1.75	%(E)		1.75	%(E)		1.75	%		1.74	%(B)		1.75	%
Net investment income (loss) to average net assets		0.80	%		1.35	%		0.70	%		0.12	%(B)		(0.85	)%
Portfolio turnover rate		23	%		36	%		41	%		39	%		35	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Total return has been calculated without deduction of the contingent deferred sales charge.
(E)	Does not include expenses of the underlying investments in which the Fund invests.

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

Transamerica Funds Annual Report 2019

Page    419

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Inflation Opportunities
	Class I
	October 31,  2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	9.63		$	10.03		$	10.03		$	9.59		$	9.95
Investment operations:
Net investment income (loss) (A)		0.18			0.18			0.17			0.10	(B)		0.01
Net realized and unrealized gain (loss)		0.68			(0.34	)		(0.03	)		0.34			(0.33	)
Total investment operations		0.86			(0.16	)		0.14			0.44			(0.32	)
Dividends and/or distributions to shareholders:
Net investment income		(0.17	)		(0.24	)		(0.14	)		—			(0.02	)
Net realized gains		—			—			—			—			(0.01	)
Return of capital		—			—			—			—			(0.01	)
Total dividends and/or distributions to shareholders		(0.17	)		(0.24	)		(0.14	)		—			(0.04	)
Net asset value, end of year	$	10.32		$	9.63		$	10.03		$	10.03		$	9.59
Total return		8.97	%		(1.67	)%		1.47	%		4.59	%		(3.22	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	4,658		$	2,156		$	270		$	1,336		$	259
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.82	%(C)		0.82	%(C)		0.81	%		0.79	%		0.78	%
Including waiver and/or reimbursement and recapture		0.75	%(C)		0.75	%(C)		0.75	%		0.74	%(B)		0.75	%
Net investment income (loss) to average net assets		1.80	%		1.81	%		1.76	%		0.98	%(B)		0.05	%
Portfolio turnover rate		23	%		36	%		41	%		39	%		35	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Does not include expenses of the underlying investments in which the Fund invests.

For a share outstanding during the years indicated:	Transamerica Inflation Opportunities
	Class I2
	October 31,  2019			October 31,    2018			October 31, 2017			October 31,   2016			October 31, 2015
Net asset value, beginning of year	$	9.65		$	10.05		$	10.05		$	9.60		$	9.96
Investment operations:
Net investment income (loss) (A)		0.19			0.24			0.17			0.10	(B)		0.02
Net realized and unrealized gain (loss)		0.68			(0.40	)		(0.02	)		0.35			(0.34	)
Total investment operations		0.87			(0.16	)		0.15			0.45			(0.32	)
Dividends and/or distributions to shareholders:
Net investment income		(0.17	)		(0.24	)		(0.15	)		—			(0.02	)
Net realized gains		—			—			—			—			(0.01	)
Return of capital		—			—			—			—			(0.01	)
Total dividends and/or distributions to shareholders		(0.17	)		(0.24	)		(0.15	)		—			(0.04	)
Net asset value, end of year	$	10.35		$	9.65		$	10.05		$	10.05		$	9.60
Total return		9.09	%		(1.63	)%		1.53	%		4.69	%		(3.19	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	121,491		$	148,450		$	171,965		$	178,853		$	234,802
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.71	%(C)		0.70	%(C)		0.70	%		0.68	%		0.66	%
Including waiver and/or reimbursement and recapture		0.71	%(C)		0.70	%(C)		0.70	%		0.67	%(B)		0.66	%
Net investment income (loss) to average net assets		1.86	%		2.38	%		1.67	%		0.99	%(B)		0.21	%
Portfolio turnover rate		23	%		36	%		41	%		39	%		35	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Does not include expenses of the underlying investments in which the Fund invests.

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

Transamerica Funds Annual Report 2019

Page    420

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Inflation Opportunities
	Class R6
	October 31, 2019			October 31, 2018			October 31, 2017			October 31,    2016 (A)
Net asset value, beginning of period/year	$	9.66		$	10.05		$	10.05		$	9.92
Investment operations:
Net investment income (loss) (B)		0.19			0.24			0.17			0.03	(C)
Net realized and unrealized gain (loss)		0.67			(0.39	)		(0.02	)		0.10
Total investment operations		0.86			(0.15	)		0.15			0.13
Dividends and/or distributions to shareholders:
Net investment income		(0.17	)		(0.24	)		(0.15	)		—
Net asset value, end of period/year	$	10.35		$	9.66		$	10.05		$	10.05
Total return		8.97	%		(1.53	)%		1.53	%		1.31	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	55		$	51		$	51		$	51
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.71	%(F)		0.70	%(F)		0.70	%		0.66	%(E)
Including waiver and/or reimbursement and recapture		0.71	%(F)		0.70	%(F)		0.70	%		0.64	%(E)(C)
Net investment income (loss) to average net assets		1.87	%		2.37	%		1.69	%		1.15	%(E)(C)
Portfolio turnover rate		23	%		36	%		41	%		39	%

(A)	Commenced operations on July 25, 2016.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Not annualized.
(E)	Annualized.
(F)	Does not include expenses of the underlying investments in which the Fund invests.

For a share outstanding during the period and years indicated:	Transamerica Inflation-Protected Securities
	Class I3
	October 31, 2019			October 31, 2018			October 31,    2017 (A)
Net asset value, beginning of period/year	$	9.63		$	9.97		$	10.00
Investment operations:
Net investment income (loss) (B)		0.17			0.26			0.08
Net realized and unrealized gain (loss)		0.65			(0.34	)		(0.06	)
Total investment operations		0.82			(0.08	)		0.02
Dividends and/or distributions to shareholders:
Net investment income		(0.24	)		(0.26	)		(0.05	)
Net asset value, end of period/year	$	10.21		$	9.63		$	9.97
Total return		8.58	%		(0.88	)%		0.16	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	104,687		$	111,874		$	144,334
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.49	%		0.56	%		0.52	%(E)
Including waiver and/or reimbursement and recapture		0.47	%		0.40	%		0.40	%(E)
Net investment income (loss) to average net assets		1.73	%		2.59	%		1.45	%(E)
Portfolio turnover rate		14	%		134	%		51	%(C)

(A)	Commenced operations on April 21, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Does not include expenses of the underlying investments in which the Fund invests.
(E)	Annualized.

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

Transamerica Funds Annual Report 2019

Page    421

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and year indicated:	Transamerica Inflation-Protected Securities
	Class R
	October 31, 2019			October 31, 2018			October 31,    2017 (A)
Net asset value, beginning of period/year	$	9.65		$	9.98		$	10.00
Investment operations:
Net investment income (loss) (B)		0.11			0.21			0.05
Net realized and unrealized gain (loss)		0.67			(0.34	)		(0.07	)
Total investment operations		0.78			(0.13	)		(0.02	)
Dividends and/or distributions to shareholders:
Net investment income		(0.20	)		(0.20	)		(0.00	)(C)
Net asset value, end of period/year	$	10.23		$	9.65		$	9.98
Total return		8.24	%		(1.29	)%		(0.20	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	9,125		$	10,508		$	12,683
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		0.98	%		1.05	%		1.01	%(F)
Including waiver and/or reimbursement and recapture		1.00	%		0.92	%		1.00	%(F)
Net investment income (loss) to average net assets		1.13	%		2.07	%		0.85	%(F)
Portfolio turnover rate		14	%		134	%		51	%(D)

(A)	Commenced operations on April 21, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Not annualized.
(E)	Does not include expenses of the underlying investments in which the Fund invests.
(F)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica Inflation-Protected Securities
	Class R4
	October 31, 2019			October 31,      2018			October 31,              2017 (A) (B) (C)			December 31, 2016			December 31, 2015			December 31, 2014
Net asset value, beginning of period/year	$	9.63		$	9.97		$	9.93		$	9.69		$	9.93		$	9.85
Investment operations:
Net investment income (loss) (D)		0.10			0.23			0.12			0.11			(0.01	)		0.09
Net realized and unrealized gain (loss)		0.72			(0.34	)		0.01	(E)		0.26			(0.21	)		0.19
Total investment operations		0.82			(0.11	)		0.13			0.37			(0.22	)		0.28
Dividends and/or distributions to shareholders:
Net investment income		(0.22	)		(0.23	)		(0.09	)		(0.13	)		—			(0.14	)
Net realized gains		—			—			—			—			—			(0.03	)
Return of capital		—			—			—			—			(0.02	)		(0.03	)
Total dividends and/or distributions to shareholders		(0.22	)		(0.23	)		(0.09	)		(0.13	)		(0.02	)		(0.20	)
Net asset value, end of period/year	$	10.23		$	9.63		$	9.97		$	9.93		$	9.69		$	9.93
Total return		8.58	%		(1.15	)%		1.37	%(F)		3.76	%		(2.18	)%		2.74	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	2,340		$	15,421		$	23,203		$	63,638		$	76,421		$	85,490
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.74	%(G)		0.81	%(G)		0.81	%(G)(H)		0.82	%		0.80	%		0.78	%
Including waiver and/or reimbursement and recapture		0.65	%(G)		0.65	%(G)(I)		0.66	%(G)(H)(I)		0.64	%(J)		0.65	%		0.65	%
Net investment income (loss) to average net assets		1.07	%		2.33	%		1.41	%(H)		1.13	%		(0.13	)%		0.93	%
Portfolio turnover rate		14	%		134	%		51	%(F)		52	%		54	%		81	%

(A)	Transamerica Partners Institutional Inflation-Protected Securities reorganized into the Fund on April 21, 2017. Prior to April 21, 2017, information provided reflects Transamerica Partners Institutional Inflation-Protected Securities, which was the accounting and performance survivor of the reorganization.
(B)	Effective April 21, 2017, the Fund underwent a 0.97-for-1 share split. The per share data has been retroactively adjusted to reflect the share split. See the Stock Split section of the Notes to Financial Statements for more information.
(C)	The fiscal year end of the Fund is October 31 while the fiscal year end of the accounting and performance survivor is December 31. Prior to the closing of the applicable Transamerica Partners reorganization as of the close of business on April 21, 2017, the accounting and performance survivor operated as a feeder in a master-feeder structure and invested all of its investable assets in a corresponding Series Portfolio. The Financial Highlights represents activity for the ten months of January 1, 2017 – October 31, 2017.
(D)	Calculated based on average number of shares outstanding.
(E)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(F)	Not annualized.
(G)	Does not include expenses of the underlying investments in which the Fund invests.
(H)	Annualized.
(I)	Includes reorganization expenses incurred outside the Fund’s operating expense limit.
(J)	Includes reimbursement of custody fees at the underlying Series Portfolio level.

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

Transamerica Funds Annual Report 2019

Page    422

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Intermediate Bond
	Class I2
	October 31,         2019			October 31,    2018			October 31,      2017 (A)
Net asset value, beginning of period/year	$	9.70		$	10.20		$	10.08
Investment operations:
Net investment income (loss) (B)		0.28			0.27			0.14
Net realized and unrealized gain (loss)		0.81			(0.49	)		0.14
Total investment operations		1.09			(0.22	)		0.28
Dividends and/or distributions to shareholders:
Net investment income		(0.29	)		(0.28	)		(0.16	)
Net asset value, end of period/year	$	10.50		$	9.70		$	10.20
Total return		11.39	%		(2.22	)%		2.92	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,826,481		$	1,971,571		$	2,058,090
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.42	%		0.41	%		0.43	%(D)
Including waiver and/or reimbursement and recapture		0.42	%(E)		0.41	%		0.43	%(D)
Net investment income (loss) to average net assets		2.77	%		2.68	%		2.29	%(D)
Portfolio turnover rate		49	%		49	%		22	%(C)

(A)	Commenced operations on March 24, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.
(E)	Waiver and/or reimbursement rounds to less than 0.01%.

For a share outstanding during the period and years indicated:	Transamerica Intermediate Bond
	Class I3
	October 31, 2019			October 31, 2018			October 31,     2017 (A)
Net asset value, beginning of period/year	$	9.72		$	10.22		$	10.08
Investment operations:
Net investment income (loss) (B)		0.28			0.27			0.14
Net realized and unrealized gain (loss)		0.80			(0.49	)		0.15
Total investment operations		1.08			(0.22	)		0.29
Dividends and/or distributions to shareholders:
Net investment income		(0.29	)		(0.28	)		(0.15	)
Net asset value, end of period/year	$	10.51		$	9.72		$	10.22
Total return		11.26	%		(2.21	)%		2.87	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	485,794		$	697,789		$	628,055
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.42	%		0.41	%		0.42	%(D)
Including waiver and/or reimbursement and recapture		0.42	%(E)		0.40	%		0.40	%(D)
Net investment income (loss) to average net assets		2.78	%		2.70	%		2.33	%(D)
Portfolio turnover rate		49	%		49	%		22	%(C)

(A)	Commenced operations on March 24, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.
(E)	Waiver and/or reimbursement rounds to less than 0.01%.

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

Transamerica Funds Annual Report 2019

Page    423

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Intermediate Bond
	Class R
	October 31,     2019			October 31, 2018			October 31,   2017 (A)
Net asset value, beginning of period/year	$	9.73		$	10.22		$	10.08
Investment operations:
Net investment income (loss) (B)		0.23			0.22			0.11
Net realized and unrealized gain (loss)		0.80			(0.48	)		0.14
Total investment operations		1.03			(0.26	)		0.25
Dividends and/or distributions to shareholders:
Net investment income		(0.24	)		(0.23	)		(0.11	)
Net asset value, end of period/year	$	10.52		$	9.73		$	10.22
Total return		10.68	%		(2.61	)%		2.50	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	51,335		$	94,748		$	112,450
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.91	%		0.91	%		0.91	%(D)
Including waiver and/or reimbursement and recapture		0.91	%(E)		0.90	%		0.91	%(D)
Net investment income (loss) to average net assets		2.29	%		2.18	%		1.75	%(D)
Portfolio turnover rate		49	%		49	%		22	%(C)

(A)	Commenced operations on March 24, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.
(E)	Waiver and/or reimbursement rounds to less than 0.01%.

For a share outstanding during the period and years indicated:	Transamerica Intermediate Bond
	Class R4
	October 31, 2019			October 31,   2018			October 31,     2017 (A) (B) (C)			December 31,   2016			December 31, 2015			December 31, 2014
Net asset value, beginning of period/year	$	9.72		$	10.22		$	10.03		$	10.04		$	10.32		$	10.10
Investment operations:
Net investment income (loss) (D)		0.26			0.24			0.17			0.22			0.21			0.24
Net realized and unrealized gain (loss)		0.81			(0.49	)		0.21			0.10			(0.18	)		0.37
Total investment operations		1.07			(0.25	)		0.38			0.32			0.03			0.61
Dividends and/or distributions to shareholders:
Net investment income		(0.27	)		(0.25	)		(0.19	)		(0.24	)		(0.23	)		(0.27	)
Net realized gains		—			—			—			(0.09	)		(0.08	)		(0.12	)
Total dividends and/or distributions to shareholders		(0.27	)		(0.25	)		(0.19	)		(0.33	)		(0.31	)		(0.39	)
Net asset value, end of period/year	$	10.52		$	9.72		$	10.22		$	10.03		$	10.04		$	10.32
Total return		11.10	%		(2.46	)%		3.75	%(E)		3.21	%		0.21	%		5.99	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	178,769		$	181,447		$	291,565		$	317,150		$	373,605		$	410,662
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.67	%		0.66	%		0.68	%(F)		0.71	%		0.71	%		0.72	%
Including waiver and/or reimbursement and recapture		0.65	%		0.65	%		0.65	%(F)		0.63	%(G)		0.65	%		0.65	%
Net investment income (loss) to average net assets		2.54	%		2.41	%		1.99	%(F)		2.08	%		1.99	%		2.32	%
Portfolio turnover rate		49	%		49	%		22	%(E)		50	%		46	%		184	%

(A)	Transamerica Partners Institutional Core Bond reorganized into the Fund on March 24, 2017. Prior to March 24, 2017, information provided reflects Transamerica Partners Institutional Core Bond, which was the accounting and performance survivor of the reorganization.
(B)	Effective March 24, 2017, the Fund underwent a 1.06-for-1 share split. The per share data has been retroactively adjusted to reflect the share split. See the Stock Split section of the Notes to Financial Statements for more information.
(C)	The fiscal year end of the Fund is October 31 while the fiscal year end of the accounting and performance survivor is December 31. Prior to the closing of the applicable Transamerica Partners reorganization as of the close of business on March 24, 2017, the accounting and performance survivor operated as a feeder in a master-feeder structure and invested all of its investable assets in a corresponding Series Portfolio. The Financial Highlights represents activity for the ten months of January 1, 2017 – October 31, 2017.
(D)	Calculated based on average number of shares outstanding.
(E)	Not annualized.
(F)	Annualized.
(G)	Includes reimbursement of custody fees at the underlying Series Portfolio level.

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

Transamerica Funds Annual Report 2019

Page    424

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Intermediate Muni
	Class A
	October 31, 2019			October 31, 2018			October 31, 2017			October 31,   2016			October 31, 2015
Net asset value, beginning of year	$	11.06		$	11.40		$	11.57		$	11.31		$	11.16
Investment operations:
Net investment income (loss) (A)		0.28			0.26			0.23			0.21	(B)		0.19
Net realized and unrealized gain (loss)		0.75			(0.34	)		(0.10	)		0.30			0.29
Total investment operations		1.03			(0.08	)		0.13			0.51			0.48
Dividends and/or distributions to shareholders:
Net investment income		(0.29	)		(0.26	)		(0.23	)		(0.20	)		(0.18	)
Net realized gains		—			—			(0.07	)		(0.05	)		(0.15	)
Total dividends and/or distributions to shareholders		(0.29	)		(0.26	)		(0.30	)		(0.25	)		(0.33	)
Net asset value, end of year	$	11.80		$	11.06		$	11.40		$	11.57		$	11.31
Total return (C)		9.35	%		(0.73	)%		1.20	%		4.58	%		4.37	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	218,941		$	269,452		$	312,347		$	426,748		$	117,387
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.78	%		0.77	%		0.78	%		0.78	%		0.89	%
Including waiver and/or reimbursement and recapture		0.68	%		0.67	%		0.68	%		0.68	%(B)		0.86	%
Net investment income (loss) to average net assets		2.47	%		2.29	%		2.00	%		1.79	%(B)		1.69	%
Portfolio turnover rate		14	%		34	%		55	%		34	%		55	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(D)	Does not include expenses of the underlying investments in which the Fund invests.

For a share outstanding during the years indicated:	Transamerica Intermediate Muni
	Class C
	October 31, 2019			October 31, 2018			October 31, 2017			October 31,   2016			October 31, 2015
Net asset value, beginning of year	$	11.03		$	11.38		$	11.54		$	11.28		$	11.14
Investment operations:
Net investment income (loss) (A)		0.21			0.19			0.16			0.14	(B)		0.12
Net realized and unrealized gain (loss)		0.75			(0.35	)		(0.09	)		0.31			0.29
Total investment operations		0.96			(0.16	)		0.07			0.45			0.41
Dividends and/or distributions to shareholders:
Net investment income		(0.21	)		(0.19	)		(0.16	)		(0.14	)		(0.12	)
Net realized gains		—			—			(0.07	)		(0.05	)		(0.15	)
Total dividends and/or distributions to shareholders		(0.21	)		(0.19	)		(0.23	)		(0.19	)		(0.27	)
Net asset value, end of year	$	11.78		$	11.03		$	11.38		$	11.54		$	11.28
Total return (C)		8.80	%		(1.43	)%		0.67	%		4.00	%		3.70	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	143,332		$	148,672		$	180,744		$	199,784		$	47,543
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		1.55	%		1.53	%		1.54	%		1.53	%		1.65	%
Including waiver and/or reimbursement and recapture		1.30	%		1.28	%		1.29	%		1.29	%(B)		1.46	%
Net investment income (loss) to average net assets		1.86	%		1.67	%		1.39	%		1.18	%(B)		1.09	%
Portfolio turnover rate		14	%		34	%		55	%		34	%		55	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the contingent deferred sales charge.
(D)	Does not include expenses of the underlying investments in which the Fund invests.

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

Transamerica Funds Annual Report 2019

Page    425

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Intermediate Muni
	Class I
	October 31, 2019			October 31, 2018			October 31, 2017			October 31,   2016			October 31, 2015
Net asset value, beginning of year	$	11.11		$	11.46		$	11.62		$	11.36		$	11.20
Investment operations:
Net investment income (loss) (A)		0.30			0.27			0.24			0.22	(B)		0.20
Net realized and unrealized gain (loss)		0.74			(0.35	)		(0.09	)		0.30			0.31
Total investment operations		1.04			(0.08	)		0.15			0.52			0.51
Dividends and/or distributions to shareholders:
Net investment income		(0.30	)		(0.27	)		(0.24	)		(0.21	)		(0.20	)
Net realized gains		—			—			(0.07	)		(0.05	)		(0.15	)
Total dividends and/or distributions to shareholders		(0.30	)		(0.27	)		(0.31	)		(0.26	)		(0.35	)
Net asset value, end of year	$	11.85		$	11.11		$	11.46		$	11.62		$	11.36
Total return		9.45	%		(0.71	)%		1.39	%		4.62	%		4.59	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,354,326		$	999,826		$	914,290		$	833,151		$	215,560
Expenses to average net assets (C)
Excluding waiver and/or reimbursement and recapture		0.59	%		0.58	%		0.59	%		0.59	%		0.70	%
Including waiver and/or reimbursement and recapture		0.56	%		0.58	%		0.59	%		0.61	%(B)		0.71	%
Net investment income (loss) to average net assets		2.59	%		2.38	%		2.09	%		1.86	%(B)		1.82	%
Portfolio turnover rate		14	%		34	%		55	%		34	%		55	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Does not include expenses of the underlying investments in which the Fund invests.

For a share outstanding during the period and years indicated:	Transamerica Intermediate Muni
	Class I2
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016 (A)
Net asset value, beginning of period/year	$	11.11		$	11.46		$	11.62		$	11.78
Investment operations:
Net investment income (loss) (B)		0.31			0.28			0.25			0.02
Net realized and unrealized gain (loss)		0.75			(0.35	)		(0.09	)		(0.16	)(C)
Total investment operations		1.06			(0.07	)		0.16			(0.14	)
Dividends and/or distributions to shareholders:
Net investment income		(0.31	)		(0.28	)		(0.25	)		(0.02	)
Net realized gains		—			—			(0.07	)		—
Total dividends and/or distributions to shareholders		(0.31	)		(0.28	)		(0.32	)		(0.02	)
Net asset value, end of period/year	$	11.86		$	11.11		$	11.46		$	11.62
Total return		9.64	%		(0.60	)%		1.49	%		(1.18	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	11		$	10		$	10		$	10
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		0.48	%		0.47	%		0.48	%		0.48	%(F)
Including waiver and/or reimbursement and recapture		0.48	%		0.47	%		0.48	%		0.48	%(F)
Net investment income (loss) to average net assets		2.68	%		2.49	%		2.20	%		2.02	%(F)
Portfolio turnover rate		14	%		34	%		55	%		34	%

(A)	Commenced operations on September 30, 2016.
(B)	Calculated based on average number of shares outstanding.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Not annualized.
(E)	Does not include expenses of the underlying investments in which the Fund invests.
(F)	Annualized.

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

Transamerica Funds Annual Report 2019

Page    426

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica International Equity
	Class A
	October 31, 2019			October 31, 2018			October 31, 2017			October 31,   2016			October 31, 2015
Net asset value, beginning of year	$	17.30		$	19.29		$	16.49		$	17.37		$	17.61
Investment operations:
Net investment income (loss) (A)		0.32			0.33			0.43			0.29	(B)		0.33
Net realized and unrealized gain (loss)		0.83			(1.79	)		2.61			(0.78	)		(0.00	)(C)
Total investment operations		1.15			(1.46	)		3.04			(0.49	)		0.33
Dividends and/or distributions to shareholders:
Net investment income		(0.28	)		(0.53	)		(0.20	)		(0.30	)		(0.29	)
Net realized gains		(0.52	)		—			(0.04	)		(0.09	)		(0.28	)
Total dividends and/or distributions to shareholders		(0.80	)		(0.53	)		(0.24	)		(0.39	)		(0.57	)
Net asset value, end of year	$	17.65		$	17.30		$	19.29		$	16.49		$	17.37
Total return (D)		7.28	%		(7.82	)%		18.72	%		(2.83	)%		1.94	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	153,300		$	202,462		$	274,610		$	313,394		$	249,773
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.28	%		1.23	%		1.20	%		1.24	%		1.42	%
Including waiver and/or reimbursement and recapture		1.25	%		1.22	%		1.20	%		1.30	%(B)		1.32	%
Net investment income (loss) to average net assets		1.94	%		1.74	%		2.43	%		1.78	%(B)		1.87	%
Portfolio turnover rate		13	%		21	%		22	%		19	%		21	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.

For a share outstanding during the years indicated:	Transamerica International Equity
	Class C
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	16.97		$	18.97		$	16.22		$	17.11		$	17.34
Investment operations:
Net investment income (loss) (A)		0.19			0.21			0.29			0.17	(B)		0.20
Net realized and unrealized gain (loss)		0.83			(1.78	)		2.58			(0.76	)		(0.00	)(C)
Total investment operations		1.02			(1.57	)		2.87			(0.59	)		0.20
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.43	)		(0.08	)		(0.21	)		(0.15	)
Net realized gains		(0.52	)		—			(0.04	)		(0.09	)		(0.28	)
Total dividends and/or distributions to shareholders		(0.65	)		(0.43	)		(0.12	)		(0.30	)		(0.43	)
Net asset value, end of year	$	17.34		$	16.97		$	18.97		$	16.22		$	17.11
Total return (D)		6.50	%		(8.49	)%		17.88	%		(3.47	)%		1.21	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	46,960		$	64,847		$	72,542		$	60,630		$	62,013
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.96	%		1.94	%		1.94	%		1.96	%		1.96	%
Including waiver and/or reimbursement and recapture		1.96	%		1.94	%		1.94	%		1.96	%(B)		1.96	%
Net investment income (loss) to average net assets		1.15	%		1.12	%		1.64	%		1.07	%(B)		1.13	%
Portfolio turnover rate		13	%		21	%		22	%		19	%		21	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Total return has been calculated without deduction of the contingent deferred sales charge.

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

Transamerica Funds Annual Report 2019

Page    427

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica International Equity
	Class I
	October 31, 2019			October 31, 2018			October 31, 2017			October 31,     2016			October 31, 2015
Net asset value, beginning of year	$	17.54		$	19.55		$	16.73		$	17.60		$	17.80
Investment operations:
Net investment income (loss) (A)		0.39			0.42			0.50			0.36	(B)		0.39
Net realized and unrealized gain (loss)		0.83			(1.83	)		2.63			(0.79	)		(0.00	)(C)
Total investment operations		1.22			(1.41	)		3.13			(0.43	)		0.39
Dividends and/or distributions to shareholders:
Net investment income		(0.35	)		(0.60	)		(0.27	)		(0.35	)		(0.31	)
Net realized gains		(0.52	)		—			(0.04	)		(0.09	)		(0.28	)
Total dividends and/or distributions to shareholders		(0.87	)		(0.60	)		(0.31	)		(0.44	)		(0.59	)
Net asset value, end of year	$	17.89		$	17.54		$	19.55		$	16.73		$	17.60
Total return		7.66	%		(7.49	)%		19.09	%		(2.46	)%		2.29	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	2,210,381		$	2,495,943		$	2,242,175		$	1,552,632		$	1,043,345
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.86	%		0.89	%		0.89	%		0.90	%		0.93	%
Including waiver and/or reimbursement and recapture		0.86	%		0.89	%		0.89	%		0.90	%(B)		0.93	%
Net investment income (loss) to average net assets		2.31	%		2.17	%		2.77	%		2.20	%(B)		2.20	%
Portfolio turnover rate		13	%		21	%		22	%		19	%		21	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Rounds to less than $0.01 or $(0.01).

For a share outstanding during the years indicated:	Transamerica International Equity
	Class I2
	October 31, 2019			October 31, 2018			October 31, 2017			October 31,     2016			October 31, 2015
Net asset value, beginning of year	$	17.57		$	19.58		$	16.75		$	17.62		$	17.81
Investment operations:
Net investment income (loss) (A)		0.39			0.43			0.52			0.37	(B)		0.41
Net realized and unrealized gain (loss)		0.84			(1.82	)		2.63			(0.79	)		(0.00	)(C)
Total investment operations		1.23			(1.39	)		3.15			(0.42	)		0.41
Dividends and/or distributions to shareholders:
Net investment income		(0.37	)		(0.62	)		(0.28	)		(0.36	)		(0.32	)
Net realized gains		(0.52	)		—			(0.04	)		(0.09	)		(0.28	)
Total dividends and/or distributions to shareholders		(0.89	)		(0.62	)		(0.32	)		(0.45	)		(0.60	)
Net asset value, end of year	$	17.91		$	17.57		$	19.58		$	16.75		$	17.62
Total return		7.72	%		(7.40	)%		19.23	%		(2.38	)%		2.40	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,910,356		$	2,186,243		$	2,298,782		$	1,704,610		$	573,806
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.77	%		0.79	%		0.79	%		0.81	%		0.83	%
Including waiver and/or reimbursement and recapture		0.77	%		0.79	%		0.79	%		0.80	%(B)		0.83	%
Net investment income (loss) to average net assets		2.31	%		2.21	%		2.87	%		2.27	%(B)		2.28	%
Portfolio turnover rate		13	%		21	%		22	%		19	%		21	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Rounds to less than $0.01 or $(0.01).

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

Transamerica Funds Annual Report 2019

Page    428

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica International Equity
	Class I3
	October 31, 2019			October 31, 2018			October 31,  2017 (A)
Net asset value, beginning of period/year	$	17.68		$	19.58		$	17.24
Investment operations:
Net investment income (loss) (B)		0.41			0.43			0.45
Net realized and unrealized gain (loss)		0.84			(1.84	)		1.89
Total investment operations		1.25			(1.41	)		2.34
Dividends and/or distributions to shareholders:
Net investment income		(0.37	)		(0.49	)		—
Net realized gains		(0.52	)		—			—
Total dividends and/or distributions to shareholders		(0.89	)		(0.49	)		—
Net asset value, end of period/year	$	18.04		$	17.68		$	19.58
Total return		7.78	%		(7.41	)%		13.57	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	210,438		$	218,378		$	270,144
Expenses to average net assets		0.77	%		0.79	%		0.79	%(D)
Net investment income (loss) to average net assets		2.40	%		2.21	%		3.70	%(D)
Portfolio turnover rate		13	%		21	%		22	%

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica International Equity
	Class R
	October 31, 2019			October 31, 2018			October 31,  2017 (A)
Net asset value, beginning of period/year	$	17.65		$	19.51		$	17.24
Investment operations:
Net investment income (loss) (B)		0.32			0.34			0.48
Net realized and unrealized gain (loss)		0.84			(1.83	)		1.79
Total investment operations		1.16			(1.49	)		2.27
Dividends and/or distributions to shareholders:
Net investment income		(0.26	)		(0.37	)		—
Net realized gains		(0.52	)		—			—
Total dividends and/or distributions to shareholders		(0.78	)		(0.37	)		—
Net asset value, end of period/year	$	18.03		$	17.65		$	19.51
Total return		7.23	%		(7.89	)%		13.22	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	31,770		$	37,376		$	45,713
Expenses to average net assets		1.26	%		1.28	%		1.29	%(D)
Net investment income (loss) to average net assets		1.89	%		1.72	%		4.08	%(D)
Portfolio turnover rate		13	%		21	%		22	%

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.

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

Transamerica Funds Annual Report 2019

Page    429

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica International Equity
	Class R4
	October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	17.65		$	19.54		$	17.24
Investment operations:
Net investment income (loss) (B)		0.36			0.38			0.48
Net realized and unrealized gain (loss)		0.83			(1.82	)		1.82
Total investment operations		1.19			(1.44	)		2.30
Dividends and/or distributions to shareholders:
Net investment income		(0.31	)		(0.45	)		—
Net realized gains		(0.52	)		—			—
Total dividends and/or distributions to shareholders		(0.83	)		(0.45	)		—
Net asset value, end of period/year	$	18.01		$	17.65		$	19.54
Total return		7.44	%		(7.59	)%		13.34	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	19,425		$	15,775		$	21,339
Expenses to average net assets		1.02	%		1.04	%		1.04	%(D)
Net investment income (loss) to average net assets		2.14	%		1.95	%		4.04	%(D)
Portfolio turnover rate		13	%		21	%		22	%

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica International Equity
	Class R6
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	17.73		$	19.76		$	16.90		$	17.62		$	18.65
Investment operations:
Net investment income (loss) (B)		0.41			0.46			0.56			0.42	(C)		0.10
Net realized and unrealized gain (loss)		0.84			(1.87	)		2.62			(0.84	)		(1.13	)
Total investment operations		1.25			(1.41	)		3.18			(0.42	)		(1.03	)
Dividends and/or distributions to shareholders:
Net investment income		(0.37	)		(0.62	)		(0.28	)		(0.21	)		—
Net realized gains		(0.52	)		—			(0.04	)		(0.09	)		—
Total dividends and/or distributions to shareholders		(0.89	)		(0.62	)		(0.32	)		(0.30	)		—
Net asset value, end of period/year	$	18.09		$	17.73		$	19.76		$	16.90		$	17.62
Total return		7.76	%		(7.43	)%		19.24	%		(2.37	)%		(5.52	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	255,860		$	198,633		$	180,679		$	56,917		$	47
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.77	%		0.79	%		0.79	%		0.81	%		0.83	%(E)
Including waiver and/or reimbursement and recapture		0.77	%		0.79	%		0.79	%		0.80	%(C)		0.83	%(E)
Net investment income (loss) to average net assets		2.42	%		2.35	%		3.06	%		2.53	%(C)		1.35	%(E)
Portfolio turnover rate		13	%		21	%		22	%		19	%		21	%

(A)	Commenced operations on May 29, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Not annualized.
(E)	Annualized.

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

Transamerica Funds Annual Report 2019

Page    430

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica International Growth
	Class A
	October 31, 2019			October 31,   2018 (A)
Net asset value, beginning of period/year	$	7.85		$	8.89
Investment operations:
Net investment income (loss) (B)		0.14			0.09
Net realized and unrealized gain (loss)		0.75			(1.13	)
Total investment operations		0.89			(1.04	)
Dividends and/or distributions to shareholders:
Net investment income		(0.11	)		—
Net realized gains		(1.10	)		—
Total dividends and/or distributions to shareholders		(1.21	)		—
Net asset value, end of period/year	$	7.53		$	7.85
Total return (C)		14.77	%		(11.70	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	106		$	48
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.74	%		1.43	%(E)
Including waiver and/or reimbursement and recapture		1.23	%		1.30	%(E)
Net investment income (loss) to average net assets		2.06	%		1.49	%(E)
Portfolio turnover rate		25	%		119	%(D)

(A)	Commenced operations on March 1, 2018.
(B)	Calculated based on average number of shares outstanding.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(D)	Not annualized.
(E)	Annualized.

For a share outstanding during the period and year indicated:	Transamerica International Growth
	Class I
	October 31, 2019			October 31, 2018 (A)
Net asset value, beginning of period/year	$	7.86		$	8.89
Investment operations:
Net investment income (loss) (B)		0.14			0.13
Net realized and unrealized gain (loss)		0.77			(1.16	)
Total investment operations		0.91			(1.03	)
Dividends and/or distributions to shareholders:
Net investment income		(0.12	)		—
Net realized gains		(1.10	)		—
Total dividends and/or distributions to shareholders		(1.22	)		—
Net asset value, end of period/year	$	7.55		$	7.86
Total return		14.99	%		(11.59	)%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	19		$	13
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.43	%		1.36	%(D)
Including waiver and/or reimbursement and recapture		1.05	%		1.05	%(D)
Net investment income (loss) to average net assets		1.93	%		2.27	%(D)
Portfolio turnover rate		25	%		119	%(C)

(A)	Commenced operations on March 1, 2018.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.

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

Transamerica Funds Annual Report 2019

Page    431

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica International Growth
	Class I2
	October 31, 2019			October 31, 2018			October 31, 2017			October 31,     2016			October 31, 2015
Net asset value, beginning of year	$	7.87		$	9.02		$	7.27		$	7.80		$	8.51
Investment operations:
Net investment income (loss) (A)		0.15			0.16			0.11			0.11	(B)		0.13
Net realized and unrealized gain (loss)		0.76			(1.16	)		1.72			(0.40	)		(0.08	)
Total investment operations		0.91			(1.00	)		1.83			(0.29	)		0.05
Dividends and/or distributions to shareholders:
Net investment income		(0.15	)		(0.15	)		(0.08	)		(0.08	)		(0.15	)
Net realized gains		(1.10	)		—			—			(0.16	)		(0.61	)
Total dividends and/or distributions to shareholders		(1.25	)		(0.15	)		(0.08	)		(0.24	)		(0.76	)
Net asset value, end of year	$	7.53		$	7.87		$	9.02		$	7.27		$	7.80
Total return		15.22	%		(11.29	)%		25.45	%		(3.75	)%		0.74	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,162,120		$	1,216,433		$	1,368,414		$	1,164,016		$	675,208
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.81	%		0.87	%		0.95	%		0.97	%		1.00	%
Including waiver and/or reimbursement and recapture		0.81	%		0.87	%		0.95	%		0.96	%(B)		1.00	%
Net investment income (loss) to average net assets		2.20	%		1.80	%		1.36	%		1.52	%(B)		1.58	%
Portfolio turnover rate		25	%		119	%		15	%		15	%		39	%

(A)

Calculated based on average number of shares outstanding.

(B)

Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

For a share outstanding during the period and year indicated:	Transamerica International Growth
	Class R6
	October 31, 2019			October 31,     2018 (A)
Net asset value, beginning of period/year	$	7.87		$	8.89
Investment operations:
Net investment income (loss) (B)		0.16			0.16
Net realized and unrealized gain (loss)		0.77			(1.18	)
Total investment operations		0.93			(1.02	)
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		—
Net realized gains		(1.10	)		—
Total dividends and/or distributions to shareholders		(1.23	)		—
Net asset value, end of period/year	$	7.57		$	7.87
Total return		15.35	%		(11.47	)%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	10		$	9
Expenses to average net assets		0.80	%		0.83	%(D)
Net investment income (loss) to average net assets		2.26	%		2.72	%(D)
Portfolio turnover rate		25	%		119	%(C)

(A)	Commenced operations on March 1, 2018.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.

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

Transamerica Funds Annual Report 2019

Page    432

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica International Small Cap Value
	Class I
	October 31, 2019			October 31, 2018			October 31, 2017			October 31,   2016			October 31, 2015
Net asset value, beginning of year	$	12.44		$	13.67		$	11.39		$	12.40		$	11.81
Investment operations:
Net investment income (loss) (A)		0.24			0.27			0.18			0.25	(B)		0.22
Net realized and unrealized gain (loss)		0.83			(1.08	)		2.42			(0.55	)		0.64
Total investment operations		1.07			(0.81	)		2.60			(0.30	)		0.86
Dividends and/or distributions to shareholders:
Net investment income		(0.22	)		(0.42	)		(0.24	)		(0.29	)		(0.18	)
Net realized gains		(0.69	)		—			(0.08	)		(0.42	)		(0.09	)
Total dividends and/or distributions to shareholders		(0.91	)		(0.42	)		(0.32	)		(0.71	)		(0.27	)
Net asset value, end of year	$	12.60		$	12.44		$	13.67		$	11.39		$	12.40
Total return		9.84	%		(6.20	)%		23.51	%		(2.48	)%		7.52	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	105,692		$	291,455		$	326,445		$	273,540		$	367,502
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.10	%		1.12	%		1.12	%		1.12	%		1.12	%
Including waiver and/or reimbursement and recapture		1.10	%		1.12	%		1.12	%		1.11	%(B)		1.12	%
Net investment income (loss) to average net assets		2.07	%		1.92	%		1.48	%		2.18	%(B)		1.78	%
Portfolio turnover rate		18	%		20	%		25	%		20	%		26	%

(A)

Calculated based on average number of shares outstanding.

(B)

Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

For a share outstanding during the years indicated:	Transamerica International Small Cap Value
	Class I2
	October 31, 2019			October 31, 2018			October 31, 2017			October 31,   2016			October 31, 2015
Net asset value, beginning of year	$	12.47		$	13.70		$	11.42		$	12.43		$	11.82
Investment operations:
Net investment income (loss) (A)		0.24			0.27			0.19			0.27	(B)		0.22
Net realized and unrealized gain (loss)		0.85			(1.07	)		2.42			(0.56	)		0.66
Total investment operations		1.09			(0.80	)		2.61			(0.29	)		0.88
Dividends and/or distributions to shareholders:
Net investment income		(0.24	)		(0.43	)		(0.25	)		(0.30	)		(0.18	)
Net realized gains		(0.69	)		—			(0.08	)		(0.42	)		(0.09	)
Total dividends and/or distributions to shareholders		(0.93	)		(0.43	)		(0.33	)		(0.72	)		(0.27	)
Net asset value, end of year	$	12.63		$	12.47		$	13.70		$	11.42		$	12.43
Total return		9.97	%		(6.11	)%		23.58	%		(2.38	)%		7.73	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	460,442		$	439,922		$	525,571		$	440,438		$	598,764
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.00	%		1.02	%		1.02	%		1.02	%		1.02	%
Including waiver and/or reimbursement and recapture		1.00	%		1.02	%		1.02	%		1.01	%(B)		1.02	%
Net investment income (loss) to average net assets		2.05	%		1.95	%		1.56	%		2.36	%(B)		1.84	%
Portfolio turnover rate		18	%		20	%		25	%		20	%		26	%

(A)

Calculated based on average number of shares outstanding.

(B)

Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

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

Transamerica Funds Annual Report 2019

Page    433

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica International Stock
	Class A
	October 31, 2019			October 31, 2018 (A)
Net asset value, beginning of period/year	$	9.19		$	10.00
Investment operations:
Net investment income (loss) (B)		0.18			(0.01	)
Net realized and unrealized gain (loss)		0.24			(0.80	)
Total investment operations		0.42			(0.81	)
Dividends and/or distributions to shareholders:
Net investment income		(0.01	)		—
Net asset value, end of period/year	$	9.60		$	9.19
Total return (C)		4.59	%		(8.10	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	498		$	459
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		3.11	%		14.60	%(F)
Including waiver and/or reimbursement and recapture		1.24	%		1.25	%(F)
Net investment income (loss) to average net assets		1.95	%		(0.74	)%(F)
Portfolio turnover rate		35	%		2	%(D)

(A)	Commenced operations on September 28, 2018.
(B)	Calculated based on average number of shares outstanding.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(D)	Not annualized.
(E)	Does not include expenses of the underlying investments in which the Fund invests.
(F)	Annualized.

For a share outstanding during the period and year indicated:	Transamerica International Stock
	Class I
	October 31, 2019			October 31, 2018 (A)
Net asset value, beginning of period/year	$	9.19		$	10.00
Investment operations:
Net investment income (loss) (B)		0.20			(0.00	)(C)
Net realized and unrealized gain (loss)		0.24			(0.81	)
Total investment operations		0.44			(0.81	)
Dividends and/or distributions to shareholders:
Net investment income		(0.01	)		—
Net asset value, end of period/year	$	9.62		$	9.19
Total return		4.81	%		(8.10	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	501		$	459
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		2.95	%		14.44	%(F)
Including waiver and/or reimbursement and recapture		0.99	%		1.00	%(F)
Net investment income (loss) to average net assets		2.21	%		(0.49	)%(F)
Portfolio turnover rate		35	%		2	%(D)

(A)	Commenced operations on September 28, 2018.
(B)	Calculated based on average number of shares outstanding.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Not annualized.
(E)	Does not include expenses of the underlying investments in which the Fund invests.
(F)	Annualized.

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

Transamerica Funds Annual Report 2019

Page    434

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica International Stock
	Class I2
	October 31, 2019			October 31, 2018 (A)
Net asset value, beginning of period/year	$	9.19		$	10.00
Investment operations:
Net investment income (loss) (B)		0.11			(0.00	)(C)
Net realized and unrealized gain (loss)		0.33			(0.81	)
Total investment operations		0.44			(0.81	)
Dividends and/or distributions to shareholders:
Net investment income		(0.01	)		—
Net asset value, end of period/year	$	9.62		$	9.19
Total return		4.81	%		(8.10	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	76,498		$	459
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		2.85	%		14.35	%(F)
Including waiver and/or reimbursement and recapture		0.99	%		1.00	%(F)
Net investment income (loss) to average net assets		1.24	%		(0.49	)%(F)
Portfolio turnover rate		35	%		2	%(D)

(A)	Commenced operations on September 28, 2018.
(B)	Calculated based on average number of shares outstanding.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Not annualized.
(E)	Does not include expenses of the underlying investments in which the Fund invests.
(F)	Annualized.

For a share outstanding during the period and year indicated:	Transamerica International Stock
	Class R6
	October 31, 2019			October 31, 2018 (A)
Net asset value, beginning of period/year	$	9.19		$	10.00
Investment operations:
Net investment income (loss) (B)		0.20			(0.00	)(C)
Net realized and unrealized gain (loss)		0.24			(0.81	)
Total investment operations		0.44			(0.81	)
Dividends and/or distributions to shareholders:
Net investment income		(0.01	)		—
Net asset value, end of period/year	$	9.62		$	9.19
Total return		4.81	%		(8.10	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	482		$	460
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		2.85	%		14.35	%(F)
Including waiver and/or reimbursement and recapture		0.99	%		1.00	%(F)
Net investment income (loss) to average net assets		2.20	%		(0.50	)%(F)
Portfolio turnover rate		35	%		2	%(D)

(A)	Commenced operations on September 28, 2018.
(B)	Calculated based on average number of shares outstanding.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Not annualized.
(E)	Does not include expenses of the underlying investments in which the Fund invests.
(F)	Annualized.

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

Transamerica Funds Annual Report 2019

Page    435

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Large Cap Value
	Class A
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	12.09		$	13.56		$	12.36		$	12.71		$	13.30
Investment operations:
Net investment income (loss) (A)		0.19			0.14			0.14			0.14	(B)		0.16
Net realized and unrealized gain (loss)		(0.02	)(C)		(0.04	)		2.28			0.98			0.54
Total investment operations		0.17			0.10			2.42			1.12			0.70
Dividends and/or distributions to shareholders:
Net investment income		(0.19	)		(0.12	)		(0.17	)		(0.15	)		(0.15	)
Net realized gains		(1.10	)		(1.45	)		(1.05	)		(1.32	)		(1.14	)
Total dividends and/or distributions to shareholders		(1.29	)		(1.57	)		(1.22	)		(1.47	)		(1.29	)
Net asset value, end of year	$	10.97		$	12.09		$	13.56		$	12.36		$	12.71
Total return (D)		2.51	%		0.56	%		20.29	%		9.83	%		5.44	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	81,213		$	95,523		$	103,851		$	71,700		$	31,566
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.08	%		1.08	%		1.06	%		1.05	%		1.05	%
Including waiver and/or reimbursement and recapture		1.08	%		1.08	%		1.06	%		1.04	%(B)		1.05	%
Net investment income (loss) to average net assets		1.69	%		1.06	%		1.11	%		1.16	%(B)		1.23	%
Portfolio turnover rate		162	%		139	%		128	%		127	%		129	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.

For a share outstanding during the years indicated:	Transamerica Large Cap Value
	Class C
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	12.01		$	13.48		$	12.31		$	12.67		$	13.26
Investment operations:
Net investment income (loss) (A)		0.11			0.04			0.04			0.05	(B)		0.06
Net realized and unrealized gain (loss)		(0.02	)(C)		(0.02	)		2.27			0.98			0.55
Total investment operations		0.09			0.02			2.31			1.03			0.61
Dividends and/or distributions to shareholders:
Net investment income		(0.10	)		(0.04	)		(0.09	)		(0.07	)		(0.06	)
Net realized gains		(1.10	)		(1.45	)		(1.05	)		(1.32	)		(1.14	)
Total dividends and/or distributions to shareholders		(1.20	)		(1.49	)		(1.14	)		(1.39	)		(1.20	)
Net asset value, end of year	$	10.90		$	12.01		$	13.48		$	12.31		$	12.67
Total return (D)		1.81	%		(0.16	)%		19.37	%		9.00	%		4.68	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	38,234		$	49,839		$	49,014		$	22,482		$	11,128
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.82	%		1.80	%		1.79	%		1.80	%		1.81	%
Including waiver and/or reimbursement and recapture		1.82	%		1.80	%		1.79	%		1.80	%(B)		1.81	%
Net investment income (loss) to average net assets		0.96	%		0.33	%		0.30	%		0.43	%(B)		0.45	%
Portfolio turnover rate		162	%		139	%		128	%		127	%		129	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Total return has been calculated without deduction of the contingent deferred sales charge.

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

Transamerica Funds Annual Report 2019

Page    436

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Large Cap Value
	Class I
	October 31,  2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	12.16		$	13.64		$	12.43		$	12.77		$	13.35
Investment operations:
Net investment income (loss) (A)		0.23			0.17			0.15			0.17	(B)		0.19
Net realized and unrealized gain (loss)		(0.02	)(C)		(0.04	)		2.31			0.99			0.56
Total investment operations		0.21			0.13			2.46			1.16			0.75
Dividends and/or distributions to shareholders:
Net investment income		(0.22	)		(0.16	)		(0.20	)		(0.18	)		(0.19	)
Net realized gains		(1.10	)		(1.45	)		(1.05	)		(1.32	)		(1.14	)
Total dividends and/or distributions to shareholders		(1.32	)		(1.61	)		(1.25	)		(1.50	)		(1.33	)
Net asset value, end of year	$	11.05		$	12.16		$	13.64		$	12.43		$	12.77
Total return		2.88	%		0.78	%		20.55	%		10.14	%		5.78	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	251,629		$	375,161		$	245,508		$	56,161		$	15,090
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.79	%		0.80	%		0.79	%		0.79	%		0.78	%
Including waiver and/or reimbursement and recapture		0.77	%(D)		0.80	%		0.79	%		0.78	%(B)		0.78	%
Net investment income (loss) to average net assets		2.02	%		1.31	%		1.17	%		1.37	%(B)		1.49	%
Portfolio turnover rate		162	%		139	%		128	%		127	%		129	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	TAM has contractually agreed to reimburse 0.09% of the sub-transfer agency fees through March 1, 2021. These amounts are not subject to recapture by TAM.

For a share outstanding during the years indicated:	Transamerica Large Cap Value
	Class I2
	October 31,  2019			October 31, 2018			October 31, 2017			October 31,     2016			October 31, 2015
Net asset value, beginning of year	$	12.16		$	13.63		$	12.42		$	12.76		$	13.34
Investment operations:
Net investment income (loss) (A)		0.23			0.19			0.19			0.19	(B)		0.20
Net realized and unrealized gain (loss)		(0.02	)(C)		(0.03	)		2.28			0.98			0.56
Total investment operations		0.21			0.16			2.47			1.17			0.76
Dividends and/or distributions to shareholders:
Net investment income		(0.23	)		(0.18	)		(0.21	)		(0.19	)		(0.20	)
Net realized gains		(1.10	)		(1.45	)		(1.05	)		(1.32	)		(1.14	)
Total dividends and/or distributions to shareholders		(1.33	)		(1.63	)		(1.26	)		(1.51	)		(1.34	)
Net asset value, end of year	$	11.04		$	12.16		$	13.63		$	12.42		$	12.76
Total return		2.90	%		0.96	%		20.66	%		10.25	%		5.90	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,523,734		$	1,664,184		$	1,899,205		$	1,898,665		$	1,818,476
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.69	%		0.69	%		0.69	%		0.69	%		0.68	%
Including waiver and/or reimbursement and recapture		0.69	%		0.69	%		0.69	%		0.68	%(B)		0.68	%
Net investment income (loss) to average net assets		2.06	%		1.46	%		1.44	%		1.60	%(B)		1.58	%
Portfolio turnover rate		162	%		139	%		128	%		127	%		129	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.

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

Transamerica Funds Annual Report 2019

Page    437

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Large Cap Value
	Class R6
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	12.16		$	13.63		$	12.42		$	12.76		$	13.07
Investment operations:
Net investment income (loss) (B)		0.23			0.18			0.17			0.15	(C)		0.08
Net realized and unrealized gain (loss)		(0.02	)(D)		(0.02	)		2.30			1.02			(0.28	)(D)
Total investment operations		0.21			0.16			2.47			1.17			(0.20	)
Dividends and/or distributions to shareholders:
Net investment income		(0.23	)		(0.18	)		(0.21	)		(0.19	)		(0.11	)
Net realized gains		(1.10	)		(1.45	)		(1.05	)		(1.32	)		—
Total dividends and/or distributions to shareholders		(1.33	)		(1.63	)		(1.26	)		(1.51	)		(0.11	)
Net asset value, end of period/year	$	11.04		$	12.16		$	13.63		$	12.42		$	12.76
Total return		2.90	%		0.96	%		20.66	%		10.25	%		(1.53	)%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	30,426		$	27,069		$	16,356		$	3,391		$	49
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.69	%		0.69	%		0.69	%		0.69	%		0.69	%(F)
Including waiver and/or reimbursement and recapture		0.69	%		0.69	%		0.69	%		0.68	%(C)		0.69	%(F)
Net investment income (loss) to average net assets		2.06	%		1.42	%		1.29	%		1.25	%(C)		1.48	%(F)
Portfolio turnover rate		162	%		139	%		128	%		127	%		129	%

(A)	Commenced operations on May 29, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(D)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(E)	Not annualized.
(F)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica Large Core
	Class I3
	October 31, 2019			October 31,   2018			October 31,   2017 (A)
Net asset value, beginning of period/year	$	11.12		$	11.02		$	10.00
Investment operations:
Net investment income (loss) (B)		0.16			0.14			0.09
Net realized and unrealized gain (loss)		0.64			0.55			1.01
Total investment operations		0.80			0.69			1.10
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.14	)		(0.08	)
Net realized gains		(1.81	)		(0.45	)		—
Total dividends and/or distributions to shareholders		(1.97	)		(0.59	)		(0.08	)
Net asset value, end of period/year	$	9.95		$	11.12		$	11.02
Total return		10.53	%		6.20	%		11.09	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	191,543		$	189,483		$	200,790
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.51	%(D)		0.66	%(D)		0.72	%(E)
Including waiver and/or reimbursement and recapture		0.57	%(D)		0.64	%(D)		0.64	%(E)
Net investment income (loss) to average net assets		1.63	%		1.24	%		1.32	%(E)
Portfolio turnover rate		82	%		130	%		41	%(C)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Does not include expenses of the underlying investments in which the Fund invests.
(E)	Annualized.

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

Transamerica Funds Annual Report 2019

Page    438

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Large Core
	Class R
	October 31,   2019			October 31,   2018			October 31,   2017 (A)
Net asset value, beginning of period/year	$	11.11		$	11.01		$	10.00
Investment operations:
Net investment income (loss) (B)		0.11			0.08			0.05
Net realized and unrealized gain (loss)		0.65			0.55			1.01
Total investment operations		0.76			0.63			1.06
Dividends and/or distributions to shareholders:
Net investment income		(0.11	)		(0.08	)		(0.05	)
Net realized gains		(1.81	)		(0.45	)		—
Total dividends and/or distributions to shareholders		(1.92	)		(0.53	)		(0.05	)
Net asset value, end of period/year	$	9.95		$	11.11		$	11.01
Total return		10.05	%		5.67	%		10.68	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	61,472		$	72,764		$	76,828
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.01	%(D)		1.15	%(D)		1.22	%(E)
Including waiver and/or reimbursement and recapture		1.06	%(D)		1.14	%(D)		1.14	%(E)
Net investment income (loss) to average net assets		1.15	%		0.74	%		0.82	%(E)
Portfolio turnover rate		82	%		130	%		41	%(C)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Does not include expenses of the underlying investments in which the Fund invests.
(E)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica Large Core
	Class R4
	October 31, 2019			October 31, 2018			October 31,     2017 (A) (B)  (C)			December 31,   2016			December 31, 2015			December 31, 2014
Net asset value, beginning of period/year	$	11.12		$	11.01		$	9.52		$	8.98		$	9.17		$	8.05
Investment operations:
Net investment income (loss) (D)		0.13			0.12			0.09			0.15			0.10			0.06
Net realized and unrealized gain (loss)		0.64			0.55			1.50			0.54			(0.20	)		1.12
Total investment operations		0.77			0.67			1.59			0.69			(0.10	)		1.18
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.11	)		(0.10	)		(0.15	)		(0.09	)		(0.06	)
Net realized gains		(1.81	)		(0.45	)		—			—			—			—
Total dividends and/or distributions to shareholders		(1.94	)		(0.56	)		(0.10	)		(0.15	)		(0.09	)		(0.06	)
Net asset value, end of period/year	$	9.95		$	11.12		$	11.01		$	9.52		$	8.98		$	9.17
Total return		10.15	%		6.00	%		16.72	%(E)		7.79	%		(1.02	)%		14.80	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	5,039		$	5,386		$	11,636		$	10,633		$	11,995		$	7,872
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.76	%(F)		0.91	%(F)		1.05	%(G)		1.34	%		1.28	%		1.43	%
Including waiver and/or reimbursement and recapture		0.88	%(F)		0.89	%(F)		0.90	%(G)		0.90	%(H)		0.90	%		0.90	%
Net investment income (loss) to average net assets		1.33	%		1.01	%		1.10	%(G)		1.65	%		1.04	%		0.75	%
Portfolio turnover rate		82	%		130	%		41	%(E)		47	%		64	%		70	%

(A)	The fiscal year end of the Fund is October 31 while the fiscal year end of the accounting and performance survivor is December 31. Prior to the closing of the applicable Transamerica Partners reorganization as of the close of business on March 10, 2017, the accounting and performance survivor operated as a feeder in a master-feeder structure and invested all of its investable assets in a corresponding Series Portfolio. The Financial Highlights represents activity for the ten months of January 1, 2017 –October 31, 2017.
(B)	Transamerica Partners Institutional Large Core reorganized into the Fund on March 10, 2017. Prior to March 10, 2017, information provided reflects Transamerica Partners Institutional Large Core, which was the accounting and performance survivor of the reorganization.
(C)	Effective March 10, 2017, the Fund underwent a 0.81-for-1 share split. The per share data has been retroactively adjusted to reflect the share split. See the Stock Split section of the Notes to Financial Statements for more information.
(D)	Calculated based on average number of shares outstanding.
(E)	Not annualized.
(F)	Does not include expenses of the underlying investments in which the Fund invests.
(G)	Annualized.
(H)	Includes reimbursement of custody fees at the underlying Series Portfolio level.

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

Transamerica Funds Annual Report 2019

Page    439

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Large Growth
	Class I3
	October 31, 2019			October 31, 2018			October 31,    2017 (A)
Net asset value, beginning of period/year	$	12.45		$	11.72		$	10.00
Investment operations:
Net investment income (loss) (B)		0.01			0.03			0.03
Net realized and unrealized gain (loss)		1.66			1.22			1.72
Total investment operations		1.67			1.25			1.75
Dividends and/or distributions to shareholders:
Net investment income		(0.01	)		(0.07	)		(0.03	)
Net realized gains		(1.02	)		(0.45	)		—
Total dividends and/or distributions to shareholders		(1.03	)		(0.52	)		(0.03	)
Net asset value, end of period/year	$	13.09		$	12.45		$	11.72
Total return		15.57	%		10.94	%		17.49	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	640,098		$	622,541		$	666,225
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.70	%		0.70	%		0.72	%(D)
Including waiver and/or reimbursement and recapture		0.69	%		0.65	%		0.65	%(D)
Net investment income (loss) to average net assets		0.10	%		0.20	%		0.40	%(D)
Portfolio turnover rate		63	%		34	%		21	%(C)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica Large Growth
	Class R
	October 31,       2019			October 31,   2018			October 31,    2017 (A)
Net asset value, beginning of period/year	$	12.41		$	11.71		$	10.00
Investment operations:
Net investment income (loss) (B)		(0.05	)		(0.04	)		(0.01	)
Net realized and unrealized gain (loss)		1.66			1.23			1.72
Total investment operations		1.61			1.19			1.71
Dividends and/or distributions to shareholders:
Net investment income		—			(0.04	)		—
Net realized gains		(1.02	)		(0.45	)		—
Total dividends and/or distributions to shareholders		(1.02	)		(0.49	)		—
Net asset value, end of period/year	$	13.00		$	12.41		$	11.71
Total return		15.06	%		10.39	%		17.10	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	118,346		$	140,192		$	146,404
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.19	%		1.19	%		1.22	%(D)
Including waiver and/or reimbursement and recapture		1.19	%(E)		1.15	%		1.22	%(D)
Net investment income (loss) to average net assets		(0.38	)%		(0.30	)%		(0.10	)%(D)
Portfolio turnover rate		63	%		34	%		21	%(C)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.
(E)	Waiver and/or reimbursement rounds to less than 0.01%.

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

Transamerica Funds Annual Report 2019

Page    440

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Large Growth
	Class R4
	October 31,   2019			October 31,   2018			October 31,   2017 (A) (B) (C)			December 31,   2016			December 31, 2015			December 31, 2014
Net asset value, beginning of period/year	$	12.44		$	11.72		$	9.14		$	9.08		$	8.35		$	7.57
Investment operations:
Net investment income (loss) (D)		(0.01	)		(0.01	)		0.01			0.01			0.01			0.01
Net realized and unrealized gain (loss)		1.65			1.23			2.58			0.06			0.73			0.78
Total investment operations		1.64			1.22			2.59			0.07			0.74			0.79
Dividends and/or distributions to shareholders:
Net investment income		—			(0.05	)		(0.01	)		(0.01	)		(0.01	)		(0.01	)
Net realized gains		(1.02	)		(0.45	)		—			—			—			—
Total dividends and/or distributions to shareholders		(1.02	)		(0.50	)		(0.01	)		(0.01	)		(0.01	)		(0.01	)
Net asset value, end of period/year	$	13.06		$	12.44		$	11.72		$	9.14		$	9.08		$	8.35
Total return		15.29	%		10.68	%		28.42	%(E)		0.84	%		8.89	%		10.46	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	34,955		$	37,269		$	38,038		$	82,546		$	107,369		$	110,430
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.95	%		0.95	%		0.99	%(F)		1.01	%		0.99	%		1.01	%
Including waiver and/or reimbursement and recapture		0.90	%		0.90	%		0.90	%(F)		0.88	%(G)		0.90	%		0.90	%
Net investment income (loss) to average net assets		(0.10	)%		(0.04	)%		0.14	%(F)		0.15	%		0.07	%		0.17	%
Portfolio turnover rate		63	%		34	%		21	%(E)		36	%		33	%		73	%

(A)	Transamerica Partners Institutional Large Growth reorganized into the Fund on March 10, 2017. Prior to March 10, 2017, information provided reflects Transamerica Partners Institutional Large Growth, which was the accounting and performance survivor of the reorganization.
(B)	Effective March 10, 2017, the Fund underwent a 1.35-for-1 share split. The per share data has been retroactively adjusted to reflect the share split. See the Stock Split section of the Notes to Financial Statements for more information.
(C)	The fiscal year end of the Fund is October 31 while the fiscal year end of the accounting and performance survivor is December 31. Prior to the closing of the applicable Transamerica Partners reorganization as of the close of business on March 10, 2017, the accounting and performance survivor operated as a feeder in a master-feeder structure and invested all of its investable assets in a corresponding Series Portfolio. The Financial Highlights represents activity for the ten months of January 1, 2017 –October 31, 2017.
(D)	Calculated based on average number of shares outstanding.
(E)	Not annualized.
(F)	Annualized.
(G)	Includes reimbursement of custody fees at the underlying Series Portfolio level.

For a share outstanding during the period and years indicated:	Transamerica Large Value Opportunities
	Class I3
	October 31,   2019			October 31,   2018			October 31,   2017 (A)
Net asset value, beginning of period/year	$	10.75		$	10.71		$	10.00
Investment operations:
Net investment income (loss) (B)		0.22			0.18			0.08
Net realized and unrealized gain (loss)		0.28			0.21			0.71
Total investment operations		0.50			0.39			0.79
Dividends and/or distributions to shareholders:
Net investment income		(0.22	)		(0.17	)		(0.08	)
Net realized gains		(1.71	)		(0.18	)		—
Total dividends and/or distributions to shareholders		(1.93	)		(0.35	)		(0.08	)
Net asset value, end of period/year	$	9.32		$	10.75		$	10.71
Total return		7.58	%		3.60	%		7.94	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	438,107		$	458,786		$	520,709
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.49	%(E)		0.52	%(E)		0.57	%(D)
Including waiver and/or reimbursement and recapture		0.50	%(E)		0.49	%(E)		0.49	%(D)
Net investment income (loss) to average net assets		2.38	%		1.64	%		1.69	%(D)
Portfolio turnover rate		118	%		137	%		33	%(C)

(A)	Commenced operations on May 5, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.
(E)	Does not include expenses of the underlying investments in which the Fund invests.

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

Transamerica Funds Annual Report 2019

Page    441

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Large Value Opportunities
	Class R
	October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.75		$	10.71		$	10.00
Investment operations:
Net investment income (loss) (B)		0.18			0.13			0.08
Net realized and unrealized gain (loss)		0.28			0.21			0.69
Total investment operations		0.46			0.34			0.77
Dividends and/or distributions to shareholders:
Net investment income		(0.17	)		(0.12	)		(0.06	)
Net realized gains		(1.71	)		(0.18	)		—
Total dividends and/or distributions to shareholders		(1.88	)		(0.30	)		(0.06	)
Net asset value, end of period/year	$	9.33		$	10.75		$	10.71
Total return		6.97	%		3.08	%		7.69	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	73,596		$	103,701		$	113,861
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.99	%(E)		1.01	%(E)		1.06	%(D)
Including waiver and/or reimbursement and recapture		1.00	%(E)		0.99	%(E)		0.99	%(D)
Net investment income (loss) to average net assets		1.91	%		1.14	%		1.36	%(D)
Portfolio turnover rate		118	%		137	%		33	%(C)

(A)	Commenced operations on May 5, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.
(E)	Does not include expenses of the underlying investments in which the Fund invests.

For a share outstanding during the period and years indicated:	Transamerica Large Value Opportunities
	Class R4
	October 31, 2019			October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			December 31, 2015			December 31, 2014
Net asset value, beginning of period/year	$	10.75		$	10.71		$	9.84		$	9.18		$	9.36		$	8.63
Investment operations:
Net investment income (loss) (D)		0.20			0.15			0.14			0.16			0.12			0.08
Net realized and unrealized gain (loss)		0.29			0.21			0.85			0.67			(0.18	)		0.74
Total investment operations		0.49			0.36			0.99			0.83			(0.06	)		0.82
Dividends and/or distributions to shareholders:
Net investment income		(0.20	)		(0.14	)		(0.12	)		(0.17	)		(0.12	)		(0.09	)
Net realized gains		(1.71	)		(0.18	)		—			—			—			—
Total dividends and/or distributions to shareholders		(1.91	)		(0.32	)		(0.12	)		(0.17	)		(0.12	)		(0.09	)
Net asset value, end of period/year	$	9.33		$	10.75		$	10.71		$	9.84		$	9.18		$	9.36
Total return		7.31	%		3.32	%		9.99	%(E)		9.14	%		(0.69	)%		9.54	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	38,170		$	36,445		$	53,449		$	99,292		$	99,418		$	102,791
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.74	%(G)		0.77	%(G)		0.83	%(F)		0.84	%		0.83	%		0.83	%
Including waiver and/or reimbursement and recapture		0.75	%(G)		0.74	%(G)		0.74	%(F)		0.74	%(H)		0.75	%		0.75	%
Net investment income (loss) to average net assets		2.14	%		1.39	%		1.35	%(F)		1.80	%		1.21	%		0.96	%
Portfolio turnover rate		118	%		137	%		33	%(E)		48	%		65	%		69	%

(A)	Effective May 5, 2017, the Fund underwent a 1.56-for-1 share split. The per share data has been retroactively adjusted to reflect the share split. See the Stock Split section of the Notes to Financial Statements for more information.
(B)	Transamerica Partners Institutional Large Value reorganized into the Fund on May 5, 2017. Prior to May 5, 2017, information provided reflects Transamerica Partners Institutional Large Value, which was the accounting and performance survivor of the reorganization. Please reference the Reorganization section of the Notes to the Financial Statements for additional information.
(C)	The fiscal year end of the Fund is October 31 while the fiscal year end of the accounting and performance survivor is December 31. Prior to the closing of the applicable Transamerica Partners reorganization as of the close of business on May 5, 2017, the accounting and performance survivor operated as a feeder in a master-feeder structure and invested all of its investable assets in a corresponding Series Portfolio. The Financial Highlights represents activity for the ten months of January 1, 2017—October 31, 2017. Please reference the Reorganization section of the Notes to the Financial Statements for additional information.
(D)	Calculated based on average number of shares outstanding.
(E)	Not annualized.
(F)	Annualized.
(G)	Does not include expenses of the underlying investments in which the Fund invests.
(H)	Includes reimbursement of custody fees at the underlying Series Portfolio level.

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

Transamerica Funds Annual Report 2019

Page    442

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Mid Cap Growth
	Class A
	October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	12.98		$	14.14		$	13.12
Investment operations:
Net investment income (loss) (B)		(0.06	)		(0.01	)		(0.01	)
Net realized and unrealized gain (loss)		1.58			(0.91	)(C)		1.03
Total investment operations		1.52			(0.92	)		1.02
Dividends and/or distributions to shareholders:
Net investment income		(0.01	)		(0.01	)		—
Net realized gains		(4.16	)		(0.23	)		—
Total dividends and/or distributions to shareholders		(4.17	)		(0.24	)		—
Net asset value, end of period/year	$	10.33		$	12.98		$	14.14
Total return (D)		23.15	%		(6.88	)%		7.77	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	11,984		$	8,997		$	9,903
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.31	%		1.28	%		1.30	%(F)
Including waiver and/or reimbursement and recapture		1.20	%		1.10	%		1.30	%(F)
Net investment income (loss) to average net assets		(0.62	)%		(0.04	)%		(0.10	)%(F)
Portfolio turnover rate		136	%		61	%		30	%(E)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(E)	Not annualized.
(F)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica Mid Cap Growth
	Class C
	October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	12.55		$	13.77		$	12.84
Investment operations:
Net investment income (loss) (B)		(0.12	)		(0.11	)		(0.07	)
Net realized and unrealized gain (loss)		1.47			(0.88	)(C)		1.00
Total investment operations		1.35			(0.99	)		0.93
Dividends and/or distributions to shareholders:
Net realized gains		(4.16	)		(0.23	)		—
Net asset value, end of period/year	$	9.74		$	12.55		$	13.77
Total return (D)		22.29	%		(7.58	)%		7.24	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,370		$	1,268		$	1,448
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.06	%		2.05	%		2.05	%(F)
Including waiver and/or reimbursement and recapture		1.93	%		1.85	%		2.05	%(F)
Net investment income (loss) to average net assets		(1.34	)%		(0.79	)%		(0.85	)%(F)
Portfolio turnover rate		136	%		61	%		30	%(E)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Total return has been calculated without deduction of the contingent deferred sales charge.
(E)	Not annualized.
(F)	Annualized.

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

Transamerica Funds Annual Report 2019

Page    443

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Mid Cap Growth
	Class I
	October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	13.09		$	14.27		$	13.21
Investment operations:
Net investment income (loss) (B)		(0.03	)		0.03			0.02
Net realized and unrealized gain (loss)		1.60			(0.93	)(C)		1.04
Total investment operations		1.57			(0.90	)		1.06
Dividends and/or distributions to shareholders:
Net investment income		(0.04	)		(0.05	)		—
Net realized gains		(4.16	)		(0.23	)		—
Total dividends and/or distributions to shareholders		(4.20	)		(0.28	)		—
Net asset value, end of period/year	$	10.46		$	13.09		$	14.27
Total return		23.45	%		(6.64	)%		8.02	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	769		$	664		$	664
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.00	%		0.99	%		0.98	%(E)
Including waiver and/or reimbursement and recapture		0.90	%		0.85	%		0.98	%(E)
Net investment income (loss) to average net assets		(0.32	)%		0.20	%		0.22	%(E)
Portfolio turnover rate		136	%		61	%		30	%(D)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Not annualized.
(E)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica Mid Cap Growth
	Class I2
	October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	13.10		$	14.31		$	13.24
Investment operations:
Net investment income (loss) (B)		(0.04	)		0.07			0.03
Net realized and unrealized gain (loss)		1.63			(0.99	)(C)		1.04
Total investment operations		1.59			(0.92	)		1.07
Dividends and/or distributions to shareholders:
Net investment income		—			(0.06	)		—
Net realized gains		(4.16	)		(0.23	)		—
Total dividends and/or distributions to shareholders		(4.16	)		(0.29	)		—
Net asset value, end of period/year	$	10.53		$	13.10		$	14.31
Total return		23.34	%		(6.60	)%		8.08	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	156,858		$	9		$	155,629
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.88	%		0.86	%		0.87	%(E)
Including waiver and/or reimbursement and recapture		0.85	%		0.74	%		0.87	%(E)
Net investment income (loss) to average net assets		(0.41	)%		0.45	%		0.35	%(E)
Portfolio turnover rate		136	%		61	%		30	%(D)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Not annualized.
(E)	Annualized.

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

Transamerica Funds Annual Report 2019

Page    444

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Mid Cap Growth
	Class I3
	October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	13.14		$	14.32		$	13.24
Investment operations:
Net investment income (loss) (B)		(0.03	)		0.05			0.04
Net realized and unrealized gain (loss)		1.61			(0.95	)(C)		1.04
Total investment operations		1.58			(0.90	)		1.08
Dividends and/or distributions to shareholders:
Net investment income		(0.05	)		(0.05	)		—
Net realized gains		(4.16	)		(0.23	)		—
Total dividends and/or distributions to shareholders		(4.21	)		(0.28	)		—
Net asset value, end of period/year	$	10.51		$	13.14		$	14.32
Total return		23.41	%		(6.49	)%		8.16	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	38,275		$	36,797		$	48,330
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.88	%		0.87	%		0.87	%(E)
Including waiver and/or reimbursement and recapture		0.84	%		0.75	%		0.75	%(E)
Net investment income (loss) to average net assets		(0.27	)%		0.32	%		0.50	%(E)
Portfolio turnover rate		136	%		61	%		30	%(D)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Not annualized.
(E)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica Mid Cap Growth
	Class R
	October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	13.08		$	14.26		$	13.24
Investment operations:
Net investment income (loss) (B)		(0.07	)		(0.03	)		(0.01	)
Net realized and unrealized gain (loss)		1.60			(0.92	)(C)		1.03
Total investment operations		1.53			(0.95	)		1.02
Dividends and/or distributions to shareholders:
Net realized gains		(4.16	)		(0.23	)		—
Net asset value, end of period/year	$	10.45		$	13.08		$	14.26
Total return		22.79	%		(6.89	)%		7.70	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	20,748		$	19,711		$	26,153
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.37	%		1.37	%		1.37	%(E)
Including waiver and/or reimbursement and recapture		1.35	%		1.27	%		1.35	%(E)
Net investment income (loss) to average net assets		(0.76	)%		(0.19	)%		(0.16	)%(E)
Portfolio turnover rate		136	%		61	%		30	%(D)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Not annualized.
(E)	Annualized.

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

Transamerica Funds Annual Report 2019

Page    445

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Mid Cap Growth
	Class R4
	October 31, 2019			October 31, 2018			October 31,     2017 (A) (B) (C)			December 31, 2016			December 31, 2015			December 31, 2014
Net asset value, beginning of period/year	$	13.13		$	14.30		$	12.70		$	12.50		$	15.44		$	16.72
Investment operations:
Net investment income (loss) (D)		(0.03	)		0.02			0.01			(0.01	)		(0.05	)		0.06
Net realized and unrealized gain (loss)		1.60			(0.95	)(E)		1.92			1.48			(0.24	)		1.16
Total investment operations		1.57			(0.93	)		1.93			1.47			(0.29	)		1.22
Dividends and/or distributions to shareholders:
Net investment income		(0.01	)		(0.01	)		—			—			—			(0.07	)
Net realized gains		(4.16	)		(0.23	)		(0.33	)		(1.27	)		(2.65	)		(2.34	)
Return of capital		—			—			—			—			—			(0.09	)
Total dividends and/or distributions to shareholders		(4.17	)		(0.24	)		(0.33	)		(1.27	)		(2.65	)		(2.50	)
Net asset value, end of period/year	$	10.53		$	13.13		$	14.30		$	12.70		$	12.50		$	15.44
Total return		23.05	%		(6.64	)%		15.34	%(F)		12.13	%		(1.60	)%		7.83	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	357		$	4,709		$	10,232		$	16,767		$	17,075		$	22,686
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.13	%		1.12	%		1.20	%(G)		1.36	%		1.22	%		1.24	%
Including waiver and/or reimbursement and recapture		0.95	%		0.95	%		0.98	%(G)(H)		0.95	%(I)		0.95	%		0.95	%
Net investment income (loss) to average net assets		(0.32	)%		0.17	%		0.13	%(G)		(0.09	)%		(0.31	)%		0.34	%
Portfolio turnover rate		136	%		61	%		30	%(F)		79	%		70	%		60	%

(A)	Transamerica Partners Institutional Mid Growth reorganized into the Fund on March 10, 2017. Prior to March 10, 2017, information provided reflects Transamerica Partners Institutional Mid Growth, which was the accounting and performance survivor of the reorganization.
(B)	Effective March 10, 2017, the Fund underwent a 0.84-for-1 share split. The per share data has been retroactively adjusted to reflect the share split. See the Stock Split section of the Notes to Financial Statements for more information.
(C)	The fiscal year end of the Fund is October 31 while the fiscal year end of the accounting and performance survivor is December 31. Prior to the closing of the applicable Transamerica Partners reorganization as of the close of business on March 10, 2017, the accounting and performance survivor operated as a feeder in a master-feeder structure and invested all of its investable assets in a corresponding Series Portfolio. The Financial Highlights represents activity for the ten months of January 1, 2017 – October 31, 2017.
(D)	Calculated based on average number of shares outstanding.
(E)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(F)	Not annualized.
(G)	Annualized.
(H)	Includes reorganization expenses incurred outside the Fund’s operating expense limit.
(I)	Includes reimbursement of custody fees at the underlying Series Portfolio level.

For a share outstanding during the years indicated:	Transamerica Mid Cap Value Opportunities
	Class A
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	11.53		$	11.86		$	11.80		$	11.37		$	10.68
Investment operations:
Net investment income (loss) (A)		0.11			0.09			0.07			0.06	(B)		0.11
Net realized and unrealized gain (loss)		0.83			0.50			0.95			0.78			0.68
Total investment operations		0.94			0.59			1.02			0.84			0.79
Dividends and/or distributions to shareholders:
Net investment income		(0.11	)		(0.09	)		(0.12	)		(0.14	)		(0.03	)
Net realized gains		(0.73	)		(0.83	)		(0.84	)		(0.27	)		(0.07	)
Total dividends and/or distributions to shareholders		(0.84	)		(0.92	)		(0.96	)		(0.41	)		(0.10	)
Net asset value, end of year	$	11.63		$	11.53		$	11.86		$	11.80		$	11.37
Total return (C)		9.64	%		4.75	%		8.77	%		7.72	%		7.50	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	22,143		$	108,568		$	116,047		$	75,556		$	18,794
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.33	%		1.25	%		1.09	%		1.08	%		1.05	%
Including waiver and/or reimbursement and recapture		1.11	%		1.05	%		1.09	%		1.08	%(B)		1.05	%
Net investment income (loss) to average net assets		1.01	%		0.78	%		0.57	%		0.55	%(B)		1.02	%
Portfolio turnover rate		77	%		85	%		76	%		95	%		31	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.

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

Transamerica Funds Annual Report 2019

Page    446

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Mid Cap Value Opportunities
	Class C
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	11.35		$	11.71		$	11.70		$	11.31		$	10.68
Investment operations:
Net investment income (loss) (A)		(0.00	)(B)		0.01			(0.03	)		(0.04	)(C)		0.03
Net realized and unrealized gain (loss)		0.88			0.48			0.95			0.79			0.68
Total investment operations		0.88			0.49			0.92			0.75			0.71
Dividends and/or distributions to shareholders:
Net investment income		(0.02	)		(0.02	)		(0.07	)		(0.09	)		(0.01	)
Net realized gains		(0.73	)		(0.83	)		(0.84	)		(0.27	)		(0.07	)
Total dividends and/or distributions to shareholders		(0.75	)		(0.85	)		(0.91	)		(0.36	)		(0.08	)
Net asset value, end of year	$	11.48		$	11.35		$	11.71		$	11.70		$	11.31
Total return (D)		9.00	%		4.00	%		7.95	%		6.87	%		6.72	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	19,808		$	17,476		$	17,808		$	7,104		$	1,241
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.89	%		1.88	%		1.89	%		1.90	%		1.80	%
Including waiver and/or reimbursement and recapture		1.86	%		1.80	%		1.89	%		1.90	%(C)		1.80	%
Net investment income (loss) to average net assets		(0.04	)%		0.06	%		(0.29	)%		(0.37	)%(C)		0.30	%
Portfolio turnover rate		77	%		85	%		76	%		95	%		31	%

(A)	Calculated based on average number of shares outstanding.
(B)	Rounds to less than $0.01 or $(0.01).
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Total return has been calculated without deduction of the contingent deferred sales charge.

For a share outstanding during the years indicated:	Transamerica Mid Cap Value Opportunities
	Class I
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	11.60		$	11.93		$	11.85		$	11.41		$	10.69
Investment operations:
Net investment income (loss) (A)		0.11			0.13			0.10			0.11	(B)		0.13
Net realized and unrealized gain (loss)		0.89			0.49			0.95			0.75			0.69
Total investment operations		1.00			0.62			1.05			0.86			0.82
Dividends and/or distributions to shareholders:
Net investment income		(0.14	)		(0.12	)		(0.13	)		(0.15	)		(0.03	)
Net realized gains		(0.73	)		(0.83	)		(0.84	)		(0.27	)		(0.07	)
Total dividends and/or distributions to shareholders		(0.87	)		(0.95	)		(0.97	)		(0.42	)		(0.10	)
Net asset value, end of year	$	11.73		$	11.60		$	11.93		$	11.85		$	11.41
Total return		9.99	%		5.16	%		8.94	%		8.00	%		7.78	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	512,150		$	368,787		$	394,378		$	298,589		$	147,712
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.85	%		0.85	%		0.86	%		0.86	%		0.84	%
Including waiver and/or reimbursement and recapture		0.84	%		0.80	%		0.86	%		0.86	%(B)		0.84	%
Net investment income (loss) to average net assets		0.94	%		1.09	%		0.79	%		0.97	%(B)		1.19	%
Portfolio turnover rate		77	%		85	%		76	%		95	%		31	%

(A)

Calculated based on average number of shares outstanding.

(B)

Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

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

Transamerica Funds Annual Report 2019

Page    447

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Mid Cap Value Opportunities
	Class I2
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	11.62		$	11.95		$	11.87		$	11.41		$	10.69
Investment operations:
Net investment income (loss) (A)		0.12			0.14			0.11			0.15	(B)		0.16
Net realized and unrealized gain (loss)		0.88			0.49			0.95			0.74			0.67
Total investment operations		1.00			0.63			1.06			0.89			0.83
Dividends and/or distributions to shareholders:
Net investment income		(0.15	)		(0.13	)		(0.14	)		(0.16	)		(0.04	)
Net realized gains		(0.73	)		(0.83	)		(0.84	)		(0.27	)		(0.07	)
Total dividends and/or distributions to shareholders		(0.88	)		(0.96	)		(0.98	)		(0.43	)		(0.11	)
Net asset value, end of year	$	11.74		$	11.62		$	11.95		$	11.87		$	11.41
Total return		10.04	%		5.26	%		9.09	%		8.12	%		7.80	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	277,692		$	280,299		$	298,655		$	323,275		$	465,775
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.75	%		0.75	%		0.76	%		0.74	%		0.74	%
Including waiver and/or reimbursement and recapture		0.75	%(C)		0.71	%		0.76	%		0.74	%(B)		0.74	%
Net investment income (loss) to average net assets		1.09	%		1.15	%		0.92	%		1.37	%(B)		1.42	%
Portfolio turnover rate		77	%		85	%		76	%		95	%		31	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Waiver and/or reimbursement rounds to less than 0.01%.

For a share outstanding during the period and years indicated:	Transamerica Mid Cap Value Opportunities
	Class I3
	October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.67		$	11.96		$	11.93
Investment operations:
Net investment income (loss) (B)		0.12			0.14			0.06
Net realized and unrealized gain (loss)		0.90			0.48			(0.03	) (C)
Total investment operations		1.02			0.62			0.03
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.08	)		—
Net realized gains		(0.73	)		(0.83	)		—
Total dividends and/or distributions to shareholders		(0.89	)		(0.91	)		—
Net asset value, end of period/year	$	11.80		$	11.67		$	11.96
Total return		10.10	%		5.19	%		0.25	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	212,674		$	231,307		$	275,016
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.75	%		0.75	%		0.76	%(E)
Including waiver and/or reimbursement and recapture		0.75	%(F)		0.70	%(G)		0.70	%(E)
Net investment income (loss) to average net assets		1.09	%		1.16	%		0.79	%(E)
Portfolio turnover rate		77	%		85	%		76	%(D)

(A)	Commenced operations on March 24, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Not annualized.
(E)	Annualized.
(F)	Waiver and/or reimbursement rounds to less than 0.01%.

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

Transamerica Funds Annual Report 2019

Page    448

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Mid Cap Value Opportunities
	Class R
	October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.63		$	11.92		$	11.93
Investment operations:
Net investment income (loss) (B)		0.07			0.07			0.02
Net realized and unrealized gain (loss)		0.88			0.50			(0.03	)(C)
Total investment operations		0.95			0.57			(0.01	)
Dividends and/or distributions to shareholders:
Net investment income		(0.08	)		(0.03	)		—
Net realized gains		(0.73	)		(0.83	)		—
Total dividends and/or distributions to shareholders		(0.81	)		(0.86	)		—
Net asset value, end of period/year	$	11.77		$	11.63		$	11.92
Total return		9.45	%		4.70	%		(0.08	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	62,961		$	69,546		$	88,909
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.25	%		1.26	%		1.27	%(E)
Including waiver and/or reimbursement and recapture		1.25	%(F)		1.24	%		1.25	%(E)
Net investment income (loss) to average net assets		0.60	%		0.63	%		0.26	%(E)
Portfolio turnover rate		77	%		85	%		76	%(D)

(A)	Commenced operations on March 24, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Not annualized.
(E)	Annualized.
(F)	Waiver and/or reimbursement rounds to less than 0.01%.

For a share outstanding during the period and years indicated:	Transamerica Mid Cap Value Opportunities
	Class R4
	October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.66		$	11.94		$	11.93
Investment operations:
Net investment income (loss) (B)		0.12			0.11			0.04
Net realized and unrealized gain (loss)		0.87			0.50			(0.03	)(C)
Total investment operations		0.99			0.61			0.01
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.06	)		—
Net realized gains		(0.73	)		(0.83	)		—
Total dividends and/or distributions to shareholders		(0.86	)		(0.89	)		—
Net asset value, end of period/year	$	11.79		$	11.66		$	11.94
Total return		9.83	%		5.07	%		0.08	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	101,137		$	362,082		$	424,122
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.00	%		1.00	%		1.01	%(E)
Including waiver and/or reimbursement and recapture		0.90	%		0.90	%		0.90	%(E)
Net investment income (loss) to average net assets		1.06	%		0.96	%		0.58	%(E)
Portfolio turnover rate		77	%		85	%		76	%(D)

(A)	Commenced operations on March 24, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Not annualized.
(E)	Annualized.

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

Transamerica Funds Annual Report 2019

Page    449

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Mid Cap Value Opportunities
	Class R6
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016 (A)
Net asset value, beginning of period/year	$	11.70		$	12.03		$	11.87		$	11.87
Investment operations:
Net investment income (loss) (B)		0.12			0.04			0.08			0.01	(C)
Net realized and unrealized gain (loss)		0.90			0.59			0.98			(0.01	)(D)
Total investment operations		1.02			0.63			1.06			—
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.13	)		(0.06	)		—
Net realized gains		(0.73	)		(0.83	)		(0.84	)		—
Total dividends and/or distributions to shareholders		(0.89	)		(0.96	)		(0.90	)		—
Net asset value, end of period/year	$	11.83		$	11.70		$	12.03		$	11.87
Total return		10.06	%		5.22	%		9.09	%		0.00	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	222,061		$	166,519		$	16,391		$	50
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.75	%		0.75	%		0.76	%		0.79	%(F)
Including waiver and/or reimbursement and recapture		0.75	%(G)		0.71	%		0.76	%		0.78	%(C)(F)
Net investment income (loss) to average net assets		1.08	%		0.30	%		0.68	%		0.18	%(C)(F)
Portfolio turnover rate		77	%		85	%		76	%		95	%(E)

(A)	Commenced operations on July 25, 2016.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(D)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(E)	Not annualized.
(F)	Annualized.
(G)	Waiver and/or reimbursement rounds to less than 0.01%.

For a share outstanding during the years indicated:	Transamerica MLP & Energy Income
	Class A
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	6.88		$	7.37		$	7.59		$	7.94		$	11.62
Investment operations:
Net investment income (loss) (A)		0.16			0.03			0.15			0.24	(B)		0.29
Net realized and unrealized gain (loss)		(0.17	)		(0.16	)		0.04			(0.33	)(C)		(3.62	)
Total investment operations		(0.01	)		(0.13	)		0.19			(0.09	)		(3.33	)
Dividends and/or distributions to shareholders:
Net investment income		(0.07	)		(0.07	)		(0.30	)		(0.26	)		(0.09	)
Net realized gains		—			—			—			—			(0.07	)
Return of capital		(0.28	)		(0.29	)		(0.11	)		—			(0.19	)
Total dividends and/or distributions to shareholders		(0.35	)		(0.36	)		(0.41	)		(0.26	)		(0.35	)
Net asset value, end of year	$	6.52		$	6.88		$	7.37		$	7.59		$	7.94
Total return (D)		(0.20	)%		(1.85	)%		2.30	%		(0.87	)%		(29.17	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	16,363		$	23,096		$	32,083		$	43,221		$	46,624
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.63	%		1.61	%		1.58	%		1.57	%		1.52	%
Including waiver and/or reimbursement and recapture		1.60	%		1.60	%		1.58	%		1.56	%(B)		1.52	%
Net investment income (loss) to average net assets		2.27	%		0.40	%		1.97	%		3.50	%(B)		2.84	%
Portfolio turnover rate		20	%		33	%		41	%		79	%		67	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.

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

Transamerica Funds Annual Report 2019

Page    450

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica MLP & Energy Income
	Class C
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	6.85		$	7.34		$	7.55		$	7.91		$	11.57
Investment operations:
Net investment income (loss) (A)		0.10			(0.02	)		0.09			0.19	(B)		0.21
Net realized and unrealized gain (loss)		(0.15	)		(0.17	)		0.05			(0.35	)(C)		(3.60	)
Total investment operations		(0.05	)		(0.19	)		0.14			(0.16	)		(3.39	)
Dividends and/or distributions to shareholders:
Net investment income		(0.06	)		(0.06	)		(0.25	)		(0.20	)		(0.06	)
Net realized gains		—			—			—			—			(0.07	)
Return of capital		(0.24	)		(0.24	)		(0.10	)		—			(0.14	)
Total dividends and/or distributions to shareholders		(0.30	)		(0.30	)		(0.35	)		(0.20	)		(0.27	)
Net asset value, end of year	$	6.50		$	6.85		$	7.34		$	7.55		$	7.91
Total return (D)		(0.84	)%		(2.66	)%		1.64	%		(1.79	)%		(29.61	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	11,796		$	15,955		$	23,673		$	31,067		$	37,877
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.42	%		2.39	%		2.36	%		2.36	%		2.27	%
Including waiver and/or reimbursement and recapture		2.35	%		2.35	%		2.35	%		2.35	%(B)		2.27	%
Net investment income (loss) to average net assets		1.52	%		(0.29	)%		1.10	%		2.73	%(B)		2.11	%
Portfolio turnover rate		20	%		33	%		41	%		79	%		67	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Total return has been calculated without deduction of the contingent deferred sales charge.

For a share outstanding during the years indicated:	Transamerica MLP & Energy Income
	Class I
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	6.89		$	7.37		$	7.59		$	7.95		$	11.63
Investment operations:
Net investment income (loss) (A)		0.18			0.07			0.16			0.26	(B)		0.31
Net realized and unrealized gain (loss)		(0.18	)		(0.17	)		0.05			(0.34	)(C)		(3.61	)
Total investment operations		—			(0.10	)		0.21			(0.08	)		(3.30	)
Dividends and/or distributions to shareholders:
Net investment income		(0.07	)		(0.08	)		(0.31	)		(0.28	)		(0.10	)
Net realized gains		—			—			—			—			(0.07	)
Return of capital		(0.30	)		(0.30	)		(0.12	)		—			(0.21	)
Total dividends and/or distributions to shareholders		(0.37	)		(0.38	)		(0.43	)		(0.28	)		(0.38	)
Net asset value, end of year	$	6.52		$	6.89		$	7.37		$	7.59		$	7.95
Total return		(0.03	)%		(1.42	)%		2.61	%		(0.68	)%		(28.92	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	14,258		$	21,257		$	48,023		$	39,716		$	63,695
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.30	%		1.30	%		1.29	%		1.26	%		1.23	%
Including waiver and/or reimbursement and recapture		1.30	%		1.30	%		1.29	%		1.25	%(B)		1.23	%
Net investment income (loss) to average net assets		2.56	%		1.02	%		2.05	%		3.79	%(B)		3.08	%
Portfolio turnover rate		20	%		33	%		41	%		79	%		67	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.

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

Transamerica Funds Annual Report 2019

Page    451

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica MLP & Energy Income
	Class I2
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	6.89		$	7.38		$	7.60		$	7.95		$	11.63
Investment operations:
Net investment income (loss) (A)		0.18			0.07			0.17			0.25	(B)		0.33
Net realized and unrealized gain (loss)		(0.17	)		(0.17	)		0.05			(0.31	)(C)		(3.62	)
Total investment operations		0.01			(0.10	)		0.22			(0.06	)		(3.29	)
Dividends and/or distributions to shareholders:
Net investment income		(0.07	)		(0.08	)		(0.32	)		(0.29	)		(0.10	)
Net realized gains		—			—			—			—			(0.07	)
Return of capital		(0.31	)		(0.31	)		(0.12	)		—			(0.22	)
Total dividends and/or distributions to shareholders		(0.38	)		(0.39	)		(0.44	)		(0.29	)		(0.39	)
Net asset value, end of year	$	6.52		$	6.89		$	7.38		$	7.60		$	7.95
Total return		0.08	%		(1.44	)%		2.70	%		(0.45	)%		(28.84	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	208,684		$	258,764		$	209,277		$	268,516		$	346,050
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.20	%		1.20	%		1.19	%		1.16	%		1.14	%
Including waiver and/or reimbursement and recapture		1.20	%		1.20	%		1.19	%		1.15	%(B)		1.14	%
Net investment income (loss) to average net assets		2.60	%		0.95	%		2.18	%		3.69	%(B)		3.26	%
Portfolio turnover rate		20	%		33	%		41	%		79	%		67	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.

For a share outstanding during the years indicated:	Transamerica Multi-Asset Income
	Class A
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	10.91		$	10.96		$	9.97		$	9.97		$	10.30
Investment operations:
Net investment income (loss) (A)		0.40			0.39			0.39			0.35	(B)		0.37
Net realized and unrealized gain (loss)		0.82			(0.05	)		0.96			0.03			(0.20	)
Total investment operations		1.22			0.34			1.35			0.38			0.17
Dividends and/or distributions to shareholders:
Net investment income		(0.36	)		(0.35	)		(0.36	)		(0.34	)		(0.39	)
Net realized gains		(0.13	)		(0.04	)		—			(0.04	)		(0.11	)
Total dividends and/or distributions to shareholders		(0.49	)		(0.39	)		(0.36	)		(0.38	)		(0.50	)
Net asset value, end of year	$	11.64		$	10.91		$	10.96		$	9.97		$	9.97
Total return (C)		11.72	%		3.11	%		13.77	%		3.88	%		1.60	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	34,731		$	27,644		$	20,733		$	2,153		$	1,600
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.12	%		1.20	%		1.19	%		1.21	%(D)		1.31	%(D)
Including waiver and/or reimbursement and recapture		1.12	%		1.20	%		1.21	%(E)		1.20	%(B) (D)		1.20	%(D)
Net investment income (loss) to average net assets		3.59	%		3.50	%		3.74	%		3.60	%(B)		3.67	%
Portfolio turnover rate		53	%		38	%		79	%		51	%		77	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(D)	Does not include expenses of the underlying investments in which the Fund invests.
(E)	Includes reorganization expenses incurred outside the Fund’s operating expense limit.

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

Transamerica Funds Annual Report 2019

Page    452

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Multi-Asset Income
	Class C
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	10.86		$	10.92		$	9.94		$	9.94		$	10.29
Investment operations:
Net investment income (loss) (A)		0.31			0.31			0.31			0.28	(B)		0.28
Net realized and unrealized gain (loss)		0.84			(0.07	)		0.97			0.03			(0.20	)
Total investment operations		1.15			0.24			1.28			0.31			0.08
Dividends and/or distributions to shareholders:
Net investment income		(0.29	)		(0.26	)		(0.30	)		(0.27	)		(0.32	)
Net realized gains		(0.13	)		(0.04	)		—			(0.04	)		(0.11	)
Total dividends and/or distributions to shareholders		(0.42	)		(0.30	)		(0.30	)		(0.31	)		(0.43	)
Net asset value, end of year	$	11.59		$	10.86		$	10.92		$	9.94		$	9.94
Total return (C)		11.00	%		2.24	%		12.97	%		3.17	%		0.78	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	46,600		$	38,322		$	43,076		$	4,173		$	3,024
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.85	%		1.92	%		1.94	%		1.94	%(D)		2.01	%(D)
Including waiver and/or reimbursement and recapture		1.85	%		1.92	%		1.94	%		1.95	%(B)(D)		1.95	%(D)
Net investment income (loss) to average net assets		2.86	%		2.80	%		2.99	%		2.86	%(B)		2.78	%
Portfolio turnover rate		53	%		38	%		79	%		51	%		77	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the contingent deferred sales charge.
(D)	Does not include expenses of the underlying investments in which the Fund invests.

For a share outstanding during the years indicated:	Transamerica Multi-Asset Income
	Class I
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	10.91		$	10.97		$	9.97		$	9.97		$	10.31
Investment operations:
Net investment income (loss) (A)		0.43			0.42			0.42			0.38	(B)		0.40
Net realized and unrealized gain (loss)		0.83			(0.06	)		0.97			0.02			(0.22	)
Total investment operations		1.26			0.36			1.39			0.40			0.18
Dividends and/or distributions to shareholders:
Net investment income		(0.40	)		(0.38	)		(0.39	)		(0.36	)		(0.41	)
Net realized gains		(0.13	)		(0.04	)		—			(0.04	)		(0.11	)
Total dividends and/or distributions to shareholders		(0.53	)		(0.42	)		(0.39	)		(0.40	)		(0.52	)
Net asset value, end of year	$	11.64		$	10.91		$	10.97		$	9.97		$	9.97
Total return		12.14	%		3.27	%		14.10	%		4.13	%		1.77	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	153,353		$	92,148		$	71,827		$	41,691		$	30,300
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.85	%		0.93	%		0.94	%		1.01	%(C)		1.09	%(C)
Including waiver and/or reimbursement and recapture		0.83	%		0.95	%		0.96	%(D)		0.95	%(B) (C)		0.95	%(C)
Net investment income (loss) to average net assets		3.86	%		3.75	%		4.02	%		3.83	%(B)		3.90	%
Portfolio turnover rate		53	%		38	%		79	%		51	%		77	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Does not include expenses of the underlying investments in which the Fund invests.
(D)	Includes reorganization expenses incurred outside the Fund’s operating expense limit.

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

Transamerica Funds Annual Report 2019

Page    453

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Multi-Asset Income
	Class I2
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	10.47		$	10.52		$	9.62		$	9.89		$	10.30
Investment operations:
Net investment income (loss) (A)		0.41			0.42			0.40			0.09	(B)		0.42
Net realized and unrealized gain (loss)		0.79			(0.06	)		0.90			0.04			(0.44	)
Total investment operations		1.20			0.36			1.30			0.13			(0.02	)
Dividends and/or distributions to shareholders:
Net investment income		(0.40	)		(0.37	)		(0.40	)		(0.36	)		(0.28	)
Net realized gains		(0.13	)		(0.04	)		—			(0.04	)		(0.11	)
Total dividends and/or distributions to shareholders		(0.53	)		(0.41	)		(0.40	)		(0.40	)		(0.39	)
Net asset value, end of year	$	11.14		$	10.47		$	10.52		$	9.62		$	9.89
Total return		12.03	%		3.45	%		13.70	%		1.38	%		(0.28	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	13		$	11		$	11		$	0	(C)	$	0	(C)
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.74	%		0.82	%		0.84	%		0.00	%(D)(E)		1.00	%(E)
Including waiver and/or reimbursement and recapture		0.82	%		0.82	%		0.96	%(F)		0.00	%(B)(D)(E)		0.95	%(E)
Net investment income (loss) to average net assets		3.89	%		3.88	%		3.94	%		0.96	%(B)		4.02	%
Portfolio turnover rate		53	%		38	%		79	%		51	%		77	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Rounds to less than $1,000.
(D)	Rounds to less than 0.01% or (0.01)%.
(E)	Does not include expenses of the underlying investments in which the Fund invests.
(F)	Includes reorganization expenses incurred outside the Fund’s operating expense limit.

For a share outstanding during the years indicated:	Transamerica Multi-Managed Balanced
	Class A
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	27.54		$	27.90		$	24.88		$	24.86		$	25.61
Investment operations:
Net investment income (loss) (A)		0.36			0.34			0.28			0.25	(B)		0.24
Net realized and unrealized gain (loss)		2.79			0.24			3.15			0.61			0.41
Total investment operations		3.15			0.58			3.43			0.86			0.65
Dividends and/or distributions to shareholders:
Net investment income		(0.37	)		(0.35	)		(0.32	)		(0.26	)		(0.25	)
Net realized gains		(1.66	)		(0.59	)		(0.09	)		(0.58	)		(1.15	)
Total dividends and/or distributions to shareholders		(2.03	)		(0.94	)		(0.41	)		(0.84	)		(1.40	)
Net asset value, end of year	$	28.66		$	27.54		$	27.90		$	24.88		$	24.86
Total return (C)		12.53	%		2.05	%		13.89	%		3.57	%		2.58	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	558,639		$	532,861		$	573,224		$	406,606		$	210,457
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.04	%		1.03	%		1.03	%		1.10	%		1.14	%
Including waiver and/or reimbursement and recapture		1.04	%		1.03	%		1.03	%		1.08	%(B)		1.14	%
Net investment income (loss) to average net assets		1.34	%		1.22	%		1.07	%		1.04	%(B)		0.97	%
Portfolio turnover rate		41	%		48	%		39	%		35	%		39	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.

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

Transamerica Funds Annual Report 2019

Page    454

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Multi-Managed Balanced
	Class C
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	27.04		$	27.41		$	24.45		$	24.44		$	25.21
Investment operations:
Net investment income (loss) (A)		0.15			0.13			0.08			0.08	(B)		0.07
Net realized and unrealized gain (loss)		2.75			0.22			3.09			0.59			0.40
Total investment operations		2.90			0.35			3.17			0.67			0.47
Dividends and/or distributions to shareholders:
Net investment income		(0.17	)		(0.13	)		(0.12	)		(0.08	)		(0.09	)
Net realized gains		(1.66	)		(0.59	)		(0.09	)		(0.58	)		(1.15	)
Total dividends and/or distributions to shareholders		(1.83	)		(0.72	)		(0.21	)		(0.66	)		(1.24	)
Net asset value, end of year	$	28.11		$	27.04		$	27.41		$	24.45		$	24.44
Total return (C)		11.73	%		1.25	%		13.02	%		2.84	%		1.87	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	195,175		$	184,727		$	222,884		$	208,410		$	184,907
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.80	%		1.79	%		1.79	%		1.83	%		1.84	%
Including waiver and/or reimbursement and recapture		1.80	%		1.79	%		1.79	%		1.82	%(B)		1.84	%
Net investment income (loss) to average net assets		0.58	%		0.47	%		0.32	%		0.33	%(B)		0.27	%
Portfolio turnover rate		41	%		48	%		39	%		35	%		39	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the contingent deferred sales charge.

For a share outstanding during the years indicated:	Transamerica Multi-Managed Balanced
	Class I
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	27.67		$	28.03		$	24.99		$	24.96		$	25.70
Investment operations:
Net investment income (loss) (A)		0.43			0.41			0.34			0.32	(B)		0.31
Net realized and unrealized gain (loss)		2.80			0.23			3.16			0.60			0.42
Total investment operations		3.23			0.64			3.50			0.92			0.73
Dividends and/or distributions to shareholders:
Net investment income		(0.43	)		(0.41	)		(0.37	)		(0.31	)		(0.32	)
Net realized gains		(1.66	)		(0.59	)		(0.09	)		(0.58	)		(1.15	)
Total dividends and/or distributions to shareholders		(2.09	)		(1.00	)		(0.46	)		(0.89	)		(1.47	)
Net asset value, end of year	$	28.81		$	27.67		$	28.03		$	24.99		$	24.96
Total return		12.79	%		2.26	%		14.13	%		3.83	%		2.90	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	244,156		$	232,308		$	266,637		$	208,512		$	199,378
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.82	%		0.82	%		0.82	%		0.84	%		0.86	%
Including waiver and/or reimbursement and recapture		0.82	%		0.82	%		0.82	%		0.84	%(B)		0.86	%
Net investment income (loss) to average net assets		1.55	%		1.44	%		1.28	%		1.32	%(B)		1.26	%
Portfolio turnover rate		41	%		48	%		39	%		35	%		39	%

(A)

Calculated based on average number of shares outstanding.

(B)

Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

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

Transamerica Funds Annual Report 2019

Page    455

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Multi-Managed Balanced
	Class R6
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	27.67		$	28.03		$	24.99		$	24.95		$	25.40
Investment operations:
Net investment income (loss) (B)		0.44			0.44			0.37			0.25	(C)		0.13
Net realized and unrealized gain (loss)		2.82			0.23			3.16			0.71			(0.40	)(D)
Total investment operations		3.26			0.67			3.53			0.96			(0.27	)
Dividends and/or distributions to shareholders:
Net investment income		(0.46	)		(0.44	)		(0.40	)		(0.34	)		(0.18	)
Net realized gains		(1.66	)		(0.59	)		(0.09	)		(0.58	)		—
Total dividends and/or distributions to shareholders		(2.12	)		(1.03	)		(0.49	)		(0.92	)		(0.18	)
Net asset value, end of period/year	$	28.81		$	27.67		$	28.03		$	24.99		$	24.95
Total return		12.92	%		2.37	%		14.25	%		3.99	%		(1.07	)%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	13,458		$	7,149		$	9,749		$	6,316		$	49
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.71	%		0.71	%		0.71	%		0.73	%		0.75	%(F)
Including waiver and/or reimbursement and recapture		0.71	%		0.71	%		0.71	%		0.73	%(C)		0.75	%(F)
Net investment income (loss) to average net assets		1.62	%		1.54	%		1.39	%		1.02	%(C)		1.19	%(F)
Portfolio turnover rate		41	%		48	%		39	%		35	%		39	%

(A)	Commenced operations on May 29, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(D)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(E)	Not annualized.
(F)	Annualized.

For a share outstanding during the years indicated:	Transamerica Short-Term Bond
	Class A
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	10.05		$	10.22		$	10.23		$	10.19		$	10.37
Investment operations:
Net investment income (loss) (A)		0.26			0.22			0.19			0.20	(B)		0.20
Net realized and unrealized gain (loss)		0.24			(0.17	)		0.01			0.06			(0.15	)
Total investment operations		0.50			0.05			0.20			0.26			0.05
Dividends and/or distributions to shareholders:
Net investment income		(0.26	)		(0.22	)		(0.21	)		(0.20	)		(0.21	)
Net realized gains		—			—			—			—			(0.02	)
Return of capital		—			—			—			(0.02	)		—
Total dividends and/or distributions to shareholders		(0.26	)		(0.22	)		(0.21	)		(0.22	)		(0.23	)
Net asset value, end of year	$	10.29		$	10.05		$	10.22		$	10.23		$	10.19
Total return (C)		5.04	%		0.53	%		1.90	%		2.60	%		0.53	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	698,062		$	732,815		$	940,515		$	934,615		$	976,715
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.82	%		0.85	%		0.84	%		0.85	%		0.84	%
Including waiver and/or reimbursement and recapture		0.82	%		0.85	%		0.84	%		0.84	%(B)		0.84	%
Net investment income (loss) to average net assets		2.54	%		2.16	%		1.84	%		1.95	%(B)		1.94	%
Portfolio turnover rate		61	%		60	%		52	%		45	%		66	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.

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

Transamerica Funds Annual Report 2019

Page    456

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Short-Term Bond
	Class C
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	10.03		$	10.20		$	10.21		$	10.17		$	10.35
Investment operations:
Net investment income (loss) (A)		0.18			0.14			0.11			0.12	(B)		0.12
Net realized and unrealized gain (loss)		0.24			(0.16	)		0.01			0.06			(0.14	)
Total investment operations		0.42			(0.02	)		0.12			0.18			(0.02	)
Dividends and/or distributions to shareholders:
Net investment income		(0.18	)		(0.15	)		(0.13	)		(0.12	)		(0.14	)
Net realized gains		—			—			—			—			(0.02	)
Return of capital		—			—			—			(0.02	)		—
Total dividends and/or distributions to shareholders		(0.18	)		(0.15	)		(0.13	)		(0.14	)		(0.16	)
Net asset value, end of year	$	10.27		$	10.03		$	10.20		$	10.21		$	10.17
Total return (C)		4.23	%		(0.24	)%		1.12	%		1.82	%		(0.23	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	294,497		$	393,543		$	517,918		$	621,425		$	721,293
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.61	%		1.62	%		1.61	%		1.61	%		1.60	%
Including waiver and/or reimbursement and recapture		1.61	%		1.62	%		1.61	%		1.60	%(B)		1.60	%
Net investment income (loss) to average net assets		1.77	%		1.40	%		1.07	%		1.18	%(B)		1.19	%
Portfolio turnover rate		61	%		60	%		52	%		45	%		66	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the contingent deferred sales charge.

For a share outstanding during the years indicated:	Transamerica Short-Term Bond
	Class I
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	9.88		$	10.05		$	10.05		$	10.01		$	10.19
Investment operations:
Net investment income (loss) (A)		0.27			0.24			0.20			0.21	(B)		0.22
Net realized and unrealized gain (loss)		0.24			(0.17	)		0.02			0.07			(0.15	)
Total investment operations		0.51			0.07			0.22			0.28			0.07
Dividends and/or distributions to shareholders:
Net investment income		(0.28	)		(0.24	)		(0.22	)		(0.21	)		(0.23	)
Net realized gains		—			—			—			—			(0.02	)
Return of capital		—			—			—			(0.03	)		—
Total dividends and/or distributions to shareholders		(0.28	)		(0.24	)		(0.22	)		(0.24	)		(0.25	)
Net asset value, end of year	$	10.11		$	9.88		$	10.05		$	10.05		$	10.01
Total return		5.20	%		0.71	%		2.21	%		2.82	%		0.71	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,745,843		$	1,451,634		$	1,312,220		$	979,858		$	822,063
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.62	%		0.65	%		0.64	%		0.64	%		0.63	%
Including waiver and/or reimbursement and recapture		0.62	%		0.65	%		0.64	%		0.63	%(B)		0.63	%
Net investment income (loss) to average net assets		2.74	%		2.39	%		2.04	%		2.15	%(B)		2.15	%
Portfolio turnover rate		61	%		60	%		52	%		45	%		66	%

(A)

Calculated based on average number of shares outstanding.

(B)

Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

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

Transamerica Funds Annual Report 2019

Page    457

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Short-Term Bond
	Class I2
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	9.87		$	10.04		$	10.04		$	10.01		$	10.18
Investment operations:
Net investment income (loss) (A)		0.28			0.24			0.22			0.22	(B)		0.23
Net realized and unrealized gain (loss)		0.25			(0.16	)		0.01			0.06			(0.14	)
Total investment operations		0.53			0.08			0.23			0.28			0.09
Dividends and/or distributions to shareholders:
Net investment income		(0.29	)		(0.25	)		(0.23	)		(0.22	)		(0.24	)
Net realized gains		—			—			—			—			(0.02	)
Return of capital		—			—			—			(0.03	)		—
Total dividends and/or distributions to shareholders		(0.29	)		(0.25	)		(0.23	)		(0.25	)		(0.26	)
Net asset value, end of year	$	10.11		$	9.87		$	10.04		$	10.04		$	10.01
Total return		5.41	%		0.81	%		2.31	%		2.81	%		0.91	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	282,641		$	220,648		$	427,397		$	282,016		$	1,223,002
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.52	%		0.55	%		0.54	%		0.54	%		0.53	%
Including waiver and/or reimbursement and recapture		0.52	%		0.55	%		0.54	%		0.54	%(B)		0.53	%
Net investment income (loss) to average net assets		2.85	%		2.45	%		2.15	%		2.21	%(B)		2.25	%
Portfolio turnover rate		61	%		60	%		52	%		45	%		66	%

(A)

Calculated based on average number of shares outstanding.

(B)

Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

For a share outstanding during the period and years indicated:	Transamerica Short-Term Bond
	Class R6
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	9.87		$	10.03		$	10.04		$	10.01		$	10.12
Investment operations:
Net investment income (loss) (B)		0.28			0.26			0.21			0.23	(C)		0.09
Net realized and unrealized gain (loss)		0.25			(0.17	)		0.01			0.05			(0.10	)
Total investment operations		0.53			0.09			0.22			0.28			(0.01	)
Dividends and/or distributions to shareholders:
Net investment income		(0.29	)		(0.25	)		(0.23	)		(0.22	)		(0.10	)
Return of capital		—			—			—			(0.03	)		—
Total dividends and/or distributions to shareholders		(0.29	)		(0.25	)		(0.23	)		(0.25	)		(0.10	)
Net asset value, end of period/year	$	10.11		$	9.87		$	10.03		$	10.04		$	10.01
Total return		5.42	%		0.92	%		2.21	%		2.82	%		(0.09	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	28,807		$	26,240		$	1,412		$	372		$	50
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.52	%		0.55	%		0.54	%		0.54	%		0.53	%(E)
Including waiver and/or reimbursement and recapture		0.52	%		0.55	%		0.54	%		0.52	%(C)		0.53	%(E)
Net investment income (loss) to average net assets		2.85	%		2.65	%		2.14	%		2.26	%(C)		2.22	%(E)
Portfolio turnover rate		61	%		60	%		52	%		45	%		66	%

(A)	Commenced operations on May 29, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Not annualized.
(E)	Annualized.

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

Transamerica Funds Annual Report 2019

Page    458

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Small Cap Core
	Class A
	October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.48		$	11.72		$	11.36
Investment operations:
Net investment income (loss) (B)		0.05			0.04			0.02
Net realized and unrealized gain (loss)		(0.89	)		0.24			0.34
Total investment operations		(0.84	)		0.28			0.36
Dividends and/or distributions to shareholders:
Net investment income		(0.06	)		(0.15	)		—
Net realized gains		(0.93	)		(0.37	)		—
Total dividends and/or distributions to shareholders		(0.99	)		(0.52	)		—
Net asset value, end of period/year	$	9.65		$	11.48		$	11.72
Total return (C)		(6.56	)%		2.24	%		3.17	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	2,759		$	3,356		$	3,490
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.39	%		1.32	%		1.35	%(E)
Including waiver and/or reimbursement and recapture		1.26	%		1.20	%		1.30	%(E)
Net investment income (loss) to average net assets		0.50	%		0.34	%		0.22	%(E)
Portfolio turnover rate		94	%		86	%		53	%(D)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(D)	Not annualized.
(E)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica Small Cap Core
	Class C
	October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.30		$	11.54		$	11.24
Investment operations:
Net investment income (loss) (B)		(0.02	)		(0.05	)		(0.04	)
Net realized and unrealized gain (loss)		(0.87	)		0.24			0.34
Total investment operations		(0.89	)		0.19			0.30
Dividends and/or distributions to shareholders:
Net investment income		—			(0.06	)		—
Net realized gains		(0.93	)		(0.37	)		—
Total dividends and/or distributions to shareholders		(0.93	)		(0.43	)		—
Net asset value, end of period/year	$	9.48		$	11.30		$	11.54
Total return (C)		(7.17	)%		1.58	%		2.67	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	536		$	668		$	638
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.09	%		2.06	%		2.07	%(E)
Including waiver and/or reimbursement and recapture		2.01	%		1.95	%		2.05	%(E)
Net investment income (loss) to average net assets		(0.25	)%		(0.40	)%		(0.49	)%(E)
Portfolio turnover rate		94	%		86	%		53	%(D)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Total return has been calculated without deduction of the contingent deferred sales charge.
(D)	Not annualized.
(E)	Annualized.

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

Transamerica Funds Annual Report 2019

Page    459

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Small Cap Core
	Class I
	October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.53		$	11.78		$	11.40
Investment operations:
Net investment income (loss) (B)		0.08			0.07			0.04
Net realized and unrealized gain (loss)		(0.89	)		0.23			0.34
Total investment operations		(0.81	)		0.30			0.38
Dividends and/or distributions to shareholders:
Net investment income		(0.09	)		(0.18	)		—
Net realized gains		(0.93	)		(0.37	)		—
Total dividends and/or distributions to shareholders		(1.02	)		(0.55	)		—
Net asset value, end of period/year	$	9.70		$	11.53		$	11.78
Total return		(6.24	)%		2.38	%		3.33	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,321		$	2,047		$	1,689
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.05	%		1.02	%		0.99	%(D)
Including waiver and/or reimbursement and recapture		1.01	%		0.95	%		1.05	%(D)
Net investment income (loss) to average net assets		0.79	%		0.57	%		0.48	%(D)
Portfolio turnover rate		94	%		86	%		53	%(C)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica Small Cap Core
	Class I2
	October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.56		$	11.79		$	11.40
Investment operations:
Net investment income (loss) (B)		0.08			0.09			0.05
Net realized and unrealized gain (loss)		(0.89	)		0.24			0.34
Total investment operations		(0.81	)		0.33			0.39
Dividends and/or distributions to shareholders:
Net investment income		(0.10	)		(0.19	)		—
Net realized gains		(0.93	)		(0.37	)		—
Total dividends and/or distributions to shareholders		(1.03	)		(0.56	)		—
Net asset value, end of period/year	$	9.72		$	11.56		$	11.79
Total return		(6.21	)%		2.63	%		3.42	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	16,035		$	21,106		$	29,564
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.94	%		0.92	%		0.85	%(D)
Including waiver and/or reimbursement and recapture		0.93	%		0.86	%		0.93	%(D)
Net investment income (loss) to average net assets		0.84	%		0.72	%		0.63	%(D)
Portfolio turnover rate		94	%		86	%		53	%(C)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.

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

Transamerica Funds Annual Report 2019

Page    460

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Small Cap Core
	Class I3
	October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.67		$	11.80		$	11.40
Investment operations:
Net investment income (loss) (B)		0.08			0.09			0.05
Net realized and unrealized gain (loss)		(0.90	)		0.22			0.35
Total investment operations		(0.82	)		0.31			0.40
Dividends and/or distributions to shareholders:
Net investment income		(0.10	)		(0.07	)		—
Net realized gains		(0.93	)		(0.37	)		—
Total dividends and/or distributions to shareholders		(1.03	)		(0.44	)		—
Net asset value, end of period/year	$	9.82		$	11.67		$	11.80
Total return		(6.31	)%		2.57	%		3.51	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	118,570		$	137,326		$	153,587
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.94	%		0.92	%		0.98	%(D)
Including waiver and/or reimbursement and recapture		0.93	%		0.85	%		0.85	%(D)
Net investment income (loss) to average net assets		0.82	%		0.71	%		0.70	%(D)
Portfolio turnover rate		94	%		86	%		53	%(C)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica Small Cap Core
	Class R
	October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.62		$	11.75		$	11.40
Investment operations:
Net investment income (loss) (B)		0.04			0.02			0.01
Net realized and unrealized gain (loss)		(0.89	)		0.24			0.34
Total investment operations		(0.85	)		0.26			0.35
Dividends and/or distributions to shareholders:
Net investment income		(0.04	)		(0.02	)		—
Net realized gains		(0.93	)		(0.37	)		—
Total dividends and/or distributions to shareholders		(0.97	)		(0.39	)		—
Net asset value, end of period/year	$	9.80		$	11.62		$	11.75
Total return		(6.71	)%		2.12	%		3.07	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	31,787		$	46,718		$	53,017
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.44	%		1.42	%		1.48	%(D)
Including waiver and/or reimbursement and recapture		1.43	%		1.35	%		1.48	%(D)
Net investment income (loss) to average net assets		0.38	%		0.20	%		0.08	%(D)
Portfolio turnover rate		94	%		86	%		53	%(C)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.

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

Transamerica Funds Annual Report 2019

Page    461

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Small Cap Core
	Class R4
	October 31, 2019			October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			December 31, 2015			December 31, 2014
Net asset value, beginning of period/year	$	11.64		$	11.78		$	11.53		$	9.45		$	10.57		$	10.25
Investment operations:
Net investment income (loss) (D)		0.06			0.06			0.04			0.08			0.08			0.08
Net realized and unrealized gain (loss)		(0.88	)		0.22			0.22			2.08			(1.11	)		0.32
Total investment operations		(0.82	)		0.28			0.26			2.16			(1.03	)		0.40
Dividends and/or distributions to shareholders:
Net investment income		(0.07	)		(0.05	)		(0.01	)		(0.08	)		(0.09	)		(0.08	)
Net realized gains		(0.93	)		(0.37	)		—			—			—			—
Total dividends and/or distributions to shareholders		(1.00	)		(0.42	)		(0.01	)		(0.08	)		(0.09	)		(0.08	)
Net asset value, end of period/year	$	9.82		$	11.64		$	11.78		$	11.53		$	9.45		$	10.57
Total return		(6.44	)%		2.27	%		2.27	%(E)		23.08	%		(9.72	)%		3.94	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	5,175		$	5,648		$	8,970		$	14,540		$	12,719		$	27,550
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.19	%		1.17	%		1.30	%(F)		1.50	%		1.32	%		1.28	%
Including waiver and/or reimbursement and recapture		1.10	%		1.10	%		1.11	%(F)(G)		1.07	%(H)		1.10	%		1.10	%
Net investment income (loss) to average net assets		0.64	%		0.50	%		0.34	%(F)		0.80	%		0.82	%		0.78	%
Portfolio turnover rate		94	%		86	%		53	%(E)		122	%		132	%		148	%

(A)	Transamerica Partners Institutional Small Core reorganized into the Fund on March 10, 2017. Prior to March 10, 2017, information provided reflects Transamerica Partners Institutional Small Core, which was the accounting and performance survivor of the reorganization.
(B)	Effective March 10, 2017, the Fund underwent a 1.44-for-1 share split. The per share data has been retroactively adjusted to reflect the share split. See the Stock Split section of the Notes to Financial Statements for more information.
(C)	The fiscal year end of the Fund is October 31 while the fiscal year end of the accounting and performance survivor is December 31. Prior to the closing of the applicable Transamerica Partners reorganization as of the close of business on March 10, 2017, the accounting and performance survivor operated as a feeder in a master-feeder structure and invested all of its investable assets in a corresponding Series Portfolio. The Financial Highlights represents activity for the ten months of January 1, 2017 – October 31, 2017.
(D)	Calculated based on average number of shares outstanding.
(E)	Not annualized.
(F)	Annualized.
(G)	Includes reorganization expenses incurred outside the Fund’s operating expense limit.
(H)	Includes reimbursement of custody fees at the underlying Series Portfolio level.

For a share outstanding during the years indicated:	Transamerica Small Cap Growth
	Class A
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	6.51		$	6.89		$	12.15		$	12.82		$	12.87
Investment operations:
Net investment income (loss) (A)		(0.05	)		(0.04	)		(0.06	)		(0.10	)(B)		(0.03	)
Net realized and unrealized gain (loss)		0.61			0.34			2.42			0.49			1.03
Total investment operations		0.56			0.30			2.36			0.39			1.00
Dividends and/or distributions to shareholders:
Net realized gains		(0.64	)		(0.68	)		(7.62	)		(1.06	)		(1.05	)
Net asset value, end of year	$	6.43		$	6.51		$	6.89		$	12.15		$	12.82
Total return (C)		11.11	%		4.50	%		26.31	%		3.42	%		8.27	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	14,777		$	18,537		$	15,520		$	8,835		$	2,882
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.47	%		1.41	%		1.51	%		1.36	%		1.30	%
Including waiver and/or reimbursement and recapture		1.35	%		1.25	%		1.41	%(D)		1.35	%(B)		1.30	%
Net investment income (loss) to average net assets		(0.81	)%		(0.55	)%		(0.92	)%		(0.82	)%(B)		(0.26	)%
Portfolio turnover rate		72	%		55	%		80	%		43	%		60	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(D)	Includes reorganization expenses incurred outside the Fund’s operating expense limit.

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

Transamerica Funds Annual Report 2019

Page    462

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Small Cap Growth
	Class C
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	5.91		$	6.35		$	11.77		$	12.55		$	12.70
Investment operations:
Net investment income (loss) (A)		(0.09	)		(0.08	)		(0.10	)		(0.18	)(B)		(0.15	)
Net realized and unrealized gain (loss)		0.54			0.32			2.30			0.46			1.05
Total investment operations		0.45			0.24			2.20			0.28			0.90
Dividends and/or distributions to shareholders:
Net realized gains		(0.64	)		(0.68	)		(7.62	)		(1.06	)		(1.05	)
Net asset value, end of year	$	5.72		$	5.91		$	6.35		$	11.77		$	12.55
Total return (C)		10.28	%		3.87	%		25.22	%		2.56	%		7.54	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	4,131		$	4,604		$	3,588		$	1,369		$	1,380
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.19	%		2.15	%		2.23	%		2.10	%		2.02	%
Including waiver and/or reimbursement and recapture		2.10	%		2.00	%		2.16	%(D)		2.09	%(B)		2.02	%
Net investment income (loss) to average net assets		(1.55	)%		(1.32	)%		(1.69	)%		(1.54	)%(B)		(1.20	)%
Portfolio turnover rate		72	%		55	%		80	%		43	%		60	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the contingent deferred sales charge.
(D)	Includes reorganization expenses incurred outside the Fund’s operating expense limit.

For a share outstanding during the years indicated:	Transamerica Small Cap Growth
	Class I
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	6.74		$	7.09		$	12.30		$	12.94		$	12.94
Investment operations:
Net investment income (loss) (A)		(0.03	)		(0.02	)		(0.05	)		(0.06	)(B)		(0.06	)
Net realized and unrealized gain (loss)		0.64			0.35			2.46			0.48			1.11
Total investment operations		0.61			0.33			2.41			0.42			1.05
Dividends and/or distributions to shareholders:
Net realized gains		(0.64	)		(0.68	)		(7.62	)		(1.06	)		(1.05	)
Net asset value, end of year	$	6.71		$	6.74		$	7.09		$	12.30		$	12.94
Total return		11.50	%		4.82	%		26.40	%		3.64	%		8.63	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	37,424		$	31,592		$	27,564		$	2,042		$	2,540
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.13	%		1.11	%		1.18	%		1.03	%		1.00	%
Including waiver and/or reimbursement and recapture		1.07	%		1.00	%		1.16	%(C)		1.03	%(B)		1.00	%
Net investment income (loss) to average net assets		(0.54	)%		(0.31	)%		(0.69	)%		(0.48	)%(B)		(0.44	)%
Portfolio turnover rate		72	%		55	%		80	%		43	%		60	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Includes reorganization expenses incurred outside the Fund’s operating expense limit.

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

Transamerica Funds Annual Report 2019

Page    463

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Small Cap Growth
	Class I2
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	6.85		$	7.18		$	12.36		$	12.99		$	12.97
Investment operations:
Net investment income (loss) (A)		(0.03	)		(0.01	)		(0.04	)		(0.04	)(B)		0.01
Net realized and unrealized gain (loss)		0.65			0.36			2.48			0.47			1.06
Total investment operations		0.62			0.35			2.44			0.43			1.07
Dividends and/or distributions to shareholders:
Net realized gains		(0.64	)		(0.68	)		(7.62	)		(1.06	)		(1.05	)
Net asset value, end of year	$	6.83		$	6.85		$	7.18		$	12.36		$	12.99
Total return		11.48	%		5.06	%		26.63	%		3.71	%		8.78	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	53,600		$	35,995		$	47,690		$	53,790		$	539,006
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.04	%		1.01	%		1.09	%		0.92	%		0.89	%
Including waiver and/or reimbursement and recapture		1.00	%		0.91	%		1.09	%		0.91	%(B)		0.89	%
Net investment income (loss) to average net assets		(0.46	)%		(0.20	)%		(0.57	)%		(0.32	)%(B)		0.07	%
Portfolio turnover rate		72	%		55	%		80	%		43	%		60	%

(A)

Calculated based on average number of shares outstanding.

(B)

Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

For a share outstanding during the period and years indicated:	Transamerica Small Cap Growth
	Class I3
	October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	6.84		$	7.19		$	6.44
Investment operations:
Net investment income (loss) (B)		(0.03	)		(0.01	)		(0.02	)
Net realized and unrealized gain (loss)		0.66			0.34			0.77
Total investment operations		0.63			0.33			0.75
Dividends and/or distributions to shareholders:
Net realized gains		(0.64	)		(0.68	)		—
Net asset value, end of period/year	$	6.83		$	6.84		$	7.19
Total return		11.48	%		4.90	%		11.65	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	26,997		$	29,619		$	34,587
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.04	%		1.01	%		1.07	%(D)
Including waiver and/or reimbursement and recapture		0.99	%		0.90	%		0.90	%(D)
Net investment income (loss) to average net assets		(0.46	)%		(0.20	)%		(0.47	)%(D)
Portfolio turnover rate		72	%		55	%		80	%(C)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.

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

Transamerica Funds Annual Report 2019

Page    464

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Small Cap Growth
	Class R
	October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	6.79		$	7.16		$	6.44
Investment operations:
Net investment income (loss) (B)		(0.06	)		(0.05	)		(0.05	)
Net realized and unrealized gain (loss)		0.63			0.36			0.77
Total investment operations		0.57			0.31			0.72
Dividends and/or distributions to shareholders:
Net realized gains		(0.64	)		(0.68	)		—
Net asset value, end of period/year	$	6.72		$	6.79		$	7.16
Total return		10.78	%		4.48	%		11.18	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	15,869		$	16,846		$	17,479
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.53	%		1.50	%		1.57	%(D)
Including waiver and/or reimbursement and recapture		1.49	%		1.42	%		1.55	%(D)
Net investment income (loss) to average net assets		(0.94	)%		(0.73	)%		(1.17	)%(D)
Portfolio turnover rate		72	%		55	%		80	%(C)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica Small Cap Growth
	Class R4
	October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	6.81		$	7.18		$	6.44
Investment operations:
Net investment income (loss) (B)		(0.02	)		(0.03	)		(0.03	)
Net realized and unrealized gain (loss)		0.65			0.34			0.77
Total investment operations		0.63			0.31			0.74
Dividends and/or distributions to shareholders:
Net realized gains		(0.64	)		(0.68	)		—
Net asset value, end of period/year	$	6.80		$	6.81		$	7.18
Total return		11.54	%		4.60	%		11.49	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	252		$	6,609		$	5,943
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.29	%		1.26	%		1.32	%(D)
Including waiver and/or reimbursement and recapture		1.15	%		1.15	%		1.15	%(D)
Net investment income (loss) to average net assets		(0.38	)%		(0.46	)%		(0.77	)%(D)
Portfolio turnover rate		72	%		55	%		80	%(C)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.

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

Transamerica Funds Annual Report 2019

Page    465

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Small Cap Growth
	Class R6
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016 (A)
Net asset value, beginning of period/year	$	6.85		$	7.18		$	12.36		$	12.65
Investment operations:
Net investment income (loss) (B)		(0.03	)		(0.02	)		(0.04	)		(0.01	)(C)
Net realized and unrealized gain (loss)		0.65			0.37			2.48			(0.28	)(D)
Total investment operations		0.62			0.35			2.44			(0.29	)
Dividends and/or distributions to shareholders:
Net realized gains		(0.64	)		(0.68	)		(7.62	)		—
Net asset value, end of period/year	$	6.83		$	6.85		$	7.18		$	12.36
Total return		11.48	%		5.06	%		26.63	%		(2.29	)%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	72		$	65		$	62		$	49
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.03	%		1.01	%		1.09	%		0.97	%(F)
Including waiver and/or reimbursement and recapture		1.00	%		0.91	%		1.09	%		0.95	%(C)(F)
Net investment income (loss) to average net assets		(0.46	)%		(0.22	)%		(0.58	)%		(0.37	)%(C)(F)
Portfolio turnover rate		72	%		55	%		80	%		43	%

(A)	Commenced operations on July 25, 2016.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(D)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(E)	Not annualized.
(F)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica Small Cap Value
	Class A
	October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.66		$	11.94		$	11.07
Investment operations:
Net investment income (loss) (B)		(0.01	)		0.02			0.01
Net realized and unrealized gain (loss)		0.11			(0.82	)		0.86
Total investment operations		0.10			(0.80	)		0.87
Dividends and/or distributions to shareholders:
Net investment income		(0.06	)		(0.01	)		—
Net realized gains		(0.87	)		(0.47	)		—
Total dividends and/or distributions to shareholders		(0.93	)		(0.48	)		—
Net asset value, end of period/year	$	9.83		$	10.66		$	11.94
Total return (C)		2.35	%		(7.12	)%		7.76	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	4,543		$	3,050		$	2,757
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.36	%		1.45	%(E)		1.49	%(F)
Including waiver and/or reimbursement and recapture		1.27	%		1.20	%(E)		1.30	%(F)
Net investment income (loss) to average net assets		(0.08	)%		0.20	%		0.19	%(F)
Portfolio turnover rate		168	%		84	%		35	%(D)

(A)	Commenced operations on April 21, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(D)	Not annualized.
(E)	Does not include expenses of the underlying investments in which the Fund invests.
(F)	Annualized.

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

Transamerica Funds Annual Report 2019

Page    466

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Small Cap Value
	Class C
	October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.50		$	11.85		$	11.03
Investment operations:
Net investment income (loss) (B)		(0.07	)		(0.06	)		(0.03	)
Net realized and unrealized gain (loss)		0.11			(0.82	)		0.85
Total investment operations		0.04			(0.88	)		0.82
Dividends and/or distributions to shareholders:
Net realized gains		(0.87	)		(0.47	)		—
Net asset value, end of period/year	$	9.67		$	10.50		$	11.85
Total return (C)		1.60	%		(7.88	)%		7.34	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	744		$	786		$	891
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.02	%		2.06	%(E)		2.05	%(F)
Including waiver and/or reimbursement and recapture		2.00	%		1.95	%(E)		2.05	%(F)
Net investment income (loss) to average net assets		(0.75	)%		(0.52	)%		(0.56	)%(F)
Portfolio turnover rate		168	%		84	%		35	%(D)

(A)	Commenced operations on April 21, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Total return has been calculated without deduction of the contingent deferred sales charge.
(D)	Not annualized.
(E)	Does not include expenses of the underlying investments in which the Fund invests.
(F)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica Small Cap Value
	Class I
	October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.75		$	12.03		$	11.14
Investment operations:
Net investment income (loss) (B)		0.02			0.07			0.00	(C)
Net realized and unrealized gain (loss)		0.12			(0.83	)		0.89
Total investment operations		0.14			(0.76	)		0.89
Dividends and/or distributions to shareholders:
Net investment income		(0.09	)		(0.05	)		—
Net realized gains		(0.87	)		(0.47	)		—
Total dividends and/or distributions to shareholders		(0.96	)		(0.52	)		—
Net asset value, end of period/year	$	9.93		$	10.75		$	12.03
Total return		2.66	%		(6.86	)%		7.89	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	15,653		$	756		$	2,521
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.00	%		1.07	%(E)		1.05	%(F)
Including waiver and/or reimbursement and recapture (G)		0.99	%		0.95	%(E)		1.05	%(F)
Net investment income (loss) to average net assets		0.19	%		0.57	%		0.01	%(F)
Portfolio turnover rate		168	%		84	%		35	%(D)

(A)	Commenced operations on April 21, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Not annualized.
(E)	Does not include expenses of the underlying investments in which the Fund invests.
(F)	Annualized.

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

Transamerica Funds Annual Report 2019

Page    467

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Small Cap Value
	Class I2
	October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.76		$	12.04		$	11.15
Investment operations:
Net investment income (loss) (B)		0.09			0.07			0.03
Net realized and unrealized gain (loss)		0.05			(0.83	)		0.86
Total investment operations		0.14			(0.76	)		0.89
Dividends and/or distributions to shareholders:
Net investment income		(0.09	)		(0.05	)		—
Net realized gains		(0.87	)		(0.47	)		—
Total dividends and/or distributions to shareholders		(0.96	)		(0.52	)		—
Net asset value, end of period/year	$	9.94		$	10.76		$	12.04
Total return		2.66	%(C)		(6.81	)%		7.89	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	52,241		$	212,025		$	255,161
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.90	%		0.96	%(E)		0.93	%(F)
Including waiver and/or reimbursement and recapture		0.90	%(G)		0.86	%(E)		0.93	%(F)
Net investment income (loss) to average net assets		0.89	%		0.58	%		0.55	%(F)
Portfolio turnover rate		168	%		84	%		35	%(D)

(A)	Commenced operations on April 21, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Total return reflects certain litigation payments received by the Fund in the year. Had these payments not occurred, the total return would be 0.30% lower.
(D)	Not annualized.
(E)	Does not include expenses of the underlying investments in which the Fund invests.
(F)	Annualized.
(G)	Waiver and/or reimbursement rounds to less than 0.01%.

For a share outstanding during the period and years indicated:	Transamerica Small Cap Value
	Class I3
	October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.77		$	12.05		$	11.15
Investment operations:
Net investment income (loss) (B)		0.04			0.07			0.05
Net realized and unrealized gain (loss)		0.11			(0.84	)		0.85
Total investment operations		0.15			(0.77	)		0.90
Dividends and/or distributions to shareholders:
Net investment income		(0.09	)		(0.04	)		—
Net realized gains		(0.87	)		(0.47	)		—
Total dividends and/or distributions to shareholders		(0.96	)		(0.51	)		—
Net asset value, end of period/year	$	9.96		$	10.77		$	12.05
Total return		2.77	%		(6.78	)%		8.07	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	24,216		$	27,065		$	35,000
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.90	%		0.96	%(D)		0.94	%(E)
Including waiver and/or reimbursement and recapture		0.90	%(F)		0.85	%(D)		0.85	%(E)
Net investment income (loss) to average net assets		0.40	%		0.60	%		0.82	%(E)
Portfolio turnover rate		168	%		84	%		35	%(C)

(A)	Commenced operations on April 21, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Does not include expenses of the underlying investments in which the Fund invests.
(E)	Annualized.
(F)	Waiver and/or reimbursement rounds to less than 0.01%.

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

Transamerica Funds Annual Report 2019

Page    468

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Small Cap Value
	Class R
	October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.73		$	12.01		$	11.15
Investment operations:
Net investment income (loss) (B)		(0.01	)		0.01			0.00	(C)
Net realized and unrealized gain (loss)		0.10			(0.82	)		0.86
Total investment operations		0.09			(0.81	)		0.86
Dividends and/or distributions to shareholders:
Net investment income		(0.02	)		—			—
Net realized gains		(0.87	)		(0.47	)		—
Total dividends and/or distributions to shareholders		(0.89	)		(0.47	)		—
Net asset value, end of period/year	$	9.93		$	10.73		$	12.01
Total return		2.13	%		(7.25	)%		7.71	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	7,982		$	9,264		$	11,811
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.40	%		1.45	%(E)		1.43	%(F)
Including waiver and/or reimbursement and recapture		1.39	%		1.35	%(E)		1.43	%(F)
Net investment income (loss) to average net assets		(0.08	)%		0.10	%		0.01	%(F)
Portfolio turnover rate		168	%		84	%		35	%(D)

(A)	Commenced operations on April 21, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Not annualized.
(E)	Does not include expenses of the underlying investments in which the Fund invests.
(F)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica Small Cap Value
	Class R4
	October 31, 2019			October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			December 31, 2015			December 31, 2014
Net asset value, beginning of period/year	$	10.74		$	12.01		$	11.25		$	9.52		$	10.23		$	9.62
Investment operations:
Net investment income (loss) (D)		(0.01	)		0.04			0.01			0.06			0.07			0.07
Net realized and unrealized gain (loss)		0.14			(0.84	)		0.76			1.75			(0.72	)		0.61
Total investment operations		0.13			(0.80	)		0.77			1.81			(0.65	)		0.68
Dividends and/or distributions to shareholders:
Net investment income		(0.05	)		—			(0.01	)		(0.08	)		(0.06	)		(0.07	)
Net realized gains		(0.87	)		(0.47	)		—			—			—			—
Total dividends and/or distributions to shareholders		(0.92	)		(0.47	)		(0.01	)		(0.08	)		(0.06	)		(0.07	)
Net asset value, end of period/year	$	9.95		$	10.74		$	12.01		$	11.25		$	9.52		$	10.23
Total return		2.57	%		(6.99	)%		6.85	%(E)		19.24	%		(6.33	)%		7.08	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	328		$	253		$	345		$	7,065		$	6,709		$	8,537
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.15	%		1.21	%(F)		2.06	%(G)		1.72	%		1.73	%		1.67	%
Including waiver and/or reimbursement and recapture		1.10	%		1.10	%(F)		1.17	%(G)(H)		1.11	%(H)(I)		1.10	%		1.10	%
Net investment income (loss) to average net assets		(0.07	)%		0.36	%		0.06	%(G)		0.67	%		0.73	%		0.73	%
Portfolio turnover rate		168	%		84	%		35	%(E)		89	%		133	%		18	%

(A)	Transamerica Partners Institutional Small Value reorganized into the Fund on April 21, 2017. Prior to April 21, 2017, information provided reflects Transamerica Partners Institutional Small Value, which was the accounting and performance survivor of the reorganization.
(B)	Effective April 21, 2017, the Fund underwent a 2.16-for-1 share split. The per share data has been retroactively adjusted to reflect the share split. See the Stock Split section of the Notes to Financial Statements for more information.
(C)	The fiscal year end of the Fund is October 31 while the fiscal year end of the accounting and performance survivor is December 31. Prior to the closing of the applicable Transamerica Partners reorganization as of the close of business on April 21, 2017, the accounting and performance survivor operated as a feeder in a master-feeder structure and invested all of its investable assets in a corresponding Series Portfolio. The Financial Highlights represents activity for the ten months of January 1, 2017 – October 31, 2017.
(D)	Calculated based on average number of shares outstanding.
(E)	Not annualized.
(F)	Does not include expenses of the underlying investments in which the Fund invests.
(G)	Annualized.
(H)	Includes reorganization expenses incurred outside the Fund’s operating expense limit.
(I)	Includes reimbursement of custody fees at the underlying Series Portfolio level.

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

Transamerica Funds Annual Report 2019

Page    469

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Small Cap Value
	Class R6
	October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.81		$	12.10		$	11.20
Investment operations:
Net investment income (loss) (B)		0.03			0.07			0.00	(C)
Net realized and unrealized gain (loss)		0.12			(0.84	)		0.90
Total investment operations		0.15			(0.77	)		0.90
Dividends and/or distributions to shareholders:
Net investment income		(0.09	)		(0.05	)		—
Net realized gains		(0.87	)		(0.47	)		—
Total dividends and/or distributions to shareholders		(0.96	)		(0.52	)		—
Net asset value, end of period/year	$	10.00		$	10.81		$	12.10
Total return		2.84	%		(6.85	)%		7.93	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	58		$	57		$	61
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.90	%		0.95	%(E)		0.93	%(F)
Including waiver and/or reimbursement and recapture		0.90	%(G)		0.86	%(E)		0.93	%(F)
Net investment income (loss) to average net assets		0.35	%		0.57	%		0.55	%(F)
Portfolio turnover rate		168	%		84	%		35	%(D)

(A)	Commenced operations on April 21, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Not annualized.
(E)	Does not include expenses of the underlying investments in which the Fund invests.
(F)	Annualized.
(G)	Waiver and/or reimbursement rounds to less than 0.01%.

For a share outstanding during the years indicated:	Transamerica Small/Mid Cap Value
	Class A
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	26.61		$	29.46		$	25.09		$	26.18		$	28.88
Investment operations:
Net investment income (loss) (A)		0.13			0.14			0.03			0.24	(B)		0.05
Net realized and unrealized gain (loss)		1.41			0.61			5.92			0.87			0.04
Total investment operations		1.54			0.75			5.95			1.11			0.09
Dividends and/or distributions to shareholders:
Net investment income		(0.14	)		(0.06	)		(0.22	)		(0.03	)		(0.03	)
Net realized gains		(2.56	)		(3.54	)		(1.36	)		(2.17	)		(2.76	)
Total dividends and/or distributions to shareholders		(2.70	)		(3.60	)		(1.58	)		(2.20	)		(2.79	)
Net asset value, end of year	$	25.45		$	26.61		$	29.46		$	25.09		$	26.18
Total return (C)		7.63	%		2.25	%		24.23	%		4.69	%		0.17	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	349,550		$	357,948		$	362,890		$	338,577		$	400,506
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.31	%		1.29	%		1.28	%		1.34	%		1.31	%
Including waiver and/or reimbursement and recapture		1.31	%		1.29	%		1.28	%		1.33	%(B)		1.31	%
Net investment income (loss) to average net assets		0.54	%		0.49	%		0.09	%		0.99	%(B)		0.20	%
Portfolio turnover rate		60	%		61	%		104	%		74	%		68	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.

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

Transamerica Funds Annual Report 2019

Page    470

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Small/Mid Cap Value
	Class C
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	23.05		$	26.07		$	22.37		$	23.70		$	26.54
Investment operations:
Net investment income (loss) (A)		(0.02	)		(0.03	)		(0.15	)		0.07	(B)		(0.12	)
Net realized and unrealized gain (loss)		1.15			0.55			5.28			0.77			0.04
Total investment operations		1.13			0.52			5.13			0.84			(0.08	)
Dividends and/or distributions to shareholders:
Net investment income		—			—			(0.07	)		—			—
Net realized gains		(2.56	)		(3.54	)		(1.36	)		(2.17	)		(2.76	)
Total dividends and/or distributions to shareholders		(2.56	)		(3.54	)		(1.43	)		(2.17	)		(2.76	)
Net asset value, end of year	$	21.62		$	23.05		$	26.07		$	22.37		$	23.70
Total return (C)		6.85	%		1.60	%		23.43	%		3.99	%		(0.53	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	116,291		$	165,647		$	241,737		$	237,404		$	278,388
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.00	%		1.96	%		1.95	%		2.02	%		1.98	%
Including waiver and/or reimbursement and recapture		2.00	%		1.96	%		1.95	%		2.01	%(B)		1.98	%
Net investment income (loss) to average net assets		(0.09	)%		(0.11	)%		(0.59	)%		0.31	%(B)		(0.47	)%
Portfolio turnover rate		60	%		61	%		104	%		74	%		68	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the contingent deferred sales charge.

For a share outstanding during the years indicated:	Transamerica Small/Mid Cap Value
	Class I
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	27.56		$	30.40		$	25.84		$	26.91		$	29.63
Investment operations:
Net investment income (loss) (A)		0.23			0.24			0.10			0.34	(B)		0.16
Net realized and unrealized gain (loss)		1.46			0.63			6.14			0.89			0.03
Total investment operations		1.69			0.87			6.24			1.23			0.19
Dividends and/or distributions to shareholders:
Net investment income		(0.23	)		(0.17	)		(0.32	)		(0.13	)		(0.15	)
Net realized gains		(2.56	)		(3.54	)		(1.36	)		(2.17	)		(2.76	)
Total dividends and/or distributions to shareholders		(2.79	)		(3.71	)		(1.68	)		(2.30	)		(2.91	)
Net asset value, end of year	$	26.46		$	27.56		$	30.40		$	25.84		$	26.91
Total return		8.03	%		2.60	%		24.68	%		5.06	%		0.51	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	296,684		$	270,188		$	242,460		$	158,538		$	188,583
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.95	%		0.94	%		0.94	%		0.98	%		0.95	%
Including waiver and/or reimbursement and recapture		0.95	%		0.94	%		0.94	%		0.97	%(B)		0.95	%
Net investment income (loss) to average net assets		0.90	%		0.82	%		0.35	%		1.35	%(B)		0.57	%
Portfolio turnover rate		60	%		61	%		104	%		74	%		68	%

(A)

Calculated based on average number of shares outstanding.

(B)

Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

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

Transamerica Funds Annual Report 2019

Page    471

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Small/Mid Cap Value
	Class I2
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	27.62		$	30.45		$	25.88		$	26.95		$	29.68
Investment operations:
Net investment income (loss) (A)		0.26			0.27			0.15			0.36	(B)		0.18
Net realized and unrealized gain (loss)		1.46			0.63			6.12			0.90			0.03
Total investment operations		1.72			0.90			6.27			1.26			0.21
Dividends and/or distributions to shareholders:
Net investment income		(0.26	)		(0.19	)		(0.34	)		(0.16	)		(0.18	)
Net realized gains		(2.56	)		(3.54	)		(1.36	)		(2.17	)		(2.76	)
Total dividends and/or distributions to shareholders		(2.82	)		(3.73	)		(1.70	)		(2.33	)		(2.94	)
Net asset value, end of year	$	26.52		$	27.62		$	30.45		$	25.88		$	26.95
Total return		8.14	%		2.72	%		24.80	%		5.18	%		0.57	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	20,641		$	19,429		$	20,628		$	18,082		$	19,012
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.85	%		0.84	%		0.84	%		0.88	%		0.86	%
Including waiver and/or reimbursement and recapture		0.85	%		0.84	%		0.84	%		0.87	%(B)		0.86	%
Net investment income (loss) to average net assets		1.01	%		0.95	%		0.51	%		1.46	%(B)		0.66	%
Portfolio turnover rate		60	%		61	%		104	%		74	%		68	%

(A)

Calculated based on average number of shares outstanding.

(B)

Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

For a share outstanding during the period and years indicated:	Transamerica Small/Mid Cap Value
	Class R6
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	27.74		$	30.56		$	25.97		$	26.95		$	28.36
Investment operations:
Net investment income (loss) (B)		0.20			0.18			0.10			0.44	(C)		0.05
Net realized and unrealized gain (loss)		1.52			0.74			6.19			0.82			(1.46	)(D)
Total investment operations		1.72			0.92			6.29			1.26			(1.41	)
Dividends and/or distributions to shareholders:
Net investment income		(0.26	)		(0.20	)		(0.34	)		(0.07	)		—
Net realized gains		(2.56	)		(3.54	)		(1.36	)		(2.17	)		—
Total dividends and/or distributions to shareholders		(2.82	)		(3.74	)		(1.70	)		(2.24	)		—
Net asset value, end of period/year	$	26.64		$	27.74		$	30.56		$	25.97		$	26.95
Total return		8.11	%		2.75	%		24.79	%		5.18	%		(4.97	)%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	48,043		$	11,822		$	3,961		$	941		$	48
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.85	%		0.84	%		0.84	%		0.88	%		0.86	%(F)
Including waiver and/or reimbursement and recapture		0.85	%		0.84	%		0.84	%		0.86	%(C)		0.86	%(F)
Net investment income (loss) to average net assets		0.80	%		0.62	%		0.33	%		1.72	%(C)		0.43	%(F)
Portfolio turnover rate		60	%		61	%		104	%		74	%		68	%

(A)	Commenced operations on May 29, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(D)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(E)	Not annualized.
(F)	Annualized.

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

Transamerica Funds Annual Report 2019

Page    472

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Unconstrained Bond
	Class I
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	9.85		$	10.23		$	9.92		$	9.83		$	10.00
Investment operations:
Net investment income (loss) (B)		0.41			0.37			0.22			0.42	(C)		0.27
Net realized and unrealized gain (loss)		0.00	(D)(E)		(0.38	)		0.38			0.04			(0.18	)
Total investment operations		0.41			(0.01	)		0.60			0.46			0.09
Dividends and/or distributions to shareholders:
Net investment income		(0.36	)		(0.33	)		(0.29	)		(0.37	)		(0.26	)
Net realized gains		—			(0.00	)(F)		—			—			—
Return of capital		(0.05	)		(0.04	)		—			—			—
Total dividends and/or distributions to shareholders		(0.41	)		(0.37	)		(0.29	)		(0.37	)		(0.26	)
Net asset value, end of period/year	$	9.85		$	9.85		$	10.23		$	9.92		$	9.83
Total return		4.23	%		(0.14	)%		6.07	%		4.86	%		0.95	%(G)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	869		$	1,817		$	2,110		$	287		$	288
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.83	%(H)		0.87	%(H)		0.91	%		0.95	%		1.05	%(I)
Including waiver and/or reimbursement and recapture		0.83	%(H)(J)		0.87	%(H)(J)		0.93	%		0.95	%(C)(H)		0.95	%(I)
Net investment income (loss) to average net assets		4.22	%		3.62	%		2.18	%		4.33	%(C)		3.03	%(I)
Portfolio turnover rate		87	%		72	%		87	%		141	%		95	%(G)

(A)	Commenced operations on December 8, 2014.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Rounds to less than $0.01 or $(0.01).
(E)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(F)	Rounds to less than $0.01 or $(0.01).
(G)	Not annualized.
(H)	Does not include expenses of the underlying investments in which the Fund invests.
(I)	Annualized.
(J)	Waiver and/or reimbursement rounds to less than 0.01%.

For a share outstanding during the period and years indicated:	Transamerica Unconstrained Bond
	Class I2
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	9.81		$	10.20		$	9.91		$	9.83		$	10.00
Investment operations:
Net investment income (loss) (B)		0.42			0.40			0.27			0.43	(C)		0.27
Net realized and unrealized gain (loss)		0.02	(D)		(0.41	)		0.35			0.03			(0.17	)
Total investment operations		0.44			(0.01	)		0.62			0.46			0.10
Dividends and/or distributions to shareholders:
Net investment income		(0.37	)		(0.34	)		(0.33	)		(0.38	)		(0.27	)
Net realized gains		—			(0.00	)(E)		—			—			—
Return of capital		(0.05	)		(0.04	)		—			—			—
Total dividends and/or distributions to shareholders		(0.42	)		(0.38	)		(0.33	)		(0.38	)		(0.27	)
Net asset value, end of period/year	$	9.83		$	9.81		$	10.20		$	9.91		$	9.83
Total return		4.54	%		(0.10	)%		6.32	%		4.87	%		0.99	%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	993,309		$	709,125		$	266,887		$	219,009		$	202,883
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.73	%(G)		0.78	%(G)		0.81	%		0.84	%		0.94	%(H)
Including waiver and/or reimbursement and recapture		0.73	%(G)(I)		0.78	%(G)(I)		0.81	%		0.84	%(C)		0.94	%(H)
Net investment income (loss) to average net assets		4.25	%		3.97	%		2.70	%		4.40	%(C)		3.04	%(H)
Portfolio turnover rate		87	%		72	%		87	%		141	%		95	%(F)

(A)	Commenced operations on December 8, 2014.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(D)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(E)	Rounds to less than $0.01 or $(0.01).
(F)	Not annualized.
(G)	Does not include expenses of the underlying investments in which the Fund invests.
(H)	Annualized.
(I)	Waiver and/or reimbursement rounds to less than 0.01%.

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

Transamerica Funds Annual Report 2019

Page    473

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica US Growth
	Class A
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	20.92		$	20.75		$	16.87		$	17.45		$	19.22
Investment operations:
Net investment income (loss) (A)		(0.06	)		(0.07	)		0.01			0.00	(B)(C)		0.00	(C)
Net realized and unrealized gain (loss)		3.44			2.36			4.25			(0.17	)		1.95
Total investment operations		3.38			2.29			4.26			(0.17	)		1.95
Dividends and/or distributions to shareholders:
Net investment income		—			(0.00	)(C)		(0.01	)		(0.00	)(C)		(0.02	)
Net realized gains		(2.14	)		(2.12	)		(0.37	)		(0.41	)		(3.70	)
Total dividends and/or distributions to shareholders		(2.14	)		(2.12	)		(0.38	)		(0.41	)		(3.72	)
Net asset value, end of year	$	22.16		$	20.92		$	20.75		$	16.87		$	17.45
Total return (D)		19.17	%		11.74	%		25.76	%		(0.95	)%		11.59	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	661,541		$	550,529		$	500,587		$	432,130		$	470,702
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.16	%		1.16	%		1.18	%		1.20	%		1.19	%
Including waiver and/or reimbursement and recapture		1.16	%		1.16	%		1.18	%		1.18	%(B)		1.19	%
Net investment income (loss) to average net assets		(0.32	)%		(0.35	)%		0.07	%		0.03	%(B)		0.01	%
Portfolio turnover rate		37	%		27	%		35	%		34	%		38	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.

For a share outstanding during the years indicated:	Transamerica US Growth
	Class C
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	19.63		$	19.75		$	16.18		$	16.89		$	18.82
Investment operations:
Net investment income (loss) (A)		(0.21	)		(0.22	)		(0.13	)		(0.12	)(B)		(0.13	)
Net realized and unrealized gain (loss)		3.19			2.22			4.07			(0.18	)		1.90
Total investment operations		2.98			2.00			3.94			(0.30	)		1.77
Dividends and/or distributions to shareholders:
Net investment income		—			—			(0.00	)(C)		—			—
Net realized gains		(2.14	)		(2.12	)		(0.37	)		(0.41	)		(3.70	)
Total dividends and/or distributions to shareholders		(2.14	)		(2.12	)		(0.37	)		(0.41	)		(3.70	)
Net asset value, end of year	$	20.47		$	19.63		$	19.75		$	16.18		$	16.89
Total return (D)		18.30	%		10.78	%		24.84	%		(1.77	)%		10.72	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	18,378		$	13,930		$	48,087		$	44,877		$	53,482
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.93	%		1.96	%		1.97	%		1.99	%		1.98	%
Including waiver and/or reimbursement and recapture		1.93	%		1.96	%		1.97	%		1.97	%(B)		1.98	%
Net investment income (loss) to average net assets		(1.09	)%		(1.09	)%		(0.72	)%		(0.76	)%(B)		(0.78	)%
Portfolio turnover rate		37	%		27	%		35	%		34	%		38	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Total return has been calculated without deduction of the contingent deferred sales charge.

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

Transamerica Funds Annual Report 2019

Page    474

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica US Growth
	Class I
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	21.31		$	21.11		$	17.15		$	17.74		$	19.49
Investment operations:
Net investment income (loss) (A)		(0.01	)		(0.01	)		0.07			0.06	(B)		0.06
Net realized and unrealized gain (loss)		3.54			2.39			4.33			(0.18	)		1.98
Total investment operations		3.53			2.38			4.40			(0.12	)		2.04
Dividends and/or distributions to shareholders:
Net investment income		—			(0.06	)		(0.07	)		(0.06	)		(0.09	)
Net realized gains		(2.14	)		(2.12	)		(0.37	)		(0.41	)		(3.70	)
Total dividends and/or distributions to shareholders		(2.14	)		(2.18	)		(0.44	)		(0.47	)		(3.79	)
Net asset value, end of year	$	22.70		$	21.31		$	21.11		$	17.15		$	17.74
Total return		19.56	%		12.01	%		26.21	%		(0.67	)%		11.96	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	266,730		$	186,752		$	183,788		$	160,628		$	182,714
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.86	%		0.87	%		0.88	%		0.87	%		0.86	%
Including waiver and/or reimbursement and recapture		0.86	%		0.87	%		0.88	%		0.85	%(B)		0.86	%
Net investment income (loss) to average net assets		(0.03	)%		(0.06	)%		0.37	%		0.35	%(B)		0.34	%
Portfolio turnover rate		37	%		27	%		35	%		34	%		38	%

(A)

Calculated based on average number of shares outstanding.

(B)

Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.

For a share outstanding during the years indicated:	Transamerica US Growth
	Class I2
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	21.27		$	21.07		$	17.13		$	17.72		$	19.48
Investment operations:
Net investment income (loss) (A)		0.01			0.02			0.09			0.08	(B)		0.08
Net realized and unrealized gain (loss)		3.54			2.39			4.31			(0.18	)		1.98
Total investment operations		3.55			2.41			4.40			(0.10	)		2.06
Dividends and/or distributions to shareholders:
Net investment income		—			(0.09	)		(0.09	)		(0.08	)		(0.12	)
Net realized gains		(2.14	)		(2.12	)		(0.37	)		(0.41	)		(3.70	)
Total dividends and/or distributions to shareholders		(2.14	)		(2.21	)		(0.46	)		(0.49	)		(3.82	)
Net asset value, end of year	$	22.68		$	21.27		$	21.07		$	17.13		$	17.72
Total return		19.70	%		12.18	%		26.29	%		(0.53	)%		12.10	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	491,921		$	190,514		$	230,952		$	258,722		$	361,470
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.74	%		0.75	%		0.75	%		0.74	%		0.73	%
Including waiver and/or reimbursement and recapture		0.74	%		0.75	%		0.75	%		0.72	%(B)		0.73	%
Net investment income (loss) to average net assets		0.07	%		0.08	%		0.50	%		0.48	%(B)		0.47	%
Portfolio turnover rate		37	%		27	%		35	%		34	%		38	%

(A)

Calculated based on average number of shares outstanding.

(B)

Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.

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

Transamerica Funds Annual Report 2019

Page    475

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica US Growth
	Class T
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	56.19		$	52.20		$	41.76		$	42.47		$	41.55
Investment operations:
Net investment income (loss) (A)		0.02			0.00	(B)		0.20			0.17	(C)		0.16
Net realized and unrealized gain (loss)		10.37			6.16			10.66			(0.43	)		4.54
Total investment operations		10.39			6.16			10.86			(0.26	)		4.70
Dividends and/or distributions to shareholders:
Net investment income		—			(0.05	)		(0.05	)		(0.04	)		(0.08	)
Net realized gains		(2.14	)		(2.12	)		(0.37	)		(0.41	)		(3.70	)
Total dividends and/or distributions to shareholders		(2.14	)		(2.17	)		(0.42	)		(0.45	)		(3.78	)
Net asset value, end of year	$	64.44		$	56.19		$	52.20		$	41.76		$	42.47
Total return (D)		19.63	%		12.10	%		26.24	%		(0.59	)%		12.01	%
Ratios and supplemental data:
Net assets end of year (000’s)	$	125,598		$	113,486		$	109,183		$	94,877		$	105,379
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.80	%		0.81	%		0.82	%		0.82	%		0.82	%
Including waiver and/or reimbursement and recapture		0.80	%		0.81	%		0.82	%		0.80	%(C)		0.82	%
Net investment income (loss) to average net assets		0.04	%		0.02	%		0.43	%		0.40	%(C)		0.38	%
Portfolio turnover rate		37	%		27	%		35	%		34	%		38	%

(A)	Calculated based on average number of shares outstanding.
(B)	Rounds to less than $0.01 or $(0.01).
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Total return has been calculated without deduction of the initial sales charge.

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

Transamerica Funds Annual Report 2019

Page    476

NOTES TO FINANCIAL STATEMENTS

At October 31, 2019

1. ORGANIZATION

Transamerica Funds (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust applies investment company accounting and reporting guidance. The funds (each, a “Fund” and collectively, the “Funds”) are each a series of the Trust and are as follows:

Fund	Class
Transamerica Balanced II (“Balanced II”)	I3,R
Transamerica Bond (“Bond”) (A) (B)	A,C,I,I2,R6
Transamerica Capital Growth (“Capital Growth”) (A) (B) (C) (D) (E)	A,C,I,I2,R6
Transamerica Dividend Focused (“Dividend Focused”) (A) (C)	A,C,I,I2,R6
Transamerica Dynamic Allocation (“Dynamic Allocation”) (A)	A,C,I
Transamerica Dynamic Income (“Dynamic Income”) (A) (C)	A,C,I
Transamerica Emerging Markets Debt (“Emerging Markets Debt”) (A) (C)	A,C,I,I2,R6
Transamerica Emerging Markets Equity (“Emerging Markets Equity”) (A) (C)	A,C,I,I2
Transamerica Event Driven (“Event Driven”) (C)	I,I2
Transamerica Floating Rate (“Floating Rate”) (A)	A,C,I,I2
Transamerica Global Equity (“Global Equity”) (A) (B) (C)	A,C,I,R6
Transamerica Government Money Market (“Government Money Market”) (B)	A,C,I,I2,I3,R2,R4
Transamerica High Quality Bond (“‘High Quality Bond”)	I3,R,R4
Transamerica High Yield Bond (“High Yield Bond”) (A) (B) (C)	A,C,I,I2,I3,R,R4,R6
Transamerica High Yield Muni (“High Yield Muni”) (A)	A,C,I,I2
Transamerica Inflation Opportunities (“Inflation Opportunities”) (A)	A,C,I,I2,R6
Transamerica Inflation-Protected Securities (“Inflation-Protected Securities”)	I3,R,R4
Transamerica Intermediate Bond (“Intermediate Bond”)	I2,I3,R,R4
Transamerica Intermediate Muni (“Intermediate Muni”) (A) (C)	A,C,I,I2
Transamerica International Equity (“International Equity”) (A) (C)	A,C,I,I2,I3,R,R4,R6
Transamerica International Growth (“International Growth”)	A,I,I2,R6
Transamerica International Small Cap Value (“International Small Cap Value”)	I,I2
Transamerica International Stock (“International Stock”)	A,I,I2,R6
Transamerica Large Cap Value (“Large Cap Value”) (A) (C)	A,C,I,I2,R6
Transamerica Large Core (“Large Core”)	I3,R,R4
Transamerica Large Growth (“Large Growth”)	I3,R,R4
Transamerica Large Value Opportunities (“Large Value Opportunities”)	I3,R,R4
Transamerica Mid Cap Growth (“Mid Cap Growth”) (A) (C)	A,C,I,I2,I3,R,R4
Transamerica Mid Cap Value Opportunities (“Mid Cap Value Opportunities”) (A) (C)	A,C,I,I2,I3,R,R4,R6
Transamerica MLP & Energy Income (“MLP & Energy Income”) (A) (C)	A,C,I,I2
Transamerica Multi-Asset Income (“Multi-Asset Income”) (A) (C) (F)	A,C,I,I2
Transamerica Multi-Managed Balanced (“Multi-Managed Balanced”) (A) (B) (C)	A,C,I,R6
Transamerica Short-Term Bond (“Short-Term Bond”) (A) (C)	A,C,I,I2,R6
Transamerica Small Cap Core (“Small Cap Core”) (A) (C)	A,C,I,I2,I3,R,R4
Transamerica Small Cap Growth (“Small Cap Growth”) (A) (C)	A,C,I,I2,I3,R,R4,R6
Transamerica Small Cap Value (“Small Cap Value”) (A) (C)	A,C,I,I2,I3,R,R4,R6
Transamerica Small/Mid Cap Value (“Small/Mid Cap Value”) (A) (B) (C)	A,C,I,I2,R6
Transamerica Unconstrained Bond (“Unconstrained Bond”) (C)	I,I2
Transamerica US Growth (“US Growth”) (A) (B) (C) (G)	A,C,I,I2,T

(A)	The T1 class ceased operations on February 15, 2019.
(B)	The B class ceased operations on May 6, 2019.
(C)	The Advisor class ceased operations on February 15, 2019.
(D)	Transamerica Growth reorganized into Capital Growth on October 18, 2019.
(E)	The R6 class launched on October 18, 2019.
(F)	Formerly, Transamerica Strategic High Income.
(G)	Transamerica Multi-Cap Growth and Transamerica Concentrated Growth reorganized into US Growth on August 2, 2019 and October 18, 2019, respectively.

Each class has a public offering price that reflects different sales charges, if any, and expense levels. Effective May 6, 2019, Class B shares automatically converted to Class A shares. Class B shares are no longer available to existing investors except for exchanges, and dividend and capital gains reinvestment. Effective September 16, 2018, Class C shares will convert to Class A shares ten years from the date of purchase.

Transamerica Funds Annual Report 2019

Page    477

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

1. ORGANIZATION (continued)

Emerging Markets Debt, Event Driven, High Yield Muni and MLP & Energy Income are “non-diversified” Funds, as defined under the 1940 Act.

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

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

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

TAM’s investment management services also include the provision of supervisory and administrative services to the Funds. These services include performing certain administrative services for the Funds and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Funds by State Street Bank and Trust Company (“State Street”), to whom TAM has outsourced the provision of certain services as described below: to the extent agreed upon by TAM and the Funds from time to time, monitoring and verifying the custodian’s daily calculation of the Net Asset Values (“NAV”); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Funds’ custodian and dividend disbursing agent and monitoring their services to the Funds; assisting the Funds in preparing reports to shareholders; acting as liaison with the Funds’ independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Funds.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

Transamerica Funds Annual Report 2019

Page    478

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

Security transactions and investment income: Security transactions are accounted for on the trade date. Security gains and losses are calculated on the specific identification basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Funds are informed of the ex-dividend dates, net of foreign taxes. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

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

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

Foreign taxes: The Funds may be subject to taxes imposed by the countries in which they invest, with respect to their investments in issuers existing or operating in such countries. The Funds may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Funds accrue such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Funds invest. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

Cash overdraft: The Funds may have cash overdraft balances. A fee is incurred on these overdrafts, calculated by multiplying the overdraft by a rate based on the Federal Funds Rate. Payables, if any, are reflected as Due to custodian within the Statements of Assets and Liabilities. Expenses, if any, from U.S. cash overdrafts are reflected in Custody fees within the Statements of Operations. Expenses, if any, from foreign cash overdrafts are reflected in Other expenses within the Statements of Operations.

Commission recapture: The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Funds with broker/dealers with which other funds or portfolios advised by TAM have established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Funds. In no event will commissions, paid by the Funds, be used to pay expenses that would otherwise be borne by any other funds or portfolios advised by TAM, or by any other party.

Commissions recaptured are included within Net realized gain (loss) within the Statements of Operations. For the year ended October 31, 2019, commissions recaptured are as follows. Funds not listed in the subsequent table do not have any commissions recaptured during the year.

Fund	Commissions Recaptured
Dividend Focused	$	22,865
Emerging Markets Equity		438,784
International Equity		150,710
International Small Cap Value		17,247
International Stock		701
Large Cap Value		12,559
Large Core		9,660
Large Growth		12,124
Large Value Opportunities		52
Mid Cap Growth		212
Mid Cap Value Opportunities		122,963

Transamerica Funds Annual Report 2019

Page    479

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Fund	Commissions Recaptured
Multi-Asset Income	$	4,439
Multi-Managed Balanced		9,602
Small Cap Growth		19,768
Small Cap Value		89,239
Small/Mid Cap Value		56,379
US Growth		2,996

Statement of cash flows: GAAP requires entities providing financial statements that report both a financial position and results of operations to also provide a Statement of Cash Flows for each period for which results of operations are provided, but exempts investment companies meeting certain conditions. These conditions may include the enterprise had little or no debt, based on the average debt outstanding during the year, little or no illiquid investments, and little or no investments classified as Level 3 of the fair value hierarchy in relation to average total assets. Funds with certain degrees of borrowing activity, typically through the use of sale-buyback financing transactions, line of credit borrowing, short sale transactions, illiquid investments, or Level 3 classified securities have been determined to be at a level requiring a Statement of Cash Flows. A Statement of Cash Flows has been prepared for Event Driven using the indirect method which requires net change in net assets resulting from operations to be adjusted to reconcile to net cash flows from operating activities.

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

3. SECURITY VALUATION

All investments in securities are recorded at their estimated fair value. The Funds value their investments at the official close of the New York Stock Exchange (“NYSE”) each day the NYSE is open for business.

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

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

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include the Funds’ own assumptions used in determining the fair value of investments and derivative instruments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the “practical expedient” have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Funds’ investments at October 31, 2019, is disclosed within the Security Valuation section of each Fund’s Schedule of Investments.

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

Transamerica Funds Annual Report 2019

Page    480

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

3. SECURITY VALUATION (continued)

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

Equity securities: Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

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

Foreign equity securities: Securities in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, or ETFs and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

Investment companies: Certain investment companies are valued at the NAV of the underlying Funds 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 of the underlying funds and no valuation adjustments are applied. These investment companies are categorized in Level 1 of the fair value hierarchy.

Securities lending collateral: Securities lending collateral is invested in a money market fund which is valued at the NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

Asset-backed securities: The fair value of asset-backed securities is estimated based on models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

Commercial paper: Commercial paper is valued using amortized cost, which approximates fair value. The values are generally categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

Convertible bonds: The fair value of convertible bonds is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, broker price quotations (where observable), and models incorporating benchmark curves, underlying stock data, and foreign exchange rates. While most convertible bonds are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

Corporate debt securities: The fair value of corporate debt securities is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate debt securities are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

Foreign government obligations: Foreign government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. Foreign government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

Loan assignments: Loan assignments are normally valued using an income approach, which projects future cash flows and converts those future cash flows to a present value using a discount rate. The resulting present value reflects the likely fair value of the loan. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise are categorized in Level 3.

Mortgage-backed securities: The fair value of mortgage-backed securities is estimated based on models that consider issuer type, coupon, cash flows, mortgage prepayment projection tables and adjustable rate mortgage evaluations that incorporate index data, periodic life caps and the next coupon reset date. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they are categorized in Level 3.

Transamerica Funds Annual Report 2019

Page    481

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

3. SECURITY VALUATION (continued)

Municipal government obligations: The fair value of municipal government obligations and variable rate notes is estimated based on models that consider, among other factors, information received from market makers and broker-dealers, current trades, bid-want lists, offerings, market movements, the liquidity of the bond, state of issuance, benchmark yield curves, and bond or note insurance. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they are categorized in Level 3.

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

Short-term notes: A Fund normally values short-term government and U.S. government agency securities using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers and reference data. Certain securities are valued by principally using dealer quotations. Short-term government and U.S. government agency securities generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

Government Money Market values all security positions using amortized cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

U.S. government agency obligations: U.S. government agency obligations are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs. Generally, agency issued debt securities are valued in a manner similar to U.S. government obligations. Mortgage pass-throughs include to be announced (“TBA”) securities and mortgage pass-through certificates. Generally, TBA securities and mortgage pass-throughs are valued using dealer quotations. Depending on market activity levels and whether quotations or other observable data are used, these securities are typically categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

U.S. government obligations: U.S. government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. U.S. government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

Warrants: Warrants may be priced intrinsically using a model that incorporates the subscription or strike price, the daily market price for the underlying security, and a subscription ratio. If the inputs are unavailable, or if the subscription or strike price is higher than the market price, then the warrants are priced at zero. Warrants are generally categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

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

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

4. SECURITIES AND OTHER INVESTMENTS

Loan participations and assignments: The Funds may invest in direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers, either in the form of participations at the time the loan is originated (“Participations”) or buying an interest in the loan in the secondary market from a financial institution or institutional investor (“Assignments”). Participations and Assignments in commercial loans may be secured or unsecured. These investments may include standby financing commitments, including revolving credit facilities that obligate the Funds to supply additional cash to the borrowers on

Transamerica Funds Annual Report 2019

Page    482

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

4. SECURITIES AND OTHER INVESTMENTS (continued)

demand. Loan Participations and Assignments involve risks of insolvency of the lending banks or other financial intermediaries. As such, the Funds assume the credit risks associated with the corporate borrowers and may assume the credit risks associated with the interposed banks or other financial intermediaries.

Each Fund, based on its ability to invest in Loan Participations and Assignments, may be contractually obligated to receive approval from the agent banks and/or borrowers prior to the sale of these investments. The Funds that participate in such syndications, or that can buy a portion of the loans, become part lenders. Loans are often administered by agent banks acting as agents for all holders.

The agent banks administer the terms of the loans, as specified in the loan agreements. In addition, the agent banks are normally responsible for the collection of principal and interest payments from the corporate borrowers and the apportionment of these payments to the credit of all institutions that are parties to the loan agreements. Unless the Funds have direct recourse against the corporate borrowers under the terms of the loans or other indebtedness, the Funds may have to rely on the agent banks or other financial intermediaries to apply appropriate credit remedies against corporate borrowers.

Unfunded commitments represent the remaining obligation of the Funds to the borrower. At any point in time, up to the maturity date of the issue, the borrower may demand the unfunded portion. These unfunded amounts are marked-to-market and any unrealized appreciation (depreciation) are recorded within the Statements of Assets and Liabilities. Funds not listed in the subsequent table do not have any unfunded commitments during the year.

Fund	Principal Commitment		Unrealized Appreciation (Depreciation)
Floating Rate
Mavis Tire Express Services Corp., Delayed Draw Term Loan	$	60,216	$	(3,336	)
Safety Products/JHC Acquisition Corp., Delayed Draw Term Loan		105,435		(2,220	)
United PF Holdings, LLC, Delayed Draw Term Loan		76,007		(382	)
Total	$	241,658	$	(5,938	)
Unconstrained Bond
Mavis Tire Express Services Corp., Delayed Draw Term Loan	$	84,919	$	(4,265	)
Total	$	84,919	$	(4,265	)

Open secured loan participations and assignments at October 31, 2019, if any, are included within the Schedule of Investments.

Payment in-kind (“PIK”) securities: PIKs give the issuer the option of making interest payments in either cash or additional debt securities at each interest payment date. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a “dirty price”) and require a pro-rata adjustment from Total distributable earnings (loss) to Interest within the Statements of Assets and Liabilities.

PIKs held at October 31, 2019, if any, are identified within the Schedule of Investments.

Real estate investment trusts (“REIT”): REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management’s estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year’s classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at October 31, 2019, if any, are identified within the Schedule of Investments.

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

Restricted securities held at October 31, 2019, if any, are identified within the Schedule of Investments.

Transamerica Funds Annual Report 2019

Page    483

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

4. SECURITIES AND OTHER INVESTMENTS (continued)

Treasury inflation-protected securities (“TIPS”): Certain Funds may invest in TIPS, which are fixed income securities whose principal value is periodically adjusted according to the rate of inflation/deflation. If the index measuring inflation/deflation rises or falls, the principal value of TIPS will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to a larger or smaller principal amount) will be increased or reduced, respectively. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds and notes. For bonds and notes that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

TIPS held at October 31, 2019, if any, are included within the Schedule of Investments. The adjustments, if any, to principal due to inflation/deflation are reflected as increases/decreases to Interest income within the Statements of Operations, with a corresponding adjustment to Investments, at cost within the Statements of Assets and Liabilities.

When-issued, delayed-delivery, forward, and to be announced (“TBA”) commitment transactions: The Funds may purchase or sell securities on a when-issued, delayed-delivery, forward and TBA commitment basis. When-issued and forward commitment transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Funds engage in when-issued and forward commitment transactions to obtain an advantageous price and yield at the time of the transaction. The Funds engage in when-issued and forward commitment transactions for the purpose of acquiring securities, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Funds may be required to pay more at settlement than the security is worth. In addition, the Funds are not entitled to any of the interest earned prior to settlement.

Delayed-delivery transactions involve a commitment by the Funds to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Funds will segregate with their custodian either cash, U.S. government securities, or other liquid assets at least equal to the value or purchase commitments until payment is made. When purchasing a security on a delayed-delivery basis, the Funds assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations. These transactions also involve a risk to the Funds if the other party to the transaction defaults on its obligation to make payment or delivery, and the Funds are delayed or prevented from completing the transaction. The Funds may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain or loss. When the Funds sell a security on a delayed-delivery basis, the Funds do not participate in future gains and losses on the security.

TBA commitments are entered into to purchase or sell securities for a fixed price at a future date, typically not to exceed 45 days. TBAs are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines, or the value of the security sold increases, prior to settlement date, in addition to the risk of decline in the value of a Fund’s other assets. Unsettled TBA commitments are valued at the current value of the underlying securities. TBA collateral requirements are typically calculated by netting the mark-to-market amount for each transaction and comparing that amount to the value of the collateral currently pledged by a Fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as Cash collateral pledged at broker for TBA commitments or Cash collateral at broker for TBA commitments, respectively. Non-cash collateral pledged by a Fund, if any, is disclosed within the Schedule of Investments. Typically, a Fund is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted. To the extent amounts due to a Fund are not fully collateralized, contractually or otherwise, a Fund bears the risk of loss from counterparty non-performance.

When-issued, delayed-delivery, forward and TBA commitment transactions held at October 31, 2019, if any, are identified within the Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery, forward and TBA commitments purchased or sold within the Statements of Assets and Liabilities.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by their investment policies, to raise additional cash to be invested in other securities or instruments. When the Funds invest borrowing proceeds in other securities, the Funds will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Funds may borrow on a secured or on an unsecured basis. If the Funds enter into a secured borrowing arrangement, a portion of the Funds’ assets will be used as collateral. The 1940 Act requires the Funds to maintain asset coverage of at least 300% of the amount of their borrowings. Asset coverage means the ratio that the value of the Funds’ total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Funds may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

Transamerica Funds Annual Report 2019

Page    484

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

Interfund lending: The Funds, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Funds to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which place limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended October 31, 2019, the Funds have not utilized the program.

Repurchase agreements: In a repurchase agreement, the Funds purchase a security and simultaneously commit to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Funds’ custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Funds will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Funds and their counterparties that provide for the net settlement of all transactions and collateral with the Funds, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statements of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at October 31, 2019.

Repurchase agreements at October 31, 2019, if any, are included within the Schedule of Investments and Statements of Assets and Liabilities.

Securities lending: Securities are lent to qualified financial institutions and brokers. State Street serves as securities lending agent to the Funds pursuant to a Securities Lending Agreement. The lending of securities exposes the Funds to risks such as; the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Funds may experience delays in recovery of the loaned securities or delays in access to collateral, or the Funds may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash collateral with a value of at least 102% of the current value of the loaned securities on non-U.S. fixed income investments, as well as on securities traded on U.S. exchanges. Loan counterparties pledge cash collateral with a value of at least 105% of the current value of the loaned securities for non-U.S. equity positions. The lending agent has agreed to indemnify the Funds in the case of default of any securities borrower.

Cash collateral received is invested in the State Street Navigator Securities Lending Trust—Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. By lending securities, the Funds seek to increase their net investment income through the receipt of interest and fees. Such income is reflected in Net income from securities lending within the Statements of Operations and is net of fees and rebates earned by the lending agent for its services.

The value of loaned securities and related collateral outstanding at October 31, 2019, if any, are shown on a gross basis within the Schedule of Investments and Statements of Assets and Liabilities.

Short sales: A short sale is a transaction in which the Funds sell securities they do not own, but have borrowed, in anticipation of a decline in the fair market value of the securities. The Funds are obligated to replace the borrowed securities at the market price at the time of replacement. The Funds’ obligation to replace the securities borrowed in connection with a short sale is fully secured by collateral deposited with the custodian. In addition, the Funds consider the short sale to be a borrowing by the Funds that is subject to the asset coverage requirements of the 1940 Act. Short sales represent an aggressive trading practice with a high risk/return potential, and short sales involve special considerations. Risks of short sales include that possible losses from short sales may be unlimited (e.g., if the price of stocks sold short rises), whereas losses from direct purchases of securities are limited to the total amount invested, and the Funds may be unable to replace borrowed securities sold short.

The Funds investing in short sales are liable for any dividends and/or interest payable on securities in a short position and these payables, if any, are reflected as Dividends, interest and fees for borrowings from securities sold short within the Statements of Assets and Liabilities. The Funds also bear other costs, such as charges for the prime brokerage accounts, in connection with short positions. These costs are reported as Dividends, interest and fees for borrowings from securities sold short within the Statements of Operations.

Open short sale transactions at October 31, 2019, if any, are included within the Schedule of Investments and are reflected in Securities sold short, at value within the Statements of Assets and Liabilities.

Transamerica Funds Annual Report 2019

Page    485

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of October 31, 2019. Funds not listed in the subsequent table have not entered into secured borrowing transactions.

	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Less Than 30 Days		Between 30 & 90 Days		Greater Than 90 Days		Total
Balanced II
Securities Lending Transactions
Common Stocks	$	177,410	$	—	$	—	$	—	$	177,410
Corporate Debt Securities		307,068		—		—		—		307,068
Total Securities Lending Transactions	$	484,478	$	—	$	—	$	—	$	484,478
Total Borrowings	$	484,478	$	—	$	—	$	—	$	484,478
Bond
Securities Lending Transactions
Corporate Debt Securities	$	16,231,037	$	—	$	—	$	—	$	16,231,037
Foreign Government Obligations		174,491		—		—		—		174,491
Total Securities Lending Transactions	$	16,405,528	$	—	$	—	$	—	$	16,405,528
Total Borrowings	$	16,405,528	$	—	$	—	$	—	$	16,405,528
Capital Growth
Securities Lending Transactions
Common Stocks	$	196,403,325	$	—	$	—	$	—	$	196,403,325
Total Borrowings	$	196,403,325	$	—	$	—	$	—	$	196,403,325
Dynamic Allocation
Securities Lending Transactions
Exchange-Traded Funds	$	3,945,304	$	—	$	—	$	—	$	3,945,304
Total Borrowings	$	3,945,304	$	—	$	—	$	—	$	3,945,304
Dynamic Income
Securities Lending Transactions
Exchange-Traded Funds	$	13,816,208	$	—	$	—	$	—	$	13,816,208
Total Borrowings	$	13,816,208	$	—	$	—	$	—	$	13,816,208
Emerging Markets Debt
Securities Lending Transactions
Corporate Debt Securities	$	16,911,847	$	—	$	—	$	—	$	16,911,847
Foreign Government Obligations		12,339,039		—		—		—		12,339,039
Total Securities Lending Transactions	$	29,250,886	$	—	$	—	$	—	$	29,250,886
Total Borrowings	$	29,250,886	$	—	$	—	$	—	$	29,250,886
Emerging Markets Equity
Securities Lending Transactions
Common Stocks	$	2,035,216	$	—	$	—	$	—	$	2,035,216
Exchange-Traded Funds		3,590,347		—		—		—		3,590,347
Total Securities Lending Transactions	$	5,625,563	$	—	$	—	$	—	$	5,625,563
Total Borrowings	$	5,625,563	$	—	$	—	$	—	$	5,625,563

Transamerica Funds Annual Report 2019

Page    486

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Less Than 30 Days		Between 30 & 90 Days		Greater Than 90 Days		Total
Event Driven
Securities Lending Transactions
Common Stocks	$	806,189	$	—	$	—	$	—	$	806,189
Convertible Bonds		2,065,545		—		—		—		2,065,545
Total Securities Lending Transactions	$	2,871,734	$	—	$	—	$	—	$	2,871,734
Total Borrowings	$	2,871,734	$	—	$	—	$	—	$	2,871,734
Floating Rate
Securities Lending Transactions
Corporate Debt Securities	$	383,725	$	—	$	—	$	—	$	383,725
Total Borrowings	$	383,725	$	—	$	—	$	—	$	383,725
Global Equity
Securities Lending Transactions
Common Stocks	$	739,156	$	—	$	—	$	—	$	739,156
Total Borrowings	$	739,156	$	—	$	—	$	—	$	739,156
High Quality Bond
Securities Lending Transactions
Corporate Debt Securities	$	2,121,775	$	—	$	—	$	—	$	2,121,775
Total Borrowings	$	2,121,775	$	—	$	—	$	—	$	2,121,775
High Yield Bond
Securities Lending Transactions
Corporate Debt Securities	$	60,263,098	$	—	$	—	$	—	$	60,263,098
Total Borrowings	$	60,263,098	$	—	$	—	$	—	$	60,263,098
High Yield Muni
Securities Lending Transactions
Investment Companies	$	40,425	$	—	$	—	$	—	$	40,425
Total Borrowings	$	40,425	$	—	$	—	$	—	$	40,425
Inflation Opportunities
Securities Lending Transactions
Corporate Debt Securities	$	720,025	$	—	$	—	$	—	$	720,025
Total Borrowings	$	720,025	$	—	$	—	$	—	$	720,025
Inflation-Protected Securities
Securities Lending Transactions
Corporate Debt Securities	$	277,025	$	—	$	—	$	—	$	277,025
Total Borrowings	$	277,025	$	—	$	—	$	—	$	277,025
Intermediate Bond
Securities Lending Transactions
Corporate Debt Securities	$	4,902,437	$	—	$	—	$	—	$	4,902,437
Foreign Government Obligations		806,315		—		—		—		806,315
U.S. Government Obligations		2,855,433		—		—		—		2,855,433
Total Securities Lending Transactions	$	8,564,185	$	—	$	—	$	—	$	8,564,185
Total Borrowings	$	8,564,185	$	—	$	—	$	—	$	8,564,185

Transamerica Funds Annual Report 2019

Page    487

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Less Than 30 Days		Between 30 & 90 Days		Greater Than 90 Days		Total
International Equity
Securities Lending Transactions
Common Stocks	$	51,544,974	$	—	$	—	$	—	$	51,544,974
Total Borrowings	$	51,544,974	$	—	$	—	$	—	$	51,544,974
International Growth
Securities Lending Transactions
Common Stocks	$	34,664,394	$	—	$	—	$	—	$	34,664,394
Total Borrowings	$	34,664,394	$	—	$	—	$	—	$	34,664,394
International Small Cap Value
Securities Lending Transactions
Common Stocks	$	6,052,945	$	—	$	—	$	—	$	6,052,945
Total Borrowings	$	6,052,945	$	—	$	—	$	—	$	6,052,945
International Stock
Securities Lending Transactions
Common Stocks	$	204,233	$	—	$	—	$	—	$	204,233
Total Borrowings	$	204,233	$	—	$	—	$	—	$	204,233
Large Cap Value
Securities Lending Transactions
Common Stocks	$	50,129,738	$	—	$	—	$	—	$	50,129,738
Total Borrowings	$	50,129,738	$	—	$	—	$	—	$	50,129,738
Large Core
Securities Lending Transactions
Common Stocks	$	440,820	$	—	$	—	$	—	$	440,820
Total Borrowings	$	440,820	$	—	$	—	$	—	$	440,820
Large Growth
Securities Lending Transactions
Common Stocks	$	1,854,506	$	—	$	—	$	—	$	1,854,506
Total Borrowings	$	1,854,506	$	—	$	—	$	—	$	1,854,506
Large Value Opportunities
Securities Lending Transactions
Common Stocks	$	567,241	$	—	$	—	$	—	$	567,241
Exchange-Traded Funds		271,286		—		—		—		271,286
Total Securities Lending Transactions	$	838,527	$	—	$	—	$	—	$	838,527
Total Borrowings	$	838,527	$	—	$	—	$	—	$	838,527
Mid Cap Growth
Securities Lending Transactions
Common Stocks	$	4,430,555	$	—	$	—	$	—	$	4,430,555
Total Borrowings	$	4,430,555	$	—	$	—	$	—	$	4,430,555
MLP & Energy Income
Securities Lending Transactions
Common Stocks	$	12,873,073	$	—	$	—	$	—	$	12,873,073
Total Borrowings	$	12,873,073	$	—	$	—	$	—	$	12,873,073

Transamerica Funds Annual Report 2019

Page    488

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Less Than 30 Days		Between 30 & 90 Days		Greater Than 90 Days		Total
Multi-Asset Income
Securities Lending Transactions
Common Stocks	$	1,675,986	$	—	$	—	$	—	$	1,675,986
Preferred Stocks		1,193,284		—		—		—		1,193,284
Corporate Debt Securities		4,347,586		—		—		—		4,347,586
Total Securities Lending Transactions	$	7,216,856	$	—	$	—	$	—	$	7,216,856
Total Borrowings	$	7,216,856	$	—	$	—	$	—	$	7,216,856
Multi-Managed Balanced
Securities Lending Transactions
Common Stocks	$	1,829,950	$	—	$	—	$	—	$	1,829,950
Corporate Debt Securities		2,205,153		—		—		—		2,205,153
Foreign Government Obligations		241,167		—		—		—		241,167
Total Securities Lending Transactions	$	4,276,270	$	—	$	—	$	—	$	4,276,270
Total Borrowings	$	4,276,270	$	—	$	—	$	—	$	4,276,270
Short-Term Bond
Securities Lending Transactions
Corporate Debt Securities	$	5,790,085	$	—	$	—	$	—	$	5,790,085
Total Borrowings	$	5,790,085	$	—	$	—	$	—	$	5,790,085
Small Cap Core
Securities Lending Transactions
Common Stocks	$	12,994,028	$	—	$	—	$	—	$	12,994,028
Total Borrowings	$	12,994,028	$	—	$	—	$	—	$	12,994,028
Small Cap Growth
Securities Lending Transactions
Common Stocks	$	8,254,865	$	—	$	—	$	—	$	8,254,865
Total Borrowings	$	8,254,865	$	—	$	—	$	—	$	8,254,865
Small Cap Value
Securities Lending Transactions
Common Stocks	$	5,132,260	$	—	$	—	$	—	$	5,132,260
Total Borrowings	$	5,132,260	$	—	$	—	$	—	$	5,132,260
Small/Mid Cap Value
Securities Lending Transactions
Common Stocks	$	9,495,506	$	—	$	—	$	—	$	9,495,506
Total Borrowings	$	9,495,506	$	—	$	—	$	—	$	9,495,506
Unconstrained Bond
Securities Lending Transactions
Corporate Debt Securities	$	14,453,169	$	—	$	—	$	—	$	14,453,169
Preferred Stocks		1,493,564		—		—		—		1,493,564
Total Securities Lending Transactions	$	15,946,733	$	—	$	—	$	—	$	15,946,733
Total Borrowings	$	15,946,733	$	—	$	—	$	—	$	15,946,733
US Growth
Securities Lending Transactions
Common Stocks	$	6,596,931	$	—	$	—	$	—	$	6,596,931
Total Borrowings	$	6,596,931	$	—	$	—	$	—	$	6,596,931

Transamerica Funds Annual Report 2019

Page    489

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS

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

Market Risk Factors: In pursuit of the Funds’ investment objectives, the Funds may seek to use derivatives to increase or decrease their exposure to certain market risks, including:

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

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

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

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

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

The Funds are also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Funds will be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligations to the Funds. Investing in derivatives may also involve greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

The Funds’ exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

Option contracts: The Funds are subject to equity risk, interest rate risk, and foreign exchange rate risk in the normal course of pursuing their investment objectives. The Funds, with the exception of High Yield Bond and Government Money Market, may enter into option contracts to manage exposure to various market fluctuations. The Funds may purchase or write call and put options on securities and derivative instruments in which each Fund owns or may invest. Options are valued at the average of the bid and ask price established each day at the close of the board of trade or exchange on which they are traded. Options are marked-to-market daily to reflect the current value of the option. The primary risks associated with options are an imperfect correlation between the change in value of the securities held and the prices of the option contracts, the possibility of an illiquid market, and an inability of the counterparty to meet the contract terms. Options can be traded through an exchange or through privately negotiated arrangements with a dealer in an OTC transaction. Options traded on an exchange are generally cleared through a clearinghouse such as the Options Clearing Corp.

Options on exchange-traded funds and/or securities: The Funds may purchase or write options on ETFs and/or securities. Purchasing or writing options on ETFs and/or securities gives the Funds the right, but not the obligation to buy or sell a specified ETF and/or security as an underlying instrument for the option contract.

Options on foreign currency: The Funds may purchase or write foreign currency options. Purchasing or writing options on foreign currency gives the Funds the right, but not the obligation to buy or sell the currency and will specify the amount of currency and a rate of exchange that may be exercised by a specified date.

Options on indices: The Funds may purchase or write options on indices. Purchasing or writing an option on indices gives the Funds the right, but not the obligation to buy or sell the cash from the underlying index. The exercise of the option will result in a cash transfer and gain or loss depends on the change in the underlying index.

Options on futures: The Funds may purchase or write options on futures. Purchasing or writing options on futures gives the Funds the right, but not obligation to buy or sell a position on a futures contract at the specified option exercise price at any time during the period of the option.

Transamerica Funds Annual Report 2019

Page    490

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

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

Interest rate swaptions: The Funds may purchase or write interest rate swaption agreements which are options to enter into a pre-defined swap agreement by some specific date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

Purchased options: Purchasing call options tends to increase exposure to the underlying instrument. Purchasing put options tends to decrease exposure to the underlying instrument. The Funds pay premiums, which are included within the Statements of Assets and Liabilities as an investment and subsequently marked-to-market to reflect the current value of the option. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid from options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying instrument to determine the realized gain or loss.

Written options: Writing call options tends to decrease exposure to the underlying instrument. Writing put options tends to increase exposure to the underlying instrument. When the Funds write a covered call or put option, the premium received is recorded as a liability within the Statements of Assets and Liabilities and is subsequently marked-to-market to reflect the current market value of the option written. Premiums received from written options which expire unexercised are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying instrument to determine the realized gain or loss. In writing an option, the Funds bear the market risk of an unfavorable change in the price of the security or currency underlying the written option. Exercise of an option written by the Funds could result in the Funds selling or buying a security or currency at a price different from the current market value.

Open option contracts at October 31, 2019, if any, are included within the Schedule of Investments. The value of purchased option contracts, as applicable, is shown in Investments, at value within the Statements of Assets and Liabilities. The value of written option contracts, as applicable, is shown in Written options and swaptions, at value within the Statements of Assets and Liabilities.

Swap agreements: Swap agreements are bilaterally negotiated agreements between the Funds and a counterparty to exchange or swap investments, cash flows, assets, foreign currencies, or market-linked returns at specified, future intervals. Swap agreements can be executed in a bilateral privately negotiated arrangement with a dealer in an OTC transaction or executed on a regular market. Certain swaps regardless of the venue of execution are required to be cleared through a clearinghouse (“centrally cleared swap agreements”). Centrally cleared swap agreements listed or traded on a multilateral platform, are valued at the daily settlement price determined by the corresponding exchange. For centrally cleared credit default swap agreements the clearing exchange requires all members to provide applicable levels across complete term levels. Centrally cleared interest rate swap agreements are valued using a pricing model that references the underlying rates including but not limited to the overnight index swap rate and London Interbank Offered Rate (“LIBOR”) forward rate to calculate the daily settlement price. The Funds, with the exception of Government Money Market, may enter into credit default, cross-currency, interest rate, total return, including contracts for difference (“CFD”), and other forms of swap agreements to manage exposure to credit, currency, interest rate, and commodity risks. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Centrally cleared swap agreements are marked-to-market daily based upon values from third party vendors, which may include a registered exchange, or quotations from market makers to the extent available and the change in value, if any, is recorded as Variation margin receivable (payable) on centrally cleared swap agreements within the Statements of Assets and Liabilities.

For OTC swap agreements, payments received or made at the beginning of the measurement period are reflected in OTC swap agreements, at value within the Statements of Assets and Liabilities and represent payments made or received upon entering into the swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Additionally, these upfront payments, as well as any periodic payments received or paid by the Fund, including any liquidation payment received or made at the termination of the swap are recorded as part of Net realized gain (loss) on swap agreements within the Statements of Operations.

Interest rate swap agreements: The Funds are subject to interest rate risk exposure in the normal course of pursuing their investment objectives. Because the Funds hold fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk, the Funds enter into interest rate swap agreements. Under an interest rate swap agreement, two parties will exchange cash flows based on a notional principal amount. Funds with interest rate agreements can elect to pay a fixed rate and receive a floating rate, or receive a fixed rate and pay a floating rate, on a notional principal amount. The risks of interest rate swap agreements include changes in market conditions which will affect the value of the contract or the cash flows, and the possible inability of the counterparty to fulfill its obligations under the agreement. The Funds’ maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparties over the contracts’ remaining lives, to the extent that amount is positive. This risk is mitigated by having a master netting arrangement between the Funds and the counterparty, and by the posting of collateral.

Transamerica Funds Annual Report 2019

Page    491

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

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

Total return swap agreements: The Funds are subject to commodity risk, equity risk, and other risks related to the underlying investments of the swap agreement, including CFDs, in the normal course of pursuing their investment objectives. The value of the commodity-linked investments held by the Funds can be affected by a variety of factors, including, but not limited to, overall market movements and other factors affecting the value of particular industries or commodities, such as weather, disease, embargoes, acts of war or terrorism, or political and regulatory developments. Commodity-linked derivatives are available from a relatively small number of issuers, subjecting a Fund’s investments in commodity-linked derivatives to counterparty risk, which is the risk that the issuer of the commodity-linked derivative will not fulfill its contractual obligations. Total return swap agreements on commodities involve commitments whereby cash flows are exchanged based on the price of a commodity in exchange for either a fixed or floating price or rate. One party would receive payments based on the market value of the commodity involved and pay a fixed amount. Total return swap agreements on indices involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific reference entity, which may be an equity, index, or bond, and in return receives a regular stream of payments.

Open centrally cleared swap agreements and open OTC swap agreements at October 31, 2019, if any, are listed within the Schedule of Investments.

Futures contracts: The Funds are subject to equity and commodity risk, interest rate risk, and foreign exchange rate risk in the normal course of pursuing their investment objectives. The Funds use futures contracts to gain exposure to, or hedge against, changes in the value of equities and commodities, interest rates, or foreign currencies. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Upon entering into such contracts, the Funds are required to deposit with the broker, either in cash or in securities, an initial margin in an amount equal to a certain percentage of the contract amount. Subsequent payments (variation margin) are paid or received by the Funds, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gains or losses by the Funds. Upon entering into such contracts, the Funds bear the risk of equity and commodity prices, interest rates, or exchange rates moving unexpectedly, in which case, the Funds may not achieve the anticipated benefits of the futures contracts and may realize losses. With futures, there is minimal counterparty credit risk to the Funds since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

Open futures contracts at October 31, 2019, if any, are listed within the Schedule of Investments. Variation margin, if applicable, is shown in Variation margin receivable or payable on futures contracts within the Statements of Assets and Liabilities.

Forward foreign currency contracts: The Funds are subject to foreign exchange rate risk exposure in the normal course of pursuing their investment objectives. The Funds, with the exception of Government Money Market, may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Additionally, Bond utilizes forward foreign currency contracts for speculative purposes. Forward foreign currency contracts are marked-to-market daily, with the change in value recorded as an unrealized gain or loss and is shown in Unrealized appreciation (depreciation) on forward foreign currency contracts within the Statements of Assets and Liabilities. When the contracts are settled, a realized gain or loss is incurred and is shown in Net realized gain (loss) on forward foreign currency contracts within the Statements of Operations. Risks may arise from changes in market value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts. Forward foreign currency contracts are traded in the OTC inter-bank currency dealer market.

Open forward foreign currency contracts at October 31, 2019, if any, are listed within the Schedule of Investments.

The following is a summary of the location and each Fund’s fair values of derivative investments disclosed, if any, within the Statements of Assets and Liabilities, categorized by primary market risk exposure as of October 31, 2019. Funds not listed in the subsequent tables do not have direct exposure to derivative investments during the year.

Asset Derivatives
Fund/Location	Interest Rate Contracts		Foreign Exchange Contracts		Equity Contracts		Credit Contracts		Commodity Contracts		Total
Balanced II
Futures contracts:
Total distributable earnings (accumulated losses) (A) (B)	$	—	$	—	$	3,426	$	—	$	—	$	3,426
Total	$	—	$	—	$	3,426	$	—	$	—	$	3,426

Transamerica Funds Annual Report 2019

Page    492

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

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

Asset Derivatives
Fund/Location	Interest Rate Contracts		Foreign Exchange Contracts			Equity Contracts		Credit Contracts		Commodity Contracts		Total
Capital Growth
Purchased Options and swaptions:
Investments, at value (A)	$	—	$	1,576,887		$	—	$	—	$	—	$	1,576,887
Total	$	—	$	1,576,887		$	—	$	—	$	—	$	1,576,887
Dynamic Allocation
Purchased Options and swaptions:
Investments, at value (A)	$	—	$	—		$	125,818	$	—	$	—	$	125,818
Total	$	—	$	—		$	125,818	$	—	$	—	$	125,818
Emerging Markets Debt
Forward foreign currency contracts:
Unrealized appreciation on forward foreign currency contracts	$	—	$	1,188,701		$	—	$	—	$	—	$	1,188,701
Total	$	—	$	1,188,701		$	—	$	—	$	—	$	1,188,701
Event Driven
Purchased Options and swaptions:
Investments, at value (A)	$	—	$	—		$	36,000	$	—	$	—	$	36,000
OTC Swaps:
OTC swap agreements, at value		130,643		—			—		—		—		130,643
Total	$	130,643	$	—		$	36,000	$	—	$	—	$	166,643
Inflation Opportunities
Forward foreign currency contracts:
Unrealized appreciation on forward foreign currency contracts	$	—	$	15,181		$	—	$	—	$	—	$	15,181
Total	$	—	$	15,181		$	—	$	—	$	—	$	15,181
Inflation-Protected Securities
Forward foreign currency contracts:
Unrealized appreciation on forward foreign currency contracts	$	—	$	14,232		$	—	$	—	$	—	$	14,232
Total	$	—	$	14,232		$	—	$	—	$	—	$	14,232
Multi-Managed Balanced
Futures contracts:
Total distributable earnings (accumulated losses) (A) (B)	$	—	$	—		$	214,196	$	—	$	—	$	214,196
Total	$	—	$	—		$	214,196	$	—	$	—	$	214,196
Unconstrained Bond
Futures contracts:
Total distributable earnings (accumulated losses) (A) (B)	$	1,082,805	$	—		$	—	$	—	$	—	$	1,082,805
Total	$	1,082,805	$	—		$	—	$	—	$	—	$	1,082,805
Liability Derivatives
Fund/Location	Interest Rate Contracts		Foreign Exchange Contracts			Equity Contracts		Credit Contracts		Commodity Contracts		Total
Emerging Markets Debt
Forward foreign currency contracts:
Unrealized depreciation on forward foreign currency contracts	$	—	$	(208,739	)	$	—	$	—	$	—	$	(208,739	)
Total	$	—	$	(208,739	)	$	—	$	—	$	—	$	(208,739	)

Transamerica Funds Annual Report 2019

Page    493

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

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

Liability Derivatives
Fund/Location	Interest Rate Contracts		Foreign Exchange Contracts			Equity Contracts			Credit Contracts		Commodity Contracts		Total
Event Driven
Written Options and swaptions:
Written options and swaptions, at value (A)	$	—	$	—		$	(600	)	$	—	$	—	$	(600	)
Futures contracts:
Total distributable earnings (accumulated losses) (A) (B)		—		—			(97,980	)		—		—		(97,980	)
Forward foreign currency contracts:
Unrealized depreciation on forward foreign currency contracts		—		(28,013	)		—			—		—		(28,013	)
Total	$	—	$	(28,013	)	$	(98,580	)	$	—	$	—	$	(126,593	)
Inflation Opportunities
Forward foreign currency contracts:
Unrealized depreciation on forward foreign currency contracts	$	—	$	(576,039	)	$	—		$	—	$	—	$	(576,039	)
Total	$	—	$	(576,039	)	$	—		$	—	$	—	$	(576,039	)
Inflation-Protected Securities
Forward foreign currency contracts:
Unrealized depreciation on forward foreign currency contracts	$	—	$	(155,253	)	$	—		$	—	$	—	$	(155,253	)
Total	$	—	$	(155,253	)	$	—		$	—	$	—	$	(155,253	)
Unconstrained Bond
Forward foreign currency contracts:
Unrealized depreciation on forward foreign currency contracts	$	—		(745,185	)	$	—		$	—	$	—	$	(745,185	)
Total	$	—	$	(745,185	)	$	—		$	—	$	—	$	(745,185	)

(A)	May include exchange-traded derivatives which are not subject to a master netting arrangement, or another similar arrangement.
(B)	Included within Unrealized Appreciation (Depreciation) on futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

The following is a summary of the location and the effect of derivative investments, if any, within the Statements of Operations, categorized by primary market risk exposure as of October 31, 2019.

Realized Gain (Loss) on Derivative Instruments
Fund/Location	Interest Rate Contracts		Foreign Exchange Contracts			Equity Contracts			Credit Contracts		Commodity Contracts		Total
Balanced II
Futures contracts	$	—	$	—		$	108,791		$	—	$	—	$	108,791
Total	$	—	$	—		$	108,791		$	—	$	—	$	108,791
Capital Growth
Purchased options and swaptions (A)	$	—	$	(4,381,852	)	$	—		$	—	$	—	$	(4,381,852	)
Total	$	—	$	(4,381,852	)	$	—		$	—	$	—	$	(4,381,852	)
Dynamic Allocation
Purchased options and swaptions (A)	$	—	$	—		$	(144,528	)	$	—	$	—	$	(144,528	)
Total	$	—	$	—		$	(144,528	)	$	—	$	—	$	(144,528	)
Emerging Markets Debt
Forward foreign currency contracts	$	—	$	(1,468,144	)	$	—		$	—	$	—	$	(1,468,144	)
Total	$	—	$	(1,468,144	)	$	—		$	—	$	—	$	(1,468,144	)

Transamerica Funds Annual Report 2019

Page    494

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

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

Realized Gain (Loss) on Derivative Instruments
Fund/Location	Interest Rate Contracts			Foreign Exchange Contracts			Equity Contracts			Credit Contracts		Commodity Contracts		Total
Event Driven
Purchased options and swaptions (A)	$	—		$	—		$	(447,016	)	$	—	$	—	$	(447,016	)
Written options and swaptions		—			—			210,287			—		—		210,287
Swap agreements		207,702			—			—			—		—		207,702
Futures contracts		(63,741	)		—			(971,876	)		—		—		(1,035,617	)
Forward foreign currency contracts		—			94,846			—			—		—		94,846
Total	$	143,961		$	94,846		$	(1,208,605	)	$	—	$	—	$	(969,798	)
Inflation Opportunities
Forward foreign currency contracts	$	—		$	1,371,161		$	—		$	—	$	—	$	1,371,161
Total	$	—		$	1,371,161		$	—		$	—	$	—	$	1,371,161
Inflation-Protected Securities
Forward foreign currency contracts	$	—		$	626,603		$	—		$	—	$	—	$	626,603
Total	$	—		$	626,603		$	—		$	—	$	—	$	626,603
Multi-Managed Balanced
Futures contracts	$	—		$	—		$	663,802		$	—	$	—	$	663,802
Total	$	—		$	—		$	663,802		$	—	$	—	$	663,802
Unconstrained Bond
Futures contracts	$	(12,744,358	)	$	—		$	—		$	—	$	—	$	(12,744,358	)
Forward foreign currency contracts		—			(5,233	)		—			—		—		(5,233	)
Total	$	(12,744,358	)	$	(5,233	)	$	—		$	—	$	—	$	(12,749,591	)
Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments
Fund/Location	Interest Rate Contracts			Foreign Exchange Contracts			Equity Contracts			Credit Contracts		Commodity Contracts		Total
Balanced II
Futures contracts	$	—		$	—		$	(5,645	)	$	—	$	—	$	(5,645	)
Total	$	—		$	—		$	(5,645	)	$	—	$	—	$	(5,645	)
Capital Growth
Purchased options and swaptions (B)	$	—		$	(2,878,094	)	$	—		$	—	$	—	$	(2,878,094	)
Total	$	—		$	(2,878,094	)	$	—		$	—	$	—	$	(2,878,094	)
Dynamic Allocation
Purchased options and swaptions (B)	$	—		$	—		$	(77,661	)	$	—	$	—	$	(77,661	)
Total	$	—		$	—		$	(77,661	)	$	—	$	—	$	(77,661	)
Emerging Markets Debt
Forward foreign currency contracts	$	—		$	1,382,989		$	—		$	—	$	—	$	1,382,989
Total	$	—		$	1,382,989		$	—		$	—	$	—	$	1,382,989
Event Driven
Purchased options and swaptions (B)	$	—		$	—		$	(11,307	)	$	—	$	—	$	(11,307	)
Written options and swaptions		—			—			(5,813	)		—		—		(5,813	)
Swap agreements		(73,989	)		—			—			—		—		(73,989	)
Futures contracts		10,073			—			(97,980	)		—		—		(87,907	)
Forward foreign currency contracts		—			(61,140	)		—			—		—		(61,140	)
Total	$	(63,916	)	$	(61,140	)	$	(115,100	)	$	—	$	—	$	(240,156	)
Inflation Opportunities
Forward foreign currency contracts	$	—		$	(1,151,958	)	$	—		$	—	$	—	$	(1,151,958	)
Total	$	—		$	(1,151,958	)	$	—		$	—	$	—	$	(1,151,958	)

Transamerica Funds Annual Report 2019

Page    495

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

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

Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments
Fund/Location	Interest Rate Contracts			Foreign Exchange Contracts			Equity Contracts		Credit Contracts		Commodity Contracts		Total
Inflation-Protected Securities
Forward foreign currency contracts	$	—		$	(416,557	)	$	—	$	—	$	—	$	(416,557	)
Total	$	—		$	(416,557	)	$	—	$	—	$	—	$	(416,557	)
Multi-Managed Balanced
Futures contracts	$	—		$	—		$	424,563	$	—	$	—	$	424,563
Total	$	—		$	—		$	424,563	$	—	$	—	$	424,563
Unconstrained Bond
Futures contracts	$	(503,609	)	$	—		$	—	$	—	$	—	$	(503,609	)
Forward foreign currency contracts		—			(987,091	)		—		—		—		(987,091	)
Total	$	(503,609	)	$	(987,091	)	$	—	$	—	$	—	$	(1,490,700	)

(A)	Included within Net realized gain (loss) on Investments in the Statements of Operations.
(B)	Included within Net change in unrealized appreciation (depreciation) on Investments in the Statements of Operations.

The following is a summary of the ending monthly average volume on derivative activity during the year ended October 31, 2019.

	Purchased Options and Swaptions at value				Written Options and Swaptions at value						Swap Agreements at Notional Amount		Futures Contracts at Notional Amount					Forward Foreign Currency Contracts at Contract Amount
Fund	Calls		Puts		Calls			Puts					Long		Short			Purchased		Sold		Cross Currency
Balanced II	$	—	$	—	$	—		$	—		$	—	$	888,886	$	—		$	—	$	—	$	—
Capital Growth		9,031,515		—		—			—			—		—		—			—		—		—
Dynamic Allocation		—		156,237		—			—			—		—		—			—		—		—
Emerging Markets Debt		—		—		—			—			—		—		—			68,901,591		43,624,773		—
Event Driven		158,352		54,662		(31,925	)		(5,819	)		4,738,462		—		(4,776,789	)		47,726		8,846,296		—
Inflation Opportunities		—		—		—			—			—		—		—			762,114		24,365,215		—
Inflation-Protected Securities		—		—		—			—			—		—		—			1,471,998		14,218,438		—
Multi-Managed Balanced		—		—		—			—			—		5,707,800		—			—		—		—
Unconstrained Bond		—		—		—			—			—		—		(151,978,861	)		534,924		25,974,837		—

The applicable Funds typically enter into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreements”) or similar master agreements (collectively, “Master Agreements”) with their contract counterparties for certain OTC derivatives in order to, among other things, reduce credit risk to counterparties.

ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Funds typically may offset with the counterparty certain OTC derivative financial instruments payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty.

Various Master Agreements govern the terms of certain transactions with counterparties and typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Funds and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Funds exercise their right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Funds’ net liability may be delayed or denied.

Transamerica Funds Annual Report 2019

Page    496

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

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

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

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

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

The following is a summary of the Funds’ OTC derivative assets and liabilities by counterparty net of amounts available for offset under a master netting agreement and net of the related collateral received/pledged by the Funds as of October 31, 2019. For financial reporting purposes, the Funds do not offset assets and liabilities that are subject to a master netting agreement or similar arrangement on the Statements of Assets and Liabilities. See the Repurchase agreement section within the notes for offsetting and collateral information pertaining to repurchase agreements that are subject to master netting agreements. Funds not listed in the subsequent tables do not have master netting agreements for open derivative positions during the year.

	Gross Amounts of Assets Presented within Statements of Assets and Liabilities (A)		Gross Amounts Not Offset within Statements of Assets and Liabilities								Gross Amounts of Liabilities Presented within Statements of Assets and Liabilities (A)		Gross Amounts Not Offset within Statements of Assets and Liabilities
Counterparty			Financial Instruments			Collateral Received (B)			Net Amount				Financial Instruments			Collateral Pledged (B)			Net Amount
	Assets										Liabilities
Capital Growth
Royal Bank of Scotland PLC	$	1,456,635	$	—		$	(1,456,635	)	$	—	$	—	$	—		$	—		$	—
Other Derivatives (C)		120,252		—			—			120,252		—		—			—			—
Total	$	1,576,887	$	—		$	(1,456,635	)	$	120,252	$	—	$	—		$	—		$	—
Emerging Markets Debt
Other Derivatives (C)	$	1,188,701	$	—		$	—		$	1,188,701	$	208,739	$	—		$	—		$	208,739
Total	$	1,188,701	$	—		$	—		$	1,188,701	$	208,739	$	—		$	—		$	208,739
Event Driven
Citibank, N.A.	$	130,643	$	—		$	—		$	130,643	$	—	$	—		$	—		$	—
State Street Bank & Trust Co.		—		—			—			—		28,013		—			—			28,013
Other Derivatives (C)		36,000		—			—			36,000		98,580		—			—			98,580
Total	$	166,643	$	—		$	—		$	166,643	$	126,593	$	—		$	—		$	126,593
Inflation Opportunities
J.P. Morgan Securities LLC	$	15,181	$	(15,181	)	$	—		$	—	$	576,039	$	(15,181	)	$	(560,858	)	$	—
Total	$	15,181	$	(15,181	)	$	—		$	—	$	576,039	$	(15,181	)	$	(560,858	)	$	—
Inflation-Protected Securities
J.P. Morgan Securities LLC	$	14,232	$	(14,232	)	$	—		$	—	$	155,253	$	(14,232	)	$	—		$	141,021
Total	$	14,232	$	(14,232	)	$	—		$	—	$	155,253	$	(14,232	)	$	—		$	141,021
Unconstrained Bond
J.P. Morgan Securities LLC	$	—	$	—		$	—		$	—	$	745,185	$	—		$	(745,185	)	$	—
Other Derivatives (C)		1,082,805		—			—			1,082,805		—		—			—			—
Total	$	1,082,805	$	—		$	—		$	1,082,805	$	745,185	$	—		$	(745,185	)	$	—

(A) Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset within the Statements of Assets and Liabilities.

Transamerica Funds Annual Report 2019

Page    497

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

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

(B)	In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.
(C)	Other Derivatives, which includes future contracts, exchange-traded options and exchange-traded swap agreements, are not subject to a master netting arrangement or another similar arrangement. The amount presented is intended to permit reconciliation to the amount presented within the Schedule of Investments.

7. RISK FACTORS

Investing in the Funds involves certain key risks related to the Funds’ trading activity. Please reference the Funds’ prospectuses for a more complete discussion of the following risk(s), as well as other risks of investing in the Funds.

Emerging market risk: Investments in the securities of issuers located in or principally doing business in emerging markets are subject to heightened foreign investments risks. Emerging market countries tend to have economic, political and legal systems and regulatory and accounting standards that are less fully developed, and that can be expected to be less stable. For example, the economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation. Emerging market securities are often particularly sensitive to market movements because their market prices tend to reflect speculative expectations. Low trading volumes may result in a lack of liquidity and in extreme price volatility. A Fund may be required to establish special custody or other arrangements before investing in emerging market countries. An investment in emerging market securities should be considered speculative.

Fixed income 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, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by a Fund fall, the value of your investment will go down. The value of your investment will generally go down when interest rates rise. Interest rates have been at historically low levels in the U.S., so a Fund faces a heightened risk that interest rates may rise. A general rise in interest rates may cause investors to move out of fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities. A rise in rates tends to have a greater impact on the prices of longer term or duration securities.

Foreign investment risk: Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries in which a Fund may invest may have markets that are less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of a Fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable or unsuccessful government actions, reduction of government or central bank support, political or financial instability or other adverse economic or political developments. Lack of information and weaker accounting standards also may affect the value of these securities.

Government money market fund risk: Government Money Market operates as a “government” money market fund under applicable federal regulations. The Fund continues to use the special pricing and valuation conventions that currently facilitate a stable share price of $1.00, although there is no guarantee that the Fund will be able to maintain a $1.00 share price. The Fund does not currently intend to avail itself of the ability to impose “liquidity fees” and/or “redemption gates” on fund redemptions, as permitted under the applicable regulations. However, the Board reserves the right, with notice to shareholders, to change this policy, thereby permitting the Fund to impose such fees and gates in the future.

Growth risk: Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth securities typically fall. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks.

High-yield debt risk: High-yield debt securities, commonly referred to as “junk” bonds, are securities that are rated below “investment grade” or, if unrated, determined to be below investment grade by the sub-adviser. Changes in interest rates, the market’s perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, have a higher risk of default, tend to be less liquid and may be more difficult to value than higher grade securities. Junk bonds tend to be volatile and more susceptible to adverse events, credit downgrades and negative sentiments.

Inflation-protected security risk: Inflation-protected debt securities may react differently from other types of debt securities and tend to react to changes in “real” interest rates. Real interest rates represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation. Also, the inflation index utilized by a particular inflation-protected security may not accurately reflect the true rate of inflation, in which case the market value of the security could be adversely affected.

Transamerica Funds Annual Report 2019

Page    498

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

7. RISK FACTORS (continued)

LIBOR Risk: Many financial instruments, financings or other transactions to which the Fund may be a party use or may use a floating rate based on the London Interbank Offered Rate (“LIBOR”). LIBOR is widely used in financial markets. In July 2017, the United Kingdom’s financial regulatory body announced that after 2021 it will cease its active encouragement of banks to provide the quotations needed to sustain LIBOR. That announcement suggests that LIBOR may cease to be published or utilized after that time. Various financial industry groups have begun planning for that transition, but the effect of the transition process and its ultimate success cannot yet be determined. The transition process may lead to increased volatility and illiquidity in markets for instruments the terms of which are based on LIBOR. It could also lead to a reduction in the value of some LIBOR-based investments and reduce the effectiveness of new hedges placed against existing LIBOR-based investments. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021. The willingness and ability of issuers to include enhanced provisions in new and existing contracts or instruments also remains uncertain. Any of these factors may adversely affect the Fund’s performance or NAV.

Master limited partnership (“MLP”) risk: Investments in MLPs involve risks that differ from investments in corporate issuers, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP’s general partner, cash flow risks, dilution risks, certain tax risks, and risks related to the general partner’s right to require unit holders to sell their common units at an undesirable time or price. MLP entities are typically focused in the energy, natural resources and real estate sectors of the economy. A downturn in the energy, natural resources or real estate sectors of the economy could have an adverse impact on a Fund. At times, the performance of securities of companies in the energy, natural resources and real estate sectors of the economy may lag the performance of other sectors or the broader market as a whole. The yields for equity and debt securities of MLPs and other issuers in the energy sector are susceptible in the short-term to fluctuations in interest rates and the value of a Fund’s investments in such securities may decline if interest rates rise. The value of a Fund’s investment in MLPs depends to a significant extent on the MLPs being treated as partnerships for U.S. federal income tax purposes. If an MLP does not meet the legal requirements to maintain partnership status, it could be taxed as a corporation and there could be a material decrease in the value of its securities.

Mortgage-related and asset-backed security risk: The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. Mortgage-backed securities may be issued by private issuers, by government-sponsored entities such as Fannie Mae or Freddie Mac or by agencies of the U.S. government, such as Ginnie Mae. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Unlike mortgage-related securities issued or guaranteed by agencies of the U.S. government or government-sponsored entities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other underwriting characteristics. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets. The risk of default is generally higher in the case of mortgage-backed investments that include so-called “sub-prime” mortgages. The structure of some of these securities may be complex and there may be less information available than for other types of debt securities. Upon the occurrence of certain triggering events or defaults, a fund or portfolio may become the holder of underlying assets at a time when those assets may be difficult to sell or may be sold only at a loss.

Municipal security risk: The municipal bond market can be susceptible to unusual volatility, particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall economic conditions or credit tightening. Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. Unfavorable conditions and developments relating to projects financed with municipal securities can result in lower revenues to issuers of municipal securities, potentially resulting in defaults. Issuers often depend on revenues from these projects to make principal and interest payments. The value of municipal securities can also be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory and political developments, tax law changes or other legislative actions, and by uncertainties and public perceptions concerning these and other factors. To the extent a fund invests significantly in a single state or in securities the payments on which are dependent upon a single project or source of revenues, or that relate to a sector or industry, a fund will be more susceptible to associated risks and developments. Municipal issuers may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. In recent periods an increasing number of municipal issuers have defaulted on obligations, commenced insolvency proceedings, or suffered credit downgrading. Financial difficulties of municipal issuers may continue or worsen.

Transamerica Funds Annual Report 2019

Page    499

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

7. RISK FACTORS (continued)

A fund may invest in municipal securities of issuers in Guam, Puerto Rico, the U.S. Virgin Islands, or other U.S. territories, which are exempt from federal, state, and, where applicable, local income taxes. These municipal securities may have more risks than tax-exempt securities issued by other issuers due to the political, social and/or economic conditions in the particular territory. To the extent a fund holds any municipal securities of issuers in Guam, Puerto Rico, the U.S. Virgin Islands, or other U.S. territories, a fund may lose some or all of the value of those investments.

Real estate investment trusts (“REIT”) and real estate risk: Investing in real estate investment trusts “REITs” involves unique risks. When a Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT’s performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have lower trading volumes and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, a Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT’s failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to a Fund.

Small and medium capitalization risk: Small or medium capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. The prices of securities of small and medium capitalization companies generally are more volatile than those of larger capitalization companies and are more likely to be adversely affected than large capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions. Securities of small and medium capitalization companies may underperform large capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

8. FEES AND OTHER AFFILIATED TRANSACTIONS

TAM, the Funds’ investment manager, is directly owned by Transamerica Premier Life Insurance Company (“TPLIC”) and AUSA Holding, LLC (“AUSA”), both of which are indirect, wholly owned subsidiaries of Aegon N.V. TPLIC is owned by Commonwealth General Corporation (“Commonwealth”). Commonwealth and AUSA are wholly owned by Transamerica Corporation, a financial services holding company whose primary emphasis is on life and health insurance, and annuity and investment products. Transamerica Corporation is owned by The Aegon Trust, which is owned by Aegon International B.V., which is owned by Aegon N.V., a Netherlands corporation, and a publicly traded international insurance group.

With respect to Balanced II, Bond, Floating Rate, High Yield Bond, Intermediate Bond, Multi-Managed Balanced, and Short-Term Bond, TAM has entered into a sub-advisory agreement with Aegon USA Investment Management, LLC (“AUIM”), an affiliate of TAM. AUIM provides day-to-day portfolio management services to the Portfolio, subject to the supervision of TAM. TAM is responsible for compensating the sub-adviser for its services.

Transamerica Funds Services, Inc. (“TFS”) is the Funds’ transfer agent. Transamerica Capital, Inc. (“TCI”) is the Funds’ distributor/principal underwriter. TAM, AUIM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Funds are also officers and/or trustees of TAM, AUIM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Funds. The Funds do pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statements of Operations.

As of October 31, 2019, the investment manager and/or other affiliated investment accounts held balances of each Fund as follows:

Fund	Account Balance		Percentage of Net Assets
Balanced II	$	120,673,206		100.00	%
Bond		96,683,879		6.90
Capital Growth		309,043,759		15.35
Dividend Focused		405,739,570		76.13
Dynamic Allocation		387,558		2.68
Emerging Markets Debt		129,570,610		21.01
Emerging Markets Equity		777,977,501		94.77
Event Driven		92,163,404		98.13
Floating Rate		76,028,563		34.09

Fund	Account Balance		Percentage of Net Assets
Global Equity	$	968,525		0.92	%
Government Money Market		1,161,110,059		83.93
High Quality Bond		239,346,020		100.00
High Yield Bond		1,185,020,655		83.36
High Yield Muni		10,923		0.01
Inflation Opportunities		101,091,019		79.28
Inflation-Protected Securities		116,151,947		100.00
Intermediate Bond		2,490,260,544		97.95
Intermediate Muni		10,904		0.00	(A)

Transamerica Funds Annual Report 2019

Page    500

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Fund	Account Balance		Percentage of Net Assets
International Equity	$	2,083,453,668		43.06	%
International Growth		1,132,849,779		97.47
International Small Cap Value		450,926,111		79.65
International Stock		69,838,057		89.56
Large Cap Value		1,529,792,555		79.46
Large Core		252,841,570		97.98
Large Growth		781,498,385		98.50
Large Value Opportunities		546,298,827		99.35
Mid Cap Growth		211,402,475		91.77
Mid Cap Value Opportunities		643,781,671		45.00

Fund	Account Balance		Percentage of Net Assets
MLP & Energy Income	$	193,297,314		76.98	%
Multi-Asset Income		23,470		0.01
Multi-Managed Balanced		8,900,566		0.88
Short-Term Bond		258,627,283		8.48
Small Cap Core		172,448,000		97.88
Small Cap Growth		67,495,966		44.08
Small Cap Value		79,831,361		75.48
Small/Mid Cap Value		32,167,806		3.87
Unconstrained Bond		993,581,809		99.94
US Growth		453,765,230		29.01

(A) Rounds to less than 0.01%.

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

Each Fund pays a management fee to TAM based on daily Average Net Assets (“ANA”) at the following rates:

Fund	Rate
Balanced II		0.4800%
Bond
First $500 million		0.4100
Over $500 million up to $1 billion		0.3900
Over $1 billion up to $1.5 billion		0.3800
Over $1.5 billion		0.3750
Capital Growth
Effective October 18, 2019
First $1.5 billion		0.7075
Over $1.5 billion up to $3 billion		0.6415
Over $3 billion up to $5 billion		0.6300
Over $5 billion		0.5800
Prior to October 18, 2019
First $500 million		0.8300
Over $500 million		0.7050
Dividend Focused
First $200 million		0.7800
Over $200 million up to $500 million		0.6800
Over $500 million up to $1.5 billion		0.6300
Over $1.5 billion up to $2.5 billion		0.5900
Over $2.5 billion		0.5800
Dynamic Allocation
First $250 million		0.5800
Over $250 million up to $500 million		0.5700
Over $500 million up to $1.5 billion		0.5600
Over $1.5 billion up to $2.5 billion		0.5500
Over $2.5 billion		0.5400
Dynamic Income
First $500 million		0.5000
Over $500 million up to $1 billion		0.4900
Over $1 billion up to $1.5 billion		0.4800
Over $1.5 billion up to $2 billion		0.4700
Over $2 billion up to $2.5 billion		0.4600
Over $2.5 billion		0.4500

Fund	Rate
Emerging Markets Debt
First $400 million		0.6300	%
Over $400 million		0.6100
Emerging Markets Equity
First $250 million		0.9500
Over $250 million up to $500 million		0.9100
Over $500 million up to $1 billion		0.8600
Over $1 billion		0.8400
Event Driven
First $50 million		1.2500
Over $50 million up to $300 million		1.1300
Over $300 million up to $750 million		1.0800
Over $750 million		1.0550
Floating Rate
First $1 billion		0.6400
Over $1 billion up to $1.5 billion		0.6200
Over $1.5 billion up to $2 billion		0.6000
Over $2 billion		0.5900
Global Equity
Effective August 1, 2019
First $250 million		0.7900
Over $250 million up to $1 billion		0.7400
Over $1 billion up to $2 billion		0.7300
Over $2 billion		0.7000
Prior to August 1, 2019
First $250 million		0.8400
Over $250 million up to $500 million		0.8300
Over $500 million up to $1 billion		0.8200
Over $1 billion up to $2 billion		0.8100
Over $2 billion up to $2.5 billion		0.7950
Over $2.5 billion		0.7900

Transamerica Funds Annual Report 2019

Page    501

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Fund	Rate
Government Money Market
First $1 billion		0.2400	%
Over $1 billion up to $3 billion		0.2200
Over $3 billion		0.2100
High Quality Bond		0.3800
High Yield Bond
First $1.25 billion		0.5800
Over $1.25 billion up to $2 billion		0.5550
Over $2 billion		0.5300
High Yield Muni
First $500 million		0.5400
Over $500 million up to $1 billion		0.5300
Over $1 billion		0.5000
Inflation Opportunities
First $200 million		0.5800
Over $200 million up to $500 million		0.5700
Over $500 million		0.5400
Inflation Protected-Securities		0.3800
Intermediate Bond
First $2 billion		0.3800
Over $2 billion up to $3.5 billion		0.3650
Over $3.5 billion up to $5 billion		0.3600
Over $5 billion		0.3550
Intermediate Muni
First $150 million		0.4700
Over $150 million up to $350 million		0.4500
Over $350 million up to $650 million		0.4400
Over $650 million up to $1 billion		0.4200
Over $1 billion		0.3900
International Equity
First $500 million		0.7700
Over $500 million up to $1 billion		0.7500
Over $1 billion up to $2 billion		0.7200
Over $2 billion up to $6 billion		0.6900
Over $6 billion		0.6800
International Growth
First $500 million		0.7700
Over $500 million up to $1 billion		0.7600
Over $1 billion up to $2 billion		0.7100
Over $2 billion up to $3 billion		0.6950
Over $3 billion		0.6800
International Small Cap Value
First $300 million		0.9550
Over $300 million up to $750 million		0.9300
Over $750 million up to $1 billion		0.8800
Over $1 billion		0.8400
International Stock
First $500 million		0.7000
Over $500 million up to $1 billion		0.6800
Over $1 billion up to $2 billion		0.6700
Over $2 billion up to $3 billion		0.6400
Over $3 billion		0.6300

Fund	Rate
Large Cap Value
Effective August 1, 2019
First $750 million		0.6500	%
Over $750 million up to $1 billion		0.6200
Over $1 billion up to $2 billion		0.6000
Over $2 billion up to $3 billion		0.5900
Over $3 billion		0.5800
Prior to August 1, 2019
First $750 million		0.6800
Over $750 million up to $1 billion		0.6500
Over $1 billion up to $2 billion		0.6300
Over $2 billion up to $3 billion		0.6000
Over $3 billion		0.5800
Large Core
First $250 million		0.4500
Over $250 million up to $750 million		0.4400
Over $750 million		0.4300
Large Growth
Effective August 2, 2019
First $1 billion		0.6500
Over $1 billion up to $1.5 billion		0.6350
Over $1.5 billion up to $2 billion		0.6150
Over $2 billion up to $3 billion		0.6050
Over $3 billion up to $4 billion		0.5900
Over $4 billion up to $5 billion		0.5750
Over $5 billion		0.5700
Prior to August 2, 2019
First $2 billion		0.6500
Over $2 billion up to $3 billion		0.6400
Over $3 billion up to $4 billion		0.6300
Over $4 billion		0.6100
Large Value Opportunities
First $250 million		0.4500
Over $250 million up to $750 million		0.4400
Over $750 million		0.4300
Mid Cap Growth
Effective December 1, 2018
First $200 million		0.7050
Over $200 million up to $1 billion		0.6850
Over $1 billion		0.6700
Prior to December 1, 2018
First $1 billion		0.7500
Over $1 billion		0.7300
Mid Cap Value Opportunities
First $750 million		0.7000
Over $750 million up to $1.5 billion		0.6950
Over $1.5 billion up to $2 billion		0.6850
Over $2 billion		0.6775
MLP & Energy Income
First $250 million		1.1300
Over $250 million up to $500 million		1.0800
Over $500 million up to $1 billion		1.0100
Over $1 billion up to $2 billion		0.9100
Over $2 billion		0.8500

Transamerica Funds Annual Report 2019

Page    502

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Fund	Rate
Multi-Asset Income
Effective May 1, 2019
First $500 million		0.5740	%
Over $500 million up to $1 billion		0.5700
Over $1 billion up to $1.5 billion		0.5450
Over $1.5 billion up to $2 billion		0.5350
Over $2 billion		0.5150
Prior to May 1, 2019
First $600 million		0.6900
Over $600 million up to $1 billion		0.6600
Over $1 billion up to $2 billion		0.6300
Over $2 billion		0.6150
Multi-Managed Balanced
First $1 billion		0.6500
Over $1 billion up to $5 billion		0.5900
Over $5 billion		0.5800
Short-Term Bond
Effective August 1, 2019
First $250 million		0.4200
Over $250 million up to $500 million		0.3900
Over $500 million up to $1 billion		0.3700
Over $1 billion		0.3600
Prior to August 1, 2019
First $250 million		0.5800
Over $250 million up to $500 million		0.5300
Over $500 million up to $1 billion		0.5050
Over $1 billion		0.4800
Small Cap Core
First $300 million		0.8300
Over $300 million		0.8000
Small Cap Growth
First $300 million		0.8700
Over $300 million		0.8300
Small Cap Value
First $300 million		0.8000
Over $300 million up to $800 million		0.7500
Over $800 million		0.7100

Fund	Rate
Small/Mid Cap Value
First $350 million		0.7900	%
Over $350 million up to $500 million		0.7800
Over $500 million up to $750 million		0.7650
Over $750 million up to $1 billion		0.7550
Over $1 billion up to $1.5 billion		0.7350
Over $1.5 billion up to $2 billion		0.7300
Over $2 billion		0.7250
Unconstrained Bond
Effective August 1, 2019
First $500 million		0.6500
Over $500 million up to $1 billion		0.6400
Over $1 billion up to $2 billion		0.6200
Over $2 billion		0.6100
Prior to August 1, 2019
First $1 billion		0.6700
Over $1 billion up to $2 billion		0.6550
Over $2 billion		0.6500
US Growth
Effective August 2, 2019
First $500 million		0.6800
Over $500 million up to $800 million		0.6700
Over $800 million up to $1 billion		0.6575
Over $1 billion up to $2 billion		0.6130
Over $2 billion up to $3 billion		0.6050
Over $3 billion up to $4 billion		0.5900
Over $4 billion up to $5 billion		0.5750
Over $5 billion		0.5700
Prior to August 2, 2019
First $150 million		0.7300
Over $150 million up to $650 million		0.7000
Over $650 million up to $1.15 billion		0.6800
Over $1.15 billion up to $2 billion		0.6550
Over $2 billion up to $3 billion		0.6400
Over $3 billion up to $4 billion		0.6300
Over $4 billion		0.6100

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Funds’ business, exceed the following stated annual operating expense limits to the Funds’ daily ANA. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statements of Operations.

Fund	Current Operating Expense Limit (A)			Prior Operating Expense Limit (B) (C)
Balanced II
Class I3		0.75	%		0.50	%(D)
Class R		1.10
Bond
Class A		1.10
Class C		1.75
Class I		0.50
Class I2		0.75
Class R6		0.75			0.44	(D)

Fund	Current Operating Expense Limit (A)			Prior Operating Expense Limit (B) (C)
Capital Growth
Class A		1.25	% (E)		1.45	%
Class C		2.00	(E)		2.20
Class I		1.10	(E)		1.20
Class I2		1.00	(E)		1.20
Class R6 (F)		1.00

Transamerica Funds Annual Report 2019

Page    503

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Fund	Current Operating Expense Limit (A)			Prior Operating Expense Limit (B) (C)
Dividend Focused
Class A		1.15	%
Class C		1.90
Class I		0.90
Class I2, Class R6		0.85
Dynamic Allocation
Class A		1.10
Class C		1.85
Class I		0.85
Dynamic Income
Class A		0.92
Class C		1.67
Class I		0.67
Emerging Markets Debt
Class A		1.25
Class C		2.00
Class I, Class I2, Class R6		0.85
Emerging Markets Equity
Class A		1.55			1.65	%
Class C		2.30			2.40
Class I		1.40
Class I2		1.30			1.40
Event Driven
Class I, Class I2		1.35
Floating Rate
Class A		1.05
Class C		1.80
Class I, Class I2		0.80
Global Equity
Class A		1.35
Class C		2.10
Class I, Class R6		1.10
Government Money Market
Class A		0.73
Class C		1.48
Class I, Class I2		0.48
Class I3		0.48			0.30	(D)
Class R2		0.80
Class R4		0.50
High Quality Bond
Class I3		0.55			0.40	(D)
Class R		1.00
Class R4		0.65
High Yield Bond
Class A		1.15			1.00	(G)
Class C		1.85			1.75	(G)
Class I		0.85			0.75	(G)
Class I2		0.75			0.75	(G)
Class I3		0.75			0.60	(D)
Class R		1.10
Class R4		0.85
Class R6		0.85

Fund	Current Operating Expense Limit (A)			Prior Operating Expense Limit (B) (C)
High Yield Muni
Class A		1.01	%
Class C		1.76
Class I, Class I2		0.76
Inflation Opportunities
Class A		1.00
Class C		1.75
Class I, Class I2, Class R6		0.75
Inflation-Protected Securities
Class I3		0.53			0.40	%(D)
Class R		1.00
Class R4		0.65
Intermediate Bond
Class I2		0.50
Class I3		0.50			0.40	(D)
Class R		1.00
Class R4		0.65
Intermediate Muni
Class A		0.85(E	)
Class C		1.60(E	)
Class I		0.49(E	)		0.71, 0.70	(H)
Class I2		0.60(E	)		0.71
International Equity
Class A		1.25
Class C		2.00
Class I, Class I2, Class R6		1.00
Class I3		1.00			0.90	(D)
Class R		1.40
Class R4		1.15
International Growth
Class A		1.20			1.30
Class I		1.05
Class I2, Class R6		0.95			1.05
International Small Cap Value
Class I		1.22
Class I2		1.12			1.22
International Stock
Class A		1.25
Class I, Class I2, Class R6		1.00
Large Cap Value
Class A		1.15
Class C		1.90
Class I		0.90
Class I2, Class R6		0.80			0.90
Large Core
Class I3		0.65
Class R		1.15
Class R4		0.90

Transamerica Funds Annual Report 2019

Page    504

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Fund	Current Operating Expense Limit (A)			Prior Operating Expense Limit (B) (C)
Large Growth
Class I3		0.75	%		0.65	%(D)
Class R		1.25
Class R4		0.90
Large Value Opportunities
Class I3		0.65			0.50	(D)
Class R		1.00
Class R4		0.75
Mid Cap Growth
Class A		1.30			1.10	(G)
Class C		2.05			1.85	(G)
Class I		1.05			0.85	(G)
Class I2		0.85
Class I3		0.85			0.75	(D)
Class R		1.35
Class R4		0.95
Mid Cap Value Opportunities
Class A		1.20			1.05	(G)
Class C		1.95			1.80	(G)
Class I		0.95			0.80	(G)
Class I2		0.80
Class I3		0.80			0.70	(D)
Class R		1.25
Class R4		0.90
Class R6		0.80			0.95
MLP & Energy Income
Class A		1.60
Class C		2.35
Class I		1.35
Class I2		1.25
Multi-Asset Income
Class A		1.20
Class C		1.95
Class I		0.72			0.95	(I)
Class I2		0.95
Multi-Managed Balanced
Class A		1.15
Class C		1.90
Class I		0.90
Class R6		0.80			0.90
Short-Term Bond
Class A		0.90
Class C		1.75
Class I		0.75
Class I2, Class R6		0.65
Small Cap Core
Class A		1.30			1.20	(G)
Class C		2.05			1.95	(G)
Class I		1.05			0.95	(G)
Class I2		0.95
Class I3		0.95			0.85	(D)
Class R		1.50
Class R4		1.10

Fund	Current Operating Expense Limit (A)			Prior Operating Expense Limit (B) (C)
Small Cap Growth
Class A		1.40	%		1.25	%(G)
Class C		2.15			2.00	(G)
Class I		1.15			1.00	(G)
Class I2		1.00
Class I3		1.00			0.90	(D)
Class R		1.55
Class R4, Class R6		1.15
Small Cap Value
Class A		1.30			1.20	(G)
Class C		2.05			1.95	(G)
Class I		1.05			0.95	(G)
Class I2		0.95			1.05	(G)
Class I3		0.95			0.85	(D)
Class R		1.50
Class R4		1.10
Class R6		1.05
Small/Mid Cap Value
Class A		1.40
Class C		2.05
Class I		1.00
Class I2, Class R6		0.90			1.00
Unconstrained Bond
Class I		0.95
Class I2		0.85			0.95
US Growth
Class A		1.25
Class C		1.86			2.00	(J)
Class I, Class T		1.00
Class I2		0.90			1.00

^(A)  Current operating expense limit is effective through March 1, 2020, unless otherwise indicated.

^(B)  Prior operating expense limit was effective through March 1, 2019, unless otherwise indicated.

^(C)  No rate present indicates no change to the operating expense limit during the period.

^(D)  Prior operating expense limit was effective through November 30, 2018.

^(E)  Current operating expense limit is effective through March 1, 2021.

^(F)  The R6 class launched on October 18, 2019.

^(G)  Prior operating expense limit was voluntary though October 31, 2018. Effective November 1, 2018 through March 1, 2019, the operating expense limits became contractual.

^(H)  Prior operating expense limits of 0.71 and 0.70 was effective through March 1,2019 and August 1, 2019, respectively.

^(I)  Prior operating expense limit was effective through May 1, 2019.

^(J)  Prior operating expense limit was effective through October 18, 2019.

Transamerica Funds Annual Report 2019

Page    505

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the thirty-six months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class’s total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended October 31, 2019 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statements of Operations.

TAM, on a voluntary basis and in addition to the contractual waivers in effect from time to time may waive and/or reimburse expenses of the Funds, or any classes thereof, to such level(s) as the Trust’s officers have determined or may reasonably determine from time to time. Any such waiver or expense reimbursement may be discounted by TAM at any time. These amounts are not subject to recapture by TAM.

For the years ended October 31, 2017, October 31, 2018 and October 31, 2019, the balances available for recapture by TAM for each Fund are as follows. Funds not listed in the subsequent table do not have balances available for recapture during the year. Government Money Market is discussed in further detail in proceeding notes and tables:

	Amounts Available
Fund	2017		2018		2019		Total
Balanced II
Class I3	$	11,077	$	50,758	$	2,618	$	64,453
Bond
Class I		—		116,954		537,645		654,599
Class R6		—		1,551		228		1,779
Dividend Focused
Class C		—		—		485		485
Dynamic Allocation
Class A		44,297		37,854		40,629		122,780
Class C		37,597		30,408		27,193		95,198
Class I		13,169		12,255		12,482		37,906
Dynamic Income
Class A		—		3,294		43,680		46,974
Class C		—		19,034		77,138		96,172
Class I		—		6,616		23,027		29,643
Emerging Markets Equity
Class A		—		—		270		270
Event Driven
Class I		—		—		1,061		1,061
Class I2		95,017		100,411		69,871		265,299
Floating Rate
Class A		5,303		10,038		10,999		26,340
Class C		2,905		5,664		6,710		15,279
Class I		7,291		56,823		50,520		114,634
Global Equity
Class A		52,685		55,928		97,975		206,588
Class C		50,446		43,510		30,558		124,514
Class I		—		—		21,452		21,452
High Quality Bond
Class I3		86,961		90,825		7,845		185,631
Class R4		12,192		14,866		22,814		49,872
High Yield Bond
Class A		—		—		33,227		33,227
Class C		—		—		3,092		3,092
Class I3		54,691		109,498		9,383		173,572
Class R		16,806		63,766		61,948		142,520
Class R4		39,516		124,439		120,069		284,024
High Yield Muni
Class A		21,232		1,063		12,183		34,478
Class C		10,039		1,672		6,525		18,236
Class I		40,132		22,998		59,242		122,372

	Amounts Available
Fund	2017		2018		2019		Total
Inflation Opportunities
Class A	$	—	$	3,048	$	666	$	3,714
Class C		318		419		357		1,094
Class I		—		—		3,125		3,125
Inflation-Protected Securities
Class I3		63,433		212,731		39,848		316,012
Class R		—		—		6,238		6,238
Class R4		17,453		30,803		11,831		60,087
Intermediate Bond
Class I3		73,499		103,194		8,593		185,286
Class R4		32,393		37,880		33,189		103,462
Intermediate Muni
Class I		—		—		296,110		296,110
International Equity
Class A		—		—		65,977		65,977
International Growth
Class A		—		—		498		498
Class I		—		23		61		84
International Stock
Class A		—		—		14,794		14,794
Class I		—		—		15,378		15,378
Class I2		—		—		165,331		165,331
Class R6		—		—		14,602		14,602
Large Growth
Class I3		280,340		320,429		25,498		626,267
Class R4		22,748		18,921		20,283		61,952
Large Value Opportunities
Class I3		108,200		107,301		12		215,513
Class R		13,647		20,958		3,354		37,959
Class R4		11,542		8,830		1,618		21,990
Mid Cap Growth
Class A		—		—		10,442		10,442
Class C		—		19		1,570		1,589
Class I		—		—		549		549
Class I2		—		—		5,047		5,047
Class I3		36,650		60,653		14,439		111,742
Class R		—		—		12,655		12,655
Class R4		7,790		14,856		9,681		32,327

Transamerica Funds Annual Report 2019

Page    506

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

	Amounts Available
Fund	2017		2018		2019		Total
Mid Cap Value Opportunities
Class A	$	—	$	56,699	$	129,295	$	185,994
Class C		—		—		5,315		5,315
Class I		—		—		53,758		53,758
Class I3		107,312		133,669		9,172		250,153
Class R		—		18,473		5,826		24,299
Class R4		292,557		404,966		337,696		1,035,219
MLP & Energy Income
Class A		—		—		8,049		8,049
Class C		—		9,329		11,062		20,391
Multi-Asset Income
Class I		—		5,364		55,842		61,206
Small Cap Core
Class A		3,674		1,307		3,868		8,849
Class C		625		194		445		1,264
Class I		448		597		653		1,698
Class I3		136,058		108,519		9,778		254,355
Class R4		7,359		5,846		4,936		18,141

	Amounts Available
Fund	2017		2018		2019		Total
Small Cap Growth
Class A	$	8,119	$	7,029	$	18,220	$	33,368
Class C		731		1,259		3,765		5,755
Class I		—		1,597		15,778		17,375
Class I2		—		—		12,772		12,772
Class I3		35,590		42,159		12,923		90,672
Class R4		6,883		8,393		4,298		19,574
Small Cap Value
Class A		3,912		4,581		3,832		12,325
Class C		—		40		188		228
Class I		—		2		1,849		1,851
Class I3		16,150		37,587		1,032		54,769
Class R4		497		390		215		1,102

Government Money Market: TAM, on a voluntary basis and in addition to the contractual waivers in effect from time to time, has agreed to waive fees and/or reimburse expenses of Government Money Market, or any share classes thereof, to such level(s) as the Trust’s officers have determined or may reasonably determine from time to time in order to prevent a negative yield. Any such waiver or expense reimbursement may be discontinued by TAM at any time. TAM is entitled to recapture any amounts so waived or reimbursed upon Government Money Market attaining such yield as the Trust’s officers reasonably determine. TAM has discontinued the recapture of voluntary yield waivers as of March 1, 2019.

TAM is entitled to reimbursement by Government Money Market, or any share classes thereof, of the fees waived and/or expenses reimbursed by TAM or any of its affiliates to Government Money Market, or any share classes thereof, during any of the previous thirty-six months. Reimbursement is not permitted if it would result in a negative yield, but amounts recaptured in certain cases have exceeded the expense limit under the contractual expense arrangement. TAM is developing a plan to address voluntary yield waiver amounts previously recaptured in excess of the contractual expense limits.

Waived and/or reimbursed expenses related to the maintenance of yield are included in Expenses waived and/or reimbursed and amounts recaptured by TAM under the voluntary yield waiver are included in Recapture of previously waived and/or reimbursed fees, both within the Statements of Operations. The actual expense ratio of each class of Government Money Market, including any amounts waived and/or reimbursed and any amounts recaptured under the voluntary yield waiver, are shown in the Ratio and supplemental data section within the Financial Highlights.

For the years ended October 31, 2017, October 31, 2018 and October 30, 2019, the amounts waived by TAM due to the maintenance of the yield are as follows:

	Amounts Waived
	2017		2018		2019		Total
Class A	$	143,302	$	—	$	—	$	143,302
Class C		147,590		7,148		—		154,738
Class I		2,272		—		—		2,272
Class I2		5,796		—		—		5,796
Class I3		47		—		—		47
Class R2		—		—		—		—
Class R4		—		—		—		—

Transamerica Funds Annual Report 2019

Page    507

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

As of October 31, 2019, the balances available for recapture by TAM due to the maintenance of the yield is as follows:

	Amounts Available
	2017		2018		2019 (A)		Total
Class A	$	—	$	—	$	—	$	—
Class C		147,590		7,148		—		154,738
Class I		—		—		—		—
Class I2		—		—		—		—
Class I3		26		—		—		26
Class R2		—		—		—		—
Class R4		—		—		—		—

(A) Effective March 1, 2019, TAM stopped all recaptures under the voluntary yield waiver.

For the years ended October 31, 2017, October 31, 2018 and October 31, 2019, the amounts waived by TAM due to the operating expense limitation is as follows:

	Amounts Waived
	2017		2018		2019		Total
Class A	$	98,896	$	33,727	$	7,016	$	139,639
Class C		18,048		3,861		1,060		22,969
Class I		31,889		8,755		3,684		44,328
Class I2		2,876		1,207		—		4,083
Class I3		6,004		24,051		227		30,282
Class R2		35,908		573,624		405,211		1,014,743
Class R4		14,414		129,445		66,995		210,854

As of October 31, 2019, the balances available for recapture by TAM due to the operating expense limitation is as follows:

	Amounts Available
	2017		2018		2019		Total
Class A	$	90,788	$	33,727	$	7,016	$	131,531
Class C		18,048		3,861		1,060		22,969
Class I		31,889		8,755		3,684		44,328
Class I3		—		16,108		227		16,335
Class R2		—		570,539		405,211		975,750
Class R4		13,460		129,445		66,995		209,900

Distribution and service fees: The Trust has a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCI as the Funds’ distributor.

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

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

Class (A)	Rate
Class A		0.25	%
Class C		1.00
Class R		0.50
Class R2		0.25
Class R4		0.25

(A) 12b-1 fees are not applicable for Class I, Class I2, Class I3, Class R6, and Class T.

Transamerica Funds Annual Report 2019

Page    508

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

TAM has contractually agreed to waive a portion of the 12b-1 fees at the following annual rates. These amounts are not subject to recapture by TAM in future years. Funds not listed in the subsequent table do not have a 12b-1 waiver.

Fund	Class A Waiver			Class C Waiver			12b-1 Expense Waiver Effective Through
High Yield Muni		0.10	%		0.25	%		March 1, 2020
Intermediate Muni		0.10			0.25			March 1, 2020

Shareholder fees: Class A and Class T shares are subject to an initial sales charge, and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the year ended October 31, 2019, underwriter commissions received by TCI from the various sales charges are as follows. Funds and/or classes not listed in the subsequent table do not have shareholder fees.

Fund	Initial Sales Charge		Contingent Deferred Sales Charge
Bond
Class A	$	390,152	$	644
Class C		—		17,454
Capital Growth
Class A		2,993,427		9,885
Class C		—		57,773
Dividend Focused
Class A		33,601		40
Class C		—		400
Dynamic Allocation
Class A		18,349		—
Class C		—		120
Dynamic Income
Class A		25,020		—
Class C		—		1,375
Emerging Markets Debt
Class A		8,042		22
Class C		—		361
Emerging Markets Equity
Class A		4,458		25
Class C		—		72
Floating Rate
Class A		48,713		422
Class C		—		3,414
Global Equity
Class A		22,210		1,000
Class C		—		427
Government Money Market
Class A		—		8,760
Class C		—		2,113
High Yield Bond
Class A		96,257		1,282
Class C		—		2,529
High Yield Muni
Class A		31,114		11,637
Class C		—		543
Inflation Opportunities
Class A		201		—
Intermediate Muni
Class A		279,037		27,587
Class C		—		10,990

Fund	Initial Sales Charge		Contingent Deferred Sales Charge
International Equity
Class A	$	82,074	$	8,164
Class C		—		8,714
International Growth
Class A		2,830		—
International Stock
Class A		109		—
Large Cap Value
Class A		225,612		2,012
Class C		—		10,711
Mid Cap Growth
Class A		34,037		17
Class C		—		6
Mid Cap Value Opportunities
Class A		65,820		3,110
Class C		—		2,457
MLP & Energy Income
Class A		11,990		4,587
Class C		—		335
Multi-Asset Income
Class A		174,112		662
Class C		—		4,629
Multi-Managed Balanced
Class A		733,146		3,534
Class C		—		15,665
Short-Term Bond
Class A		146,833		36,540
Class C		—		21,661
Small Cap Core
Class A		1,860		—
Small Cap Growth
Class A		27,868		—
Class C		—		815
Small Cap Value
Class A		2,780		33
Class C		—		2
Small/Mid Cap Value
Class A		236,344		8,833
Class C		—		4,988
US Growth
Class A		226,928		162
Class C		—		1,264

Transamerica Funds Annual Report 2019

Page    509

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Transfer agent fees: Pursuant to a transfer agency agreement, as amended, the Funds pay TFS a fee for providing services based on the number of classes, accounts and transactions relating to each Fund. The Transfer agent fees included within the Statements of Assets and Liabilities and Statements of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services.

For the year ended October 31, 2019, transfer agent fees paid and the amounts due to TFS are as follows:

Fund	Fees Paid to TFS		Fees Due to TFS
Balanced II	$	3,722	$	316
Bond		1,043,267		123,554
Capital Growth		1,976,769		180,604
Dividend Focused		82,945		6,757
Dynamic Allocation		22,848		1,854
Dynamic Income		234,598		17,938
Emerging Markets Debt		541,737		43,905
Emerging Markets Equity		88,497		7,172
Event Driven		8,714		670
Floating Rate		192,626		13,647
Global Equity		188,178		15,005
Government Money Market		279,102		22,715
High Quality Bond		17,872		1,465
High Yield Bond		458,039		37,261
High Yield Muni		91,191		8,030
Inflation Opportunities		15,120		1,310
Inflation-Protected Securities		8,477		683
Intermediate Bond		206,360		16,267
Intermediate Muni		1,350,121		129,051
International Equity		3,089,203		250,129

Fund	Fees Paid to TFS		Fees Due to TFS
International Growth	$	84,976	$	7,262
International Small Cap Value		225,239		11,626
International Stock		1,232		413
Large Cap Value		671,737		50,157
Large Core		14,447		1,235
Large Growth		50,466		4,255
Large Value Opportunities		36,333		2,978
Mid Cap Growth		27,196		3,159
Mid Cap Value Opportunities		729,865		55,401
MLP & Energy Income		100,916		7,727
Multi-Asset Income		191,886		18,329
Multi-Managed Balanced		876,565		72,802
Short-Term Bond		2,395,602		208,769
Small Cap Core		20,120		1,578
Small Cap Growth		79,026		6,491
Small Cap Value		40,113		2,638
Small/Mid Cap Value		1,257,635		102,202
Unconstrained Bond		53,468		5,711
US Growth		1,438,408		141,530

Deferred compensation plan: Under a non-qualified deferred compensation plan effective January 1, 1996, (as amended and restated January 1, 2010), available to the trustees, compensation may be deferred that would otherwise be payable by the Trust to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer (“CCO”) and deferred compensation fees within the Statements of Assets and Liabilities. For the year ended October 31, 2019, amounts included in Trustees, CCO and deferred compensation fees within the Statements of Operations reflect total compensation paid to the independent Board members.

Brokerage commissions: The Funds incurred brokerage commissions on security transactions placed with affiliates of the adviser or sub-adviser(s).

For the year ended October 31, 2019, brokerage commissions are as follows. Funds not listed in the subsequent table do not have brokerage commissions during the year.

Fund	Commissions
Capital Growth	$	7

Cross-trades: The Funds are authorized to purchase or sell securities from and to other funds within TAF or between the Fund and other mutual funds or accounts advised by TAM or the sub-adviser, in each case in accordance with Rule 17a-7 under the 1940 Act, when it is in the best interest of each Fund participating in the transaction.

Transamerica Funds Annual Report 2019

Page    510

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

For the year ended October 31, 2019, the Funds engaged in the following net cross-trade transactions, which resulted in net realized gains/(losses) are as follows. Funds not listed in the subsequent table did not have 17a-7 transactions during the year.

Fund	Purchases		Sales		Net Realized Gains (Losses)
Mid Cap Growth	$	1,832,720	$	—	$	—
Large Growth		—		1,579,635		142,339
US Growth		—		4,367,497		361,681

9. PURCHASES AND SALES OF SECURITIES

For the year ended October 31, 2019, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

	Purchases of Securities				Sales/Maturities of Securities
Fund	Long-Term		U.S. Government		Long-Term		U.S. Government
Balanced II	$	42,587,000	$	9,834,051	$	64,238,897	$	13,077,601
Bond		899,497,453		175,599,126		393,239,758		49,880,663
Capital Growth		1,981,767,224		—		1,503,972,394		—
Dividend Focused		290,535,078		—		391,145,791		—
Dynamic Allocation		11,041,172		—		15,714,182		—
Dynamic Income		39,395,157		—		86,561,893		—
Emerging Markets Debt		1,576,242,974		—		1,649,422,909		—
Emerging Markets Equity		408,424,335		—		473,727,825		—
Event Driven		215,532,826		—		212,177,605		—
Floating Rate		117,188,350		—		577,862,680		—
Global Equity		53,353,723		—		61,202,113		—
High Quality Bond		97,496,815		73,063,334		133,264,676		74,961,723
High Yield Bond		508,301,494		—		510,403,673		—
High Yield Muni		54,325,281		—		52,878,202		—
Inflation Opportunities		23,467,643		7,937,589		28,081,742		37,893,728
Inflation-Protected Securities		9,213,967		7,636,668		13,163,917		27,540,966
Intermediate Bond		683,636,223		457,622,639		1,150,742,294		614,849,118
Intermediate Muni		467,683,394		—		212,771,751		—
International Equity		638,912,221		—		1,484,964,447		—
International Growth		275,529,396		—		448,107,288		—
International Small Cap Value		109,260,816		—		318,619,712		—
International Stock		76,317,805		—		4,143,348		—
Large Cap Value		3,272,877,513		—		3,589,938,244		—
Large Core		211,554,901		—		240,072,735		—
Large Growth		503,442,052		—		647,022,502		—
Large Value Opportunities		664,410,307		—		740,649,619		—
Mid Cap Growth		267,585,750		—		132,019,446		—
Mid Cap Value Opportunities		1,147,308,797		—		1,457,142,063		—
MLP & Energy Income		57,226,394		—		120,095,685		—
Multi-Asset Income		155,826,079		—		95,784,058		—
Multi-Managed Balanced		313,226,546		56,183,148		369,518,474		67,984,852
Short-Term Bond		1,644,698,514		141,645,169		1,535,683,525		142,774,950
Small Cap Core		177,564,306		—		202,261,936		—
Small Cap Growth		97,948,572		—		102,098,564		—
Small Cap Value		385,459,694		—		531,720,126		—
Small/Mid Cap Value		472,913,295		—		516,397,071		—
Unconstrained Bond		670,575,302		83,391,703		503,775,614		80,781,980
US Growth		429,942,626		—		553,922,351		—

Transamerica Funds Annual Report 2019

Page    511

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS

The Funds have not made any provision for federal income or excise taxes due to their policy to distribute all of their taxable income and capital gains to their shareholders and otherwise qualify as regulated investment companies under Subchapter M of the Internal Revenue Code. The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. The Funds’ tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Funds’ tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Funds’ financial statements. If applicable, the Funds recognize interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statements of Operations. The Funds identify their major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Funds make significant investments; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales, interest written off, passive foreign investment companies, preferred securities, preferred stock interest accrual adjustments, TIPS, defaulted bonds, corporate action adjustments, premium amortization adjustments, non-real estate investment trust adjustments, organizational expenses, dividends payable, partnership basis adjustments, option contracts, forward contracts mark-to-market, futures contracts mark-to-market and straddle loss deferral from underlying investments. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. The primary permanent differences are due to wash sales from mergers, passive foreign investment companies, foreign currency gains and losses, paydown gain/loss, distribution re-designations, adjustment to prior year accumulated balances, real estate and non-real estate investment trust adjustments, prior year real estate investment trust and non-real estate investment trust reversals, convertible preferred stock interest accruals, defaulted bonds, corporate action adjustments, equalization, basis adjustments due to prior mergers, net operating losses, premium bond adjustments, distributions in excess of current earnings, partnership basis adjustments, merger adjustments and TIPS adjustments. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. These permanent reclassifications are as follows:

Fund	Paid-in Capital			Total Distributable Earnings
Balanced II	$	(271,383	)	$	271,383
Bond		—			—
Capital Growth		13,898,213			(13,898,213	)
Dividend Focused		—			—
Dynamic Allocation		—			—
Dynamic Income		(633,165	)		633,165
Emerging Markets Debt		—			—
Emerging Markets Equity		—			—
Event Driven		(2	)		2
Floating Rate		—			—
Global Equity		1,337			(1,337	)
Government Money Market		(14,804	)		14,804
High Quality Bond		(810,631	)		810,631
High Yield Bond		933,323			(933,323	)
High Yield Muni		—			—
Inflation Opportunities		—			—
Inflation-Protected Securities		(202,532	)		202,532
Intermediate Bond		(639,773	)		639,773
Intermediate Muni		—			—
International Equity		(315,911	)		315,911

Fund	Paid-in Capital			Total Distributable Earnings
International Growth	$	—		$	—
International Small Cap Value		—			—
International Stock		—			—
Large Cap Value		—			—
Large Core		(582,712	)		582,712
Large Growth		(10,368,972	)		10,368,972
Large Value Opportunities		(2,063,287	)		2,063,287
Mid Cap Growth		(693,970	)		693,970
Mid Cap Value Opportunities		(6,944,911	)		6,944,911
MLP & Energy Income		(432,155	)		432,155
Multi-Asset Income		(17,190	)		17,190
Multi-Managed Balanced		—			—
Short-Term Bond		—			—
Small Cap Core		(823,656	)		823,656
Small Cap Growth		(1,164,249	)		1,164,249
Small Cap Value		(209,671	)		209,671
Small/Mid Cap Value		—			—
Unconstrained Bond		108			(108	)
US Growth		51,528			(51,528	)

Transamerica Funds Annual Report 2019

Page    512

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)

As of October 31, 2019, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

Fund	Cost		Gross Appreciation		Gross (Depreciation)			Net Appreciation (Depreciation)
Balanced II	$	110,999,026	$	17,716,275	$	(1,181,795	)	$	16,534,480
Bond		1,443,456,511		46,284,960		(6,330,597	)		39,954,363
Capital Growth		2,014,828,028		374,067,261		(168,201,792	)		205,865,469
Dividend Focused		486,582,804		76,812,440		(31,807,867	)		45,004,573
Dynamic Allocation		16,973,573		1,631,517		—			1,631,517
Dynamic Income		199,298,618		4,624,106		(9,006,387	)		(4,382,281	)
Emerging Markets Debt		655,667,494		24,057,470		(37,102,335	)		(13,044,865	)
Emerging Markets Equity		801,422,843		81,220,338		(56,058,565	)		25,161,773
Event Driven		100,274,032		4,975,933		(3,386,778	)		1,589,155
Floating Rate		222,404,880		651,993		(10,507,877	)		(9,855,884	)
Global Equity		92,089,077		18,605,494		(4,627,697	)		13,977,797
Government Money Market		1,430,216,167		—		—			—
High Quality Bond		237,373,500		3,071,834		(639,914	)		2,431,920
High Yield Bond		1,514,341,561		45,473,264		(82,384,713	)		(36,911,449	)
High Yield Muni		101,999,284		4,872,580		(157,784	)		4,714,796
Inflation Opportunities		125,745,382		4,731,178		(2,140,800	)		2,590,378
Inflation-Protected Securities		112,309,428		4,370,300		(393,006	)		3,977,294
Intermediate Bond		2,875,596,289		97,157,341		(6,932,140	)		90,225,201
Intermediate Muni		1,682,651,372		58,564,834		(3,136,380	)		55,428,454
International Equity		4,720,140,960		571,537,472		(426,407,172	)		145,130,300
International Growth		1,166,256,046		105,018,469		(86,037,534	)		18,980,935
International Small Cap Value		524,826,800		98,645,459		(53,179,966	)		45,465,493
International Stock		74,240,478		2,922,824		(461,412	)		2,461,412
Large Cap Value		1,981,165,005		99,228,311		(115,680,834	)		(16,452,523	)
Large Core		234,335,998		30,568,531		(6,713,806	)		23,854,725
Large Growth		617,296,959		168,931,494		(14,623,216	)		154,308,278
Large Value Opportunities		530,409,698		41,965,695		(23,927,028	)		18,038,667
Mid Cap Growth		220,201,120		17,196,803		(1,681,531	)		15,515,272
Mid Cap Value Opportunities		1,293,309,043		170,186,830		(28,976,927	)		141,209,903
MLP & Energy Income		236,904,375		49,524,226		(23,221,878	)		26,302,348
Multi-Asset Income		217,468,004		22,696,762		(1,755,766	)		20,940,996
Multi-Managed Balanced		873,621,549		213,063,143		(8,171,659	)		204,891,484
Short-Term Bond		2,999,309,817		41,143,266		(2,577,901	)		38,565,365
Small Cap Core		192,693,111		17,555,279		(21,009,387	)		(3,454,108	)
Small Cap Growth		128,799,038		34,692,181		(2,710,843	)		31,981,338
Small Cap Value		103,074,922		13,298,771		(5,503,973	)		7,794,798
Small/Mid Cap Value		735,745,288		139,619,642		(34,220,390	)		105,399,252
Unconstrained Bond		1,016,149,707		17,286,514		(11,661,198	)		5,625,316
US Growth		999,632,606		579,465,508		(9,427,950	)		570,037,558

As of October 31, 2019, the capital loss carryforwards available to offset future realized capital gains are as follows. Funds not listed in the subsequent table do not have capital loss carryforwards.

	Unlimited
Fund	Short-Term		Long-Term
Bond	$	—	$	1,862,054
Dynamic Income		27,247,134		33,916,379
Emerging Markets Debt		36,385,421		23,467,359
Emerging Markets Equity		161,242,896		8,037,760
Floating Rate		870,353		11,244,889

Transamerica Funds Annual Report 2019

Page    513

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)

	Unlimited
Fund	Short-Term			Long-Term
High Quality Bond	$	2,213,655		$	6,643,649
High Yield Bond		6,983,509			27,720,284
High Yield Muni		1,637,907			452,323
Inflation Opportunities		—			2,268,185
Inflation-Protected Securities		3,004,059			4,154,630
Intermediate Bond		—			13,654,241
Intermediate Muni		15,229,310			1,582,846
International Equity		53,186,928	(A)		62,368,979	(A)
International Growth		53,641,216			4,259,786
International Small Cap Value		9,450,997			21,135,945
International Stock		142,483			3,039
MLP & Energy Income		61,610,358			119,695,151
Multi-Asset Income		46,439,909	(A)		15,047,916	(A)
Short-Term Bond		10,560,418			29,359,626
Small Cap Core		21,503,714	(A)		1,343,380
Unconstrained Bond		11,063,729			12,958,831

(A) Utilization of losses are subject to further limitations under tax regulations.

During the year ended October 31, 2019, the capital loss carryforwards utilized or expired are as follows. Funds not listed in the subsequent table do not have capital loss carryforwards utilized or expired.

Fund	Capital Loss Carryforwards Utilized/Expired
Bond	$	3,070,110
Dynamic Allocation		677,458
High Quality Bond		9,152
Intermediate Bond		33,978,516
Intermediate Muni		1,651,163
Multi-Asset Income		819,397
Short-Term Bond		951,338

The tax character of distributions paid may differ from the character of distributions shown within the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2019 and 2018 are as follows:

	2019 Distributions Paid From								2018 Distributions Paid From
Fund	Ordinary Income		Tax Exempt Income		Long-Term Capital Gain		Return of Capital		Ordinary Income		Tax Exempt Income		Long-Term Capital Gain		Return of Capital
Balanced II	$	2,067,717	$	—	$	3,688,941	$	—	$	1,889,706	$	—	$	613,523	$	—
Bond		33,562,152		—		—		—		19,804,174		—		—		—
Capital Growth		—		—		68,760,661		—		11,201,061		—		174,027,606		—
Dividend Focused		13,242,490		—		77,616,309		—		21,351,351		—		37,552,948		—
Dynamic Allocation		150,008		—		—		—		109,183		—		—		—
Dynamic Income		7,375,701		—		—		1,836,667		8,767,187		—		—		2,251,280
Emerging Markets Debt		26,471,645		—		—		—		29,899,690		—		—		3,273,159
Emerging Markets Equity		9,573,670		—		—		—		2,511,373		—		—		—
Event Driven		1,298,529		—		868,747		—		1,549,390		—		—		—
Floating Rate		29,057,444		—		—		—		33,006,528		—		—		—
Global Equity		90,374		—		—		—		2,094,498		—		—		—
Government Money Market		20,613,430		—		—		—		10,421,389		—		—		—
High Quality Bond		7,510,428		—		—		—		6,392,400		—		—		—
High Yield Bond		80,060,224		—		—		—		93,768,516		—		—		—
High Yield Muni		432,732		3,376,972		—		—		162,784		3,468,262		—		—
Inflation Opportunities		2,403,225		—		—		—		4,178,289		—		—		—
Inflation-Protected Securities		2,999,080		—		—		—		3,812,067		—		—		—

Transamerica Funds Annual Report 2019

Page    514

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)

	2019 Distributions Paid From								2018 Distributions Paid From
Fund	Ordinary Income		Tax Exempt Income		Long-Term Capital Gain		Return of Capital		Ordinary Income		Tax Exempt Income		Long-Term Capital Gain		Return of Capital
Intermediate Bond	$	79,533,334	$	—	$	—	$	—	$	84,272,356	$	—	$	—	$	—
Intermediate Muni		717,659		37,201,381		—		—		287,647		32,597,803		—		—
International Equity		105,818,769		—		156,243,080		—		167,984,426		—		—		—
International Growth		25,097,645		—		166,373,934		—		22,882,446		—		—		—
International Small Cap Value		13,027,026		—		39,014,265		—		27,275,630		—		—		—
International Stock		2,086		—		—		—		—		—		—		—
Large Cap Value		40,994,363		—		194,958,742		—		109,599,251		—		160,661,452		—
Large Core		14,553,908		—		32,294,175		—		4,735,805		—		9,809,742		—
Large Growth		4,260,636		—		61,196,601		—		4,362,825		—		31,604,559		—
Large Value Opportunities		36,550,619		—		70,167,964		—		9,440,216		—		11,127,618		—
Mid Cap Growth		3,762,638		—		19,314,368		—		875,874		—		4,104,650		—
Mid Cap Value Opportunities		18,676,600		—		98,372,465		—		13,190,577		—		107,817,160		—
MLP & Energy Income		3,003,622		—		—		12,477,821		3,388,658		—		—		13,315,965
Multi-Asset Income		6,006,305		—		2,147,029		—		4,544,312		—		538,076		—
Multi-Managed Balanced		12,154,697		—		57,067,739		—		13,140,857		—		20,316,110		—
Short-Term Bond		75,278,166		—		—		—		68,639,324		—		—		—
Small Cap Core		5,375,620		—		13,484,067		—		2,327,900		—		6,921,083		—
Small Cap Growth		—		—		13,388,889		—		—		—		14,518,564		—
Small Cap Value		1,849,305		—		21,910,662		—		1,133,203		—		11,833,820		—
Small/Mid Cap Value		10,313,127		—		74,299,095		—		69,149,581		—		40,386,063		—
Unconstrained Bond		25,967,387		—		—		3,558,160		20,935,712		—		7,938		2,529,595
US Growth		11,674,232		—		87,295,177		—		13,999,694		—		88,144,378		—

As of October 31, 2019, the tax basis components of distributable earnings are as follows:

Fund	Undistributed Ordinary Income		Undistributed Tax Exempt Income		Undistributed Long-Term Capital Gain		Capital Loss Carryforwards			Late Year Ordinary Loss Deferral			Other Temporary Differences			Net Unrealized Appreciation (Depreciation)
Balanced II	$	551,345	$	—	$	2,457,796	$	—		$	—		$	(4,304,301	)	$	16,534,480
Bond		340,660		—		—		(1,862,054	)		—			(713,389	)		39,954,363
Capital Growth		—		—		227,405,630		—			(13,327,272	)		—			205,865,648
Dividend Focused		5,132,176		—		55,757,401		—			—			—			45,004,573
Dynamic Allocation		288,428		—		53,954		—			—			(527,009	)		1,631,517
Dynamic Income		—		—		—		(61,163,513	)		—			(15,580	)		(4,382,281	)
Emerging Markets Debt		4,407,833		—		—		(59,852,780	)		—			(2,894,256	)		(13,092,328	)
Emerging Markets Equity		22,539,239		—		—		(169,280,656	)		—			—			25,168,108
Event Driven		374,108		—		—		—			—			(90,057	)		1,597,223
Floating Rate		9,346		—		—		(12,115,242	)		—			(5,079	)		(9,861,822	)
Global Equity		1,139,054		—		4,690,890		—			—			—			13,976,786
Government Money Market		—		—		—		—			—			(2,518	)		—
High Quality Bond		888,801		—		—		(8,857,304	)		—			874,483			2,431,920
High Yield Bond		322,530		—		—		(34,703,793	)		—			1,094,221			(36,911,449	)
High Yield Muni		—		13,478		—		(2,090,230	)		—			(13,269	)		4,714,796
Inflation Opportunities		180,294		—		—		(2,268,185	)		—			—			2,591,832
Inflation-Protected Securities		379,023		—		—		(7,158,689	)		—			(1,106,947	)		3,978,476
Intermediate Bond		—		—		—		(13,654,241	)		—			435,133			90,225,201
Intermediate Muni		—		24,508		—		(16,812,156	)		—			—			55,428,454
International Equity		130,556,604		—		—		(115,555,907	)		—			(1,020,863	)		145,063,740
International Growth		22,962,817		—		—		(57,901,002	)		—			—			18,984,929
International Small Cap Value		12,581,007		—		—		(30,586,942	)		—			—			45,464,269
International Stock		65,898		—		—		(145,522	)		—			—			2,462,395
Large Cap Value		3,313,476		—		52,219,614		—			—			—			(16,452,523	)
Large Core		858,591		—		80,677		—			—			(2,859,786	)		23,854,725
Large Growth		5,415,217		—		143,127,356		—			—			(11,517,939	)		154,308,116

Transamerica Funds Annual Report 2019

Page    515

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)

Fund	Undistributed Ordinary Income		Undistributed Tax Exempt Income		Undistributed Long-Term Capital Gain		Capital Loss Carryforwards			Late Year Ordinary Loss Deferral			Other Temporary Differences			Net Unrealized Appreciation (Depreciation)
Large Value Opportunities	$	1,495,375	$	—	$	2,654,747	$	—		$	—		$	(4,510,479	)	$	18,038,667
Mid Cap Growth		—		—		3,979,562		—			(408,683	)		—			15,515,272
Mid Cap Value Opportunities		10,232,461		—		41,249,664		—			—			(9,578,672	)		141,209,903
MLP & Energy Income		—		—		—		(181,305,509	)		—			(20,743,131	)		26,301,983
Multi-Asset Income		859,153		—		169,218		(61,487,825	)		—			(2,137,209	)		20,939,887
Multi-Managed Balanced		3,205,444		—		27,169,743		—			—			(66,193	)		204,891,484
Short-Term Bond		252,367		—		—		(39,920,044	)		—			(868,492	)		38,565,365
Small Cap Core		996,419		—		—		(22,847,094	)		—			(977,044	)		(3,454,108	)
Small Cap Growth		—		—		10,485,903		—			(771,834	)		(599,364	)		31,981,338
Small Cap Value		1,704,600		—		2,197,906		—			—			(19,785	)		7,794,798
Small/Mid Cap Value		2,865,299		—		22,515,459		—			—			—			105,399,252
Unconstrained Bond		—		—		—		(24,022,560	)		—			(1,993	)		5,628,023
US Growth		5,141,508		—		114,936,641		—			—			—			570,080,287

11. RECLASSIFICATION

Certain amounts prior to November 1, 2015, have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the net increase (decrease) in net assets resulting from operations. The Trust concluded that it was appropriate to reclassify certain borrowing costs, which relate to charges from a broker for securities sold short positions, as an expense which is included in Dividends, interest and fees for borrowings from securities sold short within the Statements of Operations. Previously, the borrowing costs had been included in Net realized gain (loss) on securities sold short within the Statements of Operations. Corresponding reclassifications have been made to Net investment income (loss) per share, Net realized and unrealized gain (loss) per share and Expenses to average net asset ratios within the Financial Highlights. The impact of the reclassification is an increase to realized gain (loss) and total expenses, and a decrease in net investment income. All impacted amounts, as identified within the Financial Highlights, have been adjusted for purposes of comparability.

12. NEW ACCOUNTING PRONOUNCEMENTS

In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2017-08 (“ASU 2017-08”), “Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities”. ASU 2017-08 amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the implication, if any, of the additional requirements and its impact on the Funds’ financial statements.

In August 2018, FASB issued Accounting Standards Update No. 2018-13 (“ASU 2018-13”), “Fair Value Measurement (Topic 820: Disclosure Framework), Changes to the Disclosure Requirements for Fair Value Measurement”. ASU 2018-13 eliminates the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the timing of transfers between levels of the fair value hierarchy and the valuation processes for Level 3 fair value measurements. ASU 2018-13 does not eliminate the requirement to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements, or the reporting of changes in unrealized gains and losses for recurring Level 3 fair value measurements. ASU 2018-13 requires that information is provided about the measurement uncertainty of Level 3 fair value measurements as of the reporting date. The amendment is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has evaluated and has early adopted the disclosure requirements and the impact is reflected within the Funds’ financial statements.

Transamerica Funds Annual Report 2019

Page    516

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

13. STOCK SPLIT

Effective as of the close of business on the date listed in the subsequent table, the respective Fund’s classes underwent a stock split. Funds not listed in the table did not have a stock split. There was no impact to the aggregate market value of shares outstanding. The historical per share data presented within the Financial Highlights have been retroactively adjusted to reflect the stock split. The stock split ratios, net effect on the NAV per share, and the number of shares outstanding as of the date indicated were as follows:

Fund

Class

Date

Share Split Ratio

Shares Prior to Stock Split

Shares After Stock Split

Increase (Decrease) Net Asset Value per Share

Increase (Decrease) Net Shares Outstanding

Balanced II

R

September 15, 2017

2.01-for-1

4,571,079

9,171,183

Decrease

Increase

High Quality Bond

R4

April 21, 2017

1.01-for-1

5,355,021

5,396,036

Decrease

Increase

Inflation-Protected Securities

R4

April 21, 2017

0.97-for-1

6,242,382

6,069,179

Increase

Decrease

Intermediate Bond

R4

March 24, 2017

1.06-for-1

29,646,707

31,285,459

Decrease

Increase

Large Core

R4

March 10, 2017

0.81-for-1

1,376,796

1,117,293

Increase

Decrease

Large Growth

R4

March 10, 2017

1.35-for-1

6,200,939

8,353,323

Decrease

Increase

Large Value Opportunities

R4

May 5, 2017

1.56-for-1

6,045,594

9,421,040

Decrease

Increase

Mid Cap Growth

R4

March 10, 2017

0.84-for-1

1,574,918

1,327,363

Increase

Decrease

Small Cap Core

R4

March 10, 2017

1.44-for-1

743,234

1,073,021

Decrease

Increase

Small Cap Value

R4

April 21, 2017

2.16-for-1

258,654

559,003

Decrease

Increase

14. REORGANIZATIONS

US Growth: Following the close of business on August 2, 2019, US Growth acquired all of the net assets of Transamerica Multi-Cap Growth (“Multi-Cap Growth”) pursuant to a Plan of Reorganization. US Growth 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 US Growth for shares of Multi-Cap Growth outstanding following the close of business on August 2, 2019. The cost basis of the investments received from Multi-Cap Growth was carried forward to align ongoing reporting of the US Growth’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Shares issued to Multi-Cap Growth shareholders, along with the exchange ratio of the reorganization for US Growth, were as follows:

Multi-Cap Growth Class	Multi-Cap Growth Shares		US Growth Class	US Growth Shares		Dollar Amount		Exchange Ratio (A)
Class A		7,844,908	Class A		2,626,174	$	55,685,141		0.33
Class C		507,451	Class C		134,699		2,641,935		0.27
Class I		5,552,868	Class I		2,050,971		44,511,618		0.37
Class I2		19,223,117	Class I2		7,236,705		156,880,191		0.38

(A) Calculated by dividing the US Growth shares issuable by the Multi-Cap Growth shares outstanding on August 2, 2019.

The net assets of Multi-Cap Growth, including unrealized appreciation (depreciation), were combined with those of US Growth. These amounts were as follows:

Multi-Cap Growth Unrealized Appreciation (Depreciation)		Multi-Cap Growth Net Assets		US Growth Net Assets Prior to Reorganization		Net Assets After Reorganization
	$  57,052,474	$	259,718,885	$	1,113,166,249	$	1,372,885,134

Additionally, following the close of business on October 18, 2019, US Growth acquired all of the net assets of Transamerica Concentrated Growth (“Concentrated Growth”) pursuant to a Plan of Reorganization. US Growth 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 US Growth for shares of Concentrated Growth, outstanding following the close of business on October 18, 2019. The cost basis of the investments received from Concentrated Growth was carried forward to align ongoing reporting of the US Growth’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Transamerica Funds Annual Report 2019

Page    517

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

14. REORGANIZATIONS (continued)

Shares issued to Concentrated Growth shareholders, along with the exchange ratio of the reorganization US Growth, were as follows:

Concentrated Growth Class	Concentrated Growth Shares		US Growth Class	US Growth Shares		Dollar Amount		Exchange Ratio (A)
Class A		95,613	Class A		72,927	$	1,583,801		0.76
Class C		76,226	Class C		60,120		1,205,818		0.79
Class I		464,728	Class I		344,633		7,665,054		0.74
Class I2		8,655,199	Class I2		6,525,776		145,012,539		0.75

(A) Calculated by dividing the US Growth shares issuable by the Concentrated Growth shares outstanding on October 18, 2019.

The net assets of Concentrated Growth, including unrealized appreciation (depreciation), were combined with those of US Growth. These amounts were as follows:

Concentrated Growth Unrealized Appreciation (Depreciation)		Concentrated Growth Net Assets		US Growth Net Assets Prior to Reorganization		Net Assets After Reorganization
	$  59,754,359	$	155,467,212	$	1,381,888,625	$	1,537,355,837

Assuming the Multi-Cap Growth reorganization had been completed on November 1, 2018, the beginning of the annual reporting period of US Growth, the pro forma results of operations for the year ended October 31, 2019, are as follows:

Net investment income (loss)	$	(1,689,255	)
Net realized and change in unrealized gain (loss)		291,220,805
Net increase (decrease) in net assets resulting from operations		289,531,550

Assuming the Concentrated Growth reorganization had been completed on November 1, 2018, the beginning of the annual reporting period of US Growth, the pro forma results of operations for the year ended October 31, 2019, are as follows:

Net investment income (loss)	$	(1,879,864	)
Net realized and change in unrealized gain (loss)		285,774,270
Net increase (decrease) in net assets resulting from operations		283,894,406

Assuming the two reorganizations had been completed on November 1, 2018, the beginning of the annual reporting period of US Growth, the pro forma results of operations for the year ended October 31, 2019, are as follows:

Net investment income (loss)	$	(1,660,213	)
Net realized and change in unrealized gain (loss)		250,562,127
Net increase (decrease) in net assets resulting from operations		248,901,914

Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization were completed, it is not practical to separate the amounts of revenue and earnings of Multi-Cap Growth or Concentrated Growth that have been included in US Growth’s Statement of Operations following the close of business on August 2, 2019, and October 18, 2019, respectively.

Capital Growth: Following the close of business on October 18, 2019, Capital Growth acquired all of the net assets of Transamerica Growth (“Growth”) pursuant to a Plan of Reorganization. Capital Growth 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 Capital Growth for shares of Growth outstanding following the close of business on October 18, 2019. The cost basis of the investments received from Growth was carried forward to align ongoing reporting of the Capital Growth’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Shares issued to Growth shareholders, along with the exchange ratio of the reorganization for Capital Growth, were as follows:

Growth Class	Growth Shares		Capital Growth Class	Capital Growth Shares		Dollar Amount		Exchange Ratio (A)
Class I2		23,439,002	Class I2		12,844,998	$	171,778,728		0.55
Class R6		2,044,737	Class R6		1,120,366		14,982,875		0.55

(A) Calculated by dividing the Capital Growth shares issuable by the Growth shares outstanding on October 18, 2019.

Transamerica Funds Annual Report 2019

Page    518

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

14. REORGANIZATIONS (continued)

The net assets of the Growth, including unrealized appreciation (depreciation), were combined with those of Capital Growth. These amounts were as follows:

Growth Unrealized Appreciation (Depreciation)	Growth Net Assets		Capital Growth Net Assets Prior to Reorganization		Net Assets After Reorganization
$  85,371,924	$	186,761,603	$	1,852,085,270	$	2,038,846,873

Assuming the reorganization had been completed on November 1, 2018, the beginning of the annual reporting period of Capital Growth, the pro forma results of operations for the year ended October 31, 2019, are as follows:

Net investment income (loss)	$	(14,604,151	)
Net realized and change in unrealized gain (loss)		89,387,095
Net increase (decrease) in net assets resulting from operations		74,782,944

Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practical to separate the amounts of revenue and earnings of Growth that have been included in Capital Growth’s Statement of Operations following the close of business on October 18, 2019.

15. CUSTODY OUT-OF-POCKET EXPENSE

In December 2015, State Street, the Funds’ custodian, identified inconsistencies in the way in which clients were invoiced for categories of expenses, particularly those deemed out-of-pocket costs, during an 18-year period going back to 1998. The issue was the result of inaccurate billing rates that were not subsequently reviewed or adjusted. The amount of the difference in what was charged and what should have been charged, plus interest, was paid back to the Funds in September 2016 as a reimbursement. The amounts applicable to each Fund, if any, were recognized as a change in accounting estimate and are reflected as a reimbursement of custody fees. This resulted in a decrease in net expenses and an overall increase in net assets. Please reference the Financial Highlights for additional information in regards to the per share impact.

16. LEGAL PROCEEDINGS

On August 27, 2018, Transamerica Asset Management, Inc. (“TAM”), Aegon USA Investment Management, LLC (“AUIM”) and Transamerica Capital, Inc. (“TCI”) reached a settlement with the Securities and Exchange Commission (the “SEC”) that resolved an investigation into asset allocation models and volatility overlays utilized by AUIM when it served as sub-adviser to certain Transamerica-sponsored mutual funds, and related disclosures. TAM and TCI serve as investment manager and principal underwriter, respectively, to Transamerica-sponsored mutual funds. TCI also serves as the principal underwriter to the variable life insurance and annuity products through which certain Transamerica-sponsored mutual funds are offered. AUIM, an affiliate of TAM and TCI, serves as sub-adviser to a number of Transamerica-sponsored mutual funds.

The SEC’s order instituting administrative and cease-and-desist proceedings (the “Order”) pertains to events that occurred during the period between July 2011 and June 2015, and, among other things, the operation and/or implementation of an asset allocation model utilized by AUIM when it served as sub-adviser to certain Transamerica tactical funds and asset allocation funds, the designation of the portfolio manager for certain of these funds as well as the operation and/or implementation of volatility overlays utilized by AUIM when it served as sub-adviser to the asset allocation funds. The Order also states that the parties failed to make appropriate disclosures regarding these matters, including in marketing materials, and failed to have adequate compliance policies and procedures. AUIM ceased to serve as sub-adviser to the Transamerica tactical funds on April 30, 2015 and to the Transamerica asset allocation funds on June 30, 2015.

Under the terms of the Order, AUIM, TAM and TCI were censured, and agreed, without admitting or denying the findings in the Order, to cease and desist from committing or causing any violations of certain statutory provisions and SEC rules. AUIM agreed to pay civil penalties of $21,000,000, $24,599,896 in disgorgement and $3,682,195 in prejudgment interest. TAM agreed to pay civil penalties of $10,500,000, $15,000,000 in disgorgement and $2,235,765 in prejudgment interest. TCI agreed to pay civil penalties of $4,000,000, $12,000,000 in disgorgement and $1,826,022 in prejudgment interest. The amounts paid in disgorgement, prejudgment interest and civil penalties have been deposited into a Fair Fund for distribution to affected investors. Affected investors are those who purchased or held the relevant mutual funds, variable life insurance and annuity investment portfolios and separately managed account strategies during the period between July 2011 and June 2015. The Order states that these investors are to receive from the Fair Fund the pro rata fees and commissions paid by them during that period, subject to any de minimis threshold.

Transamerica Funds Annual Report 2019

Page    519

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

16. LEGAL PROCEEDINGS (continued)

The settlement does not impose any restrictions on the business or continued ability of AUIM, TAM or TCI to serve the funds.

The foregoing is only a brief summary of the Order. A copy of the Order is available on the SEC’s website at https://www.sec.gov.

The funds are affected by many factors and risks: for example, the risk that the sub-advisers’ judgments and investment decisions, and methods, tools, resources, information, models and analyses utilized in making investment decisions, are incorrect or flawed, do not produce the desired results, and cause the funds to lose value. See “Principal Risks” in the prospectus.

The Order and settlement has no impact on the Funds’ financial statements.

17. SUBSEQUENT EVENTS

The Board has approved a new fund launch of Transamerica Emerging Markets Opportunities. This will be effective on or about December 20, 2019.

The Board has approved the liquidation of Dynamic Allocation. The liquidation will take place on or about December 20, 2019.

Transamerica Funds Annual Report 2019

Page    520

Report of Independent Registered Public Accounting Firm

To the Shareholders of Transamerica Balanced II, Transamerica Bond, Transamerica Capital Growth, Transamerica Dividend Focused, Transamerica Dynamic Allocation, Transamerica Dynamic Income, Transamerica Emerging Markets Debt, Transamerica Emerging Markets Equity, Transamerica Event Driven, Transamerica Floating Rate, Transamerica Global Equity, Transamerica Government Money Market, Transamerica High Quality Bond, Transamerica High Yield Bond, Transamerica High Yield Muni, Transamerica Inflation Opportunities, Transamerica Inflation-Protected Securities, Transamerica Intermediate Bond, Transamerica Intermediate Muni, Transamerica International Equity, Transamerica International Growth, Transamerica International Small Cap Value, Transamerica International Stock, Transamerica Large Cap Value, Transamerica Large Core, Transamerica Large Growth, Transamerica Large Value Opportunities, Transamerica Mid Cap Growth, Transamerica Mid Cap Value Opportunities, Transamerica MLP & Energy Income, Transamerica Multi-Asset Income, Transamerica Multi-Managed Balanced, Transamerica Short-Term Bond, Transamerica Small Cap Core, Transamerica Small Cap Growth, Transamerica Small Cap Value, Transamerica Small/Mid Cap Value, Transamerica Unconstrained Bond and Transamerica US Growth and the Board of Trustees of Transamerica Funds

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Transamerica Balanced II, Transamerica Bond, Transamerica Capital Growth, Transamerica Dividend Focused, Transamerica Dynamic Allocation, Transamerica Dynamic Income, Transamerica Emerging Markets Debt, Transamerica Emerging Markets Equity, Transamerica Event Driven, Transamerica Floating Rate, Transamerica Global Equity, Transamerica Government Money Market, Transamerica High Quality Bond, Transamerica High Yield Bond, Transamerica High Yield Muni, Transamerica Inflation Opportunities, Transamerica Inflation-Protected Securities, Transamerica Intermediate Bond, Transamerica Intermediate Muni, Transamerica International Equity, Transamerica International Growth, Transamerica International Small Cap Value, Transamerica International Stock, Transamerica Large Cap Value, Transamerica Large Core, Transamerica Large Growth, Transamerica Large Value Opportunities, Transamerica Mid Cap Growth, Transamerica Mid Cap Value Opportunities, Transamerica MLP & Energy Income, Transamerica Multi-Asset Income (formerly Transamerica Strategic High Income), Transamerica Multi-Managed Balanced, Transamerica Short-Term Bond, Transamerica Small Cap Core, Transamerica Small Cap Growth, Transamerica Small Cap Value, Transamerica Small/Mid Cap Value, Transamerica Unconstrained Bond and Transamerica US Growth (collectively referred to as the “Funds”), (thirty-nine of the funds constituting Transamerica Funds (the “Trust”)), including the schedules of investments, as of October 31, 2019, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below, and the statement of cash flows for Transamerica Event Driven for the year ended October 31, 2019, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (thirty-nine of the Funds constituting Transamerica Funds) at October 31, 2019, the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, and the statement of cash flows for Transamerica Event Driven for the year ended October 31, 2019, in conformity with U.S. generally accepted accounting principles.

Individual fund constituting the Transamerica Funds	Statement of operations	Statements of changes in net assets	Financial highlights
Transamerica Bond Transamerica Capital Growth Transamerica Dividend Focused Transamerica Dynamic Allocation Transamerica Dynamic Income Transamerica Emerging Markets Debt Transamerica Emerging Markets Equity Transamerica Floating Rate Transamerica Global Equity Transamerica Government Money Market Transamerica High Yield Bond Transamerica High Yield Muni Transamerica Inflation Opportunities Transamerica Intermediate Muni Transamerica International Equity Transamerica International Growth Transamerica International Small Cap Value Transamerica Large Cap Value Transamerica Mid Cap Value Opportunities Transamerica MLP & Energy Income Transamerica Multi-Asset Income Transamerica Multi-Managed Balanced Transamerica Short-Term Bond Transamerica Small Cap Growth Transamerica Small/Mid Cap Value Transamerica US Growth	For the year ended October 31, 2019	For each of the two years in the period ended October 31, 2019	For each of the five years in the period ended October 31, 2019

Transamerica Funds Annual Report 2019

Page    521

Individual fund constituting the Transamerica Funds	Statement of operations	Statements of changes in net assets	Financial highlights
Transamerica Balanced II Transamerica High Quality Bond Transamerica Inflation-Protected Securities Transamerica Intermediate Bond Transamerica Large Core Transamerica Large Growth Transamerica Large Value Opportunities Transamerica Mid Cap Growth Transamerica Small Cap Core Transamerica Small Cap Value	For the year ended October 31, 2019	For each of the two years in the period ended October 31, 2019	For each of the two years in the period ended October 31, 2019, the period from January 1, 2017 through October 31, 2017, and for each of the three years in the period ended December 31, 2016
Transamerica Event Driven	For the year ended October 31, 2019	For each of the two years in the period ended October 31, 2019	For each of the four years in the period ended October 31, 2019 and the period from March 31, 2015 (commencement of operations) through October 31, 2015
Transamerica Unconstrained Bond	For the year ended October 31, 2019	For each of the two years in the period ended October 31, 2019	For each of the four years in the period ended October 31, 2019 and the period from December 8, 2014 (commencement of operations) through October 31, 2015
Transamerica International Stock	For the year ended October 31, 2019	For the year ended October 31, 2019 and the period from September 28, 2018 (commencement of operations) through October 31, 2018

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2019, by correspondence with the custodian, brokers and others, or by other appropriate auditing procedures where replies from brokers or others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

Boston, Massachusetts

December 23, 2019

Transamerica Funds Annual Report 2019

Page    522

SUPPLEMENTAL INFORMATION

(unaudited)

TAX INFORMATION

For dividends paid during the year ended October 31, 2019, the Funds designated the following maximum amounts of qualified dividend income:

Fund	Qualified Dividend Income
Balanced II	$	1,319,001
Dividend Focused		13,242,490
Emerging Markets Equity		12,639,672
Event Driven		274,032
Global Equity		202,763
High Yield Bond		1,477,644
International Equity		115,496,929
International Growth		25,097,645
International Small Cap Value		13,027,026
International Stock		26,058
Large Cap Value		40,994,363
Large Core		5,256,159
Large Growth		4,260,636
Large Value Opportunities		15,271,025
Mid Cap Growth		421,220
Mid Cap Value Opportunities		18,676,600
MLP & Energy Income		3,003,622
Multi-Asset Income		2,506,178
Multi-Managed Balanced		10,307,855
Small Cap Core		2,474,522
Small Cap Value		1,849,305
Small/Mid Cap Value		10,313,127
US Growth		9,181,580

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

Fund	Dividend Received Deduction Percentage
Balanced II		55	%
Dividend Focused		80
Event Driven		26
Global Equity		65
High Yield Bond		2
Large Cap Value		100
Large Core		52
Large Growth		80
Large Value Opportunities		58
Mid Cap Growth		36
Mid Cap Value Opportunities		100
MLP & Energy Income		100
Multi-Asset Income		34
Multi-Managed Balanced		68
Small Cap Core		50
Small Cap Value		100
Small/Mid Cap Value		100
US Growth		73

Transamerica Funds Annual Report 2019

Page    523

SUPPLEMENTAL INFORMATION

(unaudited)

TAX INFORMATION (continued)

For tax purposes, the long-term capital gain designations for the year ended October 31, 2019 are as follows:

Fund	Long-Term Capital Gain Designation
Balanced II	$	3,688,941
Capital Growth		68,760,661
Dividend Focused		77,616,309
Event Driven		868,747
International Equity		156,243,080
International Growth		166,373,934
International Small Cap Value		39,014,265
Large Cap Value		194,958,742
Large Core		32,294,175
Large Growth		61,196,601
Large Value Opportunities		70,167,964
Mid Cap Growth		19,314,368
Mid Cap Value Opportunities		98,372,465
Multi-Asset Income		2,147,029
Multi-Managed Balanced		57,067,739
Small Cap Core		13,484,067
Small Cap Growth		13,388,889
Small Cap Value		21,910,662
Small/Mid Cap Value		74,299,095
US Growth		87,295,177

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

Fund	Foreign Source Income		Foreign Taxes
Emerging Markets Equity	$	22,985,424	$	3,066,002
Global Equity		733,308		112,389
International Equity		124,966,706		9,681,667
International Growth		27,737,993		2,241,295
International Small Cap Value		14,386,446		1,664,586
International Stock		160,541		23,972

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2019. Complete information will be computed and reported in conjunction with your 2019 Form 1099-DIV.

Transamerica Funds Annual Report 2019

Page    524

MANAGEMENT AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Trustees” or the “Board”) held on June 19-20, 2019, the Board considered the renewal of the management agreement (the “Management Agreement”) between Transamerica Asset Management, Inc. (“TAM”) and Transamerica Funds, on behalf of each of the following funds (each a “Fund” and collectively the “Funds”):

Transamerica Balanced II	Transamerica International Growth
Transamerica Bond	Transamerica International Small Cap Value
Transamerica Capital Growth	Transamerica Large Cap Value
Transamerica Dividend Focused	Transamerica Large Core
Transamerica Dynamic Allocation	Transamerica Large Growth
Transamerica Dynamic Income	Transamerica Large Value Opportunities
Transamerica Emerging Markets Debt	Transamerica Mid Cap Growth
Transamerica Emerging Markets Equity	Transamerica Mid Cap Value Opportunities
Transamerica Event Driven	Transamerica MLP & Energy Income
Transamerica Floating Rate	Transamerica Multi-Asset Income (formerly Transamerica Strategic High Income)
Transamerica Global Equity	Transamerica Multi-Managed Balanced
Transamerica High Quality Bond	Transamerica Short-Term Bond
Transamerica High Yield Bond	Transamerica Small Cap Core
Transamerica High Yield Muni	Transamerica Small Cap Growth
Transamerica Inflation Opportunities	Transamerica Small Cap Value
Transamerica Inflation-Protected Securities	Transamerica Small/Mid Cap Value
Transamerica Intermediate Bond	Transamerica Unconstrained Bond
Transamerica Intermediate Muni	Transamerica US Growth
Transamerica International Equity

For the Funds listed in the left column below, the Board also considered the renewal of the investment sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively the “Sub-Advisory Agreements”) between TAM and the corresponding sub-advisers listed in the right column below (each a “Sub-Adviser” and collectively the “Sub-Advisers”) and the renewal of the investment sub-sub-advisory agreement (the “Sub-Sub-Advisory Agreement” and, together with the Sub-Advisory Agreements and the Management Agreement, the “Agreements”) with respect to the Transamerica Dynamic Allocation Fund between QS Investors, LLC and Western Asset Management Company (the “Sub-Sub-Adviser”).

Fund	Sub-Adviser(s)
Transamerica Balanced II	Aegon USA Investment Management, LLC J.P. Morgan Investment Management Inc.
Transamerica Bond	Aegon USA Investment Management, LLC
Transamerica Capital Growth	Morgan Stanley Investment Management Inc.
Transamerica Dividend Focused	Barrow, Hanley, Mewhinney & Strauss, LLC
Transamerica Dynamic Allocation	QS Investors, LLC (Sub-Sub-Adviser Western Asset Management Company)
Transamerica Dynamic Income	QS Investors, LLC
Transamerica Emerging Markets Debt	Logan Circle Partners, L.P.
Transamerica Emerging Markets Equity	ClariVest Asset Management LLC
Transamerica Event Driven	Advent Capital Management, LLC
Transamerica Floating Rate	Aegon USA Investment Management, LLC
Transamerica Global Equity	Rockefeller and Co., Inc.
Transamerica High Quality Bond	Merganser Capital Management, LLC
Transamerica High Yield Bond	Aegon USA Investment Management, LLC
Transamerica High Yield Muni	Belle Haven Investments, L.P.
Transamerica Inflation Opportunities	PineBridge Investments LLC
Transamerica Inflation-Protected Securities	PineBridge Investments LLC
Transamerica Intermediate Bond	Aegon USA Investment Management, LLC
Transamerica Intermediate Muni	Belle Haven Investments, L.P.
Transamerica International Equity	Thompson, Siegel & Walmsley LLC
Transamerica International Growth	TD Greystone Asset Management
Transamerica International Small Cap Value	Thompson, Siegel & Walmsley LLC
Transamerica Large Cap Value	Levin Easterly Partners LLC
Transamerica Large Core	PineBridge Investments LLC

Transamerica Funds Annual Report 2019

Page    525

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

(unaudited)

Fund	Sub-Adviser(s)
Transamerica Large Growth	Jennison Associates LLC Wellington Management Company LLP
Transamerica Large Value Opportunities	PineBridge Investments LLC
Transamerica Mid Cap Growth	Wellington Management Company LLP
Transamerica Mid Cap Value Opportunities	Thompson, Siegel & Walmsley LLC
Transamerica MLP & Energy Income	Kayne Anderson Capital Advisors, L.P.
Transamerica Multi-Asset Income (formerly Transamerica Strategic High Income)	Thompson, Siegel & Walmsley LLC
Transamerica Multi-Managed Balanced	Aegon USA Investment Management, LLC J.P. Morgan Investment Management Inc.
Transamerica Short-Term Bond	Aegon USA Investment Management, LLC
Transamerica Small Cap Core	Systematic Financial Management L.P.
Transamerica Small Cap Growth	Ranger Investment Management, L.P.
Transamerica Small Cap Value	Peregrine Capital Management, LLC
Transamerica Small/Mid Cap Value	Systematic Financial Management L.P. Thompson, Siegel & Walmsley LLC
Transamerica Unconstrained Bond	PineBridge Investments LLC
Transamerica US Growth	Wellington Management Company, LLP

Following its review and consideration, the Board determined that the terms of the Management Agreement, each Sub-Advisory Agreement, and the Sub-Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the applicable Fund and its shareholders. The Board, including the independent members of the Board (the “Independent Trustees”), unanimously approved the renewal of each of the Agreements through June 30, 2020.

Prior to reaching their decision, the Trustees requested and received from TAM, each Sub-Adviser, and the Sub-Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM, each Sub-Adviser, and the Sub-Sub-Adviser as part of their regular oversight of each Fund, and knowledge they gained over time through meeting with TAM, each Sub-Adviser, and the Sub-Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by each Sub-Adviser and the Sub-Sub-Adviser. In their review, the Trustees also sought to identify Funds for which the performance, fees, total expenses and/or profitability appeared to be outliers within their respective peer groups or other comparative metrics, and sought to understand the reasons for such comparative positions.

In their deliberations, the Independent Trustees met privately without representatives of TAM, any Sub-Adviser, or the Sub-Sub-Adviser present and were represented throughout the process by their independent legal counsel. In considering the proposed continuation of each of the Agreements, the Trustees evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

Nature, Extent and Quality of the Services Provided

The Board considered the nature, extent and quality of the services provided by TAM, each Sub-Adviser, and the Sub-Sub-Adviser to the applicable Fund in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for each Fund; the experience, capability and integrity of TAM’s senior management; the financial resources of TAM; TAM’s management oversight process; TAM’s, each Sub-Adviser’s, and the Sub-Sub-Adviser’s responsiveness to any questions by the Trustees; and the professional qualifications and compensation program of the portfolio management team of each Sub-Adviser and the Sub-Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for each applicable Sub-Adviser and the Sub-Sub-Adviser, and a comparison of trading results against a peer universe of managers.

The Board also considered the continuous and regular investment management and other services provided by TAM, when acting as a manager of managers, for the portion of the management fee it retains from each Fund after payment of the sub-advisory fees. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of each Fund and its investment strategy; the selection, oversight and monitoring of one or more investment

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sub-advisers to perform certain duties with respect to the Funds; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Fund investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Funds; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Fund investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Funds’ prospectuses, statements of additional information, shareholder reports and other disclosure materials and regulatory filings for the Funds; and ongoing cash management services for the Funds. The Board considered that TAM’s investment management services also include the provision of supervisory and administrative services to each Fund. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Funds, oversees the services provided by the funds’ custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and shareholder service functions of the funds.

Investment Performance

In addition, the Board considered the short- and longer-term performance, as applicable, of each Fund in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the Fund’s benchmark(s), in each case for various trailing periods ended December 31, 2018. Based on these considerations, the Board determined that TAM, each Sub-Adviser, and the Sub-Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the applicable Fund’s investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board’s conclusions as to performance are summarized below. In describing a Fund’s performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was “above,” “below” or “in line with” the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as “above” the median if a Fund’s performance ranked anywhere in the first or second quintiles, as “below” the median if it ranked anywhere in the fourth or fifth quintiles, or “in line with” the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering each Fund’s performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

Transamerica Balanced II. The Board noted that the performance of Class R Shares of the Fund was above the median for its peer universe for the past 1-, 3-, 5- and 10-year periods. The Board also noted that the performance of Class R shares of the Fund was above its primary benchmark for the past 1-year period and below its primary benchmark for the past 3-, 5- and 10-year periods. The Board noted that the Fund’s equity sub-adviser, J.P. Morgan Investment Management Inc., had commenced subadvising that portion of the Fund on July 9, 2010 pursuant to its current equity investment strategies. The Board also noted that the Fund’s fixed income sub-adviser, Aegon USA Investment Management, LLC, had commenced subadvising that portion of the Fund on May 1, 2014 pursuant to its current fixed income investment strategies. The Trustees noted that the Fund had acquired the assets and assumed the liabilities of two Transamerica Partners funds on September 15, 2017. As a result of that transaction, and based on published guidance from the staff of the Securities and Exchange Commission, the Fund had assumed the performance history of the performance survivor, Transamerica Partners Balanced, effective as of that date in place of its own historical performance record.

Transamerica Bond. The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 1-, 3- and 5-year periods. The Board also noted that the performance of Class I Shares of the Fund was above its benchmark for the past 3- and 5-year periods and below its benchmark for the past 1-year period.

Transamerica Capital Growth. The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe and above its benchmark, each for the past 1-, 3- and 5-year periods. The Board noted that the Fund’s sub-adviser had commenced subadvising the Fund on March 22, 2011 pursuant to its current investment strategies.

Transamerica Dividend Focused. The Board noted that the performance of Class I Shares of the Fund was below the median for its peer universe and below its benchmark, each for the past 1-, 3- and 5-year periods. The Trustees discussed the reasons for the underperformance with TAM and TAM agreed to continue to closely monitor and report to the Board on the performance of the Fund. The Trustees observed that the performance of the Fund had improved during the first quarter of 2019.

Transamerica Dynamic Allocation. The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 1- and 5-year periods and in line with the median for the past 3-year period. The Board also noted that the

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performance of Class I Shares of the Fund was below its composite benchmark for the past 1-, 3- and 5-year periods. The Board noted that the Fund’s Sub-Adviser and Sub-Sub-Adviser had commenced subadvising the Fund on May 1, 2015 pursuant to its current investment objective and investment strategies.

Transamerica Dynamic Income. The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 3-year period and below the median for the past 1- and 5-year periods. The Board also noted that the performance of Class I Shares of the Fund was below its composite benchmark for the past 1-, 3- and 5-year periods. The Trustees discussed the reasons for the underperformance with TAM and TAM agreed to continue to closely monitor and report to the Board on the performance of the Fund. The Board noted that the Fund’s sub-adviser had commenced subadvising the Fund on May 1, 2015 pursuant to its current investment strategies. The Trustees observed that the performance of the Fund had improved during the first quarter of 2019.

Transamerica Emerging Markets Debt. The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 3-year period, in line with the median for the past 5-year period and below the median for the past 1-year period. The Board also noted that the performance of Class I Shares of the Fund was above its benchmark for the past 3-year period and below its benchmark for the past 1- and 5-year periods.

Transamerica Emerging Markets Equity. The Board noted that the performance of Class I Shares of the Fund was in line with the median for its peer universe for the past 3-year period and below the median for the past 1- and 5-year periods. The Board also noted that the performance of Class I Shares of the Fund was below its benchmark for the past 1-, 3- and 5-year periods. The Trustees discussed the reasons for the underperformance with TAM and TAM agreed to continue to closely monitor and report to the Board on the performance of the Fund.

Transamerica Event Driven. The Board noted that the performance of Class I Shares of the Fund was below the median for its peer universe and below its benchmark, each for the past 1-year period. The Trustees observed that the performance of the Fund had improved during the first quarter of 2019.

Transamerica Floating Rate. The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 1- and 5-year periods and in line with the median for the past 3-year period. The Board also noted that the performance of Class I Shares of the Fund was below its benchmark for the past 1-, 3- and 5-year periods.

Transamerica Global Equity. The Board noted that the performance of Class I Shares of the Fund was in line with the median for its peer universe for the past 1- and 3-year periods and below the median for the past 5-year period. The Board also noted that the performance of Class I Shares of the Fund was below its primary benchmark for the past 1-, 3- and 5-year periods. The Board noted that the Fund’s sub-adviser had commenced subadvising the Fund on September 4, 2014 pursuant to its current investment strategies.

Transamerica High Quality Bond. The Board noted that the performance of Class I3 Shares of the Fund was above the median for its peer universe for the past 1-year period. The Board also noted that the performance of Class I3 Shares of the Fund was below its benchmark for the past 1-year period. The Trustees noted that the Fund had acquired the assets and assumed the liabilities of three Transamerica Partners funds on April 21, 2017. As a result of that transaction, and based on published guidance from the staff of the Securities and Exchange Commission, the Fund had assumed the performance history of the performance survivor, Transamerica Partners Institutional High Quality Bond, effective as of that date in place of its own historical performance record.

Transamerica High Yield Bond. The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 1-, 3- and 5-year periods. The Board also noted that the performance of Class I Shares of the Fund was below its benchmark for the past 1-, 3- and 5-year periods.

Transamerica High Yield Muni. The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 5-year period, in line with the median for the past 3-year period and below the median for the past 1-year period. The Board also noted that the performance of Class I Shares of the Fund was above its benchmark for the past 5-year period and below its benchmark for the past 1- and 3-year periods. The Trustees observed that the performance of the Fund had improved during the first quarter of 2019.

Transamerica Inflation Opportunities. The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 3-year period and below the median for the past 1-year period. The Board also noted that the performance of Class I Shares of the Fund was above its benchmark for the past 1-year period and below its benchmark for the past 3-year period. The Trustees observed that the Fund ranked in the top quintile of its peer universe during the first quarter of 2019.

Transamerica Inflation-Protected Securities. The Board noted that the performance of Class I3 Shares of the Fund was above the median for its peer universe for the past 1-year period. The Board also noted that the performance of Class I3 Shares of the Fund was in line with its benchmark for the past 1-year period. The Board noted that the Fund’s sub-adviser had commenced subadvising the

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Fund on June 29, 2018 pursuant to its current investment strategies. The Trustees noted that the Fund had acquired the assets and assumed the liabilities of three Transamerica Partners funds on April 21, 2017. As a result of that transaction, and based on published guidance from the staff of the Securities and Exchange Commission, the Fund had assumed the performance history of the performance survivor, Transamerica Partners Institutional Inflation-Protected Securities, effective as of that date in place of its own historical performance record.

Transamerica Intermediate Bond. The Board noted that the performance of Class I3 Shares of the Fund was in line with the median for its peer universe for the past 1-year period. The Board also noted that the performance of Class I3 Shares of the Fund was below its benchmark for the past 1-year period. The Board noted that the Fund’s sub-adviser had commenced subadvising the Fund on May 1, 2014 pursuant to its current investment objective. The Trustees noted that the Fund had acquired the assets and assumed the liabilities of three Transamerica Partners funds on March 24, 2017. As a result of that transaction, and based on published guidance from the staff of the Securities and Exchange Commission, the Fund had assumed the performance history of the performance survivor, Transamerica Partners Institutional Core Bond, effective as of that date in place of its own historical performance record.

Transamerica Intermediate Muni. The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 1-, 3- and 5-year periods. The Board also noted that the performance of Class I Shares of the Fund was above its benchmark for the past 3- and 5-year periods and below its benchmark for the past 1-year period.

Transamerica International Equity. The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 1-, 5- and 10-year periods and in line with the median for the past 3-year period. The Board also noted that the performance of Class I Shares of the Fund was above its benchmark for the past 10-year period and below its benchmark for the past 1-, 3- and 5-year periods.

Transamerica International Growth. The Board noted that the performance of Class I2 Shares of the Fund was in line with the median for its peer universe for the past 5- and 10-year periods and below the median for the past 1- and 3-year periods. The Board also noted that the performance of Class I2 Shares of the Fund was below its benchmark for the past 1-, 3-, 5- and 10-year periods. The Board noted that the Fund’s sub-adviser had commenced subadvising the Fund on March 1, 2018 pursuant to its current investment objective and investment strategies.

Transamerica International Small Cap Value. The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 1- and 5-year periods and in line with the median for the past 3-year period. The Board also noted that the performance of Class I Shares of the Fund was above its benchmark for the past 1-year period and below its benchmark for the past 3- and 5-year periods.

Transamerica Large Cap Value. The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 3- and 5-year periods and below the median for the past 1-year period. The Board also noted that the performance of Class I Shares of the Fund was above its benchmark for the past 3- and 5-year periods and below its benchmark for the past 1-year period. The Board noted that the Fund’s sub-adviser had commenced subadvising the Fund on July 31, 2012 pursuant to its current investment objective and investment strategies. The Trustees observed that the performance of the Fund had improved during the first quarter of 2019.

Transamerica Large Core. The Board noted that the performance of Class I3 Shares of the Fund was in line with the median for its peer universe for the past 1-year period. The Board also noted that the performance of Class I3 Shares of the Fund was below its benchmark for the past 1-year period. The Board noted that the Fund’s sub-adviser had commenced subadvising the Fund on September 4, 2018 pursuant to its current investment objective and investment strategies. The Trustees noted that the Fund had acquired the assets and assumed the liabilities of three Transamerica Partners funds on March 10, 2017. As a result of that transaction, and based on published guidance from the staff of the Securities and Exchange Commission, the Fund had assumed the performance history of the performance survivor, Transamerica Partners Institutional Large Core, effective as of that date in place of its own historical performance record.

Transamerica Large Growth. The Board noted that the performance of Class I3 Shares of the Fund was in line with the median for its peer universe for the past 1-year period. The Board also noted that the performance of Class I3 Shares of the Fund was above its primary benchmark for the past 1-year period. The Trustees noted that the Fund had acquired the assets and assumed the liabilities of three Transamerica Partners funds on March 10, 2017. As a result of that transaction, and based on published guidance from the staff of the Securities and Exchange Commission, the Fund had assumed the performance history of the performance survivor, Transamerica Partners Institutional Large Growth, effective as of that date in place of its own historical performance record.

Transamerica Large Value Opportunities. The Board noted that the performance of Class I3 Shares of the Fund was above the median for its peer universe for the past 1-year period. The Board also noted that the performance of Class I3 Shares of the Fund was below its primary benchmark for the past 1-year period. The Board noted that the Fund’s sub-adviser had commenced subadvising the Fund on

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September 4, 2018 pursuant to its current investment objective, investment strategies and benchmark. The Trustees noted that the Fund had acquired the assets and assumed the liabilities of three Transamerica Partners funds on May 5, 2017. As a result of that transaction, and based on published guidance from the staff of the Securities and Exchange Commission, the Fund had assumed the performance history of the performance survivor, Transamerica Partners Institutional Large Value, effective as of that date in place of its own historical performance record.

Transamerica Mid Cap Growth. The Board noted that the performance of Class I Shares of the Fund was below the median for its peer universe and below its benchmark, each for the past 1-, 3- and 5-year periods. The Board noted that the Fund’s sub-adviser had commenced subadvising the Fund on December 1, 2018 pursuant to its current investment strategies. The Trustees noted that the Fund had acquired the assets and assumed the liabilities of three Transamerica Partners funds on March 10, 2017. As a result of that transaction, and based on published guidance from the staff of the Securities and Exchange Commission, the Fund had assumed the performance history of the performance survivor, Transamerica Partners Institutional Mid Growth, effective as of that date in place of its own historical performance record. The Trustees observed that the performance of the Fund had improved during the first quarter of 2019.

Transamerica Mid Cap Value Opportunities. The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 1- and 3-year periods. The Board also noted that the performance of Class I Shares of the Fund was above its benchmark for the past 1-year period and below its benchmark for the past 3-year period.

Transamerica MLP & Energy Income. The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 3-year period and in line with the median for the past 1- and 5-year periods. The Board also noted that the performance of Class I Shares of the Fund was below its primary benchmark for the past 1-, 3- and 5-year periods.

Transamerica Multi-Asset Income. The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 1- and 3-year periods. The Board also noted that the performance of Class I Shares of the Fund was below its composite benchmark for the past 1- and 3-year periods.

Transamerica Multi-Managed Balanced. The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 1-, 3- and 5-year periods. The Board also noted that the performance of Class I Shares of the Fund was above its primary benchmark for the past 1-year period and below its primary benchmark for the past 3- and 5-year periods. The Board noted that the Fund’s equity sub-adviser, J.P. Morgan Investment Management Inc., had commenced subadvising that portion of the Fund on March 22, 2011 pursuant to its current equity investment objective and investment strategies. The Board also noted that the Fund’s fixed income sub-adviser, Aegon USA Investment Management, LLC, had commenced subadvising that portion of the Fund on May 1, 2014 pursuant to its current fixed income investment strategies.

Transamerica Short-Term Bond. The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 1-, 3- and 5-year periods. The Board also noted that the performance of Class I Shares of the Fund was above its benchmark for the past 3- and 5-year periods and below its benchmark for the past 1-year period.

Transamerica Small Cap Core. The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 1-year period and below the median for the past 3- and 5-year periods. The Board also noted that the performance of Class I Shares of the Fund was below its primary benchmark for the past 1-, 3- and 5-year periods. The Trustees noted that the Fund had acquired the assets and assumed the liabilities of three Transamerica Partners funds on March 10, 2017. As a result of that transaction, and based on published guidance from the staff of the Securities and Exchange Commission, the Fund had assumed the performance history of the performance survivor, Transamerica Partners Institutional Small Core, effective as of that date in place of its own historical performance record.

Transamerica Small Cap Growth. The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 5-year period, in line with the median for the past 3-year period and below the median for the past 1-year period. The Board also noted that the performance of Class I Shares of the Fund was above its benchmark for the past 1-, 3- and 5-year periods.

Transamerica Small Cap Value. The Board noted that the performance of Class I Shares of the Fund was below the median for its peer universe and below its benchmark, each for the past 1-, 3- and 5-year periods. The Board noted that the Fund’s sub-adviser had commenced subadvising the Fund on November 1, 2018 pursuant to its current investment strategies. The Trustees noted that the Fund had acquired the assets and assumed the liabilities of three Transamerica Partners funds on April 21, 2017. As a result of that transaction, and based on published guidance from the staff of the Securities and Exchange Commission, the Fund had assumed the performance history of the performance survivor, Transamerica Partners Institutional Small Value, effective as of that date in place of its own historical performance record. The Trustees observed that the performance of the Fund had improved during the first quarter of 2019.

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Transamerica Small/Mid Cap Value. The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe and above its benchmark, each for the past 1-, 3- and 5-year periods. The Board noted that Systematic Financial Management, L.P. had previously served as the Fund’s sole sub-adviser, beginning on March 22, 2011, pursuant to different investment strategies. The Board also noted that Thompson, Siegel & Walmsley LLC had commenced subadvising the Fund’s mid-cap sleeve and Systematic Financial Management, L.P. had continued subadvising the Fund’s small-cap sleeve pursuant to the Fund’s current investment strategies on December 5, 2016.

Transamerica Unconstrained Bond. The Board noted that the performance of Class I Shares of the Fund was in line with the median for its peer universe for the past 3-year period and below the median for the past 1-year period. The Board also noted that the performance of Class I Shares of the Fund was above its benchmark for the past 3-year period and below its benchmark for the past 1-year period. The Trustees observed that the performance of the Fund had improved during the first quarter of 2019.

Transamerica US Growth. The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 5-year period and in line with the median for the past 1- and 3-year periods. The Board also noted that the performance of Class I Shares of the Fund was above its benchmark for the past 1-year period and below its benchmark for the past 3- and 5-year periods. The Board noted that the Fund’s sub-adviser had commenced subadvising the Fund on March 22, 2011 and commenced using its current investment objective and investment strategies on July 1, 2014.

Management and Sub-Advisory Fees and Total Expense Ratios

The Board considered the management fee and total expense ratio of each Fund, including information provided by Broadridge comparing the management fee and total expense ratio of each Fund to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board’s conclusions as to management fees and total expense ratios are summarized below. In describing a Fund’s management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were “above,” “below” or “in line with” the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as “above” the median if a Fund’s management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as “below” the median if it ranked anywhere in the first or second quintiles, or “in line with” the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Sub-Advisers and the Sub-Sub-Adviser for sub-advisory services and sub-sub-advisory services, as well as the portion of a Fund’s management fee retained by TAM following payment of the sub-advisory fee(s) and sub-sub-advisory fees, and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

Transamerica Balanced II. The Board noted that the Fund’s contractual management fee was below the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R Shares of the Fund were below the median for its peer group and above the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Bond. The Board noted that the Fund’s contractual management fee was below the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were above the median for its peer group and in line with the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Capital Growth. The Board noted that the Fund’s contractual management fee and the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were above the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Dividend Focused. The Board noted that the Fund’s contractual management fee was in line with the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were above the median for its peer group and in line with the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

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Transamerica Dynamic Allocation. The Board noted that the Fund’s contractual management fee and the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were below the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Dynamic Income. The Board noted that the Fund’s contractual management fee was in line with the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were above the median for its peer group and below the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Emerging Markets Debt. The Board noted that the Fund’s contractual management fee was below the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were in line with the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Emerging Markets Equity. The Board noted that the Fund’s contractual management fee was below the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were in line with the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Event Driven. The Board noted that the Fund’s contractual management fee was below the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were below the median for its peer group and in line with the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Floating Rate. The Board noted that the Fund’s contractual management fee was below the median for its peer group and in line with the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were above the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Global Equity. The Board noted that the Fund’s contractual management fee and the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were above the medians for its peer group and peer universe. The Trustees and TAM agreed upon a reduction to the Fund’s management fee schedule. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica High Quality Bond. The Board noted that the Fund’s contractual management fee and the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I3 Shares of the Fund were below the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica High Yield Bond. The Board noted that the Fund’s contractual management fee was in line with the median for its peer group and below the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were in line with the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica High Yield Muni. The Board noted that the Fund’s contractual management fee was below the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were above the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Inflation Opportunities. The Board noted that the Fund’s contractual management fee and the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were above the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Funds Annual Report 2019

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

(unaudited)

Transamerica Inflation-Protected Securities. The Board noted that the Fund’s contractual management fee was below the median for its peer group and in line with the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I3 Shares of the Fund were below the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Intermediate Bond. The Board noted that the Fund’s contractual management fee was below the median for its peer group and in line with the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I3 Shares of the Fund were in line with the median for its peer group and below the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Intermediate Muni. The Board noted that the Fund’s contractual management fee was in line with the median for its peer group and below the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were above the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica International Equity. The Board noted that the Fund’s contractual management fee was in line with the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were in line with the median for its peer group and below the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica International Growth. The Board noted that the Fund’s contractual management fee and actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 Shares of the Fund were below the medians for its peer group and its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica International Small Cap Value. The Board noted that the Fund’s contractual management fee was in line with the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were in line with the median for its peer group and above the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Large Cap Value. The Board noted that the Fund’s contractual management fee was above the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were above the median for its peer group and in line with the median for its peer universe. The Trustees and TAM agreed upon a reduction to the Fund’s management fee schedule. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Large Core. The Board noted that the Fund’s contractual management fee and the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I3 Shares of the Fund were below the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Large Growth. The Board noted that the Fund’s contractual management fee and the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I3 Shares of the Fund were below the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Large Value Opportunities. The Board noted that the Fund’s contractual management fee and the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I3 Shares of the Fund were below the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Mid Cap Growth. The Board noted that the Fund’s contractual management fee and the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were below the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Funds Annual Report 2019

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

(unaudited)

Transamerica Mid Cap Value Opportunities. The Board noted that the Fund’s contractual management fee was below the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were in line with the median for its peer group and below the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica MLP & Energy Income. The Board noted that the Fund’s contractual management fee was in line with the median for its peer group and above the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were below the median for its peer group and above the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Multi-Asset Income. The Board noted that the Fund’s contractual management fee was below the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were in line with the median for its peer group and above the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Multi-Managed Balanced. The Board noted that the Fund’s contractual management fee was in line with the median for its peer group and above the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were below the median for its peer group and in line with the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Short-Term Bond. The Board noted that the Fund’s contractual management fee and the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were above the medians for its peer group and peer universe. The Trustees and TAM agreed upon a reduction to the Fund’s management fee schedule. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Small Cap Core. The Board noted that the Fund’s contractual management fee was above the median for its peer group and in line with the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were below the median for its peer group and in line with the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Small Cap Growth. The Board noted that the Fund’s contractual management fee was in line with the median for its peer group and above the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were above the median for its peer group and in line with the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Small Cap Value. The Board noted that the Fund’s contractual management fee and the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were in line with the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Small/Mid Cap Value. The Board noted that the Fund’s contractual management fee and the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were above the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Unconstrained Bond. The Board noted that the Fund’s contractual management fee was below the median for its peer group and above the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were above the median for its peer group and in line with the median for its peer universe. The Trustees and TAM agreed upon a reduction to the Fund’s management fee schedule. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Funds Annual Report 2019

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

(unaudited)

Transamerica US Growth. The Board noted that the Fund’s contractual management fee was below the median for its peer group and in line with the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were above the median for its peer group and in line with the median for its peer universe. The Trustees noted that they had approved a reduction to the Fund’s management fee schedule in March 2019 that would take effect August 2019. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

On the basis of these considerations, together with the other information it considered, the Board determined that the management, sub-advisory fees, and sub-sub-advisory fee to be received by TAM, the Sub-Advisers, and the Sub-Sub-Adviser under the Management Agreement, each Sub-Advisory Agreement, and the Sub-Sub-Advisory Agreement are reasonable in light of the services provided.

Cost of Services Provided and Level of Profitability

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to each Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for each Fund and Transamerica Funds as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser’s long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Funds had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for each Fund.

With respect to the Sub-Advisers, the Board noted that the sub-advisory fees are the product of arm’s-length negotiation between TAM and the applicable Sub-Adviser, which is not affiliated with TAM (with the exception of those fees paid to Aegon USA Investment Management, LLC (“AUIM”), which is affiliated with TAM), and are paid by TAM and not the applicable Fund. As a result, for those Funds not sub-advised by AUIM, the Board focused on the profitability of TAM and its affiliates with respect to the applicable Fund. For each Fund sub-advised by AUIM, the Board noted that information about AUIM’s revenues and expenses was incorporated into the profitability analysis for TAM and its affiliates with respect to each Fund. As a result, the Board focused on profitability information for TAM and its affiliates and AUIM in the aggregate.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Funds was not excessive.

Economies of Scale

The Board considered economies of scale with respect to the management of each Fund, whether the Fund had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Funds benefited from any economies of scale. The Board recognized that, as a Fund’s assets increase, any economies of scale realized by TAM, a Sub-Adviser, or the Sub-Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Fund. The Board considered each Fund’s management fee schedule and the existence of breakpoints, if any, and also considered the extent to which TAM shared economies of scale, if any, with the Funds through undertakings to limit or reimburse Fund expenses and to invest in maintaining and developing its capabilities and services. The Board also considered each Sub-Adviser’s sub-advisory fee schedule and the Sub-Sub-Adviser’s sub-sub-advisory fee schedule, and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the applicable Fund’s management fee schedule. The Board considered that certain Funds’ sub-advisory fees would be based on the combined assets of multiple funds. The Trustees concluded that each Fund’s fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fees payable to TAM and the fees paid to the Sub-Advisers and the Sub-Sub-Adviser in light of any economies of scale experienced in the future.

Benefits to TAM, its Affiliates, the Sub-Advisers, and/or the Sub-Sub-Adviser from their Relationships with the Funds

The Board considered other benefits derived by TAM, its affiliates, the Sub-Advisers, and/or the Sub-Sub-Adviser from their relationships with the Funds. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (“soft dollars”) as a result of its relationships with the Funds and that TAM believes the use of soft dollars by Advent Capital Management, LLC, Barrow, Hanley, Mewhinney & Strauss, LLC, J.P. Morgan Investment Management Inc., Jennison Associates LLC, Kayne Anderson Capital Advisors, L.P., Levin Easterly Partners LLC, Morgan Stanley Investment

Transamerica Funds Annual Report 2019

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

(unaudited)

Management Inc., Peregrine Capital Management, LLC, PineBridge Investments LLC, Ranger Investment Management, L.P., Rockefeller and Co., Inc., Systematic Financial Management L.P., TD Greystone Asset Management, Thompson, Siegel & Walmsley LLC and Wellington Management Company LLP is generally appropriate and in the best interests of the applicable Funds. The Board also noted that Barrow, Hanley, Mewhinney & Strauss, LLC, ClariVest Asset Management LLC, J.P. Morgan Investment Management Inc., Jennison Associates LLC, Levin Easterly Partners LLC, Peregrine Capital Management, LLC, PineBridge Investments LLC, Ranger Investment Management, L.P., Rockefeller and Co., Inc., Systematic Financial Management L.P., Thompson, Siegel & Walmsley LLC and Wellington Management Company LLP participate in a brokerage program pursuant to which a portion of brokerage commissions paid by each applicable Fund is recaptured for the benefit of the Fund and its shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to a Fund’s brokerage transactions.

Other Considerations

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage each Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Advisers and the Sub-Sub-Adviser. The Board also noted that TAM has made a significant entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Funds.

Conclusion

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement, each Sub-Advisory Agreement, and the Sub-Sub-Advisory Agreement was in the best interests of the applicable Fund and its shareholders and voted to approve the renewal of the Agreements.

Transamerica Funds Annual Report 2019

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TRANSAMERICA GOVERNMENT MONEY MARKET

MANAGEMENT AND SUB-ADVISORY AGREEMENT — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Trustees” or the “Board”) held on June 19-20, 2019, the Board considered the renewal of the management agreement (the “Management Agreement”) between Transamerica Asset Management, Inc. (“TAM”) and Transamerica Funds, on behalf of Transamerica Government Money Market (the “Fund”). The Board also considered the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement” and, together with the Management Agreement, the “Agreements”) for the Fund between TAM and BlackRock Investment Management, LLC (the “Sub-Adviser”).

Following its review and consideration, the Board determined that the terms of the Management Agreement and Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the Fund and its shareholders. The Board, including the independent members of the Board (the “Independent Trustees”), unanimously approved the renewal of each of the Agreements through June 30, 2020.

Prior to reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, and knowledge they gained over time through meeting with TAM and the Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by the Sub-Adviser. In their review, the Trustees also sought to identify instances in which the Fund’s performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics, and sought to understand the reasons for such comparative positions.

In their deliberations, the Independent Trustees met privately without representatives of TAM or the Sub-Adviser present and were represented throughout the process by their independent legal counsel. In considering the proposed continuation of the Agreements, the Trustees evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

Nature, Extent and Quality of the Services Provided

The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for the Fund; the experience, capability and integrity of TAM’s senior management; the financial resources of TAM; TAM’s management oversight process; TAM’s and the Sub-Adviser’s responsiveness to any questions by the Trustees; and the professional qualifications and compensation program of the portfolio management team of the Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers.

The Board also considered the continuous and regular investment management and other services provided by TAM, when acting as a manager of managers, for the portion of the management fee it retains after payment of the sub-advisory fees. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of the Fund and its investment strategy; the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Fund; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Fund investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Fund; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Fund investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Fund’s prospectuses, statements of additional information, shareholder reports and other disclosure materials and regulatory filings for the Fund; and ongoing cash management services. The Board considered that TAM’s investment management services also include the provision of supervisory and administrative services to the Fund. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Fund, oversees the services provided by the funds’ custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and shareholder service functions of the funds.

Investment Performance

In addition, the Board considered the short- and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds, as prepared by Broadridge, for various

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MANAGEMENT AND SUB-ADVISORY AGREEMENT — CONTRACT RENEWAL (continued)

(unaudited)

trailing periods ended December 31, 2018. Based on these considerations, the Board determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund’s investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board’s conclusions as to the Fund’s performance are summarized below. In describing the Fund’s performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was “above,” “below” or “in line with” the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as “above” the median if the Fund’s performance ranked anywhere in the first or second quintiles, as “below” the median if it ranked anywhere in the fourth or fifth quintiles, or “in line with” the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering the Fund’s performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

The Board noted that the performance of Class I Shares of the Fund was below the median for its peer universe for the past 1-, 3- and 5-year periods. The Board noted that the Sub-Adviser had commenced subadvising the Fund on November 1, 2018 pursuant to its current investment strategies. The Board also noted that the Fund converted from a “prime” to a “government” money market fund as of May 1, 2016. The Trustees observed that the performance of the Fund had improved during the first quarter of 2019.

Management and Sub-Advisory Fees and Total Expense Ratio

The Board considered the management fee and total expense ratio of the Fund, including information provided by Broadridge comparing the management fee and total expense ratio of the Fund to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board’s conclusions as to the Fund’s management fee and total expense ratio are summarized below. In describing the Fund’s management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were “above,” “below” or “in line with” the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as “above” the median if the Fund’s management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as “below” the median if it ranked anywhere in the first or second quintiles, or “in line with” the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio). The Board also considered the fees charged by the Sub-Adviser for sub-advisory services, as well as the portion of the Fund’s management fee retained by TAM following payment of the sub-advisory fee and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

The Board noted that the Fund’s contractual management fee was in line with the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were above the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the Management Agreement and Sub-Advisory Agreement are reasonable in light of the services provided.

Cost of Services Provided and Level of Profitability

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Fund and Transamerica Funds as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser’s long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Fund had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Fund.

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(unaudited)

With respect to the Sub-Adviser, the Board noted that the sub-advisory fees are the product of arm’s-length negotiation between TAM and the Sub-Adviser, which is not affiliated with TAM, and are paid by TAM and not the Fund. As a result, the Board focused on the profitability of TAM and its affiliates with respect to the Fund.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Fund was not excessive.

Economies of Scale

The Board considered economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Fund benefited from any economies of scale. The Board recognized that, as the Fund’s assets increase, any economies of scale realized by TAM or the Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Fund. The Board considered the Fund’s management fee schedule and the existence of breakpoints and also considered the extent to which TAM shared economies of scale, if any, with the Fund through undertakings to limit or reimburse Fund expenses and to invest in maintaining and developing its capabilities and services. The Board also considered the Sub-Adviser’s sub-advisory fee schedule. The Trustees concluded that the Fund’s fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM and the fee paid to the Sub-Adviser in light of any economies of scale experienced in the future.

Benefits to TAM, its Affiliates and the Sub-Adviser from their Relationships with the Fund

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Adviser from their relationships with the Fund. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (“soft dollars”) as a result of its relationship with the Fund.

Other Considerations

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Board also noted that TAM has made a significant entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Fund.

Conclusion

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement and the Sub-Advisory Agreement was in the best interests of the Fund and its shareholders and voted to approve the renewal of the Agreements.

Transamerica Funds Annual Report 2019

Page    539

TRANSAMERICA LARGE GROWTH

APPROVAL OF SUB-ADVISORY AGREEMENT

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Trustees” or the “Board”) held on July 17-18, 2019, the Board considered the termination of Jennison Associates LLC (“Jennison”) as a sub-adviser for Transamerica Large Growth (the “Fund”) and the approval of Morgan Stanley Investment Management, Inc. (“Morgan Stanley”) as a replacement sub-adviser. Following their review and consideration, the Trustees determined that the terms of the proposed sub-advisory agreement between Transamerica Asset Management, Inc. (“TAM”) and Morgan Stanley with respect to the Fund (the “Morgan Stanley Sub-Advisory Agreement”) were reasonable, and that the termination of the existing sub-advisory agreement between TAM and Jennison with respect to the Fund (the “Jennison Sub-Advisory Agreement”) and the approval of the Morgan Stanley Sub-Advisory Agreement was in the best interests of the Fund and its shareholders. The Board, including the Independent Trustees, unanimously approved the Morgan Stanley Sub-Advisory Agreement and authorized TAM to terminate the Jennison Sub-Advisory Agreement.

To assist the Trustees in their consideration of the Morgan Stanley Sub-Advisory Agreement, the Trustees requested and received from TAM certain materials and information in advance of the meeting. They then reviewed such information as they deemed reasonably necessary to evaluate the Morgan Stanley Sub-Advisory Agreement, including information previously obtained from TAM and Morgan Stanley in connection with the Board’s annual 15(c) approvals for other Transamerica funds sub-advised by Morgan Stanley. In addition, the Independent Trustees consulted with counsel, including independent legal counsel, discussing, among other things, the legal standards and certain other considerations relevant to the Independent Trustees’ deliberations.

Among other matters, the Trustees considered:

(a)        that the appointment of Morgan Stanley is not expected to result in any diminution in the nature, extent and quality of services provided to the Fund and its shareholders, including compliance services;

(b)        that Morgan Stanley is an experienced and respected asset management firm and TAM believes that Morgan Stanley has the capabilities, resources and personnel necessary to provide sub-advisory services to the Fund based on an assessment of Morgan Stanley’s organization, investment personnel and experience managing the same proposed investment strategy for Transamerica Capital Growth;

(c)        that the proposed management fee rate payable to TAM by the Fund would be the same at current asset levels and that the fee payable to Morgan Stanley is fair and reasonable in light of the sub-advisory services to be provided;

(d)        the fact that the sub-advisory fees payable to Morgan Stanley would be paid by TAM and not the Fund;

(e)        the proposed responsibilities of Morgan Stanley and the sub-advisory services it is expected to provide to the Fund; and

(f)        that TAM recommended to the Trustees that Morgan Stanley be appointed as a sub-adviser based on, among other things, Morgan Stanley’s experience sub-advising the proposed investment strategy for Transamerica Capital Growth.

In their deliberations, the Trustees evaluated and weighed a number of considerations that they believed to be relevant, in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. The Trustees based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

Nature, Extent and Quality of the Services to be Provided. In evaluating the nature, extent and quality of the services to be provided by Morgan Stanley under the Morgan Stanley Sub-Advisory Agreement, the Trustees considered, among other things, information provided by TAM regarding the operations, facilities, organization and personnel of Morgan Stanley, the anticipated ability of Morgan Stanley to perform its duties under the Morgan Stanley Sub-Advisory Agreement, and the proposed changes to the Fund’s current investment program and other practices of the Fund. The Trustees further considered that Morgan Stanley is an experienced asset management firm and that TAM believes that Morgan Stanley has the capabilities, resources and personnel necessary to provide sub-advisory services to the Fund based on their assessment of Morgan Stanley’s organization, investment talent and experience sub-advising other Transamerica funds. The Trustees also considered the proposed changes to the Fund’s investment objective and principal investment strategies.

Based on their review of the materials provided and the information they had received from TAM and other information reviewed in connection with the Board’s annual 15(c) approvals of other Transamerica funds sub-advised by Morgan Stanley, the Trustees determined that Morgan Stanley can provide sub-advisory services that are appropriate in scope and extent in light of the proposed investment program for the Fund and that Morgan Stanley’s appointment is not expected to adversely affect the nature, extent and quality of services provided to the Fund.

Transamerica Funds Annual Report 2019

Page    540

TRANSAMERICA LARGE GROWTH

APPROVAL OF SUB-ADVISORY AGREEMENT (continued)

(unaudited)

Investment Performance. The Trustees considered Morgan Stanley’s past performance, investment management experience, capabilities and resources. The Trustees reviewed the performance of the Fund, including as compared to its primary benchmark, its peer group and Transamerica Capital Growth, which is currently sub-advised by Morgan Stanley and employs the same investment strategy that will be used by the Fund (the “Morgan Stanley Strategy”), among other comparisons. They noted that the performance of the Morgan Stanley Strategy outperformed the Fund and its benchmark and peer group median for the past one-, three- and five-year periods ended March 31, 2019. On the basis of this information and the Trustees’ assessment of the nature, extent and quality of the services to be provided by Morgan Stanley, the Trustees concluded that Morgan Stanley is capable of generating a level of investment performance that is appropriate in light of the Fund’s proposed new investment objective and principal investment strategies.

Management and Sub-Advisory Fees, Cost of Services to be Provided and Profitability. The Trustees considered the proposed management and sub-advisory fee schedules. The Trustees noted that the proposed sub-advisory fee rate payable by TAM to Morgan Stanley is lower at current asset levels than the current sub-advisory fee rate for Jennison. The Trustees also considered that the proposed management fee would be lower at certain asset levels and would be equal to the applicable Morningstar and Broadridge peer group medians, and that TAM considered the proposed management fee to be reasonable compensation for its services. On the basis of these considerations, together with the other information they considered, the Trustees determined that the management fee to be received by TAM and the sub-advisory fee to be received by Morgan Stanley under the Morgan Stanley Sub-Advisory Agreement are reasonable in light of the services to be provided.

With respect to Morgan Stanley’s costs and profitability in providing sub-advisory services to the Fund, the Trustees noted that the proposed sub-advisory fee schedule is the product of arm’s-length negotiation between TAM and Morgan Stanley. As a result, the Trustees did not consider Morgan Stanley’s anticipated profitability to be material to its decision to approve the Morgan Stanley Sub-Advisory Agreement. The Board also reviewed pro forma estimated profitability information provided by TAM, noting that there was expected to be an increase in the net management fees retained by TAM due to the reduced sub-advisory fees. The Trustees considered that TAM believes that the proposed net management fee would allow TAM to be reasonably compensated for its services.

Economies of Scale. In evaluating the extent to which the proposed sub-advisory fees payable under the Morgan Stanley Sub-Advisory Agreement reflected economies of scale or would permit economies of scale to be realized in the future, the Trustees considered the existence of breakpoints in both the management and sub-advisory fee schedules. The Trustees considered that the appointment of Morgan Stanley has the potential to attract additional assets due to Morgan Stanley’s established asset management capabilities. The Trustees concluded that they would have the opportunity to periodically reexamine the appropriateness of the management fees payable by the Fund to TAM and the sub-advisory fees payable by TAM to Morgan Stanley in light of any economies of scale experienced in the future.

Fall-Out Benefits. The Trustees considered any other benefits expected to be derived by Morgan Stanley from its relationship with the Fund. The Trustees noted that, although TAM would not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (“soft dollars”) as a result of its relationship with Morgan Stanley or the Fund, Morgan Stanley may engage in soft dollar arrangements and receive such benefits, consistent with applicable law and “best execution” requirements.

Conclusion. After consideration of the factors described above, as well as other factors, the Trustees, including all of the Independent Trustees, concluded that the approval of the revised management fee schedule and the Morgan Stanley Sub-Advisory Agreement is in the best interests of the Fund and its shareholders and unanimously approved the revised management fee schedule and the Morgan Stanley Sub-Advisory Agreement.

Transamerica Funds Annual Report 2019

Page    541

Management of the Trust

Board Members and Officers

(unaudited)

The members of the Board (“Board Members”) and executive officers of the Trust are listed below.

Interested Board Member means a board member who may be deemed an “interested person” (as that term is defined in the 1940 Act) of the Trust because of his current or former service with TAM or an affiliate of TAM. Interested Board Members may also be referred to herein as “Interested Trustees.” Independent Board Member means a Board Member who is not an “interested person” (as defined under the 1940 Act) of the Trust and may also be referred to herein as an “Independent Trustee.”

The Board governs each fund and is responsible for protecting the interests of the shareholders. The Board Members are experienced executives who meet periodically throughout the year to oversee the business affairs of each fund and the operation of each fund by its officers. The Board also reviews the management of each fund’s assets by the investment manager and its respective sub-adviser.

The funds are among the funds managed and sponsored by TAM (collectively, “Transamerica Fund Family”). The Transamerica Fund Family consists of (i) Transamerica Funds (“TF”); (ii) Transamerica Series Trust (“TST”); (iii) Transamerica ETF Trust (“TET”); and (iv) Transamerica Asset Allocation Variable Funds (“TAAVF”). The Transamerica Fund Family consists of 133 funds as of the date of this Annual Report. With the exception of Mr. Smit, none of the Board Members serve on the board of trustees of TET. TET is overseen by a separate board of trustees.

The mailing address of each Board Member is c/o Secretary, 1801 California Street, Suite 5200, Denver, Colorado 80202.

Further information about the Fund’s Directors and Officers is available in the Fund’s Statement of Additional Information, which can be obtained without charge by calling 1-888-233-4339 or visiting the Fund’s website at www.transamerica.com.

The Board Members, their age, their positions with the Trust, and their principal occupations for the past five years (their titles may have varied during that period), the number of funds in the Transamerica Fund Family the Board oversees, and other board memberships they hold are set forth in the table below. The length of time served is provided from the date a Board Member became a member of the Board.

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INTERESTED BOARD MEMBERS
Marijn P. Smit (46)	Chairman of the Board, President and Chief Executive Officer	Since 2014	Chairman of the Board, President and Chief Executive Officer, TF, TST and TAAVF (2014 – present); Chairman of the Board, President and Chief Executive Officer, TET (2017 – present); Chairman of the Board, President and Chief Executive Officer, Transamerica Partners Portfolio (“TPP”), Transamerica Partners Funds Group (“TPFG”) and Transamerica Partners Funds Group II (“TPFG II”) (2014 – 2018); Chairman of the Board, President and Chief Executive Officer, Transamerica Income Shares, Inc. (“TIS”) (2014 – 2015); Director, Chairman of the Board, President and Chief Executive Officer, Transamerica Asset Management, Inc. (“TAM”) and Transamerica Fund Services, Inc. (“TFS”) (2014 – present);	133	Director, Massachusetts Fidelity Trust Company (2014 – present); Director, Aegon Global Funds (2016 – present); Director – Akaan-Aegon, S.A.P.I. de C.V. (financial services joint venture in Mexico) (2017 – present)

Transamerica Funds Annual Report 2019

Page    542

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INTERESTED BOARD MEMBERS — continued
Marijn P. Smit (continued)			President, Investment Solutions, Transamerica Investments & Retirement (2014 – 2016); Vice President, Transamerica Premier Life Insurance Company (2010 – 2016); Vice President, Transamerica Life Insurance Company (2010 – present); Senior Vice President, Transamerica Financial Life Insurance Company (2013 – 2016); Senior Vice President, Transamerica Retirement Advisors, Inc. (2013 – 2016); Senior Vice President, Transamerica Retirement Solutions Corporation (2012 – present); and President and Director, Transamerica Stable Value Solutions, Inc. (2010 – 2016).
Alan F. Warrick (71)	Board Member	Since 2012	Board Member, TF, TST and TAAVF (2012 – present); Board Member, TPP, TPFG and TPFG II (2012 – 2018); Board Member, TIS (2012 – 2015); Consultant, Aegon USA (2010 – 2011); Senior Advisor, Lovell Minnick Equity Partners (2010 – present); Retired (2010 – present); and Managing Director for Strategic Business Development, Aegon USA (1994 – 2010).	128	N/A
INDEPENDENT BOARD MEMBERS
Sandra N. Bane (67)	Board Member	Since 2008	Retired (1999 – present); Board Member, TF, TST and TAAVF (2008 – present); Board Member, TPP, TPFG and TPFG II (2008 – 2018); Board Member, TIS (2008 – 2015); Board Member, Transamerica Investors, Inc. (“TII”) (2003 – 2010); and Partner, KPMG (1975 – 1999).	128	Big 5 Sporting Goods (2002 – present); Southern Company Gas (energy services holding company) (2008 – present)
Leo J. Hill (63)	Lead Independent Board Member	Since 2002	Principal, Advisor Network Solutions, LLC (business consulting) (2006 – present); Board Member, TST (2001 – present); Board Member, TF (2002 – present); Board Member, TPP, TPFG and TPFG II (2007 – 2018); Board Member, TIS (2002 – 2015);	128	Ameris Bancorp (2013 – present); Ameris Bank (2013 – present)

Transamerica Funds Annual Report 2019

Page    543

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INDEPENDENT BOARD MEMBERS — continued
Leo J. Hill (continued)			Board Member, TAAVF (2007 – present); Board Member, TII (2008 – 2010); Market President, Nations Bank of Sun Coast Florida (1998 – 1999); Chairman, President and Chief Executive Officer, Barnett Banks of Treasure Coast Florida (1994 – 1998); Executive Vice President and Senior Credit Officer, Barnett Banks of Jacksonville, Florida (1991 – 1994); and Senior Vice President and Senior Loan Administration Officer, Wachovia Bank of Georgia (1976 – 1991).
David W. Jennings (73)	Board Member	Since 2009	Board Member, TF, TST and TAAVF (2009 – present); Board Member, TPP, TPFG and TPFG II (2009 – 2018); Board Member, TIS (2009 – 2015); Board Member, TII (2009 – 2010); Managing Director, Hilton Capital Management, LLC (2010 – present); Principal, Maxam Capital Management, LLC (2006 – 2008); and Principal, Cobble Creek Management LP (2004 – 2006).	128	N/A
Fredric A. Nelson III (62)	Board Member	Since 2017	Board Member, TF, TST and TAAVF (2017 – present); Board Member, TPP, TPFG and TPFG II (2017 – 2018); Chief Investment Officer (“CIO”), Commonfund (2011 – 2015); Vice Chairman, CIO, ING Investment Management Americas (2003 – 2009); Managing Director, Head of U.S. Equity, JP Morgan Investment Management (1994 – 2003); Managing Director, Head of Global Quantitative Investments Group, Bankers Trust Global Investment Management (1981 – 1994).	128	N/A
John E. Pelletier (55)	Board Member	Since 2017	Board Member, TF, TST and TAAVF (2017 – present); Board Member, TPP, TPFG and TPFG II (2017 – 2018); Director, Center for Financial Literacy, Champlain College (2010 – present); Co-Chair, Vermont Financial Literacy Commission with Vermont State Treasurer (2015 – 2018);	128	N/A

Transamerica Funds Annual Report 2019

Page    544

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INDEPENDENT BOARD MEMBERS — continued
John E. Pelletier (continued)			Chairman, Vermont Universal Children’s Higher Education Savings Account Program Advisory Committee (2015 – present); Founder and Principal, Sterling Valley Consulting LLC (a financial services consulting firm) (2009 – 2017);
			Independent Director, The Sentinel Funds and Sentinel Variable Products Trust (2013 – 2017); Chief Legal Officer, Eaton Vance Corp. (2007 – 2008); and Executive Vice President and Chief Operating Officer (2004 – 2007), General Counsel (1997 – 2004), Natixis Global Associates.
Patricia L. Sawyer (69)	Board Member	Since 2007	Retired (2007 – present); President/Founder, Smith & Sawyer LLC (management consulting) (1989 – 2007); Board Member, TF and TST (2007 – present); Board Member, TPP, TPFG and TPFG II (1993 – 2018); Board Member, TIS (2007 – 2015); Board Member, TII (2008 – 2010); Board Member, TAAVF (1993 – present); and Trustee, Chair of Finance Committee and Chair of Nominating Committee (1987 – 1996), Bryant University.	128	Honorary Trustee, Bryant University (1996 – present)
John W. Waechter (67)	Board Member	Since 2005	Partner, Englander Fischer (2016 – present); Attorney, Englander Fischer (2008 – 2015); Retired (2004 – 2008); Board Member, TST (2004 – present); Board Member, TF (2005 – present); Board Member, TAAVF (2007 – present); Board Member, TPP, TPFG and TPFG II (2007 – 2018); Board Member, TIS (2004 – 2015); Board Member, TII (2008 – 2010); Employee, RBC Dain Rauscher (securities dealer) (2004); Executive Vice President, Chief Financial Officer and Chief Compliance Officer, William R. Hough & Co. (securities dealer) (1979 – 2004); and Treasurer, The Hough Group of Funds (1993 – 2004).	128	Board Member, Operation PAR, Inc. (non-profit organization) (2008 – present); Board Member, Remember Honor Support, Inc. (non-profit organization) (2013 – present) Board Member, WRH Income Properties, Inc. (real estate) (2014 – present); Board Member, Boley PAR, Inc. (non-profit organization) (2016 – present)

* Each Board Member shall hold office until: 1) his or her successor is elected and qualified or 2) he or she resigns, retires or his or her term as a Board Member is terminated in accordance with the Trust’s Declaration of Trust.

Transamerica Funds Annual Report 2019

Page    545

Officers

The mailing address of each officer is c/o Secretary, 1801 California Street, Suite 5200, Denver, CO 80202. The following table shows information about the officers, including their year of birth, their positions held with the Trust and their principal occupations during the past five years (their titles may have varied during that period). Each officer will hold office until his or her successor has been duly elected or appointed or until his or her earlier death, resignation or removal.

Name and Age	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Marijn P. Smit (46)	Chairman of the Board, President and Chief Executive Officer	Since 2014	See Interested Board Members Table Above.
Christopher A. Staples, CFA (49)	Vice President and Chief Investment Officer, Advisory Services	Since 2005	Vice President and Chief Investment Officer, Advisory Services (2007 – present), Transamerica Funds and TST; Vice President and Chief Investment Officer, TET (2017 – present) Vice President and Chief Investment Officer, Advisory Services (2007 – 2015), TIS; Vice President and Chief Investment Officer, Advisory Services, TAAVF (2007 – present); Vice President and Chief Investment Officer, Advisory Services, TPP, TPFG and TPFG II (2007 – 2018); Director (2005 – present), Senior Vice President (2006 – present), Senior Director, Investments (2016 – present), Chief Investment Officer, Advisory Services (2012 – 2016) and Lead Portfolio Manager (2007 – present), TAM; Director, TFS (2005 – present); Registered Representative (2007 – 2016), TCI; and Registered Representative, TFA (2005 – present).
Thomas R. Wald, CFA (59)	Chief Investment Officer	Since 2014	Chief Investment Officer, Transamerica Funds, TST and TAAVF (2014 – present); Chief Investment Officer, TET (2017 – present) Chief Investment Officer, TPP, TPFG and TPFG II (2014 – 2018); Chief Investment Officer, TIS (2014 – 2015); Senior Vice President and Chief Investment Officer, TAM (2014 – present); Chief Investment Officer, Transamerica Investments & Retirement (2014 – present); and Vice President and Client Portfolio Manager, Curian Capital, LLC (2012 – 2014).

Transamerica Funds Annual Report 2019

Page    546

Name and Age	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Vincent J. Toner (49)	Vice President and Treasurer	Since 2014	Vice President and Treasurer, Transamerica Funds, TST and TAAVF (2014 – present), TET (2017 – present); Vice President and Treasurer, TPP, TPFG and TPFG II (2014 – 2018); Vice President and Treasurer, TIS (2014 – 2015); Vice President and Treasurer (2016 – present), Vice President, Administration and Treasurer (2014 – 2016), TAM; Vice President, Administration and Treasurer, TFS (2014 – present); and Senior Vice President and Vice President, Fund Administration, Brown Brothers Harriman (2010 – 2014).
Francine J. Rosenberger (51)	Chief Compliance Officer	Since 2019	Chief Compliance Officer, Transamerica Funds, TST, TET and TAAVF (2019 – present); Chief Compliance Officer (2019 – present), TAM; General Counsel, Corporate Secretary and Fund Chief Compliance Officer, Steben & Company, Inc. (2013 – 2019).
Molly Possehl (41)	Anti-Money Laundering Officer	Since 2019	Anti-Money Laundering Officer, Transamerica Funds, TST, TET and TAAVF (2019 – present); Anti-Money Laundering Officer (2019 – present), TAM; Assistant General Counsel, Transamerica Life Insurance Company/Aegon USA (2013 – present); Anti-Money Laundering Compliance Officer and Fraud Officer, Transamerica Life Insurance Company/Aegon USA (2015 – present); Attorney, Anti-Money Laundering Compliance Officer (Annuity products), Transamerica Life Insurance Company/Aegon USA (2006 – 2015).
Erin D. Nelson (42)	Chief Legal Officer and Secretary	Since 2019	Chief Legal Officer and Secretary, Transamerica Funds, TST, TET and TAAVF (2019 – present); Assistant General Counsel and Assistant Secretary, TAM (2019 – present), Assistant General Counsel and Assistant Secretary, TFS (2019 – Present); Senior Vice President and Chief Compliance Officer, ALPS Advisors, Inc. (2015 – 2019); Vice President, Deputy Chief Compliance Officer, ALPS Advisors, Inc. (2015).

Transamerica Funds Annual Report 2019

Page    547

Name and Age	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Rhonda A. Mills (53)	Assistant Secretary	Since 2016	Assistant Secretary, Transamerica Funds, TST and TAAVF (2019 – present); Secretary, Transamerica Funds, TST and TAAVF (2019); Assistant Secretary, Transamerica Funds, TST and TAAVF (2016 – 2019); Assistant Secretary, TPP, TPFG and TPFG II (2016 – 2018); Assistant Secretary, Vice President and High Level Specialist Attorney (2014 – 2016), Assistant General Counsel (2016 – present), TAM; Assistant Secretary, High Level Specialist Attorney and Vice President (2014 – present), TFS; Vice President and Associate Counsel, ALPS Fund Services, Inc. (2011 – 2014); Managing Member, Mills Law, LLC (2010 – 2011); Counsel, Old Mutual Capital (2006-2009); Senior Counsel, Great-West Life and Annuity Insurance Company (2004 – 2006); and Securities Counsel, J.D. Edwards (2000 – 2003).
Blake Boettcher (33)	Tax Manager	Since 2018	Tax Manager, Transamerica Funds, TST, TAAVF and TET (2018 – present); Senior Manager – Tax, Charles Schwab Investment Management (2015 – 2017); and Tax Manager, Deloitte Tax LLP (2012 – 2015).
Peter Sattelmair (42)	Assistant Treasurer	Since 2018	Assistant Treasurer, Transamerica Funds, TST and TAAVF (2018 – present); Director, Fund Administration, TAM (2014 – present); and Vice President and Assistant Vice President, Fund Administration, State Street Corporation (2007 – 2014).

* Elected and serves at the pleasure of the Board of the Trust.

Transamerica Funds Annual Report 2019

Page    548

LIQUIDITY RISK MANAGEMENT PROGRAM (“LRMP”)

(unaudited)

Per initial requirements for SEC Rule 22e-4, TAM established a LRMP in 2018. The Board appointed TAM as the LRMP Administrator in September of 2018 and approved the LRMP in March of 2019. In advance of the final compliance date of June 1, 2019, TAM successfully completed the liquidity rule implementation. All Funds were on-boarded to the State Street Global Exchange (SSGX) truView system (a third-party liquidity bucketing tool) at the end of December 2018. TAM currently has policies and procedures established for the day to day monitoring of liquidity risk, and continues to test and improve these policies and procedures as may be required.

Transamerica Funds Annual Report 2019

Page    549

PROXY VOTING POLICIES AND PROCEDURES AND QUARTERLY PORTFOLIO HOLDINGS

(unaudited)

A description of the Transamerica Funds’ proxy voting policies and procedures is available in the Statement of Additional Information of the Funds, available without charge upon request by calling 1-888-233-4339 (toll free) or on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

In addition, the Funds are required to file Form N-PX, with their complete proxy voting records for the most recent 12 months ended June 30th, no later than August 31st of each year. The Form is available without charge: (1) from the Funds, upon request by calling 1-888-233-4339; and (2) on the SEC’s website at http://www.sec.gov.

Each fiscal quarter, the Funds, except Government Money Market, will file with the SEC a complete schedule of their monthly portfolio holdings on Form N-PORT. The Funds’ holdings as of the end of the third month of every fiscal quarter, as reported on Form N-PORT, will be publicly available on the SEC’s website at http://www.sec.gov within 60 days of the end of the fiscal quarter.

On a monthly basis, Government Money Market will file with the SEC portfolio holdings information on Form N-MFP2. A complete schedule of portfolio holdings is also available at www.tranasmercia.com.

You may also visit the Trust’s website at www.transamerica.com for this and other information about the Funds and the Trust.

Important Notice Regarding Delivery of Shareholder Documents

Every year we send shareholders informative materials such as the Transamerica Funds Annual Report, the Transamerica Funds Prospectus, and other required documents that keep you informed regarding your Funds. Transamerica Funds will only send one piece per mailing address, a method that saves your Funds’ money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, simply call a Transamerica Customer Service Representative toll free at 1-888-233-4339, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days.

Transamerica Funds Annual Report 2019

Page    550

NOTICE OF PRIVACY POLICY

(unaudited)

Your privacy is very important to us. We want you to understand what information we collect and how we use it. We collect and use “nonpublic personal information” in connection with providing our customers with a broad range of financial products and services as effectively and conveniently as possible. We treat nonpublic personal information in accordance with our Privacy Policy.

What Information We Collect and From Whom We Collect It

We may collect nonpublic personal information about you from the following sources:

• Information we receive from you on applications or other forms, such as your name, address, and account number;

• Information about your transactions with us, our affiliates, or others, such as your account balance and purchase/redemption history; and

• Information we receive from non-affiliated third parties, including consumer reporting agencies.

What Information We Disclose and To Whom We Disclose It

We do not disclose any nonpublic personal information about current or former customers to anyone without their express consent, except as permitted by law. We may disclose the nonpublic personal information we collect, as described above, to persons or companies that perform services on our behalf and to other financial institutions with which we have joint marketing agreements. We will require these companies to protect the confidentiality of your nonpublic personal information and to use it only to perform the services for which we have hired them.

Our Security Procedures

We restrict access to your nonpublic personal information and only allow disclosures to persons and companies as permitted by law to assist in providing products or services to you. We maintain physical, electronic, and procedural safeguards to protect your nonpublic personal information and to safeguard the disposal of certain consumer information.

If you have any questions about our Privacy Policy, please call 1-888-233-4339 on any business day between 8 a.m. and 7 p.m. Eastern Time.

Note:        This Privacy Policy applies only to customers that have a direct relationship with us or our affiliates. If you own shares of our funds in the name of a third party such as a bank or broker-dealer, its privacy policy may apply to you instead of ours.

Transamerica Funds Annual Report 2019

Page    551

Customer Service: 1-888-233-4339

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Transamerica Capital, Inc.

www.transamerica.com

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, Inc., Member of FINRA

134144 10/19

© 2019 Transamerica Capital, Inc.

TRANSAMERICA FUNDS

ANNUAL REPORT

OCTOBER 31, 2019

Beginning January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, the funds intend to no longer mail paper copies of the funds’ shareholder reports, unless you specifically request paper copies of the reports from a fund or your financial intermediary (such as broker-dealer or bank). Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically (“e-delivery”), you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically anytime by contacting your financial intermediary or, if you are a direct shareholder with a fund, by calling 1-888-233-4339.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports a funds is held through that intermediary. If you are a direct shareholder with a fund, you can call 1-888-233-4339 to let the fund know you wish to continue receiving paper copies of your shareholder reports. That election will apply to all Transamerica funds held directly with the fund complex.

Customer Service: 1-888-233-4339

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Transamerica Capital, Inc.

www.transamerica.com

Table of Contents

Shareholder Letter	1
Disclosure of Expenses	2
Manager Commentary and Schedules of Investments
Transamerica Core Bond	3
Transamerica Global Real Estate Securities	32
Transamerica International Value	38
Transamerica Long/Short Strategy	44
Transamerica Mid Cap Value	51
Transamerica Total Return	56
Statements of Assets and Liabilities	79
Statements of Operations	81
Statements of Changes in Net Assets	83
Statement of Cash Flows	85
Financial Highlights	86
Disclosure of Expenses	89
Manager Commentary and Consolidated Schedules of Investments
Transamerica Global Multifactor Macro	90
Transamerica Managed Futures Strategy	100
Consolidated Statements of Assets and Liabilities	110
Consolidated Statements of Operations	111
Consolidated Statements of Changes in Net Assets	112
Consolidated Financial Highlights	113
Notes to Financial Statements	114
Report of Independent Registered Public Accounting Firm	139
Supplemental Information	141
Approval of Management and Sub-Advisory Agreements	142
Management of the Trust	147
Liquidity Risk Management Program	154
Proxy Voting Policies and Procedures and Quarterly Portfolio Holdings	155
Notice of Privacy Policy	156

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

Transamerica Funds Annual Report 2019

Dear Shareholder,

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

This annual report is provided to you to show the investments of your Fund(s) during the fiscal year. The Securities and Exchange Commission currently requires that annual and semi-annual reports be sent to all shareholders, and we believe it to be an important part of the investment process. This report provides detailed information about your Fund(s) for the 12-month period ended October 31, 2019.

We believe it is important to understand market conditions over the last fiscal year to provide a context for reading this report. As the period began, domestic and international markets were in the beginning phase of a fourth quarter decline which would eventually take the S&P 500^® down almost 20% from its previous record high. Investor anxiety was primarily driven by two dynamics creating high levels of uncertainty as the year was concluding. These dynamics were Federal Reserve (“Fed”) policy and the ongoing trade dispute with China.

Selling accelerated into year-end as the Fed implemented its fourth rate hike of the year and ninth since its tightening cycle had begun three years earlier. This played into developing market fears that the Fed was on the verge of a major policy error, of raising rates into a slowing economy. Parallel to concerns with the Fed, the market also grappled with deteriorating trade relations with China and the prospect of additional U.S. imposed tariffs. Together, these two concerns sent stocks sliding as the market experienced its worst month of December in more than eighty-five years. Unlike the equity markets, however, the December strains also garnered a flight to quality in U.S. Treasury bonds and a large downward move in the 10-year Treasury yield which fell by over a half a percent, from 3.24% on November 8th to 2.69% by the end of 2018.

As the calendar turned to 2019, the Fed quickly changed its perspective to one of patience, and it became clear to the market that no further rate hikes were likely in the immediate future. In May, markets were surprised to hear that a trade deal with China would not come to fruition as expected, and a new round of tariffs went into effect. This jolted stocks to some extent, however, the Fed acted quickly, first by signaling in June that it was ready to reverse course and begin reducing rates starting with a rate cut of 0.25% at the July meeting. As trade uncertainty with China continued and the rhetoric escalated, the Fed cut rates twice more in September and October, negating three of the four hikes from the year past. During the summer, investors also witnessed the inversion of the yield curve, as long-term Treasury rates fell below short-term rates, stoking recession fears. However, by late October, after the Fed had enacted its third rate cut of the year, long-term rates rose, and the yield curve moved back into a traditional upward slope.

In the credit markets, investment grade and high yield bonds began 2019 with elongated credit spreads as a result of the economic fears created from the Fed’s tightening activity toward the end of 2018 and the potential impact of tariffs on the U.S. economy. As both those fears thawed throughout the year, credit spreads narrowed, market fundamentals remained strong and corporate bonds posted strong returns throughout the first half of the year. International developed and emerging markets equities also recovered well during this time.

As the autumn months began, investors could also recognize the continued strength in the economy. The unemployment rate continued close to the lowest level in a half century, wages continued to grow, inflation remained benign and consumer spending progressed on a strong path. In this environment, lower rates also helped equity valuations as the market looked forward to higher earnings growth in 2020.

For the 12-month period ended October 31, 2019, the S&P 500^® Index returned 14.33% while the MSCI EAFE Index, representing international developed market equities, returned 11.63%. During the same period, the Bloomberg Barclays U.S. Aggregate Bond Index returned 11.51%. Please keep in mind that it is important to maintain a diversified portfolio as investment returns have historically been difficult to predict.

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

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

Sincerely,

Marijn Smit

President & Chief Executive Officer

Transamerica Funds

Tom Wald, CFA

Chief Investment Officer

Transamerica Funds

Bloomberg Barclays U.S. Aggregate Bond Index: Measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.

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

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

The views expressed in this report reflect those of the portfolio managers only and may not necessarily represent the views of the Transamerica Funds. These views are as of the date of this report and are subject to change based upon market conditions. These views should not be relied upon as investment advice and are not indicative of trading intent on behalf of the Transamerica Funds. Investing involves risk, including potential loss of principal. The performance data presented represents past performance and does not guarantee future results. Indexes are unmanaged and an investor cannot invest directly in an index.

Disclosure of Expenses

(unaudited)

SHAREHOLDER EXPENSES

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

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

The examples are based on an investment of $1,000 invested at May 1, 2019, and held for the entire six-month period until October 31, 2019.

ACTUAL EXPENSES

The information in the table below provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The information in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund versus other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

			Actual Expenses				Hypothetical Expenses (A)
Fund	Beginning Account Value		Ending Account Value		Expenses Paid During Period (B)		Ending Account Value		Expenses Paid During Period (B)		Net Annualized Expense Ratio (C)
Transamerica Core Bond	$	1,000.00	$	1,058.20	$	2.49	$	1,022.80	$	2.45		0.48	%
Transamerica Global Real Estate Securities		1,000.00		1,084.50		9.72		1,015.90		9.40		1.85
Transamerica International Value		1,000.00		1,007.20		5.06		1,020.20		5.09		1.00
Transamerica Long/Short Strategy		1,000.00		1,014.40		21.07		1,004.30		20.97		4.15
Transamerica Mid Cap Value		1,000.00		1,008.50		4.61		1,020.60		4.63		0.91
Transamerica Total Return		1,000.00		1,055.20		3.73		1,021.60		3.67		0.72

(A)	5% return per year before expenses.
(B)	Expenses are calculated using each Fund’s annualized expense ratios (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).
(C)	Net annualized expense ratios are reflective of any applicable fee waivers and/or reimbursements and are based on the most recent six-months and may differ from the expense ratio displayed in the Financial Highlights which covers a twelve-month period.

Transamerica Funds Annual Report 2019

Page    2

Transamerica Core Bond

(unaudited)

MARKET ENVIRONMENT

Markets experienced a tumultuous end to 2018, as uncertainty roiled markets, culminating in a sharp risk-off move and heightened volatility. Concerns about further escalations in the U.S./China trade dispute, a poorer earnings growth outlook, the threat of a global economic slowdown, and a plunge in energy prices weighed on sentiment.

Risk assets rebounded in the first quarter of 2019 following the rocky end to 2018. Optimism for a U.S./China trade agreement and dovish Federal Reserve (“Fed”) rhetoric propelled risk assets higher despite a string of weak economic data releases in Europe and China. In essence, markets were acting as if they believed that these economies would stabilize and avoid a hard landing.

Risk assets and U.S. government securities all rallied in the second quarter amid sub-trend global growth, ongoing trade tensions and a dovish shift from the Fed. The threat of intensifying trade tensions dominated the narrative throughout spring and summer. As such, the market began to price in expectations of multiple Fed rate cuts.

Economic growth and global trade continued to dominate investor attention at the end of the fiscal period. The last months of the period was marked by a continued slowdown in the global economy, offset by further monetary easing from the U.S. and Europe, and the appearance of progress in the U.S./China trade negotiations. This optimism helped risk assets rally while continued downward pressure on rates pushed government bonds higher as well. The Fed cut interest rates 25 basis points (“bps”) at the July, September and October meetings, bringing the fed funds rate target range to 1.50%—1.75% in an attempt to prolong the expansion in the face of a slowdown in the pace of economic growth.

PERFORMANCE

For the year ended October 31, 2019, Transamerica Core Bond (Class I2) returned 11.40%. By comparison, its benchmark, the Bloomberg Barclays US Aggregate Bond Index, returned 11.51%.

STRATEGY REVIEW

U.S. Treasury yields fell across the curve, with longer-term rates falling further and flattening the yield curve during the period. The 2-year Treasury fell by 70 bps to finish the period at 1.54%, while the 10-year yield fell by 145 bps to finish at 1.69%. Duration and yield curve positioning were both positive for the Fund, as we finished the fiscal period with a longer duration, overweight the 5 to 10-year key rate durations (“KRD”), and underweight the 30-year KRD. Our underweight to Treasury debt was positive for performance as most spread sectors outperformed their risk-free counterparts, with the exception of agency mortgage-backed Securities (“MBS”). Security selection in Treasurys was a slight detractor, as an out-of-benchmark allocation to Separate Trading of Registered Interest and Principal of Securities (“STRIP”)-Coupons underperformed Treasury whole bonds.

An underweight to investment-grade credit was a slight detractor, as that was the best performer during the period, however, the negative impact of the underweight was more than offset by positive security selection in the sector. Security selection within structured products like asset-backed securities (“ABS”) and commercial and non-agency MBS was also positive. On the other hand, security selection to agency mortgages was a detractor during the period.

Our sector allocations did not change dramatically throughout the period. We remained underweight to Treasury debt, overweight in mortgage securities and ABS, and neutral weight in corporate bonds. Duration ended the fiscal year at 5.84 years as compared to 5.69 years for the benchmark.

Richard Figuly

Barbara Miller

Justin Rucker

Co-Portfolio Managers

J.P. Morgan Investment Management Inc.

Transamerica Funds Annual Report 2019

Page    3

Transamerica Core Bond

(unaudited)

Asset Allocation	Percentage of Net Assets
U.S. Government Agency Obligations		31.4	%
Corporate Debt Securities		25.1
U.S. Government Obligations		23.0
Asset-Backed Securities		13.3
Mortgage-Backed Securities		3.2
Repurchase Agreement		2.1
Other Investment Company		1.2
Foreign Government Obligations		0.7
Municipal Government Obligations		0.5
Net Other Assets (Liabilities)		(0.5	)
Total		100.0	%

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

Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		54.4	%
AAA		6.9
AA		3.8
A		11.5
BBB		14.4
BB		0.2
B		0.0	*
CCC and Below		0.1
Not Rated		9.2
Net Other Assets (Liabilities)		(0.5	)
Total		100.0	%

Fund Characteristics	Years
Average Maturity §		7.73
Duration †		5.84

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

§ Average Maturity is computed by weighting the maturity of each security in the Fund by the market value of the security, then averaging these weighted figures.

† Duration is a time measure of a bond’s interest rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder.

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

Transamerica Funds Annual Report 2019

Page    4

Transamerica Core Bond

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class I2 (NAV)		11.40	%		3.34	%		3.87	%		07/01/2009
Bloomberg Barclays US Aggregate Bond Index (A)		11.51	%		3.24	%		3.73	%

^(A) The Bloomberg Barclays US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.

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

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

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

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

Investing in bond funds entails interest rate and credit risk as well as additional risks in that the Fund may invest in high-yield/high-risk bonds and is subject to greater levels of liquidity risk, which are described in more detail in the prospectus. This Fund is only available in Class I2 shares, which are not available for direct investment by the public.

Transamerica Funds Annual Report 2019

Page    5

Transamerica Core Bond

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Principal		Value
ASSET-BACKED SECURITIES - 13.3%
ABFC Trust Series 2005-AQ1, Class A4, 4.71% (A), 01/25/2034		$  125,801		$  127,932
Academic Loan Funding Trust
Series 2013-1A, Class A,
1-Month LIBOR + 0.80%, 2.62% (A), 12/26/2044 (B)		478,586		475,014
American Credit Acceptance Receivables Trust
Series 2016-2, Class C,
6.09%, 05/12/2022 (B)		395,395		396,842
Series 2016-3, Class C,
4.26%, 08/12/2022 (B)		527,148		529,907
Series 2016-4, Class C,
2.91%, 02/13/2023 (B)		76,357		76,384
Series 2018-2, Class B,
3.46%, 08/10/2022 (B)		865,060		866,482
American Homes 4 Rent Trust
Series 2014-SFR2, Class A,
3.79%, 10/17/2036 (B)		2,022,991		2,140,194
Series 2014-SFR2, Class E,
6.23%, 10/17/2036 (B)		200,000		222,778
Series 2014-SFR3, Class D,
5.04%, 12/17/2036 (B)		270,000		292,676
Series 2014-SFR3, Class E,
6.42%, 12/17/2036 (B)		725,000		814,587
Series 2015-SFR1, Class A,
3.47%, 04/17/2052 (B)		917,741		959,120
Series 2015-SFR1, Class D,
4.41%, 04/17/2052 (B)		1,800,000		1,908,145
Series 2015-SFR1, Class E,
5.64%, 04/17/2052 (B)		825,000		901,453
Series 2015-SFR2, Class E,
6.07%, 10/17/2052 (B)		1,155,000		1,293,765
American Tower Trust #1 Series 2013-2A, Class 2A, 3.07%, 03/15/2048 (B)		400,000		404,995
AmeriCredit Automobile Receivables Trust
Series 2016-4, Class B,
1.83%, 12/08/2021		641,603		641,141
Series 2017-1, Class B,
2.30%, 02/18/2022		406,000		406,208
Series 2017-1, Class C,
2.71%, 08/18/2022		218,000		219,690
Series 2017-1, Class D,
3.13%, 01/18/2023		489,000		496,364
B2R Mortgage Trust
Series 2015-2, Class A,
3.34%, 11/15/2048 (B)		354,474		356,404
Series 2016-1, Class A,
2.57%, 06/15/2049 (B)		895,752		896,543
Business Jet Securities LLC
Series 2018-1, Class A,
4.34%, 02/15/2033 (B)		1,127,134		1,141,051
Series 2018-2, Class A,
4.45%, 06/15/2033 (B)		1,381,456		1,404,409
Series 2019-1, Class A,
4.21%, 07/15/2034 (B)		2,637,358		2,707,503

	Principal		Value
ASSET-BACKED SECURITIES (continued)
BXG Receivables Note Trust Series 2012-A, Class A, 2.66%, 12/02/2027 (B)		$   94,716		$   94,710
Cabela’s Credit Card Master Note Trust Series 2015-2, Class A1, 2.25%, 07/17/2023		185,000		185,445
Camillo Trust Series 2016-SFR1, 5.00%, 12/05/2023 (C) (D) (E)		1,875,766		1,871,662
Capital Auto Receivables Asset Trust Series 2018-1, Class A3, 2.79%, 01/20/2022 (B)		2,173,024		2,179,285
CarMax Auto Owner Trust Series 2016-2, Class A3, 1.52%, 02/16/2021		16,937		16,933
Carnow Auto Receivables Trust Series 2017-1A, Class A, 2.92%, 09/15/2022 (B)		60,372		60,377
Carvana Auto Receivables Trust Series 2019-3A, Class D, 3.04%, 04/15/2025 (B)		2,770,000		2,780,568
Chase Funding Trust
Series 2003-2, Class 2A2,
1-Month LIBOR + 0.56%, 2.38% (A), 02/25/2033		419,129		410,883
Series 2003-6, Class 1A5,
5.03% (A), 11/25/2034		202,681		213,925
CIG Auto Receivables Trust Series 2017-1A, Class A, 2.71%, 05/15/2023 (B)		153,067		153,311
Citigroup Global Markets Mortgage Securities VII, Inc. Series 2003-UP1, Class A, 3.95% (A), 04/25/2032 (B)		777		762
CLUB Credit Trust Series 2017-P2, Class A, 2.61%, 01/15/2024 (B)		113,291		113,331
Colony American Finance, Ltd. Series 2016-2, Class A, 2.55%, 11/15/2048 (B)		470,876		471,196
COOF Securitization Trust, Ltd., Interest Only STRIPS Series 2014-1, Class A, 3.21% (A), 06/25/2040 (B)		282,432		25,746
Corevest American Finance Trust Series 2019-1, Class B, 3.88%, 03/15/2052 (B)		1,300,000		1,383,916
CPS Auto Receivables Trust
Series 2014-D, Class C,
4.35%, 11/16/2020 (B)		27,421		27,445
Series 2015-A, Class C,
4.00%, 02/16/2021 (B)		43,685		43,765
Series 2015-C, Class D,
4.63%, 08/16/2021 (B)		464,392		468,503
Series 2016-C, Class C,
3.27%, 06/15/2022 (B)		336,305		336,786
Series 2017-C, Class C,
2.86%, 06/15/2023 (B)		1,150,000		1,151,751

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

Transamerica Funds Annual Report 2019

Page    6

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Credit Acceptance Auto Loan Trust
Series 2017-1A, Class A,
2.56%, 10/15/2025 (B)		$   123,806		$   123,855
Series 2017-1A, Class B,
3.04%, 12/15/2025 (B)		272,000		273,182
Series 2017-1A, Class C,
3.48%, 02/17/2026 (B)		250,000		251,649
Series 2017-2A, Class C,
3.35%, 06/15/2026 (B)		272,000		274,512
Series 2018-1A, Class A,
3.01%, 02/16/2027 (B)		859,000		863,980
CSMA SFR Holdings LLC Series 2019-1, Class A, 2.00%, 04/25/2023		2,046,764		2,046,354
Diamond Resorts Owner Trust
Series 2017-1A, Class A,
3.27%, 10/22/2029 (B)		458,901		463,968
Series 2018-1, Class A,
3.70%, 01/21/2031 (B)		911,551		930,372
Drive Auto Receivables Trust
Series 2015-DA, Class D,
4.59%, 01/17/2023 (B)		259,263		260,208
Series 2016-CA, Class D,
4.18%, 03/15/2024 (B)		1,126,000		1,141,943
Series 2017-1, Class C,
2.84%, 04/15/2022		206,188		206,297
Series 2017-1, Class D,
3.84%, 03/15/2023		1,983,000		2,004,537
Series 2017-2, Class C,
2.75%, 09/15/2023		424,222		424,366
Series 2017-3, Class D,
3.53%, 12/15/2023 (B)		3,800,000		3,842,072
Series 2017-AA, Class C,
2.98%, 01/18/2022 (B)		87,369		87,445
Series 2017-AA, Class D,
4.16%, 05/15/2024 (B)		648,000		657,207
Series 2018-3, Class C,
3.72%, 09/16/2024		1,625,000		1,641,735
Series 2019-1, Class D,
4.09%, 06/15/2026		645,000		667,037
DT Asset Trust Series 2017, Class B, 5.84%, 12/16/2022		1,100,000		1,100,555
DT Auto Owner Trust
Series 2016-4A, Class D,
3.77%, 10/17/2022 (B)		419,145		421,421
Series 2017-1A, Class D,
3.55%, 11/15/2022 (B)		565,341		569,026
Series 2017-2A, Class C,
3.03%, 01/17/2023 (B)		107,605		107,639
Series 2017-3A, Class D,
3.58%, 05/15/2023 (B)		534,000		538,305
Series 2018-1A, Class C,
3.47%, 12/15/2023 (B)		961,000		966,234
Series 2018-1A, Class D,
3.81%, 12/15/2023 (B)		681,000		690,611
Series 2019-4A, Class C,
2.73%, 07/15/2025 (B)		1,819,000		1,818,902

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Engs Commercial Finance Trust Series 2016-1A, Class A2, 2.63%, 02/22/2022 (B)		$   63,287		$   63,347
Exeter Automobile Receivables Trust
Series 2015-2A, Class C,
3.90%, 03/15/2021 (B)		22,861		22,879
Series 2016-1A, Class C,
5.52%, 10/15/2021 (B)		355,281		357,220
Series 2016-3A, Class B,
2.84%, 08/16/2021 (B)		65,700		65,733
Series 2017-1A, Class C,
3.95%, 12/15/2022 (B)		315,000		318,535
Series 2017-3A, Class A,
2.05%, 12/15/2021 (B)		16,553		16,552
Series 2018-4A, Class B,
3.64%, 11/15/2022 (B)		744,000		749,246
First Investors Auto Owner Trust
Series 2017-2A, Class B,
2.65%, 11/15/2022 (B)		866,000		868,396
Series 2017-2A, Class C,
3.00%, 08/15/2023 (B)		1,500,000		1,508,427
Series 2017-3A, Class A2,
2.41%, 12/15/2022 (B)		1,089,000		1,089,934
Flagship Credit Auto Trust
Series 2015-3, Class B,
3.68%, 03/15/2022 (B)		44,112		44,154
Series 2015-3, Class C,
4.65%, 03/15/2022 (B)		189,000		191,191
Series 2016-1, Class C,
6.22%, 06/15/2022 (B)		1,050,000		1,083,438
Series 2016-4, Class C,
2.71%, 11/15/2022 (B)		747,000		750,384
Series 2018-3, Class C,
3.79%, 12/16/2024 (B)		2,029,000		2,090,264
Fort Cre LLC
1-Month LIBOR + 2.83%, 4.65% (A), 11/16/2035 (B)		3,195,000		3,193,209
Foundation Finance Trust Series 2019-1A, Class A, 3.86%, 11/15/2034 (B)		889,372		904,727
FREED ABS Trust Series 2019-2, Class A, 2.62%, 11/18/2026 (B)		1,145,000		1,144,692
Freedom Financial Trust
Series 2018-1, Class A,
3.61%, 07/18/2024 (B)		401,767		403,885
Series 2018-2, Class A,
3.99%, 10/20/2025 (B)		960,311		967,768
FTF Funding II LLC Series 2019-1, Class A, Zero Coupon, 08/15/2020		2,460,000		2,460,609
GLS Auto Receivables Trust
Series 2016-1A, Class C,
6.90%, 10/15/2021 (B)		477,879		486,057
Series 2017-1A, Class B,
2.98%, 12/15/2021 (B)		1,002,749		1,004,121
GM Financial Automobile Leasing Trust Series 2017-2, Class A4, 2.18%, 06/21/2021		279,000		279,028

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

Transamerica Funds Annual Report 2019

Page    7

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
ASSET-BACKED SECURITIES (continued)
GMAT Trust Series 2013-1A, Class A, 6.97% (A), 11/25/2043 (B)		$   2,518		$   2,519
Gold Key Resorts LLC Series 2014-A, Class A, 3.22%, 03/17/2031 (B)		74,208		74,289
Golden Bear LLC Series 2016-R, Class R, 5.65%, 09/20/2047 (B)		351,784		354,002
Goodgreen Trust
Series 2017, Class R1,
5.00%, 10/20/2051		2,057,396		2,036,568
Series 2017-1A, Class A,
3.74%, 10/15/2052 (B)		250,393		261,398
Series 2017-2A, Class A,
3.26%, 10/15/2053 (B)		1,267,794		1,299,407
Series 2019-2A, Class A,
2.76%, 04/15/2055 (B)		1,400,000		1,390,381
Hero Funding Trust
Series 2016-3A, Class A1,
3.08%, 09/20/2042 (B)		303,319		309,283
Series 2017-1A, Class A2,
4.46%, 09/20/2047 (B)		803,070		846,104
Series 2017-3A, Class A2,
3.95%, 09/20/2048 (B)		1,100,112		1,150,928
Hilton Grand Vacations Trust Series 2017-AA, Class A, 2.66%, 12/26/2028 (B)		246,977		247,934
Kabbage Funding LLC Series 2019-1, Class A, 3.83%, 03/15/2024 (B)		2,735,000		2,773,670
KGS-Alpha SBA COOF Trust, Interest Only STRIPS
Series 2012-2, Class A,
0.83% (A), 08/25/2038 (B)		1,491,909		33,671
Series 2014-2, Class A,
3.14% (A), 04/25/2040 (B)		259,514		21,104
LV Tower 52 Series 2013-1, Class A, 5.75%, 07/15/2019 (B)		956,188		965,721
Mariner Finance Issuance Trust Series 2019-AA, Class B, 3.51%, 07/20/2032 (B)		1,335,000		1,346,911
Marlette Funding Trust Series 2018-1A, Class A, 2.61%, 03/15/2028 (B)		34,336		34,339
Nissan Auto Receivables Owner Trust Series 2016-B, Class A3, 1.32%, 01/15/2021		42,163		42,139
OnDeck Asset Securitization Trust LLC Series 2018-1A, Class A, 3.50%, 04/18/2022 (B)		696,000		697,482
OneMain Financial Issuance Trust Series 2016-1A, Class A, 3.66%, 02/20/2029 (B)		256,459		257,296
Oportun Funding IX LLC Series 2018-B, Class A, 3.91%, 07/08/2024 (B)		2,329,000		2,365,585

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Oportun Funding VI LLC Series 2017-A, Class A, 3.23%, 06/08/2023 (B)		$   616,000		$   616,351
Oportun Funding VII LLC Series 2017-B, Class A, 3.22%, 10/10/2023 (B)		542,000		543,551
Oportun Funding VIII LLC Series 2018-A, Class A, 3.61%, 03/08/2024 (B)		1,251,000		1,265,304
Oportun Funding X LLC Series 2018-C, Class A, 4.10%, 10/08/2024 (B)		3,554,000		3,643,788
Pretium Mortgage Credit Partners I LLC Series 2018-NPL4, Class A1, 4.83% (A), 09/25/2058 (B)		924,799		929,927
Progress Residential Trust
Series 2015-SFR3, Class A,
3.07%, 11/12/2032 (B)		2,470,322		2,469,067
Series 2015-SFR3, Class D,
4.67%, 11/12/2032 (B)		700,000		699,831
Series 2015-SFR3, Class E,
5.66%, 11/12/2032 (B)		275,000		274,997
Series 2017-SFR1, Class C,
3.32%, 08/17/2034 (B)		3,000,000		3,030,711
Series 2018-SFR2, Class E,
4.66%, 08/17/2035 (B)		1,284,000		1,320,195
Purchasing Power Funding LLC Series 2018-A, Class A, 3.34%, 08/15/2022 (B)		3,220,000		3,229,142
Renew Series 2017-1A, Class A, 3.67%, 09/20/2052 (B)		330,590		343,089
Rice Park Financing Trust Series 2016-A, Class A, 4.63%, 10/31/2041 (B)		1,160,931		1,175,143
Santander Drive Auto Receivables Trust Series 2015-5, Class E, 4.67%, 02/15/2023 (B)		2,400,000		2,411,090
Santander Retail Auto Lease Trust Series 2018-A, Class A3, 2.93%, 05/20/2021 (B)		1,298,000		1,303,658
SART 4.75%, 06/15/2025		2,538,330		2,589,097
SFR Holdco LLC Series 2019-STL, Class A, 7.25%, 10/11/2026 (D)		1,400,000		1,400,000
Sofi Consumer Loan Program LLC Series 2016-2A, Class A, 3.09%, 10/27/2025 (B)		90,308		90,594
Structured Asset Securities Corp. Mortgage Pass-Through Certificates
Series 2002-AL1, Class A2,
3.45%, 02/25/2032		65,972		64,115
Series 2004-6XS, Class A5A,
6.03% (A), 03/25/2034		126,886		129,865
Series 2004-6XS, Class A5B,
6.05% (A), 03/25/2034		126,886		129,863

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

Transamerica Funds Annual Report 2019

Page    8

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Synchrony Card Funding LLC Series 2019-A1, Class A, 2.95%, 03/15/2025		$   3,013,000		$   3,079,320
Synchrony Card Issuance Trust Series 2018-A1, Class A1, 3.38%, 09/15/2024		1,580,000		1,622,335
Tricolor Auto Securitization Trust Series 2018-1A, Class A, 5.05%, 12/15/2020 (B)		583,968		588,448
Tricon American Homes Trust Series 2016-SFR1, Class A, 2.59%, 11/17/2033 (B)		646,168		646,031
Upgrade Receivables Trust Series 2018-1A, Class A, 3.76%, 11/15/2024 (B)		269,232		270,110
US Auto Funding LLC Series 2018-1A, Class A, 5.50%, 07/15/2023 (B)		1,118,145		1,144,560
Vericrest Opportunity Loan Trust
Series 2019-NPL7, Class A1A,
3.18% (A), 10/25/2049 (B)		1,367,929		1,366,622
Series 2019-NPL8, Class A1A,
3.28% (A), 11/25/2049 (B)		1,820,000		1,819,942
Verizon Owner Trust
Series 2017-3A, Class A1A,
2.06%, 04/20/2022 (B)		1,801,000		1,801,542
Series 2018-1A, Class A1A,
2.82%, 09/20/2022 (B)		3,516,000		3,541,776
VM Debt Trust 7.50%, 06/15/2024		1,750,000		1,750,000
VOLT FT1 3.26%, 01/27/2023		232,155		231,176
VOLT LXIV LLC Series 2017-NP11, Class A1, 3.38% (A), 10/25/2047 (B)		1,114,389		1,116,511
VOLT LXIX LLC Series 2018-NPL5, Class A1A, 4.21% (A), 08/25/2048 (B)		732,661		732,435
VOLT LXXII LLC Series 2018-NPL8, Class A1A, 4.21% (A), 10/26/2048 (B)		2,457,649		2,459,386
VOLT LXXV LLC Series 2019-NPL1, Class A1A, 4.34% (A), 01/25/2049 (B)		1,598,403		1,610,062
VOLT LXXX LLC Series 2019-NPL6, Class A1B, 4.09% (A), 10/25/2049 (B)		2,300,000		2,310,345
VSE Voi Mortgage LLC Series 2018-A, Class A, 3.56%, 02/20/2036 (B)		649,377		670,683
Westgate Resorts LLC Series 2017-1A, Class A, 3.05%, 12/20/2030 (B)		263,777		265,180
Westlake Automobile Receivables Trust
Series 2016-2A, Class D,
4.10%, 06/15/2021 (B)		153,714		153,823
Series 2017-1A, Class C,
2.70%, 10/17/2022 (B)		141,789		141,884

	Principal		Value
ASSET-BACKED SECURITIES (continued)
World Financial Network Credit Card Master Trust 3.14%, 12/15/2025		$   1,385,000		$   1,417,387
World Omni Automobile Lease Securitization Trust Series 2018-A, Class A3, 2.83%, 07/15/2021		1,301,000		1,306,713
Total Asset-Backed Securities (Cost $146,742,894)				148,323,475
CORPORATE DEBT SECURITIES - 25.1%
Aerospace & Defense - 0.5%
Airbus SE
3.15%, 04/10/2027 (B)		327,000		342,845
3.95%, 04/10/2047 (B)		150,000		170,357
Boeing Co. 3.95%, 08/01/2059		740,000		808,200
L3 Harris Technologies, Inc. 3.83%, 04/27/2025		400,000		429,303
Lockheed Martin Corp. 4.50%, 05/15/2036		300,000		358,046
Northrop Grumman Corp.
3.20%, 02/01/2027		268,000		280,578
3.25%, 01/15/2028		130,000		136,339
3.85%, 04/15/2045		49,000		53,528
Precision Castparts Corp.
3.25%, 06/15/2025		100,000		105,853
4.20%, 06/15/2035		150,000		166,836
Rockwell Collins, Inc. 3.20%, 03/15/2024		140,000		146,107
United Technologies Corp.
3.75%, 11/01/2046		285,000		316,064
3.95%, 08/16/2025		120,000		131,321
4.15%, 05/15/2045		148,000		169,724
4.45%, 11/16/2038		120,000		142,378
4.50%, 06/01/2042		542,000		650,379
6.70%, 08/01/2028		260,000		340,439
8.88%, 11/15/2019		250,000		250,504
				4,998,801
Airlines - 0.9%
Air Canada Pass-Through Trust
3.30%, 07/15/2031 (B)		649,928		669,930
3.55%, 07/15/2031 (B)		384,264		395,704
3.60%, 09/15/2028 (B)		489,298		513,840
4.13%, 11/15/2026 (B)		511,951		545,924
American Airlines Pass-Through Trust
3.00%, 04/15/2030		877,092		900,576
3.65%, 12/15/2029 - 08/15/2030		814,102		862,527
3.70%, 04/15/2027 - 04/01/2028		624,618		642,328
5.25%, 07/31/2022		39,263		40,392
British Airways Pass-Through Trust
3.30%, 06/15/2034 (B)		435,000		452,538
4.13%, 03/20/2033 (B)		505,796		533,951
Continental Airlines Pass-Through Trust
4.00%, 04/29/2026		178,349		188,662
5.98%, 10/19/2023		194,163		205,766
Delta Air Lines Pass-Through Trust
4.75%, 11/07/2021		54,829		55,402
6.82%, 02/10/2024		90,649		99,301

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

Transamerica Funds Annual Report 2019

Page    9

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Airlines (continued)
Spirit Airlines Pass-Through Trust 3.38%, 08/15/2031		$   255,121		$   266,116
United Airlines Pass-Through Trust
2.88%, 04/07/2030		536,566		545,954
3.45%, 01/07/2030		278,180		288,667
3.50%, 09/01/2031		654,184		683,073
3.65%, 07/07/2027		200,451		204,648
3.70%, 09/01/2031		370,672		388,140
4.15%, 02/25/2033		675,000		738,781
4.55%, 02/25/2033		600,000		658,379
				9,880,599
Automobiles - 0.0% (F)
General Motors Co. 6.60%, 04/01/2036		200,000		232,186
KIA Motors Corp. 2.63%, 04/21/2021 (B)		200,000		200,276
				432,462
Banks - 4.7%
ABN AMRO Bank NV
2.45%, 06/04/2020 (B)		279,000		279,676
4.75%, 07/28/2025 (B)		600,000		650,040
AIB Group PLC 4.75%, 10/12/2023 (B)		700,000		749,864
ANZ New Zealand International, Ltd. 3.45%, 07/17/2027 (B)		222,000		236,061
ASB Bank, Ltd. 3.13%, 05/23/2024 (B)		550,000		567,571
Australia & New Zealand Banking Group, Ltd. 4.40%, 05/19/2026 (B)		200,000		214,864
Banco Santander SA 3.13%, 02/23/2023		200,000		204,306
Bank of America Corp.
2.50%, 10/21/2022, MTN		27,000		27,251
Fixed until 04/24/2022, 2.88% (A), 04/24/2023		50,000		50,861
Fixed until 12/20/2022, 3.00% (A), 12/20/2023		2,539,000		2,597,216
Fixed until 01/20/2022, 3.12% (A), 01/20/2023, MTN		1,037,000		1,058,632
3.25%, 10/21/2027, MTN		398,000		413,815
Fixed until 01/23/2025, 3.37% (A), 01/23/2026		200,000		209,212
Fixed until 12/20/2027, 3.42% (A), 12/20/2028		306,000		320,294
Fixed until 04/24/2027, 3.71% (A), 04/24/2028		1,300,000		1,390,069
Fixed until 03/05/2028, 3.97% (A), 03/05/2029, MTN		1,300,000		1,415,288
Fixed until 04/23/2039, 4.08% (A), 04/23/2040, MTN		410,000		460,667
Fixed until 03/15/2049, 4.33% (A), 03/15/2050, MTN		410,000		487,092
Bank of Montreal
Fixed until 12/15/2027, 3.80% (A), 12/15/2032		223,000		231,363
Barclays PLC
3.65%, 03/16/2025		223,000		230,721
3.68%, 01/10/2023		300,000		306,838

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Barclays PLC (continued)
Fixed until 02/15/2022, 4.61% (A), 02/15/2023		$   600,000		$   626,738
BNP Paribas SA
3.38%, 01/09/2025 (B)		320,000		332,065
3.50%, 03/01/2023 (B)		250,000		259,535
BNZ International Funding, Ltd. 2.65%, 11/03/2022 (B)		650,000		659,234
BPCE SA 4.63%, 07/11/2024 (B)		600,000		645,008
Citigroup, Inc.
2.75%, 04/25/2022		650,000		659,892
Fixed until 04/24/2024, 3.35% (A), 04/24/2025		175,000		182,063
3.40%, 05/01/2026		400,000		419,687
Fixed until 07/24/2027, 3.67% (A), 07/24/2028		900,000		952,274
3.70%, 01/12/2026		1,350,000		1,435,614
Fixed until 01/24/2038, 3.88% (A), 01/24/2039		100,000		109,885
Fixed until 03/20/2029, 3.98% (A), 03/20/2030		850,000		926,588
4.45%, 09/29/2027		85,000		93,515
4.65%, 07/23/2048		390,000		481,036
4.75%, 05/18/2046		400,000		470,141
8.13%, 07/15/2039		56,000		92,124
Citizens Bank NA 3.70%, 03/29/2023		475,000		498,708
Citizens Financial Group, Inc.
2.38%, 07/28/2021		78,000		78,340
4.30%, 12/03/2025		77,000		83,009
Commonwealth Bank of Australia
2.85%, 05/18/2026 (B)		410,000		419,973
3.45%, 03/16/2023 (B)		410,000		428,501
4.50%, 12/09/2025 (B)		200,000		216,637
Cooperatieve Rabobank UA
3.75%, 07/21/2026		315,000		330,106
4.75%, 01/15/2020, MTN (B)		350,000		351,919
5.80%, 09/30/2110 (B)		300,000		453,881
Credit Agricole SA 4.38%, 03/17/2025 (B)		200,000		213,518
Danske Bank A/S
2.00%, 09/08/2021 (B)		201,000		200,154
2.70%, 03/02/2022 (B)		213,000		214,805
Discover Bank 4.20%, 08/08/2023		550,000		587,161
Fifth Third Bancorp 3.95%, 03/14/2028		340,000		372,987
Fifth Third Bank 3.85%, 03/15/2026		200,000		214,021
HSBC Holdings PLC
Fixed until 11/22/2022, 3.03% (A), 11/22/2023		447,000		457,006
Fixed until 05/18/2023, 3.95% (A), 05/18/2024		1,007,000		1,056,684
Fixed until 03/13/2027, 4.04% (A), 03/13/2028		695,000		744,832
4.25%, 03/14/2024		500,000		530,958
Industrial & Commercial Bank of China, Ltd. 2.45%, 10/20/2021		400,000		399,935

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

Transamerica Funds Annual Report 2019

Page    10

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
ING Groep NV
3.95%, 03/29/2027		$   200,000		$   215,245
4.10%, 10/02/2023		775,000		825,767
KeyBank NA 3.18%, 10/15/2027		250,000		255,877
KeyCorp 4.15%, 10/29/2025, MTN		235,000		258,260
Lloyds Banking Group PLC
Fixed until 11/07/2022, 2.91% (A), 11/07/2023		200,000		202,794
4.38%, 03/22/2028		339,000		374,434
4.58%, 12/10/2025		200,000		214,819
Macquarie Bank, Ltd. 3.90%, 01/15/2026 (B)		570,000		609,880
Mitsubishi UFJ Financial Group, Inc.
2.53%, 09/13/2023 (G)		200,000		201,765
2.67%, 07/25/2022		270,000		273,645
2.95%, 03/01/2021		297,000		300,485
3.41%, 03/07/2024		670,000		699,589
3.75%, 07/18/2039		430,000		464,272
Mizuho Financial Group, Inc.
2.63%, 04/12/2021 (B)		263,000		264,908
Fixed until 09/13/2029, 2.87% (A), 09/13/2030		402,000		402,184
National Australia Bank, Ltd.
2.50%, 07/12/2026		250,000		252,383
3.38%, 01/14/2026		500,000		529,040
Fixed until 08/02/2029, 3.93% (A), 08/02/2034 (B)		590,000		610,273
NatWest Markets PLC 3.63%, 09/29/2022 (B)		515,000		533,765
Nordea Bank Abp
4.25%, 09/21/2022 (B)		384,000		402,902
4.88%, 01/27/2020 (B)		200,000		201,344
Regions Financial Corp. 3.80%, 08/14/2023		200,000		211,647
Royal Bank of Canada 3.70%, 10/05/2023, MTN		600,000		635,629
Royal Bank of Scotland Group PLC
Fixed until 11/01/2024, 3.75% (A), 11/01/2029		554,000		558,846
3.88%, 09/12/2023		350,000		364,928
Fixed until 03/22/2024, 4.27% (A), 03/22/2025		255,000		270,555
Fixed until 05/08/2029, 4.45% (A), 05/08/2030		570,000		625,497
Santander Group Holdings PLC 3.57%, 01/10/2023		360,000		367,864
Societe Generale SA
3.88%, 03/28/2024 (B)		540,000		567,673
4.25%, 04/14/2025 (B)		270,000		284,356
Standard Chartered PLC
Fixed until 09/10/2021, 2.74% (A), 09/10/2022 (B)		1,000,000		1,004,529
Fixed until 05/21/2029, 4.31% (A), 05/21/2030 (B) (G)		200,000		218,333
Fixed until 03/15/2028, 4.87% (A), 03/15/2033 (B)		300,000		324,025

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Sumitomo Mitsui Financial Group, Inc.
2.44%, 10/19/2021		$   239,000		$   241,157
2.78%, 07/12/2022 - 10/18/2022		729,000		741,912
2.85%, 01/11/2022		400,000		406,388
2.93%, 03/09/2021		270,000		272,996
3.04%, 07/16/2029		755,000		774,222
3.10%, 01/17/2023		241,000		247,442
SunTrust Bank 3.30%, 05/15/2026		215,000		224,980
SunTrust Banks, Inc.
2.70%, 01/27/2022		91,000		92,241
2.90%, 03/03/2021		265,000		267,978
Swedbank AB 2.20%, 03/04/2020 (B)		400,000		400,228
US Bancorp
2.38%, 07/22/2026, MTN		266,000		269,258
3.15%, 04/27/2027, MTN		85,000		89,957
Wells Fargo & Co.
3.00%, 04/22/2026		509,000		523,348
Fixed until 06/17/2026, 3.20% (A), 06/17/2027, MTN		810,000		839,169
3.30%, 09/09/2024, MTN		1,300,000		1,361,941
3.55%, 09/29/2025, MTN		400,000		424,144
3.75%, 01/24/2024, MTN		395,000		417,977
4.10%, 06/03/2026, MTN		121,000		130,195
4.30%, 07/22/2027, MTN		246,000		269,248
4.40%, 06/14/2046, MTN		165,000		187,085
4.65%, 11/04/2044, MTN		184,000		216,747
4.75%, 12/07/2046, MTN		419,000		500,467
4.90%, 11/17/2045, MTN		202,000		244,418
Westpac Banking Corp.
2.85%, 05/13/2026		300,000		310,889
Fixed until 11/23/2026, 4.32% (A), 11/23/2031, MTN		260,000		276,808
4.42%, 07/24/2039		335,000		368,749
				51,927,692
Beverages - 0.5%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. 4.70%, 02/01/2036		3,044,000		3,534,442
Anheuser-Busch InBev Finance, Inc.
4.63%, 02/01/2044		85,000		96,745
4.70%, 02/01/2036		154,000		178,812
Anheuser-Busch InBev Worldwide, Inc.
4.44%, 10/06/2048		520,000		583,678
4.75%, 04/15/2058		100,000		117,604
Coca-Cola Femsa SAB de CV 3.88%, 11/26/2023		250,000		264,887
Constellation Brands, Inc.
4.40%, 11/15/2025		185,000		204,459
5.25%, 11/15/2048		110,000		135,773
Diageo Capital PLC 4.83%, 07/15/2020		90,000		91,849
Keurig Dr. Pepper, Inc.
3.13%, 12/15/2023		275,000		283,897
3.43%, 06/15/2027		120,000		125,211
4.42%, 05/25/2025		112,000		122,792
4.99%, 05/25/2038		162,000		190,789
				5,930,938

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

Transamerica Funds Annual Report 2019

Page    11

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Biotechnology - 0.1%
AbbVie, Inc.
3.20%, 11/06/2022		$   100,000		$   102,715
4.40%, 11/06/2042		425,000		440,360
4.45%, 05/14/2046		165,000		170,536
Celgene Corp.
4.55%, 02/20/2048		370,000		449,642
5.70%, 10/15/2040		160,000		205,514
Gilead Sciences, Inc. 4.00%, 09/01/2036		72,000		80,379
				1,449,146
Building Products - 0.0% (F)
Masco Corp. 6.50%, 08/15/2032		410,000		506,275
Capital Markets - 2.2%
Bank of New York Mellon Corp.
Fixed until 05/16/2022, 2.66% (A), 05/16/2023, MTN		40,000		40,578
2.80%, 05/04/2026, MTN		76,000		78,407
Charles Schwab Corp.
3.20%, 03/02/2027		500,000		524,848
3.23%, 09/01/2022 (G)		100,000		103,276
Credit Suisse Group AG
Fixed until 01/12/2028, 3.87% (A), 01/12/2029 (B)		250,000		267,132
4.28%, 01/09/2028 (B)		400,000		434,747
Credit Suisse Group Funding Guernsey, Ltd. 3.75%, 03/26/2025		950,000		1,002,312
Daiwa Securities Group, Inc. 3.13%, 04/19/2022 (B)		244,000		248,731
Deutsche Bank AG
3.30%, 11/16/2022		200,000		200,406
3.70%, 05/30/2024		700,000		708,038
Goldman Sachs Group, Inc.
Fixed until 10/31/2021, 2.88% (A), 10/31/2022		2,150,000		2,179,369
Fixed until 07/24/2022, 2.91% (A), 07/24/2023		300,000		304,600
Fixed until 06/05/2022, 2.91% (A), 06/05/2023		474,000		481,860
Fixed until 09/29/2024, 3.27% (A), 09/29/2025		725,000		749,602
3.50%, 01/23/2025 - 11/16/2026		362,000		377,796
Fixed until 06/05/2027, 3.69% (A), 06/05/2028		907,000		957,894
3.75%, 05/22/2025		101,000		107,084
3.85%, 01/26/2027		815,000		867,249
Fixed until 05/01/2028, 4.22% (A), 05/01/2029		800,000		874,284
4.25%, 10/21/2025		100,000		107,715
Fixed until 04/23/2038, 4.41% (A), 04/23/2039		450,000		508,293
4.80%, 07/08/2044, MTN		390,000		474,224
6.75%, 10/01/2037		200,000		272,135
Invesco Finance PLC 4.00%, 01/30/2024		160,000		170,570

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Capital Markets (continued)
Macquarie Group, Ltd.
Fixed until 11/28/2027, 3.76% (A), 11/28/2028 (B)		$   495,000		$   516,770
Fixed until 01/15/2029, 5.03% (A), 01/15/2030 (B)		600,000		687,373
6.00%, 01/14/2020 (B)		850,000		856,592
6.25%, 01/14/2021 (B)		725,000		758,949
Morgan Stanley
Fixed until 07/22/2027, 3.59% (A), 07/22/2028		1,067,000		1,126,015
3.63%, 01/20/2027		457,000		487,334
Fixed until 04/24/2023, 3.74% (A), 04/24/2024		1,315,000		1,377,115
Fixed until 01/24/2028, 3.77% (A), 01/24/2029, MTN		278,000		297,992
3.88%, 01/27/2026, MTN		1,279,000		1,381,440
4.00%, 07/23/2025, MTN		1,736,000		1,882,698
4.10%, 05/22/2023, MTN		150,000		158,836
4.30%, 01/27/2045		280,000		325,584
5.00%, 11/24/2025		497,000		558,696
Northern Trust Corp.
Fixed until 05/08/2027, 3.38% (A), 05/08/2032		343,000		355,366
State Street Corp. 2.65%, 05/19/2026		150,000		153,518
UBS Group AG
Fixed until 08/15/2022, 2.86% (A), 08/15/2023 (B)		200,000		202,874
Fixed until 08/13/2029, 3.13% (A), 08/13/2030 (B)		320,000		329,377
3.49%, 05/23/2023 (B)		400,000		412,243
4.13%, 09/24/2025 (B)		200,000		217,937
				24,127,859
Chemicals - 0.4%
Air Liquide Finance SA 2.25%, 09/27/2023 (B)		228,000		228,652
Albemarle Corp. 5.45%, 12/01/2044		200,000		235,885
Celanese Holdings LLC 3.50%, 05/08/2024		453,000		467,676
DuPont de Nemours, Inc.
4.49%, 11/15/2025		400,000		442,652
5.32%, 11/15/2038		145,000		173,926
International Flavors & Fragrances, Inc.
4.45%, 09/26/2028		158,000		175,391
5.00%, 09/26/2048		187,000		216,876
Mosaic Co.
4.88%, 11/15/2041		253,000		264,874
5.45%, 11/15/2033		472,000		541,560
Nutrien, Ltd.
4.13%, 03/15/2035		450,000		470,454
4.20%, 04/01/2029		100,000		110,574
5.00%, 04/01/2049		140,000		165,394
Sherwin-Williams Co. 3.13%, 06/01/2024		136,000		141,080
Union Carbide Corp.
7.50%, 06/01/2025		400,000		485,483
7.75%, 10/01/2096		210,000		293,326
				4,413,803

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

Transamerica Funds Annual Report 2019

Page    12

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Commercial Services & Supplies - 0.1%
ERAC Finance LLC
4.50%, 08/16/2021 (B)		$   175,000		$   182,563
5.25%, 10/01/2020 (B)		65,000		66,964
5.63%, 03/15/2042 (B)		141,000		176,885
6.70%, 06/01/2034 (B)		331,000		450,131
Republic Services, Inc. 2.90%, 07/01/2026		96,000		98,573
Waste Management, Inc. 3.45%, 06/15/2029		245,000		265,303
				1,240,419
Construction Materials - 0.1%
CRH America, Inc. 5.13%, 05/18/2045 (B)		200,000		233,436
Martin Marietta Materials, Inc. 3.45%, 06/01/2027		276,000		285,745
				519,181
Consumer Finance - 0.5%
American Express Co. 3.63%, 12/05/2024		63,000		66,978
American Express Credit Corp. 2.38%, 05/26/2020, MTN		212,000		212,512
American Honda Finance Corp. 2.30%, 09/09/2026, MTN		67,000		67,212
BMW Capital LLC 2.25%, 09/15/2023 (B) (G)		330,000		330,868
Capital One Financial Corp.
3.20%, 02/05/2025		123,000		127,322
3.75%, 07/28/2026		200,000		211,048
4.20%, 10/29/2025		150,000		161,708
Capital One NA 2.95%, 07/23/2021		250,000		253,837
Daimler Finance North America LLC 3.35%, 02/22/2023 (B)		300,000		309,994
General Motors Financial Co., Inc.
3.45%, 04/10/2022		377,000		384,284
3.50%, 11/07/2024		390,000		397,430
3.70%, 05/09/2023		376,000		385,582
3.95%, 04/13/2024		485,000		502,001
4.30%, 07/13/2025		200,000		208,853
4.35%, 04/09/2025		160,000		168,056
Hyundai Capital America 3.00%, 03/18/2021 (B)		250,000		252,089
John Deere Capital Corp.
2.25%, 09/14/2026, MTN		240,000		240,584
2.80%, 09/08/2027, MTN		200,000		206,908
Nissan Motor Acceptance Corp. 2.55%, 03/08/2021 (B)		500,000		501,410
PACCAR Financial Corp. 2.25%, 02/25/2021, MTN (G)		156,000		156,931
Synchrony Financial 3.70%, 08/04/2026		300,000		309,316
				5,454,923
Containers & Packaging - 0.1%
International Paper Co.
7.30%, 11/15/2039		200,000		274,311
8.70%, 06/15/2038		120,000		177,675

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Containers & Packaging (continued)
WRKCo, Inc.
3.00%, 09/15/2024		$   350,000		$   358,303
3.75%, 03/15/2025		300,000		315,797
				1,126,086
Diversified Consumer Services - 0.3%
President & Fellows of Harvard College 3.30%, 07/15/2056		414,000		451,100
SART 4.75%, 07/15/2024		2,337,516		2,384,968
				2,836,068
Diversified Financial Services - 0.8%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.30%, 01/23/2023		157,000		160,890
Aircastle, Ltd. 4.40%, 09/25/2023		365,000		383,719
Aviation Capital Group LLC 2.88%, 01/20/2022 (B)		300,000		301,659
Brookfield Finance, Inc.
3.90%, 01/25/2028		211,000		222,976
4.70%, 09/20/2047		242,000		271,652
4.85%, 03/29/2029		555,000		631,370
China Southern Power Grid International Finance BVI Co., Ltd. 3.50%, 05/08/2027 (B)		480,000		506,185
GE Capital International Funding Unlimited Co.
2.34%, 11/15/2020		1,000,000		999,376
4.42%, 11/15/2035		3,323,000		3,507,252
Jefferies Group LLC
6.25%, 01/15/2036		260,000		301,332
6.45%, 06/08/2027		133,000		156,111
Mitsubishi UFJ Lease & Finance Co., Ltd. 2.65%, 09/19/2022 (B)		294,000		295,284
ORIX Corp. 2.90%, 07/18/2022		201,000		205,319
Voya Financial, Inc. 3.13%, 07/15/2024		550,000		568,600
				8,511,725
Diversified Telecommunication Services - 0.9%
AT&T, Inc.
3.55%, 06/01/2024		230,000		241,621
3.60%, 07/15/2025		225,000		237,178
3.95%, 01/15/2025		282,000		302,144
4.13%, 02/17/2026		804,000		874,380
4.90%, 08/15/2037		1,224,000		1,396,080
5.35%, 09/01/2040		943,000		1,117,005
6.00%, 08/15/2040		200,000		250,459
6.38%, 03/01/2041		240,000		313,515
British Telecommunications PLC 9.63%, 12/15/2030		180,000		276,200
Deutsche Telekom International Finance BV
2.82%, 01/19/2022 (B)		150,000		152,104
3.60%, 01/19/2027 (B)		180,000		189,988
GTP Acquisition Partners I LLC
2.35%, 06/15/2045 (B)		77,000		77,027
3.48%, 06/15/2050 (B)		81,000		84,191

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

Transamerica Funds Annual Report 2019

Page    13

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Telecommunication Services (continued)
Telefonica Emisiones SA
5.13%, 04/27/2020		$   663,000		$   672,647
5.46%, 02/16/2021		91,000		94,935
Verizon Communications, Inc.
4.27%, 01/15/2036		400,000		452,640
4.33%, 09/21/2028		307,000		349,594
4.40%, 11/01/2034		1,531,000		1,767,393
4.67%, 03/15/2055		245,000		300,979
4.86%, 08/21/2046		447,000		554,084
				9,704,164
Electric Utilities - 1.6%
AEP Texas, Inc. 6.65%, 02/15/2033		100,000		136,281
AEP Transmission Co. LLC 3.15%, 09/15/2049		165,000		165,373
Alabama Power Co.
5.60%, 03/15/2033		160,000		205,526
6.00%, 03/01/2039		248,000		346,127
6.13%, 05/15/2038		77,000		107,125
Appalachian Power Co.
6.38%, 04/01/2036		200,000		263,845
6.70%, 08/15/2037		200,000		275,386
Arizona Public Service Co. 5.05%, 09/01/2041		303,000		374,511
Baltimore Gas & Electric Co. 3.50%, 08/15/2046		188,000		195,004
CenterPoint Energy Houston Electric LLC 3.95%, 03/01/2048		154,000		178,505
Comision Federal de Electricidad 4.88%, 05/26/2021 (B)		261,000		268,833
Commonwealth Edison Co.
3.65%, 06/15/2046		162,000		176,807
3.75%, 08/15/2047		300,000		332,919
Duke Energy Corp. 2.65%, 09/01/2026		85,000		85,815
Duke Energy LLC
3.75%, 05/15/2046		200,000		214,847
6.00%, 12/01/2028 - 01/15/2038		633,000		815,114
6.45%, 10/15/2032		100,000		138,707
Duke Energy Progress LLC
3.60%, 09/15/2047		130,000		139,433
3.70%, 10/15/2046		215,000		233,678
Duquesne Light Holdings, Inc. 3.62%, 08/01/2027 (B)		460,000		467,161
Edison International
4.13%, 03/15/2028 (G)		225,000		222,234
5.75%, 06/15/2027 (G)		350,000		379,276
EDP Finance BV 3.63%, 07/15/2024 (B)		300,000		310,108
Enel Finance International NV
3.50%, 04/06/2028 (B)		265,000		272,958
3.63%, 05/25/2027 (B)		270,000		281,890
4.63%, 09/14/2025 (B)		200,000		219,261
Entergy LLC
2.40%, 10/01/2026		237,000		238,487
2.85%, 06/01/2028		166,000		171,603
3.05%, 06/01/2031		189,000		196,038
3.25%, 04/01/2028		387,000		410,023

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electric Utilities (continued)
Evergy Metro, Inc. 5.30%, 10/01/2041		$   500,000		$   633,538
Exelon Corp. 3.40%, 04/15/2026		127,000		133,598
FirstEnergy Corp. 4.85%, 07/15/2047		105,000		126,091
Florida Power & Light Co.
3.95%, 03/01/2048		265,000		308,425
4.95%, 06/01/2035		100,000		122,385
5.13%, 06/01/2041		112,000		142,575
5.40%, 09/01/2035		100,000		125,708
Fortis, Inc. 3.06%, 10/04/2026		620,000		638,693
Hydro-Quebec
8.40%, 01/15/2022		420,000		477,644
9.40%, 02/01/2021		100,000		108,978
ITC Holdings Corp. 2.70%, 11/15/2022		300,000		304,555
John Sevier Combined Cycle Generation LLC 4.63%, 01/15/2042		447,182		534,240
Korea Southern Power Co., Ltd. 3.00%, 01/29/2021 (B)		200,000		202,079
Massachusetts Electric Co.
4.00%, 08/15/2046 (B)		201,000		222,211
5.90%, 11/15/2039 (B)		55,000		74,940
Mid-Atlantic Interstate Transmission LLC 4.10%, 05/15/2028 (B)		195,000		214,856
MidAmerican Energy Co. 5.75%, 11/01/2035, MTN		600,000		786,722
Nevada Power Co.
5.38%, 09/15/2040		52,000		64,776
5.45%, 05/15/2041		400,000		504,814
New England Power Co. 3.80%, 12/05/2047 (B)		140,000		151,920
New York State Electric & Gas Corp. 3.25%, 12/01/2026 (B)		151,000		158,369
Northern States Power Co.
6.20%, 07/01/2037		89,000		126,127
6.25%, 06/01/2036		150,000		211,490
Ohio Edison Co. 6.88%, 07/15/2036		150,000		214,260
Pennsylvania Electric Co. 3.25%, 03/15/2028 (B)		75,000		77,796
PPL Capital Funding, Inc. 4.20%, 06/15/2022		165,000		172,562
PPL Electric Utilities Corp. 2.50%, 09/01/2022		100,000		101,130
Progress Energy, Inc.
4.40%, 01/15/2021		113,000		115,555
4.88%, 12/01/2019		87,000		87,186
Public Service Electric & Gas Co.
2.25%, 09/15/2026, MTN		140,000		139,812
3.65%, 09/01/2042, MTN		138,000		149,607
Southern California Edison Co.
4.05%, 03/15/2042		300,000		314,240
5.50%, 03/15/2040		130,000		155,735

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    14

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electric Utilities (continued)
Southern Power Co. 5.15%, 09/15/2041		$   260,000		$   295,693
Southwestern Public Service Co. 4.50%, 08/15/2041		100,000		118,490
Three Gorges Finance I Cayman Islands, Ltd. 3.15%, 06/02/2026 (B)		200,000		206,194
Toledo Edison Co. 6.15%, 05/15/2037		200,000		274,632
Tri-State Generation & Transmission Association, Inc. 4.25%, 06/01/2046		124,000		138,145
Virginia Electric & Power Co.
2.75%, 03/15/2023		127,000		129,925
2.95%, 01/15/2022		157,000		160,076
6.00%, 05/15/2037		140,000		188,406
Wisconsin Electric Power Co. 3.65%, 12/15/2042 (G)		144,000		149,097
Xcel Energy, Inc.
2.40%, 03/15/2021		150,000		150,842
4.80%, 09/15/2041		116,000		133,773
6.50%, 07/01/2036		48,000		65,338
				17,736,103
Electrical Equipment - 0.1%
Eaton Corp. 7.63%, 04/01/2024		500,000		583,403
Siemens Financieringsmaatschappij NV 3.13%, 03/16/2024 (B)		500,000		520,026
				1,103,429
Electronic Equipment, Instruments & Components - 0.0% (F)
Arrow Electronics, Inc.
3.25%, 09/08/2024		175,000		178,257
3.50%, 04/01/2022		100,000		101,953
3.88%, 01/12/2028		133,000		137,501
				417,711
Energy Equipment & Services - 0.2%
ANR Pipeline Co. 9.63%, 11/01/2021		200,000		227,538
Baker Hughes a GE Co. LLC 5.13%, 09/15/2040		200,000		228,732
Boardwalk Pipelines, LP, Co. 4.80%, 05/03/2029		250,000		265,756
Halliburton Co.
3.80%, 11/15/2025		150,000		158,016
4.85%, 11/15/2035		130,000		144,413
7.60%, 08/15/2096 (B)		160,000		225,367
Schlumberger Holdings Corp. 3.90%, 05/17/2028 (B)		170,000		179,619
Texas Eastern Transmission, LP
2.80%, 10/15/2022 (B)		462,000		465,216
3.50%, 01/15/2028 (B)		60,000		62,440
				1,957,097
Entertainment - 0.1%
Viacom, Inc.
3.88%, 04/01/2024		376,000		395,290
6.88%, 04/30/2036		250,000		330,046

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Entertainment (continued)
Walt Disney Co.
7.70%, 10/30/2025 (B)		$   300,000		$   388,393
8.88%, 04/26/2023 (B)		200,000		244,053
				1,357,782
Equity Real Estate Investment Trusts - 1.1%
Alexandria Real Estate Equities, Inc.
3.80%, 04/15/2026		90,000		96,807
4.00%, 02/01/2050		419,000		460,450
American Tower Corp.
2.25%, 01/15/2022		300,000		301,195
3.38%, 10/15/2026		281,000		292,256
3.50%, 01/31/2023		201,000		209,060
5.00%, 02/15/2024		139,000		153,779
5.90%, 11/01/2021		150,000		161,033
Boston Properties, LP
3.20%, 01/15/2025		228,000		237,081
3.65%, 02/01/2026		408,000		434,675
Brixmor Operating Partnership, LP 3.85%, 02/01/2025		400,000		421,524
Crown Castle International Corp.
4.88%, 04/15/2022		200,000		212,726
5.25%, 01/15/2023		200,000		218,457
Digital Realty Trust, LP 3.70%, 08/15/2027		154,000		162,565
Duke Realty, LP
3.25%, 06/30/2026		84,000		87,651
3.63%, 04/15/2023		168,000		175,013
GAIF Bond Issuer Pty, Ltd. 3.40%, 09/30/2026 (B)		353,000		357,595
HCP, Inc.
3.40%, 02/01/2025		114,000		119,747
3.50%, 07/15/2029		447,000		470,614
3.88%, 08/15/2024		337,000		361,437
Liberty Property, LP 3.25%, 10/01/2026		107,000		112,595
Life Storage, LP 4.00%, 06/15/2029		522,000		559,866
National Retail Properties, Inc.
3.50%, 10/15/2027		150,000		157,743
3.60%, 12/15/2026		218,000		230,059
Office Properties Income Trust
3.60%, 02/01/2020		620,000		620,907
4.00%, 07/15/2022		416,000		425,300
Realty Income Corp.
3.25%, 10/15/2022		250,000		258,917
3.88%, 04/15/2025		290,000		313,785
4.65%, 03/15/2047		113,000		139,922
Regency Centers, LP 2.95%, 09/15/2029		420,000		422,555
Scentre Group Trust 1 / Scentre Group Trust 2 3.50%, 02/12/2025 (B) (G)		500,000		520,330
Senior Housing Properties Trust 4.75%, 02/15/2028		300,000		309,911
Simon Property Group, LP 2.45%, 09/13/2029		734,000		725,324

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    15

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Equity Real Estate Investment Trusts (continued)
SITE Centers Corp.
3.63%, 02/01/2025		$   121,000		$   125,218
4.70%, 06/01/2027		71,000		77,851
UDR, Inc.
2.95%, 09/01/2026, MTN		116,000		118,711
3.20%, 01/15/2030, MTN		500,000		515,873
Ventas Realty, LP
3.75%, 05/01/2024		300,000		317,811
3.85%, 04/01/2027		203,000		216,931
4.13%, 01/15/2026		79,000		86,121
Welltower, Inc.
3.10%, 01/15/2030		330,000		334,244
4.25%, 04/01/2026		250,000		273,794
				11,797,433
Food & Staples Retailing - 0.2%
CK Hutchison International 16, Ltd.
1.88%, 10/03/2021 (B)		241,000		238,827
2.75%, 10/03/2026 (B)		350,000		349,734
CK Hutchison International 19, Ltd. 3.63%, 04/11/2029 (B)		285,000		302,956
CVS Pass-Through Trust
4.70%, 01/10/2036 (B)		497,218		538,515
5.77%, 01/10/2033 (B)		148,386		169,532
5.93%, 01/10/2034 (B)		521,760		607,775
Kroger Co.
5.40%, 07/15/2040		51,000		57,760
8.00%, 09/15/2029		175,000		243,069
Walgreens Boots Alliance, Inc. 4.80%, 11/18/2044		100,000		106,730
				2,614,898
Food Products - 0.3%
Cargill, Inc.
3.25%, 03/01/2023 (B)		140,000		145,580
3.30%, 03/01/2022 (B)		250,000		255,869
ConAgra Brands, Inc.
4.60%, 11/01/2025		175,000		194,187
5.30%, 11/01/2038		390,000		457,430
General Mills, Inc.
4.00%, 04/17/2025		305,000		330,871
4.55%, 04/17/2038		75,000		86,200
Kellogg Co. 3.40%, 11/15/2027		190,000		199,826
Kraft Heinz Foods Co.
2.80%, 07/02/2020		53,000		53,139
5.00%, 07/15/2035		1,000,000		1,086,450
McCormick & Co., Inc.
3.15%, 08/15/2024		142,000		148,433
3.40%, 08/15/2027		198,000		207,955
Mead Johnson Nutrition Co. 4.13%, 11/15/2025		288,000		316,216
Tyson Foods, Inc. 4.88%, 08/15/2034		100,000		119,786
				3,601,942
Gas Utilities - 0.3%
Atmos Energy Corp. 4.13%, 03/15/2049		570,000		671,161

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Gas Utilities (continued)
Boston Gas Co. 4.49%, 02/15/2042 (B)		$   330,000		$   387,681
Brooklyn Union Gas Co. 4.27%, 03/15/2048 (B)		280,000		327,049
CenterPoint Energy Resources Corp. 4.50%, 01/15/2021		352,000		360,227
KeySpan Gas East Corp. 2.74%, 08/15/2026 (B)		172,000		174,584
Southern Co. Gas Capital Corp.
2.45%, 10/01/2023		77,000		77,607
3.25%, 06/15/2026		85,000		87,513
3.50%, 09/15/2021		601,000		614,447
3.95%, 10/01/2046		94,000		99,183
5.88%, 03/15/2041		109,000		140,959
Southwest Gas Corp. 3.80%, 09/29/2046		177,000		185,139
				3,125,550
Health Care Equipment & Supplies - 0.2%
Abbott Laboratories 4.90%, 11/30/2046		680,000		869,002
Becton Dickinson and Co. 3.73%, 12/15/2024		23,000		24,576
Boston Scientific Corp.
3.75%, 03/01/2026		335,000		361,456
4.00%, 03/01/2029		660,000		734,821
Covidien International Finance SA 2.95%, 06/15/2023		49,000		50,655
DH Europe Finance II Sarl 3.25%, 11/15/2039		134,000		136,694
Medtronic, Inc. 4.38%, 03/15/2035		84,000		100,242
Zimmer Biomet Holdings, Inc. 3.70%, 03/19/2023		136,000		142,304
				2,419,750
Health Care Providers & Services - 0.7%
Aetna, Inc.
4.50%, 05/15/2042		153,000		163,116
6.75%, 12/15/2037		305,000		407,430
Anthem, Inc.
3.13%, 05/15/2022		200,000		205,188
4.10%, 03/01/2028		425,000		462,143
4.38%, 12/01/2047		110,000		117,929
4.65%, 01/15/2043		38,000		42,156
Cigna Corp.
4.50%, 02/25/2026 (B)		367,000		399,543
4.80%, 07/15/2046 (B)		62,000		69,147
CVS Health Corp.
3.25%, 08/15/2029		515,000		520,324
4.30%, 03/25/2028		567,000		616,690
4.78%, 03/25/2038		1,163,000		1,290,831
5.05%, 03/25/2048		580,000		668,526
HCA, Inc.
5.13%, 06/15/2039		420,000		461,276
5.25%, 06/15/2026		500,000		559,514
Laboratory Corp. of America Holdings 3.20%, 02/01/2022		170,000		173,755

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    16

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Health Care Providers & Services (continued)
Magellan Health, Inc. 4.90%, 09/22/2024		$   535,000		$   530,987
Mayo Clinic 4.13%, 11/15/2052		198,000		235,990
Providence St. Joseph Health Obligated Group 2.75%, 10/01/2026		168,000		171,973
Quest Diagnostics, Inc. 3.45%, 06/01/2026		75,000		78,785
Texas Health Resources 4.33%, 11/15/2055		175,000		213,324
UnitedHealth Group, Inc. 4.63%, 07/15/2035		234,000		283,445
				7,672,072
Hotels, Restaurants & Leisure - 0.1%
McDonald’s Corp. 4.70%, 12/09/2035, MTN		465,000		555,183
Independent Power & Renewable Electricity Producers - 0.0% (F)
Exelon Generation Co. LLC 5.75%, 10/01/2041		86,000		101,088
NRG Energy, Inc. 4.45%, 06/15/2029 (B)		375,000		397,728
				498,816
Industrial Conglomerates - 0.0% (F)
General Electric Co. 4.65%, 10/17/2021, MTN		258,000		269,199
Roper Technologies, Inc. 3.00%, 12/15/2020		52,000		52,545
				321,744
Insurance - 1.2%
AIA Group, Ltd.
3.20%, 03/11/2025 (B)		200,000		206,222
3.60%, 04/09/2029 (B)		200,000		213,155
3.90%, 04/06/2028 (B)		335,000		362,458
AIG SunAmerica Global Financing X 6.90%, 03/15/2032 (B)		400,000		563,182
American International Group, Inc. 4.20%, 04/01/2028		225,000		247,839
Assurant, Inc. 4.20%, 09/27/2023		425,000		444,269
Athene Global Funding
2.75%, 06/25/2024 (B)		550,000		555,995
4.00%, 01/25/2022 (B)		368,000		381,585
Athene Holding, Ltd. 4.13%, 01/12/2028		223,000		231,847
Berkshire Hathaway Finance Corp. 4.40%, 05/15/2042		268,000		319,085
CNA Financial Corp. 3.95%, 05/15/2024		164,000		176,602
Dai-ichi Life Insurance Co., Ltd. Fixed until 07/24/2026 (H), 4.00% (A) (B)		421,000		439,324
Guardian Life Insurance Co. of America 4.85%, 01/24/2077 (B)		83,000		105,538
Harborwalk Funding Trust
Fixed until 02/15/2049, 5.08% (A), 02/15/2069 (B)		600,000		727,980

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Insurance (continued)
Hartford Financial Services Group, Inc. 4.30%, 04/15/2043		$   360,000		$   407,437
Jackson National Life Global Funding
3.05%, 04/29/2026 (B)		303,000		313,078
3.25%, 01/30/2024 (B)		115,000		119,695
Liberty Mutual Group, Inc.
3.95%, 10/15/2050 (B)		300,000		309,943
4.57%, 02/01/2029 (B)		200,000		226,008
Liberty Mutual Insurance Co. 8.50%, 05/15/2025 (B)		200,000		250,124
Lincoln National Corp.
3.05%, 01/15/2030		375,000		378,809
4.00%, 09/01/2023		300,000		320,424
4.20%, 03/15/2022		211,000		220,868
Manulife Financial Corp.
Fixed until 02/24/2027, 4.06% (A), 02/24/2032		350,000		365,004
Marsh & McLennan Cos., Inc. 2.35%, 03/06/2020		176,000		176,147
Massachusetts Mutual Life Insurance Co. 3.73%, 10/15/2070 (B)		281,000		278,160
MassMutual Global Funding II 2.75%, 06/22/2024 (B)		400,000		409,959
Metropolitan Life Global Funding I 3.00%, 09/19/2027 (B)		350,000		365,724
New York Life Global Funding
2.00%, 04/13/2021 (B)		96,000		96,191
2.35%, 07/14/2026 (B)		226,000		227,094
3.00%, 01/10/2028 (B)		202,000		211,521
New York Life Insurance Co. 4.45%, 05/15/2069 (B) (G)		330,000		392,544
OneBeacon Holdings, Inc. 4.60%, 11/09/2022		500,000		527,386
Pacific Life Insurance Co.
Fixed until 10/24/2047, 4.30% (A), 10/24/2067 (B)		198,000		207,599
Progressive Corp. Fixed until 03/15/2023 (H), 5.38% (A)		245,000		255,966
Prudential Financial, Inc. 3.91%, 12/07/2047		164,000		176,985
Prudential Insurance Co. of America 8.30%, 07/01/2025 (B)		900,000		1,160,591
Reliance Standard Life Global Funding II
2.50%, 01/15/2020 (B)		130,000		130,090
3.85%, 09/19/2023 (B)		300,000		316,534
Sumitomo Life Insurance Co.
Fixed until 09/14/2027, 4.00% (A), 09/14/2077 (B) (G)		250,000		261,562
Teachers Insurance & Annuity Association of America
4.27%, 05/15/2047 (B)		260,000		300,988
4.90%, 09/15/2044 (B)		150,000		188,539
Travelers Property Casualty Corp. 7.75%, 04/15/2026		200,000		264,544
				13,834,595
Internet & Direct Marketing Retail - 0.1%
Amazon.com, Inc.
3.88%, 08/22/2037		500,000		568,530
4.80%, 12/05/2034		104,000		129,835

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    17

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Internet & Direct Marketing Retail (continued)
Booking Holdings, Inc. 3.55%, 03/15/2028		$   400,000		$   430,899
				1,129,264
IT Services - 0.5%
DXC Technology Co.
4.25%, 04/15/2024		172,000		179,695
7.45%, 10/15/2029		200,000		253,105
Fidelity National Information Services, Inc. 4.75%, 05/15/2048		203,000		243,042
Fiserv, Inc.
3.20%, 07/01/2026		230,000		240,309
4.40%, 07/01/2049		220,000		246,386
Global Payments, Inc. 4.15%, 08/15/2049		460,000		479,874
IBM Credit LLC 3.00%, 02/06/2023		500,000		515,503
International Business Machines Corp.
3.30%, 05/15/2026		930,000		983,929
3.50%, 05/15/2029		1,730,000		1,859,663
7.00%, 10/30/2025		508,000		641,013
Western Union Co. 3.60%, 03/15/2022		400,000		412,098
				6,054,617
Life Sciences Tools & Services - 0.0% (F)
Thermo Fisher Scientific, Inc.
2.95%, 09/19/2026		161,000		167,351
4.15%, 02/01/2024		217,000		233,911
				401,262
Machinery - 0.1%
Illinois Tool Works, Inc. 4.88%, 09/15/2041		449,000		579,741
Ingersoll-Rand Finance SA 2.63%, 05/01/2020		200,000		200,518
nVent Finance Sarl 4.55%, 04/15/2028		337,000		348,415
Parker-Hannifin Corp. 4.10%, 03/01/2047 (B)		104,000		114,281
Xylem, Inc. 3.25%, 11/01/2026		74,000		76,535
				1,319,490
Media - 0.9%
CBS Corp.
2.90%, 01/15/2027		250,000		249,628
4.00%, 01/15/2026		208,000		223,328
4.85%, 07/01/2042		150,000		166,542
Charter Communications Operating LLC / Charter Communications Operating Capital
4.80%, 03/01/2050		315,000		322,449
5.05%, 03/30/2029		400,000		451,087
6.83%, 10/23/2055		150,000		191,609
Comcast Cable Holdings LLC 10.13%, 04/15/2022		414,000		491,174
Comcast Corp.
3.15%, 03/01/2026 - 02/15/2028		755,000		794,316
3.25%, 11/01/2039		380,000		385,250
3.95%, 10/15/2025		335,000		367,230

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Media (continued)
Comcast Corp. (continued)
4.60%, 10/15/2038		$   415,000		$   493,111
4.95%, 10/15/2058		525,000		678,161
6.50%, 11/15/2035		511,000		720,209
7.05%, 03/15/2033		1,300,000		1,864,083
Cox Communications, Inc.
4.60%, 08/15/2047 (B)		196,000		214,044
4.80%, 02/01/2035 (B)		450,000		491,158
Discovery Communications LLC
3.95%, 03/20/2028		263,000		276,971
4.38%, 06/15/2021		344,000		355,376
Fox Corp. 4.71%, 01/25/2029 (B)		245,000		278,748
NBCUniversal Media LLC 5.95%, 04/01/2041		210,000		289,473
SES SA 3.60%, 04/04/2023 (B)		100,000		101,552
TCI Communications, Inc. 7.13%, 02/15/2028		100,000		132,470
Time Warner Cable LLC
5.50%, 09/01/2041		400,000		441,047
7.30%, 07/01/2038		90,000		114,733
Time Warner Entertainment Co., LP 8.38%, 07/15/2033		250,000		346,932
				10,440,681
Metals & Mining - 0.1%
Anglo American Capital PLC 3.63%, 09/11/2024 (B)		200,000		207,501
Barrick Gold Corp. 6.45%, 10/15/2035		140,000		180,992
BHP Billiton Finance, Ltd. 4.13%, 02/24/2042		150,000		173,874
Nucor Corp. 6.40%, 12/01/2037		390,000		535,825
				1,098,192
Multi-Utilities - 0.3%
CMS Energy Corp.
3.00%, 05/15/2026		73,000		75,112
3.88%, 03/01/2024		350,000		369,064
Consolidated Edison Co. of New York, Inc. 5.70%, 06/15/2040		154,000		206,408
Delmarva Power & Light Co.
4.00%, 06/01/2042		294,000		318,751
4.15%, 05/15/2045		270,000		303,545
Dominion Energy, Inc.
2.75%, 09/15/2022		165,000		167,829
4.90%, 08/01/2041		103,000		121,826
5.25%, 08/01/2033		500,000		613,766
DTE Electric Co. 3.95%, 06/15/2042		101,000		111,668
NiSource, Inc. 5.80%, 02/01/2042		600,000		756,391
San Diego Gas & Electric Co.
6.00%, 06/01/2026		320,000		381,303
6.13%, 09/15/2037		100,000		129,281
WEC Energy Group, Inc. 3.55%, 06/15/2025		115,000		122,852
				3,677,796

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    18

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Multiline Retail - 0.1%
Dollar General Corp. 4.13%, 05/01/2028		$   280,000		$   310,485
Nordstrom, Inc. 4.00%, 10/15/2021		301,000		308,387
				618,872
Oil, Gas & Consumable Fuels - 2.1%
Apache Corp. 4.75%, 04/15/2043		268,000		244,526
APT Pipelines, Ltd. 4.25%, 07/15/2027 (B)		386,000		415,441
BP Capital Markets America, Inc. 3.22%, 04/14/2024		600,000		626,586
BP Capital Markets PLC 3.81%, 02/10/2024		224,000		239,419
Buckeye Partners, LP
3.95%, 12/01/2026		45,000		41,589
4.88%, 02/01/2021		200,000		203,273
5.85%, 11/15/2043		150,000		129,720
Canadian Natural Resources, Ltd.
3.80%, 04/15/2024 (G)		200,000		211,376
5.85%, 02/01/2035		150,000		181,797
6.45%, 06/30/2033		299,000		382,735
Cenovus Energy, Inc.
5.25%, 06/15/2037		101,000		109,292
6.75%, 11/15/2039		250,000		306,267
CNOOC Finance Pty, Ltd. 2.63%, 05/05/2020		328,000		328,338
Ecopetrol SA
5.38%, 06/26/2026		135,000		151,726
5.88%, 09/18/2023		113,000		125,255
Enable Midstream Partners, LP 4.95%, 05/15/2028		135,000		138,272
Enbridge, Inc.
4.50%, 06/10/2044		200,000		215,424
Fixed until 03/01/2028, 6.25% (A), 03/01/2078		300,000		322,644
Encana Corp.
7.20%, 11/01/2031		200,000		246,908
7.38%, 11/01/2031		250,000		313,894
Energy Transfer Operating, LP
4.75%, 01/15/2026		173,000		187,612
6.05%, 06/01/2041		538,000		606,770
6.50%, 02/01/2042		45,000		53,897
Eni SpA 5.70%, 10/01/2040 (B)		900,000		1,097,449
Enterprise Products Operating LLC
3.70%, 02/15/2026		127,000		135,099
3.75%, 02/15/2025		74,000		78,903
3.90%, 02/15/2024		362,000		385,586
4.20%, 01/31/2050		235,000		248,516
4.95%, 10/15/2054		33,000		38,341
5.10%, 02/15/2045		32,000		37,354
7.55%, 04/15/2038		320,000		462,148
EOG Resources, Inc. 4.15%, 01/15/2026		80,000		88,485
EQT Corp. 3.90%, 10/01/2027 (G)		264,000		235,264

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Exxon Mobil Corp.
3.00%, 08/16/2039		$   515,000		$   521,892
4.11%, 03/01/2046		294,000		350,540
Kinder Morgan, Inc. 4.30%, 03/01/2028 (G)		700,000		759,287
Magellan Midstream Partners, LP
3.20%, 03/15/2025		80,000		81,814
4.20%, 12/01/2042 - 10/03/2047		648,000		673,283
MPLX, LP
4.13%, 03/01/2027		155,000		162,671
4.50%, 04/15/2038		280,000		286,112
5.20%, 03/01/2047		108,000		115,874
5.25%, 01/15/2025 (B)		214,000		224,921
Noble Energy, Inc.
3.25%, 10/15/2029		290,000		288,539
5.25%, 11/15/2043		400,000		431,774
Occidental Petroleum Corp.
3.50%, 08/15/2029		695,000		704,223
7.15%, 05/15/2028		552,000		684,007
7.88%, 09/15/2031		100,000		133,915
ONEOK Partners, LP
3.38%, 10/01/2022		30,000		30,789
5.00%, 09/15/2023		65,000		70,835
6.65%, 10/01/2036		220,000		271,268
ONEOK, Inc. 3.40%, 09/01/2029		495,000		492,587
Petroleos Mexicanos
5.35%, 02/12/2028		189,000		186,637
6.35%, 02/12/2048		71,000		67,894
6.50%, 03/13/2027		1,400,000		1,484,000
6.75%, 09/21/2047		403,000		400,985
6.84%, 01/23/2030 (B)		82,000		87,535
7.69%, 01/23/2050 (B)		207,000		224,934
Phillips 66
3.90%, 03/15/2028		285,000		308,826
4.30%, 04/01/2022		130,000		137,351
4.88%, 11/15/2044		40,000		47,962
Phillips 66 Partners, LP
3.15%, 12/15/2029		300,000		296,370
3.55%, 10/01/2026		66,000		68,948
4.90%, 10/01/2046		144,000		159,702
Plains All American Pipeline, LP / PAA Finance Corp.
4.30%, 01/31/2043		150,000		131,913
4.65%, 10/15/2025		350,000		374,004
Southern Natural Gas Co. LLC
4.80%, 03/15/2047 (B)		136,000		150,623
8.00%, 03/01/2032		105,000		151,015
Spectra Energy Partners, LP 3.50%, 03/15/2025		633,000		660,736
Suncor Energy, Inc.
5.95%, 12/01/2034		550,000		720,580
7.88%, 06/15/2026		100,000		126,843
Sunoco Logistics Partners Operations, LP
3.90%, 07/15/2026		195,000		202,492
5.50%, 02/15/2020		250,000		252,094
6.10%, 02/15/2042		500,000		564,806

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    19

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
TC PipeLines, LP 3.90%, 05/25/2027		$   141,000		$   148,134
Total Capital International SA 3.46%, 07/12/2049		480,000		508,560
TransCanada PipeLines, Ltd.
3.75%, 10/16/2023		135,000		142,606
4.88%, 01/15/2026		370,000		414,077
Valero Energy Corp. 7.50%, 04/15/2032		100,000		137,006
Williams Cos., Inc.
3.90%, 01/15/2025		117,000		123,024
4.85%, 03/01/2048		249,000		266,621
				23,420,515
Personal Products - 0.0% (F)
Unilever Capital Corp. 3.38%, 03/22/2025		180,000		191,808
Pharmaceuticals - 0.5%
Allergan Funding SCS
3.85%, 06/15/2024		211,000		222,667
4.55%, 03/15/2035		300,000		320,853
Allergan, Inc.
2.80%, 03/15/2023		162,000		163,865
3.38%, 09/15/2020		125,000		126,350
AstraZeneca PLC 6.45%, 09/15/2037		180,000		254,208
Baxalta, Inc.
3.60%, 06/23/2022		20,000		20,549
5.25%, 06/23/2045		10,000		12,907
Bristol-Myers Squibb Co.
3.20%, 06/15/2026 (B)		559,000		593,687
3.40%, 07/26/2029 (B)		611,000		657,183
4.13%, 06/15/2039 (B)		377,000		429,514
Eli Lilly & Co. 4.15%, 03/15/2059		150,000		179,480
Mylan NV 3.95%, 06/15/2026		185,000		192,468
Mylan, Inc.
3.13%, 01/15/2023 (B)		100,000		101,259
5.40%, 11/29/2043		100,000		107,063
Pfizer, Inc. 3.90%, 03/15/2039		600,000		686,018
Shire Acquisitions Investments Ireland DAC
2.88%, 09/23/2023		334,000		340,879
3.20%, 09/23/2026		778,000		803,448
				5,212,398
Real Estate Management & Development - 0.1%
Ontario Teachers’ Cadillac Fairview Properties Trust
3.13%, 03/20/2022 (B)		314,000		321,075
3.88%, 03/20/2027 (B)		325,000		351,992
				673,067
Road & Rail - 0.3%
Avolon Holdings Funding, Ltd. 4.38%, 05/01/2026 (B)		510,000		539,549
Burlington Northern Santa Fe LLC
3.55%, 02/15/2050		327,000		346,903

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Road & Rail (continued)
Burlington Northern Santa Fe LLC (continued)
5.75%, 05/01/2040		$   300,000		$   405,924
7.29%, 06/01/2036		90,000		134,426
Canadian Pacific Railway Co. 6.13%, 09/15/2115		210,000		308,874
CSX Corp.
4.75%, 11/15/2048		215,000		261,614
6.00%, 10/01/2036, MTN		340,000		438,187
JB Hunt Transport Services, Inc. 3.88%, 03/01/2026		315,000		338,079
Norfolk Southern Corp.
3.85%, 01/15/2024		266,000		283,921
4.05%, 08/15/2052		87,000		96,585
Ryder System, Inc.
2.50%, 05/11/2020, MTN		158,000		158,325
3.45%, 11/15/2021, MTN		42,000		43,095
				3,355,482
Semiconductors & Semiconductor Equipment - 0.3%
Analog Devices, Inc. 4.50%, 12/05/2036		226,000		248,442
Broadcom Corp. / Broadcom Cayman Finance, Ltd.
3.63%, 01/15/2024		663,000		682,562
3.88%, 01/15/2027		200,000		201,959
Broadcom, Inc. 4.75%, 04/15/2029 (B)		1,800,000		1,907,977
				3,040,940
Software - 0.3%
Microsoft Corp.
3.50%, 02/12/2035		277,000		303,719
3.95%, 08/08/2056		221,000		261,598
4.00%, 02/12/2055		321,000		383,713
4.10%, 02/06/2037		489,000		579,007
4.20%, 11/03/2035		103,000		122,278
Oracle Corp.
2.95%, 05/15/2025		200,000		208,037
3.90%, 05/15/2035		60,000		66,956
4.30%, 07/08/2034		600,000		703,133
VMware, Inc. 2.95%, 08/21/2022		521,000		529,472
				3,157,913
Specialty Retail - 0.1%
Lowe’s Cos., Inc.
3.65%, 04/05/2029		472,000		507,397
4.55%, 04/05/2049		413,000		473,932
O’Reilly Automotive, Inc. 3.60%, 09/01/2027		247,000		264,044
				1,245,373
Technology Hardware, Storage & Peripherals - 0.5%
Apple, Inc.
2.45%, 08/04/2026		296,000		302,282
2.90%, 09/12/2027		597,000		624,820
2.95%, 09/11/2049		99,000		95,711
3.00%, 06/20/2027		637,000		673,325
3.20%, 05/13/2025 - 05/11/2027		446,000		474,947
3.25%, 02/23/2026		266,000		283,586

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    20

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Technology Hardware, Storage & Peripherals (continued)
Apple, Inc. (continued)
3.35%, 02/09/2027		$   603,000		$   647,093
3.45%, 02/09/2045		528,000		559,990
3.75%, 09/12/2047		500,000		555,562
3.85%, 08/04/2046		207,000		233,478
4.65%, 02/23/2046		119,000		149,136
Dell International LLC / EMC Corp. 6.02%, 06/15/2026 (B)		500,000		570,689
				5,170,619
Tobacco - 0.0% (F)
BAT Capital Corp. 4.39%, 08/15/2037		377,000		372,313
Trading Companies & Distributors - 0.3%
Air Lease Corp. 3.25%, 03/01/2025 - 10/01/2029		1,153,000		1,153,505
BOC Aviation, Ltd.
2.75%, 09/18/2022 (B)		270,000		270,359
3.50%, 10/10/2024 (B)		200,000		205,630
International Lease Finance Corp.
5.88%, 08/15/2022		154,000		168,831
8.63%, 01/15/2022		700,000		794,619
WW Grainger, Inc. 4.60%, 06/15/2045		198,000		236,301
				2,829,245
Transportation Infrastructure - 0.1%
Mexico City Airport Trust 5.50%, 07/31/2047 (B)		200,000		199,840
Penske Truck Leasing Co., LP / PTL Finance Corp.
4.13%, 08/01/2023 (B)		233,000		247,448
4.88%, 07/11/2022 (B)		500,000		533,976
				981,264
Water Utilities - 0.0% (F)
American Water Capital Corp.
3.85%, 03/01/2024		300,000		319,969
4.00%, 12/01/2046		172,000		191,529
				511,498
Wireless Telecommunication Services - 0.2%
America Movil SAB de CV
3.13%, 07/16/2022		236,000		241,926
3.63%, 04/22/2029		505,000		538,254
4.38%, 04/22/2049		251,000		290,555
Crown Castle Towers LLC 3.22%, 05/15/2042 (B)		200,000		202,537
Rogers Communications, Inc. 4.35%, 05/01/2049		350,000		394,067
Vodafone Group PLC
3.75%, 01/16/2024		75,000		79,063
4.88%, 06/19/2049		545,000		612,616
5.25%, 05/30/2048		260,000		302,894
				2,661,912
Total Corporate Debt Securities (Cost $260,896,683)				279,638,767

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS - 0.7%
Canada - 0.0% (F)
Province of Quebec 6.35%, 01/30/2026, MTN		$   285,000		$   347,076
Colombia - 0.1%
Colombia Government International Bond
4.00%, 02/26/2024		300,000		316,986
5.00%, 06/15/2045		200,000		232,800
7.38%, 09/18/2037		200,000		283,502
				833,288
Israel - 0.3%
Israel Government AID Bond Series 2011-Z, Zero Coupon, 11/15/2026		1,400,000		1,214,765
Israel Government AID Bond, Principal Only STRIPS Series 2, Zero Coupon, 11/01/2024		2,250,000		2,047,720
				3,262,485
Mexico - 0.3%
Mexico Government International Bond
3.75%, 01/11/2028		1,042,000		1,086,285
4.13%, 01/21/2026 (G)		615,000		660,209
4.35%, 01/15/2047		183,000		190,080
4.60%, 02/10/2048		200,000		216,502
4.75%, 03/08/2044, MTN		190,000		207,005
5.75%, 10/12/2110, MTN		550,000		637,318
				2,997,399
Panama - 0.0% (F)
Panama Government International Bond 4.50%, 04/16/2050		200,000		234,602
Total Foreign Government Obligations (Cost $7,246,439)				7,674,850
MORTGAGE-BACKED SECURITIES - 3.2%
American General Mortgage Loan Trust Series 2006-1, Class A5, 5.75% (A), 12/25/2035 (B)		3,969		4,133
Banc of America Funding Trust
Series 2004-3, Class 1A1,
5.50%, 10/25/2034		69,989		75,113
Series 2004-C, Class 1A1,
4.96% (A), 12/20/2034		24,198		24,747
Series 2005-E, Class 4A1,
4.63% (A), 03/20/2035		90,934		91,653
Banc of America Mortgage Trust Series 2003-C, Class 3A1, 5.12% (A), 04/25/2033		28,641		29,544
BB-UBS Trust Series 2012-SHOW, Class A, 3.43%, 11/05/2036 (B)		1,500,000		1,577,983
BCAP LLC Trust
Series 2009-RR5, Class 8A1,
5.50% (A), 11/26/2034 (B)		37,720		37,720
Series 2010-RR7, Class 2A1,
4.45% (A), 07/26/2045 (B)		12,676		12,660

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    21

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Bear Stearns ARM Trust
Series 2003-4, Class 3A1,
4.63% (A), 07/25/2033		$   34,546		$   35,629
Series 2004-2, Class 14A,
4.41% (A), 05/25/2034		26,213		26,501
Bear Stearns Commercial Mortgage Securities Trust, Interest Only STRIPS Series 2005-PWR8, Class X1, 0.61% (A), 06/11/2041 (B)		75,731		231
CD Commercial Mortgage Trust, Interest Only STRIPS Series 2007-CD4, Class XC, 0.91% (A), 12/11/2049 (B)		47,228		1,101
Chase Mortgage Finance Trust
Series 2007-A1, Class 1A3,
4.70% (A), 02/25/2037		450,599		463,656
Series 2007-A1, Class 2A1,
4.69% (A), 02/25/2037		74,601		77,651
Series 2007-A1, Class 7A1,
4.53% (A), 02/25/2037		64,841		66,861
Series 2007-A1, Class 9A1,
4.82% (A), 02/25/2037		32,095		32,544
Series 2007-A2, Class 1A1,
4.79% (A), 07/25/2037		22,287		22,922
Series 2007-A2, Class 2A1,
4.33% (A), 07/25/2037		131,226		132,893
CHL Mortgage Pass-Through Trust
Series 2004-3, Class A26,
5.50%, 04/25/2034		107,695		111,545
Series 2004-3, Class A4,
5.75%, 04/25/2034		161,542		166,927
Series 2004-5, Class 1A4,
5.50%, 06/25/2034		158,028		162,433
Series 2004-8, Class 2A1,
4.50%, 06/25/2019		259		266
Citigroup Global Markets Mortgage Securities VII, Inc. Series 2003-HYB1, Class A, 4.24% (A), 09/25/2033		42,644		43,813
Citigroup Mortgage Loan Trust, Inc.
Series 2003-1, Class 3A4,
5.25%, 09/25/2033		50,345		51,180
Series 2005-2, Class 2A11,
5.50%, 05/25/2035		109,897		115,747
Series 2009-10, Class 1A1,
4.32% (A), 09/25/2033 (B)		137,845		141,238
COBALT CMBS Commercial Mortgage Trust, Interest Only STRIPS Series 2006-C1, Class IO, 0.87% (A), 08/15/2048		526,280		3,307
COMM Mortgage Trust
Series 2015-CR25, Class A4,
3.76%, 08/10/2048		562,000		606,190
Series 2018-HOME, Class A,
3.82% (A), 04/10/2033 (B)		2,410,000		2,629,236
COMM Mortgage Trust, Interest Only STRIPS Series 2012-CR2, Class XA, 1.64% (A), 08/15/2045		1,740,279		62,946

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Credit Suisse First Boston Mortgage Securities Corp.
Series 2003-21, Class 1A4,
5.25%, 09/25/2033		$   41,965		$   44,073
Series 2003-AR15, Class 3A1,
4.43% (A), 06/25/2033		69,471		70,358
Series 2004-5, Class 3A1,
5.25%, 08/25/2019		13,645		12,748
CSFB Mortgage-Backed Pass-Through Certificates
Series 2003-27, Class 5A4,
5.25%, 11/25/2033		84,347		87,521
Series 2003-29, Class 5A1,
7.00%, 12/25/2033		83,722		86,865
Series 2004-4, Class 2A4,
5.50%, 09/25/2034		90,486		93,622
Series 2004-8, Class 1A4,
5.50%, 12/25/2034		132,997		137,577
CSMC OA LLC Series 2014-USA, Class D, 4.37%, 09/15/2037 (B)		500,000		497,334
CSMC Trust Series 2010-17R, Class 1A1, 4.42% (A), 06/26/2036 (B)		9,851		9,891
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2005-1, Class 2A1, 5.20% (A), 02/25/2020		16,362		16,290
GS Mortgage Securities Trust, Interest Only STRIPS Series 2006-GG8, Class X, 0.96% (A), 11/10/2039 (B)		814,268		5,242
GSMPS Mortgage Loan Trust
Series 2005-RP3, Class 1AF,
1-Month LIBOR + 0.35%, 2.17% (A), 09/25/2035 (B)		681,544		602,052
GSMPS Mortgage Loan Trust, Interest Only STRIPS Series 2005-RP3, Class 1AS, 2.47% (A), 09/25/2035 (B)		511,158		63,680
GSR Mortgage Loan Trust
Series 2003-7F, Class 1A4,
5.25%, 06/25/2033		242,539		255,685
Series 2004-8F, Class 2A3,
6.00%, 09/25/2034		141,792		145,159
Series 2005-5F, Class 8A3,
1-Month LIBOR + 0.50%, 2.32% (A), 06/25/2035		11,686		11,039
Headlands Residential LLC
Series 2017-RPL1, Class A,
3.88% (A), 08/25/2022 (B)		1,980,000		1,984,888
Series 2018-RPL1, Class A,
4.25% (A), 06/25/2023 (B)		2,410,000		2,434,279
Series 2019-RPL1, Class NOTE,
3.97% (A), 06/25/2024 (B)		2,300,000		2,316,378
Impac CMB Trust
Series 2005-4, Class 2A1,
1-Month LIBOR + 0.60%, 2.42% (A), 05/25/2035		98,501		99,751

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    22

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Impac Secured Assets CMN Owner Trust Series 2003-2, Class A1, 5.50%, 08/25/2033		$   43,892		$   45,451
Impac Secured Assets Trust
Series 2006-1, Class 2A1,
1-Month LIBOR + 0.35%, 2.17% (A), 05/25/2036		208,652		204,123
Series 2006-2, Class 2A1,
1-Month LIBOR + 0.35%, 2.17% (A), 08/25/2036		68,318		68,402
Independence Plaza Trust Series 2018-INDP, Class A, 3.76%, 07/10/2035 (B)		1,590,000		1,688,158
JPMorgan Chase Commercial Mortgage Securities Trust, Interest Only STRIPS Series 2006-CB15, Class X1, 0.15% (A), 06/12/2043		2,770,642		3,694
JPMorgan Mortgage Trust
Series 2004-A3, Class 4A1,
4.90% (A), 07/25/2034		11,259		11,632
Series 2004-A4, Class 1A1,
4.78% (A), 09/25/2034		22,935		24,082
Series 2004-S1, Class 1A7,
5.00%, 09/25/2034		1,564		1,563
Series 2005-A1, Class 3A4,
4.62% (A), 02/25/2035		74,441		77,353
Series 2006-A2, Class 5A3,
4.38% (A), 11/25/2033		141,617		146,997
Series 2006-A3, Class 6A1,
4.16% (A), 08/25/2034		16,759		16,997
LB-UBS Commercial Mortgage Trust, Interest Only STRIPS Series 2006-C1, Class XCL, 0.38% (A), 02/15/2041 (B)		967,583		105
MASTR Adjustable Rate Mortgages Trust
Series 2004-13, Class 2A1,
4.71% (A), 04/21/2034		159,930		163,700
Series 2004-13, Class 3A7,
4.71% (A), 11/21/2034		98,356		101,277
MASTR Alternative Loan Trust Series 2003-9, Class 2A1, 6.00%, 12/25/2033		12,773		13,384
MASTR Asset Securitization Trust
Series 2003-11, Class 9A6,
5.25%, 12/25/2033		210,271		215,489
Series 2004-P7, Class A6,
5.50%, 12/27/2033 (B)		33,653		34,873
MASTR Resecuritization Trust, Principal Only STRIPS Series 2005, Class 3, Zero Coupon, 05/28/2035 (B)		11,052		8,049
Merrill Lynch Mortgage Investors Trust
Series 2003-A4, Class 2A,
4.85% (A), 07/25/2033		38,058		38,111
Series 2003-A5, Class 2A6,
4.41% (A), 08/25/2033		30,600		32,150
Series 2004-1, Class 2A1,
4.08% (A), 12/25/2034		114,125		115,751

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Merrill Lynch Mortgage Investors Trust (continued)
Series 2004-A4, Class A2,
4.36% (A), 08/25/2034		$   51,532		$   53,360
Series 2004-D, Class A2,
6-Month LIBOR + 0.72%, 2.76% (A), 09/25/2029		100,014		97,862
ML-CFC Commercial Mortgage Trust, Interest Only STRIPS Series 2006-4, Class XC, 0.56% (A), 12/12/2049 (B)		203,797		2
Morgan Stanley Capital I Trust, Interest Only STRIPS
Series 2006-IQ12, Class X1,
0.64% (A), 12/15/2043 (B)		1,028,661		10
Series 2006-T21, Class X,
0.08% (A), 10/12/2052 (B)		3,782,836		2,712
Series 2007-HQ11, Class X,
0.22% (A), 02/12/2044 (B)		385,570		466
Morgan Stanley Mortgage Loan Trust Series 2004-3, Class 4A, 5.61% (A), 04/25/2034		140,319		152,122
Prime Mortgage Trust Series 2004-CL1, Class 1A1, 6.00%, 02/25/2034		48,082		51,309
Prime Mortgage Trust, Principal Only STRIPS Series 2004-CL1, Class 1, Zero Coupon, 02/25/2034		3,096		2,608
Provident Funding Mortgage Loan Trust Series 2005-1, Class 2A1, 4.79% (A), 05/25/2035		9,971		9,968
RAMP Trust Series 2004-SL2, Class A3, 7.00%, 10/25/2031		88,910		93,682
RBSSP Resecuritization Trust Series 2009-1, Class 1A1, 6.50% (A), 02/26/2036 (B)		148,630		154,063
Seasoned Credit Risk Transfer Trust
Series 2019-1, Class MT,
3.50%, 07/25/2058		2,635,946		2,769,699
Series 2019-3, Class MB,
3.50%, 10/25/2058		985,656		1,058,552
Sequoia Mortgage Trust
Series 2004-11, Class A1,
1-Month LIBOR + 0.60%, 2.45% (A), 12/20/2034		179,394		180,695
Series 2004-11, Class A3,
1-Month LIBOR + 0.60%, 2.45% (A), 12/20/2034		71,413		70,977
Series 2004-12, Class A3,
6-Month LIBOR + 0.32%, 2.62% (A), 01/20/2035		88,767		84,922
Structured Asset Mortgage Investments II Trust
Series 2004-AR5, Class 1A1,
1-Month LIBOR + 0.66%, 2.51% (A), 10/19/2034		190,760		192,453
Structured Asset Securities Corp.
Series 2003-37A, Class 2A,
4.34% (A), 12/25/2033		50,230		51,724

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    23

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Structured Asset Securities Corp. (continued)
Series 2004-4XS, Class 1A5,
5.16% (A), 02/25/2034		$   241,629		$   251,312
Thornburg Mortgage Securities Trust
Series 2003-4, Class A1,
1-Month LIBOR + 0.64%, 2.46% (A), 09/25/2043		94,361		95,878
Series 2004-1, Class II2A,
3.43% (A), 03/25/2044		39,929		40,211
Toorak Mortgage Corp., Ltd. Series 2019-2, Class A1, 3.72% (A), 09/25/2022		1,548,000		1,552,849
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 06/10/2030 (B)		1,000,000		1,028,096
UBS-Barclays Commercial Mortgage Trust
Series 2012-C2, Class A4,
3.53%, 05/10/2063		650,000		670,576
Series 2012-C2, Class XA,
1.31% (A), 05/10/2063 (B)		4,168,749		122,514
V.M. Jog Engineering, Ltd.
Series 2017, Class A,
1-Month LIBOR + 4.60%, 6.56%, 12/15/2020		2,090,000		2,090,000
VNDO Mortgage Trust Series 2012-6AVE, Class A, 3.00%, 11/15/2030 (B)		1,000,000		1,023,842
Wachovia Bank Commercial Mortgage Trust, Interest Only STRIPS Series 2006-C24, Class XC, 0.07% (A), 03/15/2045 (B)		5,723,230		57
WaMu Mortgage Pass-Through Certificates Trust
Series 2003-AR6, Class A1,
4.71% (A), 06/25/2033		154,922		160,056
Series 2003-AR7, Class A7,
4.43% (A), 08/25/2033		58,812		60,286
Series 2003-AR8, Class A,
4.43% (A), 08/25/2033		24,972		25,882
Series 2003-AR9, Class 1A6,
4.32% (A), 09/25/2033		117,431		122,379
Series 2003-S3, Class 1A4,
5.50%, 06/25/2033		155,497		161,888
Series 2003-S4, Class 2A10,
(2.75) * 1-Month LIBOR + 17.46%, 12.45% (A), 06/25/2033		6,955		8,877
Series 2003-S9, Class A8,
5.25%, 10/25/2033		78,124		80,809
Series 2004-AR3, Class A1,
4.50% (A), 06/25/2034		15,878		16,363
Series 2004-AR3, Class A2,
4.50% (A), 06/25/2034		163,311		168,302
Series 2004-S2, Class 2A4,
5.50%, 06/25/2034		158,681		168,196
Washington Mutual MSC Mortgage Pass-Through Certificates Trust Series 2004-RA2, Class 2A, 7.00%, 07/25/2033		43,724		47,059

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Wells Fargo Commercial Mortgage Trust
Series 2014-LC16, Class A2,
2.82%, 08/15/2050		$   19,826		$   19,807
Series 2016-C35, Class A4,
2.93%, 07/15/2048		1,915,000		1,975,543
Wells Fargo Mortgage-Backed Securities Trust
Series 2004-4, Class A9,
5.50%, 05/25/2034		113,017		117,065
Series 2004-EE, Class 2A1,
4.91% (A), 12/25/2034		51,261		53,245
Series 2004-EE, Class 2A2,
4.91% (A), 12/25/2034		12,815		13,428
Series 2004-EE, Class 3A1,
4.66% (A), 12/25/2034		17,072		17,700
Series 2004-EE, Class 3A2,
4.66% (A), 12/25/2034		25,608		26,600
Series 2004-R, Class 2A1,
4.75% (A), 09/25/2034		173,438		180,879
Series 2004-U, Class A1,
4.74% (A), 10/25/2034		323,726		331,828
Series 2004-V, Class 1A1,
4.89% (A), 10/25/2034		37,400		38,888
Series 2004-V, Class 1A2,
4.89% (A), 10/25/2034		16,697		17,604
Series 2004-W, Class A9,
4.60% (A), 11/25/2034		54,723		57,030
Series 2005-AR3, Class 1A1,
4.95% (A), 03/25/2035		253,541		264,817
Series 2005-AR8, Class 2A1,
4.95% (A), 06/25/2035		81,116		82,367
Series 2005-AR9, Class 2A1,
4.59% (A), 10/25/2033		36,869		37,858
WFRBS Commercial Mortgage Trust Series 2011-C3, Class A4, 4.38%, 03/15/2044 (B)		550,000		562,665
Total Mortgage-Backed Securities (Cost $34,665,000)				35,514,085
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.5%
California - 0.1%
State of California, General Obligation Unlimited, 7.30%, 10/01/2039		520,000		804,435
New York - 0.2%
New York State Dormitory Authority, Revenue Bonds, 5.60%, 03/15/2040		280,000		365,277
Port Authority of New York & New Jersey, Revenue Bonds
4.46%, 10/01/2062		800,000		1,009,240
5.65%, 11/01/2040		655,000		896,151
				2,270,668
Ohio - 0.2%
American Municipal Power, Inc., Revenue Bonds, Series B, 7.50%, 02/15/2050		640,000		1,025,139

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    24

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Ohio (continued)
Ohio State University, Revenue Bonds, Series A, 4.80%, 06/01/2111		$   1,370,000		$   1,790,905
				2,816,044
Total Municipal Government Obligations (Cost $4,422,350)				5,891,147
U.S. GOVERNMENT AGENCY OBLIGATIONS - 31.4%
Federal Home Loan Mortgage Corp.
3.50%, 06/01/2042 - 07/15/2042		2,318,137		2,444,575
6-Month LIBOR + 1.70%, 3.99% (A), 10/01/2036		18,822		19,512
4.00%, 04/01/2043 - 09/01/2049		5,621,549		5,953,899
6-Month LIBOR + 1.53%, 4.00% (A), 05/01/2037		70,357		72,856
12-Month LIBOR + 1.82%, 4.22% (A), 09/01/2037		20,531		21,652
12-Month LIBOR + 1.59%, 4.35% (A), 12/01/2036		162,590		169,897
12-Month LIBOR + 1.67%, 4.39% (A), 12/01/2036		107,087		112,420
1-Year CMT + 2.36%, 4.49% (A), 10/01/2037		16,600		17,463
4.50%, 05/01/2041 - 07/01/2047		11,137,708		12,047,152
12-Month LIBOR + 1.64%, 4.52% (A), 11/01/2036		39,836		41,603
6-Month LIBOR + 2.01%, 4.52% (A), 05/01/2037		37,192		39,182
1-Year CMT + 2.25%, 4.64% (A), 02/01/2036		241,023		254,560
1-Year CMT + 2.25%, 4.72% (A), 07/01/2036		171,349		181,170
1-Year CMT + 2.24%, 4.72% (A), 11/01/2036		135,101		142,637
1-Year CMT + 2.65%, 4.76% (A), 10/01/2037		93,266		92,311
12-Month LIBOR + 1.70%, 4.77% (A), 02/01/2037		22,708		23,841
1-Year CMT + 2.43%, 4.87% (A), 12/01/2031		326,654		346,003
12-Month LIBOR + 2.00%, 4.88% (A), 11/01/2036		6,695		6,984
12-Month LIBOR + 1.91%, 4.91% (A), 04/01/2037		1,380		1,422
12-Month LIBOR + 1.90%, 4.93% (A), 05/01/2038		13,831		14,777
1-Year CMT + 2.25%, 4.95% (A), 01/01/2035		248,804		262,019
5.00%, 08/01/2040		292,767		323,560
12-Month LIBOR + 1.98%, 5.00% (A), 04/01/2037		17,437		18,403
12-Month LIBOR + 2.18%, 5.06% (A), 05/01/2037		96,297		102,439
12-Month LIBOR + 2.04%, 5.13% (A), 05/01/2037		39,823		42,186
12-Month LIBOR + 2.33%, 5.22% (A), 05/01/2036		24,768		26,514

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal Home Loan Mortgage Corp. (continued)
12-Month LIBOR + 2.47%, 5.25% (A), 03/01/2036		$   75,637		$   80,993
12-Month LIBOR + 2.35%, 5.48% (A), 03/01/2037		29,432		30,900
5.50%, 02/01/2021 - 12/01/2035		582,574		619,633
6.00%, 12/01/2036 - 06/01/2037		186,309		206,201
6.50%, 05/01/2035 - 03/01/2038		874,000		997,998
7.50%, 02/01/2038 - 09/01/2038		40,676		46,815
10.00%, 03/17/2026 - 10/01/2030		13,012		13,606
11.00%, 02/17/2021		1,031		1,039
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
2.27%, 01/25/2023		2,500,000		2,525,183
2.31%, 12/25/2022		2,472,146		2,504,699
2.33%, 06/25/2021		2,100,000		2,109,332
2.60%, 09/25/2020		22,605		22,611
1-Month LIBOR + 0.70%, 2.72% (A), 09/25/2022		205,487		205,487
2.72%, 07/25/2026		1,456,000		1,518,938
2.74%, 09/25/2025		1,000,000		1,043,253
2.81%, 09/25/2024		4,140,000		4,267,919
2.84%, 09/25/2022		879,772		899,412
2.93%, 01/25/2023		1,094,190		1,122,490
3.12%, 06/25/2027		654,000		698,867
3.21% (A), 04/25/2028		970,000		1,045,267
3.24%, 04/25/2027		1,097,000		1,180,765
3.30% (A), 11/25/2027		965,000		1,044,115
3.33%, 05/25/2027		590,000		636,274
3.35%, 01/25/2028		1,595,000		1,729,905
3.90% (A), 08/25/2028		1,720,000		1,941,116
Federal Home Loan Mortgage Corp. REMIC
1-Month LIBOR + 0.25%, 2.17% (A), 08/15/2023		114,667		114,336
1-Month LIBOR + 0.30%, 2.22% (A), 03/15/2036		30,514		30,406
1-Month LIBOR + 0.40%, 2.50% (A), 07/15/2037		500,819		499,732
1-Month LIBOR + 1.20%, 3.12% (A), 07/15/2039		21,961		22,458
4.00%, 11/15/2041 - 07/15/2042		3,288,741		3,733,678
4.50%, 06/15/2025		1,690,778		1,771,939
5.00%, 07/15/2033 - 07/15/2041		8,973,383		10,397,765
5.30%, 01/15/2033		338,199		379,390
5.50%, 02/15/2022 - 01/15/2039		2,493,619		2,770,583
(3.62) * 1-Month LIBOR + 27.21%, 5.50% (A), 05/15/2041		492,833		522,671
(3.67) * 1-Month LIBOR + 27.50%, 5.50% (A), 05/15/2041		579,549		644,812
5.70% (A), 10/15/2038		198,148		218,166
6.00%, 05/15/2034 - 06/15/2038		1,404,097		1,622,750
(1.50) * 1-Month LIBOR + 9.08%, 6.03% (A), 11/15/2033		58,772		61,634
6.25%, 10/15/2023		102,404		108,303
6.50%, 08/15/2021 - 06/15/2032		789,328		868,859
7.00%, 12/15/2036		377,710		445,640
7.02% (A), 11/15/2021		20,262		20,576
7.37% (A), 11/15/2046		521,065		616,555

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    25

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal Home Loan Mortgage Corp. REMIC (continued)
7.50%, 11/15/2036 - 12/15/2036		$   452,783		$   542,373
(7.27) * 1-Month LIBOR + 48.00%, 8.00% (A), 06/15/2035		14,633		16,987
(3.33) * 1-Month LIBOR + 17.50%, 11.10% (A), 02/15/2040		350,325		458,277
(1.83) * 1-Month LIBOR + 14.85%, 11.33% (A), 06/15/2033		27,462		34,475
(2.50) * 1-Month LIBOR + 17.45%, 12.65% (A), 02/15/2038		11,301		13,526
(4.00) * 1-Month LIBOR + 22.00%, 14.32% (A), 05/15/2035		41,834		57,611
(3.00) * 1-Month LIBOR + 20.22%, 14.46% (A), 07/15/2035		26,821		37,515
(2.60) * 1-Month LIBOR + 20.93%, 15.93% (A), 08/15/2031		34,453		47,004
(4.50) * 1-Month LIBOR + 24.75%, 16.10% (A), 06/15/2035		60,520		103,290
Federal Home Loan Mortgage Corp. REMIC, Interest Only STRIPS
2.18% (A), 01/15/2040		394,594		21,781
4.00%, 11/15/2029		267,287		6,984
(1.00) * 1-Month LIBOR + 6.00%, 4.08% (A), 11/15/2037 - 10/15/2040		759,879		111,217
(1.00) * 1-Month LIBOR + 6.05%, 4.13% (A), 05/15/2038		110,455		13,705
(1.00) * 1-Month LIBOR + 6.10%, 4.18% (A), 05/15/2039		50,492		3,443
(1.00) * 1-Month LIBOR + 6.25%, 4.33% (A), 12/15/2039		166,271		22,481
(1.00) * 1-Month LIBOR + 6.34%, 4.42% (A), 12/15/2039		474,051		77,734
(1.00) * 1-Month LIBOR + 6.40%, 4.48% (A), 01/15/2037		45,878		6,247
4.50%, 12/15/2024		4,560		73
(1.00) * 1-Month LIBOR + 6.45%, 4.53% (A), 11/15/2037		21,278		3,883
(1.00) * 1-Month LIBOR + 6.80%, 4.88% (A), 09/15/2039		154,003		21,461
5.00%, 04/15/2032 - 08/15/2040		957,607		94,584
Federal Home Loan Mortgage Corp. REMIC, Principal Only STRIPS 04/15/2020 - 12/15/2043		4,275,446		3,823,231
Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates
2.27% (A), 10/25/2037		341,527		371,727
5.23%, 05/25/2043		771,788		862,552
6.50%, 02/25/2043		255,493		300,579
6.50% (A), 09/25/2043		112,912		133,953
7.00%, 02/25/2043 - 07/25/2043		292,537		352,469
7.50%, 02/25/2042 - 09/25/2043		363,335		431,368
Federal Home Loan Mortgage Corp., Interest Only STRIPS
(1.00) * 1-Month LIBOR + 7.70%, 5.78% (A), 08/15/2036		329,266		58,865
Federal National Mortgage Association
1-Month LIBOR + 0.22%, 2.04% (A), 03/25/2045 - 02/25/2046		126,922		126,775
2.15%, 01/25/2023		2,290,440		2,307,553

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal National Mortgage Association (continued)
1-Month LIBOR + 0.40%, 2.22% (A), 05/25/2042		$   190,655		$   188,789
2.37%, 04/01/2023		1,634,098		1,655,135
1-Month LIBOR + 0.55%, 2.37% (A), 08/25/2042		735,647		736,692
2.38%, 10/01/2026		1,500,000		1,529,112
2.43%, 08/01/2026		1,912,012		1,953,698
2.48% (A), 12/25/2026		2,200,000		2,257,161
2.49%, 05/01/2026 - 05/25/2026		2,993,164		3,055,322
2.61%, 06/01/2026		1,012,000		1,045,991
2.63%, 03/01/2026		2,916,738		3,012,668
2.64%, 06/01/2026		2,477,000		2,564,826
2.67%, 04/01/2025		1,142,551		1,183,973
2.70%, 07/01/2026		1,276,000		1,326,453
2.80%, 10/01/2025 - 01/01/2028		14,807,848		15,438,176
2.90%, 06/25/2027		2,039,518		2,125,324
2.92%, 01/01/2025		2,510,000		2,631,317
2.93%, 06/01/2030		1,000,000		1,060,722
2.94% (A), 01/25/2026		3,486,000		3,639,415
2.94%, 12/01/2028		5,000,000		5,296,381
2.98%, 06/01/2027		1,715,000		1,807,144
2.99%, 08/01/2029		3,000,000		3,193,756
3.00%, 06/01/2043		1,169,478		1,206,372
3.02%, 07/01/2024 - 05/01/2030		13,093,796		13,900,093
3.04%, 06/01/2024 - 07/01/2029		6,880,497		7,310,310
3.04% (A), 03/25/2028		1,138,000		1,205,074
3.06% (A), 05/25/2027		1,700,000		1,799,544
3.08% (A), 06/25/2027		1,771,000		1,877,028
3.08%, 12/01/2024		1,868,508		1,967,833
3.09%, 09/01/2029		3,797,000		4,082,206
3.09% (A), 02/25/2030		815,000		865,383
1-Month LIBOR + 0.93%, 3.10% (A), 11/25/2022		389,574		390,262
3.11%, 03/01/2027		1,947,625		2,075,244
3.15%, 04/01/2031		3,042,182		3,239,366
3.17%, 02/01/2030		971,922		1,048,685
3.18% (A), 04/25/2029		1,419,000		1,526,621
3.21%, 03/01/2029		5,000,000		5,397,360
3.24%, 06/01/2026		909,994		972,043
3.28%, 11/01/2030		1,972,778		2,145,480
3.29%, 08/01/2026		1,997,220		2,148,308
3.32%, 04/01/2029		5,000,000		5,441,922
3.37%, 05/01/2037		912,798		1,004,971
3.38%, 12/01/2029		786,431		858,349
3.38% (A), 07/25/2028		2,032,000		2,205,004
3.45%, 04/01/2029		3,867,000		4,233,446
3.50%, 04/01/2043 - 01/01/2044		2,415,221		2,531,587
3.52%, 10/01/2029		802,740		882,368
3.57%, 07/01/2028		2,460,791		2,703,987
6-Month LIBOR + 1.31%, 3.59% (A), 09/01/2036		28,168		28,968
3.59%, 01/01/2031		935,842		1,038,508
12-Month LIBOR + 1.46%, 3.71% (A), 09/01/2037		24,097		25,209
3.73%, 05/01/2029		851,573		945,696
3.76%, 12/01/2035		1,889,486		2,134,068
3.82%, 07/01/2030		2,502,000		2,829,700

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    26

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal National Mortgage Association (continued)
6-Month LIBOR + 1.28%, 3.84% (A), 07/01/2037		$   65,522		$   67,253
12-Month LIBOR + 1.63%, 3.88% (A), 09/01/2036		92,009		95,680
6-Month LIBOR + 1.54%, 3.88% (A), 02/01/2037		20,807		21,588
3.90%, 09/01/2021		863,943		888,926
12-Month LIBOR + 1.39%, 3.90% (A), 11/01/2037		43,553		45,254
6-Month LIBOR + 1.48%, 3.91% (A), 02/01/2037		46,273		47,888
3.97%, 12/01/2025		408,167		450,826
4.00%, 01/01/2043 - 08/01/2048		6,753,121		7,107,156
4.02%, 11/01/2028		634,368		719,908
4.05%, 01/01/2021		1,565,000		1,589,121
12-Month LIBOR + 1.82%, 4.07% (A), 09/01/2036		17,618		18,436
12-Month LIBOR + 1.64%, 4.11% (A), 07/01/2037		29,706		31,190
1-Year CMT + 2.06%, 4.21% (A), 11/01/2037		84,854		89,676
12-Month LIBOR + 1.88%, 4.22% (A), 08/01/2036		4,328		4,389
4.23%, 02/01/2029		4,024,890		4,621,725
4.25%, 04/01/2021		2,500,000		2,560,379
4.26%, 07/01/2021		2,381,625		2,453,127
4.34%, 06/01/2021		7,000,000		7,203,194
4.45%, 07/01/2026		1,315,621		1,509,372
4.50%, 08/01/2021		3,000,000		3,106,637
12-Month LIBOR + 1.77%, 4.53% (A), 10/01/2036		24,140		25,209
4.55%, 06/25/2043		81,633		88,131
12-Month LIBOR + 1.80%, 4.56% (A), 07/01/2037		27,801		29,451
12-Month LIBOR + 1.84%, 4.61% (A), 06/01/2036		65,204		69,022
12-Month LIBOR + 1.62%, 4.64% (A), 04/01/2037		10,140		10,655
12-Month LIBOR + 1.81%, 4.65% (A), 12/01/2036		20,480		21,493
12-Month LIBOR + 1.83%, 4.71% (A), 05/01/2036		62,801		66,262
12-Month LIBOR + 1.67%, 4.72% (A), 04/01/2036		35,361		37,123
12-Month LIBOR + 1.86%, 4.73% (A), 11/01/2036		16,694		17,477
12-Month LIBOR + 1.94%, 4.81% (A), 12/01/2036		50,242		52,760
12-Month LIBOR + 2.37%, 4.99% (A), 08/01/2037		27,764		29,639
5.00%, 04/01/2022 - 08/01/2040		743,564		817,607
6-Month LIBOR + 2.50%, 5.01% (A), 03/01/2036		167,481		179,224
12-Month LIBOR + 2.28%, 5.02% (A), 11/01/2036		7,687		8,136
12-Month LIBOR + 2.38%, 5.30% (A), 03/01/2036		82,892		88,774
5.50%, 11/01/2032 - 07/01/2037		1,257,000		1,389,621

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal National Mortgage Association (continued)
6.00%, 05/01/2020 - 11/01/2037		$   2,085,920		$   2,290,932
6.50%, 06/01/2023 - 07/25/2042		1,334,317		1,508,769
7.00%, 12/25/2033 - 02/25/2044		1,042,450		1,208,569
7.50%, 10/01/2037 - 12/25/2045		620,725		744,773
8.00%, 10/01/2031		56,919		63,821
Federal National Mortgage Association REMIC
1-Month LIBOR + 0.24%, 2.06% (A), 10/25/2046		117,051		116,879
1-Month LIBOR + 0.29%, 2.11% (A), 07/25/2036		107,811		107,650
1-Month LIBOR + 0.40%, 2.22% (A), 06/25/2037		27,441		27,594
1-Month LIBOR + 0.25%, 2.27% (A), 06/27/2036		149,728		147,108
1-Month LIBOR + 0.55%, 2.37% (A), 08/25/2041		270,838		273,233
1-Month LIBOR + 0.60%, 2.42% (A), 04/25/2040		210,632		212,062
3.00%, 01/25/2046		769,713		796,794
3.50%, 02/25/2043		928,134		985,268
4.45% (A), 12/25/2039		132,673		141,417
4.50%, 02/25/2039 - 05/25/2041		1,011,399		1,110,707
5.50%, 08/25/2025 - 10/25/2040		6,371,299		7,205,289
5.61% (A), 01/25/2032		51,133		54,350
5.75%, 08/25/2034		864,309		963,734
5.77% (A), 05/25/2051		193,386		218,812
5.82% (A), 12/25/2042		104,488		113,568
5.99% (A), 06/25/2040		146,705		166,100
6.00%, 03/25/2029 - 12/25/2049		1,946,906		2,180,565
6.22% (A), 02/25/2040		174,384		194,198
6.25%, 09/25/2038		24,377		27,436
6.44% (A), 03/25/2040		232,930		267,976
6.50%, 04/18/2028 - 11/25/2041		695,172		795,085
6.75%, 04/25/2037		54,349		60,332
7.00%, 03/25/2038 - 11/25/2041		1,561,978		1,810,037
7.50%, 05/17/2024		64,741		69,634
8.00%, 02/25/2023		226,869		242,350
(2.00) * 1-Month LIBOR + 12.66%, 9.01% (A), 03/25/2040		230,213		276,806
(3.33) * 1-Month LIBOR + 17.67%, 11.59% (A), 04/25/2040		181,501		230,429
(2.50) * 1-Month LIBOR + 16.88%, 12.32% (A), 08/25/2035 - 10/25/2035		60,885		79,206
(2.00) * 1-Month LIBOR + 16.20%, 12.55% (A), 01/25/2034		15,016		17,773
(2.75) * 1-Month LIBOR + 17.88%, 12.86% (A), 09/25/2024		77,191		88,794
(2.75) * 1-Month LIBOR + 19.53%, 14.51% (A), 05/25/2034		103,771		149,915
(2.75) * 1-Month LIBOR + 20.13%, 15.12% (A), 05/25/2035		123,125		153,644
(3.33) * 1-Month LIBOR + 22.67%, 16.59% (A), 04/25/2037		56,138		86,933
(3.67) * 1-Month LIBOR + 24.57%, 17.88% (A), 11/25/2035		60,966		86,469

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    27

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal National Mortgage Association REMIC, Interest Only STRIPS
1.70% (A), 01/25/2038		$   57,323		$   2,648
2.13% (A), 04/25/2041		257,216		14,857
(1.00) * 1-Month LIBOR + 4.44%, 2.62% (A), 11/25/2040		814,081		68,937
3.00%, 01/25/2021		100,963		1,372
(1.00) * 1-Month LIBOR + 5.00%, 3.18% (A), 07/25/2040		818,111		107,302
(1.00) * 1-Month LIBOR + 5.90%, 4.08% (A), 10/25/2039		36,292		4,109
(1.00) * 1-Month LIBOR + 6.00%, 4.18% (A), 02/25/2038 - 06/25/2039		647,925		75,214
(1.00) * 1-Month LIBOR + 6.18%, 4.36% (A), 12/25/2039		10,745		1,303
(1.00) * 1-Month LIBOR + 6.25%, 4.43% (A), 01/25/2040		245,143		42,491
(1.00) * 1-Month LIBOR + 6.35%, 4.53% (A), 12/25/2037		500,734		75,385
(1.00) * 1-Month LIBOR + 6.40%, 4.58% (A), 07/25/2037 - 05/25/2040		589,284		96,230
(1.00) * 1-Month LIBOR + 6.42%, 4.60% (A), 04/25/2040		90,841		11,667
(1.00) * 1-Month LIBOR + 6.45%, 4.63% (A), 10/25/2037 - 12/25/2037		263,052		44,376
(1.00) * 1-Month LIBOR + 6.62%, 4.80% (A), 07/25/2037		130,900		18,290
(1.00) * 1-Month LIBOR + 6.65%, 4.83% (A), 10/25/2026 - 03/25/2039		488,817		61,352
(1.00) * 1-Month LIBOR + 6.70%, 4.88% (A), 03/25/2036		1,009,009		206,977
5.00%, 07/25/2039		70,006		11,947
(1.00) * 1-Month LIBOR + 6.99%, 5.17% (A), 03/25/2038		135,420		26,485
(1.00) * 1-Month LIBOR + 7.10%, 5.28% (A), 02/25/2040		108,529		16,222
5.50%, 10/25/2039		98,783		16,963
Federal National Mortgage Association REMIC, Principal Only STRIPS 10/25/2023 - 12/25/2043		2,773,791		2,538,391
Federal National Mortgage Association, Principal Only STRIPS 09/25/2024 - 08/25/2032		356,060		337,775
FREMF Mortgage Trust
3.58% (A), 11/25/2049 (B)		920,000		956,711
3.68% (A), 01/25/2048 (B)		4,355,000		4,521,960
3.68% (A), 01/25/2048 (B)		1,405,000		1,445,850
3.83% (A), 11/25/2047 (B)		2,000,000		2,086,478
3.84% (A), 07/25/2049 (B)		750,000		782,968
4.07% (A), 11/25/2047 (B)		853,000		899,733
Government National Mortgage Association
1-Month LIBOR + 0.45%, 2.54% (A), 03/20/2060		9,278		9,222
1-Month LIBOR + 0.47%, 2.56% (A), 05/20/2063		1,437,785		1,436,600
1-Month LIBOR + 0.50%, 2.59% (A), 06/20/2067		1,996,408		1,995,483
1-Month LIBOR + 0.52%, 2.61% (A), 10/20/2062		1,214,542		1,214,874

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Government National Mortgage Association (continued)
1-Month LIBOR + 0.53%, 2.62% (A), 10/20/2062		$   1,077,321		$   1,080,368
1-Month LIBOR + 0.58%, 2.67% (A), 05/20/2066		1,027,278		1,028,357
1-Month LIBOR + 0.60%, 2.69% (A), 11/20/2065		2,763,264		2,772,665
1-Month LIBOR + 0.65%, 2.74%, 05/20/2061		19,094		19,142
1-Month LIBOR + 0.65%, 2.74% (A), 02/20/2064 - 01/20/2066		5,505,590		5,531,235
1-Month LIBOR + 0.70%, 2.79% (A), 05/20/2061 - 03/20/2066		4,595,616		4,623,940
1-Month LIBOR + 1.00%, 3.09% (A), 12/20/2066		762,764		774,071
4.50%, 11/20/2034		977,113		1,081,664
(1.15) * 1-Month LIBOR + 7.67%, 5.49% (A), 03/17/2033		694		694
5.50%, 01/16/2033 - 09/20/2039		3,326,041		3,699,707
5.75%, 02/20/2036 - 10/20/2037		529,606		580,082
5.82% (A), 10/20/2033		208,970		236,357
6.00%, 11/20/2033 - 08/20/2038		770,877		867,855
6.50%, 12/20/2031 - 12/15/2035		702,242		802,414
7.00%, 09/15/2031 - 10/16/2040		750,298		856,384
(6.25) * 1-Month LIBOR + 44.50%, 7.00% (A), 09/20/2034		11,342		12,233
7.50%, 09/16/2035 - 10/15/2037		134,084		157,117
(1.83) * 1-Month LIBOR + 14.70%, 11.20% (A), 11/17/2032		17,982		19,962
(2.92) * 1-Month LIBOR + 17.50%, 12.12% (A), 02/20/2034		43,744		54,991
(3.50) * 1-Month LIBOR + 23.28%, 16.81% (A), 04/20/2037		118,960		172,012
Government National Mortgage Association, Interest Only STRIPS
1.66% (A), 06/20/2067		4,694,251		424,360
(1.00) * 1-Month LIBOR + 5.83%, 3.98% (A), 02/20/2038		61,388		6,996
(1.00) * 1-Month LIBOR + 5.90%, 4.05% (A), 09/20/2038		392,543		55,943
(1.00) * 1-Month LIBOR + 5.95%, 4.10% (A), 02/20/2039 - 06/20/2039		157,651		18,403
(1.00) * 1-Month LIBOR + 6.00%, 4.15%, 02/20/2038		651,704		89,089
(1.00) * 1-Month LIBOR + 6.05%, 4.16% (A), 08/16/2039		240,880		29,795
(1.00) * 1-Month LIBOR + 6.04%, 4.19% (A), 02/20/2039		52,349		4,655
(1.00) * 1-Month LIBOR + 6.10%, 4.21% (A), 07/16/2039		244,985		31,146
(1.00) * 1-Month LIBOR + 6.09%, 4.24% (A), 09/20/2039		386,762		39,400
(1.00) * 1-Month LIBOR + 6.10%, 4.25% (A), 11/20/2034		311,870		37,391
(1.00) * 1-Month LIBOR + 6.15%, 4.30% (A), 07/20/2038		448,835		66,454
(1.00) * 1-Month LIBOR + 6.20%, 4.35% (A), 03/20/2037 - 06/20/2038		166,095		24,832

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    28

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Government National Mortgage Association, Interest Only STRIPS (continued)
(1.00) * 1-Month LIBOR + 6.30%, 4.45% (A), 03/20/2039		$   5,237		$   50
(1.00) * 1-Month LIBOR + 6.40%, 4.51% (A), 06/16/2039 - 11/16/2039		294,526		33,845
(1.00) * 1-Month LIBOR + 6.40%, 4.55% (A), 12/20/2038		64,782		4,028
(1.00) * 1-Month LIBOR + 6.55%, 4.64% (A), 11/16/2033		67,105		7,566
(1.00) * 1-Month LIBOR + 6.55%, 4.70% (A), 11/20/2037		40,495		7,034
(1.00) * 1-Month LIBOR + 6.60%, 4.75% (A), 05/20/2041		267,341		40,463
(1.00) * 1-Month LIBOR + 6.68%, 4.83% (A), 07/20/2037		246,329		31,289
(1.00) * 1-Month LIBOR + 6.70%, 4.85% (A), 06/20/2037		464,321		65,571
(1.00) * 1-Month LIBOR + 7.30%, 5.45% (A), 12/20/2038		260,277		53,877
(1.00) * 1-Month LIBOR + 7.60%, 5.75% (A), 09/20/2038		30,239		4,137
(1.00) * 1-Month LIBOR + 7.70%, 5.81% (A), 04/16/2038		23,293		3,847
6.50%, 03/20/2039		35,413		6,327
Government National Mortgage Association, Principal Only STRIPS 12/20/2032 - 12/20/2040		965,444		880,655
Government Trust Certificate Series 2001-Z, Zero Coupon, 04/01/2020		10,890,000		10,804,545
National Credit Union Administration Guaranteed Notes Trust Series 2010-R3, Class 3A, 2.40%, 12/08/2020		25,787		25,928
Residual Funding Corp., Principal Only STRIPS 07/15/2020 - 01/15/2030		4,790,000		4,355,809
Resolution Funding Corp., Principal Only STRIPS 01/15/2026 - 10/15/2027		170,000		147,953
Tennessee Valley Authority
4.25%, 09/15/2065		365,000		501,709
4.63%, 09/15/2060		451,000		654,468
5.88%, 04/01/2036		2,565,000		3,709,204
Tennessee Valley Authority, Principal Only STRIPS 11/01/2025 - 05/01/2030		3,300,000		2,799,131
Vendee Mortgage Trust
6.75%, 06/15/2028		211,665		238,917
7.25%, 02/15/2023		175,307		187,468
Total U.S. Government Agency Obligations (Cost $340,218,526)				350,039,908
U.S. GOVERNMENT OBLIGATIONS - 23.0%
U.S. Treasury - 22.3%
U.S. Treasury Bond
2.25%, 08/15/2046		315,000		319,405
2.50%, 02/15/2045		2,300,000		2,446,805

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (continued)
U.S. Treasury (continued)
2.75%, 08/15/2042 - 11/15/2042		$   3,548,000		$   3,935,238
2.88%, 08/15/2045		2,000,000		2,278,672
3.00%, 02/15/2048		430,000		504,629
3.13%, 02/15/2043 - 05/15/2048		4,871,000		5,756,585
3.38%, 05/15/2044		3,000,000		3,695,742
3.63%, 08/15/2043 - 02/15/2044		10,190,000		13,005,790
3.75%, 11/15/2043		20,490,000		26,638,601
4.38%, 11/15/2039 - 05/15/2041		3,840,000		5,354,625
5.38%, 02/15/2031		29,000		39,844
U.S. Treasury Bond, Principal Only STRIPS
05/15/2020 - 11/15/2041		82,350,000		70,857,552
11/15/2021 - 02/15/2035 (G)		12,825,000		11,106,893
U.S. Treasury Note
1.25%, 10/31/2021		4,800,000		4,770,375
1.50%, 02/28/2023 - 08/15/2026		5,142,000		5,137,145
1.63%, 10/31/2023 - 02/15/2026		7,088,400		7,116,989
1.75%, 02/28/2022 - 05/15/2023		27,199,000		27,369,852
1.88%, 08/31/2022 - 08/31/2024		4,398,000		4,444,094
2.00%, 10/31/2021 - 11/15/2026		5,915,800		5,979,324
2.13%, 01/31/2021 - 03/31/2024		3,279,000		3,333,516
2.25%, 11/15/2024 - 02/15/2027		4,155,000		4,302,822
2.38%, 08/15/2024		18,000,000		18,689,062
2.50%, 08/15/2023 - 05/15/2024		10,148,000		10,510,494
2.63%, 05/15/2021		2,163,600		2,197,406
2.75%, 05/31/2023 - 02/15/2024		6,334,000		6,651,203
2.88%, 05/31/2025		2,396,000		2,562,223
				249,004,886
U.S. Treasury Inflation-Protected Securities - 0.7%
U.S. Treasury Inflation-Indexed Bond 2.50%, 01/15/2029		2,987,400		3,613,901
U.S. Treasury Inflation-Indexed Note
0.13%, 01/15/2022		3,295,201		3,272,450
1.38%, 01/15/2020		1,439,127		1,439,127
				8,325,478
Total U.S. Government Obligations (Cost $239,037,002)				257,330,364
	Shares		Value
OTHER INVESTMENT COMPANY - 1.2%
Securities Lending Collateral - 1.2%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.75% (I)		13,578,873		13,578,873
Total Other Investment Company (Cost $13,578,873)				13,578,873

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    29

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
REPURCHASE AGREEMENT - 2.1%
Fixed Income Clearing Corp., 0.85% (I), dated 10/31/2019, to be repurchased at $22,935,981 on 11/01/2019. Collateralized by a U.S. Government Obligation, 1.88%, due 05/31/2022, and with a value of $23,395,604.		$  22,935,440		$   22,935,440
Total Repurchase Agreement (Cost $22,935,440)				22,935,440
Total Investments (Cost $1,069,743,207)				1,120,926,909
Net Other Assets (Liabilities)  - (0.5)%				(5,597,354	)
Net Assets  - 100.0%				$  1,115,329,555

SECURITY VALUATION:

Valuation Inputs ^(J)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs (K)		Value
ASSETS
Investments
Asset-Backed Securities	$	—	$	146,451,813	$	1,871,662	$	148,323,475
Corporate Debt Securities		—		279,638,767		—		279,638,767
Foreign Government Obligations		—		7,674,850		—		7,674,850
Mortgage-Backed Securities		—		35,514,085		—		35,514,085
Municipal Government Obligations		—		5,891,147		—		5,891,147
U.S. Government Agency Obligations		—		350,039,908		—		350,039,908
U.S. Government Obligations		—		257,330,364		—		257,330,364
Other Investment Company		13,578,873		—		—		13,578,873
Repurchase Agreement		—		22,935,440		—		22,935,440
Total Investments	$	13,578,873	$	1,105,476,374	$	1,871,662	$	1,120,926,909
Transfers
Investments	Transfers from Level 1 to Level 3		Transfers from Level 3 to Level 1		Transfers from Level 2 to Level 3		Transfers from Level 3 to Level 2
Asset-Backed Securities (E)	$	—	$	—	$	1,871,662	$	—

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Floating or variable rate securities. The rates disclosed are as of October 31, 2019. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(B)	Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2019, the total value of 144A securities is $200,873,016, representing 18.0% of the Fund’s net assets.
(C)	Security is Level 3 of the fair value hierarchy.
(D)	Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2019, the total value of securities is $3,271,662, representing 0.3% of the Fund’s net assets.
(E)	Transferred from Level 2 to 3 due to utilizing significant unobservable inputs. As of prior reporting period, the security utilized significant observable inputs.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    30

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(F)	Percentage rounds to less than 0.1% or (0.1)%.
(G)	All or a portion of the securities are on loan. The total value of all securities on loan is $13,305,590. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(H)	Perpetual maturity. The date displayed is the next call date.
(I)	Rates disclosed reflect the yields at October 31, 2019.
(J)	The Fund recognizes transfers in and out of Level 3 as of October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(K)	Level 3 securities were not considered significant to the Fund.

PORTFOLIO ABBREVIATIONS:

CMT	Constant Maturity Treasury
LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
STRIPS	Separate Trading of Registered Interest and Principal of Securities

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    31

Transamerica Global Real Estate Securities

(unaudited)

MARKET ENVIRONMENT

The final quarter of 2018 saw significant equity market weakness, marred by persistent trade-related concerns, rising rates and slowing economic growth. October 2018 saw a correction in the S&P 500^® in response to rising U.S. interest rate expectations. While this abated in November 2018, December 2018 saw a further move down. Although rate pressures eased and forward interest rate expectations moved down, concerns around economic growth took over.

A strong rebound in the first quarter of 2019 laid the foundation for positive year-to-date performance in both global equity markets and real estate securities. The second quarter of 2019 saw equities post modest gains. Following a steady march up in April, May saw a correction in the S&P 500^® as trade tensions intensified, before rallying in June on the back of a dovish surprise from the U.S. Federal Reserve (“Fed”), resolution of the U.S.-Mexico tariff dispute, and a trade truce between the U.S. and China. The third quarter of 2019 was a similar story as positive performance was held to modest levels with continued deceleration in global economic growth, increased fears of a protracted trade dispute, and heightened geopolitical tensions. In the current market environment, we are encouraged by accommodative central bank policy that bolsters the pricing of yield-oriented securities and creates a more favorable case for debt financing.

While October 2019 has seen some reflation in global markets and glimmers of optimism for the economy, we remain cautious, in part due to the potential for market volatility driven by politics as we move towards next year’s presidential election, and in part due to taking a wait-and-see approach on the economy. We favor enterprises that are exposed to idiosyncratic growth, secular trends and those that have the operational and financial capacity to execute.

In a world where economic expectations appear to be low growth, low inflation and consequently lower for longer costs of capital, we continue to focus on markets where underlying property market fundamentals remain robust, and on companies with exposure to these markets coupled with strong balance sheets to withstand short term volatility in capital markets.

PERFORMANCE

For the year ended October 31, 2019, Transamerica Global Real Estate Securities (Class I2) returned 21.12%. By comparison, its benchmark, the S&P Developed Property Index, returned 20.20%.

STRATEGY REVIEW

For the 12-month period ended October 31, 2019, the Fund outperformed its benchmark.

On a regional level, the returns for the benchmark were positive across the three regions; Americas, Asia Pacific (“APAC”) and Europe, Middle East and Africa (“EMEA”). The Fund had positive relative performance in all three regions. The Fund’s exposure to U.S. Specialty, U.S. Office, UK Majors, U.S. Lodging, Hong Kong and Australian Developers, U.S. Self-Storage, U.S. Residential, Japan Real Estate Investment Trusts (“REITs”), Singapore REITs, and U.S. Industrial contributed to performance. The Fund’s exposure to U.S. Healthcare, Israel, Switzerland, U.S. Retail and Northern European countries detracted from performance.

At an individual stock level, the top five contributors were Sun Communities, Inc., REIT (an owner and operator of manufactured housing and recreational vehicle communities across the US and Canada), Rexford Industrial Realty, Inc., REIT (a U.S. REIT focused on industrial properties in Southern California), GDS Holdings, Ltd. (a Chinese-based datacenter REIT), GLP J-REIT (a Japanese based REIT specializing in logistics facilities), and Spirit Realty Capital, Inc., REIT (a premier net-lease REIT investing in single-tenant, operationally essential real estate with long-term net leases).

The main detractors were Swire Properties, Ltd. (an owner and operator of mixed-use commercial properties in Hong Kong and Mainland China, Host Hotels & Resorts, Inc., REIT (the largest lodging REIT and one of the largest owners of luxury and upscale hotels), Dexus, REIT (a company focused on the Australian market), Simon Property Group, Inc., REIT (the largest retail REIT and the largest shopping mall operator in the U.S.), and Mid-America Apartment Communities, REIT (a U.S. REIT that invests in apartments in the Southeastern and the Southwestern United States).

During the fiscal year, the Fund utilized derivatives. These positions added to performance.

Alastair Gillespie, CFA

Mark Howard-Johnson, CFA

James Wilkinson

Co-Portfolio Managers

BlackRock Investment Management, LLC

Asset Allocation	Percentage of Net Assets
Common Stocks		99.5	%
Repurchase Agreement		1.6
Other Investment Company		1.6
Net Other Assets (Liabilities) ^		(2.7	)
Total		100.0	%

Current and future portfolio holdings are subject to change and risk.

^ The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral.

Transamerica Funds Annual Report 2019

Page    32

Transamerica Global Real Estate Securities

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class I2 (NAV)		21.12	%		4.27	%		7.88	%		11/15/2005
S&P Developed Property Index (A)		20.20	%		6.15	%		9.32	%

^(A) The S&P Developed Property Index defines and measures the investable universe of publicly traded property companies domiciled in developed markets.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or since inception date of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Investments in real estate securities and real estate investment trusts (“REITs”) involve special risks, such as the possible decline in value of real estate, extended vacancies, and uninsured damages from natural disasters. This Fund is only available in Class I2 shares, which are not available for direct investment by the public.

Transamerica Funds Annual Report 2019

Page    33

Transamerica Global Real Estate Securities

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Shares		Value
COMMON STOCKS - 99.5%
Australia - 5.3%
Centuria Capital Group		36,397		$  54,948
Charter Hall Group, REIT		5,527		43,053
Dexus, REIT		26,041		214,878
Goodman Group, REIT		30,071		298,297
LendLease Group (A)		15,307		197,214
New South Resources, Ltd. (B)		106,641		136,734
NEXTDC, Ltd. (A) (B)		49,552		218,957
				1,164,081
Belgium - 0.7%
Aedifica SA, REIT		1,229		147,762
Canada - 1.6%
Canadian Apartment Properties, REIT		2,985		124,286
RioCan, REIT		11,373		228,220
				352,506
Cayman Islands - 0.9%
ESR Cayman, LTD. (B) (C)		95,000		203,677
France - 1.1%
Unibail-Rodamco-Westfield, REIT		1,511		233,655
Germany - 4.1%
Godewind Immobilien AG (B) (D)		24,642		111,307
LEG Immobilien AG		2,059		236,300
TLG Immobilien AG		7,603		222,590
Vonovia SE		6,174		328,524
				898,721
Hong Kong - 6.8%
China Resources Land, Ltd.		12,000		51,225
CK Asset Holdings, Ltd.		60,500		422,329
Kerry Properties, Ltd.		13,000		42,139
Link, REIT		38,000		414,385
New World Development Co., Ltd.		77,000		110,450
Sun Hung Kai Properties, Ltd.		6,500		98,629
Swire Properties, Ltd.		84,000		264,780
Wheelock & Co., Ltd.		13,000		80,545
				1,484,482
Japan - 12.4%
Daito Trust Construction Co., Ltd.		1,600		212,909
Daiwa House Industry Co., Ltd.		7,700		266,316
GLP J-REIT		135		176,016
Hankyu Hanshin, Inc., REIT		16		27,247
Heiwa Real Estate, Inc., REIT		19		25,124
Hulic, Inc., REIT		132		252,046
Ichigo Office Investment, REIT		134		137,859
Japan Real Estate Investment Corp., REIT		32		218,391
Kenedix Office Investment Corp., REIT		28		219,354
Mitsubishi Estate Logistics Investment Corp., REIT		20		65,469
Mitsui Fudosan Co., Ltd.		17,500		450,667
Nippon Building Fund, Inc., REIT		15		113,899
Sumitomo Realty & Development Co., Ltd.		9,700		354,173
Tokyu Fudosan Holdings Corp.		28,000		186,943
				2,706,413
Luxembourg - 0.9%
Aroundtown SA		23,370		197,204
Netherlands - 0.6%
InterXion Holding NV (B)		1,351		119,185

	Shares		Value
COMMON STOCKS (continued)
New Zealand - 0.2%
Goodman Property Trust, REIT		35,410		$   48,358
Norway - 1.1%
Entra ASA (D)		15,574		233,030
Singapore - 3.4%
AIMS APAC, REIT		114,200		115,002
Ascendas, REIT		80,500		187,574
Cromwell European Real Estate Investment Trust		98,000		55,196
Keppel DC, REIT		52,100		76,592
Lendlease Global Commercial, REIT (B)		422,194		294,818
				729,182
Spain - 1.7%
Aedas Homes SAU (B) (D)		5,328		123,006
Inmobiliaria Colonial Socimi SA, REIT		19,828		256,082
				379,088
Sweden - 2.0%
Castellum AB		11,736		239,747
Kungsleden AB		22,528		204,616
				444,363
United Kingdom - 4.5%
Assura PLC, REIT		137,575		133,300
Derwent London PLC, REIT		3,567		164,028
Grainger PLC		54,786		182,244
Land Securities Group PLC, REIT		10,360		126,146
Segro PLC, REIT		22,457		245,575
Tritax Big Box PLC, REIT		70,523		137,302
				988,595
United States - 52.2%
Alexandria Real Estate Equities, Inc., REIT		3,348		531,495
American Homes 4 Rent Trust, Class A, REIT		15,721		416,135
AvalonBay Communities, Inc., REIT		3,140		683,452
Boston Properties, Inc., REIT		3,476		476,907
CareTrust, Inc., REIT		13,174		319,338
Cousins Properties, Inc., REIT		6,652		266,945
Digital Realty Trust, Inc., REIT		1,402		178,110
Douglas Emmett, Inc., REIT		2,668		115,578
EPR Properties, REIT		3,302		256,862
Equinix, Inc., REIT		1,160		657,465
Equity Residential, REIT		5,441		482,399
Extra Space Storage, Inc., REIT		3,668		411,806
Federal Realty Investment Trust, REIT		1,913		260,187
Healthcare Trust of America, Inc., Class A, REIT		8,532		264,492
Healthpeak Properties, Inc., REIT		14,026		527,658
Hilton Worldwide Holdings, Inc.		783		75,920
Host Hotels & Resorts, Inc., REIT		27,349		448,250
Hudson Pacific Properties, Inc., REIT		4,825		173,314
Plymouth Industrial, Inc., REIT		2,998		56,542
Prologis, Inc., REIT		9,189		806,427
Regency Centers Corp., REIT		5,099		342,857
Rexford Industrial Realty, Inc., REIT		8,587		412,949
Simon Property Group, Inc., REIT		4,354		656,061
Spirit Realty Capital, Inc., REIT		9,807		488,781
STAG Industrial, Inc., REIT		8,477		263,126
Sun Communities, Inc., REIT		2,900		471,685
UDR, Inc., REIT		8,971		450,793
Ventas, Inc., REIT		4,110		267,561
VEREIT, Inc.		25,416		250,093

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    34

Transamerica Global Real Estate Securities

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Shares		Value
COMMON STOCKS (continued)
United States (continued)
VICI Properties, Inc., REIT		15,805		$   372,208
				11,385,396
Total Common Stocks (Cost $18,538,266)				21,715,698
OTHER INVESTMENT COMPANY - 1.6%
Securities Lending Collateral - 1.6%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.75% (E)		342,244		342,244
Total Other Investment Company (Cost $342,244)				342,244

	Principal		Value
REPURCHASE AGREEMENT - 1.6%
Fixed Income Clearing Corp., 0.85% (E), dated 10/31/2019, to be repurchased at $358,269 on 11/01/2019. Collateralized by a U.S. Government Obligation, 1.75%, due 06/15/2022, and with a value of $368,499.		$  358,260		$   358,260
Total Repurchase Agreement (Cost $358,260)				358,260
Total Investments (Cost $19,238,770)				22,416,202
Net Other Assets (Liabilities)  - (2.7)%				(586,631	)
Net Assets  - 100.0%				$  21,829,571

OVER-THE-COUNTER SWAP AGREEMENTS:

Total Return Swap Agreements

Reference Entity

Counterparty

Expiration Date

Notional Amount

Notional Amount as a Percentage of Net Assets

Value

Net Unrealized Appreciation (Depreciation)

Contracts for Difference

Equity Securities Long (F)

GSI

11/18/2019

USD

46,611

0.2%

$  48,141

$  1,530

FORWARD FOREIGN CURRENCY CONTRACTS:
Counterparty	Settlement Date	Currency Purchased			Currency Sold			Unrealized Appreciation		Unrealized Depreciation
BNP	01/15/2020		USD	188,128		EUR	169,000	$	—	$	(1,390	)
BNP	01/15/2020		USD	1,285		GBP	1,000		—		(13	)
BNP	01/15/2020		USD	107,830		THB	3,278,000		—		(830	)
BNP	01/15/2020		CHF	210,000		USD	212,017		2,192		—
BNP	01/15/2020		EUR	7,000		USD	7,771		79		—
BNP	01/15/2020		JPY	7,254,000		USD	67,435		94		—
BNP	01/15/2020		AUD	59,000		USD	40,467		284		—
BOA	01/15/2020		USD	10,228		GBP	8,000		—		(162	)
BOA	01/15/2020		USD	20,260		JPY	2,187,000		—		(99	)
BOA	01/15/2020		AUD	28,000		USD	19,253		86		—
CITI	01/15/2020		AUD	29,000		USD	19,584		447		—
CITI	01/15/2020		EUR	13,000		USD	14,512		66		—
HSBC	01/15/2020		USD	151,282		AUD	222,000		—		(2,055	)
HSBC	01/15/2020		USD	5,032		GBP	4,000		—		(163	)
HSBC	01/15/2020		USD	275,426		HKD	2,159,000		—		(49	)
HSBC	01/15/2020		USD	69,112		SEK	674,000		—		(1,011	)
HSBC	01/15/2020		NOK	27,000		USD	2,965		—		(27	)
HSBC	01/15/2020		JPY	943,000		USD	8,719		60		—
HSBC	01/15/2020		GBP	23,000		USD	29,708		162		—
HSBC	01/15/2020		THB	3,278,000		USD	108,148		512		—
HSBC	01/15/2020		EUR	16,000		USD	17,942		—		—
HSBC	01/15/2020		AUD	5,000		USD	3,436		17		—
JPM	01/15/2020		USD	18,108		JPY	1,954,000		—		(83	)
JPM	01/15/2020		EUR	11,000		USD	12,315		20		—
JPM	01/15/2020		AUD	35,000		USD	23,943		232		—
JPM	01/15/2020		GBP	13,000		USD	16,927		—		(44	)
NOMI	01/15/2020		EUR	2,000		USD	2,223		19		—
SSB	01/15/2020		USD	117,432		GBP	92,000		—		(2,051	)
SSB	01/15/2020		USD	19,340		JPY	2,087,000		—		(88	)
SSB	01/15/2020		USD	213,740		NOK	1,938,000		2,892		—

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    35

Transamerica Global Real Estate Securities

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

FORWARD FOREIGN CURRENCY CONTRACTS (continued):
Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation		Unrealized Depreciation
SSB		01/15/2020		USD	46,227		SEK	450,000	$	—	$	(591	)
SSB		01/15/2020		USD	114,411		SGD	156,000		—		(353	)
SSB		01/15/2020		CAD	4,000		USD	3,030		8		—
SSB		01/15/2020		JPY	50,876,000		USD	472,359		1,258		—
SSB		01/15/2020		NZD	40,000		USD	25,425		257		—
SSB		01/15/2020		ZAR	120,000		USD	7,992		—		(132	)
SSB		01/15/2020		EUR	38,000		USD	42,584		30		—
SSB		01/15/2020		SGD	6,000		USD	4,407		7		—
SSB		01/15/2020		AUD	30,000		USD	20,653		68		—
UBS		01/15/2020		USD	112,767		HKD	884,000		—		(27	)
UBS		01/15/2020		ILS	478,000		USD	137,315		—		(1,144	)
UBS		01/15/2020		SGD	258,000		USD	188,043		1,760		—
Total									$	10,550	$	(10,312	)

INVESTMENTS BY INDUSTRY (unaudited):

Industry	Percentage of Total Investments			Value
Equity Real Estate Investment Trusts		72.4	%	$	16,226,124
Real Estate Management & Development		22.4			5,020,564
IT Services		1.5			338,142
Hotels, Restaurants & Leisure		0.3			75,920
Capital Markets		0.3			54,948
Investments		96.9			21,715,698
Short-Term Investments		3.1			700,504
Total Investments		100.0	%	$	22,416,202

SECURITY VALUATION:

Valuation Inputs ^(G)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	11,857,087	$	9,858,611		$	—	$	21,715,698
Other Investment Company		342,244		—			—		342,244
Repurchase Agreement		—		358,260			—		358,260
Total Investments	$	12,199,331	$	10,216,871		$	—	$	22,416,202
Other Financial Instruments
Over-the-Counter Total Return Swap Agreements - CFD	$	—	$	48,141		$	—	$	48,141
Forward Foreign Currency Contracts (H)		—		10,550			—		10,550
Total Other Financial Instruments	$	—	$	58,691		$	—	$	58,691
LIABILITIES
Other Financial Instruments
Forward Foreign Currency Contracts (H)	$	—	$	(10,312	)	$	—	$	(10,312	)
Total Other Financial Instruments	$	—	$	(10,312	)	$	—	$	(10,312	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    36

Transamerica Global Real Estate Securities

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	All or a portion of the securities are on loan. The total value of all securities on loan is $325,007. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(B)	Non-income producing securities.
(C)	Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2019, the value of the security is $203,677, representing 0.9% of the Fund’s net assets.
(D)	Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2019, the total value of 144A securities is $467,343, representing 2.1% of the Fund’s net assets.
(E)	Rates disclosed reflect the yields at October 31, 2019.
(F)	The Fund receives or pays the total return on a fund of long positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specific benchmark, plus or minus a spread of 20 basis points. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. The specified benchmark used in determining the variable rate of interest is the Federal Funds Rate.
(G)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(H)	Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation).

CURRENCY ABBREVIATIONS:

AUD	Australian Dollar
CAD	Canadian Dollar
CHF	Swiss Franc
EUR	Euro
GBP	Pound Sterling
HKD	Hong Kong Dollar
ILS	Israel New Shekel
JPY	Japanese Yen
NOK	Norwegian Krone
NZD	New Zealand Dollar
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thai Baht
USD	United States Dollar
ZAR	South African Rand

COUNTERPARTY ABBREVIATIONS:

BNP	BNP Paribas
BOA	Bank of America, N.A.
CITI	Citibank, N.A.
GSI	Goldman Sachs International
HSBC	HSBC Bank USA
JPM	JPMorgan Chase Bank, N.A.
NOMI	Nomura International PLC
SSB	State Street Bank & Trust Co.
UBS	UBS AG

PORTFOLIO ABBREVIATIONS:

J-REIT	Japan-Real Estate Investment Trust
REIT	Real Estate Investment Trust

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    37

Transamerica International Value

(unaudited)

MARKET ENVIRONMENT

International equities advanced over the 12-month period ended on October 31, 2019. Asia ex-Japan was the top performing region as strong earnings from Australian and multinational companies offset economic concerns surrounding the protests in Hong Kong. The United Kingdom underperformed the rest of the MSCI ACWI ex-U.S. Index universe, as Brexit uncertainty lingered over the nation’s macroeconomic forecasts. Ten out of eleven benchmark sectors posted gains led by information technology and utilities. Energy was the lone sector in negative territory; materials also lagged the index.

PERFORMANCE

For the year ended October 31, 2019, Transamerica International Value (Class I2) returned 6.74%. By comparison, its benchmark, the MSCI ACWI ex-U.S. Index, returned 11.84%.

STRATEGY REVIEW

The Fund trailed its benchmark, the MSCI ACWI ex-U.S. Index for the fiscal year. Japan was the largest detractor from relative return on a regional basis with JXTG Holdings Inc. as the worst performer in the group. The refining company’s profits were negatively impacted by deteriorating market prices for petroleum and petrochemical products, although it continued to generate solid free cash flow throughout the cycle. Emerging markets was the top contributor to performance with Qualicorp Consultoria e Corretora de Seguros SA (“Qualicrop”) leading the group. Qualicorp provides health insurance and health-care services in Brazil. The business model is bolstered by stable free cash flow and subscriber growth. The company’s founder recently reduced his sizable stake in the business, which led to improvements in Qualicorp’s corporate governance.

The financial sector was the largest source of underperformance among sectors with Burford Capital, Ltd. ("Burford") as the primary drag on returns. Burford, which invests in legal claims, was subject to accusations from a short seller claiming it manipulated profitability metrics by inflating the returns on several investments. Burford’s management defended these claims by providing more disclosure on its ongoing investments. We believe Burford will continue to provide more evidence confirming the legitimacy of its accounting; we had not made any changes to our position at period end. Materials also detracted with ArcelorMittal as the weakest position in the group. The European steelmaker’s shares declined amid a difficult industry environment. While ArcelorMittal closed unprofitable plants, many of its peers continued to increase supply despite a narrowing spread between input costs and finished steel prices. We continue to believe ArcelorMittal will use free cash flow to pay down debt and subsequently deliver shareholder returns.

Industrials and utilities were the top contributors to relative return at the sector level. International Container Terminal Services Inc. was the leader in industrials. Despite escalating global trade tensions, the Philippines-based cargo terminal operator has seen sustained cash flows from shipping volume growth. Veolia Environnement SA led our utilities holdings. The French waste and water manager has generated significant growth and free cash flow from its operating segments as well as the disposal of non-core businesses.

During the fiscal year, the Fund utilized derivatives. These positions detracted from performance.

Brandon H. Harrell, CFA

Mark S. Tyler, CFA

Co-Portfolio Managers

Thompson, Siegel & Walmsley LLC

Asset Allocation	Percentage of Net Assets
Common Stocks		97.6	%
Other Investment Company		3.5
Preferred Stock		1.5
Net Other Assets (Liabilities)		(2.6	)
Total		100.0	%

Current and future portfolio holdings are subject to change and risk.

Transamerica Funds Annual Report 2019

Page    38

Transamerica International Value

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			10 Year or Since Inception			Inception Date
Class I2 (NAV)		6.74	%		(2.00	)%		08/31/2018
MSCI ACWI ex-U.S. Index (A)		11.84	%		2.24	%

^(A) The MSCI ACWI ex-U.S. Index captures large and mid-cap representation across developed and emerging markets countries, excluding the U.S.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or since inception date of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Investments in international markets involve risks not associated with U.S. markets, such as currency fluctuations, adverse social and political developments, and relatively small size and lesser liquidity of the markets. Value approach carries the risk that the market will not recognize a security’s intrinsic value for a long time or that an undervalued stock is actually appropriately priced.

Transamerica Funds Annual Report 2019

Page    39

Transamerica International Value

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Shares		Value
COMMON STOCKS - 97.6%
Australia - 3.6%
Challenger, Ltd.		7,380		$  40,496
Macquarie Group, Ltd.		1,240		114,474
Qantas Airways, Ltd.		11,306		49,958
Santos, Ltd.		25,708		143,901
				348,829
Belgium - 0.8%
KBC Group NV		1,074		75,320
Brazil - 1.9%
Ambev SA		6,350		27,518
Banco do Brasil SA		3,860		46,343
BR Properties SA (A)		12,100		36,658
Localiza Rent a Car SA		2,900		31,224
Petrobras Distribuidora SA		3,675		25,914
Qualicorp Consultoria e Corretora de Seguros SA		2,660		21,158
				188,815
Canada - 4.0%
Canadian Imperial Bank of Commerce		800		68,216
Canadian National Railway Co.		1,560		139,525
Fairfax Financial Holdings, Ltd.		120		50,839
Fairfax Holdings Corp. (A) (B)		2,500		28,250
RioCan, REIT		1,600		32,107
Suncor Energy, Inc.		1,700		50,544
Transcontinental, Inc., Class A		1,500		17,129
				386,610
China - 6.4%
Agricultural Bank of China, Ltd., H Shares		123,000		50,701
Alibaba Group Holding, Ltd., ADR (A)		707		124,906
Baidu, Inc., ADR (A)		207		21,083
China Construction Bank Corp., H Shares		86,000		69,252
China Petroleum & Chemical Corp., Class A		49,500		34,476
ENN Energy Holdings, Ltd.		4,230		48,476
JD.com, Inc., ADR (A)		1,668		51,958
Minth Group, Ltd.		8,000		28,382
NetEase, Inc., ADR		136		38,877
Tencent Holdings, Ltd.		3,290		134,691
Times China Holdings, Ltd.		10,760		19,279
				622,081
Czech Republic - 0.3%
Komercni banka as		797		26,940
Denmark - 2.0%
AP Moller - Maersk A/S, Class B		113		144,025
Maersk Drilling A/S (A)		978		55,186
				199,211
Egypt - 0.2%
ElSewedy Electric Co.		19,230		16,025
France - 7.6%
Airbus SE		1,012		144,945
Arkema SA		732		74,815
Engie SA		4,274		71,478
LVMH Moet Hennessy Louis Vuitton SE		179		76,362
Peugeot SA		2,676		67,749
Sanofi		1,793		165,218
Veolia Environnement SA		4,300		113,037
Vivendi SA		1,164		32,403
				746,007

	Shares		Value
COMMON STOCKS (continued)
Germany - 8.4%
Allianz SE		604		$   147,527
Bayer AG		1,776		137,822
Deutsche Boerse AG		507		78,570
Fresenius SE & Co. KGaA		1,407		73,950
Infineon Technologies AG		3,176		61,556
Merck KGaA		544		64,859
SAP SE		886		117,393
Siemens AG		730		84,169
TUI AG		4,452		58,119
				823,965
Greece - 0.3%
OPAP SA		2,411		26,218
Hong Kong - 3.9%
China Mobile, Ltd.		6,000		48,852
CK Hutchison Holdings, Ltd.		8,500		78,644
Guangdong Investment, Ltd.		12,107		26,266
Haier Electronics Group Co., Ltd.		16,000		45,738
Kerry Logistics Network, Ltd.		26,500		42,341
SITC International Holdings Co., Ltd.		38,000		41,948
Swire Pacific, Ltd., Class A		3,500		33,365
Swire Pacific, Ltd., Class B		23,900		35,380
WH Group, Ltd. (B)		27,500		29,199
				381,733
Hungary - 0.4%
Richter Gedeon Nyrt		2,240		41,514
India - 1.0%
ICICI Bank, Ltd., ADR		3,784		49,305
Vedanta, Ltd., ADR (C)		5,288		44,102
				93,407
Indonesia - 0.6%
AKR Corporindo Tbk PT		75,200		21,215
Semen Indonesia Persero Tbk PT		44,900		40,463
				61,678
Ireland - 3.0%
AIB Group PLC		20,335		65,136
DCC PLC		876		82,109
Ryanair Holdings PLC, ADR (A)		828		61,802
Smurfit Kappa Group PLC		2,577		85,936
				294,983
Italy - 1.8%
Eni SpA		6,842		103,551
Mediobanca Banca di Credito Finanziario SpA		6,043		71,778
				175,329
Japan - 16.7%
Astellas Pharma, Inc.		5,100		87,771
FANUC Corp.		180		36,003
Hikari Tsushin, Inc.		360		79,407
Hitachi, Ltd.		2,700		101,735
JXTG Holdings, Inc.		25,100		118,399
Kenedix, Inc.		13,310		72,842
Kuraray Co., Ltd.		4,800		57,694
MS&AD Insurance Group Holdings, Inc.		2,200		71,486
Nintendo Co., Ltd.		130		46,491
Olympus Corp.		4,310		59,069
ORIX Corp.		1,790		28,286

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    40

Transamerica International Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Shares		Value
COMMON STOCKS (continued)
Japan (continued)
Rakuten, Inc.		4,710		$   45,273
Seven & i Holdings Co., Ltd.		2,450		93,018
SoftBank Group Corp.		2,750		106,700
Sony Corp.		3,320		203,676
Sumitomo Mitsui Financial Group, Inc. (C)		3,600		129,345
Toshiba Corp.		2,860		98,123
Toyota Motor Corp.		2,510		175,298
Trend Micro, Inc.		500		25,465
				1,636,081
Luxembourg - 2.1%
ArcelorMittal		6,005		88,606
Eurofins Scientific SE		108		54,710
Millicom International Cellular SA, SDR (C)		1,320		60,151
				203,467
Malaysia - 0.6%
Malayan Banking Bhd.		18,700		38,488
Sime Darby Property Bhd.		117,300		20,352
				58,840
Mexico - 1.0%
Alpek SAB de CV		13,000		14,050
Arca Continental SAB de CV		2,900		16,209
Fomento Economico Mexicano SAB de CV		2,461		21,875
Grupo Aeroportuario del Centro Norte SAB de CV		7,200		49,964
				102,098
Netherlands - 3.8%
ASML Holding NV		360		94,354
Heineken NV		767		78,238
Koninklijke Philips NV		2,109		92,370
NXP Semiconductors NV		745		84,692
Prosus NV (A)		319		21,998
				371,652
Norway - 0.6%
Mowi ASA		2,366		57,683
Philippines - 0.4%
International Container Terminal Services, Inc.		15,850		37,075
Republic of Korea - 1.4%
Com2uSCorp		538		45,456
Fila Korea, Ltd.		401		19,853
Hana Financial Group, Inc.		1,413		40,928
NCSoft Corp.		61		27,054
				133,291
Republic of South Africa - 0.5%
Naspers, Ltd., N Shares		319		45,297
Russian Federation - 1.7%
Lukoil PJSC, ADR		831		76,502
PhosAgro PJSC, GDR (D)		3,358		42,243
Sberbank of Russia PJSC, ADR		3,204		47,107
				165,852
Singapore - 1.2%
DBS Group Holdings, Ltd.		6,000		114,668
Sweden - 0.5%
Loomis AB, Class B		1,227		47,399

	Shares		Value
COMMON STOCKS (continued)
Switzerland - 6.0%
Alcon, Inc. (A)		353		$   20,847
Nestle SA		2,029		216,619
Novartis AG		1,767		154,203
Pargesa Holding SA		892		70,438
UBS Group AG (A)		6,144		72,495
Wizz Air Holdings PLC (A) (B)		1,101		54,394
				588,996
Taiwan - 3.1%
Chailease Holding Co., Ltd.		9,816		44,339
Delta Electronics, Inc.		7,200		31,695
Hon Hai Precision Industry Co., Ltd.		8,000		21,182
Taiwan High Speed Rail Corp.		22,820		27,025
Taiwan Semiconductor Manufacturing Co., Ltd.		14,950		146,600
Yuanta Financial Holding Co., Ltd.		59,800		37,424
				308,265
Thailand - 0.5%
Bangkok Bank PCL, NVDR		7,800		44,948
Turkey - 0.5%
Tofas Turk Otomobil Fabrikasi AS		5,237		20,500
Tupras Turkiye Petrol Rafinerileri AS		1,496		32,577
				53,077
United Kingdom - 9.3%
Aviva PLC		18,990		102,134
Barratt Developments PLC		5,607		45,844
British Land Co. PLC, REIT		11,189		89,948
Cineworld Group PLC		11,986		34,576
HSBC Holdings PLC		21,261		160,561
Imperial Brands PLC		1,192		26,132
Informa PLC		5,977		60,003
Persimmon PLC		1,379		40,674
Tesco PLC		38,957		118,689
Unilever PLC		2,417		144,724
Vodafone Group PLC		20,074		40,928
William Hill PLC		17,690		45,279
				909,492
United States - 1.0%
Burford Capital, Ltd. (C)		4,250		48,419
Cott Corp. (C)		3,800		48,816
				97,235
Uruguay - 0.5%
Arcos Dorados Holdings, Inc., Class A		6,244		46,643
Total Common Stocks (Cost $9,782,088)				9,530,724
PREFERRED STOCK - 1.5%
Republic of Korea - 1.5%
Samsung Electronics Co., Ltd., 3.29% (E)		4,198		148,118
Total Preferred Stock (Cost $146,048)				148,118

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    41

Transamerica International Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Shares		Value
OTHER INVESTMENT COMPANY - 3.5%
Securities Lending Collateral - 3.5%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.75% (E)		340,311		$   340,311
Total Other Investment Company (Cost $340,311)				340,311
Total Investments (Cost $10,268,447)				10,019,153
Net Other Assets (Liabilities)  - (2.6)%				(251,515	)
Net Assets  - 100.0%				$  9,767,638

INVESTMENTS BY INDUSTRY (unaudited):

Industry	Percentage of Total Investments			Value
Banks		11.0	%	$	1,099,036
Pharmaceuticals		6.5			651,387
Oil, Gas & Consumable Fuels		5.6			559,950
Semiconductors & Semiconductor Equipment		3.9			387,202
Capital Markets		3.8			379,632
Insurance		3.7			371,986
Industrial Conglomerates		3.4			343,045
Household Durables		3.4			335,932
Food Products		3.0			303,501
Internet & Direct Marketing Retail		2.9			289,432
Automobiles		2.6			263,547
Wireless Telecommunication Services		2.6			256,631
Entertainment		2.2			224,857
Real Estate Management & Development		2.2			217,876
Food & Staples Retailing		2.1			211,707
Beverages		1.9			192,656
Chemicals		1.9			188,802
Marine		1.9			185,973
Multi-Utilities		1.8			184,515
Diversified Financial Services		1.8			183,559
Hotels, Restaurants & Leisure		1.8			176,259
Health Care Equipment & Supplies		1.7			172,286
Road & Rail		1.7			170,749
Airlines		1.7			166,154
Interactive Media & Services		1.6			155,774
Electronic Equipment, Instruments & Components		1.5			154,612
Technology Hardware, Storage & Peripherals		1.5			148,118
Aerospace & Defense		1.4			144,945
Personal Products		1.4			144,724
Software		1.4			142,858
Metals & Mining		1.3			132,708
Equity Real Estate Investment Trusts		1.2			122,055
Transportation Infrastructure		1.1			114,064
Specialty Retail		1.1			105,321
Textiles, Apparel & Luxury Goods		1.0			96,215
Health Care Providers & Services		0.9			95,108
Containers & Packaging		0.9			85,936
Commercial Services & Supplies		0.6			64,528
Media		0.6			60,003
Energy Equipment & Services		0.5			55,186
Life Sciences Tools & Services		0.5			54,710
Gas Utilities		0.5			48,476

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    42

Transamerica International Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

INVESTMENTS BY INDUSTRY (unaudited) (continued):

Industry	Percentage of Total Investments			Value
Air Freight & Logistics		0.4	%	$	42,341
Construction Materials		0.4			40,463
Machinery		0.4			36,003
Auto Components		0.3			28,382
Water Utilities		0.3			26,266
Tobacco		0.3			26,132
Trading Companies & Distributors		0.2			21,215
Electrical Equipment		0.2			16,025
Investments		96.6			9,678,842
Short-Term Investments		3.4			340,311
Total Investments		100.0	%	$	10,019,153

SECURITY VALUATION:

Valuation Inputs ^(F)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	1,415,559	$	8,115,165	$	—	$	9,530,724
Preferred Stock		—		148,118		—		148,118
Other Investment Company		340,311		—		—		340,311
Total Investments	$	1,755,870	$	8,263,283	$	—	$	10,019,153

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2019, the total value of 144A securities is $111,843, representing 1.1% of the Fund’s net assets.
(C)	All or a portion of the securities are on loan. The total value of all securities on loan is $323,986. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(D)	Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At October 31, 2019, the value of the Regulation S security is $42,243, representing 0.4% of the Fund’s net assets.
(E)	Rates disclosed reflect the yields at October 31, 2019.
(F)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATIONS:

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
NVDR	Non-Voting Depository Receipt
REIT	Real Estate Investment Trust
SDR	Swedish Depositary Receipt

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    43

Transamerica Long/Short Strategy

(unaudited)

MARKET ENVIRONMENT

At the beginning of the fiscal year, in November of 2018, U.S. equity markets produced positive results, a step upward after the October 2018 sell-off. Intermittent volatility still roiled markets, with questions abounding on the U.S.-China trade narrative and whether we have reached peak corporate earnings. Trade tensions briefly eased following the G-20 Summit, where President Trump and China’s President Xi agreed to a short-term truce. The market ended the month of December 2018 down, correcting again after the decline seen in October 2018. Episodic volatility continued to shake the market, with fears surrounding trade, overextended corporate earnings, and declining global Purchasing Managers Index (“PMIs”) raising concerns. Despite periodic market shocks, many market and economic indicators still were favorable, including consumer and small business confidence, wages, and same store retail sales.

The market bounced back in the first quarter of 2019, making up for losses experienced at the end of 2018. While consensus remained that the U.S. Federal Reserve (“Fed”) would keep rates steady, alleviating some recessionary fears, volatility escalated in May 2019 with increased tensions surrounding tariffs between the U.S. and China, in addition to proposed U.S. tariffs on Mexico. Investors took risk off the table given new developments in the trade narrative and signs of slower economic growth globally, despite a still generally constructive earnings backdrop in the U.S. Markets moved higher in July 2019 as well, with signs of easing global monetary policy, continuing strength in corporate earnings, and abating trade tensions. Market gains were lost come August 2019, however, with the Fed’s move to cut rates, together with President Trump’s surprise tariff proposal, leading to risk-off sentiment. The market again rebounded in September 2019, accompanied by a meaningful rotation from growth into value.

The market moved higher in October 2019 on the heels of September’s rally, with corporate earnings and consumer strength driving the advance. Corporate profits have been solid in the third quarter of 2019, with most of S&P 500^® companies beating bottom-line estimates thus far. The unemployment rate remains at record lows, which has helped to sustain high consumer confidence. While trade remains a concern, negotiations have been more constructive lately, with a “Phase One” deal outlined in mid-October. The Fed also showed a more accommodative stance by cutting the federal funds rate at its latest meeting.

PERFORMANCE

For the year ended October 31, 2019, Transamerica Long/Short Strategy (Class I2) returned 6.71%. By comparison, its primary and secondary benchmarks, the ICE BofAML 3-Month Treasury Bill Index and the S&P 500^®, returned 2.40% and 14.33%, respectively.

STRATEGY REVIEW

The Fund outperformed its primary benchmark with basic materials, software & hardware and financial services sectors contributing to performance, while pharma & healthcare, energy and consumer staple sectors detracted.

Within media, a long position in Alphabet, Inc., Class C (“Alphabet”) contributed to performance as the company reported a good third quarter in 2019 with revenue upside, better expense management, and improved disclosure from management, explaining some of the underlying drivers of the second quarter sell-off. Alphabet also announced the authorization of a stock buyback program. We expect Alphabet to grow its top line for the next several years with stabilizing margins. In software & hardware, an overweight to Anaplan helped performance. The company has reported consistently strong growth on important metrics such as subscription revenue, billings and bookings. Investor sentiment remains positive as Anaplan expects meaningful uptake of its solutions.

Within retail, a short position in Chipotle Mexican Grill, Inc. detracted from performance as the company posted strong second quarter results. However, the stock looks very expensive in our view and we foresee challenges ahead as tailwinds from the company’s growth initiatives may subside in the near future. In energy, a long position in EOG Resources, Inc. weighed on returns. Sector-wide operational fears surrounding Concho Resources well spacing test, which indicated well spacing was too tight, drove the stock down. Investors’ bearish outlook on oil prices further hurt the stock.

Raffaele Zingone, CFA

Steven G. Lee

Co-Portfolio Managers

J.P. Morgan Investment Management Inc.

Asset Allocation	Percentage of Net Assets
Common Stocks		107.0	%
Common Stocks Sold Short		(75.4	)
Net Other Assets (Liabilities) ^		68.4
Total		100.0	%

Current and future portfolio holdings are subject to change and risk.

^ The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral.

Transamerica Funds Annual Report 2019

Page    44

Transamerica Long/Short Strategy

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class I2 (NAV)		6.71	%		3.21	%		2.88	%		01/03/2007
ICE BofAML 3-Month Treasury Bill Index (A)		2.40	%		1.02	%		0.56	%
S&P 500® (B)		14.33	%		10.78	%		13.70	%

^(A) The ICE BofAML 3-Month Treasury Bill Index is comprised of a single issue purchased at the beginning of the month, which is subsequently sold at the end of the month and rolled into a newly selected issue. The issue selected at each month-end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date.

^(B) The S&P 500^® is market-capitalization weighted index of 500 large U.S. companies with common stock listed on the NYSE or NASDAQ.

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or since inception date of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Securities purchased for an arbitrage strategy are intended to take advantage of a perceived relationship between the value of two securities and may not perform as expected. The Fund is only available in Class I2 shares, which are not available for direct investment by the public.

Transamerica Funds Annual Report 2019

Page    45

Transamerica Long/Short Strategy

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Shares		Value
COMMON STOCKS - 107.0%
Aerospace & Defense - 2.8%
General Dynamics Corp. (A)		710		$  125,528
Northrop Grumman Corp.		319		112,441
United Technologies Corp.		208		29,865
				267,834
Airlines - 0.8%
United Airlines Holdings, Inc. (B)		807		73,308
Banks - 3.8%
Bank of America Corp.		1,591		49,750
Citigroup, Inc.		1,866		134,091
First Horizon National Corp.		2,043		32,627
KeyCorp		5,061		90,946
Regions Financial Corp.		3,319		53,436
				360,850
Beverages - 2.0%
Coca-Cola Co.		1,934		105,267
Constellation Brands, Inc., Class A		294		55,957
PepsiCo, Inc.		210		28,806
				190,030
Biotechnology - 1.8%
AbbVie, Inc.		498		39,616
Alexion Pharmaceuticals, Inc. (B)		199		20,974
Celgene Corp. (B)		1,024		110,623
				171,213
Building Products - 0.2%
Masco Corp.		510		23,588
Capital Markets - 1.8%
Ameriprise Financial, Inc.		229		34,554
BlackRock, Inc.		81		37,398
Intercontinental Exchange, Inc.		454		42,821
S&P Global, Inc.		113		29,153
T. Rowe Price Group, Inc.		269		31,150
				175,076
Chemicals - 5.2%
Air Products & Chemicals, Inc.		295		62,912
Celanese Corp. (A)		913		110,610
CF Industries Holdings, Inc.		302		13,696
Corteva, Inc. (B)		543		14,324
DuPont de Nemours, Inc.		916		60,373
FMC Corp.		584		53,436
Linde PLC		906		179,705
				495,056
Commercial Services & Supplies - 0.7%
Waste Management, Inc.		583		65,418
Consumer Finance - 0.7%
Synchrony Financial		1,965		69,502
Containers & Packaging - 0.4%
Crown Holdings, Inc. (B)		494		35,983
Electric Utilities - 5.3%
American Electric Power Co., Inc.		422		39,833
Edison International		1,906		119,887
Entergy Corp.		456		55,395
NextEra Energy, Inc. (A)		789		188,050
Xcel Energy, Inc.		1,573		99,901
				503,066

	Shares		Value
COMMON STOCKS (continued)
Electrical Equipment - 0.5%
Eaton Corp. PLC		520		$   45,297
Entertainment - 0.3%
Netflix, Inc. (B)		96		27,591
Equity Real Estate Investment Trusts - 3.4%
Equinix, Inc.		102		57,812
Invitation Homes, Inc.		1,535		47,263
Prologis, Inc.		1,792		157,266
Ventas, Inc.		440		28,644
VICI Properties, Inc.		1,270		29,908
				320,893
Food & Staples Retailing - 0.4%
Costco Wholesale Corp.		117		34,762
Food Products - 1.6%
Conagra Brands, Inc.		682		18,448
General Mills, Inc.		172		8,748
Mondelez International, Inc., Class A (A)		2,434		127,663
				154,859
Health Care Equipment & Supplies - 3.0%
Boston Scientific Corp. (A) (B)		3,433		143,156
Intuitive Surgical, Inc. (B)		118		65,248
Medtronic PLC		190		20,691
Zimmer Biomet Holdings, Inc.		441		60,960
				290,055
Health Care Providers & Services - 3.6%
Cigna Corp. (A) (B)		845		150,799
HCA Healthcare, Inc.		498		66,503
UnitedHealth Group, Inc.		443		111,946
Universal Health Services, Inc., Class B		94		12,921
				342,169
Hotels, Restaurants & Leisure - 2.0%
Hilton Worldwide Holdings, Inc.		243		23,561
Royal Caribbean Cruises, Ltd.		303		32,976
Yum! Brands, Inc.		1,355		137,817
				194,354
Household Durables - 0.9%
D.R. Horton, Inc.		458		23,986
Lennar Corp., Class A		1,054		62,818
				86,804
Household Products - 0.8%
Procter & Gamble Co.		639		79,562
Industrial Conglomerates - 1.5%
Honeywell International, Inc.		809		139,739
Insurance - 1.4%
Aon PLC		75		14,487
Axis Capital Holdings, Ltd.		623		37,025
Hartford Financial Services Group, Inc.		575		32,821
Progressive Corp.		310		21,607
Prudential Financial, Inc.		328		29,894
				135,834
Interactive Media & Services - 6.4%
Alphabet, Inc., Class C (A) (B)		401		505,304
Facebook, Inc., Class A (B)		228		43,696
Snap, Inc., Class A (B)		3,909		58,870
				607,870

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    46

Transamerica Long/Short Strategy

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Shares		Value
COMMON STOCKS (continued)
Internet & Direct Marketing Retail - 4.3%
Amazon.com, Inc. (A) (B)		182		$   323,352
Expedia Group, Inc.		599		81,859
				405,211
IT Services - 8.8%
Automatic Data Processing, Inc.		581		94,256
Fidelity National Information Services, Inc.		1,045		137,689
Fiserv, Inc. (B)		2,014		213,766
Leidos Holdings, Inc.		643		55,446
Mastercard, Inc., Class A (A)		656		181,588
PayPal Holdings, Inc. (B)		643		66,936
WEX, Inc. (B)		479		90,617
				840,298
Life Sciences Tools & Services - 0.5%
Thermo Fisher Scientific, Inc.		143		43,183
Machinery - 2.5%
Deere & Co.		258		44,928
Ingersoll-Rand PLC		832		105,572
Parker-Hannifin Corp.		150		27,524
Stanley Black & Decker, Inc.		417		63,105
				241,129
Media - 3.7%
Altice, Inc., Class A (B)		3,009		93,129
Charter Communications, Inc., Class A (B)		275		128,661
Comcast Corp., Class A		1,209		54,187
Discovery, Inc., Class A (B)		2,226		60,002
Discovery, Inc., Class C (B)		512		12,923
				348,902
Multi-Utilities - 0.7%
CMS Energy Corp.		456		29,148
Sempra Energy		242		34,971
				64,119
Multiline Retail - 0.3%
Dollar General Corp.		176		28,220
Oil, Gas & Consumable Fuels - 7.2%
Chevron Corp.		1,022		118,695
ConocoPhillips		502		27,710
Diamondback Energy, Inc.		1,041		89,276
EOG Resources, Inc. (A)		971		67,300
Marathon Petroleum Corp.		1,647		105,326
ONEOK, Inc.		1,129		78,838
Parsley Energy, Inc., Class A		3,099		48,995
Pioneer Natural Resources Co.		605		74,427
TC Energy Corp.		1,477		74,338
				684,905
Pharmaceuticals - 0.3%
Merck & Co., Inc.		290		25,131
Road & Rail - 6.6%
Canadian Pacific Railway, Ltd.		255		57,964
Kansas City Southern		750		105,585
Lyft, Inc., Class A (B)		573		23,745
Norfolk Southern Corp. (A)		1,780		323,960
Union Pacific Corp. (A)		708		117,146
				628,400

	Shares			Value
COMMON STOCKS (continued)
Semiconductors & Semiconductor Equipment - 6.8%
Advanced Micro Devices, Inc. (B)		2,579			$   87,505
Analog Devices, Inc.		731			77,946
NVIDIA Corp. (A)		904			181,722
NXP Semiconductors NV		753			85,601
ON Semiconductor Corp. (B)		569			11,608
Taiwan Semiconductor Manufacturing Co., Ltd., ADR		1,590			82,092
Teradyne, Inc.		601			36,793
Texas Instruments, Inc. (A)		721			85,071
					648,338
Software - 5.7%
Intuit, Inc.		272			70,040
Microsoft Corp. (A)		1,436			205,879
salesforce.com, Inc. (A) (B)		1,022			159,933
ServiceNow, Inc. (B)		257			63,546
Slack Technologies, Inc., Class A (B)		1,452			31,944
Workday, Inc., Class A (B)		92			14,919
					546,261
Specialty Retail - 6.4%
AutoZone, Inc. (B)		85			97,272
Best Buy Co., Inc.		732			52,580
Home Depot, Inc.		225			52,780
Lowe’s Cos., Inc.		826			92,190
O’Reilly Automotive, Inc. (A) (B)		316			137,621
Ross Stores, Inc.		707			77,537
TJX Cos., Inc.		1,744			100,542
					610,522
Textiles, Apparel & Luxury Goods - 0.9%
NIKE, Inc., Class B		991			88,744
Tobacco - 0.6%
Philip Morris International, Inc.		651			53,017
Wireless Telecommunication Services - 0.4%
T-Mobile, Inc. (B)		485			40,090
Total Common Stocks (Cost $8,607,015)					10,187,183
Total Investments Before Securities Sold Short (Cost $8,607,015)					10,187,183
SECURITIES SOLD SHORT - (75.4)%
COMMON STOCKS - (75.4)%
Aerospace & Defense - (1.8)%
Boeing Co.		(119	)		(40,449	)
Huntington Ingalls Industries, Inc.		(587	)		(132,463	)
					(172,912	)
Air Freight & Logistics - (1.3)%
CH Robinson Worldwide, Inc.		(585	)		(44,250	)
Expeditors International of Washington, Inc.		(549	)		(40,044	)
United Parcel Service, Inc., Class B		(302	)		(34,781	)
					(119,075	)
Auto Components - (1.2)%
Autoliv, Inc.		(1,185	)		(92,240	)
BorgWarner, Inc.		(426	)		(17,756	)
					(109,996	)
Automobiles - (1.1)%
General Motors Co.		(1,438	)		(53,436	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    47

Transamerica Long/Short Strategy

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Shares			Value
SECURITIES SOLD SHORT (continued)
COMMON STOCKS (continued)
Automobiles (continued)
Harley-Davidson, Inc.		(606	)		$   (23,580	)
Tesla, Inc.		(73	)		(22,989	)
					(100,005	)
Banks - (1.9)%
Associated Banc-Corp.		(2,727	)		(54,840	)
BancorpSouth Bank		(774	)		(23,739	)
Commerce Bancshares, Inc.		(406	)		(26,130	)
Huntington Bancshares, Inc.		(2,150	)		(30,379	)
People’s United Financial, Inc.		(2,675	)		(43,255	)
PNC Financial Services Group, Inc.		(31	)		(4,548	)
					(182,891	)
Beverages - (1.2)%
Brown-Forman Corp., Class B		(1,695	)		(111,056	)
Biotechnology - (1.1)%
Amgen, Inc.		(300	)		(63,975	)
Gilead Sciences, Inc.		(624	)		(39,755	)
					(103,730	)
Building Products - (1.0)%
Johnson Controls International PLC		(634	)		(27,471	)
Lennox International, Inc.		(293	)		(72,477	)
					(99,948	)
Capital Markets - (3.0)%
Bank of New York Mellon Corp.		(1,290	)		(60,308	)
Charles Schwab Corp.		(1,631	)		(66,398	)
Franklin Resources, Inc.		(1,019	)		(28,073	)
Northern Trust Corp.		(312	)		(31,100	)
State Street Corp.		(861	)		(56,886	)
Waddell & Reed Financial, Inc., Class A		(2,653	)		(43,934	)
					(286,699	)
Chemicals - (1.4)%
Albemarle Corp.		(1,114	)		(67,664	)
Ecolab, Inc.		(150	)		(28,811	)
LyondellBasell Industries NV, Class A		(397	)		(35,611	)
					(132,086	)
Communications Equipment - (1.2)%
Cisco Systems, Inc.		(927	)		(44,042	)
Juniper Networks, Inc.		(2,791	)		(69,272	)
					(113,314	)
Containers & Packaging - (2.2)%
Avery Dennison Corp.		(365	)		(46,669	)
Ball Corp.		(871	)		(60,944	)
International Paper Co.		(1,349	)		(58,924	)
Sonoco Products Co.		(740	)		(42,698	)
					(209,235	)
Diversified Telecommunication Services - (1.3)%
AT&T, Inc.		(3,287	)		(126,517	)
Electric Utilities - (3.2)%
Duke Energy Corp.		(1,918	)		(180,791	)
Eversource Energy		(672	)		(56,273	)
Pinnacle West Capital Corp.		(742	)		(69,837	)
					(306,901	)
Electrical Equipment - (1.7)%
Acuity Brands, Inc.		(580	)		(72,378	)

	Shares			Value
SECURITIES SOLD SHORT (continued)
COMMON STOCKS (continued)
Electrical Equipment (continued)
Hubbell, Inc.		(177	)		$   (25,081	)
Rockwell Automation, Inc.		(387	)		(66,560	)
					(164,019	)
Electronic Equipment, Instruments & Components - (0.2)%
Amphenol Corp., Class A		(167	)		(16,755	)
Energy Equipment & Services - (1.9)%
Baker Hughes Co., Class A		(778	)		(16,649	)
Halliburton Co.		(5,151	)		(99,157	)
National Oilwell Varco, Inc.		(1,024	)		(23,163	)
Schlumberger, Ltd.		(1,243	)		(40,633	)
					(179,602	)
Entertainment - (1.2)%
Activision Blizzard, Inc.		(523	)		(29,304	)
Cinemark Holdings, Inc.		(1,101	)		(40,296	)
Take-Two Interactive Software, Inc.		(257	)		(30,930	)
Walt Disney Co.		(109	)		(14,161	)
					(114,691	)
Equity Real Estate Investment Trusts - (3.0)%
Apartment Investment & Management Co., Class A		(619	)		(33,971	)
Apple Hospitality, Inc.		(1,475	)		(24,308	)
Iron Mountain, Inc.		(584	)		(19,155	)
Macerich Co.		(1,449	)		(39,847	)
Realty Income Corp.		(826	)		(67,559	)
Regency Centers Corp.		(359	)		(24,139	)
Simon Property Group, Inc.		(517	)		(77,902	)
					(286,881	)
Food & Staples Retailing - (2.1)%
Kroger Co.		(4,555	)		(112,235	)
Walgreens Boots Alliance, Inc.		(1,583	)		(86,717	)
					(198,952	)
Food Products - (0.8)%
Hershey Co.		(241	)		(35,396	)
Kellogg Co.		(703	)		(44,661	)
					(80,057	)
Health Care Equipment & Supplies - (0.6)%
Abbott Laboratories		(369	)		(30,852	)
DENTSPLY SIRONA, Inc.		(436	)		(23,884	)
					(54,736	)
Health Care Providers & Services - (3.1)%
AmerisourceBergen Corp.		(851	)		(72,658	)
Cardinal Health, Inc.		(2,142	)		(105,922	)
Henry Schein, Inc.		(1,372	)		(85,867	)
Patterson Cos., Inc.		(1,713	)		(29,344	)
					(293,791	)
Health Care Technology - (0.6)%
Cerner Corp.		(799	)		(53,629	)
Hotels, Restaurants & Leisure - (1.8)%
Chipotle Mexican Grill, Inc.		(147	)		(114,390	)
Domino’s Pizza, Inc.		(116	)		(31,508	)
Starbucks Corp.		(263	)		(22,239	)
					(168,137	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    48

Transamerica Long/Short Strategy

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Shares			Value
SECURITIES SOLD SHORT (continued)
COMMON STOCKS (continued)
Household Durables - (0.6)%
PulteGroup, Inc.		(386	)		$   (15,146	)
Toll Brothers, Inc.		(1,171	)		(46,571	)
					(61,717	)
Household Products - (1.5)%
Clorox Co.		(401	)		(59,224	)
Colgate-Palmolive Co.		(1,239	)		(84,995	)
					(144,219	)
Industrial Conglomerates - (1.1)%
3M Co.		(640	)		(105,594	)
Insurance - (1.2)%
Everest RE Group, Ltd.		(127	)		(32,651	)
Principal Financial Group, Inc.		(345	)		(18,416	)
Travelers Cos., Inc.		(320	)		(41,939	)
Unum Group		(806	)		(22,197	)
					(115,203	)
Internet & Direct Marketing Retail - (1.4)%
eBay, Inc.		(3,839	)		(135,325	)
IT Services - (2.2)%
Infosys, Ltd., ADR		(3,838	)		(36,806	)
Jack Henry & Associates, Inc.		(406	)		(57,473	)
Paychex, Inc.		(354	)		(29,609	)
Western Union Co.		(3,297	)		(82,623	)
					(206,511	)
Leisure Products - (0.5)%
Hasbro, Inc.		(167	)		(16,251	)
Mattel, Inc.		(2,900	)		(34,626	)
					(50,877	)
Life Sciences Tools & Services - (1.0)%
PerkinElmer, Inc.		(353	)		(30,344	)
Waters Corp.		(289	)		(61,158	)
					(91,502	)
Machinery - (1.4)%
Donaldson Co., Inc.		(1,279	)		(67,454	)
Illinois Tool Works, Inc.		(387	)		(65,241	)
					(132,695	)
Media - (3.1)%
AMC Networks, Inc., Class A		(1,210	)		(52,696	)
Fox Corp., Class A		(1,381	)		(44,247	)
Interpublic Group of Cos., Inc.		(2,185	)		(47,524	)
Omnicom Group, Inc.		(1,522	)		(117,483	)
Sirius XM Holdings, Inc.		(4,918	)		(33,049	)
					(294,999	)
Multi-Utilities - (2.6)%
Consolidated Edison, Inc.		(264	)		(24,346	)
Dominion Energy, Inc.		(2,588	)		(213,639	)
DTE Energy Co.		(111	)		(14,133	)
					(252,118	)
Multiline Retail - (1.0)%
Kohl’s Corp.		(1,179	)		(60,436	)
Macy’s, Inc.		(1,994	)		(30,229	)
					(90,665	)

	Shares			Value
SECURITIES SOLD SHORT (continued)
COMMON STOCKS (continued)
Oil, Gas & Consumable Fuels - (4.4)%
Apache Corp.		(4,265	)		$   (92,380	)
Enbridge, Inc.		(2,464	)		(89,714	)
Exxon Mobil Corp.		(1,162	)		(78,516	)
Hess Corp.		(424	)		(27,878	)
Kinder Morgan, Inc.		(720	)		(14,385	)
Occidental Petroleum Corp.		(1,324	)		(53,622	)
Phillips 66		(268	)		(31,308	)
Range Resources Corp.		(4,063	)		(16,374	)
Valero Energy Corp.		(160	)		(15,517	)
					(419,694	)
Paper & Forest Products - (0.1)%
Domtar Corp.		(345	)		(12,554	)
Professional Services - (1.2)%
Robert Half International, Inc.		(1,997	)		(114,368	)
Road & Rail - (2.0)%
Heartland Express, Inc.		(3,854	)		(80,549	)
JB Hunt Transport Services, Inc.		(430	)		(50,551	)
Knight-Swift Transportation Holdings, Inc.		(396	)		(14,438	)
Schneider National, Inc., Class B		(1,367	)		(31,263	)
Werner Enterprises, Inc.		(400	)		(14,600	)
					(191,401	)
Semiconductors & Semiconductor Equipment - (1.7)%
Applied Materials, Inc.		(34	)		(1,845	)
Intel Corp.		(1,324	)		(74,845	)
Qorvo, Inc.		(429	)		(34,689	)
QUALCOMM, Inc.		(611	)		(49,149	)
					(160,528	)
Software - (1.2)%
Citrix Systems, Inc.		(431	)		(46,918	)
Splunk, Inc.		(128	)		(15,355	)
Teradata Corp.		(1,814	)		(54,293	)
					(116,566	)
Specialty Retail - (2.8)%
Abercrombie & Fitch Co., Class A		(740	)		(11,980	)
Ascena Retail Group, Inc.		(13,803	)		(4,861	)
Bed Bath & Beyond, Inc.		(3,121	)		(42,758	)
Buckle, Inc.		(850	)		(17,782	)
CarMax, Inc.		(75	)		(6,988	)
Designer Brands, Inc., Class A		(2,399	)		(39,583	)
Express, Inc.		(2,003	)		(6,450	)
Gap, Inc.		(2,288	)		(37,203	)
L Brands, Inc.		(1,742	)		(29,684	)
Williams-Sonoma, Inc.		(1,015	)		(67,792	)
					(265,081	)
Technology Hardware, Storage & Peripherals - (3.4)%
Hewlett Packard Enterprise Co.		(4,107	)		(67,396	)
NetApp, Inc.		(944	)		(52,751	)
Seagate Technology PLC		(2,197	)		(127,492	)
Western Digital Corp.		(1,496	)		(77,268	)
					(324,907	)
Textiles, Apparel & Luxury Goods - (0.7)%
Canada Goose Holdings, Inc.		(340	)		(14,222	)
Under Armour, Inc., Class A		(1,667	)		(34,424	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    49

Transamerica Long/Short Strategy

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Shares			Value
SECURITIES SOLD SHORT (continued)
COMMON STOCKS (continued)
Textiles, Apparel & Luxury Goods (continued)
Under Armour, Inc., Class C		(866	)		$   (16,021	)
					(64,667	)
Trading Companies & Distributors - (0.4)%
Fastenal Co.		(1,150	)		(41,331	)
Total Common Stocks (Proceeds $(7,261,794))					(7,178,137	)
Total Securities Sold Short (Proceeds $(7,261,794))					(7,178,137	)
Net Other Assets (Liabilities), Net of Securities Sold Short - 68.4%					6,506,649
Net Assets - 100.0%					$  9,515,695

SECURITY VALUATION:

Valuation Inputs ^(C)

	Level 1 -  Unadjusted Quoted Prices			Level 2 -  Other Significant Observable Inputs		Level 3 -  Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	10,187,183		$	—	$	—	$	10,187,183
Total Investments	$	10,187,183		$	—	$	—	$	10,187,183
LIABILITIES
Securities Sold Short
Common Stocks	$	(7,178,137	)	$	—	$	—	$	(7,178,137	)
Total Securities Sold Short	$	(7,178,137	)	$	—	$	—	$	(7,178,137	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	All or a portion of these securities have been segregated as collateral for open securities sold short transactions. The total value of such securities is $2,356,811.
(B)	Non-income producing securities.
(C)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATION:

ADR American Depositary Receipt

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    50

Transamerica Mid Cap Value

(unaudited)

MARKET ENVIRONMENT

U.S. equity markets began the 2019 fiscal year up modestly in November after the October sell-off. Intermittent volatility still roiled markets, with questions abounding on the U.S./China trade narrative and whether we had reached peak corporate earnings. Trade tensions eased briefly after the G20 Summit, where President Trump and China’s President Xi agreed to a short-term truce. The market corrected again in December, closing down as it priced in added risk and uncertainty. With the sell-off, S&P 500^® Index (“S&P 500^®”) price-to-earnings multiples compressed from over 18x at the year’s onset to 14x by the year’s end.

Episodic volatility continued to shake the market throughout the fiscal year, with fears surrounding trade, overextended corporate earnings, and declining global Purchasing Managers’ Index (“PMIs”) raising concerns. While consensus held that the U.S. Federal Reserve (“Fed”) would keep rates steady, alleviating some recessionary fears, volatility escalated in May with increased tensions surrounding tariffs between the U.S. and China and proposed U.S. tariffs on Mexico. Investors took risk off the table given new developments in the trade narrative and signs of slower economic growth globally, despite a still generally constructive earnings backdrop in the U.S. Driven mostly by improved hopes of a trade deal between the U.S. and China, the strong performance in equities provided both relief and hope to investors, driving the S&P 500^® to fresh highs in June 2019. Markets moved higher in July, with signs of easing global monetary policy, continuing strength in corporate earnings, and abating trade tensions.

Market gains were lost come August, however, with the Fed’s move to cut rates, together with President Trump’s surprise tariff proposal, leading to risk-off sentiment. The market again rebounded in September, accompanied by a dramatic rotation from growth into value. The market moved higher in October on the heels of September’s rally, with corporate earnings and consumer strength driving the advance. Companies reported solid earnings in the third quarter of 2019 and the unemployment rate remains at record lows, which has helped to sustain high consumer confidence. While trade remains a concern, negotiations have been more constructive lately, with a “Phase One” deal outlined in mid-October. Thus, despite periodic market shocks and tensions that have yet to completely resolve, many market and economic indicators still lean positive and the U.S. equity markets managed strong returns for the fiscal year.

PERFORMANCE

For the year ended October 31, 2019, Transamerica Mid Cap Value (Class I2) returned 10.78%. By comparison, its benchmark, the Russell Midcap^® Value Index, returned 10.08%.

STRATEGY REVIEW

The Fund outperformed its benchmark, the Russell Midcap^® Value Index during the 12-month period ended October 31, 2019. Stock selection in materials and energy contributed to performance while stock selection in consumer discretionary and consumer staples detracted from portfolio results.

Ball Corp., a long term holding, led stock selection in materials. While we have trimmed Ball Corp. on outperformance, the company’s scale in the industry, lower cyclicality of its earnings pattern relative to basic materials peers, and disciplined management team drives our continued favorable view of the company. It’s also important to note that Ball Corp. stands to benefit from increased focus on sustainability which we believe will lead to increased demand for aluminum beverage cans.

Within the consumer discretionary sector, Nordstrom, Inc. (“Nordstrom”) was the top detractor during the period. Nordstrom posted a string of disappointing quarterly results amid declining Nordstrom Rack comparable sales and decelerating ecommerce sales. Despite a challenging phase, we appreciate that Nordstrom has focused on diversifying their distribution channels by investing in digital and off-price through Nordstrom Rack. These efforts are now contributing meaningfully to results. As such, we continue to think Nordstrom provides superior service through investments in technology, a rewards program, and a willingness to try different concepts.

Lawrence Playford, CFA

Jonathan K.L. Simon

Co-Portfolio Managers

J.P. Morgan Investment Management Inc.

Asset Allocation	Percentage of Net Assets
Common Stocks		97.3	%
Repurchase Agreement		2.9
Other Investment Company		1.9
Net Other Assets (Liabilities)		(2.1	)
Total		100.0	%

Current and future portfolio holdings are subject to change and risk.

Transamerica Funds Annual Report 2019

Page    51

Transamerica Mid Cap Value

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class I2 (NAV)		10.78	%		7.21	%		13.19	%		11/15/2005
Russell Midcap® Value Index (A)		10.08	%		6.95	%		12.90	%

^(A) The Russell Midcap^® Value Index measures the performance of the mid-cap value segment of the U.S. equity universe, and is comprised of Russell Midcap^® Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell Midcap^® Index measures the performance of the mid-cap segment of the U.S. equity universe.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or since inception date of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Growth stocks can be volatile and experience sharp price declines and certain types of stocks, especially technology, can be extremely volatile and subject to greater price swings than the broader market. Value approach carries the risk that the market will not recognize a security’s intrinsic value for a long time or that an undervalued stock is actually appropriately priced. This Fund is only available in Class I2 shares, which are not available for direct investment by the public.

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Transamerica Funds Annual Report 2019

Page    52

Transamerica Mid Cap Value

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Shares		Value
COMMON STOCKS - 97.3%
Auto Components - 0.8%
BorgWarner, Inc.		25,986		$  1,083,096
Banks - 8.8%
Citizens Financial Group, Inc.		39,736		1,397,118
Comerica, Inc.		7,347		480,641
Fifth Third Bancorp		71,808		2,088,177
First Republic Bank		13,367		1,421,714
Huntington Bancshares, Inc.		77,906		1,100,812
M&T Bank Corp.		16,069		2,515,280
SunTrust Banks, Inc.		35,289		2,411,650
TCF Financial Corp.		7,200		285,048
Zions Bancorp NA		11,976		580,477
				12,280,917
Beverages - 1.2%
Constellation Brands, Inc., Class A		5,978		1,137,793
Keurig Dr. Pepper, Inc. (A)		20,308		571,873
				1,709,666
Building Products - 0.8%
Fortune Brands Home & Security, Inc.		19,441		1,167,432
Capital Markets - 5.0%
Ameriprise Financial, Inc.		11,043		1,666,278
Northern Trust Corp.		15,671		1,562,086
Raymond James Financial, Inc.		17,496		1,460,741
T. Rowe Price Group, Inc.		19,594		2,268,985
				6,958,090
Chemicals - 1.2%
Sherwin-Williams Co.		2,905		1,662,590
Communications Equipment - 0.2%
CommScope Holding Co., Inc. (B)		25,459		285,141
Construction Materials - 1.0%
Martin Marietta Materials, Inc.		5,216		1,366,123
Consumer Finance - 0.2%
Ally Financial, Inc.		6,749		206,722
Containers & Packaging - 2.6%
Ball Corp.		16,789		1,174,726
Silgan Holdings, Inc.		47,327		1,456,252
WestRock Co.		26,879		1,004,468
				3,635,446
Distributors - 0.7%
Genuine Parts Co.		8,843		907,115
Electric Utilities - 4.3%
Edison International		22,443		1,411,665
Evergy, Inc.		22,773		1,455,422
Xcel Energy, Inc.		49,184		3,123,676
				5,990,763
Electrical Equipment - 2.6%
Acuity Brands, Inc.		9,808		1,223,940
AMETEK, Inc.		16,329		1,496,553
Hubbell, Inc.		6,269		888,317
				3,608,810
Electronic Equipment, Instruments & Components - 4.1%
Amphenol Corp., Class A		14,949		1,499,833
Arrow Electronics, Inc. (B)		15,987		1,267,449
CDW Corp.		10,913		1,395,882
Keysight Technologies, Inc. (B)		9,603		969,039

	Shares		Value
COMMON STOCKS (continued)
Electronic Equipment, Instruments & Components (continued)
SYNNEX Corp.		4,300		$   506,282
				5,638,485
Equity Real Estate Investment Trusts - 13.2%
American Campus Communities, Inc.		16,871		843,212
American Homes 4 Rent Trust, Class A		34,957		925,312
AvalonBay Communities, Inc.		9,260		2,015,532
Boston Properties, Inc.		13,708		1,880,738
Brixmor Property Group, Inc.		56,485		1,243,800
Essex Property Trust, Inc.		3,838		1,255,525
Federal Realty Investment Trust		11,324		1,540,177
JBG SMITH Properties		14,915		600,478
Kimco Realty Corp.		50,068		1,079,466
Outfront Media, Inc.		36,262		954,053
Rayonier, Inc.		34,911		941,899
Regency Centers Corp.		12,808		861,210
Ventas, Inc.		10,873		707,832
Vornado Realty Trust		21,310		1,398,575
Weyerhaeuser Co.		31,241		912,550
WP Carey, Inc.		12,852		1,183,155
				18,343,514
Food & Staples Retailing - 0.5%
Kroger Co.		30,186		743,783
Food Products - 0.8%
Post Holdings, Inc. (B)		11,371		1,170,076
Gas Utilities - 0.8%
National Fuel Gas Co.		25,756		1,167,004
Health Care Equipment & Supplies - 1.4%
Zimmer Biomet Holdings, Inc.		14,528		2,008,205
Health Care Providers & Services - 5.2%
AmerisourceBergen Corp.		16,580		1,415,601
Cigna Corp. (B)		6,044		1,078,612
Henry Schein, Inc. (B)		15,735		984,775
Humana, Inc.		2,341		688,722
Laboratory Corp. of America Holdings (B)		9,356		1,541,588
Universal Health Services, Inc., Class B		10,939		1,503,675
				7,212,973
Hotels, Restaurants & Leisure - 0.8%
Hilton Worldwide Holdings, Inc.		10,949		1,061,615
Household Durables - 1.6%
Mohawk Industries, Inc. (B)		10,296		1,476,240
Newell Brands, Inc.		38,780		735,657
				2,211,897
Household Products - 0.6%
Energizer Holdings, Inc. (A)		20,181		857,491
Industrial Conglomerates - 0.7%
Carlisle Cos., Inc.		6,150		936,460
Insurance - 7.6%
Alleghany Corp. (B)		1,378		1,072,484
Hartford Financial Services Group, Inc.		33,825		1,930,731
Lincoln National Corp.		17,486		987,609
Loews Corp.		52,300		2,562,700
Marsh & McLennan Cos., Inc.		12,660		1,311,829
Principal Financial Group, Inc.		6,176		329,675
Progressive Corp.		15,475		1,078,608
Unum Group		7,097		195,451

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    53

Transamerica Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Shares		Value
COMMON STOCKS (continued)
Insurance (continued)
WR Berkley Corp.		15,213		$   1,063,389
				10,532,476
Internet & Direct Marketing Retail - 1.5%
Expedia Group, Inc.		15,413		2,106,341
IT Services - 0.9%
Jack Henry & Associates, Inc.		8,857		1,253,797
Machinery - 3.9%
IDEX Corp.		7,837		1,218,889
ITT, Inc.		9,720		577,854
Lincoln Electric Holdings, Inc.		9,000		806,130
Middleby Corp. (B)		11,070		1,338,916
Snap-on, Inc.		9,094		1,479,321
				5,421,110
Media - 2.7%
CBS Corp., Class B		16,507		594,912
DISH Network Corp., Class A (B)		25,794		886,798
Liberty Broadband Corp., Class C (B)		7,640		902,055
Liberty Media Corp. - Liberty SiriusXM, Class C (B)		31,884		1,440,838
				3,824,603
Multi-Utilities - 6.0%
CMS Energy Corp.		47,363		3,027,443
Sempra Energy		15,006		2,168,517
WEC Energy Group, Inc.		32,923		3,107,931
				8,303,891
Multiline Retail - 1.4%
Kohl’s Corp.		23,176		1,188,002
Nordstrom, Inc. (A)		19,930		715,487
				1,903,489
Oil, Gas & Consumable Fuels - 4.9%
Cabot Oil & Gas Corp.		53,546		998,097
Diamondback Energy, Inc.		20,911		1,793,327
EQT Corp.		38,491		413,393
Equitrans Midstream Corp. (A)		35,581		495,288
PBF Energy, Inc., Class A		30,070		970,660
Williams Cos., Inc.		98,105		2,188,723
				6,859,488
Personal Products - 0.3%
Coty, Inc., Class A		37,798		441,859
Real Estate Management & Development - 1.6%
CBRE Group, Inc., Class A (B)		33,066		1,770,684
Cushman & Wakefield PLC (B)		27,149		506,329
				2,277,013
Semiconductors & Semiconductor Equipment - 0.4%
Analog Devices, Inc.		5,697		607,471
Software - 1.0%
Synopsys, Inc. (B)		9,835		1,335,101
Specialty Retail - 4.0%
AutoZone, Inc. (B)		1,921		2,198,354
Best Buy Co., Inc.		19,039		1,367,571
Gap, Inc.		44,233		719,229
Tiffany & Co.		10,844		1,350,186
				5,635,340

	Shares		Value
COMMON STOCKS (continued)
Textiles, Apparel & Luxury Goods - 1.5%
PVH Corp.		10,795		$   940,892
Ralph Lauren Corp.		11,529		1,107,476
				2,048,368
Trading Companies & Distributors - 0.5%
MSC Industrial Direct Co., Inc., Class A		8,868		649,226
Total Common Stocks (Cost $76,227,738)				135,412,987
OTHER INVESTMENT COMPANY - 1.9%
Securities Lending Collateral - 1.9%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.75% (C)		2,674,110		2,674,110
Total Other Investment Company (Cost $2,674,110)				2,674,110
	Principal		Value
REPURCHASE AGREEMENT - 2.9%
Fixed Income Clearing Corp., 0.85% (C), dated 10/31/2019, to be repurchased at $4,010,179 on 11/01/2019. Collateralized by a U.S. Government Obligation, 1.88%, due 05/31/2022, and with a value of $4,091,062.		$  4,010,084		4,010,084
Total Repurchase Agreement (Cost $4,010,084)				4,010,084
Total Investments (Cost $82,911,932)				142,097,181
Net Other Assets (Liabilities) - (2.1)%				(2,862,588	)
Net Assets - 100.0%				$  139,234,593

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    54

Transamerica Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

SECURITY VALUATION:

Valuation Inputs ^(D)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	135,412,987	$	—	$	—	$	135,412,987
Other Investment Company		2,674,110		—		—		2,674,110
Repurchase Agreement		—		4,010,084		—		4,010,084
Total Investments	$	138,087,097	$	4,010,084	$	—	$	142,097,181

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	All or a portion of the securities are on loan. The total value of all securities on loan is $2,613,675. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(B)	Non-income producing securities.
(C)	Rates disclosed reflect the yields at October 31, 2019.
(D)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    55

Transamerica Total Return

(unaudited)

MARKET ENVIRONMENT

Elevated volatility headlined much of the end of 2018 as concerns about slowing global growth and rising geopolitical uncertainty weighed on risk sentiment. U.S. stocks reversed their gains from earlier in 2018 and fell sharply over the fourth quarter widely alongside a broader global risk asset sell-off. Midterm elections and a government shutdown in the U.S., ongoing Brexit negotiations, and political as well as budgetary turmoil in the eurozone all contributed to diminished investor appetites.

Following December’s steep sell-off, risk assets bounced back as dovish pivots from global central banks helped ease financial conditions, and optimism over U.S.-China trade negotiations bolstered investor sentiment. Still, economic data continued to signal decelerating global growth. Even as risk sentiment improved, fundamental data continued to indicate a slowdown. The eurozone saw downside surprises in growth metrics as external demand weakened, driven in part by the persistent slowdown in China, which in turn spurred stimulus measures from Chinese policymakers.

In the second quarter of 2019, the Federal Reserve (“Fed”) signaled an easing bias, indicating that it would act as appropriate to sustain the expansion. Similarly, the European Central Bank suggested that it was primed to initiate additional stimulus in the form of rate cuts or quantitative easing. ”Safe-haven” and risk assets alike rallied as financial conditions eased in anticipation of easier global monetary policy. While risk sentiment moved in tandem with the ebb and flow of global trade tensions throughout the quarter, the S&P 500^® still set new highs, and credit spreads broadly tightened.

The third quarter of 2019 was marked by financial markets moving in tandem with geopolitical uncertainty, particularly in August when escalating trade tensions precipitated a steep sell-off in risk assets and a surge in demand for sovereign bonds. However, investor fears subsided towards the end of the quarter which led to some reprieve in markets.

Over the period, U.S. Treasuries fell across the yield curve, as the long end fell relatively more than the front end, causing the curve to flatten. Globally, developed market yields fell in tandem. Within the spread market, mid-to-long-end breakevens tightened, while corporate credit, and agency mortgage-backed securities (“MBS”) spreads all widened over the period. Currency markets moved in tandem as the dollar appreciated against most developed market currencies. Emerging market currencies faced bouts of volatility, particularly amid the U.S.-China trade war developments.

PERFORMANCE

For the year ended October 31, 2019, Transamerica Total Return (Class I2) returned 10.50%. By comparison, its benchmark, the Bloomberg Barclays US Aggregate Bond Index, returned 11.51%.

STRATEGY REVIEW

During the 12-month period ended October 31, 2019, overall interest rate strategies were negative for returns. Consistent with our preference for U.S. duration over other developed markets, as we believe U.S. rates have further to fall, tactical short exposures to the U.K., Japan and Australia detracted from performance and more than offset positive contribution from positioning in U.S. rates.

Within spread strategies, exposure to the securitized sector detracted from performance. Specifically, positioning in MBS, both agency and non-agency, was negative as prepayments accelerated amid the falling yield environment. Corporate credit exposure was positive for performance as both an allocation to high yield credit and select exposure to investment grade financial corporates added. TIPS exposure, in lieu of nominal Treasuries detracted from performance as inflation expectations fell.

Finally, currency strategies added moderately to performance. Positioning in developed market currencies, including a moderate underweight to the U.S. dollar, detracted from performance as the U.S. dollar strengthened over the period. Tactical allocations in emerging market currencies, including dynamic exposure to a basket of high carry currencies, contributed to performance. Specifically, short exposure to the Brazilian Real in the fourth quarter of last year and dynamic long exposure to the Mexican Peso contributed positively over the period.

During the fiscal year, the Fund utilized derivatives. These positions detracted from performance.

Mark R. Kiesel

Scott A. Mather

Mihir P. Worah

Co-Portfolio Managers

Pacific Investment Management Company LLC

Transamerica Funds Annual Report 2019

Page    56

Transamerica Total Return

(unaudited)

Asset Allocation	Percentage of Net Assets
Corporate Debt Securities		58.6	%
U.S. Government Agency Obligations		50.9
U.S. Government Obligations		36.5
Asset-Backed Securities		13.3
Mortgage-Backed Securities		8.6
Foreign Government Obligations		7.4
Other Investment Company		2.0
Certificates of Deposit		0.9
Municipal Government Obligations		0.7
Repurchase Agreement		0.4
Exchange-Traded Options Purchased		0.0	*
Common Stock		0.0	*
Over-the-Counter Foreign Exchange Options Purchased		0.0	*
Over-the-Counter Options Purchased		0.0	*
Over-the-Counter Interest Rate Swaptions Purchased		0.0	*
Net Other Assets (Liabilities) ^		(79.3	)
Total		100.0	%

Current and future portfolio holdings are subject to change and risk.

Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		87.4	%
AAA		13.7
AA		2.6
A		18.1
BBB		38.3
BB		6.9
B		2.3
CCC and Below		3.9
Not Rated		6.1
Net Other Assets (Liabilities) ^		(79.3	)
Total		100.0	%

Fund Characteristics	Years
Average Maturity §		6.83
Duration †		6.45

‡ Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor’s (“S&P”) ratings; percentages may include investments not rated by S&P but rated by Moody’s, or if unrated by Moody’s, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency.

§ Average Maturity is computed by weighting the maturity of each security in the Fund by the market value of the security, then averaging these weighted figures.

† Duration is a time measure of a bond’s interest rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder.

^ The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral.

* Percentage rounds to less than 0.1% or (0.1)%.

Transamerica Funds Annual Report 2019

Page    57

Transamerica Total Return

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class I2 (NAV)		10.50	%		3.41	%		3.91	%		11/15/2005
Bloomberg Barclays US Aggregate Bond Index (A)		11.51	%		3.24	%		3.73	%

^(A) The Bloomberg Barclays US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or since inception date of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expenses reimbursements by the Investment Manager and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

This Fund will normally invest its assets in a diversified portfolio of fixed-income securities. The Fund may invest in non-U.S. securities and may invest a portion of its assets in high-yield securities. Investing in non-U.S. securities may entail risk due to foreign economic and political developments; this risk may be enhanced when investing in emerging markets. This Fund is only available in Class I2 shares, which are not available for direct investment by the public.

Transamerica Funds Annual Report 2019

Page    58

Transamerica Total Return

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Principal		Value
ASSET-BACKED SECURITIES - 13.3%
ABFC Trust
Series 2004-OPT4, Class A1,
1-Month LIBOR + 0.62%, 2.44% (A), 04/25/2034		$  122,404		$  122,565
Series 2004-OPT5, Class A1,
1-Month LIBOR + 0.70%, 2.52% (A), 06/25/2034		165,978		165,254
Ally Auto Receivables Trust Series 2018-3, Class A2, 2.72%, 05/17/2021		485,095		485,388
AmeriCredit Automobile Receivables Trust Series 2018-1, Class A2B, 1-Month LIBOR + 0.23%, 2.11% (A), 07/19/2021		160,999		160,995
Aurium CLO Series 2A, Class AR, 3-Month EURIBOR + 0.68%, 0.68% (A), 10/13/2029 (B) (C)		EUR  1,900,000		2,118,372
B&M CLO, Ltd. Series 2014-1A, Class A1R, 3-Month LIBOR + 0.73%, 2.73% (A), 04/16/2026 (B)		$  310,175		310,146
Barings Euro CLO Series 2016-1A, Class A1R, 3-Month EURIBOR + 0.68%, 0.68% (A), 07/27/2030 (B) (C)		EUR  1,900,000		2,119,207
Bear Stearns Asset-Backed Securities I Trust
Series 2005-AQ1, Class M2,
1-Month LIBOR + 0.65%, 2.47% (A), 03/25/2035		$  999,283		1,004,400
Series 2006-HE1, Class 1M2,
1-Month LIBOR + 0.43%, 2.25% (A), 12/25/2035		4,162,436		4,168,127
Series 2006-HE1, Class 2M2,
1-Month LIBOR + 0.43%, 2.66% (A), 02/25/2036		940,396		939,742
Series 2006-HE10, Class 21A3,
1-Month LIBOR + 0.24%, 2.06% (A), 12/25/2036		2,742,661		2,470,592
Series 2007-AQ1, Class A1,
1-Month LIBOR + 0.11%, 1.93% (A), 04/25/2031		120,417		181,277
Bear Stearns Asset-Backed Securities Trust Series 2002-2, Class A1, 1-Month LIBOR + 0.66%, 2.48% (A), 10/25/2032		3,011		3,023
C-BASS Trust Series 2007-CB1, Class AF1A, 1-Month LIBOR + 0.07%, 1.89% (A), 01/25/2037		320,986		132,663
Chase Issuance Trust Series 2017-A1, Class A, 1-Month LIBOR + 0.30%, 2.22% (A), 01/15/2022		1,300,000		1,300,625

	Principal		Value
ASSET-BACKED SECURITIES (continued)
CIFC Funding, Ltd. Series 2015-5A, Class A1R, 3-Month LIBOR + 0.86%, 2.80% (A), 10/25/2027 (B)		$   1,900,000		$   1,896,624
Citigroup Mortgage Loan Trust Asset-Backed Pass-Through Certificate Series 2004-OPT1, Class M3, 1-Month LIBOR + 0.95%, 2.77% (A), 10/25/2034		1,600,000		1,602,579
Citigroup Mortgage Loan Trust, Inc. Series 2007-FS1, Class 1A1, 4.59% (A), 10/25/2037 (B)		756,333		779,733
Countrywide Asset-Backed Certificates
Series 2006-15, Class A6,
4.62% (A), 10/25/2046		632,249		617,069
Series 2006-2, Class M1,
1-Month LIBOR + 0.40%, 2.22% (A), 06/25/2036		400,000		397,057
Series 2006-26, Class 2A3,
1-Month LIBOR + 0.17%, 1.99% (A), 06/25/2037		421,659		421,208
Credit Acceptance Auto Loan Trust Series 2018-2A, Class A, 3.47%, 05/17/2027 (B)		1,998,119		2,027,034
CVP Cascade CLO, Ltd. Series 2013-CLO1, Class A1R, 3-Month LIBOR + 1.15%, 3.15% (A), 01/16/2026 (B)		452,269		452,514
CWABS, Inc. Asset-Backed Certificates Trust
Series 2005-17, Class MV1,
1-Month LIBOR + 0.46%, 2.28% (A), 05/25/2036		1,500,000		1,483,346
Series 2006-14, Class 1A,
1-Month LIBOR + 0.14%, 1.96% (A), 02/25/2037		850,127		804,278
Denali Capital CLO X LLC Series 2013-1A, Class A1LR, 3-Month LIBOR + 1.05%, 2.99% (A), 10/26/2027 (B)		1,200,000		1,198,744
Dorchester Park CLO DAC Series 2015-1A, Class AR, 3-Month LIBOR + 0.90%, 2.87% (A), 04/20/2028 (B)		1,800,000		1,792,508
Dryden XXV Senior Loan Fund Series 2012-25A, Class ARR, 3-Month LIBOR + 0.90%, 2.89% (A), 10/15/2027 (B)		1,600,000		1,599,146
Evergreen Credit Card Trust Series 2019-2, Class A, 1.90%, 09/16/2024 (B)		2,000,000		1,999,222
Figueroa CLO, Ltd. Series 2013-2A, Class A1RR, 3-Month LIBOR + 0.85%, 3.01% (A), 06/20/2027 (B)		1,674,107		1,673,434
First Franklin Mortgage Loan Trust Series 2004-FFH3, Class M2, 1-Month LIBOR + 0.93%, 2.75% (A), 10/25/2034		1,383,804		1,375,019

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    59

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Flagship CLO VIII, Ltd. Series 2014-8A, Class ARR, 3-Month LIBOR + 0.85%, 2.85% (A), 01/16/2026 (B)		$   1,265,871		$   1,266,023
Home Equity Asset Trust Series 2002-1, Class A4, 1-Month LIBOR + 0.60%, 2.42% (A), 11/25/2032		1,026		1,009
Home Equity Mortgage Loan Asset-Backed Trust Series 2007-A, Class 1A, 1-Month LIBOR + 0.22%, 2.04% (A), 04/25/2037		437,612		343,475
ICG CLO, Ltd. Series 2015-2A, Class AR, 3-Month LIBOR + 0.85%, 2.85% (A), 01/16/2028 (B)		1,900,000		1,893,337
JMP Credit Advisors CLO IIIR, Ltd. Series 2014-1RA, Class A, 3-Month LIBOR + 0.85%, 2.85% (A), 01/17/2028 (B)		2,000,000		1,986,656
JPMorgan Mortgage Acquisition Trust Series 2007-CH3, Class A5, 1-Month LIBOR + 0.26%, 2.08% (A), 03/25/2037		3,500,000		3,474,918
KVK CLO, Ltd. Series 2013-1A, Class AR, 3-Month LIBOR + 0.90%, 2.90% (A), 01/14/2028 (B)		1,500,000		1,492,592
LoanCore Issuer, Ltd. Series 2018-CRE1, Class A, 1-Month LIBOR + 1.13%, 3.04% (A), 05/15/2028 (B)		1,600,000		1,600,986
LP Credit Card ABS Master Trust Series 2018-1, Class A, 1-Month LIBOR + 1.55%, 3.82% (A), 08/20/2024 (B)		1,610,900		1,601,001
Merrill Lynch Mortgage Investors Trust Series 2006-FM1, Class A2C, 1-Month LIBOR + 0.16%, 1.98% (A), 04/25/2037		1,713,123		1,025,415
Morgan Stanley Mortgage Loan Trust
Series 2007-10XS, Class A1,
6.00% (A), 02/25/2037		129,555		101,248
Series 2007-8XS, Class A1,
5.75% (A), 04/25/2037		187,449		126,516
Mountain Hawk III CLO, Ltd. Series 2014-3A, Class AR, 3-Month LIBOR + 1.20%, 3.20% (A), 04/18/2025 (B)		456,089		456,364
Mountain View CLO, Ltd. Series 2014-1A, Class ARR, 3-Month LIBOR + 0.80%, 2.80% (A), 10/15/2026 (B)		1,693,798		1,686,294
Navient Private Education Loan Trust Series 2018-CA, Class A1, 3.01%, 06/16/2042 (B)		784,807		790,043

	Principal		Value
ASSET-BACKED SECURITIES (continued)
New Century Home Equity Loan Trust Series 2006-1, Class A2B, 1-Month LIBOR + 0.18%, 2.00% (A), 05/25/2036		$   59,640		$   56,333
Octagon Investment Partners XIX, Ltd. Series 2014-1A, Class AR, 3-Month LIBOR + 1.10%, 3.10% (A), 04/15/2026 (B)		359,397		359,898
Octagon Investment Partners XXIII, Ltd. Series 2015-1A, Class A1R, 3-Month LIBOR + 0.85%, 2.85% (A), 07/15/2027 (B)		1,000,000		995,921
Option One Mortgage Loan Trust Series 2007-4, Class 2A4, 1-Month LIBOR + 0.31%, 2.13% (A), 04/25/2037		4,178,963		2,982,030
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-WCW2, Class M2, 1-Month LIBOR + 0.80%, 2.62% (A), 07/25/2035		500,000		502,495
Popular ABS Mortgage Pass-Through Trust Series 2006-A, Class M1, 1-Month LIBOR + 0.39%, 2.21% (A), 02/25/2036		434,279		432,779
Securitized Asset-Backed Receivables LLC Trust Series 2007-HE1, Class A2A, 1-Month LIBOR + 0.06%, 1.88% (A), 12/25/2036		61,845		19,680
SLM Student Loan Trust Series 2005-4, Class A3, 3-Month LIBOR + 0.12%, 2.06% (A), 01/25/2027		863,672		862,084
Sofi Consumer Loan Program LLC Series 2016-3, Class A, 3.05%, 12/26/2025 (B)		242,268		243,348
Sofi Professional Loan Program Trust Series 2018-B, Class A1FX, 2.64%, 08/25/2047 (B)		524,995		526,908
Sound Point CLO, Ltd. Series 2015-3A, Class AR, 3-Month LIBOR + 0.89%, 2.86% (A), 01/20/2028 (B)		1,800,000		1,795,442
Specialty Underwriting & Residential Finance Trust Series 2004-BC2, Class M1, 1-Month LIBOR + 0.83%, 2.65% (A), 05/25/2035		2,031,998		2,036,788
Structured Asset Securities Corp. Mortgage Loan Trust Series 2006-BC1, Class A6, 1-Month LIBOR + 0.27%, 2.09% (A), 03/25/2036		904,115		826,247
Sudbury Mill CLO, Ltd.
Series 2013-1A, Class A1R,
3-Month LIBOR + 1.15%, 3.15% (A), 01/17/2026 (B)		667,997		670,360

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    60

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Sudbury Mill CLO, Ltd. (continued)
Series 2013-1A, Class A2R,
3-Month LIBOR + 1.17%, 3.17% (A), 01/17/2026 (B)		$   667,997		$   665,004
Telos CLO, Ltd. Series 2014-5A, Class A1R, 3-Month LIBOR + 0.95%, 2.95% (A), 04/17/2028 (B)		1,900,000		1,891,167
Tralee CLO, Ltd. Series 2018-5A, Class A1, 3-Month LIBOR + 1.11%, 3.08% (A), 10/20/2028 (B)		2,300,000		2,292,288
Trillium Credit Card Trust II Series 2018-1A, Class A, 1-Month LIBOR + 0.25%, 2.05% (A), 02/27/2023 (B)		2,600,000		2,599,829
U.S. Small Business Administration
Series 2003-20I, Class 1,
5.13%, 09/01/2023		3,280		3,412
Series 2004-20C, Class 1,
4.34%, 03/01/2024		30,878		31,893
Venture XII CLO, Ltd. Series 2012-12A, Class ARR, 3-Month LIBOR + 0.80%, 2.94% (A), 02/28/2026 (B)		1,642,116		1,638,034
Wells Fargo Home Equity Asset-Backed Securities Trust Series 2005-4, Class M2, 1-Month LIBOR + 0.48%, 2.30% (A), 12/25/2035		6,500,000		6,531,319
Westlake Automobile Receivables Trust Series 2018-3A, Class A2A, 2.98%, 01/18/2022 (B)		1,261,941		1,264,921
WhiteHorse X, Ltd. Series 2015-10A, Class A1R, 3-Month LIBOR + 0.93%, 2.93% (A), 04/17/2027 (B)		1,307,330		1,305,578
Total Asset-Backed Securities (Cost $77,515,122)				84,181,526
CERTIFICATES OF DEPOSIT - 0.9%
Banks - 0.9%
Barclays Bank PLC 3-Month LIBOR + 0.45%, 2.37% (A), 10/15/2020		3,800,000		3,800,000
Lloyds Bank Corporate Markets PLC 3-Month LIBOR + 0.50%, 2.51% (A), 10/26/2020		1,900,000		1,900,000
Total Certificates of Deposit (Cost $5,700,000)				5,700,000
CORPORATE DEBT SECURITIES - 58.6%
Aerospace & Defense - 0.6%
Textron, Inc. 3-Month LIBOR + 0.55%, 2.73% (A), 11/10/2020		1,500,000		1,499,696
United Technologies Corp. 3.65%, 08/16/2023		1,900,000		2,009,757
				3,509,453

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Airlines - 0.5%
Delta Air Lines, Inc. 2.60%, 12/04/2020		$   2,200,000		$   2,207,499
Latam Airlines Pass-Through Trust 4.20%, 08/15/2029		1,194,297		1,236,097
				3,443,596
Automobiles - 0.3%
BMW Finance NV 2.25%, 08/12/2022 (B)		1,700,000		1,706,624
Banks - 15.9%
AIB Group PLC 4.75%, 10/12/2023 (B)		1,900,000		2,035,346
Australia & New Zealand Banking Group, Ltd. 3.30%, 05/17/2021		1,600,000		1,633,557
Bank of America Corp.
3-Month LIBOR + 0.79%, 2.92% (A), 03/05/2024, MTN		1,000,000		1,006,442
Fixed until 12/20/2022, 3.00% (A), 12/20/2023		4,319,000		4,418,028
Fixed until 05/17/2021, 3.50% (A), 05/17/2022, MTN		2,000,000		2,042,095
Fixed until 07/23/2023, 3.86% (A), 07/23/2024, MTN		1,900,000		2,006,178
Banque Federative du Credit Mutuel SA 3-Month LIBOR + 0.96%, 2.93% (A), 07/20/2023 (B)		2,200,000		2,222,396
Barclays Bank PLC
7.63%, 11/21/2022		3,900,000		4,362,150
10.18%, 06/12/2021 (B)		1,840,000		2,059,981
Barclays PLC
Fixed until 10/06/2022, 2.38% (A), 10/06/2023, MTN (D)		GBP  600,000		787,988
3.68%, 01/10/2023		$  1,100,000		1,125,072
BBVA
3-Month LIBOR + 0.73%, 2.87% (A), 06/11/2021		1,800,000		1,803,492
3.50%, 06/11/2021		1,800,000		1,833,882
Citigroup, Inc.
2.75%, 04/25/2022		1,700,000		1,725,872
3-Month LIBOR + 1.38%, 3.48% (A), 03/30/2021		300,000		304,524
3-Month LIBOR + 1.43%, 3.57% (A), 09/01/2023		500,000		510,338
Cooperatieve Rabobank UA 6.88%, 03/19/2020 (D)		EUR  3,300,000		3,768,821
Discover Bank 4.20%, 08/08/2023		$  1,800,000		1,921,616
HSBC Holdings PLC
3-Month LIBOR + 0.60%, 2.72% (A), 05/18/2021		1,600,000		1,601,888
Fixed until 07/04/2029 (E), 4.75% (A), MTN (D)		EUR  1,400,000		1,662,831
ING Bank NV 2.63%, 12/05/2022 (B)		$  800,000		818,339
ING Groep NV 4.10%, 10/02/2023		2,100,000		2,237,563

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    61

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Intesa Sanpaolo SpA 3.25%, 09/23/2024 (B)		$   1,500,000		$   1,509,854
JPMorgan Chase & Co.
2.40%, 06/07/2021		1,500,000		1,511,443
3-Month LIBOR + 0.61%, 2.76% (A), 06/18/2022		2,200,000		2,207,282
3-Month LIBOR + 0.90%, 2.84% (A), 04/25/2023		1,700,000		1,711,346
Fixed until 06/18/2021, 3.51% (A), 06/18/2022		2,200,000		2,249,474
Fixed until 07/23/2023, 3.80% (A), 07/23/2024		1,800,000		1,903,853
KeyBank NA 3.35%, 06/15/2021		2,200,000		2,247,290
Lloyds Bank PLC 3.30%, 05/07/2021		1,400,000		1,425,308
Lloyds Banking Group PLC
Fixed until 03/17/2022, 2.86% (A), 03/17/2023		2,000,000		2,021,240
4.00%, 03/07/2025, MTN		AUD  2,000,000		1,465,621
Fixed until 06/27/2023 (E), 7.63% (A) (D)		GBP  700,000		1,012,154
Mitsubishi UFJ Financial Group, Inc.
3.46%, 03/02/2023		$  1,600,000		1,661,160
3-Month LIBOR + 1.88%, 4.02% (A), 03/01/2021		658,000		671,168
Mizuho Financial Group, Inc. Fixed until 09/11/2023, 3.92% (A), 09/11/2024		2,100,000		2,201,925
National Australia Bank, Ltd. 3.63%, 06/20/2023 (F)		1,900,000		1,994,839
Natwest Markets PLC 0.63%, 03/02/2022, MTN (D)		EUR  1,700,000		1,917,848
Royal Bank of Scotland Group PLC
3.88%, 09/12/2023		$  1,900,000		1,981,036
Fixed until 08/10/2020 (E), 7.50% (A)		1,800,000		1,833,750
Santander PLC
2.13%, 11/03/2020		1,500,000		1,502,663
3.75%, 11/15/2021		2,200,000		2,271,551
Skandinaviska Enskilda Banken AB
3-Month LIBOR + 0.43%, 2.55% (A), 05/17/2021 (B)		1,600,000		1,604,416
3.25%, 05/17/2021 (B)		1,600,000		1,629,043
Societe Generale SA 4.25%, 09/14/2023 (B)		1,800,000		1,913,122
Standard Chartered PLC Fixed until 01/20/2022, 4.25% (A), 01/20/2023 (B)		1,900,000		1,969,069
Svenska Handelsbanken AB 3.35%, 05/24/2021, MTN		1,700,000		1,737,504
Synchrony Bank 3.65%, 05/24/2021		1,700,000		1,734,031
UniCredit SpA 7.83%, 12/04/2023 (B)		4,100,000		4,810,981
Wells Fargo & Co.
2.63%, 07/22/2022, MTN		2,300,000		2,331,100
3.00%, 02/19/2025, MTN		1,900,000		1,955,542
3-Month LIBOR + 3.77%, 5.89% (A), 12/15/2019 (E) (F)		1,828,000		1,850,850

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Wells Fargo Bank NA Fixed until 07/23/2020, 3.33% (A), 07/23/2021		$   1,800,000		$   1,816,349
				100,541,211
Beverages - 0.9%
Bacardi, Ltd. 4.45%, 05/15/2025 (B)		1,200,000		1,291,116
Keurig Dr. Pepper, Inc. 4.06%, 05/25/2023		1,700,000		1,802,734
Pernod Ricard SA 4.25%, 07/15/2022 (B)		700,000		738,417
Suntory Holdings, Ltd. 2.55%, 06/28/2022 (B)		1,600,000		1,612,398
				5,444,665
Biotechnology - 0.8%
AbbVie, Inc.
2.50%, 05/14/2020		1,253,000		1,256,478
2.90%, 11/06/2022		2,547,000		2,596,274
Celgene Corp. 2.88%, 08/15/2020		1,500,000		1,509,596
				5,362,348
Capital Markets - 5.0%
Credit Suisse Group AG 3-Month LIBOR + 1.24%, 3.37% (A), 06/12/2024 (B)		1,800,000		1,818,765
Credit Suisse Group Funding Guernsey, Ltd.
3.13%, 12/10/2020		1,400,000		1,415,337
3.75%, 03/26/2025		1,600,000		1,688,104
3.80%, 09/15/2022 - 06/09/2023		2,700,000		2,821,745
Deutsche Bank AG
3-Month EURIBOR + 0.50%, 0.06% (A), 12/07/2020, MTN (D)		EUR  1,400,000		1,553,612
2.70%, 07/13/2020		$  1,500,000		1,500,534
3.95%, 02/27/2023		1,900,000		1,941,431
4.25%, 02/04/2021 - 10/14/2021		4,600,000		4,712,609
Goldman Sachs Group, Inc.
3.20%, 02/23/2023		1,600,000		1,649,992
3-Month LIBOR + 1.20%, 3.32% (A), 09/15/2020		1,600,000		1,612,404
3-Month LIBOR + 1.17%, 3.33% (A), 05/15/2026		1,600,000		1,619,248
Morgan Stanley
3-Month LIBOR + 1.18%, 3.15% (A), 01/20/2022		1,600,000		1,616,534
Fixed until 04/24/2023, 3.74% (A), 04/24/2024		400,000		418,894
UBS AG 7.63%, 08/17/2022		600,000		676,200
UBS Group AG
3.00%, 04/15/2021 (B)		3,800,000		3,856,140
4.13%, 09/24/2025 (B)		2,200,000		2,397,304
				31,298,853
Chemicals - 0.7%
Syngenta Finance NV
3.70%, 04/24/2020 (B)		1,700,000		1,707,966

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    62

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Chemicals (continued)
Syngenta Finance NV (continued)
3.93%, 04/23/2021 (B)		$   1,200,000		$   1,220,238
5.18%, 04/24/2028 (B)		1,300,000		1,378,600
				4,306,804
Construction & Engineering - 0.1%
Odebrecht Offshore Drilling Finance, Ltd.
6.72%, 12/01/2022 (B)		436,802		428,070
PIK Rate 1.00%, Cash Rate 6.72%, 12/01/2026 (B) (G)		1,861,758		484,057
Odebrecht Oil & Gas Finance, Ltd. Zero Coupon, 12/02/2019 (B) (E)		266,175		2,396
				914,523
Consumer Finance - 5.3%
American Express Co. 3.40%, 02/27/2023		1,900,000		1,980,570
Capital One Financial Corp. 4.25%, 04/30/2025		1,500,000		1,634,457
Daimler Finance North America LLC
2.55%, 08/15/2022 (B)		2,100,000		2,115,143
3.35%, 05/04/2021 (B)		1,600,000		1,630,655
3.40%, 02/22/2022 (B)		2,200,000		2,257,063
Ford Motor Credit Co. LLC
3-Month LIBOR + 0.93%, 3.06% (A), 09/24/2020, MTN		2,600,000		2,598,391
3-Month LIBOR + 1.24%, 3.39% (A), 02/15/2023		1,200,000		1,168,003
General Motors Financial Co., Inc.
2.45%, 11/06/2020		1,900,000		1,903,011
3-Month LIBOR + 0.54%, 2.78% (A), 11/06/2020		1,300,000		1,296,657
3-Month LIBOR + 0.93%, 2.92% (A), 04/13/2020		1,700,000		1,703,543
3.20%, 07/13/2020		1,500,000		1,509,377
3.55%, 04/09/2021		1,600,000		1,625,190
Harley-Davidson Financial Services, Inc. 3.55%, 05/21/2021 (B)		1,700,000		1,724,627
Navient Corp. 5.00%, 10/26/2020		900,000		916,605
Nissan Motor Acceptance Corp.
3-Month LIBOR + 0.65%, 2.65% (A), 07/13/2022 (B)		500,000		499,210
3-Month LIBOR + 0.69%, 2.79% (A), 09/28/2022 (B)		300,000		299,355
Springleaf Finance Corp.
7.75%, 10/01/2021		200,000		218,004
8.25%, 12/15/2020		1,200,000		1,276,500
Volkswagen Group of America Finance LLC
2.45%, 11/20/2019 (B)		700,000		700,139
3-Month LIBOR + 0.77%, 2.95% (A), 11/13/2020 (B)		1,900,000		1,907,811
4.63%, 11/13/2025 (B)		1,900,000		2,110,306
4.75%, 11/13/2028 (B)		1,900,000		2,154,803
				33,229,420

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Financial Services - 3.9%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
4.13%, 07/03/2023		$   1,800,000		$   1,893,484
5.00%, 10/01/2021		1,800,000		1,890,198
Aviation Capital Group LLC
2.88%, 01/20/2022 (B)		7,200,000		7,239,828
4.13%, 08/01/2025 (B)		1,400,000		1,465,196
BGC Partners, Inc. 5.38%, 07/24/2023		1,500,000		1,604,074
GE Capital Funding Unlimited Co. 5.88%, 11/04/2020, MTN		GBP  1,000,000		1,349,284
SMBC Aviation Capital Finance DAC
3.00%, 07/15/2022 (B)		$  1,600,000		1,630,422
4.13%, 07/15/2023 (B)		1,800,000		1,899,043
Tayarra, Ltd. 3.63%, 02/15/2022		2,078,580		2,122,420
Washington Prime Group, LP 6.45%, 08/15/2024 (F)		3,800,000		3,648,000
				24,741,949
Diversified Telecommunication Services - 2.1%
AT&T, Inc.
3-Month LIBOR + 0.95%, 2.95% (A), 07/15/2021		1,500,000		1,515,300
3-Month LIBOR + 1.18%, 3.31% (A), 06/12/2024		1,800,000		1,831,279
Deutsche Telekom International Finance BV 1.95%, 09/19/2021 (B)		1,600,000		1,595,692
Telstra Corp., Ltd. 4.80%, 10/12/2021 (B)		1,800,000		1,891,063
United Group BV 4.38%, 07/01/2022 (B)		EUR  1,300,000		1,475,495
Verizon Communications, Inc. 3.38%, 02/15/2025		$  4,590,000		4,885,905
				13,194,734
Electric Utilities - 2.7%
Duke Energy Corp.
3-Month LIBOR + 0.50%, 2.68% (A), 05/14/2021 (B)		1,700,000		1,705,899
3.55%, 09/15/2021		1,100,000		1,128,203
Electricite de France SA 4.60%, 01/27/2020 (B)		1,500,000		1,508,865
Evergy, Inc. 2.45%, 09/15/2024		1,600,000		1,609,447
FirstEnergy Corp. 2.85%, 07/15/2022		1,500,000		1,528,002
NextEra Energy Capital Holdings, Inc.
1.95%, 09/01/2022		1,600,000		1,597,493
3-Month LIBOR + 0.72%, 2.85% (A), 02/25/2022 (F)		1,800,000		1,814,784
3.20%, 02/25/2022		1,500,000		1,539,339
Oncor Electric Delivery Co. LLC 4.10%, 06/01/2022		1,500,000		1,574,370
PPL Capital Funding, Inc. 3.50%, 12/01/2022		2,000,000		2,072,665
Southern Power Co. 1.95%, 12/15/2019		900,000		899,928
				16,978,995

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    63

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Entertainment - 0.3%
Activision Blizzard, Inc. 2.30%, 09/15/2021		$   1,600,000		$   1,608,534
Equity Real Estate Investment Trusts - 3.4%
American Tower Corp. 3.38%, 05/15/2024		2,200,000		2,293,938
AvalonBay Communities, Inc. 3.50%, 11/15/2024, MTN (F)		1,595,000		1,696,490
Boston Properties, LP 3.40%, 06/21/2029		1,600,000		1,687,054
Crown Castle International Corp.
3.40%, 02/15/2021		1,850,000		1,880,637
3.70%, 06/15/2026		1,700,000		1,803,110
4.88%, 04/15/2022		900,000		957,267
Digital Realty Trust, LP
2.75%, 02/01/2023		1,400,000		1,419,385
4.45%, 07/15/2028		1,900,000		2,104,005
National Retail Properties, Inc. 3.50%, 10/15/2027		1,600,000		1,682,596
Service Properties Trust 4.35%, 10/01/2024		1,600,000		1,636,353
Simon Property Group, LP 2.50%, 09/01/2020		2,500,000		2,509,491
Welltower, Inc. 3.10%, 01/15/2030		1,600,000		1,620,578
				21,290,904
Food Products - 1.3%
Campbell Soup Co. 3.30%, 03/15/2021		1,900,000		1,931,197
Conagra Brands, Inc. 3.80%, 10/22/2021		1,900,000		1,961,682
Danone SA
2.59%, 11/02/2023 (B)		3,294,000		3,351,214
3.00%, 06/15/2022 (B)		1,100,000		1,126,000
				8,370,093
Health Care Equipment & Supplies - 0.3%
Boston Scientific Corp. 3.38%, 05/15/2022		1,600,000		1,653,012
Health Care Providers & Services - 1.0%
Aetna, Inc. 2.75%, 11/15/2022		2,000,000		2,028,666
Anthem, Inc. 2.38%, 01/15/2025		1,900,000		1,898,839
Cigna Corp. 3-Month LIBOR + 0.89%, 2.89% (A), 07/15/2023		1,100,000		1,104,043
CVS Health Corp. 3.50%, 07/20/2022		1,300,000		1,344,778
				6,376,326
Hotels, Restaurants & Leisure - 1.5%
GLP Capital, LP / GLP Financing II, Inc. 5.30%, 01/15/2029		2,400,000		2,653,416
Marriott International, Inc. 2.13%, 10/03/2022		1,600,000		1,601,323
McDonald’s Corp. 3-Month LIBOR + 0.43%, 2.37% (A), 10/28/2021, MTN		1,600,000		1,599,844

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Hotels, Restaurants & Leisure (continued)
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.
4.25%, 05/30/2023 (B)		$   1,500,000		$   1,552,650
5.50%, 03/01/2025 (B)		1,800,000		1,912,500
				9,319,733
Household Durables - 0.3%
D.R. Horton, Inc. 4.38%, 09/15/2022		1,800,000		1,888,743
Household Products - 0.6%
Reckitt Benckiser Treasury Services PLC 2.38%, 06/24/2022 (B)		3,900,000		3,926,784
Industrial Conglomerates - 0.2%
General Electric Co. 4.65%, 10/17/2021, MTN		1,300,000		1,356,430
Insurance - 1.0%
Allstate Corp. 3-Month LIBOR + 0.63%, 2.73% (A), 03/29/2023		1,300,000		1,302,270
Ambac LSNI LLC 3-Month LIBOR + 5.00%, 7.10% (A), 02/12/2023 (B)		2,129,522		2,145,494
Jackson National Life Global Funding 2.38%, 09/15/2022 (B)		1,700,000		1,709,111
New York Life Global Funding 2.90%, 01/17/2024 (B)		1,000,000		1,039,778
				6,196,653
Internet & Direct Marketing Retail - 0.7%
eBay, Inc.
2.15%, 06/05/2020		3,000,000		3,003,994
3.80%, 03/09/2022		1,200,000		1,240,537
				4,244,531
IT Services - 0.4%
DXC Technology Co. 3-Month LIBOR + 0.95%, 3.08% (A), 03/01/2021		1,000,000		1,000,010
PayPal Holdings, Inc. 2.65%, 10/01/2026		1,600,000		1,619,354
				2,619,364
Machinery - 0.5%
CNH Industrial Capital LLC 4.38%, 11/06/2020 (F)		1,300,000		1,326,312
Wabtec Corp. 3-Month LIBOR + 1.30%, 3.42% (A), 09/15/2021		1,700,000		1,700,357
				3,026,669
Media - 1.1%
Altice France SA
5.88%, 02/01/2027 (B)		EUR  1,200,000		1,475,467
7.38%, 05/01/2026 (B)		$  900,000		963,760
Charter Communications Operating LLC / Charter Communications Operating Capital
3.58%, 07/23/2020		1,800,000		1,815,369
4.46%, 07/23/2022		600,000		630,758

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    64

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Media (continued)
Interpublic Group of Cos., Inc. 3.50%, 10/01/2020		$   2,200,000		$   2,228,616
				7,113,970
Multi-Utilities - 0.3%
Sempra Energy 2.40%, 03/15/2020		1,900,000		1,901,236
Oil, Gas & Consumable Fuels - 1.1%
BP Capital Markets America, Inc. 3.79%, 02/06/2024		1,500,000		1,601,237
Continental Resources, Inc. 5.00%, 09/15/2022		330,000		332,520
Enbridge, Inc. 3-Month LIBOR + 0.70%, 2.82% (A), 06/15/2020		1,500,000		1,502,323
Energy Transfer Operating, LP 4.15%, 10/01/2020		800,000		811,696
Marathon Oil Corp. 2.80%, 11/01/2022		1,000,000		1,012,233
Petrobras Global Finance BV 6.13%, 01/17/2022		408,000		437,988
Sabine Pass Liquefaction LLC 5.63%, 02/01/2021		1,500,000		1,548,179
				7,246,176
Pharmaceuticals - 1.3%
Bayer Finance II LLC
3-Month LIBOR + 0.63%, 2.74% (A), 06/25/2021 (B)		1,900,000		1,905,008
3-Month LIBOR + 1.01%, 3.13% (A), 12/15/2023 (B)		2,200,000		2,212,070
Mylan NV 3.15%, 06/15/2021		1,800,000		1,822,602
Teva Pharmaceutical Finance III BV
4.50%, 03/01/2025 (F)		EUR  1,100,000		1,135,519
6.00%, 04/15/2024 (F)		$  1,100,000		1,032,625
				8,107,824
Professional Services - 0.3%
Equifax, Inc. 3-Month LIBOR + 0.87%, 3.03% (A), 08/15/2021		2,100,000		2,103,342
Real Estate Management & Development - 0.2%
Tesco Property Finance 6 PLC 5.41%, 07/13/2044 (D)		GBP  763,470		1,256,641
Semiconductors & Semiconductor Equipment - 1.3%
Broadcom Corp. / Broadcom Cayman Finance, Ltd.
2.20%, 01/15/2021		$  1,900,000		1,900,041
3.00%, 01/15/2022		2,300,000		2,329,750
Micron Technology, Inc. 4.98%, 02/06/2026		1,800,000		1,956,280
NXP BV / NXP Funding LLC 4.88%, 03/01/2024 (B)		1,900,000		2,064,620
				8,250,691
Software - 0.4%
VMware, Inc. 2.95%, 08/21/2022		2,400,000		2,439,026

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Specialty Retail - 0.1%
QVC, Inc. 5.13%, 07/02/2022		$   800,000		$   843,784
Technology Hardware, Storage & Peripherals - 0.9%
Dell International LLC / EMC Corp.
4.42%, 06/15/2021 (B)		2,000,000		2,065,476
5.45%, 06/15/2023 (B)		2,200,000		2,391,565
Hewlett Packard Enterprise Co. 3-Month LIBOR + 0.72%, 2.76% (A), 10/05/2021		1,500,000		1,500,011
				5,957,052
Tobacco - 0.9%
BAT Capital Corp. 2.76%, 08/15/2022		1,000,000		1,009,568
BAT International Finance PLC 2.75%, 06/15/2020 (B)		500,000		502,274
Imperial Brands Finance PLC
3.13%, 07/26/2024 (B)		1,700,000		1,709,852
3.75%, 07/21/2022 (B)		297,000		306,493
Reynolds American, Inc. 4.00%, 06/12/2022		1,800,000		1,876,576
				5,404,763
Wireless Telecommunication Services - 0.4%
Sprint Communications, Inc. 7.00%, 03/01/2020 (B)		900,000		913,140
Vodafone Group PLC 3-Month LIBOR + 0.99%, 2.99% (A), 01/16/2024		1,700,000		1,717,490
				2,630,630
Total Corporate Debt Securities (Cost $361,463,870)				369,806,086
FOREIGN GOVERNMENT OBLIGATIONS - 7.4%
Brazil - 2.8%
Brazil Letras do Tesouro Nacional Zero Coupon, 01/01/2020 - 04/01/2020		BRL  72,600,000		17,821,887
Japan - 1.3%
Japan Bank for International Cooperation 2.88%, 07/21/2027		$  1,700,000		1,805,238
Japan Finance Organization for Municipalities
2.63%, 04/20/2022 (B)		1,400,000		1,422,278
3.38%, 09/27/2023 (B)		2,900,000		3,043,223
Japan Government Twenty Year Bond 0.30%, 06/20/2039		JPY  180,000,000		1,689,990
				7,960,729
Kuwait - 0.2%
Kuwait International Government Bond 2.75%, 03/20/2022 (D)		$  1,400,000		1,419,589
Peru - 0.4%
Peru Government International Bond 5.94%, 02/12/2029 (B)		PEN  6,200,000		2,100,607

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    65

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Qatar - 0.7%
Qatar Government International Bond
3.38%, 03/14/2024 (D)		$  2,100,000		$   2,194,500
4.00%, 03/14/2029 (D)		2,100,000		2,328,392
				4,522,892
Spain - 2.0%
Spain Government Bond
1.40%, 07/30/2028 (B) (D)		EUR  3,400,000		4,203,415
1.85%, 07/30/2035 (B) (D)		2,400,000		3,153,818
0.60%, 10/31/2029, MTN (B) (D)		4,600,000		5,312,712
				12,669,945
Total Foreign Government Obligations (Cost $45,301,676)				46,495,649
MORTGAGE-BACKED SECURITIES - 8.6%
Alternative Loan Trust
Series 2005-J12, Class 2A1,
1-Month LIBOR + 0.54%, 2.36% (A), 08/25/2035		$  951,913		634,942
Series 2006-30T1, Class 1A3,
6.25%, 11/25/2036		120,528		109,814
Series 2006-J8, Class A2,
6.00%, 02/25/2037		147,697		101,701
Series 2006-OA12, Class A1B,
1-Month LIBOR + 0.19%, 2.04% (A), 09/20/2046		577,366		504,674
Series 2006-OC7, Class 2A2A,
1-Month LIBOR + 0.17%, 1.99% (A), 07/25/2046		491,901		490,767
Series 2006-OC8, Class 2A2B,
1-Month LIBOR + 0.17%, 1.99% (A), 11/25/2036		305,412		297,908
Series 2007-2CB, Class 1A13,
1-Month LIBOR + 1.00%, 5.75% (A), 03/25/2037		184,491		157,924
Series 2007-HY4, Class 1A1,
3.94% (A), 06/25/2037		345,421		301,929
Series 2007-J1, Class 2A8,
6.00%, 03/25/2037		1,402,949		850,221
Ashford Hospitality Trust Series 2018-AHT1, Class A, 1-Month LIBOR + 1.00%, 2.91% (A), 05/15/2035 (B)		2,200,000		2,198,628
Banc of America Funding Trust
Series 2005-D, Class A1,
4.78% (A), 05/25/2035		110,326		113,181
Series 2006-J, Class 4A1,
4.60% (A), 01/20/2047		23,690		23,076
BBCMS Trust Series 2015-STP, Class A, 3.32%, 09/10/2028 (B)		1,646,294		1,658,701
BCAP LLC Trust Series 2011-RR8, Class 2A1, 3.80% (A), 08/26/2037 (B)		83,371		83,365
Bear Stearns Alt-A Trust
Series 2006-6, Class 31A1,
4.03% (A), 11/25/2036		798,598		740,498
Series 2006-6, Class 32A1,
3.83% (A), 11/25/2036		170,178		141,563

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Bear Stearns ARM Trust
Series 2003-5, Class 2A1,
4.48% (A), 08/25/2033		$   94,883		$   95,067
Series 2003-8, Class 2A1,
4.89% (A), 01/25/2034		3,403		3,554
Series 2003-8, Class 4A1,
4.56% (A), 01/25/2034		37,743		39,089
Series 2006-4, Class 1A1,
4.65% (A), 10/25/2036		36,052		35,464
Bear Stearns Structured Products, Inc. Trust Series 2007-R6, Class 1A1, 4.09% (A), 01/26/2036		95,234		84,142
CGMS Commercial Mortgage Trust Series 2017-MDRA, Class A, 3.66%, 07/10/2030 (B)		1,900,000		1,943,070
Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2004-3A, Class A1, 1-Month LIBOR + 0.25%, 2.07% (A), 08/25/2035 (B)		47,658		47,499
CHL Mortgage Pass-Through Trust Series 2004-12, Class 12A1, 4.14% (A), 08/25/2034		31,034		31,300
Citigroup Commercial Mortgage Trust Series 2015-SHP2, Class A, 1-Month LIBOR + 1.28%, 3.19% (A), 07/15/2027 (B)		1,800,000		1,801,125
Citigroup Mortgage Loan Trust, Inc.
Series 2005-6, Class A2,
1-Year CMT + 2.15%, 4.55% (A), 09/25/2035		35,688		36,670
Series 2009-3, Class 5A3,
6.00% (A), 02/25/2037 (B)		714,656		709,802
CitiMortgage Alternative Loan Trust Series 2006-A7, Class 1A9, 1-Month LIBOR + 0.65%, 2.47% (A), 12/25/2036		1,153,974		920,045
COMM Mortgage Trust Series 2015-CR26, Class ASB, 3.37%, 10/10/2048		1,400,000		1,456,924
Credit Suisse First Boston Mortgage Securities Corp.
Series 2002-P1A, Class A,
2.84% (A), 03/25/2032 (B)		194		190
Series 2003-AR15, Class 2A1,
4.13% (A), 06/25/2033		172,271		174,046
Series 2003-AR28, Class 2A1,
4.06% (A), 12/25/2033		1,328,226		1,363,485
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2005-6, Class 2A3, 5.50%, 12/25/2035		217,585		209,749
First Horizon Alternative Mortgage Securities Trust Series 2007-FA4, Class 1A8, 6.25%, 08/25/2037		126,563		95,196
First Horizon Mortgage Pass-Through Trust Series 2005-AR3, Class 2A1, 4.59% (A), 08/25/2035		11,543		9,660

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    66

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
GS Mortgage Securities Corp. Trust Series 2016-RENT, Class A, 3.20%, 02/10/2029 (B)		$   1,400,000		$   1,411,381
GSR Mortgage Loan Trust Series 2005-AR6, Class 2A1, 4.44% (A), 09/25/2035		15,662		16,132
HarborView Mortgage Loan Trust
Series 2005-14, Class 4A1A,
3.82% (A), 12/19/2035		150,109		112,126
Series 2006-6, Class 5A1A,
4.46% (A), 08/19/2036		63,031		60,552
Hawksmoor Mortgages Series 2019-1A, Class A, SONIA + 1.05%, 0.00% (A), 05/25/2053 (B)		GBP  6,600,000		8,547,431
Hilton Trust Series 2016-SFP, Class A, 2.83%, 11/05/2035 (B)		$  1,700,000		1,706,618
IndyMac INDX Mortgage Loan Trust Series 2005-AR11, Class A3, 3.87% (A), 08/25/2035		819,123		744,117
JPMorgan Alternative Loan Trust Series 2006-A2, Class 1A1, 1-Month LIBOR + 0.18%, 2.00% (A), 05/25/2036		990,207		911,121
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2018-LAQ, Class A,
1-Month LIBOR + 1.00%, 2.91% (A), 06/15/2032 (B)		2,065,465		2,065,455
Series 2018-PHH, Class A,
1-Month LIBOR + 0.91%, 2.82% (A), 06/15/2035 (B)		1,744,354		1,744,353
Ludgate Funding PLC Series 2007-1, Class A2A, 3-Month GBP LIBOR + 0.16%, 0.92% (A), 01/01/2061 (D)		GBP  1,405,949		1,698,988
MASTR Alternative Loan Trust Series 2006-2, Class 2A1, 1-Month LIBOR + 0.40%, 2.22% (A), 03/25/2036		$  88,304		13,635
Merrill Lynch Mortgage Investors Trust Series 2005-3, Class 4A, 1-Month LIBOR + 0.25%, 2.07% (A), 11/25/2035		122		122
Morgan Stanley Capital I Trust Series 2014-CPT, Class AM, 3.40% (A), 07/13/2029 (B)		1,400,000		1,422,150
RALI Trust Series 2008-QR1, Class 1A1, 1-Month LIBOR + 1.40%, 3.22% (A), 08/25/2036		286,367		268,015
Reperforming Loan REMIC Trust
Series 2004-R1, Class 2A,
6.50%, 11/25/2034 (B)		94,603		94,591
Series 2005-R2, Class 1AF1,
1-Month LIBOR + 0.34%, 2.16% (A), 06/25/2035 (B)		295,284		283,555

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
RFMSI Trust Series 2003-S9, Class A1, 6.50%, 03/25/2032		$   451		$   467
RMAC Securities No. 1 PLC Series 2007-NS1X, Class A2B, 3-Month LIBOR + 0.15%, 2.28% (A), 06/12/2044 (D)		1,767,082		1,658,453
Sequoia Mortgage Trust
Series 2004-11, Class A2,
6-Month LIBOR + 0.64%, 3.19% (A), 12/20/2034		689,408		682,799
Series 2007-1, Class 1A1,
3.63% (A), 01/20/2047		173,067		139,829
Series 2007-3, Class 2AA1,
4.00% (A), 07/20/2037		1,012,086		953,821
Series 2010, Class 2A1,
1-Month LIBOR + 0.76%, 2.61% (A), 10/20/2027		4,300		4,195
Structured Adjustable Rate Mortgage Loan Trust
Series 2004-12, Class 3A1,
4.21% (A), 09/25/2034		122,866		125,314
Series 2004-19, Class 2A1,
12-MTA + 1.40%, 3.79% (A), 01/25/2035		72,814		71,419
Structured Asset Mortgage Investments II Trust
Series 2005-AR5, Class A1,
1-Month LIBOR + 0.25%, 2.10% (A), 07/19/2035		11,000		10,978
Series 2005-AR5, Class A2,
1-Month LIBOR + 0.25%, 2.10% (A), 07/19/2035		12,663		12,557
Series 2005-AR5, Class A3,
1-Month LIBOR + 0.25%, 2.10% (A), 07/19/2035		30,739		30,736
Series 2005-AR8, Class A1A,
1-Month LIBOR + 0.28%, 2.10% (A), 02/25/2036		221,230		214,066
Structured Asset Mortgage Investments Trust Series 2002-AR3, Class A1, 1-Month LIBOR + 0.66%, 2.51% (A), 09/19/2032		3,318		3,292
Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2003-22A, Class 2A1, 4.40% (A), 06/25/2033		134,334		133,036
Towd Point Mortgage Funding Series 2019-A13A, Class A1, SONIA + 0.90%, 0.00% (A), 07/20/2045 (B)		GBP  5,600,000		7,222,994
Towd Point Mortgage Funding PLC Series 2019-GR4A, Class A1, 3-Month GBP LIBOR + 1.03%, 1.82% (A), 10/20/2051 (B)		2,222,318		2,888,324

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    67

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
WaMu Mortgage Pass-Through Certificates Trust Series 2003-AR9, Class 2A, 4.40% (A), 09/25/2033		$  205,046		$   211,526
Wells Fargo Mortgage-Backed Securities Trust
Series 2005-AR2, Class 1A1,
5.03% (A), 03/25/2035		518,893		523,375
Series 2006-AR1, Class 2A4,
5.15% (A), 03/25/2036		868,127		868,577
Total Mortgage-Backed Securities (Cost $53,610,160)				54,321,069
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.7%
Illinois - 0.5%
City of Chicago, General Obligation Unlimited, Series B, 7.75%, 01/01/2042		170,000		194,713
State of Illinois, General Obligation Unlimited
6.63%, 02/01/2035		1,500,000		1,763,790
7.35%, 07/01/2035		1,015,000		1,228,972
				3,187,475
West Virginia - 0.2%
Tobacco Settlement Finance Authority, Revenue Bonds, Series A, 7.47%, 06/01/2047		935,000		964,752
Total Municipal Government Obligations (Cost $3,706,406)				4,152,227
U.S. GOVERNMENT AGENCY OBLIGATIONS - 50.9%
Federal Home Loan Mortgage Corp.
12-Month LIBOR + 1.35%, 3.75% (A), 09/01/2035		10,507		10,878
4.00%, 09/01/2048 - 10/01/2048		1,127,202		1,171,076
12-Month LIBOR + 1.87%, 4.15% (A), 09/01/2035		94,767		99,880
4.50%, 08/01/2025 - 05/01/2037		24,023		25,945
1-Year CMT + 2.26%, 4.69% (A), 01/01/2036		521,405		552,724
1-Year CMT + 2.22%, 4.72% (A), 11/01/2033		18,440		19,356
1-Year CMT + 2.23%, 4.96% (A), 03/01/2034		34,346		36,161
Federal Home Loan Mortgage Corp. REMIC
1-Month LIBOR + 0.40%, 2.32% (A), 06/15/2041		951,299		951,685
6.50%, 04/15/2029		901		991
Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates
12-MTA + 1.20%, 3.59% (A), 10/25/2044		134,236		135,756
12-MTA + 1.40%, 3.79% (A), 07/25/2044		129,332		133,310
6.50%, 07/25/2043		7,978		9,503

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal National Mortgage Association
1-Month LIBOR + 0.35%, 2.37% (A), 09/25/2042		$   119,221		$   118,057
3.31%, 07/01/2023		3,234,271		3,384,778
3.50%, 02/01/2027		102,285		106,124
12-MTA + 1.20%, 3.65% (A), 03/01/2044 - 10/01/2044		406,916		415,530
4.00%, 09/01/2048 - 10/01/2048		2,545,781		2,645,322
4.00%, 09/01/2048 - 12/01/2048 (H)		3,202,620		3,326,341
12-Month LIBOR + 1.32%, 4.07% (A), 07/01/2035		43,543		45,136
1-Year CMT + 2.04%, 4.11% (A), 09/01/2035		90,638		93,856
1-Year CMT + 2.19%, 4.19% (A), 01/01/2026		1,419		1,432
4.50%, 12/01/2024		90,096		93,261
12-Month LIBOR + 1.71%, 4.72% (A), 03/01/2034		48,246		50,467
1-Year CMT + 2.22%, 4.73% (A), 01/01/2028		9,250		9,696
1-Year CMT + 2.27%, 4.77% (A), 11/01/2033		19,340		19,466
5.00%, 10/01/2029		148,214		159,065
6.00%, 07/01/2035 - 06/01/2040		823,936		945,903
Federal National Mortgage Association REMIC
1-Month LIBOR + 0.45%, 2.55% (A), 09/25/2046		486,502		486,264
6.30%, 10/17/2038		45,311		45,807
Federal National Mortgage Association REMIC, Interest Only STRIPS (1.00) * 1-Month LIBOR + 7.10%, 5.28% (A), 07/25/2034		315,701		52,028
Government National Mortgage Association
1-Month LIBOR + 0.60%, 2.69% (A), 08/20/2065 - 10/20/2065		3,137,224		3,136,520
3.00%, TBA (H)		6,000,000		6,173,834
1-Month LIBOR + 0.95%, 3.04% (A), 12/20/2066		1,217,703		1,232,312
1-Month LIBOR + 1.00%, 3.09% (A), 12/20/2065		4,650,739		4,714,298
3.50%, TBA (H)		24,200,000		25,096,474
1-Year CMT + 1.50%, 3.88% (A), 05/20/2024		9,175		9,405
4.00%, 06/20/2047 - 06/20/2049		3,452,079		3,610,469
4.00%, TBA (H)		68,900,000		71,621,454
4.50%, TBA (H)		18,000,000		18,833,907
5.00%, 04/20/2049 - 05/20/2049		2,030,981		2,148,746
5.00%, TBA (H)		18,400,000		19,419,176
Government National Mortgage Association, Interest Only STRIPS
(1.00) * 1-Month LIBOR + 6.56%, 4.65% (A), 04/16/2033 - 10/16/2033		320,626		18,828
(1.00) * 1-Month LIBOR + 6.60%, 4.69% (A), 08/16/2033		621,893		54,995
(1.00) * 1-Month LIBOR + 6.60%, 4.75% (A), 09/20/2034		332,339		51,444

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    68

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Uniform Mortgage-Backed Security
3.00%, TBA (H)		$   65,900,000		$   66,894,820
3.50%, TBA (H)		55,900,000		57,499,817
4.00%, TBA (H)		23,200,000		24,093,562
5.00%, TBA (H)		1,000,000		1,028,858
Total U.S. Government Agency Obligations (Cost $319,957,629)				320,784,717
U.S. GOVERNMENT OBLIGATIONS - 36.5%
U.S. Treasury - 27.0%
U.S. Treasury Bond
2.75%, 08/15/2042 - 11/15/2042 (I)		10,000,000		11,091,875
2.88%, 05/15/2043 - 08/15/2045 (I)		10,800,000		12,280,922
3.00%, 05/15/2042 - 02/15/2048 (I)		10,200,000		11,926,102
3.13%, 02/15/2043		1,000,000		1,178,633
3.13%, 08/15/2044 (I)		12,400,000		14,693,031
4.25%, 05/15/2039 (I)		900,000		1,228,254
4.38%, 11/15/2039 - 05/15/2040 (I)		6,300,000		8,749,644
4.63%, 02/15/2040 (I) (J)		700,000		1,002,613
U.S. Treasury Note
1.75%, 06/30/2024 (I)		4,300,000		4,342,328
1.88%, 07/31/2022 (J) (K)		900,000		908,402
1.88%, 08/31/2022 (I) (J) (L)		4,000,000		4,039,844
2.00%, 12/31/2021 (I)		60,100,000		60,675,176
2.00%, 10/31/2022 (J)		400,000		405,594
2.13%, 09/30/2024 (I)		11,100,000		11,404,817
2.25%, 08/15/2027 (I) (J) (L)		5,900,000		6,169,879
2.63%, 02/15/2029 (I)		9,500,000		10,271,133
2.88%, 05/15/2049 (I)		8,400,000		9,679,031
				170,047,278
U.S. Treasury Inflation-Protected Securities - 9.5%
U.S. Treasury Inflation-Indexed Bond
0.75%, 02/15/2042		3,406,230		3,579,223
0.88%, 01/15/2029 (I)		16,155,354		17,181,994
0.88%, 02/15/2047 (J)		850,264		919,629
1.00%, 02/15/2046		1,407,614		1,562,600
1.00%, 02/15/2048 - 02/15/2049 (I)		5,366,316		6,010,606
U.S. Treasury Inflation-Indexed Note
0.38%, 07/15/2023 (K) (L)		5,181,468		5,225,883
0.38%, 07/15/2027 (J)		1,363,453		1,388,014
0.63%, 01/15/2026 (I)		6,694,388		6,874,775
0.75%, 07/15/2028 (I)		16,240,851		17,093,032
				59,835,756
Total U.S. Government Obligations (Cost $217,606,177)				229,883,034
	Shares		Value
COMMON STOCK - 0.0% (M)
Household Durables - 0.0% (M)
Urbi Desarrollos Urbanos SAB de CV (N)		7,629		405
Total Common Stock (Cost $417,591)				405

	Shares		Value
OTHER INVESTMENT COMPANY - 2.0%
Securities Lending Collateral - 2.0%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.75% (O)		12,348,925		$   12,348,925
Total Other Investment Company (Cost $12,348,925)				12,348,925
	Principal		Value
REPURCHASE AGREEMENT - 0.4%
Fixed Income Clearing Corp., 0.85% (O), dated 10/31/2019, to be repurchased at $2,614,989 on 11/01/2019. Collateralized by a U.S. Government Obligation, 1.75%, due 06/15/2022, and with a value of $2,670,355.		$  2,614,927		2,614,927
Total Repurchase Agreement (Cost $2,614,927)				2,614,927
Total Investments Excluding Options/Swaptions Purchased (Cost $1,100,242,483)				1,130,288,565
Total Options/Swaptions Purchased - 0.0% (Cost $41,439)				1,706
Total Investments (Cost $1,100,283,922)				1,130,290,271
Net Other Assets (Liabilities) - (79.3)%				(499,820,668	)
Net Assets - 100.0%				$  630,469,603

	Face Value			Value Including Accrued Interest
REVERSE REPURCHASE AGREEMENTS - (37.6)%
Bank of Montreal, 1.99% (O), dated 10/08/2019, to be repurchased at $(24,727,514) on 01/07/2020. Collateralized by U.S. Government Obligations, 1.75% - 4.63%, due 06/30/2024 - 08/15/2044, and Cash with total value of $(24,857,805).		$  (24,603,750	)		$  (24,636,391	)
Bank of Montreal, 2.19% (O), dated 08/09/2019, to be repurchased at $(12,942,995) on 11/12/2019. Collateralized by U.S. Government Obligations, 2.25% - 4.38%, due 08/15/2027 - 11/15/2042, and Cash with a total value of $(13,333,483).		(12,868,625	)		(12,934,384	)
Bank of Nova Scotia, 1.79% (O), dated 11/01/2019, to be repurchased at $(15,986,224) on 01/10/2020. Collateralized by U.S. Government Obligations, 0.88% - 3.13%, due 01/15/2029 - 05/15/2047, and with a total value of $(15,925,575).		(15,946,476	)		(15,946,476	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    69

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

	Face Value			Value Including Accrued Interest
REVERSE REPURCHASE AGREEMENTS (continued)
Bank of Nova Scotia, 1.98% (O), dated 10/11/2019, to be repurchased at $(1,624,730) on 11/12/2019. Collateralized by U.S. Government Obligations, 0.88% - 3.00%, due 01/15/2029 - 05/15/2047, and with a total value of $(1,645,791).		$   (1,621,875	)		$   (1,623,748	)
Credit Agricole Securities, Inc., 1.85% (O), dated 10/31/2019, to be repurchased at $(76,348,274) on 11/01/2019. Collateralized by U.S. Government Obligations, 0.75% - 4.25%, due 12/31/2021 - 02/15/2048, and with a total value of $(76,585,850).		(76,344,351	)		(76,344,351	)
Credit Agricole Securities, Inc., 2.00% (O), dated 10/22/2019, to be repurchased at $(19,503,157) on 11/05/2019. Collateralized by a U.S. Government Obligation, 2.00%, due 12/31/2021, and with a value of $(19,516,891).		(19,488,000	)		(19,498,827	)
Credit Agricole Securities, Inc., 2.05% (O), dated 10/25/2019, to be repurchased at $(4,894,575) on 11/01/2019. Collateralized by U.S. Government Obligations, 0.88% - 1.00%, due 01/15/2029 - 02/15/2048, and with a total value of $(4,895,478).		(4,892,625	)		(4,894,575	)
Deutsche Bank Securities, Inc., 2.01% (O), dated 10/17/2019, to be repurchased at $(2,439,971) on 11/07/2019. Collateralized by a U.S. Government Obligation, 1.88%, due 08/31/2022, and with a value of $(2,442,126).		(2,437,113	)		(2,439,154	)
JPMorgan Securities LLC, 1.65% (O), dated 11/05/2019, to be repurchased at $(9,792,728) on 11/15/2019. Collateralized by a U.S. Government Obligation, 1.88% - 2.88%, due 07/31/2022 - 05/15/2049, and with a value of $(9,764,623).		(9,786,000	)		(9,786,000	)
JPMorgan Securities LLC, 1.65% (O), dated 11/01/2019, to be repurchased at $(12,124,330) on 11/15/2019. Collateralized by U.S. Government Obligations, 1.88% - 2.88%, due 07/31/2022 - 05/15/2049, and with a total value of $(12,153,558).		(12,116,000	)		(12,116,000	)

	Face Value			Value Including Accrued Interest
REVERSE REPURCHASE AGREEMENTS (continued)
JPMorgan Securities LLC, 2.00% (O), dated 10/17/2019, to be repurchased at $(11,982,978) on 11/01/2019. Collateralized by U.S. Government Obligations, 1.88% - 2.88%, due 07/31/2022 - 05/15/2049, and with a total value of $(12,153,558).		$   (11,973,000	)		$   (11,982,977	)
RBS Securities, Inc., 2.03% (O), dated 10/21/2019, to be repurchased at $(7,085,589) on 11/04/2019. Collateralized by a U.S. Government Obligation, 3.13%, due 08/15/2044, and with a value of $(7,151,851).		(7,080,000	)		(7,084,392	)
RBS Securities, Inc., 2.10% (O), dated 10/24/2019, to be repurchased at $(10,027,680) on 11/04/2019. Collateralized by U.S. Government Obligations, 0.63% - 0.88%, due 01/15/2026 - 01/15/2029, and with a total value of $(10,033,699).		(10,021,250	)		(10,025,927	)
Societe Generale SA, 1.94% (O), dated 10/22/2019, to be repurchased at $(3,994,386) on 11/05/2019. Collateralized by a U.S. Government Obligation, 2.63%, due 02/15/2029, and with a value of $(4,021,717).		(3,991,375	)		(3,993,526	)
Societe Generale SA, 1.98% (O), dated 10/24/2019, to be repurchased at $(6,267,790) on 11/04/2019. Collateralized by a U.S. Government Obligation, 2.63%, due 02/15/2029, and with a value of $(6,304,313).		(6,264,000	)		(6,266,756	)
Standard Chartered Bank, 2.06% (O), dated 10/11/2019, to be repurchased at $(17,741,752) on 11/01/2019. Collateralized by U.S. Government Obligations, 2.75% - 4.38%, due 05/15/2040 - 02/15/2048, and Cash with a total value of $(18,235,511).		(17,720,458	)		(17,741,752	)
Total Reverse Repurchase Agreements		$  (237,154,898	)		$  (237,315,236	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    70

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

EXCHANGE-TRADED OPTIONS PURCHASED:
Description	Exercise Price			Expiration Date		Notional Amount			Number of Contracts		Premiums Paid		Value
Call - U.S. Treasury Note Futures		USD	188.00		12/27/2019		USD	5,299,594		33		$  284		$  33
Call - U.S. Treasury Note Futures		USD	190.00		11/22/2019		USD	5,971,060		37		318		37
Call - U.S. Treasury Note Futures		USD	191.00		11/22/2019		USD	968,280		6		51		6
Call - U.S. Treasury Note Futures		USD	194.00		02/21/2020		USD	160,594		1		9		1
Call - U.S. Treasury Note Futures		USD	195.00		02/21/2020		USD	18,307,688		114		980		114
Call - U.S. Treasury Note Futures		USD	225.00		11/22/2019		USD	3,388,980		21		180		21
Put - 5-Year U.S. Treasury Note Futures		USD	108.00		11/22/2019		USD	31,826,400		267		2,296		267
Put - 5-Year U.S. Treasury Note Futures		USD	108.25		11/22/2019		USD	32,303,200		271		2,331		271
Put - 5-Year U.S. Treasury Note Futures		USD	108.50		11/22/2019		USD	33,137,600		278		2,391		278
Put - 5-Year U.S. Treasury Note Futures		USD	109.00		11/22/2019		USD	3,695,200		31		267		31
Put - 5-Year U.S. Treasury Note Futures		USD	109.25		11/22/2019		USD	357,600		3		26		3
Put - 5-Year U.S. Treasury Note Futures		USD	111.50		12/27/2019		USD	119,539		1		9		1
Put - 5-Year U.S. Treasury Note Futures		USD	111.75		12/27/2019		USD	5,618,336		47		404		47
Put - 10-Year U.S. Treasury Note Futures		USD	114.50		11/22/2019		USD	24,887,300		191		1,643		191
Put - 10-Year U.S. Treasury Note Futures		USD	115.00		11/22/2019		USD	31,532,600		242		2,081		242
Put - 10-Year U.S. Treasury Note Futures		USD	115.50		11/22/2019		USD	260,600		2		17		2
Put - 10-Year U.S. Treasury Note Futures		USD	116.00		11/22/2019		USD	1,433,300		11		95		11
Put - 10-Year U.S. Treasury Note Futures		USD	116.50		11/22/2019		USD	9,381,600		72		619		72
Put - 10-Year U.S. Treasury Note Futures		USD	118.50		11/22/2019		USD	130,300		1		9		1
Put - 10-Year U.S. Treasury Note Futures		USD	119.00		11/22/2019		USD	7,557,400		58		499		58
Put - U.S. Treasury Note Futures		USD	122.00		11/22/2019		USD	806,900		5		43		5
Put - U.S. Treasury Note Futures		USD	127.00		11/22/2019		USD	645,520		4		34		4
Total												$  14,586		$  1,696

OVER-THE-COUNTER OPTIONS PURCHASED:

Description

Counterparty

Exercise Price

Expiration Date

Notional Amount

Number of Contracts

Premiums Paid

Value

Put - Federal National Mortgage Association, 3.00%, TBA

JPM

USD

72.00

11/06/2019

USD

50,000,000

50,000,000

$  1,953

$  1

OVER-THE-COUNTER FOREIGN EXCHANGE OPTIONS PURCHASED:

Description

Counterparty

Exercise Price

Expiration Date

Notional Amount/ Number of Contracts

Premiums Paid

Value

Call - USD vs. JPY

BNP

USD

115.25

11/13/2019

USD

9,000,000

$  900

$  9

OVER-THE-COUNTER INTEREST RATE SWAPTIONS PURCHASED:

Description

Counterparty

Floating Rate Index

Pay/Receive Floating Rate

Exercise Rate

Expiration Date

Notional Amount/ Number of Contracts

Premiums Paid

Value

Put - 30-Year

GSB

3-Month USD-LIBOR

Pay

2.94

%

12/12/2019

USD

500,000

$  24,000

$  0(P

)

EXCHANGE-TRADED OPTIONS WRITTEN:

Description

Exercise Price

Expiration Date

Notional Amount

Number of Contracts

Premiums (Received)

Value

Put - 10-Year U.S. Treasury Note Futures

USD

129.75

11/22/2019

USD

7,427,100

57

$  (18,113

)

$  (17,813

)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    71

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

OVER-THE-COUNTER OPTIONS WRITTEN:
Description	Counterparty		Exercise Price			Expiration Date		Notional Amount			Number of Contracts		Premiums (Received)			Value
Call - Federal National Mortgage Association, 3.00%, TBA		JPM		USD	102.13		11/06/2019		USD	355,635,000		3,500,000		$  (10,938	)		$  (437	)
Call - Federal National Mortgage Association, 3.00%, TBA		JPM		USD	102.19		11/06/2019		USD	355,635,000		3,500,000		(10,254	)		(305	)
Total														$  (21,192	)		$  (742	)

OVER-THE-COUNTER INTEREST RATE SWAPTIONS WRITTEN:

Description

Counterparty

Floating Rate Index

Pay/Receive Floating Rate

Exercise Rate

Expiration Date

Notional Amount/ Number of Contracts

Premiums (Received)

Value

Put - 5-Year

GSB

3-Month USD-LIBOR

Pay

2.75

%

12/12/2019

USD

2,200,000

$

(24,000

)

$  0(P)

Premiums (Received)

Value

TOTAL WRITTEN OPTIONS AND SWAPTIONS

$

(63,305

)

$

(18,555

)

CENTRALLY CLEARED SWAP AGREEMENTS:
Credit Default Swap Agreements on Corporate and Sovereign Issues - Sell Protection (Q)
Reference Obligation	Fixed Rate Receivable			Payment Frequency		Maturity Date		Implied Credit Spread at October 31, 2019 (R)			Notional Amount (S)			Value			Premiums Paid (Received)			Net Unrealized Appreciation (Depreciation)
Ford Motor Credit Co. LLC, 3.81%, 01/09/2024		5.00	%		Quarterly		12/20/2023		1.56	%		USD	2,400,000	$	336,623		$	260,204		$	76,419
General Electric Co., 2.70%, 10/09/2022		1.00			Quarterly		12/20/2023		0.88			USD	600,000		3,618			(24,431	)		28,049
General Electric Co., 2.70%, 10/09/2022		1.00			Quarterly		06/20/2024		1.04			USD	200,000		65			(549	)		614
General Electric Co., 2.70%, 10/09/2022		1.00			Quarterly		12/20/2024		1.17			USD	700,000		(4,932	)		(9,881	)		4,949
Goldman Sachs Group, Inc., 5.95%, 01/18/2018		1.00			Quarterly		06/20/2021		0.28			USD	1,000,000		13,164			5,653			7,511
Goldman Sachs Group, Inc., 5.95%, 01/18/2018		1.00			Quarterly		12/20/2021		0.30			USD	1,400,000		22,510			8,528			13,982
MetLife, Inc., 4.75%, 02/08/2021		1.00			Quarterly		12/20/2021		0.19			USD	1,500,000		27,426			(5,518	)		32,944
Rolls-Royce Holdings PLC, 2.13%, 06/18/2021		1.00			Quarterly		12/20/2024		0.92			EUR	1,300,000		8,077			(7,213	)		15,290
Tesco PLC, 6.00%, 12/14/2029		1.00			Quarterly		06/20/2022		0.44			EUR	1,200,000		22,244			(27,561	)		49,805
Total														$	428,795		$	199,232		$	229,563

Credit Default Swap Agreements on Credit Indices - Sell Protection (Q)
Reference Obligation	Fixed Rate Receivable			Payment Frequency		Maturity Date		Notional Amount (S)			Value (T)			Premiums Paid (Received)			Net Unrealized Appreciation (Depreciation)
North America Investment Grade Index - Series 31		1.00	%		Quarterly		12/20/2023		USD	36,900,000	$	(898,503	)	$	(572,285	)	$	(326,218	)
North America Investment Grade Index - Series 32		1.00			Quarterly		06/20/2024		USD	10,800,000		(261,994	)		(159,657	)		(102,337	)
Total											$	(1,160,497	)	$	(731,942	)	$	(428,555	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    72

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

CENTRALLY CLEARED SWAP AGREEMENTS (continued):

Interest Rate Swap Agreements
Floating Rate Index	Pay/ Receive Fixed Rate		Fixed Rate			Payment Frequency		Maturity Date		Notional Amount			Value			Premiums Paid (Received)			Net Unrealized Appreciation (Depreciation)
3-Month USD-LIBOR		Receive		2.80	%		Quarterly/Semi-Annually		08/22/2023		USD	6,700,000	$	332,190		$	(159	)	$	332,349
6-Month GBP-LIBOR		Pay		0.75			Semi-Annually		03/18/2030		GBP	600,000		5,715			6,154			(439	)
6-Month GBP-LIBOR		Pay		0.75			Semi-Annually		03/18/2050		GBP	1,000,000		59,729			24,228			35,501
6-Month GBP-LIBOR		Pay		1.25			Semi-Annually		12/18/2049		GBP	4,700,000		(550,229	)		(97,781	)		(452,448	)
6-Month JPY-LIBOR		Receive		0.00			Semi-Annually		09/24/2026		JPY	252,000,000		(2,027	)		348			(2,375	)
6-Month JPY-LIBOR		Receive		0.06			Semi-Annually		09/18/2026		JPY	560,000,000		8,305			(246	)		8,551
6-Month JPY-LIBOR		Receive		0.06			Semi-Annually		09/19/2026		JPY	207,000,000		3,065			—			3,065
6-Month JPY-LIBOR		Receive		0.06			Semi-Annually		09/19/2026		JPY	207,000,000		2,931			—			2,931
6-Month JPY-LIBOR		Receive		0.07			Semi-Annually		09/18/2026		JPY	350,000,000		3,878			—			3,878
6-Month JPY-LIBOR		Receive		0.09			Semi-Annually		09/20/2026		JPY	104,000,000		(48	)		—			(48	)
6-Month JPY-LIBOR		Receive		0.09			Semi-Annually		09/17/2026		JPY	340,000,000		(310	)		—			(310	)
6-Month JPY-LIBOR		Receive		0.09			Semi-Annually		09/13/2026		JPY	210,000,000		(715	)		—			(715	)
6-Month JPY-LIBOR		Receive		0.10			Semi-Annually		09/13/2026		JPY	420,000,000		(2,222	)		—			(2,222	)
6-Month JPY-LIBOR		Receive		0.10			Semi-Annually		08/28/2039		JPY	90,000,000		(13,502	)		—			(13,502	)
6-Month JPY-LIBOR		Receive		0.12			Semi-Annually		08/22/2039		JPY	650,000,000		(74,139	)		51,927			(126,066	)
6-Month JPY-LIBOR		Receive		0.12			Semi-Annually		08/22/2039		JPY	410,000,000		(46,385	)		7,797			(54,182	)
6-Month JPY-LIBOR		Pay		0.30			Semi-Annually		03/18/2026		JPY	2,620,000,000		(615,807	)		(97,263	)		(518,544	)
6-Month JPY-LIBOR		Pay		0.30			Semi-Annually		03/18/2026		JPY	1,960,000,000		(465,448	)		(91,905	)		(373,543	)
6-Month JPY-LIBOR		Pay		0.30			Semi-Annually		09/20/2027		JPY	840,000,000		(226,083	)		(26,591	)		(199,492	)
6-Month JPY-LIBOR		Pay		0.30			Semi-Annually		03/20/2028		JPY	300,000,000		(82,709	)		17,876			(100,585	)
6-Month JPY-LIBOR		Receive		0.38			Semi-Annually		06/18/2028		JPY	740,000,000		260,532			37,416			223,116
6-Month JPY-LIBOR		Pay		0.45			Semi-Annually		03/20/2029		JPY	440,000,000		(183,408	)		(28,363	)		(155,045	)
6-Month JPY-LIBOR		Pay		0.71			Semi-Annually		10/31/2038		JPY	260,000,000		(251,367	)		15,768			(267,135	)
6-Month JPY-LIBOR		Pay		0.75			Semi-Annually		03/20/2038		JPY	712,000,000		(715,345	)		18,357			(733,702	)
6-Month JPY-LIBOR		Pay		0.75			Semi-Annually		12/20/2038		JPY	767,200,000		(800,184	)		39,500			(839,684	)
6-Month JPY-LIBOR		Pay		0.79			Semi-Annually		11/12/2038		JPY	60,000,000		(66,636	)		195			(66,831	)
6-Month JPY-LIBOR		Pay		0.80			Semi-Annually		10/22/2038		JPY	90,000,000		(99,402	)		11			(99,413	)
Total													$	(3,519,621	)	$	(122,731	)	$	(3,396,890	)

OVER-THE-COUNTER SWAP AGREEMENTS:
Credit Default Swap Agreements on Corporate and Sovereign Issues - Sell Protection (Q)
Reference Obligation	Counterparty		Fixed Rate Receivable			Payment Frequency		Maturity Date		Implied Credit Spread at October 31, 2019 (R)			Notional Amount (S)			Value			Premiums Paid (Received)			Net Unrealized Appreciation (Depreciation)
Brazil Government International Bond, 4.25%, 01/07/2025		HSBC		1.00	%		Quarterly		03/20/2020		0.31	%		USD	3,300,000		$  10,631			$  6,390			$  4,241
Petrobras Global Finance BV, 8.38%, 12/10/2018		GSI		1.00			Quarterly		12/20/2019		0.21			USD	400,000		841			(1,117	)		1,958
Republic of South Africa Government International Bond, 5.50%, 03/09/2020		GSI		1.00			Quarterly		06/20/2024		1.76			USD	1,900,000		(59,640	)		(70,175	)		10,535
Russian Foreign Bond - Eurobond, 7.50%, 03/31/2030		GSI		1.00			Quarterly		12/20/2024		0.76			USD	1,500,000		18,984			9,474			9,510
Total																	$  (29,184	)		$  (55,428	)		$  26,244

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    73

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

OVER-THE-COUNTER SWAP AGREEMENTS (continued):

Credit Default Swap Agreements on Credit Indices - Sell Protection (Q)

Reference Obligation

Counterparty

Fixed Rate Receivable

Payment Frequency

Maturity Date

Notional Amount (S)

Value (T)

Premiums Paid (Received)

Net Unrealized Appreciation (Depreciation)

North America CMBS Basket Index - Series AAA9

MLI

0.50

%

Monthly

09/17/2058

USD

3,600,000

$  42,797

$  (134,684

)

$  177,481

	Value
OTC Swap Agreements, at value (Assets)	$	73,253
OTC Swap Agreements, at value (Liabilities)	$	(59,640	)

FUTURES CONTRACTS:
Long Futures Contracts:
Description	Number of Contracts			Expiration Date		Notional Amount			Value			Unrealized Appreciation		Unrealized Depreciation
5-Year U.S. Treasury Note		790			12/31/2019	$	94,660,797		$	94,170,469		$	—	$	(490,328	)
10-Year U.S. Treasury Note		17			12/19/2019		2,205,766			2,215,047			9,281		—
Euro-BTP Italy Government Bond		336			12/06/2019		51,746,982			51,818,964			71,982		—
German Euro Bund		233			12/06/2019		44,789,929			44,634,382			—		(155,547	)
German Euro BUXL		18			12/06/2019		4,455,753			4,215,030			—		(240,723	)
OTC Call Options Exercise Price EUR 185.50 on German Euro Bund Futures		160			11/22/2019		1,938			1,785			—		(153	)
OTC Call Options Exercise Price EUR 192.00 on German Euro Bund Futures		191			11/22/2019		2,270			2,130			—		(140	)
OTC Call Options Exercise Price EUR 200.00 on German Euro Bund Futures		65			11/22/2019		762			725			—		(37	)
OTC Put Options Exercise Price EUR 100.00 on German Euro Bund Futures		108			11/22/2019		1,266			1,205			—		(61	)
OTC Put Options Exercise Price EUR 101.00 on German Euro Bund Futures		114			11/22/2019		1,367			1,271			—		(96	)
OTC Put Options Exercise Price EUR 110.00 on German Euro Bund Futures		30			11/22/2019		364			335			—		(29	)
Total												$	81,263	$	(887,114	)
Short Futures Contracts:
Description	Number of Contracts			Expiration Date		Notional Amount			Value			Unrealized Appreciation		Unrealized Depreciation
3-Month EURIBOR		(163	)		09/14/2020	$	(45,744,920	)	$	(45,652,980	)	$	91,940	$	—
3-Month EURIBOR		(115	)		12/14/2020		(32,252,706	)		(32,210,761	)		41,945		—
10-Year Australia Treasury Bond		(63	)		12/16/2019		(6,361,720	)		(6,332,345	)		29,375		—
30-Year U.S. Treasury Bond		(212	)		12/19/2019		(33,794,620	)		(34,211,500	)		—		(416,880	)
Euro OAT		(147	)		12/06/2019		(28,219,772	)		(27,605,742	)		614,030		—
U.K. Gilt		(98	)		12/27/2019		(16,807,116	)		(16,863,283	)		—		(56,167	)
Total												$	777,290	$	(473,047	)
Total Futures Contracts												$	858,553	$	(1,360,161	)

FORWARD FOREIGN CURRENCY CONTRACTS:
Counterparty	Settlement Date	Currency Purchased			Currency Sold			Unrealized Appreciation		Unrealized Depreciation
BCLY	11/05/2019		MXN	15,325,000		USD	780,297	$	15,671	$	—
BCLY	11/15/2019		JPY	76,000,000		USD	707,972		—		(3,597	)
BCLY	01/22/2020		USD	3,570,201		MXN	69,294,000		13,099		—
BCLY	01/28/2020		MXN	69,294,000		USD	3,567,181		—		(13,163	)
BNP	11/15/2019		USD	1,667,737		GBP	1,308,000		—		(27,405	)
BNP	11/15/2019		USD	1,210,240		JPY	131,400,000		—		(7,587	)
BNP	11/15/2019		GBP	1,265,000		USD	1,630,026		9,388		—

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

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Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

FORWARD FOREIGN CURRENCY CONTRACTS (continued):
Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation		Unrealized Depreciation
BNP		01/03/2020		USD	6,679,190		BRL	25,600,000	$	319,179	$	—
BNP		04/02/2020		USD	9,056,036		BRL	37,300,000		—		(170,525	)
BOA		11/04/2019		GBP	5,743,000		USD	7,085,914		354,332		—
BOA		11/05/2019		USD	2,458,407		MXN	48,193,141		—		(44,705	)
BOA		11/15/2019		USD	16,793,921		GBP	13,844,000		—		(1,147,621	)
BOA		03/18/2020		CNH	10,389,232		USD	1,466,225		2,314		—
CITI		11/04/2019		USD	841,275		AUD	1,254,000		—		(23,285	)
CITI		11/04/2019		USD	1,002,947		EUR	905,000		—		(6,699	)
CITI		11/05/2019		USD	2,603,454		MXN	51,056,859		—		(48,398	)
CITI		11/05/2019		MXN	32,991,000		USD	1,674,998		38,528		—
CITI		11/15/2019		USD	5,573,832		GBP	4,507,000		—		(267,147	)
CITI		11/15/2019		USD	10,607,997		JPY	1,129,900,000		147,753		(11,765	)
CITI		11/15/2019		JPY	382,800,000		USD	3,615,494		—		(67,671	)
CITI		11/15/2019		GBP	5,231,000		USD	6,408,934		370,335		—
CITI		01/03/2020		USD	4,006,799		BRL	16,500,000		—		(92,427	)
CITI		04/02/2020		USD	4,561,889		BRL	18,800,000		—		(88,496	)
DUB		03/18/2020		USD	7,917,322		CNH	57,040,343		—		(145,446	)
GSB		11/04/2019		EUR	27,107,000		USD	30,044,260		197,150		—
GSB		11/05/2019		MXN	51,897,000		USD	2,675,580		19,908		—
GSB		12/03/2019		USD	30,101,808		EUR	27,107,000		—		(197,122	)
GSB		01/28/2020		USD	3,440,530		MXN	69,294,000		—		(113,488	)
HSBC		11/04/2019		USD	881,345		EUR	793,000		—		(3,350	)
HSBC		11/04/2019		EUR	693,000		USD	770,840		2,292		—
HSBC		11/05/2019		USD	2,200,448		MXN	42,231,000		7,004		—
HSBC		11/15/2019		USD	3,697,738		JPY	389,200,000		90,599		—
HSBC		11/15/2019		JPY	3,083,300,000		USD	29,504,255		—		(927,968	)
HSBC		11/15/2019		GBP	2,888,000		USD	3,629,361		113,429		—
HSBC		03/18/2020		CNH	11,822,645		USD	1,667,016		4,139		—
HSBC		04/22/2020		MXN	42,231,000		USD	2,145,884		—		(6,115	)
JPM		11/04/2019		USD	207,410		AUD	307,000		—		(4,249	)
JPM		11/04/2019		USD	53,527		CAD	71,000		—		(380	)
JPM		11/04/2019		USD	29,615,583		EUR	27,007,000		—		(514,264	)
JPM		11/05/2019		MXN	41,268,000		USD	2,094,501		48,926		—
JPM		11/15/2019		USD	8,688,325		GBP	7,088,000		—		(497,579	)
JPM		11/15/2019		JPY	534,200,000		USD	5,077,277		—		(126,266	)
JPM		11/15/2019		GBP	5,346,000		USD	6,732,006		196,301		—
JPM		01/03/2020		BRL	25,600,000		USD	6,735,880		—		(375,869	)
JPM		01/22/2020		MXN	97,534,000		USD	4,853,283		153,476		—
RBS		03/18/2020		USD	10,646,093		CNH	76,782,818		—		(207,314	)
SCB		11/04/2019		USD	7,384,637		GBP	5,743,000		—		(55,610	)
SCB		12/03/2019		GBP	5,743,000		USD	7,391,620		55,495		—
Total									$	2,159,318	$	(5,195,511	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

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Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

SECURITY VALUATION:

Valuation Inputs ^(U)

	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Asset-Backed Securities	$	—		$	84,181,526		$	—	$	84,181,526
Certificates of Deposit		—			5,700,000			—		5,700,000
Corporate Debt Securities		—			369,806,086			—		369,806,086
Foreign Government Obligations		—			46,495,649			—		46,495,649
Mortgage-Backed Securities		—			54,321,069			—		54,321,069
Municipal Government Obligations		—			4,152,227			—		4,152,227
U.S. Government Agency Obligations		—			320,784,717			—		320,784,717
U.S. Government Obligations		—			229,883,034			—		229,883,034
Common Stock		405			—			—		405
Other Investment Company		12,348,925			—			—		12,348,925
Repurchase Agreement		—			2,614,927			—		2,614,927
Exchange-Traded Options Purchased		1,696			—			—		1,696
Over-the-Counter Options Purchased		—			1			—		1
Over-the-Counter Foreign Exchange Options Purchased		—			9			—		9
Over-the-Counter Interest Rate Swaptions Purchased		—			0			—		0
Total Investments	$	12,351,026		$	1,117,939,245		$	—	$	1,130,290,271
Other Financial Instruments
Centrally Cleared Credit Default Swap Agreements	$	—		$	433,727		$	—	$	433,727
Centrally Cleared Interest Rate Swap Agreements		—			676,345			—		676,345
Over-the-Counter Credit Default Swap Agreements		—			73,253			—		73,253
Futures Contracts (V)		858,553			—			—		858,553
Forward Foreign Currency Contracts (V)		—			2,159,318			—		2,159,318
Total Other Financial Instruments	$	858,553		$	3,342,643		$	—	$	4,201,196
LIABILITIES
Other Financial Instruments
Reverse Repurchase Agreements	$	—		$	(237,315,236	)	$	—	$	(237,315,236	)
Exchange-Traded Options Written		(17,813	)		—			—		(17,813	)
Over-the-Counter Options Written		—			(742	)		—		(742	)
Over-the-Counter Interest Rate Swaptions Written		—			0			—		0
Centrally Cleared Credit Default Swap Agreements		—			(1,165,429	)		—		(1,165,429	)
Centrally Cleared Interest Rate Swap Agreements		—			(4,195,966	)		—		(4,195,966	)
Over-the-Counter Credit Default Swap Agreements		—			(59,640	)		—		(59,640	)
Futures Contracts (V)		(1,360,161	)		—			—		(1,360,161	)
Forward Foreign Currency Contracts (V)		—			(5,195,511	)		—		(5,195,511	)
Total Other Financial Instruments	$	(1,377,974	)	$	(247,932,524	)	$	—	$	(249,310,498	)

Transfers

Investments	Transfers from Level 1 to Level 3		Transfers from Level 3 to Level 1		Transfers from Level 2 to Level 3		Transfers from Level 3 to Level 2
Asset-Backed Securities (C)	$	—	$	—	$	—	$	4,237,579

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A) Floating or variable rate securities. The rates disclosed are as of October 31, 2019. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    76

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(B)	Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2019, the total value of 144A securities is $210,352,472, representing 33.4% of the Fund’s net assets.
(C)	Transferred from Level 3 to 2 due to utilizing significant observable inputs. As of prior reporting period the security utilized significant unobservable inputs.
(D)	Securities are exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At October 31, 2019, the total value of Regulation S securities is $33,929,762, representing 5.4% of the Fund’s net assets.
(E)	Perpetual maturity. The date displayed is the next call date.
(F)	All or a portion of the securities are on loan. The total value of all securities on loan is $12,094,725. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(G)	Payment in-kind. Security pays interest or dividends in the form of additional bonds or preferred stock. If the security makes a cash payment in addition to in-kind, the cash rate is disclosed separately.
(H)	When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after October 31, 2019. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(I)	Securities are subject to sale-buyback transactions.
(J)	All or a portion of these securities have been segregated by the custodian as collateral for open over-the-counter options and/or swaptions, swap agreements and forward foreign currency contracts. The total value of such securities is $2,988,788.
(K)	All or a portion of these securities have been segregated by the custodian as collateral to cover margin requirements for open futures contracts. The total value of such securities is $2,466,992.
(L)	All or a portion of these securities have been segregated by the custodian as collateral for centrally cleared swap agreements. The total value of such securities is $3,771,305.
(M)	Percentage rounds to less than 0.1% or (0.1)%.
(N)	Non-income producing security.
(O)	Rates disclosed reflect the yields at October 31, 2019.
(P)	Rounds to less than $1 or $(1).
(Q)	If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (a) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced obligation or (b) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap agreement less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.
(R)	Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.
(S)	The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
(T)	The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period ended. Increasing market values, in absolute terms when compared to the notional amount of the swap agreement, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
(U)	The Fund recognizes transfers in and out of Level 3 as of October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(V)	Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation).

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    77

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

CURRENCY ABBREVIATIONS:

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CNH	Chinese Yuan Renminbi (offshore)
EUR	Euro
GBP	Pound Sterling
JPY	Japanese Yen
MXN	Mexican Peso
PEN	Peruvian Sol
USD	United States Dollar

COUNTERPARTY ABBREVIATIONS:

BCLY	Barclays Bank PLC
BNP	BNP Paribas
BOA	Bank of America, N.A.
CITI	Citibank, N.A.
DUB	Deutsche Bank AG
GSB	Goldman Sachs Bank
GSI	Goldman Sachs International
HSBC	HSBC Bank USA
JPM	JPMorgan Chase Bank, N.A.
MLI	Merrill Lynch International
RBS	Royal Bank of Scotland PLC
SCB	Standard Chartered Bank

PORTFOLIO ABBREVIATIONS:

BTP	Buoni del Tesoro Poliennali (Italian Treasury Bonds)
BUXL	Bundesanleihen (German Long-Term Debt)
CMBS	Commercial Mortgage-Backed Securities
CMT	Constant Maturity Treasury
EURIBOR	Euro Interbank Offer Rate
LIBOR	London Interbank Offered Rate
MTA	Month Treasury Average
MTN	Medium Term Note
OAT	Obligations Assimilables du Tresor (Treasury Obligations)
OTC	Over-the-Counter
SONIA	Sterling Overnight Interbank Average
STRIPS	Separate Trading of Registered Interest and Principal of Securities
TBA	To Be Announced

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    78

STATEMENTS OF ASSETS AND LIABILITIES

At October 31, 2019

	Transamerica Core Bond		Transamerica Global Real Estate Securities		Transamerica International Value			Transamerica Long/Short Strategy		Transamerica Mid Cap Value
Assets:
Investments, at value (A) (B)	$	1,097,991,469	$	22,057,942	$	10,019,153		$	10,187,183	$	138,087,097
Repurchase agreements, at value (C)		22,935,440		358,260		—			—		4,010,084
Cash		1,753,435		—		105,162			—		—
Cash collateral pledged at broker for:
Securities sold short		—		—		—			6,634,876		—
Foreign currency, at value (D)		—		40,898		—			—		—
Receivables and other assets:
Investments sold		2,999,522		155,557		—			160,359		7,597
Net income from securities lending		1,096		49		83			—		469
Dividends and/or distributions		—		39,070		27,525			7,358		51,636
Interest		5,156,171		9		—			—		95
Tax reclaims		4,739		6,469		9,496			—		—
Due from investment manager		—		—		2,677			—		—
Unrealized appreciation on OTC swap agreements - CFD		—		1,530		—			—		—
Unrealized appreciation on forward foreign currency contracts		—		10,550		—			—		—
Other assets		—		—		—			7,111		—
Total assets		1,130,841,872		22,670,334		10,164,096			16,996,887		142,156,978
Liabilities:
Securities sold short, at value (E)		—		—		—			7,178,137		—
Cash collateral received upon return of:
Securities on loan		13,578,873		342,244		340,311			—		2,674,110
Payables and other liabilities:
Investments purchased		1,067,022		405,269		—			229,203		35,609
Shares of beneficial interest redeemed		329,741		9,888		—			—		84,542
Dividends, interest and fees for borrowings from securities sold short		—		—		—			7,912		—
Due to custodian		—		—		—			32,511		—
Investment management fees		407,634		14,218		—			6,069		101,552
Transfer agent fees		7,134		139		60			60		879
Trustees, CCO and deferred compensation fees		3,251		75		19			66		470
Audit and tax fees		41,212		18,180		20,248			16,838		16,649
Custody fees		54,071		35,538		6,728			8,062		3,747
Legal fees		8,986		171		72			85		1,131
Printing and shareholder reports fees		1,054		319		27,003			305		394
Registration fees		1,194		2,575		1,930			214		326
Other accrued expenses		12,145		1,835		87			1,730		2,976
Unrealized depreciation on forward foreign currency contracts		—		10,312		—			—		—
Total liabilities		15,512,317		840,763		396,458			7,481,192		2,922,385
Net assets	$	1,115,329,555	$	21,829,571	$	9,767,638		$	9,515,695	$	139,234,593
Net assets consist of:
Paid-in capital	$	1,067,573,492	$	17,678,854	$	10,031,586		$	7,072,639	$	68,734,508
Total distributable earnings (accumulated losses)		47,756,063		4,150,717		(263,948	)		2,443,056		70,500,085
Net assets	$	1,115,329,555	$	21,829,571	$	9,767,638		$	9,515,695	$	139,234,593
Shares outstanding (unlimited shares, no par value)		108,679,012		1,423,966		1,003,727			1,504,119		10,681,396
Net asset value and offering price per share	$	10.26	$	15.33	$	9.73		$	6.33	$	13.04
(A) Investments, at cost	$	1,046,807,767	$	18,880,510	$	10,268,447		$	8,607,015	$	78,901,848
(B) Securities on loan, at value	$	13,305,590	$	325,007	$	323,986		$	—	$	2,613,675
(C) Repurchase agreements, at cost	$	22,935,440	$	358,260	$	—		$	—	$	4,010,084
(D) Foreign currency, at cost	$	—	$	40,882	$	—		$	—	$	—
(E) Proceeds received from securities sold short	$	—	$	—	$	—		$	7,261,794	$	—

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    79

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2019

	Transamerica Total Return
Assets:
Investments, at value (A) (B)	$	1,127,675,344
Repurchase agreements, at value (C)		2,614,927
Cash collateral pledged at broker for:
Reverse repurchase agreements		903,000
Centrally cleared swap agreements		1,371,000
OTC swap agreements, at value		73,253
Foreign currency, at value (D)		2,564,654
Receivables and other assets:
Investments sold		42,440,395
When-issued, delayed-delivery, forward and TBA commitments sold		304,184,946
Net income from securities lending		5,388
Interest		5,251,372
Tax reclaims		5,706
Variation margin receivable on centrally cleared swap agreements		1,683,359
Variation margin receivable on futures contracts		938,894
Unrealized appreciation on forward foreign currency contracts		2,159,318
Total assets		1,491,871,556
Liabilities:
Cash collateral received upon return of:
Securities on loan		12,348,925
Cash collateral at broker for:
TBA commitments		685,000
OTC derivatives (G)		330,000
Written options and swaptions, at value (E)		18,555
Reverse repurchase agreements, at value (F)		237,315,236
OTC swap agreements, at value		59,640
Payables and other liabilities:
Investments purchased		4,219,020
When-issued, delayed-delivery, forward and TBA commitments purchased		596,993,850
Sale-buyback financing transactions		3,272,411
Shares of beneficial interest redeemed		456,515
Due to custodian		1,890
Investment management fees		388,002
Transfer agent fees		4,075
Trustees, CCO and deferred compensation fees		1,989
Audit and tax fees		37,812
Custody fees		58,345
Legal fees		5,526
Printing and shareholder reports fees		777
Registration fees		785
Other accrued expenses		8,089
Unrealized depreciation on forward foreign currency contracts		5,195,511
Total liabilities		861,401,953
Net assets	$	630,469,603
Net assets consist of:
Paid-in capital	$	604,004,628
Total distributable earnings (accumulated losses)		26,464,975
Net assets	$	630,469,603
Shares outstanding (unlimited shares, no par value)		59,454,331
Net asset value and offering price per share	$	10.60
(A) Investments, at cost	$	1,097,668,995
(B) Securities on loan, at value	$	12,094,725
(C) Repurchase agreements, at cost	$	2,614,927
(D) Foreign currency, at cost	$	2,555,489
(E) Premium received on written options and swaptions	$	(63,305	)
(F) Reverse repurchase agreements, at face value	$	237,154,898

(G) OTC derivatives may include swaps, options and/or swaptions and forward foreign currency contracts.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    80

STATEMENTS OF OPERATIONS

For the year ended October 31, 2019

	Transamerica Core Bond			Transamerica Global Real Estate Securities			Transamerica International Value			Transamerica Long/Short Strategy			Transamerica Mid Cap Value
Investment Income:
Dividend income	$	—		$	656,854		$	313,297		$	171,314		$	2,847,135
Interest income		38,049,066			5,923			—			157,758			27,542
Non-cash dividend income		—			—			26,808			—			—
Net income from securities lending		18,182			2,053			2,147			—			3,453
Withholding taxes on foreign income		(629	)		(30,005	)		(30,134	)		(1,035	)		—
Total investment income		38,066,619			634,825			312,118			328,037			2,878,130
Expenses:
Investment management fees		4,915,180			168,680			65,968			130,953			1,236,012
Transfer agent fees		86,304			1,643			697			798			10,717
Trustees, CCO and deferred compensation fees		28,425			536			228			261			3,548
Audit and tax fees		58,930			27,016			35,240			20,492			21,495
Custody fees		242,682			109,819			35,059			27,453			11,069
Legal fees		54,933			1,037			5,742			494			6,705
Printing and shareholder reports fees		13,128			4,033			33,602			1,098			1,963
Registration fees		14,661			35,385			43,811			1,754			3,233
Dividends, interest and fees for borrowings from securities sold short		—			—			—			231,235			—
Other		51,286			6,759			1,442			5,599			11,360
Total expenses before waiver and/or reimbursement and recapture		5,465,529			354,908			221,789			420,137			1,306,102
Expense waived and/or reimbursed		—			—			(163,666	)		(23,344	)		—
Recapture of previously waived and/or reimbursed fees		—			—			34,790			3,722			—
Net expenses		5,465,529			354,908			92,913			400,515			1,306,102
Net investment income (loss)		32,601,090			279,917			219,205			(72,478	)		1,572,028
Net realized gain (loss) on:
Investments		4,845,574			1,280,653			(214,336	)		1,211,155			11,306,161
Securities sold short		—			—			—			(126,329	)		—
Swap agreements		—			38,675			—			—			—
Forward foreign currency contracts		—			1,343			(304	)		—			—
Foreign currency transactions		—			(1,887	)		(346	)		14			—
Net realized gain (loss)		4,845,574			1,318,784			(214,986	)		1,084,840			11,306,161
Net change in unrealized appreciation (depreciation) on:
Investments		87,934,165			2,568,001			616,930			212,097			1,489,868
Securities sold short		—			—			—			(499,273	)		—
Swap agreements		—			1,530			—			—			—
Forward foreign currency contracts		—			238			—			—			—
Translation of assets and liabilities denominated in foreign currencies		—			355			736			—			—
Net change in unrealized appreciation (depreciation)		87,934,165			2,570,124			617,666			(287,176	)		1,489,868
Net realized and change in unrealized gain (loss)		92,779,739			3,888,908			402,680			797,664			12,796,029
Net increase (decrease) in net assets resulting from operations	$	125,380,829		$	4,168,825		$	621,885		$	725,186		$	14,368,057

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    81

STATEMENTS OF OPERATIONS (continued)

For the year ended October 31, 2019

	Transamerica Total Return
Investment Income:
Interest income	$	25,016,975
Net income from securities lending		43,905
Withholding taxes on foreign income		3,453
Total investment income		25,064,333
Expenses:
Investment management fees		4,696,539
Transfer agent fees		52,518
Trustees, CCO and deferred compensation fees		17,408
Audit and tax fees		52,864
Custody fees		202,129
Legal fees		34,693
Printing and shareholder reports fees		10,729
Registration fees		9,657
Interest		114,567
Other		38,614
Total expenses before waiver and/or reimbursement and recapture		5,229,718
Expense waived and/or reimbursed		(374,151	)
Recapture of previously waived and/or reimbursed fees		133,557
Net expenses		4,989,124
Net investment income (loss)		20,075,209
Net realized gain (loss) on:
Investments		18,614,521
Written options and swaptions		1,078,046
Swap agreements		2,871,754
Futures contracts		(6,319,884	)
Forward foreign currency contracts		4,665,068
Foreign currency transactions		(1,006,079	)
Net realized gain (loss)		19,903,426
Net change in unrealized appreciation (depreciation) on:
Investments		41,680,711
Written options and swaptions		154,347
Swap agreements		(5,023,664	)
Futures contracts		(702,204	)
Forward foreign currency contracts		(5,630,301	)
Translation of assets and liabilities denominated in foreign currencies		(155,489	)
Net change in unrealized appreciation (depreciation)		30,323,400
Net realized and change in unrealized gain (loss)		50,226,826
Net increase (decrease) in net assets resulting from operations	$	70,302,035

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    82

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended:

	Transamerica Core Bond						Transamerica Global Real Estate Securities						Transamerica International Value
	October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018 (A)
From operations:
Net investment income (loss)	$	32,601,090		$	35,613,759		$	279,917		$	359,890		$	219,205		$	32,633
Net realized gain (loss)		4,845,574			(1,412,140	)		1,318,784			1,889,142			(214,986	)		(20,283	)
Net change in unrealized appreciation (depreciation)		87,934,165			(57,816,404	)		2,570,124			(3,025,818	)		617,666			(866,597	)
Net increase (decrease) in net assets resulting from operations		125,380,829			(23,614,785	)		4,168,825			(776,786	)		621,885			(854,247	)
Distributions to shareholders:
Dividends and/or distributions to shareholders		(34,419,718	)		(38,247,090	)		(623,318	)		(959,199	)		(31,900	)		—
Net increase (decrease) in net assets resulting from distributions to shareholders		(34,419,718	)		(38,247,090	)		(623,318	)		(959,199	)		(31,900	)		—
Capital share transactions:
Proceeds from shares sold		13,919,165			159,140,915			102,677			3,385,856			—			10,000,000
Dividends and/or distributions reinvested		34,419,718			38,247,090			623,318			959,199			31,900			—
Cost of shares redeemed		(196,251,611	)		(273,074,148	)		(4,656,328	)		(7,727,398	)		—			—
Net increase (decrease) in net assets resulting from capital share transactions		(147,912,728	)		(75,686,143	)		(3,930,333	)		(3,382,343	)		31,900			10,000,000
Net increase (decrease) in net assets		(56,951,617	)		(137,548,018	)		(384,826	)		(5,118,328	)		621,885			9,145,753
Net assets:
Beginning of year		1,172,281,172			1,309,829,190			22,214,397			27,332,725			9,145,753			—
End of year	$	1,115,329,555		$	1,172,281,172		$	21,829,571		$	22,214,397		$	9,767,638		$	9,145,753
Capital share transactions - shares:
Shares issued		1,416,459			16,295,909			7,158			243,853			—			1,000,000
Shares reinvested		3,471,146			3,944,060			47,086			68,440			3,727			—
Shares redeemed		(19,788,527	)		(28,100,628	)		(333,265	)		(552,529	)		—			—
Net increase (decrease) in shares outstanding		(14,900,922	)		(7,860,659	)		(279,021	)		(240,236	)		3,727			1,000,000

(A) Commenced operations on August 31, 2018.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    83

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Long/Short Strategy						Transamerica Mid Cap Value						Transamerica Total Return
	October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018
From operations:
Net investment income (loss)	$	(72,478	)	$	(228,966	)	$	1,572,028		$	2,278,074		$	20,075,209		$	15,461,595
Net realized gain (loss)		1,084,840			779,485			11,306,161			30,642,675			19,903,426			(12,249,369	)
Net change in unrealized appreciation (depreciation)		(287,176	)		(373,726	)		1,489,868			(30,577,242	)		30,323,400			(17,307,291	)
Net increase (decrease) in net assets resulting from operations		725,186			176,793			14,368,057			2,343,507			70,302,035			(14,095,065	)
Distributions to shareholders:
Dividends and/or distributions to shareholders		(439,052	)		(1,591,832	)		(32,341,429	)		(19,237,424	)		(17,911,910	)		(13,383,223	)
Net increase (decrease) in net assets resulting from distributions to shareholders		(439,052	)		(1,591,832	)		(32,341,429	)		(19,237,424	)		(17,911,910	)		(13,383,223	)
Capital share transactions:
Proceeds from shares sold		107,000			187,000			2,824,740			19,479,665			2,689,511			264,505,402
Dividends and/or distributions reinvested		439,052			1,591,832			32,341,429			19,237,424			17,911,910			13,383,223
Cost of shares redeemed		(3,325,000	)		(6,086,000	)		(30,074,176	)		(85,621,867	)		(188,564,211	)		(129,434,746	)
Net increase (decrease) in net assets resulting from capital share transactions		(2,778,948	)		(4,307,168	)		5,091,993			(46,904,778	)		(167,962,790	)		148,453,879
Net increase (decrease) in net assets		(2,492,814	)		(5,722,207	)		(12,881,379	)		(63,798,695	)		(115,572,665	)		120,975,591
Net assets:
Beginning of year		12,008,509			17,730,716			152,115,972			215,914,667			746,042,268			625,066,677
End of year	$	9,515,695		$	12,008,509		$	139,234,593		$	152,115,972		$	630,469,603		$	746,042,268
Capital share transactions - shares:
Shares issued		17,061			29,772			229,266			1,182,250			263,661			26,593,339
Shares reinvested		74,924			258,414			2,978,032			1,202,339			1,767,006			1,339,269
Shares redeemed		(535,892	)		(957,195	)		(2,389,577	)		(5,204,386	)		(18,378,709	)		(12,951,568	)
Net increase (decrease) in shares outstanding		(443,907	)		(669,009	)		817,721			(2,819,797	)		(16,348,042	)		14,981,040

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    84

STATEMENT OF CASH FLOWS

For the year ended October 31, 2019

	Transamerica Long/Short Strategy
Cash flows provided by (used for) operating activities:
Net increase (decrease) in net assets resulting from operations	$	725,186
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:
Purchases of long-term investments		(11,680,112	)
Proceeds from long-term investments		15,527,342
Purchases to cover securities sold short		(11,548,058	)
Proceeds from securities sold short		9,255,654
Net purchases/proceeds of short-term investments		663,221
Net change in unrealized (appreciation) depreciation		287,176
Net realized (gain) loss		(1,084,840	)
(Increase) decrease in receivables for investments sold		841,870
(Increase) decrease in receivables for interest		23
(Increase) decrease in receivables for dividends		(1,061	)
(Increase) decrease in other assets		4,501
Increase (decrease) in payables for investments purchased		(1,580,911	)
Increase (decrease) in dividends, interest and fees for borrowings from securities sold short		(30,067	)
Increase (decrease) in accrued liabilities		(7,725	)
Net cash provided by (used for) foreign currency transactions		14
Net cash provided by (used for) operating activities		1,372,213
Cash flows from financing activities:
Increase (decrease) in payable to custodian for cash overdraft		(153,608	)
Proceeds from shares sold, net of receivable for shares sold		107,000
Payment of shares redeemed, net of payable for shares redeemed		(3,325,000	)
Net cash provided by (used for) financing activities		(3,371,608	)
Net increase (decrease) in cash and foreign currencies		(1,999,395	)
Cash and foreign currencies, at beginning of year (A)	$	8,634,271
Cash and foreign currencies, at end of year (A)	$	6,634,876
Supplemental disclosure of cash flow information:
Dividends, interest and fees for borrowings from securities sold short paid	$	261,302
Non-cash financing activities included herein consist of reinvestment of distributions	$	439,052

(A) For the year ended October 31, 2019, the beginning and ending cash balances consist of the following:

	Beginning of Year		End of Year
Assets:
Cash collateral pledged at broker:
Securities sold short	$	8,634,271	$	6,634,876
Total assets		8,634,271		6,634,876
Net cash per statement of assets and liabilities	$	8,634,271	$	6,634,876
Total cash and foreign currencies per statement of cash flows	$	8,634,271	$	6,634,876

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    85

FINANCIAL HIGHLIGHTS

For a share outstanding during the years indicated:	Transamerica Core Bond
	October 31, 2019			October 31,     2018			October 31,         2017			October 31,     2016			October 31, 2015
Net asset value, beginning of year	$	9.49		$	9.97		$	10.15		$	10.02		$	10.16
Investment operations:
Net investment income (loss) (A)		0.28			0.28			0.26			0.24	(B)		0.27
Net realized and unrealized gain (loss)		0.79			(0.46	)		(0.15	)		0.16			(0.03	)
Total investment operations		1.07			(0.18	)		0.11			0.40			0.24
Dividends and/or distributions to shareholders:
Net investment income		(0.30	)		(0.30	)		(0.29	)		(0.27	)		(0.30	)
Net realized gains		—			—			—			—			(0.08	)
Total dividends and/or distributions to shareholders		(0.30	)		(0.30	)		(0.29	)		(0.27	)		(0.38	)
Net asset value, end of year	$	10.26		$	9.49		$	9.97		$	10.15		$	10.02
Total return		11.40	%		(1.84	)%		1.11	%		4.03	%		2.44	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,115,330		$	1,172,281		$	1,309,829		$	1,267,278		$	930,168
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.47	%		0.46	%		0.49	%		0.49	%		0.52	%
Including waiver and/or reimbursement and recapture		0.47	%		0.46	%(C)		0.49	%(C)		0.48	%(B)		0.52	%
Net investment income (loss) to average net assets		2.83	%		2.85	%		2.60	%		2.40	%(B)		2.65	%
Portfolio turnover rate		13	%		28	%		29	%		22	%		17	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Waiver and/or reimbursement rounds to less than 0.01%.

For a share outstanding during the years indicated:	Transamerica Global Real Estate Securities
	October 31, 2019			October 31, 2018			October 31,         2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	13.04		$	14.07		$	13.84		$	14.26		$	14.42
Investment operations:
Net investment income (loss) (A)		0.18			0.20			0.19			0.30	(B)		0.22
Net realized and unrealized gain (loss)		2.50			(0.70	)		0.51			(0.39	)		(0.06	)
Total investment operations		2.68			(0.50	)		0.70			(0.09	)		0.16
Dividends and/or distributions to shareholders:
Net investment income		(0.39	)		(0.53	)		(0.47	)		(0.33	)		(0.32	)
Net asset value, end of year	$	15.33		$	13.04		$	14.07		$	13.84		$	14.26
Total return		21.12	%		(3.76	)%		5.26	%		(0.65	)%		1.13	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	21,830		$	22,214		$	27,333		$	38,432		$	51,635
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.62	%		1.64	%		1.44	%		1.22	%		1.15	%
Including waiver and/or reimbursement and recapture		1.62	%		1.64	%		1.44	%		1.16	%(B)		1.15	%
Net investment income (loss) to average net assets		1.28	%		1.46	%		1.39	%		2.12	%(B)		1.52	%
Portfolio turnover rate		149	%		150	%		109	%		52	%		49	%

(A)

Calculated based on average number of shares outstanding.

(B)

Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.06% higher and 0.06% lower, respectively, had the custodian not reimbursed the Fund.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    86

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica International Value
	October 31, 2019			October 31, 2018 (A)
Net asset value, beginning of period/year	$	9.15		$	10.00
Investment operations:
Net investment income (loss) (B)		0.22			0.03
Net realized and unrealized gain (loss)		0.39			(0.88	)
Total investment operations		0.61			(0.85	)
Dividends and/or distributions to shareholders:
Net investment income		(0.03	)		—
Net asset value, end of period/year	$	9.73		$	9.15
Total return		6.74	%		(8.50	)%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	9,768		$	9,146
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.39	%		2.59	%(D)
Including waiver and/or reimbursement and recapture		1.00	%		1.00	%(D)
Net investment income (loss) to average net assets		2.36	%		2.01	%(D)
Portfolio turnover rate		30	%		3	%(C)

(A)	Commenced operations on August 31, 2018.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.

For a share outstanding during the years indicated:	Transamerica Long/Short Strategy
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	6.16		$	6.78		$	6.02		$	9.18		$	9.56
Investment operations:
Net investment income (loss) (A)		(0.04	)		(0.10	)		(0.12	)		(0.15	)(B)		(0.14	)(C)
Net realized and unrealized gain (loss)		0.45			0.11			0.92			0.09	(D)		(0.12	)(C)
Total investment operations		0.41			0.01			0.80			(0.06	)		(0.26	)
Dividends and/or distributions to shareholders:
Net investment income		—			—			—			(0.08	)		—
Net realized gains		(0.24	)		(0.63	)		(0.04	)		(3.02	)		(0.12	)
Total dividends and/or distributions to shareholders		(0.24	)		(0.63	)		(0.04	)		(3.10	)		(0.12	)
Net asset value, end of year	$	6.33		$	6.16		$	6.78		$	6.02		$	9.18
Total return		6.71	%		0.20	%		13.32	%		(0.73	)%		(2.81	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	9,516		$	12,009		$	17,731		$	14,328		$	35,474
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture, including dividends, interest and fees for borrowings from securities sold short		3.95	%		4.12	%		4.03	%		3.67	%		3.42	%(C)
Including waiver and/or reimbursement and recapture, including dividends, interest and fees for borrowings from securities sold short		3.76	%		4.06	%		3.89	%		3.55	%(B)		3.42	%(C)
Including waiver and/or reimbursement and recapture, excluding dividends, interest and fees for borrowings from securities sold short		1.59	%		1.59	%		1.59	%		1.49	%(B)		1.42	%
Net investment income (loss) to average net assets		(0.68	)%		(1.50	)%		(1.82	)%		(2.24	)%(B)		(1.50	)%(C)
Portfolio turnover rate		694	%		728	%		915	%		955	%		1,158	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was $0.01. The Expenses to average net assets including waiver and/or reimbursement and recapture, including dividends, interest and fees for borrowings from securities sold short ratio, Expenses to average net assets including waiver and/or reimbursement and recapture, excluding dividends, interest and fees for borrowings from securities sold short ratio and Net investment income (loss) to average net assets ratio would have been 0.10% higher, 0.10% higher and 0.10% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Reclassified fees for borrowings from securities sold short from net realized gain (loss) to expenses. Please reference the Reclassification section of the Notes to Financial Statements for additional information.
(D)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    87

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Mid Cap Value
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	15.42		$	17.02		$	15.60		$	15.95		$	17.77
Investment operations:
Net investment income (loss) (A)		0.14			0.20			0.14			0.13	(B)		0.17
Net realized and unrealized gain (loss)		0.85			(0.17	)(C)		2.44			0.64			0.57
Total investment operations		0.99			0.03			2.58			0.77			0.74
Dividends and/or distributions to shareholders:
Net investment income		(0.23	)		(0.16	)		(0.15	)		(0.13	)		(0.17	)
Net realized gains		(3.14	)		(1.47	)		(1.01	)		(0.99	)		(2.39	)
Total dividends and/or distributions to shareholders		(3.37	)		(1.63	)		(1.16	)		(1.12	)		(2.56	)
Net asset value, end of year	$	13.04		$	15.42		$	17.02		$	15.60		$	15.95
Total return		10.78	%		(0.17	)%		17.08	%		5.24	%		3.96	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	139,235		$	152,116		$	215,915		$	260,300		$	271,303
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.91	%		0.91	%		0.89	%		0.89	%		0.88	%
Including waiver and/or reimbursement and recapture		0.91	%		0.91	%		0.89	%		0.88	%(B)		0.88	%
Net investment income (loss) to average net assets		1.10	%		1.25	%		0.84	%		0.84	%(B)		1.02	%
Portfolio turnover rate		9	%		19	%		11	%		23	%		14	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.

For a share outstanding during the years indicated:	Transamerica Total Return
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of year	$	9.84		$	10.28		$	10.43		$	10.46		$	10.65
Investment operations:
Net investment income (loss) (A)		0.29			0.23			0.22			0.24	(B)		0.19
Net realized and unrealized gain (loss)		0.73			(0.47	)		0.06			0.23			(0.02	)
Total investment operations		1.02			(0.24	)		0.28			0.47			0.17
Dividends and/or distributions to shareholders:
Net investment income		(0.26	)		(0.20	)		(0.16	)		(0.31	)		(0.18	)
Net realized gains		—			—			(0.27	)		(0.19	)		(0.18	)
Total dividends and/or distributions to shareholders		(0.26	)		(0.20	)		(0.43	)		(0.50	)		(0.36	)
Net asset value, end of year	$	10.60		$	9.84		$	10.28		$	10.43		$	10.46
Total return		10.50	%		(2.34	)%		2.87	%		4.70	%		1.62	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	630,470		$	746,042		$	625,067		$	556,626		$	608,634
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.75	%		0.78	%		0.76	%		0.78	%		0.79	%
Including waiver and/or reimbursement and recapture		0.71	%(D)		0.75	%		0.76	%		0.76	%(B)		0.79	%
Net investment income (loss) to average net assets		2.87	%		2.31	%		2.13	%		2.35	%(B)		1.78	%
Portfolio turnover rate (C)		32	%		38	%		84	%		31	%		62	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Excludes sale-buyback transactions.
(D)	Includes extraordinary expenses outside the operating expense limit.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    88

Disclosure of Expenses

(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur two types of costs: (i) transaction costs, including sales charges (loads) on purchases, contingent deferred sales charges on redemptions; and (ii) ongoing costs, including management fees, and other fund expenses.

The following examples are intended to help you understand your ongoing costs (in dollars and cents) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The examples are based on an investment of $1,000 invested at May 1, 2019, and held for the entire six-month period until October 31, 2019.

ACTUAL EXPENSES

The information in the table below provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The information in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund versus other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges and brokerage commissions paid on purchases and sales of Fund shares. Therefore, the information under the heading “Hypothetical Expenses” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

			Actual Expenses				Hypothetical Expenses (A)
Fund	Beginning Account Value		Ending Account Value		Expenses Paid During Period (B)		Ending Account Value		Expenses Paid During Period (B)		Annualized Expense Ratio (C)  (D)
Transamerica Global Multifactor Macro	$	1,000.00	$	988.20	$	7.57	$	1,017.60	$	7.68		1.51	%
Transamerica Managed Futures Strategy		1,000.00		982.40		7.35		1,017.80		7.48		1.47

(A)	5% return per year before expenses.
(B)	Expenses are calculated using each Fund’s annualized expense ratios (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).
(C)	Expense ratios (as disclosed in the table) do not include the expenses of the underlying investments in which the Funds invest. The annualized expense ratios, as stated in the fee table of the Prospectus, may differ from the expense ratios disclosed in this report.
(D)	Expense ratios are based on the most recent six-months and may differ from the expense ratio displayed in the Financial Highlights which covers a twelve-month period.

Transamerica Funds Annual Report 2019

Page    89

Transamerica Global Multifactor Macro

(unaudited)

MARKET ENVIRONMENT

The 12-month period ended October 31, 2019 was characterized by increased concerns around slowing global growth and uncertainty around global trade. Central Bank monetary policy and uncertainty around Brexit also served as key drivers of asset price moves over the period. Equities sold off meaningfully and fixed income rallied in December of 2018 as Congress was unable to pass a spending bill, leading to a government shutdown.

The Federal Reserve (“Fed”) was more hawkish than expected and concerns the Fed could be making a policy mistake weighed on markets. With the new year came a shift in markets and the Fed. Equity markets saw a sharp reversal in January, rallying on more dovish than expected signaling from developed market central banks. The Fed began shifting towards a less aggressive direction during the first quarter, downgrading its projection for rate hikes in 2019 from two to none and announcing it would end its balance sheet run off in the third quarter of 2019. This would be the beginning of an extended dovish shift from the Fed that would lead to cutting the range for its key policy rate three times over the remainder of the reporting period.

With growth weakening in Europe, the European Central Bank would also shift in a more dovish direction, ultimately cutting its key policy rate further into negative territory and restarting the asset purchase program that it had only just ended in December of 2018. After several months of seemingly positive progress in trade negotiations between the U.S. and China, President Trump surprised markets in May by announcing an increase in tariffs on Chinese goods and threatening additional tariffs. Equities would recover from the May turmoil, but trade uncertainty would continue as a theme over most of the period. U.K. political and Brexit developments were a driver of U.K. and European assets. Markets ended the period on a relatively upbeat tone, with U.S. equities hitting new all-time highs. Despite continued concerns around slower global growth, equity markets were aided in October by better than expected earnings reports and the announcement of a high level trade agreement between the U.S. and China.

PERFORMANCE

For the year ended October 31, 2019, Transamerica Global Multifactor Macro (Class I2) returned -2.33%. By comparison, its benchmark, the ICE BofA Merrill Lynch U.S. Dollar LIBOR 3-Month Constant Maturity Index, returned 2.68%.

STRATEGY REVIEW

The Fund utilizes a long-term market-neutral strategy that trades predominately on macroeconomic news and trends, using a systematic, bottom-up approach that integrates both quantitative and discretionary trading signals. While the Fund is long-term market neutral, it can take directional views over the short term and gains exposure to global equity, fixed income, currency, and commodity markets through the use of derivatives including futures, currency forwards, and swaps.

Positioning based on macroeconomic momentum signals and price momentum performed well over the period, but was offset by positioning driven by value and carry. Equity strategies performed well, with a long Australian equities position positively contributing over the period. Australian equities outperformed on a weaker Australian dollar, which aided export prospects, a more dovish than expected Reserve Bank of Australia and the surprise victory by incumbent, Scott Morrison. Commodity strategies also added to returns, with a long natural gas position in November of 2018 performing well. Natural gas rallied meaningfully in November on larger than expected draws in inventory and forecasts for colder than expected weather.

Fixed income strategies were the largest detractors over the period, with a long Norwegian 2-year interest rate swap position and a U.S. 2-year vs. 10-year flattener position performing poorly. Norwegian interest rate swaps underperformed, weighed down by a more hawkish than expected central bank, which hiked its key policy rate three times in 2019. The U.S. yield curve flattener position detracted in November and December of 2018 and the first quarter of 2019, as concerns around a potential policy mistake by the Fed led to a sharp drop in shorter dated yields, as future Fed rate hikes were priced out. Currency strategies also detracted, with long New Zealand dollar positions in the second and third quarters of 2019 leading to losses. The New Zealand dollar underperformed, weighed down by lower than expected inflation data and a more dovish than expected Reserve Bank of New Zealand, which moved to cut its key policy rate by 75 basis points over the period.

During the fiscal year, the Fund utilized derivatives. These positions detracted from performance.

Jordan Brooks

Michael Katz

David Kupersmith

John M. Liew

Co-Portfolio Managers

AQR Capital Management, LLC

Asset Allocation	Percentage of Net Assets
Short-Term Investment Companies		90.3	%
Net Other Assets (Liabilities) ^		9.7
Total		100.0	%

Current and future portfolio holdings are subject to change and risk.

^ The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral.

Transamerica Funds Annual Report 2019

Page    90

Transamerica Global Multifactor Macro

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			10 Year or Since Inception			Inception Date
Class I2 (NAV)		(2.33	)%		0.70	%		03/03/2015
ICE BofAML U.S. Dollar LIBOR 3-Month Constant Maturity Index (A)		2.68	%		1.35	%

^(A) The ICE BofAML U.S. Dollar LIBOR 3-Month Constant Maturity Index represents the London interbank offered rate (“LIBOR”) with a constant 3-month average maturity.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or since inception date of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Consolidated Financial Highlights.

Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries in which the Fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. This Fund is only available in Class I2 shares, which are not available for direct investment by the public.

Transamerica Funds Annual Report 2019

Page    91

Transamerica Global Multifactor Macro

CONSOLIDATED SCHEDULE OF INVESTMENTS

At October 31, 2019

	Shares		Value
SHORT-TERM INVESTMENT COMPANIES - 90.3%
Money Market Funds - 90.3%
UBS Select Treasury Preferred Fund, 1.75% (A)		31,238,565		$  31,238,565
BlackRock Liquidity Funds T-Fund, 1.70% (A)		6,134,063		6,134,063
Dreyfus Treasury Obligations Cash Management Fund, 1.66% (A)		25,346,220		25,346,220
Total Short-Term Investment Companies (Cost $62,718,848)				62,718,848
Total Investments (Cost $62,718,848)				62,718,848
Net Other Assets (Liabilities) - 9.7%				6,713,129
Net Assets - 100.0%				$  69,431,977

CENTRALLY CLEARED SWAP AGREEMENTS:

Interest Rate Swap Agreements
Floating Rate Index	Pay/Receive Fixed Rate	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount			Value			Premiums Paid (Received)			Net Unrealized Appreciation (Depreciation)
3-Month  AUD-BBR-BBSW	Receive		0.50	%	Quarterly		03/10/2022		AUD	24,600,000	$	(99,428	)	$	(47,200	)	$	(52,228	)
3-Month AUD-BBR-BBSW	Receive		1.00		Quarterly		12/09/2021		AUD	60,100,000		146,272			91,648			54,624
3-Month AUD-BBR-BBSW	Receive		1.00		Quarterly		03/10/2022		AUD	9,100,000		25,216			18,136			7,080
3-Month CAD-CDOR	Pay		1.75		Semi-Annually/ Quarterly		03/16/2022		CAD	13,000,000		2,534			(6,922	)		9,456
3-Month CAD-CDOR	Receive		2.00		Semi-Annually/ Quarterly		03/18/2030		CAD	2,400,000		25,381			54,089			(28,708	)
3-Month CAD-CDOR	Pay		2.25		Semi-Annually/ Quarterly		12/16/2021		CAD	3,900,000		(26,666	)		(20,131	)		(6,535	)
3-Month CAD-CDOR	Pay		2.50		Semi-Annually/ Quarterly		12/17/2029		CAD	1,100,000		(50,675	)		(35,975	)		(14,700	)
3-Month NZD-BKBM	Pay		1.00		Semi-Annually/ Quarterly		03/16/2022		NZD	17,400,000		4,746			(10,316	)		15,062
3-Month NZD-BKBM	Pay		1.50		Semi-Annually/ Quarterly		12/15/2021		NZD	11,700,000		(70,814	)		(30,058	)		(40,756	)
3-Month NZD-BKBM	Receive		1.50		Semi-Annually/ Quarterly		03/13/2030		NZD	1,600,000		4,797			13,947			(9,150	)
3-Month  SEK-STIBOR-SIDE	Pay		0.00		Annually/Quarterly		12/15/2021		SEK	243,000,000		71,918			5,710			66,208
3-Month SEK-STIBOR-SIDE	Pay		0.00		Annually/Quarterly		03/16/2022		SEK	867,000,000		260,709			(320,669	)		581,378
3-Month SEK-STIBOR-SIDE	Receive		0.00		Annually/Quarterly		03/20/2030		SEK	157,100,000		(764,015	)		(417,232	)		(346,783	)
3-Month SEK-STIBOR-SIDE	Pay		0.50		Annually/Quarterly		12/19/2029		SEK	3,000,000		(1,675	)		(4,090	)		2,415
3-Month SEK-STIBOR-SIDE	Pay		0.50		Annually/Quarterly		03/20/2030		SEK	1,000,000		(347	)		(2,068	)		1,721
3-Month USD-LIBOR	Receive		1.75		Semi-Annually/ Quarterly		03/18/2022		USD	68,800,000		394,045			356,826			37,219
3-Month USD-LIBOR	Pay		2.00		Semi-Annually/ Quarterly		03/18/2030		USD	9,300,000		(346,075	)		(304,988	)		(41,087	)
3-Month USD-LIBOR	Receive		2.50		Semi-Annually/ Quarterly		12/20/2021		USD	50,200,000		968,030			685,273			282,757
3-Month USD-LIBOR	Pay		2.75		Semi-Annually/ Quarterly		12/18/2029		USD	7,500,000		(804,587	)		(487,240	)		(317,347	)
6-Month AUD-BBR-BBSW	Pay		1.00		Semi-Annually		03/07/2030		AUD	6,700,000		143,299			77,209			66,090
6-Month AUD-BBR-BBSW	Pay		1.50		Semi-Annually		12/13/2029		AUD	3,900,000		(50,127	)		12,446			(62,573	)
6-Month AUD-BBR-BBSW	Pay		2.00		Semi-Annually		12/13/2029		AUD	4,900,000		(224,870	)		(61,237	)		(163,633	)
6-Month CHF-LIBOR	Pay		1.00		Annually/Semi- Annually		12/15/2021		CHF	4,800,000		31,939			17,539			14,400
6-Month CHF-LIBOR	Receive		1.00		Annually/Semi- Annually		03/16/2022		CHF	5,900,000		(42,086	)		(23,482	)		(18,604	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    92

Transamerica Global Multifactor Macro

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

CENTRALLY CLEARED SWAP AGREEMENTS (continued):

Interest Rate Swap Agreements (continued)
Floating Rate Index	Pay/Receive Fixed Rate		Fixed Rate			Payment Frequency		Maturity Date		Notional Amount			Value			Premiums Paid (Received)			Net Unrealized Appreciation (Depreciation)
6-Month CHF-LIBOR		Pay		1.00	%		Annually/ Semi-Annually		03/20/2030		CHF	1,600,000	$	52,056		$	28,692		$	23,364
6-Month EUR-EURIBOR		Pay		0.00			Annually/ Semi-Annually		03/18/2022		EUR	48,100,000		(118,496	)		(145,868	)		27,372
6-Month EUR-EURIBOR		Receive		0.50			Annually/ Semi-Annually		03/18/2030		EUR	4,600,000		227,882			226,280			1,602
6-Month EUR-EURIBOR		Pay		0.75			Annually/ Semi-Annually		12/18/2029		EUR	2,300,000		(185,496	)		(234,200	)		48,704
6-Month EUR-EURIBOR		Receive		1.00			Annually/ Semi-Annually		12/20/2021		EUR	5,700,000		47,234			63,214			(15,980	)
6-Month GBP-LIBOR		Receive		0.75			Semi-Annually		03/18/2022		GBP	25,200,000		11,751			6,820			4,931
6-Month GBP-LIBOR		Pay		1.00			Semi-Annually		03/18/2030		GBP	4,500,000		(98,615	)		(61,091	)		(37,524	)
6-Month GBP-LIBOR		Pay		1.25			Semi-Annually		12/20/2021		GBP	20,800,000		(267,425	)		(228,517	)		(38,908	)
6-Month GBP-LIBOR		Pay		1.50			Semi-Annually		12/18/2029		GBP	1,600,000		(136,543	)		(76,612	)		(59,931	)
6-Month JPY-LIBOR		Receive		0.00			Semi-Annually		12/15/2021		JPY	1,232,900,000		26,077			30,802			(4,725	)
6-Month JPY-LIBOR		Receive		0.00			Semi-Annually		03/16/2022		JPY	11,362,100,000		265,746			303,797			(38,051	)
6-Month JPY-LIBOR		Pay		0.00			Semi-Annually		03/21/2030		JPY	1,637,400,000		13,883			(43,912	)		57,795
6-Month NOK-NIBOR		Receive		1.50			Annually/ Semi-Annually		03/16/2022		NOK	181,700,000		(156,700	)		(54,449	)		(102,251	)
6-Month NOK-NIBOR		Pay		1.50			Annually/ Semi-Annually		03/20/2030		NOK	34,600,000		116,565			39,532			77,033
6-Month NOK-NIBOR		Receive		2.00			Annually/ Semi-Annually		12/15/2021		NOK	11,300,000		1,528			5,840			(4,312	)
6-Month NOK-NIBOR		Pay		2.00			Annually/ Semi-Annually		12/19/2029		NOK	2,400,000		(3,627	)		(3,087	)		(540	)
Total													$	(606,659	)	$	(581,544	)	$	(25,115	)

OVER-THE-COUNTER SWAP AGREEMENTS:

Total Return Swap Agreements (B)
Reference Entity	Counterparty	Pay/ Receive	Payment Frequency	Maturity Date		Notional Amount			Number of Shares or Units		Value			Premiums Paid (Received)		Net Unrealized Appreciation (Depreciation)
10-Year Canada Government Bond Futures	MLI	Receive	Maturity		12/18/2019		CAD	6,909,186		48,000	$	67,106		$	—	$	67,106
10-Year Japan Government Bond Futures	MLI	Pay	Maturity		12/13/2019		JPY	1,390,887,600		8,999,999		(25,259	)		—		(25,259	)
10-Year U.K. Gilt Futures	MLI	Receive	Maturity		12/27/2019		GBP	8,011,212		60,000		52,866			—		52,866
10-Year U.S. Treasury Note Futures	MLI	Pay	Maturity		12/19/2019		USD	3,888,262		30,000		22,050			—		22,050
BIST 30 Index Futures	GSI	Pay	Maturity		12/31/2019		TRY	264,917		2,100		(891	)		—		(891	)
BM&F Bovespa Index Futures	GSI	Pay	Maturity		12/18/2019		BRL	4,741,612		45		26,153			—		26,153
Corn Futures	CITI	Receive	Maturity		11/22/2019		USD	517,257		145,000		(48,243	)		—		(48,243	)
FTSE JSE Top 40 Index Futures	MLI	Receive	Maturity		12/19/2019		ZAR	1,542,185		140		3,758			—		3,758
German Euro Bund Futures	MLI	Pay	Maturity		12/06/2019		EUR	17,085,428		97,000		(456,367	)		—		(456,367	)
Heating Oil Futures	CITI	Pay	Maturity		11/27/2019		USD	81,290		42,000		(2,611	)		—		(2,611	)
HSCEI China Index Futures	GSI	Pay	Maturity		11/28/2019		HKD	16,418,456		1,550		(28,000	)		—		(28,000	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    93

Transamerica Global Multifactor Macro

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

OVER-THE-COUNTER SWAP AGREEMENTS (continued):

Total Return Swap Agreements (continued) (B)
Reference Entity	Counterparty		Pay/ Receive		Payment Frequency		Maturity Date		Notional Amount			Number of Shares or Units		Value			Premiums Paid (Received)		Net Unrealized Appreciation (Depreciation)
KOSPI 200 Index Futures		GSI		Pay		Maturity		12/12/2019		KRW	1,429,104,500		5,250,000	$	17,100		$	—	$	17,100
KOSPI 200 Index Futures		MLI		Pay		Maturity		12/12/2019		KRW	2,419,595,402		9,000,000		55,357			—		55,357
MSCI Brazil Index Futures		GSI		Receive		Maturity/ Monthly		12/18/2019		BRL	389,570		331		1,529			—		1,529
MSCI China Index Futures		GSI		Receive		Maturity/ Monthly		12/18/2019		HKD	3,841,947		6,993		1,464			—		1,464
MSCI Israel Index Futures		GSI		Receive		Maturity/ Monthly		12/18/2019		USD	10,934		84		294			—		294
MSCI Italy Index Futures		MLI		Receive		Maturity/ Monthly		12/18/2019		EUR	301,316		2,737		3,708			—		3,708
MSCI Italy Index Futures		MLI		Receive		Maturity/ Monthly		12/18/2019		EUR	320,472		2,911		3,966			—		3,966
MSCI Poland Index Futures		GSI		Receive		Maturity/ Monthly		12/18/2019		PLN	156,827		816		708			—		708
MSCI South Africa Index Futures		GSI		Pay		Maturity/ Monthly		12/18/2019		ZAR	6,154,562		6,241		6,294			—		6,294
MSCI South Africa Index Futures		GSI		Pay		Maturity/ Monthly		12/18/2019		ZAR	2,055,137		2,084		2,352			—		2,352
MSCI Spain Index Futures		MLI		Receive		Maturity/ Monthly		12/18/2019		EUR	352,183		1,744		(5,807	)		—		(5,807	)
Natural Gas Futures		CITI		Receive		Maturity		11/26/2019		USD	613,950		250,000		(44,550	)		—		(44,550	)
Soybean Futures		CITI		Receive		Maturity		12/27/2019		USD	47,538		5,000		926			—		926
Soybean Meal Futures		CITI		Receive		Maturity		11/22/2019		USD	421,946		1,300		26,226			—		26,226
Soybean Meal Futures		MLI		Receive		Maturity		11/22/2019		USD	162,110		500		9,910			—		9,910
Soybean Oil Futures		CITI		Receive		Maturity		11/22/2019		USD	405,765		1,440,000		(37,035	)		—		(37,035	)
Swiss Market Index Futures		MLI		Pay		Maturity		12/20/2019		CHF	500,050		50		11,708			—		11,708
Tel Aviv 35 Index Futures		MLI		Pay		Maturity		11/29/2019		ILS	164,670		100		211			—		211
Wheat Futures		CITI		Receive		Maturity		11/22/2019		USD	198,224		40,000		(5,276	)		—		(5,276	)
Total														$	(340,353	)	$	—	$	(340,353	)

	Value
OTC Swap Agreements, at value (Assets)	$	313,686
OTC Swap Agreements, at value (Liabilities)	$	(654,039	)

FUTURES CONTRACTS:
Long Futures Contracts:
Description	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation		Unrealized Depreciation
3-Month Aluminum		2		11/07/2019	$	88,168	$	87,794	$	—	$	(374	)
3-Month Aluminum		7		11/13/2019		309,272		308,012		—		(1,260	)
3-Month Aluminum		1		11/14/2019		44,434		44,020		—		(414	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    94

Transamerica Global Multifactor Macro

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

FUTURES CONTRACTS (continued):

Long Futures Contracts (continued):
Description	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation		Unrealized Depreciation
3-Month Aluminum		9		11/29/2019	$	395,456	$	397,156	$	1,700	$	—
3-Month Aluminum		2		12/16/2019		90,581		88,288		—		(2,293	)
3-Month Aluminum		8		12/24/2019		351,624		350,700		—		(924	)
3-Month Aluminum		10		01/02/2020		431,655		438,250		6,595		—
3-Month Aluminum		1		01/09/2020		43,553		43,811		258		—
3-Month Aluminum		7		01/30/2020		306,989		307,081		92		—
3-Month Copper		1		11/13/2019		144,033		144,376		343		—
3-Month Copper		2		12/04/2019		285,374		289,309		3,935		—
3-Month Copper		1		12/10/2019		144,618		144,687		69		—
3-Month Copper		3		12/16/2019		442,773		434,156		—		(8,617	)
3-Month Copper		2		12/24/2019		287,898		289,463		1,565		—
3-Month Copper		1		01/02/2020		141,594		144,869		3,275		—
3-Month Copper		1		01/16/2020		142,855		144,850		1,995		—
3-Month Copper		4		01/22/2020		583,222		579,498		—		(3,724	)
3-Month Copper		1		01/23/2020		145,459		144,880		—		(579	)
3-Month Nickel		1		11/29/2019		95,438		100,158		4,720		—
3-Month Nickel		1		12/10/2019		107,978		100,150		—		(7,828	)
3-Month Nickel		1		01/09/2020		105,225		100,146		—		(5,079	)
3-Month Nickel		1		12/16/2020		103,445		99,534		—		(3,911	)
3-Month Zinc		4		11/13/2019		229,262		252,536		23,274		—
3-Month Zinc		1		11/14/2019		57,108		63,132		6,024		—
3-Month Zinc		2		11/29/2019		113,106		125,763		12,657		—
3-Month Zinc		1		12/04/2019		56,378		62,775		6,397		—
3-Month Zinc		4		12/10/2019		230,476		250,950		20,474		—
3-Month Zinc		1		12/16/2019		59,655		62,696		3,041		—
10-Year Australia Treasury Bond		17		12/16/2019		1,707,726		1,708,728		1,002		—
10-Year Japan Government Bond		19		12/12/2019		2,717,714		2,712,501		—		(5,213	)
10-Year U.S. Treasury Note		3		12/19/2019		390,001		390,891		890		—
Aluminum		17		12/18/2019		748,154		750,550		2,396		—
CAC 40 Index		15		11/15/2019		950,405		958,098		7,693		—
Copper		14		12/18/2019		2,031,408		2,025,712		—		(5,696	)
EURO STOXX 50® Index		330		12/20/2019		12,941,256		13,282,885		341,629		—
FTSE MIB Index		51		12/20/2019		6,208,990		6,445,105		236,115		—
German Euro Bund		25		12/06/2019		4,891,426		4,789,097		—		(102,329	)
HSCEI Index		13		11/28/2019		877,285		877,207		—		(78	)
IBEX 35 Index		16		11/15/2019		1,656,961		1,655,569		—		(1,392	)
KOSPI 200 Index		11		12/12/2019		635,819		653,552		17,733		—
London Metals Exchange		2		01/09/2020		285,000		289,760		4,760		—
MSCI Taiwan Index		5		11/28/2019		213,529		214,300		771		—
Nickel		3		12/18/2019		316,911		300,402		—		(16,509	)
OMX Stockholm 30 Index		23		11/15/2019		397,635		412,743		15,108		—
RBOB Gasoline		2		11/29/2019		131,673		133,946		2,273		—
S&P/ASX 200 Index		68		12/19/2019		7,814,859		7,780,210		—		(34,649	)
S&P/TSX 60 Index		16		12/19/2019		2,432,952		2,392,893		—		(40,059	)
SGX CNX Nifty Index		43		11/28/2019		1,018,421		1,025,765		7,344		—
Silver		1		12/27/2019		88,966		90,335		1,369		—
WTI Crude		4		11/20/2019		222,799		216,720		—		(6,079	)
Zinc		8		12/18/2019		458,155		501,400		43,245		—
Total									$	778,742	$	(247,007	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    95

Transamerica Global Multifactor Macro

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

FUTURES CONTRACTS (continued):

Short Futures Contracts:
Description	Number of Contracts			Expiration Date		Notional Amount			Value			Unrealized Appreciation		Unrealized Depreciation
3-Month Aluminum		(2	)		11/07/2019	$	(87,834	)	$	(87,794	)	$	40	$	—
3-Month Aluminum		(7	)		11/13/2019		(310,247	)		(308,012	)		2,235		—
3-Month Aluminum		(1	)		11/14/2019		(44,372	)		(44,020	)		352		—
3-Month Aluminum		(9	)		11/29/2019		(394,586	)		(397,157	)		—		(2,571	)
3-Month Aluminum		(2	)		12/16/2019		(90,347	)		(88,287	)		2,060		—
3-Month Aluminum		(8	)		12/24/2019		(351,170	)		(350,700	)		470		—
3-Month Aluminum		(10	)		01/02/2020		(430,593	)		(438,250	)		—		(7,657	)
3-Month Aluminum		(1	)		01/09/2020		(43,466	)		(43,811	)		—		(345	)
3-Month Aluminum		(7	)		01/30/2020		(306,605	)		(307,081	)		—		(476	)
3-Month Copper		(1	)		11/13/2019		(143,247	)		(144,376	)		—		(1,129	)
3-Month Copper		(2	)		12/04/2019		(284,594	)		(289,309	)		—		(4,715	)
3-Month Copper		(1	)		12/10/2019		(144,572	)		(144,686	)		—		(114	)
3-Month Copper		(3	)		12/16/2019		(444,741	)		(434,156	)		10,585		—
3-Month Copper		(2	)		12/24/2019		(287,733	)		(289,463	)		—		(1,730	)
3-Month Copper		(1	)		01/02/2020		(142,016	)		(144,869	)		—		(2,853	)
3-Month Copper		(1	)		01/16/2020		(142,578	)		(144,850	)		—		(2,272	)
3-Month Copper		(4	)		01/22/2020		(582,373	)		(579,498	)		2,875		—
3-Month Copper		(1	)		01/23/2020		(145,247	)		(144,880	)		367		—
3-Month Nickel		(1	)		11/29/2019		(95,757	)		(100,158	)		—		(4,401	)
3-Month Nickel		(1	)		12/10/2019		(107,397	)		(100,150	)		7,247		—
3-Month Nickel		(1	)		01/09/2020		(105,591	)		(100,146	)		5,445		—
3-Month Nickel		(1	)		12/16/2020		(103,794	)		(99,534	)		4,260		—
3-Month Zinc		(4	)		11/13/2019		(228,088	)		(252,536	)		—		(24,448	)
3-Month Zinc		(1	)		11/14/2019		(57,041	)		(63,132	)		—		(6,091	)
3-Month Zinc		(2	)		11/29/2019		(113,154	)		(125,762	)		—		(12,608	)
3-Month Zinc		(1	)		12/04/2019		(56,806	)		(62,775	)		—		(5,969	)
3-Month Zinc		(4	)		12/10/2019		(228,788	)		(250,950	)		—		(22,162	)
3-Month Zinc		(1	)		12/16/2019		(59,822	)		(62,696	)		—		(2,874	)
10-Year Canada Government Bond		(117	)		12/18/2019		(12,561,233	)		(12,617,630	)		—		(56,397	)
Aluminum		(41	)		12/18/2019		(1,798,738	)		(1,810,150	)		—		(11,412	)
Amsterdam Index		(49	)		11/15/2019		(6,314,191	)		(6,287,009	)		27,182		—
Brent Crude Oil		(2	)		11/29/2019		(118,373	)		(119,240	)		—		(867	)
Copper		(3	)		12/18/2019		(426,166	)		(434,081	)		—		(7,915	)
DAX® Index		(6	)		12/20/2019		(2,061,082	)		(2,157,017	)		—		(95,935	)
FTSE 100 Index		(36	)		12/20/2019		(3,342,409	)		(3,378,999	)		—		(36,590	)
FTSE Bursa Malaysia KLCI		(4	)		11/29/2019		(75,401	)		(76,152	)		—		(751	)
FTSE JSE Top 40 Index		(15	)		12/19/2019		(495,668	)		(502,369	)		—		(6,701	)
Gold 100 oz		(1	)		12/27/2019		(154,630	)		(151,480	)		3,150		—
Hang Seng Index		(26	)		11/28/2019		(4,466,935	)		(4,476,700	)		—		(9,765	)
London Metals Exchange		(2	)		01/09/2020		(284,557	)		(289,760	)		—		(5,203	)
Mexican Bolsa Index		(5	)		12/20/2019		(113,287	)		(113,342	)		—		(55	)
MSCI Singapore Index		(96	)		11/28/2019		(2,589,968	)		(2,615,135	)		—		(25,167	)
Natural Gas		(20	)		11/26/2019		(492,156	)		(526,600	)		—		(34,444	)
Nickel		(5	)		12/18/2019		(472,185	)		(500,670	)		—		(28,485	)
S&P 500® E-Mini Index		(27	)		12/20/2019		(4,035,410	)		(4,098,330	)		—		(62,920	)
SET 50 Index		(108	)		12/27/2019		(772,065	)		(764,209	)		7,856		—
Soybean		(26	)		01/14/2020		(1,214,764	)		(1,211,925	)		2,839		—
Soybean Meal		(12	)		12/13/2019		(370,395	)		(365,280	)		5,115		—
Soybean Oil		(29	)		12/13/2019		(487,546	)		(535,050	)		—		(47,504	)
TOPIX Index		(15	)		12/12/2019		(2,156,110	)		(2,317,576	)		—		(161,466	)
U.K. Gilt		(70	)		12/27/2019		(12,111,036	)		(12,045,203	)		65,833		—
Wheat		(28	)		12/13/2019		(676,226	)		(712,250	)		—		(36,024	)
Zinc		(3	)		12/18/2019		(169,435	)		(188,025	)		—		(18,590	)
Total												$	147,911	$	(748,606	)
Total Futures Contracts												$	926,653	$	(995,613	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    96

Transamerica Global Multifactor Macro

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

FORWARD FOREIGN CURRENCY CONTRACTS:
Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation		Unrealized Depreciation
CITI		12/18/2019		USD	1,333,525		AUD	1,968,000	$	—	$	(24,912	)
CITI		12/18/2019		USD	1,903,184		BRL	7,842,018		—		(46,617	)
CITI		12/18/2019		USD	654,600		CAD	870,000		—		(6,115	)
CITI		12/18/2019		USD	5,578,827		CHF	5,459,000		24,623		(1,758	)
CITI		12/18/2019		USD	4,469,112		CLP	3,219,000,000		123,196		—
CITI		12/18/2019		USD	4,118,800		CNH	29,328,500		—		(36,740	)
CITI		12/18/2019		USD	456,657		COP	1,570,000,000		471		(7,462	)
CITI		12/18/2019		USD	547,711		CZK	12,800,000		—		(12,195	)
CITI		12/18/2019		USD	10,133,088		EUR	9,099,000		176		(50,888	)
CITI		12/18/2019		USD	7,315,088		GBP	5,810,000		3,212		(227,028	)
CITI		12/18/2019		USD	2,272,222		HKD	17,805,000		801		(322	)
CITI		12/18/2019		USD	674,993		HUF	201,319,000		—		(10,245	)
CITI		12/18/2019		USD	552,651		IDR	7,900,000,000		—		(7,403	)
CITI		12/18/2019		USD	1,336,053		ILS	4,688,000		2,970		(383	)
CITI		12/18/2019		USD	721,129		INR	52,603,000		—		(16,985	)
CITI		12/18/2019		USD	3,123,565		JPY	329,624,000		60,991		—
CITI		12/18/2019		USD	6,429,177		KRW	7,736,648,000		—		(228,697	)
CITI		12/18/2019		USD	1,361,700		MXN	27,237,000		—		(43,567	)
CITI		12/18/2019		USD	3,365,647		NOK	30,236,000		76,508		—
CITI		12/18/2019		USD	6,101,339		NZD	9,557,000		6,271		(37,966	)
CITI		12/18/2019		USD	1,732,125		PLN	6,827,000		—		(55,427	)
CITI		12/18/2019		USD	145,340		RUB	9,700,000		—		(4,906	)
CITI		12/18/2019		USD	1,058,163		SEK	10,331,000		—		(14,997	)
CITI		12/18/2019		USD	1,001,709		SGD	1,380,000		—		(13,177	)
CITI		12/18/2019		USD	6,929		THB	212,000		—		(95	)
CITI		12/18/2019		USD	497,549		TWD	15,500,000		—		(12,771	)
CITI		12/18/2019		CHF	152,000		USD	155,229		—		(530	)
CITI		12/18/2019		NZD	12,583,000		USD	8,045,039		35,871		(5,994	)
CITI		12/18/2019		HKD	35,426,400		USD	4,518,931		1,672		(539	)
CITI		12/18/2019		MXN	60,164,166		USD	3,036,273		73,795		(5,958	)
CITI		12/18/2019		CAD	17,794,000		USD	13,487,634		60,996		(35,117	)
CITI		12/18/2019		PLN	9,098,000		USD	2,322,628		59,552		—
CITI		12/18/2019		KRW	4,099,554,000		USD	3,456,603		71,320		—
CITI		12/18/2019		EUR	11,850,000		USD	13,123,885		139,112		(218	)
CITI		12/18/2019		IDR	15,400,000,000		USD	1,066,018		25,733		—
CITI		12/18/2019		PHP	95,000,000		USD	1,813,914		54,702		(9	)
CITI		12/18/2019		ZAR	38,630,000		USD	2,585,601		7,436		(53,509	)
CITI		12/18/2019		BRL	7,477,000		USD	1,835,567		27,238		(3,761	)
CITI		12/18/2019		JPY	94,072,000		USD	880,994		—		(6,960	)
CITI		12/18/2019		INR	68,629,000		USD	957,663		5,326		—
CITI		12/18/2019		TWD	50,000,000		USD	1,627,311		18,911		(28	)
CITI		12/18/2019		RUB	63,800,000		USD	954,353		33,861		—
CITI		12/18/2019		CNH	13,445,500		USD	1,884,023		21,063		—
CITI		12/18/2019		SEK	32,099,000		USD	3,339,570		2,684		(7,884	)
CITI		12/18/2019		CZK	17,400,000		USD	751,032		10,091		—
CITI		12/18/2019		COP	4,620,000,000		USD	1,349,908		14,527		(74	)
CITI		12/18/2019		GBP	4,618,000		USD	5,697,308		294,887		—
CITI		12/18/2019		ILS	3,140,000		USD	896,990		—		(3,841	)
CITI		12/18/2019		AUD	2,123,000		USD	1,456,300		9,125		—
CITI		12/18/2019		CLP	280,000,000		USD	393,488		—		(15,464	)
CITI		12/18/2019		THB	212,000		USD	6,922		103		—
CITI		12/18/2019		HUF	297,000,000		USD	1,008,046		2,863		—
CITI		12/18/2019		USD	2,597,662		ZAR	39,930,000		3,507		(30,837	)
Total									$	1,273,594	$	(1,031,379	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

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Transamerica Global Multifactor Macro

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

SECURITY VALUATION:

Valuation Inputs ^(C)

	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Short-Term Investment Companies	$	62,718,848		$	—		$	—	$	62,718,848
Total Investments	$	62,718,848		$	—		$	—	$	62,718,848
Other Financial Instruments
Centrally Cleared Interest Rate Swap Agreements	$	—		$	2,841,608		$	—	$	2,841,608
Over-the-Counter Total Return Swap Agreements		—			313,686			—		313,686
Futures Contracts (D)		926,653			—			—		926,653
Forward Foreign Currency Contracts (D)		—			1,273,594			—		1,273,594
Total Other Financial Instruments	$	926,653		$	4,428,888		$	—	$	5,355,541
LIABILITIES
Other Financial Instruments
Centrally Cleared Interest Rate Swap Agreements	$	—		$	(3,448,267	)	$	—	$	(3,448,267	)
Over-the-Counter Total Return Swap Agreements		—			(654,039	)		—		(654,039	)
Futures Contracts (D)		(995,613	)		—			—		(995,613	)
Forward Foreign Currency Contracts (D)		—			(1,031,379	)		—		(1,031,379	)
Total Other Financial Instruments	$	(995,613	)	$	(5,133,685	)	$	—	$	(6,129,298	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Rates disclosed reflect the yields at October 31, 2019.
(B)	At the termination date, a net cash flow is exchanged where the total return is equivalent to the return of the reference entity less a financing rate, if any. As a receiver, the Fund would receive payments based on any positive total return and would owe payments in the event of a negative total return. As the payer, the Fund would owe payments on any net positive total return and would receive payment in the event of a negative total return.
(C)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(D)	Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation).

CURRENCY ABBREVIATIONS:

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
CNH	Chinese Yuan Renminbi (offshore)
COP	Columbian Peso
CZK	Czech Republic Koruna
EUR	Euro
GBP	Pound Sterling
HKD	Hong Kong Dollar
HUF	Hungarian Forint
IDR	Indonesian Rupiah
ILS	Israel New Shekel
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso

The Notes to Financial Statements are an integral part of this report.

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Transamerica Global Multifactor Macro

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

CURRENCY ABBREVIATIONS (continued):

NOK	Norwegian Krone
NZD	New Zealand Dollar
PHP	Philippine Peso
PLN	Polish Zloty
RUB	Russian Ruble
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thai Baht
TRY	Turkish New Lira
TWD	Taiwan New Dollar
USD	United States Dollar
ZAR	South African Rand

COUNTERPARTY ABBREVIATIONS:

CITI	Citibank, N.A.
GSI	Goldman Sachs International
MLI	Merrill Lynch International

PORTFOLIO ABBREVIATIONS:

ASX	Australian Securities Exchange
BBR	Bank Bill Rate
BBSW	Bank Bill Swap Reference Rate
BIST	Borsa Istanbul (Sole Exchange Entity of Turkey)
BKBM	Bank Bill Reference Rate
BM&F Bovespa	Bolsa de Valores, Mercadorias & Futuros de Sao Paulo (Brazilian Stock Exchange Index)
CAC	Cotation Assistée en Continu (French Stock Market Index)
CDOR	Canadian Dollar Offered Rate
CNX Nifty	CRISIL NSE Index (National Stock Exchange of India’s Benchmark Index)
DAX	Deutscher Aktienindex (Frankfurt Stock Index)
EURIBOR	Euro Interbank Offer Rate
FTSE	Financial Times Stock Exchange
HSCEI	Hang Seng China Enterprises Index
IBEX	Índice Bursatil Español (Bolsa de Madrid Stock Market Index)
JSE	Johannesburg Stock Exchange
KLCI	Kuala Lumpur Composite Index
KOSPI	Korean Composite Stock Price Index
LIBOR	London Interbank Offered Rate
MIB	Milano Italia Borsa (FTSE MIB is the primary benchmark index for the Italian equity markets)
NIBOR	Norwegian Interbank Offered Rate
OMX	Norwegian Stockholm Stock Exchange
RBOB	Reformulated Blendstock for Oxygenate Blending
SET	Stock Exchange of Thailand
SGX	Singapore Exchange
SIDE	Swedish Markets
STIBOR	Stockholm Interbank Offered Rate
STOXX	Deutsche Börse Group & SIX Group Index
TOPIX	Tokyo Price Index
TSX	Toronto Stock Exchange
WTI	West Texas Intermediate

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

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Transamerica Managed Futures Strategy

(unaudited)

MARKET ENVIRONMENT

The 12-month period ended October 31, 2019 was characterized by increased concerns around slowing global growth and uncertainty around global trade. Central Bank monetary policy and uncertainty around Brexit also served as key drivers of asset price moves over the period. Equities sold off meaningfully and fixed income rallied in December of 2018 as Congress was unable to pass a spending bill, leading to a government shutdown.

The Federal Reserve (“Fed”) was more hawkish than expected and concerns the Fed could be making a policy mistake weighed on markets. With the new year came a shift in markets and the Fed. Equity markets saw a sharp reversal in January, rallying on more dovish than expected signaling from developed market central banks. The Fed began shifting towards a less aggressive direction during the first quarter, downgrading its projection for rate hikes in 2019 from two to none and announcing it would end its balance sheet run off in the third quarter of 2019. This would be the beginning of an extended dovish shift from the Fed that would lead to cutting the range for its key policy rate three times over the remainder of the period.

With growth weakening in Europe, the European Central Bank would also shift in a more dovish direction, ultimately cutting its key policy rate further into negative territory and restarting the asset purchase program that it had only just ended in December of 2018. After several months of seemingly positive progress in trade negotiations between the U.S. and China, President Trump surprised markets in May by announcing an increase in tariffs on Chinese goods and threatening additional tariffs. Equities would recover from the May turmoil, but trade uncertainty would continue as a theme over most of the period. U.K. political and Brexit developments were a driver for U.K. and European assets. Markets ended the 12-month period ended October 31, 2019 on a relatively upbeat tone, with U.S. equities hitting new all-time highs. Despite continued concerns around slower global growth, equity markets were aided in October by better than expected earnings reports and the announcement of a high level trade agreement between the U.S. and China.

PERFORMANCE

For the year ended October 31, 2019, Transamerica Managed Futures Strategy (Class I2) returned -1.89%. By comparison, its benchmark, the FTSE 3-Month Treasury Bill + 7% Wrap, returned 9.74%.

STRATEGY REVIEW

Trend following in equities had a modest but positive performance impact over the trailing 12-month period. Global equities reversed long-term trends several times over the period but sustained intermittent short-term trends. Positioning started the period net short equities due to a significant reversal of longer-term bullish trends in October 2018. Short positioning benefited as the selloff continued through December 2018 but detracted in early 2019 as global equities reversed and strongly rallied, re-establishing bullish trends. Those trends reversed in May and August 2019 however on heightened trade tensions between the U.S. and China, leading to losses from net long exposures. Over the period, long-term trend reversals drove losses, while short-term signals contributed positively to performance as their views changed to align with new equity market directions and benefited as those trends continued.

Trend following in fixed income was a strong contributor to performance over the trailing 12-month period. Global fixed income markets realized significant directional moves as central banks pivoted toward more accommodative outlooks and policies. International bond markets contributed meaningfully as they sustained bullish trends, with significant contributions from European and Australian bonds which trended higher on accommodative monetary outlooks and policy in those regions. Despite starting the period net short U.S. fixed income, the large reversals in late 2018 caused positioning to flip long, also leading gains for the period. Both short-term and long-term signals contributed positively and similarly to performance over the period.

Trend following in currencies detracted over the trailing 12-month period. Changing risk sentiment and uncertainty around U.S-China trade negotiations drove reversals and losses over the period. The New Zealand dollar detracted as it reversed on changing outlooks for trade and interest rate policy. The Japanese yen also fluctuated over the period in connection with changes in risk sentiment. The Canadian dollar also experienced reversals in line with reversals in crude oil and related products. These losses were partly offset by gains from sustained trends in other currencies. In particular, sustained longer-term bearish trends in the euro and Korean won contributed positively to performance as weakness in economic data from those regions, increased trade tensions and slowing global growth concerns weighed on the currencies. These dynamics drove losses for short-term signals, while sustained bearish trends in the euro and won drove positive attribution to long-term signals.

Trend following in commodities was the largest detractor over the trailing 12-month period. Several reversals in crude oil and related commodities drove most of the losses. First, the U.S. offered sanction waivers allowing trade partners to import Iranian oil in November 2018, causing a significant reversal and selloff. Other reversals took place due to heightened concerns surrounding global growth, trade, and geopolitical risk later in the period, leading to a lack of clear market direction. Sustained bullish trends in precious metals,

Transamerica Funds Annual Report 2019

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Transamerica Managed Futures Strategy

(unaudited)

STRATEGY REVIEW (continued)

such as palladium and gold, contributed positively and offset some of the losses. Long-term signals drove losses, mainly due to the significant directional shifts in energy prices over the period. Over-extended signals also detracted as they viewed crude oil and related commodities as cheap, but these assets declined overall.

During the fiscal year, the Fund utilized derivatives. These positions detracted from performance.

Clifford S. Asness

Brian K. Hurst

Ari Levine

John M. Liew

Yao Hua Ooi

Co-Portfolio Managers

AQR Capital Management, LLC

Asset Allocation	Percentage of Net Assets
Short-Term U.S. Government Obligations		76.6	%
Short-Term Investment Companies		13.1
Net Other Assets (Liabilities) ^		10.3
Total		100.0	%

Current and future portfolio holdings are subject to change and risk.

^ The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral.

Transamerica Funds Annual Report 2019

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Transamerica Managed Futures Strategy

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class I2 (NAV)		(1.89	)%		(1.42	)%		0.05	%		09/30/2010
FTSE 3-Month Treasury Bill + 7% Wrap Index (A)		9.74	%		8.29	%		7.84	%

^(A) The FTSE 3-Month Treasury Bill + 7% Wrap Index represents monthly return equivalents of yield averages of the last 3 month Treasury Bill issues.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or since inception date of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or expense reimbursements, the performance would be lower.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Consolidated Financial Highlights.

Securities purchased for an arbitrage strategy are intended to take advantage of a perceived relationship between the value of two securities and may not perform as expected. This Fund is only available in Class I2 shares, which are not available for direct investment by the public.

Transamerica Funds Annual Report 2019

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Transamerica Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS

At October 31, 2019

	Principal		Value
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 76.6%
U.S. Treasury Bill 1.64% (A), 04/23/2020		$  2,848,000		$  2,827,111
1.65% (A), 04/30/2020		6,705,000		6,653,254
1.73% (A), 04/09/2020		742,000		736,983
1.87% (A), 03/05/2020		563,000		560,004
1.88% (A), 02/20/2020		995,000		990,382
1.90% (A), 03/26/2020		1,229,000		1,221,362
1.93% (A), 02/13/2020		4,155,000		4,136,783
2.00% (A), 02/06/2020		486,000		484,000
2.06% (A), 01/16/2020 - 01/23/2020		6,625,000		6,603,293
2.08% (A), 01/30/2020		454,000		452,269
2.13% (A), 01/09/2020		2,628,000		2,620,281
2.18% (A), 12/19/2019		436,000		435,157
2.19% (A), 12/12/2019		413,000		412,307
2.31% (A), 12/05/2019		427,000		426,398
2.39% (A), 11/14/2019		13,428,000		13,416,702
2.40% (A), 11/21/2019		13,428,000		13,416,642
2.41% (A), 11/07/2019		19,386,000		19,380,855
2.42% (A), 11/14/2019		19,386,000		19,369,514
Total Short-Term U.S. Government Obligations (Cost $94,111,178)				94,143,297

	Shares		Value
SHORT-TERM INVESTMENT COMPANIES - 13.1%
Money Market Funds - 13.1%
BlackRock Liquidity Funds T-Fund, 1.56% (A)		1,142,525		$   1,142,525
Dreyfus Treasury Obligations Cash Management Fund, 1.24% (A)		4,618,637		4,618,637
UBS Select Treasury Preferred Fund, 1.61% (A)		10,338,953		10,338,953
Total Short-Term Investment Companies (Cost $16,100,115)				16,100,115
Total Investments (Cost $110,211,293)				110,243,412
Net Other Assets (Liabilities) - 10.3%				12,644,488
Net Assets - 100.0%				$  122,887,900

OVER-THE-COUNTER SWAP AGREEMENTS:

Total Return Swap Agreements (B)
Reference Entity	Counterparty	Pay/Receive	Payment Frequency	Maturity Date		Notional Amount			Number of Shares or Units		Value			Premiums Paid (Received)			Net Unrealized Appreciation (Depreciation)
2-Year U.S. Treasury Note Futures	BOA	Pay	Maturity		12/31/2019		USD	47,004,632		436,000	$	(85	)	$	—		$	(85	)
5-Year U.S. Treasury Note Futures	BOA	Pay	Maturity		12/31/2019		USD	7,787,105		65,000		(37,378	)		—			(37,378	)
10-Year Italy Government Bond Futures	BOA	Pay	Maturity		12/06/2019		EUR	2,017,265		14,000		5,928			—			5,928
10-Year Japan Government Bond Futures	BOA	Pay	Maturity		12/13/2019		JPY	929,032,200		6,000,000		(33,264	)		—			(33,264	)
10-Year U.K. Gilt Futures	BOA	Pay	Maturity		12/27/2019		GBP	4,941,476		37,000		(34,192	)		—			(34,192	)
10-Year U.S. Treasury Note Futures	BOA	Pay	Maturity		12/19/2019		USD	5,369,963		41,000		(25,870	)		—			(25,870	)
Aluminum Futures	CITI	Receive	Maturity		12/16/2019		USD	1,792,888		1,025		(17,262	)		—			(17,262	)
BM&F Bovespa Index Futures	GSI	Pay	Maturity		12/18/2019		BRL	2,649,020		25		10,842			—			10,842
Cocoa Futures	CITI	Pay	Maturity		02/28/2020		GBP	795,629		430		(19,106	)		—			(19,106	)
Coffee Futures	CITI	Receive	Maturity		11/08/2019		USD	1,304,635		1,350,000		(71,690	)		—			(71,690	)
Copper Futures	CITI	Receive	Maturity		12/16/2019		USD	865,944		150		(2,219	)		—			(2,219	)
Corn Futures	CITI	Receive	Maturity		11/22/2019		USD	2,300,665		615,000		(97,834	)		(5,396	)		(92,438	)
Cotton No. 2 Futures	CITI	Receive	Maturity		11/08/2019		USD	349,482		550,000		(4,938	)		—			(4,938	)
Gasoil Bullet Futures	CITI	Receive	Maturity		12/12/2019		USD	1,962,027		3,400		44,427			—			44,427
German Euro Bond Futures	BOA	Pay	Maturity		12/06/2019		EUR	209,770		1,000		658			—			658

The Notes to Financial Statements are an integral part of this report.

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CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

OVER-THE-COUNTER SWAP AGREEMENTS (continued):

Total Return Swap Agreements (continued) (B)
Reference Entity	Counterparty		Pay/Receive		Payment Frequency		Maturity Date		Notional Amount			Number of Shares or Units		Value			Premiums Paid (Received)			Net Unrealized Appreciation (Depreciation)
German Euro Bund Futures		BOA		Pay		Maturity		12/06/2019		EUR	1,398,996		8,000	$	(26,362	)	$	263		$	(26,625	)
German Euro Schatz Futures		BOA		Receive		Maturity		12/06/2019		EUR	87,858,460		784,000		(9,302	)		—			(9,302	)
Gold Futures		MLI		Pay		Maturity		11/29/2019		USD	6,942,320		4,700		177,240			—			177,240
Hang Seng Index Futures		GSI		Receive		Maturity		11/28/2019		HKD	1,342,483		50		(857	)		—			(857	)
Heating Oil Futures		CITI		Receive		Maturity		11/27/2019		USD	162,064		84,000		4,707			—			4,707
HG Copper Futures		MLI		Receive		Maturity		11/29/2019		USD	1,173,181		450,000		(14,594	)		—			(14,594	)
KOSPI 200 Index Futures		MLI		Pay		Maturity		12/12/2019		KRW	695,852,519		2,500,000		(5,030	)		—			(5,030	)
KOSPI 200 Index Futures		GSI		Pay		Maturity		12/12/2019		KRW	1,039,631,775		3,750,000		(3,981	)		—			(3,981	)
Natural Gas Futures		CITI		Receive		Maturity		11/26/2019		USD	146,260		60,000		(11,780	)		—			(11,780	)
Nickel Futures		CITI		Pay		Maturity		12/16/2019		USD	699,996		42		942			—			942
Palladium Futures		CITI		Pay		Maturity		11/29/2019		USD	980,756		600		81,004			—			81,004
Platinum Futures		CITI		Pay		Maturity		12/31/2019		USD	1,139,902		1,200		(15,143	)		(471	)		(14,672	)
RBOB Gasoline Futures		CITI		Pay		Maturity		11/27/2019		USD	686,307		420,000		(17,205	)		—			(17,205	)
Silver Futures		MLI		Pay		Maturity		11/29/2019		USD	3,334,615		185,000		17,585			—			17,585
Soybean Meal Futures		CITI		Receive		Maturity		11/22/2019		USD	551,879		1,700		34,399			—			34,399
Soybean Meal Futures		MLI		Receive		Maturity		11/22/2019		USD	1,743,960		5,900		(52,000	)		(15,150	)		(36,850	)
Sugar Futures		CITI		Receive		Maturity		02/18/2020		USD	27,328		224,000		(627	)		—			(627	)
Swiss Market Index Futures		MLI		Pay		Maturity		12/20/2019		CHF	1,502,190		150		33,056			(192	)		33,248
TAIEX Futures		GSI		Pay		Maturity		11/20/2019		TWD	22,270,201		2,000		12,280			—			12,280
U.S. Treasury Bond Futures		BOA		Pay		Maturity		12/19/2019		USD	2,781,958		17,000		(37,521	)		—			(37,521	)
U.S. Treasury Note Futures		BOA		Pay		Maturity		12/19/2019		USD	2,330,901		12,000		(52,401	)		—			(52,401	)
Wheat Futures		CITI		Receive		Maturity		11/22/2019		USD	385,384		80,000		(21,616	)		—			(21,616	)
Wheat Futures		MLI		Receive		Maturity		11/22/2019		USD	20,025		5,000		(962	)		—			(962	)
WTI Crude Oil Futures		MLI		Receive		Maturity		11/19/2019		USD	2,936,300		55,000		(39,200	)		—			(39,200	)
Zinc Futures		CITI		Pay		Maturity		12/16/2019		USD	128,013		50		(2,663	)		—			(2,663	)
Total														$	(232,014	)	$	(20,946	)	$	(211,068	)

	Value
OTC Swap Agreements, at value (Assets)	$	423,068
OTC Swap Agreements, at value (Liabilities)	$	(655,082	)

The Notes to Financial Statements are an integral part of this report.

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Transamerica Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

FUTURES CONTRACTS:
Long Futures Contracts:
Description	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation		Unrealized Depreciation
90-Day Eurodollar		66		03/16/2020	$	16,229,342	$	16,234,350	$	5,008	$	—
90-Day Eurodollar		43		06/15/2020		10,582,519		10,587,675		5,156		—
90-Day Eurodollar		25		09/14/2020		6,153,483		6,160,000		6,517		—
90-Day Eurodollar		30		12/14/2020		7,384,899		7,391,625		6,726		—
90-Day Eurodollar		34		03/15/2021		8,376,207		8,382,700		6,493		—
90-Day Eurodollar		53		06/14/2021		13,058,430		13,067,812		9,382		—
90-Day Eurodollar		71		09/13/2021		17,494,254		17,505,937		11,683		—
90-Day Sterling		7		03/18/2020		1,127,025		1,125,101		—		(1,924	)
90-Day Sterling		12		06/17/2020		1,933,145		1,929,716		—		(3,429	)
90-Day Sterling		12		09/16/2020		1,933,858		1,930,396		—		(3,462	)
90-Day Sterling		14		12/16/2020		2,255,002		2,251,902		—		(3,100	)
90-Day Sterling		14		03/17/2021		2,255,729		2,252,355		—		(3,374	)
90-Day Sterling		16		06/16/2021		2,578,034		2,574,120		—		(3,914	)
90-Day Sterling		17		09/15/2021		2,739,193		2,735,002		—		(4,191	)
3-Month Aluminum		2		01/02/2020		85,805		87,650		1,845		—
3-Month Aluminum		1		01/03/2020		42,936		43,822		886		—
3-Month Aluminum		2		01/10/2020		86,359		87,617		1,258		—
3-Month Aluminum		1		01/16/2020		43,203		43,788		585		—
3-Month Copper		2		01/02/2020		282,923		289,738		6,815		—
3-Month Copper		2		01/10/2020		289,136		289,763		627		—
3-Month EURIBOR		3		06/14/2021		840,825		840,030		—		(795	)
3-Month EURIBOR		3		09/13/2021		840,726		839,862		—		(864	)
3-Month Zinc		1		11/08/2019		56,541		63,138		6,597		—
3-Month Zinc		1		11/15/2019		56,867		63,130		6,263		—
3-Month Zinc		1		11/22/2019		56,335		63,033		6,698		—
3-Month Zinc		1		11/29/2019		56,803		62,881		6,078		—
3-Year Australia Treasury Bond		574		12/16/2019		45,619,018		45,649,512		30,494		—
5-Year U.S. Treasury Note		176		12/31/2019		20,934,010		20,979,750		45,740		—
10-Year Australia Treasury Bond		43		12/16/2019		4,333,768		4,322,077		—		(11,691	)
10-Year Canada Government Bond		1		12/18/2019		107,826		107,843		17		—
10-Year Japan Government Bond		6		12/13/2019		8,577,933		8,553,570		—		(24,363	)
10-Year U.S. Treasury Note		94		12/19/2019		12,202,561		12,247,906		45,345		—
30-Year U.S. Treasury Bond		43		12/19/2019		6,858,273		6,939,125		80,852		—
Aluminum		3		12/18/2019		129,871		132,450		2,579		—
Amsterdam Index		6		11/15/2019		773,990		769,838		—		(4,152	)
CAC 40 Index		90		11/15/2019		5,693,696		5,748,589		54,893		—
Cocoa		23		03/16/2020		572,761		562,580		—		(10,181	)
Copper		2		12/18/2019		287,931		289,388		1,457		—
DAX® Index		23		12/20/2019		8,104,247		8,268,567		164,320		—
E-Mini DJIA Index		9		12/20/2019		1,212,679		1,214,190		1,511		—
EURO STOXX 50® Index		225		12/20/2019		8,883,536		9,056,512		172,976		—
Euro-BTP Italy Government Bond		29		12/06/2019		4,693,360		4,672,693		—		(20,667	)
FTSE 100 Index		14		12/20/2019		1,314,573		1,314,055		—		(518	)
FTSE China A50 Index		53		11/28/2019		742,861		738,555		—		(4,306	)
FTSE MIB Index		7		12/20/2019		853,167		884,622		31,455		—
German Euro BUXL		1		12/06/2019		234,034		234,168		134		—
Gold 100 oz		47		12/27/2019		6,790,352		7,119,560		329,208		—
HSCEI Index		1		11/28/2019		67,045		67,477		432		—
IBEX 35 Index		10		11/15/2019		1,036,949		1,034,730		—		(2,219	)
KOSPI 200 Index		20		12/12/2019		1,189,520		1,188,276		—		(1,244	)
MSCI EAFE Index		2		12/20/2019		193,534		195,720		2,186		—
MSCI Emerging Markets Index		6		12/20/2019		313,453		312,420		—		(1,033	)
MSCI Taiwan Index		61		11/28/2019		2,601,908		2,614,460		12,552		—
NASDAQ-100 E-Mini Index		25		12/20/2019		3,982,280		4,045,125		62,845		—
Nikkei 225 Index		47		12/12/2019		9,774,855		9,988,425		213,570		—
OMX Stockholm 30 Index		55		11/15/2019		950,536		986,995		36,459		—

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    105

Transamerica Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

FUTURES CONTRACTS (continued):
Long Futures Contracts (continued):
Description	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation		Unrealized Depreciation
S&P 500® E-Mini Index		15		12/20/2019	$	2,259,324	$	2,276,850	$	17,526	$	—
S&P/ASX 200 Index		36		12/19/2019		4,164,808		4,118,935		—		(45,873	)
S&P/TSX 60 Index		40		12/19/2019		6,072,906		5,982,234		—		(90,672	)
Soybean		51		01/14/2020		2,389,931		2,377,237		—		(12,694	)
Soybean Oil		30		12/13/2019		542,235		553,500		11,265		—
TOPIX Index		42		12/12/2019		6,330,783		6,489,212		158,429		—
U.K. Gilt		41		12/27/2019		7,101,583		7,055,047		—		(46,536	)
U.S. Treasury Ultra Bond		30		12/19/2019		5,584,798		5,692,500		107,702		—
Zinc		1		12/18/2019		56,513		62,675		6,162		—
Total									$	1,678,726	$	(301,202	)

Short Futures Contracts:
Description	Number of Contracts			Expiration Date		Notional Amount			Value			Unrealized Appreciation		Unrealized Depreciation
3-Month Aluminum		(2	)		01/02/2020	$	(86,170	)	$	(87,650	)	$	—	$	(1,480	)
3-Month Aluminum		(1	)		01/03/2020		(42,924	)		(43,822	)		—		(898	)
3-Month Aluminum		(2	)		01/10/2020		(86,426	)		(87,617	)		—		(1,191	)
3-Month Aluminum		(1	)		01/16/2020		(42,865	)		(43,787	)		—		(922	)
3-Month Copper		(2	)		01/02/2020		(282,857	)		(289,738	)		—		(6,881	)
3-Month Copper		(2	)		01/10/2020		(288,195	)		(289,763	)		—		(1,568	)
3-Month EURIBOR		(84	)		03/16/2020		(23,523,455	)		(23,522,005	)		1,450		—
3-Month EURIBOR		(47	)		06/15/2020		(13,162,857	)		(13,162,432	)		425		—
3-Month EURIBOR		(11	)		09/14/2020		(3,080,921	)		(3,080,876	)		45		—
3-Month EURIBOR		(6	)		12/14/2020		(1,680,300	)		(1,680,561	)		—		(261	)
3-Month EURIBOR		(2	)		03/15/2021		(560,018	)		(560,104	)		—		(86	)
3-Month Euroswiss		(12	)		03/16/2020		(3,064,627	)		(3,064,470	)		157		—
3-Month Euroswiss		(6	)		06/15/2020		(1,532,261	)		(1,532,083	)		178		—
3-Month Euroswiss		(3	)		09/14/2020		(766,062	)		(766,042	)		20		—
3-Month Zinc		(1	)		11/08/2019		(57,097	)		(63,137	)		—		(6,040	)
3-Month Zinc		(1	)		11/15/2019		(56,897	)		(63,130	)		—		(6,233	)
3-Month Zinc		(1	)		11/22/2019		(56,247	)		(63,033	)		—		(6,786	)
3-Month Zinc		(1	)		11/29/2019		(56,497	)		(62,881	)		—		(6,384	)
Aluminum		(3	)		12/18/2019		(129,342	)		(132,450	)		—		(3,108	)
Brent Crude Oil		(47	)		11/29/2019		(2,773,131	)		(2,802,140	)		—		(29,009	)
Canada Bankers’ Acceptance		(3	)		03/16/2020		(558,235	)		(558,841	)		—		(606	)
Canada Bankers’ Acceptance		(3	)		06/15/2020		(558,369	)		(559,098	)		—		(729	)
Coffee		(31	)		12/18/2019		(1,135,593	)		(1,185,169	)		—		(49,576	)
Copper		(2	)		12/18/2019		(282,757	)		(289,388	)		—		(6,631	)
E-Mini Russell 2000® Index		(48	)		12/20/2019		(3,688,929	)		(3,752,160	)		—		(63,231	)
FTSE JSE Top 40 Index		(18	)		12/19/2019		(613,895	)		(602,843	)		11,052		—
German Euro BOBL		(30	)		12/06/2019		(4,495,789	)		(4,504,249	)		—		(8,460	)
German Euro Schatz		(6	)		12/06/2019		(749,608	)		(749,950	)		—		(342	)
KC HRW Wheat		(34	)		12/13/2019		(698,138	)		(713,575	)		—		(15,437	)
Lean Hogs Futures		(20	)		12/13/2019		(531,151	)		(528,000	)		3,151		—
Natural Gas		(92	)		11/26/2019		(2,253,858	)		(2,422,360	)		—		(168,502	)
S&P Midcap 400® E-Mini Index		(1	)		12/20/2019		(193,701	)		(195,500	)		—		(1,799	)
Sugar No.11		(196	)		02/28/2020		(2,681,594	)		(2,739,610	)		—		(58,016	)
WTI Crude		(73	)		11/20/2019		(3,918,403	)		(3,955,140	)		—		(36,737	)
Zinc		(1	)		12/18/2019		(56,547	)		(62,675	)		—		(6,128	)
Total												$	16,478	$	(487,041	)
Total Futures Contracts												$	1,695,204	$	(788,243	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

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Transamerica Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

FORWARD FOREIGN CURRENCY CONTRACTS:
Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation		Unrealized Depreciation
CITI		12/18/2019		USD	45,845,599		AUD	67,751,000	$	—	$	(920,331	)
CITI		12/18/2019		USD	7,635,372		BRL	31,620,000		19		(226,484	)
CITI		12/18/2019		USD	36,324,675		CAD	48,256,000		—		(322,964	)
CITI		12/18/2019		USD	12,419,919		CHF	12,253,000		15,697		(66,416	)
CITI		12/18/2019		USD	3,349,286		CLP	2,401,780,008		106,679		—
CITI		12/18/2019		USD	2,373,363		COP	8,132,281,032		439		(28,670	)
CITI		12/18/2019		USD	96,701,683		EUR	86,912,631		1,245		(574,075	)
CITI		12/18/2019		USD	40,714,166		GBP	33,098,000		—		(2,232,928	)
CITI		12/18/2019		USD	12,368,313		HUF	3,707,659,000		—		(251,577	)
CITI		12/18/2019		USD	4,054,992		IDR	58,040,446,000		—		(59,658	)
CITI		12/18/2019		USD	2,729,280		ILS	9,594,000		5,549		(5,207	)
CITI		12/18/2019		USD	4,086,796		INR	294,584,000		13		(46,758	)
CITI		12/18/2019		USD	29,553,077		JPY	3,190,297,000		27,721		(116,068	)
CITI		12/18/2019		USD	23,009,200		KRW	27,695,958,831		—		(824,918	)
CITI		12/18/2019		USD	6,662,132		MXN	133,549,000		—		(228,195	)
CITI		12/18/2019		USD	35,626,204		NOK	322,862,000		506,099		(1,533	)
CITI		12/18/2019		USD	35,496,299		NZD	55,928,000		2,269		(396,764	)
CITI		12/18/2019		USD	1,873,537		PHP	97,528,000		—		(44,789	)
CITI		12/18/2019		USD	10,515,588		PLN	41,730,000		—		(410,813	)
CITI		12/18/2019		USD	32,756,060		SEK	316,188,000		43,676		(132,492	)
CITI		12/18/2019		USD	2,274,701		SGD	3,148,000		—		(40,416	)
CITI		12/18/2019		USD	4,017,384		TWD	124,724,000		63		(89,078	)
CITI		12/18/2019		CLP	1,436,528,000		USD	1,990,999		—		(51,569	)
CITI		12/18/2019		HUF	2,278,389,000		USD	7,532,351		222,821		(137	)
CITI		12/18/2019		PLN	73,372,000		USD	18,766,355		445,047		—
CITI		12/18/2019		NOK	82,031,000		USD	8,991,934		—		(68,423	)
CITI		12/18/2019		KRW	21,753,628,000		USD	18,323,764		396,604		—
CITI		12/18/2019		MXN	366,164,000		USD	18,673,028		252,907		(34,071	)
CITI		12/18/2019		COP	4,571,536,000		USD	1,319,671		30,406		(30	)
CITI		12/18/2019		SGD	6,740,000		USD	4,929,389		27,375		—
CITI		12/18/2019		EUR	46,606,000		USD	51,846,939		323,641		(8,127	)
CITI		12/18/2019		CAD	72,015,998		USD	54,595,345		204,457		(107,816	)
CITI		12/18/2019		TWD	189,972,000		USD	6,184,441		73,620		(3,447	)
CITI		12/18/2019		IDR	138,746,594,008		USD	9,723,445		117,277		(4,583	)
CITI		12/18/2019		GBP	54,168,000		USD	68,384,567		1,910,513		(8,111	)
CITI		12/18/2019		ZAR	438,673,000		USD	29,262,807		119,284		(543,804	)
CITI		12/18/2019		INR	347,257,000		USD	4,791,557		81,630		(549	)
CITI		12/18/2019		AUD	64,464,000		USD	44,099,572		397,469		—
CITI		12/18/2019		NZD	14,169,000		USD	9,068,721		35,982		(11,999	)
CITI		12/18/2019		JPY	3,791,419,187		USD	35,840,634		—		(614,115	)
CITI		12/18/2019		SEK	75,879,000		USD	7,733,149		151,300		(2,316	)
CITI		12/18/2019		ILS	8,117,001		USD	2,323,684		—		(14,865	)
CITI		12/18/2019		CHF	17,046,000		USD	17,418,301		18,932		(88,461	)
CITI		12/18/2019		PHP	236,739,000		USD	4,557,650		98,888		—
CITI		12/18/2019		BRL	19,476,000		USD	4,733,453		109,033		(69	)
CITI		12/18/2019		USD	22,848,373		ZAR	349,866,000		48,114		(199,871	)
Total									$	5,774,769	$	(8,782,497	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

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Transamerica Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

SECURITY VALUATION:

Valuation Inputs ^(C)

	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Short-Term U.S. Government Obligations	$	—		$	94,143,297		$	—	$	94,143,297
Short-Term Investment Companies		16,100,115			—			—		16,100,115
Total Investments	$	16,100,115		$	94,143,297		$	—	$	110,243,412
Other Financial Instruments
Over-the-Counter Total Return Swap Agreements	$	—		$	423,068		$	—	$	423,068
Futures Contracts (D)		1,695,204			—			—		1,695,204
Forward Foreign Currency Contracts (D)		—			5,774,769			—		5,774,769
Total Other Financial Instruments	$	1,695,204		$	6,197,837		$	—	$	7,893,041
LIABILITIES
Other Financial Instruments
Over-the-Counter Total Return Swap Agreements	$	—		$	(655,082	)	$	—	$	(655,082	)
Futures Contracts (D)		(788,243	)		—			—		(788,243	)
Forward Foreign Currency Contracts (D)		—			(8,782,497	)		—		(8,782,497	)
Total Other Financial Instruments	$	(788,243	)	$	(9,437,579	)	$	—	$	(10,225,822	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Rates disclosed reflect the yields at October 31, 2019.
(B)	At the termination date, a net cash flow is exchanged where the total return is equivalent to the return of the reference entity less a financing rate, if any. As a receiver, the Fund would receive payments based on any positive total return and would owe payments in the event of a negative total return. As the payer, the Fund would owe payments on any net positive total return and would receive payment in the event of a negative total return.
(C)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(D)	Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation).

CURRENCY ABBREVIATIONS:

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
COP	Columbian Peso
EUR	Euro
GBP	Pound Sterling
HKD	Hong Kong Dollar
HUF	Hungarian Forint
IDR	Indonesian Rupiah
ILS	Israel New Shekel
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
PHP	Philippine Peso

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

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CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2019

CURRENCY ABBREVIATIONS (continued):

PLN	Polish Zloty
SEK	Swedish Krona
SGD	Singapore Dollar
TWD	Taiwan New Dollar
USD	United States Dollar
ZAR	South African Rand

COUNTERPARTY ABBREVIATIONS:

BOA	Bank of America, N.A.
CITI	Citibank, N.A.
GSI	Goldman Sachs International
MLI	Merrill Lynch International

PORTFOLIO ABBREVIATIONS:

ASX	Australian Securities Exchange
BM&F Bovespa	Bolsa de Valores, Mercadorias & Futuros de Sao Paulo (Brazilian Stock Exchange Index)
BOBL	Bundesobligationen (German Federal Government Securities)
BTP	Buoni del Tesoro Poliennali (Italian Treasury Bonds)
BUXL	Bundesanleihen (German Long-Term Debt)
CAC	Cotation Assistée en Continu (French Stock Market Index)
DAX	Deutscher Aktienindex (Frankfurt Stock Index)
DJIA	Dow Jones Industrial Average
EAFE	Europe, Australasia and Far East
EURIBOR	Euro Interbank Offer Rate
FTSE	Financial Times Stock Exchange
HG	High Grade
HSCEI	Hang Seng China Enterprises Index
IBEX	Índice Bursatil Español (Bolsa de Madrid Stock Market Index)
JSE	Johannesburg Stock Exchange
KC HRW	Kansas City Hard Red Winter
KOSPI	Korean Composite Stock Price Index
MIB	Milano Italia Borsa (FTSE MIB is the primary benchmark index for the Italian equity markets)
NASDAQ	National Association of Securities Dealers Automated Quotations
OMX	Norwegian Stockholm Stock Exchange
RBOB	Reformulated Blendstock for Oxygenate Blending
Schatz	Bundesschatzanweisungen (German Federal Government 2-Year Securities)
STOXX	Deutsche Börse Group & SIX Group Index
TAIEX	Taiwan Capitalization Weighted Stock Index
TOPIX	Tokyo Price Index
TSX	Toronto Stock Exchange
WTI	West Texas Intermediate

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    109

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

At October 31, 2019

	Transamerica Global Multifactor Macro			Transamerica Managed Futures Strategy
Assets:
Investments, at value (A)	$	62,718,848		$	110,243,412
Cash		103,277			467,582
Cash collateral pledged at broker for:
Centrally cleared swap agreements		2,166,575			—
OTC derivatives (C)		400,000			15,221,357
Futures contracts		4,246,055			6,324,683
OTC swap agreements, at value		313,686			423,068
Foreign currency, at value (B)		218,414			31,283
Receivables and other assets:
Investments sold		275,738			60,931
Interest		77,381			19,839
Variation margin receivable on centrally cleared swap agreements		20,892			—
Variation margin receivable on futures contracts		—			602,408
Unrealized appreciation on forward foreign currency contracts		1,273,594			5,774,769
Other assets		—			880
Total assets		71,814,460			139,170,212
Liabilities:
Cash collateral at broker for:
OTC derivatives (C)		10,557			5,310,930
OTC swap agreements, at value		654,039			655,082
Payables and other liabilities:
Investments purchased		240,823			1,051,436
Shares of beneficial interest redeemed		40,202			83,626
Investment management fees		56,054			140,068
Transfer agent fees		448			794
Trustees, CCO and deferred compensation fees		236			507
Audit and tax fees		34,735			26,782
Custody fees		129,736			225,756
Legal fees		643			1,142
Printing and shareholder reports fees		356			400
Registration fees		268			323
Other accrued expenses		2,390			2,969
Variation margin payable on futures contracts		180,617			—
Unrealized depreciation on forward foreign currency contracts		1,031,379			8,782,497
Total liabilities		2,382,483			16,282,312
Net assets	$	69,431,977		$	122,887,900
Net assets consist of:
Paid-in capital	$	77,501,732		$	191,484,012
Total distributable earnings (accumulated losses)		(8,069,755	)		(68,596,112	)
Net assets	$	69,431,977		$	122,887,900
Shares outstanding (unlimited shares, no par value)		7,538,639			16,896,838
Net asset value and offering price per share	$	9.21		$	7.27
(A) Investments, at cost	$	62,718,848		$	110,211,293
(B) Foreign currency, at cost	$	217,882		$	31,517

(C) OTC derivatives may include swaps, options and/or swaptions and forward foreign currency contracts.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    110

CONSOLIDATED STATEMENTS OF OPERATIONS

For the year ended October 31, 2019

	Transamerica Global Multifactor Macro			Transamerica Managed Futures Strategy
Investment Income:
Interest income	$	1,650,615		$	3,251,830
Withholding taxes on foreign income		(73,684	)		(18,676	)
Total investment income		1,576,931			3,233,154
Expenses:
Investment management fees		1,231,191			1,963,981
Transfer agent fees		6,028			10,649
Trustees, CCO and deferred compensation fees		1,983			3,536
Audit and tax fees		50,906			40,293
Custody fees		361,773			618,344
Legal fees		6,394			9,304
Printing and shareholder reports fees		1,529			2,379
Registration fees		2,539			3,236
Other		9,881			34,062
Total expenses before waiver and/or reimbursement and recapture		1,672,224			2,685,784
Expense waived and/or reimbursed		(663,588	)		(1,049,831	)
Recapture of previously waived and/or reimbursed fees		202,097			449,499
Net expenses		1,210,733			2,085,452
Net investment income (loss)		366,198			1,147,702
Net realized gain (loss) on:
Investments		—			7,756
Swap agreements		(1,770,676	)		(1,515,217	)
Futures contracts		2,306,457			1,854,908
Forward foreign currency contracts		(266,469	)		(749,622	)
Foreign currency transactions		(40,473	)		(275,988	)
Net realized gain (loss)		228,839			(678,163	)
Net change in unrealized appreciation (depreciation) on:
Investments		—			39,167
Swap agreements		(1,462,996	)		(543,411	)
Futures contracts		(1,069,920	)		(327,366	)
Forward foreign currency contracts		(372,318	)		(2,294,119	)
Translation of assets and liabilities denominated in foreign currencies		26,928			54,583
Net change in unrealized appreciation (depreciation)		(2,878,306	)		(3,071,146	)
Net realized and change in unrealized gain (loss)		(2,649,467	)		(3,749,309	)
Net increase (decrease) in net assets resulting from operations	$	(2,283,269	)	$	(2,601,607	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    111

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

For the years ended:

	Transamerica Global Multifactor Macro						Transamerica Managed Futures Strategy
	October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018
From operations:
Net investment income (loss)	$	366,198		$	(216,263	)	$	1,147,702		$	218,823
Net realized gain (loss)		228,839			5,696,629			(678,163	)		(6,397,421	)
Net change in unrealized appreciation (depreciation)		(2,878,306	)		3,445,243			(3,071,146	)		(3,206,610	)
Net increase (decrease) in net assets resulting from operations		(2,283,269	)		8,925,609			(2,601,607	)		(9,385,208	)
Distributions to shareholders:
Dividends and/or distributions to shareholders		—			(4,578,138	)		—			(28,018	)
Net increase (decrease) in net assets resulting from distributions to shareholders		—			(4,578,138	)		—			(28,018	)
Capital share transactions:
Proceeds from shares sold		287,299			7,991,036			316,948			57,090,315
Dividends and/or distributions reinvested		—			4,578,138			—			28,018
Cost of shares redeemed		(21,278,047	)		(48,567,389	)		(37,809,891	)		(45,603,176	)
Net increase (decrease) in net assets resulting from capital share transactions		(20,990,748	)		(35,998,215	)		(37,492,943	)		11,515,157
Net increase (decrease) in net assets		(23,274,017	)		(31,650,744	)		(40,094,550	)		2,101,931
Net assets:
Beginning of year		92,705,994			124,356,738			162,982,450			160,880,519
End of year	$	69,431,977		$	92,705,994		$	122,887,900		$	162,982,450
Capital share transactions - shares:
Shares issued		31,307			882,905			43,391			7,231,376
Shares reinvested		—			534,829			—			3,565
Shares redeemed		(2,318,227	)		(5,442,706	)		(5,137,938	)		(5,952,165	)
Net increase (decrease) in shares outstanding		(2,286,920	)		(4,024,972	)		(5,094,547	)		1,282,776

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    112

FINANCIAL HIGHLIGHTS

For a share outstanding during the period and years indicated:	Transamerica Global Multifactor Macro
	October 31,      2019			October 31,   2018			October 31,   2017			October 31, 2016			October 31,     2015 (A)
Net asset value, beginning of period/year	$	9.44		$	8.98		$	9.77		$	10.06		$	10.00
Investment operations:
Net investment income (loss) (B)		0.04			(0.02	)		(0.09	)		(0.13	)(C)		(0.10	)
Net realized and unrealized gain (loss)		(0.27	)		0.83			(0.37	)		0.23			0.16
Total investment operations		(0.23	)		0.81			(0.46	)		0.10			0.06
Dividends and/or distributions to shareholders:
Net investment income		—			(0.35	)		—			(0.39	)		—
Net realized gains		—			—			(0.33	)		—			—
Total dividends and/or distributions to shareholders		—			(0.35	)		(0.33	)		(0.39	)		—
Net asset value, end of period/year	$	9.21		$	9.44		$	8.98		$	9.77		$	10.06
Total return		(2.33	)%		9.46	%		(5.09	)%		1.01	%		0.60	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	69,432		$	92,706		$	124,357		$	166,685		$	222,239
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		2.08	%		2.48	%		2.49	%		2.22	%(C)		1.93	%(F)
Including waiver and/or reimbursement and recapture		1.51	%(G)		1.50	%		1.50	%		1.50	%(C)		1.50	%(F)
Net investment income (loss) to average net assets		0.46	%		(0.21	)%		(0.96	)%		(1.36	)%		(1.49	)%(F)
Portfolio turnover rate		—	%		—	%		—	%		—	%		—	%(D)

(A)	Commenced operations on March 3, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Not annualized.
(E)	Does not include expenses of the underlying investments in which the Fund invests.
(F)	Annualized.
(G)	Includes extraordinary expenses outside the operating expense limit.

For a share outstanding during the years indicated:	Transamerica Managed Futures Strategy
	October 31,      2019			October 31,   2018			October 31,   2017			October 31,   2016			October 31,   2015
Net asset value, beginning of year	$	7.41		$	7.77		$	8.47		$	11.06		$	10.28
Investment operations:
Net investment income (loss) (A)		0.06			0.01			(0.06	)		(0.10	)(B)		(0.15	)
Net realized and unrealized gain (loss)		(0.20	)		(0.37	)		(0.55	)		(0.37	)		1.46
Total investment operations		(0.14	)		(0.36	)		(0.61	)		(0.47	)		1.31
Dividends and/or distributions to shareholders:
Net investment income		—			(0.00	)(C)		(0.01	)		(1.11	)		(0.08	)
Net realized gains		—			—			—			(1.01	)		(0.45	)
Return of capital		—			—			(0.08	)		—			—
Total dividends and/or distributions to shareholders		—			(0.00	)(C)		(0.09	)		(2.12	)		(0.53	)
Net asset value, end of year	$	7.27		$	7.41		$	7.77		$	8.47		$	11.06
Total return		(1.89	)%		(4.62	)%		(7.22	)%		(5.00	)%		12.89	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	122,888		$	162,982		$	160,881		$	202,184		$	325,631
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		1.89	%		2.36	%		2.29	%		2.02	%		1.68	%
Including waiver and/or reimbursement and recapture		1.47	%(E)		1.45	%		1.45	%		1.44	%(B)		1.42	%
Net investment income (loss) to average net assets		0.81	%		0.12	%		(0.72	)%		(1.13	)%(B)		(1.37	)%
Portfolio turnover rate		—	%		—	%		—	%		—	%		—	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Does not include expenses of the underlying investments in which the Fund invests.
(E)	Includes extraordinary expenses outside the operating expense limit.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    113

NOTES TO FINANCIAL STATEMENTS

At October 31, 2019

1. ORGANIZATION

Transamerica Funds (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust applies investment company accounting and reporting guidance. The funds (each, a “Fund” and collectively, the “Funds”) are each a series of the Trust and are as follows:

Fund Fund

Transamerica Core Bond (“Core Bond”)

Transamerica Global Real Estate Securities (“Global Real Estate Securities”)

Transamerica International Value (“International Value”)

Transamerica Long/Short Strategy (“Long/Short Strategy”)

Transamerica Mid Cap Value (“Mid Cap Value”)

Transamerica Total Return (“Total Return”)

Transamerica Global Multifactor Macro (“Global Multifactor Macro”) ^(A)

Transamerica Managed Futures Strategy (“Managed Futures Strategy”) ^(A)

(A) Transamerica Cayman Global Multifactor Macro, Ltd. and Transamerica Cayman Managed Futures Strategy, Ltd. are wholly-owned subsidiaries which act as investment vehicles for Global Multifactor Macro and Managed Futures Strategy, respectively. Please reference the Basis for Consolidation section of the Notes to Financial Statements for more information.

Global Real Estate Securities, Global Multifactor Macro and Managed Futures Strategy are “non-diversified” Funds, as defined under the 1940 Act.

This report must be accompanied or preceded by the Funds’ current prospectuses, which contain additional information about the Funds, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. (“TAM”) serves as investment manager for the Funds pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Funds. TAM supervises each Fund’s investments, conducts its investment program and provides supervisory, compliance and administrative services to the Funds.

TAM currently acts as a “manager of managers” and hires sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Funds and their investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Funds employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Funds’ investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers’ buying and selling of securities for the Funds; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation, and review, of materials for meetings of the Funds’ Board of Trustees (the “Board”), participation in these meetings and preparation of regular communications with the Board; oversight of preparation, and review, of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Funds; oversight of other service providers to the Funds, such as the custodian, the transfer agent, the Funds’ independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Funds; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Funds, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM’s expense.

TAM’s investment management services also include the provision of supervisory and administrative services to the Funds. These services include performing certain administrative services for the Funds and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Funds by State Street Bank and Trust Company (“State Street”), to whom TAM has outsourced the provision of certain services as described below: to the extent agreed upon by TAM and the Funds from time to time, monitoring and verifying the custodian’s daily calculation of the Net Asset Values (“NAV”); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Funds’ custodian and dividend disbursing agent and monitoring their services to the Funds;

Transamerica Funds Annual Report 2019

Page    114

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

1. ORGANIZATION (continued)

assisting the Funds in preparing reports to shareholders; acting as liaison with the Funds’ independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Funds.

2. BASIS FOR CONSOLIDATION

Transamerica Cayman Global Multifactor Macro, Ltd. and Transamerica Cayman Managed Futures Strategy, Ltd. (each, a “Subsidiary” and collectively, the “Subsidiaries”) are organized under the laws of the Cayman Islands and are wholly-owned subsidiaries which act as investment vehicles for Global Multifactor Macro and Managed Futures Strategy, respectively. The principal purpose of investment in the Subsidiaries is to allow the Funds noted above to gain exposure to the commodity markets within the limitations of the federal tax law requirements applicable to regulated investment companies.

At October 31, 2019, the net assets of each Subsidiary as a percentage of each Fund’s net assets is as follows:

Fund	Subsidiary	Subsidiary Net Assets		Percentage of Net Assets
Global Multifactor Macro	Transamerica Cayman Global Multifactor Macro, Ltd.	$	15,975,724		23.01	%
Managed Futures Strategy	Transamerica Cayman Managed Futures Strategy, Ltd.		28,422,684		23.13

3. SIGNIFICANT ACCOUNTING POLICIES

In preparing the Funds’ financial statements in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Funds.

Foreign currency denominated investments: The accounting records of the Funds are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. Each Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

Security transactions and investment income: Security transactions are accounted for on the trade date. Security gains and losses are calculated on the specific identification basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Funds are informed of the ex-dividend dates, net of foreign taxes. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

Distributions to shareholders: Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

Foreign taxes: The Funds may be subject to taxes imposed by the countries in which they invest, with respect to their investments in issuers existing or operating in such countries. The Funds may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Funds accrue such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Funds invest. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

Transamerica Funds Annual Report 2019

Page    115

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

3. SIGNIFICANT ACCOUNTING POLICIES (continued)

Cash overdraft: The Funds may have cash overdraft balances. A fee is incurred on these overdrafts, calculated by multiplying the overdraft by a rate based on the Federal Funds Rate.

Payables, if any, are reflected as Due to custodian within the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities. Expenses, if any, from U.S. cash overdrafts are reflected in Custody fees within the Statements of Operations or Consolidated Statements of Operations. Expenses, if any, from foreign cash overdrafts are reflected in Other expenses within the Statements of Operations or Consolidated Statements of Operations.

Commission recapture: The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Funds with broker/dealers with which other funds or portfolios advised by TAM have established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Funds. In no event will commissions, paid by the Funds, be used to pay expenses that would otherwise be borne by any other funds or portfolios advised by TAM, or by any other party.

Commissions recaptured are included within Net realized gain (loss) within the Statements of Operations or Consolidated Statements of Operations. For the year ended October 31, 2019, commissions recaptured are as follows. Funds not listed in the subsequent table do not have any commissions recaptured during the year.

Fund	Commissions Recaptured
Global Real Estate Securities	$	480
International Value		225
Mid Cap Value		917

Statement of cash flows: GAAP requires entities providing financial statements that report both a financial position and results of operations to also provide a Statement of Cash Flows for each period for which results of operations are provided, but exempts investment companies meeting certain conditions. These conditions may include the enterprise had little or no debt, based on the average debt outstanding during the period, little or no illiquid investments, and little or no investments classified as Level 3 of the fair value hierarchy in relation to average total assets. Funds with certain degrees of borrowing activity, typically through the use of sale-buyback financing transactions, line of credit borrowing, short sale transactions, illiquid investments, or Level 3 classified securities have been determined to be at a level requiring a Statement of Cash Flows. A Statement of Cash Flows has been prepared for Long/Short Strategy using the indirect method which requires net change in net assets resulting from operations to be adjusted to reconcile to net cash flows from operating activities.

Indemnification: In the normal course of business, the Funds enter into contracts that contain a variety of representations that provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds and/or their affiliates that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

4. SECURITY VALUATION

All investments in securities are recorded at their estimated fair value. The Funds value their investments at the official close of the New York Stock Exchange (“NYSE”) each day the NYSE is open for business.

The Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels (“Levels”) of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include the Funds’ own assumptions used in determining the fair value of investments and derivative instruments.

Transamerica Funds Annual Report 2019

Page    116

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

4. SECURITY VALUATION (continued)

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the “practical expedient” have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Funds’ investments at October 31, 2019, is disclosed within the Security Valuation section of each Fund’s Schedule of Investments or Consolidated Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

Fair value measurements: Descriptions of the valuation techniques applied to the Funds’ significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

Equity securities: Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

Foreign equity securities: Securities in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures or ETFs and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

Investment companies: Certain investment companies are valued at the NAV of the underlying Funds 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 of the underlying funds and no valuation adjustments are applied. These investment companies are categorized in Level 1 of the fair value hierarchy.

Securities lending collateral: Securities lending collateral is invested in a money market fund which is valued at the NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

Asset-backed securities: The fair value of asset-backed securities is estimated based on models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

Commercial paper: Commercial paper is valued using amortized cost, which approximates fair value. The values are generally categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

Corporate debt securities: The fair value of corporate debt securities is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate debt securities are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

Foreign government obligations: Foreign government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. Foreign government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

Mortgage-backed securities: The fair value of mortgage-backed securities is estimated based on models that consider issuer type, coupon, cash flows, mortgage prepayment projection tables and adjustable rate mortgage evaluations that incorporate index data,

Transamerica Funds Annual Report 2019

Page    117

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

4. SECURITY VALUATION (continued)

periodic life caps and the next coupon reset date. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they are categorized in Level 3.

Municipal government obligations: The fair value of municipal government obligations and variable rate notes is estimated based on models that consider, among other factors, information received from market makers and broker-dealers, current trades, bid-want lists, offerings, market movements, the liquidity of the bond, state of issuance, benchmark yield curves, and bond or note insurance. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they are categorized in Level 3.

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.

Short-term notes: A Fund normally values short-term government and U.S. government agency securities using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers and reference data. Certain securities are valued by principally using dealer quotations. Short-term government and U.S. government agency securities generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

U.S. government agency obligations: U.S. government agency obligations are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs. Generally, agency issued debt securities are valued in a manner similar to U.S. government obligations. Mortgage pass-throughs include to be announced (“TBA”) securities and mortgage pass-through certificates. Generally, TBA securities and mortgage pass-throughs are valued using dealer quotations. Depending on market activity levels and whether quotations or other observable data are used, these securities are typically categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

U.S. government obligations: U.S. government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. U.S. government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

Derivative instruments: Centrally cleared or listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) derivative contracts include forward, swap, swaption, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products are modeled taking into account the counterparties’ creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. The majority of OTC derivative products valued by the Funds using pricing models fall into this category and are categorized within Level 2 of the fair value hierarchy or Level 3 if inputs are unobservable.

5. SECURITIES AND OTHER INVESTMENTS

Real estate investment trusts (“REIT”): REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management’s estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year’s classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at October 31, 2019, if any, are identified within the Schedule of Investments or Consolidated Schedule of Investments.

Restricted securities: The Funds may invest in unregulated restricted securities. Restricted securities are subject to legal or contractual restrictions on resale. Restricted securities generally may be resold in transactions exempt from registration under the Securities Act of 1933.

Restricted securities held at October 31, 2019, if any, are identified within the Schedule of Investments or Consolidated Schedule of Investments.

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NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

5. SECURITIES AND OTHER INVESTMENTS (continued)

Treasury inflation-protected securities (“TIPS”): Certain Funds may invest in TIPS, which are fixed income securities whose principal value is periodically adjusted according to the rate of inflation/deflation. If the index measuring inflation/deflation rises or falls, the principal value of TIPS will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to a larger or smaller principal amount) will be increased or reduced, respectively. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds and notes. For bonds and notes that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

TIPS held at October 31, 2019, if any, are included within the Schedule of Investments or Consolidated Schedule of Investments. The adjustments, if any, to principal due to inflation/deflation are reflected as increases/decreases to Interest income within the Statements of Operations or Consolidated Statements of Operations, with a corresponding adjustment to Investments, at cost within the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities.

When-issued, delayed-delivery, forward, and to be announced (“TBA”) commitment transactions: The Funds may purchase or sell securities on a when-issued, delayed-delivery, forward and TBA commitment basis. When-issued and forward commitment transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Funds engage in when-issued and forward commitment transactions to obtain an advantageous price and yield at the time of the transaction. The Funds engage in when-issued and forward commitment transactions for the purpose of acquiring securities, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Funds may be required to pay more at settlement than the security is worth. In addition, the Funds are not entitled to any of the interest earned prior to settlement.

Delayed-delivery transactions involve a commitment by the Funds to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Funds will segregate with their custodian either cash, U.S. government securities, or other liquid assets at least equal to the value or purchase commitments until payment is made. When purchasing a security on a delayed-delivery basis, the Funds assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations. These transactions also involve a risk to the Funds if the other party to the transaction defaults on its obligation to make payment or delivery, and the Funds are delayed or prevented from completing the transaction. The Funds may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain or loss. When the Funds sell a security on a delayed-delivery basis, the Funds do not participate in future gains and losses on the security.

TBA commitments are entered into to purchase or sell securities for a fixed price at a future date, typically not to exceed 45 days. TBAs are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines, or the value of the security sold increases, prior to settlement date, in addition to the risk of decline in the value of a Fund’s other assets. Unsettled TBA commitments are valued at the current value of the underlying securities. TBA collateral requirements are typically calculated by netting the mark-to-market amount for each transaction and comparing that amount to the value of the collateral currently pledged by the Funds’ and the counterparty. Cash collateral that has been pledged to cover the obligations of the Funds’ and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities as Cash collateral pledged at broker for TBA commitments or Cash collateral at broker for TBA commitments, respectively. Non-cash collateral pledged by the Funds’, if any, is disclosed within the Schedule of Investments or Consolidated Schedule of Investments. Typically, the Funds’ are permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted. To the extent amounts due to the Funds’ are not fully collateralized, contractually or otherwise, the Funds’ bear the risk of loss from counterparty non-performance.

When-issued, delayed-delivery, forward and TBA commitment transactions held at October 31, 2019, if any, are identified within the Schedule of Investments or Consolidated Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery, forward and TBA commitments purchased or sold within the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities.

6. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by their investment policies, to raise additional cash to be invested in other securities or instruments. When the Funds invest borrowing proceeds in other securities, the Funds will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Funds may borrow on a secured or on an unsecured basis. If the Funds enter into a secured borrowing arrangement, a portion of the Funds’ assets will be used as collateral. The 1940 Act requires the Funds to maintain asset coverage of at least 300% of the amount of their borrowings.

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NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

6. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

Asset coverage means the ratio that the value of the Funds’ total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Funds may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

Interfund lending: The Funds, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Funds to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which place limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended October 31, 2019, the Funds have not utilized the program.

Repurchase agreements: In a repurchase agreement, the Funds purchase a security and simultaneously commit to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Funds’ custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Funds will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Funds and their counterparties that provide for the net settlement of all transactions and collateral with the Funds, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments or Consolidated Schedule of Investments, and as part of Repurchase agreements, at value within the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments or Consolidated Schedule of Investments, exceeds the value of each repurchase agreement at October 31, 2019.

Repurchase agreements at October 31, 2019, if any, are included within the Schedule of Investments or Consolidated Schedule of Investments and Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities.

Reverse repurchase agreements: The Funds may enter into reverse repurchase agreements in which the Funds sell portfolio securities and agree to repurchase them from the buyer at a specified date and price. The Funds may utilize reverse repurchase agreements when it is anticipated that the interest income to be earned from the investment of the proceeds of the transaction is greater than the interest expense of the transaction. Reverse repurchase agreements are considered to be a form of borrowing. Pursuant to the terms of the reverse repurchase agreements, the Funds’ custodian must segregate assets with an aggregate market value greater than or equal to 100% of the repurchase price. In periods of increased demand for the security, the Funds may receive a fee for use of the security by the counterparty, which may result in interest income to the Funds. Reverse repurchase agreements involve leverage risk and also the risk that the market value of the securities that the Funds are obligated to repurchase under the agreement may decline below the repurchase price. The Funds are subject to the risk that the buyer under the agreement may file for bankruptcy, become insolvent, or otherwise default on its obligations to the Funds. In the event of a default by the counterparty, there may be delays, costs and risks of loss involved in the Funds exercising their rights under the agreement, or those rights may be limited by other contractual agreements.

For the year ended October 31, 2019, the Funds’ average borrowings are as follows. Funds not listed in the subsequent table do not have any reverse repurchase agreements during the year.

Fund	Average Daily Borrowing		Number of Days Outstanding		Weighted Average Interest Rate
Total Return	$	140,817,447		365		2.42	%

Open reverse repurchase agreements at October 31, 2019, if any, are included within the Schedule of Investments or Consolidated Schedule of Investments and Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities. The interest expense is included in Interest income on the Statements of Operations or Consolidated Statements of Operations.

Sale-buyback: The Funds may enter into sale-buyback financing transactions. The Funds account for sale-buyback financing transactions as borrowing transactions and realize gains and losses on these transactions at the end of the roll period. Sale-buyback financing transactions involve sales by the Funds of securities and simultaneously contracts to repurchase the same or substantially similar securities at an agreed upon price and date.

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NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

6. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

The Funds forgo principal and interest paid during the roll period on the securities sold in a sale-buyback financing transaction. The Funds are compensated by the difference between the current sales price and the price for the future purchase (often referred to as the “price drop”), as well as by any interest earned on the proceeds of the securities sold. Sale-buyback financing transactions may be renewed with a new sale and a repurchase price and a cash settlement made at each renewal without physical delivery of the securities subject to the contract. Sale-buyback financing transactions expose the Funds to risks such as, the buyer under the agreement may file for bankruptcy, become insolvent, or otherwise default on its obligations to the Funds, the market value of the securities the Funds are obligated to repurchase under the agreement may decline below the repurchase price. The Funds’ obligations under a sale-buyback typically would be offset by liquid assets equal in value to the amount of the Funds’ forward commitment to repurchase the subject security. Sale-buyback financing transactions accounted for as borrowing transactions are excluded from the Funds’ portfolio turnover rates. The Funds recognize price drop fee income on a straight line basis over the period of the roll. For the year ended October 31, 2019, Total Return earned price drop fee income of $62. The price drop fee is included in Interest income within the Statements of Operations or Consolidated Statements of Operations.

The outstanding payable for securities to be repurchased, if any, is included in Payable for sale-buyback financing transactions within the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities. The interest expense is included within Interest income on the Statements of Operations or Consolidated Statements of Operations. In periods of increased demand of the security, the Funds may receive a fee for use of the security by the counterparty, which may result in interest income to the Funds, and is reflected in Interest income on the Statements of Operations or Consolidated Statements of Operations.

For the year ended October 31, 2019, the Funds’ average borrowings are as follows. Funds not listed in the subsequent table do not have any sale-buybacks during the year.

Fund	Average Daily Borrowing		Number of Days Outstanding		Weighted Average Interest Rate
Total Return	$	5,058,220		233		2.28	%

Open sale-buyback financing transactions at October 31, 2019, if any, are identified within the Schedule of Investments or Consolidated Schedule of Investments.

Securities lending: Securities are lent to qualified financial institutions and brokers. State Street serves as securities lending agent to the Funds pursuant to a Securities Lending Agreement. The lending of securities exposes the Funds to risks such as; the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Funds may experience delays in recovery of the loaned securities or delays in access to collateral, or the Funds may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash collateral with a value of at least 102% of the current value of the loaned securities on non-U.S. fixed income investments, as well as on securities traded on U.S. exchanges. Loan counterparties pledge cash collateral with a value of at least 105% of the current value of the loaned securities for non-U.S. equity positions. The lending agent has agreed to indemnify the Funds in the case of default of any securities borrower.

Cash collateral received is invested in the State Street Navigator Securities Lending Trust—Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. By lending securities, the Funds seek to increase their net investment income through the receipt of interest and fees. Such income is reflected in Net income from securities lending within the Statements of Operations and is net of fees and rebates earned by the lending agent for its services.

The value of loaned securities and related collateral outstanding at October 31, 2019, if any, are shown on a gross basis within the Schedule of Investments or Consolidated Schedule of Investments and Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities.

Short sales: A short sale is a transaction in which the Funds sell securities they do not own, but have borrowed, in anticipation of a decline in the fair market value of the securities. The Funds are obligated to replace the borrowed securities at the market price at the time of replacement. The Funds’ obligation to replace the securities borrowed in connection with a short sale is fully secured by collateral deposited with the custodian. In addition, the Funds consider the short sale to be a borrowing by the Funds that is subject to the asset coverage requirements of the 1940 Act. Short sales represent an aggressive trading practice with a high risk/return potential, and short sales involve special considerations. Risks of short sales include that possible losses from short sales may be unlimited (e.g., if the price of stocks sold short rises), whereas losses from direct purchases of securities are limited to the total amount invested, and the Funds may be unable to replace borrowed securities sold short.

The Funds investing in short sales are liable for any dividends and/or interest payable on securities in a short position and these payables, if any, are reflected as Dividends, interest and fees for borrowings from securities sold short within the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities. The Funds also bear other costs, such as charges for the prime

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NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

6. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

brokerage accounts, in connection with short positions. These costs are reported as Dividends, interest and fees for borrowings from securities sold short within the Statements of Operations or Consolidated Statements of Operations.

Open short sale transactions at October 31, 2019, if any, are included within the Schedule of Investments or Consolidated Schedule of Investments and are reflected in Securities sold short, at value within the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of October 31, 2019. Funds not listed in the subsequent table have not entered into secured borrowing transactions.

	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Less Than 30 Days		Between 30 & 90 Days		Greater Than 90 Days		Total
Core Bond
Securities Lending Transactions
Corporate Debt Securities	$	3,179,110	$	—	$	—	$	—	$	3,179,110
Foreign Government Obligations		667,962		—		—		—		667,962
U.S. Government Obligations		9,731,801		—		—		—		9,731,801
Total Securities Lending Transactions	$	13,578,873	$	—	$	—	$	—	$	13,578,873
Total Borrowings	$	13,578,873	$	—	$	—	$	—	$	13,578,873
Global Real Estate Securities
Securities Lending Transactions
Common Stocks	$	342,244	$	—	$	—	$	—	$	342,244
Total Borrowings	$	342,244	$	—	$	—	$	—	$	342,244
International Value
Securities Lending Transactions
Common Stocks	$	340,311	$	—	$	—	$	—	$	340,311
Total Borrowings	$	340,311	$	—	$	—	$	—	$	340,311
Mid Cap Value
Securities Lending Transactions
Common Stocks	$	2,674,110	$	—	$	—	$	—	$	2,674,110
Total Borrowings	$	2,674,110	$	—	$	—	$	—	$	2,674,110
Total Return
Securities Lending Transactions
Corporate Debt Securities	$	12,348,925	$	—	$	—	$	—	$	12,348,925
Reverse Repurchase Agreements
U.S. Government Obligations	$	110,963,655	$	85,080,020	$	40,368,561	$	—	$	236,412,236
Cash		903,000		—		—		—		903,000
Total Reverse Repurchase Agreements	$	111,866,655	$	85,080,020	$	40,368,561	$	—	$	237,315,236
Sale Buy-back Transactions
U.S. Government Obligations	$	3,272,411	$	—	$	—	$	—	$	3,272,411
Total Borrowings	$	127,487,991	$	85,080,020	$	40,368,561	$	—	$	252,936,572

7. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS

The Funds’ investment objectives allow the Funds to use various types of derivative contracts, including option contracts, swap agreements, futures contracts, and forward foreign currency contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or OTC.

Market Risk Factors: In pursuit of the Funds’ investment objectives, the Funds may seek to use derivatives to increase or decrease their exposure to certain market risks, including:

Interest rate risk: Interest rate risk relates to the fluctuations in the value of fixed income securities due to changes in the prevailing levels of market interest rates.

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NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

7. 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 Funds.

Commodity risk: Commodity risk relates to the change in value of commodities or commodity indices as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

The Funds are also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Funds will be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligations to the Funds. Investing in derivatives may also involve greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

The Funds’ exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

Option contracts: The Funds are subject to equity risk, interest rate risk, and foreign exchange rate risk in the normal course of pursuing their investment objectives. The Funds may enter into option contracts to manage exposure to various market fluctuations. The Funds may purchase or write call and put options on securities and derivative instruments in which each Fund owns or may invest. Options are valued at the average of the bid and ask price established each day at the close of the board of trade or exchange on which they are traded. Options are marked-to-market daily to reflect the current value of the option. The primary risks associated with options are an imperfect correlation between the change in value of the securities held and the prices of the option contracts, the possibility of an illiquid market, and an inability of the counterparty to meet the contract terms. Options can be traded through an exchange or through privately negotiated arrangements with a dealer in an OTC transaction. Options traded on an exchange are generally cleared through a clearinghouse such as the Options Clearing Corp.

Options on exchange-traded funds and/or securities: The Funds may purchase or write options on ETFs and/or securities. Purchasing or writing options on ETFs and/or securities gives the Funds the right, but not the obligation to buy or sell a specified ETF and/or security as an underlying instrument for the option contract.

Options on foreign currency: The Funds may purchase or write foreign currency options. Purchasing or writing options on foreign currency gives the Funds the right, but not the obligation to buy or sell the currency and will specify the amount of currency and a rate of exchange that may be exercised by a specified date.

Options on indices: The Funds may purchase or write options on indices. Purchasing or writing an option on indices gives the Funds the right, but not the obligation to buy or sell the cash from the underlying index. The exercise of the option will result in a cash transfer and gain or loss depends on the change in the underlying index.

Options on futures: The Funds may purchase or write options on futures. Purchasing or writing options on futures gives the Funds the right, but not obligation to buy or sell a position on a futures contract at the specified option exercise price at any time during the period of the option.

Credit default swaptions: The Funds may purchase or write credit default swaption agreements which are options to enter into a pre-defined swap agreement by some specific date in the future. Purchasing or writing credit default swaptions gives the Funds the right, but not the obligation to buy or sell credit protection on a specific reference with a specific maturity.

Interest rate swaptions: The Funds may purchase or write interest rate swaption agreements which are options to enter into a pre-defined swap agreement by some specific date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

Purchased options: Purchasing call options tends to increase exposure to the underlying instrument. Purchasing put options tends to decrease exposure to the underlying instrument. The Funds pay premiums, which are included within the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities as an investment and subsequently marked-to-market to reflect the

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NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

7. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)

current value of the option. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid from options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying instrument to determine the realized gain or loss.

Written options: Writing call options tends to decrease exposure to the underlying instrument. Writing put options tends to increase exposure to the underlying instrument. When the Funds write a covered call or put option, the premium received is recorded as a liability within the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities and is subsequently marked-to-market to reflect the current market value of the option written. Premiums received from written options which expire unexercised are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying instrument to determine the realized gain or loss. In writing an option, the Funds bear the market risk of an unfavorable change in the price of the security or currency underlying the written option. Exercise of an option written by the Funds could result in the Funds selling or buying a security or currency at a price different from the current market value.

Open option contracts at October 31, 2019, if any, are included within the Schedule of Investments or Consolidated Schedule of Investments. The value of purchased option contracts, as applicable, is shown in Investments, at value within the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities. The value of written option contracts, as applicable, is shown in Written options and swaptions, at value within the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities.

Swap agreements: Swap agreements are bilaterally negotiated agreements between the Funds and a counterparty to exchange or swap investments, cash flows, assets, foreign currencies, or market-linked returns at specified, future intervals. Swap agreements can be executed in a bilateral privately negotiated arrangement with a dealer in an OTC transaction or executed on a regular market. Certain swaps regardless of the venue of execution are required to be cleared through a clearinghouse (“centrally cleared swap agreements”). Centrally cleared swap agreements listed or traded on a multilateral platform, are valued at the daily settlement price determined by the corresponding exchange. For centrally cleared credit default swap agreements the clearing exchange requires all members to provide applicable levels across complete term levels. Centrally cleared interest rate swap agreements are valued using a pricing model that references the underlying rates including but not limited to the overnight index swap rate and London Interbank Offered Rate (“LIBOR”) forward rate to calculate the daily settlement price. The Funds may enter into credit default, cross-currency, interest rate, total return, including contracts for difference (“CFD”), and other forms of swap agreements to manage exposure to credit, currency, interest rate, and commodity risks. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Centrally cleared swap agreements are marked-to-market daily based upon values from third party vendors, which may include a registered exchange, or quotations from market makers to the extent available and the change in value, if any, is recorded as Variation margin receivable (payable) on centrally cleared swap agreements within the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities.

For OTC swap agreements, payments received or made at the beginning of the measurement period are reflected in OTC swap agreements, at value within the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities and represent payments made or received upon entering into the swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Additionally, these upfront payments, as well as any periodic payments received or paid by the Fund, including any liquidation payment received or made at the termination of the swap are recorded as part of Net realized gain (loss) on swap agreements within the Statements of Operations or Consolidated Statements of Operations.

Credit default swap agreements: The Funds are subject to credit risk in the normal course of pursuing their investment objectives. The Funds enter into credit default swap agreements to manage their exposure to the market or certain sectors of the market to reduce their risk exposure to defaults of corporate and sovereign issuers, or to create exposure to corporate or sovereign issuers to which they are not otherwise exposed. Credit default swap agreements involve the exchange of a fixed rate premium for protection against the loss in value of an underlying security in the event of a defined credit event, such as payment default or bankruptcy (buy protection).

Under a credit default swap agreement, one party acts as a guarantor by receiving the fixed periodic payment in exchange for the commitment to purchase the underlying security at par if the defined credit event occurs (sell protection). The Funds’ maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the notional amount of the contract. This risk is mitigated by having a master netting arrangement between the Funds and the counterparty, and by the posting of collateral.

Certain Funds sell credit default swap agreements, which exposes them to risk of loss from credit risk related events specified in the contracts. Although contract-specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. If a defined credit event had occurred during the period, the swap

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agreements’ credit-risk-related contingent features would have been triggered, and the Funds would have been required to pay the notional amounts for the credit default swap agreements with a sell protection less the value of the contracts’ related reference obligations.

Interest rate swap agreements: The Funds are subject to interest rate risk exposure in the normal course of pursuing their investment objectives. Because the Funds hold fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk, the Funds enter into interest rate swap agreements. Under an interest rate swap agreement, two parties will exchange cash flows based on a notional principal amount. Funds with interest rate agreements can elect to pay a fixed rate and receive a floating rate, or receive a fixed rate and pay a floating rate, on a notional principal amount. The risks of interest rate swap agreements include changes in market conditions which will affect the value of the contract or the cash flows, and the possible inability of the counterparty to fulfill its obligations under the agreement. The Funds’ maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparties over the contracts’ remaining lives, to the extent that amount is positive. This risk is mitigated by having a master netting arrangement between the Funds and the counterparty, and by the posting of collateral.

Total return swap agreements: The Funds are subject to commodity risk, equity risk, and other risks related to the underlying investments of the swap agreement, including CFDs, in the normal course of pursuing their investment objectives. The value of the commodity-linked investments held by the Funds can be affected by a variety of factors, including, but not limited to, overall market movements and other factors affecting the value of particular industries or commodities, such as weather, disease, embargoes, acts of war or terrorism, or political and regulatory developments. Commodity-linked derivatives are available from a relatively small number of issuers, subjecting a Fund’s investments in commodity-linked derivatives to counterparty risk, which is the risk that the issuer of the commodity-linked derivative will not fulfill its contractual obligations. Total return swap agreements on commodities involve commitments whereby cash flows are exchanged based on the price of a commodity in exchange for either a fixed or floating price or rate. One party would receive payments based on the market value of the commodity involved and pay a fixed amount. Total return swap agreements on indices involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific reference entity, which may be an equity, index, or bond, and in return receives a regular stream of payments.

Open centrally cleared swap agreements and open OTC swap agreements at October 31, 2019, if any, are listed within the Schedule of Investments or Consolidated Schedule of Investments.

Futures contracts: The Funds are subject to equity and commodity risk, interest rate risk, and foreign exchange rate risk in the normal course of pursuing their investment objectives. The Funds use futures contracts to gain exposure to, or hedge against, changes in the value of equities and commodities, interest rates, or foreign currencies. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Upon entering into such contracts, the Funds are required to deposit with the broker, either in cash or in securities, an initial margin in an amount equal to a certain percentage of the contract amount. Subsequent payments (variation margin) are paid or received by the Funds, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gains or losses by the Funds. Upon entering into such contracts, the Funds bear the risk of equity and commodity prices, interest rates, or exchange rates moving unexpectedly, in which case, the Funds may not achieve the anticipated benefits of the futures contracts and may realize losses. With futures, there is minimal counterparty credit risk to the Funds since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

Open futures contracts at October 31, 2019, if any, are listed within the Schedule of Investments or Consolidated Schedule of Investments. Variation margin, if applicable, is shown in Variation margin receivable or payable on futures contracts within the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities.

Forward foreign currency contracts: The Funds are subject to foreign exchange rate risk exposure in the normal course of pursuing their investment objectives. The Funds may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Additionally, Managed Futures Strategy utilizes forward foreign currency contracts for speculative purposes. Forward foreign currency contracts are marked-to-market daily, with the change in value recorded as an unrealized gain or loss and is shown in Unrealized appreciation (depreciation) on forward foreign currency contracts within the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities. When the contracts are settled, a realized gain or loss is incurred and is shown in Net realized gain (loss) on forward foreign currency contracts within the Statements of Operations or Consolidated Statements of Operations. Risks may arise from changes in market value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts. Forward foreign currency contracts are traded in the OTC inter-bank currency dealer market.

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Open forward foreign currency contracts at October 31, 2019, if any, are listed within the Schedule of Investments or Consolidated Schedule of Investments.

The following is a summary of the location and each Fund’s fair values of derivative investments disclosed, if any, within the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities, categorized by primary market risk exposure as of October 31, 2019. Funds not listed in the subsequent tables do not have direct exposure to derivative investments during the year.

Asset Derivatives
Fund/Location	Interest Rate Contracts		Foreign Exchange Contracts		Equity Contracts		Credit Contracts		Commodity Contracts		Total
Global Real Estate Securities
OTC Swaps:
OTC swap agreements, at value	$	—	$	—	$	48,141	$	—	$	—	$	48,141
Forward foreign currency contracts:
Unrealized appreciation on forward foreign currency contracts		—		10,550		—		—		—		10,550
Total	$	—	$	10,550	$	48,141	$	—	$	—	$	58,691
Total Return
Purchased Options and swaptions:
Investments, at value (A)	$	1,697	$	9	$	—	$	—	$	—	$	1,706
Centrally cleared swaps:
Total distributable earnings (accumulated losses) (A) (B)		676,345		—		—		433,727		—		1,110,072
OTC Swaps:
OTC swap agreements, at value		—		—		—		73,253		—		73,253
Futures contracts:
Total distributable earnings (accumulated losses) (A) (C)		858,553		—		—		—		—		858,553
Forward foreign currency contracts:
Unrealized appreciation on forward foreign currency contracts		—		2,159,318		—		—		—		2,159,318
Total	$	1,536,595	$	2,159,327	$	—	$	506,980	$	—	$	4,202,902
Global Multifactor Macro
Centrally cleared swaps:
Total distributable earnings (accumulated losses) (A) (B)	$	2,841,608	$	—	$	—	$	—	$	—	$	2,841,608
OTC Swaps:
OTC swap agreements, at value		142,022		—		134,602		—		37,062		313,686
Futures contracts:
Total distributable earnings (accumulated losses) (A) (C)		67,725		—		661,430		—		197,498		926,653
Forward foreign currency contracts:
Unrealized appreciation on forward foreign currency contracts		—		1,273,594		—		—		—		1,273,594
Total	$	3,051,355	$	1,273,594	$	796,032	$	—	$	234,560	$	5,355,541
Managed Futures Strategy
OTC Swaps:
OTC swap agreements, at value	$	6,586	$	—	$	56,178	$	—	$	360,304	$	423,068
Futures contracts:
Total distributable earnings (accumulated losses) (A) (C)		363,524		—		940,206		—		391,474		1,695,204
Forward foreign currency contracts:
Unrealized appreciation on forward foreign currency contracts		—		5,774,769		—		—		—		5,774,769
Total	$	370,110	$	5,774,769	$	996,384	$	—	$	751,778	$	7,893,041

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Liability Derivatives
Fund/Location	Interest Rate Contracts			Foreign Exchange Contracts			Equity Contracts			Credit Contracts			Commodity Contracts			Total
Global Real Estate Securities
Forward foreign currency contracts:
Unrealized depreciation on forward foreign currency contracts	$	—		$	(10,312	)	$	—		$	—		$	—		$	(10,312	)
Total	$	—		$	(10,312	)	$	—		$	—		$	—		$	(10,312	)
Total Return
Written Options and swaptions:
Written options and swaptions, at value (A)	$	(18,555	)	$	—		$	—		$	—		$	—		$	(18,555	)
Centrally cleared swaps:
Total distributable earnings (accumulated losses) (A) (B)		(4,195,966	)		—			—			(1,165,429	)		—			(5,361,395	)
OTC Swaps:
OTC swap agreements, at value		—			—			—			(59,640	)		—			(59,640	)
Futures contracts:
Total distributable earnings (accumulated losses) (A) (C)		(1,360,161	)		—			—			—			—			(1,360,161	)
Forward foreign currency contracts:
Unrealized depreciation on forward foreign currency contracts		—			(5,195,511	)		—			—			—			(5,195,511	)
Total	$	(5,574,682	)	$	(5,195,511	)	$	—		$	(1,225,069	)	$	—		$	(11,995,262	)
Global Multifactor Macro
Centrally cleared swaps:
Total distributable earnings (accumulated losses) (A) (B)	$	(3,448,267	)	$	—		$	—		$	—		$	—		$	(3,448,267	)
OTC Swaps:
OTC swap agreements, at value		(481,626	)		—			(34,698	)		—			(137,715	)		(654,039	)
Futures contracts:
Total distributable earnings (accumulated losses) (A) (C)		(163,940	)		—			(475,535	)		—			(356,138	)		(995,613	)
Forward foreign currency contracts:
Unrealized depreciation on forward foreign currency contracts		—			(1,031,379	)		—			—			—			(1,031,379	)
Total	$	(4,093,833	)	$	(1,031,379	)	$	(510,233	)	$	—		$	(493,853	)	$	(6,129,298	)
Managed Futures Strategy
OTC Swaps:
OTC swap agreements, at value	$	(256,375	)	$	—		$	(9,868	)	$	—		$	(388,839	)	$	(655,082	)
Futures contracts:
Total distributable earnings (accumulated losses) (A) (C)		(138,794	)		—			(215,047	)		—			(434,402	)		(788,243	)
Forward foreign currency contracts:
Unrealized depreciation on forward foreign currency contracts		—			(8,782,497	)		—			—			—			(8,782,497	)
Total	$	(395,169	)	$	(8,782,497	)	$	(224,915	)	$	—		$	(823,241	)	$	(10,225,822	)

(A)	May include exchange-traded derivatives which are not subject to a master netting arrangement, or another similar arrangement.
(B)	Included within Value of centrally cleared swap agreements as reported in the Schedule of Investments or Consolidated Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities.
(C)	Included within Unrealized Appreciation (Depreciation) on futures contracts as reported in the Schedule of Investments or Consolidated Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities.

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7. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)

The following is a summary of the location and the effect of derivative investments, if any, within the Statements of Operations or Consolidated Statements of Operations, categorized by primary market risk exposure as of October 31, 2019.

Realized Gain (Loss) on Derivative Investments
Fund/Location	Interest Rate Contracts			Foreign Exchange Contracts			Equity Contracts			Credit Contracts		Commodity Contracts			Total
Global Real Estate Securities
Swap agreements	$	—		$	—		$	—		$	38,675	$	—		$	38,675
Forward foreign currency contracts		—			1,343			—			—		—			1,343
Total	$	—		$	1,343		$	—		$	38,675	$	—		$	40,018
International Value
Forward foreign currency contracts	$	—		$	(304	)	$	—		$	—	$	—		$	(304	)
Total	$	—		$	(304	)	$	—		$	—	$	—		$	(304	)
Total Return
Purchased options and swaptions (A)	$	(73,391	)	$	(11,861	)	$	—		$	—	$	—		$	(85,252	)
Written options and swaptions		226,324			851,722			—			—		—			1,078,046
Swap agreements		2,718,944			—			—			152,810		—			2,871,754
Futures contracts		(6,319,884	)		—			—			—		—			(6,319,884	)
Forward foreign currency contracts		—			4,665,068			—			—		—			4,665,068
Total	$	(3,448,007	)	$	5,504,929		$	—		$	152,810	$	—		$	2,209,732
Global Multifactor Macro
Swap agreements	$	(5,103,538	)	$	—		$	3,350,699		$	—	$	(17,837	)	$	(1,770,676	)
Futures contracts		(432,806	)		—			2,368,131			—		371,132			2,306,457
Forward foreign currency contracts		—			(266,469	)		—			—		—			(266,469	)
Total	$	(5,536,344	)	$	(266,469	)	$	5,718,830		$	—	$	353,295		$	269,312
Managed Futures Strategy
Swap agreements	$	2,112,249		$	—		$	(851,909	)	$	—	$	(2,775,557	)	$	(1,515,217	)
Futures contracts		6,427,149			—			835,247			—		(5,407,488	)		1,854,908
Forward foreign currency contracts		—			(749,622	)		—			—		—			(749,622	)
Total	$	8,539,398		$	(749,622	)	$	(16,662	)	$	—	$	(8,183,045	)	$	(409,931	)

Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments
Location	Interest Rate Contracts			Foreign Exchange Contracts			Equity Contracts			Credit Contracts			Commodity Contracts			Total
Global Real Estate Securities
Swap agreements	$	—		$	—		$	1,530		$	—		$	—		$	1,530
Forward foreign currency contracts		—			238			—			—			—			238
Total	$	—		$	238		$	1,530		$	—		$	—		$	1,768
Total Return
Purchased options and swaptions (B)	$	(46,324	)	$	4,776		$	—		$	—		$	—		$	(41,548	)
Written options and swaptions		62,417			91,930			—			—			—			154,347
Swap agreements		(4,749,743	)		—			—			(273,921	)		—			(5,023,664	)
Futures contracts		(702,204	)		—			—			—			—			(702,204	)
Forward foreign currency contracts		—			(5,630,301	)		—			—			—			(5,630,301	)
Total	$	(5,435,854	)	$	(5,533,595	)	$	—		$	(273,921	)	$	—		$	(11,243,370	)
Global Multifactor Macro
Swap agreements	$	(1,698,923	)	$	—		$	332,985		$	—		$	(97,058	)	$	(1,462,996	)
Futures contracts		(96,338	)		—			(895,611	)		—			(77,971	)		(1,069,920	)
Forward foreign currency contracts		—			(372,318	)		—			—			—			(372,318	)
Total	$	(1,795,261	)	$	(372,318	)	$	(562,626	)	$	—		$	(175,029	)	$	(2,905,234	)

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Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments
Location	Interest Rate Contracts			Foreign Exchange Contracts			Equity Contracts			Credit Contracts		Commodity Contracts		Total
Managed Futures Strategy
Swap agreements	$	(1,814,403	)	$	—		$	86,576		$	—	$	1,184,416	$	(543,411	)
Futures contracts		(1,176,818	)		—			(205,997	)		—		1,055,449		(327,366	)
Forward foreign currency contracts		—			(2,294,119	)		—			—		—		(2,294,119	)
Total	$	(2,991,221	)	$	(2,294,119	)	$	(119,421	)	$	—	$	2,239,865	$	(3,164,896	)

(A)	Included within Net realized gain (loss) on Investments in the Statements of Operations or Consolidated Statements of Operations.
(B)	Included within Net change in unrealized appreciation (depreciation) on Investments in the Statements of Operations or Consolidated Statements of Operations.

The following is a summary of the ending monthly average volume on derivative activity during the year ended October 31, 2019.

	Purchased Options and Swaptions at value				Written Options and Swaptions at value						Swap Agreements at Notional Amount		Futures Contracts at Notional Amount					Forward Foreign Currency Contracts at Contract Amount
Fund	Calls		Puts		Calls			Puts					Long		Short			Purchased		Sold		Cross Currency
Global Real Estate Securities	$	—	$	—	$	—		$	—		$	80,905	$	—	$	—		$	1,961,536	$	1,686,571	$	—
International Value		—		—		—			—			—		—		—			1,246		747		—
Total Return		885		14,681		(81,017	)		(25,167	)		270,415,702		274,048,115		(258,235,235	)		122,221,834		186,173,675		—
Global Multifactor Macro		—		—		—			—			830,982,724		61,472,881		(74,094,694	)		118,241,575		126,341,918		—
Managed Futures Strategy		—		—		—			—			53,934,991		437,698,928		(119,515,442	)		349,480,626		411,933,535		—

The applicable Funds typically enter into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreements”) or similar master agreements (collectively, “Master Agreements”) with their contract counterparties for certain OTC derivatives in order to, among other things, reduce credit risk to counterparties.

ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Funds typically may offset with the counterparty certain OTC derivative financial instruments payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty.

Various Master Agreements govern the terms of certain transactions with counterparties and typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Funds and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Funds exercise their right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Funds’ net liability may be delayed or denied.

Collateral requirements: Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, a Fund may be required to pledge collateral on derivatives to a counterparty if the Fund is in a net liability position, and receive collateral if in a net positive position. For financial reporting purposes, cash collateral that has been pledged by a Fund to cover obligations, if any, is reported in Cash collateral at broker within the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities. Cash collateral that has been received by a Fund from a counterparty, if

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any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities. Non-cash collateral pledged to each Fund, if any, is disclosed within the Schedule of Investments or Consolidated 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 a Fund fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages. Collateral may not be required for all derivative contracts.

The following is a summary of the Funds’ OTC derivative assets and liabilities by counterparty net of amounts available for offset under a master netting agreement and net of the related collateral received/pledged by the Funds as of October 31, 2019. For financial reporting purposes, the Funds do not offset assets and liabilities that are subject to a master netting agreement or similar arrangement on the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities. See the Repurchase agreement section within the notes for offsetting and collateral information pertaining to repurchase agreements that are subject to master netting agreements. Funds not listed in the subsequent tables do not have master netting agreements for open derivative positions during the year.

	Gross Amounts of Assets Presented within Statements of Assets and Liabilities (A)		Gross Amounts Not Offset within Statements of Assets and Liabilities								Gross Amounts of Liabilities Presented within Statements of Assets and Liabilities (A)		Gross Amounts Not Offset within Statements of Assets and Liabilities
Counterparty			Financial Instruments			Collateral Received (B)			Net Amount				Financial Instruments			Collateral Pledged (B)			Net Amount
	Assets										Liabilities
Global Real Estate Securities
Bank of America, N.A.	$	86	$	(86	)	$	—		$	—	$	261	$	(86	)	$	—		$	175
BNP Paribas		2,649		(2,233	)		—			416		2,233		(2,233	)		—			—
Citibank, N.A.		513		—			—			513		—		—			—			—
Goldman Sachs International		48,141		—			—			48,141		—		—			—			—
HSBC Bank USA		751		(751	)		—			—		3,305		(751	)		—			2,554
JPMorgan Chase Bank, N.A.		252		(127	)		—			125		127		(127	)		—			—
Nomura International PLC		19		—			—			19		—		—			—			—
State Street Bank & Trust Co.		4,520		(3,215	)		—			1,305		3,215		(3,215	)		—			—
UBS AG		1,760		(1,171	)		—			589		1,171		(1,171	)		—			—
Total	$	58,691	$	(7,583	)	$	—		$	51,108	$	10,312	$	(7,583	)	$	—		$	2,729
Total Return
Bank of America, N.A.	$	356,646	$	(356,646	)	$	—		$	—	$	1,192,326	$	(356,646	)	$	(835,680	)	$	—
Barclays Bank PLC		28,770		(16,760	)		—			12,010		16,760		(16,760	)		—			—
BNP Paribas		328,576		(205,517	)		(123,059	)		—		205,517		(205,517	)		—			—
Citibank, N.A.		556,616		(556,616	)		—			—		605,888		(556,616	)		—			49,272
Deutsche Bank AG		—		—			—			—		145,446		—			—			145,446
Goldman Sachs Bank		217,058		(217,058	)		—			—		310,610		(217,058	)		—			93,552
Goldman Sachs International		19,825		(19,825	)		—			—		59,640		(19,825	)		—			39,815
HSBC Bank USA		228,094		(228,094	)		—			—		937,433		(228,094	)		(709,339	)		—
JPMorgan Chase Bank, N.A.		398,704		(398,704	)		—			—		1,519,349		(398,704	)		(1,086,465	)		34,180
Merrill Lynch International		42,797		—			—			42,797		—		—			—			—
Royal Bank of Scotland PLC		—		—			—			—		207,314		—			—			207,314
Standard Chartered Bank		55,495		(55,495	)		—			—		55,610		(55,495	)		—			115
Other Derivatives (C)		1,970,321		—			—			1,970,321		6,739,369		—			—			6,739,369
Total	$	4,202,902	$	(2,054,715	)	$	(123,059	)	$	2,025,128	$	11,995,262	$	(2,054,715	)	$	(2,631,484	)	$	7,309,063
Global Multifactor Macro
Citibank, N.A.	$	1,300,746	$	(1,169,094	)	$	(10,000	)	$	121,652	$	1,169,094	$	(1,169,094	)	$	—		$	—
Goldman Sachs International		55,894		(28,891	)		—			27,003		28,891		(28,891	)		—			—
Merrill Lynch International		230,640		(230,640	)		—			—		487,433		(230,640	)		—			256,793
Other Derivatives (C)		3,768,261		—			—			3,768,261		4,443,880		—			—			4,443,880
Total	$	5,355,541	$	(1,428,625	)	$	(10,000	)	$	3,916,916	$	6,129,298	$	(1,428,625	)	$	—		$	4,700,673

Transamerica Funds Annual Report 2019

Page    130

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

7. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)

	Gross Amounts of Assets Presented within Statements of Assets and Liabilities (A)		Gross Amounts Not Offset within Statements of Assets and Liabilities							Gross Amounts of Liabilities Presented within Statements of Assets and Liabilities (A)		Gross Amounts Not Offset within Statements of Assets and Liabilities
Counterparty			Financial Instruments			Collateral Received (B)		Net Amount				Financial Instruments			Collateral Pledged (B)			Net Amount
	Assets									Liabilities
Managed Futures Strategy
Bank of America, N.A.	$	6,586	$	(6,586	)	$	—	$	—	$	256,375	$	(6,586	)	$	(249,789	)	$	—
Citibank, N.A.		5,940,248		(5,940,248	)		—		—		9,064,580		(5,940,248	)		(3,124,332	)		—
Goldman Sachs International		23,122		(4,838	)		—		18,284		4,838		(4,838	)		—			—
Merrill Lynch International		227,881		(111,786	)		—		116,095		111,786		(111,786	)		—			—
Other Derivatives (C)		1,695,204		—			—		1,695,204		788,243		—			—			788,243
Total	$	7,893,041	$	(6,063,458	)	$	—	$	1,829,583	$	10,225,822	$	(6,063,458	)	$	(3,374,121	)	$	788,243

(A)	Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset within the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities.
(B)	In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.
(C)	Other Derivatives, which includes future contracts, exchange-traded options and exchange-traded swap agreements, are not subject to a master netting arrangement or another similar arrangement. The amount presented is intended to permit reconciliation to the amount presented within the Schedule of Investments or Consolidated Schedule of Investments.

8. RISK FACTORS

Investing in the Funds involves certain key risks related to the Funds’ trading activity. Please reference the Funds’ prospectuses for a more complete discussion of the following risk(s), as well as other risks of investing in the Funds.

Arbitrage strategy risk: Securities purchased pursuant to an arbitrage strategy intended to take advantage of a perceived relationship between the values of two or more securities and may not perform as expected.

Emerging market risk: Investments in the securities of issuers located in or principally doing business in emerging markets are subject to heightened foreign investments risks. Emerging market countries tend to have economic, political and legal systems and regulatory and accounting standards that are less fully developed, and that can be expected to be less stable. For example, the economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation. Emerging market securities are often particularly sensitive to market movements because their market prices tend to reflect speculative expectations. Low trading volumes may result in a lack of liquidity and in extreme price volatility. The Fund may be required to establish special custody or other arrangements before investing in emerging market countries. An investment in emerging market securities should be considered speculative.

Fixed income 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, 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 fall, the value of your investment will go down. The value of your investment will generally go down when interest rates rise. Interest rates have been at historically low levels in the U.S., so the Fund faces a heightened risk that interest rates may rise. A general rise in interest rates may cause investors to move out of fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities. A rise in rates tends to have a greater impact on the prices of longer term or duration securities.

Foreign investment risk: Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries in which a Fund may invest may have markets that are less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of a Fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable or unsuccessful government actions, reduction of government or central bank support, political or financial instability or other adverse economic or political developments. Lack of information and weaker accounting standards also may affect the value of these securities.

Growth risk: Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth securities typically fall. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks.

Transamerica Funds Annual Report 2019

Page    131

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

8. RISK FACTORS (continued)

High-yield debt risk: High-yield debt securities, commonly referred to as “junk” bonds, are securities that are rated below “investment grade” or, if unrated, determined to be below investment grade by the sub-adviser. Changes in interest rates, the market’s perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, have a higher risk of default, tend to be less liquid and may be more difficult to value than higher grade securities. Junk bonds tend to be volatile and more susceptible to adverse events, credit downgrades and negative sentiments.

LIBOR Risk: Many financial instruments, financings or other transactions to which the Fund may be a party use or may use a floating rate based on the London Interbank Offered Rate (“LIBOR”). LIBOR is widely used in financial markets. In July 2017, the United Kingdom’s financial regulatory body announced that after 2021 it will cease its active encouragement of banks to provide the quotations needed to sustain LIBOR. That announcement suggests that LIBOR may cease to be published or utilized after that time. Various financial industry groups have begun planning for that transition, but the effect of the transition process and its ultimate success cannot yet be determined. The transition process may lead to increased volatility and illiquidity in markets for instruments the terms of which are based on LIBOR. It could also lead to a reduction in the value of some LIBOR-based investments and reduce the effectiveness of new hedges placed against existing LIBOR-based investments. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021. The willingness and ability of issuers to include enhanced provisions in new and existing contracts or instruments also remains uncertain. Any of these factors may adversely affect the Fund’s performance or NAV.

Real estate investment trusts (“REIT”) and real estate risk: Investing in real estate investment trusts “REITs” involves unique risks. When the Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT’s performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have lower trading volumes and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT’s failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Fund.

Small and medium capitalization risk: Small or medium capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. The prices of securities of small and medium capitalization companies generally are more volatile than those of larger capitalization companies and are more likely to be adversely affected than large capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions. Securities of small and medium capitalization companies may underperform large capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

9. FEES AND OTHER AFFILIATED TRANSACTIONS

TAM, the Funds’ investment manager, is directly owned by Transamerica Premier Life Insurance Company (“TPLIC”) and AUSA Holding, LLC (“AUSA”), both of which are indirect, wholly owned subsidiaries of Aegon N.V. TPLIC is owned by Commonwealth General Corporation (“Commonwealth”). Commonwealth and AUSA are wholly owned by Transamerica Corporation, a financial services holding company whose primary emphasis is on life and health insurance, and annuity and investment products. Transamerica Corporation is owned by The Aegon Trust, which is owned by Aegon International B.V., which is owned by Aegon N.V., a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Funds Services, Inc. (“TFS”) is the Funds’ transfer agent. Transamerica Capital, Inc. (“TCI”) is the Funds’ distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Fund are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Funds do pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statement of Operations.

Transamerica Funds Annual Report 2019

Page    132

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

9. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

As of October 31, 2019, the investment manager and/or other affiliated investment accounts held balances of each Fund as follows:

Fund	Account Balance		Percentage of Net Assets
Core Bond	$	1,055,994,023		94.68%
Global Real Estate Securities		17,105,711		78.32%
International Value		9,767,638		100.00%
Long/Short Strategy		9,515,695		100.00%

Fund	Account Balance		Percentage of Net Assets
Mid Cap Value	$	131,618,461		94.53 %
Total Return		546,932,381		86.75%
Global Multifactor Macro		68,473,816		98.62%
Managed Futures Strategy		121,400,956		98.79%

Investment management fees: TAM serves as the Funds’ investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and each Fund pays a single management fee, which is reflected in Investment management fees within the Statements of Operations.

Each Fund pays a management fee to TAM based on daily Average Net Assets (“ANA”) at the following rates:

Fund	Rate
Core Bond
First $750 million		0.450	%
Over $750 million up to $1 billion		0.390
Over $1 billion up to $1.5 billion		0.375
Over $1.5 billion up to $3 billion		0.370
Over $3 billion		0.365
Global Real Estate Securities
First $250 million		0.770
Over $250 million up to $500 million		0.750
Over $500 million up to $750 million		0.700
Over $750 million		0.680
International Value
First $500 million		0.710
Over $500 million up to $1 billion		0.700
Over $1 billion up to $2 billion		0.680
Over $2 billion up to $6 billion		0.660
Over $6 billion		0.650
Long/Short Strategy
First $300 million		1.230
Over $300 million up to $1 billion		1.180
Over $1 billion		1.155

Fund	Rate
Mid Cap Value
First $100 million		0.880	%
Over $100 million up to $750 million		0.830
Over $750 million up to $1.5 billion		0.810
Over $1.5 billion		0.800
Total Return
First $250 million		0.680
Over $250 million up to $500 million		0.670
Over $500 million up to $750 million		0.660
Over $750 million up to $1 billion		0.630
Over $1 billion up to $3 billion		0.600
Over $3 billion		0.570
Global Multifactor Macro
First $150 million		1.250
Over $150 million up to $300 million		1.190
Over $300 million up to $500 million		1.140
Over $500 million up to $600 million		1.130
Over $600 million		1.080
Managed Futures Strategy
First $500 million		1.130
Over $500 million		1.080

Transamerica Cayman Global Multifactor Macro, Ltd. and Transamerica Cayman Managed Futures Strategy, Ltd. entered into separate contracts with TAM for the management of the Subsidiaries pursuant to which the Subsidiaries pay TAM a fee that is the same, as a percentage of net assets, as the management fee of the Fund. TAM has contractually agreed to waive a portion of the Funds’ management fee in an amount equal to the management fee paid to TAM by the Subsidiaries. This management fee waiver, which is reflected in Expense waiver and/or reimbursement within the Consolidated Statements of Operations, may not be discontinued by TAM as long as its contract with the Subsidiaries is in place.

For the year ended October 31, 2019, the amounts waived were $226,596 and $359,519 for Transamerica Cayman Global Multifactor Macro, Ltd. and Transamerica Cayman Managed Futures Strategy, Ltd., respectively, and are not subject to recapture.

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Funds’ business, exceed the following stated annual operating expense limits to the Funds’ daily ANA. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statements of Operations or the Consolidated Statements of Operations.

Transamerica Funds Annual Report 2019

Page    133

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

9. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Fund	Current Operating Expense Limit (A)			Prior Operating Expense Limit (B)
Core Bond		0.60	%		0.60	%
Global Real Estate Securities		N/A			N/A
International Value		1.00			1.00
Long/Short Strategy		1.59			1.59
Mid Cap Value		1.05			1.05
Total Return		0.68			0.70	(C)
Global Multifactor Macro		1.50			1.50
Managed Futures Strategy		1.45			1.45

(A)	Current operating expense limit is effective through March 1, 2020.
(B)	Prior operating expense limit was effective through March 1, 2019 unless otherwise noted.
(C)	Prior operating expense limit was effective through August 1, 2019.

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the thirty-six months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class’s total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended October 31, 2019 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statements of Operations or Consolidated Statements of Operations.

For the years ended October 31, 2017, October 31, 2018 and October 31, 2019, the balances available for recapture by TAM for each Fund are as follows. Funds not listed in the subsequent table do not have balances available for recapture by TAM during the year.

	Amounts Available from Fiscal Years
Fund	2017		2018		2019		Total
International Value	$	—	$	—	$	154,674	$	154,674
Long/Short Strategy		21,765		12,061		23,344		57,170
Total Return		—		34,500		374,151		408,651
Global Multifactor Macro		1,117,901		730,526		436,992		2,285,419
Managed Futures Strategy		966,388		1,173,597		690,312		2,830,297

Transfer agent fees: Pursuant to a transfer agency agreement, as amended, the Funds pay TFS a fee for providing services based on the number of classes, accounts and transactions relating to each Fund. The Transfer agent fees included within the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities and Statements of Operations or Consolidated Statements of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services.

Deferred compensation plan: Under a non-qualified deferred compensation plan effective January 1, 1996, (as amended and restated January 1, 2010), available to the trustees, compensation may be deferred that would otherwise be payable by the Trust to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer (“CCO”) and deferred compensation fees within the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities. For the year ended October 31, 2019, amounts included in Trustees, CCO and deferred compensation fees within the Statements of Operations or Consolidated Statements of Operations reflect total compensation paid to the independent Board members.

Brokerage commissions: The Funds incurred no brokerage commissions on security transactions placed with affiliates of the adviser or sub-adviser(s) for the year ended October 31, 2019.

Cross-trades: The Funds are authorized to purchase or sell securities from and to other funds within TAF or between the Fund and other mutual funds or accounts advised by TAM or the sub-adviser, in each case in accordance with Rule 17a-7 under the 1940 Act, when it is in the best interest of each Fund participating in the transaction.

For the year ended October 31, 2019, the Funds did not engage in cross-trade transactions.

Transamerica Funds Annual Report 2019

Page    134

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

10. PURCHASES AND SALES OF SECURITIES

For the year ended October 31, 2019, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

	Purchases of Securities				Sales/Maturities of Securities
Fund	Long-Term		U.S. Government		Long-Term		U.S. Government
Core Bond	$	118,109,294	$	27,517,272	$	187,548,036	$	123,965,560
Global Real Estate Securities		31,908,180		—		36,249,618		—
International Value		3,047,939		—		2,796,715		—
Long/Short Strategy		23,063,198		—		24,667,902		—
Mid Cap Value		13,161,202		—		39,227,032		—
Total Return		114,669,055		154,243,339		143,740,001		108,776,647

11. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS

The Funds have not made any provision for federal income or excise taxes due to their policy to distribute all of their taxable income and capital gains to their shareholders and otherwise qualify as regulated investment companies under Subchapter M of the Internal Revenue Code. The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. The Funds’ tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Funds’ tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Funds’ financial statements. If applicable, the Funds recognize interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statements of Operations or Consolidated Statements of Operations. The Funds identify their major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Funds make significant investments; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales, interest written off, forward contracts mark-to-market, futures contracts mark-to-market, futures straddle adjustment, swaps, passive foreign investment companies, securities sold short, subpart F income and straddle loss deferral. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. The primary permanent differences are due to net operating losses, and investment in wholly owned foreign subsidiaries. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. These permanent reclassifications are as follows:

Fund	Paid-in Capital			Total Distributable Earnings
Core Bond	$	—		$	—
Global Real Estate Securities		2,939			(2,939	)
International Value		—			—
Long/Short Strategy		(15,721	)		15,721
Mid Cap Value		—			—
Total Return		—			—
Global Multifactor Macro		838,000			(838,000	)
Managed Futures Strategy		(10,392,171	)		10,392,171

As of October 31, 2019, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

Fund	Cost		Gross Appreciation		Gross (Depreciation)			Net Appreciation (Depreciation)
Core Bond	$	1,069,840,552	$	54,312,148	$	(3,225,791	)	$	51,086,357
Global Real Estate Securities		19,696,603		2,931,744		(211,127	)		2,720,617
International Value		10,268,447		671,716		(921,010	)		(249,294	)
Long/Short Strategy		8,750,220		2,113,855		(593,235	)		1,520,620
Mid Cap Value		83,677,873		61,519,507		(3,100,199	)		58,419,308
Total Return		1,108,260,725		32,768,546		(14,144,691	)		18,623,855

Transamerica Funds Annual Report 2019

Page    135

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

11. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)

Fund	Cost		Gross Appreciation		Gross (Depreciation)			Net Appreciation (Depreciation)
Global Multifactor Macro	$	64,247,313	$	2,025,077	$	(2,994,387	)	$	(969,310	)
Managed Futures Strategy		144,728,122		1,526,635		(31,498,866	)		(29,972,231	)

As of October 31, 2019, the capital loss carryforwards available to offset future realized capital gains are as follows. Funds not listed in the subsequent table do not have capital loss carryforwards.

	Unlimited
Fund	Short-Term		Long-Term
Core Bond	$	1,890,341	$	2,087,790
International Value		191,638		30,708
Global Multifactor Macro		372,845		307,966
Managed Futures Strategy		10,178,766		7,956,512

During the year ended October 31, 2019, the capital loss carryforwards utilized or expired are as follows. Funds not listed in the subsequent table do not have capital loss carryforwards utilized or expired.

Fund	Capital Loss Carryforwards Utilized/Expired
Core Bond	$	2,429,140
Total Return		14,883,858
Managed Futures Strategy		2,252,892

The tax character of distributions paid may differ from the character of distributions shown within the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2019 and 2018 are as follows:

	2019 Distributions Paid From								2018 Distributions Paid From
Fund	Ordinary Income		Tax Exempt Income		Long-Term Capital Gain		Return of Capital		Ordinary Income		Tax Exempt Income		Long-Term Capital Gain		Return of Capital
Core Bond	$	34,419,718	$	—	$	—	$	—	$	38,247,090	$	—	$	—	$	—
Global Real Estate Securities		623,318		—		—		—		959,199		—		—		—
International Value		31,900		—		—		—		—		—		—		—
Long/Short Strategy		—		—		439,052		—		—		—		1,591,832		—
Mid Cap Value		2,104,142		—		30,237,287		—		1,920,557		—		17,316,867		—
Total Return		17,911,910		—		—		—		13,383,223		—		—		—
Global Multifactor Macro		—		—		—		—		4,578,138		—		—		—
Managed Futures Strategy		—		—		—		—		28,018		—		—		—

As of October 31, 2019, the tax basis components of distributable earnings are as follows:

Fund	Undistributed Ordinary Income		Undistributed Tax Exempt Income		Undistributed Long-Term Capital Gain		Capital Loss Carryforwards			Late Year Ordinary Loss Deferral			Other Temporary Differences			Net Unrealized Appreciation (Depreciation)
Core Bond	$	666,451	$	—	$	—	$	(3,978,131	)	$	—		$	(18,614	)	$	51,086,357
Global Real Estate Securities		723,434		—		707,011		—			—			—			2,720,272
International Value		207,329		—		—		(222,346	)		—			—			(248,931	)
Long/Short Strategy		—		—		959,045		—			(23,368	)		(13,241	)		1,520,620
Mid Cap Value		1,150,186		—		10,930,591		—			—			—			58,419,308
Total Return		10,650,413		—		—		—			—			(2,888,507	)		18,703,069

Transamerica Funds Annual Report 2019

Page    136

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

11. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)

Fund	Undistributed Ordinary Income		Undistributed Tax Exempt Income		Undistributed Long-Term Capital Gain		Capital Loss Carryforwards			Late Year Ordinary Loss Deferral		Other Temporary Differences			Net Unrealized Appreciation (Depreciation)
Global Multifactor Macro	$	1,560,958	$	—	$	—	$	(680,811	)	$	—	$	(7,991,884	)	$	(958,018	)
Managed Futures Strategy		4,624,281		—		—		(18,135,278	)		—		(25,101,588	)		(29,983,527	)

12. RECLASSIFICATION

Certain amounts prior to November 1, 2015, have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the net increase (decrease) in net assets resulting from operations. The Trust concluded that it was appropriate to reclassify certain borrowing costs, which relate to charges from a broker for securities sold short positions, as an expense which is included in Dividends, interest and fees for borrowings from securities sold short within the Statements of Operations. Previously, the borrowing costs had been included in Net realized gain (loss) on securities sold short within the Statements of Operations. Corresponding reclassifications have been made to Net investment income (loss) per share, Net realized and unrealized gain (loss) per share and Expenses to average net asset ratios within the Financial Highlights. The impact of the reclassification is an increase to realized gain (loss) and total expenses, and a decrease in net investment income. All impacted amounts, as identified within the Financial Highlights, have been adjusted for purposes of comparability.

13. NEW ACCOUNTING PRONOUNCEMENTS

In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2017-08 (“ASU 2017-08”), “Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities”. ASU 2017-08 amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the implication, if any, of the additional requirements and its impact on the Funds’ financial statements.

In August 2018, FASB issued Accounting Standards Update No. 2018-13 (“ASU 2018-13”), “Fair Value Measurement (Topic 820: Disclosure Framework), Changes to the Disclosure Requirements for Fair Value Measurement”. ASU 2018-13 eliminates the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the timing of transfers between levels of the fair value hierarchy and the valuation processes for Level 3 fair value measurements. ASU 2018-13 does not eliminate the requirement to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements, or the reporting of changes in unrealized gains and losses for recurring Level 3 fair value measurements. ASU 2018-13 requires that information is provided about the measurement uncertainty of Level 3 fair value measurements as of the reporting date. The amendment is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has evaluated and has early adopted the disclosure requirements and the impact is reflected within the Funds’ financial statements.

14. CUSTODY OUT-OF-POCKET EXPENSE

In December 2015, State Street, the Funds’ custodian, identified inconsistencies in the way in which clients were invoiced for categories of expenses, particularly those deemed out-of-pocket costs, during an 18-year period going back to 1998. The issue was the result of inaccurate billing rates that were not subsequently reviewed or adjusted. The amount of the difference in what was charged and what should have been charged, plus interest, was paid back to the Funds in September 2016 as a reimbursement. The amounts applicable to each Fund, if any, were recognized as a change in accounting estimate and are reflected as a reimbursement of custody fees. This resulted in a decrease in net expenses and an overall increase in net assets. Please reference the Financial Highlights for additional information in regards to the per share impact.

15. LEGAL PROCEEDINGS

On August 27, 2018, Transamerica Asset Management, Inc. (“TAM”), Aegon USA Investment Management, LLC (“AUIM”) and Transamerica Capital, Inc. (“TCI”) reached a settlement with the Securities and Exchange Commission (the “SEC”) that resolved an investigation into asset allocation models and volatility overlays utilized by AUIM when it served as sub-adviser to certain Transamerica-sponsored mutual funds, and related disclosures. TAM and TCI serve as investment manager and principal underwriter, respectively, to Transamerica-sponsored mutual funds. TCI also serves as the principal underwriter to the variable life insurance and annuity products through which certain Transamerica-sponsored mutual funds are offered. AUIM, an affiliate of TAM and TCI, serves as sub-adviser to a number of Transamerica-sponsored mutual funds.

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NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

15. LEGAL PROCEEDINGS (continued)

The SEC’s order instituting administrative and cease-and-desist proceedings (the “Order”) pertains to events that occurred during the period between July 2011 and June 2015, and, among other things, the operation and/or implementation of an asset allocation model utilized by AUIM when it served as sub-adviser to certain Transamerica tactical funds and asset allocation funds, the designation of the portfolio manager for certain of these funds as well as the operation and/or implementation of volatility overlays utilized by AUIM when it served as sub-adviser to the asset allocation funds. The Order also states that the parties failed to make appropriate disclosures regarding these matters, including in marketing materials, and failed to have adequate compliance policies and procedures. AUIM ceased to serve as sub-adviser to the Transamerica tactical funds on April 30, 2015 and to the Transamerica asset allocation funds on June 30, 2015.

Under the terms of the Order, AUIM, TAM and TCI were censured, and agreed, without admitting or denying the findings in the Order, to cease and desist from committing or causing any violations of certain statutory provisions and SEC rules. AUIM agreed to pay civil penalties of $21,000,000, $24,599,896 in disgorgement and $3,682,195 in prejudgment interest. TAM agreed to pay civil penalties of $10,500,000, $15,000,000 in disgorgement and $2,235,765 in prejudgment interest. TCI agreed to pay civil penalties of $4,000,000, $12,000,000 in disgorgement and $1,826,022 in prejudgment interest. The amounts paid in disgorgement, prejudgment interest and civil penalties have been deposited into a Fair Fund for distribution to affected investors. Affected investors are those who purchased or held the relevant mutual funds, variable life insurance and annuity investment portfolios and separately managed account strategies during the period between July 2011 and June 2015. The Order states that these investors are to receive from the Fair Fund the pro rata fees and commissions paid by them during that period, subject to any de minimis threshold.

The settlement does not impose any restrictions on the business or continued ability of AUIM, TAM or TCI to serve the funds.

The foregoing is only a brief summary of the Order. A copy of the Order is available on the SEC’s website at https://www.sec.gov.

The funds are affected by many factors and risks: for example, the risk that the sub-advisers’ judgments and investment decisions, and methods, tools, resources, information, models and analyses utilized in making investment decisions, are incorrect or flawed, do not produce the desired results, and cause the funds to lose value. See “Principal Risks” in the prospectus.

The Order and settlement has no impact on the Funds’ financial statements.

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Report of Independent Registered Public Accounting Firm

To the Shareholders of Transamerica Core Bond, Transamerica Global Real Estate Securities, Transamerica International Value, Transamerica Long/Short Strategy, Transamerica Mid Cap Value, Transamerica Total Return, Transamerica Global Multifactor Macro and Transamerica Managed Futures Strategy and the Board of Trustees of Transamerica Funds

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Transamerica Core Bond, Transamerica Global Real Estate Securities, Transamerica International Value, Transamerica Long/Short Strategy, Transamerica Mid Cap Value and Transamerica Total Return (six of the funds constituting Transamerica Funds (the “Trust”)), including the schedules of investments, as of October 31, 2019, and the related statements of operations, the changes in net assets, and the financial highlights for each of the periods indicated in the table below, and the statement of cash flows for Transamerica Long/Short Strategy for the year ended October 31, 2019, and the related notes (collectively referred to as the “financial statements”). We have also audited the accompanying consolidated statements of assets and liabilities of Transamerica Global Multifactor Macro and Transamerica Managed Futures Strategy (two of the funds constituting the Trust), including the consolidated schedules of investments, as of October 31, 2019, and the related consolidated statements of operations, the consolidated statements of changes in net assets and the consolidated financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “consolidated financial statements”). Transamerica Core Bond, Transamerica Global Real Estate Securities, Transamerica International Value, Transamerica Long/Short Strategy, Transamerica Mid Cap Value, Transamerica Total Return, Transamerica Global Multifactor Macro and Transamerica Managed Futures Strategy are collectively referred to as the “Funds”. In our opinion, the financial statements and consolidated financial statements present fairly, in all material respects, the financial position or consolidated financial position of each of the Funds (eight of the funds constituting Transamerica Funds) at October 31, 2019, and the results of their operations or consolidated operations, changes in net assets or consolidated changes in net assets and their financial highlights or consolidated financial highlights for each of the periods indicated in the table below, and the statement of cash flows for Transamerica Long/Short Strategy for the year ended October 31, 2019, in conformity with U.S. generally accepted accounting principles.

Individual fund constituting the Transamerica Funds	Statement of operations	Statements of changes in net assets	Financial highlights
Transamerica Core Bond Transamerica Global Real Estate Securities Transamerica Long/Short Strategy Transamerica Mid Cap Value Transamerica Total Return Transamerica Managed Futures Strategy	For the year ended October 31, 2019	For each of the two years in the period ended October 31, 2019	For each of the five years in the period ended October 31, 2019
Transamerica Global Multifactor Macro	For the year ended October 31, 2019	For each of the two years in the period ended October 31, 2019	For each of the four years in the period ended October 31, 2019 and the period from March 3, 2015 (commencement of operations) through October 31, 2015
Transamerica International Value	For the year ended October 31, 2019	For the year ended October 31, 2019 and the period from August 31, 2018 (commencement of operations) through October 31, 2018

Basis for Opinion

These financial statements and consolidated financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Funds’ financial statements and consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and consolidated financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and consolidated financial statements. Our procedures included confirmation of securities owned as of October 31, 2019, by correspondence with the custodian, brokers and others, or by other appropriate auditing procedures where replies from brokers or others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

December 23, 2019

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SUPPLEMENTAL INFORMATION

(unaudited)

TAX INFORMATION

For dividends paid during the year ended October 31, 2019, the Funds designated the following maximum amounts of qualified dividend income:

Fund	Qualified Dividend Income
Global Real Estate Securities	$	166,434
International Value		31,900
Mid Cap Value		2,104,142

For corporate shareholders, investment income (dividend income plus short-term gains, if any) which qualifies for the maximum dividends received deductions are as follows:

Fund	Dividend Received Deduction Percentage
Global Real Estate Securities		1	%
Mid Cap Value		100

For tax purposes, the long-term capital gain designations for the year ended October 31, 2019 are as follows:

Fund	Long-Term Capital Gain Designation
Long/Short Strategy	$	439,052
Mid Cap Value		30,237,287

The amounts which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the U.S. are as follows:

Fund	Foreign Source Income		Foreign Taxes
International Value	$	247,194	$	25,217

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2019. Complete information will be computed and reported in conjunction with your 2019 Form 1099-DIV.

Transamerica Funds Annual Report 2019

Page    141

MANAGEMENT AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Trustees” or the “Board”) held on June 19-20, 2019, the Board considered the renewal of the management agreement (the “Management Agreement”) between Transamerica Asset Management, Inc. (“TAM”) and Transamerica Funds, on behalf of each of the following funds (each a “Fund” and collectively the “Funds”):

Transamerica Core Bond	Transamerica Managed Futures Strategy
Transamerica Global Multifactor Macro	Transamerica Mid Cap Value
Transamerica Global Real Estate Securities	Transamerica Total Return
Transamerica Long/Short Strategy

For the Funds listed in the left column below, the Board also considered the renewal of the investment sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively the “Sub-Advisory Agreements”) between TAM and the corresponding sub-adviser(s) listed in the right column below (each a “Sub-Adviser” and collectively the “Sub-Advisers”) and the renewal of the investment sub-sub-advisory agreements (each a “Sub-Sub-Advisory Agreement,” and collectively the “Sub-Sub-Advisory Agreements” and, together with the Sub-Advisory Agreements and the Management Agreement, the “Agreements”) with respect to the Transamerica Global Real Estate Securities Fund between BlackRock Investment Management, LLC and each of BlackRock International Limited and BlackRock (Singapore) Limited (each a “Sub-Sub-Adviser, and collectively the “Sub-Sub-Advisers”).

Fund	Sub-Adviser(s)
Transamerica Core Bond	J.P. Morgan Investment Management, Inc.
Transamerica Global Multifactor Macro	AQR Capital Management, LLC
Transamerica Global Real Estate Securities	BlackRock Investment Management, LLC (Sub-Sub-Advisers BlackRock International Limited and BlackRock (Singapore) Limited)
Transamerica Long/Short Strategy	J.P. Morgan Investment Management, Inc.
Transamerica Managed Futures Strategy	AQR Capital Management, LLC
Transamerica Mid Cap Value	J.P. Morgan Investment Management, Inc.
Transamerica Total Return	Pacific Investment Management Company LLC

Following its review and consideration, the Board determined that the terms of the Management Agreement, each Sub-Advisory Agreement, and each Sub-Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the applicable Fund and its shareholders. The Board, including the independent members of the Board (the “Independent Trustees”), unanimously approved the renewal of each of the Agreements through June 30, 2020.

Prior to reaching their decision, the Trustees requested and received from TAM, each Sub-Adviser, and each Sub-Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM, each Sub-Adviser, and each Sub-Sub-Adviser as part of their regular oversight of each Fund, and knowledge they gained over time through meeting with TAM, each Sub-Adviser, and each Sub-Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by each Sub-Adviser and each Sub-Sub-Adviser. In their review, the Trustees also sought to identify Funds for which the performance, fees, total expenses and/or profitability appeared to be outliers within their respective peer groups or other comparative metrics, and sought to understand the reasons for such comparative positions.

In their deliberations, the Independent Trustees met privately without representatives of TAM, any Sub-Adviser, or any Sub-Sub-Adviser present and were represented throughout the process by their independent legal counsel. In considering the proposed continuation of each of the Agreements, the Trustees evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

Nature, Extent and Quality of the Services Provided

The Board considered the nature, extent and quality of the services provided by TAM, each Sub-Adviser, and each Sub-Sub-Adviser to the applicable Fund in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for each Fund; the experience, capability and integrity of TAM’s senior management; the financial resources of TAM; TAM’s management oversight process; TAM’s, each Sub-Adviser’s, and each Sub-Sub-Adviser’s responsiveness to any questions by the Trustees; and the professional qualifications and compensation program of the portfolio management team of each Sub-Adviser and

Transamerica Funds Annual Report 2019

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MANAGEMENT AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL (continued)

(unaudited)

each Sub-Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for each applicable Sub-Adviser and Sub-Sub-Adviser, and a comparison of trading results against a peer universe of managers.

The Board also considered the continuous and regular investment management and other services provided by TAM, when acting as a manager of managers, for the portion of the management fee it retains from each Fund after payment of the sub-advisory fees. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of each Fund and its investment strategy; the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Funds; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Fund investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Funds; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Fund investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Funds’ prospectuses, statements of additional information, shareholder reports and other disclosure materials and regulatory filings for the Funds; and ongoing cash management services for the Funds. The Board considered that TAM’s investment management services also include the provision of supervisory and administrative services to each Fund. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Funds, oversees the services provided by the funds’ custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and shareholder service functions of the funds.

Investment Performance

In addition, the Board considered the short- and longer-term performance, as applicable, of each Fund in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the Fund’s benchmark(s), in each case for various trailing periods ended December 31, 2018. Based on these considerations, the Board determined that TAM, each Sub-Adviser, and each Sub-Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the applicable Fund’s investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board’s conclusions as to performance are summarized below. In describing a Fund’s performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was “above,” “below” or “in line with” the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as “above” the median if a Fund’s performance ranked anywhere in the first or second quintiles, as “below” the median if it ranked anywhere in the fourth or fifth quintiles, or “in line with” the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering each Fund’s performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

Transamerica Core Bond. The Board noted that the performance of Class I2 Shares of the Fund was above the median for its peer universe for the past 1- and 5-year periods and in line with the median for the past 3-year period. The Board also noted that the performance of Class I2 Shares of the Fund was above its benchmark for the past 1- and 5-year periods and below its benchmark for the past 3-year period.

Transamerica Global Multifactor Macro. The Board noted that the performance of Class I2 Shares of the Fund was above the median for its peer universe for the past 1-year period and below the median for the past 3-year period. The Board also noted that the performance of Class I2 Shares of the Fund was above its benchmark for the past 1-year period and below its benchmark for the past 3-year period.

Transamerica Global Real Estate Securities. The Board noted that the performance of Class I2 Shares of the Fund was below the median for its peer universe and below its benchmark, each for the past 1-, 3-, 5- and 10-year periods. The Board noted that the Fund’s Sub-Adviser and Sub-Sub-Advisers had commenced subadvising the Fund on November 1, 2018 pursuant to its current investment objective, investment strategies and benchmark. The Trustees observed that the performance of the Fund had improved during the first quarter of 2019.

Transamerica Long/Short Strategy. The Board noted that the performance of Class I2 Shares of the Fund was above the median for its peer universe for the past 1- and 3-year periods, in line with the median for the past 5-year period and below the median for the past

Transamerica Funds Annual Report 2019

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MANAGEMENT AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL (continued)

(unaudited)

10-year period. The Board also noted that the performance of Class I2 Shares of the Fund was above its primary benchmark for the past 3-, 5- and 10-year periods and below its primary benchmark for the past 1-year period. The Board noted that the Fund’s Sub-Adviser had commenced subadvising the Fund on January 6, 2011 pursuant to its current investment strategies.

Transamerica Managed Futures Strategy. The Board noted that the performance of Class I2 Shares of the Fund was below the median for its peer universe and below its benchmark, each for the past 1-, 3- and 5-year periods. The Trustees observed that the performance of the Fund had improved during the first quarter of 2019.

Transamerica Mid Cap Value. The Board noted that the performance of Class I2 Shares of the Fund was above the median for its peer universe for the past 5- and 10-year periods and in line with the median for the past 1- and 3-year periods. The Board also noted that the performance of Class I2 Shares of the Fund was above its benchmark for the past 1-year period and below its benchmark for the past 3-, 5- and 10-year periods. The Trustees also noted recent changes in the portfolio management team at J.P. Morgan Investment Management, Inc. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward.

Transamerica Total Return. The Board noted that the performance of Class I2 Shares of the Fund was in line with the median for its peer universe for the past 1-, 5- and 10-year periods and below the median for the past 3-year period. The Board also noted that the performance of Class I2 Shares of the Fund was above its benchmark for the past 3- and 10-year periods and below its benchmark for the past 1- and 5-year periods.

Management and Sub-Advisory Fees and Total Expense Ratios

The Board considered the management fee and total expense ratio of each Fund, including information provided by Broadridge comparing the management fee and total expense ratio of each Fund to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board’s conclusions as to management fees and total expense ratios are summarized below. In describing a Fund’s management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were “above,” “below” or “in line with” the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as “above” the median if a Fund’s management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as “below” the median if it ranked anywhere in the first or second quintiles, or “in line with” the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Sub-Advisers and the Sub-Sub-Advisers for sub-advisory services and sub-sub-advisory services, as well as the portion of a Fund’s management fee retained by TAM following payment of the sub-advisory fee(s) and sub-sub-advisory fees, and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

Transamerica Core Bond. The Board noted that the Fund’s contractual management fee was above the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 Shares of the Fund were in line with the median for its peer group and below the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Global Multifactor Macro. The Board noted that the Fund’s contractual management fee was in line with the median for its peer group and above the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 Shares of the Fund were below the median for its peer group and above the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Global Real Estate Securities. The Board noted that the Fund’s contractual management fee was in line with the median for its peer group and below the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 Shares of the Fund were above the medians for its peer group and peer universe.

Transamerica Long/Short Strategy. The Board noted that the Fund’s contractual management fee was below the median for its peer group and in line with the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 Shares of the Fund were below the median for its peer group and above the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Funds Annual Report 2019

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MANAGEMENT AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL (continued)

(unaudited)

Transamerica Managed Futures Strategy. The Board noted that the Fund’s contractual management fee was below the median for its peer group and in line with the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 Shares of the Fund were below the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Mid Cap Value. The Board noted that the Fund’s contractual management fee was above the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 Shares of the Fund were in line with the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Total Return. The Board noted that the Fund’s contractual management fee and the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 Shares of the Fund were above the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

On the basis of these considerations, together with the other information it considered, the Board determined that the management fees, sub-advisory fees, and sub-sub-advisory fees to be received by TAM, the Sub-Advisers, and the Sub-Sub-Advisers under the Management Agreement, each Sub-Advisory Agreement, and each Sub-Sub-Advisory Agreement are reasonable in light of the services provided.

Cost of Services Provided and Level of Profitability

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to each Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for each Fund and Transamerica Funds as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser’s long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Funds had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for each Fund.

With respect to the Sub-Advisers, the Board noted that the sub-advisory fees are the product of arm’s-length negotiation between TAM and the applicable Sub-Adviser, which is not affiliated with TAM, and are paid by TAM and not the applicable Fund. As a result, the Board focused on the profitability of TAM and its affiliates with respect to the applicable Fund.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Funds was not excessive.

Economies of Scale

The Board considered economies of scale with respect to the management of each Fund, whether the Fund had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Funds benefited from any economies of scale. The Board recognized that, as a Fund’s assets increase, any economies of scale realized by TAM, a Sub-Adviser, or a Sub-Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Fund. The Board considered each Fund’s management fee schedule and the existence of breakpoints, if any, and also considered the extent to which TAM shared economies of scale, if any, with the Funds through undertakings to limit or reimburse Fund expenses and to invest in maintaining and developing its capabilities and services. The Board also considered each Sub-Adviser’s sub-advisory fee schedule and each Sub-Sub-Adviser’s sub-sub-advisory fee schedule, and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the applicable Fund’s management fee schedule. The Board considered that certain Funds’ sub-advisory fees would be based on the combined assets of multiple funds. The Trustees concluded that each Fund’s fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fees payable to TAM and the fees paid to the Sub-Advisers and the Sub-Sub-Advisers in light of any economies of scale experienced in the future.

Transamerica Funds Annual Report 2019

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MANAGEMENT AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL (continued)

(unaudited)

Benefits to TAM, its Affiliates, the Sub-Advisers, and/or the Sub-Sub-Advisers from their Relationships with the Funds

The Board considered other benefits derived by TAM, its affiliates, the Sub-Advisers, and/or the Sub-Sub-Advisers from their relationships with the Funds. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (“soft dollars”) as a result of its relationships with the Funds and that TAM believes the use of soft dollars by J.P. Morgan Investment Management, Inc. is generally appropriate and in the best interests of the applicable Funds. The Board also noted that J.P. Morgan Investment Management, Inc. participates in a brokerage program pursuant to which a portion of brokerage commissions paid by each applicable Fund is recaptured for the benefit of the Fund and its shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to a Fund’s brokerage transactions.

Other Considerations

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage each Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Advisers and the Sub-Sub-Advisers. The Board also noted that TAM has made a significant entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Funds.

Conclusion

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement, each Sub-Advisory Agreement, and each Sub-Sub-Advisory Agreement was in the best interests of the applicable Fund and its shareholders and voted to approve the renewal of the Agreements.

Transamerica Funds Annual Report 2019

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Management of the Trust

Board Members and Officers

(unaudited)

The members of the Board (“Board Members”) and executive officers of the Trust are listed below.

Interested Board Member means a board member who may be deemed an “interested person” (as that term is defined in the 1940 Act) of the Trust because of his current or former service with TAM or an affiliate of TAM. Interested Board Members may also be referred to herein as “Interested Trustees.” Independent Board Member means a Board Member who is not an “interested person” (as defined under the 1940 Act) of the Trust and may also be referred to herein as an “Independent Trustee.”

The Board governs each fund and is responsible for protecting the interests of the shareholders. The Board Members are experienced executives who meet periodically throughout the year to oversee the business affairs of each fund and the operation of each fund by its officers. The Board also reviews the management of each fund’s assets by the investment manager and its respective sub-adviser.

The funds are among the funds managed and sponsored by TAM (collectively, “Transamerica Fund Family”). The Transamerica Fund Family consists of (i) Transamerica Funds (“TF”); (ii) Transamerica Series Trust (“TST”); (iii) Transamerica ETF Trust (“TET”); and (iv) Transamerica Asset Allocation Variable Funds (“TAAVF”). The Transamerica Fund Family consists of 133 funds as of the date of this Annual Report. With the exception of Mr. Smit, none of the Board Members serve on the board of trustees of TET. TET is overseen by a separate board of trustees.

The mailing address of each Board Member is c/o Secretary, 1801 California Street, Suite 5200, Denver, Colorado 80202.

Further information about the Fund’s Directors and Officers is available in the Fund’s Statement of Additional Information, which can be obtained without charge by calling 1-888-233-4339 or visiting the Fund’s website at www.transamerica.com.

The Board Members, their age, their positions with the Trust, and their principal occupations for the past five years (their titles may have varied during that period), the number of funds in the Transamerica Fund Family the Board oversees, and other board memberships they hold are set forth in the table below. The length of time served is provided from the date a Board Member became a member of the Board.

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INTERESTED BOARD MEMBERS
Marijn P. Smit (46)	Chairman of the Board, President and Chief Executive Officer	Since 2014	Chairman of the Board, President and Chief Executive Officer, TF, TST and TAAVF (2014 – present); Chairman of the Board, President and Chief Executive Officer, TET (2017 – present); Chairman of the Board, President and Chief Executive Officer, Transamerica Partners Portfolio (“TPP”), Transamerica Partners Funds Group (“TPFG”) and Transamerica Partners Funds Group II (“TPFG II”) (2014 – 2018); Chairman of the Board, President and Chief Executive Officer, Transamerica Income Shares, Inc. (“TIS”) (2014 – 2015); Director, Chairman of the Board, President and Chief Executive Officer, Transamerica Asset Management, Inc. (“TAM”) and Transamerica Fund Services, Inc. (“TFS”) (2014 – present);	133	Director, Massachusetts Fidelity Trust Company (2014 – present); Director, Aegon Global Funds (2016 – present); Director – Akaan-Aegon, S.A.P.I. de C.V. (financial services joint venture in Mexico) (2017 – present)

Transamerica Funds Annual Report 2019

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Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INTERESTED BOARD MEMBERS — continued
Marijn P. Smit (continued)			President, Investment Solutions, Transamerica Investments & Retirement (2014 – 2016); Vice President, Transamerica Premier Life Insurance Company (2010 – 2016); Vice President, Transamerica Life Insurance Company (2010 – present); Senior Vice President, Transamerica Financial Life Insurance Company (2013 – 2016); Senior Vice President, Transamerica Retirement Advisors, Inc. (2013 – 2016); Senior Vice President, Transamerica Retirement Solutions Corporation (2012 – present); and President and Director, Transamerica Stable Value Solutions, Inc. (2010 – 2016).
Alan F. Warrick (71)	Board Member	Since 2012	Board Member, TF, TST and TAAVF (2012 – present); Board Member, TPP, TPFG and TPFG II (2012 – 2018); Board Member, TIS (2012 – 2015); Consultant, Aegon USA (2010 – 2011); Senior Advisor, Lovell Minnick Equity Partners (2010 – present); Retired (2010 – present); and Managing Director for Strategic Business Development, Aegon USA (1994 – 2010).	128	N/A
INDEPENDENT BOARD MEMBERS
Sandra N. Bane (67)	Board Member	Since 2008	Retired (1999 – present); Board Member, TF, TST and TAAVF (2008 – present); Board Member, TPP, TPFG and TPFG II (2008 – 2018); Board Member, TIS (2008 – 2015); Board Member, Transamerica Investors, Inc. (“TII”) (2003 – 2010); and Partner, KPMG (1975 – 1999).	128	Big 5 Sporting Goods (2002 – present); Southern Company Gas (energy services holding company) (2008 – present)
Leo J. Hill (63)	Lead Independent Board Member	Since 2002	Principal, Advisor Network Solutions, LLC (business consulting) (2006 – present); Board Member, TST (2001 – present); Board Member, TF (2002 – present); Board Member, TPP, TPFG and TPFG II (2007 – 2018); Board Member, TIS (2002 – 2015);	128	Ameris Bancorp (2013 – present); Ameris Bank (2013 – present)

Transamerica Funds Annual Report 2019

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Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INDEPENDENT BOARD MEMBERS — continued
Leo J. Hill (continued)			Board Member, TAAVF (2007 – present); Board Member, TII (2008 – 2010); Market President, Nations Bank of Sun Coast Florida (1998 – 1999); Chairman, President and Chief Executive Officer, Barnett Banks of Treasure Coast Florida (1994 – 1998); Executive Vice President and Senior Credit Officer, Barnett Banks of Jacksonville, Florida (1991 – 1994); and Senior Vice President and Senior Loan Administration Officer, Wachovia Bank of Georgia (1976 – 1991).
David W. Jennings (73)	Board Member	Since 2009	Board Member, TF, TST and TAAVF (2009 – present); Board Member, TPP, TPFG and TPFG II (2009 – 2018); Board Member, TIS (2009 – 2015); Board Member, TII (2009 – 2010); Managing Director, Hilton Capital Management, LLC (2010 – present); Principal, Maxam Capital Management, LLC (2006 – 2008); and Principal, Cobble Creek Management LP (2004 – 2006).	128	N/A
Fredric A. Nelson III (62)	Board Member	Since 2017	Board Member, TF, TST and TAAVF (2017 – present); Board Member, TPP, TPFG and TPFG II (2017 – 2018); Chief Investment Officer (“CIO”), Commonfund (2011 – 2015); Vice Chairman, CIO, ING Investment Management Americas (2003 – 2009); Managing Director, Head of U.S. Equity, JP Morgan Investment Management (1994 – 2003); Managing Director, Head of Global Quantitative Investments Group, Bankers Trust Global Investment Management (1981 – 1994).	128	N/A
John E. Pelletier (55)	Board Member	Since 2017	Board Member, TF, TST and TAAVF (2017 – present); Board Member, TPP, TPFG and TPFG II (2017 – 2018); Director, Center for Financial Literacy, Champlain College (2010 – present); Co-Chair, Vermont Financial Literacy Commission with Vermont State Treasurer (2015 – 2018);	128	N/A

Transamerica Funds Annual Report 2019

Page    149

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INDEPENDENT BOARD MEMBERS — continued
John E. Pelletier (continued)			Chairman, Vermont Universal Children’s Higher Education Savings Account Program Advisory Committee (2015 – present); Founder and Principal, Sterling Valley Consulting LLC (a financial services consulting firm) (2009 – 2017);
			Independent Director, The Sentinel Funds and Sentinel Variable Products Trust (2013 – 2017); Chief Legal Officer, Eaton Vance Corp. (2007 – 2008); and Executive Vice President and Chief Operating Officer (2004 – 2007), General Counsel (1997 – 2004), Natixis Global Associates.
Patricia L. Sawyer (69)	Board Member	Since 2007	Retired (2007 – present); President/Founder, Smith & Sawyer LLC (management consulting) (1989 – 2007); Board Member, TF and TST (2007 –present); Board Member, TPP, TPFG and TPFG II (1993 – 2018); Board Member, TIS (2007 – 2015); Board Member, TII (2008 – 2010); Board Member, TAAVF (1993 – present); and Trustee, Chair of Finance Committee and Chair of Nominating Committee (1987 – 1996), Bryant University.	128	Honorary Trustee, Bryant University (1996 – present)
John W. Waechter (67)	Board Member	Since 2005	Partner, Englander Fischer (2016 – present); Attorney, Englander Fischer (2008 – 2015); Retired (2004 – 2008); Board Member, TST (2004 – present); Board Member, TF (2005 – present); Board Member, TAAVF (2007 – present); Board Member, TPP, TPFG and TPFG II (2007 – 2018); Board Member, TIS (2004 – 2015); Board Member, TII (2008 – 2010); Employee, RBC Dain Rauscher (securities dealer) (2004); Executive Vice President, Chief Financial Officer and Chief Compliance Officer, William R. Hough & Co. (securities dealer) (1979 – 2004); and Treasurer, The Hough Group of Funds (1993 – 2004).	128	Board Member, Operation PAR, Inc. (non-profit organization) (2008 – present); Board Member, Remember Honor Support, Inc. (non-profit organization) (2013 – present) Board Member, WRH Income Properties, Inc. (real estate) (2014 – present); Board Member, Boley PAR, Inc. (non-profit organization) (2016 – present)

* Each Board Member shall hold office until: 1) his or her successor is elected and qualified or 2) he or she resigns, retires or his or her term as a Board Member is terminated in accordance with the Trust’s Declaration of Trust.

Transamerica Funds Annual Report 2019

Page    150

Officers

The mailing address of each officer is c/o Secretary, 1801 California Street, Suite 5200, Denver, CO 80202. The following table shows information about the officers, including their year of birth, their positions held with the Trust and their principal occupations during the past five years (their titles may have varied during that period). Each officer will hold office until his or her successor has been duly elected or appointed or until his or her earlier death, resignation or removal.

Name and Age	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Marijn P. Smit (46)	Chairman of the Board, President and Chief Executive Officer	Since 2014	See Interested Board Members Table Above.
Christopher A. Staples, CFA (49)	Vice President and Chief Investment Officer, Advisory Services	Since 2005	Vice President and Chief Investment Officer, Advisory Services (2007 – present), Transamerica Funds and TST; Vice President and Chief Investment Officer, TET (2017 – present) Vice President and Chief Investment Officer, Advisory Services (2007 – 2015), TIS; Vice President and Chief Investment Officer, Advisory Services, TAAVF (2007 – present); Vice President and Chief Investment Officer, Advisory Services, TPP, TPFG and TPFG II (2007 – 2018); Director (2005 – present), Senior Vice President (2006 – present), Senior Director, Investments (2016 – present), Chief Investment Officer, Advisory Services (2012 – 2016) and Lead Portfolio Manager (2007 – present), TAM; Director, TFS (2005 – present); Registered Representative (2007 – 2016), TCI; and Registered Representative, TFA (2005 – present).
Thomas R. Wald, CFA (59)	Chief Investment Officer	Since 2014	Chief Investment Officer, Transamerica Funds, TST and TAAVF (2014 – present); Chief Investment Officer, TET (2017 – present) Chief Investment Officer, TPP, TPFG and TPFG II (2014 – 2018); Chief Investment Officer, TIS (2014 – 2015); Senior Vice President and Chief Investment Officer, TAM (2014 – present); Chief Investment Officer, Transamerica Investments & Retirement (2014 – present); and Vice President and Client Portfolio Manager, Curian Capital, LLC (2012 – 2014).
Vincent J. Toner (49)	Vice President and Treasurer	Since 2014	Vice President and Treasurer, Transamerica Funds, TST and TAAVF (2014 – present), TET (2017 – present); Vice President and Treasurer, TPP, TPFG and TPFG II (2014 – 2018); Vice President and Treasurer, TIS (2014 – 2015); Vice President and Treasurer (2016 – present), Vice President, Administration and Treasurer (2014 – 2016), TAM; Vice President, Administration and Treasurer, TFS (2014 – present); and Senior Vice President and Vice President, Fund Administration, Brown Brothers Harriman (2010 – 2014).

Transamerica Funds Annual Report 2019

Page    151

Name and Age	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Francine J. Rosenberger (51)	Chief Compliance Officer	Since 2019	Chief Compliance Officer, Transamerica Funds, TST, TET and TAAVF (2019 – present); Chief Compliance Officer (2019 – present), TAM; General Counsel, Corporate Secretary and Fund Chief Compliance Officer, Steben & Company, Inc. (2013 – 2019).
Molly Possehl (41)	Anti-Money Laundering Officer	Since 2019	Anti-Money Laundering Officer, Transamerica Funds, TST, TET and TAAVF (2019 – present); Anti-Money Laundering Officer (2019 – present), TAM; Assistant General Counsel, Transamerica Life Insurance Company/Aegon USA (2013 – present); Anti-Money Laundering Compliance Officer and Fraud Officer, Transamerica Life Insurance Company/Aegon USA (2015 – present); Attorney, Anti-Money Laundering Compliance Officer (Annuity products), Transamerica Life Insurance Company/Aegon USA (2006 – 2015).
Erin D. Nelson (42)	Chief Legal Officer and Secretary	Since 2019	Chief Legal Officer and Secretary, Transamerica Funds, TST, TET and TAAVF (2019 – present); Assistant General Counsel and Assistant Secretary, TAM (2019 – present), Assistant General Counsel and Assistant Secretary, TFS (2019 – Present); Senior Vice President and Chief Compliance Officer, ALPS Advisors, Inc. (2015 – 2019); Vice President, Deputy Chief Compliance Officer, ALPS Advisors, Inc. (2015).
Rhonda A. Mills (53)	Assistant Secretary	Since 2016	Assistant Secretary, Transamerica Funds, TST and TAAVF (2019 – present); Secretary, Transamerica Funds, TST and TAAVF (2019); Assistant Secretary, Transamerica Funds, TST and TAAVF (2016 – 2019); Assistant Secretary, TPP, TPFG and TPFG II (2016 – 2018); Assistant Secretary, Vice President and High Level Specialist Attorney (2014 – 2016), Assistant General Counsel (2016 – present), TAM; Assistant Secretary, High Level Specialist Attorney and Vice President (2014 – present), TFS; Vice President and Associate Counsel, ALPS Fund Services, Inc. (2011 – 2014); Managing Member, Mills Law, LLC (2010 – 2011); Counsel, Old Mutual Capital (2006-2009); Senior Counsel, Great-West Life and Annuity Insurance Company (2004 – 2006); and Securities Counsel, J.D. Edwards (2000 – 2003).

Transamerica Funds Annual Report 2019

Page    152

Name and Age	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Blake Boettcher (33)	Tax Manager	Since 2018	Tax Manager, Transamerica Funds, TST, TAAVF and TET (2018 – present); Senior Manager – Tax, Charles Schwab Investment Management (2015 – 2017); and Tax Manager, Deloitte Tax LLP (2012 – 2015).
Peter Sattelmair (42)	Assistant Treasurer	Since 2018	Assistant Treasurer, Transamerica Funds, TST and TAAVF (2018 – present); Director, Fund Administration, TAM (2014 – present); and Vice President and Assistant Vice President, Fund Administration, State Street Corporation (2007 – 2014).

* Elected and serves at the pleasure of the Board of the Trust.

Transamerica Funds Annual Report 2019

Page    153

LIQUIDITY RISK MANAGEMENT PROGRAM (“LRMP”)

(unaudited)

Per initial requirements for SEC Rule 22e-4, TAM established a LRMP in 2018. The Board appointed TAM as the LRMP Administrator in September of 2018 and approved the LRMP in March of 2019. In advance of the final compliance date of June 1, 2019, TAM successfully completed the liquidity rule implementation. All Funds were on-boarded to the State Street Global Exchange (SSGX) truView system (a third-party liquidity bucketing tool) at the end of December 2018. TAM currently has policies and procedures established for the day to day monitoring of liquidity risk, and continues to test and improve these policies and procedures as may be required.

Transamerica Funds Annual Report 2019

Page    154

PROXY VOTING POLICIES AND PROCEDURES AND QUARTERLY PORTFOLIO HOLDINGS

(unaudited)

A description of the Transamerica Funds’ proxy voting policies and procedures is available in the Statement of Additional Information of the Funds, available without charge upon request by calling 1-888-233-4339 (toll free) or on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

In addition, the Funds are required to file Form N-PX, with their complete proxy voting records for the most recent 12 months ended June 30th, no later than August 31st of each year. The Form is available without charge: (1) from the Funds, upon request by calling 1-888-233-4339; and (2) on the SEC’s website at http://www.sec.gov.

Each fiscal quarter, the Funds will file with the SEC a complete schedule of their monthly portfolio holdings on Form N-PORT. The Funds’ holdings as of the end of the third month of every fiscal quarter, as reported on Form N-PORT, will be publicly available on the SEC’s website at http://www.sec.gov within 60 days of the end of the fiscal quarter.

You may also visit the Trust’s website at www.transamerica.com for this and other information about the Funds and the Trust.

Important Notice Regarding Delivery of Shareholder Documents

Every year we send shareholders informative materials such as the Transamerica Funds Annual Report, the Transamerica Funds Prospectus, and other required documents that keep you informed regarding your Funds. Transamerica Funds will only send one piece per mailing address, a method that saves your Funds’ money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, simply call a Transamerica Customer Service Representative toll free at 1-888-233-4339, 8 a.m. to 7 p.m. Eastern Time, Monday–Friday. Your request will take effect within 30 days.

Transamerica Funds Annual Report 2019

Page    155

NOTICE OF PRIVACY POLICY

(unaudited)

Your privacy is very important to us. We want you to understand what information we collect and how we use it. We collect and use “nonpublic personal information” in connection with providing our customers with a broad range of financial products and services as effectively and conveniently as possible. We treat nonpublic personal information in accordance with our Privacy Policy.

What Information We Collect and From Whom We Collect It

We may collect nonpublic personal information about you from the following sources:

• Information we receive from you on applications or other forms, such as your name, address, and account number;

• Information about your transactions with us, our affiliates, or others, such as your account balance and purchase/redemption history; and

• Information we receive from non-affiliated third parties, including consumer reporting agencies.

What Information We Disclose and To Whom We Disclose It

We do not disclose any nonpublic personal information about current or former customers to anyone without their express consent, except as permitted by law. We may disclose the nonpublic personal information we collect, as described above, to persons or companies that perform services on our behalf and to other financial institutions with which we have joint marketing agreements. We will require these companies to protect the confidentiality of your nonpublic personal information and to use it only to perform the services for which we have hired them.

Our Security Procedures

We restrict access to your nonpublic personal information and only allow disclosures to persons and companies as permitted by law to assist in providing products or services to you. We maintain physical, electronic, and procedural safeguards to protect your nonpublic personal information and to safeguard the disposal of certain consumer information.

If you have any questions about our Privacy Policy, please call 1-888-233-4339 on any business day between 8 a.m. and 7 p.m. Eastern Time.

Note:        This Privacy Policy applies only to customers that have a direct relationship with us or our affiliates. If you own shares of our funds in the name of a third party such as a bank or broker-dealer, its privacy policy may apply to you instead of ours.

Transamerica Funds Annual Report 2019

Page    156

Customer Service: 1-888-233-4339

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Transamerica Capital, Inc.

www.transamerica.com

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, Inc., Member of FINRA

134142 10/19

© 2019 Transamerica Capital, Inc.

TRANSAMERICA FUNDS

ANNUAL REPORT

OCTOBER 31, 2019

Beginning January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, the funds intend to no longer mail paper copies of the funds’ shareholder reports, unless you specifically request paper copies of the reports from a fund or your financial intermediary (such as broker-dealer or bank). Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically (“e-delivery”), you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically anytime by contacting your financial intermediary or, if you are a direct shareholder with a fund, by calling 1-888-233-4339.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports where a fund is held through that intermediary. If you are a direct shareholder with a fund, you can call 1-888-233-4339 to let the fund know you wish to continue receiving paper copies of your shareholder reports. That election will apply to all Transamerica funds held directly with the fund complex.

Customer Service: 1-888-233-4339

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Transamerica Capital, Inc.

www.transamerica.com

Table of Contents

Shareholder Letter	1
Disclosure of Expenses	2
Manager Commentary and Schedules of Investments
Transamerica ClearTrack® 2015 (formerly ClearTrack® 2015)	4
Transamerica ClearTrack® 2020 (formerly ClearTrack® 2020)	7
Transamerica ClearTrack® 2025 (formerly ClearTrack® 2025)	10
Transamerica ClearTrack® 2030 (formerly ClearTrack® 2030)	13
Transamerica ClearTrack® 2035 (formerly ClearTrack® 2035)	16
Transamerica ClearTrack® 2040 (formerly ClearTrack® 2040)	19
Transamerica ClearTrack® 2045 (formerly ClearTrack® 2045)	22
Transamerica ClearTrack® 2050 (formerly ClearTrack® 2050)	25
Transamerica ClearTrack® 2055 (formerly ClearTrack® 2055)	28
Transamerica ClearTrack® 2060 (formerly ClearTrack® 2060)	31
Transamerica ClearTrack® Retirement Income (formerly ClearTrack® Retirement Income)	34
Statements of Assets and Liabilities	38
Statements of Operations	41
Statements of Changes in Net Assets	44
Financial Highlights	48
Notes to Financial Statements	65
Report of Independent Registered Public Accounting Firm	75
Supplemental Information	77
Approval of Management and Sub-Advisory Agreements	78
Management of the Trust	83
Liquidity Risk Management Program	90
Proxy Voting Policies and Procedures and Quarterly Portfolio Holdings	91
Notice of Privacy Policy	92

Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a fund’s investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.

Transamerica Funds Annual Report 2019

Dear Shareholder,

On behalf of Transamerica Funds, I would like to thank you for your continued support and confidence in our products as we look forward to continuing to serve you and your financial professional in the future. We value the trust you have placed in us.

This annual report is provided to you to show the investments of your Fund(s) during the fiscal year. The Securities and Exchange Commission currently requires that annual and semi-annual reports be sent to all shareholders, and we believe it to be an important part of the investment process. This report provides detailed information about your Fund(s) for the 12-month period ended October 31, 2019.

We believe it is important to understand market conditions over the last fiscal year to provide a context for reading this report. As the period began, domestic and international markets were in the beginning phase of a fourth quarter decline which would eventually take the S&P 500^® down almost 20% from its previous record high. Investor anxiety was primarily driven by two dynamics creating high levels of uncertainty as the year was concluding. These dynamics were Federal Reserve (“Fed”) policy and the ongoing trade dispute with China.

Selling accelerated into year-end as the Fed implemented its fourth rate hike of the year and ninth since its tightening cycle had begun three years earlier. This played into developing market fears that the Fed was on the verge of a major policy error, of raising rates into a slowing economy. Parallel to concerns with the Fed, the market also grappled with deteriorating trade relations with China and the prospect of additional U.S. imposed tariffs. Together, these two concerns sent stocks sliding as the market experienced its worst month of December in more than eighty-five years. Unlike the equity markets, however, the December strains also garnered a flight to quality in U.S. Treasury bonds and a large downward move in the 10-year Treasury yield which fell by over a half a percent, from 3.24% on November 8th to 2.69% by the end of 2018.

As the calendar turned to 2019, the Fed quickly changed its perspective to one of patience, and it became clear to the market that no further rate hikes were likely in the immediate future. In May, markets were surprised to hear that a trade deal with China would not come to fruition as expected, and a new round of tariffs went into effect. This jolted stocks to some extent, however, the Fed acted quickly, first by signaling in June that it was ready to reverse course and begin reducing rates starting with a rate cut of 0.25% at the July meeting. As trade uncertainty with China continued and the rhetoric escalated, the Fed cut rates twice more in September and October, negating three of the four hikes from the year past. During the summer, investors also witnessed the inversion of the yield curve, as long-term Treasury rates fell below short-term rates, stoking recession fears. However, by late October, after the Fed had enacted its third rate cut of the year, long-term rates rose, and the yield curve moved back into a traditional upward slope.

In the credit markets, investment grade and high yield bonds began 2019 with elongated credit spreads as a result of the economic fears created from the Fed’s tightening activity toward the end of 2018 and the potential impact of tariffs on the U.S. economy. As both those fears thawed throughout the year, credit spreads narrowed, market fundamentals remained strong and corporate bonds posted strong returns throughout the first half of the year. International developed and emerging markets equities also recovered well during this time.

As the autumn months began, investors could also recognize the continued strength in the economy. The unemployment rate continued close to the lowest level in a half century, wages continued to grow, inflation remained benign and consumer spending progressed on a strong path. In this environment, lower rates also helped equity valuations as the market looked forward to higher earnings growth in 2020.

For the 12-month period ended October 31, 2019, the S&P 500^® Index returned 14.33% while the MSCI EAFE Index, representing international developed market equities, returned 11.63%. During the same period, the Bloomberg Barclays U.S. Aggregate Bond Index returned 11.51%. Please keep in mind that it is important to maintain a diversified portfolio as investment returns have historically been difficult to predict.

In addition to your active involvement in the investment process, we firmly believe that a financial professional is a key resource to help you build a complete picture of your current and future financial needs. Financial professionals are familiar with the market’s history, including long-term returns and volatility of various asset classes. With your professional, you can develop an investment program that incorporates factors such as your goals, your investment timeline and your risk tolerance.

Please contact your financial professional if you have any questions about the contents of this report, and thanks again for the confidence you have placed in us.

Sincerely,

Marijn Smit

President & Chief Executive Officer

Transamerica Funds

Tom Wald, CFA

Chief Investment Officer

Transamerica Funds

Bloomberg Barclays U.S. Aggregate Bond Index: Measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.

MSCI EAFE Index: A free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada.

S&P 500^®: A market-capitalization weighted index of 500 large U.S. companies with common stock listed on the New York Stock Exchange or NASDAQ Stock Market.

The views expressed in this report reflect those of the portfolio managers only and may not necessarily represent the views of the Transamerica Funds. These views are as of the date of this report and are subject to change based upon market conditions. These views should not be relied upon as investment advice and are not indicative of trading intent on behalf of the Transamerica Funds. Investing involves risk, including potential loss of principal. The performance data presented represents past performance and does not guarantee future results. Indexes are unmanaged and an investor cannot invest directly in an index.

Disclosure of Expenses

(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur two types of costs: (i) transaction costs; and (ii) ongoing costs, including management fees, and other fund expenses.

The following examples are intended to help you understand your ongoing costs (in dollars and cents) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The examples are based on an investment of $1,000 invested at May 1, 2019, and held for the entire six-month period until October 31, 2019.

ACTUAL EXPENSES

The information in the table below provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. If your account is an IRA, your expenses may have included an additional annual fee. The amount of any fee paid during the six-month period can decrease your ending account value.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The information in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund versus other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. As in the case of the actual expense example, if your account is subject to an IRA fee, the amount of the fee paid through your account would increase the hypothetical expenses you would have paid during the period and decrease the hypothetical ending account value.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges and brokerage commissions paid on purchases and sales of Fund shares. Therefore, the information under the heading “Hypothetical Expenses” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

			Actual Expenses				Hypothetical Expenses (A)
Fund	Beginning Account Value		Ending Account Value		Expenses Paid During Period (B)		Ending Account Value		Expenses Paid During Period (B)		Net Annualized Expense Ratio (C) (D)
Transamerica ClearTrack® 2015
Class R1	$	1,000.00	$	1,037.90	$	5.80	$	1,019.50	$	5.75		1.13	%
Class R3		1,000.00		1,039.90		4.47		1,020.80		4.43		0.87
Class R6		1,000.00		1,041.60		2.47		1,022.80		2.45		0.48
Transamerica ClearTrack® 2020
Class R1		1,000.00		1,037.00		5.80		1,019.50		5.75		1.13
Class R3		1,000.00		1,038.00		4.47		1,020.80		4.43		0.87
Class R6		1,000.00		1,040.60		2.47		1,022.80		2.45		0.48
Transamerica ClearTrack® 2025
Class R1		1,000.00		1,036.40		5.90		1,019.40		5.85		1.15
Class R3		1,000.00		1,037.30		4.57		1,020.70		4.53		0.89
Class R6		1,000.00		1,039.80		2.57		1,022.70		2.55		0.50
Transamerica ClearTrack® 2030
Class R1		1,000.00		1,034.60		5.95		1,019.40		5.90		1.16
Class R3		1,000.00		1,036.50		4.62		1,020.70		4.58		0.90
Class R6		1,000.00		1,037.90		2.62		1,022.60		2.60		0.51
Transamerica ClearTrack® 2035
Class R1		1,000.00		1,033.20		5.94		1,019.40		5.90		1.16
Class R3		1,000.00		1,034.20		4.61		1,020.70		4.58		0.90
Class R6		1,000.00		1,035.60		2.62		1,022.60		2.60		0.51

Transamerica Funds Annual Report 2019

Page    2

Disclosure of Expenses (continued)

(unaudited)

			Actual Expenses				Hypothetical Expenses (A)
Fund	Beginning Account Value		Ending Account Value		Expenses Paid During Period (B)		Ending Account Value		Expenses Paid During Period (B)		Net Annualized Expense Ratio (C) (D)
Transamerica ClearTrack® 2040
Class R1	$	1,000.00	$	1,030.00	$	5.94	$	1,019.40	$	5.90		1.16	%
Class R3		1,000.00		1,031.90		4.61		1,020.70		4.58		0.90
Class R6		1,000.00		1,034.10		2.61		1,022.60		2.60		0.51
Transamerica ClearTrack® 2045
Class R1		1,000.00		1,028.40		5.93		1,019.40		5.90		1.16
Class R3		1,000.00		1,030.20		4.61		1,020.70		4.58		0.90
Class R6		1,000.00		1,032.50		2.61		1,022.60		2.60		0.51
Transamerica ClearTrack® 2050
Class R1		1,000.00		1,027.20		5.93		1,019.40		5.90		1.16
Class R3		1,000.00		1,029.00		4.60		1,020.70		4.58		0.90
Class R6		1,000.00		1,031.20		2.61		1,022.60		2.60		0.51
Transamerica ClearTrack® 2055
Class R1		1,000.00		1,029.30		5.98		1,019.30		5.95		1.17
Class R3		1,000.00		1,030.30		4.66		1,020.60		4.63		0.91
Class R6		1,000.00		1,032.00		2.66		1,022.60		2.65		0.52
Transamerica ClearTrack® 2060
Class R1		1,000.00		1,029.30		5.98		1,019.30		5.95		1.17
Class R3		1,000.00		1,030.30		4.66		1,020.60		4.63		0.91
Class R6		1,000.00		1,032.00		2.66		1,022.60		2.65		0.52
Transamerica ClearTrack® Retirement Income
Class R1		1,000.00		1,040.60		5.76		1,019.60		5.70		1.12
Class R3		1,000.00		1,042.60		4.48		1,020.80		4.43		0.87
Class R6		1,000.00		1,044.20		2.42		1,022.80		2.40		0.47

(A)	5% return per year before expenses.
(B)	Expenses are calculated using each Fund’s annualized expense ratios (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).
(C)	Expense ratios (as disclosed in the table) do not include the expenses of the Underlying ETFs in which the Funds invest. The annualized expense ratios, as stated in the fee table of the Funds’ Prospectus, may differ from the expense ratios disclosed in this report.
(D)	Net annualized expense ratios are reflective of any applicable fee waivers and/or reimbursements and are based on the most recent six-months and may differ from the expense ratio displayed in the Financial Highlights which covers a twelve-month period.

Transamerica Funds Annual Report 2019

Page    3

Transamerica ClearTrack^® 2015

(unaudited)

MARKET ENVIRONMENT

Over the past year, global fixed income and global equity markets rallied. Within fixed income markets, for the 12-month period ended October 31, 2019, the Bloomberg Barclays U.S. Aggregate Bond Index returned 11.51%, outperforming the Bloomberg Barclays Global Aggregate Bond Index, which returned 9.54%. Fixed income was supported by the dovish activity of global central banks. In the U.S., the U.S. Federal Reserve cut interest rates by 25 basis points three times since July. In August, the U.S. 2-year-10-year yield differential inverted for the first time in over a decade and the 30-year Treasury yield dropped below 2% for the first time. The European Central Bank announced additional stimulus in September and reduced the deposit rate.

Within the U.S., large cap stocks strongly outperformed small cap stocks, with the S&P 500^® Index returning 14.33% versus the Russell 2000^® Index which returned 4.90%. Large cap outperformance was driven by the rebound during the first quarter of 2019, when the S&P 500^® Index returned 13.65%. Abroad, emerging markets outperformed developed markets, with the MSCI Emerging Markets Index outperforming the MSCI EAFE Index over the 12-month period ended October 31, 2019.

Crude oil declined over the past year which was largely driven by the last two months of 2018. During that period, market concerns around over-supply spiked. Crude oil rebounded in the first quarter of 2019 due to tighter global supply conditions. This was driven by the U.S. reducing its drilling, combined with Venezuelan sanctions and outages, and Saudi Arabia affirming its commitment to cutting oil output. Trade tensions between the U.S. and China whipsawed markets and led to periods of increased volatility throughout the fiscal year.

PERFORMANCE

For the year ended October 31, 2019, Transamerica ClearTrack^® 2015 (Class R6) returned 11.00%. By comparison, its benchmark, the Dow Jones Target 2015 Index, returned 8.47%.

STRATEGY REVIEW

The Fund seeks to achieve its investment objective by investing in a combination of underlying exchange-traded funds (“ETFs”) representing a variety of broad asset classes — equity, fixed income and inflation-hedging — and a variety of investment styles. The Fund is managed to the specific target date included in its name, which is intended to coincide, generally, with an investor’s retirement year. The Fund follows a particular glide path in which, over time, its target asset mix will gradually become more conservative until approximately 10 years after the target date, when the asset mix will become static.

The Fund’s glide path includes the use of a dynamic rebalancing strategy, which seeks to limit an investor’s exposure to extended periods of market declines, in the five years before and after retirement. Dynamic Rebalancing systematically raises the Fund’s allocation to cash in response to rising volatility and declines in the Fund’s net asset value. This works best during extended market declines, and often leads to underperformance in sideways, or oscillating, markets.

For the year ended October 31, 2019, the Fund outperformed its benchmark, the Dow Jones Target 2015 Index. Asset allocation effects were the primary factor in outperformance as the Fund held an overweight allocation to equities relative to its benchmark. Within fixed income, the allocation to U.S. core fixed income contributed the most. The Fund had positive absolute returns for the one year period. In absolute terms, all of the Fund’s underlying holdings posted positive returns. The top performing holdings were the Schwab U.S. Large-Cap ETF and the Vanguard FTSE Emerging Markets ETF. The worst performer was the Xtrackers USD High Yield Corporate Bond ETF.

Adam J. Petryk, CFA

Lisa Wang, CFA

Thomas Picciochi

Co-Portfolio Managers

QS Investors, LLC

Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		47.3	%
U.S. Equity Funds		34.2
International Equity Funds		12.2
International Fixed Income Fund		5.6
Repurchase Agreement		0.9
Other Investment Company		0.1
Net Other Assets (Liabilities)		(0.3	)
Total		100.0	%

Current and future portfolio holdings are subject to change and risk.

Transamerica Funds Annual Report 2019

Page    4

Transamerica ClearTrack^® 2015

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			10 Year or Since Inception			Inception Date
Class R1 (NAV)		10.23	%		3.56	%		03/02/2015
Class R3 (NAV)		N/A			6.91	%(A)		03/01/2019
Class R6 (NAV)		11.00	%		4.23	%		03/02/2015
Dow Jones Target 2015 Index (B)		8.47	%		3.54	%

^(A) Not annualized.

^(B) The Dow Jones Target 2015 Index measures the performance of multi-asset-class portfolios with market risk profiles that become more conservative over time. Each Dow Jones Target Date Index is made up of composite indices representing equity securities, fixed income securities, and money market instruments. The asset class indices are weighted differently within each target date index depending on the time horizon. Each month, the allocations among the asset class indices are rebalanced to reflect an increasingly conservative asset mix.

The Dow Jones Target Date Indices are passively-managed indices designed to automatically adjust their asset allocations over time to reflect reductions in potential risk as an investor’s target date approaches. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The Transamerica ClearTrack^® target date options invest in exchange-traded funds (“ETFs”) which may represent a variety of broad asset classes including equity, fixed income, inflation-hedging, and short-term defensive instruments and may be subject to all of the risks of these asset classes. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF’s shares may be above or below the shares’ net asset value; and an active trading market for an ETF’s shares may not develop or be maintained, which may constrain liquidity. The allocations are intended to become more conservative over time: the fund’s asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or protect against market loss.

Transamerica Funds Annual Report 2019

Page    5

Transamerica ClearTrack^® 2015

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Shares		Value
EXCHANGE-TRADED FUNDS - 99.3%
International Equity Funds - 12.2%
Vanguard FTSE Developed Markets ETF		91,823		$  3,893,295
Vanguard FTSE Emerging Markets ETF		18,481		773,430
				4,666,725
International Fixed Income Fund - 5.6%
Vanguard Total International Bond ETF		36,811		2,153,075
U.S. Equity Funds - 34.2%
Schwab U.S. Large-Cap ETF		163,375		11,838,153
Schwab U.S. Small-Cap ETF (A)		17,713		1,260,988
				13,099,141
U.S. Fixed Income Funds - 47.3%
iShares Core U.S. Aggregate Bond ETF		128,582		14,549,053
iShares TIPS Bond ETF		19,340		2,244,601
Xtrackers USD High Yield Corporate Bond ETF		26,607		1,327,955
				18,121,609
Total Exchange-Traded Funds (Cost $33,624,979)				38,040,550
OTHER INVESTMENT COMPANY - 0.1%
Securities Lending Collateral - 0.1%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.75% (B)		50,925		50,925
Total Other Investment Company (Cost $50,925)				50,925

	Principal		Value
REPURCHASE AGREEMENT - 0.9%
Fixed Income Clearing Corp., 0.85% (B), dated 10/31/2019, to be repurchased at $333,659 on 11/01/2019. Collateralized by a U.S. Government Obligation, 1.88%, due 05/31/2022, and with a value of $344,724.		$  333,651		$   333,651
Total Repurchase Agreement (Cost $333,651)				333,651
Total Investments (Cost $34,009,555)				38,425,126
Net Other Assets (Liabilities) - (0.3)%				(119,813	)
Net Assets - 100.0%				$  38,305,313

SECURITY VALUATION:

Valuation Inputs ^(C)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Exchange-Traded Funds	$	38,040,550	$	—	$	—	$	38,040,550
Other Investment Company		50,925		—		—		50,925
Repurchase Agreement		—		333,651		—		333,651
Total Investments	$	38,091,475	$	333,651	$	—	$	38,425,126

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	All or a portion of the security is on loan. The value of the security on loan is $49,833. The amount on loan indicated may not correspond with the security on loan identified because a security with pending sales are in the process of recall from the brokers.
(B)	Rates disclosed reflect the yields at October 31, 2019.
(C)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    6

Transamerica ClearTrack^® 2020

(unaudited)

MARKET ENVIRONMENT

Over the past year, global fixed income and global equity markets rallied. Within fixed income markets, for the 12-month period ended October 31, 2019, the Bloomberg Barclays U.S. Aggregate Bond Index returned 11.51%, outperforming the Bloomberg Barclays Global Aggregate Bond Index, which returned 9.54%. Fixed income was supported by the dovish activity of global central banks. In the U.S., the U.S. Federal Reserve cut interest rates by 25 basis points three times since July. In August, the U.S. 2-year-10-year yield differential inverted for the first time in over a decade and the 30-year Treasury yield dropped below 2% for the first time. The European Central Bank announced additional stimulus in September and reduced the deposit rate.

Within the U.S., large cap stocks strongly outperformed small cap stocks, with the S&P 500^® Index returning 14.33% versus the Russell 2000^® Index which returned 4.90%. Large cap outperformance was driven by the rebound during the first quarter of 2019, when the S&P 500^® Index returned 13.65%. Abroad, emerging markets outperformed developed markets, with the MSCI Emerging Markets Index outperforming the MSCI EAFE Index over the 12-month period ended October 31, 2019.

Crude oil declined over the past year which was largely driven by the last two months of 2018. During that period, market concerns around over-supply spiked. Crude oil rebounded in the first quarter of 2019 due to tighter global supply conditions. This was driven by the U.S. reducing its drilling, combined with Venezuelan sanctions and outages, and Saudi Arabia affirming its commitment to cutting oil output. Trade tensions between the U.S. and China whipsawed markets and led to periods of increased volatility throughout the fiscal year.

PERFORMANCE

For the year ended October 31, 2019, Transamerica ClearTrack^® 2020 (Class R6) returned 10.77%. By comparison, its benchmark, the Dow Jones Target 2020 Index, returned 10.06%.

STRATEGY REVIEW

The Fund seeks to achieve its investment objective by investing in a combination of underlying exchange-traded funds (“ETFs”) representing a variety of broad asset classes — equity, fixed income and inflation-hedging — and a variety of investment styles. The Fund is managed to the specific target date included in its name, which is intended to coincide, generally, with an investor’s retirement year. The Fund follows a particular glide path in which, over time, its target asset mix will gradually become more conservative until approximately 10 years after the target date, when the asset mix will become static.

The Fund’s glide path includes the use of a dynamic rebalancing strategy, which seeks to limit an investor’s exposure to extended periods of market declines, in the five years before and after retirement. Dynamic Rebalancing systematically raises the Fund’s allocation to cash in response to rising volatility and declines in the Fund’s net asset value. This works best during extended market declines, and often leads to underperformance in sideways, or oscillating, markets.

For the year ended October 31, 2019, the Fund outperformed its benchmark, the Dow Jones Target 2020 Index. Asset allocation effects were the primary factor in outperformance as the Fund held an overweight allocation to equities relative to its benchmark. Within fixed income, the allocation to U.S. core fixed income contributed the most. The Fund had positive absolute returns for the one year period. In absolute terms, all of the Fund’s underlying holdings posted positive returns. The top performing holdings were the Schwab U.S. Large-Cap ETF and the Vanguard FTSE Emerging Markets ETF. The worst performer was the Xtrackers USD High Yield Corporate Bond ETF.

Adam J. Petryk, CFA

Lisa Wang, CFA

Thomas Picciochi

Co-Portfolio Managers

QS Investors, LLC

Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		42.8	%
U.S. Equity Funds		37.1
International Equity Funds		14.6
International Fixed Income Fund		4.8
Other Investment Company		1.7
Repurchase Agreement		0.4
Net Other Assets (Liabilities)		(1.4	)
Total		100.0	%

Current and future portfolio holdings are subject to change and risk.

Transamerica Funds Annual Report 2019

Page    7

Transamerica ClearTrack^® 2020

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			10 Year or Since Inception			Inception Date
Class R1 (NAV)		9.99	%		3.68	%		03/02/2015
Class R3 (NAV)		N/A			6.82	%(A)		03/01/2019
Class R6 (NAV)		10.77	%		4.35	%		03/02/2015
Dow Jones Target 2020 Index (B)		10.06	%		4.21	%

^(A) Not annualized.

^(B) The Dow Jones Target 2020 Index measures the performance of multi-asset-class portfolios with market risk profiles that become more conservative over time. Each Dow Jones Target Date Index is made up of composite indices representing equity securities, fixed income securities, and money market instruments. The asset class indices are weighted differently within each target date index depending on the time horizon. Each month, the allocations among the asset class indices are rebalanced to reflect an increasingly conservative asset mix.

The Dow Jones Target Date Indices are passively-managed indices designed to automatically adjust their asset allocations over time to reflect reductions in potential risk as an investor’s target date approaches. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The Transamerica ClearTrack^® target date options invest in exchange-traded funds (“ETFs”) which may represent a variety of broad asset classes including equity, fixed income, inflation-hedging, and short-term defensive instruments and may be subject to all of the risks of these asset classes. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF’s shares may be above or below the shares’ net asset value; and an active trading market for an ETF’s shares may not develop or be maintained, which may constrain liquidity. The allocations are intended to become more conservative over time: the fund’s asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or protect against market loss.

Transamerica Funds Annual Report 2019

Page    8

Transamerica ClearTrack^® 2020

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Shares		Value
EXCHANGE-TRADED FUNDS - 99.3%
International Equity Funds - 14.6%
Vanguard FTSE Developed Markets ETF		150,318		$  6,373,483
Vanguard FTSE Emerging Markets ETF		29,207		1,222,313
				7,595,796
International Fixed Income Fund - 4.8%
Vanguard Total International Bond ETF (A)		42,321		2,475,355
U.S. Equity Funds - 37.1%
Schwab U.S. Large-Cap ETF		243,216		17,623,431
Schwab U.S. Small-Cap ETF (A)		23,853		1,698,095
				19,321,526
U.S. Fixed Income Funds - 42.8%
iShares Core U.S. Aggregate Bond ETF		162,545		18,391,967
iShares TIPS Bond ETF		22,072		2,561,676
Xtrackers USD High Yield Corporate Bond ETF		27,468		1,370,928
				22,324,571
Total Exchange-Traded Funds (Cost $45,631,424)				51,717,248
OTHER INVESTMENT COMPANY - 1.7%
Securities Lending Collateral - 1.7%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.75% (B)		905,875		905,875
Total Other Investment Company (Cost $905,875)				905,875

	Principal		Value
REPURCHASE AGREEMENT - 0.4%
Fixed Income Clearing Corp., 0.85% (B), dated 10/31/2019, to be repurchased at $192,896 on 11/01/2019. Collateralized by a U.S. Government Obligation, 1.88%, due 05/31/2022, and with a value of $197,709.		$  192,892		$   192,892
Total Repurchase Agreement (Cost $192,892)				192,892
Total Investments (Cost $46,730,191)				52,816,015
Net Other Assets (Liabilities) - (1.4)%				(705,835	)
Net Assets - 100.0%				$  52,110,180

SECURITY VALUATION:

Valuation Inputs ^(C)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Exchange-Traded Funds	$	51,717,248	$	—	$	—	$	51,717,248
Other Investment Company		905,875		—		—		905,875
Repurchase Agreement		—		192,892		—		192,892
Total Investments	$	52,623,123	$	192,892	$	—	$	52,816,015

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	All or a portion of the securities are on loan. The total value of all securities on loan is $886,741. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(B)	Rates disclosed reflect the yields at October 31, 2019.
(C)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    9

Transamerica ClearTrack^® 2025

(unaudited)

MARKET ENVIRONMENT

Over the past year, global fixed income and global equity markets rallied. Within fixed income markets, for the 12-month period ended October 31, 2019, the Bloomberg Barclays U.S. Aggregate Bond Index returned 11.51%, outperforming the Bloomberg Barclays Global Aggregate Bond Index, which returned 9.54%. Fixed income was supported by the dovish activity of global central banks. In the U.S., the U.S. Federal Reserve cut interest rates by 25 basis points three times since July. In August, the U.S. 2-year-10-year yield differential inverted for the first time in over a decade and the 30-year Treasury yield dropped below 2% for the first time. The European Central Bank announced additional stimulus in September and reduced the deposit rate.

Within the U.S., large cap stocks strongly outperformed small cap stocks, with the S&P 500^® Index returning 14.33% versus the Russell 2000^® Index which returned 4.90%. Large cap outperformance was driven by the rebound during the first quarter of 2019, when the S&P 500^® Index returned 13.65%. Abroad, emerging markets outperformed developed markets, with the MSCI Emerging Markets Index outperforming the MSCI EAFE Index over the 12-month period ended October 31, 2019.

Crude oil declined over the past year which was largely driven by the last two months of 2018. During that period, market concerns around over-supply spiked. Crude oil rebounded in the first quarter of 2019 due to tighter global supply conditions. This was driven by the U.S. reducing its drilling, combined with Venezuelan sanctions and outages, and Saudi Arabia affirming its commitment to cutting oil output. Trade tensions between the U.S. and China whipsawed markets and led to periods of increased volatility throughout the fiscal year.

PERFORMANCE

For the year ended October 31, 2019, Transamerica ClearTrack^® 2025 (Class R6) returned 11.89%. By comparison, its benchmark, the Dow Jones Target 2025 Index, returned 10.58%.

STRATEGY REVIEW

The Fund seeks to achieve its investment objective by investing in a combination of underlying exchange-traded funds (“ETFs”) representing a variety of broad asset classes — equity, fixed income and inflation-hedging — and a variety of investment styles. The Fund is managed to the specific target date included in its name, which is intended to coincide, generally, with an investor’s retirement year. The Fund follows a particular glide path in which, over time, its target asset mix will gradually become more conservative until approximately 10 years after the target date, when the asset mix will become static.

For the year ended October 31, 2019, the Fund outperformed its benchmark, the Dow Jones Target 2025 Index. Asset allocation effects were the primary factor in outperformance as the Fund held an overweight allocation to equities relative to its benchmark. Within fixed income, the allocation to U.S. core fixed income contributed the most. The Fund had positive absolute returns for the one year period. In absolute terms, all of the Fund’s underlying holdings posted positive returns. The top performing holdings were the Schwab U.S. REIT ETF, and the Schwab U.S. Large-Cap ETF. The worst performer was the Xtrackers USD High Yield Corporate Bond ETF.

Adam J. Petryk, CFA

Lisa Wang, CFA

Thomas Picciochi

Co-Portfolio Managers

QS Investors, LLC

Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		40.1	%
U.S. Fixed Income Funds		38.1
International Equity Funds		17.6
International Fixed Income Fund		2.9
Repurchase Agreement		1.5
Other Investment Company		0.4
Net Other Assets (Liabilities)		(0.6	)
Total		100.0	%

Current and future portfolio holdings are subject to change and risk.

Transamerica Funds Annual Report 2019

Page    10

Transamerica ClearTrack^® 2025

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			10 Year or Since Inception			Inception Date
Class R1 (NAV)		11.23	%		4.53	%		03/02/2015
Class R3 (NAV)		N/A			6.83	%(A)		03/01/2019
Class R6 (NAV)		11.89	%		5.21	%		03/02/2015
Dow Jones Target 2025 Index (B)		10.58	%		4.85	%

^(A) Not annualized.

^(B) The Dow Jones Target 2025 Index measures the performance of multi-asset-class portfolios with market risk profiles that become more conservative over time. Each Dow Jones Target Date Index is made up of composite indices representing equity securities, fixed income securities, and money market instruments. The asset class indices are weighted differently within each target date index depending on the time horizon. Each month, the allocations among the asset class indices are rebalanced to reflect an increasingly conservative asset mix.

The Dow Jones Target Date Indices are passively-managed indices designed to automatically adjust their asset allocations over time to reflect reductions in potential risk as an investor’s target date approaches. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The Transamerica ClearTrack^® target date options invest in exchange-traded funds (“ETFs”) which may represent a variety of broad asset classes including equity, fixed income, inflation-hedging, and short-term defensive instruments and may be subject to all of the risks of these asset classes. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF’s shares may be above or below the shares’ net asset value; and an active trading market for an ETF’s shares may not develop or be maintained, which may constrain liquidity. The allocations are intended to become more conservative over time: the fund’s asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or protect against market loss.

Transamerica Funds Annual Report 2019

Page    11

Transamerica ClearTrack^® 2025

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Shares		Value
EXCHANGE-TRADED FUNDS - 98.7%
International Equity Funds - 17.6%
Vanguard FTSE Developed Markets ETF		264,240		$  11,203,776
Vanguard FTSE Emerging Markets ETF		49,342		2,064,963
				13,268,739
International Fixed Income Fund - 2.9%
Vanguard Total International Bond ETF		36,991		2,163,604
U.S. Equity Funds - 40.1%
Schwab U.S. Large-Cap ETF		378,452		27,422,632
Schwab U.S. REIT ETF (A)		9,579		456,727
Schwab U.S. Small-Cap ETF (A)		32,724		2,329,621
				30,208,980
U.S. Fixed Income Funds - 38.1%
iShares Core U.S. Aggregate Bond ETF		222,873		25,218,080
iShares TIPS Bond ETF		18,591		2,157,671
Xtrackers USD High Yield Corporate Bond ETF		26,469		1,321,068
				28,696,819
Total Exchange-Traded Funds (Cost $64,683,530)				74,338,142
OTHER INVESTMENT COMPANY - 0.4%
Securities Lending Collateral - 0.4%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.75% (B)		307,327		307,327
Total Other Investment Company (Cost $307,327)				307,327

	Principal		Value
REPURCHASE AGREEMENT - 1.5%
Fixed Income Clearing Corp., 0.85% (B), dated 10/31/2019, to be repurchased at $1,103,914 on 11/01/2019. Collateralized by a U.S. Government Obligation, 1.88%, due 05/31/2022, and with a value of $1,130,492.		$  1,103,888		$   1,103,888
Total Repurchase Agreement (Cost $1,103,888)				1,103,888
Total Investments (Cost $66,094,745)				75,749,357
Net Other Assets (Liabilities) - (0.6)%				(434,949	)
Net Assets - 100.0%				$  75,314,408

SECURITY VALUATION:

Valuation Inputs ^(C)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Exchange-Traded Funds	$	74,338,142	$	—	$	—	$	74,338,142
Other Investment Company		307,327		—		—		307,327
Repurchase Agreement		—		1,103,888		—		1,103,888
Total Investments	$	74,645,469	$	1,103,888	$	—	$	75,749,357

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	All or a portion of the securities are on loan. The total value of all securities on loan is $300,590. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(B)	Rates disclosed reflect the yields at October 31, 2019.
(C)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    12

Transamerica ClearTrack^® 2030

(unaudited)

MARKET ENVIRONMENT

Over the past year, global fixed income and global equity markets rallied. Within fixed income markets, for the 12-month period ended October 31, 2019, the Bloomberg Barclays U.S. Aggregate Bond Index returned 11.51%, outperforming the Bloomberg Barclays Global Aggregate Bond Index, which returned 9.54%. Fixed income was supported by the dovish activity of global central banks. In the U.S., the U.S. Federal Reserve cut interest rates by 25 basis points three times since July. In August, the U.S. 2-year-10-year yield differential inverted for the first time in over a decade and the 30-year Treasury yield dropped below 2% for the first time. The European Central Bank announced additional stimulus in September and reduced the deposit rate.

Within the U.S., large cap stocks strongly outperformed small cap stocks, with the S&P 500^® Index returning 14.33% versus the Russell 2000^® Index which returned 4.90%. Large cap outperformance was driven by the rebound during the first quarter of 2019, when the S&P 500^® Index returned 13.65%. Abroad, emerging markets outperformed developed markets, with the MSCI Emerging Markets Index outperforming the MSCI EAFE Index over the 12-month period ended October 31, 2019.

Crude oil declined over the past year which was largely driven by the last two months of 2018. During that period, market concerns around over-supply spiked. Crude oil rebounded in the first quarter of 2019 due to tighter global supply conditions. This was driven by the U.S. reducing its drilling, combined with Venezuelan sanctions and outages, and Saudi Arabia affirming its commitment to cutting oil output. Trade tensions between the U.S. and China whipsawed markets and led to periods of increased volatility throughout the fiscal year.

PERFORMANCE

For the year ended October 31, 2019, Transamerica ClearTrack^® 2030 (Class R6) returned 12.13%. By comparison, its benchmark, the Dow Jones Target 2030 Index, returned 11.01%.

STRATEGY REVIEW

The Fund seeks to achieve its investment objective by investing in a combination of underlying exchange-traded funds (“ETFs”) representing a variety of broad asset classes — equity, fixed income and inflation-hedging — and a variety of investment styles. The Fund is managed to the specific target date included in its name, which is intended to coincide, generally, with an investor’s retirement year. The Fund follows a particular glide path in which, over time, its target asset mix will gradually become more conservative until approximately 10 years after the target date, when the asset mix will become static.

For the year ended October 31, 2019, the Fund outperformed its benchmark, the Dow Jones Target 2030 Index. Asset allocation effects were the primary factor in outperformance as the Fund held an overweight allocation to equities relative to its benchmark. Within fixed income, the allocation to U.S. core fixed income contributed the most. The Fund had positive absolute returns for the one year period. In absolute terms, all of the Fund’s underlying holdings posted positive returns. The top performing holdings were the Schwab U.S. REIT ETF, and the Schwab U.S. Large-Cap ETF. The worst performer was the Xtrackers USD High Yield Corporate Bond ETF.

Adam J. Petryk, CFA

Lisa Wang, CFA

Thomas Picciochi

Co-Portfolio Managers

QS Investors, LLC

Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		44.9	%
U.S. Fixed Income Funds		32.3
International Equity Funds		19.7
International Fixed Income Fund		1.9
Repurchase Agreement		1.4
Other Investment Company		0.2
Net Other Assets (Liabilities)		(0.4	)
Total		100.0	%

Current and future portfolio holdings are subject to change and risk.

Transamerica Funds Annual Report 2019

Page    13

Transamerica ClearTrack^® 2030

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			10 Year or Since Inception			Inception Date
Class R1 (NAV)		11.38	%		5.03	%		03/02/2015
Class R3 (NAV)		N/A			6.87	%(A)		03/01/2019
Class R6 (NAV)		12.13	%		5.72	%		03/02/2015
Dow Jones Target 2030 Index (B)		11.01	%		5.53	%

^(A) Not annualized.

^(B) The Dow Jones Target 2030 Index measures the performance of multi-asset-class portfolios with market risk profiles that become more conservative over time. Each Dow Jones Target Date Index is made up of composite indices representing equity securities, fixed income securities, and money market instruments. The asset class indices are weighted differently within each target date index depending on the time horizon. Each month, the allocations among the asset class indices are rebalanced to reflect an increasingly conservative asset mix.

The Dow Jones Target Date Indices are passively-managed indices designed to automatically adjust their asset allocations over time to reflect reductions in potential risk as an investor’s target date approaches. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The Transamerica ClearTrack^® target date options invest in exchange-traded funds (“ETFs”) which may represent a variety of broad asset classes including equity, fixed income, inflation-hedging, and short-term defensive instruments and may be subject to all of the risks of these asset classes. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF’s shares may be above or below the shares’ net asset value; and an active trading market for an ETF’s shares may not develop or be maintained, which may constrain liquidity. The allocations are intended to become more conservative over time: the fund’s asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or protect against market loss.

Transamerica Funds Annual Report 2019

Page    14

Transamerica ClearTrack^® 2030

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Shares		Value
EXCHANGE-TRADED FUNDS - 98.8%
International Equity Funds - 19.7%
Vanguard FTSE Developed Markets ETF		226,014		$  9,582,993
Vanguard FTSE Emerging Markets ETF		43,934		1,838,638
				11,421,631
International Fixed Income Fund - 1.9%
Vanguard Total International Bond ETF		19,115		1,118,036
U.S. Equity Funds - 44.9%
Schwab U.S. Large-Cap ETF		324,898		23,542,109
Schwab U.S. REIT ETF (A)		8,951		426,784
Schwab U.S. Small-Cap ETF (A)		27,601		1,964,915
				25,933,808
U.S. Fixed Income Funds - 32.3%
iShares Core U.S. Aggregate Bond ETF		150,334		17,010,292
iShares TIPS Bond ETF		9,549		1,108,257
Xtrackers USD High Yield Corporate Bond ETF		10,628		530,444
				18,648,993
Total Exchange-Traded Funds (Cost $48,631,554)				57,122,468
OTHER INVESTMENT COMPANY - 0.2%
Securities Lending Collateral - 0.2%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.75% (B)		140,446		140,446
Total Other Investment Company (Cost $140,446)				140,446

	Principal		Value
REPURCHASE AGREEMENT - 1.4%
Fixed Income Clearing Corp., 0.85% (B), dated 10/31/2019, to be repurchased at $781,467 on 11/01/2019. Collateralized by a U.S. Government Obligation, 2.13%, due 05/15/2022, and with a value of $801,892.		$  781,449		$   781,449
Total Repurchase Agreement (Cost $781,449)				781,449
Total Investments (Cost $49,553,449)				58,044,363
Net Other Assets (Liabilities) - (0.4)%				(239,117	)
Net Assets - 100.0%				$  57,805,246

SECURITY VALUATION:

Valuation Inputs ^(C)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Exchange-Traded Funds	$	57,122,468	$	—	$	—	$	57,122,468
Other Investment Company		140,446		—		—		140,446
Repurchase Agreement		—		781,449		—		781,449
Total Investments	$	57,262,914	$	781,449	$	—	$	58,044,363

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	All or a portion of the securities are on loan. The total value of all securities on loan is $137,387. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(B)	Rates disclosed reflect the yields at October 31, 2019.
(C)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    15

Transamerica ClearTrack^® 2035

(unaudited)

MARKET ENVIRONMENT

Over the past year, global fixed income and global equity markets rallied. Within fixed income markets, for the 12-month period ended October 31, 2019, the Bloomberg Barclays U.S. Aggregate Bond Index returned 11.51%, outperforming the Bloomberg Barclays Global Aggregate Bond Index, which returned 9.54%. Fixed income was supported by the dovish activity of global central banks. In the U.S., the U.S. Federal Reserve cut interest rates by 25 basis points three times since July. In August, the U.S. 2-year-10-year yield differential inverted for the first time in over a decade and the 30-year Treasury yield dropped below 2% for the first time. The European Central Bank announced additional stimulus in September and reduced the deposit rate.

Within the U.S., large cap stocks strongly outperformed small cap stocks, with the S&P 500^® Index returning 14.33% versus the Russell 2000^® Index which returned 4.90%. Large cap outperformance was driven by the rebound during the first quarter of 2019, when the S&P 500^® Index returned 13.65%. Abroad, emerging markets outperformed developed markets, with the MSCI Emerging Markets Index outperforming the MSCI EAFE Index over the 12-month period ended October 31, 2019.

Crude oil declined over the past year which was largely driven by the last two months of 2018. During that period, market concerns around over-supply spiked. Crude oil rebounded in the first quarter of 2019 due to tighter global supply conditions. This was driven by the U.S. reducing its drilling, combined with Venezuelan sanctions and outages, and Saudi Arabia affirming its commitment to cutting oil output. Trade tensions between the U.S. and China whipsawed markets and led to periods of increased volatility throughout the fiscal year.

PERFORMANCE

For the year ended October 31, 2019, Transamerica ClearTrack^® 2035 (Class R6) returned 12.22%. By comparison, its benchmark, the Dow Jones Target 2035 Index, returned 11.34%.

STRATEGY REVIEW

The Fund seeks to achieve its investment objective by investing in a combination of underlying exchange-traded funds (“ETFs”) representing a variety of broad asset classes — equity, fixed income and inflation-hedging — and a variety of investment styles. The Fund is managed to the specific target date included in its name, which is intended to coincide, generally, with an investor’s retirement year. The Fund follows a particular glide path in which, over time, its target asset mix will gradually become more conservative until approximately 10 years after the target date, when the asset mix will become static.

For the year ended October 31, 2019, the Fund outperformed its benchmark, the Dow Jones Target 2035 Index. Asset allocation effects were the primary factor in outperformance as the Fund held an overweight allocation to equities relative to its benchmark. Within fixed income, the allocation to U.S. core fixed income contributed the most. The Fund had positive absolute returns for the one year period. In absolute terms, all of the Fund’s underlying holdings posted positive returns. The top performing holdings were the Schwab U.S. REIT ETF, and the Schwab U.S. Large-Cap ETF. The worst performer was the Schwab U.S. Small-Cap ETF.

Adam J. Petryk, CFA

Lisa Wang, CFA

Thomas Picciochi

Co-Portfolio Managers

QS Investors, LLC

Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		51.0	%
U.S. Fixed Income Fund		24.6
International Equity Funds		22.0
International Fixed Income Fund		1.5
Repurchase Agreement		0.5
Net Other Assets (Liabilities)		0.4
Total		100.0	%

Current and future portfolio holdings are subject to change and risk.

Transamerica Funds Annual Report 2019

Page    16

Transamerica ClearTrack^® 2035

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			10 Year or Since Inception			Inception Date
Class R1 (NAV)		11.65	%		5.47	%		03/02/2015
Class R3 (NAV)		N/A			6.78	%(A)		03/01/2019
Class R6 (NAV)		12.22	%		6.14	%		03/02/2015
Dow Jones Target 2035 Index (B)		11.34	%		6.02	%

^(A) Not annualized.

^(B) The Dow Jones Target 2035 Index measures the performance of multi-asset-class portfolios with market risk profiles that become more conservative over time. Each Dow Jones Target Date Index is made up of composite indices representing equity securities, fixed income securities, and money market instruments. The asset class indices are weighted differently within each target date index depending on the time horizon. Each month, the allocations among the asset class indices are rebalanced to reflect an increasingly conservative asset mix.

The Dow Jones Target Date Indices are passively-managed indices designed to automatically adjust their asset allocations over time to reflect reductions in potential risk as an investor’s target date approaches. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The Transamerica ClearTrack^® target date options invest in exchange-traded funds (“ETFs”) which may represent a variety of broad asset classes including equity, fixed income, inflation-hedging, and short-term defensive instruments and may be subject to all of the risks of these asset classes. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF’s shares may be above or below the shares’ net asset value; and an active trading market for an ETF’s shares may not develop or be maintained, which may constrain liquidity. The allocations are intended to become more conservative over time: the fund’s asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or protect against market loss.

Transamerica Funds Annual Report 2019

Page    17

Transamerica ClearTrack^® 2035

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Shares		Value
EXCHANGE-TRADED FUNDS - 99.1%
International Equity Funds - 22.0%
Vanguard FTSE Developed Markets ETF		253,478		$  10,747,467
Vanguard FTSE Emerging Markets ETF		49,907		2,088,608
				12,836,075
International Fixed Income Fund - 1.5%
Vanguard Total International Bond ETF		14,532		849,977
U.S. Equity Funds - 51.0%
Schwab U.S. Large-Cap ETF		371,674		26,931,498
Schwab U.S. REIT ETF		11,475		547,128
Schwab U.S. Small-Cap ETF		30,687		2,184,608
				29,663,234
U.S. Fixed Income Fund - 24.6%
iShares Core U.S. Aggregate Bond ETF		126,668		14,332,484
Total Exchange-Traded Funds (Cost $47,584,945)				57,681,770

	Principal		Value
REPURCHASE AGREEMENT - 0.5%
Fixed Income Clearing Corp., 0.85% (A), dated 10/31/2019, to be repurchased at $268,016 on 11/01/2019. Collateralized by a U.S. Government Obligation, 2.13%, due 05/15/2022, and with a value of $275,810.		$  268,009		$   268,009
Total Repurchase Agreement (Cost $268,009)				268,009
Total Investments (Cost $47,852,954)				57,949,779
Net Other Assets (Liabilities) - 0.4%				260,718
Net Assets - 100.0%				$  58,210,497

SECURITY VALUATION:

Valuation Inputs ^(B)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Exchange-Traded Funds	$	57,681,770	$	—	$	—	$	57,681,770
Repurchase Agreement		—		268,009		—		268,009
Total Investments	$	57,681,770	$	268,009	$	—	$	57,949,779

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Rate disclosed reflects the yield at October 31, 2019.
(B)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    18

Transamerica ClearTrack^® 2040

(unaudited)

MARKET ENVIRONMENT

Over the past year, global fixed income and global equity markets rallied. Within fixed income markets, for the 12-month period ended October 31, 2019, the Bloomberg Barclays U.S. Aggregate Bond Index returned 11.51%, outperforming the Bloomberg Barclays Global Aggregate Bond Index, which returned 9.54%. Fixed income was supported by the dovish activity of global central banks. In the U.S., the U.S. Federal Reserve cut interest rates by 25 basis points three times since July. In August, the U.S. 2-year-10-year yield differential inverted for the first time in over a decade and the 30-year Treasury yield dropped below 2% for the first time. The European Central Bank announced additional stimulus in September and reduced the deposit rate.

Within the U.S., large cap stocks strongly outperformed small cap stocks, with the S&P 500^® Index returning 14.33% versus the Russell 2000^® Index which returned 4.90%. Large cap outperformance was driven by the rebound during the first quarter of 2019, when the S&P 500^® Index returned 13.65%. Abroad, emerging markets outperformed developed markets, with the MSCI Emerging Markets Index outperforming the MSCI EAFE Index over the 12-month period ended October 31, 2019.

Crude oil declined over the past year which was largely driven by the last two months of 2018. During that period, market concerns around over-supply spiked. Crude oil rebounded in the first quarter of 2019 due to tighter global supply conditions. This was driven by the U.S. reducing its drilling, combined with Venezuelan sanctions and outages, and Saudi Arabia affirming its commitment to cutting oil output. Trade tensions between the U.S. and China whipsawed markets and led to periods of increased volatility throughout the fiscal year.

PERFORMANCE

For the year ended October 31, 2019, Transamerica ClearTrack^® 2040 (Class R6) returned 12.36%. By comparison, its benchmark, the Dow Jones Target 2040 Index, returned 11.59%.

STRATEGY REVIEW

The Fund seeks to achieve its investment objective by investing in a combination of underlying exchange-traded funds (“ETFs”) representing a variety of broad asset classes — equity, fixed income and inflation-hedging — and a variety of investment styles. The Fund is managed to the specific target date included in its name, which is intended to coincide, generally, with an investor’s retirement year. The Fund follows a particular glide path in which, over time, its target asset mix will gradually become more conservative until approximately 10 years after the target date, when the asset mix will become static.

For the year ended October 31, 2019, the Fund outperformed its benchmark, the Dow Jones Target 2040 Index. Asset allocation effects were the primary factor in outperformance as the Fund held an overweight allocation to equities relative to its benchmark. Within fixed income, the allocation to U.S. core fixed income contributed the most. The Fund had positive absolute returns for the one year period. In absolute terms, all of the Fund’s underlying holdings posted positive returns. The top performing holdings were the Schwab U.S. REIT ETF, and the Schwab U.S. Large-Cap ETF. The worst performer was the Schwab U.S. Small-Cap ETF.

Adam J. Petryk, CFA

Lisa Wang, CFA

Thomas Picciochi

Co-Portfolio Managers

QS Investors, LLC

Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		55.0	%
International Equity Funds		24.1
U.S. Fixed Income Fund		18.9
Repurchase Agreement		1.2
International Fixed Income Fund		1.0
Other Investment Company		0.0	*
Net Other Assets (Liabilities)		(0.2	)
Total		100.0	%

Current and future portfolio holdings are subject to change and risk.

* Percentage rounds to less than 0.1% or (0.1)%.

Transamerica Funds Annual Report 2019

Page    19

Transamerica ClearTrack^® 2040

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			10 Year or Since Inception			Inception Date
Class R1 (NAV)		11.54	%		5.79	%		03/02/2015
Class R3 (NAV)		N/A			6.68	%(A)		03/01/2019
Class R6 (NAV)		12.36	%		6.57	%		03/02/2015
Dow Jones Target 2040 Index (B)		11.59	%		6.42	%

^(A) Not annualized.

^(B) The Dow Jones Target 2040 Index measures the performance of multi-asset-class portfolios with market risk profiles that become more conservative over time. Each Dow Jones Target Date Index is made up of composite indices representing equity securities, fixed income securities, and money market instruments. The asset class indices are weighted differently within each target date index depending on the time horizon. Each month, the allocations among the asset class indices are rebalanced to reflect an increasingly conservative asset mix.

The Dow Jones Target Date Indices are passively-managed indices designed to automatically adjust their asset allocations over time to reflect reductions in potential risk as an investor’s target date approaches. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The Transamerica ClearTrack^® target date options invest in exchange-traded funds (“ETFs”) which may represent a variety of broad asset classes including equity, fixed income, inflation-hedging, and short-term defensive instruments and may be subject to all of the risks of these asset classes. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF’s shares may be above or below the shares’ net asset value; and an active trading market for an ETF’s shares may not develop or be maintained, which may constrain liquidity. The allocations are intended to become more conservative over time: the fund’s asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or protect against market loss.

Transamerica Funds Annual Report 2019

Page    20

Transamerica ClearTrack^® 2040

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Shares		Value
EXCHANGE-TRADED FUNDS - 99.0%
International Equity Funds - 24.1%
Vanguard FTSE Developed Markets ETF		252,709		$  10,714,862
Vanguard FTSE Emerging Markets ETF		47,119		1,971,930
				12,686,792
International Fixed Income Fund - 1.0%
Vanguard Total International Bond ETF		8,606		503,365
U.S. Equity Funds - 55.0%
Schwab U.S. Large-Cap ETF (A)		362,970		26,300,806
Schwab U.S. REIT ETF		11,967		570,586
Schwab U.S. Small-Cap ETF		28,346		2,017,952
				28,889,344
U.S. Fixed Income Fund - 18.9%
iShares Core U.S. Aggregate Bond ETF		87,835		9,938,530
Total Exchange-Traded Funds (Cost $42,541,150)				52,018,031
OTHER INVESTMENT COMPANY - 0.0% (B)
Securities Lending Collateral - 0.0% (B)
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.75% (C)		7,400		7,400
Total Other Investment Company (Cost $7,400)				7,400

	Principal		Value
REPURCHASE AGREEMENT - 1.2%
Fixed Income Clearing Corp., 0.85% (C), dated 10/31/2019, to be repurchased at $654,999 on 11/01/2019. Collateralized by a U.S. Government Obligation, 2.13%, due 05/15/2022, and with a value of $669,095.		$  654,984		$   654,984
Total Repurchase Agreement (Cost $654,984)				654,984
Total Investments (Cost $43,203,534)				52,680,415
Net Other Assets (Liabilities) - (0.2)%				(91,033	)
Net Assets - 100.0%				$  52,589,382

SECURITY VALUATION:

Valuation Inputs ^(D)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Exchange-Traded Funds	$	52,018,031	$	—	$	—	$	52,018,031
Other Investment Company		7,400		—		—		7,400
Repurchase Agreement		—		654,984		—		654,984
Total Investments	$	52,025,431	$	654,984	$	—	$	52,680,415

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	All or a portion of the security is on loan. The value of the security on loan is $7,246. The amount on loan indicated may not correspond with the security on loan identified because a security with pending sales are in the process of recall from the brokers.
(B)	Percentage rounds to less than 0.1% or (0.1)%.
(C)	Rates disclosed reflect the yields at October 31, 2019.
(D)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    21

Transamerica ClearTrack^® 2045

(unaudited)

MARKET ENVIRONMENT

Over the past year, global fixed income and global equity markets rallied. Within fixed income markets, for the 12-month period ended October 31, 2019, the Bloomberg Barclays U.S. Aggregate Bond Index returned 11.51%, outperforming the Bloomberg Barclays Global Aggregate Bond Index, which returned 9.54%. Fixed income was supported by the dovish activity of global central banks. In the U.S., the U.S. Federal Reserve cut interest rates by 25 basis points three times since July. In August, the U.S. 2-year-10-year yield differential inverted for the first time in over a decade and the 30-year Treasury yield dropped below 2% for the first time. The European Central Bank announced additional stimulus in September and reduced the deposit rate.

Within the U.S., large cap stocks strongly outperformed small cap stocks, with the S&P 500^® Index returning 14.33% versus the Russell 2000^® Index which returned 4.90%. Large cap outperformance was driven by the rebound during the first quarter of 2019, when the S&P 500^® Index returned 13.65%. Abroad, emerging markets outperformed developed markets, with the MSCI Emerging Markets Index outperforming the MSCI EAFE Index over the 12-month period ended October 31, 2019.

Crude oil declined over the past year which was largely driven by the last two months of 2018. During that period, market concerns around over-supply spiked. Crude oil rebounded in the first quarter of 2019 due to tighter global supply conditions. This was driven by the U.S. reducing its drilling, combined with Venezuelan sanctions and outages, and Saudi Arabia affirming its commitment to cutting oil output. Trade tensions between the U.S. and China whipsawed markets and led to periods of increased volatility throughout the fiscal year.

PERFORMANCE

For the year ended October 31, 2019, Transamerica ClearTrack^® 2045 (Class R6) returned 12.70%. By comparison, its benchmark, the Dow Jones Target 2045 Index, returned 11.68%.

STRATEGY REVIEW

The Fund seeks to achieve its investment objective by investing in a combination of underlying exchange-traded funds (“ETFs”) representing a variety of broad asset classes — equity, fixed income and inflation-hedging — and a variety of investment styles. The Fund is managed to the specific target date included in its name, which is intended to coincide, generally, with an investor’s retirement year. The Fund follows a particular glide path in which, over time, its target asset mix will gradually become more conservative until approximately 10 years after the target date, when the asset mix will become static.

For the year ended October 31, 2019, the Fund outperformed its benchmark, the Dow Jones Target 2045 Index. Asset allocation effects were the primary factor in outperformance as the Fund held an overweight allocation to equities relative to its benchmark. Within fixed income, the allocation to U.S. core fixed income contributed the most. The Fund had positive absolute returns for the one year period. In absolute terms, all of the Fund’s underlying holdings posted positive returns. The top performing holdings were the Schwab U.S. REIT ETF, and the Schwab U.S. Large-Cap ETF. The worst performer was the Schwab U.S. Small-Cap ETF.

Adam J. Petryk, CFA

Lisa Wang, CFA

Thomas Picciochi

Co-Portfolio Managers

QS Investors, LLC

Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		62.7	%
International Equity Funds		26.9
U.S. Fixed Income Fund		9.6
Repurchase Agreement		1.0
Net Other Assets (Liabilities)		(0.2	)
Total		100.0	%

Current and future portfolio holdings are subject to change and risk.

Transamerica Funds Annual Report 2019

Page    22

Transamerica ClearTrack^® 2045

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			10 Year or Since Inception			Inception Date
Class R1 (NAV)		11.97	%		6.25	%		03/02/2015
Class R3 (NAV)		N/A			6.71	%(A)		03/01/2019
Class R6 (NAV)		12.70	%		6.95	%		03/02/2015
Dow Jones Target 2045 Index (B)		11.68	%		6.69	%

^(A) Not annualized.

^(B) The Dow Jones Target 2045 Index measures the performance of multi-asset-class portfolios with market risk profiles that become more conservative over time. Each Dow Jones Target Date Index is made up of composite indices representing equity securities, fixed income securities, and money market instruments. The asset class indices are weighted differently within each target date index depending on the time horizon. Each month, the allocations among the asset class indices are rebalanced to reflect an increasingly conservative asset mix.

The Dow Jones Target Date Indices are passively-managed indices designed to automatically adjust their asset allocations over time to reflect reductions in potential risk as an investor’s target date approaches. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The Transamerica ClearTrack^® target date options invest in exchange-traded funds (“ETFs”) which may represent a variety of broad asset classes including equity, fixed income, inflation-hedging, and short-term defensive instruments and may be subject to all of the risks of these asset classes. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF’s shares may be above or below the shares’ net asset value; and an active trading market for an ETF’s shares may not develop or be maintained, which may constrain liquidity. The allocations are intended to become more conservative over time: the fund’s asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or protect against market loss.

Transamerica Funds Annual Report 2019

Page    23

Transamerica ClearTrack^® 2045

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Shares		Value
EXCHANGE-TRADED FUNDS - 99.2%
International Equity Funds - 26.9%
Vanguard FTSE Developed Markets ETF		186,680		$  7,915,232
Vanguard FTSE Emerging Markets ETF		34,248		1,433,279
				9,348,511
U.S. Equity Funds - 62.7%
Schwab U.S. Large-Cap ETF		273,604		19,825,346
Schwab U.S. REIT ETF		8,613		410,668
Schwab U.S. Small-Cap ETF		21,302		1,516,489
				21,752,503
U.S. Fixed Income Fund - 9.6%
iShares Core U.S. Aggregate Bond ETF		29,423		3,329,212
Total Exchange-Traded Funds (Cost $27,470,628)				34,430,226

	Principal		Value
REPURCHASE AGREEMENT - 1.0%
Fixed Income Clearing Corp., 0.85% (A), dated 10/31/2019, to be repurchased at $348,555 on 11/01/2019. Collateralized by a U.S. Government Obligation, 2.13%, due 05/15/2022, and with a value of $357,532.		$  348,547		$   348,547
Total Repurchase Agreement (Cost $348,547)				348,547
Total Investments (Cost $27,819,175)				34,778,773
Net Other Assets (Liabilities) - (0.2)%				(72,656	)
Net Assets - 100.0%				$  34,706,117

SECURITY VALUATION:

Valuation Inputs ^(B)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Exchange-Traded Funds	$	34,430,226	$	—	$	—	$	34,430,226
Repurchase Agreement		—		348,547		—		348,547
Total Investments	$	34,430,226	$	348,547	$	—	$	34,778,773

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Rate disclosed reflects the yield at October 31, 2019.
(B)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    24

Transamerica ClearTrack^® 2050

(unaudited)

MARKET ENVIRONMENT

Over the past year, global fixed income and global equity markets rallied. Within fixed income markets, for the 12-month period ended October 31, 2019, the Bloomberg Barclays U.S. Aggregate Bond Index returned 11.51%, outperforming the Bloomberg Barclays Global Aggregate Bond Index, which returned 9.54%. Fixed income was supported by the dovish activity of global central banks. In the U.S., the U.S. Federal Reserve cut interest rates by 25 basis points three times since July. In August, the U.S. 2-year-10-year yield differential inverted for the first time in over a decade and the 30-year Treasury yield dropped below 2% for the first time. The European Central Bank announced additional stimulus in September and reduced the deposit rate.

Within the U.S., large cap stocks strongly outperformed small cap stocks, with the S&P 500^® Index returning 14.33% versus the Russell 2000^® Index which returned 4.90%. Large cap outperformance was driven by the rebound during the first quarter of 2019, when the S&P 500^® Index returned 13.65%. Abroad, emerging markets outperformed developed markets, with the MSCI Emerging Markets Index outperforming the MSCI EAFE Index over the 12-month period ended October 31, 2019.

Crude oil declined over the past year which was largely driven by the last two months of 2018. During that period, market concerns around over-supply spiked. Crude oil rebounded in the first quarter of 2019 due to tighter global supply conditions. This was driven by the U.S. reducing its drilling, combined with Venezuelan sanctions and outages, and Saudi Arabia affirming its commitment to cutting oil output. Trade tensions between the U.S. and China whipsawed markets and led to periods of increased volatility throughout the fiscal year.

PERFORMANCE

For the year ended October 31, 2019, Transamerica ClearTrack^® 2050 (Class R6) returned 12.62%. By comparison, its benchmark, the Dow Jones Target 2050 Index, returned 11.73%.

STRATEGY REVIEW

The Fund seeks to achieve its investment objective by investing in a combination of underlying exchange-traded funds (“ETFs”) representing a variety of broad asset classes — equity, fixed income and inflation-hedging — and a variety of investment styles. The Fund is managed to the specific target date included in its name, which is intended to coincide, generally, with an investor’s retirement year. The Fund follows a particular glide path in which, over time, its target asset mix will gradually become more conservative until approximately 10 years after the target date, when the asset mix will become static.

For the year ended October 31, 2019, the Fund outperformed its benchmark, the Dow Jones Target 2050 Index. Asset allocation effects were the primary factor in outperformance as the Fund held an overweight allocation to equities relative to its benchmark. Within fixed income, the allocation to U.S. core fixed income contributed the most. The Fund had positive absolute returns for the one year period. In absolute terms, all of the Fund’s underlying holdings posted positive returns. The top performing holdings were the Schwab U.S. REIT ETF, and the Schwab U.S. Large-Cap ETF. The worst performer was the Schwab U.S. Small-Cap ETF.

Adam J. Petryk, CFA

Lisa Wang, CFA

Thomas Picciochi

Co-Portfolio Managers

QS Investors, LLC

Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		63.9	%
International Equity Funds		29.6
U.S. Fixed Income Fund		6.2
Repurchase Agreement		0.5
Net Other Assets (Liabilities)		(0.2	)
Total		100.0	%

Current and future portfolio holdings are subject to change and risk.

Transamerica Funds Annual Report 2019

Page    25

Transamerica ClearTrack^® 2050

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			10 Year or Since Inception			Inception Date
Class R1 (NAV)		11.87	%		6.26	%		03/02/2015
Class R3 (NAV)		N/A			6.62	%(A)		03/01/2019
Class R6 (NAV)		12.62	%		6.96	%		03/02/2015
Dow Jones Target 2050 Index (B)		11.73	%		6.83	%

^(A) Not annualized.

^(B) The Dow Jones Target 2050 Index measures the performance of multi-asset-class portfolios with market risk profiles that become more conservative over time. Each Dow Jones Target Date Index is made up of composite indices representing equity securities, fixed income securities, and money market instruments. The asset class indices are weighted differently within each target date index depending on the time horizon. Each month, the allocations among the asset class indices are rebalanced to reflect an increasingly conservative asset mix.

The Dow Jones Target Date Indices are passively-managed indices designed to automatically adjust their asset allocations over time to reflect reductions in potential risk as an investor’s target date approaches. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The Transamerica ClearTrack^® target date options invest in exchange-traded funds (“ETFs”) which may represent a variety of broad asset classes including equity, fixed income, inflation-hedging, and short-term defensive instruments and may be subject to all of the risks of these asset classes. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF’s shares may be above or below the shares’ net asset value; and an active trading market for an ETF’s shares may not develop or be maintained, which may constrain liquidity. The allocations are intended to become more conservative over time: the fund’s asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or protect against market loss.

Transamerica Funds Annual Report 2019

Page    26

Transamerica ClearTrack^® 2050

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Shares		Value
EXCHANGE-TRADED FUNDS - 99.7%
International Equity Funds - 29.6%
Vanguard FTSE Developed Markets ETF		162,061		$  6,871,387
Vanguard FTSE Emerging Markets ETF		28,892		1,209,130
				8,080,517
U.S. Equity Funds - 63.9%
Schwab U.S. Large-Cap ETF		220,790		15,998,443
Schwab U.S. REIT ETF		7,681		366,230
Schwab U.S. Small-Cap ETF		15,078		1,073,403
				17,438,076
U.S. Fixed Income Fund - 6.2%
iShares Core U.S. Aggregate Bond ETF		14,986		1,695,666
Total Exchange-Traded Funds (Cost $21,656,506)				27,214,259

	Principal		Value
REPURCHASE AGREEMENT - 0.5%
Fixed Income Clearing Corp., 0.85% (A), dated 10/31/2019, to be repurchased at $140,482 on 11/01/2019. Collateralized by a U.S. Government Obligation, 2.13%, due 05/15/2022, and with a value of $148,120.		$  140,479		$   140,479
Total Repurchase Agreement (Cost $140,479)				140,479
Total Investments (Cost $21,796,985)				27,354,738
Net Other Assets (Liabilities) - (0.2)%				(54,813	)
Net Assets - 100.0%				$  27,299,925

SECURITY VALUATION:

Valuation Inputs ^(B)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Exchange-Traded Funds	$	27,214,259	$	—	$	—	$	27,214,259
Repurchase Agreement		—		140,479		—		140,479
Total Investments	$	27,214,259	$	140,479	$	—	$	27,354,738

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Rate disclosed reflects the yield at October 31, 2019.
(B)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    27

Transamerica ClearTrack^® 2055

(unaudited)

MARKET ENVIRONMENT

Over the past year, global fixed income and global equity markets rallied. Within fixed income markets, for the 12-month period ended October 31, 2019, the Bloomberg Barclays U.S. Aggregate Bond Index returned 11.51%, outperforming the Bloomberg Barclays Global Aggregate Bond Index, which returned 9.54%. Fixed income was supported by the dovish activity of global central banks. In the U.S., the U.S. Federal Reserve cut interest rates by 25 basis points three times since July. In August, the U.S. 2-year-10-year yield differential inverted for the first time in over a decade and the 30-year Treasury yield dropped below 2% for the first time. The European Central Bank announced additional stimulus in September and reduced the deposit rate.

Within the U.S., large cap stocks strongly outperformed small cap stocks, with the S&P 500^® Index returning 14.33% versus the Russell 2000^® Index which returned 4.90%. Large cap outperformance was driven by the rebound during the first quarter of 2019, when the S&P 500^® Index returned 13.65%. Abroad, emerging markets outperformed developed markets, with the MSCI Emerging Markets Index outperforming the MSCI EAFE Index over the 12-month period ended October 31, 2019.

Crude oil declined over the past year which was largely driven by the last two months of 2018. During that period, market concerns around over-supply spiked. Crude oil rebounded in the first quarter of 2019 due to tighter global supply conditions. This was driven by the U.S. reducing its drilling, combined with Venezuelan sanctions and outages, and Saudi Arabia affirming its commitment to cutting oil output. Trade tensions between the U.S. and China whipsawed markets and led to periods of increased volatility throughout the fiscal year.

PERFORMANCE

For the year ended October 31, 2019, Transamerica ClearTrack^® 2055 (Class R6) returned 12.89%. By comparison, its benchmark, the Dow Jones Target 2055 Index, returned 11.74%.

STRATEGY REVIEW

The Fund seeks to achieve its investment objective by investing in a combination of underlying exchange-traded funds (“ETFs”) representing a variety of broad asset classes — equity, fixed income and inflation-hedging — and a variety of investment styles. The Fund is managed to the specific target date included in its name, which is intended to coincide, generally, with an investor’s retirement year. The Fund follows a particular glide path in which, over time, its target asset mix will gradually become more conservative until approximately 10 years after the target date, when the asset mix will become static.

For the year ended October 31, 2019, the Fund outperformed its benchmark, the Dow Jones Target 2055 Index. Asset allocation effects were the primary factor in outperformance as the Fund held an overweight allocation to equities relative to its benchmark. Within fixed income, the allocation to U.S. core fixed income contributed the most. The Fund had positive absolute returns for the one year period. In absolute terms, all of the Fund’s underlying holdings posted positive returns. The top performing holdings were the Schwab U.S. REIT ETF, and the Schwab U.S. Large-Cap ETF. The worst performer was the Schwab U.S. Small-Cap ETF.

Adam J. Petryk, CFA

Lisa Wang, CFA

Thomas Picciochi

Co-Portfolio Managers

QS Investors, LLC

Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		65.6	%
International Equity Funds		30.8
U.S. Fixed Income Fund		6.5
Other Investment Company		1.4
Net Other Assets (Liabilities)		(4.3	)
Total		100.0	%

Current and future portfolio holdings are subject to change and risk.

Transamerica Funds Annual Report 2019

Page    28

Transamerica ClearTrack^® 2055

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			10 Year or Since Inception			Inception Date
Class R1 (NAV)		12.22	%		7.36	%		07/07/2017
Class R3 (NAV)		N/A			6.76	%(A)		03/01/2019
Class R6 (NAV)		12.89	%		8.04	%		07/07/2017
Dow Jones Target 2055 Index (B)		11.74	%		8.24	%

^(A) Not annualized.

^(B) The Dow Jones Target 2055 Index measures the performance of multi-asset-class portfolios with market risk profiles that become more conservative over time. Each Dow Jones Target Date Index is made up of composite indices representing equity securities, fixed income securities, and money market instruments. The asset class indices are weighted differently within each target date index depending on the time horizon. Each month, the allocations among the asset class indices are rebalanced to reflect an increasingly conservative asset mix.

The Dow Jones Target Date Indices are passively-managed indices designed to automatically adjust their asset allocations over time to reflect reductions in potential risk as an investor’s target date approaches. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The Transamerica ClearTrack^® target date options invest in exchange-traded funds (“ETFs”) which may represent a variety of broad asset classes including equity, fixed income, inflation-hedging, and short-term defensive instruments and may be subject to all of the risks of these asset classes. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF’s shares may be above or below the shares’ net asset value; and an active trading market for an ETF’s shares may not develop or be maintained, which may constrain liquidity. The allocations are intended to become more conservative over time: the fund’s asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or protect against market loss.

Transamerica Funds Annual Report 2019

Page    29

Transamerica ClearTrack^® 2055

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Shares		Value
EXCHANGE-TRADED FUNDS - 102.9%
International Equity Funds - 30.8%
Vanguard FTSE Developed Markets ETF		3,863		$  163,791
Vanguard FTSE Emerging Markets ETF		718		30,048
				193,839
U.S. Equity Funds - 65.6%
Schwab U.S. Large-Cap ETF		5,220		378,241
Schwab U.S. REIT ETF (A)		184		8,773
Schwab U.S. Small-Cap ETF		365		25,985
				412,999
U.S. Fixed Income Fund - 6.5%
iShares Core U.S. Aggregate Bond ETF		359		40,621
Total Exchange-Traded Funds (Cost $589,402)				647,459

	Shares		Value
OTHER INVESTMENT COMPANY - 1.4%
Securities Lending Collateral - 1.4%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.75% (B)		8,873		$   8,873
Total Other Investment Company (Cost $8,873)				8,873
Total Investments (Cost $598,275)				656,332
Net Other Assets (Liabilities) - (4.3)%				(27,198	)
Net Assets - 100.0%				$  629,134

SECURITY VALUATION:

Valuation Inputs ^(C)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Exchange-Traded Funds	$	647,459	$	—	$	—	$	647,459
Other Investment Company		8,873		—		—		8,873
Total Investments	$	656,332	$	—	$	—	$	656,332

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	All or a portion of the security is on loan. The value of the security on loan is $8,678. The amount on loan indicated may not correspond with the security on loan identified because a security with pending sales are in the process of recall from the brokers.
(B)	Rate disclosed reflects the yield at October 31, 2019.
(C)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    30

Transamerica ClearTrack^® 2060

(unaudited)

MARKET ENVIRONMENT

Over the past year, global fixed income and global equity markets rallied. Within fixed income markets, for the 12-month period ended October 31, 2019, the Bloomberg Barclays U.S. Aggregate Bond Index returned 11.51%, outperforming the Bloomberg Barclays Global Aggregate Bond Index, which returned 9.54%. Fixed income was supported by the dovish activity of global central banks. In the U.S., the U.S. Federal Reserve cut interest rates by 25 basis points three times since July. In August, the U.S. 2-year-10-year yield differential inverted for the first time in over a decade and the 30-year Treasury yield dropped below 2% for the first time. The European Central Bank announced additional stimulus in September and reduced the deposit rate.

Within the U.S., large cap stocks strongly outperformed small cap stocks, with the S&P 500^® Index returning 14.33% versus the Russell 2000^® Index which returned 4.90%. Large cap outperformance was driven by the rebound during the first quarter of 2019, when the S&P 500^® Index returned 13.65%. Abroad, emerging markets outperformed developed markets, with the MSCI Emerging Markets Index outperforming the MSCI EAFE Index over the 12-month period ended October 31, 2019.

Crude oil declined over the past year which was largely driven by the last two months of 2018. During that period, market concerns around over-supply spiked. Crude oil rebounded in the first quarter of 2019 due to tighter global supply conditions. This was driven by the U.S. reducing its drilling, combined with Venezuelan sanctions and outages, and Saudi Arabia affirming its commitment to cutting oil output. Trade tensions between the U.S. and China whipsawed markets and led to periods of increased volatility throughout the fiscal year.

PERFORMANCE

For the year ended October 31, 2019, Transamerica ClearTrack^® 2060 (Class R6) returned 12.92%. By comparison, its benchmark, the Dow Jones Target 2060 Index, returned 11.74%.

STRATEGY REVIEW

The Fund seeks to achieve its investment objective by investing in a combination of underlying exchange-traded funds (“ETFs”) representing a variety of broad asset classes — equity, fixed income and inflation-hedging — and a variety of investment styles. The Fund is managed to the specific target date included in its name, which is intended to coincide, generally, with an investor’s retirement year. The Fund follows a particular glide path in which, over time, its target asset mix will gradually become more conservative until approximately 10 years after the target date, when the asset mix will become static.

For the year ended October 31, 2019, the Fund outperformed its benchmark, the Dow Jones Target 2060 Index. Asset allocation effects were the primary factor in outperformance as the Fund held an overweight allocation to equities relative to its benchmark. Within fixed income, the allocation to U.S. core fixed income contributed the most. The Fund had positive absolute returns for the one year period. In absolute terms, all of the Fund’s underlying holdings posted positive returns. The top performing holdings were the Schwab U.S. REIT ETF, and the Schwab U.S. Large-Cap ETF. The worst performer was the Schwab U.S. Small-Cap ETF.

Adam J. Petryk, CFA

Lisa Wang, CFA

Thomas Picciochi

Co-Portfolio Managers

QS Investors, LLC

Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		65.8	%
International Equity Funds		30.9
U.S. Fixed Income Fund		6.4
Other Investment Company		1.4
Net Other Assets (Liabilities)		(4.5	)
Total		100.0	%

Current and future portfolio holdings are subject to change and risk.

Transamerica Funds Annual Report 2019

Page    31

Transamerica ClearTrack^® 2060

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			10 Year or Since Inception			Inception Date
Class R1 (NAV)		12.25	%		7.38	%		07/07/2017
Class R3 (NAV)		N/A			6.76	%(A)		03/01/2019
Class R6 (NAV)		12.92	%		8.06	%		07/07/2017
Dow Jones Target 2060 Index (B)		11.74	%		8.24	%

^(A) Not annualized.

^(B) The Dow Jones Target 2060 Index measures the performance of multi-asset-class portfolios with market risk profiles that become more conservative over time. Each Dow Jones Target Date Index is made up of composite indices representing equity securities, fixed income securities, and money market instruments. The asset class indices are weighted differently within each target date index depending on the time horizon. Each month, the allocations among the asset class indices are rebalanced to reflect an increasingly conservative asset mix.

The Dow Jones Target Date Indices are passively-managed indices designed to automatically adjust their asset allocations over time to reflect reductions in potential risk as an investor’s target date approaches. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The Transamerica ClearTrack^® target date options invest in exchange-traded funds (“ETFs”) which may represent a variety of broad asset classes including equity, fixed income, inflation-hedging, and short-term defensive instruments and may be subject to all of the risks of these asset classes. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF’s shares may be above or below the shares’ net asset value; and an active trading market for an ETF’s shares may not develop or be maintained, which may constrain liquidity. The allocations are intended to become more conservative over time: the fund’s asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or protect against market loss.

Transamerica Funds Annual Report 2019

Page    32

Transamerica ClearTrack^® 2060

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Shares		Value
EXCHANGE-TRADED FUNDS - 103.1%
International Equity Funds - 30.9%
Vanguard FTSE Developed Markets ETF		3,788		$  160,611
Vanguard FTSE Emerging Markets ETF		704		29,462
				190,073
U.S. Equity Funds - 65.8%
Schwab U.S. Large-Cap ETF		5,119		370,923
Schwab U.S. REIT ETF (A)		178		8,487
Schwab U.S. Small-Cap ETF		358		25,486
				404,896
U.S. Fixed Income Fund - 6.4%
iShares Core U.S. Aggregate Bond ETF		352		39,829
Total Exchange-Traded Funds (Cost $576,782)				634,798

	Shares		Value
OTHER INVESTMENT COMPANY - 1.4%
Securities Lending Collateral - 1.4%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.75% (B)		8,580		$   8,580
Total Other Investment Company (Cost $8,580)				8,580
Total Investments (Cost $585,362)				643,378
Net Other Assets (Liabilities) - (4.5)%				(27,837	)
Net Assets - 100.0%				$  615,541

SECURITY VALUATION:

Valuation Inputs ^(C)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Exchange-Traded Funds	$	634,798	$	—	$	—	$	634,798
Other Investment Company		8,580		—		—		8,580
Total Investments	$	643,378	$	—	$	—	$	643,378

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	All or a portion of the security is on loan. The value of the security on loan is $8,392. The amount on loan indicated may not correspond with the security on loan identified because a security with pending sales are in the process of recall from the brokers.
(B)	Rate disclosed reflects the yield at October 31, 2019.
(C)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    33

Transamerica ClearTrack^® Retirement Income

(unaudited)

MARKET ENVIRONMENT

Over the past year, global fixed income and global equity markets rallied. Within fixed income markets, for the 12-month period ended October 31, 2019, the Bloomberg Barclays U.S. Aggregate Bond Index returned 11.51%, outperforming the Bloomberg Barclays Global Aggregate Bond Index, which returned 9.54%. Fixed income was supported by the dovish activity of global central banks. In the U.S., the U.S. Federal Reserve cut interest rates by 25 basis points three times since July. In August, the U.S. 2-year-10-year yield differential inverted for the first time in over a decade and the 30-year Treasury yield dropped below 2% for the first time. The European Central Bank announced additional stimulus in September and reduced the deposit rate.

Within the U.S., large cap stocks strongly outperformed small cap stocks, with the S&P 500^® Index returning 14.33% versus the Russell 2000^® Index which returned 4.90%. Large cap outperformance was driven by the rebound during the first quarter of 2019, when the S&P 500^® Index returned 13.65%. Abroad, emerging markets outperformed developed markets, with the MSCI Emerging Markets Index outperforming the MSCI EAFE Index over the 12-month period ended October 31, 2019.

Crude oil declined over the past year which was largely driven by the last two months of 2018. During that period, market concerns around over-supply spiked. Crude oil rebounded in the first quarter of 2019 due to tighter global supply conditions. This was driven by the U.S. reducing its drilling, combined with Venezuelan sanctions and outages, and Saudi Arabia affirming its commitment to cutting oil output. Trade tensions between the U.S. and China whipsawed markets and led to periods of increased volatility throughout the fiscal year.

PERFORMANCE

For the year ended October 31, 2019, Transamerica ClearTrack^® Retirement Income (Class R6) returned 11.53%. By comparison, its primary and secondary benchmarks, the Bloomberg Barclays US Aggregate Bond Index and the Transamerica ClearTrack^® Retirement Income Blended Benchmark, returned 11.51% and 11.60%, respectively.

STRATEGY REVIEW

The Fund seeks to achieve its investment objective by investing in a combination of underlying exchange-traded funds (“ETFs”) representing a variety of broad asset classes — equity, fixed income and inflation-hedging — and a variety of investment styles. The Fund generally maintains a static target allocation to their asset classes.

For the year ended October 31, 2019, the Fund outperformed its primary benchmark, the Bloomberg Barclays US Aggregate Bond Index. Asset allocation effects were the primary factor in outperformance as the Fund held an overweight allocation to equities relative to its benchmark. Within fixed income, the allocation to U.S. core fixed income contributed the most. The Fund had positive absolute returns for the one year period. In absolute terms, all of the Fund’s underlying holdings posted positive returns. The top performing holding was the Schwab U.S. Large-Cap ETF. The worst performer was the Xtrackers USD High Yield Corporate Bond ETF.

Adam J. Petryk, CFA

Lisa Wang, CFA

Thomas Picciochi

Co-Portfolio Managers

QS Investors, LLC

Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		57.1	%
U.S. Equity Funds		26.9
International Fixed Income Fund		9.3
International Equity Funds		5.9
Repurchase Agreement		1.0
Net Other Assets (Liabilities)		(0.2	)
Total		100.0	%

Current and future portfolio holdings are subject to change and risk.

Transamerica Funds Annual Report 2019

Page    34

Transamerica ClearTrack^® Retirement Income

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2019
	1 Year			10 Year or Since Inception			Inception Date
Class R1 (NAV)		10.76	%		3.52	%		03/02/2015
Class R3 (NAV)		N/A			7.02	%(A)		03/01/2019
Class R6 (NAV)		11.53	%		4.20	%		03/02/2015
Bloomberg Barclays US Aggregate Bond Index (B)		11.51	%		3.04	%
Transamerica ClearTrack® Retirement Income Blended Benchmark (B) (C) (D) (E) (F) (G) (H) (I) (J)		11.60	%		4.54	%

^(A) Not annualized.

^(B) The Bloomberg Barclays US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.

^(C) The Transamerica ClearTrack^® Retirement Income Blended Benchmark is composed of the following benchmarks: 42% Bloomberg Barclays US Aggregate Bond Index, 15% Bloomberg Barclays Global Aggregate Index ex-US, 14% MSCI EAFE Index, 8% Russell 1000^® Index, 8% Bloomberg Barclays US Corporate High Yield 2% Issuer Cap Index, 5% FTSE NAREIT Equity RElTs Index, 5% Russell 2000^® Index and 3% MSCI Emerging Markets Index.

^(D) The Bloomberg Barclays Global Aggregate Index ex-US is a multi-currency benchmark that includes fixed-rate Treasury, government-related, corporate and securitized bonds from both developed and emerging markets issuers, excluding the U.S.

^(E) The MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada.

^(F) The Russell 1000^® Index measures the performance of the large-cap segment of the U.S. equity universe, and is comprised of approximately 1,000 of the largest securities of the Russell 3000^® Index based on a combination of market cap and current index membership. The Russell 3000^® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.

^(G) The Bloomberg Barclays US Corporate High Yield 2% Issuer Cap Index is an issuer-constrained measurement of the market of U.S. dollar denominated, non-investment grade, fixed-rate, taxable corporate bonds. The exposure of each issuer is limited to 2% of the total market value of the index.

^(H) The FTSE NAREIT Equity REITs Index contains all tax-qualified REITs with more than 50% of total assets in qualifying real estate assets other than mortgages secured by real property that also meet minimum size and liquidity criteria.

^(I) The Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe, and is comprised of approximately 2,000 of the smallest securities of the Russell 3000^® Index based on a combination of market cap and current index membership. The Russell 3000^® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.

^(J) The MSCI Emerging Markets Index captures large and mid-cap representation across emerging markets countries.

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

Transamerica Funds Annual Report 2019

Page    35

Transamerica ClearTrack^® Retirement Income (continued)

(unaudited)

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The Transamerica ClearTrack^® target date options invest in exchange-traded funds (“ETFs”) which may represent a variety of broad asset classes including equity, fixed income, inflation-hedging, and short-term defensive instruments and may be subject to all of the risks of these asset classes. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF’s shares may be above or below the shares’ net asset value; and an active trading market for an ETF’s shares may not develop or be maintained, which may constrain liquidity. The allocations are intended to become more conservative over time: the fund’s asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or protect against market loss.

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Transamerica Funds Annual Report 2019

Page    36

Transamerica ClearTrack^® Retirement Income

SCHEDULE OF INVESTMENTS

At October 31, 2019

	Shares		Value
EXCHANGE-TRADED FUNDS - 99.2%
International Equity Funds - 5.9%
Vanguard FTSE Developed Markets ETF		74,435		$  3,156,044
Vanguard FTSE Emerging Markets ETF		16,676		697,890
				3,853,934
International Fixed Income Fund - 9.3%
Vanguard Total International Bond ETF		103,902		6,077,228
U.S. Equity Funds - 26.9%
Schwab U.S. Large-Cap ETF		213,730		15,486,876
Schwab U.S. Small-Cap ETF		30,406		2,164,603
				17,651,479
U.S. Fixed Income Funds - 57.1%
iShares Core U.S. Aggregate Bond ETF		259,274		29,336,853
iShares TIPS Bond ETF		38,709		4,492,567
Xtrackers USD High Yield Corporate Bond ETF		71,309		3,559,032
				37,388,452
Total Exchange-Traded Funds (Cost $60,347,790)				64,971,093

	Principal		Value
REPURCHASE AGREEMENT - 1.0%
Fixed Income Clearing Corp., 0.85% (A), dated 10/31/2019, to be repurchased at $635,199 on 11/01/2019. Collateralized by a U.S. Government Obligation, 2.13%, due 05/15/2022, and with a value of $648,665.		$  635,184		$   635,184
Total Repurchase Agreement (Cost $635,184)				635,184
Total Investments (Cost $60,982,974)				65,606,277
Net Other Assets (Liabilities) - (0.2)%				(160,135	)
Net Assets - 100.0%				$  65,446,142

SECURITY VALUATION:

Valuation Inputs ^(B)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Exchange-Traded Funds	$	64,971,093	$	—	$	—	$	64,971,093
Repurchase Agreement		—		635,184		—		635,184
Total Investments	$	64,971,093	$	635,184	$	—	$	65,606,277

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Rate disclosed reflects the yield at October 31, 2019.
(B)	There were no transfers in or out of Level 3 during the year ended October 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    37

STATEMENTS OF ASSETS AND LIABILITIES

At October 31, 2019

	Transamerica ClearTrack® 2015		Transamerica ClearTrack® 2020		Transamerica ClearTrack® 2025		Transamerica ClearTrack® 2030			Transamerica ClearTrack® 2035
Assets:
Investments, at value (A) (B)	$	38,091,475	$	52,623,123	$	74,645,469	$	57,262,914		$	57,681,770
Repurchase agreements, at value (C)		333,651		192,892		1,103,888		781,449			268,009
Receivables and other assets:
Investments sold		—		288,335		—		—			340,396
Net income from securities lending		42		195		824		83			1,245
Shares of beneficial interest sold		—		20		4		543			8,791
Interest		8		5		26		18			6
Total assets		38,425,176		53,104,570		75,750,211		58,045,007			58,300,217
Liabilities:
Cash collateral received upon return of:
Securities on loan		50,925		905,875		307,327		140,446			—
Payables and other liabilities:
Shares of beneficial interest redeemed		65		5,930		23,616		4,921			152
Investment management fees		24,323		28,741		38,770		38,184			33,274
Distribution and service fees		16,011		22,089		30,993		24,133			24,247
Transfer agent fees		5,047		6,962		9,772		7,605			7,642
Trustees, CCO and deferred compensation fees		100		155		197		155			156
Audit and tax fees		14,105		14,179		14,247		14,177			14,183
Custody fees		750		1,072		801		829			727
Legal fees		315		457		583		453			460
Printing and shareholder reports fees		1,489		2,016		2,417		1,946			1,955
Registration fees		4,732		4,747		4,763		4,749			4,750
Other accrued expenses		2,001		2,167		2,317		2,163			2,174
Total liabilities		119,863		994,390		435,803		239,761			89,720
Net assets	$	38,305,313	$	52,110,180	$	75,314,408	$	57,805,246		$	58,210,497
Net assets consist of:
Paid-in capital	$	33,378,650	$	44,998,500	$	64,301,787	$	48,036,109		$	47,266,476
Total distributable earnings (accumulated losses)		4,926,663		7,111,680		11,012,621		9,769,137			10,944,021
Net assets	$	38,305,313	$	52,110,180	$	75,314,408	$	57,805,246		$	58,210,497
Net assets by class:
Class R1	$	37,914,742	$	51,652,615	$	74,011,955	$	57,414,504		$	57,683,657
Class R3		10,689		10,685		10,685		10,685			10,678
Class R6		379,882		446,880		1,291,768		380,057			516,162
Shares outstanding (unlimited shares, no par value):
Class R1		3,552,725		4,851,413		6,661,263		5,054,019			5,013,197
Class R3		1,001		1,003		962		941			929
Class R6		35,264		41,543		115,040		33,087			44,365
Net asset value per share:
Class R1	$	10.67	$	10.65	$	11.11	$	11.36		$	11.51
Class R3		10.68		10.65		11.11		11.36	(D)		11.50	(D)
Class R6		10.77		10.76		11.23		11.49			11.63
(A) Investments, at cost	$	33,675,904	$	46,537,299	$	64,990,857	$	48,772,000		$	47,584,945
(B) Securities on loan, at value	$	49,833	$	886,741	$	300,590	$	137,387		$	—
(C) Repurchase agreements, at cost	$	333,651	$	192,892	$	1,103,888	$	781,449		$	268,009

(D) Actual net asset value per share presented differs from calculated net asset value per share due to rounding.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    38

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2019

	Transamerica ClearTrack® 2040		Transamerica ClearTrack® 2045		Transamerica ClearTrack® 2050		Transamerica ClearTrack® 2055		Transamerica ClearTrack® 2060
Assets:
Investments, at value (A) (B)	$	52,025,431	$	34,430,226	$	27,214,259	$	656,332	$	643,378
Repurchase agreements, at value (C)		654,984		348,547		140,479		—		—
Cash		—		—		—		7,407		6,473
Receivables and other assets:
Net income from securities lending		174		548		191		10		1
Shares of beneficial interest sold		—		—		4,348		—		—
Dividends and/or distributions		—		—		—		7		7
Interest		16		8		3		—		—
Total assets		52,680,605		34,779,329		27,359,280		663,756		649,859
Liabilities:
Cash collateral received upon return of:
Securities on loan		7,400		—		—		8,873		8,580
Payables and other liabilities:
Shares of beneficial interest redeemed		422		7,369		352		15		6
Investment management fees		30,930		23,932		21,559		2,911		2,909
Distribution and service fees		21,636		14,390		11,270		125		125
Transfer agent fees		6,821		4,536		3,554		42		42
Trustees, CCO and deferred compensation fees		138		90		72		1		1
Audit and tax fees		14,153		14,083		14,052		13,943		13,943
Custody fees		696		579		616		2,230		2,230
Legal fees		406		272		213		4		4
Printing and shareholder reports fees		1,768		1,281		1,067		312		312
Registration fees		4,744		4,729		4,723		4,531		4,531
Other accrued expenses		2,109		1,951		1,877		1,635		1,635
Total liabilities		91,223		73,212		59,355		34,622		34,318
Net assets	$	52,589,382	$	34,706,117	$	27,299,925	$	629,134	$	615,541
Net assets consist of:
Paid-in capital	$	42,227,482	$	27,178,014	$	21,368,362	$	559,039	$	545,306
Total distributable earnings (accumulated losses)		10,361,900		7,528,103		5,931,563		70,095		70,235
Net assets	$	52,589,382	$	34,706,117	$	27,299,925	$	629,134	$	615,541
Net assets by class:
Class R1	$	51,798,824	$	34,278,762	$	26,864,947	$	294,764	$	294,817
Class R3		10,668		10,668		10,660		10,675		10,677
Class R6		779,890		416,687		424,318		323,695		310,047
Shares outstanding (unlimited shares, no par value):
Class R1		4,441,355		2,869,958		2,219,966		26,229		26,236
Class R3		916		894		883		951		951
Class R6		65,869		34,497		34,664		28,661		27,457
Net asset value per share:
Class R1	$	11.66	$	11.94	$	12.10	$	11.24	$	11.24
Class R3		11.65		11.93		12.08		11.22		11.22
Class R6		11.84		12.08		12.24		11.29		11.29
(A) Investments, at cost	$	42,548,550	$	27,470,628	$	21,656,506	$	598,275	$	585,362
(B) Securities on loan, at value	$	7,246	$	—	$	—	$	8,678	$	8,392
(C) Repurchase agreements, at cost	$	654,984	$	348,547	$	140,479	$	—	$	—

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    39

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2019

	Transamerica ClearTrack® Retirement Income
Assets:
Investments, at value (A)	$	64,971,093
Repurchase agreements, at value (B)		635,184
Receivables and other assets:
Interest		15
Total assets		65,606,292
Liabilities:
Payables and other liabilities:
Shares of beneficial interest redeemed		65,121
Investment management fees		33,566
Distribution and service fees		27,471
Transfer agent fees		8,658
Trustees, CCO and deferred compensation fees		186
Audit and tax fees		14,220
Custody fees		1,005
Legal fees		539
Printing and shareholder reports fees		2,365
Registration fees		4,756
Other accrued expenses		2,263
Total liabilities		160,150
Net assets	$	65,446,142
Net assets consist of:
Paid-in capital	$	59,853,820
Total distributable earnings (accumulated losses)		5,592,322
Net assets	$	65,446,142
Net assets by class:
Class R1	$	64,925,728
Class R3		10,699
Class R6		509,715
Shares outstanding (unlimited shares, no par value):
Class R1		6,182,044
Class R3		1,017
Class R6		48,004
Net asset value per share:
Class R1	$	10.50
Class R3		10.52
Class R6		10.62
(A) Investments, at cost	$	60,347,790
(B) Repurchase agreements, at cost	$	635,184

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    40

STATEMENTS OF OPERATIONS

For the year ended October 31, 2019

	Transamerica ClearTrack® 2015			Transamerica ClearTrack® 2020			Transamerica ClearTrack® 2025			Transamerica ClearTrack® 2030			Transamerica ClearTrack® 2035
Investment Income:
Dividend income	$	1,026,173		$	1,443,585		$	1,889,397		$	1,435,792		$	1,422,988
Interest income		9,497			20,201			8,332			6,468			8,104
Net income from securities lending		19,381			11,724			9,372			9,155			7,361
Total investment income		1,055,051			1,475,510			1,907,101			1,451,415			1,438,453
Expenses:
Investment management fees		151,009			217,644			281,655			218,124			221,563
Distribution and service fees:
Class R1		196,766			283,398			363,852			285,097			289,066
Class R3		17			17			17			17			17
Transfer agent fees
Class R1		61,981			89,270			114,613			89,805			91,056
Class R3		10			10			10			10			10
Class R6		29			44			101			29			36
Trustees, CCO and deferred compensation fees		982			1,420			1,836			1,421			1,444
Audit and tax fees		17,908			18,074			18,231			18,076			18,083
Custody fees		1,099			2,367			1,247			978			769
Legal fees		1,898			2,737			3,527			2,736			2,784
Printing and shareholder reports fees		5,977			8,143			10,109			8,151			8,226
Registration fees		52,751			52,947			53,133			52,948			52,958
Filing fees		7,760			7,827			8,004			7,806			7,817
Other		1,234			1,801			2,277			1,773			1,788
Total expenses before waiver and/or reimbursement and recapture		499,421			685,699			858,612			686,971			695,617
Expenses waived and/or reimbursed:
Class R1		(75,946	)		(70,079	)		(49,561	)		(54,646	)		(54,311	)
Class R3		(28	)		(15	)		(10	)		(14	)		(13	)
Class R6		(740	)		(770	)		(929	)		(363	)		(464	)
Recapture of previously waived and/or reimbursed fees:
Class R1		19,668			22,516			27,578			25,530			26,276
Class R3		19			10			8			11			10
Class R6		198			276			524			171			229
Net expenses		442,592			637,637			836,222			657,660			667,344
Net investment income (loss)		612,459			837,873			1,070,879			793,755			771,109
Net realized gain (loss) on:
Investments		192,405			550,072			785,917			828,410			434,218
Net change in unrealized appreciation (depreciation) on:
Investments		3,029,963			4,021,542			6,008,471			4,622,025			5,175,000
Net realized and change in unrealized gain (loss)		3,222,368			4,571,614			6,794,388			5,450,435			5,609,218
Net increase (decrease) in net assets resulting from operations	$	3,834,827		$	5,409,487		$	7,865,267		$	6,244,190		$	6,380,327

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    41

STATEMENTS OF OPERATIONS (continued)

For the year ended October 31, 2019

	Transamerica ClearTrack® 2040			Transamerica ClearTrack® 2045			Transamerica ClearTrack® 2050			Transamerica ClearTrack® 2055			Transamerica ClearTrack® 2060
Investment Income:
Dividend income	$	1,243,755		$	820,023		$	640,149		$	13,761		$	13,608
Interest income		6,502			3,951			3,353			—			—
Net income from securities lending		7,261			7,903			13,822			24			16
Total investment income		1,257,518			831,877			657,324			13,785			13,624
Expenses:
Investment management fees		195,880			131,172			102,314			2,189			2,164
Distribution and service fees:
Class R1		253,893			170,374			131,958			1,380			1,380
Class R3		17			17			17			17			17
Transfer agent fees
Class R1		79,976			53,668			41,567			435			435
Class R3		10			10			10			10			10
Class R6		57			33			39			22			21
Trustees, CCO and deferred compensation fees		1,280			857			671			14			14
Audit and tax fees		18,022			17,868			17,797			17,542			17,542
Custody fees		745			508			372			1,712			1,708
Legal fees		2,470			1,663			1,300			28			27
Printing and shareholder reports fees		7,498			5,480			4,608			455			455
Registration fees		52,883			52,693			52,607			50,378			50,379
Filing fees		7,730			7,522			7,433			7,033			7,033
Other		1,580			1,062			828			18			17
Total expenses before waiver and/or reimbursement and recapture		622,041			442,927			361,521			81,233			81,202
Expenses waived and/or reimbursed:
Class R1		(56,202	)		(67,908	)		(73,719	)		(45,167	)		(45,761	)
Class R3		(15	)		(22	)		(31	)		(1,278	)		(1,299	)
Class R6		(856	)		(888	)		(1,579	)		(48,125	)		(47,523	)
Recapture of previously waived and/or reimbursed fees:
Class R1		22,497			19,716			19,490			8,498			8,662
Class R3		11			13			17			368			378
Class R6		350			270			498			9,174			9,009
Net expenses		587,826			394,108			306,197			4,703			4,668
Net investment income (loss)		669,692			437,769			351,127			9,082			8,956
Net realized gain (loss) on:
Investments		531,630			387,759			193,006			6,906			7,218
Net change in unrealized appreciation (depreciation) on:
Investments		4,467,726			3,071,322			2,507,848			52,965			52,602
Net realized and change in unrealized gain (loss)		4,999,356			3,459,081			2,700,854			59,871			59,820
Net increase (decrease) in net assets resulting from operations	$	5,669,048		$	3,896,850		$	3,051,981		$	68,953		$	68,776

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    42

STATEMENTS OF OPERATIONS (continued)

For the year ended October 31, 2019

	Transamerica ClearTrack® Retirement Income
Investment Income:
Dividend income	$	1,824,983
Interest income		6,775
Net income from securities lending		21,192
Total investment income		1,852,950
Expenses:
Investment management fees		257,807
Distribution and service fees:
Class R1		336,868
Class R3		17
Transfer agent fees
Class R1		106,113
Class R3		10
Class R6		35
Trustees, CCO and deferred compensation fees		1,676
Audit and tax fees		18,159
Custody fees		1,990
Legal fees		3,198
Printing and shareholder reports fees		10,974
Registration fees		53,061
Filing fees		7,976
Other		2,128
Total expenses before waiver and/or reimbursement and recapture		800,012
Expenses waived and/or reimbursed:
Class R1		(61,086	)
Class R3		(13	)
Class R6		(446	)
Recapture of previously waived and/or reimbursed fees:
Class R1		18,197
Class R3		9
Class R6		151
Net expenses		756,824
Net investment income (loss)		1,096,126
Net realized gain (loss) on:
Investments		355,920
Net change in unrealized appreciation (depreciation) on:
Investments		5,456,349
Net realized and change in unrealized gain (loss)		5,812,269
Net increase (decrease) in net assets resulting from operations	$	6,908,395

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    43

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended:

	Transamerica ClearTrack® 2015						Transamerica ClearTrack® 2020						Transamerica ClearTrack® 2025
	October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018
From operations:
Net investment income (loss)	$	612,459		$	676,989		$	837,873		$	975,287		$	1,070,879		$	1,121,953
Net realized gain (loss)		192,405			2,266,769			550,072			3,792,817			785,917			3,595,717
Net change in unrealized appreciation (depreciation)		3,029,963			(3,593,570	)		4,021,542			(5,470,371	)		6,008,471			(5,658,673	)
Net increase (decrease) in net assets resulting from operations		3,834,827			(649,812	)		5,409,487			(702,267	)		7,865,267			(941,003	)
Distributions to shareholders:
Class R1		(2,108,221	)		(1,115,887	)		(3,804,283	)		(1,327,179	)		(4,579,460	)		(1,460,620	)
Class R6		(25,209	)		(12,067	)		(48,106	)		(15,544	)		(97,898	)		(31,735	)
Net increase (decrease) in net assets resulting from distributions to shareholders		(2,133,430	)		(1,127,954	)		(3,852,389	)		(1,342,723	)		(4,677,358	)		(1,492,355	)
Capital share transactions:
Proceeds from shares sold:
Class R1		669,424			958,095			1,074,064			2,935,905			1,972,794			2,100,508
Class R3 (A)		10,000			—			10,000			—			10,000			—
Class R6		11,417			13,230			27,781			31,120			89,482			173,403
		690,841			971,325			1,111,845			2,967,025			2,072,276			2,273,911
Dividends and/or distributions reinvested:
Class R1		2,108,221			1,115,887			3,804,283			1,327,179			4,579,460			1,460,620
Class R6		25,209			12,067			48,106			15,544			97,898			31,735
		2,133,430			1,127,954			3,852,389			1,342,723			4,677,358			1,492,355
Cost of shares redeemed:
Class R1		(8,122,342	)		(11,667,117	)		(14,681,880	)		(19,145,064	)		(8,964,120	)		(18,378,716	)
Class R6		(91,672	)		(1,491	)		(312,305	)		(28,380	)		(322,570	)		(169,441	)
		(8,214,014	)		(11,668,608	)		(14,994,185	)		(19,173,444	)		(9,286,690	)		(18,548,157	)
Net increase (decrease) in net assets resulting from capital share transactions		(5,389,743	)		(9,569,329	)		(10,029,951	)		(14,863,696	)		(2,537,056	)		(14,781,891	)
Net increase (decrease) in net assets		(3,688,346	)		(11,347,095	)		(8,472,853	)		(16,908,686	)		650,853			(17,215,249	)
Net assets:
Beginning of year		41,993,659			53,340,754			60,583,033			77,491,719			74,663,555			91,878,804
End of year	$	38,305,313		$	41,993,659		$	52,110,180		$	60,583,033		$	75,314,408		$	74,663,555
Capital share transactions - shares:
Shares issued:
Class R1		65,536			90,596			105,986			272,335			184,963			189,706
Class R3 (A)		1,001			—			1,003			—			962			—
Class R6		1,122			1,244			2,700			2,880			8,338			15,496
		67,659			91,840			109,689			275,215			194,263			205,202
Shares reinvested:
Class R1		224,279			105,771			406,007			124,035			475,541			131,944
Class R6		2,670			1,139			5,112			1,445			10,113			2,851
		226,949			106,910			411,119			125,480			485,654			134,795
Shares redeemed:
Class R1		(797,441	)		(1,102,471	)		(1,432,999	)		(1,781,636	)		(847,057	)		(1,654,801	)
Class R6		(9,260	)		(140	)		(29,985	)		(2,601	)		(29,915	)		(15,012	)
		(806,701	)		(1,102,611	)		(1,462,984	)		(1,784,237	)		(876,972	)		(1,669,813	)
Net increase (decrease) in shares outstanding:
Class R1		(507,626	)		(906,104	)		(921,006	)		(1,385,266	)		(186,553	)		(1,333,151	)
Class R3 (A)		1,001			—			1,003			—			962			—
Class R6		(5,468	)		2,243			(22,173	)		1,724			(11,464	)		3,335
		(512,093	)		(903,861	)		(942,176	)		(1,383,542	)		(197,055	)		(1,329,816	)

(A) Class R3 commenced operations on March 1, 2019.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    44

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica ClearTrack® 2030						Transamerica ClearTrack® 2035						Transamerica ClearTrack® 2040
	October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018
From operations:
Net investment income (loss)	$	793,755		$	856,974		$	771,109		$	859,213		$	669,692		$	708,443
Net realized gain (loss)		828,410			2,726,978			434,218			2,974,998			531,630			2,722,911
Net change in unrealized appreciation (depreciation)		4,622,025			(4,122,160	)		5,175,000			(4,435,565	)		4,467,726			(3,804,813	)
Net increase (decrease) in net assets resulting from operations		6,244,190			(538,208	)		6,380,327			(601,354	)		5,669,048			(373,459	)
Distributions to shareholders:
Class R1		(3,552,266	)		(1,330,068	)		(3,819,723	)		(1,220,164	)		(3,376,290	)		(982,691	)
Class R6		(26,756	)		(9,086	)		(34,336	)		(9,885	)		(60,060	)		(16,497	)
Net increase (decrease) in net assets resulting from distributions to shareholders		(3,579,022	)		(1,339,154	)		(3,854,059	)		(1,230,049	)		(3,436,350	)		(999,188	)
Capital share transactions:
Proceeds from shares sold:
Class R1		2,085,501			2,003,222			1,932,771			2,417,029			1,397,506			1,472,484
Class R3 (A)		10,000			—			10,000			—			10,000			—
Class R6		64,716			39,557			60,367			53,819			80,176			127,995
		2,160,217			2,042,779			2,003,138			2,470,848			1,487,682			1,600,479
Dividends and/or distributions reinvested:
Class R1		3,552,266			1,330,068			3,819,723			1,220,164			3,376,290			982,691
Class R6		26,756			9,086			34,336			9,885			60,060			16,497
		3,579,022			1,339,154			3,854,059			1,230,049			3,436,350			999,188
Cost of shares redeemed:
Class R1		(8,441,701	)		(13,934,317	)		(8,422,307	)		(14,927,194	)		(6,224,577	)		(10,424,814	)
Class R6		(111,785	)		(5,893	)		(60,521	)		(115,857	)		(205,720	)		(44,238	)
		(8,553,486	)		(13,940,210	)		(8,482,828	)		(15,043,051	)		(6,430,297	)		(10,469,052	)
Net increase (decrease) in net assets resulting from capital share transactions		(2,814,247	)		(10,558,277	)		(2,625,631	)		(11,342,154	)		(1,506,265	)		(7,869,385	)
Net increase (decrease) in net assets		(149,079	)		(12,435,639	)		(99,363	)		(13,173,557	)		726,433			(9,242,032	)
Net assets:
Beginning of year		57,954,325			70,389,964			58,309,860			71,483,417			51,862,949			61,104,981
End of year	$	57,805,246		$	57,954,325		$	58,210,497		$	58,309,860		$	52,589,382		$	51,862,949
Capital share transactions - shares:
Shares issued:
Class R1		193,234			177,097			176,844			208,400			125,791			124,466
Class R3 (A)		941			—			929			—			916			—
Class R6		5,990			3,462			5,460			4,612			7,229			10,747
		200,165			180,559			183,233			213,012			133,936			135,213
Shares reinvested:
Class R1		363,589			118,018			388,974			105,825			341,384			83,991
Class R6		2,722			802			3,475			852			6,018			1,395
		366,311			118,820			392,449			106,677			347,402			85,386
Shares redeemed:
Class R1		(781,506	)		(1,231,137	)		(767,223	)		(1,288,717	)		(560,474	)		(886,560	)
Class R6		(10,361	)		(517	)		(5,439	)		(9,895	)		(18,641	)		(3,680	)
		(791,867	)		(1,231,654	)		(772,662	)		(1,298,612	)		(579,115	)		(890,240	)
Net increase (decrease) in shares outstanding:
Class R1		(224,683	)		(936,022	)		(201,405	)		(974,492	)		(93,299	)		(678,103	)
Class R3 (A)		941			—			929			—			916			—
Class R6		(1,649	)		3,747			3,496			(4,431	)		(5,394	)		8,462
		(225,391	)		(932,275	)		(196,980	)		(978,923	)		(97,777	)		(669,641	)

(A) Class R3 commenced operations on March 1, 2019.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    45

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica ClearTrack® 2045						Transamerica ClearTrack® 2050						Transamerica ClearTrack® 2055
	October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018
From operations:
Net investment income (loss)	$	437,769		$	433,202		$	351,127		$	331,329		$	9,082		$	7,883
Net realized gain (loss)		387,759			1,738,261			193,006			1,147,291			6,906			12,638
Net change in unrealized appreciation (depreciation)		3,071,322			(2,362,803	)		2,507,848			(1,658,137	)		52,965			(24,447	)
Net increase (decrease) in net assets resulting from operations		3,896,850			(191,340	)		3,051,981			(179,517	)		68,953			(3,926	)
Distributions to shareholders:
Class R1		(2,183,104	)		(657,331	)		(1,482,412	)		(377,585	)		(9,982	)		(1,778	)
Class R6		(33,787	)		(13,802	)		(44,238	)		(11,904	)		(12,082	)		(2,602	)
Net increase (decrease) in net assets resulting from distributions to shareholders		(2,216,891	)		(671,133	)		(1,526,650	)		(389,489	)		(22,064	)		(4,380	)
Capital share transactions:
Proceeds from shares sold:
Class R1		965,089			1,609,657			1,083,633			2,054,342			—			—
Class R3 (A)		10,000			—			10,000			—			10,000			—
Class R6		27,031			82,850			82,496			131,483			23,705			5,130
		1,002,120			1,692,507			1,176,129			2,185,825			33,705			5,130
Dividends and/or distributions reinvested:
Class R1		2,183,104			657,331			1,482,412			377,585			9,982			1,778
Class R6		33,787			13,802			44,238			11,904			12,082			2,602
		2,216,891			671,133			1,526,650			389,489			22,064			4,380
Cost of shares redeemed:
Class R1		(4,668,479	)		(5,790,518	)		(3,481,789	)		(4,930,704	)		—			—
Class R6		(168,829	)		(166,797	)		(424,285	)		(53,336	)		(5,970	)		(2	)
		(4,837,308	)		(5,957,315	)		(3,906,074	)		(4,984,040	)		(5,970	)		(2	)
Net increase (decrease) in net assets resulting from capital share transactions		(1,618,297	)		(3,593,675	)		(1,203,295	)		(2,408,726	)		49,799			9,508
Net increase (decrease) in net assets		61,662			(4,456,148	)		322,036			(2,977,732	)		96,688			1,202
Net assets:
Beginning of year		34,644,455			39,100,603			26,977,889			29,955,621			532,446			531,244
End of year	$	34,706,117		$	34,644,455		$	27,299,925		$	26,977,889		$	629,134		$	532,446
Capital share transactions - shares:
Shares issued:
Class R1		85,699			132,465			94,906			169,808			—			—
Class R3 (A)		894			—			883			—			951			—
Class R6		2,396			6,849			7,268			10,805			2,242			458
		88,989			139,314			103,057			180,613			3,193			458
Shares reinvested:
Class R1		218,092			55,145			146,339			31,465			1,066			163
Class R6		3,355			1,150			4,341			986			1,289			239
		221,447			56,295			150,680			32,451			2,355			402
Shares redeemed:
Class R1		(414,793	)		(480,849	)		(302,748	)		(407,941	)		—			—
Class R6		(14,826	)		(13,556	)		(36,898	)		(4,409	)		(567	)		(0	)(B)
		(429,619	)		(494,405	)		(339,646	)		(412,350	)		(567	)		(0	)(B)
Net increase (decrease) in shares outstanding:
Class R1		(111,002	)		(293,239	)		(61,503	)		(206,668	)		1,066			163
Class R3 (A)		894			—			883			—			951			—
Class R6		(9,075	)		(5,557	)		(25,289	)		7,382			2,964			697
		(119,183	)		(298,796	)		(85,909	)		(199,286	)		4,981			860

(A)	Class R3 commenced operations on March 1, 2019.
(B)	Rounds to less than 1 or (1) share.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    46

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica ClearTrack® 2060						Transamerica ClearTrack® Retirement Income
	October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018
From operations:
Net investment income (loss)	$	8,956		$	7,879		$	1,096,126		$	1,327,752
Net realized gain (loss)		7,218			12,639			355,920			3,772,608
Net change in unrealized appreciation (depreciation)		52,602			(24,132	)		5,456,349			(6,329,224	)
Net increase (decrease) in net assets resulting from operations		68,776			(3,614	)		6,908,395			(1,228,864	)
Distributions to shareholders:
Class R1		(10,048	)		(1,777	)		(5,016,283	)		(1,855,727	)
Class R6		(12,018	)		(2,603	)		(33,470	)		(10,571	)
Net increase (decrease) in net assets resulting from distributions to shareholders		(22,066	)		(4,380	)		(5,049,753	)		(1,866,298	)
Capital share transactions:
Proceeds from shares sold:
Class R1		—			—			1,166,705			1,248,096
Class R3 (A)		10,000			—			10,000			—
Class R6		18,664			376			46,391			44,739
		28,664			376			1,223,096			1,292,835
Dividends and/or distributions reinvested:
Class R1		10,048			1,777			5,016,283			1,855,727
Class R6		12,018			2,603			33,470			10,571
		22,066			4,380			5,049,753			1,866,298
Cost of shares redeemed:
Class R1		—			—			(15,592,052	)		(26,369,053	)
Class R6		(9,912	)		—			(11,473	)		(23,247	)
		(9,912	)		—			(15,603,525	)		(26,392,300	)
Net increase (decrease) in net assets resulting from capital share transactions		40,818			4,756			(9,330,676	)		(23,233,167	)
Net increase (decrease) in net assets		87,528			(3,238	)		(7,472,034	)		(26,328,329	)
Net assets:
Beginning of year		528,013			531,251			72,918,176			99,246,505
End of year	$	615,541		$	528,013		$	65,446,142		$	72,918,176
Capital share transactions - shares:
Shares issued:
Class R1		—			—			114,042			118,252
Class R3 (A)		951			—			1,017			—
Class R6		1,845			35			4,542			4,234
		2,796			35			119,601			122,486
Shares reinvested:
Class R1		1,073			163			538,228			176,736
Class R6		1,284			239			3,572			1,001
		2,357			402			541,800			177,737
Shares redeemed:
Class R1		—			—			(1,554,507	)		(2,512,156	)
Class R6		(946	)		—			(1,127	)		(2,228	)
		(946	)		—			(1,555,634	)		(2,514,384	)
Net increase (decrease) in shares outstanding:
Class R1		1,073			163			(902,237	)		(2,217,168	)
Class R3 (A)		951			—			1,017			—
Class R6		2,183			274			6,987			3,007
		4,207			437			(894,233	)		(2,214,161	)

(A) Class R3 commenced operations on March 1, 2019.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    47

FINANCIAL HIGHLIGHTS

For a share outstanding during the period and years indicated:	Transamerica ClearTrack® 2015
	Class R1
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	10.24		$	10.66		$	9.85		$	9.76		$	10.00
Investment operations:
Net investment income (loss) (B)		0.16			0.15			0.13			0.11	(C)		0.08
Net realized and unrealized gain (loss)		0.81			(0.33	)		0.82			0.03			(0.32	)
Total investment operations		0.97			(0.18	)		0.95			0.14			(0.24	)
Dividends and/or distributions to shareholders:
Net investment income		(0.17	)		(0.14	)		(0.12	)		(0.05	)		—
Net realized gains		(0.37	)		(0.10	)		(0.02	)		(0.00	)(D)		—
Total dividends and/or distributions to shareholders		(0.54	)		(0.24	)		(0.14	)		(0.05	)		—
Net asset value, end of period/year	$	10.67		$	10.24		$	10.66		$	9.85		$	9.76
Total return		10.23	%		(1.76	)%		9.72	%		1.52	%		(2.40	)%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	37,914		$	41,573		$	52,926		$	44,735		$	15,821
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		1.26	%		1.19	%		1.17	%		1.22	%		3.19	%(G)
Including waiver and/or reimbursement and recapture (H)		1.12	%		1.12	%		1.11	%		1.08	%(C)		1.06	%(G)
Net investment income (loss) to average net assets		1.53	%		1.42	%		1.28	%		1.18	%(C)		1.32	%(G)
Portfolio turnover rate		42	%		23	%		9	%		43	%		43	%(E)

(A)	Commenced operations on March 2, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Rounds to less than $0.01 or $(0.01).
(E)	Not annualized.
(F)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(G)	Annualized.
(H)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

For a share outstanding during the period indicated:	Transamerica ClearTrack® 2015
	Class R3
	October 31, 2019 (A)
Net asset value, beginning of period	$	9.99
Investment operations:
Net investment income (loss) (B)		0.11
Net realized and unrealized gain (loss)		0.58
Total investment operations		0.69
Net asset value, end of period	$	10.68
Total return		6.91	%(C)
Ratio and supplemental data:
Net assets end of period (000’s)	$	11
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		1.01	%(E)
Including waiver and/or reimbursement and recapture (F)		0.87	%(E)
Net investment income (loss) to average net assets		1.54	%(E)
Portfolio turnover rate		42	%

(A)	Commenced operations on March 1, 2019.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(E)	Annualized.
(F)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    48

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica ClearTrack® 2015
	Class R6
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	10.34		$	10.77		$	9.93		$	9.80		$	10.00
Investment operations:
Net investment income (loss) (B)		0.23			0.22			0.20			0.18	(C)		0.13
Net realized and unrealized gain (loss)		0.82			(0.33	)		0.83			0.02			(0.33	)
Total investment operations		1.05			(0.11	)		1.03			0.20			(0.20	)
Dividends and/or distributions to shareholders:
Net investment income		(0.25	)		(0.22	)		(0.17	)		(0.07	)		—
Net realized gains		(0.37	)		(0.10	)		(0.02	)		(0.00	)(D)		—
Total dividends and/or distributions to shareholders		(0.62	)		(0.32	)		(0.19	)		(0.07	)		—
Net asset value, end of period/year	$	10.77		$	10.34		$	10.77		$	9.93		$	9.80
Total return		11.00	%		(1.16	)%		10.50	%		2.11	%		(2.00	)%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	380		$	421		$	415		$	317		$	245
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		0.61	%		0.54	%		0.52	%		0.57	%		2.54	%(G)
Including waiver and/or reimbursement and recapture (H)		0.47	%		0.47	%		0.46	%		0.43	%(C)		0.41	%(G)
Net investment income (loss) to average net assets		2.21	%		2.06	%		1.91	%		1.87	%(C)		1.96	%(G)
Portfolio turnover rate		42	%		23	%		9	%		43	%		43	%(E)

(A)	Commenced operations on March 2, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Rounds to less than $0.01 or $(0.01).
(E)	Not annualized.
(F)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(G)	Annualized.
(H)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

For a share outstanding during the period and years indicated:	Transamerica ClearTrack® 2020
	Class R1
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	10.38		$	10.73		$	9.81		$	9.75		$	10.00
Investment operations:
Net investment income (loss) (B)		0.15			0.15			0.12			0.12	(C)		0.09
Net realized and unrealized gain (loss)		0.79			(0.31	)		0.92			(0.01	)(D)		(0.34	)
Total investment operations		0.94			(0.16	)		1.04			0.11			(0.25	)
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.13	)		(0.11	)		(0.05	)		—
Net realized gains		(0.51	)		(0.06	)		(0.01	)		(0.00	)(E)		—
Total dividends and/or distributions to shareholders		(0.67	)		(0.19	)		(0.12	)		(0.05	)		—
Net asset value, end of period/year	$	10.65		$	10.38		$	10.73		$	9.81		$	9.75
Total return		9.99	%		(1.55	)%		10.79	%		1.21	%		(2.50	)%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	51,652		$	59,914		$	76,819		$	56,817		$	15,345
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		1.20	%		1.15	%		1.14	%		1.20	%		3.27	%(H)
Including waiver and/or reimbursement and recapture (I)		1.12	%		1.12	%		1.11	%		1.08	%(C)		1.05	%(H)
Net investment income (loss) to average net assets		1.46	%		1.38	%		1.21	%		1.19	%(C)		1.36	%(H)
Portfolio turnover rate		50	%		25	%		5	%		42	%		73	%(F)

(A)	Commenced operations on March 2, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(D)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(E)	Rounds to less than $0.01 or $(0.01).
(F)	Not annualized.
(G)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(H)	Annualized.
(I)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    49

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period indicated:	Transamerica ClearTrack® 2020
	Class R3
	October 31, 2019 (A)
Net asset value, beginning of period	$	9.97
Investment operations:
Net investment income (loss) (B)		0.10
Net realized and unrealized gain (loss)		0.58
Total investment operations		0.68
Net asset value, end of period	$	10.65
Total return		6.82	%(C)
Ratio and supplemental data:
Net assets end of period (000’s)	$	11
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.95	%(E)
Including waiver and/or reimbursement and recapture (F)		0.87	%(E)
Net investment income (loss) to average net assets		1.52	%(E)
Portfolio turnover rate		50	%

(A)	Commenced operations on March 1, 2019.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(E)	Annualized.
(F)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

For a share outstanding during the period and years indicated:	Transamerica ClearTrack® 2020
	Class R6
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	10.49		$	10.85		$	9.89		$	9.79		$	10.00
Investment operations:
Net investment income (loss) (B)		0.22			0.22			0.19			0.18	(C)		0.13
Net realized and unrealized gain (loss)		0.80			(0.32	)		0.94			(0.01	)(D)		(0.34	)
Total investment operations		1.02			(0.10	)		1.13			0.17			(0.21	)
Dividends and/or distributions to shareholders:
Net investment income		(0.24	)		(0.20	)		(0.16	)		(0.07	)		—
Net realized gains		(0.51	)		(0.06	)		(0.01	)		(0.00	)(E)		—
Total dividends and/or distributions to shareholders		(0.75	)		(0.26	)		(0.17	)		(0.07	)		—
Net asset value, end of period/year	$	10.76		$	10.49		$	10.85		$	9.89		$	9.79
Total return		10.77	%		(1.00	)%		11.62	%		1.80	%		(2.10	)%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	447		$	669		$	673		$	517		$	245
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		0.55	%		0.50	%		0.49	%		0.55	%		2.62	%(H)
Including waiver and/or reimbursement and recapture (I)		0.47	%		0.47	%		0.46	%		0.43	%(C)		0.40	%(H)
Net investment income (loss) to average net assets		2.17	%		2.01	%		1.85	%		1.90	%(C)		1.95	%(H)
Portfolio turnover rate		50	%		25	%		5	%		42	%		73	%(F)

(A)	Commenced operations on March 2, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(D)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(E)	Rounds to less than $0.01 or $(0.01).
(F)	Not annualized.
(G)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(H)	Annualized.
(I)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    50

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica ClearTrack® 2025
	Class R1
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	10.70		$	11.06		$	9.98		$	9.77		$	10.00
Investment operations:
Net investment income (loss) (B)		0.15			0.14			0.12			0.12	(C)		0.08
Net realized and unrealized gain (loss)		0.94			(0.32	)		1.07			0.14			(0.31	)
Total investment operations		1.09			(0.18	)		1.19			0.26			(0.23	)
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.12	)		(0.11	)		(0.05	)		—
Net realized gains		(0.52	)		(0.06	)		(0.00	)(D)		(0.00	)(D)		—
Total dividends and/or distributions to shareholders		(0.68	)		(0.18	)		(0.11	)		(0.05	)		—
Net asset value, end of period/year	$	11.11		$	10.70		$	11.06		$	9.98		$	9.77
Total return		11.23	%		(1.65	)%		12.06	%		2.70	%		(2.30	)%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	74,011		$	73,294		$	90,501		$	63,893		$	14,942
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		1.17	%		1.14	%		1.13	%		1.19	%		3.19	%(G)
Including waiver and/or reimbursement and recapture (H)		1.14	%		1.13	%		1.12	%		1.09	%(C)		1.07	%(G)
Net investment income (loss) to average net assets		1.43	%		1.30	%		1.15	%		1.22	%(C)		1.19	%(G)
Portfolio turnover rate		20	%		25	%		6	%		3	%		6	%(E)

(A)	Commenced operations on March 2, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Rounds to less than $0.01 or $(0.01).
(E)	Not annualized.
(F)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(G)	Annualized.
(H)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

For a share outstanding during the period indicated:	Transamerica ClearTrack® 2025
	Class R3
	October 31, 2019 (A)
Net asset value, beginning of period	$	10.40
Investment operations:
Net investment income (loss) (B)		0.11
Net realized and unrealized gain (loss)		0.60
Total investment operations		0.71
Net asset value, end of period	$	11.11
Total return		6.83	%(C)
Ratio and supplemental data:
Net assets end of period (000’s)	$	11
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.91	%(E)
Including waiver and/or reimbursement and recapture (F)		0.89	%(E)
Net investment income (loss) to average net assets		1.52	%(E)
Portfolio turnover rate		20	%

(A)	Commenced operations on March 1, 2019.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(E)	Annualized.
(F)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    51

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica ClearTrack® 2025
	Class R6
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	10.83		$	11.19		$	10.07		$	9.81		$	10.00
Investment operations:
Net investment income (loss) (B)		0.22			0.22			0.18			0.19	(C)		0.13
Net realized and unrealized gain (loss)		0.94			(0.32	)		1.09			0.14			(0.32	)
Total investment operations		1.16			(0.10	)		1.27			0.33			(0.19	)
Dividends and/or distributions to shareholders:
Net investment income		(0.24	)		(0.20	)		(0.15	)		(0.07	)		—
Net realized gains		(0.52	)		(0.06	)		(0.00	)(D)		(0.00	)(D)		—
Total dividends and/or distributions to shareholders		(0.76	)		(0.26	)		(0.15	)		(0.07	)		—
Net asset value, end of period/year	$	11.23		$	10.83		$	11.19		$	10.07		$	9.81
Total return		11.89	%		(1.00	)%		12.83	%		3.37	%		(1.90	)%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,292		$	1,370		$	1,378		$	570		$	245
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		0.52	%		0.49	%		0.48	%		0.54	%		2.54	%(G)
Including waiver and/or reimbursement and recapture (H)		0.49	%		0.48	%		0.47	%		0.44	%(C)		0.42	%(G)
Net investment income (loss) to average net assets		2.10	%		1.93	%		1.69	%		1.93	%(C)		1.91	%(G)
Portfolio turnover rate		20	%		25	%		6	%		3	%		6	%(E)

(A)	Commenced operations on March 2, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Rounds to less than $0.01 or $(0.01).
(E)	Not annualized.
(F)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(G)	Annualized.
(H)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

For a share outstanding during the period and years indicated:	Transamerica ClearTrack® 2030
	Class R1
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	10.91		$	11.27		$	10.04		$	9.82		$	10.00
Investment operations:
Net investment income (loss) (B)		0.15			0.15			0.12			0.11	(C)		0.08
Net realized and unrealized gain (loss)		0.98			(0.29	)		1.22			0.16			(0.26	)
Total investment operations		1.13			(0.14	)		1.34			0.27			(0.18	)
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.13	)		(0.11	)		(0.05	)		—
Net realized gains		(0.52	)		(0.09	)		—			(0.00	)(D)		—
Total dividends and/or distributions to shareholders		(0.68	)		(0.22	)		(0.11	)		(0.05	)		—
Net asset value, end of period/year	$	11.36		$	10.91		$	11.27		$	10.04		$	9.82
Total return		11.38	%		(1.34	)%		13.43	%		2.74	%		(1.80	)%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	57,414		$	57,571		$	70,037		$	53,935		$	12,041
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		1.20	%		1.16	%		1.15	%		1.21	%		3.89	%(G)
Including waiver and/or reimbursement and recapture (H)		1.15	%		1.13	%		1.12	%		1.09	%(C)		1.08	%(G)
Net investment income (loss) to average net assets		1.38	%		1.28	%		1.16	%		1.14	%(C)		1.27	%(G)
Portfolio turnover rate		16	%		26	%		9	%		0	%(I)		1	%(E)

(A)	Commenced operations on March 2, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Rounds to less than $0.01 or $(0.01).
(E)	Not annualized.
(F)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(G)	Annualized.
(H)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.
(I)	Rounds to less than 1%.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    52

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period indicated:	Transamerica ClearTrack® 2030
	Class R3
	October 31, 2019 (A)
Net asset value, beginning of period	$	10.63
Investment operations:
Net investment income (loss) (B)		0.11
Net realized and unrealized gain (loss)		0.62
Total investment operations		0.73
Net asset value, end of period	$	11.36
Total return		6.87	%(C)
Ratio and supplemental data:
Net assets end of period (000’s)	$	11
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.94	%(E)
Including waiver and/or reimbursement and recapture (F)		0.90	%(E)
Net investment income (loss) to average net assets		1.50	%(E)
Portfolio turnover rate		16	%

(A)	Commenced operations on March 1, 2019.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(E)	Annualized.
(F)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

For a share outstanding during the period and years indicated:	Transamerica ClearTrack® 2030
	Class R6
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	11.04		$	11.40		$	10.13		$	9.86		$	10.00
Investment operations:
Net investment income (loss) (B)		0.22			0.22			0.19			0.19	(C)		0.14
Net realized and unrealized gain (loss)		0.99			(0.29	)		1.23			0.14			(0.28	)
Total investment operations		1.21			(0.07	)		1.42			0.33			(0.14	)
Dividends and/or distributions to shareholders:
Net investment income		(0.24	)		(0.20	)		(0.15	)		(0.06	)		—
Net realized gains		(0.52	)		(0.09	)		—			(0.00	)(D)		—
Total dividends and/or distributions to shareholders		(0.76	)		(0.29	)		(0.15	)		(0.06	)		—
Net asset value, end of period/year	$	11.49		$	11.04		$	11.40		$	10.13		$	9.86
Total return		12.13	%		(0.69	)%		14.20	%		3.40	%		(1.40	)%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	380		$	383		$	353		$	307		$	247
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		0.55	%		0.51	%		0.50	%		0.57	%		3.24	%(G)
Including waiver and/or reimbursement and recapture (H)		0.50	%		0.48	%		0.47	%		0.44	%(C)		0.43	%(G)
Net investment income (loss) to average net assets		2.02	%		1.92	%		1.81	%		1.90	%(C)		2.05	%(G)
Portfolio turnover rate		16	%		26	%		9	%		0	%(I)		1	%(E)

(A)	Commenced operations on March 2, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Rounds to less than $0.01 or $(0.01).
(E)	Not annualized.
(F)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(G)	Annualized.
(H)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.
(I)	Rounds to less than 1%.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    53

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica ClearTrack® 2035
	Class R1
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	11.09		$	11.47		$	10.01		$	9.81		$	10.00
Investment operations:
Net investment income (loss) (B)		0.14			0.15			0.14			0.13	(C)		0.10
Net realized and unrealized gain (loss)		1.03			(0.33	)		1.44			0.13			(0.29	)(D)
Total investment operations		1.17			(0.18	)		1.58			0.26			(0.19	)
Dividends and/or distributions to shareholders:
Net investment income		(0.17	)		(0.13	)		(0.12	)		(0.06	)		—
Net realized gains		(0.58	)		(0.07	)		—			(0.00	)(E)		—
Total dividends and/or distributions to shareholders		(0.75	)		(0.20	)		(0.12	)		(0.06	)		—
Net asset value, end of period/year	$	11.51		$	11.09		$	11.47		$	10.01		$	9.81
Total return		11.65	%		(1.62	)%		15.97	%		2.63	%		(1.90	)%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	57,683		$	57,851		$	70,958		$	50,718		$	9,888
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		1.20	%		1.16	%		1.15	%		1.22	%		4.29	%(H)
Including waiver and/or reimbursement and recapture (I)		1.15	%		1.13	%		1.12	%		1.09	%(C)		1.07	%(H)
Net investment income (loss) to average net assets		1.32	%		1.27	%		1.28	%		1.34	%(C)		1.56	%(H)
Portfolio turnover rate		12	%		24	%		8	%		0	%(J)		3	%(F)

(A)	Commenced operations on March 2, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(D)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(E)	Rounds to less than $0.01 or $(0.01).
(F)	Not annualized.
(G)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(H)	Annualized.
(I)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.
(J)	Rounds to less than 1%.

For a share outstanding during the period indicated:	Transamerica ClearTrack® 2035
	Class R3
	October 31, 2019 (A)
Net asset value, beginning of period	$	10.77
Investment operations:
Net investment income (loss) (B)		0.11
Net realized and unrealized gain (loss)		0.62
Total investment operations		0.73
Net asset value, end of period	$	11.50
Total return		6.78	%(C)
Ratio and supplemental data:
Net assets end of period (000’s)	$	11
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.94	%(E)
Including waiver and/or reimbursement and recapture (F)		0.90	%(E)
Net investment income (loss) to average net assets		1.47	%(E)
Portfolio turnover rate		12	%

(A)	Commenced operations on March 1, 2019.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(E)	Annualized.
(F)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    54

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica ClearTrack® 2035
	Class R6
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	11.23		$	11.59		$	10.10		$	9.85		$	10.00
Investment operations:
Net investment income (loss) (B)		0.22			0.22			0.20			0.20	(C)		0.15
Net realized and unrealized gain (loss)		1.01			(0.30	)		1.46			0.12			(0.30	)(D)
Total investment operations		1.23			(0.08	)		1.66			0.32			(0.15	)
Dividends and/or distributions to shareholders:
Net investment income		(0.25	)		(0.21	)		(0.17	)		(0.07	)		—
Net realized gains		(0.58	)		(0.07	)		—			(0.00	)(E)		—
Total dividends and/or distributions to shareholders		(0.83	)		(0.28	)		(0.17	)		(0.07	)		—
Net asset value, end of period/year	$	11.63		$	11.23		$	11.59		$	10.10		$	9.85
Total return		12.22	%		(0.81	)%		16.61	%		3.30	%		(1.50	)%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	516		$	459		$	525		$	370		$	246
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		0.55	%		0.51	%		0.50	%		0.57	%		3.64	%(H)
Including waiver and/or reimbursement and recapture (I)		0.50	%		0.48	%		0.47	%		0.44	%(C)		0.42	%(H)
Net investment income (loss) to average net assets		1.97	%		1.87	%		1.88	%		2.01	%(C)		2.26	%(H)
Portfolio turnover rate		12	%		24	%		8	%		0	%(J)		3	%(F)

(A)	Commenced operations on March 2, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(D)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(E)	Rounds to less than $0.01 or $(0.01).
(F)	Not annualized.
(G)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(H)	Annualized.
(I)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.
(J)	Rounds to less than 1%.

For a share outstanding during the period and years indicated:	Transamerica ClearTrack® 2040
	Class R1
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	11.26		$	11.58		$	9.93		$	9.79		$	10.00
Investment operations:
Net investment income (loss) (B)		0.14			0.14			0.14			0.14	(C)		0.12
Net realized and unrealized gain (loss)		1.02			(0.27	)		1.63			0.06			(0.33	)(D)
Total investment operations		1.16			(0.13	)		1.77			0.20			(0.21	)
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.14	)		(0.12	)		(0.06	)		—
Net realized gains		(0.60	)		(0.05	)		—			(0.00	)(E)		—
Total dividends and/or distributions to shareholders		(0.76	)		(0.19	)		(0.12	)		(0.06	)		—
Net asset value, end of period/year	$	11.66		$	11.26		$	11.58		$	9.93		$	9.79
Total return		11.54	%		(1.17	)%		18.05	%		2.09	%		(2.10	)%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	51,798		$	51,048		$	60,367		$	39,903		$	10,385
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		1.22	%		1.17	%		1.17	%		1.26	%		4.29	%(H)
Including waiver and/or reimbursement and recapture (I)		1.15	%		1.13	%		1.12	%		1.09	%(C)		1.07	%(H)
Net investment income (loss) to average net assets		1.29	%		1.20	%		1.33	%		1.40	%(C)		1.86	%(H)
Portfolio turnover rate		15	%		20	%		6	%		2	%		4	%(F)

(A)	Commenced operations on March 2, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(D)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(E)	Rounds to less than $0.01 or $(0.01).
(F)	Not annualized.
(G)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(H)	Annualized.
(I)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    55

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period indicated:	Transamerica ClearTrack® 2040
	Class R3
	October 31, 2019 (A)
Net asset value, beginning of period	$	10.92
Investment operations:
Net investment income (loss) (B)		0.11
Net realized and unrealized gain (loss)		0.62
Total investment operations		0.73
Net asset value, end of period	$	11.65
Total return		6.68	%(C)
Ratio and supplemental data:
Net assets end of period (000’s)	$	11
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.96	%(E)
Including waiver and/or reimbursement and recapture (F)		0.90	%(E)
Net investment income (loss) to average net assets		1.47	%(E)
Portfolio turnover rate		15	%

(A)	Commenced operations on March 1, 2019.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(E)	Annualized.
(F)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

For a share outstanding during the period and years indicated:	Transamerica ClearTrack® 2040
	Class R6
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	11.43		$	11.76		$	10.05		$	9.86		$	10.00
Investment operations:
Net investment income (loss) (B)		0.22			0.22			0.21			0.20	(C)		0.17
Net realized and unrealized gain (loss)		1.03			(0.29	)		1.67			0.07			(0.31	)(D)
Total investment operations		1.25			(0.07	)		1.88			0.27			(0.14	)
Dividends and/or distributions to shareholders:
Net investment income		(0.24	)		(0.21	)		(0.17	)		(0.08	)		—
Net realized gains		(0.60	)		(0.05	)		—			(0.00	)(E)		—
Total dividends and/or distributions to shareholders		(0.84	)		(0.26	)		(0.17	)		(0.08	)		—
Net asset value, end of period/year	$	11.84		$	11.43		$	11.76		$	10.05		$	9.86
Total return		12.36	%		(0.62	)%		18.95	%		2.76	%		(1.40	)%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	780		$	815		$	738		$	428		$	247
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		0.57	%		0.52	%		0.52	%		0.61	%		3.64	%(H)
Including waiver and/or reimbursement and recapture (I)		0.50	%		0.48	%		0.47	%		0.44	%(C)		0.42	%(H)
Net investment income (loss) to average net assets		1.94	%		1.84	%		1.88	%		2.05	%(C)		2.58	%(H)
Portfolio turnover rate		15	%		20	%		6	%		2	%		4	%(F)

(A)	Commenced operations on March 2, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(D)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(E)	Rounds to less than $0.01 or $(0.01).
(F)	Not annualized.
(G)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(H)	Annualized.
(I)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    56

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica ClearTrack® 2045
	Class R1
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	11.45		$	11.76		$	9.94		$	9.78		$	10.00
Investment operations:
Net investment income (loss) (B)		0.14			0.13			0.14			0.12	(C)		0.11
Net realized and unrealized gain (loss)		1.09			(0.24	)		1.80			0.10			(0.33	)(D)
Total investment operations		1.23			(0.11	)		1.94			0.22			(0.22	)
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.13	)		(0.12	)		(0.06	)		—
Net realized gains		(0.58	)		(0.07	)		—			(0.00	)(E)		—
Total dividends and/or distributions to shareholders		(0.74	)		(0.20	)		(0.12	)		(0.06	)		—
Net asset value, end of period/year	$	11.94		$	11.45		$	11.76		$	9.94		$	9.78
Total return		11.97	%		(0.97	)%		19.67	%		2.28	%		(2.20	)%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	34,278		$	34,139		$	38,516		$	27,305		$	6,731
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		1.29	%		1.22	%		1.22	%		1.32	%		5.88	%(H)
Including waiver and/or reimbursement and recapture (I)		1.15	%		1.14	%		1.13	%		1.10	%(C)		1.08	%(H)
Net investment income (loss) to average net assets		1.26	%		1.12	%		1.25	%		1.24	%(C)		1.67	%(H)
Portfolio turnover rate		15	%		15	%		6	%		2	%		3	%(F)

(A)	Commenced operations on March 2, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(D)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(E)	Rounds to less than $0.01 or $(0.01).
(F)	Not annualized.
(G)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(H)	Annualized.
(I)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

For a share outstanding during the period indicated:	Transamerica ClearTrack® 2045
	Class R3
	October 31, 2019 (A)
Net asset value, beginning of period	$	11.18
Investment operations:
Net investment income (loss) (B)		0.11
Net realized and unrealized gain (loss)		0.64
Total investment operations		0.75
Net asset value, end of period	$	11.93
Total return		6.71	%(C)
Ratio and supplemental data:
Net assets end of period (000’s)	$	11
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		1.03	%(E)
Including waiver and/or reimbursement and recapture (F)		0.90	%(E)
Net investment income (loss) to average net assets		1.48	%(E)
Portfolio turnover rate		15	%

(A)	Commenced operations on March 1, 2019.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(E)	Annualized.
(F)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    57

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica ClearTrack® 2045
	Class R6
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	11.59		$	11.90		$	10.03		$	9.82		$	10.00
Investment operations:
Net investment income (loss) (B)		0.22			0.21			0.21			0.18	(C)		0.15
Net realized and unrealized gain (loss)		1.09			(0.25	)		1.82			0.11			(0.33	)(D)
Total investment operations		1.31			(0.04	)		2.03			0.29			(0.18	)
Dividends and/or distributions to shareholders:
Net investment income		(0.24	)		(0.20	)		(0.16	)		(0.08	)		—
Net realized gains		(0.58	)		(0.07	)		—			(0.00	)(E)		—
Total dividends and/or distributions to shareholders		(0.82	)		(0.27	)		(0.16	)		(0.08	)		—
Net asset value, end of period/year	$	12.08		$	11.59		$	11.90		$	10.03		$	9.82
Total return		12.70	%		(0.35	)%		20.53	%		2.95	%		(1.80	)%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	417		$	505		$	585		$	426		$	245
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		0.64	%		0.57	%		0.57	%		0.67	%		5.23	%(H)
Including waiver and/or reimbursement and recapture (I)		0.50	%		0.49	%		0.48	%		0.45	%(C)		0.43	%(H)
Net investment income (loss) to average net assets		1.90	%		1.70	%		1.87	%		1.88	%(C)		2.31	%(H)
Portfolio turnover rate		15	%		15	%		6	%		2	%		3	%(F)

(A)	Commenced operations on March 2, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(D)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(E)	Rounds to less than $0.01 or $(0.01).
(F)	Not annualized.
(G)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(H)	Annualized.
(I)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

For a share outstanding during the period and years indicated:	Transamerica ClearTrack® 2050
	Class R1
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	11.52		$	11.79		$	9.93		$	9.77		$	10.00
Investment operations:
Net investment income (loss) (B)		0.15			0.13			0.13			0.11	(C)		0.11
Net realized and unrealized gain (loss)		1.09			(0.24	)		1.84			0.11			(0.34	)(D)
Total investment operations		1.24			(0.11	)		1.97			0.22			(0.23	)
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.12	)		(0.11	)		(0.06	)		—
Net realized gains		(0.50	)		(0.04	)		—			(0.00	)(E)		—
Total dividends and/or distributions to shareholders		(0.66	)		(0.16	)		(0.11	)		(0.06	)		—
Net asset value, end of period/year	$	12.10		$	11.52		$	11.79		$	9.93		$	9.77
Total return		11.87	%		(1.04	)%		20.00	%		2.31	%		(2.30	)%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	26,865		$	26,279		$	29,329		$	19,435		$	5,305
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		1.36	%		1.26	%		1.28	%		1.47	%		7.19	%(H)
Including waiver and/or reimbursement and recapture (I)		1.15	%		1.14	%		1.13	%		1.10	%(C)		1.08	%(H)
Net investment income (loss) to average net assets		1.29	%		1.09	%		1.17	%		1.16	%(C)		1.73	%(H)
Portfolio turnover rate		13	%		13	%		3	%		0	%(J)		4	%(F)

(A)	Commenced operations on March 2, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(D)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(E)	Rounds to less than $0.01 or $(0.01).
(F)	Not annualized.
(G)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(H)	Annualized.
(I)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.
(J)	Rounds to less than 1%.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    58

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period indicated:	Transamerica ClearTrack® 2050
	Class R3
	October 31, 2019 (A)
Net asset value, beginning of period	$	11.33
Investment operations:
Net investment income (loss) (B)		0.12
Net realized and unrealized gain (loss)		0.63
Total investment operations		0.75
Net asset value, end of period	$	12.08
Total return		6.62	%(C)
Ratio and supplemental data:
Net assets end of period (000’s)	$	11
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		1.10	%(E)
Including waiver and/or reimbursement and recapture (F)		0.90	%(E)
Net investment income (loss) to average net assets		1.50	%(E)
Portfolio turnover rate		13	%

(A)	Commenced operations on March 1, 2019.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(E)	Annualized.
(F)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

For a share outstanding during the period and years indicated:	Transamerica ClearTrack® 2050
	Class R6
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	11.66		$	11.92		$	10.02		$	9.81		$	10.00
Investment operations:
Net investment income (loss) (B)		0.23			0.21			0.20			0.18	(C)		0.15
Net realized and unrealized gain (loss)		1.10			(0.24	)		1.85			0.11			(0.34	)(D)
Total investment operations		1.33			(0.03	)		2.05			0.29			(0.19	)
Dividends and/or distributions to shareholders:
Net investment income		(0.25	)		(0.19	)		(0.15	)		(0.08	)		—
Net realized gains		(0.50	)		(0.04	)		—			(0.00	)(E)		—
Total dividends and/or distributions to shareholders		(0.75	)		(0.23	)		(0.15	)		(0.08	)		—
Net asset value, end of period/year	$	12.24		$	11.66		$	11.92		$	10.02		$	9.81
Total return		12.62	%		(0.34	)%		20.72	%		2.99	%		(1.90	)%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	424		$	699		$	627		$	476		$	245
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		0.71	%		0.62	%		0.63	%		0.83	%		6.54	%(H)
Including waiver and/or reimbursement and recapture (I)		0.50	%		0.49	%		0.48	%		0.45	%(C)		0.43	%(H)
Net investment income (loss) to average net assets		1.98	%		1.75	%		1.82	%		1.87	%(C)		2.33	%(H)
Portfolio turnover rate		13	%		13	%		3	%		0	%(J)		4	%(F)

(A)	Commenced operations on March 2, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(D)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(E)	Rounds to less than $0.01 or $(0.01).
(F)	Not annualized.
(G)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(H)	Annualized.
(I)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.
(J)	Rounds to less than 1%.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    59

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica ClearTrack® 2055
	Class R1
	October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.44		$	10.61		$	10.00
Investment operations:
Net investment income (loss) (B)		0.13			0.12			0.02
Net realized and unrealized gain (loss)		1.07			(0.21	)		0.59
Total investment operations		1.20			(0.09	)		0.61
Dividends and/or distributions to shareholders:
Net investment income		(0.14	)		(0.07	)		—
Net realized gains		(0.26	)		(0.01	)		—
Total dividends and/or distributions to shareholders		(0.40	)		(0.08	)		—
Net asset value, end of period/year	$	11.24		$	10.44		$	10.61
Total return		12.22	%		(0.96	)%		6.10	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	295		$	262		$	265
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		14.43	%		11.72	%		40.02	%(E)
Including waiver and/or reimbursement and recapture (F)		1.15	%		1.13	%		1.06	%(E)
Net investment income (loss) to average net assets		1.25	%		1.10	%		0.54	%(E)
Portfolio turnover rate		25	%		35	%		2	%(C)

(A)	Commenced operations on July 7, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(E)	Annualized.
(F)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

For a share outstanding during the period indicated:	Transamerica ClearTrack® 2055
	Class R3
	October 31, 2019 (A)
Net asset value, beginning of period	$	10.51
Investment operations:
Net investment income (loss) (B)		0.11
Net realized and unrealized gain (loss)		0.60
Total investment operations		0.71
Net asset value, end of period	$	11.22
Total return		6.76	%(C)
Ratio and supplemental data:
Net assets end of period (000’s)	$	11
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		14.18	%(E)
Including waiver and/or reimbursement and recapture (F)		0.90	%(E)
Net investment income (loss) to average net assets		1.49	%(E)
Portfolio turnover rate		25	%

(A)	Commenced operations on March 1, 2019.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(E)	Annualized.
(F)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    60

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica ClearTrack® 2055
	Class R6
	October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.50		$	10.64		$	10.00
Investment operations:
Net investment income (loss) (B)		0.20			0.19			0.04
Net realized and unrealized gain (loss)		1.06			(0.22	)		0.60
Total investment operations		1.26			(0.03	)		0.64
Dividends and/or distributions to shareholders:
Net investment income		(0.21	)		(0.10	)		—
Net realized gains		(0.26	)		(0.01	)		—
Total dividends and/or distributions to shareholders		(0.47	)		(0.11	)		—
Net asset value, end of period/year	$	11.29		$	10.50		$	10.64
Total return		12.89	%		(0.37	)%		6.40	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	323		$	270		$	266
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		13.78	%		11.07	%		39.37	%(E)
Including waiver and/or reimbursement and recapture (F)		0.50	%		0.48	%		0.41	%(E)
Net investment income (loss) to average net assets		1.89	%		1.75	%		1.19	%(E)
Portfolio turnover rate		25	%		35	%		2	%(C)

(A)	Commenced operations on July 7, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(E)	Annualized.
(F)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

For a share outstanding during the period and years indicated:	Transamerica ClearTrack® 2060
	Class R1
	October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.44		$	10.61		$	10.00
Investment operations:
Net investment income (loss) (B)		0.13			0.12			0.02
Net realized and unrealized gain (loss)		1.07			(0.21	)		0.59
Total investment operations		1.20			(0.09	)		0.61
Dividends and/or distributions to shareholders:
Net investment income		(0.14	)		(0.07	)		—
Net realized gains		(0.26	)		(0.01	)		—
Total dividends and/or distributions to shareholders		(0.40	)		(0.08	)		—
Net asset value, end of period/year	$	11.24		$	10.44		$	10.61
Total return		12.25	%		(0.96	)%		6.10	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	295		$	263		$	265
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		14.59	%		11.74	%		39.93	%(E)
Including waiver and/or reimbursement and recapture (F)		1.15	%		1.13	%		1.06	%(E)
Net investment income (loss) to average net assets		1.24	%		1.10	%		0.54	%(E)
Portfolio turnover rate		25	%		35	%		2	%(C)

(A)	Commenced operations on July 7, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(E)	Annualized.
(F)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    61

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period indicated:	Transamerica ClearTrack® 2060
	Class R3
	October 31, 2019 (A)
Net asset value, beginning of period	$	10.51
Investment operations:
Net investment income (loss) (B)		0.11
Net realized and unrealized gain (loss)		0.60
Total investment operations		0.71
Net asset value, end of period	$	11.22
Total return		6.76	%(C)
Ratio and supplemental data:
Net assets end of period (000’s)	$	11
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		14.33	%(E)
Including waiver and/or reimbursement and recapture (F)		0.90	%(E)
Net investment income (loss) to average net assets		1.49	%(E)
Portfolio turnover rate		25	%

(A)	Commenced operations on March 1, 2019.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(E)	Annualized.
(F)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

For a share outstanding during the period and years indicated:	Transamerica ClearTrack® 2060
	Class R6
	October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.50		$	10.64		$	10.00
Investment operations:
Net investment income (loss) (B)		0.20			0.19			0.04
Net realized and unrealized gain (loss)		1.06			(0.22	)		0.60
Total investment operations		1.26			(0.03	)		0.64
Dividends and/or distributions to shareholders:
Net investment income		(0.21	)		(0.10	)		—
Net realized gains		(0.26	)		(0.01	)		—
Total dividends and/or distributions to shareholders		(0.47	)		(0.11	)		—
Net asset value, end of period/year	$	11.29		$	10.50		$	10.64
Total return		12.92	%		(0.37	)%		6.40	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	310		$	265		$	266
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		13.94	%		11.09	%		39.28	%(E)
Including waiver and/or reimbursement and recapture (F)		0.50	%		0.48	%		0.41	%(E)
Net investment income (loss) to average net assets		1.89	%		1.75	%		1.19	%(E)
Portfolio turnover rate		25	%		35	%		2	%(C)

(A)	Commenced operations on July 7, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(E)	Annualized.
(F)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    62

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica ClearTrack® Retirement Income
	Class R1
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	10.23		$	10.63		$	10.11		$	9.83		$	10.00
Investment operations:
Net investment income (loss) (B)		0.16			0.16			0.14			0.13	(C)		0.11
Net realized and unrealized gain (loss)		0.85			(0.35	)		0.50			0.20			(0.28	)
Total investment operations		1.01			(0.19	)		0.64			0.33			(0.17	)
Dividends and/or distributions to shareholders:
Net investment income		(0.18	)		(0.16	)		(0.12	)		(0.05	)		—
Net realized gains		(0.56	)		(0.05	)		—			(0.00	)(D)		—
Total dividends and/or distributions to shareholders		(0.74	)		(0.21	)		(0.12	)		(0.05	)		—
Net asset value, end of period/year	$	10.50		$	10.23		$	10.63		$	10.11		$	9.83
Total return		10.76	%		(1.86	)%		6.41	%		3.36	%		(1.70	)%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	64,925		$	72,493		$	98,838		$	72,075		$	12,186
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		1.18	%		1.13	%		1.12	%		1.18	%		3.66	%(G)
Including waiver and/or reimbursement and recapture (H)		1.12	%		1.11	%		1.09	%		1.07	%(C)		1.08	%(G)
Net investment income (loss) to average net assets		1.61	%		1.54	%		1.40	%		1.30	%(C)		1.76	%(G)
Portfolio turnover rate		19	%		24	%		7	%		—	%		1	%(E)

(A)	Commenced operations on March 2, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Rounds to less than $0.01 or $(0.01).
(E)	Not annualized.
(F)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(G)	Annualized.
(H)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

For a share outstanding during the period indicated:	Transamerica ClearTrack® Retirement Income
	Class R3
	October 31, 2019 (A)
Net asset value, beginning of period	$	9.83
Investment operations:
Net investment income (loss) (B)		0.10
Net realized and unrealized gain (loss)		0.59
Total investment operations		0.69
Net asset value, end of period	$	10.52
Total return		7.02	%(C)
Ratio and supplemental data:
Net assets end of period (000’s)	$	11
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.93	%(E)
Including waiver and/or reimbursement and recapture (F)		0.87	%(E)
Net investment income (loss) to average net assets		1.50	%(E)
Portfolio turnover rate		19	%

(A)	Commenced operations on March 1, 2019.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(E)	Annualized.
(F)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    63

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica ClearTrack® Retirement Income
	Class R6
	October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	10.35		$	10.75		$	10.20		$	9.87		$	10.00
Investment operations:
Net investment income (loss) (B)		0.23			0.23			0.21			0.21	(C)		0.14
Net realized and unrealized gain (loss)		0.86			(0.35	)		0.50			0.18			(0.27	)
Total investment operations		1.09			(0.12	)		0.71			0.39			(0.13	)
Dividends and/or distributions to shareholders:
Net investment income		(0.26	)		(0.23	)		(0.16	)		(0.06	)		—
Net realized gains		(0.56	)		(0.05	)		—			(0.00	)(D)		—
Total dividends and/or distributions to shareholders		(0.82	)		(0.28	)		(0.16	)		(0.06	)		—
Net asset value, end of period/year	$	10.62		$	10.35		$	10.75		$	10.20		$	9.87
Total return		11.53	%		(1.19	)%		7.12	%		4.01	%		(1.30	)%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	510		$	425		$	409		$	257		$	247
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		0.53	%		0.48	%		0.47	%		0.53	%		3.01	%(G)
Including waiver and/or reimbursement and recapture (H)		0.47	%		0.46	%		0.44	%		0.42	%(C)		0.43	%(G)
Net investment income (loss) to average net assets		2.22	%		2.15	%		1.98	%		2.08	%(C)		2.16	%(G)
Portfolio turnover rate		19	%		24	%		7	%		—	%		1	%(E)

(A)	Commenced operations on March 2, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Rounds to less than $0.01 or $(0.01).
(E)	Not annualized.
(F)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(G)	Annualized.
(H)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2019

Page    64

NOTES TO FINANCIAL STATEMENTS

At October 31, 2019

1. ORGANIZATION

Transamerica Funds (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust applies investment company accounting and reporting guidance. The funds (each, a “Fund” and collectively, the “Funds”) are each a series of the Trust and are as follows:

Fund	Class
Transamerica ClearTrack® 2015 (“ClearTrack® 2015”) (A) (B)	R1,R3,R6
Transamerica ClearTrack® 2020 (“ClearTrack® 2020”) (A) (C)	R1,R3,R6
Transamerica ClearTrack® 2025 (“ClearTrack® 2025”) (A) (D)	R1,R3,R6
Transamerica ClearTrack® 2030 (“ClearTrack® 2030”) (A) (E)	R1,R3,R6
Transamerica ClearTrack® 2035 (“ClearTrack® 2035”) (A) (F)	R1,R3,R6
Transamerica ClearTrack® 2040 (“ClearTrack® 2040”) (A) (G)	R1,R3,R6
Transamerica ClearTrack® 2045 (“ClearTrack® 2045”) (A) (H)	R1,R3,R6
Transamerica ClearTrack® 2050 (“ClearTrack® 2050”) (A) (I)	R1,R3,R6
Transamerica ClearTrack® 2055 (“ClearTrack® 2055”) (A) (J)	R1,R3,R6
Transamerica ClearTrack® 2060 (“ClearTrack® 2060”) (A) (K)	R1,R3,R6
Transamerica ClearTrack® Retirement Income (“ClearTrack® Retirement Income”) (A) (L)	R1,R3,R6

(A)	Class R3 commenced operations on March 1, 2019.
(B)	Formerly, ClearTrack® 2015.
(C)	Formerly, ClearTrack® 2020.
(D)	Formerly, ClearTrack® 2025.
(E)	Formerly, ClearTrack® 2030.
(F)	Formerly, ClearTrack® 2035.
(G)	Formerly, ClearTrack® 2040.
(H)	Formerly, ClearTrack® 2045.
(I)	Formerly, ClearTrack® 2050.
(J)	Formerly, ClearTrack® 2055.
(K)	Formerly, ClearTrack® 2060.
(L)	Formerly, ClearTrack® Retirement Income.

As of October 31, 2019, the only investors of the Funds are affiliated and eligible retirement plans as defined in the Funds’ current prospectus.

Each Fund, a “fund of fund”, invests the majority of its assets in underlying exchange-traded funds that are managed to track an index by unaffiliated investment advisers (hereafter referred to as “Underlying ETFs”). The shareholder reports of the Underlying ETFs, including the Schedule of Investments, should be read in conjunction with this report. The Underlying ETFs’ shareholder reports are not covered by this report.

This report must be accompanied or preceded by each Fund’s current prospectus, which contains additional information about the Funds, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. (“TAM”) serves as investment manager for the Funds pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Funds. TAM supervises each Fund’s investments, conducts its investment program and provides supervisory, compliance and administrative services to the Funds.

TAM currently acts as a “manager of managers” and hires sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Funds and their investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Funds employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Funds’ investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers’ buying and selling of securities for the Funds; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor

Transamerica Funds Annual Report 2019

Page    65

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

1. ORGANIZATION (continued)

methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation, and review, of materials for meetings of the Funds’ Board of Trustees (the “Board”), participation in these meetings and preparation of regular communications with the Board; oversight of preparation, and review, of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Funds; oversight of other service providers to the Funds, such as the custodian, the transfer agent, the Funds’ independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Funds; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Funds, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM’s expense.

TAM’s investment management services also include the provision of supervisory and administrative services to the Funds. These services include performing certain administrative services for the Funds and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Funds by State Street Bank and Trust Company (“State Street”), to whom TAM has outsourced the provision of certain services as described below: to the extent agreed upon by TAM and the Funds from time to time, monitoring and verifying the custodian’s daily calculation of the Net Asset Values (“NAV”); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Funds’ custodian and dividend disbursing agent and monitoring their services to the Funds; assisting the Funds in preparing reports to shareholders; acting as liaison with the Funds’ independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Funds.

2. SIGNIFICANT ACCOUNTING POLICIES

In preparing the Funds’ financial statements in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Funds.

Security transactions and investment income: Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first in, first out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from investment companies, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from investment companies are recorded as Dividend income from investments within the Statements of Operations. Long-term capital gain distributions received from investment companies, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statements of Operations.

Multiple class operations, income, and expenses: Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

Distributions to shareholders: Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

Commission recapture: The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Funds with broker/dealers with which other funds or portfolios advised by TAM have established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Funds. In no event will commissions, paid by the Funds, be used to pay expenses that would otherwise be borne by any other funds or portfolios advised by TAM, or by any other party.

There were no commissions recaptured during the year ended October 31, 2019 by the Funds.

Indemnification: In the normal course of business, the Funds enter into contracts that contain a variety of representations that provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds and/or their affiliates that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

Transamerica Funds Annual Report 2019

Page    66

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

3. SECURITY VALUATION

All investments in securities are recorded at their estimated fair value. The Funds value their investments at the official close of the New York Stock Exchange (“NYSE”) each day the NYSE is open for business.

The Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels (“Levels”) of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include the Funds’ own assumptions used in determining the fair value of 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 Funds’ investments at October 31, 2019, is disclosed within the Security Valuation section of each Fund’s Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

Fair value measurements: Descriptions of the valuation techniques applied to the Funds’ significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

Exchange-traded funds (“ETF”): ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

Securities lending collateral: Securities lending collateral is invested in a money market fund which is valued at the NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

Repurchase agreements: Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

4. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by their investment policies, to raise additional cash to be invested in other securities or instruments. When the Funds invest borrowing proceeds in other securities, the Funds will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Funds may borrow on a secured or on an unsecured basis. If the Funds enter into a secured borrowing arrangement, a portion of the Funds’ assets will be used as collateral. The 1940 Act requires the Funds to maintain asset coverage of at least 300% of the amount of their borrowings. Asset coverage means the ratio that the value of the Funds’ total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Funds may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

Interfund lending: The Funds, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Funds to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the

Transamerica Funds Annual Report 2019

Page    67

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

exemptive relief which place limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended October 31, 2019, the Funds have not utilized the program.

Repurchase agreements: In a repurchase agreement, the Funds purchase a security and simultaneously commit to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Funds’ custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Funds will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Funds and their counterparties that provide for the net settlement of all transactions and collateral with the Funds, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statements of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at October 31, 2019.

Repurchase agreements at October 31, 2019, if any, are included within the Schedule of Investments and Statements of Assets and Liabilities.

Securities lending: Securities are lent to qualified financial institutions and brokers. State Street serves as securities lending agent to the Funds pursuant to a Securities Lending Agreement. The lending of securities exposes the Funds to risks such as; the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Funds may experience delays in recovery of the loaned securities or delays in access to collateral, or the Funds may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash collateral with a value of at least 102% of the current value of the loaned securities on non-U.S. fixed income investments, as well as on securities traded on U.S. exchanges. Loan counterparties pledge cash collateral with a value of at least 105% of the current value of the loaned securities for non-U.S. equity positions. The lending agent has agreed to indemnify the Funds in the case of default of any securities borrower.

Cash collateral received is invested in the State Street Navigator Securities Lending Trust—Government Money Market Portfolio (the “Navigator”), a money market mutual fund registered under the 1940 Act. By lending securities, the Funds seek to increase their net investment income through the receipt of interest and fees. Such income is reflected in Net income from securities lending within the Statements of Operations and is net of fees and rebates earned by the lending agent for its services.

The value of loaned securities and related collateral outstanding at October 31, 2019, if any, are shown on a gross basis within the Schedule of Investments and Statements of Assets and Liabilities.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of October 31, 2019. Funds not listed in the subsequent table have not entered into secured borrowing transactions.

	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Less Than 30 Days		Between 30 & 90 Days		Greater Than 90 Days		Total
ClearTrack® 2015
Securities Lending Transactions
Exchange-Traded Funds	$	50,925	$	—	$	—	$	—	$	50,925
Total Borrowings	$	50,925	$	—	$	—	$	—	$	50,925
ClearTrack® 2020
Securities Lending Transactions
Exchange-Traded Funds	$	905,875	$	—	$	—	$	—	$	905,875
Total Borrowings	$	905,875	$	—	$	—	$	—	$	905,875
ClearTrack® 2025
Securities Lending Transactions
Exchange-Traded Funds	$	307,327	$	—	$	—	$	—	$	307,327
Total Borrowings	$	307,327	$	—	$	—	$	—	$	307,327

Transamerica Funds Annual Report 2019

Page    68

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Less Than 30 Days		Between 30 & 90 Days		Greater Than 90 Days		Total
ClearTrack® 2030
Securities Lending Transactions
Exchange-Traded Funds	$	140,446	$	—	$	—	$	—	$	140,446
Total Borrowings	$	140,446	$	—	$	—	$	—	$	140,446
ClearTrack® 2040
Securities Lending Transactions
Exchange-Traded Funds	$	7,400	$	—	$	—	$	—	$	7,400
Total Borrowings	$	7,400	$	—	$	—	$	—	$	7,400
ClearTrack® 2055
Securities Lending Transactions
Exchange-Traded Funds	$	8,873	$	—	$	—	$	—	$	8,873
Total Borrowings	$	8,873	$	—	$	—	$	—	$	8,873
ClearTrack® 2060
Securities Lending Transactions
Exchange-Traded Funds	$	8,580	$	—	$	—	$	—	$	8,580
Total Borrowings	$	8,580	$	—	$	—	$	—	$	8,580

5. FEES AND OTHER AFFILIATED TRANSACTIONS

TAM, the Funds’ investment manager, is directly owned by Transamerica Premier Life Insurance Company (“TPLIC”) and AUSA Holding, LLC (“AUSA”), both of which are indirect, wholly owned subsidiaries of Aegon N.V. TPLIC is owned by Commonwealth General Corporation (“Commonwealth”). Commonwealth and AUSA are wholly owned by Transamerica Corporation, a financial services holding company whose primary emphasis is on life and health insurance, and annuity and investment products. Transamerica Corporation is owned by The Aegon Trust, which is owned by Aegon International B.V., which is owned by Aegon N.V., a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Funds Services, Inc. (“TFS”) is the Funds’ transfer agent. Transamerica Capital, Inc. (“TCI”) is the Funds’ distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Funds are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Funds. The Funds do pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statements of Operations.

The Underlying ETFs have varied expense and fee levels and the Funds may own different proportions of Underlying ETFs at different times, the amount of fees and expenses incurred indirectly by the Funds will vary. Fund expenses do not include expenses of the Underlying ETFs in which the Funds invest. The Funds have material ownership interests in the Underlying ETFs.

Investment management fees: TAM serves as the Funds’ investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and each Fund pays a single management fee, which is reflected in Investment management fees within the Statements of Operations.

Each Fund pays a management fee to TAM based on daily Average Net Assets (“ANA”) at the following rates:

Breakpoints	Rate
First $2.5 billion		0.38	%
Over $2.5 billion up to $4 billion		0.37
Over $4 billion		0.36

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses, including the pro rata share of expenses incurred through each Fund’s investment in the Underlying ETFs, but excluding, as applicable, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization

Transamerica Funds Annual Report 2019

Page    69

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

5. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

expenses and other expenses not incurred in the ordinary course of the Funds’ business, exceed the following stated annual operating expense limits to the Funds’ daily ANA. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statements of Operations.

Class	Operating Expense Limit			Operating Expense Limit Effective Through
Class R1		1.20	%		March 1, 2020
Class R3		0.95			March 1, 2020
Class R6		0.55			March 1, 2020

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the thirty-six months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class’s total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended October 31, 2019 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statements of Operations.

For the years ended October 31, 2017, October 31, 2018 and October 31, 2019, the balances available for recapture by TAM for each Fund are as follows:

	Amounts Available
Fund	2017		2018		2019		Total
ClearTrack® 2015
Class R1	$	34,954	$	49,944	$	75,946	$	160,844
Class R3 (A)		—		—		9		9
Class R6		202		479		740		1,421
ClearTrack® 2020
Class R1		28,129		44,459		70,079		142,667
Class R3 (A)		—		—		5		5
Class R6		185		434		770		1,389
ClearTrack® 2025
Class R1		16,140		29,328		49,561		95,029
Class R3 (A)		—		—		2		2
Class R6		—		505		929		1,434
ClearTrack® 2030
Class R1		20,775		37,701		54,646		113,122
Class R3 (A)		—		—		3		3
Class R6		67		217		363		647
ClearTrack® 2035
Class R1		25,312		37,414		54,311		117,037
Class R3 (A)		—		—		3		3
Class R6		149		272		464		885
ClearTrack® 2040
Class R1		31,039		38,451		56,202		125,692
Class R3 (A)		—		—		4		4
Class R6		311		529		856		1,696
ClearTrack® 2045
Class R1		32,331		40,470		67,908		140,709
Class R3 (A)		—		—		9		9
Class R6		501		636		888		2,025
ClearTrack® 2050
Class R1		37,616		46,296		73,719		157,631
Class R3 (A)		—		—		14		14
Class R6		810		1,112		1,579		3,501
ClearTrack® 2055 (B)
Class R1		7,876		44,707		45,167		97,750
Class R3 (A)		—		—		910		910
Class R6		7,117		45,066		48,125		100,308

Transamerica Funds Annual Report 2019

Page    70

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

5. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

	Amounts Available
Fund	2017		2018		2019		Total
ClearTrack® 2060 (B)
Class R1	$	7,621	$	44,755	$	45,761	$	98,137
Class R3 (A)		—		—		921		921
Class R6		7,225		45,017		47,523		99,765
ClearTrack® Retirement Income
Class R1		36,722		45,469		61,086		143,277
Class R3 (A)		—		—		4		4
Class R6		85		229		446		760

(A)	Class commenced operations on March 1, 2019.
(B)	Fund commenced operations on July 7, 2017.

Distribution and service fees: The Trust has a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCI as the Funds’ distributor.

The Distribution Plan requires the Funds to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Funds, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Funds shares. The distribution and service fees are included in Distribution and service fees within the Statements of Operations.

Each Fund is authorized under the Distribution Plan to pay fees to TCI based on daily ANA of each class up to the following annual rates:

Class (A)	Rate
Class R1		0.50	%
Class R3		0.25

(A) 12b-1 fees are not applicable for Class R6.

Transfer agent fees: Pursuant to a transfer agency agreement, as amended, the Funds pay TFS a fee for providing services based on the number of classes, accounts and transactions relating to each Fund. The Transfer agent fees included within the Statements of Assets and Liabilities and Statements of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services.

For the year ended October 31, 2019, transfer agent fees paid and the amounts due to TFS are as follows:

Fund	Fees Paid to TFS		Fees Due to TFS
ClearTrack® 2015	$	2,980	$	243
ClearTrack® 2020		4,295		334
ClearTrack® 2025		5,558		473
ClearTrack® 2030		4,305		364
ClearTrack® 2035		4,372		367
ClearTrack® 2040		3,866		329
ClearTrack® 2045		2,588		218
ClearTrack® 2050		2,019		172
ClearTrack® 2055		43		4
ClearTrack® 2060		42		4
ClearTrack® Retirement Income		5,088		415

Deferred compensation plan: Under a non-qualified deferred compensation plan effective January 1, 1996, (as amended and restated January 1, 2010), available to the trustees, compensation may be deferred that would otherwise be payable by the Trust to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer (“CCO”) and deferred compensation fees within the Statements of Assets and Liabilities. For the year ended October 31, 2019, amounts included in Trustees, CCO and deferred compensation fees within the Statements of Operations reflect total compensation paid to the independent Board members.

Transamerica Funds Annual Report 2019

Page    71

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

5. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Brokerage commissions: The Funds incurred no brokerage commissions on security transactions placed with affiliates of the adviser or sub-adviser(s) for the year ended October 31, 2019.

6. PURCHASES AND SALES OF SECURITIES

For the year ended October 31, 2019, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

Fund	Purchases of Securities		Sales of Securities
ClearTrack® 2015	$	16,333,190	$	23,258,615
ClearTrack® 2020		27,848,945		40,792,559
ClearTrack® 2025		14,741,072		21,501,299
ClearTrack® 2030		9,383,600		15,677,396
ClearTrack® 2035		7,092,714		12,944,198
ClearTrack® 2040		7,677,304		12,211,265
ClearTrack® 2045		4,967,910		8,418,963
ClearTrack® 2050		3,536,484		5,792,661
ClearTrack® 2055		187,622		146,130
ClearTrack® 2060		175,360		142,629
ClearTrack® Retirement Income		13,050,003		26,204,946

7. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS

The Funds have not made any provision for federal income or excise taxes due to their policy to distribute all of their taxable income and capital gains to their shareholders and otherwise qualify as regulated investment companies under Subchapter M of the Internal Revenue Code. The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. The Funds’ tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Funds’ tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Funds’ financial statements. If applicable, the Funds recognize interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statements of Operations. The Funds identify their major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Funds make significant investments; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. The primary permanent differences are due to distribution re-designations. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of October 31, 2019, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

Fund	Cost		Gross Appreciation		Gross (Depreciation)			Net Appreciation (Depreciation)
ClearTrack® 2015	$	34,489,683	$	3,935,443	$	—		$	3,935,443
ClearTrack® 2020		47,680,453		5,135,562		—			5,135,562
ClearTrack® 2025		66,291,463		9,457,894		—			9,457,894
ClearTrack® 2030		49,591,795		8,452,568		—			8,452,568
ClearTrack® 2035		47,887,823		10,061,956		—			10,061,956
ClearTrack® 2040		43,248,702		9,431,713		—			9,431,713
ClearTrack® 2045		27,877,832		6,900,941		—			6,900,941
ClearTrack® 2050		21,808,238		5,546,500		—			5,546,500
ClearTrack® 2055		599,434		58,840		(1,942	)		56,898
ClearTrack® 2060		586,388		59,013		(2,023	)		56,990
ClearTrack® Retirement Income		61,062,395		4,543,882		—			4,543,882

Transamerica Funds Annual Report 2019

Page    72

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

7. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)

As of October 31, 2019, the Funds had no capital loss carryforwards available to offset future realized capital gains. During the year ended October 31, 2019, the Funds did not have any capital loss carryforwards utilized or expired.

The tax character of distributions paid may differ from the character of distributions shown within the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2019 and 2018 are as follows:

	2019 Distributions Paid From						2018 Distributions Paid From
Fund	Ordinary Income		Long-Term Capital Gain		Return of Capital		Ordinary Income		Long-Term Capital Gain		Return of Capital
ClearTrack® 2015	$	675,211	$	1,458,219	$	—	$	674,142	$	453,812	$	—
ClearTrack® 2020		925,034		2,927,355		—		918,937		423,786		—
ClearTrack® 2025		1,115,536		3,561,822		—		1,006,757		485,598		—
ClearTrack® 2030		850,134		2,728,888		—		783,884		555,270		—
ClearTrack® 2035		875,143		2,978,916		—		816,238		413,811		—
ClearTrack® 2040		735,014		2,701,336		—		729,568		269,620		—
ClearTrack® 2045		480,080		1,736,811		—		426,343		244,790		—
ClearTrack® 2050		380,052		1,146,598		—		299,586		89,903		—
ClearTrack® 2055		22,064		—		—		4,380		—		—
ClearTrack® 2060		22,066		—		—		4,380		—		—
ClearTrack® Retirement Income		1,225,122		3,824,631		—		1,408,032		458,266		—

As of October 31, 2019, the tax basis components of distributable earnings are as follows:

Fund	Undistributed Ordinary Income		Undistributed Tax Exempt Income		Undistributed Long-Term Capital Gain		Capital Loss Carryforwards		Late Year Ordinary Loss Deferral		Other Temporary Differences		Net Unrealized Appreciation (Depreciation)
ClearTrack® 2015	$	352,708	$	—	$	638,512	$	—	$	—	$	—	$	3,935,443
ClearTrack® 2020		503,246		—		1,472,872		—		—		—		5,135,562
ClearTrack® 2025		649,860		—		904,867		—		—		—		9,457,894
ClearTrack® 2030		469,417		—		847,152		—		—		—		8,452,568
ClearTrack® 2035		440,652		—		441,413		—		—		—		10,061,956
ClearTrack® 2040		381,011		—		549,176		—		—		—		9,431,713
ClearTrack® 2045		238,076		—		389,086		—		—		—		6,900,941
ClearTrack® 2050		189,927		—		195,136		—		—		—		5,546,500
ClearTrack® 2055		5,556		—		7,641		—		—		—		56,898
ClearTrack® 2060		5,425		—		7,820		—		—		—		56,990
ClearTrack® Retirement Income		668,632		—		379,808		—		—		—		4,543,882

8. NEW ACCOUNTING PRONOUNCEMENTS

In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update No. 2018-13 (“ASU 2018-13”), “Fair Value Measurement (Topic 820: Disclosure Framework), Changes to the Disclosure Requirements for Fair Value Measurement”. ASU 2018-13 eliminates the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the timing of transfers between levels of the fair value hierarchy and the valuation processes for Level 3 fair value measurements. ASU 2018-13 does not eliminate the requirement to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements, or the reporting of changes in unrealized gains and losses for recurring Level 3 fair value measurements. ASU 2018-13 requires that information is provided about the measurement uncertainty of Level 3 fair value measurements as of the reporting date. The amendment is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has evaluated and has early adopted the disclosure requirements and the impact is reflected within the Funds’ financial statements.

9. CUSTODY OUT-OF-POCKET EXPENSE

In December 2015, State Street, the Funds’ custodian, identified inconsistencies in the way in which clients were invoiced for categories of expenses, particularly those deemed out-of-pocket costs, during an 18-year period going back to 1998. The issue was the result of inaccurate billing rates that were not subsequently reviewed or adjusted. The amount of the difference in what was charged and what

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NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019

9. CUSTODY OUT-OF-POCKET EXPENSE (continued)

should have been charged, plus interest, was paid back to the Funds in September 2016 as a reimbursement. The amounts applicable to each Fund, if any, were recognized as a change in accounting estimate and are reflected as a reimbursement of custody fees. This resulted in a decrease in net expenses and an overall increase in net assets. Please reference the Financial Highlights for additional information in regards to the per share impact.

10. LEGAL PROCEEDINGS

On August 27, 2018, Transamerica Asset Management, Inc. (“TAM”), Aegon USA Investment Management, LLC (“AUIM”) and Transamerica Capital, Inc. (“TCI”) reached a settlement with the Securities and Exchange Commission (the “SEC”) that resolved an investigation into asset allocation models and volatility overlays utilized by AUIM when it served as sub-adviser to certain Transamerica-sponsored mutual funds, and related disclosures. TAM and TCI serve as investment manager and principal underwriter, respectively, to Transamerica-sponsored mutual funds. TCI also serves as the principal underwriter to the variable life insurance and annuity products through which certain Transamerica-sponsored mutual funds are offered. AUIM, an affiliate of TAM and TCI, serves as sub-adviser to a number of Transamerica-sponsored mutual funds.

The SEC’s order instituting administrative and cease-and-desist proceedings (the “Order”) pertains to events that occurred during the period between July 2011 and June 2015, and, among other things, the operation and/or implementation of an asset allocation model utilized by AUIM when it served as sub-adviser to certain Transamerica tactical funds and asset allocation funds, the designation of the portfolio manager for certain of these funds as well as the operation and/or implementation of volatility overlays utilized by AUIM when it served as sub-adviser to the asset allocation funds. The Order also states that the parties failed to make appropriate disclosures regarding these matters, including in marketing materials, and failed to have adequate compliance policies and procedures. AUIM ceased to serve as sub-adviser to the Transamerica tactical funds on April 30, 2015 and to the Transamerica asset allocation funds on June 30, 2015.

Under the terms of the Order, AUIM, TAM and TCI were censured, and agreed, without admitting or denying the findings in the Order, to cease and desist from committing or causing any violations of certain statutory provisions and SEC rules. AUIM agreed to pay civil penalties of $21,000,000, $24,599,896 in disgorgement and $3,682,195 in prejudgment interest. TAM agreed to pay civil penalties of $10,500,000, $15,000,000 in disgorgement and $2,235,765 in prejudgment interest. TCI agreed to pay civil penalties of $4,000,000, $12,000,000 in disgorgement and $1,826,022 in prejudgment interest. The amounts paid in disgorgement, prejudgment interest and civil penalties have been deposited into a Fair Fund for distribution to affected investors. Affected investors are those who purchased or held the relevant mutual funds, variable life insurance and annuity investment portfolios and separately managed account strategies during the period between July 2011 and June 2015. The Order states that these investors are to receive from the Fair Fund the pro rata fees and commissions paid by them during that period, subject to any de minimis threshold.

The settlement does not impose any restrictions on the business or continued ability of AUIM, TAM or TCI to serve the funds.

The foregoing is only a brief summary of the Order. A copy of the Order is available on the SEC’s website at https://www.sec.gov.

The funds are affected by many factors and risks: for example, the risk that the sub-advisers’ judgments and investment decisions, and methods, tools, resources, information, models and analyses utilized in making investment decisions, are incorrect or flawed, do not produce the desired results, and cause the funds to lose value. See “Principal Risks” in the prospectus.

The Order and settlement has no impact on the Funds’ financial statements.

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Report of Independent Registered Public Accounting Firm

To the Shareholders of Transamerica ClearTrack 2015, Transamerica ClearTrack 2020, Transamerica ClearTrack 2025, Transamerica ClearTrack 2030, Transamerica ClearTrack 2035, Transamerica ClearTrack 2040, Transamerica ClearTrack 2045, Transamerica ClearTrack 2050, Transamerica ClearTrack 2055, Transamerica ClearTrack 2060 and Transamerica ClearTrack Retirement Income and the Board of Trustees of Transamerica Funds

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Transamerica ClearTrack 2015 (formerly ClearTrack 2015), Transamerica ClearTrack 2020 (formerly ClearTrack 2020), Transamerica ClearTrack 2025 (formerly ClearTrack 2025), Transamerica ClearTrack 2030 (formerly ClearTrack 2030), Transamerica ClearTrack 2035 (formerly ClearTrack 2035), Transamerica ClearTrack 2040 (formerly ClearTrack 2040), Transamerica ClearTrack 2045 (formerly ClearTrack 2045), Transamerica ClearTrack 2050 (formerly ClearTrack 2050), Transamerica ClearTrack 2055 (formerly ClearTrack 2055), Transamerica ClearTrack 2060 (formerly ClearTrack 2060), and Transamerica ClearTrack Retirement Income (formerly ClearTrack Retirement Income) (collectively referred to as the “Funds”), (eleven of the funds constituting Transamerica Funds (the “Trust”)), including the schedules of investments, as of October 31, 2019, and the related statements of operations, the statements of changes in net assets and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each the Funds (eleven of the funds constituting Transamerica Funds) at October 31, 2019, and the results of their operations, the changes in their net assets and the financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

Individual fund constituting the Transamerica Funds	Statement of operations	Statements of changes in net assets	Financial highlights
Transamerica ClearTrack 2015 Transamerica ClearTrack 2020 Transamerica ClearTrack 2025 Transamerica ClearTrack 2030 Transamerica ClearTrack 2035 Transamerica ClearTrack 2040 Transamerica ClearTrack 2045 Transamerica ClearTrack 2050 Transamerica ClearTrack Retirement Income	For the year ended October 31, 2019	For each of the two years in the period ended October 31, 2019	For each of the four years in the period ended October 31, 2019 and the period from March 2, 2015 (commencement of operations) through October 31, 2015
Transamerica ClearTrack 2055 Transamerica ClearTrack 2060	For the year ended October 31, 2019	For each of the two years in the period ended October 31, 2019	For each of the two years in the period ended October 31, 2019 and the period from July 7, 2017 (commencement of operations) through October 31, 2017

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2019, by correspondence with the custodian, brokers and others, or by other appropriate auditing procedures where replies

Transamerica Funds Annual Report 2019

Page    75

from brokers or others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

December 23, 2019

Transamerica Funds Annual Report 2019

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SUPPLEMENTAL INFORMATION

(unaudited)

TAX INFORMATION

For tax purposes, the long-term capital gain designations for the year ended October 31, 2019 are as follows:

Fund	Long-Term Capital Gain Designation
ClearTrack® 2015	$	1,458,219
ClearTrack® 2020		2,927,355
ClearTrack® 2025		3,561,822
ClearTrack® 2030		2,728,888
ClearTrack® 2035		2,978,916
ClearTrack® 2040		2,701,336
ClearTrack® 2045		1,736,811
ClearTrack® 2050		1,146,598
ClearTrack® Retirement Income		3,824,631

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2019. Complete information will be computed and reported in conjunction with your 2019 Form 1099-DIV.

Transamerica Funds Annual Report 2019

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MANAGEMENT AND SUB-ADVISORY AGREEMENT — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Trustees” or the “Board”) held on June 19-20, 2019, the Board considered the renewal of the management agreement (the “Management Agreement”) between Transamerica Asset Management, Inc. (“TAM”) and Transamerica Funds, on behalf of each of the following funds (each a “Fund” and collectively the “Funds”):

Transamerica ClearTrack® 2015	Transamerica ClearTrack® 2045
Transamerica ClearTrack® 2020	Transamerica ClearTrack® 2050
Transamerica ClearTrack® 2025	Transamerica ClearTrack® 2055
Transamerica ClearTrack® 2030	Transamerica ClearTrack® 2060
Transamerica ClearTrack® 2035	Transamerica ClearTrack® Retirement Income
Transamerica ClearTrack® 2040

For each Fund, the Board also considered the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement” and, together with the Management Agreement, the “Agreements”) between TAM and QS Investors, LLC (the “Sub-Adviser”).

Following its review and consideration, the Board determined that the terms of the Management Agreement and Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the applicable Fund and its shareholders. The Board, including the independent members of the Board (the “Independent Trustees”), unanimously approved the renewal of each of the Agreements through June 30, 2020.

Prior to reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of each Fund, and knowledge they gained over time through meeting with TAM and the Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by the Sub-Adviser. In their review, the Trustees also sought to identify Funds for which the performance, fees, total expenses and/or profitability appeared to be outliers within their respective peer groups or other comparative metrics, and sought to understand the reasons for such comparative positions.

In their deliberations, the Independent Trustees met privately without representatives of TAM or the Sub-Adviser present and were represented throughout the process by their independent legal counsel. In considering the proposed continuation of the Agreements, the Trustees evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

Nature, Extent and Quality of the Services Provided

The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the applicable Fund in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for each Fund; the experience, capability and integrity of TAM’s senior management; the financial resources of TAM; TAM’s management oversight process; TAM’s and the Sub-Adviser’s responsiveness to any questions by the Trustees; and the professional qualifications and compensation program of the portfolio management team of the Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers.

The Board also considered the continuous and regular investment management and other services provided by TAM, when acting as a manager of managers, for the portion of the management fee it retains from each Fund after payment of the sub-advisory fees. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of each Fund and its investment strategy; the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Funds; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Fund investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Funds; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Fund investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Funds’ prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings for the Funds; and ongoing cash management services for the Funds. The Board considered that TAM’s investment management services also include the provision of supervisory and administrative services to each Fund. The Board also noted that TAM, as part of the services it provides to

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MANAGEMENT AND SUB-ADVISORY AGREEMENT — CONTRACT RENEWAL (continued)

(unaudited)

all Transamerica mutual funds, including the Funds, oversees the services provided by the funds’ custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and shareholder service functions of the funds.

Investment Performance

In addition, the Board considered the short- and longer-term performance, as applicable, of each Fund in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the Fund’s benchmark(s), in each case for various trailing periods ended December 31, 2018. Based on these considerations, the Board determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the applicable Fund’s investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board’s conclusions as to performance are summarized below. In describing a Fund’s performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was “above,” “below” or “in line with” the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as “above” the median if a Fund’s performance ranked anywhere in the first or second quintiles, as “below” the median if it ranked anywhere in the fourth or fifth quintiles, or “in line with” the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering each Fund’s performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

Transamerica ClearTrack^® 2015. The Board noted that the performance of Class R6 Shares of the Fund was below the median for its peer universe and below its benchmark, each for the past 1- and 3-year periods. The Trustees noted that the Fund’s performance had improved since the Fund’s glide path was adjusted on March 1, 2018.

Transamerica ClearTrack^® 2020. The Board noted that the performance of Class R6 Shares of the Fund was below the median for its peer universe and below its benchmark, each for the past 1- and 3-year periods. The Trustees noted that the Fund’s performance had improved since the Fund’s glide path was adjusted on March 1, 2018.

Transamerica ClearTrack^® 2025. The Board noted that the performance of Class R6 Shares of the Fund was below the median for its peer universe and below its benchmark, each for the past 1- and 3-year periods. The Trustees noted that the Fund’s performance had improved since the Fund’s glide path was adjusted on March 1, 2018.

Transamerica ClearTrack^® 2030. The Board noted that the performance of Class R6 Shares of the Fund was in line with the median for its peer universe for the past 1-year period and below the median for the past 3-year period. The Board also noted that the performance of Class R6 Shares of the Fund was below its benchmark for the past 1- and 3-year periods. The Trustees noted that the Fund’s performance had improved since the Fund’s glide path was adjusted on March 1, 2018.

Transamerica ClearTrack^® 2035. The Board noted that the performance of Class R6 Shares of the Fund was in line with the median for its peer universe for the past 1-year period and below the median for the past 3-year period. The Board also noted that the performance of Class R6 Shares of the Fund was below its benchmark for the past 1- and 3-year periods. The Trustees noted that the Fund’s performance had improved since the Fund’s glide path was adjusted on March 1, 2018.

Transamerica ClearTrack^® 2040. The Board noted that the performance of Class R6 Shares of the Fund was in line with the median for its peer universe for the past 1- and 3-year periods. The Board also noted that the performance of Class R6 Shares of the Fund was below its benchmark for the past 1- and 3-year periods.

Transamerica ClearTrack^® 2045. The Board noted that the performance of Class R6 Shares of the Fund was in line with the median for its peer universe for the past 3-year period and below the median for the past 1-year period. The Board also noted that the performance of Class R6 Shares of the Fund was below its benchmark for the past 1- and 3-year periods. The Trustees noted that the Fund’s performance had improved since the Fund’s glide path was adjusted on March 1, 2018.

Transamerica ClearTrack^® 2050. The Board noted that the performance of Class R6 Shares of the Fund was in line with the median for its peer universe for the past 3-year period and below the median for the past 1-year period. The Board also noted that the performance of Class R6 Shares of the Fund was below its benchmark for the past 1- and 3-year periods. The Trustees noted that the Fund’s performance had improved since the Fund’s glide path was adjusted on March 1, 2018.

Transamerica Funds Annual Report 2019

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MANAGEMENT AND SUB-ADVISORY AGREEMENT — CONTRACT RENEWAL (continued)

(unaudited)

Transamerica ClearTrack^® 2055. The Board noted that the performance of Class R6 Shares of the Fund was below the median for its peer universe and below its benchmark, each for the past 1-year period. The Trustees noted that the Fund’s performance had improved since the Fund’s glide path was adjusted on March 1, 2018.

Transamerica ClearTrack^® 2060. The Board noted that the performance of Class R6 Shares of the Fund was below the median for its peer universe and below its benchmark, each for the past 1-year period. The Trustees noted that the Fund’s performance had improved since the Fund’s glide path was adjusted on March 1, 2018.

Transamerica ClearTrack^® Retirement Income. The Board noted that the performance of Class R6 Shares of the Fund was above the median for its peer universe for the past 1-year period and in line with the median for the past 3-year period. The Board also noted that the performance of Class R6 Shares of the Fund was above its composite benchmark for the past 1-year period and below its composite benchmark for the past 3-year period.

Management and Sub-Advisory Fees and Total Expense Ratios

The Board considered the management fee and total expense ratio of each Fund, including information provided by Broadridge comparing the management fee and total expense ratio of each Fund to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board’s conclusions as to management fees and total expense ratios are summarized below. In describing a Fund’s management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were “above,” “below” or “in line with” the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as “above” the median if a Fund’s management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as “below” the median if it ranked anywhere in the first or second quintiles, or “in line with” the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Sub-Adviser for sub-advisory services, as well as the portion of a Fund’s management fee retained by TAM following payment of the sub-advisory fee and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

Transamerica ClearTrack^® 2015. The Board noted that the Fund’s contractual management fee was above the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R6 Shares of the Fund were above the median for its peer group and below the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica ClearTrack^® 2020. The Board noted that the Fund’s contractual management fee was above the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R6 Shares of the Fund were above the median for its peer group and below the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica ClearTrack^® 2025. The Board noted that the Fund’s contractual management fee was above the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R6 Shares of the Fund were above the median for its peer group and below the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica ClearTrack^® 2030. The Board noted that the Fund’s contractual management fee was above the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R6 Shares of the Fund were in line with the median for its peer group and below the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica ClearTrack^® 2035. The Board noted that the Fund’s contractual management fee was above the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R6 Shares of the Fund were above the median for its peer group and below the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Funds Annual Report 2019

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MANAGEMENT AND SUB-ADVISORY AGREEMENT — CONTRACT RENEWAL (continued)

(unaudited)

Transamerica ClearTrack^® 2040. The Board noted that the Fund’s contractual management fee was above the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R6 Shares of the Fund were in line with the median for its peer group and below the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica ClearTrack^® 2045. The Board noted that the Fund’s contractual management fee was above the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R6 Shares of the Fund were in line with the median for its peer group and below the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica ClearTrack^® 2050. The Board noted that the Fund’s contractual management fee was above the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R6 Shares of the Fund were in line with the median for its peer group and below the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica ClearTrack^® 2055. The Board noted that the Fund’s contractual management fee was in line with the median for its peer group and above the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R6 Shares of the Fund were below the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica ClearTrack^® 2060. The Board noted that the Fund’s contractual management fee was in line with the median for its peer group and above the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R6 Shares of the Fund were in line with the median for its peer group and below the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica ClearTrack^® Retirement Income. The Board noted that the Fund’s contractual management fee was above the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R6 Shares of the Fund were above the median for its peer group and below the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the Management Agreement and Sub-Advisory Agreement are reasonable in light of the services provided.

Cost of Services Provided and Level of Profitability

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to each Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for each Fund and Transamerica Funds as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser’s long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Funds had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for each Fund.

With respect to the Sub-Adviser, the Board noted that the sub-advisory fees are the product of arm’s-length negotiation between TAM and the Sub-Adviser, which is not affiliated with TAM, and are paid by TAM and not the applicable Fund. As a result, the Board focused on the profitability of TAM and its affiliates with respect to the applicable Fund.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Funds was not excessive.

Transamerica Funds Annual Report 2019

Page    81

MANAGEMENT AND SUB-ADVISORY AGREEMENT — CONTRACT RENEWAL (continued)

(unaudited)

Economies of Scale

The Board considered economies of scale with respect to the management of each Fund, whether the Fund had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Funds benefited from any economies of scale. The Board recognized that, as a Fund’s assets increase, any economies of scale realized by TAM or the Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Fund. The Board considered each Fund’s management fee schedule and the existence of breakpoints and also considered the extent to which TAM shared economies of scale, if any, with the Funds through undertakings to limit or reimburse Fund expenses and to invest in maintaining and developing its capabilities and services. The Board also considered the Sub-Adviser’s sub-advisory fee schedule and the existence of breakpoints and how such breakpoints relate to any breakpoints in the applicable Fund’s management fee schedule. The Board considered that the Funds’ sub-advisory fees would be based on the combined assets of multiple funds. The Trustees concluded that each Fund’s fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fees payable to TAM and the fees paid to the Sub-Adviser in light of any economies of scale experienced in the future.

Benefits to TAM, its Affiliates and the Sub-Adviser from their Relationships with the Funds

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Adviser from their relationships with the Funds. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (“soft dollars”) as a result of its relationships with the Funds.

Other Considerations

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage each Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Board also noted that TAM has made a significant entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Funds.

Conclusion

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement and the Sub-Advisory Agreement was in the best interests of the applicable Fund and its shareholders and voted to approve the renewal of the Agreements.

Transamerica Funds Annual Report 2019

Page    82

Management of the Trust

Board Members and Officers

(unaudited)

The members of the Board (“Board Members”) and executive officers of the Trust are listed below.

Interested Board Member means a board member who may be deemed an “interested person” (as that term is defined in the 1940 Act) of the Trust because of his current or former service with TAM or an affiliate of TAM. Interested Board Members may also be referred to herein as “Interested Trustees.” Independent Board Member means a Board Member who is not an “interested person” (as defined under the 1940 Act) of the Trust and may also be referred to herein as an “Independent Trustee.”

The Board governs each fund and is responsible for protecting the interests of the shareholders. The Board Members are experienced executives who meet periodically throughout the year to oversee the business affairs of each fund and the operation of each fund by its officers. The Board also reviews the management of each fund’s assets by the investment manager and its respective sub-adviser.

The funds are among the funds managed and sponsored by TAM (collectively, “Transamerica Fund Family”). The Transamerica Fund Family consists of (i) Transamerica Funds (“TF”); (ii) Transamerica Series Trust (“TST”); (iii) Transamerica ETF Trust (“TET”); and (iv) Transamerica Asset Allocation Variable Funds (“TAAVF”). The Transamerica Fund Family consists of 133 funds as of the date of this Annual Report. With the exception of Mr. Smit, none of the Board Members serve on the board of trustees of TET. TET is overseen by a separate board of trustees.

The mailing address of each Board Member is c/o Secretary, 1801 California Street, Suite 5200, Denver, Colorado 80202.

Further information about the Fund’s Directors and Officers is available in the Fund’s Statement of Additional Information, which can be obtained without charge by calling 1-888-233-4339 or visiting the Fund’s website at www.transamerica.com.

The Board Members, their age, their positions with the Trust, and their principal occupations for the past five years (their titles may have varied during that period), the number of funds in the Transamerica Fund Family the Board oversees, and other board memberships they hold are set forth in the table below. The length of time served is provided from the date a Board Member became a member of the Board.

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INTERESTED BOARD MEMBERS
Marijn P. Smit (46)	Chairman of the Board, President and Chief Executive Officer	Since 2014	Chairman of the Board, President and Chief Executive Officer, TF, TST and TAAVF (2014 – present); Chairman of the Board, President and Chief Executive Officer, TET (2017 – present); Chairman of the Board, President and Chief Executive Officer, Transamerica Partners Portfolio (“TPP”), Transamerica Partners Funds Group (“TPFG”) and Transamerica Partners Funds Group II (“TPFG II”) (2014 – 2018); Chairman of the Board, President and Chief Executive Officer, Transamerica Income Shares, Inc. (“TIS”) (2014 – 2015); Director, Chairman of the Board, President and Chief Executive Officer, Transamerica Asset Management, Inc. (“TAM”) and Transamerica Fund Services, Inc. (“TFS”) (2014 – present);	133	Director, Massachusetts Fidelity Trust Company (2014 – present); Director, Aegon Global Funds (2016 – present); Director – Akaan-Aegon, S.A.P.I. de C.V. (financial services joint venture in Mexico) (2017 – present)

Transamerica Funds Annual Report 2019

Page    83

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INTERESTED BOARD MEMBERS — continued
Marijn P. Smit (continued)			President, Investment Solutions, Transamerica Investments & Retirement (2014 – 2016); Vice President, Transamerica Premier Life Insurance Company (2010 – 2016); Vice President, Transamerica Life Insurance Company (2010 – present); Senior Vice President, Transamerica Financial Life Insurance Company (2013 – 2016); Senior Vice President, Transamerica Retirement Advisors, Inc. (2013 – 2016); Senior Vice President, Transamerica Retirement Solutions Corporation (2012 – present); and President and Director, Transamerica Stable Value Solutions, Inc. (2010 – 2016).
Alan F. Warrick (71)	Board Member	Since 2012	Board Member, TF, TST and TAAVF (2012 – present); Board Member, TPP, TPFG and TPFG II (2012 – 2018); Board Member, TIS (2012 – 2015); Consultant, Aegon USA (2010 – 2011); Senior Advisor, Lovell Minnick Equity Partners (2010 – present); Retired (2010 – present); and Managing Director for Strategic Business Development, Aegon USA (1994 – 2010).	128	N/A
INDEPENDENT BOARD MEMBERS
Sandra N. Bane (67)	Board Member	Since 2008	Retired (1999 – present); Board Member, TF, TST and TAAVF (2008 – present); Board Member, TPP, TPFG and TPFG II (2008 – 2018); Board Member, TIS (2008 – 2015); Board Member, Transamerica Investors, Inc. (“TII”) (2003 – 2010); and Partner, KPMG (1975 – 1999).	128	Big 5 Sporting Goods (2002 – present); Southern Company Gas (energy services holding company) (2008 – present)
Leo J. Hill (63)	Lead Independent Board Member	Since 2002	Principal, Advisor Network Solutions, LLC (business consulting) (2006 – present); Board Member, TST (2001 – present); Board Member, TF (2002 – present); Board Member, TPP, TPFG and TPFG II (2007 – 2018); Board Member, TIS (2002 – 2015);	128	Ameris Bancorp (2013 – present); Ameris Bank (2013 – present)

Transamerica Funds Annual Report 2019

Page    84

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INDEPENDENT BOARD MEMBERS — continued
Leo J. Hill (continued)			Board Member, TAAVF (2007 – present); Board Member, TII (2008 – 2010); Market President, Nations Bank of Sun Coast Florida (1998 – 1999); Chairman, President and Chief Executive Officer, Barnett Banks of Treasure Coast Florida (1994 – 1998); Executive Vice President and Senior Credit Officer, Barnett Banks of Jacksonville, Florida (1991 – 1994); and Senior Vice President and Senior Loan Administration Officer, Wachovia Bank of Georgia (1976 – 1991).
David W. Jennings (73)	Board Member	Since 2009	Board Member, TF, TST and TAAVF (2009 – present); Board Member, TPP, TPFG and TPFG II (2009 – 2018); Board Member, TIS (2009 – 2015); Board Member, TII (2009 – 2010); Managing Director, Hilton Capital Management, LLC (2010 – present); Principal, Maxam Capital Management, LLC (2006 – 2008); and Principal, Cobble Creek Management LP (2004 – 2006).	128	N/A
Fredric A. Nelson III (62)	Board Member	Since 2017	Board Member, TF, TST and TAAVF (2017 – present); Board Member, TPP, TPFG and TPFG II (2017 – 2018); Chief Investment Officer (“CIO”), Commonfund (2011 – 2015); Vice Chairman, CIO, ING Investment Management Americas (2003 – 2009); Managing Director, Head of U.S. Equity, JP Morgan Investment Management (1994 – 2003); Managing Director, Head of Global Quantitative Investments Group, Bankers Trust Global Investment Management (1981 – 1994).	128	N/A
John E. Pelletier (55)	Board Member	Since 2017	Board Member, TF, TST and TAAVF (2017 – present); Board Member, TPP, TPFG and TPFG II (2017 – 2018); Director, Center for Financial Literacy, Champlain College (2010 – present); Co-Chair, Vermont Financial Literacy Commission with Vermont State Treasurer (2015 – 2018);	128	N/A

Transamerica Funds Annual Report 2019

Page    85

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INDEPENDENT BOARD MEMBERS — continued
John E. Pelletier (continued)			Chairman, Vermont Universal Children’s Higher Education Savings Account Program Advisory Committee (2015 – present); Founder and Principal, Sterling Valley Consulting LLC (a financial services consulting firm) (2009 – 2017);
			Independent Director, The Sentinel Funds and Sentinel Variable Products Trust (2013 – 2017); Chief Legal Officer, Eaton Vance Corp. (2007 – 2008); and Executive Vice President and Chief Operating Officer (2004 – 2007), General Counsel (1997 – 2004), Natixis Global Associates.
Patricia L. Sawyer (69)	Board Member	Since 2007	Retired (2007 – present); President/Founder, Smith & Sawyer LLC (management consulting) (1989 – 2007); Board Member, TF and TST (2007 –present); Board Member, TPP, TPFG and TPFG II (1993 – 2018); Board Member, TIS (2007 – 2015); Board Member, TII (2008 – 2010); Board Member, TAAVF (1993 – present); and Trustee, Chair of Finance Committee and Chair of Nominating Committee (1987 – 1996), Bryant University.	128	Honorary Trustee, Bryant University (1996 – present)
John W. Waechter (67)	Board Member	Since 2005	Partner, Englander Fischer (2016 – present); Attorney, Englander Fischer (2008 – 2015); Retired (2004 – 2008); Board Member, TST (2004 – present); Board Member, TF (2005 – present); Board Member, TAAVF (2007 – present); Board Member, TPP, TPFG and TPFG II (2007 – 2018); Board Member, TIS (2004 – 2015); Board Member, TII (2008 – 2010); Employee, RBC Dain Rauscher (securities dealer) (2004); Executive Vice President, Chief Financial Officer and Chief Compliance Officer, William R. Hough & Co. (securities dealer) (1979 – 2004); and Treasurer, The Hough Group of Funds (1993 – 2004).	128	Board Member, Operation PAR, Inc. (non-profit organization) (2008 – present); Board Member, Remember Honor Support, Inc. (non-profit organization) (2013 – present) Board Member, WRH Income Properties, Inc. (real estate) (2014 – present); Board Member, Boley PAR, Inc. (non-profit organization) (2016 – present)

* Each Board Member shall hold office until: 1) his or her successor is elected and qualified or 2) he or she resigns, retires or his or her term as a Board Member is terminated in accordance with the Trust’s Declaration of Trust.

Transamerica Funds Annual Report 2019

Page    86

Officers

The mailing address of each officer is c/o Secretary, 1801 California Street, Suite 5200, Denver, CO 80202. The following table shows information about the officers, including their year of birth, their positions held with the Trust and their principal occupations during the past five years (their titles may have varied during that period). Each officer will hold office until his or her successor has been duly elected or appointed or until his or her earlier death, resignation or removal.

Name and Age	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Marijn P. Smit (46)	Chairman of the Board, President and Chief Executive Officer	Since 2014	See Interested Board Members Table Above.
Christopher A. Staples, CFA (49)	Vice President and Chief Investment Officer, Advisory Services	Since 2005	Vice President and Chief Investment Officer, Advisory Services (2007 – present), Transamerica Funds and TST; Vice President and Chief Investment Officer, TET (2017 – present) Vice President and Chief Investment Officer, Advisory Services (2007 – 2015), TIS; Vice President and Chief Investment Officer, Advisory Services, TAAVF (2007 – present); Vice President and Chief Investment Officer, Advisory Services, TPP, TPFG and TPFG II (2007 – 2018); Director (2005 – present), Senior Vice President (2006 – present), Senior Director, Investments (2016 – present), Chief Investment Officer, Advisory Services (2012 – 2016) and Lead Portfolio Manager (2007 – present), TAM; Director, TFS (2005 – present); Registered Representative (2007 – 2016), TCI; and Registered Representative, TFA (2005 – present).
Thomas R. Wald, CFA (59)	Chief Investment Officer	Since 2014	Chief Investment Officer, Transamerica Funds, TST and TAAVF (2014 – present); Chief Investment Officer, TET (2017 – present) Chief Investment Officer, TPP, TPFG and TPFG II (2014 – 2018); Chief Investment Officer, TIS (2014 – 2015); Senior Vice President and Chief Investment Officer, TAM (2014 – present); Chief Investment Officer, Transamerica Investments & Retirement (2014 – present); and Vice President and Client Portfolio Manager, Curian Capital, LLC (2012 – 2014).
Vincent J. Toner (49)	Vice President and Treasurer	Since 2014	Vice President and Treasurer, Transamerica Funds, TST and TAAVF (2014 – present), TET (2017 – present); Vice President and Treasurer, TPP, TPFG and TPFG II (2014 – 2018); Vice President and Treasurer, TIS (2014 – 2015); Vice President and Treasurer (2016 – present), Vice President, Administration and Treasurer (2014 – 2016), TAM; Vice President, Administration and Treasurer, TFS (2014 – present); and Senior Vice President and Vice President, Fund Administration, Brown Brothers Harriman (2010 – 2014).

Transamerica Funds Annual Report 2019

Page    87

Name and Age	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Francine J. Rosenberger (51)	Chief Compliance Officer	Since 2019	Chief Compliance Officer, Transamerica Funds, TST, TET and TAAVF (2019 – present); Chief Compliance Officer (2019 – present), TAM; General Counsel, Corporate Secretary and Fund Chief Compliance Officer, Steben & Company, Inc. (2013 – 2019).
Molly Possehl (41)	Anti-Money Laundering Officer	Since 2019	Anti-Money Laundering Officer, Transamerica Funds, TST, TET and TAAVF (2019 – present); Anti-Money Laundering Officer (2019 – present), TAM; Assistant General Counsel, Transamerica Life Insurance Company/Aegon USA (2013 – present); Anti-Money Laundering Compliance Officer and Fraud Officer, Transamerica Life Insurance Company/Aegon USA (2015 – present); Attorney, Anti-Money Laundering Compliance Officer (Annuity products), Transamerica Life Insurance Company/Aegon USA (2006 – 2015).
Erin D. Nelson (42)	Chief Legal Officer and Secretary	Since 2019	Chief Legal Officer and Secretary, Transamerica Funds, TST, TET and TAAVF (2019 – present); Assistant General Counsel and Assistant Secretary, TAM (2019 – present), Assistant General Counsel and Assistant Secretary, TFS (2019 – Present); Senior Vice President and Chief Compliance Officer, ALPS Advisors, Inc. (2015 – 2019); Vice President, Deputy Chief Compliance Officer, ALPS Advisors, Inc. (2015).
Rhonda A. Mills (53)	Assistant Secretary	Since 2016	Assistant Secretary, Transamerica Funds, TST and TAAVF (2019 – present); Secretary, Transamerica Funds, TST and TAAVF (2019); Assistant Secretary, Transamerica Funds, TST and TAAVF (2016 – 2019); Assistant Secretary, TPP, TPFG and TPFG II (2016 – 2018); Assistant Secretary, Vice President and High Level Specialist Attorney (2014 – 2016), Assistant General Counsel (2016 – present), TAM; Assistant Secretary, High Level Specialist Attorney and Vice President (2014 – present), TFS; Vice President and Associate Counsel, ALPS Fund Services, Inc. (2011 – 2014); Managing Member, Mills Law, LLC (2010 – 2011); Counsel, Old Mutual Capital (2006-2009); Senior Counsel, Great-West Life and Annuity Insurance Company (2004 – 2006); and Securities Counsel, J.D. Edwards (2000 – 2003).

Transamerica Funds Annual Report 2019

Page    88

Name and Age	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Blake Boettcher (33)	Tax Manager	Since 2018	Tax Manager, Transamerica Funds, TST, TAAVF and TET (2018 – present); Senior Manager – Tax, Charles Schwab Investment Management (2015 – 2017); and Tax Manager, Deloitte Tax LLP (2012 – 2015).
Peter Sattelmair (42)	Assistant Treasurer	Since 2018	Assistant Treasurer, Transamerica Funds, TST and TAAVF (2018 – present); Director, Fund Administration, TAM (2014 – present); and Vice President and Assistant Vice President, Fund Administration, State Street Corporation (2007 – 2014).

* Elected and serves at the pleasure of the Board of the Trust.

Transamerica Funds Annual Report 2019

Page    89

LIQUIDITY RISK MANAGEMENT PROGRAM (“LRMP”)

(unaudited)

Per initial requirements for SEC Rule 22e-4, TAM established a LRMP in 2018. The Board appointed TAM as the LRMP administrator in September of 2018, and approved the LRMP in March of 2019. In advance of the final compliance date of June 1, 2019, TAM successfully completed the liquidity rule implementation. All Funds were on-boarded to the State Street Global Exchange (SSGX) truView system (a third-party liquidity bucketing tool) at the end of December 2018. TAM currently has policies and procedures established for the day to day monitoring of liquidity risk, and continues to test and improve these policies and procedures as may be required.

Transamerica Funds Annual Report 2019

Page    90

PROXY VOTING POLICIES AND PROCEDURES AND QUARTERLY PORTFOLIO HOLDINGS

(unaudited)

A description of the Transamerica Funds’ proxy voting policies and procedures is available in the Statement of Additional Information of the Funds, available without charge upon request by calling 1-888-233-4339 (toll free) or on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

In addition, the Funds are required to file Form N-PX, with their complete proxy voting records for the most recent 12 months ended June 30th, no later than August 31st of each year. The Form is available without charge: (1) from the Funds, upon request by calling 1-888-233-4339; and (2) on the SEC’s website at http://www.sec.gov.

Each fiscal quarter, the Funds will file with the SEC a complete schedule of their monthly portfolio holdings on Form N-PORT. The Funds’ holdings as of the end of the third month of every fiscal quarter, as reported on Form N-PORT, will be publicly available on the SEC’s website at http://www.sec.gov within 60 days of the end of the fiscal quarter.

You may also visit the Trust’s website at www.transamerica.com for this and other information about the Funds and the Trust.

Important Notice Regarding Delivery of Shareholder Documents

Every year we send shareholders informative materials such as the Transamerica Funds Annual Report, the Transamerica Funds Prospectus, and other required documents that keep you informed regarding your Funds. Transamerica Funds will only send one piece per mailing address, a method that saves your Funds’ money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, simply call a Transamerica Customer Service Representative toll free at 1-888-233-4339, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days.

Transamerica Funds Annual Report 2019

Page    91

NOTICE OF PRIVACY POLICY

(unaudited)

Your privacy is very important to us. We want you to understand what information we collect and how we use it. We collect and use “nonpublic personal information” in connection with providing our customers with a broad range of financial products and services as effectively and conveniently as possible. We treat nonpublic personal information in accordance with our Privacy Policy.

What Information We Collect and From Whom We Collect It

We may collect nonpublic personal information about you from the following sources:

• Information we receive from you on applications or other forms, such as your name, address, and account number;

• Information about your transactions with us, our affiliates, or others, such as your account balance and purchase/redemption history; and

• Information we receive from non-affiliated third parties, including consumer reporting agencies.

What Information We Disclose and To Whom We Disclose It

We do not disclose any nonpublic personal information about current or former customers to anyone without their express consent, except as permitted by law. We may disclose the nonpublic personal information we collect, as described above, to persons or companies that perform services on our behalf and to other financial institutions with which we have joint marketing agreements. We will require these companies to protect the confidentiality of your nonpublic personal information and to use it only to perform the services for which we have hired them.

Our Security Procedures

We restrict access to your nonpublic personal information and only allow disclosures to persons and companies as permitted by law to assist in providing products or services to you. We maintain physical, electronic, and procedural safeguards to protect your nonpublic personal information and to safeguard the disposal of certain consumer information.

If you have any questions about our Privacy Policy, please call 1-888-233-4339 on any business day between 8 a.m. and 7 p.m. Eastern Time.

Note:        This Privacy Policy applies only to customers that have a direct relationship with us or our affiliates. If you own shares of our funds in the name of a third party such as a bank or broker-dealer, its privacy policy may apply to you instead of ours.

Transamerica Funds Annual Report 2019

Page    92

Customer Service: 1-888-233-4339

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Transamerica Capital, Inc.

www.transamerica.com

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, Inc., Member of FINRA

134138 10/19

© 2019 Transamerica Capital, Inc.

Item 2: Code of Ethics.

(a) The Registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer, and any other officers who serve a similar function.

(b) The Registrant’s code of ethics is reasonably designed as described in this Form N-CSR.

(c) During the period covered by the report no amendments were made to the provisions of this code of ethics.

(d) During the period covered by the report, the Registrant did not grant any waivers, including implicit waivers, from the provisions of this code of ethics.

(e) Not Applicable.

(f) The Registrant has filed this code of ethics as an exhibit pursuant to Item 13(a)(1) of Form N-CSR.

Item 3: Audit Committee Financial Experts.

The Registrant’s Board of Trustees has determined that Sandra N. Bane, and John W. Waechter are “audit committee financial experts,” as such term is defined in Item 3 of Form N-CSR. Ms. Bane, and Mr. Waechter are “independent” under the standards set forth in Item 3 of Form N-CSR. The designation of Ms. Bane, and Mr. Waechter as “audit committee financial experts” pursuant to Item 3 of Form N-CSR does not (i) impose upon them any duties, obligations, or liabilities that are greater than the duties, obligations and liabilities imposed upon them as a member of the Registrant’s audit committee or Board of Trustees in the absence of such designation; or (ii) affect the duties, obligations or liabilities of any other member of the Registrant’s audit committee or Board of Trustees.

Item 4: Principal Accountant Fees and Services.

		Fiscal Year Ended 10/31           (in thousands)
		2019		2018
(a)	Audit Fees		$1,445		$1,360
(b)	Audit Related Fees(1)		$48		$9
(c)	Tax Fees(2)		$158		$300
(d)	All Other Fees(3)		$64		$34

⁽¹⁾  Audit-Related Fees represent assurance and related services provided that are reasonably related to the performance of the audit of the financial statements of the funds comprising the Registrant, specifically data verification and agreed-upon procedures related to asset securitizations and agreed-upon procedures engagements.

⁽²⁾  Tax Fees represent tax compliance, tax planning and tax advice services provided in connection with the review of the distributions for excise tax purposes, fiscal year end taxable income calculations and certain fiscal year end shareholder reporting items on behalf of the funds comprising the Registrant.

⁽³⁾  All Other Fees represent service fees for analysis of potential Passive Foreign Investment Company holdings and N-14 merger related items.

(e)(1) Audit Committee Pre-Approval Policies and Procedures. Generally, the Registrant’s Audit Committee must preapprove (i) all audit and non-audit services performed for the Registrant by the independent accountant and (ii) all non-audit services performed by the Registrant’s independent accountant for the Registrant’s investment adviser, and certain of the adviser’s affiliates that provide ongoing services to the Registrant, if the services to be provided by the accountant relate directly to the operations and financial reporting of the Registrant.

The Audit Committee may delegate preapproval authority to one or more of its members. The member or members to whom such authority is delegated shall report any preapproval decisions to the Audit Committee at its next scheduled meeting.

In accordance with the Procedures, the annual audit services engagement terms and fees for the Registrant will be subject to the preapproval of the Audit Committee. In addition to the annual audit services engagement approved by the Audit Committee, the Audit Committee may grant preapproval for other audit services, which are those services that only the independent accountant reasonably can provide.

Requests or applications to provide services that require separate approval by the Audit Committee will be submitted to the Audit Committee by both the independent accountant and the Registrant’s treasurer, and must include a joint statement as to whether, in their view, the request or application is consistent with the Securities and Exchange Commissions’ rules on auditor independence.

Management will promptly report to the Chair of the Audit Committee any violation of this Procedure of which it becomes aware.

(e)(2) The percentage of services described in paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X for fiscal years ended 2019 and 2018 was zero.

(f) Not Applicable.

(g) Not Applicable.

(h) The Registrant’s Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrant’s Adviser, and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintain the principal accountant’s independence.

Item 5: Audit Committee of Listed Registrants.

The following individuals comprise the standing Audit Committee: Sandra N. Bane, Leo J. Hill, David W. Jennings, Frederic A. Nelson, John E. Pelletier, Patricia L. Sawyer and John W. Waechter.

Item 6: Schedule of Investments.

(a) The schedules of investments and consolidated schedules of investments are included in the Annual Report to shareholders filed under Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8: Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9: Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10: Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees that have been implemented since the Registrant last provided disclosure in response to the requirements of this Item.

Item 11: Controls and Procedures.

(a) The Registrant’s principal executive officer and principal financial officer evaluated the Registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are appropriately designed to ensure that information required to be disclosed by the Registrant in the reports that it files on Form N-CSR (a) is accumulated and communicated to Registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

(b) The Registrant’s principal executive officer and principal financial officer are aware of no change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal half- year that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13: Exhibits.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit. The Registrant’s code of ethics (that is the subject of the disclosure required by Item 2(a)) is attached.

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Separate certifications for Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(a) under the 1940 Act, are attached.

(a)(3) Any written solicitation to purchase securities under Rule 23c 1 under the Act 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)(4) Change in the registrant’s independent public accountant. Not applicable.

(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. A certification for Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(b) under the 1940 Act, is attached. The certification furnished pursuant to this paragraph is not deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to liability of that section. Such certification is not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates it by reference.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Transamerica Funds
(Registrant)
By:	/s/ Marijn P. Smit
	Marijn P. Smit
	Chief Executive Officer
	(Principal Executive Officer)
Date:	January 3, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Marijn P. Smit
	Marijn P. Smit
	Chief Executive Officer
	(Principal Executive Officer)
Date:	January 3, 2020
By:	/s/ Vincent J. Toner
	Vincent J. Toner
	Treasurer
	(Principal Financial Officer)
Date:	January 3, 2020

EXHIBIT INDEX

Exhibit No.	Description of Exhibit
13(a)(1)	Code of Ethics for Principal Executive and Principal Financial Officers
13(a)(2)(i)	Section 302 N-CSR Certification of Principal Executive Officer
13(a)(2)(ii)	Section 302 N-CSR Certification of Principal Financial Officer
13(b)	Section 906 N-CSR Certification of Principal Executive Officer and Principal Financial Officer