N-CSR

N-CSR 1 d505643dncsr.htm N-CSR N-CSR

As filed with the Securities and Exchange Commission on January 5, 2018

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: (720) 493-4256

Tané T. Tyler, 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: October 31, 2017

Item 1:

Report(s) to Shareholders.

The Annual Report is attached.

TRANSAMERICA FUNDS

ANNUAL REPORT

OCTOBER 31, 2017

LOGO

Customer Service: 1-888-233-4339

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Transamerica Capital, Inc.

www.transamerica.com

LOGO

Table of Contents


Shareholder Letter			1
Manager Commentary and Schedule of Investments
Transamerica Asset Allocation – Conservative Portfolio			2
Transamerica Asset Allocation – Growth Portfolio			7
Transamerica Asset Allocation – Moderate Growth Portfolio			12
Transamerica Asset Allocation – Moderate Portfolio			17
Transamerica Asset Allocation Intermediate Horizon			22
Transamerica Asset Allocation Long Horizon			25
Transamerica Asset Allocation Short Horizon			28
Transamerica Multi-Manager Alternative Strategies Portfolio			31
Understanding Your Funds’ Expenses			35
Statements of Assets and Liabilities			37
Statements of Operations			39
Statements of Changes in Net Assets			42
Financial Highlights			50
Notes to Financial Statements			68
Report of Independent Registered Public Accounting Firm			83
Supplemental Information			84
Approval of Management and Sub-Advisory Agreements			85
Management of the Trust			90
Proxy Voting Policies and Procedures and Quarterly Portfolio Holdings			97
Notice of Privacy Policy			98


Transamerica Funds		Annual Report 2017

Dear Shareholder,

On behalf of Transamerica Funds, we would like to thank you for your continued support and confidence in our products as we look forward to continuing to serve you and your financial adviser 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). The Securities and Exchange Commission 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 ending October 31, 2017.

We believe it is important to understand market conditions over the last year to provide a context for reading this report. In early November of 2016, the surprise election victory of Donald Trump generated a strong reaction in both the equity and fixed income markets. As a result, the final two months of 2016 saw a move upward in stocks, driven by the prospect of less overall government regulation and the potential for legislation out of Washington pertaining to tax reform and enhanced levels of fiscal spending. Longer term interest rates also rose materially during this time in response to anticipation of new economic policies perceived to be more growth oriented and inflationary. Between election-day and calendar year end, the 10-year Treasury yield jumped from 1.88% to 2.45%.

After this initial spike in long term yields, market interest rates fluctuated with the 10-year Treasury yield ranging from a high of 2.62% in March 2017 to a low of 2.05% in September 2017. Much of this movement appeared to be in response to the lack of legislative progress regarding the new administration’s economic agenda. On October 31, 2017, the 10-year Treasury yield closed at 2.38%.

Equity markets were a different story, as most major U.S. market indices, including the Dow Jones Industrial Average, the S&P 500^® and the NASDAQ moved higher during the year. The primary catalyst for the ascent in stocks was corporate earnings, as during the first half of 2017 S&P 500^® companies posted their strongest levels of earnings growth in five years, as seen by aggregate double digit profit growth in both the first and second quarters. This helped to propel the equity markets even as the progress in Washington regarding new economic policy was significantly slower than anticipated. These strong corporate profit results and lower default rates also helped to support credit markets as high yield bond spreads tightened to their lowest levels in three years.

In regard to the broader economy, gross domestic product (“GDP”) growth exceeded 3% in the second quarter of 2017 for the first time in two years as steady job gains combined with growth in wages and consumer spending. The U.S. Federal Reserve (“Fed”) also moved more quickly toward normalizing short term interest rates, raising the Federal Funds Rate three times, effectively putting an end to the zero interest rate policy that had been in effect since 2008. In September 2017, the Fed announced a formal schedule to finally begin reducing its balance sheet of more than $4 trillion in bonds, which will be implemented over several years.

For the 12-month period ending October 31, 2017, the S&P 500^® returned 23.63% while the MSCI EAFE Index, representing international developed market equities, gained 24.01%. During the same period, the Bloomberg Barclays US Aggregate Bond Index returned 0.90%. 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 adviser is a key resource to help you build a complete picture of your current and future financial needs. Financial advisers are familiar with the market’s history, including long-term returns and volatility of various asset classes. With your adviser, you can develop an investment program that incorporates factors such as your goals, your investment timeline and your risk tolerance.

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

Sincerely,

LOGO

Marijn Smit

President & Chief Executive Officer

Transamerica Funds

LOGO

Tom Wald, CFA

Chief Investment Officer

Transamerica Funds

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 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.

Transamerica Asset Allocation – Conservative Portfolio

(unaudited)

MARKET ENVIRONMENT

The 12-month period ended October 31, 2017 was characterized by rising equity markets around the world. The victory by Donald Trump in the November 2016 U.S. presidential election raised investor hopes for a regime of tax cuts, amped up infrastructure spending, and business deregulation. The equity markets responded positively as these expectations persisted throughout the year while at the same time corporate earnings grew strongly. Over the period, the S&P 500^® returned 23.63%. U.S. small caps fared even better, with the Russell 2000^® Index gaining 27.85%. Growth stocks significantly outpaced value stocks across all market-cap ranges. In the large-cap realm, for example, the Russell Top 200^® Growth Index returned 30.87% versus the Russell Top 200^® Value Index’s 18.10% gain.

Foreign stocks were every bit as strong as U.S. stocks. The MSCI EAFE Index of developed foreign markets returned 24.01% in U.S. dollar terms, while the MSCI Emerging Markets Index gained 26.91%. Gains in real estate investment trusts (“REITs”) were more muted globally. The FTSE EPRA/NAREIT Developed REITS Index was up only 4.77% for the period.

Bond returns were subdued as the U.S. Federal Reserve (“Fed”) gradually tightened its monetary policy. The Fed raised the Federal Funds Rate three times during the period (December 2016, March 2017, and June 2017). Also, in September 2017 the Fed announced it would begin reducing its holdings of Treasuries and mortgage bonds by not replacing maturing bonds, effectively shrinking money supply. These moves were well-forecast, and the bond market seemed to take them in stride. Bonds initially sold off sharply after the November 2016 Trump victory (given the expectation for inflationary policies). But bonds clawed back some of those losses throughout 2017 even as the Fed tightened. Overall, Treasury prices retreated only moderately for the period as a whole, pushing the yield on the 10-year Treasury from 1.85% on November 1, 2016 to 2.38% as of October 31, 2017. The Bloomberg Barclays US Aggregate Bond Index still managed to post a positive 0.90% total return. Foreign investment-grade bonds also sold off in November 2016 before recovering ground in 2017’s first half; the Citi WGBI Non-USD Index managed a 0.73% return for the full 12-month period. Meanwhile, U.S. high-yield bonds gained strongly on the back of healthy corporate earnings, with the Bloomberg Barclays US Corporate High-Yield 2% Issuer Capped Index notching an 8.92% return. Emerging markets debt also enjoyed meaningful gains; the JPMorgan EMBI Global Diversified Index returned 6.32% in U.S. dollar terms.

PERFORMANCE

For the year ended October 31, 2017, Transamerica Asset Allocation — Conservative Portfolio Class A returned 8.78%, 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 0.90% and 23.75%, respectively.

STRATEGY REVIEW

The goal of the Fund has always been to provide investors one-stop participation in the global financial markets, including asset classes beyond those reflected in the primary and secondary benchmarks. The Fund provides a mix of about 35% equity and 65% fixed-income securities under normal conditions. The equity side is intended to cover both domestic and international markets across a range of investment styles, including larger and smaller companies and value and growth stocks. The fixed-income portion normally includes investment-grade and credit-sensitive holdings, shorter- and longer-term bonds, and international bonds. The Fund also normally incorporates emerging markets, and can own real estate securities and alternative strategies such as managed-futures, global-macro, event-driven strategies.

During the reporting period, management’s underweight to U.S. stocks and overweight to foreign developed markets — prompted by lofty U.S. equity valuations — was essentially a wash. Although foreign developed markets have meaningfully outperformed in 2017, the returns of the MSCI EAFE Index and S&P 500^® are about the same when one includes the late-2016 post-election surge in U.S. equities. An overweight to emerging markets, however, was significant as emerging-markets equity outperformed both U.S. and foreign developed-market equity. Investing a portion of the foreign equity in small-cap stocks was also a boon. In the bond portfolio, holding duration moderately short of the benchmark and maintaining a diversified credit mix was helpful as prices for longer-term government bonds declined. Overweighting emerging-markets debt benefited the Fund as well. Defensively favoring floating-rate bank loans over fixed-rate bonds in the noninvestment-grade sleeve meant the portfolio missed some of the upside in high-yield bonds, but floating-rate bank loans also outperformed the Bloomberg Barclays US Aggregate Bond Index.

The Fund’s underlying mutual funds held their own as a group. All three of the core bond funds outpaced the Bloomberg Barclays US Aggregate Bond Index, as did all of the other seven fixed-income funds owned during the period, which cover diversifying asset classes such as high-yield bonds, emerging-markets debt, and floating-rate bank loans. Two of the four U.S. large-cap growth funds chalked up gains of more than 30% on the back of a surging technology sector, while both of the U.S. large-cap value funds outpaced the Russell 1000^® Value Index by about three percentage points. The international equity funds were mixed, with about half beating their style indexes and half not. The Fund’s stake in three absolute-return funds was the main disappointment, with two of the three suffering negative returns. Those funds are held as a substitute for a small portion of the bond portfolio to help hedge against rising interest rates.


Transamerica Funds		Annual Report 2017

Page 2

Transamerica Asset Allocation – Conservative Portfolio

(unaudited)

STRATEGY REVIEW (continued)

As of this writing, we believe U.S. equities are overvalued, trading at historically high price/earnings multiples on top of corporate profit margins that are also at the high end of their range. In the third quarter of 2017, the S&P 500^® recorded its eighth consecutive quarterly gain. We see signs that investors may have grown complacent, perhaps overlooking the current level of price risk in the equity markets. In fact, many asset classes appear unattractive to us now from a valuation standpoint. We are responding to this environment by positioning defensively in some ways — for example, moderately underweighting equity via a meaningful reduction in U.S. equity, favoring floating-rate bank loans in the bond portfolio’s credit-sensitive sleeve, and hedging against rising rates by limiting bond duration and owning absolute-return strategies in place of bonds. Otherwise we are overweighting the areas where we see remaining value and underweighting what we deem to be overvalued asset classes. Of course we are doing all of this in the context of seeking the appropriate diversification and risk level you have come to expect from the Fund.

Dan McNeela, CFA

Michael Stout, CFA

Co-Portfolio Managers

Morningstar Investment Management LLC


Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		53.3	%
U.S. Equity Funds		19.3
International Equity Funds		13.8
International Fixed Income Funds		8.2
U.S. Alternative Funds		3.2
International Alternative Funds		1.2
U.S. Mixed Allocation Fund		1.1
Net Other Assets (Liabilities)		(0.1	)
Total		100.0	%


Transamerica Funds		Annual Report 2017

Page 3

Transamerica Asset Allocation – Conservative Portfolio

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		2.80	%		4.23	%		3.41	%		03/01/2002
Class A (NAV)		8.78	%		5.41	%		4.00	%		03/01/2002
Bloomberg Barclays US Aggregate Bond Index ^(A)		0.90	%		2.04	%		4.19	%
Wilshire 5000 Total Market Index^SM ^(B)		23.75	%		14.94	%		7.62	%
Class B (POP)		2.86	%		4.43	%		3.43	%		03/01/2002
Class B (NAV)		7.86	%		4.60	%		3.43	%		03/01/2002
Class C (POP)		6.99	%		4.67	%		3.32	%		11/11/2002
Class C (NAV)		7.99	%		4.67	%		3.32	%		11/11/2002
Class I (NAV)		8.97	%		5.69	%		6.07	%		11/30/2009
Class R (NAV)		8.35	%		5.06	%		3.70	%		06/15/2006
Class T1 (POP)		N/A			N/A			2.82	%^(C)		03/17/2017
Class T1 (NAV)		N/A			N/A			5.42	%^(C)		03/17/2017
Advisor Class (NAV)		N/A			N/A			5.68	%^(C)		03/03/2017

^(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.

^(C) Not annualized.

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

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares and 2.5% for Class T1 shares or the maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 6 years) for Class B shares and 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 (5% in the 1st year, decreasing to 0% after 7 years) for Class B shares and (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, R and Advisor Class shares.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager. Without such waivers and/or reimbursements, the performance would be lower. Future waivers and/or reimbursements are at the discretion of the Investment Manager.

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 funds 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 2017

Page 4

Transamerica Asset Allocation – Conservative Portfolio

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Shares		Value
INVESTMENT COMPANIES - 100.1%
International Alternative Funds - 1.2%
Transamerica Global Allocation Liquidating Trust ^{(A) (B) (C) (D)}		7,891		$ 44,856
Transamerica Global Multifactor Macro ^(E)		1,411,433		12,660,553

				12,705,409

International Equity Funds - 13.8%
Transamerica Developing Markets Equity ^(E)		3,301,333		40,210,235
Transamerica Emerging Markets Equity ^(E)		927,522		10,276,946
Transamerica International Equity ^(E)		2,677,618		52,427,764
Transamerica International Equity Opportunities ^(E)		2,654,743		23,945,786
Transamerica International Small Cap ^(E)		1,980,352		13,585,215
Transamerica International Small Cap Value ^(E)		885,332		12,129,053

				152,574,999

International Fixed Income Funds - 8.2%
Transamerica Emerging Markets Debt ^(E)		4,039,046		44,187,158
Transamerica Inflation Opportunities ^(E)		4,638,567		46,617,598

				90,804,756

U.S. Alternative Funds - 3.2%
Transamerica Arbitrage Strategy Liquidating Trust ^{(A) (B) (C) (D)}		13,251		128,670
Transamerica Event Driven ^(E)		1,025,083		10,568,601
Transamerica Managed Futures Strategy ^(E)		3,231,742		25,110,638

				35,807,909

U.S. Equity Funds - 19.3%
Transamerica Capital Growth ^(E)		1,050,578		18,132,978
Transamerica Concentrated Growth ^(E)		827,552		14,904,218
Transamerica Dividend Focused ^(E)		3,998,005		46,096,997
Transamerica Growth ^(E)		1,948,768		26,990,433
Transamerica Large Cap Value ^(E)		3,679,731		50,154,737


	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Equity Funds (continued)
Transamerica Mid Cap Value ^(E)		554,161		$ 9,431,825
Transamerica Mid Cap Value Opportunities ^(E)		349,229		4,173,283
Transamerica Multi-Cap Growth ^(E)		1,594,355		12,691,067
Transamerica Small Cap Core ^(E)		410,298		4,837,411
Transamerica Small Cap Growth ^(E)		361,594		2,596,246
Transamerica Small Cap Value ^(E)		403,093		4,853,236
Transamerica Small Company Growth Liquidating Trust ^{(A) (B) (C) (D)}		1,529		950
Transamerica US Growth ^(E)		833,010		17,551,518

				212,414,899

U.S. Fixed Income Funds - 53.3%
Transamerica Bond ^(E)		6,369,652		60,702,787
Transamerica Core Bond ^(E)		12,912,097		128,733,612
Transamerica Flexible Income ^(E)		2,367,976		22,164,253
Transamerica Floating Rate ^(E)		5,088,924		50,736,574
Transamerica High Yield Bond ^(E)		47		441
Transamerica Intermediate Bond ^(E)		9,463,064		96,523,248
Transamerica Short-Term Bond ^(E)		6,608,090		66,345,227
Transamerica Total Return ^(E)		15,805,445		162,479,972

				587,686,114

U.S. Mixed Allocation Fund - 1.1%
Transamerica MLP & Energy Income ^(E)		1,622,853		11,976,658

Total Investment Companies (Cost $1,027,202,673)				1,103,970,744

Total Investments (Cost $1,027,202,673)				1,103,970,744
Net Other Assets (Liabilities) - (0.1)%				(852,066	)


Net Assets - 100.0%				$ 1,103,118,678

SECURITY VALUATION:

Valuation Inputs ^(F)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Investment Companies	$	1,103,796,268	$	—	$	—	$	1,103,796,268

Total	$	1,103,796,268	$	—	$	—	$	1,103,796,268

Investment Companies Measured at Net Asset Value ^(G)								174,476

Total Investments							$	1,103,970,744

FOOTNOTES TO SCHEDULE OF INVESTMENTS:


(A)		Non-income producing securities.
(B)		Issuer is affiliated with the Fund’s investment manager.
(C)		Illiquid security. At October 31, 2017, the value of such securities amounted to $174,476 or less than 0.1% of the Fund’s net assets.

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


Transamerica Funds		Annual Report 2017

Page 5

Transamerica Asset Allocation – Conservative Portfolio

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):


(D)		Restricted securities. At October 31, 2017, 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

81,188

44,856

0.0

%^(H)

Investment Companies

Transamerica Arbitrage Strategy Liquidating Trust

09/18/2015

132,510

128,670

0.0

^(H)

Investment Companies

Transamerica Small Company Growth Liquidating Trust

10/26/2012

15,291

950

0.0

^(H)

Total

228,989

174,476

0.0

%^(H)


(E)		Investment in the Class I2 shares of the affiliated series of Transamerica Funds.
(F)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(G)		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.
(H)		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 2017

Page 6

Transamerica Asset Allocation – Growth Portfolio

(unaudited)

MARKET ENVIRONMENT

Bond returns were subdued as the U.S. Federal Reserve (“Fed”) gradually tightened its monetary policy. The Fed raised the Federal Funds Rate three times during the period (December, March, and June). Also, in September 2017 the Fed announced it would begin reducing its holdings of Treasuries and mortgage bonds by not replacing maturing bonds, effectively shrinking money supply. These moves were well-forecast, and the bond market seemed to take them in stride. Bonds initially sold off sharply after the November 2016 Trump victory (given the expectation for inflationary policies). But bonds clawed back some of those losses throughout 2017 even as the Fed tightened. Overall, Treasury prices retreated only moderately for the period as a whole, pushing the yield on the 10-year Treasury from 1.85% on November 1, 2016 to 2.38% as of October 31, 2017. The Bloomberg Barclays US Aggregate Bond Index still managed to post a positive 0.90% total return. Foreign investment-grade bonds also sold off in November 2016 before recovering ground in 2017’s first half; the Citi WGBI Non-USD Index managed a 0.73% return for the full 12-month period. Meanwhile, U.S. high-yield bonds gained strongly on the back of healthy corporate earnings, with the Bloomberg Barclays US Corporate High-Yield 2% Issuer Capped Index notching an 8.92% return. Emerging markets debt also enjoyed meaningful gains; the JPMorgan EMBI Global Diversified Index returned 6.32% in U.S. dollar terms.

PERFORMANCE

For the year ended October 31, 2017, Transamerica Asset Allocation — Growth Portfolio Class A returned 20.19%, excluding any sales charges. By comparison, its benchmark, the Wilshire 5000 Total Market Index^SM, returned 23.75%.

STRATEGY REVIEW

The goal of the Fund has always been to provide investors one-stop participation in the global equity markets, with a few alternative-strategy funds included for diversification. The equity piece, which makes up more than 90% of the Fund, is intended to cover both domestic and international markets across a range of investment styles, including larger and smaller companies and value and growth stocks. The Fund also normally incorporates emerging markets, and can own real estate securities and alternative strategies such as managed-futures, global-macro, and event-driven strategies.

The Fund’s underlying mutual funds held their own as a group. Two of the four U.S. large-cap growth funds chalked up gains of more than 30% on the back of a surging technology sector, while both of the U.S. large-cap value funds outpaced the Russell 1000^® Value Index by about three percentage points. These U.S. large-cap funds are core holdings, so their performance has a major impact on the Fund. The U.S. mid- and small-cap funds, which make up a smaller part of the Fund, were not as strong but still experienced healthy gains. The international equity funds were mixed, with about half beating their style indexes and half not. The Fund’s stake in three absolute-return funds was the main disappointment, with two of the three suffering negative returns. Those funds are held for diversification purposes. Another drag was an energy-infrastructure fund that had enjoyed strong 2016 returns but which cooled off in 2017.


Transamerica Funds		Annual Report 2017

Page 7

Transamerica Asset Allocation – Growth Portfolio

(unaudited)

STRATEGY REVIEW (continued)

In fact, many asset classes appear unattractive to us now from a valuation standpoint. We are responding to this environment by positioning defensively in some ways — for example, moderately underweighting equity via a meaningful reduction in U.S. equity, holding part of the portfolio in absolute-return strategies, and favoring areas in the global equity market where we see remaining value. Of course we are doing all of this in the context of seeking the appropriate diversification and risk level you have come to expect from the Fund.

Dan McNeela, CFA

Michael Stout, CFA

Co-Portfolio Managers

Morningstar Investment Management LLC


Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		53.6	%
International Equity Funds		36.8
U.S. Mixed Allocation Fund		4.1
U.S. Alternative Funds		4.1
International Alternative Funds		1.5
Net Other Assets (Liabilities)		(0.1	)
Total		100.0	%


Transamerica Funds		Annual Report 2017

Page 8

Transamerica Asset Allocation – Growth Portfolio

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		13.55	%		10.43	%		3.60	%		03/01/2002
Class A (NAV)		20.19	%		11.68	%		4.19	%		03/01/2002
Wilshire 5000 Total Market Index^SM ^(A)		23.75	%		14.94	%		7.62	%
Class B (POP)		14.16	%		10.65	%		3.59	%		03/01/2002
Class B (NAV)		19.16	%		10.78	%		3.59	%		03/01/2002
Class C (POP)		18.31	%		10.88	%		3.49	%		11/11/2002
Class C (NAV)		19.31	%		10.88	%		3.49	%		11/11/2002
Class I (NAV)		20.52	%		12.02	%		10.44	%		11/30/2009
Class R (NAV)		19.94	%		11.37	%		3.97	%		06/15/2006
Class T1 (POP)		N/A			N/A			6.99	%^(B)		03/17/2017
Class T1 (NAV)		N/A			N/A			9.72	%^(B)		03/17/2017
Advisor Class (NAV)		N/A			N/A			10.40	%^(B)		03/03/2017

^(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) 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.

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 2017

Page 9

Transamerica Asset Allocation – Growth Portfolio

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Shares		Value
INVESTMENT COMPANIES - 100.1%
International Alternative Funds - 1.5%
Transamerica Global Allocation Liquidating Trust ^{(A) (B) (C) (D)}		5,149		$ 29,269
Transamerica Global Multifactor Macro ^(E)		2,483,438		22,276,435

				22,305,704

International Equity Funds - 36.8%
Transamerica Developing Markets Equity ^(E)		13,080,121		159,315,874
Transamerica Emerging Markets Equity ^(E)		5,501,462		60,956,204
Transamerica Global Real Estate Securities ^(E)		337,556		4,749,417
Transamerica International Equity ^(E)		8,150,744		159,591,565
Transamerica International Equity Opportunities ^(E)		10,009,312		90,283,997
Transamerica International Small Cap ^(E)		6,138,540		42,110,382
Transamerica International Small Cap Value ^(E)		3,486,634		47,766,890

				564,774,329

U.S. Alternative Funds - 4.1%
Transamerica Event Driven ^(E)		2,230,882		23,000,389
Transamerica Managed Futures Strategy ^(E)		5,047,844		39,221,747

				62,222,136

U.S. Equity Funds - 53.6%
Transamerica Capital Growth ^(E)		3,962,984		68,401,098
Transamerica Concentrated Growth ^(E)		3,119,226		56,177,260


	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Equity Funds (continued)
Transamerica Dividend Focused ^(E)		14,076,726		$ 162,304,645
Transamerica Growth ^(E)		7,424,352		102,827,273
Transamerica Large Cap Value ^(E)		13,540,339		184,554,822
Transamerica Mid Cap Value ^(E)		3,787,672		64,466,186
Transamerica Mid Cap Value Opportunities ^(E)		2,115,936		25,285,436
Transamerica Multi-Cap Growth ^(E)		4,163,202		33,139,084
Transamerica Small Cap Core ^(E)		288,594		3,402,519
Transamerica Small Cap Growth ^(E)		2,368,990		17,009,349
Transamerica Small Cap Value ^(E)		3,121,883		37,587,472
Transamerica Small Company Growth Liquidating Trust ^{(A) (B) (C) (D)}		5,111		3,175
Transamerica US Growth ^(E)		3,164,402		66,673,941

				821,832,260

U.S. Mixed Allocation Fund - 4.1%
Transamerica MLP & Energy Income ^(E)		8,609,579		63,538,694

Total Investment Companies (Cost $1,222,399,653)				1,534,673,123

Total Investments (Cost $1,222,399,653)				1,534,673,123
Net Other Assets (Liabilities) - (0.1)%				(1,744,154	)


Net Assets - 100.0%				$ 1,532,928,969

SECURITY VALUATION:

Valuation Inputs ^(F)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Investment Companies	$	1,534,640,679	$	—	$	—	$	1,534,640,679

Total	$	1,534,640,679	$	—	$	—	$	1,534,640,679

Investment Companies Measured at Net Asset Value ^(G)								32,444

Total Investments							$	1,534,673,123

FOOTNOTES TO SCHEDULE OF INVESTMENTS:


(A)		Non-income producing securities.
(B)		Issuer is affiliated with the Fund’s investment manager.
(C)		Illiquid security. At October 31, 2017, the value of such securities amounted to $32,444 or less than 0.1% of the Fund’s net assets.

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


Transamerica Funds		Annual Report 2017

Page 10

Transamerica Asset Allocation – Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):


(D)		Restricted securities. At October 31, 2017, 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

52,975

29,269

0.0

%^(H)

Investment Companies

Transamerica Small Company Growth Liquidating Trust

10/26/2012

51,111

3,175

0.0

^(H)

Total

104,086

32,444

0.0

%^(H)


(E)		Investment in the Class I2 shares of the affiliated series of Transamerica Funds.
(F)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(G)		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.
(H)		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 2017

Page 11

Transamerica Asset Allocation – Moderate Growth Portfolio

(unaudited)

MARKET ENVIRONMENT

Bond returns were subdued as the U.S. Federal Reserve (“Fed”) gradually tightened its monetary policy. The Fed raised the Federal Funds Rate three times during the period (December, March, and June). Also, in September 2017 the Fed announced it would begin reducing its holdings of Treasuries and mortgage bonds by not replacing maturing bonds, effectively shrinking money supply. These moves were well-forecast, and the bond market seemed to take them in stride. Bonds initially sold off sharply after the November 2016 Trump victory (given the expectation for inflationary policies). But bonds clawed back some of those losses throughout 2017 even as the Fed tightened. Overall, Treasury prices retreated only moderately for the period as a whole, pushing the yield on the 10-year Treasury from 1.85% on November 1, 2016 to 2.38% as of October 31, 2017. The Bloomberg Barclays US Aggregate Bond Index still managed to post a positive 0.90% total return. Foreign investment-grade bonds also sold off in November 2016 before recovering ground in 2017’s first half; the Citi WGBI Non-USD Index managed a 0.73% return for the full 12-month period. Meanwhile, U.S. high-yield bonds gained strongly on the back of healthy corporate earnings, with the Bloomberg Barclays US Corporate High-Yield 2% Issuer Capped Index notching an 8.92% return. Emerging markets debt also enjoyed meaningful gains; the JPMorgan EMBI Global Diversified Index returned 6.32% in U.S. dollar terms.

PERFORMANCE

For the year ended October 31, 2017, Transamerica Asset Allocation — Moderate Growth Portfolio Class A returned 15.32%, 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 23.75% and 0.90%, respectively.

STRATEGY REVIEW

The goal of the Fund has always been to provide investors one-stop participation in the global financial markets, including asset classes beyond those reflected in the primary and secondary benchmarks. The Fund provides a mix of about 70% equity and 30% fixed-income securities under normal conditions. The equity side is intended to cover both domestic and international markets across a range of investment styles, including larger and smaller companies and value and growth stocks. The fixed-income portion normally includes investment-grade and credit-sensitive holdings, shorter- and longer-term bonds, and international bonds. The Fund also normally incorporates emerging markets, and can own real estate securities and alternative strategies such as managed-futures, global-macro, event-driven strategies.

During the reporting period, management’s underweight to U.S. stocks and overweight to foreign developed markets — prompted by lofty U.S. equity valuations — was essentially a wash. Although foreign developed markets have meaningfully outperformed in 2017, the returns of the MSCI EAFE Index and S&P 500^® are about the same when one includes the late-2016 post-election surge in U.S. equities. An overweight to emerging markets, however, was significant as emerging-markets equity outperformed both U.S. and foreign developed-market equity. Investing a portion of the foreign equity in small-cap stocks was also a boon. In the bond portfolio, holding duration moderately short of the benchmark and maintaining a diversified credit mix was helpful as prices for longer-term government bonds declined. Overweighting emerging-markets debt benefited the Fund as well. Defensively favoring floating-rate bank loans over fixed-rate bonds in the noninvestment-grade sleeve meant the Fund missed some of the upside in high-yield bonds, but floating-rate bank loans also outperformed the Bloomberg Barclays US Aggregate Bond Index.

The Fund’s underlying mutual funds held their own as a group. Two of the four U.S. large-cap growth funds chalked up gains of more than 30% on the back of a surging technology sector, while both of the U.S. large-cap value funds outpaced the Russell 1000^® Value Index by about three percentage points. Meanwhile, the underlying bond funds were strong. All three of the core bond funds outpaced the Bloomberg Barclays US Aggregate Bond Index, as did all of the other bond funds owned by the Fund. The international equity funds were mixed, with about half beating their style indexes and half not. The Fund’s stake in three absolute-return funds was the main disappointment, with two of the three suffering negative returns. Those funds are held as a substitute for a small portion of the bond portfolio to help hedge against rising interest rates. Another modest drag was an energy-infrastructure fund that had enjoyed strong 2016 returns but which cooled off in 2017.


Transamerica Funds		Annual Report 2017

Page 12

Transamerica Asset Allocation – Moderate Growth Portfolio

(unaudited)

STRATEGY REVIEW (continued)

Dan McNeela, CFA

Michael Stout, CFA

Co-Portfolio Managers

Morningstar Investment Management LLC


Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		39.4	%
International Equity Funds		27.6
U.S. Fixed Income Funds		22.1
International Fixed Income Funds		4.2
U.S. Mixed Allocation Fund		2.9
U.S. Alternative Funds		2.4
International Alternative Funds		1.5
Net Other Assets (Liabilities)		(0.1	)
Total		100.0	%


Transamerica Funds		Annual Report 2017

Page 13

Transamerica Asset Allocation – Moderate Growth Portfolio

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		8.95	%		8.03	%		3.64	%		03/01/2002
Class A (NAV)		15.32	%		9.26	%		4.23	%		03/01/2002
Wilshire 5000 Total Market Index^SM ^(A)		23.75	%		14.94	%		7.62	%
Bloomberg Barclays US Aggregate Bond Index ^(B)		0.90	%		2.04	%		4.19	%
Class B (POP)		9.26	%		8.22	%		3.63	%		03/01/2002
Class B (NAV)		14.26	%		8.37	%		3.63	%		03/01/2002
Class C (POP)		13.48	%		8.47	%		3.53	%		11/11/2002
Class C (NAV)		14.48	%		8.47	%		3.53	%		11/11/2002
Class I (NAV)		15.62	%		9.55	%		8.70	%		11/30/2009
Class R (NAV)		15.03	%		9.00	%		4.03	%		06/15/2006
Class T1 (POP)		N/A			N/A			5.11	%^(C)		03/17/2017
Class T1 (NAV)		N/A			N/A			7.79	%^(C)		03/17/2017
Advisor Class (NAV)		N/A			N/A			8.29	%^(C)		03/03/2017

^(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) Not annualized.

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 funds 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 2017

Page 14

Transamerica Asset Allocation – Moderate Growth Portfolio

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Shares		Value
INVESTMENT COMPANIES - 100.1%
International Alternative Funds - 1.5%
Transamerica Global Allocation Liquidating Trust ^{(A) (B) (C) (D)}		34,418		$ 195,645
Transamerica Global Multifactor Macro ^(E)		4,343,129		38,957,870

				39,153,515

International Equity Funds - 27.6%
Transamerica Developing Markets Equity ^(E)		15,044,273		183,239,250
Transamerica Emerging Markets Equity ^(E)		7,762,043		86,003,440
Transamerica Global Real Estate Securities ^(E)		849,121		11,947,130
Transamerica International Equity ^(E)		11,721,573		229,508,402
Transamerica International Equity Opportunities ^(E)		11,891,204		107,258,659
Transamerica International Small Cap ^(E)		8,142,074		55,854,628
Transamerica International Small Cap Value ^(E)		4,672,845		64,017,982

				737,829,491

International Fixed Income Funds - 4.2%
Transamerica Emerging Markets Debt ^(E)		7,210,661		78,884,630
Transamerica Inflation Opportunities ^(E)		3,271,132		32,874,879

				111,759,509

U.S. Alternative Funds - 2.4%
Transamerica Arbitrage Strategy Liquidating Trust ^{(A) (B) (C) (D)}		43,273		420,185
Transamerica Event Driven ^(E)		2,003,063		20,651,584
Transamerica Managed Futures Strategy ^(E)		5,505,682		42,779,149

				63,850,918

U.S. Equity Funds - 39.4%
Transamerica Capital Growth ^(E)		4,951,416		85,461,447
Transamerica Concentrated Growth ^(E)		3,840,649		69,170,088
Transamerica Dividend Focused ^(E)		18,439,291		212,605,028


	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Equity Funds (continued)
Transamerica Growth ^(E)		9,201,037		$ 127,434,359
Transamerica Large Cap Value ^(E)		17,441,577		237,728,699
Transamerica Mid Cap Value ^(E)		5,276,549		89,806,863
Transamerica Mid Cap Value Opportunities ^(E)		3,129,610		37,398,837
Transamerica Multi-Cap Growth ^(E)		7,089,408		56,431,688
Transamerica Small Cap Core ^(E)		1,134,432		13,374,957
Transamerica Small Cap Growth ^(E)		1,707,492		12,259,790
Transamerica Small Cap Value ^(E)		2,233,653		26,893,177
Transamerica Small Company Growth Liquidating Trust ^{(A) (B) (C) (D)}		4,660		2,894
Transamerica US Growth ^(E)		3,963,235		83,505,370

				1,052,073,197

U.S. Fixed Income Funds - 22.1%
Transamerica Bond ^(E)		5,138,611		48,970,963
Transamerica Core Bond ^(E)		13,444,790		134,044,560
Transamerica Flexible Income ^(E)		3,929,197		36,777,282
Transamerica Floating Rate ^(E)		6,918,213		68,974,583
Transamerica Intermediate Bond ^(E)		10,176,528		103,800,588
Transamerica Short-Term Bond ^(E)		3,513,892		35,279,476
Transamerica Total Return ^(E)		15,865,694		163,099,339

				590,946,791

U.S. Mixed Allocation Fund - 2.9%
Transamerica MLP & Energy Income ^(E)		10,702,596		78,985,158

Total Investment Companies (Cost $2,275,814,160)				2,674,598,579

Total Investments (Cost $2,275,814,160)				2,674,598,579
Net Other Assets (Liabilities) - (0.1)%				(2,117,853	)


Net Assets - 100.0%				$ 2,672,480,726

SECURITY VALUATION:

Valuation Inputs ^(F)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Investment Companies	$	2,673,979,855	$	—	$	—	$	2,673,979,855

Total	$	2,673,979,855	$	—	$	—	$	2,673,979,855

Investment Companies Measured at Net Asset Value ^(G)								618,724

Total Investments							$	2,674,598,579

FOOTNOTES TO SCHEDULE OF INVESTMENTS:


(A)		Non-income producing securities.
(B)		Illiquid security. At October 31, 2017, the value of such securities amounted to $618,724 or less than 0.1% of the Fund’s net assets.

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


Transamerica Funds		Annual Report 2017

Page 15

Transamerica Asset Allocation – Moderate Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):


(C)		Restricted securities. At October 31, 2017, 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

354,111

195,645

0.0

%^(H)

Investment Companies

Transamerica Arbitrage Strategy Liquidating Trust

09/18/2015

432,725

420,185

0.0

^(H)

Investment Companies

Transamerica Small Company Growth Liquidating Trust

10/26/2012

46,600

2,894

0.0

^(H)

Total

833,436

618,724

0.0

%^(H)


(D)		Issuer is affiliated with the Fund’s investment manager.
(E)		Investment in the Class I2 shares of the affiliated series of Transamerica Funds.
(F)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(G)		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.
(H)		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 2017

Page 16

Transamerica Asset Allocation – Moderate Portfolio

(unaudited)

MARKET ENVIRONMENT

Bond returns were subdued as the U.S. Federal Reserve (“Fed”) gradually tightened its monetary policy. The Fed raised the Federal Funds Rate three times during the period (December, March, and June). Also, in September 2017 the Fed announced it would begin reducing its holdings of Treasuries and mortgage bonds by not replacing maturing bonds, effectively shrinking money supply. These moves were well-forecast, and the bond market seemed to take them in stride. Bonds initially sold off sharply after the November 2016 Trump victory (given the expectation for inflationary policies). But bonds clawed back some of those losses throughout 2017 even as the Fed tightened. Overall, Treasury prices retreated only moderately for the period as a whole, pushing the yield on the 10-year Treasury from 1.85% on November 1, 2016 to 2.38% as of October 31, 2017. The Bloomberg Barclays US Aggregate Bond Index still managed to post a positive 0.90% total return. Foreign investment-grade bonds also sold off in November 2016 before recovering ground in 2017’s first half; the Citi WGBI Non-USD Index managed a 0.73% return for the full 12-month period. Meanwhile, U.S. high-yield bonds gained strongly on the back of healthy corporate earnings, with the Bloomberg Barclays US Corporate High-Yield 2% Issuer Capped Index notching an 8.92% return. Emerging markets debt also enjoyed meaningful gains; the JPMorgan EMBI Global Diversified Index returned 6.32% in U.S. dollar terms.

PERFORMANCE

For the year ended October 31, 2017, Transamerica Asset Allocation — Moderate Portfolio Class A returned 11.54%, 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 23.75% and 0.90%, respectively.

STRATEGY REVIEW

The goal of the Fund has always been to provide investors one-stop participation in the global financial markets, including asset classes beyond those reflected in the primary and secondary benchmarks. The Fund provides a mix of about 50% equity and 50% fixed-income securities under normal conditions. The equity side is intended to cover both domestic and international markets across a range of investment styles, including larger and smaller companies and value and growth stocks. The fixed-income portion normally includes investment-grade and credit-sensitive holdings, shorter- and longer-term bonds, and international bonds. The Fund also normally incorporates emerging markets, and can own real estate securities and alternative strategies such as managed-futures, global-macro, event-driven strategies.

The Fund’s underlying mutual funds held their own as a group. Two of the four U.S. large-cap growth funds chalked up gains of more than 30% on the back of a surging technology sector, while both of the U.S. large-cap value funds outpaced the Russell 1000^® Value Index by about three percentage points. Meanwhile, the underlying bond funds were strong. All three of the core bond funds outpaced the Bloomberg Barclays US Aggregate Bond Index, as did all of the other bond funds owned by the Fund. The international equity funds were mixed, with about half beating their style indexes and half not. The Fund’s stake in three absolute-return funds was the main disappointment, with two of the three suffering negative returns. Those funds are held as a substitute for a small portion of the bond portfolio to help hedge against rising interest rates. Another modest drag was an energy-infrastructure fund that had enjoyed strong 2016 returns but which cooled off in 2017.


Transamerica Funds		Annual Report 2017

Page 17

Transamerica Asset Allocation – Moderate Portfolio

(unaudited)

STRATEGY REVIEW (continued)

Dan McNeela, CFA

Michael Stout, CFA

Co-Portfolio Managers

Morningstar Investment Management LLC


Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		40.3	%
U.S. Equity Funds		27.9
International Equity Funds		19.9
International Fixed Income Funds		6.1
U.S. Alternative Funds		2.6
U.S. Mixed Allocation Fund		1.9
International Alternative Funds		1.4
Net Other Assets (Liabilities)		(0.1	)
Total		100.0	%


Transamerica Funds		Annual Report 2017

Page 18

Transamerica Asset Allocation – Moderate Portfolio

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		5.45	%		5.89	%		3.59	%		03/01/2002
Class A (NAV)		11.54	%		7.08	%		4.18	%		03/01/2002
Wilshire 5000 Total Market Index^SM ^(A)		23.75	%		14.94	%		7.62	%
Bloomberg Barclays US Aggregate Bond Index ^(B)		0.90	%		2.04	%		4.19	%
Class B (POP)		5.53	%		6.06	%		3.58	%		03/01/2002
Class B (NAV)		10.53	%		6.22	%		3.58	%		03/01/2002
Class C (POP)		9.69	%		6.31	%		3.48	%		11/11/2002
Class C (NAV)		10.69	%		6.31	%		3.48	%		11/11/2002
Class I (NAV)		11.80	%		7.35	%		7.28	%		11/30/2009
Class R (NAV)		11.20	%		6.82	%		3.95	%		06/15/2006
Class T1 (POP)		N/A			N/A			3.81	%^(C)		03/17/2017
Class T1 (NAV)		N/A			N/A			6.48	%^(C)		03/17/2017
Advisor Class (NAV)		N/A			N/A			6.77	%^(C)		03/03/2017

^(C) Not annualized.


Transamerica Funds		Annual Report 2017

Page 19

Transamerica Asset Allocation – Moderate Portfolio

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Shares		Value
INVESTMENT COMPANIES - 100.1%
International Alternative Funds - 1.4%
Transamerica Global Allocation Liquidating Trust ^{(A) (B) (C) (D)}		21,365		$ 121,446
Transamerica Global Multifactor Macro ^(E)		3,056,819		27,419,666

				27,541,112

International Equity Funds - 19.9%
Transamerica Developing Markets Equity ^(E)		8,399,923		102,311,058
Transamerica Emerging Markets Equity ^(E)		4,042,168		44,787,222
Transamerica International Equity ^(E)		6,377,487		124,871,187
Transamerica International Equity Opportunities ^(E)		6,076,400		54,809,124
Transamerica International Small Cap ^(E)		4,395,129		30,150,584
Transamerica International Small Cap Value ^(E)		2,369,728		32,465,268

				389,394,443

International Fixed Income Funds - 6.1%
Transamerica Emerging Markets Debt ^(E)		6,600,627		72,210,862
Transamerica Inflation Opportunities ^(E)		4,742,154		47,658,649

				119,869,511

U.S. Alternative Funds - 2.6%
Transamerica Arbitrage Strategy Liquidating Trust ^{(A) (B) (C) (D)}		28,370		275,475
Transamerica Event Driven ^(E)		1,627,937		16,784,029
Transamerica Managed Futures Strategy ^(E)		4,309,140		33,482,018

				50,541,522

U.S. Equity Funds - 27.9%
Transamerica Capital Growth ^(E)		2,544,982		43,926,396
Transamerica Concentrated Growth ^(E)		2,207,658		39,759,929
Transamerica Dividend Focused ^(E)		9,663,175		111,416,402
Transamerica Growth ^(E)		4,662,220		64,571,748
Transamerica Large Cap Value ^(E)		8,992,869		122,572,808
Transamerica Mid Cap Value ^(E)		2,451,120		41,718,064


	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Equity Funds (continued)
Transamerica Mid Cap Value Opportunities ^(E)		1,496,732		$ 17,885,945
Transamerica Multi-Cap Growth ^(E)		3,884,143		30,917,780
Transamerica Small Cap Core ^(E)		674,462		7,951,903
Transamerica Small Cap Growth ^(E)		1,040,970		7,474,165
Transamerica Small Cap Value ^(E)		1,346,002		16,205,863
Transamerica Small Company Growth Liquidating Trust ^{(A) (B) (C) (D)}		2,887		1,793
Transamerica US Growth ^(E)		1,982,830		41,778,221

				546,181,017

U.S. Fixed Income Funds - 40.3%
Transamerica Bond ^(E)		7,916,956		75,448,592
Transamerica Core Bond ^(E)		17,595,407		175,426,204
Transamerica Flexible Income ^(E)		5,560,697		52,048,121
Transamerica Floating Rate ^(E)		7,283,747		72,618,956
Transamerica High Yield Bond ^(E)		163		1,534
Transamerica Intermediate Bond ^(E)		13,132,917		133,955,758
Transamerica Short-Term Bond ^(E)		6,180,511		62,052,334
Transamerica Total Return ^(E)		21,230,187		218,246,322

				789,797,821

U.S. Mixed Allocation Fund - 1.9%
Transamerica MLP & Energy Income ^(E)		5,210,891		38,456,375

Total Investment Companies (Cost $1,758,681,607)				1,961,781,801

Total Investments (Cost $1,758,681,607)				1,961,781,801
Net Other Assets (Liabilities) - (0.1)%				(1,715,292	)


Net Assets - 100.0%				$ 1,960,066,509

SECURITY VALUATION:

Valuation Inputs ^(F)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Investment Companies	$	1,961,383,087	$	—	$	—	$	1,961,383,087

Total	$	1,961,383,087	$	—	$	—	$	1,961,383,087

Investment Companies Measured at Net Asset Value ^(G)								398,714

Total Investments							$	1,961,781,801

FOOTNOTES TO SCHEDULE OF INVESTMENTS:


(A)		Non-income producing securities.
(B)		Issuer is affiliated with the Fund’s investment manager.
(C)		Illiquid security. At October 31, 2017, the value of such securities amounted to $398,714 or less than 0.1% of the Fund’s net assets.

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


Transamerica Funds		Annual Report 2017

Page 20

Transamerica Asset Allocation – Moderate Portfolio

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):


(D)		Restricted securities. At October 31, 2017, 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

219,813

121,446

0.0

%^(H)

Investment Companies

Transamerica Arbitrage Strategy Liquidating Trust

09/18/2015

283,697

275,475

0.0

^(H)

Investment Companies

Transamerica Small Company Growth Liquidating Trust

10/26/2012

28,869

1,793

0.0

^(H)

Total

532,379

398,714

0.0

%^(H)


(E)		Investment in the Class I2 shares of the affiliated series of Transamerica Funds.
(F)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(G)		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.
(H)		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 2017

Page 21

Transamerica Asset Allocation Intermediate Horizon

(unaudited)

MARKET ENVIRONMENT

With few exceptions, the equity and credit markets were calm during the 12-month period ending on October 31, 2017. Broad U.S. equity markets exhibited historically low volatility and advanced steadily, fueled primarily by a supportive economic environment and strong corporate earnings which grew by double digits during the period. Growth stocks outperformed value stocks, and small cap stocks beat large stocks, although the performance of small caps relative to large caps was inconsistent over the period with large caps gaining consistently while small caps gained in more sporadic fashion. Foreign equity markets were also strong, with both developed and emerging markets posting double-digit gains in the period.

Fixed income markets were primarily driven by higher risk credit assets such as high yield bonds, emerging markets debt and leveraged loans. Like the equity markets, the strong performance in credit was primarily driven by a fundamentally healthy economic backdrop and strong corporate earnings growth, as well as strong risk appetite from investors. In corporate credit markets, refunding activity — the process of refinancing older, higher-coupon debts using new issues with lower coupons — also helped push spreads tighter in the period.

On the economic front, the unemployment rate continued with its almost decade-long decline, reaching 4.1% in October, the lowest reading since December 2000. With the strong employment environment as a backdrop, wage growth pressures picked up, helping to boost overall inflation to above 2%. Gross domestic product (“GDP”) also picked up, posting annual growth of over 3% for each of the past two quarters, the first time this has happened since 2014.

Central banks were also a focus in the period, as the U.S. Federal Reserve (“Fed”) continued on the path toward normalizing monetary policy by increasing the Fed Funds Rate to over 1% while also announcing that it would begin to incrementally and slowly unwind its quantitative easing program. While foreign Central Banks like the European Central Bank and the Bank of Japan are still pursuing very low policy rates and quantitative easing programs, the pace of accommodation has been slowing.

PERFORMANCE

For the year ended October 31, 2017, Transamerica Asset Allocation Intermediate Horizon Class R4 returned 11.67%. 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 23.63%, 0.90% and 12.24%, respectively.

STRATEGY REVIEW

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

Transamerica Asset Allocation Intermediate Horizon invests approximately 50% in equity funds and 50% in fixed income funds. The Fund 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 full 12-month period was Transamerica Large Growth with a gain of 29.22%. It was also the largest positive contributor to overall performance and had a target weight in the Fund of 13%. The top performing fixed income holding was Transamerica High Yield Bond which carried a target weight of 6% and produced a total return of 7.97%

The weakest performing holding in the period was Transamerica Inflation-Protected Securities which lost (1.15)% and had a target allocation of 11.8%. It was the only losing position in the past 12 months. The weakest equity fund holding, Transamerica Mid Cap Value Opportunities, still benefited in the strong market environment during the period by producing a total return of 9.06%. It carried a target weighting of 3%.

Christopher A. Staples, CFA

Kane Cotton, CFA

Co-Portfolio Managers

Transamerica Asset Management, Inc.


Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		50.8	%
U.S. Equity Funds		38.5
International Equity Fund		10.7
Money Market Fund		0.1
Net Other Assets (Liabilities)		(0.1	)
Total		100.0	%


Transamerica Funds		Annual Report 2017

Page 22

Transamerica Asset Allocation Intermediate Horizon

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017


	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class R (NAV)		N/A			N/A			4.24	%^(A)		05/19/2017
Class R4 (NAV)		11.67	%		7.07	%		4.52	%		09/11/2000
S&P 500^® ^(B)		23.63	%		15.18	%		7.51	%
Bloomberg Barclays US Aggregate Bond Index ^(C)		0.90	%		2.04	%		4.19	%
Transamerica Asset Allocation Intermediate Horizon Blended Benchmark ^{(C) (D) (E) (F) (G) (H) (I) (J)}		12.24	%		7.66	%		5.39	%

^(A) Not annualized.

^(B) 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.

^(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 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% BofA Merrill Lynch 1-3 Year U.S. Treasury Index, 6% BofA Merrill Lynch High Yield Master II Index, and 2% Citigroup 3-Month Treasury Bill Index.

^(E) 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.

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

^(G) 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.

^(H) The BofA Merrill Lynch 1-3 Year U.S. Treasury 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.

^(I) The BofA Merrill Lynch 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.

^(J) The Citigroup 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.

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 funds 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 2017

Page 23

Transamerica Asset Allocation Intermediate Horizon

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Shares		Value
INVESTMENT COMPANIES - 100.1%
International Equity Fund - 10.7%
Transamerica International Equity ^{(A) (B)}		2,441,801		$ 47,810,455

Money Market Fund - 0.1%
Transamerica Government Money Market ^(A)		571,541		571,541

U.S. Equity Funds - 38.5%
Transamerica Large Growth ^(A)		5,299,983		62,115,806
Transamerica Large Value Opportunities ^(A)		5,355,250		57,354,732
Transamerica Mid Cap Growth ^{(A) (B)}		939,841		13,458,529
Transamerica Mid Cap Value Opportunities ^(A) (B)		1,016,412		12,156,291
Transamerica Small Cap Growth ^{(A) (B)}		1,814,276		13,044,643
Transamerica Small Cap Value ^{(A) (B)}		1,090,629		13,142,083

				171,272,084


	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Fixed Income Funds - 50.8%
Transamerica High Quality Bond ^(A)		3,693,886		$ 36,828,042
Transamerica High Yield Bond ^(A)		2,994,883		28,241,746
Transamerica Inflation-Protected Securities ^(A)		5,117,934		51,025,807
Transamerica Intermediate Bond ^(A)		10,768,548		110,054,558

				226,150,153

Total Investment Companies (Cost $422,222,916)				445,804,233

Total Investments (Cost $422,222,916)				445,804,233
Net Other Assets (Liabilities) - (0.1)%				(230,989	)


Net Assets - 100.0%				$ 445,573,244

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	$	445,804,233	$	—	$	—	$	445,804,233

Total Investments	$	445,804,233	$	—	$	—	$	445,804,233

FOOTNOTES TO SCHEDULE OF INVESTMENTS:


(A)		Investment in the Class I3 shares of the affiliated series of Transamerica Funds.
(B)		Non-income producing securities.
(C)		The Fund recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended October 31, 2017. 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 2017

Page 24

Transamerica Asset Allocation Long Horizon

(unaudited)

MARKET ENVIRONMENT

PERFORMANCE

For the year ended October 31, 2017, Transamerica Asset Allocation Long Horizon Class R4 returned 19.93%. By comparison, its primary and secondary benchmarks, the S&P 500^® and the Transamerica Asset Allocation Long Horizon Blended Benchmark, returned 23.63% and 21.55%, respectively.

STRATEGY REVIEW

Transamerica Asset Allocation Long Horizon invests approximately 90% in equity funds and 10% in fixed income funds. The Fund 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 full 12-month period was Transamerica Large Growth with a gain of 29.22%. It was also the largest positive contributor to overall performance and had a target weight in the portfolio of 21%. The top performing fixed income fund in the portfolio was Transamerica High Yield Bond which carried a target weight of 2% and produced a total return of 7.97%

The weakest performing holding on the period was Transamerica Inflation-Protected Securities which lost (1.15)% and had a target allocation of 3.3%. It was the only losing position in the past 12 months. The weakest equity fund in the portfolio, Transamerica Mid Cap Value Opportunities, still benefited in the strong market environment during the period by producing a total return of 9.06%. It carried a target weighting of 6%.

Christopher A. Staples, CFA

Kane Cotton, CFA

Co-Portfolio Managers

Transamerica Asset Management, Inc.


Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		66.4	%
International Equity Fund		23.6
U.S. Fixed Income Funds		9.9
Money Market Fund		0.2
Net Other Assets (Liabilities)		(0.1	)
Total		100.0	%


Transamerica Funds		Annual Report 2017

Page 25

Transamerica Asset Allocation Long Horizon

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class R (NAV)		N/A			N/A			6.90	%^(A)		05/19/2017
Class R4 (NAV)		19.93	%		10.88	%		4.28	%		09/11/2000
S&P 500^® ^(B)		23.63	%		15.18	%		7.51	%
Transamerica Asset Allocation Long Horizon Blended Benchmark^{(C) (D) (E) (F) (G) (H) (I)}		21.55	%		12.23	%		5.97	%

^(A) Not annualized.

^(B) 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.

^(C) 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% Citigroup 3-Month Treasury Bill Index and 2% BofA Merrill Lynch High Yield Master II 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 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.

^(G) 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.

^(H) The Citigroup 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.

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 funds 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 2017

Page 26

Transamerica Asset Allocation Long Horizon

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Shares		Value
INVESTMENT COMPANIES - 100.1%
International Equity Fund - 23.6%
Transamerica International Equity ^{(A) (B)}		3,122,133		$ 61,131,357

Money Market Fund - 0.2%
Transamerica Government Money Market ^(B)		467,594		467,594

U.S. Equity Funds - 66.4%
Transamerica Large Growth ^(B)		5,086,706		59,616,192
Transamerica Large Value Opportunities ^(B)		4,866,045		52,115,346
Transamerica Mid Cap Growth ^{(A) (B)}		1,045,934		14,977,770
Transamerica Mid Cap Value Opportunities ^(A) (B)		1,168,753		13,978,291
Transamerica Small Cap Growth ^{(A) (B)}		2,110,262		15,172,785
Transamerica Small Cap Value ^{(A) (B)}		1,300,748		15,674,015

				171,534,399


	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Fixed Income Funds - 9.9%
Transamerica High Quality Bond ^(B)		129,250		$ 1,288,628
Transamerica High Yield Bond ^(B)		558,222		5,264,029
Transamerica Inflation-Protected Securities ^(B)		853,496		8,509,352
Transamerica Intermediate Bond ^(B)		1,019,792		10,422,277

				25,484,286

Total Investment Companies (Cost $229,237,554)				258,617,636

Total Investments (Cost $229,237,554)				258,617,636
Net Other Assets (Liabilities) - (0.1)%				(130,213	)


Net Assets - 100.0%				$ 258,487,423

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	$	258,617,636	$	—	$	—	$	258,617,636

Total Investments	$	258,617,636	$	—	$	—	$	258,617,636

FOOTNOTES TO SCHEDULE OF INVESTMENTS:


(A)		Non-income producing securities.
(B)		Investment in the Class I3 shares of the affiliated series of Transamerica Funds.
(C)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. 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 2017

Page 27

Transamerica Asset Allocation Short Horizon

(unaudited)

MARKET ENVIRONMENT

PERFORMANCE

For the year ended October 31, 2017, Transamerica Asset Allocation Short Horizon Class R4 returned 3.85%. By comparison, its primary and secondary benchmarks, the Bloomberg Barclays US Aggregate Bond Index and the Transamerica Asset Allocation Short Horizon Blended Benchmark, returned 0.90% and 3.57%, respectively.

STRATEGY REVIEW

Transamerica Asset Allocation Short Horizon invests approximately 10% in equity funds and 90% in fixed income funds. The Fund 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-performing in an effort to continually buy low and sell high.

The Fund’s best-performing holding over the full 12-month period was Transamerica Large Growth with a gain of 29.22%. It was also the largest positive contributor to overall performance and had a target weight in the Fund of 3%. The top performing fixed income fund in the portfolio was Transamerica High Yield Bond which carried a target weight of 10% and produced a total return of 7.97%.

The weakest performing holding for the period was Transamerica Inflation-Protected Securities which lost (1.15)% and had a target allocation of 16.8%. It was the only losing position in the past 12 months. The weakest equity fund in the portfolio, Transamerica Small Cap Core, still benefited in the strong market environment during the period by producing a total return of 17.67%. It carried a target weighting of 2%.

Christopher A. Staples, CFA

Kane Cotton, CFA

Co-Portfolio Managers

Transamerica Asset Management, Inc.


Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		88.9	%
U.S. Equity Funds		8.7
International Equity Fund		2.3
Money Market Fund		0.2
Net Other Assets (Liabilities)		(0.1	)
Total		100.0	%


Transamerica Funds		Annual Report 2017

Page 28

Transamerica Asset Allocation Short Horizon

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class R (NAV)		N/A			N/A			1.72	%^(A)		05/19/2017
Class R4 (NAV)		3.85	%		2.94	%		4.22	%		09/11/2000
Bloomberg Barclays US Aggregate Bond Index ^(B)		0.90	%		2.04	%		4.19	%
Transamerica Asset Allocation Short Horizon Blended Benchmark^{(B) (C) (D) (E) (F) (G) (H) (I)}		3.57	%		3.03	%		4.31	%

^(A) Not annualized.

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

^(D) The BofA Merrill Lynch 1-3 Year U.S. Treasury 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.

^(E) 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.

^(F) The BofA Merrill Lynch 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.

^(G) 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.

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

^(I) The Citigroup 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.

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 funds 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 2017

Page 29

Transamerica Asset Allocation Short Horizon

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Shares		Value
INVESTMENT COMPANIES - 100.1%
International Equity Fund - 2.3%
Transamerica International Equity ^{(A) (B)}		220,522		$ 4,317,814

Money Market Fund - 0.2%
Transamerica Government Money Market ^(B)		380,432		380,432

U.S. Equity Funds - 8.7%
Transamerica Large Growth ^(B)		540,303		6,332,354
Transamerica Large Value Opportunities ^(B)		575,224		6,160,653
Transamerica Small Cap Core ^{(A) (B)}		337,100		3,977,784

				16,470,791

U.S. Fixed Income Funds - 88.9%
Transamerica High Quality Bond ^(B)		3,150,324		31,408,730
Transamerica High Yield Bond ^(B)		2,127,972		20,066,772


	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Fixed Income Funds (continued)
Transamerica Inflation-Protected Securities ^(B)		2,929,314		$ 29,205,256
Transamerica Intermediate Bond ^(B)		8,519,890		87,073,278

				167,754,036

Total Investment Companies (Cost $187,115,279)				188,923,073

Total Investments (Cost $187,115,279)				188,923,073
Net Other Assets (Liabilities) - (0.1)%				(98,531	)


Net Assets - 100.0%				$ 188,824,542

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	$	188,923,073	$	—	$	—	$	188,923,073

Total Investments	$	188,923,073	$	—	$	—	$	188,923,073

FOOTNOTES TO SCHEDULE OF INVESTMENTS:


(A)		Non-income producing securities.
(B)		Investment in the Class I3 shares of the affiliated series of Transamerica Funds.
(C)		The Fund recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended October 31, 2017. 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 2017

Page 30

Transamerica Multi-Manager Alternative Strategies Portfolio

(unaudited)

MARKET ENVIRONMENT

The global synchronized recovery continued into the second half of 2017 with benign inflationary pressures. Both developed market equities, as measured by the MSCI World Index (net), and emerging market equities, as measured by the MSCI Emerging Market Index (net), delivered positive returns with emerging markets outperforming developed equities. In the U.S., the U.S. Federal Reserve (“Fed”) confirmed that they will start normalizing their balance sheet starting in October 2017 and continued to signal that they are looking to hike once more in 2017 if the economy continues to evolve as expected. The third quarter saw U.S. yields drop in July and August due to weaker inflation and heightened geopolitical tensions from North Korea. However, yields bounced back sharply in September as a result of an inflation print surprising to the upside, leading to slightly hawkish commentary out of the Fed. Policy reform also came back into the limelight as the Trump administration gave a fresh impetus to tax reforms in September. In Europe, economic growth remained robust while political uncertainty increased with the results of the German election and the ongoing political developments in Catalonia, Spain.

PERFORMANCE

For the year ended October 31, 2017, Transamerica Multi-Manager Alternative Strategies Portfolio Class A, returned 3.04%, excluding any sales charges. By comparison, its primary and secondary benchmarks, the BofA Merrill Lynch 3-Month Treasury Bill + 3% Wrap Index and the HFRX Global Hedge Fund Index, returned 3.78% and 6.98%, respectively.

STRATEGY REVIEW

Goldman Sachs Asset Management, L.P. (“Goldman Sachs”) took over management of the Fund on July 7, 2017. During the July 7, 2017 to October 31, 2017 period, the Fund outperformed its primary benchmark.

This is a fund-of-funds portfolio which seeks to provide diversification for traditional portfolios and access to active security selection in a single-fund solution. By investing in both “alternative” strategies (such as long/short and event-driven equities) and non-traditional asset classes (such as emerging markets equity and high yield fixed income), the Fund seeks to realize returns that tend to be less dependent on traditional long-only equities.

Over the reporting period, positive performance was primarily driven by the alternative strategies. The long/short equity strategy was a material contributor to returns. The managed futures and event-driven strategies also contributed positively to returns. The master-limited partnership (“MLP”) strategy was the only detractor from returns; however, the strategy was able to outperform broader MLPs. There were no other detractors from performance.

Non-traditional assets posted positive performance across the board. Emerging market assets, both equity and debt, were the top contributors among traditional assets as U.S. dollar weakness and continued positive global growth allowed for emerging market outperformance.

In September 2017, we initiated a view in the Fund to be short duration. This view was a strong contributor to returns, benefiting from an increase in U.S. Treasury yields towards the end of the reporting period.

During the fiscal year, including the period prior to Goldman Sachs’ management, the Fund utilized derivatives. These positions detracted from performance.

Christopher Lvoff, CFA

Raymond Chan, CFA

Lucy Xin

Co-Portfolio Managers

Goldman Sachs Asset Management, L.P.


Asset Allocation	Percentage of Net Assets
U.S. Alternative Funds		32.8	%
International Alternative Funds		31.5
International Fixed Income Funds		16.8
U.S. Fixed Income Funds		8.1
International Equity Funds		7.1
U.S. Mixed Allocation Fund		2.7
Repurchase Agreement		1.1
Net Other Assets (Liabilities)^		(0.1	)
Total		100.0	%

^	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 2017

Page 31

Transamerica Multi-Manager Alternative Strategies Portfolio

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		(2.67	)%		0.61	%		0.69	%		12/28/2006
Class A (NAV)		3.04	%		1.76	%		1.26	%		12/28/2006
BofA Merrill Lynch 3-Month Treasury Bill + 3% Wrap Index ^(A)		3.78	%		3.28	%		3.50	%
HFRX Global Hedge Fund Index ^(B)		6.98	%		2.23	%		(0.75	)%
Class C (POP)		1.22	%		1.00	%		0.56	%		12/28/2006
Class C (NAV)		2.22	%		1.00	%		0.56	%		12/28/2006
Class I (NAV)		3.32	%		2.08	%		2.79	%		11/30/2009
Class R6 (NAV)		3.41	%		N/A			(0.04	)%		05/29/2015
Class T1 (POP)		N/A			N/A			(0.20	)%^(C)		03/17/2017
Class T1 (NAV)		N/A			N/A			2.38	%^(C)		03/17/2017

^(A) The BofA Merrill Lynch 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.

^(C) Not annualized.

The BofA Merrill Lynch 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; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares and 2.5% for Class T1 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.

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.


Transamerica Funds		Annual Report 2017

Page 32

Transamerica Multi-Manager Alternative Strategies Portfolio

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Shares		Value
INVESTMENT COMPANIES - 99.0%
International Alternative Funds - 31.5%
Transamerica Global Multifactor Macro ^(A)		2,436,136		$ 21,852,139
Transamerica Unconstrained Bond ^(A)		2,886,517		29,442,474

				51,294,613

International Equity Funds - 7.1%
Transamerica Developing Markets Equity ^(A)		249,425		3,037,995
Transamerica Emerging Markets Equity ^(A)		268,478		2,974,741
Transamerica Global Real Estate Securities ^(A)		399,096		5,615,281

				11,628,017

International Fixed Income Funds - 16.8%
Transamerica Emerging Markets Debt ^(A)		1,010,472		11,054,563
Transamerica Inflation Opportunities ^(A)		1,623,725		16,318,435

				27,372,998

U.S. Alternative Funds - 32.8%
Transamerica Arbitrage Strategy Liquidating Trust ^{(B) (C) (D) (E)}		22,689		220,311
Transamerica Event Driven ^(A)		1,774,235		18,292,366
Transamerica Long/Short Strategy ^(A)		2,584,900		17,525,621
Transamerica Managed Futures Strategy ^(A)		2,225,817		17,294,595

				53,332,893

U.S. Fixed Income Funds - 8.1%
Transamerica Core Bond ^(A)		328,682		3,276,956


	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Fixed Income Funds (continued)
Transamerica High Yield Bond ^(A)		1,041,871		$ 9,824,839

				13,101,795

U.S. Mixed Allocation Fund - 2.7%
Transamerica MLP & Energy Income ^(A)		586,329		4,327,108

Total Investment Companies (Cost $163,552,494)				161,057,424


	Principal		Value
REPURCHASE AGREEMENT - 1.1%
Fixed Income Clearing Corp. 0.12% ^(F), dated 10/31/2017, to be repurchased at $1,725,534 on 11/01/2017. Collateralized by a U.S. Government Obligation, 2.63%, due 08/15/2020, and with a value of $1,762,689.		$ 1,725,528		1,725,528

Total Repurchase Agreement (Cost $1,725,528)				1,725,528

Total Investments (Cost $165,278,022)				162,782,952
Net Other Assets (Liabilities) - (0.1)%				(147,428	)


Net Assets - 100.0%				$ 162,635,524

FUTURES CONTRACTS:


Description	Long/Short		Number of Contracts			Expiration Date		Notional Amount			Value			Unrealized Appreciation		Unrealized Depreciation
10-Year U.S. Treasury Note		Short		(47	)		12/19/2017	$	(5,994,703	)	$	(5,872,063	)	$	122,641	$	—

SECURITY VALUATION:

Valuation Inputs ^(G)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Investment Companies	$	160,837,113	$	—	$	—	$	160,837,113
Repurchase Agreement		—		1,725,528		—		1,725,528

Total	$	160,837,113	$	1,725,528	$	—	$	162,562,641

Investment Companies Measured at Net Asset Value ^(H)								220,311

Total Investments								162,782,952

Other Financial Instruments
Futures Contracts ^(I)	$	122,641	$	—	$	—	$	122,641

Total Other Financial Instruments	$	122,641	$	—	$	—	$	122,641

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


Transamerica Funds		Annual Report 2017

Page 33

Transamerica Multi-Manager Alternative Strategies Portfolio

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

FOOTNOTES TO SCHEDULE OF INVESTMENTS:


(A)		Investment in the Class I2 shares of the affiliated series of Transamerica Funds.
(B)		Non-income producing security.
(C)		Issuer is affiliated with the Fund’s investment manager.
(D)		Illiquid security. At October 31, 2017, the value of such securities amounted to $220,311 or 0.1% of the Fund’s net assets.
(E)		Restricted security. At October 31, 2017, 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
Investment Companies	Transamerica Arbitrage Strategy Liquidating Trust		09/18/2015	$	226,886	$	220,311		0.1	%


(F)		Rate disclosed reflects the yield at October 31, 2017.
(G)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(H)		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.
(I)		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 2017

Page 34

Understanding Your Funds’ Expenses

(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur two types of costs: transaction costs, including sales charges (loads) on purchases, contingent deferred sales charges on redemptions; and 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, 2017, and held for the entire period until October 31, 2017.

ACTUAL EXPENSES

The information in the table under the heading “Actual Expenses” 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 could have included a $15 annual fee. The amount of any fee paid during the period can decrease your ending account value.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The information in the table under the heading “Hypothetical Expenses” 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.

Expense ratios may vary period to period because of various factors, such as an increase in expenses that are not covered by the management fees, expenses and fees of the trustees and their counsel, extraordinary expenses and interest expense.


			Actual Expenses					Hypothetical Expenses ^(A)
Fund	Beginning Account Value		Ending Account Value		Expenses Paid During Period			Ending Account Value		Expenses Paid During Period ^(B)		Annualized Expense Ratio ^(C) (D)

Transamerica Asset Allocation - Conservative Portfolio
Class A	$	1,000.00	$	1,041.30	$	2.42^(B	⁾	$	1,022.80	$	2.40		0.47	%
Class B		1,000.00		1,036.20		6.83^(B	⁾		1,018.50		6.77		1.33
Class C		1,000.00		1,036.60		6.26^(B	⁾		1,019.10		6.21		1.22
Class I		1,000.00		1,042.30		1.34^(B	⁾		1,023.90		1.33		0.26
Class R		1,000.00		1,039.10		4.16^(B	⁾		1,021.10		4.13		0.81
Class T1		1,000.00		1,041.50		2.06^(B	⁾		1,023.20		2.04		0.40
Advisor Class		1,000.00		1,041.70		1.80^(B	⁾		1,023.40		1.79		0.35

Transamerica Asset Allocation - Growth Portfolio
Class A		1,000.00		1,080.60		2.67^(B	⁾		1,022.60		2.60		0.51
Class B		1,000.00		1,075.80		7.33^(B	⁾		1,018.10		7.12		1.40
Class C		1,000.00		1,076.20		6.54^(B	⁾		1,018.90		6.36		1.25
Class I		1,000.00		1,082.00		1.36^(B	⁾		1,023.90		1.33		0.26
Class R		1,000.00		1,079.30		4.09^(B	⁾		1,021.30		3.97		0.78
Class T1		1,000.00		1,082.00		2.05^(B	⁾		1,023.20		1.99		0.39
Advisor Class		1,000.00		1,081.30		1.89^(B	⁾		1,023.40		1.84		0.36


Transamerica Funds		Annual Report 2017

Page 35

Understanding Your Funds’ Expenses (continued)

(unaudited)


			Actual Expenses					Hypothetical Expenses ^(A)
Fund	Beginning Account Value		Ending Account Value		Expenses Paid During Period			Ending Account Value		Expenses Paid During Period ^(B)		Annualized Expense Ratio ^(C) (D)

Transamerica Asset Allocation - Moderate Growth Portfolio
Class A	$	1,000.00	$	1,063.60	$	2.55^(B	⁾	$	1,022.70	$	2.50		0.49	%
Class B		1,000.00		1,058.20		7.00^(B	⁾		1,018.40		6.87		1.35
Class C		1,000.00		1,059.30		6.38^(B	⁾		1,019.00		6.26		1.23
Class I		1,000.00		1,065.20		1.30^(B	⁾		1,023.90		1.28		0.25
Class R		1,000.00		1,062.40		3.90^(B	⁾		1,021.40		3.82		0.75
Class T1		1,000.00		1,063.60		2.03^(B	⁾		1,023.20		1.99		0.39
Advisor Class		1,000.00		1,064.40		1.87^(B	⁾		1,023.40		1.84		0.36

Transamerica Asset Allocation - Moderate Portfolio
Class A		1,000.00		1,050.90		2.48^(B	⁾		1,022.80		2.45		0.48
Class B		1,000.00		1,046.00		6.86^(B	⁾		1,018.50		6.77		1.33
Class C		1,000.00		1,047.00		6.29^(B	⁾		1,019.10		6.21		1.22
Class I		1,000.00		1,052.60		1.29^(B	⁾		1,023.90		1.28		0.25
Class R		1,000.00		1,049.50		3.72^(B	⁾		1,021.60		3.67		0.72
Class T1		1,000.00		1,051.70		2.02^(B	⁾		1,023.20		1.99		0.39
Advisor Class		1,000.00		1,051.00		1.86^(B	⁾		1,023.40		1.84		0.36

Transamerica Asset Allocation Intermediate Horizon
Class R		1,000.00		1,042.40		2.77^(E	⁾		1,022.20		3.06		0.60
Class R4		1,000.00		1,047.30		1.55^(B	⁾		1,023.70		1.53		0.30

Transamerica Asset Allocation Long Horizon
Class R		1,000.00		1,069.00		2.81^(E	⁾		1,022.20		3.06		0.60
Class R4		1,000.00		1,075.50		1.73^(B	⁾		1,023.50		1.68		0.33

Transamerica Asset Allocation Short Horizon
Class R		1,000.00		1,017.20		2.74^(E	⁾		1,022.20		3.06		0.60
Class R4		1,000.00		1,020.80		1.58^(B	⁾		1,023.60		1.58		0.31

Transamerica Multi-Manager Alternative Strategies Portfolio
Class A		1,000.00		1,025.90		3.63^(B	⁾		1,021.60		3.62		0.71
Class C		1,000.00		1,020.90		7.28^(B	⁾		1,018.00		7.27		1.43
Class I		1,000.00		1,027.00		1.94^(B	⁾		1,023.30		1.94		0.38
Class R6		1,000.00		1,027.70		1.48^(B	⁾		1,023.70		1.48		0.29
Class T1		1,000.00		1,025.90		2.76^(B	⁾		1,022.50		2.75		0.54



(A)		5% return per year before expenses.

(B)		Expenses are calculated using the Funds’ 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 funds 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; the percentage may differ from the expense ratio displayed in the Financial Highlights which covers a twelve-month period.

(E)		Class commenced operations on May 19, 2017. 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 (165 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, 2017.


Transamerica Funds		Annual Report 2017

Page 36

STATEMENTS OF ASSETS AND LIABILITIES

At October 31, 2017


	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)	$	1,103,970,744	$	1,534,673,123	$	2,674,598,579		$	1,961,781,801		$	445,804,233
Receivables and other assets:
Shares of beneficial interest sold		496,012		562,269		1,307,418			385,831			892
Affiliated investments sold		258,163		826,729		859,976			1,077,466			56,239
Dividends		379,455		—		438,647			552,841			137,980
Total assets		1,105,104,374		1,536,062,121		2,677,204,620			1,963,797,939			445,999,344

Liabilities:
Payables and other liabilities:
Shares of beneficial interest redeemed		861,158		1,932,991		2,221,104			1,714,729			46,547
Affiliated investments purchased		379,455		—		438,647			552,841			148,565
Investment management fees		118,939		165,213		288,813			211,670			39,101
Distribution and service fees		459,594		751,388		1,334,618			950,748			191,755
Transfer agent fees		75,547		154,261		228,109			148,574			132
Trustees, CCO and deferred compensation fees		986		1,386		2,517			1,837			—
Audit and tax fees		22,446		24,867		32,135			27,887			—
Custody fees		5,981		6,140		14,261			7,461			—
Legal fees		9,553		12,992		23,441			17,346			—
Printing and shareholder reports fees		31,650		57,634		98,565			66,439			—
Registration fees		13,840		17,246		25,204			19,709			—
Other		6,547		9,034		16,480			12,189			—
Total liabilities		1,985,696		3,133,152		4,723,894			3,731,430			426,100
Net assets	$	1,103,118,678	$	1,532,928,969	$	2,672,480,726		$	1,960,066,509		$	445,573,244

Net assets consist of:
Paid-in capital	$	985,431,217	$	1,106,470,280	$	2,092,185,678		$	1,651,839,032		$	455,447,319
Undistributed (distributions in excess of) net investment income (loss)		640,320		—		7,885,884			11,939,490			133,519
Accumulated net realized gain (loss)		40,279,070		114,185,219		173,624,745			93,187,793			(33,588,911	)
Net unrealized appreciation (depreciation) on:
Affiliated investments		76,768,071		312,273,470		398,784,419			203,100,194			23,581,317
Net assets	$	1,103,118,678	$	1,532,928,969	$	2,672,480,726		$	1,960,066,509		$	445,573,244
Net assets by class:
Class A	$	734,113,171	$	830,874,813	$	1,434,214,070		$	1,094,723,983		$	—
Class B		6,731,340		14,456,137		24,268,615			13,987,223			—
Class C		331,668,880		628,621,080		1,123,771,221			786,976,835			—
Class I		29,212,738		56,252,944		85,959,398			59,663,992			—
Class R		1,359,239		2,701,988		4,245,814			4,693,150			424,720,995
Class R4		—		—		—			—			20,852,249
Class T1		10,543		10,968		10,778			10,645			—
Advisor Class		22,767		11,039		10,830			10,681			—
Shares outstanding (unlimited shares, no par value):
Class A		63,343,981		50,820,840		99,717,489			85,536,829			—
Class B		583,425		901,152		1,667,600			1,078,131			—
Class C		28,865,344		39,726,115		78,686,887			61,961,477			—
Class I		2,513,793		3,439,187		5,977,544			4,662,652			—
Class R		116,182		166,830		296,977			369,103			40,904,191
Class R4		—		—		—			—			2,008,748
Class T1		907		670		749			831			—
Advisor Class		1,955		675		754			835			—
Net asset value per share: ^(B)
Class A	$	11.59	$	16.35	$	14.38		$	12.80		$	—
Class B		11.54		16.04		14.55			12.97			—
Class C		11.49		15.82		14.28			12.70			—
Class I		11.62		16.36		14.38			12.80			—
Class R		11.70		16.20		14.30			12.72			10.38
Class R4		—		—		—			—			10.38
Class T1		11.62		16.37		14.39			12.81			—
Advisor Class		11.65		16.35		14.37	^(C)		12.78	^(C)		—
Maximum offering price per share: ^(D)
Class A	$	12.26	$	17.30	$	15.22		$	13.54		$	—
Class T1	$	11.92	$	16.79	$	14.76		$	13.14		$	—

^(A) Affiliated investments, at cost	$	1,027,202,673	$	1,222,399,653	$	2,275,814,160		$	1,758,681,607		$	422,222,916


(B)		Net asset value per share for Class B, C, I, R, R4 and Advisor Class Shares represents offering price. The redemption price for Class A, B, C and T1 shares equals net asset value less any applicable contingent deferred sales charge.
(C)		Actual net asset value per share presented differs from calculated net asset value per share due to rounding.
(D)		Maximum offering price per share for Class A and T1 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 prospectus.

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


Transamerica Funds		Annual Report 2017

Page 37

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2017


	Transamerica Asset Allocation Long Horizon			Transamerica Asset Allocation Short Horizon			Transamerica Multi-Manager Alternative Strategies Portfolio
Assets:
Affiliated investments, at value ^(A)	$	258,617,636		$	188,923,073		$	161,057,424
Repurchase agreement, at value ^(B)		—			—			1,725,528
Cash		—			—			25,766
Cash collateral pledged at broker:
Futures contracts		—			—			54,285
Receivables and other assets:
Shares of beneficial interest sold		29,234			960			21,707
Affiliated investments sold		49,271			658,435			—
Interest		—			—			6
Dividends		26,158			97,900			118,045
Variation margin receivable on futures contracts		—			—			3,646
Total assets		258,722,299			189,680,368			163,006,407

Liabilities:
Payables and other liabilities:
Shares of beneficial interest redeemed		—			327,267			114,732
Affiliated investments purchased		104,663			430,028			118,045
Investment management fees		22,691			16,629			27,728
Distribution and service fees		107,305			81,856			49,216
Transfer agent fees		217			46			22,571
Trustees, CCO and deferred compensation fees		—			—			234
Audit and tax fees		—			—			17,414
Custody fees		—			—			1,275
Legal fees		—			—			1,707
Printing and shareholder reports fees		—			—			13,581
Registration fees		—			—			3,060
Other		—			—			1,320
Total liabilities		234,876			855,826			370,883
Net assets	$	258,487,423		$	188,824,542		$	162,635,524

Net assets consist of:
Paid-in capital	$	264,338,298		$	188,475,586		$	171,200,900
Undistributed (distributions in excess of) net investment income (loss)		—			186,918			407,519
Accumulated net realized gain (loss)		(35,230,957	)		(1,645,756	)		(6,600,466	)
Net unrealized appreciation (depreciation) on:
Investments		29,380,082			1,807,794			(2,495,070	)
Futures contracts		—			—			122,641
Net assets	$	258,487,423		$	188,824,542		$	162,635,524
Net assets by class:
Class A	$	—		$	—		$	32,239,988
Class C		—			—			47,545,388
Class I		—			—			82,741,499
Class R		225,868,844			181,866,166			—
Class R4		32,618,579			6,958,376			—
Class R6		—			—			98,410
Class T1		—			—			10,239
Shares outstanding (unlimited shares, no par value):
Class A		—			—			3,260,310
Class C		—			—			4,859,045
Class I		—			—			8,373,069
Class R		21,145,873			18,012,685			—
Class R4		3,053,303			689,069			—
Class R6		—			—			9,822
Class T1		—			—			1,034
Net asset value per share: ^(C)
Class A	$	—		$	—		$	9.89
Class C		—			—			9.78
Class I		—			—			9.88
Class R		10.68			10.10			—
Class R4		10.68			10.10			—
Class R6		—			—			10.02
Class T1		—			—			9.90
Maximum offering price per share: ^(D)
Class A	$	—		$	—		$	10.47
Class T1	$	—		$	—		$	10.15

^(A) Affiliated investments, at cost	$	229,237,554		$	187,115,279		$	163,552,494
^(B) Repurchase agreements, at cost	$	—		$	—		$	1,725,528

(C)

Net asset value per share for Class C, I, R, R4 and R6 Shares represents offering price. The redemption price for Class A, C and T1 shares equals net asset value less any applicable contingent deferred sales charge.

(D)

Maximum offering price per share for Class A and T1 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 prospectus.

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


Transamerica Funds		Annual Report 2017

Page 38

STATEMENTS OF OPERATIONS

For the year ended:


	Transamerica Asset Allocation – Conservative Portfolio ^(A) (B)		Transamerica Asset Allocation – Growth Portfolio ^(A) (B)		Transamerica Asset Allocation – Moderate Growth Portfolio ^(A) (B)		Transamerica Asset Allocation – Moderate Portfolio ^(A) (B)
	October 31, 2017		October 31, 2017		October 31, 2017		October 31, 2017
Investment Income:
Dividend income from affiliated investments	$	29,381,807	$	31,562,006	$	65,407,720	$	51,677,718
Total investment income		29,381,807		31,562,006		65,407,720		51,677,718

Expenses:
Investment management fees		1,352,216		1,840,971		3,305,593		2,442,533
Distribution and service fees:
Class A		1,757,592		1,963,327		3,456,266		2,650,345
Class B		103,123		204,809		357,117		220,627
Class C		3,627,827		6,517,528		12,083,725		8,560,069
Class R		5,971		12,273		22,023		27,356
Class T1		17		16		17		19
Transfer agent fees
Class A		455,695		905,612		1,255,746		824,971
Class B		18,899		52,522		78,552		41,624
Class C		260,692		684,095		1,048,769		626,926
Class I		28,048		46,842		71,401		53,026
Class R		2,388		3,571		5,082		4,251
Advisor Class		28		14		14		14
Trustees, CCO and deferred compensation fees		19,818		26,944		48,249		35,598
Audit and tax fees		31,877		36,426		50,450		42,391
Custody fees		31,195		31,990		62,463		39,319
Legal fees		58,451		78,582		140,940		104,517
Printing and shareholder reports fees		71,227		129,042		211,478		142,504
Registration fees		119,300		132,283		149,304		131,543
Other		20,587		26,497		44,204		33,925
Total expenses		7,964,951		12,693,344		22,391,393		15,981,558
Net investment income (loss)		21,416,856		18,868,662		43,016,327		35,696,160

Net realized gain (loss) on:
Affiliated investments		9,765,827		14,992,730		31,130,170		14,855,997
Distributions received from affiliated investments		36,779,363		114,051,732		157,131,629		87,699,944
Net realized gain (loss)		46,545,190		129,044,462		188,261,799		102,555,941

Net change in unrealized appreciation (depreciation) on:
Affiliated investments		22,528,307		123,401,606		144,735,748		72,800,193
Net realized and change in unrealized gain (loss)		69,073,497		252,446,068		332,997,547		175,356,134
Net increase (decrease) in net assets resulting from operations	$	90,490,353	$	271,314,730	$	376,013,874	$	211,052,294


(A)		Class T1 commenced operations on March 17, 2017.
(B)		Advisor Class commenced operations on March 3, 2017.

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


Transamerica Funds		Annual Report 2017

Page 39

STATEMENTS OF OPERATIONS (continued)

For the period and year ended:


	Transamerica Asset Allocation Intermediate Horizon ^(A)					Transamerica Asset Allocation Long Horizon ^(B)
	October 31, 2017 ^(C)			December 31, 2016 ^(D)		October 31, 2017 ^(C)			December 31, 2016 ^(D)
Investment Income:
Dividend income from affiliated investments	$	3,903,431		$	1,555,304	$	1,077,598		$	384,971
Total investment income		3,903,431			1,555,304		1,077,598			384,971

Expenses:
Investment advisory fees		—			78,405		—			27,759
Investment management fees		288,703			—		164,787			—
Distribution and service fees:
Class R		989,030			—		540,893			—
Class R4		45,570			—		50,797			—
Transfer agent fees
Class R4		1,367			—		1,524			—
Total expenses before waiver and/or reimbursement and recapture		1,324,670			78,405		758,001			27,759
Expenses waived and/or reimbursed:
Class R		(39,740	)		—		(21,729	)		—
Class R4		(4,920	)		—		(5,509	)		—
Recapture of previously waived and/or reimbursed fees:
Class R4		86			—		15			—
Net expenses		1,280,096			78,405		730,778			27,759
Net investment income (loss)		2,623,335			1,476,899		346,820			357,212

Net realized gain (loss) on:
Affiliated investments		12,678,749			1,766,102		20,941,778			731,569
Distributions received from affiliated investments		137,107			717,206		97,551			488,310
Net realized gain (loss)		12,815,856			2,483,308		21,039,329			1,219,879

Net change in unrealized appreciation (depreciation) on:
Affiliated investments		8,732,126			408,953		(344,114	)		342,929
Net realized and change in unrealized gain (loss)		21,547,982			2,892,261		20,695,215			1,562,808
Net increase (decrease) in net assets resulting from operations	$	24,171,317		$	4,369,160	$	21,042,035		$	1,920,020


(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. Please reference the Reorganization section of the Notes to the Financial Statements for additional information.
(B)		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. 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. The Statements of Operations 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)		For the year ended December 31, 2016.

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


Transamerica Funds		Annual Report 2017

Page 40

STATEMENTS OF OPERATIONS (continued)

For the period and year ended:


	Transamerica Asset Allocation Short Horizon ^(A)						Transamerica Multi-Manager Alternative Strategies Portfolio ^(B)
	October 31, 2017 ^(C)			December 31, 2016 ^(D)			October 31, 2017
Investment Income:
Dividend income from affiliated investments	$	2,222,615		$	322,079		$	3,213,442
Interest income from repurchase agreements		—			—			2,713
Total investment income		2,222,615			322,079			3,216,155

Expenses:
Investment advisory fees		—			12,258			—
Investment management fees		112,359			—			408,160
Distribution and service fees:
Class A		—			—			109,898
Class C		—			—			573,352
Class R		432,872			—			—
Class R4		9,031			—			—
Class T1		—			—			16
Transfer agent fees
Class A		—			—			80,359
Class C		—			—			100,301
Class I		—			—			93,745
Class R4		271			—			—
Class R6		—			—			6
Trustees, CCO and deferred compensation fees		—			—			3,347
Audit and tax fees		—			—			21,895
Custody fees		—			—			6,685
Legal fees		—			—			19,466
Printing and shareholder reports fees		—			—			29,500
Registration fees		—			—			72,346
Other		—			—			10,202
Total expenses before waiver and/or reimbursement and recapture		554,533			12,258			1,529,278
Expenses waived and/or reimbursed:
Class R		(17,323	)		—			—
Class R4		(985	)		—			—
Net expenses		536,225			12,258			1,529,278
Net investment income (loss)		1,686,390			309,821			1,686,877

Net realized gain (loss) on:
Affiliated investments		77,734			(28,206	)		(2,921,288	)
Distributions received from affiliated investments		—			7,314			1,723,113
Futures contracts		—			—			(235,189	)
Net realized gain (loss)		77,734			(20,892	)		(1,433,364	)

Net change in unrealized appreciation (depreciation) on:
Affiliated investments		2,041,418			256,358			4,384,386
Futures contracts		—			—			122,641
Net change in unrealized appreciation (depreciation)		2,041,418			256,358			4,507,027
Net realized and change in unrealized gain (loss)		2,119,152			235,466			3,073,663
Net increase (decrease) in net assets resulting from operations	$	3,805,542		$	545,287		$	4,760,540


(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. Please reference the Reorganization section of the Notes to the Financial Statements for additional information.
(B)		Class T1 commenced operations on March 17, 2017.
(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 Statements of Operations 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)		For the year ended December 31, 2016.

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


Transamerica Funds		Annual Report 2017

Page 41

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended:


	Transamerica Asset Allocation – Conservative Portfolio ^{(A) (B)}						Transamerica Asset Allocation – Growth Portfolio ^(A) (B)						Transamerica Asset Allocation – Moderate Growth Portfolio ^{(A) (B)}
	October 31, 2017			October 31, 2016			October 31, 2017			October 31, 2016			October 31, 2017			October 31, 2016
From operations:
Net investment income (loss)	$	21,416,856		$	18,906,087		$	18,868,662		$	19,096,295		$	43,016,327		$	38,902,429
Net realized gain (loss)		46,545,190			25,280,255			129,044,462			85,367,869			188,261,799			125,642,432
Net change in unrealized appreciation (depreciation)		22,528,307			(7,886,941	)		123,401,606			(63,683,427	)		144,735,748			(84,551,770	)
Net increase (decrease) in net assets resulting from operations		90,490,353			36,299,401			271,314,730			40,780,737			376,013,874			79,993,091

Dividends and/or distributions to shareholders:
Net investment income:
Class A		(14,931,504	)		(11,083,020	)		(11,894,234	)		(10,602,704	)		(24,110,289	)		(21,563,243	)
Class B		(147,206	)		(317,541	)		(117,626	)		(154,344	)		(245,830	)		(389,831	)
Class C		(5,306,501	)		(6,687,349	)		(5,981,253	)		(5,340,712	)		(13,096,520	)		(12,345,396	)
Class I		(639,011	)		(652,493	)		(622,284	)		(589,640	)		(1,106,276	)		(1,059,808	)
Class R		(21,646	)		(26,848	)		(29,080	)		(28,452	)		(69,395	)		(75,777	)
Class T1		(81	)		—			—			—			—			—
Advisor Class		(193	)		—			—			—			—			—
Total dividends and/or distributions from net investment income		(21,046,142	)		(18,767,251	)		(18,644,477	)		(16,715,852	)		(38,628,310	)		(35,434,055	)
Net realized gains:
Class A		(16,341,375	)		(15,599,535	)		(44,340,042	)		(51,416,545	)		(62,781,715	)		(74,571,237	)
Class B		(330,104	)		(757,797	)		(1,550,422	)		(3,164,671	)		(2,053,573	)		(4,414,706	)
Class C		(9,987,404	)		(14,884,096	)		(40,987,189	)		(51,508,074	)		(60,465,193	)		(80,752,726	)
Class I		(671,428	)		(893,234	)		(1,990,298	)		(2,397,941	)		(2,569,986	)		(3,184,273	)
Class R		(30,764	)		(51,369	)		(132,876	)		(165,692	)		(218,672	)		(308,153	)
Total dividends and/or distributions from net realized gains		(27,361,075	)		(32,186,031	)		(89,000,827	)		(108,652,923	)		(128,089,139	)		(163,231,095	)
Total dividends and/or distributions to shareholders		(48,407,217	)		(50,953,282	)		(107,645,304	)		(125,368,775	)		(166,717,449	)		(198,665,150	)

Capital share transactions:
Proceeds from shares sold:
Class A		168,243,022			238,518,552			102,965,145			84,950,169			181,963,862			171,622,293
Class B		146,160			389,041			181,072			126,187			396,216			174,053
Class C		21,574,905			34,367,249			38,555,659			47,880,111			58,293,664			78,467,898
Class I		14,504,832			7,247,229			36,639,807			10,577,512			55,995,293			17,144,197
Class R		448,379			775,520			963,991			913,536			1,037,918			1,114,753
Class T1		9,955			—			10,000			—			9,984			—
Advisor Class		21,476			—			10,000			—			10,000			—
		204,948,729			281,297,591			179,325,674			144,447,515			297,706,937			268,523,194
Dividends and/or distributions reinvested:
Class A		30,581,585			25,858,245			54,752,557			60,217,193			84,250,405			92,677,301
Class B		418,711			965,497			1,639,886			3,251,405			2,237,354			4,666,920
Class C		13,171,690			18,215,027			42,381,136			50,835,454			65,441,193			82,142,836
Class I		969,945			1,147,910			2,242,569			2,370,204			3,106,928			3,462,132
Class R		39,591			60,222			134,040			146,777			203,301			242,765
Class T1		81			—			—			—			—			—
Advisor Class		193			—			—			—			—			—
		45,181,796			46,246,901			101,150,188			116,821,033			155,239,181			183,191,954
Cost of shares redeemed:
Class A		(121,101,706	)		(93,633,013	)		(154,302,416	)		(124,556,178	)		(277,393,766	)		(224,291,468	)
Class B		(2,922,554	)		(3,564,545	)		(3,892,858	)		(4,723,557	)		(7,992,995	)		(11,518,422	)
Class C		(121,069,703	)		(91,567,215	)		(181,865,340	)		(113,192,919	)		(377,775,734	)		(245,427,910	)
Class I		(13,183,062	)		(10,091,596	)		(19,963,731	)		(13,436,838	)		(32,233,127	)		(20,662,865	)
Class R		(380,003	)		(1,129,889	)		(818,754	)		(1,043,155	)		(1,813,526	)		(1,882,984	)
		(258,657,028	)		(199,986,258	)		(360,843,099	)		(256,952,647	)		(697,209,148	)		(503,783,649	)
Automatic conversions:
Class A		5,567,433			6,781,530			12,443,353			16,245,805			20,663,395			25,773,435
Class B		(5,567,433	)		(6,781,530	)		(12,443,353	)		(16,245,805	)		(20,663,395	)		(25,773,435	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		(8,526,503	)		127,558,234			(80,367,237	)		4,315,901			(244,263,030	)		(52,068,501	)
Net increase (decrease) in net assets		33,556,633			112,904,353			83,302,189			(80,272,137	)		(34,966,605	)		(170,740,560	)

Net assets:
Beginning of year		1,069,562,045			956,657,692			1,449,626,780			1,529,898,917			2,707,447,331			2,878,187,891
End of year	$	1,103,118,678		$	1,069,562,045		$	1,532,928,969		$	1,449,626,780		$	2,672,480,726		$	2,707,447,331
Undistributed (distributions in excess of) net investment income (loss)	$	640,320		$	265,842		$	—		$	(2,846,552	)	$	7,885,884		$	3,483,348

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


Transamerica Funds		Annual Report 2017

Page 42

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:


	Transamerica Asset Allocation – Conservative Portfolio ^{(A) (B)}						Transamerica Asset Allocation – Growth Portfolio ^(A) (B)						Transamerica Asset Allocation – Moderate Growth Portfolio ^{(A) (B)}
	October 31, 2017			October 31, 2016			October 31, 2017			October 31, 2016			October 31, 2017			October 31, 2016
Capital share transactions - shares:
Shares issued:
Class A		15,098,248			21,743,739			6,788,040			5,942,349			13,406,079			13,138,107
Class B		13,182			36,499			12,362			8,836			29,388			13,232
Class C		1,941,012			3,172,105			2,649,411			3,457,485			4,358,715			6,069,512
Class I		1,287,059			659,923			2,410,213			737,491			4,131,413			1,316,263
Class R		39,239			70,529			64,344			65,556			77,147			85,715
Class T1		900			—			670			—			749			—
Advisor Class		1,938			—			675			—			754			—
		18,381,578			25,682,795			11,925,715			10,211,717			22,004,245			20,622,829
Shares reinvested:
Class A		2,807,267			2,397,134			3,888,673			4,246,632			6,618,251			7,229,119
Class B		38,971			90,185			117,808			232,575			172,374			358,718
Class C		1,226,164			1,706,878			3,091,257			3,673,085			5,144,748			6,412,399
Class I		88,742			106,161			159,614			167,387			244,640			270,691
Class R		3,607			5,546			9,588			10,417			16,021			18,996
Class T1		7			—			—			—			—			—
Advisor Class		17			—			—			—			—			—
		4,164,775			4,305,904			7,266,940			8,330,096			12,196,034			14,289,923
Shares redeemed:
Class A		(10,748,703	)		(8,518,473	)		(10,168,060	)		(8,688,968	)		(20,421,366	)		(17,236,075	)
Class B		(261,487	)		(326,947	)		(259,837	)		(334,836	)		(578,564	)		(878,130	)
Class C		(10,898,013	)		(8,401,227	)		(12,341,494	)		(8,123,625	)		(27,980,918	)		(18,929,567	)
Class I		(1,177,271	)		(913,441	)		(1,312,929	)		(938,887	)		(2,384,355	)		(1,590,532	)
Class R		(33,843	)		(102,263	)		(54,052	)		(75,244	)		(134,274	)		(146,556	)
		(23,119,317	)		(18,262,351	)		(24,136,372	)		(18,161,560	)		(51,499,477	)		(38,780,860	)
Automatic conversions:
Class A		496,567			616,089			825,921			1,136,655			1,526,334			1,992,220
Class B		(499,197	)		(619,128	)		(838,984	)		(1,157,199	)		(1,504,980	)		(1,963,526	)
		(2,630	)		(3,039	)		(13,063	)		(20,544	)		21,354			28,694
Net increase (decrease) in shares outstanding:
Class A		7,653,379			16,238,489			1,334,574			2,636,668			1,129,298			5,123,371
Class B		(708,531	)		(819,391	)		(968,651	)		(1,250,624	)		(1,881,782	)		(2,469,706	)
Class C		(7,730,837	)		(3,522,244	)		(6,600,826	)		(993,055	)		(18,477,455	)		(6,447,656	)
Class I		198,530			(147,357	)		1,256,898			(34,009	)		1,991,698			(3,578	)
Class R		9,003			(26,188	)		19,880			729			(41,106	)		(41,845	)
Class T1		907			—			670			—			749			—
Advisor Class		1,955			—			675			—			754			—
		(575,594	)		11,723,309			(4,956,780	)		359,709			(17,277,844	)		(3,839,414	)


(A)		Class T1 commenced operations on March 17, 2017.
(B)		Advisor Class commenced operations on March 3, 2017.

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


Transamerica Funds		Annual Report 2017

Page 43

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:


	Transamerica Asset Allocation – Moderate Portfolio ^(A) (B)						Transamerica Asset Allocation Intermediate Horizon ^{(C) (D)}
	October 31, 2017			October 31, 2016			October 31, 2017 ^(E)			December 31, 2016			December 31, 2015
From operations:
Net investment income (loss)	$	35,696,160		$	34,852,795		$	2,623,335		$	1,476,899		$	1,339,597
Net realized gain (loss)		102,555,941			65,538,623			12,815,856			2,483,308			4,708,055
Net change in unrealized appreciation (depreciation)		72,800,193			(33,596,416	)		8,732,126			408,953			(5,416,280	)
Net increase (decrease) in net assets resulting from operations		211,052,294			66,795,002			24,171,317			4,369,160			631,372

Dividends and/or distributions to shareholders:
Net investment income:
Class A		(19,317,269	)		(18,542,583	)		—			—			—
Class B		(211,241	)		(417,134	)		—			—			—
Class C		(10,165,871	)		(12,983,816	)		—			—			—
Class I		(932,089	)		(1,112,676	)		—			—			—
Class R		(90,627	)		(103,010	)		(1,852,771	)		—			—
Class R4		—			—			(641,358	)		(1,480,306	)		(1,372,680	)
Total dividends and/or distributions from net investment income		(30,717,097	)		(33,159,219	)		(2,494,129	)		(1,480,306	)		(1,372,680	)
Net realized gains:
Class A		(33,472,899	)		(38,536,484	)		—			—			—
Class B		(912,833	)		(1,879,751	)		—			—			—
Class C		(30,607,704	)		(43,906,920	)		—			—			—
Class I		(1,451,743	)		(2,073,175	)		—			—			—
Class R		(184,525	)		(240,557	)		—			—			—
Total dividends and/or distributions from net realized gains		(66,629,704	)		(86,636,887	)		—			—			—
Total dividends and/or distributions to shareholders		(97,346,801	)		(119,796,106	)		(2,494,129	)		(1,480,306	)		(1,372,680	)

Capital share transactions:
Proceeds from shares sold:
Class A		168,562,758			215,836,917			—			—			—
Class B		144,044			112,271			—			—			—
Class C		43,906,340			61,469,915			—			—			—
Class I		36,669,583			14,443,575			—			—			—
Class R		1,393,679			1,371,028			765,372			—			—
Class R4		—			—			4,468,692			10,435,762			10,588,272
Class T1		9,896			—			—			—			—
Advisor Class		10,000			—			—			—			—
		250,696,300			293,233,706			5,234,064			10,435,762			10,588,272
Issued from fund acquisition:
Class R		—			—			446,964,832			—			—
Class R4		—			—			9,375,346			—			—
		—			—			456,340,178			—			—
Dividends and/or distributions reinvested:
Class A		51,314,401			54,945,229			—			—			—
Class B		1,081,686			2,200,048			—			—			—
Class C		35,527,915			49,137,356			—			—			—
Class I		1,901,097			2,429,543			—			—			—
Class R		248,635			300,525			1,852,771			—			—
Class R4		—			—			641,358			1,480,306			1,372,680
		90,073,734			109,012,701			2,494,129			1,480,306			1,372,680
Cost of shares redeemed:
Class A		(201,006,002	)		(153,181,661	)		—			—			—
Class B		(5,227,379	)		(6,158,304	)		—			—			—
Class C		(278,968,953	)		(192,514,176	)		—			—			—
Class I		(25,876,108	)		(20,292,177	)		—			—			—
Class R		(2,513,789	)		(1,754,502	)		(41,528,965	)		—			—
Class R4		—			—			(77,449,724	)		(15,611,816	)		(24,595,141	)
		(513,592,231	)		(373,900,820	)		(118,978,689	)		(15,611,816	)		(24,595,141	)
Automatic conversions:
Class A		12,563,940			13,022,119			—			—			—
Class B		(12,563,940	)		(13,022,119	)		—			—			—
		—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		(172,822,197	)		28,345,587			345,089,682			(3,695,748	)		(12,634,189	)
Net increase (decrease) in net assets		(59,116,704	)		(24,655,517	)		366,766,870			(806,894	)		(13,375,497	)

Net assets:
Beginning of period/year		2,019,183,213			2,043,838,730			78,806,374			79,613,268			92,988,765
End of period/year	$	1,960,066,509		$	2,019,183,213		$	445,573,244		$	78,806,374		$	79,613,268
Undistributed (distributions in excess of) net investment income (loss)	$	11,939,490		$	6,937,555		$	133,519		$	—		$	—

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


Transamerica Funds		Annual Report 2017

Page 44

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:


	Transamerica Asset Allocation – Moderate Portfolio ^(A) (B)						Transamerica Asset Allocation Intermediate Horizon ^{(C) (D)}
	October 31, 2017			October 31, 2016			October 31, 2017 ^(E)			December 31, 2016			December 31, 2015
Capital share transactions - shares:
Shares issued:
Class A		13,869,564			18,302,657			—			—			—
Class B		11,875			9,540			—			—			—
Class C		3,633,108			5,242,495			—			—			—
Class I		3,000,942			1,216,605			—			—			—
Class R		116,508			117,050			99,172			—			—
Class R4		—			—			448,499			1,107,756			1,109,686
Class T1		831			—			—			—			—
Advisor Class		835			—			—			—			—
		20,633,663			24,888,347			547,671			1,107,756			1,109,686
Shares issued on fund acquisition:
Class R		—			—			44,696,483			—			—
Class R4		—			—			937,535			—			—
		—			—			45,634,018			—			—
Shares reinvested:
Class A		4,431,295			4,740,745			—			—			—
Class B		91,436			186,761			—			—			—
Class C		3,070,694			4,250,636			—			—			—
Class I		164,454			210,168			—			—			—
Class R		21,564			26,065			182,393			—			—
Class R4		—			—			64,398			157,575			145,780
		7,779,443			9,414,375			246,791			157,575			145,780
Shares redeemed:
Class A		(16,419,331	)		(12,949,095	)		—			—			—
Class B		(419,746	)		(513,681	)		—			—			—
Class C		(23,004,730	)		(16,331,651	)		—			—			—
Class I		(2,121,299	)		(1,721,895	)		—			—			—
Class R		(205,851	)		(147,768	)		(4,073,857	)		—			—
Class R4		—			—			(7,667,594	)		(1,661,621	)		(2,563,246	)
		(42,170,957	)		(31,664,090	)		(11,741,451	)		(1,661,621	)		(2,563,246	)
Automatic conversions:
Class A		1,028,965			1,103,996			—			—			—
Class B		(1,012,196	)		(1,090,225	)		—			—			—
		16,769			13,771			—			—			—
Net increase (decrease) in shares outstanding:
Class A		2,910,493			11,198,303			—			—			—
Class B		(1,328,631	)		(1,407,605	)		—			—			—
Class C		(16,300,928	)		(6,838,520	)		—			—			—
Class I		1,044,097			(295,122	)		—			—			—
Class R		(67,779	)		(4,653	)		40,904,191			—			—
Class R4		—			—			(6,217,162	)		(396,290	)		(1,307,780	)
Class T1		831			—			—			—			—
Advisor Class		835			—			—			—			—
		(13,741,082	)		2,652,403			34,687,029			(396,290	)		(1,307,780	)


(A)		Class T1 commenced operations on March 17, 2017.
(B)		Advisor Class commenced operations on March 3, 2017.
(C)		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. Please reference the Reorganization section of the Notes to the Financial Statements for additional information.
(D)		Effective May 19, 2017, the Fund underwent a 1.23-for-1 share split. The Capital share transactions – shares have been retroactively adjusted to reflect the share split. See the Stock Split section of the Notes to Financial Statements for more information.
(E)		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 Statements of Changes in Net Assets 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.

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


Transamerica Funds		Annual Report 2017

Page 45

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:


	Transamerica Asset Allocation Long Horizon ^(A) (B)									Transamerica Asset Allocation Short Horizon ^{(C) (D)}
	October 31, 2017 ^(E)			December 31, 2016			December 31, 2015			October 31, 2017 ^(E)			December 31, 2016			December 31, 2015
From operations:
Net investment income (loss)	$	346,820		$	357,212		$	384,275		$	1,686,390		$	309,821		$	308,637
Net realized gain (loss)		21,039,329			1,219,879			3,171,019			77,734			(20,892	)		(38,859	)
Net change in unrealized appreciation (depreciation)		(344,114	)		342,929			(3,075,546	)		2,041,418			256,358			(285,090	)
Net increase (decrease) in net assets resulting from operations		21,042,035			1,920,020			479,748			3,805,542			545,287			(15,312	)

Dividends and/or distributions to shareholders:
Net investment income:
Class R		(219,043	)		—			—			(1,351,847	)		—			—
Class R4		(214,487	)		(357,604	)		(399,677	)		(147,772	)		(310,689	)		(313,657	)
Total dividends and/or distributions from net investment income		(433,530	)		(357,604	)		(399,677	)		(1,499,619	)		(310,689	)		(313,657	)

Capital share transactions:
Proceeds from shares sold:
Class R		446,246			—			—			1,206,426			—			—
Class R4		1,414,333			2,413,487			5,057,487			951,917			1,954,572			2,586,242
		1,860,579			2,413,487			5,057,487			2,158,343			1,954,572			2,586,242
Issued from fund acquisition:
Class R		249,595,177			—			—			197,514,479			—			—
Class R4		39,901,367			—			—			—			—			—
		289,496,544			—			—			197,514,479			—			—
Dividends and/or distributions reinvested:
Class R		219,043			—			—			1,351,847			—			—
Class R4		214,487			357,604			399,677			147,772			310,689			313,657
		433,530			357,604			399,677			1,499,619			310,689			313,657
Cost of shares redeemed:
Class R		(40,163,455	)		—			—			(20,230,729	)		—			—
Class R4		(42,237,540	)		(4,503,317	)		(12,203,415	)		(6,319,580	)		(2,952,762	)		(7,843,832	)
		(82,400,995	)		(4,503,317	)		(12,203,415	)		(26,550,309	)		(2,952,762	)		(7,843,832	)
Net increase (decrease) in net assets resulting from capital share transactions		209,389,658			(1,732,226	)		(6,746,251	)		174,622,132			(687,501	)		(4,943,933	)
Net increase (decrease) in net assets		229,998,163			(169,810	)		(6,666,180	)		176,928,055			(452,903	)		(5,272,902	)

Net assets:
Beginning of period/year		28,489,260			28,659,070			35,325,250			11,896,487			12,349,390			17,622,292
End of period/year	$	258,487,423		$	28,489,260		$	28,659,070		$	188,824,542		$	11,896,487		$	12,349,390
Undistributed (distributions in excess of) net investment income (loss)	$	—		$	—		$	—		$	186,918		$	—		$	—

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


Transamerica Funds		Annual Report 2017

Page 46

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:


	Transamerica Asset Allocation Long Horizon ^(A) (B)									Transamerica Asset Allocation Short Horizon ^{(C) (D)}
	October 31, 2017 ^(E)			December 31, 2016			December 31, 2015			October 31, 2017 ^(E)			December 31, 2016			December 31, 2015
Capital share transactions - shares:
Shares issued:
Class R		55,357			—			—			134,991			—			—
Class R4		144,324			279,226			547,623			96,154			198,981			259,461
		199,681			279,226			547,623			231,145			198,981			259,461
Shares issued on fund acquisition:
Class R		24,959,518			—			—			19,751,448			—			—
Class R4		3,990,137			—			—			—			—			—
		28,949,655			—			—			19,751,448			—			—
Shares reinvested:
Class R		21,463			—			—			134,734			—			—
Class R4		21,416			39,868			43,822			14,799			31,615			31,965
		42,879			39,868			43,822			149,533			31,615			31,965
Shares redeemed:
Class R		(3,890,465	)		—			—			(2,008,488	)		—			—
Class R4		(4,142,692	)		(512,375	)		(1,316,778	)		(632,307	)		(300,818	)		(785,398	)
		(8,033,157	)		(512,375	)		(1,316,778	)		(2,640,795	)		(300,818	)		(785,398	)
Net increase (decrease) in shares outstanding:
Class R		21,145,873			—			—			18,012,685			—			—
Class R4		13,185			(193,281	)		(725,333	)		(521,354	)		(70,222	)		—
		21,159,058			(193,281	)		(725,333	)		17,491,331			(70,222	)		(493,972	)


(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. Please reference the Reorganization section of the Notes to the Financial Statements for additional information.
(B)		Effective May 19, 2017, the Fund underwent a 1.22-for-1 share split. The Capital share transactions – shares have been retroactively adjusted to reflect the share split. See the Stock Split section of the Notes to Financial Statements for more information.
(C)		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. Please reference the Reorganization section of the Notes to the Financial Statements for additional information.
(D)		Effective May 19, 2017, the Fund underwent a 1.11-for-1 share split. The Capital share transactions – shares have been retroactively adjusted to reflect the share split. See the Stock Split section of the Notes to Financial Statements for more information.
(E)		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 Statements of Changes in Net Assets 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.

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


Transamerica Funds		Annual Report 2017

Page 47

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:


	Transamerica Multi-Manager Alternative Strategies Portfolio ^(A)
	October 31, 2017			October 31, 2016
From operations:
Net investment income (loss)	$	1,686,877		$	9,687,269
Net realized gain (loss)		(1,433,364	)		(4,060,071	)
Net change in unrealized appreciation (depreciation)		4,507,027			(5,088,135	)
Net increase (decrease) in net assets resulting from operations		4,760,540			539,063

Dividends and/or distributions to shareholders:
Net investment income:
Class A		(667,194	)		(2,433,441	)
Class C		(154,533	)		(1,889,157	)
Class I		(1,458,668	)		(5,417,255	)
Class R6		(909	)		(913	)
Total dividends and/or distributions from net investment income		(2,281,304	)		(9,740,766	)
Net realized gains:
Class A		—			(1,502,187	)
Class C		—			(1,666,391	)
Class I		—			(2,976,476	)
Class R6		—			(816	)
Total dividends and/or distributions from net realized gains		—			(6,145,870	)
Total dividends and/or distributions to shareholders		(2,281,304	)		(15,886,636	)

Capital share transactions:
Proceeds from shares sold:
Class A		4,822,075			9,768,314
Class C		1,055,657			2,525,084
Class I		31,917,682			21,269,628
Class R6		40,438			6,692
Class T1		10,000			—
		37,845,852			33,569,718
Dividends and/or distributions reinvested:
Class A		633,442			3,705,296
Class C		138,283			3,133,312
Class I		1,318,413			6,792,445
Class R6		909			1,729
		2,091,047			13,632,782
Cost of shares redeemed:
Class A		(34,925,011	)		(40,084,187	)
Class C		(27,479,242	)		(30,632,307	)
Class I		(60,321,746	)		(102,602,237	)
Class R6		(238	)		(56	)
		(122,726,237	)		(173,318,787	)
Net increase (decrease) in net assets resulting from capital share transactions		(82,789,338	)		(126,116,287	)
Net increase (decrease) in net assets		(80,310,102	)		(141,463,860	)

Net assets:
Beginning of year		242,945,626			384,409,486
End of year	$	162,635,524		$	242,945,626
Undistributed (distributions in excess of) net investment income (loss)	$	407,519		$	998,977

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


Transamerica Funds		Annual Report 2017

Page 48

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:


	Transamerica Multi-Manager Alternative Strategies Portfolio ^(A)
	October 31, 2017			October 31, 2016
Capital share transactions - shares:
Shares issued:
Class A		500,226			1,013,940
Class C		109,982			266,471
Class I		3,310,753			2,224,465
Class R6		4,147			707
Class T1		1,034			—
		3,926,142			3,505,583
Shares reinvested:
Class A		66,748			394,180
Class C		14,633			335,473
Class I		139,515			724,914
Class R6		95			182
		220,991			1,454,749
Shares redeemed:
Class A		(3,621,203	)		(4,200,079	)
Class C		(2,869,340	)		(3,228,158	)
Class I		(6,259,077	)		(10,736,708	)
Class R6		(24	)		(6	)
		(12,749,644	)		(18,164,951	)
Net increase (decrease) in shares outstanding:
Class A		(3,054,229	)		(2,791,959	)
Class C		(2,744,725	)		(2,626,214	)
Class I		(2,808,809	)		(7,787,329	)
Class R6		4,218			883
Class T1		1,034			—
		(8,602,511	)		(13,204,619	)


(A)		Class T1 commenced operations on March 17, 2017.

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


Transamerica Funds		Annual Report 2017

Page 49

FINANCIAL HIGHLIGHTS


For a share outstanding during the years indicated:	Transamerica Asset Allocation – Conservative Portfolio
	Class A
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	11.18		$	11.40		$	12.38		$	12.33		$	11.73
Investment operations:
Net investment income (loss) ^{(A) (B)}		0.24			0.23	^(C)		0.23			0.29			0.27
Net realized and unrealized gain (loss)		0.71			0.18			(0.11	)		0.39			0.64
Total investment operations		0.95			0.41			0.12			0.68			0.91
Dividends and/or distributions to shareholders:
Net investment income		(0.25	)		(0.25	)		(0.23	)		(0.30	)		(0.27	)
Net realized gains		(0.29	)		(0.38	)		(0.87	)		(0.33	)		(0.04	)
Total dividends and/or distributions to shareholders		(0.54	)		(0.63	)		(1.10	)		(0.63	)		(0.31	)
Net asset value, end of year	$	11.59		$	11.18		$	11.40		$	12.38		$	12.33
Total return ^(D)		8.78	%		3.83	%		1.07	%		5.65	%		7.90	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	734,113		$	622,495		$	449,574		$	416,116		$	451,868
Expenses to average net assets ^(E)
Excluding waiver and/or reimbursement and recapture		0.47	%		0.48	%		0.51	%		0.53	%		0.58	%
Including waiver and/or reimbursement and recapture		0.47	%		0.47	%^(C)		0.51	%		0.53	%		0.58	%
Net investment income (loss) to average net assets ^(B)		2.15	%		2.12	%^(C)		1.94	%		2.38	%		2.30	%
Portfolio turnover rate ^(F)		18	%		4	%		11	%		26	%		6	%


(A)		Calculated based on average number of shares outstanding.
(B)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(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 maximum sales charge and contingent deferred sales charge.
(E)		Does not include expenses of the underlying funds in which the Fund invests.
(F)		Does not include portfolio activity of the underlying funds in which the Fund invests.


For a share outstanding during the years indicated:	Transamerica Asset Allocation – Conservative Portfolio
	Class B
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	11.12		$	11.34		$	12.32		$	12.26		$	11.66
Investment operations:
Net investment income (loss) ^{(A) (B)}		0.17			0.18	^(C)		0.15			0.21			0.19
Net realized and unrealized gain (loss)		0.68			0.14			(0.12	)		0.38			0.63
Total investment operations		0.85			0.32			0.03			0.59			0.82
Dividends and/or distributions to shareholders:
Net investment income		(0.14	)		(0.16	)		(0.14	)		(0.20	)		(0.18	)
Net realized gains		(0.29	)		(0.38	)		(0.87	)		(0.33	)		(0.04	)
Total dividends and/or distributions to shareholders		(0.43	)		(0.54	)		(1.01	)		(0.53	)		(0.22	)
Net asset value, end of year	$	11.54		$	11.12		$	11.34		$	12.32		$	12.26
Total return ^(D)		7.86	%		3.01	%		0.23	%		4.96	%		7.13	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	6,731		$	14,366		$	23,943		$	37,192		$	52,694
Expenses to average net assets ^(E)
Excluding waiver and/or reimbursement and recapture		1.34	%		1.30	%		1.29	%		1.28	%		1.29	%
Including waiver and/or reimbursement and recapture		1.34	%		1.29	%^(C)		1.29	%		1.28	%		1.29	%
Net investment income (loss) to average net assets ^(B)		1.52	%		1.66	%^(C)		1.31	%		1.73	%		1.62	%
Portfolio turnover rate ^(F)		18	%		4	%		11	%		26	%		6	%


(A)		Calculated based on average number of shares outstanding.
(B)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(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 maximum contingent deferred sales charge.
(E)		Does not include expenses of the underlying funds in which the Fund invests.
(F)		Does not include portfolio activity of the underlying funds in which the Fund invests.

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


Transamerica Funds		Annual Report 2017

Page 50

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica Asset Allocation – Conservative Portfolio
	Class C
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	11.08		$	11.30		$	12.29		$	12.24		$	11.64
Investment operations:
Net investment income (loss) ^{(A) (B)}		0.17			0.17	^(C)		0.15			0.21			0.19
Net realized and unrealized gain (loss)		0.69			0.16			(0.12	)		0.38			0.64
Total investment operations		0.86			0.33			0.03			0.59			0.83
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.17	)		(0.15	)		(0.21	)		(0.19	)
Net realized gains		(0.29	)		(0.38	)		(0.87	)		(0.33	)		(0.04	)
Total dividends and/or distributions to shareholders		(0.45	)		(0.55	)		(1.02	)		(0.54	)		(0.23	)
Net asset value, end of year	$	11.49		$	11.08		$	11.30		$	12.29		$	12.24
Total return ^(D)		7.99	%		3.10	%		0.26	%		4.97	%		7.24	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	331,669		$	405,546		$	453,483		$	508,285		$	548,471
Expenses to average net assets ^(E)
Excluding waiver and/or reimbursement and recapture		1.23	%		1.22	%		1.22	%		1.22	%		1.23	%
Including waiver and/or reimbursement and recapture		1.23	%		1.21	%^(C)		1.22	%		1.22	%		1.23	%
Net investment income (loss) to average net assets ^(B)		1.51	%		1.56	%^(C)		1.26	%		1.69	%		1.63	%
Portfolio turnover rate ^(F)		18	%		4	%		11	%		26	%		6	%


(A)		Calculated based on average number of shares outstanding.
(B)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(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 maximum contingent deferred sales charge.
(E)		Does not include expenses of the underlying funds in which the Fund invests.
(F)		Does not include portfolio activity of the underlying funds in which the Fund invests.


For a share outstanding during the years indicated:	Transamerica Asset Allocation – Conservative Portfolio
	Class I
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	11.21		$	11.42		$	12.40		$	12.35		$	11.75
Investment operations:
Net investment income (loss) ^{(A) (B)}		0.28			0.28	^(C)		0.27			0.32			0.30
Net realized and unrealized gain (loss)		0.69			0.16			(0.12	)		0.39			0.65
Total investment operations		0.97			0.44			0.15			0.71			0.95
Dividends and/or distributions to shareholders:
Net investment income		(0.27	)		(0.27	)		(0.26	)		(0.33	)		(0.31	)
Net realized gains		(0.29	)		(0.38	)		(0.87	)		(0.33	)		(0.04	)
Total dividends and/or distributions to shareholders		(0.56	)		(0.65	)		(1.13	)		(0.66	)		(0.35	)
Net asset value, end of year	$	11.62		$	11.21		$	11.42		$	12.40		$	12.35
Total return		8.97	%		4.13	%		1.33	%		5.94	%		8.24	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	29,213		$	25,946		$	28,126		$	32,814		$	28,551
Expenses to average net assets ^(D)
Excluding waiver and/or reimbursement and recapture		0.26	%		0.26	%		0.26	%		0.26	%		0.26	%
Including waiver and/or reimbursement and recapture		0.26	%		0.25	%^(C)		0.26	%		0.26	%		0.26	%
Net investment income (loss) to average net assets ^(B)		2.46	%		2.50	%^(C)		2.28	%		2.58	%		2.47	%
Portfolio turnover rate ^(E)		18	%		4	%		11	%		26	%		6	%


(A)		Calculated based on average number of shares outstanding.
(B)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(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)		Does not include expenses of the underlying funds in which the Fund invests.
(E)		Does not include portfolio activity of the underlying funds in which the Fund invests.

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


Transamerica Funds		Annual Report 2017

Page 51

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica Asset Allocation – Conservative Portfolio
	Class R
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	11.28		$	11.49		$	12.47		$	12.41		$	11.81
Investment operations:
Net investment income (loss) ^{(A) (B)}		0.21			0.22	^(C)		0.21			0.25			0.27
Net realized and unrealized gain (loss)		0.70			0.15			(0.13	)		0.40			0.61
Total investment operations		0.91			0.37			0.08			0.65			0.88
Dividends and/or distributions to shareholders:
Net investment income		(0.20	)		(0.20	)		(0.19	)		(0.26	)		(0.24	)
Net realized gains		(0.29	)		(0.38	)		(0.87	)		(0.33	)		(0.04	)
Total dividends and/or distributions to shareholders		(0.49	)		(0.58	)		(1.06	)		(0.59	)		(0.28	)
Net asset value, end of year	$	11.70		$	11.28		$	11.49		$	12.47		$	12.41
Total return		8.35	%		3.44	%		0.68	%		5.40	%		7.61	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,359		$	1,209		$	1,532		$	2,051		$	2,439
Expenses to average net assets ^(D)
Excluding waiver and/or reimbursement and recapture		0.85	%		0.86	%		0.86	%		0.82	%		0.81	%
Including waiver and/or reimbursement and recapture		0.85	%		0.85	%^(C)		0.86	%		0.82	%		0.81	%
Net investment income (loss) to average net assets ^(B)		1.88	%		1.97	%^(C)		1.77	%		2.06	%		2.21	%
Portfolio turnover rate ^(E)		18	%		4	%		11	%		26	%		6	%


(A)		Calculated based on average number of shares outstanding.
(B)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(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)		Does not include expenses of the underlying funds in which the Fund invests.
(E)		Does not include portfolio activity of the underlying funds in which the Fund invests.


For a share outstanding during the period indicated:	Transamerica Asset Allocation – Conservative Portfolio
	Class T1			Advisor Class
	October 31, 2017 ^(A)			October 31, 2017 ^(B)
Net asset value, beginning of period	$	11.11		$	11.12
Investment operations:
Net investment income (loss) ^{(C) (D)}		0.11			0.12
Net realized and unrealized gain (loss)		0.49			0.51
Total investment operations		0.60			0.63
Dividends and/or distributions to shareholders:
Net investment income		(0.09	)		(0.10	)
Net asset value, end of period	$	11.62		$	11.65
Total return		5.42	%^(E)(F)		5.68	%^(F)
Ratio and supplemental data:
Net assets end of period (000’s)	$	11		$	23
Expenses to average net assets ^(G)		0.40	%^(H)		0.35	%^(H)
Net investment income (loss) to average net assets ^(D)		1.59	%^(H)		1.63	%^(H)
Portfolio turnover rate ^(I)		18	%		18	%


(A)		Commenced operations on March 17, 2017.
(B)		Commenced operations on March 3, 2017.
(C)		Calculated based on average number of shares outstanding.
(D)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(E)		Total return has been calculated without deduction of the maximum sales charge and contingent deferred sales charge.
(F)		Not annualized.
(G)		Does not include expenses of the underlying funds in which the Fund invests.
(H)		Annualized.
(I)		Does not include portfolio activity of the underlying funds in which the Fund invests.

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


Transamerica Funds		Annual Report 2017

Page 52

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica Asset Allocation – Growth Portfolio
	Class A
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	14.71		$	15.57		$	16.35		$	15.26		$	12.37
Investment operations:
Net investment income (loss) ^{(A) (B)}		0.23			0.23	^(C)		0.20			0.32			0.16
Net realized and unrealized gain (loss)		2.55			0.24			0.23			1.08			2.87
Total investment operations		2.78			0.47			0.43			1.40			3.03
Dividends and/or distributions to shareholders:
Net investment income		(0.24	)		(0.23	)		(0.22	)		(0.31	)		(0.14	)
Net realized gains		(0.90	)		(1.10	)		(0.99	)		—			—
Total dividends and/or distributions to shareholders		(1.14	)		(1.33	)		(1.21	)		(0.31	)		(0.14	)
Net asset value, end of year	$	16.35		$	14.71		$	15.57		$	16.35		$	15.26
Total return ^(D)		20.19	%		3.28	%		2.65	%		9.30	%		24.75	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	830,875		$	727,751		$	729,547		$	728,850		$	693,517
Expenses to average net assets ^(E)
Excluding waiver and/or reimbursement and recapture		0.52	%		0.53	%		0.53	%		0.55	%		0.62	%
Including waiver and/or reimbursement and recapture		0.52	%		0.52	%^(C)		0.53	%		0.55	%		0.62	%
Net investment income (loss) to average net assets ^(B)		1.53	%		1.63	%^(C)		1.26	%		2.02	%		1.18	%
Portfolio turnover rate ^(F)		9	%		1	%		6	%		31	%		22	%


(A)		Calculated based on average number of shares outstanding.
(B)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(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 maximum sales charge and contingent deferred sales charge.
(E)		Does not include expenses of the underlying funds in which the Fund invests.
(F)		Does not include portfolio activity of the underlying funds in which the Fund invests.


For a share outstanding during the years indicated:	Transamerica Asset Allocation – Growth Portfolio
	Class B
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	14.40		$	15.22		$	15.98		$	14.91		$	12.07
Investment operations:
Net investment income (loss) ^{(A) (B)}		0.16			0.15	^(C)		0.10			0.23			0.07
Net realized and unrealized gain (loss)		2.45			0.18			0.19			1.03			2.80
Total investment operations		2.61			0.33			0.29			1.26			2.87
Dividends and/or distributions to shareholders:
Net investment income		(0.07	)		(0.05	)		(0.06	)		(0.19	)		(0.03	)
Net realized gains		(0.90	)		(1.10	)		(0.99	)		—			—
Total dividends and/or distributions to shareholders		(0.97	)		(1.15	)		(1.05	)		(0.19	)		(0.03	)
Net asset value, end of year	$	16.04		$	14.40		$	15.22		$	15.98		$	14.91
Total return ^(D)		19.16	%		2.39	%		1.79	%		8.49	%		23.83	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	14,456		$	26,931		$	47,506		$	73,479		$	98,099
Expenses to average net assets ^(E)
Excluding waiver and/or reimbursement and recapture		1.41	%		1.37	%		1.35	%		1.34	%		1.38	%
Including waiver and/or reimbursement and recapture		1.41	%		1.36	%^(C)		1.35	%		1.34	%		1.38	%
Net investment income (loss) to average net assets ^(B)		1.06	%		1.10	%^(C)		0.64	%		1.51	%		0.51	%
Portfolio turnover rate ^(F)		9	%		1	%		6	%		31	%		22	%


(A)		Calculated based on average number of shares outstanding.
(B)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(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 maximum contingent deferred sales charge.
(E)		Does not include expenses of the underlying funds in which the Fund invests.
(F)		Does not include portfolio activity of the underlying funds in which the Fund invests.

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


Transamerica Funds		Annual Report 2017

Page 53

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica Asset Allocation – Growth Portfolio
	Class C
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	14.26		$	15.13		$	15.92		$	14.88		$	12.06
Investment operations:
Net investment income (loss) ^{(A) (B)}		0.13			0.13	^(C)		0.08			0.20			0.07
Net realized and unrealized gain (loss)		2.46			0.21			0.23			1.06			2.81
Total investment operations		2.59			0.34			0.31			1.26			2.88
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.11	)		(0.11	)		(0.22	)		(0.06	)
Net realized gains		(0.90	)		(1.10	)		(0.99	)		—			—
Total dividends and/or distributions to shareholders		(1.03	)		(1.21	)		(1.10	)		(0.22	)		(0.06	)
Net asset value, end of year	$	15.82		$	14.26		$	15.13		$	15.92		$	14.88
Total return ^(D)		19.31	%		2.49	%		1.91	%		8.51	%		23.95	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	628,621		$	660,687		$	716,039		$	736,246		$	710,928
Expenses to average net assets ^(E)
Excluding waiver and/or reimbursement and recapture		1.26	%		1.27	%		1.26	%		1.26	%		1.30	%
Including waiver and/or reimbursement and recapture		1.26	%		1.26	%^(C)		1.26	%		1.26	%		1.30	%
Net investment income (loss) to average net assets ^(B)		0.91	%		0.93	%^(C)		0.54	%		1.32	%		0.51	%
Portfolio turnover rate ^(F)		9	%		1	%		6	%		31	%		22	%


(A)		Calculated based on average number of shares outstanding.
(B)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(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 maximum contingent deferred sales charge.
(E)		Does not include expenses of the underlying funds in which the Fund invests.
(F)		Does not include portfolio activity of the underlying funds in which the Fund invests.


For a share outstanding during the years indicated:	Transamerica Asset Allocation – Growth Portfolio
	Class I
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	14.72		$	15.59		$	16.37		$	15.28		$	12.39
Investment operations:
Net investment income (loss) ^{(A) (B)}		0.23			0.28	^(C)		0.23			0.35			0.20
Net realized and unrealized gain (loss)		2.59			0.22			0.25			1.11			2.88
Total investment operations		2.82			0.50			0.48			1.46			3.08
Dividends and/or distributions to shareholders:
Net investment income		(0.28	)		(0.27	)		(0.27	)		(0.37	)		(0.19	)
Net realized gains		(0.90	)		(1.10	)		(0.99	)		—			—
Total dividends and/or distributions to shareholders		(1.18	)		(1.37	)		(1.26	)		(0.37	)		(0.19	)
Net asset value, end of year	$	16.36		$	14.72		$	15.59		$	16.37		$	15.28
Total return		20.52	%		3.52	%		2.96	%		9.64	%		25.21	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	56,253		$	32,116		$	34,547		$	30,595		$	23,052
Expenses to average net assets ^(D)
Excluding waiver and/or reimbursement and recapture		0.26	%		0.26	%		0.26	%		0.26	%		0.27	%
Including waiver and/or reimbursement and recapture		0.26	%		0.25	%^(C)		0.26	%		0.26	%		0.27	%
Net investment income (loss) to average net assets ^(B)		1.50	%		1.96	%^(C)		1.48	%		2.19	%		1.49	%
Portfolio turnover rate ^(E)		9	%		1	%		6	%		31	%		22	%


(A)		Calculated based on average number of shares outstanding.
(B)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(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)		Does not include expenses of the underlying funds in which the Fund invests.
(E)		Does not include portfolio activity of the underlying funds in which the Fund invests.

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


Transamerica Funds		Annual Report 2017

Page 54

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica Asset Allocation – Growth Portfolio
	Class R
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	14.57		$	15.45		$	16.24		$	15.16		$	12.27
Investment operations:
Net investment income (loss) ^{(A) (B)}		0.18			0.21	^(C)		0.15			0.23			0.13
Net realized and unrealized gain (loss)		2.55			0.20			0.23			1.12			2.86
Total investment operations		2.73			0.41			0.38			1.35			2.99
Dividends and/or distributions to shareholders:
Net investment income		(0.20	)		(0.19	)		(0.18	)		(0.27	)		(0.10	)
Net realized gains		(0.90	)		(1.10	)		(0.99	)		—			—
Total dividends and/or distributions to shareholders		(1.10	)		(1.29	)		(1.17	)		(0.27	)		(0.10	)
Net asset value, end of year	$	16.20		$	14.57		$	15.45		$	16.24		$	15.16
Total return		19.94	%		2.90	%		2.29	%		9.01	%		24.51	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	2,702		$	2,142		$	2,260		$	2,127		$	2,541
Expenses to average net assets ^(D)
Excluding waiver and/or reimbursement and recapture		0.80	%		0.86	%		0.83	%		0.85	%		0.84	%
Including waiver and/or reimbursement and recapture		0.80	%		0.85	%^(C)		0.83	%		0.85	%		0.84	%
Net investment income (loss) to average net assets ^(B)		1.19	%		1.47	%^(C)		0.93	%		1.47	%		0.97	%
Portfolio turnover rate ^(E)		9	%		1	%		6	%		31	%		22	%


(A)		Calculated based on average number of shares outstanding.
(B)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(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)		Does not include expenses of the underlying funds in which the Fund invests.
(E)		Does not include portfolio activity of the underlying funds in which the Fund invests.


For a share outstanding during the period indicated:	Transamerica Asset Allocation – Growth Portfolio
	Class T1			Advisor Class
	October 31, 2017 ^(A)			October 31, 2017 ^(B)
Net asset value, beginning of period	$	14.92		$	14.81
Investment operations:
Net investment income (loss) ^{(C) (D)}		0.04			0.04
Net realized and unrealized gain (loss)		1.41			1.50
Total investment operations		1.45			1.54
Net asset value, end of period	$	16.37		$	16.35
Total return		9.72	%^(E)(F)		10.40	%^(F)
Ratio and supplemental data:
Net assets end of period (000’s)	$	11		$	11
Expenses to average net assets ^(G)		0.40	%^(H)		0.35	%^(H)
Net investment income (loss) to average net assets ^(D)		0.43	%^(H)		0.43	%^(H)
Portfolio turnover rate ^(I)		9	%		9	%


(A)		Commenced operations on March 17, 2017.
(B)		Commenced operations on March 3, 2017.
(C)		Calculated based on average number of shares outstanding.
(D)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(E)		Total return has been calculated without deduction of the maximum sales charge and contingent deferred sales charge.
(F)		Not annualized.
(G)		Does not include expenses of the underlying funds in which the Fund invests.
(H)		Annualized.
(I)		Does not include portfolio activity of the underlying funds in which the Fund invests.

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


Transamerica Funds		Annual Report 2017

Page 55

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica Asset Allocation – Moderate Growth Portfolio
	Class A
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	13.34		$	13.93		$	15.23		$	14.39		$	12.34
Investment operations:
Net investment income (loss) ^{(A) (B)}		0.26			0.23	^(C)		0.24			0.31			0.21
Net realized and unrealized gain (loss)		1.67			0.20			0.05			0.83			2.06
Total investment operations		1.93			0.43			0.29			1.14			2.27
Dividends and/or distributions to shareholders:
Net investment income		(0.25	)		(0.23	)		(0.27	)		(0.30	)		(0.22	)
Net realized gains		(0.64	)		(0.79	)		(1.32	)		—			—
Total dividends and/or distributions to shareholders		(0.89	)		(1.02	)		(1.59	)		(0.30	)		(0.22	)
Net asset value, end of year	$	14.38		$	13.34		$	13.93		$	15.23		$	14.39
Total return ^(D)		15.32	%		3.35	%		1.93	%		8.01	%		18.67	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,434,214		$	1,315,381		$	1,301,591		$	1,319,226		$	1,269,265
Expenses to average net assets ^(E)
Excluding waiver and/or reimbursement and recapture		0.49	%		0.50	%		0.50	%		0.52	%		0.58	%
Including waiver and/or reimbursement and recapture		0.49	%		0.49	%^(C)		0.50	%		0.52	%		0.58	%
Net investment income (loss) to average net assets ^(B)		1.89	%		1.76	%^(C)		1.68	%		2.09	%		1.60	%
Portfolio turnover rate ^(F)		14	%		1	%		7	%		33	%		19	%


(A)		Calculated based on average number of shares outstanding.
(B)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(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 maximum sales charge and contingent deferred sales charge.
(E)		Does not include expenses of the underlying funds in which the Fund invests.
(F)		Does not include portfolio activity of the underlying funds in which the Fund invests.


For a share outstanding during the years indicated:	Transamerica Asset Allocation – Moderate Growth Portfolio
	Class B
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	13.44		$	13.97		$	15.23		$	14.38		$	12.32
Investment operations:
Net investment income (loss) ^{(A) (B)}		0.18			0.15	^(C)		0.15			0.23			0.12
Net realized and unrealized gain (loss)		1.65			0.18			0.02			0.79			2.05
Total investment operations		1.83			0.33			0.17			1.02			2.17
Dividends and/or distributions to shareholders:
Net investment income		(0.08	)		(0.07	)		(0.11	)		(0.17	)		(0.11	)
Net realized gains		(0.64	)		(0.79	)		(1.32	)		—			—
Total dividends and/or distributions to shareholders		(0.72	)		(0.86	)		(1.43	)		(0.17	)		(0.11	)
Net asset value, end of year	$	14.55		$	13.44		$	13.97		$	15.23		$	14.38
Total return ^(D)		14.26	%		2.55	%		1.11	%		7.16	%		17.72	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	24,269		$	47,691		$	84,073		$	133,060		$	182,030
Expenses to average net assets ^(E)
Excluding waiver and/or reimbursement and recapture		1.37	%		1.34	%		1.32	%		1.30	%		1.33	%
Including waiver and/or reimbursement and recapture		1.37	%		1.33	%^(C)		1.32	%		1.30	%		1.33	%
Net investment income (loss) to average net assets ^(B)		1.31	%		1.15	%^(C)		1.06	%		1.52	%		0.94	%
Portfolio turnover rate ^(F)		14	%		1	%		7	%		33	%		19	%


(A)		Calculated based on average number of shares outstanding.
(B)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(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 maximum contingent deferred sales charge.
(E)		Does not include expenses of the underlying funds in which the Fund invests.
(F)		Does not include portfolio activity of the underlying funds in which the Fund invests.

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


Transamerica Funds		Annual Report 2017

Page 56

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica Asset Allocation – Moderate Growth Portfolio
	Class C
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	13.24		$	13.82		$	15.12		$	14.30		$	12.26
Investment operations:
Net investment income (loss) ^{(A) (B)}		0.17			0.14	^(C)		0.14			0.21			0.12
Net realized and unrealized gain (loss)		1.65			0.19			0.04			0.82			2.05
Total investment operations		1.82			0.33			0.18			1.03			2.17
Dividends and/or distributions to shareholders:
Net investment income		(0.14	)		(0.12	)		(0.16	)		(0.21	)		(0.13	)
Net realized gains		(0.64	)		(0.79	)		(1.32	)		—			—
Total dividends and/or distributions to shareholders		(0.78	)		(0.91	)		(1.48	)		(0.21	)		(0.13	)
Net asset value, end of year	$	14.28		$	13.24		$	13.82		$	15.12		$	14.30
Total return ^(D)		14.48	%		2.60	%		1.16	%		7.23	%		17.88	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,123,771		$	1,286,726		$	1,431,708		$	1,526,267		$	1,506,825
Expenses to average net assets ^(E)
Excluding waiver and/or reimbursement and recapture		1.24	%		1.24	%		1.23	%		1.23	%		1.26	%
Including waiver and/or reimbursement and recapture		1.24	%		1.23	%^(C)		1.23	%		1.23	%		1.26	%
Net investment income (loss) to average net assets ^(B)		1.25	%		1.05	%^(C)		0.96	%		1.39	%		0.92	%
Portfolio turnover rate ^(F)		14	%		1	%		7	%		33	%		19	%


(A)		Calculated based on average number of shares outstanding.
(B)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(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 maximum contingent deferred sales charge.
(E)		Does not include expenses of the underlying funds in which the Fund invests.
(F)		Does not include portfolio activity of the underlying funds in which the Fund invests.


For a share outstanding during the years indicated:	Transamerica Asset Allocation – Moderate Growth Portfolio
	Class I
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	13.34		$	13.93		$	15.23		$	14.40		$	12.36
Investment operations:
Net investment income (loss) ^{(A) (B)}		0.27			0.27	^(C)		0.28			0.34			0.24
Net realized and unrealized gain (loss)		1.69			0.19			0.05			0.84			2.06
Total investment operations		1.96			0.46			0.33			1.18			2.30
Dividends and/or distributions to shareholders:
Net investment income		(0.28	)		(0.26	)		(0.31	)		(0.35	)		(0.26	)
Net realized gains		(0.64	)		(0.79	)		(1.32	)		—			—
Total dividends and/or distributions to shareholders		(0.92	)		(1.05	)		(1.63	)		(0.35	)		(0.26	)
Net asset value, end of year	$	14.38		$	13.34		$	13.93		$	15.23		$	14.40
Total return		15.62	%		3.63	%		2.22	%		8.27	%		19.00	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	85,959		$	53,166		$	55,554		$	54,952		$	46,067
Expenses to average net assets ^(D)
Excluding waiver and/or reimbursement and recapture		0.25	%		0.25	%		0.25	%		0.25	%		0.26	%
Including waiver and/or reimbursement and recapture		0.25	%		0.24	%^(C)		0.25	%		0.25	%		0.26	%
Net investment income (loss) to average net assets ^(B)		1.96	%		2.04	%^(C)		1.94	%		2.30	%		1.84	%
Portfolio turnover rate ^(E)		14	%		1	%		7	%		33	%		19	%


(A)		Calculated based on average number of shares outstanding.
(B)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(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)		Does not include expenses of the underlying funds in which the Fund invests.
(E)		Does not include portfolio activity of the underlying funds in which the Fund invests.

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


Transamerica Funds		Annual Report 2017

Page 57

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica Asset Allocation – Moderate Growth Portfolio
	Class R
	October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	13.26		$	13.85
Investment operations:
Net investment income (loss) ^{(A) (B)}		0.18			0.21	^(C)
Net realized and unrealized gain (loss)		1.70			0.18
Total investment operations		1.88			0.39
Dividends and/or distributions to shareholders:
Net investment income		(0.20	)		(0.19	)
Net realized gains		(0.64	)		(0.79	)
Total dividends and/or distributions to shareholders		(0.84	)		(0.98	)
Net asset value, end of year	$	14.30		$	13.26
Total return		15.03	%		3.10	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	4,246		$	4,483
Expenses to average net assets ^(D)
Excluding waiver and/or reimbursement and recapture		0.76	%		0.79	%
Including waiver and/or reimbursement and recapture		0.76	%		0.78	%^(C)
Net investment income (loss) to average net assets ^(B)		1.36	%		1.61	%^(C)
Portfolio turnover rate ^(E)		14	%		1	%


(A)		Calculated based on average number of shares outstanding.
(B)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(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)		Does not include expenses of the underlying funds in which the Fund invests.
(E)		Does not include portfolio activity of the underlying funds in which the Fund invests.


For a share outstanding during the period indicated:	Transamerica Asset Allocation – Moderate Growth Portfolio
	Class T1			Advisor Class
	October 31, 2017 ^(A)			October 31, 2017 ^(B)
Net asset value, beginning of period	$	13.35		$	13.27
Investment operations:
Net investment income (loss) ^{(C) (D)}		0.12			0.09
Net realized and unrealized gain (loss)		0.92			1.01
Total investment operations		1.04			1.10
Net asset value, end of period	$	14.39		$	14.37
Total return		7.79	%^(E)(F)		8.29	%^(F)
Ratio and supplemental data:
Net assets end of period (000’s)	$	11		$	11
Expenses to average net assets ^(G)		0.39	%^(H)		0.35	%^(H)
Net investment income (loss) to average net assets ^(D)		1.36	%^(H)		1.01	%^(H)
Portfolio turnover rate ^(I)		14	%		14	%


(A)		Commenced operations on March 17, 2017.
(B)		Commenced operations on March 3, 2017.
(C)		Calculated based on average number of shares outstanding.
(D)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(E)		Total return has been calculated without deduction of the maximum sales charge and contingent deferred sales charge.
(F)		Not annualized.
(G)		Does not include expenses of the underlying funds in which the Fund invests.
(H)		Annualized.
(I)		Does not include portfolio activity of the underlying funds in which the Fund invests.

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


Transamerica Funds		Annual Report 2017

Page 58

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica Asset Allocation – Moderate Portfolio
	Class A
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	12.11		$	12.46		$	13.56		$	13.58		$	12.26
Investment operations:
Net investment income (loss) ^{(A) (B)}		0.25			0.24	^(C)		0.24			0.27			0.24
Net realized and unrealized gain (loss)		1.08			0.18			(0.06	)		0.54			1.34
Total investment operations		1.33			0.42			0.18			0.81			1.58
Dividends and/or distributions to shareholders:
Net investment income		(0.23	)		(0.25	)		(0.28	)		(0.27	)		(0.26	)
Net realized gains		(0.41	)		(0.52	)		(1.00	)		(0.56	)		—
Total dividends and/or distributions to shareholders		(0.64	)		(0.77	)		(1.28	)		(0.83	)		(0.26	)
Net asset value, end of year	$	12.80		$	12.11		$	12.46		$	13.56		$	13.58
Total return ^(D)		11.54	%		3.71	%		1.32	%		6.20	%		13.13	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,094,724		$	1,000,707		$	890,270		$	899,852		$	900,887
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture ^(E)		0.48	%		0.48	%		0.49	%		0.52	%		0.56	%
Including waiver and/or reimbursement and recapture		0.48	%		0.47	%^(C)		0.49	%		0.52	%		0.56	%
Net investment income (loss) to average net assets ^(B)		2.07	%		2.04	%^(C)		1.90	%		1.99	%		1.89	%
Portfolio turnover rate ^(F)		13	%		2	%		10	%		27	%		21


(A)		Calculated based on average number of shares outstanding.
(B)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(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 maximum sales charge and contingent deferred sales charge.
(E)		Does not include expenses of the underlying funds in which the Fund invests.
(F)		Does not include portfolio activity of the underlying funds in which the Fund invests.


For a share outstanding during the years indicated:	Transamerica Asset Allocation – Moderate Portfolio
	Class B
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	12.23		$	12.54		$	13.60		$	13.61		$	12.26
Investment operations:
Net investment income (loss) ^{(A) (B)}		0.18			0.18	^(C)		0.16			0.18			0.16
Net realized and unrealized gain (loss)		1.06			0.15			(0.08	)		0.52			1.34
Total investment operations		1.24			0.33			0.08			0.70			1.50
Dividends and/or distributions to shareholders:
Net investment income		(0.09	)		(0.12	)		(0.14	)		(0.15	)		(0.15	)
Net realized gains		(0.41	)		(0.52	)		(1.00	)		(0.56	)		—
Total dividends and/or distributions to shareholders		(0.50	)		(0.64	)		(1.14	)		(0.71	)		(0.15	)
Net asset value, end of year	$	12.97		$	12.23		$	12.54		$	13.60		$	13.61
Total return ^(D)		10.53	%		2.83	%		0.54	%		5.32	%		12.36	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	13,987		$	29,432		$	47,833		$	71,121		$	95,350
Expenses to average net assets ^(E)
Excluding waiver and/or reimbursement and recapture		1.34	%		1.31	%		1.30	%		1.30	%		1.31	%
Including waiver and/or reimbursement and recapture		1.34	%		1.30	%^(C)		1.30	%		1.30	%		1.31	%
Net investment income (loss) to average net assets ^(B)		1.47	%		1.47	%^(C)		1.22	%		1.32	%		1.21	%
Portfolio turnover rate ^(F)		13	%		2	%		10	%		27	%		21	%


(A)		Calculated based on average number of shares outstanding.
(B)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(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 maximum contingent deferred sales charge.
(E)		Does not include expenses of the underlying funds in which the Fund invests.
(F)		Does not include portfolio activity of the underlying funds in which the Fund invests.

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


Transamerica Funds		Annual Report 2017

Page 59

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica Asset Allocation – Moderate Portfolio
	Class C
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	12.01		$	12.36		$	13.44		$	13.48		$	12.17
Investment operations:
Net investment income (loss) ^{(A) (B)}		0.17			0.16	^(C)		0.15			0.17			0.15
Net realized and unrealized gain (loss)		1.06			0.17			(0.05	)		0.53			1.34
Total investment operations		1.23			0.33			0.10			0.70			1.49
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.16	)		(0.18	)		(0.18	)		(0.18	)
Net realized gains		(0.41	)		(0.52	)		(1.00	)		(0.56	)		—
Total dividends and/or distributions to shareholders		(0.54	)		(0.68	)		(1.18	)		(0.74	)		(0.18	)
Net asset value, end of year	$	12.70		$	12.01		$	12.36		$	13.44		$	13.48
Total return ^(D)		10.69	%		2.88	%		0.70	%		5.39	%		12.37	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	786,977		$	939,970		$	1,051,486		$	1,138,082		$	1,142,473
Expenses to average net assets ^(E)
Excluding waiver and/or reimbursement and recapture		1.22	%		1.22	%		1.22	%		1.22	%		1.24	%
Including waiver and/or reimbursement and recapture		1.22	%		1.21	%^(C)		1.22	%		1.22	%		1.24	%
Net investment income (loss) to average net assets ^(B)		1.43	%		1.40	%^(C)		1.18	%		1.29	%		1.21	%
Portfolio turnover rate ^(F)		13	%		2	%		10	%		27	%		21	%


(A)		Calculated based on average number of shares outstanding.
(B)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(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 maximum contingent deferred sales charge.
(E)		Does not include expenses of the underlying funds in which the Fund invests.
(F)		Does not include portfolio activity of the underlying funds in which the Fund invests.


For a share outstanding during the years indicated:	Transamerica Asset Allocation – Moderate Portfolio
	Class I
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	12.11		$	12.46		$	13.56		$	13.59		$	12.28
Investment operations:
Net investment income (loss) ^{(A) (B)}		0.28			0.28	^(C)		0.27			0.30			0.28
Net realized and unrealized gain (loss)		1.08			0.17			(0.06	)		0.54			1.33
Total investment operations		1.36			0.45			0.21			0.84			1.61
Dividends and/or distributions to shareholders:
Net investment income		(0.26	)		(0.28	)		(0.31	)		(0.31	)		(0.30	)
Net realized gains		(0.41	)		(0.52	)		(1.00	)		(0.56	)		—
Total dividends and/or distributions to shareholders		(0.67	)		(0.80	)		(1.31	)		(0.87	)		(0.30	)
Net asset value, end of year	$	12.80		$	12.11		$	12.46		$	13.56		$	13.59
Total return		11.80	%		3.97	%		1.60	%		6.45	%		13.41	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	59,664		$	43,818		$	48,780		$	47,590		$	41,286
Expenses to average net assets ^(D)
Excluding waiver and/or reimbursement and recapture		0.25	%		0.25	%		0.25	%		0.25	%		0.26	%
Including waiver and/or reimbursement and recapture		0.25	%		0.24	%^(C)		0.25	%		0.25	%		0.26	%
Net investment income (loss) to average net assets ^(B)		2.26	%		2.40	%^(C)		2.13	%		2.21	%		2.17	%
Portfolio turnover rate ^(E)		13	%		2	%		10	%		27	%		21	%


(A)		Calculated based on average number of shares outstanding.
(B)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(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)		Does not include expenses of the underlying funds in which the Fund invests.
(E)		Does not include portfolio activity of the underlying funds in which the Fund invests.

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


Transamerica Funds		Annual Report 2017

Page 60

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica Asset Allocation – Moderate Portfolio
	Class R
	October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	12.03		$	12.39
Investment operations:
Net investment income (loss) ^{(A) (B)}		0.17			0.21	^(C)
Net realized and unrealized gain (loss)		1.13			0.17
Total investment operations		1.30			0.38
Dividends and/or distributions to shareholders:
Net investment income		(0.20	)		(0.22	)
Net realized gains		(0.41	)		(0.52	)
Total dividends and/or distributions to shareholders		(0.61	)		(0.74	)
Net asset value, end of year	$	12.72		$	12.03
Total return		11.20	%		3.40	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	4,693		$	5,256
Expenses to average net assets ^(D)
Excluding waiver and/or reimbursement and recapture		0.73	%		0.74	%
Including waiver and/or reimbursement and recapture		0.73	%		0.72	%^(C)
Net investment income (loss) to average net assets ^(B)		1.38	%		1.80	%^(C)
Portfolio turnover rate ^(E)		13	%		2	%


(A)		Calculated based on average number of shares outstanding.
(B)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(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)		Does not include expenses of the underlying funds in which the Fund invests.
(E)		Does not include portfolio activity of the underlying funds in which the Fund invests.


For a share outstanding during the period indicated:	Transamerica Asset Allocation – Moderate Portfolio
	Class T1			Advisor Class
	October 31, 2017 ^(A)			October 31, 2017 ^(B)
Net asset value, beginning of period	$	12.03		$	11.97
Investment operations:
Net investment income (loss) ^{(C) (D)}		0.09			0.11
Net realized and unrealized gain (loss)		0.69			0.70
Total investment operations		0.78			0.81
Net asset value, end of period	$	12.81		$	12.78
Total return		6.48	%^(E)(F)		6.77	%^(F)
Ratio and supplemental data:
Net assets end of period (000’s)	$	11		$	11
Expenses to average net assets ^(G)		0.40	%^(H)		0.35	%^(H)
Net investment income (loss) to average net assets ^(D)		1.21	%^(H)		1.36	%^(H)
Portfolio turnover rate ^(I)		13	%		13	%


(A)		Commenced operations on March 17, 2017.
(B)		Commenced operations on March 3, 2017.
(C)		Calculated based on average number of shares outstanding.
(D)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(E)		Total return has been calculated without deduction of the maximum sales charge and contingent deferred sales charge.
(F)		Not annualized.
(G)		Does not include expenses of the underlying funds in which the Fund invests.
(H)		Annualized.
(I)		Does not include portfolio activity of the underlying funds in which the Fund invests.

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


Transamerica Funds		Annual Report 2017

Page 61

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period indicated:	Transamerica Asset Allocation Intermediate Horizon
	Class R
	October 31, 2017 ^(A)
Net asset value, beginning of period	$	10.00
Investment operations:
Net investment income (loss) ^{(B) (C)}		0.05
Net realized and unrealized gain (loss)		0.37
Total investment operations		0.42
Dividends and/or distributions to shareholders:
Net investment income		(0.04	)
Net asset value, end of period	$	10.38
Total return		4.24	%^(D)
Ratio and supplemental data:
Net assets end of period (000’s)	$	424,721
Expenses to average net assets ^(E)
Excluding waiver and/or reimbursement and recapture		0.62	%^(F)
Including waiver and/or reimbursement and recapture		0.60	%^(F)
Net investment income (loss) to average net assets ^(C)		0.99	%^(F)
Portfolio turnover rate ^(G)		26	%^(D)


(A)		Commenced operations on May 19, 2017.
(B)		Calculated based on average number of shares outstanding.
(C)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(D)		Not annualized.
(E)		Does not include expenses of the underlying funds in which the Fund invests.
(F)		Annualized.
(G)		Does not include portfolio activity of the underlying funds in which the Fund invests.


For a share outstanding during the period and years indicated:	Transamerica Asset Allocation Intermediate Horizon ^{(A) (B)}
	Class R4
	October 31, 2017 ^(C)			December 31, 2016			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012
Net asset value, beginning of period/year	$	9.58		$	9.23		$	9.35		$	9.16		$	8.21		$	7.60
Investment operations:
Net investment income (loss) ^{(D) (E)}		0.13			0.18			0.15			0.20			0.18			0.25
Net realized and unrealized gain (loss)		0.78			0.35			(0.12	)		0.21			0.96			0.61
Total investment operations		0.91			0.53			0.03			0.41			1.14			0.86
Dividends and/or distributions to shareholders:
Net investment income		(0.11	)		(0.18	)		(0.15	)		(0.22	)		(0.19	)		(0.25	)
Net asset value, end of period/year	$	10.38		$	9.58		$	9.23		$	9.35		$	9.16		$	8.21
Total return		9.53	%^(F)		5.74	%		0.26	%		4.50	%		14.04	%		11.40	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	20,852		$	78,806		$	79,613		$	92,989		$	121,450		$	158,181
Expenses to average net assets ^(G)
Excluding waiver and/or reimbursement and recapture		0.21	%^(H)		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%
Including waiver and/or reimbursement and recapture		0.20	%^(H)		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%
Net investment income (loss) to average net assets ^(E)		1.37	%^(H)		1.88	%		1.57	%		2.19	%		2.07	%		3.08	%
Portfolio turnover rate ^(I)		26	%^(F)		45	%		42	%		76	%		69	%		62	%


(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. Please reference the Reorganization section of the Notes to the Financial Statements for additional information.
(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. 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)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(F)		Not annualized.
(G)		Does not include expenses of the underlying funds in which the Fund invests.
(H)		Annualized.
(I)		Does not include portfolio activity of the underlying funds in which the Fund invests.

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


Transamerica Funds		Annual Report 2017

Page 62

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period indicated:	Transamerica Asset Allocation Long Horizon
	Class R
	October 31, 2017 ^(A)
Net asset value, beginning of period	$	10.00
Investment operations:
Net investment income (loss) ^{(B) (C)}		0.01
Net realized and unrealized gain (loss)		0.68
Total investment operations		0.69
Dividends and/or distributions to shareholders:
Net investment income		(0.01	)
Net asset value, end of period	$	10.68
Total return		6.90	%^(D)
Ratio and supplemental data:
Net assets end of period (000’s)	$	225,869
Expenses to average net assets ^(E)
Excluding waiver and/or reimbursement and recapture		0.62	%^(F)
Including waiver and/or reimbursement and recapture		0.60	%^(F)
Net investment income (loss) to average net assets ^(C)		0.14	%^(F)
Portfolio turnover rate ^(G)		35	%^(D)


(A)		Commenced operations on May 19, 2017.
(B)		Calculated based on average number of shares outstanding.
(C)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(D)		Not annualized.
(E)		Does not include expenses of the underlying funds in which the Fund invests.
(F)		Annualized.
(G)		Does not include portfolio activity of the underlying funds in which the Fund invests.


For a share outstanding during the period and years indicated:	Transamerica Asset Allocation Long Horizon ^{(A) (B)}
	Class R4
	October 31, 2017 ^(C)			December 31, 2016			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012
Net asset value, beginning of period/year	$	9.38		$	8.87		$	8.92		$	8.71		$	7.01		$	6.23
Investment operations:
Net investment income (loss) ^{(D) (E)}		0.06			0.11			0.11			0.17			0.12			0.11
Net realized and unrealized gain (loss)		1.31			0.51			(0.05	)		0.22			1.72			0.78
Total investment operations		1.37			0.62			0.06			0.39			1.84			0.89
Dividends and/or distributions to shareholders:
Net investment income		(0.07	)		(0.11	)		(0.11	)		(0.18	)		(0.14	)		(0.11	)
Net asset value, end of period/year	$	10.68		$	9.38		$	8.87		$	8.92		$	8.71		$	7.01
Total return		14.69	%^(F)		7.07	%		0.63	%		4.55	%		26.33	%		14.36	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	32,618		$	28,489		$	28,659		$	35,325		$	32,711		$	36,047
Expenses to average net assets^(G)
Excluding waiver and/or reimbursement and recapture		0.28	%^(H)		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%
Including waiver and/or reimbursement and recapture		0.26	%^(H)		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%
Net investment income (loss) to average net assets ^(E)		0.64	%^(H)		1.29	%		1.19	%		1.98	%		1.61	%		1.54	%
Portfolio turnover rate^(I)		35	%^(F)		28	%		43	%		69	%		58	%		119	%


(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. Please reference the Reorganization section of the Notes to the Financial Statements for additional information.
(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. 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)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(F)		Not annualized.
(G)		Does not include expenses of the underlying funds in which the Fund invests.
(H)		Annualized.
(I)		Does not include portfolio activity of the underlying funds in which the Fund invests.

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


Transamerica Funds		Annual Report 2017

Page 63

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period indicated:	Transamerica Asset Allocation Short Horizon
	Class R
	October 31, 2017 ^(A)
Net asset value, beginning of period	$	10.00
Investment operations:
Net investment income (loss) ^{(B) (C)}		0.08
Net realized and unrealized gain (loss)		0.09
Total investment operations		0.17
Dividends and/or distributions to shareholders:
Net investment income		(0.07	)
Net asset value, end of period	$	10.10
Total return		1.72	%^(D)
Ratio and supplemental data:
Net assets end of period (000’s)	$	181,866
Expenses to average net assets ^(E)
Excluding waiver and/or reimbursement and recapture		0.62	%^(F)
Including waiver and/or reimbursement and recapture		0.60	%^(F)
Net investment income (loss) to average net assets ^(C)		1.77	%^(F)
Portfolio turnover rate ^(G)		22	%^(D)


(A)		Commenced operations on May 19, 2017.
(B)		Calculated based on average number of shares outstanding.
(C)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(D)		Not annualized.
(E)		Does not include expenses of the underlying funds in which the Fund invests.
(F)		Annualized.
(G)		Does not include portfolio activity of the underlying funds in which the Fund invests.


For a share outstanding during the period and years indicated:	Transamerica Asset Allocation Short Horizon ^{(A) (B)}
	Class R4
	October 31, 2017 ^(C)			December 31, 2016			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012
Net asset value, beginning of period/year	$	9.81		$	9.63		$	9.92		$	9.80		$	9.91		$	9.60
Investment operations:
Net investment income (loss) ^{(D) (E)}		0.17			0.25			0.21			0.25			0.27			0.44
Net realized and unrealized gain (loss)		0.28			0.18			(0.28	)		0.14			(0.11	)		0.34
Total investment operations		0.45			0.43			(0.07	)		0.39			0.16			0.78
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.25	)		(0.22	)		(0.27	)		(0.27	)		(0.47	)
Net asset value, end of period/year	$	10.10		$	9.81		$	9.63		$	9.92		$	9.80		$	9.91
Total return		4.49	%^(F)		4.48	%		(0.72	)%		4.07	%		1.67	%		8.27	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	6,959		$	11,896		$	12,349		$	17,622		$	24,002		$	28,713
Expenses to average net assets ^(G)
Excluding waiver and/or reimbursement and recapture		0.23	%^(H)		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%
Including waiver and/or reimbursement and recapture		0.22	%^(H)		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%
Net investment income (loss) to average net assets ^(E)		1.98	%^(H)		2.53	%		2.07	%		2.55	%		2.70	%		4.49	%
Portfolio turnover rate ^(I)		22	%^(F)		49	%		60	%		133	%		75	%		110	%


(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. Please reference the Reorganization section of the Notes to the Financial Statements for additional information.
(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. 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)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(F)		Not annualized.
(G)		Does not include expenses of the underlying funds in which the Fund invests.
(H)		Annualized.
(I)		Does not include portfolio activity of the underlying funds in which the Fund invests.

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


Transamerica Funds		Annual Report 2017

Page 64

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica Multi-Manager Alternative Strategies Portfolio
	Class A
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	9.71		$	10.07		$	10.50		$	10.01		$	9.92
Investment operations:
Net investment income (loss) ^{(A) (B)}		0.10			0.31	^(C)		0.11			0.05			0.14
Net realized and unrealized gain (loss)		0.19			(0.22	)		(0.47	)		0.49			0.14
Total investment operations		0.29			0.09			(0.36	)		0.54			0.28
Dividends and/or distributions to shareholders:
Net investment income		(0.11	)		(0.28	)		(0.07	)		(0.05	)		(0.19	)
Net realized gains		—			(0.17	)		—			—			—
Total dividends and/or distributions to shareholders		(0.11	)		(0.45	)		(0.07	)		(0.05	)		(0.19	)
Net asset value, end of year	$	9.89		$	9.71		$	10.07		$	10.50		$	10.01
Total return ^(D)		3.04	%		1.07	%		(3.42	)%		5.46	%		2.89	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	32,240		$	61,341		$	91,684		$	129,568		$	200,903
Expenses to average net assets ^(E)
Excluding waiver and/or reimbursement and recapture		0.73	%		0.70	%		0.66	%		0.72	%		0.72	%
Including waiver and/or reimbursement and recapture		0.73	%		0.69	%^(C)		0.66	%		0.72	%		0.72	%
Net investment income (loss) to average net assets ^(B)		1.04	%		3.28	%^(C)		1.06	%		0.46	%		1.42	%
Portfolio turnover rate ^(F)		65	%		42	%		80	%		79	%		116	%


(A)		Calculated based on average number of shares outstanding.
(B)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(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 maximum sales charge and contingent deferred sales charge.
(E)		Does not include expenses of the underlying funds in which the Fund invests.
(F)		Does not include portfolio activity of the underlying funds in which the Fund invests.


For a share outstanding during the years indicated:	Transamerica Multi-Manager Alternative Strategies Portfolio
	Class C
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	9.60		$	9.94		$	10.37		$	9.91		$	9.82
Investment operations:
Net investment income (loss) ^{(A) (B)}		0.02			0.23	^(C)		0.03			(0.03	)		0.08
Net realized and unrealized gain (loss)		0.18			(0.20	)		(0.46	)		0.49			0.13
Total investment operations		0.20			0.03			(0.43	)		0.46			0.21
Dividends and/or distributions to shareholders:
Net investment income		(0.02	)		(0.20	)		(0.00	)^(D)		—			(0.12	)
Net realized gains		—			(0.17	)		—			—			—
Total dividends and/or distributions to shareholders		(0.02	)		(0.37	)		(0.00	)^(D)		—			(0.12	)
Net asset value, end of year	$	9.78		$	9.60		$	9.94		$	10.37		$	9.91
Total return ^(E)		2.22	%		0.39	%		(4.11	)%		4.64	%		2.18	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	47,545		$	72,959		$	101,656		$	125,950		$	140,309
Expenses to average net assets ^(F)
Excluding waiver and/or reimbursement and recapture		1.47	%		1.45	%		1.42	%		1.45	%		1.44	%
Including waiver and/or reimbursement and recapture		1.47	%		1.44	%^(C)		1.42	%		1.45	%		1.44	%
Net investment income (loss) to average net assets ^(B)		0.21	%		2.39	%^(C)		0.28	%		(0.29	)%		0.80	%
Portfolio turnover rate ^(G)		65	%		42	%		80	%		79	%		116	%


(A)		Calculated based on average number of shares outstanding.
(B)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(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)		Rounds to less than $0.01 or $(0.01).
(E)		Total return has been calculated without deduction of the maximum contingent deferred sales charge.
(F)		Does not include expenses of the underlying funds in which the Fund invests.
(G)		Does not include portfolio activity of the underlying funds in which the Fund invests.

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


Transamerica Funds		Annual Report 2017

Page 65

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica Multi-Manager Alternative Strategies Portfolio
	Class I
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	9.71		$	10.07		$	10.52		$	10.03		$	9.94
Investment operations:
Net investment income (loss) ^{(A) (B)}		0.12			0.36	^(C)		0.14			0.08			0.17
Net realized and unrealized gain (loss)		0.20			(0.24	)		(0.47	)		0.50			0.15
Total investment operations		0.32			0.12			(0.33	)		0.58			0.32
Dividends and/or distributions to shareholders:
Net investment income		(0.15	)		(0.31	)		(0.12	)		(0.09	)		(0.23	)
Net realized gains		—			(0.17	)		—			—			—
Total dividends and/or distributions to shareholders		(0.15	)		(0.48	)		(0.12	)		(0.09	)		(0.23	)
Net asset value, end of year	$	9.88		$	9.71		$	10.07		$	10.52		$	10.03
Total return		3.32	%		1.44	%		(3.19	)%		5.81	%		3.25	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	82,742		$	108,591		$	191,022		$	238,046		$	207,733
Expenses to average net assets ^(D)
Excluding waiver and/or reimbursement and recapture		0.40	%		0.38	%		0.38	%		0.41	%		0.39	%
Including waiver and/or reimbursement and recapture		0.40	%		0.37	%^(C)		0.38	%		0.41	%		0.39	%
Net investment income (loss) to average net assets ^(B)		1.24	%		3.71	%^(C)		1.31	%		0.74	%		1.74	%
Portfolio turnover rate ^(E)		65	%		42	%		80	%		79	%		116	%


(A)		Calculated based on average number of shares outstanding.
(B)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(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)		Does not include expenses of the underlying funds in which the Fund invests.
(E)		Does not include portfolio activity of the underlying funds 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, 2017			October 31, 2016			October 31, 2015 ^(A)
Net asset value, beginning of period/year	$	9.85		$	10.07		$	10.59
Investment operations:
Net investment income (loss) ^{(B) (C)}		0.11			0.30	^(D)		0.04
Net realized and unrealized gain (loss)		0.22			(0.16	)		(0.56	)
Total investment operations		0.33			0.14			(0.52	)
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.19	)		—
Net realized gains		—			(0.17	)		—
Total dividends and/or distributions to shareholders		(0.16	)		(0.36	)		—
Net asset value, end of period/year	$	10.02		$	9.85		$	10.07
Total return		3.41	%		1.59	%		(4.91	)%^(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	99		$	55		$	47
Expenses to average net assets ^(F)
Excluding waiver and/or reimbursement and recapture		0.31	%		0.28	%		0.28	%^(G)
Including waiver and/or reimbursement and recapture		0.31	%		0.26	%^(D)		0.28	%^(G)
Net investment income (loss) to average net assets ^(C)		1.15	%		3.08	%^(D)		0.86	%^(G)
Portfolio turnover rate ^(H)		65	%		42	%		80	%


(A)		Commenced operations on May 29, 2015.
(B)		Calculated based on average number of shares outstanding.
(C)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(D)		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.
(E)		Not annualized.
(F)		Does not include expenses of the underlying funds in which the Fund invests.
(G)		Annualized.
(H)		Does not include portfolio activity of the underlying funds in which the Fund invests.

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


Transamerica Funds		Annual Report 2017

Page 66

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period indicated:	Transamerica Multi-Manager Alternative Strategies Portfolio
	Class T1
	October 31, 2017 ^(A)
Net asset value, beginning of period	$	9.67
Investment operations:
Net investment income (loss) ^{(B) (C)}		0.03
Net realized and unrealized gain (loss)		0.20
Total investment operations		0.23
Net asset value, end of period	$	9.90
Total return ^(D)		2.38	%^(E)
Ratio and supplemental data:
Net assets end of period (000’s)	$	10
Expenses to average net assets ^(F)
Excluding waiver and/or reimbursement and recapture		0.55	%^(G)
Including waiver and/or reimbursement and recapture		0.55	%^(G)
Net investment income (loss) to average net assets ^(C)		0.51	%^(G)
Portfolio turnover rate ^(H)		65	%


(A)		Commenced operations on March 17, 2017.
(B)		Calculated based on average number of shares outstanding.
(C)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(D)		Total return has been calculated without deduction of the maximum sales charge and contingent deferred sales charge.
(E)		Not annualized.
(F)		Does not include expenses of the underlying funds in which the Fund invests.
(G)		Annualized.
(H)		Does not include portfolio activity of the underlying funds in which the Fund invests.

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


Transamerica Funds		Annual Report 2017

Page 67

NOTES TO FINANCIAL STATEMENTS

At October 31, 2017

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 listed below. Each class has a public offering price that reflects different sales charges, if any, and expense levels. Class B shares will convert to Class A shares eight years after purchase. Effective November 1, 2013, Class B shares are no longer available to existing investors except for exchanges, and dividend and capital gains reinvestment.


Fund		Class
Transamerica Asset Allocation – Conservative Portfolio (“Asset Allocation – Conservative”)^{(A) (B)}		A,B,C,I,R,T1,Advisor
Transamerica Asset Allocation – Growth Portfolio (“Asset Allocation – Growth”)^{(A) (B)}		A,B,C,I,R,T1,Advisor
Transamerica Asset Allocation – Moderate Growth Portfolio (“Asset Allocation – Moderate Growth”)^{(A) (B)}		A,B,C,I,R,T1,Advisor
Transamerica Asset Allocation – Moderate Portfolio (“Asset Allocation – Moderate”)^{(A) (B)}		A,B,C,I,R,T1,Advisor
Transamerica Asset Allocation Intermediate Horizon (“Intermediate Horizon”)^(C)		R,R4
Transamerica Asset Allocation Long Horizon (“Long Horizon”)^(C)		R,R4
Transamerica Asset Allocation Short Horizon (“Short Horizon”)^(C)		R,R4
Transamerica Multi-Manager Alternative Strategies Portfolio (“Multi-Manager Alternative Strategies”)^(A)		A,C,I,R6,T1


(A)		Class T1 commenced operations on March 17, 2017.
(B)		Advisor Class commenced operations on March 3, 2017.
(C)		The Funds’ Board of Trustees (the “Board”) approved the reorganization of certain series of Transamerica Asset Allocation Funds and Transamerica Institutional Asset Allocation Funds (“Target Funds”) into new Funds within the Trust. Each Target Fund invested substantially all of its investable assets among certain series of Transamerica Partners Funds Group (“Funds Group”) or Transamerica Partners Institutional Funds Group (“Institutional Funds Group”). Certain series of the Funds Group and Institutional Funds Group invested substantially all of their investable assets in a corresponding series of the Transamerica Partners Portfolios (the “Series Portfolio”). Target Fund investors approved the reorganizations and received newly-issued Class R or Class R4 shares of the new funds, as applicable, in the reorganizations. In each reorganization, the applicable Transamerica Institutional Asset Allocation Fund, a Target Fund was the accounting and performance survivor of the reorganization. Please reference the Reorganization section of the Notes to Financial Statements for more information.

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 the Funds’ shareholder reports. The Underlying Funds’ shareholder reports are not covered by this report.

This report must be accompanied or preceded by the Funds’ current prospectuses, which contain additional information about the Funds, including risks, sales charges, and investment objectives and strategies.

Transamerica Asset Management, Inc. (“TAM”) serves as investment manager for the Funds. 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 all aspects of the day-to-day management of the Transamerica Asset Allocation Horizon funds. 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 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


Transamerica Funds		Annual Report 2017

Page 68

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

1. ORGANIZATION (continued)

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-advisers 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 Net Asset Values (“NAV”); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in 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 (“GAAP”) in the United States of America, 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 recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Interest income is accrued as earned. Dividend income and capital gain distributions from investment companies, if any, are recorded on the ex-dividend date. Dividends and net realized gain (loss) for the Funds are from investments in shares of investment companies. Income or short-term capital gain distributions received from investment companies are recorded as dividend income. Long-term capital gain distributions received from investment companies are recorded as realized gains.

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, 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, 2017 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.

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 2017

Page 69

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

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, which may include TAM’s internal valuation committee’s (the “Valuation Committee”) own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the sub-adviser, issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer’s financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.

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, 2017, is disclosed within the Security Valuation section of each Fund’s Schedule of Investments.

Under supervision and approval of the Board, TAM provides day-to-day valuation functions. TAM formed the Valuation Committee to monitor and implement the fair valuation policies and procedures as approved by the Board. These policies and procedures are reviewed at least annually by the Board. The Valuation Committee, among other tasks, monitors for when market quotations are not readily available or are unreliable and determines in good faith the fair value of the portfolio investments. For instances in which daily market quotes are not readily available, securities may be valued, pursuant to procedures adopted by the Board, with reference to other instruments or indices. Depending on the relative significance of valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy.

The Valuation Committee may employ a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the security to determine the fair value of the security. An income-based valuation approach may also be used in which the anticipated future cash flows of the security are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the securities. When the Funds use fair value methods that rely on significant unobservable inputs to determine a security’s value, the Valuation Committee will choose the method that is believed to accurately reflect fair value. These securities are categorized in Level 3 of the fair value hierarchy. The Valuation Committee reviews fair value measurements on a regular and ad hoc basis and may, as deemed appropriate, update the security valuations as well as the fair valuation guidelines. The Board reviews and considers Valuation Committee determinations at its regularly scheduled meetings.

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 Valuation Committee’s 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. The Valuation Committee employs various methods for calibrating these valuation approaches, including a regular review of valuation methodologies, key inputs and assumptions, transactional back-testing, and reviews of any market related activity.

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.


Transamerica Funds		Annual Report 2017

Page 70

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

3. SECURITY VALUATION (continued)

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

Derivative instruments: Centrally cleared or listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) derivative contracts include forward, swap, swaption, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products are modeled taking into account the counterparties’ creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. The majority of OTC derivative products valued by the 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 and illiquid securities: The Funds may invest in unregulated restricted securities. Restricted and illiquid securities are subject to legal or contractual restrictions on resale or are illiquid. Restricted securities generally may be resold in transactions exempt from registration under the Securities Act of 1933. A security may be considered illiquid if it lacks a readily available market or if its valuation has not changed for a certain period of time. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at the current valuation may be difficult.

Restricted and illiquid securities held at October 31, 2017, 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 the proceeds are invested goes down and is insufficient to repay 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 guideline would have 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 each other as well as to 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. As of October 31, 2017, 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, 2017.

Repurchase agreements at October 31, 2017, if any, are included within the Schedule of Investments and Statements of Assets and Liabilities.


Transamerica Funds		Annual Report 2017

Page 71

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

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 the following market risks:

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 other associated risks are discussed 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, 2017, 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 the Portfolio’s fair values of derivative investments disclosed, if any, within the Statement of Assets and Liabilities, categorized by primary market risk exposure as of October 31, 2017.


Asset Derivatives
Fund/Location	Interest Rate Contracts		Foreign Exchange Contracts		Equity Contracts		Credit Contracts		Commodity Contracts		Total
Multi-Manager Alternative Strategies
Net unrealized appreciation on futures contracts^{(A) (B)}	$	122,641	$	—	$	—	$	—	$	—	$	122,641
Total	$	122,641	$	—	$	—	$	—	$	—	$	122,641


(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.


Transamerica Funds		Annual Report 2017

Page 72

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

6. 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 , categorized by primary market risk exposure as of October 31, 2017.


Realized Gain (Loss) on Derivative Instruments
Fund/Location	Interest Rate Contracts			Foreign Exchange Contracts		Equity Contracts			Credit Contracts		Commodity Contracts		Total
Multi-Manager Alternative Strategies
Futures contracts	$	(87	)	$	—	$	(235,102	)	$	—	$	—	$	(235,189	)
Total	$	(87	)	$	—	$	(235,102	)	$	—	$	—	$	(235,189	)


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	$	122,641	$	—	$	—	$	—	$	—	$	122,641
Total	$	122,641	$	—	$	—	$	—	$	—	$	122,641

The following is a summary of the ending monthly average volume on derivative activity during the year ended October 31, 2017.


	Futures Contracts at Notional Amount
Fund	Long		Short
Multi-Manager Alternative Strategies		—		(723,077	)

7. FEES AND OTHER AFFILIATED TRANSACTIONS

TAM, the Funds’ investment manager, is directly owned by Transamerica Premier Life Insurance Company (“TPLIC”) and AUSA Holding Company (“AUSA”), both of which are indirect, wholly owned subsidiaries of Aegon NV. TPLIC is owned by Commonwealth General Corporation (“Commonwealth”) and Aegon USA, LLC (“Aegon USA”). Commonwealth and AUSA are wholly owned by Aegon USA. Aegon USA is wholly owned by Aegon US Holding Corporation, which is wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by The Aegon Trust, which is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Effective July 7, 2017, Goldman Sachs Asset Management, L.P. is the sub-adviser of Multi-Manager Alternative Strategies. Prior to July 7, 2017, Aegon USA Investment Management LLC (“AUIM”) was both an affiliate and a sub-adviser of Multi-Manager Alternative Strategies.

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 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.

All of the Underlying Funds held within the Funds are considered affiliated transactions to the Funds. Interest, dividends, realized and unrealized gains (losses), if any, are broken out within the Statements of Operations.

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.


Transamerica Funds		Annual Report 2017

Page 73

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Prior to the closing of the Transamerica Partners reorganizations, TAM provided investment advisory services to the Target Funds pursuant to investment advisory agreements. For TAM’s services, the Target Funds paid advisory fees accrued daily and payable monthly, at an annual rate equal to 0.10% of each Target Fund’s daily Average Net Assets (“ANA”). TAM directly paid all other ordinary expenses of the Target Funds, which included fees related to audit, custody, legal, printing, trustees, and registration. For those Funds that were Destination Funds in the Transamerica Partners reorganizations where the accounting and performance survivor is a Target Fund, the investments advisory fees for the applicable Target Fund are included in the Statements of Operations within Investment advisory fees. Please reference the Reorganization section of the Notes to Financial Statements for more information.

Each Fund pays a management fee to TAM based on daily ANA at the following rates. For the Funds impacted by the Transamerica Partners reorganizations, please reference the Reorganization section of the Notes to Financial Statements for more information.


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
Fund		0.1200	%
Target Fund (accounting and performance survivor)		0.1000	%
Long Horizon
Fund		0.1200	%
Target Fund (accounting and performance survivor)		0.1000	%
Short Horizon
Fund		0.1200	%
Target Fund (accounting and performance survivor)		0.1000	%


Fund	Rate
Multi-Manager Alternative Strategies
Effective July 7, 2017
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	%
Prior to July 7, 2017
First $500 million		0.2225	%
Over $500 million up to $1 billion		0.2125	%
Over $1 billion		0.2025	%

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. For the Funds impacted by the Transamerica Partners reorganizations, please reference the Reorganization section of the Notes to Financial Statements for more information.


Fund	Operating Expense Limit			Operating Expense Limit Effective Through
Asset Allocation – Conservative
Effective March 1, 2017
Class A		0.70	%		March 1, 2018
Class B, Class C		1.45	%		March 1, 2018
Class I, Advisor Class ^(A)		0.45	%		March 1, 2018
Class R		0.95	%		March 1, 2018
Class T1 ^(B)		0.70	%		April 1, 2018
Prior to March 1, 2017
Fund Level ^(C)		0.45	%
Asset Allocation – Growth
Effective March 1, 2017
Class A		0.70	%		March 1, 2018
Class B, Class C		1.45	%		March 1, 2018
Class I, Advisor Class ^(A)		0.45	%		March 1, 2018
Class R		0.95	%		March 1, 2018
Class T1 ^(B)		0.70	%		April 1, 2018
Prior to March 1, 2017
Fund Level ^(C)		0.45	%


Fund	Operating Expense Limit			Operating Expense Limit Effective Through
Asset Allocation – Moderate Growth
Effective March 1, 2017
Class A		0.70	%		March 1, 2018
Class B, Class C		1.45	%		March 1, 2018
Class I, Advisor Class ^(A)		0.45	%		March 1, 2018
Class R		0.95	%		March 1, 2018
Class T1 ^(B)		0.70	%		April 1, 2018
Prior to March 1, 2017
Fund Level ^(C)		0.45	%
Asset Allocation – Moderate
Effective March 1, 2017
Class A		0.70	%		March 1, 2018
Class B, Class C		1.45	%		March 1, 2018
Class I, Advisor Class ^(A)		0.45	%		March 1, 2018
Class R		0.95	%		March 1, 2018
Class T1 ^(B)		0.70	%		April 1, 2018
Prior to March 1, 2017
Fund Level ^(C)		0.45	%


Transamerica Funds		Annual Report 2017

Page 74

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)


Fund	Operating Expense Limit			Operating Expense Limit Effective Through
Intermediate Horizon
Effective reorganization date May 19, 2017
Class R ^(D)		0.60	%		May 1, 2018
Class R4		0.35	%		May 1, 2018
Prior to reorganization date May 19, 2017
Target Fund (accounting and performance survivor)		N/A
Long Horizon
Effective reorganization date May 19, 2017
Class R ^(D)		0.60	%		May 1, 2018
Class R4		0.35	%		May 1, 2018
Prior to reorganization date May 19, 2017
Target Fund (accounting and performance survivor)		N/A


Fund	Operating Expense Limit			Operating Expense Limit Effective Through
Short Horizon
Effective reorganization date May 19, 2017
Class R ^(D)		0.60	%		May 1, 2018
Class R4		0.35	%		May 1, 2018
Prior to reorganization date May 19, 2017
Target Fund (accounting and performance survivor)		N/A
Multi-Manager Alternative Strategies
Effective March 1, 2017
Class A		0.80	%		March 1, 2018
Class C		1.55	%		March 1, 2018
Class I, Class R6		0.55	%		March 1, 2018
Class T1 ^(B)		0.80	%		April 1, 2018
Prior to March 1, 2017
Fund Level ^(C)		0.55	%


(A)		Advisor Class commenced operations on March 3, 2017.
(B)		Class T1 commenced operations on March 17, 2017.
(C)		Prior to March 1, 2017, TAM’s expense limitation contractual arrangements with the Funds were applied at the Fund level and excluded distribution fees (Rule 12b-1 fees) for all applicable share classes
(D)		Class commenced operations on May 19, 2017.

TAM is entitled to recapture expenses accrued by the Funds for fees waived and/or reimbursed during any of the previous 36 months if on any day or month the estimated annualized Funds’ operating expenses are less than the stated annual operating expense limit. Amounts recaptured, if any, by TAM for the year ended October 31, 2017 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statements of Operations.

As of October 31, 2017, the balances available for recapture by TAM for each Fund are as follows:


	Amounts Available from Fiscal Year
Fund	2017		Total
Intermediate Horizon
Class R		$ 39,740	$	39,740
Class R4		4,834		4,834
Long Horizon
Class R		$ 21,729	$	21,729
Class R4		5,494		5,494
Short Horizon
Class R		$ 17,323	$	17,323
Class R4		985		985

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 fees within the Statements of Operations.


Transamerica Funds		Annual Report 2017

Page 75

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

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 B		1.00	%
Class C		1.00	%
Class R ^(B)		0.50	%
Class R4 ^(B)		0.25	%
Class T1		0.25	%


(A)		12b-1 fees are not applicable for Class I, Class R6, and Advisor Class.
(B)		Prior to the Transamerica Partners reorganizations, the Target Funds paid no distribution fees. Please reference the Reorganization section of the notes to Financial Statements for more information.

Shareholder fees: Class A and Class T1 shares are subject to an initial sales charge, and a contingent deferred sales charge on certain share redemptions. Class B and Class C shares are subject to a contingent deferred sales charge. For the year ended October 31, 2017, 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	$	300,433	$	177
Class B		—		766
Class C		—		16,333
Asset Allocation – Growth
Class A		1,019,306		896
Class B		—		3,711
Class C		—		40,090
Asset Allocation – Moderate Growth
Class A		1,433,155		2,431
Class B		—		3,520
Class C		—		59,799


Fund	Initial Sales Charge		Contingent Deferred Sales Charge
Asset Allocation – Moderate
Class A	$	814,079	$	464
Class B		—		981
Class C		—		36,960
Multi-Manager Alternative Strategies
Class A		19,043		—
Class C		—		1,967

Administration and Transfer agent fees: Each Fund pays a management fee to TAM for investment management and administration services. The management fee is reflected in Investment management fees within the Statements of Operations.

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.

Prior to the closing of the Transamerica Partners reorganizations, TAM provided fund administration and transfer agent services to the Target Funds under a separate administrative services agreement. TAM received no additional compensation for providing administrative services to the Target Funds. TFS provided transfer agency services to the Target Funds and the Target Funds did not pay a separate transfer agency fee. Please reference the Reorganization section of the Notes to Financial Statements for more information.

For the year ended October 31, 2017, 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	$	730,340	$	61,589
Asset Allocation – Growth		1,645,186		135,463
Asset Allocation – Moderate Growth		2,374,253		194,519
Asset Allocation – Moderate		1,487,422		123,670
Intermediate Horizon		1,367		132


Transamerica Funds		Annual Report 2017

Page 76

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)


Fund	Fees Paid to TFS		Fees Due to TFS
Long Horizon	$	1,524	$	217
Short Horizon		271		46
Multi-Manager Alternative Strategies		268,575		20,312

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, 2017, amounts included in Trustees, CCO and deferred compensation fees within the Statements of Operations reflect total compensation paid to the independent Board members.

Brokerage commissions: The Funds incurred no brokerage commissions on security transactions placed with affiliates of the adviser or sub-advisers for the year ended October 31, 2017.

8. PRINCIPAL OWNERSHIP

As of October 31, 2017, the Funds had certain individual shareholder(s) and/or omnibus accounts owning more than 10% of total shares outstanding. The Funds have no knowledge if any portion of the unaffiliated shares are owned beneficially. Subscription and redemption activity by concentrated accounts may have a significant effect on operations, and thus may impact Fund performance. Shareholder accounts with over 10% of total shares outstanding are as follows.


Fund	Number of Individual Shareholders and/or Omnibus Accounts		Total Percentage Interest Held			Total Percentage Held by the Investment Manager and/or Affiliates
Asset Allocation – Conservative
Class A		1		67.73	%		0.00	%
Class B		2		41.21	%		0.00	%
Class C		3		39.70	%		0.00	%
Class I		4		77.62	%		0.00	%
Class R		3		54.82	%		0.00	%
Class T1		1		100.00	%		100.00	%
Advisor Class		2		100.00	%		46.41	%
Asset Allocation – Growth
Class A		1		30.06	%		0.00	%
Class C		3		41.24	%		0.00	%
Class I		4		62.86	%		0.00	%
Class R		2		39.25	%		0.00	%
Class T1		1		100.00	%		100.00	%
Advisor Class		1		100.00	%		100.00	%
Asset Allocation – Moderate Growth
Class A		1		34.10	%		0.00	%
Class B		2		26.11	%		0.00	%
Class C		3		41.27	%		0.00	%
Class I		5		74.68	%		0.00	%
Class R		3		54.98	%		0.00	%
Class T1		1		100.00	%		100.00	%
Advisor Class		1		100.00	%		100.00	%


Fund	Number of Individual Shareholders and/or Omnibus Accounts		Total Percentage Interest Held			Total Percentage Held by the Investment Manager and/or Affiliates
Asset Allocation – Moderate
Class A		1		50.92	%		0.00	%
Class B		2		34.65	%		0.00	%
Class C		3		40.60	%		0.00	%
Class I		3		64.88	%		0.00	%
Class R		3		47.73	%		0.00	%
Class T1		1		100.00	%		100.00	%
Advisor Class		1		100.00	%		100.00	%
Intermediate Horizon
Class R		1		100.00	%		100.00	%
Class R4		1		100.00	%		100.00	%
Long Horizon
Class R		1		100.00	%		100.00	%
Class R4		1		100.00	%		100.00	%
Short Horizon
Class R		1		100.00	%		100.00	%
Class R4		1		100.00	%		100.00	%
Multi-Manager Alternative Strategies
Class A		2		39.30	%		0.00	%
Class C		4		56.94	%		0.00	%
Class I		4		67.79	%		0.00	%
Class R6		3		99.96	%		99.96	%
Class T1		1		100.00	%		100.00	%


Transamerica Funds		Annual Report 2017

Page 77

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

9. PURCHASES AND SALES OF SECURITIES

For the year ended October 31, 2017, 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	$	202,623,333	$	267,313,051
Asset Allocation – Growth		137,249,758		338,333,705
Asset Allocation – Moderate Growth		383,909,791		818,679,211
Asset Allocation – Moderate		256,427,418		543,945,523
Intermediate Horizon		156,659,711		270,976,566
Long Horizon		124,686,522		206,174,729
Short Horizon		33,314,486		57,760,311
Multi-Manager Alternative Strategies		121,830,515		194,194,244

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’ federal and state tax returns remain subject to examination by the Internal Revenue Service and state tax authorities for the prior three years. 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.

Income and capital gain 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, future straddle deferrals, non-real estate investment trust return of capital adjustments from merger target funds, 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 wash sales from merger target funds, liquidating trust basis adjustments, non-real estate investment trust return of capital adjustments from merger target funds, capital loss carryforwards from merger target funds, capital loss carryforwards expiration, adjustments to prior year accumulated balances, distributions in excess of current earnings, prior year open deferrals from merger target funds, and distribution re-designations. 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			Undistributed (Distributions in Excess of) Net Investment Income (Loss)		Accumulated Net Realized Gain (Loss)
Asset Allocation – Conservative	$	—		$	3,764	$	(3,764	)
Asset Allocation – Growth		—			2,622,367		(2,622,367	)
Asset Allocation – Moderate Growth		—			14,519		(14,519	)
Asset Allocation – Moderate		—			22,872		(22,872	)
Intermediate Horizon		(11,087,815	)		4,313		11,083,502
Long Horizon		(13,270,391	)		86,710		13,183,681
Short Horizon		(185,335	)		147		185,188
Multi-Manager Alternative Strategies		—			2,969		(2,969	)


Transamerica Funds		Annual Report 2017

Page 78

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

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

As of October 31, 2017, the approximate cost for U.S. federal income tax purposes, the aggregate investment-level gross/net unrealized appreciation (depreciation) in the value of investment securities (including securities sold short, if any), and the net unrealized appreciation (depreciation) of derivatives were as follows:


Portfolio	Cost		Gross Appreciation		Gross (Depreciation)			Net Appreciation/ (Depreciation)
Asset Allocation – Conservative	$	1,032,488,249	$	82,102,065	$	(10,619,570	)	$	71,482,495
Asset Allocation – Growth		1,234,671,145		311,576,182		(11,574,204	)		300,001,978
Asset Allocation – Moderate Growth		2,291,707,606		403,540,680		(20,649,707	)		382,890,973
Asset Allocation – Moderate		1,767,507,119		212,873,991		(18,599,309	)		194,274,682
Intermediate Horizon		427,582,911		20,433,993		(2,212,671	)		18,221,322
Long Horizon		232,909,220		25,722,501		(14,085	)		25,708,416
Short Horizon		187,959,800		2,670,014		(1,706,741	)		963,273
Multi-Manager Alternative Strategies		166,109,910		4,235,287		(7,562,245	)		(3,326,958	)

As of October 31, 2017, 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.


	Expires on October 31,		Unlimited
Fund	2018		Short-Term		Long-Term
Intermediate Horizon	$	28,228,916	$	—	$	—
Long Horizon		31,559,291		—		—
Short Horizon		801,235		—		—
Multi-Manager Alternative Strategies		—		2,955,008		2,455,827

During the year ended October 31, 2017, 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
Intermediate Horizon	$	55,587,662
Long Horizon		163,159,124
Short Horizon		233,857

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 2017 and 2016 are listed below.


	2017 Distributions Paid From						2016 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	$	22,899,015	$	25,508,202	$	—	$	18,818,299	$	32,134,983	$	—
Asset Allocation – Growth		18,644,477		89,000,827		—		16,709,888		108,658,887		—
Asset Allocation – Moderate Growth		38,628,310		128,089,139		—		35,434,055		163,231,095		—
Asset Allocation – Moderate		30,703,415		66,643,386		—		33,159,219		86,636,887		—
Intermediate Horizon		2,494,129		—		—		1,480,306		—		—
Long Horizon		433,530		—		—		357,604		—		—
Short Horizon		1,499,619		—		—		310,689		—		—
Multi-Manager Alternative Strategies		2,281,304		—		—		9,545,780		6,340,856		—


Transamerica Funds		Annual Report 2017

Page 79

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

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

As of October 31, 2017, 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	$	3,372,538	$	—	$	42,832,428	$	—		$	—	$	—		$	71,482,495
Asset Allocation – Growth		2,552,445		—		123,904,266		—			—		—			300,001,978
Asset Allocation – Moderate Growth		16,512,831		—		180,891,244		—			—		—			382,890,973
Asset Allocation – Moderate		17,366,632		—		96,586,163		—			—		—			194,274,682
Intermediate Horizon		133,519		—		—		(28,228,916	)		—		—			18,221,322
Long Horizon		—		—		—		(31,559,291	)		—		—			25,708,416
Short Horizon		186,918		—		—		(801,235	)		—		—			963,273
Multi-Manager Alternative Strategies		407,519		—		—		(5,410,835	)		—		(235,102	)		(3,326,958	)

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 historical capital share activity presented within the Statements of Changes in Net Assets and 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. REORGANIZATION

Following the close of business on the date listed in the subsequent table (the “Reorganization Date”), Target Funds reorganized into new Funds (the “Destination Funds”) within the Trust. The reorganizations into newly organized Destination Funds were as follows:


Target Fund	Destination Fund/Class	Reorganization Date
	Intermediate Horizon		May 19, 2017
Transamerica Asset Allocation – Intermediate Horizon	Class R
Transamerica Asset Allocation – Short/Intermediate Horizon	Class R
Transamerica Institutional Asset Allocation – Intermediate Horizon ^(A)	Class R4
Transamerica Institutional Asset Allocation – Short/Intermediate Horizon	Class R4
	Long Horizon		May 19, 2017
Transamerica Asset Allocation – Intermediate/Long Horizon	Class R
Transamerica Asset Allocation – Long Horizon	Class R
Transamerica Institutional Asset Allocation – Intermediate/Long Horizon	Class R4
Transamerica Institutional Asset Allocation – Long Horizon ^(A)	Class R4
	Short Horizon		May 19, 2017
Transamerica Asset Allocation – Short Horizon	Class R
Transamerica Institutional Asset Allocation – Short Horizon ^(A)	Class R4


(A)		Accounting and performance survivor of the reorganizations. For financial reporting purposes, the accounting and performance survivors’ financial and performance history prior to the reorganization became the financial and performance history of the Destination Fund and is reflected in the Destination Fund’s financial statements and financial highlights.


Transamerica Funds		Annual Report 2017

Page 80

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

12. REORGANIZATION (continued)

exchange, the applicable Destination Fund assumed all of the liabilities of the applicable Target Fund and issue shares to that Target Fund, as described below. The reorganizations were tax-free for U.S. federal income tax purposes. The cost basis of the investments received from the Target Funds was carried forward to align ongoing reporting of the Destination Funds’ realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. Shares issued to Target Fund shareholders from the Destination Fund, along with the exchange ratio of the reorganization for the Destination Funds, were as follows (shares of these Destination Funds that were not the accounting and performance survivor of the applicable reorganization are also shown):


Target Fund	Target Fund Shares		Destination Fund/Class	Destination Fund Shares		Dollar Amount		Exchange Ratio ^(A)
Transamerica Asset Allocation – Intermediate Horizon		19,476,272	Intermediate Horizon – Class R		27,159,060	$	271,590,605		1.39
Transamerica Asset Allocation – Short/Intermediate Horizon		15,572,834	Intermediate Horizon – Class R		17,537,423		175,374,227		1.13
Transamerica Institutional Asset Allocation – Intermediate Horizon ^(B)		7,629,144	Intermediate Horizon – Class R4		7,629,144		76,291,440		1.00
Transamerica Institutional Asset Allocation – Short/Intermediate Horizon		827,949	Intermediate Horizon – Class R4		937,535		9,375,346		1.13
Transamerica Asset Allocation – Intermediate/Long Horizon		11,170,928	Long Horizon – Class R		16,767,394		167,673,942		1.50
Transamerica Asset Allocation – Long Horizon		5,920,486	Long Horizon – Class R		8,192,124		81,921,235		1.38
Transamerica Institutional Asset Allocation – Intermediate/Long Horizon		3,139,852	Long Horizon – Class R4		3,990,137		39,901,367		1.27
Transamerica Institutional Asset Allocation – Long Horizon ^(B)		2,783,722	Long Horizon – Class R4		2,783,722		27,837,217		1.00
Transamerica Asset Allocation – Short Horizon		17,016,521	Short Horizon – Class R		19,751,448		197,514,479		1.16
Transamerica Institutional Asset Allocation – Short Horizon ^(B)		1,072,255	Short Horizon – Class R4		1,072,255		10,722,549		1.00


(A)		Calculated by dividing the Destination Fund shares issuable by the Target Fund shares outstanding on Reorganization Date.
(B)		Accounting and performance survivor.

The net assets of the Target Funds, including unrealized appreciation (depreciation), were combined with those of the Destination Funds. These amounts were as follows:


Target Fund	Target Fund Unrealized Appreciation (Depreciation)		Target Fund Net Assets		Destination Fund	Destination Fund Net Assets Prior to Reorganization		Net Assets After Reorganization
Transamerica Asset Allocation – Intermediate Horizon	$	8,469,628	$	271,590,605	Intermediate Horizon	$	—	$	532,631,618
Transamerica Asset Allocation – Short/Intermediate Horizon		1,311,719		175,374,227
Transamerica Institutional Asset Allocation – Intermediate Horizon ^(A)		7,145,960		76,291,440
Transamerica Institutional Asset Allocation – Short/Intermediate Horizon		199,758		9,375,346
Transamerica Asset Allocation – Intermediate/Long Horizon		11,807,707		167,673,942	Long Horizon		—		317,333,761
Transamerica Asset Allocation – Long Horizon		9,422,999		81,921,235
Transamerica Institutional Asset Allocation – Intermediate/Long Horizon		5,232,915		39,901,367
Transamerica Institutional Asset Allocation – Long Horizon ^(A)		4,123,183		27,837,217


Transamerica Funds		Annual Report 2017

Page 81

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

12. REORGANIZATION (continued)


Target Fund	Target Fund Unrealized Appreciation (Depreciation)			Target Fund Net Assets		Destination Fund		Destination Fund Net Assets Prior to Reorganization		Net Assets After Reorganization
Transamerica Asset Allocation – Short Horizon	$	(101,572	)	$	197,514,479		Short Horizon		$ —	$	208,237,028
Transamerica Institutional Asset Allocation – Short Horizon ^(A)		65,975			10,722,549


(A)		Accounting and performance survivor.

Assuming the reorganizations had been completed as of the beginning of the annual reporting period of the relevant accounting and performance survivors, the pro forma results of operations for the period ended October 31, 2017 would have been as follows:


Destination Fund	Reporting Period Beginning Date		Net Investment Income (Loss)		Net Realized and Change in Unrealized Gain (Loss)		Net Increase (Decrease) in Net Assets Resulting from Operations
Intermediate Horizon		January 1, 2017	$	3,768,845	$	39,378,392	$	43,147,237
Long Horizon		January 1, 2017		587,772		37,825,899		38,413,671
Short Horizon		January 1, 2017		2,573,215		5,401,530		7,974,745

Because the combined investment funds have been managed as single integrated funds since the reorganizations were completed, it is not practical to separate the amounts of revenue and earnings of the Target Funds that have been included in the Destination Funds’ Statements of Operations.

13. 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 in Reimbursement of custody fees within the Statements of Operations. This resulted in a decrease in Net expenses and an overall increase in Net assets.


Transamerica Funds		Annual Report 2017

Page 82

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees and Shareholders of Transamerica Funds:

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, 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 (eight of the funds of the Transamerica Funds, hereafter referred to as the “Funds”), as of October 31, 2017, and the related statements of operations, statements of changes in net assets, and the financial highlights for each of the years or periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2017, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the aforementioned eight Funds of the Transamerica Funds at October 31, 2017, the results of their operations, the changes in their net assets, and the financial highlights for each of the years or periods indicated therein, in conformity with U.S. generally accepted accounting principles.

LOGO

Boston, Massachusetts

December 27, 2017


Transamerica Funds		Annual Report 2017

Page 83

SUPPLEMENTAL INFORMATION

(unaudited)

TAX INFORMATION

For dividends paid during the year ended October 31, 2017, the Funds designated the following maximum amounts of qualified dividend income:


Fund	Qualified Dividend Income
Asset Allocation – Conservative	$	4,709,183
Asset Allocation – Growth		16,415,795
Asset Allocation – Moderate Growth		24,026,789
Asset Allocation – Moderate		12,678,068
Intermediate Horizon		635,164
Short Horizon		81,338
Multi-Manager Alternative Strategies		137,807

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		6	%
Asset Allocation – Growth		62
Asset Allocation – Moderate Growth		41
Asset Allocation – Moderate		27
Intermediate Horizon		25
Short Horizon		5
Multi-Manager Alternative Strategies		3

For tax purposes, the long-term capital gain designations for the year ended October 31, 2017 are as follows:


Fund	Long-Term Capital Gain Designation
Asset Allocation – Conservative	$	25,508,202
Asset Allocation – Growth		89,000,827
Asset Allocation – Moderate Growth		128,089,139
Asset Allocation – Moderate		66,643,386

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	$	3,121,233	$	220,264
Asset Allocation – Growth		11,291,739		839,153
Asset Allocation – Moderate Growth		14,883,008		1,094,040
Asset Allocation – Moderate		7,977,037		584,525
Intermediate Horizon		1,211,223		61,096
Long Horizon		1,548,692		78,118
Short Horizon		109,387		5,518
Multi-Manager Alternative Strategies		112,133		11,584

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2017. Complete information will be computed and reported in conjunction with your 2017 Form 1099-DIV.


Transamerica Funds		Annual Report 2017

Page 84

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 7-8, 2017, 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 “Portfolio” and collectively the “Portfolios”):


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 Portfolios 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-advisers listed in the right column below (each a “Sub-Adviser” and collectively the “Sub-Advisers”).


Portfolio		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		Aegon USA Investment Management, LLC

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 Portfolio 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, 2018.

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 Portfolio, 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 Services, 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 Portfolios 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 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 Portfolio in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for each Portfolio; 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.


Transamerica Funds		Annual Report 2017

Page 85

TRANSAMERICA FUNDS

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

(unaudited)

review and evaluation of each Portfolio and its investment strategy; the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Portfolios; 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 Portfolio investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Portfolios; 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 Portfolio 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 Portfolios’ prospectuses, statements of additional information, shareholder reports and other disclosure materials and regulatory filings for the Portfolios; and ongoing cash management services. The Board considered that TAM’s investment management services also include the provision of supervisory and administrative services to each Portfolio. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Portfolios, oversees the services provided by the funds’ custodian, transfer agent, independent accountant and legal counsel, and supervises the performance of the recordkeeping and shareholder functions of the funds.

Investment Performance

In addition, the Board considered the short- and longer-term performance, as applicable, of each Portfolio 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 Portfolio’s benchmark(s), in each case for various trailing periods ended December 31, 2016. The Board’s conclusions as to performance are summarized below. In describing a Portfolio’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” median if a Portfolio’s performance ranked anywhere in the first or second quintiles, as “below” 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 Portfolio’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 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 A Shares of the Portfolio 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- and 10-year periods. The Board also noted that the performance of Class A Shares of the Portfolio was above its primary benchmark for the past 1- and 5-year periods and below its primary benchmark for the past 3- and 10-year periods

Transamerica Asset Allocation – Growth Portfolio. The Board noted that the performance of Class A Shares of the Portfolio was above the median for its peer universe for the past 1-, 3- and 5-year periods and in line with the median for the past 10-year period. The Board also noted that the performance of Class A Shares of the Portfolio was below its benchmark for the past 1-, 3-, 5- and 10-year periods.

Transamerica Asset Allocation – Moderate Growth Portfolio. The Board noted that the performance of Class A Shares of the Portfolio was in line with the median for its peer universe for the past 1-, 3- and 5-year periods and below the median for the past 10-year period. The Board also noted that the performance of Class A Shares of the Portfolio was below its primary benchmark for the past 1-, 3-, 5- and 10-year periods.

Transamerica Asset Allocation – Moderate Portfolio. The Board noted that the performance of Class A Shares of the Portfolio was in line with 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 A Shares of the Portfolio was below its primary benchmark for the past 1-, 3-, 5- and 10-year periods.

Transamerica Asset Allocation Intermediate Horizon. The Board noted that the performance of Class R4 Shares of the Portfolio was in line with the median for its peer universe for the past 3-, 5- and 10-year periods and below the median for the past 1-year period. The Board also noted that the performance of Class R4 Shares of the Portfolio was below its primary benchmark for the past 1-, 3-, 5- and 10-year periods. The Trustees noted that the Portfolio 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 Portfolio had assumed the performance history of the performance survivor, Transamerica Institutional Asset Allocation – Intermediate Horizon, effective as of that date in place of its own historical performance record.


Transamerica Funds		Annual Report 2017

Page 86

TRANSAMERICA FUNDS

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

(unaudited)

Transamerica Asset Allocation Long Horizon. The Board noted that the performance of Class R4 Shares of the Portfolio 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- and 10-year periods. The Board also noted that the performance of Class R4 Shares of the Portfolio was below its benchmark for the past 1-, 3-, 5- and 10-year periods. The Trustees noted that the Portfolio 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 Portfolio had assumed the performance history of the performance survivor, Transamerica Institutional Asset Allocation – Long Horizon, effective as of that date in place of its own historical performance record.

Transamerica Asset Allocation Short Horizon. The Board noted that the performance of Class R4 Shares of the Portfolio was above the median for its peer universe for the past 1-, 3-, 5- and 10-year periods. The Board also noted that the performance of Class R4 Shares of the Portfolio was above its benchmark for the past 1- and 5-year periods and below its benchmark for the past 3- and 10-year periods. The Trustees noted that the Portfolio 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 Portfolio 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.

Transamerica Multi-Manager Alternative Strategies Portfolio. The Board noted that the performance of Class A Shares of the Portfolio was above the median for its peer universe for the past 10-year period, in line with the median 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 A Shares of the Portfolio was below its primary benchmark for the past 1-, 3-, 5- and 10-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 Portfolio. The Board noted that the Portfolio had made certain changes to its investment strategy in March 2016. The Board also noted that Goldman Sachs Asset Management, LP would commence subadvising the Portfolio on or about July 7, 2017.

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 Portfolio’s investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs.

Management and Sub-Advisory Fees and Total Expense Ratios

The Board considered the management fee and total expense ratio of each Portfolio, including information provided by Broadridge comparing the management fee and total expense ratio of each Portfolio 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 Portfolio’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” median if a Portfolio’s management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as “below” 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 Portfolio’s management fee retained by TAM following payment of the sub-advisory fee(s) 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 Portfolio’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 A Shares of the Portfolio 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 Portfolio, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Asset Allocation – Growth Portfolio. The Board noted that the Portfolio’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 A Shares of the Portfolio 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 Portfolio, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Asset Allocation – Moderate Growth Portfolio. The Board noted that the Portfolio’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/


Transamerica Funds		Annual Report 2017

Page 87

TRANSAMERICA FUNDS

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

(unaudited)

or reimbursements) of Class A Shares of the Portfolio 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 Portfolio, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Asset Allocation – Moderate Portfolio. The Board noted that the Portfolio’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 A Shares of the Portfolio 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 Portfolio, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Asset Allocation Intermediate Horizon. The Board noted that the Portfolio’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 Portfolio 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 Portfolio, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Asset Allocation Long Horizon. The Board noted that the Portfolio’s contractual management fee and the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R4 Shares of the Portfolio 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 Portfolio, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Asset Allocation Short Horizon. The Board noted that the Portfolio’s contractual management fee was below the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R4 Shares of the Portfolio 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 Portfolio, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Multi-Manager Alternative Strategies Portfolio. The Board noted that the Portfolio’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 A Shares of the Portfolio 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 Portfolio, 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 Portfolio 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 Portfolio 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 Portfolios had been reviewed previously by an independent consultant. The Trustees considered that TAM had not made material changes to this methodology, which had been applied consistently for each Portfolio.

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 Portfolio. As a result, for those Portfolios not sub-advised by AUIM, the Board focused on the profitability of TAM and its affiliates with respect to the applicable Portfolio. For Transamerica Multi-Manager Alternative Strategies Portfolio, 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 the Portfolio. 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 Portfolios was not excessive.


Transamerica Funds		Annual Report 2017

Page 88

TRANSAMERICA FUNDS

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

(unaudited)

Economies of Scale

The Board considered economies of scale with respect to the management of each Portfolio, whether the Portfolio 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 Portfolios benefited from any economies of scale. The Board recognized that, as a Portfolio’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 Portfolio. The Board considered each Portfolio’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 Portfolios through its undertakings to limit or reimburse Portfolio 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 Portfolio’s management fee schedule. The Trustees concluded that each Portfolio’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 Portfolios

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Advisers from their relationships with the Portfolios. 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 Portfolios.

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 Portfolio in a professional manner that is consistent with the best interests of the Portfolio 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 Portfolios.

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 Portfolio and its shareholders and voted to approve the renewal of the Agreements.


Transamerica Funds		Annual Report 2017

Page 89

Management of the Trust

Board Members and Officers

(unaudited)

The members of the Board (“Board Members”) and executive officers of each 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 each 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 ETF Trust (“TET”); (ii) Transamerica Funds (“TF”); (iii) Transamerica Series Trust (“TST”); (iv) Transamerica Partners Funds Group (“TPFG”); (v) Transamerica Partners Funds Group II (“TPFG II”); (vi) Transamerica Partners Funds (“TPP”); and (vii) Transamerica Asset Allocation Variable Funds (“TAAVF”). The Transamerica Fund Family consists of 136 funds as of the date of this Annual Report.

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

The Board Members, their age, their positions with the Trust, and their principal occupations for the past five years (their titles may have varied during that period), the number of funds in the Transamerica Fund Family the Board Member 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	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 During the Past Five Years
INTERESTED BOARD MEMBERS
Marijn P. Smit (44)	Chairman of the Board, President and Chief Executive Officer	Since 2014	Chairman of the Board, President and Chief Executive Officer, TF, TST, TPP, TPFG, TPFG II 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 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); President, Investment Solutions, Transamerica Investments & Retirement (2014 – 2016); Vice President, Transamerica Premier Life Insurance Company (2010 – 2016);	136	Director, Massachusetts Fidelity Trust Company (2014 – present);Director, Aegon Global Funds (since 2016)


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Page 90


Name	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 During the Past Five Years
INTERESTED BOARD MEMBERS — continued
Marijn P. Smit (continued)			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 (69)	Board Member	Since 2012	Board Member, TF, TST, TPP, TPFG, TPFG II and TAAVF (2012 – present); 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).	131	N/A
INDEPENDENT BOARD MEMBERS
Sandra N. Bane (65)	Board Member	Since 2008	Retired (1999 – present); Board Member, TF, TST, TPP, TPFG, TPFG II and TAAVF (2008 – present); Board Member, TIS (2008 – 2015); Board Member, Transamerica Investors, Inc. (“TII”) (2003 – 2010); and Partner, KPMG (1975 – 1999).	131	Big 5 Sporting Goods (2002 – present); Southern Company Gas (energy services holding company) (2008 – present)
Leo J. Hill (61)	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, TIS (2002 – 2015); Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present);	131	Ameris Bancorp (2013 – present); Ameris Bank (2013 – present)


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Page 91


Name	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 During the Past Five Years
INDEPENDENT BOARD MEMBERS — continued
Leo J. Hill (continued)			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 (71)	Board Member	Since 2009	Board Member, TF, TST, TPP, TPFG, TPFG II and TAAVF (2009 – present); 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).	131	N/A
Russell A. Kimball, Jr. (73)	Board Member	Since 1986	General Manager, Sheraton Sand Key Resort (1975 – present); Board Member, TST (1986 – present); Board Member, TF, (1986 – 1990), (2002 – present); Board Member, TIS (2002 – 2015); Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present); and Board Member, TII (2008 – 2010).	131	N/A


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Page 92


Name	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 During the Past Five Years
INDEPENDENT BOARD MEMBERS — continued
Fredric A. Nelson III (60)	Board Member	Since 2017	Board Member, TF, TST, TPP, TPFG, TPFG II and TAAVF (2017 – present); Chief Investment Officer (“CIO”), Commonfund (2011 – 2015); Vice Chairman, CIO, ING Investment Management Americas (2003 – 2009); Managing Director, JP Morgan Investment Management (1994 – 2003); and Head of U.S. Equity, Bankers Trust Company (2000 – 2003); Managing Director, (1981 – 1994); Head of Global Quantitative Investments Group (1989 – 1994).	131	N/A
John Edgar Pelletier (53)	Board Member	Since 2017	Board Member, TF, TST, TPP, TPFG, TPFG II and TAAVF (2017 – present); Director, Center for Financial Literacy, Champlain College (2010 – present); Founder and Principal, Sterling Valley Consulting LLC (a financial services consulting firm) (2009 – present); Independent Director, The Sentinel Funds and Sentinel Variable Products Trust (2013 – present); Chief Legal Officer, Eaton Vance Corp. (2007 – 2008); and Executive Vice President and Chief Operating Officer, Natixis Global Associates (2004 – 2007); General Counsel (1997 – 2004).	131	N/A
Patricia L. Sawyer (67)	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, TIS (2007 – 2015); Board Member, TII (2008 – 2010); Board Member, TPP, TPFG, TPFG II and TAAVF (1993 – present); and Trustee, Chair of Finance Committee and Chair of Nominating Committee (1987 – 1996), Bryant University.	131	Honorary Trustee, Bryant University (1996 – present)


Transamerica Funds		Annual Report 2017

Page 93


Name	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 During the Past Five Years
INDEPENDENT BOARD MEMBERS — continued
John W. Waechter (65)	Board Member	Since 2005	Partner, Englander Fischer (2016 – present); Attorney, Englander Fischer (2008 – 2015); Retired (2004 – 2008); Board Member, TST (2004 – present); Board Member, TIS (2004 – 2015); Board Member, TF (2005 – present); Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present); 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).	131	Operation PAR, Inc. (non-profit organization) (2008 – present); Remember Honor Support, Inc. (non-profit organization) (2013 – present)Board Member, WRH Income Properties, Inc. (real estate) (2014 – present); Boley PAR, Inc. (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 2017

Page 94

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:	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Marijn P. Smit (44)	Chairman of the Board, President and Chief Executive Officer	Since 2014	See Table Above.
Tané T. Tyler (52)	Vice President, Associate General Counsel, Chief Legal Officer and Secretary	Since 2014	Vice President, Associate General Counsel, Chief Legal Officer and Secretary, Transamerica Funds, TST, TPP, TPFG, TPFG II and TAAVF (2014 – present); Assistant General Counsel, Chief Legal Officer and Secretary, TIS (2014 – 2015); Director, Vice President, Assistant General Counsel and Secretary, TAM and TFS (2014 – present); Senior Vice President, Secretary and General Counsel, ALPS, Inc., ALPS Fund Services, Inc. and ALPS Distributors, Inc. (2004 – 2013); and Secretary, Liberty All-Star Funds (2005-2013).
Christopher A. Staples (47)	Vice President and Chief Investment Officer, Advisory Services	Since 2005	Vice President and Chief Investment Officer, Advisory Services (2007 – present), Senior Vice President – Investment Management (2006 – 2007), Vice President – Investment Management (2005 – 2006), Transamerica Funds and TST; Vice President and Chief Investment Officer, Advisory Services (2007 – 2015), Senior Vice President – Investment Management (2006 – 2007), Vice President – Investment Management (2005 – 2006), TIS; Senior Director, Investments, TPP, TPFG, TPFG II and TAAVF (2007 – present); Vice President and Chief Investment Officer (2007 – 2010); Vice President – Investment Administration (2005 – 2007), TII; Director (2005 – present), Senior Vice President (2006 – present), TAM; Director, TFS (2005 – present); and Assistant Vice President, Raymond James & Associates (1999 – 2004).


Transamerica Funds		Annual Report 2017

Page 95


Name:	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Thomas R. Wald (57)	Chief Investment Officer	Since 2014	Chief Investment Officer, Transamerica Funds, TST, TPP, TPFG, TPFG II and TAAVF (2014 – present); Chief Investment Officer, TIS (2014 – 2015); Senior Vice President and Chief Investment Officer, TAM (2014 – present); Chief Investment Officer, Transamerica Investments & Retirement (2014 – present); Vice President and Client Portfolio Manager, Curian Capital, LLC (2012 – 2014); Portfolio Manager, Tactical Allocation Group, LLC (2010 – 2011); Mutual Fund Manager, Munder Capital Management (2005 – 2008); and Mutual Fund Manager, Invesco Ltd. (1997 – 2004).
Vincent J. Toner (47)	Vice President and Treasurer	Since 2014	Vice President and Treasurer (2014 – present) Transamerica Funds, TST, TPP, TPFG, TPFG II and TAAVF; Vice President and Treasurer, TIS (2014 – 2015); Vice President and Treasurer, TAM and TFS (2014 – present); Senior Vice President and Vice President, Fund Administration, Brown Brothers Harriman (2010 – 2014); and Vice President Fund Administration & Fund Accounting, Oppenheimer Funds (2007 – 2010)
Scott M. Lenhart (56)	Chief Compliance Officer and Anti-Money Laundering Officer	Since 2014	Chief Compliance Officer and Anti-Money Laundering Officer, Transamerica Funds, TST, TPP, TPFG, TPFG II and TAAVF (2014 – present), TIS (2014 – 2015); Chief Compliance Officer and Anti-Money Laundering Officer (2014 – present), Senior Compliance Officer (2008-2014), TAM; Vice President and Chief Compliance Officer, TFS (2014 – present); Director of Compliance, Transamerica Investments & Retirement (2014 – present); Vice President and Chief Compliance Officer, Transamerica Financial Advisors, Inc. (1999 – 2006); and Assistant Chief Compliance Officer, Raymond James Financial, Inc., Robert Thomas Securities, Inc. (1989 – 1998).
Rhonda A. Mills (51)	Assistant General Counsel, Assistant Secretary	Since 2016	Assistant Secretary, Transamerica Funds, TST, TPP, TPFG, TPFG II and TAAVF (2016 – present); Assistant General Counsel, TAM (2016 – present), High Level Specialist Attorney, TAM (2014 – 2016); 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).

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


Transamerica Funds		Annual Report 2017

Page 96

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 Statements 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 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.

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarter of each fiscal year on Form N-Q, which is available on the SEC’s website at http://www.sec.gov. The Funds’ Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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 2017

Page 97

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 2017

Page 98

Customer Service: 1-888-233-4339

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Transamerica Capital, Inc.

www.transamerica.com

LOGO

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.

25335_ARMFP1017

LOGO

TRANSAMERICA FUNDS

ANNUAL REPORT

OCTOBER 31, 2017

LOGO

Customer Service: 1-888-233-4339

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Transamerica Capital, Inc.

www.transamerica.com

LOGO

Table of Contents


Shareholder Letter			1
Manager Commentary and Schedule of Investments
Transamerica Balanced II			2
Transamerica Bond			17
Transamerica Capital Growth			28
Transamerica Concentrated Growth			32
Transamerica Dividend Focused			36
Transamerica Dynamic Allocation			40
Transamerica Dynamic Income			43
Transamerica Emerging Markets Debt			46
Transamerica Emerging Markets Equity			55
Transamerica Event Driven			61
Transamerica Flexible Income			69
Transamerica Floating Rate			81
Transamerica Global Equity			96
Transamerica Government Money Market			101
Transamerica Growth			104
Transamerica High Quality Bond			108
Transamerica High Yield Bond			114
Transamerica High Yield Muni			125
Transamerica Inflation Opportunities			140
Transamerica Inflation-Protected Securities			147
Transamerica Intermediate Bond			154
Transamerica Intermediate Muni			169
Transamerica International Equity			211
Transamerica International Small Cap Value			216
Transamerica Large Cap Value			221
Transamerica Large Core			225
Transamerica Large Growth			230
Transamerica Large Value Opportunities			236
Transamerica Mid Cap Growth			241
Transamerica Mid Cap Value Opportunities			245
Transamerica MLP & Energy Income			249
Transamerica Multi-Cap Growth			253
Transamerica Multi-Managed Balanced			257
Transamerica Short-Term Bond			274
Transamerica Small Cap Core			285
Transamerica Small Cap Growth			292
Transamerica Small Cap Value			296
Transamerica Small/Mid Cap Value			300
Transamerica Strategic High Income			307
Transamerica Unconstrained Bond			313
Transamerica US Growth			329
Understanding Your Funds’ Expenses			333
Statements of Assets and Liabilities			339
Statements of Operations			357
Statements of Changes in Net Assets			375
Statement of Cash Flows			411
Financial Highlights			412
Notes to Financial Statements			504
Report of Independent Registered Public Accounting Firm			563
Supplemental Information			564
Approval of Management and Sub-Advisory Agreements			566
Management of the Trust			583
Proxy Voting Policies and Procedures and Quarterly Portfolio Holdings			591
Notice of Privacy Policy			592


Transamerica Funds		Annual Report 2017

Dear Shareholder,

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

Sincerely,

LOGO

Marijn Smit

President & Chief Executive Officer

Transamerica Funds

LOGO

Tom Wald, CFA

Chief Investment Officer

Transamerica Funds

Transamerica Balanced II

(unaudited)

MARKET ENVIRONMENT

Aegon USA Investment Management, LLC

Last November, we wrote the fiscal year was “not completely unlike any other 12 month period in the post-crisis era.” The 12 months since then have been, perhaps, the most stunningly divergent in the years since the great recession. A synchronized global recovery is well underway. The U.S. Federal Reserve (“Fed”) has been raising interest rates and shrinking its balance sheet. The Trump era has taken geopolitical volatility to new heights, while equity market volatility reached historical lows. Stocks hit record highs; credit spreads compressed; and commodity prices found support. One year into the 115th Congress, the promise of massive reforms in taxes, health care, and regulation remains just that, promises.

Risk assets and spread products had a very good year as spreads tightened markedly, largely driven by a price-supportive supply/demand environment. The investment grade corporate bond market continued to outperform duration-matched U.S. Treasuries; all major sectors generated strong performance led by commodity-related issuers. At the broader sector level, financials outperformed industrials and utilities. Within structured products, commercial mortgage-backed securities (“CMBS”) and asset-backed securities (“ABS”) were the top performers during the trailing 12 months ended October 31, 2017, and agency residential mortgage-backed securities (“RMBS”) lagged.

J.P. Morgan Investment Management, Inc.

At the beginning of the fiscal year, in November of 2016, U.S. equity markets rallied as Donald Trump unexpectedly upset Hillary Clinton in the U.S. Presidential election. The Republican Party’s sweep of Congress also boosted investor sentiment. As investors anticipated a pro-growth agenda proposed by President-elect Trump, equity markets rallied, bond yields rose and the U.S. dollar strengthened. Investor attention turned to the upcoming U.S. Federal Reserve (“Fed”) meeting in December 2016, when the Fed decided to raise rates by 0.25% to a range of 0.50% to 0.75%. Since the rate action was fully anticipated, the Fed’s updated projections for growth, inflation and the future path of interest rate increases were the focus.

U.S. equity markets started 2017 in a strong uptrend; however, they started drifting lower amid complications around health-care reform and weakness in crude oil prices. The S&P 500^® experienced its first 1% decline since October of 2016 on March 21 when it became apparent that the initial version of the American Health Care Act would not have enough votes to pass the House of Representatives. Equities recovered in the final week of March, as President Trump immediately shifted his focus to tax reform.

U.S. equity markets were able to grind their way higher through mid-May. However, volatility soon spiked on headlines that President Trump hinted to former FBI Director James Comey to ease up on the investigation of former National Security Advisor Michael Flynn. This triggered a one-day selloff; the S&P 500^® fell 1.8%, the largest one-day decline since September 2016. U.S. equity markets continued to advance in the final quarter of the fiscal year as the U.S. economy grew above trend despite several severe hurricanes. Additionally, the third-quarter earnings season was solid, and Congress made progress toward potential tax reform. Stronger economic data and the anticipation of tax reform caused interest rates to spike near period end.

PERFORMANCE

For the year ended October 31, 2017, Transamerica Balanced II Class R returned 13.61%. By comparison, its primary and secondary benchmarks, the S&P 500^® and the Bloomberg Barclays US Aggregate Bond Index, returned 23.63% and 0.90%, respectively.

STRATEGY REVIEW

Aegon USA Investment Management, LLC

Spread compression was the largest active contributor to performance, as risk assets rallied steadily during most of the period. Carry generated from coupon payments also generated a significant contribution as well, with higher-yielding securities generally contributing more to returns than those with lower coupons. The Fund’s shorter-than-benchmark duration posture also aided returns slightly, as yields across the Treasury curve rose following the Presidential election. This increase hurt longer-maturity securities, an underweight in the Fund, more than those with shorter maturities.

At the asset class level, an overweight in high yield, investment grade corporates, and off-index non-agency RMBS holdings drove active returns. An underweight to U.S. Treasuries also contributed positively. An overweight in A and BBB-rated bonds were notable contributors to performance among investment grade holdings, while almost all ratings categories in non-investment grade exposure added to returns. An underweight in AAA credits, which have been trading at very tight spreads, was additive to returns as were structured credits in ABS and CMBS. This was somewhat offset by agency RMBS, which detracted from returns.


Transamerica Funds		Annual Report 2017

Page 2

Transamerica Balanced II

(unaudited)

STRATEGY REVIEW (continued)

J.P. Morgan Investment Management, Inc.

The technology, health services and systems, and consumer cyclical sectors added value during the fiscal year, while the pharmaceutical/medical technology, industrial cyclical and media sectors detracted from returns.

Within technology, an underweight in QUALCOMM, Inc. contributed to performance. Reports that Apple, Inc. was suing the company over its royalty-rate structure weighed heavily on shares. QUALCOMM, Inc., which has also been burdened by similar legal battles with Samsung, was further pressured by worse-than-expected margin results. We believe royalty-rate resolutions will prove palatable; but, we remain cautious amid legal uncertainty, thus we remain underweight. Within health services and systems, an overweight position in UnitedHealth Group, Inc. contributed. The health insurer reported strong results in successive quarters on better-than expected medical loss ratios, higher investment income and strong earnings from its Optum unit. We continue to believe UnitedHealth Group, Inc. can sustain differentiated, double-digit earnings-per-share growth due to the positioning of its quality health plan assets and the high-growth, sophisticated tools offered by Optum.

On the negative side, in industrials, an underweight in Boeing Co. (no longer held at period end) detracted from performance. Management has been able to generate significant free cash flow by squeezing its supply chain, thereby refuting bears, who had anticipated free-cash-flow deterioration. Global air traffic growth also continued at above-average rates, buoyed by low fuel prices, leading management and some investors to question whether the historical long-term cyclicality of the aerospace industry would face the same dynamic in the future. We continue to think Boeing Co. is over-earning in the short-term, as these free-cash-flow benefits do not seem to be sustainable. We also continue to believe, despite opinions to the contrary, that the industry is still cyclical.

Within the pharmaceutical/medical technology sector, our underweight in AbbVie, Inc. also weighed on returns. The company reported solid quarterly earnings with upside in sales for its key Humira and Imbruvica products. Forward guidance was also slightly increased. We remain concerned about the pressures facing its Hepatitis C franchise and believe pricing headwinds are likely to emerge for Humira in the near-term, so we remained underweight at period end.

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

Brian W. Westhoff, CFA

Doug Weih, CFA

Bradley D. Doyle, CFA

Tyler A. Knight, CFA

Sivakumar N. Rajan

Co-Portfolio Managers

Aegon USA Investment Management, LLC

Steven G. Lee

Tim Snyder, CFA

Raffaele Zingone, CFA

Co-Portfolio Managers

J.P. Morgan Investment Management Inc.


Asset Allocation	Percentage of Net Assets
Common Stocks		59.6	%
Corporate Debt Securities		16.6
U.S. Government Obligations		8.1
U.S. Government Agency Obligations		6.6
Commercial Paper		4.4
Mortgage-Backed Securities		3.9
Asset-Backed Securities		3.1
Short-Term U.S. Government Obligations		1.1
Foreign Government Obligations		0.5
Municipal Government Obligations		0.3
Preferred Stocks		0.2
Net Other Assets (Liabilities)^		(4.4	)
Total		100.0	%

^	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 2017

Page 3

Transamerica Balanced II

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class I3 (NAV)		N/A			N/A			1.70	%^(A)		09/15/2017
Class R (NAV)		13.61	%		9.33	%		5.72	%		07/05/1994
S&P 500^®^(B)		23.63	%		15.18	%		7.51	%
Bloomberg Barclays US Aggregate Bond Index^(C)		0.90	%		2.04	%		4.19	%

^(A) Not annualized.

^(B) 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.

Performance figures may reflect fee waivers and/or expense reimbursements by the Investment Adviser. Without such waivers and/or reimbursements, the performance would be lower. Future waivers and/or reimbursements are at the discretion of the Investment Adviser.

Equity Securities tend to go up or down more dramatically over the short term and price movements may result from individual factors as well as the market as a whole. 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 2017

Page 4

Transamerica Balanced II

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Shares		Value
COMMON STOCKS - 59.6%
Aerospace & Defense - 0.8%
General Dynamics Corp.		2,429		$ 493,038
Northrop Grumman Corp.		1,617		477,872
United Technologies Corp.		1,708		204,550

				1,175,460

Air Freight & Logistics - 0.1%
FedEx Corp.		377		85,130

Airlines - 0.5%
Delta Air Lines, Inc.		8,485		424,504
United Continental Holdings, Inc. ^(A)		4,239		247,897

				672,401

Auto Components - 0.3%
Delphi Automotive PLC		2,813		279,556
Lear Corp.		581		102,018

				381,574

Automobiles - 0.2%
Ford Motor Co.		23,118		283,658

Banks - 3.6%
Bank of America Corp.		61,047		1,672,077
Citigroup, Inc.		19,659		1,444,937
Comerica, Inc.		2,140		168,140
KeyCorp		17,026		310,725
SunTrust Banks, Inc.		2,990		180,028
SVB Financial Group ^(A)		562		123,235
Wells Fargo & Co.		22,714		1,275,164
Zions Bancorporation		1,418		65,880

				5,240,186

Beverages - 1.5%
Coca-Cola Co.		4,992		229,532
Constellation Brands, Inc., Class A		1,924		421,529
Molson Coors Brewing Co., Class B		6,972		563,826
PepsiCo, Inc.		9,629		1,061,405

				2,276,292

Biotechnology - 1.5%
AbbVie, Inc.		1,040		93,860
Alexion Pharmaceuticals, Inc. ^(A)		975		116,669
Amgen, Inc.		270		47,309
Biogen, Inc. ^(A)		1,842		574,078
BioMarin Pharmaceutical, Inc. ^(A)		379		31,112
Celgene Corp. ^(A)		5,245		529,588
Gilead Sciences, Inc.		6,863		514,450
Vertex Pharmaceuticals, Inc. ^(A)		2,352		343,933

				2,250,999

Building Products - 0.3%
Allegion PLC		3,739		311,795
Masco Corp.		4,912		195,596

				507,391

Capital Markets - 2.0%
Bank of New York Mellon Corp.		8,881		456,927
BlackRock, Inc.		145		68,270
Charles Schwab Corp.		15,621		700,446
Intercontinental Exchange, Inc.		5,798		383,248
Morgan Stanley		18,551		927,550
State Street Corp.		4,883		449,236

				2,985,677


	Shares		Value
COMMON STOCKS (continued)
Chemicals - 1.3%
Albemarle Corp.		610		$ 85,943
Celanese Corp., Series A		1,720		179,413
DowDuPont, Inc.		15,339		1,109,163
Eastman Chemical Co.		5,957		540,955
Mosaic Co.		1,361		30,405

				1,945,879

Communications Equipment - 0.2%
Cisco Systems, Inc.		7,981		272,551
Harris Corp.		440		61,301

				333,852

Construction Materials - 0.0% ^(B)
Vulcan Materials Co.		440		53,570

Consumer Finance - 0.6%
American Express Co.		5,769		551,055
Capital One Financial Corp.		3,575		329,543

				880,598

Containers & Packaging - 0.3%
Crown Holdings, Inc. ^(A)		2,875		172,989
WestRock Co.		3,183		195,213

				368,202

Diversified Consumer Services - 0.0% ^(B)
H&R Block, Inc.		1,660		41,068

Diversified Financial Services - 1.0%
Berkshire Hathaway, Inc., Class B ^(A)		6,890		1,288,016
Voya Financial, Inc.		2,874		115,420

				1,403,436

Diversified Telecommunication Services - 0.7%
AT&T, Inc.		12,134		408,309
Verizon Communications, Inc.		12,972		620,970

				1,029,279

Electric Utilities - 1.7%
American Electric Power Co., Inc.		3,060		227,695
Duke Energy Corp.		2,250		198,697
Edison International		3,356		268,312
Exelon Corp.		7,790		313,236
NextEra Energy, Inc.		5,367		832,261
PG&E Corp.		3,247		187,579
Xcel Energy, Inc.		11,076		548,484

				2,576,264

Electrical Equipment - 0.4%
Eaton Corp. PLC		7,912		633,118

Electronic Equipment, Instruments & Components - 0.3%
TE Connectivity, Ltd.		5,522		502,336

Energy Equipment & Services - 0.0% ^(B)
Halliburton Co.		651		27,824

Equity Real Estate Investment Trusts - 1.4%
AvalonBay Communities, Inc.		1,789		324,399
Boston Properties, Inc.		930		112,697
Brixmor Property Group, Inc.		2,250		39,308
Digital Realty Trust, Inc.		620		73,433
Equinix, Inc.		365		169,178
Equity Residential		1,980		133,175
Extra Space Storage, Inc.		2,190		178,682
Federal Realty Investment Trust		1,210		145,829

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


Transamerica Funds		Annual Report 2017

Page 5

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Shares		Value
COMMON STOCKS (continued)
Equity Real Estate Investment Trusts (continued)
HCP, Inc.		3,990		$ 103,102
Omega Healthcare Investors, Inc.		1,250		36,075
Prologis, Inc.		2,815		181,793
Public Storage		1,606		332,843
Regency Centers Corp.		839		51,640
SBA Communications Corp. ^(A)		310		48,726
Vornado Realty Trust		1,740		130,256

				2,061,136

Food & Staples Retailing - 0.8%
Costco Wholesale Corp.		3,593		578,761
Walgreens Boots Alliance, Inc.		8,053		533,672

				1,112,433

Food Products - 0.6%
Archer-Daniels-Midland Co.		1,455		59,466
J.M. Smucker, Co.		256		27,149
Kraft Heinz Co.		776		60,008
McCormick & Co., Inc.		430		42,798
Mondelez International, Inc., Class A		16,465		682,145

				871,566

Health Care Equipment & Supplies - 1.5%
Abbott Laboratories		10,930		592,734
Becton Dickinson and Co.		1,972		411,497
Boston Scientific Corp. ^(A)		19,321		543,693
Cooper Cos., Inc.		213		51,175
Danaher Corp.		2,824		260,571
Zimmer Biomet Holdings, Inc.		2,884		350,752

				2,210,422

Health Care Providers & Services - 1.7%
AmerisourceBergen Corp.		1,060		81,567
Cigna Corp.		3,119		615,129
Humana, Inc.		943		240,795
UnitedHealth Group, Inc.		7,338		1,542,595

				2,480,086

Hotels, Restaurants & Leisure - 0.6%
Hilton Worldwide Holdings, Inc.		1,240		89,627
McDonald’s Corp.		510		85,124
Royal Caribbean Cruises, Ltd.		3,480		430,720
Starbucks Corp.		2,278		124,925
Yum! Brands, Inc.		3,020		224,839

				955,235

Household Durables - 0.3%
D.R. Horton, Inc.		3,921		173,348
Mohawk Industries, Inc. ^(A)		250		65,440
Newell Brands, Inc.		865		35,275
PulteGroup, Inc.		1,632		49,335
Toll Brothers, Inc.		4,060		186,922

				510,320

Household Products - 0.7%
Kimberly-Clark Corp.		3,816		429,338
Procter & Gamble Co.		6,422		554,476

				983,814

Industrial Conglomerates - 1.2%
General Electric Co.		28,827		581,153
Honeywell International, Inc.		7,958		1,147,225

				1,728,378


	Shares		Value
COMMON STOCKS (continued)
Insurance - 1.6%
American International Group, Inc.		6,466		$ 417,768
Arthur J. Gallagher & Co.		4,673		295,941
Brighthouse Financial, Inc. ^(A)		564		35,081
Chubb, Ltd.		3,895		587,444
Everest Re Group, Ltd.		360		85,482
Hartford Financial Services Group, Inc.		2,590		142,580
MetLife, Inc.		13,880		743,690
XL Group, Ltd.		2,100		84,987

				2,392,973

Internet & Direct Marketing Retail - 1.3%
Amazon.com, Inc. ^(A)		1,483		1,639,130
Priceline Group, Inc. ^(A)		116		221,788

				1,860,918

Internet Software & Services - 3.5%
Alphabet, Inc., Class A ^(A)		1,496		1,545,428
Alphabet, Inc., Class C ^(A)		1,533		1,558,509
Facebook, Inc., Class A ^(A)		11,679		2,102,921

				5,206,858

IT Services - 2.5%
Accenture PLC, Class A		7,975		1,135,321
Automatic Data Processing, Inc.		390		45,341
Fidelity National Information Services, Inc.		3,934		364,918
International Business Machines Corp.		1,945		299,646
Vantiv, Inc., Class A ^(A)		2,323		162,610
Visa, Inc., Class A		13,863		1,524,653
WEX, Inc. ^(A)		993		122,725

				3,655,214

Life Sciences Tools & Services - 0.5%
Agilent Technologies, Inc.		2,879		195,858
Illumina, Inc. ^(A)		989		202,933
Thermo Fisher Scientific, Inc.		1,486		288,032

				686,823

Machinery - 1.7%
Deere & Co.		2,839		377,246
Fortive Corp.		572		41,333
Ingersoll-Rand PLC		8,312		736,443
PACCAR, Inc.		3,786		271,570
Parker-Hannifin Corp.		529		96,601
Snap-on, Inc.		1,405		221,681
Stanley Black & Decker, Inc.		4,280		691,434

				2,436,308

Media - 2.1%
Charter Communications, Inc., Class A ^(A)		1,744		582,792
Comcast Corp., Class A		25,832		930,727
DISH Network Corp., Class A ^(A)		4,798		232,895
Sirius XM Holdings, Inc.		15,629		85,022
Time Warner, Inc.		1,439		141,439
Twenty-First Century Fox, Inc., Class A		19,414		507,676
Walt Disney Co.		6,612		646,720

				3,127,271

Metals & Mining - 0.1%
Alcoa Corp. ^(A)		3,040		145,251
Newmont Mining Corp.		1,893		68,451

				213,702

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


Transamerica Funds		Annual Report 2017

Page 6

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Shares		Value
COMMON STOCKS (continued)
Multi-Utilities - 0.1%
CMS Energy Corp.		4,431		$ 214,327

Multiline Retail - 0.2%
Dollar Tree, Inc. ^(A)		3,274		298,753
Wal-Mart Stores, Inc.		511		44,615

				343,368

Oil, Gas & Consumable Fuels - 3.6%
Anadarko Petroleum Corp.		5,010		247,344
Chevron Corp.		7,398		857,354
Concho Resources, Inc. ^(A)		2,056		275,936
Diamondback Energy, Inc. ^(A)		3,429		367,452
EOG Resources, Inc.		6,115		610,705
EQT Corp.		2,848		178,114
Exxon Mobil Corp.		11,329		944,272
Kinder Morgan, Inc.		16,600		300,626
Occidental Petroleum Corp.		7,904		510,361
Phillips 66		1,880		171,230
Pioneer Natural Resources Co.		3,883		581,169
Valero Energy Corp.		2,396		189,020

				5,233,583

Pharmaceuticals - 3.2%
Allergan PLC		3,102		549,767
Bristol-Myers Squibb Co.		11,624		716,736
Eli Lilly & Co.		7,142		585,215
Johnson & Johnson		6,658		928,192
Merck & Co., Inc.		8,765		482,864
Mylan NV ^(A)		1,370		48,923
Pfizer, Inc.		37,925		1,329,651

				4,641,348

Road & Rail - 1.0%
Norfolk Southern Corp.		3,670		482,311
Union Pacific Corp.		8,274		958,047

				1,440,358

Semiconductors & Semiconductor Equipment - 2.5%
Analog Devices, Inc.		8,367		763,907
Broadcom, Ltd.		3,848		1,015,526
Microchip Technology, Inc.		3,110		294,828
Micron Technology, Inc. ^(A)		1,050		46,526
NVIDIA Corp.		1,904		393,766
Texas Instruments, Inc.		11,792		1,140,168

				3,654,721

Software - 3.3%
Adobe Systems, Inc. ^(A)		6,600		1,156,056
Intuit, Inc.		580		87,592
Microsoft Corp.		40,712		3,386,424
Oracle Corp.		1,110		56,499
Symantec Corp.		2,380		77,350
Workday, Inc., Class A ^(A)		947		105,107

				4,869,028

Specialty Retail - 2.1%
Best Buy Co., Inc.		3,410		190,892
Home Depot, Inc.		6,719		1,113,876
Lowe’s Cos., Inc.		8,382		670,141
O’Reilly Automotive, Inc. ^(A)		1,227		258,836
Ross Stores, Inc.		4,299		272,943
TJX Cos., Inc.		9,204		642,439

				3,149,127


	Shares		Value
COMMON STOCKS (continued)
Technology Hardware, Storage & Peripherals - 2.8%
Apple, Inc.		22,555		$ 3,812,697
HP, Inc.		15,850		341,568

				4,154,265

Textiles, Apparel & Luxury Goods - 0.3%
NIKE, Inc., Class B		5,180		284,848
PVH Corp.		980		124,274

				409,122

Tobacco - 0.9%
Philip Morris International, Inc.		11,952		1,250,657

Trading Companies & Distributors - 0.1%
HD Supply Holdings, Inc. ^(A)		2,650		93,783

Wireless Telecommunication Services - 0.1%
T-Mobile US, Inc. ^(A)		3,578		213,857

Total Common Stocks (Cost $85,349,417)				87,815,195


PREFERRED STOCKS - 0.2%
Banks - 0.1%
Citigroup Capital XIII 3-Month LIBOR + 6.37%, 7.75% ^(C)		3,392		92,330

Capital Markets - 0.0% ^(B)
State Street Corp. Series D, Fixed until 03/15/2024, 5.90% ^(C)		1,536		42,562

Electric Utilities - 0.0% ^(B)
SCE Trust III Series H, Fixed until 03/15/2024, 5.75% ^(C)		320		8,605

Thrifts & Mortgage Finance - 0.1%
Federal Home Loan Mortgage Corp. Series Z, 8.38% ^(A) (C)		14,925		98,356
Federal National Mortgage Association
Series O, 0.00% ^{(A) (C)}		600		6,390
Series S, 8.25% ^{(A) (C)}		10,800		73,548

				178,294

Total Preferred Stocks (Cost $333,168)				321,791


	Principal		Value
ASSET-BACKED SECURITIES - 3.1%
American Tower Trust #1 Series 2013-1A, Class 1A, 1.55%, 03/15/2043 ^(D)		$ 200,000		199,687
Avis Budget Rental Car Funding AESOP LLC Series 2013-1A, Class A, 1.92%, 09/20/2019 ^(D)		100,000		99,830
BlueMountain CLO, Ltd. Series 2015-2A, Class A1, 3-Month LIBOR + 1.43%, 2.78% ^(C), 07/18/2027 ^(D)		235,000		235,722
BRE Grand Islander Timeshare Issuer LLC Series 2017-1A, Class A, 2.94%, 05/25/2029 ^(D)		86,299		86,264
BXG Receivables Note Trust Series 2015-A, Class A, 2.88%, 05/02/2030 ^(D)		85,527		85,699

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


Transamerica Funds		Annual Report 2017

Page 7

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
ASSET-BACKED SECURITIES (continued)
CIFC Funding, Ltd. Series 2013-2A, Class A1LR, 3-Month LIBOR + 1.21%, 2.65% ^(C), 10/18/2030 ^(D)		$ 250,000		$ 249,999
Hertz Vehicle Financing II, LP Series 2016-3A, Class A, 2.27%, 07/25/2020 ^(D)		110,000		109,646
ICG US CLO, Ltd. Series 2014-1A, Class A1, 3-Month LIBOR + 1.15%, 2.51% ^(C), 04/20/2026 ^(D)		235,000		234,419
JGWPT XXVI LLC Series 2012-2A, Class A, 3.84%, 10/15/2059 ^(D)		178,713		183,285
JGWPT XXVIII LLC Series 2013-1A, Class A, 3.22%, 04/15/2067 ^(D)		181,328		182,452
MVW Owner Trust
Series 2014-1A, Class A, 2.25%, 09/22/2031 ^(D)		61,974		61,395
Series 2016-1A, Class A, 2.25%, 12/20/2033 ^(D)		73,258		72,002
New Residential Advanced Receivables Trust Series 2017-T1, Class AT1, 3.21%, 02/15/2051 ^(D)		100,000		99,667
NRZ Advance Receivables Trust Series 2016-T4, Class AT4, 3.11%, 12/15/2050 ^(D)		300,000		298,664
Octagon Investment Partners 33, Ltd. Series 2017-1A, Class A1, 3-Month LIBOR + 1.19%, 0.00% ^(C), 01/20/2031 ^{(D) (E) (F)}		200,000		200,000
Ocwen Master Advance Receivables Trust Series 2017-T1, Class AT1, 2.50%, 09/15/2048 ^(D)		210,000		210,455
Palmer Square CLO, Ltd. Series 2015-2A, Class A1AR, 3-Month LIBOR + 1.27%, 2.63% ^(C), 07/20/2030 ^(D)		250,000		251,553
SBA Tower Trust Series 2014-1A, Class C, 2.90% ^(C), 10/15/2044 ^(D)		380,000		382,936
Sierra Timeshare Receivables Funding LLC
Series 2013-3A, Class B, 2.70%, 10/20/2030 ^(D)		17,511		17,516
Series 2014-1A, Class A, 2.07%, 03/20/2030 ^(D)		39,109		39,043
Series 2014-2A, Class A, 2.05% ^(C), 06/20/2031 ^(D)		33,102		33,038
Series 2015-1A, Class A, 2.40%, 03/22/2032 ^(D)		27,957		27,920
Series 2015-1A, Class B, 3.05%, 03/22/2032 ^(D)		29,173		29,253
Series 2016-2A, Class A, 2.33%, 07/20/2033 ^(D)		50,899		50,759
Silverleaf Finance XVIII LLC Series 2014-A, Class A, 2.81%, 01/15/2027 ^(D)		28,794		28,736


	Principal		Value
ASSET-BACKED SECURITIES (continued)
SolarCity LMC Series III LLC Series 2014-2, Class A, 4.02%, 07/20/2044 ^(D)		$ 135,135		$ 131,286
SpringCastle America Funding LLC Series 2016-AA, Class A, 3.05%, 04/25/2029 ^(D)		107,076		107,635
Towd Point Mortgage Trust
Series 2015-3, Class A1B, 3.00% ^(C), 03/25/2054 ^(D)		155,146		156,473
Series 2015-5, Class A1B, 2.75% ^(C), 05/25/2055 ^(D)		132,764		133,270
Series 2016-1, Class A1B, 2.75% ^(C), 02/25/2055 ^(D)		119,111		119,564
Series 2017-1, Class A1, 2.75% ^(C), 10/25/2056 ^(D)		179,406		180,033
Series 2017-3, Class A1, 2.75% ^(C), 07/25/2057 ^(D)		95,573		95,902
VSE VOI Mortgage LLC Series 2016-A, Class A, 2.54%, 07/20/2033 ^(D)		69,039		68,728
Welk Resorts LLC Series 2017-AA, Class A, 2.82%, 06/15/2033		140,183		139,318

Total Asset-Backed Securities (Cost $4,603,072)				4,602,149


CORPORATE DEBT SECURITIES - 16.6%
Aerospace & Defense - 0.1%
Northrop Grumman Corp. 2.55%, 10/15/2022		181,000		181,244

Air Freight & Logistics - 0.1%
FedEx Corp. 4.90%, 01/15/2034		54,000		60,752
5.10%, 01/15/2044		49,000		55,574

				116,326

Airlines - 0.6%
American Airlines Pass-Through Trust 3.20%, 12/15/2029		126,798		126,646
3.70%, 04/01/2028		149,526		153,788
Delta Air Lines Pass-Through Trust 6.82%, 02/10/2024		332,699		383,036
United Airlines Pass-Through Trust 3.75%, 03/03/2028		265,589		274,221

				937,691

Auto Components - 0.1%
BorgWarner, Inc. 3.38%, 03/15/2025		105,000		105,642

Automobiles - 0.2%
Ford Motor Co. 4.35%, 12/08/2026		150,000		156,308
General Motors Co. 4.88%, 10/02/2023		30,000		32,710
6.25%, 10/02/2043		20,000		23,086

				212,104

Banks - 3.1%
Bank of America Corp. 4.45%, 03/03/2026, MTN		174,000		185,002
5.75%, 12/01/2017		75,000		75,256

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


Transamerica Funds		Annual Report 2017

Page 8

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Bank One Corp. 8.00%, 04/29/2027		$ 65,000		$ 86,569
Barclays Bank PLC 10.18%, 06/12/2021 ^(D)		390,000		481,609
Citigroup, Inc. 1.70%, 04/27/2018		203,000		202,910
3-Month LIBOR + 0.95%, 2.31% ^(C), 07/24/2023		151,000		151,677
6.68%, 09/13/2043		20,000		27,407
Commerzbank AG 8.13%, 09/19/2023 ^(D)		255,000		309,969
Cooperatieve Rabobank UA Fixed until 06/30/2019, 11.00% ^(C), 06/30/2019 ^{(D) (G)}		405,000		459,675
Discover Bank 3.45%, 07/27/2026		250,000		246,676
First Horizon National Corp. 3.50%, 12/15/2020		110,000		113,133
Intesa Sanpaolo SpA 5.02%, 06/26/2024 ^(D)		65,000		66,514
JPMorgan Chase & Co. 3.25%, 09/23/2022		478,000		491,537
3.38%, 05/01/2023		96,000		98,413
Fixed until 05/01/2027, 3.54% ^(C), 05/01/2028		103,000		104,018
4.85%, 02/01/2044		20,000		23,132
Fixed until 02/01/2024, 6.75% ^(C), 02/01/2024 ^(G)		13,000		14,901
Nordea Bank AB 4.25%, 09/21/2022 ^(D)		470,000		496,574
Royal Bank of Scotland Group PLC 6.00%, 12/19/2023		65,000		72,422
6.40%, 10/21/2019		60,000		64,853
Santander UK Group Holdings PLC 4.75%, 09/15/2025 ^(D)		206,000		215,680
Toronto-Dominion Bank Fixed until 09/15/2026, 3.63% ^(C), 09/15/2031		150,000		149,126
Wells Fargo & Co. 2.13%, 04/22/2019		95,000		95,316
Fixed until 05/27/2027, 3.58% ^(C), 05/22/2028, MTN		98,000		98,934
4.10%, 06/03/2026, MTN		36,000		37,480
5.38%, 11/02/2043		67,000		78,741
Fixed until 06/15/2024, 5.90% ^(C), 06/15/2024 ^(G)		43,000		47,152

				4,494,676

Beverages - 0.6%
Anheuser-Busch InBev Finance, Inc. 3.65%, 02/01/2026		302,000		311,627
Anheuser-Busch InBev Worldwide, Inc. 4.44%, 10/06/2048		197,000		208,456
Constellation Brands, Inc. 3.70%, 12/06/2026		52,000		53,486
Pernod Ricard SA 5.75%, 04/07/2021 ^(D)		300,000		332,526

				906,095


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Biotechnology - 0.3%
AbbVie, Inc. 3.20%, 05/14/2026		$ 129,000		$ 128,104
Biogen, Inc. 4.05%, 09/15/2025		110,000		116,845
Celgene Corp. 5.00%, 08/15/2045		65,000		71,574
Gilead Sciences, Inc. 2.95%, 03/01/2027		32,000		31,494
4.15%, 03/01/2047		31,000		31,944

				379,961

Capital Markets - 1.6%
Ameriprise Financial, Inc. 3.70%, 10/15/2024		205,000		214,249
7.30%, 06/28/2019		160,000		173,575
Credit Suisse Group Funding Guernsey, Ltd. 3.80%, 06/09/2023		80,000		83,028
Deutsche Bank AG 3-Month LIBOR + 1.31%, 2.63% ^(C), 08/20/2020		70,000		70,946
Goldman Sachs Group, Inc. 5.75%, 01/24/2022		155,000		173,522
6.25%, 02/01/2041		20,000		26,467
6.75%, 10/01/2037		75,000		99,016
Macquarie Group, Ltd. 6.25%, 01/14/2021 ^(D)		230,000		255,032
Morgan Stanley 5.00%, 11/24/2025		220,000		239,979
5.75%, 01/25/2021		280,000		308,987
Oaktree Capital Management, LP 6.75%, 12/02/2019 ^(D)		175,000		189,786
State Street Corp. 3-Month LIBOR + 1.00%, 2.32% ^(C), 06/01/2077		11,000		10,040
UBS AG 7.63%, 08/17/2022		250,000		295,000
UBS Group Funding Switzerland AG 4.25%, 03/23/2028 ^(D)		200,000		210,728

				2,350,355

Chemicals - 0.1%
LyondellBasell Industries NV 5.00%, 04/15/2019		60,000		62,066
Monsanto Co. 4.40%, 07/15/2044		110,000		114,255

				176,321

Commercial Services & Supplies - 0.1%
ERAC USA Finance LLC 3.85%, 11/15/2024 ^(D)		140,000		145,370

Communications Equipment - 0.1%
Harris Corp. 5.55%, 10/01/2021		120,000		132,232

Construction & Engineering - 0.2%
SBA Tower Trust 2.24%, 04/09/2043 ^(D)		65,000		65,008
2.88%, 07/10/2046 ^(D)		58,000		57,565
3.17%, 04/09/2047 ^(D)		110,000		110,448

				233,021

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


Transamerica Funds		Annual Report 2017

Page 9

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Construction Materials - 0.3%
LafargeHolcim Finance US LLC 4.75%, 09/22/2046 ^(D)		$ 200,000		$ 210,572
Martin Marietta Materials, Inc. 4.25%, 07/02/2024		200,000		211,632

				422,204

Consumer Finance - 0.5%
Ally Financial, Inc. 3.50%, 01/27/2019		120,000		121,464
4.13%, 03/30/2020		120,000		124,050
American Express Co. 4.05%, 12/03/2042		50,000		51,431
BMW US Capital LLC 2.80%, 04/11/2026 ^(D)		82,000		80,749
Capital One Financial Corp. 2.50%, 05/12/2020		136,000		136,494
Discover Financial Services 3.75%, 03/04/2025		193,000		195,079

				709,267

Containers & Packaging - 0.1%
International Paper Co. 4.75%, 02/15/2022		96,000		104,343
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC 6.88%, 02/15/2021		64,814		66,515

				170,858

Diversified Consumer Services - 0.0% ^(B)
President & Fellows of Harvard College 3.62%, 10/01/2037		15,000		15,582

Diversified Financial Services - 0.0%
Kaupthing Bank 7.63%, 02/28/2020 ^{(A) (D) (F) (H) (I) (J)}		710,000		0

Diversified Telecommunication Services - 0.6%
AT&T, Inc. 3.00%, 06/30/2022		180,000		182,176
3.40%, 05/15/2025		130,000		128,357
4.35%, 06/15/2045		70,000		62,510
4.60%, 02/15/2021		67,000		71,612
5.00%, 03/01/2021		34,000		36,918
GTP Acquisition Partners I LLC 2.35%, 06/15/2045 ^(D)		40,000		39,868
Sprint Capital Corp. 6.88%, 11/15/2028		24,000		25,605
Verizon Communications, Inc. 5.15%, 09/15/2023		155,000		173,723
5.50%, 03/16/2047		187,000		206,444

				927,213

Electric Utilities - 0.6%
Appalachian Power Co. 3.40%, 06/01/2025		110,000		112,880
Cleveland Electric Illuminating Co. 5.95%, 12/15/2036		43,000		52,992
8.88%, 11/15/2018		9,000		9,610
Duke Energy Corp. 3.75%, 04/15/2024 - 09/01/2046		226,000		220,476
Duke Energy Progress LLC 3.60%, 09/15/2047		80,000		79,089


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electric Utilities (continued)
Entergy Arkansas, Inc. 3.70%, 06/01/2024		$ 61,000		$ 64,144
Jersey Central Power & Light Co. 7.35%, 02/01/2019		35,000		37,158
Niagara Mohawk Power Corp. 4.88%, 08/15/2019 ^(D)		65,000		68,122
Oncor Electric Delivery Co. LLC 4.10%, 06/01/2022		12,000		12,762
5.30%, 06/01/2042		25,000		30,693
PacifiCorp 3.60%, 04/01/2024		130,000		135,731
5.75%, 04/01/2037		25,000		31,972

				855,629

Electronic Equipment, Instruments & Components - 0.1%
Arrow Electronics, Inc. 3.88%, 01/12/2028		130,000		130,298

Energy Equipment & Services - 0.1%
Schlumberger Holdings Corp. 3.00%, 12/21/2020 ^(D)		100,000		102,204
Schlumberger Investment SA 3.65%, 12/01/2023		33,000		34,923
Weatherford International, Ltd. 5.95%, 04/15/2042		35,000		27,650

				164,777

Equity Real Estate Investment Trusts - 0.7%
CBL & Associates, LP 5.25%, 12/01/2023		139,000		139,678
EPR Properties 4.50%, 04/01/2025		225,000		231,624
HCP, Inc. 3.40%, 02/01/2025		85,000		84,933
Hospitality Properties Trust 5.00%, 08/15/2022		174,000		187,206
Kilroy Realty, LP 4.25%, 08/15/2029		177,000		183,431
Realty Income Corp. 3.88%, 07/15/2024		118,000		121,522
VEREIT Operating Partnership, LP 3.00%, 02/06/2019		60,000		60,494

				1,008,888

Food & Staples Retailing - 0.3%
CVS Health Corp. 2.13%, 06/01/2021		182,000		179,319
5.30%, 12/05/2043		14,000		15,922
Kroger Co. 2.80%, 08/01/2022		66,000		66,186
Sysco Corp. 3.25%, 07/15/2027		95,000		94,904
Walgreens Boots Alliance, Inc. 3.30%, 11/18/2021		135,000		138,616

				494,947

Food Products - 0.4%
Bunge, Ltd. Finance Corp. 3.75%, 09/25/2027		162,000		161,907
Conagra Brands, Inc. 3.20%, 01/25/2023		81,000		82,686

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


Transamerica Funds		Annual Report 2017

Page 10

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Food Products (continued)
Kraft Heinz Foods Co. 4.88%, 02/15/2025 ^(D)		$ 75,000		$ 80,216
Tyson Foods, Inc. 3.95%, 08/15/2024		68,000		71,682
WhiteWave Foods Co. 5.38%, 10/01/2022		103,000		116,216

				512,707

Health Care Equipment & Supplies - 0.4%
Abbott Laboratories 3.75%, 11/30/2026		213,000		219,708
Becton Dickinson and Co. 3.70%, 06/06/2027		156,000		157,147
Boston Scientific Corp. 2.65%, 10/01/2018		56,000		56,431
Medtronic, Inc. 4.63%, 03/15/2045		117,000		132,556

				565,842

Health Care Providers & Services - 0.1%
Anthem, Inc. 1.88%, 01/15/2018		76,000		76,062
Coventry Health Care, Inc. 5.45%, 06/15/2021		66,000		72,244

				148,306

Household Durables - 0.1%
D.R. Horton, Inc. 4.38%, 09/15/2022		94,000		99,968
Newell Brands, Inc. 4.20%, 04/01/2026		31,000		32,669

				132,637

Independent Power & Renewable Electricity Producers - 0.0% ^(B)
NRG Energy, Inc. 6.63%, 03/15/2023		60,000		62,100

Industrial Conglomerates - 0.4%
General Electric Co.
Fixed until 01/21/2021, 5.00% ^(C), 01/21/2021 ^(G)		555,000		579,281
6.88%, 01/10/2039, MTN		20,000		28,819

				608,100

Insurance - 0.4%
Allstate Corp. 3.28%, 12/15/2026		90,000		91,403
American International Group, Inc. Fixed until 05/15/2038, 8.18% ^(C), 05/15/2068		26,000		35,490
Athene Global Funding 3.00%, 07/01/2022 ^(D)		180,000		179,548
CNA Financial Corp. 5.88%, 08/15/2020		90,000		97,690
Enstar Group, Ltd. 4.50%, 03/10/2022		46,000		47,319
Fidelity National Financial, Inc. 5.50%, 09/01/2022		60,000		66,093
Lincoln National Corp. 8.75%, 07/01/2019		46,000		50,973
OneBeacon US Holdings, Inc. 4.60%, 11/09/2022		80,000		82,468

				650,984


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
IT Services - 0.0% ^(B)
Mastercard, Inc. 3.38%, 04/01/2024		$ 33,000		$ 34,526

Life Sciences Tools & Services - 0.1%
Thermo Fisher Scientific, Inc. 2.40%, 02/01/2019		133,000		133,713

Machinery - 0.1%
Doosan Heavy Industries & Construction Co., Ltd. 2.13%, 04/27/2020 ^(D)		200,000		196,565

Media - 0.3%
CBS Corp. 5.75%, 04/15/2020		85,000		92,234
Clear Channel Worldwide Holdings, Inc. 6.50%, 11/15/2022		100,000		103,500
Comcast Corp. 5.88%, 02/15/2018		116,000		117,455
NBCUniversal Media LLC 4.38%, 04/01/2021		134,000		143,415
4.45%, 01/15/2043		47,000		50,171

				506,775

Metals & Mining - 0.2%
Anglo American Capital PLC 4.00%, 09/11/2027 ^(D)		200,000		200,200
Freeport-McMoRan, Inc. 3.88%, 03/15/2023		45,000		44,269

				244,469

Multi-Utilities - 0.2%
CMS Energy Corp. 3.88%, 03/01/2024		22,000		23,127
4.88%, 03/01/2044		33,000		37,802
Dominion Energy, Inc. 2.58%, 07/01/2020		79,000		79,432
Public Service Electric & Gas Co. 3.00%, 05/15/2025, MTN		140,000		141,590

				281,951

Multiline Retail - 0.1%
Wal-Mart Stores, Inc. 3.63%, 12/15/2047		135,000		137,997

Oil, Gas & Consumable Fuels - 1.1%
Anadarko Petroleum Corp. 5.55%, 03/15/2026		68,000		76,510
Apache Corp. 4.25%, 01/15/2044		15,000		14,313
4.75%, 04/15/2043		22,000		22,443
BP Capital Markets PLC 3.12%, 05/04/2026		150,000		151,238
Continental Resources, Inc. 3.80%, 06/01/2024		25,000		24,281
Energy Transfer, LP 5.95%, 10/01/2043		35,000		37,274
EnLink Midstream Partners, LP 4.85%, 07/15/2026		47,000		49,508
EOG Resources, Inc. 2.45%, 04/01/2020		88,000		88,616
Exxon Mobil Corp. 1.82%, 03/15/2019		150,000		150,372
3.04%, 03/01/2026		60,000		61,276

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


Transamerica Funds		Annual Report 2017

Page 11

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Husky Energy, Inc. 4.00%, 04/15/2024		$ 45,000		$ 46,873
Kerr-McGee Corp. 6.95%, 07/01/2024		50,000		59,495
Kinder Morgan Energy Partners, LP 4.15%, 02/01/2024		117,000		121,810
Laredo Petroleum, Inc. 7.38%, 05/01/2022		60,000		62,475
Nexen Energy ULC 5.88%, 03/10/2035		10,000		12,165
Noble Energy, Inc. 6.00%, 03/01/2041		22,000		25,271
Petrobras Global Finance BV 6.25%, 03/17/2024		70,000		75,064
Petroleos Mexicanos 3.50%, 01/30/2023		40,000		39,052
Sabine Pass Liquefaction LLC 4.20%, 03/15/2028		130,000		132,608
Shell International Finance BV 2.50%, 09/12/2026		130,000		125,531
3.75%, 09/12/2046		39,000		38,418
TransCanada PipeLines, Ltd. 3.75%, 10/16/2023		37,000		39,123
4.63%, 03/01/2034		35,000		38,798
Western Gas Partners, LP 5.38%, 06/01/2021		76,000		81,437
Williams Cos., Inc. 3.70%, 01/15/2023		13,000		13,114
7.88%, 09/01/2021		33,000		38,775
Williams Partners, LP 5.40%, 03/04/2044		35,000		38,516

				1,664,356

Pharmaceuticals - 0.4%
Allergan Funding SCS 3.80%, 03/15/2025		189,000		193,664
Perrigo Finance Unlimited Co. 4.38%, 03/15/2026		200,000		208,180
Shire Acquisitions Investments Ireland DAC 3.20%, 09/23/2026		128,000		124,787

				526,631

Road & Rail - 0.2%
Aviation Capital Group LLC 2.88%, 01/20/2022 ^(D)		106,000		106,395
7.13%, 10/15/2020 ^(D)		153,000		172,924
Burlington Northern Santa Fe LLC 3.00%, 03/15/2023		18,000		18,446
3.75%, 04/01/2024		12,000		12,749

				310,514

Semiconductors & Semiconductor Equipment - 0.3%
Intel Corp. 2.88%, 05/11/2024		145,000		146,564
KLA-Tencor Corp. 4.13%, 11/01/2021		155,000		162,966
QUALCOMM, Inc. 3.25%, 05/20/2027		132,000		131,986

				441,516


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Software - 0.1%
Microsoft Corp. 3.30%, 02/06/2027		$ 140,000		$ 144,863

Technology Hardware, Storage & Peripherals - 0.4%
Apple, Inc. 2.85%, 02/23/2023		240,000		244,936
Dell International LLC / EMC Corp. 6.02%, 06/15/2026 ^(D)		115,000		128,153
Hewlett Packard Enterprise Co. 3.60%, 10/15/2020		185,000		191,293
HP, Inc. 3.75%, 12/01/2020		11,000		11,439

				575,821

Tobacco - 0.1%
BAT Capital Corp. 3.56%, 08/15/2027 ^(D)		85,000		85,211
RJ Reynolds Tobacco Co. 8.13%, 06/23/2019		105,000		115,112

				200,323

Trading Companies & Distributors - 0.1%
International Lease Finance Corp. 8.25%, 12/15/2020		145,000		168,862

Wireless Telecommunication Services - 0.6%
America Movil SAB de CV 3.13%, 07/16/2022		200,000		204,345
Crown Castle Towers LLC 3.22%, 05/15/2042 ^(D)		42,000		42,661
4.88%, 08/15/2040 ^(D)		155,000		163,669
6.11%, 01/15/2040 ^(D)		335,000		356,434
Sprint Communications, Inc. 9.00%, 11/15/2018 ^(D)		35,000		37,144
Sprint Corp. 7.88%, 09/15/2023		45,000		50,287
T-Mobile USA, Inc. 6.84%, 04/28/2023		5,000		5,275

				859,815

Total Corporate Debt Securities (Cost $24,398,276)				24,380,074


FOREIGN GOVERNMENT OBLIGATIONS - 0.5%
Colombia - 0.1%
Colombia Government International Bond 4.50%, 01/28/2026		200,000		213,100

Indonesia - 0.2%
Indonesia Government International Bond 5.38%, 10/17/2023 ^(D)		225,000		253,275

Mexico - 0.1%
Mexico Government International Bond 4.00%, 10/02/2023		110,000		115,225

Peru - 0.1%
Peru Government International Bond 7.35%, 07/21/2025		100,000		130,800

Total Foreign Government Obligations (Cost $717,733)				712,400

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


Transamerica Funds		Annual Report 2017

Page 12

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MORTGAGE-BACKED SECURITIES - 3.9%
Alternative Loan Trust Series 2007-22, Class 2A16, 6.50%, 09/25/2037		$ 195,040		$ 139,957
BB-UBS Trust
Series 2012-TFT, Class A,
2.89%, 06/05/2030 ^(D)		140,000		138,474
Series 2012-TFT, Class C,
3.47% ^(C), 06/05/2030 ^(D)		315,000		306,408
BBCMS Trust Series 2013-TYSN, Class B, 4.04%, 09/05/2032 ^(D)		245,000		254,556
Citigroup Commercial Mortgage Trust
Series 2014-GC19, Class A3,
3.75%, 03/10/2047		45,000		47,530
Series 2014-GC19, Class A4,
4.02%, 03/10/2047		65,000		69,582
Series 2015-GC27, Class B,
3.77%, 02/10/2048		157,700		158,392
Citigroup Commercial Mortgage Trust, Interest Only STRIPS Series 2013-SMP, Class XA, 0.80% ^(C), 01/12/2030 ^(D)		1,126,544		11
Citigroup Mortgage Loan Trust Series 2015-A, Class A1, 3.50% ^(C), 06/25/2058 ^(D)		169,052		171,413
COMM Mortgage Trust
Series 2013-CR11, Class AM,
4.72% ^(C), 08/10/2050		20,000		21,892
Series 2013-GAM, Class A2,
3.37%, 02/10/2028 ^(D)		100,000		101,588
Series 2013-WWP, Class B,
3.73%, 03/10/2031 ^(D)		100,000		104,542
Series 2014-UBS2, Class A5,
3.96%, 03/10/2047		45,000		47,812
Series 2016-GCT, Class C,
3.46% ^(C), 08/10/2029 ^(D)		100,000		100,805
Commercial Mortgage Pass Through Certificates Series 2012-LTRT, Class A2, 3.40%, 10/05/2030 ^(D)		132,000		131,782
Core Industrial Trust Series 2015-CALW, Class B, 3.25%, 02/10/2034 ^(D)		225,000		228,721
Credit Suisse Mortgage Capital Certificates Series 2009-11R, Class 5A1, 3.17% ^(C), 08/26/2036 ^(D)		77,603		78,203
CSMC Trust Series 2014-4R, Class 21A1, 1-Month LIBOR + 0.33%, 1.57% ^(C), 12/27/2035 ^(D)		194,940		189,108
GMACM Mortgage Loan Trust Series 2005-AR1, Class 3A, 3.91% ^(C), 03/18/2035		114,968		116,192
GS Mortgage Securities Corp. II Series 2013-KING, Class E, 3.44% ^(C), 12/10/2027 ^(D)		100,000		99,311
GS Mortgage Securities Trust Series 2013-G1, Class A2, 3.56% ^(C), 04/10/2031 ^(D)		285,000		282,860


	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Impac CMB Trust Series 2004-6, Class 1A1, 1-Month LIBOR + 0.80%, 2.04% ^(C), 10/25/2034		$ 63,275		$ 61,983
Independent National Mortgage Corp. Index Mortgage Loan Trust Series 2007-AR15, Class 2A1, 3.54% ^(C), 08/25/2037		158,080		137,855
JPMorgan Resecuritization Trust Series 2014-2, Class 6A1, 3.25% ^(C), 05/26/2037 ^(D)		72,991		73,379
LB-UBS Commercial Mortgage Trust Series 2007-C7, Class AM, 6.33% ^(C), 09/15/2045		13,242		13,252
Merrill Lynch Mortgage Investors Trust Series 2003-F, Class A1, 1-Month LIBOR + 0.64%, 1.88% ^(C), 10/25/2028		40,059		39,272
Merrill Lynch Mortgage Trust Series 2007-C1, Class A1A, 5.81% ^(C), 06/12/2050		2,727		2,727
Morgan Stanley Capital Barclays Bank Trust Series 2016-MART, Class A, 2.20%, 09/13/2031 ^(D)		300,000		296,533
Morgan Stanley Resecuritization Trust Series 2014-R3, Class 2A, 3.00% ^(C), 07/26/2048 ^(D)		231,442		227,749
Motel 6 Trust Series 2017-MTL6, Class C, 1-Month LIBOR + 1.40%, 2.64% ^(C), 08/15/2034 ^(D)		413,651		413,911
Nationstar Mortgage Loan Trust Series 2013-A, Class A, 3.75% ^(C), 12/25/2052 ^(D)		112,536		116,608
New Residential Mortgage Loan Trust
Series 2014-1A, Class A,
3.75% ^(C), 01/25/2054 ^(D)		47,054		48,318
Series 2014-2A, Class A3,
3.75% ^(C), 05/25/2054 ^(D)		120,875		123,219
Series 2014-3A, Class AFX3,
3.75% ^(C), 11/25/2054 ^(D)		86,750		89,431
Series 2017-1A, Class A1,
4.00% ^(C), 02/25/2057 ^(D)		168,565		174,606
Series 2017-3A, Class A1,
4.00% ^(C), 04/25/2057 ^(D)		279,248		288,892
Series 2017-4A, Class A1,
4.00% ^(C), 05/25/2057 ^(D)		116,994		121,270
One Market Plaza Trust Series 2017-1MKT, Class A, 3.61%, 02/10/2032 ^(D)		195,000		202,480
Queens Center Mortgage Trust Series 2013-QCA, Class D, 3.47% ^(C), 01/11/2037 ^(D)		130,000		128,517
SCG Trust Series 2013-SRP1, Class A, 1-Month LIBOR + 1.65%, 2.89% ^(C), 11/15/2026 ^(D)		100,000		98,997

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


Transamerica Funds		Annual Report 2017

Page 13

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Structured Asset Mortgage Investments II Trust Series 2003-AR4, Class A1, 1-Month LIBOR + 0.70%, 1.94% ^(C), 01/19/2034		$ 88,918		$ 86,689
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 06/10/2030 ^(D)		225,000		229,936

Total Mortgage-Backed Securities (Cost $5,793,355)				5,764,763


MUNICIPAL GOVERNMENT OBLIGATIONS - 0.3%
California - 0.2%
Los Angeles Community College District, General Obligation Unlimited, 6.60%, 08/01/2042		15,000		21,787
State of California, General Obligation Unlimited 7.30%, 10/01/2039		55,000		81,150
7.60%, 11/01/2040		60,000		94,158
7.95%, 03/01/2036		110,000		124,100
University of California, Revenue Bonds, Series AD, 4.86%, 05/15/2112		10,000		10,883

				332,078

Georgia - 0.0% ^(B)
Municipal Electric Authority of Georgia, Revenue Bonds, Series A, 6.64%, 04/01/2057		10,000		12,661

New Jersey - 0.0% ^(B)
New Jersey Turnpike Authority, Revenue Bonds, Series F, 7.41%, 01/01/2040		16,000		24,342

New York - 0.1%
Metropolitan Transportation Authority, Revenue Bonds, Series E, 6.81%, 11/15/2040		15,000		21,185
New York City Water & Sewer System, Revenue Bonds, Series CC, 5.88%, 06/15/2044		15,000		20,215
New York State Dormitory Authority, Revenue Bonds, Series H, 5.39%, 03/15/2040		10,000		12,184
Port Authority of New York & New Jersey, Revenue Bonds, Series 181, 4.96%, 08/01/2046		20,000		24,390

				77,974

Total Municipal Government Obligations (Cost $449,972)				447,055


	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS - 6.6%
Federal Home Loan Mortgage Corp. 12-Month LIBOR + 1.90%, 3.64% ^(C), 02/01/2041		$ 14,989		$ 15,740
5.50%, 06/01/2041		27,918		31,037
Federal National Mortgage Association
Zero Coupon, 10/09/2019		190,000		183,217
2.50%, TBA ^(E)		512,000		514,320
3.00%, TBA ^(E)		4,161,000		4,191,375
3.33% ^(C), 10/25/2023		55,000		57,222
12-Month LIBOR + 1.75%, 3.46% ^(C), 03/01/2041		12,431		13,006
3.50%, 11/01/2028 - 01/01/2029		117,717		123,088
3.50%, TBA ^(E)		2,507,000		2,578,990
12-Month LIBOR + 1.82%, 3.57% ^(C), 03/01/2041		5,530		5,854
4.00%, 10/01/2025 - 06/01/2042		72,856		76,882
4.00%, TBA ^(E)		570,000		598,277
4.50%, 02/01/2025 - 06/01/2026		105,217		110,278
5.00%, 04/01/2039 - 11/01/2039		244,980		270,843
5.00%, TBA ^(E)		28,000		30,395
5.50%, 09/01/2036 - 12/01/2041		355,345		402,157
6.00%, 02/01/2038 - 06/01/2041		385,758		437,575
6.50%, 05/01/2040		52,886		59,956
Government National Mortgage Association, Interest Only STRIPS 0.79% ^(C), 02/16/2053		207,903		9,477

Total U.S. Government Agency Obligations (Cost $9,729,346)				9,709,689


U.S. GOVERNMENT OBLIGATIONS - 8.1%
U.S. Treasury - 7.2%
U.S. Treasury Bond 2.25%, 08/15/2046		436,000		382,266
2.50%, 02/15/2045 - 05/15/2046		830,000		770,435
2.75%, 08/15/2042		690,500		680,628
2.88%, 08/15/2045		166,000		166,253
3.00%, 05/15/2042		139,000		143,420
3.50%, 02/15/2039		293,000		329,911
3.63%, 02/15/2044		1,276,300		1,462,161
4.50%, 02/15/2036		596,000		763,043
4.75%, 02/15/2037		658,000		870,154
5.25%, 02/15/2029		467,000		598,599
U.S. Treasury Note 1.00%, 11/30/2019		641,400		633,407
1.13%, 06/30/2021 - 09/30/2021		494,000		481,028
1.25%, 11/30/2018		721,300		719,243
1.50%, 08/15/2026		64,000		59,735
1.63%, 03/31/2019 - 05/15/2026		1,068,000		1,052,214
1.75%, 11/30/2021		280,000		278,261
1.88%, 11/30/2021		155,000		154,897
2.00%, 12/31/2021 - 02/15/2025		507,000		501,564
2.25%, 11/15/2024		225,400		225,594
2.50%, 08/15/2023 - 05/15/2024		276,300		281,854

				10,554,667

U.S. Treasury Inflation-Protected Securities - 0.9%
U.S. Treasury Inflation-Indexed Bond 1.75%, 01/15/2028		84,372		94,304
2.50%, 01/15/2029		311,816		375,600

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


Transamerica Funds		Annual Report 2017

Page 14

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (continued)
U.S. Treasury Inflation-Protected Securities (continued)
U.S. Treasury Inflation-Indexed Note 0.63%, 01/15/2024		$ 906,945		$ 924,027

				1,393,931

Total U.S. Government Obligations (Cost $12,094,910)				11,948,598


COMMERCIAL PAPER - 4.4%
Banks - 1.8%
Abbey National Treasury Services PLC 1.29% ^(K), 11/20/2017		550,000		549,631
Bank of Tokyo-Mitsubishi UFJ, Ltd. 1.32% ^(K), 12/13/2017		600,000		599,090
Macquarie Bank, Ltd. 1.42% ^(K), 01/08/2018		600,000		598,425
Skandinaviska Enskilda Banken AB 1.30% ^(K), 12/19/2017		350,000		349,403
Sumitomo Mitsui Banking Corp. 1.32% ^(K), 11/08/2017		600,000		599,848

				2,696,397

Diversified Financial Services - 2.0%
Alpine Securitization. Ltd. 1.32% ^(K), 11/01/2017		350,000		350,000
Anglesea Funding PLC 1.32% ^(K), 12/14/2017		850,000		848,680
Atlantic Asset Securitization LLC 1.32% ^(K), 11/21/2017		250,000		249,819
Gotham Funding Corp. 1.33% ^(K), 11/06/2017		600,000		599,891
Kells Funding LLC 1.32% ^(K), 11/09/2017		600,000		599,827


	Principal		Value
COMMERCIAL PAPER (continued)
Diversified Financial Services (continued)
NIEUW Amsterdam Receivable 1.37% ^(K), 01/03/2018		$ 250,000		$ 249,409

				2,897,626

Machinery - 0.4%
Caterpillar Finance Service Co. 1.32% ^(K), 12/13/2017		550,000		549,166

Software - 0.2%
Manhattan Asset Funding Co. LLC 1.29% ^(K), 12/18/2017		350,000		349,420

Total Commercial Paper (Cost $6,492,609)				6,492,609


SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 1.1%
U.S. Treasury Bill 1.00% ^(K), 11/16/2017		30,000		29,988
1.04% ^(K), 01/04/2018		150,000		149,944
1.05% ^(K), 11/16/2017 - 01/04/2018		1,200,000		1,199,111
1.06% ^(K), 01/04/2018		110,000		109,797
1.12% ^(K), 03/01/2018 ^(L)		43,676		43,506
1.13% ^(K), 03/01/2018 ^(L)		30,000		29,883
2.07% ^(K), 03/01/2018 ^(L)		71,324		71,046

Total Short-Term U.S. Government Obligations (Cost $1,632,736)				1,633,275

Total Investments (Cost $151,594,594)				153,827,598
Net Other Assets (Liabilities) - (4.4)%				(6,487,657	)


Net Assets - 100.0%				$ 147,339,941

FUTURES CONTRACTS:


Description	Long/Short		Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation		Unrealized Depreciation
S&P 500^® E-Mini		Long		5		12/15/2017	$	638,998	$	643,188	$	4,190	$	—

SECURITY VALUATION:

Valuation Inputs ^(M)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs ^(O)		Value
ASSETS
Investments
Common Stocks	$	87,815,195	$	—	$	—	$	87,815,195
Preferred Stocks		321,791		—		—		321,791
Asset-Backed Securities		—		4,602,149		—		4,602,149
Corporate Debt Securities		—		24,380,074		0		24,380,074
Foreign Government Obligations		—		712,400		—		712,400
Mortgage-Backed Securities		—		5,764,763		—		5,764,763
Municipal Government Obligations		—		447,055		—		447,055
U.S. Government Agency Obligations		—		9,709,689		—		9,709,689
U.S. Government Obligations		—		11,948,598		—		11,948,598

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


Transamerica Funds		Annual Report 2017

Page 15

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

SECURITY VALUATION (continued):

Valuation Inputs (continued) ^(M)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs ^(O)		Value
Commercial Paper	$	—	$	6,492,609	$	—	$	6,492,609
Short-Term U.S. Government Obligations		—		1,633,275		—		1,633,275

Total Investments	$	88,136,986	$	65,690,612	$	0	$	153,827,598

Other Financial Instruments
Futures Contracts ^(N)	$	4,190	$	—	$	—	$	4,190

Total Other Financial Instruments	$	4,190	$	—	$	—	$	4,190

FOOTNOTES TO SCHEDULE OF INVESTMENTS:


(A)		Non-income producing securities.
(B)		Percentage rounds to less than 0.1% or (0.1)%.
(C)		Floating or variable rate securities. The rates disclosed are as of October 31, 2017. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. In addition, variable rate securities with a floor or ceiling feature are disclosing that 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 their description above.
(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, 2017, the total value of 144A securities is $15,184,853, representing 10.3% of the Fund’s net assets.
(E)		When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after October 31, 2017. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(F)		Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2017, total value of securities is $200,000, representing 0.1% of the Fund’s net assets.
(G)		Perpetual maturity. The date displayed is the next call date.
(H)		Illiquid security. At October 31, 2017, the value of such securities amounted to $0 or less than 0.1% of the Fund’s net assets.
(I)		Security is Level 3 of the fair value hierarchy.
(J)		Security deemed worthless.
(K)		Rates disclosed reflect the yields at October 31, 2017.
(L)		All or a portion of these securities have been segregated by the broker as collateral to cover margin requirements for open futures contracts. The total value of such securities is $144,436.
(M)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(N)		Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation).
(O)		Level 3 securities were not considered significant to the Fund.

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 2017

Page 16

Transamerica Bond

(unaudited)

MARKET ENVIRONMENT

Following the November 2016 U.S. presidential election, investors expected less accommodative U.S. monetary policy and pro-business reform. These expectations drove the U.S. dollar and equities higher and weighed on many fixed income assets as the U.S. Treasury yield curve steepened. The U.S. Federal Reserve (“Fed”) raised interest rates on December 14, 2016, March 15, 2017 and June 14, 2017; investors took the increases in stride as a number of developments supported fixed income market performance through the rest of the period. The yield curve flattened out, the U.S. dollar declined, global growth strengthened and corporate profits rebounded. Government bond yields remained low, driving investors into riskier assets like high yield credit and emerging markets. As a result, nearly all asset classes posted positive returns for the full period. There was a shift up in the U.S. Treasury yield curve during the 12-month period ended October 31, 2017. However, much of the rise in longer-maturity yields took place shortly after the U.S. presidential election while the two-year yield rose steadily over the entire period. Longer-term U.S. Treasury yields declined from the start of 2017 until early September 2017, when expectations for new and expansionary U.S. fiscal policy and inflation began to rise.

PERFORMANCE

For the year ended October 31, 2017, Transamerica Bond Class I2 returned 6.13%. By comparison, its benchmark, the Bloomberg Barclays US Government/Credit Bond Index, returned 1.05%.

STRATEGY REVIEW

The Fund’s performance was primarily due to security selection and sector allocation. High yield credit was a leading asset class throughout the period, benefiting from the “risk-on” environment and the search for yield. Improving corporate profits around the globe provided an additional tailwind to the sector. Exposure to high yield securities, particularly industrial and financial issues, helped buoy performance. Within high yield industrials, securities in the pharmaceutical, technology, basic industry and energy industries were among the largest contributors, while selected banking and finance company names boosted the financials space. Investment grade corporate bonds generated positive return and outperformed duration-matched Treasuries. The sector’s longer duration was beneficial as investors moved to the long end of the yield curve. Investment grade industrial and financial issues proved beneficial to absolute and relative returns, primarily due to banking, telecom, technology and basic industry holdings. A meaningful underweight to U.S. Treasuries aided performance as investors preferred riskier assets during the period.

After hitting a 14-year high during the fourth quarter of 2016, the U.S. dollar steadily weakened through the rest of the period as risk appetite remained strong, and fears about China’s economy and the potential for a U.S. trade war waned. Many developed and emerging market currencies rallied versus the U.S. dollar and unhedged returns were broadly positive. Out-of-benchmark exposure to non-U.S.-dollar denominated holdings benefited excess return. Selections denominated in the Indian rupee, Mexican peso, Norwegian krone and Argentine peso drove performance within the space. However, small allocations to Canadian dollar and Turkish lira denominated positions limited the extent of outperformance. Emerging market bonds struggled at the beginning of the period, hurt by uncertainties related to global trade, the incoming U.S. administration and geopolitics. As sentiment shifted in 2017, emerging market bonds rallied and the asset class posted broadly positive returns for the full period. The sector benefited from the weakening U.S. dollar, a rebound in corporate profits, and improving emerging market gross domestic product (“GDP”) growth. Convertible holdings generated positive absolute and relative returns, largely due to the energy and healthcare industries. Conversely, equity holdings dragged.

Fund positioning reflects our outlook for stable economic growth and inflation. U.S. and global GDP growth have been steadily improving, and U.S. inflation indicators have been below Fed and consensus expectations. These inflationary trends support the Fed’s gradual shift to less accommodative monetary policy. At this stage of the credit cycle, we have been focusing on undervalued issues and looking for areas where we can move up in quality. We have been taking a highly selective approach to non-U.S. exposure. We have been primarily maintaining current allocations to selected developed market sovereign and credit positions, along with emerging market local-pay bonds that we believe offer attractive yields and total return potential. The risk profile of the global market has been largely driven by anticipated central bank action, election cycles, geopolitical risks and trade policy uncertainty. Looking ahead, our investment themes are centered on broadening portfolio diversification, generating income, lowering duration and deducing overall interest rate sensitivity. In terms of asset allocation, the Fund is structurally very different from the benchmark and is well-positioned going into the final quarter of 2017, in our view.

Mathew J. Eagan, CFA

Daniel J. Fuss, CFA

Elaine M. Stokes

Brian P. Kennedy

Co-Portfolio Managers

Loomis, Sayles & Company, L.P.


Transamerica Bond Fund Characteristics	Years
Average Maturity §		7.35
Duration †		5.30

Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		1.0	%
AAA		5.7
AA		1.8
A		9.4
BBB		49.4
BB		15.2
B		6.7
CCC and Below		1.8
Not Rated		13.4
Net Other Assets (Liabilities)		(4.4	)
Total		100.0	%

§	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 2017

Page 17

Transamerica Bond

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class I2 (NAV)		6.13	%		4.95	%		7.15	%		01/03/2007
Bloomberg Barclays US Government/Credit Bond Index^(A)		1.05	%		2.05	%		4.26	%
Class R6 (NAV)		6.02	%		N/A			4.26	%		05/29/2015

^(A) The Bloomberg Barclays US Government/Credit Bond Index is comprised of U.S. Treasuries, government-related issues, and corporates.

Bond funds risks include credit risk, inflation risk, interest rate risk, and also foreign securities and mortgage backed securities risk. Interest rates may go up, causing the value of the Fund’s investments to decline. Changes in interest rates, the market’s perception of the issuers and the creditworthiness of the issuers may significantly affect the value of a bond.


Transamerica Funds		Annual Report 2017

Page 18

Transamerica Bond

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Principal		Value
ASSET-BACKED SECURITIES - 10.8%
Cayman Islands - 1.2%
AIM Aviation Finance, Ltd. Series 2015-1A, Class A1, 4.21% ^(A), 02/15/2040 ^(B)		$ 2,493,333		$ 2,501,473

United States - 9.6%
American Homes 4 Rent Series 2015-SFR1, Class F, 5.89%, 04/17/2052 ^(B)		184,000		198,443
American Homes 4 Rent Trust Series 2014-SFR2, Class E, 6.23%, 10/17/2036 ^(B)		100,000		111,648
Bayview Opportunity Master Fund IIIa Trust Series 2017-RN7, Class A1, 3.10% ^(A), 09/28/2032 ^(B)		306,188		306,343
Bayview Opportunity Master Fund IIIb Trust Series 2017-RN3, Class A1, 3.23% ^(A), 05/28/2032 ^(B)		99,431		99,533
Bayview Opportunity Master Fund IVb Trust
Series 2017-NPL2, Class A1,
2.98% ^(A), 10/28/2032 ^(B)		320,000		320,000
Series 2017-RN1, Class A1,
3.60% ^(A), 02/28/2032 ^(B)		97,777		98,003
Blackbird Capital Aircraft Lease Securitization, Ltd. Series 2016-1A, Class A, 4.21% ^(A), 12/16/2041 ^(B)		433,672		448,979
CAM Mortgage Trust
Series 2016-1, Class A,
4.00% ^(A), 01/15/2056 ^(B)		17,183		17,207
Series 2016-2, Class A1,
3.25% ^(A), 06/15/2057 ^(B)		39,322		39,351
Citibank Credit Card Issuance Trust Series 2017-A3, Class A3, 1.92%, 04/07/2022		1,200,000		1,198,245
Coinstar Funding LLC Series 2017-1A, Class A2, 5.22%, 04/25/2047 ^(B)		253,725		263,690
Colony American Homes Series 2015-1A, Class E, 1-Month LIBOR + 3.00%, 4.24% ^(A), 07/17/2032 ^(B)		375,000		379,604
CPS Auto Receivables Trust
Series 2014-D, Class C,
4.35%, 11/16/2020 ^(B)		1,030,000		1,055,301
Series 2016-C, Class D,
5.92%, 06/15/2022 ^(B)		825,000		869,752
Credit Acceptance Auto Loan Trust Series 2017-3A, Class C, 3.48%, 10/15/2026 ^(B)		270,000		269,957
CWABS Asset-Backed Certificates Trust Series 2004-13, Class AF5B, 5.60% ^(A), 05/25/2035		362,989		368,601
DB Master Finance LLC Series 2017-1A, Class A2II, 4.03%, 11/20/2047 ^(B)		180,000		181,364


	Principal		Value
ASSET-BACKED SECURITIES (continued)
United States (continued)
DT Auto Owner Trust
Series 2016-1A, Class D,
4.66%, 12/15/2022 ^(B)		$ 250,000		$ 255,780
Series 2017-1A, Class D,
3.55%, 11/15/2022 ^(B)		550,000		550,131
First Investors Auto Owner Trust
Series 2014-3A, Class D,
3.85%, 02/15/2022 ^(B)		725,000		732,721
Series 2016-2A, Class D,
3.35%, 11/15/2022 ^(B)		200,000		199,175
Five Guys Funding LLC Series 2017-1A, Class A2, 4.60%, 07/25/2047 ^(B)		159,600		163,129
Flagship Credit Auto Trust Series 2015-1, Class C, 3.76%, 06/15/2021 ^(B)		1,400,000		1,420,995
GCAT LLC Series 2017-5, Class A1, 3.23% ^(A), 07/25/2047 ^(B)		135,137		135,767
Invitation Homes Trust Series 2015-SFR3, Class E, 1-Month LIBOR + 3.75%, 4.99% ^(A), 08/17/2032 ^(B)		345,000		351,903
Merlin Aviation Holdings DAC Series 2016-1, Class A, 4.50% ^(A), 12/15/2032 ^(B)		411,795		415,254
NYMT Residential Series 2016-RP1A, Class A, 4.00% ^(A), 03/25/2021 ^(B)		124,698		125,054
Oak Hill Advisors Residential Loan Trust
Series 2017-NPL1, Class A1,
3.00% ^(A), 06/25/2057 ^(B)		178,146		178,114
Series 2017-NPL2, Class A1,
3.00% ^(A), 07/25/2057 ^(B)		253,369		253,283
OneMain Financial Issuance Trust
Series 2015-2A, Class B,
3.10%, 07/18/2025 ^(B)		1,015,000		1,014,493
Series 2015-3A, Class B,
4.16%, 11/20/2028 ^(B)		980,000		996,225
Series 2017-1A, Class C,
3.35%, 09/14/2032 ^(B)		335,000		332,335
OSAT Trust Series 2016-NPL1, Class A1, 3.75% ^(A), 07/25/2056 ^(B)		167,192		168,524
Progress Residential Trust Series 2017-SFR1, Class D, 3.57%, 08/17/2034 ^(B)		100,000		99,964
PRPM LLC Series 2017-2A, Class A1, 3.50% ^(A), 09/25/2022 ^(B)		518,722		517,799
RCO Mortgage LLC Series 2017-1, Class A1, 3.38% ^(A), 08/25/2022 ^(B)		570,134		572,661
SLM Private Credit Student Loan Trust Series 2003-B, Class A3, 28 day AUR, 3.79% ^(A), 03/15/2033		1,050,000		1,045,558

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


Transamerica Funds		Annual Report 2017

Page 19

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
ASSET-BACKED SECURITIES (continued)
United States (continued)
SoFi Professional Loan Program LLC
Series 2015-D, Class B,
3.59%, 10/26/2037 ^(B)		$ 1,047,091		$ 1,050,408
Series 2016-C, Class B,
3.35% ^(A), 05/25/2037 ^(B)		240,000		238,270
Series 2016-E, Class B,
3.44% ^(A), 07/25/2040 ^(B)		445,000		443,668
Series 2017-E, Class C,
4.16%, 11/26/2040 ^(B)		135,000		134,456
TAL Advantage V LLC Series 2014-3A, Class A, 3.27%, 11/21/2039 ^(B)		1,005,833		998,052
VOLT LV LLC Series 2017-NPL2, Class A1, 3.50% ^(A), 03/25/2047 ^(B)		223,378		224,948
VOLT LVI LLC Series 2017-NPL3, Class A1, 3.50% ^(A), 03/25/2047 ^(B)		522,261		526,121
VOLT LVII LLC Series 2017-NPL4, Class A1, 3.38% ^(A), 04/25/2047 ^(B)		184,243		185,482
VOLT LXI LLC Series 2017-NPL8, Class A1, 3.13% ^(A), 06/25/2047 ^(B)		145,017		145,423
VOLT LXIII LLC Series 2017-NP10, Class A1, 3.00% ^(A), 10/25/2047 ^(B)		195,000		195,000
VOLT XIX LLC Series 2014-NP11, Class A1, 3.88% ^(A), 04/25/2055 ^(B)		16,237		16,239
VOLT XXII LLC
Series 2015-NPL4, Class A1,
3.50% ^(A), 02/25/2055 ^(B)		125,164		125,531
Series 2015-NPL4, Class A2,
4.25% ^(A), 02/25/2055 ^(B)		99,692		99,630

				20,138,114

Total Asset-Backed Securities (Cost $22,378,922)				22,639,587


CONVERTIBLE BONDS - 5.2%
Bermuda - 0.3%
Horizon Pharma Investment, Ltd. 2.50%, 03/15/2022		580,000		530,700

United States - 4.9%
BioMarin Pharmaceutical, Inc. 1.50%, 10/15/2020 ^(C)		931,000		1,056,103
Chesapeake Energy Corp. 5.50%, 09/15/2026 ^(B)		660,000		584,513
DISH Network Corp. 2.38%, 03/15/2024 ^(B)		1,090,000		1,047,081
Echo Global Logistics, Inc. 2.50%, 05/01/2020 ^(C)		215,000		212,850
Evolent Health, Inc. 2.00%, 12/01/2021 ^(B)		450,000		480,094
Finisar Corp. 0.50%, 12/15/2036 ^{(B) (C)}		1,535,000		1,465,925
Greenbrier Cos., Inc. 2.88%, 02/01/2024 ^(B)		480,000		561,300


	Principal		Value
CONVERTIBLE BONDS (continued)
United States (continued)
Hercules Capital, Inc. 4.38%, 02/01/2022 ^(B)		$ 50,000		$ 51,094
Intercept Pharmaceuticals, Inc. 3.25%, 07/01/2023		565,000		441,053
iStar, Inc. 3.13%, 09/15/2022 ^(B)		320,000		324,800
Macquarie Infrastructure Corp. 2.00%, 10/01/2023		1,080,000		1,035,450
Nabors Industries, Inc. 0.75%, 01/15/2024 ^(B) (C)		920,000		678,500
Neurocrine Biosciences, Inc. 2.25%, 05/15/2024 ^(B) (C)		525,000		601,453
Nuance Communications, Inc. 1.25%, 04/01/2025 ^(B)		395,000		370,559
PDC Energy, Inc. 1.13%, 09/15/2021		235,000		229,419
SM Energy Co. 1.50%, 07/01/2021		75,000		71,953
Teladoc, Inc. 3.00%, 12/15/2022 ^(B)		490,000		527,056
Verint Systems, Inc. 1.50%, 06/01/2021		535,000		523,966

				10,263,169

Total Convertible Bonds (Cost $11,132,993)				10,793,869


CORPORATE DEBT SECURITIES - 65.7%
Argentina - 0.7%
Banco Hipotecario SA BADLARPP + 2.50%, 23.71% ^(A), 01/12/2020 ^(B)		ARS 8,446,000		476,337
YPF SA 6.95%, 07/21/2027 ^{(B) (C)}		$ 505,000		541,360
BADLARPP + 4.00%, 25.46% ^(A), 07/07/2020 ^(B)		400,000		388,000

				1,405,697

Austria - 0.5%
BRF GmbH 4.35%, 09/29/2026 ^{(B) (C)}		665,000		654,559
OGX Austria GmbH
8.38%, 04/01/2022 ^{(B) (D) (E)}		6,100,000		610
8.50%, 06/01/2018 ^{(B) (D) (E)}		600,000		6
Suzano Austria GMBH 5.75%, 07/14/2026 ^(B)		285,000		306,945

				962,120

Bermuda - 0.4%
Aircastle, Ltd. 4.13%, 05/01/2024		495,000		506,137
Sirius International Group, Ltd. 4.60%, 11/01/2026 ^(B)		330,000		322,872

				829,009

Canada - 1.5%
1011778 BC ULC / New Red Finance, Inc. 5.00%, 10/15/2025 ^(B)		755,000		769,156

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


Transamerica Funds		Annual Report 2017

Page 20

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Canada (continued)
Baytex Energy Corp. 5.13%, 06/01/2021 ^(B)		$ 20,000		$ 18,950
5.63%, 06/01/2024 ^(B)		290,000		269,700
Canadian Natural Resources, Ltd. 3.85%, 06/01/2027		300,000		306,298
6.25%, 03/15/2038		570,000		704,661
MEG Energy Corp. 6.38%, 01/30/2023 ^(B)		555,000		507,825
6.50%, 01/15/2025 ^(B)		130,000		129,350
Methanex Corp. 4.25%, 12/01/2024		120,000		121,537
Valeant Pharmaceuticals International, Inc. 5.50%, 03/01/2023 ^(B)		270,000		226,800

				3,054,277

Chile - 0.6%
Cencosud SA 4.38%, 07/17/2027 ^(B)		700,000		698,250
Latam Airlines Pass-Through Trust 4.20%, 08/15/2029		460,737		467,072

				1,165,322

Colombia - 0.5%
Ecopetrol SA 5.88%, 05/28/2045		1,025,000		1,017,312

Finland - 0.1%
Nokia OYJ 3.38%, 06/12/2022		60,000		59,775
4.38%, 06/12/2027		105,000		105,000

				164,775

France - 1.6%
Credit Agricole SA 4.38%, 03/17/2025 ^{(B) (C)}		2,035,000		2,129,965
Societe Generale SA 4.25%, 04/14/2025 ^(B)		1,115,000		1,144,967

				3,274,932

Italy - 1.3%
Enel SpA Fixed until 09/24/2023, 8.75% ^(A), 09/24/2073 ^(B)		1,208,000		1,491,880
Intesa Sanpaolo SpA 5.02%, 06/26/2024 ^(B)		1,200,000		1,227,950

				2,719,830

Luxembourg - 0.8%
Cosan Luxembourg SA 7.00%, 01/20/2027 ^(B)		530,000		574,520
7.00%, 01/20/2027 ^(F)		200,000		216,800
Klabin Finance SA 4.88%, 09/19/2027 ^(B)		515,000		511,910
Millicom International Cellular SA 5.13%, 01/15/2028 ^(B)		200,000		201,020
Raizen Fuels Finance SA 5.30%, 01/20/2027 ^(B)		200,000		211,500

				1,715,750

Mexico - 2.6%
America Movil SAB de CV 8.46%, 12/18/2036		MXN 47,400,000		2,229,258


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Mexico (continued)
Cemex SAB de CV 7.75%, 04/16/2026 ^(B)		$ 1,060,000		$ 1,200,556
Mexichem SAB de CV 4.00%, 10/04/2027 ^{(B) (C)}		260,000		259,870
Petroleos Mexicanos 7.47%, 11/12/2026		MXN 22,025,500		1,020,452
Unifin Financiera SAB de CV SOFOM ENR 7.25%, 09/27/2023 ^(B)		$ 655,000		686,112

				5,396,248

Multi-National - 0.5%
JBS USA LUX SA / JBS USA Finance, Inc. 5.75%, 06/15/2025 ^(B)		945,000		916,650
7.25%, 06/01/2021 ^(B)		60,000		61,169

				977,819

Netherlands - 3.1%
Embraer Netherlands Finance BV 5.05%, 06/15/2025		720,000		759,600
5.40%, 02/01/2027		490,000		525,035
Koninklijke Ahold Delhaize NV 5.70%, 10/01/2040		1,395,000		1,606,009
Minejesa Capital BV 4.63%, 08/10/2030 ^(B)		290,000		296,308
Petrobras Global Finance BV 5.63%, 05/20/2043		190,000		170,810
6.25%, 03/17/2024		790,000		847,156
6.75%, 01/27/2041		1,480,000		1,491,100
6.88%, 01/20/2040		730,000		743,688
7.25%, 03/17/2044		130,000		136,338

				6,576,044

Norway - 0.2%
Aker BP ASA 6.00%, 07/01/2022 ^(B)		400,000		420,000

Spain - 0.3%
Santander Issuances SAU 5.18%, 11/19/2025		600,000		648,842

United Kingdom - 1.7%
Barclays PLC 4.38%, 09/11/2024		1,415,000		1,458,361
4.84%, 05/09/2028		690,000		719,785
5.20%, 05/12/2026		410,000		439,753
Standard Chartered PLC 4.30%, 02/19/2027 ^(B) (C)		1,015,000		1,032,954

				3,650,853

United States - 49.1%
American Airlines Pass-Through Trust 3.70%, 11/01/2024 - 04/15/2027		1,554,510		1,558,339
3.75%, 04/15/2027		725,000		727,302
4.38%, 04/01/2024		623,462		641,044
4.95%, 08/15/2026		235,000		247,925
Andeavor 4.75%, 12/15/2023 ^(B)		440,000		475,897
5.13%, 12/15/2026 ^(B)		545,000		603,841
Andeavor Logistics, LP / Tesoro Logistics Finance Corp. 5.25%, 01/15/2025		110,000		118,250

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


Transamerica Funds		Annual Report 2017

Page 21

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
United States (continued)
AT&T, Inc. 4.35%, 06/15/2045		$ 85,000		$ 75,904
4.50%, 03/09/2048		1,050,000		953,050
4.75%, 05/15/2046		195,000		183,939
5.25%, 03/01/2037		2,160,000		2,259,415
Aviation Capital Group LLC 3.50%, 11/01/2027 ^(B)		615,000		607,002
Avnet, Inc. 4.63%, 04/15/2026		1,075,000		1,121,159
Bank of America Corp. 3.95%, 04/21/2025, MTN		1,880,000		1,937,537
4.25%, 10/22/2026, MTN		1,599,000		1,678,872
Brixmor Operating Partnership, LP 3.25%, 09/15/2023		160,000		157,703
3.65%, 06/15/2024		490,000		487,688
4.13%, 06/15/2026		400,000		404,993
Bruce Mansfield Pass-Through Trust 6.85%, 06/01/2034 ^(E) (G)		1,443,139		624,158
CBRE Services, Inc. 4.88%, 03/01/2026		1,625,000		1,754,048
CCO Holdings LLC / CCO Holdings Capital Corp. 5.13%, 05/01/2023 ^(B)		1,070,000		1,115,475
Charter Communications Operating LLC / Charter Communications Operating Capital 6.48%, 10/23/2045		1,110,000		1,270,979
Chesapeake Energy Corp. 4.88%, 04/15/2022 ^(C)		260,000		240,500
5.75%, 03/15/2023		35,000		31,938
Cimarex Energy Co. 4.38%, 06/01/2024		335,000		357,082
Concho Resources, Inc. 3.75%, 10/01/2027		405,000		409,396
Continental Airlines Pass-Through Trust 5.50%, 04/29/2022		533,693		559,044
6.90%, 10/19/2023		82,864		87,736
Continental Resources, Inc. 3.80%, 06/01/2024 ^(C)		1,250,000		1,214,062
Cox Communications, Inc. 3.85%, 02/01/2025 ^(B) (C)		1,685,000		1,723,531
4.50%, 06/30/2043 ^(B)		120,000		111,162
4.80%, 02/01/2035 ^(B)		400,000		401,623
CVS Pass-Through Trust 4.70%, 01/10/2036 ^(B)		2,515,456		2,652,046
DDR Corp. 3.90%, 08/15/2024		300,000		302,532
4.70%, 06/01/2027 ^(C)		805,000		836,086
Dell International LLC / EMC Corp. 6.02%, 06/15/2026 ^(B)		2,095,000		2,334,614
8.35%, 07/15/2046 ^(B)		815,000		1,056,135
Dillard’s, Inc. 7.00%, 12/01/2028		25,000		27,649
Discovery Communications LLC 3.95%, 03/20/2028		580,000		575,252
5.00%, 09/20/2037		260,000		268,048
Energy Transfer, LP 4.05%, 03/15/2025		1,710,000		1,738,885


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
United States (continued)
EnLink Midstream Partners, LP 4.15%, 06/01/2025		$ 350,000		$ 355,165
4.40%, 04/01/2024		105,000		108,863
5.45%, 06/01/2047		1,115,000		1,157,215
Equifax, Inc. 3.25%, 06/01/2026		445,000		419,580
Express Scripts Holding Co. 3.40%, 03/01/2027		530,000		520,586
Ford Motor Credit Co. LLC 4.39%, 01/08/2026, MTN		1,070,000		1,119,811
Forethought Financial Group, Inc. 8.63%, 04/15/2021 ^(B) (E)		705,000		803,397
Freeport-McMoRan, Inc. 4.55%, 11/14/2024		370,000		369,264
General Electric Co. Fixed until 01/21/2021, 5.00% ^(A), 01/21/2021 ^(H)		315,000		328,781
General Motors Financial Co., Inc. 5.25%, 03/01/2026		2,935,000		3,206,292
Glencore Funding LLC 3.88%, 10/27/2027 ^(B)		375,000		371,985
4.63%, 04/29/2024 ^(B)		1,105,000		1,177,165
Halcon Resources Corp. 6.75%, 02/15/2025 ^(B)		133,000		135,993
HCA, Inc. 4.50%, 02/15/2027		270,000		272,363
5.25%, 04/15/2025 - 06/15/2026		845,000		899,550
7.05%, 12/01/2027		180,000		198,900
7.58%, 09/15/2025, MTN		1,020,000		1,165,350
7.69%, 06/15/2025		340,000		385,900
7.75%, 07/15/2036, MTN		125,000		140,625
Hewlett Packard Enterprise Co. 4.90%, 10/15/2025		1,580,000		1,679,931
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp. 4.63%, 04/01/2025		465,000		479,531
4.88%, 04/01/2027		430,000		451,500
Hospitality Properties Trust 3.95%, 01/15/2028		665,000		652,523
Icahn Enterprises, LP / Icahn Enterprises Finance Corp. 5.88%, 02/01/2022		515,000		532,062
IFM US Colonial Pipeline 2 LLC 6.45%, 05/01/2021 ^(B)		2,300,000		2,529,565
INVISTA Finance LLC 4.25%, 10/15/2019 ^(B)		3,725,000		3,836,750
Jabil, Inc. 4.70%, 09/15/2022		1,090,000		1,160,087
Jefferies Group LLC 6.25%, 01/15/2036		1,635,000		1,822,311
JPMorgan Chase & Co. 4.25%, 10/01/2027		2,475,000		2,615,308
Keysight Technologies, Inc. 4.55%, 10/30/2024		1,085,000		1,149,816
Kinder Morgan, Inc. 4.30%, 06/01/2025		1,630,000		1,713,151
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. 5.88%, 08/01/2021 ^(B)		695,000		717,587

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


Transamerica Funds		Annual Report 2017

Page 22

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
United States (continued)
LafargeHolcim Finance US LLC 3.50%, 09/22/2026 ^(B)		$ 200,000		$ 199,119
Level 3 Financing, Inc. 5.38%, 08/15/2022		65,000		66,968
Mackinaw Power LLC 6.30%, 10/31/2023 ^(B) (E)		623,726		656,816
Masco Corp. 6.50%, 08/15/2032		895,000		1,110,025
7.75%, 08/01/2029		194,000		256,749
Morgan Stanley 3.63%, 01/20/2027		1,885,000		1,919,417
4.35%, 09/08/2026, MTN		3,175,000		3,328,118
New York Life Global Funding 1.50%, 10/24/2019 ^(B)		2,220,000		2,199,235
Newfield Exploration Co. 5.38%, 01/01/2026		605,000		642,813
5.63%, 07/01/2024		525,000		567,656
NGPL PipeCo LLC 4.38%, 08/15/2022 ^(B)		195,000		200,606
4.88%, 08/15/2027 ^(B)		325,000		336,375
Nuance Communications, Inc. 1.00%, 12/15/2035		735,000		674,822
Oasis Petroleum, Inc. 6.88%, 03/15/2022		265,000		271,625
Old Republic International Corp. 3.88%, 08/26/2026		855,000		866,624
4.88%, 10/01/2024		800,000		858,371
Owens Corning 7.00%, 12/01/2036		409,000		534,446
PepsiCo, Inc. 1.35%, 10/04/2019		2,215,000		2,198,903
Pilgrim’s Pride Corp. 5.88%, 09/30/2027 ^(B)		300,000		312,000
QEP Resources, Inc. 5.25%, 05/01/2023 ^(C)		213,000		210,338
Quicken Loans, Inc. 5.75%, 05/01/2025 ^(B)		1,125,000		1,192,500
Retail Opportunity Investments Partnership, LP 4.00%, 12/15/2024		1,980,000		1,926,459
Rice Energy, Inc. 6.25%, 05/01/2022		430,000		449,952
Sabine Pass Liquefaction LLC 5.63%, 03/01/2025		1,000,000		1,111,158
5.88%, 06/30/2026		515,000		582,633
SM Energy Co. 5.00%, 01/15/2024		450,000		429,750
5.63%, 06/01/2025 ^(C)		205,000		199,363
Smithfield Foods, Inc. 4.25%, 02/01/2027 ^(B)		340,000		352,687
Solvay Finance America LLC 4.45%, 12/03/2025 ^(B)		400,000		429,493
Southwestern Energy Co. 4.10%, 03/15/2022 ^(C)		625,000		614,063
Spirit AeroSystems, Inc. 3.85%, 06/15/2026		155,000		157,294


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
United States (continued)
Sunoco Logistics Partners Operations, LP 4.00%, 10/01/2027		$ 895,000		$ 890,230
Tenet Healthcare Corp. 5.13%, 05/01/2025 ^(B)		470,000		457,663
7.50%, 01/01/2022 ^(B)		145,000		152,613
Time Warner Cable LLC 4.50%, 09/15/2042		590,000		543,316
5.50%, 09/01/2041		1,080,000		1,134,941
UAL Pass-Through Trust 6.64%, 01/02/2024		1,837,892		1,998,707
United Airlines Pass-Through Trust 3.65%, 04/07/2027 - 07/07/2027 ^(I)		755,000		755,920
Universal Health Services, Inc. 4.75%, 08/01/2022 ^(B)		440,000		452,100
5.00%, 06/01/2026 ^(B)		555,000		588,300
Viacom, Inc. 4.38%, 03/15/2043		1,170,000		995,116
4.85%, 12/15/2034		64,000		59,673
5.85%, 09/01/2043		285,000		288,675
Fixed until 06/28/2027, 6.25% ^(A), 02/28/2057 ^(C)		65,000		64,220
Weyerhaeuser Co. 6.88%, 12/15/2033		1,330,000		1,743,427
Whiting Petroleum Corp. 5.75%, 03/15/2021 ^(C)		610,000		614,575
Williams Partners, LP / ACMP Finance Corp. 4.88%, 03/15/2024		645,000		676,405

				102,681,007

Virgin Islands, British - 0.2%
Gerdau Trade, Inc. 4.88%, 10/24/2027 ^(B)		520,000		521,690

Total Corporate Debt Securities (Cost $138,355,765)				137,181,527


FOREIGN GOVERNMENT OBLIGATIONS - 4.8%
Argentina - 1.0%
Argentina POM Politica Monetaria ARPP7DR, 26.25% ^(A), 06/21/2020		ARS 18,825,000		1,144,294
Provincia de Buenos Aires 6.50%, 02/15/2023 ^(B)		$ 410,000		434,436
7.88%, 06/15/2027 ^(B)		400,000		443,400
BADLARPP + 3.83%, 25.83% ^(A), 05/31/2022		ARS 1,275,000		73,778

				2,095,908

Malaysia - 1.0%
Malaysia Government Bond 3.44%, 02/15/2021		MYR 8,865,000		2,092,065

Mexico - 0.8%
Mexico Bonos
Series M,
5.75%, 03/05/2026		MXN 16,033,100		759,433
6.50%, 06/10/2021		16,341,800		837,285

				1,596,718

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


Transamerica Funds		Annual Report 2017

Page 23

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Supranational - 2.0%
Africa Finance Corp. 3.88%, 04/13/2024 ^(B)		$ 260,000		$ 262,925
European Investment Bank 8.75%, 09/18/2021, MTN ^(F)		TRY 8,165,000		1,987,778
International Bank for Reconstruction & Development 4.25%, 06/20/2019		COP 6,190,000,000		1,988,561

				4,239,264

Total Foreign Government Obligations (Cost $10,664,806)				10,023,955


LOAN ASSIGNMENTS - 1.1%
United States - 1.1%
Chemours Co. Term Loan B, 1-Month LIBOR + 2.50%, 3.75% ^(A), 05/12/2022		$ 666,135		671,963
Chesapeake Energy Corp. Term Loan, 3-Month LIBOR + 7.50%, 8.81% ^(A), 08/23/2021		1,556,305		1,668,359

Total Loan Assignments (Cost $2,222,440)				2,340,322


MORTGAGE-BACKED SECURITIES - 5.2%
United States - 5.2%
Alternative Loan Trust
Series 2003-22CB, Class 1A1,
5.75%, 12/25/2033		293,649		301,084
Series 2003-9T1, Class A7,
5.50%, 07/25/2033		447,893		455,591
Series 2004-16CB, Class 1A1,
5.50%, 07/25/2034		182,341		187,192
Series 2004-16CB, Class 3A1,
5.50%, 08/25/2034		215,948		221,396
Series 2004-J3, Class 1A1,
5.50%, 04/25/2034		399,604		405,451
Banc of America Funding Trust Series 2005-7, Class 3A1, 5.75%, 11/25/2035		527,802		554,690
COMM Mortgage Trust Series 2016-SAVA, Class C, 1-Month LIBOR + 3.00%, 4.24% ^(A), 10/15/2034 ^(B)		670,000		672,939
CSFB Mortgage-Backed Pass-Through Certificates Series 2003-27, Class 4A4, 5.75%, 11/25/2033		108,482		111,842
CSMC OA LLC Series 2014-USA, Class D, 4.37%, 09/15/2037 ^(B)		100,000		96,059
GMACM Mortgage Loan Trust Series 2005-AR4, Class 3A1, 4.00% ^(A), 07/19/2035		570,102		551,953
GS Mortgage Securities Trust Series 2007-GG10, Class AM, 5.94% ^(A), 08/10/2045		375,964		382,545


	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
United States (continued)
Independent National Mortgage Corp. Index Mortgage Loan Trust Series 2005-16IP, Class A1, 1-Month LIBOR + 0.64%, 1.88% ^(A), 07/25/2045		$ 166,283		$ 160,120
JPMorgan Chase Commercial Mortgage Securities Trust Series 2010-C1, Class C, 6.19% ^(A), 06/15/2043 ^{(B) (E)}		1,211,000		1,207,814
JPMorgan Mortgage Trust Series 2005-A1, Class 6T1, 3.68% ^(A), 02/25/2035		349,984		346,805
MASTR Alternative Loan Trust
Series 2003-9, Class 4A1,
5.25%, 11/25/2033		349,773		361,391
Series 2004-5, Class 2A1,
6.00%, 06/25/2034		411,034		425,610
Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2004-20, Class 8A7, 5.75%, 11/25/2034		671,997		679,363
UBS-Barclays Commercial Mortgage Trust Series 2012-C2, Class D, 5.05% ^(A), 05/10/2063 ^(B)		345,000		344,382
WFRBS Commercial Mortgage Trust
Series 2011-C2, Class D,
5.65% ^(A), 02/15/2044 ^(B)		635,000		643,349
Series 2012-C7, Class E,
4.83% ^(A), 06/15/2045 ^(B)		840,000		703,205
Working Cap Solutions Funding LLC Series 2016-1, Class TSTC, 7.71%, 08/31/2018 ^(E)		2,000,000		2,000,000

Total Mortgage-Backed Securities (Cost $10,866,041)				10,812,781


U.S. GOVERNMENT AGENCY OBLIGATION - 0.5%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes 1-Month LIBOR + 3.30%, 4.54% ^(A), 10/25/2027		1,000,000		1,112,885

Total U.S. Government Agency Obligation (Cost $951,601)				1,112,885


U.S. GOVERNMENT OBLIGATION - 0.5%
U.S. Treasury - 0.5%
U.S. Treasury Note 1.25%, 06/30/2019		1,045,000		1,039,571

Total U.S. Government Obligation (Cost $1,042,959)				1,039,571


	Shares		Value
COMMON STOCKS - 1.5%
Brazil - 0.0% ^(J)
Dommo Energia SA, ADR ^(K)		106,674		32,002

Colombia - 0.2%
Frontera Energy Corp. ^(K)		15,581		464,978

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


Transamerica Funds		Annual Report 2017

Page 24

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Shares		Value
COMMON STOCKS (continued)
United States - 1.3%
Bristol-Myers Squibb Co.		16,527		$ 1,019,055
Whiting Petroleum Corp. ^{(C) (K)}		270,591		1,626,252

				2,645,307

Total Common Stocks (Cost $5,528,580)				3,142,287


CONVERTIBLE PREFERRED STOCKS - 1.0%
Bermuda - 0.3%
Bunge, Ltd. 4.88%		7,129		742,842

United States - 0.7%
Chesapeake Energy Corp. 5.75%		1,385		831,000
Wells Fargo & Co. Series L, Class A, 7.50%		432		565,920

				1,396,920

Total Convertible Preferred Stocks (Cost $1,933,113)				2,139,762


	Shares		Value
SECURITIES LENDING COLLATERAL - 4.9%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.00% ^(L)		10,161,419		$ 10,161,419

Total Securities Lending Collateral (Cost $10,161,419)				10,161,419


	Principal		Value
REPURCHASE AGREEMENT - 3.2%
Fixed Income Clearing Corp., 0.12%^(L), dated 10/31/2017, to be repurchased at $6,755,828 on 11/01/2017. Collateralized by a U.S. Government Obligation, 1.75%, due 12/31/2020, and with a value of $6,892,559.		$ 6,755,806		6,755,806

Total Repurchase Agreement (Cost $6,755,806)				6,755,806

Total Investments (Cost $221,994,445)				218,143,771
Net Other Assets (Liabilities) - (4.4)%				(9,185,244	)


Net Assets - 100.0%				$ 208,958,527

INVESTMENTS BY INDUSTRY (unaudited):


Industry	Percentage of Total Investments			Value
Oil, Gas & Consumable Fuels		15.7	%	$	34,212,257
Asset-Backed Securities		10.4			22,639,587
Banks		7.4			16,076,551
Mortgage-Backed Securities		5.0			10,812,781
Foreign Government Obligations		4.6			10,023,955
Media		4.4			9,599,092
Airlines		3.2			7,043,089
Equity Real Estate Investment Trusts		3.1			6,836,211
Health Care Providers & Services		2.6			5,761,006
Capital Markets		2.4			5,247,535
Technology Hardware, Storage & Peripherals		2.3			5,070,680
Insurance		2.3			5,050,499
Diversified Financial Services		2.3			5,001,666
Food & Staples Retailing		2.3			4,956,305
Consumer Finance		2.0			4,326,103
Textiles, Apparel & Luxury Goods		1.8			3,836,750
Diversified Telecommunication Services		1.6			3,539,276
Electronic Equipment, Instruments & Components		1.6			3,431,062
Food Products		1.4			3,039,907
Electric Utilities		1.1			2,445,004
Metals & Mining		1.1			2,440,104
Wireless Telecommunication Services		1.1			2,430,278
Beverages		1.0			2,198,903
Biotechnology		1.0			2,098,609
Building Products		0.9			1,901,220
Pharmaceuticals		0.8			1,776,555
Real Estate Management & Development		0.8			1,754,048
Hotels, Restaurants & Leisure		0.8			1,700,187
Communications Equipment		0.7			1,630,700
Software		0.7			1,569,347

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


Transamerica Funds		Annual Report 2017

Page 25

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

INVESTMENTS BY INDUSTRY (unaudited) (continued):


Industry	Percentage of Total Investments			Value
Chemicals		0.7	%	$	1,482,863
Aerospace & Defense		0.7			1,441,929
Construction Materials		0.6			1,399,675
U.S. Government Agency Obligation		0.5			1,112,885
U.S. Government Obligation		0.5			1,039,571
Transportation Infrastructure		0.5			1,035,450
Paper & Forest Products		0.4			818,855
Energy Equipment & Services		0.3			678,500
Independent Power & Renewable Electricity Producers		0.3			624,158
Road & Rail		0.3			607,002
Machinery		0.3			561,300
Trading Companies & Distributors		0.2			506,137
Health Care Technology		0.2			480,094
Professional Services		0.2			419,580
Industrial Conglomerates		0.1			328,781
Air Freight & Logistics		0.1			212,850
Multiline Retail		0.0	^(J)		27,649

Investments, at Value		92.3			201,226,546
Short-Term Investments		7.7			16,917,225

Total Investments		100.0	%	$	218,143,771

SECURITY VALUATION:

Valuation Inputs ^(M)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Asset-Backed Securities	$	—	$	22,639,587	$	—	$	22,639,587
Convertible Bonds		—		10,793,869		—		10,793,869
Corporate Debt Securities		—		137,181,527		—		137,181,527
Foreign Government Obligations		—		10,023,955		—		10,023,955
Loan Assignments		—		2,340,322		—		2,340,322
Mortgage-Backed Securities		—		10,812,781		—		10,812,781
U.S. Government Agency Obligation		—		1,112,885		—		1,112,885
U.S. Government Obligation		—		1,039,571		—		1,039,571
Common Stocks		3,142,287		—		—		3,142,287
Convertible Preferred Stocks		2,139,762		—		—		2,139,762
Securities Lending Collateral		10,161,419		—		—		10,161,419
Repurchase Agreement		—		6,755,806		—		6,755,806

Total Investments	$	15,443,468	$	202,700,303	$	—	$	218,143,771

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


Transamerica Funds		Annual Report 2017

Page 26

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

FOOTNOTES TO SCHEDULE OF INVESTMENTS:


(A)		Floating or variable rate securities. The rates disclosed are as of October 31, 2017. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. In addition, variable rate securities with a floor or ceiling feature are disclosing that 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 their description above.
(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, 2017, the total value of 144A securities is $77,911,083, representing 37.3% 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 $9,940,642. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(D)		Securities in default; no interest payments received and/or dividends declared during the last 12 months. At October 31, 2017, the total value of such securities is $616, representing less than 0.1% of the Fund net assets.
(E)		Illiquid security. At October 31, 2017, the value of such securities amounted to $5,292,801 or 2.5% of the Fund’s net assets.
(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, 2017, the total value of Regulation S securities is $2,204,578, representing 1.1% of the Fund’s net assets.
(G)		Restricted security. At October 31, 2017, 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	Bruce Mansfield Pass-Through Trust 6.85%, 06/01/2034	07/10/2007 - 07/12/2007	$	1,443,029	$	624,158		0.3	%


(H)		Perpetual maturity. The date displayed is the next call date.
(I)		When-issued, delayed-delivery and or forward commitment (including TBAs) security. Security to be settled and delivered after October 31, 2017. Security may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(J)		Percentage rounds to less than 0.1% or (0.1)%.
(K)		Non-income producing securities.
(L)		Rates disclosed reflect the yields at October 31, 2017.
(M)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

CURRENCY ABBREVIATIONS:


ARS		Argentine Peso
COP		Columbian Peso
MXN		Mexican Peso
MYR		Malaysian Ringgit
TRY		Turkish New Lira

PORTFOLIO ABBREVIATIONS:


ADR		American Depositary Receipt
ARPP7DRR		Argentina Central Bank 7-Day Repo Reference Rate
AUR		Auction Rate Security
BADLARPP		Argentine Deposit Rates Badlar Private Banks 30-35 Days
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 2017

Page 27

Transamerica Capital Growth

(unaudited)

MARKET ENVIRONMENT

Large cap growth stocks advanced over the year ended October 31, 2017, with information technology as the best performing sector 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 Fund.

PERFORMANCE

For the year ended October 31, 2017, Transamerica Capital Growth Class A returned 34.66%, excluding any sales charges. By comparison, its benchmark, the Russell 1000^® Growth Index, returned 29.71%.

STRATEGY REVIEW

The Fund outperformed its benchmark over this period due to favorable stock selection and sector allocation.

Health care was a major contributor to performance due to strong stock selection. Illumina, Inc., a leader in genetic testing and analysis, and surgical robotics maker Intuitive Surgical, Inc. were the top contributors in the sector and among the top contributors across the Fund. Both companies continued to execute well, and benefited from overall positive investor sentiment around new product launches which were announced in early 2017. Within health care, the strength in these and a diverse set of other holdings was partly offset by weakness in DexCom, Inc., a leading maker of continuous glucose monitoring devices that are used by diabetics. Its shares slumped on concerns of increasing competition following news that a competing device received approval from the U.S. Food and Drug Administration (“FDA”). While this may impede the company’s near-term sales growth, we continue to believe DexCom, Inc. is well positioned longer-term with a stronger platform given its system provides for higher accuracy rates and a lower start-up period, and also is eligible for Medicare reimbursement.

Consumer staples was another major contributor over this period, as the Fund benefited from little exposure to the sector.

Consumer discretionary and information technology were also material contributors, due to favorable stock selection and sector allocations. Electric car maker Tesla, Inc. was the top contributor among these areas and across the Fund. Strong unit deliveries, positive investor sentiment regarding the launch of its mass market electric car offering, the Model 3, as well as continued progress in the build out of its lithium-ion battery factory, all led to a strong rally in Tesla, Inc. shares for much of the period under review. The Fund’s position in Tesla, Inc. was eliminated in mid-2017 due to our assessment of the relative/risk reward profile. NVIDIA Corp., a leading producer of graphics processor units, and online retail and cloud computing leader Amazon.com, Inc. were also among the top contributors in these areas. We attribute the performance to solid fundamentals and strong execution. Within consumer discretionary, the strength in Amazon.com, Inc. and Tesla, Inc. was partly offset by weakness in luxury goods retailer Michael Kors Holdings, Ltd. and sportswear maker Under Armour, Inc.; both were among the Fund’s greatest detractors over this period due to weak fundamentals characterized by increasing promotional activity and slowing sales growth. Both positions were eliminated in early 2017 due to our assessment of the relative risk/reward prospects.

A lack of exposure to energy, real estate, and telecommunication services also aided relative results, to a lesser extent.

Financials was the top detractor in the Fund over this period, due to mixed stock selection. The Fund’s holding in index and ratings provider S&P Global, Inc. performed well; however, a lack of exposure to banks weighed on relative results. Banks as a group rallied post the U.S. election results in November 2017 due to expectations that regulatory burdens may diminish under the new administration. The industrials sector also weighed on relative performance due to a sector underweight position. Lastly, materials was a small detractor due to mixed stock selection, while utilities had a negligible impact on relative performance.

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

Dennis P. Lynch

Sam G. Chainani, CFA

David S. Cohen

Armistead B. Nash

Alexander T. Norton

Jason C. Yeung, CFA

Co-Portfolio Managers

Morgan Stanley Investment Management Inc.


Asset Allocation	Percentage of Net Assets
Common Stocks		95.2	%
Securities Lending Collateral		6.0
Repurchase Agreement		4.9
Over-the-Counter Foreign Exchange Options Purchased		0.0	*
Net Other Assets (Liabilities)		(6.1	)
Total		100.0	%

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


Transamerica Funds		Annual Report 2017

Page 28

Transamerica Capital Growth

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		27.23	%		18.82	%		15.67	%		11/13/2009
Class A (NAV)		34.66	%		20.16	%		16.50	%		11/13/2009
Russell 1000^® Growth Index^(A)		29.71	%		16.83	%		15.12	%
Class B (POP)		28.36	%		18.99	%		15.55	%		11/13/2009
Class B (NAV)		33.36	%		19.09	%		15.55	%		11/13/2009
Class C (POP)		32.68	%		19.36	%		15.73	%		11/13/2009
Class C (NAV)		33.68	%		19.36	%		15.73	%		11/13/2009
Class I (NAV)		35.03	%		20.57	%		17.29	%		11/30/2009
Class I2 (NAV)		35.14	%		20.72	%		19.09	%		09/30/2011
Class T1 (POP)		N/A			N/A			20.03	%^(B)		03/17/2017
Class T1 (NAV)		N/A			N/A			23.11	%^(B)		03/17/2017
Advisor Class (NAV)		N/A			N/A			38.67	%^(B)		12/16/2016

^(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 performance data presented represents past performance; future results may vary. 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 2.5% for T1 shares or the maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 6 years) for Class B shares and 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, I2 and Advisor Class shares.

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 2017

Page 29

Transamerica Capital Growth

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Shares		Value
COMMON STOCKS - 95.2%
Aerospace & Defense - 7.3%
TransDigm Group, Inc.		109,165		$ 30,293,288
United Technologies Corp.		257,503		30,838,559

				61,131,847

Biotechnology - 1.5%
Alnylam Pharmaceuticals, Inc. ^(A)		53,497		6,518,075
Intrexon Corp. ^{(A) (B)}		84,806		1,386,578
Juno Therapeutics, Inc. ^(A)		95,676		4,296,809

				12,201,462

Capital Markets - 2.4%
S&P Global, Inc.		128,296		20,074,475

Construction Materials - 3.1%
Martin Marietta Materials, Inc.		59,628		12,930,332
Vulcan Materials Co.		103,056		12,547,068

				25,477,400

Diversified Financial Services - 3.6%
Berkshire Hathaway, Inc., Class B ^(A)		162,769		30,428,037

Health Care Equipment & Supplies - 4.3%
DexCom, Inc. ^{(A) (B)}		171,013		7,690,455
Intuitive Surgical, Inc. ^(A)		74,128		27,824,686

				35,515,141

Health Care Technology - 8.4%
athenahealth, Inc. ^{(A) (B)}		223,386		28,566,602
Veeva Systems, Inc., Class A ^(A)		679,729		41,422,685

				69,989,287

Hotels, Restaurants & Leisure - 4.8%
Starbucks Corp.		734,205		40,263,802

Internet & Direct Marketing Retail - 10.9%
Amazon.com, Inc. ^(A)		63,176		69,827,169
Priceline Group, Inc. ^(A)		10,885		20,811,685

				90,638,854

Internet Software & Services - 16.8%
Alibaba Group Holding, Ltd., ADR ^(A)		44,787		8,280,668
Alphabet, Inc., Class C ^(A)		49,279		50,099,003
China Literature, Ltd. ^{(A) (C) (D)}		145		1,033
Facebook, Inc., Class A ^(A)		228,612		41,163,877
Tencent Holdings, Ltd.		182,400		8,178,471
Twitter, Inc. ^(A)		959,325		19,781,281
Zillow Group, Inc., Class C ^{(A) (B)}		298,994		12,342,472

				139,846,805

IT Services - 2.5%
Mastercard, Inc., Class A		140,572		20,912,896

Life Sciences Tools & Services - 4.8%
Illumina, Inc. ^(A)		195,525		40,119,775


	Shares		Value
COMMON STOCKS (continued)
Road & Rail - 3.4%
Union Pacific Corp.		241,916		$ 28,011,454

Semiconductors & Semiconductor Equipment - 1.0%
NVIDIA Corp.		41,772		8,638,867

Software - 16.7%
Activision Blizzard, Inc.		461,464		30,221,277
salesforce.com, Inc. ^(A)		424,898		43,484,061
ServiceNow, Inc. ^(A)		223,053		28,187,208
Snap, Inc., Class A ^(A)		566,519		8,690,401
Workday, Inc., Class A ^(A)		260,144		28,873,383

				139,456,330

Textiles, Apparel & Luxury Goods - 3.7%
LVMH Moet Hennessy Louis Vuitton SE		103,927		31,003,290

Total Common Stocks (Cost $546,755,626)			793,709,722


SECURITIES LENDING COLLATERAL - 6.0%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.00% ^(E)		50,025,465		50,025,465

Total Securities Lending Collateral (Cost $50,025,465)			50,025,465


	Principal		Value
REPURCHASE AGREEMENT - 4.9%
Fixed Income Clearing Corp., 0.12%^(E), dated 10/31/2017, to be repurchased at $40,600,114 on 11/01/2017. Collateralized by a U.S. Government Obligation, 1.75%, due 12/31/2020, and with a value of $41,415,771.		$ 40,599,978		40,599,978

Total Repurchase Agreement (Cost $40,599,978)				40,599,978

Total Investments Excluding Purchased Options (Cost $637,381,069)				884,335,165
Total Purchased Options - 0.0% ^(F) (Cost $1,160,988)				217,411

Total Investments (Cost $638,542,057)			884,552,576
Net Other Assets (Liabilities) - (6.1)%				(51,233,561	)


Net Assets - 100.0%				$ 833,319,015

OVER-THE-COUNTER FOREIGN EXCHANGE OPTIONS PURCHASED:

Description

Counterparty

Exercise
Price

Expiration
Date

Notional Amount/
Number of
Contracts

Premiums
(Received)

Value

Call - USD vs. CNH^(G)

RBS

USD

7.55

08/16/2018

USD

149,732,158

793,581

217,411

Call - USD vs. CNY^(G)

RBS

USD

7.40

11/22/2017

USD

109,425,578

367,407

—

Total

1,160,988

217,411

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


Transamerica Funds		Annual Report 2017

Page 30

Transamerica Capital Growth

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

SECURITY VALUATION:

Valuation Inputs ^(H)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	754,526,928	$	39,182,794	$	—	$	793,709,722
Securities Lending Collateral		50,025,465		—		—		50,025,465
Repurchase Agreement		—		40,599,978		—		40,599,978
Over-the-Counter Foreign Exchange Options Purchased		—		217,411		—		217,411

Total Investments	$	804,552,393	$	80,000,183	$	—	$	884,552,576

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 $48,961,716. 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, 2017, the value of the 144A security is $1,033, representing less than 0.1% of the Fund’s net assets.
(D)		Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2017, value of the security is $1,033, representing less than 0.1% of the Fund’s net assets.
(E)		Rates disclosed reflect the yields at October 31, 2017.
(F)		Percentage rounds to less than 0.1% or (0.1)%.
(G)		Illiquid security. At October 31, 2017, the value of such securities amounted to $217,411 or less than 0.1% of the Fund’s net assets.
(H)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. 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)
CNY		Chinese Yuan Renminbi (onshore)
USD		United States Dollar

COUNTERPARTY ABBREVIATION:


RBS		Royal Bank of Scotland PLC

PORTFOLIO ABBREVIATION:


ADR		American Depositary Receipt

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


Transamerica Funds		Annual Report 2017

Page 31

Transamerica Concentrated Growth

(unaudited)

MARKET ENVIRONMENT

The recent fiscal year delivered excellent returns for equity investors. A compelling combination of economic progress in the U.S. and around the world, modest inflation and low interest rates lifted markets to record highs. In spite of acts of terrorism in Europe, threats of nuclear attacks from North Korea, gridlock in Washington, and a series of devastating hurricanes that struck the U.S. and several Caribbean islands, markets remained firmly rooted in positive fundamentals. Eight years into the market’s impressive recovery, there were few signs of it wavering.

As we approach year-end, the backdrop for equities remains favorable. We are encouraged by the recent breadth the market has demonstrated across sectors, geographies, investment styles and capitalization ranges. While we don’t believe economic or market cycles have been repealed, it’s difficult to single out a primary or likely source of vulnerability. It would, however, be a mistake to confuse our optimism with complacency. Risk management is at the core of our process. The primary risks we are focused on include valuation, trade policies and protectionism, a lack of wage growth, the potential of a strengthening dollar, and increased correlation among market leaders. With this framework in mind, we continue to monitor markets in the normal course of our investment process and look for opportunities as they present themselves.

PERFORMANCE

For the year ended October 31, 2017, Transamerica Concentrated Growth Class I returned 20.97%. By comparison, its benchmark, the Russell 1000^® Growth Index, returned 29.71%.

STRATEGY REVIEW

The Fund employs a concentrated approach, investing in 25 to 30 stocks, with a long-term orientation, quality focus and valuation discipline. Our investment philosophy is based on the view that selective investments in diverse growth businesses with superior operating and financial characteristics have the potential to generate excess returns with below-market risk. We believe risk is systematically mispriced in the market, and that a focus on low volatility in underlying business fundamentals improves the probability of generating attractive returns over time.

The Fund’s relative performance was disappointing as the strategy experienced style headwinds associated with the benchmark’s narrow, momentum-based leadership. Accelerating corporate earnings, synchronized global growth, an absence of inflation, and accommodative interest rates explain the market’s advance and resilience during this period of heightened geopolitical uncertainty. We continue to evaluate the potential impact of the primary policy changes proposed by the new administration and believe the Fund’s exposure to both risks and opportunities is balanced. We remain focused on identifying attractive investment opportunities as they emerge from the intersection of economic fundamentals, politics and geopolitical events.

At the security level, top contributors for the period include Apple, Inc., Albemarle Corp., and Adobe Systems, Inc. Primary detractors include Akamai Technologies, Inc. (no longer held at period end), O’Reilly Automotive, Inc., and Hanesbrands, Inc. An underweight allocation to the Consumer Staples sector and strong security selection in the Materials sector accounted for the largest contributions to the Fund’s performance, whereas selection in the Information Technology and Consumer Discretionary sector accounted for the largest detractors. The Fund’s largest sector weights are Information Technology and Health Care. The largest relative sector overweights are Health Care and Energy; the largest relative underweights are Consumer Discretionary and Industrials.

Nicholas C. Haffenreffer

Portfolio Manager

Torray LLC


Asset Allocation	Percentage of Net Assets
Common Stocks		98.8	%
Securities Lending Collateral		2.0
Repurchase Agreement		1.0
Net Other Assets (Liabilities)		(1.8	)
Total		100.0	%


Transamerica Funds		Annual Report 2017

Page 32

Transamerica Concentrated Growth

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		13.88	%		N/A			6.85	%		03/01/2014
Class A (NAV)		20.50	%		N/A			8.51	%		03/01/2014
Class C (POP)		18.75	%		N/A			7.75	%		03/01/2014
Class C (NAV)		19.75	%		N/A			7.75	%		03/01/2014
Class I (NAV)		20.97	%		13.36	%		12.41	%		12/31/2010
Russell 1000^® Growth Index^(A)		29.71	%		16.83	%		14.54	%
Class I2 (NAV)		21.02	%		N/A			8.93	%		03/01/2014
Class T1 (POP)		N/A			N/A			7.81	%^(B)		03/17/2017
Class T1 (NAV)		N/A			N/A			10.60	%^(B)		03/17/2017
Advisor Class (NAV)		N/A			N/A			19.12	%^(B)		12/16/2016

^(B) Not annualized.

The performance data presented represents past performance; future results may vary. 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 2.5% for T1 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, I2 and Advisor Class shares.

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. 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 2017

Page 33

Transamerica Concentrated Growth

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Shares		Value
COMMON STOCKS - 98.8%
Aerospace & Defense - 3.0%
United Technologies Corp.		56,756		$ 6,797,099

Biotechnology - 5.8%
BioMarin Pharmaceutical, Inc. ^(A)		85,327		7,004,493
Incyte Corp. ^(A)		54,582		6,181,412

				13,185,905

Capital Markets - 7.0%
BlackRock, Inc.		14,214		6,692,377
Charles Schwab Corp.		201,870		9,051,851

				15,744,228

Chemicals - 6.4%
Albemarle Corp.		48,868		6,885,012
Sherwin-Williams Co.		19,245		7,604,662

				14,489,674

Distributors - 3.3%
LKQ Corp. ^(A)		197,772		7,454,027

Electronic Equipment, Instruments & Components - 3.3%
Amphenol Corp., Class A		86,059		7,487,133

Equity Real Estate Investment Trusts - 4.1%
American Tower Corp., Class A		65,025		9,342,142

Health Care Equipment & Supplies - 7.0%
Cooper Cos., Inc.		32,054		7,701,294
Danaher Corp.		86,734		8,002,946

				15,704,240

Health Care Technology - 3.7%
Cerner Corp. ^(A)		123,423		8,333,521

Household Products - 2.9%
Colgate-Palmolive Co.		93,942		6,618,214

Internet Software & Services - 9.2%
Alphabet, Inc., Class A ^(A)		11,233		11,604,138
Facebook, Inc., Class A ^(A)		51,148		9,209,709

				20,813,847

IT Services - 11.5%
Accenture PLC, Class A		47,364		6,742,739
Fiserv, Inc. ^(A)		69,319		8,971,958
Visa, Inc., Class A		92,063		10,125,089

				25,839,786

Life Sciences Tools & Services - 3.5%
Lonza Group AG, ADR ^(A)		301,217		7,987,070

Oil, Gas & Consumable Fuels - 5.2%
Enbridge, Inc.		142,393		5,476,435
EOG Resources, Inc.		62,828		6,274,632

				11,751,067

Pharmaceuticals - 2.7%
Roche Holding AG, ADR		210,123		6,075,707

Professional Services - 2.8%
Verisk Analytics, Inc. ^(A)		74,295		6,318,790

Software - 6.6%
Adobe Systems, Inc. ^(A)		44,954		7,874,142
Check Point Software Technologies, Ltd. ^(A)		59,466		6,999,743

				14,873,885

Specialty Retail - 2.5%
O’Reilly Automotive, Inc. ^(A)		27,087		5,714,003


	Shares		Value
COMMON STOCKS (continued)
Technology Hardware, Storage & Peripherals - 4.0%
Apple, Inc.		53,571		$ 9,055,642

Textiles, Apparel & Luxury Goods - 4.3%
Hanesbrands, Inc. ^(B)		197,842		4,451,445
NIKE, Inc., Class B		94,070		5,172,909

				9,624,354

Total Common Stocks (Cost $167,656,523)				223,210,334


SECURITIES LENDING COLLATERAL - 2.0%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.00% ^(C)		4,504,849		4,504,849

Total Securities Lending Collateral (Cost $4,504,849)				4,504,849


	Principal		Value
REPURCHASE AGREEMENT - 1.0%
Fixed Income Clearing Corp., 0.12%^(C), dated 10/31/2017, to be repurchased at $2,279,542 on 11/01/2017. Collateralized by a U.S. Government Agency Obligation, 1.70%, due 05/15/2020, and with a value of $2,325,552.		$ 2,279,534		2,279,534

Total Repurchase Agreement (Cost $2,279,534)				2,279,534

Total Investments (Cost $174,440,906)				229,994,717
Net Other Assets (Liabilities) - (1.8)%				(4,055,382	)


Net Assets - 100.0%				$ 225,939,335

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


Transamerica Funds		Annual Report 2017

Page 34

Transamerica Concentrated Growth

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

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	$	223,210,334	$	—	$	—	$	223,210,334
Securities Lending Collateral		4,504,849		—		—		4,504,849
Repurchase Agreement		—		2,279,534		—		2,279,534

Total Investments	$	227,715,183	$	2,279,534	$	—	$	229,994,717

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 $4,406,918. 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, 2017.
(D)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. 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 2017

Page 35

Transamerica Dividend Focused

(unaudited)

MARKET ENVIRONMENT

Equity markets around the world continued to rise in the period as a synchronized global expansion unfolded, buoyed by easy central bank policies both here and abroad. Although lagging the rest of the world, renewed U.S. optimism regarding tax reform and continued strength in profits pushed the S&P 500^® to an all-time high in September 2017. Despite stretched valuations, geopolitical risks such as North Korea and heightened uncertainty surrounding interest rates, markets have not only marched higher but have done so with ultra-low volatility.

The effect on equities was also rapid, as many stocks that had benefited from “lower-for-longer” interest rates began to falter, and the “bond proxies” in the real estate and consumer staples sectors all lagged. Conversely, sectors more geared to better economic growth and higher interest rates outperformed, including financials, materials and energy. While energy was one of the worst-performing sectors, energy stocks bounced back sharply during the third quarter of 2017. The biggest winners were technology stocks, which continued to move sharply higher.

If markets cannot rely on continued easy money policies as an incentive to drive valuations higher, investors must once again look at earnings and fundamentals of the underlying companies. We remain confident in our conservative, defensive style of investing. Importantly, our process also provides downside protection by focusing on undervalued companies with strong fundamentals and a meaningful and growing dividend. If markets fall, or produce modest returns compared to the past eight years, our strategy typically outperforms.

PERFORMANCE

For the year ended October 31, 2017, Transamerica Dividend Focused Class A returned 20.35%, excluding any sales charges. By comparison, its benchmark, the Russell 1000^® Value Index, returned 17.78%.

STRATEGY REVIEW

Our approach to the equity market is based on the underlying philosophy that markets are inefficient. We believe this can best be exploited through adherence to a value-oriented investment process dedicated to the selection of securities on a bottom-up basis and constructing concentrated portfolios.

We stay fully invested with a conservative orientation based on our belief that superior returns can be achieved while taking below average risks. We implement this strategy by constructing portfolios of individual stocks 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 in the portfolio not only pay a dividend, but also that each stock has a consecutive 25-year history of paying cash dividends.

The Fund outperformed its benchmark for the period. Stock selection in industrials and financials were the greatest contributors to relative performance. Sector allocation also modestly benefited performance. The top five contributing stocks included Bank of America Corp., underweight in General Electric Co., Stanley Black & Decker, Inc., American Express Co. and State Street Corp.

The Fund’s significant underweight in information technology and only sector holding, International Business Machines Corp. (no longer held at period end), were the largest detractors. Few tech stocks meet the 25-year dividend paying history requirement. Holdings in health care and consumer discretionary also hurt relative performance as did an overweight within the poorly performing telecommunication services sector. The five largest individual detractors were Target Corp., Occidental Petroleum Corp., Medtronic, Inc. (no longer held at period end), Cardinal Health, Inc. and Altria Group, Inc.

Ray Nixon, Jr.

Brian Quinn, CFA

Lewis Ropp

Co-Portfolio Managers

Barrow, Hanley, Mewhinney & Strauss, LLC


Asset Allocation	Percentage of Net Assets
Common Stocks		99.9	%
Repurchase Agreement		0.1
Net Other Assets (Liabilities)		0.0	*
Total		100.0	%

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


Transamerica Funds		Annual Report 2017

Page 36

Transamerica Dividend Focused

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			5 Year		10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		13.72	%		N/A		10.90	%		01/04/2013
Class A (NAV)		20.35	%		N/A		12.20	%		01/04/2013
Russell 1000^® Value Index^(A)		17.78	%		N/A		12.98	%
Class C (POP)		18.42	%		N/A		11.29	%		01/04/2013
Class C (NAV)		19.42	%		N/A		11.29	%		01/04/2013
Class I (NAV)		20.56	%		N/A		12.37	%		01/04/2013
Class I2 (NAV)		20.67	%		N/A		12.50	%		01/04/2013
Class R6 (NAV)		20.67	%		N/A		8.78	%		05/29/2015
Class T1 (POP)		N/A			N/A		2.90	%^(B)		03/17/2017
Class T1 (NAV)		N/A			N/A		5.50	%^(B)		03/17/2017
Advisor Class (NAV)		N/A			N/A		10.16	%^(B)		12/16/2016

^(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.

^(B) Not annualized.

The performance data presented represents past performance; future results may vary. 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 2.5% for T1 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, I2, R6 and Advisor Class shares.

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 2017

Page 37

Transamerica Dividend Focused

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Shares		Value
COMMON STOCKS - 99.9%
Aerospace & Defense - 7.2%
General Dynamics Corp.		70,145		$ 14,238,032
Raytheon Co.		90,113		16,238,363
United Technologies Corp.		167,900		20,107,704

				50,584,099

Airlines - 1.9%
Southwest Airlines Co.		249,196		13,421,697

Auto Components - 1.8%
Adient PLC		146,339		12,345,158

Banks - 12.9%
Bank of America Corp.		1,049,921		28,757,336
JPMorgan Chase & Co.		267,872		26,950,602
PNC Financial Services Group, Inc.		64,356		8,803,257
Wells Fargo & Co.		455,600		25,577,384

				90,088,579

Building Products - 3.2%
Johnson Controls International PLC		536,997		22,226,306

Capital Markets - 4.3%
State Street Corp.		326,981		30,082,252

Chemicals - 4.1%
DowDuPont, Inc.		399,836		28,912,141

Consumer Finance - 3.7%
American Express Co.		273,692		26,143,060

Diversified Telecommunication Services - 5.1%
AT&T, Inc.		421,437		14,181,355
Verizon Communications, Inc.		449,232		21,504,736

				35,686,091

Electric Utilities - 3.0%
Entergy Corp.		243,170		20,975,844

Equity Real Estate Investment Trusts - 1.3%
HCP, Inc.		342,500		8,850,200

Food Products - 1.4%
Tyson Foods, Inc., Class A		135,900		9,908,469

Health Care Providers & Services - 1.6%
Cardinal Health, Inc.		186,085		11,518,662

Household Durables - 1.1%
Whirlpool Corp.		49,100		8,048,963

Industrial Conglomerates - 2.4%
General Electric Co.		411,200		8,289,792
Honeywell International, Inc.		58,452		8,426,440

				16,716,232

Insurance - 3.9%
Loews Corp.		239,622		11,863,685
XL Group, Ltd.		373,128		15,100,490

				26,964,175

Machinery - 3.1%
Stanley Black & Decker, Inc.		132,658		21,430,900

Multiline Retail - 4.7%
Target Corp.		154,689		9,132,838
Wal-Mart Stores, Inc.		273,589		23,887,056

				33,019,894

Oil, Gas & Consumable Fuels - 14.1%
BP PLC, ADR		635,909		25,862,419
Chevron Corp.		119,500		13,848,855


	Shares		Value
COMMON STOCKS (continued)
Oil, Gas & Consumable Fuels (continued)
ConocoPhillips		359,682		$ 18,397,734
Occidental Petroleum Corp.		254,544		16,435,906
Phillips 66		262,884		23,943,475

				98,488,389

Pharmaceuticals - 12.3%
Johnson & Johnson		193,529		26,979,878
Merck & Co., Inc.		387,714		21,359,164
Pfizer, Inc.		702,066		24,614,434
Sanofi, ADR		269,244		12,729,856

				85,683,332

Road & Rail - 1.5%
Norfolk Southern Corp.		79,169		10,404,390

Tobacco - 5.3%
Altria Group, Inc.		256,837		16,494,072
Philip Morris International, Inc.		194,153		20,316,170

				36,810,242

Total Common Stocks (Cost $535,661,796)				698,309,075


	Principal		Value
REPURCHASE AGREEMENT - 0.1%
Fixed Income Clearing Corp., 0.12%^(A), dated 10/31/2017, to be repurchased at $573,202 on 11/01/2017. Collateralized by a U.S. Government Obligation, 2.13%, due 08/31/2020, and with a value of $588,908.		$ 573,200		573,200

Total Repurchase Agreement (Cost $573,200)				573,200

Total Investments (Cost $536,234,996)				698,882,275
Net Other Assets (Liabilities) - 0.0%				59,496


Net Assets - 100.0%				$ 698,941,771

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


Transamerica Funds		Annual Report 2017

Page 38

Transamerica Dividend Focused

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

SECURITY VALUATION:

Valuation Inputs ^(B)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	698,309,075	$	—	$	—	$	698,309,075
Repurchase Agreement		—		573,200		—		573,200

Total Investments	$	698,309,075	$	573,200	$	—	$	698,882,275

FOOTNOTES TO SCHEDULE OF INVESTMENTS:


(A)		Rate disclosed reflects the yield at October 31, 2017.
(B)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. 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 2017

Page 39

Transamerica Dynamic Allocation

(unaudited)

MARKET ENVIRONMENT

For the 12-month period ended October 31, 2017, equity market indices rose nearly every month in U.S. dollars. Within the broad markets, emerging markets outperformed the U.S. and other developed markets. U.S. equity markets had strong gains through the last two months of calendar year 2016. Major markets ended that year with solid economic prospects and accommodative central banks. Energy stocks recovered briefly on an agreement among Organization of the Petroleum Exporting Countries (“OPEC”) and other producers to limit production; results were mixed over the rest of the year. Overall strong equity market performance broadened internationally as the so-called “Trump Rally” continued, tapering off in March 2017. Positive trends prompted the U.S. Federal Reserve (“Fed”) to modestly raise rates, and set expectations of further hikes, which are expected to continue.

Gains continued in a low volatility environment as solid corporate earnings and growing economies outweighed news events that included cyber and other terror attacks, a deteriorating outlook for trading relationships among some nations, and an active hurricane season. Several U.S. and global indices hit new all-time highs. Volatility continued to be at historic lows despite a small spike in the CBOE Volatility Index in August 2017. While the Eurozone saw largely encouraging economic trends, the U.S. experienced some weakening in growth metrics. Despite robust employment advances during the second quarter of 2017, gains halted in the aftermath of the hurricanes; in October 2017 job and manufacturing growth once again improved. Japan saw positive expectations for demand as preparations for the 2020 Tokyo Olympics heat up and manufacturing confidence was at its highest in a decade.

Global earnings growth continued to be generally positive through October 2017 prompting central banks to move back somewhat on their dovish stances. The Fed plans to pare back its balance sheet against a backdrop of strong employment and low inflation; the Bank of England indicated tightening may be needed due to the possible inflationary pressures around Great Britain’s decision to leave the European Union (“Brexit”); the European Central Bank indicated it would taper monetary stimulus, but insisted that some stimulus continued to be required.

PERFORMANCE

For the year ended October 31, 2017, Transamerica Dynamic Allocation Class A returned 13.73%, excluding any sales charges. By comparison, its primary and secondary benchmarks, the Russell 3000^® Index and the Transamerica Dynamic Allocation Blended Benchmark, returned 23.98%, and 17.01%, 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 risk management strategies that are designed to help the Fund from experiencing significant losses in the event of a major decline in asset values, while allowing the Fund to participate during trending bull markets. In sideways, or oscillating markets, the Fund tends to underperform.

One of the risk 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 (“NAV”). The Dynamic Risk Management strategy seeks to reduce the Fund’s market risk exposure and volatility. Over the one year period this mechanism was not utilized as market volatility was low.

Western Asset will implement the Event Risk Management strategy in an effort to lessen the impact to the Fund of steep 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.

Among the underlying ETF holdings, performance was positive. The iShares Russell 1000 Growth ETF was the best performer, rising 29.47%, followed by the iShares Russell 2000 ETF, up 27.71%. The Western Put Strategy was negative as the S&P 500^® rose over 20%.

The Fund underperformed its benchmark primarily due to the Event Risk Management strategy which declined as equities were positive throughout the period. The relative impacts of the underlying ETF holdings and allocations were mostly muted; the Fund benefited from asset allocation, with an underweight to International Fixed Income.

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

Thomas Picciochi

Ellen Tesler

Adam J. Petryk, CFA

Co-Portfolio Managers

QS Investors, LLC


Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		59.5	%
Securities Lending Collateral		28.5
International Fixed Income Fund		14.9
U.S. Fixed Income Fund		14.7
International Equity Fund		9.9
Repurchase Agreement		0.7
Exchange-Traded Options Purchased		0.5
Net Other Assets (Liabilities)		(28.7	)
Total		100.0	%


Transamerica Funds		Annual Report 2017

Page 40

Transamerica Dynamic Allocation

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		7.47	%		5.94	%		5.93	%		10/31/2012
Class A (NAV)		13.73	%		7.14	%		7.13	%		10/31/2012
Russell 3000^® Index^(A)		23.98	%		15.12	%		15.14	%
Transamerica Dynamic Allocation Blended Benchmark^{(B) (C) (D) (E) (F) (G)}		17.01	%		9.96	%		9.98	%
Class C (POP)		11.82	%		6.34	%		6.34	%		10/31/2012
Class C (NAV)		12.82	%		6.34	%		6.34	%		10/31/2012
Class I (NAV)		13.89	%		7.42	%		7.42	%		10/31/2012
Class T1 (POP)		N/A			N/A			3.79	%^(H)		03/17/2017
Class T1 (NAV)		N/A			N/A			6.42	%^(H)		03/17/2017

^(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 All Country World Index ex-U.S.; 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 All Country World Index ex-U.S. 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.

^(H) Not annualized.

The performance data presented represents past performance; future results may vary. 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 2.5% for T1 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 shares.

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 2017

Page 41

Transamerica Dynamic Allocation

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Shares		Value
EXCHANGE-TRADED FUNDS - 99.0%
International Equity Fund - 9.9%
iShares MSCI EAFE ETF		26,835		$ 1,868,521

International Fixed Income Fund - 14.9%
Vanguard Total International Bond ETF ^(A)		50,874		2,791,965

U.S. Equity Funds - 59.5%
iShares Russell 1000 Growth ETF ^(A)		35,962		4,673,622
iShares Russell 1000 Value ETF ^(A)		38,936		4,648,569
iShares Russell 2000 ETF ^(A)		12,539		1,871,571

				11,193,762

U.S. Fixed Income Fund - 14.7%
iShares Core U.S. Aggregate Bond ETF		25,291		2,768,606

Total Exchange-Traded Funds (Cost $15,522,844)				18,622,854


SECURITIES LENDING COLLATERAL - 28.5%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.00% ^(B)		5,352,247		5,352,247

Total Securities Lending Collateral (Cost $5,352,247)				5,352,247


	Principal		Value
REPURCHASE AGREEMENT - 0.7%
Fixed Income Clearing Corp., 0.12%^(B), dated 10/31/2017, to be repurchased at $140,125 on 11/01/2017. Collateralized by a U.S. Government Obligation, 2.13%, due 08/31/2020, and with a value of $147,227.		$ 140,125		$ 140,125

Total Repurchase Agreement (Cost $140,125)				140,125

Total Investments Excluding Purchased Options (Cost $21,015,216)				24,115,226
Total Purchased Options - 0.5% (Cost $137,324)				91,015

Total Investments (Cost $21,152,540)				24,206,241
Net Other Assets (Liabilities) - (28.7)%				(5,392,378	)


Net Assets - 100.0%				$ 18,813,863

EXCHANGE-TRADED OPTIONS PURCHASED:


Description	Exercise Price			Expiration Date		Notional Amount			Number of Contracts		Premiums Paid		Value
Put - S&P 500^®		USD	2,000.00		12/21/2018		USD	1,287,630		5		$ 27,525		$ 16,180
Put - S&P 500^®		USD	2,025.00		12/21/2018		USD	257,526		1		7,178		3,440
Put - S&P 500^®		USD	2,050.00		12/21/2018		USD	257,526		1		6,083		3,670
Put - S&P 500^®		USD	2,100.00		12/21/2018		USD	1,545,156		6		36,674		25,080
Put - S&P 500^®		USD	2,125.00		12/21/2018		USD	257,526		1		9,173		4,465
Put - S&P 500^®		USD	2,150.00		12/21/2018		USD	257,526		1		6,403		4,780
Put - S&P 500^®		USD	2,200.00		12/21/2018		USD	1,287,630		5		37,325		27,200
Put - S&P 500^®		USD	2,250.00		12/21/2018		USD	257,526		1		6,963		6,200

Total												$ 137,324		$ 91,015

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	$	18,622,854	$	—	$	—	$	18,622,854
Securities Lending Collateral		5,352,247		—		—		5,352,247
Repurchase Agreement		—		140,125		—		140,125
Exchange-Traded Options Purchased		91,015		—		—		91,015

Total Investments	$	24,066,116	$	140,125	$	—	$	24,206,241

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 $5,244,353. 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, 2017.

(C)

The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. 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 2017

Page 42

Transamerica Dynamic Income

(unaudited)

MARKET ENVIRONMENT

PERFORMANCE

For the year ended October 31, 2017, Transamerica Dynamic Income Class A returned 4.12%, 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 8.06% and 10.28%, respectively.

STRATEGY REVIEW

The Fund is designed to generate income at a balanced risk level over a full market cycle. The Fund seeks income across diversified sources and seeks to balance 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 will help mitigate the investor’s drawdown risk.

In a period when both equity and fixed income were generally positive, all but two of the underlying exchange traded fund (“ETF”) holdings returns had gains. Equities and high yield fixed income were the top performers. The iShares Core High Dividend ETF and Global SuperDividend US ETF were the top performers, with respective returns of 11.76% and 11.72%. The top fixed income performer was the VanEck Vectors Emerging Markets High Yield Bond ETF, rising 8.14%. The iShares 20+ Year Treasury Bond ETF, and the Alerian MLP ETF were the Fund’s only negative performing holdings returning (2.74)% and (5.70)% respectively.

Relative to the benchmark, the Fund underperformed primarily due to style selection, chiefly in equities, as the Fund’s yield objective leads to allocations in non-benchmark tracking asset classes. High dividend yielding stocks significantly underperformed standard equity indices over the period. Asset allocation had a modestly positive impact as equities generally outperformed and the Fund was slightly overweight equities as compared to the benchmark. As the Fund is designed to generate income, it has met its income objective with Class I’s 30-day SEC yield of 4.58% as of October 31, 2017.

Thomas Picciochi

Ellen Tesler

Adam J. Petryk, CFA

Co-Portfolio Managers

QS Investors, LLC


Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		47.8	%
U.S. Equity Funds		30.8
International Fixed Income Funds		21.1
Securities Lending Collateral		20.4
Repurchase Agreement		0.6
Net Other Assets (Liabilities)		(20.7	)
Total		100.0	%


Transamerica Funds		Annual Report 2017

Page 43

Transamerica Dynamic Income

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		(0.80	)%		2.51	%		3.40	%		10/31/2011
Class A (NAV)		4.12	%		3.51	%		4.24	%		10/31/2011
iBoxx $ Liquid High Yield Index^(A)		8.06	%		5.25	%		6.31	%
Transamerica Dynamic Income Blended Benchmark^{(A) (B) (C) (D)}		10.28	%		7.24	%		7.73	%
Class C (POP)		2.34	%		2.71	%		3.46	%		10/31/2011
Class C (NAV)		3.34	%		2.71	%		3.46	%		10/31/2011
Class I (NAV)		4.37	%		3.73	%		4.48	%		10/31/2011
Class T1 (POP)		N/A			N/A			0.30	%^(E)		03/17/2017
Class T1 (NAV)		N/A			N/A			2.84	%^(E)		03/17/2017
Advisor Class (NAV)		N/A			N/A			2.59	%^(E)		03/03/2017

^(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^®.

^(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.

^(E) Not annualized.

The performance data presented represents past performance; future results may vary. 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 and 2.5% for T1 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 Advisor Class shares.

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 2017

Page 44

Transamerica Dynamic Income

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Shares		Value
EXCHANGE-TRADED FUNDS - 99.7%
International Fixed Income Funds - 21.1%
iShares Emerging Markets High Yield Bond ETF ^(A)		95,987		$ 4,877,100
VanEck Vectors Emerging Markets High Yield Bond ETF ^(A)		1,047,530		26,062,546
VanEck Vectors J.P. Morgan EM Local Currency Bond ETF ^(A)		2,043,310		37,964,700

				68,904,346

U.S. Equity Funds - 30.8%
Alerian MLP ETF ^(A)		2,400,238		25,730,551
Global SuperDividend US ETF		1,748,673		44,066,560
iShares Core High Dividend ETF		358,393		30,707,112

				100,504,223

U.S. Fixed Income Funds - 47.8%
iShares 20+ Year Treasury Bond ETF ^(A)		203,536		25,332,090
iShares MBS ETF ^(A)		92,727		9,913,444
PowerShares Senior Loan Portfolio ^(A)		116,167		2,685,781
SPDR Bloomberg Barclays Short Term High Yield Bond ETF		2,271,142		63,410,285
Vanguard Long-Term Bond ETF ^(A)		584,039		54,607,646

				155,949,246

Total Exchange-Traded Funds (Cost $321,503,793)				325,357,815


	Shares		Value
SECURITIES LENDING COLLATERAL - 20.4%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.00% ^(B)		66,536,139		$ 66,536,139

Total Securities Lending Collateral (Cost $66,536,139)				66,536,139


	Principal		Value
REPURCHASE AGREEMENT - 0.6%
Fixed Income Clearing Corp., 0.12%^(B), dated 10/31/2017, to be repurchased at $1,962,987 on 11/01/2017. Collateralized by a U.S. Government Obligation, 2.63%, due 08/15/2020, and with a value of $2,004,929.		$ 1,962,981		1,962,981

Total Repurchase Agreement (Cost $1,962,981)				1,962,981

Total Investments (Cost $390,002,913)				393,856,935
Net Other Assets (Liabilities) - (20.7)%				(67,638,843	)


Net Assets - 100.0%				$ 326,218,092

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	$	325,357,815	$	—	$	—	$	325,357,815
Securities Lending Collateral		66,536,139		—		—		66,536,139
Repurchase Agreement		—		1,962,981		—		1,962,981

Total Investments	$	391,893,954	$	1,962,981	$	—	$	393,856,935

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 $65,059,095. 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, 2017.
(C)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. 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 2017

Page 45

Transamerica Emerging Markets Debt

(unaudited)

MARKET ENVIRONMENT

The past 12-month period ended October 31, 2017, yielded excellent returns for the emerging market debt asset class. The returns are more impressive given the negative sentiment at the start of the period. Emerging market debt started on its back foot immediately after the Trump election victory in early November. The anti-trade campaign promises of discarding North American Free Trade Agreement (“NAFTA”) and labeling China a currency manipulator forced spreads wider and the dollar stronger through mid-November after the President Trump election victory. However, the market weakness was short lived and over the next 11 months we witnessed tighter spreads and stronger emerging market currencies resulting in positive total returns, despite U.S. 10-year Treasuries selling off over the same time period. The rationale for the improved asset performance was global growth expectations moving higher throughout the year and economic reforms continuing in countries like Argentina and Brazil. Additional support for asset prices was due to dampened inflation risks and commitment by emerging market corporate management teams to de-leverage their balance sheets.

PERFORMANCE

For the year ended October 31, 2017, Transamerica Emerging Markets Debt Class A returned 8.96%, excluding any sales charges. By comparison, its benchmark, the J.P. Morgan Emerging Markets Bond Index Global, returned 5.89%.

STRATEGY REVIEW

The Fund outperformed its benchmark for the 12-month period ended October 31, 2017, with all asset classes contributing to excess returns. U.S. dollar emerging market corporates led the way higher supported by a stronger growth backdrop, higher commodity prices and management teams focused on deleveraging their balance sheets. In sovereign markets, reform and relative valuations were the key drivers with Brazil and Russian local markets exposure leading the way for the portfolio while Argentinian exposure across both hard and local currency outperformed.

Lower quality assets were a large generator of returns as their yield advantage and correlation to global growth dynamics boosted returns. Corporate management teams did liability management trades to refinance short-term debt or in some cases used asset sales to boost near term cash, all helping high yield names in Brazil and other areas to be the best performing assets in the portfolio. Portfolio holdings like Petrobras Global Finance BV, Braskem Netherlands Finance BV, Digicel Group, Ltd., and Ecopetrol SA all put in stellar returns with stable commodity prices, need for income, and better management decisions.

Hard currency sovereign returns were driven at the country level with reform taking center stage. Ukraine’s willingness to implement their International Monetary Fund (“IMF”) program, Mauricio Macri’s impressive midterm election win in Argentina, and Indonesia continuing down their reform path led all of those assets to outperform. Even Mexican exposure joined as it rallied aggressively post its late 2016 sell off. Turkey was one of the few notable laggards in the Fund as we added exposure in mid-2017, expecting to get more constructive domestic policy, but eventually being disappointed.

Monetary policy diversion was a large factor in our allocation decisions over the year. Adding European based currency exposure in early 2017 along with remaining committed to interest rate cutting cycles in Brazil and Russia were large relative and total return drivers for the Fund. The ability to add to risk in Europe based on our belief that the European Central Bank (“ECB”) and potential European growth was underpriced, added substantially to returns, as did remaining committed to the long end of the local Brazilian bond curve as the central bank aggressively cut rates.

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

Todd Howard, CFA

Scott Moses, CFA

Co-Portfolio Managers

Logan Circle Partners, LP


Fund Characteristics	Years
Average Maturity §		8.80
Duration †		4.83

Credit Quality ‡	Percentage of Net Assets
AAA		6.7	%
AA		4.6
A		8.9
BBB		25.8
BB		23.7
B		19.4
CCC and Below		5.2
Not Rated		12.8
Net Other Assets (Liabilities)^		(7.1	)
Total		100.0	%

§	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 2017

Page 46

Transamerica Emerging Markets Debt

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		3.82	%		2.67	%		5.39	%		08/31/2011
Class A (NAV)		8.96	%		3.69	%		6.22	%		08/31/2011
J.P. Morgan Emerging Markets Bond Index Global^(A)		5.89	%		4.19	%		6.06	%
Class C (POP)		7.26	%		2.97	%		5.49	%		08/31/2011
Class C (NAV)		8.26	%		2.97	%		5.49	%		08/31/2011
Class I (NAV)		9.33	%		4.05	%		6.59	%		08/31/2011
Class I2 (NAV)		9.44	%		4.12	%		6.67	%		08/31/2011
Class R6 (NAV)		9.45	%		N/A			7.21	%		05/29/2015
Class T1 (POP)		N/A			N/A			4.00	%^(B)		03/17/2017
Class T1 (NAV)		N/A			N/A			6.64	%^(B)		03/17/2017
Advisor Class (NAV)		N/A			N/A			12.71	%^(B)		12/16/2016

^(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.

^(B) Not annualized.

The performance data presented represents past performance; future results may vary. 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 and 2.5% for T1 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, I2, R6 and Advisor Class shares.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager. Without such waivers and/or reimbursements, the performance would be lower. Future waiver and/or reimbursements are at the discretion of the Investment Manager.

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 2017

Page 47

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES - 33.2%
Argentina - 1.4%
Banco Hipotecario SA 9.75%, 11/30/2020 ^(A)		$ 2,835,000		$ 3,234,905
Pampa Energia SA
7.38%, 07/21/2023 ^(A)		3,815,000		4,171,703
7.50%, 01/24/2027 ^(A)		5,240,000		5,715,792

				13,122,400

Austria - 1.5%
JBS Investments GmbH
7.25%, 04/03/2024 ^{(A) (B)}		4,025,000		3,974,688
7.75%, 10/28/2020 ^{(A) (B)}		5,585,000		5,699,492
Suzano Austria GmbH 7.00%, 03/16/2047 ^(A) (B)		3,595,000		4,015,615

				13,689,795

Bahrain - 0.6%
Oil and Gas Holding Co. BSCC 7.50%, 10/25/2027 ^(A)		5,030,000		5,218,826

Bermuda - 1.1%
Digicel Group, Ltd. 7.13%, 04/01/2022 ^(A) (B)		8,153,000		7,684,202
Tengizchevroil Finance Co. International, Ltd. 4.00%, 08/15/2026 ^{(A) (B)}		2,245,000		2,207,531

				9,891,733

Brazil - 0.8%
Banco do Brasil SA 4.63%, 01/15/2025 ^{(A) (B)}		4,665,000		4,655,670
Samarco Mineracao SA
4.13%, 11/01/2022 ^{(A) (C) (D)}		2,050,000		1,204,375
5.38%, 09/26/2024 ^{(A) (C) (D)}		800,000		472,000
5.75%, 10/24/2023 ^{(A) (C) (D)}		2,000,000		1,178,400

				7,510,445

Canada - 1.1%
First Quantum Minerals, Ltd. 7.50%, 04/01/2025 ^(A)		7,170,000		7,591,237
Vale Canada, Ltd. 7.20%, 09/15/2032		2,220,000		2,469,750

				10,060,987

Cayman Islands - 1.5%
Braskem Finance, Ltd. 7.25%, 06/05/2018 ^(A)		2,550,000		2,623,950
CSN Islands XI Corp. 6.88%, 09/21/2019 ^(A)		3,975,000		3,698,737
Odebrecht Finance, Ltd.
5.25%, 06/27/2029 ^(E)		2,680,000		991,600
7.13%, 06/26/2042 ^(A)		1,410,000		532,275
Vale Overseas, Ltd.
5.88%, 06/10/2021 ^(B)		2,545,000		2,796,370
6.88%, 11/10/2039		3,120,000		3,736,512

				14,379,444

Chile - 0.1%
SACI Falabella 3.75%, 10/30/2027 ^(A)		1,240,000		1,209,000

Colombia - 1.2%
Banco de Bogota SA 6.25%, 05/12/2026 ^(A)		3,050,000		3,309,250


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Colombia (continued)
Bancolombia SA Fixed until 10/18/2022, 4.88% ^(F), 10/18/2027 ^(B)		$ 3,200,000		$ 3,204,000
Ecopetrol SA 5.88%, 05/28/2045		5,220,000		5,180,850

				11,694,100

Costa Rica - 0.5%
Banco Nacional de Costa Rica 6.25%, 11/01/2023 ^(A) (B)		4,515,000		4,797,187

Dominican Republic - 0.4%
Aeropuertos Dominicanos Siglo XXI SA 6.75%, 03/30/2029 ^(A) (B)		3,255,000		3,531,675

Ecuador - 0.6%
Petroamazonas EP 4.63%, 02/16/2020 ^(A)		5,690,000		5,514,748

India - 0.3%
GMR Hyderabad International Airport, Ltd. 4.25%, 10/27/2027 ^(A)		3,200,000		3,150,029

Indonesia - 1.5%
Pelabuhan Indonesia II PT
4.25%, 05/05/2025 ^{(A) (B)}		5,325,000		5,528,415
5.38%, 05/05/2045 ^(A)		1,650,000		1,743,159
Pertamina Persero PT
4.30%, 05/20/2023 ^(A)		2,770,000		2,925,804
6.00%, 05/03/2042 ^(A)		3,405,000		3,896,829

				14,094,207

Ireland - 0.8%
C&W Senior Financing Designated Activity Co. 6.88%, 09/15/2027 ^(A)		3,035,000		3,171,575
Credit Bank of Moscow Via CBOM Finance PLC Fixed until 10/05/2022, 7.50% ^(F), 10/05/2027 ^(A)		5,140,000		4,761,614

				7,933,189

Kazakhstan - 1.2%
Development Bank of Kazakhstan JSC 4.13%, 12/10/2022 ^(A)		6,765,000		6,866,556
KazMunayGas National Co. JSC 6.38%, 04/09/2021 ^(A)		4,470,000		4,894,650

				11,761,206

Luxembourg - 1.5%
Atento Luxco 1 SA 6.13%, 08/10/2022 ^{(A) (B)}		3,410,000		3,556,630
CSN Resources SA 6.50%, 07/21/2020 ^(E)		2,255,000		2,085,875
Gazprom OAO Via Gaz Capital SA 6.51%, 03/07/2022 ^(A)		2,480,000		2,746,481
MHP SE 8.25%, 04/02/2020 ^(E)		2,625,000		2,835,000
Minerva Luxembourg SA 6.50%, 09/20/2026 ^(A) (B)		3,100,000		3,214,700

				14,438,686

Malaysia - 0.3%
1MDB Energy, Ltd. 5.99%, 05/11/2022 ^(E)		2,500,000		2,712,463

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


Transamerica Funds		Annual Report 2017

Page 48

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Mexico - 2.8%
Banco Mercantil del Norte SA Fixed until 01/06/2028, 7.63% ^(F),01/10/2028 ^{(A) (G)}		$ 6,125,000		$ 6,653,281
BBVA Bancomer SA 6.75%, 09/30/2022 ^(A)		2,410,000		2,736,555
Mexico City Airport Trust 5.50%, 07/31/2047 ^(A) (B)		7,300,000		7,230,650
Petroleos Mexicanos
6.50%, 03/13/2027 ^(A)		3,440,000		3,756,480
6.75%, 09/21/2047 ^(A)		3,780,000		3,896,046
8.63%, 02/01/2022		1,450,000		1,735,230

				26,008,242

Netherlands - 3.5%
Braskem Netherlands Finance BV 4.50%, 01/10/2028 ^(A)		11,175,000		11,122,477
Marfrig Holdings Europe BV
6.88%, 06/24/2019 ^(A)		485,000		501,369
6.88%, 06/24/2019 ^{(B) (E)}		1,670,000		1,726,363
Minejesa Capital BV 4.63%, 08/10/2030 ^(A)		4,665,000		4,766,478
Petrobras Global Finance BV
4.38%, 05/20/2023 ^(B)		3,075,000		3,056,550
5.30%, 01/27/2025 ^(A)		4,485,000		4,499,576
7.38%, 01/17/2027		4,460,000		4,952,830
Teva Pharmaceutical Finance Netherlands III BV 3.15%, 10/01/2026 ^(B)		2,810,000		2,485,580

				33,111,223

Northern Mariana Islands - 0.6%
MTN Mauritius Investment, Ltd. 6.50%, 10/13/2026 ^(A)		4,900,000		5,292,000

Panama - 0.3%
ENA Norte Trust 4.95%, 04/25/2028 ^(A)		2,673,965		2,787,608

Paraguay - 0.3%
Telefonica Celular del Paraguay SA 6.75%, 12/13/2022 ^(A)		2,680,000		2,755,201

Peru - 0.8%
Petroleos del Peru SA 5.63%, 06/19/2047 ^(A)		7,330,000		7,714,825

Republic of South Africa - 0.8%
Eskom Holdings SOC, Ltd. 7.13%, 02/11/2025 ^(A) (B)		7,800,000		7,981,475

Turkey - 3.0%
Finansbank AS 4.88%, 05/19/2022 ^{(A) (B)}		9,135,000		9,010,855
Turkiye Is Bankasi 6.13%, 04/25/2024 ^(A)		7,590,000		7,564,771
Turkiye Vakiflar Bankasi TAO
5.00%, 10/31/2018 ^(A)		2,050,000		2,068,057
5.63%, 05/30/2022 ^(A)		4,590,000		4,578,525
Yapi ve Kredi Bankasi AS
5.50%, 12/06/2022 ^(A)		1,580,000		1,533,295
5.50%, 12/06/2022 ^(E)		3,200,000		3,105,408

				27,860,911


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
United Arab Emirates - 1.5%
Abu Dhabi Crude Oil Pipeline LLC 4.60%, 11/02/2047 ^(A) (H)		$ 6,995,000		$ 7,147,589
Acwa Power Management And Investments One, Ltd. 5.95%, 12/15/2039 ^(A)		6,405,000		6,629,687

				13,777,276

United States - 1.3%
Braskem America Finance Co. 7.13%, 07/22/2041 ^(A) (B)		4,700,000		5,675,250
Stillwater Mining Co. 7.13%, 06/27/2025 ^(A) (B)		6,220,000		6,383,275

				12,058,525

Venezuela - 1.3%
Petroleos de Venezuela SA
5.38%, 04/12/2027 ^(E)		7,215,000		2,085,135
5.50%, 04/12/2037 ^(E)		12,230,000		3,516,125
6.00%, 11/15/2026 ^(E)		8,190,000		2,272,725
8.50%, 10/27/2020 ^(E)		4,961,250		4,125,279

				11,999,264

Virgin Islands, British - 0.6%
Gerdau Trade, Inc. 4.88%, 10/24/2027 ^(A)		6,095,000		6,114,809

Total Corporate Debt Securities (Cost $304,192,632)				312,171,479


FOREIGN GOVERNMENT OBLIGATIONS - 60.7%
Angola - 0.7%
Angola Government International Bond 9.50%, 11/12/2025 ^(A)		3,225,000		3,515,250
Republic of Angola Via Northern Lights III BV 7.00%, 08/17/2019 ^(E)		2,935,000		3,023,520

				6,538,770

Argentina - 6.0%
Argentina Bonos del Tesoro 21.20%, 09/19/2018		ARS 87,024,365		4,831,210
Argentina POM Politica Monetaria ARPP7DR, 26.25% ^(F), 06/21/2020		98,139,751		5,965,510
Argentina Republic Government International Bond
2.50% ^(I), 12/31/2038		$ 21,250,000		15,268,125
6.25%, 04/22/2019		3,160,000		3,308,520
6.88%, 04/22/2021		12,120,000		13,210,800
Argentina Republic Government International Bond, Interest Only STRIPS 5.00% Argentina GDP growth over base of 3.00%, 0.00% ^{(F) (J)}, 12/15/2035		19,120,000		2,160,560
Argentine Bonos del Tesoro 22.75%, 03/05/2018		ARS 58,838,000		3,297,564
Provincia de Buenos Aires 6.50%, 02/15/2023 ^(A)		$ 7,939,000		8,412,164

				56,454,453

Bahrain - 0.5%
Bahrain Government International Bond 7.50%, 09/20/2047 ^(A)		4,725,000		4,602,594

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


Transamerica Funds		Annual Report 2017

Page 49

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Brazil - 4.2%
Brazil Government International Bond
4.63%, 01/13/2028 ^(B)		$ 7,160,000		$ 7,109,880
5.00%, 01/27/2045		3,140,000		2,905,704
Brazil Notas do Tesouro Nacional Series F, 10.00%, 01/01/2025 - 01/01/2027		BRL 96,576,000		29,818,591

				39,834,175

Canada - 0.1%
Province of British Columbia 6.60%, 01/09/2020 ^(A)		INR 70,000,000		1,098,635

Cayman Islands - 0.5%
KSA Sukuk, Ltd. 2.89%, 04/20/2022 ^(A)		$ 5,015,000		5,020,517

Chile - 2.0%
Bonos de la Tesoreria de la Republica en pesos
4.50%, 03/01/2021 - 03/01/2026		CLP 10,210,000,000		16,168,060
6.00%, 01/01/2022		1,805,000,000		3,074,784

				19,242,844

Colombia - 2.1%
Colombia Government International Bond
2.63%, 03/15/2023 ^(B)		$ 4,290,000		4,208,490
4.38%, 07/12/2021		5,490,000		5,819,400
5.00%, 06/15/2045		2,950,000		3,034,813
Colombia TES Series B, 7.00%, 05/04/2022		COP 19,663,600,000		6,721,828

				19,784,531

Costa Rica - 0.4%
Costa Rica Government International Bond 7.16%, 03/12/2045 ^(A)		$ 3,800,000		4,037,500

Cote d’Ivoire - 0.4%
Ivory Coast Government International Bond 5.75% ^(I), 12/31/2032 ^(A)		4,265,300		4,205,245

Croatia - 1.6%
Croatia Government International Bond
6.00%, 01/26/2024 ^{(A) (B)}		5,210,000		5,932,887
6.75%, 11/05/2019 ^(A)		8,430,000		9,092,598

				15,025,485

Ecuador - 1.2%
Ecuador Government International Bond
8.88%, 10/23/2027 ^(A)		9,535,000		9,735,521
10.50%, 03/24/2020 ^(A)		975,000		1,057,875

				10,793,396


	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Egypt - 0.9%
Egypt Government International Bond 6.13%, 01/31/2022 ^(A)		$ 7,710,000		$ 8,039,402

El Salvador - 0.7%
El Salvador Government International Bond 7.38%, 12/01/2019 ^{(B) (E)}		6,300,000		6,536,250

Ghana - 0.5%
Ghana Government International Bond 8.13%, 01/18/2026 ^(A) (B)		4,105,000		4,453,925

Hungary - 0.8%
Hungary Government Bond 1.75%, 10/26/2022		HUF 1,989,120,000		7,647,858

Indonesia - 3.8%
Indonesia Government International Bond
3.38%, 04/15/2023 ^(A)		$ 7,490,000		7,609,421
4.35%, 01/08/2027 ^{(A) (B)}		4,120,000		4,368,926
4.75%, 07/18/2047 ^{(A) (B)}		8,180,000		8,657,327
5.25%, 01/17/2042 - 01/08/2047 ^(A)		7,335,000		8,251,967
Indonesia Treasury Bond 8.75%, 05/15/2031		IDR 37,000,000,000		3,062,304
Perusahaan Penerbit SBSN Indonesia III 4.55%, 03/29/2026 ^(A)		$ 3,880,000		4,112,800

				36,062,745

Kazakhstan - 0.5%
KazAgro National Management Holding JSC 4.63%, 05/24/2023 ^(A)		4,775,000		4,823,992

Kenya - 0.7%
Kenya Government International Bond
5.88%, 06/24/2019 ^{(A) (B)}		3,885,000		4,006,212
6.88%, 06/24/2024 ^(A)		2,200,000		2,286,240

				6,292,452

Malaysia - 2.2%
Malaysia Government Bond
3.58%, 09/28/2018		MYR 66,930,000		15,885,674
3.76%, 03/15/2019		19,168,000		4,560,146

				20,445,820

Mexico - 3.2%
Mexico Bonos
Series M,
4.75%, 06/14/2018		MXN 123,730,000		6,354,443
8.00%, 12/07/2023		76,970,000		4,191,933
10.00%, 12/05/2024		145,430,000		8,797,598
Mexico Government International Bond
4.00%, 10/02/2023		$ 7,705,000		8,070,987
5.13%, 01/15/2020		2,640,000		2,824,800

				30,239,761

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


Transamerica Funds		Annual Report 2017

Page 50

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Peru - 2.4%
Peru Government Bond 6.15%, 08/12/2032 ^(E)		PEN 19,579,000		$ 6,297,192
Peru Government International Bond
5.70%, 08/12/2024 ^(A)		14,414,000		4,703,425
8.20%, 08/12/2026 ^(A)		31,175,000		11,755,339

				22,755,956

Poland - 0.5%
Republic of Poland Government Bond 2.50%, 07/25/2026		PLN 20,008,000		5,136,190

Qatar - 0.6%
Qatar Government International Bond
4.63%, 06/02/2046 ^{(A) (B)}		$ 2,210,000		2,272,543
5.25%, 01/20/2020 ^(A)		3,160,000		3,341,700

				5,614,243

Republic of Korea - 0.9%
Export-Import Bank of Korea
6.20%, 08/07/2021 ^(A)		INR 395,000,000		6,051,342
6.90%, 01/08/2021 ^(A)		IDR 30,000,000,000		2,220,493

				8,271,835

Republic of South Africa - 3.3%
Republic of South Africa Government Bond
7.00%, 02/28/2031		ZAR 204,108,000		11,522,771
8.75%, 01/31/2044		60,290,307		3,705,026
10.50%, 12/21/2026		115,834,000		8,875,234
Republic of South Africa Government International Bond 4.30%, 10/12/2028		$ 7,025,000		6,498,125

				30,601,156

Russian Federation - 3.3%
Russian Federation Federal Bond - OFZ
7.05%, 01/19/2028		RUB 950,509,000		15,767,754
7.40%, 12/07/2022		395,064,000		6,763,985
7.50%, 02/27/2019		231,438,000		3,965,750
Russian Federation Foreign Bond - Eurobond 4.88%, 09/16/2023 ^(E)		$ 3,800,000		4,133,321

				30,630,810

Saudi Arabia - 1.0%
Saudi Government International Bond
3.63%, 03/04/2028 ^(A)		6,080,000		6,034,400
4.63%, 10/04/2047 ^(A)		3,310,000		3,387,706

				9,422,106

Serbia - 0.4%
Serbia International Bond 7.25%, 09/28/2021 ^(A)		3,060,000		3,519,073

Sri Lanka - 1.2%
Sri Lanka Government International Bond
6.20%, 05/11/2027 ^(A)		5,245,000		5,574,113


	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Sri Lanka (continued)
Sri Lanka Government International Bond (continued)
6.25%, 07/27/2021 ^(E)		$ 5,550,000		$ 5,980,125

				11,554,238

Supranational - 4.5%
Africa Finance Corp. 3.88%, 04/13/2024 ^(A)		2,985,000		3,018,581
Asian Development Bank 5.90%, 12/20/2022, MTN		INR 278,830,000		4,288,187
Banque Ouest Africaine de Developpement
5.00%, 07/27/2027 ^(A)		$ 5,310,000		5,522,400
5.50%, 05/06/2021 ^(A)		5,150,000		5,490,889
Eastern and Southern African Trade and Development Bank 6.38%, 12/06/2018, MTN ^(E)		4,999,000		5,177,014
European Bank for Reconstruction & Development 7.38%, 04/15/2019, MTN		IDR 94,360,000,000		7,062,560
Inter-American Development Bank
5.50%, 08/23/2021, MTN		INR 150,000,000		2,309,170
7.88%, 03/14/2023, MTN		IDR 54,510,000,000		4,287,860
International Bank for Reconstruction & Development
5.75%, 10/28/2019		INR 145,450,000		2,254,930
6.38%, 08/07/2018		194,700,000		3,017,807

				42,429,398

Turkey - 4.6%
Turkey Government Bond
9.20%, 09/22/2021		TRY 36,446,000		8,790,734
11.00%, 02/24/2027		23,891,500		6,108,989
11.10%, 05/15/2019		51,017,000		13,213,007
Turkey Government International Bond
4.25%, 04/14/2026		$ 7,045,000		6,654,002
5.13%, 03/25/2022 ^(B)		4,265,000		4,424,392
6.00%, 03/25/2027		3,590,000		3,780,988

				42,972,112

Ukraine - 2.2%
Ukraine Government International Bond
7.38%, 09/25/2032 ^(A)		7,705,000		7,596,144
7.75%, 09/01/2021 - 09/01/2026 ^(E)		12,135,000		12,799,526

				20,395,670

United Arab Emirates - 0.6%
Abu Dhabi Government International Bond 4.13%, 10/11/2047 ^(A)		5,795,000		5,742,845

United Kingdom - 0.7%
Ukreximbank Via Biz Finance PLC 9.75%, 01/22/2025 ^(E)		5,990,000		6,532,095

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


Transamerica Funds		Annual Report 2017

Page 51

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Venezuela - 0.6%
Venezuela Government International Bond
6.00%, 12/09/2020 ^(E)		$ 9,070,000		$ 3,559,975
8.25%, 10/13/2024 ^(E)		7,085,000		2,391,188

				5,951,163

Zambia - 0.9%
Zambia Government International Bond
5.38%, 09/20/2022 ^{(A) (B)}		5,310,000		5,072,112
8.97%, 07/30/2027 ^(A)		2,785,000		3,036,207

				8,108,319

Total Foreign Government Obligations (Cost $565,806,027)				570,817,559


	Shares		Value
COMMON STOCKS - 0.2%
Colombia - 0.2%
Frontera Energy Corp. ^(D)		46,678		1,395,588

United States - 0.0% ^(K)
NII Holdings, Inc. ^{(B) (D)}		193,157		84,989

Total Common Stocks (Cost $8,649,558)				1,480,577


	Shares		Value
SECURITIES LENDING COLLATERAL - 9.0%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.00% ^(L)		84,063,060		$ 84,063,060

Total Securities Lending Collateral (Cost $84,063,060)				84,063,060


	Principal		Value
REPURCHASE AGREEMENT - 4.1%
Fixed Income Clearing Corp., 0.12%^(L), dated 10/31/2017, to be repurchased at $38,472,726 on 11/01/2017. Collateralized by a U.S. Government Agency Obligation, 1.70%, due 05/15/2020, and with a value of $39,244,938.		$ 38,472,598		38,472,598

Total Repurchase Agreement (Cost $38,472,598)				38,472,598

Total Investments (Cost $1,001,183,875)				1,007,005,273
Net Other Assets (Liabilities) - (7.2)%				(67,238,761	)


Net Assets - 100.0%				$ 939,766,512



FORWARD FOREIGN CURRENCY CONTRACTS:
Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation		Unrealized Depreciation
BCLY		11/30/2017		USD	13,514,210		ZAR	192,997,104	$	—	$	(60,502	)
BOA		11/30/2017		USD	18,028,762		MXN	349,020,598		—		(76,549	)
BOA		11/30/2017		USD	8,399,079		TRY	32,497,718		—		(92,283	)
BOA		11/30/2017		PLN	16,277,292		USD	4,442,674		28,937		—
HSBC		11/30/2017		USD	4,080,616		HUF	1,093,645,897		—		(15,753	)
SCB		11/03/2017		USD	3,936,763		BRL	12,900,378		—		(4,674	)
SCB		11/03/2017		BRL	12,900,378		USD	4,072,089		—		(130,652	)
TDB		11/30/2017		NZD	25,695,039		USD	17,554,208		18,633		—

Total									$	47,570	$	(380,413	)

INVESTMENTS BY INDUSTRY (unaudited):


Industry	Percentage of Total Investments			Value
Foreign Government Obligations		56.7	%	$	570,817,559
Oil, Gas & Consumable Fuels		7.7			77,520,871
Banks		6.8			68,079,929
Metals & Mining		3.5			35,645,465
Electric Utilities		2.5			25,347,911
Chemicals		1.9			19,421,677
Food Products		1.8			17,951,612
Wireless Telecommunication Services		1.6			16,232,766
Transportation Infrastructure		1.3			13,549,933
Marine		0.7			7,271,574
Professional Services		0.7			6,629,687
Energy Equipment & Services		0.5			5,218,826
Construction & Engineering		0.5			4,673,904
Paper & Forest Products		0.4			4,015,615

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


Transamerica Funds		Annual Report 2017

Page 52

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

INVESTMENTS BY INDUSTRY (unaudited) (continued):


Industry	Percentage of Total Investments			Value
Commercial Services & Supplies		0.4	%	$	3,556,630
Diversified Telecommunication Services		0.3			2,755,201
Pharmaceuticals		0.2			2,485,580
Construction Materials		0.2			2,085,875
Multiline Retail		0.1			1,209,000

Investments, at Value		87.8			884,469,615
Short-Term Investments		12.2			122,535,658

Total Investments		100.0	%	$	1,007,005,273

SECURITY VALUATION:

Valuation Inputs ^(M)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Corporate Debt Securities	$	—	$	312,171,479		$	—	$	312,171,479
Foreign Government Obligations		—		570,817,559			—		570,817,559
Common Stocks		1,480,577		—			—		1,480,577
Securities Lending Collateral		84,063,060		—			—		84,063,060
Repurchase Agreement		—		38,472,598			—		38,472,598

Total Investments	$	85,543,637	$	921,461,636		$	—	$	1,007,005,273

Other Financial Instruments
Forward Foreign Currency Contracts ^(N)	$	—	$	47,570		$	—	$	47,570

Total Other Financial Instruments	$	—	$	47,570		$	—	$	47,570


LIABILITIES
Other Financial Instruments
Forward Foreign Currency Contracts ^(N)	$	—	$	(380,413	)	$	—	$	(380,413	)

Total Other Financial Instruments	$	—	$	(380,413	)	$	—	$	(380,413	)

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, 2017, the total value of 144A securities is $454,758,144, representing 48.4% 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 $82,234,054. 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 in default; no interest payments received and/or dividends declared during the last 12 months. At October 31, 2017, the total value of such securities is $2,854,775, representing 0.3% of the Fund net assets.
(D)		Non-income producing securities.
(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, 2017, the total value of Regulation S securities is $81,886,179, representing 8.7% of the Fund’s net assets.
(F)		Floating or variable rate securities. The rates disclosed are as of October 31, 2017. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. In addition, variable rate securities with a floor or ceiling feature are disclosing that 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 their description above.

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


Transamerica Funds		Annual Report 2017

Page 53

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):


(G)		Perpetual maturity. The date displayed is the next call date.
(H)		When-issued, delayed-delivery and/or forward commitment (including TBAs) security. Security to be settled and delivered after October 31, 2017. Security may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(I)		Step bonds. Coupon rates change in increments to maturity. The rates disclosed are as of October 31, 2017; the maturity dates disclosed are the ultimate maturity dates.
(J)		Percentage rounds to less than 0.01% or (0.01)%.
(K)		Percentage rounds to less than 0.1% or (0.1)%.
(L)		Rates disclosed reflect the yields at October 31, 2017.
(M)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(N)		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
HUF		Hungarian Forint
IDR		Indonesian Rupiah
INR		Indian Rupee
MXN		Mexican Peso
MYR		Malaysian Ringgit
NZD		New Zealand Dollar
PEN		Peruvian Sol
PLN		Polish Zloty
RUB		Russian Ruble
TRY		Turkish New Lira
USD		United States Dollar
ZAR		South African Rand

COUNTERPARTY ABBREVIATIONS:


BCLY		Barclays Bank PLC
BOA		Bank of America, N.A.
HSBC		HSBC Bank USA
SCB		Standard Chartered Bank
TDB		Toronto Dominion Bank

PORTFOLIO ABBREVIATIONS:


ARPP7DRR		Argentina Central Bank 7-Day Repo Reference Rate
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 2017

Page 54

Transamerica Emerging Markets Equity

(unaudited)

MARKET ENVIRONMENT

Most equity markets worldwide rallied in 2017 with data continuing to point to a healthy global economy. Emerging markets were strong over the 12-month period.

Against the positive backdrop, central bankers indicated that they want to gradually reduce their levels of monetary stimulus. The U.S. Federal Reserve (“Fed”) announced that it would start the process of quantitative tightening. Reducing the size of the central bank’s balance sheet will begin to reverse the quantitative easing, which has been supportive of asset prices since the global financial crisis. After raising interest rates once in December 2016 and twice in 2017, the Fed suggested that another rate rise is likely for December and forecasted three more in 2018, barring slower inflation. Similar to the Fed, the European Central Bank signaled a departure from easy money policies as well in announcing that while the large-scale purchases of eurozone government bonds will continue deep into 2018, the monthly amount would be reduced. Furthermore, the Bank of England raised interest rates to 0.5% from 0.25%.

As in the U.S., a main risk to the current Chinese growth cycle is tighter monetary policy. Over the longer term, China’s rising debt levels will likely continue to climb as both the private sector and local governments borrow heavily to finance growth. Government policies are focused on stable growth.

PERFORMANCE

For the year ended October 31, 2017, Transamerica Emerging Markets Equity Class A returned 26.75%, excluding any sales charges. By comparison, its benchmark, the MSCI Emerging Markets Index, returned 26.91%.

STRATEGY REVIEW

ClariVest Asset Management LLC employs a strategy of identifying and investing in firms entering or extending a fundamental growth cycle. We manage the 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 positive exposure to valuation (via such measures as earnings to price) relative to the benchmark.

The Fund performed in line with its benchmark for the period. Relative contributors were led by an overweight in information technology and strong stock selection in consumer discretionary and financials. On a country basis, holdings in South Korea, China and Brazil were the largest contributors.

Relative detractors included holdings in energy and, on a country basis, in India.

Top individual contributors included Geely Automobile Holdings, Ltd. (“Geely”), a Chinese auto manufacturer, and Kingboard Chemical Holdings, Ltd. (“Kingboard”), a Hong Kong-based laminates and industrial chemicals producer. Resilient demand driven by SUVs, new energy vehicles, and improved brand appeal, coupled with a strong product pipeline drove outperformance for Geely. Kingboard was helped by a strong outlook for its manufacturing segments and strength in its laminate and chemicals businesses.

Individual detractors included Indian automaker Tata Motors, Ltd. and China’s biggest oil and gas producer, PetroChina Co., Ltd. (“PetroChina”). Higher incentives amid increased competition and corporate governance concerns following the ouster of a board director weighed on Tata Motors, Ltd.’s share price. PetroChina suffered from falling global oil prices and regulator-imposed natural gas price cuts.

David R. Vaughn, CFA

Stacey Nutt

Alex Turner, CFA

Priyanshu Mutreja, CFA

Co-Portfolio Managers

ClariVest Asset Management LLC


Asset Allocation	Percentage of Net Assets
Common Stocks		97.9	%
Repurchase Agreement		1.4
Securities Lending Collateral		0.5
Preferred Stock		0.4
Warrant		0.1
Net Other Assets (Liabilities)		(0.3	)
Total		100.0	%


Transamerica Funds		Annual Report 2017

Page 55

Transamerica Emerging Markets Equity

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		19.83	%		3.02	%		1.64	%		04/30/2012
Class A (NAV)		26.75	%		4.20	%		2.69	%		04/30/2012
MSCI Emerging Markets Index^(A)		26.91	%		5.21	%		4.65	%
Class C (POP)		24.97	%		3.53	%		2.03	%		04/30/2012
Class C (NAV)		25.97	%		3.53	%		2.03	%		04/30/2012
Class I (NAV)		27.20	%		4.57	%		3.04	%		04/30/2012
Class I2 (NAV)		27.35	%		4.67	%		3.15	%		04/30/2012
Class T1 (POP)		N/A			N/A			13.14	%^(B)		03/17/2017
Class T1 (NAV)		N/A			N/A			16.00	%^(B)		03/17/2017
Advisor Class (NAV)		N/A			N/A			34.72	%^(B)		12/16/2016

^(A) The MSCI Emerging Markets Index captures large and mid-cap representation across emerging markets countries.

^(B) Not annualized.

The performance data presented represents past performance; future results may vary. 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 2.5% for T1 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, I2 and Advisor Class shares.


Transamerica Funds		Annual Report 2017

Page 56

Transamerica Emerging Markets Equity

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Shares		Value
COMMON STOCKS - 97.9%
Brazil - 8.0%
Banco Bradesco SA, ADR		68,522		$ 724,278
Banco do Brasil SA ^(A)		195,700		2,060,315
Banco Santander Brasil SA		117,185		1,024,872
Estacio Participacoes SA		184,800		1,656,890
Fibria Celulose SA		96,900		1,550,376
Fleury SA		65,600		579,136
Itau Unibanco Holding SA, ADR		103,116		1,320,916
Kroton Educacional SA		274,300		1,508,470
Lojas Renner SA		49,030		516,784
MRV Engenharia e Participacoes SA		397,100		1,535,571
Petroleo Brasileiro SA, ADR ^(A)		202,900		2,079,725
Qualicorp SA		198,800		2,126,983
Vale SA, ADR ^(A)		237,100		2,321,209

				19,005,525

Chile - 0.6%
Enel Americas SA, ADR		86,500		916,900
Enel Chile SA, ADR		83,030		489,047

				1,405,947

China - 28.5%
Agile Group Holdings, Ltd. ^(B)		898,000		1,307,622
Air China, Ltd., H Shares		638,000		607,627
Alibaba Group Holding, Ltd., ADR ^(A)		54,800		10,131,972
Bank of China, Ltd., Class H		7,045,000		3,512,838
China Cinda Asset Management Co., Ltd., Class H		1,423,000		552,682
China Communications Construction Co., Ltd., Class H		2,807,000		3,407,374
China Construction Bank Corp., Class H		5,856,000		5,224,416
China Petroleum & Chemical Corp., ADR		23,223		1,710,142
China Railway Group, Ltd., H Shares		2,188,000		1,758,500
China Shenhua Energy Co., Ltd., Class H		953,000		2,277,017
CIFI Holdings Group Co., Ltd.		1,548,000		863,153
Geely Automobile Holdings, Ltd.		975,000		3,018,208
Guangzhou Automobile Group Co., Ltd., Class H		1,022,000		2,541,441
Industrial & Commercial Bank of China, Ltd., Class H		2,386,000		1,893,165
JD.com, Inc., ADR ^(A)		53,900		2,022,328
KWG Property Holding, Ltd.		1,623,500		1,610,722
Lonking Holdings, Ltd.		1,274,000		571,564
Momo, Inc., ADR ^(A)		32,500		990,275
NetEase, Inc., ADR		7,719		2,176,141
PetroChina Co., Ltd., Class H		3,942,000		2,571,946
Sinopec Shanghai Petrochemical Co., Ltd., Class H		1,544,000		920,296
Sinopharm Group Co., Ltd., Class H		199,200		891,132
Sunny Optical Technology Group Co., Ltd.		120,000		1,756,608
Tencent Holdings, Ltd.		322,500		14,460,289
Tianneng Power International, Ltd.		524,000		505,099
West China Cement, Ltd. ^(A)		4,570,000		726,382

				68,008,939

Hong Kong - 3.5%
Brilliance China Automotive Holdings, Ltd.		982,000		2,482,252
China Gas Holdings, Ltd.		332,000		1,008,588
China Mobile, Ltd.		131,000		1,315,642
China Overseas Land & Investment, Ltd.		392,000		1,271,259
Kingboard Chemical Holdings, Ltd.		263,800		1,563,918


	Shares		Value
COMMON STOCKS (continued)
Hong Kong (continued)
Nine Dragons Paper Holdings, Ltd.		443,000		$ 813,157

				8,454,816

Hungary - 1.3%
MOL Hungarian Oil & Gas PLC		103,016		1,233,606
OTP Bank PLC		43,444		1,752,003

				2,985,609

India - 5.7%
HDFC Bank, Ltd., ADR		35,361		3,263,820
ICICI Bank, Ltd., ADR		244,020		2,232,783
Infosys, Ltd., ADR ^(B)		45,740		679,239
State Bank of India, GDR		23,422		1,106,689
Tata Motors, Ltd., ADR ^(A)		125,435		4,109,251
Vedanta, Ltd., ADR		105,100		2,165,060

				13,556,842

Indonesia - 1.2%
Adaro Energy Tbk PT		5,784,200		778,334
Bank Central Asia Tbk PT		431,800		665,410
Telekomunikasi Indonesia Persero Tbk PT		4,807,300		1,428,455

				2,872,199

Malaysia - 4.0%
AirAsia Bhd.		641,800		506,345
CIMB Group Holdings Bhd.		1,595,600		2,314,157
Malayan Banking Bhd.		1,170,500		2,557,488
Malaysia Airports Holdings Bhd.		254,600		497,954
Petronas Chemicals Group Bhd.		1,351,300		2,352,447
Tenaga Nasional Bhd.		346,700		1,228,416

				9,456,807

Mexico - 3.9%
America Movil SAB de CV, Class L, ADR		220,400		3,773,248
Arca Continental SAB de CV		73,200		465,848
Fomento Economico Mexicano SAB de CV, ADR		15,100		1,325,025
Gruma SAB de CV, Class B		84,620		1,110,641
Grupo Financiero Banorte SAB de CV, Class O		368,600		2,184,097
Industrias Penoles SAB de CV		21,615		503,966

				9,362,825

Peru - 1.0%
Cia de Minas Buenaventura SAA, ADR		47,600		656,404
Credicorp, Ltd.		7,905		1,655,623

				2,312,027

Poland - 0.5%
KGHM Polska Miedz SA		36,525		1,233,739

Republic of Korea - 16.7%
CJ CheilJedang Corp.		1,810		591,297
Daelim Industrial Co., Ltd.		12,270		913,391
Hana Financial Group, Inc.		75,421		3,227,953
Hankook Tire Co., Ltd.		15,947		768,633
Hyundai Development Co.-Engineering & Construction		22,612		809,338
Industrial Bank of Korea		77,763		1,065,437
KB Financial Group, Inc.		84,238		4,391,038
Korean Air Lines Co., Ltd. ^(A)		22,595		638,311
KT&G Corp.		7,799		737,889
LG Electronics, Inc.		25,263		2,051,978

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


Transamerica Funds		Annual Report 2017

Page 57

Transamerica Emerging Markets Equity

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Shares		Value
COMMON STOCKS (continued)
Republic of Korea (continued)
Lotte Chemical Corp.		1,608		$ 530,331
POSCO, ADR		23,300		1,700,434
Samsung Electronics Co., Ltd.		6,084		14,955,448
SK Hynix, Inc.		74,134		5,439,206
SK Telecom Co., Ltd.		5,020		1,182,916
Woori Bank		57,002		834,411

				39,838,011

Republic of South Africa - 5.7%
Barclays Africa Group, Ltd.		133,142		1,319,673
FirstRand, Ltd.		347,368		1,259,136
Impala Platinum Holdings, Ltd. ^(A) (B)		194,337		539,079
Mondi, Ltd.		44,767		1,073,838
Naspers, Ltd., N Shares		26,964		6,569,957
Sanlam, Ltd.		167,354		836,844
Sappi, Ltd.		135,063		904,639
Standard Bank Group, Ltd.		97,189		1,127,327

				13,630,493

Russian Federation - 0.7%
Gazprom PJSC, ADR		377,134		1,616,019

Taiwan - 13.6%
Airtac International Group		56,000		907,044
Catcher Technology Co., Ltd.		221,000		2,344,866
CTBC Financial Holding Co., Ltd.		3,948,000		2,526,448
E Ink Holdings, Inc.		1,299,000		1,813,289
FLEXium Interconnect, Inc.		355,543		1,361,601
Foxconn Technology Co., Ltd.		361,910		1,153,187
Grand Pacific Petrochemical		798,000		604,596
Hiwin Technologies Corp.		261,000		2,613,505
Hon Hai Precision Industry Co., Ltd.		1,609,330		5,976,391
Merry Electronics Co., Ltd.		180,000		1,372,702
Pegatron Corp.		756,000		1,955,205
PharmaEngine, Inc.		149,504		840,230
Quanta Computer, Inc.		458,000		1,078,201
Taiwan Semiconductor Manufacturing Co., Ltd., ADR		164,300		6,954,819
Winbond Electronics Corp.		1,227,000		1,061,845

				32,563,929

Thailand - 2.0%
GFPT PCL		760,300		423,406
Kasikornbank PCL		136,200		934,786
PTT Global Chemical PCL		492,500		1,186,032
PTT PCL		132,900		1,680,253
Supalai PCL		876,200		648,842

				4,873,319


	Shares		Value
COMMON STOCKS (continued)
Turkey - 1.0%
Arcelik AS		65,473		$ 357,607
Tekfen Holding AS		424,793		1,434,434
Turkiye Garanti Bankasi AS		236,963		651,507

				2,443,548

Total Common Stocks (Cost $181,530,638)				233,620,594


PREFERRED STOCK - 0.4%
Brazil - 0.4%
Itausa - Investimentos Itau SA 5.60%^(C)		344,000		1,102,045

Total Preferred Stock (Cost $841,346)				1,102,045


WARRANT - 0.1%
Thailand - 0.1%
Supalai Public Co. ^(A) Exercise Price THB 6.08 Expiration Date 10/19/2018		219,050		135,835

Total Warrant (Cost $107,262)				135,835


SECURITIES LENDING COLLATERAL - 0.5%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.00% ^(C)		1,255,374		1,255,374

Total Securities Lending Collateral (Cost $1,255,374)				1,255,374


	Principal		Value
REPURCHASE AGREEMENT - 1.4%
Fixed Income Clearing Corp., 0.12%^(C), dated 10/31/2017, to be repurchased at $3,382,084 on 11/01/2017. Collateralized by a U.S. Government Obligation, 2.13%, due 08/31/2020, and with a value of $3,452,217.		$ 3,382,073		3,382,073

Total Repurchase Agreement (Cost $3,382,073)				3,382,073

Total Investments (Cost $187,116,693)				239,495,921
Net Other Assets (Liabilities) - (0.3)%				(808,739	)


Net Assets - 100.0%				$ 238,687,182

INVESTMENTS BY INDUSTRY (unaudited):


Industry	Percentage of Total Investments			Value
Banks		21.2	%	$	50,673,495
Internet Software & Services		11.6			27,758,677
Technology Hardware, Storage & Peripherals		9.0			21,486,907
Oil, Gas & Consumable Fuels		5.8			13,947,042
Electronic Equipment, Instruments & Components		5.8			13,844,509
Semiconductors & Semiconductor Equipment		5.6			13,455,870

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


Transamerica Funds		Annual Report 2017

Page 58

Transamerica Emerging Markets Equity

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

INVESTMENTS BY INDUSTRY (unaudited) (continued):


Industry	Percentage of Total Investments			Value
Automobiles		5.1	%	$	12,151,152
Metals & Mining		3.8			9,119,891
Construction & Engineering		3.5			8,323,037
Media		2.7			6,569,957
Wireless Telecommunication Services		2.6			6,271,806
Real Estate Management & Development		2.4			5,837,433
Chemicals		2.3			5,593,702
Paper & Forest Products		1.8			4,342,010
Machinery		1.7			4,092,113
Household Durables		1.7			3,945,156
Health Care Providers & Services		1.5			3,597,251
Diversified Consumer Services		1.3			3,165,360
Electric Utilities		1.1			2,634,363
Food Products		0.9			2,125,344
Internet & Direct Marketing Retail		0.9			2,022,328
Beverages		0.8			1,790,873
Airlines		0.7			1,752,283
Diversified Telecommunication Services		0.6			1,428,455
Auto Components		0.5			1,273,732
Diversified Financial Services		0.5			1,259,136
Gas Utilities		0.4			1,008,588
Biotechnology		0.4			840,230
Insurance		0.4			836,844
Tobacco		0.3			737,889
Construction Materials		0.3			726,382
IT Services		0.3			679,239
Capital Markets		0.2			552,682
Multiline Retail		0.2			516,784
Transportation Infrastructure		0.2			497,954

Investments, at Value		98.1			234,858,474
Short-Term Investments		1.9			4,637,447

Total Investments		100.0	%	$	239,495,921

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	$	71,838,607	$	161,781,987	$	—	$	233,620,594
Preferred Stock		1,102,045		—		—		1,102,045
Warrant		—		135,835		—		135,835
Securities Lending Collateral		1,255,374		—		—		1,255,374
Repurchase Agreement		—		3,382,073		—		3,382,073

Total Investments	$	74,196,026	$	165,299,895	$	—	$	239,495,921

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


Transamerica Funds		Annual Report 2017

Page 59

Transamerica Emerging Markets Equity

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

FOOTNOTES TO SCHEDULE OF INVESTMENTS:


(A)		Non-income producing securities.
(B)		All or a portion of the securities are on loan. The total value of all securities on loan is $1,203,270. 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, 2017.
(D)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

CURRENCY ABBREVIATION:


THB		Thai Baht

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 2017

Page 60

Transamerica Event Driven

(unaudited)

MARKET ENVIRONMENT

2017 was firmly positive for investors in the U.S. equity and corporate bond markets. The trailing 12-month period ended October 31, 2017, began with an outcome in the U.S. federal elections that led investors to bid up prices in anticipation of faster economic growth and more pro-business friendly fiscal and regulatory policies. The U.S. economy continued a pace of relatively modest growth for the fourth calendar quarter of 2016 and the first calendar quarter of 2017 before accelerating in the second quarter of 2017 as the headwinds in inventory reduction and net exports faded. Housing, employment, and business confidence surveys in particular helped both actual economic production and perceptions that the U.S. economy is in a steady growth scenario.

Further helping U.S. corporate financial health, particularly exporters, was a new story in 2017 of stronger economic growth in many foreign countries with many economic indicators in Europe showing buoyancy for the first time in years. This outcome is the result of the European Central Bank’s bond buying program, the impact of the end of previous fiscal austerity initiatives, and the economy’s resilience against the uncertainty of the upcoming exit of the United Kingdom from the European Union. The fall in the U.S. dollar as the European economy showed more upside surprise also boosted U.S. exports as the U.S. Dollar Index, an index of the U.S. dollar against a trade-weighted basket of foreign currencies, fell during the year.

Outcomes in the fixed income markets varied depending on the product. While investors in the Bloomberg Barclays US Aggregate Bond Index received a modest return on the year, investors in high yield bonds faired considerably better as positive corporate earnings and a healthy financing environment compressed spreads in addition to the relatively attractive coupons offered by corporate bonds.

PERFORMANCE

For the year ended October 31, 2017, Transamerica Event Driven Class I2 returned 6.55%. By comparison, its benchmark, the BofA Merrill Lynch U.S. Dollar LIBOR 3-Month Constant Maturity Index, returned 1.07%.

STRATEGY REVIEW

Transamerica Event Driven follows a multi–asset strategy driven by proprietary fundamental research to identify catalysts and mispricing in corporate capital structures and to monetize volatility increases as they occur around macroeconomic events. The Fund will express long or short exposures utilizing a variety of securities within a company’s capital structure, including, but not limited to, debt instruments, convertible securities, preferred securities, equity securities and warrants.

The Fund’s exposure to corporate high yield debt and convertible bonds performed well during the year. The Fund, however, did not fully benefit from positions in many special situations as the new presidency with an aggressive agenda of healthcare reforms, tax cuts and corporate cash repatriation created a “wait and see” approach with many companies. Additionally, low volatility across the globe provided fewer opportunities to exploit mispricing in valuations. Given this backdrop, many of our event positions did not yet occur and the Fund lost on its portfolio hedges as the market trended higher.

Positive performance contribution came from several positions including the Fund’s position in Altaba, Inc. (Yahoo) convertible bonds that benefited as the equity rallied due to the prospect of corporate tax cuts. Additionally, the Fund’s exposure to Clovis Oncology, Inc. (no longer held at period end), a biopharma focusing on anti-cancer drugs, contributed positively as the company showed positive clinical data for its ovarian cancer treatment. The Fund’s long equity position in Japanese automaker Suzuki Motor Corp. rose sharply as the market re-evaluated their accelerating growth prospects in India.

One of the Fund’s bottom performers was regional bank KeyCorp (no longer held at period end), which was unable to benefit from a good environment for U.S. banks. Another bottom performer was a long position in Finisar Corp., a provider of fiber optic equipment. A disappointing earnings report led us to conclude that growth prospects for the company were delayed into 2018, so the position was sold.

During the period, 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		43.5	%
Common Stocks		31.2
Corporate Debt Securities		17.4
Repurchase Agreement		13.7
Securities Lending Collateral		2.2
Master Limited Partnership		1.1
Exchange-Traded Options Purchased		0.7
Common Stocks Sold Short		(11.0	)
Net Other Assets (Liabilities)^		1.2
Total		100.0	%

^	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 2017

Page 61

Transamerica Event Driven

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			10 Years or Since Inception Date of Class			Inception Date
Class I (NAV)		N/A			7.19	%^(B)		11/11/2016
Class I2 (NAV)		6.55	%		1.89	%		03/31/2015
BofA Merrill Lynch U.S. Dollar LIBOR 3-Month Constant Maturity Index^(A)		1.07	%		1.05	%
Advisor Class (NAV)		N/A			4.04	%^(B)		12/16/2016

^(A) The BofA Merrill Lynch U.S. Dollar LIBOR 3-Month Constant Maturity Index represents the London interbank offered rate (“LIBOR”) with a constant 3-month average maturity.

^(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 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 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 2017

Page 62

Transamerica Event Driven

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Shares		Value
COMMON STOCKS - 31.2%
Aerospace & Defense - 1.4%
General Dynamics Corp.		5,969		$ 1,211,588

Auto Components - 0.3%
Goodyear Tire & Rubber Co.		10,072		308,102

Automobiles - 3.1%
General Motors Co.		27,735		1,192,051
Suzuki Motor Corp.		29,900		1,623,785

				2,815,836

Banks - 0.8%
Bank of America Corp.		15,000		410,850
Comerica, Inc.		3,750		294,637

				705,487

Biotechnology - 0.6%
Celgene Corp. ^(A)		2,250		227,183
Flexion Therapeutics, Inc. ^{(A) (B)}		15,300		336,753

				563,936

Capital Markets - 1.3%
Morgan Stanley		22,500		1,125,000

Chemicals - 1.0%
OCI NV ^(A)		37,800		896,698

Construction & Engineering - 2.2%
Vinci SA		19,835		1,941,958

Construction Materials - 0.8%
Buzzi Unicem SpA		15,000		418,123
Martin Marietta Materials, Inc.		1,520		329,612

				747,735

Consumer Finance - 1.4%
Synchrony Financial		37,500		1,223,250

Diversified Financial Services - 1.1%
ORIX Corp.		59,500		1,014,386

Energy Equipment & Services - 0.2%
TechnipFMC PLC ^(A)		5,650		153,610

Food Products - 0.7%
Ezaki Glico Co., Ltd.		11,000		608,504

Hotels, Restaurants & Leisure - 0.4%
Caesars Entertainment Corp. ^(A)		30,000		388,500

Household Products - 0.4%
Spectrum Brands Holdings, Inc. ^(B)		3,375		370,980

Industrial Conglomerates - 1.6%
Seibu Holdings, Inc.		46,500		825,676
Siemens AG		4,336		622,791

				1,448,467

IT Services - 1.3%
Visa, Inc., Class A		10,500		1,154,790

Machinery - 3.5%
Dover Corp.		4,500		429,705
Minebea Mitsumi, Inc.		88,200		1,599,476
Mitsubishi Heavy Industries, Ltd.		21,600		839,456
SMC Corp.		800		304,226

				3,172,863

Metals & Mining - 0.1%
B2Gold Corp. ^(A)		37,000		93,610

Multiline Retail - 2.7%
Don Quijote Holdings Co., Ltd.		18,500		770,393


	Shares		Value
COMMON STOCKS (continued)
Multiline Retail (continued)
Wal-Mart Stores, Inc.		19,293		$ 1,684,472

				2,454,865

Oil, Gas & Consumable Fuels - 1.3%
PDC Energy, Inc. ^(A)		11,250		572,962
Renewable Energy Group, Inc. ^{(A) (B)}		18,750		226,875
Scorpio Tankers, Inc.		22,500		80,100
WPX Energy, Inc. ^(A)		22,500		253,800

				1,133,737

Pharmaceuticals - 0.3%
Novartis AG, ADR		3,320		274,166

Real Estate Management & Development - 1.6%
Mitsui Fudosan Co., Ltd.		47,700		1,101,624
Nexity SA ^(A)		6,000		368,675

				1,470,299

Semiconductors & Semiconductor Equipment - 1.3%
Micron Technology, Inc. ^(A)		21,000		930,510
Veeco Instruments, Inc. ^(A)		15,000		270,750

				1,201,260

Software - 0.4%
Oracle Corp.		7,500		381,750

Specialty Retail - 1.4%
Fnac Darty SA ^(A)		3,890		367,667
Lowe’s Cos., Inc.		11,250		899,437

				1,267,104

Total Common Stocks (Cost $27,585,750)				28,128,481


MASTER LIMITED PARTNERSHIP - 1.1%
Capital Markets - 1.1%
Lazard, Ltd., Class A		22,500		1,069,650

Total Master Limited Partnership (Cost $1,001,116)				1,069,650


	Principal		Value
CONVERTIBLE BONDS - 43.5%
Air Freight & Logistics - 0.7%
Atlas Air Worldwide Holdings, Inc.
2.25%, 06/01/2022 ^(B)		$ 572,000		665,665

Airlines - 1.6%
ANA Holdings, Inc.
Zero Coupon, 09/19/2024 ^(C)		JPY 150,000,000		1,400,004

Auto Components - 0.9%
NHK Spring Co., Ltd. Zero Coupon, 09/20/2019 ^(C)		$ 750,000		838,125

Biotechnology - 1.3%
BioMarin Pharmaceutical, Inc. 0.75%, 10/15/2018 ^(D)		1,125,000		1,186,172

Capital Markets - 1.8%
Bagan Capital, Ltd. Zero Coupon, 09/23/2021 ^(C)		1,500,000		1,635,000

Chemicals - 4.1%
Kansai Paint Co., Ltd. Zero Coupon, 06/17/2022 ^(C)		JPY 130,000,000		1,265,929

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


Transamerica Funds		Annual Report 2017

Page 63

Transamerica Event Driven

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CONVERTIBLE BONDS (continued)
Chemicals (continued)
Mitsubishi Chemical Holdings Corp. Zero Coupon, 03/30/2022 - 03/29/2024 ^(C)		JPY 240,000,000		$ 2,398,312

				3,664,241

Commercial Services & Supplies - 3.2%
Siem Industries, Inc. 2.25%, 06/02/2021 ^(C) (D)		EUR 1,500,000		2,874,266

Construction & Engineering - 1.8%
China Railway Construction Corp., Ltd. Zero Coupon, 01/29/2021 ^(C)		$ 1,500,000		1,653,780

Construction Materials - 1.3%
Cemex SAB de CV 3.72%, 03/15/2020 ^(D)		1,127,000		1,198,142

Diversified Telecommunication Services - 3.1%
Inmarsat PLC 3.88%, 09/09/2023 ^{(C) (D)}		2,600,000		2,782,000

Electronic Equipment, Instruments & Components - 0.9%
Hon Hai Precision Industry Co., Ltd. 0.01%, 11/06/2022 ^(C)		800,000		800,000

Hotels, Restaurants & Leisure - 4.1%
China Lodging Group, Ltd.
0.38%, 11/01/2022 ^(E)		1,340,000		1,366,157
0.38%, 11/01/2022 ^{(E) (F) (G)}		1,340,000		1,355,798
NH Hotel Group SA 4.00%, 11/08/2018 ^(C)		EUR 700,000		986,791

				3,708,746

Household Durables - 1.7%
Sony Corp. Series 6, Zero Coupon, 09/30/2022		JPY 150,000,000		1,553,362

Internet Software & Services - 10.0%
Altaba, Inc. Zero Coupon, 12/01/2018 ^(D)		$ 5,051,000		6,945,125
Zillow Group, Inc. 2.00%, 12/01/2021 ^{(D) (E)}		1,875,000		2,055,469

				9,000,594

Metals & Mining - 2.6%
Aperam SA 0.63%, 07/08/2021 ^(C)		1,400,000		1,865,500
Pretium Resources, Inc. 2.25%, 03/15/2022 ^(E)		469,000		479,845

				2,345,345

Oil, Gas & Consumable Fuels - 1.6%
Chesapeake Energy Corp. 5.50%, 09/15/2026 ^(E)		525,000		464,953
Scorpio Tankers, Inc. 2.38%, 07/01/2019 ^(D) (E)		1,125,000		1,005,469

				1,470,422

Pharmaceuticals - 1.8%
Jazz Investments I, Ltd. 1.88%, 08/15/2021 ^(B) (D)		1,556,000		1,600,735


	Principal		Value
CONVERTIBLE BONDS (continued)
Semiconductors & Semiconductor Equipment - 1.0%
Cypress Semiconductor Corp. 4.50%, 01/15/2022 ^(D)		$ 685,000		$ 921,325

Total Convertible Bonds (Cost $38,191,786)				39,297,924


CORPORATE DEBT SECURITIES - 17.4%
Commercial Services & Supplies - 1.1%
Ahern Rentals, Inc. 7.38%, 05/15/2023 ^(D) (E)		1,042,000		953,430

Diversified Financial Services - 2.6%
Haitong International Securities Group, Ltd. Zero Coupon, 10/25/2021 ^(C)		HKD 18,000,000		2,364,960

Food Products - 1.3%
Pilgrim’s Pride Corp. 5.88%, 09/30/2027 ^(D) (E)		$ 1,125,000		1,170,000

Health Care Equipment & Supplies - 0.8%
Greatbatch, Ltd. 9.13%, 11/01/2023 ^(E)		700,000		757,750

Hotels, Restaurants & Leisure - 1.7%
Silversea Cruise Finance, Ltd. 7.25%, 02/01/2025 ^(D) (E)		956,000		1,025,310
Viking Cruises, Ltd. 6.25%, 05/15/2025 ^(E)		525,000		543,375

				1,568,685

Internet Software & Services - 3.4%
Weibo Corp. 1.25%, 11/15/2022 ^(E)		2,927,000		3,051,397

Metals & Mining - 2.4%
Big River Steel LLC / BRS Finance Corp. 7.25%, 09/01/2025 ^{(D) (E)}		750,000		804,375
U.S. Steel Corp. 6.88%, 08/15/2025 ^(D)		1,358,000		1,377,521

				2,181,896

Oil, Gas & Consumable Fuels - 0.3%
Consol Mining Corp. 11.00%, 11/15/2025 ^(E) (F)		225,000		230,625

Specialty Retail - 1.7%
Staples, Inc. 8.50%, 09/15/2025 ^(E)		265,000		233,863
Zhongsheng Group Holdings, Ltd. Zero Coupon, 10/25/2018 ^(C)		HKD 10,000,000		1,293,037

				1,526,900

Wireless Telecommunication Services - 2.1%
Sprint Corp. 7.88%, 09/15/2023 ^(D)		$ 1,684,000		1,881,870

Total Corporate Debt Securities (Cost $15,245,925)				15,687,513

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


Transamerica Funds		Annual Report 2017

Page 64

Transamerica Event Driven

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Shares			Value
SECURITIES LENDING COLLATERAL - 2.2%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.00% ^(H)		1,961,755			$ 1,961,755

Total Securities Lending Collateral (Cost $1,961,755)					1,961,755


	Principal			Value
REPURCHASE AGREEMENT - 13.7%
Fixed Income Clearing Corp., 0.12%^(H), dated 10/31/2017, to be repurchased at $12,327,254 on 11/01/2017. Collateralized by a U.S. Government Obligation, 2.63%, due 08/15/2020, and with a value of $12,575,906.		$ 12,327,213			12,327,213

Total Repurchase Agreement (Cost $12,327,213)					12,327,213

Total Investments Excluding Purchased Options (Cost $96,313,545)					98,472,536
Total Purchased Options - 0.7% (Cost $703,879)					583,390

Total Investments (Cost $97,017,424)					99,055,926


	Shares			Value
SECURITIES SOLD SHORT - (11.0)%
COMMON STOCKS - (11.0)%
Airlines - (0.2)%
ANA Holdings, Inc.		(4,400	)		(168,176	)

Biotechnology - (0.5)%
BioMarin Pharmaceutical, Inc.		(5,775	)		(474,070	)

Chemicals - (0.1)%
Kansai Paint Co., Ltd.		(4,300	)		(109,934	)

Communications Equipment - (0.0)% ^(I)
Juniper Networks, Inc.		(750	)		(18,623	)


	Shares			Value
SECURITIES SOLD SHORT (continued)
COMMON STOCKS (continued)
Diversified Telecommunication Services - (0.8)%
Inmarsat PLC		(89,810	)		$ (724,767	)

Energy Equipment & Services - (2.2)%
Subsea 7 SA		(123,131	)		(1,943,894	)

Hotels, Restaurants & Leisure - (0.2)%
China Lodging Group, Ltd., ADR		(1,483	)		(198,559	)

Internet Software & Services - (4.8)%
Alibaba Group Holding, Ltd., ADR		(3,750	)		(693,337	)
Altaba, Inc.		(44,132	)		(3,094,536	)
Weibo Corp., ADR		(3,075	)		(284,899	)
Zillow Group, Inc., Class C		(6,750	)		(278,640	)

					(4,351,412	)

Metals & Mining - (0.8)%
APERAM SA		(12,362	)		(651,882	)
Freeport-McMoRan, Inc.		(1,500	)		(20,970	)
Pretium Resources, Inc.		(7,500	)		(84,525	)

					(757,377	)

Pharmaceuticals - (0.4)%
Jazz Pharmaceuticals PLC		(2,385	)		(337,549	)

Semiconductors & Semiconductor Equipment - (0.8)%
Cypress Semiconductor Corp.		(16,027	)		(254,188	)
NVIDIA Corp.		(2,225	)		(460,152	)

					(714,340	)

Specialty Retail - (0.2)%
Zhongsheng Group Holdings, Ltd.		(65,000	)		(133,476	)

Total Common Stocks (Proceeds $9,969,751)					(9,932,177	)

Total Securities Sold Short (Proceeds $9,969,751)					(9,932,177	)
Net Other Assets (Liabilities) - 1.2%					1,121,509


Net Assets - 100.0%					$ 90,245,258

EXCHANGE-TRADED OPTIONS PURCHASED:


Description	Exercise Price			Expiration Date		Notional Amount			Number of Contracts		Premiums Paid		Value
Call - AbbVie, Inc.		USD	87.50		11/17/2017		USD	676,875		75	$	13,912	$	27,300
Call - Advanced Micro Devices, Inc.		USD	15.00		11/03/2017		USD	413,224		376		17,446		376
Call - Cemex SAB de CV ^(G)		USD	9.00		11/17/2017		USD	608,250		750		6,319		1,500
Call - Dover Corp.		USD	90.00		11/17/2017		USD	859,410		90		42,825		51,750
Call - Flexion Therapeutics, Inc.		USD	30.00		11/17/2017		USD	290,532		132		25,672		1,056
Call - FNF Group		USD	35.00		11/17/2017		USD	561,300		150		16,500		37,500
Call - Freeport-McMoRan, Inc.		USD	15.50		11/03/2017		USD	524,250		375		14,601		375
Call - General Motors Co.		USD	45.00		11/17/2017		USD	322,350		75		13,500		1,575
Call - Morgan Stanley		USD	49.50		11/03/2017		USD	2,440,000		488		62,108		48,800
Call - NVIDIA Corp.		USD	200.00		11/03/2017		USD	4,136,200		200		66,905		144,400
Call - Oracle Corp.		USD	49.00		11/03/2017		USD	188,330		37		4,810		7,844
Call - PACCAR, Inc.		USD	70.00		11/17/2017		USD	545,148		76		32,625		19,380
Call - PayPal Holdings, Inc.		USD	70.00		11/17/2017		USD	1,625,344		224		45,610		69,664
Call - Target Corp.		USD	62.00		11/03/2017		USD	442,800		75		12,079		225
Call - Twitter, Inc.		USD	20.50		11/03/2017		USD	1,160,906		563		79,822		20,831
Call - Wal-Mart Stores, Inc.		USD	87.50		11/03/2017		USD	654,825		75		11,380		3,750
Put - Alibaba Group Holding, Ltd.		USD	175.00		11/10/2017		USD	702,582		38		14,189		8,740

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


Transamerica Funds		Annual Report 2017

Page 65

Transamerica Event Driven

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

EXCHANGE-TRADED OPTIONS PURCHASED (continued):


Description	Exercise Price			Expiration Date		Notional Amount			Number of Contracts		Premiums Paid		Value
Put - Bank of America Corp.		USD	27.50		11/03/2017		USD	410,850		150	$	4,350	$	4,650
Put - Bank of America Corp.		USD	27.50		11/10/2017		USD	821,700		300		10,890		12,600
Put - Cemex SAB de CV		USD	8.00		11/17/2017		USD	304,125		375		9,656		4,875
Put - Comerica, Inc.		USD	75.00		11/17/2017		USD	290,709		37		2,283		1,665
Put - Community Health Systems, Inc.		USD	5.50		11/03/2017		USD	354,000		600		28,106		12,000
Put - Crown Castle International Corp. ^(G)		USD	97.50		11/17/2017		USD	803,100		75		9,600		1,500
Put - Dover Corp.		USD	90.00		11/17/2017		USD	716,175		75		2,250		1,875
Put - Flexion Therapeutics, Inc.		USD	20.00		11/17/2017		USD	330,150		150		12,413		6,750
Put - General Dynamics Corp.		USD	195.00		11/17/2017		USD	710,430		35		3,378		2,275
Put - General Motors Co.		USD	41.00		11/10/2017		USD	644,700		150		3,058		1,950
Put - General Motors Co.		USD	42.50		11/03/2017		USD	967,050		225		11,684		6,300
Put - Lowe’s Cos., Inc. ^(G)		USD	78.00		11/10/2017		USD	895,440		112		5,824		5,824
Put - Morgan Stanley		USD	48.50		11/03/2017		USD	3,000,000		600		12,696		6,600
Put - Morgan Stanley		USD	49.00		11/03/2017		USD	1,125,000		225		5,475		4,500
Put - Oracle Corp.		USD	50.00		11/03/2017		USD	381,750		75		1,350		375
Put - SPDR S&P 500 ETF Trust		USD	252.00		11/03/2017		USD	11,571,750		450		22,950		4,050
Put - SPDR S&P 500 ETF Trust		USD	253.00		11/10/2017		USD	9,643,125		375		15,750		15,000
Put - SPDR S&P 500 ETF Trust		USD	256.50		11/01/2017		USD	12,548,920		488		21,960		9,760
Put - Synchrony Financial		USD	32.00		11/03/2017		USD	489,300		150		2,400		1,500
Put - Veeco Instruments, Inc.		USD	19.00		11/17/2017		USD	270,750		150		15,113		22,875
Put - Visa, Inc.		USD	106.00		11/10/2017		USD	824,850		75		2,224		1,500
Put - Wal-Mart Stores, Inc.		USD	85.00		11/03/2017		USD	1,964,475		225		5,126		1,125
Put - Wal-Mart Stores, Inc.		USD	85.00		11/10/2017		USD	654,825		75		3,450		2,325
Put - Walt Disney Co.		USD	94.00		11/10/2017		USD	733,575		75		8,830		4,275
Put - Zillow Group, Inc.		USD	40.00		11/03/2017		USD	309,600		75		2,760		2,175

Total											$	703,879	$	583,390

OVER-THE-COUNTER SWAP AGREEMENTS:



Total Return Swap Agreements ^(J)
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		Pay	Monthly/ Semi-Annually		03/13/2018		USD	—		398,264	$	156,875	$	262,964	$	(106,089	)
Twitter, Inc., 1.00%, 09/15/2021		CITI		Pay	Monthly/Semi-Annually		03/08/2018		USD	—		314,667		1,155		209,436		(208,281	)

Total													$	158,030	$	472,400	$	(314,370	)

FUTURES CONTRACTS:


Description	Long/Short		Number of Contracts			Expiration Date		Notional Amount			Value			Unrealized Appreciation		Unrealized Depreciation
5-Year U.S. Treasury Note		Short		(58	)		12/29/2017		$ (6,809,970	)		$ (6,796,875	)		$ 13,095		$ —



FORWARD FOREIGN CURRENCY CONTRACTS:
Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation		Unrealized Depreciation
SSB		11/13/2017		JPY	34,000,000		USD	303,553	$	—	$	(4,369	)
SSB		11/30/2017		USD	9,124,777		EUR	7,840,400		3,840		(27,081	)
SSB		11/30/2017		USD	3,718,391		HKD	29,000,000		257		(640	)
SSB		11/30/2017		USD	15,567,147		JPY	1,773,544,000		767		(51,811	)
SSB		11/30/2017		EUR	500,000		USD	583,052		338		—

Total									$	5,202	$	(83,901	)

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


Transamerica Funds		Annual Report 2017

Page 66

Transamerica Event Driven

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

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	$	14,671,433		$	13,457,048		$	—	$	28,128,481
Master Limited Partnership		1,069,650			—			—		1,069,650
Convertible Bonds		—			39,297,924			—		39,297,924
Corporate Debt Securities		—			15,687,513			—		15,687,513
Securities Lending Collateral		1,961,755			—			—		1,961,755
Repurchase Agreement		—			12,327,213			—		12,327,213
Exchange-Traded Options Purchased		583,390			—			—		583,390

Total Investments	$	18,286,228		$	80,769,698		$	—	$	99,055,926

Other Financial Instruments
Over-the-Counter Total Return Swap Agreements	$	—		$	158,030		$	—	$	158,030
Futures Contracts ^(L)		13,095			—			—		13,095
Forward Foreign Currency Contracts ^(L)		—			5,202			—		5,202

Total Other Financial Instruments	$	13,095		$	163,232		$	—	$	176,327


LIABILITIES
Securities Sold Short
Common Stocks	$	(6,924,815	)	$	(3,007,362	)	$	—	$	(9,932,177	)

Total Securities Sold Short	$	(6,924,815	)	$	(3,007,362	)	$	—	$	(9,932,177	)

Other Financial Instruments
Forward Foreign Currency Contracts ^(L)	$	—		$	(83,901	)	$	—	$	(83,901	)

Total Other Financial Instruments	$	—		$	(83,901	)	$	—	$	(83,901	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:


(A)		Non-income producing securities.
(B)		All or a portion of the securities are on loan. The total value of all securities on loan is $1,918,554. 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 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, 2017, the total value of Regulation S securities is $22,157,704, representing 24.6% of the Fund’s net assets.
(D)		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 $22,429,552.
(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, 2017, the total value of 144A securities is $15,497,816, representing 17.2% of the Fund’s net assets.
(F)		When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after October 31, 2017. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(G)		Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2017, total value of securities is $1,364,622, representing 1.5% of the Fund’s net assets.
(H)		Rates disclosed reflect the yields at October 31, 2017.
(I)		Percentage rounds to less than 0.1% or (0.1)%.
(J)		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.
(K)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. 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).

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


Transamerica Funds		Annual Report 2017

Page 67

Transamerica Event Driven

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

CURRENCY ABBREVIATIONS:


EUR		Euro
HKD		Hong Kong Dollar
JPY		Japanese Yen
USD		United States Dollar

COUNTERPARTY ABBREVIATIONS:


CITI		Citibank N.A.
SSB		State Street Bank & Trust Co.

PORTFOLIO ABBREVIATION:


ADR		American Depositary Receipt

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


Transamerica Funds		Annual Report 2017

Page 68

Transamerica Flexible Income

(unaudited)

MARKET ENVIRONMENT

Last November, we wrote the fiscal year was “not completely unlike any other 12 month period in the post-crisis era.” The 12 months since then have been, perhaps, the most stunningly divergent in the years since the great recession. A synchronized global recovery is well-underway. The U.S. Federal Reserve (“Fed”) has been raising interest rates and shrinking its balance sheet. The Trump era has taken geopolitical volatility to new heights, while equity market volatility reached historical lows. Stocks hit record highs, credit spreads compressed, and commodity prices found support. One year into the 115th Congress, the promise of massive reforms in taxes, healthcare, and regulation remained just that, promises.

Risk assets and spread products had a very good year as spreads tightened markedly, largely driven by a price-supportive supply/demand environment. The investment grade corporate bond market continued to outperform duration-matched U.S. Treasuries; all major sectors generating strong performance with commodity-related issuers contributed significantly. At the broader sector level, financials outperformed industrials and utilities. Within structured products, commercial mortgage-backed securities (“CMBS”) and asset-backed securities (“ABS”) were the top performers during the trailing 12 months ended October 31, 2017, and Agency residential mortgage-backed securities (“RMBS”) lagged.

PERFORMANCE

For the year ended October 31, 2017, Transamerica Flexible Income Class A returned 4.12%, excluding any sales charges. By comparison, its benchmark, the Bloomberg Barclays US Aggregate Bond Index, returned 0.90%.

STRATEGY REVIEW

Spread compression was the largest active contributor to performance, as risk assets rallied steadily during most of the period. Coupon carry also generated a significant contribution as well, with higher yielding securities generally contributing more to returns than those with lower coupons. The Fund’s shorter than benchmark duration posture also aided returns in the period, as yields across the Treasury curve have risen since the election. This increase hurt longer maturity securities more than those with shorter maturities.

At the asset class level, an overweight to high yield, investment grade corporates, and off-index non-Agency residential mortgage-backed securities holdings drove active returns. An overweight to B and BBB-rated bonds were notable contributors to performance. Structured credits in ABS and CMBS were also additive to returns in the period. Allocation to non-US sovereign bonds was a negligible detractor.

Brian W. Westhoff, CFA

James K. Schaeffer, Jr.

Doug Weih, CFA

Bradley D. Doyle, CFA

Jeremy Mead, CFA

Co-Portfolio Managers

Aegon USA Investment Management, LLC


Fund Characteristics	Years
Average Maturity §		4.92
Duration †		3.41

Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		10.9	%
AAA		4.6
AA		4.9
A		20.4
BBB		34.9
BB		8.1
B		10.8
CCC and Below		5.1
Not Rated		6.8
Net Other Assets (Liabilities)		(6.5	)
Total		100.0	%

§	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 2017

Page 69

Transamerica Flexible Income

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		(0.78	)%		2.64	%		4.47	%		06/29/1987
Class A (NAV)		4.12	%		3.64	%		4.98	%		06/29/1987
Bloomberg Barclays US Aggregate Bond Index^(A)		0.90	%		2.04	%		4.19	%
Class B (POP)		(1.80	)%		2.58	%		4.31	%		10/01/1995
Class B (NAV)		3.20	%		2.76	%		4.31	%		10/01/1995
Class C (POP)		2.41	%		2.93	%		4.28	%		11/11/2002
Class C (NAV)		3.41	%		2.93	%		4.28	%		11/11/2002
Class I (NAV)		4.54	%		3.95	%		6.12	%		11/30/2009
Class I2 (NAV)		4.65	%		4.06	%		5.44	%		11/08/2004
Class R6 (NAV)		4.65	%		N/A			3.69	%		05/29/2015
Class T1 (POP)		N/A			N/A			1.13	%^(B)		03/17/2017
Class T1 (NAV)		N/A			N/A			3.77	%^(B)		03/17/2017
Advisor Class (NAV)		N/A			N/A			5.85	%^(B)		12/16/2016

^(B) Not annualized.

The performance data presented represents past performance; future results may vary. 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 and 2.5% for T1 shares or the maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 6 years) for Class B shares and 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 (5% in the 1st year, decreasing to 0% after 7 years) for Class B shares and (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, I2, R6 and Advisor Class shares.

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 2017

Page 70

Transamerica Flexible Income

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Principal		Value
ASSET-BACKED SECURITIES - 12.1%
Apidos CLO XIX Series 2014-19A, Class CR, 3-Month LIBOR + 2.20%, 3.55%^(A), 10/17/2026^(B)		$ 1,000,000		$ 1,004,792
Benefit Street Partners CLO VII, Ltd. Series 2015-VIIA, Class A2R, 3-Month LIBOR + 1.20%, 0.00%^(A) (C), 07/18/2027^{(B) (D)}		525,000		525,000
BRE Grand Islander Timeshare Issuer LLC Series 2017-1A, Class A, 2.94%, 05/25/2029^(B)		496,218		496,017
BXG Receivables Note Trust Series 2015-A, Class A, 2.88%, 05/02/2030^(B)		2,355,874		2,360,625
CIFC Funding, Ltd. Series 2012-2A, Class A3R, 3-Month LIBOR + 2.70%, 4.02%^(A), 12/05/2024^(B)		1,980,000		1,986,756
Countrywide Asset-Backed Certificates Series 2002-S3, Class A5, 4.93%^(A), 05/25/2032		111,024		110,854
Series 2006-6, Class 2A3, 1-Month LIBOR + 0.28%, 1.52%^(A), 09/25/2036		1,271,841		1,266,738
Diamond Resorts Owner Trust
Series 2013-1, Class A,
1.95%, 01/20/2025 ^(B)		98,183		97,744
Series 2013-2, Class A,
2.27%, 05/20/2026 ^(B)		339,440		338,188
Series 2014-1, Class A,
2.54%, 05/20/2027^(B)		184,324		182,630
Golub Capital Partners CLO, Ltd. Series 2017-34A, Class A1, 3-Month LIBOR + 1.85%, 3.16%^(A), 03/08/2029 ^(B)		530,000		530,787
Green Tree Agency Advance Funding Trust I Series 2016-T1, Class CT1, 3.61%, 10/15/2048^(B)		605,000		601,400
GSAA Home Equity Trust Series 2006-1, Class A3, 1-Month LIBOR + 0.33%, 1.57%^(A), 01/25/2036		1,931,261		1,443,263
GSAMP Trust Series 2006-HE1, Class A2D, 1-Month LIBOR + 0.31%, 1.55%^(A), 01/25/2036		800,961		800,231
Hilton Grand Vacations Trust Series 2013-A, Class A, 2.28%, 01/25/2026^(B)		100,907		100,441
JGWPT XXIII LLC Series 2011-1A, Class A, 4.70%, 10/15/2056^(B)		2,036,927		2,139,015
Lehman XS Trust Series 2005-8, Class 1A3, 1-Month LIBOR + 0.35%, 1.59%^(A), 12/25/2035		1,912,038		1,393,147


	Principal		Value
ASSET-BACKED SECURITIES (continued)
New Residential Advanced Receivables Trust
Series 2016-T2, Class BT2,
3.02%, 10/15/2049^(B)		$ 425,000		$ 424,078
Series 2016-T2, Class CT2,
3.51%, 10/15/2049^(B)		650,000		649,060
Series 2017-T1, Class AT1,
3.21%, 02/15/2051^(B)		900,000		896,999
Series 2017-T1, Class CT1,
3.71%, 02/15/2051^(B)		1,622,000		1,623,313
NRZ Advance Receivables Trust Series 2016-T4, Class AT4, 3.11%, 12/15/2050^(B)		2,900,000		2,887,086
OCP CLO, Ltd. Series 2014-7A, Class A2AR, 3-Month LIBOR + 1.40%, 2.76%^(A), 10/20/2026^(B)		500,000		499,497
Ocwen Master Advance Receivables Trust
Series 2016-T1, Class CT1,
3.61%, 08/17/2048^(B)		1,000,000		1,002,250
Series 2016-T2, Class CT2,
3.81%, 08/16/2049^(B)		1,600,000		1,607,904
Orange Lake Timeshare Trust
Series 2014-AA, Class A,
2.29%, 07/09/2029^(B)		563,831		559,113
Series 2016-A, Class A,
2.61%, 03/08/2029^(B)		1,326,551		1,324,620
Popular ABS Mortgage Pass-Through Trust Series 2006-A, Class A4, 1-Month LIBOR + 0.32%, 1.56%^(A), 02/25/2036		182,579		182,422
SBA Tower Trust Series 2014-1A, Class C, 2.90%^(A), 10/15/2044^(B)		3,245,000		3,270,073
Sierra Timeshare Receivables Funding LLC Series 2014-1A, Class A, 2.07%, 03/20/2030^(B)		89,500		89,349
SoFi Consumer Loan Program LLC Series 2017-1, Class A, 3.28%, 01/26/2026^(B)		1,573,106		1,592,253
Soundview Home Loan Trust Series 2006-3, Class A3, 1-Month LIBOR + 0.16%, 1.40%^(A), 11/25/2036		2,074,859		2,016,549
Spirit Master Funding LLC
Series 2014-1A, Class A2,
5.37%, 07/20/2040^(B)		1,300,000		1,353,475
Series 2014-3A, Class A,
5.74%, 03/20/2042^(B)		4,047,346		4,206,980
SpringCastle America Funding LLC Series 2016-AA, Class A, 3.05%, 04/25/2029^(B)		1,249,221		1,255,737
SPS Servicer Advance Receivables Trust Series 2016-T1, Class CT1, 3.32%, 11/16/2048^(B)		1,450,000		1,441,378
STORE Master Funding I LLC Series 2015-1A, Class A1, 3.75%, 04/20/2045^(B)		3,787,063		3,835,882
STORE Master Funding LLC Series 2013-3A, Class A2, 5.21%, 11/20/2043 ^(B)		628,300		663,900

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


Transamerica Funds		Annual Report 2017

Page 71

Transamerica Flexible Income

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
ASSET-BACKED SECURITIES (continued)
THL Credit Wind River CLO, Ltd. Series 2014-1A, Class CR, 3-Month LIBOR + 2.25%, 3.60%^(A), 04/18/2026 ^(B)		$ 2,000,000		$ 2,006,486
TICP CLO, Ltd. Series 2014-3A, Class B1R, 3-Month LIBOR + 1.60%, 2.96%^(A), 01/20/2027^(B)		1,250,000		1,249,991
Towd Point Mortgage Trust Series 2017-1, Class A1, 2.75%^(A), 10/25/2056 ^(B)		1,324,190		1,328,816
Truman Capital Mortgage Loan Trust Series 2005-1, Class A, 1-Month LIBOR + 0.43%, 1.67% ^(A), 03/25/2037^(B)		153,363		152,392
Welk Resorts LLC Series 2015-AA, Class A, 2.79%, 06/16/2031^(B)		1,433,421		1,423,596
Westgate Resorts LLC Series 2015-1A, Class A, 2.75%, 05/20/2027^(B)		267,397		267,822

Total Asset-Backed Securities (Cost $50,596,832)				53,188,649


CORPORATE DEBT SECURITIES - 57.9%
Aerospace & Defense - 0.4%
Bombardier, Inc. 4.75%, 04/15/2019^(B)		670,000		681,725
7.50%, 03/15/2025^(B)		430,000		443,975
Embraer Netherlands Finance BV 5.40%, 02/01/2027		690,000		739,335

				1,865,035

Airlines - 2.2%
America West Airlines Pass-Through Trust 8.06%, 01/02/2022		654,223		736,001
American Airlines Pass-Through Trust 4.00%, 01/15/2027		2,891,761		3,003,961
Continental Airlines Pass-Through Trust 6.90%, 10/19/2023		236,991		250,926
Delta Air Lines Pass-Through Trust 4.75%, 11/07/2021		1,803,359		1,884,637
Northwest Airlines Pass-Through Trust 7.03%, 05/01/2021		869,741		948,018
United Airlines Pass-Through Trust 3.75%, 03/03/2028		1,828,140		1,887,554
US Airways Pass-Through Trust 3.95%, 05/15/2027		354,442		368,176
Virgin Australia Pass-Through Trust 5.00%, 04/23/2025 ^(B)		487,062		509,565

				9,588,838

Automobiles - 0.6%
Ford Motor Co. 4.35%, 12/08/2026 ^(E)		1,281,000		1,334,871
General Motors Co. 4.88%, 10/02/2023		1,029,000		1,121,960

				2,456,831

Banks - 10.6%
Bank of America Corp. 4.45%, 03/03/2026, MTN		558,000		593,282


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Bank of America Corp. (continued)
5.88%, 02/07/2042, MTN		$ 567,000		$ 731,141
Fixed until 03/10/2026, 6.30%, 03/10/2026 ^(E) (F)		505,000		575,336
Bank One Capital III 8.75%, 09/01/2030		195,000		288,226
Bank One Corp. 8.00%, 04/29/2027		825,000		1,098,756
Barclays Bank PLC 10.18%, 06/12/2021^(B)		2,707,000		3,342,861
BBVA Bancomer SA 6.50%, 03/10/2021^(B)		3,600,000		3,942,000
BNP Paribas SA Fixed until 03/14/2022, 6.75% ^(A), 03/14/2022^{(B) (E) (F)}		385,000		421,094
Citigroup, Inc. 3-Month LIBOR + 0.95%, 2.31%^(A), 07/24/2023		1,010,000		1,014,529
Fixed until 01/30/2023, 5.95%, 01/30/2023^(F)		3,085,000		3,364,964
Commerzbank AG 8.13%, 09/19/2023^(B)		2,435,000		2,959,904
Cooperatieve Rabobank UA Fixed until 06/30/2019, 11.00%, 06/30/2019 ^{(B) (F)}		2,850,000		3,234,750
Discover Bank 3.45%, 07/27/2026		1,420,000		1,401,120
First Horizon National Corp. 3.50%, 12/15/2020		1,320,000		1,357,595
HSBC Holdings PLC Fixed until 09/17/2024, 6.38% ^(A), 09/17/2024 ^(F)		2,805,000		3,046,931
ING Bank NV 5.80%, 09/25/2023 ^(B)		2,240,000		2,551,706
Intesa Sanpaolo SpA 5.02%, 06/26/2024 ^(B)		595,000		608,859
KeyBank NA 3.40%, 05/20/2026, MTN		460,000		458,160
Lloyds Bank PLC 6.50%, 09/14/2020, MTN ^(B)		1,591,000		1,762,951
Macquarie Bank, Ltd. 6.63%, 04/07/2021^(B)		1,000,000		1,120,345
Regions Bank 7.50%, 05/15/2018		2,530,000		2,603,868
Royal Bank of Scotland Group PLC 6.10%, 06/10/2023		3,175,000		3,535,496
Santander Holdings USA, Inc. 3.70%, 03/28/2022 ^(B)		1,784,000		1,825,363
Toronto-Dominion Bank Fixed until 09/15/2026, 3.63% ^(A), 09/15/2031		1,115,000		1,108,502
Wells Fargo & Co. Fixed until 03/15/2018, 7.98%, 03/15/2018 ^(F)		3,205,000		3,270,061
Wells Fargo Bank NA 5.95%, 08/26/2036		459,000		580,526

				46,798,326

Beverages - 1.3%
Anheuser-Busch InBev Finance, Inc. 3.65%, 02/01/2026		1,440,000		1,485,906

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


Transamerica Funds		Annual Report 2017

Page 72

Transamerica Flexible Income

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Beverages (continued)
Constellation Brands, Inc. 2.25%, 11/06/2020		$ 1,382,000		$ 1,379,692
3.70%, 12/06/2026		374,000		384,685
Cott Holdings, Inc. 5.50%, 04/01/2025 ^(B)		1,410,000		1,454,063
Pernod Ricard SA 5.75%, 04/07/2021 ^(B)		777,000		861,242

				5,565,588

Biotechnology - 0.7%
AbbVie, Inc. 3.20%, 05/14/2026		1,517,000		1,506,468
Biogen, Inc. 4.05%, 09/15/2025		807,000		857,214
Celgene Corp. 3.88%, 08/15/2025		454,000		472,031
Gilead Sciences, Inc. 2.95%, 03/01/2027		232,000		228,335

				3,064,048

Building Products - 1.2%
Associated Materials LLC / AMH New Finance, Inc. 9.00%, 01/01/2024 ^(B)		1,900,000		2,052,000
Builders FirstSource, Inc. 10.75%, 08/15/2023 ^(B)		728,000		828,100
Owens Corning 4.20%, 12/15/2022		2,154,000		2,281,363

				5,161,463

Capital Markets - 3.0%
Ameriprise Financial, Inc. 7.30%, 06/28/2019		1,180,000		1,280,120
Deutsche Bank AG 3-Month LIBOR + 1.31%, 2.63% ^(A), 08/20/2020		945,000		957,766
Goldman Sachs Group, Inc. Fixed until 05/10/2019, 5.70%, 05/10/2019 ^(F)		1,665,000		1,719,112
Morgan Stanley
Fixed until 07/15/2019, 5.45%, 07/15/2019 ^(F)		1,425,000		1,477,725
5.75%, 01/25/2021		594,000		655,494
Oaktree Capital Management, LP 6.75%, 12/02/2019 ^(B)		2,335,000		2,532,291
Prospect Capital Corp. 5.88%, 03/15/2023 ^(E)		1,960,000		2,043,145
UBS AG 7.63%, 08/17/2022		1,105,000		1,303,900
UBS Group AG Fixed until 08/10/2021, 7.13% ^(A), 08/10/2021 ^{(F) (G)}		1,055,000		1,157,863

				13,127,416

Commercial Services & Supplies - 0.4%
Steelcase, Inc. 6.38%, 02/15/2021 ^(E)		1,480,000		1,634,684


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Construction & Engineering - 0.4%
SBA Tower Trust 2.88%, 07/10/2046 ^(B)		$ 1,005,000		$ 997,462
3.17%, 04/09/2047 ^(B)		880,000		883,582

				1,881,044

Construction Materials - 0.6%
LafargeHolcim Finance US LLC 3.50%, 09/22/2026 ^(B)		1,867,000		1,858,778
Martin Marietta Materials, Inc. 4.25%, 07/02/2024		709,000		750,233

				2,609,011

Consumer Finance - 1.8%
Ally Financial, Inc. 3.50%, 01/27/2019		650,000		657,930
8.00%, 03/15/2020		500,000		561,875
BMW US Capital LLC 2.80%, 04/11/2026 ^(B)		1,180,000		1,162,002
Capital One Financial Corp. 2.50%, 05/12/2020		1,611,000		1,616,853
Discover Financial Services 3.75%, 03/04/2025		1,705,000		1,723,360
Springleaf Finance Corp. 8.25%, 12/15/2020		1,980,000		2,232,450

				7,954,470

Containers & Packaging - 1.0%
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 4.25%, 09/15/2022 ^(B)		485,000		499,550
6.00%, 02/15/2025 ^(B)		335,000		355,519
Coveris Holdings SA 7.88%, 11/01/2019 ^(B) (E)		420,000		409,500
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC 5.75%, 10/15/2020		2,970,000		3,022,004

				4,286,573

Diversified Financial Services - 0.9%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 4.50%, 05/15/2021		822,000		872,958
ILFC E-Capital Trust I 1.55% + Max of 3-Month LIBOR, 10-Year CMT, or 30-Year CMT, 4.36%, 12/21/2065 ^(B)		1,520,000		1,466,800
Jefferies Group LLC 5.13%, 01/20/2023		1,420,000		1,545,862

				3,885,620

Diversified Telecommunication Services - 1.8%
AT&T, Inc. 3.40%, 05/15/2025		1,945,000		1,920,425
CenturyLink, Inc. 5.80%, 03/15/2022		1,435,000		1,456,525
6.45%, 06/15/2021		405,000		427,320
Frontier Communications Corp. 7.63%, 04/15/2024		1,085,000		830,025
Hughes Satellite Systems Corp. 7.63%, 06/15/2021		2,855,000		3,190,462

				7,824,757

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


Transamerica Funds		Annual Report 2017

Page 73

Transamerica Flexible Income

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electric Utilities - 0.7%
Cleveland Electric Illuminating Co. 3.50%, 04/01/2028 ^(B)		$ 1,180,000		$ 1,182,918
EDP Finance BV 3.63%, 07/15/2024 ^(B)		1,800,000		1,822,932

				3,005,850

Electronic Equipment, Instruments & Components - 0.2%
Arrow Electronics, Inc. 3.50%, 04/01/2022		855,000		873,749

Energy Equipment & Services - 0.7%
Energy Transfer, LP / Regency Energy Finance Corp. 5.88%, 03/01/2022		50,000		55,361
Noble Holding International, Ltd. 6.05%, 03/01/2041		1,061,000		702,912
NuStar Logistics, LP 8.15%, 04/15/2018		1,921,000		1,973,827
Schlumberger Holdings Corp. 3.00%, 12/21/2020 ^(B)		510,000		521,238

				3,253,338

Equity Real Estate Investment Trusts - 2.6%
CBL & Associates, LP 5.25%, 12/01/2023		997,000		1,001,862
EPR Properties 7.75%, 07/15/2020		1,850,000		2,075,339
Government Properties Income Trust 3.75%, 08/15/2019		2,184,000		2,220,623
Hospitality Properties Trust 5.00%, 08/15/2022		1,653,000		1,778,454
iStar, Inc. 5.25%, 09/15/2022		946,000		969,650
Kilroy Realty, LP 6.63%, 06/01/2020		1,796,000		1,975,264
VEREIT Operating Partnership, LP 4.13%, 06/01/2021		1,250,000		1,306,071

				11,327,263

Food & Staples Retailing - 0.7%
CVS Health Corp. 2.13%, 06/01/2021		387,000		381,299
Kroger Co. 2.80%, 08/01/2022 ^(E)		466,000		467,313
Sysco Corp. 3.25%, 07/15/2027		682,000		681,306
Walgreens Boots Alliance, Inc. 3.30%, 11/18/2021		1,529,000		1,569,958

				3,099,876

Food Products - 1.3%
Bunge, Ltd. Finance Corp. 3.75%, 09/25/2027		1,212,000		1,211,301
Conagra Brands, Inc. 3.20%, 01/25/2023		574,000		585,949
Danone SA 2.95%, 11/02/2026 ^(B)		1,951,000		1,895,716
Kraft Heinz Foods Co. 4.88%, 02/15/2025 ^(B)		405,000		433,167
Smithfield Foods, Inc. 2.70%, 01/31/2020 ^(B)		900,000		902,512


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Food Products (continued)
Tyson Foods, Inc. 3.95%, 08/15/2024		$ 490,000		$ 516,529

				5,545,174

Health Care Equipment & Supplies - 1.2%
Abbott Laboratories 3.75%, 11/30/2026		1,224,000		1,262,550
Becton Dickinson and Co. 3.70%, 06/06/2027		861,000		867,330
Mallinckrodt International Finance SA 3.50%, 04/15/2018 ^(E)		2,135,000		2,135,000
Mallinckrodt International Finance SA / Mallinckrodt CB LLC 4.88%, 04/15/2020 ^{(B) (E)}		200,000		199,750
Stryker Corp. 4.63%, 03/15/2046		619,000		680,635

				5,145,265

Health Care Providers & Services - 1.0%
CHS / Community Health Systems, Inc. 6.88%, 02/01/2022 ^(E)		1,200,000		868,500
7.13%, 07/15/2020 ^(E)		1,700,000		1,474,750
Express Scripts Holding Co. 4.50%, 02/25/2026		451,000		479,112
Owens & Minor, Inc. 3.88%, 09/15/2021		1,359,000		1,384,980

				4,207,342

Hotels, Restaurants & Leisure - 1.3%
International Game Technology PLC 6.50%, 02/15/2025 ^(B)		1,542,000		1,730,895
Scientific Games International, Inc. 7.00%, 01/01/2022 ^(B)		1,694,000		1,791,405
10.00%, 12/01/2022		500,000		553,090
Viking Cruises, Ltd. 5.88%, 09/15/2027 ^(B)		1,725,000		1,737,938

				5,813,328

Household Durables - 0.9%
Beazer Homes USA, Inc. 8.75%, 03/15/2022		650,000		722,280
D.R. Horton, Inc. 4.38%, 09/15/2022		1,214,000		1,291,076
Meritage Homes Corp. 4.50%, 03/01/2018		1,675,000		1,683,375
Newell Brands, Inc. 4.20%, 04/01/2026		451,000		475,282

				4,172,013

Independent Power & Renewable Electricity Producers - 0.4%
Dynegy, Inc. 7.63%, 11/01/2024		1,495,000		1,633,288
NRG Energy, Inc. 7.25%, 05/15/2026		320,000		346,800

				1,980,088

Industrial Conglomerates - 0.7%
General Electric Co. Fixed until 01/21/2021, 5.00%, 01/21/2021 ^(F)		2,839,000		2,963,206

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


Transamerica Funds		Annual Report 2017

Page 74

Transamerica Flexible Income

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Insurance - 3.8%
American Financial Group, Inc. 9.88%, 06/15/2019		$ 1,325,000		$ 1,480,775
Athene Global Funding 3.00%, 07/01/2022 ^(B)		1,748,000		1,743,610
Chubb Corp. 3-Month LIBOR + 2.25%, 3.61%, 03/29/2067		2,742,000		2,728,290
CNA Financial Corp. 5.88%, 08/15/2020		2,780,000		3,017,554
Lincoln National Corp. 8.75%, 07/01/2019		192,000		212,756
MetLife Capital Trust IV 7.88%, 12/15/2067 ^(B)		1,281,000		1,726,148
OneBeacon US Holdings, Inc. 4.60%, 11/09/2022		580,000		597,894
Prudential Financial, Inc. Fixed until 09/15/2027, 4.50%, 09/15/2047 ^(E)		2,061,000		2,082,898
Sompo Japan Nipponkoa Insurance, Inc. Fixed until 03/28/2023, 5.33%, 03/28/2073 ^(B)		2,190,000		2,359,725
XLIT, Ltd. 4.45%, 03/31/2025		827,000		844,538

				16,794,188

Leisure Products - 0.1%
Mattel, Inc. 4.35%, 10/01/2020		540,000		542,928

Media - 2.0%
Cablevision Systems Corp. 7.75%, 04/15/2018		2,375,000		2,428,699
Clear Channel Worldwide Holdings, Inc. 7.63%, 03/15/2020 ^(E)		255,000		253,725
7.63%, 03/15/2020		3,505,000		3,500,619
CSC Holdings LLC 10.13%, 01/15/2023 ^(B)		1,050,000		1,202,250
DISH DBS Corp. 5.88%, 07/15/2022		865,000		869,870
Univision Communications, Inc. 6.75%, 09/15/2022 ^(B)		646,000		669,417

				8,924,580

Metals & Mining - 0.1%
Anglo American Capital PLC 4.75%, 04/10/2027 ^(B)		635,000		671,257

Multi-Utilities - 0.8%
Black Hills Corp. 4.25%, 11/30/2023		730,000		778,616
5.88%, 07/15/2020		700,000		758,942
Dominion Energy, Inc. 2.58%, 07/01/2020		1,383,000		1,390,565
2.96%^(H), 07/01/2019		805,000		815,786

				3,743,909

Oil, Gas & Consumable Fuels - 5.5%
Anadarko Petroleum Corp. 5.55%, 03/15/2026 ^(E)		1,823,000		2,051,154
Citgo Holding, Inc. 10.75%, 02/15/2020 ^(B)		1,249,000		1,348,920


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
CITGO Petroleum Corp. 6.25%, 08/15/2022 ^(B)		$ 1,085,000		$ 1,114,837
Energy Transfer, LP 2.50%, 06/15/2018		980,000		983,811
EnLink Midstream Partners, LP 4.85%, 07/15/2026		1,000,000		1,053,354
5.05%, 04/01/2045		1,095,000		1,072,156
EQT Corp. 3.00%, 10/01/2022		1,975,000		1,967,615
Exxon Mobil Corp. 3.04%, 03/01/2026		1,160,000		1,184,664
Lukoil International Finance BV 3.42%, 04/24/2018 ^(B)		1,175,000		1,179,733
ONEOK Partners, LP 4.90%, 03/15/2025		2,825,000		3,048,943
Petrobras Global Finance BV 3.00%, 01/15/2019 ^(E)		1,630,000		1,628,843
6.13%, 01/17/2022		425,000		459,425
Petroleum Co. of Trinidad & Tobago, Ltd. 9.75%, 08/14/2019 ^(B)		1,209,000		1,287,585
Ras Laffan Liquefied Natural Gas Co., Ltd. III 6.75%, 09/30/2019 ^(B)		1,445,000		1,550,485
Sabine Pass Liquefaction LLC 4.20%, 03/15/2028		1,685,000		1,718,808
YPF SA 8.50%, 07/28/2025 ^{(B) (E)}		2,242,000		2,607,446

				24,257,779

Paper & Forest Products - 0.2%
Boise Cascade Co. 5.63%, 09/01/2024 ^(B)		675,000		702,000

Pharmaceuticals - 1.0%
Actavis, Inc. 3.25%, 10/01/2022		958,000		973,624
Allergan Funding SCS 3.80%, 03/15/2025		645,000		660,917
Perrigo Finance Unlimited Co. 4.38%, 03/15/2026		1,082,000		1,126,255
Shire Acquisitions Investments Ireland DAC 3.20%, 09/23/2026		908,000		885,206
Valeant Pharmaceuticals International, Inc. 5.88%, 05/15/2023 ^(B)		689,000		582,205

				4,228,207

Professional Services - 0.3%
Ceridian HCM Holding, Inc. 11.00%, 03/15/2021 ^(B)		1,351,000		1,426,994

Road & Rail - 0.9%
Aviation Capital Group LLC 7.13%, 10/15/2020 ^(B)		3,610,000		4,080,109

Semiconductors & Semiconductor Equipment - 0.6%
KLA-Tencor Corp. 4.13%, 11/01/2021		1,204,000		1,265,879
QUALCOMM, Inc. 3.25%, 05/20/2027		1,561,000		1,560,841

				2,826,720

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


Transamerica Funds		Annual Report 2017

Page 75

Transamerica Flexible Income

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Specialty Retail - 0.1%
Claire’s Stores, Inc. 9.00%, 03/15/2019 ^(B)		$ 810,000		$ 496,125

Technology Hardware, Storage & Peripherals - 1.7%
Apple, Inc. 2.85%, 02/23/2023		1,667,000		1,701,289
Dell International LLC / EMC Corp. 6.02%, 06/15/2026 ^(B)		1,520,000		1,693,849
Hewlett Packard Enterprise Co. 3.60%, 10/15/2020		1,493,000		1,543,784
Western Digital Corp. 7.38%, 04/01/2023 ^(B)		2,240,000		2,452,800

				7,391,722

Tobacco - 0.6%
BAT Capital Corp. 3.56%, 08/15/2027 ^(B)		1,146,000		1,148,842
Reynolds American, Inc. 7.25%, 06/15/2037		340,000		467,086
RJ Reynolds Tobacco Co. 8.13%, 06/23/2019		1,020,000		1,118,229

				2,734,157

Trading Companies & Distributors - 0.3%
International Lease Finance Corp. 8.25%, 12/15/2020		1,257,000		1,463,863

Wireless Telecommunication Services - 1.3%
Crown Castle Towers LLC 3.22%, 05/15/2042 ^(B)		680,000		690,703
4.88%, 08/15/2040 ^(B)		665,000		702,193
6.11%, 01/15/2040 ^(B)		2,892,000		3,077,032
Sprint Communications, Inc. 9.00%, 11/15/2018 ^(B)		1,151,000		1,221,499

				5,691,427

Total Corporate Debt Securities (Cost $245,539,483)			255,066,161


FOREIGN GOVERNMENT OBLIGATIONS - 1.5%
Argentina - 0.5%
Argentina Republic Government International Bond 7.50%, 04/22/2026		2,076,000		2,345,880

Dominican Republic - 0.5%
Dominican Republic International Bond 5.50%, 01/27/2025 ^(G)		1,122,000		1,190,723
5.95%, 01/25/2027 ^(B)		1,122,000		1,207,833

				2,398,556

Indonesia - 0.2%
Indonesia Government International Bond 4.75%, 01/08/2026 ^(B)		780,000		850,351

Mexico - 0.1%
Mexico Bonos Series M, 8.50%, 12/13/2018		MXN 5,328,600		281,962

Mongolia - 0.1%
Mongolia Government International Bond 5.63%, 05/01/2023 ^{(B) (D)}		$ 470,000		471,226


	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Saudi Arabia - 0.1%
Saudi Arabia Government International Bond 2.38%, 10/26/2021 ^(B)		$ 360,000		$ 353,894

Total Foreign Government Obligations (Cost $6,396,620)				6,701,869


LOAN ASSIGNMENTS - 1.5%
Commercial Services & Supplies - 0.5%
Spin Holdco, Inc. Term Loan B, 1-Month LIBOR + 3.75%, 4.99% ^(A), 11/14/2022		2,389,420		2,401,367

Containers & Packaging - 0.6%
Coveris Holdings SA Term Loan B, 3-Month LIBOR + 4.25%, 5.58% ^(A),06/29/2022		2,566,667		2,561,053

Food & Staples Retailing - 0.3%
Albertsons LLC
Term Loan B4,
1-Month LIBOR + 2.75%, 3.99% ^(A), 08/25/2021		312,387		302,625
Term Loan B6,
3-Month LIBOR + 3.00%, 4.32% ^(A), 06/22/2023		916,248		886,798

				1,189,423

Oil, Gas & Consumable Fuels - 0.1%
Chesapeake Energy Corp. Term Loan, 3-Month LIBOR + 7.50%, 8.81% ^(A), 08/23/2021		411,765		441,412

Total Loan Assignments (Cost $6,573,841)				6,593,255


MORTGAGE-BACKED SECURITIES - 14.0%
7 WTC Depositor LLC Trust Series 2012-7WTC, Class A, 4.08%, 03/13/2031 ^(B)		198,477		199,711
Alternative Loan Trust
Series 2004-3T1, Class A3,
5.00%, 05/25/2034		53,821		53,788
Series 2005-14, Class 2A1,
1-Month LIBOR + 0.21%, 1.45% ^(A), 05/25/2035		1,020,320		957,076
Series 2005-14, Class 4A1,
1-Month LIBOR + 0.22%, 1.46% ^(A), 05/25/2035		2,035,006		1,774,439
Series 2006-OC1, Class 2A3A,
1-Month LIBOR + 0.32%, 1.56% ^(A), 03/25/2036		2,116,174		1,834,194
American Home Mortgage Assets Trust Series 2007-2, Class A1, 1-Month LIBOR + 0.13%, 1.36% ^(A), 03/25/2047		766,125		710,311
Banc of America Funding Trust Series 2007-3, Class TA2, 1-Month LIBOR + 0.18%, 1.42% ^(A), 04/25/2037		461,831		380,336

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


Transamerica Funds		Annual Report 2017

Page 76

Transamerica Flexible Income

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
BB-UBS Trust Series 2012-TFT, Class C, 3.47% ^(A), 06/05/2030 ^(B)		$ 2,345,000		$ 2,281,035
BBCMS Mortgage Trust
Series 2017-DELC, Class C,
1-Month LIBOR + 1.20%, 2.44% ^(A), 08/15/2036 ^(B)		2,130,000		2,128,670
Series 2017-DELC, Class D,
1-Month LIBOR + 1.70%, 2.94% ^(A), 08/15/2036 ^(B)		2,130,000		2,128,681
BCAP LLC Trust Series 2009-RR14, Class 1A1, 6.00% ^(A), 05/26/2037 ^(B)		59,035		59,338
BHMS Mortgage Trust Series 2014-ATLS, Class CFX, 4.69% ^(A), 07/05/2033 ^(B)		2,000,000		2,021,433
BX Trust
Series 2017-APPL, Class C,
1-Month LIBOR + 1.40%, 2.64% ^(A), 07/15/2034 ^(B)		1,000,000		1,000,626
Series 2017-SLCT, Class C,
1-Month LIBOR + 1.40%, 2.64% ^(A), 07/15/2034 ^(B)		4,310,000		4,314,057
CGBAM Commercial Mortgage Trust Series 2015-SMRT, Class B, 3.21%, 04/10/2028 ^(B)		2,200,000		2,217,732
CGMS Commercial Mortgage Trust Series 2017-MDRB, Class B, 1-Month LIBOR + 1.75%, 2.99% ^(A), 07/15/2030 ^(B)		2,200,000		2,200,959
Chicago Skyscraper Trust Series 2017-SKY, Class C, 1-Month LIBOR + 1.25%, 2.49% ^(A), 02/15/2030 ^(B)		1,000,000		1,001,255
CHL Mortgage Pass-Through Trust
Series 2005-11, Class 4A1,
1-Month LIBOR + 0.27%, 1.51% ^(A), 04/25/2035		335,706		327,761
Series 2006-3, Class 3A1,
1-Month LIBOR + 0.25%, 1.49% ^(A), 02/25/2036		434,467		412,984
Citigroup Mortgage Loan Trust
Series 2014-A, Class A,
4.00% ^(A), 01/25/2035 ^(B)		183,406		190,910
Series 2015-A, Class A1,
3.50% ^(A),06/25/2058 ^(B)		368,840		373,991
CLNS Trust Series 2017-IKPR, Class C, 1-Month LIBOR + 1.10%, 2.34% ^(A), 06/11/2032 ^(B)		1,725,000		1,724,993
COMM Mortgage Trust Series 2014-PAT, Class D, 1-Month LIBOR + 2.15%, 3.39% ^(A), 08/13/2027 ^(B)		2,755,000		2,758,465
Commercial Mortgage Pass-Through Certificates Series 2012-LTRT, Class B, 3.80%, 10/05/2030 ^(B)		1,175,000		1,127,744


	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Cosmopolitan Hotel Trust Series 2016-CSMO, Class C, 1-Month LIBOR + 2.65%, 3.89% ^(A), 11/15/2033^(B)		$ 1,700,000		$ 1,704,256
CSMC Trust
Series 2014-11R, Class 17A1,
1-Month LIBOR + 0.15%, 1.39% ^(A), 12/27/2036 ^(B)		1,237,355		1,174,249
Series 2015-DEAL, Class D,
1-Month LIBOR + 3.10%, 4.34% ^(A), 04/15/2029 ^(B)		1,000,000		1,001,565
Series 2017-HD. Class C,
1-Month LIBOR + 1.70%, 2.94% ^(A), 02/15/2031 ^(B)		725,000		726,817
GP Portfolio Trust Series 2014-GPP, Class D, 1-Month LIBOR + 3.00%, 4.24% ^(A), 02/15/2027 ^(B)		650,000		651,771
GS Mortgage Securities Trust Series 2013-G1, Class A2, 3.56% ^(A), 04/10/2031 ^(B)		2,000,000		1,984,981
GSR Mortgage Loan Trust Series 2007-OA1, Class 2A1, 1-Month LIBOR + 0.13%, 1.36% ^(A), 05/25/2037		270,007		179,326
Impac CMB Trust Series 2007-A, Class A, 1-Month LIBOR + 0.50%, 1.74% ^(A), 05/25/2037 ^(B)		351,714		344,750
Independent National Mortgage Corp. Index Mortgage Loan Trust Series 2007-AR15, Class 2A1, 3.54%, 08/25/2037		1,115,392		972,692
Jefferies Resecuritization Trust
Series 2009-R2, Class 2A,
3.64% ^(A),12/26/2037 ^(B)		25,260		25,314
Series 2009-R7, Class 1A1,
3.31%, 02/26/2036 ^(B)		346,298		345,661
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2007-LD11, Class AM,
5.99% ^(A), 06/15/2049		1,046,116		1,071,317
Series 2014-DSTY, Class C,
3.80% ^(A), 06/10/2027 ^(B)		2,000,000		1,979,110
Merrill Lynch Mortgage Investors Trust Series 2006-A1, Class 1A1, 3.68%, 03/25/2036		1,760,768		1,477,499
Morgan Stanley Re-REMIC Trust Series 2010-R4, Class 3A, 5.50%, 08/26/2047 ^(B)		74,980		74,784
Morgan Stanley Resecuritization Trust Series 2014-R4, Class 4A, 3.57%, 11/21/2035 ^(B)		1,979,613		2,002,228
Motel 6 Trust Series 2017-MTL6, Class C, 1-Month LIBOR + 1.40%, 2.64% ^(A), 08/15/2034 ^(B)		1,096,424		1,097,113

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


Transamerica Funds		Annual Report 2017

Page 77

Transamerica Flexible Income

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
New Residential Mortgage Loan Trust
Series 2017-1A, Class A1,
4.00% ^(A), 02/25/2057 ^(B)		$ 842,823		$ 873,030
Series 2017-3A, Class A1,
4.00% ^(A),04/25/2057 ^(B)		1,986,264		2,054,858
RALI Trust
Series 2006-QO1, Class 3A1,
1-Month LIBOR + 0.27%, 1.51% ^(A), 02/25/2046		4,880,224		3,304,605
Series 2006-QO2, Class A1,
1-Month LIBOR + 0.22%, 1.46% ^(A), 02/25/2046		114,051		50,847
Series 2007-QH5, Class AI1,
1-Month LIBOR + 0.21%, 1.45% ^(A), 06/25/2037		356,191		315,840
Residential Asset Securitization Trust Series 2004-A4, Class A11, 5.50%, 08/25/2034		2,319,281		2,393,635
SCG Trust Series 2013-SRP1, Class AJ, 1-Month LIBOR + 1.95%, 3.19% ^(A), 11/15/2026 ^(B)		900,000		896,519
Stonemont Portfolio Trust Series 2017-MONT, Class C, 1-Month LIBOR + 1.25%, 2.49% ^(A), 08/20/2030 ^(B)		1,000,000		1,000,000
VSD LLC 3.60%, 12/25/2043		568,650		568,953
Waldorf Astoria Boca Raton Trust Series 2016-BOCA, Class C, 1-Month LIBOR + 2.50%, 3.74% ^(A), 06/15/2029 ^(B)		1,060,000		1,062,014
Wells Fargo Mortgage-Backed Securities Trust Series 2003-L, Class 1A2, 3.47%, 11/25/2033		99,497		100,578

Total Mortgage-Backed Securities (Cost $59,818,086)				61,614,801


MUNICIPAL GOVERNMENT OBLIGATIONS - 1.3%
California - 1.3%
State of California, General Obligation Unlimited 7.30%, 10/01/2039		400,000		590,180
7.95%, 03/01/2036		4,345,000		4,901,942

Total Municipal Government Obligations (Cost $5,159,189)				5,492,122


U.S. GOVERNMENT AGENCY OBLIGATIONS - 2.6%
Federal Home Loan Mortgage Corp., Interest Only STRIPS 5.00%, 08/01/2035		1,261,502		246,751
Federal National Mortgage Association 4.00%, TBA ^(D)		10,472,000		10,991,510

Total U.S. Government Agency Obligations (Cost $12,257,783)				11,238,261


	Principal		Value
U.S. GOVERNMENT OBLIGATIONS - 6.3%
U.S. Treasury - 4.8%
U.S. Treasury Note 1.50%, 08/15/2026		$ 7,184,000		$ 6,705,254
1.63%, 02/15/2026		4,711,000		4,464,225
2.00%, 02/15/2025 - 11/15/2026		10,262,000		10,024,237

				21,193,716

U.S. Treasury Inflation-Protected Securities - 1.5%
U.S. Treasury Inflation-Indexed Bond 2.50%, 01/15/2029		5,232,496		6,302,842

Total U.S. Government Obligations (Cost $27,152,456)				27,496,558


	Shares		Value
COMMON STOCK - 0.1%
Diversified Telecommunication Services - 0.1%
Verizon Communications, Inc.		7,000		335,090

Total Common Stock (Cost $219,221)				335,090


CONVERTIBLE PREFERRED STOCK - 0.2%
Pharmaceuticals - 0.2%
Allergan PLC Series A, 5.50%		1,369		881,212

Total Convertible Preferred Stock (Cost $1,369,007)				881,212


PREFERRED STOCKS - 1.5%
Banks - 0.6%
CoBank ACB Series F, Fixed until 10/01/2022, 6.25% ^(B)		14,300		1,537,250
GMAC Capital Trust I Series 2, 3-Month LIBOR + 5.79%, 7.10% ^(A)		44,000		1,155,440

				2,692,690

Diversified Telecommunication Services - 0.9%
Centaur Funding Corp. Series B, 9.08% ^(B)		3,533		4,078,407

Total Preferred Stocks (Cost $6,800,725)				6,771,097


WARRANT - 0.1%
Banks - 0.1%
Wells Fargo & Co. ^(I) Exercise Price $34 Expiration Date 10/28/2018		25,210		566,469

Total Warrant (Cost $194,117)				566,469


	Principal		Value
COMMERCIAL PAPER - 0.7%
Banks - 0.2%
Macquarie Bank, Ltd. 1.42% ^(J), 01/08/2018		$ 1,000,000		997,374

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


Transamerica Funds		Annual Report 2017

Page 78

Transamerica Flexible Income

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
COMMERCIAL PAPER (continued)
Diversified Financial Services - 0.4%
Alpine Securitization. Ltd. 1.32% ^(J), 11/01/2017		$ 675,000		$ 675,000
Victory Receivables 1.31% ^(J), 12/06/2017		900,000		898,871

				1,573,871

Machinery - 0.1%
Caterpillar Finance Service Co. 1.32% ^(J), 12/13/2017		450,000		449,318

Total Commercial Paper (Cost $3,020,563)				3,020,563


SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 2.0%
U.S. Treasury Bill 1.00% ^(J), 11/16/2017		100,000		99,960
1.04% ^(J), 12/21/2017 - 01/04/2018		650,000		648,936
1.05% ^(J), 11/16/2017 - 01/04/2018		8,225,000		8,210,144

Total Short-Term U.S. Government Obligations (Cost $8,959,276)				8,959,040


	Shares		Value
SECURITIES LENDING COLLATERAL - 3.3%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.00% ^(J)		14,613,987		$ 14,613,987

Total Securities Lending Collateral (Cost $14,613,987)				14,613,987


	Principal		Value
REPURCHASE AGREEMENT - 1.4%
Fixed Income Clearing Corp., 0.12% ^(J), dated 10/31/2017, to be repurchased at $6,161,655 on 11/01/2017. Collateralized by a U.S. Government Obligation, 2.13%, due 08/31/2020, and with a value of $6,285,066.		$ 6,161,635		6,161,635

Total Repurchase Agreement (Cost $6,161,635)				6,161,635

Total Investments (Cost $454,832,821)				468,700,769
Net Other Assets (Liabilities) - (6.5)%				(28,495,631	)


Net Assets - 100.0%				$ 440,205,138

SECURITY VALUATION:

Valuation Inputs ^(K)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Asset-Backed Securities	$	—	$	53,188,649	$	—	$	53,188,649
Corporate Debt Securities		—		255,066,161		—		255,066,161
Foreign Government Obligations		—		6,701,869		—		6,701,869
Loan Assignments		—		6,593,255		—		6,593,255
Mortgage-Backed Securities		—		61,614,801		—		61,614,801
Municipal Government Obligations		—		5,492,122		—		5,492,122
U.S. Government Agency Obligations		—		11,238,261		—		11,238,261
U.S. Government Obligations		—		27,496,558		—		27,496,558
Common Stock		335,090		—		—		335,090
Convertible Preferred Stock		881,212		—		—		881,212
Preferred Stocks		6,771,097		—		—		6,771,097
Warrant		566,469		—		—		566,469
Commercial Paper		—		3,020,563		—		3,020,563
Short-Term U.S. Government Obligations		—		8,959,040		—		8,959,040
Securities Lending Collateral		14,613,987		—		—		14,613,987
Repurchase Agreement		—		6,161,635		—		6,161,635

Total Investments	$	23,167,855	$	445,532,914	$	—	$	468,700,769

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


Transamerica Funds		Annual Report 2017

Page 79

Transamerica Flexible Income

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

FOOTNOTES TO SCHEDULE OF INVESTMENTS:


(A)		Floating or variable rate securities. The rates disclosed are as of October 31, 2017. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. In addition, variable rate securities with a floor or ceiling feature are disclosing that 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 their description above.
(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, 2017, the total value of 144A securities is $185,923,244, representing 42.2% of the Fund’s net assets.
(C)		Percentage rounds to less than 0.01% or (0.01)%.
(D)		When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after October 31, 2017. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(E)		All or a portion of the securities are on loan. The total value of all securities on loan is $14,308,298. 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.
(F)		Perpetual maturity. The date displayed is the next call date.
(G)		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, 2017, the total value of Regulation S securities is $2,348,585, representing 0.5% of the Fund’s net assets.
(H)		Step bond. Coupon rate changes in increments to maturity. The rate disclosed is as of October 31, 2017; the maturity date disclosed is the ultimate maturity date.
(I)		Non-income producing security.
(J)		Rates disclosed reflect the yields at October 31, 2017.
(K)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

CURRENCY ABBREVIATION:


MXN		Mexican Peso

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
TBA		To Be Announced

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


Transamerica Funds		Annual Report 2017

Page 80

Transamerica Floating Rate

(unaudited)

MARKET ENVIRONMENT

Last November, we wrote the fiscal year was “not completely unlike any other 12 month period in the post-crisis era.” The 12 months since then have been, perhaps, the most stunningly divergent in the years since the great recession. A synchronized global recovery is well-underway. The U.S. Federal Reserve (“Fed”) has been raising interest rates and shrinking its balance sheet. The Trump era has taken geopolitical volatility to new heights, while equity market volatility plumbed historical lows. Stocks hit record highs, credit spreads compressed, and commodity prices found support. One year into the 115th Congress, the promise of massive reforms in taxes, healthcare, and regulation remained just that, promises.

The Fed has stated that it is likely to remain on track to gradually remove accommodation over time and that commitment has been unwavering over the past year, even in the face of three 25 basis point hikes to the Federal Funds target rate range. With Jerome Powell being selected as the new Chair, markets have been acting like they expect a high-degree of continuity from the Yellen years.

Investor demand for floating-rate securities has remained strong, leading to Fund flows into the sector. Collateralized Loan Obligation (“CLO”) demand, typically a large component of primary market bank loan purchases, was also consistent in the period. Together, the demand led to tighter spreads, which incentivized repricings and refinancings at lower coupons. Meanwhile, average covenant quality has deteriorated.

PERFORMANCE

For the year ended October 31, 2017, Transamerica Floating Rate Class A returned 4.14%, excluding any sales charges. By

comparison, its benchmark, the Credit Suisse Leveraged Loan Index, returned 5.25%.

STRATEGY REVIEW

Security selection within BB-rated bonds was the largest contributor to performance. CCC-rated bonds and below were the top performing rating class in the Credit Suisse Leveraged Loan Index, and the Fund’s modest underweight positioning to this lower quality area was the largest detractor from a ratings perspective. The broad loan market has been trading near par recently, so the primary source of returns for both the broad market and the Fund were carry derived from coupon payments. With the numerous Federal Funds Rate hikes in the past year, many floating rate issues have begun to float upward above their floors.

By sector, an underweight to retail and an overweight to forest products/containers were top contributors to performance, as was an underweight and strong security selection in the utilities sector. Energy, a slight underweight, was a meaningful detractor as was the Fund’s allocation to cash. An overweight to consumer non-durables, and an underweight to information technology were also detractors from active returns.

John F. Bailey, CFA

Jason P. Felderman, CFA

James K. Schaeffer, Jr.

Co-Portfolio Managers

Aegon USA Investment Management, LLC


Fund Characteristics	Years
Average Maturity §		4.85
Duration †		0.38

Credit Quality ‡	Percentage of Net Assets
AAA		7.1	%
BBB		3.2
BB		29.7
B		57.2
CCC and Below		2.1
Not Rated		4.2
Net Other Assets (Liabilities)		(3.5	)
Total		100.0	%


§ 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 2017

Page 81

Transamerica Floating Rate

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		(0.84	)%		2.37	%		10/31/2013
Class A (NAV)		4.14	%		3.63	%		10/31/2013
Credit Suisse Leveraged Loan Index^(A)		5.25	%		4.01	%
Class C (POP)		2.36	%		2.86	%		10/31/2013
Class C (NAV)		3.36	%		2.86	%		10/31/2013
Class I (NAV)		4.40	%		3.81	%		10/31/2013
Class I2 (NAV)		4.45	%		3.92	%		10/31/2013
Class T1 (POP)		N/A			(0.39	)%^(B)		03/17/2017
Class T1 (NAV)		N/A			2.20	%^(B)		03/17/2017

^(A) Credit Suisse Leveraged Loan Index is an index designed to mirror the investable universe of the dollar denominated leveraged loan market.

^(B) Not annualized.

The performance data presented represents past performance; future results may vary. 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 and 2.5% for T1 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 I2 shares.

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 2017

Page 82

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES - 7.3%
Building Products - 0.6%
Associated Materials LLC / AMH New Finance, Inc. 9.00%, 01/01/2024 ^(A)		$ 1,800,000		$ 1,944,000
Norbord, Inc. 6.25%, 04/15/2023 ^(A)		2,000,000		2,197,500

				4,141,500

Communications Equipment - 0.2%
Avaya, Inc. 7.00%, 04/01/2019 ^{(A) (B) (C) (D)}		1,700,000		1,428,000

Consumer Finance - 0.6%
Altice US Finance I Corp. 5.38%, 07/15/2023 ^(A)		1,250,000		1,303,125
Springleaf Finance Corp. 5.25%, 12/15/2019		2,500,000		2,581,250

				3,884,375

Containers & Packaging - 0.9%
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 4.25%, 09/15/2022 ^(A)		700,000		721,000
BWAY Holding Co. 5.50%, 04/15/2024 ^(A)		3,000,000		3,127,500
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC
3-Month LIBOR + 3.50%, 4.86% ^(E), 07/15/2021 ^(A)		1,000,000		1,020,000
5.75%, 10/15/2020		1,000,000		1,017,510

				5,886,010

Food & Staples Retailing - 0.2%
Rite Aid Corp. 6.13%, 04/01/2023 ^{(A) (B)}		1,250,000		1,162,500

Health Care Providers & Services - 1.6%
CHS / Community Health Systems, Inc. 5.13%, 08/01/2021 ^(B)		1,000,000		972,500
6.25%, 03/31/2023		2,000,000		1,925,000
RegionalCare Hospital Partners Holdings, Inc. 8.25%, 05/01/2023 ^(A)		2,680,000		2,814,000
Tenet Healthcare Corp. 4.63%, 07/15/2024 ^(A)		2,650,000		2,606,937
4.75%, 06/01/2020		2,000,000		2,050,000

				10,368,437

Hotels, Restaurants & Leisure - 0.5%
Scientific Games International, Inc. 7.00%, 01/01/2022 ^(A)		500,000		528,750
WMG Acquisition Corp. 5.00%, 08/01/2023 ^(A)		1,400,000		1,456,000
5.63%, 04/15/2022 ^(A)		1,000,000		1,037,500

				3,022,250

Machinery - 0.6%
Xerium Technologies, Inc. 9.50%, 08/15/2021 ^(F)		4,000,000		4,108,800

Media - 0.9%
Cablevision Systems Corp. 7.75%, 04/15/2018		1,500,000		1,533,915


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Media (continued)
Clear Channel Worldwide Holdings, Inc. 6.50%, 11/15/2022		$ 1,000,000		$ 1,033,750
CSC Holdings LLC 6.75%, 11/15/2021		500,000		551,250
DISH DBS Corp. 6.75%, 06/01/2021		2,000,000		2,100,000
Univision Communications, Inc. 6.75%, 09/15/2022 ^(A)		291,000		301,549

				5,520,464

Oil, Gas & Consumable Fuels - 0.3%
CITGO Petroleum Corp. 6.25%, 08/15/2022 ^(A)		1,896,000		1,948,140

Pharmaceuticals - 0.8%
Valeant Pharmaceuticals International, Inc.
5.50%, 11/01/2025 ^(A)		780,000		797,550
6.50%, 03/15/2022 ^(A)		830,000		879,800
7.00%, 03/15/2024 ^(A)		3,100,000		3,355,750

				5,033,100

Software - 0.1%
Infor US, Inc. 5.75%, 08/15/2020 ^(A)		500,000		515,000

Total Corporate Debt Securities (Cost $46,366,168)				47,018,576


LOAN ASSIGNMENTS - 86.6%
Aerospace & Defense - 0.6%
Avolon TLB Borrower SARL Term Loan B2, 1-Month LIBOR + 2.25%, 3.49% ^(E), 04/03/2022		822,938		828,372
TransDigm, Inc.
Term Loan D,
3-Month LIBOR + 3.00%, 4.33% ^(E), 06/04/2021		448,840		450,523
Term Loan G,
3-Month LIBOR + 3.00%, 4.26% ^(E), 08/22/2024		2,493,750		2,505,421

				3,784,316

Airlines - 0.6%
American Airlines, Inc.
1st Lien Term Loan,
1-Month LIBOR + 2.00%, 3.24% ^(E), 10/12/2021		989,796		991,258
Term Loan B,
1-Month LIBOR + 2.00%, 3.24% ^(E), 06/26/2020		1,000,000		1,001,705
1-Month LIBOR + 2.50%, 3.74% ^(E), 12/14/2023		1,000,000		1,001,806
United Airlines, Inc. Term Loan B, 3-Month LIBOR + 2.25%, 3.63% ^(E), 04/01/2024		646,750		649,013

				3,643,782

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


Transamerica Funds		Annual Report 2017

Page 83

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
LOAN ASSIGNMENTS (continued)
Auto Components - 0.5%
Jason, Inc. 1st Lien Term Loan, 3-Month LIBOR + 4.50%, 5.83% ^(E), 06/30/2021		$ 2,579,425		$ 2,495,594
K&N Engineering, Inc. 1st Lien Term Loan, 1-Month LIBOR + 4.75%, 5.99% ^(E), 10/19/2023		496,250		488,806

				2,984,400

Automobiles - 0.2%
FCA US LLC Term Loan B, 1-Month LIBOR + 2.00%, 3.24% ^(E), 12/31/2018		1,000,000		1,003,333

Beverages - 0.3%
Blue Ribbon LLC Term Loan, 1-Month LIBOR + 4.00%, 5.33% ^(E), 11/13/2021		2,040,158		2,020,395

Building Products - 1.5%
Anvil International LLC Term Loan B, 3-Month LIBOR + 4.50%, 5.82% ^(E), 08/01/2024 ^{(F) (G)}		2,125,000		2,135,625
Builders FirstSource, Inc. Term Loan B, 3-Month LIBOR + 3.00%, 4.33% ^(E), 02/29/2024		1,989,899		1,995,288
Ply Gem Industries, Inc. Term Loan, 3-Month LIBOR + 3.00%, 4.33% ^(E), 02/01/2021		1,547,895		1,556,119
Quikrete Holdings, Inc. 1st Lien Term Loan, 1-Month LIBOR + 2.75%, 3.99% ^(E), 11/15/2023		3,965,025		3,967,503

				9,654,535

Capital Markets - 1.9%
Cypress Performance 1st Lien Term Loan, TBD, 10/26/2024 ^{(F) (G)}		1,310,000		1,319,006
Donnelley Financial Solutions, Inc. Term Loan B, 1-Month LIBOR + 3.00%, 4.24% ^(E), 09/30/2023		342,857		344,143
Duff & Phelps Corp. 1st Lien Term Loan, 3-Month LIBOR + 3.25%, 4.61% ^(E), 10/06/2024		1,600,000		1,615,600
FinCo I LLC Term Loan B, 1-Month LIBOR + 2.75%, 2.75% ^(E), 06/14/2022		2,000,000		2,024,584
Guggenheim Partners LLC Term Loan, 1-Month LIBOR + 2.75%, 3.99% ^(E), 07/21/2023		2,548,709		2,563,364


	Principal		Value
LOAN ASSIGNMENTS (continued)
Capital Markets (continued)
Kingpin Intermediate Holdings LLC 1st Lien Term Loan B, 3-Month LIBOR + 4.25%, 5.57% ^(E), 06/28/2024		$ 2,495,000		$ 2,512,153
RPI Finance Trust Term Loan B6, 3-Month LIBOR + 2.00%, 3.33% ^(E), 03/27/2023		495,985		497,707
SIG Combibloc US Acquisition, Inc. Term Loan, 1-Month LIBOR + 3.00%, 4.24% ^(E), 03/13/2022		1,208,902		1,214,534

				12,091,091

Chemicals - 1.4%
Ashland, Inc. Term Loan B, 3-Month LIBOR + 2.00%, 3.29% ^(E), 05/24/2024		1,496,250		1,504,355
Avantor Performance Materials Holdings LLC 1st Lien Term Loan, 1-Month LIBOR + 4.00%, 5.25% ^(E), 03/10/2024		1,044,750		1,046,872
DuBois Chemicals, Inc. 1st Lien Term Loan B, 1-Month LIBOR + 3.75%, 4.99% ^(E), 03/15/2024		2,183,150		2,192,702
Huntsman International LLC Term Loan B2, 1-Month LIBOR + 3.00%, 4.24% ^(E), 04/01/2023		185,775		186,646
Minerals Technologies, Inc. Term Loan, 4.75%^(E), 05/09/2021		2,100,000		2,115,750
Term Loan B,
1-Month LIBOR + 2.25%, 3.52% ^(E), 02/14/2024		120,826		121,506
Trinseo Materials Operating S.C.A. Term Loan, 1-Month LIBOR + 2.50%, 3.74% ^(E), 08/16/2024		600,000		604,125
Venator Materials Corp. Term Loan B, 3-Month LIBOR + 3.00%, 4.38% ^(E), 08/08/2024		1,250,000		1,262,500

				9,034,456

Commercial Services & Supplies - 5.2%
Advanced Disposal Services, Inc. Term Loan B3, 1-Week LIBOR + 2.75%, 3.95% ^(E), 11/10/2023		565,872		570,352
Aramark Services, Inc. Term Loan B, 1-Month LIBOR + 2.00%, 3.24% ^(E), 03/28/2024		403,036		404,043

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


Transamerica Funds		Annual Report 2017

Page 84

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
LOAN ASSIGNMENTS (continued)
Commercial Services & Supplies (continued)
Asurion LLC
Term Loan B4,
1-Month LIBOR + 2.75%, 3.99% ^(E), 08/04/2022		$ 712,721		$ 717,558
Term Loan B5,
1-Month LIBOR + 3.00%, 4.24% ^(E), 11/03/2023		1,622,224		1,634,100
EWT Holdings III Corp. 1st Lien Term Loan, 3-Month LIBOR + 3.75%, 5.08% ^(E), 01/15/2021		2,600,204		2,619,706
Garda World Security Corp. Term Loan, 3-Month LIBOR + 4.00%, 5.31% ^(E), 05/24/2024		3,408,724		3,434,289
GFL Environmental, Inc. Term Loan B, 3-Month LIBOR + 2.75%, 4.08% ^(E), 09/29/2023		1,943,205		1,949,278
Multi Color Corp. Term Loan B, TBD, 09/20/2024 ^(F) (G)		425,000		427,922
Prime Security Services Borrower LLC 1st Lien Term Loan, 1-Month LIBOR + 2.75%, 3.99% ^(E), 05/02/2022		3,980,025		4,012,363
Spin Holdco, Inc. Term Loan B, 1-Month LIBOR + 3.75%, 4.99% ^(E), 11/14/2022		4,466,116		4,488,447
Strategic Materials, Inc. 1st Lien Term Loan, TBD, 10/25/2024 ^(F) ^(G)		425,000		427,125
Technimark LLC Term Loan, 3-Month LIBOR + 3.50%, 4.81% ^(E), 04/25/2021		600,000		597,000
TruGreen Limited Partnership Term Loan, 1-month LIBOR + 4.00%, 5.24% ^(E), 04/13/2023		2,970,000		2,992,275
U.S. Security Associates Holdings, Inc. Term Loan, 3-Month LIBOR + 4.00%, 5.33% ^(E), 07/14/2023		495,009		498,722
Varsity Brands, Inc. 1st Lien Term Loan, 3-Month LIBOR + 3.50%, 4.74% ^(E), 12/11/2021		4,395,916		4,423,390
W/S Packaging Group, Inc. Term Loan B, 6.25% ^(E), 08/09/2019		3,178,293		2,928,002
Wrangler Buyer Corp. Term Loan B, 1-Month LIBOR + 3.00%, 4.24% ^(E), 09/27/2024		1,000,000		1,007,321

				33,131,893


	Principal		Value
LOAN ASSIGNMENTS (continued)
Communications Equipment - 0.9%
CommScope, Inc. Term Loan B5, 3-Month LIBOR + 2.00%, 3.37% ^(E), 12/29/2022		$ 885,975		$ 887,360
Securus Technologies Holdings, Inc. 1st Lien Term Loan,
TBD, 06/20/2024 ^{(F) (G)}		1,500,000		1,515,937
Term Loan,
1-Week LIBOR + 3.50%, 4.75% ^(E), 04/30/2020		1,500,000		1,515,937
Term Loan B2,
1-Week LIBOR + 4.25%, 5.45% ^(E), 04/30/2020		1,500,000		1,515,938

				5,435,172

Construction & Engineering - 1.4%
Aquilex Holdings LLC 1st Lien Term Loan, 1-Month LIBOR + 4.25%, 5.49% ^(E), 10/03/2024		1,000,000		1,005,000
Clark Equipment Co. Term Loan B, 3-Month LIBOR + 2.75%, 4.08% ^(E), 05/18/2024		2,487,500		2,503,047
Granite Acquisition, Inc.
Term Loan B,
3-Month LIBOR + 4.00%, 5.34% ^(E), 12/19/2021		3,321,520		3,354,735
Term Loan C,
3-Month LIBOR + 4.00%, 5.33% ^(E), 12/19/2021		120,590		121,795
Pike Corp. Term Loan, 3-Month LIBOR + 3.50%, 4.76% ^(E), 09/20/2024		898,750		909,086
Robertshaw US Holding Corp. 1st Lien Term Loan, 1-month LIBOR + 4.50%, 5.75% ^(E), 08/10/2024		1,000,000		1,009,375

				8,903,038

Construction Materials - 0.4%
Forterra Finance LLC Term Loan B, 1-Month LIBOR + 3.00%, 4.24% ^(E), 10/25/2023		3,226,206		2,691,882

Consumer Finance - 0.2%
Altice US Finance I Corp. Term Loan, 1-Month LIBOR + 2.25%, 3.49% ^(E), 07/28/2025		997,500		995,942
Nielsen Finance LLC Term Loan B4, 1-Month LIBOR + 2.00%, 3.24% ^(E), 10/04/2023		495,013		496,812

				1,492,754

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


Transamerica Funds		Annual Report 2017

Page 85

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
LOAN ASSIGNMENTS (continued)
Containers & Packaging - 6.5%
Anchor Glass Container Corp.
1st Lien Term Loan,
3-Month LIBOR + 2.75%, 4.02% ^(E), 12/07/2023		$ 2,977,500		$ 2,991,768
2nd Lien Term Loan,
1-Month LIBOR + 7.75%, 9.07% ^(E), 12/07/2024 ^(F)		2,835,000		2,870,438
Berry Plastics Group, Inc.
Term Loan K,
1-Month LIBOR + 2.25%, 3.49% ^(E), 02/08/2020		1,176,471		1,181,373
Term Loan L,
TBD, 01/06/2021 ^{(F) (G)}		250,000		250,757
Term Loan M,
1-Month LIBOR + 2.25%, 3.49% ^(E), 10/01/2022		1,130,930		1,133,993
Term Loan N,
1-Month LIBOR + 2.25%, 3.49% ^(E), 01/19/2024		1,286,642		1,289,591
Consolidated Container Co. LLC 1st Lien Term Loan, 1-Month LIBOR + 3.50%, 4.74% ^(E), 05/22/2024		1,500,000		1,507,970
Coveris Holdings SA Term Loan B, 3-Month LIBOR + 4.25%, 5.58% ^(E), 06/29/2022		4,418,720		4,409,057
Expera Specialty Solutions LLC Term Loan B, 1-Month LIBOR + 4.25%, 5.49% ^(E), 11/03/2023		2,970,000		2,984,850
Flex Acquisition Co., Inc. 1st Lien Term Loan, 3-Month LIBOR + 3.00%, 4.34% ^(E), 12/29/2023		4,476,253		4,501,432
Packaging Coordinators Midco, Inc. 1st Lien Term Loan, 3-Month LIBOR + 4.00%, 5.34% ^(E), 06/30/2023		2,614,400		2,607,864
Plastipak Holdings, Inc. Term Loan B, TBD, 10/04/2024 ^(F) ^(G)		850,000		855,313
PPC Industries, Inc. 1st Lien Term Loan, 3-Month LIBOR + 3.50%, 4.81% ^(E), 05/08/2024 ^{(F) (G)}		2,990,000		2,986,262
Printpack Holdings, Inc. Term Loan, 1-Month LIBOR + 3.00%, 4.25% ^(E), 07/26/2023		2,763,438		2,777,255
Proampac PG Borrower LLC
1st Lien Term Loan,
3-Month LIBOR + 4.00%, 5.30% ^(E), 11/18/2023		1,663,557		1,679,673
2nd Lien Term Loan,
3-Month LIBOR + 8.50%, 9.82% ^(E), 11/18/2024		1,000,000		1,010,000


	Principal		Value
LOAN ASSIGNMENTS (continued)
Containers & Packaging (continued)
Reynolds Group Holdings, Inc. Term Loan, 1-Month LIBOR + 2.75%, 3.99% ^(E), 02/05/2023		$ 4,271,987		$ 4,294,628
Tekni-Plex, Inc. Term Loan B1, 3-Month LIBOR + 3.25%, 4.53% ^(E), 10/17/2024		1,250,000		1,257,291
TricorBraun Holdings, Inc. 1st Lien Term Loan, 3-Month LIBOR + 3.75%, 5.08% ^(E), 11/30/2023		789,489		792,639

				41,382,154

Distributors - 1.2%
Autoparts Holdings, Ltd. 1st Lien Term Loan, 1-Month LIBOR + 6.75%, 7.99% ^(E), 12/19/2021		3,609,375		3,631,934
PFS Holding Corp. 1st Lien Term Loan, 1-Month LIBOR + 3.50%, 4.75% ^(E), 01/31/2021		1,181,034		1,054,073
VWR Funding, Inc. Term Loan, 1-Month LIBOR + 2.00%, 3.24% ^(E), 09/28/2020		2,907,193		2,903,559

				7,589,566

Diversified Consumer Services - 1.2%
Pre-Paid Legal Services, Inc. 1st Lien Term Loan, 1-Month LIBOR + 5.25%, 6.50% ^(E), 07/01/2019		3,223,499		3,235,587
William Morris Endeavor Entertainment LLC
1st Lien Term Loan,
2-Month LIBOR + 3.25%, 4.64% ^(E), 05/06/2021		3,482,217		3,503,257
2nd Lien Term Loan,
3-Month LIBOR + 7.25%, 8.63% ^(E), 05/06/2022		666,667		670,000

				7,408,844

Diversified Financial Services - 1.4%
Duke Finance LLC Term Loan, 3-month LIBOR + 4.25%, 5.58% ^(E), 02/21/2024		2,000,000		2,020,000
NAB Holdings LLC Term Loan, 3-Month LIBOR + 3.50%, 4.83% ^(E), 07/01/2024		1,995,000		2,004,975
NBG Acquisition, Inc. Term Loan, 6.91% ^(E), 04/26/2024		1,350,000		1,350,000
Russell Investment Group Term Loan B, 3-Month LIBOR + 4.25%, 5.49% ^(E), 06/01/2023		2,845,929		2,879,132

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


Transamerica Funds		Annual Report 2017

Page 86

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
LOAN ASSIGNMENTS (continued)
Diversified Financial Services (continued)
WG Partners Acquisition LLC Term Loan B, 3-Month LIBOR + 4.00%, 5.33% ^(E), 11/15/2023		$ 383,061		$ 384,019

				8,638,126

Diversified Telecommunication Services - 2.4%
CenturyLink, Inc. Term Loan B, 2.75% ^(E), 01/31/2025		3,000,000		2,956,875
Frontier Communications Corp. Delayed Draw Term Loan A, 1-Month LIBOR + 2.75%, 4.00% ^(E), 03/31/2021		2,377,955		2,279,865
Global Tel*Link Corp. 1st Lien Term Loan, 3-Month LIBOR + 4.00%, 5.33% ^(E), 05/23/2020		2,694,568		2,709,725
Hargray Communications Group, Inc. Term Loan B, 1-Month LIBOR + 3.00%, 4.24% ^(E), 05/16/2024		2,992,500		2,998,485
Lumos Networks Operating Co. 1st Lien Term Loan B, TBD, 10/16/2024 ^(F) ^(G)		515,000		518,862
Virgin Media Bristol LLC Term Loan I, 1-Month LIBOR + 2.75%, 3.99% ^(E), 01/31/2025		2,000,000		2,007,188
Windstream Services LLC
Term Loan B6,
1-Month LIBOR + 4.00%, 5.24% ^(E), 03/29/2021		991,861		926,770
Term Loan B7,
1-Month LIBOR + 3.25%, 4.49% ^(E), 02/17/2024		991,256		885,935

				15,283,705

Electrical Equipment - 2.1%
Atkore International, Inc. 1st Lien Term Loan, 3-Month LIBOR + 3.00%, 4.34% ^(E), 12/22/2023		1,589,636		1,599,571
Generac Power Systems, Inc. Term Loan B, 3-Month LIBOR + 2.25%, 3.59% ^(E), 05/31/2023		2,000,000		2,005,000
Global Appliance, Inc. Term Loan B, 3-Month LIBOR + 4.00%, 5.34% ^(E), 09/29/2024 ^{(F) (G)}		3,000,000		3,000,000
Power Products LLC Term Loan B, 3-Month LIBOR + 4.00%, 5.36% ^(E), 12/20/2022		1,993,491		2,007,196
Trojan Battery Co. LLC Term Loan, 6.07% ^(E), 06/11/2021		2,971,067		2,959,926


	Principal		Value
LOAN ASSIGNMENTS (continued)
Electrical Equipment (continued)
VC GB Holdings, Inc. 1st Lien Term Loan, 1-Month LIBOR + 3.75%, 4.99% ^(E), 02/28/2024		$ 1,691,670		$ 1,700,128

				13,271,821

Electronic Equipment, Instruments & Components - 2.2%
American Traffic Solutions, Inc. 1st Lien Term Loan, 1-Month LIBOR + 4.50%, 5.74% ^(E), 05/24/2024		2,493,750		2,506,219
Badger Buyer Corp. Term Loan B, 3-Month LIBOR + 4.00%, 5.38% ^(E), 09/26/2024		1,750,000		1,765,313
Electro Rent Corp. 1st Lien Term Loan, 2-Month LIBOR + 5.00%, 6.27% ^(E), 01/19/2024		2,382,000		2,411,775
Meter Readings Holding LLC Term Loan B, 3-Month LIBOR + 5.75%, 7.07% ^(E), 08/29/2023		3,964,975		4,019,493
Radio Systems Corp. Term Loan B, 1-Month LIBOR + 3.50%, 4.74% ^(E), 05/02/2024		2,992,500		3,007,462
Zebra Technologies Corp. Term Loan B, 3-Month LIBOR + 2.00%, 3.37% ^(E), 10/27/2021		615,871		618,279

				14,328,541

Energy Equipment & Services - 0.4%
Paragon Offshore Finance Co. Term Loan B, TBD, 07/18/2021 ^{(F) (G) (H) (I) (J)}		3,916,263		1,531,259
Weatherford International, Ltd. Term Loan, 1-Month LIBOR + 2.30%, 3.55% ^(E), 07/13/2020		1,367,647		1,322,344

				2,853,603

Equity Real Estate Investment Trusts - 0.8%
Communications Sales & Leasing, Inc. Term Loan B, 1-Month LIBOR + 3.00%, 4.24% ^(E), 10/24/2022		977,644		936,705
ESH Hospitality, Inc. Term Loan B, 1-Month LIBOR + 2.50%, 3.74% ^(E), 08/30/2023		990,019		995,794
Istar, Inc. Term Loan B, 1-Month LIBOR + 3.00%, 4.24% ^(E), 10/01/2021		752,482		763,769

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


Transamerica Funds		Annual Report 2017

Page 87

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
LOAN ASSIGNMENTS (continued)
Equity Real Estate Investment Trusts (continued)
MGM Growth Properties Operating Partnership, LP Term Loan B, 1-Month LIBOR + 2.25%, 3.49% ^(E), 04/25/2023		$ 497,475		$ 499,695
VICI Properties 1 LLC Term Loan B, TBD, 10/14/2022 ^(F) (G)		2,000,000		1,999,584

				5,195,547

Food & Staples Retailing - 2.6%
Albertsons LLC Term Loan B6, 3-Month LIBOR + 3.00%, 4.32% ^(E), 06/22/2023		3,123,366		3,022,971
BJ’s Wholesale Club, Inc. 1st Lien Term Loan, 1-Month LIBOR + 3.75%, 4.99% ^(E), 02/03/2024		1,194,000		1,162,794
Chef’s Warehouse Leasing Co. LLC 1st Lien Term Loan, 1-Month LIBOR + 4.75%, 5.99% ^(E), 06/22/2022		2,130,133		2,151,434
Give & Go Prepared Foods Corp. 1st Lien Term Loan, 3-Month LIBOR + 4.25%, 5.56% ^(E), 07/29/2023		2,500,000		2,523,438
Hostess Brands LLC Term Loan, 1-Month LIBOR + 2.50%, 3.74% ^(E), 08/03/2022		4,015,260		4,035,336
Rite Aid Corp.
2nd Lien Term Loan,
1-Month LIBOR + 3.88%, 5.13% ^(E), 06/21/2021		1,500,000		1,503,750
1-Month LIBOR + 4.75%, 6.00% ^(E), 08/21/2020		2,280,000		2,302,800

				16,702,523

Food Products - 2.7%
B&G Foods, Inc. Term Loan B, 1-Month LIBOR + 2.25%, 3.49% ^(E), 11/02/2022		640,110		643,996
CSM Bakery Solutions LLC 1st Lien Term Loan, 3-Month LIBOR + 4.00%, 5.34% ^(E), 07/03/2020 ^(F)^(G)		2,096,312		2,056,132
Del Monte Foods, Inc. 1st Lien Term Loan, 3-Month LIBOR + 3.25%, 4.57% ^(E), 02/18/2021 ^(F)^(G)		1,982,280		1,693,362
Dole Food Co., Inc. Term Loan B, 1-Month LIBOR + 2.75%, 4.01% ^(E), 04/06/2024		3,229,688		3,240,901


	Principal		Value
LOAN ASSIGNMENTS (continued)
Food Products (continued)
Hearthside Group Holdings LLC Term Loan, 1-Month LIBOR + 3.00%, 4.24% ^(E), 06/02/2021		$ 1,959,808		$ 1,968,382
Nomad Foods Europe Midco, Ltd. Term Loan B2, 1-Month LIBOR + 2.75%, 3.99% ^(E), 05/15/2024		1,000,000		1,005,417
Post Holdings, Inc. Series A, Term Loan, 1-Month LIBOR + 2.25%, 3.49% ^(E), 05/24/2024		3,491,250		3,503,906
Shearer’s Foods, Inc.
1st Lien Term Loan,
3-Month LIBOR + 3.94%, 5.27% ^(E), 06/30/2021		1,467,436		1,461,933
Term Loan,
3-Month LIBOR + 4.25%, 5.58% ^(E), 06/30/2021		1,687,121		1,685,012

				17,259,041

Health Care Equipment & Supplies - 2.3%
Carestream Dental Equipment, Inc. 1st Lien Term Loan, TBD, 09/01/2024 ^(F) ^(G)		550,000		550,516
CPI Holdco LLC 1st Lien Term Loan, 3-Month LIBOR + 4.00%, 5.34% ^(E), 03/21/2024		2,935,253		2,964,605
DJO Finance LLC Term Loan, 1-Month LIBOR + 3.25%, 4.54% ^(E), 06/08/2020		3,183,062		3,181,470
Halyard Health, Inc. Term Loan B, 1-Month LIBOR + 2.75%, 3.99% ^(E), 11/01/2021		2,852,564		2,864,451
Mallinckrodt International Finance SA Term Loan B, 3-Month LIBOR + 2.75%, 4.08% ^(E), 09/24/2024		1,902,143		1,904,916
Onex Carestream Finance, LP
1st Lien Term Loan,
3-Month LIBOR + 4.00%, 5.33% ^(E), 06/07/2019 ^(F)		2,305,439		2,300,397
2nd Lien Term Loan,
TBD, 12/07/2019 ^{(F) (G)}		1,000,000		979,375

				14,745,730

Health Care Providers & Services - 3.9%
Community Health Systems, Inc.
Term Loan G,
3-Month LIBOR + 2.75%, 4.07% ^(E), 12/31/2019		1,692,339		1,659,814
Term Loan H,
3-Month LIBOR + 3.00%, 4.32% ^(E), 01/27/2021 ^(F)^(G)		1,523,606		1,471,640

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


Transamerica Funds		Annual Report 2017

Page 88

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
LOAN ASSIGNMENTS (continued)
Health Care Providers & Services (continued)
Covenant Surgical Partners, Inc. Term Loan, 3-Month LIBOR + 4.75%, 6.09% ^(E), 10/04/2024		$ 288,462		$ 288,462
DuPage Medical Group, Ltd. 1st Lien Term Loan, 3-Month LIBOR + 3.00%, 4.32% ^(E), 08/15/2024		1,550,000		1,557,750
Envision Healthcare Corp. Term Loan B, 1-Month LIBOR + 3.00%, 4.25% ^(E), 12/01/2023		992,500		996,222
Explorer Holdings, Inc. Term Loan B, 3-Month LIBOR + 3.75%, 5.13% ^(E), 05/02/2023		1,396,465		1,406,065
HCA, Inc. Term Loan B9, 1-Month LIBOR + 2.00%, 3.24% ^(E), 03/17/2023		1,876,321		1,884,401
Heartland Dental LLC 1st Lien Term Loan, 1-Week LIBOR + 4.75%, 6.09% ^(E), 07/13/2023		1,550,000		1,558,137
Ortho-Clinical Diagnostics, Inc. Term Loan B, 3-Month LIBOR + 3.75%, 5.08% ^(E), 06/30/2021		3,662,162		3,672,614
PharMerica Corp. 1st Lien Term Loan, TBD, 09/26/2024 ^(F) ^(G)		505,000		507,525
Quorum Health Corp. Term Loan B, 3-Month LIBOR + 6.75%, 8.07% ^(E), 04/29/2022		2,752,349		2,771,843
RadNet, Inc. Term Loan, 3-Month LIBOR + 3.75%, 5.14% ^(E), 06/30/2023		1,906,013		1,913,160
Surgery Center Holdings, Inc. Term Loan B, 1-month LIBOR + 3.25%, 4.50% ^(E), 09/02/2024		3,500,000		3,469,375
Team Health Holdings, Inc. 1st Lien Term Loan, 1-Month LIBOR + 2.75%, 3.99% ^(E), 02/06/2024		1,890,500		1,868,444
Valitas Health Services, Inc. 2nd Lien Term Loan, 3-Month LIBOR + 3.65%, 4.13% ^(E), 04/14/2022		257,982		116,092

				25,141,544

Health Care Technology - 0.3%
Change Healthcare Holdings, Inc. Term Loan B, 1-Month LIBOR + 2.75%, 3.99% ^(E), 03/01/2024		1,990,000		1,999,673


	Principal		Value
LOAN ASSIGNMENTS (continued)
Hotels, Restaurants & Leisure - 6.3%
1011778 B.C. Unlimited Liability Co. Term Loan B3, 1-Month LIBOR + 2.25%, 3.53% ^(E), 02/16/2024		$ 1,985,839		$ 1,985,839
Affinity Gaming LLC
2nd Lien Term Loan,
1-Month LIBOR + 8.25%, 9.49% ^(E), 09/14/2024		1,550,000		1,566,146
Term Loan,
3-Month LIBOR + 3.50%, 4.83% ^(E), 07/01/2023		1,930,150		1,935,579
Aristocrat Leisure, Ltd. Term Loan B, 3-Month LIBOR + 2.00%, 3.36% ^(E), 10/20/2021		1,144,073		1,150,766
Boyd Gaming Corp. Term Loan B3, 1-Week LIBOR + 2.50%, 3.70% ^(E), 09/15/2023		486,365		488,256
Caesars Entertainment Resort Properties LLC Term Loan B, 1-Month LIBOR + 3.50%, 4.74% ^(E), 10/11/2020		3,239,546		3,247,645
Caesars Resort Collection LLC 1st Lien Term Loan B, TBD, 09/27/2024 ^(F) ^(G)		3,000,000		3,012,000
ClubCorp Club Operations, Inc. Term Loan, 3-Month LIBOR + 3.25%, 4.59% ^(E), 08/15/2024		2,000,000		2,002,812
Eldorado Resorts LLC Term Loan B, 3-month LIBOR + 2.25%, 3.50% ^(E), 04/17/2024		1,963,500		1,965,954
Hilton Worldwide Finance LLC Term Loan B2, 1-Month LIBOR + 2.00%, 3.24% ^(E), 10/25/2023		1,636,148		1,645,283
MGM Resorts International Term Loan A, 1-Month LIBOR + 2.25%, 3.49% ^(E), 04/25/2021		481,250		481,452
Mohegan Tribal Gaming Authority Term Loan A, 1-Month LIBOR + 3.75%, 4.99% ^(E), 10/13/2021		2,753,773		2,753,773
NEP/NCP Holdco, Inc. Term Loan, 1-Month LIBOR + 3.25%, 4.49% ^(E), 07/21/2022		4,502,716		4,513,973
NPC International, Inc. 1st Lien Term Loan, 1-Month LIBOR + 3.50%, 4.74% ^(E), 04/19/2024		1,995,000		2,004,975

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


Transamerica Funds		Annual Report 2017

Page 89

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
LOAN ASSIGNMENTS (continued)
Hotels, Restaurants & Leisure (continued)
Penn National Gaming, Inc. Term Loan A, 1-Month LIBOR + 2.00%, 3.24% ^(E), 01/13/2022		$ 2,437,500		$ 2,433,693
Planet Fitness Holdings LLC Term Loan, 3-Month LIBOR + 3.00%, 4.26% ^(E), 03/31/2021		742,500		743,892
Scientific Games International, Inc. Term Loan B4, 2-Month LIBOR + 3.25%, 4.52% ^(E), 08/14/2024		2,250,000		2,274,611
SeaWorld Parks & Entertainment, Inc.
Term Loan B2,
3-Month LIBOR + 2.25%, 3.58% ^(E), 05/14/2020		244,476		238,415
Term Loan B5,
3-Month LIBOR + 3.00%, 4.33% ^(E), 03/31/2024		1,815,020		1,783,634
Station Casinos LLC Term Loan B, 1-Month LIBOR + 2.50%, 3.74% ^(E), 06/08/2023		3,030,738		3,038,736
WMG Acquisition Corp. Term Loan D, 1-Month LIBOR + 2.50%, 3.74% ^(E), 11/01/2023		1,000,000		1,003,750

				40,271,184

Household Durables - 2.6%
American Bath Group LLC Term Loan B, 3-Month LIBOR + 5.25%, 6.58% ^(E), 09/30/2023		3,665,977		3,686,140
API Heat Transfer ThermaSys Corp. Term Loan, 3-Month LIBOR + 4.00%, 5.35% ^(E), 05/03/2019		1,869,467		1,747,952
Hoffmaster Group, Inc.
1st Lien Term Loan,
3-Month LIBOR + 4.50%, 5.83% ^(E), 11/21/2023		2,481,250		2,501,410
2nd Lien Term Loan,
3-Month LIBOR + 9.50%, 10.83% ^(E), 11/21/2024		900,000		906,750
Libbey Glass, Inc. Term Loan B, 1-Month LIBOR + 3.00%, 4.24% ^(E), 04/09/2021 ^(F)^(G)		1,837,507		1,731,850
LTI Holdings, Inc. 1st Lien Term Loan, 1-Month LIBOR + 4.75%, 5.99%^(E), 05/16/2024		3,241,875		3,236,471
WKI Holding Company, Inc. Term Loan B, 3-Month LIBOR + 4.00%, 5.31% ^(E), 05/01/2024		2,992,500		3,003,722

				16,814,295


	Principal		Value
LOAN ASSIGNMENTS (continued)
Household Products - 0.9%
Diamond BV Term Loan, 3-Month LIBOR + 3.00%, 4.32% ^(E), 09/06/2024		$ 1,500,000		$ 1,502,082
KIK Custom Products, Inc. Term Loan B, 1-Month LIBOR + 4.50%, 5.74% ^(E), 08/26/2022		4,133,088		4,175,452
Spectrum Brands, Inc. Term Loan B, 1-Month LIBOR + 2.00%, 3.29% ^(E), 06/23/2022		343,250		345,224

				6,022,758

Independent Power & Renewable Electricity Producers - 1.3%
Calpine Corp.
Term Loan B5,
3-Month LIBOR + 2.75%, 4.09% ^(E), 01/15/2024		782,000		784,437
Term Loan B6,
3-Month LIBOR + 2.75%, 4.09% ^(E), 01/15/2023		3,854,375		3,867,221
Dynegy, Inc. Term Loan C, 1-Month LIBOR + 3.25%, 4.49% ^(E), 02/07/2024		3,176,502		3,193,001
Terra-Gen Finance Co. LLC Term Loan B, 1-Month LIBOR + 4.25%, 5.49% ^(E), 12/09/2021		456,268		412,923

				8,257,582

Internet Software & Services - 0.4%
Ancestry.com Operations, Inc. 1st Lien Term Loan, 1-Month LIBOR + 3.25%, 4.49% ^(E), 10/19/2023		643,500		648,528
Blucora, Inc. Term Loan B, 3-Month LIBOR + 3.75%, 5.07% ^(E), 05/22/2024		933,333		938,389
Go Daddy Operating Co. LLC Term Loan B, 1-Month LIBOR + 2.50%, 3.74% ^(E), 02/15/2024		797,141		800,230

				2,387,147

IT Services - 3.3%
Allied Universal Holdco LLC Term Loan, 3-Month LIBOR + 3.75%, 5.08% ^(E), 07/28/2022		2,587,921		2,577,292
First Data Corp.
Term Loan,
1-Month LIBOR + 2.25%, 3.49% ^(E), 07/08/2022		2,455,084		2,461,971
1-Month LIBOR + 2.50%, 3.74% ^(E), 04/26/2024		998,952		1,003,680
Term Loan A,
1-Month LIBOR + 1.75%, 3.24% ^(E), 06/02/2020		962,500		963,703

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


Transamerica Funds		Annual Report 2017

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
LOAN ASSIGNMENTS (continued)
IT Services (continued)
MoneyGram International, Inc. Term Loan B, 3-Month LIBOR + 3.25%, 4.58% ^(E), 03/27/2020		$ 2,022,698		$ 2,019,326
NeuStar, Inc.
Term Loan B1,
3-month LIBOR + 3.25%, 4.56% ^(E), 01/08/2020		342,999		345,465
Term Loan B2,
3-month LIBOR + 3.75%, 5.06% ^(E), 08/08/2024		1,200,000		1,209,000
Peak 10, Inc. 1st Lien Term Loan, 3-Month LIBOR + 3.50%, 4.81% ^(E), 08/01/2024		900,000		903,938
Tempo Acquisition LLC Term Loan, 1-Month LIBOR + 3.00%, 4.24% ^(E), 05/01/2024		4,987,500		4,998,931
Vantiv LLC
Term Loan B1,
TBD, 09/18/2024 ^{(F) (G)}		164,359		164,633
Term Loan B4,
1-Month LIBOR + 2.00%, 3.24% ^(E), 08/07/2024		585,641		588,325
Vestcom Parent Holdings, Inc. 1st Lien Term Loan, 1-Month LIBOR + 4.00%, 5.24% ^(E), 12/19/2023		696,491		698,233
Xerox Business Services LLC Delayed Draw Term Loan A, 1-Month LIBOR + 2.25%, 3.49% ^(E), 11/18/2021		3,000,000		2,992,500

				20,926,997

Leisure Products - 0.4%
Recess Holdings, Inc. 1st Lien Term Loan, 6-Month LIBOR + 3.75%, 5.25% ^(E), 09/29/2024		2,642,857		2,651,116

Life Sciences Tools & Services - 0.8%
Avantor, Inc. 1st Lien Term Loan, TBD, 09/07/2024 ^(F) (G)		1,025,000		1,027,082
INC Research LLC Term Loan B, 1-Month LIBOR + 2.25%, 3.49% ^(E), 08/01/2024		984,375		989,297
Jaguar Holding Co. II Term Loan, 3-Month LIBOR + 2.75%, 4.04% ^(E), 08/18/2022		2,374,728		2,387,682
Parexel International Corp. Term Loan B, 1-Month LIBOR + 3.00%, 4.24% ^(E), 09/27/2024		800,000		807,600

				5,211,661


	Principal		Value
LOAN ASSIGNMENTS (continued)
Machinery - 3.8%
Columbus McKinnon Corp. Term Loan B, 3-Month LIBOR + 3.00%, 4.33% ^(E), 01/31/2024		$ 1,872,494		$ 1,881,856
Cortes NP Acquisition Corp. Term Loan B, 1-Month LIBOR + 4.00%, 5.69% ^(E), 11/30/2023		3,064,332		3,073,908
Filtration Group Corp. 1st Lien Term Loan, 3-Month LIBOR + 3.00%, 4.38% ^(E), 11/21/2020		3,429,356		3,451,404
Gardner Denver, Inc. Term Loan B, 3-Month LIBOR + 2.75%, 4.08% ^(E), 07/30/2024		2,400,000		2,407,610
Harsco Corp. Term Loan B, 1-Month LIBOR + 5.00%, 6.25% ^(E), 11/02/2023		496,250		503,694
Husky Injection Molding Systems, Ltd. 1st Lien Term Loan, 1-Month LIBOR + 3.25%, 4.49% ^(E), 06/30/2021		1,834,163		1,847,084
Milacron LLC Term Loan B, 1-Month LIBOR + 3.00%, 4.24% ^(E), 09/28/2023		2,431,625		2,441,758
Rexnord LLC Term Loan B, 1-Month LIBOR + 2.75%, 4.09% ^(E), 08/21/2023		3,630,953		3,651,055
Terex Corp. Term Loan, 3-Month LIBOR + 2.25%, 3.58% ^(E), 01/31/2024		1,726,640		1,733,115
Wastequip LLC Term Loan, 1-Month LIBOR + 4.50%, 5.74% ^(E), 08/09/2019		3,634,862		3,637,890

				24,629,374

Marine - 0.2%
Commercial Barge Line Co. 1st Lien Term Loan, 1-Month LIBOR + 8.75%, 9.99% ^(E), 11/12/2020		1,850,000		1,412,166

Media - 4.8%
AMC Entertainment, Inc. Term Loan, TBD, 12/15/2022 ^(F) (G)		450,000		449,919
Atlantic Broadband Finance LLC 1st Lien Term Loan, TBD, 08/11/2024 ^{(F) (G)}		1,000,000		998,906
Charter Communications Operating LLC Term Loan F, 1-Month LIBOR + 2.00%, 3.25% ^(E), 01/03/2021		1,984,456		1,992,174

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


Transamerica Funds		Annual Report 2017

Page 91

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
LOAN ASSIGNMENTS (continued)
Media (continued)
CSC Holdings LLC 1st Lien Term Loan, 1-Month LIBOR + 2.25%, 3.49% ^(E), 07/17/2025		$ 1,984,403		$ 1,978,011
Cumulus Media Holdings, Inc. Term Loan, 1-Month LIBOR + 3.25%, 4.50% ^(E), 12/23/2020		1,346,667		1,166,551
Learfield Communications, Inc. 1st Lien Term Loan, 1-Month LIBOR + 3.25%, 4.50% ^(E), 12/01/2023		1,985,000		1,997,406
Liberty Cablevision of Puerto Rico LLC 1st Lien Term Loan, 3-Month LIBOR + 3.50%, 4.86% ^(E), 01/07/2022		2,997,959		2,773,112
Mediacom Illinois LLC
Term Loan K,
1-Week LIBOR + 2.25%, 3.46% ^(E), 02/15/2024		497,500		498,619
Term Loan M,
TBD, 01/30/2025 ^{(F) (G)}		2,000,000		2,005,834
Mission Broadcasting, Inc. Term Loan B2, 1-Month LIBOR + 2.50%, 3.74% ^(E), 01/17/2024		187,407		188,376
Nexstar Broadcasting, Inc. Term Loan B2, 1-Month LIBOR + 2.50%, 3.74% ^(E), 01/17/2024		1,492,636		1,500,354
Numericable Group SA Term Loan B12, TBD, 01/31/2026 ^(F) (G)		500,000		500,313
PSAV Holdings LLC Term Loan B, 3-Month LIBOR + 3.50%, 4.83% ^(E), 04/27/2024		5,052,274		5,077,535
Quincy Newspapers, Inc. Term Loan B, 4.53% ^(E), 10/13/2022		1,778,203		1,785,982
Sinclair Television Group, Inc. Term Loan B2, 1-Month LIBOR + 2.25%, 3.50% ^(E), 01/03/2024		694,750		696,053
Tribune Media Co.
Term Loan,
1-Month LIBOR + 3.00%, 4.24% ^(E), 12/27/2020		322,547		322,950
Term Loan C,
1-Month LIBOR + 3.00%, 4.24% ^(E), 01/27/2024		3,550,617		3,558,013
Univision Communications, Inc. Term Loan C5, 1-Month LIBOR + 2.75%, 3.99% ^(E), 03/15/2024		2,929,027		2,913,384

				30,403,492


	Principal		Value
LOAN ASSIGNMENTS (continued)
Metals & Mining - 0.2%
American Rock Salt Holdings LLC 1st Lien Term Loan, 1-Month LIBOR + 3.75%, 4.99% ^(E), 05/20/2021		$ 1,426,903		$ 1,421,552

Multi-Utilities - 1.1%
PrimeLine Utility Services LLC Term Loan, 3-Month LIBOR + 5.50%, 6.88% ^(E), 11/12/2022		3,437,009		3,443,453
Solenis International, LP 1st Lien Term Loan, 3-Month LIBOR + 3.25%, 4.57% ^(E), 07/31/2021		3,376,308		3,381,133

				6,824,586

Multiline Retail - 0.3%
Dollar Tree, Inc. Term Loan B2, 4.25% ^(E), 07/06/2022		2,000,000		2,023,334

Oil, Gas & Consumable Fuels - 2.4%
BCP Raptor LLC Term Loan B, 2-Month LIBOR + 4.25%, 5.52% ^(E), 06/24/2024		2,493,750		2,519,468
California Resources Corp. Term Loan A, 1-Month LIBOR + 3.00%, 4.24% ^(E), 10/01/2019		2,676,322		2,582,650
CITGO Holding, Inc. Term Loan B, 3-Month LIBOR + 8.50%, 9.84% ^(E), 05/12/2018		1,710,429		1,728,441
CITGO Petroleum Corp. Term Loan B, 3-Month LIBOR + 3.50%, 4.84% ^(E), 07/29/2021		994,872		997,981
Fieldwood Energy LLC 1st Lien Term Loan, 3-Month LIBOR + 2.88%, 4.21% ^(E), 09/28/2018		2,100,000		2,000,250
MEG Energy Corp. Term Loan B, 3-Month LIBOR + 3.50%, 4.83% ^(E), 12/31/2023		2,089,500		2,095,470
Southeast PowerGen LLC Term Loan B, 3-Month LIBOR + 3.50%, 4.84% ^(E), 12/02/2021		901,458		846,244
Ultra Resources, Inc. 1st Lien Term Loan, 2-Month LIBOR + 3.00%, 4.31% ^(E), 04/12/2024		2,750,000		2,752,291

				15,522,795

Paper & Forest Products - 0.5%
Dunn Paper, Inc. 1st Lien Term Loan, 6.00% ^(E), 08/31/2022		1,834,783		1,848,543

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


Transamerica Funds		Annual Report 2017

Page 92

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
LOAN ASSIGNMENTS (continued)
Paper & Forest Products (continued)
Verso Paper Holding LLC Term Loan, 3-Month LIBOR + 11.00%, 12.32% ^(E), 10/14/2022 ^(F)^(G)		$ 1,303,129		$ 1,324,305

				3,172,848

Personal Products - 0.5%
Prestige Brands, Inc. Term Loan B5, 1-Month LIBOR + 2.75%, 3.99% ^(E), 01/26/2024		372,869		374,675
Revlon Consumer Products Corp. Term Loan B, 1-Month LIBOR + 3.50%, 4.74% ^(E), 09/07/2023		3,465,000		2,986,397

				3,361,072

Pharmaceuticals - 1.1%
Akorn, Inc. Term Loan B, 1-Month LIBOR + 4.25%, 5.50% ^(E), 04/16/2021		2,502,343		2,519,547
Alphabet Holding Co., Inc. 1st Lien Term Loan, 3-Month LIBOR + 3.50%, 4.83% ^(E), 09/26/2024		1,000,000		976,563
Catalent Pharma Solutions, Inc. Term Loan B, 1-Month LIBOR + 2.25%, 3.49% ^(E), 05/20/2021		1,675,987		1,690,303
Endo Luxembourg Finance Co. I SARL Term Loan B, 1-Month LIBOR + 4.25%, 5.50% ^(E), 04/29/2024		1,795,500		1,817,495

				7,003,908

Professional Services - 0.7%
Advantage Sales & Marketing, Inc. 1st Lien Term Loan, 3-Month LIBOR + 3.25%, 4.63% ^(E), 07/23/2021		994,872		941,398
Ceridian LLC Term Loan, 1-Month LIBOR + 3.50%, 4.74% ^(E), 09/15/2020		2,177,034		2,176,355
Everi Payments, Inc. Term Loan B, 1-Month LIBOR + 4.50%, 5.74% ^(E), 05/09/2024		1,496,250		1,502,172

				4,619,925

Real Estate Management & Development - 1.7%
CityCenter Holdings LLC Term Loan B, 1-Month LIBOR + 2.50%, 3.74% ^(E), 04/18/2024		2,244,375		2,252,791
DTZ U.S. Borrower LLC 1st Lien Term Loan, 3-Month LIBOR + 3.25%, 4.59% ^(E), 11/04/2021		3,040,935		3,055,191


	Principal		Value
LOAN ASSIGNMENTS (continued)
Real Estate Management & Development (continued)
RE/MAX International, Inc. Term Loan B, 3-Month LIBOR + 2.75%, 4.08% ^(E), 12/15/2023		$ 2,505,242		$ 2,514,637
Realogy Corp. Term Loan B, 1-Month LIBOR + 2.25%, 3.49% ^(E), 07/20/2022		3,032,422		3,045,689

				10,868,308

Road & Rail - 0.2%
Fly Funding II SARL Term Loan B, 3-Month LIBOR + 2.25%, 3.56% ^(E), 02/09/2023		1,567,405		1,572,629

Semiconductors & Semiconductor Equipment - 0.6%
Ardent Legacy Acquisitions, Inc. Term Loan B, 3-Month LIBOR + 5.50%, 6.83% ^(E), 08/04/2021		3,953,710		3,958,652

Software - 4.0%
Almonde, Inc. 1st Lien Term Loan, 3-Month LIBOR + 3.50%, 4.82% ^(E), 06/13/2024		3,500,000		3,486,437
Dell, Inc. 1st Lien Term Loan, 1-Month LIBOR + 2.00%, 3.25% ^(E), 09/07/2023		911,162		913,274
Idera, Inc. Term Loan B, 1-Month LIBOR + 5.00%, 6.25% ^(E), 06/26/2024		1,475,847		1,469,697
Infor, Inc. Term Loan B6, 3-Month LIBOR + 2.75%, 4.08% ^(E), 02/01/2022		3,428,872		3,433,693
Kronos, Inc. Term Loan B, 3-Month LIBOR + 3.50%, 4.81% ^(E), 11/01/2023		2,977,538		2,995,403
MA Finance Co. LLC
Term Loan B2,
1-Month LIBOR + 2.50%, 3.74% ^(E), 11/19/2021		1,500,000		1,499,062
Term Loan B3,
1-Month LIBOR + 2.75%, 3.99% ^(E), 06/21/2024		193,467		193,467
Quest Software US Holdings, Inc. Term Loan B, 3-Month LIBOR + 6.00%, 7.38% ^(E), 10/31/2022		1,938,977		1,955,943
Seattle Spinco, Inc. Term Loan B3, 1-Month LIBOR + 2.75%, 3.99% ^(E), 06/21/2024		1,306,533		1,306,533

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


Transamerica Funds		Annual Report 2017

Page 93

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
LOAN ASSIGNMENTS (continued)
Software (continued)
Solera LLC Term Loan B, 1-Month LIBOR + 3.25%, 4.49% ^(E), 03/03/2023		$ 4,446,134		$ 4,476,390
Sophia, LP Term Loan B, 3-Month LIBOR + 3.25%, 4.58% ^(E), 09/30/2022 ^(F)^(G)		2,513,448		2,508,959
SS&C Technologies, Inc.
Term Loan B1,
1-Month LIBOR + 2.25%, 3.49% ^(E), 07/08/2022		1,442,244		1,449,230
Term Loan B2,
1-Month LIBOR + 2.25%, 3.49% ^(E), 07/08/2022		69,455		69,792

				25,757,880

Specialty Retail - 1.2%
Bass Pro Group LLC Term Loan B, 1-Month LIBOR + 5.00%, 6.24% ^(E), 09/25/2024		1,200,000		1,165,876
Men’s Wearhouse, Inc. Term Loan, 5.00% ^(E), 06/18/2021		2,500,000		2,437,500
PetSmart, Inc. Term Loan B2, 1-Month LIBOR + 3.00%, 4.24% ^(E), 03/11/2022		2,176,412		1,866,612
Staples, Inc. Term Loan B, 3-Month LIBOR + 4.00%, 5.31% ^(E), 09/12/2024		2,600,000		2,448,137

				7,918,125

Technology Hardware, Storage & Peripherals - 0.2%
Diebold, Inc. Term Loan B, 1-Month LIBOR + 2.75%, 4.00% ^(E), 11/06/2023		1,134,300		1,135,245

Textiles, Apparel & Luxury Goods - 0.2%
Augusta Sportswear Group, Inc. Term Loan B, 1-Month LIBOR + 4.50%, 5.74% ^(E), 10/26/2023		1,114,860		1,081,414

Trading Companies & Distributors - 1.4%
LBM Borrower LLC 1st Lien Term Loan, 1-Month LIBOR + 4.50%, 5.74% ^(E), 08/19/2022		3,021,064		3,053,419
Utility One Source, LP Term Loan B, 1-Month LIBOR + 5.50%, 6.74% ^(E), 04/07/2023		2,992,500		3,056,091
Wesco Aircraft Hardware Corp.
Term Loan A,
1-Month LIBOR + 3.00%, 4.25% ^(E), 10/04/2021		1,924,051		1,883,164


	Principal		Value
LOAN ASSIGNMENTS (continued)
Trading Companies & Distributors (continued)
Wesco Aircraft Hardware Corp. (continued)
Term Loan B,
3-Month LIBOR + 2.50%, 3.84% ^(E), 02/28/2021		$ 1,000,000		$ 966,250

				8,958,924

Wireless Telecommunication Services - 0.4%
Digicel International Finance, Ltd. Term Loan B, 3-Month LIBOR + 3.75%, 5.07% ^(E), 05/28/2024		2,150,000		2,162,541
Sprint Communications, Inc. 1st Lien Term Loan B, 1-Month LIBOR + 2.50%, 3.75% ^(E), 02/02/2024		547,250		548,716

				2,711,257

Total Loan Assignments (Cost $554,857,112)				554,571,691


	Shares		Value
COMMON STOCK - 0.0% ^(K)
Health Care Providers & Services - 0.0% ^(K)
Valitas Holdings, Inc. ^{(D) (H) (J)}		21,887		21,887

Total Common Stock (Cost $21,887)				21,887


EXCHANGE-TRADED FUNDS - 1.9%
U.S. Fixed Income Funds - 1.9%
PowerShares Senior Loan Portfolio		199,000		4,600,880
SPDR Blackstone / GSO Senior Loan ETF		100,000		4,753,000
SPDR Bloomberg Barclays Short Term High Yield Bond ETF		107,100		2,990,232

Total Exchange-Traded Funds (Cost $12,396,090)				12,344,112


SECURITIES LENDING COLLATERAL - 0.6%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.00% ^(L)		3,677,500		3,677,500

Total Securities Lending Collateral (Cost $3,677,500)				3,677,500


	Principal		Value
REPURCHASE AGREEMENT - 7.1%
Fixed Income Clearing Corp., 0.12%^(L), dated 10/31/2017, to be repurchased at $45,244,656 on 11/01/2017. Collateralized by a U.S. Government Obligation, 2.00%, due 06/30/2024, and with a value of $46,151,287.		$ 45,244,506		45,244,506

Total Repurchase Agreement (Cost $45,244,506)				45,244,506

Total Investments (Cost $662,563,263)				662,878,272
Net Other Assets (Liabilities) - (3.5)%				(22,629,896	)


Net Assets - 100.0%				$ 640,248,376

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


Transamerica Funds		Annual Report 2017

Page 94

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

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
Corporate Debt Securities	$	—	$	47,018,576	$	—	$	47,018,576
Loan Assignments		—		553,040,432		1,531,259		554,571,691
Common Stock		—		—		21,887		21,887
Exchange-Traded Funds		12,344,112		—		—		12,344,112
Securities Lending Collateral		3,677,500		—		—		3,677,500
Repurchase Agreement		—		45,244,506		—		45,244,506

Total Investments	$	16,021,612	$	645,303,514	$	1,553,146	$	662,878,272

Transfers


Investments	Transfers from Level 1 to Level 2		Transfers from Level 2 to Level 1		Transfers from Level 2 to Level 3		Transfers from Level 3 to Level 2
Loan Assignments ^(I)	$	—	$	—	$	1,531,259	$	—

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, 2017, the total value of 144A securities is $29,144,601, representing 4.6% 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 $3,604,395. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(C)		Security in default; no interest payments received and/or dividends declared during the last 12 months. At October 31, 2017, the value of this security is $1,428,000, representing 0.2% of the Fund net assets.
(D)		Non-income producing securities.
(E)		Floating or variable rate securities. The rates disclosed are as of October 31, 2017. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. In addition, variable rate securities with a floor or ceiling feature are disclosing that 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 their description above.
(F)		When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after October 31, 2017. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(G)		All or a portion of the security represents unsettled loan commitments at October 31, 2017 where the rate will be determined at time of settlement.
(H)		Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2017, total value of securities is $1,553,146, representing 0.2% of the Fund’s net assets.
(I)		Transferred from Level 2 to 3 due to utilizing significant unobservable inputs. As of prior reporting period the security utilized significant observable inputs.
(J)		Securities are Level 3 of the fair value hierarchy.
(K)		Percentage rounds to less than 0.1% or (0.1)%.
(L)		Rates disclosed reflect the yields at October 31, 2017.
(M)		The Fund recognizes transfers between Levels at the end of the reporting year. 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.

PORTFOLIO ABBREVIATIONS:


LIBOR		London Interbank Offered Rate
TBD		To Be Determined

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


Transamerica Funds		Annual Report 2017

Page 95

Transamerica Global Equity

(unaudited)

MARKET ENVIRONMENT

Markets globally experienced robust gains. The two biggest drivers of returns were: 1) improved economic growth in Europe and Japan, and 2) political stability in the eurozone on the back of moderate candidates winning key elections across Europe. On a geographic basis, returns were consistent with the U.S., Europe, the U.K. and Japan all gaining at least 17%.

On a sector basis, classic higher-volatility sectors led the way, with technology, industrials and materials performing well, while less volatile consumer staples and telecommunication services lagged. The more volatile sectors benefited from better-than-expected global growth and corporate profits. Growth stocks outpaced value, consistent with the market leadership of technology.

After the U.S. equity markets’ extended period of leadership prior to this period, non-U.S. markets could continue their outperformance, in our view, so we have maintained our underweight in the U.S.

PERFORMANCE

For the year ended October 31, 2017, Transamerica Global Equity Class A returned 24.92%, 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 23.20% and 23.33%, respectively.

STRATEGY REVIEW

The Fund outperformed its benchmark due mostly to stock selection in consumer discretionary, health care and industrials. Our underweights in real estate and consumer staples also contributed to performance, as investors rotated out of these into more economically-sensitive sectors.

Standouts in consumer discretionary included a stock that was weak the previous year, Royal Caribbean Cruises, Ltd. Fears over the Zika virus and terrorism had hurt cruise-line stocks despite travel demand. This period, the holding more than recovered, as the company’s earnings continued to grow. Another strong performer was Delphi Automotive PLC (no longer held at period end), which announced it would split into two companies – one that would focus on its traditional drive-train business and another that would contain its electronics business, including its leading technology for autonomous driving.

Alnylam Pharmaceuticals, Inc. (“Alnylam”), an early stage biotech company with a product for rare liver disease, was another notable performer. We purchased Alnylam after a competitor’s product had safety issues in its clinical trials, which hurt the stocks of both companies. In our view, Alnylam had the stronger product, so we purchased shares on its decline earlier in 2017. The stock subsequently rebounded.

The Fund’s largest detractors were Korea Electric Power Corp. (“KEPCO”), CVS Health Corp. (“CVS”) and Foot Locker, Inc. KEPCO suffered from fears of increased regulation being ushered in by the new Moon Jae-In administration. The fears appeared to have been worse than reality — President Moon’s campaign rhetoric of closing down nuclear power plants seemed to be a far-fetched ambition. KEPCO has already been granted permission to resume construction of two new nuclear plants.

CVS and Foot Locker, Inc. suffered from fears regarding Amazon.com’s potential impact continued to wreak havoc among retail stocks. The Fund continued to hold both, which were selling at significant discounts to the market as of period end.

David P. Harris, CFA

Jimmy C. Chang, CFA

Co-Portfolio Managers

Rockefeller & Co., Inc.


Asset Allocation	Percentage of Net Assets
Common Stocks		96.9	%
Exchange-Traded Funds		2.0
Securities Lending Collateral		0.5
Repurchase Agreement		0.5
Preferred Stock		0.5
Net Other Assets (Liabilities)		(0.4	)
Total		100.0	%


Transamerica Funds		Annual Report 2017

Page 96

Transamerica Global Equity

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		18.03	%		7.88	%		1.13	%		03/01/2006
Class A (NAV)		24.92	%		9.11	%		1.70	%		03/01/2006
MSCI All Country World Index Net^(A)		23.20	%		10.80	%		3.70	%
MSCI World Index ex-U.S.^(B)		23.33	%		8.46	%		1.49	%
Class B (POP)		18.96	%		8.11	%		1.08	%		03/01/2006
Class B (NAV)		23.96	%		8.26	%		1.08	%		03/01/2006
Class C (POP)		22.90	%		8.29	%		0.99	%		03/01/2006
Class C (NAV)		23.90	%		8.29	%		0.99	%		03/01/2006
Class I (NAV)		25.20	%		9.44	%		7.31	%		11/30/2009
Class R6 (NAV)		25.19	%		N/A			8.09	%		05/29/2015
Class T1 (POP)		N/A			N/A			10.59	%^(C)		03/17/2017
Class T1 (NAV)		N/A			N/A			13.45	%^(C)		03/17/2017
Advisor Class (NAV)		N/A			N/A			21.59	%^(C)		12/16/2016

^(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.

^(C) Not annualized.

The performance data presented represents past performance; future results may vary. 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 2.5% for T1 shares or the maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 6 years) for Class B shares or 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, R6 and Advisor Class shares.

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 2017

Page 97

Transamerica Global Equity

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Shares		Value
COMMON STOCKS - 96.9%
Belgium - 0.5%
Galapagos NV ^(A)		6,833		$ 662,940

China - 3.9%
Baidu, Inc., ADR ^(A)		6,181		1,507,793
Shenzhou International Group Holdings, Ltd.		83,000		708,565
Tencent Holdings, Ltd.		57,600		2,582,675

				4,799,033

France - 6.0%
BNP Paribas SA		34,227		2,672,838
Cie de Saint-Gobain		30,384		1,782,381
Safran SA		27,841		2,932,697

				7,387,916

Germany - 4.3%
HeidelbergCement AG		21,589		2,209,193
KION Group AG		15,850		1,270,023
Vonovia SE		41,621		1,838,543

				5,317,759

India - 0.7%
ICICI Bank, Ltd., ADR		94,363		863,422

Indonesia - 0.7%
Bank Rakyat Indonesia Persero Tbk PT		702,500		808,037

Italy - 0.9%
Luxottica Group SpA		18,666		1,070,629

Japan - 11.0%
Amada Holdings Co., Ltd.		103,623		1,276,776
Kansai Electric Power Co., Inc.		179,100		2,437,512
Kyocera Corp.		30,200		2,003,418
Mitsubishi Electric Corp.		73,900		1,255,335
Nippon Telegraph & Telephone Corp.		56,700		2,729,160
ORIX Corp.		89,300		1,522,431
Sony Corp.		41,800		1,622,298
Tokyo Gas Co., Ltd.		30,000		744,162

				13,591,092

Mexico - 1.5%
Cemex SAB de CV, ADR ^(A)		124,332		1,008,333
Grupo Financiero Banorte SAB de CV, Class O		144,300		855,033

				1,863,366

Netherlands - 3.4%
ABN AMRO Group NV, CVA ^(B)		44,553		1,376,063
ING Groep NV		150,935		2,788,451

				4,164,514

Republic of Korea - 3.8%
Hyundai Motor Co.		8,181		1,175,651
Korea Electric Power Corp.		64,069		2,241,715
Samsung SDI Co., Ltd.		6,874		1,263,930

				4,681,296

Sweden - 2.9%
Atlas Copco AB, A Shares		35,590		1,561,060
Swedbank AB, Class A		83,926		2,083,200

				3,644,260

Switzerland - 1.7%
Novartis AG, ADR		25,073		2,070,528

United Kingdom - 8.5%
Berkeley Group Holdings PLC		18,397		914,075
BP PLC, ADR		54,352		2,210,496


	Shares		Value
COMMON STOCKS (continued)
United Kingdom (continued)
Compass Group PLC		96,824		$ 2,125,705
Lloyds Banking Group PLC		1,533,190		1,390,594
Pentair PLC		16,842		1,186,687
Prudential PLC		109,346		2,689,620

				10,517,177

United States - 47.1%
Abbott Laboratories		35,743		1,938,343
Alnylam Pharmaceuticals, Inc. ^(A)		5,092		620,409
Alphabet, Inc., Class C ^(A)		4,040		4,107,226
Amazon.com, Inc. ^(A)		2,298		2,539,933
Becton Dickinson and Co.		8,912		1,859,667
Biogen, Inc. ^(A)		5,127		1,597,881
Cabot Oil & Gas Corp.		35,761		990,580
Cerner Corp. ^(A)		26,871		1,814,330
ConocoPhillips		35,890		1,835,773
CVS Health Corp.		29,388		2,013,960
Facebook, Inc., Class A ^(A)		21,000		3,781,260
Foot Locker, Inc.		23,421		704,504
Illumina, Inc. ^(A)		5,991		1,229,293
JPMorgan Chase & Co.		32,881		3,308,157
Kinder Morgan, Inc.		99,050		1,793,795
Microsoft Corp.		32,127		2,672,324
NCR Corp. ^(A)		37,909		1,216,500
NIKE, Inc., Class B		21,947		1,206,866
Oracle Corp.		41,690		2,122,021
Regeneron Pharmaceuticals, Inc. ^(A)		2,256		908,311
Reinsurance Group of America, Inc.		12,383		1,849,773
Royal Caribbean Cruises, Ltd.		25,029		3,097,839
Shire PLC, ADR		11,159		1,647,403
Southwest Airlines Co.		58,080		3,128,189
Spark Therapeutics, Inc. ^{(A) (C)}		7,340		593,806
Synchrony Financial		48,670		1,587,615
United Continental Holdings, Inc. ^(A)		25,374		1,483,871
Visa, Inc., Class A		26,269		2,889,065
WEC Energy Group, Inc.		13,698		923,108
Wells Fargo & Co.		46,486		2,609,724

				58,071,526

Total Common Stocks (Cost $94,402,138)				119,513,495


PREFERRED STOCK - 0.5%
Republic of Korea - 0.5%
Hyundai Motor Co. 3.76% ^(D)		5,477		552,418

Total Preferred Stock (Cost $600,672)				552,418


EXCHANGE-TRADED FUNDS - 2.0%
United States - 2.0%
iShares Core MSCI EAFE ETF		19,327		1,261,087
iShares Core S&P 500 ETF		4,709		1,218,736

Total Exchange-Traded Funds (Cost $2,466,199)				2,479,823

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


Transamerica Funds		Annual Report 2017

Page 98

Transamerica Global Equity

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Shares		Value
SECURITIES LENDING COLLATERAL - 0.5%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.00% ^(D)		654,759		$ 654,759

Total Securities Lending Collateral (Cost $654,759)				654,759


	Principal		Value
REPURCHASE AGREEMENT - 0.5%
Fixed Income Clearing Corp., 0.12%^(D), dated 10/31/2017, to be repurchased at $646,564 on 11/01/2017. Collateralized by a U.S. Government Obligation, 2.63%, due 08/15/2020, and with a value of $659,720.		$ 646,562		646,562

Total Repurchase Agreement (Cost $646,562)				646,562

Total Investments (Cost $98,770,330)				123,847,057
Net Other Assets (Liabilities) - (0.4)%				(513,769	)


Net Assets - 100.0%				$ 123,333,288

INVESTMENTS BY INDUSTRY (unaudited):


Industry	Percentage of Total Investments			Value
Banks		15.0	%	$	18,755,519
Internet Software & Services		9.7			11,978,954
Oil, Gas & Consumable Fuels		5.5			6,830,644
Biotechnology		4.9			6,030,750
Machinery		4.3			5,294,546
Hotels, Restaurants & Leisure		4.2			5,223,544
Software		3.9			4,794,345
Electric Utilities		3.8			4,679,227
Airlines		3.7			4,612,060
Insurance		3.7			4,539,393
Health Care Equipment & Supplies		3.1			3,798,010
Electronic Equipment, Instruments & Components		2.6			3,267,348
Construction Materials		2.6			3,217,526
Textiles, Apparel & Luxury Goods		2.4			2,986,060
Aerospace & Defense		2.4			2,932,697
IT Services		2.3			2,889,065
Diversified Telecommunication Services		2.2			2,729,160
Internet & Direct Marketing Retail		2.1			2,539,933
Household Durables		2.0			2,536,373
Pharmaceuticals		1.7			2,070,528
Food & Staples Retailing		1.6			2,013,960
Real Estate Management & Development		1.5			1,838,543
Health Care Technology		1.5			1,814,330
Building Products		1.4			1,782,381
Automobiles		1.4			1,728,069
Consumer Finance		1.3			1,587,615
Diversified Financial Services		1.2			1,522,431
International Equity Funds		1.0			1,261,087
Electrical Equipment		1.0			1,255,335
Life Sciences Tools & Services		1.0			1,229,293

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


Transamerica Funds		Annual Report 2017

Page 99

Transamerica Global Equity

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

INVESTMENTS BY INDUSTRY (unaudited) (continued):


Industry	Percentage of Total Investments			Value
U.S. Equity Funds		1.0	%	$	1,218,736
Technology Hardware, Storage & Peripherals		1.0			1,216,500
Multi-Utilities		0.7			923,108
Gas Utilities		0.6			744,162
Specialty Retail		0.6			704,504

Investments, at Value		98.9			122,545,736
Short-Term Investments		1.1			1,301,321

Total Investments		100.0	%	$	123,847,057

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	$	67,773,818	$	51,739,677	$	—	$	119,513,495
Preferred Stock		—		552,418		—		552,418
Exchange-Traded Funds		2,479,823		—		—		2,479,823
Securities Lending Collateral		654,759		—		—		654,759
Repurchase Agreement		—		646,562		—		646,562

Total Investments	$	70,908,400	$	52,938,657	$	—	$	123,847,057

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, 2017, the value of the 144A security is $1,376,063, representing 1.1% of the Fund’s net assets.
(C)		All or a portion of the security is on loan. The value of the security on loan is $640,002. 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)		Rates disclosed reflect the yields at October 31, 2017.
(E)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. 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 2017

Page 100

Transamerica Government Money Market

(unaudited)


Fund Characteristics	Years
Average Maturity §		0.29
Duration †		0.09

Asset Allocation	Percentage of Net Assets
Repurchase Agreements		45.7	%
Short-Term U.S. Government Agency Obligations		29.5
U.S. Government Agency Obligations		20.6
Short-Term U.S. Government Obligations		4.2
Net Other Assets (Liabilities)		0.0	*
Total		100.0	%



§		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 2017

Page 101

Transamerica Government Money Market

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS - 20.6%
Federal Agricultural Mortgage Corp.
1-Month LIBOR - 0.09%, 1.15% ^(A), 11/01/2018		$ 32,500,000		$ 32,500,000
3-Month LIBOR - 0.17%, 1.16% ^(A), 04/03/2018		19,500,000		19,500,000
Federal Farm Credit Banks
3-Month LIBOR - 0.26%, 1.07% ^(A), 09/28/2018		18,000,000		18,001,541
3-Month LIBOR - 0.23%, 1.10% ^(A), 04/03/2019		16,000,000		15,998,232
1-Month LIBOR + 0.12%, 1.36% ^(A), 11/13/2017		15,300,000		15,300,026
Federal Home Loan Banks
1-Month LIBOR - 0.14%, 1.10% ^(A), 10/19/2018		28,500,000		28,500,000
1-Month LIBOR - 0.09%, 1.15% ^(A), 01/14/2019		15,600,000		15,600,000
3-Month LIBOR - 0.17%, 1.15% ^(A), 06/01/2018		20,000,000		20,000,000
3-Month LIBOR - 0.20%, 1.15% ^(A), 01/18/2019		16,500,000		16,504,744
3-Month LIBOR - 0.06%, 1.26% ^(A), 12/18/2017		9,450,000		9,451,722
Federal Home Loan Mortgage Corp. 3-Month LIBOR - 0.28%, 1.03% ^(A), 08/10/2018, MTN		34,000,000		34,000,000
Federal National Mortgage Association 3-Month LIBOR - 0.05%, 1.28% ^(A), 03/21/2018		19,000,000		19,020,338

Total U.S. Government Agency Obligations (Cost $244,376,603)				244,376,603


SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS - 29.5%
Federal Agricultural Mortgage Corp.
1-Month LIBOR - 0.11%, 1.13% ^(A), 06/22/2018		28,500,000		28,500,000
1-Month LIBOR - 0.10%, 1.14% ^(A), 09/14/2018		19,000,000		19,000,000
3-Month LIBOR - 0.18%, 1.20% ^(A), 10/30/2018		28,000,000		28,000,000
Federal Agricultural Mortgage Corp. Discount Notes 1.18% ^(B), 01/02/2018		21,600,000		21,556,848
Federal Home Loan Bank Discount Notes 1.05% ^(B), 11/29/2017		52,300,000		52,258,021
1.06% ^(B), 12/22/2017		17,300,000		17,274,388
1.08% ^(B), 11/03/2017		35,000,000		34,997,939
1.10% ^(B), 11/06/2017		12,500,000		12,498,125
1.11% ^(B), 01/12/2018		36,300,000		36,220,866
1.15% ^(B), 02/21/2018		33,750,000		33,631,875
1.16% ^(B), 03/14/2018		33,600,000		33,458,488
Federal Home Loan Mortgage Corp. Discount Notes 1.26% ^(B), 05/16/2018		33,900,000		33,672,983

Total Short-Term U.S. Government Agency Obligations (Cost $351,069,533)				351,069,533


	Principal		Value
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 4.2%
U.S. Treasury Bill 1.08% ^(B), 12/21/2017		$ 16,000,000		$ 15,976,445
1.13% ^(B), 12/21/2017		34,000,000		33,947,536

Total Short-Term U.S. Government Obligations (Cost $49,923,981)				49,923,981


REPURCHASE AGREEMENTS - 45.7%
Barclays Capital, Inc., 1.04%^(B), dated 10/31/2017, to be repurchased at $97,402,814 on 11/01/2017. Collateralized by U.S. Government Agency Obligations, 2.50% - 6.74%, due 05/01/2018 - 10/01/2047, and with a total value of $99,348,000.		97,400,000		97,400,000
Barclays Capital, Inc., 1.26%^(B), dated 10/16/2017, to be repurchased at $47,599,750 on 12/15/2017. Collateralized by Foreign Government Obligations, U.S. Government Agency Obligations and a U.S. Government Obligation, 1.13% - 6.04%, due 09/16/2019 - 11/25/2041, and with a total value of $48,450,080. ^(C)		47,500,000		47,500,000
Fixed Income Clearing Corp., 0.12%^(B), dated 10/31/2017, to be repurchased at $893,616 on 11/01/2017. Collateralized by a U.S. Government Obligation, 0.25%, due 01/15/2025, and with a value of $912,707.		893,613		893,613
Goldman Sachs & Co., 1.03%^(B), dated 10/31/2017, to be repurchased at $93,002,661 on 11/01/2017. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 08/25/2046, and with a value of $94,860,001.		93,000,000		93,000,000
ING Financial Markets LLC, 1.00% ^(B), dated 10/31/2017, to be repurchased at $83,702,325 on 11/01/2017. Collateralized by U.S. Government Agency Obligations, 3.50%, due 05/01/2042 - 01/01/2043, and with a total value of $85,374,000.		83,700,000		83,700,000
Jefferies LLC, 1.18% ^(B), dated 10/31/2017, to be repurchased at $65,102,134 on 11/01/2017. Collateralized by U.S. Government Agency Obligations, 2.75% - 3.50%, due 05/01/2027 - 10/15/2052, and with a total value of $66,402,000.		65,100,000		65,100,000

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


Transamerica Funds		Annual Report 2017

Page 102

Transamerica Government Money Market

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
REPURCHASE AGREEMENTS (continued)
Nomura Securities International, Inc., 1.06%^(B), dated 10/31/2017, to be repurchased at $156,004,593 on 11/01/2017. Collateralized by Foreign Government Obligation, U.S. Government Agency Obligations and U.S. Government Obligations, Zero Coupon - 9.00%, due 01/01/2018 - 04/01/2056, and with a total value of $159,120,000.		$ 156,000,000		$ 156,000,000

Total Repurchase Agreements (Cost $543,593,613)				543,593,613

Total Investments (Cost $1,188,963,730)				1,188,963,730
Net Other Assets (Liabilities) - 0.0% ^(D)				179,823


Net Assets - 100.0%				$ 1,189,143,553

SECURITY VALUATION:

Valuation Inputs ^(E)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
U.S. Government Agency Obligations	$	—	$	244,376,603	$	—	$	244,376,603
Short-Term U.S. Government Agency Obligations		—		351,069,533		—		351,069,533
Short-Term U.S. Government Obligations		—		49,923,981		—		49,923,981
Repurchase Agreements		—		543,593,613		—		543,593,613

Total Investments	$	—	$	1,188,963,730	$	—	$	1,188,963,730

FOOTNOTES TO SCHEDULE OF INVESTMENTS:


(A)		Floating or variable rate securities. The rates disclosed are as of October 31, 2017. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. In addition, variable rate securities with a floor or ceiling feature are disclosing that 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 their description above.
(B)		Rates disclosed reflect the yields at October 31, 2017.
(C)		Illiquid security. At October 31, 2017, the value of such securities amounted to $47,500,000 or 4.0% of the Fund’s net assets.
(D)		Percentage rounds to less than 0.1% or (0.1)%.
(E)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. 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 2017

Page 103

Transamerica Growth

(unaudited)

MARKET ENVIRONMENT

Equity returns were strong in the 12 month period ended October 31, 2017, as global Gross Domestic Product (“GDP”) advanced at a healthy pace, long-term interest rates remained close to historical lows, and central banks tightened monetary policy prudently and gradually in light of subdued inflation. In the U.S., solid economic fundamentals included stable and moderate economic expansion, robust employment, accelerating corporate profit growth, and accumulating cash on company balance sheets.

PERFORMANCE

For the year ended October 31, 2017, Transamerica Growth Class I2 returned 32.38%. By comparison, its benchmark, the Russell 1000^® Growth Index, returned 29.71%.

STRATEGY REVIEW

Information technology positions were major contributors to Fund outperformance. Internet and mobile technologies have been transforming businesses and consumer behavior for some time, yet their impact continues to grow. Nowhere is this more dramatic than China. Alibaba Group Holding, Ltd. reported financial results that beat expectations on most key metrics. Within China, it operates the largest global online wholesale platform for small businesses, the largest online retail website, and the largest online third-party platform for brands and retailers. These businesses are in the early stages of what we believe will be long-term growth.

Tencent Holdings, Ltd., China’s largest and most visited Internet service portal, continues to perform well fundamentally driven by its dominant position and monetization opportunities in China’s online gaming and instant messaging markets and its growing advertising and payment service efforts.

The technology of social media has clearly changed how we interact with friends and family, and how and when we consume and share information. Facebook, Inc.’s revenue and earnings beat consensus expectations, with user growth solid and engagement strong. We believe the company’s opportunities to monetize its businesses remain substantial.

Both NVIDIA Corp. and Adobe Systems, Inc. are benefiting from technological advances beyond the Internet and mobile connectivity. NVIDIA Corp. has transformed itself from a personal-computer-centric graphics provider to the driver of high-growth markets such as gaming, automotive, high-performance computing, and cloud and enterprise, where developers have coalesced and standardized around its architecture and platform. Adobe Systems, Inc., while historically best known for Photoshop and the PDF and Flash platforms, has successfully transformed into a subscription-based provider of digital media, document, creative, marketing, and analytics services.

Apple, Inc.’s fundamental strength reflects the proliferation of the iOS platform across the global mobile phone, tablet, and personal computer landscape as well as the financial power related to the attractive margin profile of the company’s hardware products.

Technological and behavioral changes are transforming industries well beyond information technology. Within the consumer discretionary sector, notable holdings include Amazon.com, Inc. in retail, Netflix, Inc. in media and entertainment, and Tesla, Inc. in autos and replaceable power. Amazon.com, Inc.’s scale dominance allows an advantageous cost structure and the ability to aggressively invest in its businesses. The long-term positioning of Netflix, Inc. has been strengthened by exclusive deals and original content, international expansion, and scale advantage, which enables the company to fund content costs with a global subscriber base. We believe Tesla, Inc. is positioned to drive rapid growth in the adoption of electric autos, and with its Model 3, target the mainstream automotive market.

However, technological change affected other consumer discretionary holdings negatively, with the incursion of online competition weighing on the stocks of both O’Reilly Automotive, Inc. and Ulta Beauty, Inc.

The Fund’s health care positions lagged the benchmark sector. Notable detractors included Alexion Pharmaceuticals, Inc., which makes drugs for rare genetic diseases; it declined on material and unanticipated management changes and on an investigation into sales practices. Allergan PLC’s decline reflected potential patent expirations and constraints on its ability to raise drug prices.

In information technology, cellphone chipmaker QUALCOMM, Inc. fell on new and ongoing antitrust litigation. Internet security hardware and software maker Palo Alto Networks, Inc. declined on weaker-than-projected product revenue and a lowered outlook.

The Fund’s positions in O’Reilly Automotive, Inc., Ulta Beauty, Inc., Allergan PLC, and Palo Alto Networks, Inc. were eliminated.

Michael A. Del Balso

Blair A. Boyer

Spiros “Sig” Segalas

Co-Portfolio Managers

Jennison Associates LLC


Asset Allocation	Percentage of Net Assets
Common Stocks		100.1	%
Securities Lending Collateral		0.3
Repurchase Agreement		0.1
Net Other Assets (Liabilities)		(0.5	)
Total		100.0	%


Transamerica Funds		Annual Report 2017

Page 104

Transamerica Growth

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class I2 (NAV)		32.38	%		17.92	%		9.42	%		11/15/2005
Russell 1000^® Growth Index^(A)		29.71	%		16.83	%		9.13	%
Class R6 (NAV)		32.29	%		N/A			13.16	%		05/29/2015

Growth stocks can be volatile and experience sharp price declines and certain types of stocks can be extremely volatile and subject to greater price swings than the broader market. Equities are subject to market risk meaning that stock prices in general may decline over short or extended periods of time.

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 2017

Page 105

Transamerica Growth

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Shares		Value
COMMON STOCKS - 100.1%
Aerospace & Defense - 2.3%
Boeing Co.		30,874		$ 7,964,875

Air Freight & Logistics - 1.5%
FedEx Corp.		22,847		5,159,081

Automobiles - 1.4%
Tesla, Inc. ^(A)		14,862		4,927,199

Banks - 1.8%
JPMorgan Chase & Co.		64,009		6,439,945

Beverages - 1.2%
Monster Beverage Corp. ^(A)		75,808		4,391,557

Biotechnology - 6.2%
AbbVie, Inc.		53,058		4,788,485
Alexion Pharmaceuticals, Inc. ^(A)		23,384		2,798,129
BioMarin Pharmaceutical, Inc. ^(A)		44,642		3,664,662
Celgene Corp. ^(A)		39,312		3,969,333
Regeneron Pharmaceuticals, Inc. ^(A)		7,349		2,958,854
Vertex Pharmaceuticals, Inc. ^(A)		24,118		3,526,775

				21,706,238

Capital Markets - 1.5%
Goldman Sachs Group, Inc.		22,446		5,442,706

Chemicals - 1.6%
Albemarle Corp.		39,701		5,593,474

Electronic Equipment, Instruments & Components - 0.6%
Corning, Inc.		68,569		2,146,895

Equity Real Estate Investment Trusts - 1.3%
Crown Castle International Corp.		43,394		4,646,630

Food & Staples Retailing - 1.0%
Costco Wholesale Corp.		21,537		3,469,180

Health Care Providers & Services - 1.6%
UnitedHealth Group, Inc.		26,071		5,480,646

Hotels, Restaurants & Leisure - 4.0%
Marriott International, Inc., Class A		58,745		7,018,852
McDonald’s Corp.		41,870		6,988,522

				14,007,374

Internet & Direct Marketing Retail - 9.6%
Amazon.com, Inc. ^(A)		13,996		15,469,499
Netflix, Inc. ^(A)		55,401		10,882,418
Priceline Group, Inc. ^(A)		3,980		7,609,601

				33,961,518

Internet Software & Services - 16.6%
Alibaba Group Holding, Ltd., ADR ^(A)		82,481		15,249,912
Alphabet, Inc., Class A ^(A)		7,998		8,262,254
Alphabet, Inc., Class C ^(A)		8,155		8,290,699
Facebook, Inc., Class A ^(A)		89,976		16,201,078
Tencent Holdings, Ltd.		236,200		10,590,761

				58,594,704

IT Services - 8.9%
FleetCor Technologies, Inc. ^(A)		25,779		4,260,495
Mastercard, Inc., Class A		75,593		11,245,971
PayPal Holdings, Inc. ^(A)		68,189		4,947,794
Visa, Inc., Class A		99,737		10,969,075

				31,423,335

Life Sciences Tools & Services - 1.0%
Illumina, Inc. ^(A)		16,877		3,462,992


	Shares		Value
COMMON STOCKS (continued)
Machinery - 2.6%
Caterpillar, Inc.		30,566		$ 4,150,863
Parker-Hannifin Corp.		27,626		5,044,784

				9,195,647

Media - 1.4%
Charter Communications, Inc., Class A ^(A)		15,043		5,026,919

Oil, Gas & Consumable Fuels - 1.1%
Concho Resources, Inc. ^(A)		29,161		3,913,698

Personal Products - 1.2%
Estee Lauder Cos., Inc., Class A		37,088		4,146,809

Pharmaceuticals - 1.8%
Bristol-Myers Squibb Co.		104,469		6,441,559

Semiconductors & Semiconductor Equipment - 6.0%
Broadcom, Ltd.		25,811		6,811,781
NVIDIA Corp.		38,505		7,963,219
QUALCOMM, Inc.		31,426		1,603,040
Texas Instruments, Inc.		50,541		4,886,810

				21,264,850

Software - 13.9%
Activision Blizzard, Inc.		83,267		5,453,156
Adobe Systems, Inc. ^(A)		53,566		9,382,620
Microsoft Corp.		169,871		14,129,870
Red Hat, Inc. ^(A)		40,343		4,874,645
salesforce.com, Inc. ^(A)		85,874		8,788,345
Splunk, Inc. ^(A)		38,108		2,564,668
Workday, Inc., Class A ^(A)		35,433		3,932,709

				49,126,013

Specialty Retail - 1.7%
Home Depot, Inc.		26,667		4,420,855
Industria de Diseno Textil SA ^(B)		37,173		1,389,744

				5,810,599

Technology Hardware, Storage & Peripherals - 6.1%
Apple, Inc.		126,808		21,435,624

Textiles, Apparel & Luxury Goods - 2.2%
adidas AG		21,325		4,746,583
Kering, ADR		64,045		2,937,872

				7,684,455

Total Common Stocks (Cost $188,714,750)				352,864,522


SECURITIES LENDING COLLATERAL - 0.3%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.00% ^(C)		1,095,644		1,095,644

Total Securities Lending Collateral (Cost $1,095,644)				1,095,644

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


Transamerica Funds		Annual Report 2017

Page 106

Transamerica Growth

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
REPURCHASE AGREEMENT - 0.1%
Fixed Income Clearing Corp., 0.12%^(C), dated 10/31/2017, to be repurchased at $439,030 on 11/01/2017. Collateralized by a U.S. Government Agency Obligation, 1.38%, due 09/28/2020, and with a value of $450,360.		$ 439,029		$ 439,029

Total Repurchase Agreement (Cost $439,029)				439,029

Total Investments (Cost $190,249,423)				354,399,195
Net Other Assets (Liabilities) - (0.5)%				(1,595,206	)


Net Assets - 100.0%				$ 352,803,989

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	$	336,137,434	$	16,727,088	$	—	$	352,864,522
Securities Lending Collateral		1,095,644		—		—		1,095,644
Repurchase Agreement		—		439,029		—		439,029

Total Investments	$	337,233,078	$	17,166,117	$	—	$	354,399,195

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 $1,042,459. 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, 2017.
(D)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. 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 2017

Page 107

Transamerica High Quality Bond

(unaudited)

MARKET ENVIRONMENT

The 12 months ended October 31, 2017, produced modest positive returns to the high grade fixed income markets. The last few months of 2016 witnessed interest rates climbing sharply, particularly with 5-year rates and longer. Through the first 10 months of 2017, the yield curve has flattened with the very front-end rates rising dramatically as the U.S. Federal Reserve (“Fed”) increased the Federal Funds Rate twice and commenced balance sheet normalization, and 10-year rates and longer falling as inflation remains well in check. Gross domestic product (“GDP”) was weak in the first quarter of 2017, but has since improved in the second half of 2017.

The spread tightening which commenced in February 2016 continued nearly unabated over the last 12 months. The corporate sector led the spread tightening. Basic industries and energy have driven the corporate performance as oil traded in a range from $45 to $55/barrel, and global growth improved. Optimism about government-sponsored infrastructure spending and potential corporate tax changes have also fueled the spread tightening. Corporate spreads have been hovering at the post-financial crisis low. Commercial Mortgage-Backed Securities (“CMBS”) and Asset-Backed Securities (“ABS”) have also posted positive excess returns, though to a lesser degree than corporates. The sector spread tightening has occurred even though the sectors experienced significant new issuance. Corporate new issuance is ahead of 2016’s record level of issuance, and CMBS have transitioned from a position of negative net new issuance to positive net new issuance. Strong investor demand for high quality, U.S. dollar-denominated fixed income securities easily absorbed the new issuance.

PERFORMANCE

For the year ended October 31, 2017, Transamerica High Quality Bond Class R4 returned 0.81%. By comparison, its benchmark, the BofA Merrill Lynch U.S. Corporate & Government 1-3 Years Index, returned 0.67%.

STRATEGY REVIEW

The Fund’s overweight to the spread sectors drove the outperformance over the last 12 months. Relative to the benchmark, the Fund had large overweights in CMBS and ABS spread sectors which accounted for most of the excess return. The Fund’s weighting to credit was almost neutral to the benchmark and accounted for modest excess return. Security selection was a large contributor to excess return, with the majority coming from CMBS security selection. Mezzanine tranche and single asset/single borrower CMBS were particularly strong performers. Within the ABS sector more conservative credit card holdings underperformed. In industrials, high quality technology and energy holdings underperformed. The Fund’s overweight in the four- to five-year duration bucket detracted from performance, while the overweight to the front of the curve aided performance in a period of rising interest rates.

With the tightening of spreads over the last year, Merganser Capital Management, LLC has been “de-risking” the Fund and allocating more to lower volatility sectors. The Fund’s credit holdings have been reduced as energy positions matured and the cash was reallocated. The allocation to CMBS has been reduced through both sales and payment of principal and interest. Within CMBS we have increased our allocation to agency CMBS. ABS holdings have been increased, with a greater weighting given to consumer receivables ABS. The Fund’s Treasury holdings have also been increased. These reallocations have lowered the Fund’s spread volatility and increased its liquidity. With the increase in front end rates we have increased the Fund’s duration to be neutral relative to the benchmark.

Peter S. Kaplan, CFA

Jennifer K. Wynn, CFA

Co-Portfolio Managers

Merganser Capital Management, LLC


Fund Characteristics	Years
Average Maturity §		2.18
Duration †		1.90

Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		29.6	%
AAA		29.4
AA		11.7
A		14.0
BBB		14.2
Not Rated		0.5
Net Other Assets (Liabilities)		0.6
Total		100.0	%

§	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 2017

Page 108

Transamerica High Quality Bond

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class I3 (NAV)		N/A			N/A			0.51	%^(A)		04/21/2017
Class R (NAV)		N/A			N/A			0.32	%^(A)		04/21/2017
Class R4 (NAV)		0.81	%		0.72	%		2.25	%		09/11/2000
BofA Merrill Lynch U.S. Corporate & Government 1-3 Years Index^(B)		0.67	%		0.93	%		2.05	%

^(A) Not annualized.

^(B) The BofA Merrill Lynch 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.

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 2017

Page 109

Transamerica High Quality Bond

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Principal		Value
ASSET-BACKED SECURITIES - 35.2%
Ally Auto Receivables Trust Series 2017-4, Class A4, 1.96%, 07/15/2022		$ 1,500,000		$ 1,492,304
American Express Credit Account Master Trust Series 2014-4, Class A, 1.43%, 06/15/2020		1,500,000		1,499,940
AmeriCredit Automobile Receivables Trust
Series 2013-3, Class C,
2.38%, 06/10/2019		94,917		94,922
Series 2014-3, Class D,
3.13%, 10/08/2020		1,270,000		1,285,939
Series 2015-4, Class C,
2.88%, 07/08/2021		750,000		755,654
Series 2016-1, Class C,
2.89%, 01/10/2022		950,000		960,127
Series 2016-4, Class B,
1.83%, 12/08/2021		1,000,000		995,070
Series 2017-1, Class C,
2.71%, 08/18/2022		1,000,000		1,001,314
Avis Budget Rental Car Funding AESOP LLC
Series 2012-3A, Class B,
3.04%, 03/20/2019 ^(A)		708,333		709,815
Series 2014-1A, Class A,
2.46%, 07/20/2020 ^(A)		1,250,000		1,254,941
Series 2014-1A, Class B,
2.96%, 07/20/2020 ^(A)		375,000		376,037
Barclays Dryrock Issuance Trust Series 2016-1, Class A, 1.52%, 05/16/2022		2,000,000		1,987,276
Cabela’s Credit Card Master Note Trust Series 2015-1A, Class A1, 2.26%, 03/15/2023		3,350,000		3,366,575
Capital Auto Receivables Asset Trust
Series 2015-4, Class C,
2.89%, 02/22/2021		1,630,000		1,648,762
Series 2016-1, Class B,
2.67%, 12/21/2020		1,000,000		1,007,973
Series 2016-2, Class B,
2.11%, 03/22/2021		1,000,000		998,165
Series 2016-3, Class C,
2.35%, 09/20/2021		725,000		718,371
Capital One Multi-Asset Execution Trust
Series 2015-A1, Class A1,
1.39%, 01/15/2021		3,800,000		3,798,962
Series 2015-A8, Class A8,
2.05%, 08/15/2023		3,300,000		3,298,198
Series 2016-A3, Class A3,
1.34%, 04/15/2022		2,920,000		2,897,363
Series 2016-A4, Class A4,
1.33%, 06/15/2022		3,350,000		3,318,495
Series 2016-A6, Class A6,
1.82%, 09/15/2022		2,015,000		2,011,401
Series 2017-A1, Class A1,
2.00%, 01/17/2023		2,000,000		2,003,382
Series 2017-A4, Class A4,
1.99%, 07/17/2023		4,360,000		4,362,121


	Principal		Value
ASSET-BACKED SECURITIES (continued)
CarMax Auto Owner Trust Series 2015-2, Class C, 2.39%, 03/15/2021		$ 900,000		$ 904,095
Chase Issuance Trust Series 2014-A7, Class A7, 1.38%, 11/15/2019		2,000,000		1,999,923
Chesapeake Funding II LLC Series 2017-2A, Class B, 2.81%, 05/15/2029 ^(A)		1,300,000		1,303,709
CIT Equipment Collateral Series 2014-VT1, Class C, 2.65%, 10/20/2022 ^(A)		2,000,000		2,006,162
Citibank Credit Card Issuance Trust
Series 2017-A2, Class A2,
1.74%, 01/19/2021		3,000,000		3,001,059
Series 2017-A3, Class A3,
1.92%, 04/07/2022		3,700,000		3,694,589
CLI Funding V LLC
Series 2013-1A, Class NOTE,
2.83%, 03/18/2028 ^(A)		578,233		571,526
Series 2013-3A, Class A,
3.67%, 11/18/2028 ^(A)		375,862		375,060
CNH Equipment Trust
Series 2013-D, Class B,
1.75%, 04/15/2021		1,100,000		1,100,272
Series 2014-B, Class B,
1.93%, 11/15/2021		1,050,000		1,051,224
Series 2014-C, Class A3,
1.05%, 11/15/2019		329,866		329,441
Series 2015-A, Class B,
2.14%, 08/15/2022		2,000,000		1,998,954
Series 2015-B, Class A3,
1.37%, 07/15/2020		609,246		608,690
Series 2015-B, Class B,
2.23%, 10/17/2022		1,825,000		1,827,758
Colony American Homes Series 2015-1A, Class A, 1-Month LIBOR + 1.20%, 2.44% ^(B), 07/17/2032 ^(A)		1,527,071		1,529,784
Dell Equipment Finance Trust Series 2017-2, Class C, 2.73%, 10/24/2022 ^(A)		1,000,000		999,509
Diamond Resorts Owner Trust
Series 2013-2, Class A,
2.27%, 05/20/2026 ^(A)		663,694		661,247
Series 2014-1, Class A,
2.54%, 05/20/2027 ^(A)		808,250		800,820
Series 2015-2, Class A,
2.99%, 05/22/2028 ^(A)		466,551		459,328
Discover Card Execution Note Trust Series 2015-A4, Class A4, 2.19%, 04/17/2023		3,000,000		3,012,213
Entergy Texas Restoration Funding LLC Series 2009-A, Class A2, 3.65%, 08/01/2019		450,481		453,707
Ford Credit Auto Owner Trust
Series 2016-C, Class B,
1.73%, 03/15/2022		1,418,000		1,400,405
Series 2017-A, Class C,
2.41%, 07/15/2023		2,578,000		2,578,842

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


Transamerica Funds		Annual Report 2017

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
ASSET-BACKED SECURITIES (continued)
Ford Credit Floorplan Master Owner Trust
Series 2015-1, Class B,
1.62%, 01/15/2020		$ 1,050,000		$ 1,050,083
Series 2016-5, Class A1,
1.95%, 11/15/2021		3,150,000		3,149,391
Ford Credit Floorplan Master Owner Trust A Series 2017-2, Class B, 2.34%, 09/15/2022		1,570,000		1,566,392
Global SC Finance II SRL Series 2013-1A, Class A, 2.98%, 04/17/2028 ^(A)		921,250		911,601
Huntington Auto Trust Series 2016-1, Class A3, 1.59%, 11/16/2020		1,835,000		1,832,541
Hyundai Auto Receivables Trust Series 2017-B, Class B, 2.23%, 02/15/2023		1,840,000		1,826,937
John Deere Owner Trust Series 2017-B, Class A4, 2.11%, 07/15/2024		1,300,000		1,295,500
Master Credit Card Trust II Series 2017-1A, Class A, 2.26%, 07/21/2021 ^(A)		2,330,000		2,341,655
MVW Owner Trust
Series 2015-1A, Class A,
2.52%, 12/20/2032 ^(A)		1,221,280		1,221,418
Series 2016-1A, Class A,
2.25%, 12/20/2033 ^(A)		732,581		720,023
Series 2017-1A, Class A,
2.42%, 12/20/2034 ^(A)		1,424,227		1,417,993
Nissan Master Owner Trust Receivables Series 2015-A, Class A2, 1.44%, 01/15/2020		2,090,000		2,089,763
Sierra Receivables Funding Co. LLC Series 2017-1A, Class A, 2.91%, 03/20/2034 ^(A)		815,196		817,683
Sierra Timeshare Receivables Funding LLC Series 2015-1A, Class A, 2.40%, 03/22/2032 ^(A)		396,267		395,733
Synchrony Credit Card Master Note Trust Series 2012-2, Class A, 2.22%, 01/15/2022		2,062,000		2,071,777
Toyota Auto Receivables Owner Trust Series 2017-A, Class A2A, 1.42%, 09/16/2019		1,375,000		1,374,209
Verizon Owner Trust
Series 2017-1A, Class B,
2.45%, 09/20/2021 ^(A)		1,350,000		1,353,510
Series 2017-2A, Class C,
2.38%, 12/20/2021 ^(A)		850,000		846,510
World Omni Auto Receivables Trust Series 2015-A, Class A4, 1.75%, 04/15/2021		2,450,000		2,449,065
World Omni Automobile Lease Securitization Trust
Series 2015-A, Class B,
1.94%, 12/15/2020		2,030,000		2,029,337


	Principal		Value
ASSET-BACKED SECURITIES (continued)
World Omni Automobile Lease Securitization Trust (continued)
Series 2016-A, Class A4,
1.61%, 01/15/2022		$ 1,000,000		$ 995,947

Total Asset-Backed Securities (Cost $106,521,339)				106,268,492


CORPORATE DEBT SECURITIES - 26.1%
Banks - 6.4%
Bank of America Corp. 2.65%, 04/01/2019		3,941,000		3,973,311
Bank of Nova Scotia 2.15%, 07/14/2020		1,250,000		1,251,367
Citigroup, Inc. 2.55%, 04/08/2019		3,425,000		3,454,434
JPMorgan Chase & Co. 2.55%, 10/29/2020		1,000,000		1,009,566
KeyBank NA 2.35%, 03/08/2019		3,330,000		3,350,768
Toronto-Dominion Bank 1.90%, 10/24/2019, MTN		2,835,000		2,832,433
Wells Fargo & Co. 2.50%, 03/04/2021		3,425,000		3,439,032

				19,310,911

Beverages - 0.7%
Anheuser-Busch InBev Finance, Inc. 2.65%, 02/01/2021		2,000,000		2,025,519

Capital Markets - 2.4%
Goldman Sachs Group, Inc. 3-Month LIBOR + 1.36%, 2.73% ^(B), 04/23/2021		3,005,000		3,079,703
Morgan Stanley 2.65%, 01/27/2020		4,000,000		4,036,087

				7,115,790

Chemicals - 0.8%
Airgas, Inc. 1.65%, 02/15/2018		2,575,000		2,575,687

Communications Equipment - 0.3%
Cisco Systems, Inc. 2.20%, 02/28/2021		825,000		827,215

Consumer Finance - 3.7%
Ford Motor Credit Co. LLC 2.24%, 06/15/2018		1,500,000		1,503,768
3.34%, 03/28/2022		1,000,000		1,020,111
General Motors Financial Co., Inc. 3.20%, 07/13/2020		3,080,000		3,149,257
John Deere Capital Corp. 1.25%, 10/09/2019, MTN		2,875,000		2,840,349
PACCAR Financial Corp. 1.75%, 08/14/2018, MTN		760,000		760,808
Toyota Motor Credit Corp. 1.70%, 02/19/2019, MTN		2,025,000		2,024,002

				11,298,295

Diversified Financial Services - 0.8%
Bear Stearns Cos. LLC 7.25%, 02/01/2018		2,500,000		2,534,095

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


Transamerica Funds		Annual Report 2017

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Transamerica High Quality Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Telecommunication Services - 2.0%
AT&T, Inc. 2.80%, 02/17/2021		$ 2,215,000		$ 2,246,802
Verizon Communications, Inc. 3-Month LIBOR + 1.00%, 2.32% ^(B), 03/16/2022		3,650,000		3,726,068

				5,972,870

Equity Real Estate Investment Trusts - 0.8%
Ventas Realty, LP / Ventas Capital Corp. 4.00%, 04/30/2019		2,516,000		2,579,602

Food & Staples Retailing - 1.2%
CVS Health Corp. 2.80%, 07/20/2020		3,500,000		3,541,599

Independent Power & Renewable Electricity Producers - 1.0%
Exelon Generation Co. LLC 5.20%, 10/01/2019		2,795,000		2,954,385

Industrial Conglomerates - 0.8%
Honeywell International, Inc. 1.40%, 10/30/2019		2,350,000		2,336,770

IT Services - 1.0%
Visa, Inc. 2.20%, 12/14/2020		3,075,000		3,096,891

Multi-Utilities - 0.9%
Public Service Co. of Oklahoma 5.15%, 12/01/2019		2,550,000		2,700,269

Oil, Gas & Consumable Fuels - 1.6%
Chevron Corp. 1.72%, 06/24/2018		1,500,000		1,500,841
Petroleos Mexicanos 3-Month LIBOR + 2.02%, 3.37% ^(B), 07/18/2018		3,250,000		3,274,375

				4,775,216

Pharmaceuticals - 0.8%
Teva Pharmaceutical Finance IV LLC 2.25%, 03/18/2020		2,500,000		2,448,034

Semiconductors & Semiconductor Equipment - 0.3%
Altera Corp. 2.50%, 11/15/2018		1,050,000		1,059,037

Technology Hardware, Storage & Peripherals - 0.6%
Hewlett Packard Enterprise Co. 2.85%, 10/05/2018		1,800,000		1,815,201

Total Corporate Debt Securities (Cost $78,891,265)				78,967,386


MORTGAGE-BACKED SECURITIES - 8.5%
BX Trust Series 2017-SLCT, Class B, 1-Month LIBOR + 1.20%, 2.44% ^(B), 07/15/2034 ^(A)		1,800,000		1,801,692
CGDB Commercial Mortgage Trust Series 2017-BIO, Class B, 1-Month LIBOR + 0.95%, 2.18% ^(B), 05/15/2030 ^(A)		1,600,000		1,600,502
CGGS Commercial Mortgage Trust Series 2016-RNDA, Class AFX, 2.76%, 02/10/2033 ^(A)		2,863,750		2,872,830


	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
CLNS Trust Series 2017-IKPR, Class B, 1-Month LIBOR + 1.00%, 2.24% ^(B), 06/11/2032 ^(A)		$ 1,600,000		$ 1,599,993
COMM Mortgage Trust
Series 2012-LC4, Class A3,
3.07%, 12/10/2044		1,183,519		1,195,916
Series 2013-CR12, Class A1,
1.30%, 10/10/2046		991,575		990,046
Core Industrial Trust Series 2015-TEXW, Class C, 3.73%, 02/10/2034 ^(A)		3,200,000		3,265,427
DBCG Mortgage Trust Series 2017-BBG, Class B, 1-Month LIBOR + 0.85%, 2.09% ^(B), 06/15/2034 ^(A)		1,600,000		1,600,497
GS Mortgage Securities Corp. Trust Series 2017-SLP, Class B, 3.77%, 10/10/2032		1,450,000		1,492,691
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C9, Class A2, 1.97%, 05/15/2046		493,288		493,364
Morgan Stanley Capital I Trust
Series 2014-MP, Class A,
3.47%, 08/11/2033 ^(A)		3,200,000		3,304,297
Series 2016-UB12, Class A1,
1.78%, 12/15/2049		2,096,651		2,081,460
UBS Commercial Mortgage Trust Series 2012-C1, Class A3, 3.40%, 05/10/2045		3,170,207		3,287,348
WFRBS Commercial Mortgage Trust Series 2013-C18, Class A1, 1.19%, 12/15/2046		127,538		127,419

Total Mortgage-Backed Securities (Cost $25,826,912)				25,713,482


U.S. GOVERNMENT AGENCY OBLIGATIONS - 9.6%
Federal Home Loan Mortgage Corp. 2.18%, 05/25/2022		2,221,004		2,216,579
1-Year CMT + 2.04%, 2.90% ^(B), 06/01/2033		850,161		891,230
4.50%, 09/01/2026		999,668		1,048,548
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates 3.97% ^(B), 01/25/2021		2,000,000		2,108,909
Federal National Mortgage Association 0.06% ^(B), 10/25/2021		33,702,342		173,486
0.36% ^(B), 01/25/2022		33,116,813		422,524
1.95%, 11/01/2020		2,630,000		2,609,394
FREMF Mortgage Trust 3.81% ^(B), 06/25/2047 ^(A)		1,060,027		1,080,123
3.95% ^(B), 08/25/2047 ^(A)		1,940,000		2,007,545
4.26% ^(B), 01/25/2045 ^(A)		1,580,000		1,663,786
Government National Mortgage Association 4.51% ^(B), 12/20/2061		1,767,064		1,810,328
4.63% ^(B), 11/20/2061		818,521		833,591

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


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Transamerica High Quality Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Government National Mortgage Association (continued)
4.66% ^(B), 09/20/2063		$ 1,748,601		$ 1,783,206
4.71% ^(B), 02/20/2063		1,824,864		1,873,967
4.75% ^(B), 02/20/2061		149,749		151,263
4.83% ^(B), 02/20/2061 - 06/20/2063		1,641,069		1,686,502
4.85% ^(B), 05/20/2062		1,432,310		1,470,531
4.87% ^(B), 05/20/2061		398,219		403,764
5.26% ^(B), 11/20/2060		1,358,035		1,402,330
5.30% ^(B), 04/20/2061		685,297		708,293
5.48% ^(B), 01/20/2060		2,169,128		2,232,263
5.71% ^(B), 06/20/2059		118,920		120,281
5.75%, 12/15/2022		253,538		272,116

Total U.S. Government Agency Obligations (Cost $29,311,063)				28,970,559


U.S. GOVERNMENT OBLIGATIONS - 20.0%
U.S. Treasury - 20.0%
U.S. Treasury Floating Rate Note 3-Month Treasury Money Market Yield + 0.14%, 1.27% ^(B), 01/31/2019		3,610,000		3,617,029


	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (continued)
U.S. Treasury (continued)
U.S. Treasury Note 0.88%, 07/31/2019		$ 14,834,000		$ 14,657,846
1.13%, 02/28/2021		16,775,000		16,406,736
1.50%, 05/15/2020		26,000,000		25,879,141

Total U.S. Government Obligations (Cost $60,758,592)				60,560,752

Total Investments (Cost $301,309,171)				300,480,671
Net Other Assets (Liabilities) - 0.6%				1,755,166


Net Assets - 100.0%				$ 302,235,837

SECURITY VALUATION:

Valuation Inputs ^(C)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Asset-Backed Securities	$	—	$	106,268,492	$	—	$	106,268,492
Corporate Debt Securities		—		78,967,386		—		78,967,386
Mortgage-Backed Securities		—		25,713,482		—		25,713,482
U.S. Government Agency Obligations		—		28,970,559		—		28,970,559
U.S. Government Obligations		—		60,560,752		—		60,560,752

Total Investments	$	—	$	300,480,671	$	—	$	300,480,671

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, 2017, the total value of 144A securities is $41,870,756, representing 13.9% of the Fund’s net assets.
(B)		Floating or variable rate securities. The rates disclosed are as of October 31, 2017. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. In addition, variable rate securities with a floor or ceiling feature are disclosing that 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 their description above.
(C)		The Fund recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended October 31, 2017. 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

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


Transamerica Funds		Annual Report 2017

Page 113

Transamerica High Yield Bond

(unaudited)

MARKET ENVIRONMENT

Last November, we wrote the fiscal year was “not completely unlike any other 12 month period in the post-crisis era.” The 12 months since then have been, perhaps, the most stunningly divergent in the years since the great recession. A synchronized global recovery is well-underway. The U.S. Federal Reserve (“Fed”) has been raising interest rates and shrinking its balance sheet. The Trump era has taken geopolitical volatility to new heights, while equity market volatility reached historical lows. Stocks hit record highs, credit spreads compressed, and commodity prices found support. One year into the 115th Congress, the promise of massive reforms in taxes, healthcare, and regulation remained just that, promises.

In the high yield credit markets, demand for the asset class amid low default rates led to tighter spreads. Idiosyncratic credits/sectors like retail and energy remained volatile, but the high yield asset class as a whole performed well. A generally improving commodity landscape and a relatively range-bound U.S. Treasury market provided support. Net new issuance was never enough to satiate investors’ search for yield, creating a broadly price-supportive environment for investors. However, bond Fund flows were net negative over the past 12 months.

Monthly default volume averaged $2.4 billion in the 12-month period that ended on October 31, 2017, notably lower than the $5.6 billion over the prior twelve months. High yield recovery rates improved to 49.0% in the same time period, up 17.9% since year-end 2016, and up 23.8% since year-end 2015.

PERFORMANCE

For the year ended October 31, 2017, Transamerica High Yield Bond Class A returned 8.63%, excluding any sales charges. By comparison, its benchmark, the Bloomberg Barclays US Corporate High Yield 2% Issuer Capped Index, returned 8.92%.

STRATEGY REVIEW

The Fund seeks a high level of current income by investing in high-yield debt securities. Security selection across the ratings spectrum, and in particular within BB-rated bonds, was the largest contributor to performance. The Fund’s underweight to BB-rated bonds and off-index exposure to investment grade bonds also contributed favorably. Given that CCC-rated bonds were the top-performing rating class in the Bloomberg Barclays US Corporate High Yield 2% Issuer Capped Index, the Fund’s modest underweight positioning in the segment served as a slight detractor. The portfolio management team has been finding more compelling total return opportunities within CCC and B-rated securities, and fewer opportunities within BB-rated securities of late.

By sector, an underweight to consumer cyclicals and overweights to the banking and insurance industries were the top contributors, while overweights to transportation and consumer non-cyclicals and an underweight to energy were the largest detractors from active returns.

From a fundamental perspective, the sub-adviser has continued to prefer the U.S. high yield relative to the rest of the world. Key sector overweights include housing-related credit, gaming, and financials. Given the modestly improving fundamentals among many lower-quality issuers, the strategy maintained a slight down-in-quality bias versus the benchmark.

Kevin Bakker, CFA

Benjamin D. Miller, CFA

James K. Schaeffer, Jr.

Derek Thoms

Co-Portfolio Managers

Aegon USA Investment Management, LLC


Fund Characteristics	Years
Average Maturity §		4.98
Duration †		3.26

Credit Quality ‡	Percentage of Net Assets
AAA		2.8	%
BBB		5.8
BB		36.3
B		45.1
CCC and Below		7.7
Not Rated		10.0
Net Other Assets (Liabilities)		(7.7	)
Total		100.0	%

§	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 2017

Page 114

Transamerica High Yield Bond

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		3.49	%		4.50	%		6.77	%		06/14/1985
Class A (NAV)		8.63	%		5.52	%		7.29	%		06/14/1985
Bloomberg Barclays US Corporate High Yield 2% Issuer Capped Index^(A)		8.92	%		6.27	%		7.90	%
Class B (POP)		2.75	%		4.49	%		6.65	%		10/01/1995
Class B (NAV)		7.75	%		4.66	%		6.65	%		10/01/1995
Class C (POP)		6.91	%		4.76	%		6.56	%		11/11/2002
Class C (NAV)		7.91	%		4.76	%		6.56	%		11/11/2002
Class I (NAV)		8.83	%		5.75	%		8.09	%		11/30/2009
Class I2 (NAV)		9.05	%		5.91	%		7.74	%		11/08/2004
Class I3 (NAV)		N/A			N/A			5.51	%^(B)		03/24/2017
Class R (NAV)		N/A			N/A			5.19	%^(B)		03/24/2017
Class R4 (NAV)		N/A			N/A			5.35	%^(B)		03/24/2017
Class R6 (NAV)		9.06	%		N/A			5.39	%		05/29/2015
Class T1 (POP)		N/A			N/A			2.45	%^(B)		03/17/2017
Class T1 (NAV)		N/A			N/A			5.12	%^(B)		03/17/2017
Advisor Class (NAV)		N/A			N/A			8.09	%^(B)		12/16/2016

^(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.

^(B) Not annualized.

The performance data presented represents past performance; future results may vary. 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 and 2.5% for T1 shares or the maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 6 years) for Class B shares and 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 (5% in the 1st year, decreasing to 0% after 7 years) for Class B shares and (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, I2, I3, R, R4, R6 and Advisor Class shares.

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 2017

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SCHEDULE OF INVESTMENTS

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES - 93.5%
Aerospace & Defense - 1.2%
Bombardier, Inc. 6.00%, 10/15/2022 ^(A)		$ 993,000		$ 978,105
6.13%, 01/15/2023 ^{(A) (B)}		5,320,000		5,313,350
7.75%, 03/15/2020 ^{(A) (B)}		3,604,000		3,865,290
DAE Funding LLC 4.50%, 08/01/2022 ^(A)		1,573,000		1,594,629
5.00%, 08/01/2024 ^(A)		2,539,000		2,592,954
Triumph Group, Inc. 5.25%, 06/01/2022		6,462,000		6,397,380
7.75%, 08/15/2025 ^(A)		3,390,000		3,623,062

				24,364,770

Airlines - 2.5%
American Airlines Group, Inc. 4.63%, 03/01/2020 ^(A)		2,740,000		2,829,050
5.50%, 10/01/2019 ^(A)		8,461,000		8,799,440
American Airlines Pass-Through Trust 5.60%, 01/15/2022 ^(A)		6,316,067		6,612,132
5.63%, 07/15/2022 ^(A)		3,098,666		3,253,599
6.13%, 07/15/2018 ^(A)		9,965,000		10,219,855
Continental Airlines Pass-Through Trust 5.50%, 04/29/2022		686,177		718,771
6.13%, 04/29/2018		6,425,000		6,519,448
6.90%, 10/19/2023		3,250,922		3,442,076
United Airlines Pass-Through Trust 4.63%, 03/03/2024		1,492,518		1,546,845
United Continental Holdings, Inc. 4.25%, 10/01/2022		615,000		618,075
6.38%, 06/01/2018		2,346,000		2,398,785
US Airways Pass-Through Trust 5.45%, 06/03/2018		881,000		895,272
6.75%, 12/03/2022		1,851,995		2,033,491

				49,886,839

Auto Components - 0.2%
Goodyear Tire & Rubber Co. 5.00%, 05/31/2026		3,500,000		3,587,500

Banks - 3.3%
Bank of America Corp. Fixed until 01/30/2018, 8.00% ^(C), 01/30/2018 ^(D)		10,059,000		10,184,737
Barclays PLC
Fixed until 09/15/2019, 6.63% ^(C), 09/15/2019 ^(D)		5,726,000		5,983,670
Fixed until 12/15/2018, 8.25% ^(C), 12/15/2018 ^(D)		5,930,000		6,303,116
BNP Paribas SA
Fixed until 03/14/2022, 6.75% ^(C), 03/14/2022 ^{(A) (B) (D)}		6,785,000		7,421,094
Fixed until 03/30/2021, 7.63% ^(C), 03/30/2021 ^{(A) (B) (D)}		2,298,000		2,576,633
CIT Group, Inc. 5.00%, 08/15/2022		4,330,000		4,654,750
Intesa Sanpaolo SpA 5.71%, 01/15/2026 ^(A)		7,065,000		7,509,426
JPMorgan Chase & Co. Fixed until 04/30/2018, 7.90% ^(C), 04/30/2018 ^(D)		4,353,000		4,464,001


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Lloyds Banking Group PLC Fixed until 06/27/2024, 7.50% ^(C), 06/27/2024 ^(D)		$ 6,675,000		$ 7,617,844
Royal Bank of Scotland Group PLC Fixed until 08/15/2021, 8.63% ^(C), 08/15/2021 ^(D)		2,910,000		3,295,284
Societe Generale SA Fixed until 09/13/2021, 7.38% ^(C), 09/13/2021 ^{(A) (D)}		6,588,000		7,263,270

				67,273,825

Beverages - 0.7%
Cott Beverages, Inc. 5.38%, 07/01/2022		8,496,000		8,851,770
Cott Holdings, Inc. 5.50%, 04/01/2025 ^(A)		5,510,000		5,682,188

				14,533,958

Building Products - 4.1%
Airxcel, Inc. 8.50%, 02/15/2022 ^(A)		4,436,000		4,702,160
Associated Materials LLC / AMH New Finance, Inc. 9.00%, 01/01/2024 ^(A)		20,416,000		22,049,280
Builders FirstSource, Inc. 5.63%, 09/01/2024 ^(A)		7,131,000		7,532,119
10.75%, 08/15/2023 ^(A)		8,662,000		9,853,025
Griffon Corp. 5.25%, 03/01/2022		13,272,000		13,467,098
5.25%, 03/01/2022 ^(A)		3,968,000		4,026,330
Norbord, Inc. 6.25%, 04/15/2023 ^(A)		6,850,000		7,526,437
Ply Gem Industries, Inc. 6.50%, 02/01/2022		13,285,000		13,793,270

				82,949,719

Capital Markets - 1.6%
Credit Suisse Group AG
Fixed until 12/18/2024, 6.25% ^(C), 12/18/2024 ^{(A) (D)}		1,350,000		1,476,563
Fixed until 12/11/2023, 7.50% ^(C), 12/11/2023 ^{(A) (D)}		11,458,000		13,319,925
Goldman Sachs Capital II 3-Month LIBOR + 0.77%, 4.00% ^(C), 12/01/2017 ^(D)		1,048,000		928,381
Goldman Sachs Group, Inc. Fixed until 05/10/2019, 5.70% ^(C), 05/10/2019 ^(D)		5,908,000		6,100,010
Morgan Stanley
Fixed until 07/15/2019, 5.45% ^(C), 07/15/2019 ^(D)		5,712,000		5,923,344
Fixed until 07/15/2020, 5.55% ^(C), 07/15/2020 ^{(B) (D)}		4,320,000		4,536,000

				32,284,223

Chemicals - 1.3%
Hexion, Inc. 6.63%, 04/15/2020		12,053,000		10,727,170
7.88%, 02/15/2023		4,886,000		3,249,190
10.00%, 04/15/2020		1,821,000		1,729,950

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


Transamerica Funds		Annual Report 2017

Page 116

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Chemicals (continued)
NOVA Chemicals Corp. 4.88%, 06/01/2024 ^(A)		$ 2,581,000		$ 2,629,394
5.25%, 06/01/2027 ^(A)		7,249,000		7,393,980

				25,729,684

Commercial Services & Supplies - 0.6%
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
5.50%, 04/01/2023 ^(B)		4,368,000		4,422,600
6.38%, 04/01/2024 ^(A)		4,533,000		4,702,988
GW Honos Security Corp. 8.75%, 05/15/2025 ^(A)		3,677,000		3,916,005

				13,041,593

Communications Equipment - 0.4%
CommScope Technologies LLC 6.00%, 06/15/2025 ^(A)		8,234,000		8,697,163

Construction & Engineering - 2.1%
Abengoa Abenewco 2 SAU PIK Rate 1.50%, Cash Rate 0.25%, 03/31/2023 ^(A)		1,885,138		89,544
Ashton Woods USA LLC / Ashton Woods Finance Co. 6.75%, 08/01/2025 ^(A)		3,965,000		3,925,350
6.88%, 02/15/2021 ^(A)		12,874,000		13,211,942
Brookfield Residential Properties, Inc. 6.38%, 05/15/2025 ^(A)		7,249,000		7,593,328
6.50%, 12/15/2020 ^(A)		1,972,000		2,013,905
Century Communities, Inc. 5.88%, 07/15/2025 ^(A)		6,073,000		6,133,669
Weekley Homes LLC / Weekley Finance Corp. 6.00%, 02/01/2023		4,535,000		4,444,300
William Lyon Homes, Inc. 5.88%, 01/31/2025		3,926,000		4,004,520

				41,416,558

Consumer Finance - 2.7%
Ally Financial, Inc. 3.25%, 02/13/2018		872,000		874,533
5.75%, 11/20/2025 ^(B)		3,127,000		3,451,426
7.50%, 09/15/2020		5,468,000		6,158,335
8.00%, 03/15/2020		2,445,000		2,747,569
Altice Financing SA 6.63%, 02/15/2023 ^(A)		4,884,000		5,148,224
7.50%, 05/15/2026 ^(A)		4,860,000		5,327,775
Altice US Finance I Corp. 5.38%, 07/15/2023 ^(A)		2,275,000		2,371,688
Navient Corp. 4.88%, 06/17/2019, MTN		2,923,000		3,007,036
5.00%, 10/26/2020		513,000		528,390
5.50%, 01/15/2019, MTN		2,630,000		2,712,187
5.88%, 10/25/2024 ^(B)		2,955,000		2,999,325
6.50%, 06/15/2022		1,308,000		1,388,115
6.63%, 07/26/2021		1,020,000		1,092,675
OneMain Financial Holdings LLC 6.75%, 12/15/2019 ^(A)		2,555,000		2,650,813
7.25%, 12/15/2021 ^(A)		7,727,000		8,036,080
Springleaf Finance Corp.
5.25%, 12/15/2019		1,000,000		1,032,500


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Consumer Finance (continued)
Springleaf Finance Corp. (continued)
6.00%, 06/01/2020		$ 4,203,000		$ 4,407,896
8.25%, 12/15/2020		551,000		621,253

				54,555,820

Containers & Packaging - 2.3%
ARD Finance SA PIK Rate 7.13%, Cash Rate 7.13%, 09/15/2023		5,091,000		5,421,915
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 6.00%, 02/15/2025 ^(A)		5,357,000		5,685,116
7.25%, 05/15/2024 ^(A)		1,285,000		1,411,894
Ball Corp. 4.38%, 12/15/2020		2,143,000		2,250,150
5.25%, 07/01/2025		1,838,000		2,019,502
BWAY Holding Co. 5.50%, 04/15/2024 ^(A)		6,211,000		6,474,967
7.25%, 04/15/2025 ^(A)		1,057,000		1,096,638
Coveris Holdings SA 7.88%, 11/01/2019 ^(A)		4,455,000		4,343,625
Flex Acquisition Co., Inc. 6.88%, 01/15/2025 ^(A)		4,005,000		4,140,169
Owens-Brockway Glass Container, Inc. 5.88%, 08/15/2023 ^(A)		3,880,000		4,258,300
6.38%, 08/15/2025 ^(A)		1,470,000		1,661,100
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC 5.13%, 07/15/2023 ^(A)		2,268,000		2,361,215
5.75%, 10/15/2020		745,000		758,045
6.88%, 02/15/2021		2,673,559		2,743,740
7.00%, 07/15/2024 ^(A)		1,176,000		1,255,380

				45,881,756

Diversified Financial Services - 2.1%
Dana Financing Luxembourg Sarl 5.75%, 04/15/2025 ^(A)		12,610,000		13,366,600
ILFC E-Capital Trust I 1.55% + Max of 3-Month LIBOR, 10-Year CMT or 30-Year CMT, 4.36% ^(C), 12/21/2065 ^(A)		10,412,000		10,047,580
ILFC E-Capital Trust II 1.80% + Max of 3-Month LIBOR, 15-Year CMT or 30-Year CMT, 4.61% ^(C), 12/21/2065 ^(A)		875,000		848,750
Jefferies Finance LLC / JFIN Co-Issuer Corp. 7.25%, 08/15/2024 ^(A)		3,000,000		3,063,750
7.38%, 04/01/2020 ^(A)		500,000		516,250
7.50%, 04/15/2021 ^(A)		5,754,000		5,998,545
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. 5.25%, 03/15/2022 ^(A)		7,270,000		7,524,450

				41,365,925

Diversified Telecommunication Services - 8.2%
CenturyLink, Inc. 6.45%, 06/15/2021		5,110,000		5,391,612
6.75%, 12/01/2023		474,000		493,079
7.50%, 04/01/2024 ^(B)		1,740,000		1,848,750
7.60%, 09/15/2039		7,755,000		7,153,987
7.65%, 03/15/2042		20,050,000		18,295,625

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


Transamerica Funds		Annual Report 2017

Page 117

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Telecommunication Services (continued)
Frontier Communications Corp. 7.63%, 04/15/2024		$ 12,316,000		$ 9,421,740
8.75%, 04/15/2022		2,766,000		2,278,492
9.00%, 08/15/2031		7,484,000		5,818,810
11.00%, 09/15/2025		1,348,000		1,144,115
Hughes Satellite Systems Corp. 5.25%, 08/01/2026		328,000		335,406
6.50%, 06/15/2019		1,183,000		1,252,501
6.63%, 08/01/2026		4,443,000		4,687,365
7.63%, 06/15/2021		15,351,000		17,154,742
Intelsat Jackson Holdings SA 7.50%, 04/01/2021		11,634,000		11,023,215
8.00%, 02/15/2024 ^(A)		1,247,000		1,321,820
9.50%, 09/30/2022 ^(A)		2,165,000		2,541,169
Level 3 Communications, Inc. 5.75%, 12/01/2022		2,918,000		2,998,245
SFR Group SA 7.38%, 05/01/2026 ^(A)		8,784,000		9,442,800
Sprint Capital Corp. 6.90%, 05/01/2019		3,343,000		3,526,865
8.75%, 03/15/2032		1,090,000		1,321,625
UPCB Finance IV, Ltd. 5.38%, 01/15/2025 ^(A)		5,890,000		6,022,525
Virgin Media Finance PLC 5.75%, 01/15/2025 ^(A)		8,490,000		8,765,925
6.00%, 10/15/2024 ^(A)		375,000		392,813
6.38%, 04/15/2023 ^(A)		8,014,000		8,354,595
Virgin Media Secured Finance PLC 5.25%, 01/15/2026 ^(A)		7,038,000		7,303,333
5.50%, 08/15/2026 ^(A)		1,575,000		1,647,844
Wind Acquisition Finance SA 4.75%, 07/15/2020 ^(A)		4,770,000		4,826,763
7.38%, 04/23/2021 ^(A)		13,806,000		14,341,673
Windstream Services LLC 7.50%, 06/01/2022 - 04/01/2023 ^(B)		4,091,000		3,041,445
7.75%, 10/01/2021 ^(B)		3,630,000		2,740,650

				164,889,529

Electric Utilities - 1.0%
Elwood Energy LLC 8.16%, 07/05/2026		6,088,556		6,819,183
Red Oak Power LLC 9.20%, 11/30/2029		7,249,000		8,191,370
Terraform Global Operating LLC 9.75%, 08/15/2022 ^(A)		3,973,000		4,400,097

				19,410,650

Electronic Equipment, Instruments & Components - 0.1%
Sanmina Corp. 4.38%, 06/01/2019 ^(A)		1,856,000		1,906,260

Energy Equipment & Services - 3.0%
CSI Compressco, LP / CSI Compressco Finance, Inc. 7.25%, 08/15/2022		6,872,000		6,219,160
Exterran Energy Solutions, LP / EES Finance Corp. 8.13%, 05/01/2025 ^(A)		3,836,000		4,037,390


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Energy Equipment & Services (continued)
Genesis Energy, LP / Genesis Energy Finance Corp. 6.50%, 10/01/2025		$ 4,020,000		$ 4,070,250
6.75%, 08/01/2022		7,750,000		8,001,875
Noble Holding International, Ltd. 6.05%, 03/01/2041		3,513,000		2,327,363
8.70%, 04/01/2045		2,998,000		2,398,400
NuStar Logistics, LP 4.80%, 09/01/2020		10,806,000		11,224,732
5.63%, 04/28/2027		2,956,000		3,118,580
6.75%, 02/01/2021		2,632,000		2,855,720
8.15%, 04/15/2018		2,960,000		3,041,400
Rowan Cos., Inc. 4.88%, 06/01/2022 ^(B)		5,458,000		5,144,165
7.38%, 06/15/2025 ^(B)		660,000		664,937
Weatherford International LLC 6.80%, 06/15/2037		4,470,000		3,799,500
Weatherford International, Ltd. 6.75%, 09/15/2040 ^(B)		5,177,000		4,329,266

				61,232,738

Equity Real Estate Investment Trusts - 1.5%
CBL & Associates, LP 5.25%, 12/01/2023 ^(B)		8,406,000		8,446,990
5.95%, 12/15/2026 ^(B)		2,562,000		2,555,193
Iron Mountain, Inc. 4.38%, 06/01/2021 ^(A)		2,059,000		2,115,622
iStar, Inc. 5.25%, 09/15/2022		2,788,000		2,857,700
6.00%, 04/01/2022		4,917,000		5,113,680
SBA Communications Corp. 4.00%, 10/01/2022 ^(A)		2,321,000		2,355,815
Uniti Group, LP / Uniti Fiber Holdings, Inc. 7.13%, 12/15/2024 ^(A)		2,129,000		1,964,002
Uniti Group, LP / Uniti Group Finance, Inc. 8.25%, 10/15/2023		5,340,000		5,139,750

				30,548,752

Food & Staples Retailing - 1.1%
Albertsons Cos. LLC / Safeway, Inc. 5.75%, 03/15/2025		5,727,000		5,039,760
6.63%, 06/15/2024 ^(B)		6,004,000		5,643,760
Rite Aid Corp. 6.13%, 04/01/2023 ^(A) ^(B)		8,882,000		8,260,260
6.75%, 06/15/2021		1,051,000		1,044,431
7.70%, 02/15/2027 ^(B)		2,879,000		2,447,150

				22,435,361

Food Products - 0.9%
JBS USA LUX SA / JBS USA Finance, Inc. 5.75%, 06/15/2025 ^(A)		4,419,000		4,286,430
7.25%, 06/01/2021 ^(A)		3,698,000		3,770,037
Pilgrim’s Pride Corp. 5.75%, 03/15/2025 ^(A)		3,564,000		3,773,385
5.88%, 09/30/2027 ^(A)		740,000		769,600
Post Holdings, Inc. 8.00%, 07/15/2025 ^(A)		4,998,000		5,628,998

				18,228,450

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


Transamerica Funds		Annual Report 2017

Page 118

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Gas Utilities - 0.2%
Ferrellgas, LP / Ferrellgas Finance Corp. 6.75%, 06/15/2023 ^(B)		$ 3,808,000		$ 3,541,440

Health Care Equipment & Supplies - 1.6%
DJO Finco, Inc. / DJO Finance LLC 8.13%, 06/15/2021 ^(A)		8,669,000		8,278,895
Hologic, Inc. 5.25%, 07/15/2022 ^(A)		5,007,000		5,226,056
Mallinckrodt International Finance SA 4.75%, 04/15/2023 ^(B)		4,623,000		3,894,878
Mallinckrodt International Finance SA / Mallinckrodt CB LLC 5.50%, 04/15/2025 ^(A) ^(B)		5,190,000		4,658,025
5.75%, 08/01/2022 ^(A) ^(B)		6,121,000		5,990,929
Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA 6.63%, 05/15/2022 ^(A)		3,273,000		3,277,091

				31,325,874

Health Care Providers & Services - 5.2%
CHS / Community Health Systems, Inc. 5.13%, 08/01/2021 ^(B)		1,445,000		1,405,263
6.25%, 03/31/2023		2,212,000		2,129,050
6.88%, 02/01/2022 ^(B)		17,476,000		12,648,255
7.13%, 07/15/2020 ^(B)		5,254,000		4,557,845
DaVita, Inc. 5.13%, 07/15/2024		1,169,000		1,171,923
5.75%, 08/15/2022		5,763,000		5,943,094
HCA Healthcare, Inc. 6.25%, 02/15/2021		14,228,000		15,312,885
HCA, Inc. 5.25%, 04/15/2025		2,679,000		2,853,135
5.88%, 02/15/2026		3,731,000		3,922,214
7.50%, 02/15/2022		12,442,000		14,121,670
HealthSouth Corp. 5.75%, 11/01/2024 - 09/15/2025		8,455,000		8,674,353
LifePoint Health, Inc. 5.38%, 05/01/2024 ^(B)		2,834,000		2,844,627
5.50%, 12/01/2021		5,417,000		5,518,569
5.88%, 12/01/2023		2,805,000		2,882,698
Tenet Healthcare Corp. 4.38%, 10/01/2021		4,245,000		4,230,142
5.13%, 05/01/2025 ^(A)		1,268,000		1,234,715
6.00%, 10/01/2020		2,703,000		2,838,150
6.75%, 06/15/2023 ^(B)		2,401,000		2,253,939
8.13%, 04/01/2022 ^(B)		10,770,000		10,823,850

				105,366,377

Health Care Technology - 0.2%
Change Healthcare Holdings LLC / Change Healthcare Finance, Inc. 5.75%, 03/01/2025 ^(A)		3,067,000		3,136,008

Hotels, Restaurants & Leisure - 5.3%
Boyd Gaming Corp. 6.38%, 04/01/2026		2,760,000		3,029,100
6.88%, 05/15/2023		8,265,000		8,874,544
FelCor Lodging, LP 5.63%, 03/01/2023		4,905,000		5,070,544


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Hotels, Restaurants & Leisure (continued)
International Game Technology PLC 6.25%, 02/15/2022 ^(A)		$ 1,479,000		$ 1,626,456
6.50%, 02/15/2025 ^(A)		13,369,000		15,006,702
MGM Resorts International 6.00%, 03/15/2023		4,642,000		5,089,489
6.63%, 12/15/2021		7,595,000		8,487,412
6.75%, 10/01/2020		2,134,000		2,347,400
7.75%, 03/15/2022		3,385,000		3,928,902
NCL Corp., Ltd. 4.75%, 12/15/2021 ^(A)		5,081,000		5,286,781
Rivers Pittsburgh Borrower, LP / Rivers Pittsburgh Finance Corp. 6.13%, 08/15/2021 ^(A)		6,146,000		6,184,413
Scientific Games International, Inc. 5.00%, 10/15/2025 ^(A)		745,000		756,175
7.00%, 01/01/2022 ^(A)		4,792,000		5,067,540
10.00%, 12/01/2022		19,601,000		21,682,234
Viking Cruises, Ltd. 5.88%, 09/15/2027 ^(A)		8,933,000		8,999,997
6.25%, 05/15/2025 ^(A)		4,926,000		5,098,410
Waterford Gaming LLC / Waterford Gaming Financial Corp. 8.63%, 09/15/2049 ^{(A) (E) (F) (G) (H) (I) (J)}		1,066,313		0

				106,536,099

Household Durables - 2.5%
Beazer Homes USA, Inc. 5.88%, 10/15/2027 ^(A) (B)		4,635,000		4,629,206
7.25%, 02/01/2023		268,000		279,725
8.75%, 03/15/2022		2,220,000		2,466,864
CalAtlantic Group, Inc. 5.00%, 06/15/2027		2,778,000		2,920,373
KB Home 7.25%, 06/15/2018		2,705,000		2,772,625
7.50%, 09/15/2022		3,565,000		4,126,488
7.63%, 05/15/2023		6,963,000		8,024,857
8.00%, 03/15/2020		1,900,000		2,113,750
Meritage Homes Corp. 4.50%, 03/01/2018		6,170,000		6,200,850
5.13%, 06/06/2027		2,829,000		2,860,826
7.15%, 04/15/2020		4,721,000		5,181,297
Tempur Sealy International, Inc. 5.50%, 06/15/2026		4,261,000		4,388,830
5.63%, 10/15/2023		4,933,000		5,204,315

				51,170,006

Independent Power & Renewable Electricity Producers - 2.2%
Calpine Corp. 5.25%, 06/01/2026 ^(A)		2,154,000		2,156,692
5.50%, 02/01/2024		870,000		833,025
5.75%, 01/15/2025 ^(B)		7,696,000		7,311,200
5.88%, 01/15/2024 ^(A)		2,725,000		2,820,375
6.00%, 01/15/2022 ^(A)		7,829,000		8,083,442
Dynegy, Inc. 6.75%, 11/01/2019		1,722,000		1,784,423
7.63%, 11/01/2024		4,474,000		4,887,845
8.00%, 01/15/2025 ^(A)		3,394,000		3,707,945
8.13%, 01/30/2026 ^(A) ^(B)		1,940,000		2,153,400

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


Transamerica Funds		Annual Report 2017

Page 119

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Independent Power & Renewable Electricity Producers (continued)
NRG Energy, Inc. 6.63%, 03/15/2023		$ 3,524,000		$ 3,647,340
7.25%, 05/15/2026		5,972,000		6,472,155

				43,857,842

Insurance - 1.4%
Genworth Holdings, Inc. 4.80%, 02/15/2024 ^(B)		2,000,000		1,701,400
4.90%, 08/15/2023		2,924,000		2,477,213
Hartford Financial Services Group, Inc. 3-Month LIBOR + 2.13%, 3.44% ^(C), 02/12/2067 ^(A)		11,676,000		11,208,960
Lincoln National Corp. 3-Month LIBOR + 2.36%, 3.67% ^(C), 05/17/2066		13,808,000		12,996,780

				28,384,353

IT Services - 0.6%
First Data Corp. 5.00%, 01/15/2024 ^(A)		2,523,000		2,620,766
5.75%, 01/15/2024 ^(A)		4,320,000		4,519,800
7.00%, 12/01/2023 ^(A)		5,091,000		5,447,472

				12,588,038

Leisure Products - 0.1%
Mattel, Inc. 2.35%, 08/15/2021		1,200,000		1,107,000
4.35%, 10/01/2020		1,577,000		1,585,550

				2,692,550

Machinery - 1.9%
CNH Industrial Capital LLC 3.88%, 07/16/2018 - 10/15/2021		6,275,000		6,434,739
4.38%, 04/05/2022		2,370,000		2,512,200
Meritor, Inc. 6.25%, 02/15/2024		7,922,000		8,466,637
6.75%, 06/15/2021		1,245,000		1,287,019
Novelis Corp. 5.88%, 09/30/2026 ^(A)		3,626,000		3,737,028
6.25%, 08/15/2024 ^(A)		3,525,000		3,718,875
Vertiv Group Corp. 9.25%, 10/15/2024 ^(A)		4,032,000		4,415,040
Xerium Technologies, Inc. 9.50%, 08/15/2021		6,974,000		7,163,693

				37,735,231

Media - 7.4%
Adelphia Communications Corp. 9.25%, 10/01/2049 ^{(E) (F) (I) (K)}		1,305,000		91
10.25%, 06/15/2049 - 11/01/2049 ^{(E) (F) (I) (K)}		1,460,000		102
Cablevision Systems Corp. 7.75%, 04/15/2018		5,447,000		5,570,157
8.00%, 04/15/2020		3,366,000		3,727,845
CCO Holdings LLC / CCO Holdings Capital Corp. 5.00%, 02/01/2028 ^(A)		3,937,000		3,907,472
5.13%, 02/15/2023		2,675,000		2,761,938
5.13%, 05/01/2027 ^(A)		6,041,000		6,101,410
5.25%, 03/15/2021 - 09/30/2022		2,755,000		2,818,950
5.50%, 05/01/2026 ^(A)		907,000		929,675


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Media (continued)
CCO Holdings LLC / CCO Holdings Capital Corp. (continued)
5.75%, 02/15/2026 ^(A)		$ 2,150,000		$ 2,247,825
5.88%, 04/01/2024 ^(A)		1,000,000		1,065,000
Cequel Communications Holdings I LLC / Cequel Capital Corp. 6.38%, 09/15/2020 ^(A)		2,255,000		2,300,371
7.75%, 07/15/2025 ^(A)		1,050,000		1,147,125
Clear Channel Worldwide Holdings, Inc. 6.50%, 11/15/2022		11,838,000		12,234,362
7.63%, 03/15/2020 ^(B)		3,456,000		3,438,720
7.63%, 03/15/2020		14,714,000		14,695,607
CSC Holdings LLC 6.63%, 10/15/2025 ^(A)		9,767,000		10,704,632
10.13%, 01/15/2023 ^(A)		4,374,000		5,008,230
10.88%, 10/15/2025 ^(A)		3,607,000		4,418,575
DISH DBS Corp. 5.00%, 03/15/2023		3,570,000		3,453,975
5.88%, 07/15/2022 - 11/15/2024		8,594,000		8,598,951
6.75%, 06/01/2021		3,215,000		3,375,750
7.75%, 07/01/2026		8,620,000		9,428,125
7.88%, 09/01/2019		5,953,000		6,432,216
iHeartCommunications, Inc. 9.00%, 03/01/2021		690,000		495,938
10.63%, 03/15/2023		3,830,000		2,748,025
Regal Entertainment Group 5.75%, 06/15/2023		1,710,000		1,776,263
5.75%, 02/01/2025 ^(B)		3,550,000		3,621,000
Unitymedia GmbH 6.13%, 01/15/2025 ^(A)		4,782,000		5,094,743
Univision Communications, Inc. 5.13%, 02/15/2025 ^(A)		4,911,000		4,880,306
6.75%, 09/15/2022 ^(A)		6,883,000		7,132,509
Ziggo Secured Finance BV 5.50%, 01/15/2027 ^(A)		9,191,000		9,374,820

				149,490,708

Metals & Mining - 2.9%
Anglo American Capital PLC 3.75%, 04/10/2022 ^(A)		2,366,000		2,438,627
4.75%, 04/10/2027 ^(A)		1,470,000		1,553,933
Constellium NV 5.75%, 05/15/2024 ^(A)		6,126,000		6,171,945
6.63%, 03/01/2025 ^(A) ^(B)		2,850,000		2,956,875
7.88%, 04/01/2021 ^(A)		3,036,000		3,226,661
8.00%, 01/15/2023 ^(A) ^(B)		5,098,000		5,461,232
FMG Resources, Ltd. 4.75%, 05/15/2022 ^(A)		2,335,000		2,381,700
Freeport-McMoRan, Inc. 5.45%, 03/15/2043		6,550,000		6,157,000
6.50%, 11/15/2020		1,722,000		1,754,288
6.75%, 02/01/2022		3,067,000		3,189,680
6.88%, 02/15/2023		4,439,000		4,855,689
New Gold, Inc. 6.25%, 11/15/2022 ^(A) ^(B)		2,226,000		2,298,345
6.38%, 05/15/2025 ^(A)		4,117,000		4,374,312
Northwest Acquisitions ULC / Dominion Finco, Inc. 7.13%, 11/01/2022 ^(A)		2,667,000		2,753,678

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


Transamerica Funds		Annual Report 2017

Page 120

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Metals & Mining (continued)
Teck Resources, Ltd. 6.00%, 08/15/2040		$ 6,652,000		$ 7,375,405
8.50%, 06/01/2024 ^(A)		978,000		1,119,810

				58,069,180

Mortgage Real Estate Investment Trusts - 0.1%
Starwood Property Trust, Inc. 5.00%, 12/15/2021		1,801,000		1,886,548

Multiline Retail - 0.5%
Dollar Tree, Inc. 5.75%, 03/01/2023		5,717,000		5,995,704
Macy’s Retail Holdings, Inc. 2.88%, 02/15/2023		5,300,000		4,851,388

				10,847,092

Oil, Gas & Consumable Fuels - 9.6%
Alta Mesa Holdings, LP / Alta Mesa Finance Services Corp. 7.88%, 12/15/2024 ^{(A) (B)}		5,205,000		5,673,450
Andeavor Logistics, LP / Tesoro Logistics Finance Corp. 6.38%, 05/01/2024		2,640,000		2,890,800
Bill Barrett Corp. 8.75%, 06/15/2025 ^(B)		3,000,000		2,947,500
Callon Petroleum Co. 6.13%, 10/01/2024		5,812,000		6,044,480
Carrizo Oil & Gas, Inc. 6.25%, 04/15/2023 ^(B)		1,233,000		1,254,578
7.50%, 09/15/2020 ^(B)		4,230,000		4,314,600
8.25%, 07/15/2025		4,998,000		5,385,345
Cheniere Corpus Christi Holdings LLC 5.88%, 03/31/2025		4,326,000		4,682,895
Chesapeake Energy Corp. 8.00%, 12/15/2022 ^(A) (B)		3,493,000		3,758,258
8.00%, 06/15/2027 ^(A)		2,152,000		2,075,335
CITGO Holding, Inc. 10.75%, 02/15/2020 ^(A)		9,437,000		10,191,960
CITGO Petroleum Corp. 6.25%, 08/15/2022 ^(A)		4,889,000		5,023,447
Continental Resources, Inc. 4.50%, 04/15/2023 ^(B)		2,889,000		2,925,113
5.00%, 09/15/2022		4,247,000		4,294,779
CrownRock, LP / CrownRock Finance, Inc. 5.63%, 10/15/2025 ^(A)		4,151,000		4,214,842
Denbury Resources, Inc. 9.00%, 05/15/2021 ^(A) (B)		4,809,000		4,700,798
EP Energy LLC / Everest Acquisition Finance, Inc. 8.00%, 11/29/2024 ^{(A) (B)}		1,576,000		1,607,520
9.38%, 05/01/2020		2,225,000		1,868,310
Gulfport Energy Corp. 6.00%, 10/15/2024		1,670,000		1,670,000
6.38%, 05/15/2025		4,749,000		4,820,235
6.38%, 01/15/2026 ^(A)		2,791,000		2,818,910
Kinder Morgan, Inc. 7.75%, 01/15/2032, MTN		1,196,000		1,536,301
8.05%, 10/15/2030, MTN		2,486,000		3,081,799


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
NGPL PipeCo LLC 4.38%, 08/15/2022 ^(A)		$ 1,048,000		$ 1,078,130
4.88%, 08/15/2027 ^(A)		220,000		227,700
Oasis Petroleum, Inc. 6.50%, 11/01/2021 ^(B)		1,071,000		1,089,743
6.88%, 03/15/2022		6,351,000		6,509,775
Parsley Energy LLC / Parsley Finance Corp. 5.25%, 08/15/2025 ^(A)		1,778,000		1,795,780
5.38%, 01/15/2025 ^(A)		3,704,000		3,759,560
5.63%, 10/15/2027 ^(A)		2,328,000		2,402,217
PDC Energy, Inc. 6.13%, 09/15/2024		5,959,000		6,219,706
Sabine Pass Liquefaction LLC 5.88%, 06/30/2026		2,697,000		3,051,189
SM Energy Co. 5.63%, 06/01/2025 ^(B)		929,000		903,453
6.13%, 11/15/2022 ^(B)		3,265,000		3,281,325
6.50%, 11/15/2021 - 01/01/2023 ^(B)		3,750,000		3,792,923
6.75%, 09/15/2026 ^(B)		812,000		833,315
Southwestern Energy Co. 7.50%, 04/01/2026		4,843,000		5,024,612
Summit Midstream Holdings LLC / Summit Midstream Finance Corp. 5.75%, 04/15/2025		2,540,000		2,590,800
SunCoke Energy Partners, LP / SunCoke Energy Partners Finance Corp. 7.50%, 06/15/2025 ^(A)		4,791,000		5,018,573
Sunoco, LP / Sunoco Finance Corp. 5.50%, 08/01/2020		2,785,000		2,861,588
6.25%, 04/15/2021		6,409,000		6,713,427
6.38%, 04/01/2023		7,515,000		7,984,687
Targa Resources Partners, LP / Targa Resources Partners Finance Corp. 5.00%, 01/15/2028 ^(A)		3,340,000		3,348,350
5.13%, 02/01/2025		6,956,000		7,164,680
6.75%, 03/15/2024		3,380,000		3,641,950
Ultra Resources, Inc. 6.88%, 04/15/2022 ^(A)		811,000		819,110
7.13%, 04/15/2025 ^{(A) (B)}		4,048,000		4,037,880
Whiting Petroleum Corp. 5.75%, 03/15/2021 ^(B)		5,427,000		5,467,702
WildHorse Resource Development Corp. 6.88%, 02/01/2025 ^(A)		7,493,000		7,436,802
WPX Energy, Inc. 5.25%, 09/15/2024		2,483,000		2,492,311
6.00%, 01/15/2022		1,400,000		1,457,750
8.25%, 08/01/2023		4,965,000		5,591,831

				194,378,124

Paper & Forest Products - 0.2%
Boise Cascade Co. 5.63%, 09/01/2024 ^(A)		3,580,000		3,723,200

Personal Products - 0.6%
High Ridge Brands Co. 8.88%, 03/15/2025 ^(A)		2,300,000		2,133,250
Revlon Consumer Products Corp. 5.75%, 02/15/2021 ^(B)		12,011,000		10,299,433

				12,432,683

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


Transamerica Funds		Annual Report 2017

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Pharmaceuticals - 1.6%
Endo Dac / Endo Finance LLC 6.00%, 07/15/2023 ^(A)		$ 8,912,000		$ 7,218,720
Valeant Pharmaceuticals International, Inc. 5.50%, 11/01/2025 ^(A)		1,011,000		1,033,748
5.63%, 12/01/2021 ^(A)		2,580,000		2,351,025
5.88%, 05/15/2023 ^(A)		15,698,000		13,264,810
6.13%, 04/15/2025 ^(A)		465,000		390,600
6.38%, 10/15/2020 ^{(A) (B)}		5,634,000		5,598,787
6.50%, 03/15/2022 ^(A)		866,000		917,960
7.50%, 07/15/2021 ^(A)		1,506,000		1,481,527

				32,257,177

Professional Services - 0.5%
Ceridian HCM Holding, Inc. 11.00%, 03/15/2021 ^(A)		9,055,000		9,564,344

Road & Rail - 0.2%
Hertz Corp. 5.50%, 10/15/2024 ^{(A) (B)}		603,000		542,700
6.25%, 10/15/2022 ^(B)		3,692,000		3,535,090

				4,077,790

Semiconductors & Semiconductor Equipment - 0.4%
Micron Technology, Inc. 7.50%, 09/15/2023		1,108,000		1,227,110
NXP BV / NXP Funding LLC 3.88%, 09/01/2022 ^(A)		5,738,000		5,960,348

				7,187,458

Software - 0.9%
Infor US, Inc. 5.75%, 08/15/2020 ^(A)		2,064,000		2,125,920
6.50%, 05/15/2022		8,666,000		9,034,305
Sophia, LP / Sophia Finance, Inc. 9.00%, 09/30/2023 ^(A)		6,761,000		7,014,537

				18,174,762

Specialty Retail - 1.3%
Claire’s Stores, Inc. 6.13%, 03/15/2020 ^(A)		600,000		342,000
9.00%, 03/15/2019 ^(A)		5,021,000		3,075,363
L Brands, Inc. 6.75%, 07/01/2036		7,385,000		7,218,837
6.88%, 11/01/2035		6,144,000		6,097,920
Men’s Wearhouse, Inc. 7.00%, 07/01/2022 ^(B)		4,128,000		3,921,600
PetSmart, Inc. 5.88%, 06/01/2025 ^(A)		7,363,000		6,424,217

				27,079,937

Technology Hardware, Storage & Peripherals - 2.1%
Dell International LLC / EMC Corp. 5.45%, 06/15/2023 ^(A)		3,776,000		4,137,519
7.13%, 06/15/2024 ^(A) ^(B)		1,785,000		1,970,194
8.35%, 07/15/2046 ^(A)		2,712,000		3,514,403
Diebold Nixdorf, Inc. 8.50%, 04/15/2024		7,970,000		8,378,463
Seagate HDD Cayman 4.25%, 03/01/2022 ^(A)		1,855,000		1,885,324
4.75%, 06/01/2023 - 01/01/2025		5,324,000		5,388,606
4.88%, 06/01/2027		5,877,000		5,736,391


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Technology Hardware, Storage & Peripherals (continued)
Western Digital Corp. 7.38%, 04/01/2023 ^(A)		$ 4,185,000		$ 4,582,575
10.50%, 04/01/2024		5,682,000		6,667,827

				42,261,302

Trading Companies & Distributors - 0.8%
United Rentals North America, Inc. 4.63%, 10/15/2025		1,149,000		1,175,599
4.88%, 01/15/2028		1,195,000		1,200,975
5.50%, 07/15/2025 ^(B)		8,917,000		9,569,056
5.50%, 05/15/2027		4,287,000		4,587,090

				16,532,720

Wireless Telecommunication Services - 2.3%
Sprint Communications, Inc. 9.00%, 11/15/2018 ^(A)		12,754,000		13,535,182
11.50%, 11/15/2021		4,758,000		5,959,395
Sprint Corp. 7.25%, 09/15/2021		3,268,000		3,562,120
7.88%, 09/15/2023		9,553,000		10,675,477
T-Mobile USA, Inc. 4.00%, 04/15/2022		2,493,000		2,578,697
6.13%, 01/15/2022		702,000		730,080
6.50%, 01/15/2024		1,882,000		2,009,035
6.63%, 04/01/2023		1,881,000		1,975,050
Wind Tre SpA 5.00%, 01/20/2026 ^{(A) (L)}		4,241,000		4,268,516

				45,293,552

Total Corporate Debt Securities (Cost $1,843,568,064)				1,883,811,468


LOAN ASSIGNMENTS - 1.6%
Commercial Services & Supplies - 0.2%
Advanced Disposal Services, Inc. Term Loan B3, 1-Week LIBOR + 2.75%, 3.95% ^(C), 11/10/2023		3,935,465		3,966,623

Containers & Packaging - 0.1%
Coveris Holdings SA Term Loan B, 3-Month LIBOR + 4.25%, 5.58% ^(C), 06/29/2022		2,959,625		2,953,153

Electric Utilities - 0.1%
Homer City Generation, LP Term Loan, 1-Month LIBOR + 11.00%, 12.25% ^(C), 02/08/2023		2,510,385		2,133,827

Electrical Equipment - 0.0% ^(M)
Atkore International, Inc. 1st Lien Term Loan, 3-Month LIBOR + 3.00%, 4.34% ^(C), 12/22/2023		650,013		654,076

Energy Equipment & Services - 0.3%
Weatherford International, Ltd. Term Loan, 1-Month LIBOR + 2.30%, 3.55% ^(C), 07/13/2020		5,652,941		5,465,687

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


Transamerica Funds		Annual Report 2017

Page 122

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
LOAN ASSIGNMENTS (continued)
IT Services - 0.3%
First Data Corp. Term Loan, 1-Month LIBOR + 2.25%, 3.49% ^(C), 07/08/2022		$ 5,248,575		$ 5,263,297

Machinery - 0.2%
Cortes NP Acquisition Corp. Term Loan B, 1-Month LIBOR + 4.00%, 5.69% ^(C), 11/30/2023		4,789,978		4,804,947

Marine - 0.2%
Commercial Barge Line Co. 1st Lien Term Loan, 1-Month LIBOR + 8.75%, 9.99% ^(C), 11/12/2020		4,406,700		3,363,779

Software - 0.2%
Kronos, Inc. 2nd Lien Term Loan, 3-Month LIBOR + 8.25%, 9.56% ^(C), 11/01/2024		3,302,000		3,396,246

Total Loan Assignments (Cost $33,091,770)				32,001,635


	Shares		Value
COMMON STOCKS - 0.2%
Electric Utilities - 0.2%
Homer City Generation LLC ^{(E) (F) (H) (I)}		270,659		3,743,214

Media - 0.0% ^(M)
New Cotai LLC / New Cotai Capital Corp. ^{(E) (F) (I)}		6		118

Total Common Stocks (Cost $13,906,884)				3,743,332


PREFERRED STOCKS - 1.4%
Banks - 1.0%
GMAC Capital Trust I Series 2, 3-Month LIBOR + 5.79%, 7.10% ^(C)		765,100		20,091,526

Building Products - 0.4%
Associated Materials Group, Inc. PIK Rate 0.00%, Cash Rate 0.00% ^{(F) (I) (N)}		8,907,048		8,105,414

Total Preferred Stocks (Cost $28,166,791)				28,196,940


WARRANTS - 0.0% ^(M)
Building Products - 0.0% ^(M)
Associated Materials Group, Inc. ^{(E) (F) (H)}^(I)Exercise Price $0 Expiration Date 11/17/2023		116,602		115,436

Food Products - 0.0%
American Seafoods Group LLC ^{(E) (F) (H)}^(I) (J)Exercise Price $0 Expiration Date 05/15/2018		1,265		0

Total Warrants (Cost $16,134)				115,436


	Shares		Value
SECURITIES LENDING COLLATERAL - 8.2%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.00% ^(O)		166,224,968		$ 166,224,968

Total Securities Lending Collateral (Cost $166,224,968)				166,224,968


	Principal		Value
REPURCHASE AGREEMENT - 2.8%
Fixed Income Clearing Corp., 0.12%^(O), dated 10/31/2017, to be repurchased at $57,213,777 on 11/01/2017. Collateralized by a U.S. Government Obligation and a U.S. Government Agency Obligation, 1.38% - 2.13%, due 08/31/2020 - 09/28/2020, and with a total value of $58,358,473.		$ 57,213,586		57,213,586

Total Repurchase Agreement (Cost $57,213,586)				57,213,586

Total Investments (Cost $2,142,188,197)				2,171,307,365
Net Other Assets (Liabilities) - (7.7)%				(155,734,530	)


Net Assets - 100.0%				$ 2,015,572,835

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


Transamerica Funds		Annual Report 2017

Page 123

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

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
Corporate Debt Securities	$	—	$	1,883,811,275	$	193	$	1,883,811,468
Loan Assignments		—		32,001,635		—		32,001,635
Common Stocks		—		—		3,743,332		3,743,332
Preferred Stocks		20,091,526		—		8,105,414		28,196,940
Warrants		—		—		115,436		115,436
Securities Lending Collateral		166,224,968		—		—		166,224,968
Repurchase Agreement		—		57,213,586		—		57,213,586

Total Investments	$	186,316,494	$	1,973,026,496	$	11,964,375	$	2,171,307,365

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, 2017, the total value of 144A securities is $831,887,645, representing 41.3% 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 $162,810,743. 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, 2017. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. In addition, variable rate securities with a floor or ceiling feature are disclosing that 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 their description above.
(D)		Perpetual maturity. The date displayed is the next call date.
(E)		Illiquid security. At October 31, 2017, the value of such securities amounted to $3,858,961 or 0.2% 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, 2017, total value of securities is $11,964,375, representing 0.6% of the Fund’s net assets.
(G)		Security in default; no interest payments received and/or dividends declared during the last 12 months. At October 31, 2017, the value of this security is $0, representing less than 0.1% of the Fund net assets.
(H)		Non-income producing securities.
(I)		Securities are Level 3 of the fair value hierarchy.
(J)		Securities deemed worthless.
(K)		Escrow positions. Positions represents remaining escrow balances expected to be received upon finalization of restructuring.
(L)		When-issued, delayed-delivery and/or forward commitment (including TBAs) security. Security to be settled and delivered after October 31, 2017. Security may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(M)		Percentage rounds to less than 0.1% or (0.1)%.
(N)		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.
(O)		Rates disclosed reflect the yields at October 31, 2017.
(P)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. 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.

PORTFOLIO ABBREVIATIONS:


CMT		Constant Maturity Treasury
LIBOR		London Interbank Offered Rate
MTN		Medium Term Note
PIK		Payment in-kind

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


Transamerica Funds		Annual Report 2017

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(unaudited)

MARKET ENVIRONMENT

The end of 2016 concluded a year with record new issue supply and a bond market sell-off after the November elections. The election of President Trump caused a sell-off in the Treasury market as investors believed the new administration in the White House would bring about dramatic policy changes. Healthcare reform, tax reform, and de-regulation were all key focuses both during and after the election, as many people believed that changes were on the horizon and would lead to rapid economic growth. The municipal market sold off in sympathy and as a result, municipal mutual fund outflows were robust in the latter part of 2016.

The initial shock to the market waned in the early months of 2017, especially as it became more clear that the policy changes and hope for a rejuvenated economy were further away than many people had originally hoped for just after the election. The U.S. Federal Reserve’s (“Fed”) plans to increase rates and run down the balance sheet have also been influencing factors on the market environment this year. Despite lagging inflation data, the Fed has remained steadfast in its plans to slowly raise rates with a few small increases this year. Though we’ve seen two rate hikes thus far in 2017, their effects on the market have been fairly short-lived, especially as decisions (and non-decisions) in the White House and Congress have muddied the economic landscape in a way that has left many questions unanswered and investors uncertain about the future direction of markets.

The general trend this year has seen the market normalize post-election. As a result of widening credit spreads, the municipal market was set up to outperform, especially in lower rated credits and the long-end of the yield curve. In early September 2017, we saw the 10-Year Treasury yield hit a year-to-date low of 2.04%, a low not seen since the election last year. Though we’ve witnessed an uptick in yields since that low late in the third quarter of 2017, the supply and demand dynamics this year have been key contributors to an otherwise strong municipal market. Through October 2017, supply has been down relative to 2015 and 2016, though 2016 was a year in which we saw record supply as a result of issuers looking to pull together deals ahead of the election. Muted supply combined with healthy fund inflows throughout the year have resulted in a well-balanced supply/demand dynamic that has benefited the municipal market thus far.

PERFORMANCE

For the year ended October 31, 2017, the Transamerica High Yield Muni Class A returned 2.26%, excluding any sales charges. By comparison, its benchmark, the Bloomberg Barclays High Yield Municipal Bond Index, returned 2.99%.

STRATEGY REVIEW

We generally preferred higher quality credits than the index during the period. Our process focuses on diligent credit research in smaller bond deals, lesser-known issuers, and areas of the market we believe to be over-looked and under-valued by most investors. We look to take advantage of such opportunities, while also keeping an active management approach to sell out of positions that we no longer believe to be providing enough value for the risk potential.

Duration positioning was a consistent detractor from performance, though the Fund’s duration remained fairly in line with that of the index throughout the period. Over the last 12 months, the long end of the curve outperformed the short end, and the Fund was significantly overweight short duration holdings with maturities of one year or less and underweight long duration (9+ years).

The Fund’s credit allocation also detracted from performance over the last year, especially as credit spreads tightened in this relatively low yield environment. The largest detractors to performance across credits were the Fund’s underweight exposure to non-rated and B-rated bonds relative to the index. At the issuer level, Chicago and New York Counties Tobacco Trust were the top performers as the yield curve flattened and credit spreads tightened.

Though the Fund was overweight in Puerto Rico, the exposure was concentrated in insured credits which have not traded at the same spreads as the non-insured bonds, and thus did not realize the same significant underperformance as the non-insured credits. The Fund’s underweighting in tobacco credits also contributed to its relative underperformance, as the tobacco sector saw tremendous outperformance over the last twelve months.

Matthew Dalton

Portfolio Manager

Belle Haven Investments, L.P.


Fund Characteristics	Years
Average Maturity §		9.92
Duration †		7.10

Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		4.8	%
AAA		1.2
AA		29.4
A		14.8
BBB		21.5
BB		6.8
B		3.7
Not Rated		16.5
Net Other Assets (Liabilities)		1.3
Total		100.0	%

§	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 2017

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Transamerica High Yield Muni

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		(1.07	)%		7.23	%		07/31/2013
Class A (NAV)		2.26	%		8.08	%		07/31/2013
Bloomberg Barclays High Yield Municipal Bond Index^(A)		2.99	%		5.86	%
Class C (POP)		0.67	%		7.49	%		07/31/2013
Class C (NAV)		1.64	%		7.49	%		07/31/2013
Class I (NAV)		2.41	%		8.28	%		07/31/2013
Class I2 (NAV)		2.44	%		0.86	%		09/30/2016
Class T1 (POP)		N/A			3.86	%^(B)		03/17/2017
Class T1 (NAV)		N/A			6.48	%^(B)		03/17/2017

^(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.

^(B) Not annualized.

The performance data presented represents past performance; future results may vary. 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 and 2.5% for T1 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 I2 shares.

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.


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SCHEDULE OF INVESTMENTS

At October 31, 2017


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS - 93.2%
Alabama - 0.2%
Alabama Industrial Development Authority, Revenue Bonds, 6.45% ^(A), 12/01/2023		$ 175,000		$ 175,478
County of Perry, General Obligation Unlimited, Series A, 5.50%, 12/01/2040		30,000		31,062

				206,540

Alaska - 0.0% ^(B)
Northern Tobacco Securitization Corp., Revenue Bonds, Series A, 4.63%, 06/01/2023		10,000		10,286

Arizona - 2.3%
Arizona Health Facilities Authority, Revenue Bonds, Series A, 5.00%, 01/01/2022		175,000		199,479
Industrial Development Authority of the City of Phoenix, Revenue Bonds 4.63%, 07/01/2026 ^{(C) (D)}		600,000		607,878
Series A,
4.00%, 07/01/2022 ^(C)		500,000		492,870
Series A, AMBAC,
4.00%, 07/01/2021		10,000		10,015
4.50%, 07/01/2032		40,000		40,018
Industrial Development Authority of the County of Pima, Revenue Bonds, Series R, 2.88%, 07/01/2021		110,000		110,894
Industrial Development Authority of the County of Yavapai, Revenue Bonds, Series B, 4.50%, 09/01/2018 ^{(C) (D)}		20,000		20,021
La Paz County Industrial Development Authority, Revenue Bonds, Series A, 4.38%, 02/15/2028 ^(C)		210,000		209,557
Maricopa County Industrial Development Authority, Revenue Bonds, 5.00%, 07/01/2036		610,000		659,367

				2,350,099

California - 7.9%
Aromas-San Juan Unified School District, General Obligation Unlimited, Series B, AGM, Zero Coupon ^(E), 08/01/2042		300,000		169,287
Butte County Housing Authority, Revenue Bonds, Series A, 7.25%, 10/01/2030 ^(F)		50,000		50,609
California County Tobacco Securitization Agency, Revenue Bonds 5.70% ^(E), 06/01/2046		250,000		250,867
5.75%, 06/01/2029		35,000		35,381
5.88%, 06/01/2035		100,000		101,031


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
California Health Facilities Financing Authority, Revenue Bonds, 4.50%, 02/01/2022		$ 65,000		$ 71,505
California Municipal Finance Authority, Revenue Bonds, 4.00%, 12/01/2023		110,000		124,013
California School Finance Authority, Revenue Bonds, Series A, 5.35%, 08/01/2024 ^(F)		275,000		289,759
California Statewide Communities Development Authority, Revenue Bonds 5.00%, 11/01/2048		950,000		1,046,539
Series A,
5.25%, 12/01/2056 ^(C)		500,000		543,485
California Statewide Financing Authority, Revenue Bonds, Series A, 5.63%, 05/01/2029		40,000		40,039
Coachella Valley Unified School District, General Obligation Unlimited Series C, AGM, Zero Coupon, 08/01/2037 - 08/01/2038		35,000		16,200
Cypress School District, General Obligation Unlimited, Zero Coupon ^(E), 08/01/2050		100,000		68,400
Golden State Tobacco Securitization Corp., Revenue Bonds
Series A-1,
5.00%, 06/01/2026 - 06/01/2033		965,000		1,114,503
5.13%, 06/01/2047		475,000		467,177
5.75%, 06/01/2047		255,000		254,992
Hesperia Unified School District, Certificate of Participation, BAM, 3.00%, 02/01/2034		275,000		268,408
Oxnard School District, Certificate of Participation, BAM, Fixed until 08/01/2021, 2.00% ^(A), 08/01/2045		500,000		502,150
Pioneer Union Elementary School District, Certificate of Participation, MAC, 3.00%, 08/01/2025		120,000		128,482
Rio Vista Community Facilities District, Special Tax, Series 1, 5.85%, 09/01/2035		25,000		25,072
Sanger Unified School District, Certificate of Participation, AGM, 3.38%, 06/01/2042		500,000		492,180
Santee School District, General Obligation Unlimited, Series E, AGM, Zero Coupon, 05/01/2051		150,000		38,640
Shandon Joint Unified School District, General Obligation Unlimited, Series A, BAM, 4.00%, 08/01/2037		245,000		266,861

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


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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
South Whittier School District, General Obligation Unlimited Series A, AGM, 5.00%, 08/01/2023 - 08/01/2027		$ 225,000		$ 270,608
Sutter Butte Flood Agency, Special Assessment, BAM, 3.50%, 10/01/2030		1,175,000		1,232,152
Tobacco Securitization Authority of Northern California, Revenue Bonds, Series A-1, 4.75%, 06/01/2023		60,000		60,010
Tobacco Securitization Authority of Southern California, Revenue Bonds
Series A1,
4.75%, 06/01/2025		30,000		30,018
5.13%, 06/01/2046		30,000		30,051
Truckee-Donner Recreation & Park District, Certificate of Participation, AGM, 4.00%, 09/01/2024		150,000		170,086

				8,158,505

Colorado - 5.0%
Canyons Metropolitan District No. 5, General Obligation Limited
Series A,
6.00%, 12/01/2037 ^(F)		1,000,000		1,011,410
Series B,
8.00%, 12/15/2047 ^(F)		500,000		506,285
Clear Creek Station Metropolitan District No. 2, General Obligation Limited, Series A, 4.38%, 12/01/2032 ^(F)		500,000		506,955
Colorado Educational & Cultural Facilities Authority, Revenue Bonds
3.75%, 06/15/2047		725,000		700,872
Series A,
3.25%, 12/15/2036 - 06/01/2046		1,065,000		970,253
Denver Connection West Metropolitan District, General Obligation Limited, Series A, 5.38%, 08/01/2047 ^(F)		500,000		501,440
Gateway Regional Metropolitan District, General Obligation Limited
AGM,
3.13%, 12/01/2041		140,000		131,068
3.25%, 12/01/2045		265,000		246,031
High Plains Metropolitan District, General Obligation Unlimited, NATL, 4.00%, 12/01/2047		480,000		494,050
Public Authority for Colorado Energy, Revenue Bonds, 6.50%, 11/15/2038		60,000		84,187

				5,152,551


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Connecticut - 0.2%
Connecticut Housing Finance Authority, Revenue Bonds, Series C2, 2.70%, 11/15/2031		$ 150,000		$ 144,621
West Haven New Public Housing Authority, Revenue Bonds, 5.30%, 01/01/2022		25,000		25,979

				170,600

Delaware - 0.7%
Delaware State Economic Development Authority, Revenue Bonds Series A, 5.00%, 09/01/2036 - 09/01/2046		620,000		680,898

District of Columbia - 2.1%
District of Columbia, Revenue Bonds, 5.00%, 06/01/2046		1,000,000		1,077,260
District of Columbia Tobacco Settlement Financing Corp., Revenue Bonds
6.50%, 05/15/2033		20,000		22,473
6.75%, 05/15/2040		1,000,000		1,051,750
Series A,
Zero Coupon, 06/15/2046		100,000		14,469

				2,165,952

Florida - 3.7%
Cape Coral Health Facilities Authority, Revenue Bonds, 6.00%, 07/01/2050 ^(C)		300,000		322,437
Capital Projects Finance Authority, Revenue Bonds, Series F-1, NATL, 5.00%, 10/01/2031		60,000		60,716
Capital Trust Agency, Inc., Revenue Bonds, Series A, 5.00%, 07/01/2050		550,000		574,915
City of Orlando, Revenue Bonds, Series A, AGC, 5.25%, 11/01/2038		20,000		20,000
City of Port St. Lucie, Special Assessment, 3.25%, 07/01/2045		2,500,000		2,285,850
County of Miami-Dade, Revenue Bonds, 5.00%, 10/01/2026		140,000		170,054
Florida Development Finance Corp., Revenue Bonds, Series A, 6.00%, 02/15/2037 ^{(D) (F)}		10,000		9,940
Florida Housing Finance Corp., Revenue Bonds, Series A, GNMA, FNMA, FHLMC, 3.20%, 07/01/2030		245,000		250,133
Northern Palm Beach County Improvement District, Special Assessment, 5.13%, 08/01/2022		15,000		15,781
Sarasota National Community Development District, Special Assessment, 5.30%, 05/01/2039		25,000		25,003

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


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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Florida (continued)
School District of Broward County, Certificate of Participation, Series A, AGM, 5.25%, 07/01/2019		$ 100,000		$ 102,763

				3,837,592

Georgia - 0.5%
Atlanta Development Authority, Revenue Bonds, Series A, ACA, 6.25%, 07/01/2036		10,000		10,000
Columbus Development Authority, Revenue Bonds, Series A, 5.50%, 12/01/2049		10,000		10,270
County of Meriwether, General Obligation Unlimited BAM, 4.00%, 03/01/2026 - 03/01/2027		440,000		497,112

				517,382

Guam - 0.1%
Guam Power Authority, Revenue Bonds, Series A, 5.00%, 10/01/2034		100,000		103,941

Hawaii - 0.2%
State of Hawaii Department of Transportation, Revenue Bonds, 5.63%, 11/15/2027 ^(F)		220,000		220,497

Idaho - 0.5%
Idaho Health Facilities Authority, Revenue Bonds, 6.00%, 03/01/2029		20,000		20,064
Idaho Housing & Finance Association, Revenue Bonds, Series A, 5.00%, 06/01/2035 ^(F)		425,000		455,124

				475,188

Illinois - 10.2%
Chicago O’Hare International Airport, Revenue Bonds, Series D, 5.00%, 01/01/2044		50,000		55,050
City of Calumet City, General Obligation Unlimited, BAM, 4.00%, 12/01/2017		335,000		335,787
City of Chicago, General Obligation Unlimited Series A, 5.00%, 01/01/2019 - 01/01/2033		210,000		217,072
5.25%, 01/01/2023 - 01/01/2027		35,000		35,112
6.00%, 01/01/2038		1,000,000		1,144,690
Series A, AGM,
4.75%, 01/01/2036		95,000		95,354
5.00%, 01/01/2024 - 01/01/2026		45,000		47,072
Series A, NATL,
5.00%, 01/01/2029 - 01/01/2042		230,000		230,827


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
City of Chicago, General Obligation Unlimited (continued)
Series B, AGM,
4.75%, 01/01/2032		$ 35,000		$ 35,131
5.00%, 01/01/2029		60,000		60,175
Series C,
Zero Coupon, 01/01/2024		75,000		59,182
5.00%, 01/01/2026 - 01/01/2038		1,155,000		1,222,143
Series C, AGM-CR, NATL-RE,
5.00%, 01/01/2031		35,000		35,223
Series C, NATL,
5.00%, 01/01/2024		85,000		85,457
Series D,
4.30%, 01/01/2024		15,000		15,204
Series D, AMBAC,
5.00%, 12/01/2022		20,000		20,073
City of Chicago, Revenue Bonds, Series C, Zero Coupon, 01/01/2030		50,000		20,704
City of Chicago Waterworks Revenue, Revenue Bonds 5.00%, 11/01/2018 - 11/01/2026		40,000		42,487
Cook County Community High School District No. 219, General Obligation Unlimited, Series A, AGM, 5.00%, 12/01/2026		50,000		50,163
Cook County High School District No. 201, General Obligation Limited, Series C, AGM, Zero Coupon, 12/01/2025		125,000		98,111
Cook County High School District No. 220, General Obligation Limited, BAM-TCRS, 3.00%, 12/01/2022		275,000		286,055
Cook County School District No. 132, General Obligation Limited Series A, AGM, 4.10%, 12/01/2024		378,000		403,436
4.20%, 12/01/2027		361,000		403,035
Illinois Finance Authority, Revenue Bonds 4.00%, 08/01/2032		515,000		527,375
Series A,
4.25%, 12/01/2027		500,000		520,235
Series B,
7.38%, 05/15/2020		10,000		10,028
Series C,
5.00%, 08/15/2021		30,000		33,614
Illinois Housing Development Authority, Revenue Bonds Series A-1, 2.40%, 07/01/2021		170,000		173,400
2.60%, 01/01/2022		350,000		361,861
Series M, AMBAC,
4.40%, 07/01/2036		25,000		25,043
Kankakee County Public Building Commission, Revenue Bonds, AMBAC, 3.90%, 12/01/2017		55,000		55,062

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


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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Lake County School District No. 38, General Obligation Unlimited, AMBAC, Zero Coupon, 02/01/2020		$ 60,000		$ 56,541
Lombard Public Facilities Corp., Revenue Bonds, Series A-2, ACA, 5.50%, 01/01/2025		50,000		46,788
Metropolitan Pier & Exposition Authority, Revenue Bonds NATL-RE, 5.30% ^(E), 06/15/2018		40,000		40,525
Series B, AGM,
5.00%, 06/15/2050		20,000		21,192
Regional Transportation Authority, Revenue Bonds, AGM, 5.75%, 06/01/2018		100,000		102,641
Sangamon County School District No. 186, Certificate of Participation, Series A, ACA, 6.13%, 08/15/2023 ^{(D) (F)}		25,000		24,576
Southern Illinois University, Certificate of Participation Series A-1, BAM, 4.50%, 02/15/2031 - 02/15/2032		105,000		109,260
St. Clair County Community Consolidated School District No. 90, General Obligation Unlimited, AMBAC, BAM-TCRS, Zero Coupon, 12/01/2023		440,000		380,587
State of Illinois, General Obligation Unlimited
Zero Coupon ^(E), 06/01/2033		555,000		441,935
4.00%, 04/01/2018		25,000		25,247
5.00%, 05/01/2018		25,000		25,419
AGM,
4.25%, 04/01/2033		50,000		51,675
Series B,
5.25%, 01/01/2019		30,000		31,193
Stephenson County School District No. 145, General Obligation Limited, AMBAC, Zero Coupon, 01/01/2021		30,000		27,932
Village of Bourbonnais, Revenue Bonds, AGC, 4.50%, 11/01/2020		25,000		25,000
Village of Elk Grove Village, General Obligation Unlimited, 4.00%, 01/01/2022		60,000		65,701
Village of North Riverside, Revenue Bonds, AGM, 3.63%, 12/01/2030		565,000		572,458
Western Illinois Economic Development Authority, Revenue Bonds, 4.00%, 06/01/2036		1,680,000		1,537,234
Will County Community High School District No. 210, General Obligation Unlimited, Series A, 5.00%, 01/01/2027		55,000		55,070


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Williamson County Community Unit School District No. 5, General Obligation Unlimited, Series B, AGC, Zero Coupon, 01/01/2041		$ 1,185,000		$ 243,209

				10,588,344

Indiana - 1.8%
East Chicago Sanitary District, Revenue Bonds, 4.00%, 07/15/2031		1,440,000		1,540,267
Hamilton County Redevelopment Commission, Tax Allocation, 5.00%, 02/01/2025		75,000		75,114
Indiana Finance Authority, Revenue Bonds 4.00%, 02/01/2032		185,000		193,643
Series A,
5.00%, 08/15/2021		45,000		50,855

				1,859,879

Iowa - 0.3%
Iowa Tobacco Settlement Authority, Revenue Bonds
Series A,
6.50%, 06/01/2023		75,000		76,045
Series C,
5.38%, 06/01/2038		125,000		124,989
5.50%, 06/01/2042		30,000		30,128
5.63%, 06/01/2046		110,000		110,467

				341,629

Kansas - 0.0% ^(B)
Kansas Rural Water Finance Authority, Revenue Bonds, 4.25%, 03/01/2038		25,000		25,371

Kentucky - 0.2%
County of Ohio, Revenue Bonds, Series A, 6.00%, 07/15/2031		185,000		188,297
Kentucky Area Development Districts, Certificate of Participation, Series M, 5.35%, 12/01/2028		25,000		25,037

				213,334

Louisiana - 1.0%
Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds, Series A, ACA, 5.25%, 09/01/2027		25,000		23,196
Parish of St. Charles, Revenue Bonds, Fixed until 06/01/2022, 4.00% ^(A), 12/01/2040		30,000		31,823
Parish of St. John the Baptist, Revenue Bonds, Series A, 5.13%, 06/01/2037		960,000		962,832

				1,017,851

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


Transamerica Funds		Annual Report 2017

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Maryland - 0.3%
Maryland Community Development Administration, Revenue Bonds, 3.25%, 03/01/2036		$ 100,000		$ 101,093
Maryland Health & Higher Educational Facilities Authority, Revenue Bonds, Series A, 5.00%, 07/01/2027 ^(C)		170,000		180,564

				281,657

Massachusetts - 1.0%
Massachusetts Development Finance Agency, Revenue Bonds, Series K, 4.00%, 07/01/2038		950,000		978,652
Massachusetts Port Authority, Revenue Bonds, Series A, AMBAC, 5.00%, 01/01/2027		25,000		25,460

				1,004,112

Michigan - 1.9%
Bad Axe Public Schools, General Obligation Unlimited, Series B, 4.00%, 05/01/2024		50,000		56,651
City of Detroit, General Obligation Unlimited AGC, 4.00%, 04/01/2018		17,050		17,161
Series G, AGC,
5.00%, 04/01/2018		6,200		6,266
City of Detroit Sewage Disposal System Revenue, Revenue Bonds
Series A, BHAC, FGIC,
5.50%, 07/01/2036		125,000		128,660
Series A, NATL,
5.25%, 07/01/2018		50,000		50,161
Series B, NATL,
5.25%, 07/01/2022		25,000		25,085
Detroit Downtown Development Authority, Tax Allocation, Series 1-A, NATL, 4.75%, 07/01/2025		35,000		35,498
Detroit Local Development Finance Authority, Tax Allocation, Series A, ACA, CBI, 5.50%, 05/01/2021		85,000		84,124
Michigan Finance Authority, Revenue Bonds
Series D,
3.88%, 06/01/2019		25,000		25,169
Series D-1,
5.00%, 07/01/2027		500,000		581,370
Series G-10A, AGC,
4.00%, 04/01/2018		92,950		94,087
Series G-11A, AGC,
5.00%, 04/01/2018		33,800		34,352
Michigan State Hospital Finance Authority, Revenue Bonds, Series A, 5.50%, 10/01/2027		50,000		50,145


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Michigan (continued)
Michigan Tobacco Settlement Finance Authority, Revenue Bonds
Series A,
5.13%, 06/01/2022		$ 195,000		$ 194,323
5.25%, 06/01/2022		20,000		19,999
Warren Consolidated Schools, General Obligation Unlimited, Series B, BAM, 5.00%, 05/01/2025		450,000		536,990

				1,940,041

Minnesota - 8.4%
City of Blaine, Revenue Bonds, Series A, 5.75%, 07/01/2035		15,000		15,334
City of Columbus, Revenue Bonds, 5.25%, 01/01/2040		10,000		10,384
City of Deephaven, Revenue Bonds
Series A,
4.00%, 07/01/2037		300,000		286,587
5.25%, 07/01/2037		80,000		84,859
City of Ham Lake, Revenue Bonds
Series A,
4.00%, 07/01/2028		375,000		368,587
5.00%, 07/01/2031		250,000		258,148
City of Minneapolis, Revenue Bonds, Series A, 5.00%, 07/01/2047 ^(F)		200,000		200,886
City of St. Paul Park, Revenue Bonds 3.25%, 09/01/2026		485,000		482,037
3.50%, 09/01/2027		500,000		500,890
3.70%, 09/01/2028		500,000		502,685
3.80%, 09/01/2029		340,000		342,023
4.00%, 09/01/2032		400,000		402,124
4.10%, 09/01/2033		200,000		201,534
4.13%, 09/01/2034 - 09/01/2035		730,000		733,962
4.20%, 09/01/2036		275,000		276,447
5.00%, 09/01/2042		500,000		524,420
Housing & Redevelopment Authority of The City of St. Paul, Revenue Bonds
Series A,
4.00%, 09/01/2031		200,000		202,818
4.50%, 07/01/2028 ^(F)		750,000		733,185
5.00%, 07/01/2036 ^(F)		1,315,000		1,267,002
5.00%, 12/01/2050		450,000		461,848
Series B,
5.25%, 04/01/2043 ^(F)		400,000		403,460
Township of Baytown, Revenue Bonds, Series A, 4.00%, 08/01/2041		500,000		452,205

				8,711,425

Mississippi - 0.3%
Mississippi Development Bank, Revenue Bonds, Series A, 3.25%, 06/01/2021		10,000		10,431

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


Transamerica Funds		Annual Report 2017

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Mississippi (continued)
Mississippi Home Corp., Revenue Bonds
Series 3A, GNMA,
5.55%, 08/20/2049		$ 5,000		$ 5,298
Series 4A,
4.40%, 07/01/2041		325,000		327,129

				342,858

Montana - 0.2%
City of Forsyth, Revenue Bonds, Series A, Fixed until 03/01/2031, 3.90% ^(A), 03/01/2031		135,000		140,398
Lewistown Special Improvement District No. 2005, Special Assessment, 4.60%, 07/01/2022		25,000		25,013
Yellowstone County School District No. 4, General Obligation Unlimited, 4.65%, 07/01/2019		25,000		25,074

				190,485

Nebraska - 0.0% ^(B)
Nebraska Investment Finance Authority, Revenue Bonds, Series E, GNMA, FNMA, FHLMC, 2.35%, 09/01/2019		25,000		25,428

Nevada - 0.3%
City of North Las Vegas, General Obligation Limited, NATL, 5.00%, 05/01/2025		20,000		20,025
City of Reno, Revenue Bonds, Series C, 5.50%, 06/01/2039		115,000		117,953
County of Clark, Special Assessment, 4.00%, 08/01/2022		225,000		232,360

				370,338

New Jersey - 4.9%
Atlantic County Improvement Authority, Revenue Bonds, Series B, AGM, 5.00%, 09/01/2021		100,000		112,701
Bordentown Regional School District, General Obligation Unlimited, 5.00%, 01/15/2025		280,000		336,286
Casino Reinvestment Development Authority, Revenue Bonds, AGM, 5.00%, 11/01/2026		375,000		423,536
City of Atlantic City, General Obligation Unlimited
Series A, BAM,
5.00%, 03/01/2032 - 03/01/2042		825,000		934,433
Series B, AGM,
4.00%, 03/01/2042		1,170,000		1,199,297
Essex County Improvement Authority, Revenue Bonds, Series A, 7.00%, 12/01/2053 ^{(D) (F)}		115,000		116,938


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New Jersey (continued)
Lacey Municipal Utilities Authority, Revenue Bonds, AMBAC, 4.00%, 12/01/2017		$ 100,000		$ 100,247
New Jersey Economic Development Authority, Revenue Bonds 5.00%, 09/01/2020		180,000		198,500
5.13%, 09/01/2052 ^(C)		760,000		744,823
5.75%, 09/15/2027 ^(F)		400,000		442,976
Series B,
6.50%, 04/01/2031 ^(F)		10,000		11,532
New Jersey Educational Facilities Authority, Revenue Bonds, Series D, NATL, 5.00%, 07/01/2037		20,000		20,063
Tobacco Settlement Financing Corp., Revenue Bonds
Series 1A,
5.00%, 06/01/2029		420,000		420,920
Series 1B,
Zero Coupon, 06/01/2041		10,000		2,817

				5,065,069

New Mexico - 0.1%
New Mexico Hospital Equipment Loan Council, Revenue Bonds, 4.75%, 07/01/2022		70,000		74,590

New York - 8.7%
Buffalo & Erie County Industrial Land Development Corp., Revenue Bonds, 5.00%, 08/01/2052		500,000		511,980
County of Rockland, General Obligation Unlimited, Series B, 2.50%, 09/01/2018		35,000		35,311
Housing Development Corp., Revenue Bonds, Series C1A, 3.45%, 05/01/2050		2,370,000		2,348,954
New York City Industrial Development Agency, Revenue Bonds
FGIC,
CPI + 0.89%, 2.83%, 03/01/2027		20,000		19,240
NATL,
4.75%, 03/01/2046		50,000		50,078
New York Counties Tobacco Trust I, Revenue Bonds, Series B, 6.50%, 06/01/2035		15,000		15,007
New York Counties Tobacco Trust IV, Revenue Bonds Series A, 5.00%, 06/01/2038 - 06/01/2045		275,000		264,228
New York Counties Tobacco Trust VI, Revenue Bonds
Series A,
5.00%, 06/01/2045		950,000		998,640

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


Transamerica Funds		Annual Report 2017

Page 132

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New York (continued)
New York Counties Tobacco Trust VI, Revenue Bonds (continued)
Series C,
3.75%, 06/01/2045		$ 3,100,000		$ 2,826,053
New York Liberty Development Corp., Revenue Bonds, 5.25%, 10/01/2035		465,000		594,196
New York State Dormitory Authority, Revenue Bonds, AMBAC, 5.25%, 07/01/2025		100,000		122,268
New York Transportation Development Corp., Revenue Bonds, Series A, 5.25%, 01/01/2050		860,000		953,301
Niagara Area Development Corp., Revenue Bonds, Series B, 4.00%, 11/01/2024 ^(C)		100,000		100,057
Niagara Falls City School District, Certificate of Participation, AGM, 4.00%, 06/15/2026		90,000		98,359
Niagara Tobacco Asset Securitization Corp., Revenue Bonds, 5.00%, 05/15/2019		10,000		10,559
Port Authority of New York & New Jersey, Revenue Bonds, AGM-CR, 6.50%, 12/01/2028		50,000		50,257
Village of Brewster, General Obligation Unlimited, 5.00%, 05/01/2033		50,000		60,860

				9,059,348

North Carolina - 1.6%
North Carolina Turnpike Authority, Revenue Bonds 5.00%, 01/01/2030		1,000,000		1,167,020
AGM,
5.00%, 01/01/2028		415,000		496,108

				1,663,128

Ohio - 4.9%
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds
Series A-2,
5.13%, 06/01/2024		1,255,000		1,174,642
5.38%, 06/01/2024		80,000		75,935
6.50%, 06/01/2047		250,000		249,005
City of Cleveland, Revenue Bonds, 5.38%, 09/15/2027 ^(D) (F)		20,000		20,066
City of Lorain, General Obligation Limited, BAM, 4.00%, 12/01/2023		590,000		641,360
Cleveland-Cuyahoga County Port Authority, Revenue Bonds, Series A, 7.05%, 11/15/2040 ^(C)		100,000		100,043


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Ohio (continued)
County of Allen, Revenue Bonds, GNMA, 4.10%, 12/20/2017		$ 25,000		$ 25,019
County of Hamilton, Revenue Bonds, 5.00%, 01/01/2036		100,000		107,550
County of Scioto, Revenue Bonds, 3.50%, 02/15/2038		1,925,000		1,849,039
County of Warren, Revenue Bonds 5.00%, 07/01/2021 - 07/01/2026		500,000		571,639
Montgomery County Transportation Improvement District, Revenue Bonds, 5.00%, 12/01/2018		40,000		41,267
Ohio Air Quality Development Authority, Revenue Bonds, Series E, 5.63%, 10/01/2019		105,000		108,658
Toledo-Lucas County Port Authority, Revenue Bonds, Series A, 5.00%, 07/01/2046		100,000		104,425

				5,068,648

Oklahoma - 0.0% ^(B)
University of Oklahoma, Revenue Bonds, Series A, 4.75%, 07/01/2029		20,000		20,453

Oregon - 0.5%
County of Jackson Airport Revenue, Revenue Bonds, AGM, 3.00%, 12/01/2035		125,000		119,923
Oregon State Facilities Authority, Revenue Bonds, Series B, 6.75%, 06/15/2022 ^{(C) (D)}		355,000		354,336

				474,259

Pennsylvania - 1.8%
Cumberland County Municipal Authority, Revenue Bonds, 3.25%, 01/01/2039		50,000		44,349
Hospitals & Higher Education Facilities Authority of Philadelphia, Revenue Bonds
Series A,
5.50%, 07/01/2030		125,000		125,343
Series A, ACA, CBI,
5.00%, 07/01/2034		35,000		35,086
McKean County Hospital Authority, Revenue Bonds, ACA, 5.25%, 10/01/2030		85,000		85,006
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Series A, ACA, 5.00%, 07/01/2023		145,000		145,210
Pennsylvania Housing Finance Agency, Revenue Bonds
Series 119,
3.50%, 10/01/2041		155,000		162,553

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


Transamerica Funds		Annual Report 2017

Page 133

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Pennsylvania (continued)
Pennsylvania Housing Finance Agency, Revenue Bonds (continued)
Series A,
3.25%, 10/01/2025		$ 370,000		$ 384,741
4.25%, 10/01/2035		650,000		683,020
Philadelphia Gas Works Co., Revenue Bonds, 5.00%, 10/01/2026		75,000		91,033
Philadelphia Municipal Authority, Revenue Bonds, Series A, 5.00%, 11/15/2017		100,000		100,138
School District of Philadelphia, General Obligation Unlimited, Series A, NATL, 4.38%, 06/01/2034		45,000		45,086

				1,901,565

Puerto Rico - 11.5%
Commonwealth of Puerto Rico, General Obligation Unlimited
AGC-ICC,
5.50%, 07/01/2022		100,000		108,980
AGM,
5.13%, 07/01/2030		205,000		206,290
5.25%, 07/01/2020		100,000		105,505
5.50%, 07/01/2019		105,000		109,347
AGM-CR,
4.50%, 07/01/2023		15,000		15,093
5.00%, 07/01/2028		20,000		20,099
Series A, AGC-ICC,
4.75%, 07/01/2018		15,000		15,207
5.00%, 07/01/2022 - 07/01/2033		545,000		549,870
5.25%, 07/01/2030		55,000		55,351
5.50%, 07/01/2029		245,000		273,998
Series A, AGM,
4.00%, 07/01/2022		140,000		143,893
4.13%, 07/01/2023 - 07/01/2024		50,000		50,793
5.00%, 07/01/2035		500,000		509,320
5.38%, 07/01/2025		170,000		182,072
6.00%, 07/01/2033		305,000		314,272
Series A-4, AGM,
5.00%, 07/01/2031		140,000		146,178
5.25%, 07/01/2030		25,000		26,365
Series B, AGC-ICC,
5.00%, 07/01/2035		400,000		401,248
Series C, AGM,
5.25%, 07/01/2026 - 07/01/2027		190,000		199,310
5.38%, 07/01/2028		30,000		30,509
5.50%, 07/01/2032		120,000		121,392
5.75%, 07/01/2037		190,000		193,773
6.00%, 07/01/2036		60,000		61,823
Series C-7, NATL,
6.00%, 07/01/2028		15,000		15,256
Series D, AGM,
3.88%, 07/01/2019		30,000		30,081


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Puerto Rico (continued)
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds
Series A, AGC,
5.00%, 07/01/2028		$ 185,000		$ 186,099
5.13%, 07/01/2047		175,000		176,071
Series A, AGC-ICC,
6.00%, 07/01/2044		75,000		76,715
Puerto Rico Convention Center District Authority, Revenue Bonds Series A, AGC, 4.50%, 07/01/2036		580,000		577,790
5.00%, 07/01/2027		200,000		201,070
Puerto Rico Electric Power Authority, Revenue Bonds
NATL,
4.75%, 07/01/2033		50,000		44,850
Series DDD, AGM,
3.63%, 07/01/2023		295,000		295,065
3.65%, 07/01/2024		95,000		95,021
Series RR, AGC,
5.00%, 07/01/2028		165,000		165,815
Series SS, AGM,
5.00%, 07/01/2019 - 07/01/2030		195,000		197,053
Series TT, AGC-ICC,
5.00%, 07/01/2032		200,000		200,658
Series TT, AGM-CR,
4.20%, 07/01/2019		75,000		75,152
Series UU, AGC,
4.25%, 07/01/2027		235,000		235,087
5.00%, 07/01/2026		165,000		165,952
Series UU, AGM,
5.00%, 07/01/2020 - 07/01/2024		465,000		470,466
Series V, AGM,
5.25%, 07/01/2027		70,000		77,307
Puerto Rico Highway & Transportation Authority, Revenue Bonds
AGC-ICC,
5.00%, 07/01/2028		50,000		50,247
Series A, NATL-IBC,
4.75%, 07/01/2038		185,000		162,783
Series AA, AGC-ICC,
5.00%, 07/01/2035		75,000		75,234
Series AA, AGM,
4.95%, 07/01/2026		15,000		15,567
Series CC, AGM,
5.25%, 07/01/2033 - 07/01/2036		135,000		147,970
Series CC, AGM-CR,
5.50%, 07/01/2029		75,000		84,209
Series D, AGM,
5.00%, 07/01/2027 - 07/01/2032		505,000		507,249
Series E, AGM,
5.50%, 07/01/2020 - 07/01/2023		185,000		202,339
Series I, AGC-ICC, FGIC,
5.00%, 07/01/2026		55,000		55,317
Series K, AGC-ICC,
4.40%, 07/01/2025		30,000		30,075
5.00%, 07/01/2030		30,000		30,123
Series K, AGC-ICC, AGM-CR,
5.00%, 07/01/2018		10,000		10,116

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


Transamerica Funds		Annual Report 2017

Page 134

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Puerto Rico (continued)
Puerto Rico Highway & Transportation Authority, Revenue Bonds (continued)
Series L, AGC,
4.00%, 07/01/2020		$ 165,000		$ 168,848
5.25%, 07/01/2019		100,000		103,737
Series M, AGC-ICC,
5.00%, 07/01/2032		105,000		105,346
Series N, AGC,
5.25%, 07/01/2036		70,000		76,188
Series N, AGM-CR, AGC-ICC,
5.50%, 07/01/2026		165,000		184,242
Series N, NATL,
5.25%, 07/01/2033		120,000		114,324
Series Y, AGM,
6.25% ^(A), 07/01/2021		135,000		145,692
Puerto Rico Municipal Finance Agency, Revenue Bonds
Series A, AGM,
4.75%, 08/01/2022		120,000		120,966
5.00%, 08/01/2019 - 08/01/2030		1,460,000		1,469,586
Series A, AGM-CR,
4.75%, 08/01/2025		15,000		15,046
Series C, AGM,
5.25%, 08/01/2019		85,000		88,331
Puerto Rico Public Buildings Authority, Revenue Bonds
Series F, AGC-ICC,
5.25%, 07/01/2019		25,000		25,934
Series F, AGC-ICC, AGM-CR,
5.25%, 07/01/2025		20,000		22,009
Series I, AGC-ICC,
5.00%, 07/01/2036		110,000		110,339
Series K, AGM,
5.25%, 07/01/2027		60,000		61,680
Series L, AGM-CR,
5.50%, 07/01/2021		65,000		67,774
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Revenue Bonds
Series A, BHAC-CR, FGIC,
Zero Coupon, 08/01/2041		45,000		15,071
Series C, AGM,
5.13%, 08/01/2042		505,000		522,938

				11,915,476

Rhode Island - 0.6%
Providence Redevelopment Agency, Revenue Bonds, Series A, 5.00%, 04/01/2020		300,000		319,710
Tobacco Settlement Financing Corp., Revenue Bonds, Series A, 5.00%, 06/01/2035		300,000		323,304

				643,014

South Carolina - 0.8%
County of Greenville, Revenue Bonds, AMBAC, 4.00%, 04/01/2018		20,000		20,039


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
South Carolina (continued)
County of Lancaster, Special Assessment, Series A, 3.13%, 12/01/2022 ^(F)		$ 695,000		$ 696,452
South Carolina Jobs-Economic Development Authority, Revenue Bonds, Series A, AGM, 6.25%, 08/01/2034		35,000		40,034
South Carolina State Housing Finance & Development Authority, Revenue Bonds, Series A, 7.00%, 05/01/2046		50,000		53,766

				810,291

Tennessee - 0.2%
Hallsdale-Powell Utility District, Revenue Bonds, NATL, 4.50%, 04/01/2040		50,000		50,123
Poplar Grove Utility District Waterworks Revenue, Revenue Bonds, Series A, AGM, 3.00%, 04/01/2024		70,000		75,110
Tennessee Housing Development Agency, Revenue Bonds, 3.05%, 07/01/2027		100,000		103,397

				228,630

Texas - 4.8%
Arlington Higher Education Finance Corp., Revenue Bonds, Series A, 4.63%, 08/15/2046		430,000		432,644
Central Texas Turnpike System, Revenue Bonds, Series C, 5.00%, 08/15/2023		150,000		175,989
City of Houston Airport System Revenue, Revenue Bonds, 5.00%, 07/01/2029 ^(F)		150,000		164,384
City of Lockhart, General Obligation Limited, BAM, 5.00%, 08/01/2025		145,000		172,224
New Hope Cultural Education Facilities Finance Corp., Revenue Bonds 5.00%, 07/01/2046		950,000		959,253
Series A,
3.38%, 08/15/2021 ^(C)		900,000		898,857
5.00%, 04/01/2048		100,000		106,807
Series A1,
5.00%, 07/01/2046		40,000		44,323
Series D,
6.00%, 07/01/2026		125,000		122,025
Northgate Crossing Municipal Utility District 1, General Obligation Unlimited, 3.85%, 12/01/2028		135,000		135,116
Northwest Harris County Municipal Utility District No. 19, General Obligation Unlimited, BAM, 3.25%, 10/01/2032		1,140,000		1,145,130

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


Transamerica Funds		Annual Report 2017

Page 135

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Texas (continued)
Pottsboro Higher Education Finance Corp., Revenue Bonds, Series A, 5.00%, 08/15/2036		$ 435,000		$ 446,962
Willow Creek Farms Municipal Utility District, General Obligation Unlimited, BAM, 3.00%, 09/01/2023		130,000		135,650

				4,939,364

U. S. Virgin Islands - 0.1%
Virgin Islands Public Finance Authority, Revenue Bonds, Series A, AGM-CR, 5.00%, 10/01/2032 ^(F)		110,000		116,327

Utah - 0.4%
Intermountain Power Agency, Revenue Bonds, Series A, 4.00%, 07/01/2018		25,000		25,458
Utah Charter School Finance Authority, Revenue Bonds 5.00%, 04/15/2030 ^(C)		420,000		423,746
Series A,
5.75%, 07/15/2020		20,000		20,869

				470,073

Virginia - 0.3%
Buena Vista Public Service Authority, Revenue Bonds, Series A, 5.13%, 01/01/2023		25,000		25,077
Tobacco Settlement Financing Corp., Revenue Bonds, Series B1, 5.00%, 06/01/2047		145,000		139,370
Virginia College Building Authority, Revenue Bonds, 4.25%, 04/01/2020		20,000		20,041
Winchester Economic Development Authority, Revenue Bonds, Series A, 5.00%, 01/01/2021		100,000		111,150

				295,638

Washington - 0.1%
King County School District No. 405, General Obligation Unlimited, 5.00%, 12/01/2017		100,000		100,324

West Virginia - 0.1%
Jefferson County Public Service District, Revenue Bonds, Series A, 4.38%, 10/01/2025		65,000		65,168

Wisconsin - 2.5%
Public Finance Authority, Revenue Bonds 5.00%, 04/01/2022^(D) (F)		25,000		26,669
Series A,
4.50%, 12/01/2042		300,000		297,759


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Wisconsin (continued)
Public Finance Authority, Revenue Bonds (continued)
4.60%, 12/01/2042		$ 365,000		$ 369,340
4.75%, 12/01/2037 - 12/01/2052		850,000		853,202
5.00%, 12/01/2052		500,000		496,700
Wisconsin Health & Educational Facilities Authority, Revenue Bonds
5.00%, 08/01/2039 ^(F)		500,000		501,875
Series A,
6.75%, 09/01/2037		25,000		25,037
Series B,
5.00%, 05/15/2036		25,000		25,075

				2,595,657

Total Municipal Government Obligations (Cost $95,269,356)				96,469,805


U.S. GOVERNMENT OBLIGATION - 4.8%
U.S. Treasury - 4.8%
U.S. Treasury Note 2.25%, 08/15/2027		5,000,000		4,944,922

Total U.S. Government Obligation (Cost $4,960,304)				4,944,922


REPURCHASE AGREEMENT - 0.7%
Fixed Income Clearing Corp., 0.12% ^(G), dated 10/31/2017, to be repurchased at $724,859 on 11/01/2017. Collateralized by a U.S. Government Obligation, 2.13%, due 08/31/2020, and with a value of $741,211.		724,857		724,857

Total Repurchase Agreement (Cost $724,857)				724,857

Total Investments (Cost $100,954,517)				102,139,584
Net Other Assets (Liabilities) - 1.3%				1,332,064


Net Assets - 100.0%				$ 103,471,648

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


Transamerica Funds		Annual Report 2017

Page 136

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

SECURITY VALUATION:

Valuation Inputs ^(H)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Municipal Government Obligations	$	—	$	96,469,805	$	—	$	96,469,805
U.S. Government Obligation		—		4,944,922		—		4,944,922
Repurchase Agreement		—		724,857		—		724,857

Total Investments	$	—	$	102,139,584	$	—	$	102,139,584

FOOTNOTES TO SCHEDULE OF INVESTMENTS:


(A)		Floating or variable rate securities. The rates disclosed are as of October 31, 2017. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. In addition, variable rate securities with a floor or ceiling feature are disclosing that 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 their description above.
(B)		Percentage rounds to less than 0.1% or (0.1)%.
(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, 2017, the total value of 144A securities is $4,998,674, representing 4.8% of the Fund’s net assets.
(D)		Illiquid security. At October 31, 2017, the value of such securities amounted to $1,180,424 or 1.1% of the Fund’s net assets.
(E)		Step bonds. Coupon rates change in increments to maturity. The rates disclosed are as of October 31, 2017; the maturity dates disclosed are the ultimate maturity dates.
(F)		Restricted securities. At October 31, 2017, 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	Butte County Housing Authority, Revenue Bonds, Series A, 7.25%, 10/01/2030		02/16/2017	$	51,160	$	50,609		0.1	%

Municipal Government Obligations	California School Finance Authority, Revenue Bonds, Series A, 5.35%, 08/01/2024		02/29/2016		306,260		289,759		0.3

Municipal Government Obligations	Canyons Metropolitan District No. 5, General Obligation Limited, Series A, 6.00%, 12/01/2037		05/17/2017		991,260		1,011,410		1.0

Municipal Government Obligations	Canyons Metropolitan District No. 5, General Obligation Limited, Series B, 8.00%, 12/15/2047		05/17/2017		500,010		506,285		0.5

Municipal Government Obligations	Clear Creek Station Metropolitan District No. 2, General Obligation Limited, Series A, 4.38%, 12/01/2032		08/25/2017		500,010		506,955		0.5

Municipal Government Obligations	Denver Connection West Metropolitan District, General Obligation Limited, Series A, 5.38%, 08/01/2047		08/17/2017		500,010		501,440		0.5

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


Transamerica Funds		Annual Report 2017

Page 137

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):


Investments	Description	Acquisition Date		Acquisition Cost		Value		Value as Percentage of Net Assets

Municipal Government Obligations	Florida Development Finance Corp., Revenue Bonds, Series A, 6.00%, 02/15/2037		07/16/2015	$	9,910	$	9,940		0.0	% ^(B)

Municipal Government Obligations	State of Hawaii Department of Transportation, Revenue Bonds, 5.63%, 11/15/2027		11/02/2016 - 04/04/2017		220,936		220,497		0.2

Municipal Government Obligations	Idaho Housing & Finance Association, Revenue Bonds, Series A, 5.00%, 06/01/2035		04/06/2015		429,186		455,124		0.4

Municipal Government Obligations	Sangamon County School District No. 186, Certificate of Participation, Series A, ACA, 6.13%, 08/15/2023		04/06/2017		24,060		24,576		0.0	^(B)

Municipal Government Obligations	City of Minneapolis, Revenue Bonds, Series A, 5.00%, 07/01/2047		06/09/2016		203,958		200,886		0.2

Municipal Government Obligations	Housing & Redevelopment Authority of The City of St. Paul, Revenue Bonds, Series A, 4.50%, 07/01/2028		09/09/2016		750,010		733,185		0.7

Municipal Government Obligations	Housing & Redevelopment Authority of The City of St. Paul, Revenue Bonds, Series A, 5.00%, 07/01/2036		09/09/2016		1,315,010		1,267,002		1.2

Municipal Government Obligations	Housing & Redevelopment Authority of The City of St. Paul, Revenue Bonds, Series B, 5.25%, 04/01/2043		06/19/2015		392,806		403,460		0.4

Municipal Government Obligations	Essex County Improvement Authority, Revenue Bonds, Series A, 7.00%, 12/01/2053		12/10/2015		115,006		116,938		0.1

Municipal Government Obligations	New Jersey Economic Development Authority, Revenue Bonds, 5.75%, 09/15/2027		02/11/2016 - 03/08/2016		443,717		442,976		0.4

Municipal Government Obligations	New Jersey Economic Development Authority, Revenue Bonds, Series B, 6.50%, 04/01/2031		01/22/2015		10,535		11,532		0.0	^(B)

Municipal Government Obligations	City of Cleveland, Revenue Bonds, 5.38%, 09/15/2027		07/27/2015		20,062		20,066		0.0	^(B)

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


Transamerica Funds		Annual Report 2017

Page 138

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):


Investments	Description	Acquisition Date		Acquisition Cost		Value		Value as Percentage of Net Assets

Municipal Government Obligations	County of Lancaster, Special Assessment, Series A, 3.13%, 12/01/2022		01/22/2016	$	693,930	$	696,452		0.7	%

Municipal Government Obligations	City of Houston Airport System Revenue Revenue Bonds 5.00%, 07/01/2029		05/09/2014		147,659		164,384		0.2

Municipal Government Obligations	Virgin Islands Public Finance Authority, Revenue Bonds, Series A, AGM-CR, 5.00%, 10/01/2032		03/27/2017 - 03/28/2017		114,052		116,327		0.1

Municipal Government Obligations	Public Finance Authority, Revenue Bonds, 5.00%, 04/01/2022		05/01/2017		25,171		26,669		0.0	^(B)

Municipal Government Obligations	Wisconsin Health & Educational Facilities Authority, Revenue Bonds, 5.00%, 08/01/2039		08/30/2017		496,690		501,875		0.5

Total				$	8,261,408	$	8,278,347		8.0	%


(G)		Rate disclosed reflects the yield at October 31, 2017.
(H)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. 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.
BHAC		Berkshire Hathaway Assurance Corp.
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.

PORTFOLIO ABBREVIATIONS:


CBI		Certificates of Bond Insurance
CPI		Consumer Price Index
CR		Custodial Receipts
ICC		Insured Custody Certificate
RE		Reinsured
TCRS		Temporary Custodian Receipts

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


Transamerica Funds		Annual Report 2017

Page 139

Transamerica Inflation Opportunities

(unaudited)

MARKET ENVIRONMENT

Global inflation linked securities, in aggregate, performed well during the period from November 1, 2016 to October 31, 2017. However, there was significant dispersion among inflation securities linked to different economies. U.S. Treasury Inflation-Protected Securities (“TIPS”) underperformed during the period, despite getting off to a strong start in the fourth quarter of 2016, as optimism surrounding the possibility that the Trump administration’s pro-growth fiscal policies would spark faster growth and inflation caused breakeven rates to rise substantially along with nominal Treasury yields. The rally in U.S. breakeven rates continued throughout most of the first quarter of 2017 as rising oil prices contributed to a sustained move higher in Consumer Price Index (“CPI”) readings. However, as the base effect of higher energy prices crested, so too did headline CPI and TIPS breakeven rates. Breakeven rates across the curve hit pre-election lows in June and July before rebounding gradually through the end of the fiscal year ended on October 31, 2017. Although breakeven rates were up for the period, it was not enough to offset a detraction from the increase in nominal yields during the period as U.S. TIPS generated a negative return for the period.

Conversely, European linkers performed well during the period as European growth and inflation surprised to the upside throughout the period. The strong trends in both growth and inflation led to higher nominal yields across Europe, however increases in breakeven inflation rates surpassed the move higher in nominal yields. European linkers were further bolstered by appreciation of euro versus the dollar. U.K. linkers also benefited from dollar weakness, as sterling appreciation was the primary reason for U.K. outperformance during the period.

Inflation linked credit performed well as demand for yield supported a consistent tightening of credit spreads despite a record level of primary issuance. Commodity related issuers outperformed as commodity prices increased during the period. Floating rate securities issued by financial institutions also performed well as the sector continues to be supported by strong fundamentals and a consistent increase in US dollar London Interbank Offered Rate (“LIBOR”).

PERFORMANCE

For the year ended October 31, 2017, Transamerica Inflation Opportunities Class A returned 1.11%, excluding any sales charges. By comparison, its benchmark, the Bloomberg Barclays Global Inflation Linked Bond Index, returned 3.39%.

STRATEGY REVIEW

Over the 12-month period ended October 31, 2017, the Fund underperformed its benchmark. The Fund’s overweight exposure to the U.S. dollar was the single largest detractor from performance relative to the benchmark. That was partially offset by positive contributions from asset allocation, security selection and yield curve positioning.

Throughout the year, we have hedged much of the Fund’s non-dollar exposure given our view that monetary policy divergence and pro-growth fiscal and economic reforms would support a strong dollar over the longer term. Disappointment with respect to the lack of progress toward fiscal stimulus has driven dollar weakness while positive growth trends across Europe and the U.K. supported appreciation of both the euro and sterling. Our underweight in both currencies were the primary drivers of underperformance during the period.

Asset allocation was positive, as our overweight positions in inflation linked credit benefited from the steady compression of credit spreads throughout the period. Our exposure to financial floaters and commodity related issuers were the largest contributors.

Security selection was also positive as the fund benefited from strong selection within the U.S. TIPS allocation, particularly our ability to take advantage of select opportunities that arose at the front-end of the U.S. TIPS curve. Yield curve positioning also contributed to performance versus the benchmark as the fund’s overall short duration and short duration positions along the sterling and euro yield curves contributed to performance as nominal rates rose during the period.

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

Robert A. Vanden Assem, CFA

Roberto Coronado

Co-Portfolio Managers

PineBridge Investments, LLC


Fund Characteristics	Years
Average Maturity §		9.24
Duration †		7.09

Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		60.6	%
AAA		1.7
AA		11.4
A		4.2
BBB		18.4
BB		3.0
B		0.4
Not Rated		0.4
Net Other Assets (Liabilities)^		(0.1	)
Total		100.0	%

§	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 2017

Page 140

Transamerica Inflation Opportunities

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		(3.71	)%		(0.55	)%		03/01/2014
Class A (NAV)		1.11	%		0.78	%		03/01/2014
Bloomberg Barclays Global Inflation Linked Bond Index^(A)		3.39	%		1.40	%
Class C (POP)		(0.54	)%		0.05	%		03/01/2014
Class C (NAV)		0.46	%		0.05	%		03/01/2014
Class I (NAV)		1.47	%		1.05	%		03/01/2014
Class I2 (NAV)		1.53	%		1.12	%		03/01/2014
Class R6 (NAV)		1.53	%		2.24	%		07/25/2016
Class T1 (POP)		N/A			(0.30	)%^(B)		03/17/2017
Class T1 (NAV)		N/A			2.23	%^(B)		03/17/2017

^(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.

^(B) Not annualized.

The performance data presented represents past performance; future results may vary. 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 and 2.5% for T1 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, I2 and R6 shares.

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 2017

Page 141

Transamerica Inflation Opportunities

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES - 16.3%
Banks - 5.7%
BAC Capital Trust XIV 3-Month LIBOR + 0.40%, 4.00% ^(A), 11/16/2017 ^(B)		$ 726,000		$ 649,770
Bank of America Corp.
CPI-YoY + 1.10%, 2.82% ^(A), 11/19/2024, MTN		1,000,000		947,500
CPI-YoY + 2.1%, 3.82% ^(A), 02/18/2020, MTN ^(C)		400,000		408,600
4.18%, 11/25/2027, MTN		131,000		136,600
Fixed until 04/24/2037, 4.24% ^(A), 04/24/2038		782,000		829,053
BankBoston Capital Trust III 3-Month LIBOR + 0.75%, 2.07% ^(A), 06/15/2027		100,000		96,000
BankBoston Capital Trust IV 3-Month LIBOR + 0.60%, 1.92% ^(A), 06/08/2028		212,000		203,255
Barclays PLC 3-Month LIBOR + 2.11%, 3.42% ^(A), 08/10/2021		216,000		226,569
Citigroup, Inc.
3-Month LIBOR + 1.19%, 2.57% ^(A), 08/02/2021		448,000		456,613
Fixed until 07/24/2027, 3.67% ^(A), 07/24/2028		574,000		580,186
Corestates Capital II 3-Month LIBOR + 0.65%, 2.01% ^(A), 01/15/2027 ^(D)		269,000		254,878
HSBC Holdings PLC Fixed until 05/22/2027, 6.00% ^(A), 05/22/2027 ^(B)		271,000		287,938
JPMorgan Chase & Co. 3-Month LIBOR + 1.23%, 2.59% ^(A), 10/24/2023		223,000		228,976
PNC Financial Services Group, Inc. Fixed until 11/01/2026, 5.00% ^(A), 11/01/2026 ^(B)		396,000		419,760
Regions Financial Corp. 2.75%, 08/14/2022		271,000		271,471
Royal Bank of Scotland Group PLC
Fixed until 03/08/2022, 2.00% ^(A), 03/08/2023, MTN ^(E)		EUR 800,000		978,567
Fixed until 05/15/2022, 3.50% ^(A), 05/15/2023		$ 200,000		201,563
Standard Chartered PLC 3-Month LIBOR + 1.51%, 2.89% ^(A), 01/30/2027 ^{(B) (D)}		500,000		432,525
SunTrust Capital III 3-Month LIBOR + 0.65%, 1.97% ^(A), 03/15/2028		792,000		731,810
Swedbank AB Fixed until 11/22/2022, 1.00% ^(A), 11/22/2027, MTN ^(E)		EUR 800,000		934,247
UniCredit SpA Fixed until 06/19/2027, 5.86% ^(A), 06/19/2032 ^{(D) (F)}		$ 201,000		214,601
Wachovia Capital Trust II 3-Month LIBOR + 0.50%, 1.86% ^(A), 01/15/2027		308,000		289,520


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Westpac Banking Corp. Fixed until 11/23/2026, 4.32% ^(A), 11/23/2031, MTN		$ 64,000		$ 66,322

				9,846,324

Building Products - 0.4%
Masco Corp. 3.50%, 11/15/2027		744,000		736,339

Capital Markets - 2.4%
Credit Suisse Group Funding Guernsey, Ltd. 3-Month LIBOR + 2.29%, 3.64% ^(A), 04/16/2021		944,000		994,260
Goldman Sachs Group, Inc.
3-Month LIBOR + 1.17%, 2.49% ^(A), 11/15/2021		672,000		681,843
Fixed until 11/10/2022, 5.00% ^(A), 11/10/2022 ^{(B) (G)}		702,000		702,878
Morgan Stanley
3-Month LIBOR + 1.18%, 2.54% ^(A), 01/20/2022		225,000		228,473
Fixed until 07/22/2027, 3.59% ^(A), 07/22/2028		345,000		347,280
CPI-YoY + 2%, 3.73% ^(A), 04/25/2023 - 06/09/2023, MTN		643,000		659,779
State Street Corp. 3-Month LIBOR + 1.00%, 2.32% ^(A), 06/01/2077		554,000		505,636

				4,120,149

Construction Materials - 0.5%
Boral Finance Pty, Ltd. 3.75%, 05/01/2028 ^(D) (G)		65,000		65,478
Vulcan Materials Co. 3-Month LIBOR + 0.60%, 1.92% ^(A), 06/15/2020		744,000		745,983

				811,461

Consumer Finance - 0.4%
Ford Motor Credit Co. LLC 3-Month LIBOR + 0.79%, 2.10% ^(A), 06/12/2020		662,000		665,614

Electric Utilities - 0.1%
FirstEnergy Corp. 3.90%, 07/15/2027		241,000		245,985

Insurance - 1.1%
Genworth Holdings, Inc. 3-Month LIBOR + 2.00%, 3.32% ^(A), 11/15/2066		1,350,000		634,500
Hartford Financial Services Group, Inc. 3-Month LIBOR + 2.13%, 3.44% ^(A), 02/12/2067 ^(D)		898,000		862,080
Pacific Life Insurance Co. Fixed until 10/24/2047, 4.30% ^(A), 10/24/2067 ^(D)		193,000		191,998
Prudential Financial, Inc. Fixed until 06/15/2018, 8.88% ^(A), 06/15/2068		225,000		233,485

				1,922,063

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


Transamerica Funds		Annual Report 2017

Page 142

Transamerica Inflation Opportunities

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Media - 0.1%
Charter Communications Operating LLC / Charter Communications Operating Capital 5.38%, 05/01/2047 ^(D)		$ 170,000		$ 172,101

Metals & Mining - 1.9%
Anglo American Capital PLC 4.00%, 09/11/2027 ^(D)		214,000		214,214
Glencore Funding LLC
3.88%, 10/27/2027 ^(D)		170,000		168,633
4.00%, 04/16/2025 ^(D)		226,000		230,814
4.00%, 03/27/2027 ^{(D) (F)}		477,000		480,203
Kinross Gold Corp. 4.50%, 07/15/2027 ^(D)		240,000		243,000
Newcrest Finance Pty, Ltd.
4.20%, 10/01/2022 ^(D)		832,000		872,983
5.75%, 11/15/2041 ^(D)		446,000		499,387
Vale Overseas, Ltd. 6.25%, 08/10/2026		612,000		705,177

				3,414,411

Multi-Utilities - 0.6%
National Grid PLC 1.25%, 10/06/2021, MTN ^(E)		GBP 480,000		791,994
WEC Energy Group, Inc. 3-Month LIBOR + 2.11%, 3.43% ^(A), 05/15/2067		$ 219,000		210,831

				1,002,825

Oil, Gas & Consumable Fuels - 2.6%
BP Capital Markets PLC 3-Month LIBOR + 0.65%, 1.97% ^(A), 09/19/2022		531,000		533,790
Enbridge, Inc. Fixed until 07/15/2027, 5.50% ^(A), 07/15/2077		857,000		882,710
EnLink Midstream Partners, LP
4.85%, 07/15/2026		311,000		327,593
Fixed until 12/15/2022, 6.00% ^(A), 12/15/2022 ^(B)		133,000		134,027
Enterprise Products Operating LLC Fixed until 08/16/2027, 5.25% ^(A), 08/16/2077		243,000		249,682
Hess Corp. 4.30%, 04/01/2027 ^(F)		107,000		107,769
Marathon Oil Corp. 4.40%, 07/15/2027		293,000		300,796
Noble Energy, Inc. 3.85%, 01/15/2028		227,000		227,866
ONEOK, Inc. 4.00%, 07/13/2027		78,000		79,472
Phillips 66 Partners, LP 3.55%, 10/01/2026		196,000		193,977
Sunoco Logistics Partners Operations, LP 5.40%, 10/01/2047		143,000		145,086
TOTAL SA Fixed until 05/18/2022, 3.88% ^(A), 05/18/2022, MTN ^{(B) (E)}		EUR 1,000,000		1,307,682

				4,490,450


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Transportation Infrastructure - 0.5%
Heathrow Funding, Ltd. 1.37%, 03/28/2032 ^(E)		GBP 517,883		$ 852,251

Total Corporate Debt Securities (Cost $28,165,408)				28,279,973


FOREIGN GOVERNMENT OBLIGATIONS - 21.4%
Australia - 0.9%
Australia Government Bond 1.00%, 11/21/2018 ^(E)		AUD 2,000,000		1,649,161

Brazil - 0.4%
Brazil Notas do Tesouro Nacional Series F, 10.00%, 01/01/2019		BRL 2,000,000		629,294

France - 3.0%
France Republic Government Bond OAT 0.10%, 07/25/2021 ^(E)		EUR 4,287,784		5,277,568

Italy - 5.5%
Italy Buoni Poliennali del Tesoro
0.10%, 05/15/2022 ^(E)		1,533,225		1,827,875
1.25%, 09/15/2032 ^(E)		4,051,440		4,864,390
2.10%, 09/15/2021 ^(E)		2,208,045		2,860,953

				9,553,218

Mexico - 1.8%
Mexico Udibonos
Series S,
2.50%, 12/10/2020		MXN 15,951,384		815,269
4.50%, 12/04/2025		40,751,711		2,298,467

				3,113,736

New Zealand - 0.9%
New Zealand Government Bond 2.00%, 09/20/2025 ^(E)		NZD 2,000,000		1,489,940

Spain - 1.4%
Spain Government Inflation-Linked Bond 0.55%, 11/30/2019 ^(E)		EUR 2,030,640		2,466,108

United Kingdom - 7.5%
U.K. Gilt Inflation-Linked 0.13%, 11/22/2019 - 03/22/2044 ^(E)		GBP 7,974,569		12,950,728

Total Foreign Government Obligations (Cost $36,953,599)				37,129,753


MORTGAGE-BACKED SECURITY - 0.1%
DBCG Mortgage Trust Series 2017-BBG, Class A, 1-Month LIBOR + 0.70%, 1.94% ^(A), 06/15/2034 ^(D)		180,000		180,775

Total Mortgage-Backed Security (Cost $180,000)				180,775


U.S. GOVERNMENT AGENCY OBLIGATIONS - 3.2%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
1-Month LIBOR + 1.65%, 2.89% ^(A), 04/25/2024		1,919,487		1,946,935
1-Month LIBOR + 2.20%, 3.44% ^(A), 02/25/2024 - 09/25/2024		3,330,572		3,435,721

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


Transamerica Funds		Annual Report 2017

Page 143

Transamerica Inflation Opportunities

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal National Mortgage Association Connecticut Avenue Securities 1-Month LIBOR + 2.00%, 3.24% ^(A), 10/25/2023		GBP 169,261		$ 170,569

Total U.S. Government Agency Obligations (Cost $5,518,540)				5,553,225


U.S. GOVERNMENT OBLIGATIONS - 57.4%
U.S. Treasury Inflation-Protected Securities - 57.4%
U.S. Treasury Inflation-Indexed Bond 0.75%, 02/15/2045		4,632,438		4,428,693
1.00%, 02/15/2046		2,814,020		2,860,756
1.38%, 02/15/2044		3,083,185		3,406,391
2.13%, 02/15/2040		1,359,577		1,711,624
2.38%, 01/15/2025		5,822,941		6,635,997
3.38%, 04/15/2032		3,461,824		4,756,899
3.88%, 04/15/2029		6,522,909		8,845,411
U.S. Treasury Inflation-Indexed Note 0.13%, 04/15/2018 - 07/15/2026		48,348,977		48,168,780
0.25%, 01/15/2025		3,586,221		3,546,308
0.38%, 07/15/2025		4,244,816		4,240,138
0.63%, 01/15/2024 - 01/15/2026		5,739,338		5,820,157
1.13%, 01/15/2021		5,050,125		5,239,521

Total U.S. Government Obligations (Cost $98,945,306)				99,660,675


	Shares		Value
PREFERRED STOCKS - 0.6%
Banks - 0.0% ^(H)
Santander Finance Preferred SAU 3-Month LIBOR + 0.52%, 4.00% ^(A)		3,100		74,028


	Shares		Value
PREFERRED STOCKS (continued)
Consumer Finance - 0.5%
Navient Corp. CPI-YoY + 2.05%, 3.78% ^(A)		32,242		$ 809,919

Insurance - 0.1%
Prudential Financial, Inc. CPI-YoY + 2.40%, 4.13% ^(A)		4,655		117,609

Total Preferred Stocks (Cost $961,370)				1,001,556


SECURITIES LENDING COLLATERAL - 0.4%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.00% ^(I)		816,027		816,027

Total Securities Lending Collateral (Cost $816,027)				816,027


	Principal		Value
REPURCHASE AGREEMENT - 0.7%
Fixed Income Clearing Corp., 0.12%^(I), dated 10/31/2017, to be repurchased at $1,165,548 on 11/01/2017. Collateralized by a U.S. Government Obligation, 2.13%, due 08/31/2020, and with a value of $1,193,046.		$ 1,165,544		1,165,544

Total Repurchase Agreement (Cost $1,165,544)				1,165,544

Total Investments (Cost $172,705,794)				173,787,528
Net Other Assets (Liabilities) - (0.1)%				(148,442	)


Net Assets - 100.0%				$ 173,639,086



FORWARD FOREIGN CURRENCY CONTRACTS:
Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation		Unrealized Depreciation
JPMS		11/16/2017		USD	15,518,607		EUR	12,913,921	$	462,785	$	—
JPMS		01/19/2018		USD	622,084		BRL	2,000,000		16,877		—
JPMS		01/19/2018		USD	8,568,225		GBP	6,480,000		—		(60,570	)
JPMS		01/19/2018		USD	2,978,667		MXN	57,500,000		21,492		—

Total									$	501,154	$	(60,570	)

SECURITY VALUATION:

Valuation Inputs ^(J)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Corporate Debt Securities	$	—	$	28,279,973	$	—	$	28,279,973
Foreign Government Obligations		—		37,129,753		—		37,129,753
Mortgage-Backed Security		—		180,775		—		180,775
U.S. Government Agency Obligations		—		5,553,225		—		5,553,225
U.S. Government Obligations		—		99,660,675		—		99,660,675

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


Transamerica Funds		Annual Report 2017

Page 144

Transamerica Inflation Opportunities

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

SECURITY VALUATION (continued):

Valuation Inputs (continued) ^(J)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value
Preferred Stocks	$	1,001,556	$	—		$	—	$	1,001,556
Securities Lending Collateral		816,027		—			—		816,027
Repurchase Agreement		—		1,165,544			—		1,165,544

Total Investments	$	1,817,583	$	171,969,945		$	—	$	173,787,528

Other Financial Instruments
Forward Foreign Currency Contracts ^(K)	$	—	$	501,154		$	—	$	501,154

Total Other Financial Instruments	$	—	$	501,154		$	—	$	501,154


LIABILITIES
Other Financial Instruments
Forward Foreign Currency Contracts ^(K)	$	—	$	(60,570	)	$	—	$	(60,570	)

Total Other Financial Instruments	$	—	$	(60,570	)	$	—	$	(60,570	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:


(A)		Floating or variable rate securities. The rates disclosed are as of October 31, 2017. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. In addition, variable rate securities with a floor or ceiling feature are disclosing that 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 their description above.
(B)		Perpetual maturity. The date displayed is the next call date.
(C)		Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2017, value of the security is $408,600, representing 0.2% 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, 2017, the total value of 144A securities is $5,083,670, representing 2.9% 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, 2017, the total value of Regulation S securities is $38,251,464, representing 22.0% of the Fund’s net assets.
(F)		All or a portion of the securities are on loan. The total value of all securities on loan is $798,638. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(G)		When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after October 31, 2017. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(H)		Percentage rounds to less than 0.1% or (0.1)%.
(I)		Rates disclosed reflect the yields at October 31, 2017.
(J)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(K)		Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation).

CURRENCY ABBREVIATIONS:


AUD		Australian Dollar
BRL		Brazilian Real
EUR		Euro
GBP		Pound Sterling
MXN		Mexican Peso
NZD		New Zealand Dollar
USD		United States Dollar

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


Transamerica Funds		Annual Report 2017

Page 145

Transamerica Inflation Opportunities

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

COUNTERPARTY ABBREVIATION:


JPMS		JPMorgan Securities LLC

PORTFOLIO ABBREVIATIONS:


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 2017

Page 146

Transamerica Inflation-Protected Securities

(unaudited)

MARKET ENVIRONMENT

In the U.S., optimism surrounding a pro-business and pro-inflation environment under President Trump’s administration propelled market based inflation expectations higher in November and December 2016. After drifting sideways in the first quarter of 2017, breakeven rates fell in the second quarter, giving back most of the gains seen since the U.S. election as a string of consumer price index inflation data surprised to the downside. Inflation expectations rebounded in September and October 2017 as the possibility of tax reform led breakeven rates higher.

The 10-year U.S. Treasury closed higher during the one-year period ended October 31, 2017. The U.S. Federal Reserve (“Fed”) hiked the policy rate 25 basis points at each of the December 2016, March 2017, and June 2017 Federal Open Market Committee (“FOMC”) meetings. Rates were left unchanged at the September 2017 meeting, but the FOMC formally announced the start of balance sheet normalization.

U.K. headline consumer price index inflation moved higher. The European Central Bank left policy unchanged at the September 2017 meeting, but President Draghi has acknowledged the improvement in underlying inflation in recent months as well as his concern with euro volatility. Japanese Prime Minister (“PM”) Shinzo Abe’s Liberal Democratic Party-led coalition kept its two-thirds “super majority” in the lower house. PM Shinzo Abe said the government will proceed with a scheduled sales tax increase in 2019 and will continue to focus on reflating growth rather than fiscal austerity.

PERFORMANCE

For the year ended October 31, 2017, Transamerica Inflation-Protected Securities Class R4 returned (1.00)%. By comparison, its benchmark, the Bloomberg Barclays US Treasury Inflation Protected Securities Index, returned (0.12)%.

STRATEGY REVIEW

The Fund’s long U.S. breakeven rate positioning benefited performance in the last two months of 2016 as inflation expectations moved meaningfully higher on optimism surrounding a Trump Presidency. This positioning also benefited performance in the third quarter of 2017 and October 2017 as the possibility of tax reform renewed optimism. However, the Fund’s long breakeven positioning detracted in the second quarter of 2017 because of breakeven rates moving lower as inflation data surprised to the downside.

Another positive contributor to performance was the Fund’s short U.S. front-end nominal duration positioning. Front-end rates in the U.S. sold off meaningfully in September and October 2017 as the market began to price in more rate hikes by the Fed. The Fund’s long New Zealand real rate positioning was also a contributor. The primary detractor to performance was the Fund’s aggregate European positioning. Within currencies, aggregate positioning detracted as the dollar slid in 2017.

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

Martin Hegarty

Christopher Allen, CFA

Co-Portfolio Managers

BlackRock Financial Management, Inc.


Fund Characteristics	Years
Average Maturity §		2.10
Duration †		9.78

Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		93.6	%
AAA		0.3
AA		2.5
BBB		2.8
B		0.0	*
Not Rated		0.1
Net Other Assets (Liabilities)^		0.4
Total		99.7	%

§	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.


Transamerica Funds		Annual Report 2017

Page 147

Transamerica Inflation-Protected Securities

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class I3 (NAV)		N/A			N/A			0.16	%^(A)		04/21/2017
Class R (NAV)		N/A			N/A			(0.20	)%^(A)		04/21/2017
Class R4 (NAV)		(1.00	)%		(0.66	)%		3.17	%		09/11/2000
Bloomberg Barclays US Treasury Inflation Protected Securities Index^(B)		(0.12	)%		(0.11	)%		3.81	%

^(A) Not annualized.

^(B) 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.


Transamerica Funds		Annual Report 2017

Page 148

Transamerica Inflation-Protected Securities

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS - 5.6%
Canada - 0.3%
Canada Government Real Return Bond 4.25%, 12/01/2026		CAD 549,768		$ 573,794

Greece - 0.0% ^(A)
Hellenic Republic Government Bond Up to 1.00% notional if Greece nominal GDP exceeds a defined threshold + has positive Greece real GDP, 0.00% ^(B), 10/15/2042		EUR 366,000		1,492

Italy - 2.8%
Italy Buoni Poliennali del Tesoro 1.65%, 04/23/2020 ^(C)		3,603,672		4,452,034
2.70%, 03/01/2047 ^(C)		565,000		622,476

				5,074,510

New Zealand - 1.7%
New Zealand Government Bond 2.50%, 09/20/2035 ^(C)		NZD 2,310,000		1,767,529
2.50%, 09/20/2040		439,000		323,617
3.00%, 09/20/2030 ^(C)		1,187,000		975,489

				3,066,635

United Kingdom - 0.8%
U.K. Gilt Inflation-Linked 0.13%, 03/22/2026 ^(C)		GBP 707,234		1,098,160
0.75%, 11/22/2047 ^(C)		138,797		340,055

				1,438,215

Total Foreign Government Obligations (Cost $9,704,917)				10,154,646


U.S. GOVERNMENT OBLIGATIONS - 93.6%
U.S. Treasury Inflation-Protected Securities - 93.6%
U.S. Treasury Inflation-Indexed Bond 0.63%, 02/15/2043		$ 1,578,179		1,476,433
0.75%, 02/15/2042 - 02/15/2045		11,095,970		10,676,802
0.88%, 02/15/2047		1,694,008		1,672,146
1.00%, 02/15/2046		2,760,973		2,806,827
1.38%, 02/15/2044		5,345,802		5,906,196
1.75%, 01/15/2028		4,136,595		4,623,505


	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (continued)
U.S. Treasury Inflation-Protected Securities (continued)
U.S. Treasury Inflation-Indexed Bond (continued)
2.00%, 01/15/2026		$ 3,240,652		$ 3,636,156
2.13%, 02/15/2040 - 02/15/2041		4,531,092		5,719,357
2.38%, 01/15/2025 - 01/15/2027		7,306,725		8,397,857
2.50%, 01/15/2029		3,658,894		4,407,348
3.38%, 04/15/2032		499,842		686,833
3.63%, 04/15/2028		2,929,431		3,827,568
3.88%, 04/15/2029 ^(D)		3,576,549		4,849,991
U.S. Treasury Inflation-Indexed Note 0.13%, 04/15/2020 - 07/15/2026		48,678,683		48,390,308
0.25%, 01/15/2025		6,809,674		6,733,885
0.38%, 07/15/2023 - 07/15/2027		20,134,716		20,181,660
0.63%, 07/15/2021 - 01/15/2024		12,754,598		13,024,455
0.63%, 01/15/2026 ^(D)		7,044,221		7,130,399
1.13%, 01/15/2021		7,653,745		7,940,785
1.25%, 07/15/2020		6,320,693		6,573,342

Total U.S. Government Obligations (Cost $169,251,426)				168,661,853


	Shares		Value
SHORT-TERM INVESTMENT COMPANIES - 0.1%
Money Market Fund - 0.1%
BlackRock Liquidity Funds T-Fund Portfolio		176,740		176,740

Total Short-Term Investment Companies (Cost $176,740)				176,740

Total Investments Excluding Purchased Swaptions (Cost $179,133,083)				178,993,239
Total Purchased Swaptions - 0.3% (Cost $616,901)				568,908

Total Investments (Cost $179,749,984)				179,562,147
Net Other Assets (Liabilities) - 0.4%				658,176


Net Assets - 100.0%				$ 180,220,323

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 - Receives Floating Rate Index 3-Month USD-LIBOR

DUB

3-Month USD-LIBOR

Pay

2.68

01/12/2021

USD

900,000

107,052

90,185

Put - Receives Floating Rate Index 3-Month USD-LIBOR

DUB

3-Month USD-LIBOR

Pay

2.95

08/22/2022

USD

7,120,000

325,291

320,803

Put - Receives Floating Rate Index 3-Month USD-LIBOR

DUB

3-Month USD-LIBOR

Pay

3.04

06/17/2019

USD

1,510,000

62,964

59,607

Put - Receives Floating Rate Index 3-Month USD-LIBOR

DUB

3-Month USD-LIBOR

Pay

3.54

06/17/2019

USD

1,500,000

28,688

24,451

Put - Receives Floating Rate Index 6-Month JPY-LIBOR

DUB

6-Month JPY-LIBOR

Pay

1.10

06/29/2022

JPY

682,280,000

92,906

73,862

Total

616,901

568,908

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


Transamerica Funds		Annual Report 2017

Page 149

Transamerica Inflation-Protected Securities

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

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

DUB

3-Month USD-LIBOR

Receive

2.65

08/22/2018

USD

9,980,000

(127,113

)

(141,466

)

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 CAD-CDOR	Pay		1.80	%	Semi-Annually		10/27/2019		CAD	6,695,000	$	(4,401	)	$	137		$	(4,538	)
3-Month CAD-CDOR	Receive		1.84		Semi-Annually		09/07/2019		CAD	12,625,000		20,773			61			20,712
3-Month CAD-CDOR	Pay		1.86		Semi-Annually		10/16/2019		CAD	6,515,000		(12,670	)		149			(12,819	)
3-Month CAD-CDOR	Receive		1.91		Semi-Annually		10/10/2019		CAD	16,830,000		52,556			42			52,514
3-Month NZD-BKBM	Pay		3.06		Semi-Annually/ Quarterly		09/08/2027		NZD	1,683,375		7,309			25			7,284
3-Month NZD-BKBM	Pay		3.07		Semi-Annually/ Quarterly		09/08/2027		NZD	829,125		3,007			12			2,995
3-Month NZD-BKBM	Pay		3.07		Semi-Annually/ Quarterly		09/08/2027		NZD	837,500		2,888			12			2,876
3-Month USD-LIBOR	Receive		1.64		Quarterly/ Semi-Annually		09/30/2019		USD	5,800,000		(20,631	)		89			(20,720	)
3-Month USD-LIBOR	Receive		1.68		Quarterly/ Semi-Annually		09/30/2019		USD	2,300,000		(6,562	)		36			(6,598	)
3-Month USD-LIBOR	Receive		1.79		Quarterly/ Semi-Annually		09/30/2019		USD	9,200,000		(8,670	)		148			(8,818	)
3-Month USD-LIBOR	Pay		2.17		Semi-Annually/ Quarterly		05/15/2027		USD	1,400,000		24,318			29			24,289
3-Month USD-LIBOR	Pay		2.17		Semi-Annually/ Quarterly		08/24/2027		USD	400,000		6,402			8			6,394
3-Month USD-LIBOR	Pay		2.23		Semi-Annually/ Quarterly		05/15/2027		USD	5,000,000		61,640			104			61,536
6-Month GBP-LIBOR	Receive		0.79		Semi-Annually		10/06/2019		GBP	7,225,000		(2,743	)		84			(2,827	)
6-Month GBP-LIBOR	Receive		0.81		Semi-Annually		10/10/2019		GBP	4,585,000		766			55			711
6-Month GBP-LIBOR	Receive		0.81		Semi-Annually		10/03/2019		GBP	10,970,000		793			121			672
6-Month GBP-LIBOR	Pay		1.37		Semi-Annually		04/26/2047		GBP	2,450,000		172,102			76			172,026
6-Month GBP-LIBOR	Receive		1.40		Semi-Annually		05/26/2047		GBP	750,000		(41,469	)		32			(41,501	)
6-Month GBP-LIBOR	Receive		1.66		Semi-Annually		09/28/2047		GBP	305,000		7,408			(358	)		7,766
3-Month USD-LIBOR	Receive		2.57		Quarterly/ Semi-Annually		04/27/2046		USD	245,000		(2,890	)		6			(2,896	)
Eurostat Eurozone HICP ex Tobacco NSA	Pay		1.26		Maturity		08/15/2022		EUR	1,630,000		3,750			67			3,683
Eurostat Eurozone HICP ex Tobacco NSA	Pay		1.30		Maturity		09/29/2022		EUR	2,500,000		230			104			126
Eurostat Eurozone HICP ex Tobacco NSA	Receive		1.75		Maturity		06/15/2047		EUR	615,000		(36,370	)		39			(36,409	)
Eurostat Eurozone HICP ex Tobacco NSA	Receive		1.83		Maturity		05/15/2047		EUR	650,000		(16,074	)		30			(16,104	)
Eurostat Eurozone HICP ex Tobacco NSA	Receive		1.86		Maturity		07/15/2047		EUR	570,000		(8,890	)		38			(8,928	)
U.K. RPI All Items Monthly	Receive		3.30		Maturity		10/15/2022		GBP	2,620,000		(7,485	)		130			(7,615	)
U.K. RPI All Items Monthly	Receive		3.37		Maturity		06/15/2022		GBP	3,160,000		(24,987	)		134			(25,121	)
U.K. RPI All Items Monthly	Receive		3.38		Maturity		09/15/2027		GBP	600,000		(2,205	)		278			(2,483	)
U.K. RPI All Items Monthly	Receive		3.40		Maturity		08/15/2022		GBP	2,800,000		(14,525	)		125			(14,650	)
U.K. RPI All Items Monthly	Receive		3.44		Maturity		04/26/2027		GBP	1,500,000		8,975			47			8,928
U.K. RPI All Items Monthly	Pay		3.47		Maturity		10/15/2047		GBP	280,000		5,002			21			4,981
U.K. RPI All Items Monthly	Pay		3.47		Maturity		09/15/2047		GBP	140,000		3,024			260			2,764
U.K. RPI All Items Monthly	Pay		3.49		Maturity		08/15/2047		GBP	290,000		5,348			21			5,327
U.K. RPI All Items Monthly	Receive		3.51		Maturity		04/26/2047		GBP	750,000		5,960			40			5,920

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


Transamerica Funds		Annual Report 2017

Page 150

Transamerica Inflation-Protected Securities

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

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)
U.S. CPI Urban Consumers NAS		Receive		1.24	%		Maturity		04/01/2018		USD	4,970,000	$	(18,466	)	$	111	$	(18,577	)
U.S. CPI Urban Consumers NAS		Pay		1.76			Maturity		02/01/2018		USD	4,970,000		10,727			94		10,633

Total													$	173,940		$	2,407	$	171,533

OVER-THE-COUNTER SWAP AGREEMENTS:



Interest Rate Swap Agreements
Reference Obligation	Counterparty	Fixed Rate Payable			Payment Frequency	Maturity Date		Notional Amount			Value			Premiums Paid (Received)		Net Unrealized Appreciation (Depreciation)
Eurostat Eurozone HICP ex Tobacco NSA	DUB		1.38	%	Maturity		05/15/2027		EUR	490,000	$	2,596		$	—	$	2,596
Eurostat Eurozone HICP ex Tobacco NSA	DUB		1.89		Maturity		05/15/2047		EUR	245,000		(488	)		—		(488	)

											$	2,108		$	—	$	2,108



FUTURES CONTRACTS:
Description	Long/Short		Number of Contracts			Expiration Date		Notional Amount			Value			Unrealized Appreciation		Unrealized Depreciation
90-Day Eurodollar		Short		(44	)		03/18/2019	$	(10,789,099	)	$	(10,782,200	)	$	6,899	$	—
2-Year U.S. Treasury Note		Short		(104	)		12/29/2017		(22,450,003	)		(22,397,375	)		52,628		—
5-Year U.S. Treasury Note		Long		21			12/29/2017		2,472,074			2,460,937			—		(11,137	)
10-Year Canada Government Bond		Short		(5	)		12/18/2017		(534,757	)		(532,633	)		2,124		—
10-Year U.S. Treasury Bond		Long		39			12/19/2017		5,301,746			5,222,953			—		(78,793	)
10-Year U.S. Treasury Note		Long		37			12/19/2017		4,637,968			4,622,687			—		(15,281	)
Euro-BTP Italy Government Bond		Short		(8	)		12/07/2017		(1,268,187	)		(1,300,811	)		—		(32,624	)
German Euro BOBL		Short		(90	)		12/07/2017		(13,774,416	)		(13,815,348	)		—		(40,932	)
German Euro Bund		Short		(25	)		12/07/2017		(4,728,464	)		(4,739,481	)		—		(11,017	)
German Euro BUXL		Long		12			12/07/2017		2,323,552			2,322,058			—		(1,494	)
German Euro Schatz		Short		(41	)		12/07/2017		(5,356,170	)		(5,361,645	)		—		(5,475	)
U.K. Gilt		Short		(15	)		12/27/2017		(2,466,628	)		(2,476,933	)		—		(10,305	)
U.S. Treasury Bond		Short		(59	)		12/19/2017		(9,797,854	)		(9,635,906	)		161,948		—

Total														$	223,599	$	(207,058	)



FORWARD FOREIGN CURRENCY CONTRACTS:
Counterparty	Settlement Date	Currency Purchased			Currency Sold			Unrealized Appreciation			Unrealized Depreciation
ANZ	11/06/2017		USD	2,752,038		NZD	3,824,470		$	135,281		$	—
ANZ	11/06/2017		EUR	140,000		USD	165,314			—			(2,185	)
BNP	12/05/2017		USD	272,470		GBP	205,000			—			(90	)
BOA	11/06/2017		USD	1,022,481		GBP	771,000			—			(1,695	)
BOA	12/05/2017		USD	1,150,752		GBP	868,000			—			(3,305	)
DUB	11/06/2017		USD	5,540,896		EUR	4,676,000			92,377			—
DUB	11/17/2017		SEK	7,432,669		EUR	775,000			—			(14,915	)
GSI	11/06/2017		USD	156,791		GBP	117,000			1,371			—
JPM	11/16/2017		MXN	16,784,905		CAD	1,110,000			12,445			—
MSCS	11/06/2017		USD	546,874		CAD	682,000			18,204			—
MSCS	11/06/2017		USD	53,355		EUR	46,000			—			(244	)
NAB	11/17/2017		EUR	400,000		USD	472,788			—			(6,418	)
NSI	11/06/2017		CAD	60,000		USD	46,875			—			(365	)
NSI	12/05/2017		USD	2,936,376		NZD	4,296,000			—			(1,415	)
RBS	11/06/2017		USD	60,501		NZD	84,190			2,897			—
SCB	11/06/2017		USD	288,471		NZD	401,000			14,101			—

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


Transamerica Funds		Annual Report 2017

Page 151

Transamerica Inflation-Protected Securities

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


FORWARD FOREIGN CURRENCY CONTRACTS (continued):
Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation			Unrealized Depreciation
SCB		12/05/2017		USD	13,283		GBP	10,000		$	—		$	(12	)
UBS		12/05/2017		USD	5,340,074		EUR	4,582,000			—			(7,871	)

Total										$	276,676		$	(38,515	)

SECURITY VALUATION:

Valuation Inputs ^(E)


	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Foreign Government Obligations	$	—		$	10,154,646		$	—	$	10,154,646
U.S. Government Obligations		—			168,661,853			—		168,661,853
Short-Term Investment Companies		176,740			—			—		176,740
Over-the-Counter Interest Rate Swaptions Purchased		—			568,908			—		568,908

Total Investments	$	176,740		$	179,385,407		$	—	$	179,562,147

Other Financial Instruments
Centrally Cleared Interest Rate Swap Agreements	$	—		$	402,978		$	—	$	402,978
Over-the-Counter Interest Rate Swap Agreements		—			2,596			—		2,596
Futures Contracts ^(F)		223,599			—			—		223,599
Forward Foreign Currency Contracts ^(F)		—			276,676			—		276,676

Total Other Financial Instruments	$	223,599		$	682,250		$	—	$	905,849

LIABILITIES
Other Financial Instruments
Over-the-Counter Interest Rate Swaptions Written	$	—		$	(141,466	)	$	—	$	(141,466	)
Centrally Cleared Interest Rate Swap Agreements		—			(229,038	)		—		(229,038	)
Over-the-Counter Interest Rate Swap Agreements		—			(488	)		—		(488	)
Futures Contracts ^(F)		(207,058	)		—			—		(207,058	)
Forward Foreign Currency Contracts ^(F)		—			(38,515	)		—		(38,515	)

Total Other Financial Instruments	$	(207,058	)	$	(409,507	)	$	—	$	(616,565	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:


(A)		Percentage rounds to less than 0.1% or (0.1)%.
(B)		Floating or variable rate security. The rate disclosed is as of October 31, 2017. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. In addition, variable rate securities with a floor or ceiling feature are disclosing that 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 their description above.
(C)		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, 2017, the total value of Regulation S securities is $9,255,743, representing 5.1% of the Fund’s net assets.
(D)		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 $394,258.
(E)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(F)		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 2017

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Transamerica Inflation-Protected Securities

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

CURRENCY ABBREVIATIONS:


CAD		Canadian Dollar
EUR		Euro
GBP		Pound Sterling
JPY		Japanese Yen
MXN		Mexican Peso
NZD		New Zealand Dollar
SEK		Swedish Krona
USD		United States Dollar

COUNTERPARTY ABBREVIATIONS:


ANZ		Australia & New Zealand Banking Group
BNP		BNP Paribas
BOA		Bank of America, N.A.
DUB		Deutsche Bank AG
GSI		Goldman Sachs International
JPM		JPMorgan Chase Bank, N.A.
MSCS		Morgan Stanley Capital Services Inc.
NAB		National Australia Bank
NSI		Nomura Securities International, Inc.
RBS		Royal Bank of Scotland PLC
SCB		Standard Chartered Bank
UBS		UBS AG

PORTFOLIO ABBREVIATIONS:


BKBM		Bank Bill Reference Rate
BOBL		Bundesobligationen (German Federal Government Securities)
BTP		Buoni del Tesoro Poliennali (Italian Treasury Bonds)
BUXL		Bundesanleihen (German Long-Term Debt)
CDOR		Canadian Dollar Offered Rate
CPI		Consumer Price Index
GDP		Gross Domestic Product
HICP		Harmonized Indices of Consumer Prices
LIBOR		London Interbank Offered Rate
NAS		National Academy of Sciences
NSA		Not Seasonally Adjusted
RPI		Retail Price Index
Schatz		Bundesschatzanweisungen (German Federal Government 2-Year Securities)

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


Transamerica Funds		Annual Report 2017

Page 153

Transamerica Intermediate Bond

(unaudited)

MARKET ENVIRONMENT

Last November, we wrote the fiscal year was “not completely unlike any other 12 month period in the post-crisis era.” The 12 months since then have been, perhaps, the most stunningly divergent in the years since the great recession. A synchronized global recovery is well underway. The U.S. Federal Reserve (“Fed”) has been raising interest rates and shrinking its balance sheet. The Trump era has taken geopolitical volatility to new heights, while equity market volatility reached? historical lows. Stocks hit record highs; credit spreads compressed; and commodity prices found support. One year into the 115th Congress, the promise of massive reforms in taxes, health care, and regulation remains just that, promises.

PERFORMANCE

For the year ended October 31, 2017, Transamerica Intermediate Bond Class R4 returned 1.67%. By comparison, its benchmark,

the Bloomberg Barclays US Aggregate Bond Index, returned 0.90%.

STRATEGY REVIEW

Brian W. Westhoff, CFA

Doug Weih, CFA

Bradley D. Doyle, CFA

Tyler A. Knight, CFA

Sivakumar N. Rajan

Co-Portfolio Managers

Aegon USA Investment Management, LLC


Fund Characteristics	Years
Average Maturity §		7.89
Duration †		5.74

Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		38.7	%
AAA		14.0
AA		4.1
A		16.4
BBB		24.6
BB		1.8
B		1.0
CCC and Below		0.3
Not Rated		13.4
Net Other Assets (Liabilities)		(14.3	)
Total		100.0	%

§	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 2017

Page 154

Transamerica Intermediate Bond

(unaudited)

LOGO

Average Annual Total Return for Periods Ended 10/31/2017

1 Year

5 Year

10 Years or
Since Inception
Date of Class

Inception Date

Class I2 (NAV)

N/A

2.92

%^(A)

03/24/2017

Class I3 (NAV)

N/A

2.87

%^(A)

03/24/2017

Class R (NAV)

N/A

2.50

%^(A)

03/24/2017

Class R4 (NAV)

1.67

2.45

4.56

09/11/2000

Bloomberg Barclays US Aggregate Bond Index ^(B)

0.90

2.04

4.19

^(A) 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 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.

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 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 2017

Page 155

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Principal		Value
ASSET-BACKED SECURITIES - 8.2%
321 Henderson Receivables VI LLC Series 2010-1A, Class A, 5.56%, 07/15/2059^(A)		$ 4,054,236		$ 4,354,833
American Tower Trust #1 Series 2013-1A, Class 1A, 1.55%, 03/15/2043^(A)		9,440,000		9,425,209
Avis Budget Rental Car Funding AESOP LLC
Series 2013-1A, Class A,
1.92%, 09/20/2019^(A)		1,260,000		1,257,861
Series 2014-1A, Class A,
2.46%, 07/20/2020^(A)		3,637,000		3,651,377
BlueMountain CLO, Ltd. Series 2015-2A, Class A1, 3-Month LIBOR + 1.43%, 2.78%^(B), 07/18/2027 ^(A)		10,440,000		10,472,061
BXG Receivables Note Trust Series 2015-A, Class A, 2.88%, 05/02/2030^(A)		1,858,264		1,862,011
CIFC Funding, Ltd. Series 2013-2A, Class A1LR, 3-Month LIBOR + 1.21%, 2.65%^(B), 10/18/2030 ^(A)		9,730,000		9,729,942
Diamond Resorts Owner Trust Series 2015-1, Class A, 2.73%, 07/20/2027^(A)		186,938		186,534
Green Tree Agency Advance Funding Trust I Series 2016-T1, Class AT1, 2.38%, 10/15/2048^(A)		6,380,000		6,347,526
Hertz Vehicle Financing II, LP Series 2016-3A, Class A, 2.27%, 07/25/2020^(A)		5,125,000		5,108,489
Hilton Grand Vacations Trust
Series 2013-A, Class A,
2.28%, 01/25/2026^(A)		469,336		467,168
Series 2017-AA, Class A,
2.66%, 12/26/2028^(A)		1,722,640		1,720,614
ICG US CLO, Ltd.
Series 2014-1A, Class A1,
3-Month LIBOR + 1.15%, 2.51%^(B), 04/20/2026^(A)		6,620,000		6,603,642
Series 2014-1A, Class A1R,
3-Month LIBOR + 1.22%, Zero Coupon^(B), 01/20/2030^{(A) (C)}		2,750,000		2,750,000
JG Wentworth XXI LLC Series 2010-2A, Class A, 4.07%, 01/15/2048^(A)		1,064,536		1,087,043
JG Wentworth XXII LLC Series 2010-3A, Class A, 3.82%, 12/15/2048^(A)		1,519,701		1,582,945
JG Wentworth XXXV LLC Series 2015-2A, Class A, 3.87%, 03/15/2058^(A)		1,781,802		1,825,660
JGWPT XXVIII LLC Series 2013-1A, Class A, 3.22%, 04/15/2067^(A)		7,789,843		7,838,150
Longfellow Place CLO, Ltd. Series 2013-1A, Class ARR, 3-Month LIBOR + 1.34%, 2.70%^(B), 04/15/2029 ^(A)		3,500,000		3,522,971


	Principal		Value
ASSET-BACKED SECURITIES (continued)
MVW Owner Trust
Series 2014-1A, Class A,
2.25%, 09/22/2031^(A)		$ 1,433,200		$ 1,419,802
Series 2016-1A, Class A,
2.25%, 12/20/2033^(A)		6,226,935		6,120,196
New Residential Advanced Receivables Trust Series 2017-T1, Class AT1, 3.21%, 02/15/2051^(A)		4,700,000		4,684,328
NRZ Advance Receivables Trust Series 2016-T4, Class AT4, 3.11%, 12/15/2050^(A)		11,200,000		11,150,126
OCP CLO, Ltd. Series 2014-7A, Class A1AR, 3-Month LIBOR + 0.95%, 2.31%^(B), 10/20/2026 ^(A)		2,350,000		2,348,816
Octagon Investment Partners 33, Ltd. Series 2017-1A, Class A1, 3-Month LIBOR + 1.19%, 0.00%^{(B) (D)}, 01/20/2031 ^{(A) (C) (E)}		3,600,000		3,600,000
Ocwen Master Advance Receivables Trust
Series 2016-T2, Class AT2,
2.72%, 08/16/2049^(A)		2,500,000		2,493,750
Series 2017-T1, Class AT1,
2.50%, 09/15/2048^(A)		6,820,000		6,834,781
Orange Lake Timeshare Trust
Series 2014-AA, Class A,
2.29%, 07/09/2029^(A)		911,834		904,204
Series 2015-AA, Class A,
2.88%, 09/08/2027^(A)		1,622,397		1,617,435
Palmer Square CLO, Ltd.
Series 2013-2A, Class A1AR,
3-Month LIBOR + 1.22%, 2.57%^(B), 10/17/2027^(A)		5,250,000		5,289,806
Series 2015-2A, Class A1AR,
3-Month LIBOR + 1.27%, 2.63%^(B), 07/20/2030^(A)		6,445,000		6,485,023
RAAC Trust Series 2007-RP4, Class A, 1-Month LIBOR + 0.35%, 1.59%^(B), 11/25/2046 ^(A)		821,678		737,901
SBA Tower Trust Series 2014-1A, Class C, 2.90%^(B), 10/15/2044^(A)		24,599,000		24,789,064
Sierra Timeshare Receivables Funding LLC
Series 2013-3A, Class A,
2.20%, 10/20/2030^(A)		555,896		555,389
Series 2013-3A, Class B,
2.70%, 10/20/2030^(A)		473,207		473,348
Series 2014-1A, Class A,
2.07%, 03/20/2030^(A)		1,410,937		1,408,567
Series 2014-2A, Class A,
2.05%^(B), 06/20/2031^(A)		949,760		947,938
Series 2014-2A, Class B,
2.40%^(B), 06/20/2031^(A)		509,255		508,160
Series 2015-1A, Class A,
2.40%, 03/22/2032^(A)		582,245		581,460

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


Transamerica Funds		Annual Report 2017

Page 156

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
ASSET-BACKED SECURITIES (continued)
Sierra Timeshare Receivables Funding LLC (continued)
Series 2015-1A, Class B,
3.05%, 03/22/2032^(A)		$ 604,125		$ 605,791
Series 2015-3A, Class A,
2.58%, 09/20/2032^(A)		1,302,595		1,304,764
Series 2016-2A, Class A,
2.33%, 07/20/2033^(A)		2,318,198		2,311,825
SilverLeaf Finance XVII LLC Series 2013-A, Class A, 2.68%, 03/16/2026^(A)		191,462		191,204
Silverleaf Finance XVIII LLC Series 2014-A, Class A, 2.81%, 01/15/2027^(A)		883,566		881,793
SolarCity LMC Series III LLC Series 2014-2, Class A, 4.02%, 07/20/2044^(A)		3,940,724		3,828,469
SpringCastle America Funding LLC Series 2016-AA, Class A, 3.05%, 04/25/2029^(A)		5,396,637		5,424,782
SPS Servicer Advance Receivables Trust Series 2016-T2, Class AT2, 2.75%, 11/15/2049^(A)		2,000,000		2,005,267
SVO VOI Mortgage LLC Series 2012-AA, Class A, 2.00%, 09/20/2029^(A)		402,212		400,462
Towd Point Mortgage Trust
Series 2015-3, Class A1B,
3.00%^(B), 03/25/2054^(A)		6,531,156		6,587,020
Series 2015-4, Class A1B,
2.75%^(B), 04/25/2055^(A)		1,578,491		1,585,814
Series 2015-5, Class A1B,
2.75%^(B), 05/25/2055^(A)		8,608,052		8,640,862
Series 2015-6, Class A1B,
2.75%^(B), 04/25/2055^(A)		4,351,091		4,366,745
Series 2016-2, Class A1A,
2.75%^(B), 08/25/2055^(A)		4,407,070		4,420,441
Series 2016-3, Class A1,
2.25%^(B), 04/25/2056^(A)		8,064,081		8,013,183
Series 2016-4, Class A1,
2.25%^(B), 07/25/2056^(A)		5,456,232		5,414,951
Series 2017-1, Class A1,
2.75%^(B), 10/25/2056^(A)		5,578,686		5,598,174
Series 2017-2, Class A1,
2.75%^(B), 04/25/2057^(A)		1,230,907		1,237,274
Series 2017-3, Class A1,
2.75%^(B), 07/25/2057^(A)		4,941,098		4,958,113
VSE VOI Mortgage LLC Series 2016-A, Class A, 2.54%, 07/20/2033^(A)		7,249,062		7,216,451
Welk Resorts LLC Series 2017-AA, Class A, 2.82%, 06/15/2033		8,317,541		8,266,222
Wellfleet CLO, Ltd. Series 2016-2A, Class A1, 3-Month LIBOR + 1.65%, 3.01%^(B), 10/20/2028 ^(A)		8,060,000		8,093,651

Total Asset-Backed Securities (Cost $254,010,866)				254,097,388


	Principal		Value
CORPORATE DEBT SECURITIES - 41.3%
Aerospace & Defense - 0.2%
Northrop Grumman Corp. 2.55%, 10/15/2022		$ 6,295,000		$ 6,303,480

Air Freight & Logistics - 0.3%
FedEx Corp.
4.90%, 01/15/2034		4,063,000		4,571,048
5.10%, 01/15/2044		2,948,000		3,343,494

				7,914,542

Airlines - 1.5%
American Airlines Pass-Through Trust
3.20%, 12/15/2029		2,205,354		2,202,708
3.70%, 04/01/2028		7,257,002		7,463,827
4.95%, 07/15/2024		4,360,101		4,660,729
Continental Airlines Pass-Through Trust 4.00%, 04/29/2026		4,632,298		4,833,803
Delta Air Lines Pass-Through Trust
4.75%, 11/07/2021		9,527,961		9,957,386
6.82%, 02/10/2024		7,440,935		8,566,749
7.75%, 06/17/2021		443,973		483,398
Southwest Airlines Co. Pass-Through Trust 6.15%, 02/01/2024		333,256		366,582
United Airlines Pass-Through Trust 3.75%, 03/03/2028		6,281,187		6,485,325
US Airways Pass-Through Trust 5.38%, 05/15/2023		2,679,960		2,844,107

				47,864,614

Auto Components - 0.1%
BorgWarner, Inc. 3.38%, 03/15/2025^(F)		3,900,000		3,923,844

Automobiles - 0.5%
Ford Motor Co. 4.35%, 12/08/2026^(F)		7,362,000		7,671,603
General Motors Co.
4.88%, 10/02/2023		5,746,000		6,265,094
6.25%, 10/02/2043		1,075,000		1,240,835

				15,177,532

Banks - 7.4%
Bank of America Corp.
Fixed until 10/01/2024, 3.09%^(B), 10/01/2025, MTN		7,757,000		7,716,643
4.45%, 03/03/2026, MTN		14,663,000		15,590,141
5.75%, 12/01/2017		1,965,000		1,971,701
Bank One Capital III 8.75%, 09/01/2030		1,265,000		1,869,772
Bank One Corp. 8.00%, 04/29/2027		940,000		1,251,915
Barclays Bank PLC 10.18%, 06/12/2021^(A)		18,145,000		22,407,175
BNP Paribas SA Fixed until 03/14/2022, 6.75%^(B), 03/14/2022 ^{(A) (F) (G)}		2,465,000		2,696,094
Citigroup, Inc.
3-Month LIBOR + 0.95%, 2.31%^(B), 07/24/2023		7,072,000		7,103,711
3.38%, 03/01/2023		4,822,000		4,936,263
Fixed until 01/30/2023, 5.95%^(B), 01/30/2023^(G)		1,700,000		1,854,275
6.68%, 09/13/2043		490,000		671,473

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


Transamerica Funds		Annual Report 2017

Page 157

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Commerzbank AG 8.13%, 09/19/2023^{(A) (F)}		$ 12,655,000		$ 15,382,990
Cooperatieve Rabobank UA Fixed until 06/30/2019, 11.00%^(B), 06/30/2019 ^{(A) (G)}		21,977,000		24,943,895
Discover Bank 3.45%, 07/27/2026		11,605,000		11,450,703
First Horizon National Corp. 3.50%, 12/15/2020		4,785,000		4,921,281
HSBC Holdings PLC
4.25%, 03/14/2024		485,000		509,721
5.25%, 03/14/2044		790,000		921,265
Intesa Sanpaolo SpA 5.02%, 06/26/2024^(A)		2,945,000		3,013,594
JPMorgan Chase & Co.
3.25%, 09/23/2022		16,157,000		16,614,558
3.38%, 05/01/2023		5,232,000		5,363,524
Fixed until 05/01/2027, 3.54%^(B), 05/01/2028		5,125,000		5,175,653
4.85%, 02/01/2044		490,000		566,738
6.40%, 05/15/2038		3,925,000		5,280,208
Fixed until 02/01/2024, 6.75%^(B), 02/01/2024^(G)		412,000		472,255
KeyBank NA 3.40%, 05/20/2026, MTN		3,070,000		3,057,717
Nordea Bank AB 4.25%, 09/21/2022^(A)		18,072,000		19,093,808
Oversea-Chinese Banking Corp., Ltd. Fixed until 03/11/2018, 3.15%^(B), 03/11/2023 ^(A)		1,480,000		1,484,184
Royal Bank of Scotland Group PLC
6.00%, 12/19/2023		1,685,000		1,877,400
6.10%, 06/10/2023		1,414,000		1,574,548
6.40%, 10/21/2019		2,607,000		2,817,879
Santander UK Group Holdings PLC 4.75%, 09/15/2025^(A)		6,064,000		6,348,935
Societe Generale SA 5.00%, 01/17/2024^(A)		2,315,000		2,484,880
Toronto-Dominion Bank Fixed until 09/15/2026, 3.63%^(B), 09/15/2031		7,230,000		7,187,868
US Bank NA 2.13%, 10/28/2019		2,024,000		2,033,562
Wells Fargo & Co.
2.13%, 04/22/2019		2,654,000		2,662,819
Fixed until 05/27/2027, 3.58%^(B), 05/22/2028, MTN		5,004,000		5,051,703
4.10%, 06/03/2026, MTN		1,814,000		1,888,552
5.38%, 11/02/2043		3,948,000		4,639,865
Fixed until 06/15/2024, 5.90%^(B), 06/15/2024^(G)		1,080,000		1,184,274
Wells Fargo Bank NA 5.95%, 08/26/2036		2,984,000		3,774,054

				229,847,596

Beverages - 1.0%
Anheuser-Busch InBev Finance, Inc. 3.65%, 02/01/2026		11,084,000		11,437,351


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Beverages (continued)
Anheuser-Busch InBev Worldwide, Inc. 4.44%, 10/06/2048		$ 9,908,000		$ 10,484,158
Constellation Brands, Inc. 3.70%, 12/06/2026		2,526,000		2,598,168
Pernod Ricard SA 5.75%, 04/07/2021^(A)		6,311,000		6,995,236

				31,514,913

Biotechnology - 0.9%
AbbVie, Inc. 3.20%, 05/14/2026		6,452,000		6,407,206
Biogen, Inc. 4.05%, 09/15/2025		5,469,000		5,809,297
Celgene Corp.
2.88%, 08/15/2020		1,629,000		1,654,160
5.00%, 08/15/2045		8,920,000		9,822,169
Gilead Sciences, Inc.
2.95%, 03/01/2027		1,620,000		1,594,407
4.15%, 03/01/2047		1,598,000		1,646,663

				26,933,902

Building Products - 0.1%
Owens Corning 4.20%, 12/15/2022		4,114,000		4,357,254

Capital Markets - 4.2%
Ameriprise Financial, Inc.
3.70%, 10/15/2024		10,331,000		10,797,115
7.30%, 06/28/2019		8,112,000		8,800,282
Charles Schwab Corp. 3.20%, 03/02/2027		4,550,000		4,590,576
Credit Suisse Group Funding Guernsey, Ltd.
3.75%, 03/26/2025		4,559,000		4,682,277
3.80%, 06/09/2023		5,920,000		6,144,097
Deutsche Bank AG 3-Month LIBOR + 1.31%, 2.63%^(B), 08/20/2020		4,745,000		4,809,101
Goldman Sachs Group, Inc.
2.75%, 09/15/2020		3,487,000		3,524,531
5.75%, 01/24/2022		11,457,000		12,826,056
6.25%, 02/01/2041		490,000		648,433
6.75%, 10/01/2037		5,177,000		6,834,719
Macquarie Group, Ltd. 6.25%, 01/14/2021^(A)		11,890,000		13,184,063
Morgan Stanley
5.00%, 11/24/2025		13,267,000		14,471,826
5.75%, 01/25/2021		13,740,000		15,162,427
Oaktree Capital Management, LP 6.75%, 12/02/2019^(A)		6,410,000		6,951,599
State Street Corp. 3-Month LIBOR + 1.00%, 2.32% ^(B), 06/01/2077		285,000		260,120
UBS AG 7.63%, 08/17/2022		11,848,000		13,980,640
UBS Group Funding Switzerland AG 4.25%, 03/23/2028 ^(A)		1,628,000		1,715,328

				129,383,190

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


Transamerica Funds		Annual Report 2017

Page 158

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Chemicals - 0.3%
LyondellBasell Industries NV 5.00%, 04/15/2019		$ 593,000		$ 613,412
Monsanto Co. 4.40%, 07/15/2044		7,736,000		8,035,260

				8,648,672

Commercial Services & Supplies - 0.4%
CK Hutchison International 17 II, Ltd. 2.25%, 09/29/2020 ^(A)		2,775,000		2,763,583
ERAC USA Finance LLC 2.70%, 11/01/2023 ^(A)		4,400,000		4,308,514
3.85%, 11/15/2024 ^(A)		3,020,000		3,135,847
Hutchison Whampoa International 12 II, Ltd. 2.00%, 11/08/2017 ^(A)		3,300,000		3,300,132

				13,508,076

Communications Equipment - 0.3%
Cisco Systems, Inc. 2.13%, 03/01/2019		797,000		801,374
Harris Corp. 5.55%, 10/01/2021		8,811,000		9,709,149

				10,510,523

Construction & Engineering - 0.2%
SBA Tower Trust 2.24%, 04/09/2043 ^(A)		2,340,000		2,340,306
3.17%, 04/09/2047 ^(A)		4,040,000		4,056,443

				6,396,749

Construction Materials - 0.5%
LafargeHolcim Finance US LLC 4.75%, 09/22/2046 ^(A)		5,530,000		5,822,323
Martin Marietta Materials, Inc. 4.25%, 07/02/2024		9,365,000		9,909,639

				15,731,962

Consumer Finance - 1.2%
Ally Financial, Inc. 3.50%, 01/27/2019		5,970,000		6,042,834
4.13%, 03/30/2020		6,050,000		6,254,188
American Express Co. 4.05%, 12/03/2042		2,075,000		2,134,397
BMW US Capital LLC 2.80%, 04/11/2026 ^(A)		7,584,000		7,468,322
Capital One Financial Corp. 2.50%, 05/12/2020		6,855,000		6,879,907
Discover Financial Services 3.75%, 03/04/2025		6,726,000		6,798,427

				35,578,075

Containers & Packaging - 0.5%
International Paper Co. 4.75%, 02/15/2022		5,062,000		5,501,912
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC 5.13%, 07/15/2023 ^(A)		2,095,000		2,181,105
5.75%, 10/15/2020		4,025,000		4,095,478
6.88%, 02/15/2021		2,274,122		2,333,817

				14,112,312


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Consumer Services - 0.0% ^(H)
President & Fellows of Harvard College 3.62%, 10/01/2037		$ 651,000		$ 676,248

Diversified Financial Services - 0.1%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 4.50%, 05/15/2021		2,897,000		3,076,591

Diversified Telecommunication Services - 1.7%
AT&T, Inc. 3.00%, 06/30/2022		12,650,000		12,802,952
3.40%, 05/15/2025		9,092,000		8,977,124
4.35%, 06/15/2045		3,469,000		3,097,795
4.60%, 02/15/2021		585,000		625,268
5.00%, 03/01/2021		905,000		982,658
GTP Acquisition Partners I LLC 2.35%, 06/15/2045^(A)		1,585,000		1,579,765
Hughes Satellite Systems Corp. 7.63%, 06/15/2021		2,980,000		3,330,150
Sprint Capital Corp. 6.88%, 11/15/2028		822,000		876,971
Verizon Communications, Inc. 5.15%, 09/15/2023		11,638,000		13,043,807
5.50%, 03/16/2047		7,119,000		7,859,216

				53,175,706

Electric Utilities - 1.3%
Appalachian Power Co. 3.40%, 06/01/2025		5,285,000		5,423,350
Cleveland Electric Illuminating Co. 5.95%, 12/15/2036		458,000		564,427
8.88%, 11/15/2018		449,000		479,448
Duke Energy Corp. 3.75%, 04/15/2024 - 09/01/2046		13,799,000		13,672,096
Duke Energy Progress LLC 3.60%, 09/15/2047		2,025,000		2,001,933
Entergy Arkansas, Inc. 3.70%, 06/01/2024		1,110,000		1,167,211
Jersey Central Power & Light Co. 7.35%, 02/01/2019		1,000,000		1,061,645
Niagara Mohawk Power Corp. 4.88%, 08/15/2019 ^(A)		1,540,000		1,613,965
Oncor Electric Delivery Co. LLC 4.10%, 06/01/2022		5,168,000		5,496,291
5.30%, 06/01/2042		525,000		644,555
PacifiCorp 3.60%, 04/01/2024		8,385,000		8,754,676
5.75%, 04/01/2037		400,000		511,546

				41,391,143

Electronic Equipment, Instruments & Components - 0.2%
Arrow Electronics, Inc. 3.88%, 01/12/2028		6,625,000		6,640,178

Energy Equipment & Services - 0.3%
Schlumberger Holdings Corp. 3.00%, 12/21/2020 ^(A)		6,169,000		6,304,930
Schlumberger Investment SA 3.65%, 12/01/2023		835,000		883,662
Weatherford International, Ltd. 5.95%, 04/15/2042		960,000		758,400

				7,946,992

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


Transamerica Funds		Annual Report 2017

Page 159

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Equity Real Estate Investment Trusts - 1.6%
CBL & Associates, LP 5.25%, 12/01/2023		$ 7,049,000		$ 7,083,372
EPR Properties 4.50%, 04/01/2025		4,740,000		4,879,541
4.75%, 12/15/2026		7,033,000		7,329,491
HCP, Inc. 3.40%, 02/01/2025		5,985,000		5,980,296
Hospitality Properties Trust 5.00%, 08/15/2022		6,379,000		6,863,135
Kilroy Realty, LP 4.25%, 08/15/2029		7,920,000		8,207,781
Realty Income Corp. 3.88%, 07/15/2024		4,095,000		4,217,217
VEREIT Operating Partnership, LP 4.13%, 06/01/2021		4,300,000		4,492,883

				49,053,716

Food & Staples Retailing - 0.9%
CVS Health Corp. 2.13%, 06/01/2021		8,495,000		8,369,867
5.30%, 12/05/2043		319,000		362,795
Kroger Co. 2.80%, 08/01/2022 ^(F)		3,317,000		3,326,342
Sysco Corp. 3.25%, 07/15/2027		4,894,000		4,889,023
Walgreens Boots Alliance, Inc. 3.30%, 11/18/2021		9,530,000		9,785,285

				26,733,312

Food Products - 0.8%
Bunge, Ltd. Finance Corp. 3.75%, 09/25/2027		8,573,000		8,568,060
Conagra Brands, Inc. 3.20%, 01/25/2023		4,064,000		4,148,599
Danone SA 2.95%, 11/02/2026 ^(A)		4,462,000		4,335,563
Kraft Heinz Foods Co. 2.80%, 07/02/2020		965,000		977,462
4.88%, 02/15/2025 ^(A)		3,800,000		4,064,288
Tyson Foods, Inc. 3.95%, 08/15/2024		3,446,000		3,632,567

				25,726,539

Health Care Equipment & Supplies - 0.9%
Abbott Laboratories 3.75%, 11/30/2026		10,930,000		11,274,240
Becton Dickinson and Co. 3.70%, 06/06/2027		8,031,000		8,090,042
Boston Scientific Corp. 2.65%, 10/01/2018		1,062,000		1,070,177
Medtronic, Inc. 4.63%, 03/15/2045		5,836,000		6,611,918

				27,046,377

Health Care Providers & Services - 0.2%
Anthem, Inc. 1.88%, 01/15/2018		1,930,000		1,931,587
Coventry Health Care, Inc. 5.45%, 06/15/2021		1,632,000		1,786,389


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Health Care Providers & Services (continued)
HCA Healthcare, Inc. 6.25%, 02/15/2021		$ 1,150,000		$ 1,237,688

				4,955,664

Household Durables - 0.2%
D.R. Horton, Inc. 4.38%, 09/15/2022		4,697,000		4,995,208
Newell Brands, Inc. 4.20%, 04/01/2026		1,589,000		1,674,552

				6,669,760

Independent Power & Renewable Electricity Producers - 0.2%
NRG Energy, Inc. 6.63%, 03/15/2023		4,925,000		5,097,375

Industrial Conglomerates - 1.0%
General Electric Co.
Fixed until 01/21/2021, 5.00% ^(B), 01/21/2021 ^(G)		20,121,000		21,001,294
5.50%, 01/08/2020, MTN		2,271,000		2,440,890
6.88%, 01/10/2039, MTN		5,796,000		8,351,679

				31,793,863

Insurance - 1.3%
Allstate Corp. 3.28%, 12/15/2026		4,566,000		4,637,159
American Financial Group, Inc. 9.88%, 06/15/2019		635,000		709,655
American International Group, Inc. Fixed until 05/15/2038, 8.18% ^(B), 05/15/2068		640,000		873,600
Athene Global Funding 3.00%, 07/01/2022 ^(A)		9,275,000		9,251,706
CNA Financial Corp. 5.88%, 08/15/2020		4,347,000		4,718,456
Fidelity National Financial, Inc. 5.50%, 09/01/2022		1,690,000		1,861,631
Hartford Financial Services Group, Inc. 5.13%, 04/15/2022		4,315,000		4,769,375
Lincoln National Corp. 8.75%, 07/01/2019		1,561,000		1,729,747
OneBeacon US Holdings, Inc. 4.60%, 11/09/2022		6,534,000		6,735,586
Swiss Re America Holding Corp. 7.75%, 06/15/2030		2,903,000		3,964,040

				39,250,955

IT Services - 0.1%
Mastercard, Inc. 3.38%, 04/01/2024		2,903,000		3,037,238

Life Sciences Tools & Services - 0.1%
Thermo Fisher Scientific, Inc. 2.40%, 02/01/2019		3,036,000		3,052,272

Machinery - 0.1%
Doosan Heavy Industries & Construction Co., Ltd. 2.13%, 04/27/2020 ^(A)		2,430,000		2,388,260

Media - 0.9%
21st Century Fox America, Inc. 7.63%, 11/30/2028		1,045,000		1,377,501

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


Transamerica Funds		Annual Report 2017

Page 160

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Media (continued)
Cablevision Systems Corp. 7.75%, 04/15/2018		$ 1,440,000		$ 1,472,558
CBS Corp. 5.75%, 04/15/2020		4,490,000		4,872,120
Clear Channel Worldwide Holdings, Inc. 6.50%, 11/15/2022		4,300,000		4,450,500
Comcast Corp. 5.88%, 02/15/2018		2,454,000		2,484,779
NBCUniversal Enterprise, Inc. 5.25%, 03/19/2021 ^(A) ^(G)		3,715,000		3,965,763
NBCUniversal Media LLC 4.38%, 04/01/2021		6,297,000		6,739,442
4.45%, 01/15/2043		2,995,000		3,197,063

				28,559,726

Metals & Mining - 0.2%
Anglo American Capital PLC 4.00%, 09/11/2027 ^(A)		3,600,000		3,603,602
4.75%, 04/10/2027 ^(A)		1,705,000		1,802,350
Freeport-McMoRan, Inc. 3.88%, 03/15/2023		1,125,000		1,106,719
Rio Tinto Finance USA PLC 2.88%, 08/21/2022		9,000		9,133

				6,521,804

Multi-Utilities - 0.5%
CMS Energy Corp. 3.88%, 03/01/2024		539,000		566,608
4.88%, 03/01/2044		725,000		830,497
Dominion Energy, Inc. 2.58%, 07/01/2020		3,948,000		3,969,594
DTE Electric Co. 4.30%, 07/01/2044		4,920,000		5,365,550
Public Service Electric & Gas Co. 3.00%, 05/15/2025, MTN		6,095,000		6,164,235

				16,896,484

Multiline Retail - 0.2%
Wal-Mart Stores, Inc. 3.63%, 12/15/2047		7,040,000		7,196,296

Oil, Gas & Consumable Fuels - 3.3%
Anadarko Petroleum Corp. 5.55%, 03/15/2026 ^(F)		7,623,000		8,577,041
Apache Corp. 4.25%, 01/15/2044		360,000		343,505
4.75%, 04/15/2043		520,000		530,466
BP Capital Markets PLC 3.12%, 05/04/2026		9,549,000		9,627,798
Continental Resources, Inc. 3.80%, 06/01/2024 ^(F)		1,055,000		1,024,669
Energy Transfer, LP 4.90%, 02/01/2024		2,755,000		2,950,205
5.15%, 03/15/2045		1,238,000		1,208,941
5.95%, 10/01/2043		960,000		1,022,369
7.60%, 02/01/2024		3,005,000		3,531,280
EnLink Midstream Partners, LP 2.70%, 04/01/2019		3,615,000		3,622,624
4.85%, 07/15/2026		2,486,000		2,618,638
EOG Resources, Inc. 2.45%, 04/01/2020		3,127,000		3,148,903


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Exxon Mobil Corp. 1.82%, 03/15/2019		$ 1,930,000		$ 1,934,782
3.04%, 03/01/2026		6,907,000		7,053,858
Husky Energy, Inc. 4.00%, 04/15/2024		1,120,000		1,166,626
Kerr-McGee Corp. 6.95%, 07/01/2024		865,000		1,029,258
Kinder Morgan Energy Partners, LP 4.15%, 02/01/2024		5,190,000		5,403,366
Kinder Morgan, Inc. 3.05%, 12/01/2019		1,466,000		1,492,419
Laredo Petroleum, Inc. 7.38%, 05/01/2022		1,370,000		1,426,513
Nexen Energy ULC 5.88%, 03/10/2035		110,000		133,812
Noble Energy, Inc. 6.00%, 03/01/2041		430,000		493,924
Petrobras Global Finance BV 5.38%, 01/27/2021		3,850,000		4,047,312
6.25%, 03/17/2024		1,370,000		1,469,120
Petroleos Mexicanos 3.50%, 01/30/2023		6,930,000		6,765,759
6.88%, 08/04/2026		3,295,000		3,701,932
Petronas Capital, Ltd. 5.25%, 08/12/2019 ^(A)		4,550,000		4,786,463
Sabine Pass Liquefaction LLC 4.20%, 03/15/2028		6,630,000		6,763,024
Shell International Finance BV 2.50%, 09/12/2026		7,173,000		6,926,420
3.75%, 09/12/2046		2,122,000		2,090,347
TransCanada PipeLines, Ltd. 3.75%, 10/16/2023		1,010,000		1,067,943
4.63%, 03/01/2034		875,000		969,953
Western Gas Partners, LP 5.38%, 06/01/2021		1,956,000		2,095,945
Williams Cos., Inc. 3.70%, 01/15/2023		540,000		544,725
7.88%, 09/01/2021		796,000		935,300
Williams Partners, LP 5.40%, 03/04/2044		814,000		895,777

				101,401,017

Pharmaceuticals - 0.9%
Allergan Funding SCS 3.80%, 03/15/2025		10,830,000		11,097,255
Perrigo Finance Unlimited Co. 4.38%, 03/15/2026		8,849,000		9,210,938
Shire Acquisitions Investments Ireland DAC 3.20%, 09/23/2026		6,416,000		6,254,933

				26,563,126

Road & Rail - 0.6%
Aviation Capital Group LLC
2.88%, 01/20/2022^(A)		5,342,000		5,361,903
7.13%, 10/15/2020^(A)		8,952,000		10,117,766
Burlington Northern Santa Fe LLC
3.00%, 03/15/2023		269,000		275,661
3.75%, 04/01/2024		294,000		312,359

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


Transamerica Funds		Annual Report 2017

Page 161

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Road & Rail (continued)
Hertz Corp. 5.50%, 10/15/2024^{(A) (F)}		$ 1,065,000		$ 958,500

				17,026,189

Semiconductors & Semiconductor Equipment - 0.7%
Intel Corp. 2.88%, 05/11/2024		7,326,000		7,405,005
KLA-Tencor Corp. 4.13%, 11/01/2021		6,177,000		6,494,464
QUALCOMM, Inc. 3.25%, 05/20/2027		6,703,000		6,702,317

				20,601,786

Software - 0.3%
Microsoft Corp. 3.30%, 02/06/2027		8,535,000		8,831,494

Technology Hardware, Storage & Peripherals - 0.9%
Apple, Inc.
2.40%, 05/03/2023		6,827,000		6,813,452
2.85%, 02/23/2023		5,198,000		5,304,919
Dell International LLC / EMC Corp. 6.02%, 06/15/2026^(A)		5,905,000		6,580,379
Hewlett Packard Enterprise Co. 3.60%, 10/15/2020		7,952,000		8,222,486
HP, Inc. 3.75%, 12/01/2020		270,000		280,777
Seagate HDD Cayman 4.88%, 06/01/2027		2,040,000		1,991,192

				29,193,205

Tobacco - 0.4%
BAT Capital Corp. 3.56%, 08/15/2027^(A)		8,161,000		8,181,239
Reynolds American, Inc. 8.13%, 06/23/2019		2,315,000		2,537,942
RJ Reynolds Tobacco Co. 8.13%, 06/23/2019		1,745,000		1,913,050

				12,632,231

Trading Companies & Distributors - 0.4%
International Lease Finance Corp. 8.25%, 12/15/2020		9,599,000		11,178,699

Wireless Telecommunication Services - 1.4%
America Movil SAB de CV
3.13%, 07/16/2022		4,075,000		4,163,535
4.38%, 07/16/2042^(F)		2,600,000		2,676,191
Crown Castle Towers LLC
3.22%, 05/15/2042^(A)		13,442,000		13,653,577
4.88%, 08/15/2040^(A)		6,645,000		7,016,650
6.11%, 01/15/2040^(A)		8,554,000		9,101,292
Sprint Communications, Inc. 9.00%, 11/15/2018^(A)		4,891,000		5,190,574
Sprint Corp. 7.88%, 09/15/2023		1,290,000		1,441,575
T-Mobile USA, Inc. 6.84%, 04/28/2023		145,000		152,975

				43,396,369

Total Corporate Debt Securities (Cost $1,255,777,669)				1,275,417,851


	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS - 1.1%
Brazil - 0.0% ^(H)
Brazil Government International Bond 4.25%, 01/07/2025^(F)		$ 1,440,000		$ 1,461,600

Colombia - 0.2%
Colombia Government International Bond
4.00%, 02/26/2024^(F)		810,000		843,210
4.50%, 01/28/2026^(F)		5,775,000		6,153,262

				6,996,472

Indonesia - 0.3%
Indonesia Government International Bond
4.75%, 01/08/2026^(A)		4,560,000		4,971,285
5.38%, 10/17/2023^(A)		2,500,000		2,814,170

				7,785,455

Mexico - 0.2%
Mexico Government International Bond 4.00%, 10/02/2023		6,388,000		6,691,430

Peru - 0.0% ^(H)
Peru Government International Bond 7.35%, 07/21/2025		1,010,000		1,321,080

Poland - 0.1%
Republic of Poland Government International Bond 3.00%, 03/17/2023		1,920,000		1,960,750

Republic of Korea - 0.2%
Korea Development Bank 3.00%, 03/17/2019		5,200,000		5,242,879

Saudi Arabia - 0.1%
Saudi Arabia Government International Bond 2.38%, 10/26/2021^(A)		3,275,000		3,219,456

Total Foreign Government Obligations (Cost $34,099,535)				34,679,122


MORTGAGE-BACKED SECURITIES - 9.9%
Alternative Loan Trust
Series 2005-36, Class 2A1A,
1-Month LIBOR + 0.31%, 1.55%^(B), 08/25/2035		898,848		760,724
Series 2005-50CB, Class 1A1,
5.50%, 11/25/2035		1,500,067		1,377,879
Series 2005-51, Class 3A3A,
1-Month LIBOR + 0.32%, 1.56%^(B), 11/20/2035		825,321		769,995
Series 2007-22, Class 2A16,
6.50%, 09/25/2037		6,404,664		4,595,853
Series 2007-5CB, Class 1A31,
5.50%, 04/25/2037		1,319,085		1,106,122
Aventura Mall Trust Series 2013-AVM, Class A, 3.74%^(B), 12/05/2032^(A)		7,050,000		7,323,102
Banc of America Funding Trust Series 2005-E, Class 4A1, 3.45%^(B), 03/20/2035		100,817		102,433
BB-UBS Trust
Series 2012-TFT, Class A,
2.89%, 06/05/2030^(A)		15,060,000		14,895,896

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


Transamerica Funds		Annual Report 2017

Page 162

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
BB-UBS Trust (continued)
Series 2012-TFT, Class C,
3.47%^(B), 06/05/2030^(A)		$ 7,195,000		$ 6,998,742
BBCMS Trust
Series 2013-TYSN, Class B,
4.04%, 09/05/2032^(A)		2,530,000		2,628,682
Series 2015-MSQ, Class B,
3.89%, 09/15/2032^(A)		1,100,000		1,133,338
BCAP LLC Trust
Series 2009-RR6, Class 2A1,
3.46%^(B), 08/26/2035^(A)		515,847		514,946
Series 2011-R11, Class 16A5,
1-Year CMT + 2.05%, 3.28%^(B), 08/26/2035^(A)		1,081,891		1,092,438
Series 2011-R11, Class 23A1,
3.42%^(B), 06/26/2035^(A)		416,586		420,725
Series 2012-RR12, Class 4A1,
3.52%^(B), 04/26/2036^(A)		544,238		548,490
Bear Stearns Alt-A Trust Series 2004-11, Class 2A2, 3.82%^(B), 11/25/2034		52,561		50,233
CGRBS Commercial Mortgage Trust Series 2013-VN05, Class B, 3.58%^(B), 03/13/2035^(A)		6,250,000		6,403,685
CHL Mortgage Pass-Through Trust
Series 2003-60, Class 1A1,
3.50%^(B), 02/25/2034		60,088		60,138
Series 2005-3, Class 1A2,
1-Month LIBOR + 0.58%, 1.82%^(B), 04/25/2035		165,382		156,468
Citigroup Commercial Mortgage Trust
Series 2014-GC19, Class A3,
3.75%, 03/10/2047		1,625,000		1,716,362
Series 2014-GC19, Class A4,
4.02%, 03/10/2047		2,065,000		2,210,572
Citigroup Mortgage Loan Trust
Series 2014-A, Class A,
4.00%^(B), 01/25/2035^(A)		1,110,995		1,156,448
Series 2015-A, Class A1,
3.50%^(B), 06/25/2058^(A)		5,517,226		5,594,283
Series 2015-PS1, Class A1,
3.75%^(B), 09/25/2042^(A)		2,167,794		2,208,016
COMM Mortgage Trust
Series 2013-CR11, Class AM,
4.72%^(B), 08/10/2050		565,000		618,461
Series 2013-GAM, Class A1,
1.71%, 02/10/2028^(A)		200,038		197,871
Series 2013-GAM, Class A2,
3.37%, 02/10/2028^(A)		4,005,000		4,068,596
Series 2013-WWP, Class A2,
3.42%, 03/10/2031^(A)		2,760,000		2,874,794
Series 2013-WWP, Class B,
3.73%, 03/10/2031^(A)		2,400,000		2,509,006
Series 2014-UBS2, Class A5,
3.96%, 03/10/2047		3,970,000		4,218,108
Series 2015-3BP, Class A,
3.18%, 02/10/2035^(A)		11,450,000		11,593,517
Series 2016-GCT, Class C,
3.46%^(B), 08/10/2029^(A)		4,900,000		4,939,463


	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Commercial Mortgage Pass Through Certificates Series 2012-LTRT, Class A2, 3.40%, 10/05/2030^(A)		$ 7,035,000		$ 7,023,395
Core Industrial Trust Series 2015-CALW, Class B, 3.25%, 02/10/2034^(A)		9,280,000		9,433,455
Credit Suisse Mortgage Capital Certificates Series 2009-11R, Class 5A1, 3.17%^(B), 08/26/2036^(A)		1,890,744		1,905,375
CSMC Trust
Series 2009-14R, Class 2A1,
5.00%, 06/26/2037^(A)		90,228		90,925
Series 2014-11R, Class 17A1,
1-Month LIBOR + 0.15%, 1.39%^(B), 12/27/2036^(A)		1,802,497		1,710,567
Series 2014-4R, Class 21A1,
1-Month LIBOR + 0.33%, 1.57%^(B), 12/27/2035^(A)		4,732,883		4,591,290
GMACM Mortgage Loan Trust
Series 2003-AR2, Class 1A1,
3.62%^(B), 12/19/2033		18,875		17,991
Series 2005-AR1, Class 3A,
3.91%^(B), 03/18/2035		38,323		38,731
GS Mortgage Securities Corp. II Series 2013-KING, Class E, 3.44%^(B), 12/10/2027^(A)		3,320,000		3,297,123
GS Mortgage Securities Corp. Trust Series 2012-SHOP, Class C, 3.63%, 06/05/2031^(A)		3,235,000		3,242,088
GS Mortgage Securities Trust Series 2013-G1, Class A2, 3.56%^(B), 04/10/2031^(A)		4,664,567		4,629,537
HarborView Mortgage Loan Trust Series 2004-4, Class 2A, 1-Month LIBOR + 0.56%, 1.80%^(B), 06/19/2034		460,755		444,896
Houston Galleria Mall Trust Series 2015-HGLR, Class A1A2, 3.09%, 03/05/2037^(A)		4,498,000		4,470,403
Impac CMB Trust
Series 2003-8, Class 1A1,
1-Month LIBOR + 0.68%, 1.92%^(B), 10/25/2033		271,962		267,808
Series 2004-6, Class 1A1,
1-Month LIBOR + 0.80%, 2.04%^(B), 10/25/2034		27,118		26,564
Independent National Mortgage Corp. Index Mortgage Loan Trust Series 2007-AR15, Class 2A1, 3.54%^(B), 08/25/2037		534,681		466,276
Jefferies Resecuritization Trust Series 2009-R2, Class 4A, 3.43%^(B), 05/26/2037^(A)		407,441		410,138
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2012-WLDN, Class A,
3.91%, 05/05/2030^(A)		3,270,390		3,399,265

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


Transamerica Funds		Annual Report 2017

Page 163

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Chase Commercial Mortgage Securities Trust (continued)
Series 2014-DSTY, Class B,
3.77%, 06/10/2027^(A)		$ 4,800,000		$ 4,800,440
JPMorgan Mortgage Trust
Series 2004-A1, Class 1A1,
3.03%^(B), 02/25/2034		50,251		50,105
Series 2006-A2, Class 5A1,
3.45%^(B), 11/25/2033		48,541		49,769
Series 2006-S3, Class 1A12,
6.50%, 08/25/2036		288,804		246,815
JPMorgan Resecuritization Trust Series 2014-2, Class 6A1, 3.25%^(B), 05/26/2037^(A)		1,782,366		1,791,844
LB-UBS Commercial Mortgage Trust Series 2007-C7, Class AM, 6.33%^(B), 09/15/2045		397,264		397,543
MASTR Adjustable Rate Mortgages Trust Series 2007-R5, Class A1, 3.43%^(B), 11/25/2035^(A)		441,355		371,459
Merrill Lynch Mortgage Investors Trust
Series 2003-F, Class A1,
1-Month LIBOR + 0.64%, 1.88%^(B), 10/25/2028		29,377		28,800
Series 2004-A1, Class 2A1,
3.39%^(B), 02/25/2034		173,657		173,984
Series 2005-A3, Class A1,
1-Month LIBOR + 0.27%, 1.51%^(B), 04/25/2035		25,989		25,737
Series 2005-A4, Class 2A2,
3.56%^(B), 07/25/2035		159,047		154,817
Merrill Lynch Mortgage Trust Series 2007-C1, Class A1A, 5.81%^(B), 06/12/2050		79,069		79,069
Mill City Mortgage Loan Trust Series 2016-1, Class A1, 2.50%^(B), 04/25/2057^(A)		1,788,450		1,784,805
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2012-C6, Class AS,
3.48%, 11/15/2045		1,800,000		1,850,319
Series 2013-C11, Class B,
4.37%^(B), 08/15/2046		1,035,000		1,087,466
Morgan Stanley Capital Barclays Bank Trust Series 2016-MART, Class A, 2.20%, 09/13/2031^(A)		13,507,000		13,350,906
Morgan Stanley Re-REMIC Trust
Series 2009-R3, Class 1A,
5.50%^(B), 10/26/2035^(A)		95,571		98,278
Series 2012-R3, Class 1A,
2.84%^(B), 11/26/2036^(A)		228,744		226,994
Series 2013-R8, Class 9A,
1-Month LIBOR + 0.36%, 1.96%^(B), 09/26/2036^(A)		143,982		143,728
Morgan Stanley Resecuritization Trust
Series 2014-R3, Class 2A,
3.00%^(B), 07/26/2048^(A)		6,863,829		6,754,306
Series 2014-R4, Class 4A,
3.57%^(B), 11/21/2035^(A)		1,194,481		1,208,127


	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Motel 6 Trust Series 2017-MTL6, Class C, 1-Month LIBOR + 1.40%, 2.64%^(B), 08/15/2034 ^(A)		$ 21,096,188		$ 21,109,451
Nationstar Mortgage Loan Trust Series 2013-A, Class A, 3.75%^(B), 12/25/2052^(A)		3,246,493		3,363,951
New Residential Mortgage Loan Trust
Series 2014-1A, Class A,
3.75%^(B), 01/25/2054^(A)		1,133,225		1,163,656
Series 2014-2A, Class A3,
3.75%^(B), 05/25/2054^(A)		906,561		924,141
Series 2014-3A, Class AFX3,
3.75%^(B), 11/25/2054^(A)		2,930,914		3,021,496
Series 2015-2A, Class A1,
3.75%^(B), 08/25/2055^(A)		4,028,558		4,154,775
Series 2016-1A, Class A1,
3.75%^(B), 03/25/2056^(A)		3,039,237		3,130,193
Series 2016-2A, Class A1,
3.75%^(B), 11/26/2035^(A)		3,565,034		3,670,674
Series 2016-3A, Class A1B,
3.25%^(B), 09/25/2056^(A)		5,085,062		5,157,552
Series 2017-1A, Class A1,
4.00%^(B), 02/25/2057^(A)		7,163,999		7,420,756
Series 2017-2A, Class A3,
4.00%^(B), 03/25/2057^(A)		2,683,738		2,780,564
Series 2017-3A, Class A1,
4.00%^(B), 04/25/2057^(A)		20,105,853		20,800,194
Series 2017-4A, Class A1,
4.00%^(B), 05/25/2057^(A)		6,025,627		6,245,898
One Market Plaza Trust Series 2017-1MKT, Class A, 3.61%, 02/10/2032^(A)		10,807,000		11,221,550
Palisades Center Trust Series 2016-PLSD, Class A, 2.71%, 04/13/2033^(A)		6,500,000		6,494,960
Provident Funding Mortgage Loan Trust Series 2005-1, Class 3A1, 1-Month LIBOR + 0.58%, 1.82%^(B), 05/25/2035		2,625,286		2,547,561
Queens Center Mortgage Trust Series 2013-QCA, Class D, 3.47%^(B), 01/11/2037^(A)		4,200,000		4,152,091
RALI Trust
Series 2007-QO1, Class A1,
1-Month LIBOR + 0.15%, 1.39%^(B), 02/25/2047		424,608		417,769
Series 2007-QO4, Class A1A,
1-Month LIBOR + 0.19%, 1.43%^(B), 05/25/2047		801,810		772,435
RBSSP Resecuritization Trust
Series 2009-6, Class 2A1,
1-Month LIBOR + 0.15%, 3.37%^(B), 01/26/2036^(A)		455,107		460,554
Series 2009-7, Class 5A4,
1-Month LIBOR + 0.40%, 1.64%^(B), 06/26/2037^(A)		561,757		545,632

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


Transamerica Funds		Annual Report 2017

Page 164

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
SCG Trust Series 2013-SRP1, Class AJ, 1-Month LIBOR + 1.95%, 3.19%^(B), 11/15/2026 ^(A)		$ 6,570,000		$ 6,544,591
Structured Adjustable Rate Mortgage Loan Trust
Series 2005-15, Class 1A1,
3.41%^(B), 07/25/2035		485,892		403,574
Series 2007-3, Class 3A1,
3.56%^(B), 04/25/2047		1,269,376		969,909
Structured Asset Mortgage Investments II Trust Series 2003-AR4, Class A1, 1-Month LIBOR + 0.70%, 1.94%^(B), 01/19/2034		37,619		36,676
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 06/10/2030^(A)		6,983,000		7,136,186
Voyager BRSTN Delaware Trust, Interest Only STRIPS Series 2009-1, Class UAU7, 1-Month LIBOR + 0.25%, 1.49%^(B), 12/26/2036 ^(A)		54,424		53,989
Waldorf Astoria Boca Raton Trust Series 2016-BOCA, Class C, 1-Month LIBOR + 2.50%, 3.74%^(B), 06/15/2029 ^(A)		3,245,000		3,251,165
WaMu Mortgage Pass-Through Certificates Trust
Series 2005-AR8, Class 2A1A,
1-Month LIBOR + 0.29%, 1.53%^(B), 07/25/2045		48,049		47,329
Series 2007-OA6, Class 1A1B,
12-MTA + 0.81%, 1.70%^(B), 07/25/2047		587,708		160,062
Wells Fargo Commercial Mortgage Trust Series 2015-C26, Class B, 3.78%, 02/15/2048		3,000,000		3,037,296
Wells Fargo Mortgage-Backed Securities Trust Series 2003-N, Class 1A2, 3.10%^(B), 12/25/2033		593,022		601,764

Total Mortgage-Backed Securities (Cost $306,860,428)				306,784,918


MUNICIPAL GOVERNMENT OBLIGATIONS - 0.7%
California - 0.6%
Los Angeles Community College District, General Obligation Unlimited, 6.60%, 08/01/2042		340,000		493,830
State of California, General Obligation Unlimited
7.30%, 10/01/2039		2,760,000		4,072,242
7.60%, 11/01/2040		4,320,000		6,779,419
7.70%, 11/01/2030		1,650,000		1,906,691
7.95%, 03/01/2036		5,350,000		6,035,763
University of California, Revenue Bonds, Series AD, 4.86%, 05/15/2112		315,000		342,830

				19,630,775


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Georgia - 0.0% ^(H)
Municipal Electric Authority of Georgia, Revenue Bonds, Series A, 6.64%, 04/01/2057		$ 295,000		$ 373,494

New Jersey - 0.0% ^(H)
New Jersey Turnpike Authority, Revenue Bonds, Series F, 7.41%, 01/01/2040		431,000		655,710

New York - 0.1%
Metropolitan Transportation Authority, Revenue Bonds, Series E, 6.81%, 11/15/2040		355,000		501,370
New York City Water & Sewer System, Revenue Bonds, Series CC, 5.88%, 06/15/2044		340,000		458,204
New York State Dormitory Authority, Revenue Bonds, Series H, 5.39%, 03/15/2040		330,000		402,085
Port Authority of New York & New Jersey, Revenue Bonds, Series 181, 4.96%, 08/01/2046		570,000		695,127

				2,056,786

Total Municipal Government Obligations (Cost $22,546,321)				22,716,765


U.S. GOVERNMENT AGENCY OBLIGATIONS - 16.3%
Federal Home Loan Mortgage Corp.
6-Month LIBOR + 1.36%, 2.82%^(B), 05/01/2037		45,654		46,799
6-Month LIBOR + 1.57%, 2.96%^(B), 02/01/2037		23,356		24,129
6-Month LIBOR + 1.57%, 3.02%^(B), 04/01/2037^(C)		74,413		76,867
12-Month LIBOR + 1.66%, 3.26%^(B), 01/01/2038		140,227		146,560
12-Month LIBOR + 1.75%, 3.36%^(B), 12/01/2034		18,038		19,013
12-Month LIBOR + 1.75%, 3.48%^(B), 09/01/2035		635,172		664,833
6-Month LIBOR + 2.12%, 3.50%^(B), 05/01/2037		54,718		57,656
12-Month LIBOR + 1.79%, 3.54%^(B), 09/01/2037		20,302		21,359
12-Month LIBOR + 1.90%, 3.64%^(B), 02/01/2041		434,674		456,464
5.00%, 08/01/2035 - 12/01/2035		2,433,906		2,676,641
5.50%, 11/01/2038 - 06/01/2041		1,646,616		1,838,082
6.00%, 05/01/2031		408,637		466,646
Federal National Mortgage Association
Zero Coupon, 10/09/2019		6,045,000		5,829,174
6-Month LIBOR + 0.96%, 2.40%^(B), 08/01/2037		6,936		7,028

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


Transamerica Funds		Annual Report 2017

Page 165

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal National Mortgage Association (continued)
2.50%, TBA^(C)		$ 26,763,000		$ 26,884,269
6-Month LIBOR + 1.53%, 2.90%^(B), 08/01/2034		4,931		5,089
6-Month LIBOR + 1.51%, 2.90%^(B), 01/01/2035		16,428		17,025
3.00%, TBA^(C)		214,645,000		216,227,000
12-Month LIBOR + 1.75%, 3.46%^(B), 03/01/2041		321,348		336,210
12-Month LIBOR + 1.73%, 3.49%^(B), 08/01/2035		47,323		49,863
3.50%, 07/01/2028 - 01/01/2029		3,657,406		3,824,521
3.50%, TBA^(C)		137,299,000		141,330,995
12-Month LIBOR + 1.82%, 3.57%^(B), 03/01/2041		105,075		111,227
4.00%, 06/01/2042		1,231,946		1,305,092
4.00%, TBA^(C)		35,564,000		37,328,309
4.50%, 02/01/2025 - 06/01/2026		2,067,688		2,167,134
5.00%, 04/01/2039 - 11/01/2039		16,613,360		18,377,730
5.00%, TBA^(C)		9,112,000		9,891,402
5.50%, 04/01/2036 - 12/01/2041		8,340,887		9,461,223
6.00%, 02/01/2034 - 06/01/2041		16,986,792		19,314,387
6.50%, 06/01/2038 - 05/01/2040		2,594,732		2,968,703
Government National Mortgage Association, Interest Only STRIPS 0.79%^(B), 02/16/2053		6,923,506		315,593

Total U.S. Government Agency Obligations (Cost $503,434,043)				502,247,023


U.S. GOVERNMENT OBLIGATIONS - 20.1%
U.S. Treasury - 17.7%
U.S. Treasury Bond
2.25%, 08/15/2046		24,633,000		21,597,175
2.50%, 02/15/2045 - 05/15/2046		52,641,200		48,871,367
2.75%, 08/15/2042		21,383,500		21,077,783
2.88%, 08/15/2045		16,537,000		16,562,193
3.00%, 05/15/2042		5,975,000		6,164,986
3.13%, 02/15/2042		25,448,800		26,832,578
3.50%, 02/15/2039		18,811,100		21,180,858
3.63%, 02/15/2044		42,584,600		48,785,982
4.50%, 02/15/2036		23,818,200		30,493,809
4.75%, 02/15/2037		31,220,000		41,286,011
5.25%, 02/15/2029		9,112,100		11,679,861
U.S. Treasury Note
0.75%, 01/31/2018		9,604,000		9,593,291
1.00%, 11/30/2019		45,363,800		44,798,524
1.13%, 06/30/2021 - 09/30/2021		20,550,000		19,977,549
1.25%, 11/30/2018		26,593,600		26,517,767
1.50%, 08/15/2026		9,920,000		9,258,925
1.63%, 03/31/2019 - 05/15/2026		57,144,800		56,092,806
1.75%, 11/30/2021 - 05/15/2023		23,701,000		23,380,849
1.88%, 11/30/2021		20,724,100		20,710,338
2.00%, 12/31/2021 - 02/15/2025		18,888,900		18,765,553
2.25%, 11/15/2024		5,860,900		5,865,937
2.50%, 08/15/2023 - 05/15/2024		18,335,200		18,709,882

				548,204,024


	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (continued)
U.S. Treasury Inflation-Protected Securities - 2.4%
U.S. Treasury Inflation-Indexed Bond
1.75%, 01/15/2028		$ 9,264,684		$ 10,355,210
2.50%, 01/15/2029		21,354,428		25,722,637
U.S. Treasury Inflation-Indexed Note 0.63%, 01/15/2024		35,787,174		36,461,217

				72,539,064

Total U.S. Government Obligations (Cost $619,585,954)				620,743,088


	Shares		Value
PREFERRED STOCKS - 0.1%
Banks - 0.1%
Citigroup Capital XIII 3-Month LIBOR + 6.37%, 7.75%^(B)		60,502		1,646,864
CoBank ACB Series F, Fixed until 10/01/2022, 6.25%^(B) (A)		6,000		645,000

				2,291,864

Capital Markets - 0.0% ^(H)
State Street Corp. Series D, Fixed until 03/15/2024, 5.90%^(B)		23,039		638,411

Electric Utilities - 0.0% ^(H)
SCE Trust III Series H, Fixed until 03/15/2024, 5.75%^(B)		7,998		215,066

Thrifts & Mortgage Finance - 0.0% ^(H)
Federal Home Loan Mortgage Corp. Series Z, 8.38%^(B)		93,300		614,847
Federal National Mortgage Association
Series O, 0.00% ^{(B) (D)}		1,300		13,845
Series S, 8.25% ^(B)		81,175		552,802

				1,181,494

Total Preferred Stocks (Cost $4,235,684)				4,326,835


	Principal		Value
COMMERCIAL PAPER - 11.8%
Banks - 2.8%
Bank of Tokyo-Mitsubishi UFJ, Ltd. 1.32%^(I), 12/13/2017		$ 26,700,000		26,659,505
Macquarie Bank, Ltd.
1.36%^(I), 11/10/2017		1,450,000		1,449,514
1.42%^(I), 01/08/2018		27,400,000		27,328,060
Sumitomo Mitsui Banking Corp. 1.32%^(I), 11/08/2017		30,000,000		29,992,417

				85,429,496

Diversified Financial Services - 6.5%
Alpine Securitization. Ltd. 1.32%^(I), 11/01/2017		25,523,000		25,523,000
Atlantic Asset Securitization LLC 1.32%^(I), 11/21/2017		31,280,000		31,257,409
Barton Capital Corp. 1.32%^(I), 12/11/2017		1,700,000		1,697,544
Gotham Funding Corp. 1.33%^(I), 11/06/2017		31,050,000		31,044,351
Kells Funding LLC 1.32%^(I), 11/09/2017		24,000,000		23,993,067

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


Transamerica Funds		Annual Report 2017

Page 166

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
COMMERCIAL PAPER (continued)
Diversified Financial Services (continued)
Lexington Parker Capital Co. LLC
1.35%^(I), 12/18/2017		$ 23,000,000		$ 22,960,063
1.36%^(I), 11/09/2017		7,000,000		6,997,916
Liberty Funding LLC 1.35%^(I), 01/09/2018		3,000,000		2,992,352
Old Line Funding LLC 1.32%^(I), 01/03/2018		30,000,000		29,931,750
Thunder Bay Funding LLC 1.31%^(I), 11/15/2017		20,200,000		20,189,866
Victory Receivables 1.43%^(I), 01/29/2018		5,800,000		5,779,782

				202,367,100

Machinery - 1.0%
Caterpillar Finance Service Co. 1.32%^(I), 12/13/2017		30,000,000		29,954,500

Software - 0.9%
Manhattan Asset Funding Co. LLC 1.29%^(I), 12/18/2017		27,000,000		26,955,232

Tobacco - 0.6%
Philip Morris International, Inc. 1.29%^(I), 11/28/2017		20,000,000		19,980,950

Total Commercial Paper (Cost $364,687,278)				364,687,278


SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 2.3%
U.S. Treasury Bill
1.04%^(I), 01/04/2018		9,915,000		9,897,013
1.05%^(I), 11/16/2017 - 01/04/2018		60,525,000		60,437,303

Total Short-Term U.S. Government Obligations (Cost $70,333,636)				70,334,316


	Shares		Value
SECURITIES LENDING COLLATERAL - 0.8%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.00% ^(I)		23,816,125		$ 23,816,125

Total Securities Lending Collateral (Cost $23,816,125)				23,816,125


	Principal		Value
REPURCHASE AGREEMENT - 1.7%
Fixed Income Clearing Corp., 0.12%^(I), dated 10/31/2017, to be repurchased at $52,356,614 on 11/01/2017. Collateralized by a U.S. Government Obligation, 2.13%, due 08/31/2020, and with a value of $53,407,831.		$ 52,356,440		52,356,440

Total Repurchase Agreement (Cost $52,356,440)				52,356,440

Total Investments (Cost $3,511,743,979)				3,532,207,149
Net Other Assets (Liabilities) - (14.3)%				(442,047,584	)


Net Assets - 100.0%				$ 3,090,159,565

SECURITY VALUATION:

Valuation Inputs ^(J)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Asset-Backed Securities	$	—	$	254,097,388	$	—	$	254,097,388
Corporate Debt Securities		—		1,275,417,851		—		1,275,417,851
Foreign Government Obligations		—		34,679,122		—		34,679,122
Mortgage-Backed Securities		—		306,784,918		—		306,784,918
Municipal Government Obligations		—		22,716,765		—		22,716,765
U.S. Government Agency Obligations		—		502,247,023		—		502,247,023
U.S. Government Obligations		—		620,743,088		—		620,743,088
Preferred Stocks		4,326,835		—		—		4,326,835
Commercial Paper		—		364,687,278		—		364,687,278
Short-Term U.S. Government Obligations		—		70,334,316		—		70,334,316
Securities Lending Collateral		23,816,125		—		—		23,816,125
Repurchase Agreement		—		52,356,440		—		52,356,440

Total Investments	$	28,142,960	$	3,504,064,189	$	—	$	3,532,207,149

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


Transamerica Funds		Annual Report 2017

Page 167

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

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, 2017, the total value of 144A securities is $804,058,473, representing 26.0% of the Fund’s net assets.
(B)		Floating or variable rate securities. The rates disclosed are as of October 31, 2017. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. In addition, variable rate securities with a floor or ceiling feature are disclosing that 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 their description above.
(C)		When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after October 31, 2017. 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 0.01% or (0.01)%.
(E)		Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2017, value of the security is $3,600,000, representing 0.1% of the Fund’s net assets.
(F)		All or a portion of the securities are on loan. The total value of all securities on loan is $23,323,398. 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)		Perpetual maturity. The date displayed is the next call date.
(H)		Percentage rounds to less than 0.1% or (0.1)%.
(I)		Rates disclosed reflect the yields at October 31, 2017.
(J)		The Fund recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended October 31, 2017. 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
TBA		To Be Announced

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


Transamerica Funds		Annual Report 2017

Page 168

Transamerica Intermediate Muni

(unaudited)

MARKET ENVIRONMENT

The general trend this year has seen the market normalize post-election. As a result of widening credit spreads, the municipal market was set up to outperform, especially in lower rated credits and the long-end of the yield curve. In early September 2017, we saw the 10-Year Treasury yield hit a year-to-date low of 2.04%, a low not seen since the election last year. Though we’ve witnessed an uptick in yields since that low late in the third quarter of 2017, the supply and demand dynamics this year have been key contributors to an otherwise strong municipal market. Through October, supply has been down relative to 2015 and 2016, though 2016 was a year in which we saw record supply as a result of issuers looking to pull together deals ahead of the election. Muted supply combined with healthy fund inflows throughout the year have resulted in a well-balanced supply/demand dynamic that has benefited the municipal market thus far.

PERFORMANCE

For the year ended October 31, 2017, Transamerica Intermediate Muni Class A returned 1.20%, excluding any sales charges. By comparison, its benchmark, the Bloomberg Barclays Muni Managed Money Intermediate Index, returned 1.79%.

STRATEGY REVIEW

The Fund was positioned longer than the index, as measured by duration, during the early part of the fiscal year. This long duration positioning contributed to underperformance in late 2016 as yields dramatically increased post-election. In early 2017, duration risk was reduced by bringing duration more in line with the index.

The Fund has maintained its exposure to high quality paper. The Fund’s positioning across the credit spectrum had a positive effect on performance as credit spreads tightened throughout the year. The Fund was underweight both AAA and AA rated credits and overweight A and BBB rated credits relative to the index.

The Fund’s overweight exposure to Puerto Rico (“PR”), Illinois (“IL”) and New Jersey (“NJ”) contributed to performance. We have continued to buy selectively in these states, particularly insured PR issues and local and non-state general obligation (“GO”) debt in both IL and NJ. Our credit research team continues to monitor these credits, as well as potential buying opportunities that may get lost in the shuffle from negative headline risk associated with these states.

The education sector was the top contributing sector to performance, while State and Local GO debt were the largest detractors to performance. On an issuer level, University of Texas Green Bonds and Washington County Junior College District were the top performers as the long end of the curve flattened since the time these bonds were purchased in April 2017.

One of our main focuses has been, and will continue to be on active management through opportunistic trade execution. We have been able to take advantage of certain market dislocations and inefficiencies by opportunistically exploiting these inefficiencies and dislocations on both the buy and sale side of the market.

Matthew Dalton

Brian Steeves

Co-Portfolio Managers

Belle Haven Investments, L.P.


Fund Characteristics	Years
Average Maturity §		6.77
Duration †		5.73

Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		1.0	%
AAA		7.5
AA		61.7
A		10.4
BBB		7.6
BB		1.9
B		0.3
CCC and Below		0.0	*
Not Rated		9.4
Net Other Assets (Liabilities)		0.2
Total		100.0	%

§	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 2017

Page 169

Transamerica Intermediate Muni

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		(2.10	)%		4.51	%		4.51	%		10/31/2012
Class A (NAV)		1.20	%		5.21	%		5.21	%		10/31/2012
Bloomberg Barclays Muni Managed Money Intermediate Index ^(A)		1.79	%		2.56	%		2.55	%
Class C (POP)		(0.32	)%		4.59	%		4.59	%		10/31/2012
Class C (NAV)		0.67	%		4.59	%		4.59	%		10/31/2012
Class I (NAV)		1.39	%		5.33	%		5.33	%		10/31/2012
Class I2 (NAV)		1.49	%		N/A			0.26	%		09/30/2016
Class T1 (POP)		N/A			N/A			1.63	%^(B)		03/17/2017
Class T1 (NAV)		N/A			N/A			4.20	%^(B)		03/17/2017
Advisor Class (NAV)		N/A			N/A			6.02	%^(B)		12/16/2016

^(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.

^(B) Not annualized.

The performance data presented represents past performance; future results may vary. 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 and 2.5% for T1 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, I2 and Advisor Class shares.


Transamerica Funds		Annual Report 2017

Page 170

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS - 96.1%
Alabama - 0.3%
Alabama Public School & College Authority, Revenue Bonds 5.00%, 12/01/2017		$ 25,000		$ 25,081
Series A,
5.00%, 05/01/2018		295,000		300,764
Alabama State University, Revenue Bonds, AGC, 4.25%, 05/01/2021		25,000		25,778
Bessemer Governmental Utility Services Corp., Revenue Bonds, BAM, 5.00%, 06/01/2029^(A)		2,210,000		2,650,873
Foley Utilities Board, Revenue Bonds, 4.00%, 11/01/2017		275,000		275,000
Jasper Water Works & Sewer Board, Inc., Revenue Bonds, 5.00%, 06/01/2022		320,000		355,821
Marshall County Board of Education, Special Tax AGM, 4.00%, 03/01/2031 - 03/01/2032		915,000		976,209

				4,609,526

Alaska - 0.2%
Alaska Housing Finance Corp., Revenue Bonds
Series B,
5.00%, 06/01/2018		180,000		184,039
Series B, NATL-RE,
5.00%, 12/01/2020		100,000		100,327
Series D,
5.00%, 12/01/2025		1,425,000		1,693,484
City of Anchorage Water Revenue, Revenue Bonds, 5.00%, 05/01/2019		120,000		126,875
North Slope Borough Service Area 10, Revenue Bonds, 5.00%, 06/30/2022		535,000		603,630
State of Alaska International Airports System, Revenue Bonds, Series A, 5.00%, 10/01/2031		65,000		76,346

				2,784,701

Arizona - 1.4%
Arizona Board of Regents, Certificate of Participation, Series A, 5.00%, 06/01/2019		150,000		158,726
Arizona Health Facilities Authority, Revenue Bonds, BHAC-CR, 5.38%, 01/01/2032		100,000		100,713
Arizona School Facilities Board, Certificate of Participation, AGC-ICC, 5.13%, 09/01/2021		110,000		113,667
Arizona Transportation Board, Revenue Bonds, 5.25%, 07/01/2020		235,000		250,830


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Arizona (continued)
BluePath Trust, Revenue Bonds, 2.75%, 09/01/2026^(B) (C)		$ 5,653,108		$ 5,607,931
County of Pima, Certificate of Participation 5.00%, 12/01/2017 - 12/01/2026		135,000		140,956
County of Pima Sewer System Revenue, Revenue Bonds
Series A,
5.00%, 07/01/2019		25,000		26,616
Series B,
5.00%, 07/01/2018		250,000		256,615
County of Santa Cruz, Revenue Bonds, AGM, 4.00%, 07/01/2026		140,000		157,996
Industrial Development Authority of the City of Phoenix, Revenue Bonds
2.95%, 07/01/2026		2,800,000		2,745,232
3.88%, 07/01/2021^(B)		190,000		191,967
5.00%, 07/01/2036		1,625,000		1,741,399
Series A,
4.00%, 07/01/2022^(B)		2,300,000		2,267,202
Series B,
4.00%, 07/01/2022^(B)		1,625,000		1,605,191
Industrial Development Authority of the County of Pima, Revenue Bonds, Series R, 2.88%, 07/01/2021		325,000		327,642
La Paz County Industrial Development Authority, Revenue Bonds Series A, 5.00%, 02/15/2021 - 02/15/2026^(B)		1,960,000		2,183,582
Maricopa County Community College District, General Obligation Unlimited, Series C, 5.00%, 07/01/2020		150,000		159,360
Maricopa County Elementary School District No. 25, General Obligation Unlimited, Series A, BAM, 4.00%, 07/01/2024		135,000		151,944
Maricopa County Industrial Development Authority, Revenue Bonds, Series A, 5.00%, 01/01/2034		375,000		420,491
Maricopa County Unified School District No. 89, General Obligation Limited, 5.00%, 07/01/2023		40,000		46,768
Pima County Unified School District No. 1, General Obligation Unlimited, Series D, AGM, 5.00%, 07/01/2026		100,000		102,598
Pinal County Electrical District No. 4, Revenue Bonds AGM, 5.00%, 12/01/2022 - 12/01/2025		405,000		469,824
Town of Gilbert, General Obligation Unlimited, 5.00%, 07/01/2019		675,000		692,766

				19,920,016

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


Transamerica Funds		Annual Report 2017

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Arkansas - 1.5%
Arkansas Development Finance Authority, Revenue Bonds, AMBAC, Zero Coupon, 07/01/2026		$ 105,000		$ 84,232
Little Rock School District, General Obligation Limited 3.00%, 02/01/2026 - 02/01/2030		20,005,000		20,320,733

				20,404,965

California - 7.8%
Acalanes Union High School District, General Obligation Unlimited, Series C, Zero Coupon, 08/01/2026		235,000		191,598
Alameda Corridor Transportation Authority, Revenue Bonds
Series B, AGM,
4.00%, 10/01/2035 - 10/01/2037		2,005,000		2,127,901
5.00%, 10/01/2036		150,000		173,436
Alisal Union School District, General Obligation Unlimited Series A, BAM, Zero Coupon, 08/01/2033 - 08/01/2034		350,000		187,764
Avalon Community Improvement Agency Successor Agency, Tax Allocation Series A, AGM, 5.00%, 09/01/2024 - 09/01/2026		2,110,000		2,524,704
Baldwin Park/Monrovia School Facilities Grant Financing Authority, Revenue Bonds
AGM,
2.50%, 10/01/2025 - 10/01/2026		240,000		246,406
3.00%, 10/01/2032 - 10/01/2033		300,000		298,216
4.00%, 10/01/2027		185,000		209,575
Brentwood Infrastructure Financing Authority, Revenue Bonds, 4.00%, 07/01/2018		100,000		102,026
Brisbane/Guadalupe Valley Municipal Improvement District Financing Authority, Revenue Bonds, 5.00%, 09/01/2025		140,000		171,280
Calexico Financing Authority, Revenue Bonds, AGM, 4.00%, 04/01/2024		515,000		569,837
California City Redevelopment Agency Successor Agency, Tax Allocation, AGM, 3.25%, 09/01/2026		130,000		136,418
California Community College Financing Authority, Revenue Bonds, Series A, BAM, 2.50%, 06/01/2031		220,000		208,516
California Educational Facilities Authority, Revenue Bonds, Series A, Zero Coupon, 01/01/2018		150,000		149,754
California Health Facilities Financing Authority, Revenue Bonds
Series B,
5.00%, 11/15/2031		125,000		149,465


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
California Health Facilities Financing Authority, Revenue Bonds (continued)
Series C,
5.88%, 11/01/2023		$ 320,000		$ 389,549
Series D,
5.00%, 08/15/2022		25,000		28,600
California Municipal Finance Authority, Revenue Bonds
4.38%, 07/01/2025^(B)		750,000		779,925
Series A,
4.00%, 11/01/2017^(B)		415,000		415,000
California School Finance Authority, Revenue Bonds
Series A,
3.00%, 07/01/2018^(B)		840,000		848,056
4.00%, 08/01/2025^(B)		450,000		479,281
California State Public Works Board, Revenue Bonds, Series H, 5.00%, 12/01/2017		50,000		50,165
California State University, Revenue Bonds, Series A, 4.00%, 11/01/2034		330,000		354,846
California Statewide Communities Development Authority, Revenue Bonds
Fixed until 04/01/2020, 1.90%^(D), 04/01/2028		75,000		75,833
Fixed until 12/01/2023, 2.63%^(D), 11/01/2033		1,900,000		1,951,167
5.00%, 04/01/2028 - 04/01/2030		100,000		119,010
AGM,
5.00%, 10/01/2026		520,000		615,462
Series A,
3.00%, 11/01/2022^(B)		2,000,000		2,004,100
3.50%, 11/01/2027^(B)		2,630,000		2,639,152
5.00%, 12/01/2025 - 12/01/2029^(B)		775,000		882,244
5.00%, 12/01/2037		100,000		100,330
Series B,
5.00%, 07/01/2030		445,000		513,975
Chowchilla Public Financing Authority, Revenue Bonds
Series C, AGM,
3.13%, 06/01/2033		175,000		171,290
3.25%, 06/01/2034 - 06/01/2035		425,000		419,366
3.38%, 06/01/2036 - 06/01/2037		540,000		535,796
Chula Vista Redevelopment Agency Successor Agency, Tax Allocation, AGM, 4.00%, 10/01/2035		985,000		1,049,606
City of Escondido, Special Tax, Series E, BAM, 5.00%, 09/01/2027		420,000		496,205
City of Lathrop, Special Assessment
3.00%, 09/02/2020		140,000		142,768
4.00%, 09/02/2021 - 09/02/2022		265,000		281,060
City of Visalia, Certificate of Participation, AGM, 5.00%, 12/01/2024		360,000		432,810

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


Transamerica Funds		Annual Report 2017

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
Coachella Redevelopment Agency Successor Agency, Tax Allocation
AGM,
5.00%, 09/01/2026		$ 70,000		$ 83,294
Series A, AGM,
4.00%, 09/01/2031 - 09/01/2032		1,060,000		1,153,176
5.00%, 09/01/2029 - 09/01/2030		1,520,000		1,800,154
Colton Joint Unified School District, General Obligation Unlimited
BAM,
4.00%, 02/01/2033		55,000		59,240
5.00%, 02/01/2029		480,000		576,038
Corning Union High School District, General Obligation Unlimited, Series A, AGM, 3.00%, 08/01/2019		110,000		113,742
County of El Dorado, Special Tax
BAM,
3.00%, 09/01/2025 - 09/01/2026		895,000		936,507
3.13%, 09/01/2027		590,000		608,845
5.00%, 09/01/2021 - 09/01/2024		3,110,000		3,638,247
County of Santa Cruz, Certificate of Participation 4.00%, 08/01/2032 - 08/01/2033		760,000		816,216
Coyote Canyon Public Facilities Community Facilities District No. 2004-1, Special Tax Series A, AGM, 4.00%, 09/01/2029 - 09/01/2030		860,000		949,421
Davis Joint Unified School District, Certificate of Participation, BAM, 4.00%, 08/01/2024		95,000		107,640
Department of Veterans Affairs Veteran’s Farm & Home Purchase Program, Revenue Bonds
Series B,
3.00%, 12/01/2031		5,950,000		5,974,633
3.25%, 12/01/2036		5,625,000		5,530,500
Dixon Unified School District, Certificate of Participation, BAM, 5.00%, 09/01/2028		235,000		282,059
Dry Creek Joint Elementary School District, Special Tax, AGM, 5.00%, 09/01/2024		190,000		227,559
Elk Grove Unified School District, Certificate of Participation BAM, 5.00%, 02/01/2027 - 02/01/2029		4,575,000		5,497,220
Etiwanda School District, Special Tax
Series 2004-2,
2.00%, 09/01/2018 - 09/01/2020		100,000		100,622
3.00%, 09/01/2021 - 09/01/2022		185,000		191,009
3.50%, 09/01/2023		75,000		77,486
Fairfield-Suisun Unified School District Financing Corp., Special Tax
BAM,
2.00%, 08/15/2020		1,905,000		1,919,726


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
Fairfield-Suisun Unified School District Financing Corp., Special Tax (continued)
2.25%, 08/15/2021 - 08/15/2023		$ 6,195,000		$ 6,242,656
Gilroy Unified School District, Certificate of Participation, BAM, 4.00%, 04/01/2032		700,000		756,021
Golden State Tobacco Securitization Corp., Revenue Bonds Series A-1, 5.00%, 06/01/2023 - 06/01/2024		3,915,000		4,544,265
Hacienda La Puente Unified School District, Certificate of Participation, AGM, 5.00%, 06/01/2024		250,000		298,920
Hesperia Unified School District, Certificate of Participation, BAM, 3.00%, 02/01/2033		275,000		271,670
Kern Community College District, General Obligation Unlimited, 5.00%, 11/01/2018		100,000		104,020
Lancaster Redevelopment Agency Successor Agency, Tax Allocation, Series A, 2.38%, 08/01/2028		2,910,000		2,881,278
Los Angeles Community College District, General Obligation Unlimited, Series I, 3.00%, 08/01/2018		170,000		172,689
Los Angeles County Redevelopment Refunding Authority Redevelopment Agency Successor Agency, Tax Allocation, Series E, AGM, 5.00%, 12/01/2022		50,000		58,476
Menifee Union School District Public Financing Authority, Special Tax
Series A,
4.00%, 09/01/2019		480,000		503,006
5.00%, 09/01/2023		425,000		492,545
Series A, BAM,
5.00%, 09/01/2029 - 09/01/2034		2,015,000		2,368,768
Norwalk-La Mirada Unified School District, General Obligation Unlimited, AGM, 4.75%, 08/01/2018		270,000		277,452
Oakdale Public Financing Authority, Special Tax
2.63%, 09/01/2022		110,000		111,927
3.00%, 09/01/2024		265,000		269,924
Panama-Buena Vista Union School District, Certificate of Participation
BAM,
4.00%, 09/01/2018		325,000		333,041
5.00%, 09/01/2024		265,000		317,385

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


Transamerica Funds		Annual Report 2017

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
Peralta Community College District, General Obligation Unlimited Series D, 3.50%, 08/01/2032 - 08/01/2034		$ 6,405,000		$ 6,644,187
Pittsburg Successor Agency Redevelopment Agency, Tax Allocation, Series A, AGM, 5.00%, 09/01/2022		425,000		492,120
Placerville Union School District, General Obligation Unlimited, BAM, 3.00%, 08/01/2033		150,000		150,111
Rio Elementary School District Community Facilities District, Special Tax BAM, 5.00%, 09/01/2029 - 09/01/2032		1,740,000		2,051,623
Riverside County Redevelopment Successor Agency, Tax Allocation
Series B, AGM,
5.00%, 10/01/2028 - 10/01/2030		1,510,000		1,838,155
Series C, AGM,
5.00%, 10/01/2022		415,000		482,271
Riverside Redevelopment Agency Successor Agency, Tax Allocation Series A, 5.00%, 09/01/2020 - 09/01/2026		245,000		282,441
Roseville Joint Union High School District, General Obligation Unlimited Series B, Zero Coupon, 08/01/2030 - 08/01/2034		1,850,000		1,136,648
San Bernardino County Redevelopment Agency Successor Agency, Tax Allocation Series B, AGM, 5.00%, 09/01/2025 - 09/01/2028		1,185,000		1,407,806
San Diego Public Facilities Financing Authority, Revenue Bonds, 5.00%, 10/15/2026		490,000		596,776
San Gorgonio Memorial Health Care District, General Obligation Unlimited, 5.00%, 08/01/2024		135,000		159,972
San Leandro Redevelopment Agency Successor Agency, Tax Allocation, 5.00%, 09/01/2027		310,000		367,787
Sanger Unified School District, Certificate of Participation
AGM,
3.13%, 06/01/2033		75,000		75,339
3.25%, 06/01/2035 - 06/01/2037		200,000		200,366
Santa Clarita Redevelopment Agency Successor Agency, Tax Allocation, AGM, 5.00%, 10/01/2023		835,000		987,847
Semitropic Improvement District, Revenue Bonds, Series A, 4.00%, 12/01/2017		100,000		100,241


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
Snowline Joint Unified School District, Special Tax Series A, 3.00%, 09/01/2021 - 09/01/2022		$ 535,000		$ 562,175
South Tahoe Redevelopment Agency, Special Tax, Series 2001-1, 3.38%, 10/01/2021		110,000		113,373
State of California, General Obligation Unlimited
Fixed until 12/01/2017, 4.00%^(D), 12/01/2027		100,000		100,236
4.00%, 08/01/2034		560,000		599,603
Stockton Public Financing Authority, Revenue Bonds, Series A, NATL, 5.00%, 10/01/2031		15,000		15,045
Stockton Public Financing Authority, Special Tax, Series A, BAM, 4.00%, 09/02/2030		1,310,000		1,433,297
Successor Agency to the Upland Community Redevelopment Agency, Tax Allocation
AGM,
4.00%, 09/01/2018		150,000		153,636
5.00%, 09/01/2022		50,000		58,124
Sutter Union High School District, General Obligation Unlimited BAM, Zero Coupon, 08/01/2027 - 08/01/2028		300,000		221,769
Turlock Irrigation District, Revenue Bonds, 5.00%, 01/01/2018		125,000		125,823
Vacaville Redevelopment Agency Successor Agency, Tax Allocation, Series A, AGM, 2.75%, 09/01/2031		140,000		135,132
Vacaville Unified School District, Certificate of Participation
AGM,
3.00%, 12/01/2022		55,000		58,742
4.00%, 12/01/2023 - 12/01/2025		565,000		641,449
Victor Valley Union High School District, Certificate of Participation
Series A, BAM,
2.00%, 11/15/2025		555,000		547,269
2.38%, 11/15/2027		130,000		128,679
Victor Valley Union High School District, General Obligation Unlimited
Series B, AGM,
2.50%, 08/01/2031		160,000		151,386
4.00%, 08/01/2032		620,000		673,332
Walnut Energy Center Authority, Revenue Bonds, 4.00%, 01/01/2018		100,000		100,504
Washington Township Health Care District, General Obligation Unlimited Series DT, 4.00%, 08/01/2032 - 08/01/2036		2,275,000		2,431,123

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


Transamerica Funds		Annual Report 2017

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
Washington Unified School District, General Obligation Unlimited, AGM, 4.00%, 08/01/2024		$ 110,000		$ 125,234
West Hill Community College District, General Obligation Unlimited Series C, BAM, 5.00%, 08/01/2021 - 08/01/2026		680,000		813,341
Whittier Union High School District, General Obligation Unlimited Zero Coupon, 08/01/2026 - 08/01/2028		12,365,000		9,351,082

				109,383,913

Colorado - 1.8%
Beacon Point Metropolitan District, General Obligation Unlimited, AGM, 4.00%, 12/01/2021		70,000		75,601
BNC Metropolitan District No. 1, General Obligation Limited, Series A, BAM, 5.00%, 12/01/2032		360,000		418,144
Boulder Valley School District No. Re-2, General Obligation Unlimited, Series B, 3.00%, 12/01/2017		100,000		100,167
Centerra Metropolitan District No. 1, Tax Allocation, 2.70%, 12/01/2019^(E)		705,000		710,020
City of Arvada, Certificate of Participation 4.00%, 12/01/2030 - 12/01/2034		2,515,000		2,726,884
Colorado Educational & Cultural Facilities Authority, Revenue Bonds
4.00%, 07/01/2019 - 08/01/2026		965,000		1,066,049
5.00%, 06/15/2029 - 08/01/2036		3,550,000		4,089,832
Series A,
3.00%, 12/01/2020		145,000		151,434
Series C,
2.00%, 12/15/2017^{(B) (C)}		255,000		255,130
Colorado Health Facilities Authority, Revenue Bonds
4.00%, 05/15/2029		1,950,000		2,132,091
5.00%, 06/01/2028 - 06/01/2030		2,750,000		3,188,110
Series A,
4.25%, 11/01/2024 ^(E)		2,995,000		3,009,855
Series B, AGM,
5.25%, 03/01/2036		20,000		20,877
Colorado Higher Education, Certificate of Participation, Series A, 5.00%, 11/01/2026		50,000		61,417
Colorado Housing & Finance Authority, Revenue Bonds
Series C, GMNA,
2.15%, 11/01/2024		200,000		200,018
2.75%, 05/01/2028		715,000		714,142
2.80%, 11/01/2028		1,325,000		1,325,146
County of Jefferson, Revenue Bonds, 2.50%, 11/01/2017		100,000		100,000


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Colorado (continued)
Douglas County School District No. Re-1 Douglas & Elbert Counties, General Obligation Unlimited 4.00%, 12/15/2017		$ 175,000		$ 175,642
El Paso County School District No. 20 Academy, General Obligation Unlimited, 4.00%, 12/15/2017		220,000		220,805
El Paso County School District No.2, General Obligation Unlimited, 4.00%, 12/01/2017		150,000		150,366
Gateway Regional Metropolitan District, General Obligation Limited AGM, 3.00%, 12/01/2032 - 12/01/2036		295,000		287,774
Regional Transportation District, Certificate of Participation, Series A, 5.00%, 12/01/2018		110,000		110,360
SBC Metropolitan District, General Obligation Unlimited, AGM, 3.00%, 12/01/2017		205,000		205,287
Solaris Metropolitan District No. 3, General Obligation Limited, Series A, 3.75%, 12/01/2026^(E)		640,000		642,861
Southglenn Metropolitan District, General Obligation Limited, 3.00%, 12/01/2021^(E)		1,000,000		996,180
Southlands Metropolitan District No. 1, General Obligation Limited
AGC,
4.75%, 12/01/2027		500,000		501,525
5.25%, 12/01/2034		675,000		676,782
Thornton Development Authority, Tax Allocation
4.00%, 12/01/2019		300,000		315,684
5.00%, 12/01/2022		400,000		458,108
Vintage Reserve Metropolitan District, General Obligation Unlimited, BAM, 3.25%, 12/01/2037		315,000		308,609
Weld County School District No. RE-4, General Obligation Unlimited, AGM, 5.00%, 12/01/2018		100,000		100,331

				25,495,231

Connecticut - 2.1%
City of Bridgeport, General Obligation Unlimited, Series C, AGM, 5.00%, 08/15/2024		1,275,000		1,491,852
City of Hartford, General Obligation Unlimited
Series A, AGM,
5.00%, 04/01/2022 - 07/01/2025		465,000		521,780
Series A, BAM,
3.00%, 12/01/2028		285,000		264,620
4.00%, 12/01/2027		515,000		538,134

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


Transamerica Funds		Annual Report 2017

Page 175

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Connecticut (continued)
City of Hartford, General Obligation Unlimited (continued)
5.00%, 12/01/2021 - 12/01/2026		$ 13,795,000		$ 15,551,343
Series A, BAM-TCRS,
5.00%, 04/01/2025		1,485,000		1,606,250
Series B,
4.00%, 04/01/2019		100,000		103,942
Series C, AGM,
5.00%, 07/15/2023		1,400,000		1,567,510
Series C, BAM,
5.00%, 08/15/2021		350,000		383,667
City of New Britain, General Obligation Unlimited, Series A, BAM, 5.00%, 03/01/2025		240,000		286,332
City of New Haven, General Obligation Unlimited, Series B, BAM, 5.00%, 08/15/2025		385,000		445,037
Connecticut Housing Finance Authority, Revenue Bonds
Series A-1,
3.10%, 05/15/2028		2,015,000		2,079,984
Series A-4,
1.40%, 11/15/2019		950,000		951,634
Series B-1,
2.40%, 11/15/2026		90,000		90,313
Series B3,
2.40%, 05/15/2026		55,000		55,516
Connecticut State Health & Educational Facility Authority, Revenue Bonds
Fixed until 03/01/2019, 1.65%^(D), 11/15/2029		1,735,000		1,744,352
Series B, AGC,
5.50%, 07/01/2032		250,000		250,483
State of Connecticut, General Obligation Unlimited
Series A,
5.00%, 04/15/2024 - 04/15/2027		240,000		243,620
Series B,
5.00%, 04/15/2024		165,000		167,549
Town of New Milford, General Obligation Unlimited, 5.00%, 07/15/2018		500,000		513,890
Town of Plymouth, General Obligation Unlimited, 4.00%, 07/15/2019		400,000		418,056
Town of South Windsor, General Obligation Unlimited, 2.00%, 02/15/2019		200,000		200,136
University of Connecticut, Revenue Bonds, Series A, 5.00%, 11/15/2023		25,000		26,832

				29,502,832

District of Columbia - 0.3%
District of Columbia, General Obligation Unlimited, Series E, 5.00%, 06/01/2018		100,000		102,303


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
District of Columbia (continued)
District of Columbia, Revenue Bonds
4.00%, 12/01/2017		$ 245,000		$ 245,561
Series A,
4.13%, 07/01/2027		1,000,000		1,028,800
5.00%, 07/01/2032		1,500,000		1,615,425
Series B,
3.88%, 07/01/2024		1,500,000		1,501,455
Fixed until 04/01/2018, 4.70%^(D), 04/01/2031		100,000		101,511
Series C,
4.00%, 12/01/2021		25,000		27,569
District of Columbia Water & Sewer Authority, Revenue Bonds, Series A, 5.00%, 10/01/2023		25,000		29,091
Metropolitan Washington Airports Authority, Revenue Bonds
Series A,
5.00%, 10/01/2020		25,000		27,652
Series C,
5.00%, 10/01/2019		55,000		58,931

				4,738,298

Florida - 3.6%
Cape Coral Health Facilities Authority, Revenue Bonds
4.00%, 07/01/2020^(B)		360,000		364,525
4.25%, 07/01/2021^(B)		435,000		444,757
Capital Trust Agency, Inc., Revenue Bonds, Series A, 4.50%, 07/01/2034		2,220,000		2,306,802
Citizens Property Insurance Corp., Revenue Bonds, Series A-1, AGM, 4.00%, 06/01/2018		135,000		137,203
City of Cape Coral Water & Sewer Revenue, Special Assessment
AGM,
2.13%, 09/01/2022		305,000		310,273
2.25%, 09/01/2023		770,000		783,945
2.75%, 09/01/2025 - 09/01/2026		1,585,000		1,611,609
City of Clearwater Water & Sewer Revenue, Revenue Bonds, Series B, 5.00%, 12/01/2017		145,000		145,470
City of Fernandina Beach Utility System Revenue, Revenue Bonds, Series A, 5.00%, 09/01/2019		45,000		48,002
City of Fort Myers, Revenue Bonds 4.00%, 12/01/2030 - 12/01/2034		1,225,000		1,305,085
City of Jacksonville, Revenue Bonds
3.00%, 10/01/2026		475,000		497,524
4.00%, 10/01/2029		765,000		836,566
5.50%, 10/01/2028		100,000		104,008
City of North Port, Special Assessment, BAM, 5.00%, 07/01/2020		90,000		98,268

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


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At October 31, 2017


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Florida (continued)
City of Orlando, Revenue Bonds
Series A, AGM,
5.00%, 11/01/2027 - 11/01/2029		$ 4,105,000		$ 4,972,869
Series B, AGM,
5.00%, 11/01/2025 - 11/01/2038		9,225,000		10,759,488
City of Pompano Beach, Revenue Bonds, 4.00%, 09/01/2020		315,000		334,574
City of Riviera Beach, Revenue Bonds, BAM, 3.00%, 10/01/2022		125,000		133,299
City of Tampa, Revenue Bonds
5.00%, 07/01/2024		770,000		896,188
Series A,
5.00%, 11/15/2025		25,000		28,292
Collier County School Board, Certificate of Participation, 5.00%, 02/15/2018		250,000		252,830
Columbia County School Board, Certificate of Participation, Series A, BAM, 5.00%, 07/01/2026		340,000		406,793
County of Escambia, Revenue Bonds, Fixed until 12/01/2017, 1.40%^(D), 04/01/2039		450,000		450,014
County of Miami-Dade Aviation Revenue, Revenue Bonds, 5.00%, 10/01/2029		750,000		889,755
County of Miami-Dade Transit System, Revenue Bonds, Series A, 5.00%, 07/01/2019		100,000		106,274
County of Miami-Dade Water & Sewer System Revenue, Revenue Bonds, Series B, AGM, 5.25%, 10/01/2018		175,000		181,568
County of Palm Beach, Revenue Bonds, Series C, XLCA, 5.00%, 11/01/2021		25,000		25,000
County of Polk, Revenue Bonds, 5.00%, 12/01/2017		45,000		45,141
Escambia County School Board, Revenue Bonds, 4.00%, 09/01/2019		120,000		125,908
Flagler County School District, Certificate of Participation, Series A, AGM, 5.00%, 08/01/2018		25,000		25,693
Florida Department of Environmental Protection, Revenue Bonds, Series A, 5.00%, 07/01/2022		55,000		63,558
Florida Department of Management Services, Certificate of Participation, Series A, 5.00%, 08/01/2019		35,000		36,343
Florida Higher Educational Facilities Financial Authority, Revenue Bonds, 5.00%, 04/01/2035		1,100,000		1,244,144


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Florida (continued)
Florida Housing Finance Corp., Revenue Bonds
Series 1, GNMA, FNMA, FHLMC,
3.75%, 07/01/2035		$ 2,865,000		$ 3,002,749
Series A, GNMA, FNMA, FHLMC,
2.25%, 07/01/2022		160,000		165,698
Florida Municipal Power Agency, Revenue Bonds, Series A, 5.00%, 10/01/2018		25,000		25,870
Greater Orlando Aviation Authority, Revenue Bonds, Series A, 3.60%, 10/01/2018		40,000		40,925
Indian River County School Board, Certificate of Participation, Series A, 5.00%, 07/01/2018		300,000		307,794
JEA Electric System Revenue, Revenue Bonds, Series D1, 5.00%, 10/01/2018		100,000		103,601
Kissimmee Utility Authority, Revenue Bonds, AGM, 5.25%, 10/01/2018		100,000		103,706
Miami-Dade County Industrial Development Authority, Revenue Bonds, 1.50%^(D), 10/01/2018		500,000		500,630
Northern Palm Beach County Improvement District, Special Assessment AGM, 5.00%, 08/01/2021 - 08/01/2024		1,095,000		1,258,837
Orange County Health Facilities Authority, Revenue Bonds Series A, 5.00%, 10/01/2033 - 10/01/2034		8,190,000		9,384,728
Orange County Housing Finance Authority, Revenue Bonds
Series A, GNMA, FNMA, FHLMC,
1.55%, 03/01/2019		90,000		90,311
1.65%, 09/01/2019		90,000		90,676
3.15%, 09/01/2032		500,000		496,350
Peace River Manasota Regional Water Supply Authority, Revenue Bonds, 5.00%, 10/01/2019		100,000		107,266
South Broward Hospital District, Revenue Bonds, 5.00%, 05/01/2036		130,000		132,547
Tradition Community Development District No. 1, Special Assessment, AGM, 4.00%, 05/01/2023		525,000		576,817
Village Community Development District No. 12, Special Assessment, 3.25%, 05/01/2026		2,525,000		2,562,319

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


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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Florida (continued)
Volusia County School Board, Certificate of Participation Series A, BAM, 5.00%, 08/01/2027 - 08/01/2028		$ 705,000		$ 834,772
Walton County District School Board, Certificate of Participation, AGM, 5.00%, 07/01/2026		445,000		527,151

				50,284,515

Georgia - 0.5%
Atlanta Development Authority, Revenue Bonds, 5.00%, 09/01/2018		1,000,000		1,031,890
City of Atlanta Department of Aviation, Revenue Bonds, Series C, 5.00%, 01/01/2020		40,000		43,219
City of East Point, Tax Allocation, 3.00%, 08/01/2022		1,000,000		1,034,940
Cobb County Kennestone Hospital Authority, Revenue Bonds, 5.00%, 04/01/2019		150,000		157,641
County of DeKalb, General Obligation Unlimited, 4.00%, 01/01/2018		100,000		100,487
Georgia Housing & Finance Authority, Revenue Bonds
Series A-1,
3.20%, 12/01/2036		790,000		781,405
3.25%, 12/01/2037		1,430,000		1,414,384
Series B,
3.40%, 12/01/2037		1,395,000		1,403,342
Gwinnett County School District, General Obligation Unlimited, 5.00%, 02/01/2026		200,000		201,986
State of Georgia, General Obligation Unlimited, Series G, 5.00%, 12/01/2022		100,000		100,331
Valdosta Housing Authority, Revenue Bonds, XCLA, 4.50%, 08/01/2029		200,000		200,546

				6,470,171

Guam - 0.0% ^(F)
Guam Government Waterworks Authority, Revenue Bonds, 4.50%, 07/01/2018		85,000		86,614
Guam Power Authority, Revenue Bonds, Series A, AGM, 5.00%, 10/01/2026		175,000		195,962
Territory of Guam, General Obligation Unlimited, Series A, 5.25%, 11/15/2037		115,000		115,178

				397,754


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Hawaii - 0.0% ^(F)
State of Hawaii, General Obligation Unlimited, Series DY, 4.00%, 02/01/2018		$ 100,000		$ 100,737

Idaho - 0.4%
County of Nez Perce, Revenue Bonds, 2.75%, 10/01/2024^(E)		4,500,000		4,463,505
Idaho Health Facilities Authority, Revenue Bonds, Series B, 5.40%, 12/01/2017		100,000		100,348
Idaho Housing & Finance Association, Revenue Bonds
Series A,
4.00%, 07/01/2026 ^(E)		385,000		404,558
5.00%, 06/01/2035 ^(E)		495,000		530,086
Series A-1, Class I,
2.75%, 07/01/2031		710,000		692,143

				6,190,640

Illinois - 15.1%
Adams County School District No. 172, General Obligation Unlimited
AGM,
3.00%, 02/01/2033		300,000		282,723
3.25%, 02/01/2036		495,000		469,408
4.00%, 02/01/2032 - 02/01/2035		3,250,000		3,397,822
5.00%, 02/01/2029		1,495,000		1,726,127
Boone & Winnebago Counties Community Unit School District No. 200, General Obligation Unlimited, AGM, Zero Coupon, 01/01/2023		2,955,000		2,578,090
Carol Stream Park District, General Obligation Unlimited, BAM, 5.00%, 01/01/2037		1,375,000		1,559,979
Central Lake County Joint Action Water Agency, Revenue Bonds, 4.00%, 05/01/2019		60,000		62,312
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		5,822,421
Chicago Board of Education, General Obligation Unlimited
Series A, AGM-CR, AMBAC,
5.50%, 12/01/2021		410,000		451,197
Series A, AGM-CR, NATL,
5.25%, 12/01/2021		100,000		109,089
Series B,
5.00%, 12/01/2024		125,000		125,329
Series B, AGM,
5.00%, 12/01/2035		350,000		350,920
Series D, AGM,
5.00%, 12/01/2022		50,000		50,131

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


Transamerica Funds		Annual Report 2017

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Chicago O’Hare International Airport, Revenue Bonds
Series A, AGM,
5.00%, 01/01/2025 - 01/01/2026		$ 1,040,000		$ 1,046,781
Series B,
5.00%, 01/01/2018 - 01/01/2021		260,000		277,094
Series B, NATL,
5.25%, 01/01/2018		125,000		125,821
Chicago Park District, General Obligation Limited
Series B,
4.00%, 01/01/2019		25,000		25,630
5.00%, 01/01/2022		105,000		117,879
City of Berwyn, General Obligation Unlimited, Series A, AGM, 4.00%, 12/01/2018		200,000		205,360
City of Burbank, General Obligation Unlimited, BAM-TCRS, 3.70%, 12/01/2018		300,000		307,275
City of Calumet City, General Obligation Unlimited, Series A, BAM, 4.00%, 03/01/2022		1,345,000		1,448,484
City of Chicago, General Obligation Unlimited
Series A,
4.00%, 01/01/2019		50,000		50,842
Series A, AGM,
4.75%, 01/01/2030 - 01/01/2038		260,000		260,970
5.00%, 01/01/2023 - 01/01/2026		470,000		477,424
Series C,
5.00%, 01/01/2026 - 01/01/2027		3,000,000		3,305,090
City of Chicago, Revenue Bonds AGM, 5.00%, 01/01/2019 - 01/01/2026		425,000		432,464
City of Chicago Wastewater Transmission Revenue, Revenue Bonds
AGM-CR,
3.00%, 01/01/2021		750,000		777,547
5.00%, 01/01/2022 - 01/01/2024		700,000		785,652
BAM-TCRS,
3.00%, 01/01/2021		475,000		492,447
City of Chicago Waterworks Revenue, Revenue Bonds
3.00%, 11/01/2019		125,000		128,501
4.00%, 11/01/2023		500,000		541,875
5.00%, 11/01/2021 - 11/01/2028		3,485,000		3,898,894
AGM-CR,
5.00%, 11/01/2027		140,000		156,068
Series A-1,
5.00%, 11/01/2024		5,000,000		5,843,300
City of Country Club Hills, General Obligation Unlimited
BAM,
4.00%, 12/01/2028 - 12/01/2032		3,830,000		3,960,055
4.50%, 12/01/2030 - 12/01/2031		1,345,000		1,455,232


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
City of DeKalb, General Obligation Unlimited, Series A, 2.25%, 01/01/2029		$ 250,000		$ 217,538
City of Des Plaines, General Obligation Unlimited, Series B, 2.00%, 12/01/2017		745,000		745,559
City of East Peoria, General Obligation Unlimited
Series A, AGM,
4.20%, 01/01/2028		200,000		210,338
4.50%, 01/01/2033		170,000		178,213
City of Evanston, General Obligation Unlimited, Series C, 4.00%, 12/01/2018		50,000		50,831
City of Flora, General Obligation Unlimited BAM, 3.50%, 11/01/2022 - 11/01/2024		585,000		618,316
City of Joliet Waterworks & Sewerage Revenue, Revenue Bonds, 4.00%, 01/01/2018		500,000		502,135
City of Kankakee, General Obligation Unlimited Series A, AGM, 4.00%, 01/01/2026 - 01/01/2027		800,000		857,935
City of Loves Park, General Obligation Unlimited, AMBAC, 4.05%, 12/15/2018		40,000		40,146
City of Monmouth, General Obligation Unlimited, Series B, BAM, 3.00%, 12/01/2023		130,000		137,483
City of North Chicago, General Obligation Unlimited
Series A, AGM,
4.00%, 11/01/2020		160,000		170,902
Series B, AGM,
3.00%, 11/01/2017		100,000		100,000
4.00%, 11/01/2023		40,000		44,381
City of Princeton, General Obligation Unlimited, Series E, 2.50%, 12/01/2019		40,000		40,833
City of Rochelle Electric System Revenue, Revenue Bonds
AGM,
3.00%, 05/01/2019		310,000		316,535
4.00%, 05/01/2021		225,000		242,102
City of Springfield, General Obligation Unlimited, 5.00%, 12/01/2017		140,000		140,414
City of Sterling, General Obligation Unlimited
3.00%, 11/01/2018		25,000		25,412
AGM,
3.00%, 12/01/2024 - 12/01/2026		675,000		689,957

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


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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
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		$ 4,160,074
Coles Cumberland Moultrie Etc. Counties Community Unit School District No. 2, Revenue Bonds, 3.35%, 12/01/2017		130,000		130,203
Cook & Will Counties Community College District No. 515, General Obligation Limited
2.00%, 12/01/2017		10,000		10,006
5.00%, 12/01/2024		70,000		80,457
Cook & Will Counties School District No. 194, General Obligation Limited, Series B, BAM, 5.00%, 12/01/2033		775,000		876,889
Cook & Will Counties School District No. 194, General Obligation Unlimited, BAM, 4.13%, 12/01/2035		930,000		954,403
Cook County Community College District No. 508, General Obligation Unlimited
5.00%, 12/01/2018 - 12/01/2024		2,320,000		2,506,563
BAM-TCRS,
5.25%, 12/01/2027		2,110,000		2,389,575
Cook County Community College District No. 524, General Obligation Unlimited
3.00%, 12/01/2026		2,740,000		2,797,951
Series B, NATL,
5.00%, 12/01/2019		50,000		50,151
Cook County Community High School District No. 229, General Obligation Limited, 4.00%, 12/01/2023		1,505,000		1,677,428
Cook County High School District No. 201, General Obligation Limited
Series B, AMBAC,
Zero Coupon, 12/01/2019		100,000		94,865
Series C, AGM,
Zero Coupon, 12/01/2024		100,000		81,900
Cook County High School District No. 205, General Obligation Limited, AGC, 5.50%, 12/01/2019		100,000		104,646
Cook County High School District No. 220, General Obligation Limited
AGM-CR,
5.00%, 12/01/2025		700,000		814,863
BAM-TCRS,
5.00%, 12/01/2026		1,545,000		1,791,829
Cook County School District No. 100, General Obligation Unlimited, BAM, 4.00%, 12/01/2021		430,000		467,582
Cook County School District No. 102, Revenue Bonds, 2.63%, 01/15/2018		100,000		100,233


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Cook County School District No. 109, General Obligation Limited, 4.00%, 12/01/2018		$ 180,000		$ 185,000
Cook County School District No. 123, General Obligation Limited, Series B, AGM, 4.00%, 12/01/2017		215,000		215,464
Cook County School District No. 149, General Obligation Limited, Series A-1, AGM, 4.00%, 12/01/2028		980,000		1,036,301
Cook County School District No. 157, General Obligation Unlimited Series A, AGM, Zero Coupon, 11/01/2021 - 11/01/2025		1,450,000		1,206,041
Cook County School District No. 158, General Obligation Limited, AGM, 3.00%, 12/01/2021		325,000		338,318
Cook County School District No. 162, General Obligation Limited, AGM, 4.00%, 12/01/2027		250,000		255,892
Cook County School District No. 163, General Obligation Limited, Series A, AGM, 5.00%, 12/15/2028		70,000		76,378
Cook County School District No. 31, General Obligation Limited, Series A, 3.00%, 12/01/2021		100,000		104,700
Cook County School District No. 81, General Obligation Unlimited, AGM, 4.00%, 12/01/2019		500,000		514,000
Cook County School District No. 84.5, General Obligation Limited, Series A, AGM, 4.50%, 12/01/2025		410,000		411,004
Cook County School District No. 87, General Obligation Limited, AGM, 4.00%, 12/01/2018		175,000		175,375
Cook County School District No. 99, General Obligation Unlimited, Series A, AGC, 5.00%, 12/01/2018		100,000		103,572
County of Cook, General Obligation Unlimited
Series B, NATL,
5.00%, 11/15/2017		135,000		135,186
Series C,
4.25%, 11/15/2019		65,000		68,129
5.00%, 11/15/2020		100,000		106,121
Series C, AGM-CR,
5.00%, 11/15/2024		1,500,000		1,690,050
Series D,
5.00%, 11/15/2019		25,000		26,577

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


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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
County of Cook, Revenue Bonds, 4.00%, 11/15/2019		$ 300,000		$ 316,038
County of Winnebago, General Obligation Unlimited, Series C, 3.00%, 12/30/2018		50,000		50,935
DeKalb & Kane Counties Community Unit School District No. 427, General Obligation Unlimited, Series A, BAM-TCRS, 4.00%, 02/01/2030		2,285,000		2,383,758
DuPage & Will Counties Community School District No. 204, General Obligation Unlimited, Series A, 2.50%, 12/30/2019		30,000		30,668
DuPage County Community High School District No. 99, General Obligation Unlimited, 5.00%, 12/01/2018		100,000		103,846
Governors State University, Certificate of Participation, AGC, 4.50%, 01/01/2019		185,000		190,291
Grundy County School District No. 54, General Obligation Unlimited, AGM-CR, 6.00%, 12/01/2024		2,300,000		2,642,171
Henry & Whiteside Counties Community Unit School District No. 228, General Obligation Unlimited
Series A, AGM,
5.00%, 08/15/2028		150,000		171,470
Series B, AGM,
5.00%, 02/15/2023		165,000		187,843
Illinois Development Finance Authority, Revenue Bonds, AGM, Zero Coupon, 01/01/2021		85,000		78,856
Illinois Finance Authority, Revenue Bonds
4.00%, 08/01/2032		630,000		645,139
5.00%, 08/01/2025 - 08/01/2031		3,975,000		4,537,142
AGM,
4.00%, 12/01/2023		140,000		155,530
5.00%, 12/01/2036		1,900,000		2,141,775
Series A,
5.00%, 07/01/2020 - 11/15/2037		2,570,000		2,679,157
Series A-1,
Fixed until 01/15/2020, 5.00%^(D), 11/01/2030		110,000		118,730
Series A-2,
Fixed until 02/12/2020, 5.00%^(D), 11/01/2030		150,000		162,279
Series B,
5.00%, 11/01/2019		40,000		42,766
5.50%, 11/01/2020		80,000		86,720
Series C,
5.00%, 05/15/2020 - 08/15/2021		170,000		186,172
Series L,
4.00%, 12/01/2018		95,000		97,774


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Illinois Health Facilities Authority, Revenue Bonds, Series A, AGM, 5.00%, 05/15/2019		$ 60,000		$ 61,283
Illinois Housing Development Authority, Revenue Bonds
FNMA,
2.63%, 09/01/2032		1,544,554		1,513,787
Series A,
1.10%, 06/01/2018		55,000		54,941
Series A-1,
3.00%, 02/01/2022		440,000		462,189
Illinois State Toll Highway Authority, Revenue Bonds
Series B,
5.00%, 12/01/2017		2,600,000		2,608,164
Series D,
5.00%, 01/01/2024		45,000		53,221
Iroquois & Kankakee Counties Community Unit School District No. 4, General Obligation Unlimited, Series A, AMBAC, BAM-TCRS, Zero Coupon, 11/01/2022		1,400,000		1,238,986
Iroquois County Community Unit School District No. 124, General Obligation Unlimited, AGM, 3.00%, 12/01/2017		140,000		140,190
Joliet Regional Port District, General Obligation Unlimited Series A, AGM, 4.00%, 12/30/2024 - 06/30/2026		520,000		564,775
Kane Cook & DuPage Counties School District No. U-46, General Obligation Limited, Series A, 5.00%, 01/01/2033		260,000		296,111
Kane Cook & DuPage Counties School District No. U-46, General Obligation Unlimited Series D, 5.00%, 01/01/2025 - 01/01/2026		130,000		151,284
Kane County School District No. 129, General Obligation Unlimited
Series C, BAM-TCRS,
4.00%, 02/01/2022		1,240,000		1,354,229
5.00%, 02/01/2024 - 02/01/2025		5,200,000		6,136,931
Kane Kendall Etc. Counties Community College District No. 516, General Obligation Unlimited, Series A, 5.00%, 12/15/2022		100,000		113,074
Kendall Kane & Will Counties Community Unit School District No. 308, General Obligation Unlimited, 5.50%, 02/01/2023		300,000		352,701
Knox & Warren Counties Community Unit School District No. 205, General Obligation Unlimited, Series B, 3.50%, 01/01/2027		245,000		255,172

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


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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Lake & McHenry Counties Community Unit School District No. 118, General Obligation Unlimited 5.00%, 01/01/2021 - 01/01/2022		$ 105,000		$ 117,355
Lake County Community Unit School District No. 116, General Obligation Limited, Series B, 3.00%, 01/15/2023		305,000		321,540
Lake County School District No. 38, General Obligation Unlimited, BAM-TCRS, 3.00%, 02/01/2022		2,500,000		2,542,025
Lake County Special Education District No. 825, Revenue Bonds Series B, 4.00%, 10/01/2018 - 10/01/2019		285,000		295,321
Lincolnshire-Prairie View School District No. 103, Revenue Bonds, Series B, 3.00%, 12/01/2018		70,000		71,204
Macon & De Witt Counties Community Unit School District No. 2, General Obligation Unlimited
Series C, BAM,
3.25%, 12/01/2023		1,195,000		1,243,875
3.50%, 12/01/2024		1,270,000		1,342,619
4.00%, 12/01/2025		1,360,000		1,491,702
Macoupin County Community Unit School District No. 7, General Obligation Unlimited, AGC, 5.45%, 12/01/2034		515,000		569,992
Madison Bond Etc Counties Community Unit School District No. 5, General Obligation Unlimited Series A, AGM, 4.00%, 02/01/2025 - 02/01/2026		1,110,000		1,215,535
Madison-Macoupin Etc Counties Community College District No. 536, General Obligation Limited, AGM, 4.25%, 11/01/2017		50,000		50,000
Madison-Macoupin Etc Counties Community College District No. 536, General Obligation Unlimited
5.00%, 11/01/2018 - 11/01/2021		800,000		874,259
Series A, AGM,
5.00%, 11/01/2031 - 11/01/2033		3,450,000		3,945,753
Series A, BAM-TCRS,
5.00%, 11/01/2022 - 11/01/2026		5,275,000		6,006,169
McHenry & Kane Counties Community Consolidated School District No. 158, General Obligation Unlimited, AGM-CR, FGIC, Zero Coupon, 01/01/2024		660,000		564,907
McHenry County Community Unit School District No. 12, General Obligation Unlimited, Series A, AGM, 5.00%, 01/01/2023		70,000		79,188


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
McHenry County Community Unit School District No. 200, General Obligation Unlimited, 5.00%, 01/15/2019		$ 65,000		$ 67,772
McHenry County Conservation District, General Obligation Unlimited, 5.00%, 02/01/2026		110,000		130,445
McLean & Woodford Counties Community Unit School District No. 5, General Obligation Unlimited, AGC, 4.00%, 12/01/2018		70,000		71,945
McLean County Public Building Commission, Revenue Bonds, 4.00%, 12/01/2034		1,245,000		1,312,479
Metropolitan Pier & Exposition Authority, Revenue Bonds
Series A, NATL,
Zero Coupon, 06/15/2026		20,000		14,893
Series B, NATL,
5.70%^(G), 06/15/2023		300,000		350,115
Metropolitan Water Reclamation District of Greater Chicago, General Obligation Limited Series B, 5.00%, 12/01/2017 - 12/01/2019		85,000		89,568
Metropolitan Water Reclamation District of Greater Chicago, General Obligation Unlimited, Series B, 2.00%, 12/01/2017		755,000		755,551
Montgomery Christian & Fayette Counties Community Unit School District No. 22, General Obligation Unlimited
Series A, AGM,
4.00%, 12/01/2032		270,000		296,765
Series B, AGM,
3.30%, 12/01/2035		255,000		259,531
Series C, AGM,
3.00%, 12/01/2031		140,000		141,807
Morgan Greene & Macoupin Counties Community Unit School District No. 1, General Obligation Unlimited, Series A, BAM, 6.00%, 06/15/2037		500,000		612,905
Northeastern Illinois University, Certificate of Participation
AGM,
3.00%, 07/01/2019 - 07/01/2023		3,165,000		3,218,485
4.00%, 07/01/2025		565,000		606,115
Northeastern Illinois University, Revenue Bonds
Series 1, BAM,
3.00%, 07/01/2020		625,000		646,062
4.00%, 07/01/2021 - 07/01/2022		1,315,000		1,422,729
Northern Illinois University, Certificate of Participation, AGM, 5.00%, 09/01/2024		105,000		117,741

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


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At October 31, 2017


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Northlake Public Library District, General Obligation Unlimited, AGM, 3.00%, 12/01/2021		$ 610,000		$ 646,332
Ogle & Stephenson Counties Community Unit School District No. 221, General Obligation Unlimited, BAM, 5.00%, 02/01/2024		500,000		567,675
Peoria Metropolitan Airport Authority, Revenue Bonds, 5.60%, 12/01/2022		35,000		36,667
Peoria Public Building Commission, Revenue Bonds, BAM, 5.00%, 12/01/2022		1,075,000		1,219,480
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		675,000		737,884
Railsplitter Tobacco Settlement Authority, Revenue Bonds
5.00%, 06/01/2018 - 06/01/2019		240,000		252,815
5.25%, 06/01/2020 - 06/01/2021		185,000		204,489
5.38%, 06/01/2021		85,000		96,185
6.00%, 06/01/2028		75,000		84,512
Regional Transportation Authority, Revenue Bonds, Series A, NATL, 5.50%, 07/01/2025		65,000		79,844
Rock Island Country Public Building Commission, Revenue Bonds
AGM,
3.00%, 12/01/2020 - 12/01/2021		375,000		387,721
4.00%, 12/01/2023		285,000		312,004
5.00%, 12/01/2024 - 12/01/2031		1,950,000		2,262,865
Rock Island County School District No. 41, General Obligation Unlimited, AGM, 4.55%, 12/01/2026		320,000		320,906
Saline County Community Unit School District No. 3, General Obligation Unlimited
Series C, AGM,
2.00%, 12/01/2020 - 12/01/2021		665,000		665,968
4.00%, 12/01/2031		455,000		478,301
Sangamon County Community Unit School District No. 5, General Obligation Unlimited
4.00%, 01/01/2018		200,000		200,858
Series B,
5.00%, 01/01/2023		150,000		172,845
Southern Illinois University, Certificate of Participation, Series A-1, BAM, 4.00%, 02/15/2026		375,000		401,014
Southern Illinois University, Revenue Bonds
Series A, AGM,
5.50%, 04/01/2023		370,000		431,220


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Southern Illinois University, Revenue Bonds (continued)
Series B, BAM-TCRS,
5.00%, 04/01/2021		$ 435,000		$ 479,161
Southwestern Illinois Development Authority, Revenue Bonds, AGC, 3.80%, 02/01/2019		130,000		133,597
St. Clair County Community Consolidated School District No. 90, General Obligation Unlimited
AMBAC, BAM-TCRS,
Zero Coupon, 12/01/2020 - 12/01/2023		2,145,000		1,916,520
Series B, BAM,
2.75%, 12/01/2027		165,000		162,990
St. Clair County High School District No. 201 Belleville, General Obligation Unlimited, Series B, BAM, 5.00%, 02/01/2025		4,040,000		4,659,251
St. Clair County School District No. 119 Belle Valley, General Obligation Unlimited, AGM, 5.00%, 04/01/2031		440,000		508,539
St. Clair County Township High School District No. 203, General Obligation Unlimited, Series A, AMBAC, 5.00%, 12/01/2017		10,000		10,030
State of Illinois, General Obligation Unlimited
4.50%, 04/01/2018		100,000		100,208
5.00%, 08/01/2018 - 02/01/2022		235,000		245,833
Series B,
5.25%, 01/01/2018 - 01/01/2019		705,000		721,884
Tazewell County School District No. 51, General Obligation Unlimited NATL, 9.00%, 12/01/2021 - 12/01/2022		1,665,000		2,154,244
Town of Cicero, General Obligation Unlimited, Series B, AGM, 4.20%, 12/01/2027		490,000		506,145
Township of Campton, General Obligation Unlimited, 2.00%, 12/15/2018		50,000		50,053
University of Illinois, Revenue Bonds
Series A, AMBAC,
5.50%, 04/01/2022		200,000		228,338
Series A, BAM-TCRS,
4.00%, 04/01/2031		1,495,000		1,582,457
Village of Bedford Park, General Obligation Unlimited, Series A, AGM, 4.00%, 12/15/2018		100,000		103,103
Village of Bedford Park Water System Revenue, Revenue Bonds, Series A, AGM, 4.00%, 12/01/2026		95,000		103,549
Village of Bellwood, General Obligation Unlimited
AGM,
5.00%, 12/01/2019 - 12/01/2027		385,000		433,713

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


Transamerica Funds		Annual Report 2017

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Village of Bellwood, General Obligation Unlimited (continued)
Series B, AGM,
3.00%, 12/01/2029		$ 380,000		$ 370,565
Village of Broadview, General Obligation Unlimited Series A, BAM, 3.00%, 12/01/2018 - 12/01/2022		635,000		657,430
Village of Crestwood, General Obligation Unlimited
BAM,
4.50%, 12/15/2027 - 12/15/2029		2,445,000		2,673,880
Series B, BAM,
5.00%, 12/15/2028 - 12/15/2035		6,920,000		7,690,794
Village of Dolton, General Obligation Unlimited, Series A, AGC, 4.50%, 12/01/2024		300,000		310,725
Village of Elmwood Park, General Obligation Unlimited, 2.00%, 12/01/2018		125,000		125,614
Village of Franklin Park, Revenue Bonds, BAM, 5.00%, 04/01/2026		230,000		263,161
Village of Glenview, General Obligation Unlimited, Series A, 3.00%, 12/01/2019		25,000		25,906
Village of Lansing, General Obligation Unlimited, AGM, 5.00%, 03/01/2023		815,000		916,068
Village of Lyons, General Obligation Unlimited
Series B, BAM,
5.00%, 12/01/2032		125,000		135,654
Series C, BAM,
3.00%, 12/01/2019 - 12/01/2024		815,000		837,687
4.00%, 12/01/2022 - 12/01/2023		550,000		597,894
Village of Machesney Park, Revenue Bonds, Series B, AGM, 4.38%, 12/01/2019		150,000		152,931
Village of Melrose Park, General Obligation Unlimited, AGM, 3.00%, 12/15/2020		350,000		360,528
Village of Midlothian, General Obligation Unlimited, 4.60%, 01/01/2018		240,000		240,144
Village of Mount Prospect, General Obligation Unlimited, 3.00%, 12/01/2021		100,000		104,499
Village of Oak Park, General Obligation Unlimited, Series A, 3.00%, 11/01/2029		795,000		775,387
Village of Pingree Grove Special Service Area No. 2, Special Tax
AGM,
2.00%, 03/01/2020		260,000		259,997


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Village of Pingree Grove Special Service Area No. 2, Special Tax (continued)
3.00%, 03/01/2018 - 03/01/2019		$ 635,000		$ 644,023
Village of Richton Park, General Obligation Unlimited, BAM, 4.00%, 12/01/2035		570,000		578,670
Village of South Holland, General Obligation Unlimited, Series B, 4.00%, 12/15/2022		105,000		115,008
Warren County Community Unit School District No. 238, General Obligation Unlimited, AGM, 4.00%, 12/01/2021		75,000		81,555
Wauconda Special Service Area No.1, Special Tax
Series A, BAM,
2.63%, 03/01/2022		190,000		192,293
3.00%, 03/01/2019		115,000		117,446
5.00%, 03/01/2033		305,000		339,974
Western Illinois Economic Development Authority, Revenue Bonds 4.00%, 06/01/2018 - 06/01/2033		6,570,000		6,634,209
Western Illinois University, Certificate of Participation
AGM,
3.00%, 10/01/2022		3,010,000		3,099,427
5.00%, 10/01/2024		3,330,000		3,812,917
Western Illinois University, Revenue Bonds BAM, 5.00%, 04/01/2020 - 04/01/2024		2,755,000		3,071,353
Will County Community High School District No. 210, General Obligation Unlimited
AGM,
5.00%, 01/01/2020		370,000		388,633
Series A, AGM-CR,
5.00%, 01/01/2027		3,475,000		3,799,843
Will County Community Unit School District No. 201-U, General Obligation Limited, Series C, AGM, 5.00%, 01/01/2027		1,075,000		1,274,928
Will County Community Unit School District No. 201-U, General Obligation Unlimited
AGM,
Zero Coupon, 11/01/2024		750,000		601,845
Series B, AGM,
5.00%, 01/01/2026		515,000		617,099
Will County School District No. 86, General Obligation Unlimited, Series C, AGM-CR, 5.00%, 03/01/2024		8,195,000		9,612,571

				212,525,297

Indiana - 2.0%
Aurora School Building Corp., Revenue Bonds, 5.00%, 07/15/2020		115,000		125,972

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


Transamerica Funds		Annual Report 2017

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Indiana (continued)
Boone County Hospital Association, Revenue Bonds, 3.63%, 07/15/2018		$ 300,000		$ 305,391
City of Evansville, Revenue Bonds Series A, AGM, 5.00%, 02/01/2022 - 02/01/2025		375,000		434,807
City of Lafayette Sewage Works Revenue, Revenue Bonds, 4.00%, 07/01/2018		200,000		203,702
City of Lebanon Electric Utility Revenue, Revenue Bonds, BAM, 3.00%, 01/01/2019		100,000		102,179
City of Rockport, Revenue Bonds, Series D, Fixed until 06/01/2021, 2.05%^(D), 04/01/2025		3,000,000		3,019,620
Clark Pleasant Middle School, Revenue Bonds, 4.00%, 01/15/2018		100,000		100,592
East Chicago Sanitary District, Revenue Bonds, 4.00%, 07/15/2029		135,000		145,598
East Porter County School Building Corp., Revenue Bonds, 4.00%, 01/15/2018		225,000		226,379
Evansville Redevelopment Authority, Revenue Bonds, BAM, 5.00%, 02/01/2027		3,500,000		4,164,195
Frankfort High School Elementary School Building Corp., Revenue Bonds, 5.00%, 01/15/2026		270,000		325,099
Greater Clark County School Building Corp., Revenue Bonds, Series A, 4.00%, 07/15/2024		135,000		151,226
Hobart Building Corp., Revenue Bonds, 4.00%, 07/15/2018		175,000		178,467
Indiana Finance Authority, Revenue Bonds
3.50%, 10/01/2025		1,010,000		1,042,138
4.00%, 02/01/2021		405,000		428,498
4.25%, 10/01/2034		260,000		266,830
5.00%, 02/01/2022 - 10/01/2036		3,255,000		3,714,682
5.50%, 11/01/2017		100,000		100,000
Series A,
5.00%, 12/01/2017 - 09/15/2028		3,655,000		3,991,375
5.25%, 02/01/2018		150,000		151,583
Indiana Health & Educational Facilities Financing Authority, Revenue Bonds, AGM, 5.25%, 05/15/2041		135,000		137,811
Indiana Health Facility Financing Authority, Revenue Bonds
Fixed until 05/01/2020, 1.25%^(D), 11/01/2027		3,715,000		3,692,561
5.00%, 11/15/2034		1,875,000		2,164,556
Indiana Housing & Community Development Authority, Revenue Bonds, Series A-1, GNMA, FNMA, FHLMC, 2.85%, 07/01/2031		265,000		266,142


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Indiana (continued)
Ivy Tech Community College of Indiana, Revenue Bonds, Series T, 5.00%, 07/01/2018		$ 100,000		$ 102,619
Jeffersonville Redevelopment Authority, Revenue Bonds, AGM, 3.00%, 08/01/2026		860,000		912,340
Jennings County School Building Corp., Revenue Bonds, 3.00%, 01/15/2020^{(C) (E)}		345,000		356,909
Kokomo-Center School Building Corp., Revenue Bonds, Series A, 4.00%, 07/15/2018		475,000		484,410
Lake County Public Library District, General Obligation Unlimited, 4.00%, 08/01/2019		40,000		41,937
New Albany-Floyd County School Building Corp., Revenue Bonds, AGM, 5.25%, 07/15/2018		45,000		45,386
Warsaw Multi-School Building Corp., Revenue Bonds, Series B, 6.00%, 07/15/2020		100,000		101,008

				27,484,012

Iowa - 0.1%
City of Ames, General Obligation Unlimited, 2.25%, 06/01/2028		370,000		365,864
City of Ankeny, General Obligation Unlimited, Series B, 2.00%, 06/01/2018		125,000		125,700
Iowa Lakes Community College, General Obligation Unlimited, BAM, 2.00%, 06/01/2018		130,000		130,621
Iowa State Board of Regents, Revenue Bonds, 4.00%, 09/01/2022		50,000		55,629
West Des Moines Community School District, General Obligation Unlimited, 5.00%, 05/01/2018		100,000		101,939

				779,753

Kansas - 1.2%
City of Dodge City, Revenue Bonds, 3.00%, 07/15/2021		230,000		241,613
City of Wichita, Revenue Bonds, 4.00%, 11/15/2018		200,000		205,896
Douglas County Unified School District No. 491, General Obligation Unlimited
AGM,
2.38%, 09/01/2029		200,000		191,096
2.50%, 09/01/2030		450,000		430,821
3.00%, 09/01/2033		1,500,000		1,479,450

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


Transamerica Funds		Annual Report 2017

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Kansas (continued)
Fort Scott Community College, Certificate of Participation
Series A,
3.13%, 06/01/2037		$ 235,000		$ 223,866
3.38%, 06/01/2033		110,000		110,180
Johnson & Miami Counties Unified School District No. 230, General Obligation Unlimited, 5.00%, 09/01/2027		4,240,000		5,127,432
Johnson County Park & Recreation District, Certificate of Participation, Series A, 5.00%, 09/01/2018		100,000		103,197
Johnson County Unified School District No. 231, General Obligation Unlimited Series A, 5.00%, 10/01/2029 - 10/01/2030		1,790,000		2,116,092
Kansas Development Finance Authority, Revenue Bonds
5.00%, 01/01/2020		90,000		97,230
Series C, BAM,
4.00%, 05/01/2022		90,000		98,803
Series D,
5.00%, 11/15/2017		350,000		350,490
Series G2,
5.00%, 05/01/2018		100,000		101,954
Series K, NATL,
5.25%, 11/01/2025		30,000		30,000
Marais Des Cygnes Public Utility Authority, Revenue Bonds
AGM,
3.00%, 12/01/2026 - 12/01/2027		1,140,000		1,180,745
3.13%, 12/01/2033		180,000		180,633
Montgomery County Unified School District No. 446, General Obligation Unlimited BAM, 5.00%, 09/01/2027 - 09/01/2030		3,760,000		4,502,945
Sedgwick County Unified School District No. 262, General Obligation Unlimited, 5.00%, 09/01/2034		600,000		692,004

				17,464,447

Kentucky - 3.2%
Bullitt County School District Finance Corp., Revenue Bonds
3.10%, 09/01/2026		65,000		68,606
3.25%, 09/01/2028		545,000		570,855
County of Carroll, Revenue Bonds, Series A, Fixed until 09/01/2019, 1.05%^(D), 09/01/2042^(E)		2,750,000		2,722,802
Eastern Kentucky University, Revenue Bonds, Series A, 4.00%, 04/01/2025		475,000		535,962
Fayette County School District Finance Corp., Revenue Bonds, Series B, 4.00%, 05/01/2024		265,000		296,114


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Kentucky (continued)
Fleming County Public Properties Corp., Revenue Bonds, 3.10%, 11/01/2017		$ 50,000		$ 50,000
Floyd County School District Finance Corp., Revenue Bonds, 3.00%, 08/01/2024		110,000		116,409
Jefferson County School District Finance Corp., Revenue Bonds, Series C, 5.00%, 11/01/2017		100,000		100,000
Kentucky Asset Liability Commission, Revenue Bonds
NATL,
5.25%, 09/01/2019		150,000		160,766
Series A,
3.25%, 09/01/2024		100,000		108,075
Kentucky Municipal Power Agency, Revenue Bonds, Series A, NATL, 5.00%, 09/01/2023		115,000		133,483
Kentucky State Property & Building Commission, Revenue Bonds
BAM-TCRS,
5.00%, 04/01/2029		3,450,000		4,121,473
Series A,
5.00%, 10/01/2018		315,000		325,669
Kentucky Turnpike Authority, Revenue Bonds, Series A, 5.00%, 07/01/2021		25,000		28,127
Louisville & Jefferson County Metropolitan Sewer District, Revenue Bonds, 3.50%, 11/15/2017		50,000		50,046
Louisville & Jefferson County Visitors and Convention Commission, Revenue Bonds AGM-CR, 4.00%, 06/01/2024 - 06/01/2029		18,520,000		20,483,866
Morehead State University, Revenue Bonds
Series A,
3.00%, 04/01/2027		655,000		682,896
4.00%, 04/01/2030 - 04/01/2032		1,115,000		1,198,447
Nicholas County School District Finance Corp., Revenue Bonds
2.00%, 02/01/2023		305,000		306,970
2.38%, 02/01/2025		340,000		345,103
2.50%, 02/01/2027		555,000		557,875
3.00%, 02/01/2028 - 02/01/2032		1,340,000		1,370,219
Northern Kentucky University, Revenue Bonds, Series A, 4.00%, 09/01/2025		1,150,000		1,312,334
Paducah Electric Plant Board, Revenue Bonds Series A, AGM, 5.00%, 10/01/2029 - 10/01/2032		3,280,000		3,781,769
Warren County Justice Center Expansion Corp., Revenue Bonds, 5.00%, 09/01/2024		820,000		964,853

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


Transamerica Funds		Annual Report 2017

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At October 31, 2017


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Kentucky (continued)
Warren County School District Finance Corp., Revenue Bonds, 4.00%, 04/01/2026		$ 3,690,000		$ 4,179,405

				44,572,124

Louisiana - 2.0%
City of New Orleans, General Obligation Unlimited, Series A, AGC, 5.25%, 12/01/2036		125,000		125,434
City of Shreveport, Revenue Bonds BAM, 5.00%, 03/01/2019 - 03/01/2027		3,005,000		3,514,805
Fremaux Economic Development District, Revenue Bonds, 5.00%, 11/01/2034		275,000		277,835
Jefferson Parish Hospital Service District No. 1, Revenue Bonds, Series A, AGM, 5.38%, 01/01/2031		140,000		157,532
Lafourche Parish Law Enforcement District, Revenue Bonds, AGM, 4.00%, 09/01/2032		190,000		206,483
Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds AGM, 5.00%, 10/01/2025 - 09/15/2029		16,920,000		20,155,578
Louisiana Public Facilities Authority, Revenue Bonds
5.00%, 07/01/2022 - 07/01/2027		3,260,000		3,760,571
AGM,
5.00%, 06/01/2020 - 06/01/2021		340,000		369,054
Louisiana State Citizens Property Insurance Corp., Revenue Bonds, Series C-2, AGC, 6.75%, 06/01/2026		230,000		237,565

				28,804,857

Maine - 0.9%
City of Portland General Airport Revenue, Revenue Bonds, 5.00%, 01/01/2028		790,000		900,861
Maine Governmental Facilities Authority, Revenue Bonds, Series A, 5.00%, 10/01/2028		350,000		419,832
Maine Health & Higher Educational Facilities Authority, Revenue Bonds, Series A, 5.00%, 07/01/2018		115,000		117,801
Maine Municipal Bond Bank, Revenue Bonds
Series C,
4.00%, 11/01/2017		100,000		100,000
5.00%, 11/01/2020		30,000		30,000
Maine State Housing Authority, Revenue Bonds
Series B,
2.75%, 11/15/2028		410,000		407,249


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Maine (continued)
Maine State Housing Authority, Revenue Bonds (continued)
2.90%, 11/15/2029		$ 980,000		$ 975,737
3.00%, 11/15/2030		1,010,000		1,003,122
3.25%, 11/15/2032		500,000		501,165
Series C,
2.15%, 11/15/2026		265,000		262,448
2.35%, 11/15/2027		295,000		292,717
2.50%, 11/15/2028		550,000		541,051
2.75%, 11/15/2031		2,220,000		2,162,990
Series D-1,
1.90%, 11/15/2023		265,000		267,086
2.10%, 11/15/2024		485,000		481,426
2.30%, 11/15/2025		720,000		715,421
2.50%, 11/15/2026		715,000		711,418
2.65%, 11/15/2027		875,000		869,085
2.80%, 11/15/2028		870,000		866,624
2.95%, 11/15/2029		400,000		398,508
Maine Turnpike Authority, Revenue Bonds, Series B, 5.00%, 07/01/2019		100,000		106,240

				12,130,781

Maryland - 0.5%
City of Baltimore, Tax Allocation
4.00%, 06/15/2018		110,000		111,723
5.00%, 06/15/2019		200,000		210,792
City of Rockville, Revenue Bonds
Series A-2,
2.25%, 11/01/2022^(A)		250,000		248,127
4.00%, 11/01/2020^(A)		150,000		158,730
5.00%, 11/01/2023^(A)		345,000		390,091
Series A1,
5.00%, 11/01/2021 - 11/01/2023^(A)		650,000		729,430
Series C,
3.00%, 11/01/2025^(A)		1,500,000		1,502,145
Series C-3,
2.50%, 11/01/2024^(A)		2,000,000		2,002,880
Maryland Economic Development Corp., Revenue Bonds, AGM, 5.00%, 06/01/2029		1,020,000		1,209,751
Maryland Health & Higher Educational Facilities Authority, Revenue Bonds, 5.00%, 07/01/2021		35,000		39,595
Maryland Water Quality Financing Administration Revolving Loan Fund, Revenue Bonds, 5.00%, 03/01/2018		100,000		101,312
Montgomery County Revenue Authority, Revenue Bonds, Series A, 4.00%, 11/01/2020		380,000		408,899
State of Maryland Department of Transportation, Revenue Bonds, 5.25%, 12/15/2017		100,000		100,513

				7,213,988

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


Transamerica Funds		Annual Report 2017

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Massachusetts - 1.3%
Massachusetts Development Finance Agency, Revenue Bonds
Series F,
4.00%, 07/01/2018		$ 150,000		$ 152,808
Series I,
5.00%, 07/01/2025 - 07/01/2026		1,250,000		1,474,555
Series K,
4.00%, 07/01/2038		6,495,000		6,690,889
Massachusetts Health & Educational Facilities Authority, Revenue Bonds
Series B,
5.25%, 07/01/2038		345,000		354,415
5.75%, 07/01/2031		170,000		175,200
Massachusetts Housing Finance Agency, Revenue Bonds
FNMA,
2.65%, 12/01/2027		850,000		857,420
2.80%, 06/01/2028 - 12/01/2028		2,985,000		2,977,410
Series 178,
3.70%, 12/01/2033		1,115,000		1,152,152
Series 183,
2.80%, 06/01/2031		1,575,000		1,512,551
Series C,
1.95%, 06/01/2023		135,000		136,170
2.00%, 12/01/2023		110,000		110,842
2.15%, 12/01/2024		100,000		100,794
2.35%, 06/01/2025		400,000		402,972
2.40%, 12/01/2025		260,000		261,651
2.55%, 06/01/2026		280,000		282,450
2.60%, 12/01/2026		250,000		252,290
2.70%, 06/01/2027		150,000		152,531
2.75%, 12/01/2027		300,000		301,398
2.85%, 06/01/2028		310,000		311,504
2.90%, 12/01/2028		200,000		201,206
Series E,
2.85%, 12/01/2024		265,000		276,623
Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue, Revenue Bonds, Series B, 5.00%, 01/01/2018		135,000		135,867
University of Massachusetts Building Authority, Revenue Bonds, Series 1, 5.00%, 05/01/2018		100,000		101,934

				18,375,632

Michigan - 2.5%
Allendale Public School District, General Obligation Unlimited, 5.00%, 11/01/2026		225,000		274,167
Bellevue Community Schools, General Obligation Unlimited, Series A, AGM, 4.00%, 05/01/2024		390,000		441,620
Capac Community School District, General Obligation Unlimited BAM, 4.00%, 05/01/2027 - 05/01/2031		1,340,000		1,501,277


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Michigan (continued)
City of Detroit Sewage Disposal System Revenue, Revenue Bonds
Series A, AGM,
5.25%, 07/01/2023 - 07/01/2024		$ 80,000		$ 94,495
Series A, NATL,
5.25%, 07/01/2019		60,000		60,190
City of Detroit Water Supply System Revenue, Revenue Bonds, Series C, BHAC, FGIC, 4.25%, 07/01/2018		100,000		101,875
City of Romulus, General Obligation Limited, BAM, 5.00%, 11/01/2025		45,000		53,975
City of Saginaw Water Supply System Revenue, Revenue Bonds, AGM, 4.00%, 07/01/2018		130,000		132,503
City of South Haven, General Obligation Limited, 5.00%, 06/01/2028		375,000		383,546
County of Genesee, General Obligation Limited, Series B, BAM, 5.00%, 02/01/2031		75,000		86,476
Decatur Public School District, General Obligation Unlimited, 3.00%, 05/01/2022		510,000		542,002
Detroit Wayne County Stadium Authority, Revenue Bonds AGM, 5.00%, 10/01/2019 - 10/01/2026		3,515,000		3,840,733
Fitzgerald Public School District, General Obligation Unlimited BAM, 4.00%, 05/01/2023 - 05/01/2025		2,555,000		2,870,860
Forest Hills Public Schools, General Obligation Unlimited Series I, 3.00%, 05/01/2023 - 05/01/2024		300,000		319,814
Mancelona Public Schools, General Obligation Unlimited, 2.00%, 05/01/2018		150,000		150,638
Michigan Finance Authority, Revenue Bonds, Series A, 4.00%, 12/01/2017		690,000		691,628
Michigan Municipal Bond Authority, Revenue Bonds, 5.00%, 10/01/2019		25,000		26,812
Michigan State Building Authority, Revenue Bonds, Series I, 5.00%, 04/15/2018		125,000		127,213
Michigan State Hospital Finance Authority, Revenue Bonds
Series F,
Fixed until 04/01/2021, 1.90%^(D), 11/15/2047		1,320,000		1,328,422
Fixed until 03/15/2023, 2.40%^(D), 11/15/2047		840,000		854,482

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


Transamerica Funds		Annual Report 2017

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Michigan (continued)
Michigan State Housing Development Authority, Revenue Bonds
Series B,
3.25%, 12/01/2032^(A)		$ 3,935,000		$ 3,890,889
Series D,
3.65%, 10/01/2032		2,700,000		2,793,798
Saranac Community Schools, General Obligation Unlimited, Series A, 4.00%, 05/01/2025		130,000		145,519
Southgate Community School District, General Obligation Unlimited 5.00%, 05/01/2032 - 05/01/2035		2,070,000		2,402,938
Stockbridge Community Schools, General Obligation Unlimited, Series A, 5.00%, 05/01/2031		375,000		441,656
Sturgis Public School District, General Obligation Unlimited, Series A, 5.00%, 05/01/2026		45,000		53,974
Township of Hartland, General Obligation Limited, 3.00%, 04/01/2020		30,000		31,303
Van Dyke Public Schools, General Obligation Unlimited, AGM, 4.00%, 05/01/2018		100,000		101,329
Warren Consolidated Schools, General Obligation Unlimited
AGM,
4.00%, 05/01/2025 - 05/01/2027		850,000		968,376
Series B, BAM,
5.00%, 05/01/2023 - 05/01/2025		7,410,000		8,775,272
Wayne County Airport Authority, Revenue Bonds Series A, 5.00%, 12/01/2031 - 12/01/2032		625,000		740,324
Wayne State University, Revenue Bonds Series A, 5.00%, 11/15/2017 - 11/15/2018		390,000		394,395

				34,622,501

Minnesota - 1.2%
City of Deephaven, Revenue Bonds
Series A,
4.38%, 10/01/2027		250,000		248,502
4.40%, 07/01/2025		165,000		177,428
City of Litchfield Electric Utility Revenue, Revenue Bonds, Series A, 4.35%, 02/01/2028		100,000		100,821
City of St. Cloud, Revenue Bonds, Series A, 3.00%, 04/01/2021^(E)		250,000		215,263
City of Stillwater, Tax Allocation
3.00%, 02/01/2021 - 02/01/2027^{(C) (E)}		2,655,000		2,625,477
4.00%, 02/01/2030 ^{(C) (E)}		750,000		766,072


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Minnesota (continued)
County of Chippewa, Revenue Bonds 4.00%, 03/01/2023 - 03/01/2026		$ 5,460,000		$ 5,777,084
Dakota County Community Development Agency, Revenue Bonds, Series A, 5.00%, 09/01/2029^(E)		705,000		739,855
East Grand Forks Independent School District No. 595, General Obligation Unlimited, Series A, 4.00%, 02/01/2018		100,000		100,745
Forest Lake Independent School District No. 831, General Obligation Unlimited
Series A,
3.00%, 02/01/2036		135,000		132,018
5.00%, 02/01/2018		100,000		100,988
Housing & Redevelopment Authority of The City of St. Paul, Revenue Bonds
Series A,
4.00%, 07/01/2019		100,000		104,277
5.00%, 11/15/2025 - 12/01/2030		950,000		1,116,646
Series B,
4.25%, 04/01/2025 ^(E)		200,000		203,844
Minnesota Housing Finance Agency, Revenue Bonds
Series A,
4.00%, 08/01/2031		100,000		107,364
Series B,
3.20%, 07/01/2025		220,000		226,477
Series C, GNMA, FNMA, FHLMC,
2.80%, 07/01/2024		270,000		280,095
2.95%, 07/01/2025		100,000		105,194
Series F,
2.90%, 01/01/2026		340,000		357,830
2.95%, 07/01/2026		1,180,000		1,229,053
Northern Municipal Power Agency, Revenue Bonds
5.00%, 01/01/2028 - 01/01/2029		965,000		1,135,814
Series A, AGC,
5.00%, 01/01/2018		160,000		161,043
Richfield Independent School District No. 280, General Obligation Unlimited, Series A, 4.00%, 02/01/2018		100,000		100,745
St. Paul Port Authority, Revenue Bonds, Series 2, 4.00%, 12/01/2017		100,000		100,243
State of Minnesota, Revenue Bonds, Series A, 4.00%, 06/01/2018		150,000		152,580
Township of Baytown, Revenue Bonds, Series A, 4.00%, 08/01/2036		675,000		626,859

				16,992,317

Mississippi - 0.4%
City of Jackson, General Obligation Unlimited, Series A, BAM, 5.00%, 05/01/2026		50,000		59,704

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


Transamerica Funds		Annual Report 2017

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Mississippi (continued)
Mississippi Development Bank, Revenue Bonds
AGM,
5.00%, 12/01/2019		$ 460,000		$ 493,736
Series A,
5.00%, 03/01/2022		750,000		811,140
Mississippi Home Corp., Revenue Bonds
Series A, GNMA, FNMA, FHLMC,
2.00%, 12/01/2023		550,000		549,472
2.20%, 12/01/2024		695,000		695,945
2.35%, 06/01/2025		470,000		470,550
2.45%, 12/01/2025		660,000		662,244
2.70%, 12/01/2026		600,000		603,528
2.75%, 06/01/2027		300,000		301,404
2.80%, 12/01/2027		75,000		76,257
2.85%, 06/01/2028		420,000		421,361
2.95%, 12/01/2028		590,000		595,906
Series B-1, GNMA, FNMA, FHLMC,
4.25%, 12/01/2018		10,000		10,028

				5,751,275

Missouri - 1.3%
Branson Industrial Development Authority, Revenue Bonds
Series A,
3.00%, 11/01/2019 - 11/01/2021		1,135,000		1,145,765
4.00%, 11/01/2022		350,000		364,973
City of Sikeston Electric System Revenue, Revenue Bonds, 5.00%, 06/01/2018		1,000,000		1,019,910
City of St. Louis Parking Revenue, Revenue Bonds BAM, 3.00%, 12/15/2017 - 12/15/2018		900,000		909,244
County of Jackson, Revenue Bonds, Series B, 4.00%, 12/01/2017		175,000		175,424
Health & Educational Facilities Authority of the State of Missouri, Revenue Bonds, Series A, 5.00%, 06/01/2036		100,000		102,279
Industrial Development Authority of the City of St Louis Missouri, Revenue Bonds, Series A, 3.88%, 11/15/2029		1,000,000		1,017,170
Industrial Development Authority of the City of St. Louis, Tax Allocation, 3.75%, 11/01/2027		650,000		662,525
Kansas City Planned Industrial Expansion Authority, Revenue Bonds, 1.50%, 12/01/2018		5,400,000		5,400,864
Missouri Housing Development Commission, Revenue Bonds
Series A, GNMA, FNMA, FHLMC,
1.45%, 05/01/2019		35,000		35,110
Series B, GNMA, FNMA, FHLMC,
2.50%, 05/01/2029		5,000		5,024
2.55%, 11/01/2029		515,000		516,097


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Missouri (continued)
Missouri State Board of Public Buildings, Revenue Bonds, Series A, 2.25%, 04/01/2029		$ 980,000		$ 938,791
North Kansas City School District No. 74, General Obligation Unlimited, 4.00%, 03/01/2018		175,000		176,726
St. Louis County Industrial Development Authority, Special Assessment
2.00%, 03/01/2019^(B)		300,000		298,239
2.38%, 03/01/2020 03/05/2015 ^(B)		300,000		298,410
St. Louis Municipal Finance Corp., Revenue Bonds Series A, AGM, 5.00%, 02/15/2030 - 02/15/2033		4,625,000		5,422,975
University of Missouri, Revenue Bonds, Series A, 5.00%, 11/01/2033		460,000		460,000

				18,949,526

Montana - 0.5%
Lewis & Clark County School District No. 9, General Obligation Unlimited
2.00%, 07/01/2024		340,000		344,893
2.50%, 07/01/2027		475,000		487,754
Missoula High School District No. 1, General Obligation Unlimited 4.00%, 07/01/2031 - 07/01/2036		2,050,000		2,241,204
Montana Facility Finance Authority, Revenue Bonds
5.00%, 07/01/2028 - 07/01/2030		1,005,000		1,217,513
Series C,
3.00%, 06/01/2022		300,000		318,606
5.00%, 06/01/2024 - 06/01/2025		1,460,000		1,741,050
Montana State Board of Regents, Revenue Bonds, Series D, 3.00%, 11/15/2017		25,000		25,018

				6,376,038

Nebraska - 0.2%
Madison County Hospital Authority No. 1, Revenue Bonds, 5.00%, 07/01/2025		1,765,000		2,028,462
Metropolitan Utilities District of Omaha, Revenue Bonds, 5.00%, 12/01/2017		175,000		175,567
Omaha-Douglas Public Building Commission, General Obligation Limited, 4.25%, 05/01/2018		200,000		203,196
Papio-Missouri River Natural Resource District, General Obligation Limited 4.00%, 12/15/2018 - 12/15/2029		800,000		859,751
Thurston County School District No. 16, General Obligation Limited, 3.88%, 06/15/2029		100,000		104,488

				3,371,464

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


Transamerica Funds		Annual Report 2017

Page 190

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Nevada - 0.6%
Clark County School District, General Obligation Limited, Series A, 5.00%, 06/15/2020		$ 60,000		$ 61,999
Clark County Water Reclamation District, General Obligation Limited, Series B, 5.00%, 07/01/2018		200,000		205,196
County of Clark, General Obligation Limited, Series B, 5.00%, 11/01/2017		835,000		835,000
County of Clark, Revenue Bonds, 5.00%, 07/01/2024		25,000		26,581
County of Washoe, Revenue Bonds, Series B, Fixed until 06/01/2022, 3.00%^(D), 03/01/2036		1,000,000		1,046,240
Henderson Local Improvement Districts, Special Assessment
2.00%, 09/01/2023		375,000		369,090
2.25%, 09/01/2024		575,000		567,439
2.38%, 03/01/2021 - 03/01/2022		2,205,000		2,242,181
2.50%, 03/01/2023 - 09/01/2025		1,720,000		1,728,024
Las Vegas Special Improvement District Nos. 808 & 810, Revenue Bonds, 2.75%, 06/15/2021^(B)		1,015,000		1,003,936
Las Vegas Valley Water District, General Obligation Limited, Series A, 5.00%, 02/01/2031		100,000		100,981
Nevada System of Higher Education, Revenue Bonds Series A, 5.00%, 07/01/2021 - 07/01/2024		50,000		57,576
State of Nevada, Revenue Bonds, 5.00%, 12/01/2017		50,000		50,162
State of Nevada Highway Improvement Revenue, Revenue Bonds, AGM, 5.00%, 12/01/2021		140,000		143,191

				8,437,596

New Hampshire - 0.0% ^(F)
New Hampshire Health and Education Facilities Authority Act, Revenue Bonds 5.00%, 04/01/2019 - 08/01/2035		230,000		240,195
New Hampshire Municipal Bond Bank, Revenue Bonds, Series A, 5.00%, 08/15/2019		125,000		133,481
State of New Hampshire, General Obligation Unlimited, Series C, 5.00%, 05/01/2028		100,000		103,878

				477,554

New Jersey - 8.5%
Borough of Runnemede, General Obligation Unlimited, 3.00%, 11/15/2023		105,000		111,557


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New Jersey (continued)
Borough of South River, General Obligation Unlimited, 4.00%, 12/01/2020		$ 235,000		$ 253,135
Camden County Improvement Authority, Revenue Bonds
4.00%, 01/15/2020		1,230,000		1,298,007
5.00%, 01/15/2026		475,000		554,106
Series A,
3.50%, 09/01/2018		50,000		51,006
4.00%, 12/01/2018 - 12/15/2025		750,000		846,272
5.00%, 01/15/2029		415,000		488,970
Casino Reinvestment Development Authority, Revenue Bonds, AGM, 5.00%, 11/01/2026		575,000		649,422
City of Atlantic City, General Obligation Unlimited, Series B, AGM, 5.00%, 03/01/2037		1,250,000		1,412,975
City of Bayonne, General Obligation Unlimited AGM, 5.00%, 08/01/2023 - 08/01/2024		275,000		318,911
City of New Brunswick, General Obligation Unlimited
4.00%, 10/01/2018		100,000		102,564
AGM,
5.00%, 09/15/2027		185,000		226,129
City of Newark, General Obligation Unlimited
AGM,
2.50%, 09/15/2020		250,000		255,435
Series A,
5.00%, 10/01/2020		55,000		58,409
City of Paterson, General Obligation Unlimited, BAM, 5.00%, 01/15/2024		1,315,000		1,476,456
City of Trenton, General Obligation Unlimited BAM, 5.00%, 07/15/2022 - 12/01/2023		6,155,000		7,112,656
County of Sussex, General Obligation Unlimited, 2.00%, 02/15/2018		235,000		235,681
Cumberland County Improvement Authority, Revenue Bonds, AGM, 4.00%, 01/01/2019		100,000		103,343
Essex County Improvement Authority, Revenue Bonds, Series A, 5.00%, 12/01/2035^(E)		535,000		541,548
Garden State Preservation Trust, Revenue Bonds
Series A, AGM,
5.75%, 11/01/2028		4,920,000		6,022,523
Series C, AGM,
5.13%, 11/01/2017 - 11/01/2019		420,000		427,699
Gloucester County Improvement Authority, Revenue Bonds, Series A, Fixed until 12/01/2017, 2.13%^(D), 12/01/2029		60,000		60,058

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


Transamerica Funds		Annual Report 2017

Page 191

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New Jersey (continued)
Greater Egg Harbor Regional High School District, General Obligation Unlimited
AGM,
4.00%, 02/01/2028 - 02/01/2031		$ 1,385,000		$ 1,508,860
5.00%, 02/01/2023 - 02/01/2024		3,905,000		4,547,942
Lacey Township Board of Education, General Obligation Unlimited, BAM, 5.00%, 04/01/2025		875,000		1,042,396
Little Egg Harbor Board of Education, General Obligation Unlimited, AGM, 4.00%, 01/15/2021		225,000		242,156
Matawan-Aberdeen Regional School District, General Obligation Unlimited, 5.00%, 09/15/2019		25,000		26,756
Mount Olive Township Board of Education, General Obligation Unlimited, 4.00%, 01/15/2018		100,000		100,588
New Brunswick Parking Authority, Revenue Bonds
BAM,
5.00%, 09/01/2019		320,000		342,189
Series A, BAM,
4.00%, 09/01/2022		45,000		49,560
5.00%, 09/01/2023		125,000		145,912
New Jersey Building Authority, Revenue Bonds, Series A, BAM, 5.00%, 06/15/2028		480,000		547,723
New Jersey Economic Development Authority, Revenue Bonds
5.00%, 12/15/2017		165,000		165,790
5.25%, 09/01/2022		15,000		16,852
Series A,
3.13%, 07/01/2029		5,430,000		5,343,663
3.50%, 09/01/2022^(B)		135,000		134,461
4.25%, 09/01/2027^(B)		200,000		199,512
5.00%, 09/01/2037^(B)		750,000		749,947
Series A, BAM,
3.13%, 07/01/2031		2,500,000		2,460,250
5.00%, 06/15/2021 - 07/01/2028		13,305,000		15,324,440
Series B,
4.25%, 09/01/2022^(B)		215,000		213,865
Series DDD,
5.00%, 06/15/2024 - 06/15/2035		11,175,000		12,599,980
Series K, AMBAC,
5.50%, 12/15/2019		350,000		375,515
Series PP, AGM-CR,
5.00%, 06/15/2025		14,500,000		16,480,555
Series UU, AGM-CR,
5.00%, 06/15/2025		1,330,000		1,511,665
New Jersey Educational Facilities Authority, Revenue Bonds
AGM,
5.00%, 07/01/2027		115,000		118,027
Series A, AGC-ICC,
4.00%, 07/01/2018		75,000		76,454


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New Jersey (continued)
New Jersey Educational Facilities Authority, Revenue Bonds (continued)
Series D, AGM,
5.00%, 07/01/2024		$ 2,485,000		$ 2,944,476
Series E, BAM,
5.00%, 07/01/2023 - 07/01/2027		1,620,000		1,912,848
Series F, AGC,
4.00%, 07/01/2020		785,000		838,600
Series H, AGM,
5.00%, 07/01/2026		760,000		903,404
Series K,
5.00%, 07/01/2021 - 07/01/2022		255,000		261,712
New Jersey Health Care Facilities Financing Authority, Revenue Bonds
4.00%, 11/15/2018		50,000		51,401
5.00%, 07/01/2023		50,000		57,487
5.50%, 07/01/2029		100,000		106,975
6.63%, 07/01/2038		100,000		103,670
AGC,
5.25%, 01/01/2036		120,000		120,830
Series A, AGM,
5.00%, 07/01/2024		1,005,000		1,190,131
New Jersey Housing & Mortgage Finance Agency, Revenue Bonds
Series A,
2.60%, 11/01/2024		2,500,000		2,520,775
2.85%, 11/01/2025		1,830,000		1,858,200
Series B,
2.00%, 05/01/2021		5,000,000		5,044,750
Series F, FHLMC,
3.35%, 12/01/2030		1,255,000		1,293,102
New Jersey Transportation Trust Fund Authority, Revenue Bonds
5.00%, 06/15/2023		750,000		842,685
AGM-CR, AMBAC,
5.00%, 12/15/2034		35,000		35,157
Series A, AGM-CR,
5.50%, 12/15/2022		3,730,000		4,322,772
Series A, AMBAC,
5.00%, 12/15/2024		110,000		110,510
Series C, AGM,
5.50%, 12/15/2017		125,000		125,615
Newark Housing Authority, Revenue Bonds AGM, 4.00%, 12/01/2029 - 12/01/2030		465,000		495,236
Passaic County Improvement Authority, Revenue Bonds 5.00%, 05/01/2019 - 05/01/2020		500,000		539,759
Passaic Valley Sewerage Commission, Revenue Bonds, Series H, AGM, 5.00%, 12/01/2017		100,000		100,320
Paulsboro School District, General Obligation Unlimited, AGM, 3.00%, 04/01/2021		95,000		100,473
Pitman School District, General Obligation Unlimited, AGM, 4.00%, 08/01/2024		720,000		819,713

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


Transamerica Funds		Annual Report 2017

Page 192

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New Jersey (continued)
River Edge School District, General Obligation Unlimited, 3.00%, 02/01/2020		$ 25,000		$ 25,865
State of New Jersey, Certificate of Participation
Series A,
5.00%, 06/15/2018		105,000		107,520
5.25%, 06/15/2026 - 06/15/2030		1,145,000		1,219,322
Town of Kearny, General Obligation Unlimited, Series A, AGM, 5.00%, 02/01/2023		585,000		673,563
Township of Lakewood, General Obligation Unlimited, BAM, 4.00%, 11/01/2019		145,000		152,488
Township of Little Falls, General Obligation Unlimited, 4.00%, 08/01/2019		90,000		94,375
Township of West Deptford, General Obligation Unlimited, BAM, 5.00%, 09/01/2022		350,000		401,586
Trenton Parking Authority, Revenue Bonds Series B, AGM, 4.00%, 04/01/2023 - 04/01/2028		2,960,000		3,246,415

				119,553,655

New Mexico - 0.4%
City of Farmington, Revenue Bonds
Fixed until 06/01/2022, 2.13%^(D), 06/01/2040		1,500,000		1,508,160
Series A,
Fixed until 04/01/2020, 1.88%^(D), 04/01/2029		1,900,000		1,916,815
Series E,
Fixed until 04/01/2020, 1.88%^(D), 04/01/2029		800,000		807,080
City of Hobbs, Revenue Bonds, Series A, 4.50%, 12/01/2034		260,000		268,812
County of Luna, Revenue Bonds, AGM, 5.00%, 12/01/2029		395,000		466,673
Las Cruces School District No. 2, General Obligation Unlimited, Series A, 4.00%, 08/01/2027		70,000		78,044
State of New Mexico Severance Tax Permanent Fund, Revenue Bonds, Series A, 5.00%, 07/01/2018		245,000		251,333

				5,296,917

New York - 5.6%
Albany Industrial Development Agency, Revenue Bonds, Series A, 5.25%, 11/15/2027		1,175,000		1,176,821


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New York (continued)
Brooklyn Arena Local Development Corp., Revenue Bonds, Series A, AGM, 4.00%, 07/15/2035		$ 2,500,000		$ 2,656,200
Buffalo & Erie County Industrial Land Development Corp., Revenue Bonds
3.88%, 08/01/2027		2,545,000		2,547,952
5.00%, 08/01/2037		1,320,000		1,383,202
City of Albany, General Obligation Limited, Series A, 2.00%, 07/01/2018		100,000		100,553
City of Long Beach, General Obligation Limited, Series A, BAM, 3.00%, 11/15/2017		200,000		200,118
City of New York, General Obligation Unlimited
Series D1,
4.75%, 12/01/2029		180,000		180,549
Series I-1,
4.50%, 02/01/2018		125,000		126,079
City of Niagara Falls, General Obligation Limited BAM, 5.00%, 05/15/2023 - 05/15/2028		1,150,000		1,353,644
City of Yonkers, General Obligation Limited, Series E, AGM, 5.00%, 09/01/2024		605,000		719,049
County of Chautauqua, General Obligation Limited, AGM, 4.00%, 06/01/2019		25,000		26,081
County of Dutchess, General Obligation Unlimited, 5.00%, 12/15/2017		100,000		100,480
County of Nassau, General Obligation Limited, Series A, 5.00%, 04/01/2018		225,000		228,629
County of Nassau, General Obligation Unlimited, Series C, 5.00%, 10/01/2018		250,000		258,792
County of Suffolk, General Obligation Limited, Series A, AGM, 3.00%, 06/15/2025		3,780,000		4,026,569
Dutchess County Local Development Corp., Revenue Bonds 5.00%, 07/01/2032 - 07/01/2036		675,000		763,681
East Aurora Union Free School District, General Obligation Unlimited, 5.00%, 12/01/2017		100,000		100,325
Erie County Fiscal Stability Authority, Revenue Bonds, Series C, 5.00%, 12/01/2017		220,000		220,724

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


Transamerica Funds		Annual Report 2017

Page 193

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New York (continued)
Housing Development Corp., Revenue Bonds
Series C-1,
2.25%, 05/01/2026		$ 955,000		$ 944,189
2.30%, 11/01/2026		925,000		915,435
2.40%, 05/01/2027		850,000		839,800
2.45%, 11/01/2027		390,000		385,094
2.55%, 05/01/2028		500,000		493,485
Series C1A,
2.25%, 11/01/2025		75,000		76,479
Series I, FNMA,
Fixed until 02/01/2026, 2.95%^(D), 11/01/2045		5,000,000		5,131,300
Jamestown City School District, General Obligation Unlimited, AGM, 3.00%, 06/15/2028		285,000		298,857
Lockport City School District, General Obligation Unlimited
2.25%, 08/01/2027		1,270,000		1,277,023
2.50%, 08/01/2028		1,420,000		1,427,767
Long Island Power Authority, Revenue Bonds, Series B, 4.00%, 09/01/2018		100,000		102,424
Metropolitan Transportation Authority, Revenue Bonds
Series A,
5.00%, 11/15/2025		50,000		58,220
Series A, AGM,
5.00%, 11/15/2033		45,000		45,067
Series A, NATL,
4.75%, 11/15/2037		125,000		125,175
Series A1,
5.00%, 11/15/2029		2,080,000		2,526,618
Series D,
5.00%, 11/15/2017 - 11/15/2030		2,600,000		2,974,543
MTA Hudson Rail Yards Trust Obligations, Revenue Bonds, Series A, 5.00%, 11/15/2051		2,000,000		2,189,200
Nassau County Interim Finance Authority, Revenue Bonds, Series A, 5.00%, 11/15/2017		60,000		60,088
New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds
Series A-1,
5.00%, 11/01/2017		1,000,000		1,000,000
Series B,
5.00%, 11/01/2017		150,000		150,000
Series C,
4.00%, 11/01/2017		495,000		495,000
Series D,
5.00%, 11/01/2017		100,000		100,000
Series F-1,
5.00%, 05/01/2027		100,000		101,999
New York City Water & Sewer System, Revenue Bonds, Series DD, 5.00%, 06/15/2037		100,000		102,450


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New York (continued)
New York Municipal Bond Bank Agency, Revenue Bonds, 4.00%, 12/01/2017		$ 125,000		$ 125,304
New York Power Authority, Revenue Bonds, Series C, NATL, 5.00%, 11/15/2017		30,000		30,044
New York State Dormitory Authority, Revenue Bonds
4.00%, 02/15/2019		400,000		414,508
6.13%, 12/01/2029 ^(E)		100,000		105,382
Series A,
5.00%, 03/15/2018 - 12/15/2029		2,855,000		3,263,170
Series A, NATL,
5.50%, 07/01/2018 - 05/15/2024		205,000		222,377
Series B,
5.00%, 07/01/2018		165,000		169,265
New York State Environmental Facilities Corp., Revenue Bonds, Series A, 5.00%, 12/15/2024		150,000		150,741
New York State Housing Finance Agency, Revenue Bonds
Series E,
3.45%, 11/01/2030		300,000		309,021
Series E, GNMA, FNMA, FHLMC,
1.00%, 11/01/2019		690,000		684,080
Series H, GNMA, FNMA, FHLMC,
1.60%, 05/01/2021		3,000,000		2,992,380
1.65%, 11/01/2021		11,175,000		11,147,460
New York State Thruway Authority, Revenue Bonds, Series A, 5.00%, 03/15/2019		525,000		552,379
New York State Urban Development Corp., Revenue Bonds
Series A-1,
5.00%, 12/15/2021		295,000		296,448
Series B,
5.00%, 01/01/2018		100,000		100,653
Niagara Falls City School District, Certificate of Participation AGM, 5.00%, 06/15/2024 - 06/15/2025		690,000		811,010
Niagara Falls City School District, General Obligation Unlimited
BAM,
5.00%, 09/15/2018		200,000		206,534
BAM-TCRS,
5.00%, 06/15/2023		2,075,000		2,430,759
Niagara Frontier Transportation Authority, Revenue Bonds
AGM,
2.47%^(D), 04/01/2024 ^(E)		75,000		75,000
Series A-1,
2.47%^(D), 04/01/2024 ^(E)		25,000		25,000
Niagara Tobacco Asset Securitization Corp., Revenue Bonds, 4.00%, 05/15/2029		150,000		151,300

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


Transamerica Funds		Annual Report 2017

Page 194

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New York (continued)
Niskayuna Central School District, General Obligation Unlimited, AGC, 4.00%, 04/15/2022		$ 100,000		$ 101,328
North East Joint Fire District, General Obligation Limited, Series A, BAM, 3.50%, 12/15/2019		60,000		62,879
Pelham Union Free School District, General Obligation Unlimited 2.00%, 06/15/2018 - 06/15/2022		440,000		447,932
St. Lawrence County Industrial Development Agency, Revenue Bonds, Series A, 5.00%, 07/01/2029		150,000		177,888
State of New York Mortgage Agency, Revenue Bonds
Series 190,
3.45%, 10/01/2030		210,000		215,886
Series 197,
1.90%, 04/01/2025		925,000		909,858
Suffolk County Water Authority, Revenue Bonds, Series B, 5.00%, 11/01/2017		35,000		35,000
Town of Colonie, General Obligation Unlimited, 5.50%, 04/01/2024		100,000		101,853
Town of Islip, General Obligation Unlimited, 4.00%, 12/01/2017		25,000		25,063
Town of Oyster Bay, General Obligation Limited
Series B, AGM,
3.00%, 11/01/2017		35,000		35,000
Series B, BAM,
5.00%, 08/15/2023		220,000		252,901
Town of Poughkeepsie, General Obligation Limited, BAM, 3.00%, 12/15/2017		100,000		100,226
Triborough Bridge & Tunnel Authority, Revenue Bonds
Series A,
4.00%, 11/15/2017		150,000		150,162
5.00%, 11/15/2017		100,000		100,148
Troy Capital Resource Corp., Revenue Bonds, Series B, 5.00%, 09/01/2018		165,000		170,206
Village of Pleasantville, General Obligation Limited, 3.00%, 06/15/2018		175,000		177,133
Westchester County Local Development Corp., Revenue Bonds 5.00%, 11/01/2025 - 11/01/2026		1,375,000		1,608,305
Windsor Central School District, General Obligation Unlimited
2.00%, 06/15/2020 - 06/15/2023		465,000		473,781
3.00%, 06/15/2030 - 06/15/2032		435,000		445,593


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New York (continued)
Yonkers Industrial Development Agency, Revenue Bonds, Series A, 6.00%, 06/01/2041		$ 10,100,000		$ 10,871,539

				78,715,157

North Carolina - 1.2%
Charlotte-Mecklenburg Hospital Authority, Revenue Bonds, Series A, 5.00%, 01/15/2039		100,000		100,817
City of Charlotte, Certificate of Participation, Series A, 5.00%, 12/01/2021		25,000		28,515
City of Raleigh, General Obligation Unlimited, Series D, 5.00%, 12/01/2017		110,000		110,358
County of Brunswick Enterprise Systems Revenue, Revenue Bonds, Series A, AGM, 5.00%, 04/01/2023		100,000		101,655
County of Cabarrus, Certificate of Participation, Series A, 4.00%, 04/01/2018		200,000		202,428
County of Mecklenburg, Certificate of Participation, Series B, 5.00%, 02/01/2018		15,000		15,145
County of Onslow, General Obligation Unlimited, 5.00%, 04/01/2022		100,000		101,634
North Carolina Eastern Municipal Power Agency, Revenue Bonds
AMBAC,
6.00%, 01/01/2018		100,000		100,815
Series A,
6.50%, 01/01/2018		100,000		100,905
Series A, AGC,
5.25%, 01/01/2019		400,000		402,768
North Carolina Housing Finance Agency, Revenue Bonds
Series 37-B, GNMA, FNMA,
1.95%, 07/01/2023		165,000		167,003
2.10%, 07/01/2024		120,000		120,560
Series 38-B,
2.10%, 01/01/2024		145,000		146,175
2.20%, 07/01/2024		320,000		321,091
2.38%, 01/01/2025		2,150,000		2,171,263
2.45%, 07/01/2025		2,025,000		2,055,598
2.65%, 01/01/2026		1,155,000		1,181,923
2.70%, 07/01/2026		275,000		279,593
2.80%, 01/01/2027		430,000		436,970
2.85%, 07/01/2027		650,000		655,239
2.95%, 01/01/2028 - 07/01/2028		775,000		788,506

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


Transamerica Funds		Annual Report 2017

Page 195

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
North Carolina (continued)
North Carolina Medical Care Commission, Revenue Bonds
AGC,
3.25%, 02/15/2018		$ 100,000		$ 100,605
3.50%, 02/15/2019		130,000		133,635
State of North Carolina, Revenue Bonds, Series B, 5.00%, 11/01/2017		100,000		100,000
University of North Carolina at Wilmington, Revenue Bonds 4.00%, 06/01/2030 - 06/01/2033		310,000		335,905
Western Carolina University, Revenue Bonds, AGM, 5.00%, 06/01/2027		490,000		586,574
Winston-Salem State University, Revenue Bonds BAM, 5.00%, 06/01/2029 - 06/01/2036		4,660,000		5,358,635

				16,204,315

North Dakota - 1.3%
City of Mandan, Revenue Bonds, Series A, 4.00%, 09/01/2034		1,010,000		1,070,651
County of Burleigh Multi-County Sales Tax Revenue, Revenue Bonds
Series A, AGM,
3.00%, 11/01/2024 - 11/01/2026		2,410,000		2,498,715
5.00%, 11/01/2021		755,000		855,581
Grand Forks Park District, Revenue Bonds, 3.00%, 12/01/2020		770,000		805,589
Jamestown Park District, Revenue Bonds
Series A,
3.00%, 07/01/2035		4,050,000		3,764,475
4.00%, 07/01/2026 - 07/01/2033		6,630,000		7,097,663
North Dakota Housing Finance Agency, Revenue Bonds
2.80%, 07/01/2023		55,000		57,427
Series C,
2.55%, 01/01/2028		775,000		763,352
Series D,
2.80%, 01/01/2025		810,000		846,207
2.85%, 07/01/2025		1,100,000		1,144,341

				18,904,001

Ohio - 2.6%
Allen East Local School District, General Obligation Unlimited
Zero Coupon, 12/01/2021 - 12/01/2024		885,000		784,452
2.00%, 12/01/2025		200,000		196,760
American Municipal Power, Inc., Revenue Bonds, Series C, 5.25%, 02/15/2019		45,000		47,354
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds
Series A-2,
5.13%, 06/01/2024		1,530,000		1,432,034
5.38%, 06/01/2024		380,000		360,692


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Ohio (continued)
Butler County Port Authority, Revenue Bonds, Series A, 5.00%, 12/01/2024		$ 545,000		$ 627,873
City of Hamilton, General Obligation Limited 4.00%, 11/01/2017		475,000		475,000
City of Marysville Wastewater Treatment System Revenue, Revenue Bonds
BAM,
5.00%, 12/01/2023		635,000		745,534
Series B, BAM,
4.00%, 12/01/2029		270,000		294,710
Cleveland-Cuyahoga County Port Authority, Revenue Bonds Series C, 3.00%, 05/15/2018 - 11/15/2023		905,000		944,166
Cleveland-Cuyahoga County Port Authority, Tax Allocation Series D, 3.00%, 05/15/2019 - 05/15/2023		1,870,000		1,951,101
County of Cuyahoga, Revenue Bonds, 4.00%, 02/15/2029		3,100,000		3,143,121
County of Franklin, Revenue Bonds, Series A, 5.00%, 11/01/2040		350,000		363,573
County of Logan, General Obligation Limited, AGC, 5.00%, 12/01/2017		100,000		100,324
County of Lucas, Revenue Bonds, Series D, 5.00%, 11/15/2018		25,000		25,996
County of Montgomery, Revenue Bonds, Series A, 5.00%, 05/01/2032		40,000		40,420
County of Scioto, Revenue Bonds, 3.50%, 02/15/2038		2,300,000		2,209,242
County of Warren, Revenue Bonds 5.00%, 07/01/2022 - 07/01/2023		425,000		490,909
Dayton-Montgomery County Port Authority, Revenue Bonds, Series 1, 6.13%, 01/15/2025^(E)		730,000		746,315
East Knox Local School District, General Obligation Unlimited, BAM, 4.00%, 12/01/2030		260,000		289,780
Lancaster City School District, General Obligation Limited, Series B, 4.00%, 10/01/2030		200,000		217,346
Ohio Air Quality Development Authority, Revenue Bonds, Series E, 5.63%, 10/01/2019		6,900,000		7,140,396
Ohio Higher Educational Facility Commission, Revenue Bonds
5.00%, 01/01/2019		35,000		36,549
Series A,
5.00%, 01/15/2018		160,000		161,240

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


Transamerica Funds		Annual Report 2017

Page 196

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Ohio (continued)
Ohio Housing Finance Agency, Revenue Bonds
Series D, GNMA, FNMA, FHLMC,
3.05%, 09/01/2032		$ 2,275,000		$ 2,233,845
3.40%, 09/01/2037		4,445,000		4,398,639
Ohio Turnpike & Infrastructure Commission, Revenue Bonds, Series A, 5.00%, 02/15/2018		100,000		101,132
Ohio University, Revenue Bonds, Series A, 1.50%, 12/01/2017		2,485,000		2,485,919
Ohio Water Development Authority Water Pollution Control Loan Fund, Revenue Bonds
5.00%, 12/01/2017		100,000		100,325
Series B-1,
5.00%, 12/01/2017		290,000		290,943
Pinnacle Community Infrastructure Financing Authority, Revenue Bonds, Series A, AGM, 4.00%, 12/01/2031		1,595,000		1,673,586
Sidney City School District, General Obligation Unlimited, NATL, 4.75%, 12/01/2020		650,000		651,996
State of Ohio, Revenue Bonds
5.00%, 04/01/2019		135,000		142,248
Series A,
5.00%, 06/01/2018 - 01/15/2019		300,000		310,748
Summit County Development Finance Authority, Revenue Bonds
4.00%, 12/01/2028 - 12/01/2034		1,350,000		1,433,070
Series C,
4.00%, 11/15/2024 - 11/15/2025		385,000		423,652
Toledo-Lucas County Port Authority, Revenue Bonds, Series A, 5.00%, 07/01/2020		115,000		121,933

				37,192,923

Oklahoma - 0.8%
Blaine County Educational Facilities Authority, Revenue Bonds, 5.00%, 12/01/2017		90,000		90,275
City of Tulsa, General Obligation Unlimited, Series B, 4.00%, 03/01/2018		150,000		151,479
Cleveland County Educational Facilities Authority, Revenue Bonds, 5.00%, 06/01/2023		45,000		52,404
Edmond Public Works Authority, Revenue Bonds, 4.00%, 07/01/2031		275,000		298,677
Garfield County Educational Facilities Authority, Revenue Bonds, Series A, 5.00%, 09/01/2027		1,890,000		2,253,995


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Oklahoma (continued)
Garvin County Educational Facilities Authority, Revenue Bonds, 5.00%, 12/01/2024		$ 270,000		$ 315,265
Grady County School Finance Authority, Revenue Bonds
3.00%, 12/01/2028 - 12/01/2030		985,000		927,803
4.00%, 12/01/2023 - 09/01/2029		1,100,000		1,202,444
5.00%, 09/01/2022 - 12/01/2027		3,725,000		4,323,957
Grand River Dam Authority, Revenue Bonds, Series A, 4.00%, 06/01/2024		385,000		436,825
Oklahoma Capitol Improvement Authority, Revenue Bonds, Series B, 5.00%, 07/01/2018		170,000		174,405
Oklahoma Development Finance Authority, Revenue Bonds
3.00%, 06/01/2019		500,000		514,205
5.00%, 06/01/2020		25,000		27,346
Series A,
5.00%, 02/01/2020		50,000		54,130
Oklahoma Turnpike Authority, Revenue Bonds, Series A, 5.00%, 01/01/2018		125,000		125,815
Tulsa County Independent School District No. 3 Broken Arrow, General Obligation Unlimited, 2.00%, 04/01/2018		100,000		100,395

				11,049,420

Oregon - 0.7%
County of Jackson Airport Revenue, Revenue Bonds AGM, 5.00%, 12/01/2030 - 12/01/2032		515,000		609,241
Klamath Falls Intercommunity Hospital Authority, Revenue Bonds
3.00%, 09/01/2035		925,000		861,656
5.00%, 09/01/2030		125,000		145,734
Oregon State Facilities Authority, Revenue Bonds
Series A,
5.00%, 10/01/2021		440,000		488,220
5.50%, 06/15/2035^(B)		750,000		777,975
State of Oregon Department of Administrative Services, General Obligation Unlimited, 5.00%, 12/01/2017		35,000		35,114
State of Oregon Housing & Community Services Department, Revenue Bonds
2.30%, 01/01/2026		1,465,000		1,450,394
2.45%, 01/01/2027		1,285,000		1,284,987
Series A,
5.00%, 07/01/2019		75,000		79,744
Series B,
5.00%, 07/01/2019		45,000		47,753

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


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At October 31, 2017


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Oregon (continued)
Washington & Multnomah Counties School District No. 48J, General Obligation Unlimited, Series B, Zero Coupon, 06/15/2030		$ 7,115,000		$ 4,755,097

				10,535,915

Pennsylvania - 5.9%
Allegheny County Hospital Development Authority, Revenue Bonds, Series B, 5.00%, 06/15/2018		65,000		66,544
Allegheny County Sanitary Authority, Revenue Bonds AGM, 4.00%, 12/01/2032 - 12/01/2035		1,515,000		1,618,961
Allentown City School District, General Obligation Limited, AGM, 4.00%, 02/15/2023		5,940,000		6,551,820
Berks County Municipal Authority, Revenue Bonds, Series A3, 4.75%, 11/01/2018		100,000		103,427
Borough of Carnegie, General Obligation Unlimited, AGM, 2.00%, 08/15/2018		35,000		35,265
Bristol Township School District, General Obligation Limited, BAM-TCRS, 5.00%, 06/01/2027		500,000		573,985
Capital Region Water, Revenue Bonds, Series A, 5.00%, 07/15/2018		100,000		102,678
Carbon County Area Vocational Technical School Authority, Revenue Bonds
AGM,
4.00%, 03/01/2024 - 03/01/2026		575,000		632,278
5.00%, 03/01/2023		150,000		171,336
Central Bradford Progress Authority, Revenue Bonds, 5.25%, 12/01/2019		95,000		102,735
Cheltenham Township School District, General Obligation Limited Series A, 5.00%, 02/15/2031 - 02/15/2033		215,000		248,580
City of Philadelphia, General Obligation Unlimited, Series A, AGM, 5.00%, 12/15/2018		200,000		208,400
City of Philadelphia Water & Wastewater Revenue, Revenue Bonds
Series A, AGM,
5.00%, 06/15/2018		1,000,000		1,024,310
Series C, AGM,
5.00%, 08/01/2018 - 08/01/2020		735,000		780,222


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Pennsylvania (continued)
City of Reading, General Obligation Unlimited, BAM, 5.00%, 11/01/2021		$ 1,020,000		$ 1,138,238
Commonwealth Financing Authority, Revenue Bonds, Series B-1, AGM, 5.00%, 06/01/2025		2,950,000		3,528,318
Commonwealth of Pennsylvania, General Obligation Unlimited
Series A, AGM-CR,
4.00%, 09/15/2030 - 09/15/2031		23,055,000		25,319,696
Series B,
5.00%, 11/15/2017		200,000		200,284
Council Rock School District, General Obligation Unlimited, Series C, 5.00%, 11/15/2017		25,000		25,035
County of Allegheny, General Obligation Unlimited, Series C-73, 4.00%, 12/01/2017		100,000		100,237
County of Bedford, General Obligation Unlimited, Series A, BAM, 3.00%, 09/01/2019		100,000		102,679
County of Northumberland, General Obligation Unlimited BAM, 5.00%, 12/01/2024 - 12/01/2025		625,000		756,074
Dallas School District, General Obligation Limited, BAM, 4.50%, 04/01/2024		150,000		172,077
Elizabeth Forward School District, General Obligation Unlimited
Series A, AGM,
2.38%, 09/01/2027		460,000		457,392
2.63%, 09/01/2030		900,000		889,812
2.75%, 09/01/2031		450,000		446,404
Erie County Conventional Center Authority, Revenue Bonds, 5.00%, 01/15/2026		1,725,000		2,052,646
Fairview School District, General Obligation Limited Series A, 4.00%, 02/01/2024 - 02/01/2027		1,950,000		2,160,091
Indiana County Hospital Authority, Revenue Bonds, Series A, 5.50%, 06/01/2029		250,000		270,008
Lancaster School District, General Obligation Limited, Series A, AGM, 5.00%, 06/01/2031		1,020,000		1,191,248
Laurel Highlands School District, General Obligation Unlimited, BAM, 2.00%, 11/01/2018		50,000		50,470

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


Transamerica Funds		Annual Report 2017

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Pennsylvania (continued)
Mars Area School District, General Obligation Limited BAM, 3.00%, 03/01/2031 - 03/01/2032		$ 320,000		$ 321,428
McKeesport Municipal Authority, Revenue Bonds, AGM, 1.65%, 12/15/2017		190,000		190,091
Monroeville Finance Authority, Revenue Bonds, 4.00%, 02/15/2018		275,000		277,261
Monroeville Municipal Authority, Revenue Bonds, Series A, AGM, 2.00%, 12/01/2018		10,000		10,051
Morrisville Boro School District, General Obligation Limited, BAM, 2.00%, 12/01/2019		75,000		76,121
Penn Hills School District, General Obligation Limited
BAM,
5.00%, 11/15/2023 - 11/15/2024		1,020,000		1,176,948
Series A, BAM,
5.00%, 11/15/2025		270,000		314,167
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, 5.00%, 07/15/2020		50,000		53,817
Pennsylvania Housing Finance Agency, Revenue Bonds
Series 119,
1.85%, 04/01/2022		1,295,000		1,308,403
Series 121,
2.20%, 04/01/2026		2,105,000		2,092,517
2.25%, 10/01/2026		1,325,000		1,297,599
2.35%, 04/01/2027		3,505,000		3,453,932
Series 124B,
2.30%, 04/01/2026		1,415,000		1,400,015
2.40%, 10/01/2026		1,795,000		1,779,294
2.45%, 04/01/2027		1,600,000		1,579,424
2.55%, 10/01/2027		1,450,000		1,434,282
2.65%, 04/01/2028		1,700,000		1,683,544
2.75%, 10/01/2028		1,700,000		1,686,876
Pennsylvania Turnpike Commission, Revenue Bonds, Series B, 4.00%, 12/01/2017		600,000		601,452
Philadelphia Gas Works Co., Revenue Bonds
4.00%, 10/01/2036 - 10/01/2037		425,000		443,089
5.00%, 08/01/2024		300,000		356,949
AGM,
5.00%, 07/01/2018		1,325,000		1,359,423
Reading Area Water Authority, Revenue Bonds, AGM, 4.00%, 12/01/2025		245,000		268,711
Reading School District, General Obligation Unlimited Series A, AGM, 5.00%, 02/01/2026 - 02/01/2027		2,415,000		2,825,083


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Pennsylvania (continued)
Saxonburg Area Authority, Revenue Bonds, AGM, 3.00%, 03/01/2018		$ 140,000		$ 140,920
Scranton School District, General Obligation Limited, Series A, AGM, 2.00%, 06/15/2019		500,000		500,870
Seneca Valley School District, General Obligation Unlimited, Series A, 4.00%, 03/01/2019		200,000		207,340
Sports & Exhibition Authority of Pittsburgh and Allegheny County, Revenue Bonds, AGM, 5.00%, 02/01/2025		140,000		157,843
State Public School Building Authority, Revenue Bonds
5.00%, 05/01/2018 - 09/15/2022		370,000		404,763
5.25%, 03/01/2020		115,000		125,143
AGM,
4.00%, 10/01/2018		505,000		518,559
5.00%, 10/01/2020 - 05/01/2024		460,000		504,872
BAM-TCRS,
5.00%, 10/01/2019		410,000		437,048
Series A, AGM,
4.00%, 10/01/2018		600,000		616,110
5.00%, 10/01/2020 - 10/01/2023		1,075,000		1,203,293
Series A, BAM,
5.00%, 06/15/2023		110,000		125,062
Series A, BAM-TCRS,
5.00%, 06/15/2026		150,000		178,616
Sto Rox School District, General Obligation Limited, BAM, 3.13%, 12/15/2027		805,000		807,447
Township of West Pikeland, General Obligation Unlimited, 1.00%, 12/15/2017		100,000		100,009
Tussey Mountain School District, General Obligation Unlimited, AGM, 2.00%, 04/01/2018		185,000		185,577
West Mifflin Sanitary Sewer Municipal Authority, Revenue Bonds, BAM, 2.63%, 08/01/2028		75,000		75,012

				83,360,211

Puerto Rico - 1.4%
Commonwealth of Puerto Rico, General Obligation Unlimited
AGC-ICC,
5.00%, 07/01/2034		100,000		100,317
AGM,
5.25%, 07/01/2020		50,000		52,753
5.50%, 07/01/2018 - 07/01/2019		740,000		767,235
AGM-CR,
4.50%, 07/01/2023		85,000		85,526

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


Transamerica Funds		Annual Report 2017

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Puerto Rico (continued)
Commonwealth of Puerto Rico, General Obligation Unlimited (continued)
Series A, AGC-ICC,
5.00%, 07/01/2020		$ 140,000		$ 141,977
5.25%, 07/01/2020		275,000		280,107
5.50%, 07/01/2029		100,000		111,836
Series A, AGC-ICC, FGIC,
5.50%, 07/01/2020		170,000		180,348
Series A, AGM,
4.00%, 07/01/2022		40,000		41,112
5.00%, 07/01/2035		545,000		555,159
5.25%, 07/01/2024		285,000		305,035
Series B, AGC-ICC,
5.00%, 07/01/2035		605,000		606,888
Series C, AGM,
5.75%, 07/01/2037		100,000		101,986
Series D, AGM,
4.13%, 07/01/2020		75,000		75,065
Puerto Rico Convention Center District Authority, Revenue Bonds
Series A, AGC,
4.50%, 07/01/2036		1,180,000		1,175,504
5.00%, 07/01/2027		495,000		497,648
Puerto Rico Electric Power Authority, Revenue Bonds
AGC,
4.38%, 07/01/2030		90,000		90,024
Series DDD, AGM,
5.00%, 07/01/2023		35,000		36,962
Series RR, AGC,
5.00%, 07/01/2028		265,000		266,309
Series RR, AGM,
5.00%, 07/01/2020		1,050,000		1,064,826
Series RR, NATL,
5.00%, 07/01/2023 - 07/01/2024		190,000		188,860
Series SS, AGM,
5.00%, 07/01/2019 - 07/01/2030		2,210,000		2,220,885
Series SS, NATL,
5.00%, 07/01/2021 - 07/01/2023		400,000		400,196
Series TT, AGC,
5.00%, 07/01/2018		10,000		10,116
Series TT, AGM-CR,
4.20%, 07/01/2019		100,000		100,202
Series UU, AGC,
5.00%, 07/01/2026		575,000		578,318
Series UU, AGM,
4.00%, 07/01/2023		100,000		100,134
5.00%, 07/01/2020 - 07/01/2024		875,000		884,764
Series V, AGM,
5.25%, 07/01/2027		80,000		88,351
Puerto Rico Highway & Transportation Authority, Revenue Bonds
AGC-ICC,
5.00%, 07/01/2028		20,000		20,099
Series A, AGM-CR,
4.75%, 07/01/2038		130,000		130,160
Series CC, AGM,
5.25%, 07/01/2032 - 07/01/2034		370,000		405,535
Series CC, AGM-CR,
5.50%, 07/01/2029		25,000		28,070


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Puerto Rico (continued)
Puerto Rico Highway & Transportation Authority, Revenue Bonds (continued)
Series D, AGM,
5.00%, 07/01/2027 - 07/01/2032		$ 2,805,000		$ 2,815,876
Series E, AGM,
5.50%, 07/01/2020 - 07/01/2023		225,000		242,831
Series J, NATL,
5.00%, 07/01/2029		110,000		105,761
Series L, AGC,
5.25%, 07/01/2018 - 07/01/2019		240,000		245,623
Series M, AGC-ICC,
5.00%, 07/01/2032 - 07/01/2037		880,000		882,861
Series N, AGC,
5.25%, 07/01/2034		75,000		82,096
Series N, AGM-CR, AGC-ICC,
5.50%, 07/01/2025		95,000		105,779
Series N, NATL,
5.25%, 07/01/2032 - 07/01/2033		680,000		649,530
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority, Revenue Bonds, Series A, NATL, 5.00%, 07/01/2033		130,000		120,523
Puerto Rico Infrastructure Financing Authority, Revenue Bonds, Series B, AGC-ICC, 5.00%, 07/01/2041		25,000		25,039
Puerto Rico Municipal Finance Agency, Revenue Bonds
Series A, AGM,
4.20%, 08/01/2020		75,000		75,100
5.00%, 08/01/2019 - 08/01/2030		1,865,000		1,877,955
5.25%, 08/01/2018 - 08/01/2020		125,000		127,142
Series C, AGC,
5.25%, 08/01/2020		90,000		95,102
Puerto Rico Public Buildings Authority, Revenue Bonds
AGC-ICC,
5.25%, 07/01/2033		200,000		201,510
Series F, NATL-IBC,
5.25%, 07/01/2019		150,000		153,588
Series I, AGC-ICC,
5.00%, 07/01/2036		50,000		50,154
Series L, AGM-CR,
5.50%, 07/01/2021		125,000		130,334
Series N, AGC-ICC,
5.00%, 07/01/2032		150,000		150,493
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Revenue Bonds, Series A, AGM, 5.00%, 08/01/2040		310,000		316,916

				20,146,520

Rhode Island - 0.5%
Providence Redevelopment Agency, Revenue Bonds, Series A, AGM, 5.00%, 04/01/2025		665,000		775,390

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


Transamerica Funds		Annual Report 2017

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Rhode Island (continued)
Rhode Island Health & Educational Building Corp., Revenue Bonds
5.00%, 05/15/2028 - 05/15/2029		$ 2,425,000		$ 2,783,049
AGM,
4.00%, 05/15/2024		650,000		720,863
Series C,
5.00%, 09/15/2027 - 09/15/2029		375,000		445,733
Rhode Island Turnpike & Bridge Authority, Revenue Bonds, Series A, 5.00%, 10/01/2024		300,000		355,710
Tobacco Settlement Financing Corp., Revenue Bonds Series A, 5.00%, 06/01/2023 - 06/01/2027		1,055,000		1,193,336
Town of West Warwick, General Obligation Unlimited, Series A, BAM, 5.00%, 10/01/2019		165,000		175,369

				6,449,450

South Carolina - 0.4%
Kershaw County School District, Revenue Bonds, BAM, 3.00%, 12/01/2026		490,000		505,641
SCAGO Educational Facilities Corp. for Williamsburg School District, Revenue Bonds Series B, BAM, 5.00%, 12/01/2024 - 12/01/2025		935,000		1,097,476
South Carolina Jobs-Economic Development Authority, Revenue Bonds, 5.00%, 10/01/2026^(B)		3,350,000		3,542,324
South Carolina Public Service Authority, Revenue Bonds, Series C, NATL-IBC, 3.00%, 12/01/2029		125,000		123,996
South Carolina State Housing Finance & Development Authority, Revenue Bonds, GNMA, FNMA, FHLMC, 2.00%, 07/01/2020		90,000		91,189
State of South Carolina, General Obligation Unlimited, 3.00%, 04/01/2026		200,000		200,176

				5,560,802

South Dakota - 0.9%
South Dakota Health & Educational Facilities Authority, Revenue Bonds
5.00%, 11/01/2026		250,000		299,830
Series B,
3.00%, 08/01/2019 - 08/01/2021		1,240,000		1,287,382
South Dakota Housing Development Authority, Revenue Bonds
Series B,
3.13%, 11/01/2036		130,000		128,255
Series B, GNMA, FNMA, FHLMC,
2.20%, 11/01/2024		1,150,000		1,159,821


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
South Dakota (continued)
South Dakota Housing Development Authority, Revenue Bonds (continued)
2.30%, 05/01/2025		$ 1,000,000		$ 1,019,350
2.45%, 11/01/2025		290,000		292,280
2.55%, 05/01/2026		2,060,000		2,085,585
2.65%, 11/01/2026		830,000		845,471
2.75%, 05/01/2027		1,300,000		1,322,594
2.80%, 11/01/2027		1,330,000		1,344,457
2.85%, 05/01/2028		2,160,000		2,181,751
2.95%, 11/01/2028		440,000		448,092

				12,414,868

Tennessee - 2.6%
Chattanooga Health Educational & Housing Facility Board, Revenue Bonds, 5.00%, 10/01/2027		785,000		905,607
City of Alcoa, General Obligation Unlimited, AGC, 4.63%, 06/01/2031		400,000		408,136
City of Memphis Electric System Revenue, Revenue Bonds, 5.00%, 12/01/2017		500,000		501,615
Knox County Health Educational & Housing Facility Board, Revenue Bonds, 3.00%, 04/01/2018		150,000		150,893
Shelby County Health Educational & Housing Facilities Board, Revenue Bonds, Series A, AGM, 5.25%, 09/01/2023		295,000		299,103
Tennessee Housing Development Agency, Revenue Bonds
2.45%, 01/01/2024		265,000		272,208
2.75%, 01/01/2025		300,000		309,987
2.80%, 07/01/2025		290,000		300,257
2.95%, 01/01/2026		50,000		52,466
3.00%, 01/01/2031		500,000		494,350
3.40%, 07/01/2037		1,000,000		1,002,090
Series 1C,
2.35%, 07/01/2021		1,415,000		1,463,789
Series 2B,
2.30%, 01/01/2022		295,000		304,947
2.55%, 01/01/2028		440,000		433,387
2.70%, 07/01/2024		300,000		312,591
Series B2,
0.90%, 01/01/2018		1,340,000		1,339,437
1.00%, 07/01/2018		2,660,000		2,656,622
2.05%, 01/01/2024		1,365,000		1,365,792
2.15%, 07/01/2024		400,000		400,128
2.25%, 01/01/2025		1,250,000		1,250,412
2.40%, 07/01/2025		2,190,000		2,196,920
2.55%, 01/01/2026		125,000		129,349
2.60%, 07/01/2026		1,095,000		1,113,363
2.80%, 07/01/2027		2,365,000		2,420,034
2.85%, 01/01/2028		3,345,000		3,352,627
2.95%, 07/01/2028		3,350,000		3,364,003
3.00%, 01/01/2029		3,140,000		3,154,287
3.05%, 07/01/2029		3,250,000		3,280,420
3.15%, 01/01/2030		2,955,000		2,971,489

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


Transamerica Funds		Annual Report 2017

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Tennessee (continued)
Tennessee State School Bond Authority, Revenue Bonds
Series A,
5.00%, 05/01/2020		$ 150,000		$ 152,939
Series C,
5.00%, 05/01/2019		30,000		31,316

				36,390,564

Texas - 6.3%
Aldine Independent School District, General Obligation Unlimited, 5.00%, 02/15/2026		100,000		101,150
Alief Independent School District, General Obligation Unlimited, 5.00%, 02/15/2018		100,000		101,135
Arlington Higher Education Finance Corp., Revenue Bonds
Series A,
3.80%, 08/15/2026		350,000		353,430
Series B,
4.00%, 12/01/2029		260,000		284,453
Bexar County Health Facilities Development Corp., Revenue Bonds 5.00%, 07/15/2023 - 07/15/2026		865,000		984,288
Board of Managers Joint Guadalupe County-City of Seguin Hospital, Revenue Bonds
5.00%, 12/01/2017 - 12/01/2022		5,365,000		5,699,160
5.38%, 08/15/2027		130,000		134,263
5.50%, 08/15/2036		105,000		108,545
Brazoria-Fort Bend County Municipal Utility District No. 1, General Obligation Unlimited, BAM, 2.00%, 09/01/2019		105,000		105,773
Brazos River Authority, Revenue Bonds, 4.00%, 02/15/2018		100,000		100,853
Camino Real Regional Mobility Authority, Revenue Bonds, AGM, 5.00%, 06/01/2024		470,000		553,989
Centerville Independent School District, General Obligation Unlimited, 4.00%, 08/15/2036		585,000		615,631
City of Arlington, Special Tax, 4.00%, 08/15/2018		125,000		127,858
City of Austin Water & Wastewater System Revenue, Revenue Bonds, 5.00%, 11/15/2017		50,000		50,073
City of College Station, General Obligation Limited, 5.00%, 02/15/2019		100,000		104,952
City of Corpus Christi Utility System Revenue, Revenue Bonds 5.00%, 07/15/2018 - 07/15/2019		575,000		592,441
City of Dallas, General Obligation Limited, Series A, 5.00%, 02/15/2018		625,000		631,875
City of Garland Electric Utility System Revenue, Revenue Bonds, 5.00%, 03/01/2018		400,000		405,072


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Texas (continued)
City of Houston Combined Utility System Revenue, Revenue Bonds
Series A, AGM,
5.25%, 11/15/2017		$ 140,000		$ 140,210
Series D,
5.00%, 11/15/2017		375,000		375,529
City of Laredo International Toll Bridge System Revenue, Revenue Bonds AGM, 5.00%, 10/01/2022 - 10/01/2023		185,000		214,709
City of League City, General Obligation Limited, Series A, 4.00%, 02/15/2018		100,000		100,856
City of Lubbock, General Obligation Limited, 3.00%, 02/15/2018		100,000		100,566
City of Mansfield, General Obligation Limited, 4.00%, 02/15/2019		125,000		129,631
City of Pearland, General Obligation Limited, 5.00%, 03/01/2023		25,000		29,104
City of Pflugerville, General Obligation Limited 4.00%, 08/01/2022 - 08/01/2024		270,000		302,424
City of San Antonio, General Obligation Limited, 5.50%, 08/01/2023		375,000		387,322
City of San Antonio Electric & Gas Systems Revenue, Revenue Bonds, Series A, 5.00%, 02/01/2034		100,000		104,791
City of Westworth Village, General Obligation Limited, BAM, 3.00%, 08/15/2019		35,000		36,154
Clifton Higher Education Finance Corp., Revenue Bonds, Series A, 5.00%, 08/15/2034		1,095,000		1,285,158
Coastal Water Authority, Revenue Bonds, 4.00%, 12/15/2017		175,000		175,632
Comal Independent School District, General Obligation Unlimited, 5.00%, 02/01/2018		130,000		131,275
County of Bell, General Obligation Limited, 5.00%, 02/15/2018		100,000		101,141
County of Bexar, General Obligation Limited
4.00%, 06/15/2018		125,000		127,278
Series A,
5.00%, 06/15/2023		135,000		143,336
County of Denton, General Obligation Limited, 4.00%, 07/15/2029		400,000		442,972
County of Fort Bend, General Obligation Unlimited, 4.00%, 03/01/2018		205,000		207,029
County of Harris, General Obligation Limited, Series C, 5.75%, 10/01/2028		750,000		782,107

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


Transamerica Funds		Annual Report 2017

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Texas (continued)
Dallas Area Rapid Transit, Revenue Bonds
Series A,
4.00%, 12/01/2017		$ 100,000		$ 100,243
5.00%, 12/01/2017		120,000		120,389
Dallas County Community College District, General Obligation Limited, 5.00%, 02/15/2025		100,000		101,135
Dallas County Flood Control District No. 1, General Obligation Unlimited
5.00%, 04/01/2018 - 04/01/2020^(B)		2,975,000		3,056,900
5.00%, 04/01/2021 - 04/01/2024^{(B) (C)}		5,040,000		5,410,490
Dallas/Fort Worth International Airport, Revenue Bonds, Series E, 5.00%, 11/01/2017		425,000		425,000
Del Mar College District, General Obligation Limited, 3.50%, 08/15/2019		100,000		104,123
Denton County Fresh Water Supply District No. 10, General Obligation Unlimited
AGM,
2.75%, 09/01/2029 - 09/01/2030		1,425,000		1,384,318
3.00%, 09/01/2031 - 09/01/2034		710,000		686,461
El Paso County Hospital District, General Obligation Limited
5.00%, 08/15/2020 - 08/15/2022		370,000		409,039
Series A, AGC,
5.00%, 08/15/2037		100,000		103,067
Fort Bend County Levee Improvement District No. 15, General Obligation Unlimited BAM, 4.00%, 09/01/2029 - 09/01/2032		380,000		407,358
Fort Bend County Municipal Utility District No. 182, General Obligation Unlimited, BAM, 4.00%, 09/01/2022		95,000		102,703
Fort Bend County Municipal Utility District No. 23, General Obligation Unlimited, BAM, 3.00%, 09/01/2019		60,000		61,607
Goose Creek Consolidated Independent School District, General Obligation Unlimited, 5.00%, 02/15/2018		100,000		101,135
Grand Prairie Independent School District, General Obligation Unlimited, 5.00%, 02/15/2034		100,000		101,150
Harris County Cultural Education Facilities Finance Corp., Revenue Bonds
Series A,
4.38%, 11/15/2021		20,000		21,228
Series B,
5.50%, 12/01/2018		200,000		209,402
Harris County Health Facilities Development Corp., Revenue Bonds, Series A-4, AGM, 1.10%^(D), 07/01/2031^(E)		3,550,000		3,550,000


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Texas (continued)
Harris County Hospital District, Revenue Bonds, Series D, 5.00%, 02/15/2018		$ 100,000		$ 101,062
Harris County Municipal Utility District No. 290, General Obligation Unlimited
AGM,
3.00%, 03/01/2031		150,000		148,045
BAM,
3.00%, 09/01/2033		190,000		183,010
3.13%, 09/01/2034		315,000		305,928
Harris County Municipal Utility District No. 304, General Obligation Unlimited, BAM, 4.00%, 09/01/2028		175,000		190,743
Harris County Municipal Utility District No. 399, General Obligation Unlimited AGM, 4.00%, 09/01/2032 - 09/01/2036		1,120,000		1,174,034
Harris County Municipal Utility District No. 412, General Obligation Unlimited
MAC,
2.00%, 09/01/2019		125,000		126,101
3.00%, 09/01/2021		100,000		104,990
Harris County Municipal Utility District No. 419, General Obligation Unlimited AGM, 4.00%, 09/01/2031 - 09/01/2035		490,000		515,413
Harris County Municipal Utility District No. 500, General Obligation Unlimited, AGM, 3.00%, 12/01/2034		1,105,000		1,048,070
Houston Higher Education Finance Corp., Revenue Bonds, 5.00%, 08/15/2024		490,000		586,613
Houston Independent School District, General Obligation Limited
Fixed until 05/31/2018, 1.70% ^(D), 06/01/2030		100,000		100,340
Series A,
Fixed until 06/01/2018, 3.00% ^(D), 06/01/2039		325,000		328,542
Lake Dallas Independent School District, General Obligation Unlimited Zero Coupon, 08/16/2029 - 08/16/2030		340,000		236,186
Lamar Consolidated Independent School District, General Obligation Unlimited, Series A, Fixed until 08/15/2018, 1.05% ^(D), 08/15/2047		3,000,000		2,999,040
Laredo Independent School District, General Obligation Unlimited, 5.00%, 08/01/2019		75,000		79,831
Lower Colorado River Authority, Revenue Bonds, 5.00%, 05/15/2020		35,000		38,156
Metropolitan Transit Authority of Harris County, Revenue Bonds, Series A, 5.00%, 11/01/2020		40,000		43,016

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


Transamerica Funds		Annual Report 2017

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Texas (continued)
Mission Consolidated Independent School District, General Obligation Unlimited, 5.25%, 02/15/2022		$ 100,000		$ 101,221
Montgomery County Municipal Utility District No. 113, General Obligation Unlimited
AGM,
3.00%, 09/01/2030 - 09/01/2033		1,325,000		1,314,572
3.13%, 09/01/2034		210,000		206,613
New Hope Cultural Education Facilities Finance Corp., Revenue Bonds
3.00%, 07/01/2021		580,000		579,785
4.00%, 07/01/2023 - 07/01/2028		2,835,000		2,840,045
Series A, AGM,
4.00%, 04/01/2019		100,000		103,412
Series A1,
4.00%, 07/01/2021 - 07/01/2036		2,465,000		2,578,108
5.00%, 07/01/2031 - 07/01/2046		1,635,000		1,842,206
Series B,
3.00%, 07/01/2018 - 07/01/2019		295,000		298,481
4.00%, 07/01/2021 - 07/01/2031		3,085,000		3,251,466
4.25%, 07/01/2036		950,000		975,612
Series C,
5.00%, 07/01/2022 - 07/01/2026		950,000		1,039,502
Newark Higher Education Finance Corp., Revenue Bonds, Series A, 4.00%, 08/15/2024		365,000		411,099
North Central Texas Health Facility Development Corp., Revenue Bonds, 5.00%, 08/15/2022		90,000		103,953
North East Independent School District, General Obligation Unlimited, Series B, Fixed until 08/01/2021, 1.42% ^(D), 08/01/2040		6,085,000		6,034,312
North Texas Municipal Water District, Revenue Bonds
4.00%, 06/01/2019		105,000		106,819
5.00%, 06/01/2018		100,000		102,285
North Texas Tollway Authority, Revenue Bonds
AGC-ICC,
6.00%, 01/01/2024		175,000		176,426
Series A,
5.00%, 01/01/2018		900,000		905,787
Series A, BHAC-CR,
5.75%, 01/01/2048		105,000		105,813
Series A, BHAC-CR, MBIA, IBC,
5.75%, 01/01/2040		275,000		277,128
Series F,
5.75%, 01/01/2038		205,000		206,587
Northeast Higher Education Finance Corp., Revenue Bonds, Series A, 4.00%, 08/15/2025		105,000		118,563
Northwest Harris County Municipal Utility District No. 19, General Obligation Unlimited
BAM,
3.00%, 10/01/2028		470,000		474,926


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Texas (continued)
Northwest Harris County Municipal Utility District No. 19, General Obligation Unlimited (continued)
3.13%, 10/01/2030		$ 385,000		$ 388,053
3.25%, 10/01/2031		1,380,000		1,393,110
Northwoods Road District No. 1, General Obligation Unlimited BAM, 4.00%, 08/15/2024 - 08/15/2027		405,000		461,076
Point Isabel Independent School District, General Obligation Unlimited, 4.00%, 02/01/2018		125,000		125,919
Pottsboro Higher Education Finance Corp., Revenue Bonds, Series A, 3.88%, 08/15/2026		415,000		414,216
San Angelo Independent School District, General Obligation Unlimited, Series A, AGC, 5.00%, 02/15/2018		100,000		101,138
Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, Series B, AGC, 4.50%, 09/01/2019		65,000		68,628
Texas Public Finance Authority, Revenue Bonds BAM, 4.00%, 05/01/2029 - 05/01/2030		1,015,000		1,090,529
Texas State University System, Revenue Bonds, 5.00%, 03/15/2018		110,000		111,601
Travis County Municipal Utility District No. 4, General Obligation Unlimited, AGM, 4.00%, 09/01/2035		450,000		479,254
Trophy Club Public Improvement District No. 1, Special Assessment, AGM, 3.00%, 06/01/2024		223,000		231,650
University of Houston, Revenue Bonds Series A, 5.00%, 02/15/2018 - 02/15/2024		240,000		246,846
University of North Texas, Revenue Bonds, 5.00%, 04/15/2026		275,000		279,917
University of Texas System, Revenue Bonds, Series B, Fixed until 08/15/2021, 2.50% ^(D), 08/15/2036		11,000,000		10,841,160
Viridian Municipal Management District, General Obligation Unlimited
BAM,
Zero Coupon, 12/01/2020		60,000		57,388
6.00%, 12/01/2022 - 12/01/2033		4,035,000		4,999,042
Washington County Junior College District, Revenue Bonds BAM, 5.00%, 10/01/2023 - 10/01/2025		2,025,000		2,404,456

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


Transamerica Funds		Annual Report 2017

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Texas (continued)
West Ranch Management District, General Obligation Unlimited, MAC, 4.00%, 09/01/2032		$ 330,000		$ 347,939

				89,333,676

U. S. Virgin Islands - 0.0% ^(F)
Virgin Islands Public Finance Authority, Revenue Bonds, Series A, AGM-CR, 5.00%, 10/01/2032 ^(B)		100,000		105,752

Utah - 0.7%
City of Herriman City Water Revenue, Revenue Bonds, BAM, 3.00%, 01/01/2018		110,000		110,360
City of Pleasant Grove City Water Revenue, Revenue Bonds, BAM, 3.00%, 12/01/2017		100,000		100,163
City of South Jordan, Special Assessment, 3.13%, 11/01/2036		2,505,000		2,433,132
Jordan Valley Water Conservancy District, Revenue Bonds Series A, 5.00%, 10/01/2034 - 10/01/2035		1,020,000		1,145,684
State of Utah, General Obligation Unlimited, Series C, 5.00%, 07/01/2018		120,000		123,150
Utah Charter School Finance Authority, Revenue Bonds
4.00%, 04/15/2020 - 10/15/2031		1,360,000		1,469,854
4.25%, 04/15/2034		170,000		178,609
4.30%, 04/15/2025 ^(B)		650,000		655,863
Series A,
5.00%, 10/15/2024 - 10/15/2025		1,210,000		1,426,427
Series G,
4.00%, 10/15/2022 - 10/15/2029		1,545,000		1,672,358
Utah Transit Authority, Revenue Bonds, Series B, 1.60%, 06/15/2018		200,000		200,160
Washington County-St. George Interlocal Agency, Revenue Bonds, Series A, 4.00%, 12/01/2018		100,000		103,007

				9,618,767

Vermont - 0.5%
City of Burlington, General Obligation Unlimited Series A, AGM, 5.00%, 11/01/2032 - 11/01/2035		1,155,000		1,287,198
Vermont Educational & Health Buildings Financing Agency, Revenue Bonds Series A, 5.00%, 12/01/2026 - 12/01/2027		1,525,000		1,807,964
Vermont Housing Finance Agency, Revenue Bonds
Series D, GMNA, FMNA, FHLMC,
2.50%, 05/01/2026		530,000		527,387


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Vermont (continued)
Vermont Housing Finance Agency, Revenue Bonds (continued)
2.60%, 11/01/2026		$ 505,000		$ 502,389
2.70%, 05/01/2027		550,000		546,579
2.90%, 05/01/2029		425,000		421,099
3.15%, 05/01/2033 ^(A)		2,335,000		2,303,944

				7,396,560

Virginia - 0.6%
Alexandria Industrial Development Authority, Revenue Bonds 4.00%, 10/01/2019 - 10/01/2020		990,000		1,049,610
Capital Region Airport Commission, Revenue Bonds Series A, 5.00%, 07/01/2028 - 07/01/2033		580,000		677,293
County of Loudoun, General Obligation Unlimited, Series A, 5.00%, 12/01/2017		25,000		25,081
Hampton Roads Sanitation District, Revenue Bonds, 5.00%, 04/01/2019		100,000		101,655
Virginia Housing Development Authority, Revenue Bonds, Series B, 1.20%, 11/01/2019		6,150,000		6,141,144

				7,994,783

Washington - 0.7%
Central Puget Sound Regional Transit Authority, Revenue Bonds, NATL, 4.75%, 02/01/2028		50,000		54,278
Clark County Public Utility District No. 1, Revenue Bonds 5.00%, 01/01/2018		250,000		251,645
Clark County School District No. 117, General Obligation Unlimited, AGM, 5.00%, 12/01/2018		150,000		150,491
County of Pierce Sewer Revenue, Revenue Bonds, 5.00%, 08/01/2019		100,000		106,567
Energy Northwest, Revenue Bonds
Series A,
5.00%, 07/01/2018		345,000		353,939
5.25%, 07/01/2018		35,000		35,965
King County Public Hospital District No. 1, General Obligation Limited, Series B, 5.25%, 12/01/2028		125,000		128,030
King County School District No. 412, General Obligation Unlimited, 3.00%, 12/01/2017		200,000		200,324
Port of Seattle, Revenue Bonds
Series A,
5.00%, 08/01/2018		25,000		25,723
Series B,
5.00%, 06/01/2018		170,000		173,835

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


Transamerica Funds		Annual Report 2017

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Washington (continued)
Public Utility District No. 1 of Cowlitz County, Revenue Bonds, 5.00%, 09/01/2019		$ 155,000		$ 165,339
State of Washington, General Obligation Unlimited
Series A,
5.00%, 01/01/2018 - 07/01/2018		200,000		203,239
Series C,
5.00%, 01/01/2033		100,000		100,652
Series E,
5.00%, 02/01/2018		150,000		151,464
Tobacco Settlement Authority, Revenue Bonds, 5.00%, 06/01/2018		3,900,000		3,982,212
University of Washington, Revenue Bonds, Series C, 5.00%, 12/01/2018		500,000		521,495
Washington Health Care Facilities Authority, Revenue Bonds
Series A,
5.00%, 11/15/2017 - 08/15/2020		380,000		385,651
Series B,
4.00%, 08/15/2018		550,000		562,138
5.00%, 10/01/2018		250,000		258,745
Washington Higher Education Facilities Authority, Revenue Bonds, AMBAC, 5.25%, 11/01/2023		215,000		215,000
Washington State Housing Finance Commission, Revenue Bonds
3.20%, 07/01/2021^(B)		500,000		498,615
Series 2N, GNMA, FNMA, FHLMC,
2.20%, 12/01/2025		90,000		89,645
2.35%, 06/01/2026		335,000		331,737
Yakima County School District No. 7, General Obligation Unlimited, 5.00%, 12/01/2021		235,000		253,191

				9,199,920

West Virginia - 0.2%
County of Mason, Revenue Bonds, Series L, Fixed until 10/01/2018, 1.63%^(D), 10/01/2022		125,000		125,334
School Building Authority of West Virginia, Revenue Bonds, Series B, 5.00%, 07/01/2018		100,000		102,571
West Virginia Economic Development Authority, Revenue Bonds, 5.00%, 06/01/2018		200,000		204,512
West Virginia Housing Development Fund, Revenue Bonds, Series B, 3.70%, 11/01/2032		1,700,000		1,784,881
West Virginia University, Revenue Bonds, Series A, 5.00%, 10/01/2024		25,000		28,860

				2,246,158


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Wisconsin - 1.1%
Central Brown County Water Authority, Revenue Bonds, Series A, 5.00%, 11/01/2019		$ 50,000		$ 53,636
City of Muskego, General Obligation Unlimited, Series A, 2.25%, 09/01/2018		300,000		300,270
County of Dane, General Obligation Unlimited, Series A, 3.00%, 06/01/2018		250,000		252,843
Janesville School District, General Obligation Unlimited, 1.50%, 03/01/2018		230,000		230,377
Milwaukee Housing Authority, Revenue Bonds, Series A, 3.38%, 07/01/2029		700,000		721,028
Public Finance Authority, Revenue Bonds
Series A,
3.38%, 12/01/2027		420,000		416,972
4.50%, 09/01/2026		165,000		162,626
5.00%, 06/01/2027		300,000		351,996
State of Wisconsin, General Obligation Unlimited, Series C, 5.00%, 05/01/2022		220,000		224,310
State of Wisconsin, Revenue Bonds Series A, 5.00%, 05/01/2019		25,000		26,432
Wisconsin Health & Educational Facilities Authority, Revenue Bonds
3.00%, 12/01/2032		1,285,000		1,269,593
3.50%, 08/01/2022^(E)		1,000,000		1,003,290
5.00%, 08/15/2022 - 12/01/2031		2,380,000		2,776,650
5.00%, 08/01/2032^(E)		1,000,000		1,027,110
Series B,
5.00%, 08/15/2018		125,000		128,814
Series B-4,
Fixed until 06/01/2021, 5.00%^(D), 11/15/2043		105,000		118,041
Wisconsin Housing & Economic Development Authority, Revenue Bonds, Series B, FNMA, 3.15%, 09/01/2030		6,830,000		6,920,429

				15,984,417

Wyoming - 0.3%
Wyoming Community Development Authority, Revenue Bonds, Series 2, 2.95%, 06/01/2033		4,010,000		3,923,384

Total Municipal Government Obligations (Cost $1,349,573,442)				1,352,190,596

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


Transamerica Funds		Annual Report 2017

Page 206

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
U.S. GOVERNMENT OBLIGATION - 1.0%
U.S. Treasury - 1.0%
U.S. Treasury Note 2.25%, 08/15/2027		$ 15,000,000		$ 14,834,766

Total U.S. Government Obligation (Cost $14,911,895)				14,834,766


	Shares		Value
EXCHANGE-TRADED FUND - 0.9%
U.S. Fixed Income Fund - 0.9%
iShares 20+ Year Treasury Bond ETF		100,000		12,446,000

Total Exchange-Traded Fund (Cost $12,662,759)				12,446,000


	Principal		Value
REPURCHASE AGREEMENT - 1.8%
Fixed Income Clearing Corp., 0.12%^(H), dated 10/31/2017, to be repurchased at $25,577,828 on 11/01/2017. Collateralized by a U.S. Government Obligation, 2.13%, due 08/31/2020, and with a value of $26,089,624.		$ 25,577,743		$ 25,577,743

Total Repurchase Agreement (Cost $25,577,743)				25,577,743

Total Investments (Cost $1,402,725,839)				1,405,049,105
Net Other Assets (Liabilities) - 0.2%				2,650,281


Net Assets - 100.0%				$ 1,407,699,386

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	$	—	$	1,352,190,596	$	—	$	1,352,190,596
U.S. Government Obligation		—		14,834,766		—		14,834,766
Exchange-Traded Fund		12,446,000		—		—		12,446,000
Repurchase Agreement		—		25,577,743		—		25,577,743

Total Investments	$	12,446,000	$	1,392,603,105	$	—	$	1,405,049,105

FOOTNOTES TO SCHEDULE OF INVESTMENTS:


(A)		When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after October 31, 2017. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(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, 2017, the total value of 144A securities is $37,914,332, representing 2.7% of the Fund’s net assets.
(C)		Illiquid security. At October 31, 2017, the value of such securities amounted to $15,022,009 or 1.1% of the Fund’s net assets.
(D)		Floating or variable rate securities. The rates disclosed are as of October 31, 2017. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. In addition, variable rate securities with a floor or ceiling feature are disclosing that 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 their description above.
(E)		Restricted securities. At October 31, 2017, 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	Centerra Metropolitan District No. 1, Tax Allocation, 2.70%, 12/01/2019		04/20/2017	$	705,010	$	710,020		0.1	%

Municipal Government Obligations	Colorado Health Facilities Authority, Revenue Bonds, Series A, 4.25%, 11/01/2024		05/11/2017		2,995,010		3,009,855		0.2

Municipal Government Obligations	Solaris Metropolitan District No. 3, General Obligation Limited, Series A, 3.75%, 12/01/2026		10/07/2016		640,010		642,861		0.1

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


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Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):


Investments	Description	Acquisition Date		Acquisition Cost		Value		Value as Percentage of Net Assets
Municipal Government Obligations	Southglenn Metropolitan District, General Obligation Limited, 3.00%, 12/01/2021		09/14/2016	$	996,640	$	996,180		0.1	%

Municipal Government Obligations	County of Nez Perce, Revenue Bonds, 2.75%, 10/01/2024		07/29/2016		4,500,010		4,463,505		0.3

Municipal Government Obligations	Idaho Housing & Finance Association, Revenue Bonds, Series A, 4.00%, 07/01/2026		08/04/2016		413,327		404,558		0.0	^(F)

Municipal Government Obligations	Idaho Housing & Finance Association, Revenue Bonds, Series A, 5.00%, 06/01/2035		04/06/2015		499,940		530,086		0.0	^(F)

Municipal Government Obligations	Jennings County School Building Corp., Revenue Bonds, 3.00%, 01/15/2020		07/09/2015		348,619		356,909		0.0	^(F)

Municipal Government Obligations	County of Carroll, Revenue Bonds, Series A, 1.05%, 09/01/2042		07/14/2017		2,718,990		2,722,802		0.2

Municipal Government Obligations	City of St. Cloud, Revenue Bonds, Series A, 3.00%, 04/01/2021		04/08/2016		250,010		215,263		0.0	^(F)

Municipal Government Obligations	City of Stillwater, Tax Allocation, 3.00%, 02/01/2021		07/20/2016		212,011		207,788		0.0	^(F)

Municipal Government Obligations	City of Stillwater, Tax Allocation, 3.00%, 02/01/2022		07/20/2016		435,138		422,827		0.0	^(F)

Municipal Government Obligations	City of Stillwater, Tax Allocation, 3.00%, 02/01/2023		07/20/2016		450,648		435,826		0.0	^(F)

Municipal Government Obligations	City of Stillwater, Tax Allocation, 3.00%, 02/01/2024		07/20/2016		458,614		438,743		0.0	^(F)

Municipal Government Obligations	City of Stillwater, Tax Allocation, 3.00%, 02/01/2025		07/20/2016		420,875		404,461		0.0	^(F)

Municipal Government Obligations	City of Stillwater, Tax Allocation, 3.00%, 02/01/2026		07/20/2016		253,770		243,555		0.0	^(F)

Municipal Government Obligations	City of Stillwater, Tax Allocation, 3.00%, 02/01/2027		07/20/2016		493,680		472,277		0.0	^(F)

Municipal Government Obligations	City of Stillwater, Tax Allocation, 4.00%, 02/01/2030		07/20/2016		800,148		766,072		0.1

Municipal Government Obligations	Dakota County Community Development Agency, Revenue Bonds, Series A, 5.00%, 09/01/2029		09/04/2014		718,870		739,855		0.1

Municipal Government Obligations	Housing & Redevelopment Authority of The City of St. Paul, Revenue Bonds, Series B, 4.25%, 04/01/2025		06/19/2015		200,007		203,844		0.0	^(F)

Municipal Government Obligations	Essex County Improvement Authority, Revenue Bonds, Series A, 5.00%, 12/01/2035		12/10/2015		535,004		541,548		0.0	^(F)

Municipal Government Obligations	New York State Dormitory Authority, Revenue Bonds, 6.13%, 12/01/2029		03/15/2017		108,258		105,382		0.0	^(F)

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


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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):


Investments	Description	Acquisition Date		Acquisition Cost		Value		Value as Percentage of Net Assets
Municipal Government Obligations	Niagara Frontier Transportation Authority, Revenue Bonds, AGM, 2.47%, 04/01/2024		07/27/2017	$	71,260	$	75,000		0.0	% ^(F)

Municipal Government Obligations	Niagara Frontier Transportation Authority, Revenue Bonds, Series A-1, 2.47%, 04/01/2024		07/27/2017		23,760		25,000		0.0	^(F)

Municipal Government Obligations	Dayton-Montgomery County Port Authority, Revenue Bonds, Series 1, 6.13%, 01/15/2025		10/08/2015		730,010		746,315		0.1

Municipal Government Obligations	Harris County Health Facilities Development Corp., Revenue Bonds, Series A-4, AGM, 1.10%, 07/01/2031		03/29/2017-06/28/2017		3,550,078		3,550,000		0.3

Municipal Government Obligations	Wisconsin Health & Educational Facilities Authority, Revenue Bonds, 3.50%, 08/01/2022		08/30/2017		1,000,010		1,003,290		0.1

Municipal Government Obligations	Wisconsin Health & Educational Facilities Authority, Revenue Bonds, 5.00%, 08/01/2032		08/30/2017		1,019,490		1,027,110		0.1

Total				$	25,549,197	$	25,460,932		1.8	%


(F)		Percentage rounds to less than 0.1% or (0.1)%.
(G)		Step bond. Coupon rate changes in increments to maturity. The rate disclosed is as of October 31, 2017; the maturity date disclosed is the ultimate maturity date.
(H)		Rate disclosed reflects the yield at October 31, 2017.
(I)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. 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.
BHAC		Berkshire Hathaway Assurance Corp.
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.
MBIA		National Public Finance Guarantee Corp. (formerly Municipal Bond Insurance Association)
NATL		National Public Finance Guarantee Corp.
XLCA		Syncora (formerly XL Capital Assurance, Inc.)

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


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Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

PORTFOLIO ABBREVIATIONS:


CR		Custodial Receipt
IBC		Insured Bond Certificate
ICC		Insured Custody Certificate
RE		Reinsured
TCRS		Temporary Custodian Receipts

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


Transamerica Funds		Annual Report 2017

Page 210

Transamerica International Equity

(unaudited)

MARKET ENVIRONMENT

Global equities rallied as most regions showed signs of economic growth in the fiscal year ended October 31, 2017. The market focused on generally strong corporate earnings despite continued uncertainty following key geopolitical developments. The MSCI EAFE Index finished the period up 24.01%.

After a long advance, both risk appetites and some stock prices are elevated, underscoring the need for a disciplined approach. The MSCI EAFE Index was trading at 10.0x cash flow and 15.2x earnings expected over the next 12 months as of October 31, 2017. We believe Thompson, Siegel & Walmsley LLC’s valuation discipline and focus on fundamentals will be rewarded in this market environment. We cannot predict inevitable bouts of market volatility, but we expect to use exceptional market moves to acquire — or sell — mispriced stocks.

PERFORMANCE

For the year ended October 31, 2017, Transamerica International Equity Class I returned 19.09%. By comparison, its benchmark, the MSCI EAFE Index, returned 24.01%.

STRATEGY REVIEW

The Fund trailed the MSCI EAFE Index primarily due to holdings in Europe, the United Kingdom and the industrials and health care sectors, which more than offset the positive effect of stock selection in Asia ex-Japan and materials.

In industrials, Mitsubishi Heavy Industries, Ltd. was the worst performer. Sell-side analysts lowered earnings forecasts for the industrial machine manufacturer due to strong competition over a limited number of projects in its energy-related business. The outcomes of several increasingly expensive projects, as well as progress on cost-saving initiatives, should determine the company’s ability to generate cash in the medium term.

Siemens Gamesa Renewable Energy SA — the product of a merger between wind turbine producers Gamesa Corporacion Tecnologica and Siemens Wind — was another notable laggard. The company reported underwhelming sales due to lower-than-expected customer orders, particularly in India. We believe this is a temporary issue and that long-term growth in the market for wind power will drive profits higher.

Health care was another source of underperformance driven by Teva Pharmaceutical Industries, Ltd. (“Teva”). The Israeli drug manufacturer faced several operational challenges, including a CEO change and competition from generic medicines. We trimmed our position.

In materials, Akzo Nobel NV was the top performer. The Dutch paint and coatings manufacturer executed on long-term initiatives and explored options to unlock shareholder value, including the potential separation of certain business segments. We eliminated the position on the belief that the share price discount to intrinsic value narrowed.

Shares of container and packaging manufacturer Smurfit Kappa Group PLC also performed well. The company grew profits through a combination of volume growth and improved box pricing.

In Asia ex-Japan, DBS Group Holdings, Ltd. was the top contributor. The Singapore-based bank posted strong earnings supported by lower costs and increased net-interest income.

Teva was the largest underperformer in Europe. Oil services company TechnipFMC PLC also detracted, as restrained spending on offshore energy projects softened its earnings outlook. Large-scale projects are less profitable when oil prices are low, but we believe synergies from the recent merger of Technip and FMC will translate to higher operating margins in the medium to long-term.

Brandon H. Harrell, CFA

Portfolio Manager

Thompson, Siegel & Walmsley LLC


Asset Allocation	Percentage of Net Assets
Common Stocks		96.4	%
Repurchase Agreement		3.4
Securities Lending Collateral		1.0
Net Other Assets (Liabilities)		(0.8	)
Total		100.0	%


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Transamerica International Equity

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		12.19	%		7.29	%		5.35	%		03/01/2011
Class A (NAV)		18.72	%		8.52	%		6.25	%		03/01/2011
Class C (POP)		16.88	%		7.79	%		5.54	%		03/01/2011
Class C (NAV)		17.88	%		7.79	%		5.54	%		03/01/2011
Class I (NAV)		19.09	%		8.90	%		2.67	%		12/18/1992
MSCI EAFE Index ^(A)		24.01	%		9.01	%		1.58	%
Class I2 (NAV)		19.23	%		9.01	%		6.74	%		03/01/2011
Class I3 (NAV)		N/A			N/A			13.57	%^(B)		03/10/2017
Class R (NAV)		N/A			N/A			13.22	%^(B)		03/10/2017
Class R4 (NAV)		N/A			N/A			13.34	%^(B)		03/10/2017
Class R6 (NAV)		19.24	%		N/A			4.00	%		05/29/2015
Class T1 (POP)		N/A			N/A			8.30	%^(B)		03/17/2017
Class T1 (NAV)		N/A			N/A			11.10	%^(B)		03/17/2017
Advisor Class (NAV)		N/A			N/A			19.18	%^(B)		12/16/2016

^(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.

^(B) Not annualized.

The performance data presented represents past performance; future results may vary. 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 2.5% for T1 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, I2, I3, R, R4, R6 and Advisor Class shares.

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.


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Transamerica International Equity

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Shares		Value
COMMON STOCKS - 96.4%
Australia - 4.6%
BHP Billiton PLC, ADR		815,269		$ 29,610,570
Challenger, Ltd.		3,685,439		37,514,648
Coca-Cola Amatil, Ltd.		6,274,000		39,134,711
Macquarie Group, Ltd.		463,700		34,903,700
Qantas Airways, Ltd.		5,757,000		27,097,633
Sonic Healthcare, Ltd.		2,951,000		49,168,577
South32, Ltd.		13,095,070		33,775,184

				251,205,023

Belgium - 2.1%
Groupe Bruxelles Lambert SA		518,220		55,644,301
KBC Group NV		702,200		58,328,537

				113,972,838

Brazil - 0.8%
Embraer SA, ADR		2,160,675		41,355,320

Canada - 0.1%
Fairfax Financial Holdings, Ltd.		12,100		6,372,266

Denmark - 1.9%
AP Moller - Maersk A/S, Class B		26,835		51,542,355
TDC A/S		9,072,500		53,640,406

				105,182,761

France - 10.1%
Airbus SE		300,700		30,736,214
Arkema SA		426,560		53,886,441
Engie SA ^(A)		5,390,400		91,108,359
Publicis Groupe SA		819,968		53,449,596
Rexel SA		1,186,717		21,184,463
Sanofi		840,301		79,568,619
TOTAL SA		900,300		50,201,940
Veolia Environnement SA		3,388,851		80,292,178
Vivendi SA		3,418,124		84,907,621

				545,335,431

Germany - 12.9%
Allianz SE, Class A		287,402		67,096,527
Bayer AG		362,500		47,153,572
CECONOMY AG		2,172,131		28,352,670
Deutsche Boerse AG		660,900		68,446,008
Infineon Technologies AG		3,244,827		89,745,490
LANXESS AG		517,285		40,559,602
Merck KGaA		589,600		63,259,881
METRO AG ^(B)		1,843,224		34,940,650
SAP SE		760,447		86,890,554
Siemens AG		669,487		96,160,229
Talanx AG ^(B)		664,384		26,092,287
TUI AG		2,692,002		48,736,337

				697,433,807

Hong Kong - 3.4%
China Mobile, Ltd.		1,316,000		13,216,679
CK Asset Holdings, Ltd.		6,678,500		54,916,524
CK Hutchison Holdings, Ltd.		4,976,100		63,178,751
First Pacific Co., Ltd.		12,055,012		9,178,708
Guangdong Investment, Ltd.		30,212,000		43,760,812

				184,251,474

Ireland - 2.5%
DCC PLC		478,131		45,341,120
Ryanair Holdings PLC, ADR ^(B)		221,772		24,862,859


	Shares		Value
COMMON STOCKS (continued)
Ireland (continued)
Smurfit Kappa Group PLC		2,122,815		$ 63,315,020

				133,518,999

Israel - 0.2%
Teva Pharmaceutical Industries, Ltd., ADR		734,300		10,133,340

Italy - 3.8%
Azimut Holding SpA		1,598,663		31,582,943
Eni SpA		3,400,415		55,612,043
Mediobanca SpA		6,484,692		71,080,225
Prysmian SpA		1,285,387		44,319,559

				202,594,770

Japan - 23.6%
Astellas Pharma, Inc.		5,636,300		74,775,591
Bridgestone Corp.		1,151,100		54,566,017
Coca-Cola Bottlers Japan, Inc.		1,351,300		46,942,835
Daiwa Securities Group, Inc.		9,134,500		56,692,464
Denka Co., Ltd.		1,067,680		35,353,021
Electric Power Development Co., Ltd.		281,600		7,045,882
FamilyMart UNY Holdings Co., Ltd. ^(A)		617,300		34,962,508
FANUC Corp.		264,700		61,388,145
FUJIFILM Holdings Corp.		987,100		40,159,400
Hitachi, Ltd.		10,921,000		86,153,969
Japan Airlines Co., Ltd.		1,683,300		57,291,860
JXTG Holdings, Inc.		12,779,800		65,548,387
Kuraray Co., Ltd.		2,666,800		52,137,517
Mitsubishi Heavy Industries, Ltd.		976,029		37,932,124
MS&AD Insurance Group Holdings, Inc.		2,115,200		71,340,680
Nippon Telegraph & Telephone Corp.		1,019,100		49,052,674
ORIX Corp.		5,441,100		92,762,608
Resona Holdings, Inc.		9,129,800		48,834,654
SoftBank Group Corp.		637,700		55,786,482
Sony Corp.		2,169,900		84,215,898
Square Enix Holdings Co., Ltd.		873,800		35,119,529
Sumitomo Mitsui Financial Group, Inc.		1,793,300		71,239,929
Toyota Industries Corp.		942,900		57,301,253

				1,276,603,427

Luxembourg - 0.9%
ArcelorMittal ^(B)		1,669,100		47,857,721

Macau - 0.7%
MGM China Holdings, Ltd. ^(A)		16,475,372		37,126,290

Malta - 0.0% ^(C)
Brait SE ^(A)		350,000		1,309,522

Netherlands - 3.9%
Boskalis Westminster		811,794		29,030,468
Heineken Holding NV		903,785		83,906,048
Koninklijke Philips NV		2,380,827		96,940,881

				209,877,397

Republic of Korea - 0.7%
Samsung Electronics Co., Ltd.		15,300		37,609,854

Republic of South Africa - 0.5%
Steinhoff International Holdings NV ^(A)		6,499,137		28,228,238

Singapore - 1.3%
DBS Group Holdings, Ltd.		4,135,200		69,107,077

Spain - 1.1%
Mediaset Espana Comunicacion SA		3,037,300		33,016,592

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


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Page 213

Transamerica International Equity

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Shares		Value
COMMON STOCKS (continued)
Spain (continued)
Siemens Gamesa Renewable Energy SA		1,828,300		$ 26,514,694

				59,531,286

Sweden - 0.4%
Investor AB, B Shares		436,972		21,656,386

Switzerland - 6.7%
ABB, Ltd.		2,296,600		60,036,413
Nestle SA		1,409,264		118,515,762
Novartis AG		1,419,415		116,950,747
UBS Group AG ^(B)		3,952,674		67,274,500

				362,777,422

United Kingdom - 13.5%
Aviva PLC		11,388,301		76,383,129
British Land Co. PLC, REIT		5,261,000		41,994,257
GKN PLC		16,091,430		67,748,710
HSBC Holdings PLC		7,181,300		70,143,187
Imperial Brands PLC		1,883,894		76,826,791
Inchcape PLC		3,654,296		37,929,737
Inmarsat PLC ^(A)		5,487,070		45,256,319
Micro Focus International PLC		1,153,933		40,537,167
National Grid PLC		3,594,602		43,253,986
Savills PLC		1,265,991		15,687,704
Standard Life Aberdeen PLC		4,252,200		24,273,211
TechnipFMC PLC ^(B)		2,079,563		56,959,231
UBM PLC		2,786,292		26,033,818
Unilever PLC		897,058		50,868,001
Vodafone Group PLC		19,510,120		55,867,061

				729,762,309


	Shares		Value
COMMON STOCKS (continued)
United States - 0.7%
Flex, Ltd. ^(B)		2,178,397		$ 38,775,467

Total Common Stocks (Cost $4,623,884,494)				5,211,578,425


SECURITIES LENDING COLLATERAL - 1.0%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.00% ^(D)		51,198,051		51,198,051

Total Securities Lending Collateral (Cost $51,198,051)				51,198,051


	Principal		Value
REPURCHASE AGREEMENT - 3.4%
Fixed Income Clearing Corp., 0.12%^(D), dated 10/31/2017, to be repurchased at $184,602,546 on 11/01/2017. Collateralized by a U.S. Government Obligation, 0.13%, due 04/15/2020, and with a value of $188,298,127.		$ 184,601,931		184,601,931

Total Repurchase Agreement (Cost $184,601,931)				184,601,931

Total Investments (Cost $4,859,684,476)				5,447,378,407
Net Other Assets (Liabilities) - (0.8)%				(41,135,777	)


Net Assets - 100.0%				$ 5,406,242,630

INVESTMENTS BY INDUSTRY (unaudited):


Industry	Percentage of Total Investments			Value
Pharmaceuticals		7.2	%	$	391,841,750
Banks		7.1			388,733,609
Capital Markets		4.8			260,209,137
Insurance		4.5			247,284,889
Diversified Financial Services		4.4			241,029,862
Multi-Utilities		3.9			214,654,523
Industrial Conglomerates		3.8			204,680,100
Media		3.6			197,407,627
Chemicals		3.3			181,936,581
Auto Components		3.3			179,615,980
Oil, Gas & Consumable Fuels		3.2			171,362,370
Beverages		3.1			169,983,594
Software		3.0			162,547,250
Diversified Telecommunication Services		2.7			147,949,399
Electrical Equipment		2.4			130,870,666
Electronic Equipment, Instruments & Components		2.3			124,929,436
Wireless Telecommunication Services		2.3			124,870,222
Food Products		2.2			118,515,762
Household Durables		2.1			112,444,136
Metals & Mining		2.0			111,243,475
Airlines		2.0			109,252,352
Machinery		1.8			99,320,269
Health Care Equipment & Supplies		1.8			96,940,881

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


Transamerica Funds		Annual Report 2017

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Transamerica International Equity

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

INVESTMENTS BY INDUSTRY (unaudited) (continued):


Industry	Percentage of Total Investments			Value
Semiconductors & Semiconductor Equipment		1.7	%	$	89,745,490
Hotels, Restaurants & Leisure		1.6			85,862,627
Technology Hardware, Storage & Peripherals		1.4			77,769,254
Tobacco		1.4			76,826,791
Aerospace & Defense		1.3			72,091,534
Real Estate Management & Development		1.3			70,604,228
Food & Staples Retailing		1.3			69,903,158
Containers & Packaging		1.2			63,315,020
Energy Equipment & Services		1.1			56,959,231
Marine		1.0			51,542,355
Personal Products		0.9			50,868,001
Health Care Providers & Services		0.9			49,168,577
Water Utilities		0.8			43,760,812
Equity Real Estate Investment Trusts		0.8			41,994,257
Distributors		0.7			37,929,737
Construction & Engineering		0.5			29,030,468
Specialty Retail		0.5			28,352,670
Trading Companies & Distributors		0.4			21,184,463
Independent Power & Renewable Electricity Producers		0.1			7,045,882

Investments, at Value		95.7			5,211,578,425
Short-Term Investments		4.3			235,799,982

Total Investments		100.0	%	$	5,447,378,407

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	$	208,069,053	$	5,003,509,372	$	—	$	5,211,578,425
Securities Lending Collateral		51,198,051		—		—		51,198,051
Repurchase Agreement		—		184,601,931		—		184,601,931

Total Investments	$	259,267,104	$	5,188,111,303	$	—	$	5,447,378,407

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 $48,408,440. 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)		Percentage rounds to less than 0.1% or (0.1)%.
(D)		Rates disclosed reflect the yields at October 31, 2017.
(E)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. 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 2017

Page 215

Transamerica International Small Cap Value

(unaudited)

MARKET ENVIRONMENT

Financial markets were exceptionally strong during the 12-month period ended October 31, 2017. The MSCI EAFE Small Cap Index Gross enjoyed a nearly undisturbed rally and finished the period up 27.98%. All sectors and regions produced positive returns. Symptomatic of a bull market, the sectors most sensitive to global economic growth led the way: industrials, materials and information technology.

After such a strong move by the market, risk appetite and some stock prices are elevated, in our view. This underscores the need for a disciplined approach to investing. Forthcoming bouts of volatility are impossible to predict, but we expect to use exceptional market moves to acquire — or sell — mispriced stocks.

PERFORMANCE

For the year ended October 31, 2017, Transamerica International Small Cap Value Class I returned 23.51%. By comparison, its benchmark, the MSCI EAFE Small Cap Index Gross, returned 27.98%.

STRATEGY REVIEW

The Fund underperformed the MSCI EAFE Small Cap Index Gross. Much of the disparity in return was attributable to our being disciplined about valuation in a market environment strongly influenced by momentum.

Our continued underweight in the benchmark’s best performing sector, information technology, was the primary relative detractor. Technology was the most expensive sector in the index, making it difficult to find stocks meeting our valuation discipline.

Health care was another detractor largely due to Kaken Pharmaceutical Co., Ltd. The Japanese drug company lagged largely because of no significant incremental developments from its drug pipeline. It trades at a meaningful discount to peers and is worthy of our patience.

Our holdings in Europe performed well on an absolute basis but did not fully keep pace with the benchmark’s best performing region. Shares of Swedish candy manufacturer Cloetta AB languished when financial results missed analyst estimates and guidance for synergies and restructuring costs from its acquisition of Candy King fell short of expectations. Gerresheimer AG, a German manufacturer of drug delivery devices and packaging products for medication, pulled back after a profit warning. In both cases, we believe the problems are addressable by management and should be short-lived.

Real estate and energy contributed the most to the Fund’s relative return. Both stock selection and underweights in the benchmark’s worst performing sectors were favorable. Savills PLC led in real estate. The U.K.-based global real estate services provider delivered solid operating results throughout the year and assuaged investor fears of the potential impact on the company of Great Britain’s decision to leave the European Union “(Brexit”). In energy, Ithaca Energy, Inc. (no longer held at period end) was the top contributor, as the North Sea oil and gas producer delivered solid operating results and received an attractive takeout offer from Delek Group.

Japan was the Fund’s best region thanks to favorable stock selection across a variety of sectors. Chemical manufacturer Denka Co., Ltd. (“Denka”) and advertising company D.A. Consortium Holdings, Inc. (“D.A. Consortium”) led. Denka continued to report operating results above analyst’s expectations. Looking ahead, it has several compelling opportunities in its materials and health-care end markets. D.A. Consortium enjoyed a rerating of its shares; analysts took note of the company’s consistent earnings growth.

Brandon H. Harrell, CFA

Stedman D. Oakey, CFA

Co-Portfolio Managers

Thompson Siegel & Walmsley LLC


Asset Allocation	Percentage of Net Assets
Common Stocks		99.4	%
Securities Lending Collateral		3.4
Repurchase Agreement		0.9
Net Other Assets (Liabilities)		(3.7	)
Total		100.0	%


Transamerica Funds		Annual Report 2017

Page 216

Transamerica International Small Cap Value

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			10 Years or Since Inception Date of Class			Inception Date
Class I (NAV)		23.51	%		9.64	%		01/04/2013
MSCI EAFE Small Cap Index Gross ^(A)		27.98	%		12.38	%
Class I2 (NAV)		23.58	%		9.74	%		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.

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 2017

Page 217

Transamerica International Small Cap Value

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Shares		Value
COMMON STOCKS - 99.4%
Australia - 5.2%
APN Outdoor Group, Ltd. ^(A)		2,817,161		$ 10,069,051
Charter Hall Group, REIT		1,428,932		6,343,071
FlexiGroup, Ltd. ^(A)		4,120,226		4,635,519
IMF Bentham, Ltd. ^(A)		2,619,349		4,670,994
Pact Group Holdings, Ltd.		2,243,990		9,961,137
Senex Energy, Ltd. ^{(A) (B)}		11,948,100		3,154,844
WPP Aunz, Ltd. ^(A)		8,067,326		5,680,381

				44,514,997

Belgium - 2.8%
Barco NV		85,362		8,741,233
D’ieteren SA		190,708		8,722,567
Fagron ^(B)		519,648		6,740,146

				24,203,946

Canada - 1.0%
Entertainment One, Ltd.		2,296,100		8,618,071

Denmark - 3.4%
Nilfisk Holding A/S ^{(A) (B)}		116,574		5,602,194
NKT A/S ^{(A) (B)}		116,574		4,994,530
Scandinavian Tobacco Group A/S ^(C)		478,300		8,086,158
Schouw & Co. AB		102,367		10,648,123

				29,331,005

Finland - 2.5%
Kesko OYJ, Class B		50,875		2,598,626
Raisio OYJ, V Shares		2,170,700		8,976,313
Ramirent OYJ		1,033,835		9,513,671

				21,088,610

France - 4.3%
Elis SA		102,100		2,639,082
ICADE, REIT		114,800		10,029,354
Rothschild & Co.		393,200		14,118,430
Sopra Steria Group		54,000		10,130,347

				36,917,213

Germany - 5.9%
Bertrandt AG ^(A)		80,409		7,586,135
DIC Asset AG		669,378		7,871,448
Gerresheimer AG		198,900		15,909,259
SAF-Holland SA ^(A)		636,800		12,613,903
Takkt AG ^(A)		284,613		5,902,915

				49,883,660

Greece - 0.4%
Motor Oil Hellas Corinth Refineries SA		129,951		3,110,723

Hong Kong - 4.5%
AMVIG Holdings, Ltd.		2,902,000		822,086
First Pacific Co., Ltd.		16,168,950		12,311,068
Great Eagle Holdings, Ltd.		1,502,193		8,270,206
Kerry Logistics Network, Ltd.		6,143,300		8,473,083
NewOcean Energy Holdings, Ltd. ^(B)		9,605,220		2,450,123
Pacific Textiles Holdings, Ltd.		5,765,500		6,067,469

				38,394,035

Ireland - 1.9%
Smurfit Kappa Group PLC		532,710		15,888,593

Italy - 4.9%
ASTM SpA		535,400		14,843,118
Danieli & C Officine Meccaniche SpA		487,090		8,102,280


	Shares		Value
COMMON STOCKS (continued)
Italy (continued)
Prysmian SpA		479,100		$ 16,519,150
Salvatore Ferragamo SpA ^(A)		93,500		2,454,909

				41,919,457

Japan - 32.9%
Aida Engineering, Ltd.		548,500		6,357,882
Air Water, Inc.		436,400		8,305,436
Capcom Co., Ltd.		241,900		6,107,866
Chugoku Marine Paints, Ltd.		1,245,100		10,490,355
Coca-Cola Bottlers Japan, Inc.		283,200		9,838,090
D.A. Consortium Holdings, Inc.		471,200		7,778,395
Daiichikosho Co., Ltd.		86,800		4,076,443
Denka Co., Ltd.		794,260		26,299,537
Dynam Japan Holdings Co., Ltd.		4,250,700		6,658,235
Eiken Chemical Co., Ltd.		121,500		4,760,411
Electric Power Development Co., Ltd.		41,000		1,025,856
Hakuhodo DY Holdings, Inc.		979,700		13,449,819
Hikari Tsushin, Inc.		131,600		16,967,205
Kaken Pharmaceutical Co., Ltd.		146,900		7,415,734
Kenedix, Inc.		696,900		4,051,281
Kintetsu World Express, Inc.		818,700		14,004,410
Kumiai Chemical Industry Co., Ltd. ^(A)		1,175,400		7,959,703
Kyushu Railway Co.		273,700		8,725,760
Matsumotokiyoshi Holdings Co., Ltd.		84,800		6,070,727
Nakanishi, Inc.		254,600		11,509,116
Nichiha Corp.		222,600		8,927,101
Rohto Pharmaceutical Co., Ltd.		539,800		12,395,390
Sanwa Holdings Corp.		1,369,400		17,089,649
Shinoken Group Co., Ltd. ^(A)		86,800		2,117,613
SKY Perfect JSAT Holdings, Inc.		1,498,500		6,905,712
Sogo Medical Co., Ltd.		110,000		6,085,045
Square Enix Holdings Co., Ltd.		282,300		11,346,124
Token Corp. ^(A)		90,800		10,908,298
Trend Micro, Inc.		167,800		8,928,279
Wakita & Co., Ltd.		443,400		5,432,093
Welcia Holdings Co., Ltd.		209,100		7,907,568

				279,895,133

Netherlands - 1.1%
BinckBank NV		812,144		4,138,862
Boskalis Westminster ^(A)		145,000		5,185,327

				9,324,189

New Zealand - 1.7%
Air New Zealand, Ltd.		6,309,602		14,248,284

Norway - 0.5%
ABG Sundal Collier Holding ASA		6,547,660		4,537,189

Philippines - 0.4%
Alliance Global Group, Inc. ^(B)		10,443,400		3,236,695

Republic of Korea - 3.0%
Eugene Technology Co., Ltd.		281,809		5,332,575
Interpark Holdings Corp.		853,919		3,189,763
NongShim Co., Ltd.		25,900		8,033,427
Value Added Technology Co., Ltd.		335,400		8,726,657

				25,282,422

Spain - 1.7%
Cia de Distribucion Integral Logista Holdings SA		615,864		14,430,277

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


Transamerica Funds		Annual Report 2017

Page 218

Transamerica International Small Cap Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Shares		Value
COMMON STOCKS (continued)
Sweden - 4.4%
Cloetta AB, B Shares		3,407,900		$ 11,520,259
Dios Fastigheter AB		2,202,674		14,471,110
Nobina AB ^(C)		953,176		5,180,521
Scandic Hotels Group AB ^(C)		511,300		6,596,119

				37,768,009

Switzerland - 2.6%
Pargesa Holding SA		205,235		17,187,776
Swissquote Group Holding SA		147,976		5,139,446

				22,327,222

United Kingdom - 14.3%
Bovis Homes Group PLC		159,200		2,486,552
Dialog Semiconductor PLC ^(B)		64,287		3,211,864
IG Group Holdings PLC		1,243,035		10,788,873
Inchcape PLC		604,500		6,274,403
Inmarsat PLC		1,025,100		8,454,832
Intermediate Capital Group PLC		860,035		11,114,146
International Personal Finance PLC		1,922,650		5,164,590
Lancashire Holdings, Ltd.		777,400		7,759,266
Northgate PLC		1,428,906		8,502,151
Pendragon PLC		16,075,664		5,391,100
Rentokil Initial PLC		2,600,800		11,599,380
Savills PLC		1,172,800		14,532,915
Thomas Cook Group PLC		4,807,900		7,649,964
UBM PLC		1,987,764		18,572,743

				121,502,779

Total Common Stocks (Cost $738,078,798)				846,422,509


	Shares		Value
SECURITIES LENDING COLLATERAL - 3.4%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.00% ^(D)		29,180,729		$ 29,180,729

Total Securities Lending Collateral (Cost $29,180,729)				29,180,729


	Principal		Value
REPURCHASE AGREEMENT - 0.9%
Fixed Income Clearing Corp., 0.12%^(D), dated 10/31/2017, to be repurchased at $7,575,287 on 11/01/2017. Collateralized by a U.S. Government Obligation, 2.13%, due 08/31/2020, and with a value of $7,726,874.		$ 7,575,261		7,575,261

Total Repurchase Agreement (Cost $7,575,261)				7,575,261

Total Investments (Cost $774,834,788)				883,178,499
Net Other Assets (Liabilities) - (3.7)%				(31,162,117	)


Net Assets - 100.0%				$ 852,016,382

INVESTMENTS BY INDUSTRY (unaudited):


Industry	Percentage of Total Investments			Value
Media		8.5	%	$	75,150,615
Chemicals		6.0			53,055,031
Real Estate Management & Development		5.8			51,314,573
Capital Markets		5.6			49,836,946
Food Products		4.4			39,178,122
Air Freight & Logistics		4.2			36,907,770
Diversified Financial Services		3.9			34,169,838
Containers & Packaging		3.0			26,671,816
Software		3.0			26,382,269
Building Products		2.9			26,016,750
Machinery		2.8			25,056,886
Health Care Equipment & Supplies		2.8			24,996,184
Food & Staples Retailing		2.6			22,661,966
Road & Rail		2.5			22,408,432
Specialty Retail		2.5			22,358,305
Hotels, Restaurants & Leisure		2.4			20,904,318
Pharmaceuticals		2.2			19,811,124
Electrical Equipment		1.9			16,519,150
Equity Real Estate Investment Trusts		1.8			16,372,425
Life Sciences Tools & Services		1.8			15,909,259
Distributors		1.7			14,996,970
Trading Companies & Distributors		1.7			14,945,764
Transportation Infrastructure		1.7			14,843,118

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


Transamerica Funds		Annual Report 2017

Page 219

Transamerica International Small Cap Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

INVESTMENTS BY INDUSTRY (unaudited) (continued):


Industry	Percentage of Total Investments			Value
Airlines		1.6	%	$	14,248,284
Commercial Services & Supplies		1.6			14,238,462
Household Durables		1.5			13,394,850
Auto Components		1.4			12,613,903
IT Services		1.1			10,130,347
Beverages		1.1			9,838,090
Consumer Finance		1.1			9,800,109
Electronic Equipment, Instruments & Components		1.0			8,741,233
Oil, Gas & Consumable Fuels		1.0			8,715,690
Semiconductors & Semiconductor Equipment		1.0			8,544,439
Textiles, Apparel & Luxury Goods		1.0			8,522,378
Diversified Telecommunication Services		1.0			8,454,832
Tobacco		0.9			8,086,158
Insurance		0.9			7,759,266
Professional Services		0.9			7,586,135
Health Care Providers & Services		0.8			6,740,146
Internet & Catalog Retail		0.7			5,902,915
Construction & Engineering		0.6			5,185,327
Industrial Conglomerates		0.4			3,236,695
Internet & Direct Marketing Retail		0.4			3,189,763
Independent Power & Renewable Electricity Producers		0.1			1,025,856

Investments, at Value		95.8			846,422,509
Short-Term Investments		4.2			36,755,990

Total Investments		100.0	%	$	883,178,499

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	$	—	$	846,422,509	$	—	$	846,422,509
Securities Lending Collateral		29,180,729		—		—		29,180,729
Repurchase Agreement		—		7,575,261		—		7,575,261

Total Investments	$	29,180,729	$	853,997,770	$	—	$	883,178,499

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 $27,653,789. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(B)		Non-income producing securities.
(C)		Securities are 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, 2017, the total value of 144A securities is $19,862,798, representing 2.3% of the Fund’s net assets.
(D)		Rates disclosed reflect the yields at October 31, 2017.
(E)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. 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 2017

Page 220

Transamerica Large Cap Value

(unaudited)

MARKET ENVIRONMENT

For the fiscal year ended October 31, 2017, U. S. equity markets achieved their ninth consecutive yearly gain, with the Russell 1000^® Value Index advancing 17.78%.

Both the economic and investing environments were favorable for stocks, facilitated by governments around the world through both fiscal and monetary policies. Inflation was subdued and interest rates were still low on a historical basis, while economic growth was fairly steady in the U.S. and major economies worldwide. Investors appeared unconcerned about numerous geopolitical and domestic issues. The sustainability of stimulative governmental policies remained a concern.

The period was characterized by low overall market volatility even as prices for individual stocks and sectors were significantly more volatile than the market averages would indicate. In addition, growth stocks significantly outperformed value with the Russell 1000^® Growth Index up 29.71%, an unusually large divergence versus its value counterpart. Historically, such investment environments have eventually reversed.

Corporate profitability and cash generation have been strong for many companies, and we continue to find attractive investment ideas that we believe can deliver superior relative performance. We believe our approach to stock picking is well suited to the current investment climate where revenue growth is low, interest rates could rise, and merger and acquisition activity remains healthy.

PERFORMANCE

For the year ended October 31, 2017, Transamerica Large Cap Value Class A returned 20.29%, excluding any sales charges. By comparison, its benchmark, the Russell 1000^® Value Index, returned 17.78%.

STRATEGY REVIEW

We employ intensive fundamental research to identify individual investment ideas using a bottom up stock selection process. Our strategy emphasizes companies that we believe possess leading competitive positions, strong balance sheets, healthy free cash flows that investor oriented managements will use to enhance shareholder value, and prospects for catalysts that can propel stock prices higher in the near to intermediate term.

Additionally, as contrarian investors, we typically seek stocks that are down in price or have significantly underperformed the market averages, thus avoiding momentum plays. We believe the Fund is diversified by industry and sector, and sector overweights or underweights typically occur only as the result of identifying more or fewer individual stock ideas in a given sector.

For the year, the Fund significantly outperformed its benchmark, the Russell 1000^® Value Index, primarily due to stock selection, but it also benefited from sector positioning.

The three largest individual contributors to performance were three banks Citigroup Inc., JPMorgan Chase & Co. and Morgan Stanley, each of which outperformed an already very strong financials sector. We believe this outperformance was the result of our focus on previously out of favor high-qualtiy companies that subsequently not only reported strong financial results but also benefitted from expectations of a more favorable regulatory environment under President Trump’s administration. We believe they may benefit further from lower corporate tax rates should tax reform be implemented.

The top detractors were industrial products manufacturer General Electric Co. (“GE”) and consumer retailer Macy’s, Inc. GE was purchased after an extended period of underperformance in anticipation that its new CEO would take strategic actions to unlock shareholder value. However, continued disappointing operating results led us to reduce the position. After long avoiding traditional retailing stocks due to the structural problems in the industry, we bought Macy’s, Inc., a retailer that still had strong free cash flow generation, high dividend yield and hidden real estate values. However, the structural problems in traditional retailing worsened, so we exited the position.

John Levin

Jack Murphy

Co-Portfolio Managers

Levin Capital Strategies, L.P.


Asset Allocation	Percentage of Net Assets
Common Stocks		95.1	%
Repurchase Agreement		4.8
Securities Lending Collateral		0.5
Net Other Assets (Liabilities)		(0.4	)
Total		100.0	%


Transamerica Funds		Annual Report 2017

Page 221

Transamerica Large Cap Value

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		13.67	%		13.86	%		12.82	%		11/15/2010
Class A (NAV)		20.29	%		15.16	%		13.74	%		11/15/2010
Russell 1000^® Value Index ^(A)		17.78	%		13.48	%		12.72	%
Class C (POP)		18.37	%		14.33	%		12.96	%		11/15/2010
Class C (NAV)		19.37	%		14.33	%		12.96	%		11/15/2010
Class I (NAV)		20.55	%		15.48	%		14.11	%		11/15/2010
Class I2 (NAV)		20.66	%		15.60	%		14.23	%		11/15/2010
Class R6 (NAV)		20.66	%		N/A			11.76	%		05/29/2015
Class T1 (POP)		N/A			N/A			3.14	%^(B)		03/17/2017
Class T1 (NAV)		N/A			N/A			5.77	%^(B)		03/17/2017
Advisor Class (NAV)		N/A			N/A			8.62	%^(B)		12/16/2016

^(B) Not annualized.

The performance data presented represents past performance; future results may vary. 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 2.5% for T1 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, I2, R6 and Advisor Class shares.

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 2017

Page 222

Transamerica Large Cap Value

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Shares		Value
COMMON STOCKS - 95.1%
Aerospace & Defense - 1.6%
United Technologies Corp.		300,000		$ 35,928,000

Automobiles - 1.0%
General Motors Co.		550,000		23,639,000

Banks - 14.6%
Bank of America Corp.		2,065,820		56,582,810
Citigroup, Inc.		1,450,000		106,575,000
Huntington Bancshares, Inc.		4,000,000		55,200,000
JPMorgan Chase & Co.		1,180,000		118,719,800

				337,077,610

Beverages - 2.7%
Cott Corp.		4,216,859		63,252,885

Capital Markets - 2.8%
Morgan Stanley		1,275,000		63,750,000

Chemicals - 4.8%
DowDuPont, Inc.		1,550,000		112,080,500

Communications Equipment - 4.9%
Nokia OYJ, ADR		23,000,000		112,470,000

Construction Materials - 1.2%
Summit Materials, Inc., Class A ^(A)		900,000		28,260,000

Diversified Telecommunication Services - 3.9%
AT&T, Inc.		2,700,000		90,855,000

Electric Utilities - 1.0%
PG&E Corp.		409,165		23,637,462

Electrical Equipment - 6.4%
Atkore International Group, Inc. ^{(A) (B) (C)}		1,911,417		36,909,462
Eaton Corp. PLC		1,400,000		112,028,000

				148,937,462

Electronic Equipment, Instruments & Components - 1.6%
Corning, Inc.		1,200,000		37,572,000

Energy Equipment & Services - 0.6%
Baker Hughes a GE Co.		471,508		14,819,497

Food Products - 8.7%
Pinnacle Foods, Inc.		1,500,000		81,630,000
TreeHouse Foods, Inc. ^{(A) (D)}		1,040,000		69,035,200
Tyson Foods, Inc., Class A		700,000		51,037,000

				201,702,200

Household Durables - 1.1%
Whirlpool Corp.		153,425		25,150,960

Household Products - 1.0%
Procter & Gamble Co.		270,000		23,311,800

Industrial Conglomerates - 0.7%
General Electric Co.		750,000		15,120,000

Insurance - 8.2%
American International Group, Inc.		648,376		41,891,573
Athene Holding, Ltd., Class A ^(A)		790,000		41,182,700
Chubb, Ltd.		700,000		105,574,000

				188,648,273

Life Sciences Tools & Services - 0.3%
Fluidigm Corp. ^{(A) (B) (C)}		1,161,226		6,735,111

Media - 1.9%
Walt Disney Co.		440,000		43,036,400


	Shares		Value
COMMON STOCKS (continued)
Oil, Gas & Consumable Fuels - 8.9%
Hess Corp.		2,100,000		$ 92,736,000
Occidental Petroleum Corp.		1,750,000		112,997,500

				205,733,500

Pharmaceuticals - 9.6%
Allergan PLC		220,000		38,990,600
Merck & Co., Inc.		800,000		44,072,000
Pfizer, Inc.		4,000,000		140,240,000

				223,302,600

Professional Services - 0.7%
Nielsen Holdings PLC		459,543		17,035,259

Semiconductors & Semiconductor Equipment - 4.0%
Intel Corp.		1,600,000		72,784,000
QUALCOMM, Inc.		400,000		20,404,000

				93,188,000

Technology Hardware, Storage & Peripherals - 2.9%
Apple, Inc.		400,000		67,616,000

Total Common Stocks (Cost $1,958,219,759)				2,202,859,519


SECURITIES LENDING COLLATERAL - 0.5%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.00% ^(E)		11,524,004		11,524,004

Total Securities Lending Collateral (Cost $11,524,004)				11,524,004


	Principal		Value
REPURCHASE AGREEMENT - 4.8%
Fixed Income Clearing Corp., 0.12%^(E), dated 10/31/2017, to be repurchased at $111,495,293 on 11/01/2017. Collateralized by a U.S. Government Obligation and a U.S. Government Agency Obligation, 0.13% - 1.70%, due 04/15/2020 - 05/15/2020, and with a total value of $113,728,096.		$ 111,494,921		111,494,921

Total Repurchase Agreement (Cost $111,494,921)				111,494,921

Total Investments (Cost $2,081,238,684)				2,325,878,444
Net Other Assets (Liabilities) - (0.4)%				(9,944,003	)


Net Assets - 100.0%				$ 2,315,934,441

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


Transamerica Funds		Annual Report 2017

Page 223

Transamerica Large Cap Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

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	$	2,202,859,519	$	—	$	—	$	2,202,859,519
Securities Lending Collateral		11,524,004		—		—		11,524,004
Repurchase Agreement		—		111,494,921		—		111,494,921

Total Investments	$	2,214,383,523	$	111,494,921	$	—	$	2,325,878,444

FOOTNOTES TO SCHEDULE OF INVESTMENTS:


(A)		Non-income producing securities.
(B)		Illiquid security. At October 31, 2017, the value of such securities amounted to $43,644,573 or 1.9% of the Fund’s net assets.
(C)		Restricted securities. At October 31, 2017, 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
Common Stocks	Atkore International Group, Inc.		02/17/2017	$	46,460,629	$	36,909,462		1.6	%

Common Stocks	Fluidigm Corp.		08/10/2017		9,911,574		6,735,111		0.3

Total				$	56,372,203	$	43,644,573		1.9	%


(D)		All or a portion of the security is on loan. The value of the security on loan is $11,290,972. 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.
(E)		Rates disclosed reflect the yields at October 31, 2017.
(F)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. 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 2017

Page 224

Transamerica Large Core

(unaudited)

MARKET ENVIRONMENT

It was a spectacular year among equity markets across the globe with double-digit gains almost everywhere. Small-caps had a slight edge over their large-cap counterparts, and growth stocks dominated. In the strong market for economically-sensitive, more-volatile stocks, less volatile stocks lagged the broader market, continuing a trend from calendar year 2016. Information technology was easily the best performing sector in the S&P 500^®, while telecommunication services and consumer staples were among laggards.

PERFORMANCE

For the year ended October 31, 2017, Transamerica Large Core Class R4 returned 25.08%. By comparison, its primary and secondary benchmarks, the Russell 1000^® Index and the S&P 500^®, returned 23.67% and 23.63%, respectively.

STRATEGY REVIEW

The Fund invests in a broadly diversified selection of large-cap stocks using our disciplined investment approach — we are fully invested in U.S. equities, avoid broad sector bets, and take only modest industry-level and stock-specific bets. Our goal is to outperform the benchmark with incremental gains across many holdings. Using bottom-up stock selection, we evaluate companies relative to their industry peers using four broad categories of measures: value, management, momentum and sentiment.

The Fund outperformed its benchmarks for the period. Despite inconsistent value trends in the market, our eclectic approach — incorporating measures of management, momentum and sentiment — paid off. Value was particularly strong at the end of 2016 but weaker in 2017. Momentum trends were reliable contributors to the year’s strong performance.

On a sector basis, our holdings and underweight in energy were the largest contributors compared to the S&P 500^®, followed by our holdings and underweight in consumer staples. Our financial holdings Bank of America Corp. and Allstate Corp. also aided performance as did information technology holdings Applied Materials, Inc. and Lam Research Corp.

Relative detractors included our overweight and holdings (lack of exposure to UnitedHealth Group, Inc. primarily) in health care. Other relative individual detractors included having no exposure to Amazon.com, Inc. and Facebook Inc., being underweight in Apple, Inc. and holding Bed Bath & Beyond, Inc.

Theodore R. Aronson

Stefani Cranston

Gina Marie N. Moore

Gregory J. Rogers

Christopher J. W. Whitehead

Co-Portfolio Managers

AJO, LP


Asset Allocation	Percentage of Net Assets
Common Stocks		99.3	%
Securities Lending Collateral		0.3
Net Other Assets (Liabilities)		0.4
Total		100.0	%


Transamerica Funds		Annual Report 2017

Page 225

Transamerica Large Core

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class I3 (NAV)		N/A			N/A			11.09	%^(A)		03/10/2017
Class R (NAV)		N/A			N/A			10.68	%^(A)		03/10/2017
Class R4 (NAV)		25.08	%		14.76	%		6.80	%		09/11/2000
Russell 1000^® Index ^(B)		23.67	%		15.18	%		7.61	%
S&P 500^® ^(C)		23.63	%		15.18	%		7.51	%

^(A) Not annualized.

^(B) 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.

^(C) 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.

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 2017

Page 226

Transamerica Large Core

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Shares		Value
COMMON STOCKS - 99.3%
Aerospace & Defense - 1.8%
Huntington Ingalls Industries, Inc.		5,863		$ 1,365,082
Northrop Grumman Corp.		13,250		3,915,773

				5,280,855

Airlines - 2.6%
American Airlines Group, Inc.		9,062		424,283
Delta Air Lines, Inc.		72,750		3,639,683
Southwest Airlines Co.		64,819		3,491,151

				7,555,117

Auto Components - 1.7%
Lear Corp.		16,081		2,823,663
Magna International, Inc.		37,601		2,051,134

				4,874,797

Automobiles - 1.9%
Fiat Chrysler Automobiles NV ^(A)		92,500		1,604,875
General Motors Co.		87,425		3,757,526

				5,362,401

Banks - 3.9%
Bank of America Corp.		238,775		6,540,047
Citizens Financial Group, Inc.		88,422		3,360,920
Comerica, Inc.		8,254		648,517
JPMorgan Chase & Co.		8,606		865,850

				11,415,334

Beverages - 2.7%
Dr Pepper Snapple Group, Inc.		30,223		2,588,902
PepsiCo, Inc.		47,875		5,277,261

				7,866,163

Biotechnology - 1.9%
Biogen, Inc. ^(A)		3,198		996,689
Gilead Sciences, Inc.		39,911		2,991,728
Vertex Pharmaceuticals, Inc. ^(A)		10,834		1,584,256

				5,572,673

Building Products - 1.1%
Masco Corp.		78,910		3,142,196

Capital Markets - 1.8%
Ameriprise Financial, Inc.		21,188		3,316,770
Morgan Stanley		38,028		1,901,400

				5,218,170

Chemicals - 2.6%
Celanese Corp., Series A		23,970		2,500,311
Chemours Co.		4,340		245,687
Eastman Chemical Co.		11,749		1,066,927
LyondellBasell Industries NV, Class A		36,373		3,765,696

				7,578,621

Communications Equipment - 0.4%
F5 Networks, Inc. ^(A)		8,586		1,041,224

Construction & Engineering - 1.6%
Jacobs Engineering Group, Inc.		33,837		1,969,652
Quanta Services, Inc. ^(A)		69,246		2,612,651

				4,582,303

Consumer Finance - 1.6%
Discover Financial Services		56,543		3,761,806
Navient Corp.		63,944		796,742

				4,558,548


	Shares		Value
COMMON STOCKS (continued)
Containers & Packaging - 1.0%
WestRock Co.		46,085		$ 2,826,393

Diversified Financial Services - 0.5%
Leucadia National Corp.		57,277		1,449,108

Diversified Telecommunication Services - 1.9%
Verizon Communications, Inc.		117,269		5,613,667

Electric Utilities - 1.5%
Entergy Corp.		42,204		3,640,517
Pinnacle West Capital Corp.		9,004		789,741

				4,430,258

Electronic Equipment, Instruments & Components - 1.4%
TE Connectivity, Ltd.		43,332		3,941,912

Equity Real Estate Investment Trusts - 0.8%
Host Hotels & Resorts, Inc.		117,522		2,298,730

Food Products - 1.7%
Bunge, Ltd.		12,618		867,866
Conagra Brands, Inc.		28,189		962,936
Hershey Co.		30,258		3,212,795

				5,043,597

Health Care Equipment & Supplies - 1.3%
Baxter International, Inc.		60,010		3,868,845

Health Care Providers & Services - 3.8%
Aetna, Inc.		25,377		4,314,852
Express Scripts Holding Co. ^(A)		24,207		1,483,647
Humana, Inc.		3,618		923,856
Laboratory Corp. of America Holdings ^(A)		20,445		3,142,601
Quest Diagnostics, Inc.		13,104		1,228,893

				11,093,849

Hotels, Restaurants & Leisure - 2.3%
Carnival Corp.		48,574		3,224,828
Royal Caribbean Cruises, Ltd.		15,204		1,881,799
Wyndham Worldwide Corp.		14,904		1,592,492

				6,699,119

Household Durables - 1.2%
PulteGroup, Inc.		111,545		3,372,005

Independent Power & Renewable Electricity Producers - 0.8%
AES Corp.		229,619		2,440,850

Insurance - 6.3%
Aflac, Inc.		37,519		3,147,469
Allstate Corp.		41,137		3,861,119
Lincoln National Corp.		47,856		3,626,528
Prudential Financial, Inc.		36,083		3,985,728
Unum Group		67,487		3,512,023

				18,132,867

Internet Software & Services - 2.7%
Alphabet, Inc., Class A ^(A)		1,900		1,962,776
eBay, Inc. ^(A)		63,805		2,401,620
VeriSign, Inc. ^{(A) (B)}		30,861		3,318,175

				7,682,571

IT Services - 2.2%
Cognizant Technology Solutions Corp., Class A		50,113		3,792,051
Mastercard, Inc., Class A		16,513		2,456,639

				6,248,690

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


Transamerica Funds		Annual Report 2017

Page 227

Transamerica Large Core

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Shares		Value
COMMON STOCKS (continued)
Machinery - 1.7%
Cummins, Inc.		18,248		$ 3,227,706
PACCAR, Inc.		22,422		1,608,330

				4,836,036

Media - 2.1%
News Corp., Class A		153,417		2,095,676
Walt Disney Co.		41,709		4,079,558

				6,175,234

Metals & Mining - 0.2%
Teck Resources, Ltd., Class B		27,139		554,721

Multi-Utilities - 0.7%
Public Service Enterprise Group, Inc.		40,096		1,972,723

Multiline Retail - 1.5%
Wal-Mart Stores, Inc.		48,522		4,236,456

Oil, Gas & Consumable Fuels - 5.5%
Andeavor		20,190		2,144,986
Chevron Corp.		18,980		2,199,592
ConocoPhillips		36,471		1,865,492
Marathon Petroleum Corp.		61,305		3,662,361
Phillips 66		17,740		1,615,759
Southwestern Energy Co. ^(A)		111,513		618,897
Valero Energy Corp.		48,206		3,802,971

				15,910,058

Pharmaceuticals - 7.8%
Bristol-Myers Squibb Co.		3,531		217,721
Eli Lilly & Co.		27,286		2,235,815
Johnson & Johnson		59,197		8,252,654
Merck & Co., Inc.		88,116		4,854,310
Pfizer, Inc.		171,625		6,017,173
Zoetis, Inc.		17,780		1,134,720

				22,712,393

Real Estate Management & Development - 1.2%
CBRE Group, Inc., Class A ^(A)		85,252		3,352,109

Road & Rail - 1.2%
JB Hunt Transport Services, Inc.		17,701		1,883,209
Kansas City Southern		15,999		1,667,416

				3,550,625

Semiconductors & Semiconductor Equipment - 5.6%
Applied Materials, Inc.		59,211		3,341,277
Intel Corp.		129,184		5,876,580
KLA-Tencor Corp.		20,836		2,268,832
Lam Research Corp.		13,325		2,779,195


	Shares		Value
COMMON STOCKS (continued)
Semiconductors & Semiconductor Equipment (continued)
Micron Technology, Inc. ^(A)		45,213		$ 2,003,388

				16,269,272

Software - 8.8%
CA, Inc.		41,266		1,336,193
Cadence Design Systems, Inc. ^(A)		73,413		3,168,505
Citrix Systems, Inc. ^(A)		29,538		2,440,134
Intuit, Inc.		18,734		2,829,209
Microsoft Corp.		144,584		12,026,497
Synopsys, Inc. ^(A)		41,574		3,596,983

				25,397,521

Specialty Retail - 1.6%
Bed Bath & Beyond, Inc.		57,493		1,144,111
Best Buy Co., Inc.		21,817		1,221,316
Lowe’s Cos., Inc.		29,474		2,356,446

				4,721,873

Technology Hardware, Storage & Peripherals - 4.2%
Apple, Inc.		48,331		8,169,872
HP, Inc.		117,509		2,532,319
Western Digital Corp.		14,759		1,317,536

				12,019,727

Textiles, Apparel & Luxury Goods - 0.6%
Michael Kors Holdings, Ltd. ^(A)		36,581		1,785,519

Tobacco - 1.2%
Altria Group, Inc.		43,322		2,782,139
Philip Morris International, Inc.		5,626		588,704

				3,370,843

Trading Companies & Distributors - 0.4%
United Rentals, Inc. ^(A)		8,360		1,182,773

Total Common Stocks (Cost $263,071,541)				287,238,746


SECURITIES LENDING COLLATERAL - 0.3%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.00% ^(C)		996,640		996,640

Total Securities Lending Collateral (Cost $996,640)				996,640

Total Investments (Cost $264,068,181)				288,235,386
Net Other Assets (Liabilities) - 0.4%				1,018,328


Net Assets - 100.0%				$ 289,253,714

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	$	287,238,746	$	—	$	—	$	287,238,746
Securities Lending Collateral		996,640		—		—		996,640

Total Investments	$	288,235,386	$	—	$	—	$	288,235,386

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


Transamerica Funds		Annual Report 2017

Page 228

Transamerica Large Core

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

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 $976,389. The amount on loan indicated may not correspond with the security on loan identified because a security with pending sales are in the process of recall from the brokers.
(C)		Rate disclosed reflects the yield at October 31, 2017.
(D)		The Fund recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended October 31, 2017. 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 2017

Page 229

Transamerica Large Growth

(unaudited)

MARKET ENVIRONMENT

Jennison Associates LLC

Equity returns were strong in the 12 month period ended October 31, 2017, as global gross domestic product (“GDP”) advanced at a healthy pace, long-term interest rates remained close to historical lows, and central banks tightened monetary policy prudently and gradually in light of subdued inflation. In the U.S., solid economic fundamentals included stable and moderate economic expansion, robust employment, accelerating corporate profit growth, and accumulating cash on company balance sheets.

Wellington Management Company LLP

U.S. equities rose for the twelfth consecutive month, as measured by the S&P 500^®, for the year ending October 31, 2017. The stock market soared following Donald Trump’s victory on hopes of increased fiscal stimulus, reduced regulatory restrictions, and lower corporate taxes. Following the November election, the reflation trading theme dominated the narrative, leading to big equity inflows and the largest exodus from bonds since the “taper tantrum” in 2013. Despite many investors voicing concerns about stretched valuations, heightened U.S. tensions with Russia and North Korea, and overly optimistic policy expectations, the market hit a series of record-highs during the year on the back of strong employment data and strong corporate earnings.

In a well-telegraphed move, the U.S. Federal Reserve (“Fed”) hiked policy interest rates by 25 basis points in June, the latest of three hikes during the period. In August, the Fed announced that its balance sheet normalization program would begin in October, reiterating that the process would be gradual and predictable.

On legislative policy, both the White House and Congress began to focus on taxes. The initial blueprint, while lacking in detail, appeared to provide stimulus to both consumers and corporations. President Trump and Congress would like to achieve tax cuts for the middle class while at the same time providing incentives for increased investment. We believe the magnitude of the stimulus from these initiatives is likely going to depend on the appetite for lawmakers to absorb the increases to the deficit.

We believe the market will remain focused on changes to the Fed’s bond buying program and its impact on interest rates. We would not be surprised by a pick-up in volatility from very low levels with the increased supply of bonds. With tight labor markets we continue to expect the Fed to remain on the slow path to interest rate normalization.

Returns varied by market cap, as small-cap stocks, as measured by the Russell 2000^® Index, outperformed mid- and large-cap stocks, as measured by the S&P MidCap 400 and the S&P 500^®.

PERFORMANCE

For the year ended October 31, 2017, Transamerica Large Growth Class R4 returned 29.03%. By comparison, its primary and secondary benchmarks, the Russell 1000^® Growth Index and the S&P 500^®, returned 29.71% and 23.63%, respectively.

STRATEGY REVIEW

Jennison Associates LLC


Transamerica Funds		Annual Report 2017

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Transamerica Large Growth

(unaudited)

STRATEGY REVIEW (continued)

The Fund’s positions in O’Reilly Automotive, Inc., Ulta Beauty, Inc., Allergan PLC, and Palo Alto Networks, Inc. were eliminated.

Wellington Management Company LLP

The Fund’s portfolio management team adheres to a disciplined portfolio construction process that allows them 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.

During the period, stock selection within the health care, industrials, and financials sectors detracted from relative performance. This was partially offset by favorable stock selection within the consumer staples, information technology, and consumer discretionary sectors. Sector allocation, a result of the bottom-up stock selection process, modestly contributed to relative performance. The Fund’s overweight allocation to financials and information technology, along with an underweight exposure to telecommunications services and real estate sectors, contributed to relative performance. The Fund’s overweight allocation to the weaker performing consumer staples sector detracted during the period.

The Fund’s largest relative detractors during the period included Allergan PLC, a pharmaceutical company; Advance Auto Parts, Inc., an auto parts distributor; and Walgreens Boots Alliance, Inc., a global pharmacy-led health and wellbeing enterprise. We eliminated our positions in Advance Auto Parts, Inc. and Walgreens Boots Alliance, Inc. during the period.

The Fund’s largest relative contributors during the period included Adobe Systems, Inc., a computer software company; Hilton Worldwide Holdings, Inc., an international chain of service hotels and resorts; and PayPal Holdings, Inc., an electronic payment company. Not holding PepsiCo, Inc., General Electric Co., Walt Disney Co., and Celgene Corp. also aided relative performance.

Michael A. Del Balso

Blair A. Boyer

Spiros “Sig” Segalas

Co-Portfolio Managers

Jennison Associates LLC

Mammen Chally, CFA

David Siegle, CFA

Douglas McLane, CFA

Co-Portfolio Managers

Wellington Management Company LLP


Asset Allocation	Percentage of Net Assets
Common Stocks		98.7	%
Securities Lending Collateral		0.3
Net Other Assets (Liabilities)		1.0
Total		100.0	%


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(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class I3 (NAV)		N/A			N/A			17.49	%^(A)		03/10/2017
Class R (NAV)		N/A			N/A			17.10	%^(A)		03/10/2017
Class R4 (NAV)		29.03	%		16.58	%		7.85	%		09/11/2000
Russell 1000^® Growth Index ^(B)		29.71	%		16.83	%		9.13	%
S&P 500^® ^(C)		23.63	%		15.18	%		7.51	%

^(A) Not annualized.

^(B) 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.

^(C) 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.

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.


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Transamerica Large Growth

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Shares		Value
COMMON STOCKS - 98.7%
Aerospace & Defense - 2.4%
Boeing Co.		69,390		$ 17,901,232
General Dynamics Corp.		14,700		2,983,806

				20,885,038

Air Freight & Logistics - 0.7%
FedEx Corp.		28,198		6,367,390

Automobiles - 0.7%
Tesla, Inc. ^(A)		18,290		6,063,684

Banks - 1.6%
JPMorgan Chase & Co.		79,068		7,955,032
M&T Bank Corp.		15,933		2,657,146
SVB Financial Group ^(A)		13,375		2,932,870

				13,545,048

Beverages - 1.3%
Monster Beverage Corp. ^(A)		188,893		10,942,571

Biotechnology - 4.5%
AbbVie, Inc.		65,288		5,892,242
Alexion Pharmaceuticals, Inc. ^(A)		28,752		3,440,464
Biogen, Inc. ^(A)		10,964		3,417,040
BioMarin Pharmaceutical, Inc. ^(A)		54,848		4,502,472
Celgene Corp. ^(A)		48,255		4,872,308
Incyte Corp. ^(A)		22,344		2,530,458
Regeneron Pharmaceuticals, Inc. ^(A)		16,620		6,691,545
TESARO, Inc. ^{(A) (B)}		20,573		2,381,736
Vertex Pharmaceuticals, Inc. ^(A)		31,064		4,542,489

				38,270,754

Building Products - 0.4%
Fortune Brands Home & Security, Inc.		46,886		3,097,289

Capital Markets - 1.6%
BlackRock, Inc.		6,787		3,195,523
Goldman Sachs Group, Inc.		27,519		6,672,807
Intercontinental Exchange, Inc.		58,495		3,866,520

				13,734,850

Chemicals - 1.8%
Albemarle Corp.		49,257		6,939,819
PPG Industries, Inc.		47,576		5,530,234
Sherwin-Williams Co.		6,493		2,565,709

				15,035,762

Consumer Finance - 0.5%
Capital One Financial Corp.		44,501		4,102,102

Containers & Packaging - 0.5%
Crown Holdings, Inc. ^(A)		65,321		3,930,365

Diversified Telecommunication Services - 0.6%
Verizon Communications, Inc.		105,822		5,065,699

Electrical Equipment - 0.8%
AMETEK, Inc.		58,396		3,941,146
Eaton Corp. PLC		38,320		3,066,366

				7,007,512

Electronic Equipment, Instruments & Components - 0.5%
CDW Corp.		22,358		1,565,060
Corning, Inc.		83,874		2,626,095

				4,191,155

Energy Equipment & Services - 0.2%
Baker Hughes a GE Co.		55,095		1,731,636


	Shares		Value
COMMON STOCKS (continued)
Equity Real Estate Investment Trusts - 0.7%
Crown Castle International Corp.		55,745		$ 5,969,175

Food & Staples Retailing - 1.2%
Costco Wholesale Corp.		64,974		10,466,012

Health Care Equipment & Supplies - 1.6%
Baxter International, Inc.		60,824		3,921,323
Boston Scientific Corp. ^(A)		110,924		3,121,402
Hologic, Inc. ^(A)		69,833		2,643,179
Medtronic PLC		48,244		3,884,607

				13,570,511

Health Care Providers & Services - 2.5%
Aetna, Inc.		27,092		4,606,453
UnitedHealth Group, Inc.		78,626		16,528,757

				21,135,210

Hotels, Restaurants & Leisure - 3.2%
Hilton Worldwide Holdings, Inc.		58,186		4,205,684
Marriott International, Inc., Class A		73,151		8,740,081
McDonald’s Corp.		51,368		8,573,833
Starbucks Corp.		108,308		5,939,611

				27,459,209

Household Durables - 0.5%
Mohawk Industries, Inc. ^(A)		15,842		4,146,802

Household Products - 0.5%
Colgate-Palmolive Co.		59,228		4,172,613

Insurance - 0.5%
Allstate Corp.		43,198		4,054,564

Internet & Direct Marketing Retail - 8.6%
Amazon.com, Inc. ^(A)		31,801		35,149,009
Netflix, Inc. ^(A)		95,450		18,749,243
Priceline Group, Inc. ^(A)		8,986		17,180,873
Wayfair, Inc., Class A ^(A)		32,835		2,295,167

				73,374,292

Internet Software & Services - 14.9%
Alibaba Group Holding, Ltd., ADR ^(A)		101,345		18,737,677
Alphabet, Inc., Class A ^(A)		27,217		28,116,250
Alphabet, Inc., Class C ^(A)		18,425		18,731,592
eBay, Inc. ^(A)		91,723		3,452,454
Facebook, Inc., Class A ^(A)		217,981		39,249,659
GoDaddy, Inc., Class A ^(A)		121,507		5,674,377
Tencent Holdings, Ltd.		290,119		13,008,386

				126,970,395

IT Services - 7.0%
FleetCor Technologies, Inc. ^(A)		31,481		5,202,865
Global Payments, Inc.		48,026		4,992,303
Mastercard, Inc., Class A		180,218		26,811,032
PayPal Holdings, Inc. ^(A)		128,544		9,327,152
Visa, Inc., Class A		120,482		13,250,610

				59,583,962

Life Sciences Tools & Services - 1.2%
Illumina, Inc. ^(A)		20,697		4,246,817
Thermo Fisher Scientific, Inc.		31,964		6,195,582

				10,442,399

Machinery - 3.0%
Caterpillar, Inc.		37,650		5,112,870
Illinois Tool Works, Inc.		24,408		3,820,340

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


Transamerica Funds		Annual Report 2017

Page 233

Transamerica Large Growth

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Shares		Value
COMMON STOCKS (continued)
Machinery (continued)
Middleby Corp. ^(A)		25,455		$ 2,950,235
Nordson Corp.		28,655		3,630,302
Parker-Hannifin Corp.		32,094		5,860,685
Snap-on, Inc.		25,374		4,003,510

				25,377,942

Media - 1.8%
Charter Communications, Inc., Class A ^(A)		18,493		6,179,806
Comcast Corp., Class A		259,833		9,361,783

				15,541,589

Multiline Retail - 0.6%
Dollar Tree, Inc. ^(A)		53,081		4,843,641

Oil, Gas & Consumable Fuels - 0.5%
Concho Resources, Inc. ^(A)		30,101		4,039,855

Personal Products - 1.2%
Estee Lauder Cos., Inc., Class A		95,045		10,626,981

Pharmaceuticals - 2.0%
Allergan PLC		25,061		4,441,561
Bristol-Myers Squibb Co.		209,342		12,908,028

				17,349,589

Professional Services - 0.6%
Equifax, Inc.		19,188		2,082,474
IHS Markit, Ltd. ^(A)		62,313		2,655,157

				4,737,631

Road & Rail - 0.4%
JB Hunt Transport Services, Inc.		28,582		3,040,839

Semiconductors & Semiconductor Equipment - 5.1%
Broadcom, Ltd.		33,902		8,947,077
Lam Research Corp.		23,342		4,868,441
Micron Technology, Inc. ^(A)		72,356		3,206,094
NVIDIA Corp.		75,965		15,710,322
QUALCOMM, Inc.		84,748		4,322,995
Texas Instruments, Inc.		62,194		6,013,538

				43,068,467

Software - 11.3%
Activision Blizzard, Inc.		102,539		6,715,279
Adobe Systems, Inc. ^(A)		103,615		18,149,203
Electronic Arts, Inc. ^(A)		38,367		4,588,693


	Shares		Value
COMMON STOCKS (continued)
Software (continued)
Microsoft Corp.		327,386		$ 27,231,968
Red Hat, Inc. ^(A)		49,525		5,984,106
salesforce.com, Inc. ^(A)		163,523		16,734,944
ServiceNow, Inc. ^(A)		32,073		4,053,065
Splunk, Inc. ^(A)		47,057		3,166,936
Workday, Inc., Class A ^(A)		85,505		9,490,200

				96,114,394

Specialty Retail - 1.5%
Home Depot, Inc.		32,911		5,455,985
Industria de Diseno Textil SA		47,749		1,785,137
TJX Cos., Inc.		73,716		5,145,377

				12,386,499

Technology Hardware, Storage & Peripherals - 6.9%
Apple, Inc.		319,286		53,972,105
NetApp, Inc.		115,104		5,112,920

				59,085,025

Textiles, Apparel & Luxury Goods - 2.5%
adidas AG		26,186		5,828,558
Kering		7,921		3,630,735
NIKE, Inc., Class B		129,722		7,133,413
VF Corp.		71,548		4,983,318

				21,576,024

Tobacco - 0.8%
Altria Group, Inc.		108,739		6,983,219

Total Common Stocks (Cost $714,621,383)				840,087,694


SECURITIES LENDING COLLATERAL - 0.3%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.00% ^(C)		2,408,398		2,408,398

Total Securities Lending Collateral (Cost $2,408,398)				2,408,398

Total Investments (Cost $717,029,781)				842,496,092
Net Other Assets (Liabilities) - 1.0%				8,170,878


Net Assets - 100.0%				$ 850,666,970

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	$	815,834,878	$	24,252,816	$	—	$	840,087,694
Securities Lending Collateral		2,408,398		—		—		2,408,398

Total Investments	$	818,243,276	$	24,252,816	$	—	$	842,496,092

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


Transamerica Funds		Annual Report 2017

Page 234

Transamerica Large Growth

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

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 $2,357,888. The amount on loan indicated may not correspond with the security on loan identified because a security with pending sales are in the process of recall from the brokers.
(C)		Rate disclosed reflects the yield at October 31, 2017.
(D)		The Fund recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended October 31, 2017. 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 2017

Page 235

Transamerica Large Value Opportunities

(unaudited)

MARKET ENVIRONMENT

It was a spectacular year among equity markets across the globe with double-digit gains almost everywhere. Small-caps had a slight edge over their large-cap counterparts, and growth stocks dominated. In the strong market for economically-sensitive, more-volatile stocks, less volatile stocks lagged the broader market, continuing a trend from calendar year 2016. Financials, which benefited from higher interest rates, were easily the best-performing stocks in the Russell 1000^® Value Index, while telecommunication services and real estate were among laggards.

PERFORMANCE

For the year ended October 31, 2017, Transamerica Large Value Opportunities Class R4 returned 21.17%. By comparison, its primary and secondary benchmarks, the Russell 1000^® Value Index and the S&P 500^®, returned 17.78% and 23.63%, respectively.

STRATEGY REVIEW

The Fund outperformed its primary benchmark for the period. Despite inconsistent value trends in the market, our eclectic approach — incorporating measures of management, momentum and sentiment — paid off. Value was particularly strong at the end of 2016 but weaker in 2017. Momentum trends were reliable contributors to the year’s strong performance.

On a sector basis, our holdings (Applied Materials, Inc. and Microsoft Corp.) and overweight in information technology were the largest contributors compared to the Russell 1000^® Value Index, followed by our holdings (Owens Corning and having no exposure to General Electric Co.) and overweight in industrials. Our holdings and underweight in energy also aided performance as did financial holdings Bank of America Corp., Citizens Financial Group, Inc. and Allstate Corp.

Relative detractors included our overweight in health care. Other relative individual detractors included having no exposure to Berkshire Hathaway, Inc. and Wells Fargo & Co.

Theodore R. Aronson

Stefani Cranston

Gina Marie N. Moore

Gregory J. Rogers

Christopher J. W. Whitehead

Co-Portfolio Managers

AJO, LP


Asset Allocation	Percentage of Net Assets
Common Stocks		98.5	%
Master Limited Partnership		0.8
Net Other Assets (Liabilities)		0.7
Total		100.0	%


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Page 236

Transamerica Large Value Opportunities

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class I3 (NAV)		N/A			N/A			7.94	%^(A)		05/05/2017
Class R (NAV)		N/A			N/A			7.69	%^(A)		05/05/2017
Class R4 (NAV)		21.17	%		12.87	%		4.28	%		09/11/2000
Russell 1000^® Value Index ^(B)		17.78	%		13.48	%		5.99	%
S&P 500^® ^(C)		23.63	%		15.18	%		7.51	%

^(A) Not annualized.

^(B) 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.

^(C) 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 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 2017

Page 237

Transamerica Large Value Opportunities

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Shares		Value
COMMON STOCKS - 98.5%
Aerospace & Defense - 1.1%
Huntington Ingalls Industries, Inc.		13,358		$ 3,110,143
Spirit Aerosystems Holdings, Inc., Class A		58,455		4,682,246

				7,792,389

Airlines - 2.4%
Delta Air Lines, Inc.		193,411		9,676,352
JetBlue Airways Corp. ^(A)		41,934		803,036
Southwest Airlines Co.		22,597		1,217,075
United Continental Holdings, Inc. ^(A)		82,873		4,846,413

				16,542,876

Auto Components - 2.6%
Dana, Inc.		160,944		4,907,183
Lear Corp.		39,969		7,018,157
Tenneco, Inc.		75,886		4,409,735
Visteon Corp. ^(A)		14,253		1,796,448

				18,131,523

Automobiles - 1.8%
Fiat Chrysler Automobiles NV ^(A)		120,687		2,093,919
General Motors Co.		234,226		10,067,034

				12,160,953

Banks - 9.4%
Bank of America Corp.		871,711		23,876,164
Citigroup, Inc.		104,323		7,667,741
Citizens Financial Group, Inc.		260,747		9,910,993
JPMorgan Chase & Co.		165,443		16,645,220
Popular, Inc.		31,511		1,155,824
Synovus Financial Corp.		111,888		5,241,953

				64,497,895

Beverages - 1.4%
PepsiCo, Inc.		86,070		9,487,496

Biotechnology - 0.8%
Exelixis, Inc. ^(A)		78,129		1,936,818
Gilead Sciences, Inc.		15,468		1,159,481
Vertex Pharmaceuticals, Inc. ^(A)		18,270		2,671,622

				5,767,921

Building Products - 1.3%
Masco Corp.		69,911		2,783,856
Owens Corning		72,514		5,996,183

				8,780,039

Capital Markets - 4.1%
Ameriprise Financial, Inc.		47,192		7,387,436
Evercore, Inc., Class A		58,706		4,702,350
LPL Financial Holdings, Inc.		51,780		2,568,806
Morgan Stanley		54,891		2,744,550
S&P Global, Inc.		39,993		6,257,705
SEI Investments Co.		66,295		4,276,690

				27,937,537

Chemicals - 2.9%
Cabot Corp.		57,367		3,497,093
Chemours Co.		62,741		3,551,768
LyondellBasell Industries NV, Class A		87,257		9,033,717
Trinseo SA		54,400		3,862,400

				19,944,978

Construction & Engineering - 0.9%
Quanta Services, Inc. ^(A)		170,014		6,414,628


	Shares		Value
COMMON STOCKS (continued)
Consumer Finance - 0.3%
Navient Corp.		162,951		$ 2,030,370

Containers & Packaging - 0.2%
WestRock Co.		26,334		1,615,064

Diversified Financial Services - 1.6%
Leucadia National Corp.		125,242		3,168,623
Voya Financial, Inc.		191,944		7,708,471

				10,877,094

Diversified Telecommunication Services - 1.9%
Verizon Communications, Inc.		269,996		12,924,709

Electric Utilities - 4.0%
American Electric Power Co., Inc.		145,391		10,818,544
Edison International		8,642		690,928
Entergy Corp.		113,525		9,792,667
Portland General Electric Co.		125,957		6,013,187

				27,315,326

Electronic Equipment, Instruments & Components - 1.3%
Jabil, Inc.		132,345		3,742,717
Vishay Intertechnology, Inc.		224,888		5,003,758

				8,746,475

Energy Equipment & Services - 0.1%
Oceaneering International, Inc.		36,454		737,100

Equity Real Estate Investment Trusts - 2.6%
Gaming and Leisure Properties, Inc.		134,893		4,928,990
Hospitality Properties Trust		173,239		4,951,171
Host Hotels & Resorts, Inc.		169,723		3,319,782
Mack-Cali Realty Corp.		99,120		2,256,962
Ryman Hospitality Properties, Inc.		27,271		1,803,431
Senior Housing Properties Trust		45,160		830,944

				18,091,280

Food Products - 3.9%
Bunge, Ltd.		61,619		4,238,155
Dean Foods Co.		178,328		1,738,698
Hershey Co.		55,415		5,883,965
Ingredion, Inc.		74,760		9,371,166
Nomad Foods, Ltd. ^(A)		99,873		1,508,082
Sanderson Farms, Inc.		25,325		3,787,860

				26,527,926

Gas Utilities - 0.4%
Southwest Gas Holdings, Inc.		33,441		2,755,204

Health Care Equipment & Supplies - 1.4%
Baxter International, Inc.		147,670		9,520,285

Health Care Providers & Services - 1.6%
Aetna, Inc.		66,328		11,277,750

Independent Power & Renewable Electricity Producers - 0.9%
AES Corp.		575,398		6,116,481

Insurance - 9.3%
Aflac, Inc.		73,504		6,166,251
Allstate Corp.		110,068		10,330,983
Assured Guaranty, Ltd.		115,851		4,298,072
CNO Financial Group, Inc.		214,888		5,150,865
Lincoln National Corp.		125,376		9,500,993
Prudential Financial, Inc.		104,443		11,536,774
Reinsurance Group of America, Inc.		63,348		9,462,924
Unum Group		150,951		7,855,490

				64,302,352

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


Transamerica Funds		Annual Report 2017

Page 238

Transamerica Large Value Opportunities

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Shares		Value
COMMON STOCKS (continued)
Internet Software & Services - 1.3%
VeriSign, Inc. ^(A)		80,904		$ 8,698,798

Leisure Products - 0.4%
Brunswick Corp.		59,389		3,008,053

Life Sciences Tools & Services - 0.4%
Bruker Corp.		77,892		2,445,809

Machinery - 1.5%
Cummins, Inc.		40,826		7,221,303
Oshkosh Corp.		32,431		2,969,382

				10,190,685

Media - 0.6%
AMC Networks, Inc., Class A ^(A)		28,382		1,444,076
John Wiley & Sons, Inc., Class A		38,332		2,094,844
News Corp., Class A		34,752		474,712

				4,013,632

Metals & Mining - 0.4%
Alcoa Corp. ^(A)		52,014		2,485,229
Teck Resources, Ltd., Class B		23,185		473,901

				2,959,130

Multi-Utilities - 0.4%
Public Service Enterprise Group, Inc.		50,481		2,483,665

Multiline Retail - 1.2%
Wal-Mart Stores, Inc.		95,907		8,373,640

Oil, Gas & Consumable Fuels - 9.9%
Andeavor		52,988		5,629,445
Chevron Corp.		69,155		8,014,373
ConocoPhillips		130,018		6,650,421
Exxon Mobil Corp.		223,792		18,653,063
HollyFrontier Corp.		47,042		1,738,202
Marathon Petroleum Corp.		161,414		9,642,872
Phillips 66		46,063		4,195,418
Southwestern Energy Co. ^(A)		357,342		1,983,248
Valero Energy Corp.		129,081		10,183,200
World Fuel Services Corp.		62,882		1,748,120

				68,438,362

Paper & Forest Products - 0.3%
Louisiana-Pacific Corp. ^(A)		79,463		2,159,804

Personal Products - 0.5%
Nu Skin Enterprises, Inc., Class A		57,008		3,626,279

Pharmaceuticals - 10.1%
Bristol-Myers Squibb Co.		43,958		2,710,450
Eli Lilly & Co.		53,049		4,346,835
Johnson & Johnson		190,653		26,578,935
Merck & Co., Inc.		283,402		15,612,616
Pfizer, Inc.		578,047		20,266,328

				69,515,164

Professional Services - 0.8%
ManpowerGroup, Inc.		42,343		5,220,045

Real Estate Management & Development - 1.6%
CBRE Group, Inc., Class A ^(A)		162,713		6,397,875
Jones Lang LaSalle, Inc.		11,806		1,528,759
Realogy Holdings Corp.		85,354		2,759,495

				10,686,129

Road & Rail - 0.8%
Old Dominion Freight Line, Inc.		6,526		790,494


	Shares		Value
COMMON STOCKS (continued)
Road & Rail (continued)
Ryder System, Inc., Class A		54,223		$ 4,396,401

				5,186,895

Semiconductors & Semiconductor Equipment - 2.1%
Advanced Energy Industries, Inc. ^(A)		11,757		996,053
Amkor Technology, Inc. ^(A)		175,540		2,030,998
Applied Materials, Inc.		86,714		4,893,271
Entegris, Inc.		67,062		2,196,280
Lam Research Corp.		6,903		1,439,759
Micron Technology, Inc. ^(A)		72,268		3,202,195

				14,758,556

Software - 4.8%
Aspen Technology, Inc. ^(A)		83,484		5,386,388
Cadence Design Systems, Inc. ^(A)		144,630		6,242,231
Citrix Systems, Inc. ^(A)		25,577		2,112,916
Intuit, Inc.		31,175		4,708,048
Microsoft Corp.		113,576		9,447,251
Synopsys, Inc. ^(A)		60,884		5,267,684

				33,164,518

Specialty Retail - 0.8%
Aaron’s, Inc.		50,098		1,843,606
Best Buy Co., Inc.		48,668		2,724,435
Office Depot, Inc.		408,614		1,266,703

				5,834,744

Textiles, Apparel & Luxury Goods - 0.4%
Michael Kors Holdings, Ltd. ^(A)		58,024		2,832,151

Thrifts & Mortgage Finance - 0.5%
MGIC Investment Corp. ^(A)		203,573		2,911,094
Radian Group, Inc.		20,516		430,015

				3,341,109

Tobacco - 0.7%
Philip Morris International, Inc.		43,971		4,601,125

Trading Companies & Distributors - 0.2%
AerCap Holdings NV ^(A)		30,032		1,580,885

Wireless Telecommunication Services - 0.6%
Telephone & Data Systems, Inc.		142,431		4,151,864

Total Common Stocks (Cost $628,438,911)				677,566,693


MASTER LIMITED PARTNERSHIP - 0.8%
Capital Markets - 0.8%
Lazard, Ltd., Class A		113,218		5,382,383

Total Master Limited Partnership (Cost $4,999,575)				5,382,383

Total Investments (Cost $633,438,486)				682,949,076
Net Other Assets (Liabilities) - 0.7%				5,069,969


Net Assets - 100.0%				$ 688,019,045

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


Transamerica Funds		Annual Report 2017

Page 239

Transamerica Large Value Opportunities

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

SECURITY VALUATION:

Valuation Inputs ^(B)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	677,566,693	$	—	$	—	$	677,566,693
Master Limited Partnership		5,382,383		—		—		5,382,383

Total Investments	$	682,949,076	$	—	$	—	$	682,949,076

FOOTNOTES TO SCHEDULE OF INVESTMENTS:


(A)		Non-income producing securities.
(B)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. 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 2017

Page 240

Transamerica Mid Cap Growth

(unaudited)

MARKET ENVIRONMENT

The markets have taken on a more optimistic outlook for the domestic and world economy, seemingly unaffected by the surrounding and increasing headwinds. The most recent quarter saw a number of domestic and world equity market indices reach record highs. More specifically, the U.S. domestic economy continued its upward trend supported by expansion in global economic activity, an accommodative U.S. Federal Reserve (“Fed”), low inflation levels and increasing demand. The expansion is now entering its ninth year despite unsuccessful policy initiatives in Washington, destructive natural disasters as well as increasing geopolitical tensions and threats from North Korea.

However, there is concern the domestic economy may record a slowdown in gross domestic product (“GDP”) for the third and fourth quarters due to the effects of Hurricanes Harvey, Irma and Maria, as well as the devastating fires in California. The economic impact as a result from these catastrophes is estimated to reach over $300 billion. It is anticipated that the impact to third quarter GDP will be temporary in nature as the subsequent rebuilding and recovery efforts that may occur later in the fourth quarter could provide a short-term lift in economic activity.

Employment has been increasing thereby benefiting consumer spending and possibly stronger wage growth. Policy initiatives regarding tax reform are currently being debated in Congress and may result in more favorable tax treatment of both individuals and business. A reduction in the corporate tax rate may result in increased investment and domestic economic activity.

The positive factors noted above continue to support and drive the equity markets. However, while the economy is in the midst of one of its longest expansions, the sustainability of the directional up-trend needs to be viewed with caution.

PERFORMANCE

For the year ended October 31, 2017, Transamerica Mid Cap Growth Class R4 returned 24.18%, excluding any sales charges. By comparison, its benchmark, the Russell Midcap^® Growth Index, returned 26.25%.

STRATEGY REVIEW

The Fund underperformed its benchmark on a relative basis through the fiscal year ending October 31, 2017. Stock selection in the Consumer Discretionary, Consumer Staples, Materials, and Information Technology sectors positively impacted relative performance, while stock selection in the Energy, Financial Services, Durables and Health Care sectors detracted from relative performance.

For the fiscal year ending October 31, 2017, top contributors included Micron Techonolgy, Inc., IAC/InterActive Corp, Wyndham Worldwide Corp. (no longer held at period end), Spirit Aerosystems Holdings, Inc., and Air Lease Corp. Top detractors included Signet Jewelers, Ltd. (no longer held at period end), Uniti Group, Inc., DexCom, Inc., Cardinal Health, Inc., and Weatherford International, Ltd. (no longer held at period end).

The philosophy of the sub-adviser’s concentrated equity team is built upon fundamental research, constant discovery, flexibility, and the belief that no single measure of value can be universally applied across all sectors or industries. The research effort seeks companies that exhibit under-recognized growth characteristics, that are attractively valued at purchase, that include an identifiable catalyst, and that present a favorable upside/downside return profile.

Howard Aschwald, CFA

Timothy D. Chatard, CFA

Co-Portfolio Managers

Quantum Capital Management


Asset Allocation	Percentage of Net Assets
Common Stocks		99.0	%
Securities Lending Collateral		2.3
Repurchase Agreement		1.1
Net Other Assets (Liabilities)		(2.4	)
Total		100.0	%


Transamerica Funds		Annual Report 2017

Page 241

Transamerica Mid Cap Growth

(unaudited)

LOGO

Average Annual Total Return for Periods Ended 10/31/2017

1 Year

5 Year

10 Years or
Since Inception
Date of Class

Inception Date

Class A (POP)

N/A

2.54

%^(A)

03/10/2017

Class A (NAV)

N/A

8.52

%^(A)

03/10/2017

Class C (POP)

N/A

7.00

%^(A)

03/10/2017

Class C (NAV)

N/A

8.00

%^(A)

03/10/2017

Class I (NAV)

N/A

8.77

%^(A)

03/10/2017

Class I2 (NAV)

N/A

8.82

%^(A)

03/10/2017

Class I3 (NAV)

N/A

8.16

%^(A)

03/10/2017

Class R (NAV)

N/A

7.70

%^(A)

03/10/2017

Class R4 (NAV)

24.18

12.67

5.97

11/07/2001

Russell Midcap^® Growth Index ^(B)

26.25

15.34

8.23

Class T1 (POP)

N/A

4.89

%^(A)

03/17/2017

Class T1 (NAV)

N/A

7.60

%^(A)

03/17/2017

Advisor Class (NAV)

N/A

8.69

%^(A)

03/10/2017

^(A) Not annualized.

^(B) 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 performance data presented represents past performance; future results may vary. 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 2.5% or T1 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, I2, I3, R, R4 and Advisor Class shares.

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 2017

Page 242

Transamerica Mid Cap Growth

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Shares		Value
COMMON STOCKS - 99.0%
Aerospace & Defense - 3.4%
Spirit Aerosystems Holdings, Inc., Class A		105,543		$ 8,453,994

Airlines - 3.1%
JetBlue Airways Corp. ^(A)		414,106		7,930,130

Auto Components - 5.4%
Delphi Automotive PLC		80,437		7,993,829
Goodyear Tire & Rubber Co.		185,065		5,661,138

				13,654,967

Banks - 9.8%
CIT Group, Inc.		213,410		9,949,174
FNB Corp.		774,437		10,447,155
SVB Financial Group ^(A)		19,605		4,298,985

				24,695,314

Biotechnology - 2.8%
BioMarin Pharmaceutical, Inc. ^(A)		86,240		7,079,442

Chemicals - 5.9%
Eastman Chemical Co.		85,886		7,799,308
Olin Corp.		195,365		7,136,683

				14,935,991

Communications Equipment - 1.9%
Motorola Solutions, Inc.		52,494		4,752,807

Construction & Engineering - 0.9%
MasTec, Inc. ^(A)		53,854		2,345,342

Construction Materials - 2.5%
Eagle Materials, Inc.		59,074		6,236,442

Consumer Finance - 7.0%
Ally Financial, Inc.		364,512		9,524,699
Discover Financial Services		123,221		8,197,893

				17,722,592

Diversified Consumer Services - 2.3%
ServiceMaster Global Holdings, Inc. ^(A)		123,625		5,823,974

Electronic Equipment, Instruments & Components - 2.7%
Dolby Laboratories, Inc., Class A		119,061		6,898,394

Equity Real Estate Investment Trusts - 1.3%
Uniti Group, Inc. ^(B)		192,509		3,368,907

Health Care Equipment & Supplies - 1.2%
DexCom, Inc. ^{(A) (B)}		65,871		2,962,219

Health Care Providers & Services - 6.0%
Cardinal Health, Inc.		116,010		7,181,019
Universal Health Services, Inc., Class B		77,665		7,976,195

				15,157,214

Household Durables - 2.2%
Whirlpool Corp.		34,220		5,609,685

Internet Software & Services - 1.9%
IAC/InterActiveCorp ^(A)		37,430		4,830,341

Life Sciences Tools & Services - 2.6%
Bio-Techne Corp.		50,494		6,615,724

Machinery - 6.1%
Crane Co.		62,294		5,177,877
Ingersoll-Rand PLC		86,198		7,637,143
ITT, Inc.		56,150		2,618,836

				15,433,856


	Shares		Value
COMMON STOCKS (continued)
Oil, Gas & Consumable Fuels - 4.7%
Cheniere Energy, Inc. ^(A)		93,606		$ 4,375,145
Rice Energy, Inc. ^(A)		260,841		7,394,842

				11,769,987

Professional Services - 2.5%
Dun & Bradstreet Corp.		53,143		6,208,697

Road & Rail - 2.5%
Ryder System, Inc., Class A		79,135		6,416,266

Semiconductors & Semiconductor Equipment - 7.9%
Cavium, Inc. ^(A)		57,059		3,936,500
Micron Technology, Inc. ^(A)		182,071		8,067,566
Skyworks Solutions, Inc.		69,678		7,933,537

				19,937,603

Software - 8.3%
Fortinet, Inc. ^(A)		151,084		5,954,220
Workday, Inc., Class A ^(A)		70,940		7,873,631
Zynga, Inc., Class A ^(A)		1,796,101		7,004,794

				20,832,645

Trading Companies & Distributors - 4.1%
Air Lease Corp.		235,977		10,253,201

Total Common Stocks (Cost $214,702,978)				249,925,734


SECURITIES LENDING COLLATERAL - 2.3%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.00% ^(C)		5,699,392		5,699,392

Total Securities Lending Collateral (Cost $5,699,392)				5,699,392


	Principal		Value
REPURCHASE AGREEMENT - 1.1%
Fixed Income Clearing Corp., 0.12%^(C), dated 10/31/2017, to be repurchased at $2,764,712 on 11/01/2017. Collateralized by a U.S. Government Obligation, 2.13%, due 08/31/2020, and with a value of $2,822,695.		$ 2,764,703		2,764,703

Total Repurchase Agreement (Cost $2,764,703)				2,764,703

Total Investments (Cost $223,167,073)				258,389,829
Net Other Assets (Liabilities) - (2.4)%				(6,008,871	)


Net Assets - 100.0%				$ 252,380,958

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


Transamerica Funds		Annual Report 2017

Page 243

Transamerica Mid Cap Growth

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

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	$	249,925,734	$	—	$	—	$	249,925,734
Securities Lending Collateral		5,699,392		—		—		5,699,392
Repurchase Agreement		—		2,764,703		—		2,764,703

Total Investments	$	255,625,126	$	2,764,703	$	—	$	258,389,829

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 $5,553,434. 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, 2017.
(D)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. 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 2017

Page 244

Transamerica Mid Cap Value Opportunities

(unaudited)

MARKET ENVIRONMENT

U.S. equity markets have remained resilient and moved decisively higher over the past 12 months, with the S&P 500^® posting an impressive 23.63% return. While the economic backdrop has generally been positive, the bull market has also been notably impacted by post-election rhetoric and other macro factors. At times the market has priced in a high degree of certainty for specific pro-business policy changes occurring in Washington D.C., which has caused meaningful dispersion amongst pockets of the markets. These changes include bank deregulation, a more hawkish interest rate environment, health care overhaul, and tax reform, to name a few. While November and December 2016 continued the trend of small cap and value style leadership, 2017 has seen a shift in leadership to large cap and growth styles of investing. With this backdrop, the Russell MidCap^® Value Index posted a return of 17.12%.

Valuation levels remain elevated relative to history, making the market more vulnerable to negative news and to appear to have a lower threshold for error or disappointment. The Russell MidCap^® Value Index is now trading at 10.6x cash flow and 17.1x earnings expected over the next twelve months as of October 31, 2017. We continue to remain patient in environments with this backdrop, as we look to add value over time by staying true to our philosophy of investing in companies priced at a discount to their intrinsic value with improving fundamentals and strong cash flow.

PERFORMANCE

For the year ended October 31, 2017, Transamerica Mid Cap Value Opportunities Class A returned 8.77%, excluding any sales charges. By comparison, its benchmark, the Russell Midcap^® Value Index, returned 17.12%.

STRATEGY REVIEW

The Fund underperformed the benchmark over the past 12 months. During this period, the market environment can be characterized as being macro driven with fairly wide dispersion in returns amongst sectors. This was most notable in the fourth quarter of 2016 and the July through October 2017 time period. Both environments posed headwinds for our portfolio positioning. Specifically, low quality and higher beta stocks performed well in November and December, while low quality, high momentum and less value oriented factors made a meaningful move in the market during the third quarter and extending through October 2017. Outside of these two macro and factor driven time periods, the Fund had success relative to its benchmark in the first half of 2017.

From a traditional attribution perspective, Financial Services and Energy were the most notable contributors to performance. Within Financial Services, the Fund has benefited from positive stock selection across a variety of industries. Specifically, the Fund’s underweight to equity real estate investment trusts (“REITs”), overweight to insurance, and selection across consumer finance companies have had a meaningfully positive impact on performance. Within Energy, the Fund benefited from stock selection and sector allocation. Our diversified positioning across natural gas producers, refiners, a solar power company, and an off-shore oil driller helped protect capital throughout the year. The top contributors were natural gas supplier Rice Energy, Inc. (“Rice”) and utility-scale solar provider First Solar, Inc.. Rice received a buyout offer from EQT, an integrated energy company with major interests in the Appalachian Basin. First Solar, Inc. shares responded favorably to tariff threats on solar panel importers and consistent execution within its core business.

Consumer Discretionary and Producer Durables were the two most notable detractors from performance. In Consumer Discretionary, holdings in retail and media posed a headwind. Advance Auto Parts, Inc., a fairly recent addition to the Fund and the largest retailer of automotive replacement parts and accessories, was the largest detractor during the year. Management lowered forward guidance due to higher than expected spending needed for the business. We continue to hold the stock and believe the professional installation services segment to be somewhat insulated from competition from Amazon.com, Inc. We also believe the increased investment in the business positions the company for significant margin expansion in the coming years. Within Producer Durables, the Fund suffered from industry specific headwinds rather than a deterioration in the underlying fundamentals of our holdings. We were most negatively impacted by our lack of exposure to the machinery and aerospace & defense industries. Our airlines holdings also faced headwinds, as our names sold off along with the broader industry group due to higher fuel costs and increased competitive pressure.

Brett P. Hawkins, CFA

Portfolio Manager

Thompson, Siegel & Walmsley LLC


Asset Allocation	Percentage of Net Assets
Common Stocks		95.3	%
Repurchase Agreement		4.2
Securities Lending Collateral		4.0
Net Other Assets (Liabilities)		(3.5	)
Total		100.0	%


Transamerica Funds		Annual Report 2017

Page 245

Transamerica Mid Cap Value Opportunities

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		2.76	%		7.32	%		04/30/2014
Class A (NAV)		8.77	%		9.06	%		04/30/2014
Russell Midcap^® Value Index ^(A)		17.12	%		8.98	%
Class C (POP)		6.95	%		8.26	%		04/30/2014
Class C (NAV)		7.95	%		8.26	%		04/30/2014
Class I (NAV)		8.94	%		9.33	%		04/30/2014
Class I2 (NAV)		9.09	%		9.42	%		04/30/2014
Class I3 (NAV)		N/A			0.25	%^(B)		03/24/2017
Class R (NAV)		N/A			(0.08	)%^(B)		03/24/2017
Class R4 (NAV)		N/A			0.08	%^(B)		03/24/2017
Class R6 (NAV)		9.09	%		7.09	%		07/25/2016
Class T1 (POP)		N/A			(3.57	)%^(B)		03/17/2017
Class T1 (NAV)		N/A			(1.08	)%^(B)		03/17/2017
Advisor Class (NAV)		N/A			2.71	%^(B)		12/16/2016

^(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.

^(B) Not annualized.

The performance data presented represents past performance; future results may vary. 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 2.5% for T1 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, I2, I3, R, R4, R6 and Advisor Class shares.

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 2017

Page 246

Transamerica Mid Cap Value Opportunities

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Shares		Value
COMMON STOCKS - 95.3%
Airlines - 3.9%
Alaska Air Group, Inc.		381,616		$ 25,198,104
JetBlue Airways Corp. ^(A)		985,600		18,874,240
United Continental Holdings, Inc. ^(A)		341,000		19,941,680

				64,014,024

Banks - 2.5%
CIT Group, Inc.		784,260		36,562,201
Huntington Bancshares, Inc.		245,105		3,382,449

				39,944,650

Biotechnology - 1.3%
United Therapeutics Corp. ^(A)		172,700		20,480,493

Capital Markets - 1.6%
E*TRADE Financial Corp. ^(A)		600,900		26,193,231

Chemicals - 1.1%
Mosaic Co.		392,500		8,768,450
PPG Industries, Inc.		77,300		8,985,352

				17,753,802

Commercial Services & Supplies - 1.6%
KAR Auction Services, Inc.		183,700		8,694,521
Stericycle, Inc. ^(A)		252,400		17,882,540

				26,577,061

Communications Equipment - 2.2%
ARRIS International PLC ^(A)		1,173,900		33,456,150
CommScope Holding Co., Inc. ^(A)		99,316		3,192,016

				36,648,166

Consumer Finance - 1.4%
Ally Financial, Inc.		843,839		22,049,513

Diversified Consumer Services - 1.4%
H&R Block, Inc.		938,400		23,216,016

Diversified Financial Services - 1.0%
Voya Financial, Inc.		417,161		16,753,186

Electric Utilities - 7.4%
Alliant Energy Corp.		550,600		23,818,956
FirstEnergy Corp.		1,644,500		54,186,275
PPL Corp.		800,950		30,083,682
Xcel Energy, Inc.		254,170		12,586,498

				120,675,411

Electronic Equipment, Instruments & Components - 1.5%
Avnet, Inc.		594,801		23,673,080

Energy Equipment & Services - 0.7%
Transocean, Ltd. ^{(A) (B)}		1,106,600		11,619,300

Equity Real Estate Investment Trusts - 3.4%
Crown Castle International Corp.		117,400		12,571,192
Iron Mountain, Inc.		208,000		8,320,000
Uniti Group, Inc. ^(B)		782,100		13,686,750
VEREIT, Inc.		2,619,500		20,667,855

				55,245,797

Food & Staples Retailing - 3.0%
Casey’s General Stores, Inc. ^(B)		348,500		39,927,645
US Foods Holding Corp. ^(A)		308,400		8,413,152

				48,340,797

Food Products - 2.3%
Kellogg Co.		611,400		38,230,842


	Shares		Value
COMMON STOCKS (continued)
Health Care Equipment & Supplies - 2.8%
DENTSPLY SIRONA, Inc.		529,743		$ 32,351,405
Zimmer Biomet Holdings, Inc.		113,900		13,852,518

				46,203,923

Health Care Providers & Services - 6.3%
AmerisourceBergen Corp.		319,256		24,566,749
Cardinal Health, Inc.		512,468		31,721,770
Laboratory Corp. of America Holdings ^(A)		163,003		25,055,191
MEDNAX, Inc. ^(A)		484,300		21,207,497

				102,551,207

Independent Power & Renewable Electricity Producers - 1.9%
AES Corp.		2,914,400		30,980,072

Insurance - 11.1%
Alleghany Corp. ^(A)		62,725		35,516,150
Allstate Corp.		206,500		19,382,090
FNF Group		605,303		22,650,438
Loews Corp.		661,720		32,761,757
Markel Corp. ^(A)		12,200		13,228,460
Progressive Corp.		703,305		34,215,788
Willis Towers Watson PLC		147,866		23,818,256

				181,572,939

Internet & Direct Marketing Retail - 1.9%
Expedia, Inc.		48,985		6,106,470
Liberty Expedia Holdings, Inc., Class A ^(A)		378,205		17,435,251
Liberty Interactive Corp QVC Group, Series A ^(A)		347,800		7,902,016

				31,443,737

IT Services - 1.5%
Black Knight, Inc. ^(A)		185,605		8,417,187
Western Union Co.		835,700		16,597,002

				25,014,189

Media - 10.4%
AMC Networks, Inc., Class A ^(A)		524,575		26,690,376
Discovery Communications, Inc., Class C ^(A)		1,909,980		34,016,744
DISH Network Corp., Class A ^(A)		434,293		21,080,582
Liberty Media Corp. - Liberty SiriusXM, Class C ^(A)		375,000		15,618,750
Madison Square Garden Co., Class A ^(A)		93,399		20,799,023
News Corp., Class A		2,333,100		31,870,146
Viacom, Inc., Class B		836,200		20,093,886

				170,169,507

Mortgage Real Estate Investment Trusts - 2.0%
Annaly Capital Management, Inc.		2,773,045		31,779,096

Multi-Utilities - 3.2%
SCANA Corp.		788,619		34,021,024
WEC Energy Group, Inc.		273,867		18,455,897

				52,476,921

Oil, Gas & Consumable Fuels - 4.0%
Antero Resources Corp. ^{(A) (B)}		1,472,800		28,572,320
Range Resources Corp. ^(B)		1,068,800		19,355,968
Rice Energy, Inc. ^(A)		586,900		16,638,615

				64,566,903

Real Estate Management & Development - 1.1%
CBRE Group, Inc., Class A ^(A)		448,636		17,640,368

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


Transamerica Funds		Annual Report 2017

Page 247

Transamerica Mid Cap Value Opportunities

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Shares		Value
COMMON STOCKS (continued)
Semiconductors & Semiconductor Equipment - 0.8%
First Solar, Inc. ^(A)		236,900		$ 12,986,858

Software - 3.9%
CA, Inc.		429,700		13,913,686
Dell Technologies, Inc., Class V ^(A)		344,700		28,530,819
Open Text Corp.		215,958		7,554,211
Synopsys, Inc. ^(A)		156,343		13,526,796

				63,525,512

Specialty Retail - 1.9%
Advance Auto Parts, Inc.		301,500		24,644,610
Bed Bath & Beyond, Inc.		356,360		7,091,564

				31,736,174

Technology Hardware, Storage & Peripherals - 2.7%
NetApp, Inc.		493,912		21,939,571
Western Digital Corp.		253,156		22,599,236

				44,538,807

Textiles, Apparel & Luxury Goods - 1.7%
Michael Kors Holdings, Ltd. ^(A)		558,640		27,267,218

Trading Companies & Distributors - 1.8%
AerCap Holdings NV ^(A)		543,400		28,604,576

Total Common Stocks (Cost $1,485,679,550)				1,554,473,376


	Shares		Value
SECURITIES LENDING COLLATERAL - 4.0%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.00% ^(C)		66,647,502		$ 66,647,502

Total Securities Lending Collateral (Cost $66,647,502)				66,647,502


	Principal		Value
REPURCHASE AGREEMENT - 4.2%
Fixed Income Clearing Corp., 0.12%^(C), dated 10/31/2017, to be repurchased at $67,808,941 on 11/01/2017. Collateralized by a U.S. Government Obligation and a U.S. Government Agency Obligation, 1.70% - 2.63%, due 05/15/2020 - 08/15/2020, and with a total value of $69,164,910.		$ 67,808,715		67,808,715

Total Repurchase Agreement (Cost $67,808,715)				67,808,715

Total Investments (Cost $1,620,135,767)				1,688,929,593
Net Other Assets (Liabilities) - (3.5)%				(57,583,103	)


Net Assets - 100.0%				$ 1,631,346,490

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	$	1,554,473,376	$	—	$	—	$	1,554,473,376
Securities Lending Collateral		66,647,502		—		—		66,647,502
Repurchase Agreement		—		67,808,715		—		67,808,715

Total Investments	$	1,621,120,878	$	67,808,715	$	—	$	1,688,929,593

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 $65,072,494. 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, 2017.
(D)		The Fund recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended October 31, 2017. 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 2017

Page 248

Transamerica MLP & Energy Income

(unaudited)

MARKET ENVIRONMENT

It was a challenging year for energy-related equities with many investors seemingly “throwing in the towel” on the energy sector. Sentiment among investors seemed to hit another low during the year over growing concerns regarding distribution cuts, taxable restructuring transactions, orphaned master limited partnerships (“MLPs”) caused by consolidations, and significant amounts of equity issuance. Throughout this downturn, investors have strongly urged management teams to improve their corporate governance by operating with higher distribution coverage going forward, by focusing on the proper amount of balance sheet leverage for their business characteristics, and by substantially self-funding projects with internally-generated cash flow. We see signs that management teams have taken this advice to heart.

Investors have been closely following crude oil stocks for signs that global crude oil markets are moving towards equilibrium. Underappreciated by the current market, substantial progress has been made in reducing the excess capacity. Global excess capacity declined in late third quarter of 2017 and we believe full depletion of excess capacity may occur in mid-2018, at which point the commodity price overhang may start to lift from the energy sector as a whole.

Equity and debt capital markets are still trending significantly below issuance levels prior to the downturn, but capital access meaningfully improved over the course of the year. Alternative financing levers continued to be utilized, but at a more moderated pace as MLPs utilized their at-the-market programs and preferred equity. The year also marked a dramatic improvement in the initial public offering market that went from a single deal last year to the launching of a half-dozen issues.

PERFORMANCE

For the year ended October 31, 2017, Transamerica MLP & Energy Income Class A returned 2.30%, excluding any sales charges. By comparison, its primary and secondary benchmarks, the S&P 500^® and the Transamerica MLP & Energy Income Blended Benchmark, returned 23.63% and 0.04%, respectively.

STRATEGY REVIEW

Performance among MLP sub-sectors was widely dispersed for the trailing 12-month period ended October 31, 2017. Variable pay, traditional gathering & processing and upstream subsectors posted the best performance, while coal, liquids transportation & storage and propane were the most challenged. Fund-specific outperformance compared to the Alerian MLP Total Return Index for the year was primarily driven by our overweight allocation to non-index constituent positions and further enhanced by our underweight allocation of diversified MLPs as well as underweight allocation and stock selection of petroleum transportation & storage MLPs. Performance was muted, however, by minor detractions attributed to being underexposed to gathering & processing MLPs.

In terms of individual position contributors and detractors from performance, the largest contributors to performance during the fiscal year were our equity investments in ONEOK, Inc. and Tallgrass Energy GP, LP. A general lack of operational disruptions from Hurricane Harvey may have helped ONEOK, Inc. outperform. Further, quarterly results have been solid with guidance largely in-line as sequential improvements in volumes constructive to the story and new capacity announcements illustrated longer-term visibility in growth opportunities. Tallgrass Energy GP, LP rallied hard on Tallgrass Energy Partners’ latest acquisition and new growth project announcements viewed to be supportive of Tallgrass Energy Partners’ future cash distribution growth and some visibility beyond its remaining Rockies express pipeline drop-down.

The worst contributors to the Fund’s performance were our equity investments in Enbridge Energy Management LLC and Plains GP Holdings, LP. Enbridge Energy Management LLC underperformed as Enbridge Energy Partners fell steeply at the end of January when the company first lowered its guidance for 2017 and announced expectations of a distribution cut that was further exacerbated by weakness in commodity prices. It has been a challenging 18 months for the Plains Complex. In late August, they announced their second distribution cut in 13 months. To further complicate matters, Plains GP Holdings, LP results have been poor. While fundamentals for most companies remain strong, we utilize cash levels prudently in order to manage fund flows and invest capital opportunistically in light of persistent volatility.

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

John C. Frey

Portfolio Manager

Kayne Anderson Capital Advisors, L.P.


Asset Allocation	Percentage of Net Assets
Common Stocks		54.3	%
Master Limited Partnerships ⁺		41.7
Corporate Debt Securities		2.1
Repurchase Agreement		1.3
Securities Lending Collateral		0.4
Convertible Preferred Stock		0.4
Net Other Assets (Liabilities)		(0.2	)
Total		100.0	%

⁺

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.


Transamerica Funds		Annual Report 2017

Page 249

Transamerica MLP & Energy Income

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		(3.31	)%		(4.40	)%		04/30/2013
Class A (NAV)		2.30	%		(3.20	)%		04/30/2013
S&P 500^®^(A)		23.63	%		13.59	%
Transamerica MLP & Energy Income Blended Benchmark^{(B) (C) (D)}		0.04	%		(0.61	)%
Class C (POP)		0.67	%		(3.92	)%		04/30/2013
Class C (NAV)		1.64	%		(3.92	)%		04/30/2013
Class I (NAV)		2.61	%		(2.94	)%		04/30/2013
Class I2 (NAV)		2.70	%		(2.83	)%		04/30/2013
Class T1 (POP)		N/A			(7.66	)%^(E)		03/17/2017
Class T1 (NAV)		N/A			(5.27	)%^(E)		03/17/2017
Advisor Class (NAV)		N/A			(2.63	)%^(E)		12/16/2016

^(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 MLP & Energy Income Blended Benchmark is composed of the following benchmarks: 50% Alerian MLP Index and 50% Bloomberg Barclays Investment Grade Credit Index.

^(C) The Alerian MLP 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.

^(D) The Bloomberg Barclays Investment Grade Credit Index is comprised of the Bloomberg Barclays US Corporate Index, which measures the investment grade, U.S. dollar-denominated, fixed-rate, taxable corporate bond market, as well as a non-corporate component that includes foreign agencies, sovereigns, supranationals and local authorities.

^(E) Not annualized.

The performance data presented represents past performance; future results may vary. 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 2.5% for T1 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, I2 and Advisor Class shares.

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 2017

Page 250

Transamerica MLP & Energy Income

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Shares		Value
COMMON STOCKS - 54.3%
Equity Real Estate Investment Trusts - 1.8%
InfraREIT, Inc.		251,911		$ 5,642,806

Oil, Gas & Consumable Fuels - 49.4%
Cheniere Energy Partners, LP Holdings LLC		359,320		8,997,373
Cheniere Energy, Inc. ^(A)		188,700		8,819,838
Enbridge Energy Management LLC ^(A) (B)		887,900		12,785,760
Enbridge, Inc.		418,549		16,097,394
GasLog, Ltd.		273,747		4,722,136
Kinder Morgan, Inc.		886,600		16,056,326
ONEOK, Inc.		263,175		14,282,507
Pembina Pipeline Corp. ^(B)		520,700		17,219,549
Plains GP Holdings, LP, Class A ^(A)		493,313		10,063,585
SemGroup Corp., Class A		141,331		3,681,673
Targa Resources Corp.		246,350		10,223,525
TransCanada Corp.		404,325		19,197,351
Williams Cos., Inc.		438,160		12,487,560

				154,634,577

Transportation Infrastructure - 3.1%
Macquarie Infrastructure Corp.		142,000		9,876,100

Total Common Stocks (Cost $168,301,274)				170,153,483


CONVERTIBLE PREFERRED STOCK - 0.4%
Oil, Gas & Consumable Fuels - 0.4%
Anadarko Petroleum Corp. 7.50%^(B)		32,934		1,251,492

Total Convertible Preferred Stock (Cost $1,626,533)				1,251,492


MASTER LIMITED PARTNERSHIPS - 41.7%
Electric Utilities - 0.8%
Brookfield Infrastructure Partners, LP		60,000		2,542,200

Independent Power & Renewable Electricity Producers - 4.7%
Brookfield Renewable Partners, LP ^(A)		70,000		2,361,800
NextEra Energy Partners, LP		311,000		12,234,740

				14,596,540

Oil, Gas & Consumable Fuels - 36.2%
Antero Midstream Partners, LP		66,300		1,902,810
BP Midstream Partners, LP ^(A)		78,800		1,418,400
Buckeye Partners, LP		70,800		3,760,188
DCP Midstream, LP		67,900		2,246,132
Energy Transfer Equity, LP		252,300		4,478,325
Energy Transfer Partners, LP		490,064		8,532,014
Enterprise Products Partners, LP		345,711		8,469,920
EQT GP Holdings, LP		68,348		1,888,455
EQT Midstream Partners, LP		90,420		6,606,085
GasLog Partners, LP		442,510		10,509,612
Hoegh LNG Partners, LP		478,240		9,062,648
KNOT Offshore Partners, LP		107,802		2,522,567
Magellan Midstream Partners, LP		62,100		4,266,891
MPLX, LP		214,181		7,552,022
Phillips 66 Partners, LP		119,600		6,029,036
Shell Midstream Partners, LP		238,805		6,068,035
Summit Midstream Partners, LP		70,500		1,441,725
Tallgrass Energy GP, LP		675,349		16,883,725
TC PipeLines, LP		30,900		1,646,661


	Shares		Value
MASTER LIMITED PARTNERSHIPS (continued)
Oil, Gas & Consumable Fuels (continued)
Western Gas Partners, LP		168,900		$ 8,088,621

				113,373,872

Total Master Limited Partnerships (Cost $125,019,242)				130,512,612


	Principal		Value
CORPORATE DEBT SECURITIES - 2.1%
Oil, Gas & Consumable Fuels - 2.1%
Canbriam Energy, Inc. 9.75%, 11/15/2019^(C)		$ 1,380,000		1,404,150
MEG Energy Corp. 7.00%, 03/31/2024^(C)		2,000,000		1,815,000
Rockies Express Pipeline LLC 7.50%, 07/15/2038^(C)		2,000,000		2,310,000
Targa Resources Partners, LP / Targa Resources Partners Finance Corp. 5.38%, 02/01/2027		1,000,000		1,038,750

Total Corporate Debt Securities (Cost $5,889,876)				6,567,900


	Shares		Value
SECURITIES LENDING COLLATERAL - 0.4%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.00% ^(D)		1,307,793		1,307,793

Total Securities Lending Collateral (Cost $1,307,793)				1,307,793


	Principal		Value
REPURCHASE AGREEMENT - 1.3%
Fixed Income Clearing Corp., 0.12%^(D), dated 10/31/2017, to be repurchased at $4,010,993 on 11/01/2017. Collateralized by a U.S. Government Obligation, 2.13%, due 08/31/2020, and with a value of $4,091,893.		$ 4,010,980		4,010,980

Total Repurchase Agreement (Cost $4,010,980)				4,010,980

Total Investments (Cost $306,155,698)				313,804,260
Net Other Assets (Liabilities) - (0.2)%				(729,115	)


Net Assets - 100.0%				$ 313,075,145

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


Transamerica Funds		Annual Report 2017

Page 251

Transamerica MLP & Energy Income

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

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	$	170,153,483	$	—	$	—	$	170,153,483
Convertible Preferred Stock		1,251,492		—		—		1,251,492
Master Limited Partnerships		130,512,612		—		—		130,512,612
Corporate Debt Securities		—		6,567,900		—		6,567,900
Securities Lending Collateral		1,307,793		—		—		1,307,793
Repurchase Agreement		—		4,010,980		—		4,010,980

Total Investments	$	303,225,380	$	10,578,880	$	—	$	313,804,260

FOOTNOTES TO SCHEDULE OF INVESTMENTS:


(A)		Non-income producing securities.
(B)		All or a portion of the securities are on loan. The total value of all securities on loan is $1,277,283. 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, 2017, the total value of 144A securities is $5,529,150, representing 1.8% of the Fund’s net assets.
(D)		Rates disclosed reflect the yields at October 31, 2017.
(E)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. 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 2017

Page 252

Transamerica Multi-Cap Growth

(unaudited)

MARKET ENVIRONMENT

The equity market during the fiscal year was characterized by a rather steady upward move in the face of increased geopolitical risks and a slow growth economy. The Russell 3000^® Growth Index rose 29.80% during the fiscal year, with heavily-weighted megatechs leading the charge. Also, flows into passive investment vehicles continued during the period.

Economic growth accelerated throughout the year, partially explained by the U.S. consumer. In general, the U.S. consumer is healthy with initial jobless claims and unemployment at the lowest levels in recent memory and home prices continuing to rise at a better than 5% rate per year. U.S. household net worth continues to reach new highs helped by a strong stock market. However, strong consumer indicators have not translated into strong sales growth at most retailers. The rapidly increasing technological change makes selling items at full price difficult and this is an on-going threat for many brick-and-mortar retailers. The move higher in stocks has largely been driven by technology companies benefiting from increased demand for artificial intelligence capabilities and the conveniences offered by a more connected world. On the downside, retailers have faced an onslaught of selling pressure as Amazon.com takes additional share of the consumer wallet and expands into new markets, most recently grocery.

PERFORMANCE

For the year ended October 31, 2017, Transamerica Multi-Cap Growth Class A returned 21.44%, excluding any sales charges. By comparison, its benchmark, the Russell 3000^® Growth Index, returned 29.80%.

STRATEGY REVIEW

The Fund underperformed the Russell 3000^® Growth Index, its primary benchmark, for the fiscal year ending October 31, 2017.

The benchmark’s performance was driven by heavily-weighted, momentum driven technology and e-commerce consumer discretionary stocks. While we agree with the favorable growth outlook for many of these companies, the valuations have reached unsustainable levels in our view and further gains may be dependent on continued market momentum.

Stock selection missteps in consumer discretionary and healthcare sectors exacerbated the underperformance. Pharmaceuticals and specifically biotech continued to underperform and negative sentiment pressured already decade-low multiples. We sold Allergan PLC and Gilead Sciences, Inc. during the fiscal year. CVS Health Corp. was the worst performer on the year. While a consumer staple, it is under attack along with other pharmacy retailers for fear of Amazon.com, Inc. encroachment. Our view continues to be that this is wildly overdone, as CVS Health Corp. has invested significant capital in creating unique efficiencies and is well-positioned to deliver better healthcare at a lower cost. The consumer discretionary sector represented another detractor for the Fund, specifically Tractor Supply Co., TJX Cos., Inc. and Monro Muffler Brake, Inc. We avoided run-of-the-mill apparel retailers, which has served the Fund well over time, but underestimated consumer reticence to spend in certain areas. We sold Tractor Supply Co. and Monro Muffler Brake, Inc., but held TJX Cos., Inc. based on their unique ability to generate foot traffic and source an enormous amount of inventory at outrageously low prices.

On the positive side, the information technology sector provided six of the top 10 performers, including Priceline Group, Inc., technically within the consumer discretionary sector but benefiting from these aforementioned megatrends of mobile, digitization and ecommerce. While our technology holdings lagged the strong sector performance, we believe Apple, Inc., MasterCard, Inc., Facebook, Inc., and Alphabet, Inc. all embody good growth prospects at a reasonable valuation. Sherwin-Williams Co. was the one non-tech outlier among our top performers. Company performance was driven by strong end markets, its Valspar integration and favorable valuation profile relative to its own history.

Michael O. Tempest

Melanie H. Peche, CFA

Co-Portfolio Managers

Alta Capital Management, LLC


Asset Allocation	Percentage of Net Assets
Common Stocks		99.8	%
Securities Lending Collateral		3.3
Repurchase Agreement		0.2
Net Other Assets (Liabilities)		(3.3	)
Total		100.0	%


Transamerica Funds		Annual Report 2017

Page 253

Transamerica Multi-Cap Growth

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		14.75	%		5.70	%		1.98	%		03/01/2000
Class A (NAV)		21.44	%		6.89	%		2.56	%		03/01/2000
Russell 3000^® Growth Index^(A)		29.80	%		16.71	%		9.06	%
Class B (POP)		15.93	%		5.89	%		1.94	%		03/01/2000
Class B (NAV)		20.55	%		6.01	%		1.94	%		03/01/2000
Class C (POP)		19.61	%		6.09	%		1.85	%		11/11/2002
Class C (NAV)		20.54	%		6.09	%		1.85	%		11/11/2002
Class I (NAV)		21.71	%		7.28	%		8.82	%		11/30/2009
Class I2 (NAV)		21.90	%		7.44	%		3.25	%		11/15/2005
Class T1 (POP)		N/A			N/A			5.04	%^(B)		03/17/2017
Class T1 (NAV)		N/A			N/A			7.76	%^(B)		03/17/2017
Advisor Class (NAV)		N/A			N/A			15.82	%^(B)		12/16/2016

^(A) The Russell 3000^® Growth Index measures the performance of the growth sector of the broad U.S. equity market and is comprised of Russell 3000^® Index companies with higher price-to-book ratios and higher forecasted growth values. 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) Not annualized.

The performance data presented represents past performance; future results may vary. 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 2.5% for T1 shares or the maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 6 years) for Class B shares and 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 (5% in the 1st year, decreasing to 0% after 7 years) for Class B shares and (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, I2 and Advisor Class shares.

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.


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Transamerica Multi-Cap Growth

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Shares		Value
COMMON STOCKS - 99.8%
Banks - 3.2%
Wells Fargo & Co.		148,500		$ 8,336,790

Beverages - 2.5%
PepsiCo, Inc.		58,000		6,393,340

Biotechnology - 2.3%
Celgene Corp. ^(A)		58,200		5,876,454

Chemicals - 7.0%
Ecolab, Inc.		67,000		8,754,220
Sherwin-Williams Co.		23,500		9,286,025

				18,040,245

Diversified Financial Services - 2.7%
Berkshire Hathaway, Inc., Class B ^(A)		37,500		7,010,250

Electronic Equipment, Instruments & Components - 3.3%
Amphenol Corp., Class A		97,000		8,439,000

Food & Staples Retailing - 6.3%
Casey’s General Stores, Inc. ^(B)		72,500		8,306,325
CVS Health Corp.		117,000		8,018,010

				16,324,335

Health Care Technology - 3.0%
Cerner Corp. ^(A)		116,000		7,832,320

Insurance - 2.8%
Markel Corp. ^(A)		6,600		7,156,380

Internet & Direct Marketing Retail - 4.5%
Priceline Group, Inc. ^(A)		6,050		11,567,358

Internet Software & Services - 8.8%
Alphabet, Inc., Class A ^(A)		12,400		12,809,696
Facebook, Inc., Class A ^(A)		55,000		9,903,300

				22,712,996

IT Services - 14.6%
Broadridge Financial Solutions, Inc.		83,800		7,200,096
Cognizant Technology Solutions Corp., Class A		103,500		7,831,845
FleetCor Technologies, Inc. ^(A)		43,000		7,106,610
Mastercard, Inc., Class A		57,000		8,479,890
MAXIMUS, Inc.		105,500		7,008,365

				37,626,806

Machinery - 3.2%
Middleby Corp. ^(A)		71,500		8,286,850

Multiline Retail - 3.9%
Dollar Tree, Inc. ^(A)		109,500		9,991,875

Oil, Gas & Consumable Fuels - 3.0%
Phillips 66		84,000		7,650,720

Pharmaceuticals - 5.4%
Allergan PLC		39,500		7,000,585
Novo Nordisk A/S, ADR		139,000		6,920,810

				13,921,395

Road & Rail - 3.2%
Union Pacific Corp.		70,800		8,197,932

Software - 2.7%
Intuit, Inc.		46,600		7,037,532

Specialty Retail - 8.9%
Lowe’s Cos., Inc.		76,000		6,076,200
TJX Cos., Inc.		147,000		10,260,600


	Shares		Value
COMMON STOCKS (continued)
Specialty Retail (continued)
Tractor Supply Co.		109,000		$ 6,568,340

				22,905,140

Technology Hardware, Storage & Peripherals - 5.8%
Apple, Inc.		88,000		14,875,520

Trading Companies & Distributors - 2.7%
Fastenal Co.		146,500		6,881,105

Total Common Stocks (Cost $218,386,646)				257,064,343


SECURITIES LENDING COLLATERAL - 3.3%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.00% ^(C)		8,383,284		8,383,284

Total Securities Lending Collateral (Cost $8,383,284)				8,383,284


	Principal		Value
REPURCHASE AGREEMENT - 0.2%
Fixed Income Clearing Corp. 0.12%^(C), dated 10/31/2017, to be repurchased at $559,428 on 11/01/2017. Collateralized by a U.S. Government Agency Obligation, 1.38%, due 09/28/2020, and with a value of $574,086.		$ 559,426		559,426

Total Repurchase Agreement (Cost $559,426)				559,426

Total Investments (Cost $227,329,356)				266,007,053
Net Other Assets (Liabilities) - (3.3)%				(8,502,802	)


Net Assets - 100.0%				$ 257,504,251

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


Transamerica Funds		Annual Report 2017

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Transamerica Multi-Cap Growth

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

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	$	257,064,343	$	—	$	—	$	257,064,343
Securities Lending Collateral		8,383,284		—		—		8,383,284
Repurchase Agreement		—		559,426		—		559,426

Total Investments	$	265,447,627	$	559,426	$	—	$	266,007,053

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 $8,209,170. 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, 2017.
(D)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. 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 2017

Page 256

Transamerica Multi-Managed Balanced

(unaudited)

MARKET ENVIRONMENT

Aegon USA Investment Management, LLC

J.P. Morgan Investment Management Inc.

PERFORMANCE

For the year ended October 31, 2017, Transamerica Multi-Managed Balanced Class A returned 13.89%, excluding any sales charges. By comparison, its primary and secondary benchmarks, the S&P 500^® and the Bloomberg Barclays US Aggregate Bond Index, returned 23.63% and 0.90%, respectively.

STRATEGY REVIEW

Aegon USA Investment Management, LLC


Transamerica Funds		Annual Report 2017

Page 257

Transamerica Multi-Managed Balanced

(unaudited)

STRATEGY REVIEW (continued)

contributors to performance among investment grade holdings, while almost all ratings categories in non-investment grade exposure added to returns. An underweight in AAA credits, which have been trading at very tight spreads, was additive to returns as were structured credits in ABS and CMBS. This was somewhat offset by agency RMBS, which detracted from returns.

J.P. Morgan Investment Management Inc.

Within technology, an underweight in QUALCOMM, Inc. contributed to performance. Reports that Apple, Inc. was suing the company over its royalty-rate structure weighed heavily on shares. QUALCOMM, Inc., which has also been burdened by similar legal battles with Samsung, was further pressured by worse-than-expected margin results. We believe royalty-rate resolutions will prove palatable; but, we remain cautious amid legal uncertainty, thus we remain underweight. Within health services and systems, an overweight position in UnitedHealth Group, Inc. contributed. The health insurer reported strong results in successive quarters on better-than expected medical loss ratios, higher investment income and strong earnings from its Optum unit. We continue to believe UnitedHealth can sustain differentiated, double-digit earnings-per-share growth due to the positioning of its quality health plan assets and the high-growth, sophisticated tools offered by Optum.

On the negative side, in industrials, an underweight in Boeing Co. detracted from performance. Management has been able to generate significant free cash flow by squeezing its supply chain, thereby refuting bears, who had anticipated free-cash-flow deterioration. Global air traffic growth also continued at above-average rates, buoyed by low fuel prices, leading management and some investors to question whether the historical long-term cyclicality of the aerospace industry would face the same dynamic in the future. We continue to think Boeing is over-earning in the short-term, as these free-cash-flow benefits do not seem to be sustainable. We also continue to believe, despite opinions to the contrary, that the industry is still cyclical.

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

Brian W. Westhoff, CFA

Doug Weih, CFA

Bradley D. Doyle, CFA

Tyler A. Knight, CFA

Sivakumar N. Rajan

Co-Portfolio Managers

Aegon USA Investment Management, LLC

Steven G. Lee

Tim Snyder, CFA

Raffaele Zingone, CFA

Co-Portfolio Managers

J.P. Morgan Investment Management Inc.


Asset Allocation	Percentage of Net Assets
Common Stocks		60.9	%
Corporate Debt Securities		16.0
U.S. Government Obligations		8.0
U.S. Government Agency Obligations		6.3
Commercial Paper		4.8
Mortgage-Backed Securities		3.6
Asset-Backed Securities		3.5
Short-Term U.S. Government Obligations		0.9
Securities Lending Collateral		0.8
Repurchase Agreement		0.7
Foreign Government Obligations		0.4
Municipal Government Obligations		0.3
Preferred Stocks		0.1
Net Other Assets (Liabilities)^		(6.3	)
Total		100.0	%

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


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Transamerica Multi-Managed Balanced

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		7.62	%		8.00	%		5.73	%		12/02/1994
Class A (NAV)		13.89	%		9.22	%		6.33	%		12/02/1994
S&P 500^®^(A)		23.63	%		15.18	%		7.51	%
Bloomberg Barclays US Aggregate Bond Index^(B)		0.90	%		2.04	%		4.19	%
Class B (POP)		7.63	%		8.03	%		5.63	%		10/01/1995
Class B (NAV)		12.63	%		8.18	%		5.63	%		10/01/1995
Class C (POP)		12.02	%		8.48	%		5.67	%		11/11/2002
Class C (NAV)		13.02	%		8.48	%		5.67	%		11/11/2002
Class I (NAV)		14.13	%		9.55	%		11.29	%		11/30/2009
Class R6 (NAV)		14.25	%		N/A			6.88	%		05/29/2015
Class T1 (POP)		N/A			N/A			3.58	%^(C)		03/17/2017
Class T1 (NAV)		N/A			N/A			6.24	%^(C)		03/17/2017
Advisor Class (NAV)		N/A			N/A			6.20	%^(C)		03/03/2017

^(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.

^(C) Not annualized.

The performance data presented represents past performance; future results may vary. 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 2.5% for T1 shares or the maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 6 years) for Class B shares and 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 (5% in the 1st year, decreasing to 0% after 7 years) for Class B shares and (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, R6 and Advisor Class shares.


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Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Shares		Value
COMMON STOCKS - 60.9%
Aerospace & Defense - 0.8%
General Dynamics Corp.		18,213		$ 3,696,875
Northrop Grumman Corp.		11,962		3,535,130
United Technologies Corp.		12,654		1,515,443

				8,747,448

Air Freight & Logistics - 0.1%
FedEx Corp.		2,746		620,074

Airlines - 0.5%
Delta Air Lines, Inc.		62,655		3,134,629
United Continental Holdings, Inc. ^(A)		31,410		1,836,857

				4,971,486

Auto Components - 0.3%
Delphi Automotive PLC		21,017		2,088,669
Lear Corp.		4,423		776,635

				2,865,304

Automobiles - 0.2%
Ford Motor Co.		172,151		2,112,293

Banks - 3.6%
Bank of America Corp.		455,566		12,477,953
Citigroup, Inc.		146,760		10,786,860
Comerica, Inc.		16,300		1,280,691
KeyCorp		127,103		2,319,630
SunTrust Banks, Inc.		22,300		1,342,683
SVB Financial Group ^(A)		4,260		934,133
Wells Fargo & Co.		169,147		9,495,912
Zions Bancorporation		10,479		486,854

				39,124,716

Beverages - 1.6%
Coca-Cola Co.		37,100		1,705,858
Constellation Brands, Inc., Class A		14,378		3,150,076
Molson Coors Brewing Co., Class B		52,020		4,206,857
PepsiCo, Inc.		71,802		7,914,735

				16,977,526

Biotechnology - 1.6%
AbbVie, Inc.		7,500		676,875
Alexion Pharmaceuticals, Inc. ^(A)		7,099		849,466
Amgen, Inc.		1,910		334,670
Biogen, Inc. ^(A)		13,735		4,280,650
BioMarin Pharmaceutical, Inc. ^(A)		2,895		237,651
Celgene Corp. ^(A)		38,954		3,933,186
Gilead Sciences, Inc.		51,222		3,839,601
Vertex Pharmaceuticals, Inc. ^(A)		17,513		2,560,926

				16,713,025

Building Products - 0.3%
Allegion PLC		27,963		2,331,835
Masco Corp.		36,458		1,451,757

				3,783,592

Capital Markets - 2.1%
Bank of New York Mellon Corp.		66,532		3,423,071
BlackRock, Inc.		1,085		510,851
Charles Schwab Corp.		116,363		5,217,717
Intercontinental Exchange, Inc.		43,200		2,855,520
Morgan Stanley		138,191		6,909,550
State Street Corp.		36,369		3,345,948

				22,262,657


	Shares		Value
COMMON STOCKS (continued)
Chemicals - 1.4%
Albemarle Corp.		4,700		$ 662,183
Celanese Corp., Series A		12,780		1,333,082
DowDuPont, Inc.		114,544		8,282,676
Eastman Chemical Co.		44,483		4,039,501
Mosaic Co.		10,361		231,465

				14,548,907

Communications Equipment - 0.2%
Cisco Systems, Inc.		59,633		2,036,467
Harris Corp.		3,340		465,329

				2,501,796

Construction Materials - 0.0% ^(B)
Vulcan Materials Co.		3,400		413,950

Consumer Finance - 0.6%
American Express Co.		43,106		4,117,485
Capital One Financial Corp.		26,643		2,455,952

				6,573,437

Containers & Packaging - 0.3%
Crown Holdings, Inc. ^(A)		21,557		1,297,085
WestRock Co.		23,673		1,451,865

				2,748,950

Diversified Consumer Services - 0.0% ^(B)
H&R Block, Inc.		12,200		301,828

Diversified Financial Services - 1.0%
Berkshire Hathaway, Inc., Class B ^(A)		51,293		9,588,713
Voya Financial, Inc.		21,178		850,509

				10,439,222

Diversified Telecommunication Services - 0.7%
AT&T, Inc.		90,392		3,041,691
Verizon Communications, Inc.		95,749		4,583,504

				7,625,195

Electric Utilities - 1.8%
American Electric Power Co., Inc.		22,840		1,699,525
Duke Energy Corp.		16,600		1,465,946
Edison International		24,855		1,987,157
Exelon Corp.		57,800		2,324,138
NextEra Energy, Inc.		40,165		6,228,387
PG&E Corp.		23,856		1,378,161
Xcel Energy, Inc.		82,818		4,101,147

				19,184,461

Electrical Equipment - 0.4%
Eaton Corp. PLC		58,903		4,713,418

Electronic Equipment, Instruments & Components - 0.3%
TE Connectivity, Ltd.		41,223		3,750,056

Energy Equipment & Services - 0.0% ^(B)
Halliburton Co.		4,996		213,529

Equity Real Estate Investment Trusts - 1.4%
AvalonBay Communities, Inc.		13,343		2,419,486
Boston Properties, Inc.		6,950		842,201
Brixmor Property Group, Inc.		16,800		293,496
Digital Realty Trust, Inc.		4,700		556,668
Equinix, Inc.		2,649		1,227,812
Equity Residential		14,800		995,448
Extra Space Storage, Inc.		16,000		1,305,440
Federal Realty Investment Trust		9,120		1,099,142

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


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Page 260

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Shares		Value
COMMON STOCKS (continued)
Equity Real Estate Investment Trusts (continued)
HCP, Inc.		29,362		$ 758,714
Omega Healthcare Investors, Inc. ^(C)		9,140		263,780
Prologis, Inc.		21,088		1,361,863
Public Storage		11,950		2,476,638
Regency Centers Corp.		6,343		390,412
SBA Communications Corp. ^(A)		2,360		370,945
Vornado Realty Trust		13,000		973,180

				15,335,225

Food & Staples Retailing - 0.8%
Costco Wholesale Corp.		26,947		4,340,623
Walgreens Boots Alliance, Inc.		59,905		3,969,904

				8,310,527

Food Products - 0.6%
Archer-Daniels-Midland Co.		10,920		446,300
J.M. Smucker, Co.		1,797		190,572
Kraft Heinz Co.		6,005		464,367
McCormick & Co., Inc.		3,205		318,994
Mondelez International, Inc., Class A		122,854		5,089,841

				6,510,074

Health Care Equipment & Supplies - 1.5%
Abbott Laboratories		81,575		4,423,812
Becton Dickinson and Co.		14,710		3,069,536
Boston Scientific Corp. ^(A)		143,916		4,049,796
Cooper Cos., Inc.		1,560		374,806
Danaher Corp.		20,909		1,929,273
Zimmer Biomet Holdings, Inc.		21,557		2,621,762

				16,468,985

Health Care Providers & Services - 1.7%
AmerisourceBergen Corp.		7,500		577,125
Cigna Corp.		23,246		4,584,576
Humana, Inc.		6,970		1,779,790
UnitedHealth Group, Inc.		54,755		11,510,596

				18,452,087

Hotels, Restaurants & Leisure - 0.7%
Hilton Worldwide Holdings, Inc.		9,200		664,976
McDonald’s Corp.		3,900		650,949
Royal Caribbean Cruises, Ltd.		25,966		3,213,812
Starbucks Corp.		16,743		918,186
Yum! Brands, Inc.		22,330		1,662,468

				7,110,391

Household Durables - 0.4%
D.R. Horton, Inc.		29,436		1,301,366
Mohawk Industries, Inc. ^(A)		1,820		476,403
Newell Brands, Inc.		6,526		266,130
PulteGroup, Inc.		11,884		359,253
Toll Brothers, Inc.		30,322		1,396,025

				3,799,177

Household Products - 0.7%
Kimberly-Clark Corp.		28,533		3,210,248
Procter & Gamble Co.		47,900		4,135,686

				7,345,934

Industrial Conglomerates - 1.2%
General Electric Co.		214,130		4,316,861


	Shares		Value
COMMON STOCKS (continued)
Industrial Conglomerates (continued)
Honeywell International, Inc.		59,276		$ 8,545,228

				12,862,089

Insurance - 1.7%
American International Group, Inc.		47,618		3,076,599
Arthur J. Gallagher & Co.		34,567		2,189,128
Brighthouse Financial, Inc. ^(A)		4,290		266,752
Chubb, Ltd.		29,116		4,391,275
Everest Re Group, Ltd.		2,729		648,001
Hartford Financial Services Group, Inc.		18,900		1,040,445
MetLife, Inc.		103,290		5,534,279
XL Group, Ltd.		15,600		631,332

				17,777,811

Internet & Direct Marketing Retail - 1.3%
Amazon.com, Inc. ^(A)		11,127		12,298,451
Priceline Group, Inc. ^(A)		873		1,669,141

				13,967,592

Internet Software & Services - 3.6%
Alphabet, Inc., Class A ^(A)		11,270		11,642,361
Alphabet, Inc., Class C ^(A)		11,512		11,703,560
Facebook, Inc., Class A ^(A)		87,093		15,681,965

				39,027,886

IT Services - 2.5%
Accenture PLC, Class A		59,398		8,455,899
Automatic Data Processing, Inc.		2,900		337,154
Fidelity National Information Services, Inc.		29,438		2,730,669
International Business Machines Corp.		14,495		2,233,100
Vantiv, Inc., Class A ^{(A) (C)}		17,456		1,221,920
Visa, Inc., Class A		103,466		11,379,191
WEX, Inc. ^(A)		7,285		900,353

				27,258,286

Life Sciences Tools & Services - 0.5%
Agilent Technologies, Inc.		21,534		1,464,958
Illumina, Inc. ^(A)		7,359		1,509,993
Thermo Fisher Scientific, Inc.		11,177		2,166,438

				5,141,389

Machinery - 1.7%
Deere & Co.		21,149		2,810,279
Fortive Corp.		4,494		324,737
Ingersoll-Rand PLC		61,984		5,491,782
PACCAR, Inc.		28,082		2,014,322
Parker-Hannifin Corp.		4,117		751,805
Snap-on, Inc.		10,543		1,663,475
Stanley Black & Decker, Inc.		31,868		5,148,275

				18,204,675

Media - 2.2%
Charter Communications, Inc., Class A ^(A)		13,093		4,375,288
Comcast Corp., Class A		192,590		6,939,018
DISH Network Corp., Class A ^(A)		35,676		1,731,713
Sirius XM Holdings, Inc. ^(C)		112,629		612,702
Time Warner, Inc.		10,771		1,058,681
Twenty-First Century Fox, Inc., Class A		144,914		3,789,501
Walt Disney Co.		49,275		4,819,588

				23,326,491

Metals & Mining - 0.1%
Alcoa Corp. ^(A)		23,000		1,098,940

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


Transamerica Funds		Annual Report 2017

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Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Shares		Value
COMMON STOCKS (continued)
Metals & Mining (continued)
Newmont Mining Corp.		14,208		$ 513,761

				1,612,701

Multi-Utilities - 0.1%
CMS Energy Corp.		32,830		1,587,987

Multiline Retail - 0.2%
Dollar Tree, Inc. ^(A)		24,327		2,219,839
Wal-Mart Stores, Inc.		3,887		339,374

				2,559,213

Oil, Gas & Consumable Fuels - 3.6%
Anadarko Petroleum Corp.		37,500		1,851,375
Chevron Corp.		54,707		6,339,994
Concho Resources, Inc. ^(A)		15,316		2,055,560
Diamondback Energy, Inc. ^(A)		25,589		2,742,117
EOG Resources, Inc.		45,363		4,530,403
EQT Corp. ^(C)		21,416		1,339,357
Exxon Mobil Corp.		84,327		7,028,656
Kinder Morgan, Inc.		124,056		2,246,654
Occidental Petroleum Corp.		58,984		3,808,597
Phillips 66		14,000		1,275,120
Pioneer Natural Resources Co.		29,028		4,344,621
Valero Energy Corp.		17,806		1,404,715

				38,967,169

Pharmaceuticals - 3.2%
Allergan PLC		23,076		4,089,759
Bristol-Myers Squibb Co.		86,925		5,359,796
Eli Lilly & Co.		53,336		4,370,352
Johnson & Johnson		49,701		6,928,816
Merck & Co., Inc.		65,338		3,599,470
Mylan NV ^(A)		9,900		353,529
Pfizer, Inc.		283,029		9,922,997

				34,624,719

Road & Rail - 1.0%
Norfolk Southern Corp.		27,480		3,611,421
Union Pacific Corp.		61,787		7,154,317

				10,765,738

Semiconductors & Semiconductor Equipment - 2.5%
Analog Devices, Inc.		62,454		5,702,050
Broadcom, Ltd.		28,778		7,594,802
Microchip Technology, Inc.		23,200		2,199,360
Micron Technology, Inc. ^(A)		7,800		345,618
NVIDIA Corp.		14,205		2,937,736
Texas Instruments, Inc.		87,903		8,499,341

				27,278,907

Software - 3.4%
Adobe Systems, Inc. ^(A)		49,271		8,630,308
Intuit, Inc.		4,300		649,386
Microsoft Corp.		303,666		25,258,938
Oracle Corp.		8,134		414,021
Symantec Corp.		17,780		577,850
Workday, Inc., Class A ^(A)		7,017		778,817

				36,309,320

Specialty Retail - 2.2%
Best Buy Co., Inc.		25,426		1,423,347
Home Depot, Inc.		50,062		8,299,278
Lowe’s Cos., Inc.		62,116		4,966,174


	Shares		Value
COMMON STOCKS (continued)
Specialty Retail (continued)
O’Reilly Automotive, Inc. ^(A)		9,290		$ 1,959,726
Ross Stores, Inc.		32,042		2,034,347
TJX Cos., Inc.		65,941		4,602,682

				23,285,554

Technology Hardware, Storage & Peripherals - 2.9%
Apple, Inc.		168,181		28,429,316
HP, Inc.		118,319		2,549,775

				30,979,091

Textiles, Apparel & Luxury Goods - 0.3%
NIKE, Inc., Class B		38,500		2,117,115
PVH Corp.		7,400		938,394

				3,055,509

Tobacco - 0.9%
Philip Morris International, Inc.		89,065		9,319,762

Trading Companies & Distributors - 0.1%
HD Supply Holdings, Inc. ^(A)		19,700		697,183

Wireless Telecommunication Services - 0.1%
T-Mobile US, Inc. ^(A)		26,599		1,589,822

Total Common Stocks (Cost $472,997,343)				654,724,164


PREFERRED STOCKS - 0.1%
Banks - 0.1%
Citigroup Capital XIII 3-Month LIBOR + 6.37%, 7.75% ^(D)		12,963		352,853

Capital Markets - 0.0% ^(B)
State Street Corp. Series D, Fixed until 03/15/2024, 5.90%^(D) (C)		3,072		85,125

Electric Utilities - 0.0% ^(B)
SCE Trust III Series H, Fixed until 03/15/2024, 5.75% ^(D)		960		25,814

Total Preferred Stocks (Cost $456,527)				463,792


	Principal		Value
ASSET-BACKED SECURITIES - 3.5%
321 Henderson Receivables VI LLC Series 2010-1A, Class A, 5.56%, 07/15/2059 ^(E)		$ 402,911		432,785
American Tower Trust #1 Series 2013-1A, Class 1A, 1.55%, 03/15/2043 ^(E)		1,607,000		1,604,482
Avis Budget Rental Car Funding AESOP LLC
Series 2013-1A, Class A,
1.92%, 09/20/2019 ^(E)		230,000		229,609
Series 2014-1A, Class A,
2.46%, 07/20/2020 ^(E)		543,000		545,146
BlueMountain CLO, Ltd. Series 2015-2A, Class A1, 3-Month LIBOR + 1.43%, 2.78% ^(D), 07/18/2027 ^(E)		755,000		757,319

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


Transamerica Funds		Annual Report 2017

Page 262

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
ASSET-BACKED SECURITIES (continued)
BRE Grand Islander Timeshare Issuer LLC Series 2017-1A, Class A, 2.94%, 05/25/2029 ^(E)		$ 668,816		$ 668,545
BXG Receivables Note Trust Series 2015-A, Class A, 2.88%, 05/02/2030 ^(E)		772,333		773,890
CIFC Funding, Ltd. Series 2013-2A, Class A1LR, 3-Month LIBOR + 1.21%, 2.65% ^(D), 10/18/2030 ^(E)		1,285,000		1,284,992
Green Tree Agency Advance Funding Trust I Series 2016-T1, Class AT1, 2.38%, 10/15/2048 ^(E)		320,000		318,371
Hertz Vehicle Financing II, LP Series 2016-3A, Class A, 2.27%, 07/25/2020 ^(E)		540,000		538,260
ICG US CLO, Ltd.
Series 2014-1A, Class A1,
3-Month LIBOR + 1.15%,
2.51% ^(D), 04/20/2026 ^(E)		1,565,000		1,561,133
Series 2014-1A, Class A1R,
3-Month LIBOR + 1.22%,
Zero Coupon ^(D), 01/20/2030 ^{(E) (F)}		670,000		670,000
JG Wentworth XXII LLC Series 2010-3A, Class A, 3.82%, 12/15/2048 ^(E)		823,783		858,066
JGWPT XXVIII LLC Series 2013-1A, Class A, 3.22%, 04/15/2067 ^(E)		1,048,075		1,054,574
Longfellow Place CLO, Ltd. Series 2013-1A, Class ARR, 3-Month LIBOR + 1.34%, 2.70% ^(D), 04/15/2029 ^(E)		1,175,000		1,182,712
MVW Owner Trust
Series 2014-1A, Class A,
2.25%, 09/22/2031 ^(E)		257,336		254,930
Series 2016-1A, Class A,
2.25%, 12/20/2033 ^(E)		293,032		288,009
New Residential Advanced Receivables Trust
Series 2016-T2, Class AT2,
2.58%, 10/15/2049 ^(E)		380,000		377,571
Series 2017-T1, Class AT1,
3.21%, 02/15/2051 ^(E)		1,000,000		996,666
NRZ Advance Receivables Trust Series 2016-T4, Class AT4, 3.11%, 12/15/2050 ^(E)		1,100,000		1,095,102
OCP CLO, Ltd. Series 2014-7A, Class A1AR, 3-Month LIBOR + 0.95%, 2.31% ^(D), 10/20/2026 ^(E)		300,000		299,849
Octagon Investment Partners 33, Ltd. Series 2017-1A, Class A1, 3-Month LIBOR + 1.19%, 0.00% ^(D), 01/20/2031 ^{(E) (F) (G)}		800,000		800,000
Ocwen Master Advance Receivables Trust
Series 2016-T2, Class AT2,
2.72%, 08/16/2049 ^(E)		500,000		498,750
Series 2017-T1, Class AT1,
2.50%, 09/15/2048 ^(E)		575,000		576,246


	Principal		Value
ASSET-BACKED SECURITIES (continued)
Orange Lake Timeshare Trust Series 2016-A, Class A, 2.61%, 03/08/2029 ^(E)		$ 907,640		$ 906,319
Palmer Square CLO, Ltd.
Series 2013-2A, Class A1AR,
3-Month LIBOR + 1.22%,
2.57% ^(D), 10/17/2027 ^(E)		750,000		755,687
Series 2015-2A, Class A1AR,
3-Month LIBOR + 1.27%,
2.63% ^(D), 07/20/2030^(E)		800,000		804,968
SBA Tower Trust Series 2014-1A, Class C, 2.90% ^(D), 10/15/2044 ^(E)		2,735,000		2,756,132
Sierra Timeshare Receivables Funding LLC
Series 2013-3A, Class B,
2.70%, 10/20/2030 ^(E)		57,674		57,691
Series 2014-1A, Class A,
2.07%, 03/20/2030 ^(E)		130,865		130,645
Series 2014-2A, Class A,
2.05% ^(D), 06/20/2031 ^(E)		111,187		110,974
Series 2015-1A, Class A,
2.40%, 03/22/2032 ^(E)		92,381		92,257
Series 2015-1A, Class B,
3.05%, 03/22/2032 ^(E)		96,028		96,293
Series 2016-2A, Class A,
2.33%, 07/20/2033 ^(E)		467,341		466,056
Silverleaf Finance XVIII LLC Series 2014-A, Class A, 2.81%, 01/15/2027 ^(E)		96,254		96,061
SolarCity LMC Series III LLC Series 2014-2, Class A, 4.02%, 07/20/2044 ^(E)		440,280		427,738
SpringCastle America Funding LLC Series 2016-AA, Class A, 3.05%, 04/25/2029 ^(E)		770,948		774,969
SPS Servicer Advance Receivables Trust Series 2016-T2, Class AT2, 2.75%, 11/15/2049 ^(E)		400,000		401,053
Towd Point Mortgage Trust
Series 2015-3, Class A1B,
3.00% ^(D), 03/25/2054 ^(E)		805,759		812,652
Series 2015-4, Class A1B,
2.75% ^(D), 04/25/2055 ^(E)		935,402		939,742
Series 2015-5, Class A1B,
2.75% ^(D), 05/25/2055 ^(E)		691,608		694,244
Series 2015-6, Class A1B,
2.75% ^(D), 04/25/2055 ^(E)		749,726		752,424
Series 2016-1, Class A1B,
2.75% ^(D), 02/25/2055 ^(E)		717,569		720,301
Series 2016-2, Class A1A,
2.75% ^(D), 08/25/2055 ^(E)		1,274,419		1,278,286
Series 2016-3, Class A1,
2.25% ^(D), 04/25/2056 ^(E)		642,272		638,218
Series 2016-4, Class A1,
2.25% ^(D), 07/25/2056 ^(E)		1,215,460		1,206,263
Series 2017-1, Class A1,
2.75% ^(D), 10/25/2056 ^(E)		1,084,982		1,088,772
Series 2017-2, Class A1,
2.75%^(D), 04/25/2057^(E)		934,578		939,412

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


Transamerica Funds		Annual Report 2017

Page 263

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
ASSET-BACKED SECURITIES (continued)
Towd Point Mortgage Trust (continued)
Series 2017-3, Class A1,
2.75%^(D), 07/25/2057^(E)		$ 645,114		$ 647,336
VSE VOI Mortgage LLC Series 2016-A, Class A, 2.54%, 07/20/2033^(E)		327,934		326,458
Welk Resorts LLC Series 2017-AA, Class A, 2.82%, 06/15/2033		1,074,738		1,068,107
Wellfleet CLO, Ltd. Series 2016-2A, Class A1, 3-Month LIBOR + 1.65%, 3.01%^(D), 10/20/2028^(E)		815,000		818,403

Total Asset-Backed Securities (Cost $37,490,646)				37,474,468


CORPORATE DEBT SECURITIES - 16.0%
Aerospace & Defense - 0.1%
Northrop Grumman Corp. 2.55%, 10/15/2022		1,114,000		1,115,501

Air Freight & Logistics - 0.1%
FedEx Corp. 4.90%, 01/15/2034		780,000		877,533
5.10%, 01/15/2044		160,000		181,465

				1,058,998

Airlines - 0.6%
American Airlines Pass-Through Trust 3.20%, 12/15/2029		748,580		747,682
3.70%, 04/01/2028		882,204		907,347
Delta Air Lines Pass-Through Trust 4.75%, 11/07/2021		622,286		650,332
6.82%, 02/10/2024		1,270,262		1,462,452
Northwest Airlines Pass-Through Trust 7.03%, 05/01/2021		495,083		539,641
United Airlines Pass-Through Trust 3.75%, 03/03/2028		1,465,168		1,512,786
US Airways Pass-Through Trust 5.38%, 05/15/2023		734,638		779,635

				6,599,875

Auto Components - 0.0% ^(B)
BorgWarner, Inc. 3.38%, 03/15/2025^(C)		345,000		347,109

Automobiles - 0.2%
Ford Motor Co. 4.35%, 12/08/2026^(C)		855,000		890,956
General Motors Co. 4.88%, 10/02/2023		905,000		986,758
6.25%, 10/02/2043		120,000		138,512

				2,016,226

Banks - 2.9%
Bank of America Corp.
Fixed until 10/01/2024,
3.09%^(D), 10/01/2025, MTN		1,028,000		1,022,652
4.45%, 03/03/2026, MTN		1,926,000		2,047,781
5.75%, 12/01/2017		250,000		250,852
Bank One Capital III 8.75%, 09/01/2030		130,000		192,150


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Bank One Corp. 8.00%, 04/29/2027		$ 300,000		$ 399,547
Barclays Bank PLC 10.18%, 06/12/2021^(E)		2,555,000		3,155,157
BNP Paribas SA Fixed until 03/14/2022, 6.75%^(D), 03/14/2022^{(C) (E) (H)}		190,000		207,812
Citigroup, Inc. 1.70%, 04/27/2018		932,000		931,589
3-Month LIBOR + 0.95%,
2.31%^(D), 07/24/2023		737,000		740,305
3.38%, 03/01/2023		719,000		736,038
6.68%, 09/13/2043		60,000		82,221
Commerzbank AG 8.13%, 09/19/2023^(E)		1,655,000		2,011,762
Cooperatieve Rabobank UA 2.25%, 01/14/2019		250,000		251,307
Fixed until 06/30/2019,
11.00%^(D), 06/30/2019^{(E) (H)}		2,475,000		2,809,125
Discover Bank 3.45%, 07/27/2026		370,000		365,081
First Horizon National Corp. 3.50%, 12/15/2020		410,000		421,677
Intesa Sanpaolo SpA 5.02%, 06/26/2024^(E)		420,000		429,783
JPMorgan Chase & Co. 3.25%, 09/23/2022		2,099,000		2,158,443
3.38%, 05/01/2023		685,000		702,220
Fixed until 05/01/2027,
3.54%^(D), 05/01/2028		660,000		666,523
4.85%, 02/01/2044		720,000		832,758
6.40%, 05/15/2038		410,000		551,563
Fixed until 02/01/2024,
6.75%^(D), 02/01/2024^(H)		48,000		55,020
KeyBank NA 3.40%, 05/20/2026, MTN		335,000		333,660
Nordea Bank AB 4.25%, 09/21/2022^(E)		2,711,000		2,864,282
Royal Bank of Scotland Group PLC 6.00%, 12/19/2023		215,000		239,550
6.10%, 06/10/2023		270,000		300,656
6.40%, 10/21/2019		140,000		151,324
Santander UK Group Holdings PLC 4.75%, 09/15/2025^(E)		803,000		840,731
Societe Generale SA 5.00%, 01/17/2024^(E)		415,000		445,454
Svenska Handelsbanken AB 2.45%, 03/30/2021, MTN		800,000		804,600
Toronto-Dominion Bank Fixed until 09/15/2026, 3.63%^(D), 09/15/2031		1,160,000		1,153,240
Wells Fargo & Co. 2.13%, 04/22/2019		526,000		527,748
Fixed until 05/27/2027,
3.58%^(D), 05/22/2028, MTN		1,108,000		1,118,563
4.10%, 06/03/2026, MTN		405,000		421,645
5.38%, 11/02/2043		220,000		258,554
Fixed until 06/15/2024,
5.90%^(D), 06/15/2024^(H)		139,000		152,420

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


Transamerica Funds		Annual Report 2017

Page 264

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Wells Fargo Bank NA 5.95%, 08/26/2036		$ 320,000		$ 404,724

				31,038,517

Beverages - 0.4%
Anheuser-Busch InBev Finance, Inc. 3.65%, 02/01/2026		1,983,000		2,046,217
Anheuser-Busch InBev Worldwide, Inc. 4.44%, 10/06/2048		1,090,000		1,153,384
Constellation Brands, Inc. 3.70%, 12/06/2026		304,000		312,685
Pernod Ricard SA 5.75%, 04/07/2021 ^(E)		1,095,000		1,213,720

				4,726,006

Biotechnology - 0.3%
AbbVie, Inc. 3.20%, 05/14/2026		759,000		753,730
Biogen, Inc. 4.05%, 09/15/2025		654,000		694,694
Celgene Corp. 2.88%, 08/15/2020		247,000		250,815
5.00%, 08/15/2045		1,014,000		1,116,556
Gilead Sciences, Inc. 2.95%, 03/01/2027		211,000		207,667
4.15%, 03/01/2047		190,000		195,786

				3,219,248

Building Products - 0.1%
Owens Corning 4.20%, 12/15/2022		844,000		893,904

Capital Markets - 1.5%
Ameriprise Financial, Inc. 3.70%, 10/15/2024		1,420,000		1,484,068
7.30%, 06/28/2019		845,000		916,696
Charles Schwab Corp. 3.20%, 03/02/2027		685,000		691,109
Credit Suisse Group Funding Guernsey, Ltd. 3.75%, 03/26/2025		877,000		900,714
3.80%, 06/09/2023		1,155,000		1,198,722
Deutsche Bank AG 3-Month LIBOR + 1.31%, 2.63% ^(D), 08/20/2020		245,000		248,310
Goldman Sachs Group, Inc. 2.75%, 09/15/2020		701,000		708,545
5.75%, 01/24/2022		1,750,000		1,959,116
6.25%, 02/01/2041		130,000		172,033
6.75%, 10/01/2037		381,000		502,999
Macquarie Group, Ltd. 6.25%, 01/14/2021 ^(E)		988,000		1,095,530
Morgan Stanley 5.00%, 11/24/2025		1,303,000		1,421,330
5.75%, 01/25/2021		1,785,000		1,969,791
Oaktree Capital Management, LP 6.75%, 12/02/2019 ^(E)		545,000		591,049
UBS AG 7.63%, 08/17/2022		730,000		861,400
UBS Group Funding Switzerland AG 4.25%, 03/23/2028 ^(E)		1,189,000		1,252,780

				15,974,192


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Chemicals - 0.1%
LyondellBasell Industries NV 5.00%, 04/15/2019		$ 204,000		$ 211,022
Monsanto Co. 4.40%, 07/15/2044		1,021,000		1,060,496

				1,271,518

Commercial Services & Supplies - 0.1%
CK Hutchison International 17 II, Ltd. 2.25%, 09/29/2020 ^(E)		360,000		358,519
ERAC USA Finance LLC 2.70%, 11/01/2023 ^(E)		200,000		195,841
3.85%, 11/15/2024 ^(E)		560,000		581,482

				1,135,842

Communications Equipment - 0.1%
Cisco Systems, Inc. 2.13%, 03/01/2019		175,000		175,961
Harris Corp. 5.55%, 10/01/2021		960,000		1,057,857

				1,233,818

Construction & Engineering - 0.2%
SBA Tower Trust 2.24%, 04/09/2043 ^(E)		215,000		215,028
2.88%, 07/10/2046 ^(E)		607,000		602,448
3.17%, 04/09/2047 ^(E)		800,000		803,256

				1,620,732

Construction Materials - 0.2%
LafargeHolcim Finance US LLC 4.75%, 09/22/2046 ^(E)		780,000		821,232
Martin Marietta Materials, Inc. 4.25%, 07/02/2024		1,251,000		1,323,754

				2,144,986

Consumer Finance - 0.6%
Ally Financial, Inc. 3.50%, 01/27/2019		710,000		718,662
4.13%, 03/30/2020		915,000		945,881
American Express Co. 4.05%, 12/03/2042		225,000		231,441
BMW US Capital LLC 2.80%, 04/11/2026 ^(C) (E)		1,104,000		1,087,161
Capital One Financial Corp. 2.50%, 05/12/2020		893,000		896,245
Discover Financial Services 3.75%, 03/04/2025		2,191,000		2,214,593

				6,093,983

Containers & Packaging - 0.2%
International Paper Co. 4.75%, 02/15/2022		520,000		565,190
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC 5.13%, 07/15/2023 ^(E)		405,000		421,646
5.75%, 10/15/2020		900,000		915,759

				1,902,595

Diversified Consumer Services - 0.0% ^(B)
President & Fellows of Harvard College 3.62%, 10/01/2037		70,000		72,715

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


Transamerica Funds		Annual Report 2017

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Financial Services - 0.1%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 4.50%, 05/15/2021		$ 1,381,000		$ 1,466,611

Diversified Telecommunication Services - 0.6%
AT&T, Inc. 3.00%, 06/30/2022		1,592,000		1,611,249
3.40%, 05/15/2025		1,240,000		1,224,333
4.35%, 06/15/2045		345,000		308,083
4.60%, 02/15/2021		215,000		229,799
5.00%, 03/01/2021		115,000		124,868
GTP Acquisition Partners I LLC 2.35%, 06/15/2045 ^(E)		165,000		164,455
Hughes Satellite Systems Corp. 7.63%, 06/15/2021		205,000		229,088
Sprint Capital Corp. 6.88%, 11/15/2028		135,000		144,028
Verizon Communications, Inc. 5.15%, 09/15/2023		1,398,000		1,566,871
5.50%, 03/16/2047		1,052,000		1,161,384

				6,764,158

Electric Utilities - 0.5%
Appalachian Power Co. 3.40%, 06/01/2025		450,000		461,780
Cleveland Electric Illuminating Co. 5.95%, 12/15/2036		125,000		154,047
8.88%, 11/15/2018		28,000		29,899
Duke Energy Corp. 3.75%, 04/15/2024 - 09/01/2046		1,596,000		1,599,023
Duke Energy Progress LLC 3.60%, 09/15/2047		230,000		227,380
Entergy Arkansas, Inc. 3.70%, 06/01/2024		206,000		216,617
Jersey Central Power & Light Co. 7.35%, 02/01/2019		116,000		123,151
Niagara Mohawk Power Corp. 4.88%, 08/15/2019 ^(E)		410,000		429,692
Oncor Electric Delivery Co. LLC 4.10%, 06/01/2022		895,000		951,854
5.30%, 06/01/2042		75,000		92,079
PacifiCorp 3.60%, 04/01/2024		1,077,000		1,124,482
5.75%, 04/01/2037		125,000		159,858

				5,569,862

Electronic Equipment, Instruments & Components - 0.1%
Arrow Electronics, Inc. 3.88%, 01/12/2028		870,000		871,993

Energy Equipment & Services - 0.1%
Schlumberger Holdings Corp. 3.00%, 12/21/2020 ^(E)		854,000		872,818
Schlumberger Investment SA 3.65%, 12/01/2023		105,000		111,119
Weatherford International, Ltd. 5.95%, 04/15/2042		120,000		94,800

				1,078,737


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Equity Real Estate Investment Trusts - 0.7%
CBL & Associates, LP 5.25%, 12/01/2023		$ 754,000		$ 757,677
EPR Properties 4.50%, 04/01/2025		730,000		751,490
4.75%, 12/15/2026		861,000		897,297
HCP, Inc. 3.40%, 02/01/2025		1,090,000		1,089,143
Hospitality Properties Trust 5.00%, 08/15/2022		909,000		977,989
Kilroy Realty, LP 4.25%, 08/15/2029		865,000		896,431
6.63%, 06/01/2020		605,000		665,387
Realty Income Corp. 3.88%, 07/15/2024		750,000		772,384
VEREIT Operating Partnership, LP 3.00%, 02/06/2019		680,000		685,602
4.13%, 06/01/2021 ^(C)		275,000		287,336

				7,780,736

Food & Staples Retailing - 0.3%
CVS Health Corp. 2.13%, 06/01/2021		1,125,000		1,108,429
5.30%, 12/05/2043		162,000		184,241
Kroger Co. 2.80%, 08/01/2022 ^(C)		437,000		438,231
Sysco Corp. 3.25%, 07/15/2027		641,000		640,348
Walgreens Boots Alliance, Inc. 3.30%, 11/18/2021		1,221,000		1,253,707

				3,624,956

Food Products - 0.3%
Bunge, Ltd. Finance Corp. 3.75%, 09/25/2027		1,135,000		1,134,346
Conagra Brands, Inc. 3.20%, 01/25/2023		525,000		535,929
Danone SA 2.95%, 11/02/2026 ^(E)		751,000		729,719
Kraft Heinz Foods Co. 2.80%, 07/02/2020		182,000		184,350
4.88%, 02/15/2025 ^(E)		390,000		417,124
Tyson Foods, Inc. 3.95%, 08/15/2024		412,000		434,306

				3,435,774

Health Care Equipment & Supplies - 0.4%
Abbott Laboratories 3.75%, 11/30/2026		1,367,000		1,410,054
Becton Dickinson and Co. 3.70%, 06/06/2027		1,036,000		1,043,616
Boston Scientific Corp. 2.65%, 10/01/2018		588,000		592,527
Medtronic, Inc. 4.63%, 03/15/2045		700,000		793,068

				3,839,265

Health Care Providers & Services - 0.1%
Anthem, Inc. 1.88%, 01/15/2018		239,000		239,197

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


Transamerica Funds		Annual Report 2017

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Health Care Providers & Services (continued)
Coventry Health Care, Inc. 5.45%, 06/15/2021		$ 177,000		$ 193,744
HCA Healthcare, Inc. 6.25%, 02/15/2021		255,000		274,444

				707,385

Household Durables - 0.1%
D.R. Horton, Inc. 4.38%, 09/15/2022		561,000		596,617
Newell Brands, Inc. 4.20%, 04/01/2026		201,000		211,822

				808,439

Independent Power & Renewable Electricity Producers - 0.1%
NRG Energy, Inc. 6.63%, 03/15/2023		700,000		724,500

Industrial Conglomerates - 0.4%
General Electric Co.
Fixed until 01/21/2021,
5.00% ^(D), 01/21/2021 ^(H)		2,624,000		2,738,800
5.50%, 01/08/2020, MTN		475,000		510,534
6.88%, 01/10/2039, MTN		818,000		1,178,688

				4,428,022

Insurance - 0.5%
Allstate Corp. 3.28%, 12/15/2026		606,000		615,444
American International Group, Inc. Fixed until 05/15/2038, 8.18% ^(D), 05/15/2068		36,000		49,140
Athene Global Funding 3.00%, 07/01/2022 ^(E)		1,228,000		1,224,916
Berkshire Hathaway Finance Corp. 3.00%, 05/15/2022		755,000		778,633
CNA Financial Corp. 5.88%, 08/15/2020		775,000		841,225
Fidelity National Financial, Inc. 5.50%, 09/01/2022		195,000		214,803
Hartford Financial Services Group, Inc. 5.13%, 04/15/2022		38,000		42,001
Lincoln National Corp. 8.75%, 07/01/2019		243,000		269,269
MassMutual Global Funding II 2.35%, 04/09/2019 ^(E)		200,000		201,885
OneBeacon US Holdings, Inc. 4.60%, 11/09/2022		900,000		927,767

				5,165,083

IT Services - 0.0% ^(B)
Mastercard, Inc. 2.00%, 04/01/2019		173,000		173,718
3.38%, 04/01/2024		278,000		290,855

				464,573

Life Sciences Tools & Services - 0.1%
Thermo Fisher Scientific, Inc. 2.40%, 02/01/2019		667,000		670,575

Machinery - 0.0% ^(B)
Doosan Heavy Industries & Construction Co., Ltd. 2.13%, 04/27/2020 ^(E)		490,000		481,583


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Media - 0.3%
Cablevision Systems Corp. 7.75%, 04/15/2018		$ 190,000		$ 194,296
CBS Corp. 5.75%, 04/15/2020		965,000		1,047,126
Clear Channel Worldwide Holdings, Inc. 6.50%, 11/15/2022		690,000		714,150
Comcast Corp. 5.88%, 02/15/2018		326,000		330,089
NBCUniversal Enterprise, Inc. 5.25%, 03/19/2021 ^(E) (H)		200,000		213,500
NBCUniversal Media LLC 4.38%, 04/01/2021		909,000		972,868
4.45%, 01/15/2043		274,000		292,486

				3,764,515

Metals & Mining - 0.1%
Anglo American Capital PLC 4.00%, 09/11/2027 ^(E)		450,000		450,450
4.75%, 04/10/2027 ^(E)		230,000		243,132
Freeport-McMoRan, Inc. 3.88%, 03/15/2023		140,000		137,725
Rio Tinto Finance USA PLC 2.88%, 08/21/2022		3,000		3,045

				834,352

Multi-Utilities - 0.2%
CMS Energy Corp. 3.88%, 03/01/2024		70,000		73,585
4.88%, 03/01/2044		152,000		174,118
Dominion Energy, Inc. 2.58%, 07/01/2020		516,000		518,822
DTE Electric Co. 4.30%, 07/01/2044		1,034,000		1,127,638
Public Service Electric & Gas Co. 3.00%, 05/15/2025, MTN ^(C)		455,000		460,169

				2,354,332

Multiline Retail - 0.1%
Wal-Mart Stores, Inc. 3.63%, 12/15/2047		955,000		976,202

Oil, Gas & Consumable Fuels - 1.2%
Anadarko Petroleum Corp. 5.55%, 03/15/2026 ^(C)		684,000		769,605
Apache Corp. 4.25%, 01/15/2044		47,000		44,846
4.75%, 04/15/2043		65,000		66,308
BP Capital Markets PLC 3.12%, 05/04/2026		1,426,000		1,437,767
Continental Resources, Inc. 3.80%, 06/01/2024 ^(C)		210,000		203,963
Energy Transfer, LP 5.15%, 02/01/2043		600,000		587,238
5.95%, 10/01/2043		535,000		569,758
EnLink Midstream Partners, LP 4.85%, 07/15/2026		436,000		459,262
EOG Resources, Inc. 2.45%, 04/01/2020		290,000		292,031
Exxon Mobil Corp. 1.82%, 03/15/2019		500,000		501,239
3.04%, 03/01/2026		975,000		995,731

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


Transamerica Funds		Annual Report 2017

Page 267

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Husky Energy, Inc. 4.00%, 04/15/2024		$ 140,000		$ 145,828
Kerr-McGee Corp. 6.95%, 07/01/2024		150,000		178,484
Kinder Morgan Energy Partners, LP 4.15%, 02/01/2024		858,000		893,273
Laredo Petroleum, Inc. 7.38%, 05/01/2022		180,000		187,425
Nexen Energy ULC 5.88%, 03/10/2035		10,000		12,165
Noble Energy, Inc. 6.00%, 03/01/2041		75,000		86,150
Petrobras Global Finance BV 5.38%, 01/27/2021		250,000		262,812
6.25%, 03/17/2024		350,000		375,322
Petroleos Mexicanos 3.50%, 01/30/2023		910,000		888,433
6.88%, 08/04/2026		450,000		505,575
Petronas Capital, Ltd. 5.25%, 08/12/2019 ^(E)		945,000		994,112
Sabine Pass Liquefaction LLC 4.20%, 03/15/2028		790,000		805,851
Shell International Finance BV 2.50%, 09/12/2026		873,000		842,990
3.75%, 09/12/2046		195,000		192,091
TransCanada PipeLines, Ltd. 3.75%, 10/16/2023		120,000		126,884
4.63%, 03/01/2034		110,000		121,937
Western Gas Partners, LP 5.38%, 06/01/2021		225,000		241,098
Williams Cos., Inc. 3.70%, 01/15/2023		64,000		64,560
7.88%, 09/01/2021		100,000		117,500
Williams Partners, LP 5.40%, 03/04/2044		104,000		114,448

				13,084,686

Pharmaceuticals - 0.3%
Allergan Funding SCS 3.80%, 03/15/2025		1,400,000		1,434,548
Perrigo Finance Unlimited Co. 4.38%, 03/15/2026		1,172,000		1,219,937
Shire Acquisitions Investments Ireland DAC 3.20%, 09/23/2026		833,000		812,088

				3,466,573

Road & Rail - 0.2%
Aviation Capital Group LLC 2.88%, 01/20/2022 ^(E)		639,000		641,381
7.13%, 10/15/2020 ^(E)		1,312,000		1,482,854
Burlington Northern Santa Fe LLC 3.00%, 03/15/2023		40,000		40,991
3.75%, 04/01/2024		37,000		39,310

				2,204,536

Semiconductors & Semiconductor Equipment - 0.3%
Intel Corp. 2.88%, 05/11/2024		955,000		965,299
KLA-Tencor Corp. 4.13%, 11/01/2021		845,000		888,428


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Semiconductors & Semiconductor Equipment (continued)
QUALCOMM, Inc. 3.25%, 05/20/2027		$ 878,000		$ 877,911

				2,731,638

Software - 0.1%
Microsoft Corp. 3.30%, 02/06/2027		1,355,000		1,402,071

Technology Hardware, Storage & Peripherals - 0.4%
Apple, Inc. 2.85%, 02/23/2023		1,342,000		1,369,604
Dell International LLC / EMC Corp. 6.02%, 06/15/2026 ^(E)		1,036,000		1,154,492
Hewlett Packard Enterprise Co. 3.60%, 10/15/2020		978,000		1,011,266
HP, Inc. 3.75%, 12/01/2020		35,000		36,397
Seagate HDD Cayman 4.88%, 06/01/2027		207,000		202,047

				3,773,806

Tobacco - 0.1%
BAT Capital Corp. 3.56%, 08/15/2027 ^(E)		1,071,000		1,073,656
RJ Reynolds Tobacco Co. 8.13%, 06/23/2019		340,000		372,743

				1,446,399

Trading Companies & Distributors - 0.1%
International Lease Finance Corp. 8.25%, 12/15/2020		741,000		862,946

Wireless Telecommunication Services - 0.5%
America Movil SAB de CV 3.13%, 07/16/2022		407,000		415,843
4.38%, 07/16/2042		300,000		308,791
Crown Castle Towers LLC 3.22%, 05/15/2042 ^(E)		905,000		919,245
4.88%, 08/15/2040 ^(E)		525,000		554,363
6.11%, 01/15/2040 ^(E)		1,799,000		1,914,101
Sprint Communications, Inc. 9.00%, 11/15/2018 ^(E)		588,000		624,015
Sprint Corp. 7.88%, 09/15/2023		155,000		173,213
T-Mobile USA, Inc. 6.84%, 04/28/2023		15,000		15,825

				4,925,396

Total Corporate Debt Securities (Cost $169,195,627)				172,175,469


FOREIGN GOVERNMENT OBLIGATIONS - 0.4%
Brazil - 0.0% ^(B)
Brazil Government International Bond 4.25%, 01/07/2025 ^(C)		330,000		334,950

Colombia - 0.1%
Colombia Government International Bond 4.00%, 02/26/2024 ^(C)		235,000		244,635
4.50%, 01/28/2026 ^(C)		650,000		692,575

				937,210

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


Transamerica Funds		Annual Report 2017

Page 268

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Indonesia - 0.1%
Indonesia Government International Bond 4.75%, 01/08/2026 ^(E)		$ 610,000		$ 665,018
5.38%, 10/17/2023 ^(E)		315,000		354,586

				1,019,604

Mexico - 0.1%
Mexico Government International Bond 4.00%, 10/02/2023		1,070,000		1,120,825

Peru - 0.0% ^(B)
Peru Government International Bond 7.35%, 07/21/2025		125,000		163,500

Poland - 0.0% ^(B)
Republic of Poland Government International Bond 3.00%, 03/17/2023		275,000		280,837

Republic of Korea - 0.0% ^(B)
Korea Development Bank 3.00%, 03/17/2019		416,000		419,430

Saudi Arabia - 0.1%
Saudi Arabia Government International Bond 2.38%, 10/26/2021 ^(E)		455,000		447,283

Total Foreign Government Obligations (Cost $4,569,742)				4,723,639


MORTGAGE-BACKED SECURITIES - 3.6%
Aventura Mall Trust Series 2013-AVM, Class A, 3.74% ^(D), 12/05/2032 ^(E)		700,000		727,117
BB-UBS Trust
Series 2012-TFT, Class A,
2.89%, 06/05/2030 ^(E)		1,145,000		1,132,523
Series 2012-TFT, Class C,
3.47% ^(D), 06/05/2030 ^(E)		1,070,000		1,040,814
BB-UBS Trust, Interest Only STRIPS Series 2012-SHOW, Class XA, 0.60% ^(D), 11/05/2036 ^(E)		3,045,000		116,450
BBCMS Trust Series 2015-MSQ, Class B, 3.89%, 09/15/2032 ^(E)		600,000		618,184
BCAP LLC Trust
Series 2009-RR14, Class 1A1,
6.00% ^(D), 05/26/2037 ^(E)		17,654		17,745
Series 2009-RR6, Class 2A1,
3.46% ^(D), 08/26/2035 ^(E)		223,567		223,176
Series 2010-RR1, Class 12A1,
5.25% ^(D), 08/26/2036 ^(E)		86,731		88,089
CGRBS Commercial Mortgage Trust Series 2013-VN05, Class B, 3.58% ^(D), 03/13/2035 ^(E)		1,550,000		1,588,114
Citigroup Commercial Mortgage Trust
Series 2014-GC19, Class A3,
3.75%, 03/10/2047		145,000		153,152
Series 2014-GC19, Class A4,
4.02%, 03/10/2047		220,000		235,509
Citigroup Mortgage Loan Trust Series 2015-A, Class A1, 3.50% ^(D), 06/25/2058 ^(E)		614,733		623,318


	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
COMM Mortgage Trust
Series 2013-CR11, Class AM,
4.72% ^(D), 08/10/2050		$ 410,000		$ 448,795
Series 2013-GAM, Class A1,
1.71%, 02/10/2028 ^(E)		72,741		71,953
Series 2013-GAM, Class A2,
3.37%, 02/10/2028 ^(E)		110,000		111,747
Series 2013-WWP, Class B,
3.73%, 03/10/2031 ^(E)		1,150,000		1,202,232
Series 2014-UBS2, Class A5,
3.96%, 03/10/2047		1,265,000		1,344,057
Series 2015-3BP, Class A,
3.18%, 02/10/2035 ^(E)		1,500,000		1,518,801
Series 2016-GCT, Class C,
3.46% ^(D), 08/10/2029 ^(E)		520,000		524,188
Commercial Mortgage Pass Through Certificates Series 2012-LTRT, Class A2, 3.40%, 10/05/2030 ^(E)		830,000		828,631
Core Industrial Trust Series 2015-CALW, Class B, 3.25%, 02/10/2034 ^(E)		1,040,000		1,057,198
Credit Suisse Mortgage Capital Certificates Series 2009-11R, Class 5A1, 3.17% ^(D), 08/26/2036 ^(E)		255,168		257,143
CSMC Trust Series 2014-4R, Class 21A1, 1-Month LIBOR + 0.33%, 1.57% ^(D), 12/27/2035 ^(E)		639,147		620,026
GS Mortgage Securities Corp. II Series 2013-KING, Class E, 3.44% ^(D), 12/10/2027 ^(E)		320,000		317,795
GS Mortgage Securities Trust Series 2013-G1, Class A2, 3.56% ^(D), 04/10/2031 ^(E)		675,000		669,931
Houston Galleria Mall Trust Series 2015-HGLR, Class A1A2, 3.09%, 03/05/2037 ^(E)		700,000		695,705
Jefferies Resecuritization Trust
Series 2009-R2, Class 2A,
3.64% ^(D), 12/26/2037 ^(E)		11,848		11,874
Series 2009-R7, Class 1A1,
3.31% ^(D), 02/26/2036 ^(E)		153,491		153,209
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2010-C1, Class B,
5.95%, 06/15/2043 ^(E)		370,000		370,004
Series 2012-WLDN, Class A,
3.91%, 05/05/2030 ^(E)		1,162,488		1,208,298
JPMorgan Resecuritization Trust Series 2014-2, Class 6A1, 3.25% ^(D), 05/26/2037 ^(E)		240,674		241,954
LB-UBS Commercial Mortgage Trust Series 2007-C7, Class AM, 6.33% ^(D), 09/15/2045		48,555		48,589
Merrill Lynch Mortgage Trust Series 2007-C1, Class A1A, 5.81% ^(D), 06/12/2050		9,815		9,815

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


Transamerica Funds		Annual Report 2017

Page 269

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Mill City Mortgage Loan Trust Series 2016-1, Class A1, 2.50% ^(D), 04/25/2057 ^(E)		$ 368,868		$ 368,116
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C6, Class AS, 3.48%, 11/15/2045		320,000		328,946
Morgan Stanley Capital Barclays Bank Trust Series 2016-MART, Class A, 2.20%, 09/13/2031 ^(E)		1,950,000		1,927,465
Morgan Stanley Resecuritization Trust Series 2014-R3, Class 2A, 3.00% ^(D), 07/26/2048 ^(E)		778,753		766,327
Motel 6 Trust Series 2017-MTL6, Class C, 1-Month LIBOR + 1.40%, 2.64% ^(D), 08/15/2034 ^(E)		2,765,978		2,767,717
Nationstar Mortgage Loan Trust Series 2013-A, Class A, 3.75% ^(D), 12/25/2052 ^(E)		359,774		372,791
New Residential Mortgage Loan Trust
Series 2014-1A, Class A,
3.75% ^(D), 01/25/2054 ^(E)		152,927		157,033
Series 2014-2A, Class A3,
3.75% ^(D), 05/25/2054 ^(E)		377,734		385,059
Series 2014-3A, Class AFX3,
3.75% ^(D), 11/25/2054 ^(E)		285,036		293,845
Series 2015-2A, Class A1,
3.75% ^(D), 08/25/2055 ^(E)		684,388		705,830
Series 2016-2A, Class A1,
3.75% ^(D), 11/26/2035 ^(E)		456,324		469,846
Series 2016-3A, Class A1B,
3.25% ^(D), 09/25/2056 ^(E)		476,725		483,521
Series 2016-4A, Class A1,
3.75% ^(D), 11/25/2056 ^(E)		542,098		557,124
Series 2017-1A, Class A1,
4.00% ^(D), 02/25/2057 ^(E)		1,369,588		1,418,674
Series 2017-2A, Class A3,
4.00% ^(D), 03/25/2057 ^(E)		1,136,087		1,177,076
Series 2017-3A, Class A1,
4.00% ^(D), 04/25/2057 ^(E)		1,878,168		1,943,029
Series 2017-4A, Class A1,
4.00% ^(D), 05/25/2057 ^(E)		787,213		815,990
One Market Plaza Trust Series 2017-1MKT, Class A, 3.61%, 02/10/2032 ^(E)		1,373,000		1,425,667
Palisades Center Trust Series 2016-PLSD, Class A, 2.71%, 04/13/2033 ^(E)		950,000		949,263
Provident Funding Mortgage Loan Trust Series 2005-1, Class 3A1, 1-Month LIBOR + 0.58%, 1.82% ^(D), 05/25/2035		312,357		303,109
Queens Center Mortgage Trust Series 2013-QCA, Class D, 3.47% ^(D), 01/11/2037 ^(E)		410,000		405,323


	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
SCG Trust
Series 2013-SRP1, Class A,
1-Month LIBOR + 1.65%,
2.89% ^(D), 11/15/2026 ^(E)		$ 230,000		$ 227,694
Series 2013-SRP1, Class AJ,
1-Month LIBOR + 1.95%,
3.19% ^(D), 11/15/2026 ^(E)		770,000		767,022
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 06/10/2030 ^(E)		560,000		572,285
Waldorf Astoria Boca Raton Trust Series 2016-BOCA, Class C, 1-Month LIBOR + 2.50%, 3.74% ^(D), 06/15/2029 ^(E)		695,000		696,320

Total Mortgage-Backed Securities (Cost $38,576,677)				38,561,208


MUNICIPAL GOVERNMENT OBLIGATIONS - 0.3%
California - 0.3%
Los Angeles Community College District, General Obligation Unlimited, 6.60%, 08/01/2042		45,000		65,360
State of California, General Obligation Unlimited 7.30%, 10/01/2039		290,000		427,880
7.60%, 11/01/2040		480,000		753,269
7.70%, 11/01/2030		340,000		392,894
7.95%, 03/01/2036		905,000		1,021,003
University of California, Revenue Bonds, Series AD, 4.86%, 05/15/2112		40,000		43,534

				2,703,940

Georgia - 0.0% ^(B)
Municipal Electric Authority of Georgia, Revenue Bonds, Series A, 6.64%, 04/01/2057		35,000		44,313

New Jersey - 0.0% ^(B)
New Jersey Turnpike Authority, Revenue Bonds, Series F, 7.41%, 01/01/2040		54,000		82,154

New York - 0.0% ^(B)
Metropolitan Transportation Authority, Revenue Bonds, Series E, 6.81%, 11/15/2040		45,000		63,554
New York City Water & Sewer System, Revenue Bonds, Series CC, 5.88%, 06/15/2044		45,000		60,645
New York State Dormitory Authority, Revenue Bonds, Series H, 5.39%, 03/15/2040		40,000		48,737

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


Transamerica Funds		Annual Report 2017

Page 270

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New York (continued) ^(B)
Port Authority of New York & New Jersey, Revenue Bonds, Series 181, 4.96%, 08/01/2046		$ 70,000		$ 85,366

				258,302

Total Municipal Government Obligations (Cost $3,046,426)				3,088,709


U.S. GOVERNMENT AGENCY OBLIGATIONS - 6.3%
Federal Home Loan Mortgage Corp. 5.00%, 04/01/2018 - 08/01/2035		386,990		424,709
5.50%, 09/01/2018 - 06/01/2041		148,020		164,223
Federal National Mortgage Association
Zero Coupon, 10/09/2019		640,000		617,150
12-Month LIBOR + 1.52%,
2.03% ^(D), 02/01/2043		97,456		100,272
2.50%, TBA ^(F)		3,586,000		3,602,249
3.00%, TBA ^(F)		29,222,000		29,436,200
3.33% ^(D), 10/25/2023		190,000		197,676
3.50%, 07/01/2028 - 11/01/2028		486,832		509,061
3.50%, TBA ^(F)		18,657,000		19,203,963
4.00%, 04/01/2026 - 06/01/2042		127,930		135,397
4.00%, TBA ^(F)		4,786,000		5,023,431
4.50%, 02/01/2025 - 06/01/2026		313,112		328,172
5.00%, 05/01/2018 - 11/01/2039		1,644,237		1,818,758
5.00%, TBA ^(F)		2,471,000		2,682,359
5.50%, 07/01/2019 - 12/01/2041		1,325,297		1,502,987
6.00%, 08/01/2036 - 06/01/2041		1,770,680		2,008,047
6.50%, 05/01/2040		167,226		189,583
Government National Mortgage Association, Interest Only STRIPS 0.79% ^(D), 02/16/2053		663,310		30,236

Total U.S. Government Agency Obligations (Cost $68,106,067)				67,974,473


U.S. GOVERNMENT OBLIGATIONS - 8.0%
U.S. Treasury - 7.1%
U.S. Treasury Bond
2.25%, 08/15/2046		3,429,000		3,006,403
2.50%, 02/15/2045 - 05/15/2046		8,344,000		7,748,422
2.75%, 08/15/2042		2,611,500		2,574,164
2.88%, 08/15/2045		1,070,000		1,071,630
3.13%, 02/15/2042		1,250,000		1,317,969
3.50%, 02/15/2039		3,780,000		4,256,191
3.63%, 02/15/2044		8,170,000		9,359,756
4.50%, 02/15/2036		3,864,500		4,947,617
4.75%, 02/15/2037		3,201,000		4,233,072
5.25%, 02/15/2029		1,022,000		1,309,996
U.S. Treasury Note
0.75%, 01/31/2018		3,736,000		3,731,834
1.00%, 11/30/2019		1,874,900		1,851,537
1.13%, 06/30/2021 - 09/30/2021		2,415,000		2,350,649
1.25%, 11/30/2018		7,749,000		7,726,903
1.50%, 08/15/2026		1,873,000		1,748,182
1.63%, 03/31/2019 - 05/15/2026		11,441,100		11,250,564
1.75%, 11/30/2021 - 05/15/2023		2,572,000		2,534,168
1.88%, 11/30/2021		943,000		942,374
2.00%, 12/31/2021 - 02/15/2025		1,778,000		1,773,293


	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (continued)
U.S. Treasury (continued)
U.S. Treasury Note (continued)
2.25%, 11/15/2024		$ 910,000		$ 910,782
2.50%, 08/15/2023 - 05/15/2024		1,902,300		1,940,368

				76,585,874

U.S. Treasury Inflation-Protected Securities - 0.9%
U.S. Treasury Inflation-Indexed Bond 1.75%, 01/15/2028		1,187,074		1,326,802
2.50%, 01/15/2029		2,639,746		3,179,725
U.S. Treasury Inflation-Indexed Note 0.63%, 01/15/2024		4,723,056		4,812,014

				9,318,541

Total U.S. Government Obligations (Cost $85,155,427)				85,904,415


COMMERCIAL PAPER - 4.8%
Banks - 1.5%
Abbey National Treasury Services PLC 1.29% ^(I), 11/20/2017		3,682,000		3,679,532
Bank of Tokyo-Mitsubishi UFJ, Ltd. 1.32% ^(I), 12/13/2017		4,000,000		3,993,933
Macquarie Bank, Ltd. 1.42% ^(I), 01/08/2018		4,000,000		3,989,498
Sumitomo Mitsui Banking Corp. 1.32% ^(I), 11/08/2017		4,000,000		3,998,989

				15,661,952

Commercial Services & Supplies - 0.1%
Charta LLC 1.31% ^(I), 11/07/2017		1,050,000		1,049,774

Diversified Financial Services - 2.7%
Alpine Securitization. Ltd. 1.32% ^(I), 11/01/2017		1,462,000		1,462,000
Atlantic Asset Securitization LLC 1.32% ^(I), 11/21/2017		1,000,000		999,278
1.35% ^(I), 01/02/2018		3,100,000		3,092,899
Cafco LLC 1.31% ^(I), 12/05/2017		900,000		898,904
Cancara Asset Securitisation LLC 1.32% ^(I), 11/27/2017		1,000,000		999,061
1.36% ^(I), 01/05/2018		3,000,000		2,992,742
Gotham Funding Corp. 1.33% ^(I), 11/06/2017		3,900,000		3,899,290
Kells Funding LLC 1.32% ^(I), 11/09/2017		3,750,000		3,748,917
Lexington Parker Capital Co. LLC 1.35% ^(I), 12/18/2017		1,500,000		1,497,395
Liberty Funding LLC 1.35% ^(I), 01/09/2018		400,000		398,980
NIEUW Amsterdam Receivable 1.37% ^(I), 01/03/2018		3,300,000		3,292,204
Sheffield Receivable 1.36% ^(I), 12/27/2017		2,000,000		1,995,831
Victory Receivables 1.43% ^(I), 01/29/2018		3,250,000		3,238,671

				28,516,172

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


Transamerica Funds		Annual Report 2017

Page 271

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
COMMERCIAL PAPER (continued)
Machinery - 0.2%
Caterpillar Finance Service Co. 1.32% ^(I), 12/13/2017		$ 2,718,000		$ 2,713,878

Software - 0.3%
Manhattan Asset Funding Co. LLC 1.29% ^(I), 12/18/2017		1,900,000		1,896,850
1.34% ^(I), 01/05/2018		1,900,000		1,895,471

				3,792,321

Total Commercial Paper (Cost $51,734,097)				51,734,097


SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 0.9%
U.S. Treasury Bill 1.04% ^(I), 12/21/2017 - 01/04/2018		3,700,000		3,693,994
1.05% ^(I), 11/16/2017 - 01/04/2018		5,370,000		5,364,133

Total Short-Term U.S. Government Obligations (Cost $9,058,049)				9,058,127


	Shares		Value
SECURITIES LENDING COLLATERAL - 0.8%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.00% ^(I)		8,808,295		8,808,295

Total Securities Lending Collateral (Cost $8,808,295)				8,808,295


	Principal		Value
REPURCHASE AGREEMENT - 0.7%
Fixed Income Clearing Corp., 0.12%^(I), dated 10/31/2017, to be repurchased at $7,535,303 on 11/01/2017. Collateralized by U.S. Government Obligations, 2.13%, due 08/31/2020, and with a total value of $7,691,337.		$ 7,535,278		$ 7,535,278

Total Repurchase Agreement (Cost $7,535,278)				7,535,278

Total Investments (Cost $956,730,201)				1,142,226,134
Net Other Assets (Liabilities) - (6.3)%				(67,468,287	)


Net Assets - 100.0%				$ 1,074,757,847

FUTURES CONTRACTS:


Description	Long/Short		Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation		Unrealized Depreciation
S&P 500^® E-Mini		Long		25		12/15/2017	$	3,170,864	$	3,215,938	$	45,074	$	—

SECURITY VALUATION:

Valuation Inputs ^(J)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	654,724,164	$	—	$	—	$	654,724,164
Preferred Stocks		463,792		—		—		463,792
Asset-Backed Securities		—		37,474,468		—		37,474,468
Corporate Debt Securities		—		172,175,469		—		172,175,469
Foreign Government Obligations		—		4,723,639		—		4,723,639
Mortgage-Backed Securities		—		38,561,208		—		38,561,208
Municipal Government Obligations		—		3,088,709		—		3,088,709
U.S. Government Agency Obligations		—		67,974,473		—		67,974,473
U.S. Government Obligations		—		85,904,415		—		85,904,415
Commercial Paper		—		51,734,097		—		51,734,097
Short-Term U.S. Government Obligations		—		9,058,127		—		9,058,127
Securities Lending Collateral		8,808,295		—		—		8,808,295
Repurchase Agreement		—		7,535,278		—		7,535,278

Total Investments	$	663,996,251	$	478,229,883	$	—	$	1,142,226,134

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


Transamerica Funds		Annual Report 2017

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Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

SECURITY VALUATION (continued):

Valuation Inputs (continued) ^(J)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
Other Financial Instruments
Futures Contracts ^(K)	$	45,074	$	—	$	—	$	45,074

Total Other Financial Instruments	$	45,074	$	—	$	—	$	45,074

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 $8,599,405. 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, 2017. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. In addition, variable rate securities with a floor or ceiling feature are disclosing that 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 their description above.
(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, 2017, the total value of 144A securities is $110,353,775, representing 10.3% of the Fund’s net assets.
(F)		When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after October 31, 2017. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(G)		Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2017, value of the security is $800,000, representing 0.1% of the Fund’s net assets.
(H)		Perpetual maturity. The date displayed is the next call date.
(I)		Rates disclosed reflect the yields at October 31, 2017.
(J)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(K)		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 2017

Page 273

Transamerica Short-Term Bond

(unaudited)

MARKET ENVIRONMENT

For the trailing 12 months ended October 31, 2017, global growth improved. The U.S. Federal Reserve (“Fed”) remains on track to gradually remove the accommodative policies over time, and that commitment was unwavering over the past year, even in the face of three 25 basis point hikes to the Federal Funds target rate range. The Trump era has taken geopolitical volatility to new heights, while equity market volatility dropped. Stocks hit record highs, credit spreads compressed to multi-year lows, the U.S. Treasury yield curve continued to flatten, and commodity prices found support. One year into the 115th Congress, the promise of massive reforms in taxes, healthcare, and regulatory reforms remained just that, promises.

Risk assets and spread products had a very good year as spreads tightened markedly, largely driven by a price-supportive supply/demand environment. The investment grade corporate bond market continued to outperform duration-matched U.S. Treasuries; all major sectors generating strong performance with commodity-related issuers contributing significantly. At the broader sector level, financials outperformed industrials and utilities. Within structured products, commercial mortgage-backed securities (“CMBS”) and asset-backed securities (“ABS”) were the top performers during the trailing 12 months ended October 31, 2017, and Agency residential mortgage-backed securities (“RMBS”) lagged.

PERFORMANCE

For the year ended October 31, 2017, Transamerica Short-Term Bond Class I2 returned 2.31%. By comparison, its benchmark, the BofA Merrill Lynch U.S. Corporate & Government 1-3 Years Index, returned 0.67%.

STRATEGY REVIEW

Strategically, the low level of rates, and the volatility of bond returns in the low interest rate environment, led us to continue to prefer defensive interest rate positioning. Our emphasis remained on minimizing interest rate volatility risks by focusing on spread products and using our credit selection expertise to generate excess returns, rather than taking on duration risk. We remained positive on the fundamentals in the U.S. consumer and property markets, with continued positions in ABS, CMBS, and non-agency RMBS. Exposure to these sectors has the potential to enhance credit quality, provide diversification, add carry, and generally lower interest rate risk. Our emphasis remained on seeking carry from spread products, especially in investment grade corporate credit, structured credit, and high yield. In addition, we maintained our optimism about financials and utilities. Financials generally benefit from rising short-term rates and have stronger balance sheets since the credit crisis.

Consistent with our outlook, the strategy retained its bias toward spread products over the year. Carry from coupons was the largest active contributor to performance. Spread compression and yield curve shifts also contributed positively. At the asset class level, the largest contributions came from investment grade, CMBS, and U.S. Treasuries. The Fund had very limited allocation to U.S. Treasuries and substantial overweight to investment grade corporate bonds. Non-agency RMBS and ABS also contributed to excess returns. The Fund did not hold Agency MBS. This was somewhat offset by emerging markets and cash, which detracted. Fixed and floating-rate exposure contributed positively to performance, with selection decisions among fixed-rate securities contributing the most. A notable overweight to BBB-rated paper, particularly among investment grade corporate credit, was also a positive contributor.

Doug Weih, CFA

Glen Kneeland

Brian W. Westhoff, CFA

Tyler A. Knight, CFA

Norbert King

Co-Portfolio Managers

Aegon USA Investment Management, LLC


Fund Characteristics	Years
Average Maturity §		2.38
Duration †		1.68

Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		0.0	%*
AAA		13.4
AA		10.1
A		29.3
BBB		40.9
BB		1.6
B		1.6
CCC and Below		0.5
Not Rated		2.6
Net Other Assets (Liabilities)		0.0	*
Total		100.0	%

§	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 2017

Page 274

Transamerica Short-Term Bond

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		(0.62	)%		1.37	%		3.34	%		11/01/2007
Class A (NAV)		1.90	%		1.89	%		3.61	%		11/01/2007
Class C (POP)		0.12	%		1.12	%		2.83	%		11/01/2007
Class C (NAV)		1.12	%		1.12	%		2.83	%		11/01/2007
Class I (NAV)		2.21	%		2.11	%		3.17	%		11/30/2009
Class I2 (NAV)		2.31	%		2.21	%		3.94	%		11/08/2004
BofA Merrill Lynch U.S. Corporate & Government 1-3 Years Index^(A)		0.67	%		0.93	%		2.05	%
Class R6 (NAV)		2.21	%		N/A			2.03	%		05/29/2015
Class T1 (POP)		N/A			N/A			(0.98	)%^(B)		03/17/2017
Class T1 (NAV)		N/A			N/A			1.55	%^(B)		03/17/2017
Advisor Class (NAV)		N/A			N/A			2.55	%^(B)		12/16/2016

^(A) The BofA Merrill Lynch 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.

^(B) Not annualized.

The performance data presented represents past performance; future results may vary. 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 and T1 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, I2, R6 and Advisor Class shares.

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 2017

Page 275

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Principal		Value
ASSET-BACKED SECURITIES - 16.4%
American Tower Trust #1 Series 2013-1A, Class 1A, 1.55%, 03/15/2043 ^(A)		$ 25,000,000		$ 24,960,830
Apidos CLO XIX Series 2014-19A, Class BR, 3-Month LIBOR + 1.55%, 2.90% ^(B), 10/17/2026 ^(A)		10,000,000		10,036,090
Benefit Street Partners CLO VII, Ltd. Series 2015-VIIA, Class A2R, 3-Month LIBOR + 1.20%, 0.00% ^{(B) (C)}, 07/18/2027 ^{(A) (D)}		8,000,000		8,000,000
BlueMountain CLO, Ltd. Series 2014-3A, Class A2R, 3-Month LIBOR + 1.60%, 2.96% ^(B), 10/15/2026 ^(A)		14,000,000		14,059,990
BXG Receivables Note Trust
Series 2012-A, Class A,
2.66%, 12/02/2027^(A)		4,770,787		4,717,464
Series 2013-A, Class A,
3.01%, 12/04/2028^(A)		10,187,994		10,209,908
Series 2017-A, Class A,
2.95%, 10/04/2032^(A)		9,320,023		9,264,399
CIFC Funding, Ltd. Series 2014-2A, Class A2LR, 3-Month LIBOR + 1.55%, 2.87%^(B), 05/24/2026 ^(A)		7,000,000		7,011,760
Citigroup Mortgage Loan Trust, Inc. Series 2003-HE3, Class A, 1-Month LIBOR + 0.38%, 2.00% ^(B), 12/25/2033		1,438,094		1,429,686
CWABS Asset-Backed Certificates Trust Series 2006-17, Class 2A2, 1-Month LIBOR + 0.15%, 1.39%^(B), 03/25/2047		9,847,119		9,569,272
Diamond Resorts Owner Trust
Series 2013-1, Class A,
1.95%, 01/20/2025^(A)		2,279,255		2,269,062
Series 2013-2, Class A,
2.27%, 05/20/2026^(A)		3,412,263		3,399,683
Series 2014-1, Class B,
2.98%, 05/20/2027^(A)		1,262,496		1,254,631
Series 2017-1A, Class A,
3.27%, 10/22/2029^(A)		15,750,000		15,725,879
Foursight Capital Automobile Receivables Trust Series 2014-1, Class A, 2.11%, 03/23/2020^(A)		1,020,683		1,019,136
Golub Capital Partners CLO, Ltd. Series 2017-34A, Class A1, 3-Month LIBOR + 1.85%, 3.16%^(B), 03/08/2029 ^(A)		9,000,000		9,013,356
Green Tree Agency Advance Funding Trust I Series 2016-T1, Class AT1, 2.38%, 10/15/2048^(A)		9,000,000		8,954,190
Halcyon Loan Advisors Funding, Ltd.
Series 2014-3A, Class B1R,
3-Month LIBOR + 1.70%, 3.06%^(B), 10/22/2025^(A)		10,000,000		10,014,500


	Principal		Value
ASSET-BACKED SECURITIES (continued)
Halcyon Loan Advisors Funding, Ltd. (continued)
Series 2015-1A, Class B1R,
3-Month LIBOR + 1.55%, 2.91%^(B), 04/20/2027^(A)		$ 6,750,000		$ 6,749,960
Hertz Vehicle Financing II, LP Series 2016-1A, Class B, 3.72%, 03/25/2020^(A)		15,000,000		15,046,771
Hilton Grand Vacations Trust
Series 2013-A, Class A,
2.28%, 01/25/2026^(A)		1,748,278		1,740,202
Series 2014-AA, Class A,
1.77%, 11/25/2026^(A)		8,408,917		8,303,947
Series 2014-AA, Class B,
2.07%^(B), 11/25/2026^(A)		5,444,647		5,371,430
KVK CLO, Ltd. Series 2014-1A, Class BR, 3-Month LIBOR + 1.80%, 3.12%^(B), 05/15/2026 ^(A)		9,135,000		9,147,214
Marathon CLO VII, Ltd. Series 2014-7A, Class A1R, 3-Month LIBOR + 1.32%, 2.70%^(B), 10/28/2025 ^(A)		10,000,000		10,031,750
Marriott Vacation Club Owner Trust Series 2012-1A, Class A, 2.51%, 05/20/2030^(A)		3,998,052		3,996,714
MVW Owner Trust
Series 2014-1A, Class B,
2.70%, 09/22/2031^(A)		4,104,239		4,058,793
Series 2015-1A, Class A,
2.52%, 12/20/2032^(A)		4,565,533		4,566,050
New Residential Advanced Receivables Trust Series 2016-T2, Class AT2, 2.58%, 10/15/2049^(A)		10,000,000		9,936,068
OCP CLO, Ltd. Series 2014-7A, Class A2AR, 3-Month LIBOR + 1.40%, 2.76%^(B), 10/20/2026 ^(A)		8,500,000		8,491,449
Ocwen Master Advance Receivables Trust
Series 2016-T1, Class AT1,
2.52%, 08/17/2048^(A)		15,900,000		15,821,430
Series 2017-T1, Class AT1,
2.50%, 09/15/2048^(A)		12,200,000		12,226,441
Orange Lake Timeshare Trust
Series 2012-AA, Class A,
3.45%, 03/10/2027^(A)		856,535		861,744
Series 2014-AA, Class A,
2.29%, 07/09/2029^(A)		5,019,270		4,977,270
Series 2015-AA, Class A,
2.88%, 09/08/2027^(A)		7,664,867		7,641,424
Series 2016-A, Class A,
2.61%, 03/08/2029^(A)		14,892,276		14,870,599
Sierra Timeshare Receivables Funding LLC
Series 2013-2A, Class C,
4.75%^(B), 11/20/2025^(A)		3,198,337		3,204,726
Series 2014-1A, Class A,
2.07%, 03/20/2030^(A)		1,504,198		1,501,670

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


Transamerica Funds		Annual Report 2017

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
ASSET-BACKED SECURITIES (continued)
Sierra Timeshare Receivables Funding LLC (continued)
Series 2014-1A, Class B,
2.42%, 03/20/2030^(A)		$ 1,504,198		$ 1,502,201
Series 2014-2A, Class B,
2.40%^(B), 06/20/2031^(A)		2,885,777		2,879,575
Series 2014-3A, Class B,
2.80%, 10/20/2031^(A)		3,188,363		3,189,499
Series 2015-1A, Class A,
2.40%, 03/22/2032^(A)		1,093,989		1,092,513
Series 2015-1A, Class B,
3.05%, 03/22/2032^(A)		1,337,097		1,340,784
SilverLeaf Finance XVII LLC Series 2013-A, Class A, 2.68%, 03/16/2026^(A)		1,865,245		1,862,731
Silverleaf Finance XVIII LLC Series 2014-A, Class A, 2.81%, 01/15/2027^(A)		2,468,061		2,463,110
SLM Student Loan Trust Series 2006-1, Class B, 3-Month LIBOR + 0.20%, 1.57%^(B), 01/25/2027		9,160,000		8,797,567
SoFi Consumer Loan Program LLC Series 2017-1, Class A, 3.28%, 01/26/2026^(A)		7,007,154		7,092,442
Spirit Master Funding LLC Series 2014-2A, Class A, 5.76%, 03/20/2041^(A)		6,504,860		6,849,617
SpringCastle America Funding LLC Series 2016-AA, Class A, 3.05%, 04/25/2029^(A)		10,707,613		10,763,457
SPS Servicer Advance Receivables Trust Series 2016-T1, Class AT1, 2.53%, 11/16/2048^(A)		18,000,000		17,854,056
SVO VOI Mortgage LLC Series 2012-AA, Class A, 2.00%, 09/20/2029^(A)		5,027,651		5,005,780
THL Credit Wind River CLO, Ltd. Series 2014-1A, Class B1R, 3-Month LIBOR + 1.55%, 2.90%^(B), 04/18/2026 ^(A)		8,000,000		8,011,112
TICP CLO, Ltd. Series 2014-3A, Class B1R, 3-Month LIBOR + 1.60%, 2.96%^(B), 01/20/2027 ^(A)		10,000,000		9,999,930
Towd Point Mortgage Trust
Series 2015-3, Class A1B,
3.00%^(B), 03/25/2054^(A)		3,303,113		3,331,366
Series 2015-4, Class A1B,
2.75%^(B), 04/25/2055^(A)		11,090,364		11,141,814
Series 2016-3, Class A1,
2.25%^(B), 04/25/2056^(A)		10,633,168		10,566,056
Series 2016-5, Class A1,
2.50%^(B), 10/25/2056^(A)		13,500,114		13,468,173
Series 2017-1, Class A1,
2.75%^(B), 10/25/2056^(A)		19,649,277		19,717,919
Series 2017-2, Class A1,
2.75%^(B), 04/25/2057^(A)		9,117,831		9,164,994


	Principal		Value
ASSET-BACKED SECURITIES (continued)
Towd Point Mortgage Trust (continued)
Series 2017-3, Class A1,
2.75% ^(B), 07/25/2057 ^(A)		$ 9,174,960		$ 9,206,554
Series 2017-4, Class A1,
2.75%^(B), 06/25/2057^(A)		14,538,374		14,573,532
Trafigura Securitisation Finance PLC Series 2017-1A, Class A2, 2.47%, 12/15/2020^(A)		10,000,000		9,961,790
VSE VOI Mortgage LLC Series 2017-A, Class A, 2.33%, 03/20/2035^(A)		14,332,059		14,221,373
Welk Resorts LLC
Series 2013-AA, Class A,
3.10%, 03/15/2029^(A)		5,287,045		5,302,752
Series 2015-AA, Class A,
2.79%, 06/16/2031^(A)		5,950,048		5,909,266
Series 2017-AA, Class A,
2.82%, 06/15/2033		8,644,635		8,591,298
Westgate Resorts LLC Series 2015-1A, Class A, 2.75%, 05/20/2027^(A)		2,151,468		2,154,890

Total Asset-Backed Securities (Cost $524,574,405)				525,471,639


CORPORATE DEBT SECURITIES - 64.9%
Aerospace & Defense - 0.3%
Bombardier, Inc. 4.75%, 04/15/2019^(A)		3,020,000		3,072,850
Lockheed Martin Corp. 2.50%, 11/23/2020		7,102,000		7,192,418

				10,265,268

Air Freight & Logistics - 0.2%
United Parcel Service, Inc. 5.13%, 04/01/2019		5,500,000		5,754,540

Airlines - 1.4%
America West Airlines Pass-Through Trust
7.93%, 07/02/2020		759,473		782,258
8.06%, 01/02/2022		6,170,524		6,941,839
Delta Air Lines Pass-Through Trust 6.20%, 01/02/2020		14,571,199		14,964,767
Northwest Airlines Pass-Through Trust 6.26%, 05/20/2023		565,637		602,404
Southwest Airlines Co. 2.65%, 11/05/2020		9,964,000		10,109,346
Virgin Australia Pass-Through Trust 5.00%, 04/23/2025^(A)		11,724,476		12,266,146

				45,666,760

Automobiles - 0.1%
Harley-Davidson Funding Corp. 6.80%, 06/15/2018^(A)		2,990,000		3,082,521

Banks - 13.6%
Bank of America Corp.
2.63%, 04/19/2021, MTN		24,650,000		24,772,688
3-Month LIBOR + 1.42%, 2.78%^(B), 04/19/2021, MTN		3,700,000		3,810,615
5.88%, 01/05/2021		3,000,000		3,313,888
7.63%, 06/01/2019, MTN		6,985,000		7,576,083

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


Transamerica Funds		Annual Report 2017

Page 277

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Citigroup, Inc.
3-Month LIBOR + 0.69%, 2.06%^(B), 10/27/2022		$ 3,000,000		$ 2,997,032
3-Month LIBOR + 1.07%, 2.39%^(B), 12/08/2021		5,000,000		5,079,991
2.90%, 12/08/2021		15,000,000		15,160,583
Citizens Bank NA 2.25%, 10/30/2020		6,000,000		5,991,540
Compass Bank 2.88%, 06/29/2022		8,476,000		8,416,263
Cooperatieve Rabobank UA Fixed until 06/30/2019, 11.00%^(B), 06/30/2019 ^{(A) (E)}		23,684,000		26,881,340
Credit Agricole SA 3.38%, 01/10/2022^(A)		9,050,000		9,247,317
Danske Bank A/S 2.00%, 09/08/2021^(A)		8,000,000		7,873,604
Discover Bank
3.10%, 06/04/2020		12,563,000		12,808,897
7.00%, 04/15/2020		16,576,000		18,313,282
DnB Bank ASA 3-Month LIBOR + 0.37%, 1.71%^(B), 10/02/2020 ^(A)		5,000,000		5,008,305
Fifth Third Bank 2.30%, 03/15/2019		12,040,000		12,100,609
First Horizon National Corp. 3.50%, 12/15/2020		8,160,000		8,392,405
First Niagara Financial Group, Inc.
6.75%, 03/19/2020		13,396,000		14,796,221
7.25%, 12/15/2021		6,340,000		7,393,081
First Tennessee Bank NA 2.95%, 12/01/2019		23,381,000		23,637,370
JPMorgan Chase & Co.
2.55%, 10/29/2020		22,140,000		22,351,796
4.25%, 10/15/2020		6,865,000		7,255,479
6.30%, 04/23/2019		5,000,000		5,310,249
Lloyds Banking Group PLC
3.00%, 01/11/2022		10,000,000		10,124,961
3.10%, 07/06/2021		6,280,000		6,393,873
Manufacturers & Traders Trust Co. 2.05%, 08/17/2020		10,000,000		9,978,229
National City Corp. 6.88%, 05/15/2019		3,000,000		3,217,059
PNC Bank NA 3-Month LIBOR + 0.36%, 1.68%^(B), 05/19/2020		7,000,000		7,025,200
Regions Bank 7.50%, 05/15/2018		23,306,000		23,986,459
Royal Bank of Scotland Group PLC 6.40%, 10/21/2019		7,305,000		7,895,897
Santander Holdings USA, Inc. 2.70%, 05/24/2019		5,094,000		5,126,770
Santander UK PLC 2.13%, 11/03/2020^(D)		10,000,000		9,979,532
Svenska Handelsbanken AB
3-Month LIBOR + 0.93%, 2.27%^(B), 10/01/2020		13,900,000		14,152,588
3-Month LIBOR + 1.15%, 2.49%^(B), 03/30/2021, MTN		6,885,000		7,046,349


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Synovus Financial Corp. 7.88%, 02/15/2019		$ 17,282,000		$ 18,578,150
US Bank NA 2.13%, 10/28/2019		21,212,000		21,312,212
Wells Fargo & Co.
3-Month LIBOR + 0.68%, 2.06%^(B), 01/30/2020, MTN		16,405,000		16,575,750
2.13%, 04/22/2019		3,762,000		3,774,500
3-Month LIBOR + 1.03%, 2.40%^(B), 07/26/2021		9,963,000		10,185,091

				433,841,258

Beverages - 2.5%
Anheuser-Busch InBev Finance, Inc. 2.65%, 02/01/2021		27,402,000		27,751,634
Anheuser-Busch InBev Worldwide, Inc. 7.75%, 01/15/2019		6,927,000		7,401,951
Constellation Brands, Inc.
2.25%, 11/06/2020		10,943,000		10,924,725
3.75%, 05/01/2021		12,965,000		13,499,587
Molson Coors Brewing Co. 2.10%, 07/15/2021		9,626,000		9,510,554
Pernod Ricard SA 5.75%, 04/07/2021^(A)		9,466,000		10,492,299

				79,580,750

Biotechnology - 1.3%
AbbVie, Inc. 2.50%, 05/14/2020		15,180,000		15,303,069
Amgen, Inc.
2.65%, 05/11/2022		2,743,000		2,746,632
4.50%, 03/15/2020		3,695,000		3,899,508
Biogen, Inc. 2.90%, 09/15/2020		4,981,000		5,085,495
Celgene Corp. 2.25%, 08/15/2021		15,036,000		14,882,276

				41,916,980

Capital Markets - 6.7%
Ameriprise Financial, Inc. 7.30%, 06/28/2019		18,320,000		19,874,403
Bank of New York Mellon Corp.
3-Month LIBOR + 0.87%, 2.18%^(B), 08/17/2020, MTN		6,000,000		6,105,393
2.45%, 11/27/2020, MTN		8,188,000		8,270,345
Credit Suisse Group Funding Guernsey, Ltd. 3.13%, 12/10/2020		10,000,000		10,190,540
Deutsche Bank AG
3-Month LIBOR + 1.31%, 2.63%^(B), 08/20/2020		10,275,000		10,413,807
3-Month LIBOR + 1.45%, 2.80%^(B), 01/18/2019		9,964,000		10,086,622
Goldman Sachs Group, Inc.
3-Month LIBOR + 0.80%, 2.12%^(B), 12/13/2019		12,000,000		12,092,400
2.75%, 09/15/2020		8,948,000		9,044,309
7.50%, 02/15/2019, MTN		17,297,000		18,486,524
Lazard Group LLC 4.25%, 11/14/2020		10,890,000		11,470,913

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


Transamerica Funds		Annual Report 2017

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Capital Markets (continued)
Morgan Stanley
3-Month LIBOR + 1.14%, 2.51%^(B), 01/27/2020		$ 7,937,000		$ 8,060,355
3-Month LIBOR + 1.40%, 2.76%^(B), 04/21/2021, MTN		4,982,000		5,124,170
5.75%, 01/25/2021		12,500,000		13,794,056
7.30%, 05/13/2019, MTN		12,235,000		13,184,605
State Street Corp.
3-Month LIBOR + 0.90%, 2.22%^(B), 08/18/2020		16,120,000		16,456,211
2.55%, 08/18/2020		6,005,000		6,113,077
UBS AG 2.20%, 06/08/2020^(A)		9,800,000		9,808,261
UBS Group Funding Switzerland AG 3-Month LIBOR + 1.44%, 2.77%^(B), 09/24/2020 ^(A)		26,205,000		26,710,946

				215,286,937

Chemicals - 1.3%
Dow Chemical Co. 8.55%, 05/15/2019		24,461,000		26,859,935
E.I. du Pont de Nemours & Co. 2.20%, 05/01/2020		6,000,000		6,022,987
Sherwin-Williams Co. 2.25%, 05/15/2020		9,500,000		9,522,503

				42,405,425

Commercial Services & Supplies - 0.2%
CK Hutchison International 17 II, Ltd. 2.25%, 09/29/2020^(A)		5,000,000		4,979,429

Construction Materials - 0.2%
Martin Marietta Materials, Inc. 3-Month LIBOR + 0.65%, 1.96%^(B), 05/22/2020		5,975,000		6,009,975

Consumer Finance - 3.2%
Ally Financial, Inc.
3.50%, 01/27/2019		12,000,000		12,146,400
8.00%, 03/15/2020		5,717,000		6,424,479
American Express Co. 2.20%, 10/30/2020		22,696,000		22,632,502
Capital One Financial Corp.
2.40%, 10/30/2020		9,963,000		9,960,147
2.50%, 05/12/2020		11,288,000		11,329,014
Ford Motor Credit Co. LLC
3-Month LIBOR + 0.93%, 2.24%^(B), 11/04/2019		4,750,000		4,791,604
3.16%, 08/04/2020		8,000,000		8,166,800
General Motors Financial Co., Inc.
3-Month LIBOR + 1.56%, 2.92%^(B), 01/15/2020^(F)		3,150,000		3,217,526
3-Month LIBOR + 2.06%, 3.42%^(B), 01/15/2019		5,084,000		5,180,170
3.45%, 01/14/2022		9,266,000		9,497,121
Springleaf Finance Corp. 8.25%, 12/15/2020		6,825,000		7,695,187

				101,040,950


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Containers & Packaging - 0.1%
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 4.25%, 09/15/2022^(A)		$ 3,035,000		$ 3,126,050

Diversified Consumer Services - 0.1%
Princeton University 4.95%, 03/01/2019		3,805,000		3,965,452

Diversified Financial Services - 2.2%
GE Capital International Funding Co. Unlimited Co. 2.34%, 11/15/2020		5,800,000		5,828,710
Jefferies Group LLC 8.50%, 07/15/2019		7,475,000		8,211,353
National Rural Utilities Cooperative Finance Corp. 10.38%, 11/01/2018		19,410,000		21,042,344
OMX Timber Finance Investments I LLC 5.42%, 01/29/2020^(A)		20,014,000		21,172,538
Protective Life Global Funding 2.70%, 11/25/2020^(A)		15,000,000		15,145,212

				71,400,157

Diversified Telecommunication Services - 2.1%
AT&T, Inc.
3.20%, 03/01/2022		9,960,000		10,133,542
5.80%, 02/15/2019		3,012,000		3,157,111
Sprint Capital Corp. 6.90%, 05/01/2019		9,000,000		9,495,000
Telefonica Emisiones SAU 3.19%, 04/27/2018		18,370,000		18,497,197
Verizon Communications, Inc.
3-Month LIBOR + 0.55%, 1.86%^(B), 05/22/2020		9,000,000		9,056,907
4.50%, 09/15/2020		16,958,000		18,071,812

				68,411,569

Electric Utilities - 2.4%
Duke Energy Corp. 3.05%, 08/15/2022		12,030,000		12,256,409
Entergy Texas, Inc. 7.13%, 02/01/2019		22,351,000		23,680,685
Oncor Electric Delivery Co. LLC
2.15%, 06/01/2019		5,190,000		5,193,110
6.80%, 09/01/2018		8,000,000		8,324,779
PPL Capital Funding, Inc. 1.90%, 06/01/2018		11,500,000		11,514,747
Southern California Edison Co. 1.85%, 02/01/2022		17,035,714		16,979,248

				77,948,978

Energy Equipment & Services - 0.9%
Nabors Industries, Inc. 6.15%, 02/15/2018		7,698,000		7,717,245
Schlumberger Holdings Corp. 2.35%, 12/21/2018^(A)		20,000,000		20,097,263

				27,814,508

Equity Real Estate Investment Trusts - 1.6%
Government Properties Income Trust 3.75%, 08/15/2019		24,795,000		25,210,777

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


Transamerica Funds		Annual Report 2017

Page 279

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Equity Real Estate Investment Trusts (continued)
Realty Income Corp. 6.75%, 08/15/2019		$ 5,000,000		$ 5,401,188
VEREIT Operating Partnership, LP 3.00%, 02/06/2019		8,972,000		9,045,919
WEA Finance LLC / Westfield UK & Europe Finance PLC 2.70%, 09/17/2019^(A)		12,570,000		12,671,249

				52,329,133

Food & Staples Retailing - 1.7%
CVS Health Corp.
2.13%, 06/01/2021		15,000,000		14,779,048
4.75%, 12/01/2022^(F)		2,000,000		2,178,315
Kroger Co. 2.80%, 08/01/2022		10,433,000		10,462,385
Sysco Corp. 2.50%, 07/15/2021		9,646,000		9,695,473
Walgreens Boots Alliance, Inc. 2.70%, 11/18/2019		17,887,000		18,077,004

				55,192,225

Food Products - 2.8%
Kraft Heinz Foods Co. 3-Month LIBOR + 0.57%, 1.88%^(B), 02/10/2021		14,866,000		14,889,498
Mondelez International Holdings Netherlands BV 2.00%, 10/28/2021^(A)		11,000,000		10,794,511
Smithfield Foods, Inc.
2.65%, 10/03/2021^(A)		15,840,000		15,713,348
2.70%, 01/31/2020^(A)		12,333,000		12,367,417
Tyson Foods, Inc.
2.25%, 08/23/2021		4,898,000		4,859,265
4.50%, 06/15/2022		19,000,000		20,492,870
WhiteWave Foods Co. 5.38%, 10/01/2022		8,061,000		9,095,352

				88,212,261

Gas Utilities - 1.3%
DTE Gas Co. 5.00%, 10/01/2019		28,400,000		29,900,020
Southern California Gas Co. 1.55%, 06/15/2018		10,560,000		10,556,711

				40,456,731

Health Care Equipment & Supplies - 1.2%
Abbott Laboratories 2.90%, 11/30/2021		13,000,000		13,202,956
Becton Dickinson and Co. 3-Month LIBOR + 1.03%, 2.35%^(B), 06/06/2022		8,124,000		8,174,696
Boston Scientific Corp. 2.65%, 10/01/2018		3,000,000		3,023,098
Medtronic, Inc. 2.50%, 03/15/2020		8,655,000		8,773,991
Stryker Corp. 4.38%, 01/15/2020		4,221,000		4,430,009

				37,604,750


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Health Care Providers & Services - 0.1%
AmerisourceBergen Corp. 4.88%, 11/15/2019		$ 2,281,000		$ 2,402,864

Household Durables - 0.2%
Newell Brands, Inc. 3.15%, 04/01/2021		5,351,000		5,468,571

Independent Power & Renewable Electricity Producers - 0.4%
Dynegy, Inc. 6.75%, 11/01/2019		3,770,000		3,906,663
Exelon Generation Co. LLC 4.00%, 10/01/2020		9,554,000		9,985,112

				13,891,775

Industrial Conglomerates - 0.2%
General Electric Co. 3-Month LIBOR + 0.80%, 2.16%^(B), 04/15/2020, MTN		5,100,000		5,181,056

Insurance - 0.8%
Athene Global Funding
2.75%, 04/20/2020^(A)		4,661,000		4,691,840
3.00%, 07/01/2022^(A)		14,168,000		14,132,418
CNA Financial Corp. 5.88%, 08/15/2020		6,145,000		6,670,097

				25,494,355

Internet & Direct Marketing Retail - 0.2%
Amazon.com, Inc. 2.60%, 12/05/2019		5,050,000		5,133,942

IT Services - 0.2%
Fidelity National Information Services, Inc. 3.63%, 10/15/2020		5,577,000		5,783,000

Leisure Products - 0.1%
Mattel, Inc. 4.35%, 10/01/2020		3,940,000		3,961,363

Machinery - 0.5%
Caterpillar Financial Services Corp. 1.35%, 05/18/2019, MTN		10,000,000		9,922,540
Stanley Black & Decker, Inc. 2.45%, 11/17/2018		4,500,000		4,531,521

				14,454,061

Media - 2.3%
Cablevision Systems Corp. 7.75%, 04/15/2018		11,397,000		11,654,686
CBS Corp. 5.75%, 04/15/2020		15,459,000		16,774,633
Charter Communications Operating LLC / Charter Communications Operating Capital 3.58%, 07/23/2020		17,240,000		17,703,740
Omnicom Group, Inc. 3.63%, 05/01/2022		10,461,000		10,909,254
Sky PLC 9.50%, 11/15/2018^(A)		14,244,000		15,313,320

				72,355,633

Metals & Mining - 0.2%
Glencore Funding LLC 3.00%, 10/27/2022^(A)		6,974,000		6,986,902

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


Transamerica Funds		Annual Report 2017

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Multi-Utilities - 1.9%
Consumers Energy Co. 6.70%, 09/15/2019		$ 10,000,000		$ 10,872,448
Dominion Energy, Inc.
2.58%, 07/01/2020		4,498,000		4,522,603
2.96%, 07/01/2019^(G)		5,274,000		5,344,663
5.20%, 08/15/2019		21,733,000		22,900,582
Public Service Co. of Colorado 5.80%, 08/01/2018		18,201,000		18,744,141

				62,384,437

Oil, Gas & Consumable Fuels - 1.6%
Anadarko Petroleum Corp. 8.70%, 03/15/2019		2,857,000		3,104,072
BP Capital Markets PLC
2.24%, 09/26/2018		6,079,000		6,110,437
4.75%, 03/10/2019		1,992,000		2,069,539
El Paso Natural Gas Co. LLC 8.63%, 01/15/2022		8,935,000		10,838,540
Energy Transfer, LP 4.15%, 10/01/2020		8,000,000		8,352,553
Exxon Mobil Corp. 1.71%, 03/01/2019		9,765,000		9,773,541
Sabine Pass Liquefaction LLC 6.25%, 03/15/2022		8,938,000		10,063,205
YPF SA 8.50%, 03/23/2021^(A)		1,743,000		1,973,634

				52,285,521

Pharmaceuticals - 0.9%
Forest Laboratories LLC 4.88%, 02/15/2021^(A)		2,375,000		2,540,527
Perrigo Finance Unlimited Co. 3.50%, 12/15/2021		7,400,000		7,579,002
Shire Acquisitions Investments Ireland DAC
1.90%, 09/23/2019		9,959,000		9,919,229
2.40%, 09/23/2021		9,963,000		9,896,134

				29,934,892

Real Estate Management & Development - 0.4%
First Industrial, LP 7.50%, 12/01/2017, MTN		11,650,000		11,703,587

Road & Rail - 1.1%
Aviation Capital Group LLC
2.88%, 01/20/2022^(A)		4,928,000		4,946,361
7.13%, 10/15/2020^(A)		18,266,000		20,644,673
Canadian Pacific Railway Co. 9.45%, 08/01/2021		7,000,000		8,625,683

				34,216,717

Semiconductors & Semiconductor Equipment - 1.5%
Broadcom Corp. / Broadcom Cayman Finance, Ltd. 2.38%, 01/15/2020^(A)		14,946,000		15,029,419
KLA-Tencor Corp. 2.38%, 11/01/2017		17,635,000		17,635,000
QUALCOMM, Inc. 2.10%, 05/20/2020		14,938,000		14,974,798

				47,639,217


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Software - 1.1%
CDK Global, Inc. 3.80%, 10/15/2019		$ 11,925,000		$ 12,223,125
Microsoft Corp. 1.55%, 08/08/2021		14,950,000		14,657,612
Oracle Corp. 1.90%, 09/15/2021		10,000,000		9,895,688

				36,776,425

Technology Hardware, Storage & Peripherals - 1.5%
Apple, Inc. 2.00%, 05/06/2020		9,000,000		9,029,386
Dell International LLC / EMC Corp. 3.48%, 06/01/2019^(A)		19,875,000		20,231,483
Hewlett Packard Enterprise Co. 3.60%, 10/15/2020		19,585,000		20,251,180

				49,512,049

Tobacco - 1.1%
Altria Group, Inc. 9.70%, 11/10/2018		12,724,000		13,727,602
BAT Capital Corp. 2.30%, 08/14/2020^(A)		8,717,000		8,720,141
RJ Reynolds Tobacco Co. 8.13%, 06/23/2019		11,299,000		12,387,133

				34,834,876

Trading Companies & Distributors - 0.8%
International Lease Finance Corp. 8.25%, 12/15/2020		21,682,000		25,250,189

Wireless Telecommunication Services - 0.4%
Sprint Communications, Inc. 9.00%, 11/15/2018^(A)		3,597,000		3,817,316
Vodafone Group PLC 5.45%, 06/10/2019		10,000,000		10,540,476

				14,357,792

Total Corporate Debt Securities (Cost $2,064,260,033)				2,076,301,831


LOAN ASSIGNMENTS - 0.6%
Commercial Services & Supplies - 0.4%
Spin Holdco, Inc. Term Loan B, 1-Month LIBOR + 3.75%, 4.99%^(B), 11/14/2022		11,441,987		11,499,196

Health Care Providers & Services - 0.2%
Community Health Systems, Inc. Term Loan G, 3-Month LIBOR + 2.75%, 4.07%^(B), 12/31/2019 ^{(D) (H)}		6,192,468		6,073,455

Total Loan Assignments (Cost $17,431,631)				17,572,651


MORTGAGE-BACKED SECURITIES - 15.9%
280 Park Avenue Mortgage Trust Series 2017-280P, Class C, 1-Month LIBOR + 1.25%, 2.49%^(B), 09/15/2034 ^(A)		15,640,000		15,644,883
7 WTC Depositor LLC Trust Series 2012-7WTC, Class A, 4.08%, 03/13/2031^(A)		3,379,590		3,400,603

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


Transamerica Funds		Annual Report 2017

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
BAMLL Commercial Mortgage Securities Trust
Series 2014-FL1, Class B,
1-Month LIBOR + 2.20%, 3.44%^(B), 12/15/2031^(A)		$ 10,000,000		$ 10,019,305
Series 2014-IP, Class D,
2.72%^(B), 06/15/2028^(A)		11,000,000		10,939,980
BBCMS Mortgage Trust
Series 2017-DELC, Class C,
1-Month LIBOR + 1.20%, 2.44%^(B), 08/15/2036^(A)		14,890,000		14,880,704
Series 2017-DELC, Class D,
1-Month LIBOR + 1.70%, 2.94%^(B), 08/15/2036^(A)		15,000,000		14,990,709
BCAP LLC Trust
Series 2009-RR14, Class 1A1,
6.00%^(B), 05/26/2037^(A)		409,135		411,237
Series 2009-RR6, Class 2A1,
3.46%^(B), 08/26/2035^(A)		1,539,619		1,536,931
Series 2010-RR1, Class 12A1,
5.25%^(B), 08/26/2036^(A)		1,165,784		1,184,033
Series 2010-RR7, Class 5A6,
5.50%^(B), 10/26/2036^(A)		713,987		716,075
Series 2012-RR4, Class 2A5,
2.79%^(B), 04/26/2037^(A)		330,630		330,873
BHMS Mortgage Trust Series 2014-ATLS, Class CFL, 1-Month LIBOR + 2.45%, 3.69%^(B), 07/05/2033 ^(A)		15,000,000		15,219,258
BX Trust
Series 2017-APPL, Class C,
1-Month LIBOR + 1.40%, 2.64%^(B), 07/15/2034^(A)		18,000,000		18,011,266
Series 2017-SLCT, Class C,
1-Month LIBOR + 1.40%, 2.64%^(B), 07/15/2034^(A)		15,000,000		15,014,120
CCRESG Commercial Mortgage Trust
Series 2016-HEAT, Class B,
4.11%, 04/10/2029^(A)		3,700,000		3,751,016
Series 2016-HEAT, Class C,
4.92%, 04/10/2029^(A)		3,000,000		3,058,946
CGMS Commercial Mortgage Trust Series 2017-MDRB, Class B, 1-Month LIBOR + 1.75%, 2.99%^(B), 07/15/2030 ^(A)		10,000,000		10,004,357
Chicago Skyscraper Trust Series 2017-SKY, Class C, 1-Month LIBOR + 1.25%, 2.49%^(B), 02/15/2030 ^(A)		10,285,000		10,297,906
Citigroup Commercial Mortgage Trust
Series 2017-1500, Class B,
1-Month LIBOR + 1.10%, 2.34%^(B), 07/15/2029^(A)		5,000,000		5,000,745
Series 2017-1500, Class C,
1-Month LIBOR + 1.25%, 2.49%^(B), 07/15/2032^(A)		3,500,000		3,500,496
Citigroup Mortgage Loan Trust Series 2014-A, Class A, 4.00%^(B), 01/25/2035^(A)		6,139,499		6,390,681


	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
CLNS Trust Series 2017-IKPR, Class C, 1-Month LIBOR + 1.10%, 2.34%^(B), 06/11/2032 ^(A)		$ 14,800,000		$ 14,799,936
COMM Mortgage Trust
Series 2014-PAT, Class D,
1-Month LIBOR + 2.15%, 3.39%^(B), 08/13/2027^(A)		15,000,000		15,018,868
Series 2014-PAT, Class E,
1-Month LIBOR + 3.15%, 4.39%^(B), 08/13/2027^(A)		5,000,000		5,078,462
Cosmopolitan Hotel Trust Series 2016-CSMO, Class C, 1-Month LIBOR + 2.65%, 3.89%^(B), 11/15/2033 ^(A)		14,700,000		14,736,799
CSMC Trust
Series 2010-UD1, Class B,
6.18%^(B), 12/16/2049^(A)		147,319		147,058
Series 2015-DEAL, Class B,
1-Month LIBOR + 1.85%, 3.09%^(B), 04/15/2029^(A)		18,020,000		18,036,960
Series 2015-DEAL, Class D,
1-Month LIBOR + 3.10%, 4.34%^(B), 04/15/2029^(A)		10,000,000		10,015,649
Series 2017-HD. Class C,
1-Month LIBOR + 1.70%, 2.94%^(B), 02/15/2031^(A)		4,500,000		4,511,275
DBCG Mortgage Trust
Series 2017-BBG, Class B,
1-Month LIBOR + 0.85%, 2.09%^(B), 06/15/2034^(A)		12,500,000		12,503,883
Series 2017-BBG, Class C,
1-Month LIBOR + 1.00%, 2.24%^(B), 06/15/2034^(A)		2,500,000		2,500,788
GP Portfolio Trust
Series 2014-GPP, Class C,
1-Month LIBOR + 2.20%, 3.44%^(B), 02/15/2027^(A)		13,000,000		13,020,701
Series 2014-GPP, Class D,
1-Month LIBOR + 3.00%, 4.24%^(B), 02/15/2027^(A)		10,000,000		10,027,249
GS Mortgage Securities Trust Series 2013-G1, Class A1, 2.06%, 04/10/2031^(A)		7,702,915		7,504,420
Hospitality Mortgage Trust Series 2017-HIT, Class C, 1-Month LIBOR + 1.35%, 2.59%^(B), 05/08/2030 ^(A)		7,900,000		7,902,452
Impac CMB Trust Series 2007-A, Class A, 1-Month LIBOR + 0.50%, 1.74%^(B), 05/25/2037 ^(A)		8,421,045		8,254,293
Jefferies Resecuritization Trust
Series 2009-R2, Class 2A,
3.64%^(B), 12/26/2037^(A)		140,617		140,919
Series 2009-R7, Class 11A1,
3.29%^(B), 03/26/2037^(A)		343,799		343,522

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


Transamerica Funds		Annual Report 2017

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2014-DSTY, Class C,
3.80%^(B), 06/10/2027^(A)		$ 10,000,000		$ 9,895,548
Series 2016-ASH, Class C,
1-Month LIBOR + 2.75%, 3.99%^(B), 10/15/2034^(A)		6,500,000		6,544,752
JPMorgan Resecuritization Trust Series 2010-5, Class 2A2, 4.50%^(B), 07/26/2035^(A)		1,278,828		1,286,208
Lehman Brothers Small Balance Commercial Mortgage Trust Series 2005-1A, Class A, 1-Month LIBOR + 0.25%, 1.49%^(B), 02/25/2030 ^(A)		3,410,634		3,330,217
Mill City Mortgage Loan Trust Series 2017-3, Class A1, 2.75%^(B), 02/25/2058^(A)		19,758,956		19,800,740
Morgan Stanley Re-REMIC Trust Series 2010-R4, Class 3A, 5.50%, 08/26/2047^(A)		884,337		882,025
Mortgage Equity Conversion Asset Trust Series 2010-1A, Class A, 4.00%, 07/25/2060^(A)		6,246,336		5,454,925
Motel 6 Trust Series 2017-MTL6, Class C, 1-Month LIBOR + 1.40%, 2.64%^(B), 08/15/2034 ^(A)		19,835,301		19,847,771
New Residential Mortgage Loan Trust
Series 2014-1A, Class A,
3.75%^(B), 01/25/2054^(A)		3,529,076		3,623,842
Series 2014-3A, Class AFX3,
3.75%^(B), 11/25/2054^(A)		4,382,346		4,517,784
Series 2016-4A, Class A1,
3.75%^(B), 11/25/2056^(A)		6,826,416		7,015,639
Series 2017-3A, Class A1,
4.00%^(B), 04/25/2057^(A)		12,611,198		13,046,717
Series 2017-4A, Class A1,
4.00%^(B), 05/25/2057^(A)		9,069,276		9,400,809
Series 2017-5A, Class A1,
1-Month LIBOR + 1.50%, 2.74%^(B), 06/25/2057^(A)		11,673,913		11,927,056
RBSSP Resecuritization Trust Series 2013-2, Class 2A1, 1-Month LIBOR + 0.19%, 1.43%^(B), 12/20/2036 ^(A)		9,377,944		9,159,174
SCG Trust
Series 2013-SRP1, Class A,
1-Month LIBOR + 1.65%, 2.89%^(B), 11/15/2026^(A)		550,000		544,485
Series 2013-SRP1, Class AJ,
1-Month LIBOR + 1.95%, 3.19%^(B), 11/15/2026^(A)		20,000,000		19,922,652
Series 2013-SRP1, Class B,
1-Month LIBOR + 2.50%, 3.74%^(B), 11/15/2026^(A)		22,500,000		22,186,989
Stonemont Portfolio Trust Series 2017-MONT, Class C, 1-Month LIBOR + 1.25%, 2.49%^(B), 08/20/2030 ^(A)		14,900,000		14,900,000


	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
TIAA Seasoned Commercial Mortgage Trust Series 2007-C4, Class AJ, 5.48%^(B), 08/15/2039		$ 681,414		$ 687,262
TRU Trust Series 2016-TOYS, Class A, 1-Month LIBOR + 2.25%, 3.49%^(B), 11/15/2030 ^(A)		9,779,362		9,685,332
VSD LLC 3.60%, 12/25/2043^(A)		4,199,886		4,202,127
Wells Fargo Mortgage Loan Trust Series 2011-RR3, Class A1, 3.47%^(B), 03/27/2037^(A)		1,769,096		1,768,270

Total Mortgage-Backed Securities (Cost $507,695,014)				508,477,682


U.S. GOVERNMENT AGENCY OBLIGATION - 0.0% ^(I)
Federal Home Loan Mortgage Corp. 12-Month LIBOR + 1.77%, 3.52%^(B), 08/01/2037		386,810		408,274

Total U.S. Government Agency Obligation (Cost $392,234)				408,274


	Shares		Value
SECURITIES LENDING COLLATERAL - 0.0% ^(I)
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.00% ^(J)		1,193,785		1,193,785

Total Securities Lending Collateral (Cost $1,193,785)				1,193,785


	Principal		Value
REPURCHASE AGREEMENT - 2.2%
Fixed Income Clearing Corp., 0.12% ^(J), dated 10/31/2017, to be repurchased at $70,497,929 on 11/01/2017. Collateralized by U.S. Government Obligations, 0.25% - 2.00%, due 06/30/2024 - 01/15/2025, and with a total value of $71,910,324.		$ 70,497,694		70,497,694

Total Repurchase Agreement (Cost $70,497,694)				70,497,694

Total Investments (Cost $3,186,044,796)				3,199,923,556
Net Other Assets (Liabilities) - (0.0)% ^(I)				(410,104	)


Net Assets - 100.0%				$ 3,199,513,452

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


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Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

SECURITY VALUATION:

Valuation Inputs ^(K)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Asset-Backed Securities	$	—	$	525,471,639	$	—	$	525,471,639
Corporate Debt Securities		—		2,076,301,831		—		2,076,301,831
Loan Assignments		—		17,572,651		—		17,572,651
Mortgage-Backed Securities		—		508,477,682		—		508,477,682
U.S. Government Agency Obligation		—		408,274		—		408,274
Securities Lending Collateral		1,193,785		—		—		1,193,785
Repurchase Agreement		—		70,497,694		—		70,497,694

Total Investments	$	1,193,785	$	3,198,729,771	$	—	$	3,199,923,556

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, 2017, the total value of 144A securities is $1,354,412,876, representing 42.3% of the Fund’s net assets.
(B)		Floating or variable rate securities. The rates disclosed are as of October 31, 2017. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. In addition, variable rate securities with a floor or ceiling feature are disclosing that 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 their description above.
(C)		Percentage rounds to less than 0.01% or (0.01)%.
(D)		When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after October 31, 2017. 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)		All or a portion of the securities are on loan. The total value of all securities on loan is $1,168,817. 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)		Step bond. Coupon rate changes in increments to maturity. The rate disclosed is as of October 31, 2017; the maturity date disclosed is the ultimate maturity date.
(H)		All or a portion of the security represents unsettled loan commitments at October 31, 2017 where the rate will be determined at time of settlement.
(I)		Percentage rounds to less than 0.1% or (0.1)%.
(J)		Rates disclosed reflect the yields at October 31, 2017.
(K)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. 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 2017

Page 284

Transamerica Small Cap Core

(unaudited)

MARKET ENVIRONMENT

The domestic political environment dominated trading throughout the year, although firming global economic conditions also supported valuation expansion. The fiscal year began with a hotly contested presidential election that ushered in considerable optimism about the prospects for tax reform, infrastructure spending, and de-regulation. As the fiscal year unfolded, investors reined in their expectations for the scope and timing of any such measures. Political gridlock persisted in Washington D.C. through the summer, yielding equity market consolidation and heightened risk aversion. In the final months of the fiscal year, however, U.S. Congress finally seemed on the verge of putting a tax bill together, and the bull streaked across Wall Street to close the fiscal year on a very positive note.

The U.S. economy chugged along again during the fiscal year, logging the eighth year of its elongated, muted expansion. The macroeconomic environment benefited from increasingly stiff tailwinds from abroad, and the final months of fiscal 2017 represented the first time in many years when Europe, Asia, and the U.S. all saw meaningful growth concurrently. Inflation remained stubbornly low amid the broad-based global acceleration, although it showed signs of a pickup as the year progressed. The U.S. Federal Reserve (“Fed”) proactively raised short-term rates three times during the fiscal year. Investors once again favored “growth” stocks, with the Russell 2000^® Growth Index outperforming the Russell 2000^® Value Index by over six percent for the fiscal year.

PERFORMANCE

For the year ended October 31, 2017, Transamerica Small Cap Core Class R4 returned 17.47%, excluding any sales charges. By comparison, its primary and secondary benchmarks, the Russell 2000^® Index and the S&P 500^®, returned 27.85% and 23.63%, respectively.

STRATEGY REVIEW

Substantial 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 believe the ultimate strength of the Fund’s strategy lies in its ability to produce a portfolio that, in aggregate, maintains objective and economically meaningful exposures to the factors which our research has shown to be indicative of prospective outperformance.

The Fund underperformed the Russell 2000^® Index during the period on a relative basis, its strong absolute performance notwithstanding.

The Fund’s discipline generally leads it to own securities that trade at discount valuations relative to the market and favors companies that make money. Examining these metrics reveals that our valuation discipline was certainly not rewarded during the fiscal year as the companies that were in the most expensive quintile of the index, on an earnings-yield basis, outperformed those in the least expensive quintile. In addition, our underweight to companies that lose money on an earnings before interest and taxes (“EBIT”) basis also detracted. An analysis of longer term returns based on these metrics indicates that these outcomes are unusual, though certainly not unprecedented over short periods of time. However, we remain convinced that our fundamental and valuation focused discipline should be rewarded in line with the longer term historical record.

From a sector weighting standpoint our overweight to energy sector was the largest detractor from results. Stock selection was most challenged in the consumer discretionary sector primarily due to our retail holdings, as investors continued to worry about the Amazon.com, Inc.effect. We were also unable to keep pace in the health care sector where biotechnology stocks lead the way. We are materially underweight the biotechnology industry, as these stocks generally trade at high valuations despite ongoing losses.

Eoin E. Middaugh, CFA

D. Kevin McCreesh, CFA

Co-Portfolio Managers

Systematic Financial Management, L.P.


Asset Allocation	Percentage of Net Assets
Common Stocks		97.8	%
Securities Lending Collateral		6.1
Repurchase Agreement		1.5
Net Other Assets (Liabilities)		(5.4	)
Total		100.0	%


Transamerica Funds		Annual Report 2017

Page 285

Transamerica Small Cap Core

(unaudited)

LOGO

Average Annual Total Return for Periods Ended 10/31/2017

1 Year

5 Year

10 Years or
Since Inception
Date of Class

Inception Date

Class A (POP)

N/A

(2.01

)%^(A)

03/10/2017

Class A (NAV)

N/A

3.72

%^(A)

03/10/2017

Class C (POP)

N/A

2.22

%^(A)

03/10/2017

Class C (NAV)

N/A

3.22

%^(A)

03/10/2017

Class I (NAV)

N/A

3.88

%^(A)

03/10/2017

Class I2 (NAV)

N/A

3.97

%^(A)

03/10/2017

Class I3 (NAV)

N/A

3.51

%^(A)

03/10/2017

Class R (NAV)

N/A

3.07

%^(A)

03/10/2017

Class R4 (NAV)

17.47

10.33

5.37

09/11/2000

Russell 2000^® Index^(B)

27.85

14.49

7.63

S&P 500^® ^(C)

23.63

15.18

7.51

Class T1 (POP)

N/A

(1.35

)%^(A)

03/17/2017

Class T1 (NAV)

N/A

1.21

%^(A)

03/17/2017

Advisor Class (NAV)

N/A

3.78

%^(A)

03/10/2017

^(A) Not annualized.

^(B) 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.

^(C) 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 performance data presented represents past performance; future results may vary. 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 2.5% for T1 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, I2, I3, R, R4 and Advisor Class shares.

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 2017

Page 286

Transamerica Small Cap Core

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Shares		Value
COMMON STOCKS - 97.8%
Aerospace & Defense - 1.0%
Moog, Inc., Class A ^(A)		9,480		$ 831,965
Triumph Group, Inc.		26,525		823,601
Wesco Aircraft Holdings, Inc. ^(A)		85,320		772,146

				2,427,712

Auto Components - 0.4%
Visteon Corp. ^(A)		6,980		879,759

Banks - 9.6%
1st Source Corp.		14,595		748,869
Bancorp, Inc. ^(A)		93,165		783,518
Bank of Marin Bancorp		8,990		609,073
Bank of NT Butterfield & Son, Ltd.		24,160		902,376
Bank of the Ozarks, Inc.		17,330		807,925
BankUnited, Inc.		24,665		859,575
Banner Corp.		13,625		780,985
Berkshire Hills Bancorp, Inc.		21,315		816,364
Carolina Financial Corp. ^(B)		21,420		789,327
Cathay General Bancorp		20,545		858,781
Central Pacific Financial Corp.		25,675		799,006
Community Trust Bancorp, Inc.		13,420		648,186
Customers Bancorp, Inc. ^(A)		25,255		690,472
Enterprise Financial Services Corp.		19,430		847,148
FCB Financial Holdings, Inc., Class A ^(A)		17,670		825,189
Financial Institutions, Inc.		21,160		694,048
First Busey Corp.		27,525		856,578
First Financial Corp.		13,290		631,275
First Merchants Corp.		19,300		829,900
Franklin Financial Network, Inc. ^(A)		22,115		758,544
Hanmi Financial Corp.		26,780		823,485
Hope Bancorp, Inc.		47,185		870,563
IBERIABANK Corp.		10,370		764,787
Preferred Bank		13,735		847,862
Prosperity Bancshares, Inc.		12,995		854,811
QCR Holdings, Inc.		13,215		631,016
Sandy Spring Bancorp, Inc.		18,455		745,767
State Bank Financial Corp.		22,870		661,172
TCF Financial Corp.		48,800		889,136
TriCo Bancshares		17,385		720,087
United Community Banks, Inc.		29,275		802,720

				24,148,545

Beverages - 0.3%
Boston Beer Co., Inc., Class A ^{(A) (B)}		4,730		842,177

Biotechnology - 1.9%
AMAG Pharmaceuticals, Inc. ^{(A) (B)}		45,915		720,865
Eagle Pharmaceuticals, Inc. ^{(A) (B)}		16,530		888,487
Emergent BioSolutions, Inc. ^(A)		20,595		844,189
Myriad Genetics, Inc. ^(A)		23,145		793,411
PDL BioPharma, Inc. ^(A)		238,035		704,584
United Therapeutics Corp. ^(A)		6,975		827,165

				4,778,701

Capital Markets - 1.0%
Cowen, Inc. ^(A)		52,180		782,700
Legg Mason, Inc.		22,735		868,022
Waddell & Reed Financial, Inc., Class A ^(B)		40,995		766,197

				2,416,919

Chemicals - 1.6%
Cabot Corp.		14,280		870,509


	Shares		Value
COMMON STOCKS (continued)
Chemicals (continued)
Innophos Holdings, Inc.		16,815		$ 822,758
Methanex Corp. ^(B)		15,665		763,669
Minerals Technologies, Inc.		11,135		800,606
Stepan Co.		9,445		754,278

				4,011,820

Commercial Services & Supplies - 3.0%
ACCO Brands Corp. ^(A)		64,270		838,723
Brady Corp., Class A		22,625		860,881
CECO Environmental Corp.		72,975		639,991
Ennis, Inc.		33,275		670,491
Essendant, Inc.		60,725		587,818
Heritage-Crystal Clean, Inc. ^(A)		35,685		697,642
Quad/Graphics, Inc.		36,790		838,444
SP Plus Corp. ^(A)		21,225		822,469
Steelcase, Inc., Class A		54,255		789,410
Tetra Tech, Inc.		17,495		861,629

				7,607,498

Communications Equipment - 1.2%
Ceragon Networks, Ltd. ^(A)		320,645		689,386
Comtech Telecommunications Corp.		37,790		812,863
NETGEAR, Inc. ^(A)		16,580		773,457
Plantronics, Inc.		18,530		840,521

				3,116,227

Construction & Engineering - 2.0%
AECOM ^(A)		24,385		854,938
Aegion Corp. ^(A)		36,890		859,168
EMCOR Group, Inc.		12,085		972,963
MYR Group, Inc. ^(A)		24,920		794,699
Orion Group Holdings, Inc. ^(A)		88,845		639,684
Tutor Perini Corp. ^(A)		30,995		874,059

				4,995,511

Consumer Finance - 1.1%
EZCORP, Inc., Class A ^(A)		87,625		898,156
Navient Corp.		71,225		887,464
Nelnet, Inc., Class A		16,450		962,983

				2,748,603

Containers & Packaging - 0.6%
Greif, Inc., Class A		13,795		766,036
Owens-Illinois, Inc. ^(A)		33,895		809,752

				1,575,788

Diversified Consumer Services - 1.1%
Adtalem Global Education, Inc.		22,120		817,334
American Public Education, Inc. ^(A)		29,505		590,100
Bridgepoint Education, Inc. ^(A)		65,790		636,847
K12, Inc. ^(A)		42,447		688,491

				2,732,772

Diversified Telecommunication Services - 0.7%
Cogent Communications Holdings, Inc.		17,595		948,371
Consolidated Communications Holdings, Inc.		42,455		813,862

				1,762,233

Electric Utilities - 1.0%
ALLETE, Inc.		10,220		800,737
Hawaiian Electric Industries, Inc.		24,385		889,077
Portland General Electric Co.		16,805		802,271

				2,492,085

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


Transamerica Funds		Annual Report 2017

Page 287

Transamerica Small Cap Core

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Shares		Value
COMMON STOCKS (continued)
Electrical Equipment - 0.3%
Regal Beloit Corp.		10,495		$ 851,669

Electronic Equipment, Instruments & Components - 4.0%
Anixter International, Inc. ^(A)		9,705		666,734
Avnet, Inc.		20,555		818,089
AVX Corp.		42,760		805,598
Belden, Inc.		10,220		816,680
Benchmark Electronics, Inc. ^(A)		23,535		728,408
Celestica, Inc. ^(A)		66,625		669,581
Jabil, Inc.		26,050		736,694
Plexus Corp. ^(A)		14,260		875,992
Sanmina Corp. ^(A)		20,735		678,553
ScanSource, Inc. ^(A)		18,670		801,877
Tech Data Corp. ^(A)		8,735		810,346
TTM Technologies, Inc. ^(A)		52,304		825,357
Vishay Intertechnology, Inc.		39,975		889,444

				10,123,353

Energy Equipment & Services - 1.9%
Ensco PLC, Class A ^(B)		147,615		795,645
Matrix Service Co. ^(A)		58,395		823,370
McDermott International, Inc. ^(A)		123,900		820,218
Oceaneering International, Inc.		33,200		671,304
Rowan Cos. PLC, Class A ^(A)		60,065		860,731
Unit Corp. ^(A)		42,520		795,974

				4,767,242

Equity Real Estate Investment Trusts - 5.7%
Apple Hospitality REIT, Inc.		44,055		834,402
CBL & Associates Properties, Inc. ^(B)		95,900		751,856
Chatham Lodging Trust		37,735		820,736
Chesapeake Lodging Trust		29,305		817,610
CoreCivic, Inc.		31,180		768,899
DiamondRock Hospitality Co.		77,800		844,908
Franklin Street Properties Corp.		80,160		801,600
Government Properties Income Trust		43,365		787,942
Hersha Hospitality Trust		43,980		778,006
Kite Realty Group Trust		38,780		724,798
LaSalle Hotel Properties		27,120		765,055
Medical Properties Trust, Inc.		59,630		788,905
Ramco-Gershenson Properties Trust		61,890		781,671
RLJ Lodging Trust		37,330		808,568
Sabra Health Care REIT, Inc.		39,745		791,720
Select Income REIT		35,035		846,446
Sunstone Hotel Investors, Inc.		50,645		826,526
Xenia Hotels & Resorts, Inc.		37,940		825,574

				14,365,222

Food & Staples Retailing - 0.9%
Chefs’ Warehouse, Inc. ^{(A) (B)}		37,075		739,646
SUPERVALU, Inc. ^(A)		40,650		662,189
United Natural Foods, Inc. ^(A)		20,595		798,468

				2,200,303

Food Products - 1.2%
Dean Foods Co.		71,440		696,540
Flowers Foods, Inc.		44,485		846,550
Sanderson Farms, Inc.		5,700		852,549
TreeHouse Foods, Inc. ^(A)		10,930		725,533

				3,121,172


	Shares		Value
COMMON STOCKS (continued)
Gas Utilities - 0.3%
National Fuel Gas Co.		13,515		$ 784,546

Health Care Equipment & Supplies - 3.6%
Analogic Corp.		10,250		823,075
AngioDynamics, Inc. ^(A)		48,435		821,942
Haemonetics Corp. ^(A)		18,530		881,287
Halyard Health, Inc. ^(A)		17,480		736,782
Hill-Rom Holdings, Inc.		10,330		833,734
Lantheus Holdings, Inc. ^(A)		47,070		936,693
Masimo Corp. ^(A)		9,370		822,311
Meridian Bioscience, Inc.		51,120		764,244
Natus Medical, Inc. ^(A)		21,230		900,152
OraSure Technologies, Inc. ^(A)		37,565		741,909
Orthofix International NV ^(A)		16,060		862,904

				9,125,033

Health Care Providers & Services - 6.7%
Aceto Corp.		68,535		690,147
Addus HomeCare Corp. ^(A)		18,125		652,500
Amedisys, Inc. ^(A)		17,400		837,114
AMN Healthcare Services, Inc. ^(A)		20,795		912,900
Brookdale Senior Living, Inc. ^(A)		82,560		828,077
Chemed Corp.		4,127		922,096
Community Health Systems, Inc. ^{(A) (B)}		141,610		835,499
Cross Country Healthcare, Inc. ^(A)		52,330		714,305
HealthSouth Corp.		17,405		803,067
Kindred Healthcare, Inc.		135,855		821,923
LHC Group, Inc. ^(A)		12,075		806,731
LifePoint Health, Inc. ^(A)		13,790		663,989
Magellan Health, Inc. ^(A)		9,900		844,470
MEDNAX, Inc. ^(A)		18,380		804,860
Molina Healthcare, Inc. ^{(A) (B)}		12,440		843,805
National HealthCare Corp.		11,985		767,040
Owens & Minor, Inc.		26,670		655,282
Patterson Cos., Inc. ^(B)		20,980		776,260
Providence Service Corp. ^(A)		13,645		758,662
Triple-S Management Corp., Class B ^(A)		33,622		807,264
WellCare Health Plans, Inc. ^(A)		4,875		963,982

				16,709,973

Health Care Technology - 1.2%
Allscripts Healthcare Solutions, Inc. ^(A)		59,405		800,780
Computer Programs & Systems, Inc.		25,350		764,303
HealthStream, Inc. ^(A)		29,890		731,109
Quality Systems, Inc. ^(A)		50,590		711,801

				3,007,993

Hotels, Restaurants & Leisure - 1.0%
Arcos Dorados Holdings, Inc., Class A ^(A)		83,550		835,500
Brinker International, Inc. ^(B)		23,940		735,437
Cheesecake Factory, Inc. ^(B)		18,600		832,164

				2,403,101

Household Durables - 1.3%
Ethan Allen Interiors, Inc.		26,350		783,913
La-Z-Boy, Inc.		30,490		821,706
Sleep Number Corp. ^(A)		20,400		663,000
SodaStream International, Ltd. ^(A)		13,550		862,728

				3,131,347

Independent Power & Renewable Electricity Producers - 0.3%
NRG Energy, Inc.		31,385		784,625

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


Transamerica Funds		Annual Report 2017

Page 288

Transamerica Small Cap Core

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Shares		Value
COMMON STOCKS (continued)
Insurance - 2.2%
Ambac Financial Group, Inc. ^(A)		51,670		$ 841,188
Assured Guaranty, Ltd.		22,540		836,234
CNO Financial Group, Inc.		34,075		816,778
Genworth Financial, Inc., Class A ^(A)		214,230		709,101
Greenlight Capital Re, Ltd., A Shares ^(A)		34,045		750,692
Third Point Reinsurance, Ltd. ^(A)		50,945		850,781
Universal Insurance Holdings, Inc.		34,240		816,624

				5,621,398

Internet Software & Services - 0.9%
Blucora, Inc. ^(A)		34,475		748,108
DHI Group, Inc. ^(A)		265,265		583,583
NIC, Inc.		48,790		829,430

				2,161,121

IT Services - 2.7%
CACI International, Inc., Class A ^(A)		6,045		868,969
Convergys Corp.		33,485		861,569
CSG Systems International, Inc.		21,128		894,559
ManTech International Corp., Class A		18,165		843,038
MAXIMUS, Inc.		13,155		873,887
Perficient, Inc. ^(A)		39,585		769,928
Sykes Enterprises, Inc. ^(A)		28,343		820,246
Teradata Corp. ^(A)		25,340		847,623

				6,779,819

Life Sciences Tools & Services - 1.3%
Bruker Corp.		27,325		858,005
Charles River Laboratories International, Inc. ^(A)		7,350		854,732
ICON PLC ^(A)		6,990		830,831
Luminex Corp.		37,075		791,551

				3,335,119

Machinery - 1.5%
Commercial Vehicle Group, Inc. ^(A)		84,650		687,358
FreightCar America, Inc.		34,195		640,130
Harsco Corp. ^(A)		38,235		812,494
SPX Corp. ^(A)		28,195		825,832
Wabash National Corp. ^(B)		37,365		840,712

				3,806,526

Marine - 0.3%
Costamare, Inc.		125,620		780,100

Metals & Mining - 2.3%
Cleveland-Cliffs, Inc. ^{(A) (B)}		115,240		686,830
Hudbay Minerals, Inc.		100,060		745,447
Kaiser Aluminum Corp.		8,100		803,358
Materion Corp.		19,430		997,731
Schnitzer Steel Industries, Inc., Class A		28,710		845,510
SunCoke Energy, Inc. ^(A)		77,660		861,249
U.S. Steel Corp.		28,820		729,722

				5,669,847

Mortgage Real Estate Investment Trusts - 1.8%
AG Mortgage Investment Trust, Inc.		39,380		740,738
ARMOUR Residential REIT, Inc. ^(B)		30,730		769,786
Dynex Capital, Inc.		102,690		718,830
Invesco Mortgage Capital, Inc.		47,465		817,347
MTGE Investment Corp.		42,075		761,558
PennyMac Mortgage Investment Trust		46,565		747,834

				4,556,093


	Shares		Value
COMMON STOCKS (continued)
Multi-Utilities - 0.6%
MDU Resources Group, Inc.		29,180		$ 798,073
NorthWestern Corp.		13,290		787,831

				1,585,904

Multiline Retail - 0.3%
Big Lots, Inc.		15,945		818,138

Oil, Gas & Consumable Fuels - 2.9%
Arch Coal, Inc., Class A		11,725		896,024
Clean Energy Fuels Corp. ^(A)		264,530		621,645
Cloud Peak Energy, Inc. ^(A)		204,800		870,400
CONSOL Energy, Inc. ^(A)		53,675		865,778
Enerplus Corp. ^(B)		87,815		805,264
Overseas Shipholding Group, Inc., Class A ^(A)		219,395		519,966
Pacific Ethanol, Inc. ^(A)		130,580		626,784
Renewable Energy Group, Inc. ^{(A) (B)}		65,260		789,646
Teekay Tankers, Ltd., Class A ^(B)		382,335		565,856
World Fuel Services Corp.		23,210		645,238

				7,206,601

Paper & Forest Products - 1.0%
Boise Cascade Co. ^(A)		24,010		851,155
Domtar Corp.		18,970		897,660
Louisiana-Pacific Corp. ^(A)		29,965		814,449

				2,563,264

Personal Products - 1.6%
Avon Products, Inc. ^(A)		348,125		793,725
Edgewell Personal Care Co. ^(A)		10,500		681,765
Inter Parfums, Inc.		17,925		829,927
Medifast, Inc.		13,240		826,176
Nu Skin Enterprises, Inc., Class A		12,650		804,667

				3,936,260

Pharmaceuticals - 1.5%
Depomed, Inc. ^(A)		165,120		799,181
Endo International PLC ^(A)		109,645		699,535
Innoviva, Inc. ^(A)		56,280		688,867
Sucampo Pharmaceuticals, Inc., Class A ^(A)		83,550		835,500
Valeant Pharmaceuticals International, Inc. ^(A) (B)		60,525		707,537

				3,730,620

Professional Services - 3.1%
FTI Consulting, Inc. ^(A)		23,430		1,001,632
Heidrick & Struggles International, Inc.		30,325		753,576
ICF International, Inc. ^(A)		15,135		812,750
Kelly Services, Inc., Class A		32,920		866,125
ManpowerGroup, Inc.		6,805		838,920
Navigant Consulting, Inc. ^(A)		49,205		851,739
Resources Connection, Inc.		49,155		774,191
RPX Corp. ^(A)		59,630		776,383
TrueBlue, Inc. ^(A)		35,780		969,638

				7,644,954

Road & Rail - 0.7%
ArcBest Corp.		26,526		864,748
YRC Worldwide, Inc. ^(A)		68,260		919,462

				1,784,210

Semiconductors & Semiconductor Equipment - 3.9%
Amkor Technology, Inc. ^(A)		77,290		894,245
Amtech Systems, Inc. ^(A)		57,500		837,200
Brooks Automation, Inc.		26,180		900,330

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


Transamerica Funds		Annual Report 2017

Page 289

Transamerica Small Cap Core

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Shares		Value
COMMON STOCKS (continued)
Semiconductors & Semiconductor Equipment (continued)
Cirrus Logic, Inc. ^(A)		15,525		$ 869,400
Cree, Inc. ^(A)		28,535		1,018,699
Kulicke & Soffa Industries, Inc. ^(A)		38,030		861,380
MKS Instruments, Inc.		8,460		919,179
Nova Measuring Instruments, Ltd. ^(A)		27,445		857,931
Photronics, Inc. ^(A)		90,465		877,510
Rudolph Technologies, Inc. ^(A)		31,290		868,298
Synaptics, Inc. ^(A)		22,755		844,666

				9,748,838

Specialty Retail - 6.3%
Aaron’s, Inc.		14,880		547,584
American Eagle Outfitters, Inc.		46,975		611,614
Ascena Retail Group, Inc. ^{(A) (B)}		362,785		703,803
Barnes & Noble, Inc.		76,230		533,610
Bed Bath & Beyond, Inc.		29,920		595,408
Big 5 Sporting Goods Corp. ^(B)		91,350		580,072
Cato Corp., Class A		41,835		537,998
Chico’s FAS, Inc.		88,795		709,472
Children’s Place, Inc.		5,440		591,872
DSW, Inc., Class A		34,065		652,345
Express, Inc. ^(A)		90,680		613,904
Finish Line, Inc., Class A ^(B)		65,110		603,570
Foot Locker, Inc.		20,515		617,091
Francesca’s Holdings Corp. ^(A)		83,810		542,251
GameStop Corp., Class A ^(B)		31,985		597,800
Haverty Furniture Cos., Inc.		25,940		618,669
Hibbett Sports, Inc. ^{(A) (B)}		45,705		585,024
Office Depot, Inc.		167,955		520,661
Pier 1 Imports, Inc.		127,810		531,690
Shoe Carnival, Inc.		32,220		604,769
Tailored Brands, Inc.		46,170		713,326
Tilly’s, Inc., A Shares		52,350		623,488
Urban Outfitters, Inc. ^{(A) (B)}		27,195		666,821
Vitamin Shoppe, Inc. ^(A)		113,980		524,308
Williams-Sonoma, Inc. ^(B)		12,635		651,966
Zumiez, Inc. ^(A)		37,455		661,081

				15,740,197

Technology Hardware, Storage & Peripherals - 0.6%
NCR Corp. ^(A)		21,825		700,364
Stratasys, Ltd. ^(A)		34,660		780,543

				1,480,907

Textiles, Apparel & Luxury Goods - 2.2%
Crocs, Inc. ^(A)		88,805		905,811
Deckers Outdoor Corp. ^(A)		12,710		867,330
Fossil Group, Inc. ^{(A) (B)}		95,050		748,994
Iconix Brand Group, Inc. ^(A)		137,915		226,181
Movado Group, Inc.		26,020		720,754
Perry Ellis International, Inc. ^(A)		34,115		794,538
Ralph Lauren Corp.		8,760		783,407
Vera Bradley, Inc. ^(A)		73,440		528,768

				5,575,783

Thrifts & Mortgage Finance - 2.6%
Dime Community Bancshares, Inc.		34,785		767,009
Flagstar Bancorp, Inc. ^(A)		23,405		874,645
Nationstar Mortgage Holdings, Inc. ^(A)		42,585		829,130
Oritani Financial Corp.		43,325		734,359


	Shares		Value
COMMON STOCKS (continued)
Thrifts & Mortgage Finance (continued)
Radian Group, Inc.		42,520		$ 891,219
TrustCo Bank Corp.		82,810		759,782
United Financial Bancorp, Inc.		40,785		746,773
Washington Federal, Inc.		24,705		859,734

				6,462,651

Trading Companies & Distributors - 1.7%
Applied Industrial Technologies, Inc.		13,530		861,184
DXP Enterprises, Inc. ^(A)		23,880		765,832
Rush Enterprises, Inc., Class A ^(A)		18,165		922,419
Textainer Group Holdings, Ltd. ^(A)		46,545		909,955
WESCO International, Inc. ^(A)		14,055		887,573

				4,346,963

Wireless Telecommunication Services - 0.9%
Spok Holdings, Inc.		38,725		656,389
Telephone & Data Systems, Inc.		28,240		823,196
U.S. Cellular Corp. ^(A)		19,390		709,480

				2,189,065

Total Common Stocks (Cost $239,782,350)				245,436,307


SECURITIES LENDING COLLATERAL - 6.1%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.00% ^(C)		15,278,952		15,278,952

Total Securities Lending Collateral (Cost $15,278,952)				15,278,952


	Principal		Value
REPURCHASE AGREEMENT - 1.5%
Fixed Income Clearing Corp., 0.12%^(C), dated 10/31/2017, to be repurchased at $3,717,022 on 11/01/2017. Collateralized by a U.S. Government Obligation, 2.13%, due 08/31/2020, and with a value of $3,792,362.		$ 3,717,010		3,717,010

Total Repurchase Agreement (Cost $3,717,010)				3,717,010

Total Investments (Cost $258,778,312)				264,432,269
Net Other Assets (Liabilities) - (5.4)%				(13,457,618	)


Net Assets - 100.0%				$ 250,974,651

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


Transamerica Funds		Annual Report 2017

Page 290

Transamerica Small Cap Core

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

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	$	245,436,307	$	—	$	—	$	245,436,307
Securities Lending Collateral		15,278,952		—		—		15,278,952
Repurchase Agreement		—		3,717,010		—		3,717,010

Total Investments	$	260,715,259	$	3,717,010	$	—	$	264,432,269

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 $14,770,655. 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, 2017.
(D)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. 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 2017

Page 291

Transamerica Small Cap Growth

(unaudited)

MARKET ENVIRONMENT

The market continued its largely uninterrupted ascent during the most recent fiscal year. Remarkably, the largest drawdown during the year for the S&P 500^® was under three percent, which represents the smallest intra-year correction since 1995. Despite the lack of near-term volatility in the markets, we continue to believe we are in the midst of a long-term rate normalization process and higher interest rates will ultimately lead to higher volatility, which should align well with our focus on quality growth companies.

Despite the steady stream of unfavorable news around natural disasters, geopolitical tensions, and domestic unrest this year, corporate fundamentals continue to advance. Perhaps the largest driver of recent market strength has been accelerating earnings growth in the U.S. and other developed markets.

The U.S. economy continues to advance gradually, with real gross domestic product (“GDP”) growing in the three percent range and the unemployment rate now nearing four percent. This steady growth trajectory has represented an ideal backdrop for the U.S. Federal Reserve (“Fed”), allowing them ample time to prepare investors for a gradual monetary tightening. Although we see no indicators pointing towards imminent recession, it’s worth remembering we’re eight years into the current recovery, and historically recessions have been associated with tightening monetary conditions.

We continue to find compelling high-return franchises with durable growth opportunities, yet it’s challenging to find these franchises at reasonable prices.

PERFORMANCE

For the year ended October 31, 2017, Transamerica Small Cap Growth Class A returned 26.31%, excluding any sales charges. By comparison, its benchmark, the Russell 2000^® Growth Index, returned 31.00%.

STRATEGY REVIEW

The Fund underperformed its benchmark, as the benchmark’s performance was led by non-earning companies (particularly technology and biotech stocks), which didn’t favor the Fund’s high-quality bias during the period.

From a sector perspective, utilities, producer durables and financial services provided the strongest relative outperformance versus the benchmark. The energy, consumer discretionary and consumer staples sectors were the three biggest relative detractors in the Fund.

Supernus Pharmaceuticals, Inc., a specialty pharmaceuticals company that develops drugs to treat central nervous system diseases, was the largest contributor to performance. Strong sales and the settlement of their patent litigation drove sales results for the company’s epilepsy and migraine drugs. While we trimmed the stock several times during the year based on valuation, late in the fiscal year we added to it after a period of weakness.

Oasis Petroleum, Inc., an oil and gas producer with operations in the Bakken Shale basin, was the largest detractor in the Fund. The primary driver of the company’s performance was the decline in oil prices early in the year. Despite better well results, investors worried about the effect that lower oil prices would have on the company’s production growth and cash flow. This position was sold in favor of other opportunities.

W. Conrad Doenges

Andrew Hill

Joseph LeBate

Co-Portfolio Managers

Ranger Investment Management, L.P.


Asset Allocation	Percentage of Net Assets
Common Stocks		98.1	%
Securities Lending Collateral		16.5
Repurchase Agreement		2.0
Net Other Assets (Liabilities)		(16.6	)
Total		100.0	%


Transamerica Funds		Annual Report 2017

Page 292

Transamerica Small Cap Growth

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		19.34	%		12.96	%		11.07	%		08/31/2012
Class A (NAV)		26.31	%		14.23	%		12.29	%		08/31/2012
Russell 2000^® Growth Index^(A)		31.00	%		15.36	%		14.88	%
Class C (POP)		24.68	%		13.41	%		11.48	%		08/31/2012
Class C (NAV)		25.22	%		13.41	%		11.48	%		08/31/2012
Class I (NAV)		26.40	%		14.49	%		12.56	%		08/31/2012
Class I2 (NAV)		26.63	%		14.64	%		12.70	%		08/31/2012
Class I3 (NAV)		N/A			N/A			11.65	%^(B)		03/10/2017
Class R (NAV)		N/A			N/A			11.18	%^(B)		03/10/2017
Class R4 (NAV)		N/A			N/A			11.49	%^(B)		03/10/2017
Class R6 (NAV)		26.63	%		N/A			18.24	%		07/25/2016
Class T1 (POP)		N/A			N/A			6.49	%^(B)		03/17/2017
Class T1 (NAV)		N/A			N/A			9.19	%^(B)		03/17/2017
Advisor Class (NAV)		N/A			N/A			12.50	%^(B)		12/16/2016

^(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.

^(B) Not annualized.

The performance data presented represents past performance; future results may vary. 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 2.5% for T1 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, I2, I3, R, R4, R6 and Advisor Class shares.

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 2017

Page 293

Transamerica Small Cap Growth

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Shares		Value
COMMON STOCKS - 98.1%
Aerospace & Defense - 1.6%
Mercury Systems, Inc. ^(A)		49,960		$ 2,521,481

Auto Components - 3.9%
Dorman Products, Inc. ^(A)		37,680		2,604,065
LCI Industries		26,726		3,308,679

				5,912,744

Banks - 10.2%
Banc of California, Inc. ^(B)		282,280		5,941,994
CenterState Bank Corp.		116,352		3,099,617
LegacyTexas Financial Group, Inc.		79,190		3,158,889
South State Corp.		21,760		1,959,488
Veritex Holdings, Inc. ^(A)		52,180		1,375,465

				15,535,453

Biotechnology - 2.1%
Repligen Corp. ^(A)		84,880		3,157,536

Building Products - 2.1%
Insteel Industries, Inc.		55,080		1,407,294
PGT Innovations, Inc. ^(A)		130,590		1,841,319

				3,248,613

Chemicals - 1.5%
Quaker Chemical Corp.		15,210		2,362,417

Commercial Services & Supplies - 2.2%
Knoll, Inc.		156,265		3,315,943

Diversified Telecommunication Services - 1.9%
Cogent Communications Holdings, Inc.		52,625		2,836,488

Food Products - 4.6%
Calavo Growers, Inc. ^(B)		67,430		4,969,591
J&J Snack Foods Corp.		15,635		2,082,113

				7,051,704

Health Care Equipment & Supplies - 4.9%
Cantel Medical Corp.		31,580		3,097,367
Heska Corp. ^(A)		15,630		1,523,925
LeMaitre Vascular, Inc.		40,835		1,307,128
Neogen Corp. ^(A)		19,590		1,571,118

				7,499,538

Health Care Technology - 5.4%
Cotiviti Holdings, Inc. ^(A)		125,105		4,398,692
Medidata Solutions, Inc. ^(A)		47,765		3,593,361
Tabula Rasa HealthCare, Inc. ^(A)		8,824		254,837

				8,246,890

Hotels, Restaurants & Leisure - 1.3%
Sonic Corp. ^(B)		77,050		1,957,070

Internet Software & Services - 1.8%
MINDBODY, Inc., Class A ^{(A) (B)}		84,315		2,719,159

IT Services - 3.8%
MAXIMUS, Inc.		52,645		3,497,207
WNS Holdings, Ltd., ADR ^(A)		62,325		2,363,364

				5,860,571

Life Sciences Tools & Services - 6.4%
Cambrex Corp. ^(A)		81,111		3,508,051
PRA Health Sciences, Inc. ^(A)		77,055		6,274,588

				9,782,639

Machinery - 0.7%
Kornit Digital, Ltd. ^(A)		73,790		1,147,435


	Shares		Value
COMMON STOCKS (continued)
Oil, Gas & Consumable Fuels - 3.3%
Callon Petroleum Co. ^{(A) (B)}		179,985		$ 1,996,034
WildHorse Resource Development Corp. ^{(A) (B)}		230,050		2,992,950

				4,988,984

Personal Products - 2.8%
Inter Parfums, Inc.		91,110		4,218,393

Pharmaceuticals - 5.4%
Prestige Brands Holdings, Inc. ^(A)		75,535		3,542,591
Supernus Pharmaceuticals, Inc. ^(A)		113,390		4,717,024

				8,259,615

Professional Services - 2.8%
WageWorks, Inc. ^(A)		67,145		4,280,494

Road & Rail - 3.7%
Saia, Inc. ^(A)		87,890		5,695,272

Semiconductors & Semiconductor Equipment - 9.1%
Cabot Microelectronics Corp.		39,760		3,843,599
CEVA, Inc. ^(A)		62,010		2,995,083
Inphi Corp. ^{(A) (B)}		58,425		2,394,256
MaxLinear, Inc. ^(A)		88,740		2,171,468
Silicon Laboratories, Inc. ^(A)		25,790		2,447,471

				13,851,877

Software - 11.1%
BroadSoft, Inc. ^{(A) (B)}		87,200		4,782,920
Ellie Mae, Inc. ^{(A) (B)}		25,865		2,326,557
Pegasystems, Inc.		87,077		5,076,589
Qualys, Inc. ^(A)		88,809		4,697,996

				16,884,062

Textiles, Apparel & Luxury Goods - 3.1%
Steven Madden, Ltd. ^(A)		120,300		4,691,700

Trading Companies & Distributors - 2.4%
SiteOne Landscape Supply, Inc. ^{(A) (B)}		56,650		3,597,842

Total Common Stocks (Cost $119,982,297)				149,623,920


SECURITIES LENDING COLLATERAL - 16.5%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.00% ^(C)		25,107,893		25,107,893

Total Securities Lending Collateral (Cost $25,107,893)				25,107,893


	Principal		Value
REPURCHASE AGREEMENT - 2.0%
Fixed Income Clearing Corp., 0.12%^(C), dated 10/31/2017, to be repurchased at $3,061,030 on 11/01/2017. Collateralized by a U.S. Government Obligation, 2.13%, due 08/31/2020, and with a value of $3,127,303.		$ 3,061,020		3,061,020

Total Repurchase Agreement (Cost $3,061,020)				3,061,020

Total Investments (Cost $148,151,210)				177,792,833
Net Other Assets (Liabilities) - (16.6)%				(25,332,675	)


Net Assets - 100.0%				$ 152,460,158

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


Transamerica Funds		Annual Report 2017

Page 294

Transamerica Small Cap Growth

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

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	$	149,623,920	$	—	$	—	$	149,623,920
Securities Lending Collateral		25,107,893		—		—		25,107,893
Repurchase Agreement		—		3,061,020		—		3,061,020

Total Investments	$	174,731,813	$	3,061,020	$	—	$	177,792,833

FOOTNOTES TO SCHEDULE OF INVESTMENTS:


(A)		Non-income producing securities.
(B)		All or a portion of the securities are on loan. The total value of all securities on loan is $24,519,381. 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, 2017.
(D)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. 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 2017

Page 295

Transamerica Small Cap Value

(unaudited)

MARKET ENVIRONMENT

U.S. Small Cap equities had strong returns over the 12 months ending October 31, 2017. The fiscal year began with double-digit returns on the heels of the election in November 2016. This was driven partly by financials, a sector that expected to gain from the higher interest rates and favorable regulation coming from the U.S. Federal Reserve (“Fed”) and the new administration, respectively. Then the indexes drifted mostly sideways for nine months before staging a rally in September 2017.

In the small stock universe, there was a spread between value and growth indexes during the fiscal year; Russell 2000^® Value Index underperformed the Russell 2000^® Growth Index by approximately six percent during the period. The contrast between large and small stocks was approximately five percent; the Russell 1000^® Large Cap Index underperformed the Russell 2000^® Small Cap Index during the period.

PERFORMANCE

For the year ended October 31, 2017, Transamerica Small Cap Value Class R4 returned 23.83%, excluding any sales charges. By comparison, its benchmark, the Russell 2000^® Value Index, returned 24.81%.

STRATEGY REVIEW

The Fund underperformed its benchmark for the fiscal year ending October 31, 2017.

Fundamental factor performance improved versus the prior year. The largest positive contribution was from a momentum factor. Most other factor exposures in the Fund were positive as well, with the exception of value. This factor continues to underperform its stellar, long-term behavior. All of the weakness occurred in the first part of the year, though, and value was flat from June to October.

The Fund’s strongest sector was industrials, specifically in the capital goods industry group where several companies had good returns. Wabash National Corp., which makes truck trailers, rose 101.4%. Another transportation-related name, Greenbrier Cos., Inc., increased 69.0%. A third transportation name, Rush Enterprises, Inc., which is a commercial truck dealer, rose 41.0%. All outperformed after several strong earnings results.

Another area of positive stock selection was real estate. Dupont Fabros Technology, Inc., a data center real estate investment trust, led the pack with a strong 47.9% return after entering into a deal to be acquired by rival Digital Realty. Another strong holding, Xenia Hotels & Resorts, Inc., had a 47.5% return.

The Fund’s weakest sector for stock selection was health care. A notable amount of the weakness in this sector was due to biotech names that skyrocketed and were not owned in the Fund. There were seven names in the benchmark that increased more than 190% over the year. We owned none of them. One name we did own was Retrophin, Inc., which by comparison only rose 32.5%.

David Hanna

James W. Gaul, CFA

Michael J. Vogelzang, CFA

Douglas A. Riley, CFA

Co-Portfolio Managers

Boston Advisors, LLC


Asset Allocation	Percentage of Net Assets
Common Stocks		97.1	%
Securities Lending Collateral		9.7
Repurchase Agreement		2.2
Master Limited Partnership		0.8
Net Other Assets (Liabilities)		(9.8	)
Total		100.0	%


Transamerica Funds		Annual Report 2017

Page 296

Transamerica Small Cap Value

(unaudited)

LOGO

Average Annual Total Return for Periods Ended 10/31/2017

1 Year

5 Year

10 Years or
Since Inception
Date of Class

Inception Date

Class A (POP)

N/A

1.88

%^(A)

04/21/2017

Class A (NAV)

N/A

7.76

%^(A)

04/21/2017

Class C (POP)

N/A

6.34

%^(A)

04/21/2017

Class C (NAV)

N/A

7.34

%^(A)

04/21/2017

Class I (NAV)

N/A

7.89

%^(A)

04/21/2017

Class I2 (NAV)

N/A

7.89

%^(A)

04/21/2017

Class I3 (NAV)

N/A

8.07

%^(A)

04/21/2017

Class R (NAV)

N/A

7.71

%^(A)

04/21/2017

Class R4 (NAV)

23.83

12.38

6.87

01/23/2003

Russell 2000^® Value Index^(B)

24.81

13.58

7.04

Class R6 (NAV)

N/A

7.93

%^(A)

04/21/2017

Class T1 (POP)

N/A

5.10

%^(A)

04/21/2017

Class T1 (NAV)

N/A

7.75

%^(A)

04/21/2017

Advisor Class (NAV)

N/A

7.93

%^(A)

04/21/2017

^(A) Not annualized.

^(B) 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 performance data presented represents past performance; future results may vary. 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 2.5% for T1 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, I2, I3, R, R4, R6 and Advisor Class shares.

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 2017

Page 297

Transamerica Small Cap Value

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Shares		Value
COMMON STOCKS - 97.1%
Auto Components - 1.8%
Fox Factory Holding Corp. ^(A)		127,190		$ 5,411,934

Banks - 18.1%
Associated Banc-Corp.		209,060		5,289,218
Banc of California, Inc. ^(B)		191,130		4,023,286
Berkshire Hills Bancorp, Inc.		133,770		5,123,391
Cathay General Bancorp		116,225		4,858,205
Customers Bancorp, Inc. ^(A)		150,115		4,104,144
Enterprise Financial Services Corp.		61,400		2,677,040
First Citizens BancShares, Inc., Class A		11,970		4,847,850
First Horizon National Corp.		221,980		4,166,565
Hanmi Financial Corp.		125,865		3,870,349
IBERIABANK Corp.		63,090		4,652,887
TriCo Bancshares		67,980		2,815,732
United Community Banks, Inc.		161,540		4,429,427
Valley National Bancorp		437,130		5,026,995

				55,885,089

Biotechnology - 2.3%
Repligen Corp. ^(A)		86,980		3,235,656
Retrophin, Inc. ^(A)		154,555		3,843,783

				7,079,439

Capital Markets - 4.6%
Evercore, Inc., Class A		63,595		5,093,960
Moelis & Co., Class A		120,610		5,156,077
Stifel Financial Corp.		74,830		3,968,235

				14,218,272

Chemicals - 1.2%
Ferro Corp. ^(A)		153,060		3,645,889

Commercial Services & Supplies - 1.4%
Casella Waste Systems, Inc., Class A ^(A)		234,640		4,331,454

Construction & Engineering - 3.0%
EMCOR Group, Inc.		57,525		4,631,338
Tutor Perini Corp. ^(A)		159,260		4,491,132

				9,122,470

Construction Materials - 1.3%
US Concrete, Inc. ^{(A) (B)}		52,980		4,143,036

Electric Utilities - 2.4%
Portland General Electric Co.		108,590		5,184,087
Spark Energy, Inc., Class A ^(B)		152,040		2,128,560

				7,312,647

Electronic Equipment, Instruments & Components - 3.5%
ePlus, Inc. ^(A)		57,446		5,491,837
Vishay Intertechnology, Inc.		240,695		5,355,464

				10,847,301

Energy Equipment & Services - 2.3%
McDermott International, Inc. ^(A)		552,620		3,658,345
Unit Corp. ^(A)		185,670		3,475,742

				7,134,087

Equity Real Estate Investment Trusts - 10.3%
CareTrust REIT, Inc.		279,235		5,277,541
Corporate Office Properties Trust		126,960		4,053,833
National Storage Affiliates Trust		173,240		4,294,620
PS Business Parks, Inc.		39,470		5,223,065
Summit Hotel Properties, Inc.		288,730		4,564,821
Washington Prime Group, Inc.		397,830		3,115,009


	Shares		Value
COMMON STOCKS (continued)
Equity Real Estate Investment Trusts (continued)
Xenia Hotels & Resorts, Inc.		244,535		$ 5,321,082

				31,849,971

Food Products - 1.5%
Darling Ingredients, Inc. ^(A)		260,960		4,762,520

Gas Utilities - 1.6%
Southwest Gas Holdings, Inc.		61,615		5,076,460

Health Care Equipment & Supplies - 1.3%
Lantheus Holdings, Inc. ^(A)		207,600		4,131,240

Health Care Providers & Services - 1.4%
HealthSouth Corp.		95,170		4,391,144

Health Care Technology - 1.5%
Allscripts Healthcare Solutions, Inc. ^(A)		341,350		4,601,398

Hotels, Restaurants & Leisure - 2.7%
Bloomin’ Brands, Inc.		199,550		3,547,999
Boyd Gaming Corp.		160,820		4,700,769

				8,248,768

Household Durables - 1.6%
LGI Homes, Inc. ^{(A) (B)}		79,950		4,823,383

Household Products - 1.3%
Central Garden & Pet Co., Class A ^(A)		104,164		3,844,693

Independent Power & Renewable Electricity Producers - 1.4%
Ormat Technologies, Inc.		65,050		4,223,696

Insurance - 3.3%
CNO Financial Group, Inc.		192,240		4,607,993
Selective Insurance Group, Inc.		93,850		5,593,460

				10,201,453

Internet & Direct Marketing Retail - 1.5%
Nutrisystem, Inc.		94,850		4,737,757

Leisure Products - 1.5%
Malibu Boats, Inc., Class A ^(A)		144,740		4,515,888

Machinery - 6.3%
Greenbrier Cos., Inc. ^(B)		86,075		4,493,115
Harsco Corp. ^(A)		238,300		5,063,875
Timken Co.		97,225		4,584,159
Wabash National Corp. ^(B)		231,180		5,201,550

				19,342,699

Multi-Utilities - 1.2%
Black Hills Corp. ^(B)		57,180		3,731,567

Multiline Retail - 1.3%
Big Lots, Inc. ^(B)		80,405		4,125,581

Oil, Gas & Consumable Fuels - 2.4%
Delek US Holdings, Inc.		125,730		3,275,266
Enerplus Corp.		462,710		4,243,051

				7,518,317

Paper & Forest Products - 1.4%
Louisiana-Pacific Corp. ^(A)		163,010		4,430,612

Semiconductors & Semiconductor Equipment - 1.7%
Cirrus Logic, Inc. ^(A)		58,480		3,274,880
Rudolph Technologies, Inc. ^(A)		74,827		2,076,449

				5,351,329

Specialty Retail - 2.1%
Camping World Holdings, Inc., Class A		86,220		3,622,965
J. Jill, Inc. ^{(A) (B)}		544,030		2,779,993

				6,402,958

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


Transamerica Funds		Annual Report 2017

Page 298

Transamerica Small Cap Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Shares		Value
COMMON STOCKS (continued)
Thrifts & Mortgage Finance - 4.4%
HomeStreet, Inc. ^(A)		197,840		$ 5,747,252
Meta Financial Group, Inc.		33,570		2,928,982
Washington Federal, Inc.		141,815		4,935,162

				13,611,396

Trading Companies & Distributors - 3.5%
Rush Enterprises, Inc., Class A ^(A)		100,290		5,092,726
Triton International, Ltd. ^(A)		139,620		5,570,838

				10,663,564

Total Common Stocks (Cost $252,851,548)				299,718,012


MASTER LIMITED PARTNERSHIP - 0.8%
Oil, Gas & Consumable Fuels - 0.8%
Tallgrass Energy Partners, LP		54,090		2,360,488

Total Master Limited Partnership (Cost $2,119,068)				2,360,488


	Shares		Value
SECURITIES LENDING COLLATERAL - 9.7%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.00% ^(C)		29,958,627		$ 29,958,627

Total Securities Lending Collateral (Cost $29,958,627)				29,958,627


	Principal		Value
REPURCHASE AGREEMENT - 2.2%
Fixed Income Clearing Corp., 0.12%^(C), dated 10/31/2017, to be repurchased at $6,761,914 on 11/01/2017. Collateralized by a U.S. Government Obligation, 2.13%, due 08/31/2020, and with a value of $6,899,358.		$ 6,761,892		6,761,892

Total Repurchase Agreement (Cost $6,761,892)				6,761,892

Total Investments (Cost $291,691,135)				338,799,019
Net Other Assets (Liabilities) - (9.8)%				(30,230,030	)


Net Assets - 100.0%				$ 308,568,989

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	$	299,718,012	$	—	$	—	$	299,718,012
Master Limited Partnership		2,360,488		—		—		2,360,488
Securities Lending Collateral		29,958,627		—		—		29,958,627
Repurchase Agreement		—		6,761,892		—		6,761,892

Total Investments	$	332,037,127	$	6,761,892	$	—	$	338,799,019

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 $29,299,744. 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, 2017.
(D)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. 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 2017

Page 299

Transamerica Small/Mid Cap Value

(unaudited)

MARKET ENVIRONMENT

Systematic Financial Management, L.P.

Thompson, Siegel & Walmsley LLC

U.S. equity markets have remained resilient and moved decisively higher over the past 12 months. While the economic backdrop has generally been positive, the bull market has also been notably impacted by post-election rhetoric and other macro factors. At times the market has priced in a high degree of certainty for specific pro-business policy changes occurring in Washington, which has caused meaningful dispersion amongst pockets of the markets. These changes include bank deregulation, a more hawkish interest rate environment, health care overhaul, and tax reform, to name a few. While November and December continued the trend of small cap and value style leadership, 2017 has seen a shift in leadership to large cap and growth styles of investing.

Valuation levels remain elevated relative to history in our view, making the market more vulnerable to negative news and has appeared to have a lower threshold for error or disappointment. We continue to remain patient in environments with this backdrop, as we have proven to add value over time by staying true to our philosophy of investing in companies priced at a discount to their intrinsic value with improving fundamentals and strong cash flow.

PERFORMANCE

For the year ended October 31, 2017, Transamerica Small/Mid Cap Value Class A returned 24.23%, excluding any sales charges. By comparison, its benchmark, the Russell 2500™ Value Index, returned 19.97%.

STRATEGY REVIEW

Systematic Financial Management, L.P.

In the small-cap sleeve, Systematic Financial Management, L.P. (“Systematic”) generally invests in common stocks of companies with small capitalizations that are attractively valued. The sub-adviser’s security selection process generally favors companies with strong operating cash flow, strong free cash flow, limited financial leverage and strong debt coverage.

The small-cap sleeve outperformed the Russell 2000^® Value Index for the fiscal year ending October 31, 2017.

From an attribution perspective, strong stock selection stood out during the fiscal year. Selection in the information technology sector drove the lion’s share of Systematic’s outperformance, and our positions in the materials and financials sectors further enhanced relative returns. Holdings in the industrial, consumer staples, and utility sectors, on the other hand, underperformed.

Meanwhile, sector allocation had a very positive impact on relative performance; every sector but financials contributed favorably from an allocation perspective. An overweight to industrials, an underweight to energy, and an overweight to information technology were especially positive drivers, while an underweight to the financials sector was a slight detractor.

Looking closer, Systematic’s focus on safety and cash flow sustainability was rewarded nicely during the fiscal year. Investors were especially mindful of individual company fundamentals and risks in their trading, leading to strong efficacy of some of the risk metrics we utilize, such as interest coverage. The stocks of companies with high interest coverage outperformed in the fiscal year, while the equities of firms with lower interest coverage trailed the market.


Transamerica Funds		Annual Report 2017

Page 300

Transamerica Small/Mid Cap Value

(unaudited)

STRATEGY REVIEW (continued)

Thompson, Siegel & Walmsley LLC

In the mid-cap sleeve, Thompson, Siegel & Walmsley LLC (“TSW”) seeks to invest in companies it believes present a value or potential worth that is not recognized by prevailing market prices or that have experienced some fundamental changes and are intrinsically undervalued by the investment community. The sub-adviser’s process uses a combination of quantitative and qualitative methods and is based on a four-factor valuation screen.

The mid-cap sleeve underperformed the Russell MidCap^® Value Index, for the fiscal year ending October 31, 2017.

From a traditional attribution perspective, financial and energy sectors were the most notable contributors to performance. Within the financial services sector, the Fund has benefited from positive stock selection across a variety of industries. Specifically, the Fund’s underweight to equity real estate investment trusts (“REITs”), and selection within both insurance and consumer finance companies have had a meaningful impact on performance. Within the energy sector, the Fund benefited from stock selection and sector allocation. Our diversified positioning across natural gas producers, refiners, a solar power company, and an off-shore oil driller helped protect capital throughout the year. The top contributors were natural gas supplier Rice Energy, Inc. (“Rice”) and utility-scale solar provider First Solar, Inc. Rice received a buyout offer from EQT, an integrated energy company with major interests in the Appalachian Basin. First Solar, Inc. shares responded favorably to tariff threats on solar panel importers and consistent execution within its core business.

Consumer discretionary and producer durables were the two most notable detractors from performance. In consumer discretionary, holdings in retail and media posed a headwind. Advance Auto Parts, Inc., a fairly recent addition to the Fund and the largest retailer of automotive replacement parts and accessories, was the largest detractor during the year. Management lowered forward guidance due to higher than expected spending needed for the business. We continue to hold the stock and expect the professional installation services segment to be somewhat insulated from Amazon.com, Inc. We also believe the increased investment in the business positions the company for significant margin expansion in the coming years. Within producer durables, the Fund suffered from industry specific headwinds rather than a deterioration in the underlying fundamentals of our holdings. We were most negatively impacted by our underweight position within machinery stocks and our lack of exposure to the aerospace & defense industries. Our airlines holdings also faced headwinds, as our names sold off along with the broader industry group due to higher fuel costs and increased competitive pressure.

Kenneth Burgess, CFA

Portfolio Manager

Systematic Financial Management, L.P.

Brett P. Hawkins, CFA

Portfolio Manager

Thompson, Siegel & Walmsley LLC


Asset Allocation	Percentage of Net Assets
Common Stocks		96.6	%
Securities Lending Collateral		6.4
Repurchase Agreement		0.3
Net Other Assets (Liabilities)		(3.3	)
Total		100.0	%


Transamerica Funds		Annual Report 2017

Page 301

Transamerica Small/Mid Cap Value

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		17.40	%		12.18	%		7.27	%		04/02/2001
Class A (NAV)		24.23	%		13.46	%		7.88	%		04/02/2001
Russell 2500™ Value Index^(A)		19.97	%		13.46	%		7.57	%
Class B (POP)		18.29	%		12.50	%		7.30	%		04/02/2001
Class B (NAV)		23.29	%		12.63	%		7.30	%		04/02/2001
Class C (POP)		22.43	%		12.70	%		7.19	%		11/11/2002
Class C (NAV)		23.43	%		12.70	%		7.19	%		11/11/2002
Class I (NAV)		24.68	%		13.87	%		14.59	%		11/30/2009
Class I2 (NAV)		24.80	%		13.98	%		8.44	%		11/15/2005
Class R6 (NAV)		24.79	%		N/A			9.53	%		05/29/2015
Class T1 (POP)		N/A			N/A			2.22	%^(B)		03/17/2017
Class T1 (NAV)		N/A			N/A			4.83	%^(B)		03/17/2017
Advisor Class (NAV)		N/A			N/A			9.00	%^(B)		12/16/2016

^(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.

^(B) Not annualized.

The performance data presented represents past performance; future results may vary. 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 2.5% for T1 shares or the maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 6 years) for Class B shares and 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 (5% in the 1st year, decreasing to 0% after 7 years) for Class B shares and (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, I2, R6 and Advisor Class shares.

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 2017

Page 302

Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Shares		Value
COMMON STOCKS - 96.6%
Aerospace & Defense - 0.8%
Aerojet Rocketdyne Holdings, Inc. ^(A)		41,700		$ 1,316,886
Aerovironment, Inc. ^(A)		31,239		1,598,187
Cubic Corp.		33,900		1,849,245
Curtiss-Wright Corp.		16,500		1,951,125

				6,715,443

Airlines - 2.5%
Alaska Air Group, Inc.		134,900		8,907,447
JetBlue Airways Corp. ^(A)		331,800		6,353,970
United Continental Holdings, Inc. ^(A)		108,400		6,339,232

				21,600,649

Auto Components - 0.7%
Gentex Corp.		64,000		1,242,240
Stoneridge, Inc. ^(A)		93,500		2,126,190
Visteon Corp. ^(A)		23,000		2,898,920

				6,267,350

Banks - 6.8%
Berkshire Hills Bancorp, Inc.		126,631		4,849,967
CIT Group, Inc.		236,800		11,039,616
First Citizens BancShares, Inc., Class A		19,413		7,862,265
First Community Bancshares, Inc.		151,340		4,520,526
First Republic Bank		19,500		1,899,300
Hanmi Financial Corp.		70,500		2,167,875
Hope Bancorp, Inc.		96,382		1,778,248
Lakeland Bancorp, Inc.		241,500		4,962,825
Sandy Spring Bancorp, Inc.		110,800		4,477,428
Sterling Bancorp		181,000		4,534,050
Umpqua Holdings Corp.		154,500		3,161,070
Union Bankshares Corp.		50,000		1,725,500
United Community Banks, Inc.		103,000		2,824,260
Washington Trust Bancorp, Inc.		36,271		2,013,041
Webster Financial Corp.		35,500		1,952,145

				59,768,116

Biotechnology - 0.7%
United Therapeutics Corp. ^(A)		53,100		6,297,129


Building Products - 1.9%
American Woodmark Corp. ^(A)		13,000		1,255,800
Caesarstone, Ltd. ^(A)		138,000		3,905,400
Continental Building Products, Inc. ^(A)		215,500		5,753,850
Gibraltar Industries, Inc. ^(A)		33,500		1,113,875
Insteel Industries, Inc.		25,000		638,750
JELD-WEN Holding, Inc. ^(A)		64,500		2,378,760
Masonite International Corp. ^(A)		15,000		1,006,500
PGT Innovations, Inc. ^(A)		75,500		1,064,550

				17,117,485

Capital Markets - 1.8%
E*TRADE Financial Corp. ^(A)		150,000		6,538,500
Legg Mason, Inc.		63,600		2,428,248
Piper Jaffray Cos.		44,000		3,216,400
Stifel Financial Corp.		50,000		2,651,500
Waddell & Reed Financial, Inc., Class A ^(B)		35,200		657,888

				15,492,536

Chemicals - 1.4%
Albemarle Corp.		13,000		1,831,570
Chase Corp.		8,800		1,045,000
Mosaic Co.		169,200		3,779,928


	Shares		Value
COMMON STOCKS (continued)
Chemicals (continued)
PPG Industries, Inc.		23,400		$ 2,720,016
Trinseo SA		47,000		3,337,000

				12,713,514

Commercial Services & Supplies - 1.8%
HNI Corp.		27,000		923,940
Hudson Technologies, Inc. ^{(A) (B)}		129,500		766,640
KAR Auction Services, Inc.		107,300		5,078,509
Knoll, Inc.		60,500		1,283,810
Stericycle, Inc. ^(A)		77,500		5,490,875
Tetra Tech, Inc.		47,500		2,339,375

				15,883,149

Communications Equipment - 1.7%
ARRIS International PLC ^(A)		322,164		9,181,674
KVH Industries, Inc. ^(A)		329,000		3,799,950
NETGEAR, Inc. ^(A)		38,600		1,800,690

				14,782,314

Construction & Engineering - 1.6%
Comfort Systems USA, Inc.		82,500		3,654,750
EMCOR Group, Inc.		50,000		4,025,500
Granite Construction, Inc.		46,500		2,961,585
KBR, Inc.		162,000		3,180,060

				13,821,895

Construction Materials - 0.4%
US Concrete, Inc. ^{(A) (B)}		41,000		3,206,200

Consumer Finance - 0.6%
Ally Financial, Inc.		192,300		5,024,799

Diversified Consumer Services - 0.9%
H&R Block, Inc.		310,000		7,669,400

Diversified Financial Services - 0.6%
Voya Financial, Inc.		126,776		5,091,324

Electric Utilities - 4.4%
Alliant Energy Corp.		177,200		7,665,672
FirstEnergy Corp.		503,500		16,590,325
PPL Corp.		266,100		9,994,716
Xcel Energy, Inc.		81,500		4,035,880

				38,286,593

Electrical Equipment - 0.6%
LSI Industries, Inc.		174,600		1,213,470
Regal Beloit Corp.		43,500		3,530,025
Revolution Lighting Technologies, Inc. ^{(A) (B)}		97,000		539,320

				5,282,815

Electronic Equipment, Instruments & Components - 4.6%
Avnet, Inc.		192,559		7,663,848
Belden, Inc.		22,300		1,781,993
Benchmark Electronics, Inc. ^(A)		3,000		92,850
Coherent, Inc. ^(A)		24,500		6,436,395
Control4 Corp. ^(A)		212,500		6,258,125
Daktronics, Inc.		43,100		442,637
Methode Electronics, Inc.		28,500		1,336,650
Orbotech, Ltd. ^(A)		194,000		8,675,680
Universal Display Corp.		33,500		4,907,750
Vishay Intertechnology, Inc. ^(B)		143,500		3,192,875

				40,788,803

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


Transamerica Funds		Annual Report 2017

Page 303

Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Shares		Value
COMMON STOCKS (continued)
Energy Equipment & Services - 0.6%
Helmerich & Payne, Inc. ^(B)		33,000		$ 1,792,230
Transocean, Ltd. ^{(A) (B)}		340,000		3,570,000

				5,362,230

Equity Real Estate Investment Trusts - 6.3%
Brandywine Realty Trust		176,500		3,086,985
Community Healthcare Trust, Inc.		167,500		4,594,525
Crown Castle International Corp.		37,500		4,015,500
DiamondRock Hospitality Co.		348,500		3,784,710
Iron Mountain, Inc.		68,300		2,732,000
Lexington Realty Trust		280,200		2,835,624
Liberty Property Trust		62,500		2,680,000
National Retail Properties, Inc.		34,500		1,386,210
Outfront Media, Inc.		49,100		1,151,395
Physicians Realty Trust		166,000		2,885,080
Piedmont Office Realty Trust, Inc., Class A		67,500		1,305,450
Sabra Health Care REIT, Inc.		84,800		1,689,216
Summit Hotel Properties, Inc.		298,500		4,719,285
Uniti Group, Inc. ^(B)		457,978		8,014,615
VEREIT, Inc.		1,311,300		10,346,157

				55,226,752

Food & Staples Retailing - 1.8%
Casey’s General Stores, Inc. ^(B)		103,900		11,903,823
US Foods Holding Corp. ^(A)		142,100		3,876,488

				15,780,311

Food Products - 1.3%
Kellogg Co.		183,100		11,449,243

Health Care Equipment & Supplies - 1.6%
AngioDynamics, Inc. ^(A)		45,000		763,650
DENTSPLY SIRONA, Inc.		143,700		8,775,759
Meridian Bioscience, Inc.		7,300		109,135
Zimmer Biomet Holdings, Inc.		33,600		4,086,432

				13,734,976

Health Care Providers & Services - 5.1%
AmerisourceBergen Corp.		101,000		7,771,950
AMN Healthcare Services, Inc. ^(A)		35,050		1,538,695
Cardinal Health, Inc.		174,300		10,789,170
HealthSouth Corp.		59,500		2,745,330
Laboratory Corp. of America Holdings ^(A)		49,000		7,531,790
MEDNAX, Inc. ^(A)		232,347		10,174,475
WellCare Health Plans, Inc. ^(A)		19,600		3,875,704

				44,427,114

Health Care Technology - 0.2%
Omnicell, Inc. ^(A)		30,500		1,518,900

Hotels, Restaurants & Leisure - 0.3%
Churchill Downs, Inc.		14,500		3,023,975

Household Durables - 0.4%
Helen of Troy, Ltd. ^(A)		24,450		2,271,405
La-Z-Boy, Inc.		61,000		1,643,950

				3,915,355

Household Products - 0.5%
Spectrum Brands Holdings, Inc. ^(B)		40,600		4,462,752

Independent Power & Renewable Electricity Producers - 1.2%
AES Corp.		973,500		10,348,305


	Shares		Value
COMMON STOCKS (continued)
Independent Power & Renewable Electricity Producers (continued)
Insurance - 7.6%
Alleghany Corp. ^(A)		21,100		$ 11,947,242
Allstate Corp.		69,600		6,532,656
Aspen Insurance Holdings, Ltd.		46,000		1,973,400
FNF Group		171,500		6,417,530
Loews Corp.		183,600		9,090,036
Markel Corp. ^(A)		4,100		4,445,630
Progressive Corp.		188,400		9,165,660
Selective Insurance Group, Inc.		107,800		6,424,880
United Fire Group, Inc.		108,293		4,991,224
Validus Holdings, Ltd.		44,000		2,291,520
Willis Towers Watson PLC		23,400		3,769,272

				67,049,050

Internet & Direct Marketing Retail - 1.0%
Liberty Expedia Holdings, Inc., Class A ^(A)		113,800		5,246,180
Liberty Interactive Corp QVC Group, Series A ^(A)		121,100		2,751,392
Nutrisystem, Inc.		17,800		889,110

				8,886,682

Internet Software & Services - 0.4%
IAC/InterActiveCorp ^(A)		25,000		3,226,250


IT Services - 1.7%
Black Knight, Inc. ^(A)		56,083		2,543,364
Global Payments, Inc.		24,200		2,515,590
Leidos Holdings, Inc.		53,000		3,313,560
Western Union Co.		320,600		6,367,116

				14,739,630

Machinery - 1.9%
Altra Industrial Motion Corp.		54,000		2,586,600
Columbus McKinnon Corp.		60,192		2,381,196
Douglas Dynamics, Inc.		68,000		2,852,600
Gencor Industries, Inc. ^(A)		72,600		1,314,060
Mueller Industries, Inc.		92,500		3,214,375
Oshkosh Corp.		24,000		2,197,440
Watts Water Technologies, Inc., Class A		36,500		2,460,100

				17,006,371

Media - 6.8%
AMC Networks, Inc., Class A ^(A)		148,987		7,580,459
Discovery Communications, Inc., Class C ^(A)		586,181		10,439,884
DISH Network Corp., Class A ^(A)		133,300		6,470,382
Liberty Media Corp. - Liberty SiriusXM, Class C ^(A)		123,373		5,138,485
Lions Gate Entertainment Corp., Class B ^(A)		87,719		2,426,307
Madison Square Garden Co., Class A ^(A)		28,064		6,249,572
MSG Networks, Inc., Class A ^(A)		100,100		1,736,735
News Corp., Class A		752,200		10,275,052
Viacom, Inc., Class B		375,200		9,016,056

				59,332,932

Metals & Mining - 0.3%
Kaiser Aluminum Corp.		26,500		2,628,270

Mortgage Real Estate Investment Trusts - 1.2%
Annaly Capital Management, Inc.		886,242		10,156,333

Multi-Utilities - 2.2%
NorthWestern Corp.		85,000		5,038,800
SCANA Corp.		248,900		10,737,546

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


Transamerica Funds		Annual Report 2017

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Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Shares		Value
COMMON STOCKS (continued)
Multi-Utilities (continued)
WEC Energy Group, Inc.		55,800		$ 3,760,362

				19,536,708

Oil, Gas & Consumable Fuels - 3.6%
Andeavor		10,523		1,117,963
Antero Resources Corp. ^{(A) (B)}		519,800		10,084,120
Callon Petroleum Co. ^{(A) (B)}		196,500		2,179,185
Delek US Holdings, Inc.		28,896		752,741
Energen Corp. ^(A)		34,800		1,799,160
Gulfport Energy Corp. ^(A)		133,000		1,822,100
Range Resources Corp. ^(B)		461,500		8,357,765
REX American Resources Corp. ^(A)		29,500		2,601,310
Rice Energy, Inc. ^(A)		87,500		2,480,625

				31,194,969

Paper & Forest Products - 0.6%
Domtar Corp.		87,000		4,116,840
P.H. Glatfelter Co.		52,000		1,089,920

				5,206,760

Pharmaceuticals - 0.4%
Nektar Therapeutics ^(A)		159,033		3,831,105

Professional Services - 1.0%
FTI Consulting, Inc. ^(A)		20,500		876,375
Heidrick & Struggles International, Inc.		144,500		3,590,825
ICF International, Inc. ^(A)		25,000		1,342,500
On Assignment, Inc. ^(A)		49,500		3,030,390

				8,840,090

Real Estate Management & Development - 0.4%
CBRE Group, Inc., Class A ^(A)		97,600		3,837,632

Road & Rail - 0.3%
AMERCO		7,450		2,925,168

Semiconductors & Semiconductor Equipment - 2.8%
AXT, Inc. ^(A)		130,500		1,213,650
Brooks Automation, Inc.		54,000		1,857,060
Cohu, Inc.		173,000		4,463,400
Entegris, Inc.		88,000		2,882,000
First Solar, Inc. ^(A)		43,500		2,384,670
MKS Instruments, Inc.		35,500		3,857,075
Qorvo, Inc. ^(A)		28,074		2,128,290
Silicon Motion Technology Corp., ADR ^(B)		67,000		3,244,140
Xcerra Corp. ^(A)		250,000		2,462,500

				24,492,785

Software - 2.1%
Barracuda Networks, Inc. ^(A)		1,500		34,965
CA, Inc.		156,500		5,067,470
Dell Technologies, Inc., Class V ^(A)		76,700		6,348,459
Open Text Corp.		74,500		2,606,010
Synopsys, Inc. ^(A)		30,000		2,595,600
TiVo Corp.		120,698		2,190,669

				18,843,173

Specialty Retail - 3.2%
Abercrombie & Fitch Co., Class A		123,000		1,651,890
Advance Auto Parts, Inc.		126,000		10,299,240
American Eagle Outfitters, Inc.		274,500		3,573,990
Bed Bath & Beyond, Inc.		389,300		7,747,070
Foot Locker, Inc.		22,000		661,760


	Shares		Value
COMMON STOCKS (continued)
Specialty Retail (continued)
Urban Outfitters, Inc. ^{(A) (B)}		55,000		$ 1,348,600
Williams-Sonoma, Inc. ^(B)		60,000		3,096,000

				28,378,550

Technology Hardware, Storage & Peripherals - 1.3%
NetApp, Inc.		120,400		5,348,168
Western Digital Corp.		71,000		6,338,170

				11,686,338

Textiles, Apparel & Luxury Goods - 1.6%
Deckers Outdoor Corp. ^(A)		33,200		2,265,568
Michael Kors Holdings, Ltd. ^(A)		200,700		9,796,167
Steven Madden, Ltd. ^(A)		55,350		2,158,650

				14,220,385

Thrifts & Mortgage Finance - 2.1%
Dime Community Bancshares, Inc.		134,500		2,965,725
Oritani Financial Corp.		51,500		872,925
Provident Financial Services, Inc.		114,500		3,114,400
TrustCo Bank Corp.		175,700		1,612,048
United Financial Bancorp, Inc.		264,258		4,838,564
Washington Federal, Inc.		141,000		4,906,800

				18,310,462

Trading Companies & Distributors - 1.0%
AerCap Holdings NV ^(A)		161,600		8,506,624

Total Common Stocks (Cost $703,140,909)				847,895,694


SECURITIES LENDING COLLATERAL - 6.4%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.00% ^(C)		55,979,957		55,979,957

Total Securities Lending Collateral (Cost $55,979,957)				55,979,957


	Principal		Value
REPURCHASE AGREEMENT - 0.3%
Fixed Income Clearing Corp., 0.12%^(C), dated 10/31/2017, to be repurchased at $2,643,310 on 11/01/2017. Collateralized by a U.S. Government Agency Obligation, 1.38%, due 09/28/2020, and with a value of $2,697,213.		$ 2,643,301		2,643,301

Total Repurchase Agreement (Cost $2,643,301)				2,643,301

Total Investments (Cost $761,764,167)				906,518,952
Net Other Assets (Liabilities) - (3.3)%				(29,076,610	)


Net Assets - 100.0%				$ 877,442,342

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


Transamerica Funds		Annual Report 2017

Page 305

Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

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	$	847,895,694	$	—	$	—	$	847,895,694
Securities Lending Collateral		55,979,957		—		—		55,979,957
Repurchase Agreement		—		2,643,301		—		2,643,301

Total Investments	$	903,875,651	$	2,643,301	$	—	$	906,518,952

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 $54,626,788. 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, 2017.
(D)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. 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 2017

Page 306

Transamerica Strategic High Income

(unaudited)

MARKET ENVIRONMENT

One could characterize the last 12 months as simply ‘risk-on’ with equities, high yield bonds, and preferred stocks all performing well for the fiscal year ending October 31, 2017. Reasons behind these market moves include strong earnings growth, continued global central bank stimulus and the belief that President Trump’s election may lead to significant tax reform, infrastructure spending, and reduced regulation on business. While the U.S. Federal Reserve (“Fed”) raised their Federal Funds target rate three times and announced a reduction to their balance sheet beginning in October 2017, the European Central Bank and the Bank of England signaled a more dovish tone, which investors interpreted as being market friendly as economic growth and inflation remained stubbornly low. Credit spreads, though volatile at times, tightened throughout the fiscal year as high yield defaults declined, corporate profitability continued to improve, and the potential for reduced U.S. corporate tax rates became a key focus in Washington. The S&P 500^® returned 23.63% led by large high-tech growth companies. High yield returned 9.14% and preferred stocks returned 6.58%.

PERFORMANCE

For the year ended October 31, 2017, Transamerica Strategic High Income Class A returned 13.77%, excluding any sales charges. By comparison, its primary and secondary benchmarks, the S&P 500^® and the Transamerica Strategic High Income Blended Benchmark, returned 23.63% and 17.28%, respectively.

STRATEGY REVIEW

The Fund invests in a mix of common equities, high yield credit and preferred stocks to generate current income consistent with its primary objective as well as total return.

Within common equities, the largest contributors to absolute performance were the financial services and technology sectors. Many of our financial services holdings benefited from an increase in interest rates throughout the year and anticipation of reduced regulatory burdens from President Trump’s administration. Our technology holdings had several large winners — Apple, Inc., Microsoft Corp., Intel Corp., and Alphabet, Inc. — all returning over 25% for the year on strong fundamental performance and anticipation of improved cash repatriation policies. Despite the strong performance in technology, the sector underperformed the benchmark’s technology holdings due to an investment in QUALCOMM, Inc. and stellar performance from “FANG” (Facebook, Inc., Amazon.com, Inc., Netflix, Inc. and Alphabet, Inc., formerly known as Google) stocks, none of which pay dividends and only one, Alphabet, Inc., was held by the Fund. Individually, the Fund’s biggest contributors were AbbVie, Inc. and Microsoft Corp. The Fund’s smallest contributing sectors to absolute performance were consumer staples, dragged down by losses from Spectrum Brands (no longer held at period end), and utilities, one of the Fund’s smaller sectors which largely kept pace with the benchmark’s returns. Individually the Fund’s worst contributors were Regal Entertainment Group and Macquarie Infrastructure Corp.

Within credit, selection led to strong absolute performance with the Fund’s high yield holdings and the Fund’s preferred stocks. The solid performance in high yield was broad based as corporate spreads tightened significantly during the year. Top individual credit contributors were Dell International LLC and HollyFrontier Corp. bonds while laggards were Capital One Financial Cor. preferred stock (no longer held at period end) and Uniti Group, LP bonds.

William M. Bellamy, CFA

Portfolio Manager

Thompson, Siegel & Walmsley LLC


Asset Allocation	Percentage of Net Assets
Common Stocks		48.4	%
Corporate Debt Securities		42.2
Securities Lending Collateral		5.7
Preferred Stocks		5.6
Master Limited Partnerships		3.2
Repurchase Agreement		1.5
Net Other Assets (Liabilities)		(6.6	)

Total		100.0	%


Transamerica Funds		Annual Report 2017

Page 307

Transamerica Strategic High Income

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		7.51	%		4.89	%		03/01/2014
Class A (NAV)		13.77	%		6.51	%		03/01/2014
S&P 500^®^(A)		23.63	%		11.56	%
Transamerica Strategic High Income Blended Benchmark^{(A) (B) (C)}		17.28	%		9.01	%
Class C (POP)		11.97	%		5.73	%		03/01/2014
Class C (NAV)		12.97	%		5.73	%		03/01/2014
Class I (NAV)		14.10	%		6.78	%		03/01/2014
Class I2 (NAV)		13.70	%		5.29	%		03/01/2014
Class T1 (POP)		N/A			4.01	%^(D)		03/17/2017
Class T1 (NAV)		N/A			6.66	%^(D)		03/17/2017
Advisor Class (NAV)		N/A			10.85	%^(D)		12/16/2016

^(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 Strategic High Income Blended Benchmark is composed of the following benchmarks: 60% S&P 500^® and 40% BofA Merrill Lynch U.S. High Yield BB-B Rated Constrained Index.

^(C) The BofA Merrill Lynch U.S. High Yield BB-B Rated Constrained Index tracks the performance of BB and B rated high yield bonds.

^(D) Not annualized.

The performance data presented represents past performance; future results may vary. 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 2.5% for T1 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, I2 and Advisor Class shares.

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 2017

Page 308

Transamerica Strategic High Income

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Shares		Value
COMMON STOCKS - 48.4%
Aerospace & Defense - 0.6%
BAE Systems PLC		100,000		$ 788,257

Airlines - 2.4%
Alaska Air Group, Inc.		9,500		627,285
Delta Air Lines, Inc.		17,000		850,510
Japan Airlines Co., Ltd.		52,566		1,789,107

				3,266,902

Auto Components - 0.4%
Lear Corp.		3,025		531,160

Automobiles - 0.5%
Ford Motor Co.		57,000		699,390

Banks - 3.8%
Bank of America Corp.		35,000		958,650
Citigroup, Inc.		15,000		1,102,500
JPMorgan Chase & Co.		21,750		2,188,267
PNC Financial Services Group, Inc.		7,000		957,530

				5,206,947

Beverages - 0.0% ^(A)
Thai Beverage PCL		3		2

Biotechnology - 3.0%
AbbVie, Inc.		35,000		3,158,750
Gilead Sciences, Inc.		12,000		899,520

				4,058,270

Chemicals - 2.3%
DowDuPont, Inc.		19,690		1,423,784
LyondellBasell Industries NV, Class A		16,000		1,656,480

				3,080,264

Communications Equipment - 1.8%
Cisco Systems, Inc.		70,000		2,390,500

Containers & Packaging - 0.6%
International Paper Co.		15,000		859,050

Diversified Telecommunication Services - 2.2%
BCE, Inc.		15,000		692,621
HKT Trust & HKT, Ltd.		1,339,540		1,634,632
Verizon Communications, Inc.		15,000		718,050

				3,045,303

Electronic Equipment, Instruments & Components - 0.6%
Corning, Inc.		25,000		782,750

Equity Real Estate Investment Trusts - 1.6%
Ascendas Real Estate Investment Trust		400,000		804,050
STORE Capital Corp.		54,008		1,333,457

				2,137,507

Food & Staples Retailing - 1.8%
Wal-Mart de Mexico SAB de CV		1,070,930		2,397,502

Food Products - 1.8%
Marine Harvest ASA ^(B)		125,000		2,440,928

Hotels, Restaurants & Leisure - 1.4%
Las Vegas Sands Corp.		30,000		1,901,400

Household Products - 0.4%
Procter & Gamble Co.		6,825		589,271

Insurance - 1.6%
MetLife, Inc.		16,000		857,280
Prudential Financial, Inc.		11,800		1,303,428

				2,160,708


	Shares		Value
COMMON STOCKS (continued)
Internet Software & Services - 2.0%
Alphabet, Inc., Class C ^(B)		2,700		$ 2,744,928

IT Services - 0.3%
Paychex, Inc.		6,000		382,740

Media - 1.1%
Regal Entertainment Group, Class A		89,000		1,455,150

Mortgage Real Estate Investment Trusts - 3.3%
Blackstone Mortgage Trust, Inc., Class A ^(C)		80,000		2,546,400
Starwood Property Trust, Inc.		90,000		1,935,900

				4,482,300

Multiline Retail - 0.5%
Target Corp.		12,700		749,808

Oil, Gas & Consumable Fuels - 1.7%
Exxon Mobil Corp.		10,000		833,500
Royal Dutch Shell PLC, Class B, ADR ^(C)		11,575		756,542
Valero Energy Corp.		8,575		676,482

				2,266,524

Pharmaceuticals - 2.0%
Johnson & Johnson		11,000		1,533,510
Merck & Co., Inc.		12,000		661,080
Pfizer, Inc.		15,000		525,900

				2,720,490

Road & Rail - 0.1%
Ryder System, Inc., Class A		1,380		111,890

Semiconductors & Semiconductor Equipment - 2.2%
Intel Corp.		52,000		2,365,480
KLA-Tencor Corp.		3,500		381,115
QUALCOMM, Inc.		5,000		255,050

				3,001,645

Software - 2.7%
Microsoft Corp.		45,000		3,743,100

Specialty Retail - 1.2%
Foot Locker, Inc.		5,050		151,904
Home Depot, Inc.		4,750		787,455
Lowe’s Cos., Inc.		8,000		639,600

				1,578,959

Technology Hardware, Storage & Peripherals - 2.7%
Apple, Inc.		21,500		3,634,360

Transportation Infrastructure - 1.8%
Macquarie Infrastructure Corp.		35,000		2,434,250

Total Common Stocks (Cost $55,008,365)				65,642,255


PREFERRED STOCKS - 5.6%
Banks - 1.9%
Bank of America Corp. Series W, 6.63%		33,000		891,000
Citigroup, Inc. Series J, Fixed until 09/30/2023, 7.13% ^{(C) (D)}		12,000		345,600
Wells Fargo & Co. Fixed until 03/15/2024, 6.63% ^(D)		50,000		1,430,500

				2,667,100

Capital Markets - 0.5%
Morgan Stanley Series G, 6.63%		25,000		669,500

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


Transamerica Funds		Annual Report 2017

Page 309

Transamerica Strategic High Income

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Shares		Value
PREFERRED STOCKS (continued)
Equity Real Estate Investment Trusts - 0.6%
Colony NorthStar, Inc.
Series E, 8.75%		10,350		$ 279,450
Series G, 7.50%		8,250		212,520
Digital Realty Trust, Inc. Series C, 6.63%		10,000		278,100

				770,070

Insurance - 1.5%
Kemper Corp. 7.38%		39,484		1,044,747
Maiden Holdings North America, Ltd. 7.75%		15,600		413,712
Maiden Holdings, Ltd. Series A, 8.25%		1,400		35,910
Torchmark Corp. 6.13%		20,000		543,800

				2,038,169

Mortgage Real Estate Investment Trusts - 1.1%
AGNC Investment Corp. Series B, 7.75%		15,000		393,000
Two Harbors Investment Corp. Series B, Fixed until 07/27/2027, 7.63% ^(D)		39,800		1,057,088

				1,450,088

Total Preferred Stocks (Cost $7,271,990)				7,594,927


MASTER LIMITED PARTNERSHIPS - 3.2%
Capital Markets - 0.8%
AllianceBernstein Holding, LP		40,000		1,034,000

Electric Utilities - 0.3%
Brookfield Infrastructure Partners, LP		10,000		423,700

Oil, Gas & Consumable Fuels - 2.1%
Enterprise Products Partners, LP		25,260		618,870
Spectra Energy Partners, LP		35,000		1,509,200
TC PipeLines, LP		15,000		799,350

				2,927,420

Total Master Limited Partnerships (Cost $3,951,424)				4,385,120


	Principal		Value
CORPORATE DEBT SECURITIES - 42.2%
Aerospace & Defense - 0.4%
Triumph Group, Inc. 5.25%, 06/01/2022		$ 500,000		495,000


Auto Components - 1.9%
American Axle & Manufacturing, Inc. 6.63%, 10/15/2022 ^(C)		1,000,000		1,035,000
Cooper Tire & Rubber Co. 7.63%, 03/15/2027		79,000		90,455
8.00%, 12/15/2019		300,000		331,500
Dana, Inc. 6.00%, 09/15/2023		1,130,000		1,190,692

				2,647,647

Banks - 0.4%
Wells Fargo & Co. Fixed until 03/15/2018, 7.98% ^(D), 03/15/2018 ^(E)		500,000		510,150


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Building Products - 1.6%
Beacon Escrow Corp. 4.88%, 11/01/2025 ^(F)		$ 600,000		$ 607,320
BMC East LLC 5.50%, 10/01/2024 ^(F)		1,500,000		1,571,250

				2,178,570

Capital Markets - 1.0%
BCD Acquisition, Inc. 9.63%, 09/15/2023 ^(F)		1,205,000		1,316,463

Chemicals - 0.6%
Blue Cube Spinco, Inc. 9.75%, 10/15/2023 ^(C)		500,000		593,750
GCP Applied Technologies, Inc. 9.50%, 02/01/2023 ^(F)		250,000		280,000

				873,750

Commercial Services & Supplies - 4.1%
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 5.50%, 04/01/2023 ^(C)		1,000,000		1,012,500
Covanta Holding Corp. 5.88%, 03/01/2024		380,000		380,950
FXI Holdings, Inc. 7.88%, 11/01/2024 ^(F) (G)		1,500,000		1,520,625
KAR Auction Services, Inc. 5.13%, 06/01/2025 ^(F)		1,000,000		1,035,000
Prime Security Services Borrower LLC / Prime Finance, Inc. 9.25%, 05/15/2023 ^(F)		1,500,000		1,662,300

				5,611,375

Construction & Engineering - 1.0%
Tutor Perini Corp. 6.88%, 05/01/2025 ^(C) (F)		1,250,000		1,348,437

Construction Materials - 0.2%
US Concrete, Inc. 6.38%, 06/01/2024		305,000		327,875

Consumer Finance - 1.5%
Ally Financial, Inc. 8.00%, 03/15/2020		1,000,000		1,123,750
Navient Corp. 6.50%, 06/15/2022		500,000		530,625
7.25%, 01/25/2022, MTN		400,000		434,000

				2,088,375

Distributors - 0.4%
H&E Equipment Services, Inc. 5.63%, 09/01/2025 ^(F)		500,000		528,125

Diversified Consumer Services - 0.6%
Service Corp. International / US 5.38%, 05/15/2024		738,000		778,590

Diversified Financial Services - 3.2%
Cornerstone Chemical Co. 6.75%, 08/15/2024 ^(F)		1,000,000		1,012,500
Icahn Enterprises, LP / Icahn Enterprises Finance Corp. 6.00%, 08/01/2020		1,965,000		2,026,406
Jefferies Finance LLC / JFIN Co-Issuer Corp. 7.25%, 08/15/2024 ^(F)		1,250,000		1,276,563

				4,315,469

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


Transamerica Funds		Annual Report 2017

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Transamerica Strategic High Income

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Telecommunication Services - 1.2%
CenturyLink, Inc. 7.50%, 04/01/2024 ^(C)		$ 1,000,000		$ 1,062,500
Hughes Satellite Systems Corp. 7.63%, 06/15/2021		500,000		558,750

				1,621,250

Electronic Equipment, Instruments & Components - 0.1%
Zebra Technologies Corp. 7.25%, 10/15/2022		71,000		74,994

Energy Equipment & Services - 1.2%
Enviva Partners, LP / Enviva Partners Finance Corp. 8.50%, 11/01/2021		1,500,000		1,608,750

Equity Real Estate Investment Trusts - 1.3%
Uniti Group, LP / Uniti Group Finance, Inc. 6.00%, 04/15/2023 ^(F)		1,000,000		1,001,250
8.25%, 10/15/2023		750,000		721,875

				1,723,125

Health Care Providers & Services - 1.4%
HCA, Inc. 7.50%, 02/15/2022		750,000		851,250
MEDNAX, Inc. 5.25%, 12/01/2023 ^(F)		500,000		520,000
RegionalCare Hospital Partners Holdings, Inc. 8.25%, 05/01/2023 ^(F)		500,000		525,000

				1,896,250

Hotels, Restaurants & Leisure - 2.0%
Nathan’s Famous, Inc. 6.63%, 11/01/2025 ^(F) (G)		2,000,000		2,040,000
Rivers Pittsburgh Borrower, LP / Rivers Pittsburgh Finance Corp. 6.13%, 08/15/2021 ^(F)		750,000		754,687

				2,794,687

Household Durables - 1.0%
Meritage Homes Corp. 7.15%, 04/15/2020		1,225,000		1,344,438

Household Products - 1.2%
Central Garden & Pet Co. 6.13%, 11/15/2023		1,500,000		1,599,375

Internet & Direct Marketing Retail - 0.8%
Netflix, Inc. 5.88%, 02/15/2025		960,000		1,036,416

Machinery - 1.1%
Mueller Industries, Inc. 6.00%, 03/01/2027		1,000,000		1,027,500
Wabash National Corp. 5.50%, 10/01/2025 ^(F)		500,000		510,050

				1,537,550

Multiline Retail - 0.3%
Dillard’s, Inc. 7.88%, 01/01/2023		350,000		400,166

Oil, Gas & Consumable Fuels - 4.1%
Andeavor Logistics, LP / Tesoro Logistics Finance Corp. 6.25%, 10/15/2022		1,500,000		1,597,500


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Andeavor Logistics, LP / Tesoro Logistics Finance Corp. (continued)
6.38%, 05/01/2024		$ 450,000		$ 492,750
Antero Resources Corp. 5.00%, 03/01/2025		500,000		507,500
Holly Energy Partners, LP / Holly Energy Finance Corp. 6.00%, 08/01/2024 ^(F)		300,000		314,250
HollyFrontier Corp. 5.88%, 04/01/2026		1,500,000		1,664,867
PBF Holding Co. LLC / PBF Finance Corp. 7.00%, 11/15/2023		500,000		520,000
Valero Energy Corp. 8.75%, 06/15/2030		300,000		422,936

				5,519,803

Professional Services - 1.1%
AMN Healthcare, Inc. 5.13%, 10/01/2024 ^(F)		500,000		516,250
FTI Consulting, Inc. 6.00%, 11/15/2022		1,000,000		1,032,600

				1,548,850

Road & Rail - 0.8%
Fortress Transportation & Infrastructure Investors LLC 6.75%, 03/15/2022 ^(F)		1,000,000		1,047,500

Semiconductors & Semiconductor Equipment - 0.1%
Microsemi Corp. 9.13%, 04/15/2023 ^(F)		169,000		192,238

Software - 1.0%
j2 Cloud Services LLC / j2 Global Co-Obligor, Inc. 6.00%, 07/15/2025 ^(F)		1,250,000		1,315,625

Specialty Retail - 2.6%
Foot Locker, Inc. 8.50%, 01/15/2022		500,000		585,000
L Brands, Inc. 6.88%, 11/01/2035		1,000,000		992,500
6.95%, 03/01/2033 ^(C)		400,000		393,000
Lithia Motors, Inc. 5.25%, 08/01/2025 ^(F)		1,000,000		1,048,750
Rent-A-Center, Inc. 6.63%, 11/15/2020 ^(C)		542,000		497,962

				3,517,212

Technology Hardware, Storage & Peripherals - 3.7%
Dell International LLC / EMC Corp. 8.10%, 07/15/2036 ^(F)		1,500,000		1,902,257
Diebold Nixdorf, Inc. 8.50%, 04/15/2024		1,250,000		1,314,062
Western Digital Corp. 10.50%, 04/01/2024		1,500,000		1,760,250

				4,976,569

Textiles, Apparel & Luxury Goods - 0.1%
PVH Corp. 7.75%, 11/15/2023		100,000		120,500

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


Transamerica Funds		Annual Report 2017

Page 311

Transamerica Strategic High Income

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Thrifts & Mortgage Finance - 0.2%
Radian Group, Inc. 7.00%, 03/15/2021		$ 262,000		$ 297,370

Total Corporate Debt Securities (Cost $55,469,129)				57,192,494


	Shares		Value
SECURITIES LENDING COLLATERAL - 5.7%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.00% ^(H)		7,785,486		7,785,486

Total Securities Lending Collateral (Cost $7,785,486)				7,785,486


	Principal		Value
REPURCHASE AGREEMENT - 1.5%
Fixed Income Clearing Corp., 0.12%^(H), dated 10/31/2017, to be repurchased at $2,078,590 on 11/01/2017. Collateralized by a U.S. Government Obligation, 2.13%, due 08/31/2020, and with a value of $2,122,098.		$ 2,078,584		$ 2,078,584

Total Repurchase Agreement (Cost $2,078,584)				2,078,584

Total Investments (Cost $131,564,978)				144,678,866
Net Other Assets (Liabilities) - (6.6)%				(9,004,974	)


Net Assets - 100.0%				$ 135,673,892

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	$	58,185,279	$	7,456,976	$	—	$	65,642,255
Preferred Stocks		7,594,927		—		—		7,594,927
Master Limited Partnerships		4,385,120		—		—		4,385,120
Corporate Debt Securities		—		57,192,494		—		57,192,494
Securities Lending Collateral		7,785,486		—		—		7,785,486
Repurchase Agreement		—		2,078,584		—		2,078,584

Total Investments	$	77,950,812	$	66,728,054	$	—	$	144,678,866

FOOTNOTES TO SCHEDULE OF INVESTMENTS:


(A)		Percentage rounds to less than 0.1% or (0.1)%.
(B)		Non-income producing securities.
(C)		All or a portion of the securities are on loan. The total value of all securities on loan is $7,627,127. 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, 2017. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. In addition, variable rate securities with a floor or ceiling feature are disclosing that 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 their description above.
(E)		Perpetual maturity. The date displayed is the next call date.
(F)		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, 2017, the total value of 144A securities is $23,846,440, representing 17.6% of the Fund’s net assets.
(G)		When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after October 31, 2017. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(H)		Rates disclosed reflect the yields at October 31, 2017.
(I)		The Fund recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended October 31, 2017. 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
MTN		Medium Term Note

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


Transamerica Funds		Annual Report 2017

Page 312

Transamerica Unconstrained Bond

(unaudited)

MARKET ENVIRONMENT

Fixed income risk assets rallied at the end of 2016 on the back of surprising U.S. election results. Trump’s election along with a GOP congress increased the potential for stronger U.S. economic growth and higher inflation and contributed to higher rates yet tighter spreads. Emerging markets debt sold off initially following the election due to concerns regarding the North American Free Trade Agreement and other trade agreements. However, these assets also rallied into year-end along with stocks and other risk assets.

High yield, contingent convertibles, Collateralized Loan Obligation (“CLO”) debt and emerging markets debt continued to rally in the first quarter of 2017 amid fiscal policy optimism, record highs in equity markets, and solid economic data. Higher quality segments such as Asset-Backed Securities (“ABS”), intermediate high grade and U.S. Treasury Inflation-Protected Securities (“TIPS”) also provided positive total returns as an expected backup in Treasury rates was largely complete. Yields on 5- and 10-year Treasuries traded marginally lower for the quarter overall. Markets responded positively in April 2017 to various events such as the French election outcome and solid corporate earnings reports. Investors again saw fresh record highs in equity markets, a benign Treasury rate backdrop and a relatively light new issuance calendar. Given the favorable interest rate backdrop, higher quality segments such as intermediate credit and ABS again provided positive total returns for the second quarter of 2017.

There was a slight backup in spreads on bank loans, CLO debt and contingent convertibles towards the end of summer as investors reacted to political discord in Washington, terrorist attacks in Spain, and an emboldened North Korea combined with dwindling August trading volumes. But this trajectory reversed course again for contingent convertibles and bank loans in September and October 2017 as higher spread segments of fixed income benefited from optimism surrounding the release of a plan for tax reform, a firmer backdrop for oil prices, energy-related credits and fresh record highs in equity markets yet again. Argentinean, Indonesian and Peruvian debt continued to rally amid a stable to improving inflation and political backdrop and as investors extended their search for yield.

Overall for the fiscal year ending October 2017, higher risk asset classes within fixed income generally outperformed higher quality and more interest rate sensitive asset classes. Credit spreads rallied in most fixed income asset classes. U.S. Treasury rates were sharply higher, however, most of the move occurred during the period immediately following the November 2016 election outcome. Investors saw more of a flattening trend in U.S. Treasury rates in 2017 as opposed to a parallel shift higher.

PERFORMANCE

For the year ended October 31, 2017, Transamerica Unconstrained Bond Class I returned 6.07%. By comparison, its benchmark, the BofA Merrill Lynch U.S. Dollar LIBOR 3-Month Constant Maturity Index, returned 1.07%.

STRATEGY REVIEW

To determine asset allocation for the strategy, PineBridge Investments LLC’s global multi-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 two to six times per year depending upon market conditions. PineBridge Investments LLC’s fixed income team has the flexibility to make tactical adjustments depending on their bottom-up views and is responsible for security selection within each asset class.

The Fund benefited from compelling asset allocation, strong security selection and a hedged duration profile. From an asset allocation standpoint, each of the fixed income segments held in the Fund contributed positively to performance during the period. The allocation to select positions in below investment grade emerging markets sovereign debt and European contingent convertible securities were the largest contributors during the period. The emerging markets positions held in the Fund benefited from reduced political risks and stable to declining inflation conditions. European contingent convertibles issued by European banks benefited from higher interest rates and the prospect of a more relaxed regulatory environment. An allocation to high yield also contributed meaningfully to performance.

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

Michael J. Kelly, CFA

Robert A. Vanden Assem, CFA

Steven Oh, CFA

Peter Hu, CFA

Roberto Coronado

Co-Portfolio Managers

PineBridge Investments LLC


Fund Characteristics	Years
Average Maturity §		6.54
Duration †		1.21

Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		15.7	%
AAA		25.9
AA		3.1
A		11.0
BBB		21.0
BB		11.2
B		12.6
CCC and Below		0.3
Not Rated		0.9
Net Other Assets (Liabilities)^		(1.7	)
Total		100.0	%

§	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 2017

Page 313

Transamerica Unconstrained Bond

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			10 Years or Since Inception Date of Class			Inception Date
Class I (NAV)		6.07	%		4.08	%		12/08/2014
BofA Merrill Lynch U.S. Dollar LIBOR 3-Month Constant Maturity Index^(A)		1.07	%		0.63	%
Class I2 (NAV)		6.32	%		4.18	%		12/08/2014
Advisor Class (NAV)		N/A			6.49	%^(B)		12/16/2016

^(A) The BofA Merrill Lynch U.S. Dollar LIBOR 3-Month Constant Maturity Index represents the London interbank offered rate (“LIBOR”) with a constant 3-month average maturity.

^(B) Not annualized.

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 2017

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SCHEDULE OF INVESTMENTS

At October 31, 2017


	Principal		Value
ASSET-BACKED SECURITIES - 29.1%
American Express Credit Account Master Trust Series 2014-1, Class A, 1-Month LIBOR + 0.37%, 1.61% ^(A), 12/15/2021		$ 1,860,000		$ 1,868,892
Series 2017-1, Class A,
1.93%, 09/15/2022		2,000,000		1,999,169
Series 2017-6, Class A,
2.04%, 05/15/2023		700,000		700,810
AmeriCredit Automobile Receivables Trust Series 2016-3, Class A3, 1.46%, 05/10/2021		1,000,000		999,365
Ammc CLO 21, Ltd. Series 2017-21A, Class A, 3-Month LIBOR + 1.25%, 2.64% ^(A), 11/02/2030 ^(B)		3,500,000		3,516,030
Atlas Senior Loan Fund V, Ltd. Series 2014-1A, Class DR2, 3-Month LIBOR + 4.00%, 5.36% ^(A), 07/16/2029 ^(B)		1,250,000		1,276,176
Avis Budget Rental Car Funding AESOP LLC Series 2013-1A, Class A, 1.92%, 09/20/2019 ^(B)		1,950,000		1,946,689
Series 2015-1A, Class A,
2.50%, 07/20/2021 ^(B)		1,000,000		1,000,773
Babson CLO, Ltd. Series 2015-2A, Class B2R, 3-Month LIBOR + 1.59%, 2.95% ^(A), 10/20/2030 ^(B)		2,500,000		2,497,485
Capital One Multi-Asset Execution Trust Series 2016-A4, Class A4, 1.33%, 06/15/2022		960,000		950,972
Series 2017-A1, Class A1,
2.00%, 01/17/2023		1,788,000		1,791,023
CarMax Auto Owner Trust Series 2014-4, Class C, 2.44%, 11/16/2020		1,320,000		1,326,568
Series 2016-3, Class A4,
1.60%, 01/18/2022		270,000		266,816
Series 2016-4, Class A4,
1.60%, 06/15/2022		1,724,000		1,698,981
Cedar Funding VIII CLO, Ltd. Series 2017-8A, Class A1, 3-Month LIBOR + 1.25%, 2.62% ^(A), 10/17/2030 ^(B)		2,000,000		1,999,960
Chase Issuance Trust Series 2016-A2, Class A, 1.37%, 06/15/2021		1,626,000		1,614,688
Series 2016-A4, Class A4,
1.49%, 07/15/2022		1,000,000		986,483
Series 2016-A5, Class A5,
1.27%, 07/15/2021		1,500,000		1,489,584
Citibank Credit Card Issuance Trust Series 2014-A1, Class A1, 2.88%, 01/23/2023		1,362,000		1,397,334
Series 2014-A6, Class A6,
2.15%, 07/15/2021		1,755,000		1,764,462


	Principal		Value
ASSET-BACKED SECURITIES (continued)
Citibank Credit Card Issuance Trust (continued)
Series 2017-A3, Class A3,
1.92%, 04/07/2022		$ 862,000		$ 860,739
Crestline Denali CLO, Ltd. Series 2013-1A, Class B1LR, 3-Month LIBOR + 3.15%, 0.00% ^{(A) (C)}, 10/26/2027 ^(B)		4,000,000		4,012,780
Dewolf Park CLO, Ltd. Series 2017-1A, Class A, 3-Month LIBOR + 1.21%, 2.46% ^(A), 10/15/2030 ^(B)		2,000,000		2,006,116
Discover Card Execution Note Trust Series 2015-A3, Class A, 1.45%, 03/15/2021		2,000,000		1,996,781
Series 2015-A4, Class A4,
2.19%, 04/17/2023		2,000,000		2,008,142
Elevation CLO, Ltd. Series 2014-2A, Class DR, 3-Month LIBOR + 3.20%, 4.55% ^(A), 10/15/2029 ^(B)		4,000,000		3,999,940
Ford Credit Auto Owner Trust Series 2015-2, Class A, 2.44%, 01/15/2027 ^(B)		990,000		999,546
Series 2016-A, Class A4,
1.60%, 06/15/2021		1,000,000		995,657
Series 2016-C, Class B,
1.73%, 03/15/2022		1,635,000		1,614,712
Ford Credit Floorplan Master Owner Trust Series 2017-1, Class A1, 2.07%, 05/15/2022		1,250,000		1,249,859
Series 2017-3, Class A,
2.48%, 09/15/2024		1,750,000		1,757,568
GM Financial Automobile Leasing Trust Series 2017-2, Class A4, 2.18%, 06/21/2021		800,000		800,101
GM Financial Consumer Automobile Receivables Trust Series 2017-3A, Class A4, 2.13%, 03/16/2023 ^(B)		300,000		299,166
Honda Auto Receivables Owner Trust Series 2015-3, Class A4, 1.56%, 10/18/2021		2,000,000		1,997,500
Series 2016-2, Class A4,
1.62%, 08/15/2022		880,000		875,769
Series 2017-2, Class A3,
1.68%, 08/16/2021		2,000,000		1,993,609
Hyundai Auto Lease Securitization Trust Series 2016-C, Class A4, 1.65%, 07/15/2020 ^(B)		2,000,000		1,993,847
Mercedes-Benz Auto Receivables Trust Series 2016-1, Class A4, 1.46%, 12/15/2022		2,000,000		1,975,191
Milos CLO, Ltd. Series 2017-1A, Class D, 3-Month LIBOR + 3.40%, 4.76% ^(A), 10/20/2030 ^(B)		2,000,000		2,027,640

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


Transamerica Funds		Annual Report 2017

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
ASSET-BACKED SECURITIES (continued)
Northwoods Capital XI, Ltd. Series 2014-11A, Class D, 3-Month LIBOR + 3.45%, 4.81% ^(A), 04/15/2025 ^(B)		$ 2,000,000		$ 2,014,946
Synchrony Credit Card Master Note Trust
Series 2015-3, Class A,
1.74%, 09/15/2021		2,000,000		2,000,421
Series 2016-1, Class A,
2.04%, 03/15/2022		1,350,000		1,353,629
Series 2016-2, Class A,
2.21%, 05/15/2024		2,000,000		1,998,001
TICP CLO VIII, Ltd. Series 2017-8A, Class C, 3-Month LIBOR + 3.10%, 0.00% ^{(A) (C)}, 10/20/2030 ^{(B) (D)}		1,000,000		1,000,000
Toyota Auto Receivables Owner Trust Series 2016-A, Class A4, 1.47%, 09/15/2021		2,150,000		2,136,043
Verizon Owner Trust Series 2017-3A, Class A1A, 2.06%, 04/20/2022 ^(B)		1,250,000		1,250,206
Wind River CLO Ltd. Series 2017-3A, Class A, 3-Month LIBOR + 1.25%, 2.49% ^(A), 10/15/2030 ^(B)		2,000,000		1,999,962

Total Asset-Backed Securities (Cost $78,441,974)				78,310,131


CORPORATE DEBT SECURITIES - 30.6%
Aerospace & Defense - 0.4%
Lockheed Martin Corp. 1.85%, 11/23/2018		600,000		600,668
Textron, Inc. 3.38%, 03/01/2028		245,000		243,649
United Technologies Corp. 1.90%, 05/04/2020		200,000		199,427

				1,043,744

Automobiles - 0.1%
General Motors Co. 5.15%, 04/01/2038		130,000		135,203

Banks - 12.5%
Australia & New Zealand Banking Group, Ltd. Fixed until 06/15/2026, 6.75% ^(A), 06/15/2026 ^{(B) (E)}		563,000		646,831
Bank of America Corp.
3-Month LIBOR + 1.16%,
2.52% ^(A), 01/20/2023, MTN		2,000,000		2,036,415
2.63%, 04/19/2021, MTN		450,000		452,240
Barclays PLC 2.00%, 03/16/2018		500,000		500,620
Fixed until 12/15/2018,
8.25% ^(A), 12/15/2018 ^(E)		1,000,000		1,062,920
BB&T Corp. 2.15%, 02/01/2021, MTN		67,000		66,882
BNP Paribas SA 3.80%, 01/10/2024 ^(B)		400,000		415,699
Fixed until 03/14/2022,
6.75% ^(A), 03/14/2022 ^{(B) (E)}		305,000		333,594


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
BNP Paribas SA (continued)
Fixed until 03/30/2021,
7.63% ^(A), 03/30/2021 ^{(B) (E)}		$ 1,000,000		$ 1,121,250
CitiBank NA 2.13%, 10/20/2020		250,000		249,279
Citigroup, Inc.
3-Month LIBOR + 1.07%,
2.39% ^(A), 12/08/2021		1,000,000		1,015,998
3-Month LIBOR + 1.10%,
2.41% ^(A), 05/17/2024		1,010,000		1,019,595
4.40%, 06/10/2025		148,000		156,388
Citizens Bank NA 2.25%, 03/02/2020		300,000		300,354
Credit Agricole SA Fixed until 12/23/2025, 8.13% ^(A), 12/23/2025 ^{(B) (E)}		1,553,000		1,869,306
Fifth Third Bancorp 2.88%, 07/27/2020		298,000		303,444
First Horizon National Corp. 3.50%, 12/15/2020		232,000		238,607
HSBC Holdings PLC
Fixed until 03/13/2027,
4.04% ^(A), 03/13/2028		200,000		209,466
Fixed until 05/22/2027,
6.00% ^(A), 05/22/2027 ^(E)		770,000		818,125
ING Groep NV Fixed until 04/16/2025, 6.50% ^(A), 04/16/2025 ^(E)		500,000		548,800
Intesa Sanpaolo SpA Fixed until 09/17/2025, 7.70% ^(A), 09/17/2025 ^{(B) (E)}		1,626,000		1,776,405
JPMorgan Chase & Co.
3-Month LIBOR + 0.55%,
1.87% ^(A), 03/09/2021		3,000,000		3,009,142
2.55%, 10/29/2020		299,000		301,860
Fixed until 07/24/2037,
3.88% ^(A), 07/24/2038		300,000		302,550
Fixed until 11/01/2022,
4.63% ^(A), 11/01/2022 ^(E)		308,000		305,236
Lloyds Banking Group PLC Fixed until 06/27/2024, 7.50% ^(A), 06/27/2024 ^{(E) (F)}		1,300,000		1,483,625
Macquarie Bank, Ltd. Fixed until 03/08/2027, 6.13% ^(A), 03/08/2027 ^{(B) (E) (F)}		1,290,000		1,356,435
Regions Financial Corp. 7.38%, 12/10/2037		309,000		419,140
Royal Bank of Scotland Group PLC Fixed until 08/15/2021, 8.63% ^(A), 08/15/2021 ^(E)		557,000		630,747
Societe Generale SA
Fixed until 12/18/2023,
7.88% ^(A), 12/18/2023 ^{(B) (E)}		1,000,000		1,133,750
Fixed until 09/29/2025,
8.00% ^(A), 09/29/2025 ^{(B) (E)}		506,000		590,755
Standard Chartered PLC Fixed until 04/02/2022, 7.50% ^(A), 04/02/2022 ^{(B) (E) (F)}		1,488,000		1,632,262

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


Transamerica Funds		Annual Report 2017

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Svenska Handelsbanken AB 3-Month LIBOR + 0.49%, 1.81% ^(A), 06/17/2019		$ 1,250,000		$ 1,256,314
Synovus Financial Corp. 3.13%, 11/01/2022 ^(G)		49,000		48,979
Toronto-Dominion Bank 3-Month LIBOR + 0.54%, 1.90% ^(A), 07/23/2018, MTN		465,000		466,473
US Bank NA 1.45%, 01/29/2018		250,000		250,002
Wells Fargo & Co. 3-Month LIBOR + 1.11%, 2.47% ^(A), 01/24/2023		2,000,000		2,040,600
4.30%, 07/22/2027, MTN		200,000		211,241
Wells Fargo Bank NA 3-Month LIBOR + 0.60%, 1.92% ^(A), 05/24/2019		1,250,000		1,258,573
Westpac Banking Corp.
3-Month LIBOR + 0.71%,
2.04% ^(A), 06/28/2022		300,000		301,765
Fixed until 11/23/2026,
4.32% ^(A), 11/23/2031, MTN		160,000		165,805
Fixed until 09/21/2027,
5.00% ^(A), 09/21/2027 ^(E)		1,400,000		1,407,109

				33,714,581

Beverages - 1.4%
Anheuser-Busch InBev Finance, Inc.
3-Month LIBOR + 1.26%,
2.64% ^(A), 02/01/2021		3,000,000		3,101,182
2.65%, 02/01/2021		400,000		405,104
Heineken NV 3.50%, 01/29/2028 ^(B)		250,000		255,743
PepsiCo, Inc. 3.00%, 10/15/2027		41,000		40,806

				3,802,835

Building Products - 0.1%
Lennox International, Inc. 3.00%, 11/15/2023		283,000		283,252

Capital Markets - 3.6%
Credit Suisse Group AG Fixed until 12/11/2023, 7.50% ^(A), 12/11/2023 ^{(B) (E)}		1,700,000		1,976,250
Credit Suisse Group Funding Guernsey, Ltd. 3-Month LIBOR + 2.29%, 3.64% ^(A), 04/16/2021		500,000		526,621
Goldman Sachs Group, Inc.
3-Month LIBOR + 1.04%,
2.41% ^(A), 04/25/2019		250,000		252,660
3-Month LIBOR + 1.16%,
2.52% ^(A), 04/23/2020		2,000,000		2,034,774
3-Month LIBOR + 1.20%,
2.58% ^(A), 04/30/2018		1,000,000		1,005,071
Fixed until 11/10/2022,
5.00% ^(A), 11/10/2022 ^{(E) (G)}		168,000		168,210
5.25%, 07/27/2021		267,000		292,510


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Capital Markets (continued)
Moody’s Corp. 3-Month LIBOR + 0.35%, 1.67% ^(A), 09/04/2018		$ 1,220,000		$ 1,222,414
Morgan Stanley
3-Month LIBOR + 1.18%,
2.54% ^(A), 01/20/2022		465,000		472,178
3-Month LIBOR + 1.28%,
2.65% ^(A), 04/25/2018, MTN		1,000,000		1,005,296
5.00%, 11/24/2025		159,000		173,439
UBS Group Funding Switzerland AG 3.00%, 04/15/2021 ^(B)		500,000		507,513

				9,636,936

Chemicals - 0.2%
Airgas, Inc. 3.05%, 08/01/2020		106,000		108,549
Praxair, Inc. 2.25%, 09/24/2020		199,000		199,929
Sherwin-Williams Co. 2.75%, 06/01/2022		330,000		332,034

				640,512

Communications Equipment - 0.1%
Harris Corp. 2.70%, 04/27/2020		183,000		184,911

Construction Materials - 0.0% ^(H)
Boral Finance Pty, Ltd. 3.75%, 05/01/2028 ^(B) (G)		28,000		28,206

Consumer Finance - 4.0%
American Express Co. 3-Month LIBOR + 0.59%, 1.90% ^(A), 05/22/2018		517,000		518,382
BMW US Capital LLC 1.50%, 04/11/2019 ^(B)		240,000		238,996
Capital One NA
3-Month LIBOR + 1.15%,
2.53% ^(A), 01/30/2023		1,454,000		1,464,697
2.65%, 08/08/2022		500,000		497,548
Daimler Finance North America LLC
3-Month LIBOR + 0.45%,
1.77% ^(A), 05/18/2018 ^(B)		500,000		500,862
3-Month LIBOR + 0.62%,
2.00% ^(A), 10/30/2019 ^(B)		2,500,000		2,515,093
2.00%, 07/06/2021^(B)		225,000		221,519
Ford Motor Credit Co. LLC
3-Month LIBOR + 0.83%,
2.14% ^(A), 08/12/2019		200,000		201,177
3-Month LIBOR + 0.93%,
2.24% ^(A), 11/04/2019		1,000,000		1,008,759
General Motors Financial Co., Inc. 3.20%, 07/06/2021		500,000		510,189
Fixed until 09/30/2027,
5.75% ^(A), 09/30/2027 ^(E)		1,400,000		1,463,000
Harley-Davidson Financial Services, Inc. 3-Month LIBOR + 0.35%, 1.67% ^(A), 03/08/2019 ^(B)		1,200,000		1,202,447
Nissan Motor Acceptance Corp. 2.15%, 09/28/2020 ^(B)		199,000		198,361

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


Transamerica Funds		Annual Report 2017

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Consumer Finance (continued)
Synchrony Financial 2.60%, 01/15/2019		$ 250,000		$ 251,395

				10,792,425

Diversified Financial Services - 0.2%
National Rural Utilities Cooperative Finance Corp. 2.30%, 11/01/2020		77,000		77,512
2.40%, 04/25/2022		215,000		215,444
Fixed until 04/30/2023,
4.75% ^(A), 04/30/2043		300,000		315,536

				608,492

Diversified Telecommunication Services - 1.5%
AT&T, Inc. 2.85%, 02/14/2023		220,000		218,508
5.30%, 08/14/2058		285,000		282,212
Verizon Communications, Inc.
3-Month LIBOR + 0.77%,
2.09% ^(A), 06/17/2019		3,000,000		3,027,739
2.95%, 03/15/2022		200,000		203,127
5.25%, 03/16/2037		203,000		221,828

				3,953,414

Electric Utilities - 0.3%
Exelon Corp. 2.85%, 06/15/2020		594,000		604,351
Georgia Power Co. 2.00%, 09/08/2020		100,000		99,844
Southern Power Co. 1.85%, 12/01/2017		239,000		239,066

				943,261

Equity Real Estate Investment Trusts - 0.3%
American Tower Corp. 2.25%, 01/15/2022		500,000		489,621
Goodman US Finance Four LLC 4.50%, 10/15/2037 ^(B)		115,000		117,160
Goodman US Finance Three LLC 3.70%, 03/15/2028 ^(B)		60,000		59,754
Kimco Realty Corp. 3.80%, 04/01/2027		31,000		31,398

				697,933

Food & Staples Retailing - 0.2%
Costco Wholesale Corp. 2.15%, 05/18/2021		500,000		500,594

Food Products - 0.1%
Kraft Heinz Foods Co. 2.80%, 07/02/2020		200,000		202,583
Smithfield Foods, Inc. 4.25%, 02/01/2027 ^(B)		50,000		51,866

				254,449

Gas Utilities - 0.0% ^(H)
NiSource Finance Corp. 3.49%, 05/15/2027		125,000		126,716

Health Care Equipment & Supplies - 0.1%
Danaher Corp. 1.65%, 09/15/2018		137,000		137,052


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Health Care Providers & Services - 0.1%
Cardinal Health, Inc. 1.95%, 06/14/2019		$ 250,000		$ 249,487
Laboratory Corp. of America Holdings 3.25%, 09/01/2024		60,000		60,477
UnitedHealth Group, Inc. 1.95%, 10/15/2020		71,000		70,844

				380,808

Household Products - 0.0% ^(H)
Procter & Gamble Co. 1.90%, 10/23/2020		47,000		46,979

Industrial Conglomerates - 0.1%
Roper Technologies, Inc. 2.80%, 12/15/2021		230,000		232,225
3.80%, 12/15/2026		66,000		68,382

				300,607

Insurance - 0.2%
Jackson National Life Global Funding 3-Month LIBOR + 0.73%, 2.06% ^(A), 06/27/2022 ^(B)		500,000		502,984
Markel Corp. 3.50%, 11/01/2027		28,000		27,919

				530,903

Internet & Direct Marketing Retail - 0.0% ^(H)
Amazon.com, Inc. 2.80%, 08/22/2024 ^(B)		125,000		125,169

IT Services - 0.1%
Total System Services, Inc. 3.80%, 04/01/2021		160,000		165,606

Machinery - 0.4%
Caterpillar Financial Services Corp. 3-Month LIBOR + 0.70%, 2.01% ^(A), 02/23/2018, MTN		1,000,000		1,002,236

Media - 1.7%
Discovery Communications LLC 3.95%, 03/20/2028		170,000		168,609
Viacom, Inc. 5.25%, 04/01/2044		300,000		285,684
Walt Disney Co.
3-Month LIBOR + 0.13%,
1.45% ^(A), 03/04/2020, MTN		1,000,000		999,828
3-Month LIBOR + 0.39%,
1.71% ^(A), 03/04/2022, MTN ^(F)		3,000,000		3,024,434

				4,478,555

Metals & Mining - 0.3%
Anglo American Capital PLC 4.00%, 09/11/2027 ^(B)		200,000		200,200
Glencore Funding LLC 3.88%, 10/27/2027 ^(B)		42,000		41,662
4.00%, 03/27/2027 ^(B)		233,000		234,565
Rio Tinto Finance USA, Ltd. 3.75%, 06/15/2025		275,000		290,402

				766,829

Multiline Retail - 0.1%
Wal-Mart Stores, Inc. 1.90%, 12/15/2020		173,000		172,636

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


Transamerica Funds		Annual Report 2017

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels - 1.4%
Anadarko Petroleum Corp. 6.45%, 09/15/2036		$ 144,000		$ 174,847
BP Capital Markets PLC 2.75%, 05/10/2023		300,000		302,049
Canadian Natural Resources, Ltd. 2.95%, 01/15/2023		340,000		341,882
Chevron Corp. 3-Month LIBOR + 0.41%, 1.73% ^(A), 11/15/2019		1,000,000		1,006,838
EnLink Midstream Partners, LP 4.85%, 07/15/2026		300,000		316,006
Exxon Mobil Corp. 1.71%, 03/01/2019		200,000		200,175
Marathon Oil Corp. 2.80%, 11/01/2022		240,000		236,060
ONEOK, Inc. 4.00%, 07/13/2027		60,000		61,132
Sunoco Logistics Partners Operations, LP 5.40%, 10/01/2047		100,000		101,459
Total Capital International SA 2.88%, 02/17/2022		300,000		306,750
Western Gas Partners, LP 4.65%, 07/01/2026		330,000		345,275
Williams Partners, LP 3.75%, 06/15/2027		250,000		250,822

				3,643,295

Paper & Forest Products - 0.2%
Georgia-Pacific LLC 3.60%, 03/01/2025 ^(B)		486,000		501,212

Pharmaceuticals - 0.0% ^(H)
Shire Acquisitions Investments Ireland DAC 2.88%, 09/23/2023		67,000		66,326

Semiconductors & Semiconductor Equipment - 0.2%
Broadcom Corp. / Broadcom Cayman Finance, Ltd. 3.50%, 01/15/2028 ^(B)		38,000		37,779
Intel Corp. 2.35%, 05/11/2022		250,000		251,233
QUALCOMM, Inc. 2.10%, 05/20/2020		285,000		285,702

				574,714

Software - 0.4%
Microsoft Corp. 1.10%, 08/08/2019		500,000		494,817
2.40%, 02/06/2022		500,000		504,242

				999,059

Specialty Retail - 0.1%
Advance Auto Parts, Inc. 5.75%, 05/01/2020		137,000		147,745
O’Reilly Automotive, Inc. 3.55%, 03/15/2026		200,000		202,359

				350,104

Technology Hardware, Storage & Peripherals - 0.1%
Dell International LLC / EMC Corp. 3.48%, 06/01/2019 ^(B)		230,000		234,125


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Thrifts & Mortgage Finance - 0.1%
Astoria Financial Corp. 3.50%, 06/08/2020		$ 300,000		$ 302,771

Trading Companies & Distributors - 0.0% ^(H)
GATX Corp. 3.25%, 09/15/2026		110,000		108,280

Total Corporate Debt Securities (Cost $79,966,177)				82,234,730


FOREIGN GOVERNMENT OBLIGATIONS - 8.2%
Argentina - 3.2%
Argentina Republic Government International Bond 6.88%, 04/22/2021		1,800,000		1,962,000
7.13%, 07/06/2036		5,000,000		5,377,500
7.50%, 04/22/2026		1,170,000		1,322,100

				8,661,600

Indonesia - 2.5%
Indonesia Treasury Bond 8.25%, 07/15/2021		IDR 29,700,000,000		2,317,969
8.38%, 03/15/2024		29,000,000,000		2,316,016
10.50%, 08/15/2030		22,200,000,000		2,060,697

				6,694,682

Peru - 1.9%
Peru Government Bond 5.70%, 08/12/2024		PEN 6,600,000		2,153,643
Peru Government International Bond 6.35%, 08/12/2028 ^(B)		9,160,000		3,027,103

				5,180,746

Supranational - 0.2%
European Investment Bank 1.38%, 06/15/2020		$ 500,000		493,948

Uruguay - 0.4%
Uruguay Government International Bond 9.88%, 06/20/2022 ^(B)		UYU 24,500,000		893,911

Total Foreign Government Obligations (Cost $21,310,420)				21,924,887


LOAN ASSIGNMENTS - 14.7%
Aerospace & Defense - 0.3%
Accudyne Industries LLC Term Loan, 3-Month LIBOR + 3.75%, 5.08%^(A), 08/02/2024		$ 48,077		48,392
Doncasters Finance US LLC Term Loan, 3-Month LIBOR + 3.50%, 4.83%^(A), 04/09/2020		422,069		408,880
TransDigm, Inc.
Term Loan E,
3-Month LIBOR + 3.00%,
4.27%^(A), 05/14/2022		248,185		249,234
Term Loan F,
3-Month LIBOR + 3.00%,
4.27%^(A), 06/09/2023		74,622		74,917

				781,423

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


Transamerica Funds		Annual Report 2017

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
LOAN ASSIGNMENTS (continued)
Airlines - 0.2%
American Airlines, Inc. Term Loan B, 1-Month LIBOR + 2.50%, 3.74% ^(A), 12/14/2023		$ 375,000		$ 375,677
United Airlines, Inc. Term Loan B, 3-Month LIBOR + 2.25%, 3.63% ^(A), 04/01/2024		252,538		253,422

				629,099

Auto Components - 0.5%
American Axle and Manufacturing, Inc. Term Loan B, 3-Month LIBOR + 2.25%, 3.56% ^(A), 04/06/2024		227,575		227,433
Federal-Mogul Holdings Corp. Term Loan C, 1-Month LIBOR + 3.75%, 4.99% ^(A), 04/15/2021		275,558		277,280
Tower Automotive Holdings USA LLC Term Loan B, 1-Month LIBOR + 2.75%, 4.00% ^(A), 03/07/2024		427,534		429,004
USI, Inc. Term Loan B, 3-Month LIBOR + 3.00%, 4.31% ^(A), 05/16/2024		398,404		398,404

				1,332,121

Automobiles - 0.1%
Belron SA Term Loan B, TBD , 10/26/2024^(G) (I)		30,311		30,538
Dragon Merger Sub LLC 1st Lien Term Loan, 3-Month LIBOR + 4.00%, 5.36% ^(A), 07/24/2024		161,218		162,831

				193,369

Biotechnology - 0.1%
Grifols Worldwide Operations USA, Inc. Term Loan, 1-Week LIBOR + 2.25%, 3.45% ^(A), 01/31/2025		373,125		374,354

Building Products - 0.1%
C.H.I. Overhead Doors, Inc. 1st Lien Term Loan, 3-Month LIBOR + 3.25%, 4.58% ^(A), 07/29/2022		347,431		346,671

Capital Markets - 0.1%
Duff & Phelps Corp. 1st Lien Term Loan, 3-Month LIBOR + 3.25%, 4.61% ^(A), 10/06/2024		51,713		52,217
LPL Holdings, Inc. 1st Lien Term Loan B, 6-Month LIBOR + 2.25%, 3.65% ^(A), 09/23/2024		142,229		142,541


	Principal		Value
LOAN ASSIGNMENTS (continued)
Capital Markets (continued)
Paradigm Acquisition Corp. 1st Lien Term Loan, 3-Month LIBOR + 4.25%, 5.61% ^(A), 10/11/2024		$ 76,956		$ 77,100

				271,858

Chemicals - 0.6%
Ashland, Inc. Term Loan B, 3-Month LIBOR + 2.00%, 3.29% ^(A), 05/24/2024		39,741		39,956
Avantor Performance Materials Holdings LLC 1st Lien Term Loan, 1-Month LIBOR + 4.00%, 5.25% ^(A), 03/10/2024		203,061		203,474
Axalta Coating Systems US Holdings, Inc. Term Loan, 3-Month LIBOR + 2.00%, 3.33% ^(A), 06/01/2024		79,272		79,651
Charter NEX US Holdings, Inc. Term Loan B, 1-Month LIBOR + 3.25%, 4.49% ^(A), 05/16/2024		379,384		381,400
H.B. Fuller Co. Term Loan B, 1-Month LIBOR + 2.25%, 3.49% ^(A), 10/12/2024		163,934		164,813
Ineos US Finance, LLC Term Loan B, TBD , 03/31/2024 ^(G) (I)		277,040		277,386
MacDermid, Inc. Term Loan B6, 1-Month LIBOR + 3.00%, 4.24% ^(A), 06/07/2023		298,500		299,853
Trinseo Materials Operating S.C.A. Term Loan, 1-Month LIBOR + 2.50%, 3.74% ^(A), 08/16/2024		68,528		68,999
Tronox Blocked Borrower LLC Term Loan B, 3-Month LIBOR + 3.00%, 4.32% ^(A), 09/22/2024		8,211		8,250
Tronox Finance LLC Term Loan B, 3-Month LIBOR + 3.00%, 4.32% ^(A), 09/22/2024		18,948		19,039
Unifrax Corp. Term Loan B, 3-Month LIBOR + 3.75%, 5.08% ^(A), 04/04/2024		82,099		82,612
Venator Materials Corp. Term Loan B, 3-Month LIBOR + 3.00%, 4.38% ^(A), 08/08/2024		27,285		27,558

				1,652,991

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


Transamerica Funds		Annual Report 2017

Page 320

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
LOAN ASSIGNMENTS (continued)
Commercial Services & Supplies - 0.5%
Asurion LLC Term Loan B5, 1-Month LIBOR + 3.00%, 4.24% ^(A), 11/03/2023		$ 59,899		$ 60,337
Clean Harbors, Inc. Term Loan B, 1-Month LIBOR + 2.00%, 3.24% ^(A), 06/27/2024		34,696		34,797
Garda World Security Corp. Term Loan, 3-Month LIBOR + 4.00%, 5.31% ^(A), 05/24/2024		225,445		227,136
Harland Clarke Holdings Corp.
Term Loan B6,
3-Month LIBOR + 5.50%,
6.83% ^(A), 02/09/2022		504,137		504,137
Term Loan B7,
TBD , 11/01/2023 ^{(G) (I)}		274,179		275,092
Multi Color Corp. Term Loan B, TBD , 09/20/2024 ^(G) (I)		14,892		14,994
Seminole Tribe of Florida Term Loan B, 1-Month LIBOR + 2.00%, 3.24% ^(A), 07/06/2024		86,741		87,110
West Corp. Term Loan, 1-Month LIBOR + 4.00%, 5.24% ^(A), 10/10/2024		111,887		111,775
Wrangler Buyer Corp. Term Loan B, 1-Month LIBOR + 3.00%, 4.24% ^(A), 09/27/2024		92,095		92,769

				1,408,147

Construction & Engineering - 0.1%
Clark Equipment Co. Term Loan B, 3-Month LIBOR + 2.75%, 4.08% ^(A), 05/18/2024		35,010		35,229
STS Operating, Inc. Term Loan, 1-Month LIBOR + 3.75%, 4.99% ^(A), 02/12/2021		343,090		344,806

				380,035

Construction Materials - 0.2%
Forterra Finance LLC Term Loan B, 1-Month LIBOR + 3.00%, 4.24% ^(A), 10/25/2023		609,018		508,153

Consumer Finance - 0.3%
Altice Financing SA 1st Lien Term Loan, TBD , 01/05/2026 ^{(G) (I)}		100,022		99,947
Term Loan B,
3-Month LIBOR + 2.75%,
4.11% ^(A), 07/15/2025		380,057		379,514


	Principal		Value
LOAN ASSIGNMENTS (continued)
Consumer Finance (continued)
Altice US Finance I Corp. Term Loan, 1-Month LIBOR + 2.25%, 3.49% ^(A), 07/28/2025		$ 190,954		$ 190,656
FGI Operating Co. LLC Term Loan, 1-Month LIBOR + 4.25%, 5.50% ^(A), 04/19/2019		146,952		105,806

				775,923

Containers & Packaging - 0.2%
FPC Holdings, Inc. 1st Lien Term Loan, 3-Month LIBOR + 4.00%, 5.33% ^(A), 11/19/2019		194,508		192,239
ICSH, Inc.
1st Lien Term Loan,
3-Month LIBOR + 4.00%,
5.37% ^(A), 04/29/2024		236,585		238,655
Delayed Draw Term Loan,
3-Month LIBOR + 4.00%,
5.31% ^(A), 04/29/2024		12,946		13,060
Tekni-Plex, Inc. Term Loan B1, 3-Month LIBOR + 3.25%, 4.53% ^(A), 10/17/2024		70,597		71,008

				514,962

Distributors - 0.1%
American Tire Distributors Holdings, Inc. Term Loan, 1-Month LIBOR + 4.25%, 5.49% ^(A), 09/01/2021		372,327		373,413

Diversified Financial Services - 0.3%
AI Mistral Holdco, Ltd. Term Loan B, 1-Month LIBOR + 3.00%, 4.24% ^(A), 03/09/2024		248,750		246,262
AlixPartners LLP Term Loan B, 3-Month LIBOR + 2.75%, 4.08% ^(A), 04/04/2024		95,673		96,107
Camelot UK Holdco Ltd. Term Loan B, 1-Month LIBOR + 3.50%, 4.74% ^(A), 10/03/2023		373,125		375,341
Focus Financial Partners LLC 1st Lien Term Loan, 3-Month LIBOR + 3.25%, 4.57% ^(A), 07/03/2024		86,393		87,106
NAB Holdings LLC Term Loan, 3-Month LIBOR + 3.50%, 4.83% ^(A), 07/01/2024		93,425		93,892

				898,708

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


Transamerica Funds		Annual Report 2017

Page 321

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
LOAN ASSIGNMENTS (continued)
Diversified Telecommunication Services - 0.2%
CenturyLink, Inc. Term Loan B, 2.75%^(A), 01/31/2025		$ 283,401		$ 279,327
Intelsat Jackson Holdings SA Term Loan B2, 3-Month LIBOR + 2.75%, 4.07%^(A), 06/30/2019		375,000		373,828

				653,155

Electric Utilities - 0.2%
Astoria Energy LLC Term Loan B, 1-Month LIBOR + 4.00%, 5.25% ^(A), 12/24/2021		468,171		469,927

Electrical Equipment - 0.2%
Gates Global LLC Term Loan B, 3-Month LIBOR + 3.25%, 4.58% ^(A), 04/01/2024		377,015		378,943
Penn Engineering & Manufacturing Corp. Term Loan B, 1-Month LIBOR + 2.75%, 3.99% ^(A), 06/27/2024		13,385		13,435

				392,378

Electronic Equipment, Instruments & Components - 0.1%
Excelitas Technologies Corp. 1st Lien Term Loan, 3-Month LIBOR + 5.00%, 6.34% ^(A), 10/31/2020		247,830		248,036

Energy Equipment & Services - 0.2%
Entergy Rhode Island State Energy, LP Term Loan B, 1-Month LIBOR + 4.75%, 6.00% ^(A), 12/17/2022		397,975		400,213
Hi-Crush Partners, LP Term Loan B, 3-Month LIBOR + 3.75%, 5.08% ^(A), 04/28/2021		248,653		247,824

				648,037

Equity Real Estate Investment Trusts - 0.3%
ESH Hospitality, Inc. Term Loan B, 1-Month LIBOR + 2.50%, 3.74% ^(A), 08/30/2023		270,826		272,406
Geo Group, Inc. Term Loan B, 3-Month LIBOR + 2.25%, 3.57% ^(A), 03/22/2024		239,427		239,352
RHP Hotel Properties, LP Term Loan B, 3-month LIBOR + 2.25%, 3.56% ^(A), 05/11/2024		171,536		172,737

				684,495

Food & Staples Retailing - 0.1%
Albertsons LLC Term Loan B6, 3-Month LIBOR + 3.00%, 4.32% ^(A), 06/22/2023		348,888		337,674


	Principal		Value
LOAN ASSIGNMENTS (continued)
Food Products - 0.1%
Post Holdings, Inc. Series A, Term Loan, 1-Month LIBOR + 2.25%, 3.49% ^(A), 05/24/2024		$ 136,800		$ 137,296

Gas Utilities - 0.0% ^(H)
TPF II Power LLC Term Loan B, 1-Month LIBOR + 3.75%, 4.99% ^(A), 10/02/2023		108,103		108,624

Health Care Equipment & Supplies - 0.1%
Immucor, Inc. Term Loan B, 2-Month LIBOR + 5.00%, 6.31% ^(A), 06/15/2021		100,434		102,166
Mallinckrodt International Finance SA Term Loan B, 3-Month LIBOR + 2.75%, 4.08% ^(A), 09/24/2024		248,750		249,113

				351,279

Health Care Providers & Services - 1.0%
Air Medical Group Holdings, Inc. Term Loan B,
1-Month LIBOR + 3.25%,
4.49% ^(A), 04/28/2022		248,728		248,002
Term Loan B2,
TBD , 09/07/2024 ^{(G) (I)}		67,363		67,351
Community Health Systems, Inc. Term Loan H, 3-Month LIBOR + 3.00%, 4.32% ^(A), 01/27/2021		339,527		327,947
Envision Healthcare Corp. Term Loan B, 1-Month LIBOR + 3.00%, 4.25% ^(A), 12/01/2023		78,156		78,449
HC Group Holdings III, Inc. Term Loan B, 3-Month LIBOR + 5.00%, 6.32% ^(A), 04/07/2022		248,731		251,840
Ortho-Clinical Diagnostics, Inc. Term Loan B, 3-Month LIBOR + 3.75%, 5.08% ^(A), 06/30/2021		471,793		473,139
Quorum Health Corp. Term Loan B, 3-Month LIBOR + 6.75%, 8.07% ^(A), 04/29/2022		391,730		394,505
Sterigenics-Nordion Holdings LLC Term Loan B, 1-Month LIBOR + 3.00%, 4.24% ^(A), 05/15/2022 ^(G) ^(I)		418,735		419,259
Surgery Center Holdings, Inc. Term Loan B, 1-month LIBOR + 3.25%, 4.50% ^(A), 09/02/2024		86,136		85,382

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


Transamerica Funds		Annual Report 2017

Page 322

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
LOAN ASSIGNMENTS (continued)
Health Care Providers & Services (continued)
Team Health Holdings, Inc. 1st Lien Term Loan, 1-Month LIBOR + 2.75%, 3.99% ^(A), 02/06/2024		$ 273,625		$ 270,432

				2,616,306

Hotels, Restaurants & Leisure - 0.8%
1011778 B.C. Unlimited Liability Co. Term Loan B3, 1-Month LIBOR + 2.25%, 3.53% ^(A), 02/16/2024		107,302		107,302
Belmond Interfin, Ltd. Term Loan B, 1-Month LIBOR + 2.75%, 3.99% ^(A), 07/03/2024		96,681		96,761
Boyd Gaming Corp. Term Loan B3, 1-Week LIBOR + 2.50%, 3.70% ^(A), 09/15/2023		305,279		306,466
Caesars Resort Collection LLC 1st Lien Term Loan B, TBD , 09/27/2024 ^{(G) (I)}		331,585		332,911
ClubCorp Club Operations, Inc. Term Loan, 3-Month LIBOR + 3.25%, 4.59% ^(A), 08/15/2024		158,461		158,684
Eldorado Resorts LLC Term Loan B, 3-month LIBOR + 2.25%, 3.50% ^(A), 04/17/2024		210,729		210,992
Golden Nugget, Inc. Term Loan, 1-Month LIBOR + 3.25%, 4.53% ^(A), 10/04/2023		318,304		321,239
Mohegan Tribal Gaming Authority Term Loan B, 1-Month LIBOR + 4.00%, 5.24% ^(A), 10/13/2023		298,496		301,419
Scientific Games International, Inc. Term Loan B4, 2-Month LIBOR + 3.25%, 4.52% ^(A), 08/14/2024		65,476		66,192
Station Casinos LLC Term Loan B, 1-Month LIBOR + 2.50%, 3.74% ^(A), 06/08/2023		235,313		235,934

				2,137,900

Household Durables - 0.3%
LTI Holdings, Inc. 1st Lien Term Loan, 1-Month LIBOR + 4.75%, 5.99% ^(A), 05/16/2024		358,813		358,215
Serta Simmons Bedding LLC 1st Lien Term Loan, 3-Month LIBOR + 3.50%, 4.83% ^(A), 11/08/2023		298,496		294,043


	Principal		Value
LOAN ASSIGNMENTS (continued)
Household Durables (continued)
TriMark USA LLC 1st Lien Term Loan,
3-Month LIBOR + 3.50%,
4.88% ^(A), 09/26/2024		$ 80,850		$ 81,659
Delayed Draw Term Loan,
TBD , 09/26/2024 ^{(G) (I)}		3,609		3,645

				737,562

Household Products - 0.0% ^(H)
Diamond BV Term Loan, 3-Month LIBOR + 3.00%, 4.32% ^(A), 09/06/2024		78,241		78,350

Independent Power & Renewable Electricity Producers - 0.3%
Dynegy, Inc. Term Loan C, 1-Month LIBOR + 3.25%, 4.49% ^(A), 02/07/2024		408,407		410,528
Talen Energy Supply LLC Term Loan B2, 1-Month LIBOR + 4.00%, 5.24% ^(A), 04/15/2024		381,319		379,651

				790,179

Industrial Conglomerates - 0.2%
Opal Acquisition, Inc. Term Loan B, 3-Month LIBOR + 4.00%, 5.33% ^(A), 11/27/2020		447,607		430,403

Insurance - 0.4%
Alliant Holdings I, Inc. Term Loan B, 1-Month LIBOR + 3.25%, 4.49% ^(A), 08/12/2022		206,914		208,166
Cunningham Lindsey U.S., Inc. 1st Lien Term Loan, 3-Month LIBOR + 3.75%, 5.08% ^(A), 12/10/2019		248,006		243,356
Hub International, Ltd. Term Loan B, 3-Month LIBOR + 3.00%, 4.31% ^(A), 10/02/2020		201,593		203,142
NFP Corp. Term Loan B, 1-Month LIBOR + 3.50%, 4.74% ^(A), 01/08/2024		35,939		36,221
Sedgwick Claims Management Services, Inc. 1st Lien Term Loan, 1-Month LIBOR + 2.75%, 3.99% ^(A), 03/01/2021		397,938		399,573

				1,090,458

IT Services - 0.5%
Allied Universal Holdco LLC Term Loan, 3-Month LIBOR + 3.75%, 5.08% ^(A), 07/28/2022		398,987		397,349

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


Transamerica Funds		Annual Report 2017

Page 323

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
LOAN ASSIGNMENTS (continued)
IT Services (continued)
First Data Corp. Term Loan, 1-Month LIBOR + 2.50%, 3.74% ^(A), 04/26/2024		$ 519,394		$ 521,852
Tempo Acquisition LLC Term Loan, 1-Month LIBOR + 3.00%, 4.24% ^(A), 05/01/2024		339,024		339,801
Vantiv LLC Term Loan B4, 1-Month LIBOR + 2.00%, 3.24% ^(A), 08/07/2024		41,071		41,259

				1,300,261

Leisure Products - 0.0% ^(H)
Recess Holdings, Inc. 1st Lien Term Loan, 6-Month LIBOR + 3.75%, 5.25% ^(A), 09/29/2024		34,717		34,826

Life Sciences Tools & Services - 0.1%
Albany Molecular Research, Inc. 1st Lien Term Loan, 3-Month LIBOR + 3.25%, 4.58% ^(A), 08/30/2024		38,603		38,832
Avantor, Inc. 1st Lien Term Loan, TBD , 09/07/2024 ^(G) (I)		103,226		103,436
INC Research LLC Term Loan B, 1-Month LIBOR + 2.25%, 3.49% ^(A), 08/01/2024		120,129		120,730
Parexel International Corp. Term Loan B, 1-Month LIBOR + 3.00%, 4.24% ^(A), 09/27/2024		30,117		30,403

				293,401

Machinery - 0.5%
Dynacast International LLC Term Loan B, 3-Month LIBOR + 3.25%, 4.58% ^(A), 01/28/2022		348,214		351,696
Engineered Machinery Holdings, Inc. 1st Lien Delayed Draw Term Loan,
3-Month LIBOR + 3.25%,
4.28% ^(A), 07/19/2024		5,479		5,479
1st Lien Term Loan,
3-Month LIBOR + 3.25%,
4.56% ^(A), 07/19/2024		54,788		54,788
Gardner Denver, Inc. Term Loan B, 3-Month LIBOR + 2.75%, 4.08% ^(A), 07/30/2024		381,347		382,556
Hayward Industries, Inc. 1st Lien Term Loan, 1-Month LIBOR + 3.50%, 4.74% ^(A), 08/05/2024		23,986		24,186


	Principal		Value
LOAN ASSIGNMENTS (continued)
Machinery (continued)
MW Industries, Inc. 1st Lien Term Loan, 3-Month LIBOR + 4.00%, 5.33% ^(A), 09/27/2024		$ 62,893		$ 63,208
Rexnord LLC Term Loan B, 1-Month LIBOR + 2.75%, 4.09% ^(A), 08/21/2023		298,496		300,149
Tecomet, Inc. Term Loan B, 3-Month LIBOR + 3.75%, 5.06% ^(A), 05/02/2024		209,356		209,617

				1,391,679

Media - 1.5%
Cable One, Inc. Term Loan B, 3-Month LIBOR + 2.25%, 3.57% ^(A), 05/01/2024		18,856		18,927
CSC Holdings LLC 1st Lien Term Loan, 1-Month LIBOR + 2.25%, 3.49% ^(A), 07/17/2025		484,724		483,163
Delta 2 SARL Term Loan B3, 1-Month LIBOR + 3.00%, 4.24% ^(A), 02/01/2024		370,156		372,238
ION Media Networks, Inc. Term Loan B3, 1-Month LIBOR + 3.00%, 4.25% ^(A), 12/18/2020		232,558		233,576
McGraw-Hill Global Education Holdings LLC Term Loan B, 1-Month LIBOR + 4.00%, 5.24% ^(A), 05/04/2022		223,867		222,374
Numericable Group SA Term Loan B11,
3-Month LIBOR + 2.75%,
4.13% ^(A), 07/31/2025		313,171		312,584
Term Loan B12,
TBD , 01/05/2026 ^{(G) (I)}		128,064		128,144
Rentpath, Inc. Term Loan, 1-Month LIBOR + 4.75%, 6.00% ^(A), 12/17/2021		372,447		373,379
Sesac Holdco II LLC 1st Lien Term Loan, 1-Month LIBOR + 3.25%, 4.49% ^(A), 02/23/2024		497,500		496,256
Telenet Financing LLC Term Loan AI, 1-Month LIBOR + 2.75%, 3.99% ^(A), 06/30/2025		417,970		419,479
Unitymedia Finance LLC Term Loan B, 1-Month LIBOR + 2.25%, 3.49% ^(A), 09/30/2025		64,378		64,324

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


Transamerica Funds		Annual Report 2017

Page 324

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
LOAN ASSIGNMENTS (continued)
Media (continued)
Univision Communications, Inc. Term Loan C5, 1-Month LIBOR + 2.75%, 3.99% ^(A), 03/15/2024		$ 223,218		$ 222,026
UPC Financing Partnership Term Loan AR, TBD , 01/15/2026 ^{(G) (I)}		181,924		182,470
Ziggo Secured Finance Partnership Term Loan E, 1-Month LIBOR + 2.50%, 3.74% ^(A), 04/15/2025		450,000		450,937

				3,979,877

Oil, Gas & Consumable Fuels - 0.5%
Energy Transfer Equity, LP Term Loan B, 1-Month LIBOR + 2.00%, 3.24% ^(A), 02/02/2024		256,262		255,781
MEG Energy Corp. Term Loan B, 3-Month LIBOR + 3.50%, 4.83% ^(A), 12/31/2023		497,500		498,921
Southcross Energy Partners, LP 1st Lien Term Loan, 3-Month LIBOR + 4.25%, 5.58% ^(A), 08/04/2021		148,534		128,482
TEX Operations Co. LLC
Term Loan B,
3-Month LIBOR + 2.75%,
4.01% ^(A), 08/04/2023		242,454		243,103
Term Loan C,
3-Month LIBOR + 2.75%,
4.08% ^(A), 08/04/2023		55,714		55,864
Traverse Midstream Partners LLC Term Loan, 3-Month LIBOR + 4.00%, 5.33% ^(A), 09/27/2024		65,359		66,323

				1,248,474

Personal Products - 0.1%
Atrium Innovations, Inc. Term Loan, 3-Month LIBOR + 3.50%, 4.83% ^(A), 02/13/2021		371,796		372,416

Pharmaceuticals - 0.4%
Alphabet Holding Co., Inc. 1st Lien Term Loan, 3-Month LIBOR + 3.50%, 4.83% ^(A), 09/26/2024		81,159		79,257
Alvogen Pharma US, Inc. Term Loan, 1-Month LIBOR + 5.00%, 6.24% ^(A), 04/02/2022		350,400		347,006
Endo Luxembourg Finance Co. I SARL Term Loan B, 1-Month LIBOR + 4.25%, 5.50% ^(A), 04/29/2024		195,736		198,134


	Principal		Value
LOAN ASSIGNMENTS (continued)
Pharmaceuticals (continued)
Valeant Pharmaceuticals International, Inc. Term Loan B F1, 1-Month LIBOR + 4.75%, 5.99% ^(A), 04/01/2022		$ 324,869		$ 331,058

				955,455

Professional Services - 0.4%
Cast and Crew Payroll LLC 1st Lien Term Loan B, 3-Month LIBOR + 3.00%, 4.33% ^(A), 09/26/2024		157,490		158,474
Everi Payments, Inc. Term Loan B, 1-Month LIBOR + 4.50%, 5.74% ^(A), 05/09/2024		437,193		438,923
IBC Capital, Ltd. 1st Lien Term Loan, 3-Month LIBOR + 3.75%, 5.07% ^(A), 09/09/2021		394,345		394,345

				991,742

Real Estate Management & Development - 0.1%
CityCenter Holdings LLC Term Loan B, 1-Month LIBOR + 2.50%, 3.74% ^(A), 04/18/2024		247,675		248,604

Road & Rail - 0.1%
Fly Funding II SARL Term Loan B, 3-Month LIBOR + 2.25%, 3.56% ^(A), 02/09/2023		292,500		293,475

Semiconductors & Semiconductor Equipment - 0.2%
Bright Bidco BV Term Loan B, 3-Month LIBOR + 4.50%, 5.82% ^(A), 06/30/2024		79,303		80,146
MaxLinear, Inc. Term Loan B, 1-Month LIBOR + 2.50%, 3.74% ^(A), 05/12/2024		372,235		373,630

				453,776

Software - 1.3%
Almonde, Inc. 1st Lien Term Loan, 3-Month LIBOR + 3.50%, 4.82% ^(A), 06/13/2024		69,051		68,783
Applied Systems, Inc. 1st Lien Term Loan,
3-Month LIBOR + 3.25%,
4.57% ^(A), 09/19/2024		30,191		30,543
2nd Lien Term Loan,
3-Month LIBOR + 7.00%,
8.32% ^(A), 09/19/2025		14,232		14,635
BMC Software Finance, Inc. Term Loan, 1-Month LIBOR + 4.00%, 5.24% ^(A), 09/10/2022		247,684		249,130

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


Transamerica Funds		Annual Report 2017

Page 325

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
LOAN ASSIGNMENTS (continued)
Software (continued)
Cengage Learning Acquisitions, Inc. Term Loan B, 1-Month LIBOR + 4.25%, 5.49% ^(A), 06/07/2023		$ 221,315		$ 205,863
Cypress Intermediate Holdings III, Inc. 1st Lien Term Loan, 1-Month LIBOR + 3.00%, 4.25% ^(A), 04/27/2024		337,655		338,378
Epicor Software Corp. 1st Lien Term Loan, 1-Month LIBOR + 3.75%, 5.00% ^(A), 06/01/2022		500,000		501,875
Houghton Mifflin Harcourt Publishing Co. Term Loan B, 1-Month LIBOR + 3.00%, 4.24% ^(A), 05/31/2021		347,588		331,222
Infor, Inc. Term Loan B6, 3-Month LIBOR + 2.75%, 4.08% ^(A), 02/01/2022		472,625		473,289
Informatica Corp. Term Loan, 3-Month LIBOR + 3.50%, 4.83% ^(A), 08/05/2022		297,711		298,190
MA Finance Co. LLC Term Loan B3, 1-Month LIBOR + 2.75%, 3.99% ^(A), 06/21/2024		11,357		11,357
Seattle Spinco, Inc. Term Loan B3, 1-Month LIBOR + 2.75%, 3.99% ^(A), 06/21/2024		76,694		76,694
Sophia, LP Term Loan B, 3-Month LIBOR + 3.25%, 4.58% ^(A), 09/30/2022		524,244		523,308
VF Holding Corp. Term Loan, 1-Month LIBOR + 3.25%, 4.49% ^(A), 06/30/2023		348,241		350,079

				3,473,346

Specialty Retail - 0.2%
Michaels Stores, Inc. Term Loan B1, 1-Month LIBOR + 2.75%, 3.99% ^(A), 01/30/2023		521,205		521,042
Staples, Inc. Term Loan B, 3-Month LIBOR + 4.00%, 5.31% ^(A), 09/12/2024		147,493		138,878

				659,920

Technology Hardware, Storage & Peripherals - 0.2%
Diebold, Inc. Term Loan B, 1-Month LIBOR + 2.75%, 4.00% ^(A), 11/06/2023		447,750		448,123


	Principal		Value
LOAN ASSIGNMENTS (continued)
Trading Companies & Distributors - 0.3%
BakerCorp International, Inc. Term Loan, 3-Month LIBOR + 3.00%, 4.38% ^(A), 02/07/2020		$ 297,931		$ 291,601
Beacon Roofing Supply, Inc. Term Loan B, TBD , 08/23/2024 ^{(G) (I)}		32,915		33,107
HD Supply Waterworks, Ltd. Term Loan B, 3-Month LIBOR + 2.75%, 4.46% ^(A), 08/01/2024		18,305		18,443
Univar, Inc. Term Loan B, 1-Month LIBOR + 2.75%, 3.99% ^(A), 07/01/2022		397,995		399,425

				742,576

Wireless Telecommunication Services - 0.1%
Sprint Communications, Inc. 1st Lien Term Loan B, 1-Month LIBOR + 2.50%, 3.75% ^(A), 02/02/2024		298,500		299,300

Total Loan Assignments (Cost $39,604,435)				39,540,537


U.S. GOVERNMENT OBLIGATIONS - 10.6%
U.S. Treasury - 1.3%
U.S. Treasury Note 0.75%, 01/31/2018		1,000		999
1.38%, 07/31/2019		750,000		747,392
2.13%, 02/29/2024		500,000		498,535
2.25%, 02/15/2027		2,300,000		2,277,809

				3,524,735

U.S. Treasury Inflation-Protected Securities - 9.3%
U.S. Treasury Inflation-Indexed Bond 1.00%, 02/15/2046		1,243,308		1,263,957
1.75%, 01/15/2028		585,920		654,887
2.50%, 01/15/2029		2,592,178		3,122,428
3.88%, 04/15/2029		2,464,011		3,341,330
U.S. Treasury Inflation-Indexed Note 0.13%, 04/15/2018 - 07/15/2026		11,309,602		11,255,799
0.25%, 01/15/2025		1,554,720		1,537,417
0.38%, 07/15/2025 - 07/15/2027		919,059		912,295
0.63%, 01/15/2024 - 01/15/2026		2,756,887		2,797,559

				24,885,672

Total U.S. Government Obligations (Cost $28,597,174)				28,410,407


	Shares		Value
COMMON STOCK - 0.0% ^(H)
Machinery - 0.0% ^(H)
Ameriforge Group, Inc.		2,679		88,407

Total Common Stock (Cost $91,086)				88,407

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


Transamerica Funds		Annual Report 2017

Page 326

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 5.1%
U.S. Treasury Bill 0.95% ^(J), 12/14/2017 ^(K)		$ 600,000		$ 599,306
0.97% ^(J), 12/07/2017 ^(K)		65,000		64,936
1.05% ^(J), 12/28/2017		13,000,000		12,978,593

Total Short-Term U.S. Government Obligations (Cost $13,642,923)				13,642,835


	Shares		Value
SECURITIES LENDING COLLATERAL - 0.8%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.00% ^(J)		2,284,723		2,284,723

Total Securities Lending Collateral (Cost $2,284,723)				2,284,723


	Principal		Value
REPURCHASE AGREEMENT - 2.6%
Fixed Income Clearing Corp., 0.12% ^(J), dated 10/31/2017, to be repurchased at $7,120,176 on 11/01/2017. Collateralized by a U.S. Government Obligation, 2.63%, due 08/15/2020, and with a value of $7,267,225.		$ 7,120,152		$ 7,120,152

Total Repurchase Agreement (Cost $7,120,152)				7,120,152

Total Investments (Cost $271,059,064)				273,556,809
Net Other Assets (Liabilities) - (1.7)%				(4,549,040	)


Net Assets - 100.0%				$ 269,007,769

FUTURES CONTRACTS:


Description	Long/Short		Number of Contracts			Expiration Date		Notional Amount			Value			Unrealized Appreciation		Unrealized Depreciation
10-Year U.S. Treasury Note		Short		(45,200,000	)		12/19/2017	$	(57,092,457	)	$	(56,471,750	)	$	620,707	$	—

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	$	—	$	78,310,131	$	—	$	78,310,131
Corporate Debt Securities		—		82,234,730		—		82,234,730
Foreign Government Obligations		—		21,924,887		—		21,924,887
Loan Assignments		—		39,540,537		—		39,540,537
U.S. Government Obligations		—		28,410,407		—		28,410,407
Common Stock		88,407		—		—		88,407
Short-Term U.S. Government Obligations		—		13,642,835		—		13,642,835
Securities Lending Collateral		2,284,723		—		—		2,284,723
Repurchase Agreement		—		7,120,152		—		7,120,152

Total Investments	$	2,373,130	$	271,183,679	$	—	$	273,556,809

Other Financial Instruments
Futures Contracts ^(M)	$	620,707	$	—	$	—	$	620,707

Total Other Financial Instruments	$	620,707	$	—	$	—	$	620,707

FOOTNOTES TO SCHEDULE OF INVESTMENTS:


(A)		Floating or variable rate securities. The rates disclosed are as of October 31, 2017. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. In addition, variable rate securities with a floor or ceiling feature are disclosing that 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 their description above.
(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, 2017, the total value of 144A securities is $58,390,029, representing 21.7% of the Fund’s net assets.
(C)		Percentage 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 2017

Page 327

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):


(D)		Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2017, value of the security is $1,000,000, representing 0.4% 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 $2,236,029. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(G)		When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after October 31, 2017. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(H)		Percentage rounds to less than 0.1% or (0.1)%.
(I)		All or a portion of the security represents unsettled loan commitments at October 31, 2017 where the rate will be determined at time of settlement.
(J)		Rates disclosed reflect the yields at October 31, 2017.
(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 $664,244.
(L)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. 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:


IDR		Indonesian Rupiah
PEN		Peruvian Sol
UYU		Uruguayan Peso

PORTFOLIO ABBREVIATIONS:


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 2017

Page 328

Transamerica US Growth

(unaudited)

MARKET ENVIRONMENT

Returns varied by market cap, as small-cap stocks, as measured by the Russell 2000^® Index, outperformed mid- and large-cap stocks, as measured by the S&P MidCap 400 and the S&P 500^®.

PERFORMANCE

For the year ended October 31, 2017, Transamerica US Growth Class A returned 25.76%, excluding any sales charges. By comparison, its benchmark, the Russell 1000^® Growth Index, returned 29.71%.

STRATEGY REVIEW

Mammen Chally, CFA

David Siegle, CFA

Douglas McLane, CFA

Co-Portfolio Managers

Wellington Management Company LLP


Asset Allocation	Percentage of Net Assets
Common Stocks		98.5	%
Repurchase Agreement		1.6
Net Other Assets (Liabilities)		(0.1	)
Total		100.0	%


Transamerica Funds		Annual Report 2017

Page 329

Transamerica US Growth

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		18.86	%		13.70	%		11.28	%		11/13/2009
Class A (NAV)		25.76	%		15.00	%		12.07	%		11/13/2009
Russell 1000^® Growth Index^(A)		29.71	%		16.83	%		15.12	%
Class B (POP)		19.55	%		13.83	%		11.16	%		11/13/2009
Class B (NAV)		24.55	%		13.95	%		11.16	%		11/13/2009
Class C (POP)		23.84	%		14.10	%		11.24	%		11/13/2009
Class C (NAV)		24.84	%		14.10	%		11.24	%		11/13/2009
Class I (NAV)		26.21	%		15.40	%		12.88	%		11/30/2009
Class I2 (NAV)		26.29	%		15.54	%		12.71	%		11/13/2009
Class T (POP)		15.51	%		13.41	%		11.61	%		02/10/2012
Class T (NAV)		26.24	%		15.45	%		13.36	%		02/10/2012
Class T1 (POP)		N/A			N/A			10.24	%^(B)		03/17/2017
Class T1 (NAV)		N/A			N/A			13.06	%^(B)		03/17/2017
Advisor Class (NAV)		N/A			N/A			22.92	%^(B)		12/16/2016

^(B) Not annualized.

The performance data presented represents past performance; future results may vary. 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, 8.5% for T shares and 2.5% for T1 shares or the maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 6 years) for Class B shares or 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, I2 and Advisor Class shares.

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 2017

Page 330

Transamerica US Growth

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Shares		Value
COMMON STOCKS - 98.5%
Aerospace & Defense - 2.7%
Boeing Co.		81,565		$ 21,042,139
General Dynamics Corp.		38,657		7,846,598

				28,888,737

Banks - 1.4%
M&T Bank Corp.		41,846		6,978,658
SVB Financial Group ^(A)		34,876		7,647,609

				14,626,267

Beverages - 1.4%
Monster Beverage Corp. ^(A)		253,521		14,686,471

Biotechnology - 2.7%
Biogen, Inc. ^(A)		28,175		8,781,020
Incyte Corp. ^(A)		58,900		6,670,425
Regeneron Pharmaceuticals, Inc. ^(A)		19,510		7,855,116
TESARO, Inc. ^(A)		52,319		6,056,971

				29,363,532

Building Products - 0.7%
Fortune Brands Home & Security, Inc.		122,373		8,083,960

Capital Markets - 1.7%
BlackRock, Inc.		17,827		8,393,486
Intercontinental Exchange, Inc.		153,400		10,139,740

				18,533,226

Chemicals - 1.9%
PPG Industries, Inc.		123,623		14,369,938
Sherwin-Williams Co.		16,927		6,688,704

				21,058,642

Consumer Finance - 1.0%
Capital One Financial Corp.		115,539		10,650,385

Containers & Packaging - 0.9%
Crown Holdings, Inc. ^(A)		169,595		10,204,531

Diversified Telecommunication Services - 1.2%
Verizon Communications, Inc.		276,900		13,255,203

Electrical Equipment - 1.7%
AMETEK, Inc.		150,061		10,127,617
Eaton Corp. PLC		99,006		7,922,460

				18,050,077

Electronic Equipment, Instruments & Components - 0.4%
CDW Corp.		57,424		4,019,680

Energy Equipment & Services - 0.4%
Baker Hughes a GE Co.		143,207		4,500,996

Food & Staples Retailing - 1.5%
Costco Wholesale Corp.		98,773		15,910,355

Health Care Equipment & Supplies - 3.3%
Baxter International, Inc.		156,301		10,076,726
Boston Scientific Corp. ^(A)		287,824		8,099,367
Hologic, Inc. ^(A)		181,512		6,870,229
Medtronic PLC		124,866		10,054,210

				35,100,532

Health Care Providers & Services - 3.5%
Aetna, Inc.		70,320		11,956,510
UnitedHealth Group, Inc.		120,741		25,382,173

				37,338,683

Hotels, Restaurants & Leisure - 2.5%
Hilton Worldwide Holdings, Inc.		152,591		11,029,278


	Shares		Value
COMMON STOCKS (continued)
Hotels, Restaurants & Leisure (continued)
Starbucks Corp.		281,717		$ 15,449,360

				26,478,638

Household Durables - 1.0%
Mohawk Industries, Inc. ^(A)		41,301		10,810,950

Household Products - 1.0%
Colgate-Palmolive Co.		155,322		10,942,435

Insurance - 1.0%
Allstate Corp.		112,156		10,526,962

Internet & Direct Marketing Retail - 7.6%
Amazon.com, Inc. ^(A)		37,791		41,769,636
Netflix, Inc. ^(A)		71,667		14,077,549
Priceline Group, Inc. ^(A)		10,589		20,245,744
Wayfair, Inc., Class A ^(A)		84,974		5,939,683

				82,032,612

Internet Software & Services - 13.3%
Alphabet, Inc., Class A ^(A)		45,008		46,495,064
Alphabet, Inc., Class C ^(A)		21,914		22,278,649
eBay, Inc. ^(A)		238,387		8,972,887
Facebook, Inc., Class A ^(A)		280,674		50,538,160
GoDaddy, Inc., Class A ^(A)		315,383		14,728,386

				143,013,146

IT Services - 5.1%
Global Payments, Inc.		125,339		13,028,989
Mastercard, Inc., Class A		222,901		33,160,982
PayPal Holdings, Inc. ^(A)		116,701		8,467,824

				54,657,795

Life Sciences Tools & Services - 1.5%
Thermo Fisher Scientific, Inc.		83,825		16,247,800

Machinery - 3.5%
Illinois Tool Works, Inc.		63,372		9,918,986
Middleby Corp. ^(A)		65,909		7,638,853
Nordson Corp.		74,515		9,440,305
Snap-on, Inc.		65,203		10,287,729

				37,285,873

Media - 2.2%
Comcast Corp., Class A		674,424		24,299,497

Multiline Retail - 1.2%
Dollar Tree, Inc. ^(A)		137,676		12,562,935

Personal Products - 1.3%
Estee Lauder Cos., Inc., Class A		127,172		14,219,101

Pharmaceuticals - 2.3%
Allergan PLC		65,721		11,647,733
Bristol-Myers Squibb Co.		209,488		12,917,030

				24,564,763

Professional Services - 1.1%
Equifax, Inc.		49,756		5,400,019
IHS Markit, Ltd. ^(A)		164,025		6,989,105

				12,389,124

Road & Rail - 0.7%
JB Hunt Transport Services, Inc.		74,099		7,883,393

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


Transamerica Funds		Annual Report 2017

Page 331

Transamerica US Growth

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Shares		Value
COMMON STOCKS (continued)
Semiconductors & Semiconductor Equipment - 4.1%
Broadcom, Ltd.		5,733		$ 1,512,996
Lam Research Corp.		60,924		12,706,919
Micron Technology, Inc. ^(A)		187,732		8,318,405
NVIDIA Corp.		75,082		15,527,708
QUALCOMM, Inc.		120,633		6,153,489

				44,219,517

Software - 9.0%
Adobe Systems, Inc. ^(A)		99,310		17,395,140
Electronic Arts, Inc. ^(A)		100,615		12,033,554
Microsoft Corp.		358,018		29,779,937
salesforce.com, Inc. ^(A)		151,326		15,486,703
ServiceNow, Inc. ^(A)		83,178		10,511,204
Workday, Inc., Class A ^(A)		105,461		11,705,116

				96,911,654

Specialty Retail - 1.2%
TJX Cos., Inc.		193,318		13,493,596

Technology Hardware, Storage & Peripherals - 7.9%
Apple, Inc.		426,533		72,101,139
NetApp, Inc.		300,391		13,343,368

				85,444,507

Textiles, Apparel & Luxury Goods - 2.9%
NIKE, Inc., Class B		336,706		18,515,463


	Shares		Value
COMMON STOCKS (continued)
Textiles, Apparel & Luxury Goods (continued)
VF Corp.		185,158		$ 12,896,255

				31,411,718

Tobacco - 1.7%
Altria Group, Inc.		281,403		18,071,701

Total Common Stocks (Cost $721,312,103)				1,061,738,994


	Principal		Value
REPURCHASE AGREEMENT - 1.6%
Fixed Income Clearing Corp., 0.12%^(B), dated 10/31/2017, to be repurchased at $16,862,990 on 11/01/2017. Collateralized by a U.S. Government Obligation, 1.75%, due 12/31/2020, and with a value of $17,203,707.		$ 16,862,934		16,862,934

Total Repurchase Agreement (Cost $16,862,934)				16,862,934

Total Investments (Cost $738,175,037)				1,078,601,928
Net Other Assets (Liabilities) - (0.1)%				(543,957	)


Net Assets - 100.0%				$ 1,078,057,971

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	$	1,061,738,994	$	—	$	—	$	1,061,738,994
Repurchase Agreement		—		16,862,934		—		16,862,934

Total Investments	$	1,061,738,994	$	16,862,934	$	—	$	1,078,601,928

FOOTNOTES TO SCHEDULE OF INVESTMENTS:


(A)		Non-income producing securities.
(B)		Rate disclosed reflects the yield at October 31, 2017.
(C)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. 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 2017

Page 332

Understanding Your Funds’ Expenses

(unaudited)

SHAREHOLDER EXPENSES

The examples are based on an investment of $1,000 invested at May 1, 2017, and held for the entire period until October 31, 2017.

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES


			Actual Expenses					Hypothetical Expenses ^(A)
Fund	Beginning Account Value		Ending Account Value		Expenses Paid During Period			Ending Account Value		Expenses Paid During Period^(B)		Annualized Expense Ratio^(C)

Transamerica Balanced II
Class I3	$	1,000.00	$	1,017.00	$	0.64^(D	⁾	$	1,022.70	$	2.55		0.50	%
Class R		1,000.00		1,052.80		5.69^(B	⁾		1,019.70		5.60		1.10

Transamerica Bond
Class I2		1,000.00		1,032.10		3.64^(B	⁾		1,021.60		3.62		0.71
Class R6		1,000.00		1,031.00		3.63^(B	⁾		1,021.60		3.62		0.71

Transamerica Capital Growth
Class A		1,000.00		1,162.60		6.54^(B	⁾		1,019.20		6.11		1.20
Class B		1,000.00		1,156.60		11.96^(B	⁾		1,014.10		11.17		2.20
Class C		1,000.00		1,157.90		10.55^(B	⁾		1,015.40		9.86		1.94
Class I		1,000.00		1,164.40		5.13^(B	⁾		1,020.50		4.79		0.94
Class I2		1,000.00		1,164.60		4.47^(B	⁾		1,021.10		4.18		0.82
Class T1		1,000.00		1,162.90		5.94^(B	⁾		1,019.70		5.55		1.09
Advisor Class		1,000.00		1,163.60		5.62^(B	⁾		1,020.00		5.24		1.03

Transamerica Concentrated Growth
Class A		1,000.00		1,090.60		6.32^(B	⁾		1,019.20		6.11		1.20
Class C		1,000.00		1,087.00		9.63^(B	⁾		1,016.00		9.30		1.83
Class I		1,000.00		1,092.80		4.43^(B	⁾		1,021.00		4.28		0.84
Class I2		1,000.00		1,092.80		3.85^(B	⁾		1,021.50		3.72		0.73
Class T1		1,000.00		1,091.90		5.27^(B	⁾		1,020.20		5.09		1.00
Advisor Class		1,000.00		1,092.10		5.01^(B	⁾		1,020.40		4.84		0.95


Transamerica Funds		Annual Report 2017

Page 333

Understanding Your Funds’ Expenses (continued)

(unaudited)


			Actual Expenses					Hypothetical Expenses ^(A)
Fund	Beginning Account Value		Ending Account Value		Expenses Paid During Period			Ending Account Value		Expenses Paid During Period^(B)		Annualized Expense Ratio^(C)

Transamerica Dividend Focused
Class A	$	1,000.00	$	1,065.00	$	5.31^(B	⁾	$	1,020.10	$	5.19		1.02	%
Class C		1,000.00		1,059.60		9.60^(B	⁾		1,016.10		9.50		1.85
Class I		1,000.00		1,065.00		4.37^(B	⁾		1,021.00		4.28		0.84
Class I2		1,000.00		1,065.40		3.80^(B	⁾		1,021.50		3.72		0.73
Class R6		1,000.00		1,066.40		3.85^(B	⁾		1,021.50		3.77		0.74
Class T1		1,000.00		1,064.90		5.10^(B	⁾		1,020.30		4.99		0.98
Advisor Class		1,000.00		1,065.10		4.79^(B	⁾		1,020.60		4.69		0.92

Transamerica Dynamic Allocation
Class A		1,000.00		1,056.60		5.70^(B	⁾		1,019.70		5.60		1.10	^(E)
Class C		1,000.00		1,051.70		9.57^(B	⁾		1,015.90		9.40		1.85	^(E)
Class I		1,000.00		1,057.70		4.41^(B	⁾		1,020.90		4.33		0.85	^(E)
Class T1		1,000.00		1,056.60		5.70^(B	⁾		1,019.70		5.60		1.10	^(E)

Transamerica Dynamic Income
Class A		1,000.00		1,013.10		4.47^(B	⁾		1,020.80		4.48		0.88	^(E)
Class C		1,000.00		1,008.20		8.30^(B	⁾		1,017.10		8.43		1.64	^(E)
Class I		1,000.00		1,014.40		3.30^(B	⁾		1,021.90		3.31		0.65	^(E)
Class T1		1,000.00		1,013.60		4.06^(B	⁾		1,021.20		4.08		0.80	^(E)
Advisor Class		1,000.00		1,014.30		3.40^(B	⁾		1,021.80		3.41		0.67	^(E)

Transamerica Emerging Markets Debt
Class A		1,000.00		1,043.30		5.67^(B	⁾		1,019.70		5.60		1.10
Class C		1,000.00		1,039.70		9.56^(B	⁾		1,015.80		9.45		1.86
Class I		1,000.00		1,044.70		4.17^(B	⁾		1,021.10		4.13		0.81
Class I2		1,000.00		1,045.20		3.71^(B	⁾		1,021.60		3.67		0.72
Class R6		1,000.00		1,045.20		3.71^(B	⁾		1,021.60		3.67		0.72
Class T1		1,000.00		1,043.70		4.95^(B	⁾		1,020.40		4.89		0.96
Advisor Class		1,000.00		1,043.40		4.69^(B	⁾		1,020.60		4.63		0.91

Transamerica Emerging Markets Equity
Class A		1,000.00		1,143.50		8.32^(B	⁾		1,017.40		7.83		1.54
Class C		1,000.00		1,140.30		11.87^(B	⁾		1,014.10		11.17		2.20
Class I		1,000.00		1,146.00		6.76^(B	⁾		1,018.90		6.36		1.25
Class I2		1,000.00		1,145.80		5.90^(B	⁾		1,019.70		5.55		1.09
Class T1		1,000.00		1,145.50		7.52^(B	⁾		1,018.20		7.07		1.39
Advisor Class		1,000.00		1,145.20		6.98^(B	⁾		1,018.70		6.56		1.29

Transamerica Event Driven
Class I		1,000.00		1,029.50		7.06^(B	⁾		1,018.20		7.02		1.38
Class I2		1,000.00		1,028.90		7.06^(B	⁾		1,018.20		7.02		1.38
Advisor Class		1,000.00		1,029.50		7.11^(B	⁾		1,018.20		7.07		1.39

Transamerica Flexible Income
Class A		1,000.00		1,024.20		5.05^(B	⁾		1,020.20		5.04		0.99
Class B		1,000.00		1,018.60		9.41^(B	⁾		1,015.90		9.40		1.85
Class C		1,000.00		1,019.70		8.40^(B	⁾		1,016.90		8.39		1.65
Class I		1,000.00		1,025.80		3.42^(B	⁾		1,021.80		3.41		0.67
Class I2		1,000.00		1,026.40		2.86^(B	⁾		1,022.40		2.85		0.56
Class R6		1,000.00		1,026.40		2.86^(B	⁾		1,022.40		2.85		0.56
Class T1		1,000.00		1,025.00		4.13^(B	⁾		1,021.10		4.13		0.81
Advisor Class		1,000.00		1,025.30		3.88^(B	⁾		1,021.40		3.87		0.76

Transamerica Floating Rate
Class A		1,000.00		1,017.20		5.34^(B	⁾		1,019.90		5.35		1.05	^(E)
Class C		1,000.00		1,012.40		9.13^(B	⁾		1,016.10		9.15		1.80	^(E)
Class I		1,000.00		1,018.50		4.07^(B	⁾		1,021.20		4.08		0.80	^(E)
Class I2		1,000.00		1,018.70		3.87^(B	⁾		1,021.40		3.87		0.76	^(E)
Class T1		1,000.00		1,017.50		5.09^(B	⁾		1,020.20		5.09		1.00	^(E)

Transamerica Global Equity
Class A		1,000.00		1,105.00		7.16^(B	⁾		1,018.40		6.87		1.35
Class B		1,000.00		1,100.70		11.12^(B	⁾		1,014.60		10.66		2.10
Class C		1,000.00		1,100.30		11.12^(B	⁾		1,014.60		10.66		2.10
Class I		1,000.00		1,106.30		5.84^(B	⁾		1,019.70		5.60		1.10
Class R6		1,000.00		1,106.30		5.36^(B	⁾		1,020.10		5.14		1.01
Class T1		1,000.00		1,105.00		6.79^(B	⁾		1,018.80		6.51		1.28
Advisor Class		1,000.00		1,105.90		5.84^(B	⁾		1,019.70		5.60		1.10


Transamerica Funds		Annual Report 2017

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Understanding Your Funds’ Expenses (continued)

(unaudited)


			Actual Expenses					Hypothetical Expenses ^(A)
Fund	Beginning Account Value		Ending Account Value		Expenses Paid During Period			Ending Account Value		Expenses Paid During Period^(B)		Annualized Expense Ratio^(C)

Transamerica Government Money Market
Class A	$	1,000.00	$	1,000.00	$	5.09^(B	⁾	$	1,020.10	$	5.14		1.01	%
Class B		1,000.00		1,000.00		5.09^(B	⁾		1,020.10		5.14		1.01
Class C		1,000.00		1,000.00		5.14^(B	⁾		1,020.10		5.19		1.02
Class I		1,000.00		1,000.00		5.14^(B	⁾		1,020.10		5.19		1.02
Class I2		1,000.00		1,000.00		5.14^(B	⁾		1,020.10		5.19		1.02
Class I3		1,000.00		1,003.40		1.36^(F	⁾		1,023.70		1.53		0.30
Class R2		1,000.00		1,000.20		0.39^(G	⁾		1,021.20		4.08		0.80
Class R4		1,000.00		1,000.30		0.25^(G	⁾		1,022.70		2.55		0.50

Transamerica Growth
Class I2		1,000.00		1,165.80		4.80^(B	⁾		1,020.80		4.48		0.88
Class R6		1,000.00		1,165.00		4.80^(B	⁾		1,020.80		4.48		0.88

Transamerica High Quality Bond
Class I3		1,000.00		1,005.10		2.02^(B	⁾		1,023.20		2.04		0.40
Class R		1,000.00		1,004.20		4.90^(B	⁾		1,020.30		4.94		0.97
Class R4		1,000.00		1,004.00		3.28^(B	⁾		1,021.90		3.31		0.65

Transamerica High Yield Bond
Class A		1,000.00		1,032.20		5.38^(B	⁾		1,019.90		5.35		1.05
Class B		1,000.00		1,028.10		9.46^(B	⁾		1,015.90		9.40		1.85
Class C		1,000.00		1,028.70		8.85^(B	⁾		1,016.50		8.79		1.73
Class I		1,000.00		1,033.80		3.74^(B	⁾		1,021.50		3.72		0.73
Class I2		1,000.00		1,034.40		3.23^(B	⁾		1,022.00		3.21		0.63
Class I3		1,000.00		1,034.50		3.08^(B	⁾		1,022.20		3.06		0.60
Class R		1,000.00		1,031.90		5.63^(B	⁾		1,019.70		5.60		1.10
Class R4		1,000.00		1,033.20		4.36^(B	⁾		1,020.90		4.33		0.85
Class R6		1,000.00		1,033.30		3.23^(B	⁾		1,022.00		3.21		0.63
Class T1		1,000.00		1,033.20		4.51^(B	⁾		1,020.80		4.48		0.88
Advisor Class		1,000.00		1,033.30		4.25^(B	⁾		1,021.00		4.23		0.83

Transamerica High Yield Muni
Class A		1,000.00		1,041.50		4.68^(B	⁾		1,020.60		4.63		0.91
Class C		1,000.00		1,038.40		7.76^(B	⁾		1,017.60		7.68		1.51
Class I		1,000.00		1,041.40		3.91^(B	⁾		1,021.40		3.87		0.76
Class I2		1,000.00		1,042.30		3.81^(B	⁾		1,021.50		3.77		0.74
Class T1		1,000.00		1,041.30		4.99^(B	⁾		1,020.30		4.94		0.97

Transamerica Inflation Opportunities
Class A		1,000.00		1,006.40		5.06^(B	⁾		1,020.20		5.09		1.00
Class C		1,000.00		1,003.30		8.84^(B	⁾		1,016.40		8.89		1.75
Class I		1,000.00		1,008.40		3.80^(B	⁾		1,021.40		3.82		0.75
Class I2		1,000.00		1,008.60		3.44^(B	⁾		1,021.80		3.47		0.68
Class R6		1,000.00		1,008.60		3.39^(B	⁾		1,021.80		3.41		0.67
Class T1		1,000.00		1,007.60		4.81^(B	⁾		1,020.40		4.84		0.95

Transamerica Inflation-Protected Securities
Class I3		1,000.00		1,000.60		2.02^(B	⁾		1,023.20		2.04		0.40
Class R		1,000.00		997.00		5.03^(B	⁾		1,020.20		5.09		1.00
Class R4		1,000.00		999.40		3.28^(B	⁾		1,021.90		3.31		0.65

Transamerica Intermediate Bond
Class I2		1,000.00		1,019.10		2.19^(B	⁾		1,023.00		2.19		0.43
Class I3		1,000.00		1,019.10		2.04^(B	⁾		1,023.20		2.04		0.40
Class R		1,000.00		1,016.00		4.67^(B	⁾		1,020.60		4.69		0.92
Class R4		1,000.00		1,017.80		3.31^(B	⁾		1,021.90		3.31		0.65

Transamerica Intermediate Muni
Class A		1,000.00		1,023.10		3.52^(B	⁾		1,021.70		3.52		0.69
Class C		1,000.00		1,020.90		6.62^(B	⁾		1,018.70		6.61		1.30
Class I		1,000.00		1,024.50		3.01^(B	⁾		1,022.20		3.01		0.59
Class I2		1,000.00		1,025.00		2.50^(B	⁾		1,022.70		2.50		0.49
Class T1		1,000.00		1,023.80		3.72^(B	⁾		1,021.50		3.72		0.73
Advisor Class		1,000.00		1,023.10		3.47^(B	⁾		1,021.80		3.47		0.68


Transamerica Funds		Annual Report 2017

Page 335

Understanding Your Funds’ Expenses (continued)

(unaudited)


			Actual Expenses					Hypothetical Expenses ^(A)
Fund	Beginning Account Value		Ending Account Value		Expenses Paid During Period			Ending Account Value		Expenses Paid During Period^(B)		Annualized Expense Ratio^(C)

Transamerica International Equity
Class A	$	1,000.00	$	1,079.50	$	6.18^(B	⁾	$	1,019.30	$	6.01		1.18	%
Class C		1,000.00		1,075.40		10.15^(B	⁾		1,015.40		9.86		1.94
Class I		1,000.00		1,081.30		4.72^(B	⁾		1,020.70		4.58		0.90
Class I2		1,000.00		1,081.80		4.20^(B	⁾		1,021.20		4.08		0.80
Class I3		1,000.00		1,081.80		4.15^(B	⁾		1,021.20		4.02		0.79
Class R		1,000.00		1,079.00		6.81^(B	⁾		1,018.70		6.61		1.30
Class R4		1,000.00		1,080.20		5.51^(B	⁾		1,019.90		5.35		1.05
Class R6		1,000.00		1,081.60		4.20^(B	⁾		1,021.20		4.08		0.80
Class T1		1,000.00		1,080.60		5.40^(B	⁾		1,020.00		5.24		1.03
Advisor Class		1,000.00		1,080.60		5.19^(B	⁾		1,020.20		5.04		0.99

Transamerica International Small Cap Value
Class I		1,000.00		1,107.80		5.90^(B	⁾		1,019.60		5.65		1.11
Class I2		1,000.00		1,108.40		5.37^(B	⁾		1,020.10		5.14		1.01

Transamerica Large Cap Value
Class A		1,000.00		1,055.20		5.65^(B	⁾		1,019.70		5.55		1.09
Class C		1,000.00		1,051.00		9.36^(B	⁾		1,016.10		9.20		1.81
Class I		1,000.00		1,056.40		4.09^(B	⁾		1,021.20		4.02		0.79
Class I2		1,000.00		1,056.90		3.63^(B	⁾		1,021.70		3.57		0.70
Class R6		1,000.00		1,056.90		3.58^(B	⁾		1,021.70		3.52		0.69
Class T1		1,000.00		1,055.00		4.77^(B	⁾		1,020.60		4.69		0.92
Advisor Class		1,000.00		1,056.30		4.56^(B	⁾		1,020.80		4.48		0.88

Transamerica Large Core
Class I3		1,000.00		1,111.30		3.41^(B	⁾		1,022.00		3.26		0.64
Class R		1,000.00		1,107.60		6.06^(B	⁾		1,019.50		5.80		1.14
Class R4		1,000.00		1,108.90		4.73^(B	⁾		1,020.70		4.53		0.89

Transamerica Large Growth
Class I3		1,000.00		1,136.20		3.50^(B	⁾		1,021.90		3.31		0.65
Class R		1,000.00		1,133.60		6.61^(B	⁾		1,019.00		6.26		1.23
Class R4		1,000.00		1,134.60		4.84^(B	⁾		1,020.70		4.58		0.90

Transamerica Large Value Opportunities
Class I3		1,000.00		1,079.40		2.50^(H	⁾		1,022.70		2.50		0.49
Class R		1,000.00		1,076.90		5.04^(H	⁾		1,020.20		5.04		0.99
Class R4		1,000.00		1,083.00		3.89^(B	⁾		1,021.50		3.77		0.74

Transamerica Mid Cap Growth
Class A		1,000.00		1,067.20		6.77^(B	⁾		1,018.70		6.61		1.30
Class C		1,000.00		1,062.50		10.66^(B	⁾		1,014.90		10.41		2.05
Class I		1,000.00		1,068.90		5.06^(B	⁾		1,020.30		4.94		0.97
Class I2		1,000.00		1,069.50		4.33^(B	⁾		1,021.00		4.23		0.83
Class I3		1,000.00		1,069.50		3.91^(B	⁾		1,021.40		3.82		0.75
Class R		1,000.00		1,065.80		7.03^(B	⁾		1,018.40		6.87		1.35
Class R4		1,000.00		1,068.80		4.95^(B	⁾		1,020.40		4.84		0.95
Class T1		1,000.00		1,067.90		5.73^(B	⁾		1,019.70		5.60		1.10
Advisor Class		1,000.00		1,068.20		5.47^(B	⁾		1,019.90		5.35		1.05

Transamerica Mid Cap Value Opportunities
Class A		1,000.00		991.60		5.57^(B	⁾		1,019.60		5.65		1.11
Class C		1,000.00		988.20		9.52^(B	⁾		1,015.60		9.65		1.90
Class I		1,000.00		993.30		4.32^(B	⁾		1,020.90		4.38		0.86
Class I2		1,000.00		993.30		3.87^(B	⁾		1,021.30		3.92		0.77
Class I3		1,000.00		994.20		3.52^(B	⁾		1,021.70		3.57		0.70
Class R		1,000.00		991.70		6.28^(B	⁾		1,018.90		6.36		1.25
Class R4		1,000.00		992.50		4.52^(B	⁾		1,020.70		4.58		0.90
Class R6		1,000.00		993.40		3.82^(B	⁾		1,021.40		3.87		0.76
Class T1		1,000.00		992.50		5.07^(B	⁾		1,020.10		5.14		1.01
Advisor Class		1,000.00		992.60		4.77^(B	⁾		1,020.40		4.84		0.95

Transamerica MLP & Energy Income
Class A		1,000.00		937.90		7.77^(B	⁾		1,017.20		8.08		1.59
Class C		1,000.00		935.20		11.46^(B	⁾		1,013.40		11.93		2.35
Class I		1,000.00		939.40		6.26^(B	⁾		1,018.80		6.51		1.28
Class I2		1,000.00		941.10		5.77^(B	⁾		1,019.30		6.01		1.18
Class T1		1,000.00		939.40		6.99^(B	⁾		1,018.00		7.27		1.43
Advisor Class		1,000.00		938.70		6.60^(B	⁾		1,018.40		6.87		1.35


Transamerica Funds		Annual Report 2017

Page 336

Understanding Your Funds’ Expenses (continued)

(unaudited)


			Actual Expenses					Hypothetical Expenses ^(A)
Fund	Beginning Account Value		Ending Account Value		Expenses Paid During Period			Ending Account Value		Expenses Paid During Period^(B)		Annualized Expense Ratio^(C)

Transamerica Multi-Cap Growth
Class A	$	1,000.00	$	1,064.70	$	6.51^(B	⁾	$	1,018.90	$	6.36		1.25	%
Class B		1,000.00		1,062.30		10.40^(B	⁾		1,015.10		10.16		2.00
Class C		1,000.00		1,061.30		10.39^(B	⁾		1,015.10		10.16		2.00
Class I		1,000.00		1,066.80		4.79^(B	⁾		1,020.60		4.69		0.92
Class I2		1,000.00		1,067.00		3.96^(B	⁾		1,021.40		3.87		0.76
Class T1		1,000.00		1,064.70		5.31^(B	⁾		1,020.10		5.19		1.02
Advisor Class		1,000.00		1,068.10		5.00^(B	⁾		1,020.40		4.89		0.96

Transamerica Multi-Managed Balanced
Class A		1,000.00		1,053.70		5.33^(B	⁾		1,020.00		5.24		1.03
Class B		1,000.00		1,048.10		11.00^(B	⁾		1,014.50		10.82		2.13
Class C		1,000.00		1,049.90		9.30^(B	⁾		1,016.10		9.15		1.80
Class I		1,000.00		1,054.90		4.25^(B	⁾		1,021.10		4.18		0.82
Class R6		1,000.00		1,055.50		3.68^(B	⁾		1,021.60		3.62		0.71
Class T1		1,000.00		1,054.30		4.87^(B	⁾		1,020.50		4.79		0.94
Advisor Class		1,000.00		1,054.30		4.71^(B	⁾		1,020.60		4.63		0.91

Transamerica Short-Term Bond
Class A		1,000.00		1,010.70		4.26^(B	⁾		1,021.00		4.28		0.84
Class C		1,000.00		1,006.80		8.14^(B	⁾		1,017.10		8.19		1.61
Class I		1,000.00		1,011.70		3.25^(B	⁾		1,022.00		3.26		0.64
Class I2		1,000.00		1,012.20		2.74^(B	⁾		1,022.50		2.75		0.54
Class R6		1,000.00		1,011.20		2.74^(B	⁾		1,022.50		2.75		0.54
Class T1		1,000.00		1,010.00		4.00^(B	⁾		1,021.20		4.02		0.79
Advisor Class		1,000.00		1,011.30		3.75^(B	⁾		1,021.50		3.77		0.74

Transamerica Small Cap Core
Class A		1,000.00		1,008.60		6.58^(B	⁾		1,018.70		6.61		1.30
Class C		1,000.00		1,004.40		10.36^(B	⁾		1,014.90		10.41		2.05
Class I		1,000.00		1,009.40		5.32^(B	⁾		1,019.90		5.35		1.05
Class I2		1,000.00		1,010.30		4.51^(B	⁾		1,020.70		4.53		0.89
Class I3		1,000.00		1,011.10		4.31^(B	⁾		1,020.90		4.33		0.85
Class R		1,000.00		1,007.70		7.44^(B	⁾		1,017.80		7.48		1.47
Class R4		1,000.00		1,009.40		5.57^(B	⁾		1,019.70		5.60		1.10
Class T1		1,000.00		1,008.60		6.13^(B	⁾		1,019.10		6.16		1.21
Advisor Class		1,000.00		1,009.40		5.32^(B	⁾		1,019.90		5.35		1.05

Transamerica Small Cap Growth
Class A		1,000.00		1,071.50		7.31^(B	⁾		1,018.10		7.12		1.40
Class C		1,000.00		1,067.20		11.20^(B	⁾		1,014.40		10.92		2.15
Class I		1,000.00		1,071.00		6.00^(B	⁾		1,019.40		5.85		1.15
Class I2		1,000.00		1,073.20		5.17^(B	⁾		1,020.20		5.04		0.99
Class I3		1,000.00		1,074.70		4.71^(B	⁾		1,020.70		4.58		0.90
Class R		1,000.00		1,070.30		8.09^(B	⁾		1,017.40		7.88		1.55
Class R4		1,000.00		1,073.20		6.01^(B	⁾		1,019.40		5.85		1.15
Class R6		1,000.00		1,073.20		5.23^(B	⁾		1,020.20		5.09		1.00
Class T1		1,000.00		1,071.50		6.79^(B	⁾		1,018.70		6.61		1.30
Advisor Class		1,000.00		1,072.50		6.01^(B	⁾		1,019.40		5.85		1.15

Transamerica Small Cap Value
Class A		1,000.00		1,059.40		6.75^(B	⁾		1,018.70		6.61		1.30
Class C		1,000.00		1,055.20		10.57^(B	⁾		1,014.90		10.36		2.04
Class I		1,000.00		1,060.80		5.45^(B	⁾		1,019.90		5.35		1.05
Class I2		1,000.00		1,060.80		4.83^(B	⁾		1,020.50		4.74		0.93
Class I3		1,000.00		1,061.70		4.42^(B	⁾		1,020.90		4.33		0.85
Class R		1,000.00		1,058.10		7.42^(B	⁾		1,018.00		7.27		1.43
Class R4		1,000.00		1,058.10		5.71^(B	⁾		1,019.70		5.60		1.10
Class R6		1,000.00		1,061.30		4.83^(B	⁾		1,020.50		4.74		0.93
Class T1		1,000.00		1,059.40		6.13^(B	⁾		1,019.30		6.01		1.18
Advisor Class		1,000.00		1,060.40		5.45^(B	⁾		1,019.90		5.35		1.05

Transamerica Small/Mid Cap Value
Class A		1,000.00		1,040.60		6.48^(B	⁾		1,018.90		6.41		1.26
Class B		1,000.00		1,036.40		10.16^(B	⁾		1,015.20		10.06		1.98
Class C		1,000.00		1,037.00		9.96^(B	⁾		1,015.40		9.86		1.94
Class I		1,000.00		1,042.50		4.79^(B	⁾		1,020.50		4.74		0.93
Class I2		1,000.00		1,042.80		4.27^(B	⁾		1,021.00		4.23		0.83
Class R6		1,000.00		1,042.60		4.32^(B	⁾		1,021.00		4.28		0.84
Class T1		1,000.00		1,041.70		5.56^(B	⁾		1,019.80		5.50		1.08
Advisor Class		1,000.00		1,042.10		5.35^(B	⁾		1,020.00		5.30		1.04


Transamerica Funds		Annual Report 2017

Page 337

Understanding Your Funds’ Expenses (continued)

(unaudited)


			Actual Expenses					Hypothetical Expenses ^(A)
Fund	Beginning Account Value		Ending Account Value		Expenses Paid During Period			Ending Account Value		Expenses Paid During Period^(B)		Annualized Expense Ratio^(C)

Transamerica Strategic High Income
Class A	$	1,000.00	$	1,051.60	$	6.26^(B	⁾	$	1,019.10	$	6.16		1.21	%
Class C		1,000.00		1,047.70		9.96^(B	⁾		1,015.50		9.80		1.93
Class I		1,000.00		1,053.30		5.02^(B	⁾		1,020.30		4.94		0.97
Class I2		1,000.00		1,052.90		5.33^(B	⁾		1,020.00		5.24		1.03
Class T1		1,000.00		1,052.90		5.48^(B	⁾		1,019.90		5.40		1.06
Advisor Class		1,000.00		1,051.90		5.02^(B	⁾		1,020.30		4.94		0.97

Transamerica Unconstrained Bond
Class I		1,000.00		1,017.90		4.68^(B	⁾		1,020.60		4.69		0.92
Class I2		1,000.00		1,018.10		4.12^(B	⁾		1,021.10		4.13		0.81
Advisor Class		1,000.00		1,017.50		4.78^(B	⁾		1,020.50		4.79		0.94

Transamerica US Growth
Class A		1,000.00		1,105.50		6.21^(B	⁾		1,019.30		5.95		1.17
Class B		1,000.00		1,100.10		11.49^(B	⁾		1,014.30		11.02		2.17
Class C		1,000.00		1,101.50		10.38^(B	⁾		1,015.30		9.96		1.96
Class I		1,000.00		1,107.60		4.62^(B	⁾		1,020.80		4.43		0.87
Class I2		1,000.00		1,107.80		3.98^(B	⁾		1,021.40		3.82		0.75
Class T		1,000.00		1,107.60		4.36^(B	⁾		1,021.10		4.18		0.82
Class T1		1,000.00		1,106.50		5.20^(B	⁾		1,020.30		4.99		0.98
Advisor Class		1,000.00		1,106.60		4.94^(B	⁾		1,020.50		4.74		0.93



(A)		5% return per year before expenses.

(B)		Expenses are calculated using the Funds’ 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 are based on the most recent six-months; the percentage may differ from the expense ratio displayed in the Financial Highlights which covers a twelve-month period.

(D)		Class commenced operations on September 15, 2017. 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 (46 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, 2017.

(E)		Expense ratios (as disclosed in the table) do not include the expenses of the investment companies and/or ETFs 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.

(F)		Class commenced operations on May 19, 2017. 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 (165 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, 2017.

(G)		Class commenced operations on October 13, 2017. 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 (18 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, 2017.

(H)		Class commenced operations on May 5, 2017. 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 (179 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, 2017.


Transamerica Funds		Annual Report 2017

Page 338

STATEMENTS OF ASSETS AND LIABILITIES

At October 31, 2017


	Transamerica Balanced II		Transamerica Bond			Transamerica Capital Growth		Transamerica Concentrated Growth		Transamerica Dividend Focused
Assets:
Investments, at value ^{(A) (B)}	$	153,827,598	$	211,387,965		$	843,952,598	$	227,715,183	$	698,309,075
Repurchase agreements, at value ^(C)		—		6,755,806			40,599,978		2,279,534		573,200
Cash		1,537,812		78,972			—		—		—
Foreign currency, at value ^(D)		—		70,469			—		—		—
Receivables and other assets:
Shares of beneficial interest sold		36,948		6			1,819,974		111,518		31,937
Investments sold		566,429		1,094			2,643,754		485,694		—
When-issued, delayed-delivery and/or forward commitment (including TBAs) securities sold		146,784		—			—		—		—
Interest		376,864		1,851,168			135		8		2
Dividends		68,810		26,355			30,926		103,764		881,956
Tax reclaims		293		—			4,317		66,321		206,662
Net income from securities lending		—		5,727			10,223		457		—
Variation margin receivable on futures contracts		16,212		—			—		—		—
Total assets		156,577,750		220,177,562			889,061,905		230,762,479		700,002,832

Liabilities:
Cash collateral received at broker:
OTC Derivatives ^(H)		—		—			310,000		—		—
Payables and other liabilities:
Shares of beneficial interest redeemed		2,535		80,497			638,375		139,360		317,413
Investments purchased		744,669		31,683			3,921,283		—		187,673
When-issued, delayed-delivery and/or forward commitment (including TBAs) securities purchased		8,280,830		755,000			—		—		—
Investment management fees		47,121		135,392			556,781		121,406		431,611
Distribution and service fees		40,082		—			122,615		1,115		27,204
Transfer agent fees		372		1,382			68,462		8,026		10,202
Trustees, CCO and deferred compensation fees		402		343			800		246		789
Audit and tax fees		37,829		26,487			21,808		23,142		22,114
Custody fees		24,938		7,280			14,812		4,956		12,166
Legal fees		2,675		1,878			6,127		2,108		6,780
Printing and shareholder reports fees		4,033		9,162			38,561		12,238		30,112
Registration fees		8,044		3,035			13,334		3,196		9,048
Other		44,279		5,477			4,467		2,502		5,949
Collateral for securities on loan		—		10,161,419			50,025,465		4,504,849		—
Total liabilities		9,237,809		11,219,035			55,742,890		4,823,144		1,061,061
Net assets	$	147,339,941	$	208,958,527		$	833,319,015	$	225,939,335	$	698,941,771

Net assets consist of:
Paid-in capital	$	144,643,881	$	211,443,548		$	403,443,283	$	157,839,844	$	490,997,200
Undistributed (distributions in excess of) net investment income (loss)		61,560		(1,263,623	)		—		434,339		447,755
Accumulated net realized gain (loss)		397,306		2,641,325			183,865,213		12,111,341		44,849,537
Net unrealized appreciation (depreciation) on:
Investments		2,233,004		(3,850,674	)		246,010,519		55,553,811		162,647,279
Futures contracts		4,190		—			—		—		—
Translation of assets and liabilities denominated in foreign currencies		—		(12,049	)		—		—		—
Net assets	$	147,339,941	$	208,958,527		$	833,319,015	$	225,939,335	$	698,941,771

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


Transamerica Funds		Annual Report 2017

Page 339

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2017


	Transamerica Balanced II		Transamerica Bond		Transamerica Capital Growth			Transamerica Concentrated Growth			Transamerica Dividend Focused
Net assets by class:
Class A	$	—	$	—	$	223,299,488		$	1,017,666		$	94,083,134
Class B		—		—		1,693,663			—			—
Class C		—		—		84,851,999			1,033,344			7,079,709
Class I		—		—		292,451,812			33,076,777			17,285,791
Class I2		—		203,165,942		230,980,861			190,788,581			576,947,434
Class I3		56,169,348		—		—			—			—
Class R		91,170,593		—		—			—			—
Class R6		—		5,792,585		—			—			3,524,146
Class T1		—		—		12,311			11,056			10,545
Advisor Class		—		—		28,881			11,911			11,012
Shares outstanding (unlimited shares, no par value):
Class A		—		—		7,884,970			56,766			8,162,132
Class B		—		—		72,117			—			—
Class C		—		—		3,561,331			59,052			617,369
Class I		—		—		9,949,394			1,859,780			1,500,207
Class I2		—		21,325,036		13,382,423			10,593,636			50,036,419
Class I3		5,521,592		—		—			—			—
Class R		8,968,979		—		—			—			—
Class R6		—		607,736		—			—			305,783
Class T1		—		—		434			616			912
Advisor Class		—		—		983			665			949
Net asset value per share: ^(E)
Class A	$	—	$	—	$	28.32		$	17.93		$	11.53
Class B		—		—		23.48			—			—
Class C		—		—		23.83			17.50			11.47
Class I		—		—		29.39			17.79			11.52
Class I2		—		9.53		17.26			18.01			11.53
Class I3		10.17		—		—			—			—
Class R		10.17		—		—			—			—
Class R6		—		9.53		—			—			11.52
Class T1		—		—		28.34	^(F)		17.94	^(F)		11.56
Advisor Class		—		—		29.37	^(F)		17.90	^(F)		11.61	^(F)
Maximum offering price per share: ^(G)
Class A	$	—	$	—	$	29.97		$	18.97		$	12.20
Class T1	$	—	$	—	$	29.07		$	18.40		$	11.86

^(A) Investments, at cost	$	151,594,594	$	215,238,639	$	597,942,079		$	172,161,372		$	535,661,796
^(B) Securities on loan, at value	$	—	$	9,940,642	$	48,961,716		$	4,406,918		$	—
^(C) Repurchase agreements, at cost	$	—	$	6,755,806	$	40,599,978		$	2,279,534		$	573,200
^(D) Foreign currency, at cost	$	—	$	71,712	$	—		$	—		$	—


(E)		Net asset value per share for Class B, C, I, I2, I3, R, R6 and Advisor Class Shares represents offering price. The redemption price for Class A, B, C and T1 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 and T1 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 prospectus.
(H)		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 2017

Page 340

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2017


	Transamerica Dynamic Allocation			Transamerica Dynamic Income			Transamerica Emerging Markets Debt			Transamerica Emerging Markets Equity			Transamerica Event Driven
Assets:
Investments, at value ^{(A) (B)}	$	24,066,116		$	391,893,954		$	968,532,675		$	236,113,848		$	86,728,713
Repurchase agreements, at value ^(C)		140,125			1,962,981			38,472,598			3,382,073			12,327,213
Cash		428			—			625,290			—			17
Cash collateral pledged at custodian:
OTC derivatives ^(J)		—			—			30,000			—			—
Cash collateral pledged at broker:
OTC derivatives ^(J)		—			—			—			—			7,152,671
Futures contracts		—			—			—			—			49,386
Foreign currency, at value ^(D)		—			—			2,093,596			104,180			—
Receivables and other assets:
Shares of beneficial interest sold		—			34,075			6,993,509			460,284			—
Due from investment manager		4,349			—			—			—			—
Investments sold		—			—			15,916,787			4,010			2,797,913
When-issued, delayed-delivery and/or forward commitment (including TBAs) securities sold		—			—			1,602,000			—			201,250
Interest		—			7			13,945,261			11			256,629
Dividends		—			—			912			242,805			111,099
Tax reclaims		—			—			—			7,205			—
Net income from securities lending		2,129			50,614			23,318			836			2,269
Variation margin receivable on centrally cleared swap agreements		—			—			—			—			158,030
Variation margin receivable on futures contracts		—			—			—			—			57,458
Unrealized appreciation on forward foreign currency contracts		—			—			47,570			—			5,202
Total assets		24,213,147			393,941,631			1,048,283,516			240,315,252			109,847,850

Liabilities:
Foreign currency overdraft, at value ^(D)		—			—			—			—			30
Payables and other liabilities:
Shares of beneficial interest redeemed		—			773,111			375,556			66,920			29,174
Investments purchased		—			—			14,334,129			—			5,657,534
When-issued, delayed-delivery and/or forward commitment (including TBAs) securities purchased		—			—			8,595,000			—			1,765,000
Investment management fees		—			146,421			505,654			205,587			111,284
Distribution and service fees		8,288			167,372			18,007			4,409			—
Transfer agent fees		2,375			31,874			71,681			3,807			609
Trustees, CCO and deferred compensation fees		21			450			703			208			71
Audit and tax fees		20,027			21,276			33,937			25,839			26,650
Custody fees		2,305			2,674			55,481			51,141			24,342
Legal fees		174			3,268			6,518			1,568			833
Printing and shareholder reports fees		1,725			29,733			46,496			5,492			1,410
Registration fees		4,846			8,829			19,086			6,126			86
Other		7,276			2,392			7,968			1,599			7,736
Foreign capital gains tax		—			—			3,315			—			—
Collateral for securities on loan		5,352,247			66,536,139			84,063,060			1,255,374			1,961,755
Securities sold short, at value ^(E)		—			—			—			—			9,932,177
Unrealized depreciation on forward foreign currency contracts		—			—			380,413			—			83,901
Total liabilities		5,399,284			67,723,539			108,517,004			1,628,070			19,602,592
Net assets	$	18,813,863		$	326,218,092		$	939,766,512		$	238,687,182		$	90,245,258

Net assets consist of:
Paid-in capital	$	18,195,850		$	386,749,564		$	965,309,356		$	256,184,286		$	89,352,261
Undistributed (distributions in excess of) net investment income (loss)		62,709			38,184			1,834,487			2,312,443			1,863,150
Accumulated net realized gain (loss)		(2,498,397	)		(64,423,678	)		(32,719,801	)		(72,189,255	)		(2,638,995	)
Net unrealized appreciation (depreciation) on:
Investments		3,053,701			3,854,022			5,818,084	^(F)		52,379,228			2,038,502
Securities sold short		—			—			—			—			37,574
Swap agreements		—			—			—			—			(314,370	)
Futures contracts		—			—			—			—			13,095
Forward foreign currency contracts		—			—			(332,843	)		—			(78,699	)
Translation of assets and liabilities denominated in foreign currencies		—			—			(142,771	)		480			(27,260	)
Net assets	$	18,813,863		$	326,218,092		$	939,766,512		$	238,687,182		$	90,245,258

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


Transamerica Funds		Annual Report 2017

Page 341

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2017


	Transamerica Dynamic Allocation		Transamerica Dynamic Income		Transamerica Emerging Markets Debt			Transamerica Emerging Markets Equity			Transamerica Event Driven
Net assets by class:
Class A	$	8,560,142	$	97,964,142	$	21,804,056		$	10,420,680		$	—
Class C		7,231,272		161,998,670		14,022,966			2,552,521			—
Class I		3,011,810		66,234,742		682,534,965			8,072,185			59,599
Class I2		—		—		214,449,361			217,616,726			90,175,254
Class R6		—		—		6,933,221			—			—
Class T1		10,639		10,279		10,668			11,598			—
Advisor Class		—		10,259		11,275			13,472			10,405
Shares outstanding (unlimited shares, no par value):
Class A		727,347		10,365,528		1,997,541			946,887			—
Class C		623,838		17,208,405		1,292,744			234,413			—
Class I		256,448		7,008,336		62,338,770			729,240			5,697
Class I2		—		—		19,592,744			19,635,172			8,742,427
Class R6		—		—		633,617			—			—
Class T1		904		1,085		968			1,053			—
Advisor Class		—		1,086		1,018			1,194			994
Net asset value per share: ^(G)
Class A	$	11.77	$	9.45	$	10.92		$	11.01		$	—
Class C		11.59		9.41		10.85			10.89			—
Class I		11.74		9.45		10.95			11.07			10.46
Class I2		—		—		10.95			11.08			10.31
Class R6		—		—		10.94			—			—
Class T1		11.77		9.47		11.02			11.02	^(H)		—
Advisor Class		—		9.45		11.07	^(H)		11.28			10.47
Maximum offering price per share: ^(I)
Class A	$	12.46	$	9.92	$	11.46		$	11.65		$	—
Class T1	$	12.07	$	9.71	$	11.30		$	11.30		$	—

^(A) Investments, at cost	$	21,012,415	$	388,039,932	$	962,711,277		$	183,734,620		$	84,690,211
^(B) Securities on loan, at value	$	5,244,353	$	65,059,095	$	82,234,054		$	1,203,270		$	1,918,554
^(C) Repurchase agreements, at cost	$	140,125	$	1,962,981	$	38,472,598		$	3,382,073		$	12,327,213
^(D) Foreign currency, at cost	$	—	$	—	$	2,105,510		$	104,102		$	(20	)
^(E) Proceeds received from securities sold short	$	—	$	—	$	—		$	—		$	9,969,751


(F)		Net of foreign capital gains tax of $3,314.
(G)		Net asset value per share for Class C, I, I2, R6 and Advisor Class Shares represents offering price. The redemption price for Class A, C and T1 shares equals net asset value less any applicable contingent deferred sales charge.
(H)		Actual net asset value per share presented differs from calculated net asset value per share due to rounding.
(I)		Maximum offering price per share for Class A and T1 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 prospectus.
(J)		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 2017

Page 342

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2017


	Transamerica Flexible Income			Transamerica Floating Rate			Transamerica Global Equity			Transamerica Government Money Market		Transamerica Growth
Assets:
Investments, at value ^{(A) (B)}	$	462,539,134		$	617,633,766		$	123,200,495		$	645,370,117	$	353,960,166
Repurchase agreements, at value ^(C)		6,161,635			45,244,506			646,562			543,593,613		439,029
Cash		4,603			696,640			—			—		—
Foreign currency, at value ^(D)		—			—			5			—		—
Unrealized appreciation on unfunded commitments		—			8,329			—			—		—
Receivables and other assets:
Shares of beneficial interest sold		1,141,665			969,570			8,706			1,919,063		11,369
Investments sold		53,153			—			71,520			—		100,907
When-issued, delayed-delivery and/or forward commitment (including TBAs) securities sold		10,945,551			7,884,077			—			—		—
Interest		3,556,843			2,238,679			2			341,140		—
Dividends		4,130			—			195,637			—		140,528
Tax reclaims		—			—			164,320			—		27,945
Net income from securities lending		10,294			4,345			55			—		78
Due from distributor		—			—			—			351,308		—
Total assets		484,417,008			674,679,912			124,287,302			1,191,575,241		354,680,022

Liabilities:
Cash collateral received at broker:
TBA commitments		8,634			—			—			—		—
Payables and other liabilities:
Shares of beneficial interest redeemed		699,935			213,610			56,773			238,377		161,126
Investments purchased		5,366,572			1,149,023			—			—		313,399
When-issued, delayed-delivery and/or forward commitment (including TBAs) securities purchased		22,961,047			28,881,016			—			—		—
Investment management fees		184,584			341,486			126,768			87,632		248,794
Administration fees		—			—			—			76,421		—
Distribution and service fees		62,905			23,442			49,156			1,633,686		—
Transfer agent fees		38,432			14,489			17,758			110,010		2,287
Trustees, CCO and deferred compensation fees		766			475			157			3,060		354
Audit and tax fees		31,879			20,394			20,131			34,903		19,558
Custody fees		11,567			55,765			8,862			91,181		13,895
Legal fees		3,817			4,595			1,047			9,242		3,148
Printing and shareholder reports fees		24,787			12,465			13,546			7,738		11,518
Registration fees		5,861			28,191			3,994			90,871		3,937
Dividends and/or distributions payable		190,874			2,660			—			5		—
Other		6,223			6,425			1,063			48,562		2,373
Collateral for securities on loan		14,613,987			3,677,500			654,759			—		1,095,644
Total liabilities		44,211,870			34,431,536			954,014			2,431,688		1,876,033
Net assets	$	440,205,138		$	640,248,376		$	123,333,288		$	1,189,143,553	$	352,803,989

Net assets consist of:
Paid-in capital	$	430,926,951		$	640,660,117		$	110,594,776		$	1,189,143,553	$	104,069,698
Undistributed (distributions in excess of) net investment income (loss)		(455,911	)		26,521			646,424			—		(89,625	)
Accumulated net realized gain (loss)		(4,133,279	)		(761,600	)		(12,983,781	)		—		84,673,524
Net unrealized appreciation (depreciation) on:
Investments		13,867,948			315,009			25,076,727			—		164,149,772
Unfunded commitments		—			8,329			—			—		—
Translation of assets and liabilities denominated in foreign currencies		(571	)		—			(858	)		—		620
Net assets	$	440,205,138		$	640,248,376		$	123,333,288		$	1,189,143,553	$	352,803,989

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


Transamerica Funds		Annual Report 2017

Page 343

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2017


	Transamerica Flexible Income		Transamerica Floating Rate		Transamerica Global Equity			Transamerica Government Money Market		Transamerica Growth
Net assets by class:
Class A	$	83,251,523	$	38,312,217	$	42,264,177		$	191,477,377	$	—
Class B		531,159		—		910,267			763,652		—
Class C		49,394,413		17,548,889		44,449,774			19,706,508		—
Class I		181,976,961		72,316,404		34,571,456			21,578,481		—
Class I2		118,737,654		512,060,649		—			7,849,842		344,218,267
Class I3		—		—		—			122,548,980		—
Class R2		—		—		—			634,918,568		—
Class R4		—		—		—			190,300,145		—
Class R6		6,282,727		—		1,114,104			—		8,585,722
Class T1		20,117		10,217		11,347			—		—
Advisor Class		10,584		—		12,163			—		—
Shares outstanding (unlimited shares, no par value):
Class A		8,911,137		3,843,309		3,112,747			191,476,924		—
Class B		56,783		—		68,288			763,322		—
Class C		5,320,969		1,759,610		3,349,111			19,702,979		—
Class I		19,448,599		7,278,874		2,540,279			21,579,248		—
Class I2		12,684,663		51,351,153		—			7,849,452		24,858,345
Class I3		—		—		—			122,548,980		—
Class R2		—		—		—			634,918,568		—
Class R4		—		—		—			190,300,145		—
Class R6		671,349		—		81,788			—		620,128
Class T1		2,155		1,025		835			—		—
Advisor Class		1,131		—		869			—		—
Net asset value per share: ^(E)
Class A	$	9.34	$	9.97	$	13.58		$	1.00	$	—
Class B		9.35		—		13.33			1.00		—
Class C		9.28		9.97		13.27			1.00		—
Class I		9.36		9.94		13.61			1.00		—
Class I2		9.36		9.97		—			1.00		13.85
Class I3		—		—		—			1.00		—
Class R2		—		—		—			1.00		—
Class R4		—		—		—			1.00		—
Class R6		9.36		—		13.62			—		13.85
Class T1		9.34		9.97		13.58	^(F)		—		—
Advisor Class		9.36		—		13.99	^(F)		—		—
Maximum offering price per share: ^(G)
Class A	$	9.81	$	10.47	$	14.37		$	—	$	—
Class T1	$	9.58	$	10.23	$	13.93		$	—	$	—

^(A)Investments, at cost	$	448,671,186	$	617,318,757	$	98,123,768		$	645,370,117	$	189,810,394
^(B) Securities on loan, at value	$	14,308,298	$	3,604,395	$	640,002		$	—	$	1,042,459
^(C) Repurchase agreements, at cost	$	6,161,635	$	45,244,506	$	646,562		$	543,593,613	$	439,029
^(D) Foreign currency, at cost	$	—	$	—	$	5		$	—	$	—


(E)		Net asset value per share for Class B, C, I, I2, I3, R2, R4, R6 and Advisor Class Shares represents offering price. The redemption price for Class A, B, C and T1 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 and T1 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 prospectus.

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


Transamerica Funds		Annual Report 2017

Page 344

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2017


	Transamerica High Quality Bond			Transamerica High Yield Bond			Transamerica High Yield Muni			Transamerica Inflation Opportunities			Transamerica Inflation-Protected Securities
Assets:
Investments, at value ^{(A) (B)}	$	300,480,671		$	2,114,093,779		$	101,414,727		$	172,621,984		$	179,562,147
Repurchase agreements, at value ^(C)		—			57,213,586			724,857			1,165,544			—
Cash		786,155			157,776			—			—			17,020
Cash collateral pledged at broker:
Centrally cleared swap agreements		—			—			—			—			844,000
OTC derivatives ^(I)		—			—			—			420,000			—
Futures contracts		—			—			—			—			—
Foreign currency, at value ^(D)					—			—			6,012			51,287
Receivables and other assets:
Shares of beneficial interest sold		365,191			671,001			368,802			—			434
Investments sold		17,700			—			1,028,966			326,460			835,262
Interest		908,170			29,017,785			1,355,254			447,772			343,264
Dividends		—			—			—			401			—
Tax reclaims		—			—			—			771			8,069
Net income from securities lending		—			127,550			—			8			5
Variation margin receivable on future contracts		—			—			—			—			2,348
Due from distributor		—			—			5,758			—			—
OTC swap agreements, at value		—			—			—			—			2,596
Unrealized appreciation on forward foreign currency contracts		—			—			—			501,154			276,676
Total assets		302,557,887			2,201,281,477			104,898,364			175,490,106			181,943,108

Liabilities:
Cash collateral received at broker:
OTC derivatives ^(I)		—			—			—			—			440,000
Payables and other liabilities:
Shares of beneficial interest redeemed		107,966			1,546,551			265,253			60,096			172,584
Investments purchased		—			12,136,622			1,026,510			—			715,466
When-issued, delayed-delivery and/or forward commitment (including TBAs) securities purchased		—			4,241,000			—			766,698			—
Investment management fees		94,249			967,286			52,956			85,552			59,591
Distribution and service fees		17,426			169,887			18,490			762			11,050
Transfer agent fees		1,855			51,900			8,730			2,130			1,117
Trustees, CCO and deferred compensation fees		381			2,032			69			161			308
Audit and tax fees		27,357			38,624			29,021			31,863			24,465
Custody fees		6,005			38,133			4,594			8,454			24,210
Legal fees		4,207			16,157			896			1,489			3,321
Printing and shareholder reports fees		4,879			60,244			7,330			5,435			3,702
Registration fees		22,220			70,468			6,785			7,176			13,041
Dividends and/or distributions payable		—			91,996			1,865			—			—
Variation margin payable on centrally cleared swap agreements		—			—			—			—			37,947
Other		35,505			52,774			4,217			4,607			35,514
Collateral for securities on loan		—			166,224,968			—			816,027			—
OTC swap agreements, at value		—			—			—			—			488
Written options and swaptions, at value ^(E)		—			—			—			—			141,466
Unrealized depreciation on forward foreign currency contracts		—			—			—			60,570			38,515
Total liabilities		322,050			185,708,642			1,426,716			1,851,020			1,722,785
Net assets	$	302,235,837		$	2,015,572,835		$	103,471,648		$	173,639,086		$	180,220,323
Net assets consist of:
Paid-in capital	$	307,690,301		$	2,020,482,387		$	103,978,397		$	176,177,986		$	186,376,412
Undistributed (distributions in excess of) net investment income (loss)		497,616			(69,333	)		—			129,877			256,608
Accumulated net realized gain (loss)		(5,123,580	)		(33,959,387	)		(1,691,816	)		(4,188,340	)		(6,647,760	)
Net unrealized appreciation (depreciation) on:
Investments		(828,500	)		29,119,168			1,185,067			1,081,734			(187,837	)
Written options and swaptions		—			—			—			—			(14,353	)
Swap agreements		—			—			—			—			173,641
Futures contracts		—			—			—			—			16,541
Forward foreign currency contracts		—			—			—			440,584			238,161
Translation of assets and liabilities denominated in foreign currencies		—			—			—			(2,755	)		8,910
Net assets	$	302,235,837		$	2,015,572,835		$	103,471,648		$	173,639,086		$	180,220,323

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


Transamerica Funds		Annual Report 2017

Page 345

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2017


	Transamerica High Quality Bond		Transamerica High Yield Bond			Transamerica High Yield Muni			Transamerica Inflation Opportunities		Transamerica Inflation-Protected Securities
Net assets by class:
Class A	$	—	$	104,904,340		$	34,190,762		$	633,489	$	—
Class B		—		1,307,060			—			—		—
Class C		—		46,128,793			12,109,430			708,685		—
Class I		—		164,625,567			57,150,714			270,190		—
Class I2		—		858,440,667			10,092			171,965,094		—
Class I3		242,576,490		380,900,152			—			—		144,334,194
Class R		19,443,173		55,723,895			—			—		12,682,584
Class R4		40,216,174		369,180,687			—			—		23,203,545
Class R6		—		34,335,244			—			51,409		—
Class T1		—		10,510			10,650			10,219		—
Advisor Class		—		15,920			—			—		—
Shares outstanding (unlimited shares, no par value):
Class A		—		11,231,922			2,947,697			63,520		—
Class B		—		139,776			—			—		—
Class C		—		4,962,465			1,042,662			72,240		—
Class I		—		17,508,347			4,916,475			26,951		—
Class I2		—		91,006,809			869			17,119,185		—
Class I3		24,319,393		40,379,827			—			—		14,481,313
Class R		1,946,807		5,908,376			—			—		1,271,208
Class R4		4,032,609		39,137,927			—			—		2,328,075
Class R6		—		3,639,596			—			5,117		—
Class T1		—		1,126			918			1,023		—
Advisor Class		—		1,691			—			—		—
Net asset value per share: ^(F)
Class A	$	—	$	9.34		$	11.60		$	9.97	$	—
Class B		—		9.35			—			—		—
Class C		—		9.30			11.61			9.81		—
Class I		—		9.40			11.62			10.03		—
Class I2		—		9.43			11.62	^(G)		10.05		—
Class I3		9.97		9.43			—			—		9.97
Class R		9.99		9.43			—			—		9.98
Class R4		9.97		9.43			—			—		9.97
Class R6		—		9.43			—			10.05		—
Class T1		—		9.34	^(G)		11.60			9.99		—
Advisor Class		—		9.41			—			—		—
Maximum offering price per share: ^(H)
Class A	$	—	$	9.81		$	11.99		$	10.47	$	—
Class T1	$	—	$	9.58		$	11.90		$	10.25	$	—

^(A) Investments, at cost	$	301,309,171	$	2,084,974,611		$	100,229,660		$	171,540,250	$	179,749,984
^(B) Securities on loan, at value	$	—	$	162,810,743		$	—		$	798,638	$	—
^(C) Repurchase agreements, at cost	$	—	$	57,213,586		$	724,857		$	1,165,544	$	—
^(D) Foreign currency, at cost	$	—	$	—		$	—		$	5,969	$	51,952
^(E) Premium received on written options and swaptions	$	—	$	—		$	—		$	—	$	(127,113	)


(F)		Net asset value per share for Class B, C, I, I2, I3, R, R4, R6 and Advisor Class Shares represents offering price. The redemption price for Class A, B, C and T1 shares equals net asset value less any applicable contingent deferred sales charge.
(G)		Actual net asset value per share presented differs from calculated net asset value per share due to rounding.
(H)		Maximum offering price per share for Class A and T1 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 prospectus.
(I)		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 2017

Page 346

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2017


	Transamerica Intermediate Bond			Transamerica Intermediate Muni			Transamerica International Equity			Transamerica International Small Cap Value			Transamerica Large Cap Value
Assets:
Investments, at value ^(A) ^(B)	$	3,479,850,709		$	1,379,471,362		$	5,262,776,476		$	875,603,238		$	2,214,383,523
Repurchase agreements, at value ^(C)		52,356,440			25,577,743			184,601,931			7,575,261			111,494,921
Cash		3,605,556			2,339,883			—			—			—
Cash collateral pledged at broker:
TBA commitments		383,553			—			––			—			—
Foreign currency, at value ^(D)		—			—			—			17			—
Receivables and other assets:
Shares of beneficial interest sold		22,967			10,083,844			13,855,800			140,388			1,844,125
Investments sold		18,701,514			323,045			3,052,137			1,816,429			—
When-issued, delayed-delivery and/or forward commitment (including TBAs) securities sold		7,682,032			—			—			—			—
Interest		20,328,000			14,205,756			608			25			372
Dividends		—			—			14,097,875			1,382,983			1,218,500
Tax reclaims		—			—			4,268,705			413,112			740,324
Net income from securities lending		14,322			—			161,316			28,621			2,704
Due from distributor		—			68,926			—			—			—
Total assets		3,582,945,093			1,432,070,559			5,482,814,848			886,960,074			2,329,684,469

Liabilities:
Foreign currency overdraft, at value ^(D)		—			—			1,200			—			—
Payables and other liabilities:
Shares of beneficial interest redeemed		446,845			8,356,403			3,483,803			154,667			597,475
Investments purchased		20,156,583			418,144			17,317,635			4,718,016			—
When-issued, delayed-delivery and/or forward commitment (including TBAs) securities purchased		446,846,327			14,037,985			—			—			—
Investment management fees		954,844			518,654			3,315,622			696,309			1,326,125
Distribution and service fees		113,856			232,245			146,673			—			68,277
Transfer agent fees		19,587			114,014			283,401			35,643			56,700
Trustees, CCO and deferred compensation fees		2,859			899			3,813			723			1,916
Audit and tax fees		44,739			31,717			55,939			24,799			30,575
Custody fees		48,097			23,740			342,646			84,454			32,476
Legal fees		24,025			11,106			38,293			6,583			19,134
Printing and shareholder reports fees		13,553			64,459			164,495			25,502			59,935
Registration fees		240,611			14,155			108,683			8,127			20,162
Dividends and/or distributions payable		—			536,739			—			—			—
Other		57,477			10,913			111,964			8,140			13,249
Collateral for securities on loan		23,816,125			—			51,198,051			29,180,729			11,524,004
Total liabilities		492,785,528			24,371,173			76,572,218			34,943,692			13,750,028
Net assets	$	3,090,159,565		$	1,407,699,386		$	5,406,242,630		$	852,016,382		$	2,315,934,441

Net assets consist of:
Paid-in capital	$	3,083,175,464		$	1,418,473,572		$	4,720,560,423		$	748,289,926		$	1,848,899,122
Undistributed (distributions in excess of) net investment income (loss)		116,401			—			124,339,695			8,700,560			—
Accumulated net realized gain (loss)		(13,595,470	)		(13,097,452	)		(26,343,078	)		(13,327,143	)		222,395,559
Net unrealized appreciation (depreciation) on:
Investments		20,463,170			2,323,266			587,693,931			108,343,711			244,639,760
Translation of assets and liabilities denominated in foreign currencies		—			—			(8,341	)		9,328			—
Net assets	$	3,090,159,565		$	1,407,699,386		$	5,406,242,630		$	852,016,382		$	2,315,934,441

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


Transamerica Funds		Annual Report 2017

Page 347

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2017


	Transamerica Intermediate Bond		Transamerica Intermediate Muni		Transamerica International Equity			Transamerica International Small Cap Value		Transamerica Large Cap Value
Net assets by class:
Class A	$	—	$	312,347,488	$	274,609,859		$	—	$	103,851,296
Class C		—		180,743,797		72,541,851			—		49,014,475
Class I		—		914,289,744		2,242,174,866			326,445,588		245,508,148
Class I2		2,058,090,026		10,025		2,298,781,883			525,570,794		1,899,204,995
Class I3		628,054,455		—		270,143,768			—		—
Class R		112,450,279		—		45,712,821			—		—
Class R4		291,564,805		—		21,339,493			—		—
Class R6		—		—		180,679,069			—		16,355,804
Class T1		—		10,416		11,109			—		10,580
Advisor Class		—		297,916		247,911			—		1,989,143
Shares outstanding (unlimited shares, no par value):
Class A		—		27,388,290		14,238,686			—		7,661,433
Class C		—		15,882,434		3,824,897			—		3,636,371
Class I		—		79,812,372		114,691,403			23,884,813		18,005,240
Class I2		201,777,966		875		117,429,994			38,376,015		139,363,403
Class I3		61,472,255		—		13,799,114			—		—
Class R		11,001,294		—		2,342,502			—		—
Class R4		28,537,334		—		1,091,944			—		—
Class R6		—		—		9,145,610			—		1,200,226
Class T1		—		913		575			—		779
Advisor Class		—		26,028		12,490			—		145,236
Net asset value per share: ^(E)
Class A	$	—	$	11.40	$	19.29		$	—	$	13.56
Class C		—		11.38		18.97			—		13.48
Class I		—		11.46		19.55			13.67		13.64
Class I2		10.20		11.46		19.58			13.70		13.63
Class I3		10.22		—		19.58			—		—
Class R		10.22		—		19.51			—		—
Class R4		10.22		—		19.54			—		—
Class R6		—		—		19.76			—		13.63
Class T1		—		11.41		19.31	^(F)		—		13.57	^(F)
Advisor Class		—		11.45		19.85			—		13.70
Maximum offering price per share: ^(G)
Class A	$	—	$	11.78	$	20.41		$	—	$	14.35
Class T1	$	—	$	11.70	$	19.81		$	—	$	13.92

^(A) Investments, at cost	$	3,459,387,539	$	1,377,148,096	$	4,675,082,545		$	767,259,527	$	1,969,743,763
^(B) Securities on loan, at value	$	23,323,398	$	—	$	48,408,440		$	27,653,789	$	11,290,972
^(C) Repurchase agreements, at cost	$	52,356,440	$	25,577,743	$	184,601,931		$	7,575,261	$	111,494,921
^(D) Foreign currency, at cost	$	—	$	—	$	(1,236	)	$	17	$	—


(E)		Net asset value per share for Class C, I, I2, I3, R, R4, R6 and Advisor Class Shares represents offering price. The redemption price for Class A, C and T1 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 and T1 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 prospectus.

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


Transamerica Funds		Annual Report 2017

Page 348

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2017


	Transamerica Large Core		Transamerica Large Growth		Transamerica Large Value Opportunities		Transamerica Mid Cap Growth		Transamerica Mid Cap Value Opportunities
Assets:
Investments, at value ^(A) ^(B)	$	288,235,386	$	842,496,092	$	682,949,076	$	255,625,126	$	1,621,120,878
Repurchase agreements, at value ^(C)		—		—		—		2,764,703		67,808,715
Cash		2,152,040		11,943,431		5,261,317		—		—
Receivables and other assets:
Shares of beneficial interest sold		17,906		476,734		46,664		139,770		2,501,991
Investments sold		—		286,446		—		—		10,231,056
Interest		—		—		—		9		226
Dividends		213,986		331,469		532,542		75,676		715,038
Tax reclaims		—		12,087		—		—		—
Net income from securities lending		103		248		—		867		8,415
Total assets		290,619,421		855,546,507		688,789,599		258,606,151		1,702,386,319

Liabilities:
Payables and other liabilities:
Shares of beneficial interest redeemed		95,307		1,337,248		296,158		223,887		2,148,020
Investments purchased		—		381,029		—		—		793,348
Investment management fees		158,155		494,143		235,440		158,216		933,103
Distribution and service fees		36,168		70,708		61,855		17,177		177,481
Transfer agent fees		2,399		7,388		4,362		4,018		62,211
Trustees, CCO and deferred compensation fees		340		1,020		912		297		1,707
Audit and tax fees		23,150		26,816		27,219		26,528		35,545
Custody fees		9,458		42,074		36,396		9,604		53,546
Legal fees		3,101		9,097		9,871		2,545		13,045
Printing and shareholder reports fees		4,365		11,690		31,954		8,833		40,126
Registration fees		20,639		53,442		42,573		22,136		90,200
Other		15,985		36,484		23,814		52,560		43,995
Collateral for securities on loan		996,640		2,408,398		—		5,699,392		66,647,502
Total liabilities		1,365,707		4,879,537		770,554		6,225,193		71,039,829
Net assets	$	289,253,714	$	850,666,970	$	688,019,045	$	252,380,958	$	1,631,346,490

Net assets consist of:
Paid-in capital	$	253,811,184	$	694,536,742	$	627,184,348	$	213,535,939	$	1,448,060,295
Undistributed (distributions in excess of) net investment income (loss)		74,641		—		392,497		507,592		8,127,824
Accumulated net realized gain (loss)		11,200,684		30,663,297		10,931,610		3,114,671		106,364,545
Net unrealized appreciation (depreciation) on:
Investments		24,167,205		125,466,311		49,510,590		35,222,756		68,793,826
Translation of assets and liabilities denominated in foreign currencies		—		620		—		—		—
Net assets	$	289,253,714	$	850,666,970	$	688,019,045	$	252,380,958	$	1,631,346,490
Net assets by class:
Class A	$	—	$	—	$	—	$	9,902,764	$	116,047,209
Class C		—		—		—		1,448,192		17,807,608
Class I		—		—		—		663,713		394,378,243
Class I2		—		—		—		155,628,590		298,654,544
Class I3		200,790,191		666,225,319		520,708,488		48,329,632		275,016,525
Class R		76,828,151		146,403,395		113,861,083		26,153,316		88,909,069
Class R4		11,635,372		38,038,256		53,449,474		10,232,583		424,122,245
Class R6		—		—		—		—		16,390,885
Class T1		—		—		—		10,764		9,890
Advisor Class		—		—		—		11,404		10,272
Shares outstanding (unlimited shares, no par value):
Class A		—		—		—		700,415		9,783,576
Class C		—		—		—		105,169		1,521,109
Class I		—		—		—		46,521		33,053,956
Class I2		—		—		—		10,876,758		24,988,882
Class I3		18,228,560		56,821,930		48,596,684		3,375,036		23,000,801
Class R		6,977,920		12,501,145		10,627,514		1,833,674		7,460,798
Class R4		1,056,511		3,244,773		4,988,669		715,542		35,514,681
Class R6		—		—		—		—		1,362,404
Class T1		—		—		—		760		833
Advisor Class		—		—		—		800		853

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


Transamerica Funds		Annual Report 2017

Page 349

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2017


	Transamerica Large Core		Transamerica Large Growth		Transamerica Large Value Opportunities		Transamerica Mid Cap Growth			Transamerica Mid Cap Value Opportunities
Net asset value per share: ^(D)
Class A	$	—	$	—	$	—	$	14.14		$	11.86
Class C		—		—		—		13.77			11.71
Class I		—		—		—		14.27			11.93
Class I2		—		—		—		14.31			11.95
Class I3		11.02		11.72		10.71		14.32			11.96
Class R		11.01		11.71		10.71		14.26			11.92
Class R4		11.01		11.72		10.71		14.30			11.94
Class R6		—		—		—		—			12.03
Class T1		—		—		—		14.15	^(F)		11.87
Advisor Class		—		—		—		14.26			12.04
Maximum offering price per share: ^(E)
Class A	$	—	$	—	$	—	$	14.96		$	12.55
Class T1	$	—	$	—	$	—	$	14.51		$	12.17

^(A) Investments, at cost	$	264,068,181	$	717,029,781	$	633,438,486	$	220,402,370		$	1,552,327,052
^(B) Securities on loan, at value	$	976,389	$	2,357,888	$	—	$	5,553,434		$	65,072,494
^(C) Repurchase agreements, at cost	$	—	$	—	$	—	$	2,764,703		$	67,808,715


(D)		Net asset value per share for Class C, I, I2, I3, R, R4, R6 and Advisor Class Shares represents offering price. The redemption price for Class A, C and T1 shares equals net asset value less any applicable contingent deferred sales charge.
(E)		Maximum offering price per share for Class A and T1 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 prospectus.
(F)		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 2017

Page 350

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2017


	Transamerica MLP & Energy Income			Transamerica Multi-Cap Growth		Transamerica Multi-Managed Balanced		Transamerica Short-Term Bond			Transamerica Small Cap Core
Assets:
Investments, at value ^{(A) (B)}	$	309,793,280		$	265,447,627	$	1,134,690,856	$	3,129,425,862		$	260,715,259
Repurchase agreements, at value ^(C)		4,010,980			559,426		7,535,278		70,497,694			3,717,010
Cash		442,535			—		—		699,579			—
Cash collateral pledged at broker:												—
TBA commitments		—			—		259,000		—			—
Futures contracts		—			—		315,000		—			—
Receivables and other assets:												—
Shares of beneficial interest sold		89,106			30,736		599,111		7,136,765			6,144
Investments sold		1,328,977			—		4,716,739		28,633,546			2,034,364
When-issued, delayed-delivery and/or forward commitment (including TBAs) securities sold		—			—		1,038,364		—			—
Interest		131,716			2		2,662,533		23,208,661			12
Dividends		958,311			167,930		512,882		—			160,476
Tax reclaims		—			52,065		—		—			—
Net income from securities lending		4,538			407		2,777		1,508			3,399
Variation margin receivable on futures contracts		—			—		5,881		—			—
Total assets		316,759,443			266,258,193		1,152,338,421		3,259,603,615			266,636,664

Liabilities:
Payables and other liabilities:
Shares of beneficial interest redeemed		520,642			111,818		530,097		7,609,674			64,434
Investments purchased		1,418,400			—		4,457,964		29,135,736			—
When-issued, delayed-delivery and/or forward commitment (including TBAs) securities purchased		—			—		62,622,518		18,963,400			—
Investment management fees		323,136			157,162		609,423		1,390,436			165,286
Distribution and service fees		28,964			18,771		323,639		669,574			27,099
Transfer agent fees		15,740			31,760		89,554		228,187			2,971
Trustees, CCO and deferred compensation fees		360			343		825		2,974			350
Audit and tax fees		26,183			29,062		28,868		40,360			26,380
Custody fees		9,007			6,622		25,278		41,837			16,397
Legal fees		3,318			2,353		8,501		24,744			2,227
Printing and shareholder reports fees		20,527			8,071		39,545		159,657			2,540
Registration fees		4,035			2,948		23,441		58,414			23,868
Dividends and/or distributions payable		—			—		—		550,460			—
Other		6,193			1,748		12,626		20,925			51,509
Collateral for securities on loan		1,307,793			8,383,284		8,808,295		1,193,785			15,278,952
Total liabilities		3,684,298			8,753,942		77,580,574		60,090,163			15,662,013
Net assets	$	313,075,145		$	257,504,251	$	1,074,757,847	$	3,199,513,452		$	250,974,651

Net assets consist of:
Paid-in capital	$	482,423,431		$	206,716,457	$	871,891,588	$	3,216,866,980		$	245,576,373
Undistributed (distributions in excess of) net investment income (loss)		(1,528,065	)		9,031		173,021		(541,126	)		1,089,419
Accumulated net realized gain (loss)		(175,467,667	)		12,101,066		17,152,231		(30,691,162	)		(1,345,097	)
Net unrealized appreciation (depreciation) on:
Investments		7,648,562			38,677,697		185,495,933		13,878,760			5,653,957
Futures contracts		—			—		45,074		—			—
Translation of assets and liabilities denominated in foreign currencies		(1,116	)		—		—		—			(1	)
Net assets	$	313,075,145		$	257,504,251	$	1,074,757,847	$	3,199,513,452		$	250,974,651

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


Transamerica Funds		Annual Report 2017

Page 351

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2017


	Transamerica MLP & Energy Income			Transamerica Multi-Cap Growth		Transamerica Multi-Managed Balanced			Transamerica Short-Term Bond		Transamerica Small Cap Core
Net assets by class:
Class A	$	32,083,172		$	50,449,287	$	573,224,507		$	940,514,776	$	3,489,887
Class B		—			656,590		2,241,628			—		—
Class C		23,672,962			7,943,209		222,883,875			517,917,876		638,279
Class I		48,023,082			59,217,708		266,637,218			1,312,220,000		1,688,836
Class I2		209,276,716			139,215,100		—			427,396,749		29,564,348
Class I3		—			—		—			—		153,587,035
Class R		—			—		—			—		53,016,657
Class R4		—			—		—			—		8,969,360
Class R6		—			—		9,749,375			1,412,696		—
Class T1		9,471			10,781		10,623			10,159		10,125
Advisor Class		9,742			11,576		10,621			41,196		10,124
Shares outstanding (unlimited shares, no par value):
Class A		4,352,807			7,123,413		20,546,187			92,009,054		297,759
Class B		—			120,222		80,874			—		—
Class C		3,226,588			1,434,253		8,132,217			50,763,915		55,311
Class I		6,512,373			7,559,418		9,513,155			130,632,675		143,379
Class I2		28,371,838			17,478,838		—			42,587,657		2,507,785
Class I3		—			—		—			—		13,020,654
Class R		—			—		—			—		4,512,935
Class R4		—			—		—			—		761,665
Class R6		—			—		347,789			140,788		—
Class T1		1,270			1,522		380			994		864
Advisor Class		1,303			1,477		378			4,098		858
Net asset value per share: ^(D)
Class A	$	7.37		$	7.08	$	27.90		$	10.22	$	11.72
Class B		—			5.46		27.72			—		—
Class C		7.34			5.54		27.41			10.20		11.54
Class I		7.37			7.83		28.03			10.05		11.78
Class I2		7.38			7.96		—			10.04		11.79
Class I3		—			—		—			—		11.80
Class R		—			—		—			—		11.75
Class R4		—			—		—			—		11.78
Class R6		—			—		28.03			10.03		—
Class T1		7.46			7.08		27.97	^(E)		10.22		11.72
Advisor Class		7.47	^(E)		7.84		28.08	^(E)		10.05		11.80
Maximum offering price per share:^(F)
Class A	$	7.80		$	7.49	$	29.52		$	10.48	$	12.40
Class T1	$	7.65		$	7.26	$	28.69		$	10.48	$	12.02

^(A) Investments, at cost	$	302,144,718		$	226,769,930	$	949,194,923		$	3,115,547,102	$	255,061,302
^(B) Securities on loan, at value	$	1,277,283		$	8,209,170	$	8,599,405		$	1,168,817	$	14,770,655
^(C) Repurchase agreements, at cost	$	4,010,980		$	559,426	$	7,535,278		$	70,497,694	$	3,717,010


(D)		Net asset value per share for Class B, C, I, I2, I3, R, R4, R6, and Advisor shares represents offering price. The redemption price for Class A, B, C and T1 shares equals net asset value less any applicable contingent deferred sales charge.
(E)		Actual net asset value per share presented differs from calculated net asset value per share due to rounding.
(F)		Maximum offering price per share for Class A and T1 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 prospectus.

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


Transamerica Funds		Annual Report 2017

Page 352

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2017


	Transamerica Small Cap Growth			Transamerica Small Cap Value			Transamerica Small/Mid Cap Value		Transamerica Strategic High Income			Transamerica Unconstrained Bond
Assets:
Investments, at value ^{(A) (B)}	$	174,731,813		$	332,037,127		$	903,875,651	$	142,600,282		$	266,436,657
Repurchase agreements, at value ^(C)		3,061,020			6,761,892			2,643,301		2,078,584			7,120,152
Cash		—			—			31,120,889		—			—
Cash collateral pledged at broker:
Futures contracts		—			—			—		—			39,095
Foreign currency, at value ^(D)		—			—			—		—			2,275
Unrealized appreciation on unfunded commitments		—			—			—		—			427
Receivables and other assets:
Shares of beneficial interest sold		91,197			39,944			1,143,151		86,051			—
Investments sold		—			—			7,974,036		1,664,191			—
When-issued, delayed-delivery and/or forward commitment (including TBAs) securities sold		—			—			—		—			168,336
Interest		10			23			9		825,812			1,062,011
Dividends		—			80,595			363,467		109,205			137
Tax reclaims		—			—			—		225,807			—
Net income from securities lending		6,131			17,749			11,245		7,556			1,480
Prepaid expenses		—			—			—		—			8,797
Total assets		177,890,171			338,937,330			947,131,749		147,597,488			274,839,367

Liabilities:
Due to custodian		—			—			—		—			1,300,086
Payables and other liabilities:
Shares of beneficial interest redeemed		76,432			51,216			587,497		411,972			1,746
Investments purchased		6,107			—			11,986,346		—			27,939
When-issued, delayed-delivery and/or forward commitment (including TBAs) securities purchased		—			—			—		3,500,000			1,973,341
Investment management fees		124,367			226,868			598,589		104,543			157,742
Distribution and service fees		15,452			6,772			299,016		42,764			—
Transfer agent fees		6,655			2,922			114,790		14,310			1,973
Trustees, CCO and deferred compensation fees		268			400			831		287			189
Audit and tax fees		22,257			19,025			22,340		28,496			31,197
Custody fees		12,433			8,738			18,549		7,696			33,631
Legal fees		1,435			3,054			7,437		1,205			2,094
Printing and shareholder reports fees		6,643			8,586			59,253		13,139			5,837
Registration fees		13,907			26,886			9,686		9,487			3,259
Other		36,164			55,247			5,116		4,211			5,014
Foreign capital gains tax		—			—			—		—			2,827
Collateral for securities on loan		25,107,893			29,958,627			55,979,957		7,785,486			2,284,723
Total liabilities		25,430,013			30,368,341			69,689,407		11,923,596			5,831,598
Net assets	$	152,460,158		$	308,568,989		$	877,442,342	$	135,673,892		$	269,007,769

Net assets consist of:
Paid-in capital	$	110,614,414		$	249,928,656		$	632,764,301	$	189,180,491		$	266,557,853
Undistributed (distributions in excess of) net investment income (loss)		(732,251	)		637,513			822,486		(416,364	)		(7,174	)
Accumulated net realized gain (loss)		12,936,372			10,894,939			99,100,770		(66,204,423	)		(657,186	)
Net unrealized appreciation (depreciation) on:
Investments		29,641,623			47,107,884			144,754,785		13,113,888			2,494,918	^(E)
Unfunded commitments		—			—			—		—			427
Futures contracts		—			—			—		—			620,707
Translation of assets and liabilities denominated in foreign currencies		—			(3	)		—		300			(1,776	)
Net assets	$	152,460,158		$	308,568,989		$	877,442,342	$	135,673,892		$	269,007,769

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


Transamerica Funds		Annual Report 2017

Page 353

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2017


	Transamerica Small Cap Growth		Transamerica Small Cap Value			Transamerica Small/Mid Cap Value			Transamerica Strategic High Income			Transamerica Unconstrained Bond
Net assets by class:
Class A	$	15,519,964	$	2,757,357		$	362,890,178		$	20,732,652		$	—
Class B		—		—			5,616,753			—			—
Class C		3,587,756		891,565			241,737,466			43,076,220			—
Class I		27,564,121		2,520,669			242,459,814			71,826,662			2,110,539
Class I2		47,690,159		255,160,825			20,627,609			11,046			266,886,579
Class I3		34,587,372		35,000,488			—			—			—
Class R		17,479,060		11,810,635			—			—			—
Class R4		5,942,845		344,886			—			—			—
Class R6		61,894		61,015			3,960,945			—			—
Class T1		10,919		10,757			10,482			10,662			—
Advisor Class		16,068		10,792			139,095			16,650			10,651
Shares outstanding (unlimited shares, no par value):
Class A		2,253,622		231,001			12,318,485			1,891,553			—
Class B		—		—			212,318			—			—
Class C		564,624		75,263			9,273,302			3,946,299			—
Class I		3,885,393		209,545			7,976,582			6,549,822			206,281
Class I2		6,641,143		21,187,178			677,389			1,050			26,176,539
Class I3		4,811,821		2,904,873			—			—			—
Class R		2,442,338		983,154			—			—			—
Class R4		828,241		28,712			—			—			—
Class R6		8,616		5,040			129,599			—			—
Class T1		1,585		900			355			964			—
Advisor Class		2,264		891			4,531			1,510			1,041
Net asset value per share: ^(F)
Class A	$	6.89	$	11.94		$	29.46		$	10.96		$	—
Class B		—		—			26.45			—			—
Class C		6.35		11.85			26.07			10.92			—
Class I		7.09		12.03			30.40			10.97			10.23
Class I2		7.18		12.04			30.45			10.52			10.20
Class I3		7.19		12.05			—			—			—
Class R		7.16		12.01			—			—			—
Class R4		7.18		12.01			—			—			—
Class R6		7.18		12.10	^(G)		30.56			—			—
Class T1		6.89		11.95			29.50	^(G)		11.06			—
Advisor Class		7.10		12.12	^(G)		30.70			11.02	^(G)		10.23
Maximum offering price per share: ^(H)
Class A	$	7.29	$	12.63		$	31.17		$	11.60		$	—
Class T1	$	7.07	$	12.26		$	30.26		$	11.34		$	—

^(A) Investments, at cost	$	145,090,190	$	284,929,243		$	759,120,866		$	129,486,394		$	263,938,912
^(B) Securities on loan, at value	$	24,519,381	$	29,299,744		$	54,626,788		$	7,627,127		$	2,236,029
^(C) Repurchase agreements, at cost	$	3,061,020	$	6,761,892		$	2,643,301		$	2,078,584		$	7,120,152
^(D) Foreign currency, at cost	$	—	$	—		$	—		$	—		$	2,355


(E)		Net of foreign capital gains tax of $2,827.
(F)		Net asset value per share for Class B, C, I, I2, I3, R, R4, R6, and Advisor shares represents offering price. The redemption price for Class A, B, C and T1 shares equals net asset value less any applicable contingent deferred sales charge.
(G)		Actual net asset value and offering price per share presented differs from calculated net asset value and offering price per share due to rounding.
(H)		Maximum offering price per share for Class A and T1 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 prospectus.

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


Transamerica Funds		Annual Report 2017

Page 354

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2017


	Transamerica US Growth
Assets:
Investments, at value ^(A)	$	1,061,738,994
Repurchase agreements, at value ^(B)		16,862,934
Receivables and other assets:
Shares of beneficial interest sold		67,470
Investments sold		372,965
Interest		56
Dividends		402,781
Tax reclaims		236,880
Total assets		1,079,682,080

Liabilities:
Payables and other liabilities:
Shares of beneficial interest redeemed		588,752
Investment management fees		647,717
Distribution and service fees		153,875
Transfer agent fees		121,733
Trustees, CCO and deferred compensation fees		996
Audit and tax fees		25,431
Custody fees		17,279
Legal fees		8,993
Printing and shareholder reports fees		46,788
Registration fees		6,026
Other		6,519
Total liabilities		1,624,109
Net assets	$	1,078,057,971

Net assets consist of:
Paid-in capital	$	636,389,585
Undistributed (distributions in excess of) net investment income (loss)		1,339,868
Accumulated net realized gain (loss)		99,853,276
Net unrealized appreciation (depreciation) on:
Investments		340,426,891
Translation of assets and liabilities denominated in foreign currencies		48,351
Net assets	$	1,078,057,971
Net assets by class:
Class A	$	500,587,228
Class B		5,437,214
Class C		48,086,620
Class I		183,788,227
Class I2		230,952,043
Class T		109,183,040
Class T1		11,305
Advisor Class		12,294
Shares outstanding (unlimited shares, no par value):
Class A		24,122,692
Class B		276,298
Class C		2,434,901
Class I		8,707,431
Class I2		10,959,057
Class T		2,091,644
Class T1		544
Advisor Class		581

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


Transamerica Funds		Annual Report 2017

Page 355

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2017


	Transamerica US Growth
Net asset value per share: ^(C)
Class A	$	20.75
Class B		19.68
Class C		19.75
Class I		21.11
Class I2		21.07
Class T		52.20
Class T1		20.78
Advisor Class		21.17	^(D)
Maximum offering price per share: ^(E)
Class A	$	21.96
Class T	$	57.05
Class T1	$	21.31

^(A) Investments, at cost	$	721,312,103
^(B) Repurchase agreements, at cost	$	16,862,934


(C)		Net asset value per share for Class B, C, I, I2 and Advisor shares represents offering price. The redemption price for Class A, B, C, T and T1 shares equals net asset value less any applicable contingent deferred sales charge.
(D)		Actual net asset value per share presented differs from calculated net asset value per share due to rounding.
(E)		Maximum offering price per share for Class A, T and T1 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 prospectus.

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


Transamerica Funds		Annual Report 2017

Page 356

STATEMENTS OF OPERATIONS

For the period and year ended:


	Transamerica Balanced II ^(A)						Transamerica Bond			Transamerica Capital Growth ^{(D) (E)}			Transamerica Concentrated Growth ^(D) (E)
	October 31, 2017 ^(B)			December 31, 2016 ^(C)			October 31, 2017			October 31, 2017			October 31, 2017
Investment Income:
Dividend income	$	116,746		$	—		$	279,308		$	1,616,640		$	2,502,713
Dividend income allocated from Series Portfolios		726,544			1,052,141			—			—			—
Interest income		204,859			—			10,320,787			41,620			2,493
Interest income allocated from Series Portfolios		681,032			920,982			—			—			—
Net income (loss) from securities lending		125			—			53,315			383,172			19,953
Net income (loss) from securities lending allocated from Series Portfolios		4,297			9,553			—			—			—
Withholding taxes on foreign income		—			—			—			—			(88,648	)
Withholding taxes on foreign income allocated from Series Portfolios		(5,075	)		(6,697	)		—			—			—
Expenses (net of waiver and/or reimbursement) allocated from Series Portfolios		(338,983	)		(415,812	)		—			—			—
Total investment income		1,389,545			1,560,167			10,653,410			2,041,432			2,436,511

Expenses:
Investment management fees		89,342			—			1,503,955			5,686,528			1,610,366
Distribution and service fees:
Class A		—			—			—			494,083			2,025
Class B		—			—			—			19,416			—
Class C		—			—			—			722,018			8,475
Class R		221,860			221,835			—			—			—
Class T1		—			—			—			18			16
Administration fees		197,071			266,202			—			—			—
Transfer agent fees
Class A		—			—			—			275,912			14,401
Class B		—			—			—			9,211			—
Class C		—			—			—			96,203			780
Class I		—			—			—			261,368			29,217
Class I2		—			—			15,947			17,531			15,587
Class I3		531			—			—			—			—
Class R		5			—			—			—			—
Class R6		—			—			129			—			—
Advisor Class		—			—			—			47			19
Trustees, CCO and deferred compensation fees		1,590			1,664			3,808			13,154			4,173
Audit and tax fees		19,099			10,820			32,226			28,903			28,555
Custody fees		14,060			11,100			37,727			64,263			31,248
Legal fees		5,041			3,360			9,308			34,506			10,926
Printing and shareholder reports fees		9,401			16,396			2,441			66,934			22,988
Registration fees		22,828			18,413			21,923			124,307			82,217
Merger fees		15,494			—			—			—			—
Other		5,599			23,589			14,303			20,814			10,763
Total expenses before waiver and/or reimbursement and recapture		601,921			573,379			1,641,767			7,935,216			1,871,756
Expenses waived and/or reimbursed:
Class A		—			—			—			—			(12,889	)
Class B		—			—			—			(2,652	)		—
Class I2		—			—			(134,360	)		—			—
Class I3		(11,137	)		—			—			—			—
Class R		(19,285	)		(20,324	)		—			—			—
Class R4		—			—			—			—			—
Class R6		—			—			(1,360	)		—			—
Advisor Class		—			—			—			—			(4	)
Recapture of previously waived and/or reimbursed fees:
Class A		—			—			—			—			32
Class B		—			—			—			407			—
Class I2		—			—			15,346			—			—
Class R6		—			—			435			—			—
Advisor Class		—			—			—			—			3
Net expenses		571,499			553,055			1,521,828			7,932,971			1,858,898
Net investment income (loss)		818,046			1,007,112			9,131,582			(5,891,539	)		577,613

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


Transamerica Funds		Annual Report 2017

Page 357

STATEMENTS OF OPERATIONS (continued)

For the period and year ended:


	Transamerica Balanced II ^(A)					Transamerica Bond			Transamerica Capital Growth ^{(D) (E)}			Transamerica Concentrated Growth ^(D) (E)
	October 31, 2017 ^(B)			December 31, 2016 ^(C)		October 31, 2017			October 31, 2017			October 31, 2017
Net realized gain (loss) on:
Investments	$	80,092		$	—	$	1,704,896		$	195,877,007		$	12,299,184
Futures contracts		8,706			—		—			—			—
Foreign currency transactions		—			—		(190,228	)		(2,949	)		1,712
Allocated from Series Portfolios		8,798,847			2,665,661		—			—			—
Net realized gain (loss)		8,887,645			2,665,661		1,514,668			195,874,058			12,300,896

Net change in unrealized appreciation (depreciation) on:
Investments		2,201,645			—		1,955,399			24,211,473			32,328,280
Futures contracts		4,190			—		—			—			—
Translation of assets and liabilities denominated in foreign currencies		—			—		(10,189	)		—			—
Allocated from Series Portfolios		(1,512,266	)		2,787,190		—			—			—
Net change in unrealized appreciation (depreciation)		693,569			2,787,190		1,945,210			24,211,473			32,328,280
Net realized and change in unrealized gain (loss)		9,581,214			5,452,851		3,459,878			220,085,531			44,629,176
Net increase (decrease) in net assets resulting from operations	$	10,399,260		$	6,459,963	$	12,591,460		$	214,193,992		$	45,206,789


(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)		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 of Transamerica Partners Portfolios (“Series Portfolio”). The Statements of Operations 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.
(C)		For the year ended December 31, 2016.
(D)		Class T1 commenced operations on March 17, 2017.
(E)		Advisor Class commenced operations on December 16, 2016.

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


Transamerica Funds		Annual Report 2017

Page 358

STATEMENTS OF OPERATIONS (continued)

For the year ended:


	Transamerica Dividend Focused ^{(A) (B)}			Transamerica Dynamic Allocation ^(A)			Transamerica Dynamic Income ^(A) (C)			Transamerica Emerging Markets Debt ^(A) (B)			Transamerica Emerging Markets Equity ^(A) (B)
	October 31, 2017			October 31, 2017			October 31, 2017			October 31, 2017			October 31, 2017
Investment Income:
Dividend income	$	21,694,678		$	385,983		$	15,475,706		$	—		$	5,452,658
Interest income		3,519			83			1,397			49,824,495			4,486
Net income (loss) from securities lending		7,237			23,104			490,840			227,972			12,133
Withholding taxes on foreign income		(114,013	)		—			—			(66,928	)		(638,783	)
Total investment income		21,591,421			409,170			15,967,943			49,985,539			4,830,494

Expenses:
Investment management fees		5,307,060			115,166			1,846,074			4,798,046			1,855,316
Distribution and service fees:
Class A		235,181			22,475			273,131			75,899			16,019
Class C		78,103			79,375			1,856,611			136,415			22,158
Class T1		16			16			16			16			18
Transfer agent fees
Class A		28,358			13,714			97,329			47,967			11,489
Class C		8,405			10,462			184,103			21,209			2,813
Class I		15,137			3,193			77,837			550,054			3,714
Class I2		48,947			—			—			14,731			13,296
Class R6		175			—			—			134			—
Advisor Class		19			—			14			52			21
Trustees, CCO and deferred compensation fees		13,477			355			6,517			13,796			3,550
Audit and tax fees		29,633			24,483			27,263			44,898			50,430
Custody fees		65,625			13,191			13,597			331,538			158,822
Legal fees		37,967			1,008			18,963			39,896			9,725
Printing and shareholder reports fees		58,076			4,884			41,411			93,262			10,023
Registration fees		114,377			57,715			86,159			182,155			89,213
Other		23,587			18,441			11,829			29,667			14,522
Total expenses before waiver and/or reimbursement and recapture		6,064,143			364,478			4,540,854			6,379,735			2,261,129
Expenses waived and/or reimbursed:
Class A		—			(44,299	)		—			—			—
Class C		—			(37,597	)		(3,275	)		—			—
Class I		—			(13,169	)		(1,127	)		—			(113	)
Class T1		—			(27	)		—			—			—
Advisor Class		(4	)		—			(7	)		—			—
Recapture of previously waived and/or reimbursed fees:
Class A		—			493			—			—			—
Class C		—			563			3,275			—			—
Class I		—			196			1,127			—			113
Class T1		—			6			—			—			—
Advisor Class		1			—			1			—			—
Net expenses		6,064,140			270,644			4,540,848			6,379,735			2,261,129
Net investment income (loss)		15,527,281			138,526			11,427,095			43,605,804			2,569,365

Net realized gain (loss) on:
Investments		45,319,607			282,931			395,065			19,786,108	^(D)		9,866,210
Distributions		—			—			4,810			—			—
Forward foreign currency contracts		—			—			—			4,383,439			—
Foreign currency transactions		—			—			—			(128,148	)		(68,543	)
Net realized gain (loss)		45,319,607			282,931			399,875			24,041,399			9,797,667

Net change in unrealized appreciation (depreciation) on:
Investments		85,078,091			2,073,466			1,903,163			(4,596,520	)^(E)		34,737,525
Forward foreign currency contracts		—			—			—			(175,426	)		—
Translation of assets and liabilities denominated in foreign currencies		—			—			—			(66,281	)		5,100
Net change in unrealized appreciation (depreciation)		85,078,091			2,073,466			1,903,163			(4,838,227	)		34,742,625
Net realized and change in unrealized gain (loss)		130,397,698			2,356,397			2,303,038			19,203,172			44,540,292
Net increase (decrease) in net assets resulting from operations	$	145,924,979		$	2,494,923		$	13,730,133		$	62,808,976		$	47,109,657


(A)		Class T1 commenced operations on March 17, 2017.
(B)		Advisor Class commenced operations on December 16, 2016.
(C)		Advisor Class commenced operations on March 3, 2017.
(D)		Includes net of realized foreign capital gains tax of $142,976.
(E)		Includes net change in foreign capital gains tax of $296,685.

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


Transamerica Funds		Annual Report 2017

Page 359

STATEMENTS OF OPERATIONS (continued)

For the year ended:


	Transamerica Event Driven^(A) (B)			Transamerica Flexible Income ^(B)^(C)			Transamerica Floating Rate^(C)			Transamerica Global Equity^(C) (D)			Transamerica Government Money Market^(E) (F)
	October 31, 2017			October 31, 2017			October 31, 2017			October 31, 2017			October 31, 2017
Investment Income:
Dividend income	$	496,379		$	577,233		$	454,106		$	2,602,486		$	—
Interest income		2,511,429			19,385,728			26,191,154			821			2,648,522
Net income (loss) from securities lending		22,459			96,308			46,530			15,959			—
Withholding taxes on foreign income		(8,155	)		—			—			(177,704	)		—
Total investment income		3,022,112			20,059,269			26,691,790			2,441,562			2,648,522

Expenses:
Investment management fees		1,138,522			2,105,793			3,508,782			1,010,542			842,486
Distribution and service fees:
Class A		—			220,927			68,009			100,841			517,767
Class B		—			8,332			—			12,465			11,300
Class C		—			533,937			138,879			463,665			217,729
Class R2		—			—			—			—			77,924
Class R4		—			—			—			—			23,293
Class T1		—			26			16			17			—
Transfer agent fees
Class A		—			146,963			22,492			82,174			212,410
Class B		—			2,594			—			5,017			4,271
Class C		—			52,119			11,148			79,792			29,533
Class I		82			198,149			53,867			33,336			45,338
Class I2		7,155			9,412			34,142			—			688
Class I3		—			—			—			—			349
Class R2		—			—			—			—			82,800
Class R4		—			—			—			—			699
Class R6		—			369			—			53			—
Advisor Class		18			19			—			19			—
Trustees, CCO and deferred compensation fees		1,712			8,064			10,195			2,163			4,341
Audit and tax fees		32,288			44,783			26,057			25,744			23,388
Custody fees		154,149			67,116			348,414			64,543			122,194
Legal fees		4,933			22,621			28,991			5,106			7,093
Printing and shareholder reports fees		11,047			60,770			36,809			23,617			78,807
Registration fees		57,838			114,666			104,106			104,401			184,441
Interest		94,599			—			—			—			—
Dividends, interest and fees for borrowings from securities sold short		157,578			—			—			—			—
Other		23,674			22,664			20,030			8,515			24,975
Total expenses before waiver and/or reimbursement and recapture		1,683,595			3,619,324			4,411,937			2,022,010			2,511,826
Expenses waived and/or reimbursed:
Class A		—			—			(13,404	)		(67,263	)		(242,198	)
Class B		—			(442	)		—			(5,032	)		(12,062	)
Class C		—			—			(5,582	)		(67,152	)		(165,638	)
Class I		(149	)		—			(27,236	)		(27,471	)		(34,161	)
Class I2		(161,964	)		—			—			—			(8,672	)
Class I3		—			—			—			—			(6,051	)
Class R2		—			—			—			—			(35,908	)
Class R4		—			—			—			—			(14,414	)
Class R6		—			—			—			(259	)		—
Class T1		—			—			—			(4	)		—
Advisor Class		(34	)		—			—			(17	)		—
Recapture of previously waived and/or reimbursed fees:
Class A		—			—			5,903			11,452			323,087
Class B		—			302			—			833			603
Class C		—			—			2,092			17,669			1,573
Class I		17			—			2,008			14,859			78,739
Class I2		23,731			—			—			—			41,944
Class I3		—			—			—			—			1,260
Class R2		—			—			—			—			2,924
Class R4		—			—			—			—			654
Class R6		—			—			—			259			—
Class T1		—			—			—			4			—
Advisor Class		3			—			—			4			—
Net expenses		1,545,199			3,619,184			4,375,718			1,899,892			2,443,506
Net investment income (loss)		1,476,913			16,440,085			22,316,072			541,670			205,016

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


Transamerica Funds		Annual Report 2017

Page 360

STATEMENTS OF OPERATIONS (continued)

For the year ended:


	Transamerica Event Driven^(A) (B)			Transamerica Flexible Income^(B)^(C)			Transamerica Floating Rate^(C)		Transamerica Global Equity^(B) (C)		Transamerica Government Money Market^(D) (E)
	October 31, 2017			October 31, 2017			October 31, 2017		October 31, 2017		October 31, 2017
Net realized gain (loss) on:
Investments	$	6,491,555		$	(3,662,698	)	$	289,049	$	5,032,163	$	199
Securities sold short		(2,071,161	)		—			—		—		—
Written options and swaptions		111,387			—			—		—		—
Swap agreements		250,923			—			—		—		—
Futures contracts		(99,080	)		—			—		—		—
Forward foreign currency contracts		(234,485	)		—			—		—		—
Foreign currency transactions		225,646			(14,357	)		—		1,646		—
Net realized gain (loss)		4,674,785			(3,677,055	)		289,049		5,033,809		199

Net change in unrealized appreciation (depreciation) on:
Investments		1,298,443			5,899,999			379,875		20,744,481		—
Unfunded commitment		—			—			7,083		—		—
Securities sold short		(980,033	)		—			—		—		—
Swap agreements		(295,168	)		—			—		—		—
Futures contracts		13,095			—			—		—		—
Forward foreign currency contracts		(30,941	)		—			—		—		—
Translation of assets and liabilities denominated in foreign currencies		26,158			(132	)		—		2,595		—
Net change in unrealized appreciation (depreciation)		31,554			5,899,867			386,958		20,747,076		—
Net realized and change in unrealized gain (loss)		4,706,339			2,222,812			676,007		25,780,885		199
Net increase (decrease) in net assets resulting from operations	$	6,183,252		$	18,662,897		$	22,992,079	$	26,322,555	$	205,215

^(A)

Class I commenced operations on November 11, 2016.

^(B)

Advisor Class commenced operations on December 16, 2016.

^(C)

Class T1 commenced operations on March 17, 2017.

^(D)

Class I3 commenced operations on May 19, 2017.

^(E)

Class R2 and R4 commenced operations on October 13, 2017.

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


Transamerica Funds		Annual Report 2017

Page 361

STATEMENTS OF OPERATIONS (continued)

For the period and year ended:


	Transamerica Growth			Transamerica High Quality Bond^(A)						Transamerica High Yield Bond^{(D) (E) (F)}			Transamerica High Yield Muni^(D)
	October 31, 2017			October 31, 2017^(B)			December 31, 2016^(C)			October 31, 2017			October 31, 2017
Investment Income:
Dividend income	$	3,074,967		$	—		$	—		$	1,913,992		$	16,728
Interest income		1,845			3,304,302			—			107,050,381			3,958,353
Interest income allocated from Series Portfolios		—			326,343			1,114,553			—			—
Net income (loss) from securities lending		4,972			2			—			1,046,426			118
Net income (loss) from securities lending allocated from Series Portfolios		—			34			2,676			—			—
Withholding taxes on foreign income		(23,355	)		—			—			—			—
Withholding taxes on foreign income allocated from Series Portfolios		—			—			(1	)		—			—
Expenses (net of waiver and/or reimbursement) allocated from Series Portfolios		—			(66,568	)		(208,827	)		—			—
Total investment income		3,058,429			3,564,113			908,401			110,010,799			3,975,199

Expenses:
Investment management fees		2,922,720			619,686			—			10,026,895			546,050
Distribution and service fees:
Class A		—			—			—			277,523			97,497
Class B		—			—			—			20,832			—
Class C		—			—			—			491,305			127,182
Class R		—			88,834			—			227,657			—
Class R4		—			98,034			140,536			554,513			—
Class T1		—			—			—			16			16
Administration fees		—			8,425			28,107			—			—
Transfer agent fees
Class A		—			—			—			188,313			25,805
Class B		—			—			—			4,763			—
Class C		—			—			—			53,338			9,441
Class I		—			—			—			191,398			51,642
Class I2		26,464			—			—			67,426			—
Class I3		—			9,221			—			17,230			—
Class R		—			—			—			9,844			—
Class R4		—			1,677			—			16,635			—
Class R6		437			—			—			1,396			—
Advisor Class		—			—			—			23			—
Trustees, CCO and deferred compensation fees		6,297			2,727			990			30,346			1,792
Audit and tax fees		24,133			29,755			10,093			50,346			36,003
Custody fees		71,433			27,754			11,100			201,234			26,812
Legal fees		18,346			13,116			2,107			95,576			5,556
Printing and shareholder reports fees		20,218			5,875			6,128			151,171			25,284
Registration fees		26,367			69,715			22,084			238,857			74,351
Other		9,174			12,215			1,894			93,053			13,619
Total expenses		3,125,589			987,034			223,039			13,009,690			1,041,050
Expenses waived and/or reimbursed:
Class A		—			—			—			—			(60,231	)
Class C		—			—			—			—			(42,275	)
Class I		—			—			—			—			(44,555	)
Class I3		—			(115,813	)		—			(74,860	)		—
Class R		—			(5,891	)		—			(47,078	)		—
Class R4		—			(41,336	)		(69,740	)		(71,926	)		—
Class T1		—			—			—			—			(1	)
Recapture of previously waived and/or reimbursed fees:
Class A		—			—			—			—			10,584
Class C		—			—			—			—			5,968
Class I		—			—			—			—			11,870
Class I3		—			21,833			—			12,744			—
Class R		—			5,891			—			28,401			—
Class R4		—			3,453			—			11,950			—
Class T1		—			—			—			—			1
Net expenses		3,125,589			855,171			153,299			12,868,921			922,411
Net investment income (loss)		(67,160	)		2,708,942			755,102			97,141,878			3,052,788
Net realized gain (loss) on:
Investments		86,606,091			(74,190	)		—			8,403,125			(1,691,804	)
Foreign currency transactions		(3,468	)		—			—			68			—
Allocated from Series Portfolios		—			1,511,352			(271,995	)		—			—
Net realized gain (loss)		86,602,623			1,437,162			(271,995	)		8,403,193			(1,691,804	)

Net change in unrealized appreciation (depreciation) on:
Investments		14,285,935			(828,500	)		—			47,175,073			(457,090	)
Translation of assets and liabilities denominated in foreign currencies		1,888			—			—			—			—
Allocated from Series Portfolios		—			(1,308,687	)		202,411			—			—
Net change in unrealized appreciation (depreciation)		14,287,823			(2,137,187	)		202,411			47,175,073			(457,090	)
Net realized and change in unrealized gain (loss)		100,890,446			(700,025	)		(69,584	)		55,578,266			(2,148,894	)
Net increase (decrease) in net assets resulting from operations	$	100,823,286		$	2,008,917		$	685,518		$	152,720,144		$	903,894

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


Transamerica Funds		Annual Report 2017

Page 362

STATEMENTS OF OPERATIONS (continued)

For the period and year ended:


(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. Please reference the Reorganization section of the Notes to the Financial Statements for additional information.
(B)		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 Statements of Operations 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.
(C)		For the year ended December 31, 2016.
(D)		Class T1 commenced operations on March 17, 2017.
(E)		Class I3, R, and R4 commenced operations on March 24, 2017.
(F)		Advisor Class commenced operations on December 16, 2016.

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


Transamerica Funds		Annual Report 2017

Page 363

STATEMENTS OF OPERATIONS (continued)

For the period and year ended:


	Transamerica Inflation Opportunities^(A)			Transamerica Inflation-Protected Securities^(B)						Transamerica Intermediate Bond^(E)
	October 31, 2017			October 31, 2017^(C)			December 31, 2016^(D)			October 31, 2017^(F)			December 31, 2016^(D)
Investment Income:
Dividend income	$	42,070		$	—		$	—		$	128,035		$	—
Dividend income allocated from Series Portfolios		—			—			—			10,946			44,995
Interest income		4,035,387			2,084,612			—			51,334,012			—
Interest income allocated from Series Portfolios		—			437,208			1,395,506			1,765,525			9,782,881
Net income (loss) from securities lending		6,125			8,808			—			148,131			—
Net income (loss) from securities lending allocated from Series Portfolios		—			327			3,033			5,942			35,424
Withholding taxes on foreign income		—			688			—			—			—
Withholding taxes on foreign income allocated from Series Portfolios		—			—			—			—			4
Expenses (net of waiver and/or reimbursement) allocated from Series Portfolios		—			(81,039	)		(306,139	)		(272,857	)		(1,279,885	)
Total investment income		4,083,582			2,450,604			1,092,400			53,119,734			8,583,419
Expenses:
Investment management fees		998,289			428,173			—			7,119,248			—
Distribution and service fees:
Class A		1,611			—			—			—			—
Class C		6,700			—			—			—			—
Class R		—			83,073			—			572,986			—
Class R4		—			100,153			197,308			631,065			910,129
Class T1		16			—			—			—			—
Administration fees		—			9,579			39,461			36,006			182,026
Transfer agent fees
Class A		3,891			—			—			—			—
Class C		663			—			—			—			—
Class I		410			—			—			—			—
Class I2		12,779			—			—			93,071			—
Class I3		—			5,637			—			27,357			—
Class R4		—			1,568			—			13,531			—
Class R6		4			—			—			—			—
Trustees, CCO and deferred compensation fees		3,074			1,868			1,483			36,743			6,742
Audit and tax fees		39,482			27,514			10,649			42,018			17,381
Custody fees		45,898			51,250			11,100			210,576			11,100
Legal fees		8,880			9,748			2,951			128,691			13,544
Printing and shareholder reports fees		11,872			6,578			8,189			62,862			35,421
Registration fees		75,164			58,297			26,757			314,974			33,251
Other		17,044			14,764			2,470			57,817			9,187
Total expenses before waiver and/or reimbursement and recapture		1,225,777			798,202			300,368			9,346,945			1,218,781
Expenses waived and/or reimbursed:
Class A		(3,565	)		—			—			—			—
Class C		(507	)		—			—			—			—
Class I		(319	)		—			—			—			—
Class I3		—			(116,546	)		—			(89,226	)		—
Class R		—			(18,557	)		—			(1,610	)		—
Class R4		—			(58,215	)		(103,130	)		(86,340	)		(194,347	)
Class T1		(1	)		—			—			—			—
Recapture of previously waived and/or reimbursed fees:
Class A		23			—			—			—			—
Class C		206			—			—			—			—
Class I		103			—			—			—			—
Class I3		—			26,834			—			11,020			—
Class R		—			16,414			—			1,610			—
Class R4		—			4,722			—			4,147			—
Class T1		1			—			—			—			—
Net expenses		1,221,718			652,854			197,238			9,186,546			1,024,434
Net investment income (loss)		2,861,864			1,797,750			895,162			43,933,188			7,558,985

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


Transamerica Funds		Annual Report 2017

Page 364

STATEMENTS OF OPERATIONS (continued)

For the period and year ended:


	Transamerica Inflation Opportunities ^(A)			Transamerica Inflation-Protected Securities ^(B)						Transamerica Intermediate Bond ^(E)
	October 31, 2017			October 31, 2017 ^(C)			December 31, 2016 ^(D)			October 31, 2017 ^(F)			December 31, 2016 ^(D)
Net realized gain (loss) on:
Investments	$	(11,726	)	$	(472,029	)	$	—		$	12,477,427		$	—
Written options and swaptions		—			(314,264	)		—			—			—
Swap agreements		—			(181,304	)		—			—			—
Futures contracts		—			(289,713	)		—			—			—
Forward foreign currency contracts		(1,813,672	)		(544,354	)		—			—			—
Foreign currency transactions		(52,185	)		56,397			—			—			—
Allocated from Series Portfolios		—			425,860			(242,185	)		2,063,488			3,195,662
Net realized gain (loss)		(1,877,583	)		(1,319,407	)		(242,185	)		14,540,915			3,195,662

Net change in unrealized appreciation (depreciation) on:
Investments		1,182,984			(203,106	)		—			32,404,587			—
Written options and swaptions		—			(14,353	)		—			—			—
Swap agreements		—			173,641			—			—			—
Futures contracts		—			16,541			—			—			—
Forward foreign currency contracts		318,168			238,161			—			—			—
Translation of assets and liabilities denominated in foreign currencies		837			8,910			—			—			—
Allocated from Series Portfolios		—			57,860			2,279,047			(33,975	)		745,508
Net change in unrealized appreciation (depreciation)		1,501,989			277,654			2,279,047			32,370,612			745,508
Net realized and change in unrealized gain (loss)		(375,594	)		(1,041,753	)		2,036,862			46,911,527			3,941,170
Net increase (decrease) in net assets resulting from operations	$	2,486,270		$	755,997		$	2,932,024		$	90,844,715		$	11,500,155

^(A)	Class T1 commenced operations on March 17, 2017.

^(B)

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. 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 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 Statements of Operations 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)	For the year ended December 31, 2016.

^(E)

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. Please reference the Reorganization section of the Notes to the Financial Statements for additional information.

^(F)

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 Statements of Operations 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.

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


Transamerica Funds		Annual Report 2017

Page 365

STATEMENTS OF OPERATIONS (continued)

For the year ended:


	Transamerica Intermediate Muni^(A) (B)			Transamerica International Equity^{(A) (B) (C)}			Transamerica International Small Cap Value			Transamerica Large Cap Value^{(A) (B)}
	October 31, 2017			October 31, 2017			October 31, 2017			October 31, 2017
Investment Income:
Dividend income	$	26,897		$	178,274,784		$	21,458,650		$	48,120,397
Interest income		34,448,543			144,326			9,231			69,709
Net income (loss) from securities lending		—			1,540,199			343,579			74,947
Withholding taxes on foreign income		—			(12,677,330	)		(1,883,103	)		(1,029,564	)
Total investment income		34,475,440			167,281,979			19,928,357			47,235,489

Expenses:
Investment management fees		5,520,692			32,024,204			7,211,914			14,469,683
Distribution and service fees:
Class A		885,777			741,228			—			287,598
Class C		1,862,370			611,638			—			400,497
Class R		—			259,459			—			—
Class R4		—			43,097			—			—
Class T1		16			16			—			16
Transfer agent fees
Class A		178,111			478,731			—			145,534
Class C		107,245			93,276			—			44,064
Class I		780,758			1,888,522			294,165			148,418
Class I2		—			144,911			36,381			144,314
Class I3		—			13,409			—			—
Class R		—			2,703			—			—
Class R4		—			1,293			—			—
Class R6		—			10,271			—			707
Advisor Class		101			61			—			563
Trustees, CCO and deferred compensation fees		23,280			81,672			14,001			39,632
Audit and tax fees		44,357			87,045			32,248			46,190
Custody fees		141,875			1,886,752			410,849			189,388
Legal fees		70,632			242,132			39,559			117,320
Printing and shareholder reports fees		212,686			436,153			44,705			158,783
Registration fees		153,141			376,069			48,868			138,948
Other		33,757			140,225			27,440			47,448
Total expenses before waiver and/or reimbursement and recapture		10,014,798			39,562,867			8,160,130			16,379,103
Expenses waived and/or reimbursed:
Class A		(354,310	)		—			—			—
Class C		(465,593	)		—			—			—
Class R6		—			(800	)		—			—
Recapture of previously waived and/or reimbursed fees:
Class R6		—			800			—			—
Net expenses		9,194,895			39,562,867			8,160,130			16,379,103
Net investment income (loss)		25,280,545			127,719,112			11,768,227			30,856,386

Net realized gain (loss) on:
Investments		(13,096,372	)		8,040,783			(11,219,497	)		236,962,877
Foreign currency transactions		—			(752,987	)		158,493			—
Net realized gain (loss)		(13,096,372	)		7,287,796			(11,061,004	)		236,962,877

Net change in unrealized appreciation (depreciation) on:
Investments		(4,660,695	)		650,765,890			161,888,530			142,147,449
Translation of assets and liabilities denominated in foreign currencies		—			353,049			56,675			—
Net change in unrealized appreciation (depreciation)		(4,660,695	)		651,118,939			161,945,205			142,147,449
Net realized and change in unrealized gain (loss)		(17,757,067	)		658,406,735			150,884,201			379,110,326
Net increase (decrease) in net assets resulting from operations	$	7,523,478		$	786,125,847		$	162,652,428		$	409,966,712


(A)		Class T1 commenced operations on March 17, 2017.
(B)		Advisor Class commenced operations on December 16, 2016.
(C)		Class I3, R, and R4 commenced operations on March 10, 2017.

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


Transamerica Funds		Annual Report 2017

Page 366

STATEMENTS OF OPERATIONS (continued)

For the period and year ended:


	Transamerica Large Core ^(A)						Transamerica Large Growth ^(D)
	October 31, 2017^(B)			December 31, 2016^(C)			October 31, 2017 ^(B)			December 31, 2017 ^(C)
Investment Income:
Dividend income	$	3,678,899		$	—		$	6,008,433		$	—
Dividend income allocated from Series Portfolios		44,111			272,550			148,834			1,020,591
Interest income		3			—			—			—
Interest income allocated from Series Portfolios		4			25			35			198
Net income (loss) from securities lending		670			—			1,386			—
Net income (loss) from securities lending allocated from Series Portfolios		93			2,285			418			45,130
Withholding taxes on foreign income		(6,142	)		—			(28,123	)		—
Withholding taxes on foreign income allocated from Series Portfolios		(208	)		(531	)		(21,442	)		(8,408	)
Expenses (net of waiver and/or reimbursement) allocated from Series Portfolios		(13,423	)		(67,243	)		(105,726	)		(638,420	)
Total investment income		3,704,007			207,086			6,003,815			419,091

Expenses:
Investment management fees		1,182,952			—			3,632,657			—
Distribution and service fees:
Class R		252,140			—			571,714			—
Class R4		23,336			26,964			131,870			256,344
Administration fees		1,033			5,393			8,131			51,269
Transfer agent fees
Class I3		9,755			—			30,603			—
Class R		1,745			—			4,885			—
Class R4		545			—			2,736			—
Trustees, CCO and deferred compensation fees		3,317			164			10,191			1,916
Audit and tax fees		32,459			9,041			36,468			11,173
Custody fees		36,190			11,100			146,532			11,100
Legal fees		11,589			444			34,214			3,804
Printing and shareholder reports fees		4,842			1,873			11,560			10,613
Registration fees		74,018			20,548			110,450			23,283
Other		4,732			854			12,308			2,971
Total expenses before waiver and/or reimbursement and recapture		1,638,653			76,381			4,744,319			372,473
Expenses waived and/or reimbursed:
Class I3		(136,101	)		—			(383,396	)		—
Class R		(68,306	)		—			(29,741	)		—
Class R4		(16,293	)		(47,032	)		(53,047	)		(109,097	)
Recapture of previously waived and/or reimbursed fees:
Class I3		29,204			—			96,978			—
Class R		28,922			—			29,741			—
Class R4		1,699			—			9,261			—
Net expenses		1,477,778			29,349			4,414,115			263,376
Net investment income (loss)		2,226,229			177,737			1,589,700			155,715

Net realized gain (loss) on:
Investments		3,896,950			—			11,907,010			—
Foreign currency transactions		65			—			(3,652	)		—
Allocated from Series Portfolios		(19,816,427	)		53,941			(18,964,494	)		8,322,753
Net realized gain (loss)		(15,919,412	)		53,941			(7,061,136	)		8,322,753

Net change in unrealized appreciation (depreciation) on:
Investments		24,167,359			—			125,466,311			—
Translation of assets and liabilities denominated in foreign currencies		—			—			620			—
Allocated from Series Portfolios		20,356,926			517,564			26,621,833			(7,744,083	)
Net change in unrealized appreciation (depreciation)		44,524,285			517,564			152,088,764			(7,744,083	)
Net realized and change in unrealized gain (loss)		28,604,873			571,505			145,027,628			578,670
Net increase (decrease) in net assets resulting from operations	$	30,831,102		$	749,242		$	146,617,328		$	734,385


(A)		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. Please reference the Reorganization section of the Notes to the Financial Statements for additional information.
(B)		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 Statements of Operations 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.
(C)		For the year ended December 31, 2016.
(D)		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. Please reference the Reorganization section of the Notes to the Financial Statements for additional information.

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


Transamerica Funds		Annual Report 2017

Page 367

STATEMENTS OF OPERATIONS (continued)

For the period and year ended:


	Transamerica Large Value Opportunities ^(A)						Transamerica Mid Cap Growth ^(D) (E)
	October 31, 2017^(B)			December 31, 2016^(C)			October 31, 2017^(F)			December 31, 2016^(C)
Investment Income:
Dividend income	$	7,830,089		$	—		$	2,119,099		$	—
Dividend income allocated from Series Portfolios		632,103			2,344,128			30,578			136,127
Interest income		48			—			417			—
Interest income allocated from Series Portfolios		129			228			5			10
Net income (loss) from securities lending		(101	)		—			14,066			—
Net income (loss) from securities lending allocated from Series Portfolios		1,324			49,211			231			3,764
Withholding taxes on foreign income		(9,580	)		—			—			—
Withholding taxes on foreign income allocated from Series Portfolios		(476	)		(3,662	)		(878	)		(1,036	)
Expenses (net of waiver and/or reimbursement) allocated from Series Portfolios		(155,378	)		(430,514	)		(27,351	)		(121,049	)
Total investment income		8,298,158			1,959,391			2,136,167			17,816

Expenses:
Investment management fees		1,692,648			—			1,315,682			—
Distribution and service fees:
Class A		—			—			14,886			—
Class C		—			—			8,352			—
Class R		308,978			—			110,920			—
Class R4		158,611			235,717			28,052			40,385
Class T1		—			—			16			—
Administration fees		16,605			47,143			1,634			8,077
Transfer agent fees
Class A		—			—			11,231			—
Class C		—			—			1,542			—
Class I		—			—			451			—
Class I2		—			—			7,771			—
Class I3		19,545			—			2,588			—
Class R		664			—			1,006			—
Class R4		2,268			—			597			—
Advisor Class		—			—			14			—
Trustees, CCO and deferred compensation fees		6,065			1,751			3,232			316
Audit and tax fees		32,906			11,017			26,090			9,131
Custody fees		91,016			11,101			25,614			11,100
Legal fees		32,560			3,510			7,186			557
Printing and shareholder reports fees		26,125			9,823			13,449			2,263
Registration fees		96,810			24,379			117,054			18,421
Other		13,260			2,789			9,609			991
Total expenses before waiver and/or reimbursement and recapture		2,498,061			347,230			1,706,976			91,241
Expenses waived and/or reimbursed:
Class C		—			—			(15	)		—
Class I3		(235,072	)		—			(48,246	)		—
Class R		(63,049	)		—			(24,244	)		—
Class R4		(54,800	)		(82,354	)		(27,527	)		(59,148	)
Advisor Class		—			—			(4	)		—
Recapture of previously waived and/or reimbursed fees:
Class C		—			—			15			—
Class I3		34,683			—			7,421			—
Class R		21,225			—			20,795			—
Class R4		4,209			—			2,603			—
Advisor Class		—			—			3			—
Net expenses		2,205,257			264,876			1,637,777			32,093
Net investment income (loss)		6,092,901			1,694,515			498,390			(14,277	)

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


Transamerica Funds		Annual Report 2017

Page 368

STATEMENTS OF OPERATIONS (continued)

For the period and year ended:


	Transamerica Large Value Opportunities ^(A)						Transamerica Mid Cap Growth ^{(D) (E)}
	October 31, 2017^(B)			December 31, 2016^(C)			October 31, 2017^(F)			December 31, 2016^(C)
Net realized gain (loss) on:
Investments	$	(659,438	)	$	—		$	10,843,576		$	—
Allocated from Series Portfolios		(99,187,677	)		(1,133,458	)		(93,487	)		660,335
Net realized gain (loss)		(99,847,115	)		(1,133,458	)		10,750,089			660,335

Net change in unrealized appreciation (depreciation) on:
Investments		49,510,590			—			9,945,942			—
Allocated from Series Portfolios		100,830,830			7,646,532			1,228,606			1,163,662
Net change in unrealized appreciation (depreciation)		150,341,420			7,646,532			11,174,548			1,163,662
Net realized and change in unrealized gain (loss)		50,494,305			6,513,074			21,924,637			1,823,997
Net increase (decrease) in net assets resulting from operations	$	56,587,206		$	8,207,589		$	22,423,027		$	1,809,720


(A)		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.
(B)		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 Statements of Operations 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.
(C)		For the year ended December 31, 2016.
(D)		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. Please reference the Reorganization section of the Notes to the Financial Statements for additional information.
(E)		Class T1 commenced operations on March 17, 2017.
(F)		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 Statements of Operations 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.

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


Transamerica Funds		Annual Report 2017

Page 369

STATEMENTS OF OPERATIONS (continued)

For the year ended:


	Transamerica Mid Cap Value Opportunities^{(A) (B) (C)}			Transamerica MLP & Energy Income^{(A) (B)}			Transamerica Multi-Cap Growth^{(A) (B)}			Transamerica Multi-Managed Balanced^{(A) (D)}			Transamerica Short-Term Bond^{(A) (B)}
	October 31, 2017			October 31, 2017			October 31, 2017			October 31, 2017			October 31, 2017
Investment Income:
Dividend income	$	21,705,262		$	11,707,992		$	3,006,904		$	10,925,046		$	—
Interest income		71,689			1,062,925			1,493			10,047,300			77,903,992
Net income (loss) from securities lending		85,555			218,746			1,627			49,723			92,758
Withholding taxes on foreign income		(36,900	)		(327,134	)		(30,826	)		(1,905	)		—
Total investment income		21,825,606			12,662,529			2,979,198			21,020,164			77,996,750

Expenses:
Investment management fees		9,535,671			4,157,544			1,870,944			6,482,744			14,450,673
Distribution and service fees:
Class A		261,368			95,981			121,902			1,337,679			2,426,272
Class B		—			—			8,418			29,315			—
Class C		134,862			288,587			79,846			2,170,022			5,639,218
Class R		329,583			—			—			—			—
Class R4		690,184			—			—			—			—
Class T1		16			16			18			16			16
Transfer agent fees
Class A		90,499			57,710			223,092			401,585			549,370
Class B		—			—			8,458			12,865			—
Class C		17,580			50,523			30,723			198,908			431,923
Class I		403,592			51,835			90,538			271,389			1,080,075
Class I2		24,619			19,274			11,673			—			25,084
Class I3		13,706			—			—			—			—
Class R		12,060			—			—			—			—
Class R4		20,705			—			—			—			—
Class R6		751			—			—			641			65
Advisor Class		19			18			19			14			34
Trustees, CCO and deferred compensation fees		23,893			6,489			4,719			18,137			52,088
Audit and tax fees		48,309			31,568			36,550			38,856			60,457
Custody fees		203,195			43,388			34,569			156,829			231,324
Legal fees		70,658			18,877			13,675			53,540			146,329
Printing and shareholder reports fees		137,617			49,635			9,714			98,194			307,255
Registration fees		255,306			82,998			92,608			136,006			253,857
Other		41,875			19,695			10,280			37,050			71,282
Total expenses before waiver and/or reimbursement and recapture		12,316,068			4,974,138			2,647,746			11,443,790			25,725,322
Expenses waived and/or reimbursed:
Class A		(1,132	)		—			(118,223	)		—			—
Class B		—			—			(6,858	)		(347	)		—
Class C		(81	)		(8,284	)		(13,994	)		—			—
Class I3		(122,573	)		—			—			—			—
Class R		(38,050	)		—			—			—			—
Class R4		(322,204	)		—			—			—			—
Advisor Class		(2	)		(4	)		—			—			—
Recapture of previously waived and/or reimbursed fees:
Class A		1,132			—			4,497			—			—
Class B		—			—			292			347			—
Class C		81			6,498			1,192			—			—
Class I3		11,374			—			—			—			—
Class R		24,149			—			—			—			—
Class R4		16,017			—			—			—			—
Advisor Class		1			1			—			—			—
Net expenses		11,884,780			4,972,349			2,514,652			11,443,790			25,725,322
Net investment income (loss)		9,940,826			7,690,180			464,546			9,576,374			52,271,428

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


Transamerica Funds		Annual Report 2017

Page 370

STATEMENTS OF OPERATIONS (continued)

For the year ended:


	Transamerica Mid Cap Value Opportunities^{(A) (B) (C)}		Transamerica MLP & Energy Income^{(A) (B)}			Transamerica Multi-Cap Growth^{(A) (B)}		Transamerica Multi-Managed Balanced^{(A) (D)}			Transamerica Short-Term Bond^{(A) (B)}
	October 31, 2017		October 31, 2017			October 31, 2017		October 31, 2017			October 31, 2017
Net realized gain (loss) on:
Investments	$	45,269,180	$	15,970,654		$	12,103,202	$	20,797,356		$	(2,199,067	)
Written options and swaptions		—		92,964			—		—			—
Futures contracts		—		—			—		1,730,689			—
Foreign currency transactions		—		11,382			—		779			—
Net realized gain (loss)		45,269,180		16,075,000			12,103,202		22,528,824			(2,199,067	)

Net change in unrealized appreciation (depreciation) on:
Investments		15,028,559		(11,003,601	)		40,261,380		94,192,661			4,706,987
Securities sold short		—		—			—		(7,106	)		—
Futures contracts		—		—			—		125,440			—
Translation of assets and liabilities denominated in foreign currencies		—		(1,116	)		—		—			—
Net change in unrealized appreciation (depreciation)		15,028,559		(11,004,717	)		40,261,380		94,310,995			4,706,987
Net realized and change in unrealized gain (loss)		60,297,739		5,070,283			52,364,582		116,839,819			2,507,920
Net increase (decrease) in net assets resulting from operations	$	70,238,565	$	12,760,463		$	52,829,128	$	126,416,193		$	54,779,348


(A)		Class T1 commenced operations on March 17, 2017.
(B)		Advisor Class commenced operations on December 16, 2016.
(C)		Class R, R4, and I3 commenced operations on March 24, 2017.
(D)		Advisor Class commenced operations on March 3, 2017.

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


Transamerica Funds		Annual Report 2017

Page 371

STATEMENTS OF OPERATIONS (continued)

For the period and year ended:


	Transamerica Small Cap Core ^{(A) (B)}						Transamerica Small Cap Growth^{(B) (E) (F)}			Transamerica Small Cap Value^(G)
	October 31, 2017^(C)			December 31, 2016^(D)			October 31, 2017			October 31, 2017^(H)			December 31, 2016^(D)
Investment Income:
Dividend income	$	2,671,377		$	—		$	533,916		$	2,064,195		$	—
Dividend income allocated from Series Portfolios		32,931			230,154			—			23,318			113,034
Interest income		1,723			—			3,645			1,868			—
Interest income allocated from Series Portfolios		9			42			—			14			38
Net income (loss) from securities lending		24,303			—			39,510			424,280			—
Net income (loss) from securities lending allocated from Series Portfolios		271			4,014			—			1,913			4,720
Withholding taxes on foreign income		(3,493	)		—			—			(8,196	)		—
Withholding taxes on foreign income allocated from Series Portfolios		(11	)		(44	)		—			(61	)		(130	)
Expenses (net of waiver and/or reimbursement) allocated from Series Portfolios		(23,326	)		(100,716	)		—			(18,908	)		(56,810	)
Total investment income		2,703,784			133,450			577,071			2,488,423			60,852

Expenses:
Investment management fees		1,440,548			—			1,069,665			1,390,108			—
Distribution and service fees:
Class A		5,385			—			32,183			3,436			—
Class C		4,314			—			27,599			4,501			—
Class R		190,693			—			82,955			44,900			—
Class R4		21,823			31,170			12,006			6,709			16,551
Class T1		16			—			16			14			—
Administration fees		1,350			6,234			—			1,004			3,310
Transfer agent fees
Class A		4,530			—			23,547			4,276			—
Class C		839			—			4,284			522			—
Class I		1,218			—			10,131			665			—
Class I2		1,581			—			3,961			9,888			—
Class I3		7,848			—			1,754			1,589			—
Class R		1,421			—			804			—			—
Class R4		452			—			360			51			—
Class R6		—			—			4			2			—
Advisor Class		12			—			22			11			—
Trustees, CCO and deferred compensation fees		3,036			250			2,188			3,328			131
Audit and tax fees		28,830			9,012			28,954			17,569			8,914
Custody fees		40,488			11,100			46,661			29,881			11,100
Legal fees		10,450			322			5,594			11,576			234
Printing and shareholder reports fees		7,011			1,705			4,985			8,200			1,762
Registration fees		127,558			20,527			142,231			83,384			9,642
Other		8,289			941			22,147			8,958			757
Total expenses before waiver and/or reimbursement and recapture		1,907,692			81,261			1,522,051			1,630,572			52,401
Expenses waived and/or reimbursed:
Class A		(3,448	)		—			(20,083	)		(3,082	)		—
Class C		(696	)		—			(3,390	)		(94	)		—
Class I		(790	)		—			(8,377	)		(407	)		—
Class I2		(13,489	)		—			(13,173	)		—			—
Class I3		(143,502	)		—			(53,437	)		(25,731	)		—
Class R		(20,577	)		—			(27,218	)		(4,749	)		—
Class R4		(17,124	)		(48,077	)		(12,201	)		(23,871	)		(35,961	)
Class R6		—			—			(12	)		—			—
Class T1		(1	)		—			(3	)		(1	)		—
Advisor Class		(7	)		—			(18	)		(6	)		—
Recapture of previously waived and/or reimbursed fees:
Class A		2,342			—			7,232			508			—
Class C		604			—			1,400			94			—
Class I		1,456			—			6,271			405			—
Class I2		30,399			—			13,173			—			—
Class I3		6,983			—			12,671			6,310			—
Class R		20,577			—			23,624			4,749			—
Class R4		328			—			3,829			737			—
Class R6		—			—			12			—			—
Class T1		1			—			3			1			—
Advisor Class		4			—			4			2			—
Net expenses		1,770,752			33,184			1,452,358			1,585,437			16,440
Net investment income (loss)		933,032			100,266			(875,287	)		902,986			44,412

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


Transamerica Funds		Annual Report 2017

Page 372

STATEMENTS OF OPERATIONS (continued)

For the period and year ended:


	Transamerica Small Cap Core ^{(A) (B)}					Transamerica Small Cap Growth^{(B) (E) (F)}		Transamerica Small Cap Value^(G)
	October 31, 2017^(C)			December 31, 2016^(D)		October 31, 2017		October 31, 2017^(H)			December 31, 2016^(D)
Net realized gain (loss) on:
Investments	$	5,468,327		$	—	$	10,735,168	$	14,690,198		$	—
Foreign currency transactions		11			—		—		126			—
Allocated from Series Portfolios		(47,991,746	)		243,734		—		4,987,862			34,016
Net realized gain (loss)		(42,523,408	)		243,734		10,735,168		19,678,186			34,016

Net change in unrealized appreciation (depreciation) on:
Investments		2,267,685			—		15,784,843		8,637,241			—
Translation of assets and liabilities denominated in foreign currencies		(1	)		—		—		(3	)		—
Allocated from Series Portfolios		47,847,340			2,263,938		—		(5,039,261	)		1,123,681
Net change in unrealized appreciation (depreciation)		50,115,024			2,263,938		15,784,843		3,597,977			1,123,681
Net realized and change in unrealized gain (loss)		7,591,616			2,507,672		26,520,011		23,276,163			1,157,697
Net increase (decrease) in net assets resulting from operations	$	8,524,648		$	2,607,938	$	25,644,724	$	24,179,149		$	1,202,109


(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. Please reference the Reorganization section of the Notes to the Financial Statements for additional information.
(B)		Class T1 commenced operations on March 17, 2017.
(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 Statements of Operations 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)		For the year ended December 31, 2016.
(E)		Class I3, R, and R4 commenced operations on March 10, 2017.
(F)		Advisor Class commenced operations on December 16, 2016.
(G)		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. Please reference the Reorganization section of the Notes to the Financial Statements for additional information.
(H)		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 Statements of Operations 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.

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


Transamerica Funds		Annual Report 2017

Page 373

STATEMENTS OF OPERATIONS (continued)

For the year ended:


	Transamerica Small/Mid Cap Value^(A) (B)			Transamerica Strategic High Income^{(A) (B)}			Transamerica Unconstrained Bond^(B)			Transamerica US Growth^{(A) (B)}
	October 31, 2017			October 31, 2017			October 31, 2017			October 31, 2017
Investment Income:
Dividend income	$	11,533,113		$	3,690,145		$	—		$	13,132,735
Interest income		6,067			2,856,253			8,702,717			5,822
Net income (loss) from securities lending		105,266			83,184			39,100			5,080
Withholding taxes on foreign income		(24,598	)		(57,995	)		(70,941	)		(190,050	)
Total investment income		11,619,848			6,571,587			8,670,876			12,953,587

Expenses:
Investment management fees		6,728,801			914,588			1,656,804			7,238,634
Distribution and service fees:
Class A		936,489			60,386			—			1,170,707
Class B		79,484			—			—			62,974
Class C		2,534,774			446,770			—			464,944
Class T1		16			16			—			16
Transfer agent fees
Class A		718,523			25,879			—			890,195
Class B		16,418			—			—			29,927
Class C		301,313			45,528			—			107,439
Class I		214,764			66,254			1,375			229,524
Class I2		1,540			—			18,450			18,493
Class R6		161			—			—			—
Class T		—			—			—			82,543
Advisor Class		113			26			19			19
Trustees, CCO and deferred compensation fees		15,500			2,417			4,508			18,610
Audit and tax fees		30,668			32,577			38,339			35,005
Custody fees		111,567			18,476			184,702			96,249
Legal fees		48,088			4,582			13,121			53,918
Printing and shareholder reports fees		128,101			20,154			24,489			91,829
Registration fees		133,355			93,650			49,648			120,048
Other		22,472			22,588			18,880			25,970
Total expenses		12,022,147			1,753,891			2,010,335			10,737,044
Expenses waived and/or reimbursed:
Class A		—			(6,906	)		—			—
Class B		—			—			—			(3,845	)
Class C		—			(6,635	)		—			—
Class I		—			(25,467	)		(379	)		—
Class T1		—			(2	)		—			—
Advisor Class		—			(15	)		(7	)		—
Recapture of previously waived and/or reimbursed fees:
Class A		—			10,225			—			—
Class B		—			—			—			1,065
Class C		—			8,069			—			—
Class I		—			36,219			623			—
Class I2		—			12			—			—
Class T1		—			2			—			—
Advisor Class		—			5			1			—
Net expenses		12,022,147			1,769,398			2,010,573			10,734,264
Net investment income (loss)		(402,299	)		4,802,189			6,660,303			2,219,323

Net realized gain (loss) on:
Investments		107,344,174			9,067,452			5,269,225			100,647,830
Futures contracts		—			—			1,244,666			—
Foreign currency transactions		—			(37,259	)		59,260			—
Net realized gain (loss)		107,344,174			9,030,193			6,573,151			100,647,830

Net change in unrealized appreciation (depreciation) on:
Investments		72,322,791			3,139,083			1,143,698	^(C)		137,548,583
Unfunded commitment		—			—			427			—
Futures contracts		—			—			7,126			—
Translation of assets and liabilities denominated in foreign currencies		—			300			(2,506	)		(47,310	)
Net change in unrealized appreciation (depreciation)		72,322,791			3,139,383			1,148,745			137,501,273
Net realized and change in unrealized gain (loss)		179,666,965			12,169,576			7,721,896			238,149,103
Net increase (decrease) in net assets resulting from operations	$	179,264,666		$	16,971,765		$	14,382,199		$	240,368,426


(A)		Class T1 commenced operations on March 17, 2017.
(B)		Advisor Class commenced operations on December 16, 2016.
(C)		Net change in foreign capital gains tax of $2,827.

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


Transamerica Funds		Annual Report 2017

Page 374

STATEMENTS OF CHANGES IN NET ASSETS

For the period and years ended:


	Transamerica Balanced II ^{(A) (B)}									Transamerica Bond
	October 31, 2017 ^(C)			December 31, 2016			December 31, 2015			October 31, 2017			October 31, 2016
From operations:
Net investment income (loss)	$	818,046		$	1,007,112		$	930,299		$	9,131,582		$	21,140,499
Net realized gain (loss)		88,798			—			—			1,514,668			(548,273	)
Net realized gain (loss) allocated from Series Portfolios		8,798,847			2,665,661			4,428,149			—			—
Net change in unrealized appreciation (depreciation)		2,205,835			—			—			1,945,210			9,379,687
Net change in unrealized appreciation (depreciation) allocated from Series Portfolios		(1,512,266	)		2,787,190			(5,708,493	)		—			—
Net increase (decrease) in net assets resulting from operations		10,399,260			6,459,963			(350,045	)		12,591,460			29,971,913

Dividends and/or distributions to shareholders:
Net investment income:
Class I2		—			—			—			(6,941,331	)		(15,255,378	)
Class R		(808,533	)		(1,097,995	)		(1,005,819	)		—			—
Class R4		—			—			—			—			—
Class R6		—			—			—			(73,473	)		(4,642	)
Total dividends and/or distributions from net investment income		(808,533	)		(1,097,995	)		(1,005,819	)		(7,014,804	)		(15,260,020	)
Net realized gains:
Class I2		—			—			—			(9,424,366	)		(26,329,259	)
Class R		(7,555,327	)		(1,641,858	)		(608,233	)		—			—
Class R4		—			—			—			—			—
Class R6		—			—			—			(26,653	)		(2,610	)
Total dividends and/or distributions from net realized gains		(7,555,327	)		(1,641,858	)		(608,233	)		(9,451,019	)		(26,331,869	)
Total dividends and/or distributions to shareholders		(8,363,860	)		(2,739,853	)		(1,614,052	)		(16,465,823	)		(41,591,889	)

Capital share transactions:
Proceeds from shares sold:
Class I2		—			—			—			6,058,729			29,208,199
Class I3		143,037			—			—			—			—
Class R		4,444,753			8,426,436			40,264,495			—			—
Class R4		—			—			—			—			—
Class R6		—			—			—			5,458,750			420,854
		4,587,790			8,426,436			40,264,495			11,517,479			29,629,053
Issued from fund acquisition:
Class I3		56,191,666			—			—			—			—
		56,191,666			—			—			—			—
Dividends and/or distributions reinvested:
Class I2		—			—			—			16,365,697			41,584,637
Class R		8,363,860			2,739,853			1,614,052			—			—
Class R4		—			—			—			—			—
Class R6		—			—			—			100,126			7,252
		8,363,860			2,739,853			1,614,052			16,465,823			41,591,889
Cost of shares redeemed:
Class I2		—			—			—			(39,320,711	)		(612,989,972	)
Class I3		(1,127,147	)		—			—			—			—
Class R		(13,166,410	)		(14,972,910	)		(26,820,512	)		—			—
Class R4		—			—			—			—			—
Class R6		—			—			—			(244,517	)		(11,148	)
		(14,293,557	)		(14,972,910	)		(26,820,512	)		(39,565,228	)		(613,001,120	)
Net increase (decrease) in net assets resulting from capital share transactions		54,849,759			(3,806,621	)		15,058,035			(11,581,926	)		(541,780,178	)
Net increase (decrease) in net assets		56,885,159			(86,511	)		13,093,938			(15,456,289	)		(553,400,154	)

Net assets:
Beginning of period/year		90,454,782			90,541,293			77,447,355			224,414,816			777,814,970
End of period/year	$	147,339,941		$	90,454,782		$	90,541,293		$	208,958,527		$	224,414,816
Undistributed (distributions in excess of) net investment income (loss)	$	61,560		$	72,977		$	17,921		$	(1,263,623	)	$	(2,211,780	)

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


Transamerica Funds		Annual Report 2017

Page 375

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:


	Transamerica Balanced II ^{(A) (B)}									Transamerica Bond
	October 31, 2017 ^(C)			December 31, 2016			December 31, 2015			October 31, 2017			October 31, 2016
Capital share transactions - shares:
Shares issued:
Class I2		—			—			—			644,276			3,176,326
Class I3		14,171			—			—			—			—
Class R		423,788			853,260			4,055,305			—			—
Class R4		—			—			—			—			—
Class R6		—			—			—			573,501			44,913
		437,959			853,260			4,055,305			1,217,777			3,221,239
Shares issued on fund acquisition:
Class I3		5,619,167			—			—			—			—
		5,619,167			—			—			—			—
Shares reinvested:
Class I2		—			—			—			1,774,262			4,655,495
Class R		834,377			272,613			166,972			—			—
Class R4		—			—			—			—			—
Class R6		—			—			—			10,684			791
		834,377			272,613			166,972			1,784,946			4,656,286
Shares redeemed:
Class I2		—			—			—			(4,180,847	)		(63,348,559	)
Class I3		(111,746	)		—			—			—			—
Class R		(1,252,751	)		(1,528,548	)		(2,725,683	)		—			—
Class R4		—			—			—			—			—
Class R6		—			—			—			(25,879	)		(1,165	)
		(1,364,497	)		(1,528,548	)		(2,725,683	)		(4,206,726	)		(63,349,724	)
Net increase (decrease) in shares outstanding:
Class I2		—			—			—			(1,762,309	)		(55,516,738	)
Class I3		5,521,592			—			—			—			—
Class R		5,414			(402,675	)		1,496,594			—			—
Class R4		—			—			—			—			—
Class R6		—			—			—			558,306			44,539
		5,527,006			(402,675	)		1,496,594			(1,204,003	)		(55,472,199	)


(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 September 15, 2017, the Fund underwent a 2.01-for-1 share split. The Capital share transactions - shares have 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 Statements of Changes in Net Assets 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.

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


Transamerica Funds		Annual Report 2017

Page 376

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:


	Transamerica Capital Growth ^(A) (B)						Transamerica Concentrated Growth ^(A) (B)						Transamerica Dividend Focused ^(A) (B)
	October 31, 2017			October 31, 2016			October 31, 2017			October 31, 2016			October 31, 2017			October 31, 2016
From operations:
Net investment income (loss)	$	(5,891,539	)	$	(3,430,121	)	$	577,613		$	1,878,293		$	15,527,281		$	26,957,505
Net realized gain (loss)		195,874,058			178,137,454			12,300,896			61,775,980			45,319,607			102,749,875
Net change in unrealized appreciation (depreciation)		24,211,473			(144,080,018	)		32,328,280			(11,815,463	)		85,078,091			(30,855,088	)
Net increase (decrease) in net assets resulting from operations		214,193,992			30,627,315			45,206,789			51,838,810			145,924,979			98,852,292

Dividends and/or distributions to shareholders:
Net investment income:
Class A		—			—			(2,217	)		(902	)		(1,950,815	)		(1,186,902	)
Class B		—			—			—			—			—			—
Class C		—			—			—			—			(94,324	)		(83,811	)
Class I		—			—			(161,220	)		(71,704	)		(316,789	)		(173,329	)
Class I2		—			—			(1,597,015	)		(1,601,992	)		(15,048,195	)		(24,361,220	)
Class R6		—			—			—			—			(51,142	)		(5,430	)
Class T1		—			—			—			—			(114	)		—
Advisor Class		—			—			(3	)		—			(159	)		—
Total dividends and/or distributions from net investment income		—			—			(1,760,455	)		(1,674,598	)		(17,461,538	)		(25,810,692	)
Net realized gains:
Class A		(30,968,652	)		(5,675,091	)		(98,367	)		—			(11,783,484	)		(7,420,644	)
Class B		(475,627	)		(142,588	)		—			—			—			—
Class C		(13,402,952	)		(2,760,430	)		(105,338	)		—			(988,062	)		(781,365	)
Class I		(27,681,430	)		(5,083,818	)		(3,547,712	)		—			(1,399,900	)		(878,040	)
Class I2		(61,546,757	)		(41,875,786	)		(31,167,503	)		—			(88,890,353	)		(122,506,398	)
Class R6		—			—			—			—			(92,323	)		(6,989	)
Advisor Class		(1,765	)		—			(1,418	)		—			(1,229	)		—
Total dividends and/or distributions from net realized gains		(134,077,183	)		(55,537,713	)		(34,920,338	)		—			(103,155,351	)		(131,593,436	)
Total dividends and/or distributions to shareholders		(134,077,183	)		(55,537,713	)		(36,680,793	)		(1,674,598	)		(120,616,889	)		(157,404,128	)

Capital share transactions:
Proceeds from shares sold:
Class A		86,551,909			58,713,338			326,652			141,484			14,292,306			43,970,794
Class B		84,527			158,206			—			—			—			—
Class C		20,534,662			19,158,018			189,910			302,227			1,943,068			4,626,518
Class I		154,609,137			60,616,566			7,782,093			2,349,119			7,812,544			5,501,417
Class I2		2,266,207			31,238,600			1,817,712			381,398,082			10,412,578			729,919,715
Class R6		—			—			—			—			3,171,661			450,087
Class T1		10,033			—			10,000			—			10,000			—
Advisor Class		65,400			—			10,000			—			10,000			—
		264,121,875			169,884,728			10,136,367			384,190,912			37,652,157			784,468,531
Dividends and/or distributions reinvested:
Class A		30,368,051			5,530,965			100,584			902			13,722,660			8,590,237
Class B		472,403			139,867			—			—			—			—
Class C		12,505,792			2,342,840			105,338			—			1,078,282			860,111
Class I		26,612,251			4,773,081			3,665,935			70,845			1,716,450			1,044,171
Class I2		61,546,757			41,811,721			32,764,518			1,601,992			103,938,548			146,699,481
Class R6		—			—			—			—			143,465			12,419
Class T1		—			—			—			—			114			—
Advisor Class		1,765			—			1,421			—			1,388			—
		131,507,019			54,598,474			36,637,796			1,673,739			120,600,907			157,206,419
Cost of shares redeemed:
Class A		(92,900,340	)		(56,500,602	)		(226,124	)		(88,281	)		(24,283,007	)		(11,076,371	)
Class B		(285,378	)		(438,052	)		—			—			—			—
Class C		(24,734,673	)		(20,915,151	)		(32,460	)		(33,745	)		(4,012,194	)		(1,811,982	)
Class I		(88,460,334	)		(58,324,633	)		(4,300,932	)		(2,250,473	)		(3,445,217	)		(1,570,347	)
Class I2		(84,375,674	)		(841,145,028	)		(73,467,287	)		(600,264,357	)		(230,550,048	)		(1,005,896,361	)
Class R6		—			—			—			—			(437,919	)		(32,441	)
Advisor Class		(42,830	)		—			—			—			—			—
		(290,799,229	)		(977,323,466	)		(78,026,803	)		(602,636,856	)		(262,728,385	)		(1,020,387,502	)
Automatic conversions:
Class A		1,220,208			1,059,412			—			—			—			—
Class B		(1,220,208	)		(1,059,412	)		—			—			—			—
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		104,829,665			(752,840,264	)		(31,252,640	)		(216,772,205	)		(104,475,321	)		(78,712,552	)
Net increase (decrease) in net assets		184,946,474			(777,750,662	)		(22,726,644	)		(166,607,993	)		(79,167,231	)		(137,264,388	)

Net assets:
Beginning of year		648,372,541			1,426,123,203			248,665,979			415,273,972			778,109,002			915,373,390
End of year	$	833,319,015		$	648,372,541		$	225,939,335		$	248,665,979		$	698,941,771		$	778,109,002
Undistributed (distributions in excess of) net investment income (loss)	$	—		$	(2,446,926	)	$	434,339		$	1,599,249		$	447,755		$	2,382,012

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


Transamerica Funds		Annual Report 2017

Page 377

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:


	Transamerica Capital Growth ^(A) (B)						Transamerica Concentrated Growth ^(A) (B)						Transamerica Dividend Focused ^(A) (B)
	October 31, 2017			October 31, 2016			October 31, 2017			October 31, 2016			October 31, 2017			October 31, 2016
Capital share transactions - shares:
Shares issued:
Class A		3,467,747			2,387,560			19,611			8,842			1,284,218			3,940,726
Class B		3,850			7,301			—			—			—			—
Class C		970,174			882,781			11,675			18,893			174,383			413,923
Class I		5,901,067			2,469,615			470,308			142,819			701,195			494,675
Class I2		153,189			2,025,324			110,884			23,981,427			933,667			69,515,919
Class R6		—			—			—			—			289,192			40,493
Class T1		434			—			616			—			902			—
Advisor Class		2,448			—			571			—			821			—
		10,498,909			7,772,581			613,665			24,151,981			3,384,378			74,405,736
Shares reinvested:
Class A		1,482,815			219,048			6,652			55			1,279,159			789,043
Class B		27,578			6,335			—			—			—			—
Class C		721,211			105,296			7,098			—			101,094			79,331
Class I		1,254,690			184,218			245,049			4,362			159,690			95,891
Class I2		4,947,489			2,449,427			2,165,533			97,683			9,690,652			13,488,341
Class R6		—			—			—			—			13,229			1,133
Class T1		—			—			—			—			10			—
Advisor Class		83			—			94			—			128			—
		8,433,866			2,964,324			2,424,426			102,100			11,243,962			14,453,739
Shares redeemed:
Class A		(3,740,617	)		(2,347,749	)		(13,679	)		(5,244	)		(2,199,874	)		(994,635	)
Class B		(13,687	)		(21,653	)		—			—			—			—
Class C		(1,204,359	)		(983,073	)		(1,968	)		(2,045	)		(357,215	)		(167,973	)
Class I		(3,432,146	)		(2,343,770	)		(270,330	)		(139,697	)		(308,146	)		(138,730	)
Class I2		(5,593,965	)		(50,348,171	)		(4,449,272	)		(34,495,279	)		(20,888,012	)		(89,542,657	)
Class R6		—			—			—			—			(39,148	)		(2,928	)
Advisor Class		(1,548	)		—			—			—			—			—
		(13,986,322	)		(56,044,416	)		(4,735,249	)		(34,642,265	)		(23,792,395	)		(90,846,923	)
Automatic conversions:
Class A		51,618			43,211			—			—			—			—
Class B		(61,581	)		(49,538	)		—			—			—			—
		(9,963	)		(6,327	)		—			—			—			—
Net increase (decrease) in shares outstanding:
Class A		1,261,563			302,070			12,584			3,653			363,503			3,735,134
Class B		(43,840	)		(57,555	)		—			—			—			—
Class C		487,026			5,004			16,805			16,848			(81,738	)		325,281
Class I		3,723,611			310,063			445,027			7,484			552,739			451,836
Class I2		(493,287	)		(45,873,420	)		(2,172,855	)		(10,416,169	)		(10,263,693	)		(6,538,397	)
Class R6		—			—			—			—			263,273			38,698
Class T1		434			—			616			—			912			—
Advisor Class		983			—			665			—			949			—
		4,936,490			(45,313,838	)		(1,697,158	)		(10,388,184	)		(9,164,055	)		(1,987,448	)


(A)		Class T1 commenced operations on March 17, 2017.
(B)		Advisor Class commenced operations on December 16, 2016.

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


Transamerica Funds		Annual Report 2017

Page 378

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:


	Transamerica Dynamic Allocation ^(A)						Transamerica Dynamic Income ^(A) (B)						Transamerica Emerging Markets Debt ^(A) (C)
	October 31, 2017			October 31, 2016			October 31, 2017			October 31, 2016			October 31, 2017			October 31, 2016
From operations:
Net investment income (loss)	$	138,526		$	204,773		$	11,427,095		$	16,526,631		$	43,605,804		$	47,659,506
Net realized gain (loss)		282,931			(1,736,333	)		399,875			(55,887,265	)		24,041,399			(21,177,125	)
Net change in unrealized appreciation (depreciation)		2,073,466			1,043,976			1,903,163			64,452,114			(4,838,227	)		54,953,735
Net increase (decrease) in net assets resulting from operations		2,494,923			(487,584	)		13,730,133			25,091,480			62,808,976			81,436,116

Dividends and/or distributions to shareholders:
Net investment income:
Class A		(117,617	)		(57,755	)		(3,635,838	)		(4,970,634	)		(1,502,424	)		(1,325,471	)
Class C		(39,222	)		—			(5,048,783	)		(7,051,219	)		(540,689	)		(383,112	)
Class I		(43,796	)		(23,577	)		(2,612,863	)		(3,744,189	)		(26,546,429	)		(19,257,492	)
Class I2		—			—			—			—			(10,149,753	)		(3,321,600	)
Class R6		—			—			—			—			(112,695	)		(2,268	)
Class T1		—			—			(214	)		—			(285	)		—
Advisor Class		—			—			(237	)		—			(2,127	)		—
Total dividends and/or distributions from net investment income		(200,635	)		(81,332	)		(11,297,935	)		(15,766,042	)		(38,854,402	)		(24,289,943	)
Net realized gains:
Class A		—			(581,706	)		—			(3,383,260	)		—			—
Class C		—			(473,626	)		—			(5,652,651	)		—			—
Class I		—			(150,755	)		—			(2,588,698	)		—			—
Total dividends and/or distributions from net realized gains		—			(1,206,087	)		—			(11,624,609	)		—			—
Return of capital:
Class A		—			—			(862,845	)		(979,070	)		—			(101,218	)
Class C		—			—			(1,198,163	)		(1,388,884	)		—			(29,255	)
Class I		—			—			(620,077	)		(737,494	)		—			(1,470,557	)
Class I2		—			—			—			—			—			(253,647	)
Class R6		—			—			—			—			—			(173	)
Class T1		—			—			(51	)		—			—			—
Advisor Class		—			—			(56	)		—			—			—
Total dividends and/or distributions from return of capital		—			—			(2,681,192	)		(3,105,448	)		—			(1,854,850	)
Total dividends and/or distributions to shareholders		(200,635	)		(1,287,419	)		(13,979,127	)		(30,496,099	)		(38,854,402	)		(26,144,793	)

Capital share transactions:
Proceeds from shares sold:
Class A		579,997			1,117,965			9,563,861			10,179,921			18,132,695			18,949,103
Class C		638,684			911,727			7,611,351			9,370,551			2,974,285			1,446,224
Class I		1,141,832			1,200,108			16,187,249			15,284,193			396,190,604			129,293,462
Class I2		—			—			—			—			65,064,423			107,460,471
Class R6		—			—			—			—			6,940,484			35,376
Class T1		10,000			—			10,000			—			10,000			—
Advisor Class		—			—			10,000			—			150,000			—
		2,370,513			3,229,800			33,382,461			34,834,665			489,462,491			257,184,636
Dividends and/or distributions reinvested:
Class A		116,674			636,081			4,197,380			8,719,650			1,440,058			1,328,547
Class C		39,119			473,626			5,714,768			12,817,129			482,010			354,472
Class I		42,953			174,332			2,776,691			6,021,499			23,550,247			15,297,412
Class I2		—			—			—			—			10,149,753			3,575,247
Class R6		—			—			—			—			42,440			2,441
Class T1		—			—			265			—			285			—
Advisor Class		—			—			293			—			2,127			—
		198,746			1,284,039			12,689,397			27,558,278			35,666,920			20,558,119
Cost of shares redeemed:
Class A		(2,524,671	)		(5,698,153	)		(37,945,594	)		(70,284,892	)		(34,458,493	)		(46,194,959	)
Class C		(3,088,049	)		(3,487,450	)		(61,858,475	)		(99,084,099	)		(4,311,807	)		(5,905,147	)
Class I		(818,836	)		(2,652,613	)		(35,937,418	)		(80,367,535	)		(369,817,125	)		(153,956,654	)
Class I2		—			—			—			—			(38,056,012	)		(8,274,605	)
Class R6		—			—			—			—			(127,367	)		(4,587	)
Advisor Class		—			—			—			—			(142,011	)		—
		(6,431,556	)		(11,838,216	)		(135,741,487	)		(249,736,526	)		(446,912,815	)		(214,335,952	)
Net increase (decrease) in net assets resulting from capital share transactions		(3,862,297	)		(7,324,377	)		(89,669,629	)		(187,343,583	)		78,216,596			63,406,803
Net increase (decrease) in net assets		(1,568,009	)		(9,099,380	)		(89,918,623	)		(192,748,202	)		102,171,170			118,698,126

Net assets:
Beginning of year		20,381,872			29,481,252			416,136,715			608,884,917			837,595,342			718,897,216
End of year	$	18,813,863		$	20,381,872		$	326,218,092		$	416,136,715		$	939,766,512		$	837,595,342
Undistributed (distributions in excess of) net investment income (loss)	$	62,709		$	124,818		$	38,184		$	(90,977	)	$	1,834,487		$	(2,387,253	)

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


Transamerica Funds		Annual Report 2017

Page 379

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:


	Transamerica Dynamic Allocation ^(A)						Transamerica Dynamic Income ^(A) (B)						Transamerica Emerging Markets Debt ^(A) (C)
	October 31, 2017			October 31, 2016			October 31, 2017			October 31, 2016			October 31, 2017			October 31, 2016
Capital share transactions - shares:
Shares issued:
Class A	$	51,640		$	107,406		$	1,010,414		$	1,087,740		$	1,694,018		$	1,906,416
Class C		58,106			88,826			808,500			1,014,364			278,533			143,581
Class I		104,523			113,331			1,709,901			1,634,604			36,551,354			13,094,787
Class I2		—			—			—			—			6,150,869			10,350,744
Class R6		—			—			—			—			633,202			3,519
Class T1		904			—			1,057			—			942			—
Advisor Class		—			—			1,055			—			14,038			—
		215,173			309,563			3,530,927			3,736,708			45,322,956			25,499,047
Shares reinvested:
Class A		10,833			60,869			443,492			969,645			136,141			136,413
Class C		3,663			45,716			606,114			1,433,330			45,648			36,343
Class I		4,007			16,747			293,365			670,241			2,211,709			1,554,102
Class I2		—			—			—			—			952,460			355,107
Class R6		—			—			—			—			3,919			246
Class T1		—			—			28			—			26			—
Advisor Class		—			—			31			—			198			—
		18,503			123,332			1,343,030			3,073,216			3,350,101			2,082,211
Shares redeemed:
Class A		(226,713	)		(547,502	)		(4,013,929	)		(7,801,976	)		(3,240,365	)		(4,729,428	)
Class C		(281,777	)		(338,943	)		(6,561,878	)		(11,027,740	)		(408,551	)		(610,696	)
Class I		(74,048	)		(259,198	)		(3,802,272	)		(8,929,077	)		(35,173,629	)		(15,772,112	)
Class I2		—			—			—			—			(3,585,100	)		(848,307	)
Class R6		—			—			—			—			(11,769	)		(458	)
Advisor Class		—			—			—			—			(13,218	)		—
		(582,538	)		(1,145,643	)		(14,378,079	)		(27,758,793	)		(42,432,632	)		(21,961,001	)
Net increase (decrease) in shares outstanding:
Class A		(164,240	)		(379,227	)		(2,560,023	)		(5,744,591	)		(1,410,206	)		(2,686,599	)
Class C		(220,008	)		(204,401	)		(5,147,264	)		(8,580,046	)		(84,370	)		(430,772	)
Class I		34,482			(129,120	)		(1,799,006	)		(6,624,232	)		3,589,434			(1,123,223	)
Class I2		—			—			—			—			3,518,229			9,857,544
Class R6		—			—			—			—			625,352			3,307
Class T1		904			—			1,085			—			968			—
Advisor Class		—			—			1,086			—			1,018			—
		(348,862	)		(712,748	)		(9,504,122	)		(20,948,869	)		6,240,425			5,620,257


(A)		Class T1 commenced operations on March 17, 2017.
(B)		Advisor Class commenced operations on March 3, 2017.
(C)		Advisor Class commenced operations on December 16, 2016.

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


Transamerica Funds		Annual Report 2017

Page 380

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:


	Transamerica Emerging Markets Equity ^(A) (B)						Transamerica Event Driven ^{(B) (C)}						Transamerica Flexible Income ^(A) (B)
	October 31, 2017			October 31, 2016			October 31, 2017			October 31, 2016			October 31, 2017			October 31, 2016
From operations:
Net investment income (loss)	$	2,569,365		$	2,893,529		$	1,476,913		$	1,718,364		$	16,440,085		$	17,461,384
Net realized gain (loss)		9,797,667			(33,663,119	)		4,674,785			(3,853,731	)		(3,677,055	)		1,030,662
Net change in unrealized appreciation (depreciation)		34,742,625			34,606,174			31,554			3,217,183			5,899,867			1,896,684
Net increase (decrease) in net assets resulting from operations		47,109,657			3,836,584			6,183,252			1,081,816			18,662,897			20,388,730

Dividends and/or distributions to shareholders:
Net investment income:
Class A		(38,010	)		(14,621	)		—			—			(3,287,346	)		(2,834,200	)
Class B		—			—			—			—			(23,561	)		(47,783	)
Class C		(19,789	)		(6,235	)		—			—			(1,620,395	)		(1,847,441	)
Class I		(9,003	)		(16,610	)		(23	)		—			(6,717,471	)		(5,870,317	)
Class I2		(2,910,992	)		(3,123,763	)		(1,538,826	)		(254,411	)		(5,174,332	)		(5,706,681	)
Class R6		—			—			—			—			(203,865	)		(62,197	)
Class T1		—			—			—			—			(382	)		—
Advisor Class		(9	)		—			(7	)		—			(354	)		—
Total dividends and/or distributions from net investment income		(2,977,803	)		(3,161,229	)		(1,538,856	)		(254,411	)		(17,027,706	)		(16,368,619	)

Capital share transactions:
Proceeds from shares sold:
Class A		9,170,440			1,105,786			—			—			40,198,896			40,209,476
Class B		—			—			—			—			12,312			242,846
Class C		809,112			226,261			—			—			6,201,229			9,877,969
Class I		8,973,883			3,442,545			57,145			—			70,536,792			213,074,310
Class I2		45,502,563			61,914,743			6,817,658			2,663,301			1,584,985			7,880,383
Class R6		—			—			—			—			3,851,220			3,161,356
Class T1		9,989			—			—			—			19,749			—
Advisor Class		10,000			—			10,000			—			10,000			—
		64,475,987			66,689,335			6,884,803			2,663,301			122,415,183			274,446,340
Dividends and/or distributions reinvested:
Class A		36,183			13,641			—			—			2,902,072			2,521,347
Class B		—			—			—			—			21,922			42,696
Class C		18,967			5,826			—			—			1,246,211			1,350,127
Class I		9,003			16,610			23			—			5,327,554			4,583,709
Class I2		2,910,992			3,123,763			1,538,826			254,411			5,223,019			5,647,900
Class R6		—			—			—			—			204,448			61,434
Class T1		—			—			—			—			246			—
Advisor Class		9			—			7			—			354			—
		2,975,154			3,159,840			1,538,856			254,411			14,925,826			14,207,213
Cost of shares redeemed:
Class A		(2,649,201	)		(519,034	)		—			—			(46,935,294	)		(26,263,660	)
Class B		—			—			—			—			(446,514	)		(444,873	)
Class C		(621,743	)		(327,682	)		—			—			(18,314,327	)		(16,638,787	)
Class I		(2,240,898	)		(4,176,266	)		—			—			(57,485,644	)		(112,453,661	)
Class I2		(18,532,261	)		(189,587,402	)		(20,221,985	)		(31,385,314	)		(25,682,096	)		(231,798,141	)
Class R6		—			—			—			—			(842,558	)		(293,767	)
		(24,044,103	)		(194,610,384	)		(20,221,985	)		(31,385,314	)		(149,706,433	)		(387,892,889	)
Automatic conversions:
Class A		—			—			—			—			411,016			658,999
Class B		—			—			—			—			(411,016	)		(658,999	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		43,407,038			(124,761,209	)		(11,798,326	)		(28,467,602	)		(12,365,424	)		(99,239,336	)
Net increase (decrease) in net assets		87,538,892			(124,085,854	)		(7,153,930	)		(27,640,197	)		(10,730,233	)		(95,219,225	)

Net assets:
Beginning of year		151,148,290			275,234,144			97,399,188			125,039,385			450,935,371			546,154,596
End of year	$	238,687,182		$	151,148,290		$	90,245,258		$	97,399,188		$	440,205,138		$	450,935,371
Undistributed (distributions in excess of) net investment income (loss)	$	2,312,443		$	2,880,344		$	1,863,150		$	963,603		$	(455,911	)	$	(311,508	)

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


Transamerica Funds		Annual Report 2017

Page 381

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:


	Transamerica Emerging Markets Equity ^(A) (B)						Transamerica Event Driven ^{(B) (C)}						Transamerica Flexible Income ^(A) (B)
	October 31, 2017			October 31, 2016			October 31, 2017			October 31, 2016			October 31, 2017			October 31, 2016
Capital share transactions - shares:
Shares issued:
Class A		938,973			134,462			—			—			4,340,989			4,383,525
Class B		—			—			—			—			1,329			26,732
Class C		85,065			28,053			—			—			671,862			1,086,188
Class I		889,138			429,709			5,695			—			7,593,840			23,327,453
Class I2		4,682,241			8,023,009			682,866			281,488			171,019			862,520
Class R6		—			—			—			—			415,230			344,778
Class T1		1,053			—			—			—			2,129			—
Advisor Class		1,193			—			993			—			1,093			—
		6,597,663			8,615,233			689,554			281,488			13,197,491			30,031,196
Shares reinvested:
Class A		4,445			1,714			—			—			312,453			275,573
Class B		—			—			—			—			2,361			4,673
Class C		2,341			737			—			—			135,072			148,678
Class I		1,102			2,084			2			—			572,687			500,446
Class I2		356,303			391,448			155,124			27,268			561,411			616,716
Class R6		—			—			—			—			21,947			6,640
Class T1		—			—			—			—			26			—
Advisor Class		1			—			1			—			38			—
		364,192			395,983			155,127			27,268			1,605,995			1,552,726
Shares redeemed:
Class A		(264,637	)		(64,505	)		—			—			(5,057,768	)		(2,871,366	)
Class B		—			—			—			—			(48,149	)		(48,812	)
Class C		(64,235	)		(41,410	)		—			—			(1,988,549	)		(1,831,568	)
Class I		(214,636	)		(527,997	)		—			—			(6,193,409	)		(12,353,334	)
Class I2		(1,871,886	)		(23,545,345	)		(2,007,022	)		(3,343,576	)		(2,767,636	)		(25,247,588	)
Class R6		—			—			—			—			(90,719	)		(31,901	)
		(2,415,394	)		(24,179,257	)		(2,007,022	)		(3,343,576	)		(16,146,230	)		(42,384,569	)
Automatic conversions:
Class A		—			—			—			—			44,274			71,825
Class B		—			—			—			—			(44,236	)		(71,766	)
		—			—			—			—			38			59
Net increase (decrease) in shares outstanding:
Class A		678,781			71,671			—			—			(360,052	)		1,859,557
Class B		—			—			—			—			(88,695	)		(89,173	)
Class C		23,171			(12,620	)		—			—			(1,181,615	)		(596,702	)
Class I		675,604			(96,204	)		5,697			—			1,973,118			11,474,565
Class I2		3,166,658			(15,130,888	)		(1,169,032	)		(3,034,820	)		(2,035,206	)		(23,768,352	)
Class R6		—			—			—			—			346,458			319,517
Class T1		1,053			—			—			—			2,155			—
Advisor Class		1,194			—			994			—			1,131			—
		4,546,461			(15,168,041	)		(1,162,341	)		(3,034,820	)		(1,342,706	)		(10,800,588	)


(A)		Class T1 commenced operations on March 17, 2017.
(B)		Advisor Class commenced operations on December 16, 2016.
(C)		Class I commenced operations on November 11, 2016.

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


Transamerica Funds		Annual Report 2017

Page 382

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:


	Transamerica Floating Rate ^(A)						Transamerica Global Equity^{(A) (B) (C)}						Transamerica Government Money Market ^(D) (E)
	October 31, 2017			October 31, 2016			October 31, 2017			October 31, 2016			October 31, 2017			October 31, 2016
From operations:
Net investment income (loss)	$	22,316,072		$	15,430,029		$	541,670		$	2,933,252		$	205,016		$	11,581
Net realized gain (loss)		289,049			(442,721	)		5,033,809			(3,335,568	)		199			—
Net change in unrealized appreciation (depreciation)		386,958			5,374,975			20,747,076			(480,478	)		—			—
Net increase (decrease) in net assets resulting from operations		22,992,079			20,362,283			26,322,555			(882,794	)		205,215			11,581

Dividends and/or distributions to shareholders:
Net investment income:
Class A		(1,037,595	)		(161,356	)		(967,374	)		—			(10,399	)		(8,004	)
Class B		—			—			(20,351	)		—			(57	)		(102	)
Class C		(426,594	)		(170,674	)		(786,606	)		—			(1,093	)		(1,260	)
Class I		(2,098,647	)		(298,669	)		(815,513	)		(22,459	)		(1,147	)		(1,184	)
Class I2		(18,899,972	)		(14,867,637	)		—			(357,775	)		(460	)		(1,492	)
Class I3		—			—			—			—			(40,253	)		—
Class R2		—			—			—			—			(95,066	)		—
Class R4		—			—			—			—			(56,540	)		—
Class R6		—			—			(14,519	)		(0	)^(F)		—			—
Class T1		(240	)		—			—			—			—			—
Advisor Class		—			—			(12	)		—			—			—
Total dividends and/or distributions from net investment income		(22,463,048	)		(15,498,336	)		(2,604,375	)		(380,234	)		(205,015	)		(12,042	)

Capital share transactions:
Proceeds from shares sold:
Class A		40,831,647			6,716,639			7,190,126			1,900,666			107,129,499			173,301,868
Class B		—			—			27,787			85			244,495			480,985
Class C		13,841,884			6,346,986			1,362,306			1,328,838			15,402,606			19,891,409
Class I		89,627,788			26,178,551			9,274,080			2,988,642			12,372,709			11,230,378
Class I2		150,996,705			110,013,882			—			83,999,994			8,645,454			11,636,932
Class I3		—			—			—			—			77,378,722			—
Class R2		—			—			—			—			4,363,672			—
Class R4		—			—			—			—			3,706,200			—
Class R6		—			—			933,164			95,376			—			—
Class T1		10,000			—			10,000			—			—			—
Advisor Class		—			—			10,000			—			—			—
		295,308,024			149,256,058			18,807,463			90,313,601			229,243,357			216,541,572
Issued from fund acquisition:
Class I3		—			—			—			—			66,989,654			—
Class R2		—			—			—			—			632,075,520			—
Class R4		—			—			—			—			187,617,564			—
		—			—			—			—			886,682,738			—
Dividends and/or distributions reinvested:
Class A		1,036,577			157,722			924,346			—			9,449			6,714
Class B		—			—			19,753			—			35			75
Class C		422,179			164,045			657,493			—			948			1,051
Class I		2,097,097			293,228			678,324			16,326			1,007			1,012
Class I2		19,048,239			14,806,845			—			357,775			468			1,478
Class I3		—			—			—			—			40,272			—
Class R2		—			—			—			—			95,066			—
Class R4		—			—			—			—			56,540			—
Class R6		—			—			14,519			0	^(F)		—			—
Class T1		240			—			—			—			—			—
Advisor Class		—			—			12			—			—			—
		22,604,332			15,421,840			2,294,447			374,101			203,785			10,330
Cost of shares redeemed:
Class A		(9,877,972	)		(3,980,172	)		(14,030,048	)		(11,575,516	)		(108,648,516	)		(87,035,102	)
Class B		—			—			(420,172	)		(385,067	)		(484,105	)		(714,470	)
Class C		(3,388,071	)		(2,864,841	)		(15,470,948	)		(13,274,059	)		(17,886,249	)		(19,203,264	)
Class I		(32,451,925	)		(14,247,679	)		(10,255,116	)		(11,652,148	)		(11,979,994	)		(8,576,090	)
Class I2		(33,440,263	)		(91,080,529	)		—			(236,580,436	)		(12,750,078	)		(34,928,839	)
Class I3		—			—			—			—			(21,859,667	)		—
Class R2		—			—			—			—			(1,615,690	)		—
Class R4		—			—			—			—			(1,080,158	)		—
Class R6		—			—			(116,308	)		(3,370	)		—			—
		(79,158,231	)		(112,173,221	)		(40,292,592	)		(273,470,596	)		(176,304,457	)		(150,457,765	)
Automatic conversions:
Class A		—			—			610,687			1,291,130			379,513			801,915
Class B		—			—			(610,687	)		(1,291,130	)		(379,513	)		(801,915	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		238,754,125			52,504,677			(19,190,682	)		(182,782,894	)		939,825,423			66,094,137
Net increase (decrease) in net assets		239,283,156			57,368,624			4,527,498			(184,045,922	)		939,825,623			66,093,676

Net assets:
Beginning of year		400,965,220			343,596,596			118,805,790			302,851,712			249,317,930			183,224,254
End of year	$	640,248,376		$	400,965,220		$	123,333,288		$	118,805,790		$	1,189,143,553		$	249,317,930
Undistributed (distributions in excess of) net investment income (loss)	$	26,521		$	51,319		$	646,424		$	2,464,924		$	—		$	(1	)

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


Transamerica Funds		Annual Report 2017

Page 383

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:


	Transamerica Floating Rate ^(A)						Transamerica Global Equity^{(A) (B) (C)}						Transamerica Government Money Market ^(D) (E)
	October 31, 2017			October 31, 2016			October 31, 2017			October 31, 2016			October 31, 2017			October 31, 2016
Capital share transactions - shares:
Shares issued:
Class A		4,094,398			687,647			572,983			174,578			107,129,499			173,301,868
Class B		—			—			2,200			8			244,495			480,985
Class C		1,386,980			649,266			113,149			124,362			15,402,606			19,891,409
Class I		9,015,911			2,676,514			765,863			271,356			12,372,709			11,230,378
Class I2		15,110,130			11,116,758			—			7,480,842			8,645,454			11,636,932
Class I3		—			—			—			—			77,378,722			—
Class R2		—			—			—			—			4,363,672			—
Class R4		—			—			—			—			3,706,200			—
Class R6		—			—			77,051			8,488			—			—
Class T1		1,001			—			835			—			—			—
Advisor Class		—			—			868			—			—			—
		29,608,420			15,130,185			1,532,949			8,059,634			229,243,357			216,541,572
Shares issued on fund acquisition:
Class I3		—			—			—			—			66,989,654			—
Class R2		—			—			—			—			632,075,520			—
Class R4		—			—			—			—			187,617,564			—
		—			—			—			—			886,682,738			—
Shares reinvested:
Class A		103,915			16,091			82,457			—			9,449			6,714
Class B		—			—			1,783			—			35			75
Class C		42,315			16,727			59,610			—			949			1,051
Class I		210,916			29,912			59,912			1,465			1,006			1,012
Class I2		1,909,734			1,514,593			—			32,116			468			1,478
Class I3		—			—			—			—			40,272			—
Class R2		—			—			—			—			95,066			—
Class R4		—			—			—			—			56,540			—
Class R6		—			—			1,268			0	^(G)		—			—
Class T1		24			—			—			—			—			—
Advisor Class		—			—			1			—			—			—
		2,266,904			1,577,323			205,031			33,581			203,785			10,330
Shares redeemed:
Class A		(991,046	)		(409,800	)		(1,156,020	)		(1,063,953	)		(108,648,516	)		(87,035,101	)
Class B		—			—			(34,587	)		(36,120	)		(484,105	)		(714,470	)
Class C		(339,808	)		(291,736	)		(1,297,571	)		(1,246,130	)		(17,886,249	)		(19,203,264	)
Class I		(3,265,212	)		(1,469,567	)		(841,504	)		(1,081,021	)		(11,979,994	)		(8,576,090	)
Class I2		(3,355,771	)		(9,231,212	)		—			(21,116,552	)		(12,750,078	)		(34,928,839	)
Class I3		—			—			—			—			(21,859,667	)		—
Class R2		—			—			—			—			(1,615,690	)		—
Class R4		—			—			—			—			(1,080,158	)		—
Class R6		—			—			(9,021	)		(297	)		—			—
		(7,951,837	)		(11,402,315	)		(3,338,703	)		(24,544,073	)		(176,304,457	)		(150,457,764	)
Automatic conversions:
Class A		—			—			50,822			118,743			379,513			801,915
Class B		—			—			(51,666	)		(120,837	)		(379,513	)		(801,915	)
		—			—			(844	)		(2,094	)		—			—
Net increase (decrease) in shares outstanding:
Class A		3,207,267			293,938			(449,758	)		(770,632	)		(1,130,055	)		87,075,396
Class B		—			—			(82,270	)		(156,949	)		(619,088	)		(1,035,325	)
Class C		1,089,487			374,257			(1,124,812	)		(1,121,768	)		(2,482,694	)		689,196
Class I		5,961,615			1,236,859			(15,729	)		(808,200	)		393,721			2,655,300
Class I2		13,664,093			3,400,139			—			(13,603,594	)		(4,104,156	)		(23,290,429	)
Class I3		—			—			—			—			122,548,981			—
Class R2		—			—			—			—			634,918,568			—
Class R4		—			—			—			—			190,300,146			—
Class R6		—			—			69,298			8,191			—			—
Class T1		1,025			—			835			—			—			—
Advisor Class		—			—			869			—			—			—
		23,923,487			5,305,193			(1,601,567	)		(16,452,952	)		939,825,423			66,094,138


(A)		Class T1 commenced operations on March 17, 2017.
(B)		Advisor Class commenced operations on December 16, 2016.
(C)		Class I2 liquidated on September 30, 2016.
(D)		Class I3 commenced operations on May 19, 2017.
(E)		Class R2 and R4 commenced operations on October 13, 2017.
(F)		Rounds to less than $1 or $(1).
(G)		Rounds to less than 1 or (1) share.

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


Transamerica Funds		Annual Report 2017

Page 384

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:


	Transamerica Growth						Transamerica High Quality Bond ^{(A) (B)}
	October 31, 2017			October 31, 2016			October 31, 2017 ^(C)			December 31, 2016			December 31, 2015
From operations:
Net investment income (loss)	$	(67,160	)	$	17,942		$	2,708,942		$	755,102		$	593,904
Net realized gain (loss)		86,602,623			72,501,714			(74,190	)		—			—
Net realized gain (loss) allocated from Series Portfolios		—			—			1,511,352			(271,995	)		(138,355	)
Net change in unrealized appreciation (depreciation)		14,287,823			(78,843,666	)		(828,500	)		—			—
Net change in unrealized appreciation (depreciation) allocated from Series Portfolios		—			—			(1,308,687	)		202,411			(213,731	)
Net increase (decrease) in net assets resulting from operations		100,823,286			(6,324,010	)		2,008,917			685,518			241,818

Dividends and/or distributions to shareholders:
Net investment income:
Class I2		(269,162	)		—			—			—			—
Class I3		—			—			(1,924,637	)		—			—
Class R		—			—			(82,945	)		—			—
Class R4		—			—			(587,025	)		(1,008,704	)		(1,035,563	)
Class R6		(2,307	)		—			—			—			—
Total dividends and/or distributions from net investment income		(271,469	)		—			(2,594,607	)		(1,008,704	)		(1,035,563	)
Net realized gains:
Class I2		(71,424,962	)		(62,865,520	)		—			—			—
Class R6		(576,608	)		(6,481	)		—			—			—
Total dividends and/or distributions from net realized gains		(72,001,570	)		(62,872,001	)		—			—			—
Total dividends and/or distributions to shareholders		(72,273,039	)		(62,872,001	)		(2,594,607	)		(1,008,704	)		(1,035,563	)

Capital share transactions:
Proceeds from shares sold:
Class I2		3,468,715			28,501,624			—			—			—
Class I3		—			—			153,882,615			—			—
Class R		—			—			1,269,754			—			—
Class R4		—			—			6,586,975			13,158,060			20,856,010
Class R6		5,458,217			2,574,049			—			—			—
		8,926,932			31,075,673			161,739,344			13,158,060			20,856,010
Issued from fund acquisition:
Class I3		—			—			180,891,191			—			—
Class R		—			—			101,647,214			—			—
		—			—			282,538,405			—			—
Dividends and/or distributions reinvested:
Class I2		71,694,124			62,865,520			—			—			—
Class I3		—			—			1,924,637			—			—
Class R		—			—			82,945			—			—
Class R4		—			—			587,025			1,008,704			1,035,563
Class R6		578,915			6,481			—			—			—
		72,273,039			62,872,001			2,594,607			1,008,704			1,035,563
Cost of shares redeemed:
Class I2		(127,698,429	)		(169,548,845	)		—			—			—
Class I3		—			—			(93,504,035	)		—			—
Class R		—			—			(83,577,629	)		—			—
Class R4		—			—			(23,281,037	)		(14,759,138	)		(21,949,949	)
Class R6		(926,203	)		(444,543	)		—			—			—
		(128,624,632	)		(169,993,388	)		(200,362,701	)		(14,759,138	)		(21,949,949	)
Net increase (decrease) in net assets resulting from capital share transactions		(47,424,661	)		(76,045,714	)		246,509,655			(592,374	)		(58,376	)
Net increase (decrease) in net assets		(18,874,414	)		(145,241,725	)		245,923,965			(915,560	)		(852,121	)

Net assets:
Beginning of year		371,678,403			516,920,128			56,311,872			57,227,432			58,079,553
End of year	$	352,803,989		$	371,678,403		$	302,235,837		$	56,311,872		$	57,227,432
Undistributed (distributions in excess of) net investment income (loss)	$	(89,625	)	$	—		$	497,616		$	18,954		$	3,454

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


Transamerica Funds		Annual Report 2017

Page 385

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:


	Transamerica Growth						Transamerica High Quality Bond ^{(A) (B)}
	October 31, 2017			October 31, 2016			October 31, 2017 ^(C)			December 31, 2016			December 31, 2015
Capital share transactions - shares:
Shares issued:
Class I2		292,258			2,365,987			—			—			—
Class I3		—			—			15,387,079			—			—
Class R		—			—			124,806			—			—
Class R4		—			—			658,874			1,306,444			2,053,548
Class R6		464,849			207,033			—			—			—
		757,107			2,573,020			16,170,759			1,306,444			2,053,548
Shares issued on fund acquisition:
Class I3		—			—			18,089,119			—			—
Class R		—			—			10,164,721			—			—
		—			—			28,253,840			—			—
Shares reinvested:
Class I2		6,782,793			4,773,388			—			—			—
Class I3		—			—			192,876			—			—
Class R		—			—			8,300			—			—
Class R4		—			—			58,827			100,380			102,428
Class R6		54,770			492			—			—			—
		6,837,563			4,773,880			260,003			100,380			102,428
Shares redeemed:
Class I2		(10,593,001	)		(13,089,193	)		—			—			—
Class I3		—			—			(9,349,681	)		—			—
Class R		—			—			(8,351,020	)		—			—
Class R4		—			—			(2,327,257	)		(1,466,640	)		(2,164,157	)
Class R6		(75,219	)		(35,224	)		—			—			—
		(10,668,220	)		(13,124,417	)		(20,027,958	)		(1,466,640	)		(2,164,157	)
Net increase (decrease) in shares outstanding:
Class I2		(3,517,950	)		(5,949,818	)		—			—			—
Class I3		—			—			24,319,393			—			—
Class R		—			—			1,946,807			—			—
Class R4		—			—			(1,609,556	)		(59,816	)		(8,181	)
Class R6		444,400			172,301			—			—			—
		(3,073,550	)		(5,777,517	)		24,656,644			(59,816	)		(8,181	)


(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. Please reference the Reorganization section of the Notes to the Financial Statements for additional information.
(B)		Effective April 21, 2017 the Fund underwent a 1.01-for-1 share split. The Capital share transactions - shares have 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 Statements of Changes in Net Assets 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.

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


Transamerica Funds		Annual Report 2017

Page 386

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:


	Transamerica High Yield Bond ^{(A) (B) (C)}						Transamerica High Yield Muni ^(B) (D)
	October 31, 2017			October 31, 2016			October 31, 2017			October 31, 2016
From operations:
Net investment income (loss)	$	97,141,878		$	61,084,759		$	3,052,788		$	2,566,738
Net realized gain (loss)		8,403,193			(17,266,273	)		(1,691,804	)		1,382,422
Net change in unrealized appreciation (depreciation)		47,175,073			38,797,499			(457,090	)		1,034,364
Net increase (decrease) in net assets resulting from operations		152,720,144			82,615,985			903,894			4,983,524

Dividends and/or distributions to shareholders:
Net investment income:
Class A		(5,827,127	)		(6,346,434	)		(1,178,305	)		(1,292,693	)
Class B		(92,593	)		(148,598	)		—			—
Class C		(2,246,104	)		(2,602,691	)		(308,289	)		(178,050	)
Class I		(9,681,538	)		(7,042,288	)		(1,565,656	)		(1,104,677	)
Class I2		(50,961,039	)		(45,126,367	)		(311	)		(27	)
Class I3		(13,116,261	)		—			—			—
Class R		(2,340,483	)		—			—			—
Class R4		(12,084,000	)		—			—			—
Class R6		(1,069,920	)		(106,118	)		—			—
Class T1		(349	)		—			(196	)		—
Advisor Class		(588	)		—			—			—
Total dividends and/or distributions from net investment income		(97,420,002	)		(61,372,496	)		(3,052,757	)		(2,575,447	)
Net realized gains:
Class A		—			—			(604,129	)		(175,791	)
Class C		—			—			(178,015	)		(23,889	)
Class I		—			—			(616,425	)		(144,982	)
Class I2		—			—			(136	)		—
Total dividends and/or distributions from net realized gains		—			—			(1,398,705	)		(344,662	)
Total dividends and/or distributions to shareholders		(97,420,002	)		(61,372,496	)		(4,451,462	)		(2,920,109	)

Capital share transactions:
Proceeds from shares sold:
Class A		70,224,290			86,915,396			12,021,066			65,385,444
Class B		8,860			15,166			—			—
Class C		7,294,651			10,097,796			4,710,986			10,609,547
Class I		158,685,177			126,044,148			42,919,531			56,710,636
Class I2		58,935,984			371,593,975			—			10,000
Class I3		77,078,681			—			—			—
Class R		9,239,323			—			—			—
Class R4		28,031,069			—			—			—
Class R6		32,126,975			4,052,613			—			—
Class T1		10,000			—			10,000			—
Advisor Class		15,000			—			—			—
		441,650,010			598,719,094			59,661,583			132,715,627
Issued from fund acquisition:
Class I3		346,225,252			—			—			—
Class R		122,337,520			—			—			—
Class R4		352,098,584			—			—			—
		820,661,356			—			—			—
Dividends and/or distributions reinvested:
Class A		5,328,805			5,774,528			1,749,501			1,424,015
Class B		85,841			138,889			—			—
Class C		2,069,004			2,311,235			480,775			195,297
Class I		9,047,484			6,344,862			2,164,413			1,204,988
Class I2		51,381,833			44,551,954			450			24
Class I3		13,127,977			—			—			—
Class R		2,255,774			—			—			—
Class R4		12,084,000			—			—			—
Class R6		1,065,430			103,809			—			—
Class T1		349			—			196			—
Advisor Class		588			—			—			—
		96,447,085			59,225,277			4,395,335			2,824,324
Cost of shares redeemed:
Class A		(89,668,464	)		(107,639,895	)		(36,645,665	)		(33,823,753	)
Class B		(483,086	)		(1,057,467	)		—			—
Class C		(16,532,355	)		(19,142,024	)		(6,431,286	)		(969,857	)
Class I		(164,267,366	)		(107,729,505	)		(42,283,798	)		(21,979,962	)
Class I2		(238,843,844	)		(261,655,724	)		—			—
Class I3		(62,278,765	)		—			—			—
Class R		(80,311,956	)		—			—			—
Class R4		(30,083,253	)		—			—			—
Class R6		(3,288,105	)		(273,677	)		—			—
		(685,757,194	)		(497,498,292	)		(85,360,749	)		(56,773,572	)
Automatic conversions:
Class A		1,099,262			331,940			—			—
Class B		(1,099,262	)		(331,940	)		—			—
		—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		673,001,257			160,446,079			(21,303,831	)		78,766,379
Net increase (decrease) in net assets		728,301,399			181,689,568			(24,851,399	)		80,829,794

Net assets:
Beginning of year		1,287,271,436			1,105,581,868			128,323,047			47,493,253
End of year	$	2,015,572,835		$	1,287,271,436		$	103,471,648		$	128,323,047
Undistributed (distributions in excess of) net investment income (loss)	$	(69,333	)	$	(165,335	)	$	—		$	—

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


Transamerica Funds		Annual Report 2017

Page 387

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:


	Transamerica High Yield Bond ^{(A) (B) (C)}						Transamerica High Yield Muni ^(B) (D)
	October 31, 2017			October 31, 2016			October 31, 2017			October 31, 2016
Capital share transactions - shares:
Shares issued:
Class A		7,618,203			10,094,016			1,065,647			5,536,103
Class B		978			1,713			—			—
Class C		795,710			1,183,150			419,479			892,790
Class I		17,234,944			14,556,872			3,797,704			4,773,542
Class I2		6,363,591			41,949,270			—			826
Class I3		8,184,824			—			—			—
Class R		980,153			—			—			—
Class R4		2,989,897			—			—			—
Class R6		3,430,588			459,883			—			—
Class T1		1,089			—			901			—
Advisor Class		1,628			—			—			—
		47,601,605			68,244,904			5,283,731			11,203,261
Shares issued on fund acquisition:
Class I3		37,423,688			—			—			—
Class R		13,223,534			—			—			—
Class R4		38,058,540			—			—			—
		88,705,762			—			—			—
Shares reinvested:
Class A		575,392			666,843			156,291			120,189
Class B		9,279			16,092			—			—
Class C		224,497			268,400			42,883			16,438
Class I		969,541			720,584			192,099			101,483
Class I2		5,496,562			5,085,661			41			2
Class I3		1,392,459			—			—			—
Class R		239,501			—			—			—
Class R4		1,281,835			—			—			—
Class R6		113,280			11,574			—			—
Class T1		37			—			17			—
Advisor Class		63			—			—			—
		10,302,446			6,769,154			391,331			238,112
Shares redeemed:
Class A		(9,740,126	)		(12,359,150	)		(3,229,878	)		(2,854,222	)
Class B		(52,217	)		(122,724	)		—			—
Class C		(1,800,372	)		(2,226,483	)		(570,388	)		(81,548	)
Class I		(17,753,679	)		(12,358,272	)		(3,765,771	)		(1,844,434	)
Class I2		(25,548,022	)		(29,452,025	)		—			—
Class I3		(6,621,144	)		—			—			—
Class R		(8,534,812	)		—			—			—
Class R4		(3,192,345	)		—			—			—
Class R6		(350,654	)		(30,432	)		—			—
		(73,593,371	)		(56,549,086	)		(7,566,037	)		(4,780,204	)
Automatic conversions:
Class A		118,528			38,306			—			—
Class B		(118,400	)		(38,295	)		—			—
		128			11			—			—
Net increase (decrease) in shares outstanding:
Class A		(1,428,003	)		(1,559,985	)		(2,007,940	)		2,802,070
Class B		(160,360	)		(143,214	)		—			—
Class C		(780,165	)		(774,933	)		(108,026	)		827,680
Class I		450,806			2,919,184			224,032			3,030,591
Class I2		(13,687,869	)		17,582,906			41			828
Class I3		40,379,827			—			—			—
Class R		5,908,376			—			—			—
Class R4		39,137,927			—			—			—
Class R6		3,193,214			441,025			—			—
Class T1		1,126			—			918			—
Advisor Class		1,691			—			—			—
		73,016,570			18,464,983			(1,890,975	)		6,661,169


(A)		Class I3 R, and R4 commenced operations on March 24, 2017.
(B)		Class T1 commenced operations on March 17, 2017.
(C)		Advisor Class commenced operations on December 16, 2016.
(D)		Class I2 commenced operations on September 30, 2016.

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


Transamerica Funds		Annual Report 2017

Page 388

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:


	Transamerica Inflation Opportunities ^(A) (B)						Transamerica Inflation-Protected Securities ^(C) (D)
	October 31, 2017			October 31, 2016			October 31, 2017 ^(E)			December 31, 2016			December 31, 2015
From operations:
Net investment income (loss)	$	2,861,864		$	1,823,028		$	1,797,750		$	895,162		$	(110,902	)
Net realized gain (loss)		(1,877,583	)		(3,788,584	)		(1,745,267	)		—			—
Net realized gain (loss) allocated from Series Portfolios		—			—			425,860			(242,185	)		(211,397	)
Net change in unrealized appreciation (depreciation)		1,501,989			9,766,908			219,794			—			—
Net change in unrealized appreciation (depreciation) allocated from Series Portfolios		—			—			57,860			2,279,047			(1,382,713	)
Net increase (decrease) in net assets resulting from operations		2,486,270			7,801,352			755,997			2,932,024			(1,705,012	)

Dividends and/or distributions to shareholders:
Net investment income:
Class A		(8,352	)		—			—			—			—
Class C		(5,089	)		—			—			—			—
Class I		(5,546	)		—			—			—			—
Class I2		(2,557,524	)		—			—			—			—
Class I3		—			—			(747,945	)		—			—
Class R		—			—			(640	)		—			—
Class R4		—			—			(500,748	)		(963,275	)		(166,609	)
Class R6		(766	)		—			—			—			—
Class T1		(91	)		—			—			—			—
Total dividends and/or distributions from net investment income		(2,577,368	)		—			(1,249,333	)		(963,275	)		(166,609	)

Capital share transactions:
Proceeds from shares sold:
Class A		107,026			137,026			—			—			—
Class C		280,258			137,586			—			—			—
Class I		345			1,069,145			—			—			—
Class I2		20,887,256			11,509,401			—			—			—
Class I3		—			—			117,226,159			—			—
Class R		—			—			1,733,248			—			—
Class R4		—			—			5,685,936			9,978,849			17,416,587
Class R6		—			50,000			—			—			—
Class T1		10,000			—			—			—			—
		21,284,885			12,903,158			124,645,343			9,978,849			17,416,587
Issued from fund acquisition:
Class I3		—			—			64,350,738			—			—
Class R		—			—			114,858,579			—			—
		—			—			179,209,317			—			—
Dividends and/or distributions reinvested:
Class A		8,352			—			—			—			—
Class C		5,089			—			—			—			—
Class I		5,546			—			—			—			—
Class I2		2,557,524			—			—			—			—
Class I3		—			—			747,945			—			—
Class R		—			—			640			—			—
Class R4		—			—			500,748			963,275			166,609
Class R6		766			—			—			—			—
Class T1		91			—			—			—			—
		2,577,368			—			1,249,333			963,275			166,609
Cost of shares redeemed:
Class A		(126,065	)		(32,646	)		—			—			—
Class C		(94,689	)		(8,058	)		—			—			—
Class I		(1,050,645	)		(4,147	)		—			—			—
Class I2		(30,262,957	)		(75,205,014	)		—			—			—
Class I3		—			—			(37,521,717	)		—			—
Class R		—			—			(103,703,045	)		—			—
Class R4		—			—			(46,803,450	)		(25,694,006	)		(24,780,580	)
		(31,534,356	)		(75,249,865	)		(188,028,212	)		(25,694,006	)		(24,780,580	)
Net increase (decrease) in net assets resulting from capital share transactions		(7,672,103	)		(62,346,707	)		117,075,781			(14,751,882	)		(7,197,384	)
Net increase (decrease) in net assets		(7,763,201	)		(54,545,355	)		116,582,445			(12,783,133	)		(9,069,005	)

Net assets:
Beginning of period/year		181,402,287			235,947,642			63,637,878			76,421,011			85,490,016
End of period/year	$	173,639,086		$	181,402,287		$	180,220,323		$	63,637,878		$	76,421,011
Undistributed (distributions in excess of) net investment income (loss)	$	129,877		$	(58,920	)	$	256,608		$	12,483		$	—

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


Transamerica Funds		Annual Report 2017

Page 389

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:


	Transamerica Inflation Opportunities ^(A) (B)						Transamerica Inflation-Protected Securities ^(C) (D)
	October 31, 2017			October 31, 2016			October 31, 2017 ^(E)			December 31, 2016			December 31, 2015
Capital share transactions - shares:
Shares issued:
Class A		10,823			14,079			—			—			—
Class C		28,812			14,340			—			—			—
Class I		34			106,595			—			—			—
Class I2		2,102,026			1,187,564			—			—			—
Class I3		—			—			11,729,019			—			—
Class R		—			—			166,354			—			—
Class R4		—			—			570,654			998,930			1,746,132
Class R6		—			5,040			—			—			—
Class T1		1,014			—			—			—			—
		2,142,709			1,327,618			12,466,027			998,930			1,746,132
Shares issued on fund acquisition:
Class I3		—			—			6,435,074			—			—
Class R		—			—			11,485,858			—			—
		—			—			17,920,932			—			—
Shares reinvested:
Class A		845			—			—			—			—
Class C		523			—			—			—			—
Class I		560			—			—			—			—
Class I2		257,004			—			—			—			—
Class I3		—			—			75,159			—			—
Class R		—			—			64			—			—
Class R4		—			—			50,137			96,143			16,962
Class R6		77			—			—			—			—
Class T1		9			—			—			—			—
		259,018			—			125,360			96,143			16,962
Shares redeemed:
Class A		(12,714	)		(3,385	)		—			—			—
Class C		(9,679	)		(824	)		—			—			—
Class I		(106,800	)		(436	)		—			—			—
Class I2		(3,035,681	)		(7,845,514	)		—			—			—
Class I3		—			—			(3,757,939	)		—			—
Class R		—			—			(10,381,068	)		—			—
Class R4		—			—			(4,702,027	)		(2,571,487	)		(2,488,158	)
		(3,164,874	)		(7,850,159	)		(18,841,034	)		(2,571,487	)		(2,488,158	)
Net increase (decrease) in shares outstanding:
Class A		(1,046	)		10,694			—			—			—
Class C		19,656			13,516			—			—			—
Class I		(106,206	)		106,159			—			—			—
Class I2		(676,651	)		(6,657,950	)		—			—			—
Class I3		—			—			14,481,313			—			—
Class R		—			—			1,271,208			—			—
Class R4		—			—			(4,081,236	)		(1,476,414	)		(725,064	)
Class R6		77			5,040			—			—			—
Class T1		1,023			—			—			—			—
		(763,147	)		(6,522,541	)		11,671,285			(1,476,414	)		(725,064	)


(A)		Class T1 commenced operations on March 17, 2017.
(B)		Class R6 commenced operations on July 25, 2016.
(C)		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. Please reference the Reorganization section of the Notes to the Financial Statements for additional information.
(D)		Effective April 21, 2017 the Fund underwent a 0.97-for-1 share split. The Capital share transactions - shares have been retroactively adjusted to reflect the share split. See the Stock Split section of the Notes to Financial Statements for more information.
(E)		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 Statements of Changes in Net Assets 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.

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


Transamerica Funds		Annual Report 2017

Page 390

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:


	Transamerica Intermediate Bond ^(A) (B)									Transamerica Intermediate Muni ^(D) (E)
	October 31, 2017 ^(C)			December 31, 2016			December 31, 2015			October 31, 2017			October 31, 2016
From operations:
Net investment income (loss)	$	43,933,188		$	7,558,985		$	7,868,705		$	25,280,545		$	16,790,893
Net realized gain (loss)		12,477,427			—			—			(13,096,372	)		7,888,022
Net realized gain (loss) allocated from Series Portfolios		2,063,488			3,195,662			871,666			—			—
Net change in unrealized appreciation (depreciation)		32,404,587			—			—			(4,660,695	)		2,352,399
Net change in unrealized appreciation (depreciation) allocated from Series Portfolios		(33,975	)		745,508			(7,590,038	)		—			—
Net increase (decrease) in net assets resulting from operations		90,844,715			11,500,155			1,150,333			7,523,478			27,031,314

Dividends and/or distributions to shareholders:
Net investment income:
Class A		—			—			—			(7,077,061	)		(5,158,528	)
Class C		—			—			—			(2,590,948	)		(1,564,162	)
Class I		—			—			—			(15,613,065	)		(10,200,756	)
Class I2		(32,710,168	)		—			—			(215	)		(17	)
Class I3		(9,025,255	)		—			—			—			—
Class R		(1,786,781	)		—			—			—			—
Class R4		(5,678,068	)		(8,450,944	)		(8,469,520	)		—			—
Class T1		—			—			—			(121	)		—
Advisor Class		—			—			—			(999	)		—
Total dividends and/or distributions from net investment income		(49,200,272	)		(8,450,944	)		(8,469,520	)		(25,282,409	)		(16,923,463	)
Net realized gains:
Class A		—			—			—			(2,348,489	)		(676,003	)
Class C		—			—			—			(1,227,296	)		(290,626	)
Class I		—			—			—			(4,235,485	)		(1,223,637	)
Class I2		—			—			—			(61	)		—
Class R4		—			(2,733,553	)		(2,780,080	)		—			—
Advisor Class		—			—			—			(65	)		—
Total dividends and/or distributions from net realized gains		—			(2,733,553	)		(2,780,080	)		(7,811,396	)		(2,190,266	)
Total dividends and/or distributions to shareholders		(49,200,272	)		(11,184,497	)		(11,249,600	)		(33,093,805	)		(19,113,729	)

Capital share transactions:
Proceeds from shares sold:
Class A		—			—			—			127,063,834			380,906,254
Class C		—			—			—			44,612,182			165,589,788
Class I		—			—			—			561,748,181			730,095,426
Class I2		96,286,499			—			—			—			10,000
Class I3		279,773,243			—			—			—			—
Class R		5,371,127			—			—			—			—
Class R4		33,305,979			49,265,943			120,943,582			—			—
Class T1		—			—			—			10,000			—
Advisor Class		—			—			—			297,993			—
		414,736,848			49,265,943			120,943,582			733,732,190			1,276,601,468
Issued from fund acquisition:
Class I2		1,965,902,863			—			—			—			—
Class I3		447,822,600			—			—			—			—
Class R		365,849,559			—			—			—			—
		2,779,575,022			—			—			—			—
Dividends and/or distributions reinvested:
Class A		—			—			—			8,781,198			5,396,792
Class C		—			—			—			3,293,954			1,605,573
Class I		—			—			—			14,264,507			7,634,089
Class I2		32,710,168			—			—			276			17
Class I3		9,025,255			—			—			—			—
Class R		1,786,781			—			—			—			—
Class R4		5,678,068			11,184,497			11,249,600			—			—
Class T1		—			—			—			121			—
Advisor Class		—			—			—			1,064			—
		49,200,272			11,184,497			11,249,600			26,341,120			14,636,471
Cost of shares redeemed:
Class A		—			—			—			(242,114,748	)		(79,225,200	)
Class C		—			—			—			(63,778,002	)		(15,890,481	)
Class I		—			—			—			(480,603,723	)		(124,836,936	)
Class I2		(61,273,519	)		—			—			—			—
Class I3		(115,505,985	)		—			—			—			—
Class R		(265,031,197	)		—			—			—			—
Class R4		(70,336,140	)		(117,221,441	)		(159,150,869	)		—			—
Advisor Class		—			—			—			(364	)		—
		(512,146,841	)		(117,221,441	)		(159,150,869	)		(786,496,837	)		(219,952,617	)
Net increase (decrease) in net assets resulting from capital share transactions		2,731,365,301			(56,771,001	)		(26,957,687	)		(26,423,527	)		1,071,285,322
Net increase (decrease) in net assets		2,773,009,744			(56,455,343	)		(37,056,954	)		(51,993,854	)		1,079,202,907

Net assets:
Beginning of period/year		317,149,821			373,605,164			410,662,118			1,459,693,240			380,490,333
End of period/year	$	3,090,159,565		$	317,149,821		$	373,605,164		$	1,407,699,386		$	1,459,693,240
Undistributed (distributions in excess of) net investment income (loss)	$	116,401		$	—		$	—		$	—		$	—

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


Transamerica Funds		Annual Report 2017

Page 391

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:


	Transamerica Intermediate Bond ^(A) (B)									Transamerica Intermediate Muni ^(D) (E)
	October 31, 2017 ^(C)			December 31, 2016			December 31, 2015			October 31, 2017			October 31, 2016
Capital share transactions - shares:
Shares issued:
Class A		—			—			—			11,307,705			32,858,118
Class C		—			—			—			3,973,189			14,324,230
Class I		—			—			—			49,660,381			62,744,571
Class I2		9,479,538			—			—			—			849
Class I3		27,440,507			—			—			—			—
Class R		518,373			—			—			—			—
Class R4		3,273,804			4,819,538			11,711,488			—			—
Class T1		—			—			—			902			—
Advisor Class		—			—			—			25,967			—
		40,712,222			4,819,538			11,711,488			64,968,144			109,927,768
Shares issued on fund acquisition:
Class I2		195,080,630			—			—			—			—
Class I3		44,438,308			—			—			—			—
Class R		36,303,963			—			—			—			—
		275,822,901			—			—			—			—
Shares reinvested:
Class A		—			—			—			786,355			465,878
Class C		—			—			—			296,062			139,018
Class I		—			—			—			1,268,871			655,358
Class I2		3,211,417			—			—			25			1
Class I3		883,049			—			—			—			—
Class R		175,171			—			—			—			—
Class R2		—			—			—			—			—
Class R4		558,412			1,100,156			1,104,924			—			—
Class T1		—			—			—			11			—
Advisor Class		—			—			—			93			—
		4,828,049			1,100,156			1,104,924			2,351,417			1,260,255
Shares redeemed:
Class A		—			—			—			(21,586,049	)		(6,825,529	)
Class C		—			—			—			(5,693,151	)		(1,370,009	)
Class I		—			—			—			(42,799,733	)		(10,699,898	)
Class I2		(5,993,619	)		—			—			—			—
Class I3		(11,289,609	)		—			—			—			—
Class R		(25,996,213	)		—			—			—			—
Class R2					—			—			—			—
Class R4		(6,911,750	)		(11,527,736	)		(15,408,232	)		—			—
Advisor Class		—			—			—			(32	)		—
		(50,191,191	)		(11,527,736	)		(15,408,232	)		(70,078,965	)		(18,895,436	)
Net increase (decrease) in shares outstanding:
Class A		—			—			—			(9,491,989	)		26,498,467
Class C		—			—			—			(1,423,900	)		13,093,239
Class I		—			—			—			8,129,519			52,700,031
Class I2		201,777,966			—			—			25			850
Class I3		61,472,255			—			—			—			—
Class R		11,001,294			—			—			—			—
Class R2					—			—			—			—
Class R4		(3,079,534	)		(5,608,042	)		(2,591,820	)		—			—
Class T1		—			—			—			913			—
Advisor Class		—			—			—			26,028			—
		271,171,981			(5,608,042	)		(2,591,820	)		(2,759,404	)		92,292,587


(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. Please reference the Reorganization section of the Notes to the Financial Statements for additional information.
(B)		Effective March 24, 2017 the Fund underwent a 1.06-for-1 share split. The Capital share transactions - shares have 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 Statements of Changes in Net Assets 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)		Class T1 commenced operations on March 17, 2017.
(E)		Advisor Class commenced operations on December 16, 2016.

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


Transamerica Funds		Annual Report 2017

Page 392

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:


	Transamerica International Equity ^{(A) (B) (C)}						Transamerica International Small Cap Value
	October 31, 2017			October 31, 2016			October 31, 2017			October 31, 2016
From operations:
Net investment income (loss)	$	127,719,112		$	57,784,819		$	11,768,227		$	19,574,108
Net realized gain (loss)		7,287,796			4,959,762			(11,061,004	)		6,301,600
Net change in unrealized appreciation (depreciation)		651,118,939			(54,329,865	)		161,945,205			(51,019,115	)
Net increase (decrease) in net assets resulting from operations		786,125,847			8,414,716			162,652,428			(25,143,407	)

Dividends and/or distributions to shareholders:
Net investment income:
Class A		(3,475,006	)		(5,429,157	)		—			—
Class C		(296,476	)		(801,585	)		—			—
Class I		(25,478,447	)		(23,123,213	)		(5,411,353	)		(8,366,689	)
Class I2		(28,776,503	)		(11,904,155	)		(9,647,157	)		(14,268,643	)
Class R6		(1,696,461	)		(631	)		—			—
Advisor Class		(7	)		—			—			—
Total dividends and/or distributions from net investment income		(59,722,900	)		(41,258,741	)		(15,058,510	)		(22,635,332	)
Net realized gains:
Class A		(754,292	)		(1,611,311	)		—			—
Class C		(153,044	)		(341,847	)		—			—
Class I		(4,062,192	)		(5,929,708	)		(1,747,486	)		(12,415,086	)
Class I2		(4,352,408	)		(2,944,816	)		(2,967,180	)		(20,393,414	)
Class R6		(256,047	)		(264	)		—			—
Advisor Class		(26	)		—			—			—
Total dividends and/or distributions from net realized gains		(9,578,009	)		(10,827,946	)		(4,714,666	)		(32,808,500	)
Total dividends and/or distributions to shareholders		(69,300,909	)		(52,086,687	)		(19,773,176	)		(55,443,832	)

Capital share transactions:
Proceeds from shares sold:
Class A		97,978,419			195,654,376			—			—
Class C		26,852,093			19,533,495			—			—
Class I		817,811,367			1,242,491,556			44,630,443			52,840,028
Class I2		426,556,746			1,196,014,688			33,951,499			71,363,471
Class I3		142,118,819			—			—			—
Class R		3,034,009			—			—			—
Class R4		2,018,635			—			—			—
Class R6		128,349,753			56,955,442			—			—
Class T1		10,000			—			—			—
Advisor Class		243,000			—			—			—
		1,644,972,841			2,710,649,557			78,581,942			124,203,499
Issued from fund acquisition:
Class I3		189,770,376			—			—			—
Class R		141,711,875			—			—			—
Class R4		40,890,816			—			—			—
		372,373,067			—			—			—
Dividends and/or distributions reinvested:
Class A		4,066,061			6,867,831			—			—
Class C		331,067			826,180			—			—
Class I		27,551,001			27,122,300			7,143,991			20,599,383
Class I2		33,128,911			14,848,971			12,614,337			34,662,057
Class R6		1,952,508			895			—			—
Advisor Class		33			—			—			—
		67,029,581			49,666,177			19,758,328			55,261,440
Cost of shares redeemed:
Class A		(186,662,747	)		(126,032,002	)		—			—
Class C		(24,663,772	)		(18,450,028	)		—			—
Class I		(444,064,244	)		(726,233,939	)		(50,999,085	)		(134,229,003	)
Class I2		(167,240,592	)		(86,215,686	)		(52,181,750	)		(216,937,343	)
Class I3		(92,278,290	)		—			—			—
Class R		(112,621,640	)		—			—			—
Class R4		(25,727,316	)		—			—			—
Class R6		(29,882,324	)		(513,256	)		—			—
		(1,083,140,925	)		(957,444,911	)		(103,180,835	)		(351,166,346	)
Net increase (decrease) in net assets resulting from capital share transactions		1,001,234,564			1,802,870,823			(4,840,565	)		(171,701,407	)
Net increase (decrease) in net assets		1,718,059,502			1,759,198,852			138,038,687			(252,288,646	)

Net assets:
Beginning of year		3,688,183,128			1,928,984,276			713,977,695			966,266,341
End of year	$	5,406,242,630		$	3,688,183,128		$	852,016,382		$	713,977,695
Undistributed (distributions in excess of) net investment income (loss)	$	124,339,695		$	43,561,094		$	8,700,560		$	10,490,933

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


Transamerica Funds		Annual Report 2017

Page 393

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:


	Transamerica International Equity ^{(A) (B) (C)}						Transamerica International Small Cap Value
	October 31, 2017			October 31, 2016			October 31, 2017			October 31, 2016
Capital share transactions - shares:
Shares issued:
Class A		5,549,640			11,985,467			—			—
Class C		1,495,354			1,223,719			—			—
Class I		45,394,285			77,694,866			3,595,476			4,736,802
Class I2		22,941,097			73,617,452			2,714,906			6,558,243
Class I3		7,622,880			—			—			—
Class R		162,589			—			—			—
Class R4		106,585			—			—			—
Class R6		7,264,628			3,395,894			—			—
Class T1		575			—			—			—
Advisor Class		12,488			—			—			—
		90,550,121			167,917,398			6,310,382			11,295,045
Shares issued on fund acquisition:
Class I3		11,005,711			—			—			—
Class R		8,218,564			—			—			—
Class R4		2,371,458			—			—			—
		21,595,733			—			—			—
Shares reinvested:
Class A		250,837			413,476			—			—
Class C		20,640			50,285			—			—
Class I		1,680,964			1,615,384			653,016			1,792,810
Class I2		2,020,055			883,867			1,150,943			3,011,473
Class R6		117,976			53			—			—
Advisor Class		2			—			—			—
		4,090,474			2,963,065			1,803,959			4,804,283
Shares redeemed:
Class A		(10,569,316	)		(7,770,297	)		—			—
Class C		(1,428,808	)		(1,159,978	)		—			—
Class I		(25,188,905	)		(45,786,565	)		(4,375,350	)		(12,146,086	)
Class I2		(9,295,411	)		(5,306,738	)		(4,072,330	)		(19,168,028	)
Class I3		(4,829,477	)		—			—			—
Class R		(6,038,651	)		—			—			—
Class R4		(1,386,099	)		—			—			—
Class R6		(1,604,693	)		(30,929	)		—			—
		(60,341,360	)		(60,054,507	)		(8,447,680	)		(31,314,114	)
Net increase (decrease) in shares outstanding:
Class A		(4,768,839	)		4,628,646			—			—
Class C		87,186			114,026			—			—
Class I		21,886,344			33,523,685			(126,858	)		(5,616,474	)
Class I2		15,665,741			69,194,581			(206,481	)		(9,598,312	)
Class I3		13,799,114			—			—			—
Class R		2,342,502			—			—			—
Class R4		1,091,944			—			—			—
Class R6		5,777,911			3,365,018			—			—
Class T1		575			—			—			—
Advisor Class		12,490			—			—			—
		55,894,968			110,825,956			(333,339	)		(15,214,786	)


(A)		Class T1 commenced operations on March 17, 2017.
(B)		Advisor Class commenced operations on December 16, 2016.
(C)		Class I3, R and R4 commenced operations on March 10, 2017.

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


Transamerica Funds		Annual Report 2017

Page 394

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:


	Transamerica Large Cap Value ^(A) (B)						Transamerica Large Core ^(C) (D)
	October 31, 2017			October 31, 2016			October 31, 2017 ^(E)			December 31, 2016			December 31, 2015
From operations:
Net investment income (loss)	$	30,856,386		$	30,510,316		$	2,226,229		$	177,737		$	102,141
Net realized gain (loss)		236,962,877			163,915,086			3,897,015			—			—
Net realized gain (loss) allocated from Series Portfolios		—			—			(19,816,427	)		53,941			1,049,147
Net change in unrealized appreciation (depreciation)		142,147,449			(7,839,682	)		24,167,359			—			—
Net change in unrealized appreciation (depreciation) allocated from Series Portfolios		—			—			20,356,926			517,564			(1,290,715	)
Net increase (decrease) in net assets resulting from operations		409,966,712			186,585,720			30,831,102			749,242			(139,427	)

Dividends and/or distributions to shareholders:
Net investment income:
Class A		(1,517,664	)		(455,743	)		—			—			—
Class C		(261,945	)		(78,272	)		—			—			—
Class I		(2,156,247	)		(401,391	)		—			—			—
Class I2		(30,774,782	)		(28,828,968	)		—			—			—
Class I3		—			—			(1,635,730	)		—			—
Class R		—			—			(410,548	)		—			—
Class R4		—			—			(110,146	)		(181,583	)		(103,756	)
Class R6		(155,446	)		(12,018	)		—			—			—
Class T1		(88	)		—			—			—			—
Advisor Class		(5,549	)		—			—			—			—
Total dividends and/or distributions from net investment income		(34,871,721	)		(29,776,392	)		(2,156,424	)		(181,583	)		(103,756	)
Net realized gains:
Class A		(7,349,150	)		(3,073,830	)		—			—			—
Class C		(2,326,510	)		(1,175,209	)		—			—			—
Class I		(6,704,664	)		(1,689,010	)		—			—			—
Class I2		(153,964,634	)		(185,773,195	)		—			—			—
Class R6		(356,571	)		(5,276	)		—			—			—
Advisor Class		(760	)		—			—			—			—
Total dividends and/or distributions from net realized gains		(170,702,289	)		(191,716,520	)		—			—			—
Total dividends and/or distributions to shareholders		(205,574,010	)		(221,492,912	)		(2,156,424	)		(181,583	)		(103,756	)

Capital share transactions:
Proceeds from shares sold:
Class A		94,657,916			62,609,005			—			—			—
Class C		33,693,765			13,538,354			—			—			—
Class I		232,983,500			55,889,450			—			—			—
Class I2		13,973,464			197,206,161			—			—			—
Class I3		—			—			3,285,480			—			—
Class R		—			—			1,752,760			—			—
Class R4		—			—			507,092			717,967			5,538,305
Class R6		12,977,158			3,532,142			—			—			—
Class T1		10,000			—			—			—			—
Advisor Class		1,955,932			—			—			—			—
		390,251,735			332,775,112			5,545,332			717,967			5,538,305
Issued from fund acquisition:
Class I3		—			—			202,902,469			—			—
Class R		—			—			80,657,396			—			—
		—			—			283,559,865			—			—
Dividends and/or distributions reinvested:
Class A		8,551,096			3,372,857			—			—			—
Class C		1,746,557			799,946			—			—			—
Class I		5,508,390			1,088,792			—			—			—
Class I2		184,739,416			214,471,738			—			—			—
Class I3		—			—			1,635,730			—			—
Class R		—			—			410,548			—			—
Class R4		—			—			110,146			181,583			103,756
Class R6		512,017			17,294			—			—			—
Class T1		88			—			—			—			—
Advisor Class		6,309			—			—			—			—
		201,063,873			219,750,627			2,156,424			181,583			103,756
Cost of shares redeemed:
Class A		(81,255,547	)		(24,574,709	)		—			—			—
Class C		(12,234,617	)		(2,877,936	)		—			—			—
Class I		(60,586,338	)		(16,306,606	)		—			—			—
Class I2		(376,660,043	)		(297,513,894	)		—			—			—
Class I3		—			—			(26,623,832	)		—			—
Class R		—			—			(13,446,133	)		—			—
Class R4		—			—			(1,245,212	)		(2,829,799	)		(1,275,962	)
Class R6		(1,407,636	)		(255,200	)		—			—			—
Advisor Class		(28,719	)		—			—			—			—
		(532,172,900	)		(341,528,345	)		(41,315,177	)		(2,829,799	)		(1,275,962	)
Net increase (decrease) in net assets resulting from capital share transactions		59,142,708			210,997,394			249,946,444			(1,930,249	)		4,366,099
Net increase (decrease) in net assets		263,535,410			176,090,202			278,621,122			(1,362,590	)		4,122,916

Net assets:
Beginning of period/year		2,052,399,031			1,876,308,829			10,632,592			11,995,182			7,872,266
End of period/year	$	2,315,934,441		$	2,052,399,031		$	289,253,714		$	10,632,592		$	11,995,182
Undistributed (distributions in excess of) net investment income (loss)	$	—		$	3,575,539		$	74,641		$	239		$	—

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


Transamerica Funds		Annual Report 2017

Page 395

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:


	Transamerica Large Cap Value ^(A) (B)						Transamerica Large Core ^(C) (D)
	October 31, 2017			October 31, 2016			October 31, 2017 ^(E)			December 31, 2016			December 31, 2015
Capital share transactions - shares:
Shares issued:
Class A		7,320,426			5,166,040			—			—			—
Class C		2,616,690			1,117,028			—			—			—
Class I		17,717,019			4,613,055			—			—			—
Class I2		1,071,513			16,619,885			—			—			—
Class I3		—			—			321,661			—			—
Class R		—			—			174,357			—			—
Class R4		—			—			50,512			82,789			603,082
Class R6		993,893			289,437			—			—			—
Class T1		772			—			—			—			—
Advisor Class		146,939			—			—			—			—
		29,867,252			27,805,445			546,530			82,789			603,082
Shares issued on fund acquisition:
Class I3		—			—			20,290,247			—			—
Class R		—			—			8,065,740			—			—
		—			—			28,355,987			—			—
Shares reinvested:
Class A		671,032			293,297			—			—			—
Class C		137,803			69,942			—			—			—
Class I		428,366			93,997			—			—			—
Class I2		14,433,951			18,604,051			—			—			—
Class I3		—			—			157,778			—			—
Class R		—			—			39,592			—			—
Class R4		—			—			10,752			20,235			11,468
Class R6		39,777			1,448			—			—			—
Class T1		7			—			—			—			—
Advisor Class		469			—			—			—			—
		15,711,405			19,062,735			208,122			20,235			11,468
Shares redeemed:
Class A		(6,128,935	)		(2,143,996	)		—			—			—
Class C		(943,819	)		(239,613	)		—			—			—
Class I		(4,658,563	)		(1,370,411	)		—			—			—
Class I2		(29,007,137	)		(24,898,732	)		—			—			—
Class I3		—			—			(2,541,126	)		—			—
Class R		—			—			(1,301,769	)		—			—
Class R4		—			—			(121,104	)		(322,872	)		(137,365	)
Class R6		(106,421	)		(21,766	)		—			—			—
Advisor Class		(2,172	)		—			—			—			—
		(40,847,047	)		(28,674,518	)		(3,963,999	)		(322,872	)		(137,365	)
Net increase (decrease) in shares outstanding:
Class A		1,862,523			3,315,341			—			—			—
Class C		1,810,674			947,357			—			—			—
Class I		13,486,822			3,336,641			—			—			—
Class I2		(13,501,673	)		10,325,204			—			—			—
Class I3		—			—			18,228,560			—			—
Class R		—			—			6,977,920			—			—
Class R4		—			—			(59,840	)		(219,848	)		477,185
Class R6		927,249			269,119			—			—			—
Class T1		779			—			—			—			—
Advisor Class		145,236			—			—			—			—
		4,731,610			18,193,662			25,146,640			(219,848	)		477,185


(A)		Class T1 commenced operations on March 17, 2017.
(B)		Advisor Class commenced operations on December 16, 2016.
(C)		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. Please reference the Reorganization section of the Notes to the Financial Statements for additional information.
(D)		Effective March 10, 2017 the Fund underwent a 0.81-for-1 share split. The Capital share transactions - shares have been retroactively adjusted to reflect the share split. See the Stock Split section of the Notes to Financial Statements for more information.
(E)		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 Statements of Changes in Net Assets 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.

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


Transamerica Funds		Annual Report 2017

Page 396

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:


	Transamerica Large Growth ^(A) (B)									Transamerica Large Value Opportunities ^(D) (E)
	October 31, 2017 ^(C)			December 31, 2016			December 31, 2015			October 31, 2017 ^(F)			December 31, 2016			December 31, 2015
From operations:
Net investment income (loss)	$	1,589,700		$	155,715		$	81,888		$	6,092,901		$	1,694,515		$	1,220,392
Net realized gain (loss)		11,903,358			—			—			(659,438	)		—			—
Net realized gain (loss) allocated from Series Portfolios		(18,964,494	)		8,322,753			6,771,603			(99,187,677	)		(1,133,458	)		9,776,517
Net change in unrealized appreciation (depreciation)		125,466,931			—			—			49,510,590			—			—
Net change in unrealized appreciation (depreciation) allocated from Series Portfolios		26,621,833			(7,744,083	)		2,840,662			100,830,830			7,646,532			(11,364,465	)
Net increase (decrease) in net assets resulting from operations		146,617,328			734,385			9,694,153			56,587,206			8,207,589			(367,556	)

Dividends and/or distributions to shareholders:
Net investment income:
Class I3		(1,664,195	)		—			—			(4,251,676	)		—			—
Class R		—			—			—			(636,201	)		—			—
Class R4		(72,614	)		(186,262	)		(97,862	)		(857,573	)		(1,735,308	)		(1,234,875	)
Total dividends and/or distributions from net investment income		(1,736,809	)		(186,262	)		(97,862	)		(5,745,450	)		(1,735,308	)		(1,234,875	)

Capital share transactions:
Proceeds from shares sold:
Class I3		151,283,465			—			—			137,858,532			—			—
Class R		6,415,777			—			—			1,138,409			—			—
Class R4		2,739,917			6,537,096			17,259,408			2,805,938			9,184,835			20,510,123
		160,439,159			6,537,096			17,259,408			141,802,879			9,184,835			20,510,123
Issued from fund acquisition:
Class I3		523,865,143			—			—			423,874,680			—			—
Class R		249,085,885			—			—			229,097,355			—			—
		772,951,028			—			—			652,972,035			—			—
Dividends and/or distributions reinvested:
Class I3		1,664,195			—			—			4,251,676			—			—
Class R		—			—			—			636,201			—			—
Class R4		72,614			186,262			97,862			857,573			1,735,308			1,234,875
		1,736,809			186,262			97,862			5,745,450			1,735,308			1,234,875
Cost of shares redeemed:
Class I3		(110,808,783	)		—			—			(84,132,643	)		—			—
Class R		(137,271,406	)		—			—			(123,829,312	)		—			—
Class R4		(63,806,341	)		(32,094,032	)		(30,015,178	)		(54,673,477	)		(17,518,104	)		(23,515,630	)
		(311,886,530	)		(32,094,032	)		(30,015,178	)		(262,635,432	)		(17,518,104	)		(23,515,630	)
Net increase (decrease) in net assets resulting from capital share transactions		623,240,466			(25,370,674	)		(12,657,908	)		537,884,932			(6,597,961	)		(1,770,632	)
Net increase (decrease) in net assets		768,120,985			(24,822,551	)		(3,061,617	)		588,726,688			(125,680	)		(3,373,063	)

Net assets:
Beginning of period/year		82,545,985			107,368,536			110,430,153			99,292,357			99,418,037			102,791,100
End of period/year	$	850,666,970		$	82,545,985		$	107,368,536		$	688,019,045		$	99,292,357		$	99,418,037
Undistributed (distributions in excess of) net investment income (loss)	$	—		$	—		$	1,993		$	392,497		$	7,142		$	3,357

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


Transamerica Funds		Annual Report 2017

Page 397

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:


	Transamerica Large Growth ^(A) (B)									Transamerica Large Value Opportunities ^(D) (E)
	October 31, 2017 ^(C)			December 31, 2016			December 31, 2015			October 31, 2017 ^(F)			December 31, 2016			December 31, 2015
Capital share transactions - shares:
Shares issued:
Class I3		14,366,914			—			—			13,947,453			—			—
Class R		608,139			—			—			111,438			—			—
Class R4		264,867			754,059			1,956,541			279,076			1,039,429			2,186,366
		15,239,920			754,059			1,956,541			14,337,967			1,039,429			2,186,366
Shares issued on fund acquisition:
Class I3		52,386,514			—			—			42,387,468			—			—
Class R		24,908,589			—			—			22,909,736			—			—
		77,295,103			—			—			65,297,204			—			—
Shares reinvested:
Class I3		152,755			—			—			414,615			—			—
Class R		—			—			—			62,039			—			—
Class R4		6,902			20,696			11,181			85,164			191,499			133,133
		159,657			20,696			11,181			561,818			191,499			133,133
Shares redeemed
Class I3		(10,084,253	)		—			—			(8,152,852	)		—			—
Class R		(13,015,583	)		—			—			(12,455,699	)		—			—
Class R4		(6,055,730	)		(3,564,316	)		(3,373,902	)		(5,454,390	)		(1,968,045	)		(2,477,219	)
		(29,155,566	)		(3,564,316	)		(3,373,902	)		(26,062,941	)		(1,968,045	)		(2,477,219	)
Net increase (decrease) in shares outstanding:
Class I3		56,821,930			—			—			48,596,684			—			—
Class R		12,501,145			—			—			10,627,514			—			—
Class R4		(5,783,961	)		(2,789,561	)		(1,406,180	)		(5,090,150	)		(737,117	)		(157,720	)
		63,539,114			(2,789,561	)		(1,406,180	)		54,134,048			(737,117	)		(157,720	)


(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. Please reference the Reorganization section of the Notes to the Financial Statements for additional information.
(B)		Effective March 10, 2017 the Fund underwent a 1.35-for-1 share split. The Capital share transactions - shares have 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 Statements of Changes in Net Assets 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)		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.
(E)		Effective May 5, 2017 the Fund underwent a 1.56-for-1 share split. The Capital share transactions - shares have been retroactively adjusted to reflect the share split. See the Stock Split section of the Notes to Financial Statements for more information.
(F)		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.

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


Transamerica Funds		Annual Report 2017

Page 398

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:


	Transamerica Mid Cap Growth ^{(A) (B) (C)}									Transamerica Mid Cap Value Opportunities ^{(E) (F)}^(G)
	October 31, 2017 ^(D)			December 31, 2016			December 31, 2015			October 31, 2017			October 31, 2016
From operations:
Net investment income (loss)	$	498,390		$	(14,277	)	$	(62,655	)	$	9,940,826		$	10,078,528
Net realized gain (loss)		10,843,576			—			—			45,269,180			55,830,417
Net realized gain (loss) allocated from Series Portfolios		(93,487	)		660,335			3,093,288			—			—
Net change in unrealized appreciation (depreciation)		9,945,942			—			—			15,028,559			33,045,922
Net change in unrealized appreciation (depreciation) allocated from Series Portfolios		1,228,606			1,163,662			(2,847,870	)		—			—
Net increase (decrease) in net assets resulting from operations		22,423,027			1,809,720			182,763			70,238,565			98,954,867

Dividends and/or distributions to shareholders:
Net investment income:
Class A		—			—			—			(900,992	)		(282,154	)
Class C		—			—			—			(49,168	)		(11,762	)
Class I		—			—			—			(3,648,391	)		(2,001,904	)
Class I2		—			—			—			(3,775,673	)		(6,368,105	)
Class R6		—			—			—			(259	)		—
Advisor Class		—			—			—			(4	)		—
Total dividends and/or distributions from net investment income		—			—			—			(8,374,487	)		(8,663,925	)
Net realized gains:
Class A		—			—			—			(6,370,108	)		(543,178	)
Class C		—			—			—			(587,982	)		(36,657	)
Class I		—			—			—			(23,154,423	)		(3,545,366	)
Class I2		—			—			—			(22,656,746	)		(11,017,637	)
Class R4		(428,539	)		(1,611,795	)		(2,967,739	)		—			—
Class R6		—			—			—			(3,526	)		—
Advisor Class		—			—			—			(666	)		—
Total dividends and/or distributions from net realized gains		(428,539	)		(1,611,795	)		(2,967,739	)		(52,773,451	)		(15,142,838	)
Total dividends and/or distributions to shareholders		(428,539	)		(1,611,795	)		(2,967,739	)		(61,147,938	)		(23,806,763	)

Capital share transactions:
Proceeds from shares sold:
Class A		2,751,634			—			—			82,092,377			74,980,447
Class C		269,670			—			—			13,111,964			6,178,890
Class I		195,964			—			—			244,496,929			184,395,749
Class I2		—			—			—			1,471,503			297,239,475
Class I3		34,898,658			—			—			38,123,383			—
Class R		2,380,532			—			—			6,253,869			—
Class R4		1,532,756			1,991,283			4,537,258			17,889,964			—
Class R6		—			—			—			21,110,275			50,000
Class T1		10,000			—			—			10,000			—
Advisor Class		—			—			—			20,000			—
		42,039,214			1,991,283			4,537,258			424,580,264			562,844,561
Issued from fund acquisition:
Class A		7,872,924			—			—			—			—
Class C		1,181,785			—			—			—			—
Class I		471,916			—			—			—			—
Class I2		159,214,123			—			—			—			—
Class I3 ^(C)		35,433,677			—			—			291,240,513			—
Class R ^(C)		53,042,698			—			—			132,969,517			—
Class R4 ^(C)		—			—			—			465,442,058			—
Advisor Class		10,563			—			—			—			—
		257,227,686			—			—			889,652,088			—
Dividends and/or distributions reinvested:
Class A		—			—			—			7,220,302			824,263
Class C		—			—			—			598,740			48,211
Class I		—			—			—			26,017,180			5,544,525
Class I2		—			—			—			26,432,419			17,347,629
Class R4		428,539			1,611,795			2,967,739			—			—
Class R6		—			—			—			3,785			—
Advisor Class		—			—			—			670			—
		428,539			1,611,795			2,967,739			60,273,096			23,764,628
Cost of shares redeemed:
Class A		(1,434,367	)		—			—			(48,726,575	)		(21,910,651	)
Class C		(94,913	)		—			—			(2,914,305	)		(560,328	)
Class I		(50,573	)		—			—			(177,722,775	)		(50,041,009	)
Class I2		(16,215,111	)		—			—			(55,798,588	)		(518,194,012	)
Class I3 ^(C)		(26,918,711	)		—			—			(55,941,759	)		—
Class R ^(C)		(31,318,210	)		—			—			(50,380,405	)		—
Class R4 ^(C)		(10,043,950	)		(4,109,017	)		(10,331,123	)		(60,490,724	)		—
Class R6		—			—			—			(4,838,114	)		—
Advisor Class		—			—			—			(10,033	)		—
		(86,075,835	)		(4,109,017	)		(10,331,123	)		(456,823,278	)		(590,706,000	)
Net increase (decrease) in net assets resulting from capital share transactions		213,619,604			(505,939	)		(2,826,126	)		917,682,170			(4,096,811	)
Net increase (decrease) in net assets		235,614,092			(308,014	)		(5,611,102	)		926,772,797			71,051,293

Net assets:
Beginning of period/year		16,766,866			17,074,880			22,685,982			704,573,693			633,522,400
End of period/year	$	252,380,958		$	16,766,866		$	17,074,880		$	1,631,346,490		$	704,573,693
Undistributed (distributions in excess of) net investment income (loss)	$	507,592		$	—		$	—		$	8,127,824		$	6,547,320

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


Transamerica Funds		Annual Report 2017

Page 399

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:


	Transamerica Mid Cap Growth ^{(A) (B) (C)}									Transamerica Mid Cap Value Opportunities ^{(E) (F)}^(G⁾
	October 31, 2017 ^(D)			December 31, 2016			December 31, 2015			October 31, 2017			October 31, 2016
Capital share transactions - shares:
Shares issued:
Class A		207,218			—			—			6,858,224			6,612,071
Class C		20,405			—			—			1,107,514			542,355
Class I		14,478			—			—			20,419,935			16,136,058
Class I2		—			—			—			124,535			28,974,260
Class I3		2,618,465			—			—			3,181,906			—
Class R		172,128			—			—			512,308			—
Class R4		113,827			163,448			276,852			1,484,698			—
Class R6		—			—			—			1,754,629			4,212
Class T1		760			—			—			833			—
Advisor Class		—			—			—			1,621			—
		3,147,281			163,448			276,852			35,446,203			52,268,956
Shares issued on fund acquisition:
Class A		600,232			—			—			—			—
Class C		92,065			—			—			—			—
Class I		35,727			—			—			—			—
Class I2		12,026,921			—			—			—			—
Class I3		2,676,644			—			—			24,417,361			—
Class R		4,006,821			—			—			11,148,053			—
Class R4		—			—			—			39,022,272			—
Advisor Class		800			—			—			—			—
		19,439,210			—			—			74,587,686			—
Shares reinvested:
Class A		—			—			—			621,368			76,321
Class C		—			—			—			51,839			4,476
Class I		—			—			—			2,229,407			512,433
Class I2		—			—			—			2,263,049			1,601,812
Class R4		32,568			128,997			240,274			—			—
Class R6		—			—			—			322			—
Advisor Class		—			—			—			57			—
		32,568			128,997			240,274			5,166,042			2,195,042
Shares redeemed:
Class A		(107,035	)		—			—			(4,096,947	)		(1,940,306	)
Class C		(7,301	)		—			—			(245,294	)		(49,555	)
Class I		(3,684	)		—			—			(14,783,811	)		(4,410,932	)
Class I2		(1,150,163	)		—			—			(4,632,890	)		(44,157,764	)
Class I3		(1,920,073	)		—			—			(4,598,466	)		—
Class R		(2,345,275	)		—			—			(4,199,563	)		—
Class R4		(750,445	)		(338,006	)		(621,987	)		(4,992,289	)		—
Class R6		—			—			—			(396,759	)		—
Advisor Class		—			—			—			(825	)		—
		(6,283,976	)		(338,006	)		(621,987	)		(37,946,844	)		(50,558,557	)
Net increase (decrease) in shares outstanding:
Class A		700,415			—			—			3,382,645			4,748,086
Class C		105,169			—			—			914,059			497,276
Class I		46,521			—			—			7,865,531			12,237,559
Class I2		10,876,758			—			—			(2,245,306	)		(13,581,692	)
Class I3		3,375,036			—			—			23,000,801			—
Class R		1,833,674			—			—			7,460,798			—
Class R4		(604,050	)		(45,561	)		(104,861	)		35,514,681			—
Class R6		—			—			—			1,358,192			4,212
Class T1		760			—			—			833			—
Advisor Class		800			—			—			853			—
		16,335,083			(45,561	)		(104,861	)		77,253,087			3,905,441


(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. Please reference the Reorganization section of the Notes to the Financial Statements for additional information.
(B)		Effective March 10, 2017 the Fund underwent a 0.84-for-1 share split. The Capital share transactions - shares have been retroactively adjusted to reflect the share split. See the Stock Split section of the Notes to Financial Statements for more information.
(C)		Class T1 commenced operations on March 17, 2017.
(D)		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 Statements of Changes in Net Assets 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.
(E)		Class I3, R, and R4 commenced operations on March 24, 2017.
(F)		Class T1 commenced operations on March 17, 2017.
(G)		Advisor Class commenced operations on December 16, 2016.

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


Transamerica Funds		Annual Report 2017

Page 400

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:


	Transamerica MLP & Energy Income^{(A) (B)}						Transamerica Multi-Cap Growth^(A) (B)						Transamerica Multi-Managed Balanced^(A) (C)
	October 31, 2017			October 31, 2016			October 31, 2017			October 31, 2016			October 31, 2017			October 31, 2016
From operations:
Net investment income (loss)	$	7,690,180		$	17,928,054		$	464,546		$	(77,758	)	$	9,576,374		$	6,201,496
Net realized gain (loss)		16,075,000			(142,436,292	)		12,103,202			48,733,525			22,528,824			3,136,586
Net change in unrealized appreciation (depreciation)		(11,004,717	)		147,850,936			40,261,380			(81,621,575	)		94,310,995			13,658,022
Net increase (decrease) in net assets resulting from operations		12,760,463			23,342,698			52,829,128			(32,965,808	)		126,416,193			22,996,104

Dividends and/or distributions to shareholders:
Net investment income:
Class A		(1,455,657	)		(1,418,557	)		—			—			(6,499,930	)		(2,999,475	)
Class B		—			—			—			—			(3,434	)		(695	)
Class C		(926,627	)		(882,602	)		(19	)		—			(1,011,781	)		(668,965	)
Class I		(1,970,470	)		(1,711,097	)		(24,737	)		—			(3,301,226	)		(2,550,239	)
Class I2		(10,351,944	)		(15,383,168	)		(430,759	)		—			—			—
Class R6		—			—			—			—			(128,030	)		(24,055	)
Class T1		(197	)		—			—			—			(67	)		—
Advisor Class		(298	)		—			—			—			(74	)		—
Total dividends and/or distributions from net investment income		(14,705,193	)		(19,395,424	)		(455,515	)		—			(10,944,542	)		(6,243,429	)
Net realized gains:
Class A		—			—			(9,176,019	)		(6,515,914	)		(1,538,902	)		(5,133,421	)
Class B		—			—			(264,885	)		(228,293	)		(11,291	)		(116,857	)
Class C		—			—			(1,794,873	)		(1,111,819	)		(723,850	)		(4,536,475	)
Class I		—			—			(7,032,558	)		(4,188,981	)		(715,081	)		(4,704,975	)
Class I2		—			—			(29,460,257	)		(17,545,117	)		—			—
Class R6		—			—			—			—			(22,299	)		(1,151	)
Advisor Class		—			—			(1,766	)		—			—			—
Total dividends and/or distributions from net realized gains		—			—			(47,730,358	)		(29,590,124	)		(3,011,423	)		(14,492,879	)
Return of capital:
Class A		(543,510	)		—			—			—			—			—
Class C		(345,976	)		—			—			—			—			—
Class I		(735,723	)		—			—			—			—			—
Class I2		(3,865,159	)		—			—			—			—			—
Class T1		(77	)		—			—			—			—			—
Advisor Class		(110	)		—			—			—			—			—
Total dividends and/or distributions from return of capital		(5,490,555	)		—			—			—			—			—
Total dividends and/or distributions to shareholders		(20,195,748	)		(19,395,424	)		(48,185,873	)		(29,590,124	)		(13,955,965	)		(20,736,308	)

Capital share transactions:
Proceeds from shares sold:
Class A		7,849,028			16,418,169			3,868,799			4,524,772			194,851,948			230,420,224
Class B		—			—			—			83			104,609			244,375
Class C		2,395,568			5,375,532			822,734			627,291			45,022,538			52,693,240
Class I		29,089,625			32,556,738			25,526,401			3,690,475			74,657,629			52,367,325
Class I2		5,251,286			220,449,129			1,460,963			11,672,912			—			—
Class R6		—			—			—			—			3,349,901			6,289,794
Class T1		10,000			—			10,140			—			10,000			—
Advisor Class		10,000			—			10,000			—			10,000			—
		44,605,507			274,799,568			31,699,037			20,515,533			318,006,625			342,014,958
Dividends and/or distributions reinvested:
Class A		1,692,339			1,203,777			9,029,367			6,420,206			7,879,486			7,875,169
Class B		—			—			263,164			225,447			14,616			116,154
Class C		924,288			607,483			1,740,513			1,064,102			1,619,346			4,780,473
Class I		1,550,070			936,423			6,994,746			4,149,339			3,683,954			6,730,902
Class I2		14,217,103			15,381,456			29,891,016			17,545,117			—			—
Class R6		—			—			—			—			150,329			25,206
Class T1		274			—			—			—			67			—
Advisor Class		408			—			1,766			—			74			—
		18,384,482			18,129,139			47,920,572			29,404,211			13,347,872			19,527,904
Cost of shares redeemed:
Class A		(20,445,016	)		(19,755,231	)		(9,684,516	)		(22,007,371	)		(96,998,922	)		(45,724,032	)
Class B		—			—			(88,515	)		(242,845	)		(378,996	)		(570,562	)
Class C		(10,205,393	)		(10,697,693	)		(1,999,107	)		(2,027,710	)		(56,909,943	)		(34,333,226	)
Class I		(20,540,482	)		(48,566,786	)		(15,268,843	)		(10,286,069	)		(47,047,417	)		(49,929,061	)
Class I2		(73,809,028	)		(329,581,656	)		(58,452,194	)		(141,074,514	)		—			—
Class R6		—			—			—			—			(1,036,001	)		(65,953	)
		(124,999,919	)		(408,601,366	)		(85,493,175	)		(175,638,509	)		(202,371,279	)		(130,622,834	)
Automatic conversions:
Class A		—			—			561,428			650,864			1,310,454			1,634,891
Class B		—			—			(561,428	)		(650,864	)		(1,310,454	)		(1,634,891	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		(62,009,930	)		(115,672,659	)		(5,873,566	)		(125,718,765	)		128,983,218			230,920,028
Net increase (decrease) in net assets		(69,445,215	)		(111,725,385	)		(1,230,311	)		(188,274,697	)		241,443,446			233,179,824

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


Transamerica Funds		Annual Report 2017

Page 401

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:


	Transamerica MLP & Energy Income^{(A) (B)}						Transamerica Multi-Cap Growth^(A) (B)						Transamerica Multi-Managed Balanced^(A) (C)
	October 31, 2017			October 31, 2016			October 31, 2017			October 31, 2016			October 31, 2017			October 31, 2016
Net assets:
Beginning of year	$	382,520,360		$	494,245,745		$	258,734,562		$	447,009,259		$	833,314,401		$	600,134,577
End of year	$	313,075,145		$	382,520,360		$	257,504,251		$	258,734,562		$	1,074,757,847		$	833,314,401
Undistributed (distributions in excess of) net investment income (loss)	$	(1,528,065	)	$	(2,158,781	)	$	9,031		$	—		$	173,021		$	877,615
Capital share transactions - shares:
Shares issued:
Class A		1,003,454			2,532,438			568,857			588,717			7,473,049			9,354,912
Class B		—			—			—			25			4,059			10,231
Class C		304,506			825,662			162,126			96,054			1,737,413			2,193,295
Class I		3,723,548			4,671,021			3,618,805			443,620			2,799,028			2,121,445
Class I2		685,313			34,817,422			195,998			1,473,516			—			—
Class R6		—			—			—			—			128,418			252,400
Class T1		1,235			—			1,522			—			378			—
Advisor Class		1,251			—			1,218			—			375			—
		5,719,307			42,846,543			4,548,526			2,601,932			12,142,720			13,932,283
Shares reinvested:
Class A		216,771			169,230			1,463,431			759,788			299,319			324,939
Class B		—			—			54,948			32,345			576			4,850
Class C		118,908			85,848			358,868			151,151			63,373			201,467
Class I		199,301			133,485			1,028,639			454,473			139,272			277,160
Class I2		1,818,061			2,221,051			4,325,762			1,898,822			—			—
Class R6		—			—			—			—			5,667			1,002
Class T1		35			—			—			—			2			—
Advisor Class		52			—			259			—			3			—
		2,353,128			2,609,614			7,231,907			3,296,579			508,212			809,418
Shares redeemed:
Class A		(2,562,351	)		(2,875,873	)		(1,442,562	)		(2,907,752	)		(3,619,896	)		(1,869,209	)
Class B		—			—			(17,267	)		(36,981	)		(14,386	)		(23,456	)
Class C		(1,309,167	)		(1,587,966	)		(376,047	)		(316,016	)		(2,193,976	)		(1,434,508	)
Class I		(2,641,581	)		(7,586,189	)		(2,073,088	)		(1,200,970	)		(1,770,029	)		(2,042,829	)
Class I2		(9,482,816	)		(45,215,506	)		(7,827,370	)		(14,572,407	)		—			—
Class R6		—			—			—			—			(39,052	)		(2,629	)
		(15,995,915	)		(57,265,534	)		(11,736,334	)		(19,034,126	)		(7,637,339	)		(5,372,631	)
Automatic conversions:
Class A		—			—			86,199			82,794			49,435			67,121
Class B		—			—			(110,724	)		(100,342	)		(49,771	)		(67,585	)
		—			—			(24,525	)		(17,548	)		(336	)		(464	)
Net increase (decrease) in shares outstanding:
Class A		(1,342,126	)		(174,205	)		675,925			(1,476,453	)		4,201,907			7,877,763
Class B		—			—			(73,043	)		(104,953	)		(59,522	)		(75,960	)
Class C		(885,753	)		(676,456	)		144,947			(68,811	)		(393,190	)		960,254
Class I		1,281,268			(2,781,683	)		2,574,356			(302,877	)		1,168,271			355,776
Class I2		(6,979,442	)		(8,177,033	)		(3,305,610	)		(11,200,069	)		—			—
Class R6		—			—			—			—			95,033			250,773
Class T1		1,270			—			1,522			—			380			—
Advisor Class		1,303			—			1,477			—			378			—
		(7,923,480	)		(11,809,377	)		19,574			(13,153,163	)		5,013,257			9,368,606


(A)		Class T1 commenced operations on March 17, 2017.
(B)		Advisor Class commenced operations on December 16, 2016.
(C)		Advisor Class commenced operations on March 3, 2017.

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


Transamerica Funds		Annual Report 2017

Page 402

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:


	Transamerica Short-Term Bond^{(A) (B)}						Transamerica Small Cap Core ^{(A) (C) (D)}
	October 31, 2017			October 31, 2016			October 31, 2017^(E)			December 31, 2016			December 31, 2015
From operations:
Net investment income (loss)	$	52,271,428		$	61,940,498		$	933,032		$	100,266		$	163,514
Net realized gain (loss)		(2,199,067	)		(22,360,763	)		5,468,338			—			—
Net realized gain (loss) allocated from Series Portfolios		—			—			(47,991,746	)		243,734			545,416
Net change in unrealized appreciation (depreciation)		4,706,987			36,065,889			2,267,684			—			—
Net change in unrealized appreciation (depreciation) allocated from Series Portfolios		—			—			47,847,340			2,263,938			(2,180,059	)
Net increase (decrease) in net assets resulting from operations		54,779,348			75,645,624			8,524,648			2,607,938			(1,471,129	)

Dividends and/or distributions to shareholders:
Net investment income:
Class A		(19,196,837	)		(17,809,230	)		—			—			—
Class C		(6,870,311	)		(8,375,961	)		—			—			—
Class I		(22,553,104	)		(18,688,541	)		—			—			—
Class I2		(7,636,970	)		(16,734,521	)		—			—			—
Class R4		—			—			(13,209	)		(106,674	)		(171,308	)
Class R6		(19,654	)		(5,352	)		—			—			—
Class T1		(125	)		—			—			—			—
Advisor Class		(336	)		—			—			—			—
Total dividends and/or distributions from net investment income		(56,277,337	)		(61,613,605	)		(13,209	)		(106,674	)		(171,308	)
Return of capital:
Class A		—			(2,208,329	)		—			—			—
Class C		—			(1,038,612	)		—			—			—
Class I		—			(2,317,364	)		—			—			—
Class I2		—			(2,075,066	)		—			—			—
Class R6		—			(665	)		—			—			—
Total dividends and/or distributions from return of capital		—			(7,640,036	)		(13,209	)		(106,674	)		(171,308	)
Total dividends and/or distributions to shareholders		(56,277,337	)		(69,253,641	)		(13,209	)		(106,674	)		(171,308	)

Capital share transactions:
Proceeds from shares sold:
Class A		429,018,787			331,648,362			837,158			—			—
Class C		63,615,527			80,758,395			12,670			—			—
Class I		894,410,421			596,619,617			214,113			—			—
Class I2		226,064,769			127,916,920			180,882			—			—
Class I3		—			—			10,922,377			—			—
Class R		—			—			1,333,867			—			—
Class R4		—			—			1,087,037			1,271,274			1,553,920
Class R6		1,380,048			328,734			—			—			—
Class T1		10,098			—			—			—			—
Advisor Class		40,843			—			10,000			—			—
		1,614,540,493			1,137,272,028			14,598,104			1,271,274			1,553,920
Issued from fund acquisition:
Class A		—			—			2,987,994			—			—
Class C		—			—			770,505			—			—
Class I		—			—			1,643,572			—			—
Class I2		—			—			39,744,526			—			—
Class I3		—			—			164,067,863			—			—
Class R		—			—			67,963,093			—			—
Advisor Class		—			—			9,800			—			—
		—			—			277,187,353			—			—
Dividends and/or distributions reinvested:
Class A		17,774,062			18,168,207			—			—			—
Class C		6,131,759			8,187,482			—			—			—
Class I		18,654,392			16,605,635			—			—			—
Class I2		7,690,380			18,771,805			—			—			—
Class R4		—			—			13,209			106,674			171,308
Class R6		19,754			5,926			—			—			—
Class T1		125			—			—			—			—
Advisor Class		336			—			—			—			—
		50,270,808			61,739,055			13,209			106,674			171,308
Cost of shares redeemed:
Class A		(440,706,214	)		(394,083,690	)		(435,979	)		—			—
Class C		(172,869,720	)		(190,637,158	)		(163,862	)		—			—
Class I		(579,954,021	)		(458,815,981	)		(224,352	)		—			—
Class I2		(88,195,875	)		(1,086,687,029	)		(11,361,954	)		—			—
Class I3		—			—			(27,112,967	)		—			—
Class R		—			—			(17,737,657	)		—			—
Class R4		—			—			(6,838,672	)		(2,057,728	)		(14,914,597	)
Class R6		(360,132	)		(15,967	)		—			—			—
Class T1		(98	)		—			—			—			—
Advisor Class		(8	)		—			—			—			—
		(1,282,086,068	)		(2,130,239,825	)		(63,875,443	)		(2,057,728	)		(14,914,597	)
Net increase (decrease) in net assets resulting from capital share transactions		382,725,233			(931,228,742	)		227,923,223			(679,780	)		(13,189,369	)
Net increase (decrease) in net assets		381,227,244			(924,836,759	)		236,434,662			1,821,484			(14,381,806	)

Net assets:
Beginning of period/year		2,818,286,208			3,743,122,967			14,539,989			12,718,505			27,550,311
End of period/year	$	3,199,513,452		$	2,818,286,208			250,974,651			14,539,989			12,718,505
Undistributed (distributions in excess of) net investment income (loss)	$	(541,126	)	$	(673,147	)		1,089,419			5,199			5,202

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


Transamerica Funds		Annual Report 2017

Page 403

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:


	Transamerica Short-Term Bond^{(A) (B)}						Transamerica Small Cap Core ^{(A) (C) (D)}
	October 31, 2017			October 31, 2016			October 31, 2017^(E)			December 31, 2016			December 31, 2015
Capital share transactions - shares:
Shares issued:
Class A		42,029,320			32,624,334			72,977			—			—
Class C		6,244,662			7,966,545			1,119			—			—
Class I		89,102,548			59,718,529			18,574			—			—
Class I2		22,524,741			12,794,490			15,802			—			—
Class I3		—			—			967,173			—			—
Class R		—			—			115,859			—			—
Class R4		—			—			93,465			115,106			148,836
Class R6		137,623			33,091			—			—			—
Class T1		991			—			864			—			—
Advisor Class		4,065			—			—			—			—
		160,043,950			113,136,989			1,285,833			115,106			148,836
Shares issued on fund acquisition:
Class A		—			—			262,942			—			—
Class C		—			—			68,530			—			—
Class I		—			—			144,152			—			—
Class I2		—			—			3,485,319			—			—
Class I3		—			—			14,387,627			—			—
Class R		—			—			5,959,897			—			—
Advisor Class		—			—			858			—			—
		—			—			24,309,325			—			—
Shares reinvested:
Class A		1,740,678			1,787,601			—			—			—
Class C		601,792			807,130			—			—			—
Class I		1,858,739			1,662,349			—			—			—
Class I2		766,945			1,884,790			—			—			—
Class R4		—			—			1,156			10,653			16,879
Class R6		1,969			592			—			—			—
Class T1		12			—			—			—			—
Advisor Class		33			—			—			—			—
		4,970,168			6,142,462			1,156			10,653			16,879
Shares redeemed:
Class A		(43,162,772	)		(38,858,733	)		(38,160	)		—			—
Class C		(16,970,642	)		(18,800,041	)		(14,338	)		—			—
Class I		(57,845,195	)		(45,959,240	)		(19,347	)		—			—
Class I2		(8,795,787	)		(108,785,892	)		(993,336	)		—			—
Class I3		—			—			(2,334,146	)		—			—
Class R		—			—			(1,562,821	)		—			—
Class R4		—			—			(592,530	)		(210,127	)		(1,426,538	)
Class R6		(35,879	)		(1,597	)		—			—			—
Class T1		(9	)		—			—			—			—
		(126,810,284	)		(212,405,503	)		(5,554,678	)		(210,127	)		(1,426,538	)
Net increase (decrease) in shares outstanding:
Class A		607,226			(4,446,798	)		297,759			—			—
Class C		(10,124,188	)		(10,026,366	)		55,311			—			—
Class I		33,116,092			15,421,638			143,379			—			—
Class I2		14,495,899			(94,106,612	)		2,507,785			—			—
Class I3		—			—			13,020,654			—			—
Class R		—			—			4,512,935			—			—
Class R4		—			—			(497,909	)		(84,368	)		(1,260,823	)
Class R6		103,713			32,086			—			—			—
Class T1		994			—			864			—			—
Advisor Class		4,098			—			858			—			—
		38,203,834			(93,126,052	)		20,041,636			(84,368	)		(1,260,823	)


(A)		Class T1 commenced operations on March 17, 2017.
(B)		Advisor Class commenced operations on December 16, 2016.
(C)		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. Please reference the Reorganization section of the Notes to the Financial Statements for additional information.
(D)		Effective March 10, 2017 the Fund underwent a 1.44-for-1 share split. The Capital share transactions - shares have been retroactively adjusted to reflect the share split. See the Stock Split section of the Notes to Financial Statements for more information.
(E)		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 Statements of Changes in Net Assets 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.

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


Transamerica Funds		Annual Report 2017

Page 404

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:


	Transamerica Small Cap Growth^{(A) (B) (C)}						Transamerica Small Cap Value ^{(D) (E)}
	October 31, 2017			October 31, 2016			October 31, 2017 ^(F)			December 31, 2016			December 31, 2015
From operations:
Net investment income (loss)	$	(875,287	)	$	(1,178,050	)	$	902,986		$	44,412		$	56,684
Net realized gain (loss)		10,735,168			111,501,977			14,690,324			—			—
Net realized gain (loss) allocated from Series Portfolios		—			—			4,987,862			34,016			1,661,673
Net change in unrealized appreciation (depreciation)		15,784,843			(89,809,183	)		8,637,238			—			—
Net change in unrealized appreciation (depreciation) allocated from Series Portfolios		—			—			(5,039,261	)		1,123,681			(2,146,639	)
Net increase (decrease) in net assets resulting from operations		25,644,724			20,514,744			24,179,149			1,202,109			(428,282	)

Dividends and/or distributions to shareholders:
Net investment income:
Class A		—			—			—			—			—
Class C		—			—			—			—			—
Class I		—			—			—			—			—
Class I2		—			—			—			—			—
Class R4		—			—			(6,110	)		(57,375	)		(45,342	)
Total dividends and/or distributions from net investment income		—			—			(6,110	)		(57,375	)		(45,342	)
Net realized gains:
Class A		(6,093,796	)		(266,325	)		—			—			—
Class C		(1,028,759	)		(114,382	)		—			—			—
Class I		(2,491,220	)		(197,822	)		—			—			—
Class I2		(32,431,383	)		(35,817,720	)		—			—			—
Class R6		(30,128	)		—			—			—			—
Advisor Class		(5,508	)		—			—			—			—
Total dividends and/or distributions from net realized gains		(42,080,794	)		(36,396,249	)		—			—			—
Total dividends and/or distributions to shareholders		(42,080,794	)		(36,396,249	)		(6,110	)		(57,375	)		(45,342	)

Capital share transactions:
Proceeds from shares sold:
Class A		10,899,962			7,694,535			706,527			—			—
Class C		2,142,285			349,787			25,426			—			—
Class I		26,832,249			1,506,256			1,970,178			—			—
Class I2		758,685			18,410,212			273,374			—			—
Class I3		33,968,740			—			34,058,827			—			—
Class R		1,250,562			—			404,165			—			—
Class R4		539,552			—			146,453			396,114			389,385
Class R6		—			50,000			—			—			—
Class T1(A)		10,000			—			—			—			—
Advisor Class		14,550			—			—			—			—
		76,416,585			28,010,790			37,584,950			396,114			389,385
Issued from fund acquisition:
Class A		—			—			2,495,036			—			—
Class C		—			—			824,598			—			—
Class I		—			—			639,862			—			—
Class I2		—			—			262,835,266			—			—
Class I3		17,586,938			—			17,165,386			—			—
Class R		40,910,118			—			35,584,048			—			—
Class R4		11,132,383			—			—			—			—
Class R6		—			—			56,472			—			—
Class T1		—			—			9,968			—			—
Advisor Class		—			—			9,995			—			—
		69,629,439			—			319,620,631			—			—
Dividends and/or distributions reinvested:
Class A		6,067,726			262,980			—			—			—
Class C		1,027,285			114,382			—			—			—
Class I		1,538,133			197,071			—			—			—
Class I2		32,431,383			35,777,612			—			—			—
Class R4		—			—			6,110			57,375			45,342
Class R6		30,128			—			—			—			—
Advisor Class		5,508			—			—			—			—
		41,100,163			36,352,045			6,110			57,375			45,342
Cost of shares redeemed:
Class A		(6,930,735	)		(1,850,414	)		(640,919	)		—			—
Class C		(440,072	)		(372,625	)		(20,194	)		—			—
Class I		(2,601,404	)		(1,977,426	)		(211,610	)		—			—
Class I2		(19,599,510	)		(524,004,033	)		(27,229,294	)		—			—
Class I3		(20,916,482	)		—			(19,980,994	)		—			—
Class R		(27,317,128	)		—			(25,014,729	)		—			—
Class R4		(6,529,406	)		—			(6,783,482	)		(1,241,683	)		(1,789,266	)
		(84,334,737	)		(528,204,498	)		(79,881,222	)		(1,241,683	)		(1,789,266	)
Net increase (decrease) in net assets resulting from capital share transactions		102,811,450			(463,841,663	)		277,330,469			(788,194	)		(1,354,539	)
Net increase (decrease) in net assets		86,375,380			(479,723,168	)		301,503,508			356,540			(1,828,163	)

Net assets:
Beginning of period/year		66,084,778			545,807,946			7,065,481			6,708,941			8,537,104
End of peiord/year	$	152,460,158		$	66,084,778		$	308,568,989		$	7,065,481		$	6,708,941
Undistributed (distributions in excess of) net investment income (loss)	$	(732,251	)	$	—		$	637,513		$	—		$	9,430

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


Transamerica Funds		Annual Report 2017

Page 405

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:


	Transamerica Small Cap Growth^{(A) (B) (C)}						Transamerica Small Cap Value ^{(D) (E)}
	October 31, 2017			October 31, 2016			October 31, 2017 ^(F)			December 31, 2016			December 31, 2015
Capital share transactions - shares:
Shares issued:
Class A		1,589,648			634,498			62,428			—			—
Class C		343,854			29,368			2,232			—			—
Class I		3,855,586			123,528			169,873			—			—
Class I2		104,057			1,530,510			24,123			—			—
Class I3		5,090,756			—			3,072,379			—			—
Class R		184,955			—			35,280			—			—
Class R4		80,310			—			13,003			39,617			37,923
Class R6		—			3,953			—			—			—
Class T1		1,585			—			—			—			—
Advisor Class		1,402			—			—			—			—
		11,252,153			2,321,857			3,379,318			39,617			37,923
Shares issued on fund acquisition:
Class A		—			—			225,399			—			—
Class C		—			—			74,769			—			—
Class I		—			—			57,440			—			—
Class I2		—			—			23,579,640			—			—
Class I3		2,729,704			—			1,539,952			—			—
Class R		6,349,742			—			3,192,339			—			—
Class R4		1,727,879			—			—			—			—
Class R6		—			—			5,040			—			—
Class T1		—			—			900			—			—
Advisor Class		—			—			891			—			—
		10,807,325			—			28,676,370			—			—
Shares reinvested:
Class A		977,090			22,749			—			—			—
Class C		178,039			10,140			—			—			—
Class I		240,709			16,872			—			—			—
Class I2		5,020,338			3,050,095			—			—			—
Class R4		—			—			559			5,829			4,493
Class R6		4,663			—			—			—			—
Advisor Class		862			—			—			—			—
		6,421,701			3,099,856			559			5,829			4,493
Shares redeemed:
Class A		(1,040,338	)		(154,786	)		(56,826	)		—			—
Class C		(73,599	)		(33,167	)		(1,738	)		—			—
Class I		(376,935	)		(170,704	)		(17,768	)		—			—
Class I2		(2,835,117	)		(41,735,746	)		(2,416,585	)		—			—
Class I3		(3,008,639	)		—			(1,707,458	)		—			—
Class R		(4,092,359	)		—			(2,244,465	)		—			—
Class R4		(979,948	)		—			(613,048	)		(122,618	)		(172,522	)
		(12,406,935	)		(42,094,403	)		(7,057,888	)		(122,618	)		(172,522	)
Net increase (decrease) in shares outstanding:
Class A		1,526,400			502,461			231,001			—			—
Class C		448,294			6,341			75,263			—			—
Class I		3,719,360			(30,304	)		209,545			—			—
Class I2		2,289,278			(37,155,141	)		21,187,178			—			—
Class I3		4,811,821			—			2,904,873			—			—
Class R		2,442,338			—			983,154			—			—
Class R4		828,241			—			(599,486	)		(77,172	)		(130,106	)
Class R6		4,663			3,953			5,040			—			—
Class T1		1,585			—			900			—			—
Advisor Class		2,264			—			891			—			—
		16,074,244			(36,672,690	)		24,998,359			(77,172	)		(130,106	)


(A)		Class T1 commenced operations on March 17, 2017.
(B)		Class I3, R, and R4 commenced operations on March 10, 2017.
(C)		Advisor Class commenced operations on December 16, 2016.
(D)		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. Please reference the Reorganization section of the Notes to the Financial Statements for additional information.
(E)		Effective April 21, 2017 the Fund underwent a 2.16-for-1 share split. The Capital share transactions - shares have been retroactively adjusted to reflect the share split. See the Stock Split section of the Notes to Financial Statements for more information.
(F)		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 Statements of Changes in Net Assets 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.

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


Transamerica Funds		Annual Report 2017

Page 406

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:


	Transamerica Small/Mid Cap Value^{(A) (B)}						Transamerica Strategic High Income^{(A) (B)}						Transamerica Unconstrained Bond^(B)
	October 31, 2017			October 31, 2016			October 31, 2017			October 31, 2016			October 31, 2017			October 31, 2016
From operations:
Net investment income (loss)	$	(402,299	)	$	6,830,688		$	4,802,189		$	1,519,729		$	6,660,303		$	7,455,949
Net realized gain (loss)		107,344,174			39,224,216			9,030,193			(519,996	)		6,573,151			(3,987,108	)
Net change in unrealized appreciation (depreciation)		72,322,791			(15,129,200	)		3,139,383			711,801			1,148,745			4,285,354
Net increase (decrease) in net assets resulting from operations		179,264,666			30,925,704			16,971,765			1,711,534			14,382,199			7,754,195

Dividends and/or distributions to shareholders:
Net investment income:
Class A		(2,976,859	)		(394,445	)		(890,762	)		(66,295	)		—			—
Class B		—			—			—			—			—			—
Class C		(745,005	)		—			(1,351,056	)		(113,320	)		—			—
Class I		(1,892,802	)		(865,915	)		(2,400,293	)		(1,292,364	)		(29,338	)		(10,621	)
Class I2		(234,153	)		(110,424	)		(407	)		(0	)^(C)		(7,789,343	)		(6,653,179	)
Class R6		(13,648	)		(132	)		—			—			—			—
Class T1		—			—			(217	)		—			—			—
Advisor Class		(4	)		—			(486	)		—			(251	)		—
Total dividends and/or distributions from net investment income		(5,862,471	)		(1,370,916	)		(4,643,221	)		(1,471,979	)		(7,818,932	)		(6,663,800	)
Net realized gains:
Class A		(18,330,193	)		(32,568,914	)		—			(6,314	)		—			—
Class B		(499,496	)		(1,584,990	)		—			—			—			—
Class C		(14,159,982	)		(24,819,106	)		—			(15,312	)		—			—
Class I		(8,156,693	)		(14,768,898	)		—			(116,346	)		—			—
Class I2		(932,170	)		(1,522,010	)		—			(0	)^(C)		—			—
Class R6		(54,160	)		(3,884	)		—			—			—			—
Advisor Class		(462	)		—			—			—			—			—
Total dividends and/or distributions from net realized gains		(42,133,156	)		(75,267,802	)		—			(137,972	)		—			—
Total dividends and/or distributions to shareholders		(47,995,627	)		(76,638,718	)		(4,643,221	)		(1,609,951	)		(7,818,932	)		(6,663,800	)

Capital share transactions:
Proceeds from shares sold:
Class A		63,364,690			34,430,867			2,604,986			717,055			—			—
Class B		67,532			123,300			—			—			—			—
Class C		22,623,383			18,937,657			2,480,440			1,440,103			—			—
Class I		103,309,527			42,831,420			15,390,430			12,054,479			2,036,489			—
Class I2		516,914			509,478			—			—			38,959,786			74,744,066
Class R6		3,044,908			944,032			—			—			—			—
Class T1		10,000			—			10,000			—			—			—
Advisor Class		134,507			—			15,201			—			10,000			—
		193,071,461			97,776,754			20,501,057			14,211,637			41,006,275			74,744,066
Issued from fund acquisition:
Class A		—			—			28,861,366			—			—			—
Class C		—			—			53,942,865			—			—			—
Class I		—			—			22,194,649			—			—			—
Class I2		—			—			9,808			—			—			—
		—			—			105,008,688			—			—			—
Dividends and/or distributions reinvested:
Class A		20,401,389			31,792,224			839,426			71,751			—			—
Class B		463,513			1,415,420			—			—			—			—
Class C		13,256,501			21,638,423			1,273,462			127,579			—			—
Class I		8,092,037			12,068,675			2,313,769			1,358,694			29,421			10,529
Class I2		1,166,323			1,632,434			407			0	^(C)		7,863,241			6,575,851
Class R6		67,808			4,016			—			—			—			—
Class T1		—			—			217			—			—			—
Advisor Class		466			—			486			—			251			—
		43,448,037			68,551,192			4,427,767			1,558,024			7,892,913			6,586,380
Cost of shares redeemed:
Class A		(121,154,535	)		(115,805,796	)		(15,969,213	)		(243,124	)		—			—
Class B		(1,891,522	)		(3,905,496	)		—			—			—			—
Class C		(69,587,487	)		(65,472,590	)		(22,923,946	)		(435,750	)		—			—
Class I		(57,688,794	)		(75,462,716	)		(15,715,712	)		(2,099,949	)		(265,705	)		(14,074	)
Class I2		(2,360,345	)		(2,356,058	)		—			—			(5,485,322	)		(66,281,585	)
Class R6		(379,530	)		(76,880	)		—			—			—			—
		(253,062,213	)		(263,079,536	)		(54,608,871	)		(2,778,823	)		(5,751,027	)		(66,295,659	)
Automatic conversions:
Class A		3,516,440			5,859,261			—			—			—			—
Class B		(3,516,440	)		(5,859,261	)		—			—			—			—
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		(16,542,715	)		(96,751,590	)		75,328,641			12,990,838			43,148,161			15,034,787
Net increase (decrease) in net assets		114,726,324			(142,464,604	)		87,657,185			13,092,421			49,711,428			16,125,182

Net assets:
Beginning of year		762,716,018			905,180,622			48,016,707			34,924,286			219,296,341			203,171,159
End of year	$	877,442,342		$	762,716,018		$	135,673,892		$	48,016,707		$	269,007,769		$	219,296,341
Undistributed (distributions in excess of) net investment income (loss)	$	822,486		$	5,804,604		$	(416,364	)	$	96,391		$	(7,174	)	$	627,318

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


Transamerica Funds		Annual Report 2017

Page 407

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:


	Transamerica Small/Mid Cap Value^{(A) (B)}						Transamerica Strategic High Income^{(A) (B)}						Transamerica Unconstrained Bond^(B)
	October 31, 2017			October 31, 2016			October 31, 2017			October 31, 2016			October 31, 2017			October 31, 2016
Capital share transactions - shares:
Shares issued:
Class A		2,265,562			1,424,666			246,530			72,529			—			—
Class B		2,630			5,672			—			—			—			—
Class C		912,026			874,045			234,012			147,359			—			—
Class I		3,567,317			1,712,268			1,449,619			1,221,694			200,492			—
Class I2		18,001			20,712			—			—			3,849,972			7,601,738
Class R6		103,831			37,257			—			—			—			—
Class T1		355			—			944			—			—			—
Advisor Class		4,515			—			1,465			—			1,016			—
		6,874,237			4,074,620			1,932,570			1,441,582			4,051,480			7,601,738
Shares issued on fund acquisition:
Class A		—			—			2,855,808			—			—			—
Class C		—			—			5,357,800			—			—			—
Class I		—			—			2,195,729			—			—			—
Class I2		—			—			1,009			—			—			—
		—			—			10,410,346			—			—			—
Shares reinvested:
Class A		747,030			1,337,494			79,620			7,320			—			—
Class B		18,781			65,559			—			—			—			—
Class C		545,535			1,014,935			121,233			13,069			—			—
Class I		288,075			494,415			218,645			138,642			2,897			1,096
Class I2		41,477			66,821			40			0	^(D)		781,386			684,332
Class R6		2,403			164			—			—			—			—
Class T1		—			—			20			—			—			—
Advisor Class		16			—			45			—			25			—
		1,643,317			2,979,388			419,603			159,031			784,308			685,428
Shares redeemed:
Class A		(4,316,782	)		(4,805,283	)		(1,506,401	)		(24,395	)		—			—
Class B		(74,384	)		(179,701	)		—			—			—			—
Class C		(2,796,491	)		(3,020,989	)		(2,186,787	)		(44,548	)		—			—
Class I		(2,014,153	)		(3,080,046	)		(1,497,533	)		(217,320	)		(26,015	)		(1,525	)
Class I2		(80,676	)		(94,288	)		—			—			(548,489	)		(6,841,313	)
Class R6		(12,854	)		(2,965	)		—			—			—			—
		(9,295,340	)		(11,183,272	)		(5,190,721	)		(286,263	)		(574,504	)		(6,842,838	)
Automatic conversions:
Class A		126,093			239,029			—			—			—			—
Class B		(139,953	)		(263,859	)		—			—			—			—
		(13,860	)		(24,830	)		—			—			—			—
Net increase (decrease) in shares outstanding:
Class A		(1,178,097	)		(1,804,094	)		1,675,557			55,454			—			—
Class B		(192,926	)		(372,329	)		—			—			—			—
Class C		(1,338,930	)		(1,132,009	)		3,526,258			115,880			—			—
Class I		1,841,239			(873,363	)		2,366,460			1,143,016			177,374			(429	)
Class I2		(21,198	)		(6,755	)		1,049			0	^(D)		4,082,869			1,444,757
Class R6		93,380			34,456			—			—			—			—
Class T1		355			—			964			—			—			—
Advisor Class		4,531			—			1,510			—			1,041			—
		(791,646	)		(4,154,094	)		7,571,798			1,314,350			4,261,284			1,444,328


(A)		Class T1 commenced operations on March 17, 2017.
(B)		Advisor Class commenced operations on December 16, 2016.
(C)		Rounds to less than $1 or $(1).
(D)		Rounds to less than 1 or (1) shares.

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


Transamerica Funds		Annual Report 2017

Page 408

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:


	Transamerica US Growth^{(A) (B)}
	October 31, 2017			October 31, 2016
From operations:
Net investment income (loss)	$	2,219,323		$	2,157,324
Net realized gain (loss)		100,647,830			25,592,602
Net change in unrealized appreciation (depreciation)		137,501,273			(37,029,481	)
Net increase (decrease) in net assets resulting from operations		240,368,426			(9,279,555	)

Dividends and/or distributions to shareholders:
Net investment income:
Class A		(300,861	)		(22,737	)
Class C		(18	)		—
Class I		(612,803	)		(560,522	)
Class I2		(1,330,410	)		(1,576,091	)
Class T		(118,454	)		(108,037	)
Total dividends and/or distributions from net investment income		(2,362,546	)		(2,267,387	)
Net realized gains:
Class A		(9,431,729	)		(11,022,054	)
Class B		(160,941	)		(258,428	)
Class C		(1,012,745	)		(1,301,421	)
Class I		(3,408,145	)		(4,157,551	)
Class I2		(5,475,375	)		(8,074,287	)
Class T		(833,124	)		(1,015,032	)
Advisor Class		(211	)		—
Total dividends and/or distributions from net realized gains		(20,322,270	)		(25,828,773	)
Total dividends and/or distributions to shareholders		(22,684,816	)		(28,096,160	)

Capital share transactions:
Proceeds from shares sold:
Class A		18,566,843			19,569,942
Class B		30,524			111,491
Class C		1,598,793			1,903,071
Class I		9,805,089			6,242,039
Class I2		2,952,866			20,238,914
Class T		626,800			613,536
Class T1		10,000			—
Advisor Class		10,000			—
		33,600,915			48,678,993
Dividends and/or distributions reinvested:
Class A		9,537,986			10,831,565
Class B		159,875			256,224
Class C		974,829			1,256,994
Class I		3,966,146			4,630,062
Class I2		6,804,498			9,650,158
Class T		926,321			1,097,391
Advisor Class		211			—
		22,369,866			27,722,394
Cost of shares redeemed:
Class A		(59,971,042	)		(55,670,518	)
Class B		(784,678	)		(1,129,682	)
Class C		(8,670,918	)		(9,437,141	)
Class I		(25,861,694	)		(26,888,105	)
Class I2		(89,116,391	)		(121,894,504	)
Class T		(9,945,457	)		(10,323,220	)
		(194,350,180	)		(225,343,170	)
Automatic conversions:
Class A		2,717,208			2,547,917
Class B		(2,717,208	)		(2,547,917	)
		—			—
Net increase (decrease) in net assets resulting from capital share transactions		(138,379,399	)		(148,941,783	)
Net increase (decrease) in net assets		79,304,211			(186,317,498	)

Net assets:
Beginning of year		998,753,760			1,185,071,258
End of year	$	1,078,057,971		$	998,753,760
Undistributed (distributions in excess of) net investment income (loss)	$	1,339,868		$	1,456,800

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


Transamerica Funds		Annual Report 2017

Page 409

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:


	Transamerica US Growth^{(A) (B)}
	October 31, 2017			October 31, 2016
Capital share transactions - shares:
Shares issued:
Class A		1,013,965			1,180,741
Class B		1,589			7,517
Class C		90,039			116,869
Class I		512,782			368,724
Class I2		160,321			1,259,614
Class T		13,819			14,920
Class T1		544			—
Advisor Class		569			—
		1,793,628			2,948,385
Shares reinvested:
Class A		560,399			644,738
Class B		9,820			15,787
Class C		59,769			77,449
Class I		229,788			271,877
Class I2		395,151			567,990
Class T		21,709			26,475
Advisor Class		12			—
		1,276,648			1,604,316
Shares redeemed:
Class A		(3,219,928	)		(3,330,078	)
Class B		(44,994	)		(69,691	)
Class C		(487,937	)		(587,793	)
Class I		(1,400,518	)		(1,575,939	)
Class I2		(4,702,781	)		(7,124,892	)
Class T		(216,035	)		(250,423	)
		(10,072,193	)		(12,938,816	)
Automatic conversions:
Class A		148,318			152,727
Class B		(155,494	)		(158,532	)
		(7,176	)		(5,805	)
Net increase (decrease) in shares outstanding:
Class A		(1,497,246	)		(1,351,872	)
Class B		(189,079	)		(204,919	)
Class C		(338,129	)		(393,475	)
Class I		(657,948	)		(935,338	)
Class I2		(4,147,309	)		(5,297,288	)
Class T		(180,507	)		(209,028	)
Class T1		544			—
Advisor Class		581			—
		(7,009,093	)		(8,391,920	)


(A)		Class T1 commenced operations on March 17, 2017.
(B)		Advisor Class commenced operations on December 16, 2016.

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


Transamerica Funds		Annual Report 2017

Page 410

STATEMENT OF CASH FLOWS

For the year ended October 31, 2017


	Transamerica Event Driven
Cash flows provided by (used for) operating activities:
Net increase (decrease) in net assets resulting from operations	$	6,183,252
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		(612,310,852	)
Proceeds of long-term investments		637,393,787
Purchases to cover securities sold short		(164,351,251	)
Proceeds from securities sold short		155,320,763
Net purchases/proceeds of short-term investments		(4,598,377	)
Net change in unrealized appreciation (depreciation)		(31,554	)
Net realized gain (loss)		(4,674,785	)
Net amortization (accretion) of discount and premium		(286,637	)
(Increase) decrease in receivables for investments sold		6,824,795
(Increase) decrease in receivables for interest		719,784
(Increase) decrease in receivables for dividends		(111,099	)
(Increase) decrease in receivable for tax reclaim		170
(Increase) decrease in receivables for net income from securities lending		(534	)
(Increase) decrease in cash on deposit with broker and custodian		9,313,031
Increase (decrease) in cash deposit due to broker		(10,291	)
Increase (decrease) in payables for investments purchased		2,516,135
Increase (decrease) in dividends, interest and fees for borrowings from securities sold short		(25,863	)
Increase (decrease) in line of credit		(15,000,000	)
Increase (decrease) in accrued liabilities		(15,511	)
Increase (decrease) in collateral for securities on loan		(3,447,153	)
Net cash provided by (used for) swap agreement transactions		(58,757	)
Net cash provided by (used for) written options and swaptions transactions		111,387
Net cash provided by (used for) in futures contracts transactions		(143,443	)
Net cash provided by (used for) foreign currency transactions		17,509
Net cash provided by (used for) operating activities		13,334,506

Cash flows from financing activities:
Increase (decrease) in foreign cash overdraft		30
Proceeds from shares sold, net of receivable for shares sold		6,889,501
Payment of shares redeemed, net of payable for shares redeemed		(20,224,074	)
Net cash provided by (used for) financing activities		(13,334,543	)
Net increase (decrease) in cash and foreign currencies		(37	)
Cash and foreign currencies, at beginning of year	$	54
Cash and foreign currencies, at end of year	$	17

Supplemental disclosure of cash flow information:
Dividends, interest and fees for borrowings from securities sold short paid	$	306,119
Non-cash financing activities included herein consist of reinvestment of distributions	$	1,538,856

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


Transamerica Funds		Annual Report 2017

Page 411

FINANCIAL HIGHLIGHTS


For a share outstanding during the period indicated:	Transamerica Balanced II
	Class I3
	October 31, 2017 ^(A)
Net asset value, beginning of period	$	10.00
Investment operations:
Net investment income (loss) ^(B)		0.02
Net realized and unrealized gain (loss)		0.15
Total investment operations		0.17
Net asset value, end of period	$	10.17
Total return		1.70	%^(C)
Ratio and supplemental data:
Net assets end of period (000’s)	$	56,169
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.66	%^(D)
Including waiver and/or reimbursement and recapture		0.50	%^(D)
Net investment income (loss) to average net assets		1.23	%^(D)
Portfolio turnover rate		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 years indicated:	Transamerica Balanced II
	Class R ^(A)(B)
	October 31, 2017 ^(C)			December 31, 2016			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012
Net asset value, beginning of year	$	10.11		$	9.68		$	9.85		$	9.04		$	7.80		$	7.01
Investment operations:
Net investment income (loss) ^(D)		0.14			0.11			0.10			0.10			0.07			0.09
Net realized and unrealized gain (loss)		0.91			0.63			(0.11	)		0.82			1.30			0.80
Total investment operations		1.05			0.74			(0.01	)		0.92			1.37			0.89
Dividends and/or distributions to shareholders:
Net investment income		(0.09	)		(0.12	)		(0.10	)		(0.11	)		(0.13	)		(0.10	)
Net realized gains		(0.90	)		(0.19	)		(0.06	)		—			—			—
Total dividends and/or distributions to shareholders		(0.99	)		(0.31	)		(0.16	)		(0.11	)		(0.13	)		(0.10	)
Net asset value, end of year	$	10.17		$	10.11		$	9.68		$	9.85		$	9.04		$	7.80
Total return		10.68	%^(E)		7.69	%		(0.08	)%		10.35	%		17.65	%		12.80	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	91,171		$	90,455		$	90,541		$	77,447		$	52,672		$	41,680
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.20	%^(F)		1.18	%		1.16	%		1.21	%		1.28	%		1.30	%
Including waiver and/or reimbursement and recapture		1.13	%^(F)(G)		1.09	%^(G)(H)		1.10	%		1.10	%		1.10	%		1.10	%
Net investment income (loss) to average net assets		0.95	%^(F)		1.13	%		1.00	%		1.09	%		0.85	%		1.22	%
Portfolio turnover rate		40	%^(E)		37	%		50	%		92	%		123	%		150	%


(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. 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)		Includes reorganization expenses incurred outside the Fund’s operating expense limit. Please reference the Reorganization section of the Notes to Financial Statements for more information.
(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 2017

Page 412

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica Bond
	Class I2
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	9.70		$	9.89		$	10.81		$	10.60		$	10.70
Investment operations:
Net investment income (loss) ^(A)		0.40			0.41	^(B)		0.40			0.42			0.46
Net realized and unrealized gain (loss)		0.15			0.27			(0.54	)		0.38			0.02
Total investment operations		0.55			0.68			(0.14	)		0.80			0.48
Dividends and/or distributions to shareholders:
Net investment income		(0.31	)		(0.34	)		(0.42	)		(0.45	)		(0.49	)
Net realized gains		(0.41	)		(0.53	)		(0.36	)		(0.14	)		(0.09	)
Total dividends and/or distributions to shareholders		(0.72	)		(0.87	)		(0.78	)		(0.59	)		(0.58	)
Net asset value, end of year	$	9.53		$	9.70		$	9.89		$	10.81		$	10.60
Total return		6.13	%		7.80	%		(1.31	)%		7.77	%		4.62	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	203,166		$	223,935		$	777,767		$	780,308		$	857,807
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.77	%		0.73	%		0.70	%		0.70	%		0.70	%
Including waiver and/or reimbursement and recapture		0.71	%		0.70	%^(B)		0.70	%		0.70	%		0.70	%
Net investment income (loss) to average net assets		4.26	%		4.39	%^(B)		3.93	%		3.95	%		4.28	%
Portfolio turnover rate		43	%		38	%		46	%		36	%		54	%


(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 R6
	October 31, 2017			October 31, 2016			October 31, 2015 ^(A)
Net asset value, beginning of year	$	9.71		$	9.90		$	10.43
Investment operations:
Net investment income (loss) ^(B)		0.41			0.40	^(C)		0.17
Net realized and unrealized gain (loss)		0.13			0.28			(0.50	)
Total investment operations		0.54			0.68			(0.33	)
Dividends and/or distributions to shareholders:
Net investment income		(0.31	)		(0.34	)		(0.20	)
Net realized gains		(0.41	)		(0.53	)		—
Total dividends and/or distributions to shareholders		(0.72	)		(0.87	)		(0.20	)
Net asset value, end of year	$	9.53		$	9.71		$	9.90
Total return		6.02	%		7.80	%		(3.17	)%^(D)
Ratio and supplemental data:
Net assets end of year (000’s)	$	5,793		$	480		$	48
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.76	%		0.72	%		0.70	%^(E)
Including waiver and/or reimbursement and recapture		0.71	%		0.68	%^(C)		0.70	%^(E)
Net investment income (loss) to average net assets		4.33	%		4.24	%^(C)		3.87	%^(E)
Portfolio turnover rate		43	%		38	%		46	%


(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 2017

Page 413

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica Capital Growth
	Class A
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	25.70		$	25.35		$	24.40		$	21.40		$	15.34
Investment operations:
Net investment income (loss) ^(A)		(0.24	)		(0.14	)^(B)		(0.19	)		(0.15	)		(0.07	)
Net realized and unrealized gain (loss)		7.40			1.33			1.80			3.64			6.49
Total investment operations		7.16			1.19			1.61			3.49			6.42
Dividends and/or distributions to shareholders:
Net realized gains		(4.54	)		(0.84	)		(0.66	)		(0.49	)		(0.36	)
Net asset value, end of year	$	28.32		$	25.70		$	25.35		$	24.40		$	21.40
Total return ^(C)		34.66	%		4.77	%		6.77	%		16.52	%		42.74	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	223,299		$	170,198		$	160,269		$	124,413		$	88,843
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.23	%		1.23	%		1.21	%		1.26	%		1.41	%
Including waiver and/or reimbursement and recapture		1.23	%		1.22	%^(B)		1.21	%		1.26	%		1.48	%
Net investment income (loss) to average net assets		(0.95	)%		(0.57	)%^(B)		(0.75	)%		(0.63	)%		(0.38	)%
Portfolio turnover rate		66	%		32	%		24	%		30	%		29	%


(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 maximum sales charge and contingent deferred sales charge.


For a share outstanding during the years indicated:	Transamerica Capital Growth
	Class B
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	22.28		$	22.30		$	21.76		$	19.31		$	13.96
Investment operations:
Net investment income (loss) ^(A)		(0.39	)		(0.33	)^(B)		(0.38	)		(0.32	)		(0.17	)
Net realized and unrealized gain (loss)		6.13			1.15			1.58			3.26			5.88
Total investment operations		5.74			0.82			1.20			2.94			5.71
Dividends and/or distributions to shareholders:
Net realized gains		(4.54	)		(0.84	)		(0.66	)		(0.49	)		(0.36	)
Net asset value, end of year	$	23.48		$	22.28		$	22.30		$	21.76		$	19.31
Total return ^(C)		33.36	%		3.78	%		5.72	%		15.44	%		41.86	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,694		$	2,584		$	3,870		$	4,932		$	6,020
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.32	%		2.20	%		2.13	%		2.16	%		2.28	%
Including waiver and/or reimbursement and recapture		2.20	%		2.19	%^(B)		2.20	%		2.20	%		2.20	%
Net investment income (loss) to average net assets		(1.89	)%		(1.54	)%^(B)		(1.73	)%		(1.54	)%		(1.07	)%
Portfolio turnover rate		66	%		32	%		24	%		30	%		29	%


(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 maximum contingent deferred sales charge.

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


Transamerica Funds		Annual Report 2017

Page 414

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica Capital Growth
	Class C
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	22.50		$	22.46		$	21.84		$	19.33		$	13.96
Investment operations:
Net investment income (loss) ^(A)		(0.35	)		(0.28	)^(B)		(0.33	)		(0.28	)		(0.15	)
Net realized and unrealized gain (loss)		6.22			1.16			1.61			3.28			5.88
Total investment operations		5.87			0.88			1.28			3.00			5.73
Dividends and/or distributions to shareholders:
Net realized gains		(4.54	)		(0.84	)		(0.66	)		(0.49	)		(0.36	)
Net asset value, end of year	$	23.83		$	22.50		$	22.46		$	21.84		$	19.33
Total return ^(C)		33.68	%		4.03	%		5.98	%		15.74	%		42.01	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	84,852		$	69,159		$	68,922		$	50,879		$	27,535
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.97	%		1.96	%		1.92	%		1.95	%		2.04	%
Including waiver and/or reimbursement and recapture		1.97	%		1.95	%^(B)		1.92	%		1.95	%		2.04	%
Net investment income (loss) to average net assets		(1.69	)%		(1.30	)%^(B)		(1.47	)%		(1.34	)%		(0.95	)%
Portfolio turnover rate		66	%		32	%		24	%		30	%		29	%


(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 maximum contingent deferred sales charge.


For a share outstanding during the years indicated:	Transamerica Capital Growth
	Class I
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	26.43		$	25.98		$	24.92		$	21.78		$	15.61
Investment operations:
Net investment income (loss) ^(A)		(0.18	)		(0.07	)^(B)		(0.12	)		(0.07	)		0.02
Net realized and unrealized gain (loss)		7.68			1.36			1.84			3.70			6.59
Total investment operations		7.50			1.29			1.72			3.63			6.61
Dividends and/or distributions to shareholders:
Net investment income		—			—			—			—			(0.08	)
Net realized gains		(4.54	)		(0.84	)		(0.66	)		(0.49	)		(0.36	)
Total dividends and/or distributions to shareholders		(4.54	)		(0.84	)		(0.66	)		(0.49	)		(0.44	)
Net asset value, end of year	$	29.39		$	26.43		$	25.98		$	24.92		$	21.78
Total return		35.03	%		5.09	%		7.07	%		16.88	%		43.45	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	292,452		$	164,575		$	153,719		$	161,858		$	105,747
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.96	%		0.94	%		0.92	%		0.95	%		0.99	%
Including waiver and/or reimbursement and recapture		0.96	%		0.93	%^(B)		0.92	%		0.95	%		0.99	%
Net investment income (loss) to average net assets		(0.69	)%		(0.28	)%^(B)		(0.46	)%		(0.31	)%		0.11	%
Portfolio turnover rate		66	%		32	%		24	%		30	%		29	%


(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 2017

Page 415

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica Capital Growth
	Class I2
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	17.43		$	17.40		$	16.88		$	14.88		$	10.80
Investment operations:
Net investment income (loss) ^(A)		(0.08	)		(0.03	)^(B)		(0.06	)		(0.03	)		0.04
Net realized and unrealized gain (loss)		4.45			0.90			1.24			2.52			4.50
Total investment operations		4.37			0.87			1.18			2.49			4.54
Dividends and/or distributions to shareholders:
Net investment income		—			—			—			—			(0.10	)
Net realized gains		(4.54	)		(0.84	)		(0.66	)		(0.49	)		(0.36	)
Total dividends and/or distributions to shareholders		(4.54	)		(0.84	)		(0.66	)		(0.49	)		(0.46	)
Net asset value, end of year	$	17.26		$	17.43		$	17.40		$	16.88		$	14.88
Total return		35.14	%		5.25	%		7.19	%		17.05	%		43.65	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	230,981		$	241,857		$	1,039,343		$	836,984		$	509,700
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.85	%		0.81	%		0.79	%		0.81	%		0.84	%
Including waiver and/or reimbursement and recapture		0.85	%		0.81	%^(B)		0.79	%		0.81	%		0.84	%
Net investment income (loss) to average net assets		(0.56	)%		(0.18	)%^(B)		(0.34	)%		(0.20	)%		0.32	%
Portfolio turnover rate		66	%		32	%		24	%		30	%		29	%


(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 T1			Advisor Class
	October 31, 2017 ^(A)			October 31, 2017 ^(B)
Net asset value, beginning of period	$	23.02		$	25.71
Investment operations:
Net investment income (loss) ^(C)		(0.14	)		(0.19	)
Net realized and unrealized gain (loss)		5.46			8.39
Total investment operations		5.32			8.20
Dividends and/or distributions to shareholders:
Net realized gains		—			(4.54	)
Net asset value, end of period	$	28.34		$	29.37
Total return		23.11	%^(D)(E)		38.67	%^(E)
Ratio and supplemental data:
Net assets end of period (000’s)	$	12		$	29
Expenses to average net assets		1.09	%^(F)		1.04	%^(F)
Net investment income (loss) to average net assets		(0.88	)%^(F)		(0.81	)%^(F)
Portfolio turnover rate		66	%		66	%


(A)		Commenced operations on March 17, 2017.
(B)		Commenced operations on December 16, 2016.
(C)		Calculated based on average number of shares outstanding.
(D)		Total return has been calculated without deduction of the maximum sales charge and 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 2017

Page 416

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period and years indicated:	Transamerica Concentrated Growth
	Class A
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014 ^(A)
Net asset value, beginning of period/year	$	17.38		$	16.80		$	16.22		$	15.57
Investment operations:
Net investment income (loss) ^(B)		(0.04	)		(0.02	)^(C)		0.01			0.00	^(D)
Net realized and unrealized gain (loss)		3.13			0.62			0.61			0.65
Total investment operations		3.09			0.60			0.62			0.65
Dividends and/or distributions to shareholders:
Net investment income		(0.06	)		(0.02	)		—			—
Net realized gains		(2.48	)		—			(0.04	)		—
Total dividends and/or distributions to shareholders		(2.54	)		(0.02	)		(0.04	)		—
Net asset value, end of period/year	$	17.93		$	17.38		$	16.80		$	16.22
Total return ^(E)		20.50	%		3.59	%		3.81	%		4.17	%^(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,018		$	768		$	681		$	444
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.79	%		1.12	%		1.06	%		1.18	%^(G)
Including waiver and/or reimbursement and recapture		1.20	%		1.11	%^(C)		1.06	%		1.18	%^(G)
Net investment income (loss) to average net assets		(0.21	)%		(0.10	)%^(C)		0.07	%		0.03	%^(G)
Portfolio turnover rate		15	%		83	%		34	%		18	%^(F)


(A)		Commenced operations on March 1, 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)		Total return has been calculated without deduction of the maximum sales charge and contingent deferred sales charge.
(F)		Not annualized.
(G)		Annualized.


For a share outstanding during the period and years indicated:	Transamerica Concentrated Growth
	Class C
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014 ^(A)
Net asset value, beginning of period/year	$	17.06		$	16.59		$	16.14		$	15.57
Investment operations:
Net investment income (loss) ^(B)		(0.14	)		(0.13	)^(C)		(0.11	)		(0.07	)
Net realized and unrealized gain (loss)		3.06			0.60			0.60			0.64
Total investment operations		2.92			0.47			0.49			0.57
Dividends and/or distributions to shareholders:
Net realized gains		(2.48	)		—			(0.04	)		—
Net asset value, end of period/year	$	17.50		$	17.06		$	16.59		$	16.14
Total return ^(D)		19.75	%		2.83	%		3.02	%		3.66	%^(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,033		$	721		$	421		$	274
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.85	%		1.81	%		1.80	%		1.93	%^(F)
Including waiver and/or reimbursement and recapture		1.85	%		1.81	%^(C)		1.80	%		1.93	%^(F)
Net investment income (loss) to average net assets		(0.86	)%		(0.81	)%^(C)		(0.67	)%		(0.67	)%^(F)
Portfolio turnover rate		15	%		83	%		34	%		18	%^(E)


(A)		Commenced operations on March 1, 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)		Total return has been calculated without deduction of the maximum 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 2017

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FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period and years indicated:	Transamerica Concentrated Growth
	Class I ^(A)
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014 ^(B)			December 31, 2013
Net asset value, beginning of period/year	$	17.26		$	16.67		$	16.09		$	15.76		$	12.24
Investment operations:
Net investment income (loss) ^(C)		0.02			0.03	^(D)		0.04			0.02			(0.00	)^(E)
Net realized and unrealized gain (loss)		3.10			0.61			0.60			0.76			3.87
Total investment operations		3.12			0.64			0.64			0.78			3.87
Dividends and/or distributions to shareholders:
Net investment income		(0.11	)		(0.05	)		(0.02	)		—			(0.00	)^(E)
Net realized gains		(2.48	)		—			(0.04	)		(0.45	)		(0.34	)
Total dividends and/or distributions to shareholders		(2.59	)		(0.05	)		(0.06	)		(0.45	)		(0.35	)
Net asset value, end of period/year	$	17.79		$	17.26		$	16.67		$	16.09		$	15.76
Total return		20.97	%		3.87	%		3.95	%		6.13	%^(F)		31.84	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	33,077		$	24,424		$	23,460		$	19,643		$	13,761
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.87	%		0.83	%		0.83	%		1.08	%^(G)		2.18	%
Including waiver and/or reimbursement and recapture		0.87	%		0.82	%^(D)		0.88	%		1.00	%^(G)		1.25	%
Net investment income (loss) to average net assets		0.13	%		0.19	%^(D)		0.27	%		0.16	%^(G)		(0.02	)%
Portfolio turnover rate		15	%		83	%		34	%		18	%^(F)		15	%


(A)		Prior to February 28, 2014, information provided in previous periods reflects The Torray Resolute Fund, which was the accounting and performance survivor pursuant to a Plan of Reorganization. Prior to January 1, 2014, the financial highlights were audited by another independent registered public accounting firm.
(B)		Effective at the close of business on February 28, 2014, the fiscal year end of the Fund changed to October 31. The Financial Highlights represent activity for the ten months of January 1, 2014 - October 31, 2014. Refer to the notes to the financial statements for details.
(C)		Calculated based on average number of shares outstanding.
(D)		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.
(E)		Rounds to less than $0.01 or $(0.01).
(F)		Not annualized.
(G)		Annualized.


For a share outstanding during the period and years indicated:	Transamerica Concentrated Growth
	Class I2
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014 ^(A)
Net asset value, beginning of period/year	$	17.45		$	16.85		$	16.26		$	15.57
Investment operations:
Net investment income (loss) ^(B)		0.04			0.06	^(C)		0.07			0.04
Net realized and unrealized gain (loss)		3.13			0.61			0.60			0.65
Total investment operations		3.17			0.67			0.67			0.69
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.07	)		(0.04	)		—
Net realized gains		(2.48	)		—			(0.04	)		—
Total dividends and/or distributions to shareholders		(2.61	)		(0.07	)		(0.08	)		—
Net asset value, end of period/year	$	18.01		$	17.45		$	16.85		$	16.26
Total return		21.02	%		4.02	%		4.11	%		4.43	%^(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	190,788		$	222,753		$	390,712		$	353,480
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.77	%		0.72	%		0.73	%		0.77	%^(E)
Including waiver and/or reimbursement and recapture		0.77	%		0.72	%^(C)		0.73	%		0.77	%^(E)
Net investment income (loss) to average net assets		0.27	%		0.36	%^(C)		0.41	%		0.42	%^(E)
Portfolio turnover rate		15	%		83	%		34	%		18	%^(D)


(A)		Commenced operations on March 1, 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)		Not annualized.
(E)		Annualized.

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


Transamerica Funds		Annual Report 2017

Page 418

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period indicated:	Transamerica Concentrated Growth
	Class T1			Advisor Class
	October 31, 2017 ^(A)			October 31, 2017 ^(B)
Net asset value, beginning of period	$	16.23		$	17.51
Investment operations:
Net investment income (loss) ^(C)		(0.02	)		0.00	^(D)
Net realized and unrealized gain (loss)		1.73			2.87
Total investment operations		1.71			2.87
Dividends and/or distributions to shareholders:
Net investment income		—			(0.00	)^(D)
Net realized gains		—			(2.48	)
Total dividends and/or distributions to shareholders		—			(2.48	)
Net asset value, end of period	$	17.94		$	17.90
Total return		10.60	%^(E)(F)		19.12	%^(F)
Ratio and supplemental data:
Net assets end of period (000’s)	$	11		$	12
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.01	%^(G)		0.96	%^(G)
Including waiver and/or reimbursement and recapture		1.01	%^(G)^(H)		0.95	%^(G)
Net investment income (loss) to average net assets		(0.17	)%^(G)		0.00	%^(G)^(I)
Portfolio turnover rate		15	%		15	%


(A)		Commenced operations on March 17, 2017.
(B)		Commenced operations on December 16, 2016.
(C)		Calculated based on average number of shares outstanding.
(D)		Rounds to less than $0.01 or $(0.01).
(E)		Total return has been calculated without deduction of the maximum sales charge and contingent deferred sales charge.
(F)		Not annualized.
(G)		Annualized.
(H)		Waiver and/or reimbursement rounds to less than 0.01%.
(I)		Rounds to less than 0.01% or (0.01)%.


For a share outstanding during the period and years indicated:	Transamerica Dividend Focused
	Class A
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013 ^(A)
Net asset value, beginning of period/year	$	11.15		$	12.75		$	13.35		$	11.98		$	10.00
Investment operations:
Net investment income (loss) ^(B)		0.20			0.23	^(C)		0.23			0.20			0.14
Net realized and unrealized gain (loss)		1.92			0.23			(0.18	)		1.47			1.97
Total investment operations		2.12			0.46			0.05			1.67			2.11
Dividends and/or distributions to shareholders:
Net investment income		(0.24	)		(0.23	)		(0.22	)		(0.20	)		(0.13	)
Net realized gains		(1.50	)		(1.83	)		(0.43	)		(0.10	)		—
Total dividends and/or distributions to shareholders		(1.74	)		(2.06	)		(0.65	)		(0.30	)		(0.13	)
Net asset value, end of period/year	$	11.53		$	11.15		$	12.75		$	13.35		$	11.98
Total return ^(D)		20.35	%		4.30	%		0.32	%		14.14	%		21.25	%^(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	94,083		$	86,943		$	51,809		$	63,639		$	1,245
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.01	%		0.97	%		0.97	%		0.96	%		1.07	%^(F)
Including waiver and/or reimbursement and recapture		1.01	%		0.97	%^(C)		0.97	%		0.96	%		1.07	%^(F)
Net investment income (loss) to average net assets		1.77	%		2.09	%^(C)		1.74	%		1.55	%		1.47	%^(F)
Portfolio turnover rate		14	%		54	%		15	%		21	%		23	%^(E)


(A)		Commenced operations on January 4, 2013.
(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)		Total return has been calculated without deduction of the maximum sales charge and 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 2017

Page 419

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period and years indicated:	Transamerica Dividend Focused
	Class C
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013 ^(A)
Net asset value, beginning of period/year	$	11.09		$	12.70		$	13.32		$	11.96		$	10.00
Investment operations:
Net investment income (loss) ^(B)		0.11			0.14	^(C)		0.12			0.09			0.08
Net realized and unrealized gain (loss)		1.91			0.22			(0.19	)		1.49			1.96
Total investment operations		2.02			0.36			(0.07	)		1.58			2.04
Dividends and/or distributions to shareholders:
Net investment income		(0.14	)		(0.14	)		(0.12	)		(0.12	)		(0.08	)
Net realized gains		(1.50	)		(1.83	)		(0.43	)		(0.10	)		—
Total dividends and/or distributions to shareholders		(1.64	)		(1.97	)		(0.55	)		(0.22	)		(0.08	)
Net asset value, end of period/year	$	11.47		$	11.09		$	12.70		$	13.32		$	11.96
Total return ^(D)		19.42	%		3.41	%		(0.62	)%		13.30	%		20.50	%^(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	7,080		$	7,755		$	4,749		$	4,419		$	1,297
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.84	%		1.80	%		1.81	%		1.81	%		1.78	%^(F)
Including waiver and/or reimbursement and recapture		1.84	%		1.80	%^(C)		1.81	%		1.81	%		1.78	%^(F)
Net investment income (loss) to average net assets		0.96	%		1.23	%^(C)		0.89	%		0.74	%		0.83	%^(F)
Portfolio turnover rate		14	%		54	%		15	%		21	%		23	%^(E)


(A)		Commenced operations on January 4, 2013.
(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)		Total return has been calculated without deduction of the maximum contingent deferred sales charge.
(E)		Not annualized.
(F)		Annualized.


For a share outstanding during the period and years indicated:	Transamerica Dividend Focused
	Class I
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013 ^(A)
Net asset value, beginning of period/year	$	11.14		$	12.75		$	13.35		$	11.98		$	10.00
Investment operations:
Net investment income (loss) ^(B)		0.21			0.25	^(C)		0.25			0.23			0.17
Net realized and unrealized gain (loss)		1.93			0.22			(0.18	)		1.47			1.96
Total investment operations		2.14			0.47			0.07			1.70			2.13
Dividends and/or distributions to shareholders:
Net investment income		(0.26	)		(0.25	)		(0.24	)		(0.23	)		(0.15	)
Net realized gains		(1.50	)		(1.83	)		(0.43	)		(0.10	)		—
Total dividends and/or distributions to shareholders		(1.76	)		(2.08	)		(0.67	)		(0.33	)		(0.15	)
Net asset value, end of period/year	$	11.52		$	11.14		$	12.75		$	13.35		$	11.98
Total return		20.56	%		4.38	%		0.49	%		14.37	%		21.40	%^(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	17,286		$	10,559		$	6,318		$	6,311		$	1,715
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.84	%		0.81	%		0.81	%		0.80	%		0.82	%^(E)
Including waiver and/or reimbursement and recapture		0.84	%		0.80	%^(C)		0.81	%		0.80	%		0.82	%^(E)
Net investment income (loss) to average net assets		1.91	%		2.26	%^(C)		1.88	%		1.80	%		1.82	%^(E)
Portfolio turnover rate		14	%		54	%		15	%		21	%		23	%^(D)


(A)		Commenced operations on January 4, 2013.
(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 2017

Page 420

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period and years indicated:	Transamerica Dividend Focused
	Class I2
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013 ^(A)
Net asset value, beginning of period/year	$	11.15		$	12.75		$	13.36		$	11.98		$	10.00
Investment operations:
Net investment income (loss) ^(B)		0.23			0.26	^(C)		0.26			0.24			0.17
Net realized and unrealized gain (loss)		1.92			0.23			(0.18	)		1.48			1.97
Total investment operations		2.15			0.49			0.08			1.72			2.14
Dividends and/or distributions to shareholders:
Net investment income		(0.27	)		(0.26	)		(0.26	)		(0.24	)		(0.16	)
Net realized gains		(1.50	)		(1.83	)		(0.43	)		(0.10	)		—
Total dividends and/or distributions to shareholders		(1.77	)		(2.09	)		(0.69	)		(0.34	)		(0.16	)
Net asset value, end of period/year	$	11.53		$	11.15		$	12.75		$	13.36		$	11.98
Total return		20.67	%		4.57	%		0.52	%		14.56	%		21.49	%^(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	576,947		$	672,378		$	852,448		$	1,402,739		$	1,023,268
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.74	%		0.70	%		0.71	%		0.70	%		0.71	%^(E)
Including waiver and/or reimbursement and recapture		0.74	%		0.70	%^(C)		0.71	%		0.70	%		0.71	%^(E)
Net investment income (loss) to average net assets		2.07	%		2.31	%^(C)		1.98	%		1.88	%		1.91	%^(E)
Portfolio turnover rate		14	%		54	%		15	%		21	%		23	%^(D)


(A)		Commenced operations on January 4, 2013.
(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.


For a share outstanding during the period and years indicated:	Transamerica Dividend Focused
	Class R6
	October 31, 2017			October 31, 2016			October 31, 2015 ^(A)
Net asset value, beginning of period/year	$	11.15		$	12.75		$	13.25
Investment operations:
Net investment income (loss) ^(B)		0.21			0.27	^(C)		0.11
Net realized and unrealized gain (loss)		1.93			0.22			(0.48	)
Total investment operations		2.14			0.49			(0.37	)
Dividends and/or distributions to shareholders:
Net investment income		(0.27	)		(0.26	)		(0.13	)
Net realized gains		(1.50	)		(1.83	)		—
Total dividends and/or distributions to shareholders		(1.77	)		(2.09	)		(0.13	)
Net asset value, end of period/year	$	11.52		$	11.15		$	12.75
Total return		20.67	%		4.57	%		(2.79	)%^(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	3,524		$	474		$	49
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.74	%		0.71	%		0.72	%^(E)
Including waiver and/or reimbursement and recapture		0.74	%		0.70	%^(C)		0.72	%^(E)
Net investment income (loss) to average net assets		1.90	%		2.39	%^(C)		1.99	%^(E)
Portfolio turnover rate		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.

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


Transamerica Funds		Annual Report 2017

Page 421

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period indicated:	Transamerica Dividend Focused
	Class T1			Advisor Class
	October 31, 2017 ^(A)			October 31, 2017 ^(B)
Net asset value, beginning of period	$	11.09		$	12.19
Investment operations:
Net investment income (loss) ^(C)		0.12			0.17
Net realized and unrealized gain (loss)		0.48			0.92
Total investment operations		0.60			1.09
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.17	)
Net realized gains		—			(1.50	)
Total dividends and/or distributions to shareholders		(0.13	)		(1.67	)
Net asset value, end of period	$	11.56		$	11.61
Total return		5.50	%^(D)(E)		10.16	%^(E)
Ratio and supplemental data:
Net assets end of period (000’s)	$	11		$	11
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.98	%^(F)		0.94	%^(F)
Including waiver and/or reimbursement and recapture		0.98	%^(F)		0.90	%^(F)
Net investment income (loss) to average net assets		1.67	%^(F)		1.78	%^(F)
Portfolio turnover rate		14	%		14	%


(A)		Commenced operations on March 17, 2017.
(B)		Commenced operations on December 16, 2016.
(C)		Calculated based on average number of shares outstanding.
(D)		Total return has been calculated without deduction of the maximum sales charge and contingent deferred sales charge.
(E)		Not annualized.
(F)		Annualized.


For a share outstanding during the years indicated:	Transamerica Dynamic Allocation
	Class A
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013 ^(A)
Net asset value, beginning of year	$	10.48		$	11.10		$	11.73		$	11.12		$	10.00
Investment operations:
Net investment income (loss) ^{(B) (C)}		0.11			0.12	^(D)		0.07			0.08			0.05
Net realized and unrealized gain (loss)		1.32			(0.23	)		0.04	^(E)		0.61			1.56
Total investment operations		1.43			(0.11	)		0.11			0.69			1.61
Dividends and/or distributions to shareholders:
Net investment income		(0.14	)		(0.05	)		(0.11	)		(0.05	)		(0.49	)
Net realized gains		—			(0.46	)		(0.63	)		(0.03	)		—
Total dividends and/or distributions to shareholders		(0.14	)		(0.51	)		(0.74	)		(0.08	)		(0.49	)
Net asset value, end of year	$	11.77		$	10.48		$	11.10		$	11.73		$	11.12
Total return ^(F)		13.73	%		(0.99	)%		0.91	%		6.31	%		16.86	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	8,560		$	9,348		$	14,100		$	12,115		$	6,456
Expenses to average net assets ^(G)
Excluding waiver and/or reimbursement and recapture		1.59	%		1.33	%		1.36	%		1.32	%		3.94	%
Including waiver and/or reimbursement and recapture		1.10	%		1.09	%^(D)		1.10	%		1.11	%		1.15	%
Net investment income (loss) to average net assets ^(C)		0.96	%		1.14	%^(D)		0.63	%		0.70	%		0.45	%
Portfolio turnover rate ^(H)		3	%		142	%		308	%		194	%		301	%


(A)		Commenced operations on October 31, 2012.
(B)		Calculated based on average number of shares outstanding.
(C)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.
(D)		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.
(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)		Total return has been calculated without deduction of the maximum sales charge and contingent deferred sales charge.
(G)		Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(H)		Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

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


Transamerica Funds		Annual Report 2017

Page 422

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica Dynamic Allocation
	Class C
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013 ^(A)
Net asset value, beginning of year	$	10.32		$	10.96		$	11.60		$	11.05		$	10.00
Investment operations:
Net investment income (loss) ^{(B) (C)}		0.02			0.04	^(D)		(0.01	)		(0.00	)^(E)		(0.03	)
Net realized and unrealized gain (loss)		1.30			(0.22	)		0.04	^(F)		0.60			1.56
Total investment operations		1.32			(0.18	)		0.03			0.60			1.53
Dividends and/or distributions to shareholders:
Net investment income		(0.05	)		—			(0.04	)		(0.02	)		(0.48	)
Net realized gains		—			(0.46	)		(0.63	)		(0.03	)		—
Total dividends and/or distributions to shareholders		(0.05	)		(0.46	)		(0.67	)		(0.05	)		(0.48	)
Net asset value, end of year	$	11.59		$	10.32		$	10.96		$	11.60		$	11.05
Total return ^(G)		12.82	%		(1.64	)%		0.15	%		5.46	%		16.03	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	7,231		$	8,710		$	11,492		$	7,266		$	3,840
Expenses to average net assets ^(H)
Excluding waiver and/or reimbursement and recapture		2.32	%		2.06	%		2.12	%		2.09	%		4.69	%
Including waiver and/or reimbursement and recapture		1.85	%		1.83	%^(D)		1.85	%		1.85	%		1.85	%
Net investment income (loss) to average net assets ^(C)		0.21	%		0.37	%^(D)		(0.13	)%		(0.03	)%		(0.28	)%
Portfolio turnover rate ^(I)		3	%		142	%		308	%		194	%		301	%


(A)		Commenced operations on October 31, 2012.
(B)		Calculated based on average number of shares outstanding.
(C)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.
(D)		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.
(E)		Rounds to less than $0.01 or $(0.01).
(F)		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.
(G)		Total return has been calculated without deduction of the maximum contingent deferred sales charge.
(H)		Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(I)		Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.


For a share outstanding during the years indicated:	Transamerica Dynamic Allocation
	Class I
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013 ^(A)
Net asset value, beginning of year	$	10.47		$	11.08		$	11.71		$	11.09		$	10.00
Investment operations:
Net investment income (loss) ^{(B) (C)}		0.13			0.15	^(D)		0.10			0.11			0.07
Net realized and unrealized gain (loss)		1.31			(0.23	)		0.04	^(E)		0.61			1.57
Total investment operations		1.44			(0.08	)		0.14			0.72			1.64
Dividends and/or distributions to shareholders:
Net investment income		(0.17	)		(0.07	)		(0.14	)		(0.07	)		(0.55	)
Net realized gains		—			(0.46	)		(0.63	)		(0.03	)		—
Total dividends and/or distributions to shareholders		(0.17	)		(0.53	)		(0.77	)		(0.10	)		(0.55	)
Net asset value, end of year	$	11.74		$	10.47		$	11.08		$	11.71		$	11.09
Total return		13.89	%		(0.65	)%		1.15	%		6.57	%		17.26	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	3,012		$	2,324		$	3,889		$	3,521		$	2,824
Expenses to average net assets ^(F)
Excluding waiver and/or reimbursement and recapture		1.29	%		1.03	%		1.08	%		1.03	%		3.63	%
Including waiver and/or reimbursement and recapture		0.85	%		0.83	%^(D)		0.85	%		0.85	%		0.85	%
Net investment income (loss) to average net assets ^(C)		1.21	%		1.39	%^(D)		0.91	%		0.98	%		0.67	%
Portfolio turnover rate ^(G)		3	%		142	%		308	%		194	%		301	%


(A)		Commenced operations on October 31, 2012.
(B)		Calculated based on average number of shares outstanding.
(C)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.
(D)		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.
(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)		Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(G)		Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

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


Transamerica Funds		Annual Report 2017

Page 423

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period indicated:	Transamerica Dynamic Allocation
	Class T1
	October 31, 2017 ^(A)
Net asset value, beginning of period	$	11.06
Investment operations:
Net investment income (loss) ^{(B) (C)}		0.07
Net realized and unrealized gain (loss)		0.64
Total investment operations		0.71
Net asset value, end of period	$	11.77
Total return ^(D)		6.42	%^(E)
Ratio and supplemental data:
Net assets end of period (000’s)	$	11
Expenses to average net assets ^(F)
Excluding waiver and/or reimbursement and recapture		1.43	%^(G)
Including waiver and/or reimbursement and recapture		1.10	%^(G)
Net investment income (loss) to average net assets ^(C)		0.97	%^(G)
Portfolio turnover rate ^(H)		3	%


(A)		Commenced operations on March 17, 2017.
(B)		Calculated based on average number of shares outstanding.
(C)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.
(D)		Total return has been calculated without deduction of the maximum sales charge and contingent deferred sales charge.
(E)		Not annualized.
(F)		Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(G)		Annualized.
(H)		Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.


For a share outstanding during the years indicated:	Transamerica Dynamic Income
	Class A
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	9.46		$	9.38		$	10.48		$	10.16		$	10.25
Investment operations:
Net investment income (loss) ^{(A) (B)}		0.32			0.36	^(C)		0.39			0.38			0.34
Net realized and unrealized gain (loss)		0.06			0.32			(0.87	)		0.26			0.10
Total investment operations		0.38			0.68			(0.48	)		0.64			0.44
Dividends and/or distributions to shareholders:
Net investment income		(0.32	)		(0.33	)		(0.45	)		(0.32	)		(0.47	)
Net realized gains		—			(0.20	)		(0.17	)		—			(0.04	)
Return of capital		(0.07	)		(0.07	)		—			—			(0.02	)
Total dividends and/or distributions to shareholders		(0.39	)		(0.60	)		(0.62	)		(0.32	)		(0.53	)
Net asset value, end of year	$	9.45		$	9.46		$	9.38		$	10.48		$	10.16
Total return ^(D)		4.12	%		7.79	%		(4.78	)%		6.39	%		4.49	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	97,964		$	122,240		$	175,092		$	259,348		$	342,367
Expenses to average net assets ^(E)
Excluding waiver and/or reimbursement and recapture		0.89	%		0.89	%		0.89	%		0.89	%		0.93	%
Including waiver and/or reimbursement and recapture		0.89	%		0.88	%^(C)		0.89	%		0.87	%		0.88	%
Net investment income (loss) to average net assets ^(B)		3.41	%		3.89	%^(C)		3.84	%		3.63	%		3.32	%
Portfolio turnover rate ^(F)		9	%		27	%		159	%		102	%		237	%


(A)		Calculated based on average number of shares outstanding.
(B)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.
(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 maximum sales charge and contingent deferred sales charge.
(E)		Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(F)		Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

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


Transamerica Funds		Annual Report 2017

Page 424

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica Dynamic Income
	Class C
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	9.42		$	9.34		$	10.44		$	10.12		$	10.22
Investment operations:
Net investment income (loss) ^{(A) (B)}		0.25			0.28	^(C)		0.31			0.29			0.25
Net realized and unrealized gain (loss)		0.06			0.33			(0.87	)		0.27			0.11
Total investment operations		0.31			0.61			(0.56	)		0.56			0.36
Dividends and/or distributions to shareholders:
Net investment income		(0.26	)		(0.28	)		(0.37	)		(0.24	)		(0.40	)
Net realized gains		—			(0.20	)		(0.17	)		—			(0.04	)
Return of capital		(0.06	)		(0.05	)		—			—			(0.02	)
Total dividends and/or distributions to shareholders		(0.32	)		(0.53	)		(0.54	)		(0.24	)		(0.46	)
Net asset value, end of year	$	9.41		$	9.42		$	9.34		$	10.44		$	10.12
Total return ^(D)		3.34	%		7.00	%		(5.53	)%		5.61	%		3.63	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	161,999		$	210,600		$	289,060		$	400,142		$	464,339
Expenses to average net assets ^(E)
Excluding waiver and/or reimbursement and recapture		1.65	%		1.65	%		1.65	%		1.63	%		1.63	%
Including waiver and/or reimbursement and recapture		1.65	%		1.64	%^(C)		1.65	%		1.63	%		1.63	%
Net investment income (loss) to average net assets ^(B)		2.68	%		3.11	%^(C)		3.09	%		2.86	%		2.54	%
Portfolio turnover rate ^(F)		9	%		27	%		159	%		102	%		237	%


(A)		Calculated based on average number of shares outstanding.
(B)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.
(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 maximum contingent deferred sales charge.
(E)		Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(F)		Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.


For a share outstanding during the years indicated:	Transamerica Dynamic Income
	Class I
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	9.46		$	9.38		$	10.48		$	10.16		$	10.26
Investment operations:
Net investment income (loss) ^{(A) (B)}		0.35			0.39	^(C)		0.41			0.40			0.36
Net realized and unrealized gain (loss)		0.06			0.31			(0.87	)		0.26			0.10
Total investment operations		0.41			0.70			(0.46	)		0.66			0.46
Dividends and/or distributions to shareholders:
Net investment income		(0.34	)		(0.35	)		(0.47	)		(0.34	)		(0.50	)
Net realized gains		—			(0.20	)		(0.17	)		—			(0.04	)
Return of capital		(0.08	)		(0.07	)		—			—			(0.02	)
Total dividends and/or distributions to shareholders		(0.42	)		(0.62	)		(0.64	)		(0.34	)		(0.56	)
Net asset value, end of year	$	9.45		$	9.46		$	9.38		$	10.48		$	10.16
Total return		4.37	%		8.06	%		(4.56	)%		6.64	%		4.62	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	66,235		$	83,297		$	144,733		$	242,703		$	270,502
Expenses to average net assets ^(D)
Excluding waiver and/or reimbursement and recapture		0.66	%		0.65	%		0.66	%		0.64	%		0.65	%
Including waiver and/or reimbursement and recapture		0.66	%		0.64	%^(C)		0.66	%		0.64	%		0.67	%
Net investment income (loss) to average net assets ^(B)		3.66	%		4.25	%^(C)		4.05	%		3.83	%		3.57	%
Portfolio turnover rate ^(E)		9	%		27	%		159	%		102	%		237	%


(A)		Calculated based on average number of shares outstanding.
(B)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.
(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)		Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(E)		Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

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


Transamerica Funds		Annual Report 2017

Page 425

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period indicated:	Transamerica Dynamic Income
	Class T1			Advisor Class
	October 31, 2017 ^(A)			October 31, 2017 ^(B)
Net asset value, beginning of period	$	9.46		$	9.48
Investment operations:
Net investment income (loss) ^{(C) (D)}		0.15			0.16
Net realized and unrealized gain (loss)		0.11			0.08
Total investment operations		0.26			0.24
Dividends and/or distributions to shareholders:
Net investment income		(0.20	)		(0.22	)
Return of capital		(0.05	)		(0.05	)
Total dividends and/or distributions to shareholders		(0.25	)		(0.27	)
Net asset value, end of period	$	9.47		$	9.45
Total return		2.84	%^(E)(F)		2.59	%^(F)
Ratio and supplemental data:
Net assets end of period (000’s)	$	10		$	10
Expenses to average net assets ^(G)
Excluding waiver and/or reimbursement and recapture		0.80	%^(H)		0.77	%^(H)
Including waiver and/or reimbursement and recapture		0.80	%^(H)		0.67	%^(H)
Net investment income (loss) to average net assets ^(D)		2.52	%^(H)		2.50	%^(H)
Portfolio turnover rate ^(I)		9	%		9	%


(A)		Commenced operations on March 17, 2017.
(B)		Commenced operations on March 3, 2017.
(C)		Calculated based on average number of shares outstanding.
(D)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.
(E)		Total return has been calculated without deduction of the maximum sales charge and contingent deferred sales charge.
(F)		Not annualized.
(G)		Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(H)		Annualized.
(I)		Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.


For a share outstanding during the years indicated:	Transamerica Emerging Markets Debt
	Class A
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	10.50		$	9.70		$	10.75		$	10.83		$	11.54
Investment operations:
Net investment income (loss) ^(A)		0.55			0.63	^(B)		0.60			0.61			0.56
Net realized and unrealized gain (loss)		0.38			0.49			(1.26	)		(0.11	)		(0.55	)
Total investment operations		0.93			1.12			(0.66	)		0.50			0.01
Dividends and/or distributions to shareholders:
Net investment income		(0.51	)		(0.30	)		(0.39	)		(0.58	)		(0.47	)
Net realized gains		—			—			—			—			(0.25	)
Return of capital		—			(0.02	)		—			—			—
Total dividends and/or distributions to shareholders		(0.51	)		(0.32	)		(0.39	)		(0.58	)		(0.72	)
Net asset value, end of year	$	10.92		$	10.50		$	9.70		$	10.75		$	10.83
Total return ^(C)		8.96	%		11.86	%		(6.30	)%		4.81	%		(0.07	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	21,804		$	35,765		$	59,093		$	81,684		$	129,805
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.12	%		1.15	%		1.11	%		1.18	%		1.11	%
Including waiver and/or reimbursement and recapture		1.12	%		1.15	%^(B)		1.11	%		1.18	%		1.11	%
Net investment income (loss) to average net assets		5.20	%		6.39	%^(B)		5.94	%		5.68	%		5.02	%
Portfolio turnover rate		247	%		257	%		237	%		321	%		326	%


(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 maximum sales charge and contingent deferred sales charge.

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


Transamerica Funds		Annual Report 2017

Page 426

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica Emerging Markets Debt
	Class C
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	10.43		$	9.66		$	10.72		$	10.80		$	11.51
Investment operations:
Net investment income (loss) ^(A)		0.48			0.55	^(B)		0.53			0.54			0.48
Net realized and unrealized gain (loss)		0.36			0.49			(1.26	)		(0.11	)		(0.54	)
Total investment operations		0.84			1.04			(0.73	)		0.43			(0.06	)
Dividends and/or distributions to shareholders:
Net investment income		(0.42	)		(0.25	)		(0.33	)		(0.51	)		(0.40	)
Net realized gains		—			—			—			—			(0.25	)
Return of capital		—			(0.02	)		—			—			—
Total dividends and/or distributions to shareholders		(0.42	)		(0.27	)		(0.33	)		(0.51	)		(0.65	)
Net asset value, end of year	$	10.85		$	10.43		$	9.66		$	10.72		$	10.80
Total return ^(C)		8.26	%		11.01	%		(7.02	)%		4.12	%		(0.69	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	14,023		$	14,363		$	17,462		$	27,202		$	30,547
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.87	%		1.89	%		1.84	%		1.84	%		1.81	%
Including waiver and/or reimbursement and recapture		1.87	%		1.88	%^(B)		1.84	%		1.84	%		1.81	%
Net investment income (loss) to average net assets		4.53	%		5.56	%^(B)		5.23	%		5.02	%		4.36	%
Portfolio turnover rate		247	%		257	%		237	%		321	%		326	%


(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 maximum contingent deferred sales charge.


For a share outstanding during the years indicated:	Transamerica Emerging Markets Debt
	Class I
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	10.52		$	9.72		$	10.78		$	10.85		$	11.56
Investment operations:
Net investment income (loss) ^(A)		0.60			0.66	^(B)		0.64			0.65			0.60
Net realized and unrealized gain (loss)		0.37			0.49			(1.27	)		(0.10	)		(0.56	)
Total investment operations		0.97			1.15			(0.63	)		0.55			0.04
Dividends and/or distributions to shareholders:
Net investment income		(0.54	)		(0.33	)		(0.43	)		(0.62	)		(0.50	)
Net realized gains		—			—			—			—			(0.25	)
Return of capital		—			(0.02	)		—			—			—
Total dividends and/or distributions to shareholders		(0.54	)		(0.35	)		(0.43	)		(0.62	)		(0.75	)
Net asset value, end of year	$	10.95		$	10.52		$	9.72		$	10.78		$	10.85
Total return		9.33	%		12.27	%		(6.03	)%		5.30	%		0.23	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	682,535		$	618,258		$	581,888		$	340,068		$	133,449
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.82	%		0.82	%		0.81	%		0.81	%		0.79	%
Including waiver and/or reimbursement and recapture		0.82	%		0.82	%^(B)		0.81	%		0.81	%		0.79	%
Net investment income (loss) to average net assets		5.62	%		6.60	%^(B)		6.39	%		6.00	%		5.38	%
Portfolio turnover rate		247	%		257	%		237	%		321	%		326	%


(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 2017

Page 427

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica Emerging Markets Debt
	Class I2
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	10.52		$	9.72		$	10.78		$	10.85		$	11.56
Investment operations:
Net investment income (loss) ^(A)		0.62			0.65	^(B)		0.64			0.66			0.61
Net realized and unrealized gain (loss)		0.36			0.51			(1.26	)		(0.10	)		(0.56	)
Total investment operations		0.98			1.16			(0.62	)		0.56			0.05
Dividends and/or distributions to shareholders:
Net investment income		(0.55	)		(0.33	)		(0.44	)		(0.63	)		(0.51	)
Net realized gains		—			—			—			—			(0.25	)
Return of capital		—			(0.03	)		—			—			—
Total dividends and/or distributions to shareholders		(0.55	)		(0.36	)		(0.44	)		(0.63	)		(0.76	)
Net asset value, end of year	$	10.95		$	10.52		$	9.72		$	10.78		$	10.85
Total return		9.44	%		12.25	%		(5.86	)%		5.39	%		0.33	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	214,450		$	169,122		$	60,406		$	143,512		$	339,967
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.72	%		0.72	%		0.70	%		0.71	%		0.69	%
Including waiver and/or reimbursement and recapture		0.72	%		0.72	%^(B)		0.70	%		0.71	%		0.69	%
Net investment income (loss) to average net assets		5.83	%		6.48	%^(B)		6.29	%		6.16	%		5.38	%
Portfolio turnover rate		247	%		257	%		237	%		321	%		326	%


(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, 2017			October 31, 2016			October 31, 2015 ^(A)
Net asset value, beginning of period/year	$	10.52		$	9.71		$	10.37
Investment operations:
Net investment income (loss) ^(B)		0.64			0.66	^(C)		0.28
Net realized and unrealized gain (loss)		0.33			0.51			(0.66	)
Total investment operations		0.97			1.17			(0.38	)
Dividends and/or distributions to shareholders:
Net investment income		(0.55	)		(0.33	)		(0.28	)
Return of capital		—			(0.03	)		—
Total dividends and/or distributions to shareholders		(0.55	)		(0.36	)		(0.28	)
Net asset value, end of period/year	$	10.94		$	10.52		$	9.71
Total return		9.45	%		12.36	%		(3.71	)%^(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	6,933		$	87		$	48
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.72	%		0.72	%		0.71	%^(E)
Including waiver and/or reimbursement and recapture		0.72	%		0.72	%^(C)		0.71	%^(E)
Net investment income (loss) to average net assets		5.87	%		6.62	%^(C)		6.66	%^(E)
Portfolio turnover rate		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 2017

Page 428

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period indicated:	Transamerica Emerging Markets Debt
	Class T1			Advisor Class
	October 31, 2017 ^(A)			October 31, 2017 ^(B)
Net asset value, beginning of period	$	10.62		$	10.20
Investment operations:
Net investment income (loss) ^(C)		0.38			0.57
Net realized and unrealized gain (loss)		0.32			0.72
Total investment operations		0.70			1.29
Dividends and/or distributions to shareholders:
Net investment income		(0.30	)		(0.42	)
Net asset value, end of period	$	11.02		$	11.07
Total return		6.64	%^(D)(E)		12.71	%^(E)
Ratio and supplemental data:
Net assets end of period (000’s)	$	11		$	11
Expenses to average net assets		0.96	%^(F)		0.92	%^(F)
Net investment income (loss) to average net assets		5.58	%^(F)		6.01	%^(F)
Portfolio turnover rate		247	%		247	%


(A)		Commenced operations on March 17, 2017.
(B)		Commenced operations on December 16, 2016.
(C)		Calculated based on average number of shares outstanding.
(D)		Total return has been calculated without deduction of the maximum sales charge and contingent deferred sales charge.
(E)		Not annualized.
(F)		Annualized.


For a share outstanding during the years indicated:	Transamerica Emerging Markets Equity
	Class A
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	8.83		$	8.50		$	10.25		$	10.40		$	9.42
Investment operations:
Net investment income (loss) ^(A)		0.12			0.07	^(B)		0.06			0.11			0.12
Net realized and unrealized gain (loss)		2.20			0.34			(1.70	)		(0.16	)		0.88
Total investment operations		2.32			0.41			(1.64	)		(0.05	)		1.00
Dividends and/or distributions to shareholders:
Net investment income		(0.14	)		(0.08	)		(0.11	)		(0.10	)		(0.02	)
Net asset value, end of year	$	11.01		$	8.83		$	8.50		$	10.25		$	10.40
Total return ^(C)		26.75	%		4.88	%		(16.17	)%		(0.40	)%		10.68	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	10,421		$	2,368		$	1,669		$	1,495		$	805
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.59	%		1.73	%		1.60	%		1.62	%		1.60	%
Including waiver and/or reimbursement and recapture		1.59	%		1.72	%^(B)		1.60	%		1.62	%		1.60	%
Net investment income (loss) to average net assets		1.16	%		0.87	%^(B)		0.63	%		1.05	%		1.19	%
Portfolio turnover rate		49	%		61	%		89	%		69	%		63	%


(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 maximum sales charge and contingent deferred sales charge.

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


Transamerica Funds		Annual Report 2017

Page 429

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica Emerging Markets Equity
	Class C
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	8.74		$	8.41		$	10.14		$	10.32		$	9.39
Investment operations:
Net investment income (loss) ^(A)		0.02			0.02	^(B)		0.01			0.04			0.06
Net realized and unrealized gain (loss)		2.22			0.34			(1.70	)		(0.15	)		0.87
Total investment operations		2.24			0.36			(1.69	)		(0.11	)		0.93
Dividends and/or distributions to shareholders:
Net investment income		(0.09	)		(0.03	)		(0.04	)		(0.07	)		—
Net asset value, end of year	$	10.89		$	8.74		$	8.41		$	10.14		$	10.32
Total return ^(C)		25.97	%		4.28	%		(16.73	)%		(1.05	)%		9.90	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	2,552		$	1,846		$	1,882		$	1,424		$	916
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.28	%		2.33	%		2.28	%		2.29	%		2.23	%
Including waiver and/or reimbursement and recapture		2.28	%		2.32	%^(B)		2.28	%		2.29	%		2.23	%
Net investment income (loss) to average net assets		0.23	%		0.23	%^(B)		0.08	%		0.36	%		0.57	%
Portfolio turnover rate		49	%		61	%		89	%		69	%		63	%


(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 maximum contingent deferred sales charge.


For a share outstanding during the years indicated:	Transamerica Emerging Markets Equity
	Class I
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	8.88		$	8.55		$	10.30		$	10.43		$	9.43
Investment operations:
Net investment income (loss) ^(A)		0.17			0.08	^(B)		0.10			0.12			0.17
Net realized and unrealized gain (loss)		2.19			0.36			(1.72	)		(0.13	)		0.87
Total investment operations		2.36			0.44			(1.62	)		(0.01	)		1.04
Dividends and/or distributions to shareholders:
Net investment income		(0.17	)		(0.11	)		(0.13	)		(0.12	)		(0.04	)
Net asset value, end of year	$	11.07		$	8.88		$	8.55		$	10.30		$	10.43
Total return		27.20	%		5.30	%		(15.89	)%		(0.04	)%		11.03	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	8,072		$	476		$	1,281		$	1,147		$	505
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.27	%		1.31	%		1.25	%		1.29	%		1.26	%
Including waiver and/or reimbursement and recapture		1.27	%		1.31	%^(B)		1.25	%		1.29	%		1.26	%
Net investment income (loss) to average net assets		1.64	%		1.04	%^(B)		1.01	%		1.22	%		1.74	%
Portfolio turnover rate		49	%		61	%		89	%		69	%		63	%


(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 2017

Page 430

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica Emerging Markets Equity
	Class I2
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	8.89		$	8.56		$	10.30		$	10.44		$	9.44
Investment operations:
Net investment income (loss) ^(A)		0.13			0.12	^(B)		0.12			0.15			0.16
Net realized and unrealized gain (loss)		2.24			0.33			(1.72	)		(0.16	)		0.88
Total investment operations		2.37			0.45			(1.60	)		(0.01	)		1.04
Dividends and/or distributions to shareholders:
Net investment income		(0.18	)		(0.12	)		(0.14	)		(0.13	)		(0.04	)
Net asset value, end of year	$	11.08		$	8.89		$	8.56		$	10.30		$	10.44
Total return		27.35	%		5.41	%		(15.74	)%		(0.02	)%		11.09	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	217,617		$	146,458		$	270,402		$	241,658		$	220,261
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.17	%		1.19	%		1.14	%		1.17	%		1.15	%
Including waiver and/or reimbursement and recapture		1.17	%		1.18	%^(B)		1.14	%		1.17	%		1.15	%
Net investment income (loss) to average net assets		1.37	%		1.46	%^(B)		1.26	%		1.44	%		1.66	%
Portfolio turnover rate		49	%		61	%		89	%		69	%		63	%


(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 Emerging Markets Equity
	Class T1			Advisor Class
	October 31, 2017 ^(A)			October 31, 2017 ^(B)
Net asset value, beginning of period	$	9.50		$	8.38
Investment operations:
Net investment income (loss) ^(C)		0.10			0.12
Net realized and unrealized gain (loss)		1.42			2.79
Total investment operations		1.52			2.91
Dividends and/or distributions to shareholders:
Net investment income		—			(0.01	)
Net asset value, end of period	$	11.02		$	11.28
Total return		16.00	%^(D)^(E)		34.72	%^(E)
Ratio and supplemental data:
Net assets end of period (000’s)	$	12		$	13
Expenses to average net assets		1.41	%^(F)		1.36	%^(F)
Net investment income (loss) to average net assets		1.59	%^(F)		1.34	%^(F)
Portfolio turnover rate		49	%		49	%


(A)		Commenced operations on March 17, 2017.
(B)		Commenced operations on December 16, 2016.
(C)		Calculated based on average number of shares outstanding.
(D)		Total return has been calculated without deduction of the maximum sales charge and 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 2017

Page 431

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period indicated:	Transamerica Event Driven
	Class I			Advisor Class
	October 31, 2017 ^(A)			October 31, 2017 ^(B)
Net asset value, beginning of period	$	9.78		$	10.07
Investment operations:
Net investment income (loss) ^{(C) (D)}		0.10			0.11
Net realized and unrealized gain (loss)		0.60			0.30
Total investment operations		0.70			0.41
Dividends and/or distributions to shareholders:
Net investment income		(0.02	)		(0.01	)
Net asset value, end of period	$	10.46		$	10.47
Total return		7.19	%^(E)		4.04	%^(E)
Ratio and supplemental data:
Net assets end of period (000’s)	$	60		$	10
Expenses to average net assets ^(F)
Excluding waiver and/or reimbursement and recapture, including dividends, interest and fees for borrowings from securities sold short		1.81	%^(G)		1.91	%^(G)
Including waiver and/or reimbursement and recapture, including dividends, interest and fees for borrowings from securities sold short		1.44	%^(G)		1.58	%^(G)
Including waiver and/or reimbursement and recapture, excluding dividends, interest and fees from borrowings from securities sold short		1.38	%^(G)		1.42	%^(G)
Net investment income (loss) to average net assets ^(D)		1.03	%^(G)		1.22	%^(G)
Portfolio turnover rate ^(H)		633	%		633	%


(A)		Commenced operations on November 11, 2016.
(B)		Commenced operations on December 16, 2016.
(C)		Calculated based on average number of shares outstanding.
(D)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.
(E)		Not annualized.
(F)		Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(G)		Annualized.
(H)		Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.


For a share outstanding during the period and years indicated:	Transamerica Event Driven
	Class I2
	October 31, 2017			October 31, 2016			October 31, 2015 ^(A)
Net asset value, beginning of period/year	$	9.83		$	9.66		$	10.00
Investment operations:
Net investment income (loss) ^(B) (C)		0.16			0.15	^(D)		(0.03	)^(E)
Net realized and unrealized gain (loss)		0.48			0.04	^(F)		(0.31	)^(E)
Total investment operations		0.64			0.19			(0.34	)
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.02	)		—
Net asset value, end of period/year	$	10.31		$	9.83		$	9.66
Total return		6.55	%		1.98	%		(3.30	)%^(G)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	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		1.76	%		2.57	%		2.96	%^(E)(I)
Including waiver and/or reimbursement and recapture, including dividends, interest and fees for borrowings from securities sold short		1.62	%		2.53	%^(D)		2.77	%^(E)(I)
Including waiver and/or reimbursement and recapture, excluding dividends, interest and fees from borrowings from securities sold short		1.45	%		1.73	%^(D)		1.66	%^(I)
Net investment income (loss) to average net assets ^(C)		1.55	%		1.62	%^(D)		(0.44	)%^(E)(I)
Portfolio turnover rate ^(J)		633	%		579	%		305	%^(G)


(A)		Commenced operations on March 31, 2015.
(B)		Calculated based on average number of shares outstanding.
(C)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.
(D)		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, 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 0.00% higher, 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(E)		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.
(F)		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.
(G)		Not annualized.
(H)		Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(I)		Annualized.
(J)		Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

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


Transamerica Funds		Annual Report 2017

Page 432

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica Flexible Income
	Class A
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	9.31		$	9.22		$	9.46		$	9.38		$	9.37
Investment operations:
Net investment income (loss) ^(A)		0.33			0.36	^(B)		0.28			0.29			0.41
Net realized and unrealized gain (loss)		0.05			0.07			(0.23	)		0.08			0.03
Total investment operations		0.38			0.43			0.05			0.37			0.44
Dividends and/or distributions to shareholders:
Net investment income		(0.35	)		(0.34	)		(0.29	)		(0.29	)		(0.43	)
Net asset value, end of year	$	9.34		$	9.31		$	9.22		$	9.46		$	9.38
Total return ^(C)		4.12	%		4.78	%		0.56	%		3.98	%		4.85	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	83,251		$	86,305		$	68,304		$	73,829		$	78,512
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.97	%		0.93	%		0.88	%		0.91	%		1.00	%
Including waiver and/or reimbursement and recapture		0.97	%		0.91	%^(B)		0.88	%		0.89	%		0.95	%
Net investment income (loss) to average net assets		3.59	%		3.92	%^(B)		3.03	%		3.04	%		4.32	%
Portfolio turnover rate		34	%		47	%		27	%		26	%		32	%


(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 maximum sales charge and contingent deferred sales charge.


For a share outstanding during the years indicated:	Transamerica Flexible Income
	Class B
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	9.32		$	9.22		$	9.46		$	9.39		$	9.37
Investment operations:
Net investment income (loss) ^(A)		0.25			0.28	^(B)		0.21			0.21			0.32
Net realized and unrealized gain (loss)		0.05			0.08			(0.24	)		0.07			0.05
Total investment operations		0.30			0.36			(0.03	)		0.28			0.37
Dividends and/or distributions to shareholders:
Net investment income		(0.27	)		(0.26	)		(0.21	)		(0.21	)		(0.35	)
Net asset value, end of year	$	9.35		$	9.32		$	9.22		$	9.46		$	9.39
Total return ^(C)		3.20	%		3.95	%		(0.28	)%		2.98	%		4.00	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	531		$	1,355		$	2,164		$	3,644		$	4,819
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.87	%		1.80	%		1.71	%		1.72	%		1.85	%
Including waiver and/or reimbursement and recapture		1.85	%		1.79	%^(B)		1.71	%		1.72	%		1.85	%
Net investment income (loss) to average net assets		2.69	%		3.03	%^(B)		2.18	%		2.24	%		3.42	%
Portfolio turnover rate		34	%		47	%		27	%		26	%		32	%


(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 maximum contingent deferred sales charge.

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


Transamerica Funds		Annual Report 2017

Page 433

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica Flexible Income
	Class C
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	9.25		$	9.16		$	9.40		$	9.32		$	9.31
Investment operations:
Net investment income (loss) ^(A)		0.27			0.29	^(B)		0.22			0.22			0.34
Net realized and unrealized gain (loss)		0.05			0.07			(0.23	)		0.08			0.04
Total investment operations		0.32			0.36			(0.01	)		0.30			0.38
Dividends and/or distributions to shareholders:
Net investment income		(0.29	)		(0.27	)		(0.23	)		(0.22	)		(0.37	)
Net asset value, end of year	$	9.28		$	9.25		$	9.16		$	9.40		$	9.32
Total return ^(C)		3.41	%		4.18	%		(0.15	)%		3.26	%		4.10	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	49,394		$	60,126		$	64,995		$	68,629		$	71,692
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.65	%		1.64	%		1.59	%		1.60	%		1.67	%
Including waiver and/or reimbursement and recapture		1.65	%		1.62	%^(B)		1.59	%		1.60	%		1.67	%
Net investment income (loss) to average net assets		2.90	%		3.20	%^(B)		2.32	%		2.33	%		3.60	%
Portfolio turnover rate		34	%		47	%		27	%		26	%		32	%


(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 maximum contingent deferred sales charge.


For a share outstanding during the years indicated:	Transamerica Flexible Income
	Class I
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	9.32		$	9.23		$	9.47		$	9.39		$	9.38
Investment operations:
Net investment income (loss) ^(A)		0.36			0.38	^(B)		0.31			0.31			0.43
Net realized and unrealized gain (loss)		0.06			0.07			(0.23	)		0.08			0.04
Total investment operations		0.42			0.45			0.08			0.39			0.47
Dividends and/or distributions to shareholders:
Net investment income		(0.38	)		(0.36	)		(0.32	)		(0.31	)		(0.46	)
Net asset value, end of year	$	9.36		$	9.32		$	9.23		$	9.47		$	9.39
Total return		4.54	%		5.05	%		0.84	%		4.25	%		5.13	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	181,977		$	162,875		$	55,370		$	42,545		$	33,036
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.67	%		0.67	%		0.61	%		0.62	%		0.68	%
Including waiver and/or reimbursement and recapture		0.67	%		0.65	%^(B)		0.61	%		0.62	%		0.68	%
Net investment income (loss) to average net assets		3.88	%		4.20	%^(B)		3.33	%		3.29	%		4.58	%
Portfolio turnover rate		34	%		47	%		27	%		26	%		32	%


(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 2017

Page 434

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica Flexible Income
	Class I2
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	9.32		$	9.23		$	9.48		$	9.40		$	9.38
Investment operations:
Net investment income (loss) ^(A)		0.37			0.39	^(B)		0.32			0.31			0.44
Net realized and unrealized gain (loss)		0.06			0.07			(0.24	)		0.09			0.05
Total investment operations		0.43			0.46			0.08			0.40			0.49
Dividends and/or distributions to shareholders:
Net investment income		(0.39	)		(0.37	)		(0.33	)		(0.32	)		(0.47	)
Net asset value, end of year	$	9.36		$	9.32		$	9.23		$	9.48		$	9.40
Total return		4.65	%		5.17	%		0.83	%		4.35	%		5.35	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	118,738		$	137,246		$	355,272		$	540,719		$	56,421
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.56	%		0.55	%		0.51	%		0.52	%		0.58	%
Including waiver and/or reimbursement and recapture		0.56	%		0.53	%^(B)		0.51	%		0.52	%		0.58	%
Net investment income (loss) to average net assets		3.99	%		4.23	%^(B)		3.40	%		3.26	%		4.65	%
Portfolio turnover rate		34	%		47	%		27	%		26	%		32	%


(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 period and years indicated:	Transamerica Flexible Income
	Class R6
	October 31, 2017			October 31, 2016			October 31, 2015 ^(A)
Net asset value, beginning of period/year	$	9.32		$	9.23		$	9.45
Investment operations:
Net investment income (loss) ^(B)		0.37			0.40	^(C)		0.14
Net realized and unrealized gain (loss)		0.06			0.06			(0.21	)
Total investment operations		0.43			0.46			(0.07	)
Dividends and/or distributions to shareholders:
Net investment income		(0.39	)		(0.37	)		(0.15	)
Net asset value, end of period/year	$	9.36		$	9.32		$	9.23
Total return		4.65	%		5.16	%		(0.79	)%^(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	6,283		$	3,028		$	50
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.56	%		0.55	%		0.52	%^(E)
Including waiver and/or reimbursement and recapture		0.56	%		0.52	%^(C)		0.52	%^(E)
Net investment income (loss) to average net assets		4.01	%		4.38	%^(C)		3.55	%^(E)
Portfolio turnover rate		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.

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


Transamerica Funds		Annual Report 2017

Page 435

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period indicated:	Transamerica Flexible Income
	Class T1			Advisor Class
	October 31, 2017 ^(A)			October 31, 2017 ^(B)
Net asset value, beginning of period	$	9.22		$	9.15
Investment operations:
Net investment income (loss) ^(C)		0.22			0.31
Net realized and unrealized gain (loss)		0.12			0.22
Total investment operations		0.34			0.53
Dividends and/or distributions to shareholders:
Net investment income		(0.22	)		(0.32	)
Net asset value, end of period	$	9.34		$	9.36
Total return		3.77	%^(D)^(E)		5.85	%^(E)
Ratio and supplemental data:
Net assets end of period (000’s)	$	20		$	11
Expenses to average net assets		0.81	%^(F)		0.77	%^(F)
Net investment income (loss) to average net assets		3.71	%^(F)		3.78	%^(F)
Portfolio turnover rate		34	%		34	%


(A)		Commenced operations on March 17, 2017.
(B)		Commenced operations on December 16, 2016.
(C)		Calculated based on average number of shares outstanding.
(D)		Total return has been calculated without deduction of the maximum sales charge and contingent deferred sales charge.
(E)		Not annualized.
(F)		Annualized.


For a share outstanding during the years indicated:	Transamerica Floating Rate
	Class A
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014 ^(A)
Net asset value, beginning of year	$	9.95		$	9.82		$	9.92		$	10.00
Investment operations:
Net investment income (loss) ^{(B) (C)}		0.38			0.40	^(D)		0.34			0.31
Net realized and unrealized gain (loss)		0.03			0.12			(0.08	)		(0.10	)
Total investment operations		0.41			0.52			0.26			0.21
Dividends and/or distributions to shareholders:
Net investment income		(0.39	)		(0.39	)		(0.35	)		(0.29	)
Net realized gains		—			—			(0.01	)		—
Total dividends and/or distributions to shareholders		(0.39	)		(0.39	)		(0.36	)		(0.29	)
Net asset value, end of year	$	9.97		$	9.95		$	9.82		$	9.92
Total return ^(E)		4.14	%		5.50	%		2.73	%		2.17	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	38,312		$	6,327		$	3,360		$	633
Expenses to average net assets ^(F)
Excluding waiver and/or reimbursement and recapture		1.08	%		1.11	%		1.11	%		1.21	%
Including waiver and/or reimbursement and recapture		1.05	%		1.05	%^(D)		1.05	%		1.06	%
Net investment income (loss) to average net assets ^(C)		3.79	%		4.05	%^(D)		3.46	%		3.08	%
Portfolio turnover rate ^(G)		55	%		50	%		41	%		73	%


(A)		Commenced operations on October 31, 2013.
(B)		Calculated based on average number of shares outstanding.
(C)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.
(D)		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.
(E)		Total return has been calculated without deduction of the maximum sales charge and contingent deferred sales charge.
(F)		Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(G)		Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

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


Transamerica Funds		Annual Report 2017

Page 436

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica Floating Rate
	Class C
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014 ^(A)
Net asset value, beginning of year	$	9.95		$	9.82		$	9.92		$	10.00
Investment operations:
Net investment income (loss) ^{(B) (D)}		0.30			0.32	^(C)		0.27			0.24
Net realized and unrealized gain (loss)		0.04			0.13			(0.08	)		(0.10	)
Total investment operations		0.34			0.45			0.19			0.14
Dividends and/or distributions to shareholders:
Net investment income		(0.32	)		(0.32	)		(0.28	)		(0.22	)
Net realized gains		—			—			(0.01	)		—
Total dividends and/or distributions to shareholders		(0.32	)		(0.32	)		(0.29	)		(0.22	)
Net asset value, end of year	$	9.97		$	9.95		$	9.82		$	9.92
Total return ^(E)		3.36	%		4.70	%		1.98	%		1.43	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	17,549		$	6,669		$	2,904		$	1,672
Expenses to average net assets ^(F)
Excluding waiver and/or reimbursement and recapture		1.83	%		1.84	%		1.86	%		1.97	%
Including waiver and/or reimbursement and recapture		1.80	%		1.80	%^(C)		1.80	%		1.80	%
Net investment income (loss) to average net assets ^(D)		3.05	%		3.30	%^(C)		2.78	%		2.45	%
Portfolio turnover rate ^(G)		55	%		50	%		41	%		73	%


(A)		Commenced operations on October 31, 2013.
(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)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.
(E)		Total return has been calculated without deduction of the maximum contingent deferred sales charge.
(F)		Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(G)		Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.


For a share outstanding during the years indicated:	Transamerica Floating Rate
	Class I
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014 ^(A)
Net asset value, beginning of year	$	9.92		$	9.79		$	9.92		$	10.00
Investment operations:
Net investment income (loss) ^{(B) (C)}		0.40			0.41	^(D)		0.35			0.33
Net realized and unrealized gain (loss)		0.04			0.14			(0.09	)		(0.09	)
Total investment operations		0.44			0.55			0.26			0.24
Dividends and/or distributions to shareholders:
Net investment income		(0.42	)		(0.42	)		(0.38	)		(0.32	)
Net realized gains		—			—			(0.01	)		—
Total dividends and/or distributions to shareholders		(0.42	)		(0.42	)		(0.39	)		(0.32	)
Net asset value, end of year	$	9.94		$	9.92		$	9.79		$	9.92
Total return		4.40	%		5.75	%		2.66	%		2.45	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	72,316		$	13,061		$	787		$	412
Expenses to average net assets ^(E)
Excluding waiver and/or reimbursement and recapture		0.85	%		0.85	%		0.87	%		0.97	%
Including waiver and/or reimbursement and recapture		0.80	%		0.80	%^(D)		0.80	%		0.80	%
Net investment income (loss) to average net assets ^(C)		4.02	%		4.21	%^(D)		3.57	%		3.27	%
Portfolio turnover rate ^(F)		55	%		50	%		41	%		73	%


(A)		Commenced operations on October 31, 2013.
(B)		Calculated based on average number of shares outstanding.
(C)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.
(D)		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.
(E)		Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(F)		Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

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


Transamerica Funds		Annual Report 2017

Page 437

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica Floating Rate
	Class I2
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014 ^(A)
Net asset value, beginning of year	$	9.95		$	9.82		$	9.92		$	10.00
Investment operations:
Net investment income (loss) ^{(B) (C)}		0.41			0.42	^(D)		0.38			0.34
Net realized and unrealized gain (loss)		0.03			0.13			(0.09	)		(0.10	)
Total investment operations		0.44			0.55			0.29			0.24
Dividends and/or distributions to shareholders:
Net investment income		(0.42	)		(0.42	)		(0.38	)		(0.32	)
Net realized gains		—			—			(0.01	)		—
Total dividends and/or distributions to shareholders		(0.42	)		(0.42	)		(0.39	)		(0.32	)
Net asset value, end of year	$	9.97		$	9.95		$	9.82		$	9.92
Total return		4.45	%		5.81	%		2.99	%		2.47	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	512,061		$	374,908		$	336,546		$	213,481
Expenses to average net assets ^(E)
Excluding waiver and/or reimbursement and recapture		0.75	%		0.75	%		0.77	%		0.87	%
Including waiver and/or reimbursement and recapture		0.75	%		0.75	%^(D)^(F)		0.80	%		0.80	%
Net investment income (loss) to average net assets ^(C)		4.12	%		4.32	%^(D)		3.79	%		3.37	%
Portfolio turnover rate ^(G)		55	%		50	%		41	%		73	%


(A)		Commenced operations on October 31, 2013.
(B)		Calculated based on average number of shares outstanding.
(C)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.
(D)		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.
(E)		Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(F)		Waiver and/or reimbursement rounds to less than 0.01%.
(G)		Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.


For a share outstanding during the period indicated:	Transamerica Floating Rate
	Class T1
	October 31, 2017 ^(A)
Net asset value, beginning of period	$	9.99
Investment operations:
Net investment income (loss) ^{(B) (C)}		0.24
Net realized and unrealized gain (loss)		(0.02	)^(D)
Total investment operations		0.22
Dividends and/or distributions to shareholders:
Net investment income		(0.24	)
Net asset value, end of period	$	9.97
Total return ^(E)		2.20	%^(F)
Ratio and supplemental data:
Net assets end of period (000’s)	$	10
Expenses to average net assets ^(G)		1.00	%^(H)
Net investment income (loss) to average net assets ^(C)		3.73	%^(H)
Portfolio turnover rate ^(I)		55	%


(A)		Commenced operations on March 17, 2017.
(B)		Calculated based on average number of shares outstanding.
(C)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.
(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)		Total return has been calculated without deduction of the maximum sales charge and contingent deferred sales charge.
(F)		Not annualized.
(G)		Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(H)		Annualized.
(I)		Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

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


Transamerica Funds		Annual Report 2017

Page 438

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica Global Equity
	Class A
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	11.14		$	11.15		$	11.08		$	10.96		$	9.22
Investment operations:
Net investment income (loss) ^(A)		0.08			0.08	^(B)		0.05	^(C)		0.18	^(C)		0.11	^(C)
Net realized and unrealized gain (loss)		2.64			(0.09	)		0.02			0.10			1.73
Total investment operations		2.72			(0.01	)		0.07			0.28			1.84
Dividends and/or distributions to shareholders:
Net investment income		(0.28	)		—			—			(0.16	)		(0.10	)
Net asset value, end of year	$	13.58		$	11.14		$	11.15		$	11.08		$	10.96
Total return ^(D)		24.92	%		(0.09	)%		0.63	%		2.54	%		20.08	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	42,264		$	39,699		$	48,311		$	56,663		$	82,534
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.49	%		1.39	%		1.36	%^(E)		0.75	%^(E)		0.69	%^(E)
Including waiver and/or reimbursement and recapture		1.35	%		1.34	%^(B)		1.35	%^(E)		0.74	%^(E)		0.69	%^(E)
Net investment income (loss) to average net assets		0.68	%		0.74	%^(B)		0.46	%^(C)		1.64	%^(C)		1.09	%^(C)
Portfolio turnover rate		38	%		63	%		51	%^(F)		150	%^(F)		18	%^(F)


(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)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.
(D)		Total return has been calculated without deduction of the maximum sales charge and contingent deferred sales charge.
(E)		Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(F)		Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.


For a share outstanding during the years indicated:	Transamerica Global Equity
	Class B
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	10.90		$	10.99		$	11.00		$	10.89		$	9.16
Investment operations:
Net investment income (loss) ^(A)		(0.01	)		0.00	^(B)(C)		(0.03	)^(D)		0.10	^(D)		0.04	^(D)
Net realized and unrealized gain (loss)		2.59			(0.09	)		0.02			0.08			1.71
Total investment operations		2.58			(0.09	)		(0.01	)		0.18			1.75
Dividends and/or distributions to shareholders:
Net investment income		(0.15	)		—			—			(0.07	)		(0.02	)
Net asset value, end of year	$	13.33		$	10.90		$	10.99		$	11.00		$	10.89
Total return ^(E)		23.96	%		(0.82	)%		(0.09	)%		1.64	%		19.11	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	910		$	1,642		$	3,380		$	6,460		$	9,191
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.44	%		2.31	%		2.27	%^(F)		1.63	%^(F)		1.54	%^(F)
Including waiver and/or reimbursement and recapture		2.10	%		2.09	%^(C)		2.10	%^(F)		1.53	%^(F)		1.45	%^(F)
Net investment income (loss) to average net assets		(0.08	)%		0.03	%^(C)		(0.28	)%^(D)		0.95	%^(D)		0.37	%^(D)
Portfolio turnover rate		38	%		63	%		51	%^(G)		150	%^(G)		18	%^(G)


(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)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.
(E)		Total return has been calculated without deduction of the contingent deferred maximum sales charge.
(F)		Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(G)		Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

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


Transamerica Funds		Annual Report 2017

Page 439

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica Global Equity
	Class C
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	10.89		$	10.98		$	10.99		$	10.88		$	9.15
Investment operations:
Net investment income (loss) ^(A)		(0.01	)		(0.00	)^(B)(C)		(0.03	)^(D)		0.09	^(D)		0.04	^(D)
Net realized and unrealized gain (loss)		2.58			(0.09	)		0.02			0.10			1.72
Total investment operations		2.57			(0.09	)		(0.01	)		0.19			1.76
Dividends and/or distributions to shareholders:
Net investment income		(0.19	)		—			—			(0.08	)		(0.03	)
Net asset value, end of year	$	13.27		$	10.89		$	10.98		$	10.99		$	10.88
Total return ^(E)		23.90	%		(0.82	)%		(0.09	)%		1.73	%		19.26	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	44,450		$	48,720		$	61,427		$	74,772		$	88,681
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.21	%		2.13	%		2.10	%^(F)		1.49	%^(F)		1.40	%^(F)
Including waiver and/or reimbursement and recapture		2.10	%		2.09	%^(C)		2.10	%^(F)(G)		1.47	%^(F)		1.40	%^(F)
Net investment income (loss) to average net assets		(0.07	)%		(0.01	)%^(C)		(0.29	)%^(D)		0.87	%^(D)		0.40	%^(D)
Portfolio turnover rate		38	%		63	%		51	%^(H)		150	%^(H)		18	%^(H)


(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)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.
(E)		Total return has been calculated without deduction of the maximum contingent deferred sales charge.
(F)		Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(G)		Waiver and/or reimbursement rounds to less than 0.01%.
(H)		Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.


For a share outstanding during the years indicated:	Transamerica Global Equity
	Class I
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	11.19		$	11.17		$	11.06		$	10.96		$	9.23
Investment operations:
Net investment income (loss) ^(A)		0.11			0.11	^(B)		0.09	^(C)		0.21	^(C)		0.14	^(C)
Net realized and unrealized gain (loss)		2.64			(0.08	)		0.02			0.09			1.73
Total investment operations		2.75			0.03			0.11			0.30			1.87
Dividends and/or distributions to shareholders:
Net investment income		(0.33	)		(0.01	)		—			(0.20	)		(0.14	)
Net asset value, end of year	$	13.61		$	11.19		$	11.17		$	11.06		$	10.96
Total return		25.20	%		0.24	%		0.99	%		2.75	%		20.53	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	34,572		$	28,605		$	37,576		$	33,329		$	32,954
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.14	%		1.04	%		1.03	%^(D)		0.46	%^(D)		0.31	%^(D)
Including waiver and/or reimbursement and recapture		1.10	%		1.02	%^(B)		1.04	%^(D)		0.44	%^(D)		0.31	%^(D)
Net investment income (loss) to average net assets		0.93	%		1.04	%^(B)		0.78	%^(C)		1.88	%^(C)		1.39	%^(C)
Portfolio turnover rate		38	%		63	%		51	%^(E)		150	%^(E)		18	%^(E)


(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)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.
(D)		Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(E)		Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

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


Transamerica Funds		Annual Report 2017

Page 440

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period and years indicated:	Transamerica Global Equity
	Class R6
	October 31, 2017			October 31, 2016			October 31, 2015 ^(A)
Net asset value, beginning of period/year	$	11.22		$	11.18		$	11.63
Investment operations:
Net investment income (loss) ^(B)		0.13			0.09	^(C)		0.03	^(D)
Net realized and unrealized gain (loss)		2.63			(0.05	)		(0.48	)^(E)
Total investment operations		2.76			0.04			(0.45	)
Dividends and/or distributions to shareholders:
Net investment income		(0.36	)		(0.00	)^(F)		—
Net asset value, end of period/year	$	13.62		$	11.22		$	11.18
Total return		25.19	%		0.36	%		(3.87	)%^(G)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,114		$	140		$	48
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.04	%		0.95	%		0.93	%^(H)(I)
Including waiver and/or reimbursement and recapture		1.04	%		0.94	%^(C)		0.93	%^(H)(I)
Net investment income (loss) to average net assets		1.01	%		0.82	%^(C)		0.61	%^(D)(I)
Portfolio turnover rate		38	%		63	%		51	%^(J)


(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)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.
(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 investment companies and/or ETFs in which the Fund invests.
(I)		Annualized.
(J)		Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.


For a share outstanding during the period indicated:	Transamerica Global Equity
	Class T1			Advisor Class
	October 31, 2017 ^(A)			October 31, 2017 ^(B)
Net asset value, beginning of period	$	11.97		$	11.52
Investment operations:
Net investment income (loss) ^(C)		0.08			0.12
Net realized and unrealized gain (loss)		1.53			2.36
Total investment operations		1.61			2.48
Dividends and/or distributions to shareholders:
Net investment income		—			(0.01	)
Net asset value, end of period	$	13.58		$	13.99
Total return		13.45	%^(D)(E)		21.59	%^(E)
Ratio and supplemental data:
Net assets end of period (000’s)	$	11		$	12
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.28	%^(F)		1.23	%^(F)
Including waiver and/or reimbursement and recapture		1.28	%^(F)		1.10	%^(F)
Net investment income (loss) to average net assets		0.96	%^(F)		1.06	%^(F)
Portfolio turnover rate		38	%		38	%


(A)		Commenced operations on March 17, 2017.
(B)		Commenced operations on December 16, 2016.
(C)		Calculated based on average number of shares outstanding.
(D)		Total return has been calculated without deduction of the maximum sales charge and 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 2017

Page 441

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica Government Money Market
	Class A
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Investment operations:
Net investment income (loss) ^(A)		0.00	^(B)		0.00	^(B)(C)		0.00	^(B)		0.00	^(B)		0.00	^(B)
Total investment operations		0.00	^(B)		0.00	^(B)		0.00	^(B)		0.00	^(B)		0.00	^(B)
Dividends and/or distributions to shareholders:
Net investment income		(0.00	)^(B)		(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)		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	191,477		$	192,607		$	105,532		$	100,310		$	90,423
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.78	%		0.87	%		1.07	%		1.09	%		1.09	%
Including waiver and/or reimbursement and recapture ^(E)		0.82	%		0.43	%^(C)		0.27	%		0.22	%		0.24	%
Net investment income (loss) to average net assets		0.01	%		0.01	%^(C)		0.00	%^(F)		0.01	%		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 maximum sales charge and contingent deferred sales charge.
(E)		Transamerica Asset Management, Inc. or any of its affiliates waive fees or reimburse expenses in order to avoid a negative yield. 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 B
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Investment operations:
Net investment income (loss) ^(A)		0.00	^(B)		0.00	^(B)(C)		0.00	^(B)		0.00	^(B)		0.00	^(B)
Total investment operations		0.00	^(B)		0.00	^(B)		0.00	^(B)		0.00	^(B)		0.00	^(B)
Dividends and/or distributions to shareholders:
Net investment income		(0.00	)^(B)		(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)		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	764		$	1,383		$	2,418		$	3,820		$	6,189
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.80	%		1.79	%		1.83	%		1.86	%		1.82	%
Including waiver and/or reimbursement and recapture ^(E)		0.79	%		0.43	%^(C)		0.26	%		0.22	%		0.24	%
Net investment income (loss) to average net assets		0.01	%		0.01	%^(C)		0.01	%		0.01	%		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 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(D)		Total return has been calculated without deduction of the maximum contingent deferred sales charge.
(E)		Transamerica Asset Management, Inc. or any of its affiliates waive fees or reimburse expenses in order to avoid a negative yield. 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 2017

Page 442

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica Government Money Market
	Class C
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Investment operations:
Net investment income (loss) ^(A)		0.00	^(B)		0.00	^(B)(C)		0.00	^(B)		0.00	^(B)		0.00	^(B)
Total investment operations		0.00	^(B)		0.00	^(B)		0.00	^(B)		0.00	^(B)		0.00	^(B)
Dividends and/or distributions to shareholders:
Net investment income		(0.00	)^(B)		(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)		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	19,707		$	22,189		$	21,500		$	24,180		$	30,196
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.56	%		1.61	%		1.68	%		1.67	%		1.64	%
Including waiver and/or reimbursement and recapture ^(E)		0.81	%		0.43	%^(C)		0.27	%		0.22	%		0.24	%
Net investment income (loss) to average net assets		0.01	%		0.01	%^(C)		0.00	%^(F)		0.01	%		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 maximum contingent deferred sales charge.
(E)		Transamerica Asset Management, Inc. or any of its affiliates waive fees or reimburse expenses in order to avoid a negative yield. 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 I
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Investment operations:
Net investment income (loss) ^(A)		0.00	^(B)		0.00	^(B)(C)		0.00	^(B)		0.00	^(B)		0.00	^(B)
Total investment operations		0.00	^(B)		0.00	^(B)		0.00	^(B)		0.00	^(B)		0.00	^(B)
Dividends and/or distributions to shareholders:
Net investment income		(0.00	)^(B)		(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		0.01	%		0.01	%		0.02	%		0.01	%		0.04	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	21,578		$	21,185		$	18,529		$	19,325		$	22,305
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.62	%		0.69	%		0.78	%		0.77	%		0.71	%
Including waiver and/or reimbursement and recapture ^(D)		0.82	%		0.43	%^(C)		0.26	%		0.21	%		0.21	%
Net investment income (loss) to average net assets		0.01	%		0.01	%^(C)		0.01	%		0.02	%		0.04	%


(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. or any of its affiliates waive fees or reimburse expenses in order to avoid a negative yield. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.

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


Transamerica Funds		Annual Report 2017

Page 443

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica Government Money Market
	Class I2
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Investment operations:
Net investment income (loss) ^(A)		0.00	^(B)		0.00	^(B)(C)		0.00	^(B)		0.00	^(B)		0.00	^(B)
Total investment operations		0.00	^(B)		0.00	^(B)		0.00	^(B)		0.00	^(B)		0.00	^(B)
Dividends and/or distributions to shareholders:
Net investment income		(0.00	)^(B)		(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		0.01	%		0.01	%		0.02	%		0.01	%		0.04	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	7,850		$	11,954		$	35,245		$	31,522		$	130,531
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.43	%		0.48	%		0.54	%		0.53	%		0.49	%
Including waiver and/or reimbursement and recapture ^(D)		0.79	%		0.43	%^(C)		0.26	%		0.21	%		0.21	%
Net investment income (loss) to average net assets		0.01	%		0.01	%^(C)		0.01	%		0.02	%		0.03	%


(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. or any of its affiliates waive fees or reimburse expenses in order to avoid a negative yield. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.


For a share outstanding during the period indicated:	Transamerica Government Money Market
	Class I3			Class R2			Class R4
	October 31, 2017 ^(A)			October 31, 2017 ^(B)			October 31, 2017 ^(B)
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00
Investment operations:
Net investment income (loss) ^(C)		0.00	^(D)		0.00	^(D)		0.00	^(D)
Total investment operations		0.00	^(D)		0.00	^(D)		0.00	^(D)
Dividends and/or distributions to shareholders:
Net investment income		(0.00	)^(D)		(0.00	)^(D)		(0.00	)^(D)
Net asset value, end of period	$	1.00		$	1.00		$	1.00
Total return		0.34	%^(E)		0.02	%^(E)		0.03	%^(E)
Ratio and supplemental data:
Net assets end of period (000’s)	$	122,549		$	634,919		$	190,300
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.40	%^(F)		0.91	%^(F)		0.65	%^(F)
Including waiver and/or reimbursement and recapture ^(G)		0.30	%^(F)		0.80	%^(F)		0.50	%^(F)
Net investment income (loss) to average net assets		0.86	%^(F)		0.30	%^(F)		0.61	%^(F)


(A)		Commenced operations on May 19, 2017.
(B)		Commenced operations on October 13, 2017.
(C)		Calculated based on average number of shares outstanding.
(D)		Rounds to less than $0.01 or $(0.01).
(E)		Not annualized.
(F)		Annualized.
(G)		Transamerica Asset Management, Inc. or any of its affiliates waive fees or reimburse expenses in order to avoid a negative yield. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.

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


Transamerica Funds		Annual Report 2017

Page 444

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica Growth
	Class I2
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	13.02		$	15.06		$	16.18		$	15.89		$	13.42
Investment operations:
Net investment income (loss) ^(A)		(0.00	)^(B)		0.00	^{(B) (C)}		(0.01	)		(0.01	)		0.03
Net realized and unrealized gain (loss)		3.41			(0.15	)		1.69			2.50			3.90
Total investment operations		3.41			(0.15	)		1.68			2.49			3.93
Dividends and/or distributions to shareholders:
Net investment income		(0.01	)		—			—			(0.00	)^(B)		(0.04	)
Net realized gains		(2.57	)		(1.89	)		(2.80	)		(2.20	)		(1.42	)
Total dividends and/or distributions to shareholders		(2.58	)		(1.89	)		(2.80	)		(2.20	)		(1.46	)
Net asset value, end of year	$	13.85		$	13.02		$	15.06		$	16.18		$	15.89
Total return		32.38	%		(1.13	)%		12.30	%		17.17	%		32.38	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	344,218		$	369,391		$	516,868		$	529,426		$	573,545
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.87	%		0.85	%		0.84	%		0.84	%		0.84	%
Including waiver and/or reimbursement and recapture		0.87	%		0.84	%^(C)		0.84	%		0.84	%		0.84	%
Net investment income (loss) to average net assets		(0.02	)%		0.01	%^(C)		(0.07	)%		(0.06	)%		0.20	%
Portfolio turnover rate		50	%		36	%		33	%		31	%		41	%


(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.


For a share outstanding during the period and years indicated:	Transamerica Growth
	Class R6
	October 31, 2017			October 31, 2016			October 31, 2015 ^(A)
Net asset value, beginning of period/year	$	13.02		$	15.06		$	14.59
Investment operations:
Net investment income (loss) ^(B)		(0.01	)		(0.00	)^(C)(D)		(0.02	)
Net realized and unrealized gain (loss)		3.42			(0.15	)		0.49
Total investment operations		3.41			(0.15	)		0.47
Dividends and/or distributions to shareholders:
Net investment income		(0.01	)		—			—
Net realized gains		(2.57	)		(1.89	)		—
Total dividends and/or distributions to shareholders		(2.58	)		(1.89	)		—
Net asset value, end of period/year	$	13.85		$	13.02		$	15.06
Total return		32.29	%		(1.13	)%		3.22	%^(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	8,586		$	2,287		$	52
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.87	%		0.85	%		0.84	%^(F)
Including waiver and/or reimbursement and recapture		0.87	%		0.83	%^(D)		0.84	%^(F)
Net investment income (loss) to average net assets		(0.05	)%		(0.03	)%^(D)		(0.31	)%^(F)
Portfolio turnover rate		50	%		36	%		33	%


(A)		Commenced operations on May 29, 2015.
(B)		Calculated based on average number of shares outstanding.
(C)		Rounds to less than $0.01 or $(0.01).
(D)		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.
(E)		Not annualized.
(F)		Annualized.

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


Transamerica Funds		Annual Report 2017

Page 445

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period indicated:	Transamerica High Quality Bond
	Class I3			Class R
	October 31, 2017 ^(A)			October 31, 2017 ^(A)
Net asset value, beginning of period	$	10.00		$	10.00
Investment operations:
Net investment income (loss) ^(B)		0.09			0.06
Net realized and unrealized gain (loss)		(0.04	)		(0.03	)
Total investment operations		0.05			0.03
Dividends and/or distributions to shareholders:
Net investment income		(0.08	)		(0.04	)
Net asset value, end of period	$	9.97		$	9.99
Total return		0.51	%^(C)		0.32	%^(C)
Ratio and supplemental data:
Net assets end of period (000’s)	$	242,577		$	19,443
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.48	%^(D)		0.97	%^(D)
Including waiver and/or reimbursement and recapture		0.40	%^(D)		0.97	%^(D)
Net investment income (loss) to average net assets		1.63	%^(D)		1.03	%^(D)
Portfolio turnover rate		31	%^(C)		31	%^(C)


(A)		Commencement operations on April 21, 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 Quality Bond ^{(A) (B)}
	Class R4
	October 31, 2017 ^(C)			December 31, 2016			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012
Net asset value, beginning of period/year	$	9.98		$	10.03		$	10.17		$	10.29		$	10.49		$	10.43
Investment operations:
Net investment income (loss) ^(D)		0.11			0.14			0.10			0.13			0.16			0.19
Net realized and unrealized gain (loss)		0.01	^(E)		(0.01	)		(0.06	)		(0.07	)		(0.14	)		0.08
Total investment operations		0.12			0.13			0.04			0.06			0.02			0.27
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.18	)		(0.18	)		(0.18	)		(0.22	)		(0.21	)
Net asset value, end of period/year	$	9.97		$	9.98		$	10.03		$	10.17		$	10.29		$	10.49
Total return		1.13	%^(F)		1.31	%		0.38	%		0.55	%		0.19	%		2.63	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	40,216		$	56,312		$	57,227		$	58,080		$	64,958		$	85,258
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.75	%^(G)		0.78	%		0.76	%		0.77	%		0.75	%		0.76	%
Including waiver and/or reimbursement and recapture		0.66	%^(G)(H)		0.64	%^(I)		0.65	%		0.65	%		0.65	%		0.65	%
Net investment income (loss) to average net assets		1.33	%^(G)		1.34	%		1.01	%		1.21	%		1.56	%		1.83	%
Portfolio turnover rate		31	%^(F)		92	%		70	%		92	%		77	%		68	%


(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. Please reference the Reorganization section of the Notes to the Financial Statements for additional information.
(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. 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)		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. Please reference the Reorganization section of the Notes to Financial Statements for more information.
(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 2017

Page 446

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica High Yield Bond
	Class A
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	9.06		$	8.97		$	9.68		$	9.75		$	9.59
Investment operations:
Net investment income (loss) ^(A)		0.48			0.49	^(B)		0.48			0.50			0.54
Net realized and unrealized gain (loss)		0.30			0.10			(0.58	)		0.05			0.17
Total investment operations		0.78			0.59			(0.10	)		0.55			0.71
Dividends and/or distributions to shareholders:
Net investment income		(0.50	)		(0.50	)		(0.49	)		(0.49	)		(0.55	)
Net realized gains		—			—			(0.12	)		(0.13	)		—
Total dividends and/or distributions to shareholders		(0.50	)		(0.50	)		(0.61	)		(0.62	)		(0.55	)
Net asset value, end of year	$	9.34		$	9.06		$	8.97		$	9.68		$	9.75
Total return ^(C)		8.63	%		6.95	%		(1.11	)%		5.85	%		7.58	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	104,904		$	114,761		$	127,509		$	135,250		$	404,077
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.04	%		1.02	%		1.00	%		0.97	%		1.04	%
Including waiver and/or reimbursement and recapture		1.04	%		1.01	%^(B)		1.00	%		0.97	%		1.04	%
Net investment income (loss) to average net assets		5.24	%		5.64	%^(B)		5.14	%		5.10	%		5.49	%
Portfolio turnover rate		39	%		49	%		61	%		48	%		64	%


(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 maximum sales charge and contingent deferred sales charge.


For a share outstanding during the years indicated:	Transamerica High Yield Bond
	Class B
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	9.07		$	8.97		$	9.69		$	9.76		$	9.60
Investment operations:
Net investment income (loss) ^(A)		0.41			0.42	^(B)		0.40			0.42			0.46
Net realized and unrealized gain (loss)		0.29			0.10			(0.59	)		0.05			0.17
Total investment operations		0.70			0.52			(0.19	)		0.47			0.63
Dividends and/or distributions to shareholders:
Net investment income		(0.42	)		(0.42	)		(0.41	)		(0.41	)		(0.47	)
Net realized gains		—			—			(0.12	)		(0.13	)		—
Total dividends and/or distributions to shareholders		(0.42	)		(0.42	)		(0.53	)		(0.54	)		(0.47	)
Net asset value, end of year	$	9.35		$	9.07		$	8.97		$	9.69		$	9.76
Total return ^(C)		7.75	%		6.18	%		(2.03	)%		4.99	%		6.69	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,307		$	2,723		$	3,977		$	6,435		$	8,234
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.85	%		1.83	%		1.80	%		1.80	%		1.83	%
Including waiver and/or reimbursement and recapture		1.85	%		1.82	%^(B)		1.80	%		1.80	%		1.83	%
Net investment income (loss) to average net assets		4.43	%		4.86	%^(B)		4.32	%		4.28	%		4.72	%
Portfolio turnover rate		39	%		49	%		61	%		48	%		64	%


(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 maximum contingent deferred sales charge.

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


Transamerica Funds		Annual Report 2017

Page 447

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica High Yield Bond
	Class C
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	9.02		$	8.92		$	9.64		$	9.72		$	9.56
Investment operations:
Net investment income (loss) ^(A)		0.42			0.43	^(B)		0.41			0.42			0.47
Net realized and unrealized gain (loss)		0.29			0.10			(0.59	)		0.05			0.17
Total investment operations		0.71			0.53			(0.18	)		0.47			0.64
Dividends and/or distributions to shareholders:
Net investment income		(0.43	)		(0.43	)		(0.42	)		(0.42	)		(0.48	)
Net realized gains		—			—			(0.12	)		(0.13	)		—
Total dividends and/or distributions to shareholders		(0.43	)		(0.43	)		(0.54	)		(0.55	)		(0.48	)
Net asset value, end of year	$	9.30		$	9.02		$	8.92		$	9.64		$	9.72
Total return ^(C)		7.91	%		6.34	%		(1.95	)%		4.98	%		6.80	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	46,129		$	51,787		$	58,147		$	69,198		$	75,630
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.73	%		1.74	%		1.74	%		1.74	%		1.77	%
Including waiver and/or reimbursement and recapture		1.73	%		1.73	%^(B)		1.74	%		1.74	%		1.77	%
Net investment income (loss) to average net assets		4.56	%		4.93	%^(B)		4.41	%		4.33	%		4.78	%
Portfolio turnover rate		39	%		49	%		61	%		48	%		64	%


(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 maximum contingent deferred sales charge.


For a share outstanding during the years indicated:	Transamerica High Yield Bond
	Class I
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	9.13		$	9.03		$	9.74		$	9.82		$	9.66
Investment operations:
Net investment income (loss) ^(A)		0.52			0.52	^(B)		0.51			0.52			0.57
Net realized and unrealized gain (loss)		0.28			0.10			(0.59	)		0.05			0.17
Total investment operations		0.80			0.62			(0.08	)		0.57			0.74
Dividends and/or distributions to shareholders:
Net investment income		(0.53	)		(0.52	)		(0.51	)		(0.52	)		(0.58	)
Net realized gains		—			—			(0.12	)		(0.13	)		—
Total dividends and/or distributions to shareholders		(0.53	)		(0.52	)		(0.63	)		(0.65	)		(0.58	)
Net asset value, end of year	$	9.40		$	9.13		$	9.03		$	9.74		$	9.82
Total return		8.83	%		7.33	%		(0.85	)%		5.95	%		7.80	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	164,626		$	155,777		$	127,675		$	305,992		$	82,840
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.73	%		0.73	%		0.74	%		0.75	%		0.79	%
Including waiver and/or reimbursement and recapture		0.73	%		0.72	%^(B)		0.74	%		0.75	%		0.79	%
Net investment income (loss) to average net assets		5.54	%		5.86	%^(B)		5.32	%		5.32	%		5.78	%
Portfolio turnover rate		39	%		49	%		61	%		48	%		64	%


(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 2017

Page 448

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica High Yield Bond
	Class I2
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	9.15		$	9.05		$	9.77		$	9.84		$	9.67
Investment operations:
Net investment income (loss)^(A)		0.53			0.53	^(B)		0.52			0.53			0.57
Net realized and unrealized gain (loss)		0.29			0.10			(0.60	)		0.06			0.19
Total investment operations		0.82			0.63			(0.08	)		0.59			0.76
Dividends and/or distributions to shareholders:
Net investment income		(0.54	)		(0.53	)		(0.52	)		(0.53	)		(0.59	)
Net realized gains		—			—			(0.12	)		(0.13	)		—
Total dividends and/or distributions to shareholders		(0.54	)		(0.53	)		(0.64	)		(0.66	)		(0.59	)
Net asset value, end of year	$	9.43		$	9.15		$	9.05		$	9.77		$	9.84
Total return		9.05	%		7.43	%		(0.84	)%		6.16	%		8.03	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	858,441		$	958,137		$	788,225		$	806,431		$	566,100
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.63	%		0.63	%		0.64	%		0.65	%		0.67	%
Including waiver and/or reimbursement and recapture		0.63	%		0.62	%^(B)		0.64	%		0.65	%		0.67	%
Net investment income (loss) to average net assets		5.65	%		6.01	%^(B)		5.51	%		5.43	%		5.83	%
Portfolio turnover rate		39	%		49	%		61	%		48	%		64	%


(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 High Yield Bond
	Class I3			Class R			Class R4			Class T1			Advisor Class
	October 31, 2017^(A)			October 31, 2017^(A)			October 31, 2017^(A)			October 31, 2017 ^(B)			October 31, 2017 ^(C)
Net asset value, beginning of period	$	9.25			9.25		$	9.25		$	9.19		$	9.13
Investment operations:
Net investment income (loss)^(D)		0.32			0.29			0.31			0.31			0.45
Net realized and unrealized gain (loss)		0.18			0.19			0.18			0.16			0.28
Total investment operations		0.50			0.48			0.49			0.47			0.73
Dividends and/or distributions to shareholders:
Net investment income		(0.32	)		(0.30	)		(0.31	)		(0.32	)		(0.45	)
Net asset value, end of period	$	9.43		$	9.43		$	9.43		$	9.34		$	9.41
Total return		5.51	%^(E)		5.19	%^(E)		5.35	%^(E)		5.12	%^(E)(F)		8.09	%^(E)
Ratio and supplemental data:
Net assets end of period (000’s)	$	380,900		$	55,724		$	369,181		$	10		$	16
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.63	%^(G)		1.14	%^(G)		0.88	%^(G)		0.87	%^(G)		0.83	%^(G)
Including waiver and/or reimbursement and recapture		0.60	%^(G)		1.10	%^(G)		0.85	%^(G)		0.87	%^(G)		0.83	%^(G)
Net investment income (loss) to average net assets		5.69	%^(G)		5.12	%^(G)		5.43	%^(G)		5.43	%^(G)		5.46	%^(G)
Portfolio turnover rate		39	%		39	%		39	%		39	%		39	%


(A)		Commenced operations on March 24, 2017.
(B)		Commenced operations on March 17, 2017.
(C)		Commenced operations on December 16, 2016.
(D)		Calculated based on average number of shares outstanding.
(E)		Not annualized.
(F)		Total return has been calculated without deduction of the maximum sales charge and contingent deferred sales charge.
(G)		Annualized.

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


Transamerica Funds		Annual Report 2017

Page 449

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period and years indicated:	Transamerica High Yield Bond
	Class R6
	October 31, 2017			October 31, 2016			October 31, 2015 ^(A)
Net asset value, beginning of period/year	$	9.15		$	9.05		$	9.56
Investment operations:
Net investment income (loss) ^(B)		0.54			0.52	^(C)		0.22
Net realized and unrealized gain (loss)		0.28			0.11			(0.51	)
Total investment operations		0.82			0.63			(0.29	)
Dividends and/or distributions to shareholders:
Net investment income		(0.54	)		(0.53	)		(0.22	)
Net asset value, end of period/year	$	9.43		$	9.15		$	9.05
Total return		9.06	%		7.43	%		(3.04	)%^(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	34,335		$	4,086		$	49
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.63	%		0.63	%		0.63	%^(E)
Including waiver and/or reimbursement and recapture		0.63	%		0.61	%^(C)		0.63	%^(E)
Net investment income (loss) to average net assets		5.73	%		5.81	%^(C)		5.64	%^(E)
Portfolio turnover rate		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.


For a share outstanding during the period and years indicated:	Transamerica High Yield Muni
	Class A
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013 ^(A)
Net asset value, beginning of period/year	$	11.88		$	11.47		$	11.46		$	10.21		$	10.00
Investment operations:
Net investment income (loss) ^{(B) (C)}		0.34			0.31	^(D)		0.33			0.34			0.09
Net realized and unrealized gain (loss)		(0.11	)		0.47			0.36			1.31			0.21
Total investment operations		0.23			0.78			0.69			1.65			0.30
Dividends and/or distributions to shareholders:
Net investment income		(0.35	)		(0.30	)		(0.32	)		(0.38	)		(0.09	)
Net realized gains		(0.16	)		(0.07	)		(0.36	)		(0.02	)		—
Total dividends and/or distributions to shareholders		(0.51	)		(0.37	)		(0.68	)		(0.40	)		(0.09	)
Net asset value, end of period/year	$	11.60		$	11.88		$	11.47		$	11.46		$	10.21
Total return ^(E)		2.26	%		6.72	%		6.24	%		16.49	%		2.96	%^(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	34,191		$	58,848		$	24,700		$	4,492		$	262
Expenses to average net assets ^(G)
Excluding waiver and/or reimbursement and recapture		1.04	%		0.98	%		1.29	%		2.27	%		43.10	%^(H)
Including waiver and/or reimbursement and recapture		0.91	%		0.91	%^(D)		0.91	%		0.91	%		0.91	%^(H)
Net investment income (loss) to average net assets ^(C)		3.02	%		2.59	%^(D)		2.88	%		3.11	%		3.50	%^(H)
Portfolio turnover rate ^(I)		115	%		61	%		78	%		266	%		52	%^(F)


(A)		Commenced operations on July 31, 2013.
(B)		Calculated based on average number of shares outstanding.
(C)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.
(D)		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.
(E)		Total return has been calculated without deduction of the maximum sales charge and contingent deferred sales charge.
(F)		Not annualized.
(G)		Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(H)		Annualized.
(I)		Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

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


Transamerica Funds		Annual Report 2017

Page 450

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period and years indicated:	Transamerica High Yield Muni
	Class C
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013 ^(A)
Net asset value, beginning of period/year	$	11.88		$	11.48		$	11.47		$	10.21		$	10.00
Investment operations:
Net investment income (loss) ^{(B) (C)}		0.28			0.24	^(D)		0.26			0.34			0.07
Net realized and unrealized gain (loss)		(0.11	)		0.46			0.37			1.26			0.21
Total investment operations		0.17			0.70			0.63			1.60			0.28
Dividends and/or distributions to shareholders:
Net investment income		(0.28	)		(0.23	)		(0.26	)		(0.32	)		(0.07	)
Net realized gains		(0.16	)		(0.07	)		(0.36	)		(0.02	)		—
Total dividends and/or distributions to shareholders		(0.44	)		(0.30	)		(0.62	)		(0.34	)		(0.07	)
Net asset value, end of period/year	$	11.61		$	11.88		$	11.48		$	11.47		$	10.21
Total return ^(E)		1.64	%		6.12	%		5.62	%		15.94	%		2.83	%^(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	12,109		$	13,670		$	3,708		$	1,398		$	496
Expenses to average net assets ^(G)
Excluding waiver and/or reimbursement and recapture		1.80	%		1.73	%		2.04	%		2.98	%		43.79	%^(H)
Including waiver and/or reimbursement and recapture		1.51	%		1.51	%^(D)		1.51	%		1.51	%		1.51	%^(H)
Net investment income (loss) to average net assets ^(C)		2.42	%		2.02	%^(D)		2.31	%		3.08	%		2.88	%^(H)
Portfolio turnover rate ^(I)		115	%		61	%		78	%		266	%		52	%^(F)


(A)		Commenced operations on July 31, 2013.
(B)		Calculated based on average number of shares outstanding.
(C)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.
(D)		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.
(E)		Total return has been calculated without deduction of the maximum contingent deferred sales charge.
(F)		Not annualized.
(G)		Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(H)		Annualized.
(I)		Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.


For a share outstanding during the period and years indicated:	Transamerica High Yield Muni
	Class I
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013 ^(A)
Net asset value, beginning of period/year	$	11.89		$	11.48		$	11.47		$	10.21		$	10.00
Investment operations:
Net investment income (loss) ^{(B) (C)}		0.36			0.33	^(D)		0.34			0.43			0.09
Net realized and unrealized gain (loss)		(0.10	)		0.46			0.37			1.25			0.21
Total investment operations		0.26			0.79			0.71			1.68			0.30
Dividends and/or distributions to shareholders:
Net investment income		(0.37	)		(0.31	)		(0.34	)		(0.40	)		(0.09	)
Net realized gains		(0.16	)		(0.07	)		(0.36	)		(0.02	)		—
Total dividends and/or distributions to shareholders		(0.53	)		(0.38	)		(0.70	)		(0.42	)		(0.09	)
Net asset value, end of period/year	$	11.62		$	11.89		$	11.48		$	11.47		$	10.21
Total return		2.41	%		6.96	%		6.38	%		16.76	%		3.00	%^(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	57,151		$	55,795		$	19,085		$	5,042		$	258
Expenses to average net assets ^(F)
Excluding waiver and/or reimbursement and recapture		0.83	%		0.77	%		1.07	%		2.04	%		42.89	%^(G)
Including waiver and/or reimbursement and recapture		0.76	%		0.76	%^(D)		0.76	%		0.76	%		0.76	%^(G)
Net investment income (loss) to average net assets ^(C)		3.17	%		2.76	%^(D)		3.04	%		3.91	%		3.64	%^(G)
Portfolio turnover rate ^(H)		115	%		61	%		78	%		266	%		52	%^(E)


(A)		Commenced operations on July 31, 2013.
(B)		Calculated based on average number of shares outstanding.
(C)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.
(D)		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.
(E)		Not annualized.
(F)		Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(G)		Annualized.
(H)		Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

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


Transamerica Funds		Annual Report 2017

Page 451

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period and years indicated:	Transamerica High Yield Muni
	Class I2
	October 31, 2017			October 31, 2016 ^(A)
Net asset value, beginning of period/year	$	11.89		$	12.10
Investment operations:
Net investment income (loss)^{(B) (C)}		0.37			0.03
Net realized and unrealized gain (loss)		(0.11	)		(0.21	)^(D)
Total investment operations		0.26			(0.18	)
Dividends and/or distributions to shareholders:
Net investment income		(0.37	)		(0.03	)
Net realized gains		(0.16	)		—
Total dividends and/or distributions to shareholders		(0.53	)		(0.03	)
Net asset value, end of period/year	$	11.62		$	11.89
Total return		2.44	%		(1.47	)%^(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	10		$	10
Expenses to average net assets^(F)		0.72	%		0.66	%^(G)
Net investment income (loss) to average net assets^(C)		3.21	%		3.22	%^(G)
Portfolio turnover rate^(H)		115	%		61	%


(A)		Commenced operations on September 30, 2016.
(B)		Calculated based on average number of shares outstanding.
(C)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.
(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)		Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(G)		Annualized.
(H)		Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.


For a share outstanding during the period indicated:	Transamerica High Yield Muni
	Class T1
	October 31, 2017 ^(A)
Net asset value, beginning of period	$	11.10
Investment operations:
Net investment income (loss)^{(B) (C)}		0.21
Net realized and unrealized gain (loss)		0.51	^(D)
Total investment operations		0.72
Dividends and/or distributions to shareholders:
Net investment income		(0.22	)
Net asset value, end of period	$	11.60
Total return		6.48	%^(E)(F)
Ratio and supplemental data:
Net assets end of period (000’s)	$	11
Expenses to average net assets^(G)		0.97	%^(H)
Net investment income (loss) to average net assets^(C)		2.99	%^(H)
Portfolio turnover rate^(I)		115	%


(A)		Commenced operations on March 17, 2017.
(B)		Calculated based on average number of shares outstanding.
(C)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.
(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)		Total return has been calculated without deduction of the maximum sales charge and contingent deferred sales charge.
(F)		Not annualized.
(G)		Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(H)		Annualized.
(I)		Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

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


Transamerica Funds		Annual Report 2017

Page 452

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period and years indicated:	Transamerica Inflation Opportunities
	Class A
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014 ^(A)
Net asset value, beginning of period/year	$	9.99		$	9.57		$	9.95		$	10.00
Investment operations:
Net investment income (loss) ^(B)		0.14			0.08	^(C)		0.00	^(D)		0.16
Net realized and unrealized gain (loss)		(0.03	)		0.34			(0.34	)		(0.06	)
Total investment operations		0.11			0.42			(0.34	)		0.10
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		—			(0.02	)		(0.15	)
Net realized gains		—			—			(0.01	)		—
Return of capital		—			—			(0.01	)		—
Total dividends and/or distributions to shareholders		(0.13	)		—			(0.04	)		(0.15	)
Net asset value, end of period/year	$	9.97		$	9.99		$	9.57		$	9.95
Total return ^(E)		1.11	%		4.39	%		(3.48	)%		1.01	%^(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	634		$	645		$	516		$	299
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.55	%		1.00	%		0.99	%		1.01	%^(G)
Including waiver and/or reimbursement and recapture		1.00	%		0.99	%^(C)		1.00	%		1.00	%^(G)
Net investment income (loss) to average net assets		1.39	%		0.81	%^(C)		0.01	%		2.30	%^(G)
Portfolio turnover rate		41	%		39	%		35	%		57	%^(F)


(A)		Commenced operations on March 1, 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 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(D)		Rounds to less than $0.01 or $(0.01).
(E)		Total return has been calculated without deduction of the maximum sales charge and contingent deferred sales charge.
(F)		Not annualized.
(G)		Annualized.


For a share outstanding during the period and years indicated:	Transamerica Inflation Opportunities
	Class C
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014 ^(A)
Net asset value, beginning of period/year	$	9.84		$	9.50		$	9.94		$	10.00
Investment operations:
Net investment income (loss) ^(B)		0.07			0.01	^(C)		(0.08	)		0.09
Net realized and unrealized gain (loss)		(0.03	)		0.33			(0.34	)		(0.04	)
Total investment operations		0.04			0.34			(0.42	)		0.05
Dividends and/or distributions to shareholders:
Net investment income		(0.07	)		—			(0.01	)		(0.11	)
Net realized gains		—			—			(0.01	)		—
Return of capital		—			—			(0.00	)^(D)		—
Total dividends and/or distributions to shareholders		(0.07	)		—			(0.02	)		(0.11	)
Net asset value, end of period/year	$	9.81		$	9.84		$	9.50		$	9.94
Total return ^(E)		0.46	%		3.58	%		(4.22	)%		0.52	%^(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	709		$	517		$	371		$	380
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.80	%		1.77	%		1.77	%		1.77	%^(G)
Including waiver and/or reimbursement and recapture		1.75	%		1.74	%^(C)		1.75	%		1.75	%^(G)
Net investment income (loss) to average net assets		0.70	%		0.12	%^(C)		(0.85	)%		1.39	%^(G)
Portfolio turnover rate		41	%		39	%		35	%		57	%^(F)


(A)		Commenced operations on March 1, 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 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(D)		Rounds to less than $0.01 or $(0.01).
(E)		Total return has been calculated without deduction of the maximum contingent deferred sales charge.
(F)		Not annualized.
(G)		Annualized.

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


Transamerica Funds		Annual Report 2017

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FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period and years indicated:	Transamerica Inflation Opportunities
	Class I
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014 ^(A)
Net asset value, beginning of period/year	$	10.03		$	9.59		$	9.95		$	10.00
Investment operations:
Net investment income (loss) ^(B)		0.17			0.10	^(C)		0.01			0.18
Net realized and unrealized gain (loss)		(0.03	)		0.34			(0.33	)		(0.06	)
Total investment operations		0.14			0.44			(0.32	)		0.12
Dividends and/or distributions to shareholders:
Net investment income		(0.14	)		—			(0.02	)		(0.17	)
Net realized gains		—			—			(0.01	)		—
Return of capital		—			—			(0.01	)		—
Total dividends and/or distributions to shareholders		(0.14	)		—			(0.04	)		(0.17	)
Net asset value, end of period/year	$	10.03		$	10.03		$	9.59		$	9.95
Total return		1.47	%		4.59	%		(3.22	)%		1.16	%^(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	270		$	1,336		$	259		$	277
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.81	%		0.79	%		0.78	%		0.84	%^(E)
Including waiver and/or reimbursement and recapture		0.75	%		0.74	%^(C)		0.75	%		0.75	%^(E)
Net investment income (loss) to average net assets		1.76	%		0.98	%^(C)		0.05	%		2.67	%^(E)
Portfolio turnover rate		41	%		39	%		35	%		57	%^(D)


(A)		Commenced operations on March 1, 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 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(D)		Not annualized.
(E)		Annualized.


For a share outstanding during the period and years indicated:	Transamerica Inflation Opportunities
	Class I2
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014 ^(A)
Net asset value, beginning of period/year	$	10.05		$	9.60		$	9.96		$	10.00
Investment operations:
Net investment income (loss) ^(B)		0.17			0.10	^(C)		0.02			0.14
Net realized and unrealized gain (loss)		(0.02	)		0.35			(0.34	)		(0.01	)
Total investment operations		0.15			0.45			(0.32	)		0.13
Dividends and/or distributions to shareholders:
Net investment income		(0.15	)		—			(0.02	)		(0.17	)
Net realized gains		—			—			(0.01	)		—
Return of capital		—			—			(0.01	)		—
Total dividends and/or distributions to shareholders		(0.15	)		—			(0.04	)		(0.17	)
Net asset value, end of period/year	$	10.05		$	10.05		$	9.60		$	9.96
Total return		1.53	%		4.69	%		(3.19	)%		1.26	%^(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	171,965		$	178,853		$	234,802		$	245,715
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.70	%		0.68	%		0.66	%		0.72	%^(E)
Including waiver and/or reimbursement and recapture		0.70	%		0.67	%^(C)		0.66	%		0.72	%^(E)
Net investment income (loss) to average net assets		1.67	%		0.99	%^(C)		0.21	%		2.11	%^(E)
Portfolio turnover rate		41	%		39	%		35	%		57	%^(D)


(A)		Commenced operations on March 1, 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 0.01% 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 2017

Page 454

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period and year indicated:	Transamerica Inflation Opportunities
	Class R6
	October 31, 2017			October 31, 2016 ^(A)
Net asset value, beginning of period/year	$	10.05		$	9.92
Investment operations:
Net investment income (loss) ^(B)		0.17			0.03	^(C)
Net realized and unrealized gain (loss)		(0.02	)		0.10
Total investment operations		0.15			0.13
Dividends and/or distributions to shareholders:
Net investment income		(0.15	)		—
Net asset value, end of period/year	$	10.05		$	10.05
Total return		1.53	%		1.31	%^(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	51		$	51
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.70	%		0.66	%^(E)
Including waiver and/or reimbursement and recapture		0.70	%		0.64	%^(C)(E)
Net investment income (loss) to average net assets		1.69	%		1.15	%^(C)(E)
Portfolio turnover rate		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.


For a share outstanding during the period indicated:	Transamerica Inflation Opportunities
	Class T1
	October 31, 2017 ^(A)
Net asset value, beginning of period	$	9.86
Investment operations:
Net investment income (loss) ^(B)		0.10
Net realized and unrealized gain (loss)		0.12	^(C)
Total investment operations		0.22
Dividends and/or distributions to shareholders:
Net investment income		(0.09	)
Net asset value, end of period	$	9.99
Total return ^(D)		2.23	%^(E)
Ratio and supplemental data:
Net assets end of period (000’s)	$	10
Expenses to average net assets		0.95	%^(F)
Net investment income (loss) to average net assets		1.66	%^(F)
Portfolio turnover rate		41	%


(A)		Commenced operations on March 17, 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 maximum sales charge and 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 2017

Page 455

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period indicated:	Transamerica Inflation-Protected Securities
	Class I3			Class R
	October 31, 2017^(A)			October 31, 2017^(A)
Net asset value, beginning of period/year	$	10.00		$	10.00
Net investment income (loss)^(B) (C)		0.08			0.05
Net realized and unrealized gain (loss)		(0.06	)		(0.07	)
Total investment operations		0.02			(0.02	)
Dividends and/or distributions to shareholders:
Net investment income		(0.05	)		(0.00	)^(D)
Net asset value, end of period	$	9.97		$	9.98
Total return		0.16	%^(E)		(0.20	)%^(E)
Net assets end of period/year (000’s)	$	144,334		$	12,683
Expenses to average net assets^(F)
Excluding waiver and/or reimbursement and recapture		0.52	%^(G)		1.01	%^(G)
Including waiver and/or reimbursement and recapture		0.40	%^(G)		1.00	%^(G)
Net investment income (loss) to average net assets^(C)		1.45	%^(G)		0.85	%^(G)
Portfolio turnover rate^(H)		51	%^(E)		51	%^(E)


(A)		Commencement operations on April 21, 2017.
(B)		Calculated based on average number of shares outstanding.
(C)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.
(D)		Rounds to less than $0.01 or $(0.01).
(E)		Not annualized.
(F)		Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(G)		Annualized.
(H)		Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.


For a share outstanding during the period and years indicated:	Transamerica Inflation-Protected Securities^(A) (B)
	Class R4
	October 31, 2017^(C)			December 31, 2016			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012
Net asset value, beginning of period/year	$	9.93		$	9.69		$	9.93		$	9.85		$	11.09		$	11.42
Investment operations:
Net investment income (loss)^(D)		0.12	^(E)		0.11			(0.01	)		0.09			0.02			0.13
Net realized and unrealized gain (loss)		0.01	^(F)		0.26			(0.21	)		0.19			(0.97	)		0.65
Total investment operations		0.13			0.37			(0.22	)		0.28			(0.95	)		0.78
Dividends and/or distributions to shareholders:
Net investment income		(0.09	)		(0.13	)		—			(0.14	)		(0.03	)		(0.17	)
Net realized gains		—			—			—			(0.03	)		(0.26	)		(0.94	)
Return of capital		—			—			(0.02	)		(0.03	)		—			—
Total dividends and/or distributions to shareholders		(0.09	)		(0.13	)		(0.02	)		(0.20	)		(0.29	)		(1.11	)
Net asset value, end of period/year	$	9.97		$	9.93		$	9.69		$	9.93		$	9.85		$	11.09
Total return		1.37	%^(G)		3.76	%		(2.18	)%		2.74	%		(8.55	)%		6.88	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	23,203		$	63,638		$	76,421		$	85,490		$	86,788		$	122,166
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.81	%^(H)(I)		0.82	%		0.80	%		0.78	%		0.76	%		0.77	%
Including waiver and/or reimbursement and recapture		0.66	%^(H)(I)(J)		0.64	%^(K)		0.65	%		0.65	%		0.65	%		0.65	%
Net investment income (loss) to average net assets		1.41	%^(E)(H)		1.13	%		(0.13	)%		0.93	%		0.23	%		1.15	%
Portfolio turnover rate		51	%^(G)(L)		52	%		54	%		81	%		99	%		103	%


(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. Please reference the Reorganization section of the Notes to the Financial Statements for additional information.
(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. 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)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.
(F)		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.
(G)		Not annualized.
(H)		Annualized.
(I)		Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(J)		Includes reorganization expenses incurred outside the Fund’s operating expense limit. Please reference the Reorganization section of the Notes to Financial Statements for more information.
(K)		Includes reimbursement of custody fees at the underlying Series Portfolio level.
(L)		Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

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


Transamerica Funds		Annual Report 2017

Page 456

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period indicated:	Transamerica Intermediate Bond
	Class I2			Class I3			Class R
	October 31, 2017^(A)			October 31, 2017^(A)			October 31, 2017^(A)
Net asset value, beginning of period	$	10.08		$	10.08		$	10.08
Investment operations:
Net investment income (loss)^(B)		0.14			0.14			0.11
Net realized and unrealized gain (loss)		0.14			0.15			0.14
Total investment operations		0.28			0.29			0.25
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.15	)		(0.11	)
Net asset value, end of period	$	10.20		$	10.22		$	10.22
Total return		2.92	%^(C)		2.87	%^(C)		2.50	%^(C)
Ratio and supplemental data:
Net assets end of period (000’s)	$	2,058,090		$	628,055		$	112,450
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.43	%^(D)		0.42	%^(D)		0.91	%^(D)
Including waiver and/or reimbursement and recapture		0.43	%^(D)		0.40	%^(D)		0.91	%^(D)
Net investment income (loss) to average net assets		2.29	%^(D)		2.33	%^(D)		1.75	%^(D)
Portfolio turnover rate		22	%^(C)		22	%^(C)		22	%^(C)


(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 Intermediate Bond ^(A) (B)
	Class R4
	October 31, 2017^(C)			December 31, 2016			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012
Net asset value, beginning of period/year	$	10.03		$	10.04		$	10.32		$	10.10		$	10.62		$	10.50
Investment operations:
Net investment income (loss)^(D)		0.17			0.22			0.21			0.24			0.25			0.29
Net realized and unrealized gain (loss)		0.21			0.10			(0.18	)		0.37			(0.38	)		0.52
Total investment operations		0.38			0.32			0.03			0.61			(0.13	)		0.81
Dividends and/or distributions to shareholders:
Net investment income		(0.19	)		(0.24	)		(0.23	)		(0.27	)		(0.36	)		(0.35	)
Net realized gains		—			(0.09	)		(0.08	)		0.12			(0.03	)		(0.34	)
Return of capital		—			—			—			—			(0.00	)^(E)		—
Total dividends and/or distributions to shareholders		(0.19	)		(0.33	)		(0.31	)		(0.39	)		(0.39	)		(0.69	)
Net asset value, end of period/year	$	10.22		$	10.03		$	10.04		$	10.32		$	10.10		$	10.62
Total return		3.75	%^(F)		3.21	%		0.21	%		5.99	%		(1.22	)%		7.97	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	291,565		$	317,150		$	373,605		$	410,662		$	400,409		$	445,634
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.68	%^(G)		0.71	%		0.71	%		0.72	%		0.72	%		0.73	%
Including waiver and/or reimbursement and recapture		0.65	%^(G)		0.63	%^(H)		0.65	%		0.65	%		0.65	%		0.65	%
Net investment income (loss) to average net assets		1.99	%^(G)		2.08	%		1.99	%		2.32	%		2.39	%		2.78	%
Portfolio turnover rate		22	%^(F)		50	%		46	%		184	%		200	%		297	%


(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. Please reference the Reorganization section of the Notes to the Financial Statements for additional information.
(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. 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)		Rounds to less than $0.01 or $(0.01).
(F)		Not annualized.
(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 2017

Page 457

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period and years indicated:	Transamerica Intermediate Muni
	Class A
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013 ^(A)
Net asset value, beginning of year	$	11.57		$	11.31		$	11.16		$	10.37		$	10.00
Investment operations:
Net investment income (loss) ^{(B) (C)}		0.23			0.21	^(D)		0.19			0.25			0.22
Net realized and unrealized gain (loss)		(0.10	)		0.30			0.29			0.78			0.38	^(E)
Total investment operations		0.13			0.51			0.48			1.03			0.60
Dividends and/or distributions to shareholders:
Net investment income		(0.23	)		(0.20	)		(0.18	)		(0.24	)		(0.23	)
Net realized gains		(0.07	)		(0.05	)		(0.15	)		—			—
Total dividends and/or distributions to shareholders		(0.30	)		(0.25	)		(0.33	)		(0.24	)		(0.23	)
Net asset value, end of year	$	11.40		$	11.57		$	11.31		$	11.16		$	10.37
Total return ^(F)		1.20	%		4.58	%		4.37	%		10.05	%		6.05	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	312,347		$	426,748		$	117,387		$	35,974		$	6,241
Expenses to average net assets ^(G)
Excluding waiver and/or reimbursement and recapture		0.78	%		0.78	%		0.89	%		1.12	%		2.36	%
Including waiver and/or reimbursement and recapture		0.68	%		0.68	%^(D)		0.86	%		0.86	%		0.86	%
Net investment income (loss) to average net assets ^(C)		2.00	%		1.79	%^(D)		1.69	%		2.27	%		2.12	%
Portfolio turnover rate ^(H)		55	%		34	%		55	%		107	%		111	%


(A)		Commenced operations on October 31, 2012.
(B)		Calculated based on average number of shares outstanding.
(C)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.
(D)		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.
(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)		Total return has been calculated without deduction of the maximum sales charge and contingent deferred sales charge.
(G)		Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(H)		Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.


For a share outstanding during the period and years indicated:	Transamerica Intermediate Muni
	Class C
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013 ^(A)
Net asset value, beginning of year	$	11.54		$	11.28		$	11.14		$	10.36		$	10.00
Investment operations:
Net investment income (loss) ^{(B) (C)}		0.16			0.14	^(D)		0.12			0.18			0.15
Net realized and unrealized gain (loss)		(0.09	)		0.31			0.29			0.78			0.39	^(E)
Total investment operations		0.07			0.45			0.41			0.96			0.54
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.14	)		(0.12	)		(0.18	)		(0.18	)
Net realized gains		(0.07	)		(0.05	)		(0.15	)		—			—
Total dividends and/or distributions to shareholders		(0.23	)		(0.19	)		(0.27	)		(0.18	)		(0.18	)
Net asset value, end of year	$	11.38		$	11.54		$	11.28		$	11.14		$	10.36
Total return ^(F)		0.67	%		4.00	%		3.70	%		9.35	%		5.42	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	180,744		$	199,784		$	47,543		$	9,960		$	1,778
Expenses to average net assets ^(G)
Excluding waiver and/or reimbursement and recapture		1.54	%		1.53	%		1.65	%		1.87	%		3.08	%
Including waiver and/or reimbursement and recapture		1.29	%		1.29	%^(D)		1.46	%		1.46	%		1.46	%
Net investment income (loss) to average net assets ^(C)		1.39	%		1.18	%^(D)		1.09	%		1.69	%		1.47	%
Portfolio turnover rate ^(H)		55	%		34	%		55	%		107	%		111	%


(A)		Commenced operations on October 31, 2012.
(B)		Calculated based on average number of shares outstanding.
(C)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.
(D)		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.
(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)		Total return has been calculated without deduction of the maximum contingent deferred sales charge.
(G)		Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(H)		Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

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


Transamerica Funds		Annual Report 2017

Page 458

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period and years indicated:	Transamerica Intermediate Muni
	Class I
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013 ^(A)
Net asset value, beginning of year	$	11.62		$	11.36		$	11.20		$	10.41		$	10.00
Investment operations:
Net investment income (loss) ^{(B) (C)}		0.24			0.22	^(D)		0.20			0.26			0.23
Net realized and unrealized gain (loss)		(0.09	)		0.30			0.31			0.78			0.38	^(E)
Total investment operations		0.15			0.52			0.51			1.04			0.61
Dividends and/or distributions to shareholders:
Net investment income		(0.24	)		(0.21	)		(0.20	)		(0.25	)		(0.20	)
Net realized gains		(0.07	)		(0.05	)		(0.15	)		—			—
Total dividends and/or distributions to shareholders		(0.31	)		(0.26	)		(0.35	)		(0.25	)		(0.20	)
Net asset value, end of year	$	11.46		$	11.62		$	11.36		$	11.20		$	10.41
Total return		1.39	%		4.62	%		4.59	%		10.16	%		6.10	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	914,290		$	833,151		$	215,560		$	22,007		$	6,632
Expenses to average net assets ^(F)
Excluding waiver and/or reimbursement and recapture		0.59	%		0.59	%		0.70	%		0.92	%		2.12	%
Including waiver and/or reimbursement and recapture		0.59	%		0.61	%^(D)		0.71	%		0.71	%		0.71	%
Net investment income (loss) to average net assets ^(C)		2.09	%		1.86	%^(D)		1.82	%		2.44	%		2.21	%
Portfolio turnover rate ^(G)		55	%		34	%		55	%		107	%		111	%


(A)		Commenced operations on October 31, 2012.
(B)		Calculated based on average number of shares outstanding.
(C)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.
(D)		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.
(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)		Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(G)		Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.


For a share outstanding during the period and year indicated:	Transamerica Intermediate Muni
	Class I2
	October 31, 2017			October 31, 2016 ^(A)
Net asset value, beginning of period/year	$	11.62		$	11.78
Investment operations:
Net investment income (loss) ^{(B) (C)}		0.25			0.02
Net realized and unrealized gain (loss)		(0.09	)		(0.16	)^(D)
Total investment operations		0.16			(0.14	)
Dividends and/or distributions to shareholders:
Net investment income		(0.25	)		(0.02	)
Net realized gains		(0.07	)		—
Total dividends and/or distributions to shareholders		(0.32	)		(0.02	)
Net asset value, end of period/year	$	11.46		$	11.62
Total return		1.49	%		(1.18	)%^(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	10		$	10
Expenses to average net assets ^(F)
Excluding waiver and/or reimbursement and recapture		0.48	%		0.48	%^(G)
Including waiver and/or reimbursement and recapture		0.48	%		0.48	%^(G)
Net investment income (loss) to average net assets ^(C)		2.20	%		2.02	%^(G)
Portfolio turnover rate ^(H)		55	%		34	%


(A)		Commenced operations on September 30, 2016.
(B)		Calculated based on average number of shares outstanding.
(C)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.
(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)		Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(G)		Annualized.
(H)		Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

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


Transamerica Funds		Annual Report 2017

Page 459

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period indicated:	Transamerica Intermediate Muni
	Class T1			Advisor Class
	October 31, 2017 ^(A)			October 31, 2017 ^(B)
Net asset value, beginning of period	$	11.08		$	11.06
Investment operations:
Net investment income (loss) ^{(C) (D)}		0.13			0.20
Net realized and unrealized gain (loss)		0.33	^(E)		0.46	^(E)
Total investment operations		0.46			0.66
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.20	)
Net realized gains		—			(0.07	)
Total dividends and/or distributions to shareholders		(0.13	)		(0.27	)
Net asset value, end of period	$	11.41		$	11.45
Total return		4.20	%^(F)(G)		6.02	%^(G)
Ratio and supplemental data:
Net assets end of period (000’s)	$	10			298
Expenses to average net assets ^(H)		0.73	%^(I)		0.69	%^(I)
Net investment income (loss) to average net assets ^(D)		1.89	%^(I)		2.01	%^(I)
Portfolio turnover rate ^(J)		55	%		55	%


(A)		Commenced operations on March 17, 2017.
(B)		Commenced operations on December 16, 2016.
(C)		Calculated based on average number of shares outstanding.
(D)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.
(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)		Total return has been calculated without deduction of the maximum sales charge and contingent deferred sales charge.
(G)		Not annualized.
(H)		Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(I)		Annualized.
(J)		Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.


For a share outstanding during the years indicated:	Transamerica International Equity
	Class A
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	16.49		$	17.37		$	17.61		$	18.44		$	14.57
Investment operations:
Net investment income (loss) ^(A)		0.43			0.29	^(B)		0.33			0.48			0.30
Net realized and unrealized gain (loss)		2.61			(0.78	)		(0.00	)^(C)		(0.58	)		3.81
Total investment operations		3.04			(0.49	)		0.33			(0.10	)		4.11
Dividends and/or distributions to shareholders:
Net investment income		(0.20	)		(0.30	)		(0.29	)		(0.34	)		(0.24	)
Net realized gains		(0.04	)		(0.09	)		(0.28	)		(0.39	)		—
Total dividends and/or distributions to shareholders		(0.24	)		(0.39	)		(0.57	)		(0.73	)		(0.24	)
Net asset value, end of year	$	19.29		$	16.49		$	17.37		$	17.61		$	18.44
Total return ^(D)		18.72	%		(2.83	)%		1.94	%		(0.51	)%		28.61	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	274,610		$	313,394		$	249,773		$	61,566		$	21,102
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.20	%		1.24	%		1.42	%		1.29	%		1.42	%
Including waiver and/or reimbursement and recapture		1.20	%		1.30	%^(B)		1.32	%		1.29	%		1.42	%
Net investment income (loss) to average net assets		2.43	%		1.78	%^(B)		1.87	%		2.62	%		1.82	%
Portfolio turnover rate		22	%		19	%		21	%		19	%		34	%


(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 maximum sales charge and contingent deferred sales charge.

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


Transamerica Funds		Annual Report 2017

Page 460

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica International Equity
	Class C
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	16.22		$	17.11		$	17.34		$	18.21		$	14.45
Investment operations:
Net investment income (loss) ^(A)		0.29			0.17	^(B)		0.20			0.33			0.22
Net realized and unrealized gain (loss)		2.58			(0.76	)		(0.00	)^(C)		(0.54	)		3.76
Total investment operations		2.87			(0.59	)		0.20			(0.21	)		3.98
Dividends and/or distributions to shareholders:
Net investment income		(0.08	)		(0.21	)		(0.15	)		(0.27	)		(0.22	)
Net realized gains		(0.04	)		(0.09	)		(0.28	)		(0.39	)		—
Total dividends and/or distributions to shareholders		(0.12	)		(0.30	)		(0.43	)		(0.66	)		(0.22	)
Net asset value, end of year	$	18.97		$	16.22		$	17.11		$	17.34		$	18.21
Total return ^(D)		17.88	%		(3.47	)%		1.21	%		(1.19	)%		27.87	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	72,542		$	60,630		$	62,013		$	36,867		$	17,537
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.94	%		1.96	%		1.96	%		1.98	%		2.06	%
Including waiver and/or reimbursement and recapture		1.94	%		1.96	%^(B)		1.96	%		1.98	%		2.06	%
Net investment income (loss) to average net assets		1.64	%		1.07	%^(B)		1.13	%		1.82	%		1.35	%
Portfolio turnover rate		22	%		19	%		21	%		19	%		34	%


(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 maximum contingent deferred sales charge.


For a share outstanding during the years indicated:	Transamerica International Equity
	Class I
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	16.73		$	17.60		$	17.80		$	18.60		$	14.65
Investment operations:
Net investment income (loss) ^(A)		0.50			0.36	^(B)		0.39			0.48			0.40
Net realized and unrealized gain (loss)		2.63			(0.79	)		(0.00	)^(C)		(0.52	)		3.81
Total investment operations		3.13			(0.43	)		0.39			(0.04	)		4.21
Dividends and/or distributions to shareholders:
Net investment income		(0.27	)		(0.35	)		(0.31	)		(0.37	)		(0.26	)
Net realized gains		(0.04	)		(0.09	)		(0.28	)		(0.39	)		—
Total dividends and/or distributions to shareholders		(0.31	)		(0.44	)		(0.59	)		(0.76	)		(0.26	)
Net asset value, end of year	$	19.55		$	16.73		$	17.60		$	17.80		$	18.60
Total return		19.09	%		(2.46	)%		2.29	%		(0.20	)%		29.14	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	2,242,175		$	1,552,632		$	1,043,345		$	567,267		$	168,782
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.89	%		0.90	%		0.93	%		0.95	%		1.02	%
Including waiver and/or reimbursement and recapture		0.89	%		0.90	%^(B)		0.93	%		0.95	%		1.02	%
Net investment income (loss) to average net assets		2.77	%		2.20	%^(B)		2.20	%		2.63	%		2.40	%
Portfolio turnover rate		22	%		19	%		21	%		19	%		34	%


(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 2017

Page 461

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica International Equity
	Class I2
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	16.75		$	17.62		$	17.81		$	18.60		$	14.65
Investment operations:
Net investment income (loss) ^(A)		0.52			0.37	^(B)		0.41			0.52			0.43
Net realized and unrealized gain (loss)		2.63			(0.79	)		(0.00	)^(C)		(0.54	)		3.79
Total investment operations		3.15			(0.42	)		0.41			(0.02	)		4.22
Dividends and/or distributions to shareholders:
Net investment income		(0.28	)		(0.36	)		(0.32	)		(0.38	)		(0.27	)
Net realized gains		(0.04	)		(0.09	)		(0.28	)		(0.39	)		—
Total dividends and/or distributions to shareholders		(0.32	)		(0.45	)		(0.60	)		(0.77	)		(0.27	)
Net asset value, end of year	$	19.58		$	16.75		$	17.62		$	17.81		$	18.60
Total return		19.23	%		(2.38	)%		2.40	%		(0.07	)%		29.26	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	2,298,782		$	1,704,610		$	573,806		$	595,742		$	279,652
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.79	%		0.81	%		0.83	%		0.85	%		0.91	%
Including waiver and/or reimbursement and recapture		0.79	%		0.80	%^(B)		0.83	%		0.85	%		0.91	%
Net investment income (loss) to average net assets		2.87	%		2.27	%^(B)		2.28	%		2.83	%		2.63	%
Portfolio turnover rate		22	%		19	%		21	%		19	%		34	%


(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 period indicated:	Transamerica International Equity
	Class I3			Class R			Class R4			Class T1			Advisor Class
	October 31, 2017 ^(A)			October 31, 2017 ^(A)			October 31, 2017 ^(A)			October 31, 2017 ^(B)			October 31, 2017 ^(C)
Net asset value, beginning of period	$	17.24		$	17.24		$	17.24		$	17.38		$	16.71
Investment operations:
Net investment income (loss) ^(D)		0.45			0.48			0.48			0.43			0.33
Net realized and unrealized gain (loss)		1.89			1.79			1.82			1.50			2.86
Total investment operations		2.34			2.27			2.30			1.93			3.19
Dividends and/or distributions to shareholders:
Net investment income		—			—			—			—			(0.01	)
Net realized gains		—			—			—			—			(0.04	)
Total dividends and/or distributions to shareholders		—			—			—			—			(0.05	)
Net asset value, end of period	$	19.58		$	19.51		$	19.54		$	19.31		$	19.85
Total return		13.57	%^(E)		13.22	%^(E)		13.34	%^(E)		11.10	%^(E)(F)		19.18	%^(E)
Ratio and supplemental data:
Net assets end of period (000’s)	$	270,144		$	45,713		$	21,339		$	11		$	248
Expenses to average net assets		0.79	%^(G)		1.29	%^(G)		1.04	%^(G)		1.03	%^(G)		0.99	%^(G)
Net investment income (loss) to average net assets		3.70	%^(G)		4.08	%^(G)		4.04	%^(G)		3.72	%^(G)		1.99	%^(G)
Portfolio turnover rate		22	%		22	%		22	%		22	%		22	%


(A)		Commenced operations on March 10, 2017.
(B)		Commenced operations on March 17, 2017.
(C)		Commenced operations on December 16, 2016.
(D)		Calculated based on average number of shares outstanding.
(E)		Not annualized.
(F)		Total return has been calculated without deduction of the maximum sales charge and contingent deferred sales charge.
(G)		Annualized.

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


Transamerica Funds		Annual Report 2017

Page 462

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period and years indicated:	Transamerica International Equity
	Class R6
	October 31, 2017			October 31, 2016			October 31, 2015 ^(A)
Net asset value, beginning of period/year	$	16.90		$	17.62		$	18.65
Investment operations:
Net investment income (loss) ^(B)		0.56			0.42	^(C)		0.10
Net realized and unrealized gain (loss)		2.62			(0.84	)		(1.13	)
Total investment operations		3.18			(0.42	)		(1.03	)
Dividends and/or distributions to shareholders:
Net investment income		(0.28	)		(0.21	)		—
Net realized gains		(0.04	)		(0.09	)		—
Total dividends and/or distributions to shareholders		(0.32	)		(0.30	)		—
Net asset value, end of period/year	$	19.76		$	16.90		$	17.62
Total return		19.24	%		(2.37	)%		(5.52	)%^(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	180,679		$	56,917		$	47
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.79	%		0.81	%		0.83	%^(E)
Including waiver and/or reimbursement and recapture		0.79	%		0.80	%^(C)		0.83	%^(E)
Net investment income (loss) to average net assets		3.06	%		2.53	%^(C)		1.35	%^(E)
Portfolio turnover rate		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.


For a share outstanding during the period and years indicated:	Transamerica International Small Cap Value
	Class I
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013 ^(A)
Net asset value, beginning of period/year	$	11.39		$	12.40		$	11.81		$	12.24		$	10.00
Investment operations:
Net investment income (loss) ^(B)		0.18			0.25	^(C)		0.22			0.25			0.20
Net realized and unrealized gain (loss)		2.42			(0.55	)		0.64			(0.44	)		2.04
Total investment operations		2.60			(0.30	)		0.86			(0.19	)		2.24
Dividends and/or distributions to shareholders:
Net investment income		(0.24	)		(0.29	)		(0.18	)		(0.15	)		—
Net realized gains		(0.08	)		(0.42	)		(0.09	)		(0.09	)		—
Total dividends and/or distributions to shareholders		(0.32	)		(0.71	)		(0.27	)		(0.24	)		—
Net asset value, end of period/year	$	13.67		$	11.39		$	12.40		$	11.81		$	12.24
Total return		23.51	%		(2.48	)%		7.52	%		(1.67	)%		22.40	%^(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	326,445		$	273,540		$	367,502		$	214,170		$	4,186
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.12	%		1.12	%		1.12	%		1.15	%		1.23	%^(E)
Including waiver and/or reimbursement and recapture		1.12	%		1.11	%^(C)		1.12	%		1.15	%		1.22	%^(E)
Net investment income (loss) to average net assets		1.48	%		2.18	%^(C)		1.78	%		2.03	%		2.16	%^(E)
Portfolio turnover rate		25	%		20	%		26	%		21	%		23	%^(D)


(A)		Commenced operations on January 4, 2013.
(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 2017

Page 463

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period and years indicated:	Transamerica International Small Cap Value
	Class I2
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013 ^(A)
Net asset value, beginning of period/year	$	11.42		$	12.43		$	11.82		$	12.25		$	10.00
Investment operations:
Net investment income (loss) ^(B)		0.19			0.27	^(C)		0.22			0.24			0.24
Net realized and unrealized gain (loss)		2.42			(0.56	)		0.66			(0.43	)		2.01
Total investment operations		2.61			(0.29	)		0.88			(0.19	)		2.25
Dividends and/or distributions to shareholders:
Net investment income		(0.25	)		(0.30	)		(0.18	)		(0.15	)		—
Net realized gains		(0.08	)		(0.42	)		(0.09	)		(0.09	)		—
Total dividends and/or distributions to shareholders		(0.33	)		(0.72	)		(0.27	)		(0.24	)		—
Net asset value, end of period/year	$	13.70		$	11.42		$	12.43		$	11.82		$	12.25
Total return		23.58	%		(2.38	)%		7.73	%		(1.66	)%		22.50	%^(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	525,571		$	440,438		$	598,764		$	533,058		$	207,569
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.02	%		1.02	%		1.02	%		1.05	%		1.12	%^(E)
Including waiver and/or reimbursement and recapture		1.02	%		1.01	%^(C)		1.02	%		1.05	%		1.12	%^(E)
Net investment income (loss) to average net assets		1.56	%		2.36	%^(C)		1.84	%		1.91	%		2.63	%^(E)
Portfolio turnover rate		25	%		20	%		26	%		21	%		23	%^(D)


(A)		Commenced operations on January 4, 2013.
(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.


For a share outstanding during the years indicated:	Transamerica Large Cap Value
	Class A
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	12.36		$	12.71		$	13.30		$	14.24		$	11.77
Investment operations:
Net investment income (loss) ^(A)		0.14			0.14	^(B)		0.16			0.15			0.17
Net realized and unrealized gain (loss)		2.28			0.98			0.54			1.40			3.13
Total investment operations		2.42			1.12			0.70			1.55			3.30
Dividends and/or distributions to shareholders:
Net investment income		(0.17	)		(0.15	)		(0.15	)		(0.17	)		(0.19	)
Net realized gains		(1.05	)		(1.32	)		(1.14	)		(2.32	)		(0.64	)
Total dividends and/or distributions to shareholders		(1.22	)		(1.47	)		(1.29	)		(2.49	)		(0.83	)
Net asset value, end of year	$	13.56		$	12.36		$	12.71		$	13.30		$	14.24
Total return ^(C)		20.29	%		9.83	%		5.44	%		12.09	%		29.74	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	103,851		$	71,700		$	31,566		$	31,677		$	8,605
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.06	%		1.05	%		1.05	%		1.07	%		1.13	%
Including waiver and/or reimbursement and recapture		1.06	%		1.04	%^(B)		1.05	%		1.07	%		1.13	%
Net investment income (loss) to average net assets		1.11	%		1.16	%^(B)		1.23	%		1.13	%		1.32	%
Portfolio turnover rate		128	%		127	%		129	%		87	%		121	%


(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 maximum sales charge and contingent deferred sales charge.

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


Transamerica Funds		Annual Report 2017

Page 464

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica Large Cap Value
	Class C
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	12.31		$	12.67		$	13.26		$	14.20		$	11.76
Investment operations:
Net investment income (loss) ^(A)		0.04			0.05	^(B)		0.06			0.06			0.09
Net realized and unrealized gain (loss)		2.27			0.98			0.55			1.39			3.12
Total investment operations		2.31			1.03			0.61			1.45			3.21
Dividends and/or distributions to shareholders:
Net investment income		(0.09	)		(0.07	)		(0.06	)		(0.07	)		(0.13	)
Net realized gains		(1.05	)		(1.32	)		(1.14	)		(2.32	)		(0.64	)
Total dividends and/or distributions to shareholders		(1.14	)		(1.39	)		(1.20	)		(2.39	)		(0.77	)
Net asset value, end of year	$	13.48		$	12.31		$	12.67		$	13.26		$	14.20
Total return ^(C)		19.37	%		9.00	%		4.68	%		11.30	%		28.86	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	49,014		$	22,482		$	11,128		$	9,402		$	7,783
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.79	%		1.80	%		1.81	%		1.79	%		1.79	%
Including waiver and/or reimbursement and recapture		1.79	%		1.80	%^(B)		1.81	%		1.79	%		1.79	%
Net investment income (loss) to average net assets		0.30	%		0.43	%^(B)		0.45	%		0.49	%		0.68	%
Portfolio turnover rate		128	%		127	%		129	%		87	%		121	%


(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 maximum contingent deferred sales charge.


For a share outstanding during the years indicated:	Transamerica Large Cap Value
	Class I
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	12.43		$	12.77		$	13.35		$	14.28		$	11.81
Investment operations:
Net investment income (loss) ^(A)		0.15			0.17	^(B)		0.19			0.20			0.22
Net realized and unrealized gain (loss)		2.31			0.99			0.56			1.39			3.13
Total investment operations		2.46			1.16			0.75			1.59			3.35
Dividends and/or distributions to shareholders:
Net investment income		(0.20	)		(0.18	)		(0.19	)		(0.20	)		(0.24	)
Net realized gains		(1.05	)		(1.32	)		(1.14	)		(2.32	)		(0.64	)
Total dividends and/or distributions to shareholders		(1.25	)		(1.50	)		(1.33	)		(2.52	)		(0.88	)
Net asset value, end of year	$	13.64		$	12.43		$	12.77		$	13.35		$	14.28
Total return		20.55	%		10.14	%		5.78	%		12.40	%		30.11	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	245,508		$	56,161		$	15,090		$	13,348		$	16,805
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.79	%		0.79	%		0.78	%		0.79	%		0.79	%
Including waiver and/or reimbursement and recapture		0.79	%		0.78	%^(B)		0.78	%		0.79	%		0.79	%
Net investment income (loss) to average net assets		1.17	%		1.37	%^(B)		1.49	%		1.55	%		1.64	%
Portfolio turnover rate		128	%		127	%		129	%		87	%		121	%


(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 2017

Page 465

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica Large Cap Value
	Class I2
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	12.42		$	12.76		$	13.34		$	14.27		$	11.80
Investment operations:
Net investment income (loss) ^(A)		0.19			0.19	^(B)		0.20			0.21			0.24
Net realized and unrealized gain (loss)		2.28			0.98			0.56			1.39			3.12
Total investment operations		2.47			1.17			0.76			1.60			3.36
Dividends and/or distributions to shareholders:
Net investment income		(0.21	)		(0.19	)		(0.20	)		(0.21	)		(0.25	)
Net realized gains		(1.05	)		(1.32	)		(1.14	)		(2.32	)		(0.64	)
Total dividends and/or distributions to shareholders		(1.26	)		(1.51	)		(1.34	)		(2.53	)		(0.89	)
Net asset value, end of year	$	13.63		$	12.42		$	12.76		$	13.34		$	14.27
Total return		20.66	%		10.25	%		5.90	%		12.53	%		30.25	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,899,205		$	1,898,665		$	1,818,476		$	1,739,472		$	1,505,170
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.69	%		0.69	%		0.68	%		0.69	%		0.69	%
Including waiver and/or reimbursement and recapture		0.69	%		0.68	%^(B)		0.68	%		0.69	%		0.69	%
Net investment income (loss) to average net assets		1.44	%		1.60	%^(B)		1.58	%		1.59	%		1.89	%
Portfolio turnover rate		128	%		127	%		129	%		87	%		121	%


(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 Large Cap Value
	Class R6
	October 31, 2017			October 31, 2016			October 31, 2015 ^(A)
Net asset value, beginning of period/year	$	12.42		$	12.76		$	13.07
Investment operations:
Net investment income (loss) ^(B)		0.17			0.15	^(C)		0.08
Net realized and unrealized gain (loss)		2.30			1.02			(0.28	)^(D)
Total investment operations		2.47			1.17			(0.20	)
Dividends and/or distributions to shareholders:
Net investment income		(0.21	)		(0.19	)		(0.11	)
Net realized gains		(1.05	)		(1.32	)		—
Total dividends and/or distributions to shareholders		(1.26	)		(1.51	)		(0.11	)
Net asset value, end of period/year	$	13.63		$	12.42		$	12.76
Total return		20.66	%		10.25	%		(1.53	)%^(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	16,356		$	3,391		$	49
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.69	%		0.69	%		0.69	%^(F)
Including waiver and/or reimbursement and recapture		0.69	%		0.68	%^(C)		0.69	%^(F)
Net investment income (loss) to average net assets		1.29	%		1.25	%^(C)		1.48	%^(F)
Portfolio turnover rate		128	%		127	%		129	%^(E)


(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.

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


Transamerica Funds		Annual Report 2017

Page 466

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period indicated:	Transamerica Large Cap Value
	Class T1			Advisor Class
	October 31, 2017 ^(A)			October 31, 2017 ^(B)
Net asset value, beginning of period	$	12.94		$	13.78
Investment operations:
Net investment income (loss) ^(C)		0.09			(0.02	)
Net realized and unrealized gain (loss)		0.65			1.12
Total investment operations		0.74			1.10
Dividends and/or distributions to shareholders:
Net investment income		(0.11	)		(0.13	)
Net realized gains		—			(1.05	)
Total dividends and/or distributions to shareholders		(0.11	)		(1.18	)
Net asset value, end of period	$	13.57		$	13.70
Total return		5.77	%^(D)(E)		8.62	%^(E)
Ratio and supplemental data:
Net assets end of period (000’s)	$	11			1,989
Expenses to average net assets		0.93	%^(F)		0.88	%^(F)
Net investment income (loss) to average net assets		1.13	%^(F)		(0.17	)%^(F)
Portfolio turnover rate		128	%		128	%


(A)		Commenced operations on March 17, 2017.
(B)		Commenced operations on December 16, 2016.
(C)		Calculated based on average number of shares outstanding.
(D)		Total return has been calculated without deduction of the maximum sales charge and contingent deferred sales charge.
(E)		Not annualized.
(F)		Annualized.


For a share outstanding during the period indicated:	Transamerica Large Core
	Class I3			Class R
	October 31, 2017 ^(A)			October 31, 2017 ^(A)
Net asset value, beginning of period	$	10.00		$	10.00
Investment operations:
Net investment income (loss) ^(B)		0.09			0.05
Net realized and unrealized gain (loss)		1.01			1.01
Total investment operations		1.10			1.06
Dividends and/or distributions to shareholders:
Net investment income		(0.08	)		(0.05	)
Net asset value, end of period	$	11.02		$	11.01
Total return		11.09	%^(C)		10.68	%^(C)
Ratio and supplemental data:
Net assets end of period (000’s)	$	200,790		$	76,828
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.72	%^(D)		1.22	%^(D)
Including waiver and/or reimbursement and recapture		0.64	%^(D)		1.14	%^(D)
Net investment income (loss) to average net assets		1.32	%^(D)		0.82	%^(D)
Portfolio turnover rate		41	%^(C)		41	%^(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 2017

Page 467

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period and years indicated:	Transamerica Large Core ^{(A) (B)}
	Class R4
	October 31, 2017 ^(C)			December 31, 2016			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012
Net asset value, beginning of period/year	$	9.52		$	8.98		$	9.17		$	8.05		$	5.94		$	5.15
Investment operations:
Net investment income (loss) ^(D)		0.09			0.15			0.10			0.06			0.09			0.09
Net realized and unrealized gain (loss)		1.50			0.54			(0.20	)		1.12			2.11			0.79
Total investment operations		1.59			0.69			(0.10	)		1.18			2.20			0.88
Dividends and/or distributions to shareholders:
Net investment income		(0.10	)		(0.15	)		(0.09	)		(0.06	)		(0.09	)		(0.09	)
Net asset value, end of period/year	$	11.01		$	9.52		$	8.98		$	9.17		$	8.05		$	5.94
Total return		16.72	%^(E)		7.79	%		(1.02	)%		14.80	%		37.13	%		16.95	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	11,636		$	10,633		$	11,995		$	7,872		$	7,478		$	6,159
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.05	%^(F)		1.34	%		1.28	%		1.43	%		1.46	%		1.74	%
Including waiver and/or reimbursement and recapture		0.90	%^(F)		0.90	%^(G)		0.90	%		0.90	%		0.90	%		0.90	%
Net investment income (loss) to average net assets		1.10	%^(F)		1.65	%		1.04	%		0.75	%		1.16	%		1.43	%
Portfolio turnover rate		41	%^(E)		47	%		64	%		70	%		116	%		54	%


(A)		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. Please reference the Reorganization section of the Notes to the Financial Statements for additional information.
(B)		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.
(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. 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)		Includes reimbursement of custody fees at the underlying Series Portfolio level.


For a share outstanding during the period indicated:	Transamerica Large Growth
	Class I3			Class R
	October 31, 2017 ^(A)			October 31, 2017 ^(A)
Net asset value, beginning of period	$	10.00		$	10.00
Investment operations:
Net investment income (loss) ^(B)		0.03			(0.01	)
Net realized and unrealized gain (loss)		1.72			1.72
Total investment operations		1.75			1.71
Dividends and/or distributions to shareholders:
Net investment income		(0.03	)		—
Net asset value, end of period	$	11.72		$	11.71
Total return		17.49	%^(C)		17.10	%^(C)
Ratio and supplemental data:
Net assets end of period (000’s)	$	666,225		$	146,404
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.72	%^(D)		1.22	%^(D)
Including waiver and/or reimbursement and recapture		0.65	%^(D)		1.22	%^(D)
Net investment income (loss) to average net assets		0.40	%^(D)		(0.10	)%^(D)
Portfolio turnover rate		21	%^(C)		21	%^(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 2017

Page 468

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period and years indicated:	Transamerica Large Growth ^{(A) (B)}
	Class R4
	October 31, 2017 ^(C)			December 31, 2016			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012
Net asset value, beginning of period/year	$	9.14		$	9.08		$	8.35		$	7.57		$	5.63		$	4.93
Investment operations:
Net investment income (loss) ^(D)		0.01			0.01			0.01			0.01			0.02			0.03
Net realized and unrealized gain (loss)		2.58			0.06			0.73			0.78			1.94			0.70
Total investment operations		2.59			0.07			0.74			0.79			1.96			0.73
Dividends and/or distributions to shareholders:
Net investment income		(0.01	)		(0.01	)		(0.01	)		(0.01	)		(0.02	)		(0.03	)
Net asset value, end of period/year	$	11.72		$	9.14		$	9.08		$	8.35		$	7.57		$	5.63
Total return		28.42	%^(E)		0.84	%		8.89	%		10.46	%		35.00	%		14.76	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	38,038		$	82,546		$	107,369		$	110,430		$	130,443		$	137,751
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.99	%^(F)		1.01	%		0.99	%		1.01	%		1.00	%		1.01	%
Including waiver and/or reimbursement and recapture		0.90	%^(F)		0.88	%^(G)		0.90	%		0.90	%		0.90	%		0.90	%
Net investment income (loss) to average net assets		0.14	%^(F)		0.15	%		0.07	%		0.17	%		0.32	%		0.49	%
Portfolio turnover rate		21	%^(E)		36	%		33	%		73	%		49	%		53	%


(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. Please reference the Reorganization section of the Notes to the Financial Statements for additional information.
(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. 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)		Includes reimbursement of custody fees at the underlying Series Portfolio level.


For a share outstanding during the period indicated:	Transamerica Large Value Opportunities
	Class I3			Class R
	October 31, 2017 ^(A)			October 31, 2017 ^(A)
Net asset value, beginning of period	$	10.00		$	10.00
Investment operations:
Net investment income (loss) ^(B)		0.08			0.08
Net realized and unrealized gain (loss)		0.71			0.69
Total investment operations		0.79			0.77
Dividends and/or distributions to shareholders:
Net investment income		(0.08	)		(0.06	)
Net asset value, end of period	$	10.71		$	10.71
Total return		7.94	%^(C)		7.69	%^(C)
Ratio and supplemental data:
Net assets end of period (000’s)	$	520,709		$	113,861
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.57	%^(D)		1.06	%^(D)
Including waiver and/or reimbursement and recapture		0.49	%^(D)		0.99	%^(D)
Net investment income (loss) to average net assets		1.69	%^(D)		1.36	%^(D)
Portfolio turnover rate		33	%^(C)		33	%^(C)


(A)		Commenced operations on May 5, 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 2017

Page 469

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period indicated:	Transamerica Large Value Opportunities ^{(A) (B)}
For a share outstanding during the period indicated:	Class R4
	October 31, 2017 ^(C)			December 31, 2016			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012
Net asset value, beginning of period	$	9.84		$	9.18		$	9.36		$	8.63		$	6.36		$	5.54
Investment operations:
Net investment income (loss) ^(D)		0.14			0.16			0.12			0.08			0.11			0.11
Net realized and unrealized gain (loss)		0.85			0.67			(0.18	)		0.74			2.28			0.83
Total investment operations		0.99			0.83			(0.06	)		0.82			2.39			0.94
Dividends and/or distributions to shareholders:
Net investment income		(0.12	)		(0.17	)		(0.12	)		(0.09	)		(0.12	)		(0.12	)
Net asset value, end of period	$	10.71		$	9.84		$	9.18		$	9.36		$	8.63		$	6.36
Total return		9.99	%^(E)		9.14	%		(0.69	)%		9.54	%		37.73	%		17.08	%
Ratio and supplemental data:
Net assets end of period (000’s)	$	53,449		$	99,292		$	99,418		$	102,791		$	120,005		$	107,969
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.83	%^(F)		0.84	%		0.83	%		0.83	%		0.83	%		0.84	%
Including waiver and/or reimbursement and recapture		0.74	%^(F)		0.74	%^(G)		0.75	%		0.75	%		0.75	%		0.75	%
Net investment income (loss) to average net assets		1.35	%^(F)		1.80	%		1.21	%		0.96	%		1.43	%		1.81	%
Portfolio turnover rate		33	%^(E)		48	%		65	%		69	%		99	%		48	%


(A)		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.
(B)		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.
(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)		Includes reimbursement of custody fees at the underlying Series Portfolio level.


For a share outstanding during the period indicated:	Transamerica Mid Cap Growth
	Class A			Class C			Class I			Class I2			Class I3			Class R
	October 31, 2017^(A)			October 31, 2017^(A)			October 31, 2017^(A)			October 31, 2017^(A)			October 31, 2017^(A)			October 31, 2017^(A)
Net asset value, beginning of year	$	13.12		$	12.84		$	13.21		$	13.24		$	13.24		$	13.24
Investment operations:
Net investment income (loss)^(B)		(0.01	)		(0.07	)		0.02			0.03			0.04			(0.01	)
Net realized and unrealized gain (loss)		1.03			1.00			1.04			1.04			1.04			1.03
Total investment operations		1.02			0.93			1.06			1.07			1.08			1.02
Net asset value, end of year	$	14.14		$	13.77		$	14.27		$	14.31		$	14.32		$	14.26
Total return		7.77	%^(C)(D)		7.24	%^(D)^(E)		8.02	%^(D)		8.08	%^(D)		8.16	%^(D)		7.70	%^(D)
Ratio and supplemental data:
Net assets end of year (000’s)	$	9,903		$	1,448		$	664		$	155,629		$	48,330		$	26,153
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.30	%^(F)		2.05	%^(F)		0.98	%^(F)		0.87	%^(F)		0.87	%^(F)		1.37	%^(F)
Including waiver and/or reimbursement and recapture		1.30	%^(F)		2.05	%^(F)		0.98	%^(F)		0.87	%^(F)		0.75	%^(F)		1.35	%^(F)
Net investment income (loss) to average net assets		(0.10	)%^(F)		(0.85	)%^(F)		0.22	%^(F)		0.35	%^(F)		0.50	%^(F)		(0.16	)%^(F)
Portfolio turnover rate		30	%^(D)		30	%^(D)		30	%^(D)		30	%^(D)		30	%^(D)		30	%^(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 maximum sales charge and contingent deferred sales charge.
(D)		Not annualized.
(E)		Total return has been calculated without deduction of the maximum contingent deferred sales charge.
(E)		Annualized.

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


Transamerica Funds		Annual Report 2017

Page 470

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period and years indicated:	Transamerica Mid Cap Growth ^{(A) (B)}
	Class R4
	October 31, 2017^(C)			December 31, 2016			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012
Net asset value, beginning of period/year	$	12.70		$	12.50		$	15.44		$	16.72		$	16.25		$	14.29
Investment operations:
Net investment income (loss)^(D)		0.01			(0.01	)		(0.05	)		0.06			(0.04	)		(0.01	)
Net realized and unrealized gain (loss)		1.92			1.48			(0.24	)		1.16			4.73			1.97
Total investment operations		1.93			1.47			(0.29	)		1.22			4.69			1.96
Dividends and/or distributions to shareholders:
Net investment income		—			—			—			(0.07	)		—			—
Net realized gains		(0.33	)		(1.27	)		(2.65	)		(2.34	)		(4.22	)		—
Return of capital		—			—			—			(0.09	)		—			—
Net asset value, end of period/year	$	14.30		$	12.70		$	12.50		$	15.44		$	16.72		$	16.25
Total return		15.34	%^(E)		12.13	%		(1.60	)%		7.83	%		30.10	%		13.70	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	10,232		$	16,767		$	17,075		$	22,686		$	33,879		$	37,985
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.20	%^(F)		1.36	%		1.22	%		1.24	%		1.18	%		1.19	%
Including waiver and/or reimbursement and recapture		0.98	%^(F)(G)		0.95	%^(H)		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income (loss) to average net assets		0.13	%^(F)		(0.09	)%		(0.31	)%		0.34	%		(0.21	)%		(0.09	)%
Portfolio turnover rate		30	%^(E)		79	%		70	%		60	%		234	%		178	%


(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. Please reference the Reorganization section of the Notes to the Financial Statements for additional information.
(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. 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)		Includes reorganization expenses incurred outside the Fund’s operating expense limit. Please reference the Organization section of the Notes to Financial Statements for more information regarding the reorganization.
(H)		Includes reimbursement of custody fees at the underlying Series Portfolio level.


For a share outstanding during the period indicated:	Transamerica Mid Cap Growth
	Class T1			Advisor Class
	October 31, 2017^(A)			October 31, 2017^(B)
Net asset value, beginning of period	$	13.15		$	13.20
Investment operations:
Net investment income (loss)^(C)		0.00	^(D)		0.01
Net realized and unrealized gain (loss)		1.00			1.05
Total investment operations		1.00			1.06
Net asset value, end of period	$	14.15		$	14.26
Total return		7.60	%^(E)(F)		8.03	%^(F)
Ratio and supplemental data:
Net assets end of period (000’s)	$	11		$	11
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.11	%^(G)		1.06	%^(G)
Including waiver and/or reimbursement and recapture		1.11	%^(G)		1.04	%^(G)
Net investment income (loss) to average net assets		0.03	%^(G)		0.16	%^(G)
Portfolio turnover rate		30	%^(F)		30	%^(F)


(A)		Commenced operations on March 17, 2017.
(B)		Commenced operations on March 10, 2017.
(C)		Calculated based on average number of shares outstanding.
(D)		Rounds to less than $0.01 or $(0.01).
(E)		Total return has been calculated without deduction of the maximum sales charge and contingent deferred sales charge.
(F)		Not annualized.
(G)		Annualized.

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


Transamerica Funds		Annual Report 2017

Page 471

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period and years indicated:	Transamerica Mid Cap Value Opportunities
	Class A
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014 ^(A)
Net asset value, beginning of period/year	$	11.80		$	11.37		$	10.68		$	10.00
Investment operations:
Net investment income (loss) ^(B)		0.07			0.06	^(C)		0.11			0.07
Net realized and unrealized gain (loss)		0.95			0.78			0.68			0.69
Total investment operations		1.02			0.84			0.79			0.76
Dividends and/or distributions to shareholders:
Net investment income		(0.12	)		(0.14	)		(0.03	)		(0.08	)
Net realized gains		(0.84	)		(0.27	)		(0.07	)		—
Total dividends and/or distributions to shareholders		(0.96	)		(0.41	)		(0.10	)		(0.08	)
Net asset value, end of period/year	$	11.86		$	11.80		$	11.37		$	10.68
Total return ^(D)		8.77	%		7.72	%		7.50	%		7.62	%^(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	116,047		$	75,556		$	18,794		$	703
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.09	%		1.08	%		1.05	%		1.18	%^(F)
Including waiver and/or reimbursement and recapture		1.09	%		1.08	%^(C)		1.05	%		1.18	%^(F)
Net investment income (loss) to average net assets		0.57	%		0.55	%^(C)		1.02	%		1.38	%^(F)
Portfolio turnover rate		76	%		95	%		31	%		23	%^(E)


(A)		Commenced operations on April 30, 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)		Total return has been calculated without deduction of the maximum 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 Value Opportunities
	Class C
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014 ^(A)
Net asset value, beginning of period/year	$	11.70		$	11.31		$	10.68		$	10.00
Investment operations:
Net investment income (loss) ^(B)		(0.03	)		(0.04	)^(C)		0.03			0.04
Net realized and unrealized gain (loss)		0.95			0.79			0.68			0.69
Total investment operations		0.92			0.75			0.71			0.73
Dividends and/or distributions to shareholders:
Net investment income		(0.07	)		(0.09	)		(0.01	)		(0.05	)
Net realized gains		(0.84	)		(0.27	)		(0.07	)		—
Total dividends and/or distributions to shareholders		(0.91	)		(0.36	)		(0.08	)		(0.05	)
Net asset value, end of period/year	$	11.71		$	11.70		$	11.31		$	10.68
Total return ^(D)		7.95	%		6.87	%		6.72	%		7.29	%^(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	17,808		$	7,104		$	1,241		$	278
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.89	%		1.90	%		1.80	%		1.93	%^(F)
Including waiver and/or reimbursement and recapture		1.89	%		1.90	%^(C)		1.80	%		1.93	%^(F)
Net investment income (loss) to average net assets		(0.29	)%		(0.37	)%^(C)		0.30	%		0.71	%^(F)
Portfolio turnover rate		76	%		95	%		31	%		23	%^(E)


(A)		Commenced operations on April 30, 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)		Total return has been calculated without deduction of the maximum 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 2017

Page 472

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period and years indicated:	Transamerica Mid Cap Value Opportunities
	Class I
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014 ^(A)
Net asset value, beginning of period/year	$	11.85		$	11.41		$	10.69		$	10.00
Investment operations:
Net investment income (loss) ^(B)		0.10			0.11	^(C)		0.13			0.06
Net realized and unrealized gain (loss)		0.95			0.75			0.69			0.72
Total investment operations		1.05			0.86			0.82			0.78
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.15	)		(0.03	)		(0.09	)
Net realized gains		(0.84	)		(0.27	)		(0.07	)		—
Total dividends and/or distributions to shareholders		(0.97	)		(0.42	)		(0.10	)		(0.09	)
Net asset value, end of period/year	$	11.93		$	11.85		$	11.41		$	10.69
Total return		8.94	%		8.00	%		7.78	%		7.83	%^(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	394,378		$	298,589		$	147,712		$	5,979
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.86	%		0.86	%		0.84	%		0.96	%^(E)
Including waiver and/or reimbursement and recapture		0.86	%		0.86	%^(C)		0.84	%		0.95	%^(E)
Net investment income (loss) to average net assets		0.79	%		0.97	%^(C)		1.19	%		1.13	%^(E)
Portfolio turnover rate		76	%		95	%		31	%		23	%^(D)


(A)		Commenced operations on April 30, 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)		Not annualized.
(E)		Annualized.


For a share outstanding during the period and years indicated:	Transamerica Mid Cap Value Opportunities
	Class I2
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014 ^(A)
Net asset value, beginning of period/year	$	11.87		$	11.41		$	10.69		$	10.00
Investment operations:
Net investment income (loss) ^(B)		0.11			0.15	^(C)		0.16			0.09
Net realized and unrealized gain (loss)		0.95			0.74			0.67			0.69
Total investment operations		1.06			0.89			0.83			0.78
Dividends and/or distributions to shareholders:
Net investment income		(0.14	)		(0.16	)		(0.04	)		(0.09	)
Net realized gains		(0.84	)		(0.27	)		(0.07	)		—
Total dividends and/or distributions to shareholders		(0.98	)		(0.43	)		(0.11	)		(0.09	)
Net asset value, end of period/year	$	11.95		$	11.87		$	11.41		$	10.69
Total return		9.09	%		8.12	%		7.80	%		7.86	%^(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	298,655		$	323,275		$	465,775		$	166,170
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.76	%		0.74	%		0.74	%		0.86	%^(E)
Including waiver and/or reimbursement and recapture		0.76	%		0.74	%^(C)		0.74	%		0.86	%^(E)
Net investment income (loss) to average net assets		0.92	%		1.37	%^(C)		1.42	%		1.71	%^(E)
Portfolio turnover rate		76	%		95	%		31	%		23	%^(D)


(A)		Commenced operations on April 30, 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)		Not annualized.
(E)		Annualized.

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


Transamerica Funds		Annual Report 2017

Page 473

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period indicated:	Transamerica Mid Cap Value Opportunities
	Class I3			Class R			Class R4			Class T1			Advisor Class
	October 31, 2017 ^(A)			October 31, 2017 ^(A)			October 31, 2017 ^(A)			October 31, 2017 ^(B)			October 31, 2017 ^(C)
Net asset value, beginning of period	$	11.93		$	11.93		$	11.93		$	12.00		$	12.56
Investment operations:
Net investment income (loss) ^(D)		0.06			0.02			0.04			0.03			0.08
Net realized and unrealized gain (loss)		(0.03	)^(E)		(0.03	)^(E)		(0.03	)^(E)		(0.16	)^(E)		0.25
Total investment operations		0.03			(0.01	)		0.01			(0.13	)		0.33
Dividends and/or distributions to shareholders:
Net investment income		—			—			—			—			(0.01	)
Net realized gains		—			—			—			—			(0.84	)
Total dividends and/or distributions to shareholders		—			—			—			—			(0.85	)
Net asset value, end of period	$	11.96		$	11.92		$	11.94		$	11.87		$	12.04
Total return		0.25	%^(F)		(0.08	)%^(F)		0.08	%^(F)		(1.08	)%^(F)^(G)		2.71	%^(F)
Ratio and supplemental data:
Net assets end of period (000’s)	$	275,016		$	88,909		$	424,122		$	10		$	10
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.76	%^(H)		1.27	%^(H)		1.01	%^(H)		1.00	%^(H)		0.96	%^(H)
Including waiver and/or reimbursement and recapture		0.70	%^(H)		1.25	%^(H)		0.90	%^(H)		1.00	%^(H)		0.95	%^(H)
Net investment income (loss) to average net assets		0.79	%^(H)		0.26	%^(H)		0.58	%^(H)		0.42	%^(H)		0.79	%^(H)
Portfolio turnover rate		76	%		76	%		76	%		76	%		76	%


(A)		Commenced operations on March 24, 2017.
(B)		Commenced operations on March 17, 2017.
(C)		Commenced operations on December 16, 2016.
(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)		Total return has been calculated without deduction of the maximum sales charge and contingent deferred sales charge.
(H)		Annualized.


For a share outstanding during the period and years indicated:	Transamerica Mid Cap Value Opportunities
	Class R6
	October 31, 2017			October 31, 2016 ^(A)
Net asset value, beginning of period/year	$	11.87		$	11.87
Investment operations:
Net investment income (loss) ^(B)		0.08			0.01	^(C)
Net realized and unrealized gain (loss)		0.98			(0.01	)^(D)
Total investment operations		1.06			—
Dividends and/or distributions to shareholders:
Net investment income		(0.06	)		—
Net realized gains		(0.84	)		—
Total dividends and/or distributions to shareholders		(0.90	)		—
Net asset value, end of period/year	$	12.03		$	11.87
Total return		9.09	%		0.00	%^(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	16,391		$	50
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.76	%		0.79	%^(F)
Including waiver and/or reimbursement and recapture		0.76	%		0.78	%^(C)(F)
Net investment income (loss) to average net assets		0.68	%		0.18	%^(C)
Portfolio turnover rate		76	%		95	%


(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.

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


Transamerica Funds		Annual Report 2017

Page 474

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period and years indicated:	Transamerica MLP & Energy Income
	Class A
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013^(A)
Net asset value, beginning of period/year	$	7.59		$	7.94		$	11.62		$	10.28		$	10.00
Investment operations:
Net investment income (loss)^(B)		0.15			0.24	^(C)		0.29			0.26			0.13
Net realized and unrealized gain (loss)		0.04			(0.33	)^(D)		(3.62	)		1.40			0.20
Total investment operations		0.19			(0.09	)		(3.33	)		1.66			0.33
Dividends and/or distributions to shareholders:
Net investment income		(0.30	)		(0.26	)		(0.09	)		(0.27	)		(0.05	)
Net realized gains		—			—			(0.07	)		(0.05	)		—
Return of capital		(0.11	)		—			(0.19	)		—			—
Total dividends and/or distributions to shareholders		(0.41	)		(0.26	)		(0.35	)		(0.32	)		(0.05	)
Net asset value, end of period/year	$	7.37		$	7.59		$	7.94		$	11.62		$	10.28
Total return^(E)		2.30	%		(0.87	)%		(29.17	)%		16.36	%		3.35	%^(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	32,083		$	43,221		$	46,624		$	64,300		$	16,419
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.58	%		1.57	%		1.52	%		1.54	%		1.65	%^(G)
Including waiver and/or reimbursement and recapture		1.58	%		1.56	%^(C)		1.52	%		1.54	%		1.65	%^(G)
Net investment income (loss) to average net assets		1.97	%		3.50	%^(C)		2.84	%		2.24	%		2.67	%^(G)
Portfolio turnover rate		41	%		79	%		67	%		46	%		28	%^(F)


(A)		Commenced operations on April 30, 2013.
(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)		Total return has been calculated without deduction of the maximum sales charge and contingent deferred sales charge.
(F)		Not annualized.
(G)		Annualized.


For a share outstanding during the period and years indicated:	Transamerica MLP & Energy Income
	Class C
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013^(A)
Net asset value, beginning of period/year	$	7.55		$	7.91		$	11.57		$	10.25		$	10.00
Investment operations:
Net investment income (loss)^(B)		0.09			0.19	^(C)		0.21			0.17			0.09
Net realized and unrealized gain (loss)		0.05			(0.35	)^(D)		(3.60	)		1.41			0.20
Total investment operations		0.14			(0.16	)		(3.39	)		1.58			0.29
Dividends and/or distributions to shareholders:
Net investment income		(0.25	)		(0.20	)		(0.06	)		(0.21	)		(0.04	)
Net realized gains		—			—			(0.07	)		(0.05	)		—
Return of capital		(0.10	)		—			(0.14	)		—			—
Total dividends and/or distributions to shareholders		(0.35	)		(0.20	)		(0.27	)		(0.26	)		(0.04	)
Net asset value, end of period/year	$	7.34		$	7.55		$	7.91		$	11.57		$	10.25
Total return^(E)		1.64	%		(1.79	)%		(29.61	)%		15.59	%		2.90	%^(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	23,673		$	31,067		$	37,877		$	53,064		$	5,008
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.36	%		2.36	%		2.27	%		2.26	%		2.39	%^(G)
Including waiver and/or reimbursement and recapture		2.35	%		2.35	%^(C)		2.27	%		2.26	%		2.35	%^(G)
Net investment income (loss) to average net assets		1.10	%		2.73	%^(C)		2.11	%		1.47	%		1.71	%^(G)
Portfolio turnover rate		41	%		79	%		67	%		46	%		28	%^(F)


(A)		Commenced operations on April 30, 2013.
(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)		Total return has been calculated without deduction of the maximum contingent deferred sales charge.
(F)		Not annualized.
(G)		Annualized.

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


Transamerica Funds		Annual Report 2017

Page 475

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period and years indicated:	Transamerica MLP & Energy Income
	Class I
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013^(A)
Net asset value, beginning of period/year	$	7.59		$	7.95		$	11.63		$	10.28		$	10.00
Investment operations:
Net investment income (loss)^(B)		0.16			0.26	^(C)		0.31			0.29			0.14
Net realized and unrealized gain (loss)		0.05			(0.34	)^(D)		(3.61	)		1.41			0.20
Total investment operations		0.21			(0.08	)		(3.30	)		1.70			0.34
Dividends and/or distributions to shareholders:
Net investment income		(0.31	)		(0.28	)		(0.10	)		(0.30	)		(0.06	)
Net realized gains		—			—			(0.07	)		(0.05	)		—
Return of capital		(0.12	)		—			(0.21	)		—			—
Total dividends and/or distributions to shareholders		(0.43	)		(0.28	)		(0.38	)		(0.35	)		(0.06	)
Net asset value, end of period/year	$	7.37		$	7.59		$	7.95		$	11.63		$	10.28
Total return		2.61	%		(0.68	)%		(28.92	)%		16.69	%		3.40	%^(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	48,023		$	39,716		$	63,695		$	112,833		$	9,582
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.29	%		1.26	%		1.23	%		1.27	%		1.42	%^(F)
Including waiver and/or reimbursement and recapture		1.29	%		1.25	%^(C)		1.23	%		1.27	%		1.35	%^(F)
Net investment income (loss) to average net assets		2.05	%		3.79	%^(C)		3.08	%		2.52	%		2.82	%^(F)
Portfolio turnover rate		41	%		79	%		67	%		46	%		28	%^(E)


(A)		Commenced operations on April 30, 2013.
(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 period and years indicated:	Transamerica MLP & Energy Income
	Class I2
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013^(A)
Net asset value, beginning of period/year	$	7.60		$	7.95		$	11.63		$	10.28		$	10.00
Investment operations:
Net investment income (loss)^(B)		0.17			0.25	^(C)		0.33			0.31			0.12
Net realized and unrealized gain (loss)		0.05			(0.31	)^(D)		(3.62	)		1.40			0.22
Total investment operations		0.22			(0.06	)		(3.29	)		1.71			0.34
Dividends and/or distributions to shareholders:
Net investment income		(0.32	)		(0.29	)		(0.10	)		(0.31	)		(0.06	)
Net realized gains		—			—			(0.07	)		(0.05	)		—
Return of capital		(0.12	)		—			(0.22	)		—			—
Total dividends and/or distributions to shareholders		(0.44	)		(0.29	)		(0.39	)		(0.36	)		(0.06	)
Net asset value, end of period/year	$	7.38		$	7.60		$	7.95		$	11.63		$	10.28
Total return		2.70	%		(0.45	)%		(28.84	)%		16.79	%		3.42	%^(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	209,277		$	268,516		$	346,050		$	463,787		$	206,668
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.19	%		1.16	%		1.14	%		1.17	%		1.29	%^(F)
Including waiver and/or reimbursement and recapture		1.19	%		1.15	%^(C)		1.14	%		1.17	%		1.29	%^(F)
Net investment income (loss) to average net assets		2.18	%		3.69	%^(C)		3.26	%		2.73	%		2.29	%^(F)
Portfolio turnover rate		41	%		79	%		67	%		46	%		28	%^(E)


(A)		Commenced operations on April 30, 2013.
(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.

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


Transamerica Funds		Annual Report 2017

Page 476

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period and years indicated:	Transamerica MLP & Energy Income
	Class T1			Advisor Class
	October 31, 2017^(A)			October 31, 2017^(B)
Net asset value, beginning of period	$	8.10		$	7.99
Investment operations:
Net investment income (loss)^(C)		0.03			0.12
Net realized and unrealized gain (loss)		(0.45	)^(D)		(0.32	)^(D)
Total investment operations		(0.42	)		(0.20	)
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.23	)
Return of capital		(0.06	)		(0.09	)
Total dividends and/or distributions to shareholders		(0.22	)		(0.32	)
Net asset value, end of period	$	7.46		$	7.47
Total return		(5.27	)%^(E)(F)		(2.63	)%^(F)
Ratio and supplemental data:
Net assets end of period (000’s)	$	9		$	10
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.44	%^(G)		1.38	%^(G)
Including waiver and/or reimbursement and recapture		1.44	%^(G)		1.35	%^(G)
Net investment income (loss) to average net assets		0.57	%^(G)		1.66	%^(G)
Portfolio turnover rate		41	%		41	%


(A)		Commenced operations on March 17, 2017.
(B)		Commenced operations on December 16, 2016.
(C)		Calculated based on average number of shares outstanding.
(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)		Total return has been calculated without deduction of the maximum sales charge and contingent deferred sales charge.
(F)		Not annualized.
(G)		Annualized.


For a share outstanding during the years indicated:	Transamerica Multi-Cap Growth
	Class A
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	7.20		$	8.99		$	11.29		$	10.73		$	8.15
Investment operations:
Net investment income (loss)^(A)		(0.01	)		(0.03	)^(B)		(0.09	)		(0.04	)		(0.03	)
Net realized and unrealized gain (loss)		1.34			(0.93	)		(0.99	)		1.05			2.71
Total investment operations		1.33			(0.96	)		(1.08	)		1.01			2.68
Dividends and/or distributions to shareholders:
Net investment income		—			(0.00	)^(C)		—			—			(0.02	)
Net realized gains		(1.45	)		(0.83	)		(1.22	)		(0.45	)		(0.08	)
Total dividends and/or distributions to shareholders		(1.45	)		(0.83	)		(1.22	)		(0.45	)		(0.10	)
Net asset value, end of year	$	7.08		$	7.20		$	8.99		$	11.29		$	10.73
Total return^(D)		21.44	%		(12.04	)%		(10.56	)%		9.57	%		33.31	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	50,449		$	46,433		$	71,255		$	104,933		$	105,245
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.48	%		1.44	%		1.35	%		1.37	%		1.46	%
Including waiver and/or reimbursement and recapture		1.25	%		1.32	%^(B)		1.35	%		1.37	%		1.46	%
Net investment income (loss) to average net assets		(0.14	)%		(0.38	)%^(B)		(0.94	)%		(0.39	)%		(0.27	)%
Portfolio turnover rate		16	%		101	%		27	%		53	%		45	%


(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 0.03% higher and 0.03% 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 maximum sales charge and contingent deferred sales charge.

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


Transamerica Funds		Annual Report 2017

Page 477

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica Multi-Cap Growth
	Class B
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	5.90		$	7.57		$	9.78		$	9.43		$	7.21
Investment operations:
Net investment income (loss) ^(A)		(0.05	)		(0.08	)^(B)		(0.16	)		(0.12	)		(0.09	)
Net realized and unrealized gain (loss)		1.06			(0.76	)		(0.83	)		0.92			2.39
Total investment operations		1.01			(0.84	)		(0.99	)		0.80			2.30
Dividends and/or distributions to shareholders:
Net investment income		—			(0.00	)^(C)		—			—			—
Net realized gains		(1.45	)		(0.83	)		(1.22	)		(0.45	)		(0.08	)
Total dividends and/or distributions to shareholders		(1.45	)		(0.83	)		(1.22	)		(0.45	)		(0.08	)
Net asset value, end of year	$	5.46		$	5.90		$	7.57		$	9.78		$	9.43
Total return^(D)		20.55	%		(12.78	)%		(11.37	)%		8.63	%		32.23	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	657		$	1,141		$	2,257		$	4,079		$	5,507
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.78	%		2.52	%		2.30	%		2.23	%		2.27	%
Including waiver and/or reimbursement and recapture		2.00	%		2.14	%^(B)		2.30	%		2.23	%		2.27	%
Net investment income (loss) to average net assets		(0.88	)%		(1.22	)%^(B)		(1.90	)%		(1.27	)%		(1.06	)%
Portfolio turnover rate		16	%		101	%		27	%		53	%		45	%


(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 maximum contingent deferred sales charge.


For a share outstanding during the years indicated:	Transamerica Multi-Cap Growth
	Class C
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	5.97		$	7.64		$	9.85		$	9.48		$	7.25
Investment operations:
Net investment income (loss) ^(A)		(0.05	)		(0.07	)^(B)		(0.15	)		(0.11	)		(0.09	)
Net realized and unrealized gain (loss)		1.07			(0.77	)		(0.84	)		0.93			2.40
Total investment operations		1.02			(0.84	)		(0.99	)		0.82			2.31
Dividends and/or distributions to shareholders:
Net realized gains		(1.45	)		(0.83	)		(1.22	)		(0.45	)		(0.08	)
Net asset value, end of year	$	5.54		$	5.97		$	7.64		$	9.85		$	9.48
Total return^(C)		20.54	%		(12.64	)%		(11.27	)%		8.80	%		32.19	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	7,943		$	7,695		$	10,378		$	13,296		$	13,099
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.16	%		2.19	%		2.15	%		2.14	%		2.25	%
Including waiver and/or reimbursement and recapture		2.00	%		2.07	%^(B)		2.15	%		2.14	%		2.25	%
Net investment income (loss) to average net assets		(0.89	)%		(1.14	)%^(B)		(1.74	)%		(1.16	)%		(1.06	)%
Portfolio turnover rate		16	%		101	%		27	%		53	%		45	%


(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 0.03% higher and 0.03% lower, respectively, had the custodian not reimbursed the Fund.
(C)		Total return has been calculated without deduction of the maximum contingent deferred sales charge.

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


Transamerica Funds		Annual Report 2017

Page 478

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica Multi-Cap Growth
	Class I
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	7.81		$	9.65		$	11.98		$	11.32		$	8.61
Investment operations:
Net investment income (loss) ^(A)		0.01			(0.00	)^(B)(C)		(0.06	)		(0.00	)^(B)		0.02
Net realized and unrealized gain (loss)		1.47			(1.01	)		(1.05	)		1.11			2.85
Total investment operations		1.48			(1.01	)		(1.11	)		1.11			2.87
Dividends and/or distributions to shareholders:
Net investment income		(0.01	)		(0.00	)^(B)		—			—			(0.08	)
Net realized gains		(1.45	)		(0.83	)		(1.22	)		(0.45	)		(0.08	)
Total dividends and/or distributions to shareholders		(1.46	)		(0.83	)		(1.22	)		(0.45	)		(0.16	)
Net asset value, end of year	$	7.83		$	7.81		$	9.65		$	11.98		$	11.32
Total return		21.71	%		(11.71	)%		(10.17	)%		9.97	%		33.87	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	59,218		$	38,914		$	51,011		$	65,747		$	68,609
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.94	%		0.99	%		1.00	%		0.99	%		1.01	%
Including waiver and/or reimbursement and recapture		0.94	%		0.96	%^(C)		1.00	%		0.99	%		1.01	%
Net investment income (loss) to average net assets		0.17	%		(0.03	)%^(C)		(0.58	)%		(0.02	)%		0.22	%
Portfolio turnover rate		16	%		101	%		27	%		53	%		45	%


(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 0.03% higher and 0.03% lower, respectively, had the custodian not reimbursed the Fund.


For a share outstanding during the years indicated:	Transamerica Multi-Cap Growth
	Class I2
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	7.92		$	9.76		$	12.10		$	11.41		$	8.68
Investment operations:
Net investment income (loss) ^(A)		0.03			0.01	^(B)		(0.05	)		0.02			0.03
Net realized and unrealized gain (loss)		1.48			(1.02	)		(1.06	)		1.12			2.87
Total investment operations		1.51			(1.01	)		(1.11	)		1.14			2.90
Dividends and/or distributions to shareholders:
Net investment income		(0.02	)		—			(0.01	)		—			(0.09	)
Net realized gains		(1.45	)		(0.83	)		(1.22	)		(0.45	)		(0.08	)
Total dividends and/or distributions to shareholders		(1.47	)		(0.83	)		(1.23	)		(0.45	)		(0.17	)
Net asset value, end of year	$	7.96		$	7.92		$	9.76		$	12.10		$	11.41
Total return		21.90	%		(11.56	)%		(10.05	)%		10.16	%		34.04	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	139,215		$	164,552		$	312,108		$	593,507		$	529,348
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.78	%		0.81	%		0.83	%		0.83	%		0.84	%
Including waiver and/or reimbursement and recapture		0.78	%		0.78	%^(B)		0.83	%		0.83	%		0.84	%
Net investment income (loss) to average net assets		0.33	%		0.15	%^(B)		(0.43	)%		0.14	%		0.32	%
Portfolio turnover rate		16	%		101	%		27	%		53	%		45	%


(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 0.03% higher and 0.03% 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 2017

Page 479

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period indicated:	Transamerica Multi-Cap Growth
	Class T1			Advisor Class
	October 31, 2017^(A)			October 31, 2017^(B)
Net asset value, beginning of period	$	6.57		$	8.21
Investment operations:
Net investment income (loss)		(0.00	)^(C)		0.00	^(C)
Net realized and unrealized gain (loss)		0.51			1.08
Total investment operations		0.51			1.08
Dividends and/or distributions to shareholders:
Net realized gains		—			(1.45	)
Net asset value, end of period	$	7.08		$	7.84
Total return		7.76	%^(D)(E)		15.82	%^(E)
Ratio and supplemental data:
Net assets end of period (000’s)	$	11		$	11
Expenses to average net assets		1.02	%^(F)		0.98	%^(F)
Net investment income (loss) to average net assets		(0.02	)%^(F)		0.06	%^(F)
Portfolio turnover rate		16	%		16	%


(A)		Commenced operations on March 17, 2017.
(B)		Commenced operations on December 16, 2016.
(C)		Rounds to less than $0.01 or $(0.01).
(D)		Total return has been calculated without deduction of the maximum sales charge and contingent deferred sales charge.
(E)		Not annualized.
((F)		Annualized.


For a share outstanding during the years indicated:	Transamerica Multi-Managed Balanced
	Class A
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	24.88		$	24.86		$	25.61		$	24.23		$	22.15
Investment operations:
Net investment income (loss)^(A)		0.28			0.25	^(B)		0.24			0.24	^(C)		0.23	^(C)
Net realized and unrealized gain (loss)		3.15			0.61			0.41			2.57			2.88
Total investment operations		3.43			0.86			0.65			2.81			3.11
Dividends and/or distributions to shareholders:
Net investment income		(0.32	)		(0.26	)		(0.25	)		(0.31	)		(0.25	)
Net realized gains		(0.09	)		(0.58	)		(1.15	)		(1.12	)		(0.78	)
Total dividends and/or distributions to shareholders		(0.41	)		(0.84	)		(1.40	)		(1.43	)		(1.03	)
Net asset value, end of year	$	27.90		$	24.88		$	24.86		$	25.61		$	24.23
Total return^(D)		13.89	%		3.57	%		2.58	%		12.11	%		14.61	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	573,224		$	406,606		$	210,457		$	174,817		$	152,382
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.03	%		1.10	%		1.14	%		1.23	%^(E)		1.36	%^(E)
Including waiver and/or reimbursement and recapture		1.03	%		1.08	%^(B)		1.14	%		1.23	%^(E)		1.36	%^(E)
Net investment income (loss) to average net assets		1.07	%		1.04	%^(B)		0.97	%		1.00	%^(C)		0.99	%^(C)
Portfolio turnover rate		39	%		35	%		39	%		102	%^(F)		126	%^(F)


(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)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.
(D)		Total return has been calculated without deduction of the maximum sales charge and contingent deferred sales charge.
(E)		Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(F)		Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

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


Transamerica Funds		Annual Report 2017

Page 480

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica Multi-Managed Balanced
	Class B
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	24.72		$	24.70		$	25.45		$	24.09		$	22.01
Investment operations:
Net investment income (loss)^(A)		(0.00	)^(B)		0.01	^(C)		0.01			0.02	^(D)		0.03	^(D)
Net realized and unrealized gain (loss)		3.12			0.59			0.40			2.55			2.87
Total investment operations		3.12			0.60			0.41			2.57			2.90
Dividends and/or distributions to shareholders:
Net investment income		(0.03	)		(0.00	)^(B)		(0.01	)		(0.09	)		(0.04	)
Net realized gains		(0.09	)		(0.58	)		(1.15	)		(1.12	)		(0.78	)
Total dividends and/or distributions to shareholders		(0.12	)		(0.58	)		(1.16	)		(1.21	)		(0.82	)
Net asset value, end of year	$	27.72		$	24.72		$	24.70		$	25.45		$	24.09
Total return^(E)		12.63	%		2.52	%		1.62	%		11.07	%		13.66	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	2,242		$	3,470		$	5,344		$	6,579		$	8,186
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.14	%		2.12	%		2.08	%		2.15	%^(F)		2.24	%^(F)
Including waiver and/or reimbursement and recapture		2.14	%		2.11	%^(C)		2.08	%		2.15	%^(F)		2.24	%^(F)
Net investment income (loss) to average net assets		(0.01	)%		0.06	%^(C)		0.05	%		0.10	%^(D)		0.13	%^(D)
Portfolio turnover rate		39	%		35	%		39	%		102	%^(G)		126	%^(G)


(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)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.
(E)		Total return has been calculated without deduction of the maximum contingent deferred sales charge.
(F)		Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(G)		Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.


For a share outstanding during the years indicated:	Transamerica Multi-Managed Balanced
	Class C
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	24.45		$	24.44		$	25.21		$	23.88		$	21.85
Investment operations:
Net investment income (loss)^(A)		0.08			0.08	^(B)		0.07			0.08	^(C)		0.08	^(C)
Net realized and unrealized gain (loss)		3.09			0.59			0.40			2.53			2.85
Total investment operations		3.17			0.67			0.47			2.61			2.93
Dividends and/or distributions to shareholders:
Net investment income		(0.12	)		(0.08	)		(0.09	)		(0.16	)		(0.12	)
Net realized gains		(0.09	)		(0.58	)		(1.15	)		(1.12	)		(0.78	)
Total dividends and/or distributions to shareholders		(0.21	)		(0.66	)		(1.24	)		(1.28	)		(0.90	)
Net asset value, end of year	$	27.41		$	24.45		$	24.44		$	25.21		$	23.88
Total return^(D)		13.02	%		2.84	%		1.87	%		11.38	%		13.90	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	222,884		$	208,410		$	184,907		$	132,473		$	95,601
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.79	%		1.83	%		1.84	%		1.90	%^(E)		1.98	%^(E)
Including waiver and/or reimbursement and recapture		1.79	%		1.82	%^(B)		1.84	%		1.90	%^(E)		1.98	%^(E)
Net investment income (loss) to average net assets		0.32	%		0.33	%^(B)		0.27	%		0.32	%^(C)		0.36	%^(C)
Portfolio turnover rate		39	%		35	%		39	%		102	%^(F)		126	%^(F)


(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)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.
(D)		Total return has been calculated without deduction of the maximum contingent deferred sales charge.
(E)		Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(F)		Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

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


Transamerica Funds		Annual Report 2017

Page 481

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica Multi-Managed Balanced
	Class I
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	24.99		$	24.96		$	25.70		$	24.31		$	22.22
Investment operations:
Net investment income (loss)^(A)		0.34			0.32	^(B)		0.31			0.33	^(C)		0.32	^(C)
Net realized and unrealized gain (loss)		3.16			0.60			0.42			2.57			2.89
Total investment operations		3.50			0.92			0.73			2.90			3.21
Dividends and/or distributions to shareholders:
Net investment income		(0.37	)		(0.31	)		(0.32	)		(0.39	)		(0.34	)
Net realized gains		(0.09	)		(0.58	)		(1.15	)		(1.12	)		(0.78	)
Total dividends and/or distributions to shareholders		(0.46	)		(0.89	)		(1.47	)		1.51			(1.12	)
Net asset value, end of year	$	28.03		$	24.99		$	24.96		$	25.70		$	24.31
Total return		14.13	%		3.83	%		2.90	%		12.46	%		15.07	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	266,637		$	208,512		$	199,378		$	176,667		$	174,902
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.82	%		0.84	%		0.86	%		0.92	%^(D)		0.98	%^(D)
Including waiver and/or reimbursement and recapture		0.82	%		0.84	%^(B)		0.86	%		0.92	%^(D)		0.98	%^(D)
Net investment income (loss) to average net assets		1.28	%		1.32	%^(B)		1.26	%		1.32	%^(C)		1.39	%^(C)
Portfolio turnover rate		39	%		35	%		39	%		102	%^(E)		126	%^(E)


(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)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.
(D)		Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(E)		Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.


For a share outstanding during the period and years indicated:	Transamerica Multi-Managed Balanced
	Class R6
	October 31, 2017			October 31, 2016			October 31, 2015^(A)
Net asset value, beginning of period/year	$	24.99		$	24.95		$	25.40
Investment operations:
Net investment income (loss)^(B)		0.37			0.25	^(C)		0.13
Net realized and unrealized gain (loss)		3.16			0.71			(0.40	)^(D)
Total investment operations		3.53			0.96			(0.27	)
Dividends and/or distributions to shareholders:
Net investment income		(0.40	)		(0.34	)		(0.18	)
Net realized gains		(0.09	)		(0.58	)		—
Total dividends and/or distributions to shareholders		(0.49	)		(0.92	)		(0.18	)
Net asset value, end of period/year	$	28.03		$	24.99		$	24.95
Total return		14.25	%		3.99	%		(1.07	)%^(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	9,749		$	6,316		$	49
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.71	%		0.73	%		0.75	%^(F)
Including waiver and/or reimbursement and recapture		0.71	%		0.73	%^(C)		0.75	%^(F)
Net investment income (loss) to average net assets		1.39	%		1.02	%^(C)		1.19	%^(F)
Portfolio turnover rate		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.

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


Transamerica Funds		Annual Report 2017

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FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period indicated:	Transamerica Multi-Managed Balanced
	Class T1			Advisor Class
	October 31, 2017^(A)			October 31, 2017^(B)
Net asset value, beginning of period	$	26.50		$	26.63
Investment operations:
Net investment income (loss)^(C)		0.17			0.20
Net realized and unrealized gain (loss)		1.48			1.45
Total investment operations		1.65			1.65
Dividends and/or distributions to shareholders:
Net investment income		(0.18	)		(0.20	)
Net asset value, end of period	$	27.97		$	28.08
Total return		6.24	%^(D)(E)		6.20	%^(E)
Ratio and supplemental data:
Net assets end of period (000’s)	$	11		$	11
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.95	%^(F)		0.90	%^(F)
Including waiver and/or reimbursement and recapture		0.95	%^(F)		0.90	%^(F)
Net investment income (loss) to average net assets		1.03	%^(F)		1.11	%^(F)
Portfolio turnover rate		39	%		39	%


(A)		Commenced operations on March 17, 2017.
(B)		Commenced operations on March 3, 2017.
(C)		Calculated based on average number of shares outstanding.
(D)		Total return has been calculated without deduction of the maximum sales charge and contingent deferred sales charge.
(E)		Not annualized.
(F)		Annualized.


For a share outstanding during the years indicated:	Transamerica Short-Term Bond
	Class A
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	10.23		$	10.19		$	10.37		$	10.45		$	10.51
Investment operations:
Net investment income (loss)^(A)		0.19			0.20	^(B)		0.20			0.21			0.25
Net realized and unrealized gain (loss)		0.01			0.06			(0.15	)		0.00	^(C)		0.01
Total investment operations		0.20			0.26			0.05			0.21			0.26
Dividends and/or distributions to shareholders:
Net investment income		(0.21	)		(0.20	)		(0.21	)		(0.23	)		(0.27	)
Net realized gains		—			—			(0.02	)		(0.06	)		(0.05	)
Return of capital		—			(0.02	)		—			—			—
Total dividends and/or distributions to shareholders		(0.21	)		(0.22	)		(0.23	)		(0.29	)		(0.32	)
Net asset value, end of year	$	10.22		$	10.23		$	10.19		$	10.37		$	10.45
Total return^(D)		1.90	%		2.60	%		0.53	%		1.97	%		2.46	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	940,515		$	934,615		$	976,715		$	1,012,764		$	953,044
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.84	%		0.85	%		0.84	%		0.86	%		0.88	%
Including waiver and/or reimbursement and recapture		0.84	%		0.84	%^(B)		0.84	%		0.84	%		0.83	%
Net investment income (loss) to average net assets		1.84	%		1.95	%^(B)		1.94	%		2.05	%		2.38	%
Portfolio turnover rate		52	%		45	%		66	%		52	%		73	%


(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 maximum sales charge and contingent deferred sales charge.

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


Transamerica Funds		Annual Report 2017

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FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica Short-Term Bond
	Class C
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	10.21		$	10.17		$	10.35		$	10.43		$	10.49
Investment operations:
Net investment income (loss)^(A)		0.11			0.12	^(B)		0.12			0.14			0.17
Net realized and unrealized gain (loss)		0.01			0.06			(0.14	)		(0.01	)		0.01
Total investment operations		0.12			0.18			(0.02	)		0.13			0.18
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.12	)		(0.14	)		(0.15	)		(0.19	)
Net realized gains		—			—			(0.02	)		(0.06	)		(0.05	)
Return of capital		—			(0.02	)		—			—			—
Total dividends and/or distributions to shareholders		(0.13	)		(0.14	)		(0.16	)		(0.21	)		(0.24	)
Net asset value, end of year	$	10.20		$	10.21		$	10.17		$	10.35		$	10.43
Total return^(C)		1.12	%		1.82	%		(0.23	)%		1.20	%		1.67	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	517,918		$	621,425		$	721,293		$	847,407		$	867,319
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.61	%		1.61	%		1.60	%		1.59	%		1.60	%
Including waiver and/or reimbursement and recapture		1.61	%		1.60	%^(B)		1.60	%		1.59	%		1.60	%
Net investment income (loss) to average net assets		1.07	%		1.18	%^(B)		1.19	%		1.30	%		1.63	%
Portfolio turnover rate		52	%		45	%		66	%		52	%		73	%


(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 maximum contingent deferred sales charge.


For a share outstanding during the years indicated:	Transamerica Short-Term Bond
	Class I
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	10.05		$	10.01		$	10.19		$	10.27		$	10.33
Investment operations:
Net investment income (loss)^(A)		0.20			0.21	^(B)		0.22			0.23			0.26
Net realized and unrealized gain (loss)		0.02			0.07			(0.15	)		(0.01	)		0.01
Total investment operations		0.22			0.28			0.07			0.22			0.27
Dividends and/or distributions to shareholders:
Net investment income		(0.22	)		(0.21	)		(0.23	)		(0.24	)		(0.28	)
Net realized gains		—			—			(0.02	)		(0.06	)		(0.05	)
Return of capital		—			(0.03	)		—			—			—
Total dividends and/or distributions to shareholders		(0.22	)		(0.24	)		(0.25	)		(0.30	)		(0.33	)
Net asset value, end of year	$	10.05		$	10.05		$	10.01		$	10.19		$	10.27
Total return		2.21	%		2.82	%		0.71	%		2.18	%		2.66	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,312,220		$	979,858		$	822,063		$	804,004		$	485,299
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.64	%		0.64	%		0.63	%		0.63	%		0.63	%
Including waiver and/or reimbursement and recapture		0.64	%		0.63	%^(B)		0.63	%		0.63	%		0.63	%
Net investment income (loss) to average net assets		2.04	%		2.15	%^(B)		2.15	%		2.25	%		2.58	%
Portfolio turnover rate		52	%		45	%		66	%		52	%		73	%


(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 2017

Page 484

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica Short-Term Bond
	Class I2
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	10.04		$	10.01		$	10.18		$	10.27		$	10.32
Investment operations:
Net investment income (loss)^(A)		0.22			0.22	^(B)		0.23			0.24			0.28
Net realized and unrealized gain (loss)		0.01			0.06			(0.14	)		(0.02	)		0.01
Total investment operations		0.23			0.28			0.09			0.22			0.29
Dividends and/or distributions to shareholders:
Net investment income		(0.23	)		(0.22	)		(0.24	)		(0.25	)		(0.29	)
Net realized gains		—			—			(0.02	)		(0.06	)		(0.05	)
Return of capital		—			(0.03	)		—			—			—
Total dividends and/or distributions to shareholders		(0.23	)		(0.25	)		(0.26	)		(0.31	)		(0.34	)
Net asset value, end of year	$	10.04		$	10.04		$	10.01		$	10.18		$	10.27
Total return		2.31	%		2.81	%		0.91	%		2.18	%		2.86	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	427,397		$	282,016		$	1,223,002		$	1,400,475		$	1,561,883
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.54	%		0.54	%		0.53	%		0.53	%		0.53	%
Including waiver and/or reimbursement and recapture		0.54	%		0.54	%^(B)		0.53	%		0.53	%		0.53	%
Net investment income (loss) to average net assets		2.15	%		2.21	%^(B)		2.25	%		2.37	%		2.71	%
Portfolio turnover rate		52	%		45	%		66	%		52	%		73	%


(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, 2017			October 31, 2016			October 31, 2015^(A)
Net asset value, beginning of period/year	$	10.04		$	10.01		$	10.12
Investment operations:
Net investment income (loss)^(B)		0.21			0.23	^(C)		0.09
Net realized and unrealized gain (loss)		0.01			0.05			(0.10	)
Total investment operations		0.22			0.28			(0.01	)
Dividends and/or distributions to shareholders:
Net investment income		(0.23	)		(0.22	)		(0.10	)
Return of capital		—			(0.03	)		—
Total dividends and/or distributions to shareholders		(0.23	)		(0.25	)		(0.10	)
Net asset value, end of period/year	$	10.03		$	10.04		$	10.01
Total return		2.21	%		2.82	%		(0.09	)%^(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,412		$	372		$	50
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.54	%		0.54	%		0.53	%^(E)
Including waiver and/or reimbursement and recapture		0.54	%		0.52	%^(C)		0.53	%^(E)
Net investment income (loss) to average net assets		2.14	%		2.26	%^(C)		2.22	%^(E)
Portfolio turnover rate		52	%		45	%		66	%^(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 0.02% 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 2017

Page 485

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period indicated:	Transamerica Short-Term Bond
	Class T1			Advisor Class
	October 31, 2017^(A)			October 31, 2017^(B)
Net asset value, beginning of period	$	10.19		$	9.98
Investment operations:
Net investment income (loss)^(C)		0.12			0.17
Net realized and unrealized gain (loss)		0.04			0.08
Total investment operations		0.16			0.25
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.18	)
Net asset value, end of period	$	10.22		$	10.05
Total return		1.55	%^(D)(E)		2.55	%^(E)
Ratio and supplemental data:
Net assets end of period (000’s)	$	10		$	41
Expenses to average net assets		0.79	%^(F)		0.74	%^(F)
Net investment income (loss) to average net assets		1.83	%^(F)		1.94	%^(F)
Portfolio turnover rate		52	%		52	%


(A)		Commenced operations on March 17, 2017.
(B)		Commenced operations on December 16, 2016.
(C)		Calculated based on average number of shares outstanding.
(D)		Total return has been calculated without deduction of the maximum sales charge and contingent deferred sales charge.
(E)		Not annualized.
(F)		Annualized.


For a share outstanding during the period indicated:	Transamerica Small Cap Core
	Class A			Class C			Class I			Class I2			Class I3			Class R
	October 31, 2017 ^(A)			October 31, 2017 ^(A)			October 31, 2017 ^(A)			October 31, 2017 ^(A)			October 31, 2017 ^(A)			October 31, 2017 ^(A)
Net asset value, beginning of period	$	11.36		$	11.24		$	11.40		$	11.40		$	11.40		$	11.40
Investment operations:
Net investment income (loss)^(B)		0.02			(0.04	)		0.04			0.05			0.05			0.01
Net realized and unrealized gain (loss)		0.34			0.34			0.34			0.34			0.35			0.34
Total investment operations		0.36			0.30			0.38			0.39			0.40			0.35
Net asset value, end of period	$	11.72		$	11.54		$	11.78		$	11.79		$	11.80		$	11.75
Total return		3.17	%^(C)(D)		2.67	%^(D)(E)		3.33	%^(D)		3.42	%^(D)		3.51	%^(D)		3.07	%^(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	3,490		$	638		$	1,689		$	29,564		$	153,587		$	53,017
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.35	%^(F)		2.07	%^(F)		0.99	%^(F)		0.85	%^(F)		0.98	%^(F)		1.48	%^(F)
Including waiver and/or reimbursement and recapture		1.30	%^(F)		2.05	%^(F)		1.05	%^(F)		0.93	%^(F)		0.85	%^(F)		1.48	%^(F)
Net investment income (loss) to average net assets		0.22	%^(F)		(0.49	)%^(F)		0.48	%^(F)		0.63	%^(F)		0.70	%^(F)		0.08	%^(F)
Portfolio turnover rate		53	%^(D)		53	%^(D)		53	%^(D)		53	%^(D)		53	%^(D)		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 maximum sales charge and contingent deferred sales charge.
(D)		Not annualized.
(E)		Total return has been calculated without deduction of the maximum contingent deferred sales charge.
(F)		Annualized.

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


Transamerica Funds		Annual Report 2017

Page 486

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period and years indicated:	Transamerica Small Cap Core^{(A) (B)}
	Class R4
	October 31, 2017^(C)			December 31, 2016			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012
Net asset value, beginning of period/year	$	11.53		$	9.45		$	10.57		$	10.25		$	7.73		$	6.79
Investment operations:
Net investment income (loss)^(D)		0.04			0.08			0.08			0.08			0.04			0.06
Net realized and unrealized gain (loss)		0.22			2.08			(1.11	)		0.32			2.52			0.94
Total investment operations		0.26			2.16			(1.03	)		0.40			2.56			1.00
Dividends and/or distributions to shareholders:
Net investment income		(0.01	)		(0.08	)		(0.09	)		(0.08	)		(0.04	)		(0.06	)
Net asset value, end of period/year	$	11.78		$	11.53		$	9.45		$	10.57		$	10.25		$	7.73
Total return		2.27	%^(E)		23.08	%		(9.72	)%		3.94	%		33.23	%		14.84	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	8,970		$	14,540		$	12,719		$	27,550		$	30,567		$	32,600
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.30	%^(F)		1.50	%		1.32	%		1.28	%		1.27	%		1.31	%
Including waiver and/or reimbursement and recapture		1.11	%^(F)(G)		1.07	%^(H)		1.10	%		1.10	%		1.10	%		1.10	%
Net investment income (loss) to average net assets		0.34	%^(F)		0.80	%		0.82	%		0.78	%		0.46	%		0.85	%
Portfolio turnover rate		53	%^(E)		122	%		132	%		148	%		195	%		59	%

(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. Please reference the Reorganization section of the Notes to the Financial Statements for additional information.

(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. 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)

Includes reorganization expenses incurred outside the Fund’s operating expense limit. Please reference the Reorganization section of the Notes to Financial Statements for more information.

(H)

Includes reimbursement of custody fees at the underlying Series Portfolio level.


For a share outstanding during the period indicated:	Transamerica Small Cap Core
	Class T1			Advisor Class
	October 31, 2017^(A)			October 31, 2017 ^(B)
Net asset value, beginning of period	$	11.58		$	11.43
Investment operations:
Net investment income (loss)^(C)		0.02			0.03
Net realized and unrealized gain (loss)		0.12			0.34
Total investment operations		0.14			0.37
Net asset value, end of period	$	11.72		$	11.80
Total return		1.21	%^(D)(E)		3.24	%^(E)
Ratio and supplemental data:
Net assets end of period (000’s)	$	10		$	10
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.23	%^(F)		1.09	%^(F)
Including waiver and/or reimbursement and recapture		1.23	%^(F)		1.05	%^(F)
Net investment income (loss) to average net assets		0.25	%^(F)		0.49	%^(F)
Portfolio turnover rate		53	%^(E)		53	%^(E)


(A)		Commenced operations on March 17, 2017.
(B)		Commenced operations on March 10, 2017.
(C)		Calculated based on average number of shares outstanding.
(D)		Total return has been calculated without deduction of the maximum sales charge and 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 2017

Page 487

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica Small Cap Growth
	Class A
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	12.15		$	12.82		$	12.87		$	12.37		$	9.38
Investment operations:
Net investment income (loss)^(A)		(0.06	)		(0.10	)^(B)		(0.03	)		(0.11	)		(0.08	)
Net realized and unrealized gain (loss)		2.42			0.49			1.03			0.61			3.07
Total investment operations		2.36			0.39			1.00			0.50			2.99
Dividends and/or distributions to shareholders:
Net investment income		—			—			—			—			(0.00	)^(C)
Net realized gains		(7.62	)		(1.06	)		(1.05	)		—			—
Total dividends and/or distributions to shareholders		(7.62	)		(1.06	)		(1.05	)		—			(0.00	)^(C)
Net asset value, end of year	$	6.89		$	12.15		$	12.82		$	12.87		$	12.37
Total return^(D)		26.31	%		3.42	%		8.27	%		4.04	%		31.90	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	15,520		$	8,835		$	2,882		$	862		$	591
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.51	%		1.36	%		1.30	%		1.35	%		1.29	%
Including waiver and/or reimbursement and recapture		1.41	%^(E)		1.35	%^(B)		1.30	%		1.35	%		1.29	%
Net investment income (loss) to average net assets		(0.92	)%		(0.82	)%^(B)		(0.26	)%		(0.87	)%		(0.70	)%
Portfolio turnover rate		80	%		43	%		60	%		73	%		74	%


(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 maximum sales charge and contingent deferred sales charge.
(E)		Includes reorganization expenses incurred outside the Fund’s operating expense limit. Please reference the Reorganization section of the Notes to Financial Statements for more information.


For a share outstanding during the years indicated:	Transamerica Small Cap Growth
	Class C
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	11.77		$	12.55		$	12.70		$	12.28		$	9.37
Investment operations:
Net investment income (loss)^(A)		(0.10	)		(0.18	)^(B)		(0.15	)		(0.19	)		(0.14	)
Net realized and unrealized gain (loss)		2.30			0.46			1.05			0.61			3.05
Total investment operations		2.20			0.28			0.90			0.42			2.91
Dividends and/or distributions to shareholders:
Net realized gains		(7.62	)		(1.06	)		(1.05	)		—			—
Net asset value, end of year	$	6.35		$	11.77		$	12.55		$	12.70		$	12.28
Total return^(C)		25.22	%		2.56	%		7.54	%		3.42	%		31.06	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	3,588		$	1,369		$	1,380		$	628		$	404
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.23	%		2.10	%		2.02	%		1.99	%		1.95	%
Including waiver and/or reimbursement and recapture		2.16	%^(D)		2.09	%^(B)		2.02	%		1.99	%		1.95	%
Net investment income (loss) to average net assets		(1.69	)%		(1.54	)%^(B)		(1.20	)%		(1.51	)%		(1.32	)%
Portfolio turnover rate		80	%		43	%		60	%		73	%		74	%


(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 maximum contingent deferred sales charge.
(D)		Includes reorganization expenses incurred outside the Fund’s operating expense limit. Please reference the Reorganization section of the Notes to Financial Statements for more information.

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


Transamerica Funds		Annual Report 2017

Page 488

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica Small Cap Growth
	Class I
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	12.30		$	12.94		$	12.94		$	12.39		$	9.39
Investment operations:
Net investment income (loss)^(A)		(0.05	)		(0.06	)^(B)		(0.06	)		(0.07	)		(0.04	)
Net realized and unrealized gain (loss)		2.46			0.48			1.11			0.62			3.05
Total investment operations		2.41			0.42			1.05			0.55			3.01
Dividends and/or distributions to shareholders:
Net investment income		—			—			—			—			(0.01	)
Net realized gains		(7.62	)		(1.06	)		(1.05	)		—			—
Net asset value, end of year	$	7.09		$	12.30		$	12.94		$	12.94		$	12.39
Total return		26.40	%		3.64	%		8.63	%		4.44	%		32.08	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	27,564		$	2,042		$	2,540		$	510		$	490
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.18	%		1.03	%		1.00	%		1.03	%		1.02	%
Including waiver and/or reimbursement and recapture		1.16	%^(C)		1.03	%^(B)		1.00	%		1.03	%		1.04	%
Net investment income (loss) to average net assets		(0.69	)%		(0.48	)%^(B)		(0.44	)%		(0.54	)%		(0.41	)%
Portfolio turnover rate		80	%		43	%		60	%		73	%		74	%


(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. Please reference the Reorganization section of the Notes to Financial Statements for more information.


For a share outstanding during the years indicated:	Transamerica Small Cap Growth
	Class I2
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	12.36		$	12.99		$	12.97		$	12.41		$	9.39
Investment operations:
Net investment income (loss)^(A)		(0.04	)		(0.04	)^(B)		0.01			(0.05	)		(0.04	)
Net realized and unrealized gain (loss)		2.48			0.47			1.06			0.61			3.07
Total investment operations		2.44			0.43			1.07			0.56			3.03
Dividends and/or distributions to shareholders:
Net investment income		—			—			—			(0.00	)^(C)		(0.01	)
Net realized gains		(7.62	)		(1.06	)		(1.05	)		—			—
Total dividends and/or distributions to shareholders		(7.62	)		(1.06	)		(1.05	)		(0.00	)^(C)		(0.01	)
Net asset value, end of year	$	7.18		$	12.36		$	12.99		$	12.97		$	12.41
Total return		26.63	%		3.71	%		8.78	%		4.51	%		32.32	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	47,690		$	53,790		$	539,006		$	528,891		$	562,770
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.09	%		0.92	%		0.89	%		0.89	%		0.90	%
Including waiver and/or reimbursement and recapture		1.09	%		0.91	%^(B)		0.89	%		0.89	%		0.91	%
Net investment income (loss) to average net assets		(0.57	)%		(0.32	)%^(B)		0.07	%		(0.41	)%		(0.33	)%
Portfolio turnover rate		80	%		43	%		60	%		73	%		74	%


(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).

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


Transamerica Funds		Annual Report 2017

Page 489

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period indicated:	Transamerica Small Cap Growth
For a share outstanding during the period indicated:	Class I3			Class R			Class R4
	October 31, 2017^(A)			October 31, 2017^(A)			October 31, 2017^(A)
Net asset value, beginning of year	$	6.44		$	6.44		$	6.44
Investment operations:
Net investment income (loss)^(B)		(0.02	)		(0.05	)		(0.03	)
Net realized and unrealized gain (loss)		0.77			0.77			0.77
Total investment operations		0.75			0.72			0.74
Net asset value, end of period	$	7.19		$	7.16		$	7.18
Total return		11.65	%^(C)		11.18	%^(C)		11.49	%^(C)
Ratio and supplemental data:
Net assets end of year (000’s)	$	34,587		$	17,479		$	5,943
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.07	%^(D)		1.57	%^(D)		1.32	%^(D)
Including waiver and/or reimbursement and recapture		0.90	%^(D)		1.55	%^(D)		1.15	%^(D)
Net investment income (loss) to average net assets		(0.47	)%^(D)		(1.17	)%^(D)		(0.77	)%^(D)
Portfolio turnover rate		80	%		80	%		80	%


(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 R6
	October 31, 2017			October 31, 2016^(A)
Net asset value, beginning of period/year	$	12.36		$	12.65
Investment operations:
Net investment income (loss)^(B)		(0.04	)		(0.01	)^(C)
Net realized and unrealized gain (loss)		2.48			(0.28	)^(D)
Total investment operations		2.44			(0.29	)
Dividends and/or distributions to shareholders:
Net realized gains		(7.62	)		—
Net asset value, end of period/year	$	7.18		$	12.36
Total return		26.63	%		(2.29	)%^(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	62		$	49
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.09	%		0.97	%^(F)
Including waiver and/or reimbursement and recapture		1.09	%		0.95	%^(C)(F)
Net investment income (loss) to average net assets		(0.58	)%		(0.37	)%^(C)(F)
Portfolio turnover rate		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.

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


Transamerica Funds		Annual Report 2017

Page 490

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period indicated:	Transamerica Small Cap Growth
	Class T1			Advisor Class
	October 31, 2017^(A)			October 31, 2017^(B)
Net asset value, beginning of period	$	6.31		$	13.84
Investment operations:
Net investment income (loss)^(C)		(0.04	)		(0.04	)
Net realized and unrealized gain (loss)		0.62			0.92
Total investment operations		0.58			0.88
Dividends and/or distributions to shareholders:
Net realized gains		—			(7.62	)
Net asset value, end of period	$	6.89		$	7.10
Total return		9.19	%^(D)(E)		12.50	%^(D)
Ratio and supplemental data:
Net assets end of period (000’s)	$	11		$	16
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.32	%^(F)		1.28	%^(F)
Including waiver and/or reimbursement and recapture		1.32	%^(F)		1.16	%^(F)(G)
Net investment income (loss) to average net assets		(0.96	)%^(F)		(0.71	)%^(F)
Portfolio turnover rate		80	%^(D)		80	%^(D)


(A)		Commenced operations on March 17, 2017.
(B)		Commenced operations on December 16, 2016.
(C)		Calculated based on average number of shares outstanding.
(D)		Not annualized.
(E)		Total return has been calculated without deduction of the maximum sales charge and contingent deferred sales charge.
(F)		Annualized.
(G)		Includes reorganization expenses incurred outside the Fund’s operating expense limit. Please reference the Reorganization section of the Notes to Financial Statements for more information.


For a share outstanding during the period indicated:	Transamerica Small Cap Value
	Class A			Class C			Class I			Class I2			Class I3			Class R
	October 31, 2017^(A)			October 31, 2017^(A)			October 31, 2017^(A)			October 31, 2017^(A)			October 31, 2017^(A)			October 31, 2017^(A)
Net asset value, beginning of period	$	11.07		$	11.03		$	11.14		$	11.15		$	11.15		$	11.15
Investment operations:
Net investment income (loss)^(B)		0.01			(0.03	)		0.00	^(C)		0.03			0.05			0.00	^(C)
Net realized and unrealized gain (loss)		0.86			0.85			0.89			0.86			0.85			0.86
Total investment operations		0.87			0.82			0.89			0.89			0.90			0.86
Net asset value, end of period	$	11.94		$	11.85		$	12.03		$	12.04		$	12.05		$	12.01
Total return		7.76	%^(D)(E)		7.34	%^(D)(F)		7.89	%^(D)		7.89	%^(D)		8.07	%^(D)		7.71	%^(D)
Ratio and supplemental data:
Net assets end of period (000’s)	$	2,757		$	891		$	2,521		$	255,161		$	35,000		$	11,811
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.49	%^(G)		2.05	%^(G)		1.05	%^(G)		0.93	%^(G)		0.94	%^(G)		1.43	%^(G)
Including waiver and/or reimbursement and recapture		1.30	%^(G)		2.05	%^(G)		1.05	%^(G)		0.93	%^(G)		0.85	%^(G)		1.43	%^(G)
Net investment income (loss) to average net assets		0.19	%^(G)		(0.56	)%^(G)		0.01	%^(G)		0.55	%^(G)		0.82	%^(G)		0.01	%^(G)
Portfolio turnover rate		35	%^(D)		35	%^(D)		35	%^(D)		35	%^(D)		35	%^(D)		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)		Total return has been calculated without deduction of the maximum sales charge and contingent deferred sales charge.
(F)		Total return has been calculated without deduction of the maximum contingent deferred sales charge.
(G)		Annualized.

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


Transamerica Funds		Annual Report 2017

Page 491

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period and years indicated:	Transamerica Small Cap Value ^{(A) (B)}
	Class R4
	October 31, 2017^(C)			December 31, 2016			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012
Net asset value, beginning of period/year	$	11.25		$	9.52		$	10.23		$	9.62		$	7.24		$	6.31
Investment operations:
Net investment income (loss)^(D)		0.01			0.06			0.07			0.07			0.03			0.08
Net realized and unrealized gain (loss)		0.76			1.75			(0.72	)		0.61			2.42			0.91
Total investment operations		0.77			1.81			(0.65	)		0.68			2.45			0.99
Dividends and/or distributions to shareholders:
Net investment income		(0.01	)		(0.08	)		(0.06	)		(0.07	)		(0.07	)		(0.06	)
Net asset value, end of period/year	$	12.01		$	11.25		$	9.52		$	10.23		$	9.62		$	7.24
Total return		6.85	%^(E)		19.24	%		(6.33	)%		7.08	%		33.88	%		15.81	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	345		$	7,065		$	6,709		$	8,537		$	11,948		$	13,475
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.06	%^(F)		1.72	%		1.73	%		1.67	%		1.41	%		1.47	%
Including waiver and/or reimbursement and recapture		1.17	%^(F)(G)		1.11	%^(G)(H)		1.10	%		1.10	%		1.10	%		1.10	%
Net investment income (loss) to average net assets		0.06	%^(F)		0.67	%		0.73	%		0.73	%		0.31	%		1.22	%
Portfolio turnover rate		35	%^(E)		89	%		133	%		18	%		16	%		15	%


(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. Please reference the Reorganization section of the Notes to the Financial Statements for additional information.
(B)		Effective April 21, 2017, the Fund underwent a 2.16-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. 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)		Includes reorganization expenses incurred outside the Fund’s operating expense limit. Please reference the Reorganization section of the Notes to Financial Statements for more information.
(H)		Includes reimbursement of custody fees at the underlying Series Portfolio level.


For a share outstanding during the period indicated:	Transamerica Small Cap Value
	Class R6			Class T1			Advisor Class
	October 31, 2017^(A)			October 31, 2017^(A)			October 31, 2017^(A)
Net asset value, beginning of period	$	11.20		$	11.07		$	11.22
Investment operations:
Net investment income (loss)^(B)		0.00	^(C)		0.02			0.03
Net realized and unrealized gain (loss)		0.90			0.86			0.87
Total investment operations		0.90			0.88			0.90
Net asset value, end of period	$	12.10		$	11.95		$	12.12
Total return		7.93	%^(D)		7.75	%^(D)(E)		7.93	%^(D)
Ratio and supplemental data:
Net assets end of period (000’s)	$	61		$	11		$	11
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.93	%^(F)		1.16	%^(F)		1.12	%^(F)
Including waiver and/or reimbursement and recapture		0.93	%^(F)		1.16	%^(F)		1.05	%^(F)
Net investment income (loss) to average net assets		0.55	%^(F)		0.31	%^(F)		0.43	%^(F)
Portfolio turnover rate		35	%^(D)		35	%^(D)		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)		Total return has been calculated without deduction of the maximum sales charge and contingent deferred sales charge.
(F)		Annualized.

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


Transamerica Funds		Annual Report 2017

Page 492

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica Small/Mid Cap Value
	Class A
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	25.09		$	26.18		$	28.88		$	29.05		$	21.86
Investment operations:
Net investment income (loss)^(A)		0.03			0.24	^(B)		0.05			0.07			0.11
Net realized and unrealized gain (loss)		5.92			0.87			0.04			2.18			7.18
Total investment operations		5.95			1.11			0.09			2.25			7.29
Dividends and/or distributions to shareholders:
Net investment income		(0.22	)		(0.03	)		(0.03	)		(0.10	)		(0.10	)
Net realized gains		(1.36	)		(2.17	)		(2.76	)		(2.32	)		—
Total dividends and/or distributions to shareholders		(1.58	)		(2.20	)		(2.79	)		(2.42	)		(0.10	)
Net asset value, end of year	$	29.46		$	25.09		$	26.18		$	28.88		$	29.05
Total return^(C)		24.23	%		4.69	%		0.17	%		8.13	%		33.47	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	362,890		$	338,577		$	400,506		$	473,644		$	519,376
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.28	%		1.34	%		1.31	%		1.30	%		1.38	%
Including waiver and/or reimbursement and recapture		1.28	%		1.33	%^(B)		1.31	%		1.30	%		1.38	%
Net investment income (loss) to average net assets		0.09	%		0.99	%^(B)		0.20	%		0.24	%		0.44	%
Portfolio turnover rate		104	%		74	%		68	%		96	%		97	%


(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 maximum sales charge and contingent deferred sales charge.


For a share outstanding during the years indicated:	Transamerica Small/Mid Cap Value
	Class B
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	22.64		$	23.98		$	26.83		$	27.23		$	20.55
Investment operations:
Net investment income (loss)^(A)		(0.16	)		0.03	^(B)		(0.12	)		(0.12	)		(0.05	)
Net realized and unrealized gain (loss)		5.33			0.80			0.03			2.04			6.73
Total investment operations		5.17			0.83			(0.09	)		1.92			6.68
Dividends and/or distributions to shareholders:
Net realized gains		(1.36	)		(2.17	)		(2.76	)		(2.32	)		—
Net asset value, end of year	$	26.45		$	22.64		$	23.98		$	26.83		$	27.23
Total return^(C)		23.29	%		3.90	%		(0.56	)%		7.38	%		32.51	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	5,617		$	9,174		$	18,644		$	27,010		$	32,286
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.04	%		2.09	%		2.02	%		2.01	%		2.08	%
Including waiver and/or reimbursement and recapture		2.04	%		2.08	%^(B)		2.02	%		2.01	%		2.08	%
Net investment income (loss) to average net assets		(0.64	)%		0.16	%^(B)		(0.49	)%		(0.47	)%		(0.22	)%
Portfolio turnover rate		104	%		74	%		68	%		96	%		97	%


(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 maximum contingent deferred sales charge.

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


Transamerica Funds		Annual Report 2017

Page 493

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica Small/Mid Cap Value
	Class C
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	22.37		$	23.70		$	26.54		$	26.95		$	20.33
Investment operations:
Net investment income (loss)^(A)		(0.15	)		0.07	^(B)		(0.12	)		(0.12	)		(0.05	)
Net realized and unrealized gain (loss)		5.28			0.77			0.04			2.03			6.67
Total investment operations		5.13			0.84			(0.08	)		1.91			6.62
Dividends and/or distributions to shareholders:
Net investment income		(0.07	)		—			—			(0.00	)^(C)		—
Net realized gains		(1.36	)		(2.17	)		(2.76	)		(2.32	)		—
Total dividends and/or distributions to shareholders		(1.43	)		(2.17	)		(2.76	)		(2.32	)		—
Net asset value, end of year	$	26.07		$	22.37		$	23.70		$	26.54		$	26.95
Total return^(D)		23.43	%		3.99	%		(0.53	)%		7.42	%		32.56	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	241,737		$	237,404		$	278,388		$	314,999		$	288,038
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.95	%		2.02	%		1.98	%		1.97	%		2.03	%
Including waiver and/or reimbursement and recapture		1.95	%		2.01	%^(B)		1.98	%		1.97	%		2.03	%
Net investment income (loss) to average net assets		(0.59	)%		0.31	%^(B)		(0.47	)%		(0.44	)%		(0.20	)%
Portfolio turnover rate		104	%		74	%		68	%		96	%		97	%


(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 maximum contingent deferred sales charge.


For a share outstanding during the years indicated:	Transamerica Small/Mid Cap Value
	Class I
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	25.84		$	26.91		$	29.63		$	29.74		$	22.38
Investment operations:
Net investment income (loss)^(A)		0.10			0.34	^(B)		0.16			0.17			0.22
Net realized and unrealized gain (loss)		6.14			0.89			0.03			2.24			7.34
Total investment operations		6.24			1.23			0.19			2.41			7.56
Dividends and/or distributions to shareholders:
Net investment income		(0.32	)		(0.13	)		(0.15	)		(0.20	)		(0.20	)
Net realized gains		(1.36	)		(2.17	)		(2.76	)		(2.32	)		—
Total dividends and/or distributions to shareholders		(1.68	)		(2.30	)		(2.91	)		(2.52	)		(0.20	)
Net asset value, end of year	$	30.40		$	25.84		$	26.91		$	29.63		$	29.74
Total return		24.68	%		5.06	%		0.51	%		8.51	%		34.02	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	242,460		$	158,538		$	188,583		$	235,418		$	180,096
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.94	%		0.98	%		0.95	%		0.96	%		0.98	%
Including waiver and/or reimbursement and recapture		0.94	%		0.97	%^(B)		0.95	%		0.96	%		0.98	%
Net investment income (loss) to average net assets		0.35	%		1.35	%^(B)		0.57	%		0.57	%		0.84	%
Portfolio turnover rate		104	%		74	%		68	%		96	%		97	%


(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 2017

Page 494

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica Small/Mid Cap Value
	Class I2
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	25.88		$	26.95		$	29.68		$	29.78		$	22.41
Investment operations:
Net investment income (loss)^(A)		0.15			0.36	^(B)		0.18			0.20			0.25
Net realized and unrealized gain (loss)		6.12			0.90			0.03			2.25			7.34
Total investment operations		6.27			1.26			0.21			2.45			7.59
Dividends and/or distributions to shareholders:
Net investment income		(0.34	)		(0.16	)		(0.18	)		(0.23	)		(0.22	)
Net realized gains		(1.36	)		(2.17	)		(2.76	)		(2.32	)		—
Total dividends and/or distributions to shareholders		(1.70	)		(2.33	)		(2.94	)		(2.55	)		(0.22	)
Net asset value, end of year	$	30.45		$	25.88		$	26.95		$	29.68		$	29.78
Total return		24.80	%		5.18	%		0.57	%		8.63	%		34.14	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	20,628		$	18,082		$	19,012		$	22,282		$	21,692
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.84	%		0.88	%		0.86	%		0.85	%		0.87	%
Including waiver and/or reimbursement and recapture		0.84	%		0.87	%^(B)		0.86	%		0.85	%		0.87	%
Net investment income (loss) to average net assets		0.51	%		1.46	%^(B)		0.66	%		0.68	%		0.96	%
Portfolio turnover rate		104	%		74	%		68	%		96	%		97	%


(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, 2017			October 31, 2016			October 31, 2015^(A)
Net asset value, beginning of period/year	$	25.97		$	26.95		$	28.36
Investment operations:
Net investment income (loss)^(B)		0.10			0.44	^(C)		0.05
Net realized and unrealized gain (loss)		6.19			0.82			(1.46	)^(D)
Total investment operations		6.29			1.26			(1.41	)
Dividends and/or distributions to shareholders:
Net investment income		(0.34	)		(0.07	)		—
Net realized gains		(1.36	)		(2.17	)		—
Total dividends and/or distributions to shareholders		(1.70	)		(2.24	)		—
Net asset value, end of period/year	$	30.56		$	25.97		$	26.95
Total return		24.79	%		5.18	%		(4.97	)%^(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	3,961		$	941		$	48
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.84	%		0.88	%		0.86	%^(F)
Including waiver and/or reimbursement and recapture		0.84	%		0.86	%^(C)		0.86	%^(F)
Net investment income (loss) to average net assets		0.33	%		1.72	%^(C)		0.43	%^(F)
Portfolio turnover rate		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 2017

Page 495

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period indicated:	Transamerica Small/Mid Cap Value
	Class T1			Advisor Class
	October 31, 2017^(A)			October 31, 2017^(B)
Net asset value, beginning of period	$	28.14		$	29.53
Investment operations:
Net investment income (loss)^(C)		(0.05	)		0.05
Net realized and unrealized gain (loss)		1.41			2.49
Total investment operations		1.36			2.54
Dividends and/or distributions to shareholders:
Net investment income		—			(0.01	)
Net realized gains		—			(1.36	)
Total dividends and/or distributions to shareholders		—			(1.37	)
Net asset value, end of period	$	29.50		$	30.70
Total return		4.83	%^(D)(E)		9.00	%^(E)
Ratio and supplemental data:
Net assets end of period (000’s)	$	10		$	139
Expenses to average net assets		1.09	%^(F)		1.04	%^(F)
Net investment income (loss) to average net assets		(0.27	)%^(F)		0.18	%^(F)
Portfolio turnover rate		104	%		104	%


(A)		Commenced operations on March 17, 2017.
(B)		Commenced operations on December 16, 2016.
(C)		Calculated based on average number of shares outstanding.
(D)		Total return has been calculated without deduction of the maximum sales charge and contingent deferred sales charge.
(E)		Not annualized.
(F)		Annualized.


For a share outstanding during the period and years indicated:	Transamerica Strategic High Income
	Class A
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014^(A)
Net asset value, beginning of period/year	$	9.97		$	9.97		$	10.30		$	10.00
Investment operations:
Net investment income (loss)^(B)		0.39			0.35	^(C)(D)		0.37	^(C)		0.24	^(C)
Net realized and unrealized gain (loss)		0.96			0.03			(0.20	)		0.26
Total investment operations		1.35			0.38			0.17			0.50
Dividends and/or distributions to shareholders:
Net investment income		(0.36	)		(0.34	)		(0.39	)		(0.20	)
Net realized gains		—			(0.04	)		(0.11	)		—
Total dividends and/or distributions to shareholders		(0.36	)		(0.38	)		(0.50	)		(0.20	)
Net asset value, end of period/year	$	10.96		$	9.97		$	9.97		$	10.30
Total return^(E)		13.77	%		3.88	%		1.60	%		4.99	%^(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	20,733		$	2,153		$	1,600		$	1,200
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.19	%		1.21	%^(G)		1.31	%^(G)		1.40	%^(G)(H)
Including waiver and/or reimbursement and recapture		1.21	%^(I)		1.20	%^(D)(G)		1.20	%^(G)		1.20	%^(G)(H)
Net investment income (loss) to average net assets		3.74	%		3.60	%^(C)(D)		3.67	%^(C)		3.43	%^(C)(H)
Portfolio turnover rate		79	%		51	%^(I)		77	%^(J)		61	%^(F)(J)


(A)		Commenced operations on March 1, 2014.
(B)		Calculated based on average number of shares outstanding.
(C)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.
(D)		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.
(E)		Total return has been calculated without deduction of the maximum sales charge and contingent deferred sales charge.
(F)		Not annualized.
(G)		Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(H)		Annualized.
(I)		Includes reorganization expenses incurred outside the Fund’s operating expense limit. Please reference the Reorganization section of the Notes to Financial Statements for more information.
(J)		Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

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


Transamerica Funds		Annual Report 2017

Page 496

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period and years indicated:	Transamerica Strategic High Income
	Class C
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014^(A)
Net asset value, beginning of period/year	$	9.94		$	9.94		$	10.29		$	10.00
Investment operations:
Net investment income (loss)^(B)		0.31			0.28	^(C)(D)		0.28	^(D)		0.18	^(D)
Net realized and unrealized gain (loss)		0.97			0.03			(0.20	)		0.26
Total investment operations		1.28			0.31			0.08			0.44
Dividends and/or distributions to shareholders:
Net investment income		(0.30	)		(0.27	)		(0.32	)		(0.15	)
Net realized gains		—			(0.04	)		(0.11	)		—
Total dividends and/or distributions to shareholders		(0.30	)		(0.31	)		(0.43	)		(0.15	)
Net asset value, end of period/year	$	10.92		$	9.94		$	9.94		$	10.29
Total return^(E)		12.97	%		3.17	%		0.78	%		4.46	%^(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	43,076		$	4,173		$	3,024		$	1,073
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.94	%		1.94	%^(G)		2.01	%^(G)		2.14	%^(G)(H)
Including waiver and/or reimbursement and recapture		1.94	%		1.95	%^(C)(G)		1.95	%^(G)		1.95	%^(G)(H)
Net investment income (loss) to average net assets		2.99	%		2.86	%^(C)(D)		2.78	%^(D)		2.66	%^(D)(H)
Portfolio turnover rate		79	%		51	%^(I)		77	%^(I)		61	%^(F)(I)


(A)		Commenced operations on March 1, 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)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.
(E)		Total return has been calculated without deduction of the maximum contingent deferred sales charge.
(F)		Not annualized.
(G)		Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(H)		Annualized.
(I)		Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.


For a share outstanding during the period and years indicated:	Transamerica Strategic High Income
	Class I
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014^(A)
Net asset value, beginning of period/year	$	9.97		$	9.97		$	10.31		$	10.00
Investment operations:
Net investment income (loss)^(B)		0.42			0.38	^(C)(D)		0.40	^(C)		0.26	^(C)
Net realized and unrealized gain (loss)		0.97			0.02			(0.22	)		0.26
Total investment operations		1.39			0.40			0.18			0.52
Dividends and/or distributions to shareholders:
Net investment income		(0.39	)		(0.36	)		(0.41	)		(0.21	)
Net realized gains		—			(0.04	)		(0.11	)		—
Total dividends and/or distributions to shareholders		(0.39	)		(0.40	)		(0.52	)		(0.21	)
Net asset value, end of period/year	$	10.97		$	9.97		$	9.97		$	10.31
Total return		14.10	%		4.13	%		1.77	%		5.24	%^(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	71,827		$	41,691		$	30,300		$	13,897
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.94	%		1.01	%^(F)		1.09	%^(F)		1.23	%^(F)(G)
Including waiver and/or reimbursement and recapture		0.96	%^(H)		0.95	%^(D)(F)		0.95	%^(F)		0.95	%^(F)(G)
Net investment income (loss) to average net assets		4.02	%		3.83	%^(C)^(D)		3.90	%^(C)		3.80	%^(C)(G)
Portfolio turnover rate		79	%		51	%^(I)		77	%^(I)		61	%^(E)(I)


(A)		Commenced operations on March 1, 2014.
(B)		Calculated based on average number of shares outstanding.
(C)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.
(D)		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.
(E)		Not annualized.
(F)		Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(G)		Annualized.
(H)		Includes reorganization expenses incurred outside the Fund’s operating expense limit. Please reference the Reorganization section of the Notes to Financial Statements for more information.
(I)		Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

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


Transamerica Funds		Annual Report 2017

Page 497

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period and years indicated:	Transamerica Strategic High Income
	Class I2
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014^(A)
Net asset value, beginning of period/year	$	9.62		$	9.89		$	10.30		$	10.00
Investment operations:
Net investment income (loss)^(B)		0.40			0.09	^(C)(D)		0.42	^(C)		0.26	^(C)
Net realized and unrealized gain (loss)		0.90			0.04			(0.44	)		0.25
Total investment operations		1.30			0.13			(0.02	)		0.51
Dividends and/or distributions to shareholders:
Net investment income		(0.40	)		(0.36	)		(0.28	)		(0.21	)
Net realized gains		—			(0.04	)		(0.11	)		—
Total dividends and/or distributions to shareholders		(0.40	)		(0.40	)		(0.39	)		(0.21	)
Net asset value, end of period/year	$	10.52		$	9.62		$	9.89		$	10.30
Total return		13.70	%		1.38	%		(0.28	)%		5.14	%^(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	11		$	0	^(F)	$	0	^(F)	$	22,618
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.84	%		0.00	%^(G)(H)		1.00	%^(G)		1.13	%^(G)(I)
Including waiver and/or reimbursement and recapture		0.96	%^(J)		0.00	%^(D)(G)(H)		0.95	%^(G)		0.95	%^(G)(I)
Net investment income (loss) to average net assets		3.94	%		0.96	%^(C)(D)		4.02	%^(C)		3.82	%^(C)(I)
Portfolio turnover rate		79	%		51	%^(K)		77	%^(K)		61	%^(E)(K)


(A)		Commenced operations on March 1, 2014.
(B)		Calculated based on average number of shares outstanding.
(C)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.
(D)		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.
(E)		Not annualized.
(F)		Rounds to less than $1,000.
(G)		Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(H)		Rounds to less than 0.01% or (0.01)%.
(I)		Annualized.
(J)		Includes reorganization expenses incurred outside the Fund’s operating expense limit. Please reference the Reorganization section of the Notes to Financial Statements for more information.
(K)		Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.


For a share outstanding during the period indicated:	Transamerica Strategic High Income
	Class T1			Advisor Class
	October 31, 2017^(A)			October 31, 2017 ^(B)
Net asset value, beginning of period	$	10.59		$	10.25
Investment operations:
Net investment income (loss)^(C)		0.26			0.38
Net realized and unrealized gain (loss)		0.44			0.72
Total investment operations		0.70			1.10
Dividends and/or distributions to shareholders:
Net investment income		(0.23	)		(0.33	)
Net asset value, end of period	$	11.06		$	11.02
Total return		6.66	%^(D)(E)		10.85	%^(E)
Ratio and supplemental data:
Net assets end of period (000’s)	$	11		$	16
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.09	%^(F)		1.04	%^(F)
Including waiver and/or reimbursement and recapture		1.09	%^(F)		0.96	%^(F)^(G)
Net investment income (loss) to average net assets		3.89	%^(F)		4.04	%^(F)
Portfolio turnover rate		79	%		79	%


(A)		Commenced operations on March 17, 2017.
(B)		Commenced operations on December 16, 2016.
(C)		Calculated based on average number of shares outstanding.
(D)		Total return has been calculated without deduction of the maximum sales charge and contingent deferred sales charge.
(E)		Not annualized.
(F)		Annualized.
(G)		Includes reorganization expenses incurred outside the Fund’s operating expense limit. Please reference the Reorganization section of the Notes to Financial Statements for more information.

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


Transamerica Funds		Annual Report 2017

Page 498

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period and years indicated:	Transamerica Unconstrained Bond
	Class I
	October 31, 2017			October 31, 2016			October 31, 2015^(A)
Net asset value, beginning of period/year	$	9.92		$	9.83		$	10.00
Investment operations:
Net investment income (loss)^(B)		0.22			0.42	^(C)		0.27
Net realized and unrealized gain (loss)		0.38			0.04			(0.18	)
Total investment operations		0.60			0.46			0.09
Dividends and/or distributions to shareholders:
Net investment income		(0.29	)		(0.37	)		(0.26	)
Net asset value, end of period/year	$	10.23		$	9.92		$	9.83
Total return		6.07	%		4.86	%		0.95	%^(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	2,110		$	287		$	288
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.91	%		0.95	%		1.05	%^(E)
Including waiver and/or reimbursement and recapture		0.93	%		0.95	%^(C)(F)		0.95	%^(E)
Net investment income (loss) to average net assets		2.18	%		4.33	%^(C)		3.03	%^(E)
Portfolio turnover rate		87	%		141	%		95	%^(D)


(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)		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 Unconstrained Bond
	Class I2
	October 31, 2017			October 31, 2016			October 31, 2015^(A)
Net asset value, beginning of period/year	$	9.91		$	9.83		$	10.00
Investment operations:
Net investment income (loss)^(B)		0.27			0.43	^(C)		0.27
Net realized and unrealized gain (loss)		0.35			0.03			(0.17	)
Total investment operations		0.62			0.46			0.10
Dividends and/or distributions to shareholders:
Net investment income		(0.33	)		(0.38	)		(0.27	)
Net asset value, end of period/year	$	10.20		$	9.91		$	9.83
Total return		6.32	%		4.87	%		0.99	%^(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	266,887		$	219,009		$	202,883
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.81	%		0.84	%		0.94	%^(E)
Including waiver and/or reimbursement and recapture		0.81	%		0.84	%^(C)		0.94	%^(E)
Net investment income (loss) to average net assets		2.70	%		4.40	%^(C)		3.04	%^(E)
Portfolio turnover rate		87	%		141	%		95	%^(D)


(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)		Not annualized.
(E)		Annualized.

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


Transamerica Funds		Annual Report 2017

Page 499

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period indicated:	Transamerica Unconstrained Bond
	Advisor Class
	October 31, 2017^(A)
Net asset value, beginning of period	$	9.84
Investment operations:
Net investment income (loss)^(B)		0.25
Net realized and unrealized gain (loss)		0.39
Total investment operations		0.64
Dividends and/or distributions to shareholders:
Net investment income		(0.25	)
Net asset value, end of period	$	10.23
Total return		6.49	%^(C)
Ratio and supplemental data:
Net assets end of period (000’s)	$	11
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.01	%^(D)
Including waiver and/or reimbursement and recapture		0.95	%^(D)
Net investment income (loss) to average net assets		2.83	%^(D)
Portfolio turnover rate		87	%


(A)		Commenced operations on December 16, 2016.
(B)		Calculated based on average number of shares outstanding.
(C)		Not annualized.
(D)		Annualized.


For a share outstanding during the years indicated:	Transamerica US Growth
	Class A
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	16.87		$	17.45		$	19.22		$	16.95		$	13.41
Investment operations:
Net investment income (loss)^(A)		0.01			0.00	^(B)(C)		0.00	^(C)		0.02			0.07
Net realized and unrealized gain (loss)		4.25			(0.17	)		1.95			2.38			3.50
Total investment operations		4.26			(0.17	)		1.95			2.40			3.57
Dividends and/or distributions to shareholders:
Net investment income		(0.01	)		(0.00	)^(C)		(0.02	)		(0.13	)		(0.03	)
Net realized gains		(0.37	)		(0.41	)		(3.70	)		—			—
Total dividends and/or distributions to shareholders		(0.38	)		(0.41	)		(3.72	)		(0.13	)		(0.03	)
Net asset value, end of year	$	20.75		$	16.87		$	17.45		$	19.22		$	16.95
Total return^(D)		25.76	%		(0.95	)%		11.59	%		14.25	%		26.62	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	500,587		$	432,130		$	470,702		$	459,677		$	447,645
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.18	%		1.20	%		1.19	%		1.27	%		1.36	%
Including waiver and/or reimbursement and recapture		1.18	%		1.18	%^(B)		1.19	%		1.27	%		1.36	%
Net investment income (loss) to average net assets		0.07	%		0.03	%^(B)		0.01	%		0.13	%		0.49	%
Portfolio turnover rate		35	%		34	%		38	%		111	%		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 0.02% 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 maximum sales charge and contingent deferred sales charge.

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


Transamerica Funds		Annual Report 2017

Page 500

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica US Growth
	Class B
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	16.16		$	16.89		$	18.85		$	16.64		$	13.25
Investment operations:
Net investment income (loss)^(A)		(0.16	)		(0.15	)^(B)		(0.15	)		(0.13	)		(0.05	)
Net realized and unrealized gain (loss)		4.05			(0.17	)		1.89			2.34			3.44
Total investment operations		3.89			(0.32	)		1.74			2.21			3.39
Dividends and/or distributions to shareholders:
Net realized gains		(0.37	)		(0.41	)		(3.70	)		—			—
Net asset value, end of year	$	19.68		$	16.16		$	16.89		$	18.85		$	16.64
Total return^(C)		24.55	%		(1.89	)%		10.52	%		13.28	%		25.59	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	5,437		$	7,520		$	11,324		$	16,421		$	19,658
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.21	%		2.17	%		2.09	%		2.11	%		2.17	%
Including waiver and/or reimbursement and recapture		2.17	%		2.15	%^(B)		2.12	%		2.17	%		2.17	%
Net investment income (loss) to average net assets		(0.91	)%		(0.94	)%^(B)		(0.90	)%		(0.76	)%		(0.31	)%
Portfolio turnover rate		35	%		34	%		38	%		111	%		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 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(C)		Total return has been calculated without deduction of the maximum sales charge.


For a share outstanding during the years indicated:	Transamerica US Growth
	Class C
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	16.18		$	16.89		$	18.82		$	16.61		$	13.22
Investment operations:
Net investment income (loss) ^(A)		(0.13	)		(0.12	)^(B)		(0.13	)		(0.12	)		(0.05	)
Net realized and unrealized gain (loss)		4.07			(0.18	)		1.90			2.34			3.44
Total investment operations		3.94			(0.30	)		1.77			2.22			3.39
Dividends and/or distributions to shareholders:
Net investment income		(0.00	)^(C)		—			—			(0.01	)		—
Net realized gains		(0.37	)		(0.41	)		(3.70	)		—			—
Net asset value, end of year	$	19.75		$	16.18		$	16.89		$	18.82		$	16.61
Total return ^(D)		24.84	%		(1.77	)%		10.72	%		13.37	%		25.64	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	48,087		$	44,877		$	53,482		$	49,041		$	47,397
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.97	%		1.99	%		1.98	%		2.05	%		2.14	%
Including waiver and/or reimbursement and recapture		1.97	%		1.97	%^(B)		1.98	%		2.05	%		2.16	%
Net investment income (loss) to average net assets		(0.72	)%		(0.76	)%^(B)		(0.78	)%		(0.65	)%		(0.32	)%
Portfolio turnover rate		35	%		34	%		38	%		111	%		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 0.02% 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 maximum contingent deferred sales charge.

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


Transamerica Funds		Annual Report 2017

Page 501

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica US Growth
	Class I
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	17.15		$	17.74		$	19.49		$	17.19		$	13.60
Investment operations:
Net investment income (loss) ^(A)		0.07			0.06	^(B)		0.06			0.09			0.15
Net realized and unrealized gain (loss)		4.33			(0.18	)		1.98			2.41			3.54
Total investment operations		4.40			(0.12	)		2.04			2.50			3.69
Dividends and/or distributions to shareholders:
Net investment income		(0.07	)		(0.06	)		(0.09	)		(0.20	)		(0.10	)
Net realized gains		(0.37	)		(0.41	)		(3.70	)		—			—
Total dividends and/or distributions to shareholders		(0.44	)		(0.47	)		(3.79	)		(0.20	)		(0.10	)
Net asset value, end of year	$	21.11		$	17.15		$	17.74		$	19.49		$	17.19
Total return		26.21	%		(0.67	)%		11.96	%		14.67	%		27.16	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	183,788		$	160,628		$	182,714		$	212,866		$	249,718
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.88	%		0.87	%		0.86	%		0.90	%		0.91	%
Including waiver and/or reimbursement and recapture		0.88	%		0.85	%^(B)		0.86	%		0.90	%		0.91	%
Net investment income (loss) to average net assets		0.37	%		0.35	%^(B)		0.34	%		0.51	%		0.97	%
Portfolio turnover rate		35	%		34	%		38	%		111	%		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 0.02% 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, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	17.13		$	17.72		$	19.48		$	17.17		$	13.59
Investment operations:
Net investment income (loss)^(A)		0.09			0.08	^(B)		0.08			0.12			0.16
Net realized and unrealized gain (loss)		4.31			(0.18	)		1.98			2.42			3.54
Total investment operations		4.40			(0.10	)		2.06			2.54			3.70
Dividends and/or distributions to shareholders:
Net investment income		(0.09	)		(0.08	)		(0.12	)		(0.23	)		(0.12	)
Net realized gains		(0.37	)		(0.41	)		(3.70	)		—			—
Total dividends and/or distributions to shareholders		(0.46	)		(0.49	)		(3.82	)		(0.23	)		(0.12	)
Net asset value, end of year	$	21.07		$	17.13		$	17.72		$	19.48		$	17.17
Total return		26.29	%		(0.53	)%		12.10	%		14.91	%		27.26	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	230,952		$	258,722		$	361,470		$	370,161		$	555,040
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.75	%		0.74	%		0.73	%		0.77	%		0.79	%
Including waiver and/or reimbursement and recapture		0.75	%		0.72	%^(B)		0.73	%		0.77	%		0.79	%
Net investment income (loss) to average net assets		0.50	%		0.48	%^(B)		0.47	%		0.66	%		1.08	%
Portfolio turnover rate		35	%		34	%		38	%		111	%		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 0.02% 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 2017

Page 502

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica US Growth
	Class T
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	41.76		$	42.47		$	41.55		$	36.39		$	28.69
Investment operations:
Net investment income (loss) ^(A)		0.20			0.17	^(B)		0.16			0.21			0.30
Net realized and unrealized gain (loss)		10.66			(0.43	)		4.54			5.14			7.49
Total investment operations		10.86			(0.26	)		4.70			5.35			7.79
Dividends and/or distributions to shareholders:
Net investment income		(0.05	)		(0.04	)		(0.08	)		(0.19	)		(0.09	)
Net realized gains		(0.37	)		(0.41	)		(3.70	)		—			—
Total dividends and/or distributions to shareholders		(0.42	)		(0.45	)		(3.78	)		(0.19	)		(0.09	)
Net asset value, end of year	$	52.20		$	41.76		$	42.47		$	41.55		$	36.39
Total return ^(C)		26.24	%		(0.59	)%		12.01	%		14.74	%		27.16	%
Ratios and supplemental data:
Net assets end of year (000’s)	$	109,183		$	94,877		$	105,379		$	101,029		$	94,866
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.82	%		0.82	%		0.82	%		0.87	%		0.91	%
Including waiver and/or reimbursement and recapture		0.82	%		0.80	%^(B)		0.82	%		0.87	%		0.91	%
Net investment income (loss) to average net assets		0.43	%		0.40	%^(B)		0.38	%		0.53	%		0.93	%
Portfolio turnover rate		35	%		34	%		38	%		111	%		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 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(C)		Total return has been calculated without deduction of the maximum sales charge.


For a share outstanding during the period indicated:	Transamerica US Growth
	Class T1			Advisor Class
	October 31, 2017^(A)			October 31, 2017^(B)
Net asset value, beginning of period	$	18.38		$	17.59
Investment operations:
Net investment income (loss)^(C)		0.03			0.04
Net realized and unrealized gain (loss)		2.37			3.91
Total investment operations		2.40			3.95
Dividends and/or distributions to shareholders:
Net realized gains		—			(0.37	)
Net asset value, end of period	$	20.78		$	21.17
Total return		13.06	%^(D) (E)		22.92	%^(E)
Ratio and supplemental data:
Net assets end of period (000’s)	$	12		$	12
Expenses to average net assets		0.98	%^(F)		0.93	%^(F)
Net investment income (loss) to average net assets		0.23	%^(F)		0.26	%^(F)
Portfolio turnover rate		35	%		35	%


(A)		Commenced operations on March 17, 2017.
(B)		Commenced operations on December 16, 2016.
(C)		Calculated based on average number of shares outstanding.
(D)		Total return has been calculated without deduction of the maximum sales charge and contingent deferred sales charge.
(E)		Not annualized.
(F)		Annualized.

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


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1. ORGANIZATION


Fund		Class
Transamerica Balanced II (“Balanced II”)^(A)		I3,R
Transamerica Bond (“Bond”)		I2,R6
Transamerica Capital Growth (“Capital Growth”) ^(B) (C)		A,B,C,I,I2,T1,Advisor
Transamerica Concentrated Growth (“Concentrated Growth”) ^{(B) (C)}		A,C,I,I2,T1,Advisor
Transamerica Dividend Focused (“Dividend Focused”)^{(B) (C)}		A,C,I,I2,R6,T1,Advisor
Transamerica Dynamic Allocation (“Dynamic Allocation”)^(C)		A,C,I,T1
Transamerica Dynamic Income (“Dynamic Income”)^(C) (D)		A,C,I,T1,Advisor
Transamerica Emerging Markets Debt (“Emerging Markets Debt”)^{(B) (C)}		A,C,I,I2,R6,T1,Advisor
Transamerica Emerging Markets Equity (“Emerging Markets Equity”)^{(B) (C)}		A,C,I,I2,T1,Advisor
Transamerica Event Driven (“Event Driven”)^(B) (E)		I,I2,Advisor
Transamerica Flexible Income (“Flexible Income”) ^(B) (C)		A,B,C,I,I2,R6,T1,Advisor
Transamerica Floating Rate (“Floating Rate”)^(C)		A,C,I,I2,T1
Transamerica Global Equity (“Global Equity”)^(B) (C)		A,B,C,I,R6,T1,Advisor
Transamerica Government Money Market (“Government Money Market”)^{(F) (G)}		A,B,C,I,I2,I3,R2,R4
Transamerica Growth (“Growth”)		I2,R6
Transamerica High Quality Bond (“‘High Quality Bond”)^(H)		I3,R,R4
Transamerica High Yield Bond (“High Yield Bond”)^{(B) (C) (I)}		A,B,C,I,I2,I3,R,R4,R6,T1,Advisor
Transamerica High Yield Muni (“High Yield Muni”)^(C)		A,C,I,I2,T1
Transamerica Inflation Opportunities (“Inflation Opportunities”)^(C)		A,C,I,I2,R6,T1
Transamerica Inflation-Protected Securities (“Inflation-Protected Securities”)^(H)		I3,R,R4
Transamerica Intermediate Bond (“Intermediate Bond”)^(H)		I2,I3,R,R4
Transamerica Intermediate Muni (“Intermediate Muni”) ^{(B) (C)}		A,C,I,I2,T1,Advisor
Transamerica International Equity (“International Equity”)^{(B) (C) (I)}		A,C,I,I2,I3,R,R4,R6,T1,Advisor
Transamerica International Small Cap Value (“International Small Cap Value”)		I,I2
Transamerica Large Cap Value (“Large Cap Value”)^(B) (C)		A,C,I,I2,R6,T1,Advisor
Transamerica Large Core (“Large Core”)^(H)		I3,R,R4
Transamerica Large Growth (“Large Growth”) ^(H)		I3,R,R4
Transamerica Large Value Opportunities (“Large Value Opportunities”) ^(H)		I3,R,R4
Transamerica Mid Cap Growth (“Mid Cap Growth”)^(C) (H)		A,C,I,I2,I3,R,R4,T1,Advisor
Transamerica Mid Cap Value Opportunities (“Mid Cap Value Opportunities”)^{(B) (C) (I)}		A,C,I,I2,I3,R,R4,R6,T1,Advisor
Transamerica MLP & Energy Income (“MLP & Energy Income”)^{(B) (C)}		A,C,I,I2,T1,Advisor
Transamerica Multi-Cap Growth (“Multi-Cap Growth”)^{(B) (C)}		A,B,C,I,I2,T1,Advisor
Transamerica Multi-Managed Balanced (“Multi-Managed Balanced”)^{(C) (D)}		A,B,C,I,R6,T1,Advisor
Transamerica Short-Term Bond (“Short-Term Bond”)^(B) (C)		A,C,I,I2,R6,T1,Advisor
Transamerica Small Cap Core (“Small Cap Core”)^(C) (H)		A,C,I,I2,I3,R,R4,T1,Advisor
Transamerica Small Cap Growth (“Small Cap Growth”)^{(B) (C) (I)}		A,C,I,I2,I3,R,R4,R6,T1,Advisor
Transamerica Small Cap Value (“Small Cap Value”)^(H)		A,C,I,I2,I3,R,R4,R6,T1,Advisor
Transamerica Small/Mid Cap Value (“Small/Mid Cap Value”)^{(B) (C)}		A,B,C,I,I2,R6,T1,Advisor
Transamerica Strategic High Income (“Strategic High Income”)^{(B) (C) (J)}		A,C,I,I2,T1,Advisor
Transamerica Unconstrained Bond (“Unconstrained Bond”)^(B)		I,I2,Advisor
Transamerica US Growth (“US Growth”)^(B) (C)		A,B,C,I,I2,T,T1,Advisor


(A)		The Funds’ Board of Trustees (the “Board”) approved the reorganization of certain series of Transamerica Partners Funds Group and Transamerica Partners Portfolios into a new Fund within the Trust. Target fund investors approved the reorganization and received newly-issued Class R or Class I3 shares of the new Fund, as applicable, in the reorganization. In each reorganization, the applicable Transamerica Partners Fund, a target fund, was the accounting and performance survivor of the reorganization. Please reference the Reorganization section of the Notes to Financial Statements for more information.
(B)		Advisor Class commenced operations on December 16, 2016.
(C)		Class T1 commenced operations on March 17, 2017.
(D)		Advisor Class commenced operations on March 3, 2017.
(E)		Class I commenced operations on November 11, 2016.


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1. ORGANIZATION (continued)


(F)		The Funds’ Board approved the reorganization of certain series of Transamerica Partners Funds Group, Transamerica Partners Institutional Funds Group and Transamerica Partners Portfolios into an existing Fund within the Trust. Target fund investors approved the reorganizations and received newly-issued Class R2, Class R4 or Class I3 shares of the existing Funds, as applicable, in the reorganization. In each reorganization, the applicable destination fund was the accounting and performance survivor of the reorganization. Please reference the Reorganization section of the Notes to Financial Statements for more information.
(G)		Class I3 commenced operations on May 19, 2017.
(H)		The Funds’ Board approved the reorganization of certain series of Transamerica Partners Funds Group, Transamerica Partners Institutional Funds Group and Transamerica Partners Portfolios into new and existing Funds within the Trust. Target fund investors approved the reorganizations and received newly-issued Class R, Class R4 or Class I3 shares of the new or existing Funds, as applicable, in the reorganization. In each reorganization, the applicable Transamerica Partners Institutional Fund, a target fund, was the accounting and performance survivor of the reorganization. Please reference the Reorganization section of the Notes to Financial Statements for more information.
(I)		The Funds’ Board approved the reorganization of certain series of Transamerica Partners Funds Group, Transamerica Partners Institutional Funds Group and Transamerica Partners Portfolios into existing Funds within the Trust. Target fund investors approved the reorganizations and received newly-issued Class R, Class R4 or Class I3 shares of the existing Funds, as applicable, in the reorganization. In each reorganization, the applicable destination fund was the accounting and performance survivor of the reorganization. Please reference the Reorganization section of the Notes to Financial Statements for more information.
(J)		Transamerica Income and Growth merged into Strategic High Income following the close of business on December 2, 2016.

Emerging Markets Debt, Event Driven, High Yield Muni and MLP & Energy Income are “non-diversified” Funds, as defined under the 1940 Act.

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-advisers for their services, and sub-advisory fees are TAM’s expense.


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1. ORGANIZATION (continued)

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

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 recorded 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, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

For the Funds impacted by the Transamerica Partners reorganizations where the accounting and performance survivor is not the new or existing Fund within the Trust (“Destination Fund”), security transactions and investment income prior to the reorganization date (“Reorganization Date”) are allocated proportionally on a daily basis from its investment in the corresponding series of the Transamerica Partners Portfolios (“Series Portfolio”). All of the net investment income, as well as the realized and unrealized gains and losses from the security transactions of the Series Portfolio were allocated pro rata among the investors and recorded on a daily basis. Please reference the Reorganization section of the Notes to Financial Statements for more information.

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 subjected 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: Throughout the year, 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.


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At October 31, 2017

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Commission recapture: The sub-adviser, 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 in Net realized gain (loss) within the Statements of Operations. For the year ended October 31, 2017, commissions recaptured are as follows. Funds not listed in the subsequent table do not have any commissions recaptured during the year.


Fund	Commissions Recaptured
Capital Growth	$	52,090
Concentrated Growth		3,615
Dividend Focused		16,512
Emerging Markets Equity		59,092
Global Equity		2,536
Growth		16,396
International Equity		110,226
International Small Cap Value		15,619
Large Cap Value		55,971
Large Growth		13,662
Mid Cap Value Opportunities		21,318
MLP & Energy Income		13,121
Multi-Cap Growth		2,972
Multi-Managed Balanced		9,760
Small Cap Growth		4,854
Small/Mid Cap Value		32,654
Strategic High Income		2,642
US Growth		2,487

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, or little or no illiquid investments, 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, or illiquid investments have been determined to be at a level requiring a Statement of Cash Flows. Statements of Cash Flows have 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.

3. SECURITY VALUATION

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


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At October 31, 2017

3. SECURITY VALUATION (continued)

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, ETF and the movement of the certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.


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3. SECURITY VALUATION (continued)

Securities lending collateral: Securities lending collateral is invested in a money market fund which is valued at the NAV of the underlying securities 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. 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.

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.

Municipal government obligations: The fair value of municipal government obligations and variable rate notes is estimated based on models that consider, among other factors, information received from market makers and broker-dealers, current trades, bid-want lists, offerings, market movements, the liquidity of the bond, state of issuance, benchmark yield curves, and bond or note insurance. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they are categorized in Level 3.

Short-term notes: The Funds, with the exception of Government Money Market, normally value short-term government and U.S. government agency securities using a model that incorporates market observable data such as reported sales of similar securities,


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3. SECURITY VALUATION (continued)

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 as determined in good faith by the Valuation Committee under the supervision of the Funds’ Board. Restricted securities issued by publicly traded companies are generally valued at a discount to similar publicly traded securities. Restricted securities issued by nonpublic entities may be valued by reference to comparable public entities and/or fundamental data relating to the issuer. Depending on the relative significance of observable valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy.

4. SECURITIES AND OTHER INVESTMENTS

Loan participations and assignments: The Funds may invest in direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers, either in the form of participations at the time the loan is originated (“Participations”) or buying an interest in the loan in the secondary market from a financial institution or institutional investor (“Assignments”). Participations and Assignments in commercial loans may be secured or unsecured. These investments may include standby financing commitments, including revolving credit facilities that obligate the Funds to supply additional cash to the borrowers on demand. Loan Participations and Assignments involve risks of insolvency of the lending banks or other financial intermediaries. As such, the Funds assume the credit risks associated with the corporate borrowers and may assume the credit risks associated with the interposed banks or other financial intermediaries.

Each Fund, based on its ability to invest in Loan Participations and Assignments, may be contractually obligated to receive approval from the agent banks and/or borrowers prior to the sale of these investments. The Funds that participate in such syndications, or that can buy a portion of the loans, become part lenders. Loans are often administered by agent banks acting as agents for all holders.

The agent banks administer the terms of the loans, as specified in the loan agreements. In addition, the agent banks are normally responsible for the collection of principal and interest payments from the corporate borrowers and the apportionment of these payments to the credit of all institutions that are parties to the loan agreements. Unless the Funds have direct recourse against the corporate


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At October 31, 2017

4. SECURITIES AND OTHER INVESTMENTS (continued)

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 gains and losses are recorded in the Statements of Assets and Liabilities.


Fund	Principal Commitment		Unrealized Appreciation (Depreciation)
Floating Rate
Covenant Surgical Partners, Inc., Term Loan	$	86,538	$	215
DuBois Chemicals, Inc., Delayed Draw Term Loan		156,667		1,402
Recess Holdings, Inc., Delayed Draw Term Loan		357,143		2,001
TGP Holdings III LLC, Term Loan		—		71
TricorBraun Holdings, Inc., 1st Lien Delayed Draw Term Loan		79,545		1,012
USAGM HoldCo LLC, Delayed Draw Term Loan		500,000		3,628
Total	$	1,179,893	$	8,329

Unconstrained Bond
Engineered Machinery Holding, Inc., 1st Lien Delayed Draw Term Loan	$	1,644	$	—
ICSH, Inc., Delayed Draw Term Loan		29,770		400
Recess Holdings, Inc., Delayed Draw Term Loan		4,692		27
Total	$	36,106	$	427

Open secured loan participations and assignments at October 31, 2017, 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 Net unrealized appreciation (depreciation) on investments to Interest receivable within the Statements of Assets and Liabilities.

PIKs held at October 31, 2017, 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, 2017, if any, are identified within the Schedule of Investments.

Restricted and illiquid securities held at October 31, 2017, if any, are identified within the Schedule of Investments.

Treasury inflation-protected securities (“TIPS”): Certain Funds may invest in TIPS, which are fixed income securities whose principal value is periodically adjusted according to the rate of inflation/deflation. If the index measuring inflation/deflation rises or falls, the principal value of TIPS will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to a larger or smaller principal amount) will be increased or reduced, respectively. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-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.


Transamerica Funds		Annual Report 2017

Page 511

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

4. SECURITIES AND OTHER INVESTMENTS (continued)

TIPS held at October 31, 2017, 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 Statement 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 the Funds’ other assets. Unsettled TBA commitments are valued at the current value of the underlying securities.

When-issued, delayed-delivery, forward and TBA commitment transactions held at October 31, 2017, if any, are identified within the Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery and/or forward commitment (including TBAs) securities purchased or sold within the Statements of Assets and Liabilities.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

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, the borrowers 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 for securities traded on U.S. exchanges and a value of at least 105% for all other securities loaned. 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 separately within the Statements of Operations. Net income from securities lending within the Statements of Operations is net of fees and rebates earned by the lending agent for its services.


Transamerica Funds		Annual Report 2017

Page 512

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

The value of loaned securities and related collateral outstanding at October 31, 2017, if any, are shown on a gross basis within the Schedule of Investments and Statements of Assets and Liabilities.

Repurchase agreements at October 31, 2017, if any, are included within the Schedule of Investments and Statements of Assets and Liabilities.

Line of credit: For the period November 1, 2016 to February 8, 2017, Event Driven entered into an agreement with Citibank, N.A. to provide a $60 million committed line of credit to the Fund to be utilized for the purpose of purchasing or carrying securities. An upfront facility fee, calculated as 0.25% of the entire commitment amount, was due to Citibank, N.A. on the closing date of the agreement. Interest was charged to the Fund based on its borrowings at a rate per year of 1.20% plus the one-month London Interbank Offered Rate (“LIBOR”). The Fund agreed to pay commitment fees of 0.15% per year on the unused portion of the line of credit during the preceding calendar month. The facility fee is included in Other expenses, and the interest expense and commitment fees are included in Interest within the Statements of Operations. Effective February 8, 2017, the line of credit was closed.

For the period November 1, 2016 to February 8, 2017, the Fund’s average borrowings are as follows:


Fund	Average Daily Borrowing		Number of Days Outstanding		Weighted Average Interest Rate
Event Driven	$	14,700,000		100		1.85	%

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 Operations. 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, 2017, if any, are included within the Schedule of Investments and are reflected as a liability within the Statements of Assets and Liabilities.


Transamerica Funds		Annual Report 2017

Page 513

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

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, 2017. Funds not listed in the subsequent table do not have these transactions.


	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Less Than 30 Days		Between 30 & 90 Days		Greater Than 90 Days		Total
Bond
Securities Lending Transactions
Convertible Bonds	$	1,923,540	$	—	$	—	$	—	$	1,923,540
Corporate Debt Securities		7,742,753		—		—		—		7,742,753
Common Stocks		495,126		—		—		—		495,126
Total Securities Lending Transactions	$	10,161,419	$	—	$	—	$	—	$	10,161,419
Total Borrowings	$	10,161,419	$	—	$	—	$	—	$	10,161,419


Capital Growth
Securities Lending Transactions
Common Stocks	$	50,025,465	$	—	$	—	$	—	$	50,025,465
Total Borrowings	$	50,025,465	$	—	$	—	$	—	$	50,025,465


Concentrated Growth
Securities Lending Transactions
Common Stocks	$	4,504,849	$	—	$	—	$	—	$	4,504,849
Total Borrowings	$	4,504,849	$	—	$	—	$	—	$	4,504,849


Dynamic Allocation
Securities Lending Transactions
Exchange-Traded Funds	$	5,352,247	$	—	$	—	$	—	$	5,352,247
Total Borrowings	$	5,352,247	$	—	$	—	$	—	$	5,352,247


Dynamic Income
Securities Lending Transactions
Exchange-Traded Funds	$	66,536,139	$	—	$	—	$	—	$	66,536,139
Total Borrowings	$	66,536,139	$	—	$	—	$	—	$	66,536,139


Emerging Markets Debt
Securities Lending Transactions
Corporate Debt Securities	$	53,756,741	$	—	$	—	$	—	$	53,756,741
Foreign Government Obligations		30,213,811		—		—		—		30,213,811
Common Stocks		92,508		—		—		—		92,508
Total Securities Lending Transactions	$	84,063,060	$	—	$	—	$	—	$	84,063,060
Total Borrowings	$	84,063,060	$	—	$	—	$	—	$	84,063,060


Emerging Markets Equity
Securities Lending Transactions
Common Stocks	$	1,255,374	$	—	$	—	$	—	$	1,255,374
Total Borrowings	$	1,255,374	$	—	$	—	$	—	$	1,255,374


Event Driven
Securities Lending Transactions
Common Stocks	$	914,317	$	—	$	—	$	—	$	914,317
Convertible Bonds		1,047,438		—		—		—		1,047,438
Total Securities Lending Transactions	$	1,961,755	$	—	$	—	$	—	$	1,961,755
Total Borrowings	$	1,961,755	$	—	$	—	$	—	$	1,961,755


Flexible Income
Securities Lending Transactions
Corporate Debt Securities	$	14,613,987	$	—	$	—	$	—	$	14,613,987
Total Borrowings	$	14,613,987	$	—	$	—	$	—	$	14,613,987


Transamerica Funds		Annual Report 2017

Page 514

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

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
Floating Rate
Securities Lending Transactions
Corporate Debt Securities	$	3,677,500	$	—	$	—	$	—	$	3,677,500
Total Borrowings	$	3,677,500	$	—	$	—	$	—	$	3,677,500


Global Equity
Securities Lending Transactions
Common Stocks	$	654,759	$	—	$	—	$	—	$	654,759
Total Borrowings	$	654,759	$	—	$	—	$	—	$	654,759


Growth
Securities Lending Transactions
Common Stocks	$	1,095,644	$	—	$	—	$	—	$	1,095,644
Total Borrowings	$	1,095,644	$	—	$	—	$	—	$	1,095,644


High Yield Bond
Securities Lending Transactions
Corporate Debt Securities	$	166,224,968	$	—	$	—	$	—	$	166,224,968
Total Borrowings	$	166,224,968	$	—	$	—	$	—	$	166,224,968


Inflation Opportunities
Securities Lending Transactions
Corporate Debt Securities	$	816,027	$	—	$	—	$	—	$	816,027
Total Borrowings	$	816,027	$	—	$	—	$	—	$	816,027


Intermediate Bond
Securities Lending Transactions
Corporate Debt Securities	$	20,391,044	$	—	$	—	$	—	$	20,391,044
Foreign Government Obligations		3,425,081		—		—		—		3,425,081
Total Securities Lending Transactions	$	23,816,125	$	—	$	—	$	—	$	23,816,125
Total Borrowings	$	23,816,125	$	—	$	—	$	—	$	23,816,125


International Equity
Securities Lending Transactions
Common Stocks	$	51,198,051	$	—	$	—	$	—	$	51,198,051
Total Borrowings	$	51,198,051	$	—	$	—	$	—	$	51,198,051


International Small Cap Value
Securities Lending Transactions
Common Stocks	$	29,180,729	$	—	$	—	$	—	$	29,180,729
Total Borrowings	$	29,180,729	$	—	$	—	$	—	$	29,180,729


Large Cap Value
Securities Lending Transactions
Common Stocks	$	11,524,004	$	—	$	—	$	—	$	11,524,004
Total Borrowings	$	11,524,004	$	—	$	—	$	—	$	11,524,004


Large Core
Securities Lending Transactions
Common Stocks	$	996,640	$	—	$	—	$	—	$	996,640
Total Borrowings	$	996,640	$	—	$	—	$	—	$	996,640


Transamerica Funds		Annual Report 2017

Page 515

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

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
Large Growth
Securities Lending Transactions
Common Stocks	$	2,408,398	$	—	$	—	$	—	$	2,408,398
Total Borrowings	$	2,408,398	$	—	$	—	$	—	$	2,408,398


Mid Cap Growth
Securities Lending Transactions
Common Stocks	$	5,699,392	$	—	$	—	$	—	$	5,699,392
Total Borrowings	$	5,699,392	$	—	$	—	$	—	$	5,699,392


Mid Cap Value Opportunities
Securities Lending Transactions
Common Stocks	$	66,647,502	$	—	$	—	$	—	$	66,647,502
Total Borrowings	$	66,647,502	$	—	$	—	$	—	$	66,647,502


MLP & Energy Income
Securities Lending Transactions
Common Stocks	$	562,594	$	—	$	—	$	—	$	562,594
Convertible Preferred Stocks		745,199		—		—		—		745,199
Total Securities Lending Transactions	$	1,307,793	$	—	$	—	$	—	$	1,307,793
Total Borrowings	$	1,307,793	$	—	$	—	$	—	$	1,307,793


Multi-Cap Growth
Securities Lending Transactions
Common Stocks	$	8,383,284	$	—	$	—	$	—	$	8,383,284
Total Borrowings	$	8,383,284	$	—	$	—	$	—	$	8,383,284


Multi-Managed Balanced
Securities Lending Transactions
Common Stocks	$	3,320,213	$	—	$	—	$	—	$	3,320,213
Preferred Stocks		87,740		—		—		—		87,740
Corporate Debt Securities		4,105,203		—		—		—		4,105,203
Foreign Government Obligations		1,295,139		—		—	—			1,295,139
Total Securities Lending Transactions	$	8,808,295	$	—	$	—	$	—	$	8,808,295
Total Borrowings	$	8,808,295	$	—	$	—	$	—	$	8,808,295


Short-Term Bond
Securities Lending Transactions
Corporate Debt Securities	$	1,193,785	$	—	$	—	$	—	$	1,193,785
Total Borrowings	$	1,193,785	$	—	$	—	$	—	$	1,193,785


Small Cap Core
Securities Lending Transactions
Common Stocks	$	15,278,952	$	—	$	—	$	—	$	15,278,952
Total Borrowings	$	15,278,952	$	—	$	—	$	—	$	15,278,952


Small Cap Growth
Securities Lending Transactions
Common Stocks	$	25,107,893	$	—	$	—	$	—	$	25,107,893
Total Borrowings	$	25,107,893	$	—	$	—	$	—	$	25,107,893


Transamerica Funds		Annual Report 2017

Page 516

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

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
Small Cap Value
Securities Lending Transactions
Common Stocks	$	29,958,627	$	—	$	—	$	—	$	29,958,627
Total Borrowings	$	29,958,627	$	—	$	—	$	—	$	29,958,627


Small/Mid Cap Value
Securities Lending Transactions
Common Stocks	$	55,979,957	$	—	$	—	$	—	$	55,979,957
Total Borrowings	$	55,979,957	$	—	$	—	$	—	$	55,979,957


Strategic High Income
Securities Lending Transactions
Common Stocks	$	3,323,225	$	—	$	—	$	—	$	3,323,225
Preferred Stocks		189,725		—		—		—		189,725
Corporate Debt Securities		4,272,536		—		—		—		4,272,536
Total Securities Lending Transactions	$	7,785,486	$	—	$	—	$	—	$	7,785,486
Total Borrowings	$	7,785,486	$	—	$	—	$	—	$	7,785,486


Unconstrained Bond
Securities Lending Transactions
Corporate Debt Securities	$	2,284,723	$	—	$	—	$	—	$	2,284,723
Total Borrowings	$	2,284,723	$	—	$	—	$	—	$	2,284,723

6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS

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

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.


Transamerica Funds		Annual Report 2017

Page 517

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

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

The Funds’ exposure to market risk factors and other associated risks are discussed 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 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.

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.

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, 2017, if any, are included within the Schedule of Investments.


Transamerica Funds		Annual Report 2017

Page 518

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

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

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, 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. 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 an unrealized gain or loss within the Statements of Assets and Liabilities.

For OTC swap agreements, payments received or made at the beginning of the measurement period are reflected as such 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). These upfront payments are recorded as Net realized gain (loss) within the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as Net realized gain (loss) within the Statements of Operations. Net periodic payments received or paid by the Funds are included as part of Net realized gain (loss) 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.

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 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 at October 31, 2017, if any, are listed within the Schedule of Investments. Centrally cleared swap agreements are marked-to-market daily and an appropriate payable or receivable for the variation margin is recorded, if applicable, and is shown in Variation margin receivable or payable on centrally cleared swap agreements within the Statements of Assets and Liabilities.

Open OTC swap agreements at October 31, 2017, if any, are listed within the Schedule of Investments. The value, as applicable, is shown in OTC Swap agreements, at value within the Statements of Assets and Liabilities.

Futures contracts: The Funds are subject to equity and commodity risk, interest rate risk, and foreign exchange rate risk in the normal course of pursuing their investment objectives. The Funds , with the exception of Government Money Market, 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.


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At October 31, 2017

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

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, 2017, 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, 2017. Funds not listed in the subsequent tables do not have derivative investments during the year ended October 31, 2017.


Asset Derivatives
Fund/Location	Interest Rate Contracts		Foreign Exchange Contracts		Equity Contracts		Credit Contracts		Commodity Contracts		Total
Balanced II
Net unrealized appreciation on futures contracts ^{(A) (B)}	$	—	$	—	$	4,190	$	—	$	—	$	4,190
Total	$	—	$	—	$	4,190	$	—	$	—	$	4,190

Capital Growth
Purchased options and swaptions^{(B) (C)}	$	—	$	217,411	$	—	$	—	$	—	$	217,411
Total	$	—	$	217,411	$	—	$	—	$	—	$	217,411

Dynamic Allocation
Purchased options and swaptions^{(B) (C)}	$	—	$	—	$	91,015	$	—	$	—	$	91,015
Total	$	—	$	—	$	91,015	$	—	$	—	$	91,015

Emerging Markets Debt
Unrealized appreciation on forward foreign currency contracts	$	—	$	47,570	$	—	$	—	$	—	$	47,570
Total	$	—	$	47,570	$	—	$	—	$	—	$	47,570

Event Driven
Purchased options and swaptions^{(B) (C)}	$	—	$	—	$	583,390	$	—	$	—	$	583,390
OTC swap agreements, at value		158,030		—		—		—		—		158,030
Net unrealized appreciation on futures contracts^(A) (B)		13,095		—		—		—		—		13,095
Unrealized appreciation on forward foreign currency contracts		—		5,202		—		—		—		5,202
Total	$	171,125	$	5,202	$	583,390	$	—	$	—	$	759,717

Inflation Opportunities
Unrealized appreciation on forward foreign currency contracts	$	—	$	501,154	$	—	$	—	$	—	$	501,154
Total	$	—	$	501,154	$	—	$	—	$	—	$	501,154


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NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

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
Inflation-Protected Securities
Purchased options and swaptions^{(B) (C)}	$	568,908		$	—		$	—	$	—	$	—	$	568,908
Centrally cleared swap agreements, at value^(B) (D)		402,978			—			—		—		—		402,978
OTC swap agreements, at value		2,596			—			—		—		—		2,596
Net unrealized appreciation on futures contracts^(A) (B)		223,599			—			—		—		—		223,599
Unrealized appreciation on forward foreign currency contracts		—			276,676			—		—		—		276,676
Total	$	1,198,081		$	276,676		$	—	$	—	$	—	$	1,474,757

Multi-Managed Balanced
Net unrealized appreciation on futures contracts^{(A) (B)}	$	—		$	—		$	45,074	$	—	$	—	$	45,074
Total	$	—		$	—		$	45,074	$	—	$	—	$	45,074

Unconstrained Bond
Net unrealized appreciation on futures contracts^{(A) (B)}	$	620,707		$	—		$	—	$	—	$	—	$	620,707
Total	$	620,707		$	—		$	—	$	—	$	—	$	620,707


Liability Derivatives
Fund/Location	Interest Rate Contracts			Foreign Exchange Contracts			Equity Contracts		Credit Contracts		Commodity Contracts		Total
Emerging Markets Debt
Unrealized depreciation on forward foreign currency contracts	$	—		$	(380,413	)	$	—	$	—	$	—	$	(380,413	)
Total	$	—		$	(380,413	)	$	—	$	—	$	—	$	(380,413	)

Event Driven
Unrealized depreciation on forward foreign currency contracts	$	—		$	(83,901	)	$	—	$	—	$	—	$	(83,901	)
Total	$	—		$	(83,901	)	$	—	$	—	$	—	$	(83,901	)

Inflation Opportunities
Unrealized depreciation on forward foreign currency contracts	$	—		$	(60,570	)	$	—	$	—	$	—	$	(60,570	)
Total	$	—		$	(60,570	)	$	—	$	—	$	—	$	(60,570	)

Inflation-Protected Securities
Written options and swaptions, at value ^(B)	$	(141,466	)	$	—		$	—	$	—	$	—	$	(141,466	)
Centrally cleared swap agreements, at value ^(B) (D)		(229,038	)		—			—		—		—		(229,038	)
OTC swap agreements, at value		(488	)		—			—		—		—		(488	)
Net unrealized depreciation on futures contracts^(A) (B)		(207,058	)		—			—		—		—		(207,058	)
Unrealized depreciation on forward foreign currency contracts		—			(38,515	)		—		—		—		(38,515	)
Total	$	(578,050	)	$	(38,515	)	$	—	$	—	$	—	$	(616,565	)


(A)		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.
(B)		May include exchange-traded derivatives which are not subject to a master netting arrangement, or another similar arrangement.
(C)		Included within Investments, at value on the Statements of Assets and Liabilities.
(D)		Included within fair value of centrally cleared swap agreements as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.


Transamerica Funds		Annual Report 2017

Page 521

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

6. 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 , categorized by primary market risk exposure as of October 31, 2017.


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	$	—		$	—		$	8,706		$	—		$	—	$	8,706
Total	$	—		$	—		$	8,706		$	—		$	—	$	8,706

Capital Growth
Purchased options and swaptions^(A)	$	—		$	(873,354	)	$	—		$	—		$	—	$	(873,354	)
Total	$	—		$	(873,354	)	$	—		$	—		$	—	$	(873,354	)

Dynamic Allocation
Purchased options and swaptions^(A)	$	—		$	—		$	(285,062	)	$	—		$	—	$	(285,062	)
Total	$	—		$	—		$	(285,062	)	$	—		$	—	$	(285,062	)

Emerging Markets Debt
Forward foreign currency contracts^(B)	$	—		$	4,383,439		$	—		$	—		$	—	$	4,383,439
Total	$	—		$	4,383,439		$	—		$	—		$	—	$	4,383,439

Event Driven
Purchased options and swaptions^(A)	$	—		$	—		$	(3,824,772	)	$	—		$	—	$	(3,824,772	)
Written options and swaptions		—			—			111,387			—			—		111,387
Swap agreements		427,474			—			—			(176,551	)		—		250,923
Futures contracts		(99,080	)		—			—			—			—		(99,080	)
Forward foreign currency contracts^(B)		—			(234,485	)		—			—			—		(234,485	)
Total	$	328,394		$	(234,485	)	$	(3,713,385	)	$	(176,551	)	$	—		(3,796,027	)

Inflation Opportunities
Forward foreign currency contracts^(B)	$	—		$	(1,813,672	)	$	—		$	—		$	—	$	(1,813,672	)
Total	$	—		$	(1,813,672	)	$	—		$	—		$	—	$	(1,813,672	)

Inflation-Protected Securities
Purchased options and swaptions^(A)	$	7,054		$	(21,916	)	$	—		$	—		$	—	$	(14,862	)
Written options and swaptions		(340,278	)		26,014			—			—			—		(314,264	)
Swap agreements		(181,304	)		—			—			—			—		(181,304	)
Futures contracts		(289,713	)		—			—			—			—		(289,713	)
Forward foreign currency contracts^(B)		—			(544,354	)		—			—			—		(544,354	)
Total	$	(804,241	)	$	(540,256	)	$	—		$	—		$	—	$	(1,344,497	)

MLP & Energy Income
Written options and swaptions	$	—		$	—		$	92,964		$	—		$	—	$	92,964
Total	$	—		$	—		$	92,964		$	—		$	—	$	92,964

Multi-Managed Balanced
Futures contracts	$	—		$	—		$	1,730,689		$	—		$	—	$	1,730,689
Total	$	—		$	—		$	1,730,689		$	—		$	—	$	1,730,689

Unconstrained Bond
Futures contracts	$	1,244,666		$	—		$	—		$	—		$	—	$	1,244,666
Total	$	1,244,666		$	—		$	—		$	—		$	—	$	1,244,666


Transamerica Funds		Annual Report 2017

Page 522

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

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
Balanced II
Futures contracts	$	—		$	—		$	4,190		$	—	$	—	$	4,190
Total	$	—		$	—		$	4,190		$	—	$	—	$	4,190

Capital Growth
Purchased options and swaptions ^(C)	$	—		$	(396,662	)	$	—		$	—	$	—	$	(396,662	)
Total	$	—		$	(396,662	)	$	—		$	—	$	—	$	(396,662	)

Dynamic Allocation
Purchased options and swaptions ^(C)	$	—		$	—		$	(34,827	)	$	—	$	—	$	(34,827	)
Total	$	—		$	—		$	(34,827	)	$	—	$	—	$	(34,827	)

Emerging Markets Debt
Forward foreign currency contracts^(D)	$	—		$	(175,426	)	$	—		$	—	$	—	$	(175,426	)
Total	$	—		$	(175,426	)	$	—		$	—	$	—	$	(175,426	)

Event Driven
Purchased options and swaptions ^(C)	$	—		$	—		$	106,427		$	—	$	—	$	106,427
Swap agreements		(314,370	)		—			—			19,202		—		(295,168	)
Futures contracts		13,095			—			—			—		—		13,095
Forward foreign currency contracts^(D)		—			(30,941	)		—			—		—		(30,941	)
Total	$	(301,275	)	$	(30,941	)	$	106,427		$	19,202	$	—	$	(206,587	)

Inflation Opportunities
Forward foreign currency contracts^(D)	$	—		$	318,168		$	—		$	—	$	—	$	318,168
Total	$	—		$	318,168		$	—		$	—	$	—	$	318,168

Inflation-Protected Securities
Purchased options and swaptions ^(C)	$	(47,993	)	$	—		$	—		$	—	$	—	$	(47,993	)
Written options and swaptions		(14,353	)		—			—			—		—		(14,353	)
Swap agreements		173,461			—			—			—		—		173,461
Futures contracts		16,541			—			—			—		—		16,541
Forward foreign currency contracts^(D)		—			238,161			—			—		—		238,161
Total	$	127,656		$	238,161		$	—		$	—	$	—	$	365,817

Multi-Managed Balanced
Futures contracts	$	—		$	—		$	125,440		$	—	$	—	$	125,440
Total	$	—		$	—		$	125,440		$	—	$	—	$	125,440

Unconstrained Bond
Futures contracts	$	7,126		$	—		$	—		$	—	$	—	$	7,126
Total	$	7,126		$	—		$	—		$	—	$	—	$	7,126


(A)		Included within Net realized gain (loss) on transactions from Investments on the Statements of Operations.
(B)		Included within Net realized gain (loss) on transactions from Foreign currency transactions on the Statements of Operations.
(C)		Included within Net change in unrealized appreciation (depreciation) on Investments on the Statements of Operations.
(D)		Included within Net change in unrealized appreciation (depreciation) on Translation of assets and liabilities denominated in foreign currencies on Statements of Operations.

The following is a summary of the ending monthly average volume on derivative activity during the year ended October 31, 2017.


	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	$	—	$	—	$	—	$	—	$	—		27		—	$	—	$	—	$	—
Capital Growth		96,643		—		—		—		—		—		—		—		—		—
Dynamic Allocation		—		119,453		—		—		—		—		—		—		—		—
Emerging Markets Debt		—		—		—		—		—		—		—		36,032,136		31,183,441		1,583,295


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At October 31, 2017

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


	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
Event Driven	$	155,317	$	147,663	$	(479	)	$	(3,710	)	$	7,381,390		—		(5,953,846	)	$	459,143	$	13,942,122	$	—
Inflation Opportunities		—		—		—			—			—		—		—			—		24,091,962		—
Inflation-Protected Securities		36,982		414,164		(40,045	)		(40,045	)		70,517,641		14,700,000		(92,207,143	)		604,964		16,562,809		258,757
MLP & Energy Income		—		—		(19,077	)		—			—		—		—			—		—		—
Multi-Managed Balanced		—		—		—			—			—		4,223		—			—		—		—
Unconstrained Bond		—		—		—			—			—		—		(46,530,769	)		—		—		—

The 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 its 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, the Funds may be required to post collateral on derivatives if the Funds are in a net liability position with the counterparty exceeding certain amounts. Additionally, counterparties may immediately terminate derivatives contracts if the Funds fail to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages.

For financial reporting proposes, cash collateral that has been pledged or received at the custodian and/or broker to cover obligations of each Fund, if any, is reported separately in Cash collateral pledged at custodian and/or broker, and Cash collateral received at the 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 is made. 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.


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NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

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

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.


Counterparty	Gross Amounts of Assets Presented within Statements of Assets and Liabilities^(A)		Gross Amounts Not Offset within Statements of Assets and Liabilities						Net Amount		Gross Amounts of Liabilities Presented within Statements of Assets and Liabilities^(A)		Gross Amounts Not Offset within Statements of Assets and Liabilities					Net Amount
Counterparty			Financial Instruments			Collateral Received ^(B)			Net Amount				Financial Instruments			Collateral Pledged ^(B)		Net Amount
	Assets										Liabilities
Capital Growth
Royal Bank of Scotland PLC	$	217,411	$	—		$	(217,411	)	$	—	$	—	$	—		$	—	$	—

Total	$	217,411	$	—		$	(217,411	)	$	—	$	—	$	—		$	—	$	—

Emerging Markets Debt
HSBC Bank USA	$	—	$	—		$	—		$	—	$	15,753	$	—		$	—	$	15,753
Other Derivatives ^(C)		47,570		—			—			47,570		364,660		—			—		364,660

Total	$	47,570	$	—		$	—		$	47,570	$	380,413	$	—		$	—	$	380,413

Event Driven
Citibank N.A.	$	158,030	$	—		$	—		$	158,030	$	—	$	—		$	—	$	—
Other Derivatives ^(C)		601,687		—			—			601,687		83,901		—			—		83,901

Total	$	759,717	$	—		$	—		$	759,717	$	83,901	$	—		$	—	$	83,901

Inflation Opportunities
J.P. Morgan Securities LLC	$	501,154	$	(60,570	)	$	—		$	440,584	$	60,570	$	(60,570	)	$	—	$	—

Total	$	501,154	$	(60,570	)	$	—		$	440,584	$	60,570	$	(60,570	)	$	—	$	—

Inflation-Protected Securities
Australia & New Zealand Banking Group	$	135,281	$	(2,185	)	$	—		$	133,096	$	2,185	$	(2,185	)	$	—	$	—
Bank of America, N.A.		—		—			—			—		5,000		—			—		5,000
BNP Paribas		—		—			—			—		90		—			—		90
Deutsche Bank AG		663,881		(156,869	)		(440,000	)		67,012		156,869		(156,869	)		—		—
Goldman Sachs International		1,371		—			—			1,371		—		—			—		—
JPMorgan Chase Bank, N.A.		12,445		—			—			12,445		—		—			—		—
Morgan Stanley Capital Services Inc.		18,204		(244	)		—			17,960		244		(244	)		—		—
National Australia Bank		—		—			—			—		6,418		—			—		6,418
Royal Bank of Scotland PLC		2,897		—			—			2,897		—		—			—		—
Standard Chartered Bank		14,101		(12	)		—			14,089		12		(12	)		—		—
UBS AG		—		—			—			—		7,871		—			—		7,871
Other Derivatives ^(C)		626,577		—			—			626,577		437,876		—			—		437,876

Total	$	1,474,757	$	(159,310	)	$	(440,000	)	$	875,447	$	616,565	$	(159,310	)	$	—	$	457,255


(A)		Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset within the Statements of Assets and Liabilities.
(B)		In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.
(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 may involve certain risks, as discussed in the Funds’ prospectuses, including but not limited to the following:

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 that are less fully developed and are less stable than those of more developed countries. Emerging market securities are often particularly sensitive to market movements because these market prices tend to reflect speculative expectations. Low trading volumes may result in a lack of liquidity and in extreme price volatility.

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


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7. RISK FACTORS (continued)

less creditworthy, or the credit quality or value of any underlying assets declines. When the value of fixed-income securities 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, so there is 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 may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of investments may decline because of factors affecting a 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 new 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 “gates” on Fund redemptions, as permitted under the new 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 and the creditworthiness of the issuers 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.

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 an investment in MLPs. 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 investments in such securities may decline if interest rates rise. The value of an 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


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At October 31, 2017

7. RISK FACTORS (continued)

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.

A fund may invest in municipal securities of issuers in Puerto Rico 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. Like many U.S. states and municipalities, Puerto Rico experienced a significant downturn during the recent recession. Puerto Rico’s downturn was particularly severe, and it continues to face a very challenging economic and fiscal environment. As a result, securities issued by many Puerto Rican issuers have low credit ratings or are on “negative watch” by credit rating organizations, and markets in such securities have been volatile. If the economic situation in Puerto Rico persists or worsens, the volatility and credit quality of Puerto Rican municipal securities could be adversely affected, and the market for such securities may experience continued volatility.

Real estate investment trusts (“REIT”) and real estate risk: Investments in the real estate industry and REITs are subject to risks associated with direct investment in real estate. These risks include declines in the value of real estate, adverse general and local economic conditions, increased competition, overbuilding and changes in operating expenses, property taxes or interest rates. 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.

Small and medium capitalization risk: Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. The prices of securities of small and medium capitalization companies generally are more volatile than those of large 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


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At October 31, 2017

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

USA. Aegon USA is wholly owned by Aegon US Holding Corporation, which is wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by The Aegon Trust, which is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Aegon USA Investment Management LLC (“AUIM”) is both an affiliate and a sub-adviser of Balanced II, Flexible Income, Floating Rate, Government Money Market, High Yield Bond, Intermediate Bond, Multi-Managed Balanced, and Short-Term Bond.

As of October 31, 2017, the percentage of each Fund’s net assets owned by affiliated investors are as follows. Funds not listed in the subsequent tables are not owned by affiliated investors.


Bond	Value		Percentage of Net Assets
Transamerica Asset Allocation – Conservative Portfolio	$	60,702,787		29.05	%
Transamerica Asset Allocation – Moderate Growth Portfolio		48,970,963		23.44
Transamerica Asset Allocation – Moderate Portfolio		75,448,592		36.10
Transamerica Madison Balanced Allocation VP		1,388,152		0.66
Transamerica Madison Conservative Allocation VP		3,627,185		1.74
Total	$	190,137,679		90.99	%


Capital Growth
Transamerica Asset Allocation – Conservative Portfolio	$	18,132,978		2.18	%
Transamerica Asset Allocation – Growth Portfolio		68,401,098		8.21
Transamerica Asset Allocation – Moderate Growth Portfolio		85,461,447		10.25
Transamerica Asset Allocation – Moderate Portfolio		43,926,396		5.27
Total	$	215,921,919		25.91	%


Concentrated Growth
Transamerica Asset Allocation – Conservative Portfolio	$	14,904,218		6.60	%
Transamerica Asset Allocation – Growth Portfolio		56,177,260		24.86
Transamerica Asset Allocation – Moderate Growth Portfolio		69,172,092		30.61
Transamerica Asset Allocation – Moderate Portfolio		39,759,929		17.60
Total	$	180,013,499		79.67	%


Dividend Focused
Transamerica Asset Allocation – Conservative Portfolio	$	46,096,997		6.60	%
Transamerica Asset Allocation – Growth Portfolio		162,304,645		23.22
Transamerica Asset Allocation – Moderate Growth Portfolio		212,605,028		30.42
Transamerica Asset Allocation – Moderate Portfolio		111,416,402		15.94
Transamerica Madison Balanced Allocation VP		6,178,933		0.88
Transamerica Madison Conservative Allocation VP		2,770,666		0.40
Total	$	541,372,671		77.46	%


Emerging Markets Debt
Transamerica Asset Allocation – Conservative Portfolio	$	44,187,158		4.70	%
Transamerica Asset Allocation – Moderate Growth Portfolio		78,884,630		8.39
Transamerica Asset Allocation – Moderate Portfolio		72,210,862		7.69
Transamerica Multi-Manager Alternative Strategies Portfolio		11,054,563		1.18
Transamerica Multi-Manager Alternative Strategies VP		129,804		0.01
Total	$	206,467,017		21.97	%


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NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)


Emerging Markets Equity	Value		Percentage of Net Assets
Transamerica Asset Allocation – Conservative Portfolio	$	10,276,946		4.31	%
Transamerica Asset Allocation – Growth Portfolio		60,956,204		25.54
Transamerica Asset Allocation – Moderate Growth Portfolio		86,003,440		36.02
Transamerica Asset Allocation – Moderate Portfolio		44,787,222		18.76
Transamerica Multi-Manager Alternative Strategies Portfolio		2,974,741		1.25
Transamerica Multi-Manager Alternative Strategies VP		37,044		0.02
Total	$	205,035,597		85.90	%


Event Driven
Transamerica Asset Allocation – Conservative Portfolio	$	10,568,601		11.71	%
Transamerica Asset Allocation – Growth Portfolio		23,000,389		25.48
Transamerica Asset Allocation – Moderate Growth Portfolio		20,651,584		22.88
Transamerica Asset Allocation – Moderate Portfolio		16,784,029		18.60
Transamerica Multi-Manager Alternative Strategies Portfolio		18,292,366		20.27
Transamerica Multi-Manager Alternative Strategies VP		230,802		0.26
Total	$	89,527,771		99.20	%


Flexible Income
Transamerica Asset Allocation – Conservative Portfolio	$	22,164,253		5.03	%
Transamerica Asset Allocation – Moderate Growth Portfolio		36,777,282		8.35
Transamerica Asset Allocation – Moderate Portfolio		52,048,121		11.83
Total	$	110,989,656		25.21	%


Floating Rate
Transamerica Asset Allocation – Conservative Portfolio	$	50,736,574		7.92	%
Transamerica Asset Allocation – Conservative VP		7,804,496		1.22
Transamerica Asset Allocation – Moderate Growth Portfolio		68,974,583		10.77
Transamerica Asset Allocation – Moderate Growth VP		180,624,501		28.22
Transamerica Asset Allocation – Moderate Portfolio		72,618,956		11.34
Transamerica Asset Allocation – Moderate VP		112,066,789		17.50
Total	$	492,825,899		76.97	%


Government Money Market
Transamerica Asset Allocation Intermediate Horizon	$	571,541		0.05	%
Transamerica Asset Allocation Long Horizon		467,594		0.04
Transamerica Asset Allocation Short Horizon		380,432		0.03
Total	$	1,419,567		0.12	%


Growth
Transamerica Asset Allocation – Conservative Portfolio	$	26,990,433		7.65	%
Transamerica Asset Allocation – Growth Portfolio		102,827,273		29.15
Transamerica Asset Allocation – Moderate Growth Portfolio		127,434,359		36.12
Transamerica Asset Allocation – Moderate Portfolio		64,571,748		18.30
Total	$	321,823,813		91.22	%


High Quality Bond
Transamerica Asset Allocation Intermediate Horizon	$	36,828,042		12.18	%
Transamerica Asset Allocation Long Horizon		1,288,628		0.43
Transamerica Asset Allocation Short Horizon		31,408,730		10.39
Total	$	69,525,400		23.00	%


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Page 529

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)



High Yield Bond	Value		Percentage of Net Assets
Transamerica Asset Allocation – Conservative Portfolio	$	441		0.00	%^(A)
Transamerica Asset Allocation – Conservative VP		88,685,833		4.40
Transamerica Asset Allocation – Growth VP		28,920,451		1.43
Transamerica Asset Allocation – Moderate Growth VP		278,343,791		13.81
Transamerica Asset Allocation – Moderate Portfolio		1,534		0.00	^(A)
Transamerica Asset Allocation – Moderate VP		361,166,255		17.92
Transamerica Asset Allocation Intermediate Horizon		28,241,746		1.40
Transamerica Asset Allocation Long Horizon		5,264,029		0.26
Transamerica Asset Allocation Short Horizon		20,066,772		1.00
Transamerica International Moderate Growth VP		65,791,023		3.26
Transamerica Multi-Manager Alternative Strategies Portfolio		9,824,839		0.49
Transamerica Multi-Manager Alternative Strategies VP		123,843		0.01
Total	$	886,430,557		43.98	%


Inflation Opportunities
Transamerica Asset Allocation – Conservative Portfolio	$	46,617,598		26.85	%
Transamerica Asset Allocation – Moderate Growth Portfolio		32,874,879		18.93
Transamerica Asset Allocation – Moderate Portfolio		47,658,649		27.44
Transamerica Multi-Manager Alternative Strategies Portfolio		16,318,435		9.40
Transamerica Multi-Manager Alternative Strategies VP		201,188		0.12
Total	$	143,670,749		82.74	%


Inflation-Protected Securities
Transamerica Asset Allocation Intermediate Horizon	$	51,025,807		28.32	%
Transamerica Asset Allocation Long Horizon		8,509,352		4.72
Transamerica Asset Allocation Short Horizon		29,205,256		16.20
Total	$	88,740,415		49.24	%


Intermediate Bond
Transamerica Asset Allocation – Conservative Portfolio	$	96,523,248		3.12	%
Transamerica Asset Allocation – Conservative VP		356,149,002		11.53
Transamerica Asset Allocation – Moderate Growth Portfolio		103,800,588		3.36
Transamerica Asset Allocation – Moderate Growth VP		320,175,257		10.36
Transamerica Asset Allocation – Moderate Portfolio		133,955,758		4.33
Transamerica Asset Allocation – Moderate VP		945,407,132		30.59
Transamerica Asset Allocation Intermediate Horizon		110,054,558		3.56
Transamerica Asset Allocation Long Horizon		10,422,277		0.34
Transamerica Asset Allocation Short Horizon		87,073,278		2.82
Transamerica International Moderate Growth VP		51,923,576		1.68
Total	$	2,215,484,674		71.69	%


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8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)


International Equity	Value		Percentage of Net Assets
Transamerica Asset Allocation – Conservative Portfolio	$	52,427,764		0.97	%
Transamerica Asset Allocation – Conservative VP		86,289,550		1.60
Transamerica Asset Allocation – Growth Portfolio		159,591,565		2.95
Transamerica Asset Allocation – Growth VP		123,136,562		2.28
Transamerica Asset Allocation – Moderate Growth Portfolio		229,508,402		4.25
Transamerica Asset Allocation – Moderate Growth VP		514,574,812		9.51
Transamerica Asset Allocation – Moderate Portfolio		124,871,187		2.31
Transamerica Asset Allocation – Moderate VP		471,026,854		8.71
Transamerica Asset Allocation Intermediate Horizon		47,810,455		0.88
Transamerica Asset Allocation Long Horizon		61,131,357		1.13
Transamerica Asset Allocation Short Horizon		4,317,814		0.08
Transamerica International Moderate Growth VP		199,275,759		3.69
Transamerica Madison Balanced Allocation VP		6,425,675		0.12
Transamerica Madison Conservative Allocation VP		1,987,672		0.04
Total	$	2,082,375,428		38.52	%


International Small Cap Value
Transamerica Asset Allocation – Conservative Portfolio	$	12,129,053		1.42	%
Transamerica Asset Allocation – Conservative VP		20,751,751		2.44
Transamerica Asset Allocation – Growth Portfolio		47,766,890		5.61
Transamerica Asset Allocation – Growth VP		31,699,565		3.72
Transamerica Asset Allocation – Moderate Growth Portfolio		64,017,982		7.51
Transamerica Asset Allocation – Moderate Growth VP		131,694,781		15.46
Transamerica Asset Allocation – Moderate Portfolio		32,465,268		3.81
Transamerica Asset Allocation – Moderate VP		121,079,115		14.21
Transamerica International Moderate Growth VP		53,533,983		6.28
Total	$	515,138,388		60.46	%


Large Cap Value
Transamerica Asset Allocation – Conservative Portfolio	$	50,154,737		2.17	%
Transamerica Asset Allocation – Conservative VP		65,119,595		2.81
Transamerica Asset Allocation – Growth Portfolio		184,554,822		7.97
Transamerica Asset Allocation – Growth VP		160,776,275		6.94
Transamerica Asset Allocation – Moderate Growth Portfolio		237,728,699		10.26
Transamerica Asset Allocation – Moderate Growth VP		498,850,564		21.54
Transamerica Asset Allocation – Moderate Portfolio		122,572,808		5.29
Transamerica Asset Allocation – Moderate VP		513,763,880		22.18
Transamerica International Moderate Growth VP		24,494,379		1.06
Transamerica Madison Balanced Allocation VP		2,126,041		0.09
Transamerica Madison Conservative Allocation VP		352,326		0.02
Total	$	1,860,494,126		80.33	%


Large Growth
Transamerica Asset Allocation Intermediate Horizon	$	62,115,806		7.30	%
Transamerica Asset Allocation Long Horizon		59,616,192		7.01
Transamerica Asset Allocation Short Horizon		6,332,354		0.74
Total	$	128,064,352		15.05	%


Large Value Opportunities
Transamerica Asset Allocation Intermediate Horizon	$	57,354,732		8.34	%
Transamerica Asset Allocation Long Horizon		52,115,346		7.57
Transamerica Asset Allocation Short Horizon		6,160,653		0.90
Total	$	115,630,731		16.81	%


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8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)


Mid Cap Growth	Value		Percentage of Net Assets
Transamerica Asset Allocation – Growth VP	$	9,729,861		3.86	%
Transamerica Asset Allocation – Moderate Growth VP		83,563,036		33.11
Transamerica Asset Allocation – Moderate VP		62,353,503		24.71
Transamerica Asset Allocation Intermediate Horizon		13,458,529		5.33
Transamerica Asset Allocation Long Horizon		14,977,770		5.93
Total	$	184,082,699		72.94	%


Mid Cap Value Opportunities
Transamerica Asset Allocation – Conservative Portfolio	$	4,173,283		0.26	%
Transamerica Asset Allocation – Conservative VP		21,250,905		1.30
Transamerica Asset Allocation – Growth Portfolio		25,285,436		1.55
Transamerica Asset Allocation – Growth VP		17,290,005		1.06
Transamerica Asset Allocation – Moderate Growth Portfolio		37,398,837		2.29
Transamerica Asset Allocation – Moderate Growth VP		78,400,112		4.81
Transamerica Asset Allocation – Moderate Portfolio		17,885,945		1.10
Transamerica Asset Allocation – Moderate VP		90,689,927		5.55
Transamerica Asset Allocation Intermediate Horizon		12,156,291		0.75
Transamerica Asset Allocation Long Horizon		13,978,291		0.86
Transamerica Madison Balanced Allocation VP		552,899		0.03
Transamerica Madison Conservative Allocation VP		179,834		0.01
Total	$	319,241,765		19.57	%


MLP & Energy Income
Transamerica Asset Allocation – Conservative Portfolio	$	11,976,658		3.83	%
Transamerica Asset Allocation – Growth Portfolio		63,538,694		20.30
Transamerica Asset Allocation – Moderate Growth Portfolio		78,985,158		25.22
Transamerica Asset Allocation – Moderate Portfolio		38,456,375		12.28
Transamerica Multi-Manager Alternative Strategies Portfolio		4,327,108		1.38
Transamerica Multi-Manager Alternative Strategies VP		51,037		0.02
Total	$	197,335,030		63.03	%


Multi-Cap Growth
Transamerica Asset Allocation – Conservative Portfolio	$	12,691,067		4.93	%
Transamerica Asset Allocation – Growth Portfolio		33,139,084		12.87
Transamerica Asset Allocation – Moderate Growth Portfolio		56,431,688		21.91
Transamerica Asset Allocation – Moderate Portfolio		30,917,780		12.01
Total	$	133,179,619		51.72	%


Short-Term Bond
Transamerica Asset Allocation – Conservative Portfolio	$	66,345,227		2.07	%
Transamerica Asset Allocation – Moderate Growth Portfolio		35,279,476		1.10
Transamerica Asset Allocation – Moderate Portfolio		62,052,334		1.94
Transamerica BlackRock Tactical Allocation VP		219,656,136		6.87
Transamerica Madison Balanced Allocation VP		8,371,866		0.26
Transamerica Madison Conservative Allocation VP		9,596,232		0.30
Total	$	401,301,271		12.54	%


Small Cap Core
Transamerica Asset Allocation – Conservative Portfolio	$	4,837,411		1.93	%
Transamerica Asset Allocation – Growth Portfolio		3,402,519		1.36
Transamerica Asset Allocation – Moderate Growth Portfolio		13,374,957		5.33
Transamerica Asset Allocation – Moderate Portfolio		7,951,903		3.17
Transamerica Asset Allocation Short Horizon		3,977,784		1.58
Total	$	33,544,574		13.37	%


Transamerica Funds		Annual Report 2017

Page 532

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)


Small Cap Growth	Value		Percentage of Net Assets
Transamerica Asset Allocation – Conservative Portfolio	$	2,596,246		1.70	%
Transamerica Asset Allocation – Growth Portfolio		17,009,349		11.16
Transamerica Asset Allocation – Moderate Growth Portfolio		12,259,790		8.04
Transamerica Asset Allocation – Moderate Portfolio		7,474,165		4.90
Transamerica Asset Allocation Intermediate Horizon		13,044,643		8.56
Transamerica Asset Allocation Long Horizon		15,172,785		9.95
Total	$	67,556,978		44.31	%


Small Cap Value
Transamerica Asset Allocation – Conservative Portfolio	$	4,853,236		1.57	%
Transamerica Asset Allocation – Growth Portfolio		37,587,472		12.18
Transamerica Asset Allocation – Growth VP		20,638,303		6.69
Transamerica Asset Allocation – Moderate Growth Portfolio		26,893,177		8.72
Transamerica Asset Allocation – Moderate Growth VP		80,277,914		26.02
Transamerica Asset Allocation – Moderate Portfolio		16,205,863		5.25
Transamerica Asset Allocation – Moderate VP		61,418,548		19.90
Transamerica Asset Allocation Intermediate Horizon		13,142,083		4.26
Transamerica Asset Allocation Long Horizon		15,674,015		5.08
Total	$	276,690,611		89.67	%


Unconstrained Bond
Transamerica Asset Allocation – Conservative VP	$	22,302,209		8.29	%
Transamerica Asset Allocation – Growth VP		28,749,635		10.69
Transamerica Asset Allocation – Moderate Growth VP		77,258,293		28.72
Transamerica Asset Allocation – Moderate VP		98,135,354		36.48
Transamerica International Moderate Growth VP		10,744,007		3.99
Transamerica Multi-Manager Alternative Strategies Portfolio		29,442,474		10.94
Transamerica Multi-Manager Alternative Strategies VP		368,722		0.14
Total	$	267,000,694		99.25	%


US Growth
Transamerica Asset Allocation – Conservative Portfolio	$	17,551,518		1.63	%
Transamerica Asset Allocation – Growth Portfolio		66,673,941		6.18
Transamerica Asset Allocation – Moderate Growth Portfolio		83,505,370		7.74
Transamerica Asset Allocation – Moderate Portfolio		41,778,221		3.88
Total	$	209,509,050		19.43	%


(A)		Percentage rounds to less than 0.01%.

Prior to the closing of the Transamerica Partners reorganizations, TAM provided investment advisory services to the applicable series of Transamerica Partners Funds Group, Transamerica Partners Institutional Funds Group and Transamerica Partners Portfolios (“Target Funds”) pursuant to investment advisory agreements. For TAM’s services, each non-asset allocation series of Transamerica Partners Funds Group and Transamerica Partners Institutional Funds Group (“Target Feeder Funds”) was allocated investment advisory fees based on the interest owned in the corresponding Series Portfolio. The investment advisory fees were accrued daily on Average Net Assets (“ANA”) and payable monthly. Each Target Feeder Fund invested all of its assets in a corresponding Series Portfolio, and the fees payable to TAM under the investment advisory agreement were reduced completely by the aggregate advisory fees allocated to the Target Feeder Fund by the corresponding Series Portfolio. For those Funds that were Destination Funds in the Transamerica Partners reorganizations where the accounting and performance survivor is a Target Feeder Fund, the investment advisory fees for the applicable Target Feeder Fund are included in the Statement of Operations within Investment Advisory fees. Please reference the Reorganization section of the Notes to Financial Statements for more information.


Transamerica Funds		Annual Report 2017

Page 533

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)


Fund	Rate
Balanced II
Fund		0.4800	%
Target Fund (accounting and performance survivor)		0.0000
Bond
First $200 million		0.7050	%
Over $200 million up to $750 million		0.6550
Over $750 million		0.6050
Capital Growth
First $500 million		0.8300	%
Over $500 million		0.7050
Concentrated Growth
First $650 million		0.6800	%
Over $650 million up to $1.15 billion		0.6600
Over $1.15 billion		0.6050
Dividend Focused
First $200 million		0.7800	%
Over $200 million up to $500 million		0.6800
Over $500 million		0.6300
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
Emerging Markets Debt
First $400 million		0.6300	%
Over $400 million		0.6100
Emerging Markets Equity
First $250 million		0.9800	%
Over $250 million up to $500 million		0.9600
Over $500 million		0.9300
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
Flexible Income
First $250 million		0.5050	%
Over $250 million up to $350 million		0.4550
Over $350 million		0.4300
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


Fund	Rate
Global Equity
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
Government Money Market
Effective October 13, 2017
First $1 billion		0.2500	%
Over $1 billion up to $3 billion		0.2400
Over $3 billion		0.2300
Prior to October 13, 2017
First $1 billion		0.2800
Over $1 billion up to $3 billion		0.2700
Over $3 billion		0.2600
Growth
First $250 million		0.8300	%
Over $250 million up to $500 million		0.7800
Over $500 million up to $1 billion		0.7300
Over $1 billion		0.6300
High Quality Bond
Fund		0.3800	%
Target Fund (accounting and performance survivor)		0.0000
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
Fund		0.3800	%
Target Fund (accounting and performance survivor)		0.0000
Intermediate Bond
Fund
First $2 billion		0.3800	%
Over $2 billion		0.3650
Target Fund (accounting and performance survivor)		0.0000
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


Transamerica Funds		Annual Report 2017

Page 534

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)


Fund	Rate
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		0.6900
International Small Cap Value
First $300 million		0.9550	%
Over $300 million up to $750 million		0.9300
Over $750 million		0.8800
Large Cap Value
First $750 million		0.6800	%
Over $750 million up to $1 billion		0.6500
Over $1 billion		0.6300
Large Core
Fund		0.6300	%
Target Fund (accounting and performance survivor)		0.0000
Large Growth
Fund
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
Target Fund (accounting and performance survivor)		0.0000
Large Value Opportunities
Fund		0.4800	%
Target Fund (accounting and performance survivor)		0.0000
Mid Cap Growth
Fund
First $1 billion		0.7500	%
Over $1 billion		0.7300
Target Fund (accounting and performance survivor)		0.0000
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
Multi-Cap Growth
First $700 million		0.7000	%
Over $700 million up to $1.5 billion		0.6900
Over $1.5 billion up to $3 billion		0.6700
Over $3 billion		0.6300
Multi-Managed Balanced
First $1 billion		0.6500	%
Over $1 billion up to $5 billion		0.5900
Over $5 billion		0.5800


Fund	Rate
Short-Term Bond
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
Fund
First $300 million		0.8300	%
Over $300 million		0.8000
Target Fund (accounting and performance survivor)		0.0000
Small Cap Growth
First $300 million		0.8700	%
Over $300 million		0.8300
Small Cap Value
Fund
First $250 million		0.8500	%
Over $250 million up to $500 million		0.8100
Over $500 million up to $750 million		0.7800
Over $750 million		0.7550
Target Fund (accounting and performance survivor)		0.0000
Small/Mid Cap Value
Effective December 5, 2016
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
Prior to December 5, 2016
First $500 million		0.8300
Over $500 million		0.7800
Strategic High Income
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
Unconstrained Bond
First $1 billion		0.6700	%
Over $1 billion up to $2 billion		0.6550
Over $2 billion		0.6500
US Growth
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


Transamerica Funds		Annual Report 2017

Page 535

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

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. For the Funds impacted by the Transamerica Partners reorganizations, please reference the Reorganization section of the Notes to Financial Statements for more information.


Fund	Operating Expense Limit			Operating Expense Limit Effective Through
Balanced II
Effective reorganization date September 15, 2017
Class I3 ^(A)		0.50	%		May 1, 2018
Class R		1.10			May 1, 2018
Prior to reorganization date September 15, 2017
Target Fund (accounting and performance survivor)		1.10
Bond
Effective March 1, 2017
Class I2, Class R6		0.71	%		March 1, 2018
Prior to March 1, 2017
Fund Level ^(B)		0.71
Capital Growth
Effective March 1, 2017
Class A		1.45	%		March 1, 2018
Class B, Class C		2.20			March 1, 2018
Class I, Class I2, Advisor Class		1.20			March 1, 2018
Class T1 ^(C)		1.45			April 1, 2018
Prior to March 1, 2017
Fund Level ^(B)		1.20
Concentrated Growth
Effective March 1, 2017
Class A		1.20	%		March 1, 2018
Class C		1.95			March 1, 2018
Class I, Class I2, Advisor Class		0.95			March 1, 2018
Class T1 ^(C)		1.20			April 1, 2018
Prior to March 1, 2017
Fund Level ^(B)		0.95
Dividend Focused
Effective March 1, 2017
Class A		1.15	%		March 1, 2018
Class C		1.90			March 1, 2018
Class I, Class I2, Class R6, Advisor Class		0.90			March 1, 2018
Class T1 ^(C)		1.15			April 1, 2018
Prior to March 1, 2017
Fund Level ^(B)		0.90
Dynamic Allocation
Effective March 1, 2017
Class A		1.10	%		March 1, 2018
Class C		1.85			March 1, 2018
Class I		0.85			March 1, 2018
Class T1 ^(C)		1.10			April 1, 2018
Prior to March 1, 2017
Fund Level ^(B)		0.85


Fund	Operating Expense Limit			Operating Expense Limit Effective Through
Dynamic Income
Effective March 1, 2017
Class A		0.92	%		March 1, 2018
Class C		1.67			March 1, 2018
Class I, Advisor Class ^(D)		0.67			March 1, 2018
Class T1 ^(C)		0.92			April 1, 2018
Prior to March 1, 2017
Fund Level ^(B)		0.67
Emerging Markets Debt
Effective March 1, 2017
Class A		1.25	%		March 1, 2018
Class C		2.00			March 1, 2018
Class I, Class I2, Class R6, Advisor Class		1.00			March 1, 2018
Class T1^(C)		1.25			April 1, 2018
Prior to March 1, 2017
Fund Level ^(B)		1.00
Emerging Markets Equity
Effective March 1, 2017
Class A		1.75	%		March 1, 2018
Class C		2.50			March 1, 2018
Class I, Class I2, Advisor Class		1.50			March 1, 2018
Class T1 ^(C)		1.75			April 1, 2018
Prior to March 1, 2017
Fund Level ^(B)		1.50
Event Driven
Effective March 1, 2017
Class I, Class I2, Advisor Class		1.35	%		March 1, 2018
Prior to March 1, 2017
Fund Level^(B)		1.35
Flexible Income
Effective March 1, 2017
Class A		1.10	%		March 1, 2018
Class B, Class C		1.85			March 1, 2018
Class I, Class I2, Class R6, Advisor Class		0.85			March 1, 2018
Class T1 ^(C)		1.10			April 1, 2018
Prior to March 1, 2017
Fund Level^(B)		0.85
Floating Rate
Effective March 1, 2017
Class A		1.05	%		March 1, 2018
Class C		1.80			March 1, 2018
Class I, Class I2		0.80			March 1, 2018
Class T1 ^(C)		1.05			April 1, 2018
Prior to March 1, 2017
Fund Level^(B)		0.80


Transamerica Funds		Annual Report 2017

Page 536

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)


Fund	Operating Expense Limit			Operating Expense Limit Effective Through
Global Equity
Effective March 1, 2017
Class A		1.35	%		March 1, 2018
Class B, Class C		2.10			March 1, 2018
Class I, Class R6, Advisor Class		1.10			March 1, 2018
Class T1 ^(C)		1.35			April 1, 2018
Prior to March 1, 2017
Fund Level^(B)		1.10
Government Money Market
Effective March 1, 2017
Class A		0.73	%		March 1, 2018
Class B, Class C		1.48			March 1, 2018
Class I, Class I2		0.48			March 1, 2018
Class I3 ^(E)		0.30			March 1, 2018
Class R2 ^(F),		0.80			May 1, 2018
Class R4 ^(F)		0.50			May 1, 2018
Prior to March 1, 2017
Fund Level^(B)		0.48
Growth
Effective March 1, 2017
Class I2, Class R6		N/A			March 1, 2018
Prior to March 1, 2017
Fund Level^(B)		N/A
High Quality Bond
Effective reorganization date April 21, 2017
Class I3 ^(G)		0.40	%		May 1, 2018
Class R ^(G)		1.00			May 1, 2018
Class R4		0.65			May 1, 2018
Prior to reorganization date April 21, 2017
Target Fund (accounting and performance survivor)		0.65
High Yield Bond
Effective March 1, 2017
Class A		1.20	%		March 1, 2018
Class B, Class C		1.95			March 1, 2018
Class I, Class I2, Class R6, Advisor Class		0.95			March 1, 2018
Class I3 ^(H)		0.60			May 1, 2018
Class R ^(H)		1.10			May 1, 2018
Class R4 ^(H)		0.85			May 1, 2018
Class T1 ^(C)		1.20			April 1, 2018
Prior to March 1, 2017
Fund Level^(B)		0.95
High Yield Muni
Effective March 1, 2017
Class A		1.01	%		March 1, 2018
Class C		1.76			March 1, 2018
Class I, Class I2		0.76			March 1, 2018
Class T1 ^(C)		1.01			April 1, 2018
Prior to March 1, 2017
Fund Level^(B)		0.76


Fund	Operating Expense Limit			Operating Expense Limit Effective Through
Inflation Opportunities
Effective March 1, 2017
Class A		1.00	%		March 1, 2018
Class C		1.75			March 1, 2018
Class I, Class I2, Class R6		0.75			March 1, 2018
Class T1 ^(C)		1.00			April 1, 2018
Prior to March 1, 2017
Fund Level^(B)		0.75
Inflation-Protected Securities
Effective reorganization date April 21, 2017
Class I3 ^(G)		0.40	%		May 1, 2018
Class R ^(G)		1.00			May 1, 2018
Class R4		0.65			May 1, 2018
Prior to reorganization date April 21, 2017
Target Fund (accounting and performance survivor)		0.65
Intermediate Bond
Effective reorganization date March 24, 2017
Class I2 ^(H)		0.55	%		March 1, 2018
Class I3 ^(H)		0.40			May 1, 2018
Class R ^(H)		1.00			May 1, 2018
Class R4		0.65			May 1, 2018
Prior to reorganization date March 24, 2017
Target Fund (accounting and performance survivor)		0.65
Intermediate Muni
Effective March 1, 2017
Class A		0.96	%		March 1, 2018
Class C		1.71			March 1, 2018
Class I, Class I2, Advisor Class		0.71			March 1, 2018
Class T1 ^(C)		0.96			April 1, 2018
Prior to March 1, 2017
Fund Level^(B)		0.71
International Equity
Effective March 1, 2017
Class A		1.35	%		March 1, 2018
Class C		2.10			March 1, 2018
Class I, Class I2, Class R6, Advisor Class		1.10			March 1, 2018
Class I3 ^(I)		0.90			May 1, 2018
Class R ^(I)		1.40			May 1, 2018
Class R4 ^(I)		1.15			May 1, 2018
Class T1 ^(C)		1.35			April 1, 2018
Prior to March 1, 2017
Fund Level^(B)		1.10


Transamerica Funds		Annual Report 2017

Page 537

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)


Fund	Operating Expense Limit			Operating Expense Limit Effective Through
International Small Cap Value
Effective March 1, 2017
Class I, Class I2		1.22	%		March 1, 2018
Prior to March 1, 2017
Fund Level^(B)		1.22
Large Cap Value
Effective March 1, 2017
Class A		1.15	%		March 1, 2018
Class C		1.90			March 1, 2018
Class I, Class I2, Class R6, Advisor Class		0.90			March 1, 2018
Class T1 ^(C)		1.15			April 1, 2018
Prior to March 1, 2017
Fund Level ^(B)		0.95
Large Core ^(J)
Effective reorganization date March 10, 2017
Class I3 ^(I)		0.65	%		May 1, 2018
Class R ^(I)		1.15			May 1, 2018
Class R4		0.90			May 1, 2018
Prior to reorganization date March 10, 2017
Target Fund (accounting and performance survivor)		0.90
Large Growth
Effective reorganization date March 10, 2017
Class I3 ^(I)		0.65	%		May 1, 2018
Class R ^(I)		1.25			May 1, 2018
Class R4		0.90			May 1, 2018
Prior to reorganization date March 10, 2017
Target Fund (accounting and performance survivor)		0.90
Large Value Opportunities ^(J)
Effective reorganization date May 5, 2017
Class I3 ^(K)		0.50	%		May 1, 2018
Class R ^(K)		1.00			May 1, 2018
Class R4		0.75			May 1, 2018
Prior to reorganization date May 5, 2017
Target Fund (accounting and performance survivor)		0.75


Fund	Operating Expense Limit			Operating Expense Limit Effective Through
Mid Cap Growth
Effective reorganization date March 10, 2017
Class A ^(I)		1.30	%		March 1, 2018
Class C ^(I)		2.05			March 1, 2018
Class I ^(I), Class I2 ^(I), Advisor Class ^(I)		1.05			March 1, 2018
Class I3 ^(I)		0.75			May 1, 2018
Class R ^(I)		1.35			May 1, 2018
Class R4		0.95			May 1, 2018
Class T1 ^(C)		1.30			April 1, 2018
Prior to reorganization date March 10, 2017
Target Fund (accounting and performance survivor)		0.95
Mid Cap Value Opportunities
Effective March 1, 2017
Class A		1.20	%		March 1, 2018
Class C		1.95			March 1, 2018
Class I, Class I2, Class R6, Advisor Class		0.95			March 1, 2018
Class I3 ^(H)		0.70			May 1, 2018
Class R ^(H)		1.25			May 1, 2018
Class R4 ^(H)		0.90			May 1, 2018
Class T1 ^(C)		1.20			April 1, 2018
Prior to March 1, 2017
Fund Level^(B)		0.95
MLP & Energy Income
Effective March 1, 2017
Class A		1.60	%		March 1, 2018
Class C		2.35			March 1, 2018
Class I, Class I2, Advisor Class		1.35			March 1, 2018
Class T1 ^(C)		1.60			April 1, 2018
Prior to March 1, 2017
Fund Level^(B)		1.35
Multi-Cap Growth
Effective March 1, 2017
Class A		1.25	%		March 1, 2018
Class B, Class C		2.00			March 1, 2018
Class I, Class I2, Advisor Class		1.00			March 1, 2018
Class T1 ^(C)		1.25			April 1, 2018
Prior to March 1, 2017
Fund Level^(B)		1.00
Multi-Managed Balanced
Effective March 1, 2017
Class A		1.40	%		March 1, 2018
Class B, Class C		2.15			March 1, 2018
Class I, Class R6, Advisor Class ^(D)		1.15			March 1, 2018
Class T1 ^(C)		1.40			April 1, 2018
Prior to March 1, 2017
Fund Level^(B)		1.15


Transamerica Funds		Annual Report 2017

Page 538

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)


Fund	Operating Expense Limit			Operating Expense Limit Effective Through
Short-Term Bond
Effective March 1, 2017
Class A		1.00	%		March 1, 2018
Class C		1.75			March 1, 2018
Class I, Class I2, Class R6, Advisor Class		0.75			March 1, 2018
Class T1 ^(C)		1.00			April 1, 2018
Prior to March 1, 2017
Fund Level^(B)		0.75
Small Cap Core
Effective reorganization date March 10, 2017
Class A ^(I)		1.30	%		March 1, 2018
Class C ^(I)		2.05			March 1, 2018
Class I ^(I), Class I2 ^(I), Advisor Class ^(I)		1.05			March 1, 2018
Class I3 ^(I)		0.85			May 1, 2018
Class R ^(I)		1.50			May 1, 2018
Class R4		1.10			May 1, 2018
Class T1 ^(C)		1.30			April 1, 2018
Prior to reorganization date March 10, 2017
Target Fund (accounting and performance survivor)		1.10
Small Cap Growth
Effective March 1, 2017
Class A		1.40	%		March 1, 2018
Class C		2.15			March 1, 2018
Class I, Class I2, Class R6, Advisor Class		1.15			March 1, 2018
Class I3 ^(I)		0.90			May 1, 2018
Class R ^(I)		1.55			May 1, 2018
Class R4 ^(I)		1.15			May 1, 2018
Class T1 ^(C)		1.40			April 1, 2018
Prior to March 1, 2017
Fund Level^(B)		1.15
Small Cap Value
Effective reorganization date April 21, 2017
Class A ^(G)		1.30	%		March 1, 2018
Class C ^(G)		2.05			March 1, 2018
Class I ^(G), Class I2 ^(G), Class R6 ^(G), Advisor Class ^(G)		1.05			March 1, 2018
Class I3 ^(G)		0.85			May 1, 2018
Class R ^(G)		1.50			May 1, 2018
Class R4		1.10			May 1, 2018
Class T1 ^(G)		1.30			April 1, 2018
Prior to reorganization date April 21, 2017
Target Fund (accounting and performance survivor)		1.10


Fund	Operating Expense Limit			Operating Expense Limit Effective Through
Small/Mid Cap Value
Effective March 1, 2017
Class A		1.40	%		March 1, 2018
Class B, Class C		2.15			March 1, 2018
Class I, Class I2, Class R6, Advisor Class		1.15			March 1, 2018
Class T1 ^(C)		1.40			April 1, 2018
Prior to March 1, 2017
Fund Level^(B)		1.15
Strategic High Income
Effective March 1, 2017
Class A		1.20	%		March 1, 2018
Class C		1.95			March 1, 2018
Class I, Class I2, Advisor Class		0.95			March 1, 2018
Class T1 ^(C)		1.20			April 1, 2018
Prior to March 1, 2017
Fund Level^(B)		0.95
Unconstrained Bond
Effective March 1, 2017
Class I, Class I2, Advisor Class		0.95	%		March 1, 2018
Prior to March 1, 2017
Fund Level^(B)		0.95
US Growth
Effective March 1, 2017
Class A		1.42	%		March 1, 2018
Class B, Class C		2.17			March 1, 2018
Class I, Class I2, Class T, Advisor Class		1.17			March 1, 2018
Class T1 ^(C)		1.42			April 1, 2018
Prior to March 1, 2017
Fund Level^(B)		1.17

^(A)	Class commenced operations on September 15, 2017.

^(B)	Prior to March 1, 2017, TAM’s expense limitation contractual arrangements with the Funds were applied at the Fund level and excluded distribution fees (Rule 12b-1 fees) for all applicable share classes.

^(C)	Class commenced operations on March 17, 2017.

^(D)	Class commenced operations on March 3, 2017.

^(E)	Class commenced operations on May 19, 2017.

^(F)	Class commenced operations on October 13, 2017.

^(G)	Class commenced operations on April 21, 2017.

^(H)	Class commenced operations on March 24, 2017.

^(I)	Class commenced operations on March 10, 2017.

^(J)	TAM has voluntarily agreed to waive a portion of its management fee. These amounts are not subject to recapture by TAM in future years.

^(K)	Class commenced operations on May 5, 2017.


Transamerica Funds		Annual Report 2017

Page 539

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

For those Destination Transamerica Partners reorganizations where the accounting and performance survivor is not the Destination Fund, expenses paid by the Funds for fees waived and/or reimbursed during any of the previous 36 months prior to the reorganization are eligible to be recaptured by TAM. The Statements of Operations represents activity for the ten months of January 1, 2017 through October 31, 2017. Please reference the Reorganization section of the Notes to the Financial Statements for additional information.

As of October 31, 2017, 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. Government Money Market is discussed in further detail in proceeding notes and tables.


	Amounts Available from Fiscal Years
Fund	2015		2016		2017		Total
Balanced II
Class I3	$	—	$	—	$	11,137	$	11,137
Class R		—		—		5,709		5,709
Bond
Class I2		—		63,787		134,360		198,147
Class R6		—		—		951		951
Capital Growth
Class B		—		392		2,652		3,044
Concentrated Growth
Class A		—		—		12,857		12,857
Advisor Class		—		—		1		1
Dividend Focused
Advisor Class		—		—		3		3
Dynamic Allocation
Class A		38,697		27,381		44,299		110,377
Class C		27,437		21,410		37,597		86,444
Class I		10,422		4,549		13,169		28,140
Class T1		—		—		21		21
Dynamic Income
Advisor Class		—		—		6		6
Event Driven
Class I		—		—		132		132
Class I2		89,284		48,658		161,964		299,906
Advisor Class		—		—		31		31
Flexible Income
Class B		—		—		140		140
Floating Rate
Class A		—		—		12,386		12,386
Class C		1,907		2,210		5,582		9,699
Class I		—		3,377		27,236		30,613
Global Equity
Class A		4,238		22,402		67,263		93,903
Class B		9,073		5,277		5,032		19,382
Class C		—		11,260		67,152		78,412
Class I		—		—		12,612		12,612
Class Advisor		—		—		13		13
High Quality Bond
Class I3		—		—		93,980		93,980
Class R4		—		—		17,025		17,025
High Yield Bond
Class I3		—		—		62,116		62,116
Class R						18,677		18,677
Class R4		—		—		59,976		59,976


	Amounts Available from Fiscal Years
Fund	2015		2016		2017		Total
High Yield Muni
Class A	$	28,043	$	10,570	$	21,232	$	59,845
Class C		4,488		1,821		10,480		16,789
Class I		28,982		11,754		44,555		85,291
Inflation Opportunities
Class A		—		—		3,542		3,542
Class C		—		—		501		501
Class I		52		135		319		506
Inflation-Protected Securities
Class I3		—		—		89,712		89,712
Class R		—		—		2,143		2,143
Class R4		—		—		25,133		25,133
Intermediate Bond
Class I3		—		—		78,206		78,206
Class R4		—		—		37,658		37,658
Large Core
Class I3		—		—		93,979		93,979
Class R		—		—		34,379		34,379
Class R4		—		—		5,198		5,198
Large Growth
Class I3		—		—		286,418		286,418
Class R4		—		—		25,370		25,370
Large Value Opportunities
Class I3		—		—		174,362		174,362
Class R		—		—		35,738		35,738
Class R4		—		—		19,121		19,121
Mid Cap Growth
Class I3		—		—		40,825		40,825
Class R		—		—		3,449		3,449
Class R4		—		—		13,444		13,444
Advisor Class		—		—		1		1
Mid Cap Value Opportunities
Class I3		—		—		111,199		111,199
Class R		—		—		13,901		13,901
Class R4		—		—		306,187		306,187
Class R6		—		—		1		1
MLP & Energy Income
Class C		—		—		3,458		3,458
Advisor Class		—		—		3		3


Transamerica Funds		Annual Report 2017

Page 540

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)


	Amounts Available from Fiscal Years
Fund	2015		2016		2017		Total
Multi-Cap Growth
Class A	$	—	$	55,957	$	118,223	$	174,180
Class B		—		5,384		6,858		12,242
Class C		—		7,513		13,994		21,507
Small Cap Core
Class A		—		—		4,373		4,373
Class C		—		—		731		731
Class I		—		—		1,058		1,058
Class I3		—		—		136,519		136,519
Class R4		—		—		7,868		7,868
Advisor Class		—		—		10		10
Small Cap Growth
Class A		—		—		12,851		12,851
Class C		—		—		1,990		1,990
Class I		—		—		2,106		2,106
Class I3		—		—		40,766		40,766
Class R		—		—		3,594		3,594
Class R4		—		—		8,372		8,372
Advisor Class		—		—		14		14


	Amounts Available from Fiscal Years
Fund	2015		2016		2017		Total
Small Cap Value
Class A	$	—	$	582	$	3,911	$	4,493
Class I		—		—		101		101
Class I3		—		—		19,421		19,421
Class R4		—		—		619		619
Advisor Class		—		—		8		8
Strategic High Income
Class I		2,343		29,532		25,467		57,342
Class I2		9,501		—		—		9,501
Advisor Class		—		—		10		10
Unconstrained Bond
Advisor Class		—		—		6		6
US Growth
Class B		—		—		2,780		2,780

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 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.

Once Government Money Market, or any classes thereof, has maintained a daily positive yield for a reasonable amount of time, as determined by TAM, TAM is entitled to reimbursement by Government Money Market, or any classes thereof, of the fees waived and/or expenses reimbursed by TAM or any of its affiliates to Government Money Market, or any classes thereof, during any of the previous thirty-six months. Waived and/or reimbursed expenses related to the maintenance of yield are included in Expenses waived and/or reimbursed within the Statement of Operations.

For the years ended October 31, 2015, October 31, 2016, and October 31, 2017, the amounts waived by TAM due to the maintenance of the yield are as follows:


	Amounts Waived from Fiscal Years
	2015		2016		2017		Total
Class A	$	386,454	$	462,515	$	143,302	$	992,271
Class B		35,185		21,043		8,274		64,502
Class C		269,297		250,500		147,590		667,387
Class I		40,330		15,152		2,272		57,754
Class I2		75,657		20,533		5,796		101,986
Class I3		—		—		47		47
Class R2		—		—		—		—
Class R4		—		—		—		—

As of October 31, 2017, the balances available for recapture by TAM due to the maintenance of the yield is as follows:


	Amounts Available from Fiscal Years
	2015		2016		2017		Total
Class A	$	320,398	$	462,515	$	143,302	$	926,215
Class B		35,185		21,043		8,274		64,502
Class C		269,297		250,500		147,590		667,387
Class I		40,330		15,152		2,272		57,754
Class I2		75,657		20,533		5,796		101,986
Class I3		—		—		26		26
Class R2		—		—		—		—
Class R4		—		—		—		—


Transamerica Funds		Annual Report 2017

Page 541

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

For the years ended October 31, 2015, October 31, 2016, and October 31, 2017, the amounts waived by TAM due to the operating expense limitation is as follows:


	Amounts Waived from Fiscal Years
	2015		2016		2017		Total
Class A	$	288,293	$	214,037	$	98,896	$	601,226
Class B		10,268		5,827		3,788		19,883
Class C		45,331		30,691		18,048		94,070
Class I		54,982		43,216		31,889		130,087
Class I2		20,178		—		2,876		23,054
Class I3		—		—		6,004		6,004
Class R2		—		—		35,908		35,908
Class R4		—		—		14,414		14,414

As of October 31, 2017, the balances available for recapture by TAM due to the operating expense limitation is as follows:


	Amounts Available from Fiscal Years
	2015		2016		2017		Total
Class A	$	288,293	$	214,037	$	98,896	$	601,226
Class B		10,268		5,827		3,788		19,883
Class C		45,331		30,691		18,048		94,070
Class I		54,982		43,216		31,889		130,087
Class I2		18,091		—		2,876		20,967
Class I3		—		—		4,764		4,764
Class R2		—		—		32,984		32,984
Class R4		—		—		13,760		13,760

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 B		1.00	%
Class C		1.00	%
Class R ^(B)		0.50	%
Class R2 ^(B)		0.25	%
Class R4 ^(B)		0.25	%
Class T1		0.25	%


(A)		12b-1 fees are not applicable for Class I, Class I2, Class I3, Class R6, Class T, and Advisor Class.
(B)		Prior to the Transamerica Partners reorganizations, non-asset allocation series of the Transamerica Partners Fund Group and Transamerica Partners Institutional Fund Group had a 0.25% distribution fee. Please reference the Reorganization section of the Notes to Financial Statements for more information.

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, 2018
Intermediate Muni		0.10	%		0.25	%		March 1, 2018


Transamerica Funds		Annual Report 2017

Page 542

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Shareholder fees: Class A, Class T, and Class T1 shares are subject to an initial sales charge, and a contingent deferred sales charge on certain share redemptions. Class B and Class C shares are subject to a contingent deferred sales charge. For the year ended October 31, 2017, 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
Capital Growth
Class A	$	702,535		$	5,730
Class B		—			342
Class C		—			8,997
Concentrated Growth
Class A		3,682			—
Class C		—			123
Dividend Focused
Class A		74,632			496
Class C		—			927
Dynamic Allocation
Class A		(44	)		—
Class C		—			194
Dynamic Income
Class A		71,051			617
Class C		—			4,412
Emerging Markets Debt
Class A		33,144			43
Class C		—			620
Emerging Markets Equity
Class A		11,813			15
Class C		—			837
Flexible Income
Class A		84,805			676
Class C		—			5,850
Floating Rate
Class A		118,153			5
Class C		—			6,412
Global Equity
Class A		32,447			1
Class B		—			392
Class C		—			685
Government Money Market
Class A		1,193			5,948
Class B		—			437
Class C		—			5,076
High Yield Bond
Class A		201,271			1,015
Class B		—			88
Class C		—			6,115
High Yield Muni
Class A		38,998			3,027
Class C		—			7,702
Income & Growth
Class A		2,771			—
Class C		—			73
Inflation Opportunities
Class A		324			—
Class C		—			1


Fund	Initial Sales Charge		Contingent Deferred Sales Charge
Intermediate Muni
Class A	$	375,334	$	57,730
Class C		—		92,219
International Equity
Class A		281,879		18,550
Class C		—		7,579
Large Cap Value
Class A		540,132		468
Class C		—		15,571
Mid Cap Growth
Class A		18,055		—
Class C		—		3
Mid Cap Value Opportunities
Class A		292,633		265
Class C		—		7,045
Multi-Cap Growth
Class A		32,663		6
Class B		—		298
Class C		—		191
MLP & Energy Income
Class A		75,388		5,859
Class C		—		1,824
Multi-Managed Balanced
Class A		735,299		5,390
Class B		—		663
Class C		—		28,349
Short-Term Bond
Class A		326,579		66,039
Class C		—		47,181
Small Cap Core
Class A		1,103		—
Class C		—		99
Small Cap Growth
Class A		32,716		3
Class C		—		64
Small Cap Value
Class A		2,087		—
Small/Mid Cap Value
Class A		441,252		32
Class B		—		241
Class C		—		7,920
Strategic High Income
Class A		44,405		5
Class C		—		1,395
US Growth
Class A		219,283		18
Class B		—		1,385
Class C		—		985


Transamerica Funds		Annual Report 2017

Page 543

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Administration and transfer agent fees: Each Fund pays a management fee to TAM for investment management and administration services and is reflected in Investment management fees within the Statements of Operations .

Prior to the closing of the Transamerica Partners reorganizations, TAM provided fund administration and transfer agent services to the Target Feeder Funds under a separate administrative services agreement. The Target Feeder Funds paid a fee to TAM at an annual rate of 0.30% of their daily ANA. TFS provided transfer agency services to the Target Funds and the Target Funds did not pay a separate transfer agency fee. For those Funds that were destination funds in the Transamerica Partners reorganizations, the administrative fees are included in Administration fees within the Statements of Assets and Liabilities and Statements of Operations. Please reference the Reorganization section of the Notes to Financial Statements for more information.

For the year ended October 31, 2017, transfer agent fees paid and the amounts due to TFS are as follows:


Fund	Fees Paid to TFS		Fees Due to TFS
Balanced II	$	537	$	372
Bond		16,076		1,382
Capital Growth		645,792		62,454
Concentrated Growth		59,100		7,668
Dividend Focused		97,155		8,738
Dynamic Allocation		26,745		2,130
Dynamic Income		347,603		27,325
Emerging Markets Debt		617,489		65,076
Emerging Markets Equity		30,967		3,633
Event Driven		7,236		607
Flexible Income		399,711		34,581
Floating Rate		118,688		13,170
Global Equity		196,665		16,267
Government Money Market		284,861		24,021
Growth		26,901		2,287
High Quality Bond		10,898		1,855
High Yield Bond		538,734		47,348
High Yield Muni		83,671		7,492
Inflation Opportunities		17,695		2,109
Inflation-Protected Securities		7,205		1,117
Intermediate Bond		133,959		19,587


Fund	Fees Paid to TFS		Fees Due to TFS
Intermediate Muni	$	1,025,609	$	98,648
International Equity		2,562,353		254,469
International Small Cap Value		321,884		32,119
Large Cap Value		473,574		52,557
Large Core		10,367		1,410
Large Growth		33,354		4,603
Large Value Opportunities		21,832		3,830
Mid Cap Growth		23,952		3,322
Mid Cap Value Opportunities		563,451		53,982
MLP & Energy Income		175,535		14,292
Multi-Cap Growth		360,989		30,302
Multi-Managed Balanced		853,116		76,766
Short-Term Bond		2,005,799		196,413
Small Cap Core		16,348		2,078
Small Cap Growth		43,367		5,921
Small Cap Value		16,913		2,870
Small/Mid Cap Value		1,225,979		104,156
Strategic High Income		133,510		12,579
Unconstrained Bond		19,791		1,952
US Growth		1,333,430		111,740

Brokerage commissions: The Funds incurred brokerage commissions on security transactions placed with affiliates of the adviser or sub-adviser.


Transamerica Funds		Annual Report 2017

Page 544

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

For the year ended October 31, 2017, brokerage commissions are as follows. Funds not listed in the subsequent table do not have brokerage commissions.


Fund	Commissions
Capital Growth	$	403

9. PRINCIPAL OWNERSHIP


Fund	Number of Individual Shareholders and/or Omnibus Accounts		Total Percentage Interest Held			Total Percentage Held by the Investment Manager and/or Affiliates
Balanced II
Class I3		1		100.00	%		100.00	%
Class R		1		100.00	%		100.00	%
Bond
Class I2		3		91.10	%		91.10	%
Class R6		2		99.04	%		99.04	%
Capital Growth
Class A		1		25.81	%		0.00	%
Class C		3		44.06	%		0.00	%
Class I		2		35.83	%		0.00	%
Class I2		3		85.64	%		85.64	%
Class T1		1		100.00	%		100.00	%
Advisor Class		2		100.00	%		100.00	%
Concentrated Growth
Class A		3		58.63	%		33.16	%
Class C		4		78.29	%		31.82	%
Class I		3		77.82	%		0.00	%
Class I2		3		86.54	%		86.54	%
Class T1		1		100.00	%		100.00	%
Advisor Class		1		100.00	%		100.00	%
Dividend Focused
Class A		2		87.65	%		72.60	%
Class C		3		48.10	%		0.00	%
Class I		5		92.15	%		0.00	%
Class I2		3		84.31	%		84.31	%
Class R6		2		94.42	%		94.42	%
Class T1		1		100.00	%		100.00	%
Advisor Class		1		100.00	%		100.00	%
Dynamic Allocation
Class A		2		40.68	%		0.00	%
Class C		3		63.89	%		0.00	%
Class I		3		84.99	%		11.88	%
Class T1		1		100.00	%		100.00	%


Fund	Number of Individual Shareholders and/or Omnibus Accounts		Total Percentage Interest Held			Total Percentage Held by the Investment Manager and/or Affiliates
Dynamic Income
Class A		3		51.14	%		0.00	%
Class C		3		50.94	%		0.00	%
Class I		3		64.73	%		0.00	%
Class T1		1		100.00	%		100.00	%
Advisor Class		1		100.00	%		100.00	%
Emerging Markets Debt
Class A		2		47.68	%		0.00	%
Class C		3		47.77	%		0.00	%
Class I		3		65.34	%		0.00	%
Class I2		3		91.11	%		91.11	%
Class R6		2		88.25	%		0.00	%
Class T1		1		100.00	%		100.00	%
Advisor Class		1		100.00	%		100.00	%
Emerging Markets Equity
Class A		2		88.12	%		0.00	%
Class C		2		58.36	%		10.94	%
Class I		3		87.99	%		0.00	%
Class I2		3		88.14	%		88.14	%
Class T1		1		100.00	%		100.00	%
Advisor Class		1		100.00	%		100.00	%
Event Driven
Class I		2		99.71	%		17.99	%
Class I2		5		99.07	%		99.07	%
Advisor Class		1		100.00	%		100.00	%
Flexible Income
Class A		4		62.04	%		0.00	%
Class B		1		34.19	%		0.00	%
Class C		4		59.28	%		0.00	%
Class I		4		51.69	%		0.00	%
Class I2		3		93.47	%		93.47	%
Class R6		3		100.00	%		100.00	%
Class T1		2		100.00	%		51.48	%
Advisor Class		1		100.00	%		100.00	%


Transamerica Funds		Annual Report 2017

Page 545

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

9. PRINCIPAL OWNERSHIP (continued)


Fund	Number of Individual Shareholders and/or Omnibus Accounts		Total Percentage Interest Held			Total Percentage Held by the Investment Manager and/or Affiliates
Floating Rate
Class A		2		67.15	%		0.00	%
Class C		4		75.84	%		0.00	%
Class I		7		96.13	%		0.00	%
Class I2		4		84.83	%		84.83	%
Class T1		1		100.00	%		100.00	%
Global Equity
Class A		1		13.16	%		0.00	%
Class B		1		20.19	%		0.00	%
Class C		3		51.87	%		0.00	%
Class I		3		60.23	%		0.00	%
Class R6		3		94.56	%		94.56	%
Class T1		1		100.00	%		100.00	%
Advisor Class		1		100.00	%		100.00	%
Government Money Market
Class A		1		66.48	%		0.00	%
Class I		1		14.60	%		0.00	%
Class I2		1		99.52	%		0.00	%
Class I3		1		100.00	%		100.00	%
Class R2		1		100.00	%		100.00	%
Class R4		1		100.00	%		100.00	%
Growth
Class I2		3		85.64	%		85.64	%
Class R6		3		100.00	%		100.00	%
High Quality Bond
Class I3		1		100.00	%		100.00	%
Class R		1		100.00	%		100.00	%
Class R4		1		100.00	%		100.00	%
High Yield Bond
Class A		2		37.47	%		0.00	%
Class B		3		39.39	%		0.00	%
Class C		3		46.61	%		0.00	%
Class I		3		61.92	%		0.00	%
Class I2		3		84.84	%		84.84	%
Class I3		1		100.00	%		100.00	%
Class R		1		93.07	%		93.07	%
Class R4		1		98.77	%		98.77	%
Class R6		3		81.69	%		10.80	%
Class T1		1		100.00	%		100.00	%
Advisor Class		2		100.00	%		67.93	%
High Yield Muni
Class A		3		57.00	%		0.00	%
Class C		3		60.54	%		0.00	%
Class I		5		83.55	%		0.00	%
Class I2		1		100.00	%		100.00	%
Class T1		1		100.00	%		100.00	%


Fund	Number of Individual Shareholders and/or Omnibus Accounts		Total Percentage Interest Held			Total Percentage Held by the Investment Manager and/or Affiliates
Inflation Opportunities
Class A		4		79.34	%		40.62	%
Class C		2		79.04	%		35.34	%
Class I		1		96.09	%		96.09	%
Class I2		4		84.95	%		73.91	%
Class R6		1		100.00	%		100.00	%
Class T1		1		100.00	%		100.00	%
Inflation-Protected Securities
Class I3		1		100.00	%		100.00	%
Class R		1		100.00	%		100.00	%
Class R4		1		100.00	%		100.00	%
Intermediate Bond
Class I2		3		78.79	%		78.79	%
Class I3		1		100.00	%		100.00	%
Class R		1		100.00	%		100.00	%
Class R4		1		100.00	%		100.00	%
Intermediate Muni
Class A		2		38.57	%		0.00	%
Class C		5		69.47	%		0.00	%
Class I		4		57.07	%		0.00	%
Class I2		1		100.00	%		100.00	%
Class T1		1		100.00	%		100.00	%
Advisor Class		1		96.44	%		0.00	%
International Equity
Class A		2		63.53	%		0.00	%
Class C		4		53.60	%		0.00	%
Class I		2		52.41	%		0.00	%
Class I2		3		55.04	%		42.88	%
Class I3		1		100.00	%		100.00	%
Class R		1		100.00	%		100.00	%
Class R4		1		100.00	%		100.00	%
Class R6		2		41.11	%		0.00	%
Class T1		1		100.00	%		100.00	%
Advisor Class		2		95.19	%		0.00	%
International Small Cap Value
Class I		2		87.35	%		0.00	%
Class I2		4		70.44	%		70.44	%
Large Cap Value
Class A		3		68.68	%		0.00	%
Class C		4		56.74	%		0.00	%
Class I		5		74.27	%		0.00	%
Class I2		3		65.82	%		65.82	%
Class R6		3		98.84	%		98.84	%
Class T1		1		100.00	%		100.00	%
Advisor Class		1		99.27	%		0.00	%


Transamerica Funds		Annual Report 2017

Page 546

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

9. PRINCIPAL OWNERSHIP (continued)


Fund	Number of Individual Shareholders and/or Omnibus Accounts		Total Percentage Interest Held			Total Percentage Held by the Investment Manager and/or Affiliates
Large Core
Class I3		1		100.00	%		100.00	%
Class R		1		99.96	%		99.96	%
Class R4		1		100.00	%		100.00	%
Large Growth
Class I3		1		100.00	%		100.00	%
Class R		1		100.00	%		100.00	%
Class R4		1		100.00	%		100.00	%
Large Value Opportunities
Class I3		1		100.00	%		100.00	%
Class R		1		100.00	%		100.00	%
Class R4		1		100.00	%		100.00	%
Mid Cap Growth
Class A		1		84.71	%		0.00	%
Class C		2		34.74	%		23.79	%
Class I		3		86.72	%		54.09	%
Class I2		2		93.75	%		93.75	%
Class I3		1		100.00	%		100.00	%
Class R		1		100.00	%		100.00	%
Class R4		1		100.00	%		100.00	%
Class T1		1		100.00	%		100.00	%
Advisor Class		1		100.00	%		100.00	%
Mid Cap Value Opportunities
Class A		1		78.27	%		0.00	%
Class C		3		65.38	%		0.00	%
Class I		2		52.13	%		0.00	%
Class I2		3		69.14	%		69.14	%
Class I3		1		100.00	%		100.00	%
Class R		1		96.11	%		96.11	%
Class R4		1		99.77	%		99.77	%
Class R6		2		97.41	%		0.00	%
Class T1		1		100.00	%		100.00	%
Advisor Class		1		100.00	%		100.00	%
MLP & Energy Income
Class A		3		53.78	%		0.00	%
Class C		3		52.92	%		0.00	%
Class I		4		79.24	%		0.00	%
Class I2		3		86.44	%		86.44	%
Class T1		1		100.00	%		100.00	%
Advisor Class		1		100.00	%		100.00	%
Multi-Cap Growth
Class I		1		50.34	%		0.00	%
Class I2		3		86.61	%		86.61	%
Class T1		1		100.00	%		100.00	%
Advisor Class		1		100.00	%		100.00	%


Fund	Number of Individual Shareholders and/or Omnibus Accounts		Total Percentage Interest Held			Total Percentage Held by the Investment Manager and/or Affiliates
Multi-Managed Balanced
Class A		1		62.73	%		0.00	%
Class B		1		15.38	%		0.00	%
Class C		3		46.68	%		0.00	%
Class I		2		47.45	%		0.00	%
Class R6		2		100.00	%		100.00	%
Class T1		1		100.00	%		100.00	%
Advisor Class		1		100.00	%		100.00	%
Short-Term Bond
Class A		2		51.09	%		0.00	%
Class C		1		25.66	%		0.00	%
Class I		3		47.36	%		0.00	%
Class I2		3		81.30	%		81.30	%
Class R6		4		95.65	%		75.56	%
Class T1		1		100.00	%		100.00	%
Advisor Class		4		100.00	%		24.90	%
Small Cap Core
Class A		1		80.50	%		0.00	%
Class C		3		71.79	%		47.05	%
Class I		2		97.49	%		18.51	%
Class I2		4		100.00	%		100.00	%
Class I3		1		100.00	%		100.00	%
Class R		1		100.00	%		100.00	%
Class R4		1		100.00	%		100.00	%
Class T1		1		100.00	%		100.00	%
Advisor Class		1		100.00	%		100.00	%
Small Cap Growth
Class A		2		84.73	%		0.00	%
Class C		4		69.42	%		12.23	%
Class I		1		80.06	%		0.00	%
Class I2		4		88.37	%		77.07	%
Class I3		1		100.00	%		100.00	%
Class R		1		100.00	%		100.00	%
Class R4		1		100.00	%		100.00	%
Class R6		1		100.00	%		100.00	%
Class T1		1		100.00	%		100.00	%
Advisor Class		2		100.00	%		70.00	%
Small Cap Value
Class A		2		78.14	%		14.30	%
Class C		2		54.09	%		42.64	%
Class I		2		90.11	%		15.90	%
Class I2		4		80.81	%		80.81	%
Class I3		1		100.00	%		100.00	%
Class R		1		100.00	%		100.00	%
Class R4		1		100.00	%		100.00	%
Class R6		1		100.00	%		100.00	%
Class T1		1		100.00	%		100.00	%
Advisor Class		1		100.00	%		100.00	%


Transamerica Funds		Annual Report 2017

Page 547

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

9. PRINCIPAL OWNERSHIP (continued)


Fund	Number of Individual Shareholders and/or Omnibus Accounts		Total Percentage Interest Held			Total Percentage Held by the Investment Manager and/or Affiliates
Small/Mid Cap Value
Class A		2		43.98	%		10.68	%
Class B		1		42.96	%		0.00	%
Class C		3		50.39	%		0.00	%
Class I		3		53.07	%		0.00	%
Class I2		1		100.00	%		0.00	%
Class R6		4		98.22	%		83.74	%
Class T1		1		100.00	%		100.00	%
Advisor Class		1		92.16	%		0.00	%
Strategic High Income
Class A		3		46.76	%		0.00	%
Class C		4		56.43	%		0.00	%
Class I		1		68.75	%		0.00	%
Class I2		1		100.00	%		100.00	%
Class T1		1		100.00	%		100.00	%
Advisor Class		2		100.00	%		66.61	%


Fund	Number of Individual Shareholders and/or Omnibus Accounts		Total Percentage Interest Held			Total Percentage Held by the Investment Manager and/or Affiliates
Unconstrained Bond
Class I		3		92.78	%		13.29	%
Class I2		4		87.49	%		87.49	%
Advisor Class		1		100.00	%		100.00	%
US Growth
Class C		1		10.35	%		0.00	%
Class I		2		58.52	%		0.00	%
Class I2		3		83.14	%		83.14	%
Class T1		1		100.00	%		100.00	%
Advisor Class		1		100.00	%		100.00	%

10. PURCHASES AND SALES OF SECURITIES

For the year ended October 31, 2017, 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	$	63,141,993	$	10,221,849	$	77,183,390	$	11,309,655
Bond		81,952,712		6,851,203		83,662,449		20,057,813
Capital Growth		446,678,245		—		470,347,068		—
Concentrated Growth		35,572,070		—		102,147,527		—
Dividend Focused		103,581,178		—		293,347,691		—
Dynamic Allocation		626,284		—		4,727,619		—
Dynamic Income		31,382,122		—		121,180,917		—
Emerging Markets Debt		1,881,474,689		—		1,790,427,672		—
Emerging Markets Equity		130,931,413		—		89,274,428		—
Event Driven		597,627,967		—		624,450,165		—
Flexible Income		129,497,272		13,919,826		137,141,901		14,741,026
Floating Rate		512,886,987		—		283,649,812		—
Global Equity		45,268,438		—		63,935,097		—
Growth		178,400,012		—		298,962,747		—
High Quality Bond		104,639,699		70,162,672		120,140,894		66,280,849
High Yield Bond		657,469,907		—		763,533,200		—
High Yield Muni		104,084,335		4,960,166		129,724,022		—
Inflation Opportunities		37,232,316		33,192,806		24,876,529		58,136,948
Inflation-Protected Securities		21,256,482		171,344,990		15,193,057		239,264,230
Intermediate Bond		498,832,373		231,152,375		479,222,140		312,338,336
Intermediate Muni		628,238,101		34,861,358		635,633,589		20,069,521
International Equity		1,670,336,232		—		971,430,823		—
International Small Cap Value		190,993,813		—		198,271,150		—
Large Cap Value		2,732,242,714		—		2,846,086,885		—
Large Core		174,403,506		—		212,634,912		—
Large Growth		288,184,412		—		456,296,763		—


Transamerica Funds		Annual Report 2017

Page 548

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

10. PURCHASES AND SALES OF SECURITIES (continued)


	Purchases of Securities				Sales/Maturities of Securities
Fund	Long-Term		U.S. Government		Long-Term		U.S. Government
Large Value Opportunities	$	304,374,268	$	—	$	410,096,209	$	—
Mid Cap Growth		109,052,318		—		155,479,374		—
Mid Cap Value Opportunities		985,762,149		—		1,001,169,248		—
MLP & Energy Income		148,542,112		—		210,220,548		—
Multi-Cap Growth		41,215,736		—		91,762,103		—
Multi-Managed Balanced		422,312,953		57,221,716		314,438,129		46,061,968
Short-Term Bond		1,939,335,549		8,956,763		1,452,003,056		8,987,878
Small Cap Core		226,487,048		—		278,940,332		—
Small Cap Growth		93,043,105		—		96,174,240		—
Small Cap Value ^(A)		133,075,425		—		186,545,652		—
Small/Mid Cap Value		872,340,104		—		950,428,665		—
Strategic High Income		96,765,613		—		123,215,973		—
Unconstrained Bond		198,828,845		28,550,378		173,197,434		13,976,598
US Growth		355,208,746		—		522,337,397		—


(A)		Excludes reorganization-related rebalancing transactions. Please reference the Reorganization section of the Notes to Financial Statements for more information.

11. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS

Income and capital gain 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, foreign currency transactions, unused capital losses due to mergers, second basis financial statement adjustments, preferred securities, preferred stock interest accrual adjustments, tax allocation adjustments, TIPS, defaulted bonds, convertible bonds, book/tax distributions, non-real estate investment trust adjustments, income, organizational expenses, dividends payable, partnership basis adjustments, option contracts, merger adjustments, futures contracts and straddle 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 passive foreign investment companies, foreign currency transactions, paydown gain/loss, distribution re-designations, rounding, 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, capital loss carryforward expirations, capital loss carryforward mergers, income and capital gain reorganizations, defaulted bonds, second basis adjustment reversals, book vs tax accounting survivor adjustments, tax allocation adjustments, organizational expenses, net operating losses, premium bond adjustments, distributions in excess of current earnings, partnership basis adjustments, merger adjustments and TIPs. 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			Undistributed (Distributions in Excess of) Net Investment Income (Loss)			Accumulated Net Realized Gain (Loss)
Balanced II	$	1,511,810		$	(20,930	)	$	(1,490,880	)
Bond		—			(1,168,621	)		1,168,621
Capital Growth		(1	)		8,338,465			(8,338,464	)
Concentrated Growth		—			17,932			(17,932	)


Transamerica Funds		Annual Report 2017

Page 549

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

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


Fund	Paid-in Capital			Undistributed (Distributions in Excess of) Net Investment Income (Loss)			Accumulated Net Realized Gain (Loss)
Dividend Focused	$	—		$	—		$	—
Dynamic Allocation		—			—			—
Dynamic Income		—			1			(1	)
Emerging Markets Debt		—			(529,662	)		529,662
Emerging Markets Equity		—			(159,463	)		159,463
Event Driven		—			961,490			(961,490	)
Flexible Income		(20,522,684	)		443,218			20,079,466
Floating Rate		—			122,178			(122,178	)
Global Equity		(51,740,251	)		244,205			51,496,046
Government Money Market		(392	)		—			392
Growth		25,551			249,004			(274,555	)
High Quality Bond		4,513,689			364,327			(4,878,016	)
High Yield Bond		19,664,891			374,126			(20,039,017	)
High Yield Muni		(25,442	)		(31	)		25,473
Inflation Opportunities		(2	)		(95,699	)		95,701
Inflation-Protected Securities		3,491,920			(304,292	)		(3,187,628	)
Intermediate Bond		20,250,045			5,383,485			(25,633,530	)
Intermediate Muni		(16,296	)		1,864			14,432
International Equity		16,658,786			12,782,389			(29,441,175	)
International Small Cap Value		—			1,499,910			(1,499,910	)
Large Cap Value		101			439,796			(439,897	)
Large Core		(32,498,595	)		4,597			32,493,998
Large Growth		(65,831,179	)		147,109			65,684,070
Large Value Opportunities		(355,547,191	)		37,904			355,509,287
Mid Cap Growth		7,461,216			9,202			(7,470,418	)
Mid Cap Value Opportunities		(63,408,300	)		14,165			63,394,135
MLP & Energy Income		(4,336,251	)		7,645,729			(3,309,478	)
Multi-Cap Growth		—			—			—
Multi-Managed Balanced		—			663,574			(663,574	)
Short-Term Bond		(610,814	)		4,137,930			(3,527,116	)
Small Cap Core		(70,453,116	)		164,397			70,288,719
Small Cap Growth		(3,593,229	)		143,036			3,450,193
Small Cap Value		6,520,614			(259,363	)		(6,261,251	)
Small/Mid Cap Value		1			1,282,652			(1,282,653	)
Strategic High Income		75,368,787			(671,723	)		(74,697,064	)
Unconstrained Bond		—			524,137			(524,137	)
US Growth		—			26,291			(26,291	)


Fund	Cost		Gross Appreciation		Gross (Depreciation)			Net Appreciation/ (Depreciation)
Balanced II	$	145,081,242	$	10,604,434	$	(1,858,078	)	$	8,746,356
Bond		222,038,767		9,347,711		(13,242,707	)		(3,894,996	)
Capital Growth		639,902,416		269,199,484		(24,549,324	)		244,650,160
Concentrated Growth		174,602,162		58,059,645		(2,667,090	)		55,392,555
Dividend Focused		536,263,884		172,086,182		(9,467,791	)		162,618,391
Dynamic Allocation		21,968,514		2,237,727		—			2,237,727
Dynamic Income		406,942,366		—		(13,085,431	)		(13,085,431	)
Emerging Markets Debt		1,005,205,702		22,482,243		(20,682,672	)		1,799,571
Emerging Markets Equity		188,841,537		53,699,404		(3,045,020	)		50,654,384


Transamerica Funds		Annual Report 2017

Page 550

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

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


Fund	Cost		Gross Appreciation		Gross (Depreciation)			Net Appreciation/ (Depreciation)
Event Driven	$	97,650,609	$	2,767,922	$	(1,325,413	)	$	1,442,509
Flexible Income		455,156,278		17,482,501		(3,938,010	)		13,544,491
Floating Rate		662,579,026		4,744,395		(4,445,149	)		299,246
Global Equity		100,523,779		26,004,979		(2,681,701	)		23,323,278
Government Money Market		1,188,963,730		—		—			—
Growth		191,645,553		163,797,575		(1,043,933	)		162,753,642
High Quality Bond		301,597,661		259,575		(1,376,565	)		(1,116,990	)
High Yield Bond		2,140,192,028		67,211,011		(36,095,674	)		31,115,337
High Yield Muni		100,954,529		2,251,881		(1,066,826	)		1,185,055
Inflation Opportunities		172,816,336		3,532,328		(2,561,136	)		971,192
Inflation-Protected Securities		179,077,964		1,829,328		(1,219,642	)		609,686
Intermediate Bond		3,512,708,584		29,028,564		(9,529,999	)		19,498,565
Intermediate Muni		1,402,726,576		13,229,341		(10,906,812	)		2,322,529
International Equity		4,906,874,102		710,747,050		(170,242,745	)		540,504,305
International Small Cap Value		793,702,136		155,126,513		(65,650,150	)		89,476,363
Large Cap Value		2,099,575,347		312,532,869		(86,229,772	)		226,303,097
Large Core		257,151,693		36,123,923		(5,040,230	)		31,083,693
Large Growth		678,998,585		175,193,694		(11,696,187	)		163,497,507
Large Value Opportunities		607,126,397		88,283,190		(12,460,511	)		75,822,679
Mid Cap Growth		218,983,443		47,947,987		(8,541,601	)		39,406,386
Mid Cap Value Opportunities		1,594,360,306		193,574,351		(99,005,064	)		94,569,287
MLP & Energy Income		298,147,474		44,091,249		(28,434,463	)		15,656,786
Multi-Cap Growth		227,451,641		49,796,236		(11,240,824	)		38,555,412
Multi-Managed Balanced		961,562,313		190,831,374		(10,167,553	)		180,663,821
Short-Term Bond		3,186,611,821		18,799,617		(5,487,882	)		13,311,735
Small Cap Core		257,924,158		24,248,680		(17,740,569	)		6,508,111
Small Cap Growth		145,699,239		32,855,071		(761,477	)		32,093,594
Small Cap Value		290,428,600		54,433,128		(6,062,709	)		48,370,419
Small/Mid Cap Value		769,943,677		180,348,972		(43,773,697	)		136,575,275
Strategic High Income		132,313,536		13,501,416		(1,136,086	)		12,365,330
Unconstrained Bond		271,087,235		3,388,977		(919,403	)		2,469,574
US Growth		738,933,432		347,491,169		(7,822,673	)		339,668,496


	Expires on October 31,		Unlimited
Fund	2018		Short-Term		Long-Term
Dynamic Allocation	$	—	$	358,215	$	992,837
Dynamic Income		—		27,675,771		19,242,763
Emerging Markets Debt		—		14,583,567		15,624,846
Emerging Markets Equity		—		56,161,353		14,499,837
Event Driven		—		1,777,892		78,187
Flexible Income		—		737,740		3,371,577
Floating Rate		—		—		745,837
Global Equity		4,934,774		7,743,577		—
High Quality Bond		—		1,324,389		3,793,026
High Yield Bond		—		2,724,776		30,985,424
High Yield Muni		—		1,691,804		—
Inflation Opportunities		—		325,904		3,319,641
Inflation-Protected Securities		—		3,127,192		2,907,667
Intermediate Bond		—		7,282,906		3,979,405
Intermediate Muni		—		13,096,715		—
International Equity		—		—		18,356,724
International Small Cap Value		—		1,971,219		10,617,317


Transamerica Funds		Annual Report 2017

Page 551

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

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


	Expires on October 31,		Unlimited
Fund	2018		Short-Term		Long-Term
MLP & Energy Income	$	—	$	54,480,053	$	115,823,644
Short-Term Bond		—		6,931,993		23,192,144
Small Cap Core		—		6,950,748		—
Strategic High Income		—		48,086,975		15,581,614


Fund	Capital Loss Carryforwards Utilized/Expired
Dynamic Allocation	$	417,317
Emerging Markets Debt		24,812,209
Emerging Markets Equity		9,171,164
Event Driven		3,310,529
Flexible Income		20,522,686
Floating Rate		139,786
Global Equity		56,558,706
Government Money Market		591
High Quality Bond		276,858
High Yield Bond		5,557,162
Large Core		5,373,902
Large Growth		27,956,097
Large Value Opportunities		244,714,922
Mid Cap Growth		13,657,939
MLP & Energy Income		2,820,660
Small Cap Core		4,554,344
Small Cap Value		25,902,132
Strategic High Income		538,393
Unconstrained Bond		6,058,485


	2017 Distributions Paid From								2016 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	$	1,395,387	$	—	$	6,968,473	$	—	$	1,280,309	$	—	$	1,459,544	$	—
Bond		7,014,804		—		9,451,019		—		14,067,962		—		27,523,927		—
Capital Growth		—		—		134,077,183		—		—		—		55,537,713		—
Concentrated Growth		4,525,239		—		32,155,554		—		1,674,598		—		—		—
Dividend Focused		19,651,498		—		100,965,391		—		25,810,692		—		131,593,436		—
Dynamic Allocation		200,635		—		—		—		613,391		—		674,028		—
Dynamic Income ^(A)		12,696,112		—		—		2,681,192		36,686,345		—		—		3,105,448
Emerging Markets Debt		38,854,402		—		—		—		24,289,943		—		—		1,854,850
Emerging Markets Equity		2,977,803		—		—		—		3,161,229		—		—		—
Event Driven		1,538,856		—		—		—		254,411		—		—		—
Flexible Income		17,027,706		—		—		—		16,368,619		—		—		—
Floating Rate		22,463,048		—		—		—		15,498,336		—		—		—
Global Equity		2,604,375		—		—		—		380,234		—		—		—
Government Money Market		205,015		—		—		—		12,042		—		—		—
Growth		—		—		72,273,039		—		—		—		62,872,001		—
High Quality Bond		2,594,607		—		—		—		1,008,704		—		—		—
High Yield Bond		97,420,002		—		—		—		61,372,496		—		—		—
High Yield Muni		1,122,908		3,004,592		323,962		—		328,865		2,520,007		71,237		—


Transamerica Funds		Annual Report 2017

Page 552

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

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


	2017 Distributions Paid From								2016 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
Inflation Opportunities	$	2,577,368	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Inflation-Protected Securities		1,249,333		—		—		—		963,275		—		—		—
Intermediate Bond		67,061,329		—		—		—		28,317,083		—		9,426		—
Intermediate Muni		6,639,962		25,168,571		1,285,272		—		2,053,696		16,806,151		253,882		—
International Equity		64,674,493		—		4,626,416		—		41,258,741		—		10,827,946		—
International Small Cap Value		15,061,211		—		4,711,965		—		22,635,332		—		32,808,500		—
Large Cap Value		109,605,415		—		95,968,595		—		53,962,831		—		167,530,081		—
Large Core		2,156,424		—		—		—		181,583		—		—		—
Large Growth		1,665,293		—		71,516		—		186,262		—		—		—
Large Value Opportunities		5,745,450		—		—		—		1,735,308		—		—		—
Mid Cap Growth		98,557		—		—		—		—		—		—		—
Mid Cap Value Opportunities		37,008,702		—		24,139,236		—		20,921,764		—		2,884,999		—
MLP & Energy Income		14,705,193		—		—		5,490,555		19,395,424		—		—		—
Multi-Cap Growth		455,515		—		47,730,358		—		—		—		29,590,124		—
Multi-Managed Balanced		10,944,542		—		3,011,423		—		6,561,108		—		14,175,200		—
Short-Term Bond		56,277,337		—		—		—		61,613,605		—		—		7,640,036
Small Cap Core		100,206		—		—		—		2,532,973		—		—		—
Small Cap Growth		2,609,307		—		39,471,487		—		—		—		36,396,249		—
Small Cap Value		2,713,129		—		—		—		5,962,662		—		34,869,917		—
Small/Mid Cap Value		12,291,569		—		35,704,058		—		1,314,764		—		75,323,954		—
Strategic High Income		4,509,069		—		134,152		—		1,609,951		—		—		—
Unconstrained Bond		7,790,075		—		28,857		—		6,663,800		—		—		—
US Growth		2,336,255		—		20,348,561		—		2,237,431		—		25,858,729		—


(A)		The tax character of distributions paid for Transamerica Dynamic Income is for the taxable year ended May 31, 2017.

As of October 31, 2017, 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	$	61,561	$	—	$	610,901	$	—		$	—		$	—		$	2,023,598
Bond		1,874,131		—		2,127,306		—			—			(2,579,413	)		(3,907,045	)
Capital Growth		11,201,061		—		174,024,511		—			—			—			244,650,160
Concentrated Growth		1,654,727		—		11,052,209		—			—			—			55,392,555
Dividend Focused		7,778,896		—		37,547,284		—			—			—			162,618,391
Dynamic Allocation		62,709		—		—		(1,351,052	)		—			(331,371	)		2,237,727
Dynamic Income		—		—		—		(46,918,534	)		—			(527,507	)		(13,085,431	)
Emerging Markets Debt		3,236,067		—		—		(30,208,413	)		—			(223,984	)		1,653,486
Emerging Markets Equity		2,509,222		—		—		(70,661,190	)		—			—			50,654,864
Event Driven		1,548,780		—		—		(1,856,079	)		—			(214,953	)		1,415,249
Flexible Income		53,206		—		—		(4,109,317	)		—			(209,622	)		13,543,920
Floating Rate		29,181		—		—		(745,837	)					(2,660	)		307,575
Global Equity		2,094,443		—		—		(12,678,351	)		—			—			23,322,420
Government Money Market		5		—		—		—			—			(5	)		—
Growth		—		—		86,069,654		—			(89,625	)		—			162,754,262
High Quality Bond		497,616		—		—		(5,117,415	)		—			—			(834,665	)
High Yield Bond		78,100		—		—		(33,710,200	)		—			(147,433	)		28,869,981
High Yield Muni		—		—		—		(1,691,804	)		—			—			1,185,055
Inflation Opportunities		138,208		—		—		(3,645,545	)		—			—			968,437
Inflation-Protected Securities		282,612		—		—		(6,034,859	)		—			—			(403,842	)
Intermediate Bond		130,485		—		—		(11,262,311	)		—			(12,430	)		18,128,357
Intermediate Muni		—		—		—		(13,096,715	)		—			—			2,322,529
International Equity		166,081,445		—		—		(18,356,724	)		—			—			537,957,486
International Small Cap Value		26,840,396		—		—		(12,588,536	)		—			—			89,474,596
Large Cap Value		80,076,260		—		160,655,962		—			—			—			226,303,097


Transamerica Funds		Annual Report 2017

Page 553

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

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)
Large Core	$	1,711,887	$	—	$	9,808,406	$	—		$	—		$	—		$	23,922,237
Large Growth		—		—		31,608,494		—			—			—			124,521,734
Large Value Opportunities		392,497		—		11,108,456		—			—			—			49,333,744
Mid Cap Growth		507,592		—		4,104,401		—			—			—			34,233,026
Mid Cap Value Opportunities		9,281,426		—		107,811,197		—			—			—			66,193,573
MLP & Energy Income		—		—		—		(170,303,697	)		—			(14,700,259	)		15,655,670
Multi-Cap Growth		7,262,522		—		4,969,860		—			—			—			38,555,412
Multi-Managed Balanced		1,997,203		—		20,313,136		—			—			(107,901	)		180,663,821
Short-Term Bond		—		—		—		(30,124,137	)		—			(541,126	)		13,311,735
Small Cap Core		1,902,826		—		6,908,353		(6,950,748	)		—			—			3,537,847
Small Cap Growth		—		—		14,514,616		—			(732,251	)		1			28,063,378
Small Cap Value		339,198		—		11,730,578		—						(25,061	)		46,595,618
Small/Mid Cap Value		67,718,174		—		40,384,592		—			—			—			136,575,275
Strategic High Income		—		—		537,727		(63,668,589	)		—			(2,741,367	)		12,365,630
Unconstrained Bond		—		—		7,938		—			—			(23,420	)		2,465,398
US Growth		13,808,682		—		88,142,857		—			—			—			339,716,847

12. NEW ACCOUNTING PRONOUNCEMENTS

In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2016-15 (“ASU 2016-15”), “Statement of Cash Flows (Topic 230), a consensus of the FASB’s Emerging Issues Task Force”. The guidance is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The issues addressed in ASU 2016-15 are: debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, distributions received from equity method investments, beneficial interests in securitization transactions; and, separately identifiable cash flows and application of the predominance principle. The guidance is effective for interim and annual reporting periods beginning after December 15, 2017. Management is currently evaluating the implication, if any, of the additional disclosure and its impact on the Funds’ financial statements.

In November 2016, the FASB issued Accounting Standards Update No. 2016-18 (“ASU 2016-18”), “Statement of Cash Flows (Topic 230), Restricted Cash, a consensus of the FASB’s Emerging Issues Task Force”. The guidance requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in ASU 2016-18 do not provide a definition of restricted cash or restricted cash equivalents. The guidance is effective for interim and annual reporting periods beginning after December 15, 2017. Management is currently evaluating the implication, if any, of the additional disclosure and its impact on the Funds’ financial statements.

In March 2017, the Financial Accounting Standards Board 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.


Transamerica Funds		Annual Report 2017

Page 554

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

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 capital share activity presented within the Statements of Changes in Net Assets and 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

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

September 15, 2017

2.01-for-1

4,571,079

9,171,183

Decrease

Increase

High Quality Bond

April 21, 2017

1.01-for-1

5,355,021

5,396,036

Decrease

Increase

Inflation-Protected Securities

April 21, 2017

0.97-for-1

6,242,382

6,069,179

Increase

Decrease

Intermediate Bond

March 24, 2017

1.06-for-1

29,646,707

31,285,459

Decrease

Increase

Large Core

March 10, 2017

0.81-for-1

1,376,796

1,117,293

Increase

Decrease

Large Growth

March 10, 2017

1.35-for-1

6,200,939

8,353,323

Decrease

Increase

Large Value Opportunities

May 5, 2017

1.56-for-1

6,045,594

9,421,040

Decrease

Increase

Mid Cap Growth

March 10, 2017

0.84-for-1

1,574,918

1,327,363

Increase

Decrease

Small Cap Core

March 10, 2017

1.44-for-1

743,234

1,073,021

Decrease

Increase

Small Cap Value

April 21, 2017

2.16-for-1

258,654

559,003

Decrease

Increase

14. REORGANIZATION

Flexible Income: Following the close of business on December 4, 2015, Flexible Income acquired all of the net assets of Transamerica Income Shares, Inc. (“Income Shares, Inc.”) pursuant to a Plan of Reorganization. Flexible Income is the accounting survivor. The purpose of the transaction was to achieve a more cohesive, focused, and streamlined fund complex. The reorganization was accomplished by a tax-free exchange of shares of Flexible Income for shares of Income Shares, Inc. outstanding following the close of business on December 4, 2015. The cost basis of the investments received from Income Shares, Inc. was carried forward to align ongoing reporting of the Flexible Income’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. Shares issued to Income Shares, Inc. shareholders, along with the exchange ratio of the reorganization for Flexible Income, were as follows:

Income Shares, Inc.
Shares

Flexible Income -
Class I Shares

Dollar

Amount

Exchange
Ratio^(A)

6,318,771

15,148,372

$ 138,269,792

2.40


(A)		Calculated by dividing Flexible Income shares issuable by Income Shares, Inc. shares outstanding on December 4, 2015.

The net assets of Income Shares, Inc., including unrealized appreciation (depreciation), were combined with those of Flexible Income. These amounts were as follows:


Income Shares, Inc. Unrealized Appreciation (Depreciation)	Income Shares, Inc. Net Assets	Flexible Income Net Assets Prior to Reorganization	Net Assets After Reorganization
$ 4,017,054	$ 138,269,792	$ 353,768,376	$ 492,038,168

Strategic High Income: Following the close of business on December 2, 2016, Strategic High Income acquired all of the net assets of Transamerica Income & Growth (“Income & Growth”) pursuant to a Plan of Reorganization. Strategic High Income is the accounting survivor. The purpose of the transaction was to achieve a more cohesive, focused, and streamlined fund complex. The reorganization was accomplished by a tax-free exchange of shares of Strategic High Income for shares of Income & Growth outstanding following the close of business on December 2, 2016. The cost basis of the investments received from Income & Growth was carried forward to align


Transamerica Funds		Annual Report 2017

Page 555

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

14. REORGANIZATION (continued)

ongoing reporting of Strategic High Income’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. Shares issued to Income & Growth shareholders, along with the exchange ratio of the reorganization for Strategic High Income, were as follows:


Income & Growth Class	Income & Growth Shares		Strategic High Income Class	Strategic High Income Shares		Dollar Amount		Exchange Ratio^(A)
Class A		3,262,639	Class A		2,855,808	$	28,861,366		0.88
Class C		6,121,573	Class C		5,357,800		53,942,865		0.88
Class I		2,504,630	Class I		2,195,729		22,194,649		0.88
Class I2		1,094	Class I2		1,009		9,808		0.92


(A)		Calculated by dividing Strategic High Income shares issuable by Income & Growth shares outstanding on December 2, 2016.

The net assets of the Income & Growth, including unrealized appreciation (depreciation), were combined with those of Strategic High Income. These amounts were as follows:

Income &
Growth
Unrealized
Appreciation
(Depreciation)

Income &
Growth

Net Assets

Strategic High
Income Net
Assets Prior to
Reorganization

Net Assets
After
Reorganization

$ 9,762,493

$ 105,008,689

48,773,640

153,782,329

Assuming the reorganization had been completed on November 1, 2016, the beginning of the annual reporting period of Strategic High Income, the pro forma results of operations for the period ended October 31, 2017, were as follows:


Net investment income (loss)	$	5,137,094
Net realized and change in unrealized gain (loss)		11,970,757
Net increase (decrease) in net assets resulting from operations		17,107,851

Because the combined investment funds have been managed as a single integrated fund since the reorganization was completed, it is not practical to separate the amounts of revenue and earnings of Income & Growth that have been included in Strategic High Income’s Statement of Operations following the close of business on December 2, 2016.

Transamerica Partners: Following the close of business on the date listed in the subsequent table, the Target Funds reorganized into new or existing Destination Funds within the Trust. The reorganizations into existing Destination Funds were as follows:


Target Fund	Destination Fund/Class	Reorganization Date
	High Yield Bond ^(A)		March 24, 2017
Transamerica Partners High Yield Bond	Class R
Transamerica Partners Institutional High Yield Bond	Class R4
Transamerica Partners High Yield Bond Portfolio	Class I3
	Intermediate Bond		March 24, 2017
Transamerica Partners Core Bond	Class R
Transamerica Partners Institutional Core Bond ^(A)	Class R4
Transamerica Partners Core Bond Portfolio	Class I3
	Government Money Market ^(A)		October 13, 2017
Transamerica Partners Government Money Market	Class R2
Transamerica Partners Institutional Government Money Market	Class R4
Transamerica Partners Government Money Market Portfolio	Class I3
	International Equity ^(A)		March 10, 2017
Transamerica Partners International Equity	Class R
Transamerica Partners Institutional International Equity	Class R4
Transamerica Partners International Equity Portfolio	Class I3
	Mid Cap Growth		March 10, 2017
Transamerica Partners Mid Growth	Class R
Transamerica Partners Institutional Mid Growth ^(A)	Class R4
Transamerica Partners Mid Growth Portfolio	Class I3


Transamerica Funds		Annual Report 2017

Page 556

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

14. REORGANIZATION (continued)


Target Fund	Destination Fund/Class	Reorganization Date
	Mid Cap Value Opportunities ^(A)		March 24, 2017
Transamerica Partners Mid Value	Class R
Transamerica Partners Institutional Mid Value	Class R4
Transamerica Partners Mid Value Portfolio	Class I3
	Small Cap Core		March 10, 2017
Transamerica Partners Small Core	Class R
Transamerica Partners Institutional Small Core ^(A)	Class R4
Transamerica Partners Small Core Portfolio	Class I3
	Small Cap Growth ^(A)		March 10, 2017
Transamerica Partners Small Growth	Class R
Transamerica Partners Institutional Small Growth	Class R4
Transamerica Partners Small Growth Portfolio	Class I3
	Small Cap Value		April 21, 2017
Transamerica Partners Small Value	Class R
Transamerica Partners Institutional Small Value ^(A)	Class R4
Transamerica Partners Small Value Portfolio	Class I3

The reorganizations into newly organized Destination Funds were as follows:


Target Fund	Destination Fund/Class	Reorganization Date
	Balanced II		September 15, 2017
Transamerica Partners Balanced ^(A)	Class R
Transamerica Partners Balanced Portfolio	Class I3
	High Quality Bond		April 21, 2017
Transamerica Partners High Quality Bond	Class R
Transamerica Partners Institutional High Quality Bond ^(A)	Class R4
Transamerica Partners High Quality Bond Portfolio	Class I3
	Inflation-Protected Securities		April 21, 2017
Transamerica Partners Inflation-Protected Securities	Class R
Transamerica Partners Institutional Inflation – Protected Securities ^(A)	Class R4
Transamerica Partners Inflation-Protected Securities Portfolio	Class I3
	Large Core		March 10, 2017
Transamerica Partners Large Core	Class R
Transamerica Partners Institutional Large Core ^(A)	Class R4
Transamerica Partners Large Core Portfolio	Class I3
	Large Growth		March 10, 2017
Transamerica Partners Large Growth	Class R
Transamerica Partners Institutional Large Growth ^(A)	Class R4
Transamerica Partners Large Growth Portfolio	Class I3
	Large Value Opportunities		May 5, 2017
Transamerica Partners Large Value	Class R
Transamerica Partners Institutional Large Value ^(A)	Class R4
Transamerica Partners Large Value Portfolio	Class I3


(A)		Accounting and performance survivor of the reorganizations. For financial reporting purposes, the accounting and performance survivor’s financial and performance history prior to the reorganization became the financial and performance history of the Destination Fund and is reflected in the Destination Fund’s financial statements and financial highlights.

Pursuant to an Agreement and Plan of Reorganization, each Target Fund transferred all of its property and assets to the corresponding Destination Fund. The purpose of the transactions was to achieve a more cohesive, focused, and streamlined fund complex. In exchange, the applicable Destination Fund assumed all of the liabilities of the applicable Target Fund and issue shares to that Target Fund, as described below. With the exception of the reorganizations involving the Series Portfolios, the reorganizations were tax-free. For financial statement purposes, assets received and shares issued of the Destination Funds were recorded at fair value; however, the cost


Transamerica Funds		Annual Report 2017

Page 557

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

14. REORGANIZATION (continued)

basis of the investments received from the Target Funds was carried forward to align ongoing reporting of the Destination Funds’ realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. Shares issued to Target Fund shareholders from the Destination Fund, along with the exchange ratio of the reorganization for the Destination Funds, were as follows (shares of those Destination Funds that were not the accounting and performance survivor of the applicable reorganization are also shown):


Fund	Fund Shares		Destination Fund – Class	Destination Fund Shares		Dollar Amount		Exchange Ratio^(A)
Transamerica Partners Balanced		9,171,183	Balanced II – Class R		9,171,183	$	91,711,829		1.00
Transamerica Partners Balanced Portfolio		N/A	Balanced II – Class I3		5,619,167		56,191,666		N/A
			Government Money Market ^(B)
Transamerica Partners Government Money Market		632,075,520	Government Money Market – Class R2		632,075,520		632,075,520		1.00
Transamerica Partners Institutional Government Money Market		187,617,564	Government Money Market – Class R4		187,617,564		187,617,564		1.00
Transamerica Partners Government Money Market Portfolio		N/A	Government Money Market – Class I3		66,989,654		66,989,654		N/A
Transamerica Partners High Quality Bond		9,155,698	High Quality Bond – Class R		10,164,721		101,647,214		1.11
Transamerica Partners Institutional High Quality Bond ^(B)		5,396,036	High Quality Bond – Class R4		5,396,036		53,960,356		1.00
Transamerica Partners High Quality Bond Portfolio		N/A	High Quality Bond – Class I3		18,089,119		180,891,191		N/A
			High Yield Bond ^(B)
Transamerica Partners High Yield Bond		14,174,481	High Yield Bond – Class R		13,223,534		122,337,520		0.93
Transamerica Partners Institutional High Yield Bond		40,826,152	High Yield Bond – Class R4		38,058,540		352,098,584		0.93
Transamerica Partners High Yield Bond Portfolio		N/A	High Yield Bond – Class I3		37,423,688		346,225,252		N/A
Transamerica Partners Inflation – Protected Securities		10,338,182	Inflation-Protected Securities – Class R		11,485,858		114,858,579		1.11
Transamerica Partners Institutional Inflation-Protected Securities ^(B)		6,069,179	Inflation-Protected Securities – Class R4		6,069,179		60,691,785		1.00
Transamerica Partners Inflation – Protected Securities Portfolio		N/A	Inflation-Protected Securities – Class I3		6,435,074		64,350,738		N/A
Transamerica Partners Core Bond		28,440,299	Intermediate Bond – Class R		36,303,963		365,849,559		1.28
Transamerica Partners Institutional Core Bond ^(B)		31,285,459	Intermediate Bond – Class R4		31,285,459		315,276,089		1.00
Transamerica Partners Core Bond Portfolio		N/A	Intermediate Bond – Class I3		44,438,308		447,822,600		N/A
Intermediate Bond – Class I2		195,080,630	Intermediate Bond – Class I2		195,080,630		1,965,902,863		1.00
			International Equity ^(B)
Transamerica Partners International Equity		13,385,727	International Equity – Class R		8,218,564		141,711,875		0.61
Transamerica Partners Institutional International Equity		6,071,150	International Equity – Class R4		2,371,458		40,890,816		0.39
Transamerica Partners International Equity Portfolio		N/A	International Equity – Class I3		11,005,711		189,770,376		N/A
Transamerica Partners Large Core		2,304,086	Large Core – Class R		8,065,740		80,657,396		3.50
Transamerica Partners Institutional Large Core ^(B)		1,117,293	Large Core – Class R4		1,117,293		11,172,929		1.00
Transamerica Partners Large Core Portfolio		N/A	Large Core – Class I3		20,290,247		202,902,469		N/A
Transamerica Partners Large Growth		8,911,458	Large Growth – Class R		24,908,589		249,085,885		2.80
Transamerica Partners Institutional Large Growth ^(B)		8,353,323	Large Growth – Class R4		8,353,323		83,533,232		1.00
Transamerica Partners Large Growth Portfolio		N/A	Large Growth – Class I3		52,386,514		523,865,143		N/A


Transamerica Funds		Annual Report 2017

Page 558

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

14. REORGANIZATION (continued)


Fund	Fund Shares		Destination Fund – Class	Destination Fund Shares		Dollar Amount		Exchange Ratio^(A)
Transamerica Partners Large Value		7,855,088	Large Value Opportunities – Class R		22,909,736	$	229,097,355		2.92
Transamerica Partners Institutional Large Value ^(B)		9,421,040	Large Value Opportunities – Class R4		9,421,040		94,210,399		1.00
Transamerica Partners Large Value Portfolio		N/A	Large Value Opportunities – Class I3		42,387,468		423,874,680		N/A
Transamerica Partners Mid Growth		5,348,116	Mid Cap Growth – Class R		4,006,821		53,042,698		0.75
Transamerica Partners Institutional Mid Growth ^(B)		1,327,363	Mid Cap Growth – Class R4		1,327,363		17,571,765		1.00
Transamerica Partners Mid Growth Portfolio		N/A	Mid Cap Growth – Class I3		2,676,644		35,433,677		N/A
Mid Cap Growth – Class A		600,232	Mid Cap Growth – Class A		600,232		7,872,924		1.00
Mid Cap Growth – Class C		92,065	Mid Cap Growth – Class C		92,065		1,181,785		1.00
Mid Cap Growth – Class I		35,727	Mid Cap Growth – Class I		35,727		471,916		1.00
Mid Cap Growth – Class I2		12,026,921	Mid Cap Growth – Class I2		12,026,921		159,214,123		1.00
Mid Cap Growth – Advisor Class		800	Mid Cap Growth – Advisor Class		800		10,563		1.00
			Mid Cap Value Opportunities ^(B)
Transamerica Partners Mid Value		6,179,933	Mid Cap Value Opportunities – Class R		11,148,053		132,969,517		1.80
Transamerica Partners Institutional Mid Value		25,879,655	Mid Cap Value Opportunities – Class R4		39,022,272		465,442,058		1.51
Transamerica Partners Mid Value Portfolio		N/A	Mid Cap Value Opportunities – Class I3		24,417,361		291,240,513		N/A
Transamerica Partners Small Core		2,186,015	Small Cap Core – Class R		5,959,897		67,963,093		2.73
Transamerica Partners Institutional Small Core ^(B)		1,073,021	Small Cap Core – Class R4		1,073,021		12,236,084		1.00
Transamerica Partners Small Core Portfolio		N/A	Small Cap Core – Class I3		14,387,627		164,067,863		N/A
Small Cap Core – Class A		262,942	Small Cap Core – Class A		262,942		2,987,994		1.00
Small Cap Core – Class C		68,530	Small Cap Core – Class C		68,530		770,505		1.00
Small Cap Core – Class I		144,152	Small Cap Core – Class I		144,152		1,643,572		1.00
Small Cap Core – Class I2		3,485,319	Small Cap Core – Class I2		3,485,319		39,744,526		1.00
Small Cap Core – Advisor Class		858	Small Cap Core – Advisor Class		858		9,800		1.00
			Small Cap Growth ^(B)
Transamerica Partners Small Growth		2,432,198	Small Cap Growth – Class R		6,349,742		40,910,118		2.61
Transamerica Partners Institutional Small Growth		598,843	Small Cap Growth – Class R4		1,727,879		11,132,383		2.89
Transamerica Partners Small Growth Portfolio		N/A	Small Cap Growth – Class I3		2,729,704		17,586,938		N/A
Transamerica Partners Small Value		2,090,157	Small Cap Value – Class R		3,192,339		35,584,048		1.53
Transamerica Partners Institutional Small Value ^(B)		559,003	Small Cap Value – Class R4		559,003		6,231,042		1.00
Transamerica Partners Small Value Portfolio		N/A	Small Cap Value – Class I3		1,539,952		17,165,386		N/A
Small Cap Value – Class A		225,399	Small Cap Value – Class A		225,399		2,495,036		1.00
Small Cap Value – Class C		74,769	Small Cap Value – Class C		74,769		824,598		1.00
Small Cap Value – Class I		57,440	Small Cap Value – Class I		57,440		639,862		1.00
Small Cap Value – Class I2		23,579,640	Small Cap Value – Class I2		23,579,640		262,835,266		1.00
Small Cap Value – Class R6		5,040	Small Cap Value – Class R6		5,040		56,472		1.00
Small Cap Value – Class T1		900	Small Cap Value – Class T1		900		9,968		1.00
Small Cap Value – Advisor Class		891	Small Cap Value – Advisor Class		891		9,995		1.00


(A)		Calculated by dividing the Destination Fund shares issuable by the Fund shares outstanding on Reorganization Date.
(B)		Accounting and performance survivor.


Transamerica Funds		Annual Report 2017

Page 559

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

14. REORGANIZATION (continued)

The net assets of the Target Funds, including unrealized appreciation (depreciation), were combined with those of the Destination Funds. These amounts were as follows:


Target Fund	Target Fund Unrealized Appreciation (Depreciation)			Target Fund Net Assets			Destination Fund	Destination Fund Net Assets Prior to Reorganization		Net Assets After Reorganization
Transamerica Partners Balanced ^(A)		$ 1,007,424			$ 91,711,829		Balanced II	$	—		$ 147,903,495
Transamerica Partners Balanced Portfolio		N/A	^(B)		56,191,666	^(C)
Transamerica Partners Government Money Market		—			632,075,520		Government Money Market		247,644,219		1,134,326,957
Transamerica Partners Institutional Government Money Market		—			187,617,564
Transamerica Partners Government Money Market Portfolio		N/A	^(B)		66,989,654	^(C)
Transamerica Partners High Quality Bond		(1,640,859	)		101,647,214		High Quality Bond		—		336,498,761
Transamerica Partners Institutional High Quality Bond ^(A)		1,537,095			53,960,356
Transamerica Partners High Quality Bond Portfolio		N/A	^(B)		180,891,191	^(C)
Transamerica Partners High Yield Bond		722,132			122,337,520		High Yield Bond		1,229,016,797		2,049,678,153
Transamerica Partners Institutional High Yield Bond		2,520,307			352,098,584
Transamerica Partners High Yield Bond Portfolio		N/A	^(B)		346,225,252	^(C)
Transamerica Partners Inflation – Protected Securities		760,560			114,858,579		Inflation-Protected Securities		—		239,901,102
Transamerica Partners Institutional Inflation-Protected Securities ^(A)		590,545			60,691,785
Transamerica Partners Inflation – Protected Securities Portfolio		N/A	^(B)		64,350,738	^(C)
Transamerica Partners Core Bond		(3,594,976	)		365,849,559		Intermediate Bond		1,965,902,863		3,094,851,111
Transamerica Partners Institutional Core Bond ^(A)		2,500,810			315,276,089
Transamerica Partners Core Bond Portfolio		N/A	^(B)		447,822,600	^(C)
Transamerica Partners International Equity		34,415,124			141,711,875		International Equity		3,907,371,528		4,279,744,595
Transamerica Partners Institutional International Equity		(43,060,842	)		40,890,816
Transamerica Partners International Equity Portfolio		N/A	^(B)		189,770,376	^(C)
Transamerica Partners Large Core		(21,959,948	)		80,657,396		Large Core		—		294,732,794
Transamerica Partners Institutional Large Core ^(A)		(19,873,951	)		11,172,929
Transamerica Partners Large Core Portfolio		N/A	^(B)		202,902,469	^(C)
Transamerica Partners Large Growth		54,147,046			249,085,885		Large Growth		—		856,484,260
Transamerica Partners Institutional Large Growth ^(A)		(20,958,650	)		83,533,232
Transamerica Partners Large Growth Portfolio		N/A	^(B)		523,865,143	^(C)


Transamerica Funds		Annual Report 2017

Page 560

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

14. REORGANIZATION (continued)


Target Fund	Target Fund Unrealized Appreciation (Depreciation)			Target Fund Net Assets			Destination Fund	Destination Fund Net Assets Prior to Reorganization		Net Assets After Reorganization
Transamerica Partners Large Value	$	(27,696,716	)	$	229,097,355		Large Value Opportunities	$	—	$	747,182,434
Transamerica Partners Institutional Large Value ^(A)		(102,375,846	)		94,210,399
Transamerica Partners Large Value Portfolio		N/A	^(B)		423,874,680	^(C)
Transamerica Partners Mid Growth		1,814,612			53,042,698		Mid Cap Growth		168,751,311		274,799,451
Transamerica Partners Institutional Mid Growth ^(A)		(219,281	)		17,571,765
Transamerica Partners Mid Growth Portfolio		N/A	^(B)		35,433,677	^(C)
Transamerica Partners Mid Value		37,947,317			132,969,517		Mid Cap Value Opportunities		894,568,475		1,784,220,563
Transamerica Partners Institutional Mid Value		61,036,958			465,442,058
Transamerica Partners Mid Value Portfolio		N/A	^(B)		291,240,513	^(C)
Transamerica Partners Small Core		(34,919,534	)		67,963,093		Small Cap Core		45,156,397		289,423,437
Transamerica Partners Institutional Small Core ^(A)		(48,604,430	)		12,236,084
Transamerica Partners Small Core Portfolio		N/A	^(B)		164,067,863^(C	⁾
Transamerica Partners Small Growth		1,384,718			40,910,118		Small Cap Growth		76,775,271		146,404,710
Transamerica Partners Institutional Small Growth		3,003,186			11,132,383
Transamerica Partners Small Growth Portfolio		N/A	^(B)		17,586,938	^(C)
Transamerica Partners Small Value		(4,139,367	)		35,584,048		Small Cap Value		266,871,196		325,851,672
Transamerica Partners Institutional Small Value ^(A)		4,551,843			6,231,042
Transamerica Partners Small Value Portfolio		N/A	^(B)		17,165,386	^(C)


(A)		Accounting and performance survivor.
(B)		Taxable reorganization.
(C)		The net assets of the Series Portfolio exclude the feeder funds’ investments in the Series Portfolio.


Destination Fund	Reporting Period Beginning Date	Net Investment Income (Loss)		Net Realized and Change in Unrealized Gain (Loss)			Net Increase (Decrease) in Net Assets Resulting from Operations
Balanced II	January 1, 2017	$	1,896,849	$	15,251,348		$	17,148,197
Government Money Market	November 1, 2016		2,373,631		579			2,374,210
High Quality Bond	January 1, 2017		3,857,532		(1,052,574	)		2,804,958
High Yield Bond	November 1, 2016		115,594,943		52,067,822			167,662,765
Inflation-Protected Securities	January 1, 2017		2,733,491		(2,146,085	)		587,406
Intermediate Bond	January 1, 2017		54,958,787		53,453,229			108,412,016
International Equity	November 1, 2016		128,527,624		649,211,221			777,738,845
Large Core	January 1, 2017		2,935,298		29,593,636			32,528,934
Large Growth	January 1, 2017		1,590,904		157,091,627			158,682,531
Large Value Opportunities	January 1, 2017		7,365,292		73,812,813			81,178,105


Transamerica Funds		Annual Report 2017

Page 561

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

14. REORGANIZATION (continued)


Destination Fund	Reporting Period Beginning Date	Net Investment Income (Loss)			Net Realized and Change in Unrealized Gain (Loss)		Net Increase (Decrease) in Net Assets Resulting from Operations
Mid Cap Growth	January 1, 2017	$	219,450		$	32,062,658	$	32,282,108
Mid Cap Value Opportunities	November 1, 2016		12,366,176			89,963,948		102,330,124
Small Cap Core	January 1, 2017		936,717			18,055,245		18,991,962
Small Cap Growth	November 1, 2016		(1,085,580	)		28,605,155		27,519,575
Small Cap Value	January 1, 2017		754,004			25,430,018		26,184,022

15. CUSTODY OUT-OF-POCKET EXPENSE


Transamerica Funds		Annual Report 2017

Page 562

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees and Shareholders of Transamerica Funds:

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Transamerica Balanced II, Transamerica Bond, Transamerica Capital Growth, Transamerica Concentrated Growth, Transamerica Dividend Focused, Transamerica Dynamic Allocation, Transamerica Dynamic Income, Transamerica Emerging Markets Debt, Transamerica Emerging Markets Equity, Transamerica Event Driven, Transamerica Flexible Income, Transamerica Floating Rate, Transamerica Global Equity, Transamerica Government Money Market, Transamerica Growth, 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 Small Cap Value, 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-Cap Growth, 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 Strategic High Income, Transamerica Unconstrained Bond and Transamerica US Growth (forty-one of the funds of the Transamerica Funds, hereafter referred to as the “Funds”), as of October 31, 2017, and the related statements of operations, the statements of changes in net assets, the statement of cash flows (for Transamerica Event Driven) and the financial highlights for each of the years or periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for the periods ended prior to January 1, 2014 of Transamerica Concentrated Growth were audited by another independent registered public accounting firm whose report dated February 24, 2014 expressed an unqualified opinion on those financial highlights.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the aforementioned forty-one Funds of the Transamerica Funds at October 31, 2017, the results of their operations, the changes in their net assets, the cash flows and the financial highlights for each of the years or periods indicated therein, in conformity with U.S. generally accepted accounting principles.

LOGO

Boston, Massachusetts

December 27, 2017


Transamerica Funds		Annual Report 2017

Page 563

SUPPLEMENTAL INFORMATION

(unaudited)

TAX INFORMATION

For dividends paid during the year ended October 31, 2017, the Funds designated the following maximum amounts of qualified dividend income:


Fund	Qualified Dividend Income
Balanced II	$	123,244
Capital Growth		1,545,167
Concentrated Growth		1,831,260
Dividend Focused		21,442,459
Emerging Markets Equity		2,961,044
Event Driven		191,677
Global Equity		2,043,828
High Yield Bond		1,862,291
Inflation Opportunities		42,070
International Equity		64,674,493
International Small Cap Value		15,726,148
Large Cap Value		50,773,563
Large Core		2,156,424
Large Growth		1,665,293
Mid Cap Value Opportunities		16,672,471
MLP & Energy Income		10,951,128
Small Cap Core		100,206
Small Cap Growth		526,548
Small Cap Value		2,444,116
Small/Mid Cap Value		11,330,499
Strategic High Income		1,731,518
US Growth		13,485,567

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		7	%
Bond		3
Concentrated Growth		80
Dividend Focused		81
Event Driven		4
Global Equity		85
High Yield Bond		2
Inflation Opportunities		1
Intermediate Bond		0	^(A)
Large Cap Value		34
Large Core		100
Large Growth		100
Large Value Opportunities		100
Mid Cap Value Opportunities		32
MLP & Energy Income		69
Multi-Cap Growth		35
Small Cap Core		100
Small Cap Value		90
Small/Mid Cap Value		57
Strategic High Income		17
US Growth		91


(A)		Rounds to less than 1%.


Transamerica Funds		Annual Report 2017

Page 564

For tax purposes, the long-term capital gain designations for the year ended October 31, 2017 are as follows:


Fund	Long-Term Capital Gain Designation
Balanced II	$	6,968,473
Bond		9,451,019
Capital Growth		1,545,167
Concentrated Growth		32,155,554
Dividend Focused		100,965,391
Growth		72,273,039
High Yield Muni		323,962
Intermediate Muni		1,285,272
International Equity		4,626,416
International Small Cap Value		4,711,965
Large Cap Value		95,968,595
Large Growth		71,516
Mid Cap Value Opportunities		24,139,236
Multi-Cap Growth		47,730,358
Multi-Managed Balanced		3,011,423
Small Cap Growth		39,471,487
Small/Mid Cap Value		35,704,058
Strategic High Income		134,152
Unconstrained Bond		28,857
US Growth		20,348,561

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	$	5,058,489	$	592,590
Global Equity		2,245,216		113,787
International Equity		137,192,446		6,920,194
International Small Cap Value		19,743,534		1,525,185


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Transamerica Balanced II		Transamerica Intermediate Bond
Transamerica Bond		Transamerica Intermediate Muni
Transamerica Capital Growth		Transamerica International Equity
Transamerica Concentrated Growth		Transamerica International Small Cap Value
Transamerica Dividend Focused		Transamerica Large Core
Transamerica Dynamic Allocation		Transamerica Large Cap Value
Transamerica Dynamic Income		Transamerica Large Growth
Transamerica Emerging Markets Debt		Transamerica Large Value Opportunities
Transamerica Emerging Markets Equity		Transamerica Mid Cap Growth
Transamerica Event Driven		Transamerica Mid Cap Value Opportunities
Transamerica Flexible Income		Transamerica MLP & Energy Income
Transamerica Floating Rate		Transamerica Multi-Cap Growth
Transamerica Global Equity		Transamerica Multi-Managed Balanced
Transamerica Global Long/Short Equity		Transamerica Short-Term Bond
Transamerica Government Money Market		Transamerica Small Cap Core
Transamerica Growth		Transamerica Small Cap Growth
Transamerica High Quality Bond		Transamerica Small Cap Value
Transamerica High Yield Bond		Transamerica Small/Mid Cap Value
Transamerica High Yield Muni		Transamerica Strategic High Income
Transamerica Inflation Opportunities		Transamerica Unconstrained Bond
Transamerica Inflation-Protected Securities		Transamerica US Growth

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-advisers listed in the right column below (each a “Sub-Adviser” and collectively the “Sub-Advisers”).


Fund		Sub-Adviser(s)
Transamerica Balanced II		Aegon USA Investment Management, LLC J.P. Morgan Investment Management Inc.
Transamerica Bond		Loomis, Sayles & Company, L.P.
Transamerica Capital Growth		Morgan Stanley Investment Management Inc.
Transamerica Concentrated Growth		Torray LLC
Transamerica Dividend Focused		Barrow, Hanley, Mewhinney & Strauss, LLC
Transamerica Dynamic Allocation		QS Investors, LLC /Western Asset Management Company
Transamerica Dynamic Income		QS Investors, LLC
Transamerica Emerging Markets Debt		Logan Circle Partners, LP
Transamerica Emerging Markets Equity		ClariVest Asset Management, LLC
Transamerica Event Driven		Advent Capital Management, LLC
Transamerica Flexible Income		Aegon USA Investment Management, LLC
Transamerica Floating Rate		Aegon USA Investment Management, LLC
Transamerica Global Equity		Rockefeller and Co., Inc.
Transamerica Global Long/Short Equity		Picton Mahoney Asset Management
Transamerica Government Money Market		Aegon USA Investment Management, LLC
Transamerica Growth		Jennison Associates LLC
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		BlackRock Financial Management, Inc.
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 Small Cap Value		Thompson, Siegel & Walmsley LLC


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Fund		Sub-Adviser(s)
Transamerica Large Cap Value		Levin Capital Strategies, LP
Transamerica Large Core		AJO, LP
Transamerica Large Growth		Jennison Associates LLC Wellington Management Company, LLP
Transamerica Large Value Opportunities		AJO, LP
Transamerica Mid Cap Growth		Quantum Capital Management
Transamerica Mid Cap Value Opportunities		Thompson, Siegel & Walmsley LLC
Transamerica MLP & Energy Income		Kayne Anderson Capital Advisors, L.P.
Transamerica Multi-Cap Growth		Alta Capital Management, 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		Boston Advisors, LLC
Transamerica Small/Mid Cap Value		Systematic Financial Management L.P.
Transamerica Strategic High Income		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 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, 2018.

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 Services, 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.

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.


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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. 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 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, 2016. 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” median if a Fund’s performance ranked anywhere in the first or second quintiles, as “below” 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 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 R4 Shares of the Fund was above the median for its peer universe for the past 1-, 3-, 5- and 10-year periods. The Board also noted that the performance of Class R4 Shares of the Fund was below its primary benchmark for the past 1-, 3-, 5- and 10-year periods. The Trustees noted that the Fund had been registered to acquire the assets and assume the liabilities of three Transamerica Partners Balanced funds, but that sufficient votes had not been received with regard to the reorganization of one of the funds, Transamerica Partners Institutional Balanced. The Board noted that TAM was exploring alternatives for Transamerica Partners Institutional Balanced, the proposed performance survivor of the reorganizations, and that the performance history shown for the Fund is that of Transamerica Partners Institutional Balanced.

Transamerica 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-, 3- and 5-year periods. The Board also noted that the performance of Class I2 Shares of the Fund was above its benchmark for the past 1-, 3- and 5-year periods.

Transamerica Capital Growth. The Board noted that the performance of Class A 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 A Shares of the Fund was below its 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 March 22, 2011 pursuant to its current investment strategies. The Trustees observed that the performance of the Fund had improved during the first quarter of 2017.

Transamerica Concentrated Growth. The Board noted that the performance of Class A 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 A Shares of the Fund was below its benchmark for the past 1-year period.

Transamerica Dividend Focused. The Board noted that the performance of Class A 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-year period. The Board also noted that the performance of Class A Shares of the Fund was below its benchmark for the past 1- and 3-year periods.

Transamerica Dynamic Allocation. The Board noted that the performance of Class A 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 A Shares of the Fund was below its benchmark for the past 1- and 3-year periods. The Board noted that the Fund’s Sub-Adviser had commenced subadvising the Fund on May 1, 2015 pursuant to its current investment objective and investment


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strategies. The Trustees also noted recent changes in the portfolio management team at QS Investors, LLC. 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 2017.

Transamerica Dynamic Income. The Board noted that the performance of Class A 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 A Shares of the Fund was below its 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 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 2017.

Transamerica Emerging Markets Debt. The Board noted that the performance of Class A 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 A 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 Emerging Markets Equity. The Board noted that the performance of Class A 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 A Shares of the Fund was 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 2017.

Transamerica Event Driven. 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. The Board also noted that the performance of Class I2 Shares of the Fund was above its benchmark for the past 1-year period.

Transamerica Flexible Income. The Board noted that the performance of Class A 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- and 10-year periods. The Board also noted that the performance of Class A Shares of the Fund was above its benchmark for the past 1-, 5- and 10-year periods and below its benchmark for the past 3-year period. The Trustees also noted recent changes in the portfolio management team at the Sub-Adviser. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward. The Board also noted that Transamerica Income Shares, Inc. merged into this Fund in the fourth quarter of 2015.

Transamerica Floating Rate. The Board noted that the performance of Class A 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 A Shares of the Fund was below its benchmark for the past 1- and 3-year periods.

Transamerica Global Equity. The Board noted that the performance of Class A Shares of the Fund was below 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 A Shares of the Fund was below its primary benchmark for the past 1-, 3-, 5- and 10-year periods. The Board noted that the Fund’s Sub-Adviser had commenced subadvising the Fund on September 4, 2014 pursuant to its current investment strategies. The Trustees observed that the performance of the Fund had improved during the first quarter of 2017.

Transamerica Global Long/Short Equity. The Board noted that the performance of Class A Shares of the Fund was below the median for its peer universe for the past 1-year period. The Board also noted that the performance of Class A Shares of the Fund was below its benchmark for the past 1-year period. The Trustees discussed the reasons for the underperformance with TAM and TAM agreed to continue to closely monitor and report to the Board on the performance of the Fund. The Trustees observed that the performance of the Fund had improved during the first quarter of 2017.

Transamerica Government Money Market. The Board noted that the performance of Class A Shares of the Fund was above the median for its peer universe for the past 1, 3- and 5-year periods and in line with the median for the past 10-year period. The Board also noted that the Fund converted from a “prime” to a “government” money market fund as of May 1, 2016.

Transamerica Growth. The Board noted that the performance of Class I2 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 I2 Shares of the Fund was below its benchmark for the past 1-, 3-, 5- and 10-year periods. The Trustees observed that the performance of the Fund had improved during the first quarter of 2017.

Transamerica High Quality Bond. The Board noted that the performance of Class R4 Shares of the Fund was in line with the median for its peer universe for the past 10-year period and below the median for the past 1-, 3- and 5-year periods. The Board also noted that the performance of Class R4 Shares of the Fund was above its benchmark for the past 1-, 5- and 10-year periods and below its benchmark


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for the past 3-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 A Shares of the Fund was above the median for its peer universe for the past 3-, 5- and 10-year periods and in line with the median for the past 1-year period. The Board also noted that the performance of Class A Shares of the Fund was below its benchmark for the past 1-, 3-, 5- and 10-year periods.

Transamerica High Yield Muni. The Board noted that the performance of Class A 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 A 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 2017.

Transamerica Inflation Opportunities. The Board noted that the performance of Class A 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 A Shares of the Fund was above its benchmark for the past 1-year period.

Transamerica Inflation-Protected Securities. The Board noted that the performance of Class R4 Shares of the Fund was in line with the median for its peer universe for the past 3-, 5- and 10-year periods and below the median for the past 1-year period. The Board also noted that the performance of Class R4 Shares of the Fund was below its benchmark for the past 1-, 3-, 5- and 10-year periods. The Board noted that the Fund’s Sub-Adviser had commenced subadvising the Fund on May 1, 2007 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 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 R4 Shares of the Fund was above the median for its peer universe for the past 1-, 3-, 5- and 10-year periods. The Board also noted that the performance of Class R4 Shares of the Fund was above its benchmark for the past 1-, 3-, 5- and 10-year periods. The Trustees also noted recent changes in the portfolio management team at the Sub-Adviser. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward. 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 A 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-year period. The Board also noted that the performance of Class A Shares of the Fund was above its benchmark for the past 3-year period and below its benchmark for the past 1-year period.

Transamerica International Equity. The Board noted that the performance of the Class I Shares of the Fund was above the median for its peer universe for the past 3-, 5- and 10-year periods and below the median for the past 1-year period. The Board also noted that the performance of Class I Shares of the Fund was above its benchmark for the past 3-, 5- and 10-year periods and below its benchmark for the past 1-year period. The Trustees observed that the performance of the Fund had improved during the first quarter of 2017.

Transamerica International Small 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 3-year period and below the median for the past 1-year period. The Board also noted that the performance of Class I2 Shares of the Fund was below its benchmark for the past 1- and 3-year periods.

Transamerica Large Cap Value. The Board noted that the performance of Class A 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 A Shares of the Fund was above its 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 31, 2012 pursuant to its current investment objective and investment strategies.

Transamerica Large Core. The Board noted that the performance of Class R4 Shares of the Fund was above the median for its peer universe for the past 3- and 5-year periods, in line with the median for the past 10-year period and below the median for the past 1-year period. The Board also noted that the performance of Class R4 Shares of the Fund was below its primary benchmark for the past 1-, 3-, 5- and 10-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 noted that the Fund had acquired the assets and


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assumed the liabilities of three Transamerica Partners funds on March 10, 2017. As a result of that transaction, and based on published guidance from the staff of the Securities and Exchange Commission, the Fund had assumed the performance history of the performance survivor, Transamerica Partners Institutional Large Core, effective as of that date in place of its own historical performance record.

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

Transamerica Large Value Opportunities. The Board noted that the performance of Class R4 Shares of the Fund was in line with the median for its peer universe for the past 5-year period and below the median for the past 1-, 3- and 10-year periods. The Board also noted that the performance of Class R4 Shares of the Fund was below its primary benchmark for the past 1-, 3-, 5- and 10-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 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 R4 Shares of the Fund was above the median for its peer universe for the past 1- and 3-year periods and in line with the median for the past 5- and 10-year periods. The Board also noted that the performance of Class R4 Shares of the Fund was above its benchmark for the past 1-year period and below its benchmark for the past 3-, 5- and 10-year periods. The Trustees noted that the Fund had acquired the assets and assumed the liabilities of three Transamerica Partners funds on March 10, 2017. As a result of that transaction, and based on published guidance from the staff of the Securities and Exchange Commission, the Fund had assumed the performance history of the performance survivor, Transamerica Partners Institutional Mid Growth, effective as of that date in place of its own historical performance record.

Transamerica Mid Cap Value Opportunities. The Board noted that the performance of Class A Shares of the Fund was below the median for its peer universe for the past 1-year period. The Board also noted that the performance of Class A Shares of the Fund was 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 2017.

Transamerica MLP & Energy Income. The Board noted that the performance of Class A 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 A Shares of the Fund was above its primary benchmark for the past 1-year period and below its primary benchmark for the past 3-year period.

Transamerica Multi-Cap Growth. The Board noted that the performance of Class A Shares of the Fund was below 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 A 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, 2016 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 2017.

Transamerica Multi-Managed Balanced. The Board noted that the performance of Class A 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 A Shares of the Fund was below its primary benchmark for the past 1-, 3-, 5- and 10-year periods. The Board noted that the Fund’s 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 (“AUIM”), had commenced subadvising that portion of the Fund on May 1, 2014 pursuant to its current fixed income investment strategies. The Trustees also noted recent changes in the portfolio management team at AUIM. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward.

Transamerica Short-Term Bond. The Board noted that the performance of Class A 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 A Shares of the Fund was above its benchmark for the past 1-, 3- and 5-year periods. The Trustees also noted recent changes in the portfolio management team at the Sub-Adviser. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward.


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Transamerica Small Cap Core. The Board noted that the performance of Class R4 Shares of the Fund was below the median for its peer universe for the past 1-, 3-, 5- and 10-year periods. The Board also noted that the performance of Class R4 Shares of the Fund was 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 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 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 A 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 A Shares of the Fund was above its benchmark for the past 1- and 3-year periods.

Transamerica Small Cap Value. The Board noted that the performance of Class R4 Shares of the Fund was in line with the median for its peer universe for the past 3-year period and below the median for the past 1-, 5- and 10-year periods. The Board also noted that the performance of Class R4 Shares of the Fund was above its benchmark for the past 10-year period and 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. The Board noted that the Fund’s Sub-Adviser had commenced subadvising the Fund on September 28, 2015 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 April 21, 2017. As a result of that transaction, and based on published guidance from the staff of the Securities and Exchange Commission, the Fund had assumed the performance history of the performance survivor, Transamerica Partners Institutional Small Value, effective as of that date in place of its own historical performance record.

Transamerica Small/Mid Cap Value. The Board noted that the performance of Class A Shares of the Fund was above the median for its peer universe for the past 1- and 10-year periods and in line with the median for the past 3- and 5-year periods. The Board also noted that the performance of Class A 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. 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 4, 2016.

Transamerica Strategic High Income. The Board noted that the performance of Class A 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 A Shares of the Fund was below its benchmark for the past 1-year period.

Transamerica Unconstrained Bond. The Board noted that the performance of Class I2 Shares of the Fund was above the median for its peer universe for the past 1-year period. The Board also noted that the performance of Class I2 Shares of the Fund was above its benchmark for the past 1-year period.

Transamerica US Growth. The Board noted that the performance of Class A 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 A Shares of the Fund was below its 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 March 22, 2011 and commenced using its current investment objective and investment strategies on July 1, 2014.

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.

Management and Sub-Advisory Fees and Total Expense Ratios


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

Transamerica Emerging Markets Debt. The Board noted that the Fund’s contractual management fee and the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class A 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 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 A 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 Event Driven. The Board noted that the Fund’s contractual management fee was in line with the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 Shares of the Fund were 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.


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Transamerica Flexible Income. The Board noted that the Fund’s contractual management fee and the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class A 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 Floating Rate. The Board noted that the Fund’s contractual management fee was in line with the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class A 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 Global Equity. 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 A 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 Global Long/Short 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 A 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 Government Money Market. 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 A 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 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 I2 Shares of the Fund were below the medians for its peer group and peer universe.

Transamerica High Quality 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 R4 Shares of the Fund were below the median for its peer group and above the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica High Yield 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 A 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 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 A 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 A Shares of the Fund were above the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Inflation-Protected Securities. The Board noted that the Fund’s contractual management fee was below the 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 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.


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

(unaudited)

Transamerica Intermediate 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 R4 Shares of the Fund were below the median for its peer group and above the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

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

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

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

Transamerica Mid Cap Value Opportunities. The Board noted that the Fund’s contractual management fee was in line with the median for its peer group and below the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class A 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 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 A 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.


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

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

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

Transamerica Unconstrained Bond. The Board noted that the Fund’s contractual management fee was above the medians for its peer group and 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 US Growth. The Board noted that the Fund’s contractual management fee was below the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class A 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.


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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 had not made material changes to this methodology, which 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 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 its 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 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 and that TAM believes the use of soft dollars by Advent Capital Management, LLC, BlackRock Financial Management, Inc., Boston Advisors, LLC, Jennison Associates LLC, J.P. Morgan Investment Management Inc., Levin Capital Strategies, LP, Loomis, Sayles & Company, L.P., Morgan Stanley Investment Management Inc., Picton Mahoney Asset Management, Quantum Capital Management, Ranger Investment Management, L.P., Rockefeller and Co., Inc., Systematic Financial Management L.P., Thompson, Siegel & Walmsley LLC and Wellington Management Company, LLP is generally appropriate and in the best interests of the applicable Funds. The Board also noted that Alta Capital Management, LLC, AUIM, Barrow, Hanley, Mewhinney & Strauss, LLC, ClariVest Asset Management, LLC, Jennison Associates LLC, J.P. Morgan Investment Management Inc., Kayne Anderson Capital Advisors, L.P., Levin Capital Strategies, LP, Morgan Stanley Investment Management Inc., Ranger Investment Management, L.P., Systematic Financial Management L.P., Thompson, Siegel & Walmsley LLC, Torray LLC 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


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(unaudited)

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 2017

Page 578

TRANSAMERICA EMERGING MARKETS DEBT

APPROVAL OF SUB-INVESTMENT ADVISORY AGREEMENT

(unaudited)

On September 15, 2017, Fortress Asset Management, LLC, the parent company of Logan Circle Partners, LP (“Logan Circle”), sold all of its ownership interests in Logan Circle to MetLife Investment Management Holdings, LLC, a wholly-owned subsidiary of Metlife, Inc. This transaction constituted an “assignment,” within the meaning of the Investment Company Act of 1940, of the sub-advisory agreement between Transamerica Asset Management, Inc. (“TAM”) and Logan Circle, resulting in its automatic termination.

In anticipation of the closing of the transaction, the Board of Trustees of Transamerica Funds (the “Board” or “Board Members”), at a meeting held on September 13-14, 2017, considered the continued retention of Logan Circle as the sub-adviser to Transamerica Emerging Markets Debt (the “Fund”). Following their review and consideration, the Board Members determined that the terms of the proposed sub-investment advisory agreement between TAM and Logan Circle, with respect to the Fund (the “New Sub-Advisory Agreement”), were reasonable and in the best interests of the Fund and its shareholders. The Board, including the Independent Board Members, unanimously approved the New Sub-Advisory Agreement to take effect upon the closing of the transaction.

To assist the Board Members in their consideration of the New Sub-Advisory Agreement, the Board Members requested and received from TAM and Logan Circle certain materials and information in advance of their meeting at which the New Sub-Advisory Agreement was approved. In addition, the Independent Board Members consulted with counsel, including independent legal counsel, discussing, among other things, the legal standards and certain other considerations relevant to the Board Members’ deliberations.

Among other matters, the Board Members considered:

(a) that Logan Circle would remain the sub-adviser to the Fund and that the transaction is not expected to result in any diminution in the nature, extent and quality of sub-advisory services provided by Logan Circle to the Fund and its investors, including compliance services;

(b) that Logan Circle expects to retain the same investment processes, key personnel and support systems following the transaction;

(c) that Logan Circle is an experienced and respected asset management firm and TAM believes that Logan Circle will continue to have the capabilities, resources and personnel necessary to provide sub-advisory services to the Fund based on an assessment of Logan Circle, investment personnel, and the sub-advisory services Logan Circle currently provides to the Fund; and

(d) that the New Sub-Advisory Agreement will not result in any change in the rate of sub-advisory fees payable to Logan Circle by TAM.

In their deliberations, the Board Members evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. The Board Members based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Board Member may have attributed different weights to the various factors.

Nature, Extent and Quality of the Services to be Provided. In evaluating the nature, extent and quality of the services to be provided by Logan Circle under the New Sub-Advisory Agreement, the Board Members considered, among other things, information provided by TAM and Logan Circle regarding the operations, facilities, organization and personnel of Logan Circle, that Logan Circle would remain the sub-adviser to the Fund, as well as the sub-advisory services provided by Logan Circle under the Prior Sub-Advisory Agreement. The Board Members noted that no changes were being proposed to the Fund’s principal investment strategies. The Board Members considered that TAM and Logan Circle have advised the Board Members that the transaction is not expected to result in any diminution in the nature, extent and quality of sub-advisory services provided by Logan Circle to the Fund and its investors, including compliance services. The Board Members considered that Logan Circle is an experienced and respected asset management firm that is expected to benefit from the combination of resources once the transaction is completed. In addition, the Board noted that TAM believes that, following the transaction, Logan Circle will continue to have the capabilities, resources and personnel necessary to provide sub-advisory services to the Fund based on the assessment of Logan Circle, investment talent and the sub-advisory services currently being provided by Logan Circle to the Fund.

The Board Members noted Logan Circle’s past performance, investment management experience, capabilities and resources. Further, they also noted that it is expected that, after the transaction, the current portfolio managers and their respective investment teams of the Fund will continue to sub-advise the Fund by employing the same investment processes and will continue to have access to the same support systems.


Transamerica Funds		Annual Report 2017

Page 579

TRANSAMERICA EMERGING MARKETS DEBT

APPROVAL OF SUB-INVESTMENT ADVISORY AGREEMENT (continued)

(unaudited)

On the basis of this information and the Board Members’ assessment of the nature, extent and quality of the sub-advisory services to be provided by Logan Circle under the New Sub-Advisory Agreement, the Board Members concluded that Logan Circle is capable of providing sub-advisory services to the Fund that are appropriate in scope and extent in light of the proposed investment programs for the Fund.

Sub-Advisory Fee, Cost of Services to be Provided and Profitability. The Board Members considered the proposed sub-advisory fee schedule under the New Sub-Advisory Agreement noting that the proposed sub-advisory fee schedule payable by TAM to Logan Circle is the same as the fee schedule in the Prior Sub-Advisory Agreement. On the basis of these considerations, together with the other information they considered, the Board Members determined that the sub-advisory fee to be received by Logan Circle under the New Sub-Advisory Agreement is reasonable in light of the sub-advisory services to be provided.

It was noted that the terms of the New Sub-Advisory Agreement had been negotiated at arm’s-length between TAM and Logan Circle, and that the Board had reviewed Logan Circle’s estimated profitability under the Prior Sub-Advisory Agreement in June of 2017, and would consider Logan Circle’s estimated profitability under the New Sub-Advisory Agreement in June of 2018 in connection with the proposed renewal of the agreement.

Economies of Scale. In evaluating the extent to which the sub-advisory fees payable under the New Sub-Advisory Agreement reflect economies of scale or would permit economies of scale to be realized in the future, the Board Members considered the sub-advisory fee schedule and the existence of breakpoints in the sub-advisory fee schedule. The Board Members concluded that they would have the opportunity to periodically reexamine the appropriateness of the sub-advisory fees payable by TAM to Logan Circle in light of any economies of scale experienced in the future.

Fall-Out Benefits. The Board Members considered incidental benefits expected to be derived by Logan Circle from its relationship with the Fund. The Board Members noted that 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 Logan Circle, and that Logan Circle may engage in soft dollar arrangements consistent with applicable law and “best execution” requirements.

Conclusion. After consideration of the factors described above, as well as other factors, the Board Members, including all of the Independent Board Members, concluded that the approval of the New Sub-Advisory Agreement is in the best interest of the Fund and its investors and unanimously approved that the New Sub-Advisory Agreement take effect upon the closing of the transaction.


Transamerica Funds		Annual Report 2017

Page 580

TRANSAMERICA DIVIDEND FOCUSED

TRANSAMERICA INTERNATIONAL EQUITY

TRANSAMERICA INTERNATIONAL SMALL CAP VALUE

TRANSAMERICA MID CAP VALUE OPPORTUNITIES

TRANSAMERICA STRATEGIC HIGH INCOME

APPROVAL OF SUB-INVESTMENT ADVISORY AGREEMENTS

(unaudited)

Barrow, Hanley, Mewhinney & Strauss, LLC (“Barrow Hanley”), sub-adviser to Transamerica Dividend Focused, and Thompson, Siegel & Walmsley LLC (“TSW”), sub-adviser to Transamerica International Equity, Transamerica International Small Cap Value, Transamerica Mid Cap Value Opportunities and Transamerica Strategic High Income (together with Transamerica Dividend Focused, each a “Fund” and collectively, the “Funds,” each Fund being a series of Transamerica Funds), are each subsidiaries of OM Asset Management plc (“OMAM”). OMAM is a multi-boutique asset management company that operates its business through affiliate investment firms, including Barrow Hanley and TSW. In the second tranche of a two tranche transaction, Old Mutual plc, OMAM’s parent company, would sell a minority interest in OMAM to HNA Capital US (the “Old Mutual Transaction”). It was determined that the Old Mutual Transaction may constitute an “assignment” under Section 15 of the Investment Company Act of 1940, and would therefore result in the automatic termination of the current sub-advisory agreements with Barrow Hanley and TS&W. Accordingly, at a meeting of the Board of Trustees of Transamerica Funds (the “Board” or Board Members”) held on September 13-14, 2017, the Board considered the approval of new sub-investment advisory agreements with respect to the applicable Funds between TAM and Barrow Hanley and between TAM and TSW (each a “New Sub-Advisory Agreement” and together, the “New Sub-Advisory Agreements”).

Following its review and consideration, the Board determined that the terms of each proposed New Sub-Advisory Agreement were reasonable and that the approval of each of the New Sub-Advisory Agreements was in the best interests of each applicable Fund and its investors. The Board, including the independent members of the Board (the “Independent Board Members”), unanimously approved each New Sub-Advisory Agreement to take effect upon the closing of the second tranche of the Old Mutual Transaction.

Prior to reaching their decision, the Board Members requested and received from TAM, Barrow Hanley and TSW certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the New Sub-Advisory Agreements. In their deliberations, the Independent Board Members met privately without representatives of TAM, Barrow Hanley and TSW present and were represented throughout the process by independent legal counsel. In considering the proposed approval of the Agreements, the Board Members evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. 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 Board Member may have attributed different weights to the various factors.

Among other matters, the Board Members considered:

(a) that Barrow Hanley and TSW would each remain the sub-advisers to the respective Funds and that the Old Mutual Transaction is not expected to result in any diminution in the nature, extent and quality of sub-advisory services provided by Barrow Hanley or TSW to each applicable Fund and its investors, including compliance services;

(b) that Barrow Hanley and TSW expect to retain the same investment processes, key personnel and support systems following the Old Mutual Transaction;

(c) that Barrow Hanley and TSW are experienced and respected asset management firms and TAM believes that they will each continue to have the capabilities, resources and personnel necessary to provide sub-advisory services to the Funds based on an assessment of Barrow Hanley and TSW, investment personnel, and the sub-advisory services Barrow Hanley and TSW each currently provide to the respective Funds; and

(d) that the New Sub-Advisory Agreements will not result in any change in the rate of sub-advisory fees payable by TAM to Barrow Hanley or TSW.

Nature, Extent and Quality of the Services to be Provided. In evaluating the nature, extent and quality of the services to be provided by Barrow Hanley and TSW under the New Sub-Advisory Agreements, the Board Members considered, among other things, information provided by TAM, Barrow Hanley and TSW regarding the operations, facilities, organization and personnel of each sub-adviser, as well as the sub-advisory services provided by each Barrow Hanley and TSW under their current sub-advisory agreements. The Board Members noted that no changes were being proposed to the Funds’ principal investment strategies. The Board Members considered that TAM, Barrow Hanley and TSW have each advised the Board Members that the Old Mutual Transaction is not expected to result in any diminution in the nature, extent and quality of sub-advisory services provided to each applicable Fund and its


Transamerica Funds		Annual Report 2017

Page 581

investors, including compliance services. The Board Members considered that Barrow Hanley and TSW are experienced and respected asset management firms that are expected to benefit from the combination of resources once the Old Mutual Transaction is completed. In addition, the Board noted that TAM believes that, following the Old Mutual Transaction, Barrow Hanley and TSW will continue to have the capabilities, resources and personnel necessary to provide sub-advisory services to the Funds based on the assessment of Barrow Hanley and TSW, their investment talent and the sub-advisory services currently being provided by both Barrow Hanley and TSW to the Funds.

The Board Members noted the past performance, investment management experience, capabilities and resources of Barrow Hanley and TSW. Further, they also noted that it is expected that, after the Old Mutual Transaction, the current portfolio managers and their respective investment teams will continue to sub-advise each applicable Fund by employing the same investment processes and will continue to have access to the same support systems.

On the basis of this information and the Board Members’ assessment of the nature, extent and quality of the sub-advisory services to be provided by Barrow Hanley and TSW under the New Sub-Advisory Agreements, the Board Members concluded that Barrow Hanley and TSW are both capable of providing sub-advisory services to the Funds that are appropriate in scope and extent in light of the proposed investment programs for each Fund.

Sub-Advisory Fee, Cost of Services to be Provided and Profitability. The Board Members considered the proposed sub-advisory fee schedules under the New Sub-Advisory Agreements noting that the proposed sub-advisory fee schedules payable by TAM to Barrow Hanley and TSW are the same as the fee schedules in the current sub-advisory agreements. The Board Members noted that the management fee schedules for the Funds would not change. On the basis of these considerations, together with the other information they considered, the Board Members determined that the sub-advisory fees to be received by Barrow Hanley and TSW under the New Sub-Advisory Agreements are reasonable in light of the sub-advisory services to be provided.

It was noted that the Boards reviewed estimated profitability under the current sub-advisory agreements in June of 2017 for both Barrow Hanley and TSW, and would consider their estimated profitability under the New Sub-Advisory Agreements in June of 2018 in connection with the proposed renewal of the agreements.

Economies of Scale. In evaluating the extent to which the sub-advisory fees payable under the New Sub-Advisory Agreements reflect economies of scale or would permit economies of scale to be realized in the future, the Board Members considered the sub-advisory fee schedules and the existence of breakpoints in the sub-advisory fee schedules. The Board Members concluded that they would have the opportunity to periodically reexamine the appropriateness of the sub-advisory fees payable by TAM to Barrow Hanley and to TSW in light of any economies of scale experienced in the future.

Fall-Out Benefits. The Board Members considered incidental benefits expected to be derived by Barrow Hanley and TSW from their relationships with the Funds. The Board Members noted that TAM would not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (“soft dollars”) as a result of its relationships with Barrow Hanley or TSW, and that Barrow Hanley and TSW may each engage in soft dollar arrangements consistent with applicable law and “best execution” requirements.

Conclusion. After consideration of the factors described above, as well as other factors, the Board Members, including all of the Independent Board Members, concluded that the approval of each New Sub-Advisory Agreement is in the best interests of each applicable Fund and its investors and unanimously approved each New Sub-Advisory Agreement to take effect upon the closing of the second tranche of the Old Mutual Transaction.


Transamerica Funds		Annual Report 2017

Page 582

Management of the Trust

Board Members and Officers

(unaudited)

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

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


Name	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 During the Past Five Years
INTERESTED BOARD MEMBERS
Marijn P. Smit (44)	Chairman of the Board, President and Chief Executive Officer	Since 2014	Chairman of the Board, President and Chief Executive Officer, TF, TST, TPP, TPFG, TPFG II 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 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); President, Investment Solutions, Transamerica Investments & Retirement (2014 – 2016); Vice President, Transamerica Premier Life Insurance Company (2010 – 2016);	136	Director, Massachusetts Fidelity Trust Company (2014 – present); Director, Aegon Global Funds (since 2016)


Transamerica Funds		Annual Report 2017

Page 583


Name	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 During the Past Five Years
INTERESTED BOARD MEMBERS — continued
Marijn P. Smit (continued)			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 (69)	Board Member	Since 2012	Board Member, TF, TST, TPP, TPFG, TPFG II and TAAVF (2012 – present); 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).	131	N/A
INDEPENDENT BOARD MEMBERS
Sandra N. Bane (65)	Board Member	Since 2008	Retired (1999 – present); Board Member, TF, TST, TPP, TPFG, TPFG II and TAAVF (2008 – present); Board Member, TIS (2008 – 2015); Board Member, Transamerica Investors, Inc. (“TII”) (2003 – 2010); and Partner, KPMG (1975 – 1999).	131	Big 5 Sporting Goods (2002 – present); Southern Company Gas (energy services holding company) (2008 – present)
Leo J. Hill (61)	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, TIS (2002 – 2015); Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present);	131	Ameris Bancorp (2013 – present); Ameris Bank (2013 – present)


Transamerica Funds		Annual Report 2017

Page 584


Name	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 During the Past Five Years
INDEPENDENT BOARD MEMBERS — continued
Leo J. Hill (continued)			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 (71)	Board Member	Since 2009	Board Member, TF, TST, TPP, TPFG, TPFG II and TAAVF (2009 – present); 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).	131	N/A
Russell A. Kimball, Jr. (73)	Board Member	Since 1986	General Manager, Sheraton Sand Key Resort (1975 – present); Board Member, TST (1986 – present); Board Member, TF, (1986 – 1990), (2002 – present); Board Member, TIS (2002 – 2015); Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present); and Board Member, TII (2008 – 2010).	131	N/A


Transamerica Funds		Annual Report 2017

Page 585


Name	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 During the Past Five Years
INDEPENDENT BOARD MEMBERS — continued
Fredric A. Nelson III (60)	Board Member	Since 2017	Board Member, TF, TST, TPP, TPFG, TPFG II and TAAVF (2017 – present); Chief Investment Officer (“CIO”), Commonfund (2011 – 2015); Vice Chairman, CIO, ING Investment Management Americas (2003 – 2009); Managing Director, JP Morgan Investment Management (1994 – 2003); and Head of U.S. Equity, Bankers Trust Company (2000 – 2003); Managing Director, (1981 – 1994); Head of Global Quantitative Investments Group (1989 – 1994).	131	N/A
John Edgar Pelletier (53)	Board Member	Since 2017	Board Member, TF, TST, TPP, TPFG, TPFG II and TAAVF (2017 – present); Director, Center for Financial Literacy, Champlain College (2010 – present); Founder and Principal, Sterling Valley Consulting LLC (a financial services consulting firm) (2009 – present); Independent Director, The Sentinel Funds and Sentinel Variable Products Trust (2013 – present); Chief Legal Officer, Eaton Vance Corp. (2007 – 2008); and Executive Vice President and Chief Operating Officer, Natixis Global Associates (2004 – 2007); General Counsel (1997 – 2004).	131	N/A
Patricia L. Sawyer (67)	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, TIS (2007 – 2015); Board Member, TII (2008 – 2010); Board Member, TPP, TPFG, TPFG II and TAAVF (1993 – present); and Trustee, Chair of Finance Committee and Chair of Nominating Committee (1987 – 1996), Bryant University.	131	Honorary Trustee, Bryant University (1996 – present)


Transamerica Funds		Annual Report 2017

Page 586


Name	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 During the Past Five Years
INDEPENDENT BOARD MEMBERS — continued
John W. Waechter (65)	Board Member	Since 2005	Partner, Englander Fischer (2016 – present); Attorney, Englander Fischer (2008 – 2015); Retired (2004 – 2008); Board Member, TST (2004 – present); Board Member, TIS (2004 – 2015); Board Member, TF (2005 – present); Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present); 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).	131	Operation PAR, Inc. (non-profit organization) (2008 – present); Remember Honor Support, Inc. (non-profit organization) (2013 – present)Board Member, WRH Income Properties, Inc. (real estate) (2014 – present); Boley PAR, Inc. (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 2017

Page 587

OFFICERS


Name:	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Marijn P. Smit (44)	Chairman of the Board, President and Chief Executive Officer	Since 2014	See Table Above.
Tané T. Tyler (52)	Vice President, Associate General Counsel, Chief Legal Officer and Secretary	Since 2014	Vice President, Associate General Counsel, Chief Legal Officer and Secretary, Transamerica Funds, TST, TPP, TPFG, TPFG II and TAAVF (2014 – present); Assistant General Counsel, Chief Legal Officer and Secretary, TIS (2014 – 2015); Director, Vice President, Assistant General Counsel and Secretary, TAM and TFS (2014 – present); Senior Vice President, Secretary and General Counsel, ALPS, Inc., ALPS Fund Services, Inc. and ALPS Distributors, Inc. (2004 – 2013); and Secretary, Liberty All-Star Funds (2005 – 2013).
Christopher A. Staples (47)	Vice President and Chief Investment Officer, Advisory Services	Since 2005	Vice President and Chief Investment Officer, Advisory Services (2007 – present), Senior Vice President – Investment Management (2006 – 2007), Vice President – Investment Management (2005 – 2006), Transamerica Funds and TST; Vice President and Chief Investment Officer, Advisory Services (2007 – 2015), Senior Vice President – Investment Management (2006 – 2007), Vice President – Investment Management (2005 – 2006), TIS; Senior Director, Investments, TPP, TPFG, TPFG II and TAAVF (2007 – present); Vice President and Chief Investment Officer (2007 – 2010); Vice President – Investment Administration (2005 – 2007), TII; Director (2005 – present), Senior Vice President (2006 – present), TAM; Director, TFS (2005 – present); and Assistant Vice President, Raymond James & Associates (1999 – 2004).


Transamerica Funds		Annual Report 2017

Page 588


Name:	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Thomas R. Wald (57)	Chief Investment Officer	Since 2014	Chief Investment Officer, Transamerica Funds, TST, TPP, TPFG, TPFG II and TAAVF (2014 – present); Chief Investment Officer, TIS (2014 – 2015); Senior Vice President and Chief Investment Officer, TAM (2014 – present); Chief Investment Officer, Transamerica Investments & Retirement (2014 – present); Vice President and Client Portfolio Manager, Curian Capital, LLC (2012 – 2014); Portfolio Manager, Tactical Allocation Group, LLC (2010 – 2011); Mutual Fund Manager, Munder Capital Management (2005 – 2008); and Mutual Fund Manager, Invesco Ltd. (1997 – 2004).
Vincent J. Toner (47)	Vice President and Treasurer	Since 2014	Vice President and Treasurer (2014 – present) Transamerica Funds, TST, TPP, TPFG, TPFG II and TAAVF; Vice President and Treasurer, TIS (2014 – 2015); Vice President and Treasurer, TAM and TFS (2014 – present); Senior Vice President and Vice President, Fund Administration, Brown Brothers Harriman (2010 – 2014); and Vice President Fund Administration & Fund Accounting, Oppenheimer Funds (2007 – 2010)
Scott M. Lenhart (56)	Chief Compliance Officer and Anti-Money Laundering Officer	Since 2014	Chief Compliance Officer and Anti-Money Laundering Officer, Transamerica Funds, TST, TPP, TPFG, TPFG II and TAAVF (2014 – present), TIS (2014 – 2015); Chief Compliance Officer and Anti-Money Laundering Officer (2014 – present), Senior Compliance Officer (2008 – 2014), TAM; Vice President and Chief Compliance Officer, TFS (2014 – present); Director of Compliance, Transamerica Investments & Retirement (2014 – present); Vice President and Chief Compliance Officer, Transamerica Financial Advisors, Inc. (1999 – 2006); and Assistant Chief Compliance Officer, Raymond James Financial, Inc., Robert Thomas Securities, Inc. (1989 – 1998).


Transamerica Funds		Annual Report 2017

Page 589

Name:

Position

Term of Office
and Length of
Time Served*

Principal Occupation(s) or Employment
During Past Five Years

Rhonda A. Mills

(51)

Assistant General Counsel, Assistant Secretary

Since 2016

Assistant Secretary, Transamerica Funds, TST, TPP, TPFG, TPFG II and TAAVF (2016 – present); Assistant General Counsel, TAM (2016 – present), High Level Specialist Attorney, TAM (2014 – 2016); 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).

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


Transamerica Funds		Annual Report 2017

Page 590

PROXY VOTING POLICIES AND PROCEDURES AND QUARTERLY PORTFOLIO HOLDINGS

(unaudited)

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


Transamerica Funds		Annual Report 2017

Page 591

NOTICE OF PRIVACY POLICY

(unaudited)

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

Our Security Procedures

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.


Transamerica Funds		Annual Report 2017

Page 592

Customer Service: 1-888-233-4339

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Transamerica Capital, Inc.

www.transamerica.com

LOGO

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.

25333_ARMFP1017

LOGO

TRANSAMERICA FUNDS

ANNUAL REPORT

OCTOBER 31, 2017

LOGO

Customer Service: 1-888-233-4339

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Transamerica Capital, Inc.

www.transamerica.com

LOGO

Table of Contents


Shareholder Letter			1
Manager Commentary and Schedule of Investments
Transamerica Core Bond			2
Transamerica Developing Markets Equity			35
Transamerica Global Real Estate Securities			41
Transamerica International Equity Opportunities			45
Transamerica International Small Cap			50
Transamerica Long/Short Strategy			56
Transamerica Mid Cap Value			63
Transamerica Total Return			68
Understanding Your Funds’ Expenses			88
Statements of Assets and Liabilities			89
Statements of Operations			91
Statements of Changes in Net Assets			93
Statements of Cash Flows			96
Financial Highlights			97
Manager Commentary and Consolidated Schedule of Investments
Transamerica Global Multifactor Macro			101
Transamerica Managed Futures Strategy			110
Understanding Your Funds’ Expenses			120
Consolidated Statements of Assets and Liabilities			121
Consolidated Statements of Operations			122
Consolidated Statements of Changes in Net Assets			123
Consolidated Financial Highlights			124
Notes to Financial Statements			125
Report of Independent Registered Public Accounting Firm			150
Supplemental Information			151
Approval of Management and Sub-Advisory Agreements			152
Management of the Trust			157
Proxy Voting Policies and Procedures and Quarterly Portfolio Holdings			164
Notice of Privacy Policy			165


Transamerica Funds		Annual Report 2017

Dear Shareholder,

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

Sincerely,

LOGO

Marijn Smit

President & Chief Executive Officer

Transamerica Funds

LOGO

Tom Wald, CFA

Chief Investment Officer

Transamerica Funds

Transamerica Core Bond

(unaudited)

MARKET ENVIRONMENT

The major event at the beginning of the fiscal year, in November of 2016, was the surprise Republican sweep of the White House and both chambers of Congress. With the exception of a very brief risk-off reaction by global markets, bond yields and equity prices have moved higher since the U.S. election on expectations of deregulation, corporate and individual tax cuts, and higher infrastructure spending, and their impact on higher economic growth and inflation.

Risk assets continued their upward trajectory as the reflation trade persisted into the New Year. Consumer sentiment and business confidence levels soared, driving equity markets higher, as President Trump’s administration proposed initiatives of tax reform, infrastructure spending and deregulation were expected to spur growth. As the first half of the New Year progressed, skepticism on the timing and magnitude of President Trump’s agenda, along with political uncertainty in Europe, led the markets to pause.

The second half of the year was dominated by geopolitical tensions between the U.S. and North Korea, renewed concerns in Europe regarding the German elections and the Catalan independence movement, as well as multiple natural disasters and continued gridlock in Washington. Outside of a slight pull back in August, risk assets performed well and ended the fiscal period higher, supported by strong corporate earnings and above-trend growth. Economic data releases continued to reinforce the theme of synchronized global growth, while inflation remained stubbornly below expectations. The Republicans released a tax blueprint at the end of September, but few details were provided. The great reveal of the plan, which could introduce sweeping changes, left all the relevant details to be worked out by Congress. Markets welcomed the shift in focus from healthcare to tax reform. Equity markets continued to reach record highs, and the U.S. dollar continued to trend lower.

PERFORMANCE

For the year ended October 31, 2017, Transamerica Core Bond Class I2 returned 1.11%. By comparison, its benchmark, the Bloomberg Barclays US Aggregate Bond Index, returned 0.90%.

STRATEGY REVIEW

U.S. Treasury yields rose across the curve, the yield curve flattened during the period, and the spread between the two-year and 10-year Treasury yields finished the fiscal year at 0.78%, down 21 basis points (“bps”) from the beginning of the fiscal year. Within Treasuries, the 30-year bellwether was the worst performer, posting (3.83)% during the year. The Fund’s underweight to Treasury debt was a positive for performance as spread sectors outpaced their risk free counterpart, with the exception of mortgage backed securities (“MBS”). The Fund’s duration and yield curve positioning was net negative for performance, as the Fund maintained an overweight in the belly of the curve (5-10 year maturities), underweight the 20+ year bucket, and held a marginally shorter duration posture versus its benchmark.

MBS trailed comparable duration Treasury debt, posting (0.10)% of duration-neutral excess returns over Treasuries. The Fund’s security selection within mortgages was positive for returns over this period.

Corporate bonds finished as the best performing investment grade domestic broad market sector during the period. Overall, the Bloomberg Barclays Corporate Index outperformed comparable duration Treasuries by 427 bps on the year; with industrial names being the best performing sub-sector, posting excess returns of 441 bps. The Fund’s underweight to credit was a negative for performance, as we were underweight and have had a bias toward Financials.

The Fund’s sector allocations did not change dramatically during the period. The Fund remained underweight Treasury debt, overweight in mortgage securities and asset backed securities (“ABS”), and neutral weight in corporate bonds.

The Fund’s duration ended the fiscal year at 5.75 years as compared to 5.86 years for the benchmark.

Barbara Miller

Peter Simons, CFA

Richard Figuly

Co-Portfolio Managers

J.P. Morgan Investment Management Inc.


Fund Characteristics	Years
Average Maturity §		7.43
Duration †		5.75

Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		54.1	%
AAA		8.0
AA		4.1
A		11.3
BBB		17.1
BB		0.1
B		0.0	*
CCC and Below		0.1
Not Rated		6.1
Net Other Assets (Liabilities)		(0.9	)
Total		100.0	%

§	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 2017

Page 2

Transamerica Core Bond

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class I2 (NAV)		1.11	%		2.17	%		3.71	%		07/01/2009
Bloomberg Barclays US Aggregate Bond Index^(A)		0.90	%		2.04	%		3.91	%

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.

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 2017

Page 3

Transamerica Core Bond

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Principal		Value
ASSET-BACKED SECURITIES - 12.2%
ABFC Trust Series 2005-AQ1, Class A4, 4.80%^(A), 01/25/2034		$ 259,481		$ 266,319
Academic Loan Funding Trust
Series 2012-1A, Class A1,
1-Month LIBOR + 0.80%, 2.04%^(A), 12/27/2022^(B)		51,848		51,894
Series 2013-1A, Class A,
1-Month LIBOR + 0.80%, 2.04%^(A), 12/26/2044^(B)		625,689		622,881
Ally Auto Receivables Trust Series 2016-1, Class A3, 1.47%, 04/15/2020		1,265,560		1,264,770
Ally Master Owner Trust Series 2015-3, Class A, 1.63%, 05/15/2020		1,000,000		1,000,093
American Credit Acceptance Receivables Trust
Series 2016-2, Class C,
6.09%, 05/12/2022^(B)		800,000		820,526
Series 2016-3, Class A,
1.70%, 11/12/2020^(B)		226,965		226,880
Series 2016-3, Class C,
4.26%, 08/12/2022^(B)		722,000		731,928
Series 2016-4, Class C,
2.91%, 02/13/2023^(B)		530,000		531,528
American Homes 4 Rent Trust
Series 2014-SFR2, Class A,
3.79%, 10/17/2036^(B)		2,097,499		2,196,097
Series 2014-SFR2, Class E,
6.23%, 10/17/2036^(B)		200,000		223,296
Series 2014-SFR3, Class D,
5.04%, 12/17/2036^(B)		270,000		291,915
Series 2014-SFR3, Class E,
6.42%, 12/17/2036^(B)		725,000		819,540
Series 2015-SFR1, Class A,
3.47%, 04/17/2052^(B)		954,312		982,625
Series 2015-SFR1, Class D,
4.41%, 04/17/2052^(B)		1,800,000		1,870,617
Series 2015-SFR1, Class E,
5.64%, 04/17/2052^(B)		825,000		894,735
Series 2015-SFR2, Class E,
6.07%, 10/17/2045^(B)		1,155,000		1,290,327
American Tower Trust #1 Series 2013-2A, Class 2A, 3.07%, 03/15/2048^(B)		400,000		405,700
AmeriCredit Automobile Receivables Trust
Series 2015-1, Class A3,
1.26%, 11/08/2019		202,599		202,553
Series 2015-2, Class A3,
1.27%, 01/08/2020		144,840		144,782
Series 2015-4, Class A3,
1.70%, 07/08/2020		1,209,611		1,209,949
Series 2016-1, Class A3,
1.81%, 10/08/2020		391,561		391,836
Series 2016-2, Class A2A,
1.42%, 10/08/2019		318,423		318,345
Series 2016-2, Class A3,
1.60%, 11/09/2020		342,000		341,728


	Principal		Value
ASSET-BACKED SECURITIES (continued)
AmeriCredit Automobile Receivables Trust (continued)
Series 2016-4, Class B,
1.83%, 12/08/2021		$ 700,000		$ 696,549
Series 2017-1, Class B,
2.30%, 02/18/2022		406,000		406,091
Series 2017-1, Class C,
2.71%, 08/18/2022		218,000		218,286
Series 2017-1, Class D,
3.13%, 01/18/2023		489,000		492,362
Anchor Assets IX LLC Series 2016-1, Class A, 5.13%, 02/15/2020^{(B) (C)}		3,000,000		3,000,000
AXIS Equipment Finance Receivables III LLC Series 2015-1A, Class A2, 1.90%, 03/20/2020^(B)		83,300		83,246
B2R Mortgage Trust
Series 2015-1, Class A1,
2.52%, 05/15/2048^(B)		272,219		270,758
Series 2015-2, Class A,
3.34%, 11/15/2048^(B)		1,336,223		1,353,912
Series 2016-1, Class A,
2.57%, 06/15/2049^(B)		1,437,486		1,425,178
Banc of America Funding Corp. Series 2012-R6, Class 1A1, 3.00%, 10/26/2039^{(B) (C)}		82,584		81,596
BCC Funding Corp. X Series 2015-1, Class A2, 2.22%, 10/20/2020^(B)		276,476		276,180
BCC Funding XIII LLC Series 2016-1, Class A2, 2.20%, 12/20/2021^(B)		704,105		703,073
BXG Receivables Note Trust Series 2012-A, Class A, 2.66%, 12/02/2027^(B)		243,978		241,251
Cabela’s Credit Card Master Note Trust Series 2015-2, Class A1, 2.25%, 07/17/2023		185,000		185,378
California Republic Auto Receivables Trust
Series 2015-1, Class A4,
1.82%, 09/15/2020		967,330		967,468
Series 2015-2, Class A3,
1.31%, 08/15/2019		53,414		53,401
CAM Mortgage Trust Series 2017-1, Class A1, 3.22%^(A), 08/01/2057^(B)		420,431		420,502
Camillo Trust Series 2016-SFR1, 5.00%, 12/05/2023^(C)		1,926,126		1,921,913
Capital Auto Receivables Asset Trust
Series 2015-4, Class A2,
1.62%, 03/20/2019		188,555		188,592
Series 2016-2, Class A2A,
1.32%, 01/22/2019		49,161		49,150
CarFinance Capital Auto Trust Series 2015-1A, Class A, 1.75%, 06/15/2021^(B)		67,147		67,114
CarMax Auto Owner Trust Series 2016-2, Class A3, 1.52%, 02/16/2021		543,000		541,804

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


Transamerica Funds		Annual Report 2017

Page 4

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
ASSET-BACKED SECURITIES (continued)
CarNow Auto Receivables Trust
Series 2016-1A, Class A,
2.26%, 05/15/2019^(B)		$ 406,918		$ 407,089
Series 2016-1A, Class B,
3.49%, 02/15/2021^(B)		810,000		812,133
Chase Funding Trust
Series 2003-2, Class 2A2,
1-Month LIBOR + 0.56%, 1.80%^(A), 02/25/2033		419,129		393,101
Series 2003-6, Class 1A5,
5.10%^(A), 11/25/2034		295,232		304,893
Chrysler Capital Auto Receivables Trust Series 2016-AA, Class A3, 1.77%, 10/15/2020 ^(B)		1,443,754		1,444,332
Citi Held For Asset Issuance
Series 2016-MF1, Class A,
4.48%, 08/15/2022 ^(B)		259,736		261,867
Series 2016-MF1, Class B,
6.64%, 08/15/2022 ^(B)		1,500,000		1,550,754
Series 2016-PM1, Class A,
4.65%, 04/15/2025 ^(B)		171,915		172,924
Citigroup Global Markets Mortgage Securities VII, Inc. Series 2003-UP1, Class A, 3.95% ^(A), 04/25/2032 ^(B)		6,103		6,051
CLUB Credit Trust Series 2017-NP1, Class A, 2.39%, 04/17/2023 ^(B)		315,602		315,779
Colony American Finance, Ltd. Series 2016-2, Class A, 2.55%, 11/15/2048 ^(B)		690,074		680,191
COOF Securitization Trust, Ltd., Interest Only STRIPS Series 2014-1, Class A, 3.17% ^(A), 06/25/2040 ^(B)		575,732		53,016
CPS Auto Receivables Trust
Series 2014-D, Class C,
4.35%, 11/16/2020 ^(B)		125,000		128,070
Series 2015-A, Class A,
1.53%, 07/15/2019 ^(B)		40,276		40,267
Series 2015-A, Class C,
4.00%, 02/16/2021 ^(B)		100,000		101,884
Series 2015-B, Class A,
1.65%, 11/15/2019 ^(B)		210,837		210,806
Series 2015-C, Class D,
4.63%, 08/16/2021 ^(B)		482,000		491,819
Series 2016-A, Class A,
2.25%, 10/15/2019 ^(B)		206,919		207,157
Series 2016-A, Class B,
3.34%, 05/15/2020 ^(B)		1,689,877		1,703,550
Series 2016-B, Class A,
2.07%, 11/15/2019 ^(B)		161,585		161,744
Series 2016-B, Class B,
3.18%, 09/15/2020 ^(B)		491,000		495,079
Series 2016-C, Class C,
3.27%, 06/15/2022 ^(B)		840,000		844,985
Series 2017-C, Class C,
2.86%, 06/15/2023 ^(B)		1,150,000		1,145,787


	Principal		Value
ASSET-BACKED SECURITIES (continued)
Credit Acceptance Auto Loan Trust
Series 2015-2A, Class A,
2.40%, 02/15/2023 ^(B)		$ 1,003,218		$ 1,005,458
Series 2017-1A, Class A,
2.56%, 10/15/2025 ^(B)		621,000		621,926
Series 2017-1A, Class B,
3.04%, 12/15/2025 ^(B)		272,000		271,590
Series 2017-1A, Class C,
3.48%, 02/17/2026 ^(B)		250,000		251,943
Series 2017-2A, Class C,
3.35%, 06/15/2026 ^(B)		272,000		270,377
Diamond Resorts Owner Trust Series 2017-1A, Class A, 3.27%, 10/22/2029 ^(B)		1,300,000		1,298,009
Drive Auto Receivables Trust
Series 2015-AA, Class D,
4.12%, 07/15/2022 ^(B)		294,000		299,767
Series 2015-BA, Class D,
3.84%, 07/15/2021 ^(B)		640,000		653,195
Series 2015-DA, Class D,
4.59%, 01/17/2023 ^(B)		396,000		407,518
Series 2016-AA, Class B,
3.17%, 05/15/2020 ^(B)		359,898		360,471
Series 2016-AA, Class C,
3.91%, 05/17/2021 ^(B)		1,651,000		1,668,935
Series 2016-BA, Class B,
2.56%, 06/15/2020 ^(B)		320,618		321,213
Series 2016-CA, Class D,
4.18%, 03/15/2024 ^(B)		1,126,000		1,160,101
Series 2017-1, Class C,
2.84%, 04/15/2022		1,173,000		1,182,192
Series 2017-1, Class D,
3.84%, 03/15/2023		1,983,000		2,002,513
Series 2017-2, Class C,
2.75%, 09/15/2023		1,869,000		1,873,729
Series 2017-AA, Class B,
2.51%, 01/15/2021 ^(B)		305,000		306,281
Series 2017-AA, Class C,
2.98%, 01/18/2022 ^(B)		485,000		489,673
Series 2017-AA, Class D,
4.16%, 05/15/2024 ^(B)		648,000		667,725
DT Auto Owner Trust
Series 2016-1A, Class B,
2.79%, 05/15/2020 ^(B)		476,028		476,321
Series 2016-2A, Class C,
3.67%, 01/18/2022 ^(B)		174,000		175,389
Series 2016-3A, Class A,
1.75%, 11/15/2019 ^(B)		26,391		26,391
Series 2016-3A, Class B,
2.65%, 07/15/2020 ^(B)		1,100,000		1,101,935
Series 2016-4A, Class B,
2.02%, 08/17/2020 ^(B)		335,000		334,801
Series 2016-4A, Class D,
3.77%, 10/17/2022 ^(B)		578,700		580,588
Series 2017-1A, Class D,
3.55%, 11/15/2022 ^(B)		588,000		588,140
Series 2017-2A, Class C,
3.03%, 01/17/2023 ^(B)		946,000		944,701
Series 2017-3A, Class D,
3.58%, 05/15/2023 ^(B)		534,000		533,308

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


Transamerica Funds		Annual Report 2017

Page 5

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
ASSET-BACKED SECURITIES (continued)
Engs Commercial Finance Trust Series 2016-1A, Class A2, 2.63%, 02/22/2022 ^(B)		$ 357,114		$ 355,974
Exeter Automobile Receivables Trust
Series 2014-2A, Class C,
3.26%, 12/16/2019 ^(B)		97,094		97,607
Series 2015-2A, Class C,
3.90%, 03/15/2021 ^(B)		225,000		228,503
Series 2016-1A, Class A,
2.35%, 07/15/2020 ^(B)		142,760		142,985
Series 2016-1A, Class C,
5.52%, 10/15/2021 ^(B)		890,000		919,558
Series 2016-2A, Class A,
2.21%, 07/15/2020 ^(B)		327,703		327,734
Series 2016-2A, Class B,
3.64%, 02/15/2022 ^(B)		600,000		605,415
Series 2016-3A, Class A,
1.84%, 11/16/2020 ^(B)		911,517		911,453
Series 2016-3A, Class B,
2.84%, 08/16/2021 ^(B)		426,000		426,775
Series 2017-1A, Class C,
3.95%, 12/15/2022 ^(B)		315,000		318,013
Series 2017-3A, Class A,
2.05%, 12/15/2021 ^(B)		726,167		725,439
First Investors Auto Owner Trust
Series 2014-3A, Class A3,
1.67%, 11/16/2020 ^(B)		71,474		71,473
Series 2016-1A, Class A1,
1.92%, 05/15/2020^(B)		217,361		217,436
Series 2016-2A, Class A1,
1.53%, 11/16/2020^(B)		308,370		307,807
Series 2017-2A, Class B,
2.65%, 11/15/2022^(B)		866,000		863,193
Series 2017-2A, Class C,
3.00%, 08/15/2023^(B)		1,500,000		1,494,820
FirstKey Lending Trust
Series 2015-SFR1, Class A,
2.55%, 03/09/2047^(B)		1,674,899		1,669,847
Series 2015-SFR1, Class B,
3.42%, 03/09/2047^(B)		385,000		387,065
Flagship Credit Auto Trust
Series 2014-1, Class B,
2.55%, 02/18/2020^(B)		30,452		30,492
Series 2015-1, Class A,
1.63%, 06/15/2020^(B)		74,307		74,285
Series 2015-3, Class A,
2.38%, 10/15/2020^(B)		434,546		435,838
Series 2015-3, Class B,
3.68%, 03/15/2022^(B)		252,000		255,183
Series 2015-3, Class C,
4.65%, 03/15/2022^(B)		189,000		194,582
Series 2016-1, Class A,
2.77%, 12/15/2020^(B)		347,000		349,007
Series 2016-1, Class C,
6.22%, 06/15/2022^(B)		1,050,000		1,110,372
Series 2016-2, Class A1,
2.28%, 05/15/2020^(B)		162,248		162,364
Series 2016-4, Class C,
2.71%, 11/15/2022^(B)		747,000		740,121


	Principal		Value
ASSET-BACKED SECURITIES (continued)
Ford Credit Auto Owner Trust
Series 2015-A, Class A3,
1.28%, 09/15/2019		$ 63,152		$ 63,115
Series 2016-B, Class A3,
1.33%, 10/15/2020		583,000		581,028
GLC Trust Series 2014-A, Class A, 3.00%, 07/15/2021^(B)		7,694		7,690
GLS Auto Receivables Trust
Series 2015-1A, Class A,
2.25%, 12/15/2020^(B)		138,406		138,326
Series 2016-1A, Class A,
2.73%, 10/15/2020^(B)		342,509		342,371
Series 2016-1A, Class B,
4.39%, 01/15/2021^(B)		360,000		360,401
Series 2016-1A, Class C,
6.90%, 10/15/2021^(B)		700,000		717,684
Series 2017-1A, Class B,
2.98%, 12/15/2021^(B)		1,300,000		1,300,165
GM Financial Automobile Leasing Trust
Series 2015-1, Class A3,
1.53%, 09/20/2018		17,073		17,073
Series 2017-2, Class A4,
2.18%, 06/21/2021		279,000		279,035
GMAT Trust Series 2013-1A, Class A, 6.97%^(A), 11/25/2043^(B)		61,627		61,706
GO Financial Auto Securitization Trust Series 2015-2, Class B, 4.80%, 08/17/2020^(B)		358,446		360,873
Gold Key Resorts LLC Series 2014-A, Class A, 3.22%, 03/17/2031^(B)		176,736		176,649
Golden Bear LLC Series 2016-R, Class R, 5.65%, 09/20/2047^(B)		740,073		750,580
Goodgreen Trust Series 2017-1A, Class A, 3.74%, 10/15/2052^(B)		365,490		370,554
Green Tree Agency Advance Funding Trust I
Series 2016-T1, Class AT1,
2.38%, 10/15/2048^(B)		428,000		425,821
Series 2016-T1, Class BT1,
3.12%, 10/15/2048^(B)		580,000		576,532
HERO Funding Trust
Series 2016-3A, Class A1,
3.08%, 09/20/2042^(B)		530,090		523,590
Series 2017-1A, Class A2,
4.46%, 09/20/2047^(B)		1,296,901		1,345,425
Hilton Grand Vacations Trust Series 2017-AA, Class A, 2.66%, 12/26/2028^(B)		473,726		473,169
Honda Auto Receivables Owner Trust Series 2016-1, Class A3, 1.22%, 12/18/2019		939,841		937,485
HSBC Home Equity Loan Trust Series 2007-3, Class APT, 1-Month LIBOR + 1.20%, 2.44%^(A), 11/20/2036		885		886

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


Transamerica Funds		Annual Report 2017

Page 6

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
ASSET-BACKED SECURITIES (continued)
Hyundai Auto Receivables Trust
Series 2015-B, Class A3,
1.12%, 11/15/2019		$ 110,770		$ 110,554
Series 2016-A, Class A3,
1.56%, 09/15/2020		368,000		367,316
Kabbage Asset Securitization LLC Series 2017-1, Class A, 4.57%, 03/15/2022^(B)		3,375,000		3,459,894
KGS-Alpha SBA COOF Trust, Interest Only STRIPS
Series 2012-2, Class A,
0.92%^(A), 08/25/2038^(B)		3,100,767		75,618
Series 2014-2, Class A,
2.94%^(A), 04/25/2040^(B)		519,713		43,061
LendingClub Issuance Trust
Series 2016-NP1, Class A,
3.75%, 06/15/2022^(B)		148,497		149,255
Series 2016-NP2, Class A,
3.00%, 01/17/2023^(B)		184,249		184,732
Lendmark Funding Trust
Series 2016-A, Class A,
4.82%, 08/21/2023^(B)		1,370,000		1,395,144
Series 2017-1A, Class A,
2.83%, 12/22/2025^(B)		830,000		830,736
Series 2017-1A, Class B,
3.77%, 12/22/2025^(B)		2,200,000		2,221,495
Series 2017-1A, Class C,
5.41%, 12/22/2025^(B)		1,850,000		1,853,217
LV Tower 52 Series 2013-1, Class A, 5.75%, 02/15/2023^{(B) (C)}		1,448,166		1,448,166
Mariner Finance Issuance Trust Series 2017-AA, Class A, 3.62%, 02/20/2029^(B)		1,109,000		1,113,358
Marlette Funding Trust
Series 2016-1A, Class A,
3.06%, 01/17/2023^(B)		380,361		381,603
Series 2017-1A, Class A,
2.83%, 03/15/2024^(B)		1,083,997		1,087,877
Series 2017-2A, Class A,
2.39%, 07/15/2024 ^(B)		3,455,396		3,457,399
Murray Hill Marketplace Trust
Series 2016-LC1, Class A,
4.19%, 11/25/2022 ^(B)		288,849		289,766
Nationstar HECM Loan Trust
Series 2016-2A, Class A,
2.24%^(A), 06/25/2026 ^(B)		164,357		164,871
Series 2016-3A, Class A,
2.01%, 08/25/2026 ^(B)		235,900		235,900
Series 2017-1A, Class M1,
2.94%, 05/25/2027 ^(B)		160,000		159,952
New Residential Advanced Receivables Trust
Series 2016-T2, Class AT2,
2.58%, 10/15/2049 ^(B)		930,000		924,054
Series 2016-T2, Class CT2,
3.51%, 10/15/2049 ^(B)		625,000		624,096
Nissan Auto Receivables Owner Trust
Series 2016-B, Class A3,
1.32%, 01/15/2021		476,000		473,648


	Principal		Value
ASSET-BACKED SECURITIES (continued)
NRPL Trust
Series 2015-1A, Class A1,
3.88% ^(A), 11/01/2054 ^(B)		$ 558,348		$ 558,777
Series 2015-2A, Class A1,
3.75% ^(A), 10/25/2057 ^(B)		687,979		688,598
Series 2015-2A, Class A2,
3.75% ^(A), 10/25/2057 ^(B)		500,000		493,461
NRZ Advance Receivables Trust
Series 2016-T1, Class AT1,
2.75%, 06/15/2049 ^(B)		423,000		419,343
Ocwen Master Advance Receivables Trust
Series 2016-T1, Class AT1,
2.52%, 08/17/2048 ^(B)		1,855,000		1,845,834
Series 2016-T1, Class DT1,
4.25%, 08/17/2048 ^(B)		940,599		930,439
Series 2017-T1, Class AT1,
2.50%, 09/15/2048 ^(B)		432,000		432,936
OnDeck Asset Securitization Trust II LLC
Series 2016-1A, Class A,
4.21%, 05/17/2020 ^(B)		837,000		841,221
Series 2016-1A, Class B,
7.63%, 05/17/2020 ^(B)		273,000		280,016
OneMain Direct Auto Receivables Trust
Series 2016-1A, Class A,
2.04%, 01/15/2021 ^(B)		278,772		279,129
OneMain Financial Issuance Trust
Series 2014-1A, Class B,
3.24%, 06/18/2024 ^(B)		366,013		366,139
Series 2014-2A, Class A,
2.47%, 09/18/2024 ^(B)		165,444		165,560
Series 2015-1A, Class A,
3.19%, 03/18/2026 ^(B)		892,000		898,638
Series 2015-1A, Class B,
3.85%, 03/18/2026 ^(B)		500,000		507,061
Series 2015-2A, Class A,
2.57%, 07/18/2025 ^(B)		1,044,890		1,046,319
Series 2015-2A, Class B,
3.10%, 07/18/2025 ^(B)		372,000		371,814
Series 2016-1A, Class A,
3.66%, 02/20/2029 ^(B)		960,000		980,303
Oportun Funding II LLC
Series 2016-A, Class A,
4.70%, 03/08/2021 ^(B)		1,257,000		1,271,412
Series 2016-A, Class B,
6.41%, 03/08/2021 ^(B)		405,000		411,460
Oportun Funding III LLC
Series 2016-B, Class A,
3.69%, 07/08/2021 ^(B)		952,000		959,791
Series 2016-B, Class B,
5.16%, 07/08/2021 ^(B)		642,000		653,011
Oportun Funding IV LLC
Series 2016-C, Class B,
4.85%, 11/08/2021 ^(B)		472,769		478,530
Oportun Funding VI LLC
Series 2017-A, Class A,
3.23%, 06/08/2023 ^(B)		616,000		616,908
Oportun Funding VII LLC
Series 2017-B, Class A,
3.22%, 10/10/2023 ^(B)		542,000		541,181

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


Transamerica Funds		Annual Report 2017

Page 7

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
ASSET-BACKED SECURITIES (continued)
Progress Residential Trust
Series 2015-SFR2, Class A,
2.74%, 06/12/2032 ^(B)		$ 2,732,112		$ 2,748,846
Series 2015-SFR2, Class B,
3.14%, 06/12/2032 ^(B)		478,000		479,505
Series 2015-SFR3, Class A,
3.07%, 11/12/2032 ^(B)		2,482,359		2,503,790
Series 2015-SFR3, Class D,
4.67%, 11/12/2032 ^(B)		700,000		725,543
Series 2015-SFR3, Class E,
5.66%, 11/12/2032 ^(B)		275,000		288,673
Series 2017-SFR1, Class C,
3.32%, 08/17/2034 ^(B)		3,000,000		2,984,577
Prosper Marketplace Issuance Trust
Series 2017-1A, Class A,
2.56%, 06/15/2023 ^(B)		622,369		624,375
Series 2017-2A, Class A,
2.41%, 09/15/2023 ^(B)		961,130		963,104
Series 2017-3A, Class A,
2.36%, 11/15/2023 ^(B)		1,670,000		1,668,519
Purchasing Power Funding LLC
Series 2015-A, Class A2,
4.75%, 12/15/2019 ^(B)		1,450,000		1,454,985
Series 2016-A, Class NT,
5.50%, 02/27/2019 ^(C)		333,958		333,958
RBSHD Trust
Series 2013-1A, Class A,
7.69% ^(A), 10/25/2047 ^{(B) (C)}		201,248		201,658
Renew
Series 2017-1A, Class A,
3.67%, 09/20/2052 ^(B)		513,240		509,941
Rice Park Financing Trust
Series 2016-A, Class A,
4.63%, 10/31/2041 ^{(B) (C)}		2,191,842		2,191,842
Santander Drive Auto Receivables Trust
Series 2016-2, Class A3,
1.56%, 05/15/2020		544,295		544,265
Saxon Asset Securities Trust
Series 2003-1, Class AF6,
4.77% ^(A), 06/25/2033		39,258		39,530
Sierra Auto Receivables Securitization Trust
Series 2016-1A, Class A,
2.85%, 01/18/2022 ^(B)		123,102		123,420
Skopos Auto Receivables Trust
Series 2015-2A, Class A,
3.55%, 02/15/2020 ^(B)		7,230		7,230
SoFi Consumer Loan Program LLC
Series 2016-2A, Class A,
3.09%, 10/27/2025 ^(B)		458,384		462,393
SpringCastle America Funding LLC
Series 2016-AA, Class A,
3.05%, 04/25/2029 ^(B)		479,701		482,203
Springleaf Funding Trust
Series 2015-AA, Class A,
3.16%, 11/15/2024 ^(B)		1,153,000		1,159,536


	Principal		Value
ASSET-BACKED SECURITIES (continued)
Structured Asset Securities Corp. Mortgage Pass-Through Certificates
Series 2002-AL1, Class A2,
3.45%, 02/25/2032		$ 124,755		$ 123,914
Series 2004-6XS, Class A5A,
6.03% ^(A), 03/25/2034		222,536		221,703
Series 2004-6XS, Class A5B,
6.05% ^(A), 03/25/2034		222,536		224,505
Toyota Auto Receivables Owner Trust
Series 2016-B, Class A3,
1.30%, 04/15/2020		435,000		433,822
Tricolor Auto Securitization Trust
Series 2017-1, Class A,
5.09%, 05/15/2020 ^{(B) (C)}		800,489		799,159
Tricon American Homes Trust
Series 2016-SFR1, Class A,
2.59%, 11/17/2033 ^(B)		664,000		658,003
U.S. Residential Opportunity Fund III Trust
Series 2016-1III, Class A,
3.47% ^(A), 07/27/2036 ^(B)		547,293		547,054
United Auto Credit Securitization Trust
Series 2017-1, Class A,
1.89%, 05/10/2019 ^(B)		658,990		658,590
Upstart Securitization Trust
Series 2017-1, Class A,
2.64%, 06/20/2024 ^(B)		684,824		684,111
Verizon Owner Trust
Series 2016-1A, Class A,
1.42%, 01/20/2021 ^(B)		163,000		162,189
Series 2017-3A, Class A1A,
2.06%, 04/20/2022 ^(B)		1,801,000		1,801,297
VM DEBT LLC
Series 2017-1, Class A,
6.50%, 10/02/2024 ^{(B) (C)}		1,450,000		1,450,000
VOLT LIV LLC
Series 2017-NPL1, Class A1,
3.50% ^(A), 02/25/2047 ^(B)		427,145		429,570
VOLT LIX LLC
Series 2017-NPL6, Class A1,
3.25% ^(A), 05/25/2047 ^(B)		464,251		467,160
VOLT LV LLC
Series 2017-NPL2, Class A1,
3.50% ^(A), 03/25/2047 ^(B)		416,715		419,643
VOLT LVI LLC
Series 2017-NPL3, Class A1,
3.50% ^(A), 03/25/2047 ^(B)		1,064,305		1,072,172
VOLT LVII LLC
Series 2017-NPL4, Class A1,
3.38% ^(A), 04/25/2047 ^(B)		810,074		815,524
VOLT LVIII LLC
Series 2017-NPL5, Class A1,
3.38% ^(A), 05/28/2047 ^(B)		507,130		510,576
VOLT LX LLC
Series 2017-NPL7, Class A1,
3.25% ^(A), 04/25/2059 ^(B)		726,505		730,251
VOLT LXI LLC
Series 2017-NPL8, Class A1,
3.13% ^(A), 06/25/2047 ^(B)		882,746		885,217

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


Transamerica Funds		Annual Report 2017

Page 8

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
ASSET-BACKED SECURITIES (continued)
VOLT XIX LLC
Series 2014-NP11, Class A1,
3.88% ^(A), 04/25/2055 ^(B)		$ 51,787		$ 51,794
VOLT XL LLC
Series 2015-NP14, Class A1,
4.38% ^(A), 11/27/2045 ^(B)		204,810		205,607
VOLT XXII LLC
Series 2015-NPL4, Class A1,
3.50% ^(A), 02/25/2055 ^(B)		154,748		155,202
VOLT XXIV LLC
Series 2015-NPL6, Class A1,
3.50% ^(A), 02/25/2055 ^(B)		254,635		255,879
VOLT XXV LLC
Series 2015-NPL8, Class A1,
3.50% ^(A), 06/26/2045 ^(B)		1,102,756		1,102,610
Westgate Resorts LLC
Series 2017-1A, Class A,
3.05%, 12/20/2030 ^(B)		517,684		518,283
Westlake Automobile Receivables Trust
Series 2015-3A, Class D,
4.40%, 05/17/2021 ^(B)		500,000		505,713
Series 2016-1A, Class A2A,
1.82%, 01/15/2019 ^(B)		39,167		39,168
Series 2016-2A, Class A2,
1.57%, 06/17/2019 ^(B)		328,146		328,118
Series 2016-2A, Class D,
4.10%, 06/15/2021 ^(B)		280,000		284,073
Series 2017-1A, Class C,
2.70%, 10/17/2022 ^(B)		374,000		375,165
World Omni Auto Receivables Trust
Series 2015-A, Class A3,
1.34%, 05/15/2020		53,358		53,309

Total Asset-Backed Securities (Cost $159,257,053)				160,342,502


CORPORATE DEBT SECURITIES - 26.3%
Aerospace & Defense - 0.4%
Airbus SE
3.15%, 04/10/2027 ^(B)		327,000		331,280
3.95%, 04/10/2047 ^(B)		150,000		156,264
BAE Systems Holdings, Inc.
3.80%, 10/07/2024 ^(B)		230,000		240,992
3.85%, 12/15/2025 ^(B)		250,000		260,755
BAE Systems PLC
5.80%, 10/11/2041 ^(B)		239,000		294,177
L3 Technologies, Inc.
3.85%, 12/15/2026		93,000		96,569
Lockheed Martin Corp.
3.10%, 01/15/2023		89,000		91,364
4.07%, 12/15/2042		120,000		123,206
4.09%, 09/15/2052		436,000		443,003
4.50%, 05/15/2036		550,000		607,998
Northrop Grumman Corp.
3.20%, 02/01/2027		268,000		270,369
3.25%, 01/15/2028		130,000		130,967
3.85%, 04/15/2045		49,000		48,562
Precision Castparts Corp.
3.25%, 06/15/2025		150,000		153,442
4.20%, 06/15/2035		150,000		157,150


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Aerospace & Defense (continued)
Rockwell Collins, Inc.
3.20%, 03/15/2024		$ 140,000		$ 142,724
Textron, Inc.
3.65%, 03/15/2027		171,000		174,387
United Technologies Corp.
4.15%, 05/15/2045		148,000		153,987
4.50%, 06/01/2042		257,000		279,875
6.70%, 08/01/2028		260,000		336,937
8.88%, 11/15/2019		250,000		283,551

				4,777,559

Air Freight & Logistics - 0.1%
FedEx Corp.
3.25%, 04/01/2026		151,000		152,819
3.90%, 02/01/2035		96,000		97,317
4.10%, 04/15/2043		130,000		129,837
United Parcel Service of America, Inc.
8.38%, 04/01/2020		60,000		68,876
8.38% ^(D), 04/01/2030		200,000		287,684

				736,533

Airlines - 0.4%
Air Canada Pass-Through Trust
4.13%, 11/15/2026^(B)		103,301		108,792
American Airlines Pass-Through Trust
3.00%, 04/15/2030		818,749		808,106
3.35%, 04/15/2031		164,000		164,820
3.60%, 04/15/2031		200,000		204,538
3.65%, 02/15/2029 - 12/15/2029		926,738		956,121
3.70%, 04/15/2027		565,000		565,325
5.25%, 07/31/2022		55,550		59,091
Continental Airlines Pass-Through Trust
4.00%, 04/29/2026		203,346		212,191
5.98%, 10/19/2023		215,684		238,527
Delta Air Lines Pass-Through Trust
4.75%, 11/07/2021		90,803		94,895
4.95%, 11/23/2020		114,128		117,677
5.30%, 10/15/2020		40,948		42,639
6.82%, 02/10/2024		106,541		122,661
United Airlines Pass-Through Trust
2.88%, 04/07/2030		600,000		585,660
3.45%, 01/07/2030		311,000		316,443
3.65%, 07/07/2027^(E)		230,000		229,908

				4,827,394

Automobiles - 0.2%
Ford Motor Co.
7.45%, 07/16/2031		1,300,000		1,688,575
General Motors Co.
5.15%, 04/01/2038		260,000		270,407
6.60%, 04/01/2036		606,000		725,191
KIA Motors Corp.
2.63%, 04/21/2021^(B)		200,000		198,390

				2,882,563

Banks - 4.5%
ABN AMRO Bank NV
2.10%, 01/18/2019^(B)		279,000		279,790
4.75%, 07/28/2025^(B)		600,000		635,880
ANZ New Zealand International, Ltd.
2.60%, 09/23/2019^(B)		219,000		221,234

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


Transamerica Funds		Annual Report 2017

Page 9

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
ANZ New Zealand International, Ltd. (continued)
2.85%, 08/06/2020^(B)		$ 250,000		$ 254,188
3.45%, 07/17/2027^(B)		222,000		225,051
Australia & New Zealand Banking Group, Ltd.
4.40%, 05/19/2026^(B)		200,000		209,163
4.88%, 01/12/2021, MTN ^(B)		137,000		147,381
Bank of America Corp.
2.50%, 10/21/2022, MTN		27,000		26,688
3.25%, 10/21/2027, MTN		398,000		391,731
3.30%, 01/11/2023, MTN		2,600,000		2,663,407
Fixed until 04/24/2027, 3.71%^(A), 04/24/2028		1,300,000		1,329,118
3.88%, 08/01/2025, MTN		291,000		305,148
3.95%, 04/21/2025, MTN		595,000		613,210
4.00%, 01/22/2025, MTN		140,000		144,996
4.45%, 03/03/2026, MTN		222,000		236,037
5.00%, 05/13/2021, MTN		50,000		54,291
5.63%, 07/01/2020, MTN		2,340,000		2,539,268
5.75%, 12/01/2017		220,000		220,750
5.88%, 02/07/2042, MTN		400,000		515,796
6.88%, 04/25/2018, MTN		600,000		614,583
Bank of Montreal
1.40%, 04/10/2018		250,000		249,877
1.50%, 07/18/2019, MTN		261,000		259,316
2.35%, 09/11/2022, MTN		200,000		198,146
Bank of Nova Scotia
1.45%, 04/25/2018		455,000		454,704
1.85%, 04/14/2020^(F)		400,000		398,552
1.88%, 09/20/2021^(B)		330,000		323,054
2.45%, 09/19/2022		200,000		199,160
Banque Federative du Credit Mutuel SA
2.00%, 04/12/2019^(B)		200,000		200,034
Barclays PLC
3.20%, 08/10/2021		629,000		637,190
3.65%, 03/16/2025		223,000		223,839
4.38%, 01/12/2026		463,000		485,135
5.25%, 08/17/2045		200,000		228,352
BB&T Corp.
2.63%, 06/29/2020, MTN		300,000		304,679
5.25%, 11/01/2019		90,000		95,559
6.85%, 04/30/2019, MTN		250,000		268,056
BNZ International Funding, Ltd.
2.65%, 11/03/2022^{(B) (F)}		650,000		648,531
BPCE SA
1.63%, 01/26/2018, MTN		300,000		299,957
4.63%, 07/11/2024^(B)		600,000		633,090
Canadian Imperial Bank of Commerce
2.25%, 07/21/2020^(B)		234,000		234,677
2.55%, 06/16/2022		350,000		350,167
Citigroup, Inc.
2.05%, 12/07/2018		300,000		300,300
2.15%, 07/30/2018		219,000		219,535
2.35%, 08/02/2021		192,000		191,052
2.40%, 02/18/2020		800,000		804,132
2.70%, 03/30/2021		474,000		478,150
2.75%, 04/25/2022		650,000		652,054
3.40%, 05/01/2026		400,000		403,622
Fixed until 07/24/2027, 3.67%^(A), 07/24/2028		400,000		404,311


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Citigroup, Inc. (continued)
3.70%, 01/12/2026		$ 1,350,000		$ 1,391,718
4.13%, 07/25/2028		85,000		87,565
4.40%, 06/10/2025		398,000		420,557
4.65%, 07/30/2045		98,000		108,882
4.75%, 05/18/2046		400,000		434,204
8.13%, 07/15/2039		56,000		87,966
Citizens Financial Group, Inc.
2.38%, 07/28/2021		78,000		77,381
4.30%, 12/03/2025		77,000		80,519
Comerica, Inc.
2.13%, 05/23/2019		250,000		250,130
Commonwealth Bank of Australia
2.50%, 09/18/2022^(B)		300,000		299,356
4.50%, 12/09/2025^{(B) (F)}		200,000		210,024
Cooperatieve Rabobank UA
3.88%, 02/08/2022		300,000		318,441
5.80%, 09/30/2110 ^(B)		300,000		387,151
Credit Agricole SA
4.13%, 01/10/2027 ^(B)		250,000		261,798
4.38%, 03/17/2025 ^(B)		200,000		209,333
Danske Bank A/S
2.00%, 09/08/2021^(B)		201,000		197,824
2.70%, 03/02/2022^(B)		213,000		214,031
Discover Bank 4.20%, 08/08/2023		550,000		584,430
Fifth Third Bancorp 2.88%, 07/27/2020		208,000		211,800
Fifth Third Bank
2.38%, 04/25/2019		270,000		271,641
3.85%, 03/15/2026		200,000		206,385
HSBC Holdings PLC
2.65%, 01/05/2022		250,000		250,391
3.60%, 05/25/2023		2,007,000		2,089,254
4.00%, 03/30/2022		911,000		962,864
Fixed until 03/13/2027, 4.04%^(A), 03/13/2028		695,000		727,895
4.25%, 03/14/2024		500,000		525,486
Huntington Bancshares, Inc.
2.30%, 01/14/2022		475,000		469,043
3.15%, 03/14/2021		282,000		288,861
Huntington National Bank 2.00%, 06/30/2018		250,000		250,625
Industrial & Commercial Bank of China, Ltd. 2.45%, 10/20/2021		400,000		395,094
ING Bank NV
1.65%, 08/15/2019^(B)		260,000		257,922
2.00%, 11/26/2018^(B)		200,000		200,192
5.80%, 09/25/2023^(B)		200,000		227,831
ING Groep NV 3.95%, 03/29/2027		200,000		209,378
Intesa Sanpaolo SpA 3.88%, 07/14/2027^(B)		320,000		322,071
KeyBank NA
3.18%, 10/15/2027		250,000		254,922
5.70%, 11/01/2017		245,000		245,000

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


Transamerica Funds		Annual Report 2017

Page 10

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Lloyds Banking Group PLC
3.00%, 01/11/2022		$ 200,000		$ 202,499
3.75%, 01/11/2027		547,000		557,262
4.58%, 12/10/2025		200,000		210,929
Macquarie Bank, Ltd.
2.60%, 06/24/2019^(B)		100,000		100,745
3.90%, 01/15/2026^(B)		570,000		594,105
Manufacturers & Traders Trust Co. 6.63%, 12/04/2017		250,000		251,099
Mitsubishi UFJ Financial Group, Inc.
2.53%, 09/13/2023		200,000		196,187
2.67%, 07/25/2022		270,000		269,550
2.95%, 03/01/2021		297,000		301,764
Mizuho Bank, Ltd. 1.80%, 03/26/2018^{(B) (F)}		200,000		200,152
Mizuho Financial Group, Inc. 2.63%, 04/12/2021^(B)		263,000		263,203
MUFG Americas Holdings Corp. 2.25%, 02/10/2020		54,000		53,975
National Australia Bank, Ltd.
2.50%, 07/12/2026		250,000		238,549
3.38%, 01/14/2026		400,000		407,977
Nordea Bank AB
1.63%, 05/15/2018^(B)		500,000		500,102
4.25%, 09/21/2022^(B)		384,000		405,712
PNC Bank NA 6.88%, 04/01/2018		600,000		612,993
PNC Financial Services Group, Inc.
4.38%, 08/11/2020		75,000		79,365
5.13%, 02/08/2020		250,000		266,938
6.70%, 06/10/2019		75,000		80,621
Regions Financial Corp.
2.75%, 08/14/2022		200,000		200,348
3.20%, 02/08/2021		321,000		328,259
Royal Bank of Canada
1.88%, 02/05/2020		500,000		498,658
2.75%, 02/01/2022, MTN		99,000		100,558
Royal Bank of Scotland Group PLC 3.88%, 09/12/2023		350,000		358,975
Santander UK Group Holdings PLC
3.13%, 01/08/2021		115,000		116,891
3.57%, 01/10/2023		360,000		367,580
4.75%, 09/15/2025^(B)		250,000		261,747
Santander UK PLC 2.50%, 03/14/2019		350,000		352,608
Societe Generale SA
2.50%, 04/08/2021^(B)		300,000		300,404
4.25%, 04/14/2025^(B)		270,000		277,256
Stadshypotek AB 1.88%, 10/02/2019^(B)		530,000		528,499
Standard Chartered PLC 3.05%, 01/15/2021^(B)		1,000,000		1,014,579
Sumitomo Mitsui Financial Group, Inc.
2.44%, 10/19/2021		239,000		238,208
2.63%, 07/14/2026		322,000		306,487
2.78%, 07/12/2022 - 10/18/2022		729,000		730,249
2.85%, 01/11/2022		400,000		403,237
2.93%, 03/09/2021		270,000		274,399


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Sumitomo Mitsui Trust Bank, Ltd. 2.05%, 10/18/2019^(B)		$ 600,000		$ 598,113
SunTrust Banks, Inc.
2.70%, 01/27/2022		91,000		91,546
2.90%, 03/03/2021		265,000		269,384
Toronto-Dominion Bank
1.75%, 07/23/2018, MTN		244,000		244,211
1.80%, 07/13/2021^(F)		114,000		112,018
2.13%, 04/07/2021, MTN		115,000		114,474
2.25%, 03/15/2021^(B)		300,000		299,837
2.50%, 12/14/2020, MTN		150,000		151,545
Fixed until 09/15/2026, 3.63%^(A), 09/15/2031		223,000		221,701
US Bancorp
2.38%, 07/22/2026, MTN		100,000		95,052
2.63%, 01/24/2022, MTN		133,000		134,579
3.00%, 03/15/2022, MTN		233,000		239,486
3.15%, 04/27/2027, MTN		250,000		250,987
Wells Fargo & Co.
2.15%, 01/30/2020, MTN		1,300,000		1,302,926
2.50%, 03/04/2021		532,000		534,180
3.00%, 02/19/2025, MTN		509,000		504,957
3.07%, 01/24/2023		1,339,000		1,356,913
3.30%, 09/09/2024, MTN		1,300,000		1,321,839
3.55%, 09/29/2025, MTN		400,000		410,551
4.10%, 06/03/2026, MTN		121,000		125,973
4.30%, 07/22/2027, MTN		246,000		259,827
4.65%, 11/04/2044, MTN		184,000		197,625
4.75%, 12/07/2046, MTN		239,000		261,188
4.90%, 11/17/2045, MTN		202,000		224,187
5.63%, 12/11/2017		150,000		150,653
Westpac Banking Corp.
2.00%, 03/03/2020^(B)		236,000		235,460
2.10%, 02/25/2021^(B)		600,000		598,116
2.50%, 06/28/2022		200,000		200,219
2.60%, 11/23/2020		100,000		101,222
Fixed until 11/23/2026, 4.32%^(A), 11/23/2031, MTN		260,000		269,433

				59,091,777

Beverages - 0.5%
Anheuser-Busch InBev Finance, Inc.
1.90%, 02/01/2019		118,000		118,116
3.30%, 02/01/2023		2,109,000		2,170,892
4.70%, 02/01/2036		2,939,000		3,217,791
Anheuser-Busch InBev Worldwide, Inc. 8.20%, 01/15/2039		240,000		379,251
Coca-Cola Femsa SAB de CV 3.88%, 11/26/2023		250,000		262,580
Constellation Brands, Inc. 4.25%, 05/01/2023		90,000		96,199
Diageo Capital PLC 4.83%, 07/15/2020		90,000		96,797
Dr Pepper Snapple Group, Inc. 3.43%, 06/15/2027 ^(B)		120,000		120,652
Molson Coors Brewing Co. 3.00%, 07/15/2026		198,000		192,828

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


Transamerica Funds		Annual Report 2017

Page 11

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Beverages (continued)
PepsiCo, Inc.
3.10%, 07/17/2022		$ 148,000		$ 153,006
3.45%, 10/06/2046		300,000		285,102
4.60%, 07/17/2045		78,000		88,866
4.88%, 11/01/2040		33,000		38,398

				7,220,478

Biotechnology - 0.6%
AbbVie, Inc.
2.85%, 05/14/2023		200,000		200,775
3.20%, 11/06/2022		431,000		441,536
3.60%, 05/14/2025		508,000		522,200
4.30%, 05/14/2036		225,000		235,978
4.50%, 05/14/2035		1,151,000		1,233,410
Amgen, Inc.
3.63%, 05/15/2022		456,000		476,167
4.40%, 05/01/2045		250,000		263,229
4.66%, 06/15/2051		841,000		909,542
4.95%, 10/01/2041		100,000		112,832
Biogen, Inc.
3.63%, 09/15/2022		147,000		153,867
5.20%, 09/15/2045		80,000		91,944
Celgene Corp.
2.13%, 08/15/2018		509,000		510,453
3.63%, 05/15/2024		298,000		307,406
3.88%, 08/15/2025		150,000		155,958
4.35%, 11/15/2047		167,000		166,554
5.70%, 10/15/2040		160,000		190,581
Gilead Sciences, Inc.
2.50%, 09/01/2023		61,000		60,704
3.50%, 02/01/2025		90,000		93,566
3.70%, 04/01/2024		381,000		401,058
4.00%, 09/01/2036		72,000		74,446
4.60%, 09/01/2035		583,000		648,796

				7,251,002

Building Products - 0.1%
Johnson Controls International PLC
4.25%, 03/01/2021		150,000		158,350
4.95% ^(D), 07/02/2064		200,000		217,091
5.13%, 09/14/2045		43,000		49,429
5.25%, 12/01/2041		300,000		344,586

				769,456

Capital Markets - 2.3%
Ameriprise Financial, Inc. 2.88%, 09/15/2026		349,000		340,995
Bank of New York Mellon Corp.
2.20%, 03/04/2019 - 08/16/2023, MTN		400,000		392,802
2.50%, 04/15/2021, MTN		267,000		269,516
2.60%, 08/17/2020, MTN		100,000		101,388
2.80%, 05/04/2026, MTN		76,000		74,605
4.60%, 01/15/2020, MTN		40,000		42,256
5.45%, 05/15/2019		200,000		210,620
BlackRock, Inc. 3.38%, 06/01/2022		174,000		181,186
Charles Schwab Corp.
3.20%, 03/02/2027		500,000		504,459
3.23%, 09/01/2022		100,000		102,193


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Capital Markets (continued)
CME Group, Inc. 3.00%, 03/15/2025		$ 160,000		$ 162,955
Credit Suisse AG
2.30%, 05/28/2019, MTN		500,000		502,730
3.00%, 10/29/2021		250,000		255,460
Credit Suisse Group AG 3.57%, 01/09/2023 ^(B)		250,000		255,966
Credit Suisse Group Funding Guernsey, Ltd.
3.75%, 03/26/2025		950,000		975,688
3.80%, 09/15/2022		250,000		259,800
4.88%, 05/15/2045		250,000		280,669
Daiwa Securities Group, Inc. 3.13%, 04/19/2022 ^(B)		244,000		246,480
Deutsche Bank AG
1.88%, 02/13/2018		120,000		120,025
3.13%, 01/13/2021, MTN		58,000		58,549
4.10%, 01/13/2026		700,000		719,803
4.25%, 10/14/2021		392,000		410,083
E*TRADE Financial Corp. 3.80%, 08/24/2027		83,000		83,518
Goldman Sachs Group, Inc.
2.35%, 11/15/2021		666,000		659,648
2.60%, 04/23/2020		33,000		33,239
Fixed until 10/31/2021, 2.88% ^(A), 10/31/2022		350,000		350,220
Fixed until 07/24/2022, 2.91% ^(A), 07/24/2023		300,000		298,692
Fixed until 06/05/2022, 2.91% ^(A), 06/05/2023		474,000		473,099
Fixed until 09/29/2024, 3.27% ^(A), 09/29/2025		725,000		722,478
3.50%, 01/23/2025 - 11/16/2026		362,000		365,030
3.63%, 01/22/2023		1,800,000		1,861,828
Fixed until 06/05/2027, 3.69% ^(A), 06/05/2028		907,000		913,944
3.75%, 05/22/2025		101,000		104,026
3.85%, 01/26/2027		815,000		833,892
4.25%, 10/21/2025		100,000		104,332
5.15%, 05/22/2045		48,000		54,665
5.38%, 03/15/2020, MTN		1,021,000		1,093,057
5.95%, 01/18/2018		190,000		191,738
6.75%, 10/01/2037		200,000		264,042
7.50%, 02/15/2019, MTN		2,475,000		2,645,207
Invesco Finance PLC 4.00%, 01/30/2024		160,000		169,262
Macquarie Group, Ltd.
6.00%, 01/14/2020 ^(B)		450,000		484,593
6.25%, 01/14/2021 ^(B)		725,000		803,906
Morgan Stanley
1.88%, 01/05/2018		170,000		170,086
2.45%, 02/01/2019, MTN		285,000		286,486
2.50%, 04/21/2021, MTN		213,000		213,468
2.65%, 01/27/2020		315,000		317,842
Fixed until 07/22/2027, 3.59% ^(A), 07/22/2028		1,067,000		1,074,053
3.88%, 01/27/2026, MTN		919,000		958,783
4.00%, 07/23/2025, MTN		1,596,000		1,680,724
4.10%, 05/22/2023, MTN		150,000		157,921
5.00%, 11/24/2025		497,000		542,134
5.63%, 09/23/2019, MTN		1,000,000		1,063,378
7.30%, 05/13/2019, MTN		1,800,000		1,939,705
Nomura Holdings, Inc. 6.70%, 03/04/2020		257,000		281,928
Northern Trust Corp. Fixed until 05/08/2027, 3.38% ^(A), 05/08/2032		343,000		341,842

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


Transamerica Funds		Annual Report 2017

Page 12

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Capital Markets (continued)
State Street Corp.
2.65%, 05/19/2026		$ 150,000		$ 146,593
3.70%, 11/20/2023		615,000		656,164
TD Ameritrade Holding Corp. 2.95%, 04/01/2022		138,000		140,696
Thomson Reuters Corp.
3.95%, 09/30/2021		400,000		416,155
4.70%, 10/15/2019		75,000		78,440
UBS Group Funding Switzerland AG
Fixed until 08/15/2022, 2.86% ^(A), 08/15/2023 ^(B)		200,000		199,720
3.49%, 05/23/2023 ^(B)		400,000		409,968
4.13%, 09/24/2025 - 04/15/2026 ^(B)		521,000		549,315

				30,604,045

Chemicals - 0.4%
Agrium, Inc.
3.38%, 03/15/2025		120,000		121,090
4.13%, 03/15/2035		450,000		457,211
5.25%, 01/15/2045		114,000		131,629
Air Liquide Finance SA 2.25%, 09/27/2023 ^(B)		228,000		221,744
CF Industries, Inc. 4.50%, 12/01/2026 ^(B)		633,000		666,413
Chevron Phillips Chemical Co. LLC / Chevron Phillips Chemical Co., LP 3.40%, 12/01/2026 ^(B)		181,000		186,062
Dow Chemical Co.
3.00%, 11/15/2022		87,000		88,646
4.13%, 11/15/2021		87,000		92,236
E.I. du Pont de Nemours & Co. 4.90%, 01/15/2041		90,000		102,269
Ecolab, Inc. 5.50%, 12/08/2041		420,000		518,259
Monsanto Co. 4.70%, 07/15/2064		100,000		101,895
Mosaic Co.
4.25%, 11/15/2023 ^(F)		209,000		218,423
4.88%, 11/15/2041		253,000		242,659
5.45%, 11/15/2033		472,000		499,856
Potash Corp. of Saskatchewan, Inc.
3.00%, 04/01/2025		137,000		134,433
6.50%, 05/15/2019		260,000		276,206
PPG Industries, Inc. 9.00%, 05/01/2021		310,000		372,887
Praxair, Inc. 2.65%, 02/05/2025		82,000		81,177
Sherwin-Williams Co. 3.13%, 06/01/2024		136,000		137,634
Union Carbide Corp.
7.50%, 06/01/2025		400,000		501,205
7.75%, 10/01/2096		210,000		287,352

				5,439,286

Commercial Services & Supplies - 0.1%
ERAC USA Finance LLC
4.50%, 08/16/2021 ^(B)		175,000		186,316
5.25%, 10/01/2020 ^(B)		65,000		70,086
5.63%, 03/15/2042 ^(B)		141,000		163,560
6.70%, 06/01/2034 ^(B)		331,000		415,288


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Commercial Services & Supplies (continued)
Pitney Bowes, Inc. 5.60%, 03/15/2018, MTN		$ 100,000		$ 101,022
Republic Services, Inc. 2.90%, 07/01/2026		96,000		93,929

				1,030,201

Communications Equipment - 0.1%
Cisco Systems, Inc.
2.95%, 02/28/2026		73,000		73,457
3.00%, 06/15/2022		194,000		199,913
3.63%, 03/04/2024		200,000		212,284
5.90%, 02/15/2039		100,000		133,412
Harris Corp.
3.83%, 04/27/2025		400,000		415,239
4.85%, 04/27/2035		130,000		144,604

				1,178,909

Construction & Engineering - 0.1%
ABB Finance USA, Inc.
2.88%, 05/08/2022		352,000		358,751
4.38%, 05/08/2042		128,000		136,634
Fluor Corp. 3.38%, 09/15/2021		547,000		564,155

				1,059,540

Construction Materials - 0.0% ^(G)
CRH America, Inc. 5.13%, 05/18/2045 ^(B)		200,000		227,777
Martin Marietta Materials, Inc. 3.45%, 06/01/2027		276,000		273,901

				501,678

Consumer Finance - 1.1%
American Express Co.
3.63%, 12/05/2024		63,000		65,033
7.00%, 03/19/2018		700,000		714,192
American Express Credit Corp.
1.80%, 07/31/2018, MTN		163,000		163,116
2.25%, 05/05/2021, MTN		145,000		145,120
2.38%, 05/26/2020, MTN		212,000		213,486
2.70%, 03/03/2022, MTN		90,000		90,940
American Honda Finance Corp.
2.30%, 09/09/2026, MTN		67,000		63,494
2.90%, 02/16/2024, MTN		150,000		152,092
7.63%, 10/01/2018 ^(B)		300,000		316,120
BMW US Capital LLC 2.25%, 09/15/2023 ^(B)		330,000		323,510
Capital One Financial Corp.
3.20%, 02/05/2025		123,000		122,336
3.75%, 04/24/2024 - 07/28/2026		1,172,000		1,201,158
4.20%, 10/29/2025		512,000		527,897
Capital One NA
2.40%, 09/05/2019		350,000		351,289
2.95%, 07/23/2021		250,000		253,033
Daimler Finance North America LLC 2.88%, 03/10/2021 ^(B)		550,000		558,224
Ford Motor Credit Co. LLC
2.02%, 05/03/2019		363,000		362,743
2.24%, 06/15/2018		200,000		200,502
2.94%, 01/08/2019, MTN		400,000		404,243

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


Transamerica Funds		Annual Report 2017

Page 13

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Consumer Finance (continued)
Ford Motor Credit Co. LLC (continued)
3.34%, 03/28/2022		$ 600,000		$ 612,067
3.81%, 01/09/2024		332,000		340,570
3.82%, 11/02/2027		400,000		397,973
4.13%, 08/04/2025		212,000		218,502
General Motors Financial Co., Inc.
3.45%, 01/14/2022 - 04/10/2022		1,012,000		1,036,260
3.70%, 05/09/2023		376,000		385,358
3.95%, 04/13/2024		485,000		499,895
4.00%, 01/15/2025 - 10/06/2026		554,000		560,007
4.30%, 07/13/2025		200,000		207,264
4.35%, 01/17/2027		862,000		886,691
Hyundai Capital America
2.00%, 07/01/2019 ^(B)		86,000		85,294
2.40%, 10/30/2018 ^(B)		143,000		143,056
3.00%, 03/18/2021 ^(B)		250,000		250,281
John Deere Capital Corp.
1.60%, 07/13/2018, MTN		71,000		71,011
2.75%, 03/15/2022, MTN		153,000		155,487
2.80%, 03/06/2023, MTN		363,000		368,055
2.80%, 09/08/2027, MTN ^(F)		200,000		196,840
5.75%, 09/10/2018, MTN		100,000		103,518
Nissan Motor Acceptance Corp.
1.55%, 09/13/2019 ^(B)		138,000		136,679
2.55%, 03/08/2021 ^(B)		500,000		502,560
PACCAR Financial Corp. 2.25%, 02/25/2021, MTN		156,000		155,568
Synchrony Financial 3.70%, 08/04/2026		658,000		651,443
Toyota Motor Credit Corp.
1.90%, 04/08/2021, MTN		194,000		192,350
2.80%, 07/13/2022, MTN		250,000		254,863

				14,640,120

Containers & Packaging - 0.1%
International Paper Co.
3.00%, 02/15/2027		286,000		277,455
7.30%, 11/15/2039		200,000		278,753
8.70%, 06/15/2038		120,000		177,459
WestRock Co. 3.00%, 09/15/2024 ^(B)		350,000		348,741

				1,082,408

Diversified Consumer Services - 0.1%
Nationwide Building Society
2.45%, 07/27/2021 ^(B)		200,000		199,822
4.00%, 09/14/2026 ^(B)		250,000		252,849
President & Fellows of Harvard College 3.30%, 07/15/2056		414,000		395,971

				848,642

Diversified Financial Services - 0.5%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.50%, 05/26/2022		157,000		161,321
Arch Capital Finance LLC 5.03%, 12/15/2046		175,000		197,882
Blackstone Holdings Finance Co. LLC 5.88%, 03/15/2021 ^(B)		500,000		554,490


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Financial Services (continued)
BOC Aviation, Ltd. 2.75%, 09/18/2022 ^(B)		$ 270,000		$ 267,399
Brookfield Finance, Inc. 4.70%, 09/20/2047		130,000		132,869
Carlyle Investment Management LLC 3-Month LIBOR + 2.00%, 2.00%, 07/15/2019 ^{(B) (C) (H) (I)}		50,290		49,787
China Southern Power Grid International Finance BVI Co., Ltd. 3.50%, 05/08/2027 ^(B)		480,000		489,010
GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/2035		2,423,000		2,590,651
Jefferies Group LLC
4.85%, 01/15/2027		87,000		92,458
6.25%, 01/15/2036		260,000		289,786
6.45%, 06/08/2027		180,000		210,529
Mitsubishi UFJ Lease & Finance Co., Ltd. 2.65%, 09/19/2022 ^(B)		294,000		290,623
National Rural Utilities Cooperative Finance Corp.
2.95%, 02/07/2024		118,000		119,456
10.38%, 11/01/2018		250,000		271,025
ORIX Corp. 2.90%, 07/18/2022		201,000		201,670
Protective Life Global Funding 2.00%, 09/14/2021 ^(B)		400,000		390,963
Voya Financial, Inc. 3.13%, 07/15/2024		550,000		546,611

				6,856,530

Diversified Telecommunication Services - 1.4%
AT&T, Inc.
3.00%, 06/30/2022		380,000		384,595
3.40%, 05/15/2025		452,000		446,289
3.60%, 02/17/2023		1,517,000		1,570,748
3.95%, 01/15/2025		172,000		176,589
4.13%, 02/17/2026		804,000		825,021
4.45%, 04/01/2024		217,000		230,115
4.60%, 02/15/2021		400,000		427,534
4.75%, 05/15/2046		44,000		41,504
4.90%, 08/14/2037		1,224,000		1,221,400
5.35%, 09/01/2040		943,000		975,607
6.00%, 08/15/2040		200,000		222,304
6.15%, 09/15/2034		208,000		240,720
6.30%, 01/15/2038		500,000		582,993
6.38%, 03/01/2041		240,000		278,797
6.50%, 09/01/2037		200,000		239,620
BellSouth LLC 6.55%, 06/15/2034		300,000		356,830
British Telecommunications PLC
5.95%, 01/15/2018		200,000		201,806
9.13%, 12/15/2030		180,000		272,348
Centel Capital Corp. 9.00%, 10/15/2019		450,000		499,648
Deutsche Telekom International Finance BV
2.82%, 01/19/2022 ^(B)		150,000		150,957
3.60%, 01/19/2027 ^(B)		330,000		335,156

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


Transamerica Funds		Annual Report 2017

Page 14

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Telecommunication Services (continued)
GTP Acquisition Partners I LLC
2.35%, 06/15/2045 ^(B)		$ 77,000		$ 76,746
3.48%, 06/15/2050 ^(B)		81,000		80,226
Telefonica Emisiones SAU
5.13%, 04/27/2020		663,000		708,740
5.21%, 03/08/2047		310,000		341,342
5.46%, 02/16/2021		91,000		99,489
Verizon Communications, Inc.
2.95%, 03/15/2022		321,000		326,019
3.45%, 03/15/2021		238,000		246,788
3.50%, 11/01/2021		600,000		623,350
4.15%, 03/15/2024		300,000		318,352
4.27%, 01/15/2036		400,000		392,356
4.40%, 11/01/2034		2,531,000		2,547,699
4.50%, 08/10/2033		1,081,000		1,112,995
4.52%, 09/15/2048		129,000		123,247
4.67%, 03/15/2055		473,000		449,510
4.81%, 03/15/2039		1,470,000		1,510,102
4.86%, 08/21/2046		189,000		190,710
5.01%, 08/21/2054		25,000		24,983

				18,853,235

Electric Utilities - 1.6%
AEP Texas, Inc. 6.65%, 02/15/2033		100,000		129,099
Alabama Power Co.
3.75%, 03/01/2045		21,000		21,379
4.10%, 01/15/2042		26,000		26,673
5.60%, 03/15/2033		160,000		190,441
6.00%, 03/01/2039		248,000		318,830
6.13%, 05/15/2038		77,000		99,092
Appalachian Power Co.
5.95%, 05/15/2033		50,000		60,527
6.38%, 04/01/2036		200,000		258,307
6.70%, 08/15/2037		200,000		269,680
Arizona Public Service Co.
2.20%, 01/15/2020		50,000		50,114
4.50%, 04/01/2042		121,000		133,972
5.05%, 09/01/2041		303,000		354,853
Baltimore Gas & Electric Co.
3.50%, 08/15/2046		188,000		182,665
3.75%, 08/15/2047		300,000		300,085
Cleveland Electric Illuminating Co.
7.88%, 11/01/2017		180,000		180,000
8.88%, 11/15/2018		337,000		359,853
Comision Federal de Electricidad 4.88%, 05/26/2021 ^(B)		261,000		277,704
Commonwealth Edison Co. 3.65%, 06/15/2046		162,000		161,766
Duke Energy Carolinas LLC
4.30%, 06/15/2020		156,000		164,707
6.00%, 12/01/2028 ^(F)		500,000		616,755
6.00%, 01/15/2038		133,000		174,120
6.45%, 10/15/2032		100,000		133,190
Duke Energy Corp.
2.65%, 09/01/2026		85,000		81,572
3.95%, 08/15/2047		270,000		270,902
Duke Energy Indiana LLC 3.75%, 05/15/2046		200,000		201,183


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electric Utilities (continued)
Duke Energy Progress LLC
3.60%, 09/15/2047		$ 130,000		$ 128,519
3.70%, 10/15/2046		215,000		216,445
5.30%, 01/15/2019		80,000		83,284
Edison International 2.95%, 03/15/2023		400,000		404,888
EDP Finance BV 3.63%, 07/15/2024 ^(B)		300,000		303,822
Enel Finance International NV
3.50%, 04/06/2028 ^(B)		265,000		260,402
3.63%, 05/25/2027 ^(B)		270,000		269,818
Entergy Corp. 2.95%, 09/01/2026		78,000		75,691
Entergy Louisiana LLC
2.40%, 10/01/2026		237,000		225,993
3.05%, 06/01/2031		189,000		182,490
3.25%, 04/01/2028		387,000		389,366
Entergy Mississippi, Inc. 2.85%, 06/01/2028		166,000		161,004
Exelon Corp. 3.40%, 04/15/2026		127,000		127,878
FirstEnergy Corp.
3.90%, 07/15/2027		109,000		111,254
4.85%, 07/15/2047		105,000		113,196
Florida Power & Light Co.
4.95%, 06/01/2035		100,000		117,220
5.13%, 06/01/2041		112,000		133,842
5.40%, 09/01/2035		100,000		120,839
Fortis, Inc. 3.06%, 10/04/2026		1,000,000		970,934
Georgia Power Co. 3.25%, 04/01/2026		196,000		196,358
Great Plains Energy, Inc. 4.85%, 06/01/2021		326,000		346,385
Hydro-Quebec
8.40%, 01/15/2022		420,000		509,779
9.40%, 02/01/2021		100,000		120,239
John Sevier Combined Cycle Generation LLC 4.63%, 01/15/2042		463,947		514,184
Kansas City Power & Light Co. 5.30%, 10/01/2041		500,000		590,376
Massachusetts Electric Co.
4.00%, 08/15/2046 ^(B)		201,000		209,903
5.90%, 11/15/2039 ^(B)		55,000		70,057
MidAmerican Energy Co. 5.75%, 11/01/2035, MTN		600,000		753,929
Nevada Power Co.
5.38%, 09/15/2040		52,000		63,346
5.45%, 05/15/2041		400,000		491,408
7.13%, 03/15/2019		100,000		106,879
New York State Electric & Gas Corp. 3.25%, 12/01/2026 ^(B)		151,000		152,545
Niagara Mohawk Power Corp. 4.88%, 08/15/2019 ^(B)		50,000		52,402
Northern States Power Co.
6.20%, 07/01/2037		89,000		119,386
6.25%, 06/01/2036		150,000		199,294

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


Transamerica Funds		Annual Report 2017

Page 15

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electric Utilities (continued)
Ohio Edison Co. 6.88%, 07/15/2036		$ 150,000		$ 200,582
Pacific Gas & Electric Co.
2.45%, 08/15/2022		181,000		178,957
2.95%, 03/01/2026		311,000		305,228
3.25%, 09/15/2021		159,000		162,803
4.00%, 12/01/2046		153,000		153,206
4.50%, 12/15/2041		200,000		210,330
4.60%, 06/15/2043		100,000		109,393
5.40%, 01/15/2040		42,000		49,952
6.05%, 03/01/2034		60,000		74,533
PacifiCorp
5.65%, 07/15/2018		100,000		102,790
6.25%, 10/15/2037		360,000		484,210
Pennsylvania Electric Co. 3.25%, 03/15/2028 ^(B)		75,000		74,366
PPL Capital Funding, Inc.
4.00%, 09/15/2047		171,000		173,280
4.20%, 06/15/2022		165,000		176,174
PPL Electric Utilities Corp. 2.50%, 09/01/2022		100,000		99,893
Progress Energy, Inc.
4.40%, 01/15/2021		113,000		119,184
4.88%, 12/01/2019		87,000		91,929
6.00%, 12/01/2039		50,000		63,666
7.75%, 03/01/2031		150,000		210,973
South Carolina Electric & Gas Co. 5.50%, 12/15/2039		300,000		339,772
Southern California Edison Co.
3.90%, 12/01/2041		100,000		101,380
5.50%, 03/15/2040		130,000		165,458
6.65%, 04/01/2029		300,000		388,356
Southern Power Co. 5.15%, 09/15/2041		260,000		282,175
Southwestern Electric Power Co. 2.75%, 10/01/2026		500,000		482,372
Southwestern Public Service Co. 4.50%, 08/15/2041		100,000		111,658
Three Gorges Finance I Cayman Islands, Ltd. 3.15%, 06/02/2026 ^{(B) (F)}		200,000		199,032
Toledo Edison Co. 6.15%, 05/15/2037		200,000		253,260
Tri-State Generation & Transmission Association, Inc. 4.25%, 06/01/2046		124,000		124,414
Union Electric Co. 2.95%, 06/15/2027		193,000		192,230
Virginia Electric & Power Co.
2.75%, 03/15/2023		127,000		128,118
2.95%, 01/15/2022		157,000		160,343
6.00%, 05/15/2037		140,000		181,112
Wisconsin Electric Power Co.
2.95%, 09/15/2021		26,000		26,473
3.10%, 06/01/2025		82,000		82,286
3.65%, 12/15/2042		144,000		140,105
Xcel Energy, Inc.
2.40%, 03/15/2021		150,000		150,526
3.30%, 06/01/2025		277,000		281,435


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electric Utilities (continued)
Xcel Energy, Inc. (continued)
4.70%, 05/15/2020		$ 50,000		$ 52,655
4.80%, 09/15/2041		116,000		129,970
6.50%, 07/01/2036		130,000		173,518

				21,098,921

Electrical Equipment - 0.1%
Eaton Corp. 7.63%, 04/01/2024		500,000		593,970
Siemens Financieringsmaatschappij NV 3.13%, 03/16/2024 ^(B)		500,000		511,267

				1,105,237

Electronic Equipment, Instruments & Components - 0.0% ^(G)
Arrow Electronics, Inc.
3.25%, 09/08/2024		175,000		174,170
3.50%, 04/01/2022		100,000		102,193
3.88%, 01/12/2028		133,000		133,305

				409,668

Energy Equipment & Services - 0.3%
ANR Pipeline Co. 9.63%, 11/01/2021		200,000		252,137
Baker Hughes a GE Co. LLC 5.13%, 09/15/2040		200,000		232,337
Boardwalk Pipelines, LP
4.45%, 07/15/2027		119,000		122,177
4.95%, 12/15/2024		350,000		373,389
5.95%, 06/01/2026		170,000		191,654
Gulf South Pipeline Co., LP 4.00%, 06/15/2022		400,000		414,792
Halliburton Co.
3.50%, 08/01/2023		150,000		155,808
4.85%, 11/15/2035		130,000		143,466
7.60%, 08/15/2096 ^(B)		160,000		215,513
Nabors Industries, Inc.
4.63%, 09/15/2021		555,000		536,019
5.00%, 09/15/2020		100,000		101,000
Noble Holding International, Ltd. 5.75%, 03/16/2018		48,000		48,360
Schlumberger Holdings Corp. 3.63%, 12/21/2022 ^(B)		165,000		171,694
Schlumberger Investment SA
3.30%, 09/14/2021 ^(B)		344,000		355,725
3.65%, 12/01/2023		164,000		173,558
Texas Eastern Transmission, LP 2.80%, 10/15/2022 ^(B)		462,000		460,484

				3,948,113

Equity Real Estate Investment Trusts - 1.0%
American Tower Corp.
2.25%, 01/15/2022		300,000		293,772
3.38%, 10/15/2026		281,000		277,592
3.50%, 01/31/2023		201,000		207,079
5.00%, 02/15/2024		139,000		153,343
5.90%, 11/01/2021		150,000		167,993
AvalonBay Communities, Inc.
2.85%, 03/15/2023, MTN		510,000		513,707
3.50%, 11/15/2024, MTN		120,000		123,952

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


Transamerica Funds		Annual Report 2017

Page 16

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Equity Real Estate Investment Trusts (continued)
Boston Properties, LP
2.75%, 10/01/2026		$ 162,000		$ 153,528
3.65%, 02/01/2026		408,000		415,378
Brixmor Operating Partnership, LP 3.85%, 02/01/2025		400,000		400,318
Crown Castle International Corp.
4.88%, 04/15/2022		554,000		600,311
5.25%, 01/15/2023		200,000		221,358
DDR Corp.
3.63%, 02/01/2025		140,000		136,404
3.90%, 08/15/2024		212,000		213,789
4.70%, 06/01/2027		71,000		73,742
Digital Realty Trust, LP 3.70%, 08/15/2027		154,000		156,007
Duke Realty, LP
3.25%, 06/30/2026		84,000		83,267
3.63%, 04/15/2023		168,000		173,102
EPR Properties 4.50%, 06/01/2027		248,000		251,375
Equity Commonwealth 5.88%, 09/15/2020		485,000		515,838
ERP Operating, LP
2.85%, 11/01/2026		184,000		179,779
4.63%, 12/15/2021		587,000		634,712
GAIF Bond Issuer Pty, Ltd. 3.40%, 09/30/2026 ^(B)		353,000		346,624
Government Properties Income Trust 4.00%, 07/15/2022		416,000		422,324
HCP, Inc.
3.40%, 02/01/2025		114,000		113,910
3.88%, 08/15/2024		337,000		347,006
4.20%, 03/01/2024		54,000		56,577
Kimco Realty Corp. 3.80%, 04/01/2027		330,000		334,234
Liberty Property, LP 3.25%, 10/01/2026		107,000		105,072
National Retail Properties, Inc.
3.50%, 10/15/2027		150,000		147,154
3.60%, 12/15/2026		218,000		216,042
Prologis, LP 3.75%, 11/01/2025		38,000		39,996
Realty Income Corp.
3.00%, 01/15/2027		199,000		190,752
3.25%, 10/15/2022		250,000		255,297
4.65%, 03/15/2047		113,000		119,318
Scentre Group Trust 1 / Scentre Group Trust 2 3.50%, 02/12/2025 ^(B)		500,000		504,206
Simon Property Group, LP
3.75%, 02/01/2024		242,000		254,109
4.38%, 03/01/2021		457,000		486,582
UDR, Inc. 2.95%, 09/01/2026, MTN		116,000		111,472
Ventas Realty, LP
3.50%, 02/01/2025		54,000		54,244
3.75%, 05/01/2024		300,000		308,838
3.85%, 04/01/2027		203,000		206,832
4.13%, 01/15/2026		79,000		82,173


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Equity Real Estate Investment Trusts (continued)
VEREIT Operating Partnership, LP 4.60%, 02/06/2024		$ 530,000		$ 557,882
Welltower, Inc.
3.75%, 03/15/2023		50,000		51,930
4.00%, 06/01/2025		200,000		207,925
4.25%, 04/01/2026		500,000		525,542
WP Carey, Inc. 4.60%, 04/01/2024		450,000		470,464

				12,462,851

Food & Staples Retailing - 0.3%
CK Hutchison International 16, Ltd.
1.88%, 10/03/2021 ^(B)		241,000		233,806
2.75%, 10/03/2026 ^(B)		350,000		335,780
CVS Health Corp.
2.13%, 06/01/2021		611,000		602,000
2.75%, 12/01/2022		100,000		99,569
CVS Pass-Through Trust
5.77%, 01/10/2033 ^(B)		162,487		182,080
5.93%, 01/10/2034 ^(B)		565,824		637,835
Kroger Co.
5.40%, 07/15/2040		51,000		54,620
6.15%, 01/15/2020		300,000		324,602
6.90%, 04/15/2038		600,000		751,598
8.00%, 09/15/2029		175,000		232,556
Sysco Corp.
3.25%, 07/15/2027		500,000		499,492
3.75%, 10/01/2025		102,000		106,788
Walgreen Co. 4.40%, 09/15/2042		230,000		227,477
Walgreens Boots Alliance, Inc.
4.50%, 11/18/2034		46,000		47,335
4.80%, 11/18/2044		100,000		103,964

				4,439,502

Food Products - 0.3%
Bunge, Ltd. Finance Corp.
3.25%, 08/15/2026		142,000		137,799
3.50%, 11/24/2020		31,000		31,784
3.75%, 09/25/2027		294,000		293,830
Cargill, Inc. 3.30%, 03/01/2022 ^(B)		250,000		257,451
Danone SA 2.59%, 11/02/2023 ^(B)		550,000		540,277
Kraft Heinz Foods Co.
2.80%, 07/02/2020		400,000		405,165
3.50%, 06/06/2022		90,000		92,987
3.95%, 07/15/2025		359,000		372,512
5.38%, 02/10/2020		138,000		147,665
6.50%, 02/09/2040		130,000		163,008
6.88%, 01/26/2039		328,000		424,687
McCormick & Co., Inc.
3.15%, 08/15/2024		142,000		143,934
3.40%, 08/15/2027		198,000		199,933
Mead Johnson Nutrition Co.
4.13%, 11/15/2025		288,000		308,071
4.60%, 06/01/2044		130,000		142,261
Tyson Foods, Inc. 4.88%, 08/15/2034		430,000		475,817

				4,137,181

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


Transamerica Funds		Annual Report 2017

Page 17

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Gas Utilities - 0.3%
Atmos Energy Corp.
3.00%, 06/15/2027		$ 250,000		$ 248,877
8.50%, 03/15/2019		44,000		47,848
Boston Gas Co. 4.49%, 02/15/2042 ^(B)		330,000		359,656
CenterPoint Energy Resources Corp. 4.50%, 01/15/2021		352,000		370,657
KeySpan Gas East Corp. 2.74%, 08/15/2026 ^(B)		172,000		167,729
Korea Gas Corp. 1.88%, 07/18/2021 ^(B)		200,000		193,510
NiSource Finance Corp.
5.80%, 02/01/2042		600,000		717,650
6.80%, 01/15/2019		31,000		32,734
Southern Co. Gas Capital Corp.
2.45%, 10/01/2023		77,000		74,928
3.25%, 06/15/2026		85,000		84,513
3.50%, 09/15/2021		601,000		620,206
3.95%, 10/01/2046		94,000		91,926
5.25%, 08/15/2019		100,000		105,472
5.88%, 03/15/2041		109,000		133,344
Southwest Gas Corp. 3.80%, 09/29/2046		177,000		176,897

				3,425,947

Health Care Equipment & Supplies - 0.1%
Abbott Laboratories 3.88%, 09/15/2025		258,000		267,806
Becton Dickinson and Co.
2.68%, 12/15/2019		34,000		34,348
3.73%, 12/15/2024		23,000		23,638
Covidien International Finance SA 2.95%, 06/15/2023		49,000		49,825
Koninklijke Philips NV 3.75%, 03/15/2022		200,000		210,366
Medtronic, Inc.
3.13%, 03/15/2022		51,000		52,570
4.38%, 03/15/2035		117,000		129,241
Stryker Corp. 3.50%, 03/15/2026		79,000		81,499

				849,293

Health Care Providers & Services - 0.4%
Aetna, Inc.
2.80%, 06/15/2023		90,000		89,438
4.50%, 05/15/2042		153,000		159,382
6.75%, 12/15/2037		305,000		406,253
Anthem, Inc.
3.13%, 05/15/2022		492,000		501,202
3.30%, 01/15/2023		105,000		107,704
4.65%, 01/15/2043		38,000		41,117
Cardinal Health, Inc.
3.41%, 06/15/2027		300,000		296,704
3.75%, 09/15/2025		75,000		77,122
4.90%, 09/15/2045		45,000		47,855
Express Scripts Holding Co.
3.00%, 07/15/2023		51,000		50,764
4.50%, 02/25/2026		367,000		389,876
4.80%, 07/15/2046		62,000		64,409


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Health Care Providers & Services (continued)
Laboratory Corp. of America Holdings 3.20%, 02/01/2022		$ 170,000		$ 174,176
Magellan Health, Inc. 4.40%, 09/22/2024		558,000		562,699
Mayo Clinic 4.13%, 11/15/2052		198,000		209,718
Providence St. Joseph Health Obligated Group 2.75%, 10/01/2026		168,000		160,751
Quest Diagnostics, Inc. 3.45%, 06/01/2026		75,000		75,252
Texas Health Resources 4.33%, 11/15/2055		175,000		184,644
UnitedHealth Group, Inc.
2.13%, 03/15/2021		300,000		299,991
2.75%, 02/15/2023		84,000		85,064
3.10%, 03/15/2026		281,000		283,490
4.63%, 07/15/2035		234,000		265,177
5.80%, 03/15/2036		300,000		381,882

				4,914,670

Hotels, Restaurants & Leisure - 0.1%
Darden Restaurants, Inc. 3.85%, 05/01/2027		165,000		168,484
McDonald’s Corp.
4.70%, 12/09/2035, MTN		465,000		516,027
6.30%, 10/15/2037, MTN		81,000		106,624

				791,135

Household Products - 0.0% ^(G)
Kimberly-Clark Corp. 2.40%, 03/01/2022		68,000		68,187
Procter & Gamble Co. 2.85%, 08/11/2027 ^(F)		400,000		397,794

				465,981

Independent Power & Renewable Electricity Producers - 0.1%
Exelon Generation Co. LLC
3.40%, 03/15/2022		46,000		47,374
4.25%, 06/15/2022		599,000		636,714
5.75%, 10/01/2041		86,000		91,663
PSEG Power LLC 4.15%, 09/15/2021		242,000		254,074

				1,029,825

Industrial Conglomerates - 0.0% ^(G)
General Electric Co. 4.65%, 10/17/2021, MTN		258,000		281,614
Roper Technologies, Inc. 3.00%, 12/15/2020		52,000		53,045

				334,659

Insurance - 1.2%
AIG SunAmerica Global Financing X 6.90%, 03/15/2032 ^(B)		800,000		1,070,257
American International Group, Inc. 4.13%, 02/15/2024		200,000		212,728
Aon Corp. 6.25%, 09/30/2040		83,000		108,097
Aon PLC 3.88%, 12/15/2025		268,000		281,324

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


Transamerica Funds		Annual Report 2017

Page 18

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Insurance (continued)
Athene Global Funding
2.75%, 04/20/2020 ^(B)		$ 492,000		$ 495,255
4.00%, 01/25/2022 ^(B)		368,000		381,926
Berkshire Hathaway Finance Corp.
4.40%, 05/15/2042		268,000		298,406
5.75%, 01/15/2040		100,000		129,992
Brighthouse Financial, Inc. 3.70%, 06/22/2027 ^(B)		1,000,000		983,841
Chubb INA Holdings, Inc.
2.88%, 11/03/2022		130,000		132,203
3.15%, 03/15/2025		275,000		279,771
3.35%, 05/15/2024		250,000		258,513
CNA Financial Corp.
3.95%, 05/15/2024		164,000		170,817
4.50%, 03/01/2026		119,000		127,726
Dai-ichi Life Insurance Co., Ltd. Fixed until 07/24/2026, 4.00% ^(A), 07/24/2026 ^{(B) (J)}		421,000		417,990
Great-West Lifeco Finance Delaware, LP 4.15%, 06/03/2047 ^(B)		350,000		360,040
Guardian Life Insurance Co. of America 4.85%, 01/24/2077 ^(B)		83,000		89,845
Jackson National Life Global Funding
2.50%, 06/27/2022 ^(B)		200,000		199,484
3.05%, 04/29/2026 ^(B)		303,000		298,681
3.25%, 01/30/2024 ^(B)		115,000		116,380
Liberty Mutual Group, Inc.
4.95%, 05/01/2022 ^(B)		200,000		218,440
6.50%, 03/15/2035 ^(B)		300,000		380,978
Liberty Mutual Insurance Co. 8.50%, 05/15/2025 ^(B)		200,000		259,925
Lincoln National Corp.
4.00%, 09/01/2023		300,000		316,447
4.20%, 03/15/2022		211,000		224,304
6.15%, 04/07/2036		14,000		17,305
Manulife Financial Corp. Fixed until 02/24/2027, 4.06% ^(A), 02/24/2032		350,000		354,122
Marsh & McLennan Cos., Inc.
2.35%, 03/06/2020		176,000		176,730
2.75%, 01/30/2022		36,000		36,330
3.30%, 03/14/2023		99,000		101,782
3.50%, 06/03/2024		100,000		103,588
4.05%, 10/15/2023		250,000		265,465
Massachusetts Mutual Life Insurance Co.
5.38%, 12/01/2041 ^(B)		147,000		176,183
8.88%, 06/01/2039 ^(B)		52,000		84,993
MassMutual Global Funding II 2.75%, 06/22/2024 ^(B)		400,000		398,083
MetLife, Inc. 3.00%, 03/01/2025		200,000		200,699
Metropolitan Life Global Funding I
3.00%, 09/19/2027 ^(B)		350,000		346,070
3.88%, 04/11/2022 ^(B)		720,000		759,913
Nationwide Mutual Insurance Co. 9.38%, 08/15/2039 ^(B)		320,000		536,862
New York Life Global Funding
2.00%, 04/13/2021 ^(B)		96,000		95,190


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Insurance (continued)
New York Life Global Funding (continued)
2.15%, 06/18/2019 ^(B)		$ 350,000		$ 351,748
2.35%, 07/14/2026 ^(B)		226,000		215,379
Pacific Life Insurance Co. Fixed until 10/24/2047, 4.30% ^(A), 10/24/2067 ^(B)		198,000		196,972
Principal Life Global Funding II 2.25%, 10/15/2018 ^(B)		200,000		201,061
Progressive Corp. 2.45%, 01/15/2027		320,000		303,713
Prudential Financial, Inc. 5.75%, 07/15/2033, MTN		130,000		158,548
Prudential Insurance Co. of America 8.30%, 07/01/2025 ^(B)		900,000		1,179,164
Reliance Standard Life Global Funding II
2.50%, 01/15/2020 ^(B)		130,000		130,690
3.05%, 01/20/2021 ^(B)		298,000		301,623
Sumitomo Life Insurance Co. Fixed until 09/14/2027, 4.00% ^(A), 09/14/2077 ^(B)		250,000		246,140
Teachers Insurance & Annuity Association of America
4.27%, 05/15/2047 ^(B)		260,000		270,137
4.90%, 09/15/2044 ^(B)		150,000		170,388
Travelers Property Casualty Corp. 7.75%, 04/15/2026		450,000		596,707

				15,788,955

Internet & Direct Marketing Retail - 0.2%
Amazon.com, Inc.
2.80%, 08/22/2024 ^(B)		245,000		245,331
3.80%, 12/05/2024		263,000		280,138
3.88%, 08/22/2037 ^(B)		500,000		518,286
4.25%, 08/22/2057 ^(B)		550,000		577,647
4.80%, 12/05/2034		215,000		247,912
Priceline Group, Inc.
2.75%, 03/15/2023		286,000		285,725
3.55%, 03/15/2028		400,000		403,205

				2,558,244

Internet Software & Services - 0.1%
eBay, Inc.
2.60%, 07/15/2022		537,000		536,105
4.00%, 07/15/2042		133,000		121,833

				657,938

IT Services - 0.1%
DXC Technology Co. 4.25%, 04/15/2024		172,000		181,313
Enterprise Services LLC 7.45%, 10/15/2029		500,000		618,858
International Business Machines Corp. 7.00%, 10/30/2025		508,000		652,042
Western Union Co. 3.60%, 03/15/2022		400,000		407,012

				1,859,225

Leisure Products - 0.0% ^(G)
Hasbro, Inc. 3.50%, 09/15/2027		219,000		216,752

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


Transamerica Funds		Annual Report 2017

Page 19

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Life Sciences Tools & Services - 0.1%
Thermo Fisher Scientific, Inc.
2.95%, 09/19/2026		$ 161,000		$ 157,589
3.00%, 04/15/2023		45,000		45,548
3.15%, 01/15/2023		394,000		400,919
4.15%, 02/01/2024		217,000		230,994

				835,050

Machinery - 0.2%
Caterpillar Financial Services Corp.
1.93%, 10/01/2021		262,000		258,753
2.40%, 08/09/2026 ^(F)		270,000		259,034
7.15%, 02/15/2019, MTN		100,000		106,739
Caterpillar, Inc. 2.60%, 06/26/2022		123,000		123,833
Deere & Co.
2.60%, 06/08/2022		119,000		120,304
3.90%, 06/09/2042		107,000		112,604
Illinois Tool Works, Inc. 4.88%, 09/15/2041		449,000		523,975
Ingersoll-Rand Luxembourg Finance SA 2.63%, 05/01/2020		200,000		201,191
Parker-Hannifin Corp. 4.10%, 03/01/2047 ^(B)		104,000		108,732
Pentair Finance SARL 2.90%, 09/15/2018		65,000		65,484
Xylem, Inc.
3.25%, 11/01/2026		74,000		73,918
4.38%, 11/01/2046		80,000		84,331

				2,038,898

Media - 0.9%
21st Century Fox America, Inc.
6.20%, 12/15/2034		250,000		310,378
7.25%, 05/18/2018		155,000		159,480
7.30%, 04/30/2028		130,000		164,958
7.70%, 10/30/2025		300,000		383,359
8.88%, 04/26/2023		200,000		254,674
CBS Corp.
2.90%, 01/15/2027		250,000		236,803
3.70%, 08/15/2024		63,000		65,273
4.00%, 01/15/2026		208,000		215,168
4.85%, 07/01/2042		150,000		156,487
Charter Communications Operating LLC / Charter Communications Operating Capital
4.91%, 07/23/2025		1,191,000		1,267,008
5.38%, 05/01/2047 ^(B)		390,000		394,819
6.38%, 10/23/2035		114,000		131,382
6.83%, 10/23/2055		150,000		180,223
Comcast Cable Holdings LLC 10.13%, 04/15/2022		414,000		537,144
Comcast Corp.
6.50%, 11/15/2035		511,000		683,302
7.05%, 03/15/2033		1,300,000		1,805,068
Cox Communications, Inc.
3.35%, 09/15/2026 ^(B)		134,000		131,506
4.60%, 08/15/2047 ^(B)		196,000		194,587
4.80%, 02/01/2035 ^(B)		450,000		451,826
Cox Enterprises, Inc. 7.38%, 07/15/2027 ^(B)		200,000		248,211


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Media (continued)
Discovery Communications LLC
3.95%, 03/20/2028		$ 263,000		$ 260,847
4.38%, 06/15/2021		344,000		363,948
Historic TW, Inc. 9.15%, 02/01/2023		200,000		257,549
NBCUniversal Media LLC 5.95%, 04/01/2041		210,000		268,751
SES SA 3.60%, 04/04/2023 ^(B)		100,000		100,960
TCI Communications, Inc. 7.13%, 02/15/2028		100,000		131,323
Time Warner Cable LLC
5.50%, 09/01/2041		10,000		10,509
6.75%, 07/01/2018		40,000		41,274
7.30%, 07/01/2038		90,000		112,770
Time Warner Cos., Inc. 7.57%, 02/01/2024		45,000		55,488
Time Warner Entertainment Co., LP 8.38%, 07/15/2033		250,000		340,241
Time Warner, Inc.
3.55%, 06/01/2024		300,000		303,800
3.60%, 07/15/2025		155,000		154,474
4.75%, 03/29/2021		140,000		150,074
6.25%, 03/29/2041		37,000		44,221
Viacom, Inc.
3.88%, 04/01/2024		606,000		608,035
6.88%, 04/30/2036		250,000		281,214
Walt Disney Co. 3.00%, 02/13/2026		750,000		757,471

				12,214,605

Metals & Mining - 0.2%
Anglo American Capital PLC
3.63%, 09/11/2024 ^(B)		200,000		201,147
4.00%, 09/11/2027 ^(B)		200,000		200,200
Barrick Gold Corp. 6.45%, 10/15/2035		399,000		501,318
BHP Billiton Finance USA, Ltd. 4.13%, 02/24/2042		300,000		317,043
Nucor Corp.
4.00%, 08/01/2023		63,000		66,773
6.40%, 12/01/2037		390,000		507,295
Vale Canada, Ltd. 7.20%, 09/15/2032		400,000		445,000
Vale Overseas, Ltd. 6.25%, 08/10/2026		210,000		241,972

				2,480,748

Multi-Utilities - 0.5%
Berkshire Hathaway Energy Co.
3.75%, 11/15/2023		780,000		820,748
6.13%, 04/01/2036		310,000		405,952
CMS Energy Corp.
3.00%, 05/15/2026		73,000		71,875
3.88%, 03/01/2024		350,000		367,927
Consolidated Edison Co. of New York, Inc.
3.88%, 06/15/2047		300,000		309,855
5.70%, 06/15/2040		154,000		197,217

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


Transamerica Funds		Annual Report 2017

Page 20

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Multi-Utilities (continued)
Consumers Energy Co.
2.85%, 05/15/2022		$ 121,000		$ 123,371
3.25%, 08/15/2046		95,000		87,097
6.70%, 09/15/2019		100,000		108,725
Delmarva Power & Light Co.
4.00%, 06/01/2042		294,000		297,940
4.15%, 05/15/2045		270,000		289,050
Dominion Energy, Inc.
2.75%, 01/15/2022		165,000		166,417
4.90%, 08/01/2041		103,000		114,354
5.25%, 08/01/2033		500,000		571,013
6.40%, 06/15/2018		170,000		174,808
DTE Electric Co.
2.65%, 06/15/2022		68,000		68,415
3.70%, 03/15/2045		114,000		112,869
3.95%, 06/15/2042		101,000		102,772
DTE Energy Co.
3.85%, 12/01/2023		252,000		264,036
6.38%, 04/15/2033		130,000		165,051
Public Service Co. of Colorado
3.20%, 11/15/2020		56,000		57,647
3.55%, 06/15/2046		37,000		35,624
Public Service Co. of New Hampshire 3.50%, 11/01/2023		60,000		62,767
Public Service Co. of Oklahoma 5.15%, 12/01/2019		133,000		140,838
Public Service Electric & Gas Co.
2.25%, 09/15/2026, MTN		140,000		132,130
3.65%, 09/01/2042, MTN		138,000		136,427
5.38%, 11/01/2039, MTN		28,000		33,953
San Diego Gas & Electric Co.
6.00%, 06/01/2026		320,000		382,443
6.13%, 09/15/2037		100,000		129,571
Sempra Energy
6.00%, 10/15/2039		150,000		190,401
9.80%, 02/15/2019		400,000		439,250
WEC Energy Group, Inc. 3.55%, 06/15/2025		115,000		118,822

				6,679,365

Multiline Retail - 0.1%
Macy’s Retail Holdings, Inc. 6.90%, 04/01/2029		200,000		211,175
Nordstrom, Inc. 4.00%, 10/15/2021 ^(F)		301,000		310,158
Target Corp. 2.50%, 04/15/2026 ^(F)		300,000		288,311
Wal-Mart Stores, Inc. 3.63%, 12/15/2047		350,000		357,770

				1,167,414

Oil, Gas & Consumable Fuels - 2.7%
Anadarko Holding Co. 7.15%, 05/15/2028		552,000		657,871
Anadarko Petroleum Corp. 8.70%, 03/15/2019		150,000		162,972
Apache Corp.
3.25%, 04/15/2022		111,000		112,733
4.75%, 04/15/2043		268,000		273,394
6.90%, 09/15/2018		180,000		187,671


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
APT Pipelines, Ltd. 4.25%, 07/15/2027 ^(B)		$ 386,000		$ 397,311
BG Energy Capital PLC 5.13%, 10/15/2041 ^(B)		200,000		232,133
BP Capital Markets PLC
3.02%, 01/16/2027		157,000		155,323
3.22%, 04/14/2024		600,000		614,770
3.25%, 05/06/2022		462,000		478,100
3.28%, 09/19/2027		522,000		525,162
3.59%, 04/14/2027		300,000		310,604
3.81%, 02/10/2024		224,000		237,055
Buckeye Partners, LP
3.95%, 12/01/2026		63,000		62,967
4.35%, 10/15/2024		148,000		154,747
4.88%, 02/01/2021		200,000		211,942
5.85%, 11/15/2043		150,000		164,294
Canadian Natural Resources, Ltd.
3.80%, 04/15/2024		200,000		205,984
5.85%, 02/01/2035		150,000		172,118
6.45%, 06/30/2033		299,000		359,371
Cenovus Energy, Inc.
3.00%, 08/15/2022 ^(F)		91,000		90,064
4.45%, 09/15/2042		162,000		147,863
5.25%, 06/15/2037 ^(B)		101,000		103,172
6.75%, 11/15/2039		511,000		606,477
Chevron Corp.
2.36%, 12/05/2022		80,000		80,046
2.57%, 05/16/2023		600,000		601,656
2.90%, 03/03/2024		296,000		300,472
3.19%, 06/24/2023		47,000		48,697
CNOOC Finance Pty, Ltd. 2.63%, 05/05/2020		328,000		329,200
CNOOC Finance, Ltd. 3.00%, 05/09/2023		254,000		255,209
Concho Resources, Inc.
3.75%, 10/01/2027		93,000		94,010
4.88%, 10/01/2047		30,000		31,918
ConocoPhillips 5.90%, 10/15/2032		290,000		356,213
ConocoPhillips Co. 4.20%, 03/15/2021		105,000		111,518
ConocoPhillips Holding Co. 6.95%, 04/15/2029		315,000		412,411
Devon Energy Corp.
3.25%, 05/15/2022 ^(F)		150,000		152,226
5.60%, 07/15/2041		224,000		251,828
Ecopetrol SA
5.38%, 06/26/2026		135,000		144,288
5.88%, 09/18/2023		113,000		127,407
Enbridge, Inc. 5.50%, 12/01/2046		200,000		235,462
Encana Corp.
6.50%, 05/15/2019 - 08/15/2034		250,000		281,609
7.20%, 11/01/2031		200,000		252,087
7.38%, 11/01/2031		250,000		318,722
Energy Transfer, LP
3.60%, 02/01/2023		75,000		76,454
4.05%, 03/15/2025		136,000		138,297

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


Transamerica Funds		Annual Report 2017

Page 21

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Energy Transfer, LP (continued)
4.75%, 01/15/2026		$ 173,000		$ 182,070
4.90%, 02/01/2024		159,000		170,266
6.05%, 06/01/2041		538,000		585,769
6.50%, 02/01/2042		45,000		51,597
Eni SpA 5.70%, 10/01/2040 ^(B)		900,000		949,456
EnLink Midstream Partners, LP 4.15%, 06/01/2025		130,000		131,918
Enterprise Products Operating LLC
3.35%, 03/15/2023		150,000		154,573
3.70%, 02/15/2026		127,000		131,030
3.75%, 02/15/2025		74,000		77,085
3.90%, 02/15/2024		362,000		380,955
3.95%, 02/15/2027		153,000		161,111
4.85%, 03/15/2044		45,000		48,880
4.95%, 10/15/2054		33,000		35,837
5.10%, 02/15/2045		32,000		36,166
5.95%, 02/01/2041		45,000		55,741
7.55%, 04/15/2038		320,000		447,806
EOG Resources, Inc.
4.10%, 02/01/2021		300,000		317,122
4.15%, 01/15/2026		80,000		85,225
5.10%, 01/15/2036		392,000		443,659
EQT Corp. 3.90%, 10/01/2027		264,000		262,373
Exxon Mobil Corp. 4.11%, 03/01/2046		294,000		320,184
Hess Corp.
6.00%, 01/15/2040		290,000		315,756
7.13%, 03/15/2033		300,000		358,337
Kerr-McGee Corp. 7.88%, 09/15/2031		300,000		391,661
Magellan Midstream Partners, LP
3.20%, 03/15/2025		80,000		78,468
4.20%, 12/01/2042 - 10/03/2047		648,000		633,381
Marathon Oil Corp. 2.80%, 11/01/2022		170,000		167,209
MPLX, LP
4.88%, 12/01/2024		280,000		304,516
5.20%, 03/01/2047		108,000		115,630
Noble Energy, Inc.
3.85%, 01/15/2028		120,000		120,458
5.63%, 05/01/2021		330,000		338,662
Occidental Petroleum Corp.
2.70%, 02/15/2023		400,000		403,766
3.40%, 04/15/2026		123,000		126,419
3.50%, 06/15/2025		91,000		94,178
ONEOK Partners, LP
3.20%, 09/15/2018		105,000		105,973
3.38%, 10/01/2022		30,000		30,493
4.90%, 03/15/2025		800,000		863,417
5.00%, 09/15/2023		65,000		70,791
6.65%, 10/01/2036		220,000		266,396
8.63%, 03/01/2019		150,000		161,973
Petro-Canada
5.35%, 07/15/2033		100,000		114,321
6.05%, 05/15/2018		312,000		319,187
7.88%, 06/15/2026		100,000		127,367


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Petroleos Mexicanos
4.63%, 09/21/2023 ^(F)		$ 450,000		$ 460,125
4.88%, 01/18/2024		81,000		83,001
5.63%, 01/23/2046		77,000		69,812
6.38%, 02/04/2021 - 01/23/2045		513,000		536,804
6.50%, 03/13/2027 ^(B)		870,000		950,040
6.75%, 09/21/2047		403,000		415,372
6.88%, 08/04/2026		466,000		523,551
Phillips 66 4.30%, 04/01/2022		130,000		139,255
Phillips 66 Partners, LP
3.55%, 10/01/2026		66,000		65,319
4.90%, 10/01/2046		144,000		149,333
Plains All American Pipeline, LP / PAA Finance Corp.
3.65%, 06/01/2022		97,000		98,065
4.30%, 01/31/2043		222,000		194,550
4.50%, 12/15/2026		66,000		67,421
4.65%, 10/15/2025		450,000		466,319
Shell International Finance BV
2.88%, 05/10/2026		853,000		848,349
3.75%, 09/12/2046		444,000		437,377
4.00%, 05/10/2046		888,000		907,450
4.13%, 05/11/2035		258,000		276,534
4.38%, 03/25/2020		410,000		432,919
Sinopec Group Overseas Development, Ltd. 3.90%, 05/17/2022 ^(B)		200,000		209,514
Southern Natural Gas Co. LLC
4.80%, 03/15/2047 ^(B)		136,000		147,815
8.00%, 03/01/2032		105,000		143,137
Spectra Energy Partners, LP 3.50%, 03/15/2025		633,000		642,379
Statoil ASA
3.15%, 01/23/2022		313,000		323,189
4.25%, 11/23/2041		236,000		251,151
Suncor Energy, Inc. 5.95%, 12/01/2034		550,000		675,358
Sunoco Logistics Partners Operations, LP
3.90%, 07/15/2026		195,000		193,952
5.50%, 02/15/2020		250,000		266,454
5.95%, 12/01/2025		150,000		170,450
6.10%, 02/15/2042		500,000		536,162
TC PipeLines, LP 3.90%, 05/25/2027		141,000		142,361
Tosco Corp.
7.80%, 01/01/2027		160,000		210,908
8.13%, 02/15/2030		230,000		324,771
Total Capital International SA
2.70%, 01/25/2023		688,000		695,032
3.70%, 01/15/2024		160,000		169,597
3.75%, 04/10/2024		82,000		86,990
TransCanada PipeLines, Ltd.
2.50%, 08/01/2022		115,000		115,071
3.13%, 01/15/2019		149,000		150,881
3.75%, 10/16/2023		135,000		142,745
4.88%, 01/15/2026		370,000		418,573
6.50%, 08/15/2018		175,000		181,464

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


Transamerica Funds		Annual Report 2017

Page 22

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Valero Energy Corp. 7.50%, 04/15/2032		$ 100,000		$ 134,480
Western Gas Partners, LP
4.65%, 07/01/2026		152,000		159,036
5.45%, 04/01/2044		97,000		102,667
Williams Partners, LP 3.90%, 01/15/2025		117,000		120,277

				35,597,020

Pharmaceuticals - 0.4%
Allergan Funding SCS
3.85%, 06/15/2024		211,000		218,904
4.55%, 03/15/2035		1,167,000		1,227,250
Allergan, Inc.
2.80%, 03/15/2023		162,000		161,078
3.38%, 09/15/2020		125,000		128,589
Baxalta, Inc.
3.60%, 06/23/2022		67,000		69,407
5.25%, 06/23/2045		33,000		37,812
Bayer US Finance LLC 3.38%, 10/08/2024 ^(B)		200,000		204,084
Johnson & Johnson 4.38%, 12/05/2033		99,000		112,635
Merck & Co., Inc.
2.40%, 09/15/2022		43,000		43,175
3.70%, 02/10/2045		20,000		20,301
Mylan NV
3.95%, 06/15/2026		185,000		184,782
5.25%, 06/15/2046		127,000		133,321
Mylan, Inc.
3.13%, 01/15/2023 ^(B)		460,000		458,145
5.40%, 11/29/2043		100,000		109,511
Novartis Capital Corp. 3.40%, 05/06/2024		395,000		414,157
Pfizer, Inc. 3.00%, 12/15/2026		412,000		416,324
Shire Acquisitions Investments Ireland DAC 2.88%, 09/23/2023		334,000		330,637
Teva Pharmaceutical Finance Co. LLC 6.15%, 02/01/2036 ^(F)		670,000		688,000
Teva Pharmaceutical Finance Co., BV 3.65%, 11/10/2021		181,000		179,230
Teva Pharmaceutical Finance Netherlands III BV
2.80%, 07/21/2023 ^(F)		375,000		345,024
4.10%, 10/01/2046 ^(F)		60,000		47,970
Zoetis, Inc. 3.45%, 11/13/2020		37,000		38,202

				5,568,538

Real Estate Management & Development - 0.1%
Mitsui Fudosan Co., Ltd. 3.65%, 07/20/2027 ^(B)		471,000		484,302
Ontario Teachers’ Cadillac Fairview Properties Trust
3.13%, 03/20/2022 ^(B)		314,000		319,403
3.88%, 03/20/2027 ^(B)		325,000		333,009

				1,136,714


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Road & Rail - 0.3%
Aviation Capital Group LLC 2.88%, 01/20/2022 ^(B)		$ 300,000		$ 301,118
Burlington Northern Santa Fe LLC
3.45%, 09/15/2021		251,000		261,571
3.60%, 09/01/2020		125,000		129,876
4.40%, 03/15/2042		130,000		142,071
5.75%, 05/01/2040		300,000		384,196
7.29%, 06/01/2036		90,000		127,915
Canadian National Railway Co. 5.85%, 11/15/2017		180,000		180,280
Canadian Pacific Railway Co. 6.13%, 09/15/2115		264,000		341,929
CSX Corp.
4.25%, 06/01/2021		65,000		68,857
6.00%, 10/01/2036, MTN		340,000		428,595
Norfolk Southern Corp.
3.25%, 12/01/2021		166,000		170,603
3.85%, 01/15/2024		266,000		281,312
4.05%, 08/15/2052 ^(B)		87,000		88,560
6.00%, 03/15/2105		94,000		114,296
7.05%, 05/01/2037		130,000		178,286
Ryder System, Inc.
2.50%, 03/01/2018 - 05/11/2020, MTN		378,000		379,606
3.45%, 11/15/2021, MTN		42,000		43,437
Union Pacific Corp.
2.75%, 04/15/2023		160,000		161,188
2.95%, 01/15/2023		43,000		44,053
3.60%, 09/15/2037		61,000		62,071
4.10%, 09/15/2067		150,000		153,117
4.16%, 07/15/2022		146,000		157,505
4.30%, 06/15/2042		148,000		159,218

				4,359,660

Semiconductors & Semiconductor Equipment - 0.2%
Analog Devices, Inc. 4.50%, 12/05/2036		226,000		237,576
Broadcom Corp. / Broadcom Cayman Finance, Ltd.
3.63%, 01/15/2024 ^(B)		663,000		684,767
3.88%, 01/15/2027 ^(B)		617,000		634,785
Intel Corp.
3.10%, 07/29/2022		120,000		124,518
3.70%, 07/29/2025		97,000		102,908
4.10%, 05/19/2046		224,000		238,541
4.80%, 10/01/2041		150,000		177,306
QUALCOMM, Inc.
2.60%, 01/30/2023		35,000		34,898
2.90%, 05/20/2024		400,000		400,550
3.25%, 05/20/2027		357,000		356,963

				2,992,812

Software - 0.4%
Microsoft Corp.
2.38%, 05/01/2023		24,000		23,976
2.88%, 02/06/2024		342,000		347,558
3.30%, 02/06/2027		279,000		288,692
3.50%, 02/12/2035		277,000		282,742
4.00%, 02/12/2055		81,000		83,499
4.10%, 02/06/2037		489,000		534,660

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


Transamerica Funds		Annual Report 2017

Page 23

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Software (continued)
Microsoft Corp. (continued)
4.20%, 11/03/2035		$ 103,000		$ 114,767
4.50%, 10/01/2040 - 02/06/2057		451,000		510,121
4.75%, 11/03/2055		436,000		511,297
Oracle Corp.
2.40%, 09/15/2023		324,000		322,047
2.95%, 05/15/2025		200,000		202,003
3.90%, 05/15/2035		60,000		62,919
4.30%, 07/08/2034		786,000		865,330
5.38%, 07/15/2040		123,000		154,132
6.13%, 07/08/2039		731,000		1,009,045
VMware, Inc. 2.95%, 08/21/2022		521,000		521,856

				5,834,644

Specialty Retail - 0.1%
AutoZone, Inc. 3.75%, 06/01/2027		186,000		188,624
Home Depot, Inc.
2.13%, 09/15/2026		103,000		96,842
3.00%, 04/01/2026		212,000		213,406
3.50%, 09/15/2056		71,000		65,848
4.20%, 04/01/2043		145,000		153,730
Lowe’s Cos., Inc. 3.38%, 09/15/2025		119,000		122,691
O’Reilly Automotive, Inc. 3.60%, 09/01/2027		247,000		248,383

				1,089,524

Technology Hardware, Storage & Peripherals - 0.5%
Apple, Inc.
2.45%, 08/04/2026		296,000		286,099
2.85%, 05/11/2024		234,000		236,420
2.90%, 09/12/2027		1,200,000		1,191,340
3.00%, 02/09/2024 - 06/20/2027		988,000		994,832
3.20%, 05/13/2025 - 05/11/2027		446,000		454,645
3.25%, 02/23/2026		266,000		272,419
3.45%, 05/06/2024 - 02/09/2045		549,000		561,254
3.75%, 09/12/2047		500,000		497,011
3.85%, 08/04/2046		207,000		209,350
4.50%, 02/23/2036		340,000		387,456
4.65%, 02/23/2046		119,000		135,651
Dell International LLC / EMC Corp. 6.02%, 06/15/2026 ^(B)		800,000		891,499

				6,117,976

Tobacco - 0.0% ^(G)
BAT Capital Corp. 4.39%, 08/15/2037 ^(B)		377,000		387,269

Trading Companies & Distributors - 0.2%
Air Lease Corp.
2.13%, 01/15/2020		445,000		444,513
3.00%, 09/15/2023		258,000		259,875
3.88%, 04/01/2021		220,000		229,822
International Lease Finance Corp.
5.88%, 08/15/2022		154,000		173,758
8.63%, 01/15/2022		700,000		855,737
WW Grainger, Inc. 4.60%, 06/15/2045		198,000		215,661

				2,179,366


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Transportation Infrastructure - 0.1%
Mexico City Airport Trust 5.50%, 07/31/2047 ^(B)		$ 200,000		$ 198,100
Penske Truck Leasing Co., LP / PTL Finance Corp.
3.38%, 02/01/2022 ^(B)		233,000		238,909
4.88%, 07/11/2022 ^(B)		500,000		544,555

				981,564

Water Utilities - 0.0% ^(G)
American Water Capital Corp.
3.85%, 03/01/2024		300,000		317,385
4.00%, 12/01/2046		172,000		178,389

				495,774

Wireless Telecommunication Services - 0.1%
America Movil SAB de CV 3.13%, 07/16/2022		236,000		241,127
Crown Castle Towers LLC 3.22%, 05/15/2042 ^(B)		200,000		203,148
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC 3.36%, 03/20/2023 ^(B)		809,000		820,731
Vodafone Group PLC
1.50%, 02/19/2018		238,000		237,888
2.95%, 02/19/2023		75,000		75,726

				1,578,620

Total Corporate Debt Securities (Cost $332,987,057)				343,881,014


FOREIGN GOVERNMENT OBLIGATIONS - 0.6%
Canada - 0.0% ^(G)
Province of Quebec 6.35%, 01/30/2026, MTN		285,000		349,607

Colombia - 0.1%
Colombia Government International Bond
4.00%, 02/26/2024		300,000		312,300
5.00%, 06/15/2045		200,000		205,750
7.38%, 09/18/2037		200,000		264,000

				782,050

Israel - 0.2%
Israel Government AID Bond
Series 2010-Z,
Zero Coupon, 02/15/2025		2,250,000		1,858,871
Series 2011-Z,
Zero Coupon, 11/15/2026		1,400,000		1,089,687

				2,948,558

Mexico - 0.3%
Mexico Government International Bond
3.63%, 03/15/2022		730,000		760,660
4.13%, 01/21/2026		865,000		901,330
4.35%, 01/15/2047		183,000		172,294
5.55%, 01/21/2045		190,000		212,610
4.75%, 03/08/2044, MTN		688,000		685,936
5.75%, 10/12/2110, MTN		550,000		576,125

				3,308,955

Peru - 0.0% ^(G)
Peru Government International Bond 5.63%, 11/18/2050		45,000		56,790

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


Transamerica Funds		Annual Report 2017

Page 24

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Poland - 0.0% ^(G)
Republic of Poland Government International Bond
3.25%, 04/06/2026		$ 115,000		$ 117,672
4.00%, 01/22/2024		333,000		356,802

				474,474

Supranational - 0.0% ^(G)
African Development Bank 8.80%, 09/01/2019		500,000		559,052

Total Foreign Government Obligations (Cost $8,258,817)				8,479,486


MORTGAGE-BACKED SECURITIES - 2.9%
Access Point Funding Trust Series 2016-1, Class A, 6.25%, 02/16/2021 ^(C)		469,429		469,430
Ajax Mortgage Loan Trust Series 2015-B, Class A, 3.88% ^(A), 07/25/2060 ^(B)		313,698		313,632
American General Mortgage Loan Trust Series 2006-1, Class A5, 5.75% ^(A), 12/25/2035 ^(B)		14,866		15,302
Angel Oak Mortgage Trust LLC Series 2015-1, Class A, 4.50% ^(A), 11/25/2045 ^(B)		97,499		97,321
ASG Resecuritization Trust
Series 2009-3, Class A65,
2.86% ^(A), 03/26/2037 ^(B)		111,739		111,996
Series 2011-1, Class 3A50,
3.59% ^(A), 11/28/2035 ^(B)		89,791		89,545
BAMLL Re-REMIC Trust Series 2015-FR11, Class A705, 1.83% ^(A), 09/27/2044 ^(B)		1,463,000		1,440,689
Banc of America Funding Trust
Series 2004-3, Class 1A1,
5.50%, 10/25/2034		133,312		136,930
Series 2004-C, Class 1A1,
3.23% ^(A), 12/20/2034		47,819		47,913
Series 2005-E, Class 4A1,
3.45% ^(A), 03/20/2035		611,015		620,805
Banc of America Mortgage Trust
Series 2003-C, Class 3A1,
3.75% ^(A), 04/25/2033		55,471		56,237
Series 2004-C, Class 2A2,
3.73% ^(A), 04/25/2034		221,577		222,828
BB-UBS Trust Series 2012-SHOW, Class A, 3.43%, 11/05/2036 ^(B)		1,500,000		1,529,763
BCAP LLC Trust
Series 2009-RR5, Class 8A1,
5.50% ^(A), 11/26/2034 ^(B)		71,179		72,349
Series 2010-RR7, Class 2A1,
3.29% ^(A), 07/26/2045 ^(B)		367,520		362,549
Bear Stearns Alt-A Trust Series 2005-2, Class 1A1, 1-Month LIBOR + 0.50%, 1.74% ^(A), 03/25/2035		76,495		76,224


	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Bear Stearns ARM Trust
Series 2003-4, Class 3A1,
3.55% ^(A), 07/25/2033		$ 59,746		$ 60,145
Series 2004-2, Class 14A,
3.57% ^(A), 05/25/2034		36,055		36,386
Bear Stearns Commercial Mortgage Securities Trust, Interest Only STRIPS Series 2005-PWR8, Class X1, 0.34% ^(A), 06/11/2041 ^(B)		130,127		1,221
CD Commercial Mortgage Trust, Interest Only STRIPS Series 2007-CD4, Class XC, 0.55% ^(A), 12/11/2049 ^(B)		990,829		2,765
Chase Mortgage Finance Trust
Series 2007-A1, Class 1A3,
3.62% ^(A), 02/25/2037		755,649		752,950
Series 2007-A1, Class 2A1,
3.69% ^(A), 02/25/2037		160,020		161,360
Series 2007-A1, Class 7A1,
3.58% ^(A), 02/25/2037		94,576		94,809
Series 2007-A1, Class 9A1,
3.57% ^(A), 02/25/2037		80,305		79,902
Series 2007-A2, Class 1A1,
3.65% ^(A), 07/25/2037		32,279		32,283
Series 2007-A2, Class 2A1,
3.53% ^(A), 07/25/2037		218,472		221,686
CHL Mortgage Pass-Through Trust
Series 2004-3, Class A26,
5.50%, 04/25/2034		143,352		146,030
Series 2004-3, Class A4,
5.75%, 04/25/2034		215,027		220,643
Series 2004-5, Class 1A4,
5.50%, 06/25/2034		213,690		216,720
Series 2004-8, Class 2A1,
4.50%, 06/25/2019		4,167		4,215
Series 2004-J4, Class 2A1,
5.00%, 05/25/2019		14,567		14,614
Citigroup Global Markets Mortgage Securities VII, Inc. Series 2003-HYB1, Class A, 3.74% ^(A), 09/25/2033		116,136		117,039
Citigroup Mortgage Loan Trust
Series 2003-1, Class 3A4,
5.25%, 09/25/2033		82,938		83,293
Series 2005-2, Class 2A11,
5.50%, 05/25/2035		153,599		157,781
Series 2009-10, Class 1A1,
3.30% ^(A), 09/25/2033 ^(B)		254,253		257,687
Series 2009-11, Class 3A1,
5.75% ^(A), 05/25/2037 ^(B)		42,341		42,260
COBALT CMBS Commercial Mortgage Trust, Interest Only STRIPS Series 2006-C1, 0.86% ^(A), 08/15/2048		1,211,365		10,410
COMM Mortgage Trust Series 2015-CR25, Class A4, 3.76%, 08/10/2048		562,000		594,496

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


Transamerica Funds		Annual Report 2017

Page 25

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
COMM Mortgage Trust, Interest Only STRIPS Series 2012-CR2, Class XA, 1.68% ^(A), 08/15/2045		$ 1,845,985		$ 119,632
Credit Suisse First Boston Mortgage Securities Corp.
Series 2003-21, Class 1A4,
5.25%, 09/25/2033		68,598		70,338
Series 2003-AR15, Class 3A1,
3.73% ^(A), 06/25/2033		155,755		156,094
Series 2004-5, Class 3A1,
5.25%, 08/25/2019		52,813		53,232
CSFB Mortgage-Backed Pass-Through Certificates
Series 2003-27, Class 5A4,
5.25%, 11/25/2033		119,281		120,758
Series 2003-29, Class 5A1,
7.00%, 12/25/2033		124,684		134,005
Series 2003-29, Class 8A1,
6.00%, 11/25/2018		17,266		17,415
Series 2004-4, Class 2A4,
5.50%, 09/25/2034		180,441		188,185
Series 2004-8, Class 1A4,
5.50%, 12/25/2034		192,497		200,985
CSMC OA LLC Series 2014-USA, Class D, 4.37%, 09/15/2037 ^(B)		500,000		480,293
CSMC Trust
Series 2010-11R, Class A6,
1-Month LIBOR + 1.00%, 2.24% ^(A), 06/28/2047 ^(B)		96,043		95,895
Series 2010-17R, Class 1A1,
3.33% ^(A), 06/26/2036 ^(B)		75,752		76,278
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2005-1, Class 2A1, 5.70% ^(A), 02/25/2020		46,529		46,693
GMACM Mortgage Loan Trust Series 2003-AR2, Class 2A4, 3.94% ^(A), 12/19/2033		324,274		321,346
GS Mortgage Securities Trust, Interest Only STRIPS Series 2006-GG8, Class X, 0.87% ^(A), 11/10/2039 ^(B)		1,093,975		11
GSMPS Mortgage Loan Trust Series 2005-RP3, Class 1AF, 1-Month LIBOR + 0.35%, 1.59% ^(A), 09/25/2035 ^(B)		841,913		731,480
GSMPS Mortgage Loan Trust, Interest Only STRIPS Series 2005-RP3, Class 1AS, 3.38% ^(A), 09/25/2035 ^(B)		631,435		70,763
GSR Mortgage Loan Trust
Series 2003-7F, Class 1A4,
5.25%, 06/25/2033		383,828		395,010
Series 2004-8F, Class 2A3,
6.00%, 09/25/2034		264,794		271,954
Series 2005-5F, Class 8A3,
1-Month LIBOR + 0.50%, 1.74% ^(A), 06/25/2035		18,550		17,595


	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Headlands Residential LLC Series 2017-RPL1, Class A, 3.88% ^(A), 08/25/2022 ^(B)		$ 1,980,000		$ 1,973,832
HILT Mortgage Trust Series 2014-ORL, Class A, 1-Month LIBOR + 0.90%, 2.14% ^(A), 07/15/2029 ^(B)		1,750,000		1,752,737
Impac CMB Trust Series 2005-4, Class 2A1, 1-Month LIBOR + 0.60%, 1.84% ^(A), 05/25/2035		135,448		134,067
Impac Secured Assets CMN Owner Trust Series 2003-2, Class A1, 5.50%, 08/25/2033		55,108		57,054
Impac Secured Assets Trust
Series 2006-1, Class 2A1,
1-Month LIBOR + 0.35%, 1.59% ^(A), 05/25/2036		420,259		399,455
Series 2006-2, Class 2A1,
1-Month LIBOR + 0.35%, 1.59% ^(A), 08/25/2036		164,231		160,661
JPMorgan Chase Commercial Mortgage Securities Trust Series 2006-LDP9, Class A3SF, 1-Month LIBOR + 0.16%, 1.39% ^(A), 05/15/2047		280,671		279,918
JPMorgan Chase Commercial Mortgage Securities Trust, Interest Only STRIPS Series 2006-CB15, Class X1, 0.25% ^(A), 06/12/2043		6,932,537		7,969
JPMorgan Mortgage Trust
Series 2004-A3, Class 4A1,
3.84% ^(A), 07/25/2034		47,819		49,195
Series 2004-A4, Class 1A1,
3.82% ^(A), 09/25/2034		51,180		52,491
Series 2004-S1, Class 1A7,
5.00%, 09/25/2034		6,541		6,663
Series 2005-A1, Class 3A4,
3.65% ^(A), 02/25/2035		161,376		165,349
Series 2006-A2, Class 5A3,
3.45% ^(A), 11/25/2033		269,670		274,194
Series 2006-A3, Class 6A1,
3.62% ^(A), 08/25/2034		25,593		25,803
LB-UBS Commercial Mortgage Trust, Interest Only STRIPS Series 2006-C1, Class XCL, 0.24% ^(A), 02/15/2041 ^(B)		984,411		108
MASTR Adjustable Rate Mortgages Trust
Series 2004-13, Class 2A1,
3.46% ^(A), 04/21/2034		305,783		312,614
Series 2004-13, Class 3A7,
3.47% ^(A), 11/21/2034		205,504		210,401
MASTR Alternative Loan Trust
Series 2003-9, Class 2A1,
6.00%, 12/25/2033		30,572		31,692
Series 2004-5, Class 5A1,
4.75%, 06/25/2019		12,921		12,946

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


Transamerica Funds		Annual Report 2017

Page 26

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
MASTR Asset Securitization Trust
Series 2003-11, Class 9A6,
5.25%, 12/25/2033		$ 335,228		$ 338,923
Series 2004-P7, Class A6,
5.50%, 12/27/2033 ^(B)		44,453		45,404
MASTR Resecuritization Trust, Principal Only STRIPS Series 2005, Class 3, 05/28/2035 ^(B)		18,667		14,795
Merrill Lynch Mortgage Investors Trust
Series 2003-A4, Class 2A,
3.57% ^(A), 07/25/2033		66,162		64,862
Series 2003-A5, Class 2A6,
3.38% ^(A), 08/25/2033		55,593		56,659
Series 2004-1, Class 2A1,
3.16% ^(A), 12/25/2034		205,172		206,817
Series 2004-A4, Class A2,
3.26% ^(A), 08/25/2034		96,049		98,073
Series 2004-D, Class A2,
6-Month LIBOR + 0.72%, 2.18% ^(A), 09/25/2029		143,548		138,393
ML-CFC Commercial Mortgage Trust, Interest Only STRIPS Series 2006-4, Class XC, 0.51% ^(A), 12/12/2049 ^(B)		388,014		4
Morgan Stanley Capital I Trust Series 2011-C3, Class A3, 4.05%, 07/15/2049		537,041		551,694
Morgan Stanley Capital I Trust, Interest Only STRIPS
Series 2006-IQ12, Class X1,
0.48% ^(A), 12/15/2043 ^(B)		3,892,024		39
Series 2006-T21, Class X,
0.05% ^(A), 10/12/2052 ^(B)		12,741,171		19,448
Series 2007-HQ11, Class X,
0.30% ^(A), 02/12/2044 ^(B)		9,068,928		113,543
Morgan Stanley Mortgage Loan Trust Series 2004-3, Class 4A, 5.68% ^(A), 04/25/2034		209,119		220,381
Morgan Stanley Re-REMIC Trust
Series 2012-IO, Class AXA,
1.00%, 03/27/2051 ^(B)		213,896		214,619
Series 2012-XA, Class B,
0.25%, 07/27/2049 ^(B)		1,416,367		1,331,328
PFP, Ltd.
Series 2015-2, Class A,
1-Month LIBOR + 1.45%, 2.69% ^(A), 07/14/2034 ^(B)		320,228		320,325
Series 2015-2, Class C,
1-Month LIBOR + 3.25%, 4.49% ^(A), 07/14/2034 ^(B)		141,000		141,190
Series 2015-2, Class D,
1-Month LIBOR + 4.00%, 5.24% ^(A), 07/14/2034 ^(B)		100,000		100,197
Prime Mortgage Trust Series 2004-CL1, Class 1A1, 6.00%, 02/25/2034		79,740		83,431
Prime Mortgage Trust, Principal Only STRIPS Series 2004-CL1, Class 1, 02/25/2034		4,493		3,962


	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Provident Funding Mortgage Loan Trust Series 2005-1, Class 2A1, 3.45% ^(A), 05/25/2035		$ 111,248		$ 108,638
RAIT Trust Series 2015-FL5, Class B, 1-Month LIBOR + 3.90%, 5.14% ^(A), 01/15/2031 ^(B)		395,000		395,474
RALI Trust
Series 2003-QS18, Class A1,
5.00%, 09/25/2018		8,316		8,332
Series 2004-QS7, Class A4,
5.50%, 05/25/2034		211,238		215,804
RAMP Trust Series 2004-SL2, Class A3, 7.00%, 10/25/2031		127,823		132,883
RBSSP Resecuritization Trust Series 2009-1, Class 1A1, 6.50% ^(A), 02/26/2036 ^(B)		268,841		283,127
Resource Capital Corp., Ltd.
Series 2015-CRE4, Class A,
1-Month LIBOR + 1.40%, 2.64% ^(A), 08/15/2032 ^(B)		115,119		114,961
Series 2015-CRE4, Class B,
1-Month LIBOR + 3.00%, 4.24% ^(A), 08/15/2032 ^(B)		230,000		227,700
Sequoia Mortgage Trust
Series 2004-11, Class A1,
1-Month LIBOR + 0.60%, 1.84% ^(A), 12/20/2034		302,249		297,653
Series 2004-11, Class A3,
1-Month LIBOR + 0.60%, 1.84% ^(A), 12/20/2034		179,262		175,592
Series 2004-12, Class A3,
6-Month LIBOR + 0.32%, 1.75% ^(A), 01/20/2035		120,972		112,228
Structured Asset Mortgage Investments II Trust Series 2004-AR5, Class 1A1, 1-Month LIBOR + 0.66%, 1.90% ^(A), 10/19/2034		307,705		296,390
Structured Asset Securities Corp.
Series 2003-37A, Class 2A,
3.29% ^(A), 12/25/2033		78,590		78,493
Series 2004-4XS, Class 1A5,
5.39% ^(A), 02/25/2034		328,438		333,588
Structured Asset Securities Corp. Mortgage Pass-Through Certificates
Series 2003-33H, Class 1A1,
5.50%, 10/25/2033		62,409		63,514
Series 2003-35, Class 3A1,
1-Month LIBOR + 0.50%, 1.74% ^(A), 12/25/2033		27,046		27,012
Series 2004-5H, Class A4,
5.54%, 12/25/2033		265,917		272,562
Thornburg Mortgage Securities Trust
Series 2003-4, Class A1,
1-Month LIBOR + 0.64%, 1.88% ^(A), 09/25/2043		150,101		144,992
Series 2004-1, Class II2A,
2.16% ^(A), 03/25/2044		68,646		67,251

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


Transamerica Funds		Annual Report 2017

Page 27

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 06/10/2030 ^(B)		$ 1,000,000		$ 1,021,937
UBS-Barclays Commercial Mortgage Trust Series 2012-C2, Class A4, 3.53%, 05/10/2063		650,000		677,475
UBS-Barclays Commercial Mortgage Trust, Interest Only STRIPS Series 2012-C2, Class XA, 1.37% ^(A), 05/10/2063 ^(B)		4,584,030		228,665
VNDO Mortgage Trust Series 2012-6AVE, Class A, 3.00%, 11/15/2030 ^(B)		1,000,000		1,018,680
Wachovia Bank Commercial Mortgage Trust, Interest Only STRIPS Series 2006-C24, Class XC, 0.08% ^(A), 03/15/2045 ^(B)		6,005,481		60
WaMu Mortgage Pass-Through Certificates Trust
Series 2003-AR6, Class A1,
3.23% ^(A), 06/25/2033		266,191		267,918
Series 2003-AR7, Class A7,
3.13% ^(A), 08/25/2033		108,728		109,759
Series 2003-AR8, Class A,
3.22% ^(A), 08/25/2033		43,879		44,390
Series 2003-AR9, Class 1A6,
3.30% ^(A), 09/25/2033		191,622		195,037
Series 2003-S3, Class 1A4,
5.50%, 06/25/2033		205,232		204,863
Series 2003-S4, Class 2A10,
(2.75) * 1-Month LIBOR + 17.46%, 14.06% ^(A), 06/25/2033		8,714		10,426
Series 2003-S9, Class A8,
5.25%, 10/25/2033		115,755		120,544
Series 2004-AR3, Class A1,
3.16% ^(A), 06/25/2034		27,598		28,080
Series 2004-AR3, Class A2,
3.16% ^(A), 06/25/2034		283,864		288,823
Series 2004-CB2, Class 7A,
5.50%, 08/25/2019		43,027		43,334
Series 2004-CB3, Class 4A,
6.00%, 10/25/2019		60,021		61,292
Series 2004-S2, Class 2A4,
5.50%, 06/25/2034		219,664		228,014
Washington Mutual MSC Mortgage Pass-Through Certificates Trust
Series 2003-MS2, Class 1A1,
5.75%, 02/25/2033		72,506		73,635
Series 2004-RA2, Class 2A,
7.00%, 07/25/2033		66,998		72,817
Wells Fargo Commercial Mortgage Trust
Series 2014-LC16, Class A2,
2.82%, 08/15/2050		1,077,000		1,089,361
Series 2016-C35, Class A4,
2.93%, 07/15/2048		1,915,000		1,902,806


	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Wells Fargo Mortgage-Backed Securities Trust
Series 2003-K, Class 1A1,
3.57% ^(A), 11/25/2033		$ 13,528		$ 13,681
Series 2004-4, Class A9,
5.50%, 05/25/2034		163,153		166,169
Series 2004-EE, Class 2A1,
3.40% ^(A), 12/25/2034		108,734		110,343
Series 2004-EE, Class 2A2,
3.40% ^(A), 12/25/2034		27,184		27,865
Series 2004-EE, Class 3A1,
3.76% ^(A), 12/25/2034		33,448		34,680
Series 2004-EE, Class 3A2,
3.76% ^(A), 12/25/2034		50,172		52,019
Series 2004-I, Class 1A1,
3.46% ^(A), 07/25/2034		488,673		498,351
Series 2004-P, Class 2A1,
3.54% ^(A), 09/25/2034		690,899		706,795
Series 2004-R, Class 2A1,
3.60% ^(A), 09/25/2034		282,490		290,860
Series 2004-U, Class A1,
3.53% ^(A), 10/25/2034		568,501		570,605
Series 2004-V, Class 1A1,
3.48% ^(A), 10/25/2034		64,563		65,370
Series 2004-V, Class 1A2,
3.48% ^(A), 10/25/2034		28,823		29,662
Series 2004-W, Class A9,
3.62% ^(A), 11/25/2034		106,498		108,676
Series 2005-AR3, Class 1A1,
3.44% ^(A), 03/25/2035		493,261		506,059
Series 2005-AR8, Class 2A1,
3.42% ^(A), 06/25/2035		161,125		164,627
Series 2005-AR9, Class 2A1,
3.62% ^(A), 10/25/2033		65,022		65,637
WFRBS Commercial Mortgage Trust Series 2011-C3, Class A4, 4.38%, 03/15/2044 ^(B)		550,000		582,226

Total Mortgage-Backed Securities (Cost $36,739,213)				37,549,141


MUNICIPAL GOVERNMENT OBLIGATIONS - 0.4%
California - 0.1%
State of California, General Obligation Unlimited, 7.30%, 10/01/2039		520,000		767,234

New York - 0.1%
New York State Dormitory Authority, Revenue Bonds, 5.60%, 03/15/2040		280,000		347,866
Port Authority of New York & New Jersey, Revenue Bonds
4.46%, 10/01/2062		800,000		896,080
5.65%, 11/01/2040		655,000		850,603

				2,094,549

Ohio - 0.2%
American Municipal Power, Inc., Revenue Bonds, Series B, 7.50%, 02/15/2050		640,000		956,633

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


Transamerica Funds		Annual Report 2017

Page 28

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Ohio (continued)
Ohio State University, Revenue Bonds, Series A, 4.80%, 06/01/2111		$ 1,370,000		$ 1,493,081

				2,449,714

Total Municipal Government Obligations (Cost $4,431,263)				5,311,497


U.S. GOVERNMENT AGENCY OBLIGATIONS - 31.4%
Federal Home Loan Mortgage Corp.
6-Month LIBOR + 1.55%, 2.93% ^(A), 04/01/2037		7,128		7,495
1-Year CMT + 2.24%, 2.94% ^(A), 11/01/2036		223,703		235,939
1-Year CMT + 2.25%, 2.94% ^(A), 01/01/2035		398,237		419,990
6-Month LIBOR + 1.52%, 2.97% ^(A), 05/01/2037		93,593		96,799
1-Year CMT + 2.25%, 3.13% ^(A), 02/01/2036		509,793		538,507
12-Month LIBOR + 1.64%, 3.14% ^(A), 11/01/2036		75,352		78,792
12-Month LIBOR + 1.59%, 3.14% ^(A), 12/01/2036		241,717		252,051
1-Year CMT + 2.25%, 3.15% ^(A), 07/01/2036		279,949		295,607
6-Month LIBOR + 1.70%, 3.18% ^(A), 10/01/2036		69,038		71,656
12-Month LIBOR + 1.67%, 3.31% ^(A), 12/01/2036		193,750		202,727
12-Month LIBOR + 1.70%, 3.36% ^(A), 02/01/2037		37,184		39,017
1-Year CMT + 2.43%, 3.41% ^(A), 12/01/2031		535,308		567,675
6-Month LIBOR + 2.01%, 3.42% ^(A), 05/01/2037		60,881		64,028
12-Month LIBOR + 1.70%, 3.42% ^(A), 06/01/2037		38,713		40,679
3.50%, 06/01/2042 - 07/15/2042		3,151,107		3,256,849
1-Year CMT + 2.36%, 3.53% ^(A), 10/01/2037		47,027		49,491
12-Month LIBOR + 1.91%, 3.54% ^(A), 04/01/2037		2,098		2,162
12-Month LIBOR + 2.04%, 3.54% ^(A), 11/01/2036		21,252		22,593
12-Month LIBOR + 1.81%, 3.55% ^(A), 09/01/2037		38,415		40,401
12-Month LIBOR + 1.88%, 3.61% ^(A), 05/01/2038		44,103		46,380
12-Month LIBOR + 2.00%, 3.75% ^(A), 04/01/2037		48,401		51,078
12-Month LIBOR + 2.05%, 3.76% ^(A), 05/01/2037		77,132		81,646
1-Year CMT + 2.65%, 3.79% ^(A), 10/01/2037		99,751		98,201
12-Month LIBOR + 2.17%, 3.84% ^(A), 03/01/2037		98,437		103,582
12-Month LIBOR + 2.18%, 3.94% ^(A), 05/01/2037		309,738		329,458


	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal Home Loan Mortgage Corp. (continued)
4.00%, 04/01/2043 - 01/01/2046		$ 4,081,052		$ 4,326,185
12-Month LIBOR + 2.30%, 4.06% ^(A), 05/01/2036		40,193		43,048
12-Month LIBOR + 2.47%, 4.14% ^(A), 03/01/2036		165,217		177,161
4.50%, 05/01/2041 - 07/01/2047		16,238,187		17,479,448
5.00%, 10/01/2018 - 08/01/2040		423,230		460,271
5.50%, 02/01/2018 - 12/01/2035		932,309		1,004,719
6.00%, 12/01/2036 - 06/01/2037		251,518		279,330
6.50%, 05/01/2035 - 03/01/2038		1,244,659		1,416,355
7.50%, 02/01/2038 - 09/01/2038		75,294		86,734
10.00%, 03/17/2026 - 10/01/2030		104,629		108,795
11.00%, 02/17/2021		8,426		8,566
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
1-Month LIBOR + 0.70%, 1.93% ^(A), 09/25/2022		847,710		849,570
2.27%, 01/25/2023		2,500,000		2,484,228
2.31%, 12/25/2022		3,000,000		2,948,701
2.33%, 06/25/2021		2,100,000		2,111,159
2.60%, 09/25/2020		185,750		187,653
2.72%, 07/25/2026		1,456,000		1,445,699
2.74%, 09/25/2025		1,000,000		996,224
2.81%, 09/25/2024		4,140,000		4,186,768
2.84%, 09/25/2022		1,001,000		1,019,777
2.93%, 01/25/2023		1,443,000		1,479,027
3.12%, 06/25/2027		654,000		668,241
3.24%, 04/25/2027		1,097,000		1,132,345
3.33%, 05/25/2027		590,000		609,573
Federal Home Loan Mortgage Corp. REMIC
1-Month LIBOR + 0.25%, 1.49% ^(A), 08/15/2023		234,561		235,664
1-Month LIBOR + 0.30%, 1.54% ^(A), 03/15/2036		44,357		44,370
1-Month LIBOR + 0.40%, 1.64% ^(A), 02/15/2033 - 07/15/2037		1,138,518		1,138,694
1-Month LIBOR + 1.20%, 2.44% ^(A), 07/15/2039		49,006		50,139
4.00%, 11/15/2041 - 07/15/2042		3,800,650		4,073,174
4.50%, 06/15/2025		2,000,000		2,158,115
5.00%, 07/15/2033 - 07/15/2041		9,332,451		10,471,140
5.30%, 01/15/2033		496,370		541,339
5.50%, 02/15/2022 - 01/15/2039		3,469,045		3,833,806
(3.62) * 1-Month LIBOR + 27.21%, 5.50% ^(A), 05/15/2041		724,221		755,329
(3.67) * 1-Month LIBOR + 27.50%, 5.50% ^(A), 05/15/2041		866,617		982,742
5.69% ^(A), 10/15/2038		266,663		296,527
6.00%, 05/15/2034 - 06/15/2038		2,019,214		2,275,913
6.25%, 10/15/2023		211,485		227,769
6.50%, 08/15/2021 - 06/15/2032		1,427,851		1,576,538
6.80% ^(A), 11/15/2021		119,172		122,589
7.00%, 12/15/2036		599,284		694,641
(1.50) * 1-Month LIBOR + 9.08%, 7.22% ^(A), 11/15/2033		105,400		109,025
7.29% ^(A), 11/15/2046		820,511		953,230

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


Transamerica Funds		Annual Report 2017

Page 29

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal Home Loan Mortgage Corp. REMIC (continued)
7.50%, 11/15/2036 - 12/15/2036		$ 716,564		$ 845,582
(7.27) * 1-Month LIBOR + 48.00%, 8.00% ^(A), 06/15/2035		18,602		21,807
(1.83) * 1-Month LIBOR + 14.85%, 12.58% ^(A), 06/15/2033		37,527		47,762
(3.33) * 1-Month LIBOR + 17.50%, 13.37% ^(A), 02/15/2040		500,000		644,042
(2.50) * 1-Month LIBOR + 17.45%, 14.35% ^(A), 02/15/2038		17,330		21,027
(3.00) * 1-Month LIBOR + 20.22%, 16.50% ^(A), 07/15/2035		38,669		50,159
(4.00) * 1-Month LIBOR + 22.00%, 17.04% ^(A), 05/15/2035		58,085		81,087
(2.60) * 1-Month LIBOR + 20.93%, 17.71% ^(A), 08/15/2031		48,842		70,979
(4.50) * 1-Month LIBOR + 24.75%, 19.18% ^(A), 06/15/2035		85,197		132,529
Federal Home Loan Mortgage Corp. REMIC, Interest Only STRIPS
1.85% ^(A), 01/15/2040		1,026,049		53,412
3.50%, 09/15/2024		79,216		633
4.00%, 11/15/2029 - 10/15/2037		1,312,939		59,964
4.50%, 12/15/2024 - 07/15/2037		476,550		10,788
(1.00) * 1-Month LIBOR + 6.00%, 4.76% ^(A), 11/15/2037 - 10/15/2040		1,207,195		166,933
(1.00) * 1-Month LIBOR + 6.05%, 4.81% ^(A), 05/15/2038		224,729		30,072
(1.00) * 1-Month LIBOR + 6.10%, 4.86% ^(A), 05/15/2039		156,149		11,778
5.00%, 04/15/2032 - 08/15/2040		1,838,391		227,114
(1.00) * 1-Month LIBOR + 6.25%, 5.01% ^(A), 12/15/2039		302,768		49,339
(1.00) * 1-Month LIBOR + 6.34%, 5.10% ^(A), 12/15/2039		657,321		104,360
(1.00) * 1-Month LIBOR + 6.40%, 5.16% ^(A), 01/15/2037		65,565		6,979
(1.00) * 1-Month LIBOR + 6.45%, 5.21% ^(A), 11/15/2037		29,086		3,802
(1.00) * 1-Month LIBOR + 6.80%, 5.56% ^(A), 09/15/2039		280,019		36,212
Federal Home Loan Mortgage Corp. REMIC, Principal Only STRIPS 03/15/2019 - 12/15/2043		6,359,036		5,459,106
Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates
3.73% ^(A), 10/25/2037		489,299		500,182
5.23%, 05/25/2043		952,310		1,067,816
6.50%, 02/25/2043		308,351		360,933
6.50% ^(A), 09/25/2043		136,846		158,014
7.00%, 02/25/2043 - 07/25/2043		359,943		422,878
7.50%, 02/25/2042 - 09/25/2043		451,581		529,588
Federal Home Loan Mortgage Corp., Interest Only STRIPS
(1.00) * 1-Month LIBOR + 7.70%, 6.46% ^(A), 08/15/2036		482,415		93,090
Federal National Mortgage Association
Zero Coupon, 10/09/2019		4,865,000		4,691,304


	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal National Mortgage Association (continued)
1-Month LIBOR + 0.22%, 1.46% ^(A), 03/25/2045 - 02/25/2046		$ 182,218		$ 180,947
1-Month LIBOR + 0.40%, 1.64% ^(A), 05/25/2042		279,248		275,879
1-Month LIBOR + 0.55%, 1.79% ^(A), 08/25/2042		1,074,501		1,084,599
2.03%, 08/01/2019		108,732		109,205
2.15%, 01/25/2023		2,500,000		2,475,671
1-Month LIBOR + 0.93%, 2.16% ^(A), 11/25/2022		1,255,318		1,255,790
2.37%, 04/01/2023		1,693,155		1,690,194
2.38%, 10/01/2026		1,500,000		1,449,906
2.43%, 08/01/2026		1,968,856		1,917,425
2.49% ^(A), 12/25/2026		2,200,000		2,143,105
2.49%, 05/01/2026 - 05/25/2026		3,000,000		2,931,260
2.61%, 06/01/2026		1,012,000		995,101
2.63%, 03/01/2026		3,000,000		2,970,815
2.64%, 06/01/2026		2,477,000		2,441,363
2.67%, 04/01/2025		1,185,779		1,193,292
2.70%, 07/01/2026		1,276,000		1,263,046
6-Month LIBOR + 1.33%, 2.71% ^(A), 07/01/2037		123,610		127,232
2.80%, 10/01/2025 - 01/01/2028		15,352,892		15,490,519
6-Month LIBOR + 1.35%, 2.83% ^(A), 09/01/2036		47,239		48,584
2.86%, 06/01/2028		1,094,246		1,092,186
6-Month LIBOR + 1.46%, 2.87% ^(A), 02/01/2037		104,877		108,556
2.90%, 06/25/2027		2,042,563		2,027,177
2.92%, 01/01/2025		2,510,000		2,554,732
2.93%, 06/01/2030		1,000,000		987,892
2.94% ^(A), 01/25/2026		3,486,000		3,527,245
2.94%, 12/01/2028		5,000,000		4,957,223
6-Month LIBOR + 1.50%, 2.95% ^(A), 02/01/2037		42,460		43,990
2.98%, 06/01/2027		1,715,000		1,729,744
2.99%, 01/01/2025 - 08/01/2029		3,987,287		4,000,218
3.02%, 07/01/2024 - 05/01/2030		13,416,833		13,478,840
3.04%, 06/01/2024 - 07/01/2029		6,931,147		6,978,027
3.06% ^(A), 05/25/2027		1,700,000		1,729,361
3.08%, 12/01/2024		1,936,163		1,995,953
3.09%, 09/01/2029		3,797,000		3,823,378
3.11%, 03/01/2027		2,000,000		2,043,298
3.12%, 01/01/2022		1,974,715		2,036,793
3.15%, 04/01/2031		3,418,435		3,462,818
1-Year CMT + 2.09%, 3.16% ^(A), 11/01/2037		117,796		123,940
3.17%, 02/01/2030		1,000,000		1,015,544
3.18% ^(A), 06/25/2027		1,771,000		1,807,373
3.21%, 03/01/2029		5,000,000		5,106,303
12-Month LIBOR + 1.46%, 3.21% ^(A), 09/01/2037		38,522		40,055
12-Month LIBOR + 1.64%, 3.21% ^(A), 10/01/2036		90,462		94,576
12-Month LIBOR + 1.52%, 3.22% ^(A), 11/01/2037		84,702		88,286
3.24%, 06/01/2026		946,440		977,580
3.28%, 11/01/2030		2,000,000		2,049,454

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


Transamerica Funds		Annual Report 2017

Page 30

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal National Mortgage Association (continued)
3.29%, 08/01/2026		$ 2,000,000		$ 2,066,534
12-Month LIBOR + 1.79%, 3.29% ^(A), 12/01/2036		49,506		52,012
3.30%, 04/25/2029		1,419,000		1,440,073
3.32%, 04/01/2029		5,000,000		5,128,895
12-Month LIBOR + 1.62%, 3.37% ^(A), 09/01/2036		147,414		153,709
3.37%, 05/01/2037		974,992		989,086
3.38%, 12/01/2029		810,000		837,592
12-Month LIBOR + 1.89%, 3.39% ^(A), 11/01/2036		94,944		100,405
12-Month LIBOR + 1.69%, 3.43% ^(A), 04/01/2037		28,383		29,642
12-Month LIBOR + 1.94%, 3.44% ^(A), 12/01/2036		80,797		85,031
12-Month LIBOR + 1.70%, 3.45% ^(A), 08/01/2036 - 07/01/2037		67,485		70,285
3.45%, 04/01/2029		3,867,000		4,006,644
12-Month LIBOR + 1.74%, 3.48% ^(A), 04/01/2036		53,675		56,483
3.50%, 04/01/2043 - 01/01/2044		3,247,406		3,354,398
3.52%, 10/01/2029		833,746		872,645
12-Month LIBOR + 1.82%, 3.57% ^(A), 09/01/2036		18,940		19,928
12-Month LIBOR + 1.84%, 3.58% ^(A), 07/01/2037		81,923		86,589
12-Month LIBOR + 1.82%, 3.59% ^(A), 06/01/2036		113,636		119,983
3.59%, 01/01/2031		971,375		1,023,380
12-Month LIBOR + 1.84%, 3.59% ^(A), 05/01/2036		124,609		131,683
12-Month LIBOR + 2.16%, 3.70% ^(A), 11/01/2036		22,183		23,506
3.73%, 05/01/2029		873,541		926,979
3.76%, 12/01/2035		1,950,071		2,054,348
6-Month LIBOR + 2.50%, 3.89% ^(A), 03/01/2036		290,608		312,178
3.89%, 07/01/2021		5,890,989		6,212,344
3.90%, 09/01/2021		903,025		953,887
3.95%, 07/01/2021		6,874,330		7,263,645
3.97%, 12/01/2025		423,933		460,069
4.00%, 04/01/2020 - 06/01/2047		5,593,982		5,958,371
4.02%, 11/01/2028		658,811		712,941
4.05%, 01/01/2021		6,065,000		6,401,732
12-Month LIBOR + 2.38%, 4.08% ^(A), 03/01/2036		146,473		157,862
12-Month LIBOR + 2.37%, 4.14% ^(A), 08/01/2037		65,659		70,080
4.23%, 02/01/2029		4,119,134		4,561,487
4.25%, 04/01/2021		2,500,000		2,653,833
4.26%, 07/01/2021		2,456,973		2,613,782
4.34%, 06/01/2021		7,000,000		7,507,676
4.45%, 07/01/2026		1,369,267		1,484,105
4.48%, 06/01/2021		2,180,000		2,335,378
4.50%, 08/01/2021		3,000,000		3,228,707
4.55%, 06/25/2043		127,578		136,296
5.00%, 04/01/2022 - 08/01/2040		1,105,334		1,198,964
5.50%, 01/01/2018 - 07/01/2037		1,883,200		2,083,257


	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal National Mortgage Association (continued)
6.00%, 03/01/2019 - 11/01/2037		$ 3,812,902		$ 4,178,993
6.50%, 06/01/2023 - 07/25/2042		2,242,493		2,540,916
7.00%, 12/25/2033 - 02/25/2044		1,448,191		1,679,500
7.50%, 10/01/2037 - 12/25/2045		961,722		1,136,565
8.00%, 10/01/2031		85,840		96,052
Federal National Mortgage Association REMIC
1-Month LIBOR + 0.24%, 1.48% ^(A), 10/25/2046		176,158		175,748
1-Month LIBOR + 0.25%, 1.49% ^(A), 06/27/2036		312,344		306,063
1-Month LIBOR + 0.29%, 1.53% ^(A), 07/25/2036		156,063		155,790
1-Month LIBOR + 0.40%, 1.64% ^(A), 06/25/2037		44,019		44,017
1-Month LIBOR + 0.55%, 1.79% ^(A), 08/25/2041		508,894		514,628
1-Month LIBOR + 0.60%, 1.84% ^(A), 04/25/2040		429,528		432,636
3.00%, 01/25/2046		1,044,190		1,061,052
3.50% ^(A), 12/25/2039		369,213		393,410
3.50%, 02/25/2043		1,317,385		1,358,670
4.50%, 02/25/2039 - 05/25/2041		1,510,602		1,627,061
5.00%, 01/25/2018 - 03/25/2018		9,205		9,219
5.50%, 08/25/2025 - 10/25/2040		9,076,547		10,037,780
5.61% ^(A), 01/25/2032		86,070		91,553
5.75%, 08/25/2034		1,000,000		1,117,309
5.81% ^(A), 05/25/2051		329,094		366,290
5.96% ^(A), 06/25/2040		212,342		238,359
6.00%, 03/25/2029 - 12/25/2049		3,231,360		3,565,421
6.22% ^(A), 02/25/2040		265,583		299,065
6.25%, 09/25/2038		48,978		54,447
6.44% ^(A), 03/25/2040		309,509		354,582
6.50%, 04/18/2028 - 11/25/2041		978,228		1,101,543
6.75%, 04/25/2037		77,883		87,848
7.00%, 03/25/2038 - 11/25/2041		2,475,061		2,829,698
7.50%, 05/17/2024		123,120		135,431
7.50% ^(A), 12/25/2042		136,258		154,551
8.00%, 02/25/2023		492,139		541,014
(2.00) * 1-Month LIBOR + 12.66%, 10.18% ^(A), 03/25/2040		343,842		406,454
(3.33) * 1-Month LIBOR + 17.67%, 13.54% ^(A), 04/25/2040		263,818		355,135
(2.00) * 1-Month LIBOR + 16.20%, 13.72% ^(A), 01/25/2034		25,292		29,861
(2.50) * 1-Month LIBOR + 16.88%, 13.78% ^(A), 08/25/2035 - 10/25/2035		97,995		122,034
(2.75) * 1-Month LIBOR + 17.88%, 14.47% ^(A), 09/25/2024		139,344		167,741
(2.75) * 1-Month LIBOR + 19.53%, 16.12% ^(A), 05/25/2034		149,887		200,415
(2.75) * 1-Month LIBOR + 20.13%, 16.73% ^(A), 05/25/2035		214,529		275,962
(3.33) * 1-Month LIBOR + 22.67%, 18.54% ^(A), 04/25/2037		92,603		132,139
(3.67) * 1-Month LIBOR + 24.57%, 20.03% ^(A), 11/25/2035		102,460		149,875

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


Transamerica Funds		Annual Report 2017

Page 31

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal National Mortgage Association REMIC, Interest Only STRIPS
1.48% ^(A), 01/25/2038		$ 122,726		$ 5,300
1.72% ^(A), 04/25/2041		715,791		33,548
3.00%, 01/25/2021		494,292		18,361
(1.00) * 1-Month LIBOR + 4.44%, 3.20% ^(A), 11/25/2040		1,240,471		100,004
(1.00) * 1-Month LIBOR + 5.00%, 3.76% ^(A), 07/25/2040		1,400,036		161,830
(1.00) * 1-Month LIBOR + 5.90%, 4.66% ^(A), 10/25/2039		63,981		8,338
(1.00) * 1-Month LIBOR + 6.00%, 4.76% ^(A), 02/25/2038 - 06/25/2039		926,012		120,562
(1.00) * 1-Month LIBOR + 6.18%, 4.94% ^(A), 12/25/2039		19,856		2,595
5.00%, 07/25/2039		102,418		20,680
(1.00) * 1-Month LIBOR + 6.25%, 5.01% ^(A), 01/25/2040		370,111		57,322
(1.00) * 1-Month LIBOR + 6.35%, 5.11% ^(A), 12/25/2037		768,743		80,813
(1.00) * 1-Month LIBOR + 6.40%, 5.16% ^(A), 07/25/2037 - 05/25/2040		856,679		127,066
(1.00) * 1-Month LIBOR + 6.42%, 5.18% ^(A), 04/25/2040		178,936		26,190
(1.00) * 1-Month LIBOR + 6.45%, 5.21% ^(A), 10/25/2037 - 12/25/2037		403,288		66,820
(1.00) * 1-Month LIBOR + 6.62%, 5.38% ^(A), 07/25/2037		203,304		27,513
(1.00) * 1-Month LIBOR + 6.65%, 5.41% ^(A), 10/25/2026 - 03/25/2039		848,110		111,677
(1.00) * 1-Month LIBOR + 6.70%, 5.46% ^(A), 03/25/2036		1,414,160		276,246
5.50%, 10/25/2039		146,244		26,530
(1.00) * 1-Month LIBOR + 6.99%, 5.75% ^(A), 03/25/2038		181,960		31,480
(1.00) * 1-Month LIBOR + 7.10%, 5.86% ^(A), 02/25/2040		160,637		19,284
Federal National Mortgage Association REMIC, Principal Only STRIPS 10/25/2023 - 12/25/2043		4,243,136		3,789,084
Federal National Mortgage Association, Principal Only STRIPS 09/25/2024 - 08/25/2032		588,398		545,722
FREMF Mortgage Trust
3.50% ^(A), 08/25/2046 ^(B)		1,500,000		1,472,414
3.58% ^(A), 11/25/2049 ^(B)		920,000		914,213
3.68% ^(A), 01/25/2048 ^(B)		1,405,000		1,350,983
3.68% ^(A), 01/25/2048 ^(B)		4,355,000		4,410,166
3.83% ^(A), 11/25/2047 ^(B)		2,000,000		1,948,257
3.84% ^(A), 07/25/2049 ^(B)		750,000		765,192
4.07% ^(A), 11/25/2047 ^(B)		1,115,000		1,083,410
Government National Mortgage Association
1-Month LIBOR + 0.45%, 1.68% ^(A), 03/20/2060		38,260		38,321
1-Month LIBOR + 0.47%, 1.70% ^(A), 05/20/2063		1,849,895		1,845,593
1-Month LIBOR + 0.50%, 1.73% ^(A), 06/20/2067		2,623,419		2,618,690


	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Government National Mortgage Association (continued)
1-Month LIBOR + 0.52%, 1.75% ^(A), 10/20/2062		$ 1,497,429		$ 1,498,506
1-Month LIBOR + 0.53%, 1.76% ^(A), 10/20/2062		1,302,525		1,301,548
1-Month LIBOR + 0.58%, 1.81% ^(A), 05/20/2066		1,754,549		1,757,130
1-Month LIBOR + 0.60%, 1.83% ^(A), 11/20/2065		3,115,645		3,124,688
1-Month LIBOR + 0.65%, 1.88% ^(A), 05/20/2061 - 01/20/2066		7,016,315		7,047,484
1-Month LIBOR + 0.70%, 1.93% ^(A), 05/20/2061 - 03/20/2066		6,390,991		6,429,468
1-Month LIBOR + 1.00%, 2.23% ^(A), 12/20/2066		842,729		858,216
4.50%, 11/20/2034		893,165		958,999
5.50%, 01/16/2033 - 09/20/2039		4,677,620		5,197,265
5.75%, 02/20/2036 - 10/20/2037		806,348		874,467
5.82% ^(A), 10/20/2033		291,461		325,886
6.00%, 11/20/2033 - 08/20/2038		1,031,625		1,149,855
6.13%, 06/16/2031		1,584,000		1,777,020
(1.15) * 1-Month LIBOR + 7.67%, 6.25% ^(A), 03/17/2033		26,391		27,167
6.50%, 12/20/2031 - 12/15/2035		1,212,074		1,390,188
7.00%, 09/15/2031 - 10/16/2040		1,170,523		1,321,603
(1.00) * 1-Month LIBOR + 44.50%, 7.00% ^(A), 09/20/2034		16,255		17,675
7.50%, 09/16/2035 - 10/15/2037		202,938		231,191
(1.83) * 1-Month LIBOR + 14.70%, 12.43% ^(A), 11/17/2032		24,842		28,748
(2.92) * 1-Month LIBOR + 17.50%, 13.89% ^(A), 02/20/2034		63,210		80,766
(3.50) * 1-Month LIBOR + 23.28%, 18.94% ^(A), 04/20/2037		169,764		235,169
Government National Mortgage Association, Interest Only STRIPS
1.71% ^(A), 06/20/2067		4,994,833		531,950
4.00%, 09/16/2037		474,372		8,393
(1.00) * 1-Month LIBOR + 5.83%, 4.59% ^(A), 02/20/2038		86,298		11,155
(1.00) * 1-Month LIBOR + 5.90%, 4.66% ^(A), 09/20/2038		559,459		82,996
(1.00) * 1-Month LIBOR + 5.95%, 4.71% ^(A), 02/20/2039 - 06/20/2039		229,345		29,595
(1.00) * 1-Month LIBOR + 6.00%, 4.76% ^(A), 02/20/2038		901,969		138,641
(1.00) * 1-Month LIBOR + 6.04%, 4.80% ^(A), 02/20/2039		75,419		10,286
(1.00) * 1-Month LIBOR + 6.05%, 4.81% ^(A), 08/16/2039		346,387		44,665
(1.00) * 1-Month LIBOR + 6.09%, 4.85% ^(A), 09/20/2039		541,837		73,540
(1.00) * 1-Month LIBOR + 6.10%, 4.86% ^(A), 11/20/2034 - 07/16/2039		802,369		102,084
(1.00) * 1-Month LIBOR + 6.15%, 4.91% ^(A), 07/20/2038		629,993		106,151
(1.00) * 1-Month LIBOR + 6.20%, 4.96% ^(A), 03/20/2037 - 06/20/2038		233,491		35,633

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


Transamerica Funds		Annual Report 2017

Page 32

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Government National Mortgage Association, Interest Only STRIPS (continued)
(1.00) * 1-Month LIBOR + 6.30%, 5.06% ^(A), 03/20/2039		$ 30,271		$ 1,478
(1.00) * 1-Month LIBOR + 6.40%, 5.16% ^(A), 12/20/2038 - 11/16/2039		670,820		72,872
(1.00) * 1-Month LIBOR + 6.55%, 5.31% ^(A), 11/16/2033 - 11/20/2037		154,008		21,380
(1.00) * 1-Month LIBOR + 6.60%, 5.36% ^(A), 05/20/2041		367,181		66,998
(1.00) * 1-Month LIBOR + 6.68%, 5.44% ^(A), 07/20/2037		357,281		56,500
(1.00) * 1-Month LIBOR + 6.70%, 5.46% ^(A), 06/20/2037		661,800		115,988
(1.00) * 1-Month LIBOR + 7.30%, 6.06% ^(A), 12/20/2038		374,667		68,173
(1.00) * 1-Month LIBOR + 7.60%, 6.36% ^(A), 09/20/2038		43,390		7,871
(1.00) * 1-Month LIBOR + 7.70%, 6.46% ^(A), 04/16/2038		32,350		5,951
6.50%, 03/20/2039		49,524		11,358
Government National Mortgage Association, Principal Only STRIPS 12/20/2032 - 12/20/2040		1,436,631		1,272,821
Government Trust Certificate Series 2001-Z, Zero Coupon, 04/01/2020		10,890,000		10,448,739
National Credit Union Administration Guaranteed Notes Trust Series 2010-R3, Class 3A, 2.40%, 12/08/2020		94,314		94,432
Residual Funding Corp., Principal Only STRIPS 10/15/2019 - 01/15/2030		6,755,000		5,935,512
Resolution Funding Corp., Principal Only STRIPS 01/15/2026 - 10/15/2027		170,000		133,552
Tennessee Valley Authority
4.25%, 09/15/2065		580,000		657,539
4.63%, 09/15/2060		236,000		287,058
5.25%, 09/15/2039		240,000		315,371
5.88%, 04/01/2036		2,325,000		3,213,529
Tennessee Valley Authority, Principal Only STRIPS 05/01/2019 - 05/01/2030		3,800,000		3,003,801
Vendee Mortgage Trust
6.75%, 06/15/2028		325,640		369,315
7.25%, 02/15/2023		383,818		419,695

Total U.S. Government Agency Obligations (Cost $409,784,118)				410,880,386


U.S. GOVERNMENT OBLIGATIONS - 22.7%
U.S. Treasury - 22.0%
U.S. Treasury Bond
3.13%, 02/15/2043		2,800,000		2,945,797
3.50%, 02/15/2039		4,700,000		5,292,090
3.63%, 08/15/2043		5,400,000		6,177,305
3.88%, 08/15/2040		5,000,000		5,927,930
4.25%, 05/15/2039		1,100,000		1,372,250
4.38%, 02/15/2038 - 05/15/2041		3,140,000		3,984,048


	Principal		Value

U.S. GOVERNMENT OBLIGATIONS (continued)
U.S. Treasury (continued)
U.S. Treasury Bond (continued)
4.50%, 08/15/2039		$ 1,200,000		$ 1,546,828
U.S. Treasury Bond, Principal Only STRIPS
05/15/2019 - 08/15/2041		189,386,000		155,225,673
08/15/2019 - 11/15/2031 ^(F)		20,445,000		17,018,009
U.S. Treasury Note
1.63%, 02/15/2026		70,000		66,333
1.75%, 09/30/2022 - 05/15/2023		11,000,000		10,856,250
1.88%, 08/31/2022		4,000,000		3,975,156
2.00%, 10/31/2021 - 02/15/2023		26,300,000		26,321,812
2.13%, 01/31/2021 - 06/30/2022		2,000,000		2,016,524
2.25%, 11/15/2024		3,000,000		3,002,578
2.38%, 08/15/2024		25,000,000		25,250,976
2.63%, 08/15/2020		1,500,000		1,537,090
2.75%, 02/15/2024		15,000,000		15,510,352
U.S. Treasury Note, Principal Only STRIPS 11/15/2019		350,000		338,831

				288,365,832


U.S. Treasury Inflation-Protected Securities - 0.7%
U.S. Treasury Inflation-Indexed Bond 2.50%, 01/15/2029		2,858,600		3,443,348
U.S. Treasury Inflation-Indexed Note
0.13%, 04/15/2019 - 01/15/2022		3,991,259		3,997,837
1.38%, 01/15/2020		1,377,070		1,423,376

				8,864,561

Total U.S. Government Obligations (Cost $291,150,957)				297,230,393


	Shares		Value
SECURITIES LENDING COLLATERAL - 1.3%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.00% ^(K)		17,326,823		17,326,823

Total Securities Lending Collateral (Cost $17,326,823)				17,326,823


	Principal		Value
REPURCHASE AGREEMENT - 3.1%
Fixed Income Clearing Corp., 0.12%^(K), dated 10/31/2017, to be repurchased at $41,111,307 on 11/01/2017. Collateralized by U.S. Government Obligations, 1.75% - 2.63%, due 10/31/2020 - 11/15/2020, and with a total value of $41,936,362.		$ 41,111,170		41,111,170

Total Repurchase Agreement (Cost $41,111,170)				41,111,170

Total Investments (Cost $1,301,046,471)				1,322,112,412
Net Other Assets (Liabilities) - (0.9)%				(12,283,222	)


Net Assets - 100.0%				$ 1,309,829,190

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


Transamerica Funds		Annual Report 2017

Page 33

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

SECURITY VALUATION:

Valuation Inputs ^(L)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs^(M)		Value
ASSETS
Investments
Asset-Backed Securities	$	—	$	160,342,502	$	—	$	160,342,502
Corporate Debt Securities		—		343,831,227		49,787		343,881,014
Foreign Government Obligations		—		8,479,486		—		8,479,486
Mortgage-Backed Securities		—		37,549,141		—		37,549,141
Municipal Government Obligations		—		5,311,497		—		5,311,497
U.S. Government Agency Obligations		—		410,880,386		—		410,880,386
U.S. Government Obligations		—		297,230,393		—		297,230,393
Securities Lending Collateral		17,326,823		—		—		17,326,823
Repurchase Agreement		—		41,111,170		—		41,111,170

Total Investments	$	17,326,823	$	1,304,735,802	$	49,787	$	1,322,112,412

FOOTNOTES TO SCHEDULE OF INVESTMENTS:


(A)		Floating or variable rate securities. The rates disclosed are as of October 31, 2017. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. In addition, variable rate securities with a floor or ceiling feature are disclosing that 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 their description above.
(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, 2017, the total value of 144A securities is $223,567,420, representing 17.1% of the Fund’s net assets.
(C)		Illiquid security. At October 31, 2017, the value of such securities amounted to $11,947,509 or 0.9% of the Fund’s net assets.
(D)		Step bonds. Coupon rates change in increments to maturity. The rates disclosed are as of October 31, 2017; the maturity dates disclosed are the ultimate maturity dates.
(E)		When-issued, delayed-delivery and/or forward commitment (including TBAs) security. Security to be settled and delivered after October 31, 2017. Security may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(F)		All or a portion of the securities are on loan. The total value of all securities on loan is $16,977,102. 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)		Percentage rounds to less than 0.1% or (0.1)%.
(H)		Security is Level 3 of the fair value hierarchy.
(I)		Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2017, value of the security is $49,787, representing less than 0.1% of the Fund’s net assets.
(J)		Perpetual maturity. The date displayed is the next call date.
(K)		Rates disclosed reflect the yields at October 31, 2017.
(L)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(M)		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 2017

Page 34

Transamerica Developing Markets Equity

(unaudited)

MARKET ENVIRONMENT

Global equity markets rose across the board during the reporting period. Emerging market equities fared particularly well, benefiting the Fund’s absolute performance. The combination of improving economic growth and positive earnings revisions were broadly supportive of equities globally. The backdrop for emerging market equities remained positive, even with expectations the U.S. Federal Reserve will continue to tighten monetary policies.

PERFORMANCE

For the year ended October 31, 2017, Transamerica Developing Markets Equity Class I2 returned 23.04%. By comparison, its benchmark, the MSCI Emerging Markets Index, returned 26.91%.

STRATEGY REVIEW

The Fund underperformed its benchmark largely due to stock selection in the information technology sector, along with an overweight position and stock selection in consumer staples. The Fund’s cash position was also a drag, given the market’s strong performance.

Relative contributors included an underweight position in telecommunication services and stock selection in consumer discretionary and industrials.

In terms of countries, detractors included stock selection in India and Russia, and an underweight in South Korea. Contributors were holdings in China and Taiwan, and exposure in France.

Top individual detractors included Lojas Americanas SA, Magnit PJSC and Dr. Reddy’s Laboratories, Ltd.

Lojas Americanas SA, an operator of a chain of retail stores throughout Brazil, saw significant pressure on its share price, as it continued to battle deflationary headwinds in its food business.

Magnit PJSC, a chain of discount hypermarkets in Russia, saw its share price erode after announcing weak third quarter 2017 results, which were below estimates.

Dr. Reddy’s Laboratories, Ltd., an Indian pharmaceutical company, announced disappointing fiscal year 2017 results. The company was impacted by drug price erosion in the U.S., and from lack of new approvals. There were some bright spots in their results, as some geographies delivered good performance due to new product launches.

Top performing holdings included Alibaba Group Holding, Ltd., Tencent Holdings, Ltd. and Taiwan Semiconductor Manufacturing Co., Ltd (“TSMC”).

Alibaba Group Holding, Ltd., a Chinese internet and e-commerce company, saw its share price rally, as it continued to improve its domination and monetization capabilities in the e-commerce segment, simultaneously expanding and fine tuning its ecosystem of mobile payments, cloud computing and others. The company has growth opportunities that remain largely untapped in rural China and Southeast Asia, in our view.

Tencent Holdings, Ltd., one of China’s leading Internet companies, benefited partly from better-than-expected results. The company continued to expand and dominate with the introduction of vertical search and expansion into the Malaysian market with WeChat. Tencent Holdings, Ltd. also announced expanded data centers for its cloud computing service, an artificial intelligence (“AI”) accelerator program and an investment in Indian education startup BYJU. In addition, the company announced an AI alliance in developing autonomous vehicles.

The performance of TSMC, a manufacturer and marketer of integrated circuits, was driven by the smartphone supply chain’s inventory restocking for new product introduction in the third quarter of 2017. We believe that TSMC’s significant spending on capital expenditures and research and development over the last few years has given its market share dominance, which has the potential to remain unrivaled in the near term. Longer term, we expect TSMC to be a cornerstone of the next wave of the technology industry’s innovation boom — AI, big data and autonomous driving, among others.

Justin Leverenz, CFA

John Paul Lech

Co-Portfolio Managers

OppenheimerFunds, Inc.



Asset Allocation	Percentage of Net Assets
Common Stocks		94.6	%
Repurchase Agreement		3.2
Securities Lending Collateral		2.7
Preferred Stock		1.3
Net Other Assets (Liabilities)		(1.8	)
Total		100.0	%


Transamerica Funds		Annual Report 2017

Page 35

Transamerica Developing Markets Equity

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class I2 (NAV)		23.04	%		4.40	%		2.98	%		12/06/2005
MSCI Emerging Markets Index^(A)		26.91	%		5.21	%		0.93	%

^(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 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.

Investing in emerging and developing markets involves special considerations. These may include risks related to market and currency volatility, adverse social and political developments, and the relatively small size and lesser liquidity of these markets. This Fund is only available in Class I2 shares, which are not available for direct investment by the public.


Transamerica Funds		Annual Report 2017

Page 36

Transamerica Developing Markets Equity

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Shares		Value
COMMON STOCKS - 94.6%
Argentina - 0.0% ^(A)
MercadoLibre, Inc.		2,120		$ 509,457

Brazil - 3.7%
Atacadao Distribuicao Comercio e Industria Ltda ^(B)		1,686,500		8,289,952
B3 SA - Brasil Bolsa Balcao		3,178,946		23,225,265
Estacio Participacoes SA		680,900		6,104,850
Natura Cosmeticos SA		96,200		910,743
Sul America SA		1,048,212		5,745,252

				44,276,062

Chile - 0.1%
Banco de Chile		8,644,885		1,324,340

China - 20.8%
3SBio, Inc. ^{(B) (C)}		2,401,500		4,297,298
Alibaba Group Holding, Ltd., ADR ^(B)		361,578		66,852,157
China International Capital Corp., Ltd., H Shares ^(C) (D)		2,237,200		4,611,246
China Literature, Ltd. ^{(B) (C)} ^(E)		1,323		9,421
China Lodging Group, Ltd., ADR ^(B)		161,234		21,587,620
Ctrip.com International, Ltd., ADR ^(B)		497,209		23,811,339
NetEase, Inc., ADR		17,660		4,978,707
New Oriental Education & Technology Group, Inc., ADR		117,920		9,815,661
Sinopharm Group Co., Ltd., Class H		5,719,800		25,587,846
Tencent Holdings, Ltd.		1,662,525		74,544,472
Want Want China Holdings, Ltd.		8,714,000		7,126,326
Wuxi Biologics Cayman, Inc. ^{(B) (C) (D)}		273,000		1,546,722
ZTO Express Cayman, Inc., ADR ^(B)		301,960		4,828,341

				249,597,156

Colombia - 1.1%
Grupo Aval Acciones y Valores SA, ADR		892,539		7,425,925
Grupo de Inversiones Suramericana SA		458,836		5,825,100

				13,251,025

Egypt - 0.5%
Commercial International Bank Egypt SAE		1,251,673		5,606,598

France - 4.7%
Kering		75,527		34,619,181
LVMH Moet Hennessy Louis Vuitton SE		72,980		21,771,245

				56,390,426

Hong Kong - 6.4%
AIA Group, Ltd.		4,559,600		34,307,755
China Mobile, Ltd.		1,323,000		13,286,981
Hang Lung Group, Ltd.		655,000		2,300,484
Hong Kong Exchanges & Clearing, Ltd.		220,733		6,145,462
Hutchison China MediTech, Ltd., ADR ^(B)		45,040		1,371,468
Jardine Strategic Holdings, Ltd.		458,277		19,220,137

				76,632,287

India - 12.4%
Apollo Hospitals Enterprise, Ltd.		403,183		6,448,812
Biocon, Ltd.		528,606		2,933,923
Cholamandalam Investment and Finance Co., Ltd.		166,195		2,950,757
Dr. Reddy’s Laboratories, Ltd.		180,345		6,760,927
Glenmark Pharmaceuticals, Ltd.		185,066		1,768,622
Housing Development Finance Corp., Ltd.		2,150,446		56,472,604
Infosys, Ltd.		1,058,582		15,068,608


	Shares		Value
COMMON STOCKS (continued)
India (continued)
Kotak Mahindra Bank, Ltd.		1,013,550		$ 16,066,734
Tata Consultancy Services, Ltd.		271,931		10,994,373
UltraTech Cement, Ltd.		151,945		10,321,833
Zee Entertainment Enterprises, Ltd.		2,247,608		18,851,158

				148,638,351

Indonesia - 2.6%
Astra International Tbk PT		15,619,500		9,213,346
Bank Mandiri Persero Tbk PT		16,021,400		8,328,175
Bank Rakyat Indonesia Persero Tbk PT		5,236,500		6,023,181
Indocement Tunggal Prakarsa Tbk PT		4,275,721		7,077,599

				30,642,301

Italy - 1.1%
Prada SpA		3,932,700		13,610,749

Malaysia - 1.3%
Genting Bhd.		5,346,400		11,429,058
Genting Malaysia Bhd.		3,425,700		4,070,219

				15,499,277

Mexico - 5.0%
Fomento Economico Mexicano SAB de CV		1,676,491		14,604,340
Fomento Economico Mexicano SAB de CV, ADR		72,280		6,342,570
Grupo Aeroportuario del Sureste SAB de CV, Class B ^(D)		353,165		6,314,758
Grupo Financiero Banorte SAB de CV, Class O		670,802		3,974,760
Grupo Financiero Inbursa SAB de CV, Class O ^(D)		6,491,366		11,166,704
Grupo Mexico SAB de CV, Series B		4,038,441		13,133,741
Kimberly-Clark de Mexico SAB de CV, A Shares		2,505,409		4,309,903

				59,846,776

Peru - 0.7%
Credicorp, Ltd.		40,450		8,471,848

Philippines - 3.9%
Ayala Corp.		150,360		3,000,450
Ayala Land, Inc.		9,160,600		7,672,555
Bank of the Philippine Islands		144,330		273,983
Jollibee Foods Corp.		1,464,240		7,070,615
SM Investments Corp.		911,136		16,874,128
SM Prime Holdings, Inc.		16,866,163		12,100,016

				46,991,747

Poland - 0.2%
Bank Pekao SA		53,478		1,746,874

Portugal - 0.1%
Jeronimo Martins SGPS SA		60,524		1,099,821

Republic of Korea - 6.6%
Amorepacific Corp.		28,632		8,024,678
AMOREPACIFIC Group		20,346		2,606,017
Celltrion Healthcare Co., Ltd. ^(B)		64,066		3,368,133
Celltrion, Inc. ^{(B) (D)}		35,277		5,450,483
LG Household & Health Care, Ltd.		19,580		20,570,054
NAVER Corp.		36,074		28,785,786
Samsung Biologics Co., Ltd. ^{(B) (C) (D)}		30,355		10,404,177

				79,209,328

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


Transamerica Funds		Annual Report 2017

Page 37

Transamerica Developing Markets Equity

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Shares		Value
COMMON STOCKS (continued)
Republic of South Africa - 3.5%
FirstRand, Ltd. ^(D)		3,567,403		$ 12,931,087
Mediclinic International PLC ^(D)		508,380		3,929,692
Shoprite Holdings, Ltd. ^(D)		559,837		8,012,633
Steinhoff International Holdings NV		4,033,340		17,518,339

				42,391,751

Russian Federation - 6.9%
Alrosa PJSC ^(B) ^(E)		5,144,553		6,615,432
Magnit PJSC ^(B) ^(E)		185,950		24,461,583
Moscow Exchange MICEX-RTS PJSC ^(B) ^(E)		3,346,862		6,754,389
Novatek PJSC, GDR ^(F)		277,300		31,639,930
Polyus PJSC, GDR ^{(C) (E) (G)}		85,300		3,347,172
Sberbank of Russia PJSC, ADR		724,010		10,389,544

				83,208,050

Spain - 0.4%
Prosegur Cash SA ^{(B) (C)}		1,565,601		5,106,331

Switzerland - 2.8%
Glencore PLC		6,922,560		33,374,939

Taiwan - 6.7%
Taiwan Semiconductor Manufacturing Co., Ltd.		9,968,459		80,317,497

Turkey - 1.1%
Anadolu Efes Biracilik Ve Malt Sanayii AS		968,367		5,605,655
BIM Birlesik Magazalar AS		388,319		7,917,775

				13,523,430

United Kingdom - 2.0%
Anglo American PLC ^(D)		324,160		6,113,570
Unilever PLC		305,450		17,320,654

				23,434,224

Total Common Stocks (Cost $915,371,206)				1,134,700,645


	Shares		Value
PREFERRED STOCK - 1.3%
Brazil - 1.3%
Lojas Americanas SA 0.16%		2,760,770		$ 14,836,407

Total Preferred Stock (Cost $15,695,073)				14,836,407


SECURITIES LENDING COLLATERAL - 2.7%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.00% ^(H)		32,016,035		32,016,035

Total Securities Lending Collateral (Cost $32,016,035)				32,016,035


	Principal
REPURCHASE AGREEMENT - 3.2%
Fixed Income Clearing Corp., 0.12%^(H), dated 10/31/2017, to be repurchased at $38,704,576 on 11/01/2017. Collateralized by a U.S. Government Agency Obligation, 1.85%, due 10/13/2020, and with a value of $39,482,498.		$ 38,704,447		38,704,447

Total Repurchase Agreement (Cost $38,704,447)				38,704,447

Total Investments (Cost $1,001,786,761)				1,220,257,534
Net Other Assets (Liabilities) - (1.8)%				(21,128,581	)


Net Assets - 100.0%				$ 1,199,128,953

INVESTMENTS BY INDUSTRY (unaudited):


Industry	Percentage of Total Investments			Value
Internet Software & Services		14.4	%	$	175,680,000
Banks		6.6			80,798,666
Semiconductors & Semiconductor Equipment		6.6			80,317,497
Textiles, Apparel & Luxury Goods		5.7			70,001,175
Metals & Mining		5.1			62,584,854
Thrifts & Mortgage Finance		4.6			56,472,604
Food & Staples Retailing		4.1			49,781,764
Personal Products		4.1			49,432,146
Hotels, Restaurants & Leisure		3.6			44,157,512
Capital Markets		3.3			40,736,362
Insurance		3.3			40,053,007
Health Care Providers & Services		3.2			39,334,483
Industrial Conglomerates		3.0			36,094,265
Oil, Gas & Consumable Fuels		2.6			31,639,930
Beverages		2.2			26,552,565
IT Services		2.1			26,062,981
Internet & Direct Marketing Retail		2.0			23,811,339
Real Estate Management & Development		1.8			22,073,055
Diversified Financial Services		1.8			21,756,637

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


Transamerica Funds		Annual Report 2017

Page 38

Transamerica Developing Markets Equity

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

INVESTMENTS BY INDUSTRY (unaudited) (continued):


Industry	Percentage of Total Investments			Value
Media		1.6	%	$	18,851,158
Household Durables		1.4			17,518,339
Construction Materials		1.4			17,399,432
Diversified Consumer Services		1.3			15,920,511
Multiline Retail		1.2			14,836,407
Wireless Telecommunication Services		1.1			13,286,981
Biotechnology		1.0			12,681,704
Life Sciences Tools & Services		1.0			11,950,899
Pharmaceuticals		0.8			9,901,017
Automobiles		0.8			9,213,346
Food Products		0.6			7,126,326
Transportation Infrastructure		0.5			6,314,758
Commercial Services & Supplies		0.4			5,106,331
Air Freight & Logistics		0.4			4,828,341
Household Products		0.4			4,309,903
Consumer Finance		0.2			2,950,757

Investments, at Value		94.2			1,149,537,052
Short-Term Investments		5.8			70,720,482

Total Investments		100.0	%	$	1,220,257,534

SECURITY VALUATION:

Valuation Inputs ^(I)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs^(J)		Value
ASSETS
Investments
Common Stocks	$	271,314,345	$	860,039,128	$	3,347,172	$	1,134,700,645
Preferred Stock		14,836,407		—		—		14,836,407
Securities Lending Collateral		32,016,035		—		—		32,016,035
Repurchase Agreement		—		38,704,447		—		38,704,447

Total Investments	$	318,166,787	$	898,743,575	$	3,347,172	$	1,220,257,534

FOOTNOTES TO SCHEDULE OF INVESTMENTS:


(A)		Percentage rounds to less than 0.1% or (0.1)%.
(B)		Non-income producing securities.
(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, 2017, the total value of 144A securities is $29,322,367, representing 2.4% 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 $30,358,107. 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)		Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2017, total value of securities is $41,187,997, representing 3.4% of the Fund’s net assets.
(F)		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, 2017, the value of the Regulation S security is $31,639,930, representing 2.6% of the Fund’s net assets.
(G)		Security is Level 3 of the fair value hierarchy.
(H)		Rates disclosed reflect the yields at October 31, 2017.

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


Transamerica Funds		Annual Report 2017

Page 39

Transamerica Developing Markets Equity

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):


(I)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(J)		Level 3 securities were not considered significant to the Fund.

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 2017

Page 40

Transamerica Global Real Estate Securities

(unaudited)

MARKET ENVIRONMENT

Global real estate shares generated a positive return over the past twelve-months ended October 31, 2017, as performance was positive across all three major geographic regions. Economic releases continue to show firming economic growth with subdued inflation globally, despite a bias by some central banks to raise policy rates or otherwise tighten monetary policy—specifically, the U.S. Federal Reserve (“Fed”), which is expected to raise the fed funds rate in its December meeting.

Real estate stocks tend to perform well in this “slow but steady growth” economic environment, supported by interest rates which have remained in a lower range despite expectations of higher rates looking forward. With real estate companies trading at a discount to our estimate of net asset value (“NAV”), and an implied capitalization rate approaching six percent globally in our view, we believe real estate stocks remain attractively priced.

PERFORMANCE

For the year ended October 31, 2017, Transamerica Global Real Estate Securities Class I2 returned 5.26%. By comparison, its benchmark, the S&P Developed Property, returned 8.89%.

STRATEGY REVIEW

The Fund offers a global strategy for real estate securities investors in the U.S. As a general matter, the sub-adviser intends to invest in common stocks and convertible securities of real estate companies, including real estate investment trusts (“REITs”). The Fund does not directly invest in real estate. The Fund seeks long-term total return from investments primarily in equity securities of real estate companies. Total return consists of realized and unrealized capital gains and losses plus income. The global universe of public real estate companies is approximately three times the size of the U.S. public company universe, which offers additional choices and diversification opportunities to the manager.

The Fund trailed the benchmark during the 12-month period ended October 31, 2017.

Sub-par stock selection in Japan and Hong Kong detracted from performance, which more than offset the value added from positive stock selection in Australia and Singapore. In Japan, investments in high-quality Tokyo-focused landlords underperformed despite improving property fundamentals.

In Europe, the relative underperformance of pan-European retail stocks overshadowed the value added from an overweight to German residential stocks, which was the best-performing property type during the period. In the U.K., positioning in London office was a modest drag on performance and offset relative outperformance of stocks in the industrial, storage and student housing sectors. In the U.S., stock selection was adversely impacted by holdings in the net lease and shopping center sectors, neutralizing positive stock selection generated in the healthcare sector.

Sector allocation decisions were mixed during the period as favorable positioning decisions in the Asia-Pacific region and the U.S. were offset by sub-par positioning decisions in Europe.

Steven D. Burton, CFA

T. Ritson Ferguson, CFA

Joseph P. Smith, CFA

Co-Portfolio Managers

CBRE Clarion Securities LLC


Asset Allocation	Percentage of Net Assets
Common Stocks		99.9	%
Securities Lending Collateral		2.1
Net Other Assets (Liabilities)		(2.0	)
Total		100.0	%


Transamerica Funds		Annual Report 2017

Page 41

Transamerica Global Real Estate Securities

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class I2 (NAV)		5.26	%		5.51	%		1.58	%		11/15/2005
S&P Developed Property^(A)		8.89	%		8.11	%		2.81	%

^(A) The S&P Developed Property 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 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.

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 2017

Page 42

Transamerica Global Real Estate Securities

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Shares		Value
COMMON STOCKS - 99.9%
Australia - 5.8%
Aventus Retail Property Fund, Ltd., REIT		81,599		$ 144,888
Dexus, REIT		26,748		200,007
GPT Group, REIT		101,365		394,881
LendLease Group		14,743		182,906
Mirvac Group, REIT		100,035		184,514
Scentre Group, REIT		70,229		216,074
Westfield Corp., REIT		44,609		265,280

				1,588,550

Canada - 0.7%
Canadian Real Estate Investment Trust		1,700		61,406
SmartCentres Real Estate Investment Trust		5,700		128,041

				189,447

France - 5.6%
Gecina SA, REIT		2,386		387,161
Klepierre SA, REIT		11,865		471,916
Unibail-Rodamco SE, REIT		2,693		673,971

				1,533,048

Germany - 3.8%
ADO Properties SA ^{(A) (B)}		3,525		174,267
Aroundtown SA		31,050		218,096
Vonovia SE		14,615		645,595

				1,037,958

Hong Kong - 9.2%
CK Asset Holdings, Ltd.		126,990		1,044,224
Kerry Properties, Ltd.		38,000		170,969
Link REIT		52,100		437,762
Sun Hung Kai Properties, Ltd.		27,000		441,613
Swire Properties, Ltd.		58,400		197,252
Wharf Holdings, Ltd.		25,200		229,182

				2,521,002

Japan - 13.2%
AEON REIT Investment Corp.		157		157,960
Daito Trust Construction Co., Ltd.		1,500		261,664
Hulic Co., Ltd.		21,700		222,334
Hulic Reit, Inc.		47		65,516
Japan Hotel REIT Investment Corp.		196		129,454
Kenedix Office Investment Corp., REIT ^(B)		18		96,566
Kenedix Retail REIT Corp. ^(B)		162		319,711
Mitsubishi Estate Co., Ltd.		8,336		149,961
Mitsui Fudosan Co., Ltd.		42,146		973,356
Nippon Prologis REIT, Inc. ^(B)		131		275,122
Nomura Real Estate Holdings, Inc.		15,200		332,327
Orix JREIT, Inc.		197		270,452
Sumitomo Realty & Development Co., Ltd.		1,000		33,112
Tokyo Tatemono Co., Ltd.		11,000		152,948
Tokyu Fudosan Holdings Corp.		25,600		166,606

				3,607,089

Norway - 0.1%
Entra ASA ^(A)		2,030		27,960

Singapore - 2.7%
CapitaLand, Ltd.		95,300		256,585
City Developments, Ltd.		26,900		255,363
Mapletree Logistics Trust, REIT		253,300		236,000

				747,948


	Shares		Value
COMMON STOCKS (continued)
Spain - 1.2%
Axiare Patrimonio SOCIMI SA, REIT		2,910		$ 54,574
Hispania Activos Inmobiliarios SOCIMI SA, REIT		6,325		109,079
Inmobiliaria Colonial Socimi SA, REIT		16,403		156,085

				319,738

Sweden - 1.7%
Castellum AB		7,431		119,210
Fabege AB		7,042		148,720
Fastighets AB Balder, Class B ^(C)		3,508		91,349
Wihlborgs Fastigheter AB		4,463		105,982

				465,261

United Kingdom - 5.7%
Derwent London PLC, REIT		5,201		184,850
Hammerson PLC, REIT		28,697		199,717
Land Securities Group PLC, REIT		39,616		508,271
Safestore Holdings PLC, REIT		13,065		77,252
Segro PLC, REIT		47,679		343,854
Shaftesbury PLC, REIT		8,753		115,091
UNITE Group PLC, REIT		13,207		123,312

				1,552,347

United States - 50.2%
Alexandria Real Estate Equities, Inc., REIT		4,713		584,224
AvalonBay Communities, Inc., REIT		1,503		272,539
Brandywine Realty Trust, REIT		8,300		145,167
Brixmor Property Group, Inc., REIT		15,338		267,955
Camden Property Trust, REIT		2,700		246,348
CubeSmart, Class A, REIT		9,960		271,111
CyrusOne, Inc., REIT		4,520		277,483
DCT Industrial Trust, Inc., REIT		3,419		198,370
DiamondRock Hospitality Co., REIT		9,517		103,355
Equinix, Inc., REIT		920		426,420
Equity Residential, REIT		5,181		348,474
Essex Property Trust, Inc., REIT		2,109		553,465
Extra Space Storage, Inc., REIT		8,157		665,530
Forest City Realty Trust, Inc., Class A, REIT		13,405		330,165
Geo Group, Inc., REIT		7,450		193,328
GGP, Inc., REIT		32,403		630,562
Healthcare Trust of America, Inc., Class A, REIT		11,058		332,293
Hilton Worldwide Holdings, Inc.		2,811		203,179
Host Hotels & Resorts, Inc., REIT		12,048		235,659
Hudson Pacific Properties, Inc., REIT		7,886		266,705
Invitation Homes, Inc., REIT		6,100		137,677
Iron Mountain, Inc., REIT		7,866		314,640
Kilroy Realty Corp., REIT		2,979		212,194
Kimco Realty Corp., REIT		21,703		394,126
Marriott International, Inc., Class A		919		109,802
MGM Growth Properties LLC, Class A, REIT		4,600		135,746
National Retail Properties, Inc., REIT		6,341		254,781
Paramount Group, Inc., REIT		10,321		164,310
Park Hotels & Resorts, Inc., REIT		7,400		213,046
Prologis, Inc., REIT		13,736		887,071
Regency Centers Corp., REIT		7,510		462,241
Simon Property Group, Inc., REIT		7,771		1,207,069
SL Green Realty Corp., REIT		903		86,399
Spirit Realty Capital, Inc., REIT		7,500		62,325
Starwood Waypoint Homes, REIT		6,600		239,646
STORE Capital Corp., REIT		7,619		188,113
Sun Communities, Inc., REIT		2,672		241,175

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


Transamerica Funds		Annual Report 2017

Page 43

Transamerica Global Real Estate Securities

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Shares		Value
COMMON STOCKS (continued)
United States (continued)
Sunstone Hotel Investors, Inc., REIT		3,651		$ 59,584
Ventas, Inc., REIT		9,245		580,124
VEREIT, Inc.		47,871		377,702
Vornado Realty Trust, REIT		6,421		480,676
Welltower, Inc., REIT		5,272		353,013

				13,713,792

Total Common Stocks (Cost $23,669,142)				27,304,140


	Shares		Value
SECURITIES LENDING COLLATERAL - 2.1%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.00% ^(D)		585,906		$ 585,906

Total Securities Lending Collateral (Cost $585,906)				585,906

Total Investments (Cost $24,255,048)				27,890,046
Net Other Assets (Liabilities) - (2.0)%				(557,321	)


Net Assets - 100.0%				$ 27,332,725

INVESTMENTS BY INDUSTRY (unaudited):


Industry	Percentage of Total Investments			Value
Equity Real Estate Investment Trusts		72.6	%	$	20,233,493
Real Estate Management & Development		24.2			6,757,666
Hotels, Restaurants & Leisure		1.1			312,981

Investments, at Value		97.9			27,304,140
Short-Term Investments		2.1			585,906

Total Investments		100.0	%	$	27,890,046

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	$	13,903,239	$	13,400,901	$	—	$	27,304,140
Securities Lending Collateral		585,906		—		—		585,906

Total Investments	$	14,489,145	$	13,400,901	$	—	$	27,890,046

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, 2017, the total value of 144A securities is $202,227, representing 0.7% 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 $557,954. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(C)		Non-income producing security.
(D)		Rate disclosed reflects the yield at October 31, 2017.
(E)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. 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 2017

Page 44

Transamerica International Equity Opportunities

(unaudited)

MARKET ENVIRONMENT

For the first time in many years, the global economy experienced a period of synchronized economic growth. The rebound in emerging markets economies was more pronounced (despite the slight deceleration in Chinese growth at the end of the period), helped by larger economies, such as Brazil and Russia, emerging from recessions. At the same time, developed markets economies continued to grow at or above potential. Market confidence increased in the U.S. after the presidential elections in November fueled, in part, by a more lenient U.S. regulatory backdrop and hopes for a significant cut in corporate tax rates.

Globally, markets benefited from a reflation trade as commodity prices strengthened, activity and growth prospects improved, and inflation moved higher, though within moderate bounds. As a result, there have been more tightening signals and actions by central banks. Markets were comforted, along with central banks, by the decline in fears of a populist surge in Europe after establishment candidates won the Dutch and French elections, though a right-wing populist party gained seats in the German parliament for the first time in the post-World War II era. European growth has reflected a generally calmer political economic backdrop.

PERFORMANCE

For the year ended October 31, 2017, Transamerica International Equity Opportunities Class I2 returned 25.45%. By comparison, its benchmark, the MSCI EAFE Index, returned 24.01%.

STRATEGY REVIEW

An overweight in the technology sector and an underweight in the utilities/communications sector were the largest contributors to relative performance. Within technology, holdings in online and mobile commerce company Alibaba Group Holding, Ltd. (based in China), and an overweight position in tourism and travel information technology solutions provider Amadeus IT Group SA (Spain) also helped.

Stocks in other sectors that contributed included luxury goods company LVMH Moet Hennessy Louis Vuitton SE (France), investment banking services provider DBS Group Holdings, Ltd. (Singapore), financial services firm ING Groep NV (Netherlands) and satellite television broadcaster Sky PLC (United Kingdom — no longer held at period end).

Other individual contributors included industrial and medical gas supplier Air Liquide SA (France), pharmaceutical company Novo Nordisk A/S (Denmark) and paint and specialty chemicals manufacturer Akzo Nobel NV (Netherlands). Additionally, the Fund’s holdings of restaurant operator Yum China Holdings, Inc. (China) bolstered returns.

An overweight allocation and holdings in consumer staples detracted from relative performance. Within the sector, an overweight in household products manufacturer Reckitt Benckiser Group PLC (United Kingdom) and Japan Tobacco, Inc. weighed.

A combination of weak security selection and an overweight in the leisure sector also weighed on performance. The Fund’s overweight positions in advertising and marketing firm WPP PLC (United Kingdom) and advertising and broadcasting company ProSiebenSat.1 Media SE (Germany) detracted.

Elsewhere, our overweight positions in retailer Hennes & Mauritz AB (Sweden), pharmaceutical and diagnostic company Roche Holding AG (Switzerland), medical products and equipment manufacturer Terumo Corp. (Japan) and pharmaceutical company Merck KGaA (Germany) hurt relative results. Additionally, the Fund’s position in financial services firm Element Fleet Management Corp. (Canada — no longer held at period end) further held back relative results.

Filipe Benzinho

Daniel Ling

Co-Portfolio Managers

MFS^® Investment Management


Asset Allocation	Percentage of Net Assets
Common Stocks		98.8	%
Securities Lending Collateral		1.4
Repurchase Agreement		1.1
Net Other Assets (Liabilities)		(1.3	)
Total		100.0	%


Transamerica Funds		Annual Report 2017

Page 45

Transamerica International Equity Opportunities

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class I2 (NAV)		25.45	%		8.53	%		4.31	%		06/10/2008
MSCI EAFE Index^(A)		24.01	%		9.01	%		2.84	%

^(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 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.

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. This Fund is only available in Class I2 shares, which are not available for direct investment by the public.


Transamerica Funds		Annual Report 2017

Page 46

Transamerica International Equity Opportunities

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Shares		Value
COMMON STOCKS - 98.8%
Australia - 0.5%
Orica, Ltd.		423,817		$ 6,769,566

Belgium - 1.1%
KBC Group NV		188,535		15,660,738

Brazil - 0.9%
Ambev SA, ADR		2,018,800		12,779,004

Canada - 4.3%
Canadian National Railway Co.		363,147		29,229,702
Loblaw Cos., Ltd.		124,321		6,416,008
Suncor Energy, Inc.		669,115		22,717,028

				58,362,738

China - 3.3%
Alibaba Group Holding, Ltd., ADR ^(A)		80,744		14,928,758
Baidu, Inc., ADR ^(A)		37,218		9,078,959
Yum China Holdings, Inc. ^(A)		521,610		21,046,964

				45,054,681

Denmark - 2.4%
Carlsberg A/S, Class B		80,895		9,237,726
Novo Nordisk A/S, Class B		485,829		24,168,819

				33,406,545

France - 15.6%
Air Liquide SA		265,909		33,855,015
Danone SA		244,114		19,944,735
Dassault Systemes SE		105,942		11,250,969
Engie SA ^(B)		1,000,705		16,913,882
Hermes International		4,043		2,098,312
L’Oreal SA		64,318		14,313,617
Legrand SA		189,167		14,051,789
LVMH Moet Hennessy Louis Vuitton SE		100,472		29,972,602
Pernod Ricard SA		237,423		35,607,365
Schneider Electric SE ^(A)		399,280		35,091,879

				213,100,165

Germany - 11.5%
Bayer AG		362,183		47,112,337
Beiersdorf AG		256,411		28,843,787
Linde AG ^(A)		57,180		12,318,797
Merck KGaA		127,676		13,698,725
MTU Aero Engines AG		55,709		9,427,160
ProSiebenSat.1 Media SE ^(B)		273,837		9,645,545
SAP SE		311,780		35,624,754

				156,671,105

Hong Kong - 2.5%
AIA Group, Ltd.		4,529,200		34,079,017

Israel - 1.3%
Check Point Software Technologies, Ltd. ^(A)		155,840		18,343,926

Italy - 1.1%
Eni SpA		776,453		12,698,491
Luxottica Group SpA		33,571		1,925,538

				14,624,029

Japan - 13.6%
Daikin Industries, Ltd.		149,400		16,384,662
Denso Corp.		406,200		22,120,315
FANUC Corp.		74,800		17,347,311
Hoya Corp.		663,800		35,838,953
Japan Tobacco, Inc.		447,200		14,736,893


	Shares		Value
COMMON STOCKS (continued)
Japan (continued)
Kao Corp.		178,000		$ 10,701,447
Kubota Corp.		750,200		13,997,179
Kyocera Corp.		330,300		21,911,551
Shin-Etsu Chemical Co., Ltd.		68,600		7,185,489
Terumo Corp.		630,800		26,101,878

				186,325,678

Netherlands - 5.8%
Akzo Nobel NV		230,969		20,915,490
ING Groep NV		1,789,202		33,054,636
QIAGEN NV ^{(A) (B)}		143,455		4,866,954
Randstad Holding NV		343,372		21,126,769

				79,963,849

Singapore - 2.5%
DBS Group Holdings, Ltd.		1,671,700		27,937,294
Singapore Telecommunications, Ltd.		2,022,050		5,562,826

				33,500,120

Spain - 2.0%
Amadeus IT Group SA		398,864		27,063,913

Sweden - 0.9%
Hennes & Mauritz AB, B Shares ^(B)		505,241		12,685,869

Switzerland - 12.6%
Julius Baer Group, Ltd. ^(A)		161,244		9,535,805
Keuhne & Nagel International AG		38,233		6,675,877
Nestle SA		606,966		51,044,402
Novartis AG		295,724		24,365,772
Roche Holding AG		149,466		34,533,066
UBS Group AG ^(A)		1,948,765		33,167,974
Zurich Insurance Group AG		41,254		12,591,433

				171,914,329

Taiwan - 2.0%
Taiwan Semiconductor Manufacturing Co., Ltd., ADR		657,445		27,829,647

United Kingdom - 14.9%
Barclays PLC		4,443,696		10,974,574
Compass Group PLC		1,504,614		33,032,777
Delphi Automotive PLC		81,868		8,136,042
Diageo PLC		768,553		26,253,784
Experian PLC		476,028		10,027,272
Prudential PLC		437,901		10,771,199
Reckitt Benckiser Group PLC		305,111		27,292,454
RELX NV		721,215		16,289,673
Rio Tinto PLC		297,509		14,021,422
Rolls-Royce Holdings PLC ^(A)		884,459		11,429,775
Rolls-Royce PLC ^(C)		40,685,114		54,036
Smiths Group PLC		416,894		8,698,592
WPP PLC		1,506,901		26,698,550

				203,680,150

Total Common Stocks (Cost $1,169,007,529)				1,351,815,069


SECURITIES LENDING COLLATERAL - 1.4%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.00% ^(D)		19,447,583		19,447,583

Total Securities Lending Collateral (Cost $19,447,583)				19,447,583

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


Transamerica Funds		Annual Report 2017

Page 47

Transamerica International Equity Opportunities

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
REPURCHASE AGREEMENT - 1.1%
Fixed Income Clearing Corp., 0.12%^(D), dated 10/31/2017, to be repurchased at $14,562,573 on 11/01/2017. Collateralized by a U.S. Government Agency Obligation, 1.38%, due 09/28/2020, and with a value of $14,856,943.		$ 14,562,524		$ 14,562,524

Total Repurchase Agreement (Cost $14,562,524)				14,562,524

Total Investments (Cost $1,203,017,636)				1,385,825,176
Net Other Assets (Liabilities) - (1.3)%				(17,410,896	)


Net Assets - 100.0%				$ 1,368,414,280

INVESTMENTS BY INDUSTRY (unaudited):


Industry	Percentage of Total Investments			Value
Pharmaceuticals		10.4	%	$	143,878,719
Banks		6.3			87,627,242
Beverages		6.0			83,877,879
Chemicals		5.8			81,044,357
Food Products		5.1			70,989,137
Software		4.7			65,219,649
Health Care Equipment & Supplies		4.5			61,940,831
Insurance		4.1			57,441,649
Hotels, Restaurants & Leisure		3.9			54,079,741
Personal Products		3.9			53,858,851
Electrical Equipment		3.5			49,143,668
Professional Services		3.4			47,443,714
Capital Markets		3.1			42,703,779
Media		2.6			36,344,095
Oil, Gas & Consumable Fuels		2.6			35,415,519
Textiles, Apparel & Luxury Goods		2.5			33,996,452
Machinery		2.3			31,344,490
Auto Components		2.2			30,256,357
Road & Rail		2.1			29,229,702
Semiconductors & Semiconductor Equipment		2.0			27,829,647
Household Products		2.0			27,292,454
IT Services		2.0			27,063,913
Internet Software & Services		1.7			24,007,717
Electronic Equipment, Instruments & Components		1.6			21,911,551
Aerospace & Defense		1.5			20,910,971
Multi-Utilities		1.2			16,913,882
Building Products		1.2			16,384,662
Tobacco		1.1			14,736,893
Metals & Mining		1.0			14,021,422
Specialty Retail		0.9			12,685,869
Industrial Conglomerates		0.6			8,698,592
Marine		0.5			6,675,877
Food & Staples Retailing		0.5			6,416,008
Diversified Telecommunication Services		0.4			5,562,826
Life Sciences Tools & Services		0.3			4,866,954

Investments, at Value		97.5			1,351,815,069
Short-Term Investments		2.5			34,010,107

Total Investments		100.0	%	$	1,385,825,176

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


Transamerica Funds		Annual Report 2017

Page 48

Transamerica International Equity Opportunities

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

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	$	170,506,038	$	1,181,309,031	$	—	$	1,351,815,069
Securities Lending Collateral		19,447,583		—		—		19,447,583
Repurchase Agreement		—		14,562,524		—		14,562,524

Total Investments	$	189,953,621	$	1,195,871,555	$	—	$	1,385,825,176

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 $18,503,694. 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)		Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2017, value of the security is $54,036, representing less than 0.1% of the Fund’s net assets.
(D)		Rates disclosed reflect the yields at October 31, 2017.
(E)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. 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 2017

Page 49

Transamerica International Small Cap

(unaudited)

MARKET ENVIRONMENT

International small company equities performed impressively over the 12-month period, aided by the translation benefit from a generally weaker dollar. After a faltering start relative to larger peers in the fourth quarter of 2016 (following the U.S. presidential election), smaller company stocks outperformed large in every region with the notable exception of smaller developed Asian markets. The S&P EPAC SmallCap was up 27.71% versus a 24.01% rise in the MSCI EAFE Index.

The small cap “effect” was most marked in continental Europe, where smaller company outperformance in the health care, material, and information technology sectors was particularly notable. In general, the more domestic exposure of smaller companies favored them over large given a recovering regional economy and a supportive trend in the euro. Similar factors were evident in Japan, as industrials and consumer sectors led the way, while in the United Kingdom small caps also outperformed. This was in part thanks to a late summer bounce in domestic consumer cyclicals from what we considered very oversold levels.

The extreme underperformance of smaller companies in Pacific ex-Japan was due to strong performance from large information technology stocks, and disappointing returns from smaller health-care stocks.

Despite their outperformance, international small-cap equities continue to look reasonably valued relative to large. However, as a team we are acutely aware that, given relatively low turnover, by definition our stocks did well versus the average. Our focus must therefore be on continually reviewing and verifying that a number of longstanding holdings continue to justify their inclusion in the Fund, even after strong outperformance.

PERFORMANCE

For the year ended October 31, 2017, Transamerica International Small Cap Class I2 returned 32.49%. By comparison, its benchmark, the S&P EPAC SmallCap, returned 27.71%.

STRATEGY REVIEW

The key contributors to relative performance were strong stock selection in continental Europe and Pacific ex-Japan. Although there was also value added from stock selection in Japan and the United Kingdom, the contribution to overall relative performance was modest. Emerging market holdings were the largest detractors.

On a sector basis, the Fund’s industrial holdings were the top contributors, followed by real estate and information technology holdings. Overweights in industrials and information technology and an underweight in real estate were also beneficial. Relative detractors included holdings in consumer staples and health care.

In continental Europe, selection in industrials was a notable feature, augmented by our overweight stance. Key contributors included MaireTecnimont SpA, Kingspan Group PLC, SPIE SA, Elis SA, and OC Oerlikon Corp. AG. Information technology (Ubisoft Entertainment SA, Comet Holding AG and Lectra (no longer held at period end)) and materials holdings (AMG Advanced Metallurgical Group NV, Umicore SA and Smurfit Kappa Group PLC) were also notable areas of strength. After the travails of last summer, some of the Italian financials came back strongly (Anima Holding SpA, Cerved Information Solutions SpA and Credito Emiliano SpA). The area with less success was in retailing, with poor performance from Matas A/S and Amer Sports OYJ.

Selection in Asian markets outside Japan was a very strong contributor. Hong Kong/China selection was strong thanks to strong showings from SINA Corp, owner of the Weibo microblogging network; Techtronic Industries Co., Ltd., a Hong Kong-listed cordless power tool developer; New Oriental Education & Technology Group, Inc.; and CSPC Pharmaceutical Group, Ltd. (no longer held at period end) on a strong new product pipeline. A number of Australian holdings were strong including Computershare, Ltd. and Iluka Resources, Ltd. In contrast, our Indonesian stocks disappointed, notably Matahari Department Store on slowing sales growth.

Outperformance in the United Kingdom was primarily due to selection in the consumer cyclical sector (SSP Group PLC and Redrow PLC), and in Japan, real estate (Sumitomo Real Estate Sales Co., Ltd. following a takeover bid from its parent) and consumer cyclicals were top contributors.

Matthew Dobbs

Portfolio Manager

Schroder Investment Management North America Inc.


Asset Allocation	Percentage of Net Assets
Common Stocks		97.0	%
Securities Lending Collateral		12.0
Repurchase Agreement		2.7
Net Other Assets (Liabilities)		(11.7	)
Total		100.0	%


Transamerica Funds		Annual Report 2017

Page 50

Transamerica International Small Cap

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class I2 (NAV)		32.49	%		13.00	%		6.27	%		03/01/2008
S&P EPAC SmallCap^(A)		27.71	%		13.20	%		5.99	%

^(A) The S&P EPAC SmallCap measures the performance of the smallest companies from select European and Pacific 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 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.

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. Investing in small size companies involves greater risk than is customarily associated with more established companies. This Fund is only available in Class I2 shares, which are not available for direct investment by the public.


Transamerica Funds		Annual Report 2017

Page 51

Transamerica International Small Cap

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Shares		Value
COMMON STOCKS - 97.0%
Australia - 2.5%
Ansell, Ltd.		24,579		$ 451,477
Bingo Industries, Ltd. ^(A)		450,023		699,183
Computershare, Ltd.		49,348		588,433
Fairfax Media, Ltd.		518,297		436,346
Iluka Resources, Ltd.		130,635		938,826
Link Administration Holdings, Ltd.		47,610		299,887
Mirvac Group, REIT		186,171		343,391

				3,757,543

Austria - 0.7%
Lenzing AG		7,250		981,328
S IMMO AG		8,242		145,210

				1,126,538

Belgium - 0.6%
Umicore SA		20,000		893,906

China - 2.2%
China Biologic Products Holdings, Inc. ^(A)		1,082		84,082
Haitian International Holdings, Ltd.		155,000		463,923
New Oriental Education & Technology Group, Inc., ADR		9,686		806,263
Shenzhou International Group Holdings, Ltd.		123,000		1,050,042
SINA Corp. ^(A)		8,623		928,266

				3,332,576

Denmark - 0.8%
Ambu A/S		5,000		461,003
FLSmidth & Co. A/S		8,500		582,789
Matas A/S ^(B)		23,226		259,955
OW Bunker A/S ^{(B) (C) (D) (E)}^(F)		450,000		0

				1,303,747

Finland - 1.9%
Amer Sports OYJ ^{(A) (B)}		47,500		1,182,410
Huhtamaki OYJ ^(B)		41,250		1,757,670

				2,940,080

France - 6.5%
Albioma SA		25,000		595,820
Elis SA		30,000		782,604
Kaufman & Broad SA		33,750		1,491,168
Marie Brizard Wine & Spirits SA ^(A)		85,000		1,272,307
Nexity SA ^(A)		22,000		1,351,808
SPIE SA		60,000		1,578,138
Teleperformance		8,000		1,168,577
Ubisoft Entertainment SA ^(A)		22,500		1,716,697

				9,957,119

Germany - 3.5%
Aumann AG ^{(A) (G)}		5,000		475,439
Duerr AG ^(B)		7,500		1,037,923
KION Group AG		8,500		681,085
RIB Software SE ^(B)		37,500		925,059
Wacker Chemie AG ^(B)		5,100		796,517
windeln.de SE ^{(A) (B) (G)}		90,087		305,579
XING SE ^(B)		3,750		1,114,061

				5,335,663

Hong Kong - 2.3%
ASM Pacific Technology, Ltd.		31,500		458,283
Convenience Retail Asia, Ltd.		558,000		257,492
Crystal International Group, Ltd. ^{(A) (D) (G)}		335,000		322,058


	Shares		Value
COMMON STOCKS (continued)
Hong Kong (continued)
Dah Sing Banking Group, Ltd.		262,044		$ 579,752
Johnson Electric Holdings, Ltd.		124,000		499,885
Techtronic Industries Co., Ltd.		229,000		1,342,932

				3,460,402

Indonesia - 0.2%
Matahari Department Store Tbk PT		437,600		277,483

Ireland - 5.3%
COSMO Pharmaceuticals NV ^(B)		3,250		470,731
Dalata Hotel Group PLC ^(A)		250,000		1,557,986
Glanbia PLC		32,500		628,058
Irish Continental Group PLC		135,000		899,497
Irish Residential Properties REIT PLC		575,000		987,938
Kingspan Group PLC		30,000		1,254,543
Origin Enterprises PLC		162,500		1,287,159
Smurfit Kappa Group PLC		35,000		1,043,909

				8,129,821

Italy - 5.6%
Anima Holding SpA ^(G)		250,000		1,901,617
Banca Sistema SpA ^{(B) (G)}		450,000		1,267,473
Cerved Information Solutions SpA		75,000		965,369
Credito Emiliano SpA		90,000		788,894
doBank SpA ^{(A) (G)}		33,040		525,342
Maire Tecnimont SpA ^(B)		135,000		757,339
Prada SpA		129,100		446,804
Yoox Net-A-Porter Group SpA ^{(A) (B)}		52,500		1,963,063

				8,615,901

Japan - 22.8%
Ai Holdings Corp.		46,800		1,143,401
AICA Kogyo Co., Ltd.		38,900		1,351,348
Arcs Co., Ltd.		29,700		661,886
Daibiru Corp.		119,000		1,392,982
Digital Garage, Inc. ^(B)		51,900		1,110,529
Eagle Industry Co., Ltd.		24,400		469,524
Fukushima Industries Corp.		26,600		1,024,651
Glory, Ltd.		39,600		1,469,698
Hitachi Transport System, Ltd.		52,600		1,294,819
JSP Corp.		40,700		1,308,285
Kakaku.com, Inc.		55,100		752,564
Kissei Pharmaceutical Co., Ltd.		17,000		465,723
Koito Manufacturing Co., Ltd.		22,700		1,505,281
Kureha Corp.		25,800		1,508,905
Lintec Corp.		22,100		610,299
Musashi Seimitsu Industry Co., Ltd.		30,200		954,830
Nabtesco Corp.		17,200		679,196
NEC Networks & System Integration Corp.		27,800		688,001
Nifco, Inc. ^(B)		14,200		924,146
Nihon Parkerizing Co., Ltd.		85,800		1,393,717
Nippon Densetsu Kogyo Co., Ltd.		71,800		1,548,968
Nippon Shinyaku Co., Ltd.		23,000		1,622,268
Nitta Corp.		38,200		1,567,240
Obara Group, Inc.		18,200		1,046,814
OBIC Business Consultants Co., Ltd.		13,100		644,026
Pola Orbis Holdings, Inc.		30,400		962,491
Shinmaywa Industries, Ltd.		59,500		580,322
Tokai Tokyo Financial Holdings, Inc.		261,600		1,697,909
TPR Co., Ltd.		23,600		827,105

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


Transamerica Funds		Annual Report 2017

Page 52

Transamerica International Small Cap

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Shares		Value
COMMON STOCKS (continued)
Japan (continued)
Trusco Nakayama Corp.		62,800		$ 1,601,136
Tsuruha Holdings, Inc.		12,200		1,505,352
Unipres Corp.		25,400		676,857

				34,990,273

Luxembourg - 1.9%
Grand City Properties SA		58,782		1,265,298
L’Occitane International SA		193,500		367,584
Senvion SA ^{(A) (B)}		90,000		1,203,805

				2,836,687

Malaysia - 0.4%
Bursa Malaysia Bhd.		259,800		613,063

Netherlands - 7.9%
AMG Advanced Metallurgical Group NV		47,500		2,274,907
Basic-Fit NV ^(A) (G)		87,500		2,009,438
Beter Bed Holding NV		30,000		613,992
Kendrion NV		8,299		363,193
OCI NV ^(A)		57,500		1,364,024
Philips Lighting NV ^(G)		25,000		947,168
SIF Holding NV ^(B)		80,000		1,762,650
TKH Group NV, CVA		17,500		1,179,265
Van Lanschot Kempen NV, CVA		52,500		1,593,383

				12,108,020

New Zealand - 0.4%
Fletcher Building, Ltd.		107,018		538,991

Philippines - 0.4%
CEMEX Holdings Philippines, Inc. ^{(A) (G)}		2,696,300		238,684
D&L Industries, Inc.		775,100		155,846
Pilipinas Shell Petroleum Corp.		224,190		270,331

				664,861

Republic of Korea - 2.8%
Koh Young Technology, Inc.		3,911		268,099
Mando Corp.		5,096		1,485,111
Medy-Tox, Inc.		1,649		623,333
NCSoft Corp.		3,367		1,281,765
S-1 Corp.		7,015		573,548

				4,231,856

Singapore - 0.8%
First Resources, Ltd.		276,800		400,041
UOL Group, Ltd.		129,800		860,826

				1,260,867

Spain - 2.1%
Aedas Homes SAU ^{(A) (G)}		15,500		541,655
Applus Services SA		25,000		349,455
Naturhouse Health SAU ^(B)		225,000		1,095,541
Prosegur Cash SA ^{(A) (G)}		100,000		326,158
Unicaja Banco SA ^{(A) (B) (G)}		585,000		851,796

				3,164,605

Sweden - 3.5%
Bravida Holding AB ^(G)		185,000		1,262,923
Bufab AB ^(B)		45,000		537,529
Coor Service Management Holding AB ^(G)		112,500		886,922
Intrum Justitia AB ^(B)		11,401		399,569
Loomis AB, Class B		13,750		551,698


	Shares		Value
COMMON STOCKS (continued)
Sweden (continued)
Nordax Group AB ^(G)		300,000		$ 1,777,427

				5,416,068

Switzerland - 4.5%
Ascom Holding AG		50,000		1,145,191
Comet Holding AG ^(A)		6,000		943,016
Helvetia Holding AG		2,375		1,277,189
Interroll Holding AG		800		1,143,487
Logitech International SA		30,000		1,071,719
OC Oerlikon Corp. AG ^{(A) (B)}		50,000		801,884
u-blox Holding AG ^(A) (B)		3,000		588,784

				6,971,270

Taiwan - 3.5%
Aerospace Industrial Development Corp.		639,829		725,548
Chroma ATE, Inc.		331,000		1,613,322
CTCI Corp.		247,000		382,873
Gourmet Master Co., Ltd.		67,210		771,056
King Slide Works Co., Ltd.		46,000		615,428
Merida Industry Co., Ltd.		117,220		546,077
Novatek Microelectronics Corp.		108,000		399,277
Toung Loong Textile Manufacturing		133,000		348,822

				5,402,403

Thailand - 0.2%
LPN Development PCL		940,600		370,917

United Kingdom - 13.7%
Auto Trader Group PLC ^(G)		137,000		623,201
Cineworld Group PLC		79,000		697,219
Coats Group PLC		647,231		735,405
Cranswick PLC		9,380		383,708
Crest Nicholson Holdings PLC		60,000		451,438
Dechra Pharmaceuticals PLC		25,000		682,669
Diploma PLC		35,000		501,576
Dunelm Group PLC ^(B)		60,000		583,324
Eddie Stobart Logistics PLC		210,203		436,918
Elementis PLC		213,000		804,273
Grainger PLC		158,000		584,216
Halma PLC		38,000		596,552
HomeServe PLC		66,000		750,352
Howden Joinery Group PLC		120,000		653,609
IG Group Holdings PLC		50,000		433,973
Intermediate Capital Group PLC		56,000		723,682
J D Wetherspoon PLC		50,000		826,773
Just Group PLC		170,000		348,161
Keller Group PLC		38,000		472,649
LondonMetric Property PLC, REIT		240,000		562,286
Lookers PLC		180,000		251,020
Micro Focus International PLC		15,800		555,047
Northgate PLC		95,000		565,261
Pets at Home Group PLC		195,000		456,080
Photo-Me International PLC		330,000		785,634
Redrow PLC		68,167		589,389
Restaurant Group PLC		109,000		439,662
Safestore Holdings PLC, REIT		125,000		739,116
SDL PLC		100,000		714,545
Soco International PLC		150,000		232,094
SSP Group PLC		120,000		932,361
SuperGroup PLC ^(B)		29,000		714,093

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


Transamerica Funds		Annual Report 2017

Page 53

Transamerica International Small Cap

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Shares		Value
COMMON STOCKS (continued)
United Kingdom (continued)
Ted Baker PLC ^(B)		23,600		$ 868,238
Telecom Plus PLC		40,500		656,239
Zeal Network SE		22,500		602,810

				20,953,573

Total Common Stocks (Cost $120,062,207)				148,654,233


SECURITIES LENDING COLLATERAL - 12.0%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.00% ^(H)		18,461,378		18,461,378

Total Securities Lending Collateral (Cost $18,461,378)				18,461,378


	Principal		Value
REPURCHASE AGREEMENT - 2.7%
Fixed Income Clearing Corp., 0.12%^(H), dated 10/31/2017, to be repurchased at $4,130,116 on 11/01/2017. Collateralized by a U.S. Government Obligation, 2.13%, due 08/31/2020, and with a value of $4,213,736.		$ 4,130,102		$ 4,130,102

Total Repurchase Agreement (Cost $4,130,102)				4,130,102

Total Investments (Cost $142,653,687)				171,245,713
Net Other Assets (Liabilities) - (11.7)%				(17,961,093	)


Net Assets - 100.0%				$ 153,284,620

INVESTMENTS BY INDUSTRY (unaudited):


Industry	Percentage of Total Investments			Value
Machinery		6.8	%	$	11,587,090
Chemicals		5.7			9,817,100
Commercial Services & Supplies		4.6			7,811,095
Hotels, Restaurants & Leisure		4.2			7,140,086
Banks		4.0			6,858,725
Auto Components		4.0			6,842,854
Real Estate Management & Development		3.8			6,512,912
Electrical Equipment		3.5			5,955,966
Software		3.4			5,837,139
Capital Markets		3.1			5,370,244
Specialty Retail		2.5			4,341,589
Electronic Equipment, Instruments & Components		2.5			4,296,291
Household Durables		2.3			3,874,927
Textiles, Apparel & Luxury Goods		2.2			3,771,369
Construction & Engineering		2.2			3,744,618
Internet Software & Services		2.0			3,418,092
Trading Companies & Distributors		1.9			3,293,850
Pharmaceuticals		1.9			3,241,391
Metals & Mining		1.9			3,213,733
Containers & Packaging		1.6			2,801,579
Food Products		1.6			2,698,966
IT Services		1.6			2,686,850
Equity Real Estate Investment Trusts		1.5			2,632,731
Building Products		1.5			2,605,891
Leisure Products		1.5			2,514,121
Food & Staples Retailing		1.4			2,424,730
Road & Rail		1.3			2,296,998
Internet & Direct Marketing Retail		1.3			2,268,642
Semiconductors & Semiconductor Equipment		1.0			1,714,443
Insurance		0.9			1,625,350
Professional Services		0.9			1,518,032
Diversified Financial Services		0.9			1,490,711
Beverages		0.7			1,272,307
Communications Equipment		0.7			1,145,191
Media		0.7			1,133,565
Technology Hardware, Storage & Peripherals		0.6			1,071,719
Personal Products		0.6			962,491
Health Care Equipment & Supplies		0.5			912,480

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


Transamerica Funds		Annual Report 2017

Page 54

Transamerica International Small Cap

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

INVESTMENTS BY INDUSTRY (unaudited) (continued):


Industry	Percentage of Total Investments			Value
Marine		0.5	%	$	899,497
Diversified Consumer Services		0.5			806,263
Construction Materials		0.5			777,675
Aerospace & Defense		0.4			725,548
Biotechnology		0.4			707,415
Multi-Utilities		0.4			656,239
Independent Power & Renewable Electricity Producers		0.3			595,820
Oil, Gas & Consumable Fuels		0.3			502,425
Multiline Retail		0.2			277,483

Investments, at Value		86.8			148,654,233
Short-Term Investments		13.2			22,591,480

Total Investments		100.0	%	$	171,245,713

SECURITY VALUATION:

Valuation Inputs ^(I)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs^(J)		Value
ASSETS
Investments
Common Stocks	$	1,818,611	$	146,835,622	$	0	$	148,654,233
Securities Lending Collateral		18,461,378		—		—		18,461,378
Repurchase Agreement		—		4,130,102		—		4,130,102

Total Investments	$	20,279,989	$	150,965,724	$	0	$	171,245,713

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 $17,551,889. 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 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, 2017, total value of securities is $322,058, representing 0.2% of the Fund’s net assets.
(E)		Illiquid security. At October 31, 2017, the value of such securities amounted to $0 or less than 0.1% of the Fund’s net assets.
(F)		Security deemed worthless.
(G)		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, 2017, the total value of 144A securities is $14,262,880, representing 9.3% of the Fund’s net assets.
(H)		Rates disclosed reflect the yields at October 31, 2017.
(I)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(J)		Level 3 securities were not considered significant to the Fund.

PORTFOLIO ABBREVIATIONS:


ADR		American Depositary Receipt
CVA		Commanditaire Vennootschap op Aandelen (Dutch Certificate)
REIT		Real Estate Investment Trust

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


Transamerica Funds		Annual Report 2017

Page 55

Transamerica Long/Short Strategy

(unaudited)

MARKET ENVIRONMENT

At the beginning of the fiscal year, in November of 2016, U.S. equity markets rallied as Donald Trump won the U.S. Presidential election. The Republican Party’s sweep of Congress also boosted investor sentiment. As investors anticipated a pro-growth agenda after the elections, equity markets rallied, bond yields rose and the U.S. dollar strengthened. Investors’ attention turned to the upcoming U.S. Federal Reserve (“Fed”) meeting in December 2016 as the Fed decided to raise rates. As the rate action was fully anticipated, the Fed’s updated projections for growth, inflation and the future path of interest rate increases were the focus.

U.S. equity markets started 2017 in a strong uptrend; however, equities started drifting lower amid complications around health-care reform and weakness in crude oil prices.

U.S equity markets were able to grind their way higher through mid-May despite some headwinds. U.S. equity markets continued to advance in the final quarter of the fiscal year as the U.S. economy grew above trend despite the recent hurricanes. Stronger economic data and the anticipation of tax reform caused interest rates to spike towards the end of the October 2017.

PERFORMANCE

For the year ended October 31, 2017, Transamerica Long/Short Strategy Class I2 returned 13.32%. By comparison, its primary and

secondary benchmarks, the BofA Merrill Lynch 3-Month US Treasury Bill and the S&P 500^®, returned 0.72% and 23.63%, respectively.

STRATEGY REVIEW

The Fund outperformed its primary benchmark during the 12-month period ending October 31, 2017. The banks and brokers, semiconductor and consumer cyclical sectors added value while the real estate investment trust (“REITs”), utility and industrial cyclical sectors detracted from returns.

Within the media sector, a long position in Alphabet, Inc. was the top contributor as shares rose after the company reported its first quarterly earnings beat across all metrics. Shares further rose as investors reacted positively to the company’s acquisition of HTC’s engineers and IP licensing. We continue to favor the name for its growth trajectory, optionality and attractive valuation. In the industrial cyclical space, a long position in Union Pacific Corp. benefited returns. The company started off the year underperforming its peers and reporting flat rail volumes; however, pricing trends continued to firm and industry volumes increased throughout the year, enabling Union Pacific Corp. to gain. We remain favorable on the name as we expect pricing to improve further and see additional room for operational efficiency.

On the negative side, within industrial cyclicals, the strategy’s short position in Boeing Co. detracted from performance. Management has been able to generate significant free cash flow by squeezing its supply chain. Global air traffic growth continues at above-average rates, buoyed by low fuel prices, leading management and some investors to doubt the long-term cyclicality of the aerospace industry. We continue to think Boeing Co. is over-earning in the short-term as these free-cash-flow benefits do not seem to be sustainable and feel that the industry is still cyclical. However, we have reduced our exposure in the near-term as these temporary benefits play out. Additionally, a short position in 3M Co. detracted as shares rose amid the company’s continued demonstration of efficient capital allocation. Margin expansion also further reinforced confidence in the company. While we do not question the execution of its good management team, we find its high valuation to be unattractive.

Steven G. Lee

Raffaele Zingone, CFA

Co-Portfolio Managers

J.P. Morgan Asset Management Inc.


Asset Allocation	Percentage of Net Assets
Common Stocks		96.3	%
Repurchase Agreement		8.5
Common Stocks Sold Short		(65.9	)
Net Other Assets (Liabilities)		61.1
Total		100.0	%


Transamerica Funds		Annual Report 2017

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Transamerica Long/Short Strategy

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class I2 (NAV)		13.32	%		5.07	%		1.40	%		01/03/2007
BofA Merrill Lynch 3-Month US Treasury Bill^(A)		0.72	%		0.24	%		0.45	%
S&P 500^®^(B)		23.63	%		15.18	%		7.51	%

^(A) The BofA Merrill Lynch 3-Month US Treasury Bill 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 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.

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 2017

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Transamerica Long/Short Strategy

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Shares		Value
COMMON STOCKS - 96.3%
Aerospace & Defense - 1.7%
General Dynamics Corp.		546		$ 110,827
Northrop Grumman Corp.		568		167,861
Textron, Inc.		478		25,210

				303,898

Airlines - 1.3%
Alaska Air Group, Inc.		805		53,154
Delta Air Lines, Inc.		3,040		152,091
United Continental Holdings, Inc. ^(A)		536		31,346

				236,591

Auto Components - 0.3%
Delphi Automotive PLC		608		60,423

Banks - 6.3%
Bank of America Corp. ^(B)		12,191		333,911
Citigroup, Inc. ^(B)		3,607		265,115
Citizens Financial Group, Inc.		2,846		108,176
Comerica, Inc.		1,837		144,333
KeyCorp		4,457		81,340
SunTrust Banks, Inc.		1,404		84,535
SVB Financial Group ^(A)		417		91,440

				1,108,850

Beverages - 1.5%
Molson Coors Brewing Co., Class B		781		63,160
PepsiCo, Inc. ^(B)		1,827		201,390

				264,550

Biotechnology - 1.8%
Alexion Pharmaceuticals, Inc. ^(A)		177		21,180
Biogen, Inc. ^(A)		111		34,594
BioMarin Pharmaceutical, Inc. ^(A)		208		17,075
Bioverativ, Inc. ^(A)		434		24,521
Celgene Corp. ^(A)		526		53,110
Incyte Corp. ^(A)		138		15,629
Vertex Pharmaceuticals, Inc. ^(A)		1,092		159,683

				325,792

Building Products - 0.3%
Allegion PLC		688		57,372

Capital Markets - 5.9%
Bank of New York Mellon Corp.		1,731		89,060
Charles Schwab Corp.		3,767		168,912
Intercontinental Exchange, Inc. ^(B)		3,344		221,039
Morgan Stanley ^(B)		9,445		472,250
State Street Corp.		1,011		93,012

				1,044,273

Chemicals - 4.2%
Albemarle Corp.		274		38,604
Celanese Corp., Series A		2,209		230,421
DowDuPont, Inc.		2,639		190,826
Eastman Chemical Co.		1,684		152,924
Olin Corp.		828		30,247
Westlake Chemical Corp.		1,262		107,156

				750,178

Consumer Finance - 0.3%
Capital One Financial Corp.		489		45,076

Containers & Packaging - 1.8%
Avery Dennison Corp.		902		95,765


	Shares		Value
COMMON STOCKS (continued)
Containers & Packaging (continued)
Crown Holdings, Inc. ^(A)		683		$ 41,096
WestRock Co.		3,009		184,542

				321,403

Diversified Financial Services - 0.1%
Voya Financial, Inc.		453		18,193

Electric Utilities - 5.7%
American Electric Power Co., Inc.		1,469		109,308
Duke Energy Corp. ^(B)		3,203		282,857
Exelon Corp.		1,912		76,882
NextEra Energy, Inc. ^(B)		1,578		244,700
PG&E Corp.		1,474		85,153
Xcel Energy, Inc.		4,156		205,805

				1,004,705

Electrical Equipment - 1.6%
Eaton Corp. PLC		1,810		144,836
Rockwell Automation, Inc.		683		137,160

				281,996

Equity Real Estate Investment Trusts - 1.4%
AvalonBay Communities, Inc.		476		86,313
Equity Residential		262		17,622
Extra Space Storage, Inc.		211		17,216
Public Storage		156		32,331
Vornado Realty Trust		1,290		96,569

				250,051

Food & Staples Retailing - 0.4%
Costco Wholesale Corp.		264		42,525
Walgreens Boots Alliance, Inc.		537		35,587

				78,112

Food Products - 1.8%
Kellogg Co.		568		35,517
Mondelez International, Inc., Class A		3,936		163,069
Post Holdings, Inc. ^(A)		1,353		112,204

				310,790

Health Care Equipment & Supplies - 0.8%
Boston Scientific Corp. ^(A)		3,889		109,436
Zimmer Biomet Holdings, Inc.		300		36,486

				145,922

Health Care Providers & Services - 3.4%
Cigna Corp.		103		20,313
Humana, Inc. ^(B)		566		144,528
UnitedHealth Group, Inc. ^(B)		2,085		438,309

				603,150

Hotels, Restaurants & Leisure - 1.8%
McDonald’s Corp.		254		42,395
Royal Caribbean Cruises, Ltd.		1,768		218,825
Yum! Brands, Inc.		691		51,445

				312,665

Household Durables - 1.3%
MDC Holdings, Inc.		1,947		72,117
PulteGroup, Inc.		2,511		75,907
Toll Brothers, Inc.		1,592		73,296

				221,320

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


Transamerica Funds		Annual Report 2017

Page 58

Transamerica Long/Short Strategy

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Shares		Value
COMMON STOCKS (continued)
Industrial Conglomerates - 0.9%
Honeywell International, Inc.		1,104		$ 159,153

Insurance - 3.8%
American International Group, Inc.		1,631		105,379
Arthur J. Gallagher & Co.		1,900		120,327
Brighthouse Financial, Inc. ^(A)		109		6,778
Chubb, Ltd.		521		78,577
Everest Re Group, Ltd.		77		18,284
Hartford Financial Services Group, Inc.		2,676		147,314
Lincoln National Corp.		944		71,536
MetLife, Inc.		1,718		92,050
Validus Holdings, Ltd.		534		27,811

				668,056

Internet & Direct Marketing Retail - 0.9%
Amazon.com, Inc. ^(A)		149		164,687

Internet Software & Services - 5.4%
Alphabet, Inc., Class C ^{(A) (B)}		699		710,631
Facebook, Inc., Class A ^{(A) (B)}		1,380		248,483

				959,114

IT Services - 3.6%
Accenture PLC, Class A		657		93,530
International Business Machines Corp.		1,105		170,236
Square, Inc., Class A ^(A)		503		18,707
Vantiv, Inc., Class A ^(A)		1,110		77,700
Visa, Inc., Class A		1,758		193,345
WEX, Inc. ^(A)		737		91,086

				644,604

Life Sciences Tools & Services - 0.1%
Agilent Technologies, Inc.		316		21,498

Machinery - 2.5%
Deere & Co.		188		24,982
Ingersoll-Rand PLC		1,528		135,381
Stanley Black & Decker, Inc. ^(B)		1,788		288,851

				449,214

Media - 2.7%
Altice USA, Inc., Class A ^(A)		1,012		23,964
Charter Communications, Inc., Class A ^(A)		243		81,203
Comcast Corp., Class A		1,125		40,534
DISH Network Corp., Class A ^(A)		2,244		108,924
Sirius XM Holdings, Inc.		5,881		31,993
Time Warner, Inc.		955		93,867
Twenty-First Century Fox, Inc., Class B		1,138		28,962
Walt Disney Co.		626		61,229

				470,676

Metals & Mining - 0.6%
Alcoa Corp. ^(A)		2,367		113,095

Multi-Utilities - 1.3%
CMS Energy Corp.		2,094		101,287
NiSource, Inc.		4,701		123,965

				225,252

Multiline Retail - 1.1%
Dollar Tree, Inc. ^(A)		2,227		203,214

Oil, Gas & Consumable Fuels - 6.3%
Concho Resources, Inc. ^(A)		1,212		162,663
Diamondback Energy, Inc. ^{(A) (B)}		2,520		270,043


	Shares		Value
COMMON STOCKS (continued)
Oil, Gas & Consumable Fuels (continued)
EOG Resources, Inc. ^(B)		3,163		$ 315,889
Marathon Petroleum Corp.		587		35,067
Parsley Energy, Inc., Class A ^(A)		984		26,175
Pioneer Natural Resources Co.		1,552		232,288
RSP Permian, Inc. ^(A)		1,032		35,511
Valero Energy Corp.		561		44,257

				1,121,893

Pharmaceuticals - 1.1%
Allergan PLC		635		112,541
Pfizer, Inc.		2,516		88,211

				200,752

Road & Rail - 5.5%
Canadian Pacific Railway, Ltd.		866		150,199
Kansas City Southern		417		43,460
Norfolk Southern Corp.		1,965		258,240
Union Pacific Corp. ^(B)		4,546		526,381

				978,280

Semiconductors & Semiconductor Equipment - 7.3%
Analog Devices, Inc.		2,593		236,741
Broadcom, Ltd. ^(B)		832		219,573
Microchip Technology, Inc.		1,852		175,569
Micron Technology, Inc. ^(A)		1,831		81,132
NVIDIA Corp.		269		55,632
ON Semiconductor Corp. ^(A)		2,152		45,881
Texas Instruments, Inc. ^(B)		4,877		471,557

				1,286,085

Software - 2.6%
Adobe Systems, Inc. ^(A)		609		106,672
Microsoft Corp.		2,967		246,795
Symantec Corp.		1,543		50,148
Workday, Inc., Class A ^(A)		472		52,387

				456,002

Specialty Retail - 4.3%
AutoZone, Inc. ^(A)		192		113,184
Home Depot, Inc.		1,016		168,433
Lowe’s Cos., Inc.		1,697		135,675
O’Reilly Automotive, Inc. ^(A)		659		139,016
Ross Stores, Inc.		1,519		96,441
TJX Cos., Inc.		1,455		101,559

				754,308

Technology Hardware, Storage & Peripherals - 0.6%
Apple, Inc.		281		47,500
Hewlett Packard Enterprise Co.		4,092		56,961

				104,461

Textiles, Apparel & Luxury Goods - 0.4%
NIKE, Inc., Class B		1,294		71,157

Tobacco - 1.1%
Philip Morris International, Inc.		1,806		188,980

Wireless Telecommunication Services - 0.5%
T-Mobile US, Inc. ^(A)		1,498		89,535

Total Common Stocks (Cost $14,503,007				17,075,326

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


Transamerica Funds		Annual Report 2017

Page 59

Transamerica Long/Short Strategy

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal			Value
REPURCHASE AGREEMENT - 8.5%
Fixed Income Clearing Corp., 0.12%^(C), dated 10/31/2017, to be repurchased at $1,514,448 on 11/01/2017. Collateralized by a U.S. Government Obligation, 1.75%, due 12/31/2020, and with a value of $1,545,665.		$ 1,514,443			$ 1,514,443

Total Repurchase Agreement (Cost $1,514,443)					1,514,443

Total Investments (Cost $16,017,450)					18,589,769


	Shares			Value
SECURITIES SOLD SHORT - (65.9)%
COMMON STOCKS - (65.8)%
Aerospace & Defense - (2.1)%
Boeing Co.		(631	)		(162,785	)
Lockheed Martin Corp.		(665	)		(204,927	)

					(367,712	)

Air Freight & Logistics - (0.8)%
CH Robinson Worldwide, Inc.		(471	)		(36,988	)
Expeditors International of Washington, Inc.		(958	)		(55,928	)
United Parcel Service, Inc., Class B		(374	)		(43,956	)

					(136,872	)

Auto Components - (0.2)%
Autoliv, Inc.		(281	)		(35,086	)

Automobiles - (0.8)%
General Motors Co.		(3,308	)		(142,178	)

Banks - (3.4)%
Associated Banc-Corp.		(1,558	)		(39,417	)
Bank of Hawaii Corp.		(911	)		(74,347	)
Commerce Bancshares, Inc.		(1,543	)		(89,741	)
Fifth Third Bancorp		(692	)		(19,999	)
First Hawaiian, Inc.		(3,480	)		(101,755	)
People’s United Financial, Inc.		(7,790	)		(145,361	)
PNC Financial Services Group, Inc.		(529	)		(72,362	)
US Bancorp		(655	)		(35,619	)
Webster Financial Corp.		(346	)		(19,027	)

					(597,628	)

Biotechnology - (1.0)%
AbbVie, Inc.		(1,424	)		(128,516	)
Amgen, Inc.		(302	)		(52,916	)

					(181,432	)

Building Products - (0.6)%
Johnson Controls International PLC		(2,682	)		(111,008	)

Capital Markets - (2.3)%
CME Group, Inc.		(298	)		(40,877	)
Federated Investors, Inc., Class B		(748	)		(23,240	)
Goldman Sachs Group, Inc.		(549	)		(133,121	)
Invesco, Ltd.		(1,707	)		(61,094	)
Nasdaq, Inc.		(1,300	)		(94,445	)
Northern Trust Corp.		(507	)		(47,415	)
T. Rowe Price Group, Inc.		(167	)		(15,514	)

					(415,706	)


	Shares			Value
SECURITIES SOLD SHORT (continued)
COMMON STOCKS (continued)
Chemicals - (3.2)%
Air Products & Chemicals, Inc.		(544	)		$ (86,730	)
Ecolab, Inc.		(580	)		(75,783	)
LyondellBasell Industries NV, Class A		(3,561	)		(368,670	)
Praxair, Inc.		(282	)		(41,206	)

					(572,389	)

Communications Equipment - (1.2)%
Cisco Systems, Inc.		(4,174	)		(142,542	)
Juniper Networks, Inc.		(2,881	)		(71,535	)

					(214,077	)

Consumer Finance - (0.3)%
Discover Financial Services		(497	)		(33,066	)
Synchrony Financial		(602	)		(19,637	)

					(52,703	)

Containers & Packaging - (0.8)%
AptarGroup, Inc.		(310	)		(26,992	)
Sealed Air Corp.		(780	)		(34,499	)
Sonoco Products Co.		(1,416	)		(73,335	)

					(134,826	)

Diversified Telecommunication Services - (1.5)%
AT&T, Inc.		(6,433	)		(216,471	)
Verizon Communications, Inc.		(1,052	)		(50,359	)

					(266,830	)

Electric Utilities - (2.8)%
Eversource Energy		(827	)		(51,803	)
PPL Corp.		(2,370	)		(89,017	)
Southern Co.		(6,818	)		(355,900	)

					(496,720	)

Electrical Equipment - (0.5)%
Emerson Electric Co.		(1,310	)		(84,443	)

Electronic Equipment, Instruments & Components - (0.3)%
Amphenol Corp., Class A		(551	)		(47,937	)

Energy Equipment & Services - (1.5)%
Helmerich & Payne, Inc.		(1,163	)		(63,163	)
Schlumberger, Ltd.		(3,132	)		(200,448	)

					(263,611	)

Equity Real Estate Investment Trusts - (1.7)%
Apple Hospitality REIT, Inc.		(2,346	)		(44,433	)
Camden Property Trust		(187	)		(17,062	)
CBL & Associates Properties, Inc.		(2,647	)		(20,752	)
GGP, Inc.		(793	)		(15,432	)
Host Hotels & Resorts, Inc.		(1,924	)		(37,633	)
Macerich Co.		(300	)		(16,380	)
Pennsylvania Real Estate Investment Trust		(1,196	)		(11,625	)
Simon Property Group, Inc.		(332	)		(51,570	)
SL Green Realty Corp.		(435	)		(41,621	)
Taubman Centers, Inc.		(300	)		(14,166	)
Washington Prime Group, Inc.		(2,557	)		(20,021	)
Welltower, Inc.		(187	)		(12,522	)

					(303,217	)

Food & Staples Retailing - (0.6)%
CVS Health Corp.		(1,105	)		(75,726	)
Sysco Corp.		(560	)		(31,147	)

					(106,873	)

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


Transamerica Funds		Annual Report 2017

Page 60

Transamerica Long/Short Strategy

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Shares			Value
SECURITIES SOLD SHORT (continued)
COMMON STOCKS (continued)
Food Products - (1.4)%
General Mills, Inc.		(4,757	)		$ (246,983	)

Gas Utilities - (0.4)%
National Fuel Gas Co.		(529	)		(30,708	)
UGI Corp.		(810	)		(38,767	)

					(69,475	)

Health Care Equipment & Supplies - (0.6)%
CR Bard, Inc.		(101	)		(33,034	)
Varian Medical Systems, Inc.		(736	)		(76,684	)

					(109,718	)

Health Care Providers & Services - (1.0)%
Cardinal Health, Inc.		(1,925	)		(119,158	)
Express Scripts Holding Co.		(821	)		(50,319	)

					(169,477	)

Hotels, Restaurants & Leisure - (1.6)%
Aramark		(446	)		(19,486	)
Bloomin’ Brands, Inc.		(611	)		(10,863	)
Brinker International, Inc.		(1,022	)		(31,396	)
Carnival Corp.		(670	)		(44,481	)
Chipotle Mexican Grill, Inc.		(487	)		(132,415	)
Starbucks Corp.		(971	)		(53,250	)

					(291,891	)

Household Products - (3.2)%
Church & Dwight Co., Inc.		(3,266	)		(147,525	)
Clorox Co.		(1,784	)		(225,729	)
Procter & Gamble Co.		(2,358	)		(203,590	)

					(576,844	)

Industrial Conglomerates - (2.1)%
3M Co.		(1,389	)		(319,734	)
General Electric Co.		(3,073	)		(61,952	)

					(381,686	)

Insurance - (2.9)%
Aflac, Inc.		(380	)		(31,878	)
Allstate Corp.		(620	)		(58,193	)
Arch Capital Group, Ltd.		(1,232	)		(122,756	)
Principal Financial Group, Inc.		(1,061	)		(69,867	)
Progressive Corp.		(458	)		(22,282	)
Torchmark Corp.		(758	)		(63,771	)
Travelers Cos., Inc.		(683	)		(90,463	)
WR Berkley Corp.		(783	)		(53,698	)

					(512,908	)

Internet & Direct Marketing Retail - (0.7)%
Netflix, Inc.		(442	)		(86,822	)
Priceline Group, Inc.		(23	)		(43,975	)

					(130,797	)

Internet Software & Services - (0.7)%
eBay, Inc.		(2,173	)		(81,792	)
Twitter, Inc.		(2,236	)		(46,106	)

					(127,898	)

IT Services - (1.2)%
Fiserv, Inc.		(204	)		(26,404	)
Jack Henry & Associates, Inc.		(248	)		(27,312	)
Mastercard, Inc., Class A		(699	)		(103,990	)
Paychex, Inc.		(748	)		(47,715	)

					(205,421	)


	Shares			Value
SECURITIES SOLD SHORT (continued)
COMMON STOCKS (continued)
Leisure Products - (0.5)%
Hasbro, Inc.		(283	)		$ (26,203	)
Mattel, Inc.		(4,882	)		(68,934	)

					(95,137	)

Machinery - (0.4)%
Donaldson Co., Inc.		(539	)		(25,446	)
Illinois Tool Works, Inc.		(275	)		(43,043	)

					(68,489	)

Media - (3.2)%
AMC Networks, Inc., Class A		(1,932	)		(98,300	)
Interpublic Group of Cos., Inc.		(3,703	)		(71,283	)
News Corp., Class A		(10,913	)		(149,071	)
Omnicom Group, Inc.		(2,852	)		(191,626	)
Regal Entertainment Group, Class A		(3,340	)		(54,609	)

					(564,889	)

Metals & Mining - (0.5)%
Compass Minerals International, Inc.		(1,387	)		(90,987	)

Multi-Utilities - (4.3)%
Ameren Corp.		(453	)		(28,082	)
Consolidated Edison, Inc.		(2,169	)		(186,642	)
Dominion Energy, Inc.		(3,789	)		(307,439	)
SCANA Corp.		(413	)		(17,817	)
Sempra Energy		(1,940	)		(227,950	)

					(767,930	)

Multiline Retail - (1.6)%
Kohl’s Corp.		(1,390	)		(58,046	)
Nordstrom, Inc.		(829	)		(32,870	)
Target Corp.		(3,304	)		(195,068	)

					(285,984	)

Oil, Gas & Consumable Fuels - (2.4)%
Apache Corp.		(820	)		(33,923	)
ConocoPhillips		(987	)		(50,485	)
Exxon Mobil Corp.		(3,108	)		(259,052	)
Hess Corp.		(1,000	)		(44,160	)
Murphy Oil Corp.		(1,198	)		(32,047	)

					(419,667	)

Paper & Forest Products - (0.5)%
Domtar Corp.		(1,769	)		(83,709	)

Personal Products - (0.2)%
Coty, Inc., Class A		(2,023	)		(31,154	)

Pharmaceuticals - (0.3)%
Johnson & Johnson		(270	)		(37,641	)
Merck & Co., Inc.		(304	)		(16,747	)

					(54,388	)

Professional Services - (0.4)%
Equifax, Inc.		(442	)		(47,970	)
Nielsen Holdings PLC		(427	)		(15,829	)

					(63,799	)

Road & Rail - (2.5)%
Canadian National Railway Co.		(543	)		(43,706	)
Heartland Express, Inc.		(8,298	)		(176,997	)
Knight-Swift Transportation Holdings, Inc.		(2,205	)		(91,397	)
Werner Enterprises, Inc.		(3,785	)		(134,935	)

					(447,035	)

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


Transamerica Funds		Annual Report 2017

Page 61

Transamerica Long/Short Strategy

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Shares			Value
SECURITIES SOLD SHORT (continued)
COMMON STOCKS (continued)
Semiconductors & Semiconductor Equipment - (2.8)%
Applied Materials, Inc.		(1,049	)		$ (59,195	)
Intel Corp.		(3,881	)		(176,547	)
Lam Research Corp.		(119	)		(24,820	)
QUALCOMM, Inc.		(2,109	)		(107,580	)
Taiwan Semiconductor Manufacturing Co., Ltd., ADR		(1,563	)		(66,162	)
Xilinx, Inc.		(877	)		(64,626	)

					(498,930	)

Software - (0.7)%
Oracle Corp.		(1,288	)		(65,559	)
salesforce.com, Inc.		(547	)		(55,980	)

					(121,539	)

Specialty Retail - (1.6)%
Abercrombie & Fitch Co., Class A		(1,840	)		(24,711	)
Advance Auto Parts, Inc.		(780	)		(63,757	)
American Eagle Outfitters, Inc.		(1,261	)		(16,418	)
Ascena Retail Group, Inc.		(8,512	)		(16,513	)
Bed Bath & Beyond, Inc.		(3,706	)		(73,750	)
Buckle, Inc.		(470	)		(7,732	)
DSW, Inc., Class A		(2,334	)		(44,696	)
Express, Inc.		(3,350	)		(22,680	)
L Brands, Inc.		(406	)		(17,474	)

					(287,731	)


	Shares			Value
SECURITIES SOLD SHORT (continued)
COMMON STOCKS (continued)
Technology Hardware, Storage & Peripherals - (1.0)%
Seagate Technology PLC		(4,599	)		$ (170,025	)

Textiles, Apparel & Luxury Goods - (0.9)%
Hanesbrands, Inc.		(2,798	)		(62,955	)
Michael Kors Holdings, Ltd.		(368	)		(17,962	)
Ralph Lauren Corp.		(373	)		(33,357	)
Under Armour, Inc., Class A		(2,897	)		(36,271	)
Under Armour, Inc., Class C		(1,322	)		(15,243	)

					(165,788	)

Trading Companies & Distributors - (0.5)%
Air Lease Corp.		(867	)		(37,671	)
WW Grainger, Inc.		(276	)		(54,565	)

					(92,236	)

Wireless Telecommunication Services - (0.1)%
Sprint Corp.		(2,474	)		(16,180	)

Total Common Stocks (Proceeds $11,432,351)					(11,679,943	)

Total Securities Sold Short (Proceeds $11,432,351)					(11,679,943	)
Net Other Assets (Liabilities) - 61.1%					10,820,890


Net Assets - 100.0%					$ 17,730,716

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	$	17,075,326		$	—	$	—	$	17,075,326
Repurchase Agreement		—			1,514,443		—		1,514,443

Total Investments	$	17,075,326		$	1,514,443	$	—	$	18,589,769


LIABILITIES
Securities Sold Short
Common Stocks	$	(11,679,943	)	$	—	$	—	$	(11,679,943	)

Total Securities Sold Short	$	(11,679,943	)	$	—	$	—	$	(11,679,943	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:


(A)		Non-income producing securities.
(B)		All or a portion of these securities have been segregated by the custodian as collateral for open securities sold short transactions. The total value of such securities is $3,849,070.
(C)		Rate disclosed reflects the yield at October 31, 2017.
(D)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. 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

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


Transamerica Funds		Annual Report 2017

Page 62

Transamerica Mid Cap Value

(unaudited)

MARKET ENVIRONMENT

At the beginning of the fiscal year, in November of 2016, U.S. equity markets rallied as Donald Trump unexpectedly upset Hillary Clinton in the U.S. Presidential election. The Republican Party’s sweep of Congress also boosted investor sentiment. As investors anticipated a pro-growth agenda proposed by President-elect Trump, equity markets rallied, bond yields rose and the U.S. dollar strengthened. Investors’ attention turned to the upcoming U.S. Federal Reserve (“Fed”) meeting in December as the Fed decided to raise rates by 0.25% to a range of 0.50% to 0.75%. As the rate action was fully anticipated, the Fed’s updated projections for growth, inflation and the future path of interest rate increases were the focus.

U.S. equity markets started 2017 in a strong uptrend; however, equities started drifting lower amid complications around health-care reform and weakness in crude oil prices. The S&P 500^® experienced its first one percent decline since October of 2016 on March 21, 2017 as it became apparent that the initial version of the American Health Care Act would not have enough votes to pass the House of Representatives. Equities recovered in the final week of March 2017 as President Trump immediately shifted his focus to tax reform.

U.S equity markets were able to grind their way higher through mid-May 2017. However, volatility soon spiked on headlines that President Trump hinted to former FBI Director James Comey to ease up on the investigation of former National Security Advisor Michael Flynn. This triggered a one day sell-off as the S&P 500^® fell (1.82)%, the largest one-day decline since September 2016. U.S. equity markets continued to advance in the final quarter of the fiscal year as the U.S. economy grew above trend despite the recent hurricanes. Additionally, the third-quarter earnings season has been solid and Congress has made progress towards potential tax reform. Stronger economic data and the anticipation of tax reform caused interest rates to spike towards the end of the October 2017.

PERFORMANCE

For the year ended October 31, 2017, Transamerica Mid Cap Value Class I2 returned 17.08%. By comparison, its benchmark, the Russell Midcap^® Value Index, returned 17.12%.

STRATEGY REVIEW

Transamerica Mid Cap Value underperformed the Russell Midcap^® Value Index during the 12-month period ending October 31, 2017. Stock selection in health care and financials contributed to performance while stock selection in consumer staples and consumer discretionary detracted from portfolio results.

Our position in Mohawk Industries, Inc. was the top contributor for the period. Investors responded positively to the company’s solid third quarter given the known headwinds from hurricanes, higher raw material costs and reduced patent revenue. Upside was driven by a better price mix and price increase implementations, which successfully offset the tougher backdrop. Our favorable view of Mohawk Industries, Inc. is based on its leading market share position in flooring, with its strong competitive advantage driven by best-in-class manufacturing and distribution. Additionally, Mohawk Industries, Inc.’s management team is high quality, consistently creating significant value for shareholders through mergers and acquisitions, further consolidating its leadership position and bolstering its strong organic growth in the global flooring industry.

Stock selection in consumer staples was a performance headwind amid continued challenges for Kroger Co. The combination of deflation in food at home pricing and rising labor costs creates a difficult operating environment for grocers. Additionally, the competitive environment is formidable and there are signs that Wal-Mart has been taking market share. Despite recent challenges, we remain positive on what we view as the premier player in grocery. We are impressed that Kroger Co. continues to invest in an omni-channel platform and its organic food selection. We like management’s innovative strategy as well as their strong commitment to returning capital to shareholders.

Gloria Fu, CFA

Lawrence Playford, CFA

Jonathan K. L. Simon

Co-Portfolio Managers

J.P. Morgan Investment Management Inc.


Asset Allocation	Percentage of Net Assets
Common Stocks		99.1	%
Securities Lending Collateral		3.7
Repurchase Agreement		1.1
Net Other Assets (Liabilities)		(3.9	)
Total		100.0	%


Transamerica Funds		Annual Report 2017

Page 63

Transamerica Mid Cap Value

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class I2 (NAV)		17.08	%		13.72	%		8.71	%		11/15/2005
Russell Midcap^® Value Index^(A)		17.12	%		14.49	%		7.90	%

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.

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 2017

Page 64

Transamerica Mid Cap Value

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Shares		Value
COMMON STOCKS - 99.1%
Auto Components - 1.0%
BorgWarner, Inc.		42,174		$ 2,223,413

Banks - 8.0%
Citizens Financial Group, Inc.		63,227		2,403,258
Fifth Third Bancorp		110,024		3,179,694
First Republic Bank		22,265		2,168,611
Huntington Bancshares, Inc.		121,008		1,669,910
M&T Bank Corp.		22,720		3,789,015
SunTrust Banks, Inc.		51,558		3,104,307
Zions Bancorporation		19,919		925,437

				17,240,232

Beverages - 2.5%
Constellation Brands, Inc., Class A		10,023		2,195,939
Dr Pepper Snapple Group, Inc.		27,849		2,385,545
Molson Coors Brewing Co., Class B		10,705		865,714

				5,447,198

Building Products - 1.0%
Fortune Brands Home & Security, Inc.		33,438		2,208,914

Capital Markets - 5.5%
Ameriprise Financial, Inc.		12,862		2,013,417
Invesco, Ltd.		68,588		2,454,764
Northern Trust Corp.		24,851		2,324,066
Raymond James Financial, Inc.		24,820		2,104,240
T. Rowe Price Group, Inc.		32,414		3,011,261

				11,907,748

Chemicals - 0.9%
Sherwin-Williams Co.		4,848		1,915,687

Communications Equipment - 1.0%
CommScope Holding Co., Inc. ^(A)		64,115		2,060,656

Consumer Finance - 0.9%
Ally Financial, Inc.		77,563		2,026,721

Containers & Packaging - 3.9%
Ball Corp.		80,119		3,439,509
Silgan Holdings, Inc.		68,968		2,017,314
WestRock Co.		48,768		2,990,941

				8,447,764

Distributors - 0.8%
Genuine Parts Co.		18,740		1,653,430

Electric Utilities - 3.5%
Edison International		41,734		3,336,633
Westar Energy, Inc.		13,083		699,679
Xcel Energy, Inc.		72,323		3,581,435

				7,617,747

Electrical Equipment - 2.7%
Acuity Brands, Inc.		6,820		1,140,304
AMETEK, Inc.		27,301		1,842,544
Hubbell, Inc.		16,957		2,133,530
Regal Beloit Corp.		9,453		767,111

				5,883,489

Electronic Equipment, Instruments & Components - 5.0%
Amphenol Corp., Class A		30,386		2,643,582
Arrow Electronics, Inc. ^(A)		32,965		2,755,544
CDW Corp.		41,629		2,914,030
Keysight Technologies, Inc. ^(A)		57,380		2,563,165

				10,876,321


	Shares		Value
COMMON STOCKS (continued)
Equity Real Estate Investment Trusts - 9.5%
American Campus Communities, Inc.		20,967		$ 871,808
American Homes 4 Rent, Class A		35,863		763,165
AvalonBay Communities, Inc.		10,331		1,873,320
Boston Properties, Inc.		14,341		1,737,842
Brixmor Property Group, Inc.		75,404		1,317,308
Essex Property Trust, Inc.		4,300		1,128,449
Federal Realty Investment Trust		9,419		1,135,178
GGP, Inc.		41,538		808,330
HCP, Inc.		12,779		330,209
JBG SMITH Properties ^(A)		10,649		332,355
Kimco Realty Corp.		70,984		1,289,069
Outfront Media, Inc.		60,801		1,425,783
Park Hotels & Resorts, Inc.		36,759		1,058,292
Rayonier, Inc.		48,138		1,443,177
Regency Centers Corp.		15,582		959,072
Vornado Realty Trust		21,318		1,595,866
Weyerhaeuser Co.		43,083		1,547,111
WP Carey, Inc.		12,852		875,864

				20,492,198

Food & Staples Retailing - 0.8%
Kroger Co.		79,342		1,642,379

Food Products - 0.6%
TreeHouse Foods, Inc. ^(A) ^(B)		20,423		1,355,679

Gas Utilities - 1.0%
National Fuel Gas Co.		37,829		2,195,973

Health Care Equipment & Supplies - 0.3%
Zimmer Biomet Holdings, Inc.		6,270		762,557

Health Care Providers & Services - 5.3%
AmerisourceBergen Corp.		21,728		1,671,970
Cigna Corp.		13,408		2,644,326
Henry Schein, Inc. ^(A)		17,232		1,354,435
Humana, Inc.		8,887		2,269,295
Laboratory Corp. of America Holdings ^(A)		10,985		1,688,504
Universal Health Services, Inc., Class B		16,765		1,721,766

				11,350,296

Hotels, Restaurants & Leisure - 1.9%
Hilton Grand Vacations, Inc. ^(A)		7,979		326,820
Hilton Worldwide Holdings, Inc.		35,163		2,541,582
Marriott International, Inc., Class A		9,534		1,139,122

				4,007,524

Household Durables - 3.1%
Mohawk Industries, Inc. ^(A)		15,976		4,181,878
Newell Brands, Inc.		60,474		2,466,129

				6,648,007

Household Products - 0.4%
Energizer Holdings, Inc.		18,670		802,623

Industrial Conglomerates - 1.3%
Carlisle Cos., Inc.		25,190		2,766,618

Insurance - 8.7%
Alleghany Corp. ^(A)		1,988		1,125,645
Chubb, Ltd.		8,065		1,216,363
Hartford Financial Services Group, Inc.		56,475		3,108,949
Loews Corp.		85,008		4,208,746
Marsh & McLennan Cos., Inc.		26,931		2,179,526
Progressive Corp.		30,984		1,507,371

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


Transamerica Funds		Annual Report 2017

Page 65

Transamerica Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Shares		Value
COMMON STOCKS (continued)
Insurance (continued)
Unum Group		35,720		$ 1,858,869
WR Berkley Corp.		14,138		969,584
XL Group, Ltd.		64,127		2,595,220

				18,770,273

Internet & Direct Marketing Retail - 1.3%
Expedia, Inc.		21,973		2,739,154

Internet Software & Services - 0.5%
Match Group, Inc. ^{(A) (B)}		37,786		1,010,398

IT Services - 1.2%
Jack Henry & Associates, Inc.		24,589		2,707,987

Machinery - 2.3%
IDEX Corp.		16,596		2,127,773
Snap-on, Inc.		17,603		2,777,402

				4,905,175

Media - 1.5%
CBS Corp., Class B		25,825		1,449,299
DISH Network Corp., Class A ^(A)		35,889		1,742,052

				3,191,351

Multi-Utilities - 4.8%
CenterPoint Energy, Inc.		22,650		669,987
CMS Energy Corp.		71,352		3,451,296
Sempra Energy		24,302		2,855,485
WEC Energy Group, Inc.		50,655		3,413,641

				10,390,409

Multiline Retail - 1.5%
Kohl’s Corp.		54,558		2,278,342
Nordstrom, Inc. ^(B)		27,089		1,074,079

				3,352,421

Oil, Gas & Consumable Fuels - 6.0%
Energen Corp. ^(A)		80,520		4,162,884
EQT Corp. ^(B)		69,936		4,373,798
PBF Energy, Inc., Class A		53,623		1,553,458
Williams Cos., Inc.		100,002		2,850,057

				12,940,197

Personal Products - 1.6%
Coty, Inc., Class A		95,976		1,478,031
Edgewell Personal Care Co. ^(A)		30,655		1,990,429

				3,468,460

Real Estate Management & Development - 0.7%
CBRE Group, Inc., Class A ^(A)		38,670		1,520,504


	Shares		Value
COMMON STOCKS (continued)
Semiconductors & Semiconductor Equipment - 0.8%
Analog Devices, Inc.		19,045		$ 1,738,809

Software - 1.1%
Synopsys, Inc. ^(A)		28,772		2,489,353

Specialty Retail - 3.4%
AutoZone, Inc. ^(A)		3,469		2,044,975
Best Buy Co., Inc.		32,632		1,826,739
Gap, Inc.		67,539		1,755,339
Tiffany & Co.		17,272		1,617,005

				7,244,058

Textiles, Apparel & Luxury Goods - 1.7%
PVH Corp.		18,402		2,333,557
Ralph Lauren Corp.		15,318		1,369,889

				3,703,446

Trading Companies & Distributors - 1.1%
MSC Industrial Direct Co., Inc., Class A		28,651		2,375,168

Total Common Stocks (Cost $125,807,714)				214,080,337


SECURITIES LENDING COLLATERAL - 3.7%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.00% ^(C)		7,915,723		7,915,723

Total Securities Lending Collateral (Cost $7,915,723)				7,915,723


	Principal		Value
REPURCHASE AGREEMENT - 1.1%
Fixed Income Clearing Corp., 0.12%^(C), dated 10/31/2017, to be repurchased at $2,374,699 on 11/01/2017. Collateralized by a U.S. Government Agency Obligation, 1.85%, due 10/13/2020, and with a value of $2,426,773.		$ 2,374,691		2,374,691

Total Repurchase Agreement (Cost $2,374,691)				2,374,691

Total Investments (Cost $136,098,128)				224,370,751
Net Other Assets (Liabilities) - (3.9)%				(8,456,084	)


Net Assets - 100.0%				$ 215,914,667

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	$	214,080,337	$	—	$	—	$	214,080,337
Securities Lending Collateral		7,915,723		—		—		7,915,723
Repurchase Agreement		—		2,374,691		—		2,374,691

Total Investments	$	221,996,060	$	2,374,691	$	—	$	224,370,751

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


Transamerica Funds		Annual Report 2017

Page 66

Transamerica Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

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 $7,735,714. 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, 2017.
(D)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. 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 2017

Page 67

Transamerica Total Return

(unaudited)

MARKET ENVIRONMENT

Headlines in the fourth quarter of 2016 were dominated by Donald Trump’s surprise victory in the U.S. presidential election. Most markets focused on the pro-growth and inflationary potential for expansionary fiscal policy as domestic equities rallied, credit spreads tightened, rates sold off, and inflation expectations lurched higher. The possibility for growth-enhancing policies along with solid economic data helped solidify the U.S. Federal Reserve’s (“Fed”) widely expected hike in December 2016; this hawkish tilt shifted its infamous “dots” higher for 2017, contributing to front-end U.S. rates moving higher and the dollar strengthening.

During the first quarter of 2017, the robust risk sentiment that marked the post-U.S. election period broadly continued, though there were some signs of moderation as the quarter came to a close. Early challenges in U.S. President Donald Trump’s policy agenda, including the last-minute cancelation of the healthcare vote in the House of Representatives, left some investors less optimistic about the potential for other highly anticipated agenda items such as tax reform. Still, solid fundamental data, relatively easy financial conditions, and optimism among businesses and consumers provided an opportunity for the Fed to continue on its path towards policy normalization.

Geopolitics, including elections in several countries as well as political controversy in both the United States and Brazil, dominated headlines and contributed to brief periods of market volatility during the second quarter of 2017. In the U.S., the Fed raised rates and unveiled details of its plan to gradually unwind its balance sheet, contributing to a flattening yield curve. A perceived hawkish shift in tone from other major central banks spurred most developed market yields to rise. Still, the fundamental backdrop remained largely intact and the broader risk rally continued as equities marched higher, credit spreads tightened, and emerging market (“EM”) assets strengthened.

In the third quarter of 2017, geopolitical uncertainties, including escalating tensions between the U.S. and North Korea and political turmoil within the Trump administration, weighed on yields early in the quarter, though risk assets were generally resilient. Meanwhile, developed market (“DM”) central banks shifted towards a reduction in accommodation that pushed DM yields higher toward the end of the quarter: The Fed detailed plans to unwind its balance sheet, the Bank of England and European Central Bank suggested less stimulus on the horizon, and the Bank of Canada raised rates twice after a seven year gap.

PERFORMANCE

For the year ended October 31, 2017, Transamerica Total Return Class I2 returned 2.87%. By comparison, its benchmark, the Bloomberg Barclays US Aggregate Bond Index, returned 0.90%.

STRATEGY REVIEW

During the one-year period ending October 31, 2017, U.S. interest rate strategies, including duration and curve positioning added to performance. Select exposure to European duration, particularly France, detracted from performance; however, this was partially offset by tactical exposure to German interest rates. A tactical short to a basket of EM currencies relative to the U.S. dollar detracted from performance as the currencies appreciated. A tactical allocation to the euro versus the U.S. dollar contributed as the currency appreciated. Additionally, the Japanese yen currency positioning contributed to performance, as the currency fluctuated throughout the period.

Continued select exposure to Agency and non-Agency mortgages contributed to returns over the year. Holdings of Treasury Inflation-Protected Securities contributed to returns, as inflation expectations increased via breakeven levels. An allocation to high yield financials contributed to returns as spreads narrowed, while an underweight to investment grade industrials and utilities was negative for returns as spreads narrowed. The Fund’s overall corporate exposure was net negative for performance. Additionally, selection among municipal securities during the majority of the period added to performance.

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

Scott A. Mather

Mark R. Kiesel

Mihir P. Worah

Co-Portfolio Managers

Pacific Investment Management Company LLC


Fund Characteristics	Years
Average Maturity §		7.63
Duration †		5.02

Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		78.6	%
AAA		20.4
AA		11.6
A		5.2
BBB		16.0
BB		8.5
B		3.6
CCC and Below		7.6
Not Rated		4.7
Net Other Assets (Liabilities)^{^}		(56.2	)
Total		100.0	%

§	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 2017

Page 68

Transamerica Total Return

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class I2 (NAV)		2.87	%		2.15	%		4.91	%		11/15/2005
Bloomberg Barclays US Aggregate Bond Index^(A)		0.90	%		2.04	%		4.19	%

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.

Performance figures reflect any fee waivers and/or expenses reimbursements by the Investment Manager. Without such waivers and/or reimbursements, the performance would be lower. Future waivers and/or reimbursements are at the discretion of the Investment Manager.

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 2017

Page 69

Transamerica Total Return

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Principal		Value
ASSET-BACKED SECURITIES - 14.3%
ABFC Trust
Series 2004-OPT4, Class A1,
1-Month LIBOR + 0.62%, 1.86% ^(A), 04/25/2034		$ 387,763		$ 388,451
Series 2004-OPT5, Class A1,
1-Month LIBOR + 0.70%, 1.94% ^(A), 06/25/2034		208,108		202,944
ACE Securities Corp. Home Equity Loan Trust Series 2006-HE1, Class A1A, 1-Month LIBOR + 0.20%, 1.44% ^(A), 02/25/2036		233,995		234,010
Amortizing Residential Collateral Trust Series 2002-BC4, Class A, 1-Month LIBOR + 0.58%, 1.82% ^(A), 07/25/2032		3,592		3,435
Anchorage Capital CLO 4, Ltd. Series 2014-4A, Class A1BR, 3-Month LIBOR + 1.14%, 2.52% ^(A), 07/28/2026 ^(B)		1,000,000		1,001,791
Bear Stearns Asset-Backed Securities I Trust
Series 2005-AQ1, Class M2,
1-Month LIBOR + 0.65%, 1.89% ^(A), 03/25/2035		1,490,403		1,502,719
Series 2006-HE1, Class 1M2,
1-Month LIBOR + 0.43%, 1.67% ^(A), 12/25/2035		4,500,000		4,496,883
Series 2006-HE1, Class 2M2,
1-Month LIBOR + 0.43%, 1.67% ^(A), 02/25/2036		1,300,000		1,289,870
Series 2006-HE10, Class 1M1,
1-Month LIBOR + 0.34%, 1.58% ^(A), 12/25/2036		1,800,000		1,622,237
Series 2006-HE10, Class 21A3,
1-Month LIBOR + 0.24%, 1.48% ^(A), 12/25/2036		2,933,865		2,183,073
Series 2007-AQ1, Class A1,
1-Month LIBOR + 0.11%, 1.35% ^(A), 04/25/2031		240,785		293,059
Bear Stearns Asset-Backed Securities Trust Series 2002-2, Class A1, 1-Month LIBOR + 0.66%, 1.90% ^(A), 10/25/2032		5,141		5,045
BlueMountain CLO, Ltd. Series 2013-3A, Class AR, 3-Month LIBOR + 0.89%, 2.20% ^(A), 10/29/2025 ^(B)		1,600,000		1,599,998
C-BASS Trust Series 2007-CB1, Class AF1A, 1-Month LIBOR + 0.07%, 1.31% ^(A), 01/25/2037		355,634		159,124
Carlyle Global Market Strategies CLO, Ltd. Series 2014-3A, Class A1AR, 3-Month LIBOR + 1.15%, 2.52% ^(A), 07/27/2026 ^(B)		1,400,000		1,405,691
Chase Issuance Trust Series 2017-A1, Class A, 1-Month LIBOR + 0.30%, 1.54% ^(A), 01/18/2022		1,300,000		1,305,794


	Principal		Value
ASSET-BACKED SECURITIES (continued)
Citigroup Mortgage Loan Trust Series 2007-FS1, Class 1A1, 4.63% ^(A), 10/25/2037 ^(B)		$ 1,018,716		$ 1,056,100
Citigroup Mortgage Loan Trust Asset-Backed Pass-Through Certificate Series 2004-OPT1, Class M3, 1-Month LIBOR + 0.95%, 2.18% ^(A), 10/25/2034		1,600,000		1,593,164
Countrywide Asset-Backed Certificates
Series 2006-2, Class M1,
1-Month LIBOR + 0.40%, 1.64% ^(A), 06/25/2036		400,000		390,446
Series 2006-26, Class 1A,
1-Month LIBOR + 0.14%, 1.38% ^(A), 06/25/2037		1,483,998		1,345,913
Series 2006-26, Class 2A3,
1-Month LIBOR + 0.17%, 1.41% ^(A), 06/25/2037		1,776,418		1,768,202
CVP Cascade CLO-1, Ltd. Series 2013-CLO1, Class A1R, 3-Month LIBOR + 1.15%, 2.51% ^(A), 01/16/2026 ^(B)		1,300,000		1,300,407
CWABS Asset-Backed Certificates Trust
Series 2005-17, Class MV1,
1-Month LIBOR + 0.46%, 1.70% ^(A), 05/25/2036		1,500,000		1,486,150
Series 2006-14, Class 1A,
1-Month LIBOR + 0.14%, 1.38% ^(A), 02/25/2037		992,704		951,388
Denali Capital CLO X, Ltd. Series 2013-1, Class A1LR, 3-Month LIBOR + 1.05%, 0.00% ^(A), 10/26/2027 ^(B)		1,200,000		1,200,000
Dryden 34 Senior Loan Fund Series 2014-34A, Class A1R, 3-Month LIBOR + 1.16%, 0.00% ^(A), 10/15/2026 ^(B)		1,400,000		1,406,824
Dryden XXV Senior Loan Fund Series 2012-25A, Class ARR, 3-Month LIBOR + 0.90%, 2.26% ^(A), 10/15/2027 ^(B)		1,600,000		1,599,192
GM Financial Automobile Leasing Trust Series 2017-1, Class A2A, 1.67%, 09/20/2019		1,498,726		1,498,400
Home Equity Asset Trust Series 2002-1, Class A4, 1-Month LIBOR + 0.60%, 1.84% ^(A), 11/25/2032		1,026		933
Hyundai Auto Lease Securitization Trust
Series 2017-B, Class A2A,
1.69%, 12/16/2019 ^(B)		1,600,000		1,598,894
Series 2017-B, Class A2B,
1-Month LIBOR + 0.28%, 1.52% ^(A), 12/16/2019 ^(B)		1,900,000		1,901,445
JMP Credit Advisors CLO III, Ltd. Series 2014-1A, Class AR, 3-Month LIBOR + 1.24%, 2.59% ^(A), 10/17/2025 ^(B)		1,400,000		1,403,219

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


Transamerica Funds		Annual Report 2017

Page 70

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
ASSET-BACKED SECURITIES (continued)
JPMorgan Mortgage Acquisition Trust Series 2007-CH3, Class A5, 1-Month LIBOR + 0.26%, 1.50% ^(A), 03/25/2037		$ 3,500,000		$ 3,383,473
Kitty Hawk CLO LLC Series 2015-1A, Class A1R, 3-Month LIBOR + 1.21%, 2.57% ^(A), 04/15/2027 ^(B)		1,000,000		999,580
KVK CLO, Ltd. Series 2013-2A, Class AR, 3-Month LIBOR + 1.15%, 2.51% ^(A), 01/15/2026 ^(B)		1,700,000		1,700,532
Lockwood Grove CLO, Ltd. Series 2014-1A, Class A1R, 3-Month LIBOR + 1.47%, 2.84% ^(A), 04/25/2025 ^(B)		1,700,000		1,703,866
Madison Park Funding XIII, Ltd. Series 2014-13A, Class AR, 3-Month LIBOR + 1.11%, 2.47% ^(A), 01/19/2025 ^(B)		1,700,000		1,708,179
Malin CLO BV Series 2007-1A, Class VFNE, 3-Month Euribor + 0.27%, 0.00% ^(A), 05/07/2023 ^(B)		EUR 548,107		637,228
Merrill Lynch Mortgage Investors Trust Series 2006-FM1, Class A2C, 1-Month LIBOR + 0.16%, 1.40% ^(A), 04/25/2037		$ 1,950,914		1,221,345
Morgan Stanley Mortgage Loan Trust
Series 2007-10XS, Class A1,
6.00% ^(A), 07/25/2047		163,305		130,445
Series 2007-8XS, Class A1,
5.75% ^(A), 04/25/2037		218,268		159,528
Mountain Hawk III CLO, Ltd. Series 2014-3A, Class AR, 3-Month LIBOR + 1.20%, 2.55% ^(A), 04/18/2025 ^(B)		1,100,000		1,101,531
Mountain View CLO, Ltd. Series 2014-1A, Class AR, 3-Month LIBOR + 1.24%, 2.60% ^(A), 10/15/2026 ^(B)		1,400,000		1,403,199
Navient Private Education Loan Trust Series 2015-CA, Class A, 1-Month LIBOR + 1.50%, 2.74% ^(A), 01/16/2035 ^(B)		1,098,402		1,106,321
Nelnet Student Loan Trust
Series 2010-1A, Class A,
3-Month LIBOR + 0.80%, 2.12% ^(A), 11/25/2048 ^(B)		685,530		693,400
Series 2010-3A, Class A,
3-Month LIBOR + 0.78%, 2.15% ^(A), 07/27/2048 ^(B)		1,005,517		1,016,321
New Century Home Equity Loan Trust Series 2006-1, Class A2B, 1-Month LIBOR + 0.18%, 1.42% ^(A), 05/25/2036		84,398		78,205
Oak Hill Credit Partners X, Ltd. Series 2014-10A, Class AR, 3-Month LIBOR + 1.13%, 2.49% ^(A), 07/20/2026 ^(B)		1,400,000		1,405,901


	Principal		Value
ASSET-BACKED SECURITIES (continued)
Oaktree CLO, Ltd. Series 2014-2A, Class A1AR, 3-Month LIBOR + 1.22%, 2.58% ^(A), 10/20/2026 ^(B)		$ 1,200,000		$ 1,202,564
Octagon Investment Partners XIX, Ltd. Series 2014-1A, Class AR, 3-Month LIBOR + 1.10%, 2.46% ^(A), 04/15/2026 ^(B)		1,400,000		1,401,281
Option One Mortgage Loan Trust Series 2007-4, Class 2A4, 1-Month LIBOR + 0.31%, 1.55% ^(A), 04/25/2037		4,738,388		2,965,389
OZLM Funding V, Ltd. Series 2013-5A, Class A1R, 3-Month LIBOR + 1.13%, 2.48% ^(A), 01/17/2026 ^(B)		1,400,000		1,400,990
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-WCW2, Class M2, 1-Month LIBOR + 0.53%, 2.03% ^(A), 07/25/2035		500,000		501,555
Popular ABS Mortgage Pass-Through Trust Series 2006-A, Class M1, 1-Month LIBOR + 0.39%, 1.63% ^(A), 02/25/2036		500,000		491,029
Regatta V Funding, Ltd. Series 2014-1A, Class A1BR, 3-Month LIBOR + 1.16%, 2.53% ^(A), 10/25/2026 ^(B)		1,400,000		1,403,571
Santander Drive Auto Receivables Trust Series 2017-1, Class A2, 1.49%, 02/18/2020		1,049,793		1,049,296
Securitized Asset-Backed Receivables LLC Trust Series 2007-HE1, Class A2A, 1-Month LIBOR + 0.06%, 1.30% ^(A), 12/25/2036		65,715		24,401
SLM Student Loan Trust
Series 2005-4, Class A3,
3-Month LIBOR + 0.12%, 1.49% ^(A), 01/25/2027		1,441,702		1,435,521
Series 2007-3, Class A3,
3-Month LIBOR + 0.04%, 1.41% ^(A), 04/25/2019		806,520		803,452
SoFi Consumer Loan Program LLC Series 2016-3, Class A, 3.05%, 12/26/2025 ^{(B) (C)}		1,037,449		1,046,108
SoFi Professional Loan Program LLC Series 2017-B, Class A1FX, 1.83%, 05/25/2040 ^(B)		1,287,730		1,286,628
Specialty Underwriting & Residential Finance Trust Series 2004-BC2, Class M1, 1-Month LIBOR + 0.83%, 2.06% ^(A), 05/25/2035		2,872,703		2,864,188
SpringCastle America Funding LLC Series 2016-AA, Class A, 3.05%, 04/25/2029 ^{(B) (C)}		999,377		1,004,589

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


Transamerica Funds		Annual Report 2017

Page 71

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
ASSET-BACKED SECURITIES (continued)
Structured Asset Securities Corp. Mortgage Loan Trust Series 2006-BC1, Class A6, 1-Month LIBOR + 0.27%, 1.51% ^(A), 03/25/2036		$ 1,000,000		$ 848,833
Sudbury Mill CLO, Ltd.
Series 2013-1A, Class A1R,
3-Month LIBOR + 1.15%, 2.50% ^(A), 01/17/2026 ^(B)		1,100,000		1,100,350
Series 2013-1A, Class A2R,
3-Month LIBOR + 1.17%, 2.52% ^(A), 01/17/2026 ^(B)		1,100,000		1,100,397
U.S. Small Business Administration
Series 2003-20I, Class 1,
5.13%, 09/01/2023		6,547		6,917
Series 2004-20C, Class 1,
4.34%, 03/01/2024		56,098		57,902
Venture VIII CDO, Ltd. Series 2007-8A, Class A2A, 3-Month LIBOR + 0.22%, 1.58% ^(A), 07/22/2021 ^(B)		146,999		146,999
VOLT LXII LLC Series 2017-NPL9, Class A1, 3.13% ^(A), 09/25/2047 ^(B)		1,489,389		1,488,634
Wells Fargo Home Equity Asset-Backed Securities Trust Series 2005-4, Class M2, 1-Month LIBOR + 0.48%, 1.72% ^(A), 12/25/2035		6,500,000		6,482,050
Westlake Automobile Receivables Trust Series 2017-1A, Class A2, 1.78%, 04/15/2020 ^(B)		1,198,081		1,198,455
World Omni Automobile Lease Securitization Trust Series 2017-A, Class A2, 1.68%, 12/16/2019		1,578,684		1,578,194

Total Asset-Backed Securities (Cost $82,855,212)				89,533,148


CERTIFICATE OF DEPOSIT - 0.6%
Banks - 0.6%
Barclays Bank PLC 1.94% ^(D), 09/04/2018		3,900,000		3,900,000

Total Certificate of Deposit (Cost $3,900,000)				3,900,000


CORPORATE DEBT SECURITIES - 34.8%
Airlines - 0.2%
Latam Airlines Pass-Through Trust 4.20%, 08/15/2029		1,368,526		1,387,343

Banks - 17.3%
Bank of America Corp.
5.65%, 05/01/2018, MTN		1,900,000		1,936,581
6.88%, 04/25/2018, MTN		3,300,000		3,380,208
7.63%, 06/01/2019, MTN		4,000,000		4,338,487
Barclays Bank PLC
7.63%, 11/21/2022		3,900,000		4,480,125
10.18%, 06/12/2021 ^(B)		1,840,000		2,272,207


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Barclays PLC
3.68%, 01/10/2023		$ 1,100,000		$ 1,121,992
Fixed until 09/15/2019, 6.50% ^(A), 09/15/2019 ^(E)		EUR 800,000		1,001,836
Fixed until 12/15/2018, 8.25% ^(A), 12/15/2018 ^(E)		$ 1,500,000		1,594,380
CIT Group, Inc. 3.88%, 02/19/2019		2,100,000		2,131,500
Citigroup, Inc.
2.05%, 06/07/2019		300,000		299,903
3-Month LIBOR + 0.93%, 2.25% ^(A), 06/07/2019		900,000		908,655
3-Month LIBOR + 1.38%, 2.71% ^(A), 03/30/2021		300,000		307,503
3-Month LIBOR + 1.43%, 2.75% ^(A), 09/01/2023		500,000		513,459
2.75%, 04/25/2022		1,700,000		1,705,372
Cooperatieve Rabobank UA 6.88%, 03/19/2020, MTN ^(F)		EUR 3,300,000		4,454,239
Dexia Credit Local SA 2.38%, 09/20/2022 ^(B)		$ 1,500,000		1,495,289
Discover Bank 2.60%, 11/13/2018		1,400,000		1,409,194
ING Bank NV 2.63%, 12/05/2022 ^(B)		800,000		806,740
JPMorgan Chase & Co.
3-Month LIBOR + 0.90%, 2.27% ^(A), 04/25/2023		1,700,000		1,722,129
2.40%, 06/07/2021		1,500,000		1,502,553
KBC Bank NV Fixed until 01/25/2018, 8.00% ^(A), 01/25/2023 ^(F)		2,000,000		2,027,600
Lloyds Bank PLC Fixed until 12/16/2024, 12.00% ^(A), 12/16/2024 ^(B) (E)		3,600,000		4,864,648
Lloyds Banking Group PLC
Fixed until 06/27/2019, 7.00% ^(A), 06/27/2019 ^(E) (F)		GBP 1,200,000		1,695,383
Fixed until 06/27/2023, 7.63% ^(A), 06/27/2023 ^(E) (F)		700,000		1,058,702
Mitsubishi UFJ Financial Group, Inc. 3-Month LIBOR + 1.88%, 3.20% ^(A), 03/01/2021		$1,600,000		1,662,128
National Australia Bank, Ltd. 2.25%, 03/16/2021 ^(B)		1,400,000		1,397,214
Nordea Hypotek AB 2.25%, 06/19/2019		SEK 80,600,000		10,024,173
Nykredit Realkredit A/S
1.00%, 04/01/2018, MTN		DKK 18,000,000		2,833,508
1.00%, 04/01/2018 - 07/01/2018		39,600,000		6,252,619
2.00%, 04/01/2018		19,800,000		3,130,779
Realkredit Danmark A/S
1.00%, 01/01/2018 - 04/01/2018, MTN		116,600,000		18,342,561
2.00%, 01/01/2018 - 04/01/2018		25,600,000		4,039,019
Royal Bank of Canada 2.30%, 03/22/2021		$ 1,400,000		1,402,962

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


Transamerica Funds		Annual Report 2017

Page 72

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Societe Generale SA Fixed until 11/29/2018, 8.25% ^(A), 11/29/2018, MTN ^{(E) (F)}		$ 1,300,000		$ 1,376,375
Sumitomo Mitsui Trust Bank, Ltd. 3-Month LIBOR + 0.51%, 1.83% ^(A), 03/06/2019 ^(B)		1,400,000		1,402,330
Swedbank Hypotek AB 3.75%, 06/19/2019, MTN		SEK 30,000,000		3,821,214
Toronto-Dominion Bank 2.25%, 03/15/2021 ^(B)		$ 2,000,000		1,998,913
Wells Fargo & Co. Fixed until 03/15/2018, 7.98% ^(A), 03/15/2018 ^(E)		3,400,000		3,469,020

				108,181,500

Biotechnology - 0.2%
AbbVie, Inc. 1.80%, 05/14/2018		1,100,000		1,100,683

Capital Markets - 5.2%
Blackstone CQP Holdco, LP 6.00%, 08/18/2021 ^(B) (C)		1,600,000		1,594,320
Credit Suisse Group Funding Guernsey, Ltd.
3.13%, 12/10/2020		1,400,000		1,426,675
3.75%, 03/26/2025		1,600,000		1,643,265
3.80%, 09/15/2022 - 06/09/2023		2,700,000		2,803,552
Deutsche Bank AG
2.70%, 07/13/2020		1,500,000		1,505,291
3-Month LIBOR + 1.45%, 2.80% ^(A), 01/18/2019		1,400,000		1,417,229
4.25%, 10/14/2021		2,700,000		2,824,555
Goldman Sachs Group, Inc.
3-Month LIBOR + 1.10%, 2.42% ^(A), 11/15/2018, MTN		1,300,000		1,311,232
3-Month LIBOR + 1.20%, 2.52% ^(A), 09/15/2020		1,600,000		1,630,781
Morgan Stanley
5.95%, 12/28/2017, MTN		4,900,000		4,932,992
6.63%, 04/01/2018, MTN		2,000,000		2,039,720
UBS AG
3-Month LIBOR + 0.58%, 1.90% ^(A), 06/08/2020 ^(B)		2,600,000		2,612,449
Fixed until 05/22/2018, 4.75% ^(A), 05/22/2023, MTN ^(F)		1,900,000		1,925,696
7.63%, 08/17/2022		600,000		708,000
UBS Group Funding Switzerland AG 3.00%, 04/15/2021 ^(B)		3,800,000		3,857,096

				32,232,853

Construction & Engineering - 0.1%
Odebrecht Offshore Drilling Finance, Ltd. 6.63%, 10/01/2023 ^{(B) (G) (H)}		2,180,360		817,635

Consumer Finance - 0.6%
Ford Motor Credit Co. LLC 3-Month LIBOR + 0.83%, 2.14% ^(A), 03/12/2019		600,000		603,370


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Consumer Finance (continued)
General Motors Financial Co., Inc. 3-Month LIBOR + 0.93%, 2.29% ^(A), 04/13/2020		$ 1,700,000		$ 1,713,194
Springleaf Finance Corp. 8.25%, 12/15/2020		1,200,000		1,353,000
Volkswagen Group of America Finance LLC 1.65%, 05/22/2018 ^(B)		300,000		299,606

				3,969,170

Diversified Financial Services - 3.0%
Bear Stearns Cos. LLC 7.25%, 02/01/2018		2,100,000		2,128,640
BRFkredit A/S
1.00%, 01/01/2018, MTN ^(F)		DKK 17,900,000		2,807,654
4.00%, 01/01/2018		11,700,000		1,844,257
LeasePlan Corp. NV 2.88%, 01/22/2019 ^(B)		$ 1,500,000		1,502,067
Nordea Kredit Realkreditaktieselskab
1.00%, 04/01/2018, MTN		DKK 8,000,000		1,260,244
1.00%, 10/01/2018		14,400,000		2,285,471
Preferred Term Securities XVII, Ltd. / Preferred Term Securities XVII, Inc. 3-Month LIBOR + 0.40%, 1.72% ^(A), 06/23/2035 ^(B)		$ 1,354,687		1,183,440
Tayarra, Ltd. 3.63%, 02/15/2022		3,696,414		3,818,605
Washington Prime Group, LP 5.95%, 08/15/2024		2,000,000		2,054,077

				18,884,455

Diversified Telecommunication Services - 2.0%
AT&T, Inc.
3-Month LIBOR + 0.95%, 2.31% ^(A), 07/15/2021		1,500,000		1,518,207
2.80%, 02/17/2021		2,000,000		2,028,715
SFR Group SA 7.38%, 05/01/2026 ^(B)		900,000		967,500
United Group BV 4.38%, 07/01/2022 ^(B)		EUR 1,300,000		1,590,024
Verizon Communications, Inc.
3-Month LIBOR + 0.55%, 1.86% ^(A), 05/22/2020		$ 1,500,000		1,509,485
3.38%, 02/15/2025 ^(B)		4,590,000		4,617,773

				12,231,704

Electric Utilities - 0.9%
FirstEnergy Corp. 2.85%, 07/15/2022		1,500,000		1,499,794
PG&E Corp. 2.40%, 03/01/2019		1,200,000		1,204,408
Progress Energy, Inc. 4.88%, 12/01/2019		600,000		633,991
Southern Co. 3-Month LIBOR + 0.70%, 2.04% ^(A), 09/30/2020 ^(B)		2,000,000		2,013,409

				5,351,602

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


Transamerica Funds		Annual Report 2017

Page 73

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Equity Real Estate Investment Trusts - 1.1%
AvalonBay Communities, Inc. 3.50%, 11/15/2024, MTN		$ 1,595,000		$ 1,647,532
Digital Realty Trust, LP 2.75%, 02/01/2023		1,400,000		1,397,592
National Retail Properties, Inc. 3.50%, 10/15/2027		1,600,000		1,569,643
Simon Property Group, LP 2.50%, 09/01/2020		2,500,000		2,523,721

				7,138,488

Health Care Equipment & Supplies - 0.5%
Becton Dickinson and Co. 2.13%, 06/06/2019		1,600,000		1,600,638
Boston Scientific Corp. 3.38%, 05/15/2022		1,600,000		1,643,460

				3,244,098

Insurance - 0.2%
New York Life Global Funding 2.90%, 01/17/2024 ^(B)		1,000,000		1,008,999

Internet & Direct Marketing Retail - 0.1%
Amazon.com, Inc. 4.25%, 08/22/2057 ^(B)		700,000		735,187

Internet Software & Services - 0.5%
eBay, Inc. 2.15%, 06/05/2020		3,000,000		3,002,350

IT Services - 0.2%
DXC Technology Co. 3-Month LIBOR + 0.95%, 2.27% ^(A), 03/01/2021		1,300,000		1,304,402

Oil, Gas & Consumable Fuels - 0.6%
Enbridge, Inc. 3-Month LIBOR + 0.70%, 2.02% ^(A), 06/15/2020		1,500,000		1,512,327
Petrobras Global Finance BV 6.13%, 01/17/2022		1,200,000		1,297,200
Sabine Pass Liquefaction LLC 5.75%, 05/15/2024		1,000,000		1,120,077

				3,929,604

Pharmaceuticals - 0.2%
Shire Acquisitions Investments Ireland DAC 1.90%, 09/23/2019		1,500,000		1,494,010

Real Estate Management & Development - 0.2%
Tesco Property Finance 6 PLC 5.41%, 07/13/2044 ^(F)		GBP 781,047		1,194,801

Road & Rail - 0.3%
Hellenic Railways Organization SA 5.01%, 12/27/2017 ^(F)		EUR 100,000		115,466
SMBC Aviation Capital Finance DAC 3.00%, 07/15/2022 ^(B)		$ 1,600,000		1,596,307

				1,711,773

Software - 0.1%
Oracle Corp. 2.40%, 09/15/2023		800,000		795,178


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Technology Hardware, Storage & Peripherals - 0.4%
Dell International LLC / EMC Corp.
4.42%, 06/15/2021 ^(B)		$ 800,000		$ 841,205
5.45%, 06/15/2023 ^(B)		1,200,000		1,314,890

				2,156,095

Tobacco - 0.2%
BAT Capital Corp. 2.76%, 08/15/2022 ^(B)		1,000,000		1,000,949

Trading Companies & Distributors - 0.7%
International Lease Finance Corp. 7.13%, 09/01/2018 ^(B)		4,200,000		4,375,396

Total Corporate Debt Securities (Cost $211,514,909)				217,248,275


FOREIGN GOVERNMENT OBLIGATIONS - 6.0%
Brazil - 4.8%
Brazil Letras do Tesouro Nacional Zero Coupon, 01/01/2018 - 07/01/2018		BRL 91,500,000		27,175,703
Brazil Notas do Tesouro Nacional Series F, 10.00%, 01/01/2023		9,700,000		3,018,888

				30,194,591

Germany - 0.5%
Bundesobligation Zero Coupon, 04/17/2020 ^(F)		EUR 300,000		355,518
Bundesrepublik Deutschland
2.50%, 07/04/2044 ^(F)		600,000		917,512
3.25%, 07/04/2042 ^(F)		1,000,000		1,714,006

				2,987,036

Japan - 0.5%
Japan Bank for International Cooperation 2.88%, 07/21/2027		$ 1,700,000		1,715,876
Japan Finance Organization for Municipalities 2.63%, 04/20/2022 ^(B)		1,400,000		1,404,277

				3,120,153

Kuwait - 0.2%
Kuwait International Government Bond 2.75%, 03/20/2022 ^(B)		1,400,000		1,412,250

Total Foreign Government Obligations (Cost $39,036,259)				37,714,030


MORTGAGE-BACKED SECURITIES - 8.7%
Alternative Loan Trust
Series 2005-81, Class A1,
1-Month LIBOR + 0.28%, 1.52% ^(A), 02/25/2037		322,073		293,562
Series 2005-82, Class A1,
1-Month LIBOR + 0.27%, 1.51% ^(A), 02/25/2036		1,276,429		1,118,987
Series 2005-J12, Class 2A1,
1-Month LIBOR + 0.27%, 1.51% ^(A), 08/25/2035		1,138,262		804,352

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


Transamerica Funds		Annual Report 2017

Page 74

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Alternative Loan Trust (continued)
Series 2006-30T1, Class 1A3,
6.25%, 11/25/2036		$ 158,948		$ 142,311
Series 2006-J8, Class A2,
6.00%, 02/25/2037		177,454		122,783
Series 2006-OA12, Class A1B,
1-Month LIBOR + 0.19%, 1.43%^(A), 09/20/2046		967,375		796,967
Series 2006-OA17, Class 1A1A,
1-Month LIBOR + 0.20%, 1.43%^(A), 12/20/2046		1,266,232		1,076,100
Series 2006-OC7, Class 2A2A,
1-Month LIBOR + 0.17%, 1.41%^(A), 07/25/2046		1,246,158		1,198,934
Series 2006-OC8, Class 2A2B,
1-Month LIBOR + 0.17%, 1.41%^(A), 11/25/2036		854,905		807,355
Series 2007-2CB, Class 1A13,
1-Month LIBOR + 1.00%, 5.75%^(A), 03/25/2037		248,415		210,496
Series 2007-HY4, Class 1A1,
3.44%^(A), 06/25/2037		429,557		372,770
Series 2007-J1, Class 2A8,
6.00%, 03/25/2037		1,667,352		1,147,111
Series 2007-OA6, Class A1B,
1-Month LIBOR + 0.20%, 1.44%^(A), 06/25/2037		1,552,258		1,472,956
American Home Mortgage Assets Trust Series 2006-4, Class 1A12, 1-Month LIBOR + 0.21%, 1.45%^(A), 10/25/2046		1,130,544		831,125
BAMLL Commercial Mortgage Securities Trust
Series 2016-ASHF, Class A,
1-Month LIBOR + 1.90%, 3.14%^(A), 12/15/2033 ^(B)		1,400,000		1,407,880
Banc of America Funding Trust
Series 2005-D, Class A1,
3.35%^(A), 05/25/2035		214,021		223,026
Series 2006-J, Class 4A1,
3.64%^(A), 01/20/2047		36,397		34,367
BBCMS Trust Series 2015-STP, Class A, 3.32%, 09/10/2028^(B)		2,988,361		3,058,598
BCAP LLC Trust Series 2011-RR8, Class 2A1, 3.50%^(A), 08/26/2037^(B)		687,645		687,961
Bear Stearns Alt-A Trust
Series 2006-6, Class 31A1,
3.85%^(A), 11/25/2036		1,156,131		1,070,817
Series 2006-6, Class 32A1,
3.48%^(A), 11/25/2036		229,290		195,649
Bear Stearns ARM Trust
Series 2003-5, Class 2A1,
3.36%^(A), 08/25/2033		199,457		199,148
Series 2003-8, Class 2A1,
3.57%^(A), 01/25/2034		5,755		5,863
Series 2003-8, Class 4A1,
3.69%^(A), 01/25/2034		62,851		63,284


	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Bear Stearns ARM Trust (continued)
Series 2005-2, Class A2,
12-Month LIBOR + 1.95%, 3.64%^(A), 03/25/2035		$ 122,823		$ 124,006
Series 2005-5, Class A2,
1-Year CMT + 2.15%, 2.82%^(A), 08/25/2035		64,418		64,153
Series 2006-4, Class 1A1,
3.68%^(A), 10/25/2036		76,524		73,318
Bear Stearns Structured Products, Inc. Trust Series 2007-R6, Class 1A1, 3.37%^(A), 01/26/2036		148,378		131,034
Berica 8 Residential MBS Srl Series 2008, Class A, 3-Month Euribor + 0.20%, 0.00%^(A), 03/31/2048 ^(F)		EUR 1,953,772		2,272,129
Berica ABS Srl Series 2011-1, Class A1, 3-Month Euribor + 0.30%, 0.00%^(A), 12/31/2055 ^(F)		876,329		1,020,181
CGMS Commercial Mortgage Trust Series 2017-MDRA, Class A, 3.66%, 07/10/2030^(B)		$ 1,900,000		1,940,536
Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2004-3A, Class A1, 1-Month LIBOR + 0.25%, 1.49%^(A), 08/25/2035 ^(B)		81,306		79,635
CHL Mortgage Pass-Through Trust
Series 2002-30, Class M,
3.49%^(A), 10/19/2032		6,412		6,122
Series 2004-12, Class 12A1,
3.50%^(A), 08/25/2034		93,422		91,275
Citigroup Commercial Mortgage Trust Series 2015-SHP2, Class A, 1-Month LIBOR + 1.28%, 2.52%^(A), 07/15/2027 ^(B)		1,800,000		1,799,994
Citigroup Mortgage Loan Trust Series 2005-6, Class A2, 1-Year CMT + 2.15%, 3.18%^(A), 09/25/2035		70,915		71,540
CitiMortgage Alternative Loan Trust Series 2006-A7, Class 1A9, 1-Month LIBOR + 0.65%, 1.89%^(A), 12/25/2036		1,556,246		1,268,475
COMM Mortgage Trust Series 2015-CR26, Class ASB, 3.37%, 10/10/2048		1,400,000		1,450,710
Credit Suisse First Boston Mortgage Securities Corp.
Series 2002-P1A, Class A,
1.83%^(A), 03/25/2032^(B)		247		232
Series 2003-AR15, Class 2A1,
3.00%^(A), 06/25/2033		304,745		301,014
Series 2003-AR28, Class 2A1,
3.24%^(A), 12/25/2033		2,143,601		2,119,717

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


Transamerica Funds		Annual Report 2017

Page 75

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2005-6, Class 2A3, 5.50%, 12/25/2035		$ 316,757		$ 282,841
First Horizon Alternative Mortgage Securities Trust Series 2007-FA4, Class 1A8, 6.25%, 08/25/2037		163,113		127,725
First Horizon Mortgage Pass-Through Trust Series 2005-AR3, Class 2A1, 3.29%^(A), 08/25/2035		19,143		16,566
Fort Cre LLC Series 2016-1A, Class A1, 1-Month LIBOR + 1.50%, 2.74%^(A), 05/21/2036 ^{(B) (I)}		734,430		734,930
GS Mortgage Securities Corp. Trust Series 2016-RENT, Class A, 3.20%, 02/10/2029^(B)		1,400,000		1,426,048
GSR Mortgage Loan Trust Series 2005-AR6, Class 2A1, 3.28%^(A), 09/25/2035		34,809		35,480
HarborView Mortgage Loan Trust
Series 2005-14, Class 4A1A,
3.47%^(A), 12/19/2035		230,731		196,639
Series 2006-12, Class 2A2A,
1-Month LIBOR + 0.19%, 1.43%^(A), 01/19/2038		545,721		512,859
Series 2006-6, Class 5A1A,
3.65%^(A), 08/19/2036		124,652		114,616
Hilton USA Trust Series 2016-SFP, Class A, 2.83%, 11/05/2035^(B)		1,700,000		1,691,552
Independent National Mortgage Corp. Index Mortgage Loan Trust Series 2005-AR11, Class A3, 3.29%^(A), 08/25/2035		1,150,657		1,040,023
JPMCC Re-REMIC Trust Series 2016-FLRR, Class AFL, 1-Month LIBOR + 1.45%, 2.69%^(A), 01/15/2033 ^(B)		874,738		874,912
Lehman XS Trust Series Series 2007-4N, Class 3A2A, 12-MTA + 0.75%, 1.69%^(A), 03/25/2047		1,379,400		1,333,812
Ludgate Funding PLC Series 2007-1, Class A2A, 3-Month GBP LIBOR + 0.16%, 0.50%^(A), 01/01/2061 ^(F)		GBP 1,713,671		2,156,869
Luminent Mortgage Trust Series 2006-6, Class A1, 1-Month LIBOR + 0.20%, 1.44%^(A), 10/25/2046		$291,284		280,903
MASTR Alternative Loan Trust Series 2006-2, Class 2A1, 1-Month LIBOR + 0.40%, 1.64%^(A), 03/25/2036		96,240		19,541
Merrill Lynch Mortgage Investors Trust
Series 2005-2, Class 3A,
1-Month LIBOR + 1.00%, 2.24%^(A), 10/25/2035		12,448		11,856


	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Merrill Lynch Mortgage Investors Trust (continued)
Series 2005-3, Class 4A,
1-Month LIBOR + 0.25%, 1.49%^(A), 11/25/2035		$ 5,712		$ 5,456
Morgan Stanley Capital I Trust Series 2014-CPT, Class AM, 3.40%^(A), 07/13/2029^(B)		1,400,000		1,439,777
RALI Trust Series 2008-QR1, Class 1A1, 1-Month LIBOR + 1.40%, 2.64%^(A), 08/25/2036		642,698		579,999
RBSSP Resecuritization Trust Series 2009-6, Class 2A1, 1-Month LIBOR + 0.15%, 3.37%^(A), 01/26/2036 ^(B)		1,034,333		1,046,714
Reperforming Loan REMIC Trust
Series 2004-R1, Class 2A,
6.50%, 11/25/2034^(B)		149,993		148,524
Series 2005-R2, Class 1AF1,
1-Month LIBOR + 0.34%, 1.58%^(A), 06/25/2035^(B)		429,021		395,685
RFMSI Trust Series 2003-S9, Class A1, 6.50%, 03/25/2032		862		886
RMAC Securities No. 1 PLC Series 2007-NS1X, Class A2B, 3-Month LIBOR + 0.15%, 1.46%^(A), 06/12/2044 ^(F)		2,180,079		2,094,406
Sequoia Mortgage Trust
Series 2004-11, Class A2,
6-Month LIBOR + 0.64%, 2.04%^(A), 12/20/2034		954,152		920,915
Series 2007-1, Class 1A1,
3.17%^(A), 01/20/2047		269,442		220,064
Series 2007-3, Class 2AA1,
3.53%^(A), 07/20/2037		1,470,895		1,418,067
Series 2010, Class 2A1,
1-Month LIBOR + 0.76%, 2.00%^(A), 10/20/2027		8,696		8,295
Structured Adjustable Rate Mortgage Loan Trust
Series 2004-12, Class 3A1,
3.46%^(A), 09/25/2034		261,380		260,802
Series 2004-19, Class 2A1,
12-MTA + 1.40%, 2.34%^(A), 01/25/2035		99,554		93,051
Structured Asset Mortgage Investments II Trust
Series 2005-AR5, Class A1,
1-Month LIBOR + 0.25%, 1.49%^(A), 07/19/2035		20,962		19,961
Series 2005-AR5, Class A2,
1-Month LIBOR + 0.25%, 1.49%^(A), 07/19/2035		19,604		19,156
Series 2005-AR5, Class A3,
1-Month LIBOR + 0.25%, 1.49%^(A), 07/19/2035		44,518		43,260
Series 2005-AR8, Class A1A,
1-Month LIBOR + 0.28%, 1.52%^(A), 02/25/2036		290,080		274,767

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


Transamerica Funds		Annual Report 2017

Page 76

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Structured Asset Mortgage Investments II Trust (continued)
Series 2006-AR3, Class 12A1,
1-Month LIBOR + 0.22%, 1.46%^(A), 05/25/2036		$ 366,354		$ 331,795
Series 2006-AR6, Class 2A1,
1-Month LIBOR + 0.19%, 1.43%^(A), 07/25/2046		1,302,920		1,184,415
Structured Asset Mortgage Investments Trust Series 2002-AR3, Class A1, 1-Month LIBOR + 0.66%, 1.90%^(A), 09/19/2032		5,783		5,642
Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2003-22A, Class 2A1, 3.26%^(A), 06/25/2033		266,819		263,333
WaMu Mortgage Pass-Through Certificates Trust
Series 2002-AR9, Class 1A,
12-MTA + 1.40%, 2.34% ^(A), 08/25/2042		4,261		4,112
Series 2003-AR9, Class 2A,
3.36% ^(A), 09/25/2033		403,782		407,986
Series 2006-AR19, Class 1A,
12-MTA + 0.74%, 1.68%^(A), 01/25/2047		503,137		428,820
Series 2006-AR19, Class 1A1A,
12-MTA + 0.73%, 1.67% ^(A), 01/25/2047		453,211		438,782
Series 2006-AR9, Class 2A,
1-COFI + 1.50%, 2.23% ^(A⁾, 08/25/2046		297,404		290,028
Wells Fargo Mortgage-Backed Securities Trust
Series 2004-CC, Class A1,
3.15% ^(A), 01/25/2035		52,249		53,191
Series 2005-AR2, Class 1A1,
3.22% ^(A), 03/25/2035		970,656		979,107
Series 2006-AR8, Class 2A4,
3.57% ^(A), 04/25/2036		104,369		105,400

Total Mortgage-Backed Securities (Cost $52,830,076)				54,496,041


MUNICIPAL GOVERNMENT OBLIGATIONS - 1.3%
Illinois - 0.9%
City of Chicago, General Obligation Unlimited, Series B, 7.75%, 01/01/2042		1,000,000		1,091,950
State of Illinois, General Obligation Unlimited
5.10%, 06/01/2033		1,845,000		1,860,203
6.63%, 02/01/2035		1,500,000		1,684,605
7.35%, 07/01/2035		1,015,000		1,186,403

				5,823,161

New York - 0.0% ^(J)
New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, 4.73%, 11/01/2023		100,000		111,688


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
South Carolina - 0.2%
South Carolina Student Loan Corp., Revenue Bonds, Series A-3, 3-Month LIBOR + 0.14%, 1.46% ^(A), 12/01/2023		$ 1,340,296		$ 1,339,827

West Virginia - 0.2%
Tobacco Settlement Finance Authority, Revenue Bonds, Series A, 7.47%, 06/01/2047		975,000		943,040

Total Municipal Government Obligations (Cost $7,666,262)				8,217,716


U.S. GOVERNMENT AGENCY OBLIGATIONS - 47.4%
Federal Home Loan Mortgage Corp.
1-Year CMT + 2.22%, 2.77% ^(A), 11/01/2033		39,631		41,845
1-Year CMT + 2.26%, 3.00% ^(A), 01/01/2036		1,343,447		1,419,347
1-Year CMT + 2.23%, 3.07% ^(A), 03/01/2034		50,435		53,147
12-Month LIBOR + 1.35%, 3.10% ^(A), 09/01/2035		16,883		17,476
3.50%, TBA ^(K)		7,000,000		7,183,066
12-Month LIBOR + 1.87%, 3.62% ^(A), 09/01/2035		197,985		209,451
4.00%, TBA ^(K)		4,000,000		4,190,780
4.50%, 08/01/2025 - 05/01/2037		35,801		38,323
4.50%, TBA ^(K)		3,000,000		3,201,093
Federal Home Loan Mortgage Corp. REMIC
1-Month LIBOR + 0.40%, 1.64% ^(A), 06/15/2041		1,431,552		1,436,042
6.50%, 04/15/2029		1,394		1,552
Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates
12-MTA + 1.20%, 2.09% ^(A), 10/25/2044		192,401		195,445
12-MTA + 1.40%, 2.29% ^(A), 07/25/2044		189,038		191,665
6.50%, 07/25/2043		10,324		11,998
Federal National Mortgage Association
1-Month LIBOR + 0.35%, 1.59% ^(A), 09/25/2042		171,943		170,968
12-MTA + 1.20%, 2.09% ^(A), 03/01/2044 - 10/01/2044		625,723		636,456
1-Year CMT + 2.27%, 2.81% ^(A), 11/01/2033		47,329		50,051
1-Year CMT + 2.22%, 2.95% ^(A), 01/01/2028		14,116		14,845
3.00%, TBA ^(K)		74,000,000		73,927,131
12-Month LIBOR + 1.37%, 3.14% ^(A), 07/01/2035		107,921		112,210
1-Year CMT + 2.04%, 3.17% ^(A), 09/01/2035		185,221		193,948
1-Year CMT + 2.19%, 3.31% ^(A), 01/01/2026		1,825		1,831
12-Month LIBOR + 1.69%, 3.33% ^(A), 03/01/2034		105,989		111,668

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


Transamerica Funds		Annual Report 2017

Page 77

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal National Mortgage Association (continued)
3.50%, 02/01/2027		$ 166,538		$ 173,403
3.50%, TBA^(K)		93,800,000		96,275,770
4.00%, TBA ^(K)		52,000,000		54,571,779
4.50%, 11/01/2018 - 12/01/2024		195,810		201,129
4.50%, TBA ^(K)		19,000,000		20,309,005
5.00%, 08/01/2020 - 10/01/2029		254,411		274,032
5.00%, TBA ^(K)		9,000,000		9,699,052
6.00%, 07/01/2035 - 06/01/2040		1,287,903		1,457,567
Federal National Mortgage Association REMIC
1-Month LIBOR + 0.10%, 1.34% ^(A), 01/25/2021		162		162
1-Month LIBOR + 0.45%, 1.69% ^(A), 09/25/2046		1,121,396		1,123,950
6.30%, 10/17/2038		92,529		93,830
Federal National Mortgage Association REMIC, Interest Only STRIPS (1.00) * 1-Month LIBOR + 7.10%, 5.86% ^(A), 07/25/2034		449,485		75,623
Government National Mortgage Association
1-Month LIBOR + 0.60%, 1.83% ^(A), 08/20/2065 - 10/20/2065		3,800,511		3,796,479
1-Month LIBOR + 0.95%, 2.18%^(A), 12/20/2066		1,278,222		1,297,009
1-Month LIBOR + 1.00%, 2.23% ^(A), 12/20/2065		5,430,433		5,519,655
1-Year CMT + 1.50%, 2.63% ^(A), 05/20/2024		16,628		17,071
3.00%, TBA^(K)		1,000,000		1,011,777
3.50%, TBA^(K)		1,000,000		1,035,781
4.00%, TBA^(K)		5,000,000		5,248,296
Government National Mortgage Association, Interest Only STRIPS
(1.00) * 1-Month LIBOR + 6.56%, 5.32%^(A), 04/16/2033 - 10/16/2033		469,146		79,052
(1.00) * 1-Month LIBOR + 6.60%, 5.36%^(A), 08/16/2033 - 09/20/2034		1,295,994		245,251

Total U.S. Government Agency Obligations (Cost $295,629,213)				295,916,011


U.S. GOVERNMENT OBLIGATIONS - 31.0%
U.S. Treasury - 31.0%
U.S. Treasury Bond
2.25%, 08/15/2046^(L)		2,500,000		2,191,894
2.50%, 02/15/2046^{(L) (M)}		600,000		556,383
2.75%, 08/15/2042 - 11/15/2042^(L)		10,000,000		9,848,828
2.75%, 08/15/2047		300,000		292,477
2.88%, 05/15/2043		3,600,000		3,619,266
2.88%, 08/15/2045^(L)		9,800,000		9,814,930
3.00%, 05/15/2042^(L)		5,200,000		5,365,344
3.13%, 02/15/2043		1,000,000		1,052,070
3.13%, 08/15/2044^(L)		9,700,000		10,202,809
4.25%, 05/15/2039^(M)		900,000		1,122,750
4.38%, 11/15/2039^(L)		4,900,000		6,217,066


	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (continued)
U.S. Treasury (continued)
U.S. Treasury Bond (continued)
4.38%, 05/15/2040^(M)		$ 1,400,000		$ 1,778,984
4.63%, 02/15/2040^(M)		700,000		918,312
U.S. Treasury Note
1.88%, 07/31/2022^(M) (N)		900,000		894,797
1.88%, 08/31/2022^(O)		4,000,000		3,975,156
2.00%, 12/31/2021^{(L) (M) (N)}^(O)		86,900,000		87,168,168
2.00%, 10/31/2022		400,000		399,766
2.13%, 09/30/2024^(L)		14,800,000		14,706,344
2.25%, 08/15/2027^(L)		22,500,000		22,252,148
2.38%, 05/15/2027^(L)		11,400,000		11,405,344

Total U.S. Government Obligations (Cost $194,523,382)				193,782,836


	Shares		Value
COMMON STOCK - 0.0% ^(J)
Household Durables - 0.0% ^(J)
Urbi Desarrollos Urbanos SAB de CV ^(H)		7,629		2,829

Total Common Stock (Cost $417,591)				2,829


	Principal		Value
COMMERCIAL PAPER - 1.6%
Auto Components - 0.5%
Toyota Industries Corp. 1.56%^(D), 02/22/2018		$ 3,000,000		2,985,687

Banks - 0.8%
Standard Chartered Bank
1.45%^(D), 02/05/2018		3,600,000		3,586,368
1.64%^(D), 02/05/2018		1,600,000		1,593,173

				5,179,541

Oil, Gas & Consumable Fuels - 0.3%
Energy Transfer Partners, LP 2.23%^(D), 11/01/2017		2,000,000		2,000,000

Total Commercial Paper (Cost $10,165,228)				10,165,228


SHORT-TERM FOREIGN GOVERNMENT OBLIGATIONS - 10.3%
Argentina - 0.6%
Argentina Treasury Bill
3.25%^(D), 12/15/2017		1,100,000		1,096,112
3.35%^(D), 04/27/2018		2,300,000		2,264,228

				3,360,340

Japan - 9.7%
Japan Treasury Discount Bill 0.00%^{(D) (P)}, 11/20/2017 - 01/10/2018		JPY 6,900,000,000		60,691,775

Total Short-Term Foreign Government Obligations (Cost $65,595,898)				64,052,115

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


Transamerica Funds		Annual Report 2017

Page 78

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


	Principal			Value
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 0.2%
U.S. Treasury Bill
1.03%^(D), 01/04/2018 ^(Q)		$ 445,000			$ 444,195
1.04%^(D), 01/04/2018 ^(Q)		688,000			686,695

Total Short-Term U.S. Government Obligations (Cost $1,130,942)					1,130,890

Total Investments Excluding Purchased Options/Swaptions (Cost $965,264,973)					976,159,119
Total Purchased Options/Swaptions - 0.0%^(J) (Cost $415,900)					114,991

Total Investments (Cost $965,680,872)					976,274,110
Net Other Assets (Liabilities) - (56.2)%					(351,207,433	)


Net Assets - 100.0%					$ 625,066,677


REVERSE REPURCHASE AGREEMENTS - (11.6)%
Credit Agricole Corporate and Investment Bank, 1.18%^(D), dated 10/18/2017, to be repurchased at $(2,829,298) on 11/01/2017. Collateralized by a U.S. Government Obligation, 2.00%, due 12/31/2021, and cash with a total value of $(2,822,915).		(2,828,000	)		(2,828,000	)
Credit Agricole Corporate and Investment Bank, 1.18%^(D), dated 10/10/2017, to be repurchased at $(20,624,936) on 11/10/2017. Collateralized by a U.S. Government Obligation, 2.00%, due 12/31/2021, and cash with a total value of $(20,566,949).		(20,604,000	)		(20,604,000	)
Credit Agricole Corporate and Investment Bank, 1.23%^(D), dated 10/31/2017, to be repurchased at $(13,938,476) on 11/01/2017. Collateralized by a U.S. Government Obligation, 2.00%, due 12/31/2021, and cash with a total value of $(13,912,936).		(13,938,000	)		(13,938,000	)
Societe Generale SA, 0.93%^(D), dated 11/01/2017, to be repurchased at $(6,957,508) on 11/08/2017. Collateralized by a U.S. Government Obligation, 2.25%, due 08/15/2027, and with a value of $(6,940,539).		(6,956,250	)		(6,956,250	)


	Principal			Value
REVERSE REPURCHASE AGREEMENTS (continued)
Societe Generale SA, 1.08%^(D), dated 10/24/2017, to be repurchased at $(6,957,920) on 11/01/2017. Collateralized by a U.S. Government Obligation, 2.25%, due 08/15/2027, and with a value of $(6,940,539).		$ (6,956,250	)		$ (6,956,250	)
Societe Generale SA, 1.14%^(D), dated 10/30/2017, to be repurchased at $(3,732,611) on 11/01/2017. Collateralized by a U.S. Government Obligation, 2.38%, due 05/15/2027, and with a value of $(3,730,285).		(3,732,375	)		(3,732,375	)
Societe Generale SA, 1.14%^(D), dated 10/13/2017, to be repurchased at $(1,823,712) on 11/03/2017. Collateralized by a U.S. Government Obligation, 2.38%, due 05/15/2027, and with a value of $(1,814,733).		(1,822,500	)		(1,822,500	)
Societe Generale SA, 1.15%^(D), dated 10/17/2017, to be repurchased at $(2,749,093) on 11/07/2017. Collateralized by a U.S. Government Obligation, 2.38%, due 05/15/2027, and with a value of $(2,722,100).		(2,747,250	)		(2,747,250	)
Societe Generale SA, 1.18%^(D), dated 11/01/2017, to be repurchased at $(3,743,342) on 11/15/2017. Collateralized by a U.S. Government Obligation, 2.38%, due 05/15/2027, and with a value of $(3,730,285).		(3,741,625	)		(3,741,625	)
Societe Generale SA, 1.19%^(D), dated 10/20/2017, to be repurchased at $(7,376,412) on 11/03/2017. Collateralized by a U.S. Government Obligation, 2.00%, due 12/31/2021, and with a value of $(7,372,578).		(7,373,000	)		(7,373,000	)
Standard Chartered Bank, 1.24%^(D), dated 10/23/2017, to be repurchased at $(1,514,689) on 11/22/2017. Collateralized by a U.S. Government Obligation, 2.00%, due 12/31/2021, and with a value of $(1,514,913).		(1,513,125	)		(1,513,125	)

Total Reverse Repurchase Agreements (Cost $72,212,375)					$ (72,212,375	)

EXCHANGE-TRADED OPTIONS PURCHASED:


Description	Exercise Price			Expiration Date		Notional Amount			Number of Contracts		Premiums Paid		Value
Put - 90-Day Eurodollar Futures		USD	98.25		03/19/2018		USD	75,729,500		308		$ 27,118		$ 17,325
Put - 5-Year U.S. Treasury Note Futures		USD	111.75		11/24/2017		USD	17,812,880		152		1,298		152
Put - 5-Year U.S. Treasury Note Futures		USD	112.25		11/24/2017		USD	19,453,540		166		1,418		166
Put - 10-Year U.S. Treasury Note Futures		USD	113.50		11/24/2017		USD	9,495,440		76		649		76
Put - 10-Year U.S. Treasury Note Futures		USD	114.00		11/24/2017		USD	80,586,300		645		5,508		645
Put - 10-Year U.S. Treasury Note Futures		USD	114.50		11/24/2017		USD	38,481,520		308		2,630		308
Put - 10-Year U.S. Treasury Note Futures		USD	115.00		11/24/2017		USD	9,245,560		74		632		74
Put - 10-Year U.S. Treasury Note Futures		USD	115.50		11/24/2017		USD	4,747,720		38		325		38
Put - 10-Year U.S. Treasury Note Futures		USD	116.00		11/24/2017		USD	5,997,120		48		410		48
Put - U.S. Treasury Note Futures		USD	122.00		11/24/2017		USD	2,744,460		18		154		18

Total												$ 40,142		$ 18,850

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


Transamerica Funds		Annual Report 2017

Page 79

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

OVER-THE-COUNTER OPTIONS PURCHASED:

Description

Counterparty

Exercise
Price

Expiration
Date

Notional
Amount

Number of
Contracts

Premiums
Paid

Value

Put - Federal National Mortgage Association, 3.50%, TBA ^(R)

JPM

USD

72.00

12/06/2017

USD

45,663,602

44,500,000

$ 1,738

$ 0

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 - Receives Floating Rate Index 3-Month USD-LIBOR

MSCS

3-Month USD-LIBOR

Pay

2.91

08/20/2018

USD

2,900,000

$ 286,000

$ 74,880

Put - Receives Floating Rate Index 3-Month USD-LIBOR

GSB

3-Month USD-LIBOR

Pay

2.94

08/20/2018

USD

900,000

88,020

21,261

Total

$ 374,020

$ 96,141

EXCHANGE-TRADED OPTIONS WRITTEN:

Description

Exercise
Price

Expiration
Date

Notional
Amount

Number of
Contracts

Premiums
(Received)

Value

Call - 90-Day Eurodollar Futures

USD

98.75

03/19/2018

USD

75,729,500

308

$ (32,632

)

$ (1,925

)

OVER-THE-COUNTER FOREIGN EXCHANGE OPTIONS WRITTEN:


Description	Counterparty		Exercise Price			Expiration Date		Notional Amount/ Number of Contracts			Premiums (Received)			Value
Call - USD vs. BRL		DUB		USD	3.35		11/30/2017		USD	1,400,000		$ (9,660	)		$ (9,660	)
Call - USD vs. BRL		GSB		USD	3.40		12/27/2017		USD	2,800,000		(26,320	)		(25,119	)
Call - USD vs. BRL		GSB		USD	3.40		01/03/2018		USD	2,300,000		(22,080	)		(23,561	)
Call - USD vs. BRL		GSB		USD	3.41		12/28/2017		USD	2,800,000		(22,400	)		(24,959	)
Call - USD vs. BRL		DUB		USD	4.25		11/17/2017		USD	1,000,000		(29,200	)		(1	)
Call - USD vs. MXN		MSCS		USD	18.70		12/22/2017		USD	3,000,000		(40,107	)		(112,287	)

Total												$ (149,767	)		$ (195,587	)

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		MSCS	3-Month USD-LIBOR		Pay		2.80	%		08/20/2018		USD	13,000,000	$	(290,081	)	$	(36,666	)
Put - 5-Year		GSB	3-Month USD-LIBOR		Pay		2.80			08/20/2018		USD	4,100,000		(91,318	)		(11,564	)

Total														$	(381,399	)	$	(48,230	)

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


Transamerica Funds		Annual Report 2017

Page 80

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

CENTRALLY CLEARED SWAP AGREEMENTS:



Credit Default Swap Agreements on Corporate and Sovereign Issues - Sell Protection ^(S)
Reference Obligation	Fixed Rate Receivable			Payment Frequency		Maturity Date		Implied Credit Spread at October 31, 2017^(T)		Notional Amount ^(U)			Value ^(V)		Premiums Paid (Received)			Net Unrealized Appreciation (Depreciation)
General Motors Co., 3.50%, 10/02/2018		5.00	%		Quarterly		06/20/2022		1.20		USD	1,500,000	$	295,202	$	221,274		$	73,928
Goldman Sachs Group, Inc., 5.95%, 01/18/2018		1.00			Quarterly		06/20/2021		0.53		USD	1,000,000		21,061		12,566			8,495
Goldman Sachs Group, Inc., 5.95%, 01/18/2018		1.00			Quarterly		12/20/2021		0.60		USD	1,400,000		30,105		16,510			13,595
MetLife, Inc., 4.75%, 02/08/2021		1.00			Quarterly		12/20/2021		0.41		USD	1,500,000		40,177		(10,683	)		50,860
Royal Bank of Scotland Group PLC, 4.25%, 05/11/2016		1.00			Quarterly		12/20/2017		0.13		EUR	1,000,000		2,752		848			1,904
Tesco PLC, 6.00%, 12/14/2029		1.00			Quarterly		06/20/2022		1.28		EUR	1,200,000		7,355		(51,704	)		59,059
Volkswagen International Finance NV, 5.38%, 05/22/2018		1.00			Quarterly		12/20/2017		0.13		EUR	1,500,000		4,217		890			3,327

Total													$	400,869	$	189,701		$	211,168


Credit Default Swap Agreements on Credit Indices - Sell Protection ^(S)
Reference Obligation	Fixed Rate Receivable			Payment Frequency		Maturity Date		Notional Amount ^(U)			Value ^(V)		Premiums Paid (Received)		Net Unrealized Appreciation (Depreciation)
North America Investment Grade Index - Series 28		1.00	%		Quarterly		06/20/2022		USD	12,400,000	$	287,813	$	225,941	$	61,872
North America Investment Grade Index - Series 29		1.00			Quarterly		12/20/2022		USD	400,000		9,719		8,828		891

Total											$	297,532	$	234,769	$	62,763


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 CAD-CDOR		Pay		1.75	%		Semi-Annually		12/16/2046		CAD	400,000	$	53,750		$	(5,124	)	$	58,874
3-Month USD-LIBOR		Pay		2.00			Semi-Annually/ Quarterly		12/16/2019		USD	9,000,000		(83,604	)		(103,530	)		19,926
3-Month USD-LIBOR		Pay		2.00			Semi-Annually/ Quarterly		12/16/2019		USD	4,400,000		(41,285	)		(9,609	)		(31,676	)
3-Month USD-LIBOR		Pay		2.50			Semi-Annually/ Quarterly		12/20/2027		USD	26,700,000		(247,986	)		(660,973	)		412,987
6-Month EUR-EURIBOR		Receive		1.50			Semi-Annually/ Annually		03/21/2048		EUR	1,500,000		(28,871	)		(52,151	)		23,280
6-Month GBP-LIBOR		Pay		1.00			Semi-Annually		03/21/2023		GBP	8,500,000		94,681			(75,175	)		169,856
6-Month GBP-LIBOR		Pay		1.50			Semi-Annually		03/21/2028		GBP	12,900,000		(116,562	)		(357,154	)		240,592
6-Month GBP-LIBOR		Pay		1.75			Semi-Annually		03/21/2048		GBP	1,000,000		(47,173	)		(53,356	)		6,183
6-Month JPY-LIBOR		Pay		0.30			Semi-Annually		03/18/2026		JPY	3,050,000,000		(166,658	)		(158,299	)		(8,359	)
6-Month JPY-LIBOR		Pay		0.30			Semi-Annually		09/20/2027		JPY	840,000,000		(12,804	)		(33,310	)		20,506
BRL-CDI		Receive		8.18			Maturity		01/02/2020		BRL	32,800,000		(25,360	)		3,650			(29,010	)
BRL-CDI		Receive		8.22			Maturity		01/02/2020		BRL	103,100,000		(57,376	)		(31,595	)		(25,781	)
BRL-CDI		Receive		9.65			Maturity		01/02/2025		BRL	11,100,000		(29,580	)		(1,570	)		(28,010	)

Total													$	(708,828	)	$	(1,538,196	)	$	829,368

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


Transamerica Funds		Annual Report 2017

Page 81

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

OVER-THE-COUNTER SWAP AGREEMENTS:

Credit Default Swap Agreements on Corporate and Sovereign Issues - Sell Protection ^(S)

Reference Obligation

Counterparty

Fixed Rate
Receivable

Payment
Frequency

Maturity
Date

Implied Credit
Spread at
October 31,
2017 ^(T)

Notional
Amount ^(U)

Value ^(V)

Premiums
Paid
(Received)

Net Unrealized
Appreciation
(Depreciation)

Petrobras Global Finance BV, 8.38%, 12/10/2018

GSI

1.00

Quarterly

12/20/2019

0.98

USD

400,000

$ 1,994

$ (17,755

)

$ 19,749

Credit Default Swap Agreements on Credit Indices - Sell Protection ^(S)

Reference Obligation

Counterparty

Fixed Rate
Receivable

Payment
Frequency

Maturity
Date

Notional
Amount ^(U)

Value ^(V)

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

$ 4,283

$ (141,608

)

$ 145,891

FUTURES CONTRACTS:


Description	Long/Short		Number of Contracts			Expiration Date		Notional Amount			Value			Unrealized Appreciation		Unrealized Depreciation
90-Day Eurodollar		Short		(537	)		12/18/2017	$	(132,286,911	)	$	(132,222,825	)	$	64,086	$	—
90-Day Eurodollar		Short		(78	)		03/19/2018		(19,211,528	)		(19,178,250	)		33,278		—
90-Day Eurodollar		Short		(255	)		06/18/2018		(62,742,779	)		(62,624,813	)		117,966		—
90-Day Eurodollar		Short		(176	)		12/17/2018		(43,222,505	)		(43,153,000	)		69,505		—
90-Day Eurodollar		Short		(166	)		03/18/2019		(40,693,575	)		(40,678,300	)		15,275		—
90-Day Eurodollar		Short		(153	)		06/17/2019		(37,483,213	)		(37,471,612	)		11,601		—
90-Day Eurodollar		Short		(85	)		09/16/2019		(20,819,632	)		(20,808,000	)		11,632		—
90-Day Eurodollar		Short		(116	)		12/16/2019		(28,407,720	)		(28,380,850	)		26,870		—
5-Year U.S. Treasury Note		Long		382			12/29/2017		45,181,504			44,765,625			—		(415,879	)
10-Year Canada Government Bond		Short		(43	)		12/18/2017		(4,593,943	)		(4,580,645	)		13,298		—
10-Year U.S. Treasury Note		Long		1,020			12/19/2017		128,833,772			127,436,250			—		(1,397,522	)
Euro OAT		Short		(316	)		12/07/2017		(57,470,438	)		(57,959,836	)		—		(489,398	)
Euro-BTP Italy Government Bond		Short		(59	)		12/07/2017		(9,445,087	)		(9,593,479	)		—		(148,392	)
German Euro Bund		Long		222			12/07/2017		41,776,715			42,086,595			309,880		—
German Euro Schatz		Short		(149	)		12/07/2017		(19,468,786	)		(19,485,003	)		—		(16,217	)
OTC Put Options Exercise Price EUR 145.00 on German Euro Bund Futures, MSCS		Long		206			11/24/2017		2,604			2,400			—		(204	)
U.K. Gilt		Short		(104	)		12/27/2017		(17,536,929	)		(17,173,405	)		363,524		—
U.S. Treasury Bond		Long		98			12/19/2017		15,751,880			15,594,500			—		(157,380	)

Total														$	1,036,915	$	(2,624,992	)


FORWARD FOREIGN CURRENCY CONTRACTS:
Counterparty	Settlement Date	Currency Purchased			Currency Sold			Unrealized Appreciation		Unrealized Depreciation
BNP	11/02/2017		USD	7,557,339		GBP	5,743,000	$	—	$	(70,653	)
BNP	11/02/2017		EUR	12,334,000		USD	14,350,609		18,124		—
BNP	11/06/2017		USD	668,368		ZAR	9,448,556		813		—
BNP	11/15/2017		USD	2,880,187		GBP	2,227,000		—		(78,879	)
BNP	11/20/2017		USD	640,501		JPY	70,000,000		24,341		—
BNP	12/04/2017		USD	14,374,623		EUR	12,334,000		—		(20,227	)
BNP	12/04/2017		GBP	5,743,000		USD	7,563,864		71,503		—
BNP	12/06/2017		ZAR	9,448,556		USD	664,933		—		(1,001	)
BNP	01/10/2018		USD	12,233,508		JPY	1,370,000,000		139,204		—
BNP	04/03/2018		USD	476,761		BRL	1,800,000		—		(63,215	)
BNP	04/03/2018		USD	9,466,789		DKK	63,801,000		—		(618,574	)
BOA	11/02/2017		USD	5,410,894		CAD	6,944,000		28,270		—
BOA	11/02/2017		USD	15,016,972		EUR	12,789,000		118,177		—

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


Transamerica Funds		Annual Report 2017

Page 82

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

FORWARD FOREIGN CURRENCY CONTRACTS (continued):


Counterparty	Settlement Date	Currency Purchased			Currency Sold			Unrealized Appreciation		Unrealized Depreciation
BOA	11/02/2017		EUR	8,023,000		USD	9,332,546	$	14,004	$	—
BOA	11/06/2017		ZAR	9,448,556		USD	687,361		—		(19,805	)
BOA	11/15/2017		USD	14,419,955		SEK	117,010,000		431,432		—
BOA	11/15/2017		JPY	2,842,700,000		USD	25,286,232		—		(269,586	)
BOA	11/15/2017		SEK	77,380,000		USD	9,445,270		—		(194,507	)
BOA	12/04/2017		CAD	6,944,000		USD	5,412,315		—		(28,156	)
BOA	01/02/2018		USD	5,705,658		DKK	38,992,000		—		(422,350	)
BOA	04/03/2018		USD	3,873,630		DKK	26,408,000		—		(300,823	)
BOA	07/02/2018		USD	3,404,887		DKK	22,145,000		—		(117,462	)
BOA	07/03/2018		USD	2,860,513		BRL	9,700,000		—		(16,660	)
BOA	07/03/2018		USD	3,018,757		DKK	20,260,000		—		(203,991	)
BOA	10/01/2018		USD	431,202		DKK	2,655,000		6,218		—
CITI	11/02/2017		USD	9,330,749		EUR	8,023,000		—		(15,801	)
CITI	11/02/2017		EUR	614,000		USD	722,230		—		(6,939	)
CITI	11/03/2017		USD	1,003,681		BRL	3,288,964		—		(1,192	)
CITI	11/03/2017		BRL	3,288,964		USD	1,034,753		—		(29,880	)
CITI	11/15/2017		USD	3,019,400		GBP	2,308,000		—		(47,292	)
CITI	11/20/2017		USD	2,924,778		JPY	320,000,000		108,050		—
CITI	11/27/2017		USD	9,568,828		JPY	1,040,000,000		411,602		—
CITI	12/04/2017		USD	1,030,781		BRL	3,288,964		29,936		—
CITI	12/04/2017		USD	348,263		EUR	299,000		—		(696	)
CITI	12/04/2017		SGD	9,695,000		USD	7,152,988		558		(39,151	)
CITI	12/04/2017		EUR	8,023,000		USD	9,346,314		17,225		—
CITI	12/04/2017		INR	13,418,255		USD	203,615		2,607		—
CITI	12/15/2017		MXN	12,046,000		USD	621,634		1,680		—
CITI	01/02/2018		USD	3,223,307		DKK	21,796,000		—		(202,167	)
CITI	07/02/2018		USD	3,298,238		DKK	21,427,000		—		(109,907	)
DUB	11/03/2017		USD	1,214,691		BRL	3,980,420		—		(1,442	)
DUB	11/03/2017		BRL	3,980,420		USD	1,218,000		—		(1,867	)
DUB	01/03/2018		USD	26,472		BRL	100,000		—		(3,857	)
GSB	11/03/2017		USD	1,206,800		BRL	3,942,617		2,217		—
GSB	11/03/2017		BRL	3,942,617		USD	1,203,155		1,428		—
GSB	11/15/2017		USD	2,606,360		GBP	2,000,000		—		(51,086	)
GSB	11/15/2017		JPY	341,900,000		USD	3,129,222		—		(120,395	)
GSB	11/27/2017		USD	11,393,791		JPY	1,240,000,000		475,560		—
GSB	12/04/2017		KRW	4,445,316,000		USD	3,880,000		88,442		—
GSB	12/18/2017		TWD	85,956,500		USD	2,870,000		—		(13,106	)
GSB	04/03/2018		USD	3,183,138		DKK	21,530,000		—		(220,224	)
HSBC	11/15/2017		USD	535,679		JPY	60,300,000		5,020		—
HSBC	12/04/2017		SGD	1,546,000		USD	1,132,197		2,291		—
HSBC	12/15/2017		MXN	223,597,000		USD	11,596,753		—		(26,853	)
HSBC	01/03/2018		USD	5,246,355		BRL	17,600,000		—		(91,443	)
HSBC	04/03/2018		USD	2,677,045		BRL	9,100,000		—		(52,833	)
JPM	11/01/2017		CAD	642,045		USD	500,000		—		(2,325	)
JPM	11/02/2017		USD	140,277		NZD	195,000		6,844		—
JPM	11/02/2017		CAD	6,944,000		USD	5,401,992		—		(19,369	)
JPM	11/15/2017		USD	5,085,527		GBP	3,919,000		—		(121,739	)
JPM	11/15/2017		USD	43,443,641		JPY	4,790,200,000		1,288,390		—
JPM	11/15/2017		JPY	1,956,300,000		USD	17,458,564		20,703		(263,217	)
JPM	11/15/2017		SEK	39,100,000		USD	4,741,638		—		(67,241	)
JPM	11/20/2017		USD	2,926,116		JPY	320,000,000		109,388		—
JPM	12/04/2017		USD	19,391,266		TWD	577,859,728		200,409		—
JPM	01/02/2018		DKK	156,000		USD	23,792		725		—
JPM	01/10/2018		USD	7,495,315		JPY	840,000,000		79,830		—
JPM	04/03/2018		USD	15,412,497		BRL	48,900,000		743,152		—
JPM	07/03/2018		USD	1,635,753		BRL	5,600,000		—		(25,296	)
JPM	07/03/2018		BRL	4,000,000		USD	1,217,656		—		(31,193	)
MSCS	11/03/2017		USD	1,045,992		BRL	3,288,964		41,119		—

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


Transamerica Funds		Annual Report 2017

Page 83

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

FORWARD FOREIGN CURRENCY CONTRACTS (continued):


Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation		Unrealized Depreciation
MSCS		11/03/2017		BRL	3,288,964		USD	1,003,681	$	1,192	$	—
MSCS		11/20/2017		USD	3,018,111		JPY	330,000,000		113,361		—
MSCS		12/04/2017		USD	1,619,898		JPY	180,000,000		34,366		—
MSCS		12/11/2017		USD	1,710,753		JPY	190,000,000		36,369		—
MSCS		12/18/2017		USD	3,419,803		JPY	380,000,000		69,501		—
MSCS		07/03/2018		USD	3,999,698		BRL	13,600,000		—		(34,277	)
RBS		12/18/2017		TWD	105,318,400		USD	3,520,000		—		(19,585	)
SCB		11/02/2017		USD	187,623		EUR	159,000		2,393		—
SCB		11/02/2017		GBP	5,743,000		USD	7,696,659		—		(68,667	)
SCB		12/04/2017		USD	11,370,689		SGD	15,532,361		—		(27,285	)
SCB		04/03/2018		USD	8,393,603		DKK	56,290,000		—		(504,456	)
SCB		10/01/2018		USD	1,599,285		DKK	9,838,000		24,522		—
UBS		11/27/2017		USD	809,436		JPY	90,000,000		16,984		—
UBS		12/04/2017		USD	20,151,690		KRW	22,893,125,552		—		(285,560	)
UBS		12/18/2017		USD	4,775,261		JPY	530,000,000		102,470		—
UBS		01/02/2018		DKK	28,640,000		USD	4,572,145		—		(71,063	)

Total									$	4,890,420	$	(5,003,293	)

SECURITY VALUATION:

Valuation Inputs ^(W)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Asset-Backed Securities	$	—	$	89,533,148	$	—	$	89,533,148
Certificate of Deposit		—		3,900,000		—		3,900,000
Corporate Debt Securities		—		217,248,275		—		217,248,275
Foreign Government Obligations		—		37,714,030		—		37,714,030
Mortgage-Backed Securities		—		54,496,041		—		54,496,041
Municipal Government Obligations		—		8,217,716		—		8,217,716
U.S. Government Agency Obligations		—		295,916,011		—		295,916,011
U.S. Government Obligations		—		193,782,836		—		193,782,836
Common Stock		2,829		—		—		2,829
Commercial Paper		—		10,165,228		—		10,165,228
Short-Term Foreign Government Obligations		—		64,052,115		—		64,052,115
Short-Term U.S. Government Obligations		—		1,130,890		—		1,130,890
Exchange-Traded Options Purchased		18,850		—		—		18,850
Over-the-Counter Options Purchased		—		0		—		0
Over-the-Counter Interest Rate Swaptions Purchased		—		96,141		—		96,141

Total Investments	$	21,679	$	976,252,431	$	—	$	976,274,110

Other Financial Instruments
Centrally Cleared Credit Default Swap Agreements	$	—	$	698,401	$	—	$	698,401
Centrally Cleared Interest Rate Swap Agreements		—		148,431		—		148,431
Over-the-Counter Credit Default Swap Agreements		—		6,277		—		6,277
Futures Contracts ^(X)		1,036,915		—		—		1,036,915
Forward Foreign Currency Contracts ^(X)		—		4,890,420		—		4,890,420

Total Other Financial Instruments	$	1,036,915	$	5,743,529	$	—	$	6,780,444

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


Transamerica Funds		Annual Report 2017

Page 84

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

SECURITY VALUATION (continued):


	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value
LIABILITIES
Other Financial Instruments
Reverse Repurchase Agreements	$	—		$	(72,212,375	)	$	—	$	(72,212,375	)
Exchange-Traded Options Written		(1,925	)		—			—		(1,925	)
Over-the-Counter Foreign Exchange Options Written		—			(195,587	)		—		(195,587	)
Over-the-Counter Interest Rate Swaptions Written		—			(48,230	)		—		(48,230	)
Centrally Cleared Interest Rate Swap Agreements		—			(857,259	)		—		(857,259	)
Futures Contracts ^(X)		(2,624,992	)		—			—		(2,624,992	)
Forward Foreign Currency Contracts ^(X)		—			(5,003,293	)		—		(5,003,293	)

Total Other Financial Instruments	$	(2,626,917	)	$	(78,316,744	)	$	—	$	(80,943,661	)

Transfers


Investments	Transfers from Level 1 to Level 2		Transfers from Level 2 to Level 1		Transfers from Level 2 to Level 3		Transfers from Level 3 to Level 2
Mortgage-Backed Securities ^(I)	$	—	$	—	$	—	$	734,930

FOOTNOTES TO SCHEDULE OF INVESTMENTS:


(A)		Floating or variable rate securities. The rates disclosed are as of October 31, 2017. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. In addition, variable rate securities with a floor or ceiling feature are disclosing that 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 their description above.
(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, 2017, the total value of 144A securities is $108,445,283, representing 17.3% of the Fund’s net assets.
(C)		Illiquid security. At October 31, 2017, the value of such securities amounted to $3,645,017 or 0.6% of the Fund’s net assets.
(D)		Rates disclosed reflect the yields at October 31, 2017.
(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, 2017, the total value of Regulation S securities is $27,186,537, representing 4.3% of the Fund’s net assets.
(G)		Security in default; no interest payments received and/or dividends declared during the last 12 months. At October 31, 2017, the value of this security is $817,635, representing 0.1% of the Fund net assets.
(H)		Non-income producing securities.
(I)		Transferred from Level 3 to 2 due to utilizing significant observable inputs. As of prior reporting period the security utilized significant unobservable inputs.
(J)		Percentage rounds to less than 0.1% or (0.1)%.
(K)		When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after October 31, 2017. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(L)		Securities are subject to sale-buyback transactions.
(M)		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 $2,559,788.
(N)		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 $2,410,510.
(O)		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 $1,919,426.
(P)		Percentage rounds to less than 0.01% or (0.01)%.
(Q)		All or a portion of these securities have been segregated by the custodian as collateral for open TBA commitment transactions. The total value of such securities is $412,250.
(R)		Security deemed worthless.

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


Transamerica Funds		Annual Report 2017

Page 85

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):


(S)		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.
(T)		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.
(U)		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.
(V)		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.
(W)		The Fund recognizes transfers between Levels at the end of the reporting year. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(X)		Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation).

CURRENCY ABBREVIATIONS:


BRL		Brazilian Real
CAD		Canadian Dollar
DKK		Danish Krone
EUR		Euro
GBP		Pound Sterling
INR		Indian Rupee
JPY		Japanese Yen
KRW		South Korean Won
MXN		Mexican Peso
NZD		New Zealand Dollar
SEK		Swedish Krona
SGD		Singapore Dollar
TWD		Taiwan New Dollar
USD		United States Dollar
ZAR		South African Rand

COUNTERPARTY ABBREVIATIONS:


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
MSCS		Morgan Stanley Capital Services Inc.
RBS		Royal Bank of Scotland PLC
SCB		Standard Chartered Bank
UBS		UBS AG

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


Transamerica Funds		Annual Report 2017

Page 86

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

PORTFOLIO ABBREVIATIONS:


BRL-CDI		Brazil Interbank Deposit Rate
BTP		Buoni del Tesoro Poliennali (Italian Treasury Bonds)
CDOR		Canadian Dollar Offered Rate
CMBS		Commercial Mortgage-Backed Securities
CMT		Constant Maturity Treasury
EURIBOR		Euro Interbank Offer Rate
LIBOR		London Interbank Offered Rate
MTN		Medium Term Note
OAT		Obligations Assimilables du Tresor (Treasury Obligations)
OTC		Over-the-Counter
STRIPS		Separate Trading of Registered Interest and Principal of Securities
Schatz		Bundesschatzanweisungen (German Federal Government 2-Year Securities)
TBA		To Be Announced

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


Transamerica Funds		Annual Report 2017

Page 87

Understanding Your Funds’ Expenses

(unaudited)

SHAREHOLDER EXPENSES

The examples are based on an investment of $1,000 invested at May 1, 2017, and held for the entire period until October 31, 2017.

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES


			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)

Transamerica Core Bond	$	1,000.00	$	1,016.00	$	2.44	$	1,022.80	$	2.45		0.48	%
Transamerica Developing Markets Equity		1,000.00		1,142.60		6.97		1,018.70		6.56		1.29
Transamerica Global Real Estate Securities		1,000.00		1,031.80		8.40		1,016.90		8.34		1.64
Transamerica International Equity Opportunities		1,000.00		1,115.00		5.12		1,020.40		4.89		0.96
Transamerica International Small Cap		1,000.00		1,154.90		6.90		1,018.80		6.46		1.27
Transamerica Long/Short Strategy		1,000.00		1,047.90		20.34		1,005.30		19.91		3.94
Transamerica Mid Cap Value		1,000.00		1,050.60		4.65		1,020.70		4.58		0.90
Transamerica Total Return		1,000.00		1,025.50		3.83		1,021.40		3.82		0.75



(A)		5% return per year before expenses.

(B)		Expenses are calculated using the Funds’ 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 are based on the most recent six-months; the percentage may differ from the expense ratio displayed in the Financial Highlights which covers a twelve-month period.


Transamerica Funds		Annual Report 2017

Page 88

STATEMENTS OF ASSETS AND LIABILITIES

At October 31, 2017


	Transamerica Core Bond			Transamerica Developing Markets Equity			Transamerica Global Real Estate Securities			Transamerica International Equity Opportunities			Transamerica International Small Cap
Assets:
Investments, at value ^(A) ^(B)	$	1,281,001,242		$	1,181,553,087		$	27,890,046		$	1,371,262,652		$	167,115,611
Repurchase agreements, at value ^(C)		41,111,170			38,704,447			—			14,562,524			4,130,102
Cash		2,319			19,941			16,891			—			—
Foreign currency, at value ^(D)		—			418,866			933			6			565,552
Receivables and other assets:
Shares of beneficial interest sold		—			—			115			—			—
Investments sold		862,994			14,055,251			175,367			—			267,887
Interest		5,824,647			129			—			49			14
Dividends		—			669,645			36,442			1,716,694			248,367
Tax reclaims		1,688			28,329			6,067			1,649,850			204,297
Net income from securities lending		3,215			29,151			139			35,299			17,895
Total assets		1,328,807,275			1,235,478,846			28,126,000			1,389,227,074			172,549,725
Liabilities:
Payables and other liabilities:
Shares of beneficial interest redeemed		176,713			1,678,796			8,134			90,902			44,079
Investments purchased		633,157			1,179,796			108,735			54,036			515,090
When-issued, delayed-delivery and/or forward commitment (including TBAs) securities purchased		230,000			—			—			—			—
Investment management fees		483,122			1,118,957			20,213			1,046,702			142,846
Transfer agent fees		8,618			7,892			183			8,963			1,006
Trustees, CCO and deferred compensation fees		1,091			924			38			984			283
Audit and tax fees		44,069			40,497			24,553			29,049			28,421
Custody fees		26,320			276,909			40,072			100,317			54,252
Legal fees		10,567			9,281			298			10,712			1,070
Printing and shareholder reports fees		14,663			4,617			830			8,553			6,555
Registration fees		12,220			6,983			507			8,043			4,890
Other		10,722			9,206			3,806			6,950			5,235
Collateral for securities on loan		17,326,823			32,016,035			585,906			19,447,583			18,461,378
Total liabilities		18,978,085			36,349,893			793,275			20,812,794			19,265,105
Net assets	$	1,309,829,190		$	1,199,128,953		$	27,332,725		$	1,368,414,280		$	153,284,620

Net assets consist of:
Paid-in capital	$	1,291,172,363		$	1,024,506,900		$	36,718,054		$	1,172,862,001		$	114,484,213
Undistributed (distributions in excess of) net investment income (loss)		279,664			4,976,567			194,416			17,130,762			(689,702	)
Accumulated net realized gain (loss)		(2,688,778	)		(48,822,947	)		(13,214,294	)		(4,398,521	)		10,895,554
Net unrealized appreciation (depreciation) on:
Investments		21,065,941			218,470,773			3,634,998			182,807,540			28,592,026
Translation of assets and liabilities denominated in foreign currencies		—			(2,340	)		(449	)		12,498			2,529
Net assets	$	1,309,829,190		$	1,199,128,953		$	27,332,725		$	1,368,414,280		$	153,284,620
Shares outstanding (unlimited shares, no par value)		131,440,593			98,481,048			1,943,223			151,658,783			22,337,599
Net asset value and offering price per share	$	9.97		$	12.18		$	14.07		$	9.02		$	6.86
^(A) Investments, at cost	$	1,259,935,301		$	963,082,314		$	24,255,048		$	1,188,455,112		$	138,523,585
^(B) Securities on loan, at value	$	16,977,102		$	30,358,107		$	557,954		$	18,503,694		$	17,551,889
^(C) Repurchase agreements, at cost	$	41,111,170		$	38,704,447			—		$	14,562,524		$	4,130,102
^(D) Foreign currency, at cost	$	—		$	418,860		$	937		$	7		$	559,979

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


Transamerica Funds		Annual Report 2017

Page 89

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2017


	Transamerica Long/Short Strategy			Transamerica Mid Cap Value		Transamerica Total Return
Assets:
Investments, at value ^(A) ^(B)	$	17,075,326		$	221,996,060	$	976,274,110
Repurchase agreements, at value ^(C)		1,514,443			2,374,691		—
Cash		156			—		1,439,730
Cash collateral pledged at broker:
Centrally cleared swap agreements		—			—		2,485,000
Securities sold short		10,742,605			—		—
Foreign currency, at value ^(D)		—			—		984,161
Receivables and other assets:
Investments sold		443,097			73,635		12,284,538
Interest		5			8		4,256,880
When-issued, delayed-delivery and/or forward commitment (including TBAs) securities sold		—			—		247,494,160
Dividends		11,616			42,949		—
Tax reclaims		—			—		670
Net income from securities lending		—			1,764		160
Variation margin receivable on centrally cleared swap agreements		—			—		29,279
Other		5,012			—		—
OTC swap agreements, at value		—			—		6,277
Unrealized appreciation on forward foreign currency contracts		—			—		4,890,420
Total assets		29,792,260			224,489,107		1,250,145,385

Liabilities:
Cash collateral received at broker:
TBA commitments		—			—		56,000
Reverse repurchase agreements		—			—		65,000
OTC derivatives ^(H)		—			—		1,890,000
Payables and other liabilities:
Shares of beneficial interest redeemed		—			116,307		211,660
Investments purchased		315,390			345,273		—
Sale-buyback financing transactions		—			—		20,010,442
When-issued, delayed-delivery and/or forward commitment (including TBAs) securities purchased		—			—		524,812,395
Investment management fees		20,888			162,757		370,718
Transfer agent fees		116			1,431		4,138
Trustees, CCO and deferred compensation fees		47			213		630
Audit and tax fees		17,227			18,019		33,048
Custody fees		11,391			5,792		66,316
Legal fees		170			2,198		5,038
Printing and shareholder reports fees		483			3,193		6,632
Registration fees		375			1,898		9,367
Dividends, interest and fees for borrowings from securities sold short		15,401			—		—
Interest		—			—		23,868
Deferred income for sale-buyback financing transactions		—			—		4,118
Variation margin payable on futures contracts		—			—		40,968
Other		113			1,636		6,960
Securities sold short, at value ^(E)		11,679,943			—		—
Collateral for securities on loan		—			7,915,723		—
Reverse repurchase agreements, at value ^(F)		—			—		72,212,375
Written options and swaptions, at value ^(G)		—			—		245,742
Unrealized depreciation on forward foreign currency contracts		—			—		5,003,293
Total liabilities		12,061,544			8,574,440		625,078,708
Net assets	$	17,730,716		$	215,914,667	$	625,066,677

Net assets consist of:
Paid-in capital	$	14,589,450		$	110,547,293	$	623,513,539
Undistributed (distributions in excess of) net investment income (loss)		(235,411	)		1,324,783		(264,993	)
Accumulated net realized gain (loss)		1,051,950			15,769,968		(8,248,472	)
Net unrealized appreciation (depreciation) on:
Investments		2,572,319			88,272,623		10,593,238
Securities sold short		(247,592	)		—		—
Written options and swaptions		—			—		318,056
Swap agreements		—			—		1,268,939
Futures contracts		—			—		(1,588,077	)
Forward foreign currency contracts		—			—		(112,873	)
Translation of assets and liabilities denominated in foreign currencies		—			—		(412,680	)
Net assets	$	17,730,716		$	215,914,667	$	625,066,677
Shares outstanding (unlimited shares, no par value)		2,617,035			12,683,472		60,821,333
Net asset value and offering price per share	$	6.78		$	17.02	$	10.28
^(A) Investments, at cost	$	14,503,007		$	133,723,437	$	965,680,872
^(B) Securities on loan, at value	$	—		$	7,735,714	$	—
^(C) Repurchase agreements, at cost	$	1,514,443		$	2,374,691	$	—
^(D) Foreign currency, at cost	$	—		$	—	$	730,639
^(E) Proceeds received from securities sold short	$	11,432,351		$	—	$	—
^(F) Reverse repurchase agreements, at cost	$	—		$	—	$	72,212,375
^(G) Premium received on written options and swaptions	$	—		$	—	$	(563,798	)

^(H) 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 2017

Page 90

STATEMENTS OF OPERATIONS

For the year ended October 31, 2017


	Transamerica Core Bond			Transamerica Developing Markets Equity			Transamerica Global Real Estate Securities			Transamerica International Equity Opportunities			Transamerica International Small Cap
Investment Income:
Dividend income	$	—		$	20,622,277		$	897,853		$	31,761,775		$	3,084,617
Interest income		38,200,956			29,015			172			9,265			12,047
Non-cash dividend income		—			—			87,118			—			—
Net income (loss) from securities lending		33,848			219,590			4,377			301,877			196,549
Withholding taxes on foreign income		(857	)		(2,084,692	)		(48,143	)		(3,062,518	)		(259,174	)
Total investment income		38,233,947			18,786,190			941,377			29,010,399			3,034,039

Expenses:
Investment management fees		5,539,519			11,952,956			275,297			11,087,808			1,376,206
Transfer agent fees		92,971			81,392			2,488			94,121			9,383
Trustees, CCO and deferred compensation fees		22,347			19,728			575			22,635			2,335
Audit and tax fees		58,795			62,563			16,222			39,217			28,030
Custody fees		157,693			1,474,711			167,009			586,903			306,253
Legal fees		64,375			60,934			1,711			68,468			3,376
Printing and shareholder reports fees		29,932			15,760			1,934			25,305			5,879
Registration fees		19,268			16,091			5,063			16,778			6,800
Other		30,317			27,668			8,616			29,076			13,370
Total expenses before waiver and/or reimbursement and recapture		6,015,217			13,711,803			478,915			11,970,311			1,751,632
Expense waived and/or reimbursed		(1,131	)		—			—			—			(208,541	)
Recapture of previously waived and/or reimbursed fees		—			—			—			—			46,282
Net expenses		6,014,086			13,711,803			478,915			11,970,311			1,589,373
Net investment income (loss)		32,219,861			5,074,387			462,462			17,040,088			1,444,666

Net realized gain (loss) on:
Investments		2,137,239			57,006,932			5,048,070			20,880,565			11,730,527
Foreign currency transactions		—			(367,670	)		(7,722	)		(24,999	)		(51,342	)
Net realized gain (loss)		2,137,239			56,639,262			5,040,348			20,855,566			11,679,185

Net change in unrealized appreciation (depreciation) on:
Investments		(23,157,928	)		170,007,958			(3,940,766	)		246,537,575			22,086,769
Translation of assets and liabilities denominated in foreign currencies		—			69,336			1,869			92,031			14,635
Net change in unrealized appreciation (depreciation)		(23,157,928	)		170,077,294			(3,938,897	)		246,629,606			22,101,404
Net realized and change in unrealized gain (loss)		(21,020,689	)		226,716,556			1,101,451			267,485,172			33,780,589
Net increase (decrease) in net assets resulting from operations	$	11,199,172		$	231,790,943		$	1,563,913		$	284,525,260		$	35,225,255

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


Transamerica Funds		Annual Report 2017

Page 91

STATEMENTS OF OPERATIONS (continued)

For the year ended October 31, 2017


	Transamerica Long/Short Strategy			Transamerica Mid Cap Value		Transamerica Total Return
Investment Income:
Dividend income	$	309,354		$	4,252,762	$	—
Interest income		95,262			3,249		16,987,767
Net income (loss) from securities lending		—			42,989		9,013
Withholding taxes on foreign income		(486	)		—		(745	)
Total investment income		404,130			4,299,000		16,996,035

Expenses:
Investment management fees		240,176			2,109,504		3,944,276
Transfer agent fees		1,464			18,610		43,969
Trustees, CCO and deferred compensation fees		346			4,314		10,763
Audit and tax fees		20,339			22,415		42,087
Custody fees		72,172			33,897		332,908
Legal fees		974			13,076		30,542
Printing and shareholder reports fees		156			6,420		9,684
Registration fees		2,663			5,170		13,525
Interest		—			—		32,291
Dividends, interest and fees for borrowings from securities sold short		449,118			—		—
Other		451			5,366		22,860
Total expenses before waiver and/or reimbursement and recapture		787,859			2,218,772		4,482,905
Expense waived and/or reimbursed		(33,286	)		—		—
Recapture of previously waived and/or reimbursed fees		5,013			—		—
Net expenses		759,586			2,218,772		4,482,905
Net investment income (loss)		(355,456	)		2,080,228		12,513,130

Net realized gain (loss) on:
Investments		3,437,578			17,388,652		(680,859	)
Securities sold short		(1,430,786	)		—		—
Written options and swaptions		—			—		1,663,318
Swap agreements		—			—		(5,703,117	)
Futures contracts		—			—		(1,530,862	)
Forward foreign currency contracts		—			—		2,751,335
Foreign currency transactions		40			—		(243,887	)
Net realized gain (loss)		2,006,832			17,388,652		(3,744,072	)

Net change in unrealized appreciation (depreciation) on:
Investments		582,029			20,549,943		(4,381,355	)
Securities sold short		67,526			—		—
Written options and swaptions		—			—		(186,351	)
Swap agreements		—			—		15,615,116
Futures contracts		—			—		1,011,275
Forward foreign currency contracts		—			—		(3,106,605	)
Translation of assets and liabilities denominated in foreign currencies		—			—		(401,371	)
Net change in unrealized appreciation (depreciation)		649,555			20,549,943		8,550,709
Net realized and change in unrealized gain (loss)		2,656,387			37,938,595		4,806,637
Net increase (decrease) in net assets resulting from operations	$	2,300,931		$	40,018,823	$	17,319,767

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


Transamerica Funds		Annual Report 2017

Page 92

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended:


	Transamerica Core Bond						Transamerica Developing Markets Equity						Transamerica Global Real Estate Securities
	October 31, 2017			October 31, 2016			October 31, 2017			October 31, 2016			October 31, 2017			October 31, 2016
From operations:
Net investment income (loss)	$	32,219,861		$	29,714,654		$	5,074,387		$	1,399,256		$	462,462		$	960,443
Net realized gain (loss)		2,137,239			3,318,867			56,639,262			(28,493,205	)		5,040,348			3,895,175
Net change in unrealized appreciation (depreciation)		(23,157,928	)		19,926,863			170,077,294			98,951,529			(3,938,897	)		(4,565,432	)
Net increase (decrease) in net assets resulting from operations		11,199,172			52,960,384			231,790,943			71,857,580			1,563,913			290,186

Dividends and/or distributions to shareholders:
Net investment income		(35,577,432	)		(33,037,574	)		(999,722	)		—			(1,219,979	)		(1,113,879	)

Capital share transactions:
Proceeds from shares sold		246,278,915			438,485,397			108,687,721			632,347,323			585,235			6,090,106
Dividends and/or distributions reinvested		35,577,432			33,034,532			999,722			—			1,219,979			1,113,879
Cost of shares redeemed		(214,926,665	)		(154,333,308	)		(150,749,170	)		(65,808,241	)		(13,248,057	)		(19,584,119	)
Net increase (decrease) in net assets resulting from capital share transactions		66,929,682			317,186,621			(41,061,727	)		566,539,082			(11,442,843	)		(12,380,134	)
Net increase (decrease) in net assets		42,551,422			337,109,431			189,729,494			638,396,662			(11,098,909	)		(13,203,827	)

Net assets:
Beginning of year		1,267,277,768			930,168,337			1,009,399,459			371,002,797			38,431,634			51,635,461
End of year	$	1,309,829,190		$	1,267,277,768		$	1,199,128,953		$	1,009,399,459		$	27,332,725		$	38,431,634
Undistributed (distributions in excess of) net investment income (loss)	$	279,664		$	180,118		$	4,976,567		$	935,185		$	194,416		$	(547,734	)

Capital share transactions - shares:
Shares issued		24,686,855			43,880,261			10,085,475			68,367,214			43,033			453,291
Shares reinvested		3,577,619			3,256,629			108,430			—			92,033			79,268
Shares redeemed		(21,646,515	)		(15,178,892	)		(13,601,624	)		(6,869,810	)		(968,759	)		(1,376,313	)
Net increase (decrease) in shares outstanding		6,617,959			31,957,998			(3,407,719	)		61,497,404			(833,693	)		(843,754	)

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


Transamerica Funds		Annual Report 2017

Page 93

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:


	Transamerica International Equity Opportunities						Transamerica International Small Cap						Transamerica Long/Short Strategy
	October 31, 2017			October 31, 2016			October 31, 2017			October 31, 2016			October 31, 2017			October 31, 2016
From operations:
Net investment income (loss)	$	17,040,088		$	12,042,062		$	1,444,666		$	6,390,474		$	(355,456	)	$	(412,620	)
Net realized gain (loss)		20,855,566			(23,812,080	)		11,679,185			46,184,788			2,006,832			2,051,840
Net change in unrealized appreciation (depreciation)		246,629,606			(21,081,144	)		22,101,404			(41,721,515	)		649,555			(2,168,022	)
Net increase (decrease) in net assets resulting from operations		284,525,260			(32,851,162	)		35,225,255			10,853,747			2,300,931			(528,802	)

Dividends and/or distributions to shareholders:
Net investment income		(12,679,466	)		(8,057,415	)		(6,596,372	)		(13,903,467	)		—			(183,135	)
Net realized gains		—			(16,155,167	)		(37,872,174	)		(26,113,401	)		(115,862	)		(7,747,160	)
Total dividends and/or distributions to shareholders		(12,679,466	)		(24,212,582	)		(44,468,546	)		(40,016,868	)		(115,862	)		(7,930,295	)

Capital share transactions:
Proceeds from shares sold		64,868,372			595,008,925			29,993,753			25,875,688			7,022,744			35,233
Dividends and/or distributions reinvested		12,679,466			24,188,209			44,468,546			39,924,858			115,862			7,930,295
Cost of shares redeemed		(144,995,285	)		(73,325,010	)		(21,717,479	)		(806,330,610	)		(5,921,000	)		(20,652,087	)
Net increase (decrease) in net assets resulting from capital share transactions		(67,447,447	)		545,872,124			52,744,820			(740,530,064	)		1,217,606			(12,686,559	)
Net increase (decrease) in net assets		204,398,347			488,808,380			43,501,529			(769,693,185	)		3,402,675			(21,145,656	)

Net assets:
Beginning of year		1,164,015,933			675,207,553			109,783,091			879,476,276			14,328,041			35,473,697
End of year	$	1,368,414,280		$	1,164,015,933		$	153,284,620		$	109,783,091		$	17,730,716		$	14,328,041
Undistributed (distributions in excess of) net investment income (loss)	$	17,130,762		$	12,473,601		$	(689,702	)	$	3,931,863		$	(235,411	)	$	(92,208	)

Capital share transactions - shares:
Shares issued		7,899,403			80,520,936			4,964,817			2,904,641			1,121,162			5,650
Shares reinvested		1,765,942			3,286,441			8,805,652			4,302,248			18,839			1,298,935
Shares redeemed		(18,038,551	)		(10,305,837	)		(3,423,879	)		(84,617,068	)		(904,091	)		(2,785,804	)
Net increase (decrease) in shares outstanding		(8,373,206	)		73,501,540			10,346,590			(77,410,179	)		235,910			(1,481,219	)

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


Transamerica Funds		Annual Report 2017

Page 94

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:


	Transamerica Mid Cap Value						Transamerica Total Return
	October 31, 2017			October 31, 2016			October 31, 2017			October 31, 2016
From operations:
Net investment income (loss)	$	2,080,228		$	2,215,376		$	12,513,130		$	13,699,428
Net realized gain (loss)		17,388,652			16,079,032			(3,744,072	)		12,609,843
Net change in unrealized appreciation (depreciation)		20,549,943			(5,475,294	)		8,550,709			400,825
Net increase (decrease) in net assets resulting from operations		40,018,823			12,819,114			17,319,767			26,710,096

Dividends and/or distributions to shareholders:
Net investment income		(2,380,194	)		(2,176,313	)		(9,680,885	)		(17,827,440	)
Net realized gains		(16,569,432	)		(16,772,916	)		(13,851,003	)		(10,942,942	)
Total dividends and/or distributions to shareholders		(18,949,626	)		(18,949,229	)		(23,531,888	)		(28,770,382	)

Capital share transactions:
Proceeds from shares sold		1,432,278			13,826,763			161,517,209			41,292,799
Dividends and/or distributions reinvested		18,949,626			18,949,229			23,531,888			28,770,382
Cost of shares redeemed		(85,836,118	)		(37,649,279	)		(110,395,993	)		(120,011,613	)
Net increase (decrease) in net assets resulting from capital share transactions		(65,454,214	)		(4,873,287	)		74,653,104			(49,948,432	)
Net increase (decrease) in net assets		(44,385,017	)		(11,003,402	)		68,440,983			(52,008,718	)

Net assets:
Beginning of year		260,299,684			271,303,086			556,625,694			608,634,412
End of year	$	215,914,667		$	260,299,684		$	625,066,677		$	556,625,694
Undistributed (distributions in excess of) net investment income (loss)	$	1,324,783		$	1,624,743		$	(264,993	)	$	3,029,371

Capital share transactions - shares:
Shares issued		88,275			976,002			15,998,102			4,042,719
Shares reinvested		1,200,863			1,291,699			2,355,082			2,896,405
Shares redeemed		(5,288,681	)		(2,590,272	)		(10,891,639	)		(11,767,890	)
Net increase (decrease) in shares outstanding		(3,999,543	)		(322,571	)		7,461,545			(4,828,766	)

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


Transamerica Funds		Annual Report 2017

Page 95

STATEMENT OF CASH FLOWS

For the year ended October 31, 2017


	Transamerica Long/Short Strategy
Cash flows provided by (used for) operating activities:
Net increase (decrease) in net assets resulting from operations	$	2,300,931
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		(30,223,418	)
Proceeds of long-term investments		32,140,777
Purchases to cover securities sold short		(23,688,282	)
Proceeds from securities sold short		23,091,090
Net purchases/proceeds of short-term investments		(1,327,259	)
Net change in unrealized appreciation (depreciation)		(647,634	)
Net realized gain (loss)		(2,006,245	)
(Increase) decrease in receivables for investments sold		229,479
(Increase) decrease in receivables for interest		(5	)
(Increase) decrease in receivables for dividends		(5,305	)
(Increase) decrease in cash on deposit with broker and custodian		(761,724	)
(Increase) decrease in other assets		(5,012	)
Increase (decrease) in payables for investments purchased		(134,850	)
Increase (decrease) in dividends, interest and fees for borrowings from securities sold short		2,076
Increase (decrease) in accrued liabilities		(65,919	)
Net cash provided by (used for) foreign currency transactions		40
Net cash provided by (used for) operating activities		(1,101,260	)

Cash flows from financing activities:
Increase (decrease) in payable to custodian for cash overdraft		(328	)
Proceeds from shares sold, net of receivable for shares sold		7,022,744
Payment of shares redeemed, net of payable for shares redeemed		(5,921,000	)
Net cash provided by (used for) financing activities		1,101,416
Net increase (decrease) in cash and foreign currencies		156
Cash and foreign currencies, at beginning of year	$	—
Cash and foreign currencies, at end of year	$	156

Supplemental disclosure of cash flow information:
Dividends, interest and fees for borrowings from securities sold short paid	$	447,042
Non-cash financing activities included herein consist of reinvestment of distributions	$	115,862

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


Transamerica Funds		Annual Report 2017

Page 96

FINANCIAL HIGHLIGHTS


For a share outstanding during the years indicated:	Transamerica Core Bond
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	10.15		$	10.02		$	10.16		$	10.32		$	10.86
Investment operations:
Net investment income (loss)^(A)		0.26			0.24	^(B)		0.27			0.30			0.32
Net realized and unrealized gain (loss)		(0.15	)		0.16			(0.03	)		0.12			(0.41	)
Total investment operations		0.11			0.40			0.24			0.42			(0.09	)
Dividends and/or distributions to shareholders:
Net investment income		(0.29	)		(0.27	)		(0.30	)		(0.39	)		(0.41	)
Net realized gains		—			—			(0.08	)		(0.19	)		(0.04	)
Total dividends and/or distributions to shareholders		(0.29	)		(0.27	)		(0.38	)		(0.58	)		(0.45	)
Net asset value, end of year	$	9.97		$	10.15		$	10.02		$	10.16		$	10.32
Total return		1.11	%		4.03	%		2.44	%		4.26	%		(0.89	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,309,829		$	1,267,278		$	930,168		$	824,328		$	1,133,793
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.49	%		0.49	%		0.52	%		0.51	%		0.50	%
Including waiver and/or reimbursement and recapture		0.49	%^(C)		0.48	%^(B)		0.52	%		0.51	%		0.50	%
Net investment income (loss) to average net assets		2.60	%		2.40	%^(B)		2.65	%		2.99	%		2.99	%
Portfolio turnover rate		29	%		22	%		17	%		14	%		3	%


(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 Developing Markets Equity
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	9.91		$	9.19		$	12.24		$	12.19		$	11.99
Investment operations:
Net investment income (loss)^(A)		0.05			0.02	^(B)		0.04			0.04			0.04
Net realized and unrealized gain (loss)		2.23			0.70			(2.25	)		0.28			1.28
Total investment operations		2.28			0.72			(2.21	)		0.32			1.32
Dividends and/or distributions to shareholders:
Net investment income		(0.01	)		—			(0.01	)		(0.02	)		(0.04	)
Net realized gains		—			—			(0.83	)		(0.25	)		(1.08	)
Return of capital		—			—			(0.00	)^(C)		—			—
Total dividends and/or distributions to shareholders		(0.01	)		—			(0.84	)		(0.27	)		(1.12	)
Net asset value, end of year	$	12.18		$	9.91		$	9.19		$	12.24		$	12.19
Total return		23.04	%		7.83	%		(18.83	)%		2.79	%		11.95	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,199,129		$	1,009,399		$	371,003		$	963,173		$	610,896
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.26	%		1.29	%		1.38	%		1.32	%		1.36	%
Including waiver and/or reimbursement and recapture		1.26	%		1.27	%^(B)		1.38	%		1.32	%		1.36	%
Net investment income (loss) to average net assets		0.47	%		0.26	%^(B)		0.42	%		0.37	%		0.32	%
Portfolio turnover rate		44	%		27	%		52	%		57	%		42	%


(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).

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


Transamerica Funds		Annual Report 2017

Page 97

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica Global Real Estate Securities
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	13.84		$	14.26		$	14.42		$	13.34		$	12.88
Investment operations:
Net investment income (loss)^(A)		0.19			0.30	^(B)		0.22			0.24			0.24
Net realized and unrealized gain (loss)		0.51			(0.39	)		(0.06	)		1.15			1.21
Total investment operations		0.70			(0.09	)		0.16			1.39			1.45
Dividends and/or distributions to shareholders:
Net investment income		(0.47	)		(0.33	)		(0.32	)		(0.31	)		(0.99	)
Net asset value, end of year	$	14.07		$	13.84		$	14.26		$	14.42		$	13.34
Total return		5.26	%		(0.65	)%		1.13	%		10.61	%		11.76	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	27,333		$	38,432		$	51,635		$	56,478		$	69,274
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.44	%		1.22	%		1.15	%		1.11	%		0.99	%
Including waiver and/or reimbursement and recapture		1.44	%		1.16	%^(B)		1.15	%		1.11	%		0.99	%
Net investment income (loss) to average net assets		1.39	%		2.12	%^(B)		1.52	%		1.73	%		1.82	%
Portfolio turnover rate		109	%		52	%		49	%		60	%		50	%


(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 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.


For a share outstanding during the years indicated:	Transamerica International Equity Opportunities
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	7.27		$	7.80		$	8.51		$	8.65		$	7.42
Investment operations:
Net investment income (loss)^(A)		0.11			0.11	^(B)		0.13			0.13			0.11
Net realized and unrealized gain (loss)		1.72			(0.40	)		(0.08	)		(0.13	)		1.58
Total investment operations		1.83			(0.29	)		0.05			—			1.69
Dividends and/or distributions to shareholders:
Net investment income		(0.08	)		(0.08	)		(0.15	)		(0.06	)		(0.17	)
Net realized gains		—			(0.16	)		(0.61	)		(0.08	)		(0.29	)
Total dividends and/or distributions to shareholders		(0.08	)		(0.24	)		(0.76	)		(0.14	)		(0.46	)
Net asset value, end of year	$	9.02		$	7.27		$	7.80		$	8.51		$	8.65
Total return		25.45	%		(3.75	)%		0.74	%		0.05	%		23.72	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,368,414		$	1,164,016		$	675,208		$	564,135		$	248,015
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.95	%		0.97	%		1.00	%		1.00	%		1.02	%
Including waiver and/or reimbursement and recapture		0.95	%		0.96	%^(B)		1.00	%		1.00	%		1.02	%
Net investment income (loss) to average net assets		1.36	%		1.52	%^(B)		1.58	%		1.53	%		1.44	%
Portfolio turnover rate		15	%		15	%		39	%		39	%		19	%


(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 2017

Page 98

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica International Small Cap
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	9.16		$	9.84		$	9.96		$	10.07		$	7.90
Investment operations:
Net investment income (loss)^(A)		0.07			0.11	^(B)		0.11			0.13			0.13
Net realized and unrealized gain (loss)		1.52			(0.16	)^(C)		0.46			(0.02	)		2.21
Total investment operations		1.59			(0.05	)		0.57			0.11			2.34
Dividends and/or distributions to shareholders:
Net investment income		(0.58	)		(0.22	)		(0.13	)		(0.15	)		(0.17	)
Net realized gains		(3.31	)		(0.41	)		(0.56	)		(0.07	)		—
Total dividends and/or distributions to shareholders		(3.89	)		(0.63	)		(0.69	)		(0.22	)		(0.17	)
Net asset value, end of year	$	6.86		$	9.16		$	9.84		$	9.96		$	10.07
Total return		32.49	%		(0.58	)%		6.35	%		1.08	%		30.12	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	153,285		$	109,783		$	879,476		$	861,838		$	436,299
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.40	%		1.17	%		1.13	%		1.15	%		1.20	%
Including waiver and/or reimbursement and recapture		1.27	%		1.16	%^(B)		1.13	%		1.15	%		1.20	%
Net investment income (loss) to average net assets		1.15	%		1.15	%^(B)		1.15	%		1.29	%		1.52	%
Portfolio turnover rate		40	%		17	%		36	%		34	%		34	%


(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 Long/Short Strategy
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	6.02		$	9.18		$	9.56		$	8.80		$	8.16
Investment operations:
Net investment income (loss)^(A)		(0.12	)		(0.15	)^(B)		(0.14	)^(C)		(0.15	)^(C)		(0.15	)^(C)
Net realized and unrealized gain (loss)		0.92			0.09	^(D)		(0.12	)^(C)		0.91	^(C)		0.79	^(C)
Total investment operations		0.80			(0.06	)		(0.26	)		0.76			0.64
Dividends and/or distributions to shareholders:
Net investment income		—			(0.08	)		—			—			—
Net realized gains		(0.04	)		(3.02	)		(0.12	)		—			—
Total dividends and/or distributions to shareholders		(0.04	)		(3.10	)		(0.12	)		—			—
Net asset value, end of year	$	6.78		$	6.02		$	9.18		$	9.56		$	8.80
Total return		13.32	%		(0.73	)%		(2.81	)%		8.64	%		7.84	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	17,731		$	14,328		$	35,474		$	160,910		$	122,388
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture, including dividends, interest and fees for borrowings from securities sold short		4.03	%		3.67	%		3.42	%^(C)		3.46	%^(C)		3.72	%^(C)
Including waiver and/or reimbursement and recapture, including dividends, interest and fees for borrowings from securities sold short		3.89	%		3.55	%^(B)		3.42	%^(C)		3.46	%^(C)		3.72	%^(C)
Including waiver and/or reimbursement and recapture, excluding dividends, interest and fees for borrowings from securities sold short		1.59	%		1.49	%^(B)		1.42	%		1.37	%		1.42	%
Net investment income (loss) to average net assets		(1.82	)%		(2.24	)%^(B)		(1.50	)%^(C)		(1.65	)%^(C)		(1.70	)%^(C)
Portfolio turnover rate		915	%		955	%		1,158	%		339	%		280	%


(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 2017

Page 99

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the years indicated:	Transamerica Mid Cap Value
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	15.60		$	15.95		$	17.77		$	16.58		$	13.03
Investment operations:
Net investment income (loss)^(A)		0.14			0.13	^(B)		0.17			0.12			0.16
Net realized and unrealized gain (loss)		2.44			0.64			0.57			2.29			3.54
Total investment operations		2.58			0.77			0.74			2.41			3.70
Dividends and/or distributions to shareholders:
Net investment income		(0.15	)		(0.13	)		(0.17	)		(0.15	)		(0.15	)
Net realized gains		(1.01	)		(0.99	)		(2.39	)		(1.07	)		—
Total dividends and/or distributions to shareholders		(1.16	)		(1.12	)		(2.56	)		(1.22	)		(0.15	)
Net asset value, end of year	$	17.02		$	15.60		$	15.95		$	17.77		$	16.58
Total return		17.08	%		5.24	%		3.96	%		15.36	%		28.70	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	215,915		$	260,300		$	271,303		$	271,912		$	251,409
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.89	%		0.89	%		0.88	%		0.89	%		0.89	%
Including waiver and/or reimbursement and recapture		0.89	%		0.88	%^(B)		0.88	%		0.89	%		0.89	%
Net investment income (loss) to average net assets		0.84	%		0.84	%^(B)		1.02	%		0.73	%		1.07	%
Portfolio turnover rate		11	%		23	%		14	%		44	%		23	%


(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 Total Return
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	10.43		$	10.46		$	10.65		$	10.51		$	10.89
Investment operations:
Net investment income (loss) ^(A)		0.22			0.24	^(B)		0.19			0.14			0.16
Net realized and unrealized gain (loss)		0.06			0.23			(0.02	)		0.14			(0.27	)
Total investment operations		0.28			0.47			0.17			0.28			(0.11	)
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.31	)		(0.18	)		(0.14	)		(0.16	)
Net realized gains		(0.27	)		(0.19	)		(0.18	)		—			(0.10	)
Return of capital		—			—			—			—			(0.01	)
Total dividends and/or distributions to shareholders		(0.43	)		(0.50	)		(0.36	)		(0.14	)		(0.27	)
Net asset value, end of year	$	10.28		$	10.43		$	10.46		$	10.65		$	10.51
Total return		2.87	%		4.70	%		1.62	%		2.69	%		(1.07	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	625,067		$	556,626		$	608,634		$	1,075,042		$	946,120
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.76	%		0.78	%		0.79	%		0.73	%		0.74	%
Including waiver and/or reimbursement and recapture		0.76	%		0.76	%^(B)		0.79	%		0.73	%		0.74	%
Net investment income (loss) to average net assets		2.13	%		2.35	%^(B)		1.78	%		1.30	%		1.50	%
Portfolio turnover rate		84	%^(C)		31	%^(C)		62	%^(C)		178	%^(C)		221	%


(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.

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


Transamerica Funds		Annual Report 2017

Page 100

Transamerica Global Multifactor Macro

(unaudited)

MARKET ENVIRONMENT

The period from November 1, 2016 through October 31, 2017 was categorized by several key political developments, improving global growth, suppressed volatility and less accommodative monetary policy stances from key central banks. The U.S. election gave rise to large moves across asset classes, as expectations around deregulation, potential trade barriers and potential fiscal stimulus increased. Developed sovereign bonds sold off sharply and developed stocks fared well. The U.S. dollar gained value against other currencies, and emerging equities mostly underperformed relative to developed equities. Soon after the U.S. election, on November 30, 2016, the Organization of Petroleum Exporting Countries (“OPEC”) surprised markets by announcing an agreement that was aimed at reducing global oil production. This agreement led to a meaningful rally in energy-related commodities. As efforts to reform healthcare looked more likely to fail and expectations around fiscal stimulus and potential trade barriers from the U.S. administration faded early in 2017, Europe took the limelight with the build up to the French presidential election. Relieving fears that far-right candidate Marine Le Pen could win the election, Emmanuel Macron ultimately prevailed. This led to a rally in risk assets and helped to support the euro, which was further supported in June by more hawkish than expected comments from European Central Bank (“ECB”) President Mario Draghi. Key policymakers from the Bank of England (“BOE”) and Bank of Canada (“BOC”) also shifted their rhetoric in a more hawkish direction. As global growth exceeded expectations and volatility remained low, aided by reduced political uncertainty, stronger growth and contained inflation, the BOC and ECB acted on their more hawkish rhetoric, with the BOC hiking its key policy rate twice, once in July and once September, and the ECB announcing a tapering of its asset purchases in late October.

PERFORMANCE

For the year ended October 31, 2017, Transamerica Global Multifactor Macro Class I2 returned (5.09)%. By comparison, its benchmark, the BofA Merrill Lynch U.S. Dollar LIBOR 3-Month Constant Maturity Index, returned 1.07%.

STRATEGY REVIEW

The Fund seeks positive absolute returns. The Fund trades predominately on macroeconomic news and trends, using a systematic, bottom-up approach that integrates both quantitative and discretionary trading signals. While the strategy is long-term market neutral, it can take directional views over the short term. The Fund gains exposure to global equity, fixed income, currency, and commodity markets through the use of derivatives including futures, currency forwards, and swaps.

The Fund utilizes a multifactor approach and one of the meaningful risk weights in the Fund is placed on macroeconomic momentum signals. Positioning based on macroeconomic momentum signals performed poorly over the period and was only partially offset by positive performance in positioning driven by carry and value. Positioning based on price momentum detracted slightly. Fixed income strategies performed well, with a short U.K. interest rate swaps position during the first three quarters of 2017 and a short Canadian government bond position positively contributing. U.K. rates underperformed the cross section, as inflation surprised to the upside and key members from the BOE came across more hawkish than expected during speeches in June 2017 and at the BOE’s meeting in September 2017. Canadian government bonds underperformed on stronger than expected growth data and a more hawkish than expected BOC at its monetary policy meetings in July and September 2017, during which it hiked its key policy rate by 0.25% at each meeting.

Equities, currencies and commodities all detracted over the period. The Fund held a long U.K. equities position in late 2016 and early 2017 that performed poorly. U.K. equities underperformed as uncertainty around the business environment for U.K. companies increased after Great Britain’s vote to leave the European Union and as the pound strengthened, weighing on export prospects and worsening translation effects from earnings abroad. The Fund also held a long Japanese yen position in the second and third quarters of 2017 that weighed on returns. The yen underperformed, with losses driven by increased yield differentials, as developed market interest rates rose sharply in June on more hawkish central bank rhetoric, and on improved risk sentiment after Shinzo Abe’s better than expected win in a snap election. The yen further weakened after optimism around U.S. tax reform increased late in the period. A long position in natural gas during October performed poorly. Natural gas sold off in October on forecasts for warmer than expected weather, weighing on potential heating demand.

During the period, 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		90.2	%
Net Other Assets (Liabilities)^		9.8
Total		100.0	%

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


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(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			10 Years or Since Inception Date of Class			Inception Date
Class I2 (NAV)		(5.09	)%		(1.27	)%		03/03/2015
BofA Merrill Lynch U.S. Dollar LIBOR 3-Month Constant Maturity Index^(A)		1.07	%		0.67	%

^(A) The BofA Merrill Lynch 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.

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.


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CONSOLIDATED SCHEDULE OF INVESTMENTS

At October 31, 2017


	Shares		Value
SHORT-TERM INVESTMENT COMPANIES - 90.2%
Money Market Funds - 90.2%
BlackRock Liquidity Funds T-Fund Portfolio		11,166,035		$ 11,166,035
Dreyfus Treasury Cash Management		45,167,444		45,167,444
UBS Select Treasury Preferred		55,886,647		55,886,647

Total Short-Term Investment Companies (Cost $112,220,126)				112,220,126

Total Investments (Cost $112,220,126)				112,220,126
Net Other Assets (Liabilities) - 9.8%				12,136,612


Net Assets - 100.0%				$ 124,356,738

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		2.00	%		Quarterly		03/12/2020		AUD	244,700,000	$	7,986		$	(373,946	)	$	381,932
3-Month CAD-CDOR		Pay		2.00			Semi-Annually/ Quarterly		03/16/2020		CAD	57,400,000		(110,680	)		20,973			(131,653	)
3-Month CAD-CDOR		Receive		2.50			Quarterly/ Semi-Annually		03/13/2028		CAD	14,900,000		157,097			218,778			(61,681	)
3-Month NZD-BKBM		Receive		2.50			Quarterly/ Semi-Annually		03/11/2020		NZD	272,300,000		904,986			601,859			303,127
3-Month NZD-BKBM		Pay		3.50			Semi-Annually/ Quarterly		03/15/2028		NZD	34,600,000		(556,131	)		(578,288	)		22,157
3-Month SEK-STIBOR-SIDE		Pay		0.50			Annually/Quarterly		03/18/2020		SEK	620,500,000		(886,076	)		(793,783	)		(92,293	)
3-Month SEK-STIBOR-SIDE		Receive		1.50			Quarterly/ Annually		03/15/2028		SEK	96,400,000		252,514			230,552			21,962
3-Month USD-LIBOR		Pay		1.75			Semi-Annually/ Quarterly		03/23/2020		USD	152,000,000		605,463			(104,640	)		710,103
3-Month USD-LIBOR		Pay		2.25			Semi-Annually/ Quarterly		03/21/2028		USD	4,400,000		58,915			(12,590	)		71,505
6-Month AUD-BBR-BBSW		Pay		3.00			Semi-Annually		03/09/2028		AUD	28,700,000		(201,271	)		(137,436	)		(63,835	)
6-Month CHF-LIBOR		Pay		0.50			Annually/ Semi-Annually		03/18/2020		CHF	67,300,000		21,693			14,180			7,513
6-Month CHF-LIBOR		Receive		0.50			Semi-Annually/ Annually		03/15/2028		CHF	10,200,000		194,229			218,037			(23,808	)
6-Month EUR-EURIBOR		Pay		0.00			Annually/ Semi-Annually		03/23/2020		EUR	151,500,000		(470,445	)		(325,035	)		(145,410	)
6-Month EUR-EURIBOR		Receive		1.00			Semi-Annually/ Annually		03/21/2028		EUR	21,000,000		187,842			145,699			42,143
6-Month GBP-LIBOR		Pay		0.75			Semi-Annually		03/23/2020		GBP	35,600,000		187,532			(63,177	)		250,709
6-Month GBP-LIBOR		Pay		1.25			Semi-Annually		03/21/2028		GBP	5,200,000		116,281			147,765			(31,484	)
6-Month JPY-LIBOR		Pay		0.25			Semi-Annually		03/18/2020		JPY	31,092,800,000		(1,078,774	)		(1,161,390	)		82,616
6-Month JPY-LIBOR		Receive		0.25			Semi-Annually		03/15/2028		JPY	3,626,000,000		(220,602	)		19,349			(239,951	)
6-Month NOK-NIBOR		Receive		1.50			Semi-Annually/ Annually		03/18/2020		NOK	492,000,000		394,073			386,925			7,148
6-Month NOK-NIBOR		Pay		2.00			Annually/ Semi-Annually		03/15/2028		NOK	123,400,000		(13,449	)		(119,383	)		105,934

Total													$	(448,817	)	$	(1,665,551	)	$	1,216,734

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


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CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

OVER-THE-COUNTER SWAP AGREEMENTS:



Total Return Swap Agreements ^(A)
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		12/18/2017		CAD	33,978,095		247,000	$	(1,314	)	$	2,281		$	(3,595	)
10-Year Japan Government Bond Futures		MLI	Receive	Maturity		12/13/2017		JPY	1,208,636,800		8,000,000		41,483			—			41,483
10-Year U.K. Gilt Futures		MLI	Receive	Maturity		12/27/2017		GBP	2,736,452		22,000		1,583			—			1,583
10-Year U.S. Treasury Note Futures		MLI	Pay	Maturity		12/19/2017		USD	15,050,766		120,000		(60,141	)		(48	)		(60,093	)
20-Year U.S. Treasury Note Futures		MLI	Receive	Maturity		12/19/2017		USD	3,647,930		24,000		(11,320	)		—			(11,320	)
BM&F Bovespa Index Futures		MLI	Receive	Maturity		12/13/2017		BRL	1,561,402		20		19,601			—			19,601
Corn Futures		CITI	Pay	Maturity		11/24/2017		USD	897,830		255,000		(16,167	)		—			(16,167	)
German Euro Bund Futures		MLI	Receive	Maturity		12/07/2017		EUR	3,571,170		22,000		(9,587	)		—			(9,587	)
Hang Seng Index Futures		MLI	Pay	Maturity		11/29/2017		HKD	22,604,863		800		94			—			94
Hang Seng Index Futures		GSI	Pay	Maturity		11/29/2017		HKD	57,938,806		2,050		(1,532	)		—			(1,532	)
HSCEI China Index Futures		MLI	Pay	Maturity		11/29/2017		HKD	10,328,630		900		7,585			—			7,585
HSCEI China Index Futures		GSI	Pay	Maturity		11/29/2017		HKD	18,424,631		1,600		5,457			—			5,457
KOSPI 200 Index Futures		MLI	Pay	Maturity		12/14/2017		KRW	4,601,260,893		14,750,000		295,568			—			295,568
MSCI Brazil Index Futures		GSI	Pay	Monthly		12/20/2017		BRL	1,781,193		2,102		20,362			—			20,362
MSCI China Index Futures		GSI	Receive	Monthly		12/20/2017		HKD	2,516,322		4,255		(4,420	)		—			(4,420	)
MSCI Hong Kong Index Futures		MLI	Receive	Monthly		12/20/2017		HKD	17,933,245		214		(64,425	)		—			(64,425	)
MSCI Italy Index Futures		MLI	Receive	Monthly		12/20/2017		EUR	873,786		8,352		15,074			—			15,074
MSCI Italy Index Futures		MLI	Receive	Monthly		12/20/2017		EUR	138,935		1,328		2,397			(25,185	)		27,582
MSCI Italy Index Futures		MLI	Receive	Monthly		12/20/2017		EUR	271,128		2,589		4,356			—			4,356
MSCI Japan Index Futures		MLI	Receive	Monthly		12/20/2017		JPY	1,408,299,102		723,533		280,507			581			279,926
MSCI Poland Index Futures		GSI	Receive	Monthly		12/20/2017		PLN	371,004		1,720		1,078			—			1,078
MSCI South Africa Index Futures		GSI	Pay	Monthly		12/20/2017		ZAR	30,221,652		29,902		(13,154	)		—			(13,154	)
MSCI Taiwan Index Futures		MLI	Pay	Maturity		11/29/2017		USD	161,549		400		1,531			—			1,531
MSCI Turkey Index Futures		GSI	Receive	Monthly		12/20/2017		TRY	1,216,279		932		9,097			—			9,097
Natural Gas Futures		CITI	Pay	Maturity		11/28/2017		USD	767,970		250,000		(40,720	)		—			(40,720	)
Natural Gas Futures		MLI	Pay	Maturity		11/28/2017		USD	370,878		120,000		(21,798	)		—			(21,798	)
SGX CNX Nifty Index Futures		GSI	Receive	Maturity		11/30/2017		USD	2,279,896		222		(28,127	)		—			(28,127	)

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


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CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

OVER-THE-COUNTER SWAP AGREEMENTS (continued):

Total Return Swap Agreements (continued) ^(A)


Reference Entity	Counterparty		Pay/Receive		Payment Frequency		Maturity Date		Notional Amount			Number of Shares or Units		Value			Premiums Paid (Received)			Net Unrealized Appreciation (Depreciation)
Soybean Futures		MLI		Pay		Maturity		12/22/2017		USD	294,000		30,000	$	1,425		$	—		$	1,425
Soybean Futures		CITI		Pay		Maturity		12/22/2017		USD	98,972		10,000		(497	)		—			(497	)
Soybean Meal Futures		CITI		Receive		Maturity		12/22/2017		USD	97,321		300		3,181			—			3,181
Soybean Meal Futures		MLI		Receive		Maturity		12/22/2017		USD	254,740		800		3,700			—			3,700
Soybean Oil Futures		MLI		Receive		Maturity		12/22/2017		USD	80,190		240,000		(3,618	)		—			(3,618	)
Soybean Oil Futures		CITI		Receive		Maturity		12/22/2017		USD	120,108		360,000		(5,604	)		—			(5,604	)
Swiss Market Index Futures		MLI		Pay		Maturity		12/15/2017		CHF	2,761,261		300		9,562			—			9,562
Tel Aviv 35 Index Futures		MLI		Receive		Maturity		11/24/2017		ILS	2,024,636		1,400		3,005			—			3,005
Wheat Futures		CITI		Pay		Maturity		11/24/2017		USD	23,361		5,000		(2,436	)		—			(2,436	)
WIG 20 Index Future		GSI		Pay		Maturity		12/15/2017		PLN	857,762		340		670			—			670

Total														$	442,456		$	(22,371	)	$	464,827



FUTURES CONTRACTS:
Description	Long/Short		Number of Contracts			Expiration Date		Notional Amount			Value			Unrealized Appreciation		Unrealized Depreciation
3-Month Aluminum		Long		2			11/09/2017	$	101,686		$	107,209		$	5,523	$	—
3-Month Aluminum		Short		(2	)		11/09/2017		(101,783	)		(107,209	)		—		(5,426	)
3-Month Aluminum		Long		2			11/10/2017		101,689			107,226			5,537		—
3-Month Aluminum		Short		(2	)		11/10/2017		(101,494	)		(107,226	)		—		(5,732	)
3-Month Aluminum		Long		1			11/17/2017		52,003			53,668			1,665		—
3-Month Aluminum		Short		(1	)		11/17/2017		(52,174	)		(53,668	)		—		(1,494	)
3-Month Aluminum		Long		1			11/21/2017		51,903			53,690			1,787		—
3-Month Aluminum		Short		(1	)		11/21/2017		(51,933	)		(53,690	)		—		(1,757	)
3-Month Aluminum		Long		1			12/06/2017		52,127			53,773			1,646		—
3-Month Aluminum		Short		(1	)		12/06/2017		(52,197	)		(53,773	)		—		(1,576	)
3-Month Aluminum		Long		1			12/13/2017		53,178			53,811			633		—
3-Month Aluminum		Short		(1	)		12/13/2017		(52,963	)		(53,811	)		—		(848	)
3-Month Aluminum		Long		7			12/18/2017		367,274			376,863			9,589		—
3-Month Aluminum		Short		(7	)		12/18/2017		(366,003	)		(376,863	)		—		(10,860	)
3-Month Aluminum		Long		1			01/11/2018		53,741			53,944			203		—
3-Month Aluminum		Short		(1	)		01/11/2018		(53,577	)		(53,944	)		—		(367	)
3-Month Aluminum		Long		7			01/12/2018		377,014			377,650			636		—
3-Month Aluminum		Short		(7	)		01/12/2018		(377,893	)		(377,650	)		243		—
3-Month Aluminum		Long		1			01/25/2018		54,006			53,978			—		(28	)
3-Month Aluminum		Short		(1	)		01/25/2018		(53,835	)		(53,978	)		—		(143	)
3-Month Aluminum		Long		2			01/26/2018		110,026			107,964			—		(2,062	)
3-Month Aluminum		Short		(2	)		01/26/2018		(109,708	)		(107,964	)		1,744		—
3-Month Aluminum		Long		1			01/30/2018		54,253			53,996			—		(257	)
3-Month Aluminum		Short		(1	)		01/30/2018		(54,171	)		(53,996	)		175		—
3-Month Copper		Long		1			11/21/2017		164,210			170,523			6,313		—
3-Month Copper		Short		(1	)		11/21/2017		(163,848	)		(170,523	)		—		(6,675	)
3-Month Copper		Long		1			11/24/2017		165,625			170,564			4,939		—
3-Month Copper		Short		(1	)		11/24/2017		(165,498	)		(170,564	)		—		(5,066	)
3-Month Copper		Long		1			01/18/2018		175,559			170,881			—		(4,678	)
3-Month Copper		Short		(1	)		01/18/2018		(175,497	)		(170,881	)		4,616		—
3-Month Copper		Long		1			01/19/2018		173,967			170,869			—		(3,098	)
3-Month Copper		Short		(1	)		01/19/2018		(173,010	)		(170,869	)		2,141		—
3-Month Nickel		Long		1			12/06/2017		71,882			73,614			1,732		—
3-Month Nickel		Short		(1	)		12/06/2017		(71,904	)		(73,614	)		—		(1,710	)

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


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CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


FUTURES CONTRACTS (continued):
Description	Long/Short		Number of Contracts			Expiration Date		Notional Amount			Value			Unrealized Appreciation		Unrealized Depreciation
3-Month Nickel		Long		1			12/18/2017	$	66,993		$	73,658		$	6,665	$	—
3-Month Nickel		Short		(1	)		12/18/2017		(67,127	)		(73,658	)		—		(6,531	)
3-Month Zinc		Long		1			01/25/2018		79,373			81,688			2,315		—
3-Month Zinc		Short		(1	)		01/25/2018		(79,198	)		(81,688	)		—		(2,490	)
10-Year Australia Treasury Bond		Short		(20	)		12/15/2017		(1,948,458	)		(1,972,353	)		—		(23,895	)
10-Year Canada Government Bond		Short		(4	)		12/18/2017		(420,212	)		(426,107	)		—		(5,895	)
10-Year Japan Government Bond		Short		(30	)		12/13/2017		(39,850,157	)		(39,700,101	)		150,056		—
10-Year Japan Government Bond Mini		Short		(225	)		12/12/2017		(29,888,257	)		(29,779,033	)		109,224		—
10-Year U.S. Treasury Note		Long		86			12/19/2017		10,774,533			10,744,625			—		(29,908	)
Aluminum		Long		34			12/18/2017		1,803,609			1,829,625			26,016		—
Aluminum		Short		(10	)		12/18/2017		(526,734	)		(538,125	)		—		(11,391	)
Amsterdam Index		Long		4			11/17/2017		507,757			514,071			6,314		—
ASX/SPI 200 Index		Short		(128	)		12/21/2017		(13,949,462	)		(14,420,416	)		—		(470,954	)
Brent Crude Oil		Long		4			11/30/2017		229,728			243,760			14,032		—
CAC 40 Index		Short		(168	)		11/17/2017		(10,510,055	)		(10,766,145	)		—		(256,090	)
Copper		Long		6			12/18/2017		1,023,714			1,024,687			973		—
Corn		Long		35			12/14/2017		621,205			605,063			—		(16,142	)
DAX^® Index		Long		10			12/15/2017		3,697,639			3,850,410			152,771		—
EURO STOXX 50^®		Long		236			12/15/2017		9,635,711			10,110,987			475,276		—
FTSE 100 Index		Short		(137	)		12/15/2017		(13,347,625	)		(13,587,605	)		—		(239,980	)
FTSE Bursa Malaysia KLCI		Long		5			11/30/2017		102,679			103,136			457		—
FTSE JSE Top 40 Index		Short		(36	)		12/21/2017		(1,282,861	)		(1,354,219	)		—		(71,358	)
FTSE MIB Index		Long		22			12/15/2017		2,838,519			2,918,111			79,592		—
Gasoline		Long		6			11/30/2017		394,253			436,590			42,337		—
German Euro Bund		Short		(30	)		12/07/2017		(5,632,913	)		(5,687,378	)		—		(54,465	)
Gold		Long		18			12/27/2017		2,282,094			2,286,900			4,806		—
Hang Seng Index		Long		9			11/29/2017		1,630,241			1,626,631			—		(3,610	)
IBEX 35 Index		Short		(17	)		11/17/2017		(2,025,400	)		(2,088,247	)		—		(62,847	)
KOSPI 200 Index		Long		1			12/14/2017		69,591			74,620			5,029		—
Lead		Long		1			12/18/2017		59,165			60,225			1,060		—
Mexican Bolsa Index		Short		(8	)		12/15/2017		(209,388	)		(203,278	)		6,110		—
MSCI Singapore Index		Long		75			11/29/2017		2,051,278			2,085,045			33,767		—
MSCI Taiwan Index		Long		7			11/29/2017		283,724			284,900			1,176		—
Natural Gas		Long		92			11/28/2017		2,835,830			2,664,320			—		(171,510	)
New York Harbor ULSD		Long		5			11/30/2017		368,386			394,905			26,519		—
Nickel		Long		9			12/18/2017		640,985			662,985			22,000		—
Nickel		Short		(2	)		12/18/2017		(138,937	)		(147,330	)		—		(8,393	)
OMX Stockholm 30 Index		Short		(65	)		11/17/2017		(1,267,940	)		(1,296,444	)		—		(28,504	)
S&P 500^® E-Mini		Short		(70	)		12/15/2017		(8,760,552	)		(9,004,450	)		—		(243,898	)
S&P/TSX 60 Index		Short		(11	)		12/14/2017		(1,551,564	)		(1,612,526	)		—		(60,962	)
SET 50 Index		Short		(91	)		12/28/2017		(611,633	)		(601,225	)		10,408		—
SGX CNX Nifty Index		Long		27			11/30/2017		554,160			560,466			6,306		—
Silver		Long		14			12/27/2017		1,195,574			1,168,510			—		(27,064	)
Soybean		Long		4			01/12/2018		195,598			196,950			1,352		—
Soybean Oil		Short		(16	)		01/12/2018		(319,297	)		(335,232	)		—		(15,935	)
TOPIX Index		Long		11			12/07/2017		1,540,436			1,705,554			165,118		—
U.K. Gilt		Short		(69	)		12/27/2017		(11,398,744	)		(11,393,893	)		4,851		—
Wheat		Long		2			12/14/2017		47,792			41,850			—		(5,942	)
WTI Crude		Long		63			11/20/2017		3,199,493			3,425,940			226,447		—
Zinc		Long		10			12/18/2017		785,603			822,522			36,919		—
Zinc		Short		(3	)		12/18/2017		(232,452	)		(246,772	)		—		(14,320	)
Zinc		Long		1			12/27/2017		78,302			82,100			3,798		—
Zinc		Short		(1	)		12/27/2017		(78,133	)		(82,100	)		—		(3,967	)

Total														$	1,670,816	$	(1,887,828	)

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


Transamerica Funds		Annual Report 2017

Page 106

Transamerica Global Multifactor Macro

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017



FORWARD FOREIGN CURRENCY CONTRACTS:
Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation		Unrealized Depreciation
CITI		12/20/2017		USD	562,208		AUD	719,000	$	12,193	$	—
CITI		12/20/2017		USD	6,597,434		BRL	21,072,018		197,616		(900	)
CITI		12/20/2017		USD	10,158,385		CAD	12,783,000		244,677		—
CITI		12/20/2017		USD	21,476,985		CHF	20,437,000		917,103		—
CITI		12/20/2017		USD	3,998,650		CNH	26,480,114		24,009		(4,507	)
CITI		12/20/2017		USD	942,037		COP	2,810,000,000		22,745		—
CITI		12/20/2017		USD	17,551,811		EUR	14,645,000		441,788		—
CITI		12/20/2017		USD	39,599,657		GBP	30,412,000		3,545		(861,063	)
CITI		12/20/2017		USD	1,950,510		HKD	15,199,000		851		(207	)
CITI		12/20/2017		USD	400,785		HUF	105,714,000		4,560		(194	)
CITI		12/20/2017		USD	1,275,108		IDR	17,200,000,000		12,630		—
CITI		12/20/2017		USD	1,577,783		ILS	5,640,000		—		(26,663	)
CITI		12/20/2017		USD	4,171,651		INR	273,351,000		11,368		(32,886	)
CITI		12/20/2017		USD	23,222,172		JPY	2,588,946,000		402,088		(8,570	)
CITI		12/20/2017		USD	2,302,246		KRW	2,603,425,000		41		(22,214	)
CITI		12/20/2017		USD	11,219,237		MXN	210,761,000		323,271		(626	)
CITI		12/20/2017		USD	26,814,326		NZD	36,973,000		1,536,867		—
CITI		12/20/2017		USD	1,566,571		PHP	81,000,000		2,894		(366	)
CITI		12/20/2017		USD	102,967		PLN	372,000		931		(193	)
CITI		12/20/2017		USD	7,648,253		SEK	61,583,000		268,315		—
CITI		12/20/2017		USD	573,909		SGD	770,000		8,767		—
CITI		12/20/2017		USD	2,861,387		TRY	10,575,000		117,913		(2,702	)
CITI		12/20/2017		USD	1,997,628		TWD	60,300,000		1,172		(7,932	)
CITI		12/20/2017		PLN	10,352,000		USD	2,860,669		11,579		(27,441	)
CITI		12/20/2017		HUF	801,759,000		USD	3,136,951		—		(130,420	)
CITI		12/20/2017		NOK	62,082,000		USD	7,967,607		—		(356,787	)
CITI		12/20/2017		ZAR	45,608,000		USD	3,369,996		—		(172,438	)
CITI		12/20/2017		JPY	2,911,626,000		USD	26,467,832		37		(793,908	)
CITI		12/20/2017		HKD	38,675,453		USD	4,958,062		3,609		(30	)
CITI		12/20/2017		AUD	13,499,000		USD	10,698,074		—		(371,699	)
CITI		12/20/2017		CZK	56,900,000		USD	2,611,057		426		(19,845	)
CITI		12/20/2017		CAD	31,698,000		USD	25,723,349		—		(1,140,331	)
CITI		12/20/2017		MXN	122,539,166		USD	6,749,232		—		(413,812	)
CITI		12/20/2017		SGD	1,890,000		USD	1,394,560		—		(7,392	)
CITI		12/20/2017		BRL	21,125,000		USD	6,649,369		—		(232,558	)
CITI		12/20/2017		CNH	6,082,114		USD	919,211		282		(5,538	)
CITI		12/20/2017		EUR	28,322,000		USD	33,927,689		1,657		(840,230	)
CITI		12/20/2017		TRY	16,411,000		USD	4,592,796		—		(331,098	)
CITI		12/20/2017		KRW	76,915,000		USD	68,109		563		—
CITI		12/20/2017		CHF	4,100,000		USD	4,291,042		—		(166,390	)
CITI		12/20/2017		GBP	24,967,000		USD	33,664,170		37,405		(487,900	)
CITI		12/20/2017		CLP	2,420,000,000		USD	3,834,046		3,159		(37,271	)
CITI		12/20/2017		PHP	84,000,000		USD	1,634,080		781		(12,890	)
CITI		12/20/2017		RUB	51,000,000		USD	854,564		11,486		(2,021	)
CITI		12/20/2017		NZD	10,629,000		USD	7,577,124		—		(310,359	)
CITI		12/20/2017		INR	28,385,000		USD	434,577		1,043		(197	)
CITI		12/20/2017		TWD	38,100,000		USD	1,267,779		861		(2,187	)
CITI		12/20/2017		SEK	38,291,000		USD	4,807,521		—		(218,833	)
CITI		12/20/2017		USD	4,106,073		ZAR	55,396,000		222,339		(50	)

Total									$	4,850,571	$	(7,050,648	)

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


Transamerica Funds		Annual Report 2017

Page 107

Transamerica Global Multifactor Macro

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

SECURITY VALUATION:

Valuation Inputs ^(B)


	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Short-Term Investment Companies	$	112,220,126		$	—		$	—	$	112,220,126

Total Investments	$	112,220,126		$	—		$	—	$	112,220,126

Other Financial Instruments
Centrally Cleared Interest Rate Swap Agreements	$	—		$	3,088,611		$	—	$	3,088,611
Over-the-Counter Total Return Swap Agreements		—			727,316			—		727,316
Futures Contracts ^(C)		1,670,816			—			—		1,670,816
Forward Foreign Currency Contracts ^(C)		—			4,850,571			—		4,850,571

Total Other Financial Instruments	$	1,670,816		$	8,666,498		$	—	$	10,337,314


LIABILITIES
Other Financial Instruments
Centrally Cleared Interest Rate Swap Agreements	$	—		$	(3,537,428	)	$	—	$	(3,537,428	)
Over-the-Counter Total Return Swap Agreements		—			(284,860	)		—		(284,860	)
Futures Contracts ^(C)		(1,887,828	)		—			—		(1,887,828	)
Forward Foreign Currency Contracts ^(C)		—			(7,050,648	)		—		(7,050,648	)

Total Other Financial Instruments	$	(1,887,828	)	$	(10,872,936	)	$	—	$	(12,760,764	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)

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.

(B)

(C)

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 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
NOK		Norwegian Krone

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, 2017

CURRENCY ABBREVIATIONS (continued):


NZD		New Zealand Dollar
PHP		Philippine Peso
PLN		Polish Zloty
RUB		Russian Ruble
SEK		Swedish Krona
SGD		Singapore Dollar
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
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
SET		Stock Exchange of Thailand
SGX		Singapore Exchange
SIDE		Swedish Markets
SPI		Share Price Index
STIBOR		Stockholm Interbank Offered Rate
STOXX		Deutsche Börse Group & SIX Group Index
TOPIX		Tokyo Price Index
TSX		Toronto Stock Exchange
ULSD		Ultra-Low Sulfur Diesel
WIG		Warsaw Stock Exchange Index
WTI		West Texas Intermediate

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


Transamerica Funds		Annual Report 2017

Page 109

Transamerica Managed Futures Strategy

(unaudited)

MARKET ENVIRONMENT

PERFORMANCE

For the year ended October 31, 2017, Transamerica Managed Futures Strategy Class I2 returned (7.22)%. By comparison, its benchmark, the Citigroup 3-Month Treasury Bill + 7% Wrap Index, returned 7.99%.

STRATEGY REVIEW

The Fund invests in futures and forward contracts both long and short across global equity, fixed income, commodity, and currency markets. The Fund utilizes both short and long-term trend-following signals to attempt to profit from different types of trends that occur in all of these markets. Trend following can be described as going long markets that are rising in price, and going short markets that are falling in price. In addition to trend-following signals, the strategy also incorporates signals that seek to identify over-extended trends, and help reduce risk when the chance of a reversal is perceived as higher than normal.

Commodities were the primary detractors. Fixed income and currencies also detracted, while trends in equities performed positively. By signal horizon, long-term signals and over-extended signals detracted, while short-term signals contributed to performance.

Trend-following in commodities was the largest detractor over the period as several reversals across sectors caused losses for short-term and long-term trend signals. Opposing price pressures from OPEC supply cuts and Russia policy and continued strength in U.S. production and inventories caused choppiness in energy markets over the period, while varying risk sentiment drove reversals and losses in precious metals.

Trend following in fixed income detracted from performance, driven entirely by reversals in long-term trends which began bullishly positioned, then flipped to being short in early 2017. The Fund ended the period net short fixed income driven by over-extended signals, which viewed several developed markets as expensive.

Currency trends faced challenges over the trailing 12 months, with long-term trend reversals driving negative performance. The bullish U.S. dollar trends that formed after the U.S. election reversed in 2017, and bearish euro trend that developed early in the period also reversed sharply after the French election. The Fund ended the period net short Japanese yen and U.S. dollar crosses, but net long euro crosses.

Trend following in equities contributed positively to performance, driven by continued bullish trends in equity markets globally. The Fund entered the period net long equities in most regions. Long-term signals outperformed short-term signals as they maintained consistently bullish views while short-term signal conviction varied. The Fund ended the period net long developed and emerging markets.

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

Clifford S. Asness

Brian K. Hurst

John M. Liew

Yao Hua Ooi

Ari Levine

Co-Portfolio Managers

AQR Capital Management, LLC



Asset Allocation	Percentage of Net Assets
Short-Term U.S. Government Obligations		81.6	%
Short-Term Investment Companies		10.3
Net Other Assets (Liabilities)^{^}		8.1
Total		100.0	%

^	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 2017

Page 110

Transamerica Managed Futures Strategy

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class I2 (NAV)		(7.22	)%		2.42	%		1.01	%		09/30/2010
Citigroup 3-Month Treasury Bill + 7% Wrap Index^(A)		7.99	%		7.45	%		7.41	%

^(A) The Citigroup 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 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; future results may vary. 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. Without such waivers and/or expense reimbursements, the performance would be lower. Future waivers and/or reimbursements are at the discretion of the Investment Manager.

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 2017

Page 111

Transamerica Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS

At October 31, 2017


	Principal		Value
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 81.6%
U.S. Treasury Bill
1.03% ^(A), 11/09/2017		$ 1,291,000		$ 1,290,731
1.04% ^(A), 11/16/2017		104,949,000		104,907,021
1.07% ^(A), 11/24/2017		24,667,000		24,651,674
1.12% ^(A), 12/14/2017		463,000		462,464

Total Short-Term U.S. Government Obligations (Cost $131,307,950)				131,311,890


	Shares		Value
SHORT-TERM INVESTMENT COMPANIES - 10.3%
Money Market Funds - 10.3%
BlackRock Liquidity Funds T-Fund Portfolio		1,163,615		1,163,615
Dreyfus Treasury Cash Management		4,654,462		4,654,462
UBS Select Treasury Preferred		10,719,629		10,719,629

Total Short-Term Investment Companies (Cost $16,537,706)				16,537,706

Total Investments (Cost $147,845,656)				147,849,596
Net Other Assets (Liabilities) - 8.1%				13,030,923


Net Assets - 100.0%				$ 160,880,519

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	Receive	Maturity		12/29/2017		USD	71,940,372		668,000	$	20,778		$	—	$	20,778
5-Year U.S. Treasury Note Futures		BOA	Receive	Maturity		12/29/2017		USD	25,192,530		215,000		2,256			—		2,256
10-Year Canada Government Bond Futures		BOA	Receive	Maturity		12/19/2017		CAD	2,732,270		20,000		(14,828	)		—		(14,828	)
10-Year Italy Government Bond Futures		BOA	Pay	Maturity		12/07/2017		EUR	7,954,763		58,000		164,776			—		164,776
10-Year Japan Government Bond Futures		BOA	Receive	Maturity		12/13/2017		JPY	300,494,800		2,000,000		(4,267	)		—		(4,267	)
10-Year U.K. Gilt Futures		BOA	Receive	Maturity		12/27/2017		GBP	247,611		2,000		(1,393	)		—		(1,393	)
10-Year U.S. Treasury Note Futures		BOA	Receive	Maturity		12/19/2017		USD	15,238,552		122,000		(1,917	)		—		(1,917	)
20-Year U.S. Treasury Note Futures		BOA	Receive	Maturity		12/19/2017		USD	4,088,483		27,000		(28,174	)		—		(28,174	)
Aluminum Futures		CITI	Pay	Maturity		12/18/2017		USD	1,258,150		600		33,350			—		33,350
BM&F Bovespa Index Futures		BOA	Pay	Maturity		12/13/2017		BRL	1,561,402		20		(19,601	)		—		(19,601	)
Cocoa Futures		CITI	Receive	Maturity		11/30/2017		GBP	104,442		70		(5,669	)		—		(5,669	)
Cocoa Futures		MLI	Receive	Maturity		11/30/2017		GBP	74,825		50		(3,752	)		—		(3,752	)
Cocoa Futures		CITI	Receive	Maturity		02/02/2018		USD	21,125		10		235			—		235
Coffee Futures		MLI	Receive	Maturity		11/10/2017		USD	1,104,778		862,500		25,791			—		25,791
Coffee Futures		CITI	Receive	Maturity		11/10/2017		USD	422,345		337,500		132			—		132

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


Transamerica Funds		Annual Report 2017

Page 112

Transamerica Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

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)
Corn Futures	MLI	Receive	Maturity		11/24/2017		USD	18,581		5,000	$	1,294		$	—	$	1,294
Corn Futures	CITI	Receive	Maturity		11/24/2017		USD	2,787,549		785,000		73,412			—		73,412
Cotton No. 2 Futures	CITI	Receive	Maturity		11/10/2017		USD	33,884		50,000		(306	)		—		(306	)
Euro OAT Futures	BOA	Pay	Maturity		12/07/2017		EUR	5,797,257		37,000		33,504			—		33,504
FTSE China A50 Index Futures	BOA	Pay	Maturity		11/29/2017		USD	1,640,778		131		37,987			—		37,987
FTSE China A50 Index Futures	GSI	Pay	Maturity		11/29/2017		USD	113,516		9		1,819			—		1,819
Gasoil Bullet Futures	MLI	Pay	Maturity		12/11/2017		USD	258,275		500		17,100			—		17,100
Gasoil Bullet Futures	CITI	Pay	Maturity		12/11/2017		USD	1,034,356		2,000		67,144			—		67,144
German Euro BOBL Futures	BOA	Pay	Maturity		12/07/2017		EUR	22,368,753		170,000		33,486			—		33,486
German Euro Bund Futures	BOA	Pay	Maturity		12/07/2017		EUR	10,057,807		62,000		34,472			—		34,472
German Euro Schatz Futures	BOA	Pay	Maturity		12/07/2017		EUR	50,832,806		453,000		24,432			—		24,432
Gold Futures	CITI	Pay	Maturity		11/30/2017		USD	926,528		700		(36,548	)		—		(36,548	)
Hang Seng Index Futures	BOA	Pay	Maturity		11/29/2017		HKD	2,826,391		100		(88	)		—		(88	)
Hang Seng Index Futures	GSI	Pay	Maturity		11/29/2017		HKD	22,605,390		800		27			—		27
Heating Oil ULSD Futures	MLI	Pay	Maturity		11/29/2017		USD	810,781		462,000		61,937			—		61,937
Heating Oil ULSD Futures	CITI	Pay	Maturity		11/29/2017		USD	74,235		42,000		5,103			—		5,103
HG Copper Futures	CITI	Pay	Maturity		11/30/2017		USD	675,450		225,000		24,975			—		24,975
HG Copper Futures	MLI	Pay	Maturity		11/30/2017		USD	822,195		275,000		33,880			—		33,880
HSCEI China Index Futures	BOA	Pay	Maturity		11/29/2017		HKD	3,442,877		300		2,528			—		2,528
HSCEI China Index Futures	GSI	Pay	Maturity		11/29/2017		HKD	28,207,915		2,450		8,971			—		8,971
KOSPI 200 Index Futures	GSI	Pay	Maturity		12/14/2017		KRW	3,424,697,650		11,000,000		226,449			—		226,449
KOSPI 200 Index Futures	BOA	Pay	Maturity		12/14/2017		KRW	1,246,882,925		4,000,000		80,972			—		80,972
Lean Hog Futures	MLI	Pay	Maturity		12/14/2017		USD	480,645		760,000		36,155			—		36,155
MSCI Taiwan Index Futures	BOA	Pay	Maturity		11/29/2017		USD	121,231		300		1,079			—		1,079
MSCI Taiwan Index Futures	GSI	Pay	Maturity		11/29/2017		USD	3,147,621		7,800		32,439			—		32,439
Natural Gas Futures	MLI	Receive	Maturity		11/28/2017		USD	401,086		130,000		22,916			—		22,916
Nickel Futures	CITI	Pay	Maturity		12/18/2017		USD	140,880		12		6,450			—		6,450
OMX Stockholm 30 Index Futures	BOA	Pay	Maturity		11/17/2017		SEK	490,277		300		1,272			—		1,272
Palladium Futures	CITI	Pay	Maturity		11/30/2017		USD	373,800		400		17,560			—		17,560
Platinum Futures	MLI	Pay	Maturity		12/29/2017		USD	47,755		50		(1,690	)		—		(1,690	)
RBOB Gasoline Futures	MLI	Pay	Maturity		11/29/2017		USD	461,798		294,000		52,231			—		52,231
RBOB Gasoline Futures	CITI	Pay	Maturity		11/29/2017		USD	262,857		168,000		30,874			—		30,874
SGX CNX Nifty Index Futures	GSI	Pay	Maturity		11/30/2017		USD	1,109,138		108		13,684			—		13,684
Silver Futures	MLI	Receive	Maturity		11/30/2017		USD	84,975		5,000		1,400			—		1,400

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


Transamerica Funds		Annual Report 2017

Page 113

Transamerica Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

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)
Soybean Futures		MLI	Receive	Maturity		12/22/2017		USD	147,413		15,000	$	(300	)	$	—	$	(300	)
Soybean Futures		CITI	Receive	Maturity		12/22/2017		USD	346,340		35,000		1,678			—		1,678
Soybean Meal Futures		CITI	Receive	Maturity		12/22/2017		USD	160,411		500		3,511			—		3,511
Soybean Oil Futures		CITI	Pay	Maturity		12/22/2017		USD	20,079		60,000		873			—		873
Sugar Futures		CITI	Receive	Maturity		02/15/2018		USD	409,920		2,800,000		(2,800	)		—		(2,800	)
Sugar Futures		MLI	Receive	Maturity		02/15/2018		USD	245,364		1,680,000		(2,268	)		—		(2,268	)
Swiss Market Index Futures		BOA	Pay	Maturity		12/15/2017		CHF	2,137,160		230		(12,910	)		—		(12,910	)
U.S. Treasury Note Futures		BOA	Receive	Maturity		12/19/2017		USD	4,086,764		25,000		(33,549	)		—		(33,549	)
Wheat Futures		MLI	Receive	Maturity		11/24/2017		USD	257,644		60,000		6,544			—		6,544
Wheat Futures		CITI	Receive	Maturity		11/24/2017		USD	1,539,233		355,000		53,558			—		53,558
Wheat Futures		MLI	Receive	Maturity		11/24/2017		USD	605,763		140,000		22,663			—		22,663
WTI Crude Oil Futures		MLI	Receive	Maturity		11/17/2017		USD	50,520		1,000		(4,150	)		—		(4,150	)
Zinc Futures		CITI	Pay	Maturity		12/18/2017		USD	621,900		200		36,100			—		36,100

Total												$	1,183,587		$	—	$	1,183,587



FUTURES CONTRACTS:
Description	Long/Short		Number of Contracts			Expiration Date		Notional Amount			Value			Unrealized Appreciation		Unrealized Depreciation
90-Day Eurodollar		Short		(220	)		03/19/2018	$	(54,126,620	)	$	(54,092,500	)	$	34,120	$	—
90-Day Eurodollar		Short		(207	)		06/18/2018		(50,873,974	)		(50,836,613	)		37,361		—
90-Day Eurodollar		Short		(181	)		09/17/2018		(44,447,914	)		(44,415,138	)		32,776		—
90-Day Eurodollar		Short		(167	)		12/17/2018		(40,972,316	)		(40,946,313	)		26,003		—
90-Day Eurodollar		Short		(154	)		03/18/2019		(37,748,216	)		(37,737,700	)		10,516		—
90-Day Eurodollar		Short		(144	)		06/17/2019		(35,294,681	)		(35,267,400	)		27,281		—
90-Day Eurodollar		Short		(138	)		09/16/2019		(33,822,169	)		(33,782,400	)		39,769		—
90-Day Sterling		Short		(4	)		12/20/2017		(660,946	)		(660,522	)		424		—
90-Day Sterling		Short		(130	)		03/21/2018		(21,452,301	)		(21,439,994	)		12,307		—
90-Day Sterling		Short		(134	)		06/20/2018		(22,095,775	)		(22,077,439	)		18,336		—
90-Day Sterling		Short		(125	)		09/19/2018		(20,602,339	)		(20,580,099	)		22,240		—
90-Day Sterling		Short		(115	)		12/19/2018		(18,946,213	)		(18,922,236	)		23,977		—
90-Day Sterling		Short		(109	)		03/20/2019		(17,949,166	)		(17,925,941	)		23,225		—
90-Day Sterling		Short		(107	)		06/19/2019		(17,612,204	)		(17,588,143	)		24,061		—
90-Day Sterling		Short		(105	)		09/18/2019		(17,265,287	)		(17,250,676	)		14,611		—
3-Month Aluminum		Long		1			11/10/2017		50,856			53,613			2,757		—
3-Month Aluminum		Short		(1	)		11/10/2017		(50,747	)		(53,613	)		—		(2,866	)
3-Month Aluminum		Long		1			11/16/2017		51,949			53,662			1,713		—
3-Month Aluminum		Short		(1	)		11/16/2017		(51,742	)		(53,662	)		—		(1,920	)
3-Month Aluminum		Long		3			12/27/2017		160,613			161,558			945		—
3-Month Aluminum		Short		(3	)		12/27/2017		(160,511	)		(161,558	)		—		(1,047	)
3-Month Canada Bankers’ Acceptance		Short		(4	)		12/18/2017		(763,712	)		(763,778	)		—		(66	)
3-Month Canada Bankers’ Acceptance		Short		(37	)		03/19/2018		(7,058,305	)		(7,054,192	)		4,113		—
3-Month Canada Bankers’ Acceptance		Short		(7	)		06/18/2018		(1,331,822	)		(1,332,881	)		—		(1,059	)
3-Month Copper		Long		1			01/19/2018		173,979			170,869			—		(3,110	)
3-Month Copper		Short		(1	)		01/19/2018		(173,010	)		(170,869	)		2,141		—
3-Month EURIBOR		Short		(15	)		03/19/2018		(4,379,159	)		(4,382,382	)		—		(3,223	)
3-Month EURIBOR		Long		7			06/18/2018		2,044,769			2,044,908			139		—
3-Month EURIBOR		Long		26			09/17/2018		7,593,090			7,594,236			1,146		—
3-Month EURIBOR		Long		35			12/17/2018		10,216,704			10,219,953			3,249		—
3-Month EURIBOR		Long		28			03/18/2019		8,169,265			8,171,478			2,213		—
3-Month EURIBOR		Long		18			06/17/2019		5,248,163			5,249,948			1,785		—

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


Transamerica Funds		Annual Report 2017

Page 114

Transamerica Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


FUTURES CONTRACTS (continued):
Description	Long/Short		Number of Contracts			Expiration Date		Notional Amount			Value			Unrealized Appreciation		Unrealized Depreciation
3-Month EURIBOR		Long		1			09/16/2019	$	291,439		$	291,474		$	35	$	—
3-Month Euroswiss		Short		(2	)		12/18/2017		(504,716	)		(504,836	)		—		(120	)
3-Month Euroswiss		Long		4			03/19/2018		1,009,579			1,009,573			—		(6	)
3-Month Euroswiss		Long		7			06/18/2018		1,766,044			1,766,226			182		—
3-Month Euroswiss		Long		4			09/17/2018		1,008,665			1,008,871			206		—
3-Month Nickel		Long		1			11/02/2017		61,531			73,539			12,008		—
3-Month Nickel		Short		(1	)		11/02/2017		(61,498	)		(73,539	)		—		(12,041	)
3-Month Nickel		Long		4			11/03/2017		247,662			294,165			46,503		—
3-Month Nickel		Short		(4	)		11/03/2017		(248,438	)		(294,165	)		—		(45,727	)
3-Month Nickel		Long		1			11/07/2017		62,159			73,551			11,392		—
3-Month Nickel		Short		(1	)		11/07/2017		(62,217	)		(73,551	)		—		(11,334	)
3-Month Zinc		Long		1			11/02/2017		69,387			83,050			13,663		—
3-Month Zinc		Short		(1	)		11/02/2017		(69,123	)		(83,050	)		—		(13,927	)
3-Month Zinc		Long		2			11/03/2017		140,523			166,028			25,505		—
3-Month Zinc		Short		(2	)		11/03/2017		(140,832	)		(166,028	)		—		(25,196	)
2-Year U.S. Treasury Note		Short		(164	)		12/29/2017		(35,367,971	)		(35,318,938	)		49,033		—
3-Year Australia Treasury Bond		Short		(331	)		12/15/2017		(28,226,608	)		(28,269,425	)		—		(42,817	)
5-Year U.S. Treasury Note		Short		(87	)		12/29/2017		(10,250,684	)		(10,195,313	)		55,371		—
10-Year Australia Treasury Bond		Short		(100	)		12/15/2017		(9,885,614	)		(9,861,766	)		23,848		—
10-Year Canada Government Bond		Short		(22	)		12/18/2017		(2,349,908	)		(2,343,586	)		6,322		—
10-Year Japan Government Bond		Short		(6	)		12/13/2017		(7,924,237	)		(7,940,020	)		—		(15,783	)
10-Year U.S. Treasury Note		Short		(50	)		12/19/2017		(6,302,060	)		(6,246,875	)		55,185		—
Aluminum		Long		4			12/18/2017		210,521			215,250			4,729		—
Aluminum		Short		(3	)		12/18/2017		(160,507	)		(161,437	)		—		(930	)
Amsterdam Index		Long		15			11/17/2017		1,906,227			1,927,768			21,541		—
ASX/SPI 200 Index		Long		26			12/21/2017		2,873,026			2,929,147			56,121		—
Brent Crude Oil		Long		102			11/30/2017		5,854,693			6,215,880			361,187		—
CAC 40 Index		Long		30			11/17/2017		1,875,087			1,922,526			47,439		—
Cocoa		Short		(2	)		12/12/2017		(40,237	)		(41,252	)		—		(1,015	)
Cocoa		Long		1			03/14/2018		20,879			20,890			11		—
Coffee		Short		(20	)		12/18/2017		(946,040	)		(938,250	)		7,790		—
Copper		Long		7			12/18/2017		1,189,806			1,195,469			5,663		—
Copper		Long		32			12/27/2017		2,454,906			2,480,800			25,894		—
Corn		Short		(55	)		12/14/2017		(974,568	)		(950,812	)		23,756		—
DAX^® Index		Long		10			12/15/2017		3,681,834			3,850,410			168,576		—
DJIA Mini Index		Long		57			12/15/2017		6,250,531			6,647,625			397,094		—
EURO STOXX 50^®		Long		83			12/15/2017		3,406,298			3,555,983			149,685		—
FTSE 100 Index		Long		34			12/15/2017		3,321,809			3,372,106			50,297		—
FTSE JSE Top 40 Index		Long		52			12/21/2017		1,853,732			1,956,094			102,362		—
FTSE MIB Index		Long		5			12/15/2017		645,037			663,207			18,170		—
Gasoline		Long		25			11/30/2017		1,656,914			1,819,125			162,211		—
German Euro BOBL		Long		110			12/07/2017		16,839,152			16,885,425			46,273		—
German Euro Bund		Long		4			12/07/2017		753,458			758,317			4,859		—
German Euro BUXL		Short		(10	)		12/07/2017		(1,934,064	)		(1,935,048	)		—		(984	)
German Euro Schatz		Long		154			12/07/2017		20,120,993			20,138,862			17,869		—
Gold		Long		33			12/27/2017		4,375,578			4,192,650			—		(182,928	)
HSCEI Index		Long		7			11/29/2017		516,039			516,471			432		—
IBEX 35 Index		Long		15			11/17/2017		1,776,008			1,842,571			66,563		—
KOSPI 200 Index		Long		12			12/14/2017		834,075			895,434			61,359		—
Lean Hogs		Short		(1	)		12/14/2017		(22,654	)		(27,200	)		—		(4,546	)
Low Sulfur Gasoil		Long		62			12/12/2017		3,194,880			3,396,050			201,170		—
MSCI EAFE		Long		7			12/15/2017		688,179			702,590			14,411		—
MSCI Emerging Markets		Long		52			12/15/2017		2,869,530			2,922,920			53,390		—
MSCI Singapore Index		Long		10			11/29/2017		275,673			278,006			2,333		—
NASDAQ-100 E-Mini		Long		51			12/15/2017		6,091,440			6,374,745			283,305		—
Natural Gas		Short		(29	)		11/28/2017		(891,890	)		(839,840	)		52,050		—
New York Harbor ULSD		Long		39			11/30/2017		2,875,218			3,080,259			205,041		—

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


Transamerica Funds		Annual Report 2017

Page 115

Transamerica Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017


FUTURES CONTRACTS (continued):
Description	Long/Short		Number of Contracts			Expiration Date		Notional Amount			Value			Unrealized Appreciation		Unrealized Depreciation
Nickel		Long		9			12/18/2017	$	640,985		$	662,985		$	22,000	$	—
Nikkei 225		Long		23			12/07/2017		3,917,574			4,439,998			522,424		—
OMX Stockholm 30 Index		Long		39			11/17/2017		760,805			777,866			17,061		—
Palladium		Long		6			12/27/2017		557,730			587,490			29,760		—
Platinum		Short		(10	)		01/29/2018		(461,373	)		(459,800	)		1,573		—
Russell 2000^® Mini Index		Long		43			12/15/2017		3,072,990			3,230,805			157,815		—
S&P 500^® E-Mini		Long		49			12/15/2017		6,090,577			6,303,115			212,538		—
S&P Midcap 400^® E-Mini		Long		9			12/15/2017		1,558,991			1,650,510			91,519		—
S&P/TSX 60 Index		Long		36			12/14/2017		5,014,335			5,277,358			263,023		—
SGX CNX Nifty Index		Long		10			11/30/2017		205,323			207,580			2,257		—
Silver		Short		(1	)		12/27/2017		(83,462	)		(83,465	)		—		(3	)
Soybean		Short		(13	)		01/12/2018		(635,620	)		(640,087	)		—		(4,467	)
Soybean Meal		Short		(14	)		01/12/2018		(444,620	)		(439,320	)		5,300		—
Soybean Oil		Short		(5	)		01/12/2018		(99,977	)		(104,760	)		—		(4,783	)
Sugar No. 11		Short		(61	)		02/28/2018		(970,103	)		(1,007,037	)		—		(36,934	)
TOPIX Index		Long		32			12/07/2017		4,457,262			4,961,611			504,349		—
U.K. Gilt		Short		(16	)		12/27/2017		(2,644,069	)		(2,642,062	)		2,007		—
U.S. Treasury Bond		Short		(49	)		12/19/2017		(7,726,553	)		(7,655,657	)		70,896		—
Wheat		Short		(43	)		12/14/2017		(930,131	)		(898,375	)		31,756		—
WTI Crude		Long		62			11/20/2017		3,153,271			3,371,560			218,289		—
Zinc		Long		5			12/18/2017		391,013			411,250			20,237		—

Total														$	5,450,846	$	(416,832	)



FORWARD FOREIGN CURRENCY CONTRACTS:
Counterparty	Settlement Date	Currency Purchased			Currency Sold			Unrealized Appreciation		Unrealized Depreciation
CITI	12/20/2017		USD	18,123,612		AUD	23,149,000	$	416,284	$	(1,035	)
CITI	12/20/2017		USD	778,432		BRL	2,550,000		4,809		(952	)
CITI	12/20/2017		USD	25,406,255		CAD	32,061,000		544,662		(2,948	)
CITI	12/20/2017		USD	6,277		CHF	6,000		241		—
CITI	12/20/2017		USD	285,594		CLP	181,386,000		1,382		(604	)
CITI	12/20/2017		USD	269,540		COP	813,910,992		3,268		—
CITI	12/20/2017		USD	22,106,862		EUR	18,497,000		497,134		(656	)
CITI	12/20/2017		USD	36,792,460		GBP	28,333,000		154		(899,168	)
CITI	12/20/2017		USD	126,986		HKD	990,000		—		(20	)
CITI	12/20/2017		USD	4,374,376		HUF	1,135,642,000		116,117		(306	)
CITI	12/20/2017		USD	1,374,756		IDR	18,729,778,096		1,955		(1,962	)
CITI	12/20/2017		USD	413,826		ILS	1,476,000		—		(6,061	)
CITI	12/20/2017		USD	3,244,938		INR	211,896,000		12,704		(18,224	)
CITI	12/20/2017		USD	55,177,747		JPY	6,050,853,821		1,825,260		(2,377	)
CITI	12/20/2017		USD	1,736,881		KRW	1,973,870,000		—		(25,451	)
CITI	12/20/2017		USD	6,742,066		MXN	125,841,000		235,937		—
CITI	12/20/2017		USD	16,959,413		NOK	134,926,000		420,611		(2,185	)
CITI	12/20/2017		USD	40,518,199		NZD	56,878,000		1,633,983		(1,764	)
CITI	12/20/2017		USD	3,151,338		PHP	163,149,000		4,934		(3,870	)
CITI	12/20/2017		USD	3,851,838		PLN	14,093,000		1,511		(22,532	)
CITI	12/20/2017		USD	15,435,325		SEK	125,539,000		391,075		—
CITI	12/20/2017		USD	891,971		SGD	1,214,000		1,638		(684	)
CITI	12/20/2017		USD	14,233,108		TRY	52,046,000		720,891		(3,384	)
CITI	12/20/2017		USD	479,171		TWD	14,503,000		25		(2,936	)
CITI	12/20/2017		NOK	138,804,000		USD	17,799,616		—		(783,212	)
CITI	12/20/2017		GBP	34,107,000		USD	45,717,495		123,392		(468,244	)
CITI	12/20/2017		EUR	50,170,369		USD	59,787,798		3,261		(1,176,086	)
CITI	12/20/2017		INR	335,931,000		USD	5,186,462		1,607		(34,931	)
CITI	12/20/2017		CHF	81,000		USD	85,262		—		(3,775	)
CITI	12/20/2017		PLN	20,434,000		USD	5,731,014		134		(115,735	)

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


Transamerica Funds		Annual Report 2017

Page 116

Transamerica Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017



FORWARD FOREIGN CURRENCY CONTRACTS:
Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation		Unrealized Depreciation
CITI		12/20/2017		SEK	162,623,000		USD	20,294,954	$	—	$	(806,659	)
CITI		12/20/2017		ZAR	77,632,000		USD	5,843,155		—		(400,413	)
CITI		12/20/2017		MXN	154,312,000		USD	8,540,782		19		(562,689	)
CITI		12/20/2017		ILS	8,482,001		USD	2,405,176		13,131		(5,378	)
CITI		12/20/2017		HKD	40,000		USD	5,127		5		—
CITI		12/20/2017		AUD	48,529,000		USD	38,584,608		—		(1,461,224	)
CITI		12/20/2017		HUF	1,074,504,000		USD	4,188,862		—		(159,563	)
CITI		12/20/2017		IDR	24,731,063,000		USD	1,833,256		11		(18,010	)
CITI		12/20/2017		SGD	5,841,000		USD	4,327,044		—		(40,040	)
CITI		12/20/2017		TWD	101,222,000		USD	3,377,604		1,453		(14,408	)
CITI		12/20/2017		COP	4,324,331,008		USD	1,456,263		—		(41,559	)
CITI		12/20/2017		PHP	81,532,000		USD	1,588,884		17		(14,585	)
CITI		12/20/2017		KRW	8,426,112,129		USD	7,463,405		59,749		(62	)
CITI		12/20/2017		NZD	11,562,000		USD	8,391,844		—		(487,211	)
CITI		12/20/2017		CAD	42,060,998		USD	33,902,615		—		(1,282,697	)
CITI		12/20/2017		JPY	786,613,000		USD	7,108,233		1,098		(173,183	)
CITI		12/20/2017		BRL	10,490,000		USD	3,294,084		—		(107,699	)
CITI		12/20/2017		CLP	1,357,828,992		USD	2,154,114		53		(22,077	)
CITI		12/20/2017		TRY	15,459,000		USD	4,348,677		—		(334,196	)
CITI		12/20/2017		USD	6,555,215		ZAR	90,198,000		236,920		(5,440	)

Total									$	7,275,425	$	(9,516,195	)

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	$	—		$	131,311,890		$	—	$	131,311,890
Short-Term Investment Companies		16,537,706			—			—		16,537,706

Total Investments	$	16,537,706		$	131,311,890		$	—	$	147,849,596

Other Financial Instruments
Over-the-Counter Total Return Swap Agreements	$	—		$	1,357,797		$	—	$	1,357,797
Futures Contracts ^(D)		5,450,846			—			—		5,450,846
Forward Foreign Currency Contracts ^(D)		—			7,275,425			—		7,275,425

Total Other Financial Instruments	$	5,450,846		$	8,633,222		$	—	$	14,084,068


LIABILITIES
Other Financial Instruments
Over-the-Counter Total Return Swap Agreements	$	—		$	(174,210	)	$	—	$	(174,210	)
Futures Contracts ^(D)		(416,832	)		—			—		(416,832	)
Forward Foreign Currency Contracts ^(D)		—			(9,516,195	)		—		(9,516,195	)

Total Other Financial Instruments	$	(416,832	)	$	(9,690,405	)	$	—	$	(10,107,237	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:


(A)		Rates disclosed reflect the yields at October 31, 2017.
(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.

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


Transamerica Funds		Annual Report 2017

Page 117

Transamerica Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):


(C)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. 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		HongKong Dollar
HUF		HungarianForint
IDR		IndonesianRupiah
ILS		IsraelNew Shekel
INR		IndianRupee
JPY		JapaneseYen
KRW		SouthKorean Won
MXN		MexicanPeso
NOK		NorwegianKrone
NZD		New Zealand Dollar
PHP		Philippine Peso
PLN		Polish Zloty
SEK		Swedish Krona
SGD		Singapore Dollar
TRY		Turkish New Lira
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)
BUXL		Bundesanleihen (German Long-Term Debt)
CAC		Cotation Assistée en Continu (French Stock Market Index)
CNX Nifty		CRISIL NSE Index (National Stock Exchange of India’s Benchmark 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

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


Transamerica Funds		Annual Report 2017

Page 118

Transamerica Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2017

PORTFOLIO ABBREVIATIONS (continued):


IBEX		Índice Bursatil Español (Bolsa de Madrid Stock Market Index)
JSE		Johannesburg Stock Exchange
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
OAT		Obligations Assimilables du Tresor (Treasury Obligations)
OMX		Norwegian Stockholm Stock Exchange
RBOB		Reformulated Blendstock for Oxygenate Blending
Schatz		Bundesschatzanweisungen (German Federal Government 2-Year Securities)
SGX		Singapore Exchange
SPI		Share Price Index
STOXX		Deutsche Börse Group & SIX Group Index
TOPIX		Tokyo Price Index
TSX		Toronto Stock Exchange
ULSD		Ultra-Low Sulfur Diesel
WTI		West Texas Intermediate

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


Transamerica Funds		Annual Report 2017

Page 119

Understanding Your Funds’ Expenses

(unaudited)

SHAREHOLDER EXPENSES

The examples are based on an investment of $1,000 invested at May 1, 2017, and held for the entire period until October 31, 2017.

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES


			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	$	943.80	$	7.23	$	1,017.40	$	7.50		1.50	%
Transamerica Managed Futures Strategy		1,000.00		1,003.90		7.42		1,017.80		7.48		1.47



(A)		5% return per year before expenses.

(B)		Expenses are calculated using the Funds’ 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 investment companies and/or ETFs 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; the percentage may differ from the expense ratio displayed in the Consolidated Financial Highlights which covers a twelve-month period.


Transamerica Funds		Annual Report 2017

Page 120

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

At October 31, 2017


	Transamerica Global Multifactor Macro			Transamerica Managed Futures Strategy
Assets:
Investments, at value ^(A)	$	112,220,126		$	147,849,596
Cash		6,770			103,301
Cash collateral pledged at custodian:
OTC derivatives ^(C)		4,880,085			9,492,610
Cash collateral pledged at broker:
Centrally cleared swap agreements		3,349,160			—
Futures contracts		5,632,639			6,291,990
Foreign currency, at value ^(B)		539,929			276,414
Receivables and other assets:
Investments sold		780,334			40,164,033
Interest		52,885			7,498
Variation margin receivable on centrally cleared swap agreements		23,898			—
Variation margin receivable on futures contracts		—			324,549
OTC swap agreements, at value		727,316			1,357,797
Unrealized appreciation on forward foreign currency contracts		4,850,571			7,275,425
Total assets		133,063,713			213,143,213

Liabilities:
Cash collateral received at broker:
OTC derivatives ^(C)		831,196			802,622
Payables and other liabilities:
Shares of beneficial interest redeemed		44,327			61,296
Investments purchased		—			41,278,702
Investment management fees		201,188			46,475
Transfer agent fees		828			1,051
Trustees, CCO and deferred compensation fees		98			209
Audit and tax fees		19,471			18,107
Custody fees		225,566			349,559
Legal fees		1,235			1,486
Printing and shareholder reports fees		2,526			3,291
Registration fees		1,030			1,199
Variation margin payable on futures contracts		35,943			—
Other		8,059			8,292
OTC swap agreements, at value		284,860			174,210
Unrealized depreciation on forward foreign currency contracts		7,050,648			9,516,195
Total liabilities		8,706,975			52,262,694
Net assets	$	124,356,738		$	160,880,519

Net assets consist of:
Paid-in capital	$	133,381,949		$	223,782,042
Undistributed (distributions in excess of) net investment income (loss)		(6,117,362	)		(52,151,554	)
Accumulated net realized gain (loss)		(2,159,982	)		(14,733,951	)
Net unrealized appreciation (depreciation) on:
Investments		—			3,940
Swap agreements		1,681,561			1,183,587
Futures contracts		(217,012	)		5,034,014
Forward foreign currency contracts		(2,200,077	)		(2,240,770	)
Translation of assets and liabilities denominated in foreign currencies		(12,339	)		3,211
Net assets	$	124,356,738		$	160,880,519
Shares outstanding (unlimited shares, no par value)		13,850,531			20,708,609
Net asset value and offering price per share	$	8.98		$	7.77
^(A) Investments, at cost	$	112,220,126		$	147,845,656
^(B) Foreign currency, at cost	$	538,418		$	276,367

^(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 2017

Page 121

CONSOLIDATED STATEMENTS OF OPERATIONS

For the year ended October 31, 2017


	Transamerica Global Multifactor Macro			Transamerica Managed Futures Strategy
Investment Income:
Dividend income	$	—		$	1,869
Interest income		824,973			1,241,571
Withholding taxes on foreign income		(44,861	)		(3,105	)
Total investment income		780,112			1,240,335

Expenses:
Investment management fees		2,136,814			2,322,732
Transfer agent fees		10,467			12,595
Trustees, CCO and deferred compensation fees		2,461			2,980
Audit and tax fees		23,498			21,647
Custody fees		1,237,908			1,429,492
Legal fees		9,456			10,725
Printing and shareholder reports fees		8,561			3,764
Registration fees		3,755			3,992
Dividends, interest and fees for borrowings from securities sold short		2,832			179
Other		35,244			35,961
Total expenses before waiver and/or reimbursement and recapture		3,470,996			3,844,067
Expense waived and/or reimbursed		(1,511,647	)		(1,391,485	)
Recapture of previously waived and/or reimbursed fees		154,377			—
Net expenses		2,113,726			2,452,582
Net investment income (loss)		(1,333,614	)		(1,212,247	)

Net realized gain (loss) on:
Investments		(50	)		(433	)
Swap agreements		(1,374,779	)		(3,651,590	)
Futures contracts		(232,722	)		(9,149,642	)
Forward foreign currency contracts		523,501			(4,985,426	)
Foreign currency transactions		477,898			44,544
Net realized gain (loss)		(606,152	)		(17,742,547	)

Net change in unrealized appreciation (depreciation) on:
Investments		—			(14,970	)
Swap agreements		541,300			1,792,855
Futures contracts		(2,937,802	)		5,246,699
Forward foreign currency contracts		(3,004,316	)		(1,874,377	)
Translation of assets and liabilities denominated in foreign currencies		(14,233	)		8,867
Net change in unrealized appreciation (depreciation)		(5,415,051	)		5,159,074
Net realized and change in unrealized gain (loss)		(6,021,203	)		(12,583,473	)
Net increase (decrease) in net assets resulting from operations	$	(7,354,817	)	$	(13,795,720	)

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


Transamerica Funds		Annual Report 2017

Page 122

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

For the years ended:


	Transamerica Global Multifactor Macro						Transamerica Managed Futures Strategy
	October 31, 2017			October 31, 2016			October 31, 2017			October 31, 2016
From operations:
Net investment income (loss)	$	(1,333,614	)	$	(2,674,716	)	$	(1,212,247	)	$	(3,001,564	)
Net realized gain (loss)		(606,152	)		(1,346,501	)		(17,742,547	)		(5,955,940	)
Net change in unrealized appreciation (depreciation)		(5,415,051	)		5,067,049			5,159,074			(273,482	)
Net increase (decrease) in net assets resulting from operations		(7,354,817	)		1,045,832			(13,795,720	)		(9,230,986	)

Dividends and/or distributions to shareholders:
Net investment income		—			(8,580,354	)		(234,782	)		(30,830,649	)
Net realized gains		(5,429,639	)		—			—			(27,923,245	)
Return of capital		—			—			(1,749,421	)		—
Total dividends and/or distributions to shareholders		(5,429,639	)		(8,580,354	)		(1,984,203	)		(58,753,894	)

Capital share transactions:
Proceeds from shares sold		11,358,198			9,407,919			21,650,758			31,921,013
Dividends and/or distributions reinvested		5,429,639			8,580,354			1,984,203			58,753,894
Cost of shares redeemed		(46,331,974	)		(66,007,583	)		(49,158,191	)		(146,137,708	)
Net increase (decrease) in net assets resulting from capital share transactions		(29,544,137	)		(48,019,310	)		(25,523,230	)		(55,462,801	)
Net increase (decrease) in net assets		(42,328,593	)		(55,553,832	)		(41,303,153	)		(123,447,681	)

Net assets:
Beginning of year		166,685,331			222,239,163			202,183,672			325,631,353
End of year	$	124,356,738		$	166,685,331		$	160,880,519		$	202,183,672
Undistributed (distributions in excess of) net investment income (loss)	$	(6,117,362	)	$	(5,024,944	)	$	(52,151,554	)	$	(50,952,752	)

Capital share transactions - shares:
Shares issued		1,276,509			951,758			2,788,284			3,523,679
Shares reinvested		581,955			888,235			246,791			6,653,895
Shares redeemed		(5,067,150	)		(6,881,107	)		(6,189,604	)		(15,761,383	)
Net increase (decrease) in shares outstanding		(3,208,686	)		(5,041,114	)		(3,154,529	)		(5,583,809	)

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


Transamerica Funds		Annual Report 2017

Page 123

CONSOLIDATED FINANCIAL HIGHLIGHTS


For a share outstanding during the period and years indicated:	Transamerica Global Multifactor Macro
	October 31, 2017			October 31, 2016			October 31, 2015 ^(A)
Net asset value, beginning of period/year	$	9.77		$	10.06		$	10.00
Investment operations:
Net investment income (loss) ^{(B) (C)}		(0.09	)		(0.13	)^(D)		(0.10	)
Net realized and unrealized gain (loss)		(0.37	)		0.23			0.16
Total investment operations		(0.46	)		0.10			0.06
Dividends and/or distributions to shareholders:
Net investment income		—			(0.39	)		—
Net realized gains		(0.33	)		—			—
Total dividends and/or distributions to shareholders		(0.33	)		(0.39	)		—
Net asset value, end of period/year	$	8.98		$	9.77		$	10.06
Total return		(5.09	)%		1.01	%		0.60	%^(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	124,357		$	166,685		$	222,239
Expenses to average net assets ^(F)
Excluding waiver and/or reimbursement and recapture		2.49	%		2.22	%		1.93	%^(G)
Including waiver and/or reimbursement and recapture		1.50	%		1.50	%^(D)		1.50	%^(G)
Net investment income (loss) to average net assets ^(C)		(0.96	)%		(1.36	)%^(D)		(1.49	)%^(G)
Portfolio turnover rate ^(H)		—	%		—	%		—	%^(E)


(A)		Commenced operations on March 3, 2015.
(B)		Calculated based on average number of shares outstanding.
(C)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.
(D)		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.
(E)		Not annualized.
(F)		Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(G)		Annualized.
(H)		Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.


For a share outstanding during the years indicated:	Transamerica Managed Futures Strategy
	October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013
Net asset value, beginning of year	$	8.47		$	11.06		$	10.28		$	10.10		$	9.36
Investment operations:
Net investment income (loss)^{(A) (B)}		(0.06	)		(0.10	)^(C)		(0.15	)		(0.14	)		(0.13	)
Net realized and unrealized gain (loss)		(0.55	)		(0.37	)		1.46			0.64			0.87
Total investment operations		(0.61	)		(0.47	)		1.31			0.50			0.74
Dividends and/or distributions to shareholders:
Net investment income		(0.01	)		(1.11	)		(0.08	)		(0.04	)		—
Net realized gains		—			(1.01	)		(0.45	)		(0.28	)		—
Return of capital		(0.08	)		—			—			—			—
Total dividends and/or distributions to shareholders		(0.09	)		(2.12	)		(0.53	)		(0.32	)		—
Net asset value, end of year	$	7.77		$	8.47		$	11.06		$	10.28		$	10.10
Total return		(7.22	)%		(5.00	)%		12.89	%		4.97	%		7.91	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	160,881		$	202,184		$	325,631		$	413,887		$	441,775
Expenses to average net assets^(D)
Excluding waiver and/or reimbursement and recapture		2.29	%		2.02	%		1.68	%		1.68	%		1.57	%
Including waiver and/or reimbursement and recapture		1.45	%		1.44	%^(C)		1.42	%		1.42	%		1.32	%
Net investment income (loss) to average net assets ^(B)		(0.72	)%		(1.13	)%^(C)		(1.37	)%		(1.39	)%		(1.30	)%
Portfolio turnover rate^(E)		—	%		—	%		—	%		—	%		—	%


(A)		Calculated based on average number of shares outstanding.
(B)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.
(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)		Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(E)		Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

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


Transamerica Funds		Annual Report 2017

Page 124

NOTES TO FINANCIAL STATEMENTS

At October 31, 2017

1. ORGANIZATION


Fund		Fund
Transamerica Core Bond (“Core Bond”)		Transamerica Long/Short Strategy (“Long/Short Strategy”)
Transamerica Developing Markets Equity (“Developing Markets Equity”)		Transamerica Mid Cap Value (“Mid Cap Value”)
Transamerica Global Real Estate Securities (“Global Real Estate Securities”)		Transamerica Total Return (“Total Return”)
Transamerica International Equity Opportunities (“International Equity Opportunities”)		Transamerica Global Multifactor Macro (“Global Multifactor Macro”)^(A)
Transamerica International Small Cap (“International Small Cap”)		Transamerica Managed Futures Strategy (“Managed Futures Strategy”)^(B)


(A)		Transamerica Cayman Global Multifactor Macro, Ltd. is a wholly-owned subsidiary which acts as an investment vehicle for the Fund. Please reference the Basis for Consolidation section of the Notes to Financial Statements for more information.
(B)		Transamerica Cayman Managed Futures Strategy, Ltd. is a wholly-owned subsidiary which acts as an investment vehicle for the Fund. 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 classified as “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, and investment objectives and strategies.


Transamerica Funds		Annual Report 2017

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NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

1. ORGANIZATION (continued)

compliance services; valuation services; assisting in due diligence and in 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. BASIS FOR CONSOLIDATION

Transamerica Cayman Global Multifactor Macro, Ltd. and Transamerica Cayman Managed Futures Strategy, Ltd. (each, a “Subsidiary”: collectively, the “Subsidiaries”) are organized under the laws of the Cayman Islands as wholly-owned subsidiaries which act as investment vehicles for Global Multifactor Macro and Managed Futures Strategy, respectively. The principal purpose of investment of 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.

As of October 31, 2017, each Subsidiary as a percentage of the Funds’ net assets is as follows:


Fund	Subsidiary	Value		Percentage of Net Assets
Global Multifactor Macro	Transamerica Cayman Global Multifactor Macro, Ltd.	$	29,119,526		23.42	%
Managed Futures Strategy	Transamerica Cayman Managed Futures Strategy, Ltd.		37,522,956		23.32

3. SIGNIFICANT ACCOUNTING POLICIES

Security transactions and investment income: Security transactions are recorded 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, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

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


Transamerica Funds		Annual Report 2017

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NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

3. SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

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.

Commissions recaptured are included in Net realized gain (loss) within the Statements of Operations or Consolidated Statements of Operations. For the year ended October 31, 2017, 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	$	4,830
International Equity Opportunities		5,166
Mid Cap Value		2,872

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, or little or no illiquid investments, 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, or illiquid investments 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.

4. SECURITY VALUATION

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


Transamerica Funds		Annual Report 2017

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NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

4. SECURITY VALUATION (continued)

Foreign equity securities: Securities in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, exchange-traded funds (“ETF”) and the movement of the certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.


Transamerica Funds		Annual Report 2017

Page 128

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

4. SECURITY VALUATION (continued)

Short-term notes: The Funds normally value 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.


Transamerica Funds		Annual Report 2017

Page 129

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

5. SECURITIES AND OTHER INVESTMENTS

REITs held at October 31, 2017, if any, are identified within the Schedule of Investments or Consolidated Schedule of Investments.

Restricted and illiquid securities held at October 31, 2017, if any, are identified within the Schedule of Investments or Consolidated Schedule of Investments.

TIPS held at October 31, 2017, 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 Statement 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.


Transamerica Funds		Annual Report 2017

Page 130

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

5. SECURITIES AND OTHER INVESTMENTS (continued)

When-issued, delayed-delivery, forward and TBA commitment transactions held at October 31, 2017, 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 and/or forward commitment (including TBAs) securities purchased or sold within the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities.

6. BORROWINGS AND OTHER FINANCING TRANSACTIONS

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 separately within the Statements of Operations or Consolidated Statements of Operations. Net income from securities lending within the Statements of Operations or Consolidated Statements of Operations 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, 2017, 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.

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. 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, 2017, the Funds’ average borrowings are as follows:

Fund

Average

Daily

Borrowing

Number

of Days

Outstanding

Weighted

Average

Interest Rate

Total Return

52,006,107

362

0.97


Transamerica Funds		Annual Report 2017

Page 131

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

6. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

Open reverse repurchase agreements at October 31, 2017, 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.

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, 2017, Total Return earned price drop fee income of $64,152. The price drop fee income 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 in the 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. 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, 2017, the Funds’ average borrowings are as follows:

Fund

Average

Daily

Borrowing

Number

of Days

Outstanding

Weighted

Average

Interest Rate

Total Return

4,630,790

156

0.71

Open sale-buyback financing transactions at October 31, 2017, if any, are identified within the Schedule of Investments or Consolidated Schedule of Investments.

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, 2017.

Repurchase agreements at October 31, 2017, 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.


Transamerica Funds		Annual Report 2017

Page 132

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

6. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

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 Operations or Consolidated Statements of Operations. 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 or Consolidated Statements of Operations.

Open short sale transactions at October 31, 2017, if any, are included within the Schedule of Investments or Consolidated Schedule of Investments and are reflected as a liability within the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities.


	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Less Than 30 Days		Between 30 & 90 Days		Greater Than 90 Days		Total
Transamerica Core Bond
Securities Lending Transactions
Corporate Debt Securities	$	4,475,432	$	—	$	—	$	—	$	4,475,432
U.S. Government Obligations		12,851,391		—		—		—		12,851,391
Total Securities Lending Transactions	$	17,326,823	$	—	$	—	$	—	$	17,326,823
Total Borrowings	$	17,326,823	$	—	$	—	$	—	$	17,326,823


Transamerica Developing Markets Equity
Securities Lending Transactions
Common Stocks	$	32,016,035	$	—	$	—	$	—	$	32,016,035
Total Borrowings	$	32,016,035	$	—	$	—	$	—	$	32,016,035


Transamerica Global Real Estate Securities
Securities Lending Transactions
Common Stocks	$	585,906	$	—	$	—	$	—	$	585,906
Total Borrowings	$	585,906	$	—	$	—	$	—	$	585,906


Transamerica International Equity Opportunities
Securities Lending Transactions
Common Stocks	$	19,447,583	$	—	$	—	$	—	$	19,447,583
Total Borrowings	$	19,447,583	$	—	$	—	$	—	$	19,447,583


Transamerica International Small Cap
Securities Lending Transactions
Common Stocks	$	18,461,378	$	—	$	—	$	—	$	18,461,378
Total Borrowings	$	18,461,378	$	—	$	—	$	—	$	18,461,378


Transamerica Mid Cap Value
Securities Lending Transactions
Common Stocks	$	7,915,723	$	—	$	—	$	—	$	7,915,723
Total Borrowings	$	7,915,723	$	—	$	—	$	—	$	7,915,723


Transamerica Total Return
Reverse Repurchase Agreements
U.S. Government Obligations	$	27,454,625	$	44,757,750	$	—	$	—	$	72,212,375
Sale Buy-back Transactions
U.S. Government Obligations	$	—	$	20,010,442	$	—	$	—	$	20,010,442
Total Borrowings	$	27,454,625	$	64,768,192	$	—	$	—	$	92,222,817


Transamerica Funds		Annual Report 2017

Page 133

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

7. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS

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

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.

The Funds’ exposure to market risk factors and other associated risks are discussed 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.


Transamerica Funds		Annual Report 2017

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NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

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

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 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, 2017, if any, are included within the Schedule of Investments or Consolidated Schedule of Investments.

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 bi-lateral 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, 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. 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 an unrealized gain or loss 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 as such 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). These upfront payments are recorded as Net realized gain (loss) within the Statements of Operations or Consolidated Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as Net realized gain (loss) within the Statements of Operations or Consolidated Statements of Operations. Net periodic payments received or paid by the Funds are included as part of Net realized gain (loss) 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


Transamerica Funds		Annual Report 2017

Page 135

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

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

acceleration, obligation default, or repudiation/moratorium. The aggregate fair value of the credit default swap agreements is disclosed in the Schedule of Investments or Consolidated Schedule of Investments. The aggregate fair value of assets posted as collateral, net of assets received as collateral, for these swap agreements is included in the footnotes to the Schedule of Investments or Consolidated Schedule of Investments. If a defined credit event had occurred during the period, the swap 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.

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 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 at October 31, 2017, if any, are listed within the Schedule of Investments or Consolidated Schedule of Investments. Centrally cleared swap agreements are marked-to-market daily and an appropriate payable or receivable for the variation margin is recorded, if applicable, and is shown in Variation margin receivable or payable on centrally cleared swap agreements within the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities.

Open OTC swap agreements at October 31, 2017, if any, are listed within the Schedule of Investments or Consolidated Schedule of Investments. The value, as applicable, is shown in OTC Swap agreements, at value within the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities.

Open futures contracts at October 31, 2017, 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


Transamerica Funds		Annual Report 2017

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NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

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

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. 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, 2017, 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, 2017. Funds not listed in the subsequent tables do not have derivative investments during the year ended October 31, 2017.


Asset Derivatives
Fund/Location	Interest Rate Contracts			Foreign Exchange Contracts			Equity Contracts		Credit Contracts		Commodity Contracts		Total
Total Return
Purchased options and swaptions^{(A) (B)}	$	114,991		$	—		$	—	$	—	$	—	$	114,991
Centrally cleared swap agreements, at value^(B) (C)		148,431			—			—		698,401		—		846,832
OTC swap agreements, at value		—			—			—		6,277		—		6,277
Net unrealized appreciation on futures contracts^(B) (D)		1,036,915			—			—		—		—		1,036,915
Unrealized appreciation on forward foreign currency contracts		—			4,890,420			—		—		—		4,890,420
Total	$	1,300,337		$	4,890,420		$	—	$	704,678	$	—	$	6,895,435

Global Multifactor Macro
Centrally cleared swap agreements, at value^(B) (C)	$	3,088,611		$	—		$	—	$	—	$	—	$	3,088,611
OTC swap agreements, at value		2,003			—			725,313		—		—		727,316
Net unrealized appreciation on futures contracts^(B) (D)		264,131			—			942,324		—		464,361		1,670,816
Unrealized appreciation on forward foreign currency contracts		—			4,850,571			—		—		—		4,850,571
Total	$	3,354,745		$	4,850,571		$	1,667,637	$	—	$	464,361	$	10,337,314

Managed Futures Strategy
OTC swap agreements, at value	$	—		$	—		$	1,357,797	$	—	$	—	$	1,357,797
Net unrealized appreciation on futures contracts^(B) (D)		691,738			—			3,264,064		—		1,495,044		5,450,846
Unrealized appreciation on forward foreign currency contracts		—			7,275,425			—		—		—		7,275,425
Total	$	691,738		$	7,275,425		$	4,621,861	$	—	$	1,495,044	$	14,084,068


Liability Derivatives
Fund/Location	Interest Rate Contracts			Foreign Exchange Contracts			Equity Contracts		Credit Contracts		Commodity Contracts		Total
Total Return
Written options and swaptions, at value^(B)	$	(50,155	)	$	(195,587	)	$	—	$	—	$	—	$	(245,742	)
Centrally cleared swap agreements, at value^(B) (C)		(857,259	)		—			—		—		—		(857,259	)
Net unrealized depreciation on futures contracts^(B) (D)		(2,624,992	)		—			—		—		—		(2,624,992	)
Unrealized depreciation on forward foreign currency contracts		—			(5,003,293	)		—		—		—		(5,003,293	)
Total	$	(3,532,406	)	$	(5,198,880	)	$	—	$	—	$	—	$	(8,731,286	)


Transamerica Funds		Annual Report 2017

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7. 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
Global Multifactor Macro
Centrally cleared swap agreements, at value^(B) (C)	$	(3,537,428	)	$	—		$	—		$	—	$	—		$	(3,537,428	)
OTC swap agreements, at value		—			—			(284,860	)		—		—			(284,860	)
Net unrealized depreciation on futures contracts^(B) (D)		(114,163	)		—			(1,438,203	)		—		(335,462	)		(1,887,828	)
Unrealized depreciation on forward foreign currency contracts		—			(7,050,648	)		—			—		—			(7,050,648	)
Total	$	(3,651,591	)	$	(7,050,648	)	$	(1,723,063)		$	—	$	(335,462	)	$	(12,760,764	)

Managed Futures Strategy
OTC swap agreements, at value	$	—		$	—		$	(174,210	)	$	—	$	—		$	(174,210	)
Net unrealized depreciation on futures contracts^(B) (D)		(64,058	)		—			—			—		(352,774	)		(416,832	)
Unrealized depreciation on forward foreign currency contracts		—			(9,516,195	)		—			—		—			(9,516,195	)
Total	$	(64,058	)	$	(9,516,195	)	$	(174,210	)	$	—	$	(352,774	)	$	(10,107,237	)


(A)		Included within Investments, at value on the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities.
(B)		May include exchange-traded derivatives which are not subject to a master netting arrangement, or another similar arrangement.
(C)		Included within fair 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.
(D)		Included within cumulative 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.

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, 2017.


Realized Gain (Loss) on Derivative Instruments
Fund/Location	Interest Rate Contracts			Foreign Exchange Contracts			Equity Contracts			Credit Contracts		Commodity Contracts			Total
Total Return
Purchased options and swaptions ^(A)	$	(314,058	)	$	(21,973	)	$	—		$	—	$	—		$	(336,031	)
Written options and swaptions		765,782			897,536			—			—		—			1,663,318
Swap agreements		(6,330,250	)		—			—			627,133		—			(5,703,117	)
Futures contracts		(1,530,862	)		—			—			—		—			(1,530,862	)
Forward foreign currency contracts		—			2,751,335			—			—		—			2,751,335
Total	$	(7,409,388	)	$	3,626,898		$	—		$	627,133	$	—		$	(3,155,357	)

Global Multifactor Macro
Swap agreements	$	380,669		$	—		$	(1,383,113	)	$	—	$	(372,335	)	$	(1,374,779	)
Futures contracts		(1,203,682	)		—			898,654			—		72,306			(232,722	)
Forward foreign currency contracts		—			523,501			—			—		—			523,501
Total	$	(823,013	)	$	523,501		$	(484,459	)	$	—	$	(300,029	)	$	(1,084,000	)

Managed Futures Strategy
Swap agreements	$	(1,833,974	)	$	—		$	2,065,569		$	—	$	(3,883,185	)	$	(3,651,590	)
Futures contracts		(5,804,016	)		—			5,337,552			—		(8,683,178	)		(9,149,642	)
Forward foreign currency contracts		—			(4,985,426	)		—			—		—			(4,985,426	)
Total	$	(7,637,990	)	$	(4,985,426	)	$	7,403,121		$	—	$	(12,566,363	)	$	(17,786,658	)


Transamerica Funds		Annual Report 2017

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7. 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
Total Return
Purchased options and swaptions ^(B)	$	120,015		$	—		$	—		$	—	$	—		$	120,015
Written options and swaptions		(152,258	)		(34,093	)		—			—		—			(186,351	)
Swap agreements		15,611,083			—			—			4,033		—			15,615,116
Futures contracts		1,011,275			—			—			—		—			1,011,275
Forward foreign currency contracts		—			(3,106,605	)		—			—		—			(3,106,605	)
Total	$	16,590,115		$	(3,140,698	)	$	—		$	4,033	$	—		$	13,453,450

Global Multifactor Macro
Swap agreements	$	309,730		$	—		$	212,923		$	—	$	18,647		$	541,300
Futures contracts		(261,744	)		—			(2,481,355	)		—		(194,703	)		(2,937,802	)
Forward foreign currency contracts		—			(3,004,316	)		—			—		—			(3,004,316	)
Total	$	47,986		$	(3,004,316	)	$	(2,268,432	)	$	—	$	(176,056	)	$	(5,400,818	)

Managed Futures Strategy
Swap agreements	$	368,437		$	—		$	1,424,418		$	—	$	—		$	1,792,855
Futures contracts		607,035			—			3,222,854			—		1,416,810			5,246,699
Forward foreign currency contracts		—			(1,874,377	)		—			—		—			(1,874,377	)
Total	$	975,472		$	(1,874,377	)	$	4,647,272		$	—	$	1,416,810		$	5,165,177


(A)		Included within Net realized gain (loss) on transactions from Investments on the Statements of Operations or Consolidated Statements of Operations.
(B)		Included within Net change in unrealized appreciation (depreciation) on Investments on 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, 2017.


	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
Total Return	$	17,901	$	175,570	$	(225,126)	$	(162,122)	$	169,551,475		261,115,385		(443,742,308	)	$	104,263,023	$	245,543,106
Global Multifactor Macro		—		—		—		—		2,675,420,138		16,411,084		(4,026,966,804	)		245,796,258		231,303,172
Managed Futures Strategy		—		—		—		—		42,269,233		186,336,153		(1,385,878,773	)		352,557,327		324,420,229


Transamerica Funds		Annual Report 2017

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At October 31, 2017

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

specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Funds may be required to post collateral on derivatives if the Funds are in a net liability position with the counterparty exceeding certain amounts. Additionally, counterparties may immediately terminate derivatives contracts if the Funds fail to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages.

For financial reporting proposes, cash collateral that has been pledged or received at the custodian and/or broker to cover obligations of each Fund, if any, is reported separately in Cash collateral pledged at custodian and/or broker, and Cash collateral received at the 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. Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer is made. 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.

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, 2017. 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 these 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.


	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
Total Return
Bank of America, N.A.	$	598,101	$	(598,101	)	$	—		$	—	$	1,573,340	$	(598,101	)	$	(862,559	)	$	112,680
BNP Paribas		253,985		(253,985	)		—			—		852,549		(253,985	)		(500,950	)		97,614
Citibank N.A.		571,658		(453,025	)		—			118,633		453,025		(453,025	)		—			—
Deutsche Bank AG		—		—			—			—		16,827		—			(16,827	)		—
Goldman Sachs Bank		588,908		(490,014	)		—			98,894		490,014		(490,014	)		—			—
Goldman Sachs International		1,994		—			—			1,994		—		—			—			—
HSBC Bank USA		7,311		(7,311	)		—			—		171,129		(7,311	)		(143,121	)		20,697
JPMorgan Chase Bank, N.A.		2,449,441		(530,380	)		(1,890,000	)		29,061		530,380		(530,380	)		—			—
Merrill Lynch International		4,283		—			—			4,283		—		—			—			—
Morgan Stanley Capital Services, Inc.		370,788		(183,230	)		—			187,558		183,230		(183,230	)		—			—
Royal Bank of Scotland PLC		—		—			—			—		19,585		—			—			19,585
Standard Chartered Bank		26,915		(26,915	)		—			—		600,408		(26,915	)		(573,493	)		—
UBS AG		119,454		(119,454	)		—			—		356,623		(119,454	)		—			237,169
Other Derivatives^(C)		1,902,597		—			—			1,902,597		3,484,176		—			—			3,484,176

Total	$	6,895,435	$	(2,662,415	)	$	(1,890,000	)	$	2,343,020	$	8,731,286	$	(2,662,415	)	$	(2,096,950	)	$	3,971,921

Global Multifactor Macro
Citibank N.A.	$	4,853,752	$	(4,853,752	)	$	—		$	—	$	7,116,072	$	(4,853,752	)	$	(2,262,320	)	$	—
Goldman Sachs International		36,664		(36,664	)		—			—		47,233		(36,664	)		(10,569	)		—
Merrill Lynch International		687,471		(172,203	)		(515,268	)		—		172,203		(172,203	)		—			—
Other Derivatives^(C)		4,759,427		—			—			4,759,427		5,425,256		—			—			5,425,256

Total	$	10,337,314	$	(5,062,619	)	$	(515,268	)	$	4,759,427	$	12,760,764	$	(5,062,619	)	$	(2,272,889	)	$	5,425,256

Managed Futures Strategy
Bank of America, N.A.	$	437,542	$	(116,727	)	$	—		$	320,815	$	116,727	$	(116,727	)	$	—		$	—
Citibank N.A.		7,630,380		(7,630,380	)		—			—		9,561,518		(7,630,380	)		(1,931,138	)		—
Goldman Sachs International		283,389		—			(283,389	)		—		—		—			—			—
Merrill Lynch International		281,911		(12,160	)		(262,622	)		7,129		12,160		(12,160	)		—			—
Other Derivatives^(C)		5,450,846		—			—			5,450,846		416,832		—			—			416,832

Total	$	14,084,068	$	(7,759,267	)	$	(546,011	)	$	5,778,790	$	10,107,237	$	(7,759,267	)	$	(1,931,138	)	$	416,832


Transamerica Funds		Annual Report 2017

Page 140

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

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


(A)		Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in 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 are not subject to a master netting arrangement or another similar arrangement. The amount presented is intended to permit reconciliation to the amount presented in the Schedule of Investments or Consolidated Schedule of Investments.

8. RISK FACTORS

Investing in the Funds may involve certain risks, as discussed in the Funds’ prospectuses, including but not limited to the following:

Arbitrage strategy risk: Securities purchased pursuant to an arbitrage strategy intend to take advantage of a perceived relationship between the values of two or more securities and may not perform as expected.

Fixed income risk: The values 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. When the value of fixed-income securities 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, so there is 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.


Transamerica Funds		Annual Report 2017

Page 141

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

8. RISK FACTORS (continued)

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 large 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

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.

As of October 31, 2017, the percentage of each Fund’s net assets owned by affiliated investors are as follows:


Core Bond	Value		Percentage of Net Assets
Transamerica Asset Allocation – Conservative Portfolio	$	128,733,612		9.83	%
Transamerica Asset Allocation – Conservative VP		163,001,181		12.44
Transamerica Asset Allocation – Moderate Growth Portfolio		134,044,560		10.23
Transamerica Asset Allocation – Moderate Growth VP		166,100,014		12.68
Transamerica Asset Allocation – Moderate Portfolio		175,426,204		13.39
Transamerica Asset Allocation – Moderate VP		420,404,171		32.11
Transamerica International Moderate Growth VP		19,165,905		1.46
Transamerica Madison Balanced Allocation VP		20,473,023		1.56
Transamerica Madison Conservative Allocation VP		16,221,946		1.24
Transamerica Multi-Manager Alternative Strategies Portfolio		3,276,956		0.25
Transamerica Multi-Manager Alternative Strategies VP		32,577		0.00	^(A)
Total	$	1,246,880,149		95.19	%


Developing Markets Equity
Transamerica Asset Allocation – Conservative Portfolio	$	40,210,235		3.35	%
Transamerica Asset Allocation – Conservative VP		45,303,860		3.78
Transamerica Asset Allocation – Growth Portfolio		159,315,874		13.29
Transamerica Asset Allocation – Growth VP		91,207,630		7.61
Transamerica Asset Allocation – Moderate Growth Portfolio		183,239,250		15.28
Transamerica Asset Allocation – Moderate Growth VP		259,836,217		21.67
Transamerica Asset Allocation – Moderate Portfolio		102,311,058		8.53
Transamerica Asset Allocation – Moderate VP		260,776,452		21.75
Transamerica International Moderate Growth VP		21,955,617		1.83
Transamerica Multi-Manager Alternative Strategies Portfolio		3,037,995		0.25
Transamerica Multi-Manager Alternative Strategies VP		34,231		0.00	^(A)
Total	$	1,167,228,419		97.34	%


Global Real Estate Securities
Transamerica Asset Allocation – Growth Portfolio	$	4,749,417		17.38	%
Transamerica Asset Allocation – Moderate Growth Portfolio		11,947,130		43.71
Transamerica Multi-Manager Alternative Strategies Portfolio		5,615,281		20.54
Transamerica Multi-Manager Alternative Strategies VP		68,917		0.25
Total	$	22,380,745		81.88	%


Transamerica Funds		Annual Report 2017

Page 142

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

9. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)


International Equity Opportunities	Value		Percentage of Net Assets
Transamerica Asset Allocation – Conservative Portfolio	$	23,945,786		1.75	%
Transamerica Asset Allocation – Conservative VP		46,504,521		3.39
Transamerica Asset Allocation – Growth Portfolio		90,283,997		6.60
Transamerica Asset Allocation – Growth VP		103,796,289		7.59
Transamerica Asset Allocation – Moderate Growth Portfolio		107,258,659		7.84
Transamerica Asset Allocation – Moderate Growth VP		382,682,139		27.96
Transamerica Asset Allocation – Moderate Portfolio		54,809,124		4.01
Transamerica Asset Allocation – Moderate VP		330,596,014		24.15
Transamerica International Moderate Growth VP		206,600,960		15.10
Total	$	1,346,477,489		98.39	%


International Small Cap
Transamerica Asset Allocation – Conservative Portfolio	$	13,585,215		8.86	%
Transamerica Asset Allocation – Growth Portfolio		42,110,382		27.47
Transamerica Asset Allocation – Moderate Growth Portfolio		55,854,628		36.44
Transamerica Asset Allocation – Moderate Portfolio		30,150,584		19.67
Total	$	141,700,809		92.44	%


Long/Short Strategy
Transamerica Multi-Manager Alternative Strategies Portfolio	$	17,525,621		98.77	%
Transamerica Multi-Manager Alternative Strategies VP		217,876		1.23
Total	$	17,743,497		100.00	%


Mid Cap Value
Transamerica Asset Allocation – Conservative Portfolio	$	9,431,825		4.37	%
Transamerica Asset Allocation – Growth Portfolio		64,466,186		29.86
Transamerica Asset Allocation – Moderate Growth Portfolio		89,806,863		41.59
Transamerica Asset Allocation – Moderate Portfolio		41,718,064		19.32
Total	$	205,422,938		95.14	%


Total Return
Transamerica Asset Allocation – Conservative Portfolio	$	162,479,972		25.99	%
Transamerica Asset Allocation – Moderate Growth Portfolio		163,099,339		26.09
Transamerica Asset Allocation – Moderate Portfolio		218,246,322		34.92
Total	$	543,825,633		87.00	%


Global Multifactor Macro
Transamerica Asset Allocation – Conservative Portfolio	$	12,660,553		10.18	%
Transamerica Asset Allocation – Growth Portfolio		22,276,435		17.91
Transamerica Asset Allocation – Moderate Growth Portfolio		38,957,870		31.33
Transamerica Asset Allocation – Moderate Portfolio		27,419,666		22.05
Transamerica Multi-Manager Alternative Strategies Portfolio		21,852,139		17.57
Transamerica Multi-Manager Alternative Strategies VP		274,343		0.22
Total	$	123,441,006		99.26	%


Managed Futures Strategy
Transamerica Asset Allocation – Conservative Portfolio	$	25,110,638		15.61	%
Transamerica Asset Allocation – Growth Portfolio		39,221,747		24.38
Transamerica Asset Allocation – Moderate Growth Portfolio		42,779,149		26.59
Transamerica Asset Allocation – Moderate Portfolio		33,482,018		20.81
Transamerica Multi-Manager Alternative Strategies Portfolio		17,294,595		10.75
Transamerica Multi-Manager Alternative Strategies VP		214,670		0.13
Total	$	158,102,817		98.27	%


(A)		Percentage rounds to less than 0.01%.


Transamerica Funds		Annual Report 2017

Page 143

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

9. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Each Fund pays a management fee to TAM based on daily Average Net Assets (“ANA”) at the following rates:


Fund	Rate
Core Bond
Effective August 1, 2017
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
Prior to August 1, 2017
First $750 million		0.480
Over $750 million up to $1 billion		0.430
Over $1 billion		0.405
Developing Markets Equity
Effective August 1, 2017
First $500 million		1.130
Over $500 million up to $1 billion		1.030
Over $1 billion up to $1.5 billion		0.980
Over $1.5 billion up to $2 billion		0.960
Over $2 billion		0.950
Prior to August 1, 2017
First $50 million		1.230
Over $50 million up to $200 million		1.180
Over $200 million up to $500 million		1.130
Over $500 million		1.080
Global Real Estate Securities
First $250 million		0.830
Over $250 million up to $500 million		0.805
Over $500 million up to $1 billion		0.730
Over $1 billion		0.680
International Equity Opportunities
Effective August 1, 2017
First $500 million		0.905
Over $500 million up to $1 billion		0.880
Over $1 billion up to $1.5 billion		0.830
Over $1.5 billion up to $2 billion		0.805
Over $2 billion		0.780
Prior to August 1, 2017
First $250 million		0.930
Over $250 million up to $500 million		0.905
Over $500 million up to $1 billion		0.880
Over $1 billion		0.830


Fund	Rate
International Small Cap
First $300 million		1.100	%
Over $300 million		1.030
Long/Short Strategy
First 300 million		1.230
Over $300 million up to $1 billion		1.180
Over $1 billion		1.155
Mid Cap Value
First $100 million		0.880
Over $100 million		0.830
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, 2017, the amounts waived are $393,746 and $425,097, for Transamerica Cayman Global Multifactor Macro, Ltd. and Transamerica Cayman Managed Futures Strategy, Ltd., respectively and are not subject to recapture.


Transamerica Funds		Annual Report 2017

Page 144

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

9. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses based on daily ANAs excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the 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. Funds not listed in the subsequent table do not have an operating expense limit.


Fund	Operating Expense Limit			Operating Expense Limit Effective Through
Core Bond^(A)		0.60	%	March 1, 2018
Developing Markets Equity		1.45		March 1, 2018
International Small Cap		1.27		March 1, 2018
Long/Short Strategy		1.59		March 1, 2018
Mid Cap Value		1.05		March 1, 2018
Global Multifactor Macro		1.50		March 1, 2018
Managed Futures Strategy		1.45		March 1, 2018


(A)		TAM has voluntarily agreed to waive a portion of its management fee. These amounts are not subject to recapture by TAM in future years.

As of October 31, 2017, 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.


	Amounts Available from Fiscal Years
Fund	2015		2016		2017		Total
International Small Cap	$	—	$	—	$	162,259	$	162,259
Long/Short Strategy		—		—		28,273		28,273
Global Multifactor Macro		26,832		851,269		1,117,901		1,996,002
Managed Futures Strategy		—		822,351		966,388		1,788,739

Administration fees: Each Fund pays a management fee to TAM for investment management and administration services. The management fee is reflected in Investment management fees within the Statements of Operations or Consolidated Statements of Operations.

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, 2017, 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-advisers for the year ended October 31, 2017.

Cross-trades: The Funds are authorized to purchase or sell securities from and to other funds within TAM, 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 2017

Page 145

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

9. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

For the year ended October 31, 2017, the Funds engaged in the following net cross-trade transactions, which resulted in net realized gains/(losses) listed below. Funds not listed in the subsequent table did not have 17a-7 transactions during the year.


Fund	Purchases		Sales		Net Realized Gains (Losses)
Developing Markets Equity	$	1,017,397	$	—	$	—
International Equity Opportunities		1,521,218		1,381,571		329,027
Total Return		22,251,513		9,198,051		124,972

10. PRINCIPAL OWNERSHIP


Fund	Number of Individual Shareholders and/or Omnibus Accounts		Total Percentage Interest Held			Total Percentage Held by the Investment Manager and/or Affiliates
Core Bond		5		80.81	%		80.81	%
Developing Markets Equity		4		71.97	%		71.97	%
Global Real Estate Securities		4		93.84	%		81.61	%
International Equity Opportunities		3		67.24	%		67.24	%
International Small Cap		3		83.61	%		83.61	%
Long/Short Strategy		1		98.77	%		98.77	%
Mid Cap Value		3		90.80	%		90.80	%
Total Return		3		86.97	%		86.97	%
Global Multifactor Macro		5		99.14	%		99.14	%
Managed Futures Strategy		5		98.12	%		98.12	%

11. PURCHASES AND SALES OF SECURITIES

For the year ended October 31, 2017, 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	$	228,050,051	$	148,889,823	$	208,787,997	$	143,394,326
Developing Markets Equity		461,775,899		—		504,249,497		—
Global Real Estate Securities		35,882,693		—		47,029,784		—
International Equity Opportunities		185,989,495		—		252,409,718		—
International Small Cap		56,431,017		—		49,379,097		—
Long/Short Strategy ^(A)		53,866,797		—		55,199,551		—
Mid Cap Value		25,895,121		—		105,390,506		—
Total Return		202,568,824		247,995,180		166,372,230		281,205,330


(A)		Fund includes securities sold short.

12. 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’ federal and state tax returns remain subject to examination by the Internal Revenue Service and state tax authorities for the prior three years. 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.


Transamerica Funds		Annual Report 2017

Page 146

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

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

Income and capital gain 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, swaps, passive foreign investment companies, foreign currency transactions, security sold short, TIPS, dollar roll adjustments, partnership basis adjustments, subpart F income, futures contracts, options contracts and straddle 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 swaps, net operating losses, distribution re-designations, dividend expense reclass, paydown gain/loss, passive foreign investment companies, foreign currency transactions, partnership basis adjustments, capital loss carryforward expirations, broker fee reclasses, CCP clearing fee reclasses, prior year real estate investment trust and non-real estate investment trust reversals, TIPS, capital gains tax reclass, adjustments to prior year accumulated balances, investment in wholly owned foreign subsidiaries and return of capital distributions from underlying investments. 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			Undistributed (Distributions in Excess of) Net Investment Income (Loss)			Accumulated Net Realized Gain (Loss)
Core Bond	$	—		$	3,457,117		$	(3,457,117	)
Developing Markets Equity		—			(33,283	)		33,283
Global Real Estate Securities		(25,087,668	)		1,499,667			23,588,001
International Equity Opportunities		—			296,539			(296,539	)
International Small Cap		—			530,141			(530,141	)
Long/Short Strategy		(145,835	)		212,253			(66,418	)
Mid Cap Value		—			6			(6	)
Total Return		—			(6,126,609	)		6,126,609
Global Multifactor Macro		(200,891	)		241,196			(40,305	)
Managed Futures Strategy		(13,082,270	)		248,227			12,834,043


Portfolio	Cost		Gross Appreciation		Gross (Depreciation)		Net Appreciation/ (Depreciation)
Core Bond	$	1,301,046,471	$	29,138,389	$	(8,072,448)	$	21,065,941
Developing Markets Equity		1,014,801,001		226,703,612		(21,247,079)		205,456,533
Global Real Estate Securities		25,031,321		3,183,646		(324,921)		2,858,725
International Equity Opportunities		1,208,462,741		212,628,261		(35,265,826)		177,362,435
International Small Cap		145,782,845		42,107,551		(16,644,683)		25,462,868
Long/Short Strategy		16,516,806		2,806,839		(981,468)		1,825,371
Mid Cap Value		137,644,749		89,218,036		(2,492,034)		86,726,002
Total Return		969,368,173		19,871,983		(15,372,717)		4,499,266
Global Multifactor Macro		120,971,527		3,353,242		(9,647,418)		(6,294,176	)
Managed Futures Strategy		176,598,799		2,346,973		(24,774,583)		(22,427,610	)


	Expires on October 31,		Unlimited
Fund	2018		Short-Term		Long-Term
Core Bond	$	—	$	275,715	$	2,413,063
Developing Markets Equity		—		19,063,739		16,928,242
Global Real Estate Securities		12,882,785		—		—
International Equity Opportunities		—		—		3,932,571
Total Return		—		—		3,461,465
Global Multifactor Macro		—		2,673,930		1,640,225
Managed Futures Strategy		—		9,447,141		5,140,606


Transamerica Funds		Annual Report 2017

Page 147

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

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


Fund	Capital Loss Carryforwards Utilized/Expired
Developing Markets Equity	$	48,638,538
Global Real Estate Securities		28,352,230
International Equity Opportunities		19,813,960


	2017 Distributions Paid From								2016 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	$	35,577,432	$	—	$	—	$	—	$	33,037,574	$	—	$	—	$	—
Developing Markets Equity		999,722		—		—		—		—		—		—		—
Global Real Estate Securities		1,219,979		—		—		—		1,113,879		—		—		—
International Equity Opportunities		12,679,466		—		—		—		8,066,370		—		16,146,212		—
International Small Cap		6,596,372		—		37,872,174		—		13,903,467		—		26,113,401		—
Long/Short Strategy		—		—		115,862		—		—		—		7,930,295		—
Mid Cap Value		2,380,194		—		16,569,432		—		2,357,651		—		16,591,578		—
Total Return		20,458,543		—		3,073,345		—		24,713,147		—		4,057,235		—
Global Multifactor Macro		371		—		5,429,268		—		8,579,002		—		1,352		—
Managed Futures Strategy		234,782		—		—		1,749,421		42,116,894		—		16,637,000		—

As of October 31, 2017, 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	$	285,401	$	—	$	—	$	(2,688,778	)	$	—		$	(5,737	)	$	21,065,941
Developing Markets Equity		5,158,296		—		—		(35,991,981	)		—			—			205,455,738
Global Real Estate Securities		639,170		—		—		(12,882,785	)		—			—			2,858,286
International Equity Opportunities		22,109,917		—		—		(3,932,571	)		—			—			177,374,933
International Small Cap		3,666,286		—		9,668,797		—			—			—			25,465,324
Long/Short Strategy		—		—		1,591,705		—			(235,411	)		(40,399	)		1,825,371
Mid Cap Value		1,324,783		—		17,316,589		—			—			—			86,726,002
Total Return		924,181		—		—		(3,461,465	)		—			(297,074	)		4,387,496
Global Multifactor Macro		4,577,170		—		—		(4,314,155	)		—			(2,976,747	)		(6,311,479	)
Managed Futures Strategy		—		—		—		(14,587,747	)		(965,573	)		(24,922,148	)		(22,426,055	)


Transamerica Funds		Annual Report 2017

Page 148

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

13. 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 classify 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) and Realized gain (loss) within the Statements of Changes in Net Assets, and 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.

14. NEW ACCOUNTING PRONOUNCEMENTS

In March 2017, the Financial Accounting Standards Board 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.

15. CUSTODY OUT-OF-POCKET EXPENSE


Transamerica Funds		Annual Report 2017

Page 149

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees and Shareholders of Transamerica Funds:

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Transamerica Core Bond, Transamerica Developing Markets Equity, Transamerica Global Real Estate Securities, Transamerica International Equity Opportunities, Transamerica International Small Cap, Transamerica Long/Short Strategy, Transamerica Mid Cap Value and Transamerica Total Return, as of October 31, 2017, and the related statements of operations and cash flows (for Transamerica Long/Short Strategy) for the year then ended, the statements of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended. We have also audited the accompanying consolidated statements of assets and liabilities, including the consolidated schedules of investments, of Transamerica Global Multifactor Macro and Transamerica Managed Futures Strategy, as of October 31, 2017, and the related consolidated statements of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, and the consolidated financial highlights for each of the years or periods indicated therein. The aforementioned ten funds of the Transamerica Funds are hereafter referred to as the “Funds.” These financial statements and consolidated financial statements and financial highlights and consolidated financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and consolidated financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2017, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and consolidated financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the aforementioned ten Funds of the Transamerica Funds at October 31, 2017, the results of their operations and consolidated operations, and the cash flows for the year then ended, the changes in their net assets and the changes in their consolidated net assets for each of the two years in the period then ended, and the financial highlights and the consolidated financial highlights for each of the years or periods indicated therein, in conformity with U.S. generally accepted accounting principles.

LOGO

Boston, Massachusetts

December 27, 2017


Transamerica Funds		Annual Report 2017

Page 150

SUPPLEMENTAL INFORMATION

(unaudited)

TAX INFORMATION

For dividends paid during the year ended October 31, 2017, the Funds designated the following maximum amounts of qualified dividend income:


Fund	Qualified Dividend Income
Developing Markets Equity	$	13,007,642
International Small Cap		2,037,370
Mid Cap Value		2,380,194

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
Developing Markets Equity		5	%
Global Real Estate Securities		0	^(A)
International Equity Opportunities		0	^(A)
Mid Cap Value		100

^(A)

Rounds to less than 1%.

For tax purposes, the long-term capital gain designations for the year ended October 31, 2017 are as follows:


Fund	Long-Term Capital Gain Designation
International Small Cap	$	37,872,174
Long/Short Strategy		115,862
Mid Cap Value		16,569,432
Total Return		3,073,345
Global Multifactor Macro		5,429,268

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
Developing Markets Equity	$	19,388,813	$	1,658,418
International Equity Opportunities		23,706,642		1,854,476
International Small Cap		2,753,917		203,217


Transamerica Funds		Annual Report 2017

Page 151

MANAGEMENT AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)


Transamerica Core Bond		Transamerica International Small Cap
Transamerica Developing Markets Equity		Transamerica Long/Short Strategy
Transamerica Global Multifactor Macro		Transamerica Managed Futures Strategy
Transamerica Global Real Estate Securities		Transamerica Mid Cap Value
Transamerica International Equity Opportunities		Transamerica Total Return


Fund		Sub-Adviser(s)
Transamerica Core Bond		J.P. Morgan Investment Management, Inc.
Transamerica Developing Markets Equity		OppenheimerFunds, Inc.
Transamerica Global Multifactor Macro		AQR Capital Management, LLC
Transamerica Global Real Estate Securities		CBRE Clarion Securities LLC
Transamerica International Equity Opportunities		MFS Investment Management
Transamerica International Small Cap		Schroder Investment Management North America, Inc./Schroder Investment Management North America 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 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, 2018.

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 Services, 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.

Nature, Extent and Quality of the Services Provided


Transamerica Funds		Annual Report 2017

Page 152

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

(unaudited)

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. 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 functions of the funds.

Investment Performance

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 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 I2 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 Developing Markets Equity. 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 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 above its benchmark for the past 5- and 10-year periods and below its benchmark for the past 1- and 3-year periods. The Trustees discussed the reasons for the underperformance with TAM and TAM agreed to continue to closely monitor and report to the Board on the performance of the Fund. The Trustees also noted recent changes in the portfolio management team at the Sub-Adviser. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward.

Transamerica Global Multifactor Macro. The Board noted that the performance of Class I2 Shares of the Fund was below the median for its peer universe for the past 1-year period. The Board also noted that the performance of Class I2 Shares of the Fund was below its benchmark for the past 1-year period. The Trustees discussed the reasons for the underperformance with TAM and TAM agreed to continue to closely monitor and report to the Board on the performance of the Fund.

Transamerica Global Real Estate Securities. The Board noted that the performance of Class I2 Shares of the Fund was above the median for its peer universe for the past 10-year period and below the median for the past 1-, 3- and 5-year periods. The Board also noted that the performance of Class I2 Shares of the Fund was below its benchmark for the past 1-, 3-, 5- and 10-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 Funds		Annual Report 2017

Page 153

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

(unaudited)

Transamerica International Equity Opportunities. 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 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 International Small Cap. The Board noted that the performance of Class I2 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 I2 Shares of the Fund was below its benchmark for the past 1-, 3- and 5-year periods. The Trustees observed that the performance of the Fund had improved during the first quarter of 2017.

Transamerica Long/Short Strategy. 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-, 3- and 5-year periods. The Board also noted that the performance of Class I2 Shares of the Fund was above 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 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 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 I2 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. The Trustees observed that the performance of the Fund had improved during the first quarter of 2017.

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 3-, 5- and 10-year periods and in line with the median for the past 1-year period. The Board also noted that the performance of Class I2 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 Total Return. The Board noted that the performance of Class I2 Shares of the Fund was above the median for its peer universe for the past 10-year period and below the median for the past 1-, 3- and 5-year periods. The Board also noted that the performance of Class I2 Shares of the Fund was above its benchmark for the past 1-, 5- and 10-year periods and below its benchmark for the past 3-year period.

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.

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” median if a Fund’s management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as “below” 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(s) 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 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 Funds		Annual Report 2017

Page 154

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

(unaudited)

Transamerica Developing Markets Equity. 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 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 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 below the medians for its peer group and peer universe.

Transamerica International Equity Opportunities. 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 medians for its peer group and peer universe.

Transamerica International Small Cap. The Board noted that the Fund’s contractual management fee was in line with the medians for its peer group and 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 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 Long/Short Strategy. 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 below the medians for its peer group and in line with the medians 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 Managed Futures Strategy. 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 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 in line with the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 Shares of the Fund were 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 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.

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.


Transamerica Funds		Annual Report 2017

Page 155

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

(unaudited)

Funds had been reviewed previously by an independent consultant. The Trustees considered that TAM had not made material changes to this methodology, which 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

Benefits to TAM, its Affiliates and the Sub-Advisers from their 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 2017

Page 156

Management of the Trust

Board Members and Officers

(unaudited)

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

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


Name	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 During the Past Five Years
INTERESTED BOARD MEMBERS
Marijn P. Smit (44)	Chairman of the Board, President and Chief Executive Officer	Since 2014	Chairman of the Board, President and Chief Executive Officer, TF, TST, TPP, TPFG, TPFG II 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 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); President, Investment Solutions, Transamerica Investments & Retirement (2014 – 2016); Vice President, Transamerica Premier Life Insurance Company (2010 – 2016);	136	Director, Massachusetts Fidelity Trust Company (2014 – present);Director, Aegon Global Funds (since 2016)


Transamerica Funds		Annual Report 2017

Page 157


Name	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 During the Past Five Years
INTERESTED BOARD MEMBERS — continued
Marijn P. Smit (continued)			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 (69)	Board Member	Since 2012	Board Member, TF, TST, TPP, TPFG, TPFG II and TAAVF (2012 – present); 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).	131	N/A
INDEPENDENT BOARD MEMBERS
Sandra N. Bane (65)	Board Member	Since 2008	Retired (1999 – present); Board Member, TF, TST, TPP, TPFG, TPFG II and TAAVF (2008 – present); Board Member, TIS (2008 – 2015); Board Member, Transamerica Investors, Inc. (“TII”) (2003 – 2010); and Partner, KPMG (1975 – 1999).	131	Big 5 Sporting Goods (2002 – present); Southern Company Gas (energy services holding company) (2008 – present)
Leo J. Hill (61)	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, TIS (2002 – 2015); Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present);	131	Ameris Bancorp (2013 – present); Ameris Bank (2013 – present)


Transamerica Funds		Annual Report 2017

Page 158


Name	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 During the Past Five Years
INDEPENDENT BOARD MEMBERS — continued
Leo J. Hill (continued)			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 (71)	Board Member	Since 2009	Board Member, TF, TST, TPP, TPFG, TPFG II and TAAVF (2009 – present); 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).	131	N/A
Russell A. Kimball, Jr. (73)	Board Member	Since 1986	General Manager, Sheraton Sand Key Resort (1975 – present); Board Member, TST (1986 – present); Board Member, TF, (1986 – 1990), (2002 – present); Board Member, TIS (2002 – 2015); Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present); and Board Member, TII (2008 – 2010).	131	N/A


Transamerica Funds		Annual Report 2017

Page 159


Name	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 During the Past Five Years
INDEPENDENT BOARD MEMBERS — continued
Fredric A. Nelson III (60)	Board Member	Since 2017	Board Member, TF, TST, TPP, TPFG, TPFG II and TAAVF (2017 – present); Chief Investment Officer (“CIO”), Commonfund (2011 – 2015); Vice Chairman, CIO, ING Investment Management Americas (2003 – 2009); Managing Director, JP Morgan Investment Management (1994 – 2003); and Head of U.S. Equity, Bankers Trust Company (2000 – 2003); Managing Director, (1981 – 1994); Head of Global Quantitative Investments Group (1989 – 1994).	131	N/A
John Edgar Pelletier (53)	Board Member	Since 2017	Board Member, TF, TST, TPP, TPFG, TPFG II and TAAVF (2017 – present); Director, Center for Financial Literacy, Champlain College (2010 – present); Founder and Principal, Sterling Valley Consulting LLC (a financial services consulting firm) (2009 – present); Independent Director, The Sentinel Funds and Sentinel Variable Products Trust (2013 – present); Chief Legal Officer, Eaton Vance Corp. (2007 – 2008); and Executive Vice President and Chief Operating Officer, Natixis Global Associates (2004 – 2007); General Counsel (1997 – 2004).	131	N/A
Patricia L. Sawyer (67)	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, TIS (2007 – 2015); Board Member, TII (2008 – 2010); Board Member, TPP, TPFG, TPFG II and TAAVF (1993 – present); and Trustee, Chair of Finance Committee and Chair of Nominating Committee (1987 – 1996), Bryant University.	131	Honorary Trustee, Bryant University (1996 – present)


Transamerica Funds		Annual Report 2017

Page 160


Name	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 During the Past Five Years
INDEPENDENT BOARD MEMBERS — continued
John W. Waechter (65)	Board Member	Since 2005	Partner, Englander Fischer (2016 – present); Attorney, Englander Fischer (2008 – 2015); Retired (2004 – 2008); Board Member, TST (2004 – present); Board Member, TIS (2004 – 2015); Board Member, TF (2005 – present); Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present); 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).	131	Operation PAR, Inc. (non-profit organization) (2008 – present); Remember Honor Support, Inc. (non-profit organization) (2013 – present)Board Member, WRH Income Properties, Inc. (real estate) (2014 – present); Boley PAR, Inc. (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 2017

Page 161

Officers


Name:	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Marijn P. Smit (44)	Chairman of the Board, President and Chief Executive Officer	Since 2014	See Table Above.
Tané T. Tyler (52)	Vice President, Associate General Counsel, Chief Legal Officer and Secretary	Since 2014	Vice President, Associate General Counsel, Chief Legal Officer and Secretary, Transamerica Funds, TST, TPP, TPFG, TPFG II and TAAVF (2014 – present); Assistant General Counsel, Chief Legal Officer and Secretary, TIS (2014 – 2015); Director, Vice President, Assistant General Counsel and Secretary, TAM and TFS (2014 – present); Senior Vice President, Secretary and General Counsel, ALPS, Inc., ALPS Fund Services, Inc. and ALPS Distributors, Inc. (2004 – 2013); and Secretary, Liberty All-Star Funds (2005-2013).
Christopher A. Staples (47)	Vice President and Chief Investment Officer, Advisory Services	Since 2005	Vice President and Chief Investment Officer, Advisory Services (2007 – present), Senior Vice President – Investment Management (2006 – 2007), Vice President – Investment Management (2005 – 2006), Transamerica Funds and TST; Vice President and Chief Investment Officer, Advisory Services (2007 – 2015), Senior Vice President – Investment Management (2006 – 2007), Vice President – Investment Management (2005 – 2006), TIS; Senior Director, Investments, TPP, TPFG, TPFG II and TAAVF (2007 – present); Vice President and Chief Investment Officer (2007 – 2010); Vice President – Investment Administration (2005 – 2007), TII; Director (2005 – present), Senior Vice President (2006 – present), TAM; Director, TFS (2005 – present); and Assistant Vice President, Raymond James & Associates (1999 – 2004).
Thomas R. Wald (57)	Chief Investment Officer	Since 2014	Chief Investment Officer, Transamerica Funds, TST, TPP, TPFG, TPFG II and TAAVF (2014 – present); Chief Investment Officer, TIS (2014 – 2015); Senior Vice President and Chief Investment Officer, TAM (2014 – present); Chief Investment Officer, Transamerica Investments & Retirement (2014 – present); Vice President and Client Portfolio Manager, Curian Capital, LLC (2012 – 2014); Portfolio Manager, Tactical Allocation Group, LLC (2010 – 2011); Mutual Fund Manager, Munder Capital Management (2005 – 2008); and Mutual Fund Manager, Invesco Ltd. (1997 – 2004).


Transamerica Funds		Annual Report 2017

Page 162


Name:	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Vincent J. Toner (47)	Vice President and Treasurer	Since 2014	Vice President and Treasurer (2014 – present) Transamerica Funds, TST, TPP, TPFG, TPFG II and TAAVF; Vice President and Treasurer, TIS (2014 – 2015); Vice President and Treasurer, TAM and TFS (2014 – present); Senior Vice President and Vice President, Fund Administration, Brown Brothers Harriman (2010 – 2014); and Vice President Fund Administration & Fund Accounting, Oppenheimer Funds (2007 – 2010)
Scott M. Lenhart (56)	Chief Compliance Officer and Anti-Money Laundering Officer	Since 2014	Chief Compliance Officer and Anti-Money Laundering Officer, Transamerica Funds, TST, TPP, TPFG, TPFG II and TAAVF (2014 – present), TIS (2014 – 2015); Chief Compliance Officer and Anti-Money Laundering Officer (2014 – present), Senior Compliance Officer (2008-2014), TAM; Vice President and Chief Compliance Officer, TFS (2014 – present); Director of Compliance, Transamerica Investments & Retirement (2014 – present); Vice President and Chief Compliance Officer, Transamerica Financial Advisors, Inc. (1999 – 2006); and Assistant Chief Compliance Officer, Raymond James Financial, Inc., Robert Thomas Securities, Inc. (1989 – 1998).
Rhonda A. Mills (51)	Assistant General Counsel, Assistant Secretary	Since 2016	Assistant Secretary, Transamerica Funds, TST, TPP, TPFG, TPFG II and TAAVF (2016 – present); Assistant General Counsel, TAM (2016 – present), High Level Specialist Attorney, TAM (2014 – 2016); 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).

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


Transamerica Funds		Annual Report 2017

Page 163

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.

You may also visit the Trust’s website at www.transamericainvestments.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 2017

Page 164

NOTICE OF PRIVACY POLICY

(unaudited)

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

Our Security Procedures

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.


Transamerica Funds		Annual Report 2017

Page 165

Customer Service: 1-888-233-4339

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Transamerica Capital, Inc.

www.transamerica.com

LOGO

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.

25336_ARMFP1017

LOGO

TRANSAMERICA FUNDS

ANNUAL REPORT

OCTOBER 31, 2017

LOGO

Customer Service: 1-888-233-4339

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Transamerica Capital, Inc.

www.transamerica.com

LOGO

Table of Contents


Shareholder Letter			1
Manager Commentary and Schedule of Investments
ClearTrack^® 2015			2
ClearTrack^® 2020			5
ClearTrack^® 2025			8
ClearTrack^® 2030			11
ClearTrack^® 2035			14
ClearTrack^® 2040			17
ClearTrack^® 2045			20
ClearTrack^® 2050			23
ClearTrack^® 2055			26
ClearTrack^® 2060			29
ClearTrack^® Retirement Income			32
Understanding Your Funds’ Expenses			36
Statements of Assets and Liabilities			38
Statements of Operations			41
Statements of Changes in Net Assets			44
Financial Highlights			48
Notes to Financial Statements			58
Report of Independent Registered Public Accounting Firm			68
Supplemental Information			69
Approval of Management and Sub-Advisory Agreements			70
Management of the Trust			77
Proxy Voting Policies and Procedures and Quarterly Portfolio Holdings			85
Notice of Privacy Policy			86


Transamerica Funds		Annual Report 2017

Dear Shareholder,

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

Sincerely,

LOGO

Marijn Smit

President & Chief Executive Officer

Transamerica Funds

LOGO

Tom Wald, CFA

Chief Investment Officer

Transamerica Funds

ClearTrack^® 2015

(unaudited)

MARKET ENVIRONMENT

For the 12-month period ended October 31, 2017, equity market indices rose nearly every month in U.S. dollars. Within the broad markets, emerging markets outperformed the U.S. and other developed markets. U.S. equity markets had strong gains through the last two months of calendar year 2016. Major markets ended that year with solid economic prospects and accommodative central banks. Energy stocks recovered briefly on an agreement among Organization of the Petroleum Exporting Countries (“OPEC”) and other producers to limit production; results were mixed over the rest of the year. Overall strong equity market performance broadened internationally as the so-called “Trump Rally” continued, tapering off in March. Positive trends prompted the U.S. Federal Reserve (“Fed”) to modestly raise rates, and set expectations of further hikes, which are expected to continue.

Gains continued in a low volatility environment as solid corporate earnings and growing economies outweighed news events that included cyber and other terror attacks, a deteriorating outlook for trading relationships among some nations, and an active hurricane season. Several U.S. and global indices hit new all-time highs. Volatility continued to be at historic lows despite a small spike in the CBOE VIX Index in August 2017. While the Eurozone saw largely encouraging economic trends, the U.S. experienced some weakening in growth metrics. Despite robust employment advances during the second quarter of 2017, gains halted in the aftermath of the hurricanes; in October 2017, job and manufacturing growth once again improved. Japan saw positive expectations for demand as preparations for the 2020 Tokyo Olympics heat up and manufacturing confidence was at its highest in a decade.

Global earnings growth continued to be generally positive through October 2017 prompting central banks to move back somewhat on their dovish stances. The Fed plans to pare back its balance sheet against a backdrop of strong employment and low inflation; the Bank of England indicated tightening may be needed due to the possible inflationary pressures around Great Britain leaving the European Union (“Brexit”); the European Central Bank indicated it would taper monetary stimulus, but insisted that some stimulus continued to be required.

PERFORMANCE

For the year ended October 31, 2017, ClearTrack^® 2015 Class R6 returned 10.50%. By comparison, its benchmark, the Dow Jones Target 2015 Index, returned 4.65%.

STRATEGY REVIEW

ClearTrack^® 2015 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, the Fund’s target asset mix will gradually become more conservative until approximately 10 years after the target date, at which time the target asset mix will become static.

The Fund’s glide path includes the use of a dynamic rebalancing strategy (“Dynamic Rebalancing”) in the 5 years leading up to and after retirement, which seeks to limit an investor’s exposure to extended periods of market declines. Dynamic Rebalancing involves systematically raising the allocation to cash in response to rising volatility and declines in the Fund’s net asset value (“NAV”). This strategy works best during extended market declines, and often falls short in sideways, or oscillating, markets. Over the last year the Fund’s Dynamic Rebalancing was not active, due to strong market performance and historically low volatility.

The Fund had a positive absolute return over the period with positive performance coming from all but one of its underlying holdings. U.S. Small Cap Equity was the best performing asset class, with the Schwab U.S. Small-Cap ETF gaining 25.11%; three other equity holdings rose over 20% as well. The sole area with negative returns was the iShares TIPS Bond ETF, returning (0.27)%.

The Fund outperformed its benchmark, the Dow Jones Target 2015 Index, during the year. This was the result of the impact of asset allocation effect and style selection. Positive asset allocation was a result of the Fund’s overweight to equity relative to its fixed-income heavy benchmark; specifically the overweights to International Equity and U.S. Large Cap Equity and the underweight to U.S. Fixed Income added value.

Thomas Picciochi

Ellen Tesler

Adam J. Petryk, CFA

Co-Portfolio Managers

QS Investors, LLC


Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		37.0	%
U.S. Equity Funds		25.5
International Equity Funds		22.9
International Fixed Income Fund		14.1
Repurchase Agreement		0.8
Securities Lending Collateral		0.5
Net Other Assets (Liabilities)		(0.8	)
Total		100.0	%


Transamerica Funds		Annual Report 2017

Page 2

ClearTrack^® 2015

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			10 Years or Since Inception of Class			Inception Date
Class R1 (NAV)		9.72	%		3.18	%		03/02/2015
Class R6 (NAV)		10.50	%		3.84	%		03/02/2015
Dow Jones Target 2015 Index ^(A)		4.65	%		3.12	%

^(A) 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 Clear Track^®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. The allocations become more conservative over time: the fund’s asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or product against market loss.


Transamerica Funds		Annual Report 2017

Page 3

ClearTrack^® 2015

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Shares		Value
EXCHANGE-TRADED FUNDS - 99.5%
International Equity Funds - 22.9%
Vanguard FTSE Developed Markets ETF		230,014		$ 10,162,019
Vanguard FTSE Emerging Markets ETF		45,483		2,029,906

				12,191,925

International Fixed Income Fund - 14.1%
Vanguard Total International Bond ETF		137,412		7,541,170

U.S. Equity Funds - 25.5%
Schwab U.S. Large-Cap ETF		140,158		8,608,504
Schwab U.S. REIT ETF ^(A)		60,738		2,469,607
Schwab U.S. Small-Cap ETF ^(A)		37,078		2,520,192

				13,598,303

U.S. Fixed Income Funds - 37.0%
iShares Core U.S. Aggregate Bond ETF		138,947		15,210,528
iShares TIPS Bond ETF		23,181		2,637,998
SPDR Bloomberg Barclays High Yield Bond ETF		50,738		1,889,483

				19,738,009

Total Exchange-Traded Funds (Cost $48,090,229)				53,069,407


	Shares		Value
SECURITIES LENDING COLLATERAL - 0.5%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.00% ^(B)		297,750		$ 297,750

Total Securities Lending Collateral (Cost $297,750)				297,750


	Principal		Value
REPURCHASE AGREEMENT - 0.8%
Fixed Income Clearing Corp. 0.12%^(B), dated 10/31/2017, to be repurchased at $400,280 on 11/01/2017. Collateralized by a U.S. Government Obligation, 2.13%, due 08/31/2020, and with a value of $411,220.		$ 400,279		400,279

Total Repurchase Agreement (Cost $400,279)				400,279

Total Investments (Cost $48,788,258)				53,767,436
Net Other Assets (Liabilities) - (0.8)%				(426,682	)


Net Assets - 100.0%				$ 53,340,754

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	$	53,069,407	$	—	$	—	$	53,069,407
Securities Lending Collateral		297,750		—		—		297,750
Repurchase Agreement		—		400,279		—		400,279

Total Investments	$	53,367,157	$	400,279	$	—	$	53,767,436

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 $291,600. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(B)		Rates disclosed reflect the yields at October 31, 2017.
(C)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. 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 2017

Page 4

ClearTrack^® 2020

(unaudited)

MARKET ENVIRONMENT

For the 12-month period ended October 31, 2017, equity market indices rose nearly every month in U.S. dollars. Within the broad markets, emerging markets outperformed the U.S. and other developed markets. U.S. equity markets had strong gains through the last two months of calendar year 2016. Major markets ended that year with solid economic prospects and accommodative central banks. Energy stocks recovered briefly on an agreement among Organization of the Petroleum Exporting Countries (“OPEC”) and other producers to limit production; results were mixed over the rest of the year. Overall strong equity market performance broadened internationally as the so-called “Trump Rally” continued, tapering off in March. Positive trends prompted the U.S. Federal Reserve (“Fed”) to modestly raise rates, and set expectations of further hikes, which are expected to continue.

Gains continued in a low volatility environment as solid corporate earnings and growing economies outweighed news events that included cyber and other terror attacks, a deteriorating outlook for trading relationships among some nations, and an active hurricane season. Several U.S. and global indices hit new all-time highs. Volatility continued to be at historic lows despite a small spike in the CBOE VIX Index in August 2017. While the Eurozone saw largely encouraging economic trends, the U.S. experienced some weakening in growth metrics. Despite robust employment advances during the second quarter of 2017, gains halted in the aftermath of the hurricanes; in October 2017, job and manufacturing growth once again improved. Japan saw positive expectations for demand as preparations for the 2020 Tokyo Olympics heat up and manufacturing confidence was at its highest in a decade.

Global earnings growth continued to be generally positive through October 2017 prompting central banks to move back somewhat on their dovish stances. The Fed plans to pare back its balance sheet against a backdrop of strong employment and low inflation; the Bank of England indicated tightening may be needed due to the possible inflationary pressures around Great Britain leaving the European Union (“Brexit”); the European Central Bank indicated it would taper monetary stimulus, but insisted that some stimulus continued to be required

PERFORMANCE

For the year ended October 31, 2017, ClearTrack^® 2020 Class R6 returned 11.62%. By comparison, its benchmark, the Dow Jones Target 2020 Index, returned 7.07%.

STRATEGY REVIEW

ClearTrack^® 2020 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, the Fund’s target asset mix will gradually become more conservative until approximately 10 years after the target date, at which time the target asset mix will become static.

The Fund’s glide path includes the use of a dynamic rebalancing strategy (“Dynamic Rebalancing”) in the 5 years leading up to and after retirement, which seeks to limit an investor’s exposure to extended periods of market declines. Dynamic Rebalancing involves systematically raising the allocation to cash in response to rising volatility and declines in the Fund’s net asset value (“NAV”). This strategy works best during extended market declines, and often falls short in sideways, or oscillating, markets. Over the last year the Fund’s Dynamic Rebalancing was not active over the year, due to strong market performance and historically low volatility.

The Fund outperformed its benchmark, the Dow Jones Target 2020 Index, during the year. This was the result of the impact of asset allocation effect and more modestly, style selection. Positive asset allocation was a result of the Fund’s overweight to equity relative to its fixed-income heavy benchmark; specifically the overweights to International Equity and U.S. Large Cap Equity and the underweight to U.S. Fixed Income added value. Style selection, or sub-asset class effect, also benefited the Fund, chiefly in International Fixed Income, within the Vanguard Total International Bond ETF.

Thomas Picciochi

Ellen Tesler

Adam J. Petryk, CFA

Co-Portfolio Managers

QS Investors, LLC


Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		31.2	%
U.S. Equity Funds		28.7
International Equity Funds		25.4
International Fixed Income Fund		14.1
Securities Lending Collateral		7.7
Repurchase Agreement		0.7
Net Other Assets (Liabilities)		(7.8	)
Total		100.0	%


Transamerica Funds		Annual Report 2017

Page 5

ClearTrack^® 2020

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			10 Years or Since Inception of Class			Inception Date
Class R1 (NAV)		10.79	%		3.40	%		03/02/2015
Class R6 (NAV)		11.62	%		4.07	%		03/02/2015
Dow Jones Target 2020 Index ^(A)		7.07	%		3.90	%

^(A) 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.


Transamerica Funds		Annual Report 2017

Page 6

ClearTrack^® 2020

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Shares		Value
EXCHANGE-TRADED FUNDS - 99.4%
International Equity Funds - 25.4%
Vanguard FTSE Developed Markets ETF		374,316		$ 16,537,281
Vanguard FTSE Emerging Markets ETF		70,499		3,146,370

				19,683,651

International Fixed Income Fund - 14.1%
Vanguard Total International Bond ETF		198,746		10,907,180

U.S. Equity Funds - 28.7%
Schwab U.S. Large-Cap ETF ^(A)		243,795		14,973,889
Schwab U.S. REIT ETF ^(A)		87,640		3,563,442
Schwab U.S. Small-Cap ETF ^(A)		54,320		3,692,131

				22,229,462

U.S. Fixed Income Funds - 31.2%
iShares Core U.S. Aggregate Bond ETF		170,440		18,658,067
iShares TIPS Bond ETF		33,417		3,802,855
SPDR Bloomberg Barclays High Yield Bond ETF ^(A)		46,598		1,735,309

				24,196,231

Total Exchange-Traded Funds (Cost $69,481,871)				77,016,524


	Shares		Value
SECURITIES LENDING COLLATERAL - 7.7%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.00% ^(B)		5,948,525		$ 5,948,525

Total Securities Lending Collateral (Cost $5,948,525)				5,948,525


	Principal		Value
REPURCHASE AGREEMENT - 0.7%
Fixed Income Clearing Corp. 0.12%^(B), dated 10/31/2017, to be repurchased at $581,009 on 11/01/2017. Collateralized by a U.S. Government Obligation, 2.13%, due 08/31/2020, and with a value of $593,984.		$ 581,007		581,007

Total Repurchase Agreement (Cost $581,007)				581,007

Total Investments (Cost $76,011,403)				83,546,056
Net Other Assets (Liabilities) - (7.8)%				(6,054,337	)


Net Assets - 100.0%				$ 77,491,719

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	$	77,016,524	$	—	$	—	$	77,016,524
Securities Lending Collateral		5,948,525		—		—		5,948,525
Repurchase Agreement		—		581,007		—		581,007

Total Investments	$	82,965,049	$	581,007	$	—	$	83,546,056

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 $5,822,660. 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, 2017.
(C)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. 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 2017

Page 7

ClearTrack^® 2025

(unaudited)

MARKET ENVIRONMENT

For the 12-month period ended October 31, 2017, equity market indices rose nearly every month in U.S. dollars. Within the broad markets, emerging markets outperformed the U.S. and other developed markets. U.S. equity markets had strong gains through the last two months of calendar year 2016. Major markets ended that year with solid economic prospects and accommodative central banks. Energy stocks recovered briefly on an agreement among Organization of the Petroleum Exporting Countries (“OPEC”) and other producers to limit production; results were mixed over the rest of the year. Overall strong equity market performance broadened internationally as the so-called “Trump Rally” continued, tapering off in March. Positive trends prompted the U.S. Federal Reserve (“Fed”) to modestly raise rates, and set expectations of further hikes, which are expected to continue.

Gains continued in a low volatility environment as solid corporate earnings and growing economies outweighed news events that included cyber and other terror attacks, a deteriorating outlook for trading relationships among some nations, and an active hurricane season. Several U.S. and global indices hit new all-time highs. Volatility continued to be at historic lows despite a small spike in the CBOE VIX Index in August 2017. While the Eurozone saw largely encouraging economic trends, the U.S. experienced some weakening in growth metrics. Despite robust employment advances during the second quarter of 2017, gains halted in the aftermath of the hurricanes; in October 2017, job and manufacturing growth once again improved. Japan saw positive expectations for demand as preparations for the 2020 Tokyo Olympics heat up and manufacturing confidence was at its highest in a decade.

Global earnings growth continued to be generally positive through October 2017 prompting central banks to move back somewhat on their dovish stances. The Fed plans to pare back its balance sheet against a backdrop of strong employment and low inflation; the Bank of England indicated tightening may be needed due to the possible inflationary pressures around Great Britain leaving the European Union (“Brexit”); the European Central Bank indicated it would taper monetary stimulus, but insisted that some stimulus continued to be required.

PERFORMANCE

For the year ended October 31, 2017, ClearTrack^® 2025 Class R6 returned 12.83%. By comparison, its benchmark, the Dow Jones Target 2025 Index, returned 9.73%.

STRATEGY REVIEW

ClearTrack^® 2025 seeks the highest total return (that is, a combination of income and long-term capital appreciation) over time consistent with its asset mix. The Fund will seek to reduce volatility as a secondary objective from the 5 years before until 5 years after the Fund’s target retirement date of 2025 (the “Dynamic Rebalancing Period”). 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 the Fund’s target asset mix will gradually become more conservative until approximately 10 years after the target date, at which time the target asset mix will become static.

The Fund outperformed its benchmark, the Dow Jones Target 2025 Index, during the year. This was the result of the impact of asset allocation effect, while style selection detracted. Positive asset allocation was a result of the Fund’s overweight to equity relative to its fixed-income heavy benchmark; specifically the overweights to International Equity and U.S. Large Cap Equity and the underweight to U.S. Fixed Income added value.

Thomas Picciochi

Ellen Tesler

Adam J. Petryk, CFA

Co-Portfolio Managers

QS Investors, LLC


Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		31.6	%
International Equity Funds		27.9
U.S. Fixed Income Funds		25.5
International Fixed Income Funds		14.1
Repurchase Agreement		1.0
Securities Lending Collateral		0.0	*
Net Other Assets (Liabilities)		(0.1	)
Total		100.0	%

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


Transamerica Funds		Annual Report 2017

Page 8

ClearTrack^® 2025

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			10 Years or Since Inception of Class			Inception Date
Class R1 (NAV)		12.06	%		4.49	%		03/02/2015
Class R6 (NAV)		12.83	%		5.18	%		03/02/2015
Dow Jones Target 2025 Index ^(A)		9.73	%		4.69	%

^(A) 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.


Transamerica Funds		Annual Report 2017

Page 9

ClearTrack^® 2025

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Shares		Value
EXCHANGE-TRADED FUNDS - 99.1%
International Equity Funds - 27.9%
Vanguard FTSE Developed Markets ETF		488,208		$ 21,569,029
Vanguard FTSE Emerging Markets ETF		90,182		4,024,823

				25,593,852

International Fixed Income Funds - 14.1%
iShares JP Morgan USD Emerging Markets Bond ETF		4		465
Vanguard Total International Bond ETF		236,712		12,990,755

				12,991,220

U.S. Equity Funds - 31.6%
Schwab U.S. Large-Cap ETF		332,742		20,437,014
Schwab U.S. REIT ETF ^(A)		104,854		4,263,364
Schwab U.S. Small-Cap ETF		64,357		4,374,345

				29,074,723

U.S. Fixed Income Funds - 25.5%
iShares Core U.S. Aggregate Bond ETF		165,314		18,096,923
iShares TIPS Bond ETF		39,800		4,529,240
SPDR Bloomberg Barclays High Yield Bond ETF		21,158		787,924

				23,414,087

Total Exchange-Traded Funds (Cost $81,769,068)				91,073,882


	Shares		Value
SECURITIES LENDING COLLATERAL - 0.0% ^(B)
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.00% ^(C)		20,750		$ 20,750

Total Securities Lending Collateral (Cost $20,750)				20,750


	Principal		Value
REPURCHASE AGREEMENT - 1.0%
Fixed Income Clearing Corp. 0.12%^(C), dated 10/31/2017, to be repurchased at $921,555 on 11/01/2017. Collateralized by a U.S. Government Obligation, 2.13%, due 08/31/2020, and with a value of $944,283.		$ 921,551		921,551

Total Repurchase Agreement (Cost $921,551)				921,551

Total Investments (Cost $82,711,369)				92,016,183
Net Other Assets (Liabilities) - (0.1)%				(137,379	)


Net Assets - 100.0%				$ 91,878,804

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	$	91,073,882	$	—	$	—	$	91,073,882
Securities Lending Collateral		20,750		—		—		20,750
Repurchase Agreement		—		921,551		—		921,551

Total Investments	$	91,094,632	$	921,551	$	—	$	92,016,183

FOOTNOTES TO SCHEDULE OF INVESTMENTS:


(A)		All or a portion of the security is on loan. The value of the security on loan is $20,330. 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, 2017.
(D)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. 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 2017

Page 10

ClearTrack^® 2030

(unaudited)

MARKET ENVIRONMENT

For the 12-month ended October 31, 2017, equity market indices rose nearly every month in U.S. dollars. Within the broad markets, emerging markets outperformed the U.S. and other developed markets. U.S. equity markets had strong gains through the last two months of calendar year 2016. Major markets ended that year with solid economic prospects and accommodative central banks. Energy stocks recovered briefly on an agreement among Organization of the Petroleum Exporting Countries (“OPEC”) and other producers to limit production; results were mixed over the rest of the year. Overall strong equity market performance broadened internationally as the so-called “Trump Rally” continued, tapering off in March. Positive trends prompted the U.S. Federal Reserve (“Fed”) to modestly raise rates, and set expectations of further hikes, which are expected to continue.

Gains continued in a low volatility environment as solid corporate earnings and growing economies outweighed news events that included cyber and other terror attacks, a deteriorating outlook for trading relationships among some nations, and an active hurricane season. Several U.S. and global indices hit new all-time highs. Volatility continued to be at historic lows despite a small spike in the CBOE VIX Index in August 2017. While the Eurozone saw largely encouraging economic trends, the U.S. experienced some weakening in growth metrics. Despite robust employment advances during the second quarter of 2017, gains halted in the aftermath of the hurricanes; in October 2017, job and manufacturing growth once again improved. Japan saw positive expectations for demand as preparations for the 2020 Tokyo Olympics heat up and manufacturing confidence was at its highest in a decade.

Global earnings growth continued to be generally positive through October 2017 prompting central banks to move back somewhat on their dovish stances. The Fed plans to pare back its balance sheet against a backdrop of strong employment and low inflation; the Bank of England indicated tightening may be needed due to the possible inflationary pressures around Great Britain leaving the European Union (“Brexit”); the European Central Bank indicated it would taper monetary stimulus, but insisted that some stimulus continued to be required.

PERFORMANCE

For the year ended October 31, 2017, ClearTrack^® 2030 Class R6 returned 14.20%. By comparison, its benchmark, the Dow Jones Target 2030 Index, returned 13.04%.

STRATEGY REVIEW

ClearTrack^® 2030 seeks the highest total return (that is, a combination of income and long-term capital appreciation) over time consistent with its asset mix. The Fund will seek to reduce volatility as a secondary objective from the 5 years before until 5 years after the Fund’s target retirement date of 2030 (the “Dynamic Rebalancing Period”). 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 the Fund’s target asset mix will gradually become more conservative until approximately 10 years after the target date, at which time the target asset mix will become static.

The Fund outperformed its benchmark, the Dow Jones Target 2030 Index, during the year. This was the result of the impact of asset allocation effect, while style selection detracted. Positive asset allocation was a result of the Fund’s overweight to equity relative to its fixed-income heavy benchmark; specifically the overweight to International Equity and the underweight to U.S. Fixed Income added value.

Thomas Picciochi

Ellen Tesler

Adam J. Petryk, CFA

Co-Portfolio Managers

QS Investors, LLC


Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		36.4	%
International Equity Funds		28.5
U.S. Fixed Income Funds		19.0
International Fixed Income Funds		15.6
Repurchase Agreement		0.7
Net Other Assets (Liabilities)		(0.2	)
Total		100.0	%


Transamerica Funds		Annual Report 2017

Page 11

ClearTrack^® 2030

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			10 Years or Since Inception of Class			Inception Date
Class R1 (NAV)		13.43	%		5.19	%		03/02/2015
Class R6 (NAV)		14.20	%		5.86	%		03/02/2015
Dow Jones Target 2030 Index^(A)		13.04	%		5.60	%

^(A) 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 Clear Track^® 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. The allocations become more conservative over time: the fund’s asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or product against market loss.


Transamerica Funds		Annual Report 2017

Page 12

ClearTrack^® 2030

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Shares		Value
EXCHANGE-TRADED FUNDS - 99.5%
International Equity Funds - 28.5%
Vanguard FTSE Developed Markets ETF		395,443		$ 17,470,672
Vanguard FTSE Emerging Markets ETF		57,616		2,571,402

				20,042,074


International Fixed Income Funds - 15.6%
iShares JP Morgan USD Emerging Markets Bond ETF		8,917		1,036,601
Vanguard Total International Bond ETF		181,169		9,942,555

				10,979,156

U.S. Equity Funds - 36.4%
Schwab U.S. Large-Cap ETF		309,609		19,016,185
Schwab U.S. REIT ETF		80,787		3,284,799
Schwab U.S. Small-Cap ETF		48,828		3,318,839

				25,619,823

U.S. Fixed Income Funds - 19.0%
iShares Core U.S. Aggregate Bond ETF		87,118		9,536,808
iShares TIPS Bond ETF		30,809		3,506,064
SPDR Bloomberg Barclays High Yield Bond ETF		9,003		335,272

				13,378,144

Total Exchange-Traded Funds (Cost $62,028,148)				70,019,197


	Principal		Value
REPURCHASE AGREEMENT - 0.7%
Fixed Income Clearing Corp. 0.12%^(A), dated 10/31/2017, to be repurchased at $476,456 on 11/01/2017. Collateralized by a U.S. Government Obligation, 2.13%, due 08/31/2020, and with a value of $487,372.		$ 476,454		$ 476,454

Total Repurchase Agreement (Cost $476,454)				476,454

Total Investments (Cost $62,504,602)				70,495,651
Net Other Assets (Liabilities) - (0.2)%				(105,687	)


Net Assets - 100.0%				$ 70,389,964

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	$	70,019,197	$	—	$	—	$	70,019,197
Repurchase Agreement		—		476,454		—		476,454

Total Investments	$	70,019,197	$	476,454	$	—	$	70,495,651

FOOTNOTES TO SCHEDULE OF INVESTMENTS:


(A)		Rate disclosed reflects the yield at October 31, 2017.
(B)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. 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 2017

Page 13

ClearTrack^® 2035

(unaudited)

MARKET ENVIRONMENT

For the 12-month period ended October 31, 2017, equity market indices rose nearly every month in U.S. dollars. Within the broad markets, emerging markets outperformed the U.S. and other developed markets. U.S. equity markets had strong gains through the last two months of calendar year 2016. Major markets ended that year with solid economic prospects and accommodative central banks. Energy stocks recovered briefly on an agreement among Organization of the Petroleum Exporting Countries (“OPEC”) and other producers to limit production; results were mixed over the rest of the year. Overall strong equity market performance broadened internationally as the so-called “Trump Rally” continued, tapering off in March. Positive trends prompted the U.S. Federal Reserve (“Fed”) to modestly raise rates, and set expectations of further hikes, which are expected to continue.

Gains continued in a low volatility environment as solid corporate earnings and growing economies outweighed news events that included cyber and other terror attacks, a deteriorating outlook for trading relationships among some nations, and an active hurricane season. Several U.S. and global indices hit new all-time highs. Volatility continued to be at historic lows despite a small spike in the CBOE VIX Index in August 2017. While the Eurozone saw largely encouraging economic trends, the U.S. experienced some weakening in growth metrics. Despite robust employment advances during the second quarter of 2017, gains halted in the aftermath of the hurricanes; in October 2017, job and manufacturing growth once again improved. Japan saw positive expectations for demand as preparations for the 2020 Tokyo Olympics heat up and manufacturing confidence was at its highest in a decade.

Global earnings growth continued to be generally positive through October 2017 prompting central banks to move back somewhat on their dovish stances. The Fed plans to pare back its balance sheet against a backdrop of strong employment and low inflation; the Bank of England indicated tightening may be needed due to the possible inflationary pressures around Great Britain leaving the European Union (“Brexit”); the European Central Bank indicated it would taper monetary stimulus, but insisted that some stimulus continued to be required.

PERFORMANCE

For the year ended October 31, 2017, ClearTrack^® 2035 Class R6 returned 16.61%. By comparison, its benchmark, the Dow Jones Target 2035 Index, returned 16.03%.

STRATEGY REVIEW

ClearTrack^® 2035 seeks the highest total return (that is, a combination of income and long-term capital appreciation) over time consistent with its asset mix. The Fund will seek to reduce volatility as a secondary objective from the 5 years before until 5 years after the Fund’s target retirement date of 2035 (the “Dynamic Rebalancing Period”). 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 the Fund’s target asset mix will gradually become more conservative until approximately 10 years after the target date, at which time the target asset mix will become static.

The Fund had a positive absolute return over the period with positive performance coming from all of its underlying holdings. U.S. Small Cap Equity was the best performing asset class, with the Schwab U.S. Small-Cap ETF gaining 25.11%; three other equity holdings rose over 20% as well.

The Fund outperformed its benchmark, the Dow Jones Target 2035 Index, during the year. This was the result of the impact of asset allocation effect, while style selection detracted. Positive asset allocation was a result of the Fund’s overweight to equity relative to its fixed-income heavy benchmark; specifically the overweight to International Equity and the underweight to U.S. Fixed Income added value.

Thomas Picciochi

Ellen Tesler

Adam J. Petryk, CFA

Co-Portfolio Managers

QS Investors, LLC


Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		44.5	%
International Equity Funds		30.0
International Fixed Income Funds		14.4
U.S. Fixed Income Funds		10.3
Repurchase Agreement		1.0
Securities Lending Collateral		0.9
Net Other Assets (Liabilities)		(1.1	)
Total		100.0	%


Transamerica Funds		Annual Report 2017

Page 14

ClearTrack^® 2035

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			10 Years or Since Inception of Class			Inception Date
Class R1 (NAV)		15.97	%		5.98	%		03/02/2015
Class R6 (NAV)		16.61	%		6.62	%		03/02/2015
Dow Jones Target 2035 Index ^(A)		16.03	%		6.29	%

^(A) 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.


Transamerica Funds		Annual Report 2017

Page 15

ClearTrack^® 2035

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Shares		Value
EXCHANGE-TRADED FUNDS - 99.2%
International Equity Funds - 30.0%
Vanguard FTSE Developed Markets ETF		440,210		$ 19,448,478
Vanguard FTSE Emerging Markets ETF		43,873		1,958,052

				21,406,530

International Fixed Income Funds - 14.4%
iShares JP Morgan USD Emerging Markets Bond ETF		22,463		2,611,324
Vanguard Total International Bond ETF		140,373		7,703,670

				10,314,994

U.S. Equity Funds - 44.5%
Schwab U.S. Large-Cap ETF		403,349		24,773,696
Schwab U.S. REIT ETF		84,784		3,447,317
Schwab U.S. Small-Cap ETF		52,273		3,552,996

				31,774,009

U.S. Fixed Income Funds - 10.3%
iShares Core U.S. Aggregate Bond ETF		61,522		6,734,813
SPDR Bloomberg Barclays High Yield Bond ETF ^(A)		17,628		656,467

				7,391,280

Total Exchange-Traded Funds (Cost $61,529,423)				70,886,813


	Shares		Value
SECURITIES LENDING COLLATERAL - 0.9%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.00% ^(B)		663,138		$ 663,138

Total Securities Lending Collateral (Cost $663,138)				663,138


	Principal		Value
REPURCHASE AGREEMENT - 1.0%
Fixed Income Clearing Corp. 0.12%^(B), dated 10/31/2017, to be repurchased at $688,660 on 11/01/2017. Collateralized by a U.S. Government Obligation, 2.13%, due 08/31/2020, and with a value of $705,674.		$ 688,658		688,658

Total Repurchase Agreement (Cost $688,658)				688,658

Total Investments (Cost $62,881,219)			72,238,609
Net Other Assets (Liabilities) - (1.1)%				(755,192	)


Net Assets - 100.0%				$ 71,483,417

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	$	70,886,813	$	—	$	—	$	70,886,813
Securities Lending Collateral		663,138		—		—		663,138
Repurchase Agreement		—		688,658		—		688,658

Total Investments	$	71,549,951	$	688,658	$	—	$	72,238,609

FOOTNOTES TO SCHEDULE OF INVESTMENTS:


(A)		All or a portion of the security is on loan. The value of the security on loan is $649,875. 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, 2017.
(C)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. 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 2017

Page 16

ClearTrack^® 2040

(unaudited)

MARKET ENVIRONMENT

For the 12-month period ended October 31, 2017, equity market indices rose nearly every month in U.S. dollars. Within the broad markets, emerging markets outperformed the U.S. and other developed markets. U.S. equity markets had strong gains through the last two months of calendar year 2016. Major markets ended that year with solid economic prospects and accommodative central banks. Energy stocks recovered briefly on an agreement among Organization of the Petroleum Exporting Countries (“OPEC”) and other producers to limit production; results were mixed over the rest of the year. Overall strong equity market performance broadened internationally as the so-called “Trump Rally” continued, tapering off in March. Positive trends prompted the U.S. Federal Reserve (“Fed”) to modestly raise rates, and set expectations of further hikes, which are expected to continue.

Gains continued in a low volatility environment as solid corporate earnings and growing economies outweighed news events that included cyber and other terror attacks, a deteriorating outlook for trading relationships among some nations, and an active hurricane season. Several U.S. and global indices hit new all-time highs. Volatility continued to be at historic lows despite a small spike in the CBOE VIX Index in August 2017. While the Eurozone saw largely encouraging economic trends, the U.S. experienced some weakening in growth metrics. Despite robust employment advances during the second quarter of 2017, gains halted in the aftermath of the hurricanes; in October 2017, job and manufacturing growth once again improved. Japan saw positive expectations for demand as preparations for the 2020 Tokyo Olympics heat up and manufacturing confidence was at its highest in a decade.

Global earnings growth continued to be generally positive through October 2017 prompting central banks to move back somewhat on their dovish stances. The Fed plans to pare back its balance sheet against a backdrop of strong employment and low inflation; the Bank of England indicated tightening may be needed due to the possible inflationary pressures around Great Britain leaving the European Union (“Brexit”); the European Central Bank indicated it would taper monetary stimulus, but insisted that some stimulus continued to be required.

PERFORMANCE

For the year ended October 31, 2017, ClearTrack^® 2040 Class R6 returned 18.95%. By comparison, its benchmark, the Dow Jones Target 2040 Index, returned 18.53%.

STRATEGY REVIEW

ClearTrack^® 2040 seeks the highest total return (that is, a combination of income and long-term capital appreciation) over time consistent with its asset mix. The Fund will seek to reduce volatility as a secondary objective from the 5 years before until 5 years after the Fund’s target retirement date of 2040 (the “Dynamic Rebalancing Period”). 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 the Fund’s target asset mix will gradually become more conservative until approximately 10 years after the target date, at which time the target asset mix will become static.

The Fund outperformed its benchmark, the Dow Jones Target 2040 Index, during the year. This was the result of the impact of asset allocation effect, while style selection detracted. Positive asset allocation was a result of the Fund’s overweight to equity relative to its fixed-income heavy benchmark; specifically the overweight to International Equity and the underweight to U.S. Fixed Income added value.

Thomas Picciochi

Ellen Tesler

Adam J. Petryk, CFA

Co-Portfolio Managers

QS Investors, LLC


Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		53.6	%
International Equity Funds		29.9
U.S. Fixed Income Funds		8.1
International Fixed Income Funds		7.9
Repurchase Agreement		0.6
Securities Lending Collateral		0.2
Net Other Assets (Liabilities)		(0.3	)
Total		100.0	%


Transamerica Funds		Annual Report 2017

Page 17

ClearTrack^® 2040

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			10 Years or Since Inception of Class			Inception Date
Class R1 (NAV)		18.05	%		6.40	%		03/02/2015
Class R6 (NAV)		18.95	%		7.24	%		03/02/2015
Dow Jones Target 2040 Index ^(A)		18.53	%		6.86	%

^(A) 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.


Transamerica Funds		Annual Report 2017

Page 18

ClearTrack^® 2040

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Shares		Value
EXCHANGE-TRADED FUNDS - 99.5%
International Equity Funds - 29.9%
Vanguard FTSE Developed Markets ETF		389,193		$ 17,194,547
Vanguard FTSE Emerging Markets ETF		24,253		1,082,411

				18,276,958

International Fixed Income Funds - 7.9%
iShares JP Morgan USD Emerging Markets Bond ETF ^(A)		25,506		2,965,072
Vanguard Total International Bond ETF		34,403		1,888,037

				4,853,109

U.S. Equity Funds - 53.6%
Schwab U.S. Large-Cap ETF		433,974		26,654,683
Schwab U.S. REIT ETF		72,095		2,931,383
Schwab U.S. Small-Cap ETF ^(A)		46,421		3,155,235

				32,741,301

U.S. Fixed Income Funds - 8.1%
iShares Core U.S. Aggregate Bond ETF		33,029		3,615,685
SPDR Bloomberg Barclays High Yield Bond ETF ^(A)		35,669		1,328,313

				4,943,998

Total Exchange-Traded Funds (Cost $52,001,398)				60,815,366


	Shares		Value
SECURITIES LENDING COLLATERAL - 0.2%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.00% ^(B)		81,935		$ 81,935

Total Securities Lending Collateral (Cost $81,935)				81,935


	Principal		Value
REPURCHASE AGREEMENT - 0.6%
Fixed Income Clearing Corp. 0.12%^(B), dated 10/31/2017, to be repurchased at $376,534 on 11/01/2017. Collateralized by a U.S. Government Obligation, 2.13%, due 08/31/2020, and with a value of $385,836.		$ 376,533		376,533

Total Repurchase Agreement (Cost $376,533)				376,533

Total Investments (Cost $52,459,866)				61,273,834
Net Other Assets (Liabilities) - (0.3)%				(168,853	)


Net Assets - 100.0%				$ 61,104,981

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	$	60,815,366	$	—	$	—	$	60,815,366
Securities Lending Collateral		81,935		—		—		81,935
Repurchase Agreement		—		376,533		—		376,533

Total Investments	$	60,897,301	$	376,533	$	—	$	61,273,834

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 $80,242. 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, 2017.
(C)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. 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 2017

Page 19

ClearTrack^® 2045

(unaudited)

MARKET ENVIRONMENT

For the 12-month period ended October 31, 2017, equity market indices rose nearly every month in U.S. dollars. Within the broad markets, emerging markets outperformed the U.S. and other developed markets. U.S. equity markets had strong gains through the last two months of calendar year 2016. Major markets ended that year with solid economic prospects and accommodative central banks. Energy stocks recovered briefly on an agreement among Organization of the Petroleum Exporting Countries (“OPEC”) and other producers to limit production; results were mixed over the rest of the year. Overall strong equity market performance broadened internationally as the so-called “Trump Rally” continued, tapering off in March. Positive trends prompted the U.S. Federal Reserve (“Fed”) to modestly raise rates, and set expectations of further hikes, which are expected to continue.

Gains continued in a low volatility environment as solid corporate earnings and growing economies outweighed news events that included cyber and other terror attacks, a deteriorating outlook for trading relationships among some nations, and an active hurricane season. Several U.S. and global indices hit new all-time highs. Volatility continued to be at historic lows despite a small spike in the CBOE VIX Index in August 2017. While the Eurozone saw largely encouraging economic trends, the U.S. experienced some weakening in growth metrics. Despite robust employment advances during the second quarter of 2017, gains halted in the aftermath of the hurricanes; in October 2017, job and manufacturing growth once again improved. Japan saw positive expectations for demand as preparations for the 2020 Tokyo Olympics heat up and manufacturing confidence was at its highest in a decade.

Global earnings growth continued to be generally positive through October 2017 prompting central banks to move back somewhat on their dovish stances. The Fed plans to pare back its balance sheet against a backdrop of strong employment and low inflation; the Bank of England indicated tightening may be needed due to the possible inflationary pressures around Great Britain leaving the European Union (“Brexit”); the European Central Bank indicated it would taper monetary stimulus, but insisted that some stimulus continued to be required.

PERFORMANCE

For the year ended October 31, 2017, ClearTrack^® 2045 Class R6 returned 20.53%. By comparison, its benchmark, the Dow Jones Target 2045 Index, returned 20.28%.

STRATEGY REVIEW

ClearTrack^® 2045 seeks the highest total return (that is, a combination of income and long-term capital appreciation) over time consistent with its asset mix. The Fund will seek to reduce volatility as a secondary objective from the 5 years before until 5 years after the Fund’s target retirement date of 2045 (the “Dynamic Rebalancing Period”). 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 the Fund’s target asset mix will gradually become more conservative until approximately 10 years after the target date, at which time the target asset mix will become static.

The Fund outperformed its benchmark, the Dow Jones Target 2045 Index, during the year. This was the result of the impact of asset allocation effect, while style selection detracted. Positive asset allocation was a result of the Fund’s overweight to equity relative to its fixed-income heavy benchmark; specifically the overweights to U.S. Large Cap Equity and International Developed Markets Equity and the underweights to U.S. Fixed Income and International Developed Markets Fixed Income added value.

Thomas Picciochi

Ellen Tesler

Adam J. Petryk, CFA

Co-Portfolio Managers

QS Investors, LLC


Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		61.8	%
International Equity Funds		29.9
International Fixed Income Fund		4.9
U.S. Fixed Income Fund		2.9
Repurchase Agreement		0.7
Securities Lending Collateral		0.6
Net Other Assets (Liabilities)		(0.8	)
Total		100.0	%


Transamerica Funds		Annual Report 2017

Page 20

ClearTrack^® 2045

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			10 Years or Since Inception of Class			Inception Date
Class R1 (NAV)		19.67	%		6.97	%		03/02/2015
Class R6 (NAV)		20.53	%		7.69	%		03/02/2015
Dow Jones Target 2045 Index ^(A)		20.28	%		7.27	%

^(A) 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.


Transamerica Funds		Annual Report 2017

Page 21

ClearTrack^® 2045

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Shares		Value
EXCHANGE-TRADED FUNDS - 99.5%
International Equity Funds - 29.9%
Vanguard FTSE Developed Markets ETF		238,180		$ 10,522,792
Vanguard FTSE Emerging Markets ETF		25,843		1,153,373

				11,676,165

International Fixed Income Fund - 4.9%
iShares JP Morgan USD Emerging Markets Bond ETF		16,287		1,893,364

U.S. Equity Funds - 61.8%
Schwab U.S. Large-Cap ETF ^(A)		322,670		19,818,391
Schwab U.S. REIT ETF ^(A)		45,948		1,868,246
Schwab U.S. Small-Cap ETF ^(A)		36,499		2,480,837

				24,167,474

U.S. Fixed Income Fund - 2.9%
iShares Core U.S. Aggregate Bond ETF		10,471		1,146,260

Total Exchange-Traded Funds (Cost $32,632,184)				38,883,263


SECURITIES LENDING COLLATERAL - 0.6%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.00% ^(B)		250,075		250,075

Total Securities Lending Collateral (Cost $250,075)				250,075


	Principal		Value
REPURCHASE AGREEMENT - 0.7%
Fixed Income Clearing Corp. 0.12%^(B), dated 10/31/2017, to be repurchased at $281,353 on 11/01/2017. Collateralized by a U.S. Government Obligation, 2.13%, due 08/31/2020, and with a value of $289,377.		$ 281,352		$ 281,352

Total Repurchase Agreement (Cost $281,352)				281,352

Total Investments (Cost $33,163,611)				39,414,690
Net Other Assets (Liabilities) - (0.8)%				(314,087	)


Net Assets - 100.0%				$ 39,100,603

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	$	38,883,263	$	—	$	—	$	38,883,263
Securities Lending Collateral		250,075		—		—		250,075
Repurchase Agreement		—		281,352		—		281,352

Total Investments	$	39,133,338	$	281,352	$	—	$	39,414,690

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 $244,909. 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, 2017.
(C)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. 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 2017

Page 22

ClearTrack^® 2050

(unaudited)

MARKET ENVIRONMENT

For the 12-month period ended October 31, 2017, equity market indices rose nearly every month in U.S. dollars. Within the broad markets, emerging markets outperformed the U.S. and other developed markets. U.S. equity markets had strong gains through the last two months of calendar year 2016. Major markets ended that year with solid economic prospects and accommodative central banks. Energy stocks recovered briefly on an agreement among Organization of the Petroleum Exporting Countries (“OPEC”) and other producers to limit production; results were mixed over the rest of the year. Overall strong equity market performance broadened internationally as the so-called “Trump Rally” continued, tapering off in March. Positive trends prompted the U.S. Federal Reserve (“Fed”) to modestly raise rates, and set expectations of further hikes, which are expected to continue.

Gains continued in a low volatility environment as solid corporate earnings and growing economies outweighed news events that included cyber and other terror attacks, a deteriorating outlook for trading relationships among some nations, and an active hurricane season. Several U.S. and global indices hit new all-time highs. Volatility continued to be at historic lows despite a small spike in the CBOE VIX Index in August 2017. While the Eurozone saw largely encouraging economic trends, the U.S. experienced some weakening in growth metrics. Despite robust employment advances during the second quarter of 2017, gains halted in the aftermath of the hurricanes; in October 2017, job and manufacturing growth once again improved. Japan saw positive expectations for demand as preparations for the 2020 Tokyo Olympics heat up and manufacturing confidence was at its highest in a decade.

Global earnings growth continued to be generally positive through October 2017 prompting central banks to move back somewhat on their dovish stances. The Fed plans to pare back its balance sheet against a backdrop of strong employment and low inflation; the Bank of England indicated tightening may be needed due to the possible inflationary pressures around Great Britain leaving the European Union (“Brexit”); the European Central Bank indicated it would taper monetary stimulus, but insisted that some stimulus continued to be required.

PERFORMANCE

For the year ended October 31, 2017, ClearTrack^® 2050 Class R6 returned 20.72%. By comparison, its benchmark, the Dow Jones Target 2050 Index, returned 21.06%.

STRATEGY REVIEW

ClearTrack^® 2050 seeks the highest total return (that is, a combination of income and long-term capital appreciation) over time consistent with its asset mix. The Fund will seek to reduce volatility as a secondary objective from the 5 years before until 5 years after the Fund’s target retirement date of 2050 (the “Dynamic Rebalancing Period”). 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 the Fund’s target asset mix will gradually become more conservative until approximately 10 years after the target date, at which time the target asset mix will become static.

The Fund underperformed its benchmark, the Dow Jones Target 2050 Index, during the year. While the impact of the asset allocation effect was positive, style selection detracted. Positive asset allocation was a result of the Fund’s overweight to equity relative to its fixed-income heavy benchmark; specifically the underweight to U.S. Fixed Income added value.

Thomas Picciochi

Ellen Tesler

Adam J. Petryk, CFA

Co-Portfolio Managers

QS Investors, LLC


Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		63.5	%
International Equity Funds		29.9
International Fixed Income Fund		3.3
U.S. Fixed Income Fund		2.9
Repurchase Agreement		0.5
Net Other Assets (Liabilities)		(0.1	)
Total		100.0	%


Transamerica Funds		Annual Report 2017

Page 23

ClearTrack^® 2050

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			10 Years or Since Inception of Class			Inception Date
Class R1 (NAV)		20.00	%		7.05	%		03/02/2015
Class R6 (NAV)		20.72	%		7.73	%		03/02/2015
Dow Jones Target 2050 Index ^(A)		21.06	%		7.49	%

^(A) 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.


Transamerica Funds		Annual Report 2017

Page 24

ClearTrack^® 2050

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Shares		Value
EXCHANGE-TRADED FUNDS - 99.6%
International Equity Funds - 29.9%
Vanguard FTSE Developed Markets ETF		173,854		$ 7,680,870
Vanguard FTSE Emerging Markets ETF		28,439		1,269,232

				8,950,102

International Fixed Income Fund - 3.3%
iShares JP Morgan USD Emerging Markets Bond ETF		8,521		990,566

U.S. Equity Funds - 63.5%
Schwab U.S. Large-Cap ETF		249,458		15,321,711
Schwab U.S. REIT ETF		35,246		1,433,102
Schwab U.S. Small-Cap ETF		33,325		2,265,100

				19,019,913

U.S. Fixed Income Fund - 2.9%
iShares Core U.S. Aggregate Bond ETF		7,936		868,754

Total Exchange-Traded Funds (Cost $25,121,293)				29,829,335


	Principal		Value
REPURCHASE AGREEMENT - 0.5%
Fixed Income Clearing Corp. 0.12%^(A), dated 10/31/2017, to be repurchased at $163,389 on 11/01/2017. Collateralized by a U.S. Government Agency Obligation, 1.70%, due 05/15/2020, and with a value of $169,675.		$ 163,388		$ 163,388

Total Repurchase Agreement (Cost $163,388)				163,388

Total Investments (Cost $25,284,681)				29,992,723
Net Other Assets (Liabilities) - (0.1)%				(37,102	)


Net Assets - 100.0%				$ 29,955,621

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	$	29,829,335	$	—	$	—	$	29,829,335
Repurchase Agreement		—		163,388		—		163,388

Total Investments	$	29,829,335	$	163,388	$	—	$	29,992,723

FOOTNOTES TO SCHEDULE OF INVESTMENTS:


(A)		Rate disclosed reflects the yield at October 31, 2017.
(B)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. 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 2017

Page 25

ClearTrack^® 2055

(unaudited)

MARKET ENVIRONMENT

For the 12-month period ended October 31, 2017, equity market indices rose nearly every month in U.S. dollars. Within the broad markets, emerging markets outperformed the U.S. and other developed markets. U.S. equity markets had strong gains through the last two months of calendar year 2016. Major markets ended that year with solid economic prospects and accommodative central banks. Energy stocks recovered briefly on an agreement among Organization of the Petroleum Exporting Countries (“OPEC”) and other producers to limit production; results were mixed over the rest of the year. Overall strong equity market performance broadened internationally as the so-called “Trump Rally” continued, tapering off in March. Positive trends prompted the U.S. Federal Reserve (“Fed”) to modestly raise rates, and set expectations of further hikes, which are expected to continue.

Gains continued in a low volatility environment as solid corporate earnings and growing economies outweighed news events that included cyber and other terror attacks, a deteriorating outlook for trading relationships among some nations, and an active hurricane season. Several U.S. and global indices hit new all-time highs. Volatility continued to be at historic lows despite a small spike in the CBOE VIX Index in August 2017. While the Eurozone saw largely encouraging economic trends, the U.S. experienced some weakening in growth metrics. Despite robust employment advances during the second quarter 2017, gains halted in the aftermath of the hurricanes; in October 2017, job and manufacturing growth once again improved. Japan saw positive expectations for demand as preparations for the 2020 Tokyo Olympics heat up and manufacturing confidence was at its highest in a decade.

Global earnings growth continued to be generally positive through October 2017 prompting central banks to move back somewhat on their dovish stances. The Fed plans to pare back its balance sheet against a backdrop of strong employment and low inflation; the Bank of England indicated tightening may be needed due to the possible inflationary pressures around Great Britain leaving the European Union (“Brexit”); the European Central Bank indicated it would taper monetary stimulus, but insisted that some stimulus continued to be required.

PERFORMANCE

For the period from inception July 7, 2017 through October 31, 2017, ClearTrack^® 2055 Class R6 returned 6.40%. By comparison, its benchmark, the Dow Jones Target 2055 Index, returned 7.03%.

STRATEGY REVIEW

ClearTrack^® 2055 seeks the highest total return (that is, a combination of income and long-term capital appreciation) over time consistent with its asset mix. The Fund will seek to reduce volatility as a secondary objective from the 5 years before until 5 years after the Fund’s target retirement date of 2055 (the “Dynamic Rebalancing Period”). 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 the Fund’s target asset mix will gradually become more conservative until approximately 10 years after the target date, at which time the target asset mix will become static.

The Fund had a positive absolute return since its July 10, 2017 inception, with positive performance coming from all of its underlying holdings. Emerging Markets Equity was the best performing asset class, with the Vanguard FTSE Emerging Markets Equity ETF gaining 10.40%. International Equity followed, as the Vanguard FTSE Developed Markets Equity ETF increased 7.81%.

The Fund underperformed its benchmark, the Dow Jones Target 2055 Index, since inception. Style selection, or sub-asset class selection, was the main driver in the Fund’s underperformance. U.S. Real Estate, which does not have a dedicated allocation in the benchmark, and International Equity both had negative sub-asset class selection impacts. Asset allocation did not have a significant impact on relative results.

Thomas Picciochi

Ellen Tesler

Adam J. Petryk, CFA

Co-Portfolio Managers

QS Investors, LLC


Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		65.4	%
International Equity Funds		30.8
International Fixed Income Fund		3.3
U.S. Fixed Income Fund		2.9
Net Other Assets (Liabilities)		(2.4	)
Total		100.0	%


Transamerica Funds		Annual Report 2017

Page 26

ClearTrack^® 2055

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	10 Years or Since Inception of Class			Inception Date
Class R1 (NAV)		6.10	%^(A)		07/07/2017
Class R6 (NAV)		6.40	%^(A)		07/07/2017
Dow Jones Target 2055 Index ^(B)		7.03	%^(A)

^(A) Not annualized.

^(B) 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.


Transamerica Funds		Annual Report 2017

Page 27

ClearTrack^® 2055

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Shares		Value
EXCHANGE-TRADED FUNDS - 102.4%
International Equity Funds - 30.8%
Vanguard FTSE Developed Markets ETF		3,167		$ 139,918
Vanguard FTSE Emerging Markets ETF		534		23,832

				163,750

International Fixed Income Fund - 3.3%
iShares JP Morgan USD Emerging Markets Bond ETF		151		17,554

U.S. Equity Funds - 65.4%
Schwab U.S. Large-Cap ETF		4,553		279,645
Schwab U.S. REIT ETF		652		26,510
Schwab U.S. Small-Cap ETF		609		41,394

				347,549

U.S. Fixed Income Fund - 2.9%
iShares Core U.S. Aggregate Bond ETF		140		15,326

Total Exchange-Traded Funds (Cost $514,640)				544,179

Total Investments (Cost $514,640)				544,179
Net Other Assets (Liabilities) - (2.4)%				(12,935	)


Net Assets - 100.0%				$ 531,244

SECURITY VALUATION:

Valuation Inputs ^(A)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Exchange-Traded Funds	$	544,179	$	—	$	—	$	544,179

Total Investments	$	544,179	$	—	$	—	$	544,179

FOOTNOTES TO SCHEDULE OF INVESTMENTS:


(A)		The Fund recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended October 31, 2017. 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 2017

Page 28

ClearTrack^® 2060

(unaudited)

MARKET ENVIRONMENT

For the 12-month period ended October 31, 2017, equity market indices rose nearly every month in U.S. dollars. Within the broad markets, emerging markets outperformed the U.S. and other developed markets. U.S. equity markets had strong gains through the last two months of calendar year 2016. Major markets ended that year with solid economic prospects and accommodative central banks. Energy stocks recovered briefly on an agreement among Organization of the Petroleum Exporting Countries (“OPEC”) and other producers to limit production; results were mixed over the rest of the year. Overall strong equity market performance broadened internationally as the so-called “Trump Rally” continued, tapering off in March. Positive trends prompted the U.S. Federal Reserve (“Fed”) to modestly raise rates, and set expectations of further hikes, which are expected to continue.

Gains continued in a low volatility environment as solid corporate earnings and growing economies outweighed news events that included cyber and other terror attacks, a deteriorating outlook for trading relationships among some nations, and an active hurricane season. Several U.S. and global indices hit new all-time highs. Volatility continued to be at historic lows despite a small spike in the CBOE VIX Index in August 2017. While the Eurozone saw largely encouraging economic trends, the U.S. experienced some weakening in growth metrics. Despite robust employment advances during the second quarter 2017, gains halted in the aftermath of the hurricanes; in October 2017, job and manufacturing growth once again improved. Japan saw positive expectations for demand as preparations for the 2020 Tokyo Olympics heat up and manufacturing confidence was at its highest in a decade.

Global earnings growth continued to be generally positive through October 2017 prompting central banks to move back somewhat on their dovish stances. The Fed plans to pare back its balance sheet against a backdrop of strong employment and low inflation; the Bank of England indicated tightening may be needed due to the possible inflationary pressures around Great Britain leaving the European Union (“Brexit”); the European Central Bank indicated it would taper monetary stimulus, but insisted that some stimulus continued to be required.

PERFORMANCE

For the period from inception July 7, 2017 through October 31, 2017, ClearTrack^® 2060 Class R6 returned 6.40%. By comparison, its benchmark, the Dow Jones Target 2060 Index, returned 7.03%.

STRATEGY REVIEW

ClearTrack^® 2060 seeks the highest total return (that is, a combination of income and long-term capital appreciation) over time consistent with its asset mix. The Fund will seek to reduce volatility as a secondary objective from the 5 years before until 5 years after the Fund’s target retirement date of 2060 (the “Dynamic Rebalancing Period”). 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 the Fund’s target asset mix will gradually become more conservative until approximately 10 years after the target date, at which time the target asset mix will become static.

The Fund had a positive absolute since its July 10, 2017 inception with positive performance coming from all of its underlying holdings. Emerging Markets Equity was the best performing asset class, with the Vanguard FTSE Emerging Markets Equity ETF gaining 10.40%. International Equity followed, as the Vanguard FTSE Developed Markets Equity ETF increased 7.81%.

The Fund underperformed its benchmark, the Dow Jones Target 2060 Index since inception. Style selection, or sub-asset class selection, was the main driver in the Fund’s underperformance. U.S. Real Estate, which does not have a dedicated allocation in the benchmark, and International Equity both had negative sub-asset class selection impacts. Asset allocation did not have a significant impact on relative results.

Thomas Picciochi

Ellen Tesler

Adam J. Petryk, CFA

Co-Portfolio Managers

QS Investors, LLC


Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		65.5	%
International Equity Funds		30.8
International Fixed Income Fund		3.3
U.S. Fixed Income Fund		2.9
Net Other Assets (Liabilities)		(2.5	)
Total		100.0	%


Transamerica Funds		Annual Report 2017

Page 29

ClearTrack^® 2060

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	10 Years or Since Inception of Class			Inception Date
Class R1 (NAV)		6.10	%^(A)		07/07/2017
Class R6 (NAV)		6.40	%^(A)		07/07/2017
Dow Jones Target 2060 Index ^(B)		7.03	%^(A)

^(A) Not annualized.

^(B) 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.


Transamerica Funds		Annual Report 2017

Page 30

ClearTrack^® 2060

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Shares		Value
EXCHANGE-TRADED FUNDS - 102.5%
International Equity Funds - 30.8%
Vanguard FTSE Developed Markets ETF		3,168		$ 139,962
Vanguard FTSE Emerging Markets ETF		534		23,832

				163,794

International Fixed Income Fund - 3.3%
iShares JP Morgan USD Emerging Markets Bond ETF		151		17,554

U.S. Equity Funds - 65.5%
Schwab U.S. Large-Cap ETF		4,554		279,707
Schwab U.S. REIT ETF		652		26,510
Schwab U.S. Small-Cap ETF		609		41,394

				347,611

U.S. Fixed Income Fund - 2.9%
iShares Core U.S. Aggregate Bond ETF		140		15,326

Total Exchange-Traded Funds (Cost $514,739)				544,285

Total Investments (Cost $514,739)				544,285
Net Other Assets (Liabilities) - (2.5)%				(13,034	)


Net Assets - 100.0%				$ 531,251

SECURITY VALUATION:

Valuation Inputs ^(A)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Exchange-Traded Funds	$	544,285	$	—	$	—	$	544,285

Total Investments	$	544,285	$	—	$	—	$	544,285

FOOTNOTES TO SCHEDULE OF INVESTMENTS:


(A)		The Fund recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended October 31, 2017. 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 2017

Page 31

ClearTrack^® Retirement Income

(unaudited)

MARKET ENVIRONMENT

For the 12-month period ended October 31, 2017, equity market indices rose nearly every month in U.S. dollars. Within the broad markets, emerging markets outperformed the U.S. and other developed markets. U.S. equity markets had strong gains through the last two months of calendar year 2016. Major markets ended that year with solid economic prospects and accommodative central banks. Energy stocks recovered briefly on an agreement among Organization of the Petroleum Exporting Countries (“OPEC”) and other producers to limit production; results were mixed over the rest of the year. Overall strong equity market performance broadened internationally as the so-called “Trump Rally” continued, tapering off in March. Positive trends prompted the U.S. Federal Reserve (“Fed”) to modestly raise rates, and set expectations of further hikes, which are expected to continue.

Gains continued in a low volatility environment as solid corporate earnings and growing economies outweighed news events that included cyber and other terror attacks, a deteriorating outlook for trading relationships among some nations, and an active hurricane season. Several U.S. and global indices hit new all-time highs. Volatility continued to be at historic lows despite a small spike in the CBOE VIX Index in August 2017. While the Eurozone saw largely encouraging economic trends, the U.S. experienced some weakening in growth metrics. Despite robust employment advances during the second quarter of 2017, gains halted in the aftermath of the hurricanes; in October 2017, job and manufacturing growth once again improved. Japan saw positive expectations for demand as preparations for the 2020 Tokyo Olympics heat up and manufacturing confidence was at its highest in a decade.

Global earnings growth continued to be generally positive through October 2017 prompting central banks to move back somewhat on their dovish stances. The Fed plans to pare back its balance sheet against a backdrop of strong employment and low inflation; the Bank of England indicated tightening may be needed due to the possible inflationary pressures around Great Britain leaving the European Union (“Brexit”); the European Central Bank indicated it would taper monetary stimulus, but insisted that some stimulus continued to be required.

PERFORMANCE

For the year ended October 31, 2017, ClearTrack^® Retirement Income Class R6 returned 7.12%. By comparison, its primary and

secondary benchmarks, the Bloomberg Barclays US Aggregate Bond Index and the ClearTrack^® Retirement Income Blended Benchmark, returned 0.90% and 8.68%, respectively.

STRATEGY REVIEW

ClearTrack^® Retirement Income seeks the highest total return (that is, a combination of income and long-term capital appreciation) over time consistent with its asset mix. The Fund’s objective is to provide an investor income and manage risk during their retirement years. The Fund follows a particular glide path in which the target asset mix becomes static 10 years post their retirement date.

The Fund outperformed its primary benchmark, the Bloomberg Barclays US Aggregate Bond Index, during the year. This was the result of the impact of asset allocation effect and style selection. Positive asset allocation was a result of the Fund’s overweight to equity relative to its fixed-income heavy benchmark; specifically the overweights to International Equity, U.S. Small Cap Equity, and Emerging Markets Equity added value.

Thomas Picciochi

Ellen Tesler

Adam J. Petryk, CFA

Co-Portfolio Managers

QS Investors, LLC


Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		52.7	%
U.S. Equity Funds		16.6
International Equity Funds		15.7
International Fixed Income Fund		14.1
Securities Lending Collateral		5.8
Repurchase Agreement		1.0
Net Other Assets (Liabilities)		(5.9	)
Total		100.0	%


Transamerica Funds		Annual Report 2017

Page 32

ClearTrack^® Retirement Income

(unaudited)

LOGO


Average Annual Total Return for Periods Ended 10/31/2017
	1 Year			10 Years or Since Inception of Class			Inception Date
Class R1 (NAV)		6.41	%		2.97	%		03/02/2015
Class R6 (NAV)		7.12	%		3.62	%		03/02/2015
Bloomberg Barclays US Aggregate Bond Index ^(A)		0.90	%		1.96	%
ClearTrack^® Retirement Income Blended Benchmark ^{(A) (B) (C) (D) (E) (F) (G) (H) (I)}		8.68	%		4.31	%

^(B) The 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.

^(C) 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.

^(D) 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.

^(E) 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.

^(F) 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.

^(G) 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.

^(H) 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.

^(I) The MSCI Emerging Markets Index captures large and mid-cap representation across emerging markets countries.


Transamerica Funds		Annual Report 2017

Page 33

ClearTrack^® Retirement Income (continued)

(unaudited)

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 2017

Page 34

ClearTrack^® Retirement Income

SCHEDULE OF INVESTMENTS

At October 31, 2017


	Shares		Value
EXCHANGE-TRADED FUNDS - 99.1%
International Equity Funds - 15.7%
Vanguard FTSE Developed Markets ETF		286,160		$ 12,642,549
Vanguard FTSE Emerging Markets ETF		66,481		2,967,047

				15,609,596

International Fixed Income Fund - 14.1%
Vanguard Total International Bond ETF		254,972		13,992,863

U.S. Equity Funds - 16.6%
Schwab U.S. Large-Cap ETF		116,361		7,146,893
Schwab U.S. REIT ETF		113,717		4,623,733
Schwab U.S. Small-Cap ETF		68,719		4,670,830

				16,441,456

U.S. Fixed Income Funds - 52.7%
iShares Core U.S. Aggregate Bond ETF		367,735		40,255,951
iShares TIPS Bond ETF		43,365		4,934,937
SPDR Bloomberg Barclays High Yield Bond ETF ^(A)		192,171		7,156,448

				52,347,336

Total Exchange-Traded Funds (Cost $92,895,073)				98,391,251


SECURITIES LENDING COLLATERAL - 5.8%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.00% ^(B)		5,753,504		5,753,504

Total Securities Lending Collateral (Cost $5,753,504)				5,753,504


	Principal		Value
REPURCHASE AGREEMENT - 1.0%
Fixed Income Clearing Corp. 0.12%^(B), dated 10/31/2017, to be repurchased at $981,488 on 11/01/2017. Collateralized by a U.S. Government Agency Obligation, 1.70%, due 05/15/2020, and with a value of $1,003,081.		$ 981,485		$ 981,485

Total Repurchase Agreement (Cost $981,485)				981,485

Total Investments (Cost $99,630,062)				105,126,240
Net Other Assets (Liabilities) - (5.9)%				(5,879,735	)


Net Assets - 100.0%				$ 99,246,505

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	$	98,391,251	$	—	$	—	$	98,391,251
Securities Lending Collateral		5,753,504		—		—		5,753,504
Repurchase Agreement		—		981,485		—		981,485

Total Investments	$	104,144,755	$	981,485	$	—	$	105,126,240

FOOTNOTES TO SCHEDULE OF INVESTMENTS:


(A)		All or a portion of the security is on loan. The value of the security on loan is $5,638,434. 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, 2017.
(C)		The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2017. 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 2017

Page 35

Understanding Your Funds’ Expenses

(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur two types of costs: transaction costs, and ongoing costs, including management fees, and other fund expenses.

The examples are based on an investment of $1,000 invested at May 1, 2017, and held for the entire period until October 31, 2017.

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES


			Actual Expenses					Hypothetical Expenses ^(A)
Fund	Beginning Account Value		Ending Account Value		Expenses Paid During Period			Ending Account Value		Expenses Paid During Period^(B)		Annualized Expense Ratio^(C) (D)

ClearTrack^® 2015
Class R1	$	1,000.00	$	1,047.20	$	5.73^(B	⁾	$	1,019.60	$	5.65		1.11	%
Class R6		1,000.00		1,050.70		2.38^(B	⁾		1,022.90		2.35		0.46

ClearTrack^® 2020
Class R1		1,000.00		1,050.90		5.74^(B	⁾		1,019.60		5.65		1.11
Class R6		1,000.00		1,054.40		2.38^(B	⁾		1,022.90		2.35		0.46

ClearTrack^® 2025
Class R1		1,000.00		1,055.30		5.85^(B	⁾		1,019.50		5.75		1.13
Class R6		1,000.00		1,059.70		2.49^(B	⁾		1,022.80		2.45		0.48

ClearTrack^® 2030
Class R1		1,000.00		1,060.20		5.87^(B	⁾		1,019.50		5.75		1.13
Class R6		1,000.00		1,064.40		2.50^(B	⁾		1,022.80		2.45		0.48

ClearTrack^® 2035
Class R1		1,000.00		1,069.00		5.89^(B	⁾		1,019.50		5.75		1.13
Class R6		1,000.00		1,072.20		2.51^(B	⁾		1,022.80		2.45		0.48

ClearTrack^® 2040
Class R1		1,000.00		1,075.20		5.91^(B	⁾		1,019.50		5.75		1.13
Class R6		1,000.00		1,079.90		2.52^(B	⁾		1,022.80		2.45		0.48


Transamerica Funds		Annual Report 2017

Page 36

Understanding Your Funds’ Expenses (continued)

(unaudited)


			Actual Expenses					Hypothetical Expenses ^(A)
Fund	Beginning Account Value		Ending Account Value		Expenses Paid During Period			Ending Account Value		Expenses Paid During Period^(B)		Annualized Expense Ratio^(C) (D)

ClearTrack^® 2045
Class R1	$	1,000.00	$	1,080.90	$	5.98^(B	⁾	$	1,019.50	$	5.80		1.14	%
Class R6		1,000.00		1,085.80		2.58^(B	⁾		1,022.70		2.50		0.49

ClearTrack^® 2050
Class R1		1,000.00		1,082.60		5.93^(B	⁾		1,019.50		5.75		1.13
Class R6		1,000.00		1,085.60		2.52^(B	⁾		1,022.80		2.45		0.48

ClearTrack^® 2055
Class R1		1,000.00		1,061.00		3.47^(E	⁾		1,019.90		5.40		1.06
Class R6		1,000.00		1,064.00		1.34^(E	⁾		1,023.10		2.09		0.41

ClearTrack^® 2060
Class R1		1,000.00		1,061.00		3.47^(E	⁾		1,019.90		5.40		1.06
Class R6		1,000.00		1,064.00		1.34^(E	⁾		1,023.10		2.09		0.41

ClearTrack^® Retirement Income
Class R1		1,000.00		1,034.00		5.59^(B	⁾		1,019.70		5.55		1.09
Class R6		1,000.00		1,036.60		2.26^(B	⁾		1,023.00		2.24		0.44



(A)		5% return per year before expenses.

(B)		Expenses are calculated using the Funds’ 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 funds 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; the percentage may differ from the expense ratio displayed in the Financial Highlights which covers a twelve-month period.

(E)		Fund commenced operations on July 7, 2017. 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 (116 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, 2017.


Transamerica Funds		Annual Report 2017

Page 37

STATEMENTS OF ASSETS AND LIABILITIES

At October 31, 2017


	ClearTrack^® 2015			ClearTrack^® 2020			ClearTrack^® 2025		ClearTrack^® 2030		ClearTrack^® 2035
Assets:
Investments, at value ^{(A) (B)}	$	53,367,157		$	82,965,049		$	91,094,632	$	70,019,197	$	71,549,951
Repurchase agreements, at value ^(C)		400,279			581,007			921,551		476,454		688,658
Receivables and other assets:
Shares of beneficial interest sold		283			—			668		—		2,576
Interest		1			2			3		1		2
Net income from securities lending		941			2,294			117		37		2,193
Total assets		53,768,661			83,548,352			92,016,971		70,495,689		72,243,380

Liabilities:
Payables and other liabilities:
Shares of beneficial interest redeemed		51,883			5,664			200		2,759		—
Investment management fees		25,712			34,448			40,200		39,028		32,815
Distribution and service fees		23,351			33,831			39,907		31,250		31,216
Transfer agent fees		7,358			10,661			12,580		9,846		9,837
Trustees, CCO and deferred compensation fees		36			51			61		47		47
Audit and tax fees		14,153			14,271			14,347		14,238		14,232
Custody fees		1,608			1,601			1,670		1,616		1,626
Legal fees		445			611			716		571		554
Printing and shareholder reports fees		2,003			2,420			2,665		2,276		2,176
Registration fees		3,319			4,170			4,634		3,743		3,980
Other		289			380			437		351		342
Collateral for securities on loan		297,750			5,948,525			20,750		—		663,138
Total liabilities		427,907			6,056,633			138,167		105,725		759,963
Net assets	$	53,340,754		$	77,491,719		$	91,878,804	$	70,389,964	$	71,483,417

Net assets consist of:
Paid-in capital	$	48,338,010		$	69,893,563		$	81,622,863	$	61,410,630	$	61,236,636
Undistributed (distributions in excess of) net investment income (loss)		412,325			532,641			577,192		450,709		499,336
Accumulated net realized gain (loss)		(388,759	)		(469,138	)		373,935		537,576		390,055
Net unrealized appreciation (depreciation) on:
Investments		4,979,178			7,534,653			9,304,814		7,991,049		9,357,390
Net assets	$	53,340,754		$	77,491,719		$	91,878,804	$	70,389,964	$	71,483,417
Net assets by class:
Class R1	$	52,926,331		$	76,819,219		$	90,501,106	$	70,036,708	$	70,958,172
Class R6		414,423			672,500			1,377,698		353,256		525,245
Shares outstanding (unlimited shares, no par value):
Class R1		4,966,455			7,157,685			8,180,967		6,214,724		6,189,094
Class R6		38,489			61,992			123,169		30,989		45,300
Net asset value per share:
Class R1	$	10.66		$	10.73		$	11.06	$	11.27	$	11.47
Class R6		10.77			10.85			11.19		11.40		11.59

^(A) Investments, at cost	$	48,387,979		$	75,430,396		$	81,789,818	$	62,028,148	$	62,192,561
^(B) Securities on loan, at value	$	291,600		$	5,822,660		$	20,330	$	—	$	649,875
^(C) Repurchase agreements, at cost	$	400,279		$	581,007		$	921,551	$	476,454	$	688,658

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


Transamerica Funds		Annual Report 2017

Page 38

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2017


	ClearTrack^® 2040		ClearTrack^® 2045		ClearTrack^® 2050		ClearTrack^® 2055		ClearTrack^® 2060
Assets:
Investments, at value ^{(A) (B)}	$	60,897,301	$	39,133,338	$	29,829,335	$	544,179	$	544,285
Repurchase agreements, at value ^(C)		376,533		281,352		163,388		—		—
Cash		—		—		—		6,307		6,359
Receivables and other assets:
Shares of beneficial interest sold		3,803		424		17,402		—		—
Due from investment manager		—		—		—		34,289		34,139
Interest		1		1		1		—		—
Net income from securities lending		312		1,755		116		—		—
Total assets		61,277,950		39,416,870		30,010,242		584,775		584,783

Liabilities:
Payables and other liabilities:
Shares of beneficial interest redeemed		—		2,500		145		—		—
Investment management fees		33,810		20,937		17,457		—		—
Distribution and service fees		26,542		16,868		12,825		116		116
Transfer agent fees		8,366		5,317		4,044		38		38
Trustees, CCO and deferred compensation fees		40		26		19		29		29
Audit and tax fees		14,170		14,053		13,993		13,832		13,832
Custody fees		1,602		1,363		1,529		2,722		2,722
Legal fees		466		306		223		6		6
Printing and shareholder reports fees		1,789		1,324		1,024		957		957
Registration fees		3,964		3,307		3,226		35,498		35,498
Other		285		191		136		333		334
Collateral for securities on loan		81,935		250,075		—		—		—
Total liabilities		172,969		316,267		54,621		53,531		53,532
Net assets	$	61,104,981	$	39,100,603	$	29,955,621	$	531,244	$	531,251

Net assets consist of:
Paid-in capital	$	51,604,398	$	32,390,579	$	24,980,881	$	499,744	$	499,744
Undistributed (distributions in excess of) net investment income (loss)		466,192		272,935		186,611		1,665		1,666
Accumulated net realized gain (loss)		220,423		186,010		80,087		296		295
Net unrealized appreciation (depreciation) on:
Investments		8,813,968		6,251,079		4,708,042		29,539		29,546
Net assets	$	61,104,981	$	39,100,603	$	29,955,621	$	531,244	$	531,251
Net assets by class:
Class R1	$	60,366,715	$	38,516,048	$	29,328,793	$	265,344	$	265,348
Class R6		738,266		584,555		626,828		265,900		265,903
Shares outstanding (unlimited shares, no par value):
Class R1		5,212,757		3,274,199		2,488,137		25,000		25,000
Class R6		62,801		49,129		52,571		25,000		25,000
Net asset value per share:
Class R1	$	11.58	$	11.76	$	11.79	$	10.61	$	10.61
Class R6		11.76		11.90		11.92		10.64		10.64

^(A) Investments, at cost	$	52,083,333	$	32,882,259	$	25,121,293	$	514,640	$	514,739
^(B) Securities on loan, at value	$	80,242	$	244,909	$	—	$	—	$	—
^(C) Repurchase agreements, at cost	$	376,533	$	281,352	$	163,388	$	—	$	—

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


Transamerica Funds		Annual Report 2017

Page 39

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2017


	ClearTrack^® Retirement Income
Assets:
Investments, at value ^{(A) (B)}	$	104,144,755
Repurchase agreements, at value ^(C)		981,485
Receivables and other assets:
Shares of beneficial interest sold		1,567
Interest		3
Net income from securities lending		775
Total assets		105,128,585

Liabilities:
Payables and other liabilities:
Shares of beneficial interest redeemed		5,482
Investment management fees		40,361
Distribution and service fees		43,645
Transfer agent fees		13,751
Trustees, CCO and deferred compensation fees		67
Audit and tax fees		14,405
Custody fees		1,713
Legal fees		792
Printing and shareholder reports fees		2,931
Registration fees		4,944
Other		485
Collateral for securities on loan		5,753,504
Total liabilities		5,882,080
Net assets	$	99,246,505

Net assets consist of:
Paid-in capital	$	92,417,663
Undistributed (distributions in excess of) net investment income (loss)		877,908
Accumulated net realized gain (loss)		454,756
Net unrealized appreciation (depreciation) on:
Investments		5,496,178
Net assets	$	99,246,505
Net assets by class:
Class R1	$	98,837,903
Class R6		408,602
Shares outstanding (unlimited shares, no par value):
Class R1		9,301,449
Class R6		38,010
Net asset value per share:
Class R1	$	10.63
Class R6		10.75

^(A) Investments, at cost	$	98,648,577
^(B) Securities on loan, at value	$	5,638,434
^(C) Repurchase agreements, at cost	$	981,485

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


Transamerica Funds		Annual Report 2017

Page 40

STATEMENTS OF OPERATIONS

For the year ended October 31, 2017


	ClearTrack^® 2015			ClearTrack^® 2020			ClearTrack^® 2025			ClearTrack^® 2030			ClearTrack^® 2035
Investment Income:
Dividend income	$	1,215,656		$	1,642,643		$	1,888,823		$	1,514,232		$	1,537,912
Interest income		442			722			885			634			631
Net income (loss) from securities lending		25,339			28,437			29,253			25,627			39,908
Total investment income		1,241,437			1,671,802			1,918,961			1,540,493			1,578,451

Expenses:
Investment management fees		197,299			274,004			322,088			256,649			249,462
Distribution and service fees:
Class R1		257,757			357,686			418,859			336,034			325,927
Transfer agent fees
Class R1		81,193			112,671			131,941			105,851			102,667
Class R6		27			43			74			25			35
Trustees, CCO and deferred compensation fees		937			1,310			1,545			1,227			1,193
Audit and tax fees		17,058			17,260			17,392			17,217			17,194
Custody fees		9,242			9,414			9,976			9,688			9,708
Legal fees		2,837			3,946			4,650			3,696			3,598
Printing and shareholder reports fees		5,922			7,389			8,222			6,956			6,862
Registration fees		33,118			34,057			34,580			33,624			33,843
Other		2,056			2,324			2,497			2,249			2,210
Total expenses before waiver and/or reimbursement and recapture		607,446			820,104			951,824			773,216			752,699
Expenses waived and/or reimbursed:^(A)
Class R1		(46,620	)		(38,837	)		(32,594	)		(39,018	)		(38,929	)
Class R6		(331	)		(313	)		(380	)		(193	)		(276	)
Recapture of previously waived and/or reimbursed fees:
Class R1		13,325			15,599			23,714			20,173			18,622
Class R6		100			128			325			100			134
Net expenses		573,920			796,681			942,889			754,278			732,250
Net investment income (loss)		667,517			875,121			976,072			786,215			846,201

Net realized gain (loss) on:
Investments		458,601			426,387			446,999			543,098			401,961

Net change in unrealized appreciation (depreciation) on:
Investments		3,731,357			6,170,550			8,248,723			7,175,219			8,337,398
Net realized and change in unrealized gain (loss)		4,189,958			6,596,937			8,695,722			7,718,317			8,739,359
Net increase (decrease) in net assets resulting from operations	$	4,857,475		$	7,472,058		$	9,671,794		$	8,504,532		$	9,585,560


(A)		Transamerica Asset Management, Inc. (“TAM”) reimbursed expenses in order to maintain the Funds’ contractual expense limits (See the Fees and Other Affiliated Transactions note in Notes to Financial Statements).

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


Transamerica Funds		Annual Report 2017

Page 41

STATEMENTS OF OPERATIONS (continued)

For the year ended October 31, 2017


	ClearTrack^® 2040			ClearTrack^® 2045			ClearTrack^® 2050			ClearTrack^® 2055 ^(A)			ClearTrack^® 2060 ^(A)
Investment Income:
Dividend income	$	1,332,571		$	841,833		$	605,714		$	2,612		$	2,613
Interest income		553			350			287			—			—
Net income (loss) from securities lending		17,838			14,261			5,344			—			—
Total investment income		1,350,962			856,444			611,345			2,612			2,613

Expenses:
Investment management fees		209,739			136,619			101,150			622			622
Distribution and service fees:
Class R1		272,760			177,182			130,347			409			409
Transfer agent fees
Class R1		85,919			55,813			41,059			129			129
Class R6		48			39			41			6			6
Trustees, CCO and deferred compensation fees		1,007			656			486			33			33
Audit and tax fees		17,080			16,882			16,780			18,502			18,502
Custody fees		9,828			8,004			9,297			3,824			3,824
Legal fees		3,017			1,972			1,452			3,158			3,158
Printing and shareholder reports fees		5,800			4,349			3,557			1,392			1,392
Registration fees		33,767			33,030			32,553			35,797			35,798
Other		2,044			1,762			1,603			1,130			978
Total expenses before waiver and/or reimbursement and recapture		641,009			436,308			338,325			65,002			64,851
Expenses waived and/or reimbursed:^(B)
Class R1		(44,202	)		(45,541	)		(50,941	)		(31,917	)		(31,842	)
Class R6		(524	)		(663	)		(1,089	)		(31,960	)		(31,884	)
Recapture of previously waived and/or reimbursed fees:
Class R1		17,501			12,620			10,682			35			35
Class R6		217			184			243			43			43
Net expenses		614,001			402,908			297,220			1,203			1,203
Net investment income (loss)		736,961			453,536			314,125			1,409			1,410

Net realized gain (loss) on:
Investments		269,734			253,901			81,575			296			295

Net change in unrealized appreciation (depreciation) on:
Investments		8,016,032			5,606,848			4,342,431			29,539			29,546
Net realized and change in unrealized gain (loss)		8,285,766			5,860,749			4,424,006			29,835			29,841
Net increase (decrease) in net assets resulting from operations	$	9,022,727		$	6,314,285		$	4,738,131		$	31,244		$	31,251


(A)		Commenced operations on July 7, 2017.
(B)		Transamerica Asset Management, Inc. (“TAM”) reimbursed expenses in order to maintain the Funds’ contractual expense limits (See the Fees and Other Affiliated Transactions note in Notes to Financial Statements).

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


Transamerica Funds		Annual Report 2017

Page 42

STATEMENTS OF OPERATIONS (continued)

For the year ended October 31, 2017


	ClearTrack^® Retirement Income
Investment Income:
Dividend income	$	2,300,133
Interest income		978
Net income (loss) from securities lending		24,879
Total investment income		2,325,990

Expenses:
Investment management fees		355,168
Distribution and service fees:
Class R1		465,542
Transfer agent fees
Class R1		146,646
Class R6		26
Trustees, CCO and deferred compensation fees		1,710
Audit and tax fees		17,488
Custody fees		10,173
Legal fees		5,155
Printing and shareholder reports fees		9,109
Registration fees		34,938
Other		2,623
Total expenses before waiver and/or reimbursement and recapture		1,048,578
Expenses waived and/or reimbursed:^(A)
Class R1		(47,651	)
Class R6		(186	)
Recapture of previously waived and/or reimbursed fees:
Class R1		15,645
Class R6		65
Net expenses		1,016,451
Net investment income (loss)		1,309,539

Net realized gain (loss) on:
Investments		454,756

Net change in unrealized appreciation (depreciation) on:
Investments		4,251,581
Net realized and change in unrealized gain (loss)		4,706,337
Net increase (decrease) in net assets resulting from operations	$	6,015,876


(A)		Transamerica Asset Management, Inc. (“TAM”) reimbursed expenses in order to maintain the Funds’ contractual expense limits (See the Fees and Other Affiliated Transactions note in Notes to Financial Statements).

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


Transamerica Funds		Annual Report 2017

Page 43

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended:


	ClearTrack^® 2015						ClearTrack^® 2020						ClearTrack^® 2025
	October 31, 2017			October 31, 2016			October 31, 2017			October 31, 2016			October 31, 2017			October 31, 2016
From operations:
Net investment income (loss)	$	667,517		$	380,037		$	875,121		$	444,619		$	976,072		$	488,565
Net realized gain (loss)		458,601			(696,133	)		426,387			(639,207	)		446,999			(51,621	)
Net change in unrealized appreciation (depreciation)		3,731,357			1,260,137			6,170,550			1,233,279			8,248,723			1,082,144
Net increase (decrease) in net assets resulting from operations		4,857,475			944,041			7,472,058			1,038,691			9,671,794			1,519,088

Dividends and/or distributions to shareholders:
Net investment income:
Class R1		(560,391	)		(116,593	)		(704,529	)		(121,433	)		(790,233	)		(131,627	)
Class R6		(5,392	)		(1,772	)		(8,206	)		(1,727	)		(8,700	)		(1,683	)
Total dividends and/or distributions from net investment income		(565,783	)		(118,365	)		(712,735	)		(123,160	)		(798,933	)		(133,310	)
Net realized gains:
Class R1		(80,803	)		(8,816	)		(88,695	)		(11,421	)		(14,460	)		(2,566	)
Class R6		(547	)		(100	)		(738	)		(123	)		(114	)		(25	)
Total dividends and/or distributions from net realized gains		(81,350	)		(8,916	)		(89,433	)		(11,544	)		(14,574	)		(2,591	)
Total dividends and/or distributions to shareholders		(647,133	)		(127,281	)		(802,168	)		(134,704	)		(813,507	)		(135,901	)

Capital share transactions:
Proceeds from shares sold:
Class R1		14,089,688			33,615,259			21,666,202			45,257,643			28,151,097			51,555,009
Class R6		60,983			67,589			94,741			254,342			689,997			304,247
		14,150,671			33,682,848			21,760,943			45,511,985			28,841,094			51,859,256
Dividends and/or distributions reinvested:
Class R1		641,194			125,409			793,224			132,854			804,693			134,193
Class R6		5,939			1,872			8,944			1,850			8,814			1,708
		647,133			127,281			802,168			134,704			813,507			135,901
Cost of shares redeemed:
Class R1		(10,718,716	)		(5,640,717	)		(9,073,392	)		(4,804,935	)		(11,091,601	)		(4,100,234	)
Class R6		(242	)		(120	)		(1,391	)		(1,878	)		(5,420	)		(1,765	)
		(10,718,958	)		(5,640,837	)		(9,074,783	)		(4,806,813	)		(11,097,021	)		(4,101,999	)
Net increase (decrease) in net assets resulting from capital share transactions		4,078,846			28,169,292			13,488,328			40,839,876			18,557,580			47,893,158
Net increase (decrease) in net assets		8,289,188			28,986,052			20,158,218			41,743,863			27,415,867			49,276,345

Net assets:
Beginning of year		45,051,566			16,065,514			57,333,501			15,589,638			64,462,937			15,186,592
End of year	$	53,340,754		$	45,051,566		$	77,491,719		$	57,333,501		$	91,878,804		$	64,462,937
Undistributed (distributions in excess of) net investment income (loss)	$	412,325		$	310,808		$	532,641		$	370,335		$	577,192		$	400,510

Capital share transactions - shares:
Shares issued:
Class R1		1,407,629			3,493,482			2,166,023			4,706,369			2,749,506			5,284,591
Class R6		6,010			6,716			8,967			27,248			66,217			31,578
		1,413,639			3,500,198			2,174,990			4,733,617			2,815,723			5,316,169
Shares reinvested:
Class R1		65,696			13,036			81,273			13,810			80,631			13,892
Class R6		605			194			912			192			878			176
		66,301			13,230			82,185			14,002			81,509			14,068
Shares redeemed:
Class R1		(1,049,765	)		(585,206	)		(881,927	)		(501,207	)		(1,048,640	)		(428,541	)
Class R6		(24	)		(12	)		(135	)		(192	)		(504	)		(176	)
		(1,049,789	)		(585,218	)		(882,062	)		(501,399	)		(1,049,144	)		(428,717	)
Net increase (decrease) in shares outstanding:
Class R1		423,560			2,921,312			1,365,369			4,218,972			1,781,497			4,869,942
Class R6		6,591			6,898			9,744			27,248			66,591			31,578
		430,151			2,928,210			1,375,113			4,246,220			1,848,088			4,901,520

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


Transamerica Funds		Annual Report 2017

Page 44

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:


	ClearTrack^® 2030						ClearTrack^® 2035						ClearTrack^® 2040
	October 31, 2017			October 31, 2016			October 31, 2017			October 31, 2016			October 31, 2017			October 31, 2016
From operations:
Net investment income (loss)	$	786,215		$	385,477		$	846,201		$	421,872		$	736,961		$	364,110
Net realized gain (loss)		543,098			(5,522	)		401,961			(8,073	)		269,734			(40,075	)
Net change in unrealized appreciation (depreciation)		7,175,219			849,133			8,337,398			1,007,694			8,016,032			756,832
Net increase (decrease) in net assets resulting from operations		8,504,532			1,229,088			9,585,560			1,421,493			9,022,727			1,080,867

Dividends and/or distributions to shareholders:
Net investment income:
Class R1		(644,133	)		(107,287	)		(698,342	)		(100,726	)		(563,549	)		(106,903	)
Class R6		(4,572	)		(1,568	)		(6,076	)		(1,810	)		(7,201	)		(1,975	)
Total dividends and/or distributions from net investment income		(648,705	)		(108,855	)		(704,418	)		(102,536	)		(570,750	)		(108,878	)
Net realized gains:
Class R1		—			(450	)		—			(357	)		—			(339	)
Class R6		—			(5	)		—			(5	)		—			(5	)
Total dividends and/or distributions from net realized gains		—			(455	)		—			(362	)		—			(344	)
Total dividends and/or distributions to shareholders		(648,705	)		(109,310	)		(704,418	)		(102,898	)		(570,750	)		(109,222	)

Capital share transactions:
Proceeds from shares sold:
Class R1		19,413,136			45,333,616			18,312,733			43,360,445			18,871,475			32,692,728
Class R6		18,387			171,249			90,815			145,769			314,635			182,671
		19,431,523			45,504,865			18,403,548			43,506,214			19,186,110			32,875,399
Dividends and/or distributions reinvested:
Class R1		644,133			107,737			698,342			101,083			563,549			107,242
Class R6		4,572			1,573			6,076			1,815			7,201			1,980
		648,705			109,310			704,418			102,898			570,750			109,222
Cost of shares redeemed:
Class R1		(11,771,960	)		(4,660,055	)		(7,587,168	)		(3,946,043	)		(7,319,084	)		(4,254,416	)
Class R6		(16,509	)		(119,057	)		(6,061	)		(28,196	)		(115,751	)		(2,941	)
		(11,788,469	)		(4,779,112	)		(7,593,229	)		(3,974,239	)		(7,434,835	)		(4,257,357	)
Net increase (decrease) in net assets resulting from capital share transactions		8,291,759			40,835,063			11,514,737			39,634,873			12,322,025			28,727,264
Net increase (decrease) in net assets		16,147,586			41,954,841			20,395,879			40,953,468			20,774,002			29,698,909

Net assets:
Beginning of year		54,242,378			12,287,537			51,087,538			10,134,070			40,330,979			10,632,070
End of year	$	70,389,964		$	54,242,378		$	71,483,417		$	51,087,538		$	61,104,981		$	40,330,979
Undistributed (distributions in excess of) net investment income (loss)	$	450,709		$	313,199		$	499,336		$	357,553		$	466,192		$	299,981

Capital share transactions - shares:
Shares issued:
Class R1		1,876,217			4,613,850			1,756,946			4,453,334			1,808,065			3,388,038
Class R6		1,718			16,829			8,665			14,174			30,274			17,713
		1,877,935			4,630,679			1,765,611			4,467,508			1,838,339			3,405,751
Shares reinvested:
Class R1		63,776			11,084			68,802			10,410			55,577			11,090
Class R6		450			161			595			186			704			203
		64,226			11,245			69,397			10,596			56,281			11,293
Shares redeemed:
Class R1		(1,095,883	)		(480,756	)		(702,286	)		(406,454	)		(671,049	)		(439,786	)
Class R6		(1,532	)		(11,637	)		(553	)		(2,767	)		(10,805	)		(288	)
		(1,097,415	)		(492,393	)		(702,839	)		(409,221	)		(681,854	)		(440,074	)
Net increase (decrease) in shares outstanding:
Class R1		844,110			4,144,178			1,123,462			4,057,290			1,192,593			2,959,342
Class R6		636			5,353			8,707			11,593			20,173			17,628
		844,746			4,149,531			1,132,169			4,068,883			1,212,766			2,976,970

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


Transamerica Funds		Annual Report 2017

Page 45

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:


	ClearTrack^® 2045						ClearTrack^® 2050						ClearTrack^® 2055		ClearTrack^® 2060
	October 31, 2017			October 31, 2016			October 31, 2017			October 31, 2016			October 31, 2017 ^(A)		October 31, 2017 ^(A)
From operations:
Net investment income (loss)	$	453,536		$	228,162		$	314,125		$	143,643		$	1,409	$	1,410
Net realized gain (loss)		253,901			(65,106	)		81,575			(1,058	)		296		295
Net change in unrealized appreciation (depreciation)		5,606,848			626,352			4,342,431			323,911			29,539		29,546
Net increase (decrease) in net assets resulting from operations		6,314,285			789,408			4,738,131			466,496			31,244		31,251

Dividends and/or distributions to shareholders:
Net investment income:
Class R1		(352,543	)		(74,745	)		(233,267	)		(51,016	)		—		—
Class R6		(7,031	)		(1,920	)		(7,360	)		(2,008	)		—		—
Total dividends and/or distributions from net investment income		(359,574	)		(76,665	)		(240,627	)		(53,024	)		—		—
Net realized gains:
Class R1		—			(244	)		—			(321	)		—		—
Class R6		—			(5	)		—			(10	)		—		—
Total dividends and/or distributions from net realized gains		—			(249	)		—			(331	)		—		—
Total dividends and/or distributions to shareholders		(359,574	)		(76,914	)		(240,627	)		(53,355	)		—		—

Capital share transactions:
Proceeds from shares sold:
Class R1		10,614,138			23,366,477			8,515,015			15,080,069			250,000		250,000
Class R6		70,415			178,519			73,424			221,012			250,000		250,000
		10,684,553			23,544,996			8,588,439			15,301,081			500,000		500,000
Dividends and/or distributions reinvested:
Class R1		352,543			74,989			233,267			51,337			—		—
Class R6		7,031			1,925			7,360			2,018			—		—
		359,574			76,914			240,627			53,355			—		—
Cost of shares redeemed:
Class R1		(5,622,430	)		(3,578,306	)		(3,256,911	)		(1,402,315	)		—		—
Class R6		(7,290	)		(748	)		(25,494	)		(3,697	)		—		—
		(5,629,720	)		(3,579,054	)		(3,282,405	)		(1,406,012	)		—		—
Net increase (decrease) in net assets resulting from capital share transactions		5,414,407			20,042,856			5,546,661			13,948,424			500,000		500,000
Net increase (decrease) in net assets		11,369,118			20,755,350			10,044,165			14,361,565			531,244		531,251

Net assets:
Beginning of period/year		27,731,485			6,976,135			19,911,456			5,549,891			—		—
End of period/year	$	39,100,603		$	27,731,485		$	29,955,621		$	19,911,456		$	531,244	$	531,251
Undistributed (distributions in excess of) net investment income (loss)	$	272,935		$	178,973		$	186,611		$	113,113		$	1,665	$	1,666

Capital share transactions - shares:
Shares issued:
Class R1		1,007,181			2,423,621			807,052			1,555,077			25,000		25,000
Class R6		6,590			17,379			6,662			22,691			25,000		25,000
		1,013,771			2,441,000			813,714			1,577,768			50,000		50,000
Shares reinvested:
Class R1		34,529			7,739			22,803			5,314			—		—
Class R6		685			198			715			208			—		—
		35,214			7,937			23,518			5,522			—		—
Shares redeemed:
Class R1		(513,841	)		(373,456	)		(298,390	)		(146,794	)		—		—
Class R6		(649	)		(74	)		(2,341	)		(364	)		—		—
		(514,490	)		(373,530	)		(300,731	)		(147,158	)		—		—
Net increase (decrease) in shares outstanding:
Class R1		527,869			2,057,904			531,465			1,413,597			25,000		25,000
Class R6		6,626			17,503			5,036			22,535			25,000		25,000
		534,495			2,075,407			536,501			1,436,132			50,000		50,000

(A)

Commenced operations on July 7, 2017.

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


Transamerica Funds		Annual Report 2017

Page 46

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:


	ClearTrack^® Retirement Income
	October 31, 2017			October 31, 2016
From operations:
Net investment income (loss)	$	1,309,539		$	558,429
Net realized gain (loss)		454,756			—
Net change in unrealized appreciation (depreciation)		4,251,581			1,298,855
Net increase (decrease) in net assets resulting from operations		6,015,876			1,857,284

Dividends and/or distributions to shareholders:
Net investment income:
Class R1		(925,163	)		(111,808	)
Class R6		(4,123	)		(1,565	)
Total dividends and/or distributions from net investment income		(929,286	)		(113,373	)
Net realized gains:
Class R1		—			(468	)
Class R6		—			(5	)
Total dividends and/or distributions from net realized gains		—			(473	)
Total dividends and/or distributions to shareholders		(929,286	)		(113,846	)

Capital share transactions:
Proceeds from shares sold:
Class R1		35,523,597			62,364,132
Class R6		126,466			178
		35,650,063			62,364,310
Dividends and/or distributions reinvested:
Class R1		925,163			112,276
Class R6		4,123			1,570
		929,286			113,846
Cost of shares redeemed:
Class R1		(14,751,142	)		(4,322,751	)
Class R6		(424	)		—
		(14,751,566	)		(4,322,751	)
Net increase (decrease) in net assets resulting from capital share transactions		21,827,783			58,155,405
Net increase (decrease) in net assets		26,914,373			59,898,843

Net assets:
Beginning of year		72,332,132			12,433,289
End of year	$	99,246,505		$	72,332,132
Undistributed (distributions in excess of) net investment income (loss)	$	877,908		$	497,655

Capital share transactions - shares:
Shares issued:
Class R1		3,499,386			6,326,550
Class R6		12,459			17
		3,511,845			6,326,567
Shares reinvested:
Class R1		92,981			11,598
Class R6		412			162
		93,393			11,760
Shares redeemed:
Class R1		(1,423,010	)		(445,597	)
Class R6		(40	)		—
		(1,423,050	)		(445,597	)
Net increase (decrease) in shares outstanding:
Class R1		2,169,357			5,892,551
Class R6		12,831			179
		2,182,188			5,892,730

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


Transamerica Funds		Annual Report 2017

Page 47

FINANCIAL HIGHLIGHTS


For a share outstanding during the period and years indicated:	ClearTrack^® 2015
	Class R1
	October 31, 2017			October 31, 2016			October 31, 2015^(A)
Net asset value, beginning of period/year	$	9.85		$	9.76		$	10.00
Investment operations:
Net investment income (loss)^{(B) (C)}		0.13			0.11	^(D)		0.08
Net realized and unrealized gain (loss)		0.82			0.03			(0.32	)
Total investment operations		0.95			0.14			(0.24	)
Dividends and/or distributions to shareholders:
Net investment income		(0.12	)		(0.05	)		—
Net realized gains		(0.02	)		(0.00	)^(E)		—
Total dividends and/or distributions to shareholders		(0.14	)		(0.05	)		—
Net asset value, end of period/year	$	10.66		$	9.85		$	9.76
Total return		9.72	%		1.52	%		(2.40	)%^(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	52,926		$	44,735		$	15,821
Expenses to average net assets^(G)
Excluding waiver and/or reimbursement and recapture		1.17	%		1.22	%		3.19	%^(H)
Including waiver and/or reimbursement and recapture		1.11	%		1.08	%^(D)		1.06	%^(H)
Net investment income (loss) to average net assets^(C)		1.28	%		1.18	%^(D)		1.32	%^(H)
Portfolio turnover rate^(I)		9	%		43	%		43	%^(F)


(A)		Commenced operations on March 2, 2015.
(B)		Calculated based on average number of shares outstanding.
(C)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(D)		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.
(E)		Rounds to less than $0.01 or $(0.01).
(F)		Not annualized.
(G)		Does not include expenses of the underlying funds in which the Fund invests.
(H)		Annualized.
(I)		Does not include portfolio activity of the underlying funds in which the Fund invests.


For a share outstanding during the period and years indicated:	ClearTrack^® 2015
	Class R6
	October 31, 2017			October 31, 2016			October 31, 2015^(A)
Net asset value, beginning of period/year	$	9.93		$	9.80		$	10.00
Investment operations:
Net investment income (loss)^{(B) (C)}		0.20			0.18	^(D)		0.13
Net realized and unrealized gain (loss)		0.83			0.02			(0.33	)
Total investment operations		1.03			0.20			(0.20	)
Dividends and/or distributions to shareholders:
Net investment income		(0.17	)		(0.07	)		—
Net realized gains		(0.02	)		(0.00	)^(E)		—
Total dividends and/or distributions to shareholders		(0.19	)		(0.07	)		—
Net asset value, end of period/year	$	10.77		$	9.93		$	9.80
Total return		10.50	%		2.11	%		(2.00	)%^(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	415		$	317		$	245
Expenses to average net assets^(G)
Excluding waiver and/or reimbursement and recapture		0.52	%		0.57	%		2.54	%^(H)
Including waiver and/or reimbursement and recapture		0.46	%		0.43	%^(D)		0.41	%^(H)
Net investment income (loss) to average net assets^(C)		1.91	%		1.87	%^(D)		1.96	%^(H)
Portfolio turnover rate^(I)		9	%		43	%		43	%^(F)


(A)		Commenced operations on March 2, 2015.
(B)		Calculated based on average number of shares outstanding.
(C)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(D)		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.
(E)		Rounds to less than $0.01 or $(0.01).
(F)		Not annualized.
(G)		Does not include expenses of the underlying funds in which the Fund invests.
(H)		Annualized.
(I)		Does not include portfolio activity of the underlying funds in which the Fund invests.

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


Transamerica Funds		Annual Report 2017

Page 48

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period and years indicated:	ClearTrack^® 2020
	Class R1
	October 31, 2017			October 31, 2016			October 31, 2015^(A)
Net asset value, beginning of period/year	$	9.81		$	9.75		$	10.00
Investment operations:
Net investment income (loss)^{(B) (C)}		0.12			0.12	^(D)		0.09
Net realized and unrealized gain (loss)		0.92			(0.01	)^(E)		(0.34	)
Total investment operations		1.04			0.11			(0.25	)
Dividends and/or distributions to shareholders:
Net investment income		(0.11	)		(0.05	)		—
Net realized gains		(0.01	)		(0.00	)^(F)		—
Total dividends and/or distributions to shareholders		(0.12	)		(0.05	)		—
Net asset value, end of period/year	$	10.73		$	9.81		$	9.75
Total return		10.79	%		1.21	%		(2.50	)%^(G)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	76,819		$	56,817		$	15,345
Expenses to average net assets^(H)
Excluding waiver and/or reimbursement and recapture		1.14	%		1.20	%		3.27	%^(I)
Including waiver and/or reimbursement and recapture		1.11	%		1.08	%^(D)		1.05	%^(I)
Net investment income (loss) to average net assets^(C)		1.21	%		1.19	%^(D)		1.36	%^(I)
Portfolio turnover rate^(J)		5	%		42	%		73	%^(G)


(A)		Commenced operations on March 2, 2015.
(B)		Calculated based on average number of shares outstanding.
(C)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(D)		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.
(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 funds in which the Fund invests.
(I)		Annualized.
(J)		Does not include portfolio activity of the underlying funds in which the Fund invests.


For a share outstanding during the period and years indicated:	ClearTrack^® 2020
	Class R6
	October 31, 2017			October 31, 2016			October 31, 2015^(A)
Net asset value, beginning of period/year	$	9.89		$	9.79		$	10.00
Investment operations:
Net investment income (loss)^{(B) (C)}		0.19			0.18	^(D)		0.13
Net realized and unrealized gain (loss)		0.94			(0.01	)^(E)		(0.34	)
Total investment operations		1.13			0.17			(0.21	)
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.07	)		—
Net realized gains		(0.01	)		(0.00	)^(F)		—
Total dividends and/or distributions to shareholders		(0.17	)		(0.07	)		—
Net asset value, end of period/year	$	10.85		$	9.89		$	9.79
Total return		11.62	%		1.80	%		(2.10	)%^(G)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	673		$	517		$	245
Expenses to average net assets^(H)
Excluding waiver and/or reimbursement and recapture		0.49	%		0.55	%		2.62	%^(I)
Including waiver and/or reimbursement and recapture		0.46	%		0.43	%^(D)		0.40	%^(I)
Net investment income (loss) to average net assets^(C)		1.85	%		1.90	%^(D)		1.95	%^(I)
Portfolio turnover rate^(J)		5	%		42	%		73	%^(G)


(A)		Commenced operations on March 2, 2015.
(B)		Calculated based on average number of shares outstanding.
(C)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(D)		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.
(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 funds in which the Fund invests.
(I)		Annualized.
(J)		Does not include portfolio activity of the underlying funds in which the Fund invests.

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


Transamerica Funds		Annual Report 2017

Page 49

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period and years indicated:	ClearTrack^® 2025
	Class R1
	October 31, 2017			October 31, 2016			October 31, 2015^(A)
Net asset value, beginning of period/year	$	9.98		$	9.77		$	10.00
Investment operations:
Net investment income (loss)^{(B) (C)}		0.12			0.12	^(D)		0.08
Net realized and unrealized gain (loss)		1.07			0.14			(0.31	)
Total investment operations		1.19			0.26			(0.23	)
Dividends and/or distributions to shareholders:
Net investment income		(0.11	)		(0.05	)		—
Net realized gains		(0.00	)^(E)		(0.00	)^(E)		—
Total dividends and/or distributions to shareholders		(0.11	)		(0.05	)		—
Net asset value, end of period/year	$	11.06		$	9.98		$	9.77
Total return		12.06	%		2.70	%		(2.30	)%^(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	90,501		$	63,893		$	14,942
Expenses to average net assets^(G)
Excluding waiver and/or reimbursement and recapture		1.13	%		1.19	%		3.19	%^(H)
Including waiver and/or reimbursement and recapture		1.12	%		1.09	%^(D)		1.07	%^(H)
Net investment income (loss) to average net assets^(C)		1.15	%		1.22	%^(D)		1.19	%^(H)
Portfolio turnover rate^(I)		6	%		3	%		6	%^(F)


(A)		Commenced operations on March 2, 2015.
(B)		Calculated based on average number of shares outstanding.
(C)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(D)		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.
(E)		Rounds to less than $0.01 or $(0.01).
(F)		Not annualized.
(G)		Does not include expenses of the underlying funds in which the Fund invests.
(H)		Annualized.
(I)		Does not include portfolio activity of the underlying funds in which the Fund invests.


For a share outstanding during the period and years indicated:	ClearTrack^® 2025
	Class R6
	October 31, 2017			October 31, 2016			October 31, 2015^(A)
Net asset value, beginning of period/year	$	10.07		$	9.81		$	10.00
Investment operations:
Net investment income (loss)^{(B) (C)}		0.18			0.19	^(D)		0.13
Net realized and unrealized gain (loss)		1.09			0.14			(0.32	)
Total investment operations		1.27			0.33			(0.19	)
Dividends and/or distributions to shareholders:
Net investment income		(0.15	)		(0.07	)		—
Net realized gains		(0.00	)^(E)		(0.00	)^(E)		—
Total dividends and/or distributions to shareholders		(0.15	)		(0.07	)		—
Net asset value, end of period/year	$	11.19		$	10.07		$	9.81
Total return		12.83	%		3.37	%		(1.90	)%^(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,378		$	570		$	245
Expenses to average net assets^(G)
Excluding waiver and/or reimbursement and recapture		0.48	%		0.54	%		2.54	%^(H)
Including waiver and/or reimbursement and recapture		0.47	%		0.44	%^(D)		0.42	%^(H)
Net investment income (loss) to average net assets^(C)		1.69	%		1.93	%^(D)		1.91	%^(H)
Portfolio turnover rate^(I)		6	%		3	%		6	%^(F)


(A)		Commenced operations on March 2, 2015.
(B)		Calculated based on average number of shares outstanding.
(C)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(D)		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.
(E)		Rounds to less than $0.01 or $(0.01).
(F)		Not annualized.
(G)		Does not include expenses of the underlying funds in which the Fund invests.
(H)		Annualized.
(I)		Does not include portfolio activity of the underlying funds in which the Fund invests.

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


Transamerica Funds		Annual Report 2017

Page 50

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period and years indicated:	ClearTrack^® 2030
	Class R1
	October 31, 2017			October 31, 2016			October 31, 2015^(A)
Net asset value, beginning of period/year	$	10.04		$	9.82		$	10.00
Investment operations:
Net investment income (loss)^{(B) (C)}		0.12			0.11	^(D)		0.08
Net realized and unrealized gain (loss)		1.22			0.16			(0.26	)
Total investment operations		1.34			0.27			(0.18	)
Dividends and/or distributions to shareholders:
Net investment income		(0.11	)		(0.05	)		—
Net realized gains		–			(0.00	)^(E)		—
Total dividends and/or distributions to shareholders		(0.11	)		(0.05	)		—
Net asset value, end of period/year	$	11.27		$	10.04		$	9.82
Total return		13.43	%		2.74	%		(1.80	)%^(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	70,037		$	53,935		$	12,041
Expenses to average net assets^(G)
Excluding waiver and/or reimbursement and recapture		1.15	%		1.21	%		3.89	%^(H)
Including waiver and/or reimbursement and recapture		1.12	%		1.09	%^(D)		1.08	%^(H)
Net investment income (loss) to average net assets^(C)		1.16	%		1.14	%^(D)		1.27	%^(H)
Portfolio turnover rate^(I)		9	%		0	%^(J)		1	%^(F)


(A)		Commenced operations on March 2, 2015.
(B)		Calculated based on average number of shares outstanding.
(C)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(D)		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.
(E)		Rounds to less than $0.01 or $(0.01).
(F)		Not annualized.
(G)		Does not include expenses of the underlying funds in which the Fund invests.
(H)		Annualized.
(I)		Does not include portfolio activity of the underlying funds in which the Fund invests.
(J)		Rounds to less than 1%.


For a share outstanding during the period and years indicated:	ClearTrack^® 2030
	Class R6
	October 31, 2017			October 31, 2016			October 31, 2015^(A)
Net asset value, beginning of period/year	$	10.13		$	9.86		$	10.00
Investment operations:
Net investment income (loss)^{(B) (C)}		0.19			0.19	^(D)		0.14
Net realized and unrealized gain (loss)		1.23			0.14			(0.28	)
Total investment operations		1.42			0.33			(0.14	)
Dividends and/or distributions to shareholders:
Net investment income		(0.15	)		(0.06	)		—
Net realized gains		—			(0.00	)^(E)		—
Total dividends and/or distributions to shareholders		(0.15	)		(0.06	)		—
Net asset value, end of period/year	$	11.40		$	10.13		$	9.86
Total return		14.20	%		3.40	%		(1.40	)%^(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	353		$	307		$	247
Expenses to average net assets^(G)
Excluding waiver and/or reimbursement and recapture		0.50	%		0.57	%		3.24	%^(H)
Including waiver and/or reimbursement and recapture		0.47	%		0.44	%^(D)		0.43	%^(H)
Net investment income (loss) to average net assets^(C)		1.81	%		1.90	%^(D)		2.05	%^(H)
Portfolio turnover rate^(I)		9	%		0	%^(J)		1	%^(F)


(A)		Commenced operations on March 2, 2015.
(B)		Calculated based on average number of shares outstanding.
(C)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(D)		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.
(E)		Rounds to less than $0.01 or $(0.01).
(F)		Not annualized.
(G)		Does not include expenses of the underlying funds in which the Fund invests.
(H)		Annualized.
(I)		Does not include portfolio activity of the underlying funds in which the Fund invests.
(J)		Rounds to less than 1%.

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


Transamerica Funds		Annual Report 2017

Page 51

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period and years indicated:	ClearTrack^® 2035
	Class R1
	October 31, 2017			October 31, 2016			October 31, 2015^(A)
Net asset value, beginning of period/year	$	10.01		$	9.81		$	10.00
Investment operations:
Net investment income (loss)^{(B) (C)}		0.14			0.13	^(D)		0.10
Net realized and unrealized gain (loss)		1.44			0.13			(0.29	)^(E)
Total investment operations		1.58			0.26			(0.19	)
Dividends and/or distributions to shareholders:
Net investment income		(0.12	)		(0.06	)		—
Net realized gains		—			(0.00	)^(F)		—
Total dividends and/or distributions to shareholders		(0.12	)		(0.06	)		—
Net asset value, end of period/year	$	11.47		$	10.01		$	9.81
Total return		15.97	%		2.63	%		(1.90	)%^(G)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	70,958		$	50,718		$	9,888
Expenses to average net assets^(H)
Excluding waiver and/or reimbursement and recapture		1.15	%		1.22	%		4.29	%^(I)
Including waiver and/or reimbursement and recapture		1.12	%		1.09	%^(D)		1.07	%^(I)
Net investment income (loss) to average net assets^(C)		1.28	%		1.34	%^(D)		1.56	%^(I)
Portfolio turnover rate^(J)		8	%		0	%^(K)		3	%^(G)


(A)		Commenced operations on March 2, 2015.
(B)		Calculated based on average number of shares outstanding.
(C)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(D)		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.
(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 funds in which the Fund invests.
(I)		Annualized.
(J)		Does not include portfolio activity of the underlying funds in which the Fund invests.
(K)		Rounds to less than 1%.


For a share outstanding during the period and years indicated:	ClearTrack^® 2035
	Class R6
	October 31, 2017			October 31, 2016			October 31, 2015^(A)
Net asset value, beginning of period/year	$	10.10		$	9.85		$	10.00
Investment operations:
Net investment income (loss)^{(B) (C)}		0.20			0.20	^(D)		0.15
Net realized and unrealized gain (loss)		1.46			0.12			(0.30	)^(E)
Total investment operations		1.66			0.32			(0.15	)
Dividends and/or distributions to shareholders:
Net investment income		(0.17	)		(0.07	)		—
Net realized gains		—			(0.00	)^(F)		—
Total dividends and/or distributions to shareholders		(0.17	)		(0.07	)		—
Net asset value, end of period/year	$	11.59		$	10.10		$	9.85
Total return		16.61	%		3.30	%		(1.50	)%^(G)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	525		$	370		$	246
Expenses to average net assets^(H)
Excluding waiver and/or reimbursement and recapture		0.50	%		0.57	%		3.64	%^(I)
Including waiver and/or reimbursement and recapture		0.47	%		0.44	%^(D)		0.42	%^(I)
Net investment income (loss) to average net assets^(C)		1.88	%		2.01	%^(D)		2.26	%^(I)
Portfolio turnover rate^(J)		8	%		0	%^(K)		3	%^(G)


(A)		Commenced operations on March 2, 2015.
(B)		Calculated based on average number of shares outstanding.
(C)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(D)		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.
(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 funds in which the Fund invests.
(I)		Annualized.
(J)		Does not include portfolio activity of the underlying funds in which the Fund invests.
(K)		Rounds to less than 1%.

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


Transamerica Funds		Annual Report 2017

Page 52

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period and years indicated:	ClearTrack^® 2040
	Class R1
	October 31, 2017			October 31, 2016			October 31, 2015^(A)
Net asset value, beginning of period/year	$	9.93		$	9.79		$	10.00
Investment operations:
Net investment income (loss)^{(B) (C)}		0.14			0.14	^(D)		0.12
Net realized and unrealized gain (loss)		1.63			0.06			(0.33	)^(E)
Total investment operations		1.77			0.20			(0.21	)
Dividends and/or distributions to shareholders:
Net investment income		(0.12	)		(0.06	)		—
Net realized gains		—			(0.00	)^(F)		—
Total dividends and/or distributions to shareholders		(0.12	)		(0.06	)		—
Net asset value, end of period/year	$	11.58		$	9.93		$	9.79
Total return		18.05	%		2.09	%		(2.10	)%^(G)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	60,367		$	39,903		$	10,385
Expenses to average net assets^(H)
Excluding waiver and/or reimbursement and recapture		1.17	%		1.26	%		4.29	%^(I)
Including waiver and/or reimbursement and recapture		1.12	%		1.09	%^(D)		1.07	%^(I)
Net investment income (loss) to average net assets^(C)		1.33	%		1.40	%^(D)		1.86	%^(I)
Portfolio turnover rate^(J)		6	%		2	%		4	%^(G)


(A)		Commenced operations on March 2, 2015.
(B)		Calculated based on average number of shares outstanding.
(C)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(D)		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.
(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 funds in which the Fund invests.
(I)		Annualized.
(J)		Does not include portfolio activity of the underlying funds in which the Fund invests.


For a share outstanding during the period and years indicated:	ClearTrack^® 2040
	Class R6
	October 31, 2017			October 31, 2016			October 31, 2015^(A)
Net asset value, beginning of period/year	$	10.05		$	9.86		$	10.00
Investment operations:
Net investment income (loss)^{(B) (C)}		0.21			0.20	^(D)		0.17
Net realized and unrealized gain (loss)		1.67			0.07			(0.31	)^(E)
Total investment operations		1.88			0.27			(0.14	)
Dividends and/or distributions to shareholders:
Net investment income		(0.17	)		(0.08	)		—
Net realized gains		—			(0.00	)^(F)		—
Total dividends and/or distributions to shareholders		(0.17	)		(0.08	)		—
Net asset value, end of period/year	$	11.76		$	10.05		$	9.86
Total return		18.95	%		2.76	%		(1.40	)%^(G)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	738		$	428		$	247
Expenses to average net assets^(H)
Excluding waiver and/or reimbursement and recapture		0.52	%		0.61	%		3.64	%^(I)
Including waiver and/or reimbursement and recapture		0.47	%		0.44	%^(D)		0.42	%^(I)
Net investment income (loss) to average net assets^(C)		1.88	%		2.05	%^(D)		2.58	%^(I)
Portfolio turnover rate^(J)		6	%		2	%		4	%^(G)


(A)		Commenced operations on March 2, 2015.
(B)		Calculated based on average number of shares outstanding.
(C)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(D)		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.
(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 funds in which the Fund invests.
(I)		Annualized.
(J)		Does not include portfolio activity of the underlying funds in which the Fund invests.

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


Transamerica Funds		Annual Report 2017

Page 53

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period and years indicated:	ClearTrack^® 2045
	Class R1
	October 31, 2017			October 31, 2016			October 31, 2015^(A)
Net asset value, beginning of period/year	$	9.94		$	9.78		$	10.00
Investment operations:
Net investment income (loss)^{(B) (C)}		0.14			0.12	^(D)		0.11
Net realized and unrealized gain (loss)		1.80			0.10			(0.33	)^(E)
Total investment operations		1.94			0.22			(0.22	)
Dividends and/or distributions to shareholders:
Net investment income		(0.12	)		(0.06	)		—
Net realized gains		—			(0.00	)^(F)		—
Total dividends and/or distributions to shareholders		(0.12	)		(0.06	)		—
Net asset value, end of period/year	$	11.76		$	9.94		$	9.78
Total return		19.67	%		2.28	%		(2.20	)%^(G)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	38,516		$	27,305		$	6,731
Expenses to average net assets^(H)
Excluding waiver and/or reimbursement and recapture		1.22	%		1.32	%		5.88	%^(I)
Including waiver and/or reimbursement and recapture		1.13	%		1.10	%^(D)		1.08	%^(I)
Net investment income (loss) to average net assets^(C)		1.25	%		1.24	%^(D)		1.67	%^(I)
Portfolio turnover rate^(J)		6	%		2	%		3	%^(G)


(A)		Commenced operations on March 2, 2015.
(B)		Calculated based on average number of shares outstanding.
(C)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(D)		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.
(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 funds in which the Fund invests.
(I)		Annualized.
(J)		Does not include portfolio activity of the underlying funds in which the Fund invests.


For a share outstanding during the period and years indicated:	ClearTrack^® 2045
	Class R6
	October 31, 2017			October 31, 2016			October 31, 2015^(A)
Net asset value, beginning of period/year	$	10.03		$	9.82		$	10.00
Investment operations:
Net investment income (loss)^{(B) (C)}		0.21			0.18	^(D)		0.15
Net realized and unrealized gain (loss)		1.82			0.11			(0.33	)^(E)
Total investment operations		2.03			0.29			(0.18	)
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.08	)		—
Net realized gains		–			(0.00	)^(F)		—
Total dividends and/or distributions to shareholders		(0.16	)		(0.08	)		—
Net asset value, end of period/year	$	11.90		$	10.03		$	9.82
Total return		20.53	%		2.95	%		(1.80	)%^(G)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	585		$	426		$	245
Expenses to average net assets^(H)
Excluding waiver and/or reimbursement and recapture		0.57	%		0.67	%		5.23	%^(I)
Including waiver and/or reimbursement and recapture		0.48	%		0.45	%^(D)		0.43	%^(I)
Net investment income (loss) to average net assets^(C)		1.87	%		1.88	%^(D)		2.31	%^(I)
Portfolio turnover rate^(J)		6	%		2	%		3	%^(G)


(A)		Commenced operations on March 2, 2015.
(B)		Calculated based on average number of shares outstanding.
(C)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(D)		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.
(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 funds in which the Fund invests.
(I)		Annualized.
(J)		Does not include portfolio activity of the underlying funds in which the Fund invests.

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


Transamerica Funds		Annual Report 2017

Page 54

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period and years indicated:	ClearTrack^® 2050
	Class R1
	October 31, 2017			October 31, 2016			October 31, 2015^(A)
Net asset value, beginning of period/year	$	9.93		$	9.77		$	10.00
Investment operations:
Net investment income (loss)^{(B) (C)}		0.13			0.11	^(D)		0.11
Net realized and unrealized gain (loss)		1.84			0.11			(0.34	)^(E)
Total investment operations		1.97			0.22			(0.23	)
Dividends and/or distributions to shareholders:
Net investment income		(0.11	)		(0.06	)		—
Net realized gains		—			(0.00	)^(F)		—
Total dividends and/or distributions to shareholders		(0.11	)		(0.06	)		—
Net asset value, end of period/year	$	11.79		$	9.93		$	9.77
Total return		20.00	%		2.31	%		(2.30	)%^(G)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	29,329		$	19,435		$	5,305
Expenses to average net assets^(H)
Excluding waiver and/or reimbursement and recapture		1.28	%		1.47	%		7.19	%^(I)
Including waiver and/or reimbursement and recapture		1.13	%		1.10	%^(D)		1.08	%^(I)
Net investment income (loss) to average net assets^(C)		1.17	%		1.16	%^(D)		1.73	%^(I)
Portfolio turnover rate^(J)		3	%		0	%^(K)		4	%^(G)


(A)		Commenced operations on March 2, 2015.
(B)		Calculated based on average number of shares outstanding.
(C)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(D)		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.
(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 funds in which the Fund invests.
(I)		Annualized.
(J)		Does not include portfolio activity of the underlying funds in which the Fund invests.
(K)		Rounds to less than 1%.


For a share outstanding during the period and years indicated:	ClearTrack^® 2050
	Class R6
	October 31, 2017			October 31, 2016			October 31, 2015^(A)
Net asset value, beginning of period/year	$	10.02		$	9.81		$	10.00
Investment operations:
Net investment income (loss)^{(B) (C)}		0.20			0.18	^(D)		0.15
Net realized and unrealized gain (loss)		1.85			0.11			(0.34	)^(E)
Total investment operations		2.05			0.29			(0.19	)
Dividends and/or distributions to shareholders:
Net investment income		(0.15	)		(0.08	)		—
Net realized gains		—			(0.00	)^(F)		—
Total dividends and/or distributions to shareholders		(0.15	)		(0.08	)		—
Net asset value, end of period/year	$	11.92		$	10.02		$	9.81
Total return		20.72	%		2.99	%		(1.90	)%^(G)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	627		$	476		$	245
Expenses to average net assets^(H)
Excluding waiver and/or reimbursement and recapture		0.63	%		0.83	%		6.54	%^(I)
Including waiver and/or reimbursement and recapture		0.48	%		0.45	%^(D)		0.43	%^(I)
Net investment income (loss) to average net assets^(C)		1.82	%		1.87	%^(D)		2.33	%^(I)
Portfolio turnover rate^(J)		3	%		0	%^(K)		4	%^(G)


(A)		Commenced operations on March 2, 2015.
(B)		Calculated based on average number of shares outstanding.
(C)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(D)		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.
(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 funds in which the Fund invests.
(I)		Annualized.
(J)		Does not include portfolio activity of the underlying funds in which the Fund invests.
(K)		Rounds to less than 1%.

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


Transamerica Funds		Annual Report 2017

Page 55

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period indicated:	ClearTrack^® 2055
	Class R1			Class R6
	October 31, 2017^(A)			October 31, 2017^(A)
Net asset value, beginning of period	$	10.00		$	10.00
Investment operations:
Net investment income (loss)^{(B) (C)}		0.02			0.04
Net realized and unrealized gain (loss)		0.59			0.60
Total investment operations		0.61			0.64
Net asset value, end of period	$	10.61		$	10.64
Total return		6.10	%^(D)		6.40	%^(D)
Ratio and supplemental data:
Net assets end of period (000’s)	$	265		$	266
Expenses to average net assets^(E)
Excluding waiver and/or reimbursement and recapture		40.02	%^(F)		39.37	%^(F)
Including waiver and/or reimbursement and recapture		1.06	%^(F)		0.41	%^(F)
Net investment income (loss) to average net assets^(C)		0.54	%^(F)		1.19	%^(F)
Portfolio turnover rate^(G)		2	%^(D)		2	%^(D)


(A)		Commenced operations on July 7, 2017.
(B)		Calculated based on average number of shares outstanding.
(C)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(D)		Not annualized.
(E)		Does not include expenses of the underlying funds in which the Fund invests.
(F)		Annualized.
(G)		Does not include portfolio activity of the underlying funds in which the Fund invests.


For a share outstanding during the period indicated:	ClearTrack^® 2060
	Class R1			Class R6
	October 31, 2017^(A)			October 31, 2017^(A)
Net asset value, beginning of period	$	10.00		$	10.00
Investment operations:
Net investment income (loss)^{(B) (C)}		0.02			0.04
Net realized and unrealized gain (loss)		0.59			0.60
Total investment operations		0.61			0.64
Net asset value, end of period	$	10.61		$	10.64
Total return		6.10	%^(D)		6.40	%^(D)
Ratio and supplemental data:
Net assets end of period (000’s)	$	265		$	266
Expenses to average net assets^(E)
Excluding waiver and/or reimbursement and recapture		39.93	%^(F)		39.28	%^(F)
Including waiver and/or reimbursement and recapture		1.06	%^(F)		0.41	%^(F)
Net investment income (loss) to average net assets^(C)		0.54	%^(F)		1.19	%^(F)
Portfolio turnover rate^(G)		2	%^(D)		2	%^(D)


(A)		Commenced operations on July 7, 2017.
(B)		Calculated based on average number of shares outstanding.
(C)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(D)		Not annualized.
(E)		Does not include expenses of the underlying funds in which the Fund invests.
(F)		Annualized.
(G)		Does not include portfolio activity of the underlying funds in which the Fund invests.

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


Transamerica Funds		Annual Report 2017

Page 56

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period and years indicated:	ClearTrack^® Retirement Income
	Class R1
	October 31, 2017			October 31, 2016			October 31, 2015^(A)
Net asset value, beginning of period/year	$	10.11		$	9.83		$	10.00
Investment operations:
Net investment income (loss)^{(B) (C)}		0.14			0.13	^(D)		0.11
Net realized and unrealized gain (loss)		0.50			0.20			(0.28	)
Total investment operations		0.64			0.33			(0.17	)
Dividends and/or distributions to shareholders:
Net investment income		(0.12	)		(0.05	)		—
Net realized gains		—			(0.00	)^(E)		—
Total dividends and/or distributions to shareholders		(0.12	)		(0.05	)		—
Net asset value, end of period/year	$	10.63		$	10.11		$	9.83
Total return		6.41	%		3.36	%		(1.70	)%^(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	98,838		$	72,075		$	12,186
Expenses to average net assets^(G)
Excluding waiver and/or reimbursement and recapture		1.12	%		1.18	%		3.66	%^(H)
Including waiver and/or reimbursement and recapture		1.09	%		1.07	%^(D)		1.08	%^(H)
Net investment income (loss) to average net assets^(C)		1.40	%		1.30	%^(D)		1.76	%^(H)
Portfolio turnover rate^(I)		7	%		—	%		1	%^(F)


(A)		Commenced operations on March 2, 2015.
(B)		Calculated based on average number of shares outstanding.
(C)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(D)		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.
(E)		Rounds to less than $0.01 or $(0.01).
(F)		Not annualized.
(G)		Does not include expenses of the underlying funds in which the Fund invests.
(H)		Annualized.
(I)		Does not include portfolio activity of the underlying funds in which the Fund invests.


For a share outstanding during the period and years indicated:	ClearTrack^® Retirement Income
	Class R6
	October 31, 2017			October 31, 2016			October 31, 2015^(A)
Net asset value, beginning of period/year	$	10.20		$	9.87		$	10.00
Investment operations:
Net investment income (loss)^{(B) (C)}		0.21			0.21	^(D)		0.14
Net realized and unrealized gain (loss)		0.50			0.18			(0.27	)
Total investment operations		0.71			0.39			(0.13	)
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.06	)		—
Net realized gains		—			(0.00	)^(E)		—
Total dividends and/or distributions to shareholders		(0.16	)		(0.06	)		—
Net asset value, end of period/year	$	10.75		$	10.20		$	9.87
Total return		7.12	%		4.01	%		(1.30	)%^(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	409		$	257		$	247
Expenses to average net assets^(G)
Excluding waiver and/or reimbursement and recapture		0.47	%		0.53	%		3.01	%^(H)
Including waiver and/or reimbursement and recapture		0.44	%		0.42	%^(D)		0.43	%^(H)
Net investment income (loss) to average net assets^(C)		1.98	%		2.08	%^(D)		2.16	%^(H)
Portfolio turnover rate^(I)		7	%		—	%		1	%^(F)


(A)		Commenced operations on March 2, 2015.
(B)		Calculated based on average number of shares outstanding.
(C)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.
(D)		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.
(E)		Rounds to less than $0.01 or $(0.01).
(F)		Not annualized.
(G)		Does not include expenses of the underlying funds in which the Fund invests.
(H)		Annualized.
(I)		Does not include portfolio activity of the underlying funds in which the Fund invests.

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


Transamerica Funds		Annual Report 2017

Page 57

NOTES TO FINANCIAL STATEMENTS

At October 31, 2017

1. ORGANIZATION


Fund		Class
ClearTrack^® 2015		R1,R6
ClearTrack^® 2020		R1,R6
ClearTrack^® 2025		R1,R6
ClearTrack^® 2030		R1,R6
ClearTrack^® 2035		R1,R6
ClearTrack^® 2040		R1,R6
ClearTrack^® 2045		R1,R6
ClearTrack^® 2050		R1,R6
ClearTrack^® 2055^(A)		R1,R6
ClearTrack^® 2060^(A)		R1,R6
ClearTrack^® Retirement Income		R1,R6


(A)		Fund commenced operations on July 7, 2017.

Each Fund, a “fund of fund”, invests the majority of its assets in underlying exchange-traded funds that are based on an index and managed 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 the Funds’ shareholder reports. The Underlying ETFs’ shareholder reports are not covered by this report.

This report must be accompanied or preceded by the Funds’ current prospectuses, which contain additional information about the Funds, including risks, and investment objectives and strategies.


Transamerica Funds		Annual Report 2017

Page 58

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

1. ORGANIZATION (continued)

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 Net Asset Values (“NAV”); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in 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

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

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.

There were no commissions recaptured during the year ended October 31, 2017 by the Funds.

3. SECURITY VALUATION

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


Transamerica Funds		Annual Report 2017

Page 59

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

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:

4. BORROWINGS AND OTHER FINANCING TRANSACTIONS


Transamerica Funds		Annual Report 2017

Page 60

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

securities in which the proceeds are invested goes down and is insufficient to repay 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 guideline would have the effect of limiting the amount that the Funds may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

The value of loaned securities and related collateral outstanding at October 31, 2017, if any, are shown on a gross basis within the Schedule of Investments and Statements of Assets and Liabilities.

Repurchase agreements at October 31, 2017, if any, are included within the Schedule of Investments and Statements of Assets and Liabilities.


	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	$	297,750	$	—	$	—	$	—	$	297,750
Total Borrowings	$	297,750	$	—	$	—	$	—	$	297,750


Transamerica Funds		Annual Report 2017

Page 61

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

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^® 2020
Securities Lending Transactions
Exchange-Traded Funds	$	5,948,525	$	—	$	—	$	—	$	5,948,525
Total Borrowings	$	5,948,525	$	—	$	—	$	—	$	5,948,525


ClearTrack^® 2025
Securities Lending Transactions
Exchange-Traded Funds	$	20,750	$	—	$	—	$	—	$	20,750
Total Borrowings	$	20,750	$	—	$	—	$	—	$	20,750


ClearTrack^® 2035
Securities Lending Transactions
Exchange-Traded Funds	$	663,138	$	—	$	—	$	—	$	663,138
Total Borrowings	$	663,138	$	—	$	—	$	—	$	663,138


ClearTrack^® 2040
Securities Lending Transactions
Exchange-Traded Funds	$	81,935	$	—	$	—	$	—	$	81,935
Total Borrowings	$	81,935	$	—	$	—	$	—	$	81,935


ClearTrack^® 2045
Securities Lending Transactions
Exchange-Traded Funds	$	250,075	$	—	$	—	$	—	$	250,075
Total Borrowings	$	250,075	$	—	$	—	$	—	$	250,075


ClearTrack^® Retirement Income
Securities Lending Transactions
Exchange-Traded Funds	$	5,753,504	$	—	$	—	$	—	$	5,753,504
Total Borrowings	$	5,753,504	$	—	$	—	$	—	$	5,753,504

5. FEES AND OTHER AFFILIATED TRANSACTIONS

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 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.


Transamerica Funds		Annual Report 2017

Page 62

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

5. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

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 underlying funds, but excluding, as applicable, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the 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 ^(A)
Class R1		1.20	%	March 1, 2018
Class R6		0.55	%	March 1, 2018


(A)		For ClearTrack® 2055 and ClearTrack® 2060, the operating expense limit is effective through July 7, 2018.

As of October 31, 2017, the balances available for recapture by TAM for each Fund are as follows:


	Amounts Available from Fiscal Year
Fund	2015		2016		2017		Total
ClearTrack^® 2015
Class R1	$	33,862	$	64,158	$	46,620	$	144,640
Class R6		3,221		562		331		4,114
ClearTrack^® 2020
Class R1	$	30,767	$	64,658	$	38,837	$	134,262
Class R6		3,265		785		313		4,363
ClearTrack^® 2025
Class R1	$	27,104	$	54,652	$	32,594	$	114,350
Class R6		2,971		620		380		3,971
ClearTrack^® 2030
Class R1	$	28,356	$	57,722	$	39,018	$	125,096
Class R6		4,345		553		193		5,091
ClearTrack^® 2035
Class R1	$	29,299	$	57,747	$	38,929	$	125,975
Class R6		4,935		596		276		5,807
ClearTrack^® 2040
Class R1	$	31,475	$	58,244	$	44,202	$	133,921
Class R6		4,885		699		524		6,108
ClearTrack^® 2045
Class R1	$	35,620	$	53,251	$	45,541	$	134,412
Class R6		7,408		911		663		8,982
ClearTrack^® 2050
Class R1	$	36,744	$	56,636	$	50,941	$	144,321
Class R6		9,347		1,738		1,089		12,174
ClearTrack^® 2055
Class R1	$	—	$	—	$	31,882	$	31,882
Class R6		—		—		31,917		31,917


Transamerica Funds		Annual Report 2017

Page 63

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

5. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)


	Amounts Available from Fiscal Year
Fund	2015		2016		2017		Total
ClearTrack^® 2060
Class R1	$	—	$	—	$	31,807	$	31,807
Class R6		—		—		31,841		31,841
ClearTrack^® Retirement Income
Class R1	$	31,657	$	64,691	$	47,651	$	143,999
Class R6		3,998		475		186		4,659

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	%


(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, 2017, transfer agent fees paid and the amounts due to TFS are as follows:


Fund	Fees Paid to TFS		Fees Due to TFS
ClearTrack^® 2015	$	3,894	$	353
ClearTrack^® 2020		5,408		512
ClearTrack^® 2025		6,357		608
ClearTrack^® 2030		5,065		471
ClearTrack^® 2035		4,924		472
ClearTrack^® 2040		4,140		403
ClearTrack^® 2045		2,696		257
ClearTrack^® 2050		1,997		197
ClearTrack^® 2055		12		3
ClearTrack^® 2060		12		3
ClearTrack^® Retirement Income		7,010		657

Brokerage commissions: The Funds incurred no brokerage commissions on security transactions placed with affiliates of the adviser or sub-advisers for the year ended October 31, 2017.


Transamerica Funds		Annual Report 2017

Page 64

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

6. PRINCIPAL OWNERSHIP


Fund	Number of Individual Shareholders and/or Omnibus Accounts		Total Percentage Interest Held			Total Percentage Held by the Investment Manager and/or Affiliates
ClearTrack^®2015
Class R1		1		92.63	%		92.63	%
Class R6		2		100.00	%		100.00	%
ClearTrack^®2020
Class R1		2		100.00	%		100.00	%
Class R6		2		91.52	%		91.52	%
ClearTrack^®2025
Class R1		1		90.77	%		90.77	%
Class R6		2		100.00	%		100.00	%
ClearTrack^®2030
Class R1		2		100.00	%		100.00	%
Class R6		2		100.00	%		100.00	%
ClearTrack^®2035
Class R1		2		100.00	%		100.00	%
Class R6		2		100.00	%		100.00	%
ClearTrack^®2040
Class R1		2		100.00	%		100.00	%
Class R6		2		100.00	%		100.00	%


Fund	Number of Individual Shareholders and/or Omnibus Accounts		Total Percentage Interest Held			Total Percentage Held by the Investment Manager and/or Affiliates
ClearTrack^®2045
Class R1		2		100.00	%		100.00	%
Class R6		2		100.00	%		100.00	%
ClearTrack^®2050
Class R1		1		91.26	%		91.26	%
Class R6		2		100.00	%		100.00	%
ClearTrack^®2055
Class R1		1		100.00	%		100.00	%
Class R6		1		100.00	%		100.00	%
ClearTrack^®2060
Class R1		1		100.00	%		100.00	%
Class R6		1		100.00	%		100.00	%
ClearTrack^®Retirement Income
Class R1		1		92.52	%		92.52	%
Class R6		2		100.00	%		100.00	%

7. PURCHASES AND SALES OF SECURITIES

For the year ended October 31, 2017, 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	$	9,335,686	$	4,722,273
ClearTrack^® 2020		17,757,645		3,779,342
ClearTrack^® 2025		23,473,340		4,968,780
ClearTrack^® 2030		15,126,122		5,727,756
ClearTrack^® 2035		16,586,211		4,851,059
ClearTrack^® 2040		16,068,724		2,974,238
ClearTrack^® 2045		7,796,520		2,260,102
ClearTrack^® 2050		6,883,272		907,939
ClearTrack^® 2055		522,217		7,872
ClearTrack^® 2060		522,264		7,820
ClearTrack^® Retirement Income		28,094,088		6,012,205

8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS


Transamerica Funds		Annual Report 2017

Page 65

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

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

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.

Income and capital gain 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 redesignations and non-deductible expenses paid. 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			Undistributed (Distributions in Excess of) Net Investment Income (Loss)			Accumulated Net Realized Gain (Loss)
ClearTrack^® 2015	$	—		$	(217	)	$	217
ClearTrack^® 2020		—			(80	)		80
ClearTrack^® 2025		—			(457	)		457
ClearTrack^® 2030		—			—			—
ClearTrack^® 2035		—			—			—
ClearTrack^® 2040		—			—			—
ClearTrack^® 2045		—			—			—
ClearTrack^® 2050		—			—			—
ClearTrack^® 2055		(256	)		256			—
ClearTrack^® 2060		(256	)		256			—
ClearTrack^® Retirement Income		—			—			—


Portfolio	Cost		Gross Appreciation		Gross (Depreciation)			Net Appreciation/ (Depreciation)
ClearTrack^® 2015	$	49,630,438	$	4,184,475	$	(47,477	)	$	4,136,998
ClearTrack^® 2020		76,904,241		6,714,205		(72,390	)		6,641,815
ClearTrack^® 2025		82,822,901		9,222,748		(29,466	)		9,193,282
ClearTrack^® 2030		62,521,945		7,993,473		(19,767	)		7,973,706
ClearTrack^® 2035		62,904,920		9,336,915		(3,226	)		9,333,689
ClearTrack^® 2040		52,508,724		8,765,110		—			8,765,110
ClearTrack^® 2045		33,222,330		6,194,153		(1,793	)		6,192,360
ClearTrack^® 2050		25,294,360		4,700,922		(2,559	)		4,698,363
ClearTrack^® 2055		514,640		29,539		—			29,539
ClearTrack^® 2060		514,739		29,546		—			29,546
ClearTrack^® Retirement Income		99,633,283		5,608,614		(115,657	)		5,492,957

As of October 31, 2017, the Funds had no capital loss carryforwards available to offset future realized gains. During the year ended October 31, 2017, 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
ClearTrack^® 2030	$	813
ClearTrack^® 2045		10,630


Transamerica Funds		Annual Report 2017

Page 66

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2017

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


	2017 Distributions Paid From						2016 Distributions Paid From
Fund	Ordinary Income		Long-Term Capital Gain		Return of Capital		Ordinary Income		Long-Term Capital Gain		Return of Capital
ClearTrack^® 2015	$	647,133	$	—	$	—	$	127,281	$	—	$	—
ClearTrack^® 2020		802,168		—		—		134,704		—		—
ClearTrack^® 2025		812,050		1,457		—		135,901		—		—
ClearTrack^® 2030		648,705		—		—		109,310		—		—
ClearTrack^® 2035		704,418		—		—		102,898		—		—
ClearTrack^® 2040		570,750		—		—		109,222		—		—
ClearTrack^® 2045		359,574		—		—		76,914		—		—
ClearTrack^® 2050		240,627		—		—		53,355		—		—
ClearTrack^® 2055		—		—		—		—		—		—
ClearTrack^® 2060		—		—		—		—		—		—
ClearTrack^® Retirement Income		929,286		—		—		113,846		—		—

As of October 31, 2017, 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		$ 412,325		$ —		$ 453,421		$ —		$ —		$ —		$ 4,136,998
ClearTrack^® 2020		532,641		—		423,700		—		—		—		6,641,815
ClearTrack^® 2025		577,192		—		485,467		—		—		—		9,193,282
ClearTrack^® 2030		450,709		—		554,919		—		—		—		7,973,706
ClearTrack^® 2035		499,336		—		413,756		—		—		—		9,333,689
ClearTrack^® 2040		466,192		—		269,281		—		—		—		8,765,110
ClearTrack^® 2045		272,935		—		244,729		—		—		—		6,192,360
ClearTrack^® 2050		186,611		—		89,766		—		—		—		4,698,363
ClearTrack^® 2055		1,961		—		—		—		—		—		29,539
ClearTrack^® 2060		1,961		—		—		—		—		—		29,546
ClearTrack^® Retirement Income		877,908		—		457,977		—		—		—		5,492,957

9. CUSTODY OUT-OF-POCKET EXPENSE


Transamerica Funds		Annual Report 2017

Page 67

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of Transamerica Funds:

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of ClearTrack 2015, ClearTrack 2020, ClearTrack 2025, ClearTrack 2030, ClearTrack 2035, ClearTrack 2040, ClearTrack 2045, ClearTrack 2050, ClearTrack 2055, ClearTrack 2060 and ClearTrack Retirement Income (eleven of the funds of the Transamerica Funds, hereafter referred to as the “Funds”), as of October 31, 2017, and the related statements of operations, statements of changes in net assets, and the financial highlights for each of the years or periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2017, by correspondence with the custodian and others. . We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the aforementioned eleven Funds of the Transamerica Funds at October 31, 2017, the results of their operations, the changes in their net assets and the financial highlights for each of the years or periods indicated therein, in conformity with U.S. generally accepted accounting principles.

LOGO

Boston, Massachusetts

December 27, 2017


Transamerica Funds		Annual Report 2017

Page 68

SUPPLEMENTAL INFORMATION

(unaudited)

TAX INFORMATION

For tax purposes, the long-term capital gain designations for the year ended October 31, 2017 are as follows:


Fund		Long-Term Capital Gain Designation
ClearTrack^® 2025		$ 1,457


Transamerica Funds		Annual Report 2017

Page 69

MANAGEMENT AND SUB-ADVISORY AGREEMENT — CONTRACT RENEWAL

(unaudited)


ClearTrack^® 2015		ClearTrack^® 2040
ClearTrack^® 2020		ClearTrack^® 2045
ClearTrack^® 2025		ClearTrack^® 2050
ClearTrack^® 2030		ClearTrack^® Retirement Income
ClearTrack^® 2035

For each Portfolio, the Board also considered the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement” and, together with the Management Agreement, the “Agreements”) between TAM and QS Investors, LLC (the “Sub-Adviser”).

Following its review and consideration, the Board determined that the terms of the Management Agreement and the Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the applicable Portfolio 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, 2018.

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 Portfolio, 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 Services, 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 Portfolios 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 independent legal counsel. In considering the proposed continuation of each of the Agreements, the Trustees evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

Nature, Extent and Quality of the Services Provided

The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the applicable Portfolio in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for each Portfolio; 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 Portfolio 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 Portfolio and its investment strategy; the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Portfolios; 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 Portfolio investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Portfolios; 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 Portfolio 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 Portfolios’ prospectuses, statements of additional information, shareholder reports and other disclosure materials and regulatory filings for the Portfolios; and ongoing cash management services. The Board considered that TAM’s investment management services also include the provision of supervisory and administrative services to each Portfolio. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Portfolios, oversees the services provided by the funds’ custodian, transfer agent, independent accountant and legal counsel, and supervises the performance of the recordkeeping and shareholder functions of the funds.


Transamerica Funds		Annual Report 2017

Page 70

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

(unaudited)

Investment Performance

When considering each Portfolio’s performance, the Trustees considered representations made by TAM regarding the appropriateness of the Portfolios’ 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 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.

ClearTrack^® 2015. The Board noted that the performance of Class R1 Shares of the Portfolio was below the median for its peer universe for the past 1-year period. The Board also noted that the performance of Class R1 Shares of the Portfolio was below its benchmark for the past 1-year period. The Trustees also noted recent changes in the portfolio management team at the Sub-Adviser. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward. The Trustees observed that the performance of the Portfolio had improved during the first quarter of 2017.

ClearTrack^® 2020. The Board noted that the performance of Class R1 Shares of the Portfolio was below the median for its peer universe for the past 1-year period. The Board also noted that the performance of Class R1 Shares of the Portfolio was below its benchmark for the past 1-year period. The Trustees also noted recent changes in the portfolio management team at the Sub-Adviser. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward. The Trustees observed that the performance of the Portfolio had improved during the first quarter of 2017.

ClearTrack^® 2025. The Board noted that the performance of Class R1 Shares of the Portfolio was below the median for its peer universe for the past 1-year period. The Board also noted that the performance of Class R1 Shares of the Portfolio was below its benchmark for the past 1-year period. The Trustees also noted recent changes in the portfolio management team at the Sub-Adviser. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward.

ClearTrack^® 2030. The Board noted that the performance of Class R1 Shares of the Portfolio was below the median for its peer universe for the past 1-year period. The Board also noted that the performance of Class R1 Shares of the Portfolio was below its benchmark for the past 1-year period. The Trustees also noted recent changes in the portfolio management team at the Sub-Adviser. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward.

ClearTrack^® 2035. The Board noted that the performance of Class R1 Shares of the Portfolio was below the median for its peer universe for the past 1-year period. The Board also noted that the performance of Class R1 Shares of the Portfolio was below its benchmark for the past 1-year period. The Trustees also noted recent changes in the portfolio management team at the Sub-Adviser. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward.

ClearTrack^® 2040. The Board noted that the performance of Class R1 Shares of the Portfolio was below the median for its peer universe for the past 1-year period. The Board also noted that the performance of Class R1 Shares of the Portfolio was below its benchmark for the past 1-year period. The Trustees also noted recent changes in the portfolio management team at the Sub-Adviser. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward.

ClearTrack^® 2045. The Board noted that the performance of Class R1 Shares of the Portfolio 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 R1 Shares of the Portfolio was below its benchmark for the past 1-year period. The Trustees also noted recent changes in the portfolio management team at the Sub-Adviser. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward.


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

(unaudited)

ClearTrack^® 2050. The Board noted that the performance of Class R1 Shares of the Portfolio 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 R1 Shares of the Portfolio was below its benchmark for the past 1-year period. The Trustees also noted recent changes in the portfolio management team at the Sub-Adviser. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward.

ClearTrack^® Retirement Income. The Board noted that the performance of Class R1 Shares of the Portfolio was below the median for its peer universe for the past 1-year period. The Board also noted that the performance of Class R1 Shares of the Portfolio was above its benchmark for the past 1-year period. The Trustees also noted recent changes in the portfolio management team at the Sub-Adviser. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward.

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 Portfolio’s investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs.

Management and Sub-Advisory Fees and Total Expense Ratios

The Board considered the management fee and total expense ratio of each Portfolio, including information provided by Broadridge comparing the management fee and total expense ratio of each Portfolio 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 Portfolio’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” median if a Portfolio’s management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as “below” 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 Portfolio’s management fee retained by TAM following payment of the sub-advisory fees and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

ClearTrack^® 2015. The Board noted that the Portfolio’s contractual management fee and the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R1 Shares of the Portfolio 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 Portfolio, which may result in TAM waiving fees for the benefit of shareholders.

ClearTrack^® 2020. The Board noted that the Portfolio’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 R1 Shares of the Portfolio 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 Portfolio, which may result in TAM waiving fees for the benefit of shareholders.

ClearTrack^® 2025. The Board noted that the Portfolio’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 R1 Shares of the Portfolio 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 Portfolio, which may result in TAM waiving fees for the benefit of shareholders.

ClearTrack^® 2030. The Board noted that the Portfolio’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 R1 Shares of the Portfolio 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 Portfolio, which may result in TAM waiving fees for the benefit of shareholders.

ClearTrack^® 2035. The Board noted that the Portfolio’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 R1 Shares of the Portfolio 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 Portfolio, which may result in TAM waiving fees for the benefit of shareholders.


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

(unaudited)

ClearTrack^® 2040. The Board noted that the Portfolio’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 R1 Shares of the Portfolio 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 Portfolio, which may result in TAM waiving fees for the benefit of shareholders.

ClearTrack^® 2045. The Board noted that the Portfolio’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 R1 Shares of the Portfolio 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 Portfolio, which may result in TAM waiving fees for the benefit of shareholders.

ClearTrack^® 2050. The Board noted that the Portfolio’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 R1 Shares of the Portfolio 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 Portfolio, which may result in TAM waiving fees for the benefit of shareholders.

ClearTrack^® Retirement Income. The Board noted that the Portfolio’s contractual management fee and the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R1 Shares of the Portfolio 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 Portfolio, 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 the Sub-Advisory Agreement are reasonable in light of the services provided.

Cost of Services Provided and Level of Profitability

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 Portfolio. As a result, the Board focused on the profitability of TAM and its affiliates with respect to the applicable Portfolio.

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

Economies of Scale

The Board considered economies of scale with respect to the management of each Portfolio, whether the Portfolio 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 Portfolios benefited from any economies of scale. The Board recognized that, as a Portfolio’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 Portfolio. The Board considered each Portfolio’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 Portfolios through its undertakings to limit or reimburse Portfolio expenses and to invest in maintaining and developing its capabilities and services. The Board also considered the Sub-Adviser’s sub-advisory fee schedule and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the applicable Portfolio’s management fee schedule. The Trustees concluded that each Portfolio’s fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fees payable to TAM and the fees paid to the Sub-Adviser in light of any economies of scale experienced in the future.


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

(unaudited)

Benefits to TAM, its Affiliates and the Sub-Adviser from their Relationships with the Portfolios

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Adviser from their relationships with the Portfolios. 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 Portfolios. The Board also noted that the Sub-Adviser participates in a brokerage program pursuant to which a portion of brokerage commissions paid by each applicable Portfolio is recaptured for the benefit of the Portfolio and its shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to a Portfolio’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 Portfolio in a professional manner that is consistent with the best interests of the Portfolio 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 Portfolios.

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 Portfolio and its shareholders and voted to approve the renewal of the Agreements.


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CLEARTRACK^® 2055 AND CLEARTRACK^® 2060

MANAGEMENT AND SUB-ADVISORY AGREEMENTS — INITIAL CONTRACT APPROVAL

At a meeting of the Board of Trustees of Transamerica Funds (the “Trustees” or the “Board”) held on March 8-9, 2017, the Board considered the proposed management agreement (the “Management Agreement”) between Transamerica Asset Management, Inc. (“TAM”) and Transamerica Funds, on behalf of ClearTrack^® 2055 and ClearTrack^® 2060 (the “Funds”). The Board also considered the proposed investment sub-advisory agreement (the “Sub-Advisory Agreement” and, together with the Management Agreement, the “Agreements”) for the Funds between TAM and QS Investors LLC (“QS”).

Following its review and consideration, the Board determined that the terms of the Management Agreement and Sub-Advisory Agreement were reasonable and that the approval of each of the Agreements was in the best interests of the Funds and the shareholders invested in the Funds. The Board, including the independent members of the Board (the “Independent Trustees”), unanimously approved each of the Agreements for an initial two-year period.

Prior to reaching their decision, the Trustees requested and received from TAM and QS certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the proposed Agreements. In their deliberations, the Independent Trustees met privately without representatives of TAM or QS present and were represented throughout the process by independent legal counsel. In considering the proposed approval 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.

The nature, extent and quality of the advisory services to be provided. The Board considered the nature, extent and quality of the services expected to be provided by TAM and QS. The Board considered the proposed investment approach for each Fund; the experience, capability and integrity of TAM’s senior management; the financial resources of TAM and QS; TAM’s management oversight process; the experience of QS with the proposed investment strategy; and the professional qualifications of the portfolio management team of QS. The Board also considered the investment advisory and other services to be provided by TAM for the portion of the investment advisory fee it will retain after payment of the sub-advisory fee for the Funds. The Board also noted that TAM, as part of the investment advisory services it provides to all Transamerica mutual funds, oversees the services provided by the administrator, custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and shareholder functions of the Transamerica mutual funds.

Based on these considerations, the Trustees determined that TAM and QS could provide investment and related services that are appropriate in scope and extent in light of the Funds’ operations, the competitive landscape of the investment company business, and investor needs.

Investment Performance. The Board recognized that the Funds are not yet in existence and used the historical performance of the ClearTrack^® 2015, ClearTrack^® 2020, ClearTrack^® 2025, ClearTrack^® 2030, ClearTrack^® 2035, ClearTrack^® 2040, ClearTrack^®2045, ClearTrack^® 2050 and ClearTrack^® Retirement Income (together, the “Existing ClearTrack^® Funds”) for the Board to review. The Trustees noted that the historical performance of each of the Existing ClearTrack^® Funds generally compared favorably to that of the benchmark and peer group medians for the periods shown. On the basis of this information and the Trustees’ assessment of the nature, extent and quality of the services to be provided or procured by TAM and QS, the Trustees concluded that TAM and QS was capable of generating a level of investment performance that is appropriate in light of the Funds’ proposed investment objective, policies and strategies.

Sub-Advisory Fee, Cost of Services to be Provided and Profitability. The Trustees considered the proposed sub-advisory fee and anticipated total expense ratio of each of the Funds, including information comparing the investment advisory fee and total expense ratio of each Fund to the investment advisory fees and total expense ratios of other investment companies in Lipper and Morningstar peer groups and universes. The Board also considered the fee to be charged by QS for sub-advisory services as well as the portion of the Funds’ investment advisory fee to be retained by TAM following payment of the sub-advisory fee. The Trustees noted that, in total, the advisory fees to be incurred by shareholders of each Fund are higher than the respective Morningstar and Lipper group medians, but that the total expenses for each Fund are at or below the medians of respective Morningstar and Lipper group medians. The Board further noted that TAM proposed to enter into an expense limitation arrangement with the Funds, which could result in TAM waiving fees for the benefit of shareholders. On the basis of these and other considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and QS under the Management Agreement and Sub-Advisory Agreement were reasonable in light of the sub-advisory services to be provided.

The cost of advisory services provided and the level of profitability. The Board recognized that the Funds were not yet in existence and therefore no actual revenue, cost or profitability data was available for the Board to review. However, the Board reviewed projected profitability analysis provided by TAM that reflected its experience with the Existing ClearTrack^® Funds, including the costs of procuring portfolio management services as well as the costs of providing administration, transfer agency and other services to the


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CLEARTRACK^® 2055 AND CLEARTRACK^® 2060

MANAGEMENT AND SUB-ADVISORY AGREEMENTS — INITIAL CONTRACT APPROVAL (continued)

Funds by TAM and its affiliates. The Board also noted that the sub-advisory fee is the product of arm’s-length negotiation between TAM and QS. As a result, the Trustees did not consider QS’s anticipated profitability as material to its decision to approve the QS Sub-Advisory Agreements. Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Funds was not anticipated to be excessive.

Economies of Scale. In evaluating the extent to which the investment advisory fees payable under the Management Agreement and Sub-Advisory Agreement reflect economies of scale or would permit economies of scale to be realized in the future, the Board took note of TAM’s and QS’s pricing schedules and the proposed advisory and sub-advisory fee breakpoints, as detailed in the materials provided to the Board, and noted each fee breakpoint with respect to the various asset levels to be achieved by the Funds. The Board concluded that the proposed fees and breakpoints may benefit investors by permitting economies of scale in the form of lower investment advisory fees as the level of assets grows for the Funds. The Trustees also noted that, as the Funds grow, they would have the opportunity to periodically reexamine the appropriateness of the investment advisory fees payable to TAM and fees payable by TAM to QS and whether the Funds have achieved economies of scale.

Fall-Out Benefits. The Board considered any other benefits derived by TAM, its affiliates, and QS from their relationships with the Funds. The Trustees noted that although TAM would not realize soft dollar benefits from its relationship with the Funds, QS may engage in soft dollar arrangements, and receive such benefits, consistent with applicable law and “best execution” requirements.

Other considerations. The Board considered the investment objective of each of the Funds and their respective investment strategies and noted that TAM believes that the Funds would enhance the Transamerica Funds’ retirement product line-up. 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 Funds in a professional manner that is consistent with the best interests of the Funds and their shareholders. In this regard, the Trustees favorably considered TAM’s procedures and policies to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of QS. The Trustees 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 approval of the Management Agreement and the Sub-Advisory Agreement was in the best interest of the Funds and their shareholders and voted to approve the Agreements.


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Management of the Trust

Board Members and Officers

(unaudited)

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

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


Name	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 During the Past Five Years
INTERESTED BOARD MEMBERS
Marijn P. Smit (44)	Chairman of the Board, President and Chief Executive Officer	Since 2014	Chairman of the Board, President and Chief Executive Officer, TF, TST, TPP, TPFG, TPFG II 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 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); President, Investment Solutions, Transamerica Investments & Retirement (2014 – 2016); Vice President, Transamerica Premier Life Insurance Company (2010 – 2016);	136	Director, Massachusetts Fidelity Trust Company (2014 – present); Director, Aegon Global Funds (since 2016)


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Name	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 During the Past Five Years
INTERESTED BOARD MEMBERS — continued
Marijn P. Smit (continued)			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 (69)	Board Member	Since 2012	Board Member, TF, TST, TPP, TPFG, TPFG II and TAAVF (2012 – present); 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).	131	N/A
INDEPENDENT BOARD MEMBERS
Sandra N. Bane (65)	Board Member	Since 2008	Retired (1999 – present); Board Member, TF, TST, TPP, TPFG, TPFG II and TAAVF (2008 – present); Board Member, TIS (2008 – 2015); Board Member, Transamerica Investors, Inc. (“TII”) (2003 – 2010); and Partner, KPMG (1975 – 1999).	131	Big 5 Sporting Goods (2002 – present); Southern Company Gas (energy services holding company) (2008 – present)
Leo J. Hill (61)	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, TIS (2002 – 2015); Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present);	131	Ameris Bancorp (2013 – present); Ameris Bank (2013 – present)


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Name	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 During the Past Five Years
INDEPENDENT BOARD MEMBERS — continued
Leo J. Hill (continued)			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 (71)	Board Member	Since 2009	Board Member, TF, TST, TPP, TPFG, TPFG II and TAAVF (2009 – present); 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).	131	N/A
Russell A. Kimball, Jr. (73)	Board Member	Since 1986	General Manager, Sheraton Sand Key Resort (1975 – present); Board Member, TST (1986 – present); Board Member, TF, (1986 – 1990), (2002 – present); Board Member, TIS (2002 – 2015); Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present); and Board Member, TII (2008 – 2010).	131	N/A


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Name	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 During the Past Five Years
INDEPENDENT BOARD MEMBERS — continued
Fredric A. Nelson III (60)	Board Member	Since 2017	Board Member, TF, TST, TPP, TPFG, TPFG II and TAAVF (2017 – present); Chief Investment Officer (“CIO”), Commonfund (2011 – 2015); Vice Chairman, CIO, ING Investment Management Americas (2003 – 2009); Managing Director, JP Morgan Investment Management (1994 – 2003); and Head of U.S. Equity, Bankers Trust Company (2000 – 2003); Managing Director, (1981 – 1994); Head of Global Quantitative Investments Group (1989 – 1994).	131	N/A
John Edgar Pelletier (53)	Board Member	Since 2017	Board Member, TF, TST, TPP, TPFG, TPFG II and TAAVF (2017 – present); Director, Center for Financial Literacy, Champlain College (2010 – present); Founder and Principal, Sterling Valley Consulting LLC (a financial services consulting firm) (2009 – present); Independent Director, The Sentinel Funds and Sentinel Variable Products Trust (2013 – present); Chief Legal Officer, Eaton Vance Corp. (2007 – 2008); and Executive Vice President and Chief Operating Officer, Natixis Global Associates (2004 – 2007); General Counsel (1997 – 2004).	131	N/A
Patricia L. Sawyer (67)	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, TIS (2007 – 2015); Board Member, TII (2008 – 2010); Board Member, TPP, TPFG, TPFG II and TAAVF (1993 – present); and Trustee, Chair of Finance Committee and Chair of Nominating Committee (1987 – 1996), Bryant University.	131	Honorary Trustee, Bryant University (1996 – present)


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Name	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 During the Past Five Years
INDEPENDENT BOARD MEMBERS — continued
John W. Waechter (65)	Board Member	Since 2005	Partner, Englander Fischer (2016 – present); Attorney, Englander Fischer (2008 – 2015); Retired (2004 – 2008); Board Member, TST (2004 – present); Board Member, TIS (2004 – 2015); Board Member, TF (2005 – present); Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present); 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).	131	Operation PAR, Inc. (non-profit organization) (2008 – present); Remember Honor Support, Inc. (non-profit organization) (2013 – present) Board Member, WRH Income Properties, Inc. (real estate) (2014 – present); Boley PAR, Inc. (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.


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OFFICERS:


Name:	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Marijn P. Smit (44)	Chairman of the Board, President and Chief Executive Officer	Since 2014	See Table Above.
Tané T. Tyler (52)	Vice President, Associate General Counsel, Chief Legal Officer and Secretary	Since 2014	Vice President, Associate General Counsel, Chief Legal Officer and Secretary, Transamerica Funds, TST, TPP, TPFG, TPFG II and TAAVF (2014 – present); Assistant General Counsel, Chief Legal Officer and Secretary, TIS (2014 – 2015); Director, Vice President, Assistant General Counsel and Secretary, TAM and TFS (2014 – present); Senior Vice President, Secretary and General Counsel, ALPS, Inc., ALPS Fund Services, Inc. and ALPS Distributors, Inc. (2004 – 2013); and Secretary, Liberty All-Star Funds (2005-2013).
Christopher A. Staples (47)	Vice President and Chief Investment Officer, Advisory Services	Since 2005	Vice President and Chief Investment Officer, Advisory Services (2007 – present), Senior Vice President – Investment Management (2006 – 2007), Vice President – Investment Management (2005 – 2006), Transamerica Funds and TST; Vice President and Chief Investment Officer, Advisory Services (2007 – 2015), Senior Vice President – Investment Management (2006 – 2007), Vice President – Investment Management (2005 – 2006), TIS; Senior Director, Investments, TPP, TPFG, TPFG II and TAAVF (2007 – present); Vice President and Chief Investment Officer (2007 – 2010); Vice President – Investment Administration (2005 – 2007), TII; Director (2005 – present), Senior Vice President (2006 – present), TAM; Director, TFS (2005 – present); and Assistant Vice President, Raymond James & Associates (1999 – 2004).


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Name:	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Thomas R. Wald (57)	Chief Investment Officer	Since 2014	Chief Investment Officer, Transamerica Funds, TST, TPP, TPFG, TPFG II and TAAVF (2014 – present); Chief Investment Officer, TIS (2014 – 2015); Senior Vice President and Chief Investment Officer, TAM (2014 – present); Chief Investment Officer, Transamerica Investments & Retirement (2014 – present); Vice President and Client Portfolio Manager, Curian Capital, LLC (2012 – 2014); Portfolio Manager, Tactical Allocation Group, LLC (2010 – 2011); Mutual Fund Manager, Munder Capital Management (2005 – 2008); and Mutual Fund Manager, Invesco Ltd. (1997 – 2004).
Vincent J. Toner (47)	Vice President and Treasurer	Since 2014	Vice President and Treasurer (2014 – present) Transamerica Funds, TST, TPP, TPFG, TPFG II and TAAVF; Vice President and Treasurer, TIS (2014 – 2015); Vice President and Treasurer, TAM and TFS (2014 – present); Senior Vice President and Vice President, Fund Administration, Brown Brothers Harriman (2010 – 2014); and Vice President Fund Administration & Fund Accounting, Oppenheimer Funds (2007 – 2010)
Scott M. Lenhart (56)	Chief Compliance Officer and Anti-Money Laundering Officer	Since 2014	Chief Compliance Officer and Anti-Money Laundering Officer, Transamerica Funds, TST, TPP, TPFG, TPFG II and TAAVF (2014 – present), TIS (2014 – 2015); Chief Compliance Officer and Anti-Money Laundering Officer (2014 – present), Senior Compliance Officer (2008-2014), TAM; Vice President and Chief Compliance Officer, TFS (2014 – present); Director of Compliance, Transamerica Investments & Retirement (2014 – present); Vice President and Chief Compliance Officer, Transamerica Financial Advisors, Inc. (1999 – 2006); and Assistant Chief Compliance Officer, Raymond James Financial, Inc., Robert Thomas Securities, Inc. (1989 – 1998).


Transamerica Funds		Annual Report 2017

Page 83

Name:

Position

Term of Office
and Length of
Time Served*

Principal Occupation(s) or Employment
During Past Five Years

Rhonda A. Mills

(51)

Assistant General Counsel, Assistant Secretary

Since 2016

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


Transamerica Funds		Annual Report 2017

Page 84

PROXY VOTING POLICIES AND PROCEDURES AND QUARTERLY PORTFOLIO HOLDINGS

(unaudited)

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


Transamerica Funds		Annual Report 2017

Page 85

NOTICE OF PRIVACY POLICY

(unaudited)

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

Our Security Procedures

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.


Transamerica Funds		Annual Report 2017

Page 86

Customer Service: 1-888-233-4339

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Transamerica Capital, Inc.

www.transamerica.com

LOGO

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.

25334_ARMFP1017

LOGO

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)
		2017		2016
(a)	Audit Fees	$	1,382	$	1,080
(b)	Audit Related Fees⁽¹⁾	$	72	$	18
(c)	Tax Fees⁽²⁾	$	504	$	259
(d)	All Other Fees⁽³⁾	$	84	$	23

⁽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.

(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 2017 and 2016 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, Russell A. Kimball, Jr., 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 quarter 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)

The Registrant’s code of ethics (that is the subject of the disclosure required by Item 2(a)) is attached.

(a)(2)

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)

Not applicable.

(b)

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 5, 2018

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 5, 2018

By:		/s/ Vincent J. Toner
		Vincent J. Toner
		Treasurer
		(Principal Financial Officer)
Date:		January 5, 2018

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