As filed with the Securities and Exchange Commission on January 4, 2019

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

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

(Name and Address of Agent for Service)

Date of fiscal year end:      October 31

Date of reporting period:    November 1, 2017 – October 31, 2018

Item 1: Report(s) to Shareholders.

The Annual Report is attached.

TRANSAMERICA FUNDS

ANNUAL REPORT

OCTOBER 31, 2018

Customer Service: 1-888-233-4339

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Transamerica Capital, Inc.

www.transamerica.com

Table of Contents

Shareholder Letter	1
Disclosure of Expenses	2
Manager Commentary and Schedules of Investments
Transamerica Asset Allocation – Conservative Portfolio	4
Transamerica Asset Allocation – Growth Portfolio	9
Transamerica Asset Allocation – Moderate Growth Portfolio	14
Transamerica Asset Allocation – Moderate Portfolio	19
Transamerica Asset Allocation Intermediate Horizon	24
Transamerica Asset Allocation Long Horizon	28
Transamerica Asset Allocation Short Horizon	32
Transamerica Multi-Manager Alternative Strategies Portfolio	36
Statements of Assets and Liabilities	41
Statements of Operations	43
Statements of Changes in Net Assets	45
Financial Highlights	53
Notes to Financial Statements	73
Report of Independent Registered Public Accounting Firm	87
Supplemental Information	89
Approval of Management and Sub-Advisory Agreements	90
Management of the Trust	95
Proxy Voting Policies and Procedures and Quarterly Portfolio Holdings	103
Notice of Privacy Policy	104

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

Transamerica Funds Annual Report 2018

Dear Shareholder,

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

This annual report is provided to you to show the investments and performance of your Fund(s) during the fiscal year. 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 ended October 31, 2018.

We believe it is important to understand market conditions over the Funds’ last fiscal year to provide a context for reading this report. The period began with both U.S. and international equity markets extending strong gains based on optimism surrounding upcoming corporate earnings and the global economy. During this time, credit spreads in the bond markets remained mostly stable and longer-term interest rates stayed range bound during the final months of 2017. The bell weather 10-year U.S. Treasury bond yield finished 2017 at 2.40%, almost precisely where it had started the year, and this benign rate environment further lifted stocks as the new year began. By late January 2018, stocks had hit record highs as points of enthusiasm included fiscal stimulus from the recently passed Tax Reform and Jobs Act, higher anticipated corporate profit margins, and lower levels of overall volatility in the market.

Throughout the first month of 2018, longer-term interest rates crept higher, and when January employment numbers displayed a multi-year high in wage growth, inflationary fears gripped the markets. As the stock market reacted negatively to this, a second negative catalyst emerged in proposed tariffs by the White House against China, Mexico and Canada. This further rattled the market as fears of an international trade war combined with domestic inflation took its toll on investor sentiment, and by the second week in February 2018 the Dow Jones Industrial Average (“Dow”) had declined more than 10%. In March, the U.S. Federal Reserve (“Fed”) increased short term rates, and while this was expected, more downside volatility plagued the markets. By late April 2018, tariffs and trade concerns were taking center stage in terms of news driving equities markets, and in the bond market the 10-year Treasury yield reached 3% for the first time in more than four years.

Despite these investor concerns, market fundamentals in the U.S. remained strong into the summer months. Second quarter gross domestic product (“GDP”) came in at its highest level of growth in four years and S&P 500^® corporate earnings reached the best year-over-year growth rate in more than fourteen years. Corporate profit margins also soared to record levels. However, outside of the U.S. the news was not so bright, as economic growth rates in Europe, Japan and various emerging market regions slowed below expectations, and concerns of tariffs and trade relations heightened international risk perspectives. As a result, when U.S. equities recovered to reach new highs in September 2018, international developed and emerging markets continued to lag.

October 2018 was a particularly challenging month for U.S. and global stocks as the major indexes sold off fiercely with the Dow and S&P 500^® again declining more than 10% off their highs. Following the Fed’s September 2018 meeting in which they increased the Fed Funds Rate for the third time since January 2018, the 10-year Treasury rate further jumped to more than 3.20%, which was its highest yield in seven years. Investor concerns also began to focus on how much longer the Fed’s rate tightening cycle would continue and whether or not more rate hikes were warranted. The White House also continued its tough talk with China on trade and this continued to hurt investor sentiment. In addition, investors also began to focus on the prospect of 2019 stock earnings growth, while potentially being strong once again, perhaps not being as high as the past year. Nonetheless, initial third quarter GDP growth reports came in strong, and the U.S. appears well positioned for its best calendar year of economic growth in more than a decade.

For the 12-month period ended October 31, 2018, the S&P 500^® returned 7.35% while the MSCI EAFE Index, representing international developed market equities, returned -6.39%. During the same period, the Bloomberg Barclays U.S. Aggregate Bond Index returned -2.05%. Please keep in mind that it is important to maintain a diversified portfolio as investment returns have historically been difficult to predict.

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

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

Sincerely,

Marijn Smit

President & Chief Executive Officer

Transamerica Funds

Tom Wald, CFA

Chief Investment Officer

Transamerica Funds

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

Dow Jones Industrial Average: a market that shows how 30 large, publicly owned companies based in the U.S. have traded during a standard trading session in the stock market.

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

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

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

Disclosure of Expenses

(unaudited)

SHAREHOLDER EXPENSES

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

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

The examples are based on an investment of $1,000 invested at May 1, 2018, and held for the entire six-month period until October 31, 2018.

ACTUAL EXPENSES

The information in the table below provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. If your account is an IRA, your expenses may have included a $15 annual fee. The amount of any fee paid during the six-month period can decrease your ending account value.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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

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

			Actual Expenses				Hypothetical Expenses (A)
Fund	Beginning Account Value		Ending Account Value		Expenses Paid During Period (B)		Ending Account Value		Expenses Paid During Period (B)		Annualized Expense Ratio (C) (D)
Transamerica Asset Allocation - Conservative Portfolio
Class A	$	1,000.00	$	976.70	$	2.29	$	1,022.90	$	2.35		0.46	%
Class B		1,000.00		972.90		7.21		1,017.90		7.38		1.45
Class C		1,000.00		973.60		6.12		1,019.00		6.26		1.23
Class I		1,000.00		977.70		1.30		1,023.90		1.33		0.26
Class R		1,000.00		974.90		4.13		1,021.00		4.23		0.83
Class T1		1,000.00		977.10		2.04		1,023.10		2.09		0.41
Advisor Class		1,000.00		977.40		1.79		1,023.40		1.84		0.36
Transamerica Asset Allocation - Growth Portfolio
Class A		1,000.00		945.40		2.50		1,022.60		2.60		0.51
Class B		1,000.00		940.90		7.09		1,017.90		7.38		1.45
Class C		1,000.00		941.70		6.17		1,018.90		6.41		1.26
Class I		1,000.00		946.70		1.28		1,023.90		1.33		0.26
Class R		1,000.00		943.60		3.87		1,021.20		4.02		0.79
Class T1		1,000.00		945.70		1.96		1,023.20		2.04		0.40
Advisor Class		1,000.00		945.60		1.77		1,023.40		1.84		0.36

Transamerica Funds Annual Report 2018

Page    2

Disclosure of Expenses (continued)

(unaudited)

			Actual Expenses				Hypothetical Expenses (A)
Fund	Beginning Account Value		Ending Account Value		Expenses Paid During Period (B)		Ending Account Value		Expenses Paid During Period (B)		Annualized Expense Ratio (C) (D)
Transamerica Asset Allocation - Moderate Growth Portfolio
Class A	$	1,000.00	$	958.10	$	2.37	$	1,022.80	$	2.45		0.48	%
Class B		1,000.00		953.30		7.14		1,017.90		7.38		1.45
Class C		1,000.00		954.20		6.11		1,019.00		6.31		1.24
Class I		1,000.00		958.80		1.23		1,023.90		1.28		0.25
Class R		1,000.00		957.10		3.75		1,021.40		3.87		0.76
Class T1		1,000.00		958.30		2.02		1,023.10		2.09		0.41
Advisor Class		1,000.00		959.00		1.73		1,023.40		1.79		0.35
Transamerica Asset Allocation - Moderate Portfolio
Class A		1,000.00		969.20		2.33		1,022.80		2.40		0.47
Class B		1,000.00		964.30		7.18		1,017.90		7.38		1.45
Class C		1,000.00		964.90		6.09		1,019.00		6.26		1.23
Class I		1,000.00		970.00		1.24		1,023.90		1.28		0.25
Class R		1,000.00		968.20		3.57		1,021.60		3.67		0.72
Class T1		1,000.00		969.30		1.89		1,023.30		1.94		0.38
Advisor Class		1,000.00		969.30		1.74		1,023.40		1.79		0.35
Transamerica Asset Allocation Intermediate Horizon
Class R		1,000.00		985.40		3.00		1,022.20		3.06		0.60
Class R4		1,000.00		987.50		1.75		1,023.40		1.79		0.35
Transamerica Asset Allocation Long Horizon
Class R		1,000.00		972.20		2.98		1,022.20		3.06		0.60
Class R4		1,000.00		973.40		1.74		1,023.40		1.79		0.35
Transamerica Asset Allocation Short Horizon
Class R		1,000.00		995.70		3.02		1,022.20		3.06		0.60
Class R4		1,000.00		996.50		1.76		1,023.40		1.79		0.35
Transamerica Multi-Manager Alternative Strategies Portfolio
Class A		1,000.00		975.60		3.59		1,021.60		3.67		0.72
Class C		1,000.00		972.40		7.16		1,017.90		7.32		1.44
Class I		1,000.00		977.60		1.84		1,023.30		1.89		0.37
Class R6		1,000.00		977.90		1.45		1,023.70		1.48		0.29
Class T1		1,000.00		976.70		2.54		1,022.60		2.60		0.51

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

Transamerica Funds Annual Report 2018

Page    3

Transamerica Asset Allocation – Conservative Portfolio

(unaudited)

MARKET ENVIRONMENT

The 12-month reporting period ended on October 31, 2018 brought some moderate volatility following nine years of gains in U.S. stocks, but overall it was another rising year for U.S. equities. They got a late-2017 boost when the Tax Cuts and Jobs Act was signed into law, and continued to rally into January 2018. Equity markets hit a bump in February and March, as trade-war talk, rising interest rates, slowing growth in China, and Congressional scrutiny of social-media companies gave investors pause. Despite the S&P 500^® falling more than -10% from late January to early February, U.S. equities resumed their drift upward from April through September, propelled mainly by strong earnings growth resulting from the corporate tax cuts that went into effect at the beginning of the year. Growth stocks led value stocks by a wide margin, with some of the internet darlings notching heady gains. Although the S&P 500^® experienced a rather sharp -6.84% reversal in October, its return for the entire period was still positive at 7.35%.

Foreign markets did not benefit from the U.S. tax cuts. In fact, developed markets such as those in Europe and Japan slipped as the bullish attention was focused on the U.S. Foreign equity returns were even worse in dollar terms, due to U.S. dollar appreciation. The MSCI EAFE Index of developed foreign markets was down -4.61% as measured in local currency, and down -6.85% once converted into dollars for U.S. investors. Emerging markets were hit harder, partly due to bellicose trade posturing of the U.S., China, Europe and Canada – all of which threatened to slow the global economy and therefore demand for the commodities supplied by many emerging markets. The MSCI Emerging Markets Index recorded a strong gain in 2017, but it posted losses over the trailing 12 months. For the 12-month period ended on October 31, 2018, the Index declined -8.88% in local-currency terms, and declined -12.19% in U.S. dollars.

Meanwhile, investment-grade bonds suffered losses amid the rising-rate environment. The U.S. Federal Reserve hiked the short-term federal funds rate four times during the 12-month period, with the last hike on September 27 marking the eighth in a string that began in December 2015. Long-term bond yields crept upward as a result. The 10-year Treasury ended the period with a yield of 3.16%, a meaningful jump from 2.38% a year before. Because bond prices move in the opposite direction of interest rates, the Bloomberg Barclays U.S. Aggregate Bond Index posted a -2.05% loss despite its yield component. Credit-sensitive bonds, such as high-yield bonds, managed small gains because they’re less sensitive to rate movements and tend to gain favor when corporate earnings are strong. The Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index had a positive 0.98% return over the period. Floating-rate bank loans, meanwhile, benefited from the rate hikes as well as strong investor demand.

PERFORMANCE

For the year ended October 31, 2018, Transamerica Asset Allocation – Conservative Portfolio (Class A) returned -1.77%, 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 -2.05% and 6.74%, respectively.

STRATEGY REVIEW

The goal of the Transamerica Asset Allocation portfolios has always been to provide investors one-stop participation in the global financial markets, including many asset classes beyond those reflected in the primary and secondary benchmarks. The Conservative portfolio, through underlying funds, provides a mix over time of about 35% equity and 65% fixed-income securities under normal conditions. The equity side is intended to cover both the U.S. and foreign equity markets across a range of investment styles, including larger and smaller companies and value and growth stocks. Management considers the neutral mix between U.S. and foreign equity markets to be about 70% U.S. equities and 30% foreign equities. The fixed-income portion normally includes investment-grade and credit-sensitive holdings, shorter- and longer-term bonds, and international bonds from both developed and emerging markets. The portfolio can also have exposure to global real estate securities and alternative strategies such as managed-futures, global-macro and event-driven strategies.

Entering 2018, the S&P 500^® had already posted gains in nine consecutive calendar quarters. Our valuation-driven, asset-allocation approach includes assessing relative asset-class valuations and conducting deep fundamental research into each asset class. In early 2018, we considered U.S. equity valuations already to be quite elevated by historical standards, despite record corporate earnings. Moreover, companies in the S&P 500^® were exhibiting cyclically high profit margins, which can tend to revert to longer-term averages over time. There was also concern about ballooning debt levels among U.S. corporations, partly a result of near-zero interest rates from 2009 through 2015. All of these factors indicated to us that U.S. stocks had reached overheated levels by January 2018.

In an attempt to preserve investor capital against a possible market correction, we reduced exposure to U.S. equities around the end of January and beginning of February 2018. We also tilted more toward foreign stocks, which we considered a better value. U.S. stocks subsequently fell back, posting negative returns in February and March, but they resumed their rise through the middle of the year as the tax cuts fueled earnings growth. Foreign stocks lagged as investors focused on the U.S. market. Therefore, our underweight in U.S. stocks and overweight in foreign equity was a detractor to returns, and an overweight in emerging-markets debt in the bond allocation was also a detractor.

Transamerica Funds Annual Report 2018

Page    4

Transamerica Asset Allocation – Conservative Portfolio

(unaudited)

STRATEGY REVIEW (continued)

Positive contributors included our decision to maintain a below-market duration in the bond allocation, which helped soften the effects of rising interest rates. Also, a decision to favor floating-rate bank loans in the credit sleeve over fixed-rate high-yield bonds was positive, as floating-rate loans were the bond allocation’s best-performing asset class. Finally, our decision to hold a portion of the bond allocation in absolute-return funds was helpful; we believe those funds can provide bond-like returns without the sensitivity to rising rates that bond funds have, and as a group they outperformed the broad bond market.

In general, the underlying funds in the Fund had modest contribution to performance. A handful of aggressive U.S. growth-stock funds posted robust gains, but most of the other U.S. equity funds weren’t quite able to keep up in the bullish market environment. The main foreign equity funds lagged their style indexes as well. The bond funds constituted a brighter spot in the Fund; several of them easily beat the Bloomberg Barclays U.S. Aggregate Bond Index.

We continue to believe U.S. equities were trading at frothy levels, even after October’s market retreat. And we believe the current price/earnings ratios were elevated even with cyclically high earnings in the denominator. We have subdued expectations for further U.S. stock gains from these levels over the next few years. Many other asset classes appeared expensive to us as well, but some were attractive. As of period end, we were positioned defensively overall. We were moderately underweighting equity via a reduction in U.S. equity, favoring cheaper foreign markets (including emerging markets), minimizing exposure to equity-sensitive, high-yield bonds, and holding the bond portfolio’s duration shorter than usual to help protect against rising rates. We continually assess our positioning, and strive to be meaningfully tilted toward high-conviction ideas that we expect to pay off over the next few years. However, we try not to deviate significantly from the basic risk profile investors should expect from a broadly diversified, multi-asset portfolio targeting 35% equity and 65% fixed income.

John McLaughlin, CFA

Dan McNeela, CFA

Michael Stout, CFA

Co-Portfolio Managers

Morningstar Investment Management LLC

Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		56.6	%
U.S. Equity Funds		15.9
International Equity Funds		12.5
International Fixed Income Funds		7.9
U.S. Alternative Funds		3.9
U.S. Mixed Allocation Fund		2.2
International Alternative Funds		1.1
Net Other Assets (Liabilities)		(0.1	)
Total		100.0	%

Transamerica Funds Annual Report 2018

Page    5

Transamerica Asset Allocation – Conservative Portfolio

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		(7.13	)%		2.28	%		6.08	%		03/01/2002
Class A (NAV)		(1.77	)%		3.45	%		6.68	%		03/01/2002
Bloomberg Barclays US Aggregate Bond Index (A)		(2.05	)%		1.83	%		3.94	%
Wilshire 5000 Total Market IndexSM (B)		6.74	%		10.62	%		13.35	%
Class B (POP)		(7.31	)%		2.45	%		6.07	%		03/01/2002
Class B (NAV)		(2.69	)%		2.61	%		6.07	%		03/01/2002
Class C (POP)		(3.38	)%		2.71	%		5.97	%		11/11/2002
Class C (NAV)		(2.46	)%		2.71	%		5.97	%		11/11/2002
Class I (NAV)		(1.56	)%		3.70	%		5.19	%		11/30/2009
Class R (NAV)		(2.10	)%		3.09	%		6.36	%		06/15/2006
Class T1 (POP)		(4.16	)%		—			0.67	%		03/17/2017
Class T1 (NAV)		(1.69	)%		—			2.22	%		03/17/2017
Advisor Class (NAV)		(1.65	)%		—			2.35	%		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.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares 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 and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower.

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

Asset allocation, like many investment strategies, offers no guarantee of positive returns, and mutual funds are subject to market risk, including loss of principal. Global/international stock funds and specialty/sector funds are subject to additional market risks. Fees associated with a fund-of-funds may be higher than with other funds. An investment in the Fund is subject to the risks associated with the underlying 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 2018

Page    6

Transamerica Asset Allocation – Conservative Portfolio

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Shares		Value
INVESTMENT COMPANIES - 100.1%
International Alternative Funds - 1.1%
Transamerica Global Allocation Liquidating Trust (A) (B) (C) (D) (E)		7,891		$  39,784
Transamerica Global Multifactor Macro (B)		1,016,550		9,586,065
				9,625,849
International Equity Funds - 12.5%
Transamerica Emerging Markets Equity (B)		3,957,105		36,919,787
Transamerica International Equity (B)		2,297,925		40,374,544
Transamerica International Growth (B)		2,889,109		22,737,286
Transamerica International Small Cap Value (B)		702,563		8,760,960
				108,792,577
International Fixed Income Funds - 7.9%
Transamerica Emerging Markets Debt (B)		3,110,094		30,789,931
Transamerica Inflation Opportunities (B)		3,929,891		37,923,449
				68,713,380
U.S. Alternative Funds - 3.9%
Transamerica Event Driven (B)		1,307,675		13,351,364
Transamerica Managed Futures Strategy (B)		2,829,361		20,965,566
				34,316,930
U.S. Equity Funds - 15.9%
Transamerica Capital Growth (B)		844,714		11,800,661
Transamerica Concentrated Growth (B)		612,091		11,097,209
Transamerica Dividend Focused (B)		3,223,198		34,133,665
Transamerica Growth (B)		1,194,663		13,165,192
Transamerica Large Cap Value (B)		2,198,839		26,737,882

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Equity Funds (continued)
Transamerica Mid Cap Value (B)		378,906		$   5,842,732
Transamerica Mid Cap Value Opportunities (B)		235,158		2,732,538
Transamerica Multi-Cap Growth (B)		1,480,140		12,181,552
Transamerica Small Cap Core (B)		268,057		3,096,054
Transamerica Small Cap Growth (B)		249,628		1,707,455
Transamerica Small Cap Value (B)		262,600		2,820,328
Transamerica Small Company Growth Liquidating Trust (A) (B) (C) (D) (E)		1,529		951
Transamerica US Growth (B)		617,672		13,137,884
				138,454,103
U.S. Fixed Income Funds - 56.6%
Transamerica Core Bond (B)		12,583,370		119,416,182
Transamerica Flexible Income (B)		2,046,291		18,334,771
Transamerica Floating Rate (B)		2,172,352		21,441,112
Transamerica Intermediate Bond (B)		8,488,685		82,340,243
Transamerica Short-Term Bond (B)		6,059,196		59,804,269
Transamerica Total Return (B)		19,327,631		190,183,890
				491,520,467
U.S. Mixed Allocation Fund - 2.2%
Transamerica MLP & Energy Income (B)		2,727,239		18,790,680
Total Investment Companies (Cost $874,378,131)				870,213,986
Total Investments (Cost $874,378,131)				870,213,986
Net Other Assets (Liabilities) - (0.1)%				(1,107,176	)
Net Assets - 100.0%				$  869,106,810

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	$	870,173,251	$	—	$	—	$	870,173,251
Total	$	870,173,251	$	—	$	—	$	870,173,251
Investment Companies Measured at Net Asset Value (E)								40,735
Total Investments							$	870,213,986

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	Affiliated investment in the Class I2 shares, and liquidating trusts of Transamerica Funds. Affiliated interest, dividends, realized and unrealized gains/(losses), if any, are broken out within the Statements of Operations.
(C)	Illiquid security. At October 31, 2018, the value of such securities amounted to $40,735 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 2018

Page    7

Transamerica Asset Allocation – Conservative Portfolio

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(D) Restricted securities. At October 31, 2018, 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	$	39,784		0.0	%(G)
Investment Companies	Transamerica Small Company Growth Liquidating Trust		10/26/2012		15,291		951		0.0	(G)
Total				$	96,479	$	40,735		0.0	%(G)

(E)	Certain investments are measured at fair value using the net asset value per share, or its equivalent, practical expedient and have not been classified in the fair value levels. The fair value amount presented is intended to permit reconciliation to the Total Investments amount presented within the Schedule of Investments.
(F)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(G)	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 2018

Page    8

Transamerica Asset Allocation – Growth Portfolio

(unaudited)

MARKET ENVIRONMENT

The 12-month reporting period ended on October 31, 2018 brought some moderate volatility following nine years of gains in U.S. stocks, but overall it was another rising year for U.S. equities. They got a late-2017 boost when the Tax Cuts and Jobs Act was signed into law, and continued to rally into January 2018. Equity markets hit a bump in February and March, as trade-war talk, rising interest rates, slowing growth in China, and Congressional scrutiny of social-media companies gave investors pause. Despite the S&P 500^® falling more than -10% from late January to early February, U.S. equities resumed their drift upward from April through September, propelled mainly by strong earnings growth resulting from the corporate tax cuts that went into effect at the beginning of the year. Growth stocks led value stocks by a wide margin, with some of the internet darlings notching heady gains. Although the S&P 500^® experienced a rather sharp -6.84% reversal in October, its return for the entire period was still positive at 7.35%.

Foreign markets did not benefit from the U.S. tax cuts. In fact, developed markets such as those in Europe and Japan slipped as the bullish attention was focused on the U.S. Foreign equity returns were even worse in dollar terms, owing to U.S. dollar appreciation. The MSCI EAFE Index of developed foreign markets was down -4.61% as measured in local currency, and down -6.85% once converted into dollars for U.S. investors. Emerging markets were hit harder, partly due to bellicose trade posturing of the U.S., China, Europe and Canada – all of which threatened to slow the global economy and therefore demand for the commodities supplied by many emerging markets. The MSCI Emerging Markets Index recorded a strong gain in 2017, but it posted losses over the trailing 12 months. For the 12-month period ended October 31, 2018, the Index declined -8.88% in local-currency terms, and declined -12.19% in U.S. dollars.

Meanwhile, investment-grade bonds suffered losses amid the rising-rate environment. The U.S. Federal Reserve hiked the short-term federal funds rate four times during the 12-month period, with the last hike on September 27 marking the eighth in a string that began in December 2015. Long-term bond yields crept upward as a result. The 10-year Treasury ended the period with a yield of 3.16%, a meaningful jump from 2.38% a year before. Because bond prices move in the opposite direction of interest rates, the Bloomberg Barclays U.S. Aggregate Bond Index posted a -2.05% loss despite its yield component. Credit-sensitive bonds, such as high-yield bonds, managed small gains because they’re less sensitive to rate movements and tend to gain favor when corporate earnings are strong. The Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index had a positive 0.98% return over the period. Floating-rate bank loans, meanwhile, benefited from the rate hikes as well as strong investor demand.

PERFORMANCE

For the year ended October 31, 2018, Transamerica Asset Allocation – Growth Portfolio (Class A) returned -2.33%, excluding any sales charges. By comparison, its benchmark, the Wilshire 5000 Total Market Index^SM, returned 6.74%.

STRATEGY REVIEW

The goal of the Transamerica Asset Allocation portfolios has always been to provide investors one-stop participation in the global equity markets, including asset classes beyond those reflected in the primary and secondary benchmarks. The Growth portfolio, through underlying funds, targets about 95% of assets in global equities under normal conditions, with the rest in alternative strategies and residual cash from the underlying funds. The equity portfolio is intended to cover both the U.S. and foreign equity markets across a range of investment styles, including larger and smaller companies and value and growth stocks. Management considers the neutral mix between U.S. and foreign equity markets to be about 70% U.S. equities and 30% foreign equities. The portfolio can also have exposure to global real estate securities and alternative strategies such as managed-futures, global-macro, and event-driven strategies.

Entering 2018, the S&P 500^® had already posted gains in nine consecutive calendar quarters. Our valuation-driven asset-allocation approach includes assessing relative asset-class valuations and conducting deep fundamental research into each asset class. In early 2018, we considered U.S. equity valuations already to be quite elevated by historical standards, despite record corporate earnings. Moreover, companies in the S&P 500^® were exhibiting cyclically high profit margins, which can tend to revert to longer-term averages over time. There was also concern about ballooning debt levels among U.S. corporations, partly a result of near-zero interest rates from 2009 through 2015. All of these factors indicated to us that U.S. stocks had reached overheated levels by January 2018.

In an attempt to preserve investor capital against a possible market correction, we reduced exposure to U.S. equities around the end of January and beginning of February 2018. We also tilted more toward foreign stocks, which we considered a better value. U.S. stocks subsequently fell back, posting negative returns in February and March, but they resumed their rise through the middle of the year as the tax cuts fueled earnings growth. Foreign stocks lagged as investors focused on the U.S. market. Therefore, our underweight in U.S. stocks and overweight in foreign equity was a detractor.

Positive contributors included strong performance from several aggressive-growth underlying funds, as growth stocks within the information technology, health care, and consumer-discretionary sectors led in the U.S. But as a group, the underlying funds did not provide much lift relative to their style benchmarks. Some of the U.S. equity funds weren’t quite able to keep up with the U.S. market’s rally, and the foreign equity part of the Fund was generally a source of negative returns as foreign markets struggled.

Transamerica Funds Annual Report 2018

Page    9

Transamerica Asset Allocation – Growth Portfolio

(unaudited)

STRATEGY REVIEW (continued)

We continue to believe U.S. equities were trading at frothy levels, even after October’s market retreat. And we believe the price/earnings ratios were elevated even with cyclically high earnings in the denominator. We have subdued expectations for further U.S. stock gains from these levels over the next few years. Foreign equity markets appear more attractive to us. As of period end, we were still moderately underweighting equity via a reduction in U.S. equity, while favoring cheaper foreign markets. We continually assess our positioning, and strive to be meaningfully tilted toward high-conviction ideas that we expect to pay off over the next few years. However, we try not to deviate significantly from the basic risk and return profile investors should expect from a broadly diversified, multi-asset portfolio predominantly focused on equities.

John McLaughlin, CFA

Dan McNeela, CFA

Michael Stout, CFA

Co-Portfolio Managers

Morningstar Investment Management LLC

Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		49.0	%
International Equity Funds		38.6
U.S. Mixed Allocation Fund		5.5
U.S. Alternative Funds		5.1
International Alternative Funds		1.9
Net Other Assets (Liabilities)		(0.1	)
Total		100.0	%

Transamerica Funds Annual Report 2018

Page    10

Transamerica Asset Allocation – Growth Portfolio

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		(7.69	)%		5.15	%		8.91	%		03/01/2002
Class A (NAV)		(2.33	)%		6.35	%		9.53	%		03/01/2002
Wilshire 5000 Total Market IndexSM (A)		6.74	%		10.62	%		13.35	%
Class B (POP)		(7.66	)%		5.29	%		8.88	%		03/01/2002
Class B (NAV)		(3.24	)%		5.45	%		8.88	%		03/01/2002
Class C (POP)		(3.91	)%		5.57	%		8.78	%		11/11/2002
Class C (NAV)		(3.03	)%		5.57	%		8.78	%		11/11/2002
Class I (NAV)		(2.11	)%		6.63	%		8.95	%		11/30/2009
Class R (NAV)		(2.67	)%		6.02	%		9.27	%		06/15/2006
Class T1 (POP)		(4.69	)%		—			2.80	%		03/17/2017
Class T1 (NAV)		(2.25	)%		—			4.40	%		03/17/2017
Advisor Class (NAV)		(2.24	)%		—			4.69	%		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.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares and 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 and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower.

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

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

Transamerica Funds Annual Report 2018

Page    11

Transamerica Asset Allocation – Growth Portfolio

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Shares		Value
INVESTMENT COMPANIES - 100.1%
International Alternative Funds - 1.9%
Transamerica Global Allocation Liquidating Trust (A) (B) (C) (D) (E)		5,149		$  25,959
Transamerica Global Multifactor Macro (B)		2,611,380		24,625,316
				24,651,275
International Equity Funds - 38.6%
Transamerica Emerging Markets Equity (B)		16,570,125		154,599,267
Transamerica Global Real Estate Securities (B)		300,412		3,917,377
Transamerica International Equity (B)		10,133,112		178,038,775
Transamerica International Growth (B)		14,691,516		115,622,231
Transamerica International Small Cap Value (B)		3,579,456		44,635,814
				496,813,464
U.S. Alternative Funds - 5.1%
Transamerica Event Driven (B)		2,958,285		30,204,094
Transamerica Managed Futures Strategy (B)		4,817,310		35,696,267
				65,900,361
U.S. Equity Funds - 49.0%
Transamerica Capital Growth (B)		3,591,816		50,177,675
Transamerica Concentrated Growth (B)		2,605,629		47,240,061
Transamerica Dividend Focused (B)		13,733,562		145,438,423

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Equity Funds (continued)
Transamerica Growth (B)		5,111,256		$   56,326,041
Transamerica Large Cap Value (B)		9,459,531		115,027,899
Transamerica Mid Cap Value (B)		3,095,823		47,737,586
Transamerica Mid Cap Value Opportunities (B)		1,710,822		19,879,753
Transamerica Multi-Cap Growth (B)		6,229,730		51,270,676
Transamerica Small Cap Core (B)		229,926		2,655,646
Transamerica Small Cap Growth (B)		1,962,247		13,421,766
Transamerica Small Cap Value (B)		2,443,173		26,239,680
Transamerica Small Company Growth Liquidating Trust (A) (B) (C) (D) (E)		5,111		3,178
Transamerica US Growth (B)		2,627,347		55,883,666
				631,302,050
U.S. Mixed Allocation Fund - 5.5%
Transamerica MLP & Energy Income (B)		10,316,953		71,083,809
Total Investment Companies (Cost $1,206,302,731)				1,289,750,959
Total Investments (Cost $1,206,302,731)				1,289,750,959
Net Other Assets (Liabilities) - (0.1)%				(919,147	)
Net Assets - 100.0%				$  1,288,831,812

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	$	1,289,721,822	$	—	$	—	$	1,289,721,822
Total	$	1,289,721,822	$	—	$	—	$	1,289,721,822
Investment Companies Measured at Net Asset Value (D)								29,137
Total Investments							$	1,289,750,959

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	Affiliated investment in the Class I2 shares, and liquidating trusts of Transamerica Funds. Affiliated interest, dividends, realized and unrealized gains/(losses), if any, are broken out within the Statements of Operations.

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

Transamerica Funds Annual Report 2018

Page    12

Transamerica Asset Allocation – Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(C) Restricted securities. At October 31, 2018, 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	$	25,959		0.0	%(G)
Investment Companies	Transamerica Small Company Growth Liquidating Trust		10/26/2012		51,111		3,178		0.0	(G)
Total				$	104,086	$	29,137		0.0	%(G)

(D)	Certain investments are measured at fair value using the net asset value per share, or its equivalent, practical expedient and have not been classified in the fair value levels. The fair value amount presented is intended to permit reconciliation to the Total Investments amount presented within the Schedule of Investments.
(E)	Illiquid security. At October 31, 2018, the value of such securities amounted to $29,137 or less than 0.1% of the Fund’s net assets.
(F)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(G)	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 2018

Page    13

Transamerica Asset Allocation – Moderate Growth Portfolio

(unaudited)

MARKET ENVIRONMENT

The 12-month reporting period ended on October 31, 2018 brought some moderate volatility following nine years of gains in U.S. stocks, but overall it was another rising year for U.S. equities. They got a late-2017 boost when the Tax Cuts and Jobs Act was signed into law, and continued to rally into January 2018. Equity markets hit a bump in February and March, as trade-war talk, rising interest rates, slowing growth in China, and Congressional scrutiny of social-media companies gave investors pause. Despite the S&P 500^® falling more than -10% from late January to early February, U.S. equities resumed their drift upward from April through September, propelled mainly by strong earnings growth resulting from the corporate tax cuts that went into effect at the beginning of the year. Growth stocks led value stocks by a wide margin, with some of the internet darlings notching heady gains. Although the S&P 500^® experienced a rather sharp -6.84% reversal in October, its return for the entire period was still positive at 7.35%.

Foreign markets did not benefit from the U.S. tax cuts. In fact, developed markets such as those in Europe and Japan slipped as the bullish attention was focused on the U.S. Foreign equity returns were even worse in dollar terms, owing to U.S. dollar appreciation. The MSCI EAFE Index of developed foreign markets was down -4.61% as measured in local currency, and down -6.85% once converted into dollars for U.S. investors. Emerging markets were hit harder, partly due to bellicose trade posturing of the U.S., China, Europe and Canada – all of which threatened to slow the global economy and therefore demand for the commodities supplied by many emerging markets. The MSCI Emerging Markets Index recorded a strong gain in 2017, but it posted losses over the trailing 12 months. For the 12-month period ended October 31, 2018, the Index declined -8.88% in local-currency terms, and declined -12.19% in U.S. dollars.

Meanwhile, investment-grade bonds suffered losses amid the rising-rate environment. The U.S. Federal Reserve hiked the short-term federal funds rate four times during the 12-month period, with the last hike on September 27 marking the eighth in a string that began in December 2015. Long-term bond yields crept upward as a result. The 10-year Treasury ended the period with a yield of 3.16%, a meaningful jump from 2.38% a year before. Because bond prices move in the opposite direction of interest rates, the Bloomberg Barclays U.S. Aggregate Bond Index posted a -2.05% loss despite its yield component. Credit-sensitive bonds, such as high-yield bonds, managed small gains because they’re less sensitive to rate movements and tend to gain favor when corporate earnings are strong. The Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index had a positive 0.98% return over the period. Floating-rate bank loans, meanwhile, benefited from the rate hikes as well as strong investor demand.

PERFORMANCE

For the year ended October 31, 2018, Transamerica Asset Allocation – Moderate Growth Portfolio (Class A) returned -2.02%, 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 6.74% and -2.05%, respectively.

STRATEGY REVIEW

The goal of the Transamerica Asset Allocation portfolios has always been to provide investors one-stop participation in the global financial markets, including many asset classes beyond those reflected in the primary and secondary benchmarks. The Moderate Growth portfolio, through underlying funds, provides a mix over time of about 70% equity and 30% fixed-income securities under normal conditions. The equity side is intended to cover both the U.S. and foreign equity markets across a range of investment styles, including larger and smaller companies and value and growth stocks. Management considers the neutral mix between U.S. and foreign equity markets to be about 70% U.S. equities and 30% foreign equities. The fixed-income portion normally includes investment-grade and credit-sensitive holdings, shorter- and longer-term bonds, and international bonds from both developed and emerging markets. The portfolio can also have exposure to global real estate securities and alternative strategies such as managed-futures, global-macro, and event-driven strategies.

Entering 2018, the S&P 500^® had already posted gains in nine consecutive calendar quarters. Our valuation-driven asset-allocation approach includes assessing relative asset-class valuations and conducting deep fundamental research into each asset class. In early 2018, we considered U.S. equity valuations already to be quite elevated by historical standards, despite record corporate earnings. Moreover, companies in the S&P 500^® were exhibiting cyclically high profit margins, which can tend to revert to longer-term averages over time. There was also concern about ballooning debt levels among U.S. corporations, partly a result of near-zero interest rates from 2009 through 2015. All of these factors indicated to us that U.S. stocks had reached overheated levels by January 2018.

In an attempt to preserve investor capital against a possible market correction, we reduced exposure to U.S. equities around the end of January and beginning of February 2018. We also tilted more toward foreign stocks, which we considered a better value. U.S. stocks subsequently fell back, posting negative returns in February and March, but they resumed their rise through the middle of the year as the tax cuts fueled earnings growth. Foreign stocks lagged as investors focused on the U.S. market. Therefore, our underweight in U.S. stocks and overweight in foreign equity was a detractor, and an overweight in emerging-markets debt in the bond allocation also weighed.

Transamerica Funds Annual Report 2018

Page    14

Transamerica Asset Allocation – Moderate Growth Portfolio

(unaudited)

STRATEGY REVIEW (continued)

Positive contributors included our decision to maintain a below-market duration in the bond allocation, which helped soften the effects of rising interest rates. Also, a decision to favor floating-rate bank loans in the credit sleeve over fixed-rate high-yield bonds was positive, as floating-rate loans were the bond allocation’s best-performing asset class for the reporting period. Finally, our decision to hold a portion of the bond allocation in absolute-return funds was helpful; we believe those funds can provide bond-like returns without the sensitivity to rising rates that bond funds have, and as a group they outperformed the broad bond market.

In general, the underlying funds in the Fund had modest contribution to performance. A handful of aggressive U.S. growth-stock funds posted robust gains, but most of the other U.S. equity funds weren’t quite able to keep up in the bullish market environment. The main foreign equity funds lagged their style indexes as well. The bond funds constituted a brighter spot in the Fund; several of them easily beat the Bloomberg Barclays U.S. Aggregate Bond Index.

We continue to believe U.S. equities were trading at frothy levels, even after October’s market retreat and we believe the current price/earnings ratios were elevated even with cyclically high earnings in the denominator. We have subdued expectations for further U.S. stock gains from these levels over the next few years. Many other asset classes appear expensive to us as well, but some are attractive. As of period end, we were positioned defensively overall. We were moderately underweighting equity via a reduction in U.S. equity, favoring cheaper foreign markets (including emerging markets), minimizing exposure to equity-sensitive, high-yield bonds, and holding the bond allocation’s duration shorter than usual to help protect against rising rates. We continually assess our positioning, and strive to be meaningfully tilted toward high-conviction ideas that we expect to pay off over the next few years. However, we try not to deviate significantly from the basic risk profile investors should expect from a broadly diversified, multi-asset portfolio targeting 70% equity and 30% fixed income.

John McLaughlin, CFA

Dan McNeela, CFA

Michael Stout, CFA

Co-Portfolio Managers

Morningstar Investment Management LLC

Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		34.7	%
International Equity Funds		27.4
U.S. Fixed Income Funds		24.5
U.S. Mixed Allocation Fund		4.4
International Fixed Income Funds		4.0
U.S. Alternative Funds		4.0
International Alternative Funds		1.1
Net Other Assets (Liabilities)		(0.1	)
Total		100.0	%

Transamerica Funds Annual Report 2018

Page    15

Transamerica Asset Allocation – Moderate Growth Portfolio

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		(7.43	)%		3.97	%		7.82	%		03/01/2002
Class A (NAV)		(2.02	)%		5.16	%		8.44	%		03/01/2002
Wilshire 5000 Total Market IndexSM (A)		6.74	%		10.62	%		13.35	%
Bloomberg Barclays US Aggregate Bond Index (B)		(2.05	)%		1.83	%		3.94	%
Class B (POP)		(7.51	)%		4.09	%		7.80	%		03/01/2002
Class B (NAV)		(3.02	)%		4.25	%		7.80	%		03/01/2002
Class C (POP)		(3.71	)%		4.36	%		7.69	%		11/11/2002
Class C (NAV)		(2.82	)%		4.36	%		7.69	%		11/11/2002
Class I (NAV)		(1.84	)%		5.42	%		7.47	%		11/30/2009
Class R (NAV)		(2.33	)%		4.88	%		8.20	%		06/15/2006
Class T1 (POP)		(4.47	)%		—			1.83	%		03/17/2017
Class T1 (NAV)		(2.01	)%		—			3.42	%		03/17/2017
Advisor Class (NAV)		(1.88	)%		—			3.71	%		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) The Bloomberg Barclays US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares 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 and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower.

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

Asset allocation, like many investment strategies, offers no guarantee of positive returns, and mutual funds are subject to market risk, including loss of principal. Global/international stock funds and specialty/sector funds are subject to additional market risks. Fees associated with a fund-of-funds may be higher than with other funds. An investment in the Fund is subject to the risks associated with the underlying 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 2018

Page    16

Transamerica Asset Allocation – Moderate Growth Portfolio

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Shares		Value
INVESTMENT COMPANIES - 100.1%
International Alternative Funds - 1.1%
Transamerica Global Allocation Liquidating Trust (A) (B) (C) (D) (E)		34,418		$  173,521
Transamerica Global Multifactor Macro (B)		2,573,831		24,271,226
				24,444,747
International Equity Funds - 27.4%
Transamerica Emerging Markets Equity (B)		19,769,723		184,451,516
Transamerica Global Real Estate Securities (B)		756,221		9,861,122
Transamerica International Equity (B)		13,145,761		230,971,015
Transamerica International Growth (B)		16,549,446		130,244,141
Transamerica International Small Cap Value (B)		4,440,294		55,370,463
				610,898,257
International Fixed Income Funds - 4.0%
Transamerica Emerging Markets Debt (B)		6,259,962		61,973,621
Transamerica Inflation Opportunities (B)		2,863,605		27,633,786
				89,607,407
U.S. Alternative Funds - 4.0%
Transamerica Event Driven (B)		3,328,160		33,980,514
Transamerica Managed Futures Strategy (B)		7,268,012		53,855,971
				87,836,485
U.S. Equity Funds - 34.7%
Transamerica Capital Growth (B)		4,438,587		62,007,059
Transamerica Concentrated Growth (B)		3,214,593		58,280,579
Transamerica Dividend Focused (B)		16,955,057		179,554,057
Transamerica Growth (B)		6,313,161		69,571,034

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Equity Funds (continued)
Transamerica Large Cap Value (B)		11,665,697		$   141,854,876
Transamerica Mid Cap Value (B)		4,112,000		63,407,039
Transamerica Mid Cap Value Opportunities (B)		2,413,582		28,045,826
Transamerica Multi-Cap Growth (B)		7,735,464		63,662,872
Transamerica Small Cap Core (B)		859,768		9,930,323
Transamerica Small Cap Growth (B)		1,348,649		9,224,759
Transamerica Small Cap Value (B)		1,666,160		17,894,562
Transamerica Small Company Growth Liquidating Trust (A) (B) (C) (D) (E)		4,660		2,897
Transamerica US Growth (B)		3,242,203		68,961,648
				772,397,531
U.S. Fixed Income Funds - 24.5%
Transamerica Core Bond (B)		14,499,441		137,599,691
Transamerica Flexible Income (B)		3,524,420		31,578,800
Transamerica Floating Rate (B)		3,673,184		36,254,330
Transamerica Intermediate Bond (B)		10,170,763		98,656,405
Transamerica Short-Term Bond (B)		4,057,547		40,047,984
Transamerica Total Return (B)		20,508,977		201,808,332
				545,945,542
U.S. Mixed Allocation Fund - 4.4%
Transamerica MLP & Energy Income (B)		14,061,317		96,882,471
Total Investment Companies (Cost $2,151,724,889)				2,228,012,440
Total Investments (Cost $2,151,724,889)				2,228,012,440
Net Other Assets (Liabilities) - (0.1)%				(2,075,808	)
Net Assets - 100.0%				$  2,225,936,632

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	$	2,227,836,022	$	—	$	—	$	2,227,836,022
Total	$	2,227,836,022	$	—	$	—	$	2,227,836,022
Investment Companies Measured at Net Asset Value (E)								176,418
Total Investments							$	2,228,012,440

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	Affiliated investment in the Class I2 shares, and liquidating trusts of Transamerica Funds. Affiliated interest, dividends, realized and unrealized gains/(losses), if any, are broken out within the Statements of Operations.
(C)	Illiquid security. At October 31, 2018, the value of such securities amounted to $176,418 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 2018

Page    17

Transamerica Asset Allocation – Moderate Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(D) Restricted securities. At October 31, 2018, 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	$	173,521		0.0	%(G)
Investment Companies	Transamerica Small Company Growth Liquidating Trust		10/26/2012		46,600		2,897		0.0	(G)
Total				$	400,711	$	176,418		0.0	%(G)

(E)	Certain investments are measured at fair value using the net asset value per share, or its equivalent, practical expedient and have not been classified in the fair value levels. The fair value amount presented is intended to permit reconciliation to the Total Investments amount presented within the Schedule of Investments.
(F)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(G)	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 2018

Page    18

Transamerica Asset Allocation – Moderate Portfolio

(unaudited)

MARKET ENVIRONMENT

The 12-month reporting period ended on October 31, 2018 brought some moderate volatility following nine years of gains in U.S. stocks, but overall it was another rising year for U.S. equities. They got a late-2017 boost when the Tax Cuts and Jobs Act was signed into law, and continued to rally into January 2018. Equity markets hit a bump in February and March, as trade-war talk, rising interest rates, slowing growth in China, and Congressional scrutiny of social-media companies gave investors pause. Despite the S&P 500^® falling more than -10% from late January to early February, U.S. equities resumed their drift upward from April through September, propelled mainly by strong earnings growth resulting from the corporate tax cuts that went into effect at the beginning of the year. Growth stocks led value stocks by a wide margin, with some of the internet darlings notching heady gains. Although the S&P 500^® experienced a rather sharp -6.84% reversal in October, its return for the entire period was still positive at 7.35%.

Foreign markets did not benefit from the U.S. tax cuts. In fact, developed markets such as those in Europe and Japan slipped as the bullish attention was focused on the U.S. Foreign equity returns were even worse in dollar terms, owing to U.S. dollar appreciation. The MSCI EAFE Index of developed foreign markets was down -4.61% as measured in local currency, and down -6.85% once converted into dollars for U.S. investors. Emerging markets were hit harder, partly due to bellicose trade posturing of the U.S., China, Europe and Canada – all of which threatened to slow the global economy and therefore demand for the commodities supplied by many emerging markets. The MSCI Emerging Markets Index recorded a strong gain in 2017, but it posted losses over the trailing 12 months. For the 12-month period ended on October 31, 2018, the Index declined -8.88% in local-currency terms, and declined -12.19% in U.S. dollars.

Meanwhile, investment-grade bonds suffered losses amid the rising-rate environment. The U.S. Federal Reserve hiked the short-term federal funds rate four times during the 12-month period, with the last hike on September 27 marking the eighth in a string that began in December 2015. Long-term bond yields crept upward as a result. The 10-year Treasury ended the period with a yield of 3.16%, a meaningful jump from 2.38% a year before. Because bond prices move in the opposite direction of interest rates, the Bloomberg Barclays U.S. Aggregate Bond Index posted a -2.05% loss despite its yield component. Credit-sensitive bonds, such as high-yield bonds, managed small gains because they’re less sensitive to rate movements and tend to gain favor when corporate earnings are strong. The Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index had a positive 0.98% return over the period. Floating-rate bank loans, meanwhile, benefited from the rate hikes as well as strong investor demand.

PERFORMANCE

For the year ended October 31, 2018, Transamerica Asset Allocation – Moderate Portfolio (Class A) returned -1.89%, 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 6.74% and -2.05%, respectively.

STRATEGY REVIEW

The goal of the Transamerica Asset Allocation portfolios has always been to provide investors one-stop participation in the global financial markets, including many asset classes beyond those reflected in the primary and secondary benchmarks. The Moderate portfolio, through underlying funds, provides a mix over time of about 50% equity and 50% fixed-income securities under normal conditions. The equity side is intended to cover both the U.S. and foreign equity markets across a range of investment styles, including larger and smaller companies and value and growth stocks. Management considers the neutral mix between U.S. and foreign equity markets to be about 70% U.S. equities and 30% foreign equities. The fixed-income portion normally includes investment-grade and credit-sensitive holdings, shorter- and longer-term bonds, and international bonds from both developed and emerging markets. The portfolio can also have exposure to global real estate securities and alternative strategies such as managed-futures, global-macro and event-driven strategies.

Entering 2018, the S&P 500^® had already posted gains in nine consecutive calendar quarters. Our valuation-driven asset-allocation approach includes assessing relative asset-class valuations and conducting deep fundamental research into each asset class. In early 2018 we considered U.S. equity valuations already to be quite elevated by historical standards, despite record corporate earnings. Moreover, companies in the S&P 500^® were exhibiting cyclically high profit margins, which can tend to revert to longer-term averages over time. There was also concern about ballooning debt levels among U.S. corporations, partly a result of near-zero interest rates from 2009 through 2015. All of these factors indicated to us that U.S. stocks had reached overheated levels by January 2018.

In an attempt to preserve investor capital against a possible market correction, we reduced exposure to U.S. equities around the end of January and beginning of February 2018. We also tilted toward foreign stocks, which we considered a better value. U.S. stocks subsequently fell back, positing negative returns in February and March, but they resumed their rise through the middle of the year as the tax cuts fueled earnings growth. Foreign stocks lagged as investors focused on the U.S. market. Therefore, our underweight in U.S. stocks and overweight in foreign equity was a detractor, and our overweight in emerging-markets debt in the bond allocation also weighed.

Transamerica Funds Annual Report 2018

Page    19

Transamerica Asset Allocation – Moderate Portfolio

(unaudited)

STRATEGY REVIEW (continued)

Positive contributors included our decision to maintain a below-market duration in the bond allocation, which helped soften the effects of rising interest rates. Also, a decision to favor floating-rate bank loans in the credit sleeve over fixed-rate, high-yield bonds was positive, as floating-rate loans were by far the bond allocation’s best-performing asset class. Finally, our decision to hold a portion of the bond allocation in absolute-return funds was helpful; we believe those funds can provide bond-like returns without the sensitivity to rising rates that bond funds have, and as a group they outperformed the broad bond market.

In general, the underlying funds in the Fund had modest contribution to performance. A handful of aggressive U.S. growth-stock funds posted robust gains, but most of the other U.S. equity funds weren’t quite able to keep up in the bullish market environment. The main foreign equity funds lagged their style indexes as well. The bond funds constituted a brighter spot in the Fund; several of them easily beat the Bloomberg Barclays U.S. Aggregate Bond Index.

We continue to believe U.S. equities were trading at frothy levels, even after October’s market retreat. And we believe the price/earnings ratios were elevated even with cyclically high earnings in the denominator. We have subdued expectations for further U.S. stock gains from these levels over the next few years. Many other asset classes appear expensive to us as well, but some are attractive. As of period end, we were positioned defensively overall. We were moderately underweighting equity via a reduction in U.S. equity, favoring cheaper foreign markets (including emerging markets), minimizing exposure to equity-sensitive high-yield bonds, and holding the bond allocation’s duration shorter than usual to help protect against rising rates. We continually assess our positioning, and strive to be meaningfully tilted toward high-conviction ideas that we expect to pay off over the next few years. However, we try not to deviate significantly from the basic risk profile investors should expect from a broadly diversified, multi-asset portfolio targeting 50% equity and 50% fixed income.

John McLaughlin, CFA

Dan McNeela, CFA

Michael Stout, CFA

Co-Portfolio Managers

Morningstar Investment Management LLC

Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		43.4	%
U.S. Equity Funds		23.7
International Equity Funds		18.8
International Fixed Income Funds		5.9
U.S. Alternative Funds		4.0
U.S. Mixed Allocation Fund		3.2
International Alternative Funds		1.1
Net Other Assets (Liabilities)		(0.1	)
Total		100.0	%

Transamerica Funds Annual Report 2018

Page    20

Transamerica Asset Allocation – Moderate Portfolio

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		(7.25	)%		2.91	%		6.91	%		03/01/2002
Class A (NAV)		(1.89	)%		4.08	%		7.51	%		03/01/2002
Wilshire 5000 Total Market IndexSM (A)		6.74	%		10.62	%		13.35	%
Bloomberg Barclays US Aggregate Bond Index (B)		(2.05	)%		1.83	%		3.94	%
Class B (POP)		(7.42	)%		3.03	%		6.87	%		03/01/2002
Class B (NAV)		(2.83	)%		3.18	%		6.87	%		03/01/2002
Class C (POP)		(3.59	)%		3.30	%		6.77	%		11/11/2002
Class C (NAV)		(2.68	)%		3.30	%		6.77	%		11/11/2002
Class I (NAV)		(1.73	)%		4.32	%		6.23	%		11/30/2009
Class R (NAV)		(2.08	)%		3.82	%		7.28	%		06/15/2006
Class T1 (POP)		(4.34	)%		—			1.14	%		03/17/2017
Class T1 (NAV)		(1.88	)%		—			2.73	%		03/17/2017
Advisor Class (NAV)		(1.75	)%		—			2.92	%		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) The Bloomberg Barclays US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares 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 and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower.

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

Asset allocation, like many investment strategies, offers no guarantee of positive returns, and mutual funds are subject to market risk, including loss of principal. Global/international stock funds and specialty/sector funds are subject to additional market risks. Fees associated with a fund-of-funds may be higher than with other funds. An investment in the Fund is subject to the risks associated with the underlying 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 2018

Page    21

Transamerica Asset Allocation – Moderate Portfolio

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Shares		Value
INVESTMENT COMPANIES - 100.1%
International Alternative Funds - 1.1%
Transamerica Global Allocation Liquidating Trust (A) (B) (C) (D) (E)		21,365		$  107,712
Transamerica Global Multifactor Macro (B)		1,851,383		17,458,540
				17,566,252
International Equity Funds - 18.8%
Transamerica Emerging Markets Equity (B)		9,790,877		91,348,880
Transamerica International Equity (B)		6,744,795		118,506,053
Transamerica International Growth (B)		8,079,904		63,588,843
Transamerica International Small Cap Value (B)		2,163,995		26,985,014
				300,428,790
International Fixed Income Funds - 5.9%
Transamerica Emerging Markets Debt (B)		5,438,442		53,840,572
Transamerica Inflation Opportunities (B)		4,136,129		39,913,645
				93,754,217
U.S. Alternative Funds - 4.0%
Transamerica Event Driven (B)		2,388,334		24,384,886
Transamerica Managed Futures Strategy (B)		5,211,245		38,615,322
				63,000,208
U.S. Equity Funds - 23.7%
Transamerica Capital Growth (B)		2,191,177		30,610,742
Transamerica Concentrated Growth (B)		1,586,020		28,754,548
Transamerica Dividend Focused (B)		8,358,895		88,520,696
Transamerica Growth (B)		3,113,167		34,307,106
Transamerica Large Cap Value (B)		5,742,890		69,833,536
Transamerica Mid Cap Value (B)		1,786,842		27,553,102
Transamerica Mid Cap Value Opportunities (B)		1,073,814		12,477,718

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Equity Funds (continued)
Transamerica Multi-Cap Growth (B)		3,819,765		$   31,436,666
Transamerica Small Cap Core (B)		468,585		5,412,151
Transamerica Small Cap Growth (B)		762,125		5,212,938
Transamerica Small Cap Value (B)		933,918		10,030,280
Transamerica Small Company Growth Liquidating Trust (A) (B) (C) (D) (E)		2,887		1,795
Transamerica US Growth (B)		1,598,537		34,000,886
				378,152,164
U.S. Fixed Income Funds - 43.4%
Transamerica Core Bond (B)		17,852,608		169,421,254
Transamerica Flexible Income (B)		4,945,432		44,311,072
Transamerica Floating Rate (B)		3,314,908		32,718,146
Transamerica Intermediate Bond (B)		12,404,296		120,321,675
Transamerica Short-Term Bond (B)		6,186,983		61,065,524
Transamerica Total Return (B)		26,750,055		263,220,541
				691,058,212
U.S. Mixed Allocation Fund - 3.2%
Transamerica MLP & Energy Income (B)		7,494,976		51,640,384
Total Investment Companies (Cost $1,565,095,750)				1,595,600,227
Total Investments (Cost $1,565,095,750)				1,595,600,227
Net Other Assets (Liabilities) - (0.1)%				(1,667,552	)
Net Assets - 100.0%				$  1,593,932,675

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	$	1,595,490,720	$	—	$	—	$	1,595,490,720
Total	$	1,595,490,720	$	—	$	—	$	1,595,490,720
Investment Companies Measured at Net Asset Value (E)								109,507
Total Investments							$	1,595,600,227

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	Affiliated investment in the Class I2 shares, and liquidating trusts of Transamerica Funds. Affiliated interest, dividends, realized and unrealized gains/(losses), if any, are broken out within the Statements of Operations.
(C)	Illiquid security. At October 31, 2018, the value of such securities amounted to $109,507 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 2018

Page    22

Transamerica Asset Allocation – Moderate Portfolio

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(D) Restricted securities. At October 31, 2018, 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	$	107,712		0.0	%(G)
Investment Companies	Transamerica Small Company Growth Liquidating Trust		10/26/2012		28,869		1,795		0.0	(G)
Total				$	248,682	$	109,507		0.0	%(G)

(E)	Certain investments are measured at fair value using the net asset value per share, or its equivalent, practical expedient and have not been classified in the fair value levels. The fair value amount presented is intended to permit reconciliation to the Total Investments amount presented within the Schedule of Investments.
(F)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(G)	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 2018

Page    23

Transamerica Asset Allocation Intermediate Horizon

(unaudited)

MARKET ENVIRONMENT

Risk assets were in rally mode when the period began, as U.S. and foreign equities as well as corporate credit assets had all been advancing for most of 2017. That rally continued briefly into 2018, but quickly waned with growing prospects for rising interest rates and tariffs threatening to slow future growth.

As fourth quarter earnings reports began to cycle in during February, we were greeted with robust growth, easing investors’ nerves. This allowed the U.S. market to shift back to an upward bias, which continued throughout most of the period, with both first and second quarter operating earnings growing at a very robust pace. Foreign markets, however, remained weak as trade concerns and a strengthening dollar continued to weigh.

Interest rates were in focus throughout the year, as the U.S. Federal Reserve (“Fed”) continued its measured pace of rate hikes while the benchmark 10-year Treasury yield rose steadily, primarily on economic and corporate growth as well as hints of inflation. In contrast to the near-zero interest rate policy employed by the Fed from 2008 through late-2015, policy rates increased four times during the period, bringing the Fed Funds Rate to a range between 2.00% and 2.25%. The 10-year Treasury yield also moved higher, closing the period above 3%.

Markets saw volatility increase as the period drew to a close, with broad U.S. and foreign indexes experiencing declines near 10%. While trade and inflation seemed to play a role, an expected earnings slowdown for next year was also given some of the blame, as 2018’s forecast earnings growth of over 20% gave way to lower, but still low double digit, expectations for 2019.

Asset class returns were very disparate over the last 12 months, with U.S. equities and credit posting positive returns while foreign markets and high quality, longer maturity fixed income lagged. These environments can tend to frustrate well diversified investors, as the losers drag down overall portfolio returns. We remind readers, however, that they are in a diversified portfolio because it may help to mitigate risk and aid in the financial planning process.

PERFORMANCE

For the year ended October 31, 2018, Transamerica Asset Allocation Intermediate Horizon (Class R4) returned 0.18%. 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 7.35%, -2.05% and 1.32%, 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 portfolio is periodically rebalanced based on how much the underlying holdings drift from the strategic target in an effort to both maintain the target allocations and to redeploy assets incrementally from outperforming holdings into those that are weaker in an effort to continually buy low and sell high.

The Fund’s best-performing holding over the 12-month period ended on October 31, 2018 was Transamerica Large Growth with a gain of 10.94%. It was also the largest positive contributor to overall performance and had a target weight in the portfolio of 13%. The top performing fixed income fund in the portfolio, aside from Transamerica Government Money Market which returned 1.41%, was Transamerica High Quality Bond. It carried a target weight of 8% and produced a total return of 0.57%.

The weakest performing holding and largest overall detractor during the period was Transamerica International Equity which lost -7.41% and had a target allocation of 12%. The weakest fixed income fund in the portfolio, Transamerica Intermediate Bond, hampered by rising interest rates, lost -2.21%. It carried a target weighting of 24%.

Christopher A. Staples, CFA

Kane Cotton, CFA

Sean Serrell, CFA

Co-Portfolio Managers

Transamerica Asset Management, Inc.

Transamerica Funds Annual Report 2018

Page    24

Transamerica Asset Allocation Intermediate Horizon

(unaudited)

Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		50.9	%
U.S. Equity Funds		38.6
International Equity Fund		10.4
Money Market Fund		0.2
Net Other Assets (Liabilities)		(0.1	)
Total		100.0	%

Transamerica Funds Annual Report 2018

Page    25

Transamerica Asset Allocation Intermediate Horizon

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018

	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class R (NAV)		(0.07	)%		—			2.85	%		05/19/2017
Class R4 (NAV)		0.18	%		4.44	%		7.74	%		09/11/2000
S&P 500® (A)		7.35	%		11.34	%		13.24	%
Bloomberg Barclays US Aggregate Bond Index (B)		(2.05	)%		1.83	%		3.94	%
Transamerica Asset Allocation Intermediate Horizon Blended Benchmark (B) (C) (D) (E) (F) (G) (H) (I)		1.32	%		5.34	%		8.27	%

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

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

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

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

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

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

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

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

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

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

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

If a sales charge had been deducted, the results would have been lower. There are no sales charges for Class R shares. Class R shares are available only to eligible retirement plans.

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

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

Asset allocation, like many investment strategies, offers no guarantee of positive returns, and mutual funds are subject to market risk, including loss of principal. Global/international stock funds and specialty/sector funds are subject to additional market risks. Fees associated with a fund-of-funds may be higher than with other funds. An investment in the fund is subject to the risks associated with the underlying 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 2018

Page    26

Transamerica Asset Allocation Intermediate Horizon

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Shares		Value
INVESTMENT COMPANIES - 100.1%
International Equity Fund - 10.4%
Transamerica International Equity (A)		2,183,402		$  38,602,542
Money Market Fund - 0.2%
Transamerica Government Money Market (A)		756,752		756,752
U.S. Equity Funds - 38.6%
Transamerica Large Growth (A)		4,032,384		50,203,179
Transamerica Large Value Opportunities (A)		4,678,562		50,294,543
Transamerica Mid Cap Growth (A)		810,382		10,648,422
Transamerica Mid Cap Value Opportunities (A)		929,201		10,843,772
Transamerica Small Cap Growth (A)		1,691,246		11,568,120
Transamerica Small Cap Value (A)		964,602		10,388,769
				143,946,805

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Fixed Income Funds - 50.9%
Transamerica High Quality Bond (A)		3,207,318		$   31,399,647
Transamerica High Yield Bond (A)		2,689,101		24,013,674
Transamerica Inflation-Protected Securities (A)		4,461,074		42,960,142
Transamerica Intermediate Bond (A)		9,390,415		91,274,833
				189,648,296
Total Investment Companies (Cost $367,297,797)				372,954,395
Total Investments (Cost $367,297,797)				372,954,395
Net Other Assets (Liabilities) - (0.1)%				(204,092	)
Net Assets - 100.0%				$  372,750,303

SECURITY VALUATION:

Valuation Inputs ^(B)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Investment Companies	$	372,954,395	$	—	$	—	$	372,954,395
Total Investments	$	372,954,395	$	—	$	—	$	372,954,395

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Affiliated investment in the Class I3 shares of Transamerica Funds. Affiliated interest, dividends, realized and unrealized gains/(losses), if any, are broken out within the Statements of Operations.
(B)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. 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 2018

Page    27

Transamerica Asset Allocation Long Horizon

(unaudited)

MARKET ENVIRONMENT

Risk assets were in rally mode when the period began, as U.S. and foreign equities as well as corporate credit assets had all been advancing for most of 2017. That rally continued briefly into 2018, but quickly waned with growing prospects for rising interest rates and tariffs threatening to slow future growth.

As fourth quarter earnings reports began to cycle in during February, we were greeted with robust growth, easing investors’ nerves. This allowed the U.S. market to shift back to an upward bias, which continued throughout most of the period, with both first and second quarter operating earnings growing at a very robust pace. Foreign markets, however, remained weak as trade concerns and a strengthening dollar continued to weigh.

Interest rates were in focus throughout the year, as the U.S. Federal Reserve (“Fed”) continued its measured pace of rate hikes while the benchmark 10-year Treasury yield rose steadily, primarily on economic and corporate growth as well as hints of inflation. In contrast to the near-zero interest rate policy employed by the Fed from 2008 through late-2015, policy rates increased four times during the period, bringing the Fed Funds Rate to a range between 2.00% and 2.25%. The 10-year Treasury yield also moved higher, closing the period above 3%.

Markets saw volatility increase as the period drew to a close, with broad U.S. and foreign indexes experiencing declines near 10%. While trade and inflation seemed to play a role, an expected earnings slowdown for next year was also given some of the blame, as 2018’s forecast earnings growth of over 20% gave way to lower, but still low double digit, expectations for 2019.

Asset class returns were very disparate over the last 12 months, with U.S. equities and credit posting positive returns while foreign markets and high quality, longer maturity fixed income lagged. These environments can tend to frustrate well diversified investors, as the losers drag down overall portfolio returns. We remind readers, however, that they are in a diversified portfolio because it may help to mitigate risk and aid in the financial planning process.

PERFORMANCE

For the year ended October 31, 2018, Transamerica Asset Allocation Long Horizon (Class R4) returned 0.72%. By comparison, its primary and secondary benchmarks, the S&P 500^® and the Transamerica Asset Allocation Long Horizon Blended Benchmark, returned 7.35% and 2.75%, respectively.

STRATEGY REVIEW

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

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

The Fund’s best-performing holding over the 12-month period ended on October 31, 2018 was Transamerica Large Growth with a gain of 10.94%. 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, aside from Transamerica Government Money Market which returned 1.41%, was Transamerica High Quality Bond. It carried a target weight of 0.5% and produced a total return of 0.57%.

The weakest performing holding during the period was Transamerica International Equity which lost -7.41% and had a target allocation of 24%. The weakest fixed income fund in the portfolio, Transamerica Intermediate Bond, hampered by rising interest rates, lost -2.21%. It carried a target weighting of 4%.

Christopher A. Staples, CFA

Kane Cotton, CFA

Sean Serrell, CFA

Co-Portfolio Managers

Transamerica Asset Management, Inc.

Transamerica Funds Annual Report 2018

Page    28

Transamerica Asset Allocation Long Horizon

(unaudited)

Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		67.4	%
International Equity Fund		22.5
U.S. Fixed Income Funds		10.0
Money Market Fund		0.2
Net Other Assets (Liabilities)		(0.1	)
Total		100.0	%

Transamerica Funds Annual Report 2018

Page    29

Transamerica Asset Allocation Long Horizon

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class R (NAV)		0.47	%		—			5.03	%		05/19/2017
Class R4 (NAV)		0.72	%		6.33	%		9.68	%		09/11/2000
S&P 500® (A)		7.35	%		11.34	%		13.24	%
Transamerica Asset Allocation Long Horizon Blended Benchmark (B) (C) (D) (E) (F) (G) (H)		2.75	%		7.92	%		11.13	%

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

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

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

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

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

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

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

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

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

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

If a sales charge had been deducted, the results would have been lower. There are no sales charges for Class R shares. Class R shares are available only to eligible retirement plans.

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

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

Asset allocation, like many investment strategies, offers no guarantee of positive returns, and mutual funds are subject to market risk, including loss of principal. Global/international stock funds and specialty/sector funds are subject to additional market risks. Fees associated with a fund-of-funds may be higher than with other funds. An investment in the fund is subject to the risks associated with the underlying 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 2018

Page    30

Transamerica Asset Allocation Long Horizon

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Shares		Value
INVESTMENT COMPANIES - 100.1%
International Equity Fund - 22.5%
Transamerica International Equity (A)		2,744,955		$  48,530,813
Money Market Fund - 0.2%
Transamerica Government Money Market (A)		419,311		419,311
U.S. Equity Funds - 67.4%
Transamerica Large Growth (A)		3,901,647		48,575,508
Transamerica Large Value Opportunities (A)		4,300,771		46,233,285
Transamerica Mid Cap Growth (A)		912,885		11,995,303
Transamerica Mid Cap Value Opportunities (A)		1,080,345		12,607,628
Transamerica Small Cap Growth (A)		1,989,473		13,607,993
Transamerica Small Cap Value (A)		1,161,806		12,512,653
				145,532,370

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Fixed Income Funds - 10.0%
Transamerica High Quality Bond (A)		113,462		$   1,110,797
Transamerica High Yield Bond (A)		506,661		4,524,481
Transamerica Inflation-Protected Securities (A)		750,617		7,228,445
Transamerica Intermediate Bond (A)		898,700		8,735,362
				21,599,085
Total Investment Companies (Cost $203,205,579)				216,081,579
Total Investments (Cost $203,205,579)				216,081,579
Net Other Assets (Liabilities) - (0.1)%				(115,794	)
Net Assets - 100.0%				$  215,965,785

SECURITY VALUATION:

Valuation Inputs ^(B)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Investment Companies	$	216,081,579	$	—	$	—	$	216,081,579
Total Investments	$	216,081,579	$	—	$	—	$	216,081,579

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Affiliated investment in the Class I3 shares of Transamerica Funds. Affiliated interest, dividends, realized and unrealized gains/(losses), if any, are broken out within the Statements of Operations.
(B)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. 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 2018

Page    31

Transamerica Asset Allocation Short Horizon

(unaudited)

MARKET ENVIRONMENT

Risk assets were in rally mode when the period began, as U.S. and foreign equities as well as corporate credit assets had all been advancing for most of 2017. That rally continued briefly into 2018, but quickly waned with growing prospects for rising interest rates and tariffs threatening to slow future growth.

As fourth quarter earnings reports began to cycle in during February, we were greeted with robust growth, easing investors’ nerves. This allowed the U.S. market to shift back to an upward bias, which continued throughout most of the period, with both first and second quarter operating earnings growing at a very robust pace. Foreign markets, however, remained weak as trade concerns and a strengthening dollar continued to weigh.

Interest rates were in focus throughout the year, as the U.S. Federal Reserve (“Fed”) continued its measured pace of rate hikes while the benchmark 10-year Treasury yield rose steadily, primarily on economic and corporate growth as well as hints of inflation. In contrast to the near-zero interest rate policy employed by the Fed from 2008 through late-2015, policy rates increased four times during the period, bringing the Fed Funds Rate to a range between 2.00% and 2.25%. The 10-year Treasury yield also moved higher, closing the period above 3%.

Markets saw volatility increase as the period drew to a close, with broad U.S. and foreign indexes experiencing declines near 10%. While trade and inflation seemed to play a role, an expected earnings slowdown for next year was also given some of the blame, as 2018’s forecast earnings growth of over 20% gave way to lower, but still low double digit, expectations for 2019.

Asset class returns were very disparate over the last 12 months, with U.S. equities and credit posting positive returns while foreign markets and high quality, longer maturity fixed income lagged. These environments can tend to frustrate well diversified investors, as the losers drag down overall portfolio returns. We remind readers, however, that they are in a diversified portfolio because it may help to mitigate risk and aid in the financial planning process.

PERFORMANCE

For the year ended October 31, 2018, Transamerica Asset Allocation Short Horizon (Class R4) returned -1.01%. By comparison, its primary and secondary benchmarks, the Bloomberg Barclays US Aggregate Bond Index and the Transamerica Asset Allocation Short Horizon Blended Benchmark, returned -2.05% and -0.53%, 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 Short Horizon invests approximately 10% in equity funds and 90% in fixed income funds. The portfolio is periodically rebalanced based on how much the underlying holdings drift from the strategic target in an effort to both maintain the target allocations and to redeploy assets incrementally from outperforming holdings into those that are weaker-performing in an effort to continually buy low and sell high.

The Fund’s best-performing holding over the 12-month period ended on October 31, 2018 was Transamerica Large Growth with a gain of 10.94%. It was also the largest positive contributor to overall performance and had a target weight in the portfolio of 3%. The top performing fixed income fund in the portfolio, aside from Transamerica Government Money Market which returned 1.41%, was Transamerica High Quality Bond. It carried a target weight of 17% and produced a total return of 0.57%.

The weakest performing holding during the period was Transamerica International Equity which lost -7.41% and had a target allocation of 2%. The weakest fixed income fund in the portfolio, Transamerica Intermediate Bond, hampered by rising interest rates, lost -2.21%. It carried a target weighting of 46% and was the largest overall detractor.

Christopher A. Staples, CFA

Kane Cotton, CFA

Sean Serrell, CFA

Co-Portfolio Managers

Transamerica Asset Management, Inc.

Transamerica Funds Annual Report 2018

Page    32

Transamerica Asset Allocation Short Horizon

(unaudited)

Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		90.4	%
U.S. Equity Funds		7.7
International Equity Fund		1.9
Money Market Fund		0.1
Net Other Assets (Liabilities)		(0.1	)
Total		100.0	%

Transamerica Funds Annual Report 2018

Page    33

Transamerica Asset Allocation Short Horizon

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class R (NAV)		(1.21	)%		—			0.34	%		05/19/2017
Class R4 (NAV)		(1.01	)%		2.21	%		5.29	%		09/11/2000
Bloomberg Barclays US Aggregate Bond Index (A)		(2.05	)%		1.83	%		3.94	%
Transamerica Asset Allocation Short Horizon Blended Benchmark (A) (B) (C) (D) (E) (F) (G) (H)		(0.53	)%		2.51	%		5.02	%

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

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

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

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

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

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

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

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

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

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

If a sales charge had been deducted, the results would have been lower. There are no sales charges for Class R shares. Class R shares are available only to eligible retirement plans.

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

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

Asset allocation, like many investment strategies, offers no guarantee of positive returns, and mutual funds are subject to market risk, including loss of principal. Global/international stock funds and specialty/sector funds are subject to additional market risks. Fees associated with a fund-of-funds may be higher than with other funds. An investment in the fund is subject to the risks associated with the underlying 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 2018

Page    34

Transamerica Asset Allocation Short Horizon

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Shares		Value
INVESTMENT COMPANIES - 100.1%
International Equity Fund - 1.9%
Transamerica International Equity (A)		152,734		$  2,700,343
Money Market Fund - 0.1%
Transamerica Government Money Market (A)		143,903		143,903
U.S. Equity Funds - 7.7%
Transamerica Large Growth (A)		333,455		4,151,512
Transamerica Large Value Opportunities (A)		403,720		4,339,991
Transamerica Small Cap Core (A)		234,213		2,733,266
				11,224,769
U.S. Fixed Income Funds - 90.4%
Transamerica High Quality Bond (A)		2,696,981		26,403,443
Transamerica High Yield Bond (A)		1,623,345		14,496,475

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Fixed Income Funds (continued)
Transamerica Inflation-Protected Securities (A)		2,493,122		$   24,008,769
Transamerica Intermediate Bond (A)		6,829,915		66,386,770
				131,295,457
Total Investment Companies (Cost $148,956,863)				145,364,472
Total Investments (Cost $148,956,863)				145,364,472
Net Other Assets (Liabilities) - (0.1)%				(79,718	)
Net Assets - 100.0%				$  145,284,754

SECURITY VALUATION:

Valuation Inputs ^(B)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Investment Companies	$	145,364,472	$	—	$	—	$	145,364,472
Total Investments	$	145,364,472	$	—	$	—	$	145,364,472

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Affiliated investment in the Class I3 shares of Transamerica Funds. Affiliated interest, dividends, realized and unrealized gains/(losses), if any, are broken out within the Statements of Operations.
(B)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. 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 2018

Page    35

Transamerica Multi-Manager Alternative Strategies Portfolio

(unaudited)

MARKET ENVIRONMENT

In the fourth quarter of 2017, a mix of continued healthy global economic growth, a solid earnings season and the absence of hawkish surprises from major central banks helped markets to a strong calendar-year finish. Both developed market equities, as measured by the MSCI World Index, and emerging market equities, as measured by the MSCI Emerging Market Index, delivered positive returns with emerging outperforming developed equities. U.S. equities outpaced global equities, and the U.S. 10-Year Treasury yield rose on the back of positive growth impacts from the corporate tax cut included in the tax reform legislation passed in December 2017.

The first half of 2018 saw increased volatility, and global equity markets experienced their first pullback in February after rallying for eight consecutive quarters. Global equity prices peaked during the last week of January before retreating on news of stronger-than-expected U.S. wage growth data in early February. Rising concerns about potential trade protectionism and worsening market sentiment about U.S. technology stocks resulted in a second sell-off in March. Divergence between U.S. economic growth and the rest of the world began to appear in the second quarter, with economic data slowing across non-U.S. developed markets and emerging markets broadly.

The third quarter of 2018 was more or less a continuation of the second quarter, in terms of both macroeconomic data and financial market performance. Global growth continued to moderate, especially outside of the U.S. At the same time, trade tension between the U.S. and China escalated. Global equities were up, driven by the rally in developed markets. U.S. equities outperformed due to strong earnings and economic data. Emerging market equities were down, primarily due to the negative performance of China. In bonds, the U.S. 10-year yield rose over the first three quarters of the year.

October saw global equities post negative returns as higher U.S. real yields and softer-than-expected earnings guidance from U.S. corporates weighed on risk sentiment. The sell-off was broad based with both developed and emerging markets positing negative performance.

PERFORMANCE

For the year ended October 31, 2018, Transamerica Multi-Manager Alternative Strategies Portfolio (Class A), returned -1.55%, 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 4.77% and -3.53%, respectively.

STRATEGY REVIEW

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

This is a fund-of-funds multistrategy portfolio, which seeks to provide returns from differentiated sources and strategies. It relies on diversification across active investment styles, asset classes, markets, geographies and strategies to deliver better risk-adjusted absolute returns less correlated to traditional equities. It invests primarily in underlying alternative strategies.

Over the fiscal year, negative performance was primarily driven by the long-only strategies in the Fund focused on emerging markets. The Transamerica Emerging Markets Equity and the Transamerica Emerging Markets Debt funds were the primary detractors, as emerging markets broadly underperformed on the back of lackluster economic growth and continued U.S./China trade tensions. Underperformance was partially offset through a short position to U.S. interest rates implemented through U.S. Treasury futures, as U.S. rates rose.

Alternative strategies contributed to performance. Transamerica Global Multifactor Macro Fund, managed by AQR Capital Management, LLC, was the primary driver of positive returns, followed by the Transamerica Event Driven Fund and the Transamerica Long/Short Strategy. Transamerica Managed Futures, Transamerica Inflation Opportunities and the Transamerica Global Real Estate Securities detracted from returns.

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

Raymond Chan, CFA

Christopher Lvoff, CFA

Co-Portfolio Managers

Goldman Sachs Asset Management, LP

Transamerica Funds Annual Report 2018

Page    36

Transamerica Multi-Manager Alternative Strategies Portfolio

(unaudited)

Asset Allocation	Percentage of Net Assets
U.S. Alternative Funds		32.2	%
International Alternative Funds		31.9
International Fixed Income Fund		19.3
International Equity Funds		9.0
U.S. Fixed Income Funds		3.8
U.S. Mixed Allocation Fund		2.7
Repurchase Agreement		1.3
Net Other Assets (Liabilities)^		(0.2	)
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 2018

Page    37

Transamerica Multi-Manager Alternative Strategies Portfolio

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		(7.00	)%		(0.26	)%		2.95	%		12/28/2006
Class A (NAV)		(1.55	)%		0.87	%		3.53	%		12/28/2006
ICE BofAML 3-Month Treasury Bill +3% Wrap Index (A)		4.77	%		3.61	%		3.40	%
HFRX Global Hedge Fund Index (B)		(3.53	)%		0.14	%		1.37	%
Class C (POP)		(3.14	)%		0.13	%		2.80	%		12/28/2006
Class C (NAV)		(2.17	)%		0.13	%		2.80	%		12/28/2006
Class I (NAV)		(1.11	)%		1.20	%		2.35	%		11/30/2009
Class R6 (NAV)		(1.09	)%		—			(0.35	)%		05/29/2015
Class T1 (POP)		(3.70	)%		—			(0.91	)%		03/17/2017
Class T1 (NAV)		(1.27	)%		—			0.66	%		03/17/2017

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

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

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

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

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

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

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

Transamerica Funds Annual Report 2018

Page    38

Transamerica Multi-Manager Alternative Strategies Portfolio

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Shares		Value
EXCHANGE-TRADED FUND - 2.5%
International Fixed Income Fund - 2.5%
iShares JPMorgan EM Local Currency Bond ETF (A)		63,234		$  2,740,562
Total Exchange-Traded Fund (Cost $2,892,258)				2,740,562
INVESTMENT COMPANIES - 96.4%
International Alternative Funds - 31.9%
Transamerica Global Multifactor Macro (B)		1,601,215		15,099,454
Transamerica Unconstrained Bond (B)		2,081,088		20,415,476
				35,514,930
International Equity Funds - 9.0%
Transamerica Emerging Markets Equity (B)		656,297		6,123,250
Transamerica Global Real Estate Securities (B)		298,943		3,898,213
				10,021,463
International Fixed Income Funds - 16.8%
Transamerica Emerging Markets Debt (B)		757,900		7,503,205
Transamerica Inflation Opportunities (B)		1,160,008		11,194,078
				18,697,283
U.S. Alternative Funds - 32.2%
Transamerica Event Driven (B)		1,232,170		12,580,458
Transamerica Long/Short Strategy (B)		1,888,557		11,652,395
Transamerica Managed Futures Strategy (B)		1,574,873		11,669,810
				35,902,663

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Fixed Income Funds - 3.8%
Transamerica Core Bond (B)		129,183		$   1,225,944
Transamerica High Yield Bond (B)		342,894		3,062,041
				4,287,985
U.S. Mixed Allocation Fund - 2.7%
Transamerica MLP & Energy Income (B)		440,531		3,035,260
Total Investment Companies (Cost $113,339,618)				107,459,584
	Principal		Value
REPURCHASE AGREEMENT - 1.3%
Fixed Income Clearing Corp., 1.25% (C), dated 10/31/2018, to be repurchased at $1,472,789 on 11/01/2018. Collateralized by a U.S. Government Obligation, 1.13%, due 08/31/2021, and with a value of $1,502,722.		$  1,472,738		1,472,738
Total Repurchase Agreement (Cost $1,472,738)				1,472,738
Total Investments (Cost $117,704,614)				111,672,884
Net Other Assets (Liabilities) - (0.2)%				(222,541	)
Net Assets - 100.0%				$  111,450,343

FUTURES CONTRACTS:

Description	Long/Short		Number of Contracts			Expiration Date		Notional Amount			Value			Unrealized Appreciation		Unrealized Depreciation
10-Year U.S. Treasury Note		Short		(34	)		12/19/2018	$	(4,091,741	)	$	(4,026,875	)	$	64,866	$	—

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 Fund	$	2,740,562	$	—	$	—	$	2,740,562
Investment Companies		107,459,584		—		—		107,459,584
Repurchase Agreement		—		1,472,738		—		1,472,738
Total Investments	$	110,200,146	$	1,472,738	$	—	$	111,672,884
Other Financial Instruments
Futures Contracts (E)	$	64,866	$	—	$	—	$	64,866
Total Other Financial Instruments	$	64,866	$	—	$	—	$	64,866

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

Transamerica Funds Annual Report 2018

Page    39

Transamerica Multi-Manager Alternative Strategies Portfolio

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

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

Affiliated Investments	Value October 31, 2017		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation) (F)			Value October 31, 2018		Shares as of October 31, 2018		Dividend Income (F)		Net Capital Gain Distributions (F)
Transamerica Arbitrage Strategy Liquidating Trust	$	220,311	$	—	$	(262,396	)	$	35,510		$	6,575		$	—		—	$	—	$	—
Transamerica Core Bond		3,276,956		55,546		(2,000,000	)		(37,738	)		(68,820	)		1,225,944		129,183		55,546		—
Transamerica Developing Markets Equity		3,037,995		1,666,530		(4,854,284	)		689,232			(539,473	)		—		—		16,530		—
Transamerica Emerging Markets Debt		11,054,563		354,846		(3,000,000	)		(44,742	)		(861,462	)		7,503,205		757,900		354,846		—
Transamerica Emerging Markets Equity		2,974,741		5,888,473		(1,400,000	)		(33,114	)		(1,306,850	)		6,123,250		656,297		38,474		—
Transamerica Event Driven		18,292,366		274,076		(5,950,000	)		227,906			(263,890	)		12,580,458		1,232,170		274,076		—
Transamerica Global Multifactor Macro		21,852,139		837,631		(8,500,000	)		(983,824	)		1,893,508			15,099,454		1,601,215		813,829		—
Transamerica Global Real Estate Securities		5,615,281		2,354,919		(3,800,000	)		863,134			(1,135,121	)		3,898,213		298,943		154,920		—
Transamerica High Yield Bond		9,824,839		402,575		(6,800,000	)		(163,681	)		(201,692	)		3,062,041		342,894		402,575		—
Transamerica Inflation Opportunities		16,318,435		339,773		(4,950,000	)		(18,357	)		(495,773	)		11,194,078		1,160,008		339,773		—
Transamerica Long/Short Strategy		17,525,621		1,571,478		(6,050,000	)		(1,299,729	)		(94,975	)		11,652,395		1,888,557		—		1,571,478
Transamerica Managed Futures Strategy		17,294,595		502,769		(5,550,000	)		(1,190,411	)		612,857			11,669,810		1,574,873		2,769		—
Transamerica MLP & Energy Income		4,327,108		1,371,255		(2,500,000	)		(99,017	)		(64,086	)		3,035,260		440,531		221,255		—
Transamerica Unconstrained Bond		29,442,474		956,567		(9,030,000	)		(66,612	)		(886,953	)		20,415,476		2,081,088		955,730		836
Total	$	161,057,424	$	16,576,438	$	(64,646,680	)	$	(2,121,443	)	$	(3,406,155	)	$	107,459,584		12,163,659	$	3,630,323	$	1,572,314

(C)	Rate disclosed reflects the yield at October 31, 2018.
(D)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(E)	Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation).
(F)	Does not reflect certain tax adjustments.

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

Transamerica Funds Annual Report 2018

Page    40

STATEMENTS OF ASSETS AND LIABILITIES

At October 31, 2018

	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)	$	870,213,986	$	1,289,750,959		$	2,228,012,440		$	1,595,600,227	$	372,954,395
Cash		—		—			47,282			57,934		—
Receivables and other assets:
Affiliated investments sold		500,904		1,061,576			1,341,259			707,310		910,377
Shares of beneficial interest sold		22,744		213,774			1,110,398			273,325		131
Dividends and/or distributions		321,940		—			390,138			474,389		126,589
Total assets		871,059,574		1,291,026,309			2,230,901,517			1,597,113,185		373,991,492
Liabilities:
Payables and other liabilities:
Affiliated investments purchased		321,940		—			390,139			474,389		761,860
Shares of beneficial interest redeemed		1,036,597		1,250,614			3,008,923			1,587,216		275,238
Due to custodian		11,970		—			—			—		—
Investment management fees		99,835		151,200			258,896			184,406		34,507
Distribution and service fees		328,437		516,468			896,174			655,219		169,476
Transfer agent fees		66,821		149,705			214,207			135,659		108
Trustees, CCO and deferred compensation fees		2,123		3,146			5,498			3,946		—
Audit and tax fees		23,089		26,724			35,199			29,636		—
Custody fees		9,465		10,446			14,793			12,431		—
Legal fees		8,686		12,641			21,727			15,693		—
Printing and shareholder reports fees		29,977		55,542			89,943			59,968		—
Registration fees		6,625		7,494			11,334			8,907		—
Other accrued expenses		7,199		10,517			18,052			13,040		—
Total liabilities		1,952,764		2,194,497			4,964,885			3,180,510		1,241,189
Net assets	$	869,106,810	$	1,288,831,812		$	2,225,936,632		$	1,593,932,675	$	372,750,303
Net assets consist of:
Paid-in capital	$	832,400,252	$	1,040,423,147		$	1,923,505,798		$	1,452,709,250	$	360,399,107
Total distributable earnings		36,706,558		248,408,665			302,430,834			141,223,425		12,351,196
Net assets	$	869,106,810	$	1,288,831,812		$	2,225,936,632		$	1,593,932,675	$	372,750,303
Net assets by class:
Class A	$	661,621,484	$	922,130,951		$	1,589,016,507		$	1,124,730,446	$	—
Class B		691,762		4,055,863			4,621,552			1,304,602		—
Class C		185,580,581		309,194,892			547,236,991			415,276,616		—
Class I		19,845,073		51,208,953			81,772,417			48,286,612		—
Class R		1,347,150		2,193,142			3,267,978			4,313,458		357,118,647
Class R4		—		—			—			—		15,631,656
Class T1		10,366		10,723			10,565			10,451		—
Advisor Class		10,394		37,288			10,622			10,490		—
Shares outstanding (unlimited shares, no par value):
Class A		61,989,623		64,140,981			124,072,095			96,656,276		—
Class B		64,899		286,269			353,764			109,592		—
Class C		17,529,227		22,283,358			43,007,303			35,939,772		—
Class I		1,854,023		3,561,244			6,387,667			4,151,419		—
Class R		124,968		154,177			256,750			372,941		34,939,569
Class R4		—		—			—			—		1,529,713
Class T1		969		742			821			893		—
Advisor Class		969		2,582			827			899		—
Net asset value per share: (B)
Class A	$	10.67	$	14.38		$	12.81		$	11.64	$	—
Class B		10.66		14.17			13.06			11.90		—
Class C		10.59		13.88			12.72			11.55		—
Class I		10.70		14.38			12.80			11.63		—
Class R		10.78		14.22			12.73			11.57		10.22
Class R4		—		—			—			—		10.22
Class T1		10.70		14.46	(C)		12.87			11.70		—
Advisor Class		10.73		14.44			12.85	(C)		11.67		—
Maximum offering price per share: (D)
Class A	$	11.29	$	15.22		$	13.56		$	12.32	$	—
Class T1	$	10.97	$	14.83		$	13.20		$	12.00	$	—
(A) Affiliated investments, at cost	$	874,378,131	$	1,206,302,731		$	2,151,724,889		$	1,565,095,750	$	367,297,797

(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 Funds’ Prospectus.

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

Transamerica Funds Annual Report 2018

Page    41

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2018

	Transamerica Asset Allocation Long Horizon		Transamerica Asset Allocation Short Horizon			Transamerica Multi-Manager Alternative Strategies Portfolio
Assets:
Affiliated investments, at value (A)	$	216,081,579	$	145,364,472		$	107,459,584
Unaffiliated investments, at value (B)		—		—			2,740,562
Repurchase agreement, at value (C)		—		—			1,472,738
Cash collateral pledged at broker for:
Futures contracts		—		—			39,270
Receivables and other assets:
Affiliated investments sold		304,056		18,918			—
Shares of beneficial interest sold		549		—			69,359
Dividends and/or distributions		24,227		76,204			96,721
Interest		—		—			51
Variation margin receivable on futures contracts		—		—			11,649
Total assets		216,410,411		145,459,594			111,889,934
Liabilities:
Payables and other liabilities:
Affiliated investments purchased		234,787		84,761			96,721
Shares of beneficial interest redeemed		94,045		10,361			237,758
Investment management fees		20,092		13,385			19,981
Distribution and service fees		95,529		66,312			33,483
Transfer agent fees		173		21			17,223
Trustees, CCO and deferred compensation fees		—		—			391
Audit and tax fees		—		—			16,646
Custody fees		—		—			2,461
Legal fees		—		—			1,222
Printing and shareholder reports fees		—		—			11,399
Registration fees		—		—			1,289
Other accrued expenses		—		—			1,017
Total liabilities		444,626		174,840			439,591
Net assets	$	215,965,785	$	145,284,754		$	111,450,343
Net assets consist of:
Paid-in capital	$	189,724,826	$	149,724,636		$	123,423,331
Total distributable earnings		26,240,959		(4,439,882	)		(11,972,988	)
Net assets	$	215,965,785	$	145,284,754		$	111,450,343
Net assets by class:
Class A	$	—	$	—		$	30,546,050
Class C		—		—			28,142,163
Class I		—		—			52,476,678
Class R		190,927,545		142,129,249			—
Class R4		25,038,240		3,155,505			—
Class R6		—		—			275,343
Class T1		—		—			10,109
Shares outstanding (unlimited shares, no par value):
Class A		—		—			3,176,965
Class C		—		—			2,955,646
Class I		—		—			5,466,291
Class R		17,950,152		14,560,663			—
Class R4		2,353,556		323,214			—
Class R6		—		—			28,294
Class T1		—		—			1,047
Net asset value per share: (D)
Class A	$	—	$	—		$	9.61
Class C		—		—			9.52
Class I		—		—			9.60
Class R		10.64		9.76			—
Class R4		10.64		9.76			—
Class R6		—		—			9.73
Class T1		—		—			9.65	(E)
Maximum offering price per share: (F)
Class A	$	—	$	—		$	10.17
Class T1	$	—	$	—		$	9.90
(A) Affiliated investments, at cost	$	203,205,579	$	148,956,863		$	113,339,618
(B) Unaffiliated investments, at cost	$	—	$	—		$	2,892,258
(C) Repurchase agreements, at cost	$	—	$	—		$	1,472,738

(D)	Net asset value per share for Class C, I, R, R4 and R6 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)	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 Funds’ Prospectus.

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

Transamerica Funds Annual Report 2018

Page    42

STATEMENTS OF OPERATIONS

For the year ended October 31, 2018

	Transamerica Asset Allocation – Conservative Portfolio			Transamerica Asset Allocation – Growth Portfolio			Transamerica Asset Allocation – Moderate Growth Portfolio			Transamerica Asset Allocation – Moderate Portfolio			Transamerica Asset Allocation Intermediate Horizon
Investment Income:
Dividend income from affiliated investments	$	27,116,349		$	32,769,779		$	63,859,103		$	47,957,405		$	8,834,770
Interest income from unaffiliated investments		215			305			588			413			—
Total investment income		27,116,564			32,770,084			63,859,691			47,957,818			8,834,770
Expenses:
Investment management fees		1,235,637			1,814,172			3,110,932			2,240,455			503,813
Distribution and service fees:
Class A		1,717,984			2,104,161			3,581,839			2,660,188			—
Class B		29,338			84,689			126,770			64,915			—
Class C		2,926,711			5,717,235			10,029,673			6,978,495			—
Class R		7,053			13,120			20,289			23,994			2,003,642
Class R4		—			—			—			—			47,786
Class T1		26			29			28			26			—
Transfer agent fees
Class A		430,971			928,126			1,277,092			819,221			—
Class B		9,433			33,601			43,699			21,625			—
Class C		227,772			615,956			905,697			544,335			—
Class I		26,103			60,954			91,961			59,095			—
Class R		2,506			3,514			4,423			3,680			—
Class R4		—			—			—			—			1,434
Advisor Class		48			71			22			22			—
Trustees, CCO and deferred compensation fees		23,662			34,760			59,611			42,894			—
Audit and tax fees		32,817			38,735			53,036			43,653			—
Custody fees		34,882			37,982			47,907			45,084			—
Legal fees		49,833			72,603			124,215			89,668			—
Printing and shareholder reports fees		66,477			126,631			198,120			130,330			—
Registration fees		108,081			119,603			146,220			125,411			—
Other		21,212			28,617			45,014			33,815			—
Total expenses before waiver and/or reimbursement and recapture		6,950,546			11,834,559			19,866,548			13,926,906			2,556,675
Expenses waived and/or reimbursed:
Class B		(2,205	)		(11,881	)		(11,401	)		(5,322	)		—
Class R		—			—			—			—			(80,174	)
Class R4		—			—			—			—			(5,229	)
Recapture of previously waived and/or reimbursed fees:
Class B		1,398			3,391			5,883			3,142			—
Net expenses		6,949,739			11,826,069			19,861,030			13,924,726			2,471,272
Net investment income (loss)		20,166,825			20,944,015			43,998,661			34,033,092			6,363,498
Net realized gain (loss) on:
Affiliated investments		23,175,570			95,965,993			127,288,628			52,043,912			7,492,932
Capital gain distributions received from affiliated investment companies		22,224,901			85,049,834			107,735,295			55,824,433			6,028,891
Net realized gain (loss)		45,400,471			181,015,827			235,023,923			107,868,345			13,521,823
Net change in unrealized appreciation (depreciation) on:
Affiliated investments		(80,932,216	)		(228,825,242	)		(322,496,868	)		(172,595,717	)		(17,924,719	)
Net realized and change in unrealized gain (loss)		(35,531,745	)		(47,809,415	)		(87,472,945	)		(64,727,372	)		(4,402,896	)
Net increase (decrease) in net assets resulting from operations	$	(15,364,920	)	$	(26,865,400	)	$	(43,474,284	)	$	(30,694,280	)	$	1,960,602

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

Transamerica Funds Annual Report 2018

Page    43

STATEMENTS OF OPERATIONS (continued)

For the year ended October 31, 2018

	Transamerica Asset Allocation Long Horizon			Transamerica Asset Allocation Short Horizon			Transamerica Multi-Manager Alternative Strategies Portfolio
Investment Income:
Dividend income from affiliated investments	$	3,580,779		$	4,726,313		$	3,627,278
Interest income from unaffiliated investments and repurchase agreements		—			—			9,293
Total investment income		3,580,779			4,726,313			3,636,571
Expenses:
Investment management fees		295,212			201,899			271,979
Distribution and service fees:
Class A		—			—			73,684
Class C		—			—			405,819
Class R		1,086,085			813,742			—
Class R4		71,982			13,752			—
Class T1		—			—			26
Transfer agent fees
Class A		—			—			61,057
Class C		—			—			76,945
Class I		—			—			74,430
Class R4		2,160			411			—
Class R6		—			—			10
Trustees, CCO and deferred compensation fees		—			—			3,316
Audit and tax fees		—			—			21,182
Custody fees		—			—			9,197
Legal fees		—			—			21,144
Printing and shareholder reports fees		—			—			30,315
Registration fees		—			—			63,288
Other		—			—			9,296
Total expenses before waiver and/or reimbursement and recapture		1,455,439			1,029,804			1,121,688
Expenses waived and/or reimbursed:
Class A		—			—			(2,488	)
Class R		(43,609	)		(32,572	)		—
Class R4		(8,135	)		(1,502	)		—
Class R6		—			—			(1	)
Recapture of previously waived and/or reimbursed fees:
Class A		—			—			2,488
Class R		141			—			—
Class R4		241			12			—
Class R6		—			—			1
Net expenses		1,404,077			995,742			1,121,688
Net investment income (loss)		2,176,702			3,730,571			2,514,883
Net realized gain (loss) on:
Capital gain affiliated investments		11,597,755			(466,328	)		(2,121,443	)
Unaffiliated investments		—			—			(21,720	)
Distributions received from affiliated investment companies		6,152,765			431,230			1,575,359
Futures contracts		—			—			278,066
Net realized gain (loss)		17,750,520			(35,098	)		(289,738	)
Net change in unrealized appreciation (depreciation) on:
Affiliated investments		(16,504,082	)		(5,400,185	)		(3,384,964	)
Unaffiliated investments		—			—			(151,696	)
Futures contracts		—			—			(57,775	)
Net change in unrealized appreciation (depreciation)		(16,504,082	)		(5,400,185	)		(3,594,435	)
Net realized and change in unrealized gain (loss)		1,246,438			(5,435,283	)		(3,884,173	)
Net increase (decrease) in net assets resulting from operations	$	3,423,140		$	(1,704,712	)	$	(1,369,290	)

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

Transamerica Funds Annual Report 2018

Page    44

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended:

	Transamerica Asset Allocation – Conservative Portfolio						Transamerica Asset Allocation – Growth Portfolio						Transamerica Asset Allocation – Moderate Growth Portfolio
	October 31, 2018			October 31, 2017 (A) (B)			October 31, 2018			October 31, 2017 (A) (B)			October 31, 2018			October 31, 2017 (A) (B)
From operations:
Net investment income (loss)	$	20,166,825		$	21,416,856		$	20,944,015		$	18,868,662		$	43,998,661		$	43,016,327
Net realized gain (loss)		45,400,471			46,545,190			181,015,827			129,044,462			235,023,923			188,261,799
Net change in unrealized appreciation (depreciation)		(80,932,216	)		22,528,307			(228,825,242	)		123,401,606			(322,496,868	)		144,735,748
Net increase (decrease) in net assets resulting from operations		(15,364,920	)		90,490,353			(26,865,400	)		271,314,730			(43,474,284	)		376,013,874
Distributions (C):
Dividends and/or distributions to shareholders:
Class A		(45,554,450	)		—			(83,551,210	)		—			(130,823,248	)		—
Class B		(279,940	)		—			(1,115,464	)		—			(1,558,402	)		—
Class C		(17,868,293	)		—			(60,272,182	)		—			(93,284,446	)		—
Class I		(1,826,411	)		—			(5,973,901	)		—			(8,338,212	)		—
Class R		(84,734	)		—			(269,687	)		—			(383,683	)		—
Class T1		(681	)		—			(1,086	)		—			(960	)		—
Advisor Class		(1,474	)		—			(1,094	)		—			(979	)		—
Net investment income:
Class A		—			(14,931,504	)		—			(11,894,234	)		—			(24,110,289	)
Class B		—			(147,206	)		—			(117,626	)		—			(245,830	)
Class C		—			(5,306,501	)		—			(5,981,253	)		—			(13,096,520	)
Class I		—			(639,011	)		—			(622,284	)		—			(1,106,276	)
Class R		—			(21,646	)		—			(29,080	)		—			(69,395	)
Class T1		—			(81	)		—			—			—			—
Advisor Class		—			(193	)		—			—			—			—
Total dividends and/or distributions from net investment income		—			(21,046,142	)		—			(18,644,477	)		—			(38,628,310	)
Net realized gains:
Class A		—			(16,341,375	)		—			(44,340,042	)		—			(62,781,715	)
Class B		—			(330,104	)		—			(1,550,422	)		—			(2,053,573	)
Class C		—			(9,987,404	)		—			(40,987,189	)		—			(60,465,193	)
Class I		—			(671,428	)		—			(1,990,298	)		—			(2,569,986	)
Class R		—			(30,764	)		—			(132,876	)		—			(218,672	)
Total dividends and/or distributions from net realized gains		—			(27,361,075	)		—			(89,000,827	)		—			(128,089,139	)
Total dividends and/or distributions to shareholders		(65,615,983	)		(48,407,217	)		(151,184,624	)		(107,645,304	)		(234,389,930	)		(166,717,449	)
Capital share transactions:
Proceeds from shares sold:
Class A		39,089,538			168,243,022			53,553,410			102,965,145			81,895,826			181,963,862
Class B		115,035			146,160			54,253			181,072			12,234			396,216
Class C		14,902,383			21,574,905			31,054,267			38,555,659			39,439,000			58,293,664
Class I		6,825,803			14,504,832			23,600,552			36,639,807			38,848,232			55,995,293
Class R		333,098			448,379			557,572			963,991			915,180			1,037,918
Class T1		—			9,955			—			10,000			—			9,984
Advisor Class		—			21,476			66,236			10,000			—			10,000
		61,265,857			204,948,729			108,886,290			179,325,674			161,110,472			297,706,937
Dividends and/or distributions reinvested:
Class A		44,051,751			30,581,585			78,932,540			54,752,557			122,152,628			84,250,405
Class B		252,212			418,711			1,107,998			1,639,886			1,545,317			2,237,354
Class C		16,637,026			13,171,690			58,076,504			42,381,136			89,759,771			65,441,193
Class I		1,432,654			969,945			5,184,840			2,242,569			7,027,776			3,106,928
Class R		68,528			39,591			249,498			134,040			300,673			203,301
Class T1		681			81			1,086			—			960			—
Advisor Class		1,474			193			1,094			—			979			—
		62,444,326			45,181,796			143,553,560			101,150,188			220,788,104			155,239,181
Cost of shares redeemed:
Class A		(183,894,646	)		(121,101,706	)		(164,762,282	)		(154,302,416	)		(279,064,752	)		(277,393,766	)
Class B		(697,960	)		(2,922,554	)		(1,235,868	)		(3,892,858	)		(1,771,945	)		(7,992,995	)
Class C		(76,247,331	)		(121,069,703	)		(124,543,318	)		(181,865,340	)		(227,701,359	)		(377,775,734	)
Class I		(15,588,038	)		(13,183,062	)		(26,897,449	)		(19,963,731	)		(40,281,360	)		(32,233,127	)
Class R		(301,203	)		(380,003	)		(1,008,121	)		(818,754	)		(1,759,040	)		(1,813,526	)
Advisor Class		(11,970	)		—			(39,945	)		—			—			—
		(276,741,148	)		(258,657,028	)		(318,486,983	)		(360,843,099	)		(550,578,456	)		(697,209,148	)

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

Transamerica Funds Annual Report 2018

Page    45

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Asset Allocation – Conservative Portfolio						Transamerica Asset Allocation – Growth Portfolio						Transamerica Asset Allocation – Moderate Growth Portfolio
	October 31, 2018			October 31, 2017 (A) (B)			October 31, 2018			October 31, 2017 (A) (B)			October 31, 2018			October 31, 2017 (A) (B)
Automatic conversions:
Class A	$	5,446,138		$	5,567,433		$	9,421,197		$	12,443,353		$	18,159,417		$	20,663,395
Class B		(5,446,138	)		(5,567,433	)		(9,421,197	)		(12,443,353	)		(18,159,417	)		(20,663,395	)
		—			—			—			—			—			—
Class A		79,491,707			—			226,548,641			—			383,174,411			—
Class C		(79,491,707	)		—			(226,548,641	)		—			(383,174,411	)		—
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		(153,030,965	)		(8,526,503	)		(66,047,133	)		(80,367,237	)		(168,679,880	)		(244,263,030	)
Net increase (decrease) in net assets		(234,011,868	)		33,556,633			(244,097,157	)		83,302,189			(446,544,094	)		(34,966,605	)
Net assets:
Beginning 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
End of year	$	869,106,810		$	1,103,118,678		$	1,288,831,812		$	1,532,928,969		$	2,225,936,632		$	2,672,480,726
Undistributed (distributions in excess of) net investment income (loss) (C)		—		$	640,320			—		$	—			—		$	7,885,884
Capital share transactions - shares:
Shares issued:
Class A		3,505,424			15,098,248			3,461,855			6,788,040			6,043,931			13,406,079
Class B		10,418			13,182			3,505			12,362			872			29,388
Class C		1,348,117			1,941,012			2,068,593			2,649,411			2,910,158			4,358,715
Class I		610,823			1,287,059			1,522,608			2,410,213			2,862,162			4,131,413
Class R		29,411			39,239			36,484			64,344			67,306			77,147
Class T1		—			900			—			670			—			749
Advisor Class		—			1,938			4,217			675			—			754
		5,504,193			18,381,578			7,097,262			11,925,715			11,884,429			22,004,245
Shares reinvested:
Class A		3,982,121			2,807,267			5,220,411			3,888,673			9,156,869			6,618,251
Class B		22,845			38,971			73,768			117,808			112,632			172,374
Class C		1,515,032			1,226,164			3,953,473			3,091,257			6,728,618			5,144,748
Class I		129,171			88,742			343,593			159,614			528,007			244,640
Class R		6,132			3,607			16,633			9,588			22,624			16,021
Class T1		62			7			72			—			72			—
Advisor Class		133			17			72			—			73			—
		5,655,496			4,164,775			9,608,022			7,266,940			16,548,895			12,196,034
Shares redeemed:
Class A		(16,540,530	)		(10,748,703	)		(10,633,068	)		(10,168,060	)		(20,548,097	)		(20,421,366	)
Class B		(62,636	)		(261,487	)		(79,772	)		(259,837	)		(127,220	)		(578,564	)
Class C		(6,915,402	)		(10,898,013	)		(8,288,502	)		(12,341,494	)		(16,798,327	)		(27,980,918	)
Class I		(1,399,764	)		(1,177,271	)		(1,744,144	)		(1,312,929	)		(2,980,046	)		(2,384,355	)
Class R		(26,757	)		(33,843	)		(65,770	)		(54,052	)		(130,157	)		(134,274	)
Advisor Class		(1,119	)		—			(2,382	)		—			—			—
		(24,946,208	)		(23,119,317	)		(20,813,638	)		(24,136,372	)		(40,583,847	)		(51,499,477	)
Automatic conversions:
Class A		487,056			496,567			605,660			825,921			1,329,871			1,526,334
Class B		(489,153	)		(499,197	)		(612,384	)		(838,984	)		(1,300,120	)		(1,504,980	)
		(2,097	)		(2,630	)		(6,724	)		(13,063	)		29,751			21,354
Class A		7,211,571			—			14,665,283			—			28,372,032			—
Class C		(7,283,864	)		—			(15,176,321	)		—			(28,520,033	)		—
		(72,293	)		—			(511,038	)		—			(148,001	)		—
Net increase (decrease) in shares outstanding:
Class A		(1,354,358	)		7,653,379			13,320,141			1,334,574			24,354,606			1,129,298
Class B		(518,526	)		(708,531	)		(614,883	)		(968,651	)		(1,313,836	)		(1,881,782	)
Class C		(11,336,117	)		(7,730,837	)		(17,442,757	)		(6,600,826	)		(35,679,584	)		(18,477,455	)
Class I		(659,770	)		198,530			122,057			1,256,898			410,123			1,991,698
Class R		8,786			9,003			(12,653	)		19,880			(40,227	)		(41,106	)
Class T1		62			907			72			670			72			749
Advisor Class		(986	)		1,955			1,907			675			73			754
		(13,860,909	)		(575,594	)		(4,626,116	)		(4,956,780	)		(12,268,773	)		(17,277,844	)

(A)	Class T1 commenced operations on March 17, 2017.
(B)	Advisor Class commenced operations on March 3, 2017.
(C)	The sources of distributions to shareholders and the amount of undistributed net investment income are no longer required disclosures for the year ended October 31, 2018 due to the SEC Regulation S-X updates effective November 5, 2018. Please reference the New Accounting Pronouncements section of the Notes to Financial Statements for additional information.

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

Transamerica Funds Annual Report 2018

Page    46

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:

	Transamerica Asset Allocation – Moderate Portfolio						Transamerica Asset Allocation Intermediate Horizon
	October 31, 2018			October 31, 2017 (A) (B)			October 31, 2018			October 31, 2017 (C) (D) (E)			December 31, 2016
From operations:
Net investment income (loss)	$	34,033,092		$	35,696,160		$	6,363,498		$	2,623,335		$	1,476,899
Net realized gain (loss)		107,868,345			102,555,941			13,521,823			12,815,856			2,483,308
Net change in unrealized appreciation (depreciation)		(172,595,717	)		72,800,193			(17,924,719	)		8,732,126			408,953
Net increase (decrease) in net assets resulting from operations		(30,694,280	)		211,052,294			1,960,602			24,171,317			4,369,160
Distributions (F):
Dividends and/or distributions to shareholders:
Class A		(79,696,910	)		—			—			—			—
Class B		(666,368	)		—			—			—			—
Class C		(50,992,713	)		—			—			—			—
Class I		(4,615,541	)		—			—			—			—
Class R		(336,729	)		—			(5,979,500	)		—			—
Class R4		—			—			(325,182	)		—			—
Class T1		(746	)		—			—			—			—
Advisor Class		(765	)		—			—			—			—
Net investment income:
Class A		—			(19,317,269	)		—			—			—
Class B		—			(211,241	)		—			—			—
Class C		—			(10,165,871	)		—			—			—
Class I		—			(932,089	)		—			—			—
Class R		—			(90,627	)		—			(1,852,771	)		—
Class R4		—			—			—			(641,358	)		(1,480,306	)
Total dividends and/or distributions from net investment income		—			(30,717,097	)		—			(2,494,129	)		(1,480,306	)
Net realized gains:
Class A		—			(33,472,899	)		—			—			—
Class B		—			(912,833	)		—			—			—
Class C		—			(30,607,704	)		—			—			—
Class I		—			(1,451,743	)		—			—			—
Class R		—			(184,525	)		—			—			—
Total dividends and/or distributions from net realized gains		—			(66,629,704	)		—			—			—
Total dividends and/or distributions to shareholders		(136,309,772	)		(97,346,801	)		(6,304,682	)		(2,494,129	)		(1,480,306	)
Capital share transactions:
Proceeds from shares sold:
Class A		54,936,617			168,562,758			—			—			—
Class B		10,682			144,044			—			—			—
Class C		30,710,772			43,906,340			—			—			—
Class I		23,676,547			36,669,583			—			—			—
Class R		1,088,514			1,393,679			985,195			765,372			—
Class R4		—			—			1,275,954			4,468,692			10,435,762
Class T1		—			9,896			—			—			—
Advisor Class		—			10,000			—			—			—
		110,423,132			250,696,300			2,261,149			5,234,064			10,435,762
Issued from fund acquisition:
Class R		—			—			—			446,964,832			—
Class R4		—			—			—			9,375,346			—
		—			—			—			456,340,178			—
Dividends and/or distributions reinvested:
Class A		75,423,729			51,314,401			—			—			—
Class B		660,222			1,081,686			—			—			—
Class C		48,417,657			35,527,915			—			—			—
Class I		3,523,169			1,901,097			—			—			—
Class R		258,521			248,635			5,979,500			1,852,771			—
Class R4		—			—			325,182			641,358			1,480,306
Class T1		746			—			—			—			—
Advisor Class		765			—			—			—			—
		128,284,809			90,073,734			6,304,682			2,494,129			1,480,306
Cost of shares redeemed:
Class A		(231,644,937	)		(201,006,002	)		—			—			—
Class B		(1,104,204	)		(5,227,379	)		—			—			—
Class C		(170,433,229	)		(278,968,953	)		—			—			—
Class I		(33,358,009	)		(25,876,108	)		—			—			—
Class R		(1,297,344	)		(2,513,789	)		(70,324,433	)		(41,528,965	)		—
Class R4		—			—			(6,720,259	)		(77,449,724	)		(15,611,816	)
		(437,837,723	)		(513,592,231	)		(77,044,692	)		(118,978,689	)		(15,611,816	)
Automatic conversions:
Class A		11,701,495			12,563,940			—			—			—
Class B		(11,701,495	)		(12,563,940	)		—			—			—
		—			—			—			—			—
Class A		223,009,120			—			—			—			—
Class C		(223,009,120	)		—			—			—			—
		—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		(199,129,782	)		(172,822,197	)		(68,478,861	)		345,089,682			(3,695,748	)
Net increase (decrease) in net assets		(366,133,834	)		(59,116,704	)		(72,822,941	)		366,766,870			(806,894	)
Net assets:
Beginning of period/year		1,960,066,509			2,019,183,213			445,573,244			78,806,374			79,613,268
End of period/year	$	1,593,932,675		$	1,960,066,509		$	372,750,303		$	445,573,244		$	78,806,374
Undistributed (distributions in excess of) net investment income (loss) (F)		—		$	11,939,490			—		$	133,519		$	—

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

Transamerica Funds Annual Report 2018

Page    47

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:

	Transamerica Asset Allocation – Moderate Portfolio						Transamerica Asset Allocation Intermediate Horizon
	October 31, 2018			October 31, 2017 (A) (B)			October 31, 2018			October 31, 2017 (C) (D) (E)			December 31, 2016
Capital share transactions - shares:
Shares issued:
Class A		4,512,263			13,869,564			—			—			—
Class B		837			11,875			—			—			—
Class C		2,527,763			3,633,108			—			—			—
Class I		1,945,103			3,000,942			—			—			—
Class R		89,504			116,508			93,172			99,172			—
Class R4		—			—			121,151			448,499			1,107,756
Class T1		—			831			—			—			—
Advisor Class		—			835			—			—			—
		9,075,470			20,633,663			214,323			547,671			1,107,756
Shares issued on fund acquisition:
Class R		—			—			—			44,696,483			—
Class R4		—			—			—			937,535			—
		—			—			—			45,634,018			—
Shares reinvested:
Class A		6,274,853			4,431,295			—			—			—
Class B		53,244			91,436			—			—			—
Class C		4,028,091			3,070,694			—			—			—
Class I		293,597			164,454			—			—			—
Class R		21,579			21,564			568,224			182,393			—
Class R4		—			—			30,942			64,398			157,575
Class T1		62			—			—			—			—
Advisor Class		64			—			—			—			—
		10,671,490			7,779,443			599,166			246,791			157,575
Shares redeemed:
Class A		(19,052,444	)		(16,419,331	)		—			—			—
Class B		(88,090	)		(419,746	)		—			—			—
Class C		(14,043,466	)		(23,004,730	)		—			—			—
Class I		(2,749,933	)		(2,121,299	)		—			—			—
Class R		(107,245	)		(205,851	)		(6,626,018	)		(4,073,857	)		—
Class R4		—			—			(631,128	)		(7,667,594	)		(1,661,621	)
		(36,041,178	)		(42,170,957	)		(7,257,146	)		(11,741,451	)		(1,661,621	)
Automatic conversions:
Class A		958,371			1,028,965			—			—			—
Class B		(934,530	)		(1,012,196	)		—			—			—
		23,841			16,769			—			—			—
Class A		18,426,404			—			—			—			—
Class C		(18,534,093	)		—			—			—			—
		(107,689	)		—			—			—			—
Net increase (decrease) in shares outstanding:
Class A		11,119,447			2,910,493			—			—			—
Class B		(968,539	)		(1,328,631	)		—			—			—
Class C		(26,021,705	)		(16,300,928	)		—			—			—
Class I		(511,233	)		1,044,097			—			—			—
Class R		3,838			(67,779	)		(5,964,622	)		40,904,191			—
Class R4		—			—			(479,035	)		(6,217,162	)		(396,290	)
Class T1		62			831			—			—			—
Advisor Class		64			835			—			—			—
		(16,378,066	)		(13,741,082	)		(6,443,657	)		34,687,029			(396,290	)

(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 has 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.
(F)	The sources of distributions to shareholders and the amount of undistributed net investment income are no longer required disclosures for the year ended October 31, 2018 due to the SEC Regulation S-X updates effective November 5, 2018. Please reference the New Accounting Pronouncements section of the Notes to Financial Statements for additional information.

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

Transamerica Funds Annual Report 2018

Page    48

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:

	Transamerica Asset Allocation Long Horizon									Transamerica Asset Allocation Short Horizon
	October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			October 31, 2018			October 31, 2017 (C) (D) (E)			December 31, 2016
From operations:
Net investment income (loss)	$	2,176,702		$	346,820		$	357,212		$	3,730,571		$	1,686,390		$	309,821
Net realized gain (loss)		17,750,520			21,039,329			1,219,879			(35,098	)		77,734			(20,892	)
Net change in unrealized appreciation (depreciation)		(16,504,082	)		(344,114	)		342,929			(5,400,185	)		2,041,418			256,358
Net increase (decrease) in net assets resulting from operations		3,423,140			21,042,035			1,920,020			(1,704,712	)		3,805,542			545,287
Distributions (F):
Dividends and/or distributions to shareholders:
Class R		(1,915,537	)		—			—			(3,535,598	)		—			—
Class R4		(320,982	)		—			—			(120,029	)		—			—
Net investment income:
Class R		—			(219,043	)		—			—			(1,351,847	)		—
Class R4		—			(214,487	)		(357,604	)		—			(147,772	)		(310,689	)
Total dividends and/or distributions from net investment income		(2,236,519	)		(433,530	)		(357,604	)		(3,655,627	)		(1,499,619	)		(310,689	)
Capital share transactions:
Proceeds from shares sold:
Class R		1,404,357			446,246			—			990,387			1,206,426			—
Class R4		1,291,026			1,414,333			2,413,487			955,551			951,917			1,954,572
		2,695,383			1,860,579			2,413,487			1,945,938			2,158,343			1,954,572
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		1,915,537			219,043			—			3,535,598			1,351,847			—
Class R4		320,982			214,487			357,604			120,029			147,772			310,689
		2,236,519			433,530			357,604			3,655,627			1,499,619			310,689
Cost of shares redeemed:
Class R		(39,249,015	)		(40,163,455	)		—			(39,053,821	)		(20,230,729	)		—
Class R4		(9,391,146	)		(42,237,540	)		(4,503,317	)		(4,727,193	)		(6,319,580	)		(2,952,762	)
		(48,640,161	)		(82,400,995	)		(4,503,317	)		(43,781,014	)		(26,550,309	)		(2,952,762	)
Net increase (decrease) in net assets resulting from capital share transactions		(43,708,259	)		209,389,658			(1,732,226	)		(38,179,449	)		174,622,132			(687,501	)
Net increase (decrease) in net assets		(42,521,638	)		229,998,163			(169,810	)		(43,539,788	)		176,928,055			(452,903	)
Net assets:
Beginning of period/year		258,487,423			28,489,260			28,659,070			188,824,542			11,896,487			12,349,390
End of period/year	$	215,965,785		$	258,487,423		$	28,489,260		$	145,284,754		$	188,824,542		$	11,896,487
Undistributed (distributions in excess of) net investment income (loss) (F)		—		$	—		$	—			—		$	186,918		$	—

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

Transamerica Funds Annual Report 2018

Page    49

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:

	Transamerica Asset Allocation Long Horizon									Transamerica Asset Allocation Short Horizon
	October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			October 31, 2018			October 31, 2017 (C) (D) (E)			December 31, 2016
Capital share transactions - shares:
Shares issued:
Class R		126,970			55,357			—			98,909			134,991			—
Class R4		115,699			144,324			279,226			95,103			96,154			198,981
		242,669			199,681			279,226			194,012			231,145			198,981
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		174,869			21,463			—			354,961			134,734			—
Class R4		29,240			21,416			39,868			12,037			14,799			31,615
		204,109			42,879			39,868			366,998			149,533			31,615
Shares redeemed:
Class R		(3,497,560	)		(3,890,465	)		—			(3,905,892	)		(2,008,488	)		—
Class R4		(844,686	)		(4,142,692	)		(512,375	)		(472,995	)		(632,307	)		(300,818	)
		(4,342,246	)		(8,033,157	)		(512,375	)		(4,378,887	)		(2,640,795	)		(300,818	)
Net increase (decrease) in shares outstanding:
Class R		(3,195,721	)		21,145,873			—			(3,452,022	)		18,012,685			—
Class R4		(699,747	)		13,185			(193,281	)		(365,855	)		(521,354	)		(70,222	)
		(3,895,468	)		21,159,058			(193,281	)		(3,817,877	)		17,491,331			(70,222	)

(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 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 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 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.
(E)	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.
(F)	The sources of distributions to shareholders and the amount of undistributed net investment income are no longer required disclosures for the year ended October 31, 2018 due to the SEC Regulation S-X updates effective November 5, 2018. Please reference the New Accounting Pronouncements section of the Notes to Financial Statements for additional information.

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

Transamerica Funds Annual Report 2018

Page    50

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Multi-Manager Alternative Strategies Portfolio
	October 31, 2018			October 31, 2017 (A)
From operations:
Net investment income (loss)	$	2,514,883		$	1,686,877
Net realized gain (loss)		(289,738	)		(1,433,364	)
Net change in unrealized appreciation (depreciation)		(3,594,435	)		4,507,027
Net increase (decrease) in net assets resulting from operations		(1,369,290	)		4,760,540
Distributions (B):
Dividends and/or distributions to shareholders:
Class A		(405,017	)		—
Class C		(230,495	)		—
Class I		(1,400,849	)		—
Class R6		(1,830	)		—
Class T1		(131	)		—
Net investment income:
Class A		—			(667,194	)
Class C		—			(154,533	)
Class I		—			(1,458,668	)
Class R6		—			(909	)
Total dividends and/or distributions to Shareholders		(2,038,322	)		(2,281,304	)
Capital share transactions:
Proceeds from shares sold:
Class A		2,466,514			4,822,075
Class C		1,179,090			1,055,657
Class I		10,745,865			31,917,682
Class R6		198,334			40,438
Class T1		—			10,000
		14,589,803			37,845,852
Dividends and/or distributions reinvested:
Class A		388,924			633,442
Class C		211,123			138,283
Class I		1,344,866			1,318,413
Class R6		1,830			909
Class T1		131			—
		1,946,874			2,091,047
Cost of shares redeemed:
Class A		(9,556,556	)		(34,925,011	)
Class C		(14,125,688	)		(27,479,242	)
Class I		(40,614,143	)		(60,321,746	)
Class R6		(17,859	)		(238	)
		(64,314,246	)		(122,726,237	)
Automatic conversions:
Class A		5,821,072			—
Class C		(5,821,072	)		—
		—			—
Net increase (decrease) in net assets resulting from capital share transactions		(47,777,569	)		(82,789,338	)
Net increase (decrease) in net assets		(51,185,181	)		(80,310,102	)
Net assets:
Beginning of period/year		162,635,524			242,945,626
End of period/year	$	111,450,343		$	162,635,524
Undistributed (distributions in excess of) net investment income (loss) (B)		—		$	407,519

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

Transamerica Funds Annual Report 2018

Page    51

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Multi-Manager Alternative Strategies Portfolio
	October 31, 2018			October 31, 2017 (A)
Capital share transactions - shares:
Shares issued:
Class A		250,918			500,226
Class C		119,530			109,982
Class I		1,092,776			3,310,753
Class R6		20,088			4,147
Class T1		—			1,034
		1,483,312			3,926,142
Shares reinvested:
Class A		39,605			66,748
Class C		21,587			14,633
Class I		137,653			139,515
Class R6		185			95
Class T1		13			—
		199,043			220,991
Shares redeemed:
Class A		(970,195	)		(3,621,203	)
Class C		(1,443,224	)		(2,869,340	)
Class I		(4,137,207	)		(6,259,077	)
Class R6		(1,801	)		(24	)
		(6,552,427	)		(12,749,644	)
Automatic conversions:
Class A		596,327			—
Class C		(601,292	)		—
		(4,965	)		—
Net increase (decrease) in shares outstanding:
Class A		(83,345	)		(3,054,229	)
Class C		(1,903,399	)		(2,744,725	)
Class I		(2,906,778	)		(2,808,809	)
Class R6		18,472			4,218
Class T1		13			1,034
		(4,875,037	)		(8,602,511	)

(A)	Class T1 commenced operations on March 17, 2017.
(B)	The sources of distributions to shareholders and the amount of undistributed net investment income are no longer required disclosures for the year ended October 31, 2018 due to the SEC Regulation S-X updates effective November 5, 2018. Please reference the New Accounting Pronouncements section of the Notes to Financial Statements for additional information.

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

Transamerica Funds Annual Report 2018

Page    52

FINANCIAL HIGHLIGHTS

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Conservative Portfolio
	Class A
	October 31, 2018			October 31, 2017			October 31,           2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	11.59		$	11.18		$	11.40		$	12.38		$	12.33
Investment operations:
Net investment income (loss) (A) (B)		0.25			0.24			0.23	(C)		0.23			0.29
Net realized and unrealized gain (loss)		(0.43	)		0.71			0.18			(0.11	)		0.39
Total investment operations		(0.18	)		0.95			0.41			0.12			0.68
Dividends and/or distributions to shareholders:
Net investment income		(0.25	)		(0.25	)		(0.25	)		(0.23	)		(0.30	)
Net realized gains		(0.49	)		(0.29	)		(0.38	)		(0.87	)		(0.33	)
Total dividends and/or distributions to shareholders		(0.74	)		(0.54	)		(0.63	)		(1.10	)		(0.63	)
Net asset value, end of year	$	10.67		$	11.59		$	11.18		$	11.40		$	12.38
Total return (D)		(1.77	)%		8.78	%		3.83	%		1.07	%		5.65	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	661,621		$	734,113		$	622,495		$	449,574		$	416,116
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		0.47	%		0.47	%		0.48	%		0.51	%		0.53	%
Including waiver and/or reimbursement and recapture		0.47	%		0.47	%		0.47	%(C)		0.51	%		0.53	%
Net investment income (loss) to average net assets (B)		2.21	%		2.15	%		2.12	%(C)		1.94	%		2.38	%
Portfolio turnover rate (F)		20	%		18	%		4	%		11	%		26	%

(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 initial 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, 2018			October 31, 2017			October 31,             2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	11.54		$	11.12		$	11.34		$	12.32		$	12.26
Investment operations:
Net investment income (loss) (A) (B)		0.19			0.17			0.18	(C)		0.15			0.21
Net realized and unrealized gain (loss)		(0.48	)		0.68			0.14			(0.12	)		0.38
Total investment operations		(0.29	)		0.85			0.32			0.03			0.59
Dividends and/or distributions to shareholders:
Net investment income		(0.10	)		(0.14	)		(0.16	)		(0.14	)		(0.20	)
Net realized gains		(0.49	)		(0.29	)		(0.38	)		(0.87	)		(0.33	)
Total dividends and/or distributions to shareholders		(0.59	)		(0.43	)		(0.54	)		(1.01	)		(0.53	)
Net asset value, end of year	$	10.66		$	11.54		$	11.12		$	11.34		$	12.32
Total return (D)		(2.69	)%		7.86	%		3.01	%		0.23	%		4.96	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	692		$	6,731		$	14,366		$	23,943		$	37,192
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		1.48	%		1.34	%		1.30	%		1.29	%		1.28	%
Including waiver and/or reimbursement and recapture		1.45	%		1.34	%		1.29	%(C)		1.29	%		1.28	%
Net investment income (loss) to average net assets (B)		1.73	%		1.52	%		1.66	%(C)		1.31	%		1.73	%
Portfolio turnover rate (F)		20	%		18	%		4	%		11	%		26	%

(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 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 2018

Page    53

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Conservative Portfolio
	Class C
	October 31, 2018			October 31, 2017			October 31,         2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	11.49		$	11.08		$	11.30		$	12.29		$	12.24
Investment operations:
Net investment income (loss) (A) (B)		0.16			0.17			0.17	(C)		0.15			0.21
Net realized and unrealized gain (loss)		(0.42	)		0.69			0.16			(0.12	)		0.38
Total investment operations		(0.26	)		0.86			0.33			0.03			0.59
Dividends and/or distributions to shareholders:
Net investment income		(0.15	)		(0.16	)		(0.17	)		(0.15	)		(0.21	)
Net realized gains		(0.49	)		(0.29	)		(0.38	)		(0.87	)		(0.33	)
Total dividends and/or distributions to shareholders		(0.64	)		(0.45	)		(0.55	)		(1.02	)		(0.54	)
Net asset value, end of year	$	10.59		$	11.49		$	11.08		$	11.30		$	12.29
Total return (D)		(2.46	)%		7.99	%		3.10	%		0.26	%		4.97	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	185,581		$	331,669		$	405,546		$	453,483		$	508,285
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		1.23	%		1.23	%		1.22	%		1.22	%		1.22	%
Including waiver and/or reimbursement and recapture		1.23	%		1.23	%		1.21	%(C)		1.22	%		1.22	%
Net investment income (loss) to average net assets (B)		1.48	%		1.51	%		1.56	%(C)		1.26	%		1.69	%
Portfolio turnover rate (F)		20	%		18	%		4	%		11	%		26	%

(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 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, 2018			October 31, 2017			October 31,       2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	11.62		$	11.21		$	11.42		$	12.40		$	12.35
Investment operations:
Net investment income (loss) (A) (B)		0.28			0.28			0.28	(C)		0.27			0.32
Net realized and unrealized gain (loss)		(0.44	)		0.69			0.16			(0.12	)		0.39
Total investment operations		(0.16	)		0.97			0.44			0.15			0.71
Dividends and/or distributions to shareholders:
Net investment income		(0.27	)		(0.27	)		(0.27	)		(0.26	)		(0.33	)
Net realized gains		(0.49	)		(0.29	)		(0.38	)		(0.87	)		(0.33	)
Total dividends and/or distributions to shareholders		(0.76	)		(0.56	)		(0.65	)		(1.13	)		(0.66	)
Net asset value, end of year	$	10.70		$	11.62		$	11.21		$	11.42		$	12.40
Total return		(1.56	)%		8.97	%		4.13	%		1.33	%		5.94	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	19,845		$	29,213		$	25,946		$	28,126		$	32,814
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	%		0.26	%		0.25	%(C)		0.26	%		0.26	%
Net investment income (loss) to average net assets (B)		2.51	%		2.46	%		2.50	%(C)		2.28	%		2.58	%
Portfolio turnover rate (E)		20	%		18	%		4	%		11	%		26	%

(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 2018

Page    54

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Conservative Portfolio
	Class R
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	11.70		$	11.28		$	11.49		$	12.47		$	12.41
Investment operations:
Net investment income (loss) (A) (B)		0.20			0.21			0.22	(C)		0.21			0.25
Net realized and unrealized gain (loss)		(0.42	)		0.70			0.15			(0.13	)		0.40
Total investment operations		(0.22	)		0.91			0.37			0.08			0.65
Dividends and/or distributions to shareholders:
Net investment income		(0.21	)		(0.20	)		(0.20	)		(0.19	)		(0.26	)
Net realized gains		(0.49	)		(0.29	)		(0.38	)		(0.87	)		(0.33	)
Total dividends and/or distributions to shareholders		(0.70	)		(0.49	)		(0.58	)		(1.06	)		(0.59	)
Net asset value, end of year	$	10.78		$	11.70		$	11.28		$	11.49		$	12.47
Total return		(2.10	)%		8.35	%		3.44	%		0.68	%		5.40	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,347		$	1,359		$	1,209		$	1,532		$	2,051
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.83	%		0.85	%		0.86	%		0.86	%		0.82	%
Including waiver and/or reimbursement and recapture		0.83	%		0.85	%		0.85	%(C)		0.86	%		0.82	%
Net investment income (loss) to average net assets (B)		1.82	%		1.88	%		1.97	%(C)		1.77	%		2.06	%
Portfolio turnover rate (E)		20	%		18	%		4	%		11	%		26	%

(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 year indicated:	Transamerica Asset Allocation – Conservative Portfolio
	Class T1
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.62		$	11.11
Investment operations:
Net investment income (loss) (B) (C)		0.25			0.11
Net realized and unrealized gain (loss)		(0.43	)		0.49
Total investment operations		(0.18	)		0.60
Dividends and/or distributions to shareholders:
Net investment income		(0.25	)		(0.09	)
Net realized gains		(0.49	)		—
Total dividends and/or distributions to shareholders		(0.74	)		(0.09	)
Net asset value, end of period/year	$	10.70		$	11.62
Total return (D)		(1.69	)%		5.42	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	10		$	11
Expenses to average net assets (F)		0.40	%		0.40	%(G)
Net investment income (loss) to average net assets (C)		2.25	%		1.59	%(G)
Portfolio turnover rate (H)		20	%		18	%

(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 initial 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 2018

Page    55

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Asset Allocation – Conservative Portfolio
	Advisor Class
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.65		$	11.12
Investment operations:
Net investment income (loss) (B) (C)		0.26			0.12
Net realized and unrealized gain (loss)		(0.43	)		0.51
Total investment operations		(0.17	)		0.63
Dividends and/or distributions to shareholders:
Net investment income		(0.26	)		(0.10	)
Net realized gains		(0.49	)		—
Total dividends and/or distributions to shareholders		(0.75	)		(0.10	)
Net asset value, end of period/year	$	10.73		$	11.65
Total return		(1.65	)%		5.68	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	10		$	23
Expenses to average net assets (E)		0.36	%		0.35	%(F)
Net investment income (loss) to average net assets (C)		2.28	%		1.63	%(F)
Portfolio turnover rate (G)		20	%		18	%

(A)	Commenced operations on March 3, 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 years indicated:	Transamerica Asset Allocation – Growth Portfolio
	Class A
	October 31, 2018			October 31, 2017			October 31,         2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	16.35		$	14.71		$	15.57		$	16.35		$	15.26
Investment operations:
Net investment income (loss) (A) (B)		0.26			0.23			0.23	(C)		0.20			0.32
Net realized and unrealized gain (loss)		(0.56	)		2.55			0.24			0.23			1.08
Total investment operations		(0.30	)		2.78			0.47			0.43			1.40
Dividends and/or distributions to shareholders:
Net investment income		(0.32	)		(0.24	)		(0.23	)		(0.22	)		(0.31	)
Net realized gains		(1.35	)		(0.90	)		(1.10	)		(0.99	)		—
Total dividends and/or distributions to shareholders		(1.67	)		(1.14	)		(1.33	)		(1.21	)		(0.31	)
Net asset value, end of year	$	14.38		$	16.35		$	14.71		$	15.57		$	16.35
Total return (D)		(2.33	)%		20.19	%		3.28	%		2.65	%		9.30	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	922,131		$	830,875		$	727,751		$	729,547		$	728,850
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		0.51	%		0.52	%		0.53	%		0.53	%		0.55	%
Including waiver and/or reimbursement and recapture		0.51	%		0.52	%		0.52	%(C)		0.53	%		0.55	%
Net investment income (loss) to average net assets (B)		1.65	%		1.53	%		1.63	%(C)		1.26	%		2.02	%
Portfolio turnover rate (F)		32	%		9	%		1	%		6	%		31	%

(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 initial 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.

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

Transamerica Funds Annual Report 2018

Page    56

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Growth Portfolio
	Class B
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	16.04		$	14.40		$	15.22		$	15.98		$	14.91
Investment operations:
Net investment income (loss) (A) (B)		0.23			0.16			0.15	(C)		0.10			0.23
Net realized and unrealized gain (loss)		(0.67	)		2.45			0.18			0.19			1.03
Total investment operations		(0.44	)		2.61			0.33			0.29			1.26
Dividends and/or distributions to shareholders:
Net investment income		(0.08	)		(0.07	)		(0.05	)		(0.06	)		(0.19	)
Net realized gains		(1.35	)		(0.90	)		(1.10	)		(0.99	)		—
Total dividends and/or distributions to shareholders		(1.43	)		(0.97	)		(1.15	)		(1.05	)		(0.19	)
Net asset value, end of year	$	14.17		$	16.04		$	14.40		$	15.22		$	15.98
Total return (D)		(3.24	)%		19.16	%		2.39	%		1.79	%		8.49	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	4,056		$	14,456		$	26,931		$	47,506		$	73,479
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		1.55	%		1.41	%		1.37	%		1.35	%		1.34	%
Including waiver and/or reimbursement and recapture		1.45	%		1.41	%		1.36	%(C)		1.35	%		1.34	%
Net investment income (loss) to average net assets (B)		1.48	%		1.06	%		1.10	%(C)		0.64	%		1.51	%
Portfolio turnover rate (F)		32	%		9	%		1	%		6	%		31	%

(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 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 C
	October 31, 2018			October 31, 2017			October 31,      2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	15.82		$	14.26		$	15.13		$	15.92		$	14.88
Investment operations:
Net investment income (loss) (A) (B)		0.15			0.13			0.13	(C)		0.08			0.20
Net realized and unrealized gain (loss)		(0.55	)		2.46			0.21			0.23			1.06
Total investment operations		(0.40	)		2.59			0.34			0.31			1.26
Dividends and/or distributions to shareholders:
Net investment income		(0.19	)		(0.13	)		(0.11	)		(0.11	)		(0.22	)
Net realized gains		(1.35	)		(0.90	)		(1.10	)		(0.99	)		—
Total dividends and/or distributions to shareholders		(1.54	)		(1.03	)		(1.21	)		(1.10	)		(0.22	)
Net asset value, end of year	$	13.88		$	15.82		$	14.26		$	15.13		$	15.92
Total return (D)		(3.03	)%		19.31	%		2.49	%		1.91	%		8.51	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	309,195		$	628,621		$	660,687		$	716,039		$	736,246
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		1.26	%		1.26	%		1.27	%		1.26	%		1.26	%
Including waiver and/or reimbursement and recapture		1.26	%		1.26	%		1.26	%(C)		1.26	%		1.26	%
Net investment income (loss) to average net assets (B)		1.02	%		0.91	%		0.93	%(C)		0.54	%		1.32	%
Portfolio turnover rate (F)		32	%		9	%		1	%		6	%		31	%

(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 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 2018

Page    57

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Growth Portfolio
	Class I
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	16.36		$	14.72		$	15.59		$	16.37		$	15.28
Investment operations:
Net investment income (loss) (A) (B)		0.30			0.23			0.28	(C)		0.23			0.35
Net realized and unrealized gain (loss)		(0.57	)		2.59			0.22			0.25			1.11
Total investment operations		(0.27	)		2.82			0.50			0.48			1.46
Dividends and/or distributions to shareholders:
Net investment income		(0.36	)		(0.28	)		(0.27	)		(0.27	)		(0.37	)
Net realized gains		(1.35	)		(0.90	)		(1.10	)		(0.99	)		—
Total dividends and/or distributions to shareholders		(1.71	)		(1.18	)		(1.37	)		(1.26	)		(0.37	)
Net asset value, end of year	$	14.38		$	16.36		$	14.72		$	15.59		$	16.37
Total return		(2.11	)%		20.52	%		3.52	%		2.96	%		9.64	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	51,209		$	56,253		$	32,116		$	34,547		$	30,595
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	%		0.26	%		0.25	%(C)		0.26	%		0.26	%
Net investment income (loss) to average net assets (B)		1.95	%		1.50	%		1.96	%(C)		1.48	%		2.19	%
Portfolio turnover rate (E)		32	%		9	%		1	%		6	%		31	%

(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 years indicated:	Transamerica Asset Allocation – Growth Portfolio
	Class R
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	16.20		$	14.57		$	15.45		$	16.24		$	15.16
Investment operations:
Net investment income (loss) (A) (B)		0.22			0.18			0.21	(C)		0.15			0.23
Net realized and unrealized gain (loss)		(0.57	)		2.55			0.20			0.23			1.12
Total investment operations		(0.35	)		2.73			0.41			0.38			1.35
Dividends and/or distributions to shareholders:
Net investment income		(0.28	)		(0.20	)		(0.19	)		(0.18	)		(0.27	)
Net realized gains		(1.35	)		(0.90	)		(1.10	)		(0.99	)		—
Total dividends and/or distributions to shareholders		(1.63	)		(1.10	)		(1.29	)		(1.17	)		(0.27	)
Net asset value, end of year	$	14.22		$	16.20		$	14.57		$	15.45		$	16.24
Total return		(2.67	)%		19.94	%		2.90	%		2.29	%		9.01	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	2,193		$	2,702		$	2,142		$	2,260		$	2,127
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.79	%		0.80	%		0.86	%		0.83	%		0.85	%
Including waiver and/or reimbursement and recapture		0.79	%		0.80	%		0.85	%(C)		0.83	%		0.85	%
Net investment income (loss) to average net assets (B)		1.41	%		1.19	%		1.47	%(C)		0.93	%		1.47	%
Portfolio turnover rate (E)		32	%		9	%		1	%		6	%		31	%

(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 2018

Page    58

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Asset Allocation – Growth Portfolio
	Class T1
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	16.37		$	14.92
Investment operations:
Net investment income (loss) (B) (C)		0.27			0.04
Net realized and unrealized gain (loss)		(0.56	)		1.41
Total investment operations		(0.29	)		1.45
Dividends and/or distributions to shareholders:
Net investment income		(0.27	)		—
Net realized gains		(1.35	)		—
Total dividends and/or distributions to shareholders		(1.62	)		—
Net asset value, end of period/year	$	14.46		$	16.37
Total return (D)		(2.25	)%		9.72	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	11		$	11
Expenses to average net assets (F)		0.41	%		0.40	%(G)
Net investment income (loss) to average net assets (C)		1.72	%		0.43	%(G)
Portfolio turnover rate (H)		32	%		9	%

(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 initial 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.

For a share outstanding during the period and year indicated:	Transamerica Asset Allocation – Growth Portfolio
	Advisor Class
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	16.35		$	14.81
Investment operations:
Net investment income (loss) (B) (C)		0.10			0.04
Net realized and unrealized gain (loss)		(0.39	)		1.50
Total investment operations		(0.29	)		1.54
Dividends and/or distributions to shareholders:
Net investment income		(0.27	)		—
Net realized gains		(1.35	)		—
Total dividends and/or distributions to shareholders		(1.62	)		—
Net asset value, end of period/year	$	14.44		$	16.35
Total return		(2.24	)%		10.40	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	37		$	11
Expenses to average net assets (E)		0.36	%		0.35	%(F)
Net investment income (loss) to average net assets (C)		0.65	%		0.43	%(F)
Portfolio turnover rate (G)		32	%		9	%

(A)	Commenced operations on March 3, 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 2018

Page    59

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Moderate Growth Portfolio
	Class A
	October 31, 2018			October 31, 2017			October 31,       2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	14.38		$	13.34		$	13.93		$	15.23		$	14.39
Investment operations:
Net investment income (loss) (A) (B)		0.27			0.26			0.23	(C)		0.24			0.31
Net realized and unrealized gain (loss)		(0.50	)		1.67			0.20			0.05			0.83
Total investment operations		(0.23	)		1.93			0.43			0.29			1.14
Dividends and/or distributions to shareholders:
Net investment income		(0.30	)		(0.25	)		(0.23	)		(0.27	)		(0.30	)
Net realized gains		(1.04	)		(0.64	)		(0.79	)		(1.32	)		—
Total dividends and/or distributions to shareholders		(1.34	)		(0.89	)		(1.02	)		(1.59	)		(0.30	)
Net asset value, end of year	$	12.81		$	14.38		$	13.34		$	13.93		$	15.23
Total return (D)		(2.02	)%		15.32	%		3.35	%		1.93	%		8.01	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,589,016		$	1,434,214		$	1,315,381		$	1,301,591		$	1,319,226
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		0.49	%		0.49	%		0.50	%		0.50	%		0.52	%
Including waiver and/or reimbursement and recapture		0.49	%		0.49	%		0.49	%(C)		0.50	%		0.52	%
Net investment income (loss) to average net assets (B)		1.98	%		1.89	%		1.76	%(C)		1.68	%		2.09	%
Portfolio turnover rate (F)		32	%		14	%		1	%		7	%		33	%

(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 initial 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, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	14.55		$	13.44		$	13.97		$	15.23		$	14.38
Investment operations:
Net investment income (loss) (A) (B)		0.25			0.18			0.15	(C)		0.15			0.23
Net realized and unrealized gain (loss)		(0.63	)		1.65			0.18			0.02			0.79
Total investment operations		(0.38	)		1.83			0.33			0.17			1.02
Dividends and/or distributions to shareholders:
Net investment income		(0.07	)		(0.08	)		(0.07	)		(0.11	)		(0.17	)
Net realized gains		(1.04	)		(0.64	)		(0.79	)		(1.32	)		—
Total dividends and/or distributions to shareholders		(1.11	)		(0.72	)		(0.86	)		(1.43	)		(0.17	)
Net asset value, end of year	$	13.06		$	14.55		$	13.44		$	13.97		$	15.23
Total return (D)		(3.02	)%		14.26	%		2.55	%		1.11	%		7.16	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	4,622		$	24,269		$	47,691		$	84,073		$	133,060
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		1.49	%		1.37	%		1.34	%		1.32	%		1.30	%
Including waiver and/or reimbursement and recapture		1.45	%		1.37	%		1.33	%(C)		1.32	%		1.30	%
Net investment income (loss) to average net assets (B)		1.77	%		1.31	%		1.15	%(C)		1.06	%		1.52	%
Portfolio turnover rate (F)		32	%		14	%		1	%		7	%		33	%

(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 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 2018

Page    60

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Moderate Growth Portfolio
	Class C
	October 31, 2018			October 31, 2017			October 31,       2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	14.28		$	13.24		$	13.82		$	15.12		$	14.30
Investment operations:
Net investment income (loss) (A) (B)		0.18			0.17			0.14	(C)		0.14			0.21
Net realized and unrealized gain (loss)		(0.52	)		1.65			0.19			0.04			0.82
Total investment operations		(0.34	)		1.82			0.33			0.18			1.03
Dividends and/or distributions to shareholders:
Net investment income		(0.18	)		(0.14	)		(0.12	)		(0.16	)		(0.21	)
Net realized gains		(1.04	)		(0.64	)		(0.79	)		(1.32	)		—
Total dividends and/or distributions to shareholders		(1.22	)		(0.78	)		(0.91	)		(1.48	)		(0.21	)
Net asset value, end of year	$	12.72		$	14.28		$	13.24		$	13.82		$	15.12
Total return (D)		(2.82	)%		14.48	%		2.60	%		1.16	%		7.23	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	547,237		$	1,123,771		$	1,286,726		$	1,431,708		$	1,526,267
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		1.24	%		1.24	%		1.24	%		1.23	%		1.23	%
Including waiver and/or reimbursement and recapture		1.24	%		1.24	%		1.23	%(C)		1.23	%		1.23	%
Net investment income (loss) to average net assets (B)		1.33	%		1.25	%		1.05	%(C)		0.96	%		1.39	%
Portfolio turnover rate (F)		32	%		14	%		1	%		7	%		33	%

(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 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, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	14.38		$	13.34		$	13.93		$	15.23		$	14.40
Investment operations:
Net investment income (loss) (A) (B)		0.30			0.27			0.27	(C)		0.28			0.34
Net realized and unrealized gain (loss)		(0.51	)		1.69			0.19			0.05			0.84
Total investment operations		(0.21	)		1.96			0.46			0.33			1.18
Dividends and/or distributions to shareholders:
Net investment income		(0.33	)		(0.28	)		(0.26	)		(0.31	)		(0.35	)
Net realized gains		(1.04	)		(0.64	)		(0.79	)		(1.32	)		—
Total dividends and/or distributions to shareholders		(1.37	)		(0.92	)		(1.05	)		(1.63	)		(0.35	)
Net asset value, end of year	$	12.80		$	14.38		$	13.34		$	13.93		$	15.23
Total return		(1.84	)%		15.62	%		3.63	%		2.22	%		8.27	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	81,772		$	85,959		$	53,166		$	55,554		$	54,952
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Including waiver and/or reimbursement and recapture		0.25	%		0.25	%		0.24	%(C)		0.25	%		0.25	%
Net investment income (loss) to average net assets (B)		2.24	%		1.96	%		2.04	%(C)		1.94	%		2.30	%
Portfolio turnover rate (E)		32	%		14	%		1	%		7	%		33	%

(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 2018

Page    61

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Moderate Growth Portfolio
	Class R
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	14.30		$	13.26		$	13.85		$	15.15		$	14.32
Investment operations:
Net investment income (loss) (A) (B)		0.24			0.18			0.21	(C)		0.20			0.26
Net realized and unrealized gain (loss)		(0.52	)		1.70			0.18			0.05			0.84
Total investment operations		(0.28	)		1.88			0.39			0.25			1.10
Dividends and/or distributions to shareholders:
Net investment income		(0.25	)		(0.20	)		(0.19	)		(0.23	)		(0.27	)
Net realized gains		(1.04	)		(0.64	)		(0.79	)		(1.32	)		—
Total dividends and/or distributions to shareholders		(1.29	)		(0.84	)		(0.98	)		(1.55	)		(0.27	)
Net asset value, end of year	$	12.73		$	14.30		$	13.26		$	13.85		$	15.15
Total return		(2.33	)%		15.03	%		3.10	%		1.65	%		7.77	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	3,268		$	4,246		$	4,483		$	5,262		$	5,364
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.76	%		0.76	%		0.79	%		0.76	%		0.75	%
Including waiver and/or reimbursement and recapture		0.76	%		0.76	%		0.78	%(C)		0.76	%		0.75	%
Net investment income (loss) to average net assets (B)		1.74	%		1.36	%		1.61	%(C)		1.45	%		1.75	%
Portfolio turnover rate (E)		32	%		14	%		1	%		7	%		33	%

(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 year indicated:	Transamerica Asset Allocation – Moderate Growth Portfolio
	Class T1
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	14.39		$	13.35
Investment operations:
Net investment income (loss) (B) (C)		0.28			0.12
Net realized and unrealized gain (loss)		(0.52	)		0.92
Total investment operations		(0.24	)		1.04
Dividends and/or distributions to shareholders:
Net investment income		(0.24	)		—
Net realized gains		(1.04	)		—
Total dividends and/or distributions to shareholders		(1.28	)		—
Net asset value, end of period/year	$	12.87		$	14.39
Total return (D)		(2.01	)%		7.79	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	11		$	11
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		0.41	%		0.39	%(G)
Including waiver and/or reimbursement and recapture		0.41	%		0.39	%(G)
Net investment income (loss) to average net assets (C)		2.05	%		1.36	%(G)
Portfolio turnover rate (H)		32	%		14	%

(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 initial 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 2018

Page    62

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Asset Allocation – Moderate Growth Portfolio
	Advisor Class
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	14.37		$	13.27
Investment operations:
Net investment income (loss) (B) (C)		0.29			0.09
Net realized and unrealized gain (loss)		(0.51	)		1.01
Total investment operations		(0.22	)		1.10
Dividends and/or distributions to shareholders:
Net investment income		(0.26	)		—
Net realized gains		(1.04	)		—
Total dividends and/or distributions to shareholders		(1.30	)		—
Net asset value, end of period/year	$	12.85		$	14.37
Total return		(1.88	)%		8.29	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	11		$	11
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		0.35	%		0.35	%(F)
Including waiver and/or reimbursement and recapture		0.35	%		0.35	%(F)
Net investment income (loss) to average net assets (C)		2.10	%		1.01	%(F)
Portfolio turnover rate (G)		32	%		14	%

(A)	Commenced operations on March 3, 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 years indicated:	Transamerica Asset Allocation – Moderate Portfolio
	Class A
	October 31, 2018			October 31, 2017			October 31,       2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	12.80		$	12.11		$	12.46		$	13.56		$	13.58
Investment operations:
Net investment income (loss) (A) (B)		0.26			0.25			0.24	(C)		0.24			0.27
Net realized and unrealized gain (loss)		(0.47	)		1.08			0.18			(0.06	)		0.54
Total investment operations		(0.21	)		1.33			0.42			0.18			0.81
Dividends and/or distributions to shareholders:
Net investment income		(0.27	)		(0.23	)		(0.25	)		(0.28	)		(0.27	)
Net realized gains		(0.68	)		(0.41	)		(0.52	)		(1.00	)		(0.56	)
Total dividends and/or distributions to shareholders		(0.95	)		(0.64	)		(0.77	)		(1.28	)		(0.83	)
Net asset value, end of year	$	11.64		$	12.80		$	12.11		$	12.46		$	13.56
Total return (D)		(1.89	)%		11.54	%		3.71	%		1.32	%		6.20	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,124,731		$	1,094,724		$	1,000,707		$	890,270		$	899,852
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		0.48	%		0.48	%		0.48	%		0.49	%		0.52	%
Including waiver and/or reimbursement and recapture		0.48	%		0.48	%		0.47	%(C)		0.49	%		0.52	%
Net investment income (loss) to average net assets (B)		2.12	%		2.07	%		2.04	%(C)		1.90	%		1.99	%
Portfolio turnover rate (F)		25	%		13	%		2	%		10	%		27	%

(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 initial 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.

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

Transamerica Funds Annual Report 2018

Page    63

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Moderate Portfolio
	Class B
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	12.97		$	12.23		$	12.54		$	13.60		$	13.61
Investment operations:
Net investment income (loss) (A) (B)		0.23			0.18			0.18	(C)		0.16			0.18
Net realized and unrealized gain (loss)		(0.56	)		1.06			0.15			(0.08	)		0.52
Total investment operations		(0.33	)		1.24			0.33			0.08			0.70
Dividends and/or distributions to shareholders:
Net investment income		(0.06	)		(0.09	)		(0.12	)		(0.14	)		(0.15	)
Net realized gains		(0.68	)		(0.41	)		(0.52	)		(1.00	)		(0.56	)
Total dividends and/or distributions to shareholders		(0.74	)		(0.50	)		(0.64	)		(1.14	)		(0.71	)
Net asset value, end of year	$	11.90		$	12.97		$	12.23		$	12.54		$	13.60
Total return (D)		(2.83	)%		10.53	%		2.83	%		0.54	%		5.32	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,305		$	13,987		$	29,432		$	47,833		$	71,121
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		1.48	%		1.34	%		1.31	%		1.30	%		1.30	%
Including waiver and/or reimbursement and recapture		1.45	%		1.34	%		1.30	%(C)		1.30	%		1.30	%
Net investment income (loss) to average net assets (B)		1.83	%		1.47	%		1.47	%(C)		1.22	%		1.32	%
Portfolio turnover rate (F)		25	%		13	%		2	%		10	%		27	%

(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 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 C
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	12.70		$	12.01		$	12.36		$	13.44		$	13.48
Investment operations:
Net investment income (loss) (A) (B)		0.17			0.17			0.16	(C)		0.15			0.17
Net realized and unrealized gain (loss)		(0.48	)		1.06			0.17			(0.05	)		0.53
Total investment operations		(0.31	)		1.23			0.33			0.10			0.70
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.13	)		(0.16	)		(0.18	)		(0.18	)
Net realized gains		(0.68	)		(0.41	)		(0.52	)		(1.00	)		(0.56	)
Total dividends and/or distributions to shareholders		(0.84	)		(0.54	)		(0.68	)		(1.18	)		(0.74	)
Net asset value, end of year	$	11.55		$	12.70		$	12.01		$	12.36		$	13.44
Total return (D)		(2.68	)%		10.69	%		2.88	%		0.70	%		5.39	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	415,277		$	786,977		$	939,970		$	1,051,486		$	1,138,082
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		1.23	%		1.22	%		1.22	%		1.22	%		1.22	%
Including waiver and/or reimbursement and recapture		1.23	%		1.22	%		1.21	%(C)		1.22	%		1.22	%
Net investment income (loss) to average net assets (B)		1.43	%		1.43	%		1.40	%(C)		1.18	%		1.29	%
Portfolio turnover rate (F)		25	%		13	%		2	%		10	%		27	%

(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 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 2018

Page    64

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Moderate Portfolio
	Class I
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	12.80		$	12.11		$	12.46		$	13.56		$	13.59
Investment operations:
Net investment income (loss) (A) (B)		0.29			0.28			0.28	(C)		0.27			0.30
Net realized and unrealized gain (loss)		(0.48	)		1.08			0.17			(0.06	)		0.54
Total investment operations		(0.19	)		1.36			0.45			0.21			0.84
Dividends and/or distributions to shareholders:
Net investment income		(0.30	)		(0.26	)		(0.28	)		(0.31	)		(0.31	)
Net realized gains		(0.68	)		(0.41	)		(0.52	)		(1.00	)		(0.56	)
Total dividends and/or distributions to shareholders		(0.98	)		(0.67	)		(0.80	)		(1.31	)		(0.87	)
Net asset value, end of year	$	11.63		$	12.80		$	12.11		$	12.46		$	13.56
Total return		(1.73	)%		11.80	%		3.97	%		1.60	%		6.45	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	48,287		$	59,664		$	43,818		$	48,780		$	47,590
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.26	%		0.25	%		0.25	%		0.25	%		0.25	%
Including waiver and/or reimbursement and recapture		0.26	%		0.25	%		0.24	%(C)		0.25	%		0.25	%
Net investment income (loss) to average net assets (B)		2.40	%		2.26	%		2.40	%(C)		2.13	%		2.21	%
Portfolio turnover rate (E)		25	%		13	%		2	%		10	%		27	%

(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 years indicated:	Transamerica Asset Allocation – Moderate Portfolio
	Class R
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	12.72		$	12.03		$	12.39		$	13.48		$	13.52
Investment operations:
Net investment income (loss) (A) (B)		0.22			0.17			0.21	(C)		0.21			0.22
Net realized and unrealized gain (loss)		(0.46	)		1.13			0.17			(0.05	)		0.55
Total investment operations		(0.24	)		1.30			0.38			0.16			0.77
Dividends and/or distributions to shareholders:
Net investment income		(0.23	)		(0.20	)		(0.22	)		(0.25	)		(0.25	)
Net realized gains		(0.68	)		(0.41	)		(0.52	)		(1.00	)		(0.56	)
Total dividends and/or distributions to shareholders		(0.91	)		(0.61	)		(0.74	)		(1.25	)		(0.81	)
Net asset value, end of year	$	11.57		$	12.72		$	12.03		$	12.39		$	13.48
Total return		(2.08	)%		11.20	%		3.40	%		1.17	%		5.88	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	4,313		$	4,693		$	5,256		$	5,470		$	5,665
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.73	%		0.73	%		0.74	%		0.73	%		0.73	%
Including waiver and/or reimbursement and recapture		0.73	%		0.73	%		0.72	%(C)		0.73	%		0.73	%
Net investment income (loss) to average net assets (B)		1.82	%		1.38	%		1.80	%(C)		1.67	%		1.68	%
Portfolio turnover rate (E)		25	%		13	%		2	%		10	%		27	%

(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 2018

Page    65

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Asset Allocation – Moderate Portfolio
	Class T1
	October 31, 2018			October 31,     2017 (A)
Net asset value, beginning of period/year	$	12.81		$	12.03
Investment operations:
Net investment income (loss) (B) (C)		0.27			0.09
Net realized and unrealized gain (loss)		(0.48	)		0.69
Total investment operations		(0.21	)		0.78
Dividends and/or distributions to shareholders:
Net investment income		(0.22	)		—
Net realized gains		(0.68	)		—
Total dividends and/or distributions to shareholders		(0.90	)		—
Net asset value, end of period/year	$	11.70		$	12.81
Total return (D)		(1.88	)%		6.48	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	10		$	11
Expenses to average net assets (F)		0.39	%		0.40	%(G)
Net investment income (loss) to average net assets (C)		2.17	%		1.21	%(G)
Portfolio turnover rate (H)		25	%		13	%

(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 initial 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.

For a share outstanding during the year and period indicated:	Transamerica Asset Allocation – Moderate Portfolio
	Advisor Class
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	12.78		$	11.97
Investment operations:
Net investment income (loss) (B) (C)		0.27			0.11
Net realized and unrealized gain (loss)		(0.46	)		0.70
Total investment operations		(0.19	)		0.81
Dividends and/or distributions to shareholders:
Net investment income		(0.24	)		—
Net realized gains		(0.68	)		—
Total dividends and/or distributions to shareholders		(0.92	)		—
Net asset value, end of period/year	$	11.67		$	12.78
Total return		(1.75	)%		6.77	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	10		$	11
Expenses to average net assets (E)		0.35	%		0.35	%(F)
Net investment income (loss) to average net assets (C)		2.21	%		1.36	%(F)
Portfolio turnover rate (G)		25	%		13	%

(A)	Commenced operations on March 3, 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 2018

Page    66

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Asset Allocation Intermediate Horizon
	Class R
	October 31, 2018			October 31,       2017 (A)
Net asset value, beginning of period/year	$	10.38		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.16			0.05
Net realized and unrealized gain (loss)		(0.16	)		0.37
Total investment operations		—			0.42
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.04	)
Net asset value, end of period/year	$	10.22		$	10.38
Total return		(0.07	)%		4.24	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	357,118		$	424,721
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		0.62	%		0.62	%(F)
Including waiver and/or reimbursement and recapture		0.60	%		0.60	%(F)
Net investment income (loss) to average net assets (C)		1.51	%		0.99	%(F)
Portfolio turnover rate (G)		27	%		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
	Class R4
	October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			December 31, 2015			December 31, 2014			December 31, 2013
Net asset value, beginning of period/year	$	10.38		$	9.58		$	9.23		$	9.35		$	9.16		$	8.21
Investment operations:
Net investment income (loss) (D) (E)		0.18			0.13			0.18			0.15			0.20			0.18
Net realized and unrealized gain (loss)		(0.16	)		0.78			0.35			(0.12	)		0.21			0.96
Total investment operations		0.02			0.91			0.53			0.03			0.41			1.14
Dividends and/or distributions to shareholders:
Net investment income		(0.18	)		(0.11	)		(0.18	)		(0.15	)		(0.22	)		(0.19	)
Net asset value, end of period/year	$	10.22		$	10.38		$	9.58		$	9.23		$	9.35		$	9.16
Total return		0.18	%		9.53	%(F)		5.74	%		0.26	%		4.50	%		14.04	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	15,632		$	20,852		$	78,806		$	79,613		$	92,989		$	121,450
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		0.38	%		0.21	%(H)		0.10	%		0.10	%		0.10	%		0.10	%
Including waiver and/or reimbursement and recapture		0.35	%		0.20	%(H)		0.10	%		0.10	%		0.10	%		0.10	%
Net investment income (loss) to average net assets (E)		1.73	%		1.37	%(H)		1.88	%		1.57	%		2.19	%		2.07	%
Portfolio turnover rate (I)		27	%		26	%(F)		45	%		42	%		76	%		69	%

(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 2018

Page    67

FINANCIAL HIGHLIGHTS (continued)

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

(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)	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 underlying funds in which the Fund invests.
(G)	Annualized.
(H)	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
	Class R4
	October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			December 31, 2015			December 31, 2014			December 31, 2013
Net asset value, beginning of period/year	$	10.68		$	9.38		$	8.87		$	8.92		$	8.71		$	7.01
Investment operations:
Net investment income (loss) (D) (E)		0.12			0.06			0.11			0.11			0.17			0.12
Net realized and unrealized gain (loss)		(0.04	)(F)		1.31			0.51			(0.05	)		0.22			1.72
Total investment operations		0.08			1.37			0.62			0.06			0.39			1.84
Dividends and/or distributions to shareholders:
Net investment income		(0.12	)		(0.07	)		(0.11	)		(0.11	)		(0.18	)		(0.14	)
Net asset value, end of period/year	$	10.64		$	10.68		$	9.38		$	8.87		$	8.92		$	8.71
Total return		0.72	%		14.69	%(G)		7.07	%		0.63	%		4.55	%		26.33	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	25,038		$	32,618		$	28,489		$	28,659		$	35,325		$	32,711
Expenses to average net assets (H)
Excluding waiver and/or reimbursement and recapture		0.38	%		0.28	%(I)		0.10	%		0.10	%		0.10	%		0.10	%
Including waiver and/or reimbursement and recapture		0.35	%		0.26	%(I)		0.10	%		0.10	%		0.10	%		0.10	%
Net investment income (loss) to average net assets (E)		1.09	%		0.64	%(I)		1.29	%		1.19	%		1.98	%		1.61	%
Portfolio turnover rate (J)		30	%		35	%(G)		28	%		43	%		69	%		58	%

(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)	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)	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 2018

Page    68

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Asset Allocation Short Horizon
	Class R
	October 31, 2018			October 31,       2017 (A)
Net asset value, beginning of period/year	$	10.10		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.22			0.08
Net realized and unrealized gain (loss)		(0.34	)		0.09
Total investment operations		(0.12	)		0.17
Dividends and/or distributions to shareholders:
Net investment income		(0.22	)		(0.07	)
Net asset value, end of period/year	$	9.76		$	10.10
Total return		(1.21	)%		1.72	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	142,129		$	181,866
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		0.62	%		0.62	%(F)
Including waiver and/or reimbursement and recapture		0.60	%		0.60	%(F)
Net investment income (loss) to average net assets (C)		2.21	%		1.77	%(F)
Portfolio turnover rate (G)		52	%		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
	Class R4
	October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			December 31, 2015			December 31, 2014			December 31, 2013
Net asset value, beginning of period/year	$	10.10		$	9.81		$	9.63		$	9.92		$	9.80		$	9.91
Investment operations:
Net investment income (loss) (D) (E)		0.23			0.17			0.25			0.21			0.25			0.27
Net realized and unrealized gain (loss)		(0.33	)		0.28			0.18			(0.28	)		0.14			(0.11	)
Total investment operations		(0.10	)		0.45			0.43			(0.07	)		0.39			0.16
Dividends and/or distributions to shareholders:
Net investment income		(0.24	)		(0.16	)		(0.25	)		(0.22	)		(0.27	)		(0.27	)
Net asset value, end of period/year	$	9.76		$	10.10		$	9.81		$	9.63		$	9.92		$	9.80
Total return		(1.01	)%		4.49	%(F)		4.48	%		(0.72	)%		4.07	%		1.67	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	3,156		$	6,959		$	11,896		$	12,349		$	17,622		$	24,002
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		0.38	%		0.23	%(H)		0.10	%		0.10	%		0.10	%		0.10	%
Including waiver and/or reimbursement and recapture		0.35	%		0.22	%(H)		0.10	%		0.10	%		0.10	%		0.10	%
Net investment income (loss) to average net assets (E)		2.30	%		1.98	%(H)		2.53	%		2.07	%		2.55	%		2.70	%
Portfolio turnover rate (I)		52	%		22	%(F)		49	%		60	%		133	%		75	%

(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 2018

Page    69

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Multi-Manager Alternative Strategies Portfolio
	Class A
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	9.89		$	9.71		$	10.07		$	10.50		$	10.01
Investment operations:
Net investment income (loss) (A) (B)		0.17			0.10			0.31	(C)		0.11			0.05
Net realized and unrealized gain (loss)		(0.32	)		0.19			(0.22	)		(0.47	)		0.49
Total investment operations		(0.15	)		0.29			0.09			(0.36	)		0.54
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.11	)		(0.28	)		(0.07	)		(0.05	)
Net realized gains		—			—			(0.17	)		—			—
Total dividends and/or distributions to shareholders		(0.13	)		(0.11	)		(0.45	)		(0.07	)		(0.05	)
Net asset value, end of year	$	9.61		$	9.89		$	9.71		$	10.07		$	10.50
Total return (D)		(1.55	)%		3.04	%		1.07	%		(3.42	)%		5.46	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	30,546		$	32,240		$	61,341		$	91,684		$	129,568
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		0.76	%		0.73	%		0.70	%		0.66	%		0.72	%
Including waiver and/or reimbursement and recapture		0.76	%		0.73	%		0.69	%(C)		0.66	%		0.72	%
Net investment income (loss) to average net assets (B)		1.76	%		1.04	%		3.28	%(C)		1.06	%		0.46	%
Portfolio turnover rate (F)		11	%		65	%		42	%		80	%		79	%

(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 initial 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 Multi-Manager Alternative Strategies Portfolio
	Class C
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	9.78		$	9.60		$	9.94		$	10.37		$	9.91
Investment operations:
Net investment income (loss) (A) (B)		0.11			0.02			0.23	(C)		0.03			(0.03	)
Net realized and unrealized gain (loss)		(0.32	)		0.18			(0.20	)		(0.46	)		0.49
Total investment operations		(0.21	)		0.20			0.03			(0.43	)		0.46
Dividends and/or distributions to shareholders:
Net investment income		(0.05	)		(0.02	)		(0.20	)		(0.00	)(D)		—
Net realized gains		—			—			(0.17	)		—			—
Total dividends and/or distributions to shareholders		(0.05	)		(0.02	)		(0.37	)		(0.00	)(D)		—
Net asset value, end of year	$	9.52		$	9.78		$	9.60		$	9.94		$	10.37
Total return (E)		(2.17	)%		2.22	%		0.39	%		(4.11	)%		4.64	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	28,142		$	47,545		$	72,959		$	101,656		$	125,950
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		1.49	%		1.47	%		1.45	%		1.42	%		1.45	%
Including waiver and/or reimbursement and recapture		1.49	%		1.47	%		1.44	%(C)		1.42	%		1.45	%
Net investment income (loss) to average net assets (B)		1.10	%		0.21	%		2.39	%(C)		0.28	%		(0.29	)%
Portfolio turnover rate (G)		11	%		65	%		42	%		80	%		79	%

(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)	Rounds to less than $0.01 or $(0.01).
(E)	Total return has been calculated without deduction of the 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 2018

Page    70

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Multi-Manager Alternative Strategies Portfolio
	Class I
	October 31, 2018			October 31, 2017			October 31,     2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	9.88		$	9.71		$	10.07		$	10.52		$	10.03
Investment operations:
Net investment income (loss) (A) (B)		0.21			0.12			0.36	(C)		0.14			0.08
Net realized and unrealized gain (loss)		(0.32	)		0.20			(0.24	)		(0.47	)		0.50
Total investment operations		(0.11	)		0.32			0.12			(0.33	)		0.58
Dividends and/or distributions to shareholders:
Net investment income		(0.17	)		(0.15	)		(0.31	)		(0.12	)		(0.09	)
Net realized gains		—			—			(0.17	)		—			—
Total dividends and/or distributions to shareholders		(0.17	)		(0.15	)		(0.48	)		(0.12	)		(0.09	)
Net asset value, end of year	$	9.60		$	9.88		$	9.71		$	10.07		$	10.52
Total return		(1.11	)%		3.32	%		1.44	%		(3.19	)%		5.81	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	52,477		$	82,742		$	108,591		$	191,022		$	238,046
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.41	%		0.40	%		0.38	%		0.38	%		0.41	%
Including waiver and/or reimbursement and recapture		0.41	%		0.40	%		0.37	%(C)		0.38	%		0.41	%
Net investment income (loss) to average net assets (B)		2.18	%		1.24	%		3.71	%(C)		1.31	%		0.74	%
Portfolio turnover rate (E)		11	%		65	%		42	%		80	%		79	%

(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.

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

Page    71

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Multi-Manager Alternative Strategies Portfolio
	Class T1
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	9.90		$	9.67
Investment operations:
Net investment income (loss) (B) (C)		0.19			0.03
Net realized and unrealized gain (loss)		(0.31	)		0.20
Total investment operations		(0.12	)		0.23
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		—
Net asset value, end of period/year	$	9.65		$	9.90
Total return (D)		(1.27	)%		2.38	%(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		0.55	%		0.55	%(G)
Including waiver and/or reimbursement and recapture		0.55	%		0.55	%(G)
Net investment income (loss) to average net assets (C)		1.93	%		0.51	%(G)
Portfolio turnover rate (H)		11	%		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 investment companies and/or ETFs in which the Fund invests.
(D)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(E)	Not annualized.
(F)	Does not include expenses of the 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 2018

Page    72

NOTES TO FINANCIAL STATEMENTS

At October 31, 2018

1. ORGANIZATION

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

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

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 from the date of purchase. Class B shares are no longer available to existing investors except for exchanges, and dividend and capital gains reinvestment. Effective September 16, 2018, Class C shares will convert to Class A shares ten years from the date of purchase.

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

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

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

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

TAM’s investment management services also include the provision of supervisory and administrative services to the Funds. These services include performing certain administrative services for the Funds and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Funds by State Street Bank and Trust Company (“State Street”), to whom TAM has outsourced the provision of certain services as described below: to the extent agreed upon by TAM and the Funds from time

Transamerica Funds Annual Report 2018

Page    73

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

1. ORGANIZATION (continued)

to time, monitoring and verifying the custodian’s daily calculation of the Net Asset Values (“NAV”); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Funds’ custodian and dividend disbursing agent and monitoring their services to the Funds; assisting the Funds in preparing reports to shareholders; acting as liaison with the Funds’ independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Funds.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

Cash overdraft: 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.

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

3. SECURITY VALUATION

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

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

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

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

Transamerica Funds Annual Report 2018

Page    74

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

3. SECURITY VALUATION (continued)

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

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the “practical expedient” have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Funds’ investments at October 31, 2018, is disclosed within the Security Valuation section of each Fund’s Schedule of Investments.

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

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

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

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

Restricted securities: Restricted securities for which quotations are not readily available are valued at fair value 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.

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, 2018, 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

Transamerica Funds Annual Report 2018

Page    75

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Funds may borrow on a secured or on an unsecured basis. If the Funds enter into a secured borrowing arrangement, a portion of the Funds’ assets will be used as collateral. The 1940 Act requires the Funds to maintain asset coverage of at least 300% of the amount of their borrowings. Asset coverage means the ratio that the value of the Funds’ total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Funds may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

Interfund lending: The Funds, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Funds to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which place limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. As of October 31, 2018, 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, 2018.

Repurchase agreements at October 31, 2018, if any, are included within the Schedule of Investments and Statements of Assets and Liabilities.

6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS

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

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

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

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

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

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

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

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

Transamerica Funds Annual Report 2018

Page    76

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

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

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

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

Open futures contracts at October 31, 2018, 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 Funds’ 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, 2018. Funds not listed in the subsequent tables do not have derivative investments during the year. Funds not listed in the subsequent tables do not have derivative investments during the year.

Asset Derivatives
Fund/Location	Interest Rate Contracts		Foreign Exchange Contracts		Equity Contracts		Credit Contracts		Commodity Contracts		Total
Multi-Manager Alternative Strategies
Futures contracts:
Total distributable earnings (A) (B)	$	64,866	$	—	$	—	$	—	$	—	$	64,866
Total	$	64,866	$	—	$	—	$	—	$	—	$	64,866

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

The following is a summary of the location and the effect of derivative investments, if any, within the Statements of Operations, categorized by primary market risk exposure as of October 31, 2018.

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	$	278,066		$	—	$	—	$	—	$	—	$	278,066
Total	$	278,066		$	—	$	—	$	—	$	—	$	278,066
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	$	(57,775	)	$	—	$	—	$	—	$	—	$	(57,775	)
Total	$	(57,775	)	$	—	$	—	$	—	$	—	$	(57,775	)

Transamerica Funds Annual Report 2018

Page    77

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

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

The following is a summary of the ending monthly average volume on derivative activity during the year ended October 31, 2018.

	Futures Contracts at Notional Amount
Fund	Long		Short
Multi-Manager Alternative Strategies		684,615		(4,146,154	)

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.

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.

As of October 31, 2018, the investment manager and/or other affiliated investment accounts held balances of each Fund as follows.

Fund	Account Balance		Percentage of Net Assets
Asset Allocation – Conservative	$	173,821		0.02%
Asset Allocation – Growth		21,518		0.00(A)
Asset Allocation – Moderate Growth		2,893,718		0.13
Asset Allocation – Moderate		478,180		0.03

Fund	Account Balance		Percentage of Net Assets
Intermediate Horizon	$	372,750,303		100.00 %
Long Horizon		215,965,785		100.00
Short Horizon		145,284,754		100.00
Multi-Manager Alternative Strategies		167,176		0.15

(A) Rounds to less than 0.01%.

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

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

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

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

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

Transamerica Funds Annual Report 2018

Page    78

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Fund	Current Operating Expense Limit (A)			Prior Operating Expense Limit (B) (C)
Asset Allocation – Conservative
Class A		0.60	%		0.70	%
Class B		1.45
Class C		1.35			1.45
Class I		0.35			0.45
Class R		0.95
Class T1		0.70
Advisor Class		0.45
Asset Allocation – Growth
Class A		0.60			0.70
Class B		1.45
Class C		1.35			1.45
Class I		0.35			0.45
Class R		0.95
Class T1		0.70
Advisor Class		0.45
Asset Allocation – Moderate Growth
Class A		0.60			0.70
Class B		1.45
Class C		1.35			1.45
Class I		0.35			0.45
Class R		0.85			0.95
Class T1		0.70
Advisor Class		0.45

Fund	Current Operating Expense Limit (A)			Prior Operating Expense Limit (B) (C)
Asset Allocation – Moderate
Class A		0.60	%		0.70	%
Class B		1.45
Class C		1.35			1.45
Class I		0.35			0.45
Class R		0.85			0.95
Class T1		0.70
Advisor Class		0.45
Intermediate Horizon
Class R		0.60			NA
Class R4		0.35			NA
Long Horizon
Class R		0.60			NA
Class R4		0.35			NA
Short Horizon
Class R		0.60			NA
Class R4		0.35			NA
Multi-Manager Alternative Strategies
Class A		0.80
Class C		1.55
Class I		0.55
Class R6		0.45			0.55
Class T1		0.80

(A)	Current operating expense limit is effective through March 1, 2019.
(B)	Prior operating expense limit was effective through March 1, 2018.
(C)	No rate present indicates no change to the operating expense limit during the year.

TAM is entitled to recapture expenses accrued by the Funds for fees waived and/or reimbursed during any of the previous thirty-six months if on any day or month the estimated annualized Funds’ operating expenses are less than the stated annual operating expense limit or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended October 31, 2018 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statements of Operations.

As of October 31, 2018, the balances available for recapture by TAM for each Fund are as follows. Funds not listed in the subsequent table do not have balances available for recapture during the year.

	Amounts Available
Fund	2016		2017		2018		Total
Asset Allocation – Conservative
Class B	$	—	$	—	$	807	$	807
Asset Allocation – Growth
Class B		—		—		8,490		8,490
Asset Allocation – Moderate Growth
Class B		—		—		5,518		5,518
Asset Allocation – Moderate
Class B		—		—		2,180		2,180
Intermediate Horizon
Class R (A)				39,740		80,174		119,914
Class R4 (B)				4,833		5,229		10,062
Long Horizon
Class R (A)				21,588		43,609		65,197
Class R4 (B)				5,253		8,135		13,388
Short Horizon
Class R (A)				17,323		32,572		49,895
Class R4 (B)				973		1,502		2,475

(A)	Class R commenced operations on May 19, 2017.
(B)	Class R4 was not subject to recapture prior to May 19, 2017. Please reference the Reorganization section of the Notes to Financial Statements for more information.

Transamerica Funds Annual Report 2018

Page    79

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

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

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

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

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

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

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, 2018, 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	$	228,927	$	111
Class B		—		56
Class C		—		7,613
Class T1		—		—
Asset Allocation – Growth
Class A		822,473		1,564
Class B		—		522
Class C		—		30,208
Class T1		—		—
Asset Allocation – Moderate Growth
Class A		1,226,878		29,606
Class B		—		933
Class C		—		43,367
Class T1		—		—

Fund	Initial Sales Charge		Contingent Deferred Sales Charge
Asset Allocation – Moderate
Class A	$	676,316	$	79
Class B		—		165
Class C		—		21,489
Class T1		—		—
Multi-Manager Alternative Strategies
Class A		11,245		—
Class C		—		525
Class T1		—		—

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, 2018, 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	$	664,014	$	54,184
Asset Allocation – Growth		1,593,570		130,589
Asset Allocation – Moderate Growth		2,240,157		181,651
Asset Allocation – Moderate		1,388,699		112,512
Intermediate Horizon		1,434		108
Long Horizon		2,160		173
Short Horizon		412		22
Multi-Manager Alternative Strategies		207,978		15,489

Transamerica Funds Annual Report 2018

Page    80

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

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, 2018, 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-adviser(s) for the year ended October 31, 2018.

8. PURCHASES AND SALES OF SECURITIES

For the year ended October 31, 2018, 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	$	202,746,967	$	428,088,331
Asset Allocation – Growth		466,788,571		696,671,099
Asset Allocation – Moderate Growth		800,921,565		1,223,846,565
Asset Allocation – Moderate		448,005,734		797,359,406
Intermediate Horizon		112,146,671		189,079,762
Long Horizon		74,748,943		121,762,419
Short Horizon		87,723,501		130,545,123
Multi-Manager Alternative Strategies		14,754,326		65,049,643

9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS

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

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales, mark-to-market on futures contracts, and liquidating trust basis adjustments. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. The primary permanent differences are due to liquidating trust basis adjustments, non-real estate investment trust return of capital adjustments, capital loss carryforwards expiration, 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			Total Distributable Earnings
Intermediate Horizon	$	(26,569,351	)	$	26,569,351
Long Horizon		(30,905,213	)		30,905,213
Short Horizon		(571,501	)		571,501

Transamerica Funds Annual Report 2018

Page    81

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

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

As of October 31, 2018, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) were as follows:

Fund	Cost		Gross Appreciation		Gross (Depreciation)			Net Appreciation (Depreciation)
Asset Allocation – Conservative	$	879,090,502	$	28,336,275	$	(37,212,791	)	$	(8,876,516	)
Asset Allocation – Growth		1,213,920,257		109,841,426		(34,010,724	)		75,830,702
Asset Allocation – Moderate Growth		2,168,374,667		127,850,623		(68,212,850	)		59,637,773
Asset Allocation – Moderate		1,574,098,390		72,905,643		(51,403,806	)		21,501,837
Intermediate Horizon		372,894,700		10,382,414		(10,322,719	)		59,695
Long Horizon		205,805,654		12,904,418		(2,628,493	)		10,275,925
Short Horizon		150,432,213		1,458,032		(6,525,773	)		(5,067,741	)
Multi-Manager Alternative Strategies		118,685,116		551,437		(7,563,669	)		(7,012,232	)

As of October 31, 2018, the capital loss carryforwards available to offset future realized capital gains are as follows. Funds not listed in the subsequent table do not have capital loss carryforwards.

	Unlimited
Fund	Short-Term		Long-Term
Multi-Manager Alternative Strategies	$	3,248,913	$	2,597,179

During the year ended October 31, 2018, 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	$	26,634,425
Long Horizon		31,559,291
Short Horizon		801,235

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 2018 and 2017 are listed below.

	2018 Distributions Paid From						2017 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	$	22,750,909	$	42,865,074	$	—	$	22,899,015	$	25,508,202	$	—
Asset Allocation – Growth		23,512,693		127,671,931		—		18,644,477		89,000,827		—
Asset Allocation – Moderate Growth		53,357,709		181,032,221		—		38,628,310		128,089,139		—
Asset Allocation – Moderate		39,639,306		96,670,466		—		30,703,415		66,643,386		—
Intermediate Horizon		6,304,682		—		—		2,494,129		—		—
Long Horizon		2,187,094		49,425		—		433,530		—		—
Short Horizon		3,655,627		—		—		1,499,619		—		—
Multi-Manager Alternative Strategies		2,038,322		—		—		2,281,304		—		—

Transamerica Funds Annual Report 2018

Page    82

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

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

As of October 31, 2018, 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	$	792,766	$	—	$	44,790,308	$	—		$	—	$	—	$	(8,876,516	)
Asset Allocation – Growth		—		—		172,577,963		—			—		—		75,830,702
Asset Allocation – Moderate Growth		7,182,916		—		235,610,145		—			—		—		59,637,773
Asset Allocation – Moderate		11,772,747		—		107,948,841		—			—		—		21,501,837
Intermediate Horizon		192,335		—		12,099,166		—			—		—		59,695
Long Horizon		—		—		15,965,034		—			—		—		10,275,925
Short Horizon		261,862		—		365,997		—			—		—		(5,067,741	)
Multi-Manager Alternative Strategies		885,336		—		—		(5,846,092	)		—		—		(7,012,232	)

10. 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

11. NEW ACCOUNTING PRONOUNCEMENTS

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

In August 2018, the Securities and Exchange Commission (“SEC”) released its Final Rule on Disclosure Update and Simplification (the “Final Rule”) which is intended to simplify an issuer’s disclosure compliance efforts by removing redundant or outdated disclosure requirements without significantly altering the mix of information provided to investors. The most notable impacts being that a fund is no longer required to present the components of distributable earnings on the Statements of Assets and Liabilities, or the sources of distributions to shareholders and the amount of undistributed net investment income on the Statements of Changes in Net Assets. The compliance date for the amendments to Regulation S-X is November 5, 2018. Management has evaluated and adopted the disclosure requirements and the impact is reflected within the Funds’ financial statements.

Transamerica Funds Annual Report 2018

Page    83

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

12. REORGANIZATION

Following the close of business on the date listed in the subsequent table (the “Reorganization Date”), certain series of Transamerica Partners Funds Group and Transamerica Partners Institutional Funds Group (the “Target Funds”) reorganized into corresponding 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. Where a Target Fund was the accounting and performance survivor 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.

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 issued 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 the relevant Reorganization Date.
(B)	Accounting and performance survivor.

Transamerica Funds Annual Report 2018

Page    84

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

12. 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 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 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.

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 as a reimbursement of custody fees. This resulted in a decrease in net expenses and an overall increase in net assets. Please reference the Financial Highlights for additional information in regards to the per share impact.

14. LEGAL PROCEEDINGS

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

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

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NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

14. LEGAL PROCEEDINGS (continued)

Transamerica Tactical Rotation) and Transamerica Dynamic Allocation II (formerly, Transamerica Tactical Allocation, and now reorganized into Transamerica Dynamic Allocation). The asset allocation funds are Transamerica Managed Risk – Conservative ETF VP (formerly, Transamerica Vanguard ETF Portfolio – Conservative VP and Transamerica Index 35 VP), Transamerica Managed Risk – Balanced ETF VP (formerly, Transamerica Vanguard ETF Portfolio – Balanced VP and Transamerica Index 50 VP), Transamerica Managed Risk – Growth ETF VP (formerly, Transamerica Vanguard ETF Portfolio – Growth VP and Transamerica Index 75 VP), Transamerica QS Investors Active Asset Allocation – Conservative VP (formerly, Transamerica Aegon Active Asset Allocation – Conservative VP), Transamerica QS Investors Active Asset Allocation – Moderate VP (formerly, Transamerica Aegon Active Asset Allocation – Moderate VP) and Transamerica QS Investors Active Asset Allocation – Moderate Growth VP (formerly, Transamerica Aegon Active Asset Allocation – Moderate Growth VP). AUIM ceased to serve as sub-adviser to the Transamerica tactical funds on April 30, 2015 and to the Transamerica asset allocation funds on June 30, 2015.

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

In accepting the settlement, the SEC considered the substantial cooperation and remedial efforts of AUIM, TAM and TCI. In the Order, the SEC acknowledged that, after the start of the SEC staff’s investigation but before the settlement, AUIM, TAM and TCI had voluntarily retained an independent compliance consultant to conduct a comprehensive review of certain compliance policies and procedures, internal controls and related procedures, and that AUIM, TAM and TCI had received the consultant’s written findings and implemented the consultant’s proposed changes. The SEC also acknowledged that, in advance of receiving written findings and recommendations from the independent compliance consultant, AUIM, TAM and TCI had already begun making revisions and improvements to their compliance policies and procedures. The SEC also considered that AUIM, TAM and TCI have retained the independent compliance consultant for further reviews through the completion of the consultant’s follow-up review for fiscal year 2019.

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

Transamerica Financial Advisors, LLC (“TFA”), which serves as an intermediary for the Transamerica-sponsored mutual funds, also was a party to the settlement. The findings in the Order with respect to TFA are unrelated to the mutual funds.

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

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

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

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Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Transamerica Asset Allocation – Conservative Portfolio, Transamerica Asset Allocation – Growth Portfolio, Transamerica Asset Allocation – Moderate Growth Portfolio, Transamerica Asset Allocation – Moderate Portfolio, Transamerica Asset Allocation Intermediate Horizon, Transamerica Asset Allocation Long Horizon, Transamerica Asset Allocation Short Horizon, and Transamerica Multi-Manager Alternative Strategies Portfolio (collectively referred to as the “Funds”), (eight of the funds constituting Transamerica Funds (the “Trust”)), including the schedules of investments, as of October 31, 2018, and the related statements of operations, the statements of changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (eight of the funds constituting Transamerica Funds) at October 31, 2018, and the results of their operations, the changes in their net assets and the financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

Individual fund constituting the Transamerica Funds	Statement of operations	Statements of changes in net assets	Financial highlights
Transamerica Asset Allocation – Conservative Portfolio Transamerica Asset Allocation – Growth Portfolio Transamerica Asset Allocation – Moderate Growth Portfolio Transamerica Asset Allocation – Moderate Portfolio	For the year ended October 31, 2018	For each of the two years in the period ended October 31, 2018	For each of the five years in the period ended October 31, 2018
Transamerica Asset Allocation Intermediate Horizon Transamerica Asset Allocation Long Horizon Transamerica Asset Allocation Short Horizon	For the year ended October 31, 2018	For the year ended October 31, 2018, the period from January 1, 2017 (day after previous fiscal year end after reorganization) through October 31, 2017, and the year ended December 31, 2016.	For the year ended October 31, 2018, the period from January 1, 2017 (day after previous fiscal year end after reorganization) through October 31, 2017, and for each of the 4 years in the period ended December 31, 2016
Transamerica Multi-Manager Alternative Strategies Portfolio	For the year ended October 31, 2018	For each of the two years in the period ended October 31, 2018	For each of the five years in the period ended October 31, 2018

Basis for Opinion

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

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

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Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2018, by correspondence with the custodian and others, or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

Boston, Massachusetts

December 24, 2018

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Page    88

SUPPLEMENTAL INFORMATION

(unaudited)

TAX INFORMATION

For dividends paid during the year ended October 31, 2018, the Funds designated the following maximum amounts of qualified dividend income:

Fund	Qualified Dividend Income
Asset Allocation – Conservative	$	4,660,222
Asset Allocation – Growth		17,430,818
Asset Allocation – Moderate Growth		23,142,832
Asset Allocation – Moderate		9,556,558
Intermediate Horizon		1,860,666
Long Horizon		2,065,926
Short Horizon		211,902
Multi-Manager Alternative Strategies		124,804

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		5	%
Asset Allocation – Growth		51
Asset Allocation – Moderate Growth		33
Asset Allocation – Moderate		25
Intermediate Horizon		12
Long Horizon		30
Short Horizon		3
Multi-Manager Alternative Strategies		2

For tax purposes, the long-term capital gain designations for the year ended October 31, 2018 are as follows:

Fund	Long-Term Capital Gain Designation
Asset Allocation – Conservative	$	42,865,074
Asset Allocation – Growth		127,671,931
Asset Allocation – Moderate Growth		181,032,221
Asset Allocation – Moderate		96,670,466
Long Horizon		49,425

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	$	2,048,626	$	229,295
Asset Allocation – Growth		7,233,076		1,048,403
Asset Allocation – Moderate Growth		9,812,775		1,270,438
Asset Allocation – Moderate		5,159,663		632,730
Intermediate Horizon		883,117		65,730
Long Horizon		1,132,535		82,635
Short Horizon		73,942		4,598
Multi-Manager Alternative Strategies		36,061		13,140

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2018. Complete information will be computed and reported in conjunction with your 2018 Form 1099-DIV.

Transamerica Funds Annual Report 2018

Page    89

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 21-22, 2018, 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	Goldman Sachs Asset Management, L.P.

Following its review and consideration, the Board determined that the terms of the Management Agreement and each Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the applicable 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, 2019.

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 their independent legal counsel. In considering the proposed continuation of each of the Agreements, the Trustees evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

Nature, Extent and Quality of the Services Provided

The Board considered the nature, extent and quality of the services provided by TAM and each Sub-Adviser to the applicable 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.

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

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TRANSAMERICA FUNDS

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

(unaudited)

Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of each 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 service 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, 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. 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 significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

Transamerica Asset Allocation – Conservative Portfolio. The Board noted that the performance of Class 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 composite benchmark for the past 1-, 3-, 5- and 10-year periods. The Trustees also noted recent changes in the portfolio management team at Morningstar Investment Management LLC. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward.

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 3- and 5-year periods, in line with the median for the past 1-year period 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 composite benchmark for the past 1-, 3-, 5- and 10-year periods. The Trustees also noted recent changes in the portfolio management team at Morningstar Investment Management LLC. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward.

Transamerica Asset Allocation – Moderate 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 3-year period, in line with the median for the past 1- 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 composite benchmark for the past 1-, 3-, 5- and 10-year periods. The Trustees also noted recent changes in the portfolio management team at Morningstar Investment Management LLC. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward.

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TRANSAMERICA FUNDS

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

(unaudited)

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- 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 composite benchmark for the past 1-, 3-, 5- and 10-year periods. The Trustees also noted recent changes in the portfolio management team at Morningstar Investment Management LLC. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward.

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 composite 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. The Trustees observed that the performance of the Portfolio had improved during the first quarter of 2018.

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-year period, in line with the median for the past 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 composite 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 composite benchmark for the past 1-year period and below its composite benchmark for the past 3-, 5- 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 above its primary benchmark for the past 1-year period and below its primary benchmark for the past 3-, 5- and 10-year periods. The Board noted that the Portfolio’s Sub-Adviser, Goldman Sachs Asset Management, L.P., had commenced subadvising the Portfolio on July 7, 2017 pursuant to its current investment strategies. 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 2018.

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.

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TRANSAMERICA FUNDS

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

(unaudited)

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/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 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 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 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.

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.

Transamerica Funds Annual Report 2018

Page    93

TRANSAMERICA FUNDS

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

(unaudited)

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 reported that it had not made material changes to this methodology, and that the methodology 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, 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 also considered the extent to which TAM shared economies of scale with the Portfolios through its undertakings to limit or reimburse Portfolio expenses and to invest in maintaining and developing its capabilities and services. The Trustees noted that each Portfolio’s management fee schedule does not contain breakpoints and determined that, based on all of the information provided, breakpoints were not warranted at this time. The Board also considered each Sub-Adviser’s sub-advisory fee schedule and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the 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 2018

Page    94

Management of the Trust

Board Members and Officers

(unaudited)

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

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

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

The Funds are among the Funds managed and sponsored by TAM (collectively, “Transamerica Fund Family”). The Transamerica Fund Family consists of (i) Transamerica Funds (“TF”); (ii) Transamerica Series Trust (“TST”); (iii) Transamerica ETF Trust (“TET”); and (iv) Transamerica Asset Allocation Variable Funds (“TAAVF”). The Transamerica Fund Family consists of 136 funds as of the date of this Annual Report. With the exception of Mr. Smit, none of the Board Members serve on the board of trustees of TET. TET is overseen by a separate board of trustees.

The mailing address of each Board Member is c/o Secretary, 1801 California Street, Suite 5200, Denver, 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 and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INTERESTED BOARD MEMBERS
Marijn P. Smit (45)	Chairman of the Board, President and Chief Executive Officer	Since 2014	Chairman of the Board, President and Chief Executive Officer, TF, TST and TAAVF (2014 – present); Chairman of the Board, President and Chief Executive Officer, TET (2017 – present); Chairman of the Board, President and Chief Executive Officer, Transamerica Partners Portfolio (“TPP”), Transamerica Partners Funds Group (“TPFG”) and Transamerica Partners Funds Group II (“TPFG II”) (2014 – 2018); Chairman of the Board, President and Chief Executive Officer, Transamerica Income Shares, Inc. (“TIS”) (2014 – 2015); Director, Chairman of the Board, President and Chief Executive Officer, Transamerica Asset Management, Inc. (“TAM”) and Transamerica Fund Services, Inc. (“TFS”) (2014 – present);	136	Director, Massachusetts Fidelity Trust Company (2014 – present); Director, Aegon Global Funds (2016 – present); Director – Akaan-Aegon, S.A.P.I. de C.V. (financial services joint venture in Mexico) (2017 – present)

Transamerica Funds Annual Report 2018

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Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INTERESTED BOARD MEMBERS — continued
Marijn P. Smit (continued)			President, Investment Solutions, Transamerica Investments & Retirement (2014 – 2016); Vice President, Transamerica Premier Life Insurance Company (2010 – 2016); Vice President, Transamerica Life Insurance Company (2010 – present); Senior Vice President, Transamerica Financial Life Insurance Company (2013 – 2016); Senior Vice President, Transamerica Retirement Advisors, Inc. (2013 – 2016); Senior Vice President, Transamerica Retirement Solutions Corporation (2012 – present); and President and Director, Transamerica Stable Value Solutions, Inc. (2010 – 2016).
Alan F. Warrick (70)	Board Member	Since 2012	Board Member, TF, TST and TAAVF (2012 – present); Board Member, TPP, TPFG and TPFG II (2012 – 2018); Board Member, TIS (2012 – 2015); Consultant, Aegon USA (2010 – 2011); Senior Advisor, Lovell Minnick Equity Partners (2010 – present); Retired (2010 – present); and Managing Director for Strategic Business Development, Aegon USA (1994 – 2010).	131	N/A
INDEPENDENT BOARD MEMBERS
Sandra N. Bane (66)	Board Member	Since 2008	Retired (1999 – present); Board Member, TF, TST and TAAVF (2008 – present); Board Member, TPP, TPFG and TPFG II (2008 – 2018); Board Member, TIS (2008 – 2015); Board Member, Transamerica Investors, Inc. (“TII”) (2003 – 2010); and Partner, KPMG (1975 – 1999).	131	Big 5 Sporting Goods (2002 – present); Southern Company Gas (energy services holding company) (2008 – present)

Transamerica Funds Annual Report 2018

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Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INDEPENDENT BOARD MEMBERS — continued
Leo J. Hill (62)	Lead Independent Board Member	Since 2002	Principal, Advisor Network Solutions, LLC (business consulting) (2006 – present); Board Member, TST (2001 – present); Board Member, TF (2002 – present); Board Member, TPP, TPFG and TPFG II (2007 – 2018); Board Member, TIS (2002 – 2015); Board Member, TAAVF (2007 – present); Board Member, TII (2008 – 2010); Market President, Nations Bank of Sun Coast Florida (1998 – 1999); Chairman, President and Chief Executive Officer, Barnett Banks of Treasure Coast Florida (1994 –1998); Executive Vice President and Senior Credit Officer, Barnett Banks of Jacksonville, Florida (1991 –1994); and Senior Vice President and Senior Loan Administration Officer, Wachovia Bank of Georgia (1976 –1991).	131	Ameris Bancorp (2013 – present); Ameris Bank (2013 – present)
David W. Jennings (72)	Board Member	Since 2009	Board Member, TF, TST and TAAVF (2009 – present); Board Member, TPP, TPFG and TPFG II (2009 – 2018); Board Member, TIS (2009 – 2015); Board Member, TII (2009 – 2010); Managing Director, Hilton Capital Management, LLC (2010 – present); Principal, Maxam Capital Management, LLC (2006 – 2008); and Principal, Cobble Creek Management LP (2004 – 2006).	131	N/A

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Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INDEPENDENT BOARD MEMBERS — continued
Russell A. Kimball, Jr. (74)	Board Member	Since 1986 – 1990 and Since 2002	General Manager, Sheraton Sand Key Resort (1975 – present); Board Member, TST (1986 – present); Board Member, TF, (1986 – 1990), (2002 – present); Board Member, TPP, TPFG and TPFG II (2007 – 2018); Board Member, TIS (2002 – 2015); Board Member, TAAVF (2007 – present); and Board Member, TII (2008 – 2010).	131	N/A
Fredric A. Nelson III (61)	Board Member	Since 2017	Board Member, TF, TST and TAAVF (2017 – present); Board Member, TPP, TPFG and TPFG II (2017 – 2018); Chief Investment Officer (“CIO”), Commonfund (2011 – 2015); Vice Chairman, CIO, ING Investment Management Americas (2003 – 2009); Managing Director, Head of U.S. Equity, JP Morgan Investment Management (1994 – 2003); Managing Director, Head of Global Quantitative Investments Group, Bankers Trust Global Investment Management (1981 – 1994).	131	N/A
John E. Pelletier (54)	Board Member	Since 2017	Board Member, TF, TST and TAAVF (2017 – present); Board Member, TPP, TPFG and TPFG II (2017 – 2018); Director, Center for Financial Literacy, Champlain College (2010 – present); Co-Chair, Vermont Financial Literacy Commission with Vermont State Treasurer (2015 – present); Chairman, Vermont Universal Children’s Higher Education Savings Account Program Advisory Committee (2015 – present); Founder and Principal, Sterling Valley Consulting LLC (a financial services consulting firm) (2009 – 2017);	131	N/A

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Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INDEPENDENT BOARD MEMBERS — continued
John E. Pelletier (continued)			Independent Director, The Sentinel Funds and Sentinel Variable Products Trust (2013 – 2017); Chief Legal Officer, Eaton Vance Corp. (2007 – 2008); and Executive Vice President and Chief Operating Officer (2004 – 2007), General Counsel (1997 – 2004), Natixis Global Associates.
Patricia L. Sawyer (68)	Board Member	Since 2007	Retired (2007 – present); President/Founder, Smith & Sawyer LLC (management consulting) (1989 – 2007); Board Member, TF and TST (2007 – present); Board Member, TPP, TPFG and TPFG II (1993 – 2018); Board Member, TIS (2007 – 2015); Board Member, TII (2008 – 2010); Board Member, TAAVF (1993 – present); and Trustee, Chair of Finance Committee and Chair of Nominating Committee (1987 – 1996), Bryant University.	131	Honorary Trustee, Bryant University (1996 – present)
John W. Waechter (66)	Board Member	Since 2005	Partner, Englander Fischer (2016 – present); Attorney, Englander Fischer (2008 – 2015); Retired (2004 – 2008); Board Member, TST (2004 – present); Board Member, TF (2005 – present); Board Member, TAAVF (2007 – present); Board Member, TPP, TPFG and TPFG II (2007 – 2018); Board Member, TIS (2004 – 2015); Board Member, TII (2008 – 2010); Employee, RBC Dain Rauscher (securities dealer) (2004);	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); Board Member, Boley PAR, Inc. (non-profit organization) (2016 – present)

Transamerica Funds Annual Report 2018

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Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INDEPENDENT BOARD MEMBERS — continued
John W. Waechter (continued)			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).

* 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 2018

Page    100

OFFICERS

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

Name and Age	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Marijn P. Smit (45)	Chairman of the Board, President and Chief Executive Officer	Since 2014	See Interested Board Member Table
Christopher A. Staples (48)	Vice President and Chief Investment Officer, Advisory Services	Since 2005	Vice President and Chief Investment Officer, Advisory Services (2007 – present), Transamerica Funds and TST; Vice President and Chief Investment Officer, Advisory Services (2007 – 2015), TIS; Vice President and Chief Investment Officer, Advisory Services, TAAVF (2007 – present); Vice President and Chief Investment Officer, Advisory Services, TPP, TPFG and TPFG II (2007 – 2018); Director (2005 – present), Senior Vice President (2006 – present), Senior Director, Investments (2016 – present), Chief Investment Officer, Advisory Services (2012 – 2016) and Lead Portfolio Manager (2007 – present), TAM; Director, TFS (2005 – present); Registered Representative (2007 – 2016), TCI; and Registered Representative, TFA (2005 – present).
Thomas R. Wald (58)	Chief Investment Officer	Since 2014	Chief Investment Officer, Transamerica Funds, TST and TAAVF (2014 – present); Chief Investment Officer, TPP, TPFG and TPFG II (2014 – 2018); Chief Investment Officer, TIS (2014 – 2015); Senior Vice President and Chief Investment Officer, TAM (2014 – present); Chief Investment Officer, Transamerica Investments & Retirement (2014 – present); and Vice President and Client Portfolio Manager, Curian Capital, LLC (2012 – 2014).
Vincent J. Toner (48)	Vice President and Treasurer	Since 2014	Vice President and Treasurer, Transamerica Funds, TST and TAAVF (2014 – present); Vice President and Treasurer, TPP, TPFG and TPFG II (2014 – 2018); Vice President and Treasurer, TIS (2014 – 2015); Vice President and Treasurer (2016 – present), Vice President, Administration and Treasurer (2014 – 2016), TAM; Vice President, Administration and Treasurer, TFS (2014 – present); and Senior Vice President and Vice President, Fund Administration, Brown Brothers Harriman (2010 – 2014).

Transamerica Funds Annual Report 2018

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Name and Age	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Scott M. Lenhart (57)	Chief Compliance Officer and Anti-Money Laundering Officer	Since 2014	Chief Compliance Officer and Anti-Money Laundering Officer, Transamerica Funds, TST and TAAVF (2014 – present), TPP, TPFG and TPFG II (2014 – 2018), TIS (2014 – 2015); Chief Compliance Officer (2014 – present), Anti-Money Laundering Officer (2014 – present), TAM; Vice President and Chief Compliance Officer, TFS (2014 – present); and Director of Compliance, Transamerica Investments & Retirement (2014 – present).
Rhonda A. Mills (52)	Assistant General Counsel, Assistant Secretary	Since 2016	Assistant Secretary, Transamerica Funds, TST and TAAVF (2016 – present); Assistant Secretary, TPP, TPFG and TPFG II (2016 – 2018); Assistant Secretary, Vice President and High Level Specialist Attorney (2014 – 2016), Assistant General Counsel (2016 – present), TAM; Assistant Secretary, High Level Specialist Attorney and Vice President (2014 – present), TFS; Vice President and Associate Counsel, ALPS Fund Services, Inc. (2011 – 2014); Managing Member, Mills Law, LLC (2010 – 2011); Counsel, Old Mutual Capital (2006 – 2009); Senior Counsel, Great-West Life and Annuity Insurance Company (2004 – 2006); and Securities Counsel, J.D. Edwards (2000 – 2003).
Blake Boettcher (32)	Tax Manager	Since 2018	Tax Manager, Transamerica Funds, TST, TAAVF and TET (2018 – present); Senior Manager – Tax, Charles Schwab Investment Management (2015 – 2017); and Tax Manager, Deloitte Tax LLP (2012 – 2015).

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

Transamerica Funds Annual Report 2018

Page    102

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 2018

Page    103

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 2018

Page    104

Customer Service: 1-888-233-4339

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Transamerica Capital, Inc.

www.transamerica.com

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

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

25335_ARMFP1018

© 2018 Transamerica Capital, Inc.

TRANSAMERICA FUNDS

ANNUAL REPORT

OCTOBER 31, 2018

Customer Service: 1-888-233-4339

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Transamerica Capital, Inc.

www.transamerica.com

Table of Contents

Shareholder Letter	1
Disclosure of Expenses	2
Manager Commentary and Schedules of Investments
Transamerica Balanced II	8
Transamerica Bond (formerly Transamerica Flexible Income)	23
Transamerica Capital Growth	37
Transamerica Concentrated Growth	41
Transamerica Dividend Focused	45
Transamerica Dynamic Allocation	49
Transamerica Dynamic Income	52
Transamerica Emerging Markets Debt	55
Transamerica Emerging Markets Equity	65
Transamerica Event Driven	71
Transamerica Floating Rate	81
Transamerica Global Equity	97
Transamerica Government Money Market	102
Transamerica Growth	105
Transamerica High Quality Bond	110
Transamerica High Yield Bond	117
Transamerica High Yield Muni	127
Transamerica Inflation Opportunities	139
Transamerica Inflation-Protected Securities	146
Transamerica Intermediate Bond	151
Transamerica Intermediate Muni	166
Transamerica International Equity	200
Transamerica International Growth (formerly Transamerica International Equity Opportunities)	205
Transamerica International Small Cap Value	210
Transamerica International Stock	215
Transamerica Large Cap Value	220
Transamerica Large Core	224
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	314
Transamerica US Growth	340
Statements of Assets and Liabilities	344
Statements of Operations	362
Statements of Changes in Net Assets	373
Statement of Cash Flows	418
Financial Highlights	419
Notes to Financial Statements	542
Report of Independent Registered Public Accounting Firm	590
Supplemental Information	593
Approval of Management and Sub-Advisory Agreements	595
Management of the Trust	622
Proxy Voting Policies and Procedures and Quarterly Portfolio Holdings	630
Notice of Privacy Policy	631

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

Transamerica Funds Annual Report 2018

Dear Shareholder,

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

This annual report is provided to you to show the investments and performance of your Fund(s) during the fiscal year. 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 ended October 31, 2018.

We believe it is important to understand market conditions over the Funds’ last fiscal year to provide a context for reading this report. The period began with both U.S. and international equity markets extending strong gains based on optimism surrounding upcoming corporate earnings and the global economy. During this time, credit spreads in the bond markets remained mostly stable and longer-term interest rates stayed range bound during the final months of 2017. The bell weather 10-year U.S. Treasury bond yield finished 2017 at 2.40%, almost precisely where it had started the year, and this benign rate environment further lifted stocks as the new year began. By late January 2018, stocks had hit record highs as points of enthusiasm included fiscal stimulus from the recently passed Tax Reform and Jobs Act, higher anticipated corporate profit margins, and lower levels of overall volatility in the market.

Throughout the first month of 2018, longer-term interest rates crept higher, and when January employment numbers displayed a multi-year high in wage growth, inflationary fears gripped the markets. As the stock market reacted negatively to this, a second negative catalyst emerged in proposed tariffs by the White House against China, Mexico and Canada. This further rattled the market as fears of an international trade war combined with domestic inflation took its toll on investor sentiment, and by the second week in February 2018 the Dow Jones Industrial Average (“Dow”) had declined more than 10%. In March, the U.S. Federal Reserve (“Fed”) increased short term rates, and while this was expected, more downside volatility plagued the markets. By late April 2018, tariffs and trade concerns were taking center stage in terms of news driving equities markets, and in the bond market the 10-year Treasury yield reached 3% for the first time in more than four years.

Despite these investor concerns, market fundamentals in the U.S. remained strong into the summer months. Second quarter gross domestic product (“GDP”) came in at its highest level of growth in four years and S&P 500^® corporate earnings reached the best year-over-year growth rate in more than fourteen years. Corporate profit margins also soared to record levels. However, outside of the U.S. the news was not so bright, as economic growth rates in Europe, Japan and various emerging market regions slowed below expectations, and concerns of tariffs and trade relations heightened international risk perspectives. As a result, when U.S. equities recovered to reach new highs in September 2018, international developed and emerging markets continued to lag.

October 2018 was a particularly challenging month for U.S. and global stocks as the major indexes sold off fiercely with the Dow and S&P 500^® again declining more than 10% off their highs. Following the Fed’s September 2018 meeting in which they increased the Fed Funds Rate for the third time since January 2018, the 10-year Treasury rate further jumped to more than 3.20%, which was its highest yield in seven years. Investor concerns also began to focus on how much longer the Fed’s rate tightening cycle would continue and whether or not more rate hikes were warranted. The White House also continued its tough talk with China on trade and this continued to hurt investor sentiment. In addition, investors also began to focus on the prospect of 2019 stock earnings growth, while potentially being strong once again, perhaps not being as high as the past year. Nonetheless, initial third quarter GDP growth reports came in strong, and the U.S. appears well positioned for its best calendar year of economic growth in more than a decade.

For the 12-month period ended October 31, 2018, the S&P 500^® returned 7.35% while the MSCI EAFE Index, representing international developed market equities, returned -6.39%. During the same period, the Bloomberg Barclays U.S. Aggregate Bond Index returned -2.05%. Please keep in mind that it is important to maintain a diversified portfolio as investment returns have historically been difficult to predict.

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

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

Sincerely,

Marijn Smit

President & Chief Executive Officer

Transamerica Funds

Tom Wald, CFA

Chief Investment Officer

Transamerica Funds

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

Dow Jones Industrial Average: a market that shows how 30 large, publicly owned companies based in the U.S. have traded during a standard trading session in the stock market.

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

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

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

Disclosure of Expenses

(unaudited)

SHAREHOLDER EXPENSES

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

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

The examples are based on an investment of $1,000 invested at May 1, 2018, and held for the entire six-month period until October 31, 2018.

ACTUAL EXPENSES

The information in the table below provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. If your account is an IRA, your expenses may have included a $15 annual fee. The amount of any fee paid during the six-month period can decrease your ending account value.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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

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

			Actual Expenses				Hypothetical Expenses (A)
Fund	Beginning Account Value		Ending Account Value		Expenses Paid During Period (B)		Ending Account Value		Expenses Paid During Period (B)		Annualized Expense Ratio (C)
Transamerica Balanced II
Class I3	$	1,000.00	$	1,014.60	$	2.54	$	1,022.70	$	2.55		0.50	%
Class R		1,000.00		1,011.00		4.66		1,020.60		4.69		0.92
Transamerica Bond
Class A		1,000.00		1,001.40		4.79		1,020.40		4.84		0.95
Class B		1,000.00		997.00		9.31		1,015.90		9.40		1.85
Class C		1,000.00		999.30		7.91		1,017.30		7.98		1.57
Class I		1,000.00		1,004.70		2.73		1,022.50		2.75		0.54
Class I2		1,000.00		1,003.80		2.37		1,022.80		2.40		0.47
Class R6		1,000.00		1,005.10		2.38		1,022.80		2.40		0.47
Class T1		1,000.00		1,003.70		3.64		1,021.60		3.67		0.72
Transamerica Capital Growth
Class A		1,000.00		1,043.20		6.08		1,019.30		6.01		1.18
Class B		1,000.00		1,038.20		11.30		1,014.10		11.17		2.20
Class C		1,000.00		1,039.30		9.87		1,015.50		9.75		1.92
Class I		1,000.00		1,044.60		4.79		1,020.50		4.74		0.93
Class I2		1,000.00		1,044.90		4.17		1,021.10		4.13		0.81
Class T1		1,000.00		1,043.90		5.46		1,019.90		5.40		1.06
Advisor Class		1,000.00		1,043.90		5.25		1,020.10		5.19		1.02

Transamerica Funds Annual Report 2018

Page    2

Disclosure of Expenses (continued)

(unaudited)

			Actual Expenses				Hypothetical Expenses (A)
Fund	Beginning Account Value		Ending Account Value		Expenses Paid During Period (B)		Ending Account Value		Expenses Paid During Period (B)		Annualized Expense Ratio (C)
Transamerica Concentrated Growth
Class A	$	1,000.00	$	1,063.80	$	6.24	$	1,019.20	$	6.11		1.20	%
Class C		1,000.00		1,060.80		9.51		1,016.00		9.30		1.83
Class I		1,000.00		1,066.20		4.32		1,021.00		4.23		0.83
Class I2		1,000.00		1,066.50		3.85		1,021.50		3.77		0.74
Class T1		1,000.00		1,064.90		5.10		1,020.30		4.99		0.98
Advisor Class		1,000.00		1,065.60		4.95		1,020.40		4.84		0.95
Transamerica Dividend Focused
Class A		1,000.00		978.30		5.09		1,020.10		5.19		1.02
Class C		1,000.00		973.90		9.20		1,015.90		9.40		1.85
Class I		1,000.00		979.20		4.19		1,021.00		4.28		0.84
Class I2		1,000.00		978.80		3.69		1,021.50		3.77		0.74
Class R6		1,000.00		979.70		3.69		1,021.50		3.77		0.74
Class T1		1,000.00		978.50		4.94		1,020.20		5.04		0.99
Advisor Class		1,000.00		978.20		4.49		1,020.70		4.58		0.90
Transamerica Dynamic Allocation
Class A		1,000.00		994.90		5.53		1,019.70		5.60		1.10	(D)
Class C		1,000.00		990.60		9.28		1,015.90		9.40		1.85	(D)
Class I		1,000.00		996.60		4.28		1,020.90		4.33		0.85	(D)
Class T1		1,000.00		995.80		5.53		1,019.70		5.60		1.10	(D)
Transamerica Dynamic Income
Class A		1,000.00		984.20		4.60		1,020.60		4.69		0.92	(D)
Class C		1,000.00		980.30		8.34		1,016.80		8.49		1.67	(D)
Class I		1,000.00		985.50		3.35		1,021.80		3.41		0.67	(D)
Class T1		1,000.00		984.80		4.15		1,021.00		4.23		0.83	(D)
Advisor Class		1,000.00		986.50		3.35		1,021.80		3.41		0.67	(D)
Transamerica Emerging Markets Debt
Class A		1,000.00		934.90		5.51		1,019.50		5.75		1.13
Class C		1,000.00		931.40		9.35		1,015.50		9.75		1.92
Class I		1,000.00		936.60		4.15		1,020.90		4.33		0.85
Class I2		1,000.00		936.80		3.66		1,021.40		3.82		0.75
Class R6		1,000.00		936.80		3.61		1,021.50		3.77		0.74
Class T1		1,000.00		935.70		4.83		1,020.20		5.04		0.99
Advisor Class		1,000.00		936.30		4.59		1,020.50		4.79		0.94
Transamerica Emerging Markets Equity
Class A		1,000.00		805.00		6.82		1,017.60		7.63		1.50	(D)
Class C		1,000.00		801.90		9.81		1,014.30		10.97		2.16	(D)
Class I		1,000.00		806.20		5.10		1,019.60		5.70		1.12	(D)
Class I2		1,000.00		807.10		4.96		1,019.70		5.55		1.09	(D)
Class T1		1,000.00		805.70		5.78		1,018.80		6.46		1.27	(D)
Advisor Class		1,000.00		806.50		5.56		1,019.10		6.21		1.22	(D)
Transamerica Event Driven
Class I		1,000.00		987.60		7.21		1,017.90		7.32		1.44	(D)
Class I2		1,000.00		987.40		6.31		1,018.90		6.41		1.26	(D)
Advisor Class		1,000.00		987.60		7.21		1,017.90		7.32		1.44	(D)
Transamerica Floating Rate
Class A		1,000.00		1,014.80		5.33		1,019.90		5.35		1.05	(D)
Class C		1,000.00		1,010.00		9.12		1,016.10		9.15		1.80	(D)
Class I		1,000.00		1,016.00		4.07		1,021.20		4.08		0.80	(D)
Class I2		1,000.00		1,016.30		3.86		1,021.40		3.87		0.76	(D)
Class T1		1,000.00		1,015.10		5.08		1,020.20		5.09		1.00	(D)
Transamerica Global Equity
Class A		1,000.00		966.30		6.69		1,018.40		6.87		1.35	(D)
Class B		1,000.00		962.90		10.39		1,014.60		10.66		2.10	(D)
Class C		1,000.00		962.60		10.39		1,014.60		10.66		2.10	(D)
Class I		1,000.00		967.70		5.46		1,019.70		5.60		1.10	(D)
Class R6		1,000.00		968.50		4.76		1,020.40		4.89		0.96	(D)
Class T1		1,000.00		967.10		6.00		1,019.10		6.16		1.21	(D)
Advisor Class		1,000.00		967.90		5.46		1,019.70		5.60		1.10	(D)

Transamerica Funds Annual Report 2018

Page    3

Disclosure of Expenses (continued)

(unaudited)

			Actual Expenses				Hypothetical Expenses (A)
Fund	Beginning Account Value		Ending Account Value		Expenses Paid During Period (B)		Ending Account Value		Expenses Paid During Period (B)		Annualized Expense Ratio (C)
Transamerica Government Money Market
Class A	$	1,000.00	$	1,004.60	$	5.56	$	1,019.70	$	5.60		1.10	%
Class B		1,000.00		1,000.00		9.98		1,015.20		10.06		1.98
Class C		1,000.00		1,000.00		9.98		1,015.20		10.06		1.98
Class I		1,000.00		1,007.70		2.43		1,022.80		2.45		0.48
Class I2		1,000.00		1,000.00		9.98		1,015.20		10.06		1.98
Class I3		1,000.00		1,008.60		1.52		1,023.70		1.53		0.30
Class R2		1,000.00		1,006.00		4.04		1,021.20		4.08		0.80
Class R4		1,000.00		1,007.60		2.53		1,022.70		2.55		0.50
Transamerica Growth
Class I2		1,000.00		1,007.30		4.50		1,020.70		4.53		0.89
Class R6		1,000.00		1,007.30		4.50		1,020.70		4.53		0.89
Transamerica High Quality Bond
Class I3		1,000.00		1,008.80		2.03		1,023.20		2.04		0.40
Class R		1,000.00		1,007.10		4.30		1,020.90		4.33		0.85
Class R4		1,000.00		1,008.60		3.29		1,021.90		3.31		0.65
Transamerica High Yield Bond
Class A		1,000.00		1,003.10		4.75		1,020.50		4.79		0.94
Class B		1,000.00		998.70		4.53		1,020.70		4.58		0.90
Class C		1,000.00		1,000.80		8.57		1,016.60		8.64		1.70
Class I		1,000.00		1,006.10		3.54		1,021.70		3.57		0.70
Class I2		1,000.00		1,005.70		2.93		1,022.30		2.96		0.58
Class I3		1,000.00		1,005.80		3.03		1,022.20		3.06		0.60
Class R		1,000.00		1,003.30		5.55		1,019.70		5.60		1.10
Class R4		1,000.00		1,004.60		4.29		1,020.90		4.33		0.85
Class R6		1,000.00		1,005.60		2.98		1,022.20		3.01		0.59
Class T1		1,000.00		1,004.20		4.14		1,021.10		4.18		0.82
Advisor Class		1,000.00		1,004.70		3.94		1,021.30		3.97		0.78
Transamerica High Yield Muni
Class A		1,000.00		1,005.50		4.60		1,020.60		4.63		0.91	(D)
Class C		1,000.00		1,002.50		7.62		1,017.60		7.68		1.51	(D)
Class I		1,000.00		1,006.30		3.84		1,021.40		3.87		0.76	(D)
Class I2		1,000.00		1,006.70		3.39		1,021.80		3.41		0.67	(D)
Class T1		1,000.00		1,005.50		3.59		1,021.60		3.62		0.71	(D)
Transamerica Inflation Opportunities
Class A		1,000.00		978.60		4.99		1,020.20		5.09		1.00	(D)
Class C		1,000.00		975.40		8.71		1,016.40		8.89		1.75	(D)
Class I		1,000.00		979.90		3.74		1,021.40		3.82		0.75	(D)
Class I2		1,000.00		980.20		3.34		1,021.80		3.41		0.67	(D)
Class R6		1,000.00		981.20		3.40		1,021.80		3.47		0.68	(D)
Class T1		1,000.00		978.90		4.59		1,020.60		4.69		0.92	(D)
Transamerica Inflation-Protected Securities
Class I3		1,000.00		986.20		2.00		1,023.20		2.04		0.40	(D)
Class R		1,000.00		983.80		4.20		1,021.00		4.28		0.84	(D)
Class R4		1,000.00		985.00		3.25		1,021.90		3.31		0.65	(D)
Transamerica Intermediate Bond
Class I2		1,000.00		997.20		2.06		1,023.10		2.09		0.41
Class I3		1,000.00		997.30		2.01		1,023.20		2.04		0.40
Class R		1,000.00		995.70		4.53		1,020.70		4.58		0.90
Class R4		1,000.00		996.00		3.27		1,021.90		3.31		0.65
Transamerica Intermediate Muni
Class A		1,000.00		1,003.80		3.33		1,021.90		3.36		0.66	(D)
Class C		1,000.00		999.70		6.45		1,018.80		6.51		1.28	(D)
Class I		1,000.00		1,004.20		2.93		1,022.30		2.96		0.58	(D)
Class I2		1,000.00		1,004.80		2.38		1,022.80		2.40		0.47	(D)
Class T1		1,000.00		1,003.50		2.63		1,022.60		2.65		0.52	(D)
Advisor Class		1,000.00		1,003.70		3.43		1,021.80		3.47		0.68	(D)

Transamerica Funds Annual Report 2018

Page    4

Disclosure of Expenses (continued)

(unaudited)

			Actual Expenses					Hypothetical Expenses (A)
Fund	Beginning Account Value		Ending Account Value		Expenses Paid During Period (B)			Ending Account Value		Expenses Paid During Period (B)		Annualized Expense Ratio (C)
Transamerica International Equity
Class A	$	1,000.00	$	888.50	$	6.00		$	1,018.90	$	6.41		1.26	%
Class C		1,000.00		885.20		9.36			1,015.30		10.01		1.97
Class I		1,000.00		889.90		4.29			1,020.70		4.58		0.90
Class I2		1,000.00		890.50		3.81			1,021.20		4.08		0.80
Class I3		1,000.00		890.70		3.81			1,021.20		4.08		0.80
Class R		1,000.00		888.30		6.19			1,018.70		6.61		1.30
Class R4		1,000.00		889.60		5.00			1,019.90		5.35		1.05
Class R6		1,000.00		890.50		3.81			1,021.20		4.08		0.80
Class T1		1,000.00		889.80		4.95			1,020.00		5.30		1.04
Advisor Class		1,000.00		889.50		4.71			1,020.20		5.04		0.99
Transamerica International Growth
Class A		1,000.00		875.10		6.14			1,018.70		6.61		1.30
Class I		1,000.00		876.30		4.97			1,019.90		5.35		1.05
Class I2		1,000.00		876.40		3.97			1,021.00		4.28		0.84
Class R6		1,000.00		876.40		3.88			1,021.10		4.18		0.82
Transamerica International Small Cap Value
Class I		1,000.00		869.90		5.33			1,019.50		5.75		1.13
Class I2		1,000.00		870.80		4.86			1,020.00		5.24		1.03
Transamerica International Stock
Class A		1,000.00		919.00		1.08	(E)		1,018.90		6.36		1.25	(D)
Class I		1,000.00		919.00		0.87	(E)		1,020.20		5.09		1.00	(D)
Class I2		1,000.00		919.00		0.87	(E)		1,020.20		5.09		1.00	(D)
Class R6		1,000.00		919.00		0.87	(E)		1,020.20		5.09		1.00	(D)
Transamerica Large Cap Value
Class A		1,000.00		994.50		5.33			1,019.90		5.40		1.06
Class C		1,000.00		990.80		9.13			1,016.00		9.25		1.82
Class I		1,000.00		995.00		4.02			1,021.20		4.08		0.80
Class I2		1,000.00		996.30		3.52			1,021.70		3.57		0.70
Class R6		1,000.00		996.30		3.52			1,021.70		3.57		0.70
Class T1		1,000.00		995.10		4.78			1,020.40		4.84		0.95
Advisor Class		1,000.00		995.10		4.53			1,020.70		4.58		0.90
Transamerica Large Core
Class I3		1,000.00		1,010.60		3.24			1,022.00		3.26		0.64	(D)
Class R		1,000.00		1,007.20		5.77			1,019.50		5.80		1.14	(D)
Class R4		1,000.00		1,009.20		4.51			1,020.70		4.53		0.89	(D)
Transamerica Large Growth
Class I3		1,000.00		1,027.50		3.32			1,021.90		3.31		0.65
Class R		1,000.00		1,025.60		5.67			1,019.60		5.65		1.11
Class R4		1,000.00		1,026.00		4.60			1,020.70		4.58		0.90
Transamerica Large Value Opportunities
Class I3		1,000.00		1,009.50		2.48			1,022.70		2.50		0.49	(D)
Class R		1,000.00		1,007.00		5.01			1,020.20		5.04		0.99	(D)
Class R4		1,000.00		1,008.10		3.75			1,021.50		3.77		0.74	(D)
Transamerica Mid Cap Growth
Class A		1,000.00		910.70		4.38			1,020.60		4.63		0.91
Class C		1,000.00		907.20		8.08			1,016.70		8.54		1.68
Class I		1,000.00		912.10		3.47			1,021.60		3.67		0.72
Class I2		1,000.00		911.60		4.10			1,020.90		4.33		0.85
Class I3		1,000.00		911.90		3.61			1,021.40		3.82		0.75
Class R		1,000.00		910.80		5.68			1,019.30		6.01		1.18
Class R4		1,000.00		911.80		4.58			1,020.40		4.84		0.95
Class T1		1,000.00		910.80		4.33			1,020.70		4.58		0.90
Advisor Class		1,000.00		911.40		4.29			1,020.70		4.53		0.89
Transamerica Mid Cap Value Opportunities
Class A		1,000.00		1,009.60		4.56			1,020.70		4.58		0.90
Class C		1,000.00		1,006.20		8.65			1,016.60		8.69		1.71
Class I		1,000.00		1,011.30		3.80			1,021.40		3.82		0.75
Class I2		1,000.00		1,012.20		3.35			1,021.90		3.36		0.66
Class I3		1,000.00		1,011.30		3.55			1,021.70		3.57		0.70
Class R		1,000.00		1,009.50		6.23			1,019.00		6.26		1.23
Class R4		1,000.00		1,010.40		4.56			1,020.70		4.58		0.90
Class R6		1,000.00		1,011.20		3.55			1,021.70		3.57		0.70
Class T1		1,000.00		1,010.50		4.56			1,020.70		4.58		0.90
Advisor Class		1,000.00		1,010.40		4.41			1,020.80		4.43		0.87

Transamerica Funds Annual Report 2018

Page    5

Disclosure of Expenses (continued)

(unaudited)

			Actual Expenses				Hypothetical Expenses (A)
Fund	Beginning Account Value		Ending Account Value		Expenses Paid During Period (B)		Ending Account Value		Expenses Paid During Period (B)		Annualized Expense Ratio (C)
Transamerica MLP & Energy Income
Class A	$	1,000.00	$	1,009.30	$	8.10	$	1,017.10	$	8.13		1.60	%
Class C		1,000.00		1,004.10		11.87		1,013.40		11.93		2.35
Class I		1,000.00		1,010.80		6.39		1,018.90		6.41		1.26
Class I2		1,000.00		1,011.40		6.03		1,019.20		6.06		1.19
Class T1		1,000.00		1,010.00		7.19		1,018.00		7.22		1.42
Advisor Class		1,000.00		1,009.10		6.84		1,018.40		6.87		1.35
Transamerica Multi-Cap Growth
Class A		1,000.00		1,022.50		6.37		1,018.90		6.36		1.25
Class B		1,000.00		1,018.60		10.18		1,015.10		10.16		2.00
Class C		1,000.00		1,018.30		10.17		1,015.10		10.16		2.00
Class I		1,000.00		1,025.30		4.65		1,020.60		4.63		0.91
Class I2		1,000.00		1,026.20		3.83		1,021.40		3.82		0.75
Class T1		1,000.00		1,025.40		5.05		1,020.20		5.04		0.99
Advisor Class		1,000.00		1,025.30		4.85		1,020.40		4.84		0.95
Transamerica Multi-Managed Balanced
Class A		1,000.00		1,013.60		5.23		1,020.00		5.24		1.03	(D)
Class B		1,000.00		1,007.70		10.88		1,014.40		10.92		2.15	(D)
Class C		1,000.00		1,009.30		9.12		1,016.10		9.15		1.80	(D)
Class I		1,000.00		1,014.60		4.21		1,021.00		4.23		0.83	(D)
Class R6		1,000.00		1,014.70		3.66		1,021.60		3.67		0.72	(D)
Class T1		1,000.00		1,013.50		4.87		1,020.40		4.89		0.96	(D)
Advisor Class		1,000.00		1,014.20		4.62		1,020.60		4.63		0.91	(D)
Transamerica Short-Term Bond
Class A		1,000.00		1,008.10		4.30		1,020.90		4.33		0.85
Class C		1,000.00		1,004.20		8.23		1,017.00		8.29		1.63
Class I		1,000.00		1,009.00		3.34		1,021.90		3.36		0.66
Class I2		1,000.00		1,009.50		2.84		1,022.40		2.85		0.56
Class R6		1,000.00		1,009.60		2.79		1,022.40		2.80		0.55
Class T1		1,000.00		1,009.40		4.05		1,021.20		4.08		0.80
Advisor Class		1,000.00		1,009.60		3.80		1,021.40		3.82		0.75
Transamerica Small Cap Core
Class A		1,000.00		1,005.30		5.61		1,019.60		5.65		1.11
Class C		1,000.00		1,000.90		9.38		1,015.80		9.45		1.86
Class I		1,000.00		1,006.10		4.35		1,020.90		4.38		0.86
Class I2		1,000.00		1,007.90		3.85		1,021.40		3.87		0.76
Class I3		1,000.00		1,006.90		4.30		1,020.90		4.33		0.85
Class R		1,000.00		1,005.20		6.37		1,018.90		6.41		1.26
Class R4		1,000.00		1,005.20		5.56		1,019.70		5.60		1.10
Class T1		1,000.00		1,006.10		5.21		1,020.00		5.24		1.03
Advisor Class		1,000.00		1,006.10		5.31		1,019.90		5.35		1.05
Transamerica Small Cap Growth
Class A		1,000.00		1,004.60		5.66		1,019.60		5.70		1.12
Class C		1,000.00		1,000.00		9.53		1,015.70		9.60		1.89
Class I		1,000.00		1,004.50		4.40		1,020.80		4.43		0.87
Class I2		1,000.00		1,007.40		3.85		1,021.40		3.87		0.76
Class I3		1,000.00		1,005.90		4.55		1,020.70		4.58		0.90
Class R		1,000.00		1,004.40		6.62		1,018.60		6.67		1.31
Class R4		1,000.00		1,004.40		5.81		1,019.40		5.85		1.15
Class R6		1,000.00		1,007.40		3.95		1,021.30		3.97		0.78
Class T1		1,000.00		1,004.60		5.61		1,019.60		5.65		1.11
Advisor Class		1,000.00		1,006.00		5.81		1,019.40		5.85		1.15
Transamerica Small Cap Value
Class A		1,000.00		957.70		5.48		1,019.60		5.65		1.11	(D)
Class C		1,000.00		953.60		9.11		1,015.90		9.40		1.85	(D)
Class I		1,000.00		958.90		3.51		1,021.60		3.62		0.71	(D)
Class I2		1,000.00		958.90		3.51		1,021.60		3.62		0.71	(D)
Class I3		1,000.00		959.00		4.20		1,020.90		4.33		0.85	(D)
Class R		1,000.00		957.10		5.92		1,019.20		6.11		1.20	(D)
Class R4		1,000.00		958.10		5.43		1,019.70		5.60		1.10	(D)
Class R6		1,000.00		959.10		3.51		1,021.60		3.62		0.71	(D)
Class T1		1,000.00		957.80		4.74		1,020.40		4.89		0.96	(D)
Advisor Class		1,000.00		958.30		5.18		1,019.90		5.35		1.05	(D)

Transamerica Funds Annual Report 2018

Page    6

Disclosure of Expenses (continued)

(unaudited)

			Actual Expenses				Hypothetical Expenses (A)
Fund	Beginning Account Value		Ending Account Value		Expenses Paid During Period (B)		Ending Account Value		Expenses Paid During Period (B)		Annualized Expense Ratio (C)
Transamerica Small/Mid Cap Value
Class A	$	1,000.00	$	990.70	$	6.47	$	1,018.70	$	6.56		1.29	%
Class B		1,000.00		986.10		10.76		1,014.40		10.92		2.15
Class C		1,000.00		988.00		9.77		1,015.40		9.91		1.95
Class I		1,000.00		992.40		4.72		1,020.50		4.79		0.94
Class I2		1,000.00		993.20		4.22		1,021.00		4.28		0.84
Class R6		1,000.00		993.20		4.22		1,021.00		4.28		0.84
Class T1		1,000.00		991.80		5.47		1,019.70		5.55		1.09
Advisor Class		1,000.00		992.20		5.22		1,020.00		5.30		1.04
Transamerica Strategic High Income
Class A		1,000.00		1,010.60		6.03		1,019.20		6.06		1.19	(D)
Class C		1,000.00		1,005.90		9.61		1,015.60		9.65		1.90	(D)
Class I		1,000.00		1,010.90		4.82		1,020.40		4.84		0.95	(D)
Class I2		1,000.00		1,012.60		3.50		1,021.70		3.52		0.69	(D)
Class T1		1,000.00		1,010.10		5.17		1,020.10		5.19		1.02	(D)
Advisor Class		1,000.00		1,011.70		4.82		1,020.40		4.84		0.95	(D)
Transamerica Unconstrained Bond
Class I		1,000.00		994.50		4.42		1,020.80		4.48		0.88	(D)
Class I2		1,000.00		994.90		3.92		1,021.30		3.97		0.78	(D)
Advisor Class		1,000.00		995.30		4.83		1,020.40		4.89		0.96	(D)
Transamerica US Growth
Class A		1,000.00		1,045.00		5.98		1,019.40		5.90		1.16
Class B		1,000.00		1,039.40		11.15		1,014.30		11.02		2.17
Class C		1,000.00		1,040.30		10.18		1,015.20		10.06		1.98
Class I		1,000.00		1,046.10		4.54		1,020.80		4.48		0.88
Class I2		1,000.00		1,046.80		3.87		1,021.40		3.82		0.75
Class T		1,000.00		1,046.40		4.23		1,021.10		4.18		0.82
Class T1		1,000.00		1,045.40		5.10		1,020.20		5.04		0.99
Advisor Class		1,000.00		1,046.00		4.85		1,020.50		4.79		0.94

(A)	5% return per year before expenses.
(B)	Expenses are calculated using each Fund’s annualized expense ratios (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).
(C)	Expense ratios are based on the most recent six-months and may differ from the expense ratio displayed in the Financial Highlights which covers a twelve-month period.
(D)	Expense ratios (as disclosed in the table) do not include the expenses of the investment companies and/or exchange-traded funds (“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.
(E)	Fund commenced operations on September 28, 2018. 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 (33 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, 2018.

Transamerica Funds Annual Report 2018

Page    7

Transamerica Balanced II

(unaudited)

MARKET ENVIRONMENT

Aegon USA Investment Management, LLC

In the fourth quarter of 2017, buoyed by consumption, business equipment spending, and a general pick-up in global economic activity, gross domestic product, (“GDP”) growth accelerated to 2.3% year-over-year. Market participants turned their focus to the eventuality of a near-term fiscal push, notably via tax policy. Equity prices rallied in response, and 2018 and 2019 GDP consensus estimates inched higher.

In late 2017, Congress passed and President Trump signed broad tax relief for individuals, small businesses, and corporations into law. Proponents saw the legislation as providing incentives for business investment, while detractors saw it as a costly debt-fueled sugar high.

Volatility increased early in 2018, as the combination of trade tensions and rising interest rates caused investors to reassess growth prospects, sending equity markets lower. A positive string of earnings reports in the first and second quarters, however, tamped down market volatility and allowed stocks to resume their uptrend.

The U.S. Federal Reserve (“Fed”) raised the Fed Funds Rate target by 25 basis points at the June meeting to a range between 1.75% and 2.00%. Along with raising interest rates, the Federal Open Market Committee also communicated a better outlook for GDP and unemployment, along with slightly higher inflation expectations for the remainder of 2018.

The front end of the yield curve continued to reprice in the first half of the year as the Fed maintained its outlook for steady economic growth and signaled the likelihood of more rate hikes in the future amid increasing Treasury supply. The 10-year Treasury yield settled roughly 11 basis points higher, and the 2-year yield about 25 basis points higher in the second quarter, pushing the spread between the 2- and 10-year Treasuries to its then narrowest level in more than a decade. Additionally, the LIBOR-Option Implied Spread, which had been widening throughout the first quarter of 2018, peaked early in the second quarter before declining materially.

Policy and politics remained center-stage in the third quarter as Washington’s trade spat with China continued to escalate. These risks surrounding trade policy were noted as a concern by the Fed in its September meeting minutes. Even so, the Fed stayed the course on normalizing rates given continued economic strength, hiking again in September to bring the policy rate above 2% for the first time since 2008.

J.P. Morgan Investment Management, Inc.

At the beginning of the fiscal year, in November of 2017, U.S. equity markets marched higher, propelled by a stream of positive economic data, the U.S. Federal Reserve (“Fed”) chair nomination of Jerome Powell and progress on tax reform. The signing of the tax reform act in December resulted in increased earnings estimates for many companies, giving investors hope that 2018 would see an increase in investment spending.

U.S. equity markets in 2018 experienced a significant increase in volatility compared to the unusually mild 2017. Economic growth remained stable as the Fed raised interest rates on two occasions during the first six months of the year in March and in June, bringing the target federal funds rate to a range of between 1.75% - 2.00%. In June, the Trump administration announced plans to impose a 25% tariff on $50 billion of annual Chinese imports. Though the impact was modest, the market has continued to grapple with the potential implications for the growth and profitability of global companies.

The Fed continued to raise rates in September, reaching a range of 2.00 - 2.25% and it remained on target to meet its long-term objective of normalizing monetary policy, with economic projections becoming marginally more constructive. Moving into October, the S&P 500^® Index sold off sharply as market volatility increased. Corporate fundamentals remained robust and recent economic projections looked solid, with healthy consumer spending, strong growth in inventories and credit spreads that remained relatively tight. We have continued to monitor potential U.S. market risks, which include more interest rate increases, the overhang of midterm elections and U.S./China trade uncertainties.

PERFORMANCE

For the year ended October 31, 2018, Transamerica Balanced II (Class R) returned 1.85%. By comparison, its primary and secondary benchmarks, the S&P 500^® and the Bloomberg Barclays US Aggregate Bond Index, returned 7.35% and -2.05%, respectively.

STRATEGY REVIEW

Aegon USA Investment Management, LLC

For the 12-month period ended on October 31, 2018, the most significant contributor to relative performance in the fixed income sleeve of the Fund came from its shorter duration positioning, particularly on the front end of the curve as rates rose and the curve flattened over the period. Carry also contributed to relative returns. This was somewhat offset by spread widening.

Transamerica Funds Annual Report 2018

Page    8

Transamerica Balanced II

(unaudited)

STRATEGY REVIEW (continued)

At the asset class level, an overweight to asset-backed securities, commercial mortgage-backed securities, and investment grade corporates contributed to outperformance. Underweights to agency residential mortgage-backed securities, government-related and agency securities detracted from relative returns.

From a ratings perspective, excluding cash, security selection within single A rated credits made the most significant contribution to relative returns while selection within AAA detracted for the period.

J.P. Morgan Investment Management, Inc.

Positioning within financials, basic materials and insurance sectors detracted from returns while the pharmaceutical/medical technology, technology and industrial cyclical sectors contributed to returns.

Within the industrial cyclical space, an underweight in Boeing Co. detracted from performance. Boeing Co. started the year strong with solid earnings that drove shares higher. Strong global air traffic propelled increases in production rates while operating improvements in the company’s production line helped operating margins rise above Wall Street expectations. In our analysis, the company has been benefitting from unsustainable tailwinds and squeezing suppliers on costs, all of which could vanish in an economic downturn. Also within the industrial cyclical sector, an overweight position in Stanley Black & Decker, Inc. detracted from returns. The company had been fending off investor worry on rising inflation and management’s ability to offset it with stronger pricing. Margin erosion due to weak pricing and increased spending on product launches caused Stanley Black & Decker Co. to continue to edge lower. The fiscal year ended with investor sentiment down given concerns on price increases destroying volume and demand.

On the positive side, in the industrial cyclical space, our underweight position in General Electric Co. contributed to performance. The conglomerate’s stock was driven lower by new incremental liabilities in its finance subsidiary while the power division continued to demonstrate weakness. Challenges including insurance and settlement issues, the remaining parts of GE Capital, a weak power segment and a potential dividend cut persisted throughout the year. All weakened investor confidence on the stock. We have continued to remain negative on the name due to our concerns regarding earnings power and lingering risks that are difficult to fully quantify. Also within the industrial cyclical sector, our overweight position in Union Pacific Corp. contributed to performance. The stock rose on news of a large buyback and positive volume growth. The company continued to see productivity improvement, and the potential for margin growth drove investor confidence higher. We have continued to like the name as we believe pricing growth will accelerate in the coming years and volumes should remain favorable to the company.

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

Bradley D. Doyle, CFA

Tyler A. Knight, CFA

Sivakumar N. Rajan

Doug Weih, CFA

Brian W. Westhoff, CFA

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		58.5	%
Corporate Debt Securities		15.8
U.S. Government Obligations		8.9
U.S. Government Agency Obligations		6.9
Mortgage-Backed Securities		4.3
Commercial Paper		3.8
Asset-Backed Securities		3.6
Short-Term U.S. Government Obligations		1.3
Other Investment Company		0.6
Foreign Government Obligations		0.5
Municipal Government Obligations		0.3
Preferred Stocks		0.1
Net Other Assets (Liabilities)^		(4.6	)
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 2018

Page    9

Transamerica Balanced II

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class I3 (NAV)		2.49	%		N/A			3.74	%		09/15/2017
Class R (NAV)		1.85	%		6.71	%		9.56	%		07/05/1994
S&P 500® (A)		7.35	%		11.34	%		13.24	%
Bloomberg Barclays US Aggregate Bond Index (B)		(2.05	)%		1.83	%		3.94	%

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

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

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

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

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

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

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

Transamerica Funds Annual Report 2018

Page    10

Transamerica Balanced II

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Shares		Value
COMMON STOCKS - 58.5%
Aerospace & Defense - 1.2%
Boeing Co.		944		$  334,988
General Dynamics Corp.		3,328		574,346
Northrop Grumman Corp.		1,031		270,071
United Technologies Corp.		3,215		399,335
				1,578,740
Airlines - 0.3%
Delta Air Lines, Inc.		5,657		309,607
United Continental Holdings, Inc. (A)		817		69,862
				379,469
Auto Components - 0.3%
Aptiv PLC		1,324		101,683
BorgWarner, Inc.		2,500		98,525
Magna International, Inc.		3,970		195,483
				395,691
Automobiles - 0.1%
Ford Motor Co.		12,880		123,004
Banks - 3.1%
Bank of America Corp.		45,615		1,254,413
Citigroup, Inc.		12,344		808,038
Citizens Financial Group, Inc.		2,001		74,737
Huntington Bancshares, Inc.		8,630		123,668
KeyCorp		24,399		443,086
Regions Financial Corp.		4,412		74,872
SunTrust Banks, Inc.		6,485		406,350
Wells Fargo & Co.		16,241		864,508
				4,049,672
Beverages - 1.6%
Coca-Cola Co.		18,869		903,448
Constellation Brands, Inc., Class A		251		50,007
Molson Coors Brewing Co., Class B		5,282		338,048
PepsiCo, Inc.		7,353		826,330
				2,117,833
Biotechnology - 1.4%
AbbVie, Inc.		1,933		150,484
Alexion Pharmaceuticals, Inc. (A)		1,845		206,769
Amgen, Inc.		1,157		223,058
Biogen, Inc. (A)		1,028		312,790
Celgene Corp. (A)		3,390		242,724
Gilead Sciences, Inc.		5,282		360,127
Vertex Pharmaceuticals, Inc. (A)		1,901		322,143
				1,818,095
Building Products - 0.2%
Masco Corp.		7,884		236,520
Resideo Technologies, Inc. (A) (B)		304		6,410
				242,930
Capital Markets - 2.0%
Bank of New York Mellon Corp.		2,301		108,906
Charles Schwab Corp.		7,168		331,448
Goldman Sachs Group, Inc.		1,326		298,841
Intercontinental Exchange, Inc.		4,784		368,559
Morgan Stanley		15,793		721,108
State Street Corp.		3,110		213,813
T. Rowe Price Group, Inc.		3,489		338,398
TD Ameritrade Holding Corp.		5,330		275,668
				2,656,741

	Shares		Value
COMMON STOCKS (continued)
Chemicals - 1.0%
Celanese Corp.		1,676		$   162,471
DowDuPont, Inc.		14,189		765,071
Eastman Chemical Co.		4,347		340,588
				1,268,130
Commercial Services & Supplies - 0.0% (C)
Cintas Corp.		220		40,011
Communications Equipment - 0.2%
Cisco Systems, Inc.		4,851		221,933
Motorola Solutions, Inc.		350		42,896
				264,829
Consumer Finance - 0.5%
American Express Co.		1,152		118,345
Capital One Financial Corp.		6,050		540,265
				658,610
Containers & Packaging - 0.3%
Avery Dennison Corp.		1,030		93,442
Packaging Corp. of America		440		40,396
WestRock Co.		4,744		203,850
				337,688
Diversified Consumer Services - 0.0% (C)
H&R Block, Inc.		1,386		36,784
Diversified Financial Services - 1.0%
Berkshire Hathaway, Inc., Class B (A)		6,143		1,261,035
Voya Financial, Inc.		811		35,489
				1,296,524
Diversified Telecommunication Services - 0.8%
AT&T, Inc.		5,741		176,134
Verizon Communications, Inc.		16,374		934,792
				1,110,926
Electric Utilities - 1.3%
Evergy, Inc.		1,000		55,990
Exelon Corp.		11,843		518,842
NextEra Energy, Inc.		4,349		750,203
Xcel Energy, Inc.		8,645		423,691
				1,748,726
Electrical Equipment - 0.4%
Eaton Corp. PLC		6,906		494,953
Electronic Equipment, Instruments & Components - 0.2%
TE Connectivity, Ltd.		3,860		291,121
Entertainment - 1.2%
Electronic Arts, Inc. (A)		3,393		308,695
Netflix, Inc. (A)		1,287		388,391
Walt Disney Co.		8,018		920,707
				1,617,793
Equity Real Estate Investment Trusts - 1.3%
AvalonBay Communities, Inc.		1,899		333,047
Digital Realty Trust, Inc.		520		53,695
Equinix, Inc.		312		118,167
Equity Residential		999		64,895
Federal Realty Investment Trust		1,290		160,024
Host Hotels & Resorts, Inc.		4,260		81,409
Prologis, Inc.		6,604		425,760
Ventas, Inc.		2,706		157,056

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

Transamerica Funds Annual Report 2018

Page    11

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Shares		Value
COMMON STOCKS (continued)
Equity Real Estate Investment Trusts (continued)
Vornado Realty Trust		4,121		$   280,558
				1,674,611
Food Products - 0.5%
Mondelez International, Inc., Class A		16,395		688,262
Health Care Equipment & Supplies - 1.9%
Becton Dickinson and Co.		1,151		265,305
Boston Scientific Corp. (A)		19,616		708,922
Danaher Corp.		2,029		201,683
Intuitive Surgical, Inc. (A)		287		149,579
Medtronic PLC		7,682		689,997
Zimmer Biomet Holdings, Inc.		4,491		510,133
				2,525,619
Health Care Providers & Services - 2.3%
Anthem, Inc.		1,350		372,020
Cigna Corp.		3,504		749,190
CVS Health Corp.		7,323		530,112
UnitedHealth Group, Inc.		5,089		1,330,010
				2,981,332
Hotels, Restaurants & Leisure - 0.5%
Hilton Worldwide Holdings, Inc.		3,145		223,830
Royal Caribbean Cruises, Ltd.		740		77,500
Yum! Brands, Inc.		3,909		353,413
				654,743
Household Durables - 0.1%
Lennar Corp., Class A		4,226		181,633
Household Products - 0.3%
Energizer Holdings, Inc.		620		36,438
Procter & Gamble Co.		4,146		367,667
				404,105
Industrial Conglomerates - 0.6%
Honeywell International, Inc.		5,947		861,245
Insurance - 1.3%
American International Group, Inc.		9,971		411,702
Everest Re Group, Ltd.		493		107,405
Hartford Financial Services Group, Inc.		6,264		284,511
Lincoln National Corp.		4,083		245,756
Marsh & McLennan Cos., Inc.		1,265		107,209
MetLife, Inc.		8,197		337,634
Principal Financial Group, Inc.		1,660		78,136
Prudential Financial, Inc.		1,619		151,830
				1,724,183
Interactive Media & Services - 2.6%
Alphabet, Inc., Class A (A)		1,247		1,359,953
Alphabet, Inc., Class C (A)		1,206		1,298,585
Facebook, Inc., Class A (A)		4,777		725,101
				3,383,639
Internet & Direct Marketing Retail - 2.3%
Amazon.com, Inc. (A)		1,592		2,544,032
Booking Holdings, Inc. (A)		71		133,095
Expedia Group, Inc.		2,415		302,914
				2,980,041
IT Services - 2.5%
Accenture PLC, Class A		1,061		167,235
Alliance Data Systems Corp.		711		146,594

	Shares		Value
COMMON STOCKS (continued)
IT Services (continued)
Automatic Data Processing, Inc.		4,830		$   695,906
Fidelity National Information Services, Inc.		4,366		454,501
First Data Corp., Class A (A)		3,330		62,404
Mastercard, Inc., Class A		1,140		225,344
PayPal Holdings, Inc. (A)		5,571		469,022
Visa, Inc., Class A		7,814		1,077,160
				3,298,166
Life Sciences Tools & Services - 0.4%
Agilent Technologies, Inc.		1,108		71,787
Illumina, Inc. (A)		510		158,687
Thermo Fisher Scientific, Inc.		1,325		309,586
				540,060
Machinery - 1.5%
Caterpillar, Inc.		3,451		418,675
Cummins, Inc.		1,297		177,287
Deere & Co.		1,287		174,311
Ingersoll-Rand PLC		3,016		289,355
PACCAR, Inc.		5,065		289,769
Snap-on, Inc.		1,596		245,688
Stanley Black & Decker, Inc.		2,930		341,404
				1,936,489
Media - 1.2%
Charter Communications, Inc., Class A (A)		1,727		553,279
Comcast Corp., Class A		19,441		741,480
Discovery, Inc., Class A (A)		4,268		138,240
DISH Network Corp., Class A (A)		4,444		136,609
Sirius XM Holdings, Inc. (D)		5,308		31,954
				1,601,562
Metals & Mining - 0.1%
Freeport-McMoRan, Inc.		6,675		77,764
Newmont Mining Corp.		1,623		50,183
				127,947
Multi-Utilities - 0.5%
Ameren Corp.		3,340		215,697
Public Service Enterprise Group, Inc.		1,658		88,587
Sempra Energy		3,331		366,810
				671,094
Multiline Retail - 0.5%
Dollar General Corp.		3,939		438,726
Dollar Tree, Inc. (A)		1,537		129,569
Macy’s, Inc.		3,464		118,781
				687,076
Oil, Gas & Consumable Fuels - 3.3%
Chevron Corp.		9,073		1,013,000
Concho Resources, Inc. (A)		781		108,629
Diamondback Energy, Inc.		3,206		360,226
EOG Resources, Inc.		6,312		664,906
Exxon Mobil Corp.		4,644		370,034
Marathon Petroleum Corp.		8,055		567,475
Occidental Petroleum Corp.		8,871		594,978
ONEOK, Inc.		3,811		250,002
Pioneer Natural Resources Co.		3,217		473,768
				4,403,018
Personal Products - 0.3%
Estee Lauder Cos., Inc., Class A		2,626		360,917

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

Transamerica Funds Annual Report 2018

Page    12

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Shares		Value
COMMON STOCKS (continued)
Pharmaceuticals - 3.0%
Allergan PLC		1,427		$   225,480
Bristol-Myers Squibb Co.		4,738		239,459
Eli Lilly & Co.		4,912		532,657
Johnson & Johnson		7,042		985,810
Merck & Co., Inc.		10,194		750,380
Mylan NV (A)		1,793		56,031
Nektar Therapeutics (A)		650		25,142
Pfizer, Inc.		26,420		1,137,645
Zoetis, Inc.		445		40,117
				3,992,721
Road & Rail - 1.2%
Norfolk Southern Corp.		4,238		711,264
Union Pacific Corp.		5,938		868,254
				1,579,518
Semiconductors & Semiconductor Equipment - 2.3%
Analog Devices, Inc.		9,125		763,854
Broadcom, Inc.		1,930		431,336
Intel Corp.		3,225		151,188
Microchip Technology, Inc. (D)		5,622		369,815
Micron Technology, Inc. (A)		1,596		60,201
NVIDIA Corp.		3,328		701,642
Texas Instruments, Inc.		6,764		627,902
				3,105,938
Software - 4.2%
Adobe, Inc. (A)		1,518		373,064
Citrix Systems, Inc.		770		78,902
Microsoft Corp.		32,513		3,472,713
Oracle Corp.		12,438		607,472
salesforce.com, Inc. (A)		5,828		799,835
Workday, Inc., Class A (A)		1,473		195,938
				5,527,924
Specialty Retail - 2.3%
Advance Auto Parts, Inc.		750		119,820
AutoZone, Inc. (A)		685		502,427
Best Buy Co., Inc.		4,482		314,457
Home Depot, Inc.		4,668		821,008
Lowe’s Cos., Inc.		3,249		309,370
O’Reilly Automotive, Inc. (A)		1,195		383,296
Ross Stores, Inc.		6,459		639,441
				3,089,819
Technology Hardware, Storage & Peripherals - 3.0%
Apple, Inc.		15,071		3,298,439
Hewlett Packard Enterprise Co.		20,654		314,973
HP, Inc.		14,219		343,247
				3,956,659
Textiles, Apparel & Luxury Goods - 0.2%
PVH Corp.		2,612		315,503
Tobacco - 0.8%
Altria Group, Inc.		5,542		360,452
Philip Morris International, Inc.		8,666		763,214
				1,123,666
Trading Companies & Distributors - 0.1%
HD Supply Holdings, Inc. (A)		2,010		75,516

	Shares		Value
COMMON STOCKS (continued)
Trading Companies & Distributors (continued)
United Rentals, Inc. (A)		224		$   26,895
				102,411
Wireless Telecommunication Services - 0.3%
T-Mobile US, Inc. (A)		5,171		354,472
Total Common Stocks (Cost $73,482,926)				77,362,643
PREFERRED STOCKS - 0.1%
Banks - 0.1%
Citigroup Capital XIII, 3-Month LIBOR + 6.37%, 8.89% (E)		3,392		89,786
Capital Markets - 0.0% (C)
State Street Corp., Series D, Fixed until 03/15/2024, 5.90% (E)		1,536		39,997
Electric Utilities - 0.0% (C)
SCE Trust III, Series H, Fixed until 03/15/2024, 5.75% (E)		320		8,042
Total Preferred Stocks (Cost $145,729)				137,825
	Principal		Value
ASSET-BACKED SECURITIES - 3.6%
BlueMountain CLO, Ltd. Series 2015-2A, Class A1R, 3-Month LIBOR + 0.93%, 3.37% (E), 07/18/2027 (F)		$  250,000		249,437
BRE Grand Islander Timeshare Issuer LLC Series 2017-1A, Class A, 2.94%, 05/25/2029 (F)		65,864		64,243
BXG Receivables Note Trust Series 2015-A, Class A, 2.88%, 05/02/2030 (F)		65,317		63,827
CIFC Funding, Ltd. Series 2013-2A, Class A1LR, 3-Month LIBOR + 1.21%, 3.65% (E), 10/18/2030 (F)		250,000		250,331
Hertz Vehicle Financing II, LP Series 2016-3A, Class A, 2.27%, 07/25/2020 (F)		110,000		109,253
JGWPT XXVI LLC Series 2012-2A, Class A, 3.84%, 10/15/2059 (F)		164,930		163,503
JGWPT XXVIII LLC Series 2013-1A, Class A, 3.22%, 04/15/2067 (F)		168,304		159,903
Laurel Road Prime Student Loan Trust Series 2018-B, Class A2FX, 3.54%, 05/26/2043 (F)		100,000		99,370
MVW Owner Trust
Series 2014-1A, Class A,
2.25%, 09/22/2031 (F)		43,650		42,679
Series 2016-1A, Class A,
2.25%, 12/20/2033 (F)		45,891		44,352
New Residential Advanced Receivables Trust Series 2017-T1, Class AT1, 3.21%, 02/15/2051 (F)		200,000		197,929

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

Transamerica Funds Annual Report 2018

Page    13

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
ASSET-BACKED SECURITIES (continued)
NRZ Advance Receivables Trust Series 2016-T4, Class AT4, 3.11%, 12/15/2050 (F)		$   300,000		$   296,737
Octagon Investment Partners 33, Ltd. Series 2017-1A, Class A1, 3-Month LIBOR + 1.19%, 3.66% (E), 01/20/2031 (F)		200,000		200,095
Ocwen Master Advance Receivables Trust
Series 2018-T1, Class AT1,
3.30%, 08/15/2049 (F)		195,000		194,782
Series 2018-T2, Class AT2,
3.60%, 08/15/2050 (F)		190,000		189,449
Palmer Square CLO, Ltd. Series 2015-2A, Class A1AR, 3-Month LIBOR + 1.27%, 3.74% (E), 07/20/2030 (F)		250,000		250,394
SBA Tower Trust Series 2014-1A, Class C, 2.90%, 10/15/2044 (E) (F)		380,000		377,880
Sierra Timeshare Receivables Funding LLC
Series 2014-2A, Class A,
2.05% (E), 06/20/2031 (F)		20,464		20,442
Series 2015-1A, Class A,
2.40%, 03/22/2032 (F)		17,631		17,503
Series 2015-1A, Class B,
3.05%, 03/22/2032 (F)		18,398		18,298
Series 2016-2A, Class A,
2.33%, 07/20/2033 (F)		30,620		30,006
SolarCity LMC Series III LLC Series 2014-2, Class A, 4.02%, 07/20/2044 (F)		128,201		125,393
SpringCastle America Funding LLC Series 2016-AA, Class A, 3.05%, 04/25/2029 (F)		75,458		74,851
Towd Point Mortgage Trust
Series 2015-3, Class A1B,
3.00% (E), 03/25/2054 (F)		104,760		103,656
Series 2015-5, Class A1B,
2.75% (E), 05/25/2055 (F)		97,961		96,247
Series 2016-1, Class A1B,
2.75% (E), 02/25/2055 (F)		85,958		84,474
Series 2017-1, Class A1,
2.75% (E), 10/25/2056 (F)		141,468		137,958
Series 2017-3, Class A1,
2.75% (E), 07/25/2057 (F)		77,022		75,182
Series 2017-6, Class A1,
2.75% (E), 10/25/2057 (F)		249,564		242,554
Series 2018-1, Class A1,
3.00% (E), 01/25/2058 (F)		248,263		242,275
Series 2018-4, Class A1,
3.00% (E), 06/25/2058 (F)		125,389		121,149
VB-S1 Issuer LLC Series 2018-1A, Class C, 3.41%, 02/15/2048 (F)		245,000		241,039
VSE VOI Mortgage LLC Series 2016-A, Class A, 2.54%, 07/20/2033 (F)		47,130		45,946

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Welk Resorts LLC Series 2017-AA, Class A, 2.82%, 06/15/2033 (F)		$   113,525		$   110,421
Total Asset-Backed Securities (Cost $4,806,632)				4,741,558
CORPORATE DEBT SECURITIES - 15.8%
Aerospace & Defense - 0.1%
Northrop Grumman Corp. 2.55%, 10/15/2022		181,000		173,956
Air Freight & Logistics - 0.1%
FedEx Corp.
4.90%, 01/15/2034		54,000		54,990
5.10%, 01/15/2044		49,000		48,373
				103,363
Airlines - 0.6%
American Airlines Pass-Through Trust
3.20%, 12/15/2029		120,029		113,277
3.70%, 04/01/2028		139,994		136,582
Delta Air Lines Pass-Through Trust 6.82%, 02/10/2024		304,957		331,336
United Airlines Pass-Through Trust 3.75%, 03/03/2028		248,802		246,620
				827,815
Auto Components - 0.1%
BorgWarner, Inc. 3.38%, 03/15/2025		105,000		100,563
Automobiles - 0.1%
Ford Motor Co. 4.35%, 12/08/2026		150,000		136,032
General Motors Co.
4.88%, 10/02/2023		30,000		30,364
6.25%, 10/02/2043		20,000		19,141
				185,537
Banks - 2.8%
Bank of America Corp.
Fixed until 10/01/2024, 3.09% (E), 10/01/2025, MTN		2,000		1,895
Fixed until 12/20/2027, 3.42% (E), 12/20/2028		34,000		31,331
3.88%, 08/01/2025, MTN		121,000		119,050
4.45%, 03/03/2026, MTN		174,000		172,104
Bank One Corp. 8.00%, 04/29/2027		65,000		79,999
Barclays Bank PLC 10.18%, 06/12/2021 (F)		390,000		443,098
CIT Group, Inc. 4.13%, 03/09/2021		10,000		9,975
Citigroup, Inc.
3-Month LIBOR + 0.95%, 3.44% (E), 07/24/2023		151,000		151,606
Fixed until 01/10/2027, 3.89% (E), 01/10/2028		112,000		107,105
4.50%, 01/14/2022		55,000		56,177
Commerzbank AG 8.13%, 09/19/2023 (F)		255,000		287,188

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

Transamerica Funds Annual Report 2018

Page    14

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Cooperatieve Rabobank UA Fixed until 06/30/2019 (G), 11.00% (E) (F)		$   209,000		$   218,614
Discover Bank 3.45%, 07/27/2026		250,000		230,063
Fifth Third Bancorp 3.95%, 03/14/2028 (D)		110,000		106,961
First Horizon National Corp. 3.50%, 12/15/2020		110,000		109,935
HSBC Holdings PLC
3-Month LIBOR + 1.00%, 3.32% (E), 05/18/2024		13,000		12,964
Fixed until 09/12/2025, 4.29% (E), 09/12/2026		200,000		197,141
Intesa Sanpaolo SpA 5.02%, 06/26/2024 (F)		65,000		57,304
JPMorgan Chase & Co.
2.70%, 05/18/2023		148,000		141,436
3.38%, 05/01/2023		130,000		126,754
4.85%, 02/01/2044		20,000		20,161
Fixed until 02/01/2024 (G), 6.75% (E)		13,000		13,865
Nordea Bank Abp 4.25%, 09/21/2022 (F)		270,000		269,675
PNC Bank NA 4.05%, 07/26/2028		250,000		245,234
Royal Bank of Scotland Group PLC
6.00%, 12/19/2023		65,000		66,790
6.40%, 10/21/2019		60,000		61,659
Toronto-Dominion Bank Fixed until 09/15/2026, 3.63% (E), 09/15/2031		150,000		139,647
Wells Fargo & Co.
4.10%, 06/03/2026, MTN		36,000		35,065
5.38%, 11/02/2043		118,000		121,482
Fixed until 06/15/2024 (G), 5.90% (E)		43,000		43,323
				3,677,601
Beverages - 0.3%
Anheuser-Busch InBev Finance, Inc. 3.65%, 02/01/2026		56,000		53,268
Anheuser-Busch InBev Worldwide, Inc. 4.44%, 10/06/2048		124,000		109,064
Constellation Brands, Inc.
3.70%, 12/06/2026		52,000		48,775
4.40%, 11/15/2025		59,000		59,103
Pernod Ricard SA 5.75%, 04/07/2021 (F)		128,000		134,045
				404,255
Biotechnology - 0.3%
AbbVie, Inc. 3.20%, 05/14/2026		147,000		134,538
Biogen, Inc. 4.05%, 09/15/2025		142,000		140,789
Celgene Corp. 3.88%, 08/15/2025		96,000		92,409
Gilead Sciences, Inc.
2.95%, 03/01/2027 (D)		32,000		29,255
4.15%, 03/01/2047		31,000		27,497
				424,488

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Building Products - 0.1%
Owens Corning 4.40%, 01/30/2048		$   121,000		$   94,625
Capital Markets - 1.7%
Ameriprise Financial, Inc.
2.88%, 09/15/2026		90,000		82,171
3.70%, 10/15/2024		87,000		86,104
7.30%, 06/28/2019		160,000		164,391
Charles Schwab Corp.
3.20%, 03/02/2027		75,000		70,704
3.85%, 05/21/2025		171,000		171,022
Credit Suisse Group Funding Guernsey, Ltd.
3.75%, 03/26/2025		250,000		239,290
3.80%, 06/09/2023		80,000		78,598
Goldman Sachs Group, Inc.
5.25%, 07/27/2021		263,000		273,525
6.75%, 10/01/2037		134,000		156,414
Lazard Group LLC 4.50%, 09/19/2028		118,000		114,769
Morgan Stanley
5.00%, 11/24/2025		80,000		81,798
5.75%, 01/25/2021		280,000		292,715
State Street Corp. 3-Month LIBOR + 1.00%, 3.33% (E), 06/01/2077		11,000		9,660
UBS AG 7.63%, 08/17/2022		250,000		273,750
UBS Group Funding Switzerland AG 4.25%, 03/23/2028 (F)		200,000		196,060
				2,290,971
Chemicals - 0.0% (C)
LyondellBasell Industries NV 5.00%, 04/15/2019		60,000		60,226
Commercial Services & Supplies - 0.1%
ERAC USA Finance LLC 3.85%, 11/15/2024 (F)		140,000		138,090
Communications Equipment - 0.1%
Nokia OYJ 3.38%, 06/12/2022		92,000		88,090
Construction & Engineering - 0.3%
SBA Tower Trust
2.88%, 07/10/2046 (F)		58,000		56,641
3.17%, 04/09/2047 (F)		110,000		107,526
3.45%, 03/15/2048 (F)		280,000		274,026
				438,193
Construction Materials - 0.3%
LafargeHolcim Finance US LLC 4.75%, 09/22/2046 (F)		200,000		174,900
Martin Marietta Materials, Inc. 4.25%, 07/02/2024		200,000		199,929
				374,829
Consumer Finance - 0.4%
Ally Financial, Inc.
3.50%, 01/27/2019		120,000		119,850
4.13%, 03/30/2020		120,000		120,150
American Express Co.
3.00%, 10/30/2024		44,000		41,589
4.05%, 12/03/2042		50,000		46,769

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

Transamerica Funds Annual Report 2018

Page    15

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Consumer Finance (continued)
BMW US Capital LLC 2.80%, 04/11/2026 (F)		$   82,000		$   75,200
Capital One Financial Corp. 3.30%, 10/30/2024		92,000		86,785
Discover Financial Services 3.75%, 03/04/2025		1,000		947
				491,290
Containers & Packaging - 0.1%
International Paper Co. 4.75%, 02/15/2022		96,000		99,103
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC 6.88%, 02/15/2021		34,654		34,914
				134,017
Diversified Consumer Services - 0.0% (C)
President & Fellows of Harvard College 3.62%, 10/01/2037		15,000		14,223
Diversified Financial Services - 0.2%
Aviation Capital Group LLC 7.13%, 10/15/2020 (F)		153,000		162,705
AXA Equitable Holdings, Inc. 4.35%, 04/20/2028 (F)		137,000		130,908
Kaupthing Bank 7.63%, 02/28/2020 (H) (I) (J)		710,000		—
				293,613
Diversified Telecommunication Services - 0.6%
AT&T, Inc.
3.00%, 06/30/2022		180,000		174,607
3.40%, 05/15/2025		130,000		122,060
4.35%, 06/15/2045		70,000		57,398
GTP Acquisition Partners I LLC 2.35%, 06/15/2045 (F)		40,000		39,109
Hughes Satellite Systems Corp. 7.63%, 06/15/2021		74,000		78,477
Sprint Capital Corp. 6.88%, 11/15/2028		24,000		23,610
Verizon Communications, Inc.
5.15%, 09/15/2023		155,000		164,466
5.50%, 03/16/2047		187,000		194,849
				854,576
Electric Utilities - 0.7%
Appalachian Power Co. 3.40%, 06/01/2025		110,000		106,514
Cleveland Electric Illuminating Co.
5.95%, 12/15/2036		43,000		48,409
8.88%, 11/15/2018		9,000		9,019
Duke Energy Corp. 3.75%, 04/15/2024 - 09/01/2046		226,000		194,268
Duke Energy Progress LLC 3.60%, 09/15/2047		80,000		68,600
Entergy Arkansas, Inc. 3.70%, 06/01/2024		61,000		61,055
Jersey Central Power & Light Co. 7.35%, 02/01/2019		35,000		35,373
Niagara Mohawk Power Corp. 4.88%, 08/15/2019 (F)		65,000		65,849

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electric Utilities (continued)
Oncor Electric Delivery Co. LLC
4.10%, 06/01/2022		$   12,000		$   12,229
5.30%, 06/01/2042		25,000		27,873
PacifiCorp
3.60%, 04/01/2024		130,000		129,787
5.75%, 04/01/2037		25,000		29,039
Public Service Electric & Gas Co. 3.00%, 05/15/2025, MTN		140,000		133,379
				921,394
Electronic Equipment, Instruments & Components - 0.2%
Arrow Electronics, Inc. 3.88%, 01/12/2028		130,000		118,650
Keysight Technologies, Inc. 4.55%, 10/30/2024		155,000		156,525
				275,175
Energy Equipment & Services - 0.1%
Schlumberger Holdings Corp. 3.00%, 12/21/2020 (F)		100,000		98,934
Schlumberger Investment SA 3.65%, 12/01/2023		33,000		33,027
Weatherford International, Ltd. 5.95%, 04/15/2042		35,000		22,575
				154,536
Equity Real Estate Investment Trusts - 0.9%
American Tower Trust #1 3.65%, 03/23/2048 (F)		120,000		115,576
CBL & Associates, LP 5.25%, 12/01/2023 (D)		139,000		116,760
EPR Properties 4.75%, 12/15/2026		227,000		219,089
HCP, Inc. 3.40%, 02/01/2025		85,000		79,783
Hospitality Properties Trust 5.00%, 08/15/2022		174,000		177,614
Kilroy Realty, LP 4.25%, 08/15/2029		177,000		169,242
Realty Income Corp. 3.88%, 07/15/2024		118,000		117,227
VEREIT Operating Partnership, LP
3.00%, 02/06/2019		60,000		59,980
4.63%, 11/01/2025		91,000		90,283
				1,145,554
Food & Staples Retailing - 0.3%
Sysco Corp. 3.25%, 07/15/2027		95,000		87,857
Walgreens Boots Alliance, Inc. 3.30%, 11/18/2021		135,000		133,414
Walmart, Inc. 3.63%, 12/15/2047		135,000		119,550
				340,821
Food Products - 0.1%
Kraft Heinz Foods Co. 4.88%, 02/15/2025 (F)		75,000		76,077
Health Care Equipment & Supplies - 0.2%
Abbott Laboratories 3.75%, 11/30/2026		90,000		88,607

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

Transamerica Funds Annual Report 2018

Page    16

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Health Care Equipment & Supplies (continued)
Becton Dickinson and Co. 3.70%, 06/06/2027		$   156,000		$   146,484
				235,091
Health Care Providers & Services - 0.4%
AmerisourceBergen Corp. 4.30%, 12/15/2047		86,000		74,748
Coventry Health Care, Inc. 5.45%, 06/15/2021		66,000		68,726
CVS Health Corp.
2.13%, 06/01/2021		144,000		138,788
5.05%, 03/25/2048		86,000		83,855
5.30%, 12/05/2043		14,000		14,044
Halfmoon Parent, Inc. 4.13%, 11/15/2025 (F)		66,000		65,234
HCA Healthcare, Inc. 6.25%, 02/15/2021		50,000		51,937
				497,332
Household Durables - 0.1%
D.R. Horton, Inc. 4.38%, 09/15/2022		94,000		94,594
Industrial Conglomerates - 0.1%
General Electric Co.
Fixed until 01/21/2021 (G), 5.00% (E)		167,000		154,684
6.88%, 01/10/2039, MTN		20,000		22,936
				177,620
Insurance - 0.3%
Allstate Corp. 3.28%, 12/15/2026		90,000		85,954
American International Group, Inc. Fixed until 05/15/2038, 8.18% (E), 05/15/2068		26,000		31,915
Athene Global Funding 3.00%, 07/01/2022 (F)		93,000		89,995
Athene Holding, Ltd. 4.13%, 01/12/2028		95,000		87,122
CNA Financial Corp. 5.88%, 08/15/2020		90,000		93,706
Fidelity National Financial, Inc. 5.50%, 09/01/2022		60,000		63,216
				451,908
Interactive Media & Services - 0.2%
Baidu, Inc. 3.88%, 09/29/2023		200,000		197,382
Internet & Direct Marketing Retail - 0.0% (C)
Booking Holdings, Inc. 3.60%, 06/01/2026		51,000		48,707
IT Services - 0.1%
DXC Technology Co. 4.75%, 04/15/2027		84,000		83,438
Machinery - 0.2%
Doosan Heavy Industries & Construction Co., Ltd. 2.13%, 04/27/2020 (F)		200,000		195,327
Media - 0.2%
Clear Channel Worldwide Holdings, Inc. 6.50%, 11/15/2022		100,000		101,520

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Media (continued)
NBCUniversal Media LLC
4.38%, 04/01/2021		$   134,000		$   136,838
4.45%, 01/15/2043		47,000		43,712
				282,070
Metals & Mining - 0.2%
Anglo American Capital PLC 4.00%, 09/11/2027 (F)		200,000		182,161
Freeport-McMoRan, Inc. 3.88%, 03/15/2023		45,000		41,625
				223,786
Multi-Utilities - 0.1%
CMS Energy Corp.
3.88%, 03/01/2024		22,000		21,866
4.88%, 03/01/2044		33,000		33,809
Dominion Energy, Inc. 2.58%, 07/01/2020		79,000		77,799
Public Service Enterprise Group, Inc. 2.65%, 11/15/2022		10,000		9,570
				143,044
Oil, Gas & Consumable Fuels - 1.3%
Anadarko Petroleum Corp. 5.55%, 03/15/2026 (D)		68,000		70,750
Apache Corp.
4.25%, 01/15/2044		15,000		12,580
4.75%, 04/15/2043		22,000		19,537
BP Capital Markets PLC 3.12%, 05/04/2026		150,000		141,151
Continental Resources, Inc. 3.80%, 06/01/2024		25,000		24,147
Energy Transfer Operating, LP 5.95%, 10/01/2043		35,000		33,851
Enterprise Products Operating LLC 4.25%, 02/15/2048		132,000		116,802
EOG Resources, Inc. 2.45%, 04/01/2020		88,000		87,031
Exxon Mobil Corp.
1.82%, 03/15/2019		150,000		149,483
3.04%, 03/01/2026		60,000		57,278
Husky Energy, Inc. 4.00%, 04/15/2024		45,000		44,413
Kerr-McGee Corp. 6.95%, 07/01/2024		50,000		55,970
Kinder Morgan Energy Partners, LP 4.15%, 02/01/2024		117,000		116,173
Nexen Energy ULC 5.88%, 03/10/2035		10,000		11,119
Noble Energy, Inc. 6.00%, 03/01/2041		22,000		22,837
Petrobras Global Finance BV 6.25%, 03/17/2024		70,000		70,805
Petroleos Mexicanos 3.50%, 01/30/2023		140,000		128,660
Petronas Capital, Ltd. 5.25%, 08/12/2019 (F)		100,000		101,549
Sabine Pass Liquefaction LLC 4.20%, 03/15/2028		130,000		123,699

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

Transamerica Funds Annual Report 2018

Page    17

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Shell International Finance BV
2.50%, 09/12/2026		$   130,000		$   118,018
3.75%, 09/12/2046		39,000		34,658
TransCanada PipeLines, Ltd.
3.75%, 10/16/2023		37,000		36,661
4.63%, 03/01/2034		35,000		33,462
Western Gas Partners, LP 5.38%, 06/01/2021		76,000		78,377
Williams Cos., Inc.
3.70%, 01/15/2023		13,000		12,758
5.40%, 03/04/2044		35,000		33,674
7.88%, 09/01/2021		33,000		36,335
				1,771,778
Pharmaceuticals - 0.2%
Bayer US Finance II LLC 4.40%, 07/15/2044 (F)		58,000		49,399
Perrigo Finance Unlimited Co. 4.38%, 03/15/2026		200,000		193,222
Shire Acquisitions Investments Ireland DAC 3.20%, 09/23/2026		92,000		83,373
				325,994
Road & Rail - 0.0% (C)
Burlington Northern Santa Fe LLC
3.00%, 03/15/2023		18,000		17,596
3.75%, 04/01/2024		12,000		12,029
				29,625
Semiconductors & Semiconductor Equipment - 0.3%
Intel Corp. 2.88%, 05/11/2024		145,000		139,428
KLA-Tencor Corp. 4.13%, 11/01/2021		92,000		92,855
QUALCOMM, Inc. 3.25%, 05/20/2027		132,000		122,073
				354,356
Software - 0.1%
Microsoft Corp. 3.30%, 02/06/2027		140,000		135,833
Technology Hardware, Storage & Peripherals - 0.4%
Apple, Inc. 2.85%, 02/23/2023		195,000		189,993
Dell International LLC / EMC Corp. 6.02%, 06/15/2026 (F)		115,000		119,169
Seagate HDD Cayman 4.88%, 06/01/2027		81,000		71,591
Western Digital Corp. 4.75%, 02/15/2026		120,000		110,850
				491,603
Tobacco - 0.2%
BAT Capital Corp. 3.56%, 08/15/2027 (F)		148,000		135,390
RJ Reynolds Tobacco Co. 8.13%, 06/23/2019		105,000		108,245
				243,635

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Trading Companies & Distributors - 0.2%
Air Lease Corp. 3.50%, 01/15/2022		$   153,000		$   151,279
International Lease Finance Corp. 8.25%, 12/15/2020		145,000		157,256
				308,535
Wireless Telecommunication Services - 0.4%
America Movil SAB de CV 3.13%, 07/16/2022		200,000		195,006
Crown Castle Towers LLC
3.22%, 05/15/2042 (F)		42,000		41,362
3.72%, 07/15/2043 (F)		105,000		104,673
Sprint Communications, Inc. 9.00%, 11/15/2018 (F)		35,000		35,070
Sprint Corp. 7.88%, 09/15/2023		122,000		130,235
				506,346
Total Corporate Debt Securities (Cost $21,727,026)				20,881,882
FOREIGN GOVERNMENT OBLIGATIONS - 0.5%
Colombia - 0.1%
Colombia Government International Bond 4.50%, 01/28/2026 (D)		200,000		200,000
Indonesia - 0.2%
Indonesia Government International Bond 5.38%, 10/17/2023 (F)		225,000		232,461
Mexico - 0.1%
Mexico Government International Bond 3.75%, 01/11/2028 (D)		116,000		106,837
Peru - 0.1%
Peru Government International Bond 7.35%, 07/21/2025		100,000		120,500
Total Foreign Government Obligations (Cost $689,811)				659,798
MORTGAGE-BACKED SECURITIES - 4.3%
Alternative Loan Trust Series 2007-22, Class 2A16, 6.50%, 09/25/2037		181,418		125,000
BB-UBS Trust
Series 2012-TFT, Class A,
2.89%, 06/05/2030 (F)		140,000		137,176
Series 2012-TFT, Class C,
3.47% (E), 06/05/2030 (F)		315,000		305,005
BBCMS Trust Series 2013-TYSN, Class B, 4.04%, 09/05/2032 (F)		245,000		246,741
Caesars Palace Las Vegas Trust Series 2017-VICI, Class A, 3.53%, 10/15/2034 (F)		250,000		249,446
Citigroup Commercial Mortgage Trust
Series 2014-GC19, Class A3,
3.75%, 03/10/2047		35,158		35,266
Series 2014-GC19, Class A4,
4.02%, 03/10/2047		65,000		65,980
Series 2015-GC27, Class B,
3.77%, 02/10/2048		157,700		152,872

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

Transamerica Funds Annual Report 2018

Page    18

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Citigroup Mortgage Loan Trust Series 2015-A, Class A1, 3.50% (E), 06/25/2058 (F)		$   113,449		$   112,149
Citigroup Mortgage Loan Trust, Inc. Series 2018-RP1, Class A1, 3.00% (E), 09/25/2064 (F)		90,376		88,245
COMM Mortgage Trust
Series 2013-CR11, Class AM,
4.72% (E), 08/10/2050		20,000		20,754
Series 2013-GAM, Class A2,
3.37%, 02/10/2028 (F)		100,000		98,650
Series 2013-WWP, Class B,
3.73%, 03/10/2031 (F)		100,000		101,393
Series 2014-UBS2, Class A5,
3.96%, 03/10/2047		45,000		45,465
Series 2015-3BP, Class A,
3.18%, 02/10/2035 (F)		350,000		337,114
Series 2016-GCT, Class C,
3.46% (E), 08/10/2029 (F)		100,000		98,349
Commercial Mortgage Pass-Through Certificates Series 2012-LTRT, Class A2, 3.40%, 10/05/2030 (F)		132,000		126,646
Core Industrial Trust Series 2015-CALW, Class B, 3.25%, 02/10/2034 (F)		225,000		221,881
Credit Suisse Mortgage Capital Certificates Series 2009-11R, Class 5A1, 3.79% (E), 08/26/2036 (F)		36,456		36,560
CSMC Trust Series 2014-4R, Class 21A1, 1-Month LIBOR + 0.33%, 2.88% (E), 12/27/2035 (F)		156,768		155,273
GMACM Mortgage Loan Trust Series 2005-AR1, Class 3A, 4.05% (E), 03/18/2035		82,850		83,710
GS Mortgage Securities Corp. II Series 2013-KING, Class E, 3.44% (E), 12/10/2027 (F)		100,000		98,558
GS Mortgage Securities Trust Series 2013-G1, Class A2, 3.56% (E), 04/10/2031 (F)		285,000		279,515
Impac CMB Trust Series 2004-6, Class 1A1, 1-Month LIBOR + 0.80%, 3.08% (E), 10/25/2034		53,494		52,473
IndyMac INDX Mortgage Loan Trust Series 2007-AR15, Class 2A1, 3.81% (E), 08/25/2037		137,404		118,844
Merrill Lynch Mortgage Investors Trust Series 2003-F, Class A1, 1-Month LIBOR + 0.64%, 2.92% (E), 10/25/2028		30,239		29,931
Morgan Stanley Capital Barclays Bank Trust Series 2016-MART, Class A, 2.20%, 09/13/2031 (F)		300,000		289,398
Morgan Stanley Resecuritization Trust Series 2014-R3, Class 2A, 3.00% (E), 07/26/2048 (F)		154,495		148,696

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Motel 6 Trust Series 2017-MTL6, Class C, 1-Month LIBOR + 1.40%, 3.68% (E), 08/15/2034 (F)		$   401,178		$   400,923
Nationstar Mortgage Loan Trust Series 2013-A, Class A, 3.75% (E), 12/25/2052 (F)		81,301		81,257
New Residential Mortgage Loan Trust
Series 2014-1A, Class A,
3.75% (E), 01/25/2054 (F)		36,835		36,662
Series 2014-2A, Class A3,
3.75% (E), 05/25/2054 (F)		92,078		91,718
Series 2014-3A, Class AFX3,
3.75% (E), 11/25/2054 (F)		67,181		66,832
Series 2016-3A, Class A1B,
3.25% (E), 09/25/2056 (F)		63,172		61,928
Series 2017-1A, Class A1,
4.00% (E), 02/25/2057 (F)		132,802		133,078
Series 2017-3A, Class A1,
4.00% (E), 04/25/2057 (F)		226,722		227,180
Series 2017-4A, Class A1,
4.00% (E), 05/25/2057 (F)		90,100		90,165
One Market Plaza Trust Series 2017-1MKT, Class A, 3.61%, 02/10/2032 (F)		195,000		193,720
Queens Center Mortgage Trust Series 2013-QCA, Class D, 3.47% (E), 01/11/2037 (F)		130,000		121,824
Structured Asset Mortgage Investments II Trust Series 2003-AR4, Class A1, 1-Month LIBOR + 0.70%, 2.98% (E), 01/19/2034		71,396		69,731
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 06/10/2030 (F)		225,000		222,888
Total Mortgage-Backed Securities (Cost $5,809,693)				5,658,996
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.3%
California - 0.2%
Los Angeles Community College District, General Obligation Unlimited, 6.60%, 08/01/2042		15,000		19,846
State of California, General Obligation Unlimited
7.30%, 10/01/2039		55,000		74,736
7.60%, 11/01/2040		60,000		86,618
7.95%, 03/01/2036		110,000		116,535
University of California, Revenue Bonds, Series AD, 4.86%, 05/15/2112		10,000		9,756
				307,491
Georgia - 0.0% (C)
Municipal Electric Authority of Georgia, Revenue Bonds, Series A, 6.64%, 04/01/2057		10,000		10,822

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

Transamerica Funds Annual Report 2018

Page    19

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New Jersey - 0.0% (C)
New Jersey Turnpike Authority, Revenue Bonds, Series F, 7.41%, 01/01/2040		$   16,000		$   22,304
New York - 0.1%
Metropolitan Transportation Authority, Revenue Bonds, Series E, 6.81%, 11/15/2040		15,000		19,266
New York City Water & Sewer System, Revenue Bonds, Series CC, 5.88%, 06/15/2044		15,000		18,692
New York State Dormitory Authority, Revenue Bonds, Series H, 5.39%, 03/15/2040		10,000		11,508
Port Authority of New York & New Jersey, Revenue Bonds, Series 181, 4.96%, 08/01/2046		20,000		21,789
				71,255
Total Municipal Government Obligations (Cost $432,789)				411,872
U.S. GOVERNMENT AGENCY OBLIGATIONS - 6.9%
Federal Home Loan Mortgage Corp.
12-Month LIBOR + 1.90%, 3.89% (E), 02/01/2041		9,072		9,473
5.50%, 06/01/2041		22,325		23,961
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
2.89%, 06/25/2027		467,796		454,998
3.06% (E), 08/25/2024		490,000		481,213
3.49%, 01/25/2024		177,000		177,942
3.53% (E), 07/25/2023		157,000		157,907
Federal National Mortgage Association
2.50%, TBA (B)		512,000		490,039
3.00%, TBA (B)		3,414,000		3,268,838
3.33% (E), 10/25/2023		53,783		53,862
3.50%, 11/01/2028 - 01/01/2029		94,176		94,400
3.50%, TBA (B)		2,148,000		2,095,846
12-Month LIBOR + 1.75%, 3.73% (E), 03/01/2041		7,294		7,591
12-Month LIBOR + 1.82%, 3.84% (E), 03/01/2041		3,705		3,891
4.00%, 10/01/2025 - 06/01/2042		60,275		61,011
4.00%, TBA (B)		595,000		594,977
4.50%, 02/01/2025 - 06/01/2026		77,778		79,783
5.00%, 04/01/2039 - 11/01/2039		202,659		214,385
5.00%, TBA (B)		136,000		141,896
5.50%, 09/01/2036 - 12/01/2041		284,103		308,578
6.00%, 02/01/2038 - 06/01/2041		304,198		332,330
6.50%, 05/01/2040		42,032		46,465

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Government National Mortgage Association, Interest Only STRIPS 0.78% (E), 02/16/2053		$   183,846		$   8,799
Total U.S. Government Agency Obligations (Cost $9,197,431)				9,108,185
U.S. GOVERNMENT OBLIGATIONS - 8.9%
U.S. Treasury - 7.9%
U.S. Treasury Bond
2.25%, 08/15/2046		238,000		188,568
2.50%, 02/15/2045 - 05/15/2046		707,000		594,401
2.75%, 08/15/2042 - 11/15/2047		1,139,500		1,012,508
2.88%, 08/15/2045		166,000		150,548
3.00%, 05/15/2042		139,000		130,280
3.13%, 05/15/2048		17,000		16,122
3.50%, 02/15/2039		480,000		492,975
3.63%, 02/15/2044		1,276,300		1,324,759
4.50%, 02/15/2036		625,000		727,759
4.75%, 02/15/2037		781,000		940,312
5.25%, 02/15/2029		422,000		498,356
U.S. Treasury Note
1.00%, 11/30/2019		1,051,400		1,032,097
1.13%, 06/30/2021 - 09/30/2021		255,000		242,827
1.25%, 11/30/2018		204,300		204,149
1.50%, 08/15/2026		320,000		284,562
1.63%, 03/31/2019 - 05/15/2026		920,100		895,267
1.75%, 11/30/2021		163,000		157,308
1.88%, 11/30/2021		155,000		150,174
2.00%, 12/31/2021 - 02/15/2025		282,000		270,215
2.25%, 11/15/2027		215,300		200,204
2.50%, 08/15/2023		252,000		246,527
2.88%, 05/15/2028 - 08/15/2028		651,200		635,859
				10,395,777
U.S. Treasury Inflation-Protected Securities - 1.0%
U.S. Treasury Inflation-Indexed Bond
1.75%, 01/15/2028		86,670		91,325
2.50%, 01/15/2029		320,306		361,787
U.S. Treasury Inflation-Indexed Note 0.63%, 01/15/2024		931,580		911,996
				1,365,108
Total U.S. Government Obligations (Cost $12,439,088)				11,760,885
COMMERCIAL PAPER - 3.8%
Banks - 0.7%
Bedford Row Funding Corp. 2.29% (K), 11/27/2018		400,000		399,350
Sumitomo Mitsui Banking Corp. 2.28% (K), 12/17/2018		500,000		498,569
				897,919
Diversified Financial Services - 2.7%
Anglesea Funding PLC 2.31% (K), 11/01/2018		250,000		250,000
Atlantic Asset Securitization LLC 2.40% (K), 12/17/2018		55,000		54,835
Barton Capital Corp. 2.31% (K), 11/19/2018		400,000		399,546

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

Transamerica Funds Annual Report 2018

Page    20

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
COMMERCIAL PAPER (continued)
Diversified Financial Services (continued)
Cafco LLC 2.33% (K), 12/17/2018		$   500,000		$   498,543
Crown Point Capital Co. 2.35% (K), 12/07/2018		550,000		548,735
Fairway Finance Corp. 2.30% (K), 12/17/2018		500,000		498,556
Gotham Funding Corp. 2.29% (K), 11/05/2018		350,000		349,913
Le Fayette Asset Securitization LLC 2.45% (K), 01/03/2019		250,000		248,950
Liberty Funding LLC 2.33% (K), 12/11/2018		500,000		498,733
Nieuw Amsterdam Receivables Corp. 2.60% (K), 01/22/2019		300,000		298,258
				3,646,069
Software - 0.4%
Manhattan Asset Funding 2.25% (K), 11/16/2018		500,000		499,539
Total Commercial Paper (Cost $5,043,527)				5,043,527

	Principal		Value
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 1.3%
U.S. Treasury Bill
2.03% (K) (L), 01/31/2019		$   70,000		$   69,595
2.16% (K), 12/20/2018		125,000		124,639
2.22% (K), 01/03/2019		1,408,000		1,402,641
2.27% (K), 01/03/2019		75,000		74,707
Total Short-Term U.S. Government Obligations (Cost $1,671,640)				1,671,582
	Shares		Value
OTHER INVESTMENT COMPANY - 0.6%
Securities Lending Collateral - 0.6%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 2.19% (K)		840,352		840,352
Total Other Investment Company (Cost $840,352)				840,352
Total Investments (Cost $136,286,644)				138,279,105
Net Other Assets (Liabilities) - (4.6)%				(6,045,392	)
Net Assets - 100.0%				$  132,233,713

FUTURES CONTRACTS:
Description	Long/Short		Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation		Unrealized Depreciation
S&P 500® E-Mini Index		Long		7		12/21/2018	$	939,814	$	948,885	$	9,071	$	—

SECURITY VALUATION:

Valuation Inputs ^(M)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	77,362,643	$	—	$	—	$	77,362,643
Preferred Stocks		137,825		—		—		137,825
Asset-Backed Securities		—		4,741,558		—		4,741,558
Corporate Debt Securities		—		20,881,882		—		20,881,882
Foreign Government Obligations		—		659,798		—		659,798
Mortgage-Backed Securities		—		5,658,996		—		5,658,996
Municipal Government Obligations		—		411,872		—		411,872
U.S. Government Agency Obligations		—		9,108,185		—		9,108,185
U.S. Government Obligations		—		11,760,885		—		11,760,885
Commercial Paper		—		5,043,527		—		5,043,527
Short-Term U.S. Government Obligations		—		1,671,582		—		1,671,582
Other Investment Company		840,352		—		—		840,352
Total Investments	$	78,340,820	$	59,938,285	$	—	$	138,279,105
Other Financial Instruments
Futures Contracts (N)	$	9,071	$	—	$	—	$	9,071
Total Other Financial Instruments	$	9,071	$	—	$	—	$	9,071

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

Transamerica Funds Annual Report 2018

Page    21

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after October 31, 2018. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(C)	Percentage rounds to less than 0.1% or (0.1)%.
(D)	All or a portion of the securities are on loan. The total value of all securities on loan is $822,305. 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)	Floating or variable rate securities. The rates disclosed are as of October 31, 2018. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(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, 2018, the total value of 144A securities is $14,073,843, representing 10.6% of the Fund’s net assets.
(G)	Perpetual maturity. The date displayed is the next call date.
(H)	Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2018, the value of the security is $0, representing less than 0.1% of the Fund’s net assets.
(I)	Security deemed worthless.
(J)	Illiquid security. At October 31, 2018, the value of such securities amounted to $0 or less than 0.1% of the Fund’s net assets.
(K)	Rates disclosed reflect the yields at October 31, 2018.
(L)	All or a portion of this security has been segregated by the custodian as collateral to cover margin requirements for open futures contracts. The total value of such securities is $59,346.
(M)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. 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).

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 2018

Page    22

Transamerica Bond

(unaudited)

MARKET ENVIRONMENT

In the fourth quarter of 2017, buoyed by consumption, business equipment spending, and a general pick-up in global economic activity, gross domestic product (“GDP”) growth accelerated to 2.3% year-over-year. Market participants turned their focus to the eventuality of a near-term fiscal push, notably via tax policy. Equity prices rallied in response, and 2018 and 2019 GDP consensus estimates inched higher.

In late 2017, Congress passed and President Trump signed broad tax relief for individuals, small businesses, and corporations into law. Proponents saw the legislation as providing incentives for business investment, while detractors saw it as a costly debt-fueled sugar high.

Volatility increased early in 2018, as the combination of trade tensions and rising interest rates caused investors to reassess growth prospects, sending equity markets lower. A positive string of earnings reports in the first and second quarters, however, tamped down market volatility and allowed stocks to resume their uptrend.

The U.S. Federal Reserve (“Fed”) raised the Fed Funds Rate target by 25 basis points at the June meeting to a range between 1.75% and 2.00%. Along with raising interest rates, the Federal Open Market Committee also communicated a better outlook for GDP and unemployment, along with slightly higher inflation expectations for the remainder of 2018.

The front end of the yield curve continued to reprice in the first half of the year as the Fed maintained its outlook for steady economic growth and signaled the likelihood of more rate hikes in the future amid increasing Treasury supply. The 10-year Treasury yield settled roughly 11 basis points higher, and the 2-year yield about 25 basis points higher in the second quarter, pushing the spread between the 2- and 10-year Treasuries to its then narrowest level in more than a decade. Additionally, the LIBOR-Option Implied Spread, which had been widening throughout the first quarter of 2018, peaked early in the second quarter before declining materially.

Policy and politics remained center-stage in the third quarter as Washington’s trade spat with China continued to escalate. These risks surrounding trade policy were noted as a concern by the Fed in its September meeting minutes. Even so, the Fed stayed the course on normalizing rates given continued economic strength, hiking again in September to bring the policy rate above 2% for the first time since 2008.

PERFORMANCE

For the year ended October 31, 2018, Transamerica Bond (Class A) returned -0.78%, excluding any sales charges. By comparison, its benchmark, the Bloomberg Barclays US Aggregate Bond Index, returned -2.05%.

STRATEGY REVIEW

During the 12-month period ended October 31, 2018, yield curve effects had the most impact on active returns as the portfolio’s short duration positioning in a period of rising rates benefited relative performance. Coupon carry also contributed positively to active returns but was partially offset by spread changes, mainly due to credit spread widening in high yield and investment grade corporate bonds.

An overweight to spread-based products over the last twelve months positively impacted relative returns versus the benchmark. Allocations to off-index high yield corporate bonds and non-Agency residential mortgage-backed securities (“RMBS”) also contributed positively to active returns, largely from carry. Overweight allocations as well as positioning in asset-backed securities and commercial mortgage-backed securities also contributed positively to relative performance, as did security selection within investment grade corporate bonds. These positive contributors were slightly offset by positioning within emerging markets debt and Agency RMBS.

Our lower quality bias during the period resulted in an overweight to spread-based products, a positive contributor to active returns over the last 12 months. Additionally, floating-rate security exposure within the portfolio was a positive contributor to relative performance given rising rates and yield curve flattening over the period.

Bradley D. Doyle, CFA

Jeremy Mead, CFA

James K. Schaeffer, Jr.

Doug Weih, CFA

Brian W. Westhoff, CFA

Co-Portfolio Managers

Aegon USA Investment Management, LLC

Fund Characteristics	Years
Average Maturity §		5.69
Duration †		3.64
Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		12.7	%
AAA		9.9
AA		4.5
A		18.5
BBB		31.0
BB		9.7
B		9.9
CCC and Below		3.1
Not Rated		3.8
Net Other Assets (Liabilities)		(3.1	)
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.

‡ 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 2018

Page    23

Transamerica Bond

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		(5.53	)%		1.51	%		6.30	%		06/29/1987
Class A (NAV)		(0.78	)%		2.51	%		6.82	%		06/29/1987
Bloomberg Barclays US Aggregate Bond Index (A)		(2.05	)%		1.83	%		3.94	%
Class B (POP)		(6.42	)%		1.44	%		6.11	%		10/01/1995
Class B (NAV)		(1.64	)%		1.62	%		6.11	%		10/01/1995
Class C (POP)		(2.29	)%		1.83	%		6.09	%		11/11/2002
Class C (NAV)		(1.33	)%		1.83	%		6.09	%		11/11/2002
Class I (NAV)		(0.39	)%		2.83	%		5.37	%		11/30/2009
Class I2 (NAV)		(0.32	)%		2.91	%		7.27	%		11/08/2004
Class R6 (NAV)		(0.30	)%		N/A			2.51	%		05/29/2015
Class T1 (POP)		(3.05	)%		N/A			0.35	%		03/17/2017
Class T1 (NAV)		(0.56	)%		N/A			1.94	%		03/17/2017

^(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.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 4.75% for A shares 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. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I, I2 and R6 shares.

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

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

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

Transamerica Funds Annual Report 2018

Page    24

Transamerica Bond

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Principal		Value
ASSET-BACKED SECURITIES - 14.8%
321 Henderson Receivables VI LLC Series 2010-1A, Class A, 5.56%, 07/15/2059 (A)		$  951,182		$  1,001,036
Access Point Funding I LLC Series 2017-A, Class A, 3.06%, 04/15/2029 (A)		420,162		417,216
Battalion CLO XII, Ltd. Series 2018-12A, Class A1, 3-Month LIBOR + 1.07%, 3.40% (B), 05/17/2031 (A)		2,500,000		2,493,295
Benefit Street Partners CLO VII, Ltd. Series 2015-VIIA, Class A2R, 3-Month LIBOR + 1.20%, 3.64% (B), 07/18/2027 (A)		525,000		519,615
BRE Grand Islander Timeshare Issuer LLC Series 2017-1A, Class A, 2.94%, 05/25/2029 (A)		378,720		369,395
BXG Receivables Note Trust Series 2015-A, Class A, 2.88%, 05/02/2030 (A)		1,799,182		1,758,157
CIFC Funding, Ltd. Series 2015-2A, Class BR, 3-Month LIBOR + 1.25%, 3.69% (B), 04/15/2027 (A)		2,810,000		2,790,187
Countrywide Asset-Backed Certificates
Series 2002-S3, Class A5,
4.93% (B), 05/25/2032		33,727		33,728
Series 2006-6, Class 2A3,
1-Month LIBOR + 0.28%, 2.56% (B), 09/25/2036		888,009		884,834
Diamond Resorts Owner Trust Series 2014-1, Class A, 2.54%, 05/20/2027 (A)		108,937		108,867
Golub Capital Partners CLO, Ltd. Series 2017-34A, Class A1, 3-Month LIBOR + 1.85%, 4.19% (B), 03/08/2029 (A)		530,000		531,081
GSAA Home Equity Trust Series 2006-1, Class A3, 1-Month LIBOR + 0.33%, 2.61% (B), 01/25/2036		1,612,932		1,123,929
GSAMP Trust Series 2006-HE1, Class A2D, 1-Month LIBOR + 0.31%, 2.59% (B), 01/25/2036		395,072		395,379
Hertz Vehicle Financing II, LP Series 2017-2A, Class A, 3.29%, 10/25/2023 (A)		1,100,000		1,070,212
Hilton Grand Vacations Trust
Series 2013-A, Class A,
2.28%, 01/25/2026 (A)		62,521		62,180
Series 2018-AA, Class C,
4.00% (B), 02/25/2032 (A)		1,678,959		1,672,632
Jamestown CLO IV, Ltd. Series 2014-4A, Class A2R, 3-Month LIBOR + 1.35%, 3.79% (B), 07/15/2026 (A)		650,000		647,072

	Principal		Value
ASSET-BACKED SECURITIES (continued)
JGWPT XXIII LLC Series 2011-1A, Class A, 4.70%, 10/15/2056 (A)		$   1,834,719		$   1,893,976
Lehman XS Trust Series 2005-8, Class 1A3, 1-Month LIBOR + 0.35%, 2.63% (B), 12/25/2035		1,551,290		1,560,124
Mountain View CLO, Ltd. Series 2014-1A, Class BRR, 3-Month LIBOR + 1.45%, 3.89% (B), 10/15/2026 (A)		2,000,000		1,999,970
New Residential Advanced Receivables Trust
Series 2016-T2, Class AT2,
2.58%, 10/15/2049 (A)		1,350,000		1,339,025
Series 2016-T2, Class BT2,
3.02%, 10/15/2049 (A)		212,500		210,257
Series 2016-T2, Class CT2,
3.51%, 10/15/2049 (A)		325,000		321,697
Series 2017-T1, Class AT1,
3.21%, 02/15/2051 (A)		2,400,000		2,375,149
Series 2017-T1, Class CT1,
3.71%, 02/15/2051 (A)		1,622,000		1,584,835
NRZ Advance Receivables Trust
Series 2016-T3, Class AT3,
2.83%, 10/16/2051 (A)		700,000		681,526
Series 2016-T4, Class AT4,
3.11%, 12/15/2050 (A)		2,900,000		2,868,461
Series 2016-T5, Class AT5,
3.33%, 12/15/2051 (A)		4,200,000		4,140,242
Ocwen Master Advance Receivables Trust
Series 2016-T2, Class CT2,
3.81%, 08/16/2049 (A)		1,600,000		1,597,152
Series 2018-T1, Class AT1,
3.30%, 08/15/2049 (A)		1,810,000		1,807,973
Series 2018-T1, Class DT1,
4.24%, 08/15/2049 (A)		3,175,000		3,171,476
Series 2018-T2, Class AT2,
3.60%, 08/15/2050 (A)		785,000		782,724
Series 2018-T2, Class BT2,
3.94%, 08/15/2050 (A) (C)		200,000		200,000
Orange Lake Timeshare Trust
Series 2014-AA, Class A,
2.29%, 07/09/2029 (A)		384,023		376,574
Series 2016-A, Class A,
2.61%, 03/08/2029 (A)		953,653		927,868
Series 2018-A, Class C,
3.74%, 11/08/2030 (A)		1,895,970		1,868,328
Popular ABS Mortgage Pass-Through Trust Series 2006-A, Class A4, 1-Month LIBOR + 0.32%, 2.60% (B), 02/25/2036		23,372		23,371
SBA Tower Trust Series 2014-1A, Class C, 2.90% (B), 10/15/2044 (A)		3,245,000		3,226,898

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

Transamerica Funds Annual Report 2018

Page    25

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Sierra Timeshare Receivables Funding LLC
Series 2018-3A, Class A,
3.69%, 09/20/2035 (A)		$   3,180,000		$   3,182,498
Series 2018-3A, Class D,
5.20%, 09/20/2035 (A)		920,000		920,859
SoFi Consumer Loan Program LLC Series 2017-1, Class A, 3.28%, 01/26/2026 (A)		915,959		913,793
Soundview Home Loan Trust Series 2006-3, Class A3, 1-Month LIBOR + 0.16%, 2.44% (B), 11/25/2036		1,523,881		1,479,996
Spirit Master Funding LLC
Series 2014-1A, Class A2,
5.37%, 07/20/2040 (A)		1,245,747		1,264,183
Series 2014-3A, Class A,
5.74%, 03/20/2042 (A)		4,026,851		4,133,654
Series 2017-1A, Class A,
4.36%, 12/20/2047 (A)		1,738,572		1,724,201
SpringCastle America Funding LLC Series 2016-AA, Class A, 3.05%, 04/25/2029 (A)		1,483,999		1,472,060
SPS Servicer Advance Receivables Trust
Series 2018-T1, Class AT1,
3.62%, 10/17/2050 (A)		3,450,000		3,449,831
Series 2018-T1, Class CT1,
4.16%, 10/17/2050 (A)		1,000,000		999,929
STORE Master Funding I LLC Series 2015-1A, Class A1, 3.75%, 04/20/2045 (A)		3,767,888		3,680,887
STORE Master Funding LLC Series 2013-3A, Class A2, 5.21%, 11/20/2043 (A)		616,281		621,801
TICP CLO I, Ltd. Series 2015-1A, Class BR, 3-Month LIBOR + 1.30%, 3.77% (B), 07/20/2027 (A)		1,440,000		1,424,929
TICP CLO III, Ltd. Series 2018-3R, Class B, 3-Month LIBOR + 1.35%, 3.82% (B), 04/20/2028 (A)		1,250,000		1,245,373
Towd Point Mortgage Trust
Series 2016-4, Class A1,
2.25% (B), 07/25/2056 (A)		421,106		407,798
Series 2017-1, Class A1,
2.75% (B), 10/25/2056 (A)		1,044,167		1,018,264
Series 2017-3, Class A1,
2.75% (B), 07/25/2057 (A)		1,658,294		1,618,678
Series 2017-6, Class A1,
2.75% (B), 10/25/2057 (A)		2,581,700		2,509,178
Series 2018-2, Class A1,
3.25% (B), 03/25/2058 (A)		1,887,548		1,856,378
Series 2018-3, Class A1,
3.75% (B), 05/25/2058 (A)		3,028,253		3,013,078
Series 2018-5, Class A1A,
3.25% (B), 07/25/2058 (A)		2,550,978		2,513,249

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Trafigura Securitisation Finance PLC Series 2018-1A, Class A2, 3.73%, 03/15/2022 (A)		$   2,815,000		$   2,812,562
Truman Capital Mortgage Loan Trust Series 2005-1, Class A, 1-Month LIBOR + 0.43%, 2.71% (B), 03/25/2037 (A)		57,681		58,297
Welk Resorts LLC Series 2015-AA, Class A, 2.79%, 06/16/2031 (A)		1,010,472		988,760
Wellfleet CLO, Ltd. Series 2016-1A, Class CR, 3-Month LIBOR + 2.00%, 4.47% (B), 04/20/2028 (A)		2,450,000		2,449,735
Total Asset-Backed Securities (Cost $93,147,242)				94,596,412
CORPORATE DEBT SECURITIES - 53.2%
Aerospace & Defense - 0.2%
Bombardier, Inc. 7.50%, 03/15/2025 (A)		430,000		429,871
Embraer Netherlands Finance BV 5.40%, 02/01/2027		690,000		712,253
				1,142,124
Airlines - 1.8%
America West Airlines Pass-Through Trust 8.06%, 01/02/2022		654,223		697,336
American Airlines Pass-Through Trust
3.70%, 04/01/2028		661,084		644,970
4.00%, 01/15/2027		2,706,688		2,692,451
Continental Airlines Pass-Through Trust 6.90%, 10/19/2023		154,639		159,278
Delta Air Lines Pass-Through Trust
4.75%, 11/07/2021		1,377,231		1,396,981
6.82%, 02/10/2024		1,442,664		1,567,454
Northwest Airlines Pass-Through Trust 7.03%, 05/01/2021		817,754		846,098
United Airlines Pass-Through Trust
3.75%, 03/03/2028		1,712,589		1,697,569
4.30%, 02/15/2027		927,675		941,524
US Airways Pass-Through Trust 3.95%, 05/15/2027		327,217		324,679
Virgin Australia Pass-Through Trust 5.00%, 04/23/2025 (A)		267,902		271,500
				11,239,840
Auto Components - 0.2%
Weichai International Hong Kong Energy Group Co., Ltd. Fixed until 09/14/2022 (D), 3.75% (B) (E)		1,600,000		1,464,781
Automobiles - 0.3%
Ford Motor Co. 4.35%, 12/08/2026		1,281,000		1,161,716
General Motors Co. 4.88%, 10/02/2023		1,029,000		1,041,497
				2,203,213

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

Transamerica Funds Annual Report 2018

Page    26

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks - 8.6%
Banco Santander SA 4.38%, 04/12/2028		$   800,000		$   743,016
Bank of America Corp.
Fixed until 12/20/2027, 3.42% (B), 12/20/2028		3,234,000		2,980,141
4.45%, 03/03/2026, MTN		558,000		551,920
5.88%, 02/07/2042, MTN		567,000		646,870
Fixed until 03/10/2026 (D), 6.30% (B)		505,000		532,144
Bank One Corp. 8.00%, 04/29/2027		825,000		1,015,376
Barclays Bank PLC 10.18%, 06/12/2021 (A)		2,707,000		3,075,551
BBVA Bancomer SA 6.50%, 03/10/2021 (A)		3,600,000		3,708,000
BNP Paribas SA Fixed until 03/14/2022 (D), 6.75% (A) (B) (F)		385,000		389,331
CIT Group, Inc. 4.13%, 03/09/2021		130,000		129,675
Citigroup, Inc.
3-Month LIBOR + 0.95%, 3.44% (B), 07/24/2023		1,010,000		1,014,050
Fixed until 01/10/2027, 3.89% (B), 01/10/2028		2,017,000		1,928,839
Fixed until 01/30/2023 (D), 5.95% (B) (F)		3,835,000		3,839,794
Commerzbank AG 8.13%, 09/19/2023 (A)		2,435,000		2,742,367
Cooperatieve Rabobank UA Fixed until 06/30/2019 (D), 11.00% (A) (B)		1,071,000		1,120,266
Credit Agricole SA 3.25%, 10/04/2024 (A)		2,143,000		2,004,094
Discover Bank 3.45%, 07/27/2026		1,420,000		1,306,755
First Horizon National Corp. 3.50%, 12/15/2020		1,320,000		1,319,226
HSBC Holdings PLC
3-Month LIBOR + 1.00%, 3.32% (B), 05/18/2024		1,536,000		1,531,761
Fixed until 09/12/2025, 4.29% (B), 09/12/2026		1,763,000		1,737,795
Fixed until 09/17/2024 (D), 6.38% (B)		2,805,000		2,718,045
ING Bank NV 5.80%, 09/25/2023 (A)		2,240,000		2,345,449
Intesa Sanpaolo SpA
3.38%, 01/12/2023 (A)		284,000		257,175
3.88%, 07/14/2027 (A)		448,000		370,056
5.02%, 06/26/2024 (A)		595,000		524,554
JPMorgan Chase & Co.
Fixed until 07/23/2028, 4.20% (B), 07/23/2029		3,000,000		2,954,182
8.75%, 09/01/2030		195,000		264,260
Lloyds Banking Group PLC Fixed until 09/27/2025 (D), 7.50% (B)		2,086,000		2,096,430
Royal Bank of Scotland Group PLC
3-Month LIBOR + 1.55%, 3.92% (B), 06/25/2024		1,221,000		1,222,790
6.10%, 06/10/2023		2,855,000		2,940,567

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Standard Chartered PLC Fixed until 01/20/2022, 4.25% (B), 01/20/2023 (A)		$   2,155,000		$   2,152,209
Toronto-Dominion Bank Fixed until 09/15/2026, 3.63% (B), 09/15/2031		1,115,000		1,038,040
Wells Fargo & Co. 3-Month LIBOR + 3.77%, 6.10% (B), 12/15/2018 (D)		3,205,000		3,229,037
Wells Fargo Bank NA 5.95%, 08/26/2036		459,000		522,047
				54,951,812
Beverages - 1.5%
Anheuser-Busch InBev Finance, Inc. 3.65%, 02/01/2026		1,840,000		1,750,239
Constellation Brands, Inc.
2.65%, 11/07/2022		1,836,000		1,757,960
3.70%, 12/06/2026		374,000		350,804
Cott Holdings, Inc. 5.50%, 04/01/2025 (A)		2,260,000		2,152,650
Pernod Ricard SA
4.45%, 01/15/2022 (A)		2,728,000		2,778,889
5.75%, 04/07/2021 (A)		777,000		813,695
				9,604,237
Biotechnology - 0.6%
AbbVie, Inc. 3.20%, 05/14/2026		1,656,000		1,515,615
Biogen, Inc. 4.05%, 09/15/2025		1,094,000		1,084,671
Celgene Corp. 3.88%, 08/15/2025		1,235,000		1,188,804
Gilead Sciences, Inc. 2.95%, 03/01/2027 (F)		232,000		212,097
				4,001,187
Building Products - 1.3%
Associated Materials LLC / AMH New Finance, Inc. 9.00%, 01/01/2024 (A)		2,900,000		2,918,125
Builders FirstSource, Inc. 5.63%, 09/01/2024 (A)		2,208,000		2,058,960
Owens Corning 4.20%, 12/15/2022		3,242,000		3,232,407
				8,209,492
Capital Markets - 3.3%
Ameriprise Financial, Inc. 7.30%, 06/28/2019		1,180,000		1,212,382
Charles Schwab Corp. 3.20%, 03/02/2027		2,314,000		2,181,470
Credit Suisse Group AG
3-Month LIBOR + 1.24%, 3.57% (B), 06/12/2024 (A)		1,158,000		1,160,336
Fixed until 09/12/2025 (D), 7.25% (A) (B)		1,563,000		1,545,416
Fixed until 07/17/2023 (D), 7.50% (A) (B)		848,000		862,840
Deutsche Bank AG
3-Month LIBOR + 1.31%, 3.63% (B), 08/20/2020		945,000		951,432
4.25%, 02/04/2021		1,862,000		1,854,762

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

Transamerica Funds Annual Report 2018

Page    27

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Capital Markets (continued)
Goldman Sachs Group, Inc.
5.25%, 07/27/2021		$   2,315,000		$   2,407,641
Fixed until 05/10/2020 (D), 5.38% (B)		1,768,000		1,781,260
Lazard Group LLC 4.50%, 09/19/2028		1,302,000		1,266,346
Morgan Stanley
Fixed until 07/15/2019 (D), 5.45% (B)		1,425,000		1,437,654
5.75%, 01/25/2021		594,000		620,974
UBS AG 7.63%, 08/17/2022		1,105,000		1,209,975
UBS Group Funding Switzerland AG
Fixed until 08/15/2022, 2.86% (B), 08/15/2023 (A)		1,323,000		1,267,469
Fixed until 08/10/2021 (D), 7.13% (B) (E)		1,055,000		1,090,606
				20,850,563
Chemicals - 0.8%
E.I. du Pont de Nemours & Co. 2.20%, 05/01/2020		717,000		708,209
Mosaic Co. 4.05%, 11/15/2027 (F)		800,000		759,186
NOVA Chemicals Corp. 4.88%, 06/01/2024 (A)		2,000,000		1,837,500
Syngenta Finance NV 3.93%, 04/23/2021 (A)		1,505,000		1,497,479
				4,802,374
Commercial Services & Supplies - 0.2%
Steelcase, Inc. 6.38%, 02/15/2021		1,480,000		1,547,894
Communications Equipment - 0.3%
IHS Netherlands Holdco BV 9.50%, 10/27/2021 (A)		800,000		805,030
Nokia OYJ 3.38%, 06/12/2022		1,300,000		1,244,750
				2,049,780
Construction & Engineering - 0.6%
Ashton Woods USA LLC / Ashton Woods Finance Co. 6.75%, 08/01/2025 (A)		990,000		918,225
SBA Tower Trust
2.88%, 07/10/2046 (A)		1,005,000		981,457
3.17%, 04/09/2047 (A)		880,000		860,205
3.45%, 03/15/2048 (A)		995,000		973,773
				3,733,660
Construction Materials - 0.7%
LafargeHolcim Finance US LLC 3.50%, 09/22/2026 (A)		3,246,000		2,935,710
Martin Marietta Materials, Inc. 4.25%, 07/02/2024		1,805,000		1,804,359
				4,740,069
Consumer Finance - 1.6%
Ally Financial, Inc.
3.50%, 01/27/2019		650,000		649,187
8.00%, 03/15/2020		500,000		526,250
Altice Financing SA 7.50%, 05/15/2026 (A)		500,000		470,000

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Consumer Finance (continued)
American Express Co. 3.00%, 10/30/2024		$   333,000		$   314,757
BMW US Capital LLC 2.80%, 04/11/2026 (A)		1,620,000		1,485,655
Capital One Financial Corp.
3.30%, 10/30/2024		1,625,000		1,532,886
3.80%, 01/31/2028		886,000		816,311
Navient Corp. 5.00%, 10/26/2020		1,300,000		1,307,150
Springleaf Finance Corp.
7.13%, 03/15/2026		1,000,000		947,500
8.25%, 12/15/2020		1,980,000		2,118,600
				10,168,296
Containers & Packaging - 0.9%
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.
4.25%, 09/15/2022 (A)		485,000		470,450
6.00%, 02/15/2025 (A)		335,000		314,062
BWAY Holding Co. 5.50%, 04/15/2024 (A)		2,000,000		1,920,000
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC 5.75%, 10/15/2020		2,878,250		2,878,250
				5,582,762
Diversified Financial Services - 1.6%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 4.50%, 05/15/2021		1,478,000		1,493,954
Aviation Capital Group LLC 7.13%, 10/15/2020 (A)		3,610,000		3,838,994
AXA Equitable Holdings, Inc. 4.35%, 04/20/2028 (A)		1,204,000		1,150,462
ILFC E-Capital Trust I 1.55% + Max of 3-Month LIBOR, 10-Year CMT, or 30-Year CMT, 4.78% (B), 12/21/2065 (A)		1,520,000		1,345,200
Jefferies Group LLC 5.13%, 01/20/2023		1,420,000		1,462,951
Jefferies Group LLC / Jefferies Group Capital Finance, Inc. 4.15%, 01/23/2030		818,000		714,537
				10,006,098
Diversified Telecommunication Services - 2.6%
AT&T, Inc. 3.40%, 05/15/2025		2,857,000		2,682,512
CenturyLink, Inc.
5.80%, 03/15/2022		2,035,000		2,027,470
6.45%, 06/15/2021		1,705,000		1,743,362
Frontier Communications Corp. 7.63%, 04/15/2024		1,085,000		651,000
Hughes Satellite Systems Corp. 7.63%, 06/15/2021		3,855,000		4,088,227
Verizon Communications, Inc. 4.13%, 03/16/2027		2,134,000		2,112,043
Virgin Media Finance PLC
5.75%, 01/15/2025 (A)		690,000		664,988
6.00%, 10/15/2024 (A)		3,000,000		2,933,400
				16,903,002

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

Transamerica Funds Annual Report 2018

Page    28

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electric Utilities - 0.7%
Cleveland Electric Illuminating Co. 3.50%, 04/01/2028 (A)		$   2,009,000		$   1,877,485
EDP Finance BV 3.63%, 07/15/2024 (A)		2,532,000		2,396,872
				4,274,357
Electronic Equipment, Instruments & Components - 0.4%
Arrow Electronics, Inc. 3.50%, 04/01/2022		1,180,000		1,157,542
Keysight Technologies, Inc. 4.55%, 10/30/2024		1,550,000		1,565,248
				2,722,790
Energy Equipment & Services - 0.5%
Noble Holding International, Ltd. 6.05%, 03/01/2041		1,736,000		1,267,280
NuStar Logistics, LP 5.63%, 04/28/2027		1,000,000		956,250
Schlumberger Holdings Corp. 3.00%, 12/21/2020 (A)		731,000		723,206
				2,946,736
Equity Real Estate Investment Trusts - 2.2%
CBL & Associates, LP 5.25%, 12/01/2023 (F)		997,000		837,480
Government Properties Income Trust 3.75%, 08/15/2019		2,184,000		2,190,901
HCP, Inc. 3.88%, 08/15/2024		2,877,000		2,802,316
Hospitality Properties Trust 4.65%, 03/15/2024		1,863,000		1,843,491
iStar, Inc.
5.00%, 07/01/2019		968,000		968,605
5.25%, 09/15/2022		946,000		915,255
Kilroy Realty, LP
3.45%, 12/15/2024		560,000		532,030
6.63%, 06/01/2020		1,796,000		1,875,101
VEREIT Operating Partnership, LP
4.13%, 06/01/2021		1,250,000		1,258,198
4.63%, 11/01/2025		1,059,000		1,050,657
				14,274,034
Food & Staples Retailing - 0.2%
Walgreens Boots Alliance, Inc. 3.80%, 11/18/2024		1,580,000		1,542,385
Food Products - 0.8%
Bunge, Ltd. Finance Corp. 4.35%, 03/15/2024		2,854,000		2,800,925
Danone SA 2.95%, 11/02/2026 (A)		2,081,000		1,890,838
Kraft Heinz Foods Co. 4.88%, 02/15/2025 (A)		405,000		410,814
				5,102,577
Health Care Equipment & Supplies - 0.8%
Abbott Laboratories 3.75%, 11/30/2026		994,000		978,609
Becton Dickinson and Co.
3-Month LIBOR + 0.88%, 3.26% (B), 12/29/2020		873,000		873,698
3.70%, 06/06/2027		1,361,000		1,277,982

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Health Care Equipment & Supplies (continued)
Mallinckrodt International Finance SA / Mallinckrodt CB LLC 4.88%, 04/15/2020 (A) (F)		$   1,400,000		$   1,382,500
Stryker Corp. 4.63%, 03/15/2046		619,000		601,210
				5,113,999
Health Care Providers & Services - 1.2%
CHS / Community Health Systems, Inc.
6.88%, 02/01/2022		1,045,000		528,248
8.13%, 06/30/2024 (A) (F)		116,000		91,640
CVS Health Corp.
4.10%, 03/25/2025		1,170,000		1,155,852
4.30%, 03/25/2028		1,212,000		1,181,973
Express Scripts Holding Co. 4.50%, 02/25/2026		451,000		452,878
Halfmoon Parent, Inc. 4.13%, 11/15/2025 (A)		727,000		718,563
HCA Healthcare, Inc. 6.25%, 02/15/2021		2,500,000		2,596,875
Owens & Minor, Inc. 3.88%, 09/15/2021 (F)		1,228,000		1,135,900
				7,861,929
Hotels, Restaurants & Leisure - 1.3%
International Game Technology PLC 6.50%, 02/15/2025 (A)		2,792,000		2,826,900
MGM Resorts International
6.00%, 03/15/2023		1,000,000		1,015,000
6.63%, 12/15/2021		500,000		523,595
Scientific Games International, Inc. 10.00%, 12/01/2022		2,225,000		2,325,125
Viking Cruises, Ltd. 5.88%, 09/15/2027 (A)		1,725,000		1,634,437
				8,325,057
Household Durables - 0.5%
Beazer Homes USA, Inc. 8.75%, 03/15/2022		650,000		654,875
D.R. Horton, Inc. 4.38%, 09/15/2022		1,999,000		2,011,636
KB Home 7.63%, 05/15/2023		795,000		836,738
				3,503,249
Independent Power & Renewable Electricity Producers - 0.6%
Calpine Corp. 5.88%, 01/15/2024 (A)		1,850,000		1,850,000
NRG Energy, Inc. 7.25%, 05/15/2026		320,000		340,000
Vistra Energy Corp. 7.63%, 11/01/2024		1,495,000		1,580,962
				3,770,962
Industrial Conglomerates - 0.5%
General Electric Co. Fixed until 01/21/2021 (D), 5.00% (B)		3,154,000		2,921,392
Insurance - 2.0%
American International Group, Inc. Fixed until 04/01/2028, 5.75% (B), 04/01/2048		2,205,000		2,082,358

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

Transamerica Funds Annual Report 2018

Page    29

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Insurance (continued)
Athene Global Funding 3.00%, 07/01/2022 (A)		$   1,748,000		$   1,691,516
Athene Holding, Ltd. 4.13%, 01/12/2028		794,000		728,157
CNA Financial Corp. 5.88%, 08/15/2020		2,780,000		2,894,478
MetLife Capital Trust IV 7.88%, 12/15/2067 (A)		1,281,000		1,550,010
Prudential Financial, Inc. Fixed until 09/15/2027, 4.50% (B), 09/15/2047		2,061,000		1,875,510
Sompo Japan Nipponkoa Insurance, Inc. Fixed until 03/28/2023, 5.33% (B), 03/28/2073 (A) (F)		2,190,000		2,244,750
				13,066,779
Interactive Media & Services - 0.2%
Baidu, Inc. 3.88%, 09/29/2023		1,250,000		1,233,637
IT Services - 0.1%
DXC Technology Co. 4.75%, 04/15/2027		600,000		595,982
Leisure Products - 0.2%
Mattel, Inc. 4.35%, 10/01/2020		960,000		950,102
Media - 2.8%
Charter Communications Operating LLC / Charter Communications Operating Capital 4.91%, 07/23/2025		2,629,000		2,640,200
Clear Channel Worldwide Holdings, Inc.
7.63%, 03/15/2020 (F)		255,000		254,044
7.63%, 03/15/2020		3,505,000		3,500,619
Comcast Corp. 4.15%, 10/15/2028		2,207,000		2,188,867
CSC Holdings LLC
6.75%, 11/15/2021		1,315,000		1,377,002
10.13%, 01/15/2023 (A)		1,880,000		2,045,252
DISH DBS Corp.
5.88%, 07/15/2022		2,115,000		1,998,675
6.75%, 06/01/2021		900,000		909,000
Time Warner Cable LLC 5.00%, 02/01/2020		914,000		928,622
Univision Communications, Inc.
5.13%, 02/15/2025 (A) (F)		1,250,000		1,142,500
6.75%, 09/15/2022 (A)		646,000		658,920
				17,643,701
Metals & Mining - 0.4%
ArcelorMittal 6.75%, 03/01/2041		1,195,000		1,286,826
First Quantum Minerals, Ltd. 7.00%, 02/15/2021 (A) (F)		985,000		963,035
				2,249,861
Multi-Utilities - 0.7%
Black Hills Corp.
4.25%, 11/30/2023		730,000		736,166
5.88%, 07/15/2020		700,000		725,055

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Multi-Utilities (continued)
Dominion Energy, Inc.
2.58%, 07/01/2020		$   2,460,000		$   2,422,608
2.96% (G), 07/01/2019		805,000		801,606
				4,685,435
Oil, Gas & Consumable Fuels - 5.1%
Anadarko Petroleum Corp. 5.55%, 03/15/2026 (F)		2,233,000		2,323,292
CITGO Petroleum Corp. 6.25%, 08/15/2022 (A)		1,085,000		1,068,725
Energy Transfer Operating, LP 6.00%, 06/15/2048		2,388,000		2,366,352
EnLink Midstream Partners, LP 5.05%, 04/01/2045		1,095,000		866,348
EQM Midstream Partners, LP 6.50%, 07/15/2048		1,160,000		1,162,496
EQT Corp. 3.00%, 10/01/2022		2,592,000		2,485,454
Exxon Mobil Corp. 3.04%, 03/01/2026		1,627,000		1,553,194
ONEOK Partners, LP 4.90%, 03/15/2025		3,532,000		3,616,831
Petrobras Global Finance BV
6.13%, 01/17/2022		145,000		150,256
6.25%, 03/17/2024		1,750,000		1,770,125
Petroleos Mexicanos
3.50%, 01/30/2023		1,960,000		1,801,240
6.50%, 01/23/2029 (A)		1,832,000		1,753,224
Petroleum Co. of Trinidad & Tobago, Ltd. 9.75%, 08/14/2019 (A)		1,209,000		1,128,602
Ras Laffan Liquefied Natural Gas Co., Ltd. III 6.75%, 09/30/2019 (A) (F)		1,445,000		1,483,293
Sabine Pass Liquefaction LLC
4.20%, 03/15/2028		2,094,000		1,992,505
6.25%, 03/15/2022		2,072,000		2,207,632
Targa Resources Partners, LP / Targa Resources Partners Finance Corp. 5.13%, 02/01/2025		1,000,000		972,500
Western Gas Partners, LP 4.50%, 03/01/2028		852,000		810,972
YPF SA 8.50%, 07/28/2025 (A)		3,492,000		3,307,797
				32,820,838
Paper & Forest Products - 0.1%
Boise Cascade Co. 5.63%, 09/01/2024 (A)		675,000		663,188
Pharmaceuticals - 1.0%
Allergan Finance LLC 3.25%, 10/01/2022		958,000		930,973
Bausch Health Cos., Inc. 5.88%, 05/15/2023 (A)		689,000		657,134
Bayer US Finance II LLC 4.38%, 12/15/2028 (A)		1,527,000		1,475,143
Bayer US Finance LLC 3.00%, 10/08/2021 (A)		778,000		760,357
Perrigo Finance Unlimited Co. 4.38%, 03/15/2026		891,000		860,807

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

Transamerica Funds Annual Report 2018

Page    30

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Pharmaceuticals (continued)
Shire Acquisitions Investments Ireland DAC 3.20%, 09/23/2026		$   1,753,000		$   1,588,615
				6,273,029
Real Estate Management & Development - 0.3%
Realogy Group LLC / Realogy Co-Issuer Corp. 5.25%, 12/01/2021 (A) (F)		2,000,000		1,965,000
Semiconductors & Semiconductor Equipment - 0.5%
KLA-Tencor Corp. 4.13%, 11/01/2021		1,636,000		1,651,201
QUALCOMM, Inc. 3.25%, 05/20/2027		1,561,000		1,443,605
				3,094,806
Technology Hardware, Storage & Peripherals - 1.1%
Apple, Inc. 2.85%, 02/23/2023		2,236,000		2,178,588
Dell International LLC / EMC Corp. 6.02%, 06/15/2026 (A)		1,756,000		1,819,653
Seagate HDD Cayman 4.88%, 06/01/2027		900,000		795,455
Western Digital Corp. 4.75%, 02/15/2026		2,235,000		2,064,581
				6,858,277
Tobacco - 0.5%
BAT Capital Corp. 3.56%, 08/15/2027 (A)		1,796,000		1,642,982
Reynolds American, Inc. 7.25%, 06/15/2037		340,000		404,551
RJ Reynolds Tobacco Co. 8.13%, 06/23/2019		1,020,000		1,051,521
				3,099,054
Trading Companies & Distributors - 0.5%
Air Lease Corp. 3.50%, 01/15/2022		1,673,000		1,654,179
International Lease Finance Corp. 8.25%, 12/15/2020		1,257,000		1,363,251
				3,017,430
Wireless Telecommunication Services - 0.9%
Crown Castle Towers LLC
3.22%, 05/15/2042 (A)		680,000		669,664
3.72%, 07/15/2043 (A)		160,000		159,502
Sprint Communications, Inc. 9.00%, 11/15/2018 (A)		1,151,000		1,153,302
Sprint Corp.
7.25%, 09/15/2021		1,550,000		1,619,750
7.88%, 09/15/2023		2,250,000		2,401,875
				6,004,093
Total Corporate Debt Securities (Cost $346,186,923)				339,781,863
FOREIGN GOVERNMENT OBLIGATIONS - 1.5%
Argentina - 0.3%
Argentina Republic Government International Bond 7.50%, 04/22/2026		2,076,000		1,811,310

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Costa Rica - 0.2%
Costa Rica Government International Bond 7.00%, 04/04/2044 (A)		$   1,850,000		$   1,526,971
Dominican Republic - 0.2%
Dominican Republic International Bond 5.50%, 01/27/2025 (E)		1,122,000		1,106,853
Indonesia - 0.1%
Indonesia Government International Bond 4.75%, 01/08/2026 (A)		780,000		770,872
Lebanon - 0.2%
Lebanon Government International Bond 5.15%, 11/12/2018, MTN (E)		1,600,000		1,597,472
Mexico - 0.0% (H)
Mexico Bonos Series M, 8.50%, 12/13/2018		MXN  5,328,600		262,154
Mongolia - 0.1%
Mongolia Government International Bond 5.63%, 05/01/2023 (A)		$  470,000		447,445
Oman - 0.2%
Oman Government International Bond 5.63%, 01/17/2028 (A)		1,125,000		1,071,562
Qatar - 0.1%
Qatar Government International Bond 3.88%, 04/23/2023 (A)		357,000		357,785
Saudi Arabia - 0.1%
Saudi Government International Bond 2.38%, 10/26/2021 (A)		560,000		534,901
Total Foreign Government Obligations (Cost $10,348,883)				9,487,325
LOAN ASSIGNMENTS - 1.2%
Commercial Services & Supplies - 0.5%
Spin Holdco, Inc. Term Loan B, 3-Month LIBOR + 3.25%, 5.69% (B), 11/14/2022		3,194,335		3,192,738
Food & Staples Retailing - 0.4%
Albertsons LLC Term Loan B4,
1-Month LIBOR + 2.75%, 5.05% (B), 08/25/2021		309,256		308,628
Term Loan B6,
3-Month LIBOR + 3.00%, 5.31% (B), 06/22/2023		907,063		901,111
Give & Go Prepared Foods Corp. 1st Lien Term Loan, 3-Month LIBOR + 4.25%, 6.64% (B), 07/29/2023		1,266,801		1,113,201
				2,322,940

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

Transamerica Funds Annual Report 2018

Page    31

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
LOAN ASSIGNMENTS (continued)
Media - 0.3%
PSAV Holdings LLC 1st Lien Term Loan, 3-month LIBOR + 3.25%, 5.57% (B), 03/01/2025		$   2,042,368		$   2,039,815
Total Loan Assignments (Cost $7,622,085)				7,555,493
MORTGAGE-BACKED SECURITIES - 13.9%
20 Times Square Trust Series 2018-20TS, Class C, 3.10% (B), 05/15/2035 (A)		2,000,000		1,908,831
Alternative Loan Trust
Series 2005-14, Class 2A1,
1-Month LIBOR + 0.21%, 2.49% (B), 05/25/2035		913,625		869,517
Series 2005-14, Class 4A1,
1-Month LIBOR + 0.22%, 2.50% (B), 05/25/2035		1,739,603		1,546,335
Series 2006-OC1, Class 2A3A,
1-Month LIBOR + 0.32%, 2.60% (B), 03/25/2036		1,842,701		1,694,178
American Home Mortgage Assets Trust Series 2007-2, Class A1, 1-Month LIBOR + 0.13%, 2.41% (B), 03/25/2047		660,118		611,822
Arroyo Mortgage Trust Series 2018-1, Class A1, 3.76% (B), 04/25/2048 (A)		1,687,605		1,684,323
Ashford Hospitality Trust Series 2018-ASHF, Class D, 1-Month LIBOR + 2.10%, 4.38% (B), 04/15/2035 (A)		1,788,000		1,789,665
Banc of America Funding Trust Series 2007-3, Class TA2, 1-Month LIBOR + 0.18%, 2.46% (B), 04/25/2037		387,761		314,351
BB-UBS Trust Series 2012-TFT, Class C, 3.47% (B), 06/05/2030 (A)		2,345,000		2,270,595
BBCMS Mortgage Trust
Series 2017-DELC, Class C,
1-Month LIBOR + 1.20%, 3.48% (B), 08/15/2036 (A)		2,130,000		2,130,013
Series 2017-DELC, Class D,
1-Month LIBOR + 1.70%, 3.98% (B), 08/15/2036 (A)		2,130,000		2,126,008
Series 2018-TALL, Class C,
1-Month LIBOR + 1.12%, 3.40% (B), 03/15/2037 (A)		2,905,000		2,900,427
Series 2018-TALL, Class E,
1-Month LIBOR + 2.44%, 4.72% (B), 03/15/2037 (A)		2,570,000		2,572,558
BHMS Series 2018-ATLS, Class C, 1-Month LIBOR + 1.90%, 4.18% (B), 07/15/2035 (A)		1,965,000		1,964,975

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
BX Trust
Series 2017-APPL, Class C,
1-Month LIBOR + 1.40%, 3.68% (B), 07/15/2034 (A)		$   4,521,867		$   4,520,404
Series 2017-SLCT, Class C,
1-Month LIBOR + 1.40%, 3.68% (B), 07/15/2034 (A)		4,128,945		4,127,862
BXP Trust Series 2017-CQHP, Class D, 1-Month LIBOR + 2.00%, 4.28% (B), 11/15/2034 (A)		1,825,000		1,817,576
CGBAM Commercial Mortgage Trust Series 2015-SMRT, Class B, 3.21%, 04/10/2028 (A)		2,200,000		2,188,330
CGMS Commercial Mortgage Trust Series 2017-MDRB, Class B, 1-Month LIBOR + 1.75%, 4.03% (B), 07/15/2030 (A)		2,200,000		2,196,969
CHL Mortgage Pass-Through Trust
Series 2005-11, Class 4A1,
1-Month LIBOR + 0.27%, 2.55% (B), 04/25/2035		270,704		271,823
Series 2006-3, Class 3A1,
1-Month LIBOR + 0.25%, 2.53% (B), 02/25/2036		395,261		376,115
CHT Mortgage Trust Series 2017-CSMO, Class D, 1-Month LIBOR + 2.25%, 4.53% (B), 11/15/2036 (A)		4,250,000		4,260,570
Citigroup Mortgage Loan Trust Series 2015-A, Class A1, 3.50% (B), 06/25/2058 (A)		247,524		244,689
Citigroup Mortgage Loan Trust, Inc. Series 2014-A, Class A, 4.00% (B), 01/25/2035 (A)		136,249		136,956
CLNS Trust
Series 2017-IKPR, Class C,
1-Month LIBOR + 1.10%, 3.39% (B), 06/11/2032 (A)		1,725,000		1,722,820
Series 2017-IKPR, Class D,
1-Month LIBOR + 2.05%, 4.34% (B), 06/11/2032 (A)		81,000		80,999
COMM Mortgage Trust Series 2014-PAT, Class D, 1-Month LIBOR + 2.15%, 4.43% (B), 08/13/2027 (A)		2,755,000		2,764,650
Commercial Mortgage Pass-Through Certificates Series 2012-LTRT, Class B, 3.80%, 10/05/2030 (A)		1,175,000		1,092,874
CSMC Trust Series 2014-11R, Class 17A1, 1-Month LIBOR + 0.15%, 2.37% (B), 12/27/2036 (A)		1,016,125		967,642
GPT Mortgage Trust Series 2018-GPP, Class C, 1-Month LIBOR + 1.40%, 3.68% (B), 06/15/2035 (A)		1,200,000		1,200,111

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

Transamerica Funds Annual Report 2018

Page    32

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
GS Mortgage Securities Corp. II Series 2017-SLP, Class B, 3.77%, 10/10/2032 (A)		$   1,860,000		$   1,842,340
GS Mortgage Securities Trust Series 2013-G1, Class A2, 3.56% (B), 04/10/2031 (A)		2,000,000		1,961,506
GSR Mortgage Loan Trust Series 2007-OA1, Class 2A1, 1-Month LIBOR + 0.13%, 2.41% (B), 05/25/2037		243,665		157,905
IndyMac INDX Mortgage Loan Trust Series 2007-AR15, Class 2A1, 3.81% (B), 08/25/2037		969,503		838,550
InTown Hotel Portfolio Trust Series 2018-STAY, Class C, 1-Month LIBOR + 1.25%, 3.53% (B), 01/15/2033 (A)		2,835,000		2,831,384
Jefferies Resecuritization Trust Series 2009-R7, Class 1A1, 4.04% (B), 02/26/2036 (A)		139,955		139,761
JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-DSTY, Class C, 3.80% (B), 06/10/2027 (A)		2,000,000		1,940,219
Merrill Lynch Mortgage Investors Trust Series 2006-A1, Class 1A1, 4.02% (B), 03/25/2036		1,547,848		1,274,604
Monarch Beach Resort Trust Series 2018-MBR, Class D, 1-Month LIBOR + 1.70%, 3.98% (B), 07/15/2035 (A)		2,225,000		2,225,001
Morgan Stanley Capital I Trust Series 2018-SUN, Class C, 1-Month LIBOR + 1.40%, 3.68% (B), 07/15/2035 (A)		2,015,000		2,012,762
Morgan Stanley Resecuritization Trust Series 2014-R4, Class 4A, 4.34% (B), 11/21/2035 (A)		1,179,046		1,185,613
Motel 6 Trust Series 2017-MTL6, Class C, 1-Month LIBOR + 1.40%, 3.68% (B), 08/15/2034 (A)		1,063,363		1,062,687
MSCG Trust
Series 2018-SELF, Class C,
1-Month LIBOR + 1.18%, 3.48% (B), 10/15/2028 (A)		900,000		900,000
Series 2018-SELF, Class D,
1-Month LIBOR + 1.65%, 3.95% (B), 10/15/2028 (A)		1,110,000		1,110,000
New Residential Mortgage Loan Trust
Series 2016-2A, Class A1,
3.75% (B), 11/26/2035 (A)		1,002,542		997,775
Series 2017-1A, Class A1,
4.00% (B), 02/25/2057 (A)		1,213,808		1,216,335
Series 2017-3A, Class A1,
4.00% (B), 04/25/2057 (A)		1,612,649		1,615,912
Series 2018-2A, Class A1,
4.50% (B), 02/25/2058 (A)		1,162,757		1,181,162

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
RALI Trust
Series 2006-QO1, Class 3A1,
1-Month LIBOR + 0.27%, 2.55% (B), 02/25/2046		$   4,208,289		$   3,109,479
Series 2006-QO2, Class A1,
1-Month LIBOR + 0.22%, 2.50% (B), 02/25/2046		105,643		46,248
Series 2007-QH5, Class AI1,
1-Month LIBOR + 0.21%, 2.49% (B), 06/25/2037		291,293		257,391
Residential Asset Securitization Trust Series 2004-A4, Class A11, 5.50%, 08/25/2034		2,265,116		2,318,313
RETL Trust Series 2018-RVP, Class B, 1-Month LIBOR + 1.75%, 4.03% (B), 03/15/2033 (A)		2,063,313		2,063,905
Stonemont Portfolio Trust Series 2017-MONT, Class C, 1-Month LIBOR + 1.25%, 3.53% (B), 08/20/2030 (A)		994,102		994,155
Tharaldson Hotel Portfolio Trust Series 2018-THL, Class C, 1-Month LIBOR + 1.35%, 3.63% (B), 11/11/2034 (A)		1,501,785		1,503,773
VSD LLC 3.60%, 12/25/2043		223,391		223,391
Waldorf Astoria Boca Raton Trust Series 2016-BOCA, Class C, 1-Month LIBOR + 2.50%, 4.78% (B), 06/15/2029 (A)		1,060,000		1,060,640
Wells Fargo Mortgage-Backed Securities Trust Series 2003-L, Class 1A2, 4.49% (B), 11/25/2033		73,893		75,188
Total Mortgage-Backed Securities (Cost $87,016,344)				88,499,987
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.8%
California - 0.8%
State of California, General Obligation Unlimited
7.30%, 10/01/2039		400,000		543,536
7.95%, 03/01/2036		4,345,000		4,603,136
Total Municipal Government Obligations (Cost $5,147,074)				5,146,672
U.S. GOVERNMENT AGENCY OBLIGATIONS - 2.4%
Federal Home Loan Mortgage Corp., Interest Only STRIPS 5.00%, 08/01/2035		1,019,636		227,301
Federal National Mortgage Association 3.50%, TBA, (I)		15,698,000		15,279,182
Total U.S. Government Agency Obligations (Cost $16,491,971)				15,506,483

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

Transamerica Funds Annual Report 2018

Page    33

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS - 8.0%
U.S. Treasury - 7.1%
U.S. Treasury Bond
2.25%, 08/15/2046		$   4,912,000		$   3,891,801
2.75%, 08/15/2042		2,826,000		2,527,614
3.50%, 02/15/2039		2,184,000		2,243,036
6.25%, 05/15/2030		5,225,000		6,764,538
U.S. Treasury Note
1.50%, 08/15/2026		7,184,000		6,388,428
1.63%, 02/15/2026		1,738,000		1,572,279
2.00%, 11/15/2026		2,718,700		2,503,328
2.25%, 11/15/2027		5,464,800		5,081,624
2.63%, 08/15/2020		4,212,000		4,193,408
2.75%, 02/15/2028		7,639,000		7,392,523
2.88%, 08/15/2028		2,828,000		2,760,945
				45,319,524
U.S. Treasury Inflation-Protected Securities - 0.9%
U.S. Treasury Inflation-Indexed Bond 2.50%, 01/15/2029		5,374,126		6,070,104
Total U.S. Government Obligations (Cost $53,280,386)				51,389,628
	Shares		Value
PREFERRED STOCKS - 1.0%
Banks - 0.4%
CoBank ACB, Series F, Fixed until 10/01/2022, 6.25% (B) (C) (J) (K)		14,300		1,472,900
GMAC Capital Trust I, Series 2, 3-Month LIBOR + 5.79%, 8.10% (B)		44,000		1,155,440
				2,628,340
Diversified Telecommunication Services - 0.6%
Centaur Funding Corp., Series B, 9.08% (A) (C)		3,533		3,797,975
Total Preferred Stocks (Cost $6,800,725)				6,426,315
	Principal		Value
COMMERCIAL PAPER - 0.3%
Capital Markets - 0.1%
Cedar Springs Capital Co. LLC 2.35% (L), 12/07/2018		$  450,000		448,965
Diversified Financial Services - 0.2%
Atlantic Asset Securitization LLC 2.40% (L), 12/17/2018		700,000		697,898
Barton Capital Corp. 2.31% (L), 11/19/2018		700,000		699,206
				1,397,104
Total Commercial Paper (Cost $1,846,069)				1,846,069

	Principal		Value
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 2.2%
U.S. Treasury Bill
2.05% (L), 11/08/2018		$   1,800,000		$   1,799,295
2.21% (L), 01/03/2019		805,000		801,951
2.22% (L), 01/03/2019		11,614,000		11,569,794
Total Short-Term U.S. Government Obligations (Cost $14,171,040)				14,171,040
	Shares		Value
OTHER INVESTMENT COMPANY - 1.9%
Securities Lending Collateral - 1.9%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 2.19% (L)		12,201,208		12,201,208
Total Other Investment Company (Cost $12,201,208)				12,201,208
	Principal		Value
REPURCHASE AGREEMENT - 1.9%
Fixed Income Clearing Corp., 1.25% (L), dated 10/31/2018, to be repurchased at $12,375,945 on 11/01/2018. Collateralized by a U.S. Government Obligation, 2.88%, due 10/15/2021, and with a value of $12,623,515.		$  12,375,516		12,375,516
Total Repurchase Agreement (Cost $12,375,516)				12,375,516
Total Investments (Cost $666,635,466)				658,984,011
Net Other Assets (Liabilities) - (3.1)%				(19,863,220	)
Net Assets - 100.0%				$  639,120,791

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

Transamerica Funds Annual Report 2018

Page    34

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

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
Asset-Backed Securities	$	—	$	94,596,412	$	—	$	94,596,412
Corporate Debt Securities		—		339,781,863		—		339,781,863
Foreign Government Obligations		—		9,487,325		—		9,487,325
Loan Assignments		—		7,555,493		—		7,555,493
Mortgage-Backed Securities		—		88,499,987		—		88,499,987
Municipal Government Obligations		—		5,146,672		—		5,146,672
U.S. Government Agency Obligations		—		15,506,483		—		15,506,483
U.S. Government Obligations		—		51,389,628		—		51,389,628
Preferred Stocks		1,155,440		3,797,975		1,472,900		6,426,315
Commercial Paper		—		1,846,069		—		1,846,069
Short-Term U.S. Government Obligations		—		14,171,040		—		14,171,040
Other Investment Company		12,201,208		—		—		12,201,208
Repurchase Agreement		—		12,375,516		—		12,375,516
Total Investments	$	13,356,648	$	644,154,463	$	1,472,900	$	658,984,011

Transfers

Investments	Transfers from Level 1 to Level 3		Transfers from Level 3 to Level 1		Transfers from Level 2 to Level 3		Transfers from Level 3 to Level 2
Preferred Stocks (K)	$	—	$	—	$	1,472,900	$	—

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, 2018, the total value of 144A securities is $278,275,536, representing 43.5% of the Fund’s net assets.
(B)	Floating or variable rate securities. The rates disclosed are as of October 31, 2018. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(C)	Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2018, the total value of securities is $5,470,875, representing 0.9% of the Fund’s net assets.
(D)	Perpetual maturity. The date displayed is the next call date.
(E)	Securities are exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At October 31, 2018, the total value of Regulation S securities is $5,259,712, representing 0.8% 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 $11,948,034. 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, 2018; the maturity date disclosed is the ultimate maturity date.
(H)	Percentage rounds to less than 0.1% or (0.1)%.
(I)	When-issued, delayed-delivery and/or forward commitment (including TBAs) security. Security to be settled and delivered after October 31, 2018. Security may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(J)	Security is Level 3 of the fair value hierarchy.
(K)	Transferred from Level 1 to 3 due to the use of a valuation technique which utilizes significant unobservable inputs due to the unavailability of quoted market prices in active markets.
(L)	Rates disclosed reflect the yields at October 31, 2018.
(M)	The Fund recognizes transfers in and out of Level 3 during the year ended October 31, 2018. 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.

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

Transamerica Funds Annual Report 2018

Page    35

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

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 2018

Page    36

Transamerica Capital Growth

(unaudited)

MARKET ENVIRONMENT

Large-cap growth stocks advanced over the fiscal year ended October 31, 2018, with utilities and consumer discretionary the best-performing sectors in the Russell 1000^® Growth Index. Energy and materials were the only sectors to post a decline and hence were the largest relative underperformers. 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, 2018, Transamerica Capital Growth (Class A) returned 16.52%, excluding any sales charges. By comparison, its benchmark, the Russell 1000^® Growth Index, returned 10.71%.

STRATEGY REVIEW

The Fund outperformed its benchmark over this period due to favorable stock selection, which more than offset adverse sector allocations.

Health care was by far the greatest contributor due to our holdings. Dexcom, Inc., a leading maker of continuous glucose monitoring devices that are used by diabetics; Veeva Systems, Inc., Class A, which offers cloud-based sales software solutions to life sciences companies; and Illumina, Inc., a leader in genetic testing and analysis, were the top contributors in the sector and among the top contributors across the Fund. Each company continued to execute well, and benefited from overall positive investor sentiment around new product launches.

Stock selection in communication services and industrials also contributed. Performance in these sectors was led by global communications platform Twitter, Inc., which advanced over the period due to favorable user growth, improving engagement/monetization trends, margin expansion and greater overall traction with various advertising initiatives.

Underweights in consumer discretionary and financials, as well as a lack of exposure in consumer staples, energy and real estate aided relative results, to a lesser extent.

Information technology sector had an overall positive impact on relative performance; however, a number of holdings within the sector were among the largest detractors. Social-messaging platform Snap detracted due to continued weak fundamentals, including weaker-than-expected daily average user growth, and a financial outlook that was below analyst estimates. The position in Snap was eliminated during the third quarter of 2018 to fund other investments that we believed offered superior risk/reward profiles. Latin American e-commerce platform MercadoLibre, Inc. also detracted. Its results also missed expectations due to a change in accounting for revenue recognition as well as continued investment in free-shipping options, which have weighed on profitability but have helped to drive greater gross merchandise value growth.

Materials was the largest detractor due to stock selection. Leading aggregates producers Martin Marietta and Vulcan Materials Company were among the top individual detractors. Shares in these companies sold off on somewhat weaker-than-expected results stemming from a few transitory items including project delays, weaker pricing and poor weather trends in some of their key markets. We sold both in October 2018 to fund other investments that we believed offered better risk/reward profiles.

During the fiscal year, 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		92.1	%
Repurchase Agreement		8.8
Other Investment Company		1.2
Over-the-Counter Foreign Exchange Options Purchased		0.2
Net Other Assets (Liabilities)		(2.3	)
Total		100.0	%

Transamerica Funds Annual Report 2018

Page    37

Transamerica Capital Growth

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		10.10	%		14.08	%		15.76	%		11/13/2009
Class A (NAV)		16.52	%		15.38	%		16.50	%		11/13/2009
Russell 1000® Growth Index (A)		10.71	%		13.43	%		14.62	%
Class B (POP)		10.84	%		14.13	%		15.65	%		11/13/2009
Class B (NAV)		15.30	%		14.25	%		15.65	%		11/13/2009
Class C (POP)		14.75	%		14.56	%		15.72	%		11/13/2009
Class C (NAV)		15.65	%		14.56	%		15.72	%		11/13/2009
Class I (NAV)		16.77	%		15.71	%		17.23	%		11/30/2009
Class I2 (NAV)		16.90	%		15.84	%		18.78	%		09/30/2011
Class T1 (POP)		13.71	%		N/A			22.97	%		03/17/2017
Class T1 (NAV)		16.64	%		N/A			24.90	%		03/17/2017
Advisor Class (NAV)		16.71	%		N/A			29.25	%		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.

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

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

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

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

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

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

Transamerica Funds Annual Report 2018

Page    38

Transamerica Capital Growth

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Shares		Value
COMMON STOCKS - 92.1%
Biotechnology - 1.1%
Alnylam Pharmaceuticals, Inc. (A)		94,774		$  7,622,674
Bluebird Bio, Inc. (A) (B)		14,052		1,611,764
Editas Medicine, Inc. (A) (B)		84,874		2,149,859
Intellia Therapeutics, Inc. (A)		112,584		1,911,676
Intrexon Corp. (A) (B)		186,265		2,153,223
				15,449,196
Entertainment - 9.3%
Activision Blizzard, Inc.		900,444		62,175,658
Netflix, Inc. (A)		63,760		19,241,493
Spotify Technology SA (A)		340,307		50,940,555
				132,357,706
Health Care Equipment & Supplies - 9.4%
DexCom, Inc. (A)		381,587		50,663,306
Intuitive Surgical, Inc. (A)		131,457		68,512,759
LivaNova PLC (A)		123,857		13,870,746
				133,046,811
Health Care Providers & Services - 1.1%
HealthEquity, Inc. (A)		163,759		15,033,076
Health Care Technology - 8.7%
athenahealth, Inc. (A)		307,612		39,232,835
Veeva Systems, Inc., Class A (A)		922,649		84,283,986
				123,516,821
Hotels, Restaurants & Leisure - 5.0%
Starbucks Corp.		1,228,809		71,602,700
Interactive Media & Services - 14.7%
Alphabet, Inc., Class C (A)		44,862		48,306,056
Facebook, Inc., Class A (A)		236,186		35,850,673
IAC/InterActiveCorp (A)		182,610		35,899,300
Twitter, Inc. (A)		2,129,356		73,995,121
Zillow Group, Inc., Class C (A) (B)		374,379		15,072,498
				209,123,648
Internet & Direct Marketing Retail - 10.5%
Amazon.com, Inc. (A)		74,157		118,503,628
Farfetch, Ltd., Class A (A)		355,319		7,298,252
MercadoLibre, Inc.		70,871		22,997,639
				148,799,519
Life Sciences Tools & Services - 5.5%
Illumina, Inc. (A)		250,417		77,917,250
Pharmaceuticals - 0.1%
Nektar Therapeutics (A)		29,309		1,133,672
Road & Rail - 4.8%
Union Pacific Corp.		469,275		68,617,390

	Shares		Value
COMMON STOCKS (continued)
Semiconductors & Semiconductor Equipment - 0.7%
NVIDIA Corp.		48,426		$   10,209,654
Software - 17.2%
Autodesk, Inc. (A)		275,314		35,584,334
salesforce.com, Inc. (A)		481,458		66,075,296
ServiceNow, Inc. (A)		394,251		71,375,201
Workday, Inc., Class A (A)		529,380		70,418,128
				243,452,959
Textiles, Apparel & Luxury Goods - 4.0%
LVMH Moet Hennessy Louis Vuitton SE		187,171		56,788,698
Total Common Stocks (Cost $1,004,072,349)				1,307,049,100
OTHER INVESTMENT COMPANY - 1.2%
Securities Lending Collateral - 1.2%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 2.19% (C)		17,317,496		17,317,496
Total Other Investment Company (Cost $17,317,496)				17,317,496
	Principal		Value
REPURCHASE AGREEMENT - 8.8%
Fixed Income Clearing Corp., 1.25% (C), dated 10/31/2018, to be repurchased at $124,738,804 on 11/01/2018. Collateralized by U.S. Government Obligations, 2.00% - 2.88%, due 10/15/2021 -  10/31/2021, and with a total value of $127,233,758.		$  124,734,473		124,734,473
Total Repurchase Agreement (Cost $124,734,473)				124,734,473
Total Investments Excluding Purchased Options (Cost $1,146,124,318)				1,449,101,069
Total Purchased Options - 0.2% (Cost $4,381,852)				3,431,148
Total Investments (Cost $1,150,506,170)				1,452,532,217
Net Other Assets (Liabilities) - (2.3)%				(32,419,192	)
Net Assets - 100.0%				$  1,420,113,025

OVER-THE-COUNTER FOREIGN EXCHANGE OPTIONS PURCHASED:

Description	Counterparty		Exercise Price			Expiration Date		Notional Amount/ Number of Contracts			Premiums Paid		Value
Call - USD vs. CNH (D)		RBS		USD	7.16		01/18/2019		USD	192,056,432	$	833,525	$	1,007,528
Call - USD vs. CNH (D)		RBS		USD	7.52		11/02/2018		USD	201,106,604		832,581		201
Call - USD vs. CNH (D)		RBS		USD	7.78		07/03/2019		USD	257,928,035		1,256,734		1,095,420
Call - USD vs. CNH (D)		RBS		USD	8.00		10/21/2019		USD	248,131,293		1,459,012		1,327,999
Total											$	4,381,852	$	3,431,148

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

Transamerica Funds Annual Report 2018

Page    39

Transamerica Capital Growth

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

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	$	1,250,260,402	$	56,788,698	$	—	$	1,307,049,100
Other Investment Company		17,317,496		—		—		17,317,496
Repurchase Agreement		—		124,734,473		—		124,734,473
Over-the-Counter Foreign Exchange Options Purchased		—		3,431,148		—		3,431,148
Total Investments	$	1,267,577,898	$	184,954,319	$	—	$	1,452,532,217

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	All or a portion of the securities are on loan. The total value of all securities on loan is $16,879,557. 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, 2018.
(D)	Illiquid security. At October 31, 2018, the value of such securities amounted to $3,431,148 or 0.2% of the Fund’s net assets.
(E)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

CURRENCY ABBREVIATIONS:

CNH	Chinese Yuan Renminbi (offshore)
USD	United States Dollar

COUNTERPARTY ABBREVIATION:

RBS Royal Bank of Scotland PLC

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

Transamerica Funds Annual Report 2018

Page    40

Transamerica Concentrated Growth

(unaudited)

MARKET ENVIRONMENT

The 2018 fiscal year ended with equity markets dropping sharply, reversing much of the trailing 12 months’ gains. Concerns regarding rising interest rates, escalating trade conflicts and divergent global growth weighed on investors in the final week of October 2018. Throughout the period, the U.S. economy remained resilient, delivering strong earnings growth, a healthy employment picture, high consumer confidence and modest inflation. As investors marked the 10th anniversary of the start of the financial crisis, the U.S. Federal Reserve continued to step away from its long-held accommodative policy position, delivering the message that, in its view, the economy was prepared to stand on its own. While positive economic fundamentals continued to outweigh elevated risks, the transition from a liquidity-driven market to a fundamentals-driven market ushered in a period of elevated volatility.

With the backdrop of elevated uncertainty, we believed the Fund was well-positioned given its focus on risk management and our view that the late-period volatility presented an opportunity to invest in best-in-class businesses at attractive prices.

PERFORMANCE

For the year ended October 31, 2018, Transamerica Concentrated Growth (Class I) returned 6.74%. By comparison, its benchmark, the Russell 1000^® Growth Index, returned 10.71%.

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 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.

Individual detractors were led by Incyte, LKQ Corp. and Albemarle Corp. Weakness in the Fund’s materials holdings was the largest absolute detractor, while selection in consumer discretionary was the largest relative detractor.

At the security level, top contributors for the period were O’Reilly Automotive, Inc., Apple, Inc. and Verisk Analytics, Inc. At the sector level, strong returns from the Fund’s information technology holdings made the largest contribution to absolute returns, while positive selection in industrials made the largest contribution relative to the benchmark.

For the year ended October 31, 2018, the Fund’s largest sector weights were in information technology and health care. Relative to the benchmark, the largest sector overweights were in health care and materials. The largest relative underweights were in communication services and consumer staples.

Nicholas C. Haffenreffer

Portfolio Manager

Torray LLC

Asset Allocation	Percentage of Net Assets
Common Stocks		99.6	%
Repurchase Agreement		0.3
Net Other Assets (Liabilities)		0.1
Total		100.0	%

Transamerica Funds Annual Report 2018

Page    41

Transamerica Concentrated Growth

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		0.56	%		N/A			6.75	%		03/01/2014
Class A (NAV)		6.39	%		N/A			8.06	%		03/01/2014
Class C (POP)		4.72	%		N/A			7.31	%		03/01/2014
Class C (NAV)		5.71	%		N/A			7.31	%		03/01/2014
Class I (NAV)		6.74	%		9.19	%		11.67	%		12/31/2010
Russell 1000® Growth Index (A)		10.71	%		13.43	%		14.04	%
Class I2 (NAV)		6.86	%		N/A			8.48	%		03/01/2014
Class T1 (POP)		3.91	%		N/A			8.90	%		03/17/2017
Class T1 (NAV)		6.57	%		N/A			10.63	%		03/17/2017
Advisor Class (NAV)		6.71	%		N/A			13.64	%		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.

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

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

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

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

Returns on growth stocks may not move in tandem with return on other categories of stocks or the market as a whole. Growth stocks may be particularly susceptible to larger price swings or to adverse developments. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks. 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 2018

Page    42

Transamerica Concentrated Growth

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Shares		Value
COMMON STOCKS - 99.6%
Aerospace & Defense - 3.5%
United Technologies Corp.		53,658		$  6,664,860
Biotechnology - 3.8%
BioMarin Pharmaceutical, Inc. (A)		77,575		7,150,088
Capital Markets - 4.0%
Charles Schwab Corp.		164,763		7,618,641
Chemicals - 5.6%
Albemarle Corp.		50,295		4,990,270
Sherwin-Williams Co.		13,963		5,494,021
				10,484,291
Distributors - 3.1%
LKQ Corp. (A)		215,918		5,888,084
Electronic Equipment, Instruments & Components - 3.1%
Amphenol Corp., Class A		64,636		5,784,922
Equity Real Estate Investment Trusts - 4.3%
American Tower Corp.		51,676		8,051,637
Health Care Equipment & Supplies - 8.6%
Cooper Cos., Inc.		33,321		8,607,148
Danaher Corp.		75,953		7,549,728
				16,156,876
Health Care Providers & Services - 3.7%
Centene Corp. (A)		53,669		6,994,144
Health Care Technology - 3.0%
Cerner Corp. (A)		97,649		5,593,335
Interactive Media & Services - 5.8%
Alphabet, Inc., Class A (A)		5,757		6,278,469
Facebook, Inc., Class A (A)		30,351		4,606,978
				10,885,447
Internet & Direct Marketing Retail - 2.7%
Amazon.com, Inc. (A)		3,189		5,096,054
IT Services - 11.2%
Accenture PLC, Class A		35,433		5,584,950
Fiserv, Inc. (A)		100,604		7,977,897
Visa, Inc., Class A		55,392		7,635,787
				21,198,634
Life Sciences Tools & Services - 4.1%
Lonza Group AG, ADR		247,457		7,747,879

	Shares		Value
COMMON STOCKS (continued)
Oil, Gas & Consumable Fuels - 2.2%
EOG Resources, Inc.		39,779		$   4,190,320
Pharmaceuticals - 2.8%
Roche Holding AG, ADR		174,640		5,302,070
Professional Services - 4.3%
Verisk Analytics, Inc. (A)		67,714		8,114,846
Software - 12.5%
Adobe, Inc. (A)		27,245		6,695,731
Check Point Software Technologies, Ltd. (A)		40,592		4,505,712
Microsoft Corp.		70,730		7,554,672
SS&C Technologies Holdings, Inc.		93,157		4,765,912
				23,522,027
Specialty Retail - 4.0%
O’Reilly Automotive, Inc. (A)		23,813		7,638,020
Technology Hardware, Storage & Peripherals - 4.9%
Apple, Inc.		42,580		9,319,059
Textiles, Apparel & Luxury Goods - 2.4%
NIKE, Inc., Class B		60,120		4,511,405
Total Common Stocks (Cost $137,532,336)				187,912,639
	Principal		Value
REPURCHASE AGREEMENT - 0.3%
Fixed Income Clearing Corp., 1.25% (B), dated 10/31/2018, to be repurchased at $498,427 on 11/01/2018. Collateralized by a U.S. Government Obligation, 1.13%, due 08/31/2021, and with a value of $510,448.		$  498,409		498,409
Total Repurchase Agreement (Cost $498,409)				498,409
Total Investments (Cost $138,030,745)				188,411,048
Net Other Assets (Liabilities)  - 0.1%				122,479
Net Assets  - 100.0%				$  188,533,527

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	$	187,912,639	$	—	$	—	$	187,912,639
Repurchase Agreement		—		498,409		—		498,409
Total Investments	$	187,912,639	$	498,409	$	—	$	188,411,048

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

Transamerica Funds Annual Report 2018

Page    43

Transamerica Concentrated Growth

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	Rate disclosed reflects the yield at October 31, 2018.
(C)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. 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 2018

Page    44

Transamerica Dividend Focused

(unaudited)

MARKET ENVIRONMENT

Value benchmarks continued to trail both the growth benchmarks and the S&P 500^® as technology stocks outperformed over the past year ended October 31, 2018. U.S. stocks decoupled from the rest of the world, as both non-U.S. developed and emerging markets posted lagging returns. Further, bond returns made clear that they were not a safe haven in the wake of the U.S. Federal Reserve’s three interest rate hikes.

Neither has this environment of rising interest rates been the anticipated panacea for financial stocks, which have struggled to gain in the past year, giving back the majority of relative outperformance they had enjoyed since interest rates bottomed more than two years ago. Technology stocks’ performance were dominant until late in the period; the health care and consumer discretionary sectors joined them as outperformers. Conversely, the “bond proxy” sectors of real estate, utilities and consumer staples lagged as rising interest rates prompted investors to look elsewhere.

The market grew increasingly narrow. Three sectors materially outperformed the S&P 500^®: technology, consumer discretionary and health care. When markets become this narrow, it often indicates that valuations for certain market favorites have become extreme relative to a basket of less popular (but we consider solid) companies. We witnessed this in the tech bubble of the late 1990s, and we are seeing it again today.

PERFORMANCE

For the year ended October 31, 2018, Transamerica Dividend Focused (Class A) returned -0.20%, excluding any sales charges. By comparison, its benchmark, the Russell 1000^® Value Index, returned 3.03%.

STRATEGY REVIEW

Our approach to the equity market is based on the underlying philosophy that markets are inefficient. We believe these inefficiencies 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.

The Fund underperformed its benchmark due largely to our overweight and holdings in industrials. Selections in consumer discretionary also detracted; however, our allocation mitigated some of the negative effect. Few technology stocks meet the strategy’s 25-year, dividend-paying history requirement; therefore, our underweight and selection in the sector hurt as did relative selections in health care. The five largest individual detractors were Adient PLC, Stanley Black & Decker, Inc., State Street Corp., DowDuPont, Inc. and Johnson Controls International PLC.

Stock selection in financials, followed by energy were the greatest contributors to relative performance. Our underweight allocation in utilities along with holdings in real estate also benefited performance. The top five individual contributors were XL Group, ConocoPhillips, Pfizer, Inc., Phillips 66 and Merck & Co., Inc.

Brian F. Quinn, CFA

Brad Kinkelaar

Ray Nixon, Jr.

Lewis Ropp

Co-Portfolio Managers

Barrow, Hanley, Mewhinney & Strauss, LLC

Asset Allocation	Percentage of Net Assets
Common Stocks		99.2	%
Repurchase Agreement		0.8
Other Investment Company		0.5
Net Other Assets (Liabilities)		(0.5	)
Total		100.0	%

Transamerica Funds Annual Report 2018

Page    45

Transamerica Dividend Focused

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		(5.68	)%		6.27	%		8.91	%		01/04/2013
Class A (NAV)		(0.20	)%		7.48	%		9.97	%		01/04/2013
Russell 1000® Value Index (A)		3.03	%		8.61	%		11.21	%
Class C (POP)		(1.98	)%		6.59	%		9.07	%		01/04/2013
Class C (NAV)		(1.06	)%		6.59	%		9.07	%		01/04/2013
Class I (NAV)		0.06	%		7.67	%		10.16	%		01/04/2013
Class I2 (NAV)		0.08	%		7.78	%		10.26	%		01/04/2013
Class R6 (NAV)		0.08	%		N/A			6.17	%		05/29/2015
Class T1 (POP)		(2.67	)%		N/A			1.68	%		03/17/2017
Class T1 (NAV)		(0.15	)%		N/A			3.25	%		03/17/2017
Advisor Class (NAV)		(0.09	)%		N/A			5.24	%		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.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for A shares and 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. If a sales charge had been deducted, the results would have been lower. 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 and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower.

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

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

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

Transamerica Funds Annual Report 2018

Page    46

Transamerica Dividend Focused

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Shares		Value
COMMON STOCKS - 99.2%
Aerospace & Defense - 3.3%
United Technologies Corp.		155,988		$  19,375,270
Airlines - 1.8%
Southwest Airlines Co.		214,323		10,523,259
Auto Components - 0.8%
Adient PLC (A)		152,798		4,648,115
Banks - 14.4%
Bank of America Corp.		679,425		18,684,187
JPMorgan Chase & Co.		213,031		23,224,640
US Bancorp		384,218		20,083,075
Wells Fargo & Co.		447,526		23,821,809
				85,813,711
Building Products - 2.8%
Johnson Controls International PLC		528,638		16,900,557
Capital Markets - 2.8%
State Street Corp.		241,081		16,574,319
Chemicals - 5.5%
DowDuPont, Inc.		337,548		18,200,588
Linde PLC		87,636		14,501,129
				32,701,717
Consumer Finance - 3.6%
American Express Co.		206,064		21,168,955
Diversified Telecommunication Services - 5.7%
AT&T, Inc.		430,737		13,215,011
Verizon Communications, Inc.		362,545		20,697,694
				33,912,705
Electric Utilities - 6.6%
Entergy Corp.		232,127		19,487,062
Exelon Corp.		446,999		19,583,026
				39,070,088
Energy Equipment & Services - 2.5%
Schlumberger, Ltd.		295,152		15,144,249
Equity Real Estate Investment Trusts - 2.5%
HCP, Inc.		549,460		15,137,623
Food & Staples Retailing - 1.6%
Walmart, Inc.		97,909		9,818,315
Food Products - 1.4%
Tyson Foods, Inc., Class A		138,900		8,322,888
Health Care Providers & Services - 4.8%
Cardinal Health, Inc.		177,952		9,004,371
CVS Health Corp.		266,249		19,273,765
				28,278,136
Household Durables - 1.0%
Whirlpool Corp.		53,499		5,872,050
Industrial Conglomerates - 2.6%
General Electric Co.		1,520,966		15,361,757
Insurance - 1.9%
Loews Corp.		244,922		11,403,568
IT Services - 1.7%
International Business Machines Corp.		86,825		10,022,210
Machinery - 2.2%
Stanley Black & Decker, Inc.		114,524		13,344,336

	Shares		Value
COMMON STOCKS (continued)
Oil, Gas & Consumable Fuels - 12.7%
BP PLC, ADR		229,021		$   9,932,641
Chevron Corp.		122,100		13,632,465
ConocoPhillips		280,957		19,638,894
Occidental Petroleum Corp.		219,829		14,743,931
Phillips 66		172,093		17,694,602
				75,642,533
Pharmaceuticals - 11.2%
Johnson & Johnson		103,561		14,497,504
Merck & Co., Inc.		237,914		17,512,850
Pfizer, Inc.		494,674		21,300,662
Sanofi, ADR		295,980		13,236,226
				66,547,242
Tobacco - 5.8%
Altria Group, Inc.		262,537		17,075,406
Philip Morris International, Inc.		198,453		17,477,756
				34,553,162
Total Common Stocks (Cost $516,383,385)				590,136,765
OTHER INVESTMENT COMPANY - 0.5%
Securities Lending Collateral - 0.5%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 2.19% (B)		3,206,531		3,206,531
Total Other Investment Company (Cost $3,206,531)				3,206,531
	Principal		Value
REPURCHASE AGREEMENT - 0.8%
Fixed Income Clearing Corp., 1.25% (B), dated 10/31/2018, to be repurchased at $4,609,314 on 11/01/2018. Collateralized by a U.S. Government Obligation, 1.13%, due 08/31/2021, and with a value of $4,703,757.		$  4,609,154		4,609,154
Total Repurchase Agreement (Cost $4,609,154)				4,609,154
Total Investments (Cost $524,199,070)				597,952,450
Net Other Assets (Liabilities) - (0.5)%				(3,057,736	)
Net Assets - 100.0%				$  594,894,714

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

Transamerica Funds Annual Report 2018

Page    47

Transamerica Dividend Focused

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

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	$	590,136,765	$	—	$	—	$	590,136,765
Other Investment Company		3,206,531		—		—		3,206,531
Repurchase Agreement		—		4,609,154		—		4,609,154
Total Investments	$	593,343,296	$	4,609,154	$	—	$	597,952,450

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	All or a portion of the security is on loan. The value of the security on loan is $3,121,366. 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, 2018.
(C)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. 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 2018

Page    48

Transamerica Dynamic Allocation

(unaudited)

MARKET ENVIRONMENT

Across asset classes, markets proved to be challenging over the course of the past 12-month period ended on October 31, 2018. After a prolonged period of steady upward momentum in risk assets during 2017, volatility returned in 2018 marked by two key episodes.

The first occurred in early February. Following strong wage gains data, many market participants reevaluated their inflation expectations on the belief that inflation would increase faster than previously thought. This belief implied that the U.S. Federal Reserve would accelerate its pace of hiking interest rates, which could be unfavorable for risk assets and potentially slow down economic growth. In response, the CBOE Volatility Index spiked to levels not seen since 2015 and the S&P 500^® declined by almost nine percent before rebounding and recovering most losses by the end of the month. Furthermore, fixed income assets sold off in rates, credit, municipals and structured products.

The second bout of significant volatility occurred in October. After a relatively calm and constructive summer, risk sentiment suddenly turned, and markets sold off across the board in the U.S. and abroad. Uncertainty surrounding trade tensions, growth and solvency in emerging markets and the outcome of the U.S. midterm elections were primary catalysts. Across equities, the S&P 500^® fell -6.84%, and abroad, equities in the MSCI World Index declined -7.32% and -8.70% in the MSCI Emerging Markets Index. Within fixed income, indices also decreased broadly in the U.S., with the Bloomberg Barclays Global Aggregate Bond Index fell -1.12%.

In our view, the economic outlook in the U.S. continued to remain on solid footing. However, a divergence in global growth continues, which could weigh on investors going forward. This combined with continued trade, emerging market, and political uncertainty led us to remain neutral to cautiously optimistic on risk assets.

PERFORMANCE

For the year ended October 31, 2018, Transamerica Dynamic Allocation (Class A) returned 1.17%, excluding any sales charges. By comparison, its primary and secondary benchmarks, the Russell 3000^® Index and the Transamerica Dynamic Allocation Blended Benchmark, returned 6.60%, and 2.29%, 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 protect the Fund from experiencing significant losses in the event of a major decline in asset values, while allowing it to participate during trending bull markets. In sideways or fluctuating markets, the strategy tends to underperform.

One of these strategies, Dynamic Risk Management, involves systematically raising the allocation to cash in response to rising volatility and declines in the value of the Fund’s net asset value. This strategy seeks to protect the investor from extended and severe market drawdowns. Over the period this mechanism was not used due to generally low market volatility.

The other strategy, Event Risk Management, involves the continuous use of put options on the S&P 500^®, to provide additional protection against a sudden market decline. 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.

The Fund underperformed its benchmark primarily due to Event Risk Management. Manager selection effects were also slightly negative in international equities. The relative impact of asset allocation effects was mostly muted. The relative impacts of the underlying ETF holdings and allocations added value primarily from style selection, or sub-asset class effect, in international fixed income.

Among the underlying ETF holdings, performance was positive in four of the six ETF holdings. The iShares Russell 1000 Growth ETF was the best performer, followed by the iShares Russell 1000 Value ETF. The put options from the Event Risk Management strategy detracted, as the S&P 500^® rose during the period.

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

Adam J. Petryk, CFA

Thomas Picciochi

Ellen Tesler

Co-Portfolio Managers

QS Investors, LLC

Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		56.5	%
Other Investment Company		28.2
U.S. Fixed Income Fund		14.2
International Fixed Income Fund		14.2
Repurchase Agreement		9.6
International Equity Fund		9.4
Exchange-Traded Options Purchased		0.9
Net Other Assets (Liabilities)		(33.0	)
Total		100.0	%

Transamerica Funds Annual Report 2018

Page    49

Transamerica Dynamic Allocation

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		(4.43	)%		2.92	%		5.13	%		10/31/2012
Class A (NAV)		1.17	%		4.09	%		6.12	%		10/31/2012
Russell 3000® Index (A)		6.60	%		10.81	%		13.67	%
Transamerica Dynamic Allocation Blended Benchmark (B) (C) (D) (E) (F) (G)		2.29	%		6.73	%		8.66	%
Class C (POP)		(0.60	)%		3.31	%		5.33	%		10/31/2012
Class C (NAV)		0.40	%		3.31	%		5.33	%		10/31/2012
Class I (NAV)		1.45	%		4.35	%		6.40	%		10/31/2012
Class T1 (POP)		(1.32	)%		N/A			3.06	%		03/17/2017
Class T1 (NAV)		1.19	%		N/A			4.66	%		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 ACWI ex-U.S. Index; and 10% Russell 2000^® Index.

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

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

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

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

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

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

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

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

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

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

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

Transamerica Funds Annual Report 2018

Page    50

Transamerica Dynamic Allocation

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Shares		Value
EXCHANGE-TRADED FUNDS - 94.3%
International Equity Fund - 9.4%
iShares MSCI EAFE ETF		29,410		$  1,836,948
International Fixed Income Fund - 14.2%
Vanguard Total International Bond ETF (A)		50,670		2,763,035
U.S. Equity Funds - 56.5%
iShares Russell 1000 Growth ETF (A)		32,352		4,596,572
iShares Russell 1000 Value ETF		38,262		4,594,884
iShares Russell 2000 ETF		12,201		1,830,516
				11,021,972
U.S. Fixed Income Fund - 14.2%
iShares Core U.S. Aggregate Bond ETF (A)		26,430		2,764,314
Total Exchange-Traded Funds (Cost $15,704,631)				18,386,269
OTHER INVESTMENT COMPANY - 28.2%
Securities Lending Collateral - 28.2%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 2.19% (B)		5,502,628		5,502,628
Total Other Investment Company (Cost $5,502,628)				5,502,628

	Principal		Value
REPURCHASE AGREEMENT - 9.6%
Fixed Income Clearing Corp., 1.25% (B), dated 10/31/2018, to be repurchased at $1,869,807 on 11/01/2018. Collateralized by a U.S. Government Obligation, 1.13%, due 08/31/2021, and with a value of $1,908,218.		$  1,869,742		$   1,869,742
Total Repurchase Agreement (Cost $1,869,742)				1,869,742
Total Investments Excluding Purchased Options (Cost $23,077,001)				25,758,639
Total Purchased Options - 0.9% (Cost $135,781)				182,723
Total Investments (Cost $23,212,782)				25,941,362
Net Other Assets (Liabilities) - (33.0)%				(6,441,667	)
Net Assets - 100.0%				$  19,499,695

EXCHANGE-TRADED OPTIONS PURCHASED:

Description	Exercise Price			Expiration Date		Notional Amount			Number of Contracts		Premiums Paid		Value
Put - S&P 500®		USD	2,250.00		12/20/2019		USD	813,522		3	$	18,549	$	20,520
Put - S&P 500®		USD	2,300.00		12/20/2019		USD	271,174		1		6,491		7,860
Put - S&P 500®		USD	2,325.00		12/20/2019		USD	271,174		1		7,753		8,123
Put - S&P 500®		USD	2,350.00		12/20/2019		USD	542,348		2		12,752		16,620
Put - S&P 500®		USD	2,400.00		12/20/2019		USD	1,627,044		6		41,098		55,020
Put - S&P 500®		USD	2,500.00		12/20/2019		USD	542,348		2		15,406		22,280
Put - S&P 500®		USD	2,550.00		12/20/2019		USD	1,084,696		4		33,732		52,300
Total											$	135,781	$	182,723

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	$	18,386,269	$	—	$	—	$	18,386,269
Other Investment Company		5,502,628		—		—		5,502,628
Repurchase Agreement		—		1,869,742		—		1,869,742
Exchange-Traded Options Purchased		182,723		—		—		182,723
Total Investments	$	24,071,620	$	1,869,742	$	—	$	25,941,362

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 $5,387,020. 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, 2018.
(C)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. 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 2018

Page    51

Transamerica Dynamic Income

(unaudited)

MARKET ENVIRONMENT

Across asset classes, markets proved to be challenging over the course of the past 12-month period ended on October 31, 2018. After a prolonged period of steady upward momentum in risk assets during 2017, volatility returned in 2018 marked by two key episodes.

The first occurred in early February. Following strong wage gains data, many market participants reevaluated their inflation expectations on the belief that inflation would increase faster than previously thought. This belief implied that the U.S. Federal Reserve would accelerate its pace of hiking interest rates, which could be unfavorable for risk assets and potentially slow down economic growth. In response, the CBOE Volatility Index spiked to levels not seen since 2015 and the S&P 500^® declined by almost nine percent before rebounding and recovering most losses by the end of the month. Furthermore, fixed income assets sold off in rates, credit, municipals and structured products.

The second bout of significant volatility occurred in October. After a relatively calm and constructive summer, risk sentiment suddenly turned, and markets sold off across the board in the U.S. and abroad. Uncertainty surrounding trade tensions, growth and solvency in emerging markets and the outcome of the U.S. midterm elections were primary catalysts. For the month of October 2018, across equities the S&P 500^® fell -6.84%, and abroad, equities in the MSCI World Index declined -7.32% and -8.70% in the MSCI Emerging Markets Index. Within fixed income, indices also decreased broadly in the U.S., with the Bloomberg Barclays Global Aggregate Bond Index falling -1.12%.

In our view, the economic outlook in the U.S. continued to remain on solid footing. However, a divergence in global growth continues, which could weigh on investors going forward. This combined with continued trade, emerging market, and political uncertainty led us to remain neutral to cautiously optimistic on risk assets.

PERFORMANCE

For the year ended October 31, 2018, Transamerica Dynamic Income (Class A) returned -2.38%, 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 0.97% and 2.04%, respectively.

STRATEGY REVIEW

The Fund, which is designed to generate income at a balanced risk level over a full market cycle, seeks income across diversified sources, while balancing exposure to multiple risk factors. Over the short term, these risk factors can be correlated, but we believe that over a full market cycle having a broad exposure to different risk factors may help mitigate the investor’s drawdown risk.

Relative to its benchmark, the Fund underperformed primarily due to style, chiefly in equities, as the yield objective led to allocations in non-benchmark tracking asset classes. High dividend-yielding stocks significantly underperformed standard equity indices. The Fund met its income objective with a 12-month trailing yield of 4.81% as of October 31, 2018.

All but two of the underlying exchange traded funds (“ETFs”) had negative returns. Top performers were the SPDR Bloomberg Barclays Short Term High Yield Bond ETF and the Global X SuperDividend US ETF. The laggards were the iShares Barclays 20+ Year Treasury Bond ETF and the Vanguard Long Term Bond ETF.

Adam J. Petryk, CFA

Thomas Picciochi

Ellen Tesler

Co-Portfolio Managers

QS Investors, LLC

Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Fund		46.9	%
U.S. Equity Fund		23.5
International Fixed Income Fund		22.5
Other Investment Company		10.1
U.S. Mixed Allocation Fund		7.0
Repurchase Agreement		0.4
Net Other Assets (Liabilities)		(10.4	)
Total		100.0	%

Transamerica Funds Annual Report 2018

Page    52

Transamerica Dynamic Income

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		(7.01	)%		1.11	%		2.55	%		10/31/2011
Class A (NAV)		(2.38	)%		2.11	%		3.27	%		10/31/2011
iBoxx $ Liquid High Yield Index (A)		0.97	%		3.91	%		5.53	%
Transamerica Dynamic Income Blended Benchmark (A) (B) (C) (D)		2.04	%		5.56	%		6.90	%
Class C (POP)		(4.00	)%		1.35	%		2.50	%		10/31/2011
Class C (NAV)		(3.07	)%		1.35	%		2.50	%		10/31/2011
Class I (NAV)		(2.04	)%		2.37	%		3.52	%		10/31/2011
Class T1 (POP)		(4.69	)%		N/A			(1.22	)%		03/17/2017
Class T1 (NAV)		(2.28	)%		N/A			0.31	%		03/17/2017
Advisor Class (NAV)		(2.05	)%		N/A			0.29	%		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^®.

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

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

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 4.75% for A shares 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. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I and Advisor Class shares.

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

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

Asset Allocation, like many investment strategies, offers no guarantee of positive returns, and mutual funds are subject to market risk, including loss of principal. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF’s share may be above or below the shares’ net asset value; and an active trading market for an ETF’s share may not develop or be maintained. Foreign and emerging market investments involve risks not associated with U.S. markets, such as currency fluctuation, adverse social and political developments and the relatively small size and lesser liquidity of the markets. Fixed income investing is subject to credit risk and interest rate risk. Investments in high-yield bonds (junk bonds) may be subject to greater volatility and risks as the income derived from these securities is not guaranteed and may be unpredictable and the value of these securities tends to decline when the interest rate increases.

Transamerica Funds Annual Report 2018

Page    53

Transamerica Dynamic Income

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Shares		Value
EXCHANGE-TRADED FUNDS - 76.2%
International Fixed Income Funds - 11.0%
iShares Emerging Markets High Yield Bond ETF (A)		141,492		$  6,406,758
VanEck Vectors Emerging Markets High Yield Bond ETF (A)		783,281		17,835,308
				24,242,066
U.S. Equity Fund - 19.5%
Global SuperDividend US ETF (A)		1,761,084		43,146,558
U.S. Fixed Income Funds - 45.7%
iShares 20+ Year Treasury Bond ETF		118,869		13,501,141
iShares MBS ETF (A)		67,300		6,897,577
SPDR Bloomberg Barclays Short Term High Yield Bond ETF (A)		1,600,953		43,321,788
Vanguard Long-Term Bond ETF (A)		439,679		37,082,527
				100,803,033
Total Exchange-Traded Funds (Cost $178,648,372)				168,191,657
INVESTMENT COMPANIES - 23.7%
International Fixed Income Fund - 11.5%
VanEck Vectors J.P. Morgan EM Local Currency Bond ETF		788,443		25,435,155
U.S. Equity Fund - 4.0%
Invesco S&P 500 High Dividend		221,006		8,895,492
U.S. Fixed Income Fund - 1.2%
iShares Core 10+ Year USD Bond ETF		45,814		2,631,767

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Mixed Allocation Fund - 7.0%
Global X MLP ETF (A)		1,740,217		$   15,366,116
Total Investment Companies (Cost $57,517,520)				52,328,530
OTHER INVESTMENT COMPANY - 10.1%
Securities Lending Collateral - 10.1%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 2.19% (B)		22,251,612		22,251,612
Total Other Investment Company (Cost $22,251,612)				22,251,612
	Principal		Value
REPURCHASE AGREEMENT - 0.4%
Fixed Income Clearing Corp., 1.25% (B), dated 10/31/2018, to be repurchased at $850,118 on 11/01/2018. Collateralized by a U.S. Government Obligation, 2.13%, due 08/15/2021, and with a value of $870,744.		$  850,088		850,088
Total Repurchase Agreement (Cost $850,088)				850,088
Total Investments (Cost $259,267,592)				243,621,887
Net Other Assets (Liabilities) - (10.4)%				(22,992,548	)
Net Assets - 100.0%				$  220,629,339

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	$	168,191,657	$	—	$	—	$	168,191,657
Investment Companies		52,328,530		—		—		52,328,530
Other Investment Company		22,251,612		—		—		22,251,612
Repurchase Agreement		—		850,088		—		850,088
Total Investments	$	242,771,799	$	850,088	$	—	$	243,621,887

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 $21,584,365. 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, 2018.
(C)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. 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 2018

Page    54

Transamerica Emerging Markets Debt

(unaudited)

MARKET ENVIRONMENT

The 12-month period ended on October 31st, 2018, has been a tough time for emerging market assets with the majority of underperformance coming in the second quarter of 2018. The end of 2017 saw many participants excited about the prospects for a better global growth outlook and hopes that the Trump administration could moderate its stance on global trade. Instead, we saw a delinking of global growth led by idiosyncratic stories in emerging markets, U.S. dollar strength, worries around China being able to stimulate the way it has in the past, and weaker European data, partly on the strength of oil. The Trump administration settled on a new form of North American Free Trade Agreement, but doubled down on its efforts to change the current U.S.-China trade relationship. Emerging market spreads widened, markets worried about the availability of financing, and the most vulnerable emerging market economies like Argentina and Turkey suffered dramatically. Interestingly, at the corporate level, leverage has remained steady to slightly lower and we have seen better balance sheet management despite the macro worries and continued strength of the U.S. dollar.

PERFORMANCE

For the year ended October 31, 2018, Transamerica Emerging Markets Debt (Class A) returned -6.65%, excluding any sales charges. By comparison, its benchmark, the J.P. Morgan Emerging Markets Bond Index Global, returned -5.27%.

STRATEGY REVIEW

The portfolio underperformed its benchmark during the past year. Local currency assets were the biggest detractor for the fund over the past twelve months with South Africa and Turkey being the two worst contributors. In Turkey, much of the currency exposure was hedged and the portfolio was underweight sovereign bond duration on the hard currency side which helped offset some of the drag from local bonds, but it was not enough to fully sterilize a move to the downside. South Africa followed a similar but less dramatic pattern with sentiment eroding regarding global growth and countries with dual deficits.

Many of the themes from the past twelve months reversed themselves in 2018. Down in quality issues underperformed higher quality debt. Oil price recovery helped some economies, but dollar movement was more important to total returns. Continued trade tensions with China further fueled the dollar strength, weighing on base metals and impacting some of the more global growth sensitive assets. Exposure to high yield U.S. dollar sovereigns, which are more reliant on capital market access as well as investor sentiment, hurt returns as the strategy held large positions in several countries, including Argentinian sovereign debt. On the opposite side, oil based assets performed well with Middle Eastern spreads outperforming and even names like Angola generating positive returns.

Hard currency returns were driven by idiosyncratic stories on both the corporate and sovereign side. Corporates were the best performing asset class during the year, with the portfolio’s continued focus on either high quality export based companies or places where management was actively reducing leverage. Brazilian corporates were the poster child for reducing leverage with some high quality holdings continuing to deliver on their promise to aggressively de-lever. Even some high yield issuers were selling assets and paying down debt. As an asset class, corporate exposure in the Fund detracted modestly, but outperformed the other assets handily. Sovereigns were a question of vulnerability, the best performers were the countries with solid balance sheets, such as Saudi Arabia and Qatar in the gulf region, and the more vulnerable, like Argentina, offsetting the strength in high quality.

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

Todd Howard, CFA

Scott Moses, CFA

Co-Portfolio Managers

Logan Circle Partners

Fund Characteristics	Years
Average Maturity §		8.50
Duration †		4.55
Credit Quality ‡	Percentage of Net Assets
AAA		5.0	%
AA		1.7
A		9.9
BBB		23.8
BB		19.2
B		28.8
CCC and Below		5.9
Not Rated		12.2
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.

‡ 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.

^ 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 2018

Page    55

Transamerica Emerging Markets Debt

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		(11.06	)%		1.27	%		3.62	%		08/31/2011
Class A (NAV)		(6.65	)%		2.26	%		4.33	%		08/31/2011
J.P. Morgan Emerging Markets Bond Index Global (A)		(5.27	)%		3.61	%		4.40	%
Class C (POP)		(8.27	)%		1.55	%		3.60	%		08/31/2011
Class C (NAV)		(7.36	)%		1.55	%		3.60	%		08/31/2011
Class I (NAV)		(6.36	)%		2.62	%		4.68	%		08/31/2011
Class I2 (NAV)		(6.21	)%		2.71	%		4.77	%		08/31/2011
Class R6 (NAV)		(6.30	)%		N/A			3.08	%		05/29/2015
Class T1 (POP)		(8.83	)%		N/A			(1.71	)%		03/17/2017
Class T1 (NAV)		(6.51	)%		N/A			(0.19	)%		03/17/2017
Advisor Class (NAV)		(6.43	)%		N/A			2.88	%		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.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 4.75% for A shares 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. If a sales charge had been deducted, the results would have been lower. 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 and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower.

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

The risks of investing in foreign securities are magnified in emerging markets. These may include risks related to market and currency volatility, adverse social and political developments, and the relativity small size and less liquidity of these markets. Debt investing is subject to credit risk and interest rate risk. Credit risks is the risk that the issuer of a bond won’t meet their payments and Interest rate risk is the risk that fluctuations in interest rates will affect the price of a bond.

Transamerica Funds Annual Report 2018

Page    56

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES - 37.3%
Argentina - 1.8%
Pampa Energia SA
7.38%, 07/21/2023 (A)		$  2,713,000		$  2,505,998
7.50%, 01/24/2027 (A)		3,610,000		3,158,750
YPF SA
8.50%, 03/23/2021 (A)		3,130,000		3,159,735
8.75%, 04/04/2024 (A)		3,665,000		3,610,025
				12,434,508
Austria - 1.7%
ESAL GmbH 6.25%, 02/05/2023 (A) (B)		2,900,000		2,845,625
JBS Investments II GmbH 7.00%, 01/15/2026 (A) (B)		1,975,000		1,950,313
Suzano Austria GMBH 6.00%, 01/15/2029 (A)		3,575,000		3,642,031
Suzano Austria GmbH 7.00%, 03/16/2047 (A)		2,973,000		3,100,839
				11,538,808
Bahrain - 1.0%
Oil & Gas Holding Co.
7.63%, 11/07/2024 (A)		3,700,000		3,651,148
8.38%, 11/07/2028 (A)		2,745,000		2,745,000
				6,396,148
Bermuda - 1.1%
Digicel Group, Ltd.
7.13%, 04/01/2022 (A) (B)		5,743,000		3,582,254
8.25%, 09/30/2020 (A)		5,485,000		3,921,830
				7,504,084
Brazil - 0.6%
Samarco Mineracao SA
4.13%, 11/01/2022 (A) (C)		1,975,000		1,471,395
5.38%, 09/26/2024 (A) (C)		800,000		617,000
5.75%, 10/24/2023 (A) (C)		2,105,000		1,620,850
				3,709,245
Canada - 1.3%
First Quantum Minerals, Ltd. 6.88%, 03/01/2026 (A) (B)		3,615,000		3,126,975
Frontera Energy Corp. 9.70%, 06/25/2023 (A)		2,875,000		3,041,750
Vale Canada, Ltd. 7.20%, 09/15/2032		2,220,000		2,428,680
				8,597,405
Cayman Islands - 1.6%
Comunicaciones Celulares SA Via Comcel Trust 6.88%, 02/06/2024 (A) (B)		3,400,000		3,477,775
Odebrecht Drilling Norbe VIII / IX, Ltd. 6.35%, 12/01/2021 (D)		2,784,375		2,735,676
Sands China, Ltd. 5.40%, 08/08/2028 (A)		1,645,000		1,572,022
Vale Overseas, Ltd. 6.88%, 11/10/2039		2,765,000		3,100,947
				10,886,420
Chile - 0.7%
Empresa Nacional del Petroleo 5.25%, 11/06/2029 (A)		4,650,000		4,638,189

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Colombia - 0.3%
Transportadora de Gas Internacional SA ESP 5.55%, 11/01/2028 (A) (E)		$   2,150,000		$   2,160,965
Dominican Republic - 0.5%
Aeropuertos Dominicanos Siglo XXI SA 6.75%, 03/30/2029 (A)		3,255,000		3,246,863
Ecuador - 1.4%
Petroamazonas EP 4.63%, 02/16/2020 - 11/06/2020 (A)		10,040,000		9,633,889
Indonesia - 0.6%
Pelabuhan Indonesia II PT 5.38%, 05/05/2045 (A)		3,765,000		3,303,788
Perusahaan Listrik Negara PT 6.25%, 01/25/2049 (A) (B)		745,000		730,572
				4,034,360
Ireland - 0.8%
C&W Senior Financing DAC
6.88%, 09/15/2027 (A)		2,295,000		2,185,988
7.50%, 10/15/2026 (A)		3,315,000		3,323,287
				5,509,275
Israel - 0.3%
Israel Chemicals, Ltd. 6.38%, 05/31/2038 (D)		2,335,000		2,316,554
Kazakhstan - 0.4%
KazMunayGas National Co. JSC 6.38%, 10/24/2048 (A)		2,550,000		2,587,215
Luxembourg - 4.1%
Altice Luxembourg SA 7.63%, 02/15/2025 (A) (B)		6,050,000		5,157,625
Atento Luxco 1 SA 6.13%, 08/10/2022 (A)		3,250,000		3,185,000
CSN Resources SA
6.50%, 07/21/2020 (B) (D)		7,500,000		7,291,425
6.50%, 07/21/2020 (A) (B)		2,610,000		2,537,416
Millicom International Cellular SA 6.63%, 10/15/2026 (A)		3,375,000		3,408,750
Minerva Luxembourg SA 5.88%, 01/19/2028 (A)		4,500,000		3,891,150
Rumo Luxembourg Sarl 5.88%, 01/18/2025 (A)		2,415,000		2,297,293
				27,768,659
Mexico - 4.4%
Banco Mercantil del Norte SA Fixed until 01/06/2028, 7.63% (F), 01/10/2028 (A) (G)		4,585,000		4,481,883
Cometa Energia SA de CV 6.38%, 04/24/2035 (A)		2,768,535		2,674,543
Grupo Bimbo SAB de CV Fixed until 04/17/2023 (G), 5.95% (A) (F)		4,260,000		4,212,288
Mexico City Airport Trust
5.50%, 10/31/2046 (A)		1,155,000		919,380
5.50%, 07/31/2047 (A) (B)		4,830,000		3,864,000
Petroleos Mexicanos
5.35%, 02/12/2028 (A)		1,251,000		1,114,516
6.35%, 02/12/2048 (A)		7,755,000		6,435,099

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

Transamerica Funds Annual Report 2018

Page    57

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Mexico (continued)
Petroleos Mexicanos (continued)
6.50%, 01/23/2029 (A)		$   4,630,000		$   4,430,910
8.63%, 02/01/2022		1,450,000		1,616,765
				29,749,384
Netherlands - 2.8%
Braskem Netherlands Finance BV 4.50%, 01/10/2028 (A)		4,930,000		4,579,970
IHS Netherlands Holdco BV 9.50%, 10/27/2021 (A)		2,525,000		2,540,875
Minejesa Capital BV 4.63%, 08/10/2030 (A)		4,165,000		3,664,950
Petrobras Global Finance BV
5.30%, 01/27/2025		1,655,000		1,578,456
5.75%, 02/01/2029		4,555,000		4,203,582
SABIC Capital II BV 4.50%, 10/10/2028 (A) (B)		2,400,000		2,351,040
				18,918,873
Nigeria - 0.6%
SEPLAT Petroleum Development Co. PLC 9.25%, 04/01/2023 (A)		4,276,000		4,330,305
Northern Mariana Islands - 0.8%
MTN Mauritius Investments, Ltd.
5.37%, 02/13/2022 (A)		700,000		672,280
6.50%, 10/13/2026 (A) (B)		4,960,000		4,783,920
				5,456,200
Paraguay - 0.5%
Telefonica Celular del Paraguay SA 6.75%, 12/13/2022 (A)		3,055,000		3,101,100
Singapore - 0.4%
Medco Platinum Road Pte, Ltd. 6.75%, 01/30/2025 (A)		2,760,000		2,518,003
Spain - 0.5%
AI Candelaria Spain SLU 7.50%, 12/15/2028 (A)		3,690,000		3,630,222
Turkey - 3.1%
QNB Finansbank AS 4.88%, 05/19/2022 (A) (B)		8,325,000		7,688,620
Turkcell Iletisim Hizmetleri AS 5.80%, 04/11/2028 (A) (B)		5,000,000		4,323,400
Turkiye Is Bankasi AS 6.13%, 04/25/2024 (A)		6,335,000		5,242,909
Turkiye Vakiflar Bankasi TAO 5.75%, 01/30/2023 (A)		4,300,000		3,704,519
				20,959,448
United Arab Emirates - 1.2%
Acwa Power Management And Investments One, Ltd. 5.95%, 12/15/2039 (A)		4,060,000		3,836,221
DP World, Ltd. 5.63%, 09/25/2048 (A)		1,645,000		1,553,867
Oztel Holdings SPC, Ltd. 6.63%, 04/24/2028 (A)		2,400,000		2,351,520
				7,741,608

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
United Kingdom - 1.5%
MARB BondCo PLC 6.88%, 01/19/2025 (A)		$   2,755,000		$   2,588,873
Tullow Oil PLC 7.00%, 03/01/2025 (A) (B)		3,900,000		3,822,390
Vedanta Resources PLC 6.13%, 08/09/2024 (A)		4,455,000		3,930,843
				10,342,106
United States - 1.8%
Braskem America Finance Co. 7.13%, 07/22/2041 (A)		3,650,000		4,056,062
Freeport-McMoRan, Inc. 5.45%, 03/15/2043		3,350,000		2,839,125
SASOL Financing USA LLC 6.50%, 09/27/2028		5,270,000		5,333,677
				12,228,864
Venezuela - 0.7%
Petroleos de Venezuela SA
5.50%, 04/12/2037 (D)		7,280,000		1,310,400
6.00%, 11/15/2026 (D) (H)		8,800,000		1,518,000
8.50%, 10/27/2020 (D) (H)		1,945,000		1,813,712
				4,642,112
Virgin Islands, British - 0.8%
GTL Trade Finance, Inc. 7.25%, 04/16/2044 (A)		5,075,000		5,278,051
Total Corporate Debt Securities (Cost $263,110,669)				251,858,863
FOREIGN GOVERNMENT OBLIGATIONS - 58.3%
Angola - 1.5%
Angola Government International Bond
8.25%, 05/09/2028 (A) (B)		6,350,000		6,343,587
9.38%, 05/08/2048 (A)		2,750,000		2,763,970
Republic of Angola Via Northern Lights III BV 7.00%, 08/17/2019 (D)		1,193,750		1,198,155
				10,305,712
Argentina - 5.9%
Argentina Republic Government International Bond
2.50% (I), 12/31/2038		7,035,000		3,918,495
4.63%, 01/11/2023		6,925,000		5,851,625
5.63%, 01/26/2022		2,290,000		2,055,275
6.25%, 04/22/2019		3,725,000		3,745,487
6.63%, 07/06/2028 (B)		5,420,000		4,300,824
6.88%, 04/22/2021		1,845,000		1,764,743
7.13%, 07/06/2036		4,580,000		3,483,136
7.63%, 04/22/2046		4,000,000		3,130,000
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		630,960
Provincia de Buenos Aires
5.75%, 06/15/2019 (D)		3,675,000		3,651,848
6.50%, 02/15/2023 (A)		5,200,000		4,446,000
7.88%, 06/15/2027 (A)		3,375,000		2,637,596
				39,615,989

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

Transamerica Funds Annual Report 2018

Page    58

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Bahrain - 0.7%
Bahrain Government International Bond 5.88%, 01/26/2021 (A)		$   4,675,000		$   4,663,126
Brazil - 2.4%
Brazil Notas do Tesouro Nacional Series F, 10.00%, 01/01/2025 - 01/01/2029		BRL  58,890,000		15,985,704
Cayman Islands - 0.3%
KSA Sukuk, Ltd. 4.30%, 01/19/2029 (A)		$  2,040,000		1,999,049
Chile - 1.5%
Bonos de la Tesoreria de la Republica en pesos 4.50%, 03/01/2021 - 03/01/2026		CLP  7,005,000,000		10,140,906
Colombia - 2.3%
Colombia TES
Series B,
6.25%, 11/26/2025		COP  16,796,500,000		5,048,135
7.00%, 05/04/2022		17,744,100,000		5,695,894
7.50%, 08/26/2026		15,819,400,000		5,064,917
				15,808,946
Cote d’Ivoire - 1.0%
Ivory Coast Government International Bond 5.75% (I), 12/31/2032 (A)		$  7,242,750		6,556,601
Croatia - 0.3%
Croatia Government International Bond 6.00%, 01/26/2024 (A) (B)		1,590,000		1,712,614
Dominican Republic - 1.3%
Dominican Republic International Bond
6.00%, 07/19/2028 (A)		3,635,000		3,603,194
6.85%, 01/27/2045 (A)		5,530,000		5,447,050
				9,050,244
Ecuador - 1.0%
Ecuador Government International Bond
7.88%, 01/23/2028 (A)		2,685,000		2,243,855
8.88%, 10/23/2027 (A)		3,100,000		2,724,900
10.50%, 03/24/2020 (D)		2,000,000		2,050,000
				7,018,755
Egypt - 0.3%
Egypt Government International Bond 6.59%, 02/21/2028 (A)		2,180,000		1,996,597
Gabon - 0.6%
Gabon Government International Bond 6.38%, 12/12/2024 (A)		4,250,000		3,861,295
Ghana - 0.6%
Ghana Government International Bond 10.75%, 10/14/2030 (A)		3,585,000		4,297,626

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Hungary - 1.9%
Hungary Government Bond
1.75%, 10/26/2022		HUF  928,820,000		$   3,180,972
2.50%, 10/24/2024		2,925,520,000		9,891,322
				13,072,294
Indonesia - 4.5%
Indonesia Government International Bond
3.38%, 04/15/2023 (A) (B)		$  2,040,000		1,949,987
3.75%, 04/25/2022 (A)		3,500,000		3,433,616
4.35%, 01/08/2027 (A)		3,760,000		3,613,811
4.75%, 01/08/2026 (A)		2,000,000		1,976,594
5.25%, 01/08/2047 (A)		3,455,000		3,316,714
Indonesia Treasury Bond
7.50%, 08/15/2032		IDR  91,856,000,000		5,368,463
8.25%, 05/15/2036		25,935,000,000		1,596,787
8.38%, 03/15/2034		37,454,000,000		2,350,347
8.75%, 05/15/2031		25,000,000,000		1,635,239
Perusahaan Penerbit SBSN Indonesia III 4.40%, 03/01/2028 (A)		$  5,420,000		5,139,027
				30,380,585
Kazakhstan - 0.6%
KazAgro National Management Holding JSC 4.63%, 05/24/2023 (A)		4,355,000		4,297,732
Kenya - 0.5%
Kenya Government International Bond 7.25%, 02/28/2028 (A) (B)		3,590,000		3,385,729
Mexico - 4.3%
Mexico Bonos
Series M,
6.50%, 06/09/2022		MXN  133,980,000		6,157,741
7.50%, 06/03/2027		42,000,000		1,902,413
8.00%, 12/07/2023 - 11/07/2047		248,718,300		11,571,769
10.00%, 11/20/2036		92,175,300		4,952,348
Mexico Government International Bond
3.60%, 01/30/2025		$  1,820,000		1,725,360
4.00%, 10/02/2023		2,500,000		2,471,250
				28,780,881
Mongolia - 1.0%
Development Bank of Mongolia LLC 7.25%, 10/23/2023 (A)		1,900,000		1,854,875
Mongolia Government International Bond 5.13%, 12/05/2022 (A)		4,855,000		4,592,854
				6,447,729
Oman - 1.3%
Oman Government International Bond 6.75%, 01/17/2048 (A)		3,530,000		3,221,125
Oman Sovereign Sukuk SAOC 5.93%, 10/31/2025 (A)		5,650,000		5,644,350
				8,865,475

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

Transamerica Funds Annual Report 2018

Page    59

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Panama - 0.5%
Panama Government International Bond 4.50%, 04/16/2050		$   3,460,000		$   3,191,850
Peru - 1.4%
Peru Government International Bond
5.70%, 08/12/2024 (A)		PEN  15,154,000		4,669,131
8.20%, 08/12/2026 (A)		14,625,000		5,049,236
				9,718,367
Poland - 2.0%
Republic of Poland Government Bond
3.25%, 07/25/2025		PLN  24,558,000		6,538,944
4.00%, 10/25/2023		24,500,000		6,835,086
				13,374,030
Qatar - 1.4%
Qatar Government International Bond
2.38%, 06/02/2021 (A)		$  2,000,000		1,939,200
5.10%, 04/23/2048 (A)		7,645,000		7,759,675
				9,698,875
Republic of Korea - 0.3%
Export-Import Bank of Korea 6.90%, 01/08/2021 (A)		IDR  30,000,000,000		1,847,854
Republic of South Africa - 2.4%
Republic of South Africa Government Bond
7.00%, 02/28/2031		ZAR  11,593,469		624,260
8.75%, 01/31/2044		72,870,936		4,261,239
8.88%, 02/28/2035		53,773,503		3,284,541
10.50%, 12/21/2026		85,016,646		6,110,941
Republic of South Africa Government International Bond 4.30%, 10/12/2028		$  2,330,000		1,986,325
				16,267,306
Romania - 1.0%
Romania Government Bond
5.00%, 02/12/2029		RON  5,360,000		1,284,638
5.80%, 07/26/2027		21,190,000		5,426,618
				6,711,256
Russian Federation - 1.0%
Russian Federal Bond - OFZ 7.10%, 10/16/2024		RUB  237,500,000		3,395,620
Russian Federation Federal Bond - OFZ 7.00%, 08/16/2023		237,500,000		3,438,813
				6,834,433
Saudi Arabia - 0.3%
Saudi Government International Bond 5.00%, 04/17/2049 (A)		$  1,950,000		1,870,112
Sri Lanka - 1.2%
Sri Lanka Government International Bond
5.13%, 04/11/2019 (A)		3,575,000		3,508,862
6.25%, 07/27/2021 (D)		5,060,000		4,801,763
				8,310,625

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Supranational - 4.2%
Africa Finance Corp. 3.88%, 04/13/2024 (A)		$   2,715,000		$   2,579,793
Banque Ouest Africaine de Developpement 5.00%, 07/27/2027 (A)		4,000,000		3,790,000
Eastern & Southern African Trade & Development Bank 5.38%, 03/14/2022, MTN (D)		4,675,000		4,639,003
European Bank for Reconstruction & Development
7.38%, 04/15/2019, MTN		IDR  137,440,000,000		8,928,515
10.00%, 11/16/2018, MTN		71,900,000,000		4,720,026
European Investment Bank 7.20%, 07/09/2019, MTN (D)		27,200,000,000		1,756,616
Inter-American Development Bank 9.50%, 04/15/2019, MTN		30,990,000,000		2,029,919
				28,443,872
Turkey - 2.0%
Export Credit Bank of Turkey 6.13%, 05/03/2024 (A)		$  5,205,000		4,658,475
Turkey Government International Bond 7.25%, 12/23/2023 (B)		9,000,000		8,933,400
				13,591,875
Ukraine - 4.0%
Ukraine Government International Bond
7.75%, 09/01/2019 - 09/01/2027 (A)		9,385,000		9,164,214
7.75%, 09/01/2020 - 09/01/2025 (D)		13,215,000		12,922,038
9.75%, 11/01/2028 (A) (E)		4,675,000		4,615,627
				26,701,879
United Kingdom - 1.0%
Ukreximbank Via Biz Finance PLC
9.63%, 04/27/2022 (A)		3,700,000		3,733,515
9.75%, 01/22/2025 (D)		2,760,000		2,746,244
				6,479,759
Venezuela - 1.0%
Venezuela Government International Bond
8.25%, 10/13/2024 (H)		6,095,000		1,523,750
9.00%, 05/07/2023 (D) (H)		9,260,000		2,338,150
9.25%, 09/15/2027 (H)		12,230,000		3,088,075
				6,949,975
Zambia - 0.8%
Zambia Government International Bond 5.38%, 09/20/2022 (A)		7,795,000		5,247,828
Total Foreign Government Obligations (Cost $421,282,455)				393,483,485

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

Transamerica Funds Annual Report 2018

Page    60

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Shares		Value
COMMON STOCKS - 0.4%
Colombia - 0.2%
Frontera Energy Corp. (K)		93,356		$   1,216,429
United States - 0.2%
NII Holdings, Inc. (B) (K)		193,157		1,201,436
Total Common Stocks (Cost $8,649,557)				2,417,865
	Principal		Value
SHORT-TERM FOREIGN GOVERNMENT OBLIGATIONS - 0.9%
Argentina - 0.9%
Bonos de la Nacion Argentina CON Ajuste por CER
0.32% (L), 02/08/2019		ARS  99,804,000		3,678,014
3.75% (L), 02/08/2019		70,176,000		2,586,151
Total Short-Term Foreign Government Obligations (Cost $7,231,422)				6,264,165
	Shares		Value
OTHER INVESTMENT COMPANY - 7.1%
Securities Lending Collateral - 7.1%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 2.19% (L)		47,549,493		47,549,493
Total Other Investment Company (Cost $47,549,493)				47,549,493

	Principal		Value
REPURCHASE AGREEMENT - 2.5%
Fixed Income Clearing Corp., 1.25% (L), dated 10/31/2018, to be repurchased at $16,850,314 on 11/01/2018. Collateralized by a U.S. Government Obligation, 2.13%, due 08/15/2021, and with a value of $17,188,593.		$  16,849,729		$   16,849,729
Total Repurchase Agreement (Cost $16,849,729)				16,849,729
Total Investments (Cost $764,673,325)				718,423,600
Net Other Assets (Liabilities) - (6.5)%				(43,693,840	)
Net Assets - 100.0%				$  674,729,760

FORWARD FOREIGN CURRENCY CONTRACTS:
Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation		Unrealized Depreciation
BCLY		11/30/2018		MXN	218,774,697		USD	11,009,637	$	—	$	(293,267	)
JPM		11/06/2018		USD	5,183,594		RUB	346,523,259		—		(72,922	)
JPM		11/06/2018		RUB	344,729,930		USD	5,131,055		98,258		—
JPM		11/30/2018		TRY	31,917,892		USD	5,668,246		—		(66,404	)
JPM		11/30/2018		USD	13,287,061		ZAR	193,669,540		208,686		—
SCB		10/31/2018		USD	7,197,023		THB	239,013,122		—		—
SCB		11/05/2018		USD	15,656,375		BRL	59,469,577		6,863		(319,456	)
SCB		11/05/2018		BRL	59,469,577		USD	15,951,178		38,370		(20,580	)
SCB		11/23/2018		CLP	8,287,193,386		USD	12,207,155		—		(297,195	)
SCB		11/30/2018		USD	5,278,188		MXN	106,700,682		51,605		—
SCB		11/30/2018		CAD	2,336,415		USD	1,780,791		—		(5,062	)
SCB		11/30/2018		THB	239,013,122		USD	7,194,856		20,308		—
SCB		11/30/2018		ZAR	76,032,202		USD	5,110,309		24,095		—
SCB		11/30/2018		USD	1,997,639		ZAR	29,160,136		28,474		—
TDB		11/05/2018		USD	8,096,183		BRL	30,099,179		13,852		—
TDB		11/05/2018		BRL	30,099,179		USD	7,740,563		341,768		—
TDB		11/30/2018		CZK	88,672,917		USD	3,906,761		—		(31,882	)
TDB		11/30/2018		PLN	45,591,916		USD	12,017,564		—		(128,538	)
Total									$	832,279	$	(1,235,306	)

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

Transamerica Funds Annual Report 2018

Page    61

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

INVESTMENTS BY INDUSTRY (unaudited):

Industry	Percentage of Total Investments			Value
Foreign Government Obligations		54.8	%	$	393,483,485
Oil, Gas & Consumable Fuels		10.4			74,766,705
Metals & Mining		4.8			34,242,707
Wireless Telecommunication Services		4.6			33,232,440
Banks		2.9			21,117,931
Chemicals		2.6			18,637,303
Food Products		2.2			15,488,249
Transportation Infrastructure		1.7			11,881,403
Electric Utilities		1.4			10,060,270
Paper & Forest Products		0.9			6,742,870
Media		0.7			5,157,625
Professional Services		0.5			3,836,221
Marine		0.5			3,303,788
Commercial Services & Supplies		0.4			3,185,000
Diversified Telecommunication Services		0.4			3,101,100
Energy Equipment & Services		0.4			2,735,676
Independent Power & Renewable Electricity Producers		0.4			2,674,543
Communications Equipment		0.4			2,540,875
Hotels, Restaurants & Leisure		0.2			1,572,022
Investments, at Value		90.2			647,760,213
Short-Term Investments		9.8			70,663,387
Total Investments		100.0	%	$	718,423,600

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	$	—	$	251,858,863		$	—	$	251,858,863
Foreign Government Obligations		—		393,483,485			—		393,483,485
Common Stocks		2,417,865		—			—		2,417,865
Short-Term Foreign Government Obligations		—		6,264,165			—		6,264,165
Other Investment Company		47,549,493		—			—		47,549,493
Repurchase Agreement		—		16,849,729			—		16,849,729
Total Investments	$	49,967,358	$	668,456,242		$	—	$	718,423,600
Other Financial Instruments
Forward Foreign Currency Contracts (N)	$	—	$	832,279		$	—	$	832,279
Total Other Financial Instruments	$	—	$	832,279		$	—	$	832,279
LIABILITIES
Other Financial Instruments
Forward Foreign Currency Contracts (N)	$	—	$	(1,235,306	)	$	—	$	(1,235,306	)
Total Other Financial Instruments	$	—	$	(1,235,306	)	$	—	$	(1,235,306	)

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

Transamerica Funds Annual Report 2018

Page    62

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

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, 2018, the total value of 144A securities is $371,928,860, representing 55.1% 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 $46,549,840. 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, 2018, the total value of such securities is $3,709,245, representing 0.5% of the Fund’s net assets.
(D)	Securities are exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At October 31, 2018, the total value of Regulation S securities is $53,089,584, representing 7.9% 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, 2018. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(F)	Floating or variable rate securities. The rates disclosed are as of October 31, 2018. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(G)	Perpetual maturity. The date displayed is the next call date.
(H)	Securities in default; partial receipt of interest payments and/or dividends declared at last payment date. At October 31, 2018, the total value of such securities is $10,281,687, representing 1.5% of the Fund’s net assets.
(I)	Step bonds. Coupon rates change in increments to maturity. The rates disclosed are as of October 31, 2018; the maturity dates disclosed are the ultimate maturity dates.
(J)	Percentage rounds to less than 0.01% or (0.01)%.
(K)	Non-income producing securities.
(L)	Rates disclosed reflect the yields at October 31, 2018.
(M)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. 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
CAD	Canadian Dollar
CLP	Chilean Peso
COP	Columbian Peso
CZK	Czech Republic Koruna
HUF	Hungarian Forint
IDR	Indonesian Rupiah
MXN	Mexican Peso
PEN	Peruvian Sol
PLN	Polish Zloty
RON	New Romanian Leu
RUB	Russian Ruble
THB	Thai Baht
TRY	Turkish New Lira
USD	United States Dollar
ZAR	South African Rand

COUNTERPARTY ABBREVIATIONS:

BCLY	Barclays Bank PLC
JPM	JPMorgan Chase Bank, N.A.
SCB	Standard Chartered Bank
TDB	Toronto Dominion Bank

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

Transamerica Funds Annual Report 2018

Page    63

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

PORTFOLIO ABBREVIATIONS:

GDP	Gross Domestic Product
MTN	Medium Term Note
STRIPS	Separate Trading of Registered Interest and Principal of Securities

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

Transamerica Funds Annual Report 2018

Page    64

Transamerica Emerging Markets Equity

(unaudited)

MARKET ENVIRONMENT

Emerging markets were significantly negative over the fiscal year ended October 31, 2018.

Volatility returned to global markets as widespread risk-off sentiment sent stocks sharply lower. Despite strong economic data and solid earnings results, markets instead focused on rising interest rates, trade tensions and their potential implications on future earnings growth. The swift change in market sentiment was especially notable in shares of some widely followed technology giants, many of which saw large pullbacks amid heavy selling pressure.

Chinese equities sold off significantly on concerns of slowing economic growth or debt crisis. The Chinese government seemingly failed to settle nerves when reporting 6.7% gross domestic product growth in the second quarter of 2018, comfortably above their 6.5% gross domestic product growth target for 2018.

Investors have a variety of issues to fret over, including ongoing political turmoil, tariff announcements, numerous contentious elections, etc. Sticking with a long-term investment approach is certainly more difficult to do when markets aren’t going straight up; however, sell-offs and volatility indicate a healthier investing environment, which could help extend the current growth cycle.

PERFORMANCE

For the year ended October 31, 2018, Transamerica Emerging Markets Equity (Class A) returned -15.32%, excluding any sales charges. By comparison, its benchmark, the MSCI Emerging Markets Index, returned -12.19%.

STRATEGY REVIEW

ClariVest employs a strategy of identifying and investing in the securities of firms entering or extending a fundamental growth cycle. We manage this strategy by marrying it with a disciplined approach to portfolio construction. We maintain a balanced profile of growth and value, as demonstrated by a positive exposure to recent earnings growth relative to benchmark, as well as a positive exposure to valuation (via such measures as earnings to price) relative to the benchmark.

The Fund underperformed its benchmark due largely to holdings in consumer discretionary and financials and an overweight in information technology. On a country basis, our holdings in Taiwan were the largest detractors. Individual detractors included Chinese automotive manufacturer Brilliance China Automotive Holdings, Ltd. and Indian automaker Tata Motors, Ltd. While sales were strong for Brilliance China Automotive Holdings, Ltd., higher-than-expected discounting led to slower margin expansion. Tariff concerns also weighed on the share price. Tata Motors, Ltd. was hurt by an earnings miss within its Jaguar Land Rover segment, which saw a decline in all key regions except for China.

Holdings within information technology and materials and an overweight in energy contributed to relative performance. On a country basis, an overweight and holdings in Brazil were the largest contributors, followed by holdings in South Korea. Top stock-level contributors included Vale SA, ADR, a Brazilian mining company, and CNOOC, Ltd., a Chinese producer of offshore crude oil and natural gas. Vale SA, ADR’s record-beating production, amid rising prices for its high-quality grade iron ore, helped it deliver better-than-expected results. CNOOC, Ltd. was helped by higher crude prices, resulting in increased revenue.

Stacey Nutt

David R. Vaughn, CFA

Priyanshu Mutreja, CFA

Alex Turner, CFA

Co-Portfolio Managers

ClariVest Asset Management LLC

Asset Allocation	Percentage of Net Assets
Common Stocks		95.8	%
Repurchase Agreement		2.5
Preferred Stock		1.0
Investment Company		0.7
Other Investment Company		0.2
Net Other Assets (Liabilities)		(0.2	)
Total		100.0	%

Transamerica Funds Annual Report 2018

Page    65

Transamerica Emerging Markets Equity

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		(19.98	)%		(2.35	)%		(1.17	)%		04/30/2012
Class A (NAV)		(15.32	)%		(1.23	)%		(0.31	)%		04/30/2012
MSCI Emerging Markets Index (A)		(12.19	)%		1.15	%		1.87	%
Class C (POP)		(16.79	)%		(1.89	)%		(0.96	)%		04/30/2012
Class C (NAV)		(15.95	)%		(1.89	)%		(0.96	)%		04/30/2012
Class I (NAV)		(15.01	)%		(0.87	)%		0.03	%		04/30/2012
Class I2 (NAV)		(14.94	)%		(0.77	)%		0.13	%		04/30/2012
Class T1 (POP)		(17.28	)%		N/A			(2.50	)%		03/17/2017
Class T1 (NAV)		(15.18	)%		N/A			(0.99	)%		03/17/2017
Advisor Class (NAV)		(15.09	)%		N/A			7.43	%		12/16/2016

^(A) The MSCI Emerging Markets Index captures large and mid-cap representation across emerging markets countries.

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

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

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

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

The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the Fund fall, the value of the Fund will decline. The risks of investing in foreign securities are magnified in emerging markets. These may include risks related to market and currency volatility, adverse social and political developments and the relatively small size and less liquidity of these markets.

Transamerica Funds Annual Report 2018

Page    66

Transamerica Emerging Markets Equity

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Shares		Value
COMMON STOCKS - 95.8%
Brazil - 8.7%
Ambev SA		2,082,100		$  9,141,882
Banco do Brasil SA		387,800		4,454,776
Banco Santander Brasil SA		1,183,785		13,423,546
Estacio Participacoes SA		783,400		4,869,016
Fleury SA		279,900		1,568,162
JBS SA		1,362,400		3,752,412
MRV Engenharia e Participacoes SA		682,700		2,318,777
Petroleo Brasileiro SA, ADR		826,400		12,247,248
Suzano Papel e Celulose SA		292,900		2,978,977
Vale SA, ADR		1,332,900		20,126,790
				74,881,586
China - 29.0%
Agricultural Bank of China, Ltd., H Shares		12,250,000		5,392,203
Air China, Ltd., H Shares		7,404,000		5,985,831
Alibaba Group Holding, Ltd., ADR (A)		168,000		23,903,040
Angang Steel Co., Ltd., Class H		3,928,000		3,359,053
Anhui Conch Cement Co., Ltd., H Shares		1,555,500		8,062,374
ANTA Sports Products, Ltd.		2,421,000		9,995,198
Baidu, Inc., ADR (A)		96,400		18,321,784
Bank of China, Ltd., Class H		29,120,000		12,406,324
China Communications Construction Co., Ltd., Class H		12,038,000		11,037,707
China Communications Services Corp., Ltd., H Shares		3,340,000		2,706,638
China Conch Venture Holdings, Ltd.		3,953,000		11,122,093
China Construction Bank Corp., Class H		18,928,000		15,020,253
China National Building Material Co., Ltd., H Shares		6,666,000		4,792,618
China Railway Group, Ltd., H Shares		15,808,000		14,127,794
CNOOC, Ltd.		7,575,000		12,900,065
Country Garden Holdings Co., Ltd.		2,089,000		2,248,095
CSPC Pharmaceutical Group, Ltd.		1,950,000		4,155,074
Geely Automobile Holdings, Ltd.		2,598,000		5,006,350
Industrial & Commercial Bank of China, Ltd., Class H		9,959,000		6,756,908
KWG Group Holdings, Ltd. (A)		3,206,500		2,460,749
Momo, Inc., ADR (A)		150,400		5,048,928
PetroChina Co., Ltd., Class H		27,270,000		19,607,766
PICC Property & Casualty Co., Ltd., Class H		6,766,000		6,576,820
Shandong Weigao Group Medical Polymer Co., Ltd., Class H		3,860,000		3,457,588
Sinopec Shanghai Petrochemical Co., Ltd., Class H		3,098,000		1,361,396
Sinopharm Group Co., Ltd., Class H		810,800		3,927,799
Tencent Holdings, Ltd.		857,400		29,373,890
				249,114,338
Hong Kong - 1.2%
China Mengniu Dairy Co., Ltd. (A)		1,068,000		3,160,084
China Overseas Land & Investment, Ltd.		1,576,000		4,954,689
Haier Electronics Group Co., Ltd. (A)		1,119,000		2,349,876
				10,464,649
Hungary - 1.3%
MOL Hungarian Oil & Gas PLC		415,328		4,354,819
OTP Bank Nyrt		174,661		6,274,772
				10,629,591

	Shares		Value
COMMON STOCKS (continued)
India - 10.8%
Escorts, Ltd.		309,958		$   2,631,284
GAIL India, Ltd.		571,393		2,901,135
Graphite India, Ltd.		129,551		1,667,130
HDFC Bank, Ltd., ADR		106,261		9,447,666
Hindalco Industries, Ltd.		1,244,129		3,704,410
ICICI Bank, Ltd., ADR		458,920		4,355,151
Infosys, Ltd., ADR		1,456,800		13,795,896
JSW Steel, Ltd.		593,370		2,719,419
Mahindra & Mahindra, Ltd.		571,720		5,915,921
Mindtree, Ltd.		471,584		5,460,753
Mphasis, Ltd.		143,812		1,922,530
Tata Consultancy Services, Ltd.		849,301		22,224,019
Tata Steel, Ltd.		585,013		4,379,977
Tech Mahindra, Ltd.		1,189,660		11,983,361
				93,108,652
Indonesia - 0.7%
Adaro Energy Tbk PT		22,641,700		2,460,383
Bank Negara Indonesia Persero Tbk PT		7,966,800		3,846,743
				6,307,126
Malaysia - 1.5%
Malaysia Airports Holdings Bhd.		1,089,800		2,166,182
Petronas Chemicals Group Bhd.		2,760,100		6,171,437
Tenaga Nasional Bhd.		1,378,500		4,845,614
				13,183,233
Mexico - 4.2%
America Movil SAB de CV, Class L, ADR		921,300		13,257,507
Fomento Economico Mexicano SAB de CV, ADR		60,700		5,163,749
Grupo Financiero Banorte SAB de CV, Class O		2,534,100		13,970,874
Grupo Mexico SAB de CV, Series B		1,490,400		3,437,424
				35,829,554
Peru - 1.3%
Cia de Minas Buenaventura SAA, ADR		200,100		2,769,384
Credicorp, Ltd.		35,105		7,923,550
				10,692,934
Poland - 0.7%
Polski Koncern Naftowy Orlen SA		115,512		2,777,764
Powszechny Zaklad Ubezpieczen SA		325,639		3,318,579
				6,096,343
Republic of Korea - 14.8%
CJ CheilJedang Corp.		7,785		2,220,671
Fila Korea, Ltd.		65,815		2,437,424
GS Engineering & Construction Corp.		100,095		3,690,942
Hana Financial Group, Inc.		263,910		8,889,971
Industrial Bank of Korea		304,399		3,974,994
KB Financial Group, Inc.		290,154		12,083,231
POSCO, ADR		93,800		5,404,756
Samsung Electro-Mechanics Co., Ltd.		126,665		13,221,819
Samsung Electronics Co., Ltd.		928,766		34,769,089
Samsung SDI Co., Ltd.		41,376		8,604,724
Shinhan Financial Group Co., Ltd.		160,772		5,988,082
SK Hynix, Inc.		173,921		10,474,453
SK Telecom Co., Ltd.		50,607		11,890,642
Woori Bank (A)		272,619		3,777,403
				127,428,201

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

Transamerica Funds Annual Report 2018

Page    67

Transamerica Emerging Markets Equity

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Shares		Value
COMMON STOCKS (continued)
Republic of South Africa - 4.1%
Absa Group, Ltd.		391,145		$   3,952,241
Exxaro Resources, Ltd.		206,983		2,116,994
Mondi, Ltd.		101,821		2,436,943
Naspers, Ltd., N Shares		94,184		16,519,953
Sanlam, Ltd.		680,052		3,424,278
Standard Bank Group, Ltd.		616,503		6,830,370
				35,280,779
Russian Federation - 1.7%
Gazprom PJSC, ADR		2,291,349		10,769,340
MMC Norilsk Nickel PJSC, ADR		236,940		3,921,357
				14,690,697
Taiwan - 10.7%
Asia Cement Corp.		4,007,000		4,248,523
Catcher Technology Co., Ltd.		467,000		4,721,922
Chipbond Technology Corp.		1,369,000		2,521,408
CTBC Financial Holding Co., Ltd.		17,181,000		11,504,921
Far Eastern New Century Corp.		2,468,000		2,482,356
Formosa Plastics Corp.		3,678,000		12,027,361
Grand Pacific Petrochemical		3,396,000		2,298,591
Novatek Microelectronics Corp.		601,000		2,658,777
Taiwan Cement Corp.		3,832,800		4,308,392
Taiwan Semiconductor Manufacturing Co., Ltd., ADR		999,000		38,061,900
Yageo Corp.		168,000		1,722,691
Yuanta Financial Holding Co., Ltd.		11,370,000		5,529,214
				92,086,056
Thailand - 4.2%
Beauty Community PCL (B)		7,766,500		2,342,836
Muangthai Capital PCL		2,230,400		3,519,421
PTT Exploration & Production PCL		2,714,500		11,423,009
PTT Global Chemical PCL		4,646,200		10,792,078
PTT PCL		5,299,400		7,997,165
				36,074,509
Turkey - 0.9%
Kardemir Karabuk Demir Celik Sanayi VE Ticaret AS, Class D (A)		3,244,710		1,778,552
Tekfen Holding AS		659,806		2,511,952
Turk Hava Yollari AO (A)		1,417,583		3,570,729
				7,861,233
Total Common Stocks (Cost $899,579,011)				823,729,481

	Shares		Value
PREFERRED STOCK - 1.0%
Brazil - 1.0%
Itausa - Investimentos Itau SA, 4.93% (C)		2,963,450		$   8,950,471
Total Preferred Stock (Cost $8,085,537)				8,950,471
INVESTMENT COMPANY - 0.7%
United States - 0.7%
iShares MSCI Emerging Markets ETF		161,900		6,340,004
Total Investment Company (Cost $7,326,399)				6,340,004
OTHER INVESTMENT COMPANY - 0.2%
Securities Lending Collateral - 0.2%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 2.19% (C)		2,100,000		2,100,000
Total Other Investment Company (Cost $2,100,000)				2,100,000
	Principal		Value
REPURCHASE AGREEMENT - 2.5%
Fixed Income Clearing Corp., 1.25% (C), dated 10/31/2018, to be repurchased at $21,124,530 on 11/01/2018. Collateralized by a U.S. Government Obligation, 2.13%, due 08/15/2021, and with a value of $21,547,235.		$  21,123,797		21,123,797
Total Repurchase Agreement (Cost $21,123,797)				21,123,797
Total Investments (Cost $938,214,744)				862,243,753
Net Other Assets (Liabilities) - (0.2)%				(2,128,024	)
Net Assets - 100.0%				$  860,115,729

INVESTMENTS BY INDUSTRY (unaudited):

Industry	Percentage of Total Investments			Value
Banks		19.6	%	$	169,224,450
Oil, Gas & Consumable Fuels		10.1			86,654,553
IT Services		6.4			55,386,559
Semiconductors & Semiconductor Equipment		6.2			53,716,538
Interactive Media & Services		6.1			52,744,602
Metals & Mining		6.0			51,601,122
Technology Hardware, Storage & Peripherals		4.6			39,491,011
Chemicals		3.8			32,650,863
Construction & Engineering		3.6			31,368,395

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

Transamerica Funds Annual Report 2018

Page    68

Transamerica Emerging Markets Equity

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

INVESTMENTS BY INDUSTRY (unaudited) (continued):

Industry	Percentage of Total Investments			Value
Wireless Telecommunication Services		2.9	%	$	25,148,149
Internet & Direct Marketing Retail		2.8			23,903,040
Electronic Equipment, Instruments & Components		2.7			23,549,234
Construction Materials		2.5			21,411,907
Media		1.9			16,519,953
Beverages		1.7			14,305,631
Machinery		1.6			13,753,377
Insurance		1.6			13,319,677
Textiles, Apparel & Luxury Goods		1.4			12,432,622
Automobiles		1.3			10,922,271
Real Estate Management & Development		1.1			9,663,533
Airlines		1.1			9,556,560
Food Products		1.1			9,133,167
International Equity Funds		0.7			6,340,004
Capital Markets		0.6			5,529,214
Health Care Providers & Services		0.6			5,495,961
Paper & Forest Products		0.6			5,415,920
Diversified Consumer Services		0.6			4,869,016
Electric Utilities		0.6			4,845,614
Household Durables		0.5			4,668,653
Pharmaceuticals		0.5			4,155,074
Consumer Finance		0.4			3,519,421
Health Care Equipment & Supplies		0.4			3,457,588
Gas Utilities		0.3			2,901,135
Diversified Telecommunication Services		0.3			2,706,638
Industrial Conglomerates		0.3			2,482,356
Specialty Retail		0.3			2,342,836
Transportation Infrastructure		0.3			2,166,182
Electrical Equipment		0.2			1,667,130
Investments, at Value		97.3			839,019,956
Short-Term Investments		2.7			23,223,797
Total Investments		100.0	%	$	862,243,753

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	$	254,433,892	$	569,295,589	$	—	$	823,729,481
Preferred Stock		8,950,471		—		—		8,950,471
Investment Company		6,340,004		—		—		6,340,004
Other Investment Company		2,100,000		—		—		2,100,000
Repurchase Agreement		—		21,123,797		—		21,123,797
Total Investments	$	271,824,367	$	590,419,386	$	—	$	862,243,753

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

Transamerica Funds Annual Report 2018

Page    69

Transamerica Emerging Markets Equity

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

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 $1,809,960. 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, 2018.
(E)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(E)	Percentage rounds to less than 0.1% or (0.1)%.

PORTFOLIO ABBREVIATION:

ADR American Depositary Receipt

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

Transamerica Funds Annual Report 2018

Page    70

Transamerica Event Driven

(unaudited)

MARKET ENVIRONMENT

The fiscal year witnessed a large onslaught of economic, geopolitical, fiscal and trade-related news for market participants to digest. In November 2017, the U.S. Congress passed the largest corporate and personal income tax cuts in recent years. Following these cuts, the U.S. economy experienced accelerating growth in many sectors. Businesses experienced increased earnings per share and the so-called “middle-class cuts” augmented consumer spending. In the second quarter of 2018, U.S. gross domestic product jumped 4.2%, the best quarterly annualized return since 2014. The following quarter followed suit with robust returns of 3.5%. The flourishing U.S. economy was a sharp contrast to many international economies that experienced slowing or stagnant growth. As a result, the equity markets for much of the developed world showed very poor performance, creating a large divergence in global equity markets performance from the U.S.

Against the backdrop of strong economic performance, the U.S. Federal Reserve remained on its path of steadily increasing interest rates. This caused the yield curve to flatten, which added considerable concern as this historically indicated an economic slowdown. As of period end, increased interest rates pressured the U.S. high yield market returns to 0.84% year-to-date, in comparison to the 2017 performance of 7.48%, as demonstrated by the ICE BofAML U.S. High Yield Index. This raised eyebrows as high-yield markets have often been viewed as a leading indicator for future economic growth.

Financial asset volatility remained surprisingly benign, with the exceptions of February and October of 2018. As demonstrated by October’s tumultuous markets, rising volatility was a byproduct of the looming increase of the federal funds rate and reduced balanced sheet liquidity.

PERFORMANCE

For the year ended October 31, 2018, Transamerica Event Driven (Class I2) returned 0.58%. By comparison, its benchmark, the ICE BofAML U.S. Dollar LIBOR 3-Month Constant Maturity Index, returned 1.85%.

STRATEGY REVIEW

The Fund is a multi-asset strategy, supported by our fundamental research insights, that seeks to identify catalyst driven/special situations and mispricing in corporate capital structures as well as to monetize volatility increases as they occur around macroeconomic events. We 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. We also use derivative instruments to efficiently express long or short exposure to certain securities.

The Fund’s exposure to the health-care and information technology sectors aided performance, while financials and consumer staples detracted. In terms of asset class, convertible bonds were the largest contributors to performance; whereas the Fund’s equity positions weighed the most. Low levels of volatility in U.S. equity markets for most of the period provided fewer opportunities to exploit mispricing of valuations.

Positive performance came from several positions including a new convertible issue by Etsy, Inc., an e-commerce website. We participated in the new issue due to a strong conviction in the underlying equity and the relative value of its implied volatility relative to historical volatility. Etsy, Inc. posted strong third-quarter results, and the underlying equity increased substantially. Another strong performer was our volatility position in Nutanix, a leading cloud-computing software company. We held a hedged convertible position based on our long bias on the company.

One of the Fund’s bottom performers was our long equity position in Caesars EntertainmentCorp., a global gaming company that emerged from bankruptcy in 2017. As part of its exit financing, the company placed a large convertible issuance, allowing interested parties, such as ourselves, to gain access to management and develop an understanding of the company’s pro forma financials. During the period, the stock traded lower after management’s fiscal year guidance came in below expectations. The Fund’s long equity position in Bank of America was another bottom performer. Financials performed very poorly compared to the S&P 500^®; the flattening yield curve damped the earnings potential of banks.

As of period end, the Fund was diversified with the primary focus on identifying corporate events and catalyst-driven trades using equity, credit, or volatility. Majority of the allocation was in North America. Allocations to Japan and Europe were small. From a sector perspective, the largest concentrations were in consumer discretionary, health care and technology.

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

Odell Lambroza

Tracy Maitland

Co-Portfolio Managers

Advent Capital Management, LLC

Transamerica Funds Annual Report 2018

Page    71

Transamerica Event Driven

(unaudited)

Asset Allocation	Percentage of Net Assets
Convertible Bonds		40.7	%
Repurchase Agreement		29.7
Corporate Debt Securities		18.7
Common Stocks		9.1
Convertible Preferred Stocks		2.8
Other Investment Company		2.0
Exchange-Traded Options Purchased		0.2
Investment Companies Sold Short		(0.4	)
Corporate Debt Securities Sold Short		(3.3	)
Common Stocks Sold Short		(16.8	)
Net Other Assets (Liabilities)^		17.3
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.

Transamerica Funds Annual Report 2018

Page    72

Transamerica Event Driven

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			5 Year		10 Years or Since Inception Date of Class			Inception Date
Class I (NAV)		0.57	%		N/A		3.88	%		11/11/2016
Class I2 (NAV)		0.58	%		N/A		1.52	%		03/31/2015
ICE BofAML U.S. Dollar LIBOR 3-Month Constant Maturity Index (A)		1.85	%		N/A		1.01	%
Advisor Class (NAV)		0.57	%		N/A		2.44	%		12/16/2016

^(A) The ICE BofAML U.S. Dollar LIBOR 3-Month Constant Maturity Index represents the London interbank offered rate (“LIBOR”) with a constant 3-month average maturity.

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

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

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

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

The value of your investment may be more volatile to the extent that the Fund borrows or uses derivatives or other investments that have a leveraging effect on the Fund. Other risks also will be compounded. This is because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the Fund would otherwise have had. The use of leverage is considered to be a speculative investment practice and may result in the loss of a substantial amount, and possibly all, of the Fund’s assets. The Fund also may have to sell assets at inopportune times to satisfy its obligations. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the Fund fall, the value of the Fund will decline. Fixed income securities have several risks including fluctuations in market value, changes in interest rates as the values will decrease as interest rates rise, and issuers defaulting on their obligations to pay interest or return principal.

The Fund is classified as “non-diversified,” which means it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. To the extent the Fund invests its assets in a smaller number of issuers, the Fund will be more susceptible to negative events affecting those issuers.

Transamerica Funds Annual Report 2018

Page    73

Transamerica Event Driven

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Shares		Value
COMMON STOCKS - 9.1%
Banks - 1.9%
Comerica, Inc.		8,346		$  680,699
First Midwest Bancorp, Inc.		28,153		646,393
M&T Bank Corp.		5,525		913,890
				2,240,982
Beverages - 0.2%
Molson Coors Brewing Co., Class B		3,400		217,600
Biotechnology - 0.4%
BioMarin Pharmaceutical, Inc. (A)		5,614		517,442
Consumer Finance - 0.1%
Santander Consumer USA Holdings, Inc.		8,000		150,000
Diversified Telecommunication Services - 0.6%
AT&T, Inc.		21,271		652,594
Energy Equipment & Services - 0.3%
Halliburton Co.		9,280		321,831
Entertainment - 1.6%
Viacom, Inc., Class A (B)		8,563		302,873
Viacom, Inc., Class B		2,569		82,157
Walt Disney Co.		13,175		1,512,885
				1,897,915
Food & Staples Retailing - 1.2%
Walmart, Inc.		13,671		1,370,928
Health Care Providers & Services - 0.3%
Anthem, Inc.		1,253		345,289
Health Care Technology - 0.0% (C)
Allscripts Healthcare Solutions, Inc. (A)		4,268		50,832
Hotels, Restaurants & Leisure - 0.2%
Caesars Entertainment Corp. (A) (B)		22,767		195,569
Household Durables - 0.1%
KB Home		7,102		141,827
Machinery - 0.6%
Caterpillar, Inc.		3,485		422,800
Navistar International Corp. (A)		7,498		251,108
				673,908
Media - 0.4%
CBS Corp., Class B		8,187		469,525
Multiline Retail - 0.4%
Don Quijote Holdings Co., Ltd. (B)		2,400		143,369
Macy’s, Inc.		8,500		291,465
				434,834
Oil, Gas & Consumable Fuels - 0.4%
Kinder Morgan, Inc.		25,620		436,053
Specialty Retail - 0.4%
Fnac Darty SA (A)		2,044		145,316
GameStop Corp., Class A		12,800		186,880
MarineMax, Inc. (A)		6,835		155,564
				487,760
Total Common Stocks (Cost $10,798,106)				10,604,889
CONVERTIBLE PREFERRED STOCKS - 2.8%
Chemicals - 2.1%
International Flavors & Fragrances, Inc., 6.00%		42,643		2,455,384

	Shares		Value
CONVERTIBLE PREFERRED STOCKS (continued)
Multi-Utilities - 0.7%
CenterPoint Energy, Inc., Series B, 7.00%		16,960		$   841,555
Total Convertible Preferred Stocks (Cost $2,980,150)				3,296,939
	Principal		Value
CONVERTIBLE BONDS - 40.7%
Banks - 1.9%
BofA Finance LLC 0.25%, 05/01/2023, MTN		$  2,528,000		2,283,163
Biotechnology - 1.3%
Clovis Oncology, Inc. 1.25%, 05/01/2025 (D)		1,516,000		928,658
Flexion Therapeutics, Inc. 3.38%, 05/01/2024		639,000		563,440
				1,492,098
Capital Markets - 0.6%
Poseidon Finance 1, Ltd. Zero Coupon, 02/01/2025 (E)		760,000		743,640
Chemicals - 0.8%
Toray Industries, Inc. Zero Coupon, 08/30/2019 (E)		JPY  100,000,000		913,307
Commercial Services & Supplies - 1.7%
Siem Industries, Inc. 2.25%, 06/02/2021 (E)		EUR  1,300,000		1,962,938
Communications Equipment - 2.4%
Lumentum Holdings, Inc. 0.25%, 03/15/2024		$  595,000		675,077
Palo Alto Networks, Inc. 0.75%, 07/01/2023 (D) (F)		2,137,000		2,076,038
				2,751,115
Electronic Equipment, Instruments & Components - 0.9%
Vishay Intertechnology, Inc. 2.25%, 06/15/2025 (F)		1,165,000		1,045,941
Health Care Equipment & Supplies - 1.4%
Wright Medical Group, Inc. 1.63%, 06/15/2023 (D) (F)		1,645,000		1,664,518
Hotels, Restaurants & Leisure - 2.1%
Huazhu Group, Ltd. 0.38%, 11/01/2022 (B) (D) (F)		2,604,000		2,454,822
Household Durables - 1.3%
Harvest International Co. Zero Coupon, 11/21/2022 (E)		HKD  13,000,000		1,558,664
Insurance - 1.1%
AXA SA 7.25%, 05/15/2021 (F)		$  1,286,000		1,320,085
Interactive Media & Services - 3.2%
Twitter, Inc. 0.25%, 06/15/2024 (D) (F)		3,978,000		3,729,892
Internet & Direct Marketing Retail - 4.7%
Ctrip.com International, Ltd. 1.00%, 07/01/2020		1,701,000		1,608,071
Etsy, Inc. Zero Coupon, 03/01/2023 (D) (F)		1,671,000		2,218,252

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

Transamerica Funds Annual Report 2018

Page    74

Transamerica Event Driven

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CONVERTIBLE BONDS (continued)
Internet & Direct Marketing Retail (continued)
Liberty Expedia Holdings, Inc. 1.00%, 06/30/2047 (B) (F)		$   1,632,000		$   1,622,861
				5,449,184
Oil, Gas & Consumable Fuels - 3.9%
Chesapeake Energy Corp. 5.50%, 09/15/2026 (D)		3,883,000		3,650,509
RAG-Stiftung Zero Coupon, 10/02/2024 (E)		EUR  800,000		906,682
				4,557,191
Pharmaceuticals - 7.0%
Jazz Investments I, Ltd. 1.88%, 08/15/2021 (D)		$  2,703,000		2,840,682
Teva Pharmaceutical Finance Co. LLC Series C, 0.25%, 02/01/2026 (D)		4,892,000		4,463,055
Theravance Biopharma, Inc. 3.25%, 11/01/2023		863,000		866,150
				8,169,887
Semiconductors & Semiconductor Equipment - 2.0%
Synaptics, Inc. 0.50%, 06/15/2022 (D)		2,589,000		2,304,210
Software - 2.7%
Guidewire Software, Inc. 1.25%, 03/15/2025 (D)		720,000		723,975
Verint Systems, Inc. 1.50%, 06/01/2021 (D)		2,445,000		2,426,005
				3,149,980
Specialty Retail - 0.5%
RH Zero Coupon, 06/15/2023 (F)		631,000		555,336
Textiles, Apparel & Luxury Goods - 1.2%
adidas AG 0.05%, 09/12/2023 (E)		EUR  1,200,000		1,455,533
Total Convertible Bonds (Cost $49,997,485)				47,561,504
CORPORATE DEBT SECURITIES - 18.7%
Aerospace & Defense - 0.5%
Bombardier, Inc. 8.75%, 12/01/2021 (F)		$  570,000		612,750
Communications Equipment - 1.3%
Infinera Corp. 2.13%, 09/01/2024		1,706,000		1,505,545
Health Care Technology - 2.3%
Evolent Health, Inc. 1.50%, 10/15/2025 (F)		1,008,000		969,696
Teladoc Health, Inc. 1.38%, 05/15/2025 (D) (F)		1,195,000		1,737,978
				2,707,674
IT Services - 1.8%
Twilio, Inc. 0.25%, 06/01/2023 (F)		1,703,000		2,124,000

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Machinery - 2.9%
China Conch Venture Holdings, Ltd. Zero Coupon, 09/05/2023 (E)		HKD  20,000,000		$   2,460,113
Navistar International Corp. 6.63%, 11/01/2025 (B) (D) (F)		$  842,000		858,840
				3,318,953
Oil, Gas & Consumable Fuels - 0.7%
Oasis Petroleum, Inc. 6.25%, 05/01/2026 (B) (F)		800,000		786,000
Real Estate Management & Development - 0.4%
Redfin Corp. 1.75%, 07/15/2023		599,000		508,132
Software - 6.7%
DocuSign, Inc. 0.50%, 09/15/2023 (F)		1,706,000		1,599,375
Nuance Communications, Inc. 1.00%, 12/15/2035 (D)		1,388,000		1,301,608
Rapid7, Inc. 1.25%, 08/01/2023 (F)		1,700,000		1,857,996
Splunk, Inc. 0.50%, 09/15/2023 (D) (F)		3,251,000		3,111,402
				7,870,381
Specialty Retail - 1.7%
PetSmart, Inc. 7.13%, 03/15/2023 (B) (F)		850,000		595,000
Zhongsheng Group Holdings, Ltd. Zero Coupon, 05/23/2023 (E)		HKD  12,000,000		1,425,653
				2,020,653
Wireless Telecommunication Services - 0.4%
Boingo Wireless, Inc. 1.00%, 10/01/2023 (F)		$  419,000		420,648
Total Corporate Debt Securities (Cost $21,747,894)				21,874,736
	Shares		Value
OTHER INVESTMENT COMPANY - 2.0%
Securities Lending Collateral - 2.0%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 2.19% (G)		2,340,767		2,340,767
Total Other Investment Company (Cost $2,340,767)				2,340,767

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

Transamerica Funds Annual Report 2018

Page    75

Transamerica Event Driven

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal			Value
REPURCHASE AGREEMENT - 29.7%
Fixed Income Clearing Corp., 1.25% (G), dated 10/31/2018, to be repurchased at $34,700,365 on 11/01/2018. Collateralized by a U.S. Government Obligation, 1.13%, due 08/31/2021, and with a value of $35,397,444.		$  34,699,160			$   34,699,160
Total Repurchase Agreement (Cost $34,699,160)					34,699,160
Total Investments Excluding Purchased Options (Cost $122,563,562)					120,377,995
Total Purchased Options - 0.2% (Cost $403,947)					218,491
Total Investments (Cost $122,967,509)					120,596,486
	Shares			Value
SECURITIES SOLD SHORT - (20.6)%
COMMON STOCKS - (16.8)%
Biotechnology - (0.3)%
Clovis Oncology, Inc.		(7,341	)		(85,376	)
Flexion Therapeutics, Inc.		(18,330	)		(248,188	)
					(333,564	)
Chemicals - (1.0)%
Evonik Industries AG		(4,160	)		(128,693	)
International Flavors & Fragrances, Inc.		(5,932	)		(858,123	)
Toray Industries, Inc.		(22,700	)		(161,018	)
					(1,147,834	)
Communications Equipment - (0.6)%
Infinera Corp.		(25,900	)		(143,486	)
Lumentum Holdings, Inc.		(6,035	)		(329,813	)
Palo Alto Networks, Inc.		(1,538	)		(281,515	)
					(754,814	)
Construction & Engineering - (0.1)%
SNC-Lavalin Group, Inc.		(4,250	)		(151,734	)
Diversified Financial Services - (0.7)%
AXA Equitable Holdings, Inc.		(29,497	)		(598,494	)
Voya Financial, Inc.		(5,900	)		(258,184	)
					(856,678	)
Diversified Telecommunication Services - (0.4)%
Inmarsat PLC (H)		(72,692	)		(470,317	)
Electronic Equipment, Instruments & Components - (0.1)%
Vishay Intertechnology, Inc.		(5,942	)		(108,739	)
Energy Equipment & Services - (1.0)%
Subsea 7 SA		(88,100	)		(1,121,600	)
Equity Real Estate Investment Trusts - (1.6)%
Simon Property Group, Inc.		(5,857	)		(1,074,877	)
SL Green Realty Corp.		(8,500	)		(775,710	)
					(1,850,587	)
Health Care Equipment & Supplies - (0.6)%
Wright Medical Group NV		(24,632	)		(664,571	)
Health Care Technology - (1.4)%
Evolent Health, Inc., Class A		(14,625	)		(324,675	)
Teladoc Health, Inc.		(18,516	)		(1,283,899	)
					(1,608,574	)

	Shares			Value
SECURITIES SOLD SHORT (continued)
COMMON STOCKS (continued)
Hotels, Restaurants & Leisure - (0.3)%
Huazhu Group, Ltd., ADR		(14,308	)		$   (374,297	)
Household Durables - (0.1)%
Haier Electronics Group Co., Ltd.		(76,000	)		(159,598	)
Industrial Conglomerates - (0.4)%
3M Co.		(2,170	)		(412,864	)
Interactive Media & Services - (1.0)%
Twitter, Inc.		(34,807	)		(1,209,543	)
Internet & Direct Marketing Retail - (1.4)%
Ctrip.com International, Ltd., ADR		(3,400	)		(113,152	)
Etsy, Inc.		(30,654	)		(1,303,408	)
Expedia Group, Inc.		(1,707	)		(214,109	)
					(1,630,669	)
IT Services - (1.1)%
Twilio, Inc., Class A		(17,512	)		(1,317,253	)
Machinery - (0.1)%
PACCAR, Inc.		(2,560	)		(146,458	)
Oil, Gas & Consumable Fuels - (0.3)%
Chesapeake Energy Corp.		(92,427	)		(324,419	)
Pharmaceuticals - (1.0)%
Jazz Pharmaceuticals PLC		(4,879	)		(774,883	)
Theravance Biopharma, Inc.		(18,592	)		(451,228	)
					(1,226,111	)
Real Estate Management & Development - (0.1)%
Redfin Corp.		(7,900	)		(122,055	)
Semiconductors & Semiconductor Equipment - (0.2)%
Synaptics, Inc.		(4,686	)		(175,912	)
Software - (2.5)%
DocuSign, Inc.		(10,625	)		(445,612	)
Guidewire Software, Inc.		(3,498	)		(311,217	)
Nuance Communications, Inc.		(5,482	)		(95,332	)
Rapid7, Inc.		(18,955	)		(686,929	)
Splunk, Inc.		(10,664	)		(1,064,694	)
Verint Systems, Inc.		(6,598	)		(301,331	)
					(2,905,115	)
Specialty Retail - (0.2)%
RH		(850	)		(98,354	)
Zhongsheng Group Holdings, Ltd.		(85,500	)		(156,303	)
					(254,657	)
Textiles, Apparel & Luxury Goods - (0.1)%
adidas AG		(375	)		(88,187	)
Wireless Telecommunication Services - (0.2)%
Boingo Wireless, Inc.		(6,800	)		(213,044	)
Total Common Stocks (Proceeds $21,133,083)					(19,629,194	)
INVESTMENT COMPANY - (0.4)%
U.S. Equity Fund - (0.4)%
SPDR S&P Regional Banking ETF		(8,343	)		(450,438	)
Total Investment Company (Proceeds $426,960)					(450,438	)

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

Transamerica Funds Annual Report 2018

Page    76

Transamerica Event Driven

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal			Value
CORPORATE DEBT SECURITIES - (3.3)%
Automobiles - (1.5)%
Ferrari NV 1.50%, 03/16/2023 (E)		EUR  (1,600,000	)		$   (1,821,157	)
Banks - (1.8)%
Intesa Sanpaolo SpA 6.63%, 09/13/2023, MTN (E)		(1,671,000	)		(2,108,172	)
Total Corporate Debt Securities (Proceeds $4,131,463)					(3,929,329	)
Total Securities Sold Short (Proceeds $25,691,506)					(24,008,961	)
Net Other Assets (Liabilities) - 17.3%					20,146,593
Net Assets - 100.0%					$  116,734,118

EXCHANGE-TRADED OPTIONS PURCHASED:

Description	Exercise Price			Expiration Date		Notional Amount			Number of Contracts		Premiums Paid		Value
Call - Advanced Micro Devices, Inc.		USD	34.00		01/18/2019		USD	154,785		85	$	35,467	$	340
Call - Etsy, Inc.		USD	60.00		12/21/2018		USD	820,636		193		60,023		12,545
Call - Morgan Stanley		USD	48.00		12/21/2018		USD	388,110		85		10,030		10,030
Call - Southwestern Electric Power Co.		USD	7.00		12/21/2018		USD	226,950		425		8,394		3,825
Call - SPDR S&P 500 ETF Trust		USD	300.00		11/16/2018		USD	23,003,550		850		32,088		2,550
Call - Weatherford International PLC		USD	2.00		11/09/2018		USD	172,125		1,275		5,419		2,550
Put - AT&T, Inc.		USD	30.50		11/02/2018		USD	782,340		255		7,887		4,335
Put - BioMarin Pharmaceutical, Inc.		USD	90.00		11/16/2018		USD	387,114		42		8,358		8,400
Put - Clovis Oncology, Inc.		USD	20.00		11/16/2018		USD	126,767		109		17,874		91,560
Put - Comerica, Inc.		USD	75.00		11/16/2018		USD	693,260		85		8,585		2,975
Put - Huazhu Group, Ltd.		USD	25.00		11/16/2018		USD	222,360		85		9,435		10,200
Put - Infinera Corp.		USD	5.50		11/02/2018		USD	235,450		425		10,200		5,313
Put - International Flavors & Fragrances, Inc.		USD	130.00		11/16/2018		USD	853,494		59		17,102		4,278
Put - iShares MSCI Emerging Markets		USD	37.00		11/02/2018		USD	4,992,900		1,275		47,387		3,825
Put - iShares MSCI Emerging Markets		USD	38.00		11/02/2018		USD	4,992,900		1,275		58,225		7,650
Put - Micron Technology, Inc.		USD	29.00		11/16/2018		USD	1,603,100		425		15,300		4,250
Put - Rapid7, Inc.		USD	30.00		11/16/2018		USD	463,872		128		14,208		5,760
Put - Santander Consumer USA Holdings, Inc.		USD	17.00		11/16/2018		USD	318,750		170		6,800		1,700
Put - Teladoc Health, Inc.		USD	60.00		11/16/2018		USD	589,390		85		19,549		10,965
Put - Voya Financial, Inc.		USD	46.00		11/16/2018		USD	420,096		96		11,616		25,440
Total											$	403,947	$	218,491

EXCHANGE-TRADED OPTIONS WRITTEN:

Description	Exercise Price			Expiration Date		Notional Amount			Number of Contracts		Premiums (Received)			Value
Call - Advanced Micro Devices, Inc.		USD	42.00		01/18/2019		USD	154,785		85	$	(18,004	)	$	(425	)
Call - SPDR S&P 500 ETF Trust		USD	305.00		11/16/2018		USD	23,003,550		850		(9,775	)		(1,700	)
Put - Teladoc Health, Inc.		USD	55.00		11/16/2018		USD	589,390		85		(11,843	)		(6,205	)
Total											$	(39,622	)	$	(8,330	)

	Premiums (Received)			Value
TOTAL WRITTEN OPTIONS AND SWAPTIONS	$	(39,622	)	$	(8,330	)

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

Transamerica Funds Annual Report 2018

Page    77

Transamerica Event Driven

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

OVER-THE-COUNTER SWAP AGREEMENTS:

Total Return Swap Agreements (I)
Reference Entity	Counterparty		Pay/Receive		Payment Frequency		Maturity Date		Notional Amount			Number of Shares or Units		Value			Premiums Paid (Received)			Net Unrealized Appreciation (Depreciation)
FireEye, Inc., 1.63%, 06/01/2035		CITI		Receive		Monthly/ Semi-Annually		04/05/2019		USD	3,715,240		4,000,000	$	(18,303	)	$	172,450		$	(190,753	)
Inmarsat PLC, 3.88%, 09/09/2023		CITI		Receive		Monthly/ Semi-Annually		01/10/2019		USD	2,627,431		2,400,000		57,394			(194,805	)		252,199
Total														$	39,091		$	(22,355	)	$	61,446

	Value
OTC Swap Agreements, at value (Assets)	$	57,394
OTC Swap Agreements, at value (Liabilities)	$	(18,303	)

FUTURES CONTRACTS:

Description	Long/Short		Number of Contracts			Expiration Date		Notional Amount			Value			Unrealized Appreciation		Unrealized Depreciation
Euro-BTP Italy Government Bond		Short		(17	)		12/06/2018	$	(2,332,112	)	$	(2,342,185	)	$	—	$	(10,073	)

FORWARD FOREIGN CURRENCY CONTRACTS:
Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation		Unrealized Depreciation
SSB		11/30/2018		USD	4,458,346		EUR	3,900,000	$	30,441	$	—
SSB		11/30/2018		USD	5,458,504		HKD	42,770,000		—		(1,554	)
SSB		11/30/2018		USD	1,063,966		JPY	119,314,000		4,240		—
Total									$	34,681	$	(1,554	)

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	$	10,316,204	$	288,685	$	—	$	10,604,889
Convertible Preferred Stocks		3,296,939		—		—		3,296,939
Convertible Bonds		—		47,561,504		—		47,561,504
Corporate Debt Securities		—		21,874,736		—		21,874,736
Other Investment Company		2,340,767		—		—		2,340,767
Repurchase Agreement		—		34,699,160		—		34,699,160
Exchange-Traded Options Purchased		218,491		—		—		218,491
Total Investments	$	16,172,401	$	104,424,085	$	—	$	120,596,486
Other Financial Instruments
Over-the-Counter Total Return Swap Agreements	$	—	$	57,394	$	—	$	57,394
Forward Foreign Currency Contracts (K)		—		34,681		—		34,681
Total Other Financial Instruments	$	—	$	92,075	$	—	$	92,075

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

Transamerica Funds Annual Report 2018

Page    78

Transamerica Event Driven

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

SECURITY VALUATION (continued):

Valuation Inputs (continued) ^(J)

	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value
LIABILITIES
Securities Sold Short
Common Stocks	$	(17,343,478	)	$	(2,285,716	)	$	—	$	(19,629,194	)
Corporate Debt Securities		—			(3,929,329	)		—		(3,929,329	)
Investment Company		(450,438	)		—			—		(450,438	)
Total Securities Sold Short	$	(17,793,916	)	$	(6,215,045	)	$	—	$	(24,008,961	)
Other Financial Instruments
Exchange-Traded Options Written	$	(8,330	)	$	—		$	—	$	(8,330	)
Over-the-Counter Total Return Swap Agreements		—			(18,303	)		—		(18,303	)
Futures Contracts (K)		(10,073	)		—			—		(10,073	)
Forward Foreign Currency Contracts (K)		—			(1,554	)		—		(1,554	)
Total Other Financial Instruments	$	(18,403	)	$	(19,857	)	$	—	$	(38,260	)

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 $2,282,067. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(C)	Percentage rounds to less than 0.1% or (0.1)%.
(D)	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 $26,413,970.
(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, 2018, the total value of Regulation S securities is $7,497,201, representing 6.4% of the Fund’s net assets.
(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, 2018, the total value of 144A securities is $31,361,430, representing 26.9% of the Fund’s net assets.
(G)	Rates disclosed reflect the yields at October 31, 2018.
(H)	Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2018, the value of the security is $(470,317), representing (0.4)% of the Fund’s net assets.
(I)	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.
(J)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. 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:

EUR	Euro
HKD	Hong Kong Dollar
JPY	Japanese Yen
USD	United States Dollar

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

Transamerica Funds Annual Report 2018

Page    79

Transamerica Event Driven

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

COUNTERPARTY ABBREVIATIONS:

CITI	Citibank N.A.
SSB	State Street Bank & Trust Co.

PORTFOLIO ABBREVIATIONS:

ADR	American Depositary Receipt
BTP	Buoni del Tesoro Poliennali (Italian Treasury Bonds)
MTN	Medium Term Note

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

Transamerica Funds Annual Report 2018

Page    80

Transamerica Floating Rate

(unaudited)

MARKET ENVIRONMENT

In the fourth quarter of 2017, buoyed by consumption, business equipment spending, and a general pick-up in global economic activity, U.S. gross domestic product (“GDP”) growth accelerated to 2.3% year-over-year. Market participants turned their focus to the eventuality of a near-term fiscal push, notably via tax policy. Equity prices rallied in response, and 2018 and 2019 GDP consensus estimates inched higher. In late 2017, Congress passed and President Trump signed broad tax relief for individuals, small businesses, and corporations into law.

The front end of the yield curve continued to reprice in the first half of the year as the U.S. Federal Reserve (“Fed”) maintained its outlook for steady economic growth and signaled the likelihood of more rate hikes in the future amid increasing Treasury supply. The 10-year Treasury yield settled roughly 11 basis points higher, and the 2-year yield about 25 basis points higher in the second quarter, pushing the spread between the 2- and 10-year Treasuries to its then narrowest level in more than a decade. Additionally, the LIBOR-Option Implied Spread (“OIS”), which had been widening throughout the first quarter of 2018, peaked early in the second quarter before declining materially.

Policy and politics remained center-stage in the third quarter as Washington’s trade spat with China continued to escalate. These risks surrounding trade policy were noted as a concern by the Fed in its September meeting minutes. Even so, the Fed stayed the course on normalizing rates given continued economic strength, hiking again in September to bring the policy rate above 2% for the first time since 2008.

Against this backdrop, the leveraged loan market was consistently robust over the past twelve months. Most notably, the market exhibited strong demand for loans as collateralized loan obligation (“CLO”) creation, a large leveraged loan investor base, was robust. As such, new-issue CLOs have exceeded $100 billion through the first ten months of 2018. Additionally, rising LIBOR rates also created more demand for loans, as investors sought protection from rising interest rates.

Underpinning the loan market strength was a generally healthy U.S. economy, allowing many issuers to push out their debt maturities for several years, dramatically improving many borrowers’ liquidity position.

PERFORMANCE

For the year ended October 31, 2018, Transamerica Floating Rate (Class A) returned 3.32%, excluding any sales charges. By comparison, its benchmark, the Credit Suisse Leveraged Loan Index, returned 4.89%.

STRATEGY REVIEW

Security selection, most notably CCCs and single B-rated loans, was the largest detractor from performance in the last twelve months. Our underweight to CCCs detracted as lower-quality outperformed. However, our underweight to BBs contributed favorably to relative performance, although security selection within BBs detracted.

By sub-sector, top contributors to active returns included media/telecom, consumer durables and transportation. The largest detractors included holdings in retail, forest products and information technology.

With respect to positioning, we have continued to believe that food and beverage, packaging, and consumer products industries would benefit from historically low energy prices and increased consumer spending, resulting in a consistent overweight to these sectors. However, we have remained underweight to retail given our negative outlook for the sector, driven by slower mall traffic, weak margins, and poorly structured deals. Additionally, we have remained underweight to the technology sector. While the sector has benefited from secular growth, we have continued to believe there is quite a bit of risk in many information technology deals.

John F. Bailey, CFA

Jason P. Felderman, CFA

Zach Halstead

James K. Schaeffer, Jr.

Co-Portfolio Managers

AEGON USA Investment Management, LLC

Fund Characteristics	Years
Average Maturity §		4.60
Duration †		0.32
Credit Quality ‡	Percentage of Net Assets
AAA		4.4	%
BBB		3.2
BB		26.4
B		57.7
CCC and Below		2.5
Not Rated		5.3
Net Other Assets (Liabilities)		0.5
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 2018

Page    81

Transamerica Floating Rate

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		(1.62	)%		2.56	%		2.56	%		10/31/2013
Class A (NAV)		3.32	%		3.57	%		3.57	%		10/31/2013
Credit Suisse Leveraged Loan Index (A)		4.89	%		4.19	%		4.18	%
Class C (POP)		1.56	%		2.80	%		2.80	%		10/31/2013
Class C (NAV)		2.55	%		2.80	%		2.80	%		10/31/2013
Class I (NAV)		3.57	%		3.76	%		3.76	%		10/31/2013
Class I2 (NAV)		3.64	%		3.87	%		3.86	%		10/31/2013
Class T1 (POP)		0.76	%		N/A			1.82	%		03/17/2017
Class T1 (NAV)		3.39	%		N/A			3.45	%		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.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 4.75% for A shares 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. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I and I2 shares.

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

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

Investing in high-yield bonds (junk bonds) may be subject to greater volatility and risks as the income derived from these securities in not guaranteed. Changes in interest rates, the market’s perception of the issuers and the creditworthiness of the issuers may significantly affect the value of a bond.

Transamerica Funds Annual Report 2018

Page    82

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES - 6.4%
Building Products - 0.3%
Associated Materials LLC / AMH New Finance, Inc. 9.00%, 01/01/2024 (A)		$  1,800,000		$  1,811,250
Consumer Finance - 0.5%
Altice US Finance I Corp. 5.38%, 07/15/2023 (A)		1,250,000		1,249,762
Springleaf Finance Corp. 5.25%, 12/15/2019		2,500,000		2,525,000
				3,774,762
Containers & Packaging - 0.4%
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC 5.75%, 10/15/2020		969,108		969,108
3-Month LIBOR + 3.50%, 5.94% (B), 07/15/2021 (A) (C)		2,000,000		2,020,000
				2,989,108
Equity Real Estate Investment Trusts - 0.2%
iStar, Inc. 5.00%, 07/01/2019		1,291,000		1,291,807
Food & Staples Retailing - 0.2%
Rite Aid Corp. 6.13%, 04/01/2023 (A)		1,250,000		1,061,719
Health Care Providers & Services - 1.6%
Aveta, Inc. 7.00%, 04/01/2019 (C) (D) (E)		1,700,000		—
CHS / Community Health Systems, Inc.
5.13%, 08/01/2021 (C)		1,000,000		947,500
6.25%, 03/31/2023		2,000,000		1,839,400
RegionalCare Hospital Partners Holdings, Inc. 8.25%, 05/01/2023 (A)		4,180,000		4,415,125
Tenet Healthcare Corp.
4.63%, 07/15/2024		2,650,000		2,554,203
4.75%, 06/01/2020		2,000,000		2,005,000
				11,761,228
Hotels, Restaurants & Leisure - 0.5%
Scientific Games International, Inc. 5.00%, 10/15/2025 (A)		4,000,000		3,720,000
Machinery - 0.0% (F)
RBS Global, Inc. / Rexnord LLC 4.88%, 12/15/2025 (A)		285,000		267,187
Media - 1.0%
CSC Holdings LLC
6.63%, 10/15/2025 (A)		2,000,000		2,095,000
6.75%, 11/15/2021		500,000		523,575
DISH DBS Corp. 6.75%, 06/01/2021		2,000,000		2,020,000
MediaCom Broadband LLC / MediaCom Broadband Corp. 5.50%, 04/15/2021		1,600,000		1,606,800
WMG Acquisition Corp. 5.63%, 04/15/2022 (A)		1,000,000		1,011,250
				7,256,625
Paper & Forest Products - 0.5%
Norbord, Inc. 6.25%, 04/15/2023 (A)		3,200,000		3,248,000

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Pharmaceuticals - 0.7%
Bausch Health Cos., Inc.
6.50%, 03/15/2022 (A)		$   2,000,000		$   2,070,000
7.00%, 03/15/2024 (A)		3,100,000		3,246,289
				5,316,289
Real Estate Management & Development - 0.4%
Realogy Group LLC / Realogy Co-Issuer Corp. 5.25%, 12/01/2021 (A) (C)		3,000,000		2,947,500
Software - 0.1%
Infor US, Inc. 5.75%, 08/15/2020 (A)		500,000		505,625
Total Corporate Debt Securities (Cost $46,900,165)				45,951,100
LOAN ASSIGNMENTS - 84.3%
Aerospace & Defense - 0.8%
Avolon TLB Borrower 1 LLC Term Loan B3, 1-Month LIBOR + 2.00%, 4.28% (B), 01/15/2025		1,314,262		1,309,699
TransDigm, Inc.
Term Loan E,
1-Month LIBOR + 2.50%, 4.80% (B), 05/30/2025		2,332,093		2,317,517
Term Loan G,
1-Month LIBOR + 2.50%, 4.80% (B), 08/22/2024		2,468,844		2,455,574
				6,082,790
Airlines - 0.5%
American Airlines, Inc.
1st Lien Term Loan,
3-Month LIBOR + 2.00%, 4.28% (B), 10/12/2021		979,592		971,785
Term Loan,
1-Month LIBOR + 2.00%, 4.28% (B), 12/14/2023		990,000		982,111
Term Loan B,
1-Month LIBOR + 1.75%, 4.04% (B), 06/27/2025		2,000,000		1,956,876
				3,910,772
Auto Components - 1.1%
Jason, Inc. 1st Lien Term Loan, 3-Month LIBOR + 4.50%, 6.89% (B), 06/30/2021		3,939,210		3,919,514
K&N Engineering, Inc. 1st Lien Term Loan, 3-Month LIBOR + 4.75%, 7.14% (B), 10/19/2023		2,243,750		2,243,750
Mavis Tire Express Services Corp. 1st Lien Term Loan,
1-Month LIBOR + 3.25%, 5.53% (B), 03/20/2025		1,500,962		1,487,828
Delayed Draw Term Loan,
1-Month LIBOR + 3.25%, 1.25% (B), 03/20/2025		13,246		13,130
				7,664,222

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

Transamerica Funds Annual Report 2018

Page    83

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
LOAN ASSIGNMENTS (continued)
Automobiles - 0.1%
FCA US LLC Term Loan B, 1-Month LIBOR + 2.00%, 4.30% (B), 12/31/2018		$   1,000,000		$   1,000,312
Beverages - 0.2%
Blue Ribbon LLC Term Loan, 3-Month LIBOR + 4.00%, 6.26% (B), 11/13/2021		1,493,313		1,391,581
Building Products - 0.8%
Anvil International LLC Term Loan B, 1-Month LIBOR + 4.50%, 6.81% (B), 08/01/2024		2,352,494		2,367,197
Builders FirstSource, Inc. Term Loan B, 3-Month LIBOR + 3.00%, 5.39% (B), 02/29/2024		1,969,748		1,948,820
VT Topco, Inc. 1st Lien Term Loan,
3-Month LIBOR + 3.75%, 6.09% (B), 08/01/2025		752,000		754,820
2nd Lien Term Loan,
3-Month LIBOR + 7.00%, 9.34% (B), 07/31/2026		750,000		750,000
Delayed Draw Term Loan,
3-Month LIBOR + 3.75%, 1.55% (B), 08/01/2025		35,093		35,225
				5,856,062
Capital Markets - 2.0%
Blucora, Inc. Term Loan B, 1-Month LIBOR + 3.00%, 5.30% (B), 05/22/2024		280,125		280,359
CRCI Longhorn Holdings, Inc. 1st Lien Term Loan, 1-Month LIBOR + 3.50%, 5.78% (B), 08/08/2025		1,600,000		1,601,000
Crown Finance US, Inc. Term Loan, 1-Month LIBOR + 2.50%, 4.80% (B), 02/28/2025		1,991,247		1,981,291
Duff & Phelps Corp. Term Loan B, 1-Month LIBOR + 3.25%, 5.55% (B), 02/13/2025		1,985,013		1,981,467
Guggenheim Partners LLC Term Loan, 1-Month LIBOR + 2.75%, 5.05% (B), 07/21/2023		1,858,412		1,868,284
Kingpin Intermediate Holdings LLC Term Loan B, 1-Month LIBOR + 3.50%, 5.81% (B), 07/03/2024		3,476,241		3,484,931
RPI Finance Trust Term Loan B6, 3-Month LIBOR + 2.00%, 4.39% (B), 03/27/2023		479,924		479,924

	Principal		Value
LOAN ASSIGNMENTS (continued)
Capital Markets (continued)
SIWF Holdings, Inc. 1st Lien Term Loan, 1-Month LIBOR + 4.25%, 6.54% (B), 06/15/2025		$   2,518,688		$   2,537,578
				14,214,834
Chemicals - 2.3%
DuBois Chemicals, Inc. 1st Lien Term Loan B, 1-Month LIBOR + 3.25%, 5.55% (B), 03/15/2024		2,317,178		2,308,489
Encapsys LLC 1st Lien Term Loan, 1-Month LIBOR + 3.25%, 5.55% (B), 11/07/2024		1,800,950		1,805,452
GrafTech Finance, Inc. Term Loan B, 1-Month LIBOR + 3.50%, 5.80% (B), 02/12/2025		1,975,000		1,982,406
Minerals Technologies, Inc.
Term Loan, 4.75%, 05/09/2021 (G)		3,100,000		3,103,875
Term Loan B,
3-Month LIBOR + 2.25%, 4.56% (B), 02/14/2024		112,294		112,434
Plaskolite, Inc. 1st Lien Term Loan, 1-Month LIBOR + 3.50%, 5.80% (B), 11/03/2022		2,388,000		2,382,030
Trinseo Materials Operating SCA Term Loan, 1-Month LIBOR + 2.00%, 4.30% (B), 09/06/2024		594,000		589,174
Tronox Blocked Borrower LLC Term Loan B, 1-Month LIBOR + 3.00%, 5.30% (B), 09/23/2024		300,058		299,433
Tronox Finance LLC Term Loan B, 1-Month LIBOR + 3.00%, 5.30% (B), 09/23/2024		692,442		691,000
VAC Germany Holdings GmbH Term Loan B, 3-Month LIBOR + 4.00%, 6.39% (B), 03/08/2025		1,144,250		1,139,959
Venator Materials Corp. Term Loan B, 1-Month LIBOR + 3.00%, 5.30% (B), 08/08/2024		2,234,981		2,232,187
				16,646,439
Commercial Services & Supplies - 5.2%
Advanced Disposal Services, Inc. Term Loan B3, 1-Week LIBOR + 2.25%, 4.46% (B), 11/10/2023 (H)		3,701,885		3,698,801
Aramark Services, Inc. Term Loan B2,
1-Month LIBOR + 1.75%, 4.05% (B), 03/28/2024		380,869		380,274

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

Transamerica Funds Annual Report 2018

Page    84

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
LOAN ASSIGNMENTS (continued)
Commercial Services & Supplies (continued)
Aramark Services, Inc. (continued)
Term Loan B3,
1-Month LIBOR + 1.75%, 4.05% (B), 03/11/2025		$   466,331		$   466,215
Asurion LLC Term Loan B4,
1-Month LIBOR + 3.00%, 5.30% (B), 08/04/2022		1,166,593		1,167,688
Term Loan B6,
1-Month LIBOR + 3.00%, 5.30% (B), 11/03/2023		2,408,586		2,410,091
Term Loan B7,
1-Month LIBOR + 3.00%, 5.30% (B), 11/03/2024		997,500		998,248
EWT Holdings III Corp. Repriced Term Loan, 1-Month LIBOR + 3.00%, 5.30% (B), 12/20/2024		3,284,568		3,268,145
Garda World Security Corp. Term Loan, 3-Month LIBOR + 2.50%, 5.82% (B), 05/24/2024		3,132,575		3,139,429
GFL Environmental, Inc. Delayed Draw Term Loan,
3-Month LIBOR + 2.75%, 7.00% (B), 05/30/2025		386,740		381,181
Term Loan B,
3-Month LIBOR + 2.75%, 5.14% (B), 05/30/2025 (H)		4,605,477		4,539,273
Gopher Resource LLC 1st Lien Term Loan, 1-Month LIBOR + 3.25%, 5.55% (B), 03/06/2025		995,000		996,244
Prime Security Services Borrower LLC 1st Lien Term Loan, 1-Month LIBOR + 2.75%, 5.05% (B), 05/02/2022		3,940,125		3,937,312
Spin Holdco, Inc. Term Loan B, 3-Month LIBOR + 3.25%, 5.69% (B), 11/14/2022		4,421,343		4,419,132
Technimark LLC 1st Lien Term Loan, 3-Month LIBOR + 3.75%, 6.03% (B), 08/06/2025		1,400,000		1,400,875
TruGreen, LP Term Loan, 1-Month LIBOR + 4.00%, 6.29% (B), 04/13/2023		3,437,787		3,476,462
Wrangler Buyer Corp. Term Loan B, 3-Month LIBOR + 2.75%, 5.01% (B), 09/27/2024		2,979,987		2,978,745
				37,658,115
Communications Equipment - 0.5%
Securus Technologies Holdings, Inc. 1st Lien Term Loan, 1-Month LIBOR + 4.50%, 6.80% (B), 11/01/2024 (H)		3,231,742		3,239,013

	Principal		Value
LOAN ASSIGNMENTS (continued)
Construction & Engineering - 2.0%
Granite Acquisition, Inc. Term Loan B,
3-Month LIBOR + 3.50%, 5.90% (B), 12/19/2021		$   3,296,422		$   3,301,366
Term Loan C,
3-Month LIBOR + 3.50%, 5.89% (B), 12/19/2021		120,590		120,771
McDermott Technology Americas, Inc. 1st Lien Term Loan, 1-Month LIBOR + 5.00%, 7.30% (B), 05/12/2025		2,487,500		2,458,894
Pike Corp. Term Loan B, 1-Month LIBOR + 3.50%, 5.81% (B), 03/23/2025		918,717		923,310
Pisces Midco, Inc. Term Loan, 3-Month LIBOR + 3.75%, 6.18% (B), 04/12/2025		3,491,250		3,475,250
PSC Industrial Holdings Corp. 1st Lien Term Loan, 1-Month LIBOR + 3.75%, 6.04% (B), 10/03/2024		2,982,475		2,980,611
Robertshaw US Holding Corp. 1st Lien Term Loan, 1-Month LIBOR + 3.50%, 5.81% (B), 02/28/2025		1,343,250		1,323,101
				14,583,303
Construction Materials - 0.5%
Forterra Finance LLC Term Loan B, 1-Month LIBOR + 3.00%, 5.30% (B), 10/25/2023		3,689,821		3,390,613
Consumer Finance - 0.4%
Altice US Finance I Corp. Term Loan B, 1-Month LIBOR + 2.25%, 4.55% (B), 07/28/2025		2,972,425		2,963,136
Containers & Packaging - 4.2%
Anchor Glass Container Corp. 1st Lien Term Loan,
1-Month LIBOR + 2.75%, 5.08% (B), 12/07/2023		2,947,688		2,616,073
2nd Lien Term Loan,
1-Month LIBOR + 7.75%, 10.04% (B), 12/07/2024		3,335,000		2,234,450
Ball Metalpack LLC 1st Lien Term Loan B,
1-Month LIBOR + 4.50%, 6.80% (B), 07/24/2025		708,225		714,865
2nd Lien Term Loan B,
1-Month LIBOR + 8.75%, 11.05% (B), 07/24/2026		1,000,000		985,000
Berry Global, Inc. Term Loan Q,
1-Month LIBOR + 2.00%, 4.28% (B), 10/01/2022		1,062,170		1,061,174

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

Transamerica Funds Annual Report 2018

Page    85

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
LOAN ASSIGNMENTS (continued)
Containers & Packaging (continued)
Berry Global, Inc. (continued)
Term Loan R,
3-Month LIBOR + 2.00%, 4.28% (B), 01/19/2024		$   1,273,711		$   1,270,527
Term Loan T,
2-Month LIBOR + 1.75%, 4.03% (B), 01/06/2021		250,000		249,375
Consolidated Container Co. LLC 1st Lien Term Loan, 1-Month LIBOR + 2.75%, 5.05% (B), 05/22/2024		1,485,028		1,485,491
Flex Acquisition Co., Inc.
1st Lien Term Loan,
3-Month LIBOR + 3.00%, 5.26% (B), 12/29/2023		2,515,931		2,510,092
Term Loan,
1-Month LIBOR + 3.25%, 5.51% (B), 06/29/2025		997,500		998,568
Packaging Coordinators Midco, Inc. 1st Lien Term Loan, 3-Month LIBOR + 4.00%, 6.39% (B), 06/30/2023		3,432,853		3,437,144
Plastipak Packaging, Inc. Term Loan B, 1-Month LIBOR + 2.50%, 4.81% (B), 10/14/2024		2,576,481		2,566,819
Printpack Holdings, Inc. Term Loan, 1-Month LIBOR + 3.00%, 5.31% (B), 07/26/2023 (H)		2,280,449		2,271,897
Proampac PG Borrower LLC
1st Lien Term Loan,
3-Month LIBOR + 3.50%, 5.84% (B), 11/18/2023		1,646,796		1,648,167
2nd Lien Term Loan,
3-Month LIBOR + 8.50%, 10.81% (B), 11/18/2024		1,000,000		1,005,000
Reynolds Group Holdings, Inc. Term Loan, 1-Month LIBOR + 2.75%, 5.05% (B), 02/05/2023		4,228,944		4,229,604
TricorBraun Holdings, Inc.
1st Lien Delayed Draw Term Loan,
3-Month LIBOR + 3.75%, 6.10% (B), 11/30/2023		78,750		78,824
1st Lien Term Loan,
3-Month LIBOR + 3.75%, 6.14% (B), 11/30/2023		781,534		782,267
				30,145,337
Distributors - 0.4%
Autoparts Holdings, Ltd. 1st Lien Term Loan, 1-Month LIBOR + 6.75%, 9.05% (B), 12/19/2021		3,055,596		3,055,596

	Principal		Value
LOAN ASSIGNMENTS (continued)
Diversified Consumer Services - 1.3%
Pre-Paid Legal Services, Inc. 1st Lien Term Loan, 1-Month LIBOR + 3.25%, 5.55% (B), 05/01/2025		$   3,675,439		$   3,686,924
ServiceMaster Co. Term Loan B, 1-Month LIBOR + 2.50%, 4.80% (B), 11/08/2023		534,310		535,112
USS Ultimate Holdings, Inc. 1st Lien Term Loan, 1-Month LIBOR + 3.75%, 6.05% (B), 08/25/2024		2,383,833		2,392,029
William Morris Endeavor Entertainment LLC 1st Lien Term Loan, 3-Month LIBOR + 2.75%, 5.28% (B), 05/18/2025 (H)		2,636,145		2,627,082
				9,241,147
Diversified Financial Services - 0.7%
Compass Group Diversified Holdings LLC Term Loan B, 4.80% (B), 04/17/2025		997,494		997,993
NBG Acquisition, Inc. Term Loan, 3-Month LIBOR + 5.50%, 8.09% (B), 04/26/2024		1,806,816		1,788,748
Russell Investments US Institutional Holdco, Inc. Term Loan B, 1-Month LIBOR + 3.25%, 5.55% (B), 06/01/2023 (H)		1,973,798		1,980,377
WG Partners Acquisition LLC Term Loan B, 3-Month LIBOR + 3.50%, 5.89% (B), 11/15/2023		365,714		365,714
				5,132,832
Diversified Telecommunication Services - 2.6%
CenturyLink, Inc.
Term Loan A,
TBD, 11/01/2022 (H) (I)		493,590		492,973
Term Loan B,
1-Month LIBOR + 2.75%, 5.05% (B), 01/31/2025		2,977,500		2,941,026
Frontier Communications Corp. Delayed Draw Term Loan A, 1-Month LIBOR + 2.75%, 5.06% (B), 03/31/2021		2,249,417		2,196,932
Global Tel*Link Corp. 1st Lien Term Loan, 3-Month LIBOR + 4.00%, 6.39% (B), 05/23/2020		3,875,639		3,880,483
Hargray Communications Group, Inc. Term Loan B, 1-Month LIBOR + 3.00%, 5.30% (B), 05/16/2024		1,466,288		1,463,997
Intelsat Jackson Holdings SA Term Loan B5, 6.63%, 01/02/2024 (G)		2,610,000		2,670,030

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

Transamerica Funds Annual Report 2018

Page    86

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
LOAN ASSIGNMENTS (continued)
Diversified Telecommunication Services (continued)
Virgin Media Bristol LLC Term Loan K, 1-Month LIBOR + 2.50%, 4.78% (B), 01/15/2026		$   3,000,000		$   2,996,787
Windstream Services LLC Repriced Term Loan B6, 1-Month LIBOR + 4.00%, 6.29% (B), 03/29/2021		1,869,485		1,738,621
				18,380,849
Electrical Equipment - 1.5%
Atkore International, Inc. 1st Lien Term Loan, 3-Month LIBOR + 2.75%, 5.14% (B), 12/22/2023		2,310,614		2,309,893
Electrical Components International, Inc. 1st Lien Term Loan, 3-Month LIBOR + 4.25%, 6.64% (B), 06/26/2025		1,745,625		1,754,353
Global Appliance, Inc.
Term Loan A,
1-Month LIBOR + 3.25%, 5.56% (B), 09/29/2022		492,462		486,307
Term Loan B,
1-Month LIBOR + 4.00%, 6.31% (B), 09/29/2024		2,970,000		2,940,300
Trojan Battery Co. LLC Term Loan, 1-Month LIBOR + 4.75%, 7.04% (B), 06/11/2021		2,940,391		2,940,391
VC GB Holdings, Inc. 1st Lien Term Loan, 1-Month LIBOR + 3.00%, 5.30% (B), 02/28/2024 (H)		675,338		668,585
				11,099,829
Electronic Equipment, Instruments & Components - 1.6%
Badger Buyer Corp. Term Loan B, 1-Month LIBOR + 3.50%, 5.80% (B), 09/28/2024		2,461,140		2,448,834
Electro Rent Corp. 1st Lien Term Loan, 3-Month LIBOR + 5.00%, 7.49% (B), 01/31/2024		2,854,212		2,875,619
Radio Systems Corp. Term Loan B, 1-Month LIBOR + 2.75%, 5.05% (B), 05/02/2024		3,959,975		3,959,975
Verra Mobility Corp. 1st Lien Term Loan, 1-Month LIBOR + 3.75%, 6.04% (B), 02/28/2025		2,487,500		2,498,694
				11,783,122
Equity Real Estate Investment Trusts - 1.0%
iStar, Inc. Term Loan B, 1-Month LIBOR + 2.75%, 5.03% (B), 06/28/2023		2,590,302		2,583,826

	Principal		Value
LOAN ASSIGNMENTS (continued)
Equity Real Estate Investment Trusts (continued)
MGM Growth Properties Operating Partnership, LP
Term Loan A,
1-Month LIBOR + 2.25%, 4.55% (B), 04/23/2021		$   3,500,000		$   3,500,000
Term Loan B,
1-Month LIBOR + 2.00%, 4.30% (B), 03/21/2025		492,424		490,578
VICI Properties 1 LLC Term Loan B, 1-Month LIBOR + 2.00%, 4.28% (B), 12/20/2024		715,909		713,560
				7,287,964
Food & Staples Retailing - 2.6%
Albertsons LLC
Term Loan B4,
1-Month LIBOR + 2.75%, 5.05% (B), 08/25/2021		2,239,807		2,235,258
Term Loan B6,
3-Month LIBOR + 3.00%, 5.31% (B), 06/22/2023		2,695,069		2,677,384
Term Loan B7,
TBD, 10/29/2025 (H) (I)		1,500,000		1,486,875
BJ’s Wholesale Club, Inc. 1st Lien Term Loan, 1-Month LIBOR + 3.00%, 5.28% (B), 02/03/2024		3,259,653		3,263,728
Chef’s Warehouse Leasing Co. LLC 1st Lien Term Loan, 1-Month LIBOR + 4.00%, 6.30% (B), 06/22/2022		2,079,114		2,085,611
Give & Go Prepared Foods Corp. 1st Lien Term Loan, 3-Month LIBOR + 4.25%, 6.64% (B), 07/29/2023		4,292,861		3,772,352
Hostess Brands LLC Repriced Term Loan, 2-Month LIBOR + 2.25%, 4.69% (B), 08/03/2022		3,223,100		3,204,567
				18,725,775
Food Products - 2.4%
CSM Bakery Solutions LLC 1st Lien Term Loan, 3-Month LIBOR + 4.00%, 6.41% (B), 07/03/2020		3,596,312		3,452,460
Del Monte Foods, Inc. 1st Lien Term Loan, 3-Month LIBOR + 3.25%, 5.56% (B), 02/18/2021		1,962,197		1,727,960
Dole Food Co., Inc. Term Loan B, 3-Month LIBOR + 2.75%, 5.05% (B), 04/06/2024		2,493,979		2,485,796
Kettle Cuisine LLC Term Loan, 1-Month LIBOR + 3.75%, 6.04% (B), 08/22/2025		2,000,000		1,995,000

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

Transamerica Funds Annual Report 2018

Page    87

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
LOAN ASSIGNMENTS (continued)
Food Products (continued)
Nomad Foods Europe Midco, Ltd. Term Loan B4, 1-Month LIBOR + 2.25%, 4.53% (B), 05/15/2024		$   1,740,000		$   1,730,574
Post Holdings, Inc. Series A, Term Loan, 1-Month LIBOR + 2.00%, 4.29% (B), 05/24/2024		2,681,514		2,675,647
Shearer’s Foods, Inc. 1st Lien Term Loan, 1-Month LIBOR + 4.25%, 6.55% (B), 06/30/2021		3,122,146		3,106,535
				17,173,972
Health Care Equipment & Supplies - 3.6%
Carestream Dental Equiment, Inc. 1st Lien Term Loan, 3-Month LIBOR + 3.25%, 5.64% (B), 09/01/2024		2,077,840		2,062,256
CPI Holdco LLC 1st Lien Term Loan, 1-Month LIBOR + 3.50%, 5.89% (B), 03/21/2024		3,903,229		3,917,866
DentalCorp Perfect Smile ULC
1st Lien Delayed Draw Term Loan,
1-Month LIBOR + 3.75%, 4.52% (B), 06/06/2025		134,150		134,736
1st Lien Term Loan,
1-Month LIBOR + 3.75%, 6.05% (B), 06/06/2025		1,596,000		1,602,982
DJO Finance LLC Term Loan, 1-Month LIBOR + 3.25%, 5.60% (B), 06/08/2020		4,145,357		4,132,921
Mallinckrodt International Finance SA
Term Loan B,
3-Month LIBOR + 2.75%, 5.14% (B), 09/24/2024		1,654,139		1,633,462
6-Month LIBOR + 3.00%, 5.52% (B), 02/24/2025		995,000		987,331
Onex Carestream Finance, LP
1st Lien Term Loan,
1-Month LIBOR + 4.00%, 6.30% (B), 06/07/2019		4,305,439		4,287,951
2nd Lien Term Loan,
1-Month LIBOR + 8.50%, 10.80% (B), 12/07/2019		1,000,000		995,000
Ortho-Clinical Diagnostics SA Term Loan B, 1-Month LIBOR + 3.25%, 5.54% (B), 06/30/2025 (H)		3,087,918		3,075,051
YI LLC
1st Lien Delayed Draw Term Loan,
3-Month LIBOR + 1.00%, 3.59% (B), 11/07/2024 (H)		298,987		298,239
1st Lien Term Loan,
3-Month LIBOR + 4.00%, 6.39% (B), 11/07/2024		2,476,118		2,469,928
				25,597,723

	Principal		Value
LOAN ASSIGNMENTS (continued)
Health Care Providers & Services - 3.9%
AHP Health Partners, Inc. Term Loan, 1-Month LIBOR + 4.50%, 6.80% (B), 06/30/2025		$   2,693,250		$   2,707,839
Community Health Systems, Inc. Term Loan H, 3-Month LIBOR + 3.25%, 5.56% (B), 01/27/2021 (H)		617,041		603,672
DuPage Medical Group, Ltd. Term Loan, 1-Month LIBOR + 2.75%, 5.05% (B), 08/15/2024		2,995,710		2,968,249
Explorer Holdings, Inc. Term Loan B, 3-Month LIBOR + 3.75%, 6.14% (B), 05/02/2023		1,382,323		1,390,963
Gentiva Health Services, Inc. 1st Lien Term Loan, 1-Month LIBOR + 3.75%, 6.06% (B), 07/02/2025		1,710,407		1,712,545
HCA, Inc.
Term Loan B10,
1-Month LIBOR + 2.00%, 4.30% (B), 03/13/2025		376,239		377,754
Term Loan B11,
1-Month LIBOR + 1.75%, 4.05% (B), 03/18/2023		618,761		620,640
Heartland Dental LLC 1st Lien Term Loan, 1-Month LIBOR + 3.75%, 6.05% (B), 04/30/2025		2,602,174		2,589,163
PharMerica Corp. 1st Lien Term Loan, 1-Month LIBOR + 3.50%, 5.78% (B), 12/06/2024		2,243,725		2,250,270
Quorum Health Corp. Term Loan B, 1-Month LIBOR + 6.75%, 9.05% (B), 04/29/2022		4,057,839		4,095,037
RadNet, Inc. Repriced Term Loan, 3-Month LIBOR + 3.75%, 6.22% (B), 06/30/2023		2,338,356		2,344,202
Sound Inpatient Physicians 1st Lien Term Loan, 1-Month LIBOR + 3.00%, 5.30% (B), 06/27/2025		1,995,000		1,997,494
Team Health Holdings, Inc. 1st Lien Term Loan, 1-Month LIBOR + 2.75%, 5.05% (B), 02/06/2024		1,871,500		1,766,228
Valitas Health Services, Inc. 2nd Lien Term Loan, 3-Month LIBOR + 5.00%, 4.60% (B), 04/14/2022 (E) (J)		272,474		135,697

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

Transamerica Funds Annual Report 2018

Page    88

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
LOAN ASSIGNMENTS (continued)
Health Care Providers & Services (continued)
WP CityMD Bidco LLC 1st Lien Term Loan, 3-Month LIBOR + 3.50%, 5.89% (B), 06/07/2024		$   2,487,437		$   2,489,509
				28,049,262
Health Care Technology - 0.4%
Change Healthcare Holdings LLC Term Loan B, 1-Month LIBOR + 2.75%, 5.05% (B), 03/01/2024		2,934,848		2,929,956
Hotels, Restaurants & Leisure - 5.1%
1011778 B.C. Unlimited Liability Co. Term Loan B3, 1-Month LIBOR + 2.25%, 4.55% (B), 02/16/2024		1,074,202		1,069,502
Affinity Gaming LLC Term Loan, 1-Month LIBOR + 3.25%, 5.55% (B), 07/01/2023		2,848,684		2,832,304
Boyd Gaming Corp. Term Loan B3, 1-Week LIBOR + 2.25%, 4.47% (B), 09/15/2023		1,369,862		1,370,840
Caesars Resort Collection LLC 1st Lien Term Loan B, 1-Month LIBOR + 2.75%, 5.05% (B), 12/22/2024		2,977,500		2,977,500
ClubCorp Holdings, Inc. Term Loan B, 3-Month LIBOR + 2.75%, 5.14% (B), 09/18/2024		2,458,536		2,416,537
Eldorado Resorts LLC Term Loan B, 3-Month LIBOR + 2.25%, 4.56% (B), 04/17/2024		1,913,500		1,913,500
Hilton Worldwide Finance LLC Term Loan B2, 1-Month LIBOR + 1.75%, 4.03% (B), 10/25/2023		922,280		922,536
IRB Holding Corp. 1st Lien Term Loan, 2-Month LIBOR + 3.25%, 5.46% (B), 02/05/2025		1,990,000		1,986,446
Marriott Ownership Resorts, Inc. Term Loan B, 1-Month LIBOR + 2.25%, 4.55% (B), 08/29/2025		700,000		701,750
MGM Resorts International Term Loan A, 1-Month LIBOR + 2.50%, 4.80% (B), 04/25/2021		456,250		456,250
Mohegan Tribal Gaming Authority Term Loan A, 1-Month LIBOR + 3.75%, 6.05% (B), 10/13/2021		2,218,201		2,171,619

	Principal		Value
LOAN ASSIGNMENTS (continued)
Hotels, Restaurants & Leisure (continued)
NEP/NCP Holdco, Inc. 1st Lien Term Loan, 3-Month LIBOR + 3.25%, 5.47% (B), 10/20/2025		$   3,000,000		$   3,010,314
NPC International, Inc. 1st Lien Term Loan, 1-Month LIBOR + 3.50%, 5.80% (B), 04/19/2024		2,486,718		2,493,972
Penn National Gaming, Inc.
1st Lien Term Loan B,
3-Month LIBOR + 2.25%, 4.58% (B), 10/15/2025		1,250,000		1,252,735
Term Loan A,
2-Month LIBOR + 1.50%, 3.83% (B), 01/19/2022		2,312,500		2,311,922
Scientific Games International, Inc. Term Loan B5, 2-Month LIBOR + 2.75%, 5.05% (B), 08/14/2024		2,228,166		2,205,884
SeaWorld Parks & Entertainment, Inc. Term Loan B5, 1-Month LIBOR + 3.00%, 5.30% (B), 03/31/2024		3,037,332		3,031,258
Station Casinos LLC Term Loan B, 1-Month LIBOR + 2.50%, 4.81% (B), 06/08/2023		3,512,613		3,508,223
				36,633,092
Household Durables - 3.1%
American Bath Group LLC Term Loan B, 3-Month LIBOR + 4.25%, 6.64% (B), 09/30/2023		3,629,225		3,642,835
API Heat Transfer ThermaSys Corp. Term Loan, 3-Month LIBOR + 3.00%, 8.25% (B), 05/03/2019		1,830,247		1,578,588
Hoffmaster Group, Inc.
1st Lien Term Loan,
1-Month LIBOR + 4.00%, 6.30% (B), 11/21/2023		5,035,379		5,051,114
2nd Lien Term Loan,
1-Month LIBOR + 9.50%, 11.80% (B), 11/21/2024		900,000		906,750
Janus International Group LLC 1st Lien Term Loan, 1-Month LIBOR + 3.00%, 5.30% (B), 02/12/2025		995,623		978,200
Libbey Glass, Inc. Term Loan B, 1-Month LIBOR + 3.00%, 5.28% (B), 04/09/2021		2,264,948		2,256,454
Lifetime Brands, Inc. Term Loan B, 1-Month LIBOR + 3.50%, 5.80% (B), 02/28/2025		3,731,250		3,740,578

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

Transamerica Funds Annual Report 2018

Page    89

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
LOAN ASSIGNMENTS (continued)
Household Durables (continued)
LTI Holdings, Inc. 1st Lien Term Loan, 1-Month LIBOR + 3.50%, 5.80% (B), 09/06/2025		$   1,000,000		$   998,750
WKI Holding Co., Inc. Term Loan B, 3-Month LIBOR + 4.00%, 6.34% (B), 05/01/2024		3,461,237		3,400,666
				22,553,935
Household Products - 1.0%
KIK Custom Products, Inc. Term Loan B, 1-Month LIBOR + 4.00%, 6.30% (B), 05/15/2023		4,633,088		4,608,477
Spectrum Brands, Inc. Term Loan B, 2-Month LIBOR + 2.00%, 4.35% (B), 06/23/2022		2,314,548		2,315,030
				6,923,507
Independent Power & Renewable Electricity Producers - 1.2%
Calpine Construction Finance Co., LP Term Loan B, 1-Month LIBOR + 2.50%, 4.80% (B), 01/15/2025		1,986,244		1,981,588
Calpine Corp. Term Loan B6, 3-Month LIBOR + 2.50%, 4.89% (B), 01/15/2023		3,815,144		3,804,653
Terra-Gen Finance Co. LLC Term Loan B, 1-Month LIBOR + 4.25%, 6.56% (B), 12/09/2021		438,930		367,603
Vistra Energy Corp. 1st Lien Term Loan B3, 1-Month LIBOR + 2.00%, 4.29% (B), 12/31/2025 (H)		2,491,250		2,481,908
				8,635,752
Interactive Media & Services - 0.1%
Ancestry.com Operations, Inc. 1st Lien Term Loan, 1-Month LIBOR + 3.25%, 5.55% (B), 10/19/2023		635,375		635,971
Internet & Direct Marketing Retail - 0.5%
Shutterfly, Inc. Delayed Draw Term Loan B,
1-Month LIBOR + 2.50%, 4.78% (B), 08/17/2024		2,409,145		2,409,145
Term Loan B2,
1-Month LIBOR + 2.75%, 5.06% (B), 08/17/2024		1,083,863		1,082,960
				3,492,105
IT Services - 3.3%
Allied Universal Holdco LLC Term Loan, 3-Month LIBOR + 3.75%, 6.14% (B), 07/28/2022		2,561,648		2,548,839

	Principal		Value
LOAN ASSIGNMENTS (continued)
IT Services (continued)
ConvergeOne Holdings Corp. 1st Lien Term Loan, 1-Month LIBOR + 3.75%, 6.05% (B), 04/04/2025		$   997,500		$   998,436
First Data Corp. Term Loan, 1-Month LIBOR + 2.00%, 4.29% (B), 07/08/2022		4,714,374		4,703,446
Flexential Intermediate Corp. 1st Lien Term Loan, 3-Month LIBOR + 3.50%, 5.89% (B), 08/01/2024		891,000		876,799
Go Daddy Operating Co. LLC Repriced Term Loan, 1-Month LIBOR + 2.25%, 4.55% (B), 02/15/2024		2,984,870		2,986,270
MoneyGram International, Inc. Term Loan B, 1-Month LIBOR + 3.25%, 5.55% (B), 03/27/2020		2,001,044		1,900,992
Rackspace Hosting, Inc. 1st Lien Term Loan, 3-Month LIBOR + 3.00%, 5.35% (B), 11/03/2023		2,731,159		2,649,907
Tempo Acquisition LLC Term Loan, 1-Month LIBOR + 3.00%, 5.30% (B), 05/01/2024		2,942,551		2,939,790
Vestcom Parent Holdings, Inc. 1st Lien Term Loan, 1-Month LIBOR + 4.00%, 6.30% (B), 12/19/2023		1,437,625		1,434,031
Xerox Business Services LLC Term Loan B, 1-Month LIBOR + 2.50%, 4.80% (B), 12/07/2023		2,725,949		2,731,061
				23,769,571
Leisure Products - 0.4%
Recess Holdings, Inc. 1st Lien Term Loan, 6-Month LIBOR + 3.75%, 6.09% (B), 09/29/2024		2,968,214		2,975,635
Life Sciences Tools & Services - 0.3%
Jaguar Holding Co. II Term Loan, 1-Month LIBOR + 2.50%, 4.80% (B), 08/18/2022 (H)		1,350,434		1,345,370
Parexel International Corp. Term Loan B, 1-Month LIBOR + 2.75%, 5.05% (B), 09/27/2024 (H)		784,481		773,041
				2,118,411
Machinery - 3.7%
Clark Equipment Co. Term Loan B, 1-Month LIBOR + 2.00%, 4.38% (B), 05/18/2024		1,811,942		1,804,695

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

Transamerica Funds Annual Report 2018

Page    90

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
LOAN ASSIGNMENTS (continued)
Machinery (continued)
Columbus McKinnon Corp. Term Loan B, 3-Month LIBOR + 2.50%, 4.89% (B), 01/31/2024		$   1,619,243		$   1,619,243
Cortes NP Acquisition Corp. Term Loan B, 3-Month LIBOR + 4.00%, 6.31% (B), 11/30/2023		3,381,853		3,339,580
CPM Holdings, Inc. 2nd Lien Term Loan, TBD, 10/24/2026 (H) (I)		200,000		199,833
Filtration Group Corp. 1st Lien Term Loan, 1-Month LIBOR + 3.00%, 5.30% (B), 03/29/2025		2,482,500		2,491,293
Gardner Denver, Inc. Term Loan B, 1-Month LIBOR + 2.75%, 5.05% (B), 07/30/2024		2,915,290		2,921,016
Harsco Corp. Term Loan B1, 1-Month LIBOR + 2.25%, 4.56% (B), 12/06/2024		493,772		495,006
Milacron LLC Term Loan B, 1-Month LIBOR + 2.50%, 4.80% (B), 09/28/2023		4,420,004		4,417,242
Rexnord LLC Term Loan B, 1-Month LIBOR + 2.00%, 4.29% (B), 08/21/2024		2,621,936		2,623,984
Terex Corp. Term Loan B, 2-Month LIBOR + 2.00%, 4.29% (B), 01/31/2024		1,709,287		1,703,590
Wastequip LLC 1st Lien Term Loan,
1-Month LIBOR + 3.50%, 5.79% (B), 03/20/2025		2,487,500		2,495,273
2nd Lien Term Loan,
1-Month LIBOR + 7.75%, 10.04% (B), 03/20/2026		2,500,000		2,510,938
				26,621,693
Media - 4.9%
A-L Parent LLC 1st Lien Term Loan,
TBD, 12/01/2023 (H) (I)		2,000,000		2,013,750
1-Month LIBOR + 3.25%, 5.56% (B), 12/01/2023		1,965,000		1,967,456
AMC Entertainment Holdings, Inc. Term Loan, 1-Month LIBOR + 2.25%, 4.53% (B), 12/15/2022		444,275		443,720
Charter Communications Operating LLC Term Loan B, 1-Month LIBOR + 2.00%, 4.31% (B), 04/30/2025		1,985,000		1,984,504

	Principal		Value
LOAN ASSIGNMENTS (continued)
Media (continued)
Cogeco Communications II L.P. 1st Lien Term Loan, 1-Month LIBOR + 2.38%, 4.68% (B), 01/03/2025		$   1,990,000		$   1,979,553
CSC Holdings LLC 1st Lien Term Loan,
1-Month LIBOR + 2.25%, 4.53% (B), 07/17/2025		1,964,459		1,953,386
Term Loan B,
1-Month LIBOR + 2.50%, 4.78% (B), 01/25/2026		995,000		995,746
Gray Television, Inc. Term Loan B, TBD, 02/07/2024 (H) (I)		750,000		749,531
Liberty Cablevision of Puerto Rico LLC 1st Lien Term Loan, 3-Month LIBOR + 3.50%, 5.94% (B), 01/07/2022		2,597,959		2,546,810
MCC Iowa LLC Term Loan M, 1-Week LIBOR + 2.00%, 4.22% (B), 01/15/2025		1,980,000		1,976,699
Mediacom Illinois LLC Term Loan N, 1-Week LIBOR + 1.75%, 3.97% (B), 02/15/2024		493,769		492,534
Meredith Corp. Term Loan B1, 3-Month LIBOR + 2.75%, 5.05% (B), 01/31/2025 (B) (H)		1,000,000		1,000,000
NAI Entertainment Holdings LLC Term Loan B, 1-Month LIBOR + 2.50%, 4.81% (B), 05/08/2025		1,500,000		1,496,250
Numericable Group SA Term Loan B12, 1-Month LIBOR + 3.69%, 5.97% (B), 01/31/2026		1,492,481		1,459,211
PSAV Holdings LLC 1st Lien Term Loan,
3-Month LIBOR + 3.25%, 5.57% (B), 03/01/2025		2,482,500		2,479,397
2nd Lien Term Loan,
3-Month LIBOR + 7.25%, 9.78% (B), 09/01/2025		1,700,000		1,670,250
Quincy Newspapers, Inc. Term Loan B, 3-Month LIBOR + 2.00%, 5.31% (B), 10/13/2022		1,608,825		1,609,501
Sinclair Television Group, Inc. Term Loan B2, 1-Month LIBOR + 2.25%, 4.56% (B), 01/03/2024		1,186,481		1,184,256
Tribune Media Co.
Term Loan,
1-Month LIBOR + 3.00%, 5.30% (B), 12/27/2020		322,547		322,950

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

Transamerica Funds Annual Report 2018

Page    91

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
LOAN ASSIGNMENTS (continued)
Media (continued)
Tribune Media Co. (continued)
Term Loan C,
1-Month LIBOR + 3.00%, 5.30% (B), 01/27/2024		$   3,550,617		$   3,555,056
Univision Communications, Inc. Term Loan C5, 1-Month LIBOR + 2.75%, 5.05% (B), 03/15/2024		3,889,220		3,723,119
				35,603,679
Metals & Mining - 0.3%
WP CPP Holdings LLC Term Loan, 1-Month LIBOR + 3.75%, 6.28% (B), 04/30/2025		2,000,000		2,004,376
Multi-Utilities - 0.3%
Solenis International, LP 1st Lien Term Loan, 3-Month LIBOR + 4.00%, 6.31% (B), 12/26/2023		2,274,300		2,273,827
Oil, Gas & Consumable Fuels - 3.3%
BCP Raptor LLC Term Loan B, 2-Month LIBOR + 4.25%, 6.64% (B), 06/24/2024		2,468,750		2,434,805
California Resources Corp. 1st Lien Term Loan, 1-Month LIBOR + 4.75%, 7.04% (B), 12/31/2022		3,285,000		3,332,905
CITGO Petroleum Corp. Term Loan B, 3-Month LIBOR + 3.50%, 5.90% (B), 07/29/2021		2,896,884		2,892,054
EG Finco Ltd. Term Loan, 3-Month LIBOR + 4.00%, 6.39% (B), 02/07/2025		996,247		993,756
EG Group Ltd. Term Loan B, 3-Month LIBOR + 4.00%, 6.39% (B), 02/07/2025		1,992,494		1,990,003
Fieldwood Energy LLC 1st Lien Term Loan, 1-Month LIBOR + 5.25%, 7.55% (B), 04/11/2022		2,100,000		2,113,125
Medallion Midland Acquisition LLC 1st Lien Term Loan, 1-Month LIBOR + 3.25%, 5.55% (B), 10/30/2024		1,141,375		1,129,248
MEG Energy Corp. Term Loan B, 1-Month LIBOR + 3.50%, 5.81% (B), 12/31/2023		1,975,762		1,978,232
Phoenix Services International LLC Term Loan, 1-Month LIBOR + 3.75%, 6.03% (B), 03/01/2025		1,592,000		1,602,945

	Principal		Value
LOAN ASSIGNMENTS (continued)
Oil, Gas & Consumable Fuels (continued)
PowerTeam Services LLC 1st Lien Term Loan, 3-Month LIBOR + 3.25%, 5.64% (B), 03/06/2025		$   1,652,893		$   1,643,939
Southeast PowerGen LLC Term Loan B, 1-Month LIBOR + 3.50%, 5.81% (B), 12/02/2021		875,000		837,813
Ultra Resources, Inc. 1st Lien Term Loan, 3-Month LIBOR + 3.00%, 5.47% (B), 04/12/2024		2,750,000		2,569,531
				23,518,356
Paper & Forest Products - 0.4%
Dunn Paper, Inc. 1st Lien Term Loan, 1-Month LIBOR + 4.75%, 7.05% (B), 08/31/2022		2,940,060		2,947,410
Personal Products - 0.3%
Revlon Consumer Products Corp. Term Loan B, 3-Month LIBOR + 3.50%, 5.81% (B), 09/07/2023		3,430,000		2,498,755
Pharmaceuticals - 1.1%
Akorn, Inc. Term Loan B, 1-Month LIBOR + 4.75%, 7.81% (B), 04/16/2021 (H)		1,852,343		1,709,944
Alphabet Holding Co., Inc. 1st Lien Term Loan, 1-Month LIBOR + 3.50%, 5.80% (B), 09/26/2024		990,000		943,904
Amneal Pharmaceuticals LLC Term Loan B, 1-Month LIBOR + 3.50%, 5.81% (B), 05/04/2025		997,269		999,762
Catalent Pharma Solutions, Inc. Term Loan B, 1-Month LIBOR + 2.25%, 4.55% (B), 05/20/2024		1,685,502		1,691,221
Endo Luxembourg Finance Co. I SARL Term Loan B, 1-Month LIBOR + 4.25%, 6.56% (B), 04/29/2024		1,777,500		1,781,203
Valeant Pharmaceuticals International, Inc. Term Loan B, 1-Month LIBOR + 3.00%, 5.27% (B), 06/02/2025		487,500		487,771
				7,613,805
Professional Services - 0.5%
Advantage Sales & Marketing, Inc. 1st Lien Term Loan,
1-Month LIBOR + 3.25%, 5.55% (B), 07/23/2021		1,483,317		1,345,183
Term Loan B,
1-Month LIBOR + 3.25%, 5.55% (B), 07/25/2021		496,231		450,020

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

Transamerica Funds Annual Report 2018

Page    92

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
LOAN ASSIGNMENTS (continued)
Professional Services (continued)
Everi Payments, Inc. Term Loan B, 1-Month LIBOR + 3.00%, 5.30% (B), 05/09/2024		$   1,978,731		$   1,986,976
				3,782,179
Real Estate Management & Development - 1.9%
Brookfield WEC Holdings, Inc. 1st Lien Term Loan, 1-Month LIBOR + 3.75%, 6.05% (B), 08/01/2025		1,750,000		1,760,208
CityCenter Holdings LLC Term Loan B, 1-Month LIBOR + 2.25%, 4.55% (B), 04/18/2024		1,966,234		1,960,397
DTZ U.S. Borrower LLC Term Loan B, 1-Month LIBOR + 3.25%, 5.55% (B), 08/21/2025		3,500,000		3,496,251
RE/MAX International, Inc. Term Loan B, 1-Month LIBOR + 2.75%, 5.05% (B), 12/15/2023		2,479,937		2,483,037
Realogy Group LLC Term Loan A, 1-Month LIBOR + 2.25%, 4.53% (B), 02/01/2023		987,500		987,088
Trico Group LLC Term Loan, 3-Month LIBOR + 6.50%, 8.81% (B), 02/02/2024		2,716,867		2,716,867
				13,403,848
Road & Rail - 0.4%
Fly Funding II SARL Term Loan B, 3-Month LIBOR + 2.00%, 4.34% (B), 02/09/2023		1,483,079		1,479,989
SIRVA Worldwide, Inc. 1st Lien Term Loan, 1-Month LIBOR + 5.50%, 7.81% (B), 07/20/2025		1,500,000		1,492,500
				2,972,489
Semiconductors & Semiconductor Equipment - 0.1%
Microchip Technology, Inc. Term Loan B, 1-Month LIBOR + 2.00%, 4.31% (B), 05/29/2025		904,333		900,038
Software - 4.7%
Almonde, Inc. 1st Lien Term Loan, 3-Month LIBOR + 3.50%, 5.89% (B), 06/13/2024		3,293,662		3,272,487
Avaya, Inc. Term Loan B, 1-Month LIBOR + 4.25%, 6.53% (B), 12/15/2024		4,466,250		4,477,416

	Principal		Value
LOAN ASSIGNMENTS (continued)
Software (continued)
Ceridian HCM Holding, Inc. Term Loan B, 1-Month LIBOR + 3.25%, 5.55% (B), 04/30/2025		$   2,000,000		$   2,000,000
Idera, Inc. Term Loan B, 1-Month LIBOR + 4.50%, 6.81% (B), 06/26/2024		1,461,051		1,467,139
Infor, Inc. Term Loan B6, 3-Month LIBOR + 2.75%, 5.14% (B), 02/01/2022		3,367,484		3,353,452
Kronos, Inc. Term Loan B, 3-Month LIBOR + 3.00%, 5.34% (B), 11/01/2023		1,492,500		1,493,278
MA FinanceCo. LLC
Term Loan B2,
1-Month LIBOR + 2.25%, 4.55% (B), 11/19/2021		3,429,112		3,395,679
Term Loan B3,
1-Month LIBOR + 2.50%, 4.80% (B), 06/21/2024		192,016		189,856
Quest Software US Holdings Inc. 1st Lien Term Loan, 3-Month LIBOR + 4.25%, 6.78% (B), 05/18/2025		2,500,000		2,508,332
Seattle Spinco, Inc. Term Loan B3, 1-Month LIBOR + 2.50%, 4.80% (B), 06/21/2024		1,296,734		1,282,956
Solera LLC Term Loan B, 1-Month LIBOR + 2.75%, 5.05% (B), 03/03/2023		1,907,389		1,903,983
Sophia, LP Term Loan B, 3-Month LIBOR + 3.25%, 5.64% (B), 09/30/2022 (H)		2,244,195		2,245,131
SS&C Technologies Holdings Europe SARL Term Loan B4, 1-Month LIBOR + 2.25%, 4.55% (B), 04/16/2025		1,385,405		1,377,828
SS&C Technologies, Inc.
Term Loan B3,
1-Month LIBOR + 2.25%, 4.55% (B), 04/16/2025		3,574,317		3,554,769
Term Loan B5,
1-Month LIBOR + 2.25%, 4.55% (B), 04/16/2025		1,550,000		1,543,994
				34,066,300
Specialty Retail - 1.8%
Apro LLC Term Loan B, 1-Month LIBOR + 4.00%, 6.34% (B), 08/08/2024		2,170,338		2,170,338

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

Transamerica Funds Annual Report 2018

Page    93

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
LOAN ASSIGNMENTS (continued)
Specialty Retail (continued)
Bass Pro Group LLC Term Loan B, 1-Month LIBOR + 5.00%, 7.30% (B), 09/25/2024		$   1,859,963		$   1,859,577
Men’s Wearhouse, Inc. Term Loan B2, 1-Month LIBOR + 3.50%, 5.51% (B), 04/09/2025		987,500		990,791
PetSmart, Inc. Term Loan B2, 1-Month LIBOR + 3.00%, 5.28% (B), 03/11/2022		2,154,089		1,821,104
Staples, Inc. Term Loan B, 3-Month LIBOR + 4.00%, 6.34% (B), 09/12/2024		3,575,487		3,559,287
Wink Holdco, Inc. 1st Lien Term Loan B,
1-Month LIBOR + 3.00%, 5.30% (B), 12/02/2024		497,494		496,561
2nd Lien Term Loan B,
1-Month LIBOR + 6.75%, 9.06% (B), 11/03/2025		1,880,000		1,871,775
				12,769,433
Technology Hardware, Storage & Peripherals - 0.4%
Dell International LLC Term Loan B, 1-Month LIBOR + 2.00%, 4.31% (B), 09/07/2023		902,050		900,171
Diebold, Inc.
Term Loan A1,
1-Month LIBOR + 9.25%, 11.56% (B), 08/24/2022		357,750		374,743
Term Loan B,
1-Month LIBOR + 2.75%, 5.06% (B), 11/06/2023		1,665,753		1,437,753
				2,712,667
Textiles, Apparel & Luxury Goods - 0.7%
Augusta Sportswear Group, Inc. Term Loan B, 1-Month LIBOR + 4.50%, 6.80% (B), 10/26/2023		1,636,847		1,524,997
Varsity Brands, Inc. Term Loan B, 1-Month LIBOR + 3.50%, 5.80% (B), 12/15/2024		3,466,261		3,467,706
				4,992,703
Trading Companies & Distributors - 1.2%
LBM Borrower LLC 1st Lien Term Loan, 3-Month LIBOR + 3.75%, 6.28% (B), 08/19/2022		2,981,841		2,957,002
Utility One Source, LP Term Loan B, 1-Month LIBOR + 5.50%, 7.80% (B), 04/18/2023		3,853,477		3,911,279

	Principal		Value
LOAN ASSIGNMENTS (continued)
Trading Companies & Distributors (continued)
Wesco Aircraft Hardware Corp. Term Loan A, 1-Month LIBOR + 3.00%, 5.31% (B), 11/30/2020		$   1,822,785		$   1,809,114
				8,677,395
Wireless Telecommunication Services - 0.7%
Digicel International Finance, Ltd. Term Loan B, 1-Month LIBOR + 3.25%, 5.57% (B), 05/28/2024		2,376,625		2,272,647
Sprint Communications, Inc. 1st Lien Term Loan B, 1-Month LIBOR + 2.50%, 4.81% (B), 02/02/2024		2,526,637		2,521,374
				4,794,021
Total Loan Assignments (Cost $613,120,749)				607,095,509
	Shares		Value
COMMON STOCKS - 0.0% (F)
Health Care Providers & Services - 0.0% (F)
Valitas Holdings, Inc. (E) (J) (K)		21,887		10,944
Media - 0.0% (F)
Cumulus Media, Inc. (E)		13,010		204,907
Total Common Stocks (Cost $217,037)				215,851
	Principal		Value
COMMERCIAL PAPER - 3.9%
Banks - 1.0%
BNP Paribas 2.19% (L), 11/01/2018		$  3,500,000		3,500,000
NATIXIS 2.20% (L), 11/01/2018		3,500,000		3,500,000
				7,000,000
Capital Markets - 0.5%
Cedar Springs Capital Co. LLC 2.28% (L), 11/01/2018		3,500,000		3,500,000
Diversified Financial Services - 2.4%
Anglesea Funding PLC 2.22% (L), 11/01/2018		3,500,000		3,500,000
Chesham FNC / Chesh LLC 2.28% (L), 11/01/2018		3,500,000		3,500,000
Ebury Finance, Ltd. 2.28% (L), 11/01/2018		3,500,000		3,500,000
Le Fayette Asset Securitization LLC 2.21% (L), 11/01/2018		3,500,000		3,500,000
Nieuw Amsterdam Receivables Corp. 2.22% (L), 11/01/2018		3,500,000		3,500,000
				17,500,000
Total Commercial Paper (Cost $28,000,000)				28,000,000

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

Transamerica Funds Annual Report 2018

Page    94

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Shares		Value
OTHER INVESTMENT COMPANY - 0.5%
Securities Lending Collateral - 0.5%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 2.19% (L)		3,443,420		$   3,443,420
Total Other Investment Company (Cost $3,443,420)				3,443,420
	Principal		Value
REPURCHASE AGREEMENT - 4.4%
Fixed Income Clearing Corp., 1.25% (L), dated 10/31/2018, to be repurchased at $31,349,960 on 11/01/2018. Collateralized by a U.S. Government Obligation, 1.13%, due 08/31/2021, and with a value of $31,976,963.		$  31,348,871		31,348,871
Total Repurchase Agreement (Cost $31,348,871)				31,348,871
Total Investments (Cost $723,030,242)				716,054,751
Net Other Assets (Liabilities) - 0.5%				3,873,248
Net Assets - 100.0%				$  719,927,999

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	$	—	$	45,951,100	$	—	$	45,951,100
Loan Assignments		—		607,095,509		—		607,095,509
Common Stocks		—		204,907		10,944		215,851
Commercial Paper		—		28,000,000		—		28,000,000
Other Investment Company		3,443,420		—		—		3,443,420
Repurchase Agreement		—		31,348,871		—		31,348,871
Total Investments	$	3,443,420	$	712,600,387	$	10,944	$	716,054,751

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, 2018, the total value of 144A securities is $29,668,707, representing 4.1% of the Fund’s net assets.
(B)	Floating or variable rate securities. The rates disclosed are as of October 31, 2018. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(C)	All or a portion of the securities are on loan. The total value of all securities on loan is $3,373,189. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(D)	Security deemed worthless.
(E)	Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2018, the total value of securities is $351,548, representing less than 0.1% of the Fund’s net assets.
(F)	Percentage rounds to less than 0.1% or (0.1)%.

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

Transamerica Funds Annual Report 2018

Page    95

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(G)	Fixed rate loan commitment at October 31, 2018.
(H)	When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after October 31, 2018. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(I)	All or a portion of the security represents unsettled loan commitments at October 31, 2018 where the rate will be determined at time of settlement.
(J)	Illiquid security. At October 31, 2018, the value of such securities amounted to $146,641 or less than 0.1% of the Fund’s net assets.
(K)	Security is Level 3 of the fair value hierarchy.
(L)	Rates disclosed reflect the yields at October 31, 2018.
(M)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. 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 2018

Page    96

Transamerica Global Equity

(unaudited)

MARKET ENVIRONMENT

Equity markets produced relatively flat returns for the 12-month period ended on October 31, 2018. The MSCI World All Country Index was down -0.52%, with gains in the U.S. mostly offsetting declines in non-U.S. markets. Drivers of returns were corporate tax cuts and continued robust economic growth in the U.S. and political uncertainty in the eurozone coupled with a slowdown in economic growth in Europe. Emerging markets lagged developed markets; rising U.S. interest rates and falling currencies in Turkey, South Africa and Brazil combined with a decline in the Chinese market weighed on returns.

On a sector basis, health care and information technology performed well, while materials underperformed. Growth stocks outpaced value stocks, in part due to the continued outperformance of mega-cap technology equities.

We believe the recent underperformance of non-U.S. markets could reverse, particularly for European markets if an agreement with the U.K. is reached regarding its exit from the European Union, and a sensible outcome is achieved for the Italian budget situation.

PERFORMANCE

For the year ended October 31, 2018, Transamerica Global Equity (Class A) returned -1.18%, 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 -0.52% and -6.28%, respectively.

STRATEGY REVIEW

The Fund underperformed its benchmark primarily due to holdings and an overweight in financials and holdings and an underweight in technology. The largest individual detractors were ING Groep NV, HeidelbergCement AG and Korea Electric Power Corp. ING Groep NV declined with other European bank shares due to the continued political uncertainty in Italy, lack of a market-friendly conclusion to Brexit, and exposure to Turkey. HeidelbergCement AG, like many building materials companies, was impacted by higher raw materials costs and energy prices. Geographic pockets of anemic demand made it difficult to pass these higher costs through increased pricing. For Korea Electric Power Corp., lower nuclear plant utilization, higher energy input prices, and increased power purchasing costs from third-party providers negatively impacted profits. Uncertainty regarding industrial and residential tariff rates also weighed on investor sentiment.

Relative contributors included our holdings in consumer discretionary, health care and real estate. Our underweight positions in materials and real estate also contributed; investors rotated out of the latter due to rising rates. Ross Stores, Inc. was one of the top individual performers. U.S.-focused Ross Stores, Inc. benefited from the recent U.S. corporate tax cut, and the company continued to post positive same-store-sales results. We believe the format of off-price retailing may continue to thrive in an environment in which brick-and-mortar retailing is under threat from e-commerce companies, particularly Amazon.com, Inc. United Continental Holdings, Inc. was also a strong performer due to its successful strategy to grow capacity within its hubs with higher-yielding connecting traffic, enabling it to begin closing the margin gap with Delta Airlines, a much-watched metric by investors. Another notable performer was DexCom, Inc., a market leading manufacturer of continuous glucose monitoring (“CGM”) for diabetes management. The vision of CGM is to replace single-point finger sticks and enable diabetes patients to more effectively and conveniently manage their disease.

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

Jimmy C. Chang, CFA

David P. Harris, CFA

Co-Portfolio Managers

Rockefeller & Co., LLC

Asset Allocation	Percentage of Net Assets
Common Stocks		99.0	%
Exchange-Traded Funds		0.4
Repurchase Agreement		0.4
Preferred Stock		0.3
Other Investment Company		0.2
Net Other Assets (Liabilities)		(0.3	)
Total		100.0	%

Transamerica Funds Annual Report 2018

Page    97

Transamerica Global Equity

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		(6.61	)%		3.76	%		7.96	%		03/01/2006
Class A (NAV)		(1.18	)%		4.94	%		8.57	%		03/01/2006
MSCI All Country World Index Net (A)		(0.52	)%		6.15	%		9.75	%
MSCI World Index ex-U.S. (B)		(6.28	)%		2.36	%		7.29	%
Class B (POP)		(6.78	)%		3.97	%		7.92	%		03/01/2006
Class B (NAV)		(1.91	)%		4.14	%		7.92	%		03/01/2006
Class C (POP)		(2.88	)%		4.14	%		7.81	%		03/01/2006
Class C (NAV)		(1.91	)%		4.14	%		7.81	%		03/01/2006
Class I (NAV)		(0.94	)%		5.23	%		6.35	%		11/30/2009
Class R6 (NAV)		(0.80	)%		N/A			5.41	%		05/29/2015
Class T1 (POP)		(3.56	)%		N/A			5.68	%		03/17/2017
Class T1 (NAV)		(1.07	)%		N/A			7.35	%		03/17/2017
Advisor Class (NAV)		(0.85	)%		N/A			10.48	%		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.

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

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

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

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

The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the Fund fall, the value of the Fund will decline. Investments in global/international markets involve risks not associated with U. S. markets, such as currency fluctuations, adverse social and political developments, and the relatively small size and lesser liquidity of the markets. Investments in developing markets involve greater risks than investments in developed markets.

Transamerica Funds Annual Report 2018

Page    98

Transamerica Global Equity

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Shares		Value
COMMON STOCKS - 99.0%
Belgium - 0.6%
Galapagos NV (A)		5,866		$  602,663
China - 2.7%
Shenzhou International Group Holdings, Ltd.		100,000		1,108,659
Tencent Holdings, Ltd.		50,100		1,716,389
				2,825,048
France - 6.4%
Airbus SE		16,466		1,819,727
Cie de Saint-Gobain		27,544		1,037,622
Safran SA		14,115		1,824,051
TOTAL SA		36,052		2,115,367
				6,796,767
Germany - 3.6%
HeidelbergCement AG		19,090		1,295,532
KION Group AG		13,940		814,597
Vonovia SE		36,796		1,681,448
				3,791,577
India - 0.8%
ICICI Bank, Ltd., ADR		83,420		791,656
Indonesia - 0.6%
Bank Rakyat Indonesia Persero Tbk PT		3,189,600		661,995
Ireland - 1.8%
Medtronic PLC		21,317		1,914,693
Japan - 10.2%
Amada Holdings Co., Ltd.		94,323		888,601
Kansai Electric Power Co., Inc.		138,100		2,113,689
Kyocera Corp.		28,700		1,553,326
Mitsubishi Electric Corp.		89,600		1,134,285
Nippon Telegraph & Telephone Corp.		58,200		2,400,086
Sony Corp.		36,700		1,986,084
ZOZO, Inc.		28,700		688,629
				10,764,700
Mexico - 0.5%
Cemex SAB de CV, ADR (A)		111,066		559,773
Netherlands - 3.3%
ABN AMRO Group NV, CVA (B)		53,282		1,306,879
ING Groep NV		183,795		2,174,477
				3,481,356
Republic of Korea - 2.7%
Hyundai Motor Co.		6,513		610,026
KB Financial Group, Inc.		20,790		865,783
Korea Electric Power Corp.		57,563		1,374,976
				2,850,785
Sweden - 1.8%
Swedbank AB, Class A		85,738		1,928,636
Switzerland - 2.3%
Novartis AG, ADR		27,623		2,415,908
Taiwan - 0.8%
Taiwan Semiconductor Manufacturing Co., Ltd., ADR		22,440		854,964
United Kingdom - 7.1%
BP PLC, ADR		52,034		2,256,715
Compass Group PLC		88,017		1,731,188
Lloyds Banking Group PLC		2,980,072		2,174,674
Prudential PLC		65,832		1,318,195
				7,480,772

	Shares		Value
COMMON STOCKS (continued)
United States - 53.8%
Alnylam Pharmaceuticals, Inc. (A)		5,437		$   437,298
Alphabet, Inc., Class C (A)		3,601		3,877,449
Amazon.com, Inc. (A)		1,765		2,820,488
Becton Dickinson and Co.		5,958		1,373,319
Biogen, Inc. (A)		5,128		1,560,297
Cerner Corp. (A)		28,419		1,627,840
Comcast Corp., Class A		90,763		3,461,701
Comerica, Inc.		23,951		1,953,444
CVS Health Corp.		25,629		1,855,283
DexCom, Inc. (A)		8,340		1,107,302
EOG Resources, Inc.		16,248		1,711,564
Facebook, Inc., Class A (A)		22,872		3,471,741
Foot Locker, Inc.		20,870		983,812
Illumina, Inc. (A)		3,408		1,060,399
JPMorgan Chase & Co.		23,641		2,577,342
Kinder Morgan, Inc.		63,624		1,082,880
Microsoft Corp.		22,603		2,414,226
NCR Corp. (A)		33,345		895,313
Plains GP Holdings, LP, Class A (A)		38,758		828,258
Regeneron Pharmaceuticals, Inc. (A)		2,762		936,981
Reinsurance Group of America, Inc.		14,348		2,042,725
Ross Stores, Inc.		21,449		2,123,451
Royal Caribbean Cruises, Ltd.		24,342		2,549,338
Shire PLC, ADR		8,623		1,567,661
Skechers U.S.A., Inc., Class A (A)		19,931		569,429
Southwest Airlines Co.		59,115		2,902,546
Spark Therapeutics, Inc. (A) (C)		7,986		359,290
Synchrony Financial		44,343		1,280,626
United Continental Holdings, Inc. (A)		20,144		1,722,513
Visa, Inc., Class A		19,462		2,682,837
Wells Fargo & Co.		55,926		2,976,941
				56,814,294
Total Common Stocks (Cost $91,575,653)				104,535,587
PREFERRED STOCK - 0.3%
Republic of Korea - 0.3%
Hyundai Motor Co., 5.87% (D)		5,088		316,689
Total Preferred Stock (Cost $558,009)				316,689
EXCHANGE-TRADED FUNDS - 0.4%
United States - 0.4%
iShares Core MSCI EAFE ETF		2,719		159,823
iShares Core S&P 500 ETF		973		265,395
Total Exchange-Traded Funds (Cost $457,120)				425,218
OTHER INVESTMENT COMPANY - 0.2%
Securities Lending Collateral - 0.2%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 2.19% (D)		265,926		265,926
Total Other Investment Company (Cost $265,926)				265,926

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

Transamerica Funds Annual Report 2018

Page    99

Transamerica Global Equity

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
REPURCHASE AGREEMENT - 0.4%
Fixed Income Clearing Corp., 1.25% (D), dated 10/31/2018, to be repurchased at $409,960 on 11/01/2018. Collateralized by a U.S. Government Obligation, 1.13%, due 08/31/2021, and with a value of $419,808.		$  409,945		$   409,945
Total Repurchase Agreement (Cost $409,945)				409,945
Total Investments (Cost $93,266,653)				105,953,365
Net Other Assets (Liabilities) - (0.3)%				(310,761	)
Net Assets - 100.0%				$  105,642,604

INVESTMENTS BY INDUSTRY (unaudited):

Industry	Percentage of Total Investments			Value
Banks		16.4	%	$	17,411,827
Interactive Media & Services		8.6			9,065,579
Oil, Gas & Consumable Fuels		7.5			7,994,784
Biotechnology		5.2			5,464,190
Airlines		4.4			4,625,059
Health Care Equipment & Supplies		4.1			4,395,314
Hotels, Restaurants & Leisure		4.0			4,280,526
Aerospace & Defense		3.4			3,643,778
Internet & Direct Marketing Retail		3.3			3,509,117
Electric Utilities		3.3			3,488,665
Media		3.3			3,461,701
Insurance		3.2			3,360,920
Specialty Retail		2.9			3,107,263
IT Services		2.5			2,682,837
Pharmaceuticals		2.3			2,415,908
Software		2.3			2,414,226
Diversified Telecommunication Services		2.3			2,400,086
Household Durables		1.9			1,986,084
Construction Materials		1.8			1,855,305
Health Care Providers & Services		1.8			1,855,283
Machinery		1.6			1,703,198
Real Estate Management & Development		1.6			1,681,448
Textiles, Apparel & Luxury Goods		1.6			1,678,088
Health Care Technology		1.5			1,627,840
Electronic Equipment, Instruments & Components		1.5			1,553,326
Consumer Finance		1.2			1,280,626
Electrical Equipment		1.1			1,134,285
Life Sciences Tools & Services		1.0			1,060,399
Building Products		1.0			1,037,622
Automobiles		0.9			926,715
Technology Hardware, Storage & Peripherals		0.8			895,313
Semiconductors & Semiconductor Equipment		0.8			854,964
U.S. Equity Funds		0.2			265,395
International Equity Funds		0.1			159,823
Investments, at Value		99.4			105,277,494
Short-Term Investments		0.6			675,871
Total Investments		100.0	%	$	105,953,365

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

Transamerica Funds Annual Report 2018

Page    100

Transamerica Global Equity

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

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	$	65,608,003	$	38,927,584	$	—	$	104,535,587
Preferred Stock		—		316,689		—		316,689
Exchange-Traded Funds		425,218		—		—		425,218
Other Investment Company		265,926		—		—		265,926
Repurchase Agreement		—		409,945		—		409,945
Total Investments	$	66,299,147	$	39,654,218	$	—	$	105,953,365

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, 2018, the value of the 144A security is $1,306,879, representing 1.2% 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 $260,087. 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, 2018.
(E)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. 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 2018

Page    101

Transamerica Government Money Market

(unaudited)

Fund Characteristics	Years
Average Maturity §		0.27
Duration †		0.11
Asset Allocation	Percentage of Net Assets
Short-Term U.S. Government Agency Obligations		44.8	%
Repurchase Agreements		29.7
U.S. Government Agency Obligations		20.2
Short-Term U.S. Government Obligations		5.7
Net Other Assets (Liabilities)		(0.4	)
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.

Transamerica Funds Annual Report 2018

Page    102

Transamerica Government Money Market

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS - 20.2%
Federal Agricultural Mortgage Corp.
1-Month LIBOR - 0.09%, 2.17% (A), 11/01/2018		$  32,500,000		$  32,500,000
1-Month LIBOR - 0.07%, 2.21% (A), 07/05/2019, MTN		19,500,000		19,500,000
1-Month LIBOR - 0.07%, 2.22% (A), 01/24/2020, MTN		20,000,000		20,000,000
1-Month LIBOR - 0.06%, 2.22% (A), 07/25/2019, MTN		23,500,000		23,500,000
Federal Farm Credit Banks
3-Month LIBOR - 0.23%, 2.17% (A), 04/03/2019		16,000,000		15,999,478
1-Month LIBOR - 0.04%, 2.24% (A), 04/15/2020		28,500,000		28,502,032
Federal Home Loan Banks
3-Month LIBOR - 0.26%, 2.08% (A), 12/20/2019		23,500,000		23,500,000
3-Month LIBOR - 0.23%, 2.12% (A), 02/10/2020		34,000,000		34,000,000
3-Month LIBOR - 0.24%, 2.13% (A), 09/23/2019		17,250,000		17,250,000
1-Month LIBOR - 0.09%, 2.19% (A), 01/14/2019		15,600,000		15,600,000
3-Month LIBOR - 0.20%, 2.25% (A), 01/18/2019		16,500,000		16,500,835
Total U.S. Government Agency Obligations (Cost $246,852,345)				246,852,345
SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS - 44.8%
Federal Agricultural Mortgage Corp.
1-Month LIBOR - 0.10%, 2.16% (A), 01/02/2019		19,500,000		19,500,000
1-Month LIBOR - 0.08%, 2.21% (A), 09/27/2019		26,000,000		26,000,000
Federal Farm Credit Discount Notes 2.13% (B), 12/04/2018		6,100,000		6,088,369
2.24% (B), 01/23/2019		17,000,000		16,914,556
Federal Home Loan Bank Discount Notes 2.15% (B), 12/05/2018 - 12/21/2018		38,000,000		37,904,878
2.18% (B), 12/07/2018 - 12/14/2018		33,000,000		32,919,837
2.19% (B), 12/14/2018 - 01/18/2019		96,150,000		95,778,893
2.21% (B), 11/05/2018 - 11/23/2018		69,100,000		69,039,505
2.22% (B), 11/21/2018 - 12/28/2018		60,225,000		60,048,771
2.23% (B), 11/26/2018 - 12/12/2018		89,850,000		89,661,685
2.24% (B), 12/19/2018		6,800,000		6,780,099
2.25% (B), 12/21/2018		3,000,000		2,990,792
2.35% (B), 03/08/2019		25,000,000		24,798,035
2.39% (B), 03/11/2019		20,250,000		20,079,619
2.46% (B), 04/10/2019		32,500,000		32,153,333
2.47% (B), 04/12/2019		5,750,000		5,687,641
Total Short-Term U.S. Government Agency Obligations (Cost $546,346,013)				546,346,013
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 5.7%
U.S. Treasury Bill 2.12% (B), 12/20/2018		16,750,000		16,702,932
2.19% (B), 01/24/2019		20,500,000		20,397,947

	Principal		Value
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS (continued)
U.S. Treasury Bill (continued) 2.37% (B), 06/20/2019		$   17,300,000		$   17,045,236
2.47% (B), 04/25/2019		15,000,000		14,824,417
Total Short-Term U.S. Government Obligations (Cost $68,970,532)				68,970,532
REPURCHASE AGREEMENTS - 29.7%
Barclays Capital, Inc., 2.19% (B), dated 10/31/2018, to be repurchased at $69,004,198 on 11/01/2018. Collateralized by U.S. Government Obligations and U.S. Government Agency Obligation, 0.00% - 4.32%, due 11/01/2018 - 06/20/2046, and with a total value of $70,380,068.		69,000,000		69,000,000
Fixed Income Clearing Corp., 1.25% (B), dated 10/31/2018, to be repurchased at $379,107 on 11/01/2018. Collateralized by a U.S. Government Obligation, 2.13%, due 07/31/2024, and with a value of $388,811.		379,094		379,094
Goldman Sachs & Co., 2.18% (B), dated 10/31/2018, to be repurchased at $69,904,233 on 11/01/2018. Collateralized by U.S. Government Agency Obligations, 3.10% - 6.50%, due 03/01/2020 - 06/15/2053, and with a total value of $71,298,000.		69,900,000		69,900,000
Jefferies LLC, 2.26% (B), dated 10/31/2018, to be repurchased at $83,005,211 on 11/01/2018. Collateralized by U.S. Government Agency Obligations, 1.98% - 5.50%, due 03/01/2029 -03/15/2058, and with a total value of $84,660,001.		83,000,000		83,000,000
Nomura Securities International, Inc., 2.21% (B), dated 10/31/2018, to be repurchased at $140,008,594 on 11/01/2018. Collateralized by U.S. Government Agency Obligations and U.S. Government Obligations, 0.75% - 7.00%, due 02/15/2019 -  09/20/2048, and with a total value of $142,800,001.		140,000,000		140,000,000
Total Repurchase Agreements (Cost $362,279,094)				362,279,094
Total Investments (Cost $1,224,447,984)				1,224,447,984
Net Other Assets (Liabilities) - (0.4)%				(4,674,136	)
Net Assets - 100.0%				$  1,219,773,848

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

Transamerica Funds Annual Report 2018

Page    103

Transamerica Government Money Market

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

SECURITY VALUATION:

Valuation Inputs ^(C)

	Level 1 -  Unadjusted Quoted Prices		Level 2 -  Other Significant Observable Inputs		Level 3 -  Significant Unobservable Inputs		Value
ASSETS
Investments
U.S. Government Agency Obligations	$	—	$	246,852,345	$	—	$	246,852,345
Short-Term U.S. Government Agency Obligations		—		546,346,013		—		546,346,013
Short-Term U.S. Government Obligations		—		68,970,532		—		68,970,532
Repurchase Agreements		—		362,279,094		—		362,279,094
Total Investments	$	—	$	1,224,447,984	$	—	$	1,224,447,984

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Floating or variable rate securities. The rates disclosed are as of October 31, 2018. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(B)	Rates disclosed reflect the yields at October 31, 2018.
(C)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. 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 2018

Page    104

Transamerica Growth

(unaudited)

MARKET ENVIRONMENT

U.S. equity markets advanced over the 12-month period, extending gains that stretched back to the aftermath of the credit crisis of 2008. The backdrop was solid. Domestic gross domestic product grew at a healthy pace; employment gains were robust; corporate profit growth showed continued strength; and business and consumer confidence rose. Corporations used lower tax rates to increase capital spending and repurchase shares. Wage growth and low unemployment spurred increased consumer spending. The U.S. Federal Reserve raised the federal funds rate incrementally to a still-low range of 2.00% - 2.25%.

Global growth, however, was mixed. In Europe, Brexit negotiations remained contentious, compounding uncertainty about the final outcome. In China, a slowdown in the rate of economic expansion was amplified toward the end of the 12-month period by trade discord.

A decline in markets early in the period in February reflected uncertainty about the Trump administration’s policy initiatives and concerns that as U.S. economic growth gained traction, inflation expectations would rise and monetary tightening would ensue. A deeper decline in October was linked to the administration’s continuing moves to reset global trade practices with new tariffs and penalties for intellectual property infringement. Initially, the Chinese stock market suffered the brunt of the pain, while the U.S. economy, dominated by the services sector, felt little impact. In October, the tone of the rhetoric, aggressiveness of the brinkmanship, and unpredictability of the outcomes unsettled domestic markets as well.

The economic slowdown in China constricted prices of many commodities and fueled concerns that moderating expansion in the world’s second-largest economy will have global growth ramifications. Tremors rippled widely across other emerging markets, where weaker sentiment and the effect of higher U.S. interest rates on local U.S.-dollar-denominated debt added to the toll.

PERFORMANCE

For the year ended October 31, 2018, Transamerica Growth (Class I2) returned 9.17%. By comparison, its benchmark, the Russell 1000^® Growth Index, returned 10.71%.

STRATEGY REVIEW

The Fund underperformed its benchmark due in part to its holdings in Chinese internet companies Alibaba Group Holding, Ltd., ADR and Tencent Holdings, Ltd. While the various business segments of Alibaba Group Holding, Ltd. provided significant revenue growth, the company’s stock declined on high business investment spending and Chinese government efforts to tighten control of internet and non-traditional financial companies. Tencent Holdings, Ltd. was negatively affected by new restrictions on video-game approvals implemented by Chinese authorities. We believe these restrictions may be lessened in the coming year.

Ongoing concern about data breaches, user-data usage, and increased government scrutiny, coupled with maturation of user engagement, continued to loom over Facebook, Inc., another top individual detractor. However, the company has significant scale benefits and untapped monetization opportunities that we believe should drive better-than-average growth even with higher costs and restriction in data usage.

Information technology positions contributed to Fund performance, led by Amazon.com, Inc., Netflix, Inc. and Apple, Inc. As penetration of Apple, Inc.’s hardware products matured, growth in unit sales slowed. However, the company continued to drive revenue growth across its huge and loyal installed base with product updates and rapid growth in high-margin and recurring-revenue services businesses, such as apps and music.

The Fund’s long-term holdings in U.S. internet companies continued to contribute meaningfully to performance. Amazon.com, Inc. benefited from its market position, scale and execution. Netflix, Inc. continued to raise its competitive barriers with investments in content, resulting in strong subscriber growth and increased pricing and operating leverage.

Digital transformation of the enterprise has become a strategic imperative across many industries and companies. Cloudware, therefore, is no longer primarily a tool to reduce infrastructure costs. Portfolio holdings salesforce.com, Inc., Microsoft Corp., Adobe, Inc., and Red Hat, Inc., which were all contributors, offer mission-critical applications and services that are creating fundamental changes in the way businesses operate.

Payments companies continued to benefit from the long-term shift from cash to electronic credit and debit transactions. Both Fund contributors Mastercard, Inc. and Visa, Inc. have strong market positions with high barriers to entry, pricing power, and solid operating leverage potential. Square, Inc., another contributor, offers innovative low-cost, high-security, easy-to-use digital payment options, in particular for mobile and online transactions.

Transamerica Funds Annual Report 2018

Page    105

Transamerica Growth

(unaudited)

STRATEGY REVIEW (continued)

Boeing Co. was a top performer in industrials. Its gain reflected 787 Dreamliner commercial jet cash generation, solid cost controls and ramped-up 737 jet production. The company’s extensive order backlog reflects strong global demand.

In health care, some biopharmaceutical positions experienced setbacks. Bristol-Myers Squibb Co. fell on signs that its non-small cell lung cancer program had been eclipsed by a competing franchise. However, the potentially broad adoption of immuno-oncology therapy in multiple settings points to avenues of future growth for Bristol-Myers Squibb Co., in our view. Advances in systems for analyzing genetic variation and function continue to broaden the understanding of the clinical significance of the genome. Fund contributor Illumina is at the forefront of this technology.

Blair A. Boyer

Michael A. Del Balso

Spiros Segalas

Co-Portfolio Managers

Jennison Associates LLC

Asset Allocation	Percentage of Net Assets
Common Stocks		100.2	%
Other Investment Company		1.1
Repurchase Agreement		0.2
Net Other Assets (Liabilities)		(1.5	)
Total		100.0	%

Transamerica Funds Annual Report 2018

Page    106

Transamerica Growth

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class I2 (NAV)		9.17	%		13.46	%		15.38	%		11/15/2005
Russell 1000® Growth Index (A)		10.71	%		13.43	%		15.45	%
Class R6 (NAV)		9.25	%		N/A			12.01	%		05/29/2015

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

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

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

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

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

Growth stocks can be volatile and experience sharp price declines and certain types of stocks 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 2018

Page    107

Transamerica Growth

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Shares		Value
COMMON STOCKS - 100.2%
Aerospace & Defense - 4.5%
Boeing Co.		19,090		$  6,774,277
Safran SA		16,356		2,113,651
				8,887,928
Automobiles - 2.1%
Tesla, Inc. (A)		12,684		4,278,567
Banks - 1.9%
JPMorgan Chase & Co.		34,999		3,815,591
Biotechnology - 4.0%
Alexion Pharmaceuticals, Inc. (A)		19,218		2,153,761
BioMarin Pharmaceutical, Inc. (A)		22,249		2,050,690
Celgene Corp. (A)		15,528		1,111,805
Vertex Pharmaceuticals, Inc. (A)		16,186		2,742,880
				8,059,136
Capital Markets - 1.9%
Goldman Sachs Group, Inc.		10,390		2,341,594
S&P Global, Inc.		7,544		1,375,422
				3,717,016
Chemicals - 1.1%
Albemarle Corp. (B)		22,275		2,210,126
Entertainment - 5.0%
Activision Blizzard, Inc.		38,199		2,637,641
Netflix, Inc. (A)		24,185		7,298,549
				9,936,190
Equity Real Estate Investment Trusts - 0.6%
Crown Castle International Corp.		10,374		1,128,069
Food & Staples Retailing - 2.3%
Costco Wholesale Corp.		20,286		4,637,988
Health Care Equipment & Supplies - 1.2%
Edwards Lifesciences Corp. (A)		2,664		393,207
Intuitive Surgical, Inc. (A)		3,668		1,911,688
				2,304,895
Health Care Providers & Services - 1.9%
UnitedHealth Group, Inc.		14,455		3,777,814
Hotels, Restaurants & Leisure - 3.7%
Chipotle Mexican Grill, Inc. (A)		3,202		1,473,977
Marriott International, Inc., Class A		29,322		3,427,448
McDonald’s Corp.		13,602		2,406,194
				7,307,619
Interactive Media & Services - 11.1%
Alphabet, Inc., Class A (A)		4,943		5,390,737
Alphabet, Inc., Class C (A)		5,013		5,397,848
Facebook, Inc., Class A (A)		39,568		6,006,027
Tencent Holdings, Ltd.		155,775		5,336,736
				22,131,348
Internet & Direct Marketing Retail - 9.8%
Alibaba Group Holding, Ltd., ADR (A)		38,173		5,431,254
Amazon.com, Inc. (A)		7,181		11,475,310
Booking Holdings, Inc. (A)		1,194		2,238,249
Farfetch, Ltd., Class A (A)		14,841		304,834
				19,449,647
IT Services - 10.9%
Adyen NV (A) (C)		2,340		1,513,644
FleetCor Technologies, Inc. (A)		14,738		2,948,042
Mastercard, Inc., Class A		39,803		7,867,859

	Shares		Value
COMMON STOCKS (continued)
IT Services (continued)
PayPal Holdings, Inc. (A)		16,789		$   1,413,466
Square, Inc., Class A (A)		14,867		1,091,981
Visa, Inc., Class A		49,789		6,863,414
				21,698,406
Life Sciences Tools & Services - 1.8%
Illumina, Inc. (A)		11,582		3,603,739
Machinery - 0.5%
Caterpillar, Inc.		8,605		1,043,959
Oil, Gas & Consumable Fuels - 1.1%
Concho Resources, Inc. (A)		15,191		2,112,916
Personal Products - 1.3%
Estee Lauder Cos., Inc., Class A		19,606		2,694,649
Pharmaceuticals - 3.5%
AstraZeneca PLC, ADR		104,915		4,068,604
Bristol-Myers Squibb Co.		19,796		1,000,490
Merck & Co., Inc.		26,627		1,960,013
				7,029,107
Road & Rail - 0.7%
Union Pacific Corp.		9,285		1,357,653
Semiconductors & Semiconductor Equipment - 4.3%
Broadcom, Inc.		10,547		2,357,149
NVIDIA Corp.		23,908		5,040,524
Texas Instruments, Inc.		12,607		1,170,308
				8,567,981
Software - 15.6%
Adobe, Inc. (A)		24,456		6,010,307
Microsoft Corp.		95,614		10,212,531
Red Hat, Inc. (A)		13,557		2,326,923
salesforce.com, Inc. (A)		51,382		7,051,666
ServiceNow, Inc. (A)		6,257		1,132,767
Splunk, Inc. (A)		20,326		2,029,348
Workday, Inc., Class A (A)		17,702		2,354,720
				31,118,262
Specialty Retail - 2.0%
Home Depot, Inc.		17,689		3,111,141
Tiffany & Co.		7,117		792,122
				3,903,263
Technology Hardware, Storage & Peripherals - 4.9%
Apple, Inc.		44,619		9,765,314
Textiles, Apparel & Luxury Goods - 2.5%
Kering SA, ADR		46,424		2,061,226
NIKE, Inc., Class B		39,334		2,951,623
				5,012,849
Total Common Stocks (Cost $116,155,222)				199,550,032
OTHER INVESTMENT COMPANY - 1.1%
Securities Lending Collateral - 1.1%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 2.19% (D)		2,232,765		2,232,765
Total Other Investment Company (Cost $2,232,765)				2,232,765

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

Transamerica Funds Annual Report 2018

Page    108

Transamerica Growth

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
REPURCHASE AGREEMENT - 0.2%
Fixed Income Clearing Corp., 1.25% (D), dated 10/31/2018, to be repurchased at $480,982 on 11/01/2018. Collateralized by a U.S. Government Obligation, 2.88%, due 10/15/2021, and with a value of $495,334.		$  480,965		$   480,965
Total Repurchase Agreement (Cost $480,965)				480,965
Total Investments (Cost $118,868,952)				202,263,762
Net Other Assets (Liabilities) - (1.5)%				(3,022,325	)
Net Assets - 100.0%				$  199,241,437

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	$	190,586,001	$	8,964,031	$	—	$	199,550,032
Other Investment Company		2,232,765		—		—		2,232,765
Repurchase Agreement		—		480,965		—		480,965
Total Investments	$	192,818,766	$	9,444,996	$	—	$	202,263,762

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 $2,187,999. 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)	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, 2018, the value of the 144A security is $1,513,644, representing 0.8% of the Fund’s net assets.
(D)	Rates disclosed reflect the yields at October 31, 2018.
(E)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. 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 2018

Page    109

Transamerica High Quality Bond

(unaudited)

MARKET ENVIRONMENT

The market environment during the fiscal year ended October 31, 2018, was supportive of risk assets, aided by a combination of positive fundamental and technical market factors. Sentiment towards the end of 2017 was dominated by the passage of President Trump’s Tax Cuts and Jobs Act, which lowered the corporate tax rate and modified the individual income tax rate in addition to other provisions designed to stimulate economic growth. The immediate market response was positive with both equities and credit-oriented fixed income sectors rallying on the news, ending the year on a firm note.

As we entered the first few quarters of 2018, U.S. bond investors grappled with repatriation concerns, unexpected tariff announcements and rising macro risks, resulting in bouts of risk aversion and credit spread widening. Notwithstanding these temporary setbacks, investors were ultimately able to focus their attention on the positive economic backdrop and robust corporate earnings growth which characterized much of 2018. A healthy U.S. consumer, low defaults and rising property values also provided a tailwind for securitized sectors such as asset-backed securities and commercial mortgage-backed securities (“CMBS”), which outperformed investment grade corporates during the fiscal reporting period. While interest rates did increase over the fiscal year in response to the U.S. Federal Reserve policy tightening, on a relative basis they remain historically low, creating strong demand for higher yielding securities.

PERFORMANCE

For the year ended October 31, 2018, Transamerica High Quality Bond (Class R4) returned 0.31%. By comparison, its benchmark, the ICE BofAML U.S. Corporate & Government 1-3 Years Index, returned 0.41%.

STRATEGY REVIEW

The Fund uses relative value analysis to select high quality, liquid fixed income assets, and to tactically adjust portfolio weightings in an effort to outperform the benchmark. Throughout fiscal year 2018, the Fund maintained a neutral average duration stance relative to the benchmark. During the past fiscal year, the Fund’s allocation to corporates and CMBS increased as these sectors were attractive relative to Treasuries on a technical basis.

The spread sectors outperformed Treasuries during the fiscal year even though spreads ended the year wider. The spread sectors’ income advantage relative to Treasuries more than offset the spread widening. The Fund maintained an allocation of approximately 50% to the structured sectors, a significant relative overweight. This allocation contributed substantially to the return during the year. The Fund’s specific security selection also contributed to the performance. The Fund’s holdings of money center and investment banks were strong performers relative to all financials, as their earnings benefited from increased financial markets activity, stronger net interest margins and lower operating costs. A Wells Fargo corporate issue detracted from performance as that company continues to struggle with legal entanglements and declining profits. Other securities that contributed to the Fund’s outperformance were single asset/single borrower CMBS deals that outperformed the broader sector. During the past fiscal year Treasury rates rose, with rates rising approximately 120 basis points at the 3-year point and shorter, and rising approximately 96 basis points at the 5-year point. Relative to the benchmark, the portfolio was overweight the 0-1 year duration bucket, underweight the 1-3 year bucket, and overweight the 3-5 year bucket. This detracted from performance given the curve flattening.

Peter S. Kaplan, CFA

Jennifer K. Wynn, CFA

Co-Portfolio Manager

Merganser Capital Management

Fund Characteristics	Years
Average Maturity §		2.41
Duration †		1.78
Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		12.2	%
AAA		10.9
AA		14.9
A		26.3
BBB		32.3
BB		0.7
Not Rated		1.9
Baa2		0.8
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.

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

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

Transamerica Funds Annual Report 2018

Page    110

Transamerica High Quality Bond

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class I3 (NAV)		0.57	%		N/A			0.70	%		04/21/2017
Class R (NAV)		0.04	%		N/A			0.23	%		04/21/2017
Class R4 (NAV)		0.31	%		0.74	%		2.27	%		09/11/2000
ICE BofAML U.S. Corporate & Government 1-3 Years Index (A)		0.41	%		0.84	%		1.70	%

^(A) The ICE BofAML U.S. Corporate & Government 1-3 Years Index tracks the performance of U.S. dollar denominated investment grade debt publicly issued in the U.S. domestic market, including U.S. Treasury, U.S. agency, foreign government, supranational and corporate securities that have a remaining maturity of less than three years and more than one year.

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

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

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

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

Any U.S. government guarantees of the securities held in this investment Fund pertain only to those securities and not the Fund or its yield. The values of bonds change in response to changes in economic conditions, interest rates, and the creditworthiness of individual issuers. The value of bonds and bond funds generally falls when interest rates rise, causing an investor to lose money upon sale or redemption.

Transamerica Funds Annual Report 2018

Page    111

Transamerica High Quality Bond

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Principal		Value
ASSET-BACKED SECURITIES - 35.7%
Ally Auto Receivables Trust Series 2017-4, Class A4, 1.96%, 07/15/2022		$  1,500,000		$  1,464,092
AmeriCredit Automobile Receivables Trust
Series 2016-1, Class D,
3.59%, 02/08/2022		1,000,000		1,001,236
Series 2016-4, Class B,
1.83%, 12/08/2021		1,000,000		986,934
Series 2017-1, Class C,
2.71%, 08/18/2022		1,000,000		985,594
Series 2017-2, Class C,
2.97%, 03/20/2023		605,000		599,312
Series 2018-1, Class D,
3.82%, 03/18/2024		4,000,000		3,973,419
Series 2018-2, Class D,
4.01%, 07/18/2024		3,000,000		2,991,208
Avis Budget Rental Car Funding AESOP LLC
Series 2014-1A, Class A,
2.46%, 07/20/2020 (A)		1,250,000		1,246,395
Series 2014-1A, Class B,
2.96%, 07/20/2020 (A)		375,000		374,202
Barclays Dryrock Issuance Trust Series 2016-1, Class A, 1.52%, 05/16/2022		2,000,000		1,980,463
Capital Auto Receivables Asset Trust
Series 2015-4, Class C,
2.89%, 02/22/2021		1,630,000		1,626,494
Series 2015-4, Class D,
3.62%, 05/20/2021		1,575,000		1,577,973
Series 2016-1, Class B,
2.67%, 12/21/2020		1,000,000		996,607
Series 2016-2, Class B,
2.11%, 03/22/2021		1,000,000		990,057
Series 2016-3, Class C,
2.35%, 09/20/2021		725,000		715,808
Series 2018-2, Class C,
3.69%, 12/20/2023 (A)		1,750,000		1,749,359
CarMax Auto Owner Trust
Series 2015-2, Class C,
2.39%, 03/15/2021		900,000		895,581
Series 2018-1, Class C,
2.95%, 11/15/2023		2,485,000		2,431,853
CCG Receivables Trust Series 2018-1, Class B, 3.09%, 06/16/2025 (A)		2,600,000		2,559,669
CLI Funding V LLC
Series 2013-1A, Class NOTE,
2.83%, 03/18/2028 (A)		1,046,067		1,017,517
Series 2013-3A, Class A,
3.67%, 11/18/2028 (A)		251,992		245,910
CNH Equipment Trust
Series 2015-A, Class B,
2.14%, 08/15/2022		2,000,000		1,993,390
Series 2015-B, Class A3,
1.37%, 07/15/2020		75,800		75,686
Series 2015-B, Class B,
2.23%, 10/17/2022		1,825,000		1,818,620

	Principal		Value
ASSET-BACKED SECURITIES (continued)
CNH Equipment Trust (continued)
Series 2017-C, Class B,
2.54%, 05/15/2025		$   1,140,000		$   1,107,967
Series 2018-A, Class B,
3.47%, 10/15/2025		1,700,000		1,698,275
Colony Starwood Homes Trust Series 2016-1A, Class C, 1-Month LIBOR + 2.65%, 4.94% (B), 07/17/2033 (A)		1,051,505		1,051,768
Dell Equipment Finance Trust
Series 2017-2, Class C,
2.73%, 10/24/2022 (A)		2,450,000		2,412,598
Series 2018-2, Class C,
3.72%, 10/22/2023 (A)		1,220,000		1,221,068
Ford Credit Auto Lease Trust Series 2018-A, Class B, 3.17%, 09/15/2021		1,250,000		1,244,125
Ford Credit Auto Owner Trust
Series 2016-C, Class B,
1.73%, 03/15/2022		1,418,000		1,381,664
Series 2017-1, Class C,
3.01%, 08/15/2028 (A)		2,000,000		1,951,596
Series 2017-A, Class C,
2.41%, 07/15/2023		2,578,000		2,526,312
Series 2017-C, Class C,
2.50%, 05/15/2024		3,000,000		2,922,570
Ford Credit Floorplan Master Owner Trust Series 2017-2, Class B, 2.34%, 09/15/2022		1,570,000		1,538,870
GM Financial Automobile Leasing Trust Series 2018-3, Class B, 3.48%, 07/20/2022		1,100,000		1,097,880
GM Financial Consumer Automobile Receivables Trust
Series 2018-1, Class C,
2.77%, 07/17/2023		2,515,000		2,454,626
Series 2018-2, Class C,
3.31%, 12/18/2023		2,100,000		2,074,426
Series 2018-3, Class C,
3.45%, 02/16/2024		1,000,000		992,885
Hilton Grand Vacations Trust Series 2018-AA, Class A, 3.54%, 02/25/2032 (A)		981,847		979,512
Hyundai Auto Receivables Trust
Series 2017-B, Class B,
2.23%, 02/15/2023		1,840,000		1,784,775
Series 2017-B, Class C,
2.44%, 05/15/2024		1,000,000		964,534
Invitation Homes Trust
Series 2018-SFR2, Class D,
1-Month LIBOR + 1.45%, 3.73% (B), 06/17/2037 (A)		3,000,000		2,995,840
Series 2018-SFR4, Class D,
1-Month LIBOR + 1.65%, 3.90% (B), 01/17/2038 (A) (C)		2,400,000		2,400,000
John Deere Owner Trust Series 2017-B, Class A4, 2.11%, 07/15/2024		1,300,000		1,269,835

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

Transamerica Funds Annual Report 2018

Page    112

Transamerica High Quality Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
ASSET-BACKED SECURITIES (continued)
MVW Owner Trust
Series 2015-1A, Class A,
2.52%, 12/20/2032 (A)		$   795,155		$   777,816
Series 2016-1A, Class A,
2.25%, 12/20/2033 (A)		458,910		443,516
Series 2017-1A, Class A,
2.42%, 12/20/2034 (A)		1,107,705		1,069,894
Progress Residential Trust
Series 2018-SFR1, Class C,
3.68%, 03/17/2035 (A)		3,250,000		3,171,816
Series 2018-SFR2, Class D,
4.34%, 08/17/2035 (A)		2,000,000		1,975,926
Series 2018-SFR3, Class C,
4.18%, 10/17/2035 (A)		2,000,000		1,985,467
Santander Drive Auto Receivables Trust
Series 2016-3, Class D,
2.80%, 08/15/2022		2,755,000		2,721,229
Series 2017-3, Class D,
3.20%, 11/15/2023		3,000,000		2,967,745
Sierra Receivables Funding Co. LLC Series 2017-1A, Class A, 2.91%, 03/20/2034 (A)		460,648		454,200
Sierra Timeshare Receivables Funding LLC
Series 2015-1A, Class A,
2.40%, 03/22/2032 (A)		249,903		248,089
Series 2015-3A, Class B,
3.08%, 09/20/2032 (A)		961,918		951,066
Series 2018-2A, Class A,
3.50%, 06/20/2035 (A)		1,039,135		1,033,295
Synchrony Credit Card Master Note Trust Series 2017-2, Class C, 3.01%, 10/15/2025		640,000		617,372
TAL Advantage V LLC Series 2013-2A, Class A, 3.55%, 11/20/2038 (A)		330,417		325,949
Verizon Owner Trust
Series 2017-2A, Class C,
2.38%, 12/20/2021 (A)		2,230,000		2,187,180
Series 2017-3A, Class C,
2.53%, 04/20/2022 (A)		765,000		749,587
Series 2018-1A, Class C,
3.20%, 09/20/2022 (A)		1,530,000		1,514,513
Series 2018-A, Class B,
3.38%, 04/20/2023		1,500,000		1,496,106
VSE VOI Mortgage LLC Series 2016-A, Class A, 2.54%, 07/20/2033 (A)		1,637,779		1,596,609
World Omni Auto Receivables Trust Series 2018-A, Class B, 2.89%, 04/15/2025		1,500,000		1,473,833
World Omni Automobile Lease Securitization Trust
Series 2016-A, Class A4,
1.61%, 01/15/2022		1,000,000		995,454
Series 2018-B, Class B,
3.43%, 03/15/2024		1,700,000		1,694,422
Total Asset-Backed Securities (Cost $101,755,459)				100,819,589

	Principal		Value
CORPORATE DEBT SECURITIES - 39.7%
Aerospace & Defense - 0.5%
General Dynamics Corp. 3.00%, 05/11/2021		$   1,590,000		$   1,578,790
Airlines - 2.2%
America West Airlines Pass-Through Trust 7.10%, 10/02/2022		1,501,181		1,580,744
American Airlines Pass-Through Trust 4.95%, 07/15/2024		1,979,204		2,022,073
United Airlines Pass-Through Trust 4.63%, 03/03/2024		2,500,725		2,506,702
				6,109,519
Banks - 10.3%
Banco del Estado de Chile
2.67%, 01/08/2021 (A) (D)		1,150,000		1,119,824
3.88%, 02/08/2022 (A)		1,552,000		1,542,236
Bank of America Corp. 2.25%, 04/21/2020, MTN		3,128,000		3,082,697
Bank of Montreal 3.10%, 04/13/2021, MTN		1,160,000		1,152,646
Bank of Nova Scotia 2.70%, 03/07/2022 (D)		1,270,000		1,236,001
Barclays PLC 2.75%, 11/08/2019		3,000,000		2,979,066
Citigroup, Inc. 4.05%, 07/30/2022		3,425,000		3,439,647
Citizens Bank NA 2.30%, 12/03/2018, MTN		1,625,000		1,624,379
First Republic Bank 2.38%, 06/17/2019		400,000		398,337
HSBC Bank USA NA 4.88%, 08/24/2020		2,252,000		2,304,858
Huntington National Bank 3.25%, 05/14/2021		3,000,000		2,972,588
Intesa Sanpaolo SpA 3.88%, 01/15/2019, MTN		2,825,000		2,825,434
JPMorgan Chase & Co. 2.55%, 10/29/2020		1,000,000		983,512
Wells Fargo & Co. 2.50%, 03/04/2021		3,425,000		3,337,820
				28,999,045
Beverages - 0.7%
Anheuser-Busch InBev Finance, Inc. 2.65%, 02/01/2021		2,000,000		1,960,720
Biotechnology - 1.3%
AbbVie, Inc.
2.50%, 05/14/2020		2,700,000		2,664,737
2.90%, 11/06/2022		930,000		900,250
				3,564,987
Capital Markets - 3.5%
Deutsche Bank AG 3-Month LIBOR + 1.91%, 4.25% (B), 05/10/2019 (D)		1,220,000		1,226,100
Goldman Sachs Group, Inc. 3-Month LIBOR + 0.78%, 3.31% (B), 10/31/2022		3,500,000		3,512,158

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

Transamerica Funds Annual Report 2018

Page    113

Transamerica High Quality Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Capital Markets (continued)
Morgan Stanley 4.88%, 11/01/2022		$   5,000,000		$   5,158,170
				9,896,428
Chemicals - 0.2%
Monsanto Co. 2.13%, 07/15/2019		500,000		494,750
Consumer Finance - 3.4%
Capital One NA 2.35%, 01/31/2020		1,000,000		987,260
Ford Motor Credit Co. LLC 3.34%, 03/28/2022		2,721,000		2,599,072
General Motors Financial Co., Inc. 4.15%, 06/19/2023		2,200,000		2,162,697
John Deere Capital Corp. 1.25%, 10/09/2019, MTN		2,875,000		2,829,864
Synchrony Financial 3.00%, 08/15/2019		950,000		946,117
				9,525,010
Containers & Packaging - 0.1%
WestRock MWV LLC 7.38%, 09/01/2019		380,000		392,318
Diversified Telecommunication Services - 1.4%
AT&T, Inc.
2.80%, 02/17/2021		70,000		68,786
3.00%, 06/30/2022		2,145,000		2,080,736
Verizon Communications, Inc. 3.13%, 03/16/2022		1,800,000		1,774,283
				3,923,805
Electric Utilities - 0.5%
Mississippi Power Co. 3-Month LIBOR + 0.65%, 3.03% (B), 03/27/2020		1,425,000		1,425,145
Equity Real Estate Investment Trusts - 2.1%
Kilroy Realty, LP 6.63%, 06/01/2020		3,250,000		3,393,138
SL Green Operating Partnership, LP 3-Month LIBOR + 0.98%, 3.32% (B), 08/16/2021		2,650,000		2,651,364
				6,044,502
Food Products - 1.2%
Campbell Soup Co. 3-Month LIBOR + 0.63%, 2.96% (B), 03/15/2021		3,300,000		3,287,578
Health Care Equipment & Supplies - 0.6%
Becton Dickinson and Co. 3-Month LIBOR + 0.88%, 3.26% (B), 12/29/2020		1,650,000		1,651,318
Health Care Providers & Services - 1.3%
Halfmoon Parent, Inc. 3.40%, 09/17/2021 (A)		905,000		898,339
HCA, Inc. 4.25%, 10/15/2019		2,850,000		2,860,688
				3,759,027

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Industrial Conglomerates - 0.8%
General Electric Co. 3-Month LIBOR + 1.00%, 3.44% (B), 04/15/2023, MTN		$   2,200,000		$   2,166,042
Media - 1.5%
Charter Communications Operating LLC / Charter Communications Operating Capital 3-Month LIBOR + 1.65%, 4.19% (B), 02/01/2024		2,100,000		2,133,985
Comcast Corp. 3.45%, 10/01/2021		1,160,000		1,159,447
Interpublic Group Cos., Inc. 4.00%, 03/15/2022		1,025,000		1,023,170
				4,316,602
Metals & Mining - 0.7%
ArcelorMittal 5.13%, 06/01/2020 (D)		1,869,000		1,908,687
Multi-Utilities - 1.2%
Public Service Co. of Oklahoma 5.15%, 12/01/2019 (D)		3,250,000		3,320,489
Oil, Gas & Consumable Fuels - 4.5%
Andeavor Logistics, LP / Tesoro Logistics Finance Corp.
5.50%, 10/15/2019		1,512,000		1,540,638
6.25%, 10/15/2022		2,628,000		2,710,125
EnLink Midstream Partners, LP 2.70%, 04/01/2019		2,110,000		2,096,683
Kinder Morgan, Inc. 3.05%, 12/01/2019		1,025,000		1,021,247
Petroleos Mexicanos
6.00%, 03/05/2020		230,000		233,160
6.38%, 02/04/2021		1,962,000		2,007,479
Phillips 66 3-Month LIBOR + 0.65%, 3.09% (B), 04/15/2019 (A)		3,000,000		3,000,900
				12,610,232
Pharmaceuticals - 0.2%
Shire Acquisitions Investments Ireland DAC 1.90%, 09/23/2019		695,000		686,406
Semiconductors & Semiconductor Equipment - 1.0%
Xilinx, Inc. 2.13%, 03/15/2019		2,870,000		2,860,819
Technology Hardware, Storage & Peripherals - 0.4%
Hewlett Packard Enterprise Co. 3-Month LIBOR + 0.72%, 3.06% (B), 10/05/2021		1,285,000		1,285,554
Wireless Telecommunication Services - 0.1%
America Movil SAB de CV 5.00%, 03/30/2020		400,000		408,042
Total Corporate Debt Securities (Cost $112,930,992)				112,175,815

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

Transamerica Funds Annual Report 2018

Page    114

Transamerica High Quality Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
FOREIGN GOVERNMENT OBLIGATION - 0.3%
Republic of Korea - 0.3%
Export-Import Bank of Korea 3-Month LIBOR + 0.46%, 2.93% (B), 10/21/2019		$   1,000,000		$   1,000,520
Total Foreign Government Obligation (Cost $1,000,091)				1,000,520
MORTGAGE-BACKED SECURITIES - 11.1%
BANK, Interest Only STRIPS Series 2018-BN12, Class XA, 0.35% (B), 05/15/2061		27,300,772		663,373
BX Commercial Mortgage Trust
Series 2018-BIOA, Class B,
1-Month LIBOR + 0.87%, 3.15% (B), 03/15/2037 (A)		2,400,000		2,395,467
Series 2018-IND, Class D,
1-Month LIBOR + 1.30%, 3.58% (B), 11/15/2035 (A)		1,600,000		1,602,968
BX Trust Series 2018-MCSF, Class D, 1-Month LIBOR + 1.45%, 3.73% (B), 04/15/2035 (A)		2,000,000		1,986,834
Cold Storage Trust Series 2017-ICE3, Class B, 1-Month LIBOR + 1.25%, 3.53% (B), 04/15/2036 (A)		1,900,000		1,902,322
COMM Mortgage Trust, Interest Only STRIPS Series 2018-COR3, Class XA, 0.45% (B), 05/10/2051		19,665,387		712,310
Core Industrial Trust Series 2015-TEXW, Class C, 3.73%, 02/10/2034 (A)		1,200,000		1,195,511
DBCG Mortgage Trust Series 2018-BIOD, Class D, 1-Month LIBOR + 1.30%, 3.58% (B), 05/15/2035 (A)		2,839,952		2,810,500
Federal Home Loan Mortgage Corp. Series 2018-1, Class A1, 3.50%, 06/25/2028		1,063,282		1,054,924
GS Mortgage Securities Corp. II Series 2017-SLP, Class B, 3.77%, 10/10/2032 (A)		1,450,000		1,436,233
GS Mortgage Securities Corp. II, Interest Only STRIPS Series 2018-GS10, Class XA, 0.34% (B), 07/10/2051		67,633,165		1,924,705
GS Mortgage Securities Corp. Trust Series 2016-RENT, Class D, 4.07% (B), 02/10/2029 (A)		2,000,000		1,979,033
JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX, Class A3, 3.14%, 06/15/2045		297,827		297,560
Morgan Stanley Bank of America Merrill Lynch Trust, Interest Only STRIPS Series 2015-C24, Class XA, 0.79% (B), 05/15/2048		43,341,100		1,748,701
Morgan Stanley Capital I Trust Series 2017-CLS, Class B, 1-Month LIBOR + 0.85%, 3.13% (B), 11/15/2034 (A)		3,000,000		2,994,302

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
UBS Commercial Mortgage Trust
Series 2012-C1, Class A3,
3.40%, 05/10/2045		$   3,141,580		$   3,129,973
UBS Commercial Mortgage Trust, Interest Only STRIPS Series 2018-C10, Class XA, 0.97% (B), 05/15/2051		6,279,944		427,029
Series 2018-C11, Class XA,
0.98% (B), 06/15/2051		32,944,564		1,885,012
Wells Fargo Commercial Mortgage Trust, Interest Only STRIPS Series 2018-C44, Class XA, 0.76% (B), 05/15/2051		20,155,444		1,115,670
Total Mortgage-Backed Securities (Cost $31,584,379)				31,262,427
U.S. GOVERNMENT AGENCY OBLIGATIONS - 5.3%
Federal Home Loan Mortgage Corp.
1-Year CMT + 2.04%, 3.93% (B), 06/01/2033		745,228		779,585
4.50%, 09/01/2026		621,869		637,485
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Interest Only STRIPS Series K032, Class X1, 0.10% (B), 05/25/2023		205,113,420		967,582
Federal National Mortgage Association
1.95%, 11/01/2020		2,630,000		2,556,867
Federal National Mortgage Association, Interest Only STRIPS
Zero Coupon (B), 10/25/2021		29,892,280		59,856
0.12% (B), 11/25/2022		64,985,659		233,260
0.23% (B), 01/25/2022		29,633,946		183,458
FREMF Mortgage Trust
3.95% (B), 08/25/2047 (A)		1,940,000		1,952,160
4.26% (B), 01/25/2045 (A)		1,580,000		1,604,441
Government National Mortgage Association
4.42% (B), 12/20/2061		863,794		868,851
4.64% (B), 09/20/2063		522,896		525,490
4.67% (B), 11/20/2061 - 02/20/2063		946,509		954,970
4.75% (B), 02/20/2061		5,646		5,743
4.83% (B), 06/20/2063		744,328		751,590
4.91% (B), 05/20/2062		548,524		555,717
4.95% (B), 02/20/2061		23,717		24,159
5.10% (B), 05/20/2061		29,359		29,536
5.26% (B), 11/20/2060		718,469		726,655
5.30% (B), 04/20/2061		349,206		353,736
5.75%, 12/15/2022		188,668		193,426
Government National Mortgage Association, Interest Only STRIPS
0.70% (B), 09/16/2059		14,789,636		947,054
Total U.S. Government Agency Obligations (Cost $15,607,235)				14,911,621
U.S. GOVERNMENT OBLIGATION - 6.9%
U.S. Treasury - 6.9%
U.S. Treasury Note 1.50%, 05/15/2020		19,961,000		19,561,000
Total U.S. Government Obligation (Cost $19,578,593)				19,561,000

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

Transamerica Funds Annual Report 2018

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Transamerica High Quality Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Shares		Value
OTHER INVESTMENT COMPANY - 1.0%
Securities Lending Collateral - 1.0%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 2.19% (E)		2,976,678		$   2,976,678
Total Other Investment Company (Cost $2,976,678)				2,976,678
Total Investments (Cost $285,433,427)				282,707,650
Net Other Assets (Liabilities) - (0.0)% (F)				(58,725	)
Net Assets - 100.0%				$  282,648,925

SECURITY VALUATION:

Valuation Inputs ^(G)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Asset-Backed Securities	$	—	$	100,819,589	$	—	$	100,819,589
Corporate Debt Securities		—		112,175,815		—		112,175,815
Foreign Government Obligation		—		1,000,520		—		1,000,520
Mortgage-Backed Securities		—		31,262,427		—		31,262,427
U.S. Government Agency Obligations		—		14,911,621		—		14,911,621
U.S. Government Obligation		—		19,561,000		—		19,561,000
Other Investment Company		2,976,678		—		—		2,976,678
Total Investments	$	2,976,678	$	279,730,972	$	—	$	282,707,650

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, 2018, the total value of 144A securities is $67,111,427, representing 23.7% of the Fund’s net assets.
(B)	Floating or variable rate securities. The rates disclosed are as of October 31, 2018. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(C)	When-issued, delayed-delivery and/or forward commitment (including TBAs) security. Security to be settled and delivered after October 31, 2018. Security may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(D)	All or a portion of the securities are on loan. The total value of all securities on loan is $2,916,014. 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)	Rate disclosed reflects the yield at October 31, 2018.
(F)	Percentage rounds to less than 0.1% or (0.1)%.
(G)	There were no transfers in or out of Level 3 during the period ended October 31, 2018. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATIONS:

CMT	Constant Maturity Treasury
LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
STRIPS	Separate Trading of Registered Interest and Principal of Securities

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

Transamerica Funds Annual Report 2018

Page    116

Transamerica High Yield Bond

(unaudited)

MARKET ENVIRONMENT

In the fourth quarter of 2017, buoyed by consumption, business equipment spending, and a general pick-up in global economic activity, U.S. gross domestic product (“GDP”) growth accelerated to 2.3% year-over-year. Market participants turned their focus to the eventuality of a near-term fiscal push, notably via tax policy. Equity prices rallied in response, and 2018 and 2019 GDP consensus estimates inched higher. In late 2017, Congress passed and President Trump signed broad tax relief for individuals, small businesses, and corporations into law.

The front end of the yield curve continued to reprice in the first half of the year as the U.S. Federal Reserve (“Fed”) maintained its outlook for steady economic growth and signaled the likelihood of more rate hikes in the future amid increasing Treasury supply. The 10-year Treasury yield settled roughly 11 basis points higher, and the 2-year yield about 25 basis points higher in the second quarter, pushing the spread between the 2- and 10-year Treasuries to its then narrowest level in more than a decade. Additionally, the LIBOR-Option Implied Spread, which had been widening throughout the first quarter of 2018, peaked early in the second quarter before declining materially.

Policy and politics remained center-stage in the third quarter as Washington’s trade spat with China continued to escalate. These risks surrounding trade policy were noted as a concern by the Fed in its September meeting minutes. Even so, the Fed stayed the course on normalizing rates given continued economic strength, hiking again in September to bring the policy rate above 2% for the first time since 2008.

High yield returns were somewhat low during the year but still fared better than most fixed income asset classes which suffered declines. Two distinct bouts of volatility hit the high yield market during the period, one in February and another in October, both coinciding with equity market weakness. Given the strong technical backdrop with light new issuance, high yield broadly weathered the dual stresses of equity declines and rising interest rates. In our view, high yield fundamentals remained solid in the period, given strong corporate earnings and a low level of defaults.

PERFORMANCE

For the year ended October 31, 2018, Transamerica High Yield Bond (Class A) returned -0.20%, excluding any sales charges. By comparison, its benchmark, the Bloomberg Barclays US Corporate High Yield 2% Issuer Capped Index, returned 0.98%.

STRATEGY REVIEW

Despite favorable allocation decisions, security selection was the largest detractor from performance this year. Our selection within BB and B-rated securities detracted the most from relative performance. However, our overall ratings positioning – underweight BBs and overweight Bs – contributed favorably over the last twelve months as the more rate-sensitive BB-rated bonds underperformed.

By sector, the top contributors included banking, finance and consumer cyclical companies. The largest detractors from active returns were basic industry, technology and capital goods.

We maintained a slight down-in-quality bias throughout most of the period, given modestly improving fundamentals among many lower-quality issuers. Furthermore, strengthening fundamentals and rising commodity prices have supported our efforts to increase exposure within the energy sector. In addition to preferring certain consumer and communication sectors, key sector overweights included housing-related credits, gaming and financials. We have continued to focus on searching for idiosyncratic opportunities where the market has pushed bond prices down to attractive levels.

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 §		6.26
Duration †		3.84
Credit Quality ‡	Percentage of Net Assets
AAA		0.4	%
BBB		5.1
BB		40.7
B		40.7
CCC and Below		9.0
Not Rated		10.4
Net Other Assets (Liabilities)		(6.3	)
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.

‡ 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 2018

Page    117

Transamerica High Yield Bond

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		(4.99	)%		2.93	%		9.93	%		06/14/1985
Class A (NAV)		(0.20	)%		3.95	%		10.46	%		06/14/1985
Bloomberg Barclays US Corporate High Yield 2% Issuer Capped Index (A)		0.98	%		4.69	%		11.22	%
Class B (POP)		(5.81	)%		2.92	%		9.80	%		10/01/1995
Class B (NAV)		(1.08	)%		3.09	%		9.80	%		10/01/1995
Class C (POP)		(1.83	)%		3.20	%		9.70	%		11/11/2002
Class C (NAV)		(0.88	)%		3.20	%		9.70	%		11/11/2002
Class I (NAV)		0.17	%		4.21	%		7.17	%		11/30/2009
Class I2 (NAV)		0.30	%		4.34	%		10.93	%		11/08/2004
Class I3 (NAV)		0.33	%		N/A			3.60	%		03/24/2017
Class R (NAV)		(0.17	)%		N/A			3.09	%		03/24/2017
Class R4 (NAV)		0.08	%		N/A			3.35	%		03/24/2017
Class R6 (NAV)		0.29	%		N/A			3.88	%		05/29/2015
Class T1 (POP)		(2.50	)%		N/A			1.50	%		03/17/2017
Class T1 (NAV)		0.01	%		N/A			3.12	%		03/17/2017
Advisor Class (NAV)		0.09	%		N/A			4.28	%		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.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 4.75% for A shares 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. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I, I2, I3, R, R4, R6 and Advisor Class shares.

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

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

Interest rates may go up, causing the value of the Fund’s investments to decline. Changes, in interest rates, the market’s perception of the issuers and the creditworthiness of the issuers may significantly affect the value of a bond. Investing in high-yield bonds (junk bonds) may be subject to greater volatility and risks as the income derived from these securities is not guaranteed and may be unpredictable and the value of these securities tends to decline when interest rates increases.

Transamerica Funds Annual Report 2018

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Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES - 94.6%
Aerospace & Defense - 1.3%
Bombardier, Inc.
6.00%, 10/15/2022 (A)		$  993,000		$  974,381
6.13%, 01/15/2023 (A)		5,320,000		5,253,500
7.75%, 03/15/2020 (A)		1,814,000		1,882,025
DAE Funding LLC
4.50%, 08/01/2022 (A)		1,573,000		1,533,675
5.00%, 08/01/2024 (A)		1,639,000		1,598,025
Triumph Group, Inc.
5.25%, 06/01/2022		4,732,000		4,377,100
7.75%, 08/15/2025		3,390,000		3,186,600
				18,805,306
Airlines - 1.5%
American Airlines Group, Inc.
4.63%, 03/01/2020 (A)		2,740,000		2,740,000
5.50%, 10/01/2019 (A)		4,461,000		4,509,848
American Airlines Pass-Through Trust
5.60%, 01/15/2022 (A)		5,638,511		5,716,040
5.63%, 07/15/2022 (A)		2,886,854		2,940,405
Continental Airlines Pass-Through Trust
5.50%, 04/29/2022		588,791		599,154
6.90%, 10/19/2023		2,121,256		2,184,894
United Airlines Pass-Through Trust 4.63%, 03/03/2024		1,322,223		1,325,383
United Continental Holdings, Inc. 4.25%, 10/01/2022 (B)		615,000		603,469
				20,619,193
Auto Components - 0.6%
Goodyear Tire & Rubber Co. 5.00%, 05/31/2026 (B)		9,385,000		8,540,350
Automobiles - 0.4%
General Motors Co. 5.00%, 10/01/2028		5,424,000		5,195,396
Banks - 2.9%
Barclays PLC
Fixed until 09/15/2019 (C), 6.63% (B) (D)		3,326,000		3,346,788
Fixed until 09/15/2023 (C), 7.75% (D)		2,457,000		2,451,349
BNP Paribas SA
Fixed until 03/14/2022 (C), 6.75% (A) (B) (D)		3,950,000		3,994,437
Fixed until 03/30/2021 (C), 7.63% (A) (D)		2,298,000		2,387,048
CIT Group, Inc.
4.75%, 02/16/2024		666,000		656,010
5.00%, 08/15/2022		3,080,000		3,091,550
Intesa Sanpaolo SpA 5.71%, 01/15/2026 (A)		4,565,000		4,052,762
JPMorgan Chase & Co. 3-Month LIBOR + 3.47%, 5.99% (D), 01/30/2019 (C)		1,348,000		1,355,225
Lloyds Banking Group PLC
Fixed until 06/27/2024 (C), 7.50% (D)		5,585,000		5,633,869
Fixed until 09/27/2025 (C), 7.50% (D)		3,755,000		3,773,775
Royal Bank of Scotland Group PLC Fixed until 08/15/2021 (C), 8.63% (D)		3,660,000		3,847,575
Societe Generale SA Fixed until 09/13/2021 (C), 7.38% (A) (D)		5,338,000		5,411,397
				40,001,785

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Beverages - 0.4%
Cott Holdings, Inc. 5.50%, 04/01/2025 (A)		$   5,510,000		$   5,248,275
Building Products - 2.0%
Associated Materials LLC / AMH New Finance, Inc. 9.00%, 01/01/2024 (A)		12,893,000		12,973,581
Builders FirstSource, Inc. 5.63%, 09/01/2024 (A)		7,556,000		7,045,970
Griffon Corp. 5.25%, 03/01/2022		8,827,000		8,275,313
				28,294,864
Capital Markets - 1.2%
Credit Suisse Group AG
Fixed until 12/18/2024 (C), 6.25% (A) (D)		1,350,000		1,313,707
Fixed until 09/12/2025 (C), 7.25% (A) (D)		2,450,000		2,422,437
Fixed until 07/17/2023 (C), 7.50% (A) (D)		1,875,000		1,907,813
Fixed until 12/11/2023 (C), 7.50% (A) (D)		9,383,000		9,769,204
Goldman Sachs Capital II 3-Month LIBOR + 0.77%, 4.00% (D), 12/03/2018 (C)		1,048,000		838,400
				16,251,561
Chemicals - 2.0%
Eagle Intermediate Global Holding BV / Ruyi US Finance LLC 7.50%, 05/01/2025 (A)		4,243,000		4,105,102
Hexion, Inc.
6.63%, 04/15/2020		5,776,000		5,111,760
7.88%, 02/15/2023		4,886,000		2,785,020
10.00%, 04/15/2020 (B)		1,821,000		1,702,635
Hexion, Inc. / Hexion Nova Scotia Finance ULC 9.00%, 11/15/2020		1,781,000		1,068,600
NOVA Chemicals Corp.
4.88%, 06/01/2024 (A)		5,157,000		4,737,994
5.25%, 06/01/2027 (A)		5,449,000		4,917,722
Olin Corp. 5.13%, 09/15/2027 (B)		3,303,000		3,075,919
				27,504,752
Commercial Services & Supplies - 1.1%
Ashtead Capital, Inc. 5.25%, 08/01/2026 (A)		3,642,000		3,584,092
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
5.50%, 04/01/2023 (B)		4,368,000		4,247,880
6.38%, 04/01/2024 (A) (B)		2,208,000		2,108,640
Garda World Security Corp. 8.75%, 05/15/2025 (A)		6,008,000		5,647,520
				15,588,132
Communications Equipment - 0.8%
CommScope Technologies LLC
5.00%, 03/15/2027 (A)		779,000		695,390
6.00%, 06/15/2025 (A)		6,662,000		6,478,795
Nokia OYJ 3.38%, 06/12/2022		3,764,000		3,604,030
				10,778,215

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

Transamerica Funds Annual Report 2018

Page    119

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Construction & Engineering - 3.3%
Abengoa Abenewco 2 SAU PIK Rate 1.25%, Cash Rate 0.25%, 03/31/2023 (A) (E)		$   1,921,360		$   28,820
Ashton Woods USA LLC / Ashton Woods Finance Co.
6.75%, 08/01/2025 (A)		3,460,000		3,209,150
6.88%, 02/15/2021 (A)		8,364,000		8,364,000
Brookfield Residential Properties, Inc.
6.38%, 05/15/2025 (A)		4,375,000		4,117,969
6.50%, 12/15/2020 (A)		1,972,000		1,972,000
Century Communities, Inc. 5.88%, 07/15/2025		6,073,000		5,496,065
Pisces Midco, Inc. 8.00%, 04/15/2026 (A)		7,479,000		7,263,979
Weekley Homes LLC / Weekley Finance Corp. 6.00%, 02/01/2023		4,501,000		4,320,960
William Lyon Homes, Inc.
5.88%, 01/31/2025		5,600,000		4,935,000
6.00%, 09/01/2023		2,000,000		1,825,000
7.00%, 08/15/2022		4,219,000		4,213,726
				45,746,669
Consumer Finance - 2.2%
Ally Financial, Inc.
5.75%, 11/20/2025 (B)		1,627,000		1,663,608
7.50%, 09/15/2020		4,468,000		4,736,080
Altice Financing SA
6.63%, 02/15/2023 (A)		2,057,000		2,036,019
7.50%, 05/15/2026 (A)		5,579,000		5,244,260
Navient Corp.
5.00%, 10/26/2020		2,713,000		2,727,921
5.88%, 10/25/2024		2,955,000		2,785,087
6.50%, 06/15/2022		3,408,000		3,467,640
6.63%, 07/26/2021		1,020,000		1,049,325
6.75%, 06/15/2026		2,201,000		2,101,955
Springleaf Finance Corp.
6.00%, 06/01/2020		1,823,000		1,861,739
7.13%, 03/15/2026		2,705,000		2,562,987
8.25%, 12/15/2020		551,000		589,570
				30,826,191
Containers & Packaging - 2.7%
ARD Finance SA PIK Rate 7.88%, Cash Rate 7.13%, 09/15/2023 (E)		3,766,000		3,650,666
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.
6.00%, 02/15/2025 (A)		3,857,000		3,615,938
7.25%, 05/15/2024 (A)		4,840,000		4,864,200
BWAY Holding Co.
5.50%, 04/15/2024 (A)		4,931,000		4,733,760
7.25%, 04/15/2025 (A) (B)		1,207,000		1,146,650
Crown Americas LLC / Crown Americas Capital Corp. VI 4.75%, 02/01/2026 (A) (B)		1,755,000		1,656,281
Flex Acquisition Co., Inc.
6.88%, 01/15/2025 (A)		2,805,000		2,622,675
7.88%, 07/15/2026 (A)		1,779,000		1,717,269

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Containers & Packaging (continued)
OI European Group BV 4.00%, 03/15/2023 (A)		$   2,545,000		$   2,382,756
Owens-Brockway Glass Container, Inc.
5.88%, 08/15/2023 (A)		3,860,000		3,845,525
6.38%, 08/15/2025 (A)		820,000		824,100
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC
5.13%, 07/15/2023 (A)		2,268,000		2,216,970
5.75%, 10/15/2020		721,985		721,985
6.88%, 02/15/2021		1,429,467		1,440,188
7.00%, 07/15/2024 (A) (B)		3,080,000		3,081,925
				38,520,888
Diversified Financial Services - 2.8%
Avation Capital SA 6.50%, 05/15/2021 (A)		3,305,000		3,313,262
Dana Financing Luxembourg Sarl 5.75%, 04/15/2025 (A)		10,882,000		10,446,720
ILFC E-Capital Trust I 1.55% + Max of 3-Month LIBOR, 10-Year CMT, or 30-Year CMT, 4.78% (D), 12/21/2065 (A)		8,362,000		7,400,370
ILFC E-Capital Trust II 1.80% + Max of 3-Month LIBOR, 15-Year CMT or 30-Year CMT, 5.03% (D), 12/21/2065 (A)		1,171,000		1,042,190
Jefferies Finance LLC / JFIN Co-Issuer Corp.
7.25%, 08/15/2024 (A)		2,767,000		2,704,743
7.38%, 04/01/2020 (A)		500,000		505,000
7.50%, 04/15/2021 (A)		4,254,000		4,275,270
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. 5.25%, 03/15/2022 (A)		5,770,000		5,741,150
Travelport Corporate Finance PLC 6.00%, 03/15/2026 (A)		4,377,000		4,387,942
				39,816,647
Diversified Telecommunication Services - 5.7%
CenturyLink, Inc.
6.45%, 06/15/2021		1,564,000		1,599,190
6.75%, 12/01/2023 (B)		4,312,000		4,398,240
7.50%, 04/01/2024 (B)		1,917,000		2,012,850
7.60%, 09/15/2039		5,925,000		5,095,500
7.65%, 03/15/2042		9,018,000		7,755,480
Frontier Communications Corp.
7.63%, 04/15/2024		10,316,000		6,189,600
8.50%, 04/01/2026 (A)		1,542,000		1,432,133
8.75%, 04/15/2022		2,766,000		2,150,565
9.00%, 08/15/2031 (B)		5,484,000		3,372,660
Hughes Satellite Systems Corp.
5.25%, 08/01/2026		328,000		311,600
6.50%, 06/15/2019		2,330,000		2,362,271
6.63%, 08/01/2026		4,443,000		4,231,957
7.63%, 06/15/2021		7,317,000		7,759,678
Intelsat Jackson Holdings SA
8.00%, 02/15/2024 (A)		1,247,000		1,304,674
8.50%, 10/15/2024 (A) (B)		5,849,000		5,746,642
9.50%, 09/30/2022 (A) (B)		2,165,000		2,511,400

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

Transamerica Funds Annual Report 2018

Page    120

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Telecommunication Services (continued)
Level 3 Parent LLC 5.75%, 12/01/2022		$   5,251,000		$   5,236,770
UPCB Finance IV, Ltd. 5.38%, 01/15/2025 (A)		3,648,000		3,549,504
Virgin Media Finance PLC 5.75%, 01/15/2025 (A)		3,565,000		3,435,769
Virgin Media Secured Finance PLC 5.25%, 01/15/2026 (A)		7,038,000		6,562,935
Windstream Services LLC / Windstream Finance Corp.
6.38%, 08/01/2023 (A) (B)		4,403,000		2,113,440
7.75%, 10/01/2021		2,414,000		1,460,470
				80,593,328
Electric Utilities - 0.7%
Elwood Energy LLC 8.16%, 07/05/2026		4,699,232		5,157,407
Red Oak Power LLC 9.20%, 11/30/2029		4,585,000		5,181,050
				10,338,457
Energy Equipment & Services - 3.2%
CSI Compressco, LP / CSI Compressco Finance, Inc. 7.25%, 08/15/2022		5,472,000		5,088,960
7.50%, 04/01/2025 (A)		1,431,000		1,434,578
Exterran Energy Solutions, LP / EES Finance Corp. 8.13%, 05/01/2025		3,206,000		3,230,045
Genesis Energy, LP / Genesis Energy Finance Corp. 6.50%, 10/01/2025 (B)		2,935,000		2,707,537
6.75%, 08/01/2022		5,420,000		5,447,100
KCA Deutag UK Finance PLC 9.63%, 04/01/2023 (A)		5,055,000		4,751,700
Noble Holding International, Ltd. 6.05%, 03/01/2041		2,288,000		1,670,240
8.95%, 04/01/2045 (B)		2,283,000		2,140,312
NuStar Logistics, LP 4.80%, 09/01/2020		7,306,000		7,287,735
5.63%, 04/28/2027		2,956,000		2,826,675
6.75%, 02/01/2021		2,632,000		2,737,280
Weatherford International LLC 6.80%, 06/15/2037		4,470,000		3,006,075
9.88%, 03/01/2025 (A) (B)		906,000		713,475
Weatherford International, Ltd. 6.75%, 09/15/2040 (B)		2,149,000		1,445,203
9.88%, 02/15/2024		1,305,000		1,017,900
				45,504,815
Entertainment - 0.3%
Netflix, Inc. 5.88%, 11/15/2028 (A)		3,851,000		3,783,608
Equity Real Estate Investment Trusts - 2.5%
CBL & Associates, LP 5.25%, 12/01/2023 (B)		7,893,000		6,630,120
5.95%, 12/15/2026 (B)		2,562,000		2,133,326
Iron Mountain, Inc. 4.38%, 06/01/2021 (A)		2,059,000		2,048,705
5.25%, 03/15/2028 (A)		9,877,000		8,864,607

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Equity Real Estate Investment Trusts (continued)
iStar, Inc. 5.00%, 07/01/2019		$   1,936,000		$   1,937,210
5.25%, 09/15/2022		1,438,000		1,391,265
6.00%, 04/01/2022		4,917,000		4,917,000
SBA Communications Corp. 4.00%, 10/01/2022		1,665,000		1,594,238
4.88%, 07/15/2022		6,000,000		5,947,500
				35,463,971
Food & Staples Retailing - 0.9%
Albertsons Cos. LLC / Safeway, Inc. 5.75%, 03/15/2025		5,727,000		5,039,760
6.63%, 06/15/2024		3,659,000		3,457,755
Rite Aid Corp. 6.13%, 04/01/2023 (A)		4,999,000		4,246,026
				12,743,541
Food Products - 2.0%
JBS USA LUX SA / JBS USA Finance, Inc. 5.75%, 06/15/2025 (A)		2,789,000		2,677,440
7.25%, 06/01/2021 (A)		3,698,000		3,739,603
Pilgrim’s Pride Corp. 5.88%, 09/30/2027 (A)		6,920,000		6,262,600
Post Holdings, Inc. 5.00%, 08/15/2026 (A)		4,143,000		3,821,917
5.63%, 01/15/2028 (A)		2,756,000		2,591,467
8.00%, 07/15/2025 (A)		3,498,000		3,812,820
Simmons Foods, Inc. 5.75%, 11/01/2024 (A) (B)		531,000		390,285
7.75%, 01/15/2024 (A)		4,200,000		4,242,000
				27,538,132
Gas Utilities - 0.2%
Ferrellgas, LP / Ferrellgas Finance Corp. 6.75%, 06/15/2023 (B)		2,408,000		2,076,900
Health Care Equipment & Supplies - 0.9%
DJO Finance LLC / DJO Finance Corp. 8.13%, 06/15/2021 (A)		6,616,000		6,660,327
Mallinckrodt International Finance SA / Mallinckrodt CB LLC 5.50%, 04/15/2025 (A) (B)		890,000		716,450
5.75%, 08/01/2022 (A) (B)		6,275,000		5,600,438
				12,977,215
Health Care Providers & Services - 4.7%
CHS / Community Health Systems, Inc. 5.13%, 08/01/2021 (B)		1,445,000		1,369,138
6.25%, 03/31/2023		2,212,000		2,034,376
6.88%, 02/01/2022		10,010,000		5,060,055
8.13%, 06/30/2024 (A) (B)		1,120,000		884,800
DaVita, Inc. 5.13%, 07/15/2024		1,169,000		1,116,395
5.75%, 08/15/2022		3,863,000		3,911,287
Encompass Health Corp. 5.75%, 11/01/2024 - 09/15/2025		9,123,000		9,070,890
HCA Healthcare, Inc. 6.25%, 02/15/2021		3,888,000		4,038,660
HCA, Inc. 5.88%, 03/15/2022 - 02/15/2026		12,844,000		13,236,065
7.50%, 02/15/2022 - 11/06/2033		7,670,000		8,312,200

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

Transamerica Funds Annual Report 2018

Page    121

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Health Care Providers & Services (continued)
Tenet Healthcare Corp. 4.38%, 10/01/2021		$   2,745,000		$   2,710,688
5.13%, 05/01/2025		1,268,000		1,220,450
6.00%, 10/01/2020		1,503,000		1,539,147
6.75%, 06/15/2023		2,401,000		2,385,994
8.13%, 04/01/2022		8,270,000		8,611,137
				65,501,282
Hotels, Restaurants & Leisure - 6.7%
Boyd Gaming Corp. 6.00%, 08/15/2026		1,911,000		1,846,504
6.38%, 04/01/2026		2,760,000		2,735,850
6.88%, 05/15/2023		6,165,000		6,403,894
Boyne USA, Inc. 7.25%, 05/01/2025 (A)		4,283,000		4,465,028
GLP Capital, LP / GLP Financing II, Inc. 5.25%, 06/01/2025		3,831,000		3,850,193
Hilton Domestic Operating Co., Inc. 5.13%, 05/01/2026 (A)		4,585,000		4,481,837
International Game Technology PLC 6.25%, 02/15/2022 - 01/15/2027 (A)		7,217,000		7,423,980
6.50%, 02/15/2025 (A)		946,000		957,825
Marriott Ownership Resorts, Inc. / ILG LLC 6.50%, 09/15/2026 (A)		1,305,000		1,318,050
MGM Resorts International 5.75%, 06/15/2025		4,616,000		4,489,060
6.00%, 03/15/2023		2,642,000		2,681,630
6.63%, 12/15/2021		6,429,000		6,732,385
NCL Corp., Ltd. 4.75%, 12/15/2021 (A)		4,102,000		4,096,873
Rivers Pittsburgh Borrower, LP / Rivers Pittsburgh Finance Corp. 6.13%, 08/15/2021 (A)		5,046,000		5,020,770
Scientific Games International, Inc. 5.00%, 10/15/2025 (A)		3,947,000		3,670,710
10.00%, 12/01/2022		11,901,000		12,436,545
Viking Cruises, Ltd. 5.88%, 09/15/2027 (A)		8,904,000		8,436,540
6.25%, 05/15/2025 (A)		4,926,000		4,936,837
Waterford Gaming LLC / Waterford Gaming Financial Corp. 8.63%, 09/15/2049 (A) (F) (G) (H) (I) (J) (K)		1,066,313		0
Wyndham Destinations, Inc. 4.15%, 04/01/2024		6,321,000		6,083,962
4.50%, 04/01/2027		2,261,000		2,094,251
				94,162,724
Household Durables - 2.0%
Beazer Homes USA, Inc. 5.88%, 10/15/2027 (B)		4,635,000		3,742,762
6.75%, 03/15/2025		2,824,000		2,478,060
7.25%, 02/01/2023		268,000		251,920
8.75%, 03/15/2022		1,807,000		1,820,553
KB Home 7.50%, 09/15/2022		4,108,000		4,333,940
7.63%, 05/15/2023		5,380,000		5,662,450
Lennar Corp. 4.75%, 11/29/2027		3,513,000		3,284,655
5.00%, 06/15/2027		2,778,000		2,618,265

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Household Durables (continued)
Meritage Homes Corp. 5.13%, 06/06/2027		$   2,829,000		$   2,489,520
7.15%, 04/15/2020		953,000		976,825
				27,658,950
Independent Power & Renewable Electricity Producers - 1.6%
Calpine Corp. 5.25%, 06/01/2026 (A)		5,354,000		4,918,987
5.50%, 02/01/2024		2,247,000		2,039,153
5.75%, 01/15/2025 (B)		4,221,000		3,771,675
6.00%, 01/15/2022 (A)		5,079,000		5,104,395
NRG Energy, Inc. 7.25%, 05/15/2026		2,823,000		2,999,437
Vistra Energy Corp. 7.63%, 11/01/2024		3,474,000		3,673,755
				22,507,402
Insurance - 1.5%
Genworth Holdings, Inc. 4.80%, 02/15/2024		2,000,000		1,730,000
4.90%, 08/15/2023		2,924,000		2,573,120
Hartford Financial Services Group, Inc. 3-Month LIBOR + 2.13%, 4.44% (D), 02/12/2067 (A)		8,676,000		7,981,920
Lincoln National Corp. 3-Month LIBOR + 2.36%, 4.67% (D), 05/17/2066		9,729,000		8,902,035
				21,187,075
IT Services - 0.5%
First Data Corp. 5.00%, 01/15/2024 (A)		2,523,000		2,491,463
5.75%, 01/15/2024 (A)		4,320,000		4,347,000
				6,838,463
Leisure Products - 0.3%
Mattel, Inc. 3.15%, 03/15/2023		1,554,000		1,322,454
5.45%, 11/01/2041		1,400,000		1,120,000
6.75%, 12/31/2025 (A)		2,012,000		1,926,490
				4,368,944
Machinery - 1.1%
Meritor, Inc. 6.25%, 02/15/2024 (B)		8,976,000		8,841,360
Novelis Corp. 5.88%, 09/30/2026 (A)		3,626,000		3,417,505
6.25%, 08/15/2024 (A)		3,525,000		3,489,750
				15,748,615
Media - 8.9%
Adelphia Communications Corp. 9.25%, 10/01/2049 (G) (H) (K) (L)		1,305,000		91
10.25%, 06/15/2049 - 11/01/2049 (G) (H) (K) (L)		1,460,000		102
Altice France SA 7.38%, 05/01/2026 (A)		9,959,000		9,532,655
Altice Luxembourg SA 7.63%, 02/15/2025 (A) (B)		1,450,000		1,236,125
Cablevision Systems Corp. 8.00%, 04/15/2020		2,116,000		2,213,865

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

Transamerica Funds Annual Report 2018

Page    122

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Media (continued)
CCO Holdings LLC / CCO Holdings Capital Corp. 5.00%, 02/01/2028 (A)		$   3,937,000		$   3,668,792
5.25%, 03/15/2021		1,870,000		1,879,350
5.50%, 05/01/2026 (A)		7,593,000		7,403,175
5.75%, 01/15/2024		2,255,000		2,277,550
5.75%, 02/15/2026 (A)		2,464,000		2,439,360
5.88%, 04/01/2024 (A)		1,000,000		1,008,750
Cequel Communications Holdings I LLC / Cequel Capital Corp. 7.50%, 04/01/2028 (A)		2,864,000		2,968,450
7.75%, 07/15/2025 (A) (M)		2,536,000		2,681,820
Clear Channel Worldwide Holdings, Inc. 6.50%, 11/15/2022		9,838,000		9,905,246
7.63%, 03/15/2020 (B)		3,456,000		3,443,040
7.63%, 03/15/2020		5,503,000		5,496,121
CSC Holdings LLC 6.63%, 10/15/2025 (A)		4,730,000		4,954,675
10.13%, 01/15/2023 (A)		3,852,000		4,190,591
10.88%, 10/15/2025 (A)		2,107,000		2,430,951
DISH DBS Corp. 5.00%, 03/15/2023 (B)		6,858,000		6,000,750
5.88%, 07/15/2022		975,000		921,375
6.75%, 06/01/2021		5,292,000		5,344,920
7.75%, 07/01/2026		13,227,000		11,838,165
7.88%, 09/01/2019		1,453,000		1,496,300
Unitymedia GmbH 6.13%, 01/15/2025 (A)		4,782,000		4,913,505
Univision Communications, Inc. 5.13%, 02/15/2025 (A)		9,863,000		9,014,782
6.75%, 09/15/2022 (A)		7,592,000		7,743,840
Ziggo Bond Co. BV 6.00%, 01/15/2027 (A)		3,225,000		2,870,250
Ziggo BV 5.50%, 01/15/2027 (A)		7,641,000		7,010,618
				124,885,214
Metals & Mining - 3.1%
Cleveland-Cliffs, Inc. 4.88%, 01/15/2024 (A)		3,126,000		2,985,330
5.75%, 03/01/2025 (B)		2,732,000		2,581,740
Constellium NV 6.63%, 03/01/2025 (A)		5,275,000		5,169,500
First Quantum Minerals, Ltd. 7.00%, 02/15/2021 (A) (B)		2,126,000		2,078,590
7.25%, 04/01/2023 (A)		8,843,000		8,168,721
Freeport-McMoRan, Inc. 5.45%, 03/15/2043		5,050,000		4,279,875
6.88%, 02/15/2023		4,751,000		4,975,485
New Gold, Inc. 6.25%, 11/15/2022 (A)		2,858,000		2,486,460
6.38%, 05/15/2025 (A) (B)		4,117,000		3,298,746
Teck Resources, Ltd. 6.00%, 08/15/2040		6,513,000		6,366,457
6.25%, 07/15/2041		643,000		641,393
8.50%, 06/01/2024 (A)		978,000		1,061,130
				44,093,427

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels - 10.4%
Alta Mesa Holdings, LP / Alta Mesa Finance Services Corp. 7.88%, 12/15/2024		$   3,550,000		$   3,177,250
Callon Petroleum Co. 6.13%, 10/01/2024		5,722,000		5,578,950
6.38%, 07/01/2026		1,680,000		1,667,400
Carrizo Oil & Gas, Inc. 6.25%, 04/15/2023 (B)		2,263,000		2,223,398
8.25%, 07/15/2025		4,208,000		4,365,800
Cheniere Corpus Christi Holdings LLC 5.88%, 03/31/2025		2,801,000		2,885,030
Cheniere Energy Partners, LP 5.63%, 10/01/2026 (A)		3,609,000		3,554,865
Chesapeake Energy Corp. 7.00%, 10/01/2024		2,717,000		2,659,264
7.50%, 10/01/2026		1,835,000		1,798,300
8.00%, 06/15/2027 (B)		5,422,000		5,388,112
Continental Resources, Inc. 5.00%, 09/15/2022		3,397,000		3,430,392
CrownRock, LP / CrownRock Finance, Inc. 5.63%, 10/15/2025 (A)		3,256,000		3,097,270
DCP Midstream, LP Fixed until 12/15/2022 (C), 7.38% (D)		4,849,000		4,645,948
Denbury Resources, Inc. 7.50%, 02/15/2024 (A)		1,903,000		1,860,183
9.00%, 05/15/2021 (A)		4,262,000		4,437,807
EP Energy LLC / Everest Acquisition Finance, Inc. 7.75%, 05/15/2026 (A)		2,710,000		2,710,000
8.00%, 11/29/2024 (A)		1,076,000		1,038,340
9.38%, 05/01/2024 (A)		2,225,000		1,691,000
Gulfport Energy Corp. 6.00%, 10/15/2024		1,670,000		1,561,450
6.38%, 05/15/2025 - 01/15/2026		5,590,000		5,295,783
HighPoint Operating Corp. 8.75%, 06/15/2025		2,358,000		2,405,160
Kinder Morgan, Inc. 8.05%, 10/15/2030, MTN		2,486,000		2,949,382
Matador Resources Co. 5.88%, 09/15/2026 (A)		2,705,000		2,644,137
Oasis Petroleum, Inc. 6.25%, 05/01/2026 (A) (B)		2,399,000		2,357,018
6.88%, 03/15/2022 (B)		5,736,000		5,771,850
Parsley Energy LLC / Parsley Finance Corp. 5.25%, 08/15/2025 (A)		1,778,000		1,717,993
5.38%, 01/15/2025 (A)		3,704,000		3,629,920
PDC Energy, Inc. 6.13%, 09/15/2024		5,709,000		5,452,095
Shelf Drilling Holdings, Ltd. 8.25%, 02/15/2025 (A)		4,416,000		4,427,040
SM Energy Co. 6.13%, 11/15/2022 (B)		3,265,000		3,305,812
6.63%, 01/15/2027 (B)		2,373,000		2,384,865
6.75%, 09/15/2026 (B)		812,000		814,030
Southwestern Energy Co. 7.50%, 04/01/2026 (B)		4,043,000		4,113,752

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

Transamerica Funds Annual Report 2018

Page    123

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Summit Midstream Holdings LLC / Summit Midstream Finance Corp. 5.75%, 04/15/2025		$   2,540,000		$   2,432,050
Summit Midstream Partners, LP Fixed until 12/15/2022 (C), 9.50% (D)		4,110,000		4,027,800
Targa Resources Partners, LP / Targa Resources Partners Finance Corp. 5.00%, 01/15/2028		1,640,000		1,553,900
5.13%, 02/01/2025		4,256,000		4,138,960
5.88%, 04/15/2026 (A)		3,398,000		3,414,990
6.75%, 03/15/2024		5,238,000		5,486,805
Ultra Resources, Inc. 6.88%, 04/15/2022 (A)		811,000		466,325
7.13%, 04/15/2025 (A)		3,098,000		1,363,120
Whiting Petroleum Corp. 5.75%, 03/15/2021		3,427,000		3,448,419
6.63%, 01/15/2026 (B)		1,575,000		1,573,031
WildHorse Resource Development Corp. 6.88%, 02/01/2025		5,547,000		5,519,265
WPX Energy, Inc. 5.25%, 09/15/2024		3,026,000		2,988,175
8.25%, 08/01/2023		4,190,000		4,708,512
				146,160,948
Paper & Forest Products - 0.4%
Norbord, Inc. 6.25%, 04/15/2023 (A)		5,450,000		5,531,750
Pharmaceuticals - 2.3%
Bausch Health Cos., Inc. 5.50%, 11/01/2025 (A)		1,183,000		1,159,340
5.88%, 05/15/2023 (A)		17,332,000		16,530,395
6.13%, 04/15/2025 (A)		465,000		427,661
6.50%, 03/15/2022 (A)		866,000		896,310
Endo Dac / Endo Finance LLC 6.00%, 07/15/2023 (A)		8,012,000		6,890,320
Endo Finance LLC / Endo Finco, Inc. 5.38%, 01/15/2023 (A)		1,221,000		1,040,902
Teva Pharmaceutical Finance Netherlands III BV 2.20%, 07/21/2021		1,000,000		932,601
6.75%, 03/01/2028		4,473,000		4,573,496
				32,451,025
Real Estate Management & Development - 0.1%
Realogy Group LLC / Realogy Co-Issuer Corp. 4.88%, 06/01/2023 (A) (B)		1,448,000		1,310,440
5.25%, 12/01/2021 (A) (B)		317,000		311,453
				1,621,893
Road & Rail - 0.8%
Avolon Holdings Funding, Ltd. 5.13%, 10/01/2023 (A) (B)		3,558,000		3,491,288
Hertz Corp. 5.50%, 10/15/2024 (A) (B)		6,399,000		4,911,232
6.25%, 10/15/2022 (B)		2,692,000		2,362,230
				10,764,750

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Semiconductors & Semiconductor Equipment - 0.3%
NXP BV / NXP Funding LLC 3.88%, 09/01/2022 (A)		$   4,738,000		$   4,578,093
Software - 1.2%
Infor US, Inc. 5.75%, 08/15/2020 (A)		5,221,000		5,279,736
6.50%, 05/15/2022		7,346,000		7,327,635
Sophia, LP / Sophia Finance, Inc. 9.00%, 09/30/2023 (A)		4,361,000		4,513,635
				17,121,006
Specialty Retail - 1.1%
L Brands, Inc. 5.25%, 02/01/2028		700,000		596,960
6.75%, 07/01/2036		4,502,000		3,719,777
6.88%, 11/01/2035		6,144,000		5,222,400
PetSmart, Inc. 5.88%, 06/01/2025 (A)		7,496,000		5,846,880
				15,386,017
Technology Hardware, Storage & Peripherals - 1.8%
Dell International LLC / EMC Corp. 5.88%, 06/15/2021 (A)		4,128,000		4,184,849
7.13%, 06/15/2024 (A)		3,740,000		3,958,095
8.35%, 07/15/2046 (A)		2,841,000		3,301,448
Diebold Nixdorf, Inc. 8.50%, 04/15/2024		5,969,000		3,700,780
Seagate HDD Cayman 4.25%, 03/01/2022		1,855,000		1,780,624
4.75%, 01/01/2025 (B)		2,400,000		2,182,872
4.88%, 03/01/2024		2,512,000		2,376,553
Western Digital Corp. 4.75%, 02/15/2026		3,468,000		3,203,565
				24,688,786
Trading Companies & Distributors - 1.1%
United Rentals North America, Inc. 4.88%, 01/15/2028		1,935,000		1,743,338
5.50%, 07/15/2025 - 05/15/2027		10,055,000		9,768,180
6.50%, 12/15/2026		3,657,000		3,697,190
				15,208,708
Wireless Telecommunication Services - 3.1%
Sprint Communications, Inc. 11.50%, 11/15/2021		4,758,000		5,578,755
Sprint Corp. 7.13%, 06/15/2024		8,685,000		8,880,412
7.25%, 09/15/2021		3,268,000		3,415,060
7.63%, 03/01/2026		1,850,000		1,924,000
7.88%, 09/15/2023		11,023,000		11,767,052
T-Mobile USA, Inc. 4.00%, 04/15/2022 (B)		2,493,000		2,461,838
4.50%, 02/01/2026		2,854,000		2,671,173
6.50%, 01/15/2024		1,882,000		1,947,870
Wind Tre SpA 5.00%, 01/20/2026 (A)		6,258,000		5,326,810
				43,972,970
Total Corporate Debt Securities (Cost $1,386,292,804)				1,327,196,233

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

Transamerica Funds Annual Report 2018

Page    124

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
LOAN ASSIGNMENTS - 0.7%
Electrical Equipment - 0.0% (N)
Atkore International, Inc. 1st Lien Term Loan, 3-Month LIBOR + 2.75%, 5.14% (D), 12/22/2023		$   643,513		$   643,312
Machinery - 0.3%
Cortes NP Acquisition Corp. Term Loan B, 3-Month LIBOR + 4.00%, 6.31% (D), 11/30/2023		3,723,168		3,676,628
Software - 0.4%
Avaya, Inc. Term Loan B, 1-Month LIBOR + 4.25%, 6.53% (D), 12/15/2024		5,458,750		5,472,397
Total Loan Assignments (Cost $9,853,786)				9,792,337
	Shares		Value
COMMON STOCK - 0.3%
Electric Utilities - 0.3%
Homer City Generation LLC (G) (H) (J) (K)		270,659		4,114,017
Total Common Stock (Cost $13,906,766)				4,114,017
PREFERRED STOCKS - 1.6%
Banks - 1.1%
GMAC Capital Trust I, Series 2, 3-Month LIBOR + 5.79%, 8.10% (D)		569,050		14,943,253
Building Products - 0.5%
Associated Materials Group, Inc., PIK Rate 0.00%, Cash Rate 0.00% (E) (G) (H) (K)		10,197,679		7,342,329
Total Preferred Stocks (Cost $24,553,350)				22,285,582
WARRANTS - 0.0% (N)
Building Products - 0.0% (N)
Associated Materials Group, Inc., (G) (H) (J) (K) Exercise Price $0, Expiration Date 11/17/2023		116,602		66,463
Food Products - 0.0%
American Seafoods Group LLC, (G) (H) (J) (K) (O) Exercise Price $0, Expiration Date 05/15/2018		1,265		0
Total Warrants (Cost $16,134)				66,463

	Shares		Value
OTHER INVESTMENT COMPANY - 8.7%
Securities Lending Collateral - 8.7%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 2.19% (P)		121,929,013		$   121,929,013
Total Other Investment Company (Cost $121,929,013)				121,929,013
	Principal		Value
REPURCHASE AGREEMENT - 0.4%
Fixed Income Clearing Corp., 1.25% (P), dated 10/31/2018, to be repurchased at $6,134,087 on 11/01/2018. Collateralized by a U.S. Government Obligation, 2.88%, due 10/15/2021, and with a value of $6,259,222.		$  6,133,874		6,133,874
Total Repurchase Agreement (Cost $6,133,874)				6,133,874
Total Investments (Cost $1,562,685,727)				1,491,517,519
Net Other Assets (Liabilities) - (6.3)%				(88,282,494	)
Net Assets - 100.0%				$  1,403,235,025

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

Transamerica Funds Annual Report 2018

Page    125

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

SECURITY VALUATION:

Valuation Inputs ^(Q)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs (R)		Value
ASSETS
Investments
Corporate Debt Securities	$	—	$	1,327,196,040	$	193	$	1,327,196,233
Loan Assignments		—		9,792,337		—		9,792,337
Common Stock		—		—		4,114,017		4,114,017
Preferred Stocks		14,943,253		—		7,342,329		22,285,582
Warrants		—		—		66,463		66,463
Other Investment Company		121,929,013		—		—		121,929,013
Repurchase Agreement		—		6,133,874		—		6,133,874
Total Investments	$	136,872,266	$	1,343,122,251	$	11,523,002	$	1,491,517,519

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, 2018, the total value of 144A securities is $610,313,442, representing 43.5% 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 $119,412,872. 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)	Perpetual maturity. The date displayed is the next call date.
(D)	Floating or variable rate securities. The rates disclosed are as of October 31, 2018. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(E)	Payment in-kind. Securities pay interest or dividends in the form of additional bonds or preferred stock. If the securities make a cash payment in addition to in-kind, the cash rate is disclosed separately.
(F)	Rounds to less than $1 or $(1).
(G)	Illiquid security. At October 31, 2018, the value of such securities amounted to $11,523,002 or 0.8% of the Fund’s net assets.
(H)	Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2018, the total value of securities is $11,523,002, representing 0.8% of the Fund’s net assets.
(I)	Security in default; no interest payments received and/or dividends declared during the last 12 months. At October 31, 2018, the value of this security is $0, representing less than 0.1% of the Fund net assets.
(J)	Non-income producing securities.
(K)	Securities are Level 3 of the fair value hierarchy.
(L)	Escrow positions. Positions represents remaining escrow balances expected to be received upon finalization of restructuring.
(M)	When-issued, delayed-delivery and/or forward commitment (including TBAs) security. Security to be settled and delivered after October 31, 2018. Security may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(N)	Percentage rounds to less than 0.1% or (0.1)%.
(O)	Security deemed worthless.
(P)	Rates disclosed reflect the yields at October 31, 2018.
(Q)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(R)	Level 3 securities were not considered significant to the Fund.

PORTFOLIO ABBREVIATIONS:

CMT	Constant Maturity Treasury
LIBOR	London Interbank Offered Rate
MTN	Medium Term Note

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

Transamerica Funds Annual Report 2018

Page    126

Transamerica High Yield Muni

(unaudited)

MARKET ENVIRONMENT

December of 2017 concluded with the passage of the Tax Cuts and Jobs Act (“Act”) which resulted in the largest month of issuance in municipal market history. The Act in its finalized form repealed municipalities’ capabilities of issuing advance refunding bonds and capped the state and local tax (“SALT”) deduction at $10,000. While previous versions of the Act threatened to repeal the tax exemption of Private Activity Bonds (“PABs”), that provision did not make it into the final bill. Even though the Act had not been signed into law yet, the impact on the municipal market was significant. Issuers rushed to market fearing that they would be shut out in 2018 should the original House version be enacted into law. When the dust finally settled, PABs were spared, and advanced refundings were the only form of issuance to get repealed in the Act.

The increase of municipal supply in December of 2017 was easily absorbed as many market participants feared that the Act would cause 2018 municipal supply to decrease; as a result, the Bloomberg Barclays Municipal Bond Index closed out 2017 with a 1.05% return in December. The anticipated reduction in supply and repeal of the SALT deduction created a favorable technical environment for municipal investors heading into 2018, however, federal tax reform, which reduced corporate tax rates from 35% to 21%, caused widespread selling amongst banks and insurance companies as demand waned.

The initial shock to the market in 2018 pushed the Bloomberg Barclays Municipal Bond Index lower but the muni market recovered in the summer months as strong market technicals took hold. Demand for municipals was strong due to heavy maturities, calls, and coupon payments, while supply remained subdued. Favorable market conditions quickly evaporated, mutual fund outflows accelerated, and interest rates across the globe rose materially in the latter part of the fiscal year. The end result left the Bloomberg Barclays Municipal Bond Index -1.01% lower on a year-to-date basis through the end of October 2018.

PERFORMANCE

For the year ended October 31, 2018, the Transamerica High Yield Muni (Class A) returned 1.19%, excluding any sales charges. By comparison, its benchmark, the Bloomberg Barclays High Yield Municipal Bond Index, returned 4.74%.

STRATEGY REVIEW

We have generally preferred a higher quality credit profile than the benchmark, as evidenced by our overweight exposure to investment-grade credits. We have continued to focus on diligent credit research in small bond deals, lesser-known issuers, and areas we believe to be over-looked and under-valued by the market. While we look to take advantage of such opportunities, we also actively sold out of positions that we believed were no longer providing enough value for the risk potential.

Our duration positioning detracted from performance during this time period. On average, our duration remained shorter than the benchmark, though it was slightly overweight nine-plus year duration relative to the index. As rates rose and the long end underperformed as a result, our overweight exposure to the long end detracted from performance.

Our higher quality allocation was the largest detractor from performance. We were underweight below-investment-grade and non-rated bond exposure substantially relative to the index, and those lower quality ratings classes rallied materially. While we’ve been able to selectively increase exposure to below-investment-grade bonds, we remained meaningfully underweight at the end of the period.

Our sector allocation also detracted from performance. Relative to the benchmark, we were underweight the Special Tax, Industrial Development Revenue/Pollution Control Revenue, and Water & Sewer sectors, all of which outperformed the broad index. Additionally, we were overweight the education sector which underperformed and thus detracted from performance.

Though we were overweight in Puerto Rico, the exposure was limited to insured credits which do not trade at the same spreads as the non-insured bonds, and therefore, did not realize the same outperformance seen in the non-insured credits which rallied strongly during the period.

Matthew Dalton

Brian Steeves

Co-Portfolio Managers

Belle Haven Investments LP

Fund Characteristics	Years
Average Maturity §		12.20
Duration †		7.35
Credit Quality ‡	Percentage of Net Assets
AAA		4.5	%
AA		18.2
A		6.2
BBB		18.9
BB		10.3
B		5.6
Not Rated		35.0
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.

‡ 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 2018

Page    127

Transamerica High Yield Muni

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		(2.10	)%		5.79	%		6.06	%		07/31/2013
Class A (NAV)		1.19	%		6.49	%		6.73	%		07/31/2013
Bloomberg Barclays High Yield Municipal Bond Index (A)		4.74	%		5.96	%		5.65	%
Class C (POP)		(0.39	)%		5.89	%		6.14	%		07/31/2013
Class C (NAV)		0.59	%		5.89	%		6.14	%		07/31/2013
Class I (NAV)		1.35	%		6.68	%		6.92	%		07/31/2013
Class I2 (NAV)		1.42	%		N/A			1.13	%		09/30/2016
Class T1 (POP)		(1.38	)%		N/A			3.09	%		03/17/2017
Class T1 (NAV)		1.17	%		N/A			4.68	%		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.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 3.25% for A shares 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. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I and I2 shares.

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

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

Municipal bond prices can rise or fall depending on interest rates. Interest rates may go up, causing the value of the Fund’s investments to decline. All municipal bonds carry credit risk that the issuer will default or be unable to make timely payments of interest and principal. Generally, lower rated bonds carry more credit risk. High-yield bonds (junk bonds) may be subject to greater volatility and risks as the income derived from these securities is not guaranteed and may be unpredictable and the value of these securities tends to decline when interest rates increases. The Fund is classified as “non-diversified,” which means it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. To the extent the Fund invests its assets in fewer issuers, the Fund will be more susceptible to negative events affecting those issuers.

Transamerica Funds Annual Report 2018

Page    128

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES - 1.3%
Diversified Consumer Services - 0.7%
Empire Springs Charter School, Inc. 5.75%, 09/15/2019 (A) (B) (C) (D)		$  750,000		$  750,000
Food & Staples Retailing - 0.6%
Ingles Markets, Inc. 5.75%, 06/15/2023		582,000		579,090
Total Corporate Debt Securities (Cost $1,328,279)				1,329,090
MUNICIPAL GOVERNMENT OBLIGATIONS - 92.6%
Alabama - 0.6%
Alabama Industrial Development Authority, Revenue Bonds, 6.45% (E), 12/01/2023		175,000		174,993
County of Perry, General Obligation Unlimited
Series A,
5.50%, 12/01/2040		50,000		50,772
Series B,
7.38%, 12/01/2030		385,000		397,320
				623,085
Arizona - 2.9%
Industrial Development Authority of the City of Phoenix, Revenue Bonds
4.63%, 07/01/2026 (B) (F)		600,000		599,772
Series A,
4.00%, 07/01/2022 (F)		500,000		486,190
Industrial Development Authority of the County of Pima, Revenue Bonds, 6.95%, 07/01/2041		135,000		135,134
La Paz County Industrial Development Authority, Revenue Bonds, 5.88%, 06/15/2048 (F)		500,000		480,990
Maricopa County Industrial Development Authority, Revenue Bonds, 5.00%, 07/01/2036		510,000		524,678
Tempe Industrial Development Authority, Revenue Bonds, Series B, 5.35%, 10/01/2025 (F)		750,000		766,372
				2,993,136
California - 6.6%
Butte County Housing Authority, Revenue Bonds, Series A, 7.25%, 10/01/2030		50,000		50,513
California County Tobacco Securitization Agency, Revenue Bonds
5.70% (G), 06/01/2046		260,000		260,195
5.75%, 06/01/2029		30,000		30,320
5.88%, 06/01/2035		180,000		181,815
California Municipal Finance Authority, Revenue Bonds, Series A, 5.50%, 06/01/2038 (F)		700,000		724,059
California Statewide Communities Development Authority, Revenue Bonds
5.00%, 11/01/2048		950,000		1,005,927

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
California Statewide Communities Development Authority, Revenue Bonds (continued)
Series A,
5.25%, 12/01/2056 (F)		$   500,000		$   516,060
Series B,
6.00%, 12/01/2024		90,000		93,803
California Statewide Financing Authority, Revenue Bonds, Series A, 5.63%, 05/01/2029		40,000		40,030
Cypress School District, General Obligation Unlimited, Zero Coupon (G), 08/01/2050		100,000		69,541
Golden State Tobacco Securitization Corp., Revenue Bonds
Series A,
5.00%, 06/01/2019		40,000		40,717
Series A-1,
5.00%, 06/01/2026 - 06/01/2047		3,350,000		3,376,832
Inland Empire Tobacco Securitization Authority, Revenue Bonds, Series A, 5.00%, 06/01/2021		20,000		20,002
Santee School District, General Obligation Unlimited, Series E, AGM, Zero Coupon, 05/01/2051		150,000		33,981
Shandon Joint Unified School District, General Obligation Unlimited, Series A, BAM, 4.00%, 08/01/2037		245,000		253,778
Tobacco Securitization Authority of Northern California, Revenue Bonds, Series A-1, 4.75%, 06/01/2023		50,000		50,262
Tobacco Securitization Authority of Southern California, Revenue Bonds
Series A1,
4.75%, 06/01/2025		25,000		25,062
5.13%, 06/01/2046		90,000		90,223
				6,863,120
Colorado - 11.4%
Bradburn Metropolitan District No. 2, General Obligation Limited, Series B, 7.25%, 12/15/2047		500,000		484,080
Brighton Crossing Metropolitan District No. 4, General Obligation Limited, Series A, 5.00%, 12/01/2047		500,000		501,755
Bromley Park Metropolitan District No. 2, General Obligation Limited, Series B, 6.38%, 12/15/2047		1,000,000		968,500
Buffalo Ridge Metropolitan District, General Obligation Limited, Series B, 7.38%, 12/15/2047		1,000,000		970,220

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

Transamerica Funds Annual Report 2018

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Colorado (continued)
Canyons Metropolitan District No. 5, General Obligation Limited
Series A,
6.00%, 12/01/2037		$   1,000,000		$   1,002,220
Series B,
8.00%, 12/15/2047		500,000		497,610
Cherrylane Metropolitan District, General Obligation Limited, Series A, 5.25%, 12/01/2047		500,000		484,055
Clear Creek Station Metropolitan District No. 2, General Obligation Limited, Series A, 4.38%, 12/01/2032		500,000		491,980
Colorado Educational & Cultural Facilities Authority, Revenue Bonds, 3.75%, 06/15/2047		355,000		320,849
Colorado International Center Metropolitan District No. 14, General Obligation Limited, 5.88%, 12/01/2046		1,000,000		1,036,020
Copperleaf Metropolitan District No. 3, General Obligation Limited, Series A, 5.00%, 12/01/2037		500,000		489,745
Denver Connection West Metropolitan District, General Obligation Limited, Series A, 5.38%, 08/01/2047		500,000		494,540
Gateway Regional Metropolitan District, General Obligation Limited, AGM, 3.13%, 12/01/2041		140,000		117,710
High Plains Metropolitan District, General Obligation Unlimited, NATL, 4.00%, 12/01/2047		480,000		456,979
North Park Metropolitan District No. 1, Revenue Bonds, Series A-2, 5.85%, 12/01/2048		500,000		497,865
Painted Prairie Metropolitain District No. 2, General Obligation Limited, 5.25%, 12/01/2048		2,000,000		1,958,440
Public Authority for Colorado Energy, Revenue Bonds, 6.50%, 11/15/2038		60,000		78,763
Whispering Pines Metropolitan District No. 1, General Obligation Limited, Series A, 5.00%, 12/01/2037		1,000,000		989,050
				11,840,381
Connecticut - 0.2%
Connecticut Housing Finance Authority, Revenue Bonds, Series C2, 2.70%, 11/15/2031		135,000		122,314

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Connecticut (continued)
Town of North Haven, General Obligation Unlimited, 2.25%, 06/01/2024		$   65,000		$   64,191
				186,505
Delaware - 0.3%
Delaware State Economic Development Authority, Revenue Bonds, Series A, 5.00%, 09/01/2046		300,000		312,402
District of Columbia - 1.0%
District of Columbia Tobacco Settlement Financing Corp., Revenue Bonds
6.50%, 05/15/2033		15,000		16,346
6.75%, 05/15/2040		1,000,000		1,034,750
Series A,
Zero Coupon, 06/15/2046		100,000		15,275
				1,066,371
Florida - 2.0%
Capital Trust Agency, Inc., Revenue Bonds
5.00%, 07/01/2046 (F)		750,000		739,987
Series A,
5.00%, 07/01/2050		600,000		603,678
Florida Housing Finance Corp., Revenue Bonds, Series A, GNMA, FNMA, FHLMC, 3.20%, 07/01/2030		215,000		209,464
Northern Palm Beach County Improvement District, Special Assessment, 5.13%, 08/01/2022		10,000		10,360
Sarasota National Community Development District, Special Assessment, 5.30%, 05/01/2039		25,000		24,886
St. Johns County Industrial Development Authority, Revenue Bonds, Series A, Fixed until 08/01/2024, 4.13% (E), 08/01/2047		500,000		491,065
				2,079,440
Georgia - 0.1%
Atlanta Development Authority, Revenue Bonds, Series A, ACA, 6.25%, 07/01/2036		10,000		9,743
County of Meriwether, General Obligation Unlimited, BAM, 4.00%, 03/01/2027		110,000		119,404
				129,147
Hawaii - 0.3%
State of Hawaii Department of Transportation, Revenue Bonds, 5.63%, 11/15/2027		295,000		298,847
Idaho - 1.6%
Idaho Housing & Finance Association, Revenue Bonds
Series A,
5.00%, 06/01/2035		425,000		447,601

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

Transamerica Funds Annual Report 2018

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Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Idaho (continued)
Idaho Housing & Finance Association, Revenue Bonds (continued)
6.00%, 07/01/2049 - 07/01/2054 (F)		$   1,155,000		$   1,184,303
				1,631,904
Illinois - 9.0%
Chicago Board of Education, General Obligation Unlimited
Series A, AGC-ICC,
5.25%, 12/01/2026		125,000		125,317
Series C, AGM,
5.00%, 12/01/2027		20,000		20,045
City of Chicago, General Obligation Unlimited
Series A,
5.00%, 01/01/2033		285,000		290,743
5.25%, 01/01/2027		10,000		10,016
6.00%, 01/01/2038		1,150,000		1,275,810
Series A, AGM,
4.75%, 01/01/2036		50,000		50,165
5.00%, 01/01/2026		35,000		35,944
Series A, NATL,
5.00%, 01/01/2029		30,000		30,067
Series B,
6.21%, 01/01/2032		15,000		14,588
Series B, AGM,
5.00%, 01/01/2029		75,000		75,190
Series C,
Zero Coupon, 01/01/2024		75,000		60,881
5.00%, 01/01/2026 - 01/01/2038		1,185,000		1,209,524
Series C, AGM-CR, NATL-RE,
5.00%, 01/01/2031		50,000		50,135
Series D,
4.30%, 01/01/2024		30,000		30,029
Series D, AMBAC,
5.00%, 12/01/2022		40,000		40,130
City of Chicago Waterworks Revenue, Revenue Bonds, 5.00%, 11/01/2026		15,000		16,011
Cook County School District No. 132, General Obligation Limited
Series A, AGM,
4.10%, 12/01/2024		178,000		182,295
4.20%, 12/01/2027		361,000		381,534
Illinois Finance Authority, Revenue Bonds
4.00%, 08/01/2032		515,000		491,331
6.25%, 12/01/2053		900,000		861,831
Series A,
5.00%, 07/01/2020		50,000		50,908
Series A-1,
4.50%, 12/01/2052		775,000		748,766
Series C,
5.00%, 08/15/2021		30,000		32,055
Lake County School District No. 38, General Obligation Unlimited, AMBAC, Zero Coupon, 02/01/2020		60,000		57,557

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Lombard Public Facilities Corp., Revenue Bonds, Series A-2, ACA-CBI, 5.50%, 01/01/2025		$   50,000		$   49,126
Metropolitan Pier & Exposition Authority, Revenue Bonds, Series B, AGM, 5.00%, 06/15/2050		20,000		20,512
South Sangamon Water Commission, General Obligation Unlimited, 6.13%, 01/01/2041		25,000		25,274
Southern Illinois University, Certificate of Participation Series A-1, BAM, 4.50%, 02/15/2031 - 02/15/2032		115,000		116,825
Southern Illinois University, Revenue Bonds, Series A, AGM, 5.25%, 04/01/2020		100,000		100,251
St. Clair County Community Consolidated School District No. 90, General Obligation Unlimited AMBAC, BAM-TCRS, Zero Coupon, 12/01/2023		290,000		249,020
State of Illinois, General Obligation Unlimited
Zero Coupon (G), 06/01/2033		680,000		527,762
6.63%, 02/01/2035		15,000		15,635
Series B,
5.25%, 01/01/2019		30,000		30,125
Village of North Riverside, Revenue Bonds, AGM, 3.63%, 12/01/2030		565,000		545,897
Western Illinois Economic Development Authority, Revenue Bonds, 4.00%, 06/01/2036		1,680,000		1,437,324
Western Illinois University, Certificate of Participation, 6.38%, 10/01/2029		30,000		27,849
Western Illinois University, General Obligation Unlimited, 3.70%, 04/01/2026		10,000		9,156
Will County Community High School District No. 210, General Obligation Unlimited, Series A, 5.00%, 01/01/2027		55,000		54,488
				9,350,116
Indiana - 1.4%
East Chicago Sanitary District, Revenue Bonds, 4.00%, 07/15/2031		1,340,000		1,377,989
Hamilton County Redevelopment Commission, Tax Allocation, 5.00%, 02/01/2025		70,000		70,086
Indiana Finance Authority, Revenue Bonds, Series A, 4.00%, 11/15/2026		20,000		20,118
				1,468,193

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

Transamerica Funds Annual Report 2018

Page    131

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Iowa - 0.5%
Iowa Tobacco Settlement Authority, Revenue Bonds
Series A,
6.50%, 06/01/2023		$   70,000		$   71,302
Series C,
5.38%, 06/01/2038		145,000		145,379
5.50%, 06/01/2042		100,000		100,230
5.63%, 06/01/2046		215,000		215,273
				532,184
Kansas - 0.3%
City of Wichita, Revenue Bonds, Series A, 6.25%, 05/15/2034		235,000		235,242
Kansas Rural Water Finance Authority, Revenue Bonds, 4.25%, 03/01/2038		25,000		25,021
				260,263
Kentucky - 0.2%
County of Ohio, Revenue Bonds, Series A, 6.00%, 07/15/2031		185,000		186,167
Kentucky Area Development Districts, Certificate of Participation, Series M, 5.35%, 12/01/2028		25,000		25,030
				211,197
Louisiana - 1.1%
Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds, Series A, ACA, 5.25%, 09/01/2027		25,000		24,579
Parish of St. Charles, Revenue Bonds, Fixed until 06/01/2022, 4.00% (E), 12/01/2040		30,000		31,239
St. Tammany Parish Hospital Service District No. 1, Revenue Bonds, Series A, 4.00%, 07/01/2043		1,135,000		1,096,898
				1,152,716
Maryland - 0.1%
Maryland Community Development Administration, Revenue Bonds, 3.25%, 03/01/2036		100,000		96,390
Massachusetts - 0.7%
Massachusetts Development Finance Agency, Revenue Bonds, Series K, 4.00%, 07/01/2038		750,000		725,145
Massachusetts Port Authority, Revenue Bonds, Series A, AMBAC, 5.00%, 01/01/2027		45,000		45,895
				771,040

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Michigan - 1.4%
Detroit Downtown Development Authority, Tax Allocation, Series 1-A, NATL, 4.75%, 07/01/2025		$   40,000		$   40,557
Detroit Local Development Finance Authority, Tax Allocation, Series A, ACA, CBI, 5.50%, 05/01/2021		65,000		64,148
Michigan Tobacco Settlement Finance Authority, Revenue Bonds
Series A,
5.13%, 06/01/2022		635,000		629,558
5.25%, 06/01/2022		20,000		19,909
6.00%, 06/01/2048		670,000		659,394
				1,413,566
Minnesota - 7.5%
City of Deephaven, Revenue Bonds, Series A, 5.25%, 07/01/2037		80,000		82,626
City of Ham Lake, Revenue Bonds, Series A, 4.00%, 07/01/2028		375,000		356,460
City of International Falls, Revenue Bonds, 5.65%, 12/01/2022		65,000		64,997
City of Minneapolis, Revenue Bonds, Series A, 5.00%, 07/01/2047		200,000		187,558
City of Red Wing, Revenue Bonds, Class A, 5.00%, 08/01/2053		500,000		470,970
City of St. Paul Park, Revenue Bonds
3.25%, 09/01/2026		485,000		485,243
3.50%, 09/01/2027		500,000		504,720
3.70%, 09/01/2028		500,000		506,800
3.80%, 09/01/2029		340,000		344,787
4.00%, 09/01/2032		400,000		406,224
4.10%, 09/01/2033		200,000		203,732
4.13%, 09/01/2034 - 09/01/2035		730,000		743,071
Housing & Redevelopment Authority of The City of St. Paul, Revenue Bonds
Series A,
4.00%, 09/01/2031		200,000		194,892
4.50%, 07/01/2028		750,000		709,372
5.00%, 07/01/2036 - 12/01/2050		1,765,000		1,648,673
Series B,
5.25%, 04/01/2043		400,000		384,332
Township of Baytown, Revenue Bonds, Series A, 4.00%, 08/01/2041		500,000		443,695
				7,738,152
Mississippi - 0.0% (H)
Mississippi Development Bank, Revenue Bonds, Series A, 3.25%, 06/01/2021		30,000		29,067

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

Transamerica Funds Annual Report 2018

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Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Mississippi (continued) (H)
Mississippi Home Corp., Revenue Bonds, Series 3A, GNMA, 5.55%, 08/20/2049		$   5,000		$   5,252
				34,319
Missouri - 0.0% (H)
City of Manchester, Tax Allocation, 6.88%, 11/01/2039		50,000		50,140
Montana - 0.2%
City of Forsyth, Revenue Bonds, Series A, Fixed until 03/01/2031, 3.90% (E), 03/01/2031		135,000		136,119
Lewistown Special Improvement District No. 2005, Special Assessment, 4.60%, 07/01/2022		25,000		25,007
Yellowstone County School District No. 4, General Obligation Unlimited, 4.65%, 07/01/2019		25,000		25,069
				186,195
Nevada - 0.3%
City of North Las Vegas, General Obligation Limited, NATL, 4.25%, 10/01/2033		50,000		49,997
City of Reno, Special Assessment, 7.25%, 12/01/2025		25,000		24,855
County of Clark, Special Assessment, 4.00%, 08/01/2022		225,000		227,883
				302,735
New Jersey - 3.7%
City of Atlantic City, General Obligation Unlimited
Series A, BAM,
5.00%, 03/01/2032		150,000		164,088
Series B, AGM,
4.00%, 03/01/2042		870,000		850,573
Essex County Improvement Authority, Revenue Bonds
Series A,
5.00%, 12/01/2035		500,000		339,270
5.13%, 12/01/2045		30,000		19,745
New Jersey Economic Development Authority, Revenue Bonds
5.75%, 09/15/2027		400,000		435,156
Series A,
5.13%, 09/01/2052 (F)		760,000		723,094
Series B,
6.50%, 04/01/2031 (A) (B)		10,000		11,095
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Series B, 6.88%, 12/15/2039		50,000		50,774
Tobacco Settlement Financing Corp., Revenue Bonds, Series B, 5.00%, 06/01/2046		1,250,000		1,266,100
				3,859,895

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New York - 6.7%
Buffalo & Erie County Industrial Land Development Corp., Revenue Bonds, Series A, 5.00%, 08/01/2052		$   500,000		$   507,750
New York City Housing Development Corp., Revenue Bonds, Series C1A, 3.45%, 05/01/2050		1,430,000		1,250,392
New York City Industrial Development Agency, Revenue Bonds
FGIC,
CPI + 0.89%, 3.59% (E), 03/01/2027		20,000		19,321
NATL,
4.75%, 03/01/2046		100,000		100,036
New York Counties Tobacco Trust I, Revenue Bonds, Series B, 6.50%, 06/01/2035		15,000		15,004
New York Counties Tobacco Trust IV, Revenue Bonds Series A, 5.00%, 06/01/2038 - 06/01/2045		290,000		279,184
New York Counties Tobacco Trust VI, Revenue Bonds
Series A,
5.00%, 06/01/2045		950,000		989,482
Series C,
3.75%, 06/01/2045		2,315,000		2,008,471
New York Liberty Development Corp., Revenue Bonds, 5.25%, 10/01/2035		415,000		491,858
New York State Dormitory Authority, Revenue Bonds, AMBAC, 5.25%, 07/01/2025		100,000		112,402
New York Transportation Development Corp., Revenue Bonds, Series A, 5.25%, 01/01/2050		860,000		905,047
Niagara Falls City School District, Certificate of Participation, AGM, 4.00%, 06/15/2026		90,000		93,910
Niagara Tobacco Asset Securitization Corp., Revenue Bonds, 5.00%, 05/15/2019		10,000		10,166
Port Authority of New York & New Jersey, Revenue Bonds, AGM-CR, 6.50%, 12/01/2028		50,000		50,187
Village of Brewster, General Obligation Unlimited, 5.00%, 05/01/2033		50,000		57,852
				6,891,062

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

Transamerica Funds Annual Report 2018

Page    133

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Ohio - 6.8%
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds
Series A-2,
5.13%, 06/01/2024		$   1,290,000		$   1,246,424
5.38%, 06/01/2024		75,000		73,181
5.88%, 06/01/2030 - 06/01/2047		545,000		530,820
6.00%, 06/01/2042		100,000		98,384
6.50%, 06/01/2047		810,000		818,707
Cardinal Local School District, Certificate of Participation, 5.25%, 04/01/2038		2,000,000		1,931,440
City of Cleveland, Revenue Bonds, 5.38%, 09/15/2027 (A) (B)		20,000		20,060
Cleveland-Cuyahoga County Port Authority, Revenue Bonds, Series A, 7.05%, 11/15/2040 (F)		100,000		99,997
County of Hamilton, Revenue Bonds, 5.00%, 01/01/2036		100,000		103,771
County of Montgomery, Revenue Bonds, 6.00%, 04/01/2038 (F)		2,000,000		1,915,940
County of Warren, Revenue Bonds, 5.00%, 07/01/2021		150,000		158,844
Montgomery County Transportation Improvement District, Revenue Bonds, 5.00%, 12/01/2018		40,000		40,068
				7,037,636
Oregon - 0.2%
Oregon State Facilities Authority, Revenue Bonds, Series B, 6.75%, 06/15/2022 (B) (F)		260,000		256,508
Pennsylvania - 1.2%
Blythe Township Solid Waste Authority, Revenue Bonds, 7.75%, 12/01/2037		565,000		579,730
Pennsylvania Housing Finance Agency, Revenue Bonds
Series A,
3.25%, 10/01/2025		325,000		307,567
4.25%, 10/01/2035		300,000		275,472
School District of Philadelphia, General Obligation Unlimited, Series A, NATL, 4.38%, 06/01/2034		45,000		45,065
				1,207,834
Puerto Rico - 12.1%
Children’s Trust Fund, Revenue Bonds
5.38%, 05/15/2033		30,000		30,368
5.50%, 05/15/2039		25,000		25,355
5.63%, 05/15/2043		25,000		25,340
Commonwealth of Puerto Rico, General Obligation Unlimited
AGC-ICC,
5.50%, 07/01/2022		100,000		107,529
AGM,
5.13%, 07/01/2030		255,000		266,674

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Puerto Rico (continued)
Commonwealth of Puerto Rico, General Obligation Unlimited (continued)
5.25%, 07/01/2020		$   100,000		$   103,720
5.50%, 07/01/2019		105,000		106,889
AGM-CR,
4.50%, 07/01/2023		15,000		15,037
5.00%, 07/01/2028		30,000		31,410
Series A, AGC-ICC,
5.00%, 07/01/2022 - 07/01/2033		605,000		634,247
5.25%, 07/01/2030		55,000		57,648
5.50%, 07/01/2029		245,000		275,130
Series A, AGM,
4.00%, 07/01/2022		140,000		143,352
4.13%, 07/01/2023 - 07/01/2024		50,000		50,987
5.00%, 07/01/2035		500,000		527,850
5.38%, 07/01/2025		170,000		181,404
Series A-4, AGM,
5.00%, 07/01/2031		170,000		175,100
5.25%, 07/01/2030		50,000		51,876
Series B, AGC-ICC,
5.00%, 07/01/2035		400,000		414,540
Series C, AGM,
5.25%, 07/01/2026 - 07/01/2027		240,000		253,841
5.38%, 07/01/2028		30,000		31,625
5.50%, 07/01/2032		145,000		152,411
6.00%, 07/01/2036		60,000		63,207
Series D, AGM,
3.88%, 07/01/2019		30,000		30,044
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds
Series A, AGC,
5.00%, 07/01/2028		185,000		193,695
5.13%, 07/01/2047		330,000		339,016
Series A, AGC-ICC,
6.00%, 07/01/2044		75,000		78,602
Puerto Rico Convention Center District Authority, Revenue Bonds
Series A, AGC,
4.50%, 07/01/2036		580,000		575,656
5.00%, 07/01/2027		210,000		220,059
Puerto Rico Electric Power Authority, Revenue Bonds
Series DDD, AGM,
3.63%, 07/01/2023		295,000		290,203
3.65%, 07/01/2024		135,000		131,948
Series RR, AGC,
5.00%, 07/01/2028		165,000		172,755
Series SS, AGM,
5.00%, 07/01/2030		70,000		73,040
Series TT, AGC-ICC,
5.00%, 07/01/2032		265,000		276,037
Series TT, AGM-CR,
4.20%, 07/01/2019		75,000		75,146
Series UU, AGC,
4.25%, 07/01/2027		235,000		235,009
5.00%, 07/01/2026		165,000		173,200
Series UU, AGM,
5.00%, 07/01/2020 - 07/01/2024		465,000		484,755

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

Transamerica Funds Annual Report 2018

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Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Puerto Rico (continued)
Puerto Rico Electric Power Authority, Revenue Bonds (continued)
Series V, AGM,
5.25%, 07/01/2027		$   70,000		$   77,156
Puerto Rico Highway & Transportation Authority, Revenue Bonds
AGC-ICC,
5.00%, 07/01/2028		55,000		57,585
Series AA, AGC-ICC,
5.00%, 07/01/2035		75,000		77,726
Series AA, AGM,
4.95%, 07/01/2026		15,000		15,417
Series CC, AGM,
5.25%, 07/01/2033 - 07/01/2036		290,000		321,346
Series CC, AGM-CR,
5.50%, 07/01/2029		75,000		84,614
Series D, AGM,
5.00%, 07/01/2027 - 07/01/2032		550,000		574,688
Series E, AGM,
5.50%, 07/01/2020 - 07/01/2023		185,000		199,758
Series I, AGC-ICC, FGIC,
5.00%, 07/01/2026		290,000		304,413
Series K, AGC-ICC,
4.40%, 07/01/2025		30,000		30,044
5.00%, 07/01/2030		30,000		31,303
Series L, AGC,
4.00%, 07/01/2020		170,000		172,900
5.25%, 07/01/2019		100,000		101,636
Series M, AGC-ICC,
5.00%, 07/01/2032		140,000		144,581
Series N, AGC,
5.25%, 07/01/2036		115,000		127,259
Series N, AGM-CR, AGC-ICC,
5.50%, 07/01/2026		165,000		184,066
Series Y, AGM,
6.25% (E), 07/01/2021		135,000		142,141
Puerto Rico Municipal Finance Agency, Revenue Bonds
Series A, AGM,
4.75%, 08/01/2022		130,000		130,343
5.00%, 08/01/2019 - 08/01/2030		1,015,000		1,056,610
Series A, AGM-CR,
4.75%, 08/01/2025		60,000		60,104
Series C, AGM,
5.25%, 08/01/2019		85,000		86,564
Puerto Rico Public Buildings Authority, Revenue Bonds
Series F, AGC-ICC,
5.25%, 07/01/2019		25,000		25,409
Series F, AGC-ICC, AGM-CR,
5.25%, 07/01/2025		20,000		21,876
Series I, AGC-ICC,
5.00%, 07/01/2036		210,000		217,266
Series K, AGM,
5.25%, 07/01/2027		190,000		192,128
Series L, AGM-CR,
5.50%, 07/01/2021		65,000		67,050

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Puerto Rico (continued)
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Revenue Bonds
Series A, BHAC-CR, FGIC,
Zero Coupon, 08/01/2041		$   45,000		$   15,129
Series C, AGM,
5.13%, 08/01/2042		890,000		916,744
				12,510,561
Rhode Island - 0.6%
Providence Redevelopment Agency, Revenue Bonds, Series A, 5.00%, 04/01/2020		250,000		258,130
Tobacco Settlement Financing Corp., Revenue Bonds, Series A, 5.00%, 06/01/2035		300,000		315,600
				573,730
South Carolina - 0.6%
County of Lancaster, Special Assessment, Series A, 3.13%, 12/01/2022		585,000		579,349
South Carolina State Housing Finance & Development Authority, Revenue Bonds, Series A, 7.00%, 05/01/2046		50,000		51,987
				631,336
Tennessee - 0.1%
Tennessee Housing Development Agency, Revenue Bonds, 3.05%, 07/01/2027		95,000		94,568
Texas - 4.8%
Arlington Higher Education Finance Corp., Revenue Bonds, Series A, 4.63%, 08/15/2046		250,000		237,788
Bexar County Health Facilities Development Corp., Revenue Bonds, 5.00%, 07/15/2042		600,000		629,592
City of Houston Airport System Revenue, Revenue Bonds, 5.00%, 07/01/2029		150,000		159,402
New Hope Cultural Education Facilities Finance Corp., Revenue Bonds
5.00%, 07/01/2046 - 01/01/2047		1,450,000		1,446,762
5.25%, 01/01/2035		20,000		20,185
Series A,
3.38%, 08/15/2021 (F)		730,000		720,459
5.00%, 04/01/2048		100,000		98,033
Series A1,
5.00%, 07/01/2046		40,000		42,588
Series D,
6.00%, 07/01/2026		115,000		114,085
Northwest Harris County Municipal Utility District No. 19, General Obligation Unlimited, BAM, 3.25%, 10/01/2032		1,140,000		1,028,975

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

Transamerica Funds Annual Report 2018

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Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Texas (continued)
Pottsboro Higher Education Finance Corp., Revenue Bonds, Series A, 5.00%, 08/15/2036		$   435,000		$   431,185
Texas State Student Housing Corp., Revenue Bonds, 6.75%, 07/01/2021		10,000		10,009
				4,939,063
U. S. Virgin Islands - 0.3%
Virgin Islands Public Finance Authority, Revenue Bonds, Series A, AGM-CR, 5.00%, 10/01/2032		305,000		322,965
Utah - 0.4%
Utah Charter School Finance Authority, Revenue Bonds, 5.00%, 04/15/2030 (F)		420,000		422,969
Virginia - 0.7%
Buena Vista Public Recreational Facilities Authority, Revenue Bonds, Series A, ACA, 5.50%, 07/15/2035 (I)		50,000		47,634
Buena Vista Public Service Authority, Revenue Bonds
Series A,
5.13%, 01/01/2023		25,000		24,957
6.00%, 01/01/2027		50,000		49,299
Henrico County Economic Development Authority, Revenue Bonds, Series C, 5.00%, 12/01/2047		375,000		384,619
Tobacco Settlement Financing Corp., Revenue Bonds, Series B1, 5.00%, 06/01/2047		190,000		186,141
Virginia College Building Authority, Revenue Bonds, 4.25%, 04/01/2020		20,000		20,033
				712,683
West Virginia - 0.2%
Jefferson County Public Service District, Revenue Bonds, Series A, 4.38%, 10/01/2025		65,000		65,153
Tobacco Settlement Finance Authority, Revenue Bonds, Series A, 7.47%, 06/01/2047		100,000		97,912
				163,065
Wisconsin - 4.5%
Public Finance Authority, Revenue Bonds
4.00%, 10/01/2038		500,000		426,110
5.00%, 04/01/2022 (A) (B)		25,000		26,098
Series A,
4.50%, 12/01/2042		300,000		285,576
4.60%, 12/01/2042		365,000		362,883

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Wisconsin (continued)
Public Finance Authority, Revenue Bonds (continued)
4.75%, 12/01/2037 - 12/01/2052		$   795,000		$   750,911
5.00%, 12/01/2052		500,000		463,845
Wisconsin Health & Educational Facilities Authority, Revenue Bonds
5.00%, 08/01/2039		500,000		500,310
Class B,
4.38%, 07/01/2038		1,235,000		1,136,101
Class C,
7.00%, 07/01/2043		750,000		718,560
				4,670,394
Total Municipal Government Obligations (Cost $97,143,182)				95,885,813
	Shares		Value
PREFERRED STOCK - 0.4%
Insurance - 0.4%
Enstar Group, Ltd., Series D, Fixed until 09/01/2028, 7.00% (E)		16,000		411,040
Total Preferred Stock (Cost $400,000)				411,040
INVESTMENT COMPANIES - 0.3%
U.S. Fixed Income Funds - 0.3%
MFS Multimarket Income Trust		54,654		286,387
Putnam Managed Municipal Income Trust		5,000		33,600
Total Investment Companies (Cost $328,557)				319,987
	Principal		Value
REPURCHASE AGREEMENT - 4.1%
Fixed Income Clearing Corp., 1.25% (J), dated 10/31/2018, to be repurchased at $4,208,311 on 11/01/2018. Collateralized by a U.S. Government Obligation, 1.13%, due 08/31/2021, and with a value of $4,293,491.		$  4,208,165		4,208,165
Total Repurchase Agreement (Cost $4,208,165)				4,208,165
Total Investments (Cost $103,408,183)				102,154,095
Net Other Assets (Liabilities) - 1.3%				1,299,992
Net Assets - 100.0%				$  103,454,087

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

Transamerica Funds Annual Report 2018

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Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

SECURITY VALUATION:

Valuation Inputs ^(K)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs (L)		Value
ASSETS
Investments
Corporate Debt Securities	$	—	$	579,090	$	750,000	$	1,329,090
Municipal Government Obligations		—		95,885,813		—		95,885,813
Preferred Stock		411,040		—		—		411,040
Investment Companies		319,987		—		—		319,987
Repurchase Agreement		—		4,208,165		—		4,208,165
Total Investments	$	731,027	$	100,673,068	$	750,000	$	102,154,095

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A) Restricted securities. At October 31, 2018, the value of such securities held by the Fund are as follows:

Investments	Description	Acquisition Date		Acquisition Cost		Value		Value as Percentage of Net Assets
Corporate Debt Securities	Empire Springs Charter School, Inc. 5.75%, 09/15/2019		06/22/2018	$	750,010	$	750,000		0.7	%
Municipal Government Obligations	New Jersey Economic Development Authority Revenue Bonds Series B 6.50%, 04/01/2031		01/22/2015		10,535		11,095		0.0	(H)
Municipal Government Obligations	City of Cleveland Revenue Bonds 5.38%, 09/15/2027		07/27/2015		20,062		20,060		0.0	(H)
Municipal Government Obligations	Public Finance Authority Revenue Bonds 5.00%, 04/01/2022		05/01/2017		25,171		26,098		0.1
Total				$	805,778	$	807,253		0.8	%

(B)	Illiquid security. At October 31, 2018, the value of such securities amounted to $1,663,533 or 1.6% of the Fund’s net assets.
(C)	Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2018, the value of the security is $750,000, representing 0.7% of the Fund’s net assets.
(D)	Security is Level 3 of the fair value hierarchy.
(E)	Floating or variable rate securities. The rates disclosed are as of October 31, 2018. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(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, 2018, the total value of 144A securities is $9,636,700, representing 9.3% of the Fund’s net assets.
(G)	Step bonds. Coupon rates change in increments to maturity. The rates disclosed are as of October 31, 2018; the maturity dates disclosed are the ultimate maturity dates.
(H)	Percentage rounds to less than 0.1% or (0.1)%.
(I)	Security in default; partial receipt of interest payments and/or dividends declared at last payment date. At October 31, 2018, the value of this security is $47,634, representing less than 0.1% of the Fund net assets.
(J)	Rate disclosed reflects the yield at October 31, 2018.
(K)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(L)	Level 3 securities were not considered significant to the Fund.

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

Transamerica Funds Annual Report 2018

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Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

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
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 2018

Page    138

Transamerica Inflation Opportunities

(unaudited)

MARKET ENVIRONMENT

Inflation-linked securities delivered negative returns during the past year due primarily to a rise in nominal yields. U.S. Treasury Inflation Protected Securities (“TIPS”) 10-year breakeven rates increased during the year, as U.S. growth and inflation accelerated, aided in large part by pro-growth fiscal and economic policy. The U.S. Federal Reserve (“Fed”), for its part, cited the strong growth and rising inflation as it raised rates four times during the 12-month period. Although headline consumer price index (“CPI”) reached 2.9% in both June and July 2018, breakeven rates did not exceed 2.2%, as markets questioned the longer-term sources of inflationary pressure and impact of Fed tightening. As a result, although U.S. TIPS did outperform nominal Treasuries, the increase in breakeven rates was not enough to offset a negative contribution from rising nominal yields.

Elsewhere, non-U.S. government inflation-linked bonds (“linkers”) delivered negative performance due in large part to currency depreciation versus the U.S. dollar, as the increase in U.S. growth along with ongoing Fed tightening supported an appreciation of the U.S. dollar during the period. Foreign exchange aside, non-U.S. linkers outperformed U.S. TIPS as non-U.S. nominal yields were far more supportive. In the U.K., a modest increase in nominal government bond yields was made up by an increase in breakeven inflation rates as the Bank of England left rates unchanged in September with an expectation that currency weakness could filter through to higher inflation. In Europe, a steady increase in headline inflation during the period supported rising breakeven rates that benefited European linkers.

Inflation linked credit underperformed as concerns regarding the global economy, trade protectionism and Fed hawkishness weighed on credit spreads. Floating rate securities issued by financial institutions outperformed as the sector benefited from strong fundamentals and a consistent increase in U.S. LIBOR.

PERFORMANCE

For the year ended October 31, 2018, Transamerica Inflation Opportunities (Class A) returned -1.81%, excluding any sales charges. By comparison, its benchmark, the Bloomberg Barclays Global Inflation Linked Bond Index, returned -1.67%.

STRATEGY REVIEW

Throughout the year, we 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. The Fund’s underweight positions in both British pound and euro in favor of U.S. dollar exposure were the largest contributors to performance during the year.

Asset allocation was a modest positive, as positive contributions from the Fund’s underweight position in European linker and overweight position in inflation related credit were largely offset by a negative contribution from an underweight position in U.K. linkers. Yield curve positioning detracted from performance versus the benchmark as the Fund’s overweight position in U.S. duration and underweight position in U.K. duration detracted from performance, as U.S. nominal yields increased while U.K. yields were fairly stable. Security selection was negative as detractors within peripheral European linkers overshadowed contributors at the front-end of the U.S. TIPS curve. We have continued to maintain an overweight in U.S. TIPS as, in our opinion, valuations remain attractive and economic fundamentals are more favorable than in most other major economies. We have also continued to maintain exposure to credit.

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

Roberto Coronado

Gunter H. Seeger

Robert A. Vanden Assem, CFA

Co-Portfolio Managers

PineBridge Investments LLC

Fund Characteristics	Years
Average Maturity §		9.87
Duration †		7.51
Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		57.9	%
AAA		4.5
AA		3.9
A		6.4
BBB		23.5
BB		2.4
B		0.7
Not Rated		0.2
Net Other Assets (Liabilities)^		0.5
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.

^ 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 2018

Page    139

Transamerica Inflation Opportunities

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			5 Year		10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		(6.50	)%		N/A		(0.82	)%		03/01/2014
Class A (NAV)		(1.81	)%		N/A		0.22	%		03/01/2014
Bloomberg Barclays Global Inflation Linked Bond Index (A)		(1.67	)%		N/A		0.73	%
Class C (POP)		(3.55	)%		N/A		(0.52	)%		03/01/2014
Class C (NAV)		(2.59	)%		N/A		(0.52	)%		03/01/2014
Class I (NAV)		(1.67	)%		N/A		0.46	%		03/01/2014
Class I2 (NAV)		(1.63	)%		N/A		0.53	%		03/01/2014
Class R6 (NAV)		(1.53	)%		N/A		0.56	%		07/25/2016
Class T1 (POP)		(4.35	)%		N/A		(1.33	)%		03/17/2017
Class T1 (NAV)		(1.86	)%		N/A		0.20	%		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.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 4.75% for A shares 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. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I, I2 and R6 shares.

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

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

Fixed income investing is subject to credit risk, inflation risk, and interest rate risk. Investing in high-yield bonds (junk bonds) may be subject to greater volatility and risks as the return of principal and income derived from these securities are not guaranteed and can fluctuate based on firm profitability and economic conditions. Interest payment on inflation-related debt securities will vary as the principal and/or interest is adjusted for inflation.

Transamerica Funds Annual Report 2018

Page    140

Transamerica Inflation Opportunities

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Principal		Value
ASSET-BACKED SECURITY - 0.3%
STORE Master Funding I-VII Series 2018-1A, Class A1, 3.96%, 10/20/2048 (A)		$  400,000		$  400,870
Total Asset-Backed Security (Cost $399,896)				400,870
CORPORATE DEBT SECURITIES - 19.3%
Banks - 8.9%
BAC Capital Trust XIV 3-Month LIBOR + 0.40%, 4.00% (B), 11/16/2018 (C)		726,000		594,412
Bank of America Corp.
CPI-YoY + 1.10%, 3.38% (B), 11/19/2024, MTN		1,000,000		920,000
4.18%, 11/25/2027, MTN		631,000		605,796
Fixed until 04/24/2037, 4.24% (B), 04/24/2038		782,000		738,939
CPI-YoY + 2.10%, 5.05% (B), 02/18/2020, MTN		400,000		403,000
Barclays Bank PLC CPI-YoY + 1.00%, 3.95% (B), 05/22/2023, MTN (D)		2,600,000		2,596,100
BBVA Bancomer SA Fixed until 01/18/2028, 5.13% (B), 01/18/2033 (A)		321,000		283,205
Citigroup, Inc. 4.65%, 07/23/2048		1,380,000		1,332,683
Corestates Capital II 3-Month LIBOR + 0.65%, 3.09% (B), 01/15/2027 (A)		269,000		247,480
Credit Agricole SA
3.75%, 04/24/2023 (A)		900,000		879,272
Fixed until 01/10/2028, 4.00% (B), 01/10/2033 (A)		701,000		634,372
HSBC Holdings PLC Fixed until 05/22/2027 (C), 6.00% (B)		271,000		249,320
Regions Financial Corp.
2.75%, 08/14/2022		271,000		260,558
3.80%, 08/14/2023		567,000		561,149
Royal Bank of Scotland Group PLC
Fixed until 03/08/2022, 2.00% (B), 03/08/2023, MTN (E)		EUR  800,000		925,100
Fixed until 05/15/2022, 3.50% (B), 05/15/2023		$  200,000		192,360
Fixed until 06/25/2023, 4.52% (B), 06/25/2024		922,000		912,630
SunTrust Capital III 3-Month LIBOR + 0.65%, 2.98% (B), 03/15/2028		792,000		714,780
UniCredit SpA Fixed until 06/19/2027, 5.86% (B), 06/19/2032 (A) (F)		201,000		171,965
Wachovia Capital Trust II 3-Month LIBOR + 0.50%, 2.94% (B), 01/15/2027		308,000		280,280
				13,503,401
Building Products - 0.4%
Masco Corp. 3.50%, 11/15/2027		744,000		674,789

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Capital Markets - 1.6%
Goldman Sachs Group, Inc. Fixed until 11/10/2022 (C), 5.00% (B)		$   702,000		$   645,840
Morgan Stanley
Fixed until 04/24/2023, 3.74% (B), 04/24/2024		1,214,000		1,198,706
CPI-YoY + 2.00%, 4.95% (B), 04/25/2023 - 06/09/2023, MTN		643,000		644,055
				2,488,601
Chemicals - 0.1%
RPM International, Inc. 4.25%, 01/15/2048		101,000		84,230
Electric Utilities - 0.2%
FirstEnergy Corp. 3.90%, 07/15/2027		241,000		230,143
Health Care Providers & Services - 0.6%
CVS Health Corp. 4.78%, 03/25/2038		904,000		869,839
Insurance - 1.2%
Genworth Holdings, Inc. 3-Month LIBOR + 2.00%, 4.32% (B), 11/15/2066		1,350,000		826,875
Hartford Financial Services Group, Inc. 3-Month LIBOR + 2.13%, 4.44% (B), 02/12/2067 (A)		898,000		826,160
XLIT, Ltd. 5.50%, 03/31/2045		137,000		140,101
				1,793,136
Machinery - 0.1%
CNH Industrial NV 3.85%, 11/15/2027, MTN		180,000		166,288
Media - 0.3%
Charter Communications Operating LLC / Charter Communications Operating Capital 5.38%, 05/01/2047		170,000		153,007
Comcast Corp. 4.60%, 10/15/2038		238,000		232,874
				385,881
Metals & Mining - 1.2%
Anglo American Capital PLC 4.00%, 09/11/2027 (A)		214,000		194,913
Glencore Funding LLC 4.00%, 04/16/2025 (A)		226,000		216,146
Kinross Gold Corp. 4.50%, 07/15/2027		133,000		119,035
Newcrest Finance Pty, Ltd.
4.20%, 10/01/2022 (A)		832,000		833,497
5.75%, 11/15/2041 (A)		446,000		443,882
				1,807,473
Multi-Utilities - 0.6%
National Grid PLC 1.25%, 10/06/2021, MTN (E)		GBP  480,000		767,589
WEC Energy Group, Inc. 3-Month LIBOR + 2.11%, 4.43% (B), 05/15/2067		$  219,000		201,684
				969,273

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

Transamerica Funds Annual Report 2018

Page    141

Transamerica Inflation Opportunities

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels - 3.3%
Andeavor Logistics, LP Fixed until 02/15/2023 (C), 6.88% (B)		$   348,000		$   337,560
Andeavor Logistics, LP / Tesoro Logistics Finance Corp. 4.25%, 12/01/2027		346,000		329,291
Apache Corp. 4.38%, 10/15/2028		197,000		189,348
Enable Midstream Partners, LP 4.95%, 05/15/2028		253,000		247,505
Enbridge, Inc. Fixed until 07/15/2027, 5.50% (B), 07/15/2077		731,000		650,003
Energy Transfer Operating, LP
5.80%, 06/15/2038		315,000		309,699
Fixed until 02/15/2023 (C), 6.25% (B)		691,000		646,085
EnLink Midstream Partners, LP
4.85%, 07/15/2026		311,000		294,150
Fixed until 12/15/2022 (C), 6.00% (B)		133,000		115,889
Enterprise Products Operating LLC
4.15%, 10/16/2028		790,000		775,588
Fixed until 08/16/2027, 5.25% (B), 08/16/2077		243,000		217,661
Marathon Petroleum Corp. 3.80%, 04/01/2028 (A)		696,000		650,104
Noble Energy, Inc. 3.85%, 01/15/2028		227,000		208,132
				4,971,015
Pharmaceuticals - 0.3%
Bayer US Finance II LLC 4.25%, 12/15/2025 (A)		517,000		507,865
Transportation Infrastructure - 0.5%
Heathrow Funding, Ltd. 1.37%, 03/28/2032 (E)		GBP  535,605		825,572
Total Corporate Debt Securities (Cost $30,685,366)				29,277,506
FOREIGN GOVERNMENT OBLIGATIONS - 20.7%
Australia - 1.0%
Australia Government Bond 1.00%, 11/21/2018 (E)		AUD  2,000,000		1,543,994
Brazil - 0.4%
Brazil Notas do Tesouro Nacional Series F, 10.00%, 01/01/2019		BRL  2,000,000		540,430
Canada - 2.1%
Canada Government Real Return Bond 4.25%, 12/01/2021		CAD  1,978,877		1,661,238
Canadian Government Real Return Bond 4.00%, 12/01/2031		1,468,590		1,562,643
				3,223,881
Italy - 7.4%
Italy Buoni Poliennali del Tesoro
0.10%, 05/15/2022 (E)		EUR  4,090,243		4,447,317
1.25%, 09/15/2032 (E)		4,130,520		4,062,940
2.10%, 09/15/2021 (E)		2,251,160		2,639,019
				11,149,276

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Mexico - 2.0%
Mexican Udibonos Series S, 4.50%, 12/04/2025		MXN  42,920,850		$   2,151,890
Mexico Udibonos Series S, 2.50%, 12/10/2020		16,800,447		798,146
				2,950,036
New Zealand - 2.2%
New Zealand Government Inflation-Linked Bond 2.00%, 09/20/2025 (E)		NZD  4,500,000		3,340,416
Spain - 3.9%
Spain Government Inflation-Linked Bond
0.55%, 11/30/2019 (E)		EUR  2,070,280		2,407,174
1.00%, 11/30/2030 (E)		2,942,084		3,575,547
				5,982,721
United Kingdom - 1.7%
U.K. Gilt Inflation-Linked 0.13%, 03/22/2029 - 03/22/2044 (E)		GBP  1,348,255		2,645,886
Total Foreign Government Obligations (Cost $34,450,753)				31,376,640
MORTGAGE-BACKED SECURITIES - 1.1%
DBCG Mortgage Trust
Series 2017-BBG, Class A,
1-Month LIBOR + 0.70%, 2.98% (B), 06/15/2034 (A)		$  680,000		679,364
Series 2018-BIOD, Class A,
1-Month LIBOR + 0.80%, 3.08% (B), 05/15/2035 (A)		946,651		946,238
Total Mortgage-Backed Securities (Cost $1,626,874)				1,625,602
U.S. GOVERNMENT AGENCY OBLIGATIONS - 2.4%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
1-Month LIBOR + 1.65%, 3.93% (B), 04/25/2024		1,208,465		1,221,417
1-Month LIBOR + 2.20%, 4.48% (B), 02/25/2024 - 09/25/2024		2,428,299		2,493,397
Federal National Mortgage Association 1-Month LIBOR + 2.00%, 4.28% (B), 10/25/2023		9,828		9,840
Total U.S. Government Agency Obligations (Cost $3,715,876)				3,724,654
U.S. GOVERNMENT OBLIGATIONS - 55.5%
U.S. Treasury Inflation-Protected Securities - 55.5%
U.S. Treasury Inflation-Indexed Bond
0.63%, 04/15/2023		4,060,400		3,982,999
0.75%, 02/15/2045		4,757,878		4,157,877
1.00%, 02/15/2046		2,890,204		2,679,912
1.38%, 02/15/2044		3,166,663		3,207,236
2.13%, 02/15/2040		1,396,384		1,612,042

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

Transamerica Funds Annual Report 2018

Page    142

Transamerica Inflation Opportunities

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (continued)
U.S. Treasury Inflation-Protected Securities (continued)
U.S. Treasury Inflation-Indexed Bond (continued)
2.38%, 01/15/2025		$   5,980,588		$   6,446,655
3.38%, 04/15/2032		3,555,562		4,517,508
3.88%, 04/15/2029		6,507,786		8,229,638
U.S. Treasury Inflation-Indexed Note
0.13%, 04/15/2021 - 07/15/2026		28,737,168		27,517,189
0.25%, 01/15/2025		1,703,264		1,619,188
0.38%, 07/15/2023 - 07/15/2027		7,735,083		7,388,664
0.50%, 01/15/2028		5,182,554		4,897,581
0.63%, 01/15/2024 - 01/15/2026		5,894,707		5,717,922
1.13%, 01/15/2021		2,305,260		2,307,155
Total U.S. Government Obligations (Cost $87,275,551)				84,281,566
	Shares		Value
PREFERRED STOCK - 0.0% (G)
Banks - 0.0% (G)
Banco Santander SA, 3-Month LIBOR + 0.52%, 4.00% (B)		3,100		68,727
Total Preferred Stock (Cost $74,547)				68,727

	Shares		Value
SHORT-TERM INVESTMENT COMPANY - 0.1%
Money Market Fund - 0.1%
State Street Institutional U.S. Government Money Market Fund		122,404		$   122,404
Total Short-Term Investment Company (Cost $122,404)				122,404
OTHER INVESTMENT COMPANY - 0.1%
Securities Lending Collateral - 0.1%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 2.19% (H)		177,210		177,210
Total Other Investment Company (Cost $177,210)				177,210
Total Investments (Cost $158,528,477)				151,055,179
Net Other Assets (Liabilities) - 0.5%				786,589
Net Assets - 100.0%				$  151,841,768

FORWARD FOREIGN CURRENCY CONTRACTS:
Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation		Unrealized Depreciation
JPMS		01/10/2019		USD	489,367		BRL	1,900,000	$	—	$	(18,067	)
JPMS		01/10/2019		USD	14,748,051		EUR	12,642,121		331,882		—
JPMS		01/10/2019		USD	2,474,436		GBP	1,893,500		44,748		—
JPMS		01/10/2019		USD	3,018,174		MXN	57,500,000		220,981		—
JPMS		01/10/2019		USD	1,865,016		NZD	2,838,000		11,556		—
Total									$	609,167	$	(18,067	)

SECURITY VALUATION:

Valuation Inputs ^(I)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Asset-Backed Security	$	—	$	400,870	$	—	$	400,870
Corporate Debt Securities		—		29,277,506		—		29,277,506
Foreign Government Obligations		—		31,376,640		—		31,376,640
Mortgage-Backed Securities		—		1,625,602		—		1,625,602
U.S. Government Agency Obligations		—		3,724,654		—		3,724,654
U.S. Government Obligations		—		84,281,566		—		84,281,566
Preferred Stock		68,727		—		—		68,727
Short-Term Investment Company		122,404		—		—		122,404
Other Investment Company		177,210		—		—		177,210
Total Investments	$	368,341	$	150,686,838	$	—	$	151,055,179

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

Transamerica Funds Annual Report 2018

Page    143

Transamerica Inflation Opportunities

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

Valuation Inputs (continued) ^(I)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value
Other Financial Instruments
Forward Foreign Currency Contracts (J)	$	—	$	609,167		$	—	$	609,167
Total Other Financial Instruments	$	—	$	609,167		$	—	$	609,167
LIABILITIES
Other Financial Instruments
Forward Foreign Currency Contracts (J)	$	—	$	(18,067	)	$	—	$	(18,067	)
Total Other Financial Instruments	$	—	$	(18,067	)	$	—	$	(18,067	)

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, 2018, the total value of 144A securities is $7,915,333, representing 5.2% of the Fund’s net assets.
(B)	Floating or variable rate securities. The rates disclosed are as of October 31, 2018. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(C)	Perpetual maturity. The date displayed is the next call date.
(D)	Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2018, the value of the security is $2,596,100, representing 1.7% 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, 2018, the total value of Regulation S securities is $27,180,554, representing 17.9% of the Fund’s net assets.
(F)	All or a portion of the security is on loan. The value of the security on loan is $173,636. 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.
(G)	Percentage rounds to less than 0.1% or (0.1)%.
(H)	Rate disclosed reflects the yield at October 31, 2018.
(I)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(J)	Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation).

CURRENCY ABBREVIATIONS:

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
EUR	Euro
GBP	Pound Sterling
MXN	Mexican Peso
NZD	New Zealand Dollar

COUNTERPARTY ABBREVIATION:

JPMS JPMorgan Securities LLC

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

Transamerica Funds Annual Report 2018

Page    144

SECURITY VALUATION (continued):

Transamerica Inflation Opportunities

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

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 2018

Page    145

Transamerica Inflation-Protected Securities

(unaudited)

MARKET ENVIRONMENT

From June 30, 2018, when PineBridge Investments began managing the Fund, through the 12-month period ended on October 31, 2018, inflation linked securities delivered negative returns due to a rise in nominal yields and decline in inflation expectations. U.S. Treasury Inflation Protected Securities (“TIPS”) breakeven rates decreased during the period, as most observers expected U.S. growth and inflation to have peaked in the second quarter 2018. The U.S. Federal Reserve (“Fed”), for its part, cited the strong economy as it raised rates in September. Although headline consumer price index (“CPI”) reached 2.9% in both June and July, breakeven rates did not exceed 2.2%, as markets questioned the longer-term sources of inflationary pressure and impact of Fed tightening. U.S. inflation data has declined since July, and the larger than expected decline of headline inflation in September caused breakeven rates to decline as well, further adding to negative performance for U.S. TIPS.

Elsewhere, non-U.S. government inflation-linked bonds (“linkers”) delivered negative performance due in large part to currency depreciation versus the U.S. dollar, as the favorable U.S. economic backdrop and Fed tightening supported an appreciation of the U.S. dollar during the period. Foreign exchange aside, non-U.S. linkers outperformed U.S. TIPS as non-U.S. nominal yields were far more supportive. In the U.K., a modest increase in nominal government bond yields was made up by an increase in breakeven inflation rates as the Bank of England left rates unchanged in September with an expectation that currency weakness could filter through to higher inflation. In Europe, a steady increase in headline inflation during the period supported rising breakeven rates that benefited European linkers.

Inflation linked credit outperformed as markets grew relatively more comfortable with the moderate outlook for the global economy and issue of trade protectionism. These risks and Fed hawkishness increased market volatility, but overall for the period, inflation related credit outperformed government issued inflation linkers.

PERFORMANCE

For the year ended October 31, 2018, Transamerica Inflation-Protected Securities (Class R4) returned -1.15%. By comparison, its benchmark, the Bloomberg Barclays US Treasury Inflation Protected Securities Index, returned -1.24%.

STRATEGY REVIEW

The Fund’s short duration relative to the index, as well as an underweight exposure to U.S. duration in favor of other different yield curves contributed to performance as U.S. Treasury nominal yields rose during the period. The Fund’s exposure to inflation related credit contributed to performance as credit spreads compressed during the period. Exposure to U.K. linkers also contributed as the Bank of England’s decision to leave rates on hold in September supported an increase in inflation expectations. Those positive contributions were overshadowed by substantial negative contribution from exposure to peripheral European linkers, which underperformed given concerns regarding Italian political risks and debt levels.

Security selection was positive as the Fund benefited from selections at the front-end of the U.S. TIPS curve. Throughout the period, we hedged our non-U.S. dollar exposure via currency forwards. We have continued to maintain exposure to credit and non-U.S. government linkers.

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

Roberto Coronado

Gunter H. Seeger

Rob A. Vanden Assem, CFA

Co-Portfolio Managers

PineBridge Investments, LLC

Fund Characteristics	Years
Average Maturity §		8.31
Duration †		6.91
Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		80.6	%
AAA		3.8
AA		2.5
A		1.1
BBB		10.7
BB		0.8
Not Rated		0.2
Net Other Assets (Liabilities) ^		0.3
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.

‡ 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.

^ 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 2018

Page    146

Transamerica Inflation-Protected Securities

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class I3 (NAV)		(0.88	)%		N/A			(0.47	)%		04/21/2017
Class R (NAV)		(1.39	)%		N/A			(1.04	)%		04/21/2017
Class R4 (NAV)		(1.15	)%		0.35	%		3.61	%		09/11/2000
Bloomberg Barclays US Treasury Inflation Protected Securities Index (A)		(1.24	)%		0.97	%		4.11	%

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

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

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

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

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

Any U.S. government guarantees of the securities held in this investment Fund pertain only to those securities and not the Fund or its yield. The values of bonds change in response to changes in economic conditions, interest rates, and the creditworthiness of individual issuers. The value of bonds and bond funds generally falls when interest rates rise, causing an investor to lose money upon sale or redemption. Market values of inflation-protected securities can be affected by changes in the market’s inflation expectations or changes in real rates of interest.

Transamerica Funds Annual Report 2018

Page    147

Transamerica Inflation-Protected Securities

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES - 7.4%
Banks - 3.4%
BAC Capital Trust XIV 3-Month LIBOR + 0.40%, 4.00% (A), 11/16/2018 (B)		$  465,000		$  380,719
Bank of America Corp. 4.18%, 11/25/2027, MTN		404,000		387,863
Fixed until 04/24/2037, 4.24% (A), 04/24/2038		501,000		473,412
Citigroup, Inc. 4.65%, 07/23/2048		882,000		851,758
Credit Agricole SA 3.75%, 04/24/2023 (C)		576,000		562,734
Fixed until 01/10/2028, 4.00% (A), 01/10/2033 (C)		449,000		406,324
Regions Financial Corp. 3.80%, 08/14/2023		88,000		87,092
Royal Bank of Scotland Group PLC Fixed until 06/25/2023, 4.52% (A), 06/25/2024		590,000		584,004
SunTrust Banks, Inc. 4.00%, 05/01/2025		281,000		278,776
SunTrust Capital III 3-Month LIBOR + 0.65%, 2.98% (A), 03/15/2028		507,000		457,568
Wachovia Capital Trust II 3-Month LIBOR + 0.50%, 2.94% (A), 01/15/2027		197,000		179,270
				4,649,520
Chemicals - 0.0% (D)
RPM International, Inc. 4.25%, 01/15/2048		64,000		53,374
Electric Utilities - 0.1%
FirstEnergy Corp. 3.90%, 07/15/2027		154,000		147,062
Health Care Providers & Services - 0.6%
CVS Health Corp. 4.78%, 03/25/2038		579,000		557,120
Halfmoon Parent, Inc. 4.13%, 11/15/2025 (C)		264,000		260,936
				818,056
Insurance - 0.4%
Hartford Financial Services Group, Inc. 3-Month LIBOR + 2.13%, 4.44% (A), 02/12/2067 (C)		575,000		529,000
Machinery - 0.1%
CNH Industrial NV 3.85%, 11/15/2027, MTN		115,000		106,240
Media - 0.1%
Comcast Corp. 4.60%, 10/15/2038		102,000		99,803
Metals & Mining - 0.4%
Newcrest Finance Pty, Ltd. 4.20%, 10/01/2022 (C)		533,000		533,959
Multi-Utilities - 0.1%
WEC Energy Group, Inc. 3-Month LIBOR + 2.11%, 4.43% (A), 05/15/2067		140,000		128,930

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels - 2.0%
Andeavor Logistics, LP Fixed until 02/15/2023 (B), 6.88% (A)		$   223,000		$   216,310
Andeavor Logistics, LP / Tesoro Logistics Finance Corp. 4.25%, 12/01/2027 (E)		221,000		210,327
Apache Corp. 4.38%, 10/15/2028		82,000		78,815
Enable Midstream Partners, LP 4.95%, 05/15/2028		200,000		195,656
Enbridge, Inc. Fixed until 07/15/2027, 5.50% (A), 07/15/2077		468,000		416,144
Energy Transfer Operating, LP 5.80%, 06/15/2038		202,000		198,601
Fixed until 02/15/2023 (B), 6.25% (A)		442,000		413,270
Enterprise Products Operating LLC 4.15%, 10/16/2028		340,000		333,797
Fixed until 08/16/2027, 5.25% (A), 08/16/2077		156,000		139,733
Marathon Petroleum Corp. 3.80%, 04/01/2028 (C)		446,000		416,590
Noble Energy, Inc. 3.85%, 01/15/2028		145,000		132,948
				2,752,191
Pharmaceuticals - 0.2%
Bayer US Finance II LLC 4.25%, 12/15/2025 (C)		331,000		325,152
Total Corporate Debt Securities (Cost $10,481,846)				10,143,287
FOREIGN GOVERNMENT OBLIGATIONS - 9.7%
Canada - 2.0%
Canada Government Real Return Bond 4.25%, 12/01/2021		CAD  3,230,820		2,712,225
Italy - 3.0%
Italy Buoni Poliennali del Tesoro 0.10%, 05/15/2022 (F)		EUR  2,605,250		2,832,686
1.25%, 09/15/2032 (F)		1,290,788		1,269,669
				4,102,355
New Zealand - 1.3%
New Zealand Government Inflation-Linked Bond 2.00%, 09/20/2025 (F)		NZD  2,500,000		1,855,786
Spain - 2.2%
Spain Government Inflation-Linked Bond 0.55%, 11/30/2019 (F)		EUR  1,292,825		1,503,205
1.00%, 11/30/2030 (F)		1,289,275		1,566,870
				3,070,075
United Kingdom - 1.2%
U.K. Gilt Inflation-Linked 0.13%, 11/22/2019 (F)		GBP  1,251,096		1,638,970
Total Foreign Government Obligations (Cost $13,930,591)				13,379,411

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

Transamerica Funds Annual Report 2018

Page    148

Transamerica Inflation-Protected Securities

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
MORTGAGE-BACKED SECURITY - 0.7%
DBCG Mortgage Trust Series 2017-BBG, Class A, 1-Month LIBOR + 0.70%, 2.98% (A), 06/15/2034 (C)		$  1,000,000		$   999,065
Total Mortgage-Backed Security (Cost $1,000,781)				999,065
U.S. GOVERNMENT OBLIGATIONS - 80.6%
U.S. Treasury Inflation-Protected Securities - 80.6%
U.S. Treasury Inflation-Indexed Bond 0.63%, 04/15/2023 - 02/15/2043		2,181,061		2,133,398
0.75%, 02/15/2042 - 02/15/2045		5,649,394		4,960,953
0.88%, 02/15/2047		1		1
1.00%, 02/15/2046 - 02/15/2048		4,369,264		4,045,401
1.38%, 02/15/2044		2,948,135		2,985,908
1.75%, 01/15/2028		2,485,351		2,618,842
2.00%, 01/15/2026		2,712,261		2,880,617
2.13%, 02/15/2040 - 02/15/2041		2,762,750		3,194,669
2.38%, 01/15/2025 - 01/15/2027		4,507,823		4,902,828
2.50%, 01/15/2029		1,021,602		1,153,905
3.38%, 04/15/2032		513,376		652,268
3.63%, 04/15/2028		740,492		903,612
3.88%, 04/15/2029		3,067,540		3,879,160
U.S. Treasury Inflation-Indexed Note 0.13%, 04/15/2019 - 07/15/2026		45,754,145		44,333,840
0.25%, 01/15/2025		4,683,976		4,452,767
0.38%, 07/15/2023 - 07/15/2027		11,086,054		10,612,234
0.50%, 01/15/2028		3,577,630		3,380,907

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (continued)
U.S. Treasury Inflation-Protected Securities (continued)
U.S. Treasury Inflation-Indexed Note (continued)
0.63%, 01/15/2024 - 01/15/2026		$   9,963,290		$   9,700,273
1.13%, 01/15/2021		4,264,731		4,268,237
Total U.S. Government Obligations (Cost $115,739,707)				111,059,820
SHORT-TERM FOREIGN GOVERNMENT OBLIGATION - 1.1%
Australia - 1.1%
Australia Government Bond 0.00% (D) (G), 11/21/2018 (F)		AUD  2,000,000		1,543,994
Total Short-Term Foreign Government Obligation (Cost $1,491,652)				1,543,994
	Shares		Value
OTHER INVESTMENT COMPANY - 0.2%
Securities Lending Collateral - 0.2%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 2.19% (G)		215,820		215,820
Total Other Investment Company (Cost $215,820)				215,820
Total Investments (Cost $142,860,397)				137,341,397
Net Other Assets (Liabilities) - 0.3%				461,225
Net Assets - 100.0%				$  137,802,622

FORWARD FOREIGN CURRENCY CONTRACTS:
Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation		Unrealized Depreciation
JPM		01/10/2019		USD	1,560,890		AUD	2,179,020	$	16,516	$	—
JPM		01/10/2019		USD	2,829,487		CAD	3,655,000		48,814		—
JPM		01/10/2019		USD	7,702,697		EUR	6,602,800		173,337		—
JPM		01/10/2019		USD	3,035,228		GBP	2,322,632		54,890		—
JPM		01/10/2019		USD	1,852,460		NZD	2,818,894		11,478		—
JPM		01/10/2019		GBP	1,049,000		USD	1,375,548		—		(29,499	)
Total									$	305,035	$	(29,499	)

SECURITY VALUATION:

Valuation Inputs ^(H)

	Level 1 -  Unadjusted Quoted Prices		Level 2 -  Other Significant Observable Inputs		Level 3 -  Significant Unobservable Inputs		Value
ASSETS
Investments
Corporate Debt Securities	$	—	$	10,143,287	$	—	$	10,143,287
Foreign Government Obligations		—		13,379,411		—		13,379,411
Mortgage-Backed Security		—		999,065		—		999,065
U.S. Government Obligations		—		111,059,820		—		111,059,820
Short-Term Foreign Government Obligation		—		1,543,994		—		1,543,994
Other Investment Company		215,820		—		—		215,820
Total Investments	$	215,820	$	137,125,577	$	—	$	137,341,397

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

Transamerica Funds Annual Report 2018

Page    149

Transamerica Inflation-Protected Securities

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

SECURITY VALUATION: (continued)

Valuation Inputs (continued) ^(H)

	Level 1 -  Unadjusted Quoted Prices		Level 2 -  Other Significant Observable Inputs			Level 3 -  Significant Unobservable Inputs		Value
Other Financial Instruments
Forward Foreign Currency Contracts (I)	$	—	$	305,035		$	—	$	305,035
Total Other Financial Instruments	$	—	$	305,035		$	—	$	305,035
LIABILITIES
Other Financial Instruments
Forward Foreign Currency Contracts (I)	$	—	$	(29,499	)	$	—	$	(29,499	)
Total Other Financial Instruments	$	—	$	(29,499	)	$	—	$	(29,499	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Floating or variable rate securities. The rates disclosed are as of October 31, 2018. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(B)	Perpetual maturity. The date displayed is the next call date.
(C)	Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2018, the total value of 144A securities is $4,033,760, representing 2.9% of the Fund’s net assets.
(D)	Percentage rounds to less than 0.1% or (0.1)%.
(E)	All or a portion of the security is on loan. The value of the security on loan is $211,309. The amount on loan indicated may not correspond with the security on loan identified because a security with pending sales are in the process of recall from the brokers.
(F)	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, 2018, the total value of Regulation S securities is $12,211,180, representing 8.9% of the Fund’s net assets.
(G)	Rates disclosed reflect the yields at October 31, 2018.
(H)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(I)	Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation).

CURRENCY ABBREVIATIONS:

AUD	Australian Dollar
CAD	Canadian Dollar
EUR	Euro
GBP	Pound Sterling
NZD	New Zealand Dollar
USD	United States Dollar

COUNTERPARTY ABBREVIATION:

JPM JPMorgan Chase Bank, N.A.

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 2018

Page    150

Transamerica Intermediate Bond

(unaudited)

MARKET ENVIRONMENT

In the fourth quarter of 2017, buoyed by consumption, business equipment spending, and a general pick-up in global economic activity, U.S. gross domestic product (“GDP”) growth accelerated to 2.3% year-over-year. Market participants turned their focus to the eventuality of a near-term fiscal push, notably via tax policy. Equity prices rallied in response, and 2018 and 2019 GDP consensus estimates inched higher.

In late 2017, Congress passed and President Trump signed broad tax relief for individuals, small businesses, and corporations into law. Proponents saw the legislation as providing incentives for business investment, while detractors saw it as a costly debt-fueled sugar high.

Volatility increased early in 2018, as the combination of trade tensions and rising interest rates caused investors to reassess growth prospects, sending equity markets lower. A positive string of earnings reports in the first and second quarters, however, tamped down market volatility and allowed stocks to resume their uptrend.

The U.S. Federal Reserve (“Fed”) raised the federal funds rate target by 25 basis points at the June meeting to a range between 1.75% and 2.00%. Along with raising interest rates, the Fed also communicated a better outlook for GDP and unemployment, along with slightly higher inflation expectations for the remainder of 2018.

The front end of the yield curve continued to reprice in the first half of the year as the Fed maintained its outlook for steady economic growth and signaled the likelihood of more rate hikes in the future amid increasing Treasury supply. The 10-year Treasury yield settled roughly 11 basis points higher, and the 2-year yield about 25 basis points higher in the second quarter, pushing the spread between the 2- and 10-year Treasuries to its then narrowest level in more than a decade. Additionally, the LIBOR-Option Implied Spread, which had been widening throughout the first quarter of 2018, peaked early in the second quarter before declining materially.

Policy and politics remained center-stage in the third quarter as Washington’s trade spat with China continued to escalate. These risks surrounding trade policy were noted as a concern by the Fed in its September meeting minutes. Even so, the Fed stayed the course on normalizing rates given continued economic strength, hiking again in September to bring the policy rate above 2% for the first time since 2008.

PERFORMANCE

For the year ended October 31, 2018, Transamerica Intermediate Bond (Class R4) returned -2.46%. By comparison, its benchmark, the Bloomberg Barclays US Aggregate Bond Index, returned -2.05%.

STRATEGY REVIEW

For the one year period, the most significant contributor to relative performance came from our shorter duration positioning, particularly on the front end of the curve as rates rose and the curve flattened. Carry also contributed to relative returns. This was offset by spreads, with the largest detractors from relative performance came from our overweight to BBB rated securities and underweights to both U.S. treasuries and agency residential mortgage-backed securities (“RMBS”).

At the asset class level, notable contributions to excess returns came from our overweight to commercial mortgage-backed securities (“CMBS”), asset-backed securities (“ABS”) and non-agency RMBS. This was somewhat offset by our underweight to agency RMBS, government-related bond and other agency securities.

From a ratings perspective, excluding cash, security selection within single A rated credits made the most significant contribution, while security selection with AAA detracted.

Bradley D. Doyle, CFA

Tyler A. Knight, CFA

Sivakumar N. Rajan

Doug Weih, CFA

Brian W. Westhoff, CFA

Co-Portfolio Managers

AEGON USA Investment Management, LLC

Fund Characteristics	Years
Average Maturity §		8.16
Duration †		5.75
Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		40.0	%
AAA		14.2
AA		4.6
A		16.4
BBB		22.5
BB		2.1
B		0.9
CCC and Below		0.1
Not Rated		12.9
Net Other Assets (Liabilities)		(13.7	)
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.

‡ 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 2018

Page    151

Transamerica Intermediate Bond

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class I2 (NAV)		(2.22	)%		N/A			0.40	%		03/24/2017
Class I3 (NAV)		(2.21	)%		N/A			0.37	%		03/24/2017
Class R (NAV)		(2.61	)%		N/A			(0.11	)%		03/24/2017
Class R4 (NAV)		(2.46	)%		1.96	%		4.79	%		09/11/2000
Bloomberg Barclays US Aggregate Bond Index (A)		(2.05	)%		1.83	%		3.94	%

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

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

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

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

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

Any U.S. government guarantees of the securities held in this investment fund pertain only to those securities and not the fund or its yield. The values of bonds change in response to changes in economic conditions, interest rates, and the creditworthiness of individual issuers. The value of bonds and bond funds generally falls when interest rates rise, causing an investor to lose money upon sale or redemption.

Transamerica Funds Annual Report 2018

Page    152

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Principal		Value
ASSET-BACKED SECURITIES - 9.5%
321 Henderson Receivables VI LLC Series 2010-1A, Class A, 5.56%, 07/15/2059 (A)		$  3,576,028		$  3,763,456
Battalion CLO XII, Ltd. Series 2018-12A, Class A1, 3-Month LIBOR + 1.07%, 3.40% (B), 05/17/2031 (A)		3,500,000		3,490,613
BlueMountain CLO, Ltd. Series 2015-2A, Class A1R, 3-Month LIBOR + 0.93%, 3.37% (B), 07/18/2027 (A)		7,532,000		7,515,046
BXG Receivables Note Trust Series 2015-A, Class A, 2.88%, 05/02/2030 (A)		1,419,157		1,386,797
CIFC Funding, Ltd. Series 2013-2A, Class A1LR, 3-Month LIBOR + 1.21%, 3.65% (B), 10/18/2030 (A)		15,580,000		15,600,612
Diamond Resorts Owner Trust Series 2014-1, Class A, 2.54%, 05/20/2027 (A)		2,069,054		2,067,734
Hertz Vehicle Financing II, LP Series 2016-3A, Class A, 2.27%, 07/25/2020 (A)		5,125,000		5,090,198
Hilton Grand Vacations Trust
Series 2013-A, Class A,
2.28%, 01/25/2026 (A)		290,794		289,207
Series 2017-AA, Class A,
2.66%, 12/26/2028 (A)		1,244,241		1,218,654
ICG US CLO, Ltd. Series 2014-1A, Class A1R, 3-Month LIBOR + 1.22%, 3.69% (B), 01/20/2030 (A)		2,750,000		2,751,304
JG Wentworth XXI LLC Series 2010-2A, Class A, 4.07%, 01/15/2048 (A)		889,713		897,013
JG Wentworth XXII LLC Series 2010-3A, Class A, 3.82%, 12/15/2048 (A)		1,270,829		1,271,835
JG Wentworth XXXV LLC Series 2015-2A, Class A, 3.87%, 03/15/2058 (A)		1,685,557		1,664,557
JGWPT XXVIII LLC Series 2013-1A, Class A, 3.22%, 04/15/2067 (A)		7,230,353		6,869,416
Laurel Road Prime Student Loan Trust Series 2018-B, Class A2FX, 3.54%, 05/26/2043 (A)		4,770,000		4,739,970
Longfellow Place CLO, Ltd. Series 2013-1A, Class ARR, 3-Month LIBOR + 1.34%, 3.78% (B), 04/15/2029 (A)		3,500,000		3,506,335
MVW Owner Trust
Series 2014-1A, Class A,
2.25%, 09/22/2031 (A)		1,009,435		986,983
Series 2016-1A, Class A,
2.25%, 12/20/2033 (A)		3,900,732		3,769,884

	Principal		Value
ASSET-BACKED SECURITIES (continued)
New Residential Advanced Receivables Trust Series 2017-T1, Class AT1, 3.21%, 02/15/2051 (A)		$   10,100,000		$   9,995,421
New Residential Mortgage Trust Series 2018-1A, Class A1A, 4.00% (B), 12/25/2057 (A)		2,158,702		2,162,424
NRZ Advance Receivables Trust
Series 2016-T3, Class AT3,
2.83%, 10/16/2051 (A)		7,740,000		7,535,725
Series 2016-T4, Class AT4,
3.11%, 12/15/2050 (A)		11,200,000		11,078,193
Series 2016-T5, Class AT5,
3.33%, 12/15/2051 (A)		7,750,000		7,639,733
Octagon Investment Partners 33, Ltd. Series 2017-1A, Class A1, 3-Month LIBOR + 1.19%, 3.66% (B), 01/20/2031 (A)		3,600,000		3,601,706
Ocwen Master Advance Receivables Trust
Series 2016-T2, Class AT2,
2.72%, 08/16/2049 (A)		2,500,000		2,486,035
Series 2018-T1, Class AT1,
3.30%, 08/15/2049 (A)		4,700,000		4,694,736
Series 2018-T2, Class AT2,
3.60%, 08/15/2050 (A)		4,635,000		4,621,559
Orange Lake Timeshare Trust
Series 2014-AA, Class A,
2.29%, 07/09/2029 (A)		621,046		609,000
Series 2015-AA, Class A,
2.88%, 09/08/2027 (A)		1,153,831		1,131,227
Series 2018-A, Class A,
3.10%, 11/08/2030 (A)		3,867,073		3,802,813
Series 2018-A, Class B,
3.35%, 11/08/2030 (A)		3,163,942		3,116,239
Palmer Square CLO, Ltd. Series 2015-2A, Class A1AR, 3-Month LIBOR + 1.27%, 3.74% (B), 07/20/2030 (A)		6,445,000		6,455,157
RAAC Trust Series 2007-RP4, Class A, 1-Month LIBOR + 0.35%, 2.63% (B), 11/25/2046 (A)		752,782		708,513
SBA Tower Trust Series 2014-1A, Class C, 2.90% (B), 10/15/2044 (A)		24,599,000		24,461,779
Sierra Timeshare Receivables Funding LLC
Series 2014-2A, Class A,
2.05% (B), 06/20/2031 (A)		587,151		586,522
Series 2014-2A, Class B,
2.40%, 06/20/2031 (A)		314,826		314,556
Series 2015-1A, Class A,
2.40%, 03/22/2032 (A)		367,189		364,524
Series 2015-1A, Class B,
3.05%, 03/22/2032 (A)		380,987		378,929
Series 2015-3A, Class A,
2.58%, 09/20/2032 (A)		824,501		808,775
Series 2016-2A, Class A,
2.33%, 07/20/2033 (A)		1,394,618		1,366,625

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

Transamerica Funds Annual Report 2018

Page    153

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
ASSET-BACKED SECURITIES (continued)
SolarCity LMC Series III LLC Series 2014-2, Class A, 4.02%, 07/20/2044 (A)		$   3,738,510		$   3,656,626
SpringCastle America Funding LLC Series 2016-AA, Class A, 3.05%, 04/25/2029 (A)		6,288,130		6,237,544
SPS Servicer Advance Receivables Trust Series 2016-T2, Class AT2, 2.75%, 11/15/2049 (A)		2,000,000		1,994,190
Symphony CLO XIX, Ltd. Series 2018-19A, Class A, 3-Month LIBOR + 0.96%, 3.40% (B), 04/16/2031 (A)		3,000,000		2,982,429
Towd Point Mortgage Trust
Series 2015-3, Class A1B,
3.00% (B), 03/25/2054 (A)		4,410,075		4,363,577
Series 2015-4, Class A1B,
2.75% (B), 04/25/2055 (A)		1,126,382		1,108,371
Series 2015-5, Class A1B,
2.75% (B), 05/25/2055 (A)		6,351,496		6,240,415
Series 2015-6, Class A1B,
2.75% (B), 04/25/2055 (A)		3,376,627		3,302,561
Series 2016-2, Class A1A,
2.75% (B), 08/25/2055 (A)		3,396,003		3,312,571
Series 2016-3, Class A1,
2.25% (B), 04/25/2056 (A)		5,963,083		5,805,136
Series 2016-4, Class A1,
2.25% (B), 07/25/2056 (A)		4,307,310		4,171,194
Series 2017-1, Class A1,
2.75% (B), 10/25/2056 (A)		4,837,963		4,717,947
Series 2017-2, Class A1,
2.75% (B), 04/25/2057 (A)		5,700,259		5,575,360
Series 2017-3, Class A1,
2.75% (B), 07/25/2057 (A)		3,982,063		3,886,931
Series 2017-6, Class A1,
2.75% (B), 10/25/2057 (A)		8,360,405		8,125,556
Series 2018-1, Class A1,
3.00% (B), 01/25/2058 (A)		13,955,918		13,619,342
VB-S1 Issuer LLC Series 2018-1A, Class C, 3.41%, 02/15/2048 (A)		9,945,000		9,784,202
VSE VOI Mortgage LLC Series 2016-A, Class A, 2.54%, 07/20/2033 (A)		4,948,685		4,824,287
Welk Resorts LLC Series 2017-AA, Class A, 2.82%, 06/15/2033 (A)		6,735,806		6,551,637
Wellfleet CLO, Ltd.
Series 2016-2A, Class A1,
3-Month LIBOR + 1.65%, 4.12% (B), 10/20/2028 (A)		8,060,000		8,059,984
Series 2016-2A, Class A1R,
3-Month LIBOR + 1.14%, Zero Coupon (B), 10/20/2028 (A) (C)		8,060,000		8,060,000
Total Asset-Backed Securities (Cost $284,839,305)				281,179,665

	Principal		Value
CORPORATE DEBT SECURITIES - 38.8%
Aerospace & Defense - 0.3%
Northrop Grumman Corp. 2.55%, 10/15/2022		$   9,595,000		$   9,221,566
Air Freight & Logistics - 0.2%
FedEx Corp.
4.90%, 01/15/2034		4,063,000		4,137,457
5.10%, 01/15/2044		2,948,000		2,910,307
				7,047,764
Airlines - 1.5%
American Airlines Pass-Through Trust
3.20%, 12/15/2029		2,087,615		1,970,186
3.70%, 04/01/2028		6,794,390		6,628,777
4.95%, 07/15/2024		3,983,064		4,069,338
Continental Airlines Pass-Through Trust 4.00%, 04/29/2026		4,347,723		4,324,680
Delta Air Lines Pass-Through Trust
4.75%, 11/07/2021		7,276,533		7,380,879
6.82%, 02/10/2024		8,707,031		9,460,189
7.75%, 06/17/2021		344,419		358,185
Southwest Airlines Co. Pass-Through Trust 6.15%, 02/01/2024		283,104		297,961
United Airlines Pass-Through Trust 3.75%, 03/03/2028		5,884,173		5,832,568
US Airways Pass-Through Trust 5.38%, 05/15/2023		2,527,592		2,577,466
				42,900,229
Auto Components - 0.1%
BorgWarner, Inc. 3.38%, 03/15/2025		3,900,000		3,735,205
Automobiles - 0.4%
Ford Motor Co. 4.35%, 12/08/2026		7,362,000		6,676,467
General Motors Co.
4.88%, 10/02/2023		2,725,000		2,758,094
6.25%, 10/02/2043		1,075,000		1,028,818
				10,463,379
Banks - 7.2%
Banco Santander SA 4.38%, 04/12/2028		4,600,000		4,272,342
Bank of America Corp.
Fixed until 10/01/2024, 3.09% (B), 10/01/2025, MTN		5,720,000		5,420,803
Fixed until 12/20/2027, 3.42% (B), 12/20/2028		1,844,000		1,699,251
4.45%, 03/03/2026, MTN		14,663,000		14,503,236
Bank One Corp. 8.00%, 04/29/2027		940,000		1,156,913
Barclays Bank PLC 10.18%, 06/12/2021 (A)		18,145,000		20,615,396
CIT Group, Inc. 4.13%, 03/09/2021		555,000		553,612
Citigroup, Inc.
3-Month LIBOR + 0.95%, 3.44% (B), 07/24/2023		9,621,000		9,659,581
Fixed until 01/10/2027, 3.89% (B), 01/10/2028		6,298,000		6,022,721
4.50%, 01/14/2022		2,945,000		3,008,017

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

Transamerica Funds Annual Report 2018

Page    154

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Citigroup, Inc. (continued)
Fixed until 01/30/2023 (D), 5.95% (B)		$   1,700,000		$   1,702,125
Commerzbank AG 8.13%, 09/19/2023 (A)		12,655,000		14,252,424
Cooperatieve Rabobank UA Fixed until 06/30/2019 (D), 11.00% (A) (B)		10,883,000		11,383,618
Discover Bank 3.45%, 07/27/2026		4,771,000		4,390,514
Fifth Third Bancorp 3.95%, 03/14/2028		6,364,000		6,188,204
First Horizon National Corp. 3.50%, 12/15/2020		4,785,000		4,782,194
HSBC Holdings PLC
3-Month LIBOR + 1.00%, 3.32% (B), 05/18/2024		6,232,000		6,214,801
4.25%, 03/14/2024		485,000		478,428
Fixed until 09/12/2025, 4.29% (B), 09/12/2026		8,895,000		8,767,830
5.25%, 03/14/2044		790,000		790,368
Huntington National Bank 3.55%, 10/06/2023		5,018,000		4,947,401
Intesa Sanpaolo SpA
3.38%, 01/12/2023 (A)		6,441,000		5,832,619
3.88%, 07/14/2027 (A)		3,061,000		2,528,440
5.02%, 06/26/2024 (A)		2,945,000		2,596,324
JPMorgan Chase & Co.
2.70%, 05/18/2023		6,818,000		6,515,631
3.38%, 05/01/2023		6,471,000		6,309,425
4.85%, 02/01/2044		1,890,000		1,905,242
6.40%, 05/15/2038		3,925,000		4,719,496
Fixed until 02/01/2024 (D), 6.75% (B)		412,000		439,398
8.75%, 09/01/2030		1,265,000		1,714,300
Nordea Bank Abp 4.25%, 09/21/2022 (A)		14,150,000		14,132,945
PNC Bank NA 4.05%, 07/26/2028		3,612,000		3,543,141
Royal Bank of Scotland Group PLC
Fixed until 01/27/2029, 5.08% (B), 01/27/2030		3,497,000		3,425,135
6.00%, 12/19/2023		1,685,000		1,731,402
6.10%, 06/10/2023		1,414,000		1,456,379
6.40%, 10/21/2019		2,607,000		2,679,064
Toronto-Dominion Bank Fixed until 09/15/2026, 3.63% (B), 09/15/2031		8,071,000		7,513,918
Wells Fargo & Co.
4.10%, 06/03/2026, MTN		1,814,000		1,766,904
5.38%, 11/02/2043		3,948,000		4,064,514
Fixed until 06/15/2024 (D), 5.90% (B)		1,080,000		1,088,100
Wells Fargo Bank NA
2.60%, 01/15/2021		2,791,000		2,737,412
5.95%, 08/26/2036		2,984,000		3,393,873
				210,903,441
Beverages - 0.8%
Anheuser-Busch InBev Finance, Inc. 3.65%, 02/01/2026		2,982,000		2,836,529
Anheuser-Busch InBev Worldwide, Inc. 4.44%, 10/06/2048		6,551,000		5,761,924

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Beverages (continued)
Constellation Brands, Inc.
3.70%, 12/06/2026		$   2,526,000		$   2,369,335
4.40%, 11/15/2025		3,168,000		3,173,510
Pernod Ricard SA
4.45%, 01/15/2022 (A)		3,146,000		3,204,687
5.75%, 04/07/2021 (A)		6,311,000		6,609,050
				23,955,035
Biotechnology - 0.6%
AbbVie, Inc. 3.20%, 05/14/2026		8,298,000		7,594,550
Biogen, Inc. 4.05%, 09/15/2025		5,469,000		5,422,366
Celgene Corp. 3.88%, 08/15/2025		3,033,000		2,919,548
Gilead Sciences, Inc.
2.95%, 03/01/2027 (E)		1,620,000		1,481,021
4.15%, 03/01/2047		1,598,000		1,417,438
				18,834,923
Building Products - 0.3%
Owens Corning
4.20%, 12/15/2022		4,114,000		4,101,827
4.40%, 01/30/2048		6,460,000		5,051,862
				9,153,689
Capital Markets - 3.7%
Ameriprise Financial, Inc.
2.88%, 09/15/2026		4,771,000		4,355,950
3.70%, 10/15/2024		4,402,000		4,356,686
7.30%, 06/28/2019		8,112,000		8,334,612
Charles Schwab Corp.
3.20%, 03/02/2027		4,106,000		3,870,836
3.85%, 05/21/2025		9,662,000		9,663,236
Credit Suisse Group Funding Guernsey, Ltd.
3.75%, 03/26/2025		9,559,000		9,149,478
3.80%, 06/09/2023		5,920,000		5,816,275
Goldman Sachs Group, Inc.
5.25%, 07/27/2021		14,329,000		14,902,416
6.75%, 10/01/2037		7,313,000		8,536,253
Lazard Group LLC 4.50%, 09/19/2028		6,486,000		6,308,389
Morgan Stanley
5.00%, 11/24/2025		4,506,000		4,607,282
5.75%, 01/25/2021		11,070,000		11,572,689
State Street Corp. 3-Month LIBOR + 1.00%, 3.33% (B), 06/01/2077		285,000		250,275
UBS AG 7.63%, 08/17/2022		11,848,000		12,973,560
UBS Group Funding Switzerland AG 4.25%, 03/23/2028 (A)		3,211,000		3,147,746
				107,845,683
Chemicals - 0.1%
LyondellBasell Industries NV 5.00%, 04/15/2019		593,000		595,236
Syngenta Finance NV 3.93%, 04/23/2021 (A)		3,870,000		3,850,660
				4,445,896

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

Transamerica Funds Annual Report 2018

Page    155

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Commercial Services & Supplies - 0.3%
CK Hutchison International 17 II, Ltd. 2.25%, 09/29/2020 (A)		$   2,775,000		$   2,706,112
ERAC USA Finance LLC
2.70%, 11/01/2023 (A)		4,400,000		4,132,882
3.85%, 11/15/2024 (A)		3,020,000		2,978,802
				9,817,796
Communications Equipment - 0.2%
Cisco Systems, Inc. 2.13%, 03/01/2019		797,000		795,627
Nokia OYJ 3.38%, 06/12/2022		5,221,000		4,999,108
				5,794,735
Construction & Engineering - 0.5%
SBA Tower Trust
3.17%, 04/09/2047 (A)		4,040,000		3,949,125
3.45%, 03/15/2048 (A)		10,600,000		10,373,858
				14,322,983
Construction Materials - 0.5%
LafargeHolcim Finance US LLC 4.75%, 09/22/2046 (A)		5,530,000		4,836,000
Martin Marietta Materials, Inc. 4.25%, 07/02/2024		9,365,000		9,361,672
				14,197,672
Consumer Finance - 0.9%
Ally Financial, Inc.
3.50%, 01/27/2019		5,970,000		5,962,538
4.13%, 03/30/2020		6,050,000		6,057,562
American Express Co.
3.00%, 10/30/2024		2,333,000		2,205,186
4.05%, 12/03/2042		2,075,000		1,940,891
BMW US Capital LLC 2.80%, 04/11/2026 (A)		4,784,000		4,387,267
Capital One Financial Corp. 3.30%, 10/30/2024		5,408,000		5,101,445
				25,654,889
Containers & Packaging - 0.4%
International Paper Co. 4.75%, 02/15/2022		5,062,000		5,225,639
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC
5.13%, 07/15/2023 (A)		2,095,000		2,047,862
5.75%, 10/15/2020		3,900,659		3,900,659
6.88%, 02/15/2021		1,231,940		1,241,180
				12,415,340
Diversified Consumer Services - 0.0% (F)
President & Fellows of Harvard College 3.62%, 10/01/2037		651,000		617,265
Diversified Financial Services - 0.9%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 4.50%, 05/15/2021		4,972,000		5,025,668
Aviation Capital Group LLC 7.13%, 10/15/2020 (A)		8,952,000		9,519,856
AXA Equitable Holdings, Inc. 4.35%, 04/20/2028 (A)		7,742,000		7,397,735

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Financial Services (continued)
Jefferies Group LLC / Jefferies Group Capital Finance, Inc. 4.15%, 01/23/2030		$   5,711,000		$   4,988,660
				26,931,919
Diversified Telecommunication Services - 1.5%
AT&T, Inc.
3.00%, 06/30/2022		9,601,000		9,313,355
3.40%, 05/15/2025		6,204,000		5,825,097
4.35%, 06/15/2045		3,469,000		2,844,490
GTP Acquisition Partners I LLC 2.35%, 06/15/2045 (A)		1,585,000		1,549,684
Hughes Satellite Systems Corp. 7.63%, 06/15/2021		2,980,000		3,160,290
Sprint Capital Corp. 6.88%, 11/15/2028		822,000		808,643
Verizon Communications, Inc.
5.15%, 09/15/2023		11,638,000		12,348,718
5.50%, 03/16/2047		7,119,000		7,417,807
				43,268,084
Electric Utilities - 1.5%
Appalachian Power Co. 3.40%, 06/01/2025		6,562,000		6,354,026
Cleveland Electric Illuminating Co.
5.95%, 12/15/2036		458,000		515,610
8.88%, 11/15/2018		449,000		449,928
Duke Energy Corp. 3.75%, 04/15/2024 - 09/01/2046		12,058,000		10,771,441
Duke Energy Progress LLC 3.60%, 09/15/2047		2,025,000		1,736,447
Entergy Arkansas, Inc. 3.70%, 06/01/2024		1,110,000		1,110,996
Jersey Central Power & Light Co. 7.35%, 02/01/2019		1,000,000		1,010,650
Niagara Mohawk Power Corp. 4.88%, 08/15/2019 (A)		1,540,000		1,560,128
Oncor Electric Delivery Co. LLC
4.10%, 06/01/2022		7,223,000		7,361,188
5.30%, 06/01/2042		525,000		585,334
PacifiCorp
3.60%, 04/01/2024		8,385,000		8,371,238
5.75%, 04/01/2037		400,000		464,621
Public Service Electric & Gas Co. 3.00%, 05/15/2025, MTN		4,661,000		4,440,583
				44,732,190
Electronic Equipment, Instruments & Components - 0.5%
Arrow Electronics, Inc. 3.88%, 01/12/2028		6,625,000		6,046,581
Keysight Technologies, Inc. 4.55%, 10/30/2024		7,551,000		7,625,280
				13,671,861
Energy Equipment & Services - 0.3%
Schlumberger Holdings Corp. 3.00%, 12/21/2020 (A)		6,169,000		6,103,225
Schlumberger Investment SA 3.65%, 12/01/2023		835,000		835,697

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

Transamerica Funds Annual Report 2018

Page    156

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Energy Equipment & Services (continued)
Weatherford International, Ltd. 5.95%, 04/15/2042		$   960,000		$   619,200
				7,558,122
Equity Real Estate Investment Trusts - 2.0%
American Tower Trust #1 3.65%, 03/23/2048 (A)		2,000,000		1,926,266
CBL & Associates, LP 5.25%, 12/01/2023 (E)		7,049,000		5,921,160
EPR Properties 4.75%, 12/15/2026		11,753,000		11,343,402
HCP, Inc. 3.40%, 02/01/2025		5,985,000		5,617,620
Hospitality Properties Trust 5.00%, 08/15/2022		9,379,000		9,573,798
Kilroy Realty, LP 4.25%, 08/15/2029		12,920,000		12,353,709
Realty Income Corp. 3.88%, 07/15/2024		4,095,000		4,068,182
VEREIT Operating Partnership, LP
4.13%, 06/01/2021		4,300,000		4,328,200
4.63%, 11/01/2025		4,971,000		4,931,837
				60,064,174
Food & Staples Retailing - 0.7%
Sysco Corp. 3.25%, 07/15/2027		4,894,000		4,526,034
Walgreens Boots Alliance, Inc. 3.30%, 11/18/2021		9,530,000		9,418,044
Walmart, Inc. 3.63%, 12/15/2047		7,040,000		6,234,297
				20,178,375
Food Products - 0.4%
Danone SA 2.95%, 11/02/2026 (A)		6,206,000		5,638,896
Kraft Heinz Foods Co.
2.80%, 07/02/2020		965,000		955,055
4.88%, 02/15/2025 (A)		3,800,000		3,854,546
				10,448,497
Health Care Equipment & Supplies - 0.4%
Abbott Laboratories 3.75%, 11/30/2026		4,467,000		4,397,835
Becton Dickinson and Co. 3.70%, 06/06/2027		7,756,000		7,282,900
				11,680,735
Health Care Providers & Services - 0.9%
AmerisourceBergen Corp. 4.30%, 12/15/2047		6,076,000		5,281,010
Coventry Health Care, Inc. 5.45%, 06/15/2021		1,632,000		1,699,397
CVS Health Corp.
2.13%, 06/01/2021		8,495,000		8,187,514
5.05%, 03/25/2048		4,622,000		4,506,732
5.30%, 12/05/2043		319,000		320,002
Halfmoon Parent, Inc. 4.13%, 11/15/2025 (A)		3,636,000		3,593,804

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Health Care Providers & Services (continued)
HCA Healthcare, Inc. 6.25%, 02/15/2021		$   1,980,000		$   2,056,725
				25,645,184
Household Durables - 0.2%
D.R. Horton, Inc. 4.38%, 09/15/2022		4,697,000		4,726,691
Industrial Conglomerates - 0.5%
General Electric Co.
Fixed until 01/21/2021 (D), 5.00% (B)		9,123,000		8,450,179
6.88%, 01/10/2039, MTN		5,796,000		6,646,960
				15,097,139
Insurance - 0.8%
Allstate Corp. 3.28%, 12/15/2026		4,566,000		4,360,723
American International Group, Inc. Fixed until 05/15/2038, 8.18% (B), 05/15/2068		640,000		785,600
Athene Global Funding 3.00%, 07/01/2022 (A)		4,653,000		4,502,646
Athene Holding, Ltd. 4.13%, 01/12/2028		4,814,000		4,414,796
CNA Financial Corp. 5.88%, 08/15/2020		4,347,000		4,526,005
Fidelity National Financial, Inc. 5.50%, 09/01/2022		1,690,000		1,780,597
Swiss Re America Holding Corp. 7.75%, 06/15/2030		2,903,000		3,675,852
				24,046,219
Interactive Media & Services - 0.1%
Baidu, Inc. 3.88%, 09/29/2023		4,250,000		4,194,367
Internet & Direct Marketing Retail - 0.1%
Booking Holdings, Inc. 3.60%, 06/01/2026		2,772,000		2,647,370
IT Services - 0.3%
DXC Technology Co. 4.75%, 04/15/2027		4,546,000		4,515,559
First Data Corp. 7.00%, 12/01/2023 (A)		3,825,000		3,966,525
				8,482,084
Machinery - 0.1%
Doosan Heavy Industries & Construction Co., Ltd. 2.13%, 04/27/2020 (A)		2,430,000		2,373,217
Media - 0.7%
Clear Channel Worldwide Holdings, Inc. 6.50%, 11/15/2022		4,300,000		4,365,360
CSC Holdings LLC 10.13%, 01/15/2023 (A)		1,620,000		1,762,398
NBCUniversal Enterprise, Inc. 5.25%, 03/19/2021 (A) (D)		3,715,000		3,761,438
NBCUniversal Media LLC
4.38%, 04/01/2021		6,297,000		6,430,358
4.45%, 01/15/2043		4,080,000		3,794,608
				20,114,162

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

Transamerica Funds Annual Report 2018

Page    157

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Metals & Mining - 0.2%
Anglo American Capital PLC
4.00%, 09/11/2027 (A)		$   5,075,000		$   4,622,340
4.75%, 04/10/2027 (A)		1,705,000		1,641,615
Freeport-McMoRan, Inc. 3.88%, 03/15/2023		1,125,000		1,040,625
				7,304,580
Multi-Utilities - 0.4%
CMS Energy Corp.
3.88%, 03/01/2024		539,000		535,706
4.88%, 03/01/2044		725,000		742,781
Dominion Energy, Inc. 2.58%, 07/01/2020		3,948,000		3,887,990
DTE Electric Co. 4.30%, 07/01/2044		6,720,000		6,696,555
Public Service Enterprise Group, Inc. 2.65%, 11/15/2022		1,550,000		1,483,358
				13,346,390
Oil, Gas & Consumable Fuels - 3.5%
Anadarko Petroleum Corp. 5.55%, 03/15/2026 (E)		8,446,000		8,787,516
Apache Corp.
4.25%, 01/15/2044		360,000		301,911
4.75%, 04/15/2043		520,000		461,794
BP Capital Markets PLC 3.12%, 05/04/2026		9,549,000		8,985,705
Continental Resources, Inc. 3.80%, 06/01/2024		1,055,000		1,019,015
Energy Transfer Operating, LP
4.90%, 02/01/2024		2,755,000		2,799,726
5.15%, 03/15/2045		1,238,000		1,092,048
5.95%, 10/01/2043		960,000		928,473
7.60%, 02/01/2024		3,005,000		3,333,309
Enterprise Products Operating LLC 4.25%, 02/15/2048		10,898,000		9,643,272
EOG Resources, Inc. 2.45%, 04/01/2020		3,127,000		3,092,563
Exxon Mobil Corp.
1.82%, 03/15/2019		1,930,000		1,923,347
3.04%, 03/01/2026		7,955,000		7,594,138
Husky Energy, Inc. 4.00%, 04/15/2024		1,120,000		1,105,385
Kerr-McGee Corp. 6.95%, 07/01/2024		865,000		968,278
Kinder Morgan Energy Partners, LP 4.15%, 02/01/2024		5,190,000		5,153,309
Kinder Morgan, Inc. 3.05%, 12/01/2019		1,466,000		1,460,632
Nexen Energy ULC 5.88%, 03/10/2035		110,000		122,311
Noble Energy, Inc. 6.00%, 03/01/2041		430,000		446,364
Petrobras Global Finance BV 6.25%, 03/17/2024		3,290,000		3,327,835
Petroleos Mexicanos
3.50%, 01/30/2023		6,930,000		6,368,670
6.88%, 08/04/2026		4,835,000		4,815,660

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Petronas Capital, Ltd. 5.25%, 08/12/2019 (A)		$   7,450,000		$   7,565,423
Sabine Pass Liquefaction LLC 4.20%, 03/15/2028		6,630,000		6,308,648
Shell International Finance BV
2.50%, 09/12/2026		7,173,000		6,511,847
3.75%, 09/12/2046		2,122,000		1,885,759
TransCanada PipeLines, Ltd.
3.75%, 10/16/2023		1,010,000		1,000,744
4.63%, 03/01/2034		875,000		836,547
Western Gas Partners, LP 5.38%, 06/01/2021		1,956,000		2,017,166
Williams Cos., Inc.
3.70%, 01/15/2023		540,000		529,940
5.40%, 03/04/2044		814,000		783,169
7.88%, 09/01/2021		796,000		876,447
				102,046,951
Pharmaceuticals - 0.8%
Bayer US Finance II LLC 4.40%, 07/15/2044 (A)		7,736,000		6,588,799
Bayer US Finance LLC 3.00%, 10/08/2021 (A)		4,548,000		4,444,863
Perrigo Finance Unlimited Co. 4.38%, 03/15/2026		4,382,000		4,233,509
Shire Acquisitions Investments Ireland DAC 3.20%, 09/23/2026		7,919,000		7,176,408
				22,443,579
Road & Rail - 0.1%
Burlington Northern Santa Fe LLC
3.00%, 03/15/2023		269,000		262,964
3.75%, 04/01/2024		2,294,000		2,299,425
Hertz Corp. 5.50%, 10/15/2024 (A) (E)		1,065,000		817,388
				3,379,777
Semiconductors & Semiconductor Equipment - 0.6%
Intel Corp. 2.88%, 05/11/2024		7,326,000		7,044,497
KLA-Tencor Corp.
4.13%, 11/01/2021		695,000		701,458
4.65%, 11/01/2024		3,250,000		3,314,515
QUALCOMM, Inc. 3.25%, 05/20/2027		8,233,000		7,613,839
				18,674,309
Software - 0.3%
Microsoft Corp. 3.30%, 02/06/2027		8,535,000		8,280,971
Technology Hardware, Storage & Peripherals - 0.9%
Apple, Inc.
2.40%, 05/03/2023		3,105,000		2,963,474
2.85%, 02/23/2023		8,123,000		7,914,432
Dell International LLC / EMC Corp. 6.02%, 06/15/2026 (A)		6,905,000		7,155,299
Seagate HDD Cayman 4.88%, 06/01/2027		4,688,000		4,143,434

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

Transamerica Funds Annual Report 2018

Page    158

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Technology Hardware, Storage & Peripherals (continued)
Western Digital Corp. 4.75%, 02/15/2026		$   6,380,000		$   5,893,525
				28,070,164
Tobacco - 0.4%
BAT Capital Corp. 3.56%, 08/15/2027 (A)		8,353,000		7,641,331
Reynolds American, Inc. 8.13%, 06/23/2019		2,315,000		2,386,540
RJ Reynolds Tobacco Co. 8.13%, 06/23/2019		1,745,000		1,798,925
				11,826,796
Trading Companies & Distributors - 0.6%
Air Lease Corp. 3.50%, 01/15/2022		8,356,000		8,261,995
International Lease Finance Corp. 8.25%, 12/15/2020		9,599,000		10,410,382
				18,672,377
Wireless Telecommunication Services - 1.1%
America Movil SAB de CV
3.13%, 07/16/2022		4,075,000		3,973,239
4.38%, 07/16/2042 (E)		2,600,000		2,402,361
Crown Castle Towers LLC
3.22%, 05/15/2042 (A)		13,442,000		13,237,682
3.72%, 07/15/2043 (A)		3,680,000		3,668,555
Sprint Communications, Inc. 9.00%, 11/15/2018 (A)		4,891,000		4,900,782
Sprint Corp.
7.25%, 09/15/2021		1,520,000		1,588,400
7.88%, 09/15/2023		1,290,000		1,377,075
				31,148,094
Total Corporate Debt Securities (Cost $1,189,191,510)				1,142,381,868
FOREIGN GOVERNMENT OBLIGATIONS - 1.3%
Brazil - 0.1%
Brazil Government International Bond 4.25%, 01/07/2025 (E)		1,440,000		1,390,118
Colombia - 0.3%
Colombia Government International Bond
4.00%, 02/26/2024		810,000		799,875
4.50%, 01/28/2026		7,375,000		7,375,000
				8,174,875
Indonesia - 0.2%
Indonesia Government International Bond
4.75%, 01/08/2026 (A)		4,560,000		4,506,634
5.38%, 10/17/2023 (A)		2,500,000		2,582,903
				7,089,537
Mexico - 0.2%
Mexico Government International Bond 3.75%, 01/11/2028 (E)		6,720,000		6,189,186
Panama - 0.1%
Panama Government International Bond 3.88%, 03/17/2028		2,135,000		2,050,689

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Peru - 0.0% (F)
Peru Government International Bond 7.35%, 07/21/2025		$   1,010,000		$   1,217,050
Poland - 0.1%
Republic of Poland Government International Bond 3.00%, 03/17/2023		1,920,000		1,870,022
Qatar - 0.0% (F)
Qatar Government International Bond 3.88%, 04/23/2023 (A)		913,000		915,009
Republic of Korea - 0.2%
Korea Development Bank 3.00%, 03/17/2019		5,200,000		5,200,384
Saudi Arabia - 0.1%
Saudi Government International Bond 2.38%, 10/26/2021 (A)		4,475,000		4,274,431
Total Foreign Government Obligations (Cost $40,000,914)				38,371,301
MORTGAGE-BACKED SECURITIES - 10.6%
Alternative Loan Trust
Series 2005-36, Class 2A1A,
1-Month LIBOR + 0.31%, 2.59% (B), 08/25/2035		744,995		652,136
Series 2005-50CB, Class 1A1,
5.50%, 11/25/2035		1,216,565		1,136,637
Series 2005-51, Class 3A3A,
1-Month LIBOR + 0.32%, 2.60% (B), 11/20/2035		696,915		654,494
Series 2007-22, Class 2A16,
6.50%, 09/25/2037		5,983,683		4,122,848
Series 2007-5CB, Class 1A31,
5.50%, 04/25/2037		1,158,046		925,636
Aventura Mall Trust Series 2013-AVM, Class A, 3.74% (B), 12/05/2032 (A)		7,050,000		7,129,010
Banc of America Funding Trust Series 2005-E, Class 4A1, 4.31% (B), 03/20/2035		47,377		47,894
BB-UBS Trust
Series 2012-TFT, Class A,
2.89%, 06/05/2030 (A)		15,060,000		14,756,223
Series 2012-TFT, Class C,
3.47% (B), 06/05/2030 (A)		7,195,000		6,966,707
BBCMS Trust
Series 2013-TYSN, Class B,
4.04%, 09/05/2032 (A)		2,530,000		2,547,983
Series 2015-MSQ, Class B,
3.89%, 09/15/2032 (A)		1,100,000		1,093,318
BCAP LLC Trust
Series 2009-RR6, Class 2A1,
4.14% (B), 08/26/2035 (A)		17,807		17,760
Series 2011-R11, Class 23A1,
4.21% (B), 06/26/2035 (A)		244,251		246,520
Bear Stearns Alt-A Trust Series 2004-11, Class 2A2, 4.67% (B), 11/25/2034		46,909		46,475

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

Transamerica Funds Annual Report 2018

Page    159

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Caesars Palace Las Vegas Trust Series 2017-VICI, Class A, 3.53%, 10/15/2034 (A)		$   13,430,000		$   13,400,253
CGRBS Commercial Mortgage Trust Series 2013-VN05, Class B, 3.58% (B), 03/13/2035 (A)		6,250,000		6,172,495
CHL Mortgage Pass-Through Trust
Series 2003-60, Class 1A1,
3.65% (B), 02/25/2034		42,750		42,956
Series 2005-3, Class 1A2,
1-Month LIBOR + 0.58%, 2.86% (B), 04/25/2035		142,987		139,231
Citigroup Commercial Mortgage Trust
Series 2014-GC19, Class A3,
3.75%, 03/10/2047		1,269,581		1,273,486
Series 2014-GC19, Class A4,
4.02%, 03/10/2047		2,065,000		2,096,126
Citigroup Mortgage Loan Trust
Series 2015-A, Class A1,
3.50% (B), 06/25/2058 (A)		3,702,550		3,660,135
Series 2015-PS1, Class A1,
3.75% (B), 09/25/2042 (A)		1,473,285		1,468,551
Citigroup Mortgage Loan Trust, Inc.
Series 2014-A, Class A,
4.00% (B), 01/25/2035 (A)		825,337		829,620
Series 2018-RP1, Class A1,
3.00% (B), 09/25/2064 (A)		11,748,922		11,471,878
COMM Mortgage Trust
Series 2013-CR11, Class AM,
4.72% (B), 08/10/2050		565,000		586,311
Series 2013-GAM, Class A1,
1.71%, 02/10/2028 (A)		856,989		840,703
Series 2013-GAM, Class A2,
3.37%, 02/10/2028 (A)		4,005,000		3,950,934
Series 2013-WWP, Class A2,
3.42%, 03/10/2031 (A)		2,760,000		2,761,558
Series 2013-WWP, Class B,
3.73%, 03/10/2031 (A)		2,400,000		2,433,424
Series 2014-UBS2, Class A5,
3.96%, 03/10/2047		4,680,000		4,728,395
Series 2015-3BP, Class A,
3.18%, 02/10/2035 (A)		25,340,000		24,407,042
Series 2016-GCT, Class C,
3.46% (B), 08/10/2029 (A)		4,900,000		4,819,085
Commercial Mortgage Pass-Through Certificates Series 2012-LTRT, Class A2, 3.40%, 10/05/2030 (A)		7,035,000		6,749,663
Core Industrial Trust Series 2015-CALW, Class B, 3.25%, 02/10/2034 (A)		9,280,000		9,151,361
Credit Suisse Mortgage Capital Certificates Series 2009-11R, Class 5A1, 3.79% (B), 08/26/2036 (A)		888,229		890,750
CSMC Trust
Series 2009-14R, Class 2A1,
5.00%, 06/26/2037 (A)		13,479		13,467

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
CSMC Trust (continued)
Series 2014-11R, Class 17A1,
1-Month LIBOR + 0.15%, 2.37% (B), 12/27/2036 (A)		$   1,480,222		$   1,409,597
Series 2014-4R, Class 21A1,
1-Month LIBOR + 0.33%, 2.88% (B), 12/27/2035 (A)		3,806,125		3,769,833
GMACM Mortgage Loan Trust
Series 2003-AR2, Class 1A1,
3.70% (B), 12/19/2033		18,602		17,753
Series 2005-AR1, Class 3A,
4.05% (B), 03/18/2035		27,617		27,903
GS Mortgage Securities Corp. II Series 2013-KING, Class E, 3.44% (B), 12/10/2027 (A)		3,320,000		3,272,117
GS Mortgage Securities Corp. Trust Series 2012-SHOP, Class C, 3.63%, 06/05/2031 (A)		3,235,000		3,232,363
GS Mortgage Securities Trust Series 2013-G1, Class A2, 3.56% (B), 04/10/2031 (A)		4,664,567		4,574,789
HarborView Mortgage Loan Trust Series 2004-4, Class 2A, 1-Month LIBOR + 0.56%, 2.84% (B), 06/19/2034		345,006		333,550
Houston Galleria Mall Trust Series 2015-HGLR, Class A1A2, 3.09%, 03/05/2037 (A)		4,498,000		4,275,516
Impac CMB Trust
Series 2003-8, Class 1A1,
1-Month LIBOR + 0.68%, 2.96% (B), 10/25/2033		112,182		111,131
Series 2004-6, Class 1A1,
1-Month LIBOR + 0.80%, 3.08% (B), 10/25/2034		22,926		22,488
IndyMac INDX Mortgage Loan Trust Series 2007-AR15, Class 2A1, 3.81% (B), 08/25/2037		464,747		401,973
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2012-WLDN, Class A,
3.91%, 05/05/2030 (A)		6,825,463		6,814,617
Series 2014-DSTY, Class B,
3.77%, 06/10/2027 (A)		4,800,000		4,737,223
JPMorgan Mortgage Trust
Series 2004-A1, Class 1A1,
4.01% (B), 02/25/2034		47,855		47,839
Series 2006-A2, Class 5A1,
4.24% (B), 11/25/2033		34,785		35,850
Series 2006-S3, Class 1A12,
6.50%, 08/25/2036		239,593		180,172
MASTR Adjustable Rate Mortgages Trust Series 2007-R5, Class A1, 4.23% (B), 11/25/2035 (A)		367,964		299,110
Merrill Lynch Mortgage Investors Trust
Series 2003-F, Class A1,
1-Month LIBOR + 0.64%, 2.92% (B), 10/25/2028		22,176		21,949

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

Transamerica Funds Annual Report 2018

Page    160

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Merrill Lynch Mortgage Investors Trust (continued)
Series 2004-A1, Class 2A1,
4.06% (B), 02/25/2034		$   140,915		$   141,515
Series 2005-A3, Class A1,
1-Month LIBOR + 0.27%, 2.55% (B), 04/25/2035		14,571		14,505
Series 2005-A4, Class 2A2,
4.06% (B), 07/25/2035		119,964		116,653
Mill City Mortgage Loan Trust Series 2016-1, Class A1, 2.50% (B), 04/25/2057 (A)		1,323,893		1,292,280
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2012-C6, Class AS,
3.48%, 11/15/2045		1,800,000		1,780,440
Series 2013-C11, Class B,
4.36% (B), 08/15/2046		1,035,000		1,038,004
Morgan Stanley Capital Barclays Bank Trust Series 2016-MART, Class A, 2.20%, 09/13/2031 (A)		13,507,000		13,029,668
Morgan Stanley Re-REMIC Trust
Series 2009-R3, Class 1A,
5.50% (B), 10/26/2035 (A)		35,493		35,851
Series 2012-R3, Class 1A,
3.28% (B), 11/26/2036 (A)		97,542		96,656
Morgan Stanley Resecuritization Trust
Series 2014-R3, Class 2A,
3.00% (B), 07/26/2048 (A)		4,722,844		4,545,588
Series 2014-R4, Class 4A,
4.34% (B), 11/21/2035 (A)		711,426		715,389
Motel 6 Trust Series 2017-MTL6, Class C, 1-Month LIBOR + 1.40%, 3.68% (B), 08/15/2034 (A)		20,460,079		20,447,060
Nationstar Mortgage Loan Trust Series 2013-A, Class A, 3.75% (B), 12/25/2052 (A)		2,345,424		2,344,144
New Residential Mortgage Loan Trust
Series 2014-1A, Class A,
3.75% (B), 01/25/2054 (A)		887,101		882,932
Series 2014-2A, Class A3,
3.75% (B), 05/25/2054 (A)		690,581		687,887
Series 2014-3A, Class AFX3,
3.75% (B), 11/25/2054 (A)		2,269,743		2,257,949
Series 2015-2A, Class A1,
3.75% (B), 08/25/2055 (A)		3,186,859		3,167,148
Series 2016-1A, Class A1,
3.75% (B), 03/25/2056 (A)		2,389,562		2,380,920
Series 2016-2A, Class A1,
3.75% (B), 11/26/2035 (A)		2,889,169		2,875,432
Series 2016-3A, Class A1B,
3.25% (B), 09/25/2056 (A)		4,043,035		3,963,358
Series 2017-1A, Class A1,
4.00% (B), 02/25/2057 (A)		12,284,162		12,309,734
Series 2017-2A, Class A3,
4.00% (B), 03/25/2057 (A)		2,096,551		2,104,508
Series 2017-3A, Class A1,
4.00% (B), 04/25/2057 (A)		16,323,962		16,356,985

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
New Residential Mortgage Loan Trust (continued)
Series 2017-4A, Class A1,
4.00% (B), 05/25/2057 (A)		$   4,640,478		$   4,643,853
One Market Plaza Trust Series 2017-1MKT, Class A, 3.61%, 02/10/2032 (A)		10,807,000		10,736,042
Palisades Center Trust Series 2016-PLSD, Class A, 2.71%, 04/13/2033 (A)		6,500,000		6,330,211
Provident Funding Mortgage Loan Trust Series 2005-1, Class 3A1, 1-Month LIBOR + 0.58%, 2.86% (B), 05/25/2035		1,618,380		1,610,404
Queens Center Mortgage Trust Series 2013-QCA, Class D, 3.47% (B), 01/11/2037 (A)		4,200,000		3,935,858
RALI Trust
Series 2007-QO1, Class A1,
1-Month LIBOR + 0.15%, 2.43% (B), 02/25/2047		357,823		350,187
Series 2007-QO4, Class A1A,
1-Month LIBOR + 0.19%, 2.47% (B), 05/25/2047		678,177		665,987
RBSSP Resecuritization Trust
Series 2009-6, Class 2A1,
1-Month LIBOR + 0.15%, 3.69% (B), 01/26/2036 (A)		236,927		239,022
Series 2009-7, Class 5A4,
1-Month LIBOR + 0.40%, 2.62% (B), 06/26/2037 (A)		353,845		351,983
Structured Adjustable Rate Mortgage Loan Trust
Series 2005-15, Class 1A1,
4.11% (B), 07/25/2035		373,140		306,764
Series 2007-3, Class 3A1,
3.88% (B), 04/25/2047		1,000,216		773,876
Structured Asset Mortgage Investments II Trust Series 2003-AR4, Class A1, 1-Month LIBOR + 0.70%, 2.98% (B), 01/19/2034		30,206		29,502
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 06/10/2030 (A)		6,983,000		6,917,451
Waldorf Astoria Boca Raton Trust Series 2016-BOCA, Class C, 1-Month LIBOR + 2.50%, 4.78% (B), 06/15/2029 (A)		3,245,000		3,246,960
WaMu Mortgage Pass-Through Certificates Trust
Series 2005-AR8, Class 2A1A,
1-Month LIBOR + 0.58%, 2.86% (B), 07/25/2045		38,296		38,150
Series 2007-OA6, Class 1A1B,
12-MTA + 0.81%, 2.56% (B), 07/25/2047		447,525		151,119
Wells Fargo Commercial Mortgage Trust Series 2015-C26, Class B, 3.78%, 02/15/2048		3,000,000		2,908,018

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

Transamerica Funds Annual Report 2018

Page    161

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Wells Fargo Mortgage-Backed Securities Trust Series 2003-N, Class 1A2, 3.95% (B), 12/25/2033		$   395,651		$   404,316
Total Mortgage-Backed Securities (Cost $320,118,924)				312,041,147
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.7%
California - 0.6%
Los Angeles Community College District, General Obligation Unlimited, 6.60%, 08/01/2042		340,000		449,834
State of California, General Obligation Unlimited
7.30%, 10/01/2039		2,760,000		3,750,398
7.60%, 11/01/2040		4,320,000		6,236,482
7.70%, 11/01/2030		1,650,000		1,793,500
7.95%, 03/01/2036		5,350,000		5,667,843
University of California, Revenue Bonds, Series AD, 4.86%, 05/15/2112		315,000		307,327
				18,205,384
Georgia - 0.0% (F)
Municipal Electric Authority of Georgia, Revenue Bonds, Series A, 6.64%, 04/01/2057		295,000		319,258
New Jersey - 0.0% (F)
New Jersey Turnpike Authority, Revenue Bonds, Series F, 7.41%, 01/01/2040		431,000		600,805
New York - 0.1%
Metropolitan Transportation Authority, Revenue Bonds, Series E, 6.81%, 11/15/2040		355,000		455,962
New York City Water & Sewer System, Revenue Bonds, Series CC, 5.88%, 06/15/2044		340,000		423,681
New York State Dormitory Authority, Revenue Bonds, Series H, 5.39%, 03/15/2040		330,000		379,751
Port Authority of New York & New Jersey, Revenue Bonds, Series 181, 4.96%, 08/01/2046		570,000		620,998
				1,880,392
Total Municipal Government Obligations (Cost $22,387,705)				21,005,839
U.S. GOVERNMENT AGENCY OBLIGATIONS - 16.9%
Federal Home Loan Mortgage Corp.
12-Month LIBOR + 1.66%, 3.44% (B), 01/01/2038		119,681		124,817
12-Month LIBOR + 1.75%, 3.50% (B), 12/01/2034		13,268		13,878

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal Home Loan Mortgage Corp. (continued)
6-Month LIBOR + 1.36%, 3.81% (B), 05/01/2037		$   34,775		$   35,636
12-Month LIBOR + 1.90%, 3.89% (B), 02/01/2041		263,091		274,716
6-Month LIBOR + 1.57%, 4.07% (B), 02/01/2037 - 04/01/2037		61,615		63,630
6-Month LIBOR + 2.12%, 4.18% (B), 05/01/2037		10,751		11,258
12-Month LIBOR + 1.73%, 4.48% (B), 09/01/2035		421,279		440,317
12-Month LIBOR + 1.79%, 4.54% (B), 09/01/2037		17,485		18,324
5.00%, 08/01/2035 - 12/01/2035		2,010,693		2,126,724
5.50%, 11/01/2038 - 06/01/2041		1,332,118		1,435,362
6.00%, 05/01/2031		344,108		378,695
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
2.89%, 06/25/2027		26,365,775		25,644,483
3.06% (B), 08/25/2024		26,490,000		26,014,949
3.17%, 10/25/2024		2,140,000		2,107,538
3.49%, 01/25/2024		9,965,000		10,018,032
3.53% (B), 07/25/2023		8,335,000		8,383,152
Federal National Mortgage Association
2.50%, TBA (C)		26,084,000		24,965,200
3.00%, TBA (C)		183,747,000		175,895,633
6-Month LIBOR + 0.96%, 3.46% (B), 08/01/2037		4,967		5,031
3.50%, 07/01/2028 - 01/01/2029		2,987,657		2,994,855
3.50%, TBA (C)		123,072,000		120,220,023
12-Month LIBOR + 1.75%, 3.73% (B), 03/01/2041		188,553		196,231
12-Month LIBOR + 1.82%, 3.84% (B), 03/01/2041		70,400		73,921
6-Month LIBOR + 1.51%, 3.97% (B), 01/01/2035		12,824		13,234
4.00%, 06/01/2042		1,059,590		1,067,640
4.00%, TBA (C)		36,809,000		36,807,561
6-Month LIBOR + 1.53%, 4.03% (B), 08/01/2034		4,659		4,785
12-Month LIBOR + 1.73%, 4.32% (B), 08/01/2035		38,292		40,167
4.50%, 02/01/2025 - 06/01/2026		1,516,867		1,555,885
5.00%, 04/01/2039 - 11/01/2039		13,862,261		14,669,349
5.00%, TBA (C)		15,542,000		16,215,771
5.50%, 04/01/2036 - 12/01/2041		6,477,472		7,046,866
6.00%, 02/01/2034 - 06/01/2041		13,706,946		14,979,031
6.50%, 06/01/2038 - 05/01/2040		2,104,294		2,348,665
Government National Mortgage Association, Interest Only STRIPS 0.78% (B), 02/16/2053		6,122,372		293,028
Total U.S. Government Agency Obligations (Cost $500,425,760)				496,484,387
U.S. GOVERNMENT OBLIGATIONS - 20.9%
U.S. Treasury - 18.5%
U.S. Treasury Bond
2.25%, 08/15/2046		17,659,000		13,991,308

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

Transamerica Funds Annual Report 2018

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Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (continued)
U.S. Treasury (continued)
U.S. Treasury Bond (continued)
2.50%, 02/15/2045 - 05/15/2046		$ 51,622,200		$ 43,391,991
2.75%, 08/15/2042 - 11/15/2047		43,739,400		38,788,269
2.88%, 08/15/2045		16,537,000		14,997,638
3.00%, 05/15/2042		9,875,000		9,255,498
3.13%, 02/15/2042 - 05/15/2048		25,862,800		24,786,688
3.50%, 02/15/2039		7,016,100		7,205,754
3.63%, 02/15/2044		42,584,600		44,201,484
4.50%, 02/15/2036		36,817,200		42,870,465
4.75%, 02/15/2037		24,549,000		29,556,613
5.25%, 02/15/2029		23,701,100		27,989,518
U.S. Treasury Note
1.00%, 11/30/2019		30,465,800		29,906,467
1.50%, 08/15/2026		25,585,000		22,751,661
1.63%, 03/31/2019 - 05/15/2026		64,480,200		62,317,493
2.00%, 02/15/2025		4,970,900		4,669,539
2.25%, 11/15/2027		30,482,400		28,345,060
2.50%, 08/15/2023		15,847,000		15,502,823
2.88%, 09/30/2023 (E)		18,327,000		18,231,786
2.88%, 05/15/2028 - 08/15/2028		67,885,800		66,304,903
				545,064,958
U.S. Treasury Inflation-Protected Securities - 2.4%
U.S. Treasury Inflation-Indexed Bond
1.75%, 01/15/2028		9,515,466		10,026,550
2.50%, 01/15/2029		21,932,438		24,772,803
U.S. Treasury Inflation-Indexed Note 0.63%, 01/15/2024		36,755,884		35,983,179
				70,782,532
Total U.S. Government Obligations (Cost $645,100,332)				615,847,490
	Shares		Value
PREFERRED STOCKS - 0.1%
Banks - 0.1%
Citigroup Capital XIII, 3-Month LIBOR + 6.37%, 8.89% (B)		60,502		1,601,488
CoBank ACB, Series F, Fixed until 10/01/2022, 6.25% (B) (G) (H) (I)		6,000		618,000
				2,219,488
Capital Markets - 0.0% (F)
State Street Corp., Series D, Fixed until 03/15/2024, 5.90% (B)		23,039		599,935
Electric Utilities - 0.0% (F)
SCE Trust III, Series H, Fixed until 03/15/2024, 5.75% (B)		7,998		200,990
Total Preferred Stocks (Cost $3,059,635)				3,020,413

	Principal		Value
COMMERCIAL PAPER - 11.1%
Banks - 1.4%
Bedford Row Funding Corp. 2.29% (J), 11/27/2018		$  12,371,000		$   12,350,897
Sumitomo Mitsui Banking Corp. 2.28% (J), 12/17/2018		30,000,000		29,914,133
				42,265,030
Capital Markets - 0.6%
Cedar Springs Capital Co. LLC 2.35% (J), 12/07/2018		18,000,000		17,958,600
Commercial Services & Supplies - 0.7%
Charta LLC 2.30% (J), 11/16/2018		20,000,000		19,981,250
Diversified Financial Services - 6.6%
Atlantic Asset Securitization LLC
2.29% (J), 11/09/2018		5,000,000		4,997,500
2.40% (J), 12/17/2018		21,000,000		20,936,942
Barton Capital Corp. 2.32% (J), 12/11/2018		28,000,000		27,929,378
Cafco LLC 2.33% (J), 12/17/2018		30,000,000		29,912,600
Fairway Finance Corp. 2.30% (J), 12/17/2018		13,000,000		12,962,459
Gotham Funding Corp. 2.29% (J), 11/05/2018		30,000,000		29,992,500
Le Fayette Asset Securitization LLC 2.45% (J), 01/03/2019		30,000,000		29,874,000
Liberty Funding LLC 2.33% (J), 12/11/2018		25,629,000		25,564,073
Nieuw Amsterdam Receivables Corp. 2.60% (J), 01/22/2019		11,000,000		10,936,108
				193,105,560
Energy Equipment & Services - 0.8%
Schlumberger Investment SA 2.43% (J), 01/03/2019		25,000,000		24,895,875
Software - 1.0%
Manhattan Asset Funding 2.25% (J), 11/16/2018		30,000,000		29,972,375
Total Commercial Paper (Cost $328,178,690)				328,178,690
SHORT-TERM U.S. GOVERNMENT OBLIGATION - 2.2%
U.S. Treasury Bill 2.21% (J), 01/03/2019		65,000,000		64,753,062
Total Short-Term U.S. Government Obligation (Cost $64,753,062)				64,753,062
	Shares		Value
OTHER INVESTMENT COMPANY - 1.3%
Securities Lending Collateral - 1.3%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 2.19% (J)		37,846,743		37,846,743
Total Other Investment Company (Cost $37,846,743)				37,846,743

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

Transamerica Funds Annual Report 2018

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Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
REPURCHASE AGREEMENT - 0.3%
Fixed Income Clearing Corp., 1.25% (J), dated 10/31/2018, to be repurchased at $9,309,336 on 11/01/2018. Collateralized by a U.S. Government Obligation, 1.13%, due 08/31/2021, and with a value of $9,498,155.		$  9,309,013		$   9,309,013
Total Repurchase Agreement (Cost $9,309,013)				9,309,013
Total Investments (Cost $3,445,211,593)				3,350,419,618
Net Other Assets (Liabilities) - (13.7)%				(404,864,365	)
Net Assets - 100.0%				$  2,945,555,253

SECURITY VALUATION:

Valuation Inputs ^(K)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs (L)		Value
ASSETS
Investments
Asset-Backed Securities	$	—	$	281,179,665	$	—	$	281,179,665
Corporate Debt Securities		—		1,142,381,868		—		1,142,381,868
Foreign Government Obligations		—		38,371,301		—		38,371,301
Mortgage-Backed Securities		—		312,041,147		—		312,041,147
Municipal Government Obligations		—		21,005,839		—		21,005,839
U.S. Government Agency Obligations		—		496,484,387		—		496,484,387
U.S. Government Obligations		—		615,847,490		—		615,847,490
Preferred Stocks		2,402,413		—		618,000		3,020,413
Commercial Paper		—		328,178,690		—		328,178,690
Short-Term U.S. Government Obligations		—		64,753,062		—		64,753,062
Other Investment Company		37,846,743		—		—		37,846,743
Repurchase Agreement		—		9,309,013		—		9,309,013
Total Investments	$	40,249,156	$	3,309,552,462	$	618,000	$	3,350,419,618

Transfers

Investments	Transfers from Level 1 to Level 3		Transfers from Level 3 to Level 1		Transfers from Level 2 to Level 3		Transfers from Level 3 to Level 2
Preferred Stocks (I)	$	618,000	$	—	$	—	$	—

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, 2018, the total value of 144A securities is $820,877,374, representing 27.9% of the Fund’s net assets.

(B)

Floating or variable rate securities. The rates disclosed are as of October 31, 2018. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.

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

Transamerica Funds Annual Report 2018

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Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(C)	When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after October 31, 2018. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(D)	Perpetual maturity. The date displayed is the next call date.
(E)	All or a portion of the securities are on loan. The total value of all securities on loan is $37,061,855. 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)	Percentage rounds to less than 0.1% or (0.1)%.
(G)	Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2018, the value of the security is $618,000, representing less than 0.1% of the Fund’s net assets.
(H)	Security is Level 3 of the fair value hierarchy.
(I)	Transferred from Level 1 to 3 due to the use of a valuation technique which utilizes significant unobservable inputs due to the unavailability of quoted market prices in active markets.
(J)	Rates disclosed reflect the yields at October 31, 2018.
(K)	The Fund recognizes transfers in and out of Level 3 as of October 31, 2018. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(L)	Level 3 securities were not considered significant to the Fund.

PORTFOLIO ABBREVIATIONS:

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

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

Transamerica Funds Annual Report 2018

Page    165

Transamerica Intermediate Muni

(unaudited)

MARKET ENVIRONMENT

December of 2017 concluded with the passage of the Tax Cuts and Jobs Act (“Act”) which resulted in the largest month of issuance in municipal market history. The Act in its finalized form repealed municipalities’ capabilities of issuing advance refunding bonds and capped the state and local tax (“SALT”) deduction at $10,000. While previous versions of the Act threatened to repeal the tax exemption of Private Activity Bonds (“PABs”), that provision did not make it into the final bill. Even though the Act had not been signed into law yet, the impact on the municipal market was significant. Issuers rushed to market fearing that they would be shut out in 2018 should the original House version be enacted into law. When the dust finally settled, PABs were sparred, and advanced refundings were the only form of issuance to get repealed in the Act.

The increase of municipal supply in December of 2017 was easily absorbed as many market participants feared that the Act would cause 2018 municipal supply to decrease; as a result, the Bloomberg Barclays Municipal Bond Index closed out 2017 with a 1.05% return in December. The anticipated reduction in supply and repeal of the SALT deduction created a favorable technical environment for municipal investors heading into 2018, however, federal tax reform, which reduced corporate tax rates from 35% to 21%, caused widespread selling amongst banks and insurance companies as demand waned.

The initial shock to the market in 2018 pushed the Bloomberg Barclays Municipal Bond Index lower but the muni market recovered in the summer months as strong market technicals took hold. Demand for municipals was strong due to heavy maturities, calls, and coupon payments, while supply remained subdued. Favorable market conditions quickly evaporated, mutual fund outflows accelerated, and interest rates across the globe rose materially in the latter part of the fiscal year. The end result left the Bloomberg Barclays Municipal Bond Index -1.01% lower on a year-to-date basis through the end of October.

PERFORMANCE

For the year ended October 31, 2018, Transamerica Intermediate Muni (Class A) returned -0.73%, excluding any sales charges. By comparison, its benchmark, the Bloomberg Barclays Muni Managed Money Intermediate Index, returned -1.17%.

STRATEGY REVIEW

We were positioned longer than benchmark, as measured by duration, for much of the period; however, we also overweighted ultra-short duration securities, which helped to counter-balance the underperformance seen in the long end as rates rose in 2018. Though, on average, the Fund’s duration has remained longer than the benchmark, we selectively repositioned some exposures throughout the period from the seven to eight year duration range into shorter two to three year and five to six year durations.

We maintained our exposure to high quality paper as evidenced by the average A- rating of underlying holdings. Our allocation across the credit spectrum had a significantly positive effect on performance. The largest detractor to relative performance was our overweight exposure to A rated bonds. Relative to the benchmark, we were underweight both AAA and AA rated credits, which was additive to active returns. We were overweight to BBB, BB and non-rated credits, and all of these overweights contributed positively to performance.

The housing sector was the top-detracting sector to performance, and we were overweight the sector relative to benchmark. We have continued to believe there is value in the housing sector, and there has been an increase in issuance by housing authorities recently.

Our overweight exposure to insured bonds contributed to relative performance. The fund’s overweight exposure to and selection of Illinois credits contributed to performance during this time period. As credit pressures for certain states like Illinois have continued to mount, we have continued to believe we can find value in investing in strong local governments within troubled states by capitalizing on headline risk and state taint.

One of our main focuses has been, and will likely continue to be on active management through opportunistic trade execution. We have been able to take advantage of certain market dislocations and inefficiencies by taking advantage on both the buy and sale side of the market.

Matthew Dalton

Brian Steeves

Co-Portfolio Managers

Belle Haven Investments LP

Fund Characteristics	Years
Average Maturity §		7.22
Duration †		5.80
Credit Quality ‡	Percentage of Net Assets
AAA		9.8	%
AA		57.7
A		10.6
BBB		7.6
BB		1.3
B		0.5
CCC and Below		0.0	*
Not Rated		11.8
Net Other Assets (Liabilities)		0.7
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.

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

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

Transamerica Funds Annual Report 2018

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Transamerica Intermediate Muni

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		(3.93	)%		3.14	%		3.62	%		10/31/2012
Class A (NAV)		(0.73	)%		3.83	%		4.19	%		10/31/2012
Bloomberg Barclays Muni Managed Money Intermediate Index (A)		(1.17	)%		2.51	%		1.93	%
Class C (POP)		(2.40	)%		3.19	%		3.56	%		10/31/2012
Class C (NAV)		(1.43	)%		3.19	%		3.56	%		10/31/2012
Class I (NAV)		(0.71	)%		3.94	%		4.30	%		10/31/2012
Class I2 (NAV)		(0.60	)%		N/A			(0.15	)%		09/30/2016
Class T1 (POP)		(3.32	)%		N/A			0.46	%		03/17/2017
Class T1 (NAV)		(0.86	)%		N/A			2.01	%		03/17/2017
Advisor Class (NAV)		(0.73	)%		N/A			2.76	%		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.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 3.25% for A shares 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. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I, I2 and Advisor Class shares.

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

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

Municipal bond prices can rise or fall depending on interest rates. Interest rates may go up, causing the value of the Fund’s investments to decline. All municipal bonds carry credit risk that the issuer will default or be unable to make timely payments of interest and principal. Generally, lower rated bonds carry more credit risk.

Transamerica Funds Annual Report 2018

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Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS - 95.3%
Alabama - 0.2%
Bessemer Governmental Utility Services Corp., Revenue Bonds, BAM, 5.00%, 06/01/2029		$  2,210,000		$  2,497,101
Harvest-Monrovia Water Sewer & Fire Protection Authority, Inc., Revenue Bonds, AGM, 4.00%, 04/01/2025		70,000		74,745
Marshall County Board of Education, Special Tax, AGM, 4.00%, 03/01/2032		380,000		392,175
Stevenson Utilities Board, Revenue Bonds, AGC, 4.90%, 05/01/2031		375,000		379,421
				3,343,442
Alaska - 0.1%
Alaska Housing Finance Corp., Revenue Bonds, Series D, 5.00%, 12/01/2025		1,425,000		1,602,526
State of Alaska International Airports System, Revenue Bonds, Series A, 5.00%, 10/01/2031		65,000		72,803
				1,675,329
Arizona - 1.7%
Arizona Board of Regents, Certificate of Participation, Series A, 5.00%, 06/01/2019		150,000		152,503
Arizona Industrial Development Authority, Revenue Bonds
5.25%, 07/01/2022 (A)		1,400,000		1,377,544
Series A,
5.00%, 03/01/2037		830,000		902,783
BluePath Trust, Revenue Bonds, 2.75%, 09/01/2026 (A) (B) (C)		5,184,739		5,022,302
County of Pima, Certificate of Participation, 5.00%, 12/01/2026		35,000		38,727
County of Pima Sewer System Revenue, Revenue Bonds, Series A, 5.00%, 07/01/2019		25,000		25,498
County of Santa Cruz, Revenue Bonds, AGM, 4.00%, 07/01/2026		140,000		149,968
Eastmark Community Facilities District #1, General Obligation Unlimited, BAM, 5.00%, 07/15/2038 (D)		500,000		534,085
Glendale Industrial Development Authority, Revenue Bonds, 5.00%, 07/01/2038		250,000		256,165

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Arizona (continued)
Goodyear McDowell Road Commercial Corridor Improvement District, Special Assessment BAM,
2.85%, 01/01/2024		$   295,000		$   293,590
3.00%, 01/01/2025		1,525,000		1,518,153
Industrial Development Authority of the City of Phoenix, Revenue Bonds
2.95%, 07/01/2026		2,435,000		2,336,066
3.88%, 07/01/2021 (A)		145,000		144,359
5.00%, 07/01/2036		1,440,000		1,503,720
Series A,
4.00%, 07/01/2022 (A)		2,300,000		2,236,474
5.00%, 07/01/2043		500,000		536,820
Series B,
4.00%, 07/01/2022 (A)		1,625,000		1,580,117
Industrial Development Authority of the County of Pima, Revenue Bonds, Series R, 2.88%, 07/01/2021		70,000		69,829
La Paz County Industrial Development Authority, Revenue Bonds
4.90%, 06/15/2028 (A)		560,000		542,030
Series A,
5.00%, 02/15/2021 - 02/15/2026 (A)		1,960,000		2,102,193
Maricopa County Elementary School District No. 25, General Obligation Unlimited, Series A, BAM, 4.00%, 07/01/2024		135,000		144,596
Maricopa County Industrial Development Authority, Revenue Bonds, Series A, 5.00%, 01/01/2034		375,000		403,732
Maricopa County Pollution Control Corp., Revenue Bonds, Series A, 7.25%, 02/01/2040		200,000		202,540
Maricopa County Unified School District No. 89, General Obligation Limited, 5.00%, 07/01/2023		40,000		44,264
Pinal County Electrical District No. 4, Revenue Bonds, AGM, 5.00%, 12/01/2022		240,000		261,965
Tempe Industrial Development Authority, Revenue Bonds, Series B, 5.35%, 10/01/2025 (A)		1,575,000		1,609,382
Yuma County Elementary School District No. 1, General Obligation Unlimited, Series B, AGM, 5.00%, 07/01/2027		600,000		692,916
				24,682,321
Arkansas - 1.1%
Alma School District No. 30, General Obligation Limited, 3.38%, 08/01/2035		40,000		38,435

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

Transamerica Funds Annual Report 2018

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Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Arkansas (continued)
Arkansas Development Finance Authority, Revenue Bonds, AMBAC, Zero Coupon, 07/01/2026		$   105,000		$   82,013
Little Rock School District, General Obligation Limited 3.00%, 02/01/2026 - 02/01/2030		16,320,000		15,995,856
				16,116,304
California - 8.4%
Acalanes Union High School District, General Obligation Unlimited, Series C, Zero Coupon, 08/01/2026		235,000		186,536
Alameda Corridor Transportation Authority, Revenue Bonds Series B, AGM, 4.00%, 10/01/2035 - 10/01/2037		3,115,000		3,158,237
Alisal Union School District, General Obligation Unlimited, Series A, BAM, Zero Coupon, 08/01/2033		125,000		69,344
Avalon Community Improvement Agency Successor Agency, Tax Allocation Series A, AGM, 5.00%, 09/01/2024 - 09/01/2026		1,310,000		1,518,097
Baldwin Park / Monrovia School Facilities Grant Financing Authority, Revenue Bonds AGM,
2.50%, 10/01/2025		115,000		114,564
3.00%, 10/01/2032 - 10/01/2033		300,000		282,109
4.00%, 10/01/2027		185,000		201,067
Beaumont Public Improvement Authority, Revenue Bonds Series A, AGM, 5.00%, 09/01/2037 - 09/01/2049		9,645,000		10,827,259
Calexico Financing Authority, Revenue Bonds, AGM, 4.00%, 04/01/2024		455,000		478,969
California Community College Financing Authority, Revenue Bonds, Series A, BAM, 2.50%, 06/01/2031		120,000		105,104
California Health Facilities Financing Authority, Revenue Bonds, Series B, 5.00%, 11/15/2031		125,000		142,829
California Municipal Finance Authority, Revenue Bonds
4.38%, 07/01/2025 (A) (C)		750,000		767,790
Series A,
4.50%, 06/01/2028 (A)		200,000		201,270
California School Finance Authority, Revenue Bonds, Series A, 4.00%, 08/01/2025 (A)		350,000		363,195

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
California Statewide Communities Development Authority, Revenue Bonds
Fixed until 04/01/2020, 1.90% (E), 04/01/2028		$   75,000		$   74,213
Fixed until 12/01/2023, 2.63% (E), 11/01/2033		1,500,000		1,475,040
5.00%, 08/01/2034 - 08/01/2038		2,775,000		3,117,618
AGM,
5.00%, 10/01/2026		450,000		505,948
Series A,
3.00%, 11/01/2022 (A)		2,000,000		1,999,260
3.50%, 11/01/2027 (A)		2,630,000		2,613,931
5.00%, 12/01/2025 - 12/01/2029 (A)		775,000		834,687
Series B,
5.00%, 07/01/2030		445,000		489,825
Carson Redevelopment Agency Successor Agency, Tax Allocation, Series A, AMBAC, 4.75%, 01/01/2036		110,000		110,212
Chowchilla Elementary School District, General Obligation Unlimited, 5.00%, 08/01/2048		850,000		924,987
City of Irvine, Special Tax, AGM, 5.00%, 09/01/2051		4,750,000		5,206,095
City of Lathrop, Special Assessment
3.00%, 09/02/2020		140,000		140,308
4.00%, 09/02/2021 - 09/02/2022		265,000		273,098
City of San Francisco Public Utilities Commission Water Revenue, Revenue Bonds, Series B, 5.00%, 11/01/2037		75,000		83,134
Coachella Redevelopment Agency Successor Agency, Tax Allocation AGM,
5.00%, 09/01/2026		70,000		78,509
Series A, AGM,
4.00%, 09/01/2031 - 09/01/2032		1,060,000		1,098,792
5.00%, 09/01/2029 - 09/01/2030		1,295,000		1,448,591
Colton Joint Unified School District, General Obligation Unlimited BAM,
4.00%, 02/01/2033		55,000		56,851
5.00%, 02/01/2029		480,000		547,123
County of El Dorado, Special Tax BAM,
3.00%, 09/01/2025 - 09/01/2026		415,000		421,920
5.00%, 09/01/2021 - 09/01/2024		2,700,000		2,998,998
County of Santa Cruz, Certificate of Participation 4.00%, 08/01/2032 - 08/01/2033		580,000		602,434
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		902,925
Davis Joint Unified School District, Certificate of Participation, BAM, 4.00%, 08/01/2024		95,000		102,002

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

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Page    169

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
Department of Veterans Affairs Veteran’s Farm & Home Purchase Program, Revenue Bonds
Series B,
3.00%, 12/01/2031		$   5,490,000		$   5,287,748
3.25%, 12/01/2036		5,400,000		5,108,940
Dry Creek Joint Elementary School District, Special Tax, AGM, 5.00%, 09/01/2024		140,000		160,265
Elk Grove Unified School District, Certificate of Participation BAM, 5.00%, 02/01/2027 - 02/01/2028		2,380,000		2,725,199
Etiwanda School District, Special Tax
Series 2,
2.00%, 09/01/2020		50,000		49,937
3.00%, 09/01/2021 - 09/01/2022		185,000		187,795
3.50%, 09/01/2023		75,000		77,405
Fairfield-Suisun Unified School District Public Financing Authority, Special Tax BAM, 2.25%, 08/15/2021 - 08/15/2023		6,195,000		6,189,556
Fresno Unified School District, General Obligation Unlimited, Series A, 5.00%, 08/01/2038		1,000,000		1,121,140
Golden State Tobacco Securitization Corp., Revenue Bonds
Series A-1,
5.00%, 06/01/2023 - 06/01/2047		15,895,000		15,843,741
5.25%, 06/01/2047		3,580,000		3,599,547
Series A-2,
5.00%, 06/01/2047		14,000,000		13,631,800
Hacienda La Puente Unified School District, Certificate of Participation, AGM, 5.00%, 06/01/2024		190,000		215,337
Kern Community College District, General Obligation Unlimited, 5.00%, 11/01/2018		100,000		100,000
Menifee Union School District Public Financing Authority, Special Tax
Series A,
4.00%, 09/01/2019		480,000		487,301
5.00%, 09/01/2023		425,000		469,383
Series A, BAM,
5.00%, 09/01/2029 - 09/01/2034		1,390,000		1,547,730
Oakdale Public Financing Authority, Special Tax, 2.63%, 09/01/2022		110,000		109,581
Peralta Community College District, General Obligation Unlimited Series D, 3.50%, 08/01/2032 - 08/01/2034		6,120,000		6,104,217

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
Pittsburg Successor Agency Redevelopment Agency, Tax Allocation, Series A, AGM, 5.00%, 09/01/2022		$   425,000		$   466,012
Rio Elementary School District Community Facilities District, Special Tax BAM, 5.00%, 09/01/2029 - 09/01/2032		1,740,000		1,955,944
Riverside County Redevelopment Successor Agency, Tax Allocation, Series B, AGM, 5.00%, 10/01/2030		1,010,000		1,153,359
Riverside Redevelopment Agency Successor Agency, Tax Allocation, Series A, 5.00%, 09/01/2020		115,000		121,445
San Bernardino County Redevelopment Agency Successor Agency, Tax Allocation Series B, AGM, 5.00%, 09/01/2025 - 09/01/2028		835,000		938,248
San Diego Unified School District, General Obligation Unlimited, Series K-2, Zero Coupon, 07/01/2030		1,450,000		960,770
San Leandro Redevelopment Agency Successor Agency, Tax Allocation, 5.00%, 09/01/2027		100,000		111,870
Sanger Unified School District, Certificate of Participation, AGM, 3.13%, 06/01/2033		75,000		70,985
Santa Clarita Redevelopment Agency Successor Agency, Tax Allocation, AGM, 5.00%, 10/01/2023		685,000		763,042
Snowline Joint Unified School District, Special Tax, Series A, 3.00%, 09/01/2022		280,000		283,746
South Tahoe Redevelopment Agency, Special Tax, Series 1, 3.38%, 10/01/2021		110,000		111,201
State of California, General Obligation Unlimited, 4.00%, 08/01/2034		360,000		371,437
Stockton Public Financing Authority, Revenue Bonds, Series A, NATL, 5.00%, 10/01/2031		15,000		15,036
Stockton Public Financing Authority, Special Tax, Series A, BAM, 4.00%, 09/02/2030		1,310,000		1,381,133
Successor Agency to the Upland Community Redevelopment Agency, Tax Allocation, AGM, 5.00%, 09/01/2022		50,000		54,999

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

Transamerica Funds Annual Report 2018

Page    170

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
Sutter Union High School District, General Obligation Unlimited, BAM, Zero Coupon, 08/01/2028		$   200,000		$   144,122
Tobacco Securitization Authority of Northern California, Revenue Bonds, Series A-1, 4.75%, 06/01/2023		25,000		25,131
Vacaville Unified School District, Certificate of Participation AGM, 4.00%, 12/01/2023 - 12/01/2024		355,000		383,072
Washington Township Health Care District, General Obligation Unlimited Series DT, 4.00%, 08/01/2034 - 08/01/2036		1,775,000		1,821,890
West Hill Community College District, General Obligation Unlimited, Series C, BAM, 5.00%, 08/01/2026		110,000		127,343
Whittier Union High School District, General Obligation Unlimited, Zero Coupon, 08/01/2026		950,000		758,907
				119,559,185
Colorado - 2.7%
BNC Metropolitan District No. 1, General Obligation Limited, Series A, BAM, 5.00%, 12/01/2032		360,000		395,806
Bradburn Metropolitan District No. 2, General Obligation Limited, Series A, 4.00%, 12/01/2028		500,000		483,840
Brighton Crossing Metropolitan District No. 4, General Obligation Limited, Series A, 5.00%, 12/01/2037		525,000		530,276
Bromley Park Metropolitan District No. 2, General Obligation Limited Series A, BAM, 5.00%, 12/01/2031 - 12/01/2032		460,000		512,989
Castle Oaks Metropolitan District No. 3, General Obligation Limited, 5.00%, 12/01/2037		1,500,000		1,469,235
Centerra Metropolitan District No. 1, Tax Allocation, 2.70%, 12/01/2019 (A) (B) (C)		493,000		493,552
City of Arvada, Certificate of Participation 4.00%, 12/01/2031 - 12/01/2034		1,935,000		1,989,057
Colorado Educational & Cultural Facilities Authority, Revenue Bonds
4.00%, 07/01/2019 - 08/01/2026		585,000		612,648
5.00%, 06/15/2029 - 08/01/2036		2,240,000		2,447,221
Series A,
5.00%, 06/01/2036		540,000		577,546

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Colorado (continued)
Colorado Health Facilities Authority, Revenue Bonds
4.00%, 05/15/2029		$   1,950,000		$   2,029,813
5.00%, 06/01/2028 - 06/01/2030		2,500,000		2,750,750
Series A,
4.25%, 11/01/2024 05/11/2017		2,995,000		2,946,751
5.00%, 12/01/2033 - 01/01/2040		215,000		225,728
Series B,
3.13%, 05/15/2027		1,250,000		1,223,800
5.00%, 05/15/2021 - 05/15/2026		2,815,000		3,030,240
Colorado Housing & Finance Authority, Revenue Bonds GNMA,
3.38%, 11/01/2033		2,075,000		1,977,184
3.60%, 11/01/2038		2,710,000		2,551,031
Series C, GNMA,
2.75%, 05/01/2028		495,000		471,879
2.80%, 11/01/2028		1,175,000		1,115,615
Heather Gardens Metropolitan District, General Obligation Unlimited AGM, 4.00%, 12/01/2024 - 12/01/2032		2,370,000		2,563,024
North Park Metropolitan District No. 1, Revenue Bonds, Series A-2, 5.50%, 12/01/2034		1,000,000		997,840
Park Creek Metropolitan District, Tax Allocation NATL-IBC,
5.00%, 12/01/2045		1,220,000		1,293,773
Series A,
5.00%, 12/01/2032 - 12/01/2037		1,455,000		1,575,725
Sand Creek Metropolitan District, General Obligation Limited MAC, 4.00%, 12/01/2032 - 12/01/2034		1,475,000		1,575,998
Silver Peaks Metropolitan District No. 2, General Obligation Limited BAM, 5.00%, 12/01/2037 - 12/01/2042		1,620,000		1,731,563
				37,572,884
Connecticut - 2.2%
City of Bridgeport, General Obligation Unlimited, Series C, AGM, 5.00%, 08/15/2024		1,275,000		1,413,044
City of Hartford, General Obligation Unlimited
Series A, AGM,
5.00%, 07/01/2025 - 07/01/2032		525,000		579,800
Series A, BAM,
4.00%, 12/01/2027		515,000		538,886
5.00%, 12/01/2022 - 12/01/2026		12,040,000		13,368,051
Series A, BAM-TCRS,
5.00%, 04/01/2025		765,000		822,000
Series C, AGM,
5.00%, 07/15/2019 - 07/15/2023		1,195,000		1,307,022

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

Transamerica Funds Annual Report 2018

Page    171

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Connecticut (continued)
City of Hartford, General Obligation Unlimited (continued)
Series C, BAM,
5.00%, 08/15/2021		$   300,000		$   319,467
City of New Haven, General Obligation Unlimited
Series A,
5.50%, 08/01/2034 - 08/01/2038		2,120,000		2,290,236
Series B, BAM,
5.00%, 08/15/2025		40,000		45,244
Connecticut Housing Finance Authority, Revenue Bonds
Series 24,
3.80%, 06/15/2031		370,000		354,664
3.90%, 06/15/2033		405,000		390,096
Series A-1,
3.10%, 05/15/2028		2,015,000		1,988,745
Series A-4,
1.40%, 11/15/2019		200,000		198,754
Series B-1,
2.40%, 11/15/2026		90,000		86,543
Series B3,
2.40%, 05/15/2026		55,000		53,296
Connecticut State Health & Educational Facilities Authority, Revenue Bonds
Fixed until 03/01/2019, 1.65% (E), 11/15/2029		1,635,000		1,632,825
Series B, AGC,
5.50%, 07/01/2032		250,000		250,418
Series J,
5.00%, 07/01/2034		135,000		142,710
State of Connecticut, General Obligation Unlimited, Series B, 4.00%, 03/01/2029		25,000		25,457
State of Connecticut Special Tax Revenue, Revenue Bonds, Series A, 5.00%, 08/01/2022		60,000		64,996
Town of Hamden, General Obligation Unlimited BAM, 6.00%, 08/15/2033 - 08/15/2038		2,250,000		2,642,625
Town of Plymouth, General Obligation Unlimited, 4.00%, 07/15/2019		400,000		403,808
Town of Wilton, General Obligation Unlimited
3.13%, 03/01/2034		550,000		532,669
3.25%, 03/01/2035 - 03/01/2038		1,000,000		966,947
University of Connecticut, Revenue Bonds, Series A, 5.00%, 11/15/2023		25,000		25,708
				30,444,011
Delaware - 0.0% (F)
Delaware State Economic Development Authority, Revenue Bonds, 5.38%, 10/01/2045		55,000		57,057

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
District of Columbia - 0.4%
District of Columbia, Revenue Bonds
Series A,
4.13%, 07/01/2027		$   1,000,000		$   985,270
5.00%, 07/01/2032		1,500,000		1,531,635
Series B,
3.88%, 07/01/2024		1,500,000		1,489,020
Series C,
4.00%, 12/01/2021		25,000		26,318
District of Columbia Housing Finance Agency, Revenue Bonds, Series A, 3.70%, 09/01/2033		2,010,000		1,964,976
District of Columbia Water & Sewer Authority, Revenue Bonds, Series A, 5.00%, 10/01/2023		25,000		27,483
Metropolitan Washington Airports Authority, Revenue Bonds, Series A, 5.00%, 10/01/2020		25,000		26,280
				6,050,982
Florida - 3.5%
Cape Coral Health Facilities Authority, Revenue Bonds
4.00%, 07/01/2020 (A)		360,000		361,483
4.25%, 07/01/2021 (A)		435,000		439,128
Capital Trust Agency, Inc., Revenue Bonds
3.00%, 07/01/2019 (A)		180,000		180,385
3.50%, 07/01/2020 - 07/01/2022 (A)		1,885,000		1,895,248
Series A,
4.50%, 07/01/2034		2,170,000		2,148,235
City of Cape Coral Water & Sewer Revenue, Special Assessment AGM,
2.13%, 09/01/2022		100,000		96,090
2.75%, 09/01/2025 - 09/01/2026		775,000		743,251
City of Fernandina Beach Utility System Revenue, Revenue Bonds, Series A, 5.00%, 09/01/2019		45,000		46,075
City of Fort Myers, Revenue Bonds 4.00%, 12/01/2032 - 12/01/2034		935,000		952,630
City of Jacksonville, Revenue Bonds, Series C, 5.00%, 10/01/2031		175,000		190,461
City of Miami Gardens, General Obligation Unlimited, BAM-TCRS, 5.00%, 07/01/2031		2,230,000		2,454,539
City of North Port, Special Assessment, BAM, 5.00%, 07/01/2020		90,000		94,063
City of Orlando, Revenue Bonds
Series A, AGM,
5.00%, 11/01/2027 - 11/01/2029		4,105,000		4,666,029
Series B, AGM,
5.00%, 11/01/2025 - 11/01/2038		9,050,000		9,963,138

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

Transamerica Funds Annual Report 2018

Page    172

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Florida (continued)
City of Pompano Beach, Revenue Bonds, 4.00%, 09/01/2020		$   315,000		$   323,508
City of Tallahassee, Revenue Bonds, 5.00%, 10/01/2023		55,000		60,419
City of Tampa, Revenue Bonds
5.00%, 07/01/2024		420,000		468,304
Series A,
5.00%, 11/15/2025		25,000		27,076
Columbia County School Board, Certificate of Participation, Series A, BAM, 5.00%, 07/01/2026		440,000		496,461
Escambia County School Board, Revenue Bonds, 4.00%, 09/01/2019		120,000		121,994
Florida Department of Environmental Protection, Revenue Bonds, Series A, 5.00%, 07/01/2022		55,000		60,167
Florida Department of Management Services, Certificate of Participation, Series A, 5.00%, 08/01/2019		35,000		35,435
Florida Higher Educational Facilities Financial Authority, Revenue Bonds, 5.00%, 04/01/2035		1,050,000		1,130,713
Florida Housing Finance Corp., Revenue Bonds
Series 1, GNMA, FNMA, FHLMC,
2.20%, 01/01/2023		145,000		144,255
2.25%, 07/01/2023		120,000		119,314
2.30%, 01/01/2024		315,000		311,207
2.35%, 07/01/2024		500,000		492,410
2.45%, 01/01/2025		420,000		413,364
2.50%, 07/01/2025		490,000		480,523
2.65%, 01/01/2026		500,000		491,000
2.70%, 07/01/2026		245,000		239,666
2.75%, 01/01/2027		490,000		476,667
2.80%, 07/01/2027		495,000		479,744
2.85%, 01/01/2028		175,000		168,543
2.90%, 07/01/2028		495,000		475,141
3.75%, 07/01/2035		2,500,000		2,528,750
Series A, GNMA, FNMA, FHLMC,
2.25%, 07/01/2022		135,000		133,730
Manatee County School District, Revenue Bonds, AGM, 5.00%, 10/01/2021		50,000		53,945
Northern Palm Beach County Improvement District, Special Assessment, AGM, 5.00%, 08/01/2024		595,000		661,682
Orange County Health Facilities Authority, Revenue Bonds Series A, 5.00%, 10/01/2033 - 10/01/2034		8,190,000		8,940,477

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Florida (continued)
Orange County Housing Finance Authority, Revenue Bonds
Series A, GNMA, FNMA, FHLMC,
1.55%, 03/01/2019		$   70,000		$   69,889
1.65%, 09/01/2019		75,000		74,797
3.15%, 09/01/2032		495,000		466,745
Peace River Manasota Regional Water Supply Authority, Revenue Bonds, 5.00%, 10/01/2019		100,000		102,711
St. Johns County Industrial Development Authority, Revenue Bonds, Series A, Fixed until 08/01/2024, 4.13% (E), 08/01/2047		1,000,000		982,130
Tradition Community Development District No. 1, Special Assessment, AGM, 4.00%, 05/01/2023		275,000		290,642
Village Community Development District No. 12, Special Assessment
3.25%, 05/01/2023 (A)		300,000		299,502
3.25%, 05/01/2026		2,510,000		2,454,328
Volusia County School Board, Certificate of Participation Series A, BAM, 5.00%, 08/01/2027 - 08/01/2028		655,000		734,047
Walton County District School Board, Certificate of Participation, AGM, 5.00%, 07/01/2026		445,000		497,381
				49,537,422
Georgia - 0.4%
City of East Point, Tax Allocation, 3.00%, 08/01/2022		1,000,000		1,019,920
Cobb County Kennestone Hospital Authority, Revenue Bonds, 5.00%, 04/01/2019		150,000		151,954
Georgia Housing & Finance Authority, Revenue Bonds
Series A-1,
3.20%, 12/01/2036		690,000		641,341
3.25%, 12/01/2037		1,320,000		1,218,690
Series B,
3.40%, 12/01/2037		2,345,000		2,161,363
Series C,
2.85%, 06/01/2028 - 12/01/2028		825,000		790,046
Valdosta Housing Authority, Revenue Bonds, XLCA, 4.50%, 08/01/2029		200,000		200,416
				6,183,730
Guam - 0.1%
Guam Government Waterworks Authority, Revenue Bonds 5.00%, 07/01/2019 - 07/01/2031		665,000		711,428
Guam Power Authority, Revenue Bonds
Series A,
5.00%, 10/01/2034		50,000		51,702

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

Transamerica Funds Annual Report 2018

Page    173

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Guam (continued)
Guam Power Authority, Revenue Bonds (continued)
Series A, AGM,
5.00%, 10/01/2026		$   175,000		$   188,501
				951,631
Idaho - 0.4%
County of Nez Perce, Revenue Bonds, 2.75%, 10/01/2024		4,500,000		4,381,200
Idaho Housing & Finance Association, Revenue Bonds
Series A,
4.00%, 07/01/202608/04/2016		370,000		374,374
4.63%, 07/01/2029 (A)		185,000		179,979
Series A-1, Class I,
2.75%, 07/01/2031		540,000		498,841
				5,434,394
Illinois - 15.1%
Adams County School District No. 172, General Obligation Unlimited AGM,
3.00%, 02/01/2033		300,000		262,131
4.00%, 02/01/2032 - 02/01/2035		3,250,000		3,259,459
5.00%, 02/01/2029		1,345,000		1,470,381
Boone & Winnebago Counties Community Unit School District No. 200, General Obligation Unlimited AGM, Zero Coupon, 01/01/2023		2,955,000		2,632,394
Carol Stream Park District, General Obligation Unlimited, BAM, 5.00%, 01/01/2037		1,375,000		1,488,314
Central Lake County Joint Action Water Agency, Revenue Bonds, 4.00%, 05/01/2019		60,000		60,585
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		5,506,829
Chicago Board of Education, General Obligation Unlimited
Series A,
4.00%, 12/01/2020		3,245,000		3,270,733
Series A, AGM-CR, AMBAC,
5.50%, 12/01/2021		410,000		438,187
Series A, AGM-CR, NATL,
5.25%, 12/01/2021		150,000		159,221
Series C, AGM,
5.00%, 12/01/2027		2,125,000		2,129,824
Chicago O’Hare International Airport, Revenue Bonds, Series B, 5.00%, 01/01/2021		150,000		158,498
Chicago Park District, General Obligation Limited, Series B, 4.00%, 01/01/2019		25,000		25,074

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
City of Burbank, General Obligation Unlimited, BAM-TCRS, 3.70%, 12/01/2018		$   300,000		$   300,381
City of Calumet City, General Obligation Unlimited BAM,
4.00%, 03/01/2020 - 03/01/2024		2,335,000		2,438,085
Series A, BAM,
4.00%, 03/01/2022		1,345,000		1,395,505
City of Chicago, General Obligation Unlimited
Series A,
4.00%, 01/01/2019		50,000		50,166
Series A, AGM,
4.75%, 01/01/2030 - 01/01/2038		120,000		120,394
5.00%, 01/01/2026		125,000		128,370
Series A, AMBAC,
5.00%, 01/01/2024		40,000		40,078
Series C,
5.00%, 01/01/2026 - 01/01/2034		2,965,000		3,158,204
Series D,
5.00%, 01/01/2020		90,000		90,316
Series D, AMBAC,
5.00%, 12/01/2022		10,000		10,033
Series H, AMBAC,
5.00%, 12/01/2023		145,000		145,476
City of Chicago Wastewater Transmission Revenue, Revenue Bonds AGM-CR,
3.00%, 01/01/2021		750,000		754,837
5.00%, 01/01/2022 - 01/01/2024		700,000		752,070
BAM-TCRS,
3.00%, 01/01/2021		475,000		478,064
Series A, AGM,
5.25%, 01/01/2042		675,000		729,331
City of Chicago Waterworks Revenue, Revenue Bonds
3.00%, 11/01/2019		125,000		125,821
4.00%, 11/01/2023		500,000		521,770
5.00%, 11/01/2021 - 11/01/2028		3,485,000		3,721,639
AGM-CR,
5.00%, 11/01/2027		140,000		150,528
Series A-1,
5.00%, 11/01/2024		5,000,000		5,530,700
City of Country Club Hills, General Obligation Unlimited
BAM,
4.00%, 12/01/2028 - 12/01/2031		1,240,000		1,245,694
4.50%, 12/01/2030 - 12/01/2031		1,345,000		1,390,959
City of East Peoria, General Obligation Unlimited, Series A, AGM, 4.20%, 01/01/2028		200,000		204,310
City of Evanston, General Obligation Unlimited, Series C, 4.00%, 12/01/2018		50,000		50,082

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

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
City of Flora, General Obligation Unlimited BAM, 3.50%, 11/01/2022 - 11/01/2024		$   585,000		$   592,007
City of Kankakee, General Obligation Unlimited Series A, AGM, 4.00%, 01/01/2026 - 01/01/2027		800,000		818,988
City of Monmouth, General Obligation Unlimited, Series B, BAM, 3.00%, 12/01/2023		130,000		131,838
City of North Chicago, General Obligation Unlimited
Series A, AGM,
4.00%, 11/01/2020		160,000		164,678
Series B, AGM,
4.00%, 11/01/2023		40,000		42,014
City of Princeton, General Obligation Unlimited, Series E, 2.50%, 12/01/2019		40,000		40,102
City of Rochelle Electric System Revenue, Revenue Bonds, AGM, 3.00%, 05/01/2019		310,000		311,218
City of Sterling, General Obligation Unlimited
3.00%, 11/01/2018		25,000		25,000
AGM,
3.00%, 12/01/2024 - 12/01/2026		345,000		333,938
City of Waukegan, General Obligation Unlimited Series A, AGM, 5.00%, 12/30/2030 - 12/30/2036		4,340,000		4,751,335
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		4,038,296
Cook & Will Counties Community College District No. 515, General Obligation Limited, 5.00%, 12/01/2024		70,000		76,224
Cook & Will Counties School District No. 194, General Obligation Limited, Series B, BAM, 5.00%, 12/01/2033		775,000		838,596
Cook & Will Counties School District No. 194, General Obligation Unlimited, BAM, 4.13%, 12/01/2035		930,000		950,813
Cook County Community College District No. 508, General Obligation Unlimited
5.00%, 12/01/2018 - 12/01/2024		2,320,000		2,415,065
BAM-TCRS,
5.25%, 12/01/2027		1,825,000		2,032,594
Cook County Community High School District No. 229, General Obligation Limited, 4.00%, 12/01/2023		1,505,000		1,597,272

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Cook County High School District No. 201, General Obligation Limited
Series B, AMBAC,
Zero Coupon, 12/01/2019		$   100,000		$   97,123
Series C, AGM,
Zero Coupon, 12/01/2024		100,000		81,319
Cook County High School District No. 205, General Obligation Limited, AGC, 5.50%, 12/01/2019		100,000		100,291
Cook County High School District No. 220, General Obligation Limited
AGM-CR,
5.00%, 12/01/2025		700,000		768,964
BAM-TCRS,
5.00%, 12/01/2026		1,545,000		1,694,911
Cook County School District No. 100, General Obligation Unlimited, BAM, 4.00%, 12/01/2021		430,000		447,187
Cook County School District No. 109, General Obligation Limited, 4.00%, 12/01/2018		180,000		180,283
Cook County School District No. 149, General Obligation Limited, Series A-1, AGM, 4.00%, 12/01/2028		980,000		994,249
Cook County School District No. 157, General Obligation Unlimited Series A, AGM, Zero Coupon, 11/01/2021 - 11/01/2025		1,400,000		1,184,498
Cook County School District No. 158, General Obligation Limited, AGM, 3.00%, 12/01/2021		325,000		326,709
Cook County School District No. 162, General Obligation Limited, AGM, 4.00%, 12/01/2027		250,000		253,638
Cook County School District No. 163, General Obligation Limited, Series A, AGM, 5.00%, 12/15/2028		70,000		75,810
Cook County School District No. 31, General Obligation Limited Series A, 3.00%, 12/01/2021		100,000		100,803
Cook County School District No. 81, General Obligation Unlimited, AGM, 4.00%, 12/01/2019		500,000		500,855
Cook County School District No. 99, General Obligation Unlimited, Series A, AGC, 5.00%, 12/01/2018		100,000		100,248
County of Cook, General Obligation Unlimited
Series C,
5.00%, 11/15/2020		100,000		102,800

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

Transamerica Funds Annual Report 2018

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
County of Cook, General Obligation Unlimited (continued)
Series C, AGM-CR,
5.00%, 11/15/2024		$   1,500,000		$   1,625,100
Series D,
5.00%, 11/15/2019		25,000		25,700
County of Cook Sales Tax Revenue, Revenue Bonds, 4.00%, 11/15/2019		300,000		305,964
County of Winnebago, General Obligation Unlimited, Series C, 3.00%, 12/30/2018		50,000		50,090
DeKalb & Kane Counties Community Unit School District No. 427, General Obligation Unlimited, Series A, BAM-TCRS, 4.00%, 02/01/2030		2,185,000		2,214,803
DuPage & Will Counties Community School District No. 204, General Obligation Unlimited, Series A, 2.50%, 12/30/2019		30,000		30,095
DuPage County Community High School District No. 99, General Obligation Unlimited, 5.00%, 12/01/2018		100,000		100,237
Governors State University, Certificate of Participation, AGC, 4.50%, 01/01/2019		185,000		185,498
Grundy County School District No. 54, General Obligation Unlimited, AGM-CR, 6.00%, 12/01/2024		2,050,000		2,246,718
Henry & Whiteside Counties Community Unit School District No. 228, General Obligation Unlimited
Series A, AGM,
5.00%, 08/15/2028		150,000		163,007
Series B, AGM,
5.00%, 02/15/2023		165,000		178,518
Illinois Development Finance Authority, Revenue Bonds, AGM, Zero Coupon, 01/01/2021		30,000		28,509
Illinois Finance Authority, Revenue Bonds
4.00%, 08/01/2032		675,000		643,977
5.00%, 08/01/2025 - 08/01/2031		3,975,000		4,360,111
AGM,
4.00%, 12/01/2023		140,000		148,175
5.00%, 12/01/2036		1,900,000		2,055,021
Series A,
5.00%, 07/01/2020 - 11/15/2037		2,570,000		2,676,096
Series A-1,
3.50%, 12/01/2027		2,250,000		2,174,985
Fixed until 01/15/2020, 5.00% (E), 11/01/2030		110,000		113,566
Series A-2,

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Illinois Finance Authority, Revenue Bonds (continued)
Fixed until 02/12/2020, 5.00% (E), 11/01/2030		$   150,000		$   155,162
Series B,
5.00%, 11/01/2019		40,000		41,155
5.50%, 11/01/2020		80,000		82,702
Series C,
5.00%, 05/15/2020 - 08/15/2021		170,000		178,034
Series L,
4.00%, 12/01/2018		95,000		95,152
Illinois Housing Development Authority, Revenue Bonds
FNMA,
2.63%, 09/01/2032		1,518,732		1,331,290
Series A-1,
3.00%, 02/01/2022		340,000		345,794
Illinois State Toll Highway Authority, Revenue Bonds
Series B,
5.00%, 01/01/2037		140,000		151,081
Series D,
5.00%, 01/01/2024		45,000		50,278
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		1,236,550
Jersey & Greene County Community Unit School District No. 100, General Obligation Unlimited Series A, BAM, 5.00%, 12/01/2026 - 12/01/2027		4,040,000		4,448,011
Joliet Regional Port District, General Obligation Unlimited, Series A, AGM, 4.00%, 12/30/2024		250,000		266,137
Kane Cook & DuPage Counties School District No. U-46, General Obligation Limited, Series A, 5.00%, 01/01/2033		260,000		283,395
Kane Cook & DuPage Counties School District No. U-46, General Obligation Unlimited Series D, 5.00%, 01/01/2025 - 01/01/2026		130,000		143,556
Kane County School District No. 129, General Obligation Unlimited
Series C, BAM-TCRS,
4.00%, 02/01/2022		1,200,000		1,254,240
5.00%, 02/01/2024 - 02/01/2025		5,200,000		5,792,001
Kane Kendall Etc. Counties Community College District No. 516, General Obligation Unlimited, Series A, 5.00%, 12/15/2022		100,000		108,206
Knox & Warren Counties Community Unit School District No. 205, General Obligation Unlimited, Series B, 3.50%, 01/01/2027		230,000		232,199

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

Transamerica Funds Annual Report 2018

Page    176

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	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		$   111,399
Lake County Community Unit School District No. 116, General Obligation Limited, Series B, 3.00%, 01/15/2023		105,000		106,492
Lake County School District No. 38, General Obligation Unlimited, BAM-TCRS, 3.00%, 02/01/2022		2,500,000		2,509,175
Lake County Special Education District No. 825, Revenue Bonds, Series B, 4.00%, 10/01/2019		150,000		152,414
Lee & Ogle Counties Community Unit School District No. 275, General Obligation Unlimited Series B, AGM, 4.50%, 12/01/2025 - 12/01/2027		1,085,000		1,136,617
Lincolnshire-Prairie View School District No. 103, Revenue Bonds, Series B, 3.00%, 12/01/2018		70,000		70,055
Macon & De Witt Counties Community Unit School District No. 2, General Obligation Unlimited
Series C, BAM,
3.25%, 12/01/2023		1,195,000		1,217,442
3.50%, 12/01/2024		1,270,000		1,306,462
4.00%, 12/01/2025		1,360,000		1,449,733
Madison & Jersey Counties Unit School District No. 11, General Obligation Unlimited, Series B, BAM, 3.50%, 03/01/2029		2,070,000		2,015,538
Madison Bond Etc Counties Community Unit School District No. 5, General Obligation Unlimited, Series A, AGM, 4.00%, 02/01/2025		410,000		432,226
Madison-Macoupin Etc Counties Community College District No. 536, General Obligation Unlimited
5.00%, 11/01/2018 - 11/01/2021		510,000		532,168
Series A, AGM,
5.00%, 11/01/2031 - 11/01/2033		3,450,000		3,747,953
Series A, BAM-TCRS,
5.00%, 11/01/2022 - 11/01/2026		5,150,000		5,574,074
McHenry & Kane Counties Community Consolidated School District No. 158, General Obligation Unlimited, AGM-CR, FGIC, Zero Coupon, 01/01/2024		510,000		431,348
McHenry County Community Unit School District No. 12, General Obligation Unlimited, Series A, AGM, 5.00%, 01/01/2023		70,000		75,354

	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		$   65,374
McHenry County Conservation District, General Obligation Unlimited, 5.00%, 02/01/2026		110,000		123,042
McLean & Woodford Counties Community Unit School District No. 5, General Obligation Unlimited, AGC, 4.00%, 12/01/2018		70,000		70,110
McLean County Public Building Commission, Revenue Bonds, 4.00%, 12/01/2034		1,245,000		1,263,787
Metropolitan Pier & Exposition Authority, Revenue Bonds
NATL,
Zero Coupon, 06/15/2019		80,000		78,528
5.70% (G), 06/15/2023		165,000		181,535
Series A, NATL,
Zero Coupon, 06/15/2026		20,000		14,495
Series B,
5.00%, 12/15/2028		20,000		20,701
Metropolitan Water Reclamation District of Greater Chicago, General Obligation Limited, Series B, 5.00%, 12/01/2019		60,000		61,894
Montgomery Christian & Fayette Counties Community Unit School District No. 22, General Obligation Unlimited
Series A, AGM,
4.00%, 12/01/2032		270,000		283,060
Series B, AGM,
3.30%, 12/01/2035		255,000		232,032
Northeastern Illinois University, Certificate of Participation
AGM,
3.00%, 07/01/2019 - 07/01/2023		2,815,000		2,838,812
4.00%, 07/01/2025		565,000		590,770
Northeastern Illinois University, Revenue Bonds
Series 1, BAM,
3.00%, 07/01/2020		125,000		126,520
4.00%, 07/01/2021 - 07/01/2022		1,015,000		1,061,534
Northern Illinois University, Certificate of Participation, AGM, 5.00%, 09/01/2024		105,000		115,093
Northlake Public Library District, General Obligation Unlimited, AGM, 3.00%, 12/01/2021		610,000		621,529
Ogle & Stephenson Counties Community Unit School District No. 221, General Obligation Unlimited, BAM, 5.00%, 02/01/2024		500,000		544,365

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

Transamerica Funds Annual Report 2018

Page    177

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Peoria Metropolitan Airport Authority, Revenue Bonds, 5.60%, 12/01/2022		$   35,000		$   35,106
Peoria Public Building Commission, Revenue Bonds, BAM, 5.00%, 12/01/2022		1,075,000		1,158,259
Pulaski Massac Alexander & Johnson Counties Community Unit School District No. 10, General Obligation Unlimited Series C, MAC, 4.00%, 12/01/2026 - 12/01/2029		625,000		654,259
Railsplitter Tobacco Settlement Authority, Revenue Bonds
5.00%, 06/01/2019		205,000		208,087
5.25%, 06/01/2020 - 06/01/2021		185,000		193,984
5.38%, 06/01/2021		85,000		90,892
6.00%, 06/01/2028		75,000		81,913
Regional Transportation Authority, Revenue Bonds, Series A, NATL, 5.50%, 07/01/2025		65,000		74,874
Rock Island Country Public Building Commission, Revenue Bonds
AGM,
3.00%, 12/01/2021		175,000		175,305
4.00%, 12/01/2023		285,000		297,922
5.00%, 12/01/2024 - 12/01/2031		1,950,000		2,140,146
Saline County Community Unit School District No. 3, General Obligation Unlimited Series C, AGM, 2.00%, 12/01/2020 - 12/01/2021		240,000		233,148
Sangamon County Community Unit School District No. 5, General Obligation Unlimited, Series B, 5.00%, 01/01/2023		150,000		163,373
Southern Illinois University, Certificate of Participation, Series A-1, BAM, 4.00%, 02/15/2026		375,000		387,255
Southern Illinois University, Revenue Bonds
Series A, AGM,
5.50%, 04/01/2023		370,000		413,153
Series B, BAM-TCRS,
5.00%, 04/01/2021		435,000		460,104
Southwestern Illinois Development Authority, Revenue Bonds
AGC,
3.80%, 02/01/2019		130,000		130,508
Series B, BAM-TCRS,
5.00%, 10/15/2026		1,000,000		1,106,140
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		1,901,979

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
St. Clair County High School District No. 201, General Obligation Unlimited, Series B, BAM, 5.00%, 02/01/2025		$   4,040,000		$   4,553,403
State of Illinois, General Obligation Unlimited
5.00%, 02/01/2022 - 04/01/2024		190,000		196,965
5.25%, 02/01/2028		250,000		250,595
5.50%, 07/01/2025		100,000		107,198
AGM,
5.00%, 01/01/2020		150,000		153,905
Series B,
5.25%, 01/01/2019		375,000		376,567
Tazewell County School District No. 51, General Obligation Unlimited NATL, 9.00%, 12/01/2021 - 12/01/2022		1,355,000		1,631,025
Town of Cicero, General Obligation Unlimited, Series B, AGM, 4.20%, 12/01/2027		490,000		494,655
University of Illinois, Revenue Bonds
Series A, AMBAC,
5.50%, 04/01/2022		75,000		82,265
Series A, BAM-TCRS,
4.00%, 04/01/2031		1,495,000		1,517,799
Village of Bedford Park Water System Revenue, Revenue Bonds, Series A, AGM, 4.00%, 12/01/2026		95,000		98,954
Village of Bellwood, General Obligation Unlimited
AGM,
5.00%, 12/01/2019 - 12/01/2027		385,000		412,754
Series B, AGM,
3.00%, 12/01/2029		280,000		251,373
Village of Broadview, General Obligation Unlimited Series A, BAM, 3.00%, 12/01/2020 - 12/01/2022		510,000		512,191
Village of Calumet Park, General Obligation Unlimited BAM, 4.00%, 12/01/2021 - 12/01/2032		2,540,000		2,600,119
Village of Crestwood, General Obligation Unlimited
BAM,
4.50%, 12/15/2027 - 12/15/2029		2,395,000		2,519,116
Series B, BAM,
5.00%, 12/15/2028 - 12/15/2035		6,820,000		7,322,313
Village of Dolton, General Obligation Unlimited, Series A, AGC, 4.50%, 12/01/2024		300,000		302,925
Village of Franklin Park, Revenue Bonds, BAM, 5.00%, 04/01/2026		230,000		249,522

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

Transamerica Funds Annual Report 2018

Page    178

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Village of Glenview, General Obligation Unlimited, Series A, 3.00%, 12/01/2019		$   25,000		$   25,250
Village of Hazel Crest, General Obligation Unlimited BAM, 4.00%, 12/01/2024 - 12/01/2025		640,000		674,704
Village of Lansing, General Obligation Unlimited, AGM, 5.00%, 03/01/2023		415,000		448,105
Village of Lombard, General Obligation Unlimited
4.00%, 01/01/2021		910,000		912,020
5.00%, 01/01/2022 - 01/01/2024		2,190,000		2,248,528
Village of Lyons, General Obligation Unlimited
Series B, BAM,
5.00%, 12/01/2032		125,000		132,655
Series C, BAM,
3.00%, 12/01/2019 - 12/01/2024		515,000		515,607
4.00%, 12/01/2022 - 12/01/2023		550,000		571,428
Village of Machesney Park, Revenue Bonds, Series B, AGM, 4.38%, 12/01/2019		150,000		150,303
Village of Matteson, Revenue Bonds BAM, 5.00%, 12/01/2024 - 12/01/2035 (D)		3,760,000		4,069,754
Village of McCook, General Obligation Unlimited, 5.00%, 12/01/2026		40,000		40,059
Village of Melrose Park, General Obligation Unlimited, AGM, 3.00%, 12/15/2020		350,000		350,563
Village of Montgomery, Special Assessment
BAM,
2.10%, 03/01/2020		195,000		194,793
2.85%, 03/01/2024		300,000		289,029
3.00%, 03/01/2025		140,000		134,358
3.10%, 03/01/2026		276,000		263,343
3.30%, 03/01/2028		213,000		200,606
3.40%, 03/01/2029		770,000		719,003
3.45%, 03/01/2030		145,000		134,026
Village of Mount Prospect, General Obligation Unlimited, 3.00%, 12/01/2021		100,000		100,821
Village of Oak Park, General Obligation Unlimited, Series A, 3.00%, 11/01/2029		795,000		726,916
Village of Pingree Grove Special Service Area No. 2, Special Tax
AGM,
2.00%, 03/01/2020		210,000		209,504
3.00%, 03/01/2019		340,000		341,115

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Village of Richton Park, General Obligation Unlimited, BAM, 4.00%, 12/01/2035		$   570,000		$   551,458
Village of River Grove, General Obligation Unlimited, AGC, 3.80%, 12/15/2019		160,000		161,554
Village of South Holland, General Obligation Unlimited, Series B, 4.00%, 12/15/2022		105,000		109,660
Warren County Community Unit School District No. 238, General Obligation Unlimited, AGM, 4.00%, 12/01/2021		75,000		77,998
Wauconda Special Service Area No.1, Special Tax
Series A, BAM,
3.00%, 03/01/2019		115,000		115,377
5.00%, 03/01/2033		305,000		328,070
Western Illinois Economic Development Authority, Revenue Bonds 4.00%, 06/01/2019 - 06/01/2033		6,310,000		6,153,070
Western Illinois University, Certificate of Participation
AGM,
3.00%, 10/01/2022		3,010,000		3,000,037
5.00%, 10/01/2024		3,330,000		3,617,745
Western Illinois University, Revenue Bonds BAM, 5.00%, 04/01/2020 - 04/01/2024		2,140,000		2,275,367
Will County Community High School District No. 210, General Obligation Unlimited
AGM,
5.00%, 01/01/2020		370,000		378,343
Series A, AGM-CR,
5.00%, 01/01/2027		3,475,000		3,691,805
Will County Community Unit School District No. 201, General Obligation Limited, Series C, AGM, 5.00%, 01/01/2027		1,075,000		1,202,334
Will County Community Unit School District No. 201, General Obligation Unlimited
AGM,
Zero Coupon, 11/01/2024		750,000		614,512
Series B, AGM,
5.00%, 01/01/2026		515,000		580,935
Will County School District No. 86, General Obligation Unlimited, Series C, AGM-CR, 5.00%, 03/01/2024		8,195,000		9,081,699
				214,179,358
Indiana - 1.8%
Aurora School Building Corp., Revenue Bonds, 5.00%, 07/15/2020		115,000		120,310

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

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Indiana (continued)
City of Evansville, Revenue Bonds Series A, AGM, 5.00%, 02/01/2022 - 02/01/2025		$   375,000		$   415,927
City of Lebanon Electric Utility Revenue, Revenue Bonds, BAM, 3.00%, 01/01/2019		100,000		100,182
City of Rockport, Revenue Bonds
Series A,
2.75%, 06/01/2025		7,050,000		6,899,905
Series D,
Fixed until 06/01/2021, 2.05% (E), 04/01/2025		535,000		531,528
Evansville Redevelopment Authority, Revenue Bonds, BAM, 5.00%, 02/01/2026		700,000		791,035
Frankfort High School Elementary School Building Corp., Revenue Bonds, 5.00%, 01/15/2026		270,000		305,856
Greater Clark County School Building Corp., Revenue Bonds, Series A, 4.00%, 07/15/2024		135,000		144,141
Indiana Finance Authority, Revenue Bonds
3.50%, 10/01/2025		960,000		959,981
4.00%, 02/01/2021		405,000		419,985
5.00%, 02/01/2022 - 10/01/2035		3,030,000		3,310,315
Series A,
5.00%, 09/15/2021 - 09/15/2028		2,395,000		2,559,871
Indiana Health Facility Financing Authority, Revenue Bonds
Fixed until 05/01/2020, 1.25% (E), 11/01/2027		3,435,000		3,377,258
5.00%, 11/15/2034		1,725,000		1,899,811
Indiana Housing & Community Development Authority, Revenue Bonds
Series A-1, GNMA, FNMA, FHLMC,
2.85%, 07/01/2031		235,000		218,331
Series C-1, GNMA, FNMA, FHLMC,
3.25%, 01/01/2032		1,595,000		1,536,830
Indiana University, Revenue Bonds, Series A, 5.00%, 06/01/2024		50,000		56,751
Jeffersonville Redevelopment Authority, Revenue Bonds, AGM, 3.00%, 08/01/2026		760,000		777,427
Jennings County School Building Corp., Revenue Bonds, 3.00%, 01/15/2020 (C)		345,000		346,818
Lake County Public Library District, General Obligation Unlimited, 4.00%, 08/01/2019		40,000		40,580
South Gibson School Building Corp., Revenue Bonds, 4.00%, 01/10/2019		100,000		100,381

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Indiana (continued)
Town of Milford Sewer Revenue, Revenue Bonds, 3.63%, 07/01/2034		$   100,000		$   95,197
Westfield High School Building Corp., Revenue Bonds Series B, 5.00%, 07/15/2036 - 07/15/2038		1,065,000		1,141,031
				26,149,451
Iowa - 0.0% (F)
City of Ames, General Obligation Unlimited, Series A, 2.25%, 06/01/2028		270,000		248,114
Waukee Community School District, Revenue Bonds, Series A, 3.00%, 06/01/2019		115,000		115,666
				363,780
Kansas - 0.7%
City of Dodge City, Revenue Bonds, 3.00%, 07/15/2021		80,000		81,142
City of Wichita, Revenue Bonds
4.00%, 11/15/2018		200,000		200,152
Series I,
5.00%, 05/15/2028		300,000		316,281
County of Atchison, Revenue Bonds, Series A, 2.50%, 04/01/2020		220,000		218,915
Douglas County Unified School District No. 491, General Obligation Unlimited, AGM, 3.00%, 09/01/2033		745,000		669,219
Johnson County Unified School District No. 231, General Obligation Unlimited Series A, 5.00%, 10/01/2029 - 10/01/2030		1,735,000		1,949,676
Kansas Development Finance Authority, Revenue Bonds
5.00%, 01/01/2020		90,000		92,952
Series C, BAM,
4.00%, 05/01/2022		90,000		94,401
Kansas Independent College Finance Authority, Revenue Bonds, Series C, 6.30%, 05/01/2019		1,500,000		1,513,800
Marais Des Cygnes Public Utility Authority, Revenue Bonds AGM, 3.00%, 12/01/2026 - 12/01/2027		1,040,000		1,023,168
Montgomery County Unified School District No. 446, General Obligation Unlimited BAM, 5.00%, 09/01/2027 - 09/01/2030		2,375,000		2,676,210
Sedgwick County Unified School District No. 262, General Obligation Unlimited, 5.00%, 09/01/2034		150,000		170,310

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

Transamerica Funds Annual Report 2018

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Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Kansas (continued)
Unified Government of Greeley County, General Obligation Unlimited, Series B, 5.00%, 12/01/2037		$   275,000		$   303,749
				9,309,975
Kentucky - 3.0%
Bullitt County School District Finance Corp., Revenue Bonds
3.10%, 09/01/2026		65,000		65,413
3.25%, 09/01/2028		545,000		549,316
City of Winchester Combined Utilities Revenue, Revenue Bonds, Series A, BAM, 4.00%, 07/01/2029		685,000		736,663
County of Carroll, Revenue Bonds, Series A, Fixed until 09/01/2019, 1.05% (E), 09/01/2042		2,750,000		2,722,087
County of Pike, General Obligation Unlimited, AGM, 2.25%, 03/01/2024		180,000		171,889
Eastern Kentucky University, Revenue Bonds, Series A, 4.00%, 04/01/2025		425,000		447,589
Fayette County School District Finance Corp., Revenue Bonds, Series B, 4.00%, 05/01/2024		140,000		149,093
Kentucky Asset Liability Commission, Revenue Bonds, NATL, 5.25%, 09/01/2019		150,000		153,928
Kentucky Economic Development Finance Authority, Revenue Bonds, AGM, 5.00%, 12/01/2047		500,000		530,230
Kentucky Municipal Power Agency, Revenue Bonds
Series A,
Fixed until 03/01/2026, 3.45% (E), 09/01/2042		2,500,000		2,439,700
Series A, NATL,
5.00%, 09/01/2023		115,000		126,407
Kentucky State Property & Building Commission, Revenue Bonds, BAM-TCRS, 5.00%, 04/01/2029		3,450,000		3,872,349
Kentucky Turnpike Authority, Revenue Bonds, Series A, 5.00%, 07/01/2021		25,000		26,707
Louisville & Jefferson County Visitors and Convention Commission, Revenue Bonds AGM-CR, 4.00%, 06/01/2024 - 06/01/2029		18,290,000		19,374,834

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Kentucky (continued)
Morehead State University, Revenue Bonds
Series A,
3.00%, 04/01/2027		$   655,000		$   643,020
4.00%, 04/01/2030 - 04/01/2032		965,000		986,646
Nicholas County School District Finance Corp., Revenue Bonds
2.00%, 02/01/2023		55,000		53,067
2.38%, 02/01/2025		240,000		230,938
2.50%, 02/01/2027		305,000		287,835
3.00%, 02/01/2028 - 02/01/2032		365,000		359,088
Northern Kentucky University, Revenue Bonds, Series A, 4.00%, 09/01/2025		1,000,000		1,072,170
Paducah Electric Plant Board, Revenue Bonds Series A, AGM, 5.00%, 10/01/2029 - 10/01/2032		2,430,000		2,655,810
Warren County Justice Center Expansion Corp., Revenue Bonds, 5.00%, 09/01/2024		820,000		911,266
Warren County School District Finance Corp., Revenue Bonds, 4.00%, 04/01/2026		3,690,000		3,953,872
				42,519,917
Louisiana - 3.1%
City of New Orleans Water System Revenue, Revenue Bonds, 5.00%, 12/01/2044		375,000		402,585
City of Shreveport, Revenue Bonds BAM, 5.00%, 03/01/2019 - 03/01/2025		1,695,000		1,863,606
Evangeline Parish Road & Drain Sales Tax District No. 1, Revenue Bonds, AGM, 4.50%, 12/01/2024		50,000		53,999
Fremaux Economic Development District, Revenue Bonds, 5.00%, 11/01/2034		270,000		266,201
Jefferson Sales Tax District, Revenue Bonds, Series B, AGM, 5.00%, 12/01/2032		25,000		28,185
Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds AGM, 5.00%, 08/01/2026 - 08/01/2047		14,245,000		16,300,137
Louisiana Public Facilities Authority, Revenue Bonds
5.00%, 07/01/2022 - 07/01/2027		3,160,000		3,520,764
AGM,
5.00%, 06/01/2021		65,000		69,287
Series B, AGC,
6.50%, 07/01/2030		185,000		186,399

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

Transamerica Funds Annual Report 2018

Page    181

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Louisiana (continued)
New Orleans Aviation Board, Revenue Bonds AGM, 5.00%, 10/01/2033 - 10/01/2048		$   8,795,000		$   9,576,215
St. Tammany Parish Hospital Service District No. 1, Revenue Bonds Series A, 5.00%, 07/01/2033 - 07/01/2048		11,285,000		12,223,503
				44,490,881
Maine - 0.6%
City of Portland General Airport Revenue, Revenue Bonds, 5.00%, 01/01/2028		715,000		786,207
Maine Educational Loan Authority, Revenue Bonds, Class A, Series A-3, AGC, 5.88%, 12/01/2039		260,000		264,293
Maine Governmental Facilities Authority, Revenue Bonds, Series A, 5.00%, 10/01/2028		350,000		397,131
Maine State Housing Authority, Revenue Bonds
Series B,
2.75%, 11/15/2028		410,000		390,865
2.90%, 11/15/2029		980,000		933,470
3.25%, 11/15/2032		500,000		478,180
Series C,
2.15%, 11/15/2026		265,000		249,021
2.35%, 11/15/2027		295,000		277,008
2.50%, 11/15/2028		550,000		514,910
2.75%, 11/15/2031		2,220,000		2,033,742
Series D-1,
2.50%, 11/15/2026		510,000		498,693
2.65%, 11/15/2027		755,000		739,492
2.80%, 11/15/2028		570,000		560,663
2.95%, 11/15/2029		350,000		339,059
				8,462,734
Maryland - 0.2%
City of Baltimore, Revenue Bonds, Series C, 5.00%, 07/01/2028		50,000		55,278
City of Baltimore, Tax Allocation, 5.00%, 06/15/2019		200,000		203,684
City of Rockville, Revenue Bonds
Series A-2,
2.25%, 11/01/2022		250,000		240,155
4.00%, 11/01/2020		150,000		152,741
5.00%, 11/01/2023		345,000		369,681
Series A1,
5.00%, 11/01/2021 - 11/01/2023		650,000		691,454
Series C,
3.00%, 11/01/2025		1,500,000		1,457,445
Maryland Health & Higher Educational Facilities Authority, Revenue Bonds, 5.00%, 07/01/2021		35,000		37,596

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Maryland (continued)
Montgomery County Revenue Authority, Revenue Bonds, Series A, 4.00%, 11/01/2020		$   260,000		$   268,785
				3,476,819
Massachusetts - 1.1%
Lynn Housing Authority & Neighborhood Development, Revenue Bonds
4.25%, 10/01/2028		315,000		306,536
4.38%, 10/01/2029		300,000		290,244
Massachusetts Development Finance Agency, Revenue Bonds
Series I,
5.00%, 07/01/2025 - 07/01/2026		1,180,000		1,327,577
Series K,
4.00%, 07/01/2038		6,495,000		6,279,756
Series S-2,
Fixed until 01/30/2025, 5.00% (E), 07/01/2038		75,000		84,573
Massachusetts Housing Finance Agency, Revenue Bonds
Series 178,
3.70%, 12/01/2033		1,015,000		1,016,746
Series 183,
2.80%, 06/01/2031		1,575,000		1,448,401
Series 187, FNMA,
2.65%, 12/01/2027		740,000		710,400
2.80%, 06/01/2028 - 12/01/2028		2,915,000		2,760,143
Series C,
2.40%, 12/01/2025		210,000		204,242
2.55%, 06/01/2026		280,000		275,058
2.60%, 12/01/2026		150,000		145,623
2.70%, 06/01/2027		150,000		147,061
2.85%, 06/01/2028		210,000		199,977
2.90%, 12/01/2028		125,000		118,556
Town of Nantucket, General Obligation Limited, 5.00%, 12/01/2018		50,000		50,127
				15,365,020
Michigan - 2.7%
Allendale Public School District, General Obligation Unlimited, 5.00%, 11/01/2026		100,000		114,712
Bellevue Community Schools, General Obligation Unlimited, Series A, AGM, 4.00%, 05/01/2024		290,000		309,906
Capac Community School District, General Obligation Unlimited BAM, 4.00%, 05/01/2027 - 05/01/2031		1,240,000		1,324,260
City of Detroit Sewage Disposal System Revenue, Revenue Bonds Series A, AGM, 5.25%, 07/01/2023 - 07/01/2024		80,000		89,286

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

Transamerica Funds Annual Report 2018

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Michigan (continued)
Decatur Public School District, General Obligation Unlimited, 3.00%, 05/01/2022		$   220,000		$   224,477
Detroit Wayne County Stadium Authority, Revenue Bonds, AGM, 5.00%, 10/01/2026		2,775,000		2,962,562
East Lansing Economic Development Corp., Revenue Bonds
Series B,
2.95%, 07/01/2020		50,000		49,470
3.25%, 07/01/2021		150,000		147,924
Fitzgerald Public School District, General Obligation Unlimited, BAM, 4.00%, 05/01/2025		630,000		674,623
Forest Hills Public Schools, General Obligation Unlimited, Series I, 3.00%, 05/01/2024		85,000		86,862
Grand Rapids Economic Development Corp., Revenue Bonds, 3.00%, 11/01/2022		1,950,000		1,921,081
Grand Rapids Public Schools, General Obligation Unlimited, AGM, 5.00%, 05/01/2030		730,000		818,009
Meridian Economic Development Corp., Revenue Bonds
Series A,
2.95%, 07/01/2020		450,000		445,230
3.25%, 07/01/2021		605,000		596,627
Michigan Finance Authority, Revenue Bonds
4.00%, 11/15/2018		350,000		350,249
Series A,
5.00%, 12/01/2026		50,000		57,748
Michigan Municipal Bond Authority, Revenue Bonds, 5.00%, 10/01/2019		25,000		25,680
Michigan State Hospital Finance Authority, Revenue Bonds
Series A,
5.00%, 06/01/2019		110,000		111,804
Series F,
Fixed until 04/01/2021, 1.90% (E), 11/15/2047		1,320,000		1,300,332
Fixed until 03/15/2023, 2.40% (E), 11/15/2047		840,000		828,299
Michigan State Housing Development Authority, Revenue Bonds
Series B,
3.25%, 12/01/2032		3,935,000		3,762,804
Series D,
3.65%, 10/01/2032		2,700,000		2,704,239
Saranac Community Schools, General Obligation Unlimited
4.00%, 05/01/2030 - 05/01/2031		825,000		857,467
Series A,
4.00%, 05/01/2025		130,000		138,176

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Michigan (continued)
Southgate Community School District, General Obligation Unlimited 5.00%, 05/01/2032 - 05/01/2035		$   2,070,000		$   2,283,304
Stockbridge Community Schools, General Obligation Unlimited, Series A, 5.00%, 05/01/2031		375,000		417,300
Sturgis Public School District, General Obligation Unlimited, Series A, 5.00%, 05/01/2026		45,000		50,901
Warren Consolidated Schools, General Obligation Unlimited
AGM,
4.00%, 05/01/2025 - 05/01/2027		700,000		743,804
Series B, BAM,
5.00%, 05/01/2023 - 05/01/2025		7,210,000		8,077,559
Wayne County Airport Authority, Revenue Bonds, Series A, 5.00%, 12/01/2032		250,000		278,128
Wayne State University, Revenue Bonds, Series A, 5.00%, 11/15/2018		100,000		100,110
Zeeland Public Schools, General Obligation Unlimited Series B, BAM, 5.00%, 05/01/2026 - 05/01/2030		5,820,000		6,711,031
				38,563,964
Minnesota - 1.4%
City of Apple Valley, Revenue Bonds, 4.25%, 09/01/2038		1,000,000		961,030
City of Deephaven, Revenue Bonds
Series A,
4.38%, 10/01/2027		250,000		237,545
4.40%, 07/01/2025		165,000		169,500
City of Red Wing, Revenue Bonds, Class A, 5.00%, 08/01/2047		1,250,000		1,200,212
City of St. Cloud, Revenue Bonds, Series A, 3.00%, 04/01/2021		250,000		158,395
City of Stillwater, Tax Allocation
3.00%, 02/01/2021 - 02/01/2027		2,255,000		2,254,664
4.00%, 02/01/2030		750,000		766,193
County of Chippewa, Revenue Bonds 4.00%, 03/01/2023 - 03/01/2026		5,460,000		5,560,471
Dakota County Community Development Agency, Revenue Bonds, Series A, 5.00%, 09/01/2029		705,000		720,320
Housing & Redevelopment Authority of The City of St. Paul, Revenue Bonds
Series A,
4.00%, 07/01/2019		100,000		101,237
5.00%, 11/15/2025 - 12/01/2030		850,000		945,015
Series B,
4.25%, 04/01/2025		200,000		200,352

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

Transamerica Funds Annual Report 2018

Page    183

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Minnesota (continued)
Minnesota Housing Finance Agency, Revenue Bonds
Series A,
4.00%, 08/01/2031		$   100,000		$   102,554
Series B,
3.20%, 07/01/2025		170,000		171,481
Series C, GNMA, FNMA, FHLMC,
2.80%, 07/01/2024		135,000		134,156
2.95%, 07/01/2025		90,000		89,405
Series E, GNMA, FNMA, FHLMC,
3.30%, 01/01/2034		3,885,000		3,708,699
Series F,
2.90%, 01/01/2026		295,000		293,670
2.95%, 07/01/2026		910,000		903,184
Northern Municipal Power Agency, Revenue Bonds, 5.00%, 01/01/2029		615,000		681,192
Township of Baytown, Revenue Bonds, Series A, 4.00%, 08/01/2036		675,000		620,804
				19,980,079
Mississippi - 0.6%
Mississippi Development Bank, Revenue Bonds
AGM,
5.00%, 12/01/2019		360,000		370,933
Series A,
5.00%, 03/01/2022		650,000		670,683
Mississippi Home Corp., Revenue Bonds
Series A, GNMA, FNMA, FHLMC,
2.20%, 12/01/2024		695,000		660,855
2.35%, 06/01/2025		320,000		304,890
2.45%, 12/01/2025		520,000		495,409
2.70%, 12/01/2026		475,000		451,321
2.75%, 06/01/2027		300,000		284,385
2.80%, 12/01/2027		75,000		72,244
2.85%, 06/01/2028		420,000		396,854
2.95%, 12/01/2028		535,000		510,449
Series E, GNMA, FNMA, FHLMC,
3.00%, 12/01/2028		330,000		314,995
West Rankin Utility Authority, Revenue Bonds AGM, 5.00%, 01/01/2037 - 01/01/2038		3,230,000		3,521,115
				8,054,133
Missouri - 1.1%
Branson Industrial Development Authority, Revenue Bonds
Series A,
3.00%, 11/01/2019 - 11/01/2021		1,135,000		1,136,192
4.00%, 11/01/2022		350,000		358,313
City of Kansas City, Revenue Bonds, Series A, 5.00%, 09/01/2034		100,000		102,180
City of St. Louis Parking Revenue, Revenue Bonds, BAM, 3.00%, 12/15/2018		365,000		365,485

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Missouri (continued)
Industrial Development Authority of the City of St. Louis, Revenue Bonds, Series A, 3.88%, 11/15/2029		$   1,000,000		$   995,100
Industrial Development Authority of the City of St. Louis, Tax Allocation, 3.75%, 11/01/2027		635,000		636,213
Kansas City Planned Industrial Expansion Authority, Revenue Bonds, 1.50%, 12/01/2018		5,000,000		4,997,750
Missouri Housing Development Commission, Revenue Bonds
Series A, GNMA, FNMA, FHLMC,
1.45%, 05/01/2019		35,000		34,903
Series B, GNMA, FNMA, FHLMC,
2.50%, 05/01/2029		5,000		4,639
2.55%, 11/01/2029		490,000		467,254
Missouri Joint Municipal Electric Utility Commission, Revenue Bonds, 5.00%, 12/01/2043		750,000		811,928
Missouri State Board of Public Buildings, Revenue Bonds, Series A, 2.25%, 04/01/2029		780,000		716,765
St. Louis County Industrial Development Authority, Special Assessment, 2.38%, 03/01/2020 (A)		300,000		297,606
St. Louis Municipal Finance Corp., Revenue Bonds Series A, AGM, 5.00%, 02/15/2030 - 02/15/2033		4,260,000		4,728,392
				15,652,720
Montana - 0.2%
Missoula High School District No. 1, General Obligation Unlimited, 4.00%, 07/01/2034		445,000		461,825
Montana Board of Housing, Revenue Bonds, Series A, 3.75%, 12/01/2038		350,000		339,875
Montana Facility Finance Authority, Revenue Bonds
5.00%, 07/01/2030		575,000		657,426
Series C,
3.00%, 06/01/2022		300,000		304,176
5.00%, 06/01/2024 - 06/01/2025		1,460,000		1,627,189
				3,390,491
Nebraska - 0.8%
Central Plains Energy Project, Revenue Bonds, Series A, 5.00%, 09/01/2034		880,000		992,376
City of La Vista, Revenue Bonds
3.00%, 07/15/2034		860,000		767,421
3.25%, 07/15/2042		2,450,000		2,089,458

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

Transamerica Funds Annual Report 2018

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Nebraska (continued)
Madison County Hospital Authority No. 1, Revenue Bonds, Series V, 5.00%, 07/01/2025		$   1,765,000		$   1,932,040
Omaha Public Power District, Revenue Bonds Series A, 5.00%, 02/01/2033 - 02/01/2034		4,325,000		4,774,585
Papio-Missouri River Natural Resource District, General Obligation Limited 4.00%, 12/15/2027 - 12/15/2029		425,000		441,295
Thurston County School District No. 16, General Obligation Limited, 3.88%, 06/15/2029		100,000		101,762
				11,098,937
Nevada - 0.4%
City of Carson City, Revenue Bonds, 5.00%, 09/01/2034		565,000		607,528
City of Las Vegas, Revenue Bonds, 2.75%, 06/15/2021 (A)		565,000		556,276
County of Clark, Revenue Bonds, 5.00%, 07/01/2024		25,000		25,510
County of Washoe, Revenue Bonds, Series B, Fixed until 06/01/2022, 3.00% (E), 03/01/2036		1,150,000		1,160,120
Henderson Local Improvement Districts, Special Assessment
2.00%, 09/01/2023		365,000		342,742
2.25%, 09/01/2024		565,000		529,258
2.38%, 03/01/2021 - 03/01/2022		1,315,000		1,292,101
2.50%, 03/01/2023 - 09/01/2025		1,460,000		1,403,750
Las Vegas Special Improvement District Nos. 808 & 810, Special Assessment, 4.00%, 06/01/2020		185,000		188,291
Nevada System of Higher Education, Revenue Bonds Series A, 5.00%, 07/01/2021 - 07/01/2024		50,000		54,509
				6,160,085
New Hampshire - 0.1%
New Hampshire Housing Finance Authority, Revenue Bonds, 3.55%, 07/01/2037		925,000		885,882
State of New Hampshire, General Obligation Unlimited, Series C, 5.00%, 05/01/2028		100,000		100,000
				985,882
New Jersey - 9.5%
Camden County Improvement Authority, Revenue Bonds
5.00%, 01/15/2026		255,000		284,460
Series A,
4.00%, 12/01/2018		40,000		40,063
5.00%, 01/15/2029		375,000		420,754

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New Jersey (continued)
Casino Reinvestment Development Authority, Revenue Bonds, AGM, 5.00%, 11/01/2026		$   575,000		$   622,587
City of Atlantic City, General Obligation Unlimited, Series B, AGM, 5.00%, 03/01/2037		1,200,000		1,295,712
City of Bayonne, General Obligation Unlimited AGM, 5.00%, 08/01/2023 - 08/01/2024		170,000		188,872
City of New Brunswick, General Obligation Unlimited, AGM, 5.00%, 09/15/2027		185,000		215,342
City of Newark, General Obligation Unlimited, Series A, 5.00%, 10/01/2020		55,000		56,874
City of Paterson, General Obligation Unlimited, BAM, 5.00%, 01/15/2024		535,000		571,476
City of Trenton, General Obligation Unlimited
AGM,
5.00%, 07/15/2034		250,000		276,495
BAM,
5.00%, 07/15/2022 - 12/01/2023		5,855,000		6,354,837
Cumberland County Improvement Authority, Revenue Bonds
AGM,
4.00%, 01/01/2019		100,000		100,351
BAM,
4.00%, 12/15/2028		675,000		705,429
5.00%, 12/15/2023 - 12/15/2027		2,145,000		2,399,658
Essex County Improvement Authority, Revenue Bonds, Series A, 5.00%, 12/01/2035		535,000		363,019
Garden State Preservation Trust, Revenue Bonds
Series A, AGM,
5.75%, 11/01/2028		4,920,000		5,692,096
Series C, AGM,
5.13%, 11/01/2019		105,000		107,991
5.25%, 11/01/2021		45,000		48,444
Greater Egg Harbor Regional High School District, General Obligation Unlimited
AGM,
4.00%, 02/01/2028 - 02/01/2031		1,135,000		1,177,273
5.00%, 02/01/2023 - 02/01/2024		2,345,000		2,622,488
Little Egg Harbor Board of Education, General Obligation Unlimited, AGM, 4.00%, 01/15/2021		125,000		129,509
Matawan-Aberdeen Regional School District, General Obligation Unlimited, 5.00%, 09/15/2019		25,000		25,656

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

Transamerica Funds Annual Report 2018

Page    185

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New Jersey (continued)
New Brunswick Parking Authority, Revenue Bonds
BAM,
5.00%, 09/01/2019		$   220,000		$   225,570
Series A, BAM,
5.00%, 09/01/2023		125,000		138,651
New Jersey Building Authority, Revenue Bonds
Series A,
5.00%, 12/15/2022		45,000		45,686
Series A, BAM,
5.00%, 06/15/2028		465,000		514,555
New Jersey Economic Development Authority, Revenue Bonds
Series A,
3.50%, 09/01/2022 (A)		120,000		117,758
4.25%, 09/01/2027 (A)		200,000		193,826
5.00%, 06/15/2022 - 06/15/2025		9,400,000		10,160,184
5.00%, 09/01/2037 (A)		750,000		725,077
5.38%, 09/01/2033 (A)		250,000		255,245
5.63%, 09/01/2038 (A)		335,000		341,174
Series A, BAM,
3.13%, 07/01/2031		2,500,000		2,336,325
5.00%, 06/15/2021 - 07/01/2028		12,930,000		14,168,851
Series A, BAM-TCRS,
5.00%, 06/15/2027 - 06/15/2030		16,025,000		17,867,534
Series B,
4.25%, 09/01/2022 (A) (C)		180,000		176,699
Series C,
4.00%, 06/15/2025		1,825,000		1,876,264
Series C, BAM-TCRS,
5.00%, 06/15/2026		2,805,000		3,139,889
Series DDD,
5.00%, 06/15/2024		2,000,000		2,171,960
Series DDD, BAM-TCRS,
5.00%, 06/15/2026 - 06/15/2035		7,975,000		8,864,644
Series K, AMBAC,
5.50%, 12/15/2019		100,000		103,277
Series PP, AGM-CR,
5.00%, 06/15/2025		14,450,000		15,839,801
Series UU, AGM-CR,
5.00%, 06/15/2025		1,230,000		1,348,301
New Jersey Educational Facilities Authority, Revenue Bonds
Series D, AGM,
5.00%, 07/01/2024		2,485,000		2,779,075
Series E, BAM,
5.00%, 07/01/2023		155,000		171,306
Series F, AGC,
4.00%, 07/01/2020		785,000		807,035
Series H, AGM,
5.00%, 07/01/2026		760,000		855,068
New Jersey Health Care Facilities Financing Authority, Revenue Bonds
4.00%, 11/15/2018		50,000		50,036
5.00%, 07/01/2023		50,000		54,587
5.50%, 07/01/2029		100,000		102,334
Series A, AGM,
5.00%, 07/01/2024		1,005,000		1,112,254

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New Jersey (continued)
New Jersey Housing & Mortgage Finance Agency, Revenue Bonds
Series A,
2.60%, 11/01/2024		$   2,200,000		$   2,160,334
2.85%, 11/01/2025		1,830,000		1,805,954
Series B,
2.00%, 05/01/2021		3,825,000		3,794,553
Series F, FHLMC,
3.35%, 12/01/2030		1,255,000		1,242,663
New Jersey Transportation Trust Fund Authority, Revenue Bonds
Series A, AGM-CR,
5.50%, 12/15/2022		3,030,000		3,348,604
Series A, AGM-CR, AMBAC,
5.00%, 12/15/2034		45,000		45,068
Series A, AMBAC,
4.75%, 12/15/2037		50,000		50,064
5.00%, 12/15/2024		110,000		110,154
Series A-1,
5.00%, 06/15/2023		200,000		216,948
Series B, AMBAC,
5.25%, 12/15/2023		30,000		33,031
New Jersey Turnpike Authority, Revenue Bonds, Series B, 5.00%, 01/01/2033		15,000		16,875
Newark Housing Authority, Revenue Bonds AGM, 4.00%, 12/01/2029 - 12/01/2030		415,000		420,625
Passaic County Improvement Authority, Revenue Bonds 5.00%, 05/01/2019 - 05/01/2020		250,000		257,661
Pitman School District, General Obligation Unlimited, AGM, 4.00%, 08/01/2024		720,000		769,493
River Edge School District, General Obligation Unlimited, 3.00%, 02/01/2020		25,000		25,291
South Jersey Transportation Authority LLC, Revenue Bonds, Series A, NATL, 4.50%, 11/01/2035		75,000		75,142
Tobacco Settlement Financing Corp., Revenue Bonds Series A, 5.00%, 06/01/2022 - 06/01/2023		6,550,000		7,096,242
Town of Kearny, General Obligation Unlimited, Series A, AGM, 5.00%, 02/01/2023		535,000		583,594
Township of Dennis, General Obligation Unlimited, 2.00%, 10/01/2019		100,000		99,876
Township of Lakewood, General Obligation Unlimited, BAM, 4.00%, 11/01/2019		45,000		45,817

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

Transamerica Funds Annual Report 2018

Page    186

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New Jersey (continued)
Township of Little Falls, General Obligation Unlimited, 4.00%, 08/01/2019		$   90,000		$   91,273
Trenton Parking Authority, Revenue Bonds Series B, AGM, 4.00%, 04/01/2023 - 04/01/2028		2,060,000		2,155,208
				134,686,822
New Mexico - 0.4%
City of Farmington, Revenue Bonds
Fixed until 06/01/2022, 2.13% (E), 06/01/2040		1,500,000		1,459,215
Series A,
Fixed until 04/01/2020, 1.88% (E), 04/01/2029		1,900,000		1,879,423
City of Hobbs, Revenue Bonds, Series A, 4.50%, 12/01/2034		260,000		260,772
New Mexico Mortgage Finance Authority, Revenue Bonds
Series A-1,
1.65%, 09/01/2021		15,000		14,682
Series A-1, GNMA, FNMA, FHLMC,
3.45%, 07/01/2033		1,035,000		1,003,598
3.70%, 07/01/2038		1,505,000		1,441,895
				6,059,585
New York - 4.5%
Brooklyn Arena Local Development Corp., Revenue Bonds, Series A, AGM, 4.00%, 07/15/2035		2,500,000		2,524,300
Buffalo & Erie County Industrial Land Development Corp., Revenue Bonds
5.00%, 10/01/2037		400,000		436,564
Series A,
3.88%, 08/01/2027		2,545,000		2,519,728
5.00%, 08/01/2037		1,320,000		1,365,263
Build NYC Resource Corp., Revenue Bonds, 5.00%, 07/01/2041		100,000		103,274
City of Niagara Falls, General Obligation Limited BAM, 5.00%, 05/15/2024 - 05/15/2028		320,000		359,526
City of Yonkers, General Obligation Limited, Series E, AGM, 5.00%, 09/01/2024		405,000		456,326
County of Suffolk, General Obligation Limited
Series A, AGM,
3.00%, 06/15/2025		3,205,000		3,237,627
Series D, BAM,
4.00%, 10/15/2027 - 10/15/2029		11,585,000		12,276,454
5.00%, 10/15/2023		235,000		260,817
County of Suffolk, General Obligation Unlimited, Series B, 5.00%, 11/01/2018		200,000		200,000

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New York (continued)
Dutchess County Local Development Corp., Revenue Bonds 5.00%, 07/01/2032 - 07/01/2036		$   605,000		$   656,995
Hudson City School District, General Obligation Unlimited
AGM,
3.13%, 06/15/2024		55,000		56,124
3.25%, 06/15/2028 - 06/15/2035		3,490,000		3,399,242
Jefferson County Civic Facility Development Corp., Revenue Bonds, Series A, 4.00%, 11/01/2030		350,000		345,730
Lockport City School District, General Obligation Unlimited
2.25%, 08/01/2027		820,000		770,021
2.50%, 08/01/2028		1,195,000		1,119,894
Metropolitan Transportation Authority, Revenue Bonds
Series A,
5.00%, 11/15/2025		50,000		54,871
Series D,
5.00%, 11/15/2030		2,500,000		2,698,575
MTA Hudson Rail Yards Trust Obligations, Revenue Bonds, Series A, 5.00%, 11/15/2051		2,000,000		2,101,580
New York City Housing Development Corp., Revenue Bonds
Series C-1,
2.25%, 05/01/2026		955,000		918,443
2.30%, 11/01/2026		925,000		888,203
2.40%, 05/01/2027		850,000		816,952
2.45%, 11/01/2027		190,000		182,541
2.55%, 05/01/2028		370,000		350,057
Series C1A,
2.25%, 11/01/2025		75,000		71,702
Series I, FNMA,
Fixed until 02/01/2026, 2.95% (E), 11/01/2045		4,950,000		4,832,734
New York City Industrial Development Agency, Revenue Bonds, FGIC, 4.50%, 03/01/2039		215,000		215,108
New York State Dormitory Authority, Revenue Bonds
4.00%, 02/15/2019		150,000		150,899
6.13%, 12/01/2029		100,000		100,352
Series A,
5.00%, 12/15/2029 - 08/01/2035		4,045,000		4,437,204
New York State Housing Finance Agency, Revenue Bonds
Series E, GNMA, FNMA, FHLMC,
1.00%, 11/01/2019		690,000		681,209
Series H, GNMA, FNMA, FHLMC,
1.60%, 05/01/2021		2,750,000		2,699,592
1.65%, 11/01/2021		4,970,000		4,861,405

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

Transamerica Funds Annual Report 2018

Page    187

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New York (continued)
New York State Thruway Authority, Revenue Bonds, Series A, 5.00%, 01/01/2051		$   485,000		$   519,920
Niagara Falls City School District, Certificate of Participation, AGM, 5.00%, 06/15/2024		340,000		378,821
Niagara Frontier Transportation Authority, Revenue Bonds
Series A1, AGM,
4.56% (E), 04/01/2024 07/27/2017		25,000		25,000
Series C, AGM,
4.40% (E), 04/01/2024 07/27/2017		75,000		75,000
Niagara Tobacco Asset Securitization Corp., Revenue Bonds, 4.00%, 05/15/2029		145,000		146,227
North East Joint Fire District, General Obligation Limited, Series A, BAM, 3.50%, 12/15/2019		60,000		61,057
Port Authority of New York & New Jersey, Revenue Bonds, 5.00%, 09/01/2048		2,160,000		2,398,939
State of New York Mortgage Agency, Revenue Bonds
Series 190,
3.45%, 10/01/2030		110,000		110,267
Series 197,
1.90%, 04/01/2025		925,000		880,100
Town of Oyster Bay, General Obligation Limited, AGM-CR, 4.00%, 02/15/2024		2,165,000		2,283,036
TSASC, Inc., Revenue Bonds, Series A, 5.00%, 06/01/2024		140,000		154,134
Westchester County Local Development Corp., Revenue Bonds, 5.00%, 11/01/2026		675,000		746,179
Windsor Central School District, General Obligation Unlimited
2.00%, 06/15/2020		115,000		114,999
3.00%, 06/15/2030 - 06/15/2031		285,000		274,101
				64,317,092
North Carolina - 0.7%
City of Charlotte, Certificate of Participation, Series A, 5.00%, 12/01/2021		25,000		27,050
North Carolina Housing Finance Agency, Revenue Bonds
Series 37-B, GNMA, FNMA,
1.95%, 07/01/2023		65,000		63,294
Series 38-B,
2.38%, 01/01/2025		2,050,000		1,992,641

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
North Carolina (continued)
North Carolina Housing Finance Agency, Revenue Bonds (continued)
2.45%, 07/01/2025		$   1,705,000		$   1,656,408
2.65%, 01/01/2026		1,155,000		1,136,416
2.80%, 01/01/2027		280,000		275,366
2.95%, 01/01/2028		170,000		166,377
University of North Carolina at Wilmington, Revenue Bonds, 4.00%, 06/01/2030		215,000		225,163
Winston-Salem State University, Revenue Bonds BAM, 5.00%, 06/01/2029 - 06/01/2036		4,000,000		4,383,837
				9,926,552
North Dakota - 0.9%
City of Mandan, Revenue Bonds, Series A, 4.00%, 09/01/2034		1,010,000		1,031,574
County of Burleigh Multi-County Sales Tax Revenue, Revenue Bonds Series A, AGM, 3.00%, 11/01/2024 - 11/01/2025		905,000		914,187
Fargo Public School District No. 1, General Obligation Limited, Series A, 3.00%, 08/01/2026		25,000		25,236
Grand Forks Park District, Revenue Bonds, 3.00%, 12/01/2020		245,000		249,163
Jamestown Park District, Revenue Bonds
Series A,
3.00%, 07/01/2035		4,050,000		3,548,731
4.00%, 07/01/2026 - 07/01/2033		4,435,000		4,583,083
North Dakota Housing Finance Agency, Revenue Bonds
2.80%, 07/01/2023		55,000		55,383
Series C,
2.55%, 01/01/2028		775,000		728,167
Series D,
2.80%, 01/01/2025		810,000		817,776
2.85%, 07/01/2025		745,000		750,848
				12,704,148
Ohio - 2.6%
Allen East Local School District, General Obligation Unlimited, Zero Coupon, 12/01/2021		130,000		120,059
American Municipal Power, Inc., Revenue Bonds, Series C, 5.25%, 02/15/2019		45,000		45,423
Brunswick City School District, General Obligation Unlimited Series A, 5.00%, 12/01/2024 - 12/01/2037		3,155,000		3,458,062
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds
Series A-2,
5.13%, 06/01/2024		1,465,000		1,415,512
5.38%, 06/01/2024		365,000		356,149

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

Transamerica Funds Annual Report 2018

Page    188

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Ohio (continued)
Butler County Port Authority, Revenue Bonds, Series A, 5.00%, 12/01/2024		$   545,000		$   596,644
Cardinal Local School District, Certificate of Participation, 5.25%, 04/01/2038		2,225,000		2,148,727
City of Marysville Wastewater Treatment System Revenue, Revenue Bonds, BAM, 5.00%, 12/01/2023		280,000		311,926
Cleveland Heights & University Heights City School District, General Obligation Unlimited 4.00%, 12/01/2029 - 12/01/2030		1,395,000		1,472,986
Cleveland-Cuyahoga County Port Authority, Revenue Bonds Series C, 3.00%, 11/15/2018 - 11/15/2023		745,000		749,552
Cleveland-Cuyahoga County Port Authority, Tax Allocation Series D, 3.00%, 05/15/2019 - 05/15/2023		1,870,000		1,885,001
County of Butler, Revenue Bonds, 5.00%, 11/15/2027		65,000		74,227
County of Cuyahoga, Revenue Bonds, 4.00%, 02/15/2029		2,100,000		2,030,994
County of Franklin, Revenue Bonds, Series A, 5.00%, 11/01/2040		350,000		350,000
County of Lucas, Revenue Bonds
5.00%, 11/15/2023		810,000		856,186
Series D,
5.00%, 11/15/2018		25,000		25,023
County of Montgomery, Revenue Bonds, Series A, 5.00%, 05/01/2032		40,000		40,431
County of Scioto, Revenue Bonds, AGM-CR, 3.50%, 02/15/2038		3,055,000		2,823,736
County of Warren, Revenue Bonds 5.00%, 07/01/2022 - 07/01/2023		425,000		461,923
Dayton-Montgomery County Port Authority, Revenue Bonds, Series 1, 6.13%, 01/15/2025		730,000		741,001
East Knox Local School District, General Obligation Unlimited, BAM, 4.00%, 12/01/2030		260,000		275,278
Lancaster City School District, General Obligation Limited, Series B, 4.00%, 10/01/2030		200,000		208,444
Ohio Air Quality Development Authority, Revenue Bonds, Series E, 5.63%, 10/01/2019		6,690,000		6,804,867

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Ohio (continued)
Ohio Higher Educational Facility Commission, Revenue Bonds
5.00%, 01/01/2019		$   35,000		$   35,171
5.75%, 11/15/2035		25,000		26,044
Ohio Housing Finance Agency, Revenue Bonds
Series D, GNMA, FNMA, FHLMC,
3.05%, 09/01/2032		2,250,000		2,069,235
3.40%, 09/01/2037		4,355,000		4,003,203
Pinnacle Community Infrastructure Financing Authority, Revenue Bonds, Series A, AGM, 4.00%, 12/01/2031		1,445,000		1,458,280
State of Ohio, Revenue Bonds, Series A, 5.00%, 01/15/2019		200,000		201,118
Summit County Development Finance Authority, Revenue Bonds
4.00%, 12/01/2028 - 12/01/2034		1,300,000		1,335,027
Series C,
4.00%, 11/15/2024 - 11/15/2025		335,000		349,462
Willoughby-Eastlake City School District, Certificate of Participation BAM, 4.00%, 03/01/2025 - 03/01/2029		360,000		376,875
				37,106,566
Oklahoma - 0.6%
Caddo County Governmental Building Authority, Revenue Bonds, 5.00%, 09/01/2027		435,000		471,109
Cleveland County Educational Facilities Authority, Revenue Bonds, 5.00%, 06/01/2023		45,000		49,635
Garfield County Educational Facilities Authority, Revenue Bonds, Series A, 5.00%, 09/01/2027		1,315,000		1,486,502
Grady County School Finance Authority, Revenue Bonds
3.00%, 12/01/2028 - 12/01/2030		355,000		323,050
4.00%, 12/01/2023 - 09/01/2029		950,000		1,009,173
5.00%, 09/01/2022 - 12/01/2027		3,725,000		4,184,598
Grand River Dam Authority, Revenue Bonds, Series A, 4.00%, 06/01/2024		385,000		414,691
Jefferson County Educational Facilities Authority, Revenue Bonds
3.25%, 12/01/2023		135,000		132,883
3.38%, 12/01/2024		135,000		132,844
Oklahoma County Independent School District No. 52, General Obligation Unlimited, Series A, 3.00%, 01/01/2019		100,000		100,173
Oklahoma Development Finance Authority, Revenue Bonds
5.00%, 06/01/2020		25,000		26,113

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

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Page    189

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Oklahoma (continued)
Oklahoma Development Finance Authority, Revenue Bonds (continued)
Series B,
3.00%, 06/01/2019		$   500,000		$   502,980
Oklahoma Water Resources Board, Revenue Bonds, Series B, 4.75%, 04/01/2039		55,000		57,722
				8,891,473
Oregon - 0.4%
County of Jackson Airport Revenue, Revenue Bonds AGM, 5.00%, 12/01/2030 - 12/01/2032		415,000		464,841
Klamath Falls Intercommunity Hospital Authority, Revenue Bonds
3.00%, 09/01/2035		820,000		714,728
5.00%, 09/01/2030		125,000		138,824
Oregon State Facilities Authority, Revenue Bonds
Series A,
5.00%, 10/01/2021		440,000		470,589
5.50%, 06/15/2035 (A)		750,000		752,422
State of Oregon Housing & Community Services Department, Revenue Bonds
Series A,
5.00%, 07/01/2019		75,000		76,460
Series B,
5.00%, 07/01/2019		45,000		45,867
Series D,
2.30%, 01/01/2026		1,230,000		1,150,579
2.45%, 01/01/2027		1,255,000		1,183,628
				4,997,938
Pennsylvania - 5.0%
Allegheny County Sanitary Authority, Revenue Bonds
AGM,
4.00%, 12/01/2033 - 12/01/2035		640,000		651,326
5.00%, 12/01/2024		30,000		34,115
Allentown City School District, General Obligation Limited, AGM, 4.00%, 02/15/2023		5,580,000		5,832,383
Allentown City School District, General Obligation Unlimited, Series A, AGM, 4.00%, 03/15/2019		75,000		75,444
Altoona Area School District, General Obligation Limited BAM, 5.00%, 12/01/2036 - 12/01/2039		1,350,000		1,467,567
Berks County Municipal Authority, Revenue Bonds, Series A3, 4.75%, 11/01/2018		100,000		100,000
Bristol Township School District, General Obligation Limited, BAM-TCRS, 5.00%, 06/01/2027		80,000		87,443

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Pennsylvania (continued)
Bucks County Industrial Development Authority, Revenue Bonds 5.00%, 10/01/2033 - 10/01/2037		$   1,950,000		$   2,101,812
Carbon County Area Vocational Technical School Authority, Revenue Bonds, AGM, 4.00%, 03/01/2024		150,000		157,107
Central Bradford Progress Authority, Revenue Bonds, 5.25%, 12/01/2019		95,000		98,272
Centre County Hospital Authority, Revenue Bonds, 3.00%, 11/15/2019		300,000		302,412
Chambersburg Area School District, General Obligation Limited, Series A, 3.25%, 03/01/2029		1,345,000		1,332,142
Cheltenham Township School District, General Obligation Limited, Series A, 5.00%, 02/15/2033		90,000		98,940
City of Philadelphia, General Obligation Unlimited, Series A, AGM, 5.00%, 12/15/2018		200,000		200,730
City of Philadelphia Water & Wastewater Revenue, Revenue Bonds, Series C, AGM, 5.00%, 08/01/2020		110,000		115,190
City of Reading, General Obligation Unlimited, BAM, 5.00%, 11/01/2021		795,000		846,365
Columbia Borough School District, General Obligation Limited, BAM, 2.80%, 02/15/2021		530,000		530,106
Commonwealth Financing Authority, Revenue Bonds
5.00%, 06/01/2034		1,000,000		1,094,740
Series B-1, AGM,
5.00%, 06/01/2025		2,950,000		3,329,930
Commonwealth of Pennsylvania, General Obligation Unlimited Series A, AGM-CR, 4.00%, 09/15/2030 - 09/15/2031		22,130,000		23,010,125
Council Rock School District, General Obligation Limited, Series D, 2.25%, 11/15/2023		320,000		316,685
County of Bedford, General Obligation Unlimited, Series A, BAM, 3.00%, 09/01/2019		100,000		100,538
County of Northumberland, General Obligation Unlimited, BAM, 5.00%, 12/01/2024		305,000		344,818

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

Transamerica Funds Annual Report 2018

Page    190

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Pennsylvania (continued)
Dallas School District, General Obligation Limited, BAM, 4.50%, 04/01/2024		$   150,000		$   162,960
Erie County Conventional Center Authority, Revenue Bonds, 5.00%, 01/15/2026		1,725,000		1,936,502
Fairview School District, General Obligation Limited Series A, 4.00%, 02/01/2024 - 02/01/2027		1,590,000		1,676,089
Indiana County Hospital Authority, Revenue Bonds, Series A, 5.50%, 06/01/2029		250,000		260,760
Lancaster School District, General Obligation Limited, Series A, AGM, 5.00%, 06/01/2031		735,000		817,996
Montgomery County Industrial Development Authority, Revenue Bonds, Fixed until 04/01/2020, 2.50% (E), 10/01/2030		125,000		124,483
Penn Hills School District, General Obligation Limited
BAM,
5.00%, 11/15/2023 - 11/15/2024		430,000		472,550
Series A, BAM,
5.00%, 11/15/2025		220,000		242,438
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, 5.00%, 07/15/2020		50,000		52,001
Pennsylvania Housing Finance Agency, Revenue Bonds
Series 119,
1.85%, 04/01/2022		1,095,000		1,071,140
Series 121,
2.20%, 04/01/2026		1,955,000		1,849,195
2.25%, 10/01/2026		1,275,000		1,203,740
2.35%, 04/01/2027		3,505,000		3,306,582
Series 124B,
2.30%, 04/01/2026		1,415,000		1,366,069
2.40%, 10/01/2026		745,000		721,391
2.45%, 04/01/2027		1,600,000		1,537,280
2.55%, 10/01/2027		1,450,000		1,391,565
2.65%, 04/01/2028		1,700,000		1,627,172
2.75%, 10/01/2028		1,580,000		1,507,004
Pennsylvania Turnpike Commission, Revenue Bonds
5.00%, 12/01/2037		15,000		15,942
Series B,
5.00%, 12/01/2038		1,500,000		1,648,215
Series B-2, AGM,
5.00%, 06/01/2033		60,000		65,873
Perkasie Regional Authority, Revenue Bonds, BAM, 2.75%, 02/01/2025		50,000		50,017

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Pennsylvania (continued)
Philadelphia Gas Works Co., Revenue Bonds
4.00%, 10/01/2036 - 10/01/2037		$   425,000		$   422,151
5.00%, 08/01/2024		200,000		222,750
Reading Area Water Authority, Revenue Bonds, AGM, 4.00%, 12/01/2025		245,000		257,444
Reading School District, General Obligation Unlimited Series A, AGM, 5.00%, 02/01/2026 - 02/01/2027		2,115,000		2,358,150
School District of Philadelphia, General Obligation Unlimited, Series A, NATL, 4.38%, 06/01/2034		50,000		50,073
Seneca Valley School District, General Obligation Unlimited, Series A, 4.00%, 03/01/2019		200,000		201,332
State Public School Building Authority, Revenue Bonds
5.00%, 03/01/2019 - 09/15/2022		220,000		234,318
5.25%, 03/01/2020		115,000		119,601
AGM,
5.00%, 10/01/2020 - 10/01/2023		260,000		280,241
BAM-TCRS,
5.00%, 10/01/2019		210,000		215,403
Series A, AGM,
5.00%, 10/01/2020 - 10/01/2023		1,075,000		1,145,823
Sto Rox School District, General Obligation Limited, BAM, 3.13%, 12/15/2027		705,000		685,570
				71,528,010
Puerto Rico - 1.9%
Children’s Trust Fund, Revenue Bonds, 5.63%, 05/15/2043		125,000		126,701
Commonwealth of Puerto Rico, General Obligation Unlimited
AGC-ICC,
5.00%, 07/01/2034		120,000		124,573
AGM,
5.13%, 07/01/2030		10,000		10,458
5.25%, 07/01/2020		60,000		62,232
5.50%, 07/01/2019		590,000		600,614
AGM-CR,
4.50%, 07/01/2023		100,000		100,245
Series A, AGC-ICC,
5.00%, 07/01/2020 - 07/01/2034		530,000		550,776
5.25%, 07/01/2020		275,000		284,218
5.50%, 07/01/2029		140,000		157,217
Series A, AGC-ICC, FGIC,
5.50%, 07/01/2020		175,000		182,215
Series A, AGM,
4.00%, 07/01/2022		470,000		481,252
5.00%, 07/01/2035		870,000		918,459

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

Transamerica Funds Annual Report 2018

Page    191

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Puerto Rico (continued)
Commonwealth of Puerto Rico, General Obligation Unlimited (continued)
5.25%, 07/01/2024		$   285,000		$   303,360
6.00%, 07/01/2034		440,000		476,529
Series A-4, AGM,
5.00%, 07/01/2031		100,000		103,000
Series B, AGC-ICC,
5.00%, 07/01/2035		645,000		668,446
Series C, AGM,
5.75%, 07/01/2037		305,000		319,567
Series D, AGM,
4.13%, 07/01/2020		75,000		75,043
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Series A, AGC, 5.13%, 07/01/2047		455,000		467,431
Puerto Rico Convention Center District Authority, Revenue Bonds
Series A, AGC,
4.50%, 07/01/2036		1,765,000		1,751,780
5.00%, 07/01/2027		535,000		560,626
Puerto Rico Electric Power Authority, Revenue Bonds
Series DDD, AGM,
3.65%, 07/01/2024		620,000		605,982
5.00%, 07/01/2023		40,000		41,274
Series RR, AGC,
5.00%, 07/01/2028		320,000		335,040
Series RR, AGM,
5.00%, 07/01/2020		1,055,000		1,085,532
Series SS, AGC,
4.38%, 07/01/2030		135,000		135,000
Series SS, AGM,
5.00%, 07/01/2019 - 07/01/2030		2,285,000		2,379,494
Series TT, AGM-CR,
4.20%, 07/01/2019		145,000		145,283
Series UU, AGC,
4.25%, 07/01/2027		20,000		20,001
5.00%, 07/01/2026		575,000		603,577
Series UU, AGM,
4.00%, 07/01/2023		115,000		115,213
5.00%, 07/01/2020 - 07/01/2024		1,185,000		1,236,412
Series V, AGM,
5.25%, 07/01/2027		80,000		88,178
Puerto Rico Highway & Transportation Authority, Revenue Bonds
AGC-ICC,
5.00%, 07/01/2028		20,000		20,940
Series A, AGC-ICC,
4.75%, 07/01/2038		100,000		100,011
Series A, AGM-CR,
4.75%, 07/01/2038		235,000		235,026
Series CC, AGM,
5.25%, 07/01/2032 - 07/01/2036		495,000		549,304
Series CC, AGM-CR,
5.50%, 07/01/2029 - 07/01/2031		160,000		180,926
Series D, AGM,
5.00%, 07/01/2027 - 07/01/2032		3,520,000		3,672,108

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Puerto Rico (continued)
Puerto Rico Highway & Transportation Authority, Revenue Bonds (continued)
Series E, AGM,
5.50%, 07/01/2020 - 07/01/2023		$   185,000		$   197,952
Series L, AGC,
5.25%, 07/01/2019		100,000		101,636
Series M, AGC-ICC,
5.00%, 07/01/2032 - 07/01/2037		1,150,000		1,184,849
Series N, AGC,
5.25%, 07/01/2034 - 07/01/2036		240,000		265,825
Series N, AGM-CR, AGC,
5.25%, 07/01/2034		305,000		338,492
Series N, AGM-CR, AGC-ICC,
5.50%, 07/01/2025		95,000		105,304
Puerto Rico Infrastructure Financing Authority, Revenue Bonds, Series B, AGC-ICC, 5.00%, 07/01/2041		25,000		25,756
Puerto Rico Municipal Finance Agency, Revenue Bonds
Series A, AGM,
4.20%, 08/01/2020		75,000		75,052
5.00%, 08/01/2019 - 08/01/2030		2,600,000		2,702,780
5.25%, 08/01/2020		105,000		108,612
Series C, AGC,
5.25%, 08/01/2020		110,000		114,291
Puerto Rico Public Buildings Authority, Revenue Bonds
AGC-ICC,
5.25%, 07/01/2033		275,000		287,257
Series I, AGC-ICC,
5.00%, 07/01/2036		290,000		300,034
Series L, AGM-CR,
5.50%, 07/01/2021		125,000		128,942
Series N, AGC-ICC,
5.00%, 07/01/2032		195,000		203,122
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Revenue Bonds
Series A, AGM,
5.00%, 08/01/2040		310,000		316,231
Series C, AGM,
5.13%, 08/01/2042		80,000		82,404
				26,412,582
Rhode Island - 1.6%
Providence Public Building Authority, Revenue Bonds Series A, AGM, 5.00%, 09/15/2024 - 09/15/2037		14,560,000		16,230,793
Providence Redevelopment Agency, Revenue Bonds
Series A, AGM,
5.00%, 04/01/2025		565,000		623,534
Series A, AGM-CR,
5.00%, 04/01/2027		1,250,000		1,374,937
Rhode Island Health & Educational Building Corp., Revenue Bonds
5.00%, 05/15/2028 - 05/15/2029		2,425,000		2,664,015

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

Transamerica Funds Annual Report 2018

Page    192

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Rhode Island (continued)
Rhode Island Health & Educational Building Corp., Revenue Bonds (continued)
AGM,
4.00%, 05/15/2024		$   650,000		$   689,052
Series C,
5.00%, 09/15/2027		180,000		202,910
Rhode Island Turnpike & Bridge Authority, Revenue Bonds, Series A, 5.00%, 10/01/2024		130,000		145,484
Tobacco Settlement Financing Corp., Revenue Bonds Series A, 5.00%, 06/01/2023 - 06/01/2027		1,055,000		1,147,454
Town of West Warwick, General Obligation Unlimited, Series A, BAM, 5.00%, 10/01/2019		165,000		168,716
				23,246,895
South Carolina - 0.4%
City of Georgetown Combined Public Utility Revenue, Revenue Bonds, Series A, BAM, 4.00%, 06/01/2029		595,000		630,283
SCAGO Educational Facilities Corp. for Williamsburg School District, Revenue Bonds Series B, BAM, 5.00%, 12/01/2024 - 12/01/2025		885,000		986,907
South Carolina Jobs-Economic Development Authority, Revenue Bonds, 5.00%, 10/01/2026 (A)		3,050,000		3,187,646
South Carolina Public Service Authority, Revenue Bonds, Series A, AGM-CR, 5.00%, 12/01/2036		125,000		130,949
South Carolina State Housing Finance & Development Authority, Revenue Bonds, GNMA, FNMA, FHLMC, 2.00%, 07/01/2020		85,000		84,750
State of South Carolina, General Obligation Unlimited, 3.00%, 04/01/2026		200,000		200,060
				5,220,595
South Dakota - 0.9%
South Dakota Health & Educational Facilities Authority, Revenue Bonds, Series B, 3.00%, 08/01/2019		435,000		438,071
South Dakota Housing Development Authority, Revenue Bonds
Series B,
3.13%, 11/01/2036		130,000		118,001
Series B, GNMA, FNMA, FHLMC,
2.20%, 11/01/2024		665,000		630,227
2.30%, 05/01/2025		600,000		570,456
2.45%, 11/01/2025		290,000		283,234

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
South Dakota (continued)
South Dakota Housing Development Authority, Revenue Bonds (continued)
2.55%, 05/01/2026		$   1,860,000		$   1,815,658
2.65%, 11/01/2026		330,000		323,687
2.75%, 05/01/2027		970,000		944,605
2.80%, 11/01/2027		1,330,000		1,290,020
2.85%, 05/01/2028		1,710,000		1,647,106
2.95%, 11/01/2028		440,000		419,940
Series C,
2.00%, 05/01/2023		20,000		19,544
Series F, GNMA, FNMA, FHLMC,
2.60%, 05/01/2027		860,000		824,981
2.65%, 11/01/2027		1,285,000		1,227,214
2.70%, 05/01/2028		390,000		371,362
2.75%, 11/01/2028		1,425,000		1,357,541
				12,281,647
Tennessee - 2.1%
Chattanooga Health Educational & Housing Facility Board, Revenue Bonds, 5.00%, 10/01/2027		675,000		740,151
Greeneville Health & Educational Facilities Board, Revenue Bonds, Series A, 5.00%, 07/01/2034		3,000,000		3,203,940
Knox County Health Educational & Housing Facility Board, Revenue Bonds, Series A, 5.00%, 01/01/2026		100,000		112,734
Tennessee Housing Development Agency, Revenue Bonds
2.45%, 01/01/2024		260,000		259,371
2.75%, 01/01/2025		40,000		40,384
2.80%, 07/01/2025		280,000		281,350
2.95%, 01/01/2026		45,000		45,347
3.00%, 01/01/2031		450,000		426,564
Series 1C,
2.35%, 07/01/2021		1,275,000		1,268,778
Series 2B,
2.30%, 01/01/2022		285,000		282,159
2.55%, 01/01/2028		390,000		377,239
2.70%, 07/01/2024		195,000		191,570
Series B2,
2.05%, 01/01/2024		890,000		867,741
2.15%, 07/01/2024		265,000		258,616
2.25%, 01/01/2025		1,000,000		977,370
2.40%, 07/01/2025		2,000,000		1,964,800
2.55%, 01/01/2026		120,000		118,447
2.60%, 07/01/2026		800,000		789,560
2.80%, 07/01/2027		2,270,000		2,233,839
2.85%, 01/01/2028		3,205,000		3,136,413
2.95%, 07/01/2028		3,155,000		3,092,373
3.00%, 01/01/2029		3,000,000		2,922,750
3.05%, 07/01/2029		3,100,000		3,011,650
3.15%, 01/01/2030		2,820,000		2,736,979

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

Transamerica Funds Annual Report 2018

Page    193

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Tennessee (continued)
Tennessee State School Bond Authority, Revenue Bonds, Series C, 5.00%, 05/01/2019		$   30,000		$   30,171
				29,370,296
Texas - 4.8%
Arlington Higher Education Finance Corp., Revenue Bonds, Series A, 3.80%, 08/15/2026		350,000		340,994
Bexar County Health Facilities Development Corp., Revenue Bonds 5.00%, 07/15/2023 - 07/15/2026		650,000		698,880
Board of Managers Joint Guadalupe County-City of Seguin Hospital, Revenue Bonds 5.00%, 12/01/2018 - 12/01/2022		5,165,000		5,314,020
Camino Real Regional Mobility Authority, Revenue Bonds, AGM, 5.00%, 06/01/2024		470,000		526,160
Centerville Independent School District, General Obligation Unlimited, 4.00%, 08/15/2036		585,000		593,453
City of Bryan Rural Electric System Revenue, Revenue Bonds, 5.00%, 07/01/2025		30,000		33,869
City of College Station, General Obligation Limited, 5.00%, 02/15/2019		100,000		100,873
City of Corpus Christi Utility System Revenue, Revenue Bonds, 5.00%, 07/15/2019		60,000		61,219
City of Laredo International Toll Bridge System Revenue, Revenue Bonds, AGM, 5.00%, 10/01/2022		90,000		97,952
City of Pearland, General Obligation Limited, 5.00%, 03/01/2023		25,000		27,604
City of Pflugerville, General Obligation Limited, 4.00%, 08/01/2022		95,000		100,309
City of Westworth Village, General Obligation Limited, BAM, 3.00%, 08/15/2019		35,000		35,285
Clifton Higher Education Finance Corp., Revenue Bonds, Series A, 5.00%, 08/15/2034		775,000		853,593
Colorado River Municipal Water District, Revenue Bonds 5.00%, 01/01/2022 - 01/01/2027		4,475,000		5,023,329
County of Bexar, General Obligation Limited, Series A, 5.00%, 06/15/2023		135,000		137,570
County of Denton, General Obligation Limited, 4.00%, 07/15/2029		50,000		52,765

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Texas (continued)
Dallas County Flood Control District No. 1, General Obligation Unlimited 5.00%, 04/01/2019 - 04/01/2024 (A)		$   6,835,000		$   7,116,929
Dallas/Fort Worth International Airport, Revenue Bonds, Series C, 5.00%, 11/01/2034		40,000		43,205
Del Mar College District, General Obligation Limited, 3.50%, 08/15/2019		100,000		101,123
Denton County Fresh Water Supply District No. 10, General Obligation Unlimited
AGM,
2.75%, 09/01/2029 - 09/01/2030		1,025,000		919,419
3.00%, 09/01/2031 - 09/01/2034		355,000		313,446
El Paso County Hospital District, General Obligation Limited 5.00%, 08/15/2020 - 08/15/2026		445,000		471,638
Fort Bend County Levee Improvement District No. 15, General Obligation Unlimited BAM, 4.00%, 09/01/2029 - 09/01/2032		380,000		393,112
Fort Bend County Levee Improvement District No. 17, General Obligation Unlimited, AGM, 4.70%, 09/01/2035		50,000		51,205
Fort Bend County Municipal Utility District No. 23, General Obligation Unlimited, BAM, 3.00%, 09/01/2019		60,000		60,367
Fort Bend County Municipal Utility District No. 30, General Obligation Unlimited BAM, 4.00%, 09/01/2035 - 09/01/2036		350,000		353,533
Grant Road Public Utility District, General Obligation Unlimited, AGC, 3.50%, 10/01/2023		750,000		750,765
Harris County Cultural Education Facilities Finance Corp., Revenue Bonds
Series A,
4.38%, 11/15/2021		20,000		20,499
Series B,
5.50%, 12/01/2018		200,000		200,540
Harris County Municipal Utility District No. 290, General Obligation Unlimited, AGM, 3.00%, 03/01/2031		150,000		136,032
Harris County Municipal Utility District No. 399, General Obligation Unlimited AGM, 4.00%, 09/01/2032 - 09/01/2034		805,000		828,258

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

Transamerica Funds Annual Report 2018

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Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Texas (continued)
Harris County Municipal Utility District No. 412, General Obligation Unlimited
MAC,
2.00%, 09/01/2019		$   125,000		$   124,614
3.00%, 09/01/2021		100,000		101,247
Harris County Municipal Utility District No. 419, General Obligation Unlimited AGM, 4.00%, 09/01/2031 - 09/01/2035		390,000		391,342
Houston Higher Education Finance Corp., Revenue Bonds, 5.00%, 08/15/2024		490,000		550,255
Hunt Memorial Hospital District, General Obligation Limited, 5.00%, 02/15/2024		15,000		16,556
Kingsbridge Municipal Utility District, General Obligation Unlimited, AGM, 3.50%, 03/01/2027		695,000		697,912
Laredo Independent School District, General Obligation Unlimited, 5.00%, 08/01/2019		75,000		76,613
Lower Colorado River Authority, Revenue Bonds, 5.00%, 05/15/2020		35,000		36,472
Metropolitan Transit Authority of Harris County, Revenue Bonds, Series A, 5.00%, 11/01/2020		40,000		41,187
Montgomery County Municipal Utility District No. 113, General Obligation Unlimited
AGM,
3.00%, 09/01/2030 - 09/01/2033		575,000		530,751
3.13%, 09/01/2034		210,000		190,438
Montgomery County Municipal Utility District No. 119, General Obligation Unlimited, BAM, 4.00%, 04/01/2024		375,000		392,265
New Hope Cultural Education Facilities Finance Corp., Revenue Bonds
3.00%, 07/01/2021		580,000		568,905
4.00%, 07/01/2023 - 07/01/2028		2,835,000		2,766,148
5.00%, 01/01/2022 - 01/01/2028		3,980,000		4,162,264
Series A, AGM,
4.00%, 04/01/2019		100,000		100,731
Series A1,
4.00%, 07/01/2021 - 07/01/2036		2,265,000		2,296,040
5.00%, 07/01/2031 - 07/01/2046		1,635,000		1,762,176
Series B,
3.00%, 07/01/2019		125,000		125,316
4.00%, 07/01/2021 - 07/01/2031		2,985,000		3,016,002
4.25%, 07/01/2036		885,000		868,769
Series B1, AGM,
5.00%, 07/01/2058		750,000		783,735
Series C,
5.00%, 07/01/2022 - 07/01/2026		635,000		679,364

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Texas (continued)
Newark Higher Education Finance Corp., Revenue Bonds, Series A, 4.00%, 08/15/2024		$   215,000		$   229,635
North Central Texas Health Facility Development Corp., Revenue Bonds, 5.00%, 08/15/2022		90,000		98,555
North East Independent School District, General Obligation Unlimited, Series B, Fixed until 08/01/2021, 1.42% (E), 08/01/2040		5,735,000		5,564,040
Northeast Higher Education Finance Corp., Revenue Bonds, Series A, 4.00%, 08/15/2025		95,000		101,249
Northwest Harris County Municipal Utility District No. 19, General Obligation Unlimited
BAM,
3.00%, 10/01/2028		110,000		104,271
3.13%, 10/01/2030		385,000		354,000
Northwoods Road District No. 1, General Obligation Unlimited BAM, 4.00%, 08/15/2024 - 08/15/2027		405,000		435,459
Orange Grove Independent School District, General Obligation Unlimited, 4.00%, 08/15/2025		240,000		243,398
Pottsboro Higher Education Finance Corp., Revenue Bonds, Series A, 3.88%, 08/15/2026		415,000		400,745
Royal Independent School District, General Obligation Unlimited, 4.00%, 02/15/2024		490,000		492,440
Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, Series B, AGC, 4.50%, 09/01/2019		65,000		66,260
Texas Public Finance Authority, Revenue Bonds
BAM,
4.00%, 05/01/2029		700,000		712,264
5.00%, 11/01/2018		90,000		90,000
Travis County Municipal Utility District No. 4, General Obligation Unlimited, AGM, 4.00%, 09/01/2035		450,000		458,955
Trophy Club Public Improvement District No. 1, Special Assessment, AGM, 3.00%, 06/01/2024		173,000		172,292
University of Houston, Revenue Bonds, Series A, 5.00%, 02/15/2024		40,000		42,510

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

Transamerica Funds Annual Report 2018

Page    195

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Texas (continued)
University of Texas System, Revenue Bonds, Series B, Fixed until 08/15/2021, 2.50% (E), 08/15/2036		$   9,675,000		$   9,133,684
Viridian Municipal Management District, General Obligation Unlimited BAM, 6.00%, 12/01/2023 - 12/01/2031		1,845,000		2,166,116
Washington County Junior College District, Revenue Bonds, BAM, 5.00%, 10/01/2024		485,000		548,700
West Ranch Management District, General Obligation Unlimited, MAC, 4.00%, 09/01/2032		280,000		284,211
				67,735,832
U. S. Virgin Islands - 0.0% (F)
Virgin Islands Public Finance Authority, Revenue Bonds, Series A, AGM-CR, 5.00%, 10/01/2032		200,000		211,780
Utah - 0.5%
City of South Jordan, Special Assessment, 3.13%, 11/01/2036		2,455,000		2,173,092
Jordan Valley Water Conservancy District, Revenue Bonds Series A, 5.00%, 10/01/2034 - 10/01/2035		970,000		1,036,138
Utah Charter School Finance Authority, Revenue Bonds
4.00%, 04/15/2020 - 10/15/2031		1,045,000		1,079,662
4.25%, 04/15/2034		120,000		122,694
4.30%, 04/15/2025 (A)		600,000		600,240
Series A,
5.00%, 10/15/2024 - 10/15/2025		1,010,000		1,120,022
Series G,
4.00%, 10/15/2022 - 10/15/2028		1,160,000		1,211,077
Washington County-St. George Interlocal Agency, Revenue Bonds, Series A, 4.00%, 12/01/2018		100,000		100,159
				7,443,084
Vermont - 0.9%
City of Burlington, General Obligation Unlimited
Series A,
5.00%, 11/01/2034 - 11/01/2037		900,000		999,238
Series A, AGM,
5.00%, 11/01/2032 - 11/01/2035		1,105,000		1,186,113
City of Burlington Waterworks System Revenue, Revenue Bonds 5.00%, 11/01/2034 - 11/01/2037		445,000		504,349

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Vermont (continued)
Vermont Educational & Health Buildings Financing Agency, Revenue Bonds Series A, 5.00%, 12/01/2026 - 12/01/2027		$   1,175,000		$   1,334,185
Vermont Housing Finance Agency, Revenue Bonds
Series D, GNMA, FNMA, FHLMC,
2.60%, 11/01/2026		355,000		349,444
2.70%, 05/01/2027		5,000		4,933
2.90%, 05/01/2029		350,000		333,168
3.15%, 05/01/2033		2,185,000		2,051,103
Vermont Public Power Supply Authority, Revenue Bonds
Series A,
3.00%, 07/01/2019 - 07/01/2029		690,000		680,815
4.00%, 07/01/2020 - 07/01/2021		415,000		428,620
5.00%, 07/01/2022 - 07/01/2028		3,705,000		4,134,042
				12,006,010
Virginia - 0.8%
Alexandria Industrial Development Authority, Revenue Bonds 4.00%, 10/01/2019 - 10/01/2020		990,000		1,009,592
Capital Region Airport Commission, Revenue Bonds Series A, 5.00%, 07/01/2030 - 07/01/2033		310,000		342,071
Henrico County Economic Development Authority, Revenue Bonds, Series C, 3.50%, 12/01/2027		445,000		423,938
Virginia Housing Development Authority, Revenue Bonds
Series B,
1.20%, 11/01/2019		6,150,000		6,095,080
Series E,
2.30%, 12/01/2026		905,000		862,972
2.45%, 12/01/2027		1,080,000		1,026,443
2.60%, 12/01/2028		1,000,000		947,810
				10,707,906
Washington - 0.9%
Central Puget Sound Regional Transit Authority, Revenue Bonds, NATL, 4.75%, 02/01/2028		50,000		54,027
County of Pierce Sewer Revenue, Revenue Bonds, 5.00%, 08/01/2019		100,000		102,226
King County School District No. 414, General Obligation Unlimited, 5.00%, 12/01/2018		85,000		85,213
Port of Vancouver, Revenue Bonds, Series B, AGM, 5.00%, 12/01/2048		930,000		1,031,500
Public Utility District No. 1 of Cowlitz County, Revenue Bonds, 5.00%, 09/01/2019		155,000		158,703

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

Transamerica Funds Annual Report 2018

Page    196

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Washington (continued)
Seattle Housing Authority, Revenue Bonds, Series A, 3.40%, 12/01/2032		$   450,000		$   432,882
University of Washington, Revenue Bonds, Series C, 5.00%, 12/01/2018		500,000		501,270
Washington Health Care Facilities Authority, Revenue Bonds
Series A,
5.00%, 10/01/2019 - 08/15/2020		60,000		62,351
Series B,
5.00%, 10/01/2026		75,000		86,236
Washington State Housing Finance Commission, Revenue Bonds
3.20%, 07/01/2021 (A)		390,000		386,646
3.70%, 07/01/2023 (A)		200,000		198,470
5.00%, 07/01/2033 (A)		375,000		386,948
Series 2N, GNMA, FNMA, FHLMC,
2.20%, 12/01/2025		90,000		84,900
2.35%, 06/01/2026		225,000		210,044
Series 3N, GNMA, FNMA, FHLMC,
2.15%, 12/01/2023		35,000		34,255
2.25%, 06/01/2024		780,000		762,715
2.30%, 12/01/2024		595,000		579,119
2.40%, 06/01/2025		810,000		790,163
2.45%, 12/01/2025		565,000		550,242
2.60%, 06/01/2026		845,000		827,280
2.65%, 12/01/2026		720,000		704,563
2.70%, 06/01/2027		785,000		766,710
2.75%, 12/01/2027		805,000		787,210
2.80%, 06/01/2028		925,000		902,892
2.85%, 12/01/2028		640,000		625,683
3.25%, 12/01/2032		1,500,000		1,434,360
Series 3N-R, GNMA, FNMA, FHLMC,
2.05%, 12/01/2022		645,000		633,558
				13,180,166
West Virginia - 0.3%
City of Buckhannon, Revenue Bonds Series C, 4.25%, 08/01/2022 - 08/01/2023		1,090,000		1,088,412
West Virginia Economic Development Authority, Revenue Bonds, Fixed until 06/01/2022, 2.63% (E), 12/01/2042		1,000,000		990,030
West Virginia Housing Development Fund, Revenue Bonds, Series B, 3.70%, 11/01/2032		1,500,000		1,509,780
				3,588,222
Wisconsin - 1.2%
Central Brown County Water Authority, Revenue Bonds, Series A, 5.00%, 11/01/2019		50,000		51,379

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Wisconsin (continued)
Milwaukee Housing Authority, Revenue Bonds, Series A, 3.38%, 07/01/2029		$   200,000		$   200,054
Public Finance Authority, Revenue Bonds
Series A,
3.38%, 12/01/2027		420,000		405,451
4.50%, 09/01/2026		145,000		138,394
5.00%, 06/01/2027 - 07/01/2038		725,000		777,170
State of Wisconsin, Revenue Bonds Series A, 5.00%, 05/01/2019		25,000		25,388
Wisconsin Health & Educational Facilities Authority, Revenue Bonds
3.50%, 08/01/2022		1,000,000		991,640
5.00%, 12/15/2018 - 08/01/2032		3,125,000		3,329,840
Class B,
4.25%, 07/01/2033		1,250,000		1,180,663
5.00%, 07/01/2053		1,000,000		967,960
Series A1,
5.00%, 07/01/2038		5,000,000		5,310,000
Series B-4,
Fixed until 06/01/2021, 5.00% (E), 11/15/2043		105,000		111,383
Wisconsin Housing & Economic Development Authority, Revenue Bonds, Series B, FNMA, 3.15%, 09/01/2030		3,885,000		3,739,468
				17,228,790
Wyoming - 0.3%
Wyoming Community Development Authority, Revenue Bonds, Series 2, 2.95%, 06/01/2033		4,010,000		3,635,266
Wyoming Municipal Power Agency, Inc., Revenue Bonds, Series A, BAM, 5.00%, 01/01/2042		235,000		254,794
				3,890,060
Total Municipal Government Obligations (Cost $1,389,451,100)				1,352,554,969
	Shares		Value
INVESTMENT COMPANIES - 0.4%
U.S. Fixed Income Funds - 0.4%
Nuveen AMT-Free Quality Municipal Income Fund		455,247		5,522,146
Putnam Managed Municipal Income Trust		22,000		147,840
Total Investment Companies (Cost $6,059,494)				5,669,986

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

Transamerica Funds Annual Report 2018

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Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
REPURCHASE AGREEMENT - 3.6%
Fixed Income Clearing Corp., 1.25% (H), dated 10/31/2018, to be repurchased at $50,949,835 on 11/01/2018. Collateralized by a U.S. Government Obligation, 1.13%, due 08/31/2021, and with a value of $51,970,317.		$  50,948,066		$  50,948,066
Total Repurchase Agreement (Cost $50,948,066)				50,948,066
Total Investments (Cost $1,446,458,660)				1,409,173,021
Net Other Assets (Liabilities) - 0.7%				9,419,047
Net Assets - 100.0%				$  1,418,592,068

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	$	—	$	1,352,554,969	$	—	$	1,352,554,969
Investment Companies		5,669,986		—		—		5,669,986
Repurchase Agreement		—		50,948,066		—		50,948,066
Total Investments	$	5,669,986	$	1,403,503,035	$	—	$	1,409,173,021

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, 2018, the total value of 144A securities is $40,536,773, representing 2.9% of the Fund’s net assets.

(B)

Restricted securities. At October 31, 2018, the value of such securities held by the Fund are as follows:

Investments	Description	Acquisition Date		Acquisition Cost		Value		Value as Percentage of Net Assets
Municipal Government Obligations	BluePath Trust Revenue Bonds 2.75%, 09/01/2026		06/27/2016	$	5,184,747	$	5,022,302		0.4	%
Municipal Government Obligations	Centerra Metropolitan District No. 1 Tax Allocation 2.70%, 12/01/2019		04/20/2017		493,007		493,552		0.0	(F)
Total				$	5,677,754	$	5,515,854		0.4	%

(C)	Illiquid security. At October 31, 2018, the value of such securities amounted to $6,807,161 or 0.5% of the Fund’s net assets.
(D)	When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after October 31, 2018. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(E)	Floating or variable rate securities. The rates disclosed are as of October 31, 2018. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(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, 2018; the maturity date disclosed is the ultimate maturity date.
(H)	Rate disclosed reflects the yield at October 31, 2018.
(I)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. 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 2018

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Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

MUNICIPAL INSURER ABBREVIATIONS:

AGC	Assured Guaranty Corp.
AGM	Assured Guaranty Municipal Corp.
AMBAC	AMBAC Financial Group, Inc.
BAM	Build America Mutual Assurance Co.
FGIC	Financial Guaranty Insurance Co.
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
MAC	Municipal Assurance Corp.
NATL	National Public Finance Guarantee Corp.
XLCA	Syncora (formerly XL Capital Assurance, Inc.)

PORTFOLIO ABBREVIATIONS:

AMT	Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.
CR	Custodial Receipts
IBC	Insured Bond Certificate
ICC	Insured Custody Certificate
TCRS	Temporary Custodian Receipts

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

Transamerica Funds Annual Report 2018

Page    199

Transamerica International Equity

(unaudited)

MARKET ENVIRONMENT

During the 12-month period ended on October 31, 2018, international equities declined in U.S. dollar terms with the MSCI EAFE Index falling -6.39%. Concerns about trade disputes, interest rates and the outcome of Great Britain leaving the European Union began to weigh on investor sentiment in the latter part of the period. Japan was the top-performing region in the index though it generated a negative return of -3.54%. Europe, down -9.62%, was the worst-performing region. Sector performance was mixed. Energy and health care had gains of 10.02% and 2.45%, respectively, to lead the index, while the worst-performing sectors financials and communication services were down -12.55% and -10.05%, respectively.

PERFORMANCE

For the year ended October 31, 2018, Transamerica International Equity (Class I) returned -7.49%. By comparison, its benchmark, the MSCI EAFE Index, returned -6.39%.

STRATEGY REVIEW

The Fund underperformed its benchmark, MSCI EAFE Index. Holdings in the United Kingdom, led lower by Micro Focus International PLC, weighed the most on relative performance. Struggling to integrate software assets acquired from Hewlett Packard Enterprises in 2017, the firm’s management forecasted a decline in revenue for the 2018 fiscal year. We sold our position believing the risk-reward tradeoff had worsened. Inmarsat PLC was another notable detractor in the U.K. The company saw margin pressure due to costs associated with outfitting ships and aircraft with receiving equipment for its new satellite-based broadband service. We remain confident in the long-term prospects of the company as these upfront costs begin to dissipate and the service contracts become profitable.

Our holdings in Japan, led by Sony Corp., were the top regional contributors. The multinational consumer electronics conglomerate enjoyed good results from its media and game segments and set higher profit targets for its semiconductor business. JXTG Holdings, Inc. was also a strong performer. The Japanese oil refiner’s margins expanded, as management executed on merger synergies.

On a sector basis, our information technology holdings were the biggest drag on relative performance. Notable detractors included Flex, Ltd., a Singapore-based contract manufacturer that disappointed investors when it ended a relationship with Nike, Inc.. Micro Focus International PLC, was another key detractor in the sector. Our industrial holdings also weighed on performance due partly to AP Moller – Maersk A/S. The Danish shipping conglomerate, which is in the midst of restructuring its business, was the victim of a cyber-attack. We viewed this as an extraordinary event from which the company recovered, and we believed its restructuring should result in a more efficient business model and higher profitability.

Our financial holdings, led by German securities exchange operator Deutsche Boerse AG, were the top contributors on a sector basis. The company’s new management introduced initiatives for continued profit growth driven by its clearing business as well as a diverse set of other services. DBS Group Holdings, Ltd. was another positive contributor. The Singapore-based bank holding company expected to increase its dividend payout following strong earnings throughout the year, supported by positive economic data in its primary markets of Hong Kong and Singapore. Our consumer staples holdings, led by two Japanese companies, also aided performance. FamilyMart UNY, a convenience store operator, and Coca-Cola Bottlers Japan, the largest Coke bottler in Japan, both benefited from improved financial performance related to integrating acquisitions made in recent years.

Brandon H. Harrell, CFA

Portfolio Manager

Thompson, Siegel & Walmsley LLC

Asset Allocation	Percentage of Net Assets
Common Stocks		99.6	%
Other Investment Company		1.9
Repurchase Agreement		0.1
Net Other Assets (Liabilities)		(1.6	)
Total		100.0	%

Transamerica Funds Annual Report 2018

Page    200

Transamerica International Equity

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		(12.88	)%		0.38	%		3.54	%		03/01/2011
Class A (NAV)		(7.82	)%		1.52	%		4.30	%		03/01/2011
Class C (POP)		(9.39	)%		0.81	%		3.60	%		03/01/2011
Class C (NAV)		(8.49	)%		0.81	%		3.60	%		03/01/2011
Class I (NAV)		(7.49	)%		1.87	%		8.42	%		12/18/1992
MSCI EAFE Index (A)		(6.39	)%		2.50	%		7.39	%
Class I2 (NAV)		(7.40	)%		1.98	%		4.78	%		03/01/2011
Class I3 (NAV)		(7.41	)%		N/A			3.10	%		03/10/2017
Class R (NAV)		(7.89	)%		N/A			2.59	%		03/10/2017
Class R4 (NAV)		(7.59	)%		N/A			2.85	%		03/10/2017
Class R6 (NAV)		(7.43	)%		N/A			0.53	%		05/29/2015
Class T1 (POP)		(9.91	)%		N/A			0.05	%		03/17/2017
Class T1 (NAV)		(7.58	)%		N/A			1.64	%		03/17/2017
Advisor Class (NAV)		(7.58	)%		N/A			5.29	%		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.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for A shares and 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. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I, I2, I3, R, R4, R6 and Advisor Class shares.

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

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

The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the Fund fall, the value of the Fund will decline. The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. Investments in global/international markets involve risks not associated with U.S. markets, such as currency fluctuations, adverse social and political developments and relatively small size and lesser liquidity of the markets.

Transamerica Funds Annual Report 2018

Page    201

Transamerica International Equity

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Shares		Value
COMMON STOCKS - 99.6%
Australia - 2.9%
BHP Billiton PLC, ADR		857,269		$  34,505,077
Challenger, Ltd.		2,736,739		19,931,289
Macquarie Group, Ltd.		612,400		51,069,357
Qantas Airways, Ltd.		12,947,970		50,260,832
				155,766,555
Belgium - 1.9%
Groupe Bruxelles Lambert SA		526,820		48,995,898
KBC Group NV		784,200		54,043,966
				103,039,864
Brazil - 1.3%
Embraer SA, ADR		3,231,275		71,960,494
China - 0.7%
Baidu, Inc., ADR (A)		193,800		36,833,628
Denmark - 1.0%
AP Moller - Maersk A/S, Class B		41,435		52,299,666
France - 9.8%
Airbus SE		121,100		13,383,272
Arkema SA		433,760		45,507,318
Engie SA (B)		6,020,200		79,991,584
Peugeot SA		896,500		21,310,506
Publicis Groupe SA		720,068		41,682,519
Rexel SA		1,583,617		20,186,864
Sanofi		938,301		83,847,115
TOTAL SA		978,900		57,437,373
Veolia Environnement SA		4,032,151		80,358,746
Vivendi SA		3,685,224		88,881,366
				532,586,663
Germany - 11.6%
Allianz SE		286,102		59,600,722
Bayer AG		700,152		53,668,351
Deutsche Boerse AG		447,100		56,501,146
Fresenius SE & Co. KGaA		452,300		28,746,284
HeidelbergCement AG		1,095,200		74,325,115
Infineon Technologies AG		2,872,727		57,560,519
LANXESS AG		655,385		40,566,833
Merck KGaA		658,500		70,461,623
SAP SE		569,447		60,972,649
Siemens AG		659,895		75,852,832
Talanx AG (A)		734,284		26,236,905
TUI AG		1,507,402		24,912,766
				629,405,745
Hong Kong - 4.3%
China Mobile, Ltd.		6,685,300		62,627,076
CK Asset Holdings, Ltd.		7,277,500		47,360,111
CK Hutchison Holdings, Ltd.		7,841,300		78,978,506
First Pacific Co., Ltd.		12,055,012		5,394,700
Guangdong Investment, Ltd.		20,364,300		36,457,575
				230,817,968
Ireland - 3.0%
AIB Group PLC		8,188,200		39,477,978
DCC PLC		563,731		48,317,794
Ryanair Holdings PLC, ADR (A)		217,072		17,973,562
Smurfit Kappa Group PLC		1,839,915		59,816,755
				165,586,089

	Shares		Value
COMMON STOCKS (continued)
Italy - 2.8%
Azimut Holding SpA (B)		1,575,136		$   19,394,020
Eni SpA		3,740,115		66,423,512
Mediobanca Banca di Credito Finanziario SpA		4,304,192		37,695,144
Prysmian SpA		1,488,422		28,915,124
				152,427,800
Japan - 24.3%
Astellas Pharma, Inc.		4,099,000		63,330,343
Bridgestone Corp.		869,300		33,519,579
Daiwa Securities Group, Inc.		10,206,900		58,533,607
Denka Co., Ltd.		1,067,680		34,723,844
FANUC Corp.		272,400		47,388,585
Fujitsu, Ltd.		289,560		17,616,357
Hitachi, Ltd.		2,035,380		62,221,963
Japan Airlines Co., Ltd.		1,879,800		66,716,260
JXTG Holdings, Inc.		13,029,200		88,038,076
Kuraray Co., Ltd.		3,569,000		49,022,050
MS&AD Insurance Group Holdings, Inc.		2,291,200		68,821,270
Nippon Telegraph & Telephone Corp.		1,203,300		49,622,403
ORIX Corp.		6,145,300		100,113,046
Resona Holdings, Inc.		8,272,200		43,512,063
Sega Sammy Holdings, Inc.		3,288,400		42,224,056
Seven & i Holdings Co., Ltd.		1,918,800		83,084,005
SoftBank Group Corp.		509,500		40,321,212
Sony Corp.		1,673,100		90,542,693
Square Enix Holdings Co., Ltd.		940,400		33,705,272
Sumitomo Mitsui Financial Group, Inc.		2,562,600		99,775,063
Toshiba Corp. (A)		3,070,450		92,029,242
Toyota Industries Corp.		1,122,500		55,139,598
				1,320,000,587
Luxembourg - 1.1%
ArcelorMittal		2,485,435		62,019,005
Netherlands - 4.3%
ASML Holding NV		57,900		9,972,929
EXOR NV (B)		223,200		12,623,077
Heineken Holding NV		884,885		76,539,271
Koninklijke Philips NV		2,381,527		88,821,037
NXP Semiconductors NV		633,000		47,468,670
				235,424,984
Norway - 0.7%
Marine Harvest ASA		1,475,400		35,719,866
Republic of Korea - 0.6%
Samsung Electronics Co., Ltd.		853,000		31,932,729
Singapore - 1.4%
DBS Group Holdings, Ltd.		4,404,200		74,727,889
Spain - 1.2%
Mediaset Espana Comunicacion SA		3,550,957		24,145,929
Siemens Gamesa Renewable Energy SA (A) (B)		3,583,800		39,690,571
				63,836,500
Sweden - 0.7%
Investor AB, B Shares		870,472		37,714,361
Switzerland - 8.7%
ABB, Ltd.		3,513,900		70,705,076
Glencore PLC (A)		5,857,700		23,838,844

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

Transamerica Funds Annual Report 2018

Page    202

Transamerica International Equity

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Shares		Value
COMMON STOCKS (continued)
Switzerland (continued)
Nestle SA		1,732,964		$   146,302,164
Novartis AG		1,688,415		147,858,378
UBS Group AG (A)		5,829,774		81,483,419
				470,187,881
United Kingdom - 15.3%
Aviva PLC		13,987,401		76,439,542
Barratt Developments PLC		3,696,000		24,241,957
British Land Co. PLC, REIT		7,472,200		56,432,488
HSBC Holdings PLC (B)		8,798,800		72,302,612
Imperial Brands PLC		2,538,294		85,978,631
Inchcape PLC		4,641,196		32,055,267
Informa PLC		4,451,051		40,618,413
Inmarsat PLC		7,267,470		42,263,466
National Grid PLC		5,081,002		53,675,910
Persimmon PLC		1,096,900		32,103,095
Savills PLC		1,360,891		12,595,256
Standard Life Aberdeen PLC		10,143,438		35,033,762
TechnipFMC PLC		2,247,663		59,113,537
Tesco PLC		21,081,600		57,414,115
Unilever PLC		912,358		48,327,259
Vodafone Group PLC		34,539,120		64,952,132
Whitbread PLC		670,300		37,689,320
				831,236,762
United States - 2.0%
Allergan PLC		500,500		79,084,005
Flex, Ltd. (A)		3,620,297		28,455,534
				107,539,539
Total Common Stocks (Cost $5,559,894,461)				5,401,064,575

	Shares		Value
OTHER INVESTMENT COMPANY - 1.9%
Securities Lending Collateral - 1.9%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 2.19% (C)		100,261,093		$   100,261,093
Total Other Investment Company (Cost $100,261,093)				100,261,093
	Principal		Value
REPURCHASE AGREEMENT - 0.1%
Fixed Income Clearing Corp., 1.25% (C), dated 10/31/2018, to be repurchased at $6,208,222 on 11/01/2018. Collateralized by U.S. Government Obligations, 2.13% -2.75%, due 08/15/2021, and with a total value of $6,337,088.		$  6,208,006		6,208,006
Total Repurchase Agreement (Cost $6,208,006)				6,208,006
Total Investments (Cost $5,666,363,560)				5,507,533,674
Net Other Assets (Liabilities) - (1.6)%				(85,632,149	)
Net Assets - 100.0%				$  5,421,901,525

INVESTMENTS BY INDUSTRY (unaudited):

Industry	Percentage of Total Investments			Value
Pharmaceuticals		9.0	%	$	498,249,815
Banks		7.7			421,534,715
Industrial Conglomerates		5.4			295,178,374
Capital Markets		4.8			266,981,549
Diversified Financial Services		4.7			259,806,133
Insurance		4.2			231,098,439
Multi-Utilities		3.9			214,026,240
Oil, Gas & Consumable Fuels		3.8			211,898,961
Food Products		3.3			182,022,030
Chemicals		3.1			169,820,045
Wireless Telecommunication Services		3.0			167,900,420
Household Durables		2.7			146,887,745
Food & Staples Retailing		2.6			140,498,120
Electrical Equipment		2.5			139,310,771
Airlines		2.5			134,950,654
Entertainment		2.2			122,586,638
Metals & Mining		2.2			120,362,926
Semiconductors & Semiconductor Equipment		2.1			115,002,118
Media		1.9			106,446,861
Diversified Telecommunication Services		1.7			91,885,869
Electronic Equipment, Instruments & Components		1.6			90,677,497
Health Care Equipment & Supplies		1.6			88,821,037

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

Transamerica Funds Annual Report 2018

Page    203

Transamerica International Equity

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

INVESTMENTS BY INDUSTRY (unaudited) (continued):

Industry	Percentage of Total Investments			Value
Auto Components		1.6	%	$	88,659,177
Tobacco		1.6			85,978,631
Aerospace & Defense		1.5			85,343,766
Beverages		1.4			76,539,271
Construction Materials		1.3			74,325,115
Hotels, Restaurants & Leisure		1.1			62,602,086
Software		1.1			60,972,649
Real Estate Management & Development		1.1			59,955,367
Containers & Packaging		1.1			59,816,755
Energy Equipment & Services		1.1			59,113,537
Equity Real Estate Investment Trusts		1.0			56,432,488
Marine		0.9			52,299,666
Personal Products		0.9			48,327,259
Machinery		0.9			47,388,585
Leisure Products		0.8			42,224,056
Interactive Media & Services		0.7			36,833,628
Water Utilities		0.7			36,457,575
Distributors		0.6			32,055,267
Technology Hardware, Storage & Peripherals		0.6			31,932,729
Health Care Providers & Services		0.5			28,746,284
Automobiles		0.4			21,310,506
Trading Companies & Distributors		0.4			20,186,864
IT Services		0.3			17,616,357
Investments, at Value		98.1			5,401,064,575
Short-Term Investments		1.9			106,469,099
Total Investments		100.0	%	$	5,507,533,674

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	$	375,394,507	$	5,025,670,068	$	—	$	5,401,064,575
Other Investment Company		100,261,093		—		—		100,261,093
Repurchase Agreement		—		6,208,006		—		6,208,006
Total Investments	$	475,655,600	$	5,031,878,074	$	—	$	5,507,533,674

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 $95,245,738. 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, 2018.
(D)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. 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 2018

Page    204

Transamerica International Growth

(unaudited)

MARKET ENVIRONMENT

From March 1, 2018, when Greystone Managed Investments Inc. began managing the Fund, through October 31, 2018, international markets traded lower with earnings being more than offset by compression in price-to-earnings ratios. Various regions also faced an uncertain growth outlook due to the U.S./China trade dispute, European politics and Brexit negotiations.

The outlook for company earnings in international markets, though moderating, still looked reasonably good to us and profit margins continued to remain healthy. We focus on companies with strong balance sheets, competitive positioning and skilled managements that may be benefitting from secular growth tailwinds, have sustainable growth drivers and are realizing improvements in their earnings generating capacity.

PERFORMANCE

For the year ended October 31, 2018, Transamerica International Growth (Class I2) returned -11.29%. By comparison, its benchmark, the MSCI EAFE Index, returned -6.39%.

STRATEGY REVIEW

For the eight months, the Fund underperformed its benchmark due primarily to stock selection in Japan and exposure to emerging markets. In Japan, Koito Manufacturing Co., Ltd., which makes LED headlights, and MinebeaMitsumi, Inc., a manufacturer of high-precision ball bearings, both detracted. General weakness in the auto sector weighed on related suppliers; our exposure was tilted to those that we viewed as better able to show faster growth than the overall industry by increasing content per vehicle or increasing market share. We believed the investment thesis for Koito Manufacturing Co., Ltd. remained intact. MinebeaMitsumi, Inc. which has a smaller exposure to autos, faced near-term negative sentiment over concerns there will be a slowdown in smartphone components and gaming console demand. We continued to believe in the longer-term investment thesis, particularly in the firm’s micro bearings/motors business segment, representing the bulk of its operating profits.

Emerging markets also detracted from performance on broad weakness in Chinese equities resulting from the U.S./China trade dispute. Chinese internet companies YY Inc., ADR and Tencent Holdings, Ltd. also sold off based on company-specific concerns. YY Inc., ADR faced issues over its user-base expansion, while Tencent Holdings, Ltd. was impacted by a slowdown in video gaming caused by what we believed were short-term regulatory frictions. We continued to monitor the issues closely, but we viewed these market worries as overstated.

The Pacific ex-Japan region contributed to performance, led by Northern Star Resources, a gold producer and exploration company based in Australia. The company, which has an excellent track record of acquiring assets in our view, benefited from a recent acquisition.

From a sector perspective, consumer staples and consumer discretionary holdings detracted from performance. British American Tobacco PLC, based in the U.K., is making investments and shifting into next-generation tobacco products. At period end, there were few details surrounding the impact on company earnings, causing temporary market uncertainty. In addition, Valeo SA, a French auto parts manufacturer, detracted. Valeo SA continued to experience negative sentiment from broad weakness in the auto sector. However, we continued to have longer-term conviction in the company.

Financials contributed to relative performance thanks to broad exposure tilted toward insurance companies and Nordic banks. Swiss Life Holdings AG benefitted from growth in its fee business and moves away from interest-rate sensitive earnings. AXA SA, a French insurance company, gained from prudent acquisitions and divestitures, which may lead to greater cash conversion of earnings going forward, in our view.

Alfred Li, CFA

Jeff Tiefenbach, CFA

Co-Portfolio Managers

Greystone Managed Investments Inc.

Asset Allocation	Percentage of Net Assets
Common Stocks		97.3	%
Repurchase Agreement		2.1
Net Other Assets (Liabilities)		0.6
Total		100.0	%

Transamerica Funds Annual Report 2018

Page    205

Transamerica International Growth

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		N/A			N/A			(16.58	)%(A)		03/01/2018
Class A (NAV)		N/A			N/A			(11.70	)%(A)		03/01/2018
Class I (NAV)		N/A			N/A			(11.59	)%(A)		03/01/2018
Class I2 (NAV)		(11.29	)%		1.54	%		7.20	%		06/10/2008
MSCI EAFE Index (B)		(6.39	)%		2.50	%		7.39	%
Class R6 (NAV)		N/A			N/A			(11.47	)%(A)		03/01/2018

^(A) Not annualized.

^(B) The MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada.

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

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

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

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

The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the fund fall, the value of the fund will decline. Growth stocks may be particularly susceptible to larger price swings or to adverse developments. Investments in global/international markets involve risks not associated with U.S. markets, such as currency fluctuations, adverse social and political developments, and the relatively small size and lesser liquidity of the markets. Investments in developing markets involve greater risks than investments in developed markets.

Transamerica Funds Annual Report 2018

Page    206

Transamerica International Growth

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Shares		Value
COMMON STOCKS - 97.3%
Australia - 3.6%
Northern Star Resources, Ltd.		2,935,840		$  18,340,843
Westpac Banking Corp.		1,325,755		25,183,682
				43,524,525
China - 7.2%
ANTA Sports Products, Ltd.		6,865,000		28,342,434
NetEase, Inc., ADR		69,635		14,473,635
Ping An Insurance Group Co. of China, Ltd., H Shares		1,807,400		17,087,210
Tencent Holdings, Ltd.		404,300		13,851,019
YY, Inc., ADR (A)		208,870		13,346,793
				87,101,091
Denmark - 1.2%
Topdanmark A/S		309,432		14,708,405
Finland - 2.0%
Neste OYJ		291,724		23,954,952
France - 10.4%
AXA SA		1,506,301		37,697,704
TOTAL SA		625,953		36,728,058
Valeo SA		530,480		17,110,237
Vinci SA		392,465		34,929,148
				126,465,147
Germany - 4.0%
Bayerische Motoren Werke AG		326,315		28,099,245
Henkel AG & Co. KGaA		211,881		20,755,407
				48,854,652
Ireland - 4.9%
Kingspan Group PLC		758,507		32,990,331
Smurfit Kappa Group PLC		816,444		26,543,091
				59,533,422
Israel - 1.2%
Nice, Ltd., ADR (A)		137,915		14,610,715
Japan - 21.8%
Asahi Group Holdings, Ltd.		637,300		28,006,187
Haseko Corp.		2,300,400		29,149,766
Isuzu Motors, Ltd.		1,105,300		14,491,082
Koito Manufacturing Co., Ltd.		394,800		18,794,888
Minebea Mitsumi, Inc.		1,606,300		24,573,209
Nidec Corp.		139,400		17,905,209
Nippon Telegraph & Telephone Corp.		682,800		28,157,713
Nitori Holdings Co., Ltd.		146,500		19,128,999
Open House Co., Ltd.		332,800		13,154,173
SoftBank Group Corp.		428,600		33,918,884
Sumitomo Mitsui Financial Group, Inc.		970,300		37,778,718
				265,058,828
Luxembourg - 1.8%
Aroundtown SA		2,659,394		22,037,383
Netherlands - 2.6%
Euronext NV (B)		514,691		31,670,195
Norway - 6.3%
DNB ASA		1,839,095		33,225,830
Equinor ASA		1,682,811		43,528,062
				76,753,892

	Shares		Value
COMMON STOCKS (continued)
Republic of Korea - 1.5%
Samsung Electronics Co., Ltd.		488,300		$   18,279,896
Spain - 2.0%
Banco Santander SA		5,227,231		24,870,923
Sweden - 3.2%
Atlas Copco AB, B Shares		1,088,601		24,932,568
Epiroc AB, Class B (A)		1,743,958		14,349,932
				39,282,500
Switzerland - 5.4%
Roche Holding AG		161,909		39,402,564
Swiss Life Holding AG (A)		69,714		26,297,147
				65,699,711
Taiwan - 2.1%
Taiwan Semiconductor Manufacturing Co., Ltd., ADR		679,380		25,884,378
United Kingdom - 13.5%
Ashtead Group PLC		1,162,768		28,705,075
Barratt Developments PLC		2,448,957		16,062,638
Beazley PLC		3,326,158		22,333,007
British American Tobacco PLC		659,302		28,580,917
Compass Group PLC		1,766,083		34,736,720
GlaxoSmithKline PLC		1,763,560		34,156,200
				164,574,557
United States - 2.6%
Shire PLC		513,118		30,967,133
Total Common Stocks (Cost $1,355,688,950)				1,183,832,305
	Principal		Value
REPURCHASE AGREEMENT - 2.1%
Fixed Income Clearing Corp., 1.25% (C), dated 10/31/2018, to be repurchased at $25,824,320 on 11/01/2018. Collateralized by a U.S. Government Obligation, 2.88%, due 10/15/2021, and with a value of $26,342,769.		$  25,823,423		25,823,423
Total Repurchase Agreement (Cost $25,823,423)				25,823,423
Total Investments (Cost $1,381,512,373)				1,209,655,728
Net Other Assets (Liabilities) - 0.6%				6,847,729
Net Assets - 100.0%				$  1,216,503,457

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

Transamerica Funds Annual Report 2018

Page    207

Transamerica International Growth

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

INVESTMENTS BY INDUSTRY (unaudited):

Industry	Percentage of Total Investments			Value
Banks		10.0	%	$	121,059,153
Insurance		9.8			118,123,473
Oil, Gas & Consumable Fuels		8.6			104,211,072
Pharmaceuticals		6.1			73,558,764
Machinery		5.3			63,855,709
Household Durables		3.7			45,212,404
Automobiles		3.5			42,590,327
Auto Components		3.0			35,905,125
Real Estate Management & Development		2.9			35,191,556
Construction & Engineering		2.9			34,929,148
Hotels, Restaurants & Leisure		2.9			34,736,720
Wireless Telecommunication Services		2.8			33,918,884
Building Products		2.7			32,990,331
Capital Markets		2.6			31,670,195
Biotechnology		2.6			30,967,133
Trading Companies & Distributors		2.4			28,705,075
Tobacco		2.4			28,580,917
Textiles, Apparel & Luxury Goods		2.3			28,342,434
Diversified Telecommunication Services		2.3			28,157,713
Beverages		2.3			28,006,187
Interactive Media & Services		2.3			27,197,812
Containers & Packaging		2.2			26,543,091
Semiconductors & Semiconductor Equipment		2.1			25,884,378
Household Products		1.7			20,755,407
Specialty Retail		1.6			19,128,999
Metals & Mining		1.5			18,340,843
Technology Hardware, Storage & Peripherals		1.5			18,279,896
Electrical Equipment		1.5			17,905,209
Software		1.2			14,610,715
Entertainment		1.2			14,473,635
Investments, at Value		97.9			1,183,832,305
Short-Term Investments		2.1			25,823,423
Total Investments		100.0	%	$	1,209,655,728

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	$	68,315,521	$	1,115,516,784	$	—	$	1,183,832,305
Repurchase Agreement		—		25,823,423		—		25,823,423
Total Investments	$	68,315,521	$	1,141,340,207	$	—	$	1,209,655,728

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

Transamerica Funds Annual Report 2018

Page    208

Transamerica International Growth

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

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, 2018, the value of the 144A security is $31,670,195, representing 2.6% of the Fund’s net assets.
(C)	Rate disclosed reflects the yield at October 31, 2018.
(D)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. 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 2018

Page    209

Transamerica International Small Cap Value

(unaudited)

MARKET ENVIRONMENT

During the 12-month period ended on October 31, 2018, international equities declined in U.S. dollar terms with the MSCI EAFE Small Cap Index Gross falling -7.48%. Concerns about trade disputes, interest rates and the outcome of Great Britain leaving the European Union began to weigh on investor sentiment in the latter part of the period. Japan was the top-performing region, though it generated a negative return of -6.02%. Asia ex-Japan, down -9.02%, was the worst-performing region. Sector performance was led by energy, up 10.77%, and health care, up 2.63%. Financials and consumer discretionary were the worst-performing sectors, down -13.03% and -12.61%, respectively.

PERFORMANCE

For the year ended October 31, 2018, Transamerica International Small Cap Value (Class I) returned -6.20%. By comparison, its benchmark, the MSCI EAFE Small Cap Index Gross, returned -7.48%.

STRATEGY REVIEW

The Fund outperformed the MSCI EAFE Small Cap Index due largely to our holdings across diverse industries in Japan. Video-game developer Capcom Co., Ltd. successfully launched a blockbuster game, which surpassed its forecasted lifetime sales in the first three days. Office automation equipment and telecommunication reseller Hikari Tsushin, Inc. saw steady stock appreciation throughout the year thanks to several quarters of good earnings and a share buyback program. Advertising company D.A. Consortium was fully acquired at a significant premium by its parent company Hakuhodo DY Holdings, Inc.

A modest allocation in emerging markets weighed the most. Emerging markets stocks suffered late in the period due to a risk-off sentiment among investors and concern over the related strengthening in the U.S. dollar. The United Kingdom was another area where the Fund failed to keep pace with the benchmark. Thomas Cook Group PLC, the British travel services company, lowered full-year guidance on the back of soft demand, tougher competition and the departure of its CFO. Savills PLC also traded lower as investors became concerned about the fate of the U.K. real estate market related to an uncertain outcome for Brexit. We believed the concerns were overblown and investors were not attributing enough value to the company’s U.S. and Asian operations.

Holdings in communication services and financials sectors were top contributors on a sector basis. Capcom Co., Ltd. and D.A. Consortium were key contributors in communication services. In financials, Swissquote Group Holding SA and Rothschild’s & Co.’s were top performers. Swissquote Group Holding SA’s online trading business posted strong results throughout the year and Rothchild & Co.’s advisory business gained market share while margins improved in its wealth management division.

Our holdings in real estate and information technology were among top detractors. Savills PLC led our real estate holdings lower, and our sector underweight hurt as well. In information technology, French IT services company Sopra Steria weighed the most. During the second half of the period, the company’s earnings growth stalled and our outlook for the stock cooled. We were in the process of eliminating the position at period end. Semiconductor manufacturing company Dialog Semiconductor PLC was another laggard. Speculation emerged that Dialog Semiconductor PLC’s largest customer, representing 75% of revenues, could internally source its technology. As these concerns surfaced, we trimmed our position. We believed the valuation at period end reflected nearly a worst-case scenario and implied little value for the remainder of its business. We continued to monitor the position.

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

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	%
Other Investment Company		0.9
Repurchase Agreement		0.1
Net Other Assets (Liabilities)		(0.4	)
Total		100.0	%

Transamerica Funds Annual Report 2018

Page    210

Transamerica International Small Cap Value

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class I (NAV)		(6.20	)%		3.62	%		6.74	%		01/04/2013
MSCI EAFE Small Cap Index Gross (A)		(7.48	)%		5.53	%		8.69	%
Class I2 (NAV)		(6.11	)%		3.71	%		6.84	%		01/04/2013

^(A) The MSCI EAFE Small Cap Index Gross is an equity index which captures small cap representation across developed markets countries around the world, excluding the U.S. and Canada.

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

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

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

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

Investments in international markets involve risks not associated with U.S. markets, such as currency fluctuations, adverse social and political developments, and relatively small size and lesser liquidity of the markets. Investing in small-and medium-size companies involves greater risk than is customarily associated with more established companies. The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down.

Transamerica Funds Annual Report 2018

Page    211

Transamerica International Small Cap Value

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Shares		Value
COMMON STOCKS - 99.4%
Australia - 4.5%
Charter Hall Group, REIT		1,979,032		$  9,685,807
FlexiGroup, Ltd. (A)		3,437,326		3,745,644
IMF Bentham, Ltd. (A)		3,508,349		7,351,034
Pact Group Holdings, Ltd.		2,623,922		6,486,412
Senex Energy, Ltd. (A) (B)		13,902,100		3,978,362
WPP Aunz, Ltd. (A)		4,871,526		1,936,743
				33,184,002
Belgium - 3.2%
Barco NV		57,262		6,520,228
D’ieteren SA		195,608		7,736,526
Fagron		545,648		8,874,930
				23,131,684
Denmark - 3.4%
Nilfisk Holding A/S (B)		120,074		4,713,175
NKT A/S (A) (B)		151,874		2,856,741
Scandinavian Tobacco Group A/S (C)		548,700		8,326,005
Schouw & Co. A/S		107,967		8,816,318
				24,712,239
Finland - 1.8%
Raisio OYJ, V Shares		1,854,800		5,689,295
Ramirent OYJ		1,016,635		7,422,073
				13,111,368
France - 3.4%
ICADE, REIT		114,800		9,739,117
Rothschild & Co.		387,500		15,440,569
				25,179,686
Germany - 6.1%
Bertrandt AG		65,709		5,437,749
DIC Asset AG		702,078		7,571,118
Gerresheimer AG		163,100		11,494,573
Hamburger Hafen und Logistik AG		245,600		5,202,568
SAF-Holland SA		684,200		9,971,794
Takkt AG		308,113		5,233,932
				44,911,734
Greece - 0.7%
Motor Oil Hellas Corinth Refineries SA		226,551		5,363,004
Hong Kong - 6.4%
First Pacific Co., Ltd.		15,007,550		6,715,981
Great Eagle Holdings, Ltd.		1,554,193		7,097,529
Hopewell Holdings, Ltd.		1,776,200		5,488,108
Kerry Logistics Network, Ltd.		8,985,700		14,250,458
NewOcean Energy Holdings, Ltd. (B)		10,073,220		3,655,959
Pacific Textiles Holdings, Ltd.		9,145,000		9,234,955
				46,442,990
Ireland - 2.9%
Bank of Ireland Group PLC		968,200		6,840,918
Grafton Group PLC		426,500		3,940,016
Smurfit Kappa Group PLC		319,810		10,397,218
				21,178,152
Italy - 2.7%
ASTM SpA		153,800		3,047,340
Danieli & C Officine Meccaniche SpA		470,890		6,944,265
Prysmian SpA		513,852		9,982,448
				19,974,053

	Shares		Value
COMMON STOCKS (continued)
Japan - 33.4%
Aida Engineering, Ltd.		460,200		$   3,786,831
Air Water, Inc.		470,200		7,616,785
Capcom Co., Ltd.		705,600		14,708,197
Chugoku Marine Paints, Ltd.		991,500		7,963,983
Coca-Cola Bottlers Japan Holdings, Inc.		139,600		3,653,498
Daiichikosho Co., Ltd.		89,000		4,107,860
Denka Co., Ltd.		583,160		18,965,942
Dynam Japan Holdings Co., Ltd.		4,250,700		5,015,873
GMO internet, Inc. (A)		274,400		3,921,295
Hakuhodo DY Holdings, Inc.		523,400		8,729,571
Hikari Tsushin, Inc.		73,900		12,906,956
Kaken Pharmaceutical Co., Ltd.		152,200		7,631,449
Kenedix, Inc.		735,800		3,829,921
Kintetsu World Express, Inc.		708,100		11,016,899
Kumiai Chemical Industry Co., Ltd.		1,190,400		7,409,997
Kyushu Railway Co.		405,700		12,459,045
Matsumotokiyoshi Holdings Co., Ltd.		177,800		6,428,152
Meitec Corp.		99,600		4,172,505
Nakanishi, Inc.		722,400		16,901,179
Nichiha Corp.		234,200		5,172,097
Rohto Pharmaceutical Co., Ltd.		298,300		9,447,909
Sanwa Holdings Corp.		1,370,100		16,077,755
Shinoken Group Co., Ltd. (A)		328,600		2,717,089
Sogo Medical Holdings Co., Ltd.		198,000		4,248,141
Square Enix Holdings Co., Ltd.		288,700		10,347,418
Takasago Thermal Engineering Co., Ltd.		113,400		1,937,736
Token Corp.		95,200		6,166,885
Trend Micro, Inc.		194,300		11,185,027
Wakita & Co., Ltd.		465,100		5,012,630
Welcia Holdings Co., Ltd.		203,800		10,397,193
				243,935,818
Netherlands - 3.2%
ASM International NV (B)		281,900		12,101,539
BinckBank NV		507,244		2,456,062
Intertrust NV (C)		566,700		9,141,833
				23,699,434
New Zealand - 1.6%
Air New Zealand, Ltd.		6,518,202		11,917,559
Norway - 0.6%
ABG Sundal Collier Holding ASA		6,867,760		4,113,039
Philippines - 0.3%
Alliance Global Group, Inc. (B)		10,822,900		2,304,894
Republic of Korea - 2.1%
Eugene Technology Co., Ltd.		236,209		2,681,647
Interpark Holdings Corp.		723,819		1,348,112
NongShim Co., Ltd.		26,900		5,155,942
Value Added Technology Co., Ltd.		309,200		6,160,046
				15,345,747
Spain - 1.7%
Cia de Distribucion Integral Logista Holdings SA		517,764		12,500,669
Sweden - 3.9%
Cloetta AB, B Shares		1,606,000		4,840,818
Dios Fastigheter AB		1,678,274		10,109,281
Nobina AB (C)		877,472		5,855,023
Scandic Hotels Group AB (C)		815,800		7,457,109
				28,262,231

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

Transamerica Funds Annual Report 2018

Page    212

Transamerica International Small Cap Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Shares		Value
COMMON STOCKS (continued)
Switzerland - 2.8%
Pargesa Holding SA		207,135		$   15,205,787
Swissquote Group Holding SA		94,676		4,922,241
				20,128,028
United Kingdom - 14.7%
Bellway PLC		275,100		10,090,010
Bovis Homes Group PLC		613,100		7,577,892
Dialog Semiconductor PLC (B)		106,687		2,813,464
IG Group Holdings PLC		1,136,735		8,783,234
Inchcape PLC		528,000		3,646,728
Informa PLC		1,718,627		15,683,465
Inmarsat PLC		864,000		5,024,532
Intermediate Capital Group PLC		886,135		10,762,654
International Personal Finance PLC		2,016,650		4,595,967
Lancashire Holdings, Ltd. (A)		1,177,800		8,879,228
Northgate PLC		1,066,006		5,134,161
Redrow PLC		537,900		3,631,900
Rentokil Initial PLC		1,873,800		7,556,344
Savills PLC		1,230,100		11,384,765
Thomas Cook Group PLC		3,217,800		1,850,797
				107,415,141
Total Common Stocks (Cost $733,121,064)				726,811,472

	Shares		Value
OTHER INVESTMENT COMPANY - 0.9%
Securities Lending Collateral - 0.9%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 2.19% (D)		6,587,825		$   6,587,825
Total Other Investment Company (Cost $6,587,825)				6,587,825
	Principal		Value
REPURCHASE AGREEMENT - 0.1%
Fixed Income Clearing Corp., 1.25% (D), dated 10/31/2018, to be repurchased at $689,496 on 11/01/2018. Collateralized by a U.S. Government Obligation, 1.13%, due 08/31/2021, and with a value of $706,041.		$  689,472		689,472
Total Repurchase Agreement (Cost $689,472)				689,472
Total Investments (Cost $740,398,361)				734,088,769
Net Other Assets (Liabilities) - (0.4)%				(2,712,249	)
Net Assets - 100.0%				$  731,376,520

INVESTMENTS BY INDUSTRY (unaudited):

Industry	Percentage of Total Investments			Value
Capital Markets		6.3	%	$	46,477,799
Real Estate Management & Development		5.8			42,709,703
Chemicals		5.7			41,956,707
Air Freight & Logistics		5.1			37,768,026
Diversified Financial Services		4.0			29,272,802
Entertainment		4.0			29,163,475
Household Durables		3.7			27,466,687
Media		3.6			26,349,779
Food Products		3.3			24,502,373
Road & Rail		3.2			23,448,229
Building Products		3.2			23,187,588
Health Care Equipment & Supplies		3.1			23,061,225
Food & Staples Retailing		2.9			21,073,486
Equity Real Estate Investment Trusts		2.6			19,424,924
Professional Services		2.6			18,752,087
Semiconductors & Semiconductor Equipment		2.4			17,596,650
Pharmaceuticals		2.3			17,079,358
Containers & Packaging		2.3			16,883,630
Trading Companies & Distributors		2.2			16,374,719
Machinery		2.1			15,444,271
Hotels, Restaurants & Leisure		2.0			14,323,779
Oil, Gas & Consumable Fuels		1.8			12,997,325
Specialty Retail		1.8			12,906,956
Electrical Equipment		1.8			12,839,189
Airlines		1.6			11,917,559
Life Sciences Tools & Services		1.6			11,494,573
Distributors		1.6			11,383,254
Software		1.5			11,185,027

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

Transamerica Funds Annual Report 2018

Page    213

Transamerica International Small Cap Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

INVESTMENTS BY INDUSTRY (unaudited) (continued):

Industry	Percentage of Total Investments			Value
Auto Components		1.4	%	$	9,971,794
Textiles, Apparel & Luxury Goods		1.3			9,234,955
Insurance		1.2			8,879,228
Health Care Providers & Services		1.2			8,874,930
Consumer Finance		1.1			8,341,611
Tobacco		1.1			8,326,005
Transportation Infrastructure		1.1			8,249,908
Industrial Conglomerates		1.1			7,793,002
Commercial Services & Supplies		1.0			7,556,344
Banks		0.9			6,840,918
Internet & Direct Marketing Retail		0.9			6,582,044
Electronic Equipment, Instruments & Components		0.9			6,520,228
Diversified Telecommunication Services		0.7			5,024,532
IT Services		0.5			3,921,295
Beverages		0.5			3,653,498
Investments, at Value		99.0			726,811,472
Short-Term Investments		1.0			7,277,297
Total Investments		100.0	%	$	734,088,769

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	$	—	$	726,811,472	$	—	$	726,811,472
Other Investment Company		6,587,825		—		—		6,587,825
Repurchase Agreement		—		689,472		—		689,472
Total Investments	$	6,587,825	$	727,500,944	$	—	$	734,088,769

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 $6,208,937. 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, 2018, the total value of 144A securities is $30,779,970, representing 4.2% of the Fund’s net assets.
(D)	Rates disclosed reflect the yields at October 31, 2018.
(E)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. 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 2018

Page    214

Transamerica International Stock

(unaudited)

MARKET ENVIRONMENT

Since the Fund’s inception on September 28, 2018 through October 31, 2018, widespread risk-off sentiment sent global stocks sharply lower. Despite strong economic data and solid third quarter 2018 earnings results, markets instead focused on rising interest rates, trade tensions and their potential implications on future earnings growth. The swift change in market sentiment was especially notable in shares of some widely followed technology giants, many of which saw large pullbacks amid heavy selling pressure.

Investors have a variety of issues to fret over, including ongoing political turmoil, tariff announcements, numerous contentious elections, etc. Sticking with a long-term investment approach is certainly more difficult to do when markets aren’t going straight up; however, sell-offs and volatility indicate a healthier investing environment, which could help extend the current growth cycle.

PERFORMANCE

For the period from inception, September 28, 2018, through October 31, 2018, Transamerica International Stock (Class A) returned -8.10%. By comparison, its benchmark, the MSCI EAFE Index, returned -8.52%.

STRATEGY REVIEW

ClariVest employs a strategy of identifying and investing in the securities of firms entering or extending a fundamental growth cycle. We manage this strategy by marrying it with a disciplined approach to portfolio construction. We maintain a balanced profile of growth and value, as demonstrated by a positive exposure to recent earnings growth relative to benchmark, as well as a positive exposure to valuation (via such measures as earnings to price) relative to benchmark.

The Fund outperformed its benchmark since its inception on September 28, 2018 largely due to holdings in financials and health care. On a country basis, our positions in Switzerland and Norway were among contributors. Top stock-level contributors included Novartis AG, a swiss manufacturer of pharmaceutical and consumer health-care products, and Leroy Seafood Group ASA, a Norwegian holding company, which distributes and markets seafood products. Novartis AG’s purchase of biotech company, Endocyte, won approval from analysts who were also impressed with the company’s third quarter earnings. Leroy Seafood Group ASA was helped by higher salmon prices due to strong demand.

Detractors included holding in materials and communication services. On a country basis, holdings in Germany weighed the most. Individual detractors included Covestro AG, a Germany-based producer of polymers and high-performance plastics, and Ashtead Group, Inc., a U.K.-based equipment rental company. Covestro AG shares fell on concerns of weaker pricing for some of its products, and expectations of lower demand from a slowing auto industry. Ashtead Group, Inc. stock was hit in part by a rotation from cyclical to defensive sectors.

David Vaughn, CFA

Alex Turner, CFA

Priyanshu Mutreja, CFA

Stacey Nutt, PhD

Co-Portfolio Managers

ClariVest Asset Management LLC

Asset Allocation	Percentage of Net Assets
Common Stocks		94.6	%
Exchange-Traded Fund		1.5
Preferred Stock		1.1
Net Other Assets (Liabilities)		2.8
Total		100.0	%

Transamerica Funds Annual Report 2018

Page    215

Transamerica International Stock

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		(8.10	)%(A)		09/28/2018
Class A (NAV)		(8.10	)%(A)		09/28/2018
MSCI EAFE Index (B)		(8.52	)%(A)
Class I (NAV)		(8.10	)%(A)		09/28/2018
Class I2 (NAV)		(8.10	)%(A)		09/28/2018
Class R6 (NAV)		(8.10	)%(A)		09/28/2018

^(A) Not annualized.

^(B) The MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada.

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

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

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

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

The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the fund fall, the value of the fund will decline. Growth stocks may be particularly susceptible to larger price swings or to adverse developments. The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. Investments in global/international markets involve risks not associated with U.S. markets, such as currency fluctuations, adverse social and political developments, and the relatively small size and lesser liquidity of the markets.

Transamerica Funds Annual Report 2018

Page    216

Transamerica International Stock

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Shares		Value
COMMON STOCKS - 94.6%
Australia - 3.1%
CSL, Ltd.		138		$  18,422
Qantas Airways, Ltd.		3,216		12,484
Santos, Ltd.		4,429		20,788
St Barbara, Ltd.		2,091		6,173
				57,867
Belgium - 0.2%
Anheuser-Busch InBev SA		41		3,032
Denmark - 1.2%
Dfds A/S		180		7,704
GN Store Nord A/S		134		5,684
Royal Unibrew A/S		129		9,154
				22,542
Finland - 1.2%
Neste OYJ		176		14,452
Stora Enso OYJ, Class R		530		7,964
				22,416
France - 7.8%
Air France-KLM (A)		1,017		9,833
BNP Paribas SA		224		11,673
Cie Generale des Etablissements Michelin SCA		74		7,576
Credit Agricole SA		995		12,743
Eiffage SA		287		28,029
Engie SA		442		5,873
Peugeot SA		1,266		30,094
Renault SA		192		14,337
Vinci SA		253		22,517
				142,675
Germany - 7.0%
Allianz SE		186		38,747
BASF SE		205		15,731
Cancom SE		177		7,217
Covestro AG (B)		401		25,860
Deutsche Lufthansa AG		296		5,942
ProSiebenSat.1 Media SE		259		5,981
Siltronic AG		66		6,045
TAG Immobilien AG		423		9,649
Wirecard AG		70		13,094
				128,266
Hong Kong - 0.4%
CK Asset Holdings, Ltd.		1,000		6,508
Israel - 2.7%
Bank Leumi Le-Israel BM		1,355		8,449
Israel Discount Bank, Ltd., A Shares		4,919		16,075
Teva Pharmaceutical Industries, Ltd., ADR		1,000		19,980
Tower Semiconductor, Ltd. (A)		280		4,340
				48,844
Italy - 2.8%
Enel SpA		5,930		29,075
Eni SpA		861		15,291
Intesa Sanpaolo SpA		3,167		7,015
				51,381
Japan - 28.5%
ANA Holdings, Inc.		200		6,725
Asahi Group Holdings, Ltd.		300		13,184
Cosmo Energy Holdings Co., Ltd.		200		7,356

	Shares		Value
COMMON STOCKS (continued)
Japan (continued)
Fuji Soft, Inc.		400		$   18,327
Haseko Corp.		900		11,404
Hiroshima Bank, Ltd.		900		5,551
Hitachi, Ltd.		800		24,456
Honda Motor Co., Ltd.		600		17,127
ITOCHU Corp.		2,400		44,510
JXTG Holdings, Inc.		3,100		20,947
Kansai Electric Power Co., Inc.		1,300		19,897
KDDI Corp.		400		9,680
Kyocera Corp.		200		10,825
Marubeni Corp.		5,800		47,030
Meiko Electronics Co., Ltd.		300		7,502
Mitsubishi Chemical Holdings Corp.		900		7,016
Mitsubishi Corp.		400		11,258
Mitsubishi UFJ Financial Group, Inc.		3,400		20,578
Mitsui Chemicals, Inc.		400		8,970
Nihon Unisys, Ltd.		200		4,383
Nippon Carbon Co., Ltd.		200		11,310
Nippon Light Metal Holdings Co., Ltd.		1,400		2,952
Nippon Suisan Kaisha, Ltd.		1,100		7,026
Nippon Telegraph & Telephone Corp.		800		32,991
Nipro Corp.		600		7,641
NS Solutions Corp.		400		11,937
Penta-Ocean Construction Co., Ltd.		1,200		7,179
Ricoh Co., Ltd.		1,100		10,980
SCREEN Holdings Co., Ltd.		200		10,873
Showa Denko KK		200		8,709
SoftBank Group Corp.		200		15,828
Sony Corp.		400		21,647
Sumitomo Corp.		1,300		19,717
Sumitomo Mitsui Financial Group, Inc.		400		15,574
Toyota Motor Corp.		400		23,432
				524,522
Netherlands - 5.8%
ASR Nederland NV		125		5,675
Koninklijke Ahold Delhaize NV		284		6,501
NN Group NV		793		34,050
NXP Semiconductors NV		152		11,398
Royal Dutch Shell PLC, Class B		1,528		49,833
				107,457
Norway - 0.8%
Leroy Seafood Group ASA		1,601		14,759
Singapore - 0.2%
Yanlord Land Group, Ltd.		4,100		3,739
Spain - 2.1%
Almirall SA		266		4,819
Banco Bilbao Vizcaya Argentaria SA		1,296		7,153
Banco Santander SA		1,860		8,850
Iberdrola SA		1,562		11,052
Repsol SA		382		6,826
				38,700
Sweden - 3.2%
Ahlsell AB (B)		2,413		12,213
Boliden AB		263		6,006
SSAB AB, B Shares		1,389		4,505
Svenska Cellulosa AB SCA, Class B		1,729		16,345

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

Transamerica Funds Annual Report 2018

Page    217

Transamerica International Stock

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Shares		Value
COMMON STOCKS (continued)
Sweden (continued)
Volvo AB, Class B		1,359		$   20,296
				59,365
Switzerland - 14.1%
Lonza Group AG (A)		129		40,563
Nestle SA		568		47,952
Novartis AG		544		47,639
Roche Holding AG		173		42,102
Straumann Holding AG		28		19,113
Swiss Life Holding AG (A)		59		22,256
UBS Group AG (A)		1,108		15,487
Zurich Insurance Group AG		80		24,838
				259,950
United Kingdom - 12.9%
3i Group PLC		1,970		22,059
Ashtead Group PLC		575		14,195
Aviva PLC		2,062		11,268
Barclays PLC		6,780		14,938
Bellway PLC		304		11,150
BP PLC		5,128		37,043
Electrocomponents PLC		825		6,532
GlaxoSmithKline PLC		1,639		31,744
HSBC Holdings PLC		1,616		13,299
Imperial Brands PLC		340		11,517
Lloyds Banking Group PLC		15,172		11,072
Persimmon PLC		273		7,990

	Shares		Value
COMMON STOCKS (continued)
United Kingdom (continued)
Redrow PLC		766		$   5,172
Standard Chartered PLC		1,327		9,300
Tesco PLC		10,671		29,062
				236,341
United States - 0.6%
Shire PLC		169		10,199
Total Common Stocks (Cost $1,896,548)				1,738,563
PREFERRED STOCK - 1.1%
Germany - 1.1%
Volkswagen AG, 2.62% (C)		120		20,160
Total Preferred Stock (Cost $21,141)				20,160
EXCHANGE-TRADED FUND - 1.5%
United States - 1.5%
iShares MSCI EAFE ETF		440		27,483
Total Exchange-Traded Fund (Cost $29,411)				27,483
Total Investments (Cost $1,947,100)				1,786,206
Net Other Assets (Liabilities) - 2.8%				51,198
Net Assets - 100.0%				$  1,837,404

INVESTMENTS BY INDUSTRY (unaudited):

Industry	Percentage of Total Investments			Value
Oil, Gas & Consumable Fuels		9.7	%	$	172,536
Banks		9.1			162,270
Trading Companies & Distributors		8.3			148,923
Pharmaceuticals		8.2			146,284
Insurance		7.7			136,834
Automobiles		5.9			105,150
Food Products		3.9			69,737
Chemicals		3.7			66,286
Electric Utilities		3.4			60,024
Construction & Engineering		3.2			57,725
Household Durables		3.2			57,363
Electronic Equipment, Instruments & Components		2.8			49,315
Life Sciences Tools & Services		2.3			40,563
Capital Markets		2.1			37,546
IT Services		2.1			36,631
Food & Staples Retailing		2.0			35,563
Airlines		2.0			34,984
Diversified Telecommunication Services		1.9			32,991
Semiconductors & Semiconductor Equipment		1.8			32,656
Health Care Equipment & Supplies		1.8			32,438
Biotechnology		1.6			28,621
International Equity Funds		1.5			27,483
Wireless Telecommunication Services		1.4			25,508
Beverages		1.4			25,370
Paper & Forest Products		1.4			24,309

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

Transamerica Funds Annual Report 2018

Page    218

Transamerica International Stock

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

INVESTMENTS BY INDUSTRY (unaudited) (continued):

Industry	Percentage of Total Investments			Value
Machinery		1.1	%	$	20,296
Real Estate Management & Development		1.1			19,896
Metals & Mining		1.1			19,636
Software		1.0			18,327
Tobacco		0.7			11,517
Electrical Equipment		0.6			11,310
Technology Hardware, Storage & Peripherals		0.6			10,980
Marine		0.4			7,704
Auto Components		0.4			7,576
Media		0.3			5,981
Multi-Utilities		0.3			5,873
Investments, at Value		100.0			1,786,206
Total Investments		100.0	%	$	1,786,206

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	$	31,378	$	1,707,185	$	—	$	1,738,563
Preferred Stock		—		20,160		—		20,160
Exchange-Traded Fund		27,483		—		—		27,483
Total Investments	$	58,861	$	1,727,345	$	—	$	1,786,206

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2018, the total value of 144A securities is $38,073, representing 2.1% of the Fund’s net assets.
(C)	Rate disclosed reflects the yield at October 31, 2018.
(E)	There were no transfers in or out of Level 3 during the period ended October 31, 2018. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(E)	Percentage rounds to less than 0.1% or (0.1)%.

PORTFOLIO ABBREVIATION:

ADR American Depositary Receipt

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

Transamerica Funds Annual Report 2018

Page    219

Transamerica Large Cap Value

(unaudited)

MARKET ENVIRONMENT

For the year ended October 31, 2018, U.S. equity markets achieved their 10th consecutive fiscal year gain with the Russell 1000^® Value Index advancing 3.03%. However, the 12-month period ended October 31, 2018 was characterized by heightened volatility, with two corrections of roughly 10% each, the first in late January/early February, and the second in October 2018. Also of note, growth stocks significantly outperformed value for the second straight year, with the Russell 1000^® Growth Index up 10.71%.

The macroeconomic environment was generally favorable, but deteriorated somewhat as the year progressed. The Trump administration began pursuing significant trade tariffs, affecting prices of certain commodities such as steel, aluminum and soybeans and subsequently earnings for impacted companies. A developing trade war with China had increasingly visible economic effects, notably China’s growth showed signs of slowing. Other concerns that contributed to the market decline in October were rising interest rates in the U.S., deceleration of overall growth worldwide, disappointing earnings at former market leaders such as Amazon.com, Inc. and Alphabet Inc. (Google), and numerous ongoing geopolitical issues.

In contrast to overseas, the U.S. economy remained strong despite softness in the housing and auto industries. Unemployment rates were near 50-year lows, corporate cash flows were robust, and surveys of consumer confidence and small business optimism were at multidecade highs. Furthermore, inflationary pressures remained manageable according to the U.S. Federal Reserve as it continued with its plans to steadily increase short-term interest rates. Concerns about how long this prosperity can continue contributed to the recent market selloff, but our discussions with company managements indicated that the U.S. economy was in good shape.

PERFORMANCE

For the year ended October 31, 2018, Transamerica Large Cap Value (Class A) returned 0.56%, excluding any sales charges. By comparison, its benchmark, the Russell 1000^® Value Index, returned 3.03%.

STRATEGY REVIEW

Our approach to stock selection is to use bottom-up fundamental research to identify quality businesses selling below their intrinsic worth. We emphasize companies that we believe possess leading competitive positions, strong balance sheets, and healthy free cash flows that investor-oriented managements will use to enhance shareholder value. In addition, our contra-momentum strategy seeks to buy companies that are down in price or have significantly underperformed the market averages.

The Fund underperformed the Russell 1000^® Value Index during the 12-month period primarily from stock selection and to a lesser extent sector allocation.

The top two individual detractors from performance were multiline insurance company American International Group, Inc. (“AIG”) and chemical manufacturer DowDuPont, Inc. AIG experienced unexpectedly large losses from recent hurricanes and typhoons. We view AIG as an attractively-valued stock with an underperforming and under-earning franchise that, with a new management team in place, should be able to reach and then exceed peer returns over time. DowDuPont, Inc. sold off in part due to a large price increase for ethane, a key raw material in its commodity chemical business. However, we believe investors overreacted to this news and that earnings prospects are good and that the company has the potential to split into three or more pieces of significantly greater value than the current combined entity.

Two notable individual contributors were pharmaceuticals Pfizer, Inc. and Merck & Co., Inc., each of which outperformed a strong health-care sector. Pfizer, Inc. countered investor fears that they might pursue a very large, dilutive acquisition by stating they had no intentions to do so. The company also saw significant positive clinical data on a number of products in its research and development pipeline. Merck & Co., Inc. released favorable lung cancer data on its Keytruda product; whereas, a competitor’s data for lung cancer was unfavorable. Another significant contributor, Nokia OYJ, ADR benefitted from favorable earnings results and the initial roll out of 5G wireless technology.

John Levin

Jack Murphy

Co-Portfolio Managers

Levin Capital Strategies, L.P.

Asset Allocation	Percentage of Net Assets
Common Stocks		97.0	%
Repurchase Agreement		4.3
Net Other Assets (Liabilities)		(1.3	)
Total		100.0	%

Transamerica Funds Annual Report 2018

Page    220

Transamerica Large Cap Value

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		(4.98	)%		8.21	%		11.20	%		11/15/2010
Class A (NAV)		0.56	%		9.44	%		11.99	%		11/15/2010
Russell 1000® Value Index (A)		3.03	%		8.61	%		11.45	%
Class C (POP)		(1.05	)%		8.64	%		11.22	%		11/15/2010
Class C (NAV)		(0.16	)%		8.64	%		11.22	%		11/15/2010
Class I (NAV)		0.78	%		9.73	%		12.35	%		11/15/2010
Class I2 (NAV)		0.96	%		9.86	%		12.47	%		11/15/2010
Class R6 (NAV)		0.96	%		N/A			8.50	%		05/29/2015
Class T1 (POP)		(1.82	)%		N/A			2.36	%		03/17/2017
Class T1 (NAV)		0.71	%		N/A			3.96	%		03/17/2017
Advisor Class (NAV)		0.74	%		N/A			4.92	%		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.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for A shares and 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. If a sales charge had been deducted, the results would have been lower. 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 and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower.

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

The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the Fund fall, the value of the Fund will decline. Value approach carries the risk that the market will not recognize a security’s intrinsic value for a long time or that an undervalued stock is actually appropriately priced. The Fund may be more concentrated than that of a more diversified fund, subjecting it to greater fluctuation and risk.

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

Transamerica Funds Annual Report 2018

Page    221

Transamerica Large Cap Value

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Shares		Value
COMMON STOCKS - 97.0%
Aerospace & Defense - 1.1%
General Dynamics Corp.		140,000		$  24,161,200
Auto Components - 2.3%
Goodyear Tire & Rubber Co.		2,425,000		51,070,500
Automobiles - 3.7%
General Motors Co.		2,250,000		82,327,500
Banks - 11.9%
Bank of America Corp.		2,800,000		77,000,000
Cadence BanCorp		1,220,000		26,913,200
Citigroup, Inc.		1,300,000		85,098,000
JPMorgan Chase & Co.		675,000		73,588,500
				262,599,700
Chemicals - 5.5%
DowDuPont, Inc.		2,250,000		121,320,000
Communications Equipment - 2.2%
Nokia OYJ, ADR		8,801,833		49,466,301
Containers & Packaging - 2.7%
International Paper Co.		1,315,000		59,648,400
Diversified Financial Services - 2.0%
Voya Financial, Inc.		1,000,000		43,760,000
Diversified Telecommunication Services - 4.8%
AT&T, Inc.		3,450,000		105,846,000
Electric Utilities - 5.6%
PG&E Corp. (A)		1,500,000		70,215,000
Xcel Energy, Inc.		1,120,000		54,891,200
				125,106,200
Electrical Equipment - 4.2%
Eaton Corp. PLC		1,298,011		93,028,448
Food Products - 10.5%
Kraft Heinz Co.		1,250,000		68,712,500
Post Holdings, Inc. (A)		525,000		46,420,500
TreeHouse Foods, Inc. (A)		1,737,885		79,178,040
Tyson Foods, Inc., Class A		650,000		38,948,000
				233,259,040
Health Care Providers & Services - 1.3%
Quest Diagnostics, Inc.		300,000		28,233,000
Hotels, Restaurants & Leisure - 1.4%
Royal Caribbean Cruises, Ltd.		300,000		31,419,000
Industrial Conglomerates - 1.0%
General Electric Co.		2,100,000		21,210,000
Insurance - 8.3%
American International Group, Inc.		2,430,000		100,334,700
Athene Holding, Ltd., Class A (A)		664,105		30,362,881
Lincoln National Corp.		900,000		54,171,000
				184,868,581
IT Services - 1.3%
First Data Corp., Class A (A)		1,551,109		29,067,783
Life Sciences Tools & Services - 2.2%
Bio-Rad Laboratories, Inc., Class A (A)		141,660		38,651,931
Fluidigm Corp. (A) (B) (C)		1,305,269		9,397,937
				48,049,868

	Shares		Value
COMMON STOCKS (continued)
Oil, Gas & Consumable Fuels - 10.0%
EOG Resources, Inc.		450,000		$   47,403,000
Hess Corp.		950,000		54,530,000
Occidental Petroleum Corp.		1,800,000		120,726,000
				222,659,000
Pharmaceuticals - 7.8%
Merck & Co., Inc.		890,000		65,512,900
Pfizer, Inc.		2,480,000		106,788,800
				172,301,700
Semiconductors & Semiconductor Equipment - 3.7%
Intel Corp.		1,750,000		82,040,000
Specialty Retail - 1.3%
Lowe’s Cos., Inc.		300,000		28,566,000
Technology Hardware, Storage & Peripherals - 2.2%
Apple, Inc.		220,000		48,149,200
Total Common Stocks (Cost $2,111,383,933)				2,148,157,421
	Principal		Value
REPURCHASE AGREEMENT - 4.3%
Fixed Income Clearing Corp., 1.25% (D), dated 10/31/2018, to be repurchased at $95,218,822 on 11/01/2018. Collateralized by a U.S. Government Obligation, 2.75%, due 08/15/2021, and with a value of $97,123,604.		$  95,215,516		95,215,516
Total Repurchase Agreement (Cost $95,215,516)				95,215,516
Total Investments (Cost $2,206,599,449)				2,243,372,937
Net Other Assets (Liabilities) - (1.3)%				(29,574,751	)
Net Assets - 100.0%				$  2,213,798,186

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

Transamerica Funds Annual Report 2018

Page    222

Transamerica Large Cap Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

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	$	2,148,157,421	$	—	$	—	$	2,148,157,421
Repurchase Agreement		—		95,215,516		—		95,215,516
Total Investments	$	2,148,157,421	$	95,215,516	$	—	$	2,243,372,937

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	Restricted security. At October 31, 2018, 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
Common Stocks	Fluidigm Corp.		08/10/2017	$	10,780,537	$	9,397,937		0.4	%

(C)	Illiquid security. At October 31, 2018, the value of such securities amounted to $9,397,937 or 0.4% of the Fund’s net assets.
(D)	Rate disclosed reflects the yield at October 31, 2018.
(E)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. 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 2018

Page    223

Transamerica Large Core

(unaudited)

MARKET ENVIRONMENT

In September, U.S. equity markets were mostly flat as the U.S. Federal Reserve (“Fed”) proceeded with what was a telegraphed raise of interest rates accompanied by some fairly hawkish language given the strength of the U.S. economy. There were positive and negative pieces of news on the trade front throughout the month, lending to an unclear picture of exactly how the U.S. trade situation would play out with the rest of the world. While there was progress made on Canada/U.S. trade relations, the primary focus of most investors was trade with China. The Trump administration pushed ahead with tariffs, leading to China cancelling the latest round of trade negotiations.

Equities pulled back significantly in October as continued trade concerns prevailed in the markets along with a pullback in technology stocks that had been some of the top market performers over recent years. While there was some relief with some positive earnings, the general negative sentiment persisted. A hawkish Fed did little to support markets as the central bank continued to trend toward restrictive policy.

PERFORMANCE

For the year ended October 31, 2018, Transamerica Large Core (Class R4) returned 6.00%. By comparison, its benchmark, the S&P 500^®, returned 7.35%.

STRATEGY REVIEW

Our philosophy is that the most effective way to invest in equities is to categorize stocks according to where they reside in their respective company life cycles, then to let the categorization drive how they are analyzed for investment attractiveness. Through our quantitative framework, we rank companies within fundamentally similar groups of stocks based on six life-cycle stages (three types for growth companies and three for mature companies). Our alpha model then quantitatively assesses the attractiveness of each company based on numerous factors that are relevant to each life-cycle category.

Since we began managing the Fund on September 4, 2018 through October 31, 2018, it outperformed the benchmark.

Over the 12-month period, the top-performing sectors were consumer discretionary and industrials. Within consumer discretionary, among the top-performing holdings were Amazon.com, Inc. and Netflix, Inc. due primarily to underweights. Health care was the largest detracting sector from relative performance with Merck & Co., Inc. and AbbVie, Inc. weighing the most. Based on our proprietary life-cycle categorization approach, our underweight in high-cyclical growth companies was the top contributor while our mature-cyclical holdings weighed the most on performance. In relation to our model factor clusters or groupings, valuation was the most volatile and sentiment deteriorated. There was a bounce back toward the end of the 12-month period in all three of our clusters – sentiment, valuation and quality.

Sheedsa Ali, CFA

Kate Faraday

Co-Portfolio Managers

PineBridge Investments, LLC

Asset Allocation	Percentage of Net Assets
Common Stocks		97.9	%
Exchange-Traded Fund		1.9
Net Other Assets (Liabilities)		0.2
Total		100.0	%

Transamerica Funds Annual Report 2018

Page    224

Transamerica Large Core

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class I3 (NAV)		6.20	%		N/A			10.56	%		03/10/2017
Class R (NAV)		5.67	%		N/A			9.98	%		03/10/2017
Class R4 (NAV)		6.00	%		9.96	%		12.62	%		09/11/2000
S&P 500® (A)		7.35	%		11.34	%		13.24	%

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

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

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

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

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

Equity funds invest in equity securities, which include common stock, preferred stock and convertible securities. Because such securities represent ownership in a corporation, they tend to be more volatile than fixed income or debt securities, which do not represent ownership.

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

Transamerica Funds Annual Report 2018

Page    225

Transamerica Large Core

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Shares		Value
COMMON STOCKS - 97.9%
Aerospace & Defense - 2.3%
Boeing Co.		13,403		$  4,756,188
Huntington Ingalls Industries, Inc.		4,168		910,625
Lockheed Martin Corp.		1,546		454,292
				6,121,105
Air Freight & Logistics - 0.6%
CH Robinson Worldwide, Inc.		7,625		678,854
Expeditors International of Washington, Inc.		13,129		882,006
				1,560,860
Airlines - 0.3%
American Airlines Group, Inc.		1,653		57,987
Delta Air Lines, Inc.		15,393		842,459
				900,446
Auto Components - 0.3%
BorgWarner, Inc.		17,666		696,217
Automobiles - 0.1%
Harley-Davidson, Inc.		5,698		217,778
Banks - 6.0%
Bank of America Corp.		143,459		3,945,122
Citigroup, Inc.		7,003		458,416
Citizens Financial Group, Inc.		4,492		167,776
Comerica, Inc.		21,881		1,784,614
Fifth Third Bancorp		68,533		1,849,706
JPMorgan Chase & Co.		51,909		5,659,119
M&T Bank Corp.		3,050		504,501
Regions Financial Corp.		78,174		1,326,613
SunTrust Banks, Inc.		4,452		278,962
Wells Fargo & Co.		2,859		152,185
				16,127,014
Beverages - 1.2%
Molson Coors Brewing Co., Class B		3,578		228,992
PepsiCo, Inc.		27,328		3,071,121
				3,300,113
Biotechnology - 3.2%
AbbVie, Inc.		34,906		2,717,432
Amgen, Inc.		19,087		3,679,783
Biogen, Inc. (A)		6,346		1,930,897
Celgene Corp. (A)		1,016		72,746
Regeneron Pharmaceuticals, Inc. (A)		814		276,141
				8,676,999
Building Products - 0.4%
Johnson Controls International PLC		30,219		966,101
Resideo Technologies, Inc. (A)		1,918		40,378
				1,006,479
Capital Markets - 2.5%
Affiliated Managers Group, Inc.		3,532		401,447
Ameriprise Financial, Inc.		7,152		910,021
BlackRock, Inc.		7,720		3,176,163
Cboe Global Markets, Inc.		8,353		942,636
Charles Schwab Corp.		4,914		227,223
E*TRADE Financial Corp.		20,129		994,775
				6,652,265
Chemicals - 1.6%
CF Industries Holdings, Inc.		19,916		956,565
Eastman Chemical Co.		16,529		1,295,047

	Shares		Value
COMMON STOCKS (continued)
Chemicals (continued)
LyondellBasell Industries NV, Class A		15,340		$   1,369,402
Sherwin-Williams Co.		1,563		614,994
				4,236,008
Commercial Services & Supplies - 0.1%
Cintas Corp.		521		94,754
Copart, Inc. (A)		4,958		242,496
				337,250
Communications Equipment - 1.5%
Cisco Systems, Inc.		68,533		3,135,384
F5 Networks, Inc. (A)		3,410		597,705
Juniper Networks, Inc.		13,214		386,774
				4,119,863
Consumer Finance - 0.8%
Capital One Financial Corp.		14,824		1,323,783
Discover Financial Services		7,180		500,231
Synchrony Financial		12,993		375,238
				2,199,252
Containers & Packaging - 0.8%
Avery Dennison Corp.		9,106		826,096
Packaging Corp. of America		14,234		1,306,824
				2,132,920
Diversified Financial Services - 0.9%
Berkshire Hathaway, Inc., Class B (A)		11,272		2,313,916
Diversified Telecommunication Services - 1.4%
AT&T, Inc.		47,939		1,470,769
CenturyLink, Inc.		26,227		541,325
Verizon Communications, Inc.		32,964		1,881,915
				3,894,009
Electric Utilities - 1.1%
American Electric Power Co., Inc.		5,465		400,912
Entergy Corp.		16,103		1,351,847
Southern Co.		25,954		1,168,709
				2,921,468
Electrical Equipment - 0.9%
AMETEK, Inc.		18,795		1,260,768
Eaton Corp. PLC		17,904		1,283,180
				2,543,948
Electronic Equipment, Instruments & Components - 0.2%
TE Connectivity, Ltd.		6,441		485,780
Energy Equipment & Services - 0.6%
Halliburton Co.		2,037		70,643
National Oilwell Varco, Inc.		30,738		1,131,159
TechnipFMC PLC		14,718		387,083
				1,588,885
Entertainment - 1.8%
Activision Blizzard, Inc.		16,169		1,116,469
Netflix, Inc. (A)		873		263,454
Twenty-First Century Fox, Inc., Class B		19,286		871,342
Walt Disney Co.		22,260		2,556,116
				4,807,381
Equity Real Estate Investment Trusts - 2.1%
Extra Space Storage, Inc.		7,539		678,962
Host Hotels & Resorts, Inc.		113,526		2,169,482

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

Transamerica Funds Annual Report 2018

Page    226

Transamerica Large Core

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Shares		Value
COMMON STOCKS (continued)
Equity Real Estate Investment Trusts (continued)
Simon Property Group, Inc.		13,640		$   2,503,213
Weyerhaeuser Co.		7,415		197,461
				5,549,118
Food & Staples Retailing - 1.4%
Kroger Co.		8,323		247,692
Sysco Corp.		13,712		978,077
Walgreens Boots Alliance, Inc.		8,052		642,308
Walmart, Inc.		19,845		1,990,057
				3,858,134
Food Products - 0.8%
Archer-Daniels-Midland Co.		3,813		180,164
Conagra Brands, Inc.		33,580		1,195,448
General Mills, Inc.		3,694		161,797
Hershey Co.		189		20,252
Kellogg Co.		5,973		391,112
Kraft Heinz Co.		3,992		219,440
Mondelez International, Inc., Class A		710		29,806
				2,198,019
Health Care Equipment & Supplies - 2.4%
Abbott Laboratories		29,364		2,024,354
ABIOMED, Inc. (A)		1,588		541,826
Align Technology, Inc. (A)		1,145		253,274
Edwards Lifesciences Corp. (A)		4,831		713,056
Intuitive Surgical, Inc. (A)		3,931		2,048,758
Medtronic PLC		8,288		744,428
				6,325,696
Health Care Providers & Services - 4.3%
Aetna, Inc.		1,089		216,058
Cardinal Health, Inc.		19,608		992,165
Centene Corp. (A)		5,683		740,608
Cigna Corp.		10,562		2,258,261
Express Scripts Holding Co. (A)		12,422		1,204,561
Humana, Inc.		399		127,844
Quest Diagnostics, Inc.		6,441		606,162
UnitedHealth Group, Inc.		19,560		5,112,006
WellCare Health Plans, Inc. (A)		537		148,207
				11,405,872
Health Care Technology - 0.6%
Cerner Corp. (A)		27,943		1,600,575
Hotels, Restaurants & Leisure - 1.5%
Carnival Corp.		19,466		1,090,875
McDonald’s Corp.		16,435		2,907,351
Wynn Resorts, Ltd.		382		38,429
				4,036,655
Household Durables - 0.2%
PulteGroup, Inc.		17,904		439,901
Household Products - 2.4%
Colgate-Palmolive Co.		44,283		2,637,053
Kimberly-Clark Corp.		10,325		1,076,897
Procter & Gamble Co.		29,506		2,616,592
				6,330,542
Independent Power & Renewable Electricity Producers - 0.7%
AES Corp.		124,704		1,818,184

	Shares		Value
COMMON STOCKS (continued)
Industrial Conglomerates - 1.2%
3M Co.		3,173		$   603,695
General Electric Co.		85,062		859,126
Honeywell International, Inc.		11,509		1,666,734
				3,129,555
Insurance - 2.7%
Aflac, Inc.		11,817		508,958
Allstate Corp.		20,697		1,981,117
American International Group, Inc.		3,706		153,021
Hartford Financial Services Group, Inc.		21,958		997,332
Loews Corp.		43,810		2,039,794
Progressive Corp.		13,261		924,292
Prudential Financial, Inc.		5,210		488,594
Unum Group		3,056		110,810
				7,203,918
Interactive Media & Services - 4.5%
Alphabet, Inc., Class A (A)		1,184		1,291,246
Alphabet, Inc., Class C (A)		5,927		6,382,016
Facebook, Inc., Class A (A)		28,796		4,370,945
				12,044,207
Internet & Direct Marketing Retail - 3.0%
Amazon.com, Inc. (A)		3,600		5,752,836
Booking Holdings, Inc. (A)		1,184		2,219,503
eBay, Inc. (A)		5,873		170,493
				8,142,832
IT Services - 4.4%
Accenture PLC, Class A		6,299		992,848
Broadridge Financial Solutions, Inc.		3,490		408,121
Cognizant Technology Solutions Corp., Class A		14,403		994,239
DXC Technology Co.		9,141		665,739
International Business Machines Corp.		17,334		2,000,864
Mastercard, Inc., Class A		8,525		1,685,137
Visa, Inc., Class A		35,711		4,922,761
				11,669,709
Life Sciences Tools & Services - 0.4%
Illumina, Inc. (A)		3,457		1,075,646
Machinery - 1.9%
Caterpillar, Inc.		6,357		771,231
Dover Corp.		11,946		989,607
Ingersoll-Rand PLC		8,676		832,375
PACCAR, Inc.		8,676		496,354
Parker-Hannifin Corp.		435		65,959
Snap-on, Inc.		12,409		1,910,242
				5,065,768
Media - 1.8%
Charter Communications, Inc., Class A (A)		1,516		485,681
Comcast Corp., Class A		56,361		2,149,608
DISH Network Corp., Class A (A)		6,394		196,552
Omnicom Group, Inc.		27,423		2,038,077
				4,869,918
Metals & Mining - 0.4%
Nucor Corp.		17,477		1,033,240
Multi-Utilities - 0.8%
CenterPoint Energy, Inc.		75,684		2,044,225

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

Transamerica Funds Annual Report 2018

Page    227

Transamerica Large Core

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Shares		Value
COMMON STOCKS (continued)
Multiline Retail - 1.0%
Dollar General Corp.		7,720		$   859,854
Kohl’s Corp.		7,053		534,124
Macy’s, Inc.		6,127		210,095
Target Corp.		12,693		1,061,515
				2,665,588
Oil, Gas & Consumable Fuels - 5.0%
Chevron Corp.		44,899		5,012,973
ConocoPhillips		22,686		1,585,752
Exxon Mobil Corp.		41,300		3,290,784
HollyFrontier Corp.		5,019		338,481
Marathon Petroleum Corp.		18,442		1,299,239
ONEOK, Inc.		3,457		226,779
Phillips 66		11,870		1,220,473
Valero Energy Corp.		3,139		285,932
Williams Cos., Inc.		8,739		212,620
				13,473,033
Pharmaceuticals - 3.8%
Allergan PLC		4,831		763,346
Bristol-Myers Squibb Co.		29,080		1,469,703
Johnson & Johnson		26,475		3,706,235
Pfizer, Inc.		69,338		2,985,694
Zoetis, Inc.		13,190		1,189,079
				10,114,057
Professional Services - 0.3%
Robert Half International, Inc.		12,868		778,900
Real Estate Management & Development - 0.2%
CBRE Group, Inc., Class A (A)		16,624		669,781
Road & Rail - 0.9%
CSX Corp.		20,555		1,415,417
Kansas City Southern		5,115		521,526
Union Pacific Corp.		3,173		463,956
				2,400,899
Semiconductors & Semiconductor Equipment - 3.6%
Analog Devices, Inc.		14,540		1,217,143
Broadcom, Inc.		2,842		635,159
Intel Corp.		63,654		2,984,100
KLA-Tencor Corp.		5,399		494,225
Lam Research Corp.		4,026		570,605
Micron Technology, Inc. (A)		13,924		525,213
Qorvo, Inc. (A)		2,733		200,903
QUALCOMM, Inc.		13,896		873,919
Texas Instruments, Inc.		22,923		2,127,942
				9,629,209
Software - 5.9%
Adobe, Inc. (A)		12,646		3,107,881
Citrix Systems, Inc.		1,847		189,262
Intuit, Inc.		12,409		2,618,299
Microsoft Corp.		70,380		7,517,288
Oracle Corp.		28,228		1,378,655
Red Hat, Inc. (A)		5,447		934,923
salesforce.com, Inc. (A)		474		65,052
				15,811,360
Specialty Retail - 3.1%
AutoZone, Inc. (A)		1,421		1,042,261
Best Buy Co., Inc.		6,978		489,576

	Shares		Value
COMMON STOCKS (continued)
Specialty Retail (continued)
Foot Locker, Inc.		1,206		$   56,851
Gap, Inc.		8,829		241,032
Home Depot, Inc.		25,528		4,489,865
Lowe’s Cos., Inc.		4,422		421,063
O’Reilly Automotive, Inc. (A)		547		175,450
Ross Stores, Inc.		5,336		528,264
Tractor Supply Co.		6,495		596,825
Ulta Beauty, Inc. (A)		998		273,971
				8,315,158
Technology Hardware, Storage & Peripherals - 5.3%
Apple, Inc.		58,445		12,791,273
Hewlett Packard Enterprise Co.		5,726		87,321
HP, Inc.		31,985		772,118
NetApp, Inc.		4,073		319,690
Western Digital Corp.		2,463		106,081
				14,076,483
Textiles, Apparel & Luxury Goods - 0.6%
Michael Kors Holdings, Ltd. (A)		8,260		457,686
NIKE, Inc., Class B		5,605		420,599
PVH Corp.		1,797		217,060
Ralph Lauren Corp.		4,688		607,612
				1,702,957
Tobacco - 1.8%
Altria Group, Inc.		44,378		2,886,345
Philip Morris International, Inc.		22,450		1,977,172
				4,863,517
Trading Companies & Distributors - 0.3%
WW Grainger, Inc.		3,378		959,251
Total Common Stocks (Cost $262,123,953)				262,141,863
EXCHANGE-TRADED FUND - 1.9%
U.S. Equity Fund - 1.9%
SPDR S&P 500 ETF Trust		18,343		4,964,166
Total Exchange-Traded Fund (Cost $5,225,261)				4,964,166
Total Investments (Cost $267,349,214)				267,106,029
Net Other Assets (Liabilities) - 0.2%				526,486
Net Assets - 100.0%				$  267,632,515

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

Transamerica Funds Annual Report 2018

Page    228

Transamerica Large Core

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

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	$	262,141,863	$	—	$	—	$	262,141,863
Exchange-Traded Fund		4,964,166		—		—		4,964,166
Total Investments	$	267,106,029	$	—	$	—	$	267,106,029

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	There were no transfers in or out of Level 3 during the period ended October 31, 2018. 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 2018

Page    229

Transamerica Large Growth

(unaudited)

MARKET ENVIRONMENT

Jennison Associates LLC Wellington Management Company LLP

U.S. equity markets advanced over the 12-month period, extending gains that stretched back to the aftermath of the credit crisis of 2008. The backdrop was solid. Domestic gross domestic product grew at a healthy pace; employment gains were robust; corporate profit growth showed continued strength; and business and consumer confidence rose. Corporations used lower tax rates to increase capital spending and repurchase shares. Wage growth and low unemployment spurred increased consumer spending. The U.S. Federal Reserve (“Fed”) raised the federal funds rate incrementally to a still-low range of 2.00% - 2.25%.

Global growth, however, was mixed. In Europe, Brexit negotiations remained contentious, compounding uncertainty about the final outcome. In China, a slowdown in the rate of economic expansion was amplified toward the end of the 12 months by trade discord.

A decline in markets early in the 12-month period in February reflected uncertainty about the Trump administration’s policy initiatives and concerns that as U.S. economic growth gained traction, inflation expectations would rise and monetary tightening would ensue. A deeper decline in October was linked to the administration’s continuing moves to reset global trade practices with new tariffs and penalties for intellectual property infringement. Initially, the Chinese stock market suffered the brunt of the pain, while the U.S. economy, dominated by the services sector, felt little impact. In October, the tone of the rhetoric, aggressiveness of the brinkmanship, and unpredictability of the outcomes unsettled domestic markets as well.

The economic slowdown in China constricted prices of many commodities and fueled concerns that moderating expansion in the world’s second-largest economy will have global growth ramifications. Tremors rippled widely across other emerging markets, where weaker sentiment and the effect of higher U.S. interest rates on local U.S.-dollar-denominated debt added to the toll.

Wellington Management Company LLP

U.S. equities, measured by the S&P 500^®, rose for the 12-month period ended on October 31, 2018. The Fed raised its benchmark interest rate several times during the period, in line with expectations. Despite continued political turmoil and heightened U.S. tensions with Russia and North Korea, strong employment data and corporate earnings helped propel the market to a series of new highs during the first half of the period. In December, tax reform was a key area of focus, culminating with a tax reform bill signed into law by President Trump.

Entering 2018, bullish sentiment was exceptionally strong, as better-than-expected corporate profits helped drive U.S. equities higher. Signs of inflation entered the market in February, leading to heightened levels of volatility. By the summer, talk of tariffs and trade wars had progressed to implementation, raising concerns in an otherwise strong economy. Nonetheless, positive sentiment persisted for much of the summer, fueled by robust earnings growth, fiscal stimulus, the announcement of a preliminary trade deal between the U.S. and Mexico, and expectations for stronger U.S. economic growth relative to other regions of the world. This changed in October, as U.S. equities saw their worst performance in recent years. Concerns surrounding slowing global growth, rich valuations and volatile U.S. and China trade relations weighed heavily on sentiment.

Returns varied by market cap, as large-cap stocks, as measured by the S&P 500^®, outperformed small and mid-cap stocks, as measured by the Russell 2000^® Index and S&P MidCap 400^® Index, respectively.

PERFORMANCE

For the year ended October 31, 2018, Transamerica Large Growth (Class R4) returned 10.68%. By comparison, its primary and secondary benchmarks, the Russell 1000^® Growth Index and the S&P 500^®, returned 10.71% and 7.35%, respectively.

STRATEGY REVIEW

Jennison Associates LLC

Chinese internet companies Alibaba Group Holding, Ltd., ADR and Tencent Holdings, Ltd., weighed on relative performance. While the various business segments of Alibaba Group Holding, Ltd., ADR provided significant revenue growth, the company’s stock declined on high business investment spending and Chinese government efforts to tighten control of internet and non-traditional financial companies. Tencent Holdings, Ltd. was negatively affected by new restrictions on video-game approvals implemented by Chinese authorities. We believe these restrictions may be lessened in the coming year.

Ongoing concern about data breaches, user-data usage, and increased government scrutiny, coupled with maturation of user engagement, continued to loom over Facebook, Inc., another top individual detractor. However, the company has significant scale benefits and untapped monetization opportunities that we believe should drive better-than-average growth even with higher costs and restriction in data usage.

Transamerica Funds Annual Report 2018

Page    230

Transamerica Large Growth

(unaudited)

STRATEGY REVIEW (continued)

Information technology positions contributed to Fund performance, led by Amazon.com, Inc., Netflix, Inc., and Apple, Inc. As penetration of Apple, Inc.’s hardware products matured, growth in unit sales slowed. However, the company continued to drive revenue growth across its huge and loyal installed base with product updates and rapid growth in high-margin and recurring-revenue services businesses, such as apps and music.

The Fund’s long-term holdings in U.S. internet companies continued to contribute meaningfully to performance. Amazon.com, Inc. benefited from its market position, scale and execution. Netflix, Inc. continued to raise its competitive barriers with investments in content, resulting in strong subscriber growth and increased pricing and operating leverage.

Digital transformation of the enterprise has become a strategic imperative across many industries and companies. Cloudware, therefore, is no longer primarily a tool to reduce infrastructure costs. Portfolio holdings salesforce.com, Inc., Microsoft Corp., Adobe, Inc., and Red Hat, Inc., which were all contributors, offer mission-critical applications and services that are creating fundamental changes in the way businesses operate.

Payments companies continued to benefit from the long-term shift from cash to electronic credit and debit transactions. Both Fund contributors Mastercard, Inc. and Visa, Inc. have strong market positions with high barriers to entry, pricing power, and solid operating leverage potential. Square, Inc., another contributor, offers innovative low-cost, high-security, easy-to-use digital payment options, in particular for mobile and online transactions.

Boeing Co. was a top performer in industrials. Its gain reflected 787 Dreamliner commercial jet cash generation, solid cost controls and ramped-up 737 jet production. The company’s extensive order backlog reflects strong global demand.

In health care, some biopharmaceutical positions experienced setbacks. Bristol-Myers Squibb Co. fell on signs that its non-small cell lung cancer program had been eclipsed by a competing franchise. However, the potentially broad adoption of immuno-oncology therapy in multiple settings points to avenues of future growth for Bristol-Myers Squibb Co., in our view. Advances in systems for analyzing genetic variation and function continue to broaden the understanding of the clinical significance of the genome. Fund contributor Illumina, Inc. is at the forefront of this technology.

Wellington Management Company LLP

We adhere to a disciplined portfolio construction process that allows us to assess risk, weight individual positions accordingly, and in the process, build a portfolio that seeks to generate benchmark-relative outperformance largely via stock selection.

The Fund outperformed its benchmark due largely to stock selection within the information technology, consumer discretionary, and communication services sectors. This was partially offset by weaker holdings in health care. Sector allocation, a result of our bottom-up stock selection process, also contributed to relative performance. The Fund’s underweight in materials and lack of allocation in real estate contributed the most.

The Fund’s largest individual contributors included NetApp, Inc., a cloud and data services company; GoDaddy, Inc., a web-hosting company; and Mastercard, Inc., a global financial services corporation. The Fund’s largest individual detractors included Mohawk Industries, Inc. a flooring manufacturer, and underweight positions in Apple, Inc., a global technology company, and Microsoft Corp., a multinational technology and software firm. We eliminated our position in Mohawk Industries, Inc.

Blair A. Boyer

Michael A. Del Balso

Spiros Segalas

Co-Portfolio Managers

Jennison Associates LLC

Mammen Chally, CFA

Douglas McLane, CFA

David Siegle, CFA

Co-Portfolio Managers

Wellington Management Company LLP

Asset Allocation	Percentage of Net Assets
Common Stocks		99.6	%
Other Investment Company		1.6
Net Other Assets (Liabilities)		(1.2	)
Total		100.0	%

Transamerica Funds Annual Report 2018

Page    231

Transamerica Large Growth

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class I3 (NAV)		10.94	%		N/A			17.46	%		03/10/2017
Class R (NAV)		10.39	%		N/A			16.87	%		03/10/2017
Class R4 (NAV)		10.68	%		12.96	%		14.32	%		09/11/2000
Russell 1000® Growth Index (A)		10.71	%		13.43	%		15.45	%
S&P 500® (B)		7.35	%		11.34	%		13.24	%

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

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

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

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

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

Equity funds invest in equity securities, which include common stock, preferred stock and convertible securities. Because such securities represent ownership in a corporation, they tend to be more volatile than fixed income or debt securities, which do not represent ownership.

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

Transamerica Funds Annual Report 2018

Page    232

Transamerica Large Growth

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Shares		Value
COMMON STOCKS - 99.6%
Aerospace & Defense - 3.6%
Boeing Co.		68,260		$  24,222,744
Safran SA		32,845		4,244,489
				28,467,233
Automobiles - 1.1%
Tesla, Inc. (A) (B)		25,554		8,619,875
Banks - 1.3%
JPMorgan Chase & Co.		70,767		7,715,018
SVB Financial Group (A)		11,007		2,611,191
				10,326,209
Beverages - 0.9%
Constellation Brands, Inc., Class A		15,538		3,095,636
Monster Beverage Corp. (A)		79,120		4,181,492
				7,277,128
Biotechnology - 3.4%
Alexion Pharmaceuticals, Inc. (A)		45,531		5,102,659
Biogen, Inc. (A)		9,532		2,900,302
BioMarin Pharmaceutical, Inc. (A)		48,097		4,433,100
Celgene Corp. (A)		31,517		2,256,617
Incyte Corp. (A)		19,769		1,281,427
Seattle Genetics, Inc. (A)		39,483		2,216,181
Vertex Pharmaceuticals, Inc. (A)		52,867		8,958,842
				27,149,128
Building Products - 0.3%
Fortune Brands Home & Security, Inc.		56,324		2,525,005
Capital Markets - 2.2%
BlackRock, Inc.		5,968		2,455,354
Goldman Sachs Group, Inc.		21,040		4,741,785
Intercontinental Exchange, Inc.		50,544		3,893,910
MarketAxess Holdings, Inc.		14,825		3,108,358
S&P Global, Inc.		17,808		3,246,754
				17,446,161
Chemicals - 1.4%
Albemarle Corp.		44,983		4,463,213
PPG Industries, Inc.		44,285		4,653,911
Sherwin-Williams Co.		5,553		2,184,939
				11,302,063
Commercial Services & Supplies - 0.4%
Copart, Inc. (A)		59,525		2,911,368
Consumer Finance - 0.4%
Capital One Financial Corp.		38,068		3,399,472
Diversified Telecommunication Services - 0.7%
Verizon Communications, Inc.		99,173		5,661,787
Electrical Equipment - 0.8%
AMETEK, Inc.		50,772		3,405,786
Eaton Corp. PLC		37,304		2,673,577
				6,079,363
Electronic Equipment, Instruments & Components - 0.4%
CDW Corp.		38,489		3,464,395
Entertainment - 3.0%
Activision Blizzard, Inc.		77,642		5,361,180
Netflix, Inc. (A)		62,670		18,912,553
				24,273,733

	Shares		Value
COMMON STOCKS (continued)
Equity Real Estate Investment Trusts - 0.8%
American Tower Corp.		26,472		$   4,124,602
Crown Castle International Corp.		23,382		2,542,559
				6,667,161
Food & Staples Retailing - 1.8%
Costco Wholesale Corp.		64,541		14,756,009
Health Care Equipment & Supplies - 2.8%
Baxter International, Inc.		83,987		5,250,027
Boston Scientific Corp. (A)		125,265		4,527,077
Edwards Lifesciences Corp. (A)		29,871		4,408,960
Intuitive Surgical, Inc. (A)		7,931		4,133,478
Teleflex, Inc.		15,751		3,791,896
				22,111,438
Health Care Providers & Services - 2.3%
UnitedHealth Group, Inc.		71,407		18,662,219
Hotels, Restaurants & Leisure - 2.3%
Chipotle Mexican Grill, Inc. (A)		6,422		2,956,239
Hilton Worldwide Holdings, Inc.		55,324		3,937,409
Marriott International, Inc., Class A		59,153		6,914,394
McDonald’s Corp.		27,291		4,827,778
				18,635,820
Household Products - 0.5%
Colgate-Palmolive Co.		63,943		3,807,806
Insurance - 0.4%
Allstate Corp.		36,958		3,537,620
Interactive Media & Services - 10.0%
Alphabet, Inc., Class A (A)		26,395		28,785,859
Alphabet, Inc., Class C (A)		17,358		18,690,573
Facebook, Inc., Class A (A)		140,929		21,391,613
Tencent Holdings, Ltd.		315,169		10,797,457
				79,665,502
Internet & Direct Marketing Retail - 8.7%
Alibaba Group Holding, Ltd., ADR (A)		77,330		11,002,513
Amazon.com, Inc. (A)		27,696		44,258,485
Booking Holdings, Inc. (A)		5,921		11,099,388
Farfetch, Ltd., Class A (A)		30,245		621,232
Wayfair, Inc., Class A (A) (B)		23,913		2,637,365
				69,618,983
IT Services - 10.2%
Adyen NV (A) (C)		5,143		3,326,783
EPAM Systems, Inc. (A)		24,958		2,981,732
FleetCor Technologies, Inc. (A)		52,568		10,515,177
Global Payments, Inc.		44,638		5,098,999
GoDaddy, Inc., Class A (A)		80,734		5,907,307
Mastercard, Inc., Class A		149,176		29,487,620
PayPal Holdings, Inc. (A)		94,958		7,994,514
Square, Inc., Class A (A)		29,824		2,190,573
Visa, Inc., Class A		99,945		13,777,418
				81,280,123
Life Sciences Tools & Services - 1.7%
Illumina, Inc. (A)		24,375		7,584,281
Thermo Fisher Scientific, Inc.		25,643		5,991,487
				13,575,768

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

Transamerica Funds Annual Report 2018

Page    233

Transamerica Large Growth

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Shares		Value
COMMON STOCKS (continued)
Machinery - 2.1%
Caterpillar, Inc.		17,467		$   2,119,097
Gardner Denver Holdings, Inc. (A)		66,850		1,808,961
Illinois Tool Works, Inc.		25,160		3,209,661
Middleby Corp. (A)		23,492		2,638,152
Nordson Corp.		28,369		3,480,025
Snap-on, Inc.		22,060		3,395,916
				16,651,812
Media - 0.5%
Comcast Corp., Class A		112,085		4,274,922
Multiline Retail - 0.6%
Dollar Tree, Inc. (A)		52,336		4,411,925
Oil, Gas & Consumable Fuels - 0.9%
Concho Resources, Inc. (A)		30,794		4,283,138
Continental Resources, Inc. (A)		58,080		3,059,654
				7,342,792
Personal Products - 1.1%
Estee Lauder Cos., Inc., Class A		66,733		9,171,783
Pharmaceuticals - 2.6%
Allergan PLC		22,009		3,477,642
AstraZeneca PLC, ADR		212,677		8,247,614
Bristol-Myers Squibb Co.		105,234		5,318,526
Merck & Co., Inc.		54,060		3,979,357
				21,023,139
Professional Services - 0.6%
Equifax, Inc.		20,038		2,032,655
IHS Markit, Ltd. (A)		53,304		2,800,059
				4,832,714
Road & Rail - 1.1%
JB Hunt Transport Services, Inc.		21,108		2,334,756
Norfolk Southern Corp.		20,367		3,418,194
Union Pacific Corp.		18,851		2,756,393
				8,509,343
Semiconductors & Semiconductor Equipment - 3.3%
Advanced Micro Devices, Inc. (A)		180,106		3,279,730
Broadcom, Inc.		21,199		4,737,764
Micron Technology, Inc. (A)		89,608		3,380,014
NVIDIA Corp.		48,290		10,180,981
ON Semiconductor Corp. (A)		131,209		2,230,553
Texas Instruments, Inc.		25,578		2,374,406
				26,183,448

	Shares		Value
COMMON STOCKS (continued)
Software - 14.1%
Adobe, Inc. (A)		75,527		$   18,561,516
Guidewire Software, Inc. (A)		38,278		3,405,594
Microsoft Corp.		381,387		40,735,946
Red Hat, Inc. (A)		27,556		4,729,712
salesforce.com, Inc. (A)		157,259		21,582,225
ServiceNow, Inc. (A)		32,836		5,944,629
Splunk, Inc. (A)		40,866		4,080,061
SS&C Technologies Holdings, Inc.		71,636		3,664,898
Workday, Inc., Class A (A)		78,016		10,377,688
				113,082,269
Specialty Retail - 1.7%
Home Depot, Inc.		35,551		6,252,710
Tiffany & Co.		14,601		1,625,091
TJX Cos., Inc.		54,382		5,975,494
				13,853,295
Technology Hardware, Storage & Peripherals - 6.2%
Apple, Inc.		205,080		44,883,809
NetApp, Inc.		57,528		4,515,372
				49,399,181
Textiles, Apparel & Luxury Goods - 3.4%
Kering SA		9,317		4,141,299
NIKE, Inc., Class B		197,166		14,795,337
Under Armour, Inc., Class C (A) (B)		184,017		3,649,057
VF Corp.		53,016		4,393,966
				26,979,659
Total Common Stocks (Cost $631,551,844)				796,937,651
OTHER INVESTMENT COMPANY - 1.6%
Securities Lending Collateral - 1.6%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 2.19% (D)		12,463,342		12,463,342
Total Other Investment Company (Cost $12,463,342)				12,463,342
Total Investments (Cost $644,015,186)				809,400,993
Net Other Assets (Liabilities) - (1.2)%				(9,398,580	)
Net Assets - 100.0%				$  800,002,413

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	$	774,427,623	$	22,510,028	$	—	$	796,937,651
Other Investment Company		12,463,342		—		—		12,463,342
Total Investments	$	786,890,965	$	22,510,028	$	—	$	809,400,993

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

Transamerica Funds Annual Report 2018

Page    234

Transamerica Large Growth

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	All or a portion of the securities are on loan. The total value of all securities on loan is $12,213,075. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(C)	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, 2018, the value of the 144A security is $3,326,783, representing 0.4% of the Fund’s net assets.
(D)	Rate disclosed reflects the yield at October 31, 2018.
(E)	There were no transfers in or out of Level 3 during the period ended October 31, 2018. 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 2018

Page    235

Transamerica Large Value Opportunities

(unaudited)

MARKET ENVIRONMENT

In September, U.S. equity markets were mostly flat as the U.S. Federal Reserve (“Fed”) proceeded with what was a telegraphed raise of interest rates accompanied by some fairly hawkish language given the strength of the U.S. economy. There were positive and negative pieces of news on the trade front throughout the month, lending to an unclear picture of exactly how the U.S. trade situation would play out with the rest of the world. While there was progress made on Canada/U.S. trade relations, the primary focus of most investors was trade with China. The Trump administration pushed ahead with tariffs, leading to China cancelling the latest round of trade negotiations.

Equities pulled back significantly in October as continued trade concerns prevailed in the markets along with a pullback in technology stocks that had been some of the top market performers over recent years. While there was some relief with some positive earnings, the general negative sentiment persisted. A hawkish Fed did little to support markets as the central bank continued to trend toward restrictive policy.

PERFORMANCE

For the year ended October 31, 2018, Transamerica Large Value Opportunities (Class R4) returned 3.32%. By comparison, its benchmark, the MSCI USA Value Index Gross, returned 3.56%.

STRATEGY REVIEW

Our philosophy is that the most effective way to invest in equities is to categorize stocks according to where they reside in their respective company life cycles, then to let the categorization drive how they are analyzed for investment attractiveness. Through our quantitative framework, we rank companies within fundamentally similar groups of stocks based on six life-cycle stages (three types for growth companies and three for mature companies). Our alpha model then quantitatively assesses the attractiveness of each company based on numerous factors that are relevant to each life-cycle category.

Since we began managing the Fund on September 4, 2018 through the period ended on October 31, 2018, it underperformed the benchmark.

Over the period, health care was the largest detracting sector from relative performance; AbbVie, Inc. and Bristol-Myers Squibb Co. were among individual detractors. The top-performing sectors were industrials and consumer discretionary. In industrials, the top-performing holdings included General Electric, due to a portfolio underweight, and Caterpillar Inc. Based on our proprietary life-cycle categorization approach, high-stable growth holdings underperformed, while mature-turnaround companies were the best performing. In relation to our model factor clusters or groupings, valuation was the most volatile and sentiment deteriorated. There was a bounce back toward the end of the period in all three of our clusters – sentiment, valuation and quality.

Sheedsa Ali, CFA

Kate Faraday

Co-Portfolio Managers

PineBridge Investments, LLC

Asset Allocation	Percentage of Net Assets
Common Stocks		99.2	%
Exchange-Traded Fund		0.6
Net Other Assets (Liabilities)		0.2
Total		100.0	%

Transamerica Funds Annual Report 2018

Page    236

Transamerica Large Value Opportunities

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class I3 (NAV)		3.60	%		N/A			7.77	%		05/05/2017
Class R (NAV)		3.08	%		N/A			7.24	%		05/05/2017
Class R4 (NAV)		3.32	%		7.42	%		10.66	%		09/11/2000
MSCI USA Value Index Gross (A)		3.56	%		9.14	%		11.37	%

^(A) The MSCI USA Value Index Gross captures large and mid-cap U.S. securities exhibiting overall value style characteristics.

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

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

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

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

The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the Fund fall, the value of the Fund will decline. Value investing carries the risk that the market will not recognize a security’s intrinsic value for a long time or that an undervalued stock is actually appropriately priced. The Fund may be more concentrated than that of a more diversified fund, subjecting it to greater fluctuation and risk.

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

Transamerica Funds Annual Report 2018

Page    237

Transamerica Large Value Opportunities

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Shares		Value
COMMON STOCKS - 99.2%
Aerospace & Defense - 1.0%
Boeing Co.		16,230		$  5,759,378
Airlines - 1.1%
Delta Air Lines, Inc.		116,954		6,400,892
Auto Components - 1.0%
BorgWarner, Inc.		27,876		1,098,593
Lear Corp.		33,484		4,450,024
Visteon Corp. (A)		1,725		136,344
				5,684,961
Banks - 12.1%
Bank of America Corp.		681,906		18,752,415
BB&T Corp.		98,734		4,853,764
Citigroup, Inc.		41,752		2,733,086
Citizens Financial Group, Inc.		21,974		820,729
Comerica, Inc.		8,263		673,930
Fifth Third Bancorp		222,372		6,001,820
JPMorgan Chase & Co.		225,906		24,628,272
SunTrust Banks, Inc.		117,403		7,356,472
Wells Fargo & Co.		129,165		6,875,453
				72,695,941
Beverages - 1.9%
Coca-Cola Co.		66,751		3,196,038
PepsiCo, Inc.		69,892		7,854,463
				11,050,501
Biotechnology - 3.7%
AbbVie, Inc.		66,489		5,176,169
Amgen, Inc.		64,002		12,338,946
Biogen, Inc. (A)		15,968		4,858,583
				22,373,698
Capital Markets - 2.0%
Affiliated Managers Group, Inc.		15,890		1,806,057
Ameriprise Financial, Inc.		38,158		4,855,224
BlackRock, Inc.		2,194		902,656
E*TRADE Financial Corp.		91,293		4,511,700
				12,075,637
Chemicals - 2.3%
CF Industries Holdings, Inc.		3,450		165,703
DowDuPont, Inc.		17,538		945,649
Eastman Chemical Co.		76,044		5,958,047
LyondellBasell Industries NV, Class A		77,365		6,906,374
				13,975,773
Communications Equipment - 2.3%
Cisco Systems, Inc.		273,024		12,490,848
Palo Alto Networks, Inc. (A)		5,448		997,202
				13,488,050
Consumer Finance - 1.3%
Capital One Financial Corp.		89,786		8,017,890
Containers & Packaging - 0.8%
Avery Dennison Corp.		54,852		4,976,173
Diversified Telecommunication Services - 2.0%
AT&T, Inc.		181,013		5,553,479
CenturyLink, Inc.		48,842		1,008,099
Verizon Communications, Inc.		93,392		5,331,749
				11,893,327

	Shares		Value
COMMON STOCKS (continued)
Electric Utilities - 1.8%
Entergy Corp.		79,560		$   6,679,062
Hawaiian Electric Industries, Inc.		60,928		2,272,614
Southern Co.		44,454		2,001,764
				10,953,440
Electrical Equipment - 0.9%
Eaton Corp. PLC		78,269		5,609,539
Energy Equipment & Services - 0.8%
National Oilwell Varco, Inc.		130,753		4,811,710
Entertainment - 0.8%
Viacom, Inc., Class B		71,440		2,284,651
Walt Disney Co.		23,821		2,735,366
				5,020,017
Equity Real Estate Investment Trusts - 2.2%
Extra Space Storage, Inc.		19,250		1,733,655
Host Hotels & Resorts, Inc.		110,597		2,113,509
Simon Property Group, Inc.		52,223		9,583,965
				13,431,129
Food & Staples Retailing - 1.9%
Sysco Corp.		97,685		6,967,871
Walmart, Inc.		42,546		4,266,513
				11,234,384
Food Products - 1.2%
Conagra Brands, Inc.		183,826		6,544,206
Ingredion, Inc.		5,811		587,957
				7,132,163
Health Care Equipment & Supplies - 1.6%
Abbott Laboratories		654		45,087
ABIOMED, Inc. (A)		8,967		3,059,540
Edwards Lifesciences Corp. (A)		40,574		5,988,723
Medtronic PLC		3,665		329,190
				9,422,540
Health Care Providers & Services - 3.4%
Cardinal Health, Inc.		70,115		3,547,819
Cigna Corp.		29,056		6,212,463
Encompass Health Corp.		47,118		3,171,042
Express Scripts Holding Co. (A)		4,293		416,292
UnitedHealth Group, Inc.		23,297		6,088,671
WellCare Health Plans, Inc. (A)		3,269		902,211
				20,338,498
Hotels, Restaurants & Leisure - 0.9%
Carnival Corp.		97,378		5,457,063
International Game Technology PLC		1,998		37,063
				5,494,126
Household Products - 3.1%
Colgate-Palmolive Co.		123,947		7,381,044
Kimberly-Clark Corp.		64,487		6,725,994
Procter & Gamble Co.		52,181		4,627,411
				18,734,449
Independent Power & Renewable Electricity Producers - 1.1%
AES Corp.		460,973		6,720,986
Insurance - 6.0%
Aflac, Inc.		170,567		7,346,321
Allstate Corp.		80,625		7,717,425

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

Transamerica Funds Annual Report 2018

Page    238

Transamerica Large Value Opportunities

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Shares		Value
COMMON STOCKS (continued)
Insurance (continued)
American National Insurance Co.		21,465		$   2,645,347
Athene Holding, Ltd., Class A (A)		8,263		377,784
CNA Financial Corp., Class A		11,714		508,036
Hartford Financial Services Group, Inc.		112,037		5,088,720
Loews Corp.		129,260		6,018,346
Progressive Corp.		88,739		6,185,108
				35,887,087
Internet & Direct Marketing Retail - 0.9%
Booking Holdings, Inc. (A)		2,879		5,396,916
IT Services - 3.0%
Amdocs, Ltd.		24,789		1,568,400
Cognizant Technology Solutions Corp., Class A		7,537		520,279
DXC Technology Co.		654		47,631
International Business Machines Corp.		87,382		10,086,504
Mastercard, Inc., Class A		182		35,976
Visa, Inc., Class A		43,192		5,954,017
				18,212,807
Machinery - 2.2%
Allison Transmission Holdings, Inc., Class A		120,961		5,331,961
Dover Corp.		58,859		4,875,880
Ingersoll-Rand PLC		22,791		2,186,568
Snap-on, Inc.		4,843		745,531
				13,139,940
Media - 1.9%
Comcast Corp., Class A		133,649		5,097,373
Omnicom Group, Inc.		80,609		5,990,861
				11,088,234
Metals & Mining - 1.3%
Nucor Corp.		113,607		6,716,446
Southern Copper Corp.		29,842		1,144,142
				7,860,588
Multi-Utilities - 1.1%
CenterPoint Energy, Inc.		241,874		6,533,017
Multiline Retail - 2.7%
Dollar General Corp.		60,468		6,734,926
Macy’s, Inc.		22,156		759,729
Target Corp.		99,734		8,340,754
				15,835,409
Oil, Gas & Consumable Fuels - 7.2%
Chevron Corp.		145,412		16,235,250
Exxon Mobil Corp.		139,653		11,127,551
HollyFrontier Corp.		77,365		5,217,496
Marathon Petroleum Corp.		86,383		6,085,682
Phillips 66		29,477		3,030,825
WPX Energy, Inc. (A)		79,941		1,282,254
				42,979,058
Paper & Forest Products - 0.1%
Domtar Corp.		16,435		761,105
Pharmaceuticals - 6.3%
Bristol-Myers Squibb Co.		100,519		5,080,230
Jazz Pharmaceuticals PLC (A)		38,611		6,132,199
Johnson & Johnson		89,917		12,587,481
Merck & Co., Inc.		47,118		3,468,356

	Shares		Value
COMMON STOCKS (continued)
Pharmaceuticals (continued)
Pfizer, Inc.		154,836		$   6,667,238
Zoetis, Inc.		43,715		3,940,907
				37,876,411
Road & Rail - 0.0% (B)
Union Pacific Corp.		785		114,783
Semiconductors & Semiconductor Equipment - 2.2%
Intel Corp.		133,553		6,260,965
KLA-Tencor Corp.		18,251		1,670,696
Texas Instruments, Inc.		54,948		5,100,823
				13,032,484
Software - 4.4%
Adobe, Inc. (A)		15,549		3,821,322
Intuit, Inc.		27,760		5,857,360
Microsoft Corp.		72,551		7,749,172
Oracle Corp.		174,992		8,546,609
Red Hat, Inc. (A)		999		171,469
				26,145,932
Specialty Retail - 1.2%
Home Depot, Inc.		31,936		5,616,904
Tractor Supply Co.		15,527		1,426,776
				7,043,680
Technology Hardware, Storage & Peripherals - 2.1%
Apple, Inc.		28,237		6,179,950
HP, Inc.		275,024		6,639,079
				12,819,029
Tobacco - 4.4%
Altria Group, Inc.		195,560		12,719,222
Philip Morris International, Inc.		152,742		13,451,988
				26,171,210
Trading Companies & Distributors - 0.9%
WW Grainger, Inc.		17,839		5,065,741
Wireless Telecommunication Services - 0.1%
Sprint Corp. (A)		132,481		810,784
Total Common Stocks (Cost $606,563,149)				594,069,417
EXCHANGE-TRADED FUND - 0.6%
U.S. Equity Fund - 0.6%
iShares Russell 1000 Value ETF		29,858		3,585,647
Total Exchange-Traded Fund (Cost $3,786,720)				3,585,647
Total Investments (Cost $610,349,869)				597,655,064
Net Other Assets (Liabilities) - 0.2%				1,276,603
Net Assets - 100.0%				$  598,931,667

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

Transamerica Funds Annual Report 2018

Page    239

Transamerica Large Value Opportunities

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

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	$	594,069,417	$	—	$	—	$	594,069,417
Exchange-Traded Fund		3,585,647		—		—		3,585,647
Total Investments	$	597,655,064	$	—	$	—	$	597,655,064

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	Percentage rounds to less than 0.1% or (0.1)%.
(C)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. 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 2018

Page    240

Transamerica Mid Cap Growth

(unaudited)

MARKET ENVIRONMENT

The momentum of the global economy remained strong during the fiscal year, however, overall growth projections started to be revised down later in the 12-month period. In breaking out the constituents of global gross domestic product (“GDP”), it was the U.S. that was the major contributor toward the uptrend. The U.S. economy registered its strongest quarterly growth in over four years during the second quarter of 2018 at an annual rate of 4.2%, up from 2.2% for the first quarter 2018. Pressure on global growth projections increased due to headwinds facing the world economies.

Despite an increase in global trade tensions, rising interest rates and U.S. dollar strength, major U.S. indexes registered positive returns for the 12 months ended October 31, 2018. However, there was a divergence in performance between the U.S. and international markets. Emerging markets overall underperformed in part due to the increased concern over a rising interest rate environment, the strength of the U.S. dollar and the escalation of trade tensions between the U.S. and China.

In keeping with its current mandate, the U.S. Federal Reserve increased the benchmark interest rates four times throughout the year. Monetary policy was expected to be less accommodative going forward as world central banks continue to normalize interest rates. The declining effect of the recent fiscal policy initiatives along with the current trade tensions are anticipated to be a drag on global growth. While economic momentum is slowing, equities remain an attractive asset class in our view despite the future uncertainties facing the economy and markets.

PERFORMANCE

For the year ended October 31, 2018, Transamerica Mid Cap Growth (Class R4) returned -6.64%, excluding any sales charges. By comparison, its benchmark, the Russell Midcap^® Growth Index, returned 6.14%.

STRATEGY REVIEW

The Fund underperformed its benchmark due to stock selection in the consumer discretionary, consumer staples, energy, information technology, financial services, materials and industrials sectors, while holdings in health care contributed.

The largest detractors to performance included Olin Corp., Goodyear Tire & Rubber Co., Caesars Entertainment Corp., Stars Group, Inc., and EQT Corp. Top individual contributors included Bio-Techne Corp., Workday, Inc., Delphi Technologies PLC, Universal Health Services, Inc. and Ulta Beauty, Inc.

Our philosophy is built on fundamental research, constant discovery, flexibility and the belief that no single measure of value can be universally applied across all sectors or industries. We seek companies that exhibit what we consider under-recognized growth characteristics, which are attractively valued at purchase and that include an identifiable catalyst, resulting in 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		99.6	%
Other Investment Company		5.2
Repurchase Agreement		0.4
Net Other Assets (Liabilities)		(5.2	)
Total		100.0	%

Transamerica Funds Annual Report 2018

Page    241

Transamerica Mid Cap Growth

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		(11.98	)%		N/A			(2.77	)%		03/10/2017
Class A (NAV)		(6.88	)%		N/A			0.64	%		03/10/2017
Class C (POP)		(8.49	)%		N/A			(0.11	)%		03/10/2017
Class C (NAV)		(7.58	)%		N/A			(0.11	)%		03/10/2017
Class I (NAV)		(6.64	)%		N/A			0.94	%		03/10/2017
Class I2 (NAV)		(6.60	)%		N/A			0.99	%		03/10/2017
Class I3 (NAV)		(6.49	)%		N/A			0.69	%		03/10/2017
Class R (NAV)		(6.89	)%		N/A			0.17	%		03/10/2017
Class R4 (NAV)		(6.64	)%		6.39	%		9.80	%		11/07/2001
Russell Midcap® Growth Index (A)		6.14	%		10.10	%		15.10	%
Class T1 (POP)		(9.06	)%		N/A			(1.35	)%		03/17/2017
Class T1 (NAV)		(6.75	)%		N/A			0.21	%		03/17/2017
Advisor Class (NAV)		(6.72	)%		N/A			0.84	%		03/10/2017

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

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for A shares 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. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I, I2, I3, R, R4 and Advisor Class shares.

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

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

Returns on growth stocks may not move in tandem with return on other categories of stocks or the market as a whole. Growth stocks may be particularly susceptible to larger price swings or to adverse developments. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks. Investing in small and medium-sized companies involves greater risk than is customarily associated with more established companies. The securities of small and mid-capitalization companies are subject to higher volatility than larger, more established companies.

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

Transamerica Funds Annual Report 2018

Page    242

Transamerica Mid Cap Growth

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Shares		Value
COMMON STOCKS - 99.6%
Aerospace & Defense - 3.6%
Spirit Aerosystems Holdings, Inc., Class A		31,263		$  2,626,405
Airlines - 4.2%
JetBlue Airways Corp. (A)		179,737		3,007,000
Auto Components - 6.3%
Delphi Technologies PLC		77,403		1,659,520
Goodyear Tire & Rubber Co.		135,918		2,862,433
				4,521,953
Banks - 2.0%
SVB Financial Group (A)		6,202		1,471,300
Biotechnology - 4.7%
BioMarin Pharmaceutical, Inc. (A)		36,578		3,371,394
Chemicals - 4.4%
Olin Corp.		157,289		3,177,238
Communications Equipment - 3.0%
Palo Alto Networks, Inc. (A)		11,766		2,153,649
Construction & Engineering - 4.7%
MasTec, Inc. (A)		78,451		3,413,403
Construction Materials - 3.5%
Eagle Materials, Inc.		34,219		2,526,731
Consumer Finance - 6.1%
Ally Financial, Inc.		73,002		1,854,981
Discover Financial Services		36,360		2,533,201
				4,388,182
Entertainment - 2.3%
Zynga, Inc., Class A (A)		457,466		1,665,176
Health Care Providers & Services - 3.4%
Universal Health Services, Inc., Class B		20,042		2,436,306
Hotels, Restaurants & Leisure - 8.8%
Caesars Entertainment Corp. (A) (B)		404,510		3,474,741
Stars Group, Inc. (A)		137,827		2,862,667
				6,337,408
Internet & Direct Marketing Retail - 3.0%
Expedia Group, Inc.		17,624		2,210,578
Life Sciences Tools & Services - 2.0%
Bio-Techne Corp.		8,545		1,433,167
Machinery - 5.9%
Ingersoll-Rand PLC		17,032		1,634,050
ITT, Inc.		52,023		2,627,162
				4,261,212
Oil, Gas & Consumable Fuels - 4.3%
EQT Corp.		92,423		3,139,609
Semiconductors & Semiconductor Equipment - 12.8%
Marvell Technology Group, Ltd.		182,809		2,999,896
Micron Technology, Inc. (A)		75,410		2,844,465
Skyworks Solutions, Inc.		38,935		3,378,000
				9,222,361
Software - 5.7%
Dropbox, Inc., Class A (A) (B)		109,292		2,565,083
Workday, Inc., Class A (A)		11,525		1,533,056
				4,098,139
Specialty Retail - 4.1%
Ulta Beauty, Inc. (A)		10,840		2,975,797

	Shares		Value
COMMON STOCKS (continued)
Textiles, Apparel & Luxury Goods - 1.7%
Tapestry, Inc.		28,707		$   1,214,593
Trading Companies & Distributors - 3.1%
Air Lease Corp.		59,209		2,255,863
Total Common Stocks (Cost $73,675,151)				71,907,464
OTHER INVESTMENT COMPANY - 5.2%
Securities Lending Collateral - 5.2%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 2.19% (C)		3,739,239		3,739,239
Total Other Investment Company (Cost $3,739,239)				3,739,239
	Principal		Value
REPURCHASE AGREEMENT - 0.4%
Fixed Income Clearing Corp., 1.25% (C), dated 10/31/2018, to be repurchased at $264,240 on 11/01/2018. Collateralized by a U.S. Government Obligation, 1.13%, due 08/31/2021, and with a value of $271,921.		$  264,231		264,231
Total Repurchase Agreement (Cost $264,231)				264,231
Total Investments (Cost $77,678,621)				75,910,934
Net Other Assets (Liabilities) - (5.2)%				(3,735,380	)
Net Assets - 100.0%				$  72,175,554

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

Transamerica Funds Annual Report 2018

Page    243

Transamerica Mid Cap Growth

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

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	$	71,907,464	$	—	$	—	$	71,907,464
Other Investment Company		3,739,239		—		—		3,739,239
Repurchase Agreement		—		264,231		—		264,231
Total Investments	$	75,646,703	$	264,231	$	—	$	75,910,934

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 $3,571,252. 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, 2018.
(D)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. 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 2018

Page    244

Transamerica Mid Cap Value Opportunities

(unaudited)

MARKET ENVIRONMENT

The market witnessed significantly more moderate returns in the Fund’s 2018 fiscal year relative to its 2017 fiscal year, when both domestic and international equity markets posted returns north of 20% in many asset classes. For the 12-month period ended on October 31, 2018, the market appeared to reset, with domestic indexes returning modest returns in the low-to-mid single digit range, with international equities and fixed income (as represented by the Bloomberg Barclays U.S. Aggregate Index) posting negative returns. There were two notable sell-offs due to concerns over higher inflation that could lead to expedited tightening by the U.S. Federal Reserve, and more recent worries of the market reaching peak profit margins while potential growth challenges arose driven from a global trade war and wage inflation. After a period of investor complacency, measured by record low volatility in 2017, the market reset with an increase in volatility, although close to in-line with the long-term history.

Despite the late period noise and volatility, the U.S. economy appeared to be in good health, as gross domestic product growth remained strong and earnings were generally positive and relatively broad based. The environment, however, was certainly not without its risks. Namely, political uncertainty and trade tensions between the U.S. and other global participants continued to present noise and short-termism in the market. This may cause volatility and create opportunities as stock prices dislocate from intrinsic value.

The market continued to trade at an expensive multiple, which was further pronounced when comparing growth against value, as the historic premium growth garnered over value was well above long-term levels, indicating the relative attractiveness of the value style, in our view. We believe the market ultimately rewards fundamentals and valuation, providing a strong backdrop for active value managers going forward.

PERFORMANCE

For the year ended October 31, 2018, Transamerica Mid Cap Value Opportunities (Class A) returned 4.75%, excluding any sales charges. By comparison, its benchmark, the Russell Midcap^® Value Index, returned 0.16%.

STRATEGY REVIEW

We seek to invest in companies that we believe present a value or potential worth that is not recognized by prevailing market prices or that have experienced some fundamental changes and are intrinsically undervalued by the investment community. Our process uses a combination of quantitative and qualitative methods and is based on a four-factor valuation screen.

The fund outperformed its benchmark, the Russell MidCap^® Value Index, led by the consumer discretionary and financial services sectors. Within consumer discretionary, Discovery, Inc. had the largest impact, driven by heightened expectations around future synergies from its acquisition of Scripps Networks Interactive, as well as the potential for further media merger-and-acquisition activity following AT&T, Inc.’s successful acquisition of Time Warner Cable LLC. The fund benefitted from auto parts retailer, Advance Auto Parts, Inc.. New management improved the business in a number of areas, such as supply chain management, which have helped propel the stock price higher. In financials, the fund benefited from positive stock selection across several industries including insurance and real estate investment trusts (“REITs”). At the stock level, Progressive Corp. and Uniti Group, Inc. were two of our top performers. Shares in insurance company Progressive Corp. moved higher on strength in personal lines as industry pricing improved, and top-line growth and underwriting margins continued to surprise to the upside. The company also added market share. Uniti Group, Inc. a telecom infrastructure REIT, had been pressured by financial difficulties facing the company’s largest tenant, Windstream Holdings, Inc. Shares lifted on positive news flow surrounding Windstream Holdings, Inc.‘s ongoing dispute with a creditor attempting to force the company into bankruptcy. We believed the market was pricing in a worst-case scenario on the impact from Windstream Holdings Inc., and at the same time, ignored the continued build in infrastructure in fiber assets and towers.

Energy and health care weighed on relative performance. In energy, our underweight in oil-sensitive stocks, which rallied along with the improving price of oil, was the main detractor. Additionally, we were negatively impacted by natural gas producers Range Resources Corp. and Antero Resources Corp., which were pressured by the weakening of forward-looking natural gas prices. In health care, DENTSPLY SIRONA was the largest detractor. An American dental consumables and equipment manufacturer, the company has been challenged from weakness in the dental industry, and merger synergies not meeting investor expectations. We continued to like the stock and believed these headwinds were not secular, and that the valuation gap will narrow as new management reduces meaningful costs.

Brett P. Hawkins, CFA

Portfolio Manager

Thompson, Siegel & Walmsley LLC

Asset Allocation	Percentage of Net Assets
Common Stocks		94.1	%
Repurchase Agreement		3.0
Other Investment Company		1.1
Net Other Assets (Liabilities)		1.8
Total		100.0	%

Transamerica Funds Annual Report 2018

Page    245

Transamerica Mid Cap Value Opportunities

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		(1.01	)%		6.75	%		04/30/2014
Class A (NAV)		4.75	%		8.09	%		04/30/2014
Russell Midcap® Value Index (A)		0.16	%		6.96	%
Class C (POP)		3.03	%		7.30	%		04/30/2014
Class C (NAV)		4.00	%		7.30	%		04/30/2014
Class I (NAV)		5.16	%		8.39	%		04/30/2014
Class I2 (NAV)		5.26	%		8.49	%		04/30/2014
Class I3 (NAV)		5.19	%		3.36	%		03/24/2017
Class R (NAV)		4.70	%		2.84	%		03/24/2017
Class R4 (NAV)		5.07	%		3.17	%		03/24/2017
Class R6 (NAV)		5.22	%		6.26	%		07/25/2016
Class T1 (POP)		2.36	%		0.73	%		03/17/2017
Class T1 (NAV)		4.95	%		2.33	%		03/17/2017
Advisor Class (NAV)		5.00	%		4.11	%		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.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for A shares and 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. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I, I2, I3, R, R4, R6 and Advisor Class shares.

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

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

Investing in mid-sized companies involves greater risk than is customarily associated with more established companies. The securities of mid-sized companies are subject to higher volatility than larger, more established companies. The prices of securities the sub-adviser believes are undervalued many not appreciate as anticipated or may go down. Value approach carries the risk that the market will not recognize a security’s intrinsic value for a long time or that an undervalued stock is actually appropriately priced.

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

Transamerica Funds Annual Report 2018

Page    246

Transamerica Mid Cap Value Opportunities

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Shares		Value
COMMON STOCKS - 94.1%
Airlines - 3.2%
Alaska Air Group, Inc.		431,616		$  26,509,855
United Continental Holdings, Inc. (A)		282,200		24,130,922
				50,640,777
Banks - 2.4%
CIT Group, Inc.		802,760		38,034,769
Beverages - 2.2%
Molson Coors Brewing Co., Class B		555,900		35,577,600
Biotechnology - 0.9%
United Therapeutics Corp. (A)		131,900		14,622,434
Capital Markets - 0.8%
E*TRADE Financial Corp.		257,400		12,720,708
Chemicals - 1.5%
PPG Industries, Inc.		228,500		24,013,065
Commercial Services & Supplies - 1.2%
Stericycle, Inc. (A)		401,407		20,058,308
Communications Equipment - 1.6%
ARRIS International PLC (A)		1,021,200		25,397,244
Consumer Finance - 1.0%
Ally Financial, Inc.		643,239		16,344,703
Containers & Packaging - 1.0%
Ball Corp.		361,500		16,195,200
Distributors - 1.9%
LKQ Corp. (A)		1,117,500		30,474,225
Diversified Financial Services - 2.5%
Jefferies Financial Group, Inc.		1,346,900		28,917,943
Voya Financial, Inc.		267,361		11,699,717
				40,617,660
Electric Utilities - 7.4%
Alliant Energy Corp.		811,600		34,882,568
FirstEnergy Corp.		781,200		29,123,136
PG&E Corp. (A)		353,300		16,537,973
PPL Corp.		1,245,850		37,873,840
				118,417,517
Entertainment - 1.4%
Viacom, Inc., Class B		717,400		22,942,452
Equity Real Estate Investment Trusts - 8.5%
Colony Capital, Inc.		4,523,005		26,550,039
Gaming and Leisure Properties, Inc.		468,700		15,790,503
Iron Mountain, Inc.		657,100		20,113,831
JBG SMITH Properties		739,100		27,701,468
Uniti Group, Inc.		820,640		15,707,050
VEREIT, Inc.		4,194,700		30,747,151
				136,610,042
Food & Staples Retailing - 3.5%
Casey’s General Stores, Inc.		229,600		28,954,856
US Foods Holding Corp. (A)		950,500		27,726,085
				56,680,941
Food Products - 3.6%
J.M. Smucker, Co.		217,600		23,570,432
Kellogg Co.		328,500		21,510,180
Post Holdings, Inc. (A)		139,400		12,325,748
				57,406,360

	Shares		Value
COMMON STOCKS (continued)
Health Care Equipment & Supplies - 1.4%
Zimmer Biomet Holdings, Inc.		195,300		$   22,184,127
Health Care Providers & Services - 4.9%
AmerisourceBergen Corp.		259,656		22,849,728
Cardinal Health, Inc.		538,768		27,261,661
Laboratory Corp. of America Holdings (A)		177,403		28,482,051
				78,593,440
Hotels, Restaurants & Leisure - 1.8%
Caesars Entertainment Corp. (A) (B)		2,006,500		17,235,835
Stars Group, Inc. (A)		587,100		12,194,067
				29,429,902
Independent Power & Renewable Electricity Producers - 1.7%
AES Corp.		1,896,500		27,650,970
Insurance - 13.9%
Alleghany Corp.		59,025		35,455,137
Allstate Corp.		169,700		16,243,684
Arch Capital Group, Ltd. (A)		904,800		25,669,176
Fidelity National Financial, Inc.		848,403		28,379,080
Loews Corp.		693,820		32,304,259
Markel Corp. (A)		18,100		19,787,644
Progressive Corp.		243,905		17,000,178
Unum Group		217,700		7,893,802
Willis Towers Watson PLC		277,766		39,764,981
				222,497,941
Internet & Direct Marketing Retail - 1.7%
Expedia Group, Inc.		48,985		6,144,189
Liberty Expedia Holdings, Inc., Class A (A)		489,405		21,249,965
				27,394,154
IT Services - 3.3%
Leidos Holdings, Inc.		511,800		33,154,404
MAXIMUS, Inc.		297,800		19,348,066
				52,502,470
Machinery - 0.8%
Trinity Industries, Inc.		430,300		12,285,065
Media - 6.8%
AMC Networks, Inc., Class A (A)		247,075		14,473,653
Discovery, Inc., Class C (A)		953,180		27,937,706
DISH Network Corp., Class A (A)		452,193		13,900,413
GCI Liberty, Inc., Class A (A)		264,600		12,523,518
Liberty Media Corp. - Liberty SiriusXM, Class C (A)		405,300		16,726,731
News Corp., Class A		1,745,700		23,025,783
				108,587,804
Mortgage Real Estate Investment Trusts - 2.3%
Annaly Capital Management, Inc.		3,777,945		37,288,317
Oil, Gas & Consumable Fuels - 3.5%
EQT Corp.		722,100		24,529,737
Williams Cos., Inc.		1,289,500		31,373,535
				55,903,272
Professional Services - 2.6%
ManpowerGroup, Inc.		274,900		20,972,121
Nielsen Holdings PLC		796,200		20,685,276
				41,657,397

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

Transamerica Funds Annual Report 2018

Page    247

Transamerica Mid Cap Value Opportunities

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Shares		Value
COMMON STOCKS (continued)
Software - 2.0%
CDK Global, Inc.		417,400		$   23,891,976
Dell Technologies, Inc., Class V (A)		86,500		7,818,735
				31,710,711
Specialty Retail - 1.2%
Foot Locker, Inc.		419,200		19,761,088
Trading Companies & Distributors - 1.6%
AerCap Holdings NV (A)		519,600		26,021,568
Total Common Stocks (Cost $1,464,762,881)				1,510,222,231
OTHER INVESTMENT COMPANY - 1.1%
Securities Lending Collateral - 1.1%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 2.19% (C)		18,058,500		18,058,500
Total Other Investment Company (Cost $18,058,500)				18,058,500

	Principal		Value
REPURCHASE AGREEMENT - 3.0%
Fixed Income Clearing Corp., 1.25% (C), dated 10/31/2018, to be repurchased at $47,518,074 on 11/01/2018. Collateralized by a U.S. Government Obligation, 1.13%, due 08/31/2021, and with a value of $48,468,737.		$  47,516,424		$   47,516,424
Total Repurchase Agreement (Cost $47,516,424)				47,516,424
Total Investments (Cost $1,530,337,805)				1,575,797,155
Net Other Assets (Liabilities) - 1.8%				28,807,934
Net Assets - 100.0%				$  1,604,605,089

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	$	1,510,222,231	$	—	$	—	$	1,510,222,231
Other Investment Company		18,058,500		—		—		18,058,500
Repurchase Agreement		—		47,516,424		—		47,516,424
Total Investments	$	1,528,280,731	$	47,516,424	$	—	$	1,575,797,155

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 $17,235,835. 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, 2018.
(D)	There were no transfers in or out of Level 3 during the period ended October 31, 2018. 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 2018

Page    248

Transamerica MLP & Energy Income

(unaudited)

MARKET ENVIRONMENT

After a difficult 2017, the key theme for the midstream energy sector is growth. Energy sentiment markedly improved over the year, supported by strengthening oil prices, rising production, and constraints on infrastructure takeaway capacity, resulting in widening differentials for oil, natural gas and natural gas liquids (“NGL”). While the midstream sector had its challenges during the year ended October 31, 2018, including tax reform and changes in the Federal Energy Regulatory Commission regulations, these issues have now been resolved with no material impact. Growing domestic energy production has overwhelmed existing infrastructure and boosted profits.

Capital spending has returned to record levels with the sector on track to spend approximately $50 billion in 2018, which will eclipse the total amount spent in 2013. Importantly, unlike 2013, most of this growth is being funded without additional equity issuance. In 2013, the sector issued more than $30 billion of equity and this year the total is closer to $5 billion. This self-funding model speaks to the improved financial and operating condition of many bellwether companies. Higher, more stable commodity prices and growing volumes are driving strong operating leverage and improved cash flows. Midstream companies continue to exercise financial discipline with a focus on return on invested capital, self-funding projects, lower leverage and overall improved corporate governance. Nonetheless, despite all the positive developments this year, valuations have not kept pace with the stronger fundamentals in a meaningful way.

PERFORMANCE

For the year ended October 31, 2018, Transamerica MLP & Energy Income (Class A) returned -1.85%, excluding any sales charges. By comparison, its primary and secondary benchmarks, the S&P 500^® and the Alerian MLP Total Return Index, returned 7.35% and 0.68%, respectively.

STRATEGY REVIEW

Performance among master limited partnership (“MLP”) sub-sectors was widely dispersed for the fiscal year. Fund-specific underperformance compared to the Alerian MLP Total Return Index for the fiscal year was primarily driven by an overweight allocation to non-index constituents and an underweight allocation to diversified MLPs. Underperformance was modestly offset by reduced exposure to both liquids and gas transportation & storage MLPs.

The largest individual contributors to performance during the fiscal year were investments in ONEOK, Inc. and Targa Resources Corp. ONEOK, Inc. continued to post strong operating results throughout its expansive footprint in the Bakken and Mid-Continent regions, while Targa Resources Corp. benefited from investors interest in adding exposure to robust NGL prices.

TransCanada Corp. and Enbridge Energy Management LLC were the primary detractors to performance. TransCanada Corp. was pressured due to the underperformance of the Keystone pipeline, which has been running at less than full operating pressure after a line-break in North Dakota in November 2017. Enbridge Energy Management LLC, the corporate tracking stock of Enbridge Energy Partners underperformed when the company first lowered its guidance for 2017 and announced expectations of a distribution cut.

John C. Frey

Portfolio Manager

Kayne Anderson Capital Advisors, L.P.

Asset Allocation	Percentage of Net Assets
Common Stocks		62.3	%
Master Limited Partnerships		36.0
Other Investment Company		5.9
Corporate Debt Securities		1.0
Repurchase Agreement		0.3
Net Other Assets (Liabilities)		(5.5	)
Total		100.0	%

Transamerica Funds Annual Report 2018

Page    249

Transamerica MLP & Energy Income

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		(7.26	)%		(4.97	)%		(3.94	)%		04/30/2013
Class A (NAV)		(1.85	)%		(3.88	)%		(2.95	)%		04/30/2013
S&P 500® (A)		7.35	%		11.34	%		12.43	%
Alerian MLP Total Return Index (B)		0.68	%		(4.84	)%		(3.88	)%
Class C (POP)		(3.60	)%		(4.61	)%		(3.69	)%		04/30/2013
Class C (NAV)		(2.66	)%		(4.61	)%		(3.69	)%		04/30/2013
Class I (NAV)		(1.42	)%		(3.58	)%		(2.67	)%		04/30/2013
Class I2 (NAV)		(1.44	)%		(3.48	)%		(2.58	)%		04/30/2013
Class T1 (POP)		(4.11	)%		N/A			(5.76	)%		03/17/2017
Class T1 (NAV)		(1.67	)%		N/A			(4.27	)%		03/17/2017
Advisor Class (NAV)		(1.58	)%		N/A			(2.25	)%		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 Alerian MLP Total Return Index is a composite of the 50 most prominent energy Master Limited Partnerships (“MLPs”) that provides investors with an unbiased, comprehensive benchmark for this asset class.

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

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

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

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

Investing in MLPs involve risks related to limited control, cash flow changes, dilution risks and risk linked to the general partner’s right to require unit holders to sell their common units at an undesirable time or price. The energy industries can be significantly affected by fluctuations in energy prices and supply and demand of energy fuels, energy conservation, the success of exploration projects, and tax and other government regulations.

The Fund is subject to certain MLP tax risks. As the Fund is registered as a Regulated Investment Company, the Fund does not pay taxes. Changes to government regulations may impact future returns.

The Fund is classified as “non-diversified,” which means it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. To the extent the Fund invests its assets in fewer issuers, the Fund will be more susceptible to negative events affecting those issuers.

Transamerica Funds Annual Report 2018

Page    250

Transamerica MLP & Energy Income

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Shares		Value
COMMON STOCKS - 62.3%
Independent Power & Renewable Electricity Producers - 3.1%
Atlantica Yield PLC		512,800		$  10,056,008
Oil, Gas & Consumable Fuels - 59.2%
Cheniere Energy, Inc. (A)		357,591		21,602,072
Enbridge Energy Management LLC (A) (B)		697,205		7,397,345
Enbridge, Inc.		257,949		8,024,793
EnLink Midstream LLC		145,000		1,885,000
GasLog, Ltd.		260,947		5,338,976
Kinder Morgan, Inc.		1,049,900		17,869,298
ONEOK, Inc.		359,575		23,588,120
Pembina Pipeline Corp. (B)		572,700		18,509,664
Phillips 66		110,000		11,310,200
Plains GP Holdings, LP, Class A		933,213		19,942,762
SemGroup Corp., Class A		257,731		4,765,446
Targa Resources Corp.		386,250		19,957,538
TransCanada Corp.		287,425		10,841,671
Williams Cos., Inc.		733,060		17,835,350
				188,868,235
Total Common Stocks (Cost $198,194,290)				198,924,243
MASTER LIMITED PARTNERSHIPS - 36.0% (C)
Independent Power & Renewable Electricity Producers - 2.1%
NextEra Energy Partners, LP		146,122		6,652,935
Multi-Utilities - 0.7%
Brookfield Infrastructure Partners, LP		60,000		2,239,200
Oil, Gas & Consumable Fuels - 33.2%
Antero Midstream GP, LP		365,500		5,888,205
BP Midstream Partners, LP		148,255		2,705,654
Buckeye Partners, LP		121,400		3,983,134
DCP Midstream, LP		40,600		1,461,194
Energy Transfer, LP		874,837		13,594,967
Enterprise Products Partners, LP		372,311		9,985,381
EQGP Holdings, LP		39,948		627,184
EQM Midstream Partners, LP		80,120		3,678,309
GasLog Partners, LP		322,148		8,005,378
Hoegh LNG Partners, LP		248,800		4,431,128
KNOT Offshore Partners, LP		119,302		2,442,112
Magellan Midstream Partners, LP		107,000		6,599,760
MPLX, LP		234,081		7,867,462
Phillips 66 Partners, LP		87,000		4,255,170
Shell Midstream Partners, LP		265,305		5,422,834
Tallgrass Energy LP		481,249		10,471,978
Viper Energy Partners, LP		189,300		6,807,228
Western Gas Partners, LP		196,900		7,789,364
				106,016,442
Total Master Limited Partnerships (Cost $115,429,911)				114,908,577

	Principal		Value
CORPORATE DEBT SECURITIES - 1.0%
Oil, Gas & Consumable Fuels - 1.0%
Canbriam Energy, Inc. 9.75%, 11/15/2019 (D)		$  1,330,000		$   1,306,725
MEG Energy Corp. 7.00%, 03/31/2024 (D)		750,000		736,875
Targa Resources Partners, LP / Targa Resources Partners Finance Corp. 5.38%, 02/01/2027		1,000,000		972,500
Total Corporate Debt Securities (Cost $2,891,149)				3,016,100
	Shares		Value
OTHER INVESTMENT COMPANY - 5.9%
Securities Lending Collateral - 5.9%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 2.19% (E)		18,867,926		18,867,926
Total Other Investment Company (Cost $18,867,926)				18,867,926
	Principal		Value
REPURCHASE AGREEMENT - 0.3%
Fixed Income Clearing Corp., 1.25% (E), dated 10/31/2018, to be repurchased at $949,995 on 11/01/2018. Collateralized by a U.S. Government Obligation, 1.13%, due 08/31/2021, and with a value of $973,191.		$  949,962		949,962
Total Repurchase Agreement (Cost $949,962)				949,962
Total Investments (Cost $336,333,238)				336,666,808
Net Other Assets (Liabilities) - (5.5)%				(17,575,499	)
Net Assets - 100.0%				$  319,091,309

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

Transamerica Funds Annual Report 2018

Page    251

Transamerica MLP & Energy Income

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

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	$	198,924,243	$	—	$	—	$	198,924,243
Master Limited Partnerships		114,908,577		—		—		114,908,577
Corporate Debt Securities		—		3,016,100		—		3,016,100
Other Investment Company		18,867,926		—		—		18,867,926
Repurchase Agreement		—		949,962		—		949,962
Total Investments	$	332,700,746	$	3,966,062	$	—	$	336,666,808

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 $18,473,813. 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)	The Fund may directly invest up to, but not more than, 25% of its total assets in equity or debt securities of master limited partnerships and other entities that are treated as qualified publicly traded partnerships for federal income tax purposes. This limit does not apply to master limited partnerships, which are not treated as publicly traded partnerships for federal income tax purposes.
(D)	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, 2018, the total value of 144A securities is $2,043,600, representing 0.6% of the Fund’s net assets.
(E)	Rates disclosed reflect the yields at October 31, 2018.
(F)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. 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 2018

Page    252

Transamerica Multi-Cap Growth

(unaudited)

MARKET ENVIRONMENT

Equities posted a stronger-than-average gain during the fiscal year, reflected in the Russell 3000 Growth returning over 10% even after accounting for heavy losses in October 2018. For most of 2018, the market was dominated by a handful of extremely large, highly-priced companies. The market rotation from high-flying technology and e-commerce companies into more reasonably-valued companies was spurred by a renewed focus on market fundamentals, valuation and risk factors that drive long-term performance, in our view. Solid economic growth, full employment and high levels of business and consumer confidence supported strong market performance for most of the year. Late in the 12-month period, though, increased attention was given to the sustainability of those gains in the face of rising interest rates, a stronger dollar and a softening global outlook. Market moves were exacerbated by the tone of trade rhetoric on any given day and potential adverse effects on business investment.

In this environment, we advocate more than ever the need to be selective. It is all the more important to focus on those businesses that are worth owning, that have sustainable competitive positions and that trade at valuations that are more likely to generate a return over the long term greater than the market as a whole.

PERFORMANCE

For the year ended October 31, 2018, Transamerica Multi-Cap Growth (Class A) returned 7.67%, excluding any sales charges. By comparison, its benchmark, the Russell 3000^® Growth Index, returned 10.20%.

STRATEGY REVIEW

The Fund underperformed its benchmark, driven by unfavorable stock selection and sector allocation decisions.

The single largest company detractor was Facebook, Inc. due to concerns surrounding increased regulatory scrutiny and the need for higher spending to monitor its sites. We continued to have a high degree of conviction in the company based on its dominance in attracting digital advertisers. Its users also continued to be highly engaged.

At the sector level, the largest detractor was health care. Celgene Corp., Cerner Corp. and Novo Nordisk A/S, ADR were among the bottom 10 performers. While the sector was up over the period, these stocks were all down. Despite solid cash flows, strong product pipelines, and attractive valuations, negative sentiment, particularly in big pharmaceuticals/biotechnology companies, continued to overshadow fundamental factors.

The Fund’s biggest relative gains were in industrials and materials. Union Pacific Corp., in addition to posting steady quarterly results, announced it was implementing precision scheduling to improve productivity on its network. Ecolab, Inc. drove the outperformance in materials; this is an unusual materials company in that it is very stable, enjoys pricing power and healthy margins.

TJX Cos., Inc. and Lowe’s Cos., Inc. within consumer discretionary sector also helped performance, driven primarily by strong consumer confidence, a healthy economy and successful execution by respective managements. TJX Cos., Inc. was the single best performer.

The Fund’s holdings in the information technology sector delivered strong absolute performance. Apple, Inc., Intuit Inc., Broadridge Financial Solutions, Inc. and Mastercard, Inc. performed well. However, Littelfuse, Inc. and Cognizant Technology Solutions Corp. detracted due primarily to exposure China trade and Brexit worries, respectively.

Melanie H. Peche, CFA

Michael O. Tempest

Co-Portfolio Managers

Alta Capital Management, LLC

Asset Allocation	Percentage of Net Assets
Common Stocks		99.6	%
Repurchase Agreement		0.4
Net Other Assets (Liabilities)		(0.0	)*
Total		100.0	%

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

Transamerica Funds Annual Report 2018

Page    253

Transamerica Multi-Cap Growth

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		1.77	%		1.28	%		8.56	%		03/01/2000
Class A (NAV)		7.67	%		2.42	%		9.17	%		03/01/2000
Russell 3000® Growth Index (A)		10.20	%		13.06	%		15.33	%
Class B (POP)		1.77	%		1.46	%		8.52	%		03/01/2000
Class B (NAV)		6.77	%		1.57	%		8.52	%		03/01/2000
Class C (POP)		5.67	%		1.63	%		8.37	%		11/11/2002
Class C (NAV)		6.67	%		1.63	%		8.37	%		11/11/2002
Class I (NAV)		8.05	%		2.78	%		8.74	%		11/30/2009
Class I2 (NAV)		8.20	%		2.94	%		9.86	%		11/15/2005
Class T1 (POP)		5.28	%		N/A			8.04	%		03/17/2017
Class T1 (NAV)		7.96	%		N/A			9.75	%		03/17/2017
Advisor Class (NAV)		7.88	%		N/A			12.60	%		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.

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

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

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

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

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

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

Transamerica Funds Annual Report 2018

Page    254

Transamerica Multi-Cap Growth

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Shares		Value
COMMON STOCKS - 99.6%
Banks - 5.2%
Wells Fargo & Co.		157,500		$  8,383,725
Western Alliance Bancorp (A)		132,500		6,391,800
				14,775,525
Biotechnology - 1.8%
Celgene Corp. (A)		70,200		5,026,320
Building Products - 1.2%
Fortune Brands Home & Security, Inc.		79,000		3,541,570
Capital Markets - 2.6%
S&P Global, Inc.		40,500		7,383,960
Chemicals - 6.4%
Ecolab, Inc.		63,800		9,770,970
Sherwin-Williams Co.		21,000		8,262,870
				18,033,840
Diversified Financial Services - 2.8%
Berkshire Hathaway, Inc., Class B (A)		38,300		7,862,224
Electronic Equipment, Instruments & Components - 5.6%
Amphenol Corp., Class A		104,600		9,361,700
Littelfuse, Inc.		36,300		6,576,108
				15,937,808
Entertainment - 2.8%
Walt Disney Co.		68,800		7,900,304
Health Care Providers & Services - 3.7%
CVS Health Corp.		146,000		10,568,940
Health Care Technology - 3.0%
Cerner Corp. (A)		146,500		8,391,520
Insurance - 2.7%
Markel Corp. (A)		6,900		7,543,356
Interactive Media & Services - 9.9%
Alphabet, Inc., Class A (A)		13,300		14,504,714
Facebook, Inc., Class A (A)		90,400		13,721,816
				28,226,530
Internet & Direct Marketing Retail - 5.0%
Booking Holdings, Inc. (A)		7,550		14,153,079
IT Services - 11.0%
Broadridge Financial Solutions, Inc.		47,500		5,554,650
Cognizant Technology Solutions Corp., Class A		125,500		8,663,265
FleetCor Technologies, Inc. (A)		43,250		8,651,297
Mastercard, Inc., Class A		42,200		8,341,674
				31,210,886

	Shares		Value
COMMON STOCKS (continued)
Machinery - 1.9%
Middleby Corp. (A)		49,000		$   5,502,700
Multiline Retail - 4.4%
Dollar Tree, Inc. (A)		148,500		12,518,550
Oil, Gas & Consumable Fuels - 2.8%
Phillips 66		78,750		8,097,075
Pharmaceuticals - 2.3%
Novo Nordisk A/S, ADR		148,500		6,412,230
Road & Rail - 2.6%
Union Pacific Corp.		51,000		7,457,220
Software - 6.1%
Check Point Software Technologies, Ltd. (A)		71,900		7,980,900
Intuit, Inc.		43,900		9,262,900
				17,243,800
Specialty Retail - 6.3%
Lowe’s Cos., Inc.		84,500		8,046,090
TJX Cos., Inc.		88,595		9,734,819
				17,780,909
Technology Hardware, Storage & Peripherals - 6.9%
Apple, Inc.		89,900		19,675,514
Trading Companies & Distributors - 2.6%
Fastenal Co.		141,700		7,284,797
Total Common Stocks (Cost $237,225,309)				282,528,657
	Principal		Value
REPURCHASE AGREEMENT - 0.4%
Fixed Income Clearing Corp., 1.25% (B), dated 10/31/2018, to be repurchased at $1,083,362 on 11/01/2018. Collateralized by a U.S. Government Obligation, 2.88%, due 10/15/2021, and with a value of $1,105,746.		$  1,083,324		1,083,324
Total Repurchase Agreement (Cost $1,083,324)				1,083,324
Total Investments (Cost $238,308,633)				283,611,981
Net Other Assets (Liabilities) - (0.0)% (C)				(83,941	)
Net Assets - 100.0%				$  283,528,040

SECURITY VALUATION:

Valuation Inputs ^(D)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	282,528,657	$	—	$	—	$	282,528,657
Repurchase Agreement		—		1,083,324		—		1,083,324
Total Investments	$	282,528,657	$	1,083,324	$	—	$	283,611,981

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

Transamerica Funds Annual Report 2018

Page    255

Transamerica Multi-Cap Growth

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	Rate disclosed reflects the yield at October 31, 2018.
(C)	Percentage rounds to less than 0.1% or (0.1)%.
(D)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. 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 2018

Page    256

Transamerica Multi-Managed Balanced

(unaudited)

MARKET ENVIRONMENT

Aegon USA Investment Management, LLC

In the fourth quarter of 2017, buoyed by consumption, business equipment spending, and a general pick-up in global economic activity, gross domestic product (“GDP”) growth accelerated to 2.3% year-over-year. Market participants turned their focus to the eventuality of a near-term fiscal push, notably via tax policy. Equity prices rallied in response, and 2018 and 2019 GDP consensus estimates inched higher.

In late 2017, Congress passed and President Trump signed broad tax relief for individuals, small businesses, and corporations into law. Proponents saw the legislation as providing incentives for business investment, while detractors saw it as a costly debt-fueled sugar high.

Volatility increased early in 2018, as the combination of trade tensions and rising interest rates caused investors to reassess growth prospects, sending equity markets lower. A positive string of earnings reports in Q1 and Q2, however, tamped down market volatility and allowed stocks to resume their uptrend.

The U.S. Federal Reserve (“Fed”) raised the Fed Funds Rate target by 25 basis points at the June meeting to a range between 1.75% and 2.00%. Along with raising interest rates, the Federal Open Market Committee also communicated a better outlook for GDP and unemployment, along with slightly higher inflation expectations for the remainder of 2018.

The front end of the yield curve continued to reprice in the first half of the year as the Fed maintained its outlook for steady economic growth and signaled the likelihood of more rate hikes in the future amid increasing Treasury supply. The 10-year Treasury yield settled roughly 11 basis points higher, and the 2-year yield about 25 basis points higher in the second quarter, pushing the spread between the 2- and 10-year Treasuries to its then narrowest level in more than a decade. Additionally, the LIBOR-Option Implied Spread (“OIS”), which had been widening throughout the first quarter of 2018, peaked early in the second quarter before declining materially.

Policy and politics remained center-stage in the third quarter as Washington’s trade spat with China continued to escalate. These risks surrounding trade policy were noted as a concern by the Fed in its September meeting minutes. Even so, the Fed stayed the course on normalizing rates given continued economic strength, hiking again in September to bring the policy rate above 2% for the first time since 2008.

J.P. Morgan Investment Management, Inc.

At the beginning of the fiscal year, in November of 2017, U.S. equity markets marched higher, propelled by a stream of positive economic data, the Fed chair nomination of Jerome Powell and progress on tax reform. The signing of the tax reform act in December resulted in increased earnings estimates for many companies, giving investors hope that 2018 would see an increase in investment spending.

U.S. equity markets in 2018 experienced a significant increase in volatility compared to the unusually mild 2017. Economic growth remained stable as the Fed raised interest rates on two occasions during the first six months of the year in March and in June, bringing the target federal funds rate to a range of between 1.75% - 2.00%. In June, the U.S. administration announced plans to impose a 25% tariff on $50 billion of annual Chinese imports. Though the impact was modest, the market has continued to grapple with the potential implications for the growth and profitability of global companies.

The Fed continued to raise rates in September, reaching a range of 2.00 - 2.25% and it remained on target to meet its long-term objective of normalizing monetary policy, with economic projections becoming marginally more constructive. Moving into October, the S&P 500^® Index sold off sharply as market volatility increased. Corporate fundamentals remained robust and recent economic projections looked solid, with healthy consumer spending, strong growth in inventories and credit spreads that remained relatively tight. We have continued to monitor potential U.S. market risks, which include more interest rate increases, the overhang of midterm elections and U.S./China trade uncertainties.

PERFORMANCE

For the year ended October 31, 2018, Transamerica Multi-Managed Balanced (Class A) returned 2.05%, excluding any sales charges. By comparison, its primary and secondary benchmarks, the S&P 500^® and the Bloomberg Barclays US Aggregate Bond Index, returned 7.35% and -2.05%, respectively.

STRATEGY REVIEW

Aegon USA Investment Management, LLC J.P. Morgan Investment Management, Inc.

For the 12-month period ended on October 31, 2018, the most significant contributor to relative performance in fixed income came from our shorter duration positioning, particularly on the front end of the curve as rates rose and the curve flattened. Carry also contributed to relative returns. This was somewhat offset by spread widening.

Transamerica Funds Annual Report 2018

Page    257

Transamerica Multi-Managed Balanced

(unaudited)

STRATEGY REVIEW (continued)

At the asset class level, an overweight to non-agency mortgage-backed securities, commercial mortgage-backed securities, and asset-backed securities contributed to outperformance. Underweights to agency residential mortgage-backed securities, government-related and agency securities detracted from relative returns.

From a ratings perspective, excluding cash, security selection within single A rated credits made the most significant contribution to relative returns while selection within AAA detracted for the period.

J.P. Morgan Investment Management, Inc.

Positioning within financials, basic materials and insurance sectors detracted from returns while the pharmaceutical/medical technology, technology and industrial cyclical sectors contributed to returns.

Within the industrial cyclical space, an underweight in Boeing detracted from performance. Boeing Co. started the year strong with solid earnings that drove shares higher. Strong global air traffic propelled increases in production rates while operating improvements in the company’s production line helped operating margins rise above Wall Street expectations. In our analysis, the company has been benefitting from unsustainable tailwinds and squeezing suppliers on costs, all of which could vanish in an economic downturn. Also within the industrial cyclical sector, an overweight position in Stanley Black & Decker, Inc. detracted from returns. The company had been fending off investor worry on rising inflation and management’s ability to offset it with stronger pricing. Margin erosion due to weak pricing and increased spending on product launches caused Stanley Black & Decker, Inc. to continue to edge lower. The fiscal year ended with investor sentiment down given concerns on price increases destroying volume and demand.

On the positive side, in the industrial cyclical space, our underweight position in General Electric Co. contributed to performance. The conglomerate’s stock was driven lower by new incremental liabilities in its finance subsidiary while the power division continued to demonstrate weakness. Challenges including insurance and settlement issues, the remaining parts of GE Capital, a weak power segment and a potential dividend cut persisted throughout the year. All weakened investor confidence on the stock. We have continued to remain negative on the name due to our concerns regarding earnings power and lingering risks that are difficult to fully quantify. Also within the industrial cyclical sector, our overweight position in Union Pacific Corp. contributed to performance. The stock rose on news of a large buyback and positive volume growth. The company continued to see productivity improvement, and the potential for margin growth drove investor confidence higher. We have continued to like the name as we believe pricing growth will accelerate in the coming years and volumes should remain favorable to the company.

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

Bradley D. Doyle, CFA

Tyler A. Knight, CFA

Sivakumar N. Rajan

Doug Weih, CFA

Brian Westhoff, CFA

Co-Portfolio Managers

Aegon USA Investment Management

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		58.6	%
Corporate Debt Securities		15.8
U.S. Government Obligations		8.9
U.S. Government Agency Obligations		6.8
Commercial Paper		4.3
Asset-Backed Securities		4.1
Mortgage-Backed Securities		4.0
Short-Term U.S. Government Obligations		1.1
Repurchase Agreement		0.6
Other Investment Company		0.5
Foreign Government Obligations		0.5
Municipal Government Obligations		0.3
Preferred Stocks		0.1
Net Other Assets (Liabilities)^		(5.6	)
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 2018

Page    258

Transamerica Multi-Managed Balanced

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		(3.55	)%		5.52	%		10.36	%		12/02/1994
Class A (NAV)		2.05	%		6.72	%		10.99	%		12/02/1994
S&P 500® (A)		7.35	%		11.34	%		13.24	%
Bloomberg Barclays US Aggregate Bond Index (B)		(2.05	)%		1.83	%		3.94	%
Class B (POP)		(4.06	)%		5.46	%		10.22	%		10/01/1995
Class B (NAV)		0.87	%		5.62	%		10.22	%		10/01/1995
Class C (POP)		0.26	%		5.95	%		10.28	%		11/11/2002
Class C (NAV)		1.25	%		5.95	%		10.28	%		11/11/2002
Class I (NAV)		2.26	%		7.00	%		10.24	%		11/30/2009
Class R6 (NAV)		2.37	%		N/A			5.55	%		05/29/2015
Class T1 (POP)		(0.47	)%		N/A			3.49	%		03/17/2017
Class T1 (NAV)		2.09	%		N/A			5.12	%		03/17/2017
Advisor Class (NAV)		2.20	%		N/A			5.05	%		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.

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

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

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

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

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

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

Transamerica Funds Annual Report 2018

Page    259

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Shares		Value
COMMON STOCKS - 58.6%
Aerospace & Defense - 1.2%
Boeing Co.		6,900		$  2,448,534
General Dynamics Corp.		24,150		4,167,807
Northrop Grumman Corp.		7,480		1,959,386
United Technologies Corp.		23,360		2,901,546
				11,477,273
Airlines - 0.3%
Delta Air Lines, Inc.		41,020		2,245,025
United Continental Holdings, Inc. (A)		6,030		515,625
				2,760,650
Auto Components - 0.3%
Aptiv PLC		9,580		735,744
BorgWarner, Inc.		18,100		713,321
Magna International, Inc.		28,800		1,418,112
				2,867,177
Automobiles - 0.1%
Ford Motor Co.		94,040		898,082
Banks - 3.1%
Bank of America Corp.		331,020		9,103,050
Citigroup, Inc.		89,440		5,854,743
Citizens Financial Group, Inc.		14,540		543,069
Huntington Bancshares, Inc.		62,700		898,491
KeyCorp		176,740		3,209,598
Regions Financial Corp.		32,500		551,525
SunTrust Banks, Inc.		47,200		2,957,552
Wells Fargo & Co.		117,660		6,263,042
				29,381,070
Beverages - 1.6%
Coca-Cola Co.		137,160		6,567,221
Constellation Brands, Inc., Class A		1,840		366,583
Molson Coors Brewing Co., Class B		38,280		2,449,920
PepsiCo, Inc.		53,200		5,978,616
				15,362,340
Biotechnology - 1.4%
AbbVie, Inc.		14,330		1,115,591
Alexion Pharmaceuticals, Inc. (A)		13,660		1,530,876
Amgen, Inc.		8,500		1,638,715
Biogen, Inc. (A)		7,360		2,239,427
Celgene Corp. (A)		24,570		1,759,212
Gilead Sciences, Inc.		38,330		2,613,339
Vertex Pharmaceuticals, Inc. (A)		13,860		2,348,716
				13,245,876
Building Products - 0.2%
Masco Corp.		57,130		1,713,900
Resideo Technologies, Inc. (A)		2,101		44,233
				1,758,133
Capital Markets - 2.0%
Bank of New York Mellon Corp.		16,630		787,098
Charles Schwab Corp.		52,030		2,405,867
Goldman Sachs Group, Inc.		9,780		2,204,119
Intercontinental Exchange, Inc.		34,580		2,664,043
Morgan Stanley		114,540		5,229,896
State Street Corp.		22,570		1,551,688
T. Rowe Price Group, Inc.		25,400		2,463,546
TD Ameritrade Holding Corp.		38,600		1,996,392
				19,302,649

	Shares		Value
COMMON STOCKS (continued)
Chemicals - 1.0%
Celanese Corp.		12,100		$   1,172,974
DowDuPont, Inc.		102,880		5,547,290
Eastman Chemical Co.		31,660		2,480,561
				9,200,825
Commercial Services & Supplies - 0.0% (B)
Cintas Corp.		1,600		290,992
Communications Equipment - 0.2%
Cisco Systems, Inc.		35,130		1,607,198
Motorola Solutions, Inc.		2,500		306,400
				1,913,598
Consumer Finance - 0.5%
American Express Co.		8,206		843,002
Capital One Financial Corp.		44,010		3,930,093
				4,773,095
Containers & Packaging - 0.3%
Avery Dennison Corp.		7,300		662,256
Packaging Corp. of America		3,200		293,792
WestRock Co.		34,380		1,477,309
				2,433,357
Diversified Consumer Services - 0.0% (B)
H&R Block, Inc.		10,040		266,462
Diversified Financial Services - 1.0%
Berkshire Hathaway, Inc., Class B (A)		44,560		9,147,277
Voya Financial, Inc.		5,920		259,059
				9,406,336
Diversified Telecommunication Services - 0.8%
AT&T, Inc.		41,470		1,272,300
Verizon Communications, Inc.		119,060		6,797,135
				8,069,435
Electric Utilities - 1.3%
Evergy, Inc.		7,200		403,128
Exelon Corp.		84,970		3,722,536
NextEra Energy, Inc.		31,550		5,442,375
Xcel Energy, Inc.		62,640		3,069,986
				12,638,025
Electrical Equipment - 0.4%
Eaton Corp. PLC		50,480		3,617,902
Electronic Equipment, Instruments & Components - 0.2%
TE Connectivity, Ltd.		27,800		2,096,676
Entertainment - 1.2%
Electronic Arts, Inc. (A)		24,540		2,232,649
Netflix, Inc. (A)		9,470		2,857,856
Walt Disney Co.		58,090		6,670,475
				11,760,980
Equity Real Estate Investment Trusts - 1.3%
AvalonBay Communities, Inc.		13,810		2,421,998
Digital Realty Trust, Inc.		3,860		398,584
Equinix, Inc.		2,280		863,527
Equity Residential		7,190		467,062
Federal Realty Investment Trust		9,310		1,154,906
Host Hotels & Resorts, Inc.		30,100		575,211
Prologis, Inc.		49,778		3,209,188
Ventas, Inc.		19,760		1,146,870
Vornado Realty Trust		30,030		2,044,442
				12,281,788

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

Transamerica Funds Annual Report 2018

Page    260

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Shares		Value
COMMON STOCKS (continued)
Food Products - 0.5%
Mondelez International, Inc., Class A		118,950		$   4,993,521
Health Care Equipment & Supplies - 1.9%
Becton Dickinson and Co.		8,410		1,938,505
Boston Scientific Corp. (A)		142,180		5,138,385
Danaher Corp.		14,880		1,479,072
Intuitive Surgical, Inc. (A)		2,090		1,089,266
Medtronic PLC		55,480		4,983,214
Zimmer Biomet Holdings, Inc.		32,648		3,708,486
				18,336,928
Health Care Providers & Services - 2.3%
Anthem, Inc.		9,900		2,728,143
Cigna Corp.		25,494		5,450,872
CVS Health Corp.		53,100		3,843,909
UnitedHealth Group, Inc.		37,000		9,669,950
				21,692,874
Hotels, Restaurants & Leisure - 0.5%
Hilton Worldwide Holdings, Inc.		22,970		1,634,775
Royal Caribbean Cruises, Ltd.		5,300		555,069
Yum! Brands, Inc.		28,270		2,555,891
				4,745,735
Household Durables - 0.1%
Lennar Corp., Class A		30,530		1,312,179
Toll Brothers, Inc.		60		2,020
				1,314,199
Household Products - 0.3%
Energizer Holdings, Inc.		4,700		276,219
Procter & Gamble Co.		30,030		2,663,060
				2,939,279
Industrial Conglomerates - 0.7%
Honeywell International, Inc.		43,210		6,257,672
Insurance - 1.3%
American International Group, Inc.		72,290		2,984,854
Everest Re Group, Ltd.		3,330		725,474
Hartford Financial Services Group, Inc.		44,946		2,041,447
Lincoln National Corp.		29,490		1,775,003
Marsh & McLennan Cos., Inc.		9,260		784,785
MetLife, Inc.		59,440		2,448,334
Principal Financial Group, Inc.		12,000		564,840
Prudential Financial, Inc.		11,640		1,091,599
				12,416,336
Interactive Media & Services - 2.6%
Alphabet, Inc., Class A (A)		9,111		9,936,274
Alphabet, Inc., Class C (A)		8,750		9,421,738
Facebook, Inc., Class A (A)		34,880		5,294,435
				24,652,447
Internet & Direct Marketing Retail - 2.3%
Amazon.com, Inc. (A)		11,570		18,488,976
Booking Holdings, Inc. (A)		480		899,798
Expedia Group, Inc.		17,569		2,203,680
				21,592,454
IT Services - 2.5%
Accenture PLC, Class A		7,850		1,237,317
Alliance Data Systems Corp.		5,200		1,072,136
Automatic Data Processing, Inc.		34,700		4,999,576

	Shares		Value
COMMON STOCKS (continued)
IT Services (continued)
Fidelity National Information Services, Inc.		31,700		$   3,299,970
First Data Corp., Class A (A)		24,200		453,508
Mastercard, Inc., Class A		8,290		1,638,684
PayPal Holdings, Inc. (A)		40,350		3,397,067
Visa, Inc., Class A		56,530		7,792,660
				23,890,918
Life Sciences Tools & Services - 0.4%
Agilent Technologies, Inc.		8,034		520,523
Illumina, Inc. (A)		3,710		1,154,366
Thermo Fisher Scientific, Inc.		9,620		2,247,713
				3,922,602
Machinery - 1.5%
Caterpillar, Inc.		25,010		3,034,213
Cummins, Inc.		9,380		1,282,152
Deere & Co.		9,420		1,275,845
Ingersoll-Rand PLC		21,850		2,096,289
PACCAR, Inc.		36,790		2,104,756
Snap-on, Inc.		11,540		1,776,468
Stanley Black & Decker, Inc.		21,250		2,476,050
				14,045,773
Media - 1.2%
Charter Communications, Inc., Class A (A)		12,500		4,004,625
Comcast Corp., Class A		141,120		5,382,317
Discovery, Inc., Class A (A)		30,860		999,556
DISH Network Corp., Class A (A)		32,110		987,061
Sirius XM Holdings, Inc. (C)		38,150		229,663
				11,603,222
Metals & Mining - 0.1%
Freeport-McMoRan, Inc.		48,530		565,374
Newmont Mining Corp.		11,780		364,238
				929,612
Multi-Utilities - 0.5%
Ameren Corp.		24,200		1,562,836
Public Service Enterprise Group, Inc.		11,950		638,488
Sempra Energy		24,200		2,664,904
				4,866,228
Multiline Retail - 0.5%
Dollar General Corp.		28,480		3,172,103
Dollar Tree, Inc. (A)		11,270		950,061
Macy’s, Inc.		24,677		846,174
				4,968,338
Oil, Gas & Consumable Fuels - 3.3%
Chevron Corp.		65,780		7,344,337
Concho Resources, Inc. (A)		5,800		806,722
Diamondback Energy, Inc.		23,210		2,607,876
EOG Resources, Inc.		45,880		4,832,999
Exxon Mobil Corp.		33,710		2,686,013
Marathon Petroleum Corp.		58,360		4,111,462
Occidental Petroleum Corp.		64,210		4,306,565
ONEOK, Inc.		27,600		1,810,560
Pioneer Natural Resources Co.		23,380		3,443,172
				31,949,706
Personal Products - 0.3%
Estee Lauder Cos., Inc., Class A		19,010		2,612,734

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

Transamerica Funds Annual Report 2018

Page    261

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Shares		Value
COMMON STOCKS (continued)
Pharmaceuticals - 3.0%
Allergan PLC		10,360		$   1,636,984
Bristol-Myers Squibb Co.		34,260		1,731,500
Eli Lilly & Co.		35,680		3,869,139
Johnson & Johnson		51,170		7,163,288
Merck & Co., Inc.		73,920		5,441,251
Mylan NV (A)		12,970		405,312
Nektar Therapeutics (A)		4,700		181,796
Pfizer, Inc.		191,580		8,249,435
Zoetis, Inc.		3,290		296,594
				28,975,299
Road & Rail - 1.2%
Norfolk Southern Corp.		30,580		5,132,241
Union Pacific Corp.		43,100		6,302,082
				11,434,323
Semiconductors & Semiconductor Equipment - 2.3%
Analog Devices, Inc.		65,890		5,515,652
Broadcom, Inc.		14,101		3,151,433
Intel Corp.		23,440		1,098,867
Microchip Technology, Inc. (C)		40,480		2,662,774
Micron Technology, Inc. (A)		11,470		432,648
NVIDIA Corp.		24,200		5,102,086
Texas Instruments, Inc.		48,970		4,545,885
				22,509,345
Software - 4.2%
Adobe, Inc. (A)		10,960		2,693,530
Citrix Systems, Inc. (A)		5,600		573,832
Microsoft Corp.		236,860		25,299,016
Oracle Corp.		90,300		4,410,252
salesforce.com, Inc. (A)		42,622		5,849,443
Workday, Inc., Class A (A)		10,650		1,416,663
				40,242,736
Specialty Retail - 2.3%
Advance Auto Parts, Inc.		5,466		873,248
AutoZone, Inc. (A)		5,080		3,726,028
Best Buy Co., Inc.		32,540		2,283,007
Home Depot, Inc.		33,890		5,960,573
Lowe’s Cos., Inc.		23,570		2,244,335
O’Reilly Automotive, Inc. (A)		8,680		2,784,110
Ross Stores, Inc.		46,840		4,637,160
				22,508,461
Technology Hardware, Storage & Peripherals - 3.0%
Apple, Inc.		109,370		23,936,718
Hewlett Packard Enterprise Co.		149,780		2,284,145
HP, Inc.		103,140		2,489,800
				28,710,663
Textiles, Apparel & Luxury Goods - 0.2%
PVH Corp.		18,740		2,263,605
Tobacco - 0.8%
Altria Group, Inc.		40,210		2,615,258
Philip Morris International, Inc.		62,880		5,537,842
				8,153,100
Trading Companies & Distributors - 0.1%
HD Supply Holdings, Inc. (A)		14,600		548,522
United Rentals, Inc. (A)		1,600		192,112
				740,634

	Shares		Value
COMMON STOCKS (continued)
Wireless Telecommunication Services - 0.3%
T-Mobile US, Inc. (A)		37,480		$   2,569,254
Total Common Stocks (Cost $411,898,651)				561,640,719
PREFERRED STOCKS - 0.1%
Banks - 0.1%
Citigroup Capital XIII, 3-Month LIBOR + 6.37%, 8.89% (D)		12,963		343,130
Capital Markets - 0.0% (B)
State Street Corp., Series D, Fixed until 03/15/2024, 5.90%(D)		3,072		79,995
Electric Utilities - 0.0% (B)
SCE Trust III, Series H, Fixed until 03/15/2024, 5.75% (D)		960		24,125
Total Preferred Stocks (Cost $456,527)				447,250
	Principal		Value
ASSET-BACKED SECURITIES - 4.1%
321 Henderson Receivables VI LLC Series 2010-1A, Class A, 5.56%, 07/15/2059 (E)		$  355,387		374,013
BlueMountain CLO, Ltd. Series 2015-2A, Class A1R, 3-Month LIBOR + 0.93%, 3.37% (D), 07/18/2027 (E)		795,000		793,210
BRE Grand Islander Timeshare Issuer LLC Series 2017-1A, Class A, 2.94%, 05/25/2029 (E)		510,448		497,881
BXG Receivables Note Trust Series 2015-A, Class A, 2.88%, 05/02/2030 (E)		589,831		576,382
CIFC Funding, Ltd. Series 2013-2A, Class A1LR, 3-Month LIBOR + 1.21%, 3.65% (D), 10/18/2030 (E)		1,975,000		1,977,613
Hertz Vehicle Financing II, LP Series 2016-3A, Class A, 2.27%, 07/25/2020 (E)		540,000		536,333
ICG US CLO, Ltd. Series 2014-1A, Class A1R, 3-Month LIBOR + 1.22%, 3.69% (D), 01/20/2030 (E)		670,000		670,318
JG Wentworth XXII LLC Series 2010-3A, Class A, 3.82%, 12/15/2048 (E)		688,877		689,422
JGWPT XXVIII LLC Series 2013-1A, Class A, 3.22%, 04/15/2067 (E)		972,799		924,237
Laurel Road Prime Student Loan Trust Series 2018-B, Class A2FX, 3.54%, 05/26/2043 (E)		595,000		591,254
Longfellow Place CLO, Ltd. Series 2013-1A, Class ARR, 3-Month LIBOR + 1.34%, 3.78% (D), 04/15/2029 (E)		1,175,000		1,177,127

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

Transamerica Funds Annual Report 2018

Page    262

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
ASSET-BACKED SECURITIES (continued)
MVW Owner Trust
Series 2014-1A, Class A,
2.25%, 09/22/2031 (E)		$   181,247		$   177,216
Series 2016-1A, Class A,
2.25%, 12/20/2033 (E)		183,564		177,406
New Residential Advanced Receivables Trust
Series 2016-T2, Class AT2,
2.58%, 10/15/2049 (E)		190,000		188,455
Series 2017-T1, Class AT1,
3.21%, 02/15/2051 (E)		1,000,000		989,646
New Residential Mortgage Trust Series 2018-1A, Class A1A, 4.00% (D), 12/25/2057 (E)		496,502		497,358
NRZ Advance Receivables Trust
Series 2016-T3, Class AT3,
2.83%, 10/16/2051 (E)		100,000		97,361
Series 2016-T4, Class AT4,
3.11%, 12/15/2050 (E)		1,100,000		1,088,037
Octagon Investment Partners 33, Ltd. Series 2017-1A, Class A1, 3-Month LIBOR + 1.19%, 3.66% (D), 01/20/2031 (E)		800,000		800,379
Ocwen Master Advance Receivables Trust
Series 2016-T2, Class AT2,
2.72%, 08/16/2049 (E)		500,000		497,207
Series 2018-T1, Class AT1,
3.30%, 08/15/2049 (E)		1,910,000		1,907,861
Series 2018-T2, Class AT2,
3.60%, 08/15/2050 (E)		1,890,000		1,884,519
Orange Lake Timeshare Trust
Series 2016-A, Class A,
2.61%, 03/08/2029 (E)		652,499		634,857
Series 2018-A, Class A,
3.10%, 11/08/2030 (E)		173,801		170,913
Series 2018-A, Class B,
3.35%, 11/08/2030 (E)		142,200		140,056
Palmer Square CLO, Ltd. Series 2015-2A, Class A1AR, 3-Month LIBOR + 1.27%, 3.74% (D), 07/20/2030 (E)		800,000		801,261
SBA Tower Trust Series 2014-1A, Class C, 2.90% (D), 10/15/2044 (E)		2,735,000		2,719,743
Sierra Timeshare Receivables Funding LLC
Series 2014-2A, Class A,
2.05% (D), 06/20/2031 (E)		68,737		68,663
Series 2015-1A, Class A,
2.40%, 03/22/2032 (E)		58,260		57,837
Series 2015-1A, Class B,
3.05%, 03/22/2032 (E)		60,559		60,232
Series 2016-2A, Class A,
2.33%, 07/20/2033 (E)		281,151		275,507
SolarCity LMC Series III LLC Series 2014-2, Class A, 4.02%, 07/20/2044 (E)		417,687		408,539
SpringCastle America Funding LLC Series 2016-AA, Class A, 3.05%, 04/25/2029 (E)		543,294		538,924

	Principal		Value
ASSET-BACKED SECURITIES (continued)
SPS Servicer Advance Receivables Trust Series 2016-T2, Class AT2, 2.75%, 11/15/2049 (E)		$   400,000		$   398,838
Towd Point Mortgage Trust
Series 2015-3, Class A1B,
3.00% (D), 03/25/2054 (E)		544,078		538,342
Series 2015-4, Class A1B,
2.75% (D), 04/25/2055 (E)		667,486		656,812
Series 2015-5, Class A1B,
2.75% (D), 05/25/2055 (E)		510,307		501,382
Series 2015-6, Class A1B,
2.75% (D), 04/25/2055 (E)		581,819		569,057
Series 2016-1, Class A1B,
2.75% (D), 02/25/2055 (E)		517,844		508,902
Series 2016-2, Class A1A,
2.75% (D), 08/25/2055 (E)		982,043		957,916
Series 2016-3, Class A1,
2.25% (D), 04/25/2056 (E)		474,936		462,356
Series 2016-4, Class A1,
2.25% (D), 07/25/2056 (E)		959,520		929,197
Series 2017-1, Class A1,
2.75% (D), 10/25/2056 (E)		1,192,371		1,162,792
Series 2017-2, Class A1,
2.75% (D), 04/25/2057 (E)		712,880		697,260
Series 2017-3, Class A1,
2.75% (D), 07/25/2057 (E)		519,902		507,481
Series 2017-6, Class A1,
2.75% (D), 10/25/2057 (E)		826,144		802,937
Series 2018-1, Class A1,
3.00% (D), 01/25/2058 (E)		1,799,906		1,756,497
Series 2018-4, Class A1,
3.00% (D), 06/25/2058 (E)		1,082,457		1,045,856
VB-S1 Issuer LLC Series 2018-1A, Class C, 3.41%, 02/15/2048 (E)		1,755,000		1,726,624
VSE VOI Mortgage LLC Series 2016-A, Class A, 2.54%, 07/20/2033 (E)		223,869		218,242
Welk Resorts LLC Series 2017-AA, Class A, 2.82%, 06/15/2033 (E)		870,357		846,560
Wellfleet CLO, Ltd.
Series 2016-2A, Class A1,
3-Month LIBOR + 1.65%, 4.12% (D), 10/20/2028 (E)		815,000		814,998
Series 2016-2A, Class A1R,
3-Month LIBOR + 1.14%, Zero Coupon (D), 10/20/2028 (E) (F)		815,000		815,000
Total Asset-Backed Securities (Cost $39,484,300)				38,906,816
CORPORATE DEBT SECURITIES - 15.8%
Aerospace & Defense - 0.1%
Northrop Grumman Corp. 2.55%, 10/15/2022		1,114,000		1,070,643
Air Freight & Logistics - 0.1%
FedEx Corp.
4.90%, 01/15/2034		780,000		794,294
5.10%, 01/15/2044		160,000		157,954
				952,248

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

Transamerica Funds Annual Report 2018

Page    263

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Airlines - 0.6%
American Airlines Pass-Through Trust
3.20%, 12/15/2029		$   708,615		$   668,755
3.70%, 04/01/2028		1,214,839		1,185,228
Delta Air Lines Pass-Through Trust
4.75%, 11/07/2021		475,242		482,057
6.82%, 02/10/2024		1,164,341		1,265,056
Northwest Airlines Pass-Through Trust 7.03%, 05/01/2021		465,491		481,625
United Airlines Pass-Through Trust 3.75%, 03/03/2028		1,372,559		1,360,522
US Airways Pass-Through Trust 5.38%, 05/15/2023		692,871		706,542
				6,149,785
Auto Components - 0.0% (B)
BorgWarner, Inc. 3.38%, 03/15/2025		345,000		330,422
Automobiles - 0.1%
Ford Motor Co. 4.35%, 12/08/2026		855,000		775,384
General Motors Co.
4.88%, 10/02/2023		453,000		458,502
6.25%, 10/02/2043		120,000		114,845
				1,348,731
Banks - 2.9%
Banco Santander SA 4.38%, 04/12/2028		600,000		557,262
Bank of America Corp.
Fixed until 10/01/2024, 3.09% (D), 10/01/2025, MTN		1,038,000		983,705
Fixed until 12/20/2027, 3.42% (D), 12/20/2028		244,000		224,847
4.45%, 03/03/2026, MTN		1,926,000		1,905,015
Bank One Corp. 8.00%, 04/29/2027		300,000		369,227
Barclays Bank PLC 10.18%, 06/12/2021 (E)		2,555,000		2,902,857
CIT Group, Inc. 4.13%, 03/09/2021		70,000		69,825
Citigroup, Inc.
3-Month LIBOR + 0.95%, 3.44% (D), 07/24/2023		1,298,000		1,303,205
Fixed until 01/10/2027, 3.89% (D), 01/10/2028		747,000		714,349
4.50%, 01/14/2022		394,000		402,431
Commerzbank AG 8.13%, 09/19/2023 (E)		1,655,000		1,863,908
Cooperatieve Rabobank UA
2.25%, 01/14/2019		250,000		249,816
Fixed until 06/30/2019 (G), 11.00% (D) (E)		1,309,000		1,369,214
Discover Bank 3.45%, 07/27/2026		370,000		340,493
Fifth Third Bancorp 3.95%, 03/14/2028 (C)		794,000		772,067
First Horizon National Corp. 3.50%, 12/15/2020		410,000		409,760

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
HSBC Holdings PLC
3-Month LIBOR + 1.00%, 3.32% (D), 05/18/2024		$   754,000		$   751,919
Fixed until 09/12/2025, 4.29% (D), 09/12/2026		1,151,000		1,134,544
5.25%, 03/14/2044		200,000		200,093
Huntington National Bank 3.55%, 10/06/2023		718,000		707,898
Intesa Sanpaolo SpA
3.38%, 01/12/2023 (E)		272,000		246,308
3.88%, 07/14/2027 (E)		415,000		342,797
5.02%, 06/26/2024 (E)		420,000		370,274
JPMorgan Chase & Co.
2.70%, 05/18/2023		788,000		753,053
3.38%, 05/01/2023		923,000		899,953
4.85%, 02/01/2044		552,000		556,452
6.40%, 05/15/2038		410,000		492,992
Fixed until 02/01/2024 (G), 6.75% (D)		48,000		51,192
8.75%, 09/01/2030		130,000		176,173
Nordea Bank Abp 4.25%, 09/21/2022 (E)		1,970,000		1,967,626
PNC Bank NA 4.05%, 07/26/2028		598,000		586,600
Royal Bank of Scotland Group PLC
Fixed until 01/27/2029, 5.08% (D), 01/27/2030		478,000		468,177
6.00%, 12/19/2023		215,000		220,921
6.10%, 06/10/2023		270,000		278,092
6.40%, 10/21/2019		140,000		143,870
Toronto-Dominion Bank Fixed until 09/15/2026, 3.63% (D), 09/15/2031		1,160,000		1,079,934
Wells Fargo & Co.
4.10%, 06/03/2026, MTN		405,000		394,485
5.38%, 11/02/2043		506,000		520,933
Fixed until 06/15/2024 (G), 5.90% (D)		139,000		140,043
Wells Fargo Bank NA
2.60%, 01/15/2021		365,000		357,992
5.95%, 08/26/2036		320,000		363,954
				27,644,256
Beverages - 0.3%
Anheuser-Busch InBev Finance, Inc. 3.65%, 02/01/2026		398,000		378,584
Anheuser-Busch InBev Worldwide, Inc. 4.44%, 10/06/2048		857,000		753,773
Constellation Brands, Inc.
3.70%, 12/06/2026		304,000		285,146
4.40%, 11/15/2025		422,000		422,734
Pernod Ricard SA
4.45%, 01/15/2022 (E)		385,000		392,182
5.75%, 04/07/2021 (E)		1,095,000		1,146,714
				3,379,133
Biotechnology - 0.3%
AbbVie, Inc. 3.20%, 05/14/2026		1,146,000		1,048,850

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

Transamerica Funds Annual Report 2018

Page    264

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Biotechnology (continued)
Biogen, Inc. 4.05%, 09/15/2025		$   754,000		$   747,571
Celgene Corp. 3.88%, 08/15/2025		678,000		652,639
Gilead Sciences, Inc.
2.95%, 03/01/2027 (C)		211,000		192,898
4.15%, 03/01/2047		190,000		168,531
				2,810,489
Building Products - 0.1%
Owens Corning
4.20%, 12/15/2022		844,000		841,503
4.40%, 01/30/2048		427,000		333,923
				1,175,426
Capital Markets - 1.4%
Ameriprise Financial, Inc.
2.88%, 09/15/2026		637,000		581,585
3.70%, 10/15/2024		604,000		597,782
7.30%, 06/28/2019		845,000		868,189
Charles Schwab Corp.
3.20%, 03/02/2027		187,000		176,290
3.85%, 05/21/2025		1,207,000		1,207,154
Credit Suisse Group Funding Guernsey, Ltd.
3.75%, 03/26/2025		877,000		839,428
3.80%, 06/09/2023		1,155,000		1,134,763
Goldman Sachs Group, Inc.
5.25%, 07/27/2021		1,867,000		1,941,713
6.75%, 10/01/2037		952,000		1,111,242
Lazard Group LLC 4.50%, 09/19/2028		840,000		816,998
Morgan Stanley
4.35%, 09/08/2026, MTN		373,000		363,246
5.00%, 11/24/2025		561,000		573,610
5.75%, 01/25/2021		1,440,000		1,505,390
UBS AG 7.63%, 08/17/2022		730,000		799,350
UBS Group Funding Switzerland AG 4.25%, 03/23/2028 (E)		1,189,000		1,165,578
				13,682,318
Chemicals - 0.1%
LyondellBasell Industries NV 5.00%, 04/15/2019		204,000		204,770
Syngenta Finance NV 3.93%, 04/23/2021 (E)		485,000		482,576
				687,346
Commercial Services & Supplies - 0.1%
CK Hutchison International 17 II, Ltd. 2.25%, 09/29/2020 (E)		360,000		351,063
ERAC USA Finance LLC
2.70%, 11/01/2023 (E)		200,000		187,858
3.85%, 11/15/2024 (E)		560,000		552,361
				1,091,282
Communications Equipment - 0.1%
Cisco Systems, Inc. 2.13%, 03/01/2019		175,000		174,699
Nokia OYJ 3.38%, 06/12/2022		654,000		626,205
				800,904

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Construction & Engineering - 0.3%
SBA Tower Trust
2.88%, 07/10/2046 (E)		$   607,000		$   592,780
3.17%, 04/09/2047 (E)		800,000		782,005
3.45%, 03/15/2048 (E)		1,615,000		1,580,546
				2,955,331
Construction Materials - 0.2%
LafargeHolcim Finance US LLC 4.75%, 09/22/2046 (E)		780,000		682,112
Martin Marietta Materials, Inc. 4.25%, 07/02/2024		1,063,000		1,062,622
				1,744,734
Consumer Finance - 0.4%
Ally Financial, Inc.
3.50%, 01/27/2019		710,000		709,112
4.13%, 03/30/2020		915,000		916,144
American Express Co.
3.00%, 10/30/2024		315,000		297,743
4.05%, 12/03/2042		225,000		210,458
BMW US Capital LLC 2.80%, 04/11/2026 (E)		1,104,000		1,012,446
Capital One Financial Corp. 3.30%, 10/30/2024		656,000		618,814
				3,764,717
Containers & Packaging - 0.2%
International Paper Co. 4.75%, 02/15/2022		520,000		536,810
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC
5.13%, 07/15/2023 (E)		405,000		395,887
5.75%, 10/15/2020		872,197		872,197
				1,804,894
Diversified Consumer Services - 0.0% (B)
President & Fellows of Harvard College 3.62%, 10/01/2037		70,000		66,372
Diversified Financial Services - 0.5%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 4.50%, 05/15/2021		1,381,000		1,395,907
Aviation Capital Group LLC 7.13%, 10/15/2020 (E)		1,312,000		1,395,224
AXA Equitable Holdings, Inc. 4.35%, 04/20/2028 (E)		974,000		930,689
Jefferies Group LLC / Jefferies Group Capital Finance, Inc. 4.15%, 01/23/2030		744,000		649,897
				4,371,717
Diversified Telecommunication Services - 0.6%
AT&T, Inc.
3.00%, 06/30/2022		1,219,000		1,182,479
3.40%, 05/15/2025		1,240,000		1,164,268
4.35%, 06/15/2045		345,000		282,891
GTP Acquisition Partners I LLC 2.35%, 06/15/2045 (E)		165,000		161,324
Hughes Satellite Systems Corp. 7.63%, 06/15/2021		410,000		434,805
Sprint Capital Corp. 6.88%, 11/15/2028		135,000		132,806

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

Transamerica Funds Annual Report 2018

Page    265

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Telecommunication Services (continued)
Verizon Communications, Inc.
5.15%, 09/15/2023		$   1,398,000		$   1,483,374
5.50%, 03/16/2047		1,052,000		1,096,156
				5,938,103
Electric Utilities - 0.6%
Appalachian Power Co. 3.40%, 06/01/2025		868,000		840,490
Cleveland Electric Illuminating Co.
5.95%, 12/15/2036		125,000		140,723
8.88%, 11/15/2018		28,000		28,058
Duke Energy Corp. 3.75%, 04/15/2024 - 09/01/2046		1,596,000		1,450,786
Duke Energy Progress LLC 3.60%, 09/15/2047		230,000		197,226
Entergy Arkansas, Inc. 3.70%, 06/01/2024		206,000		206,185
Jersey Central Power & Light Co. 7.35%, 02/01/2019		116,000		117,236
Niagara Mohawk Power Corp. 4.88%, 08/15/2019 (E)		410,000		415,359
Oncor Electric Delivery Co. LLC
4.10%, 06/01/2022		895,000		912,123
5.30%, 06/01/2042		75,000		83,619
PacifiCorp
3.60%, 04/01/2024		1,077,000		1,075,232
5.75%, 04/01/2037		125,000		145,194
Public Service Electric & Gas Co. 3.00%, 05/15/2025, MTN		455,000		433,483
				6,045,714
Electronic Equipment, Instruments & Components - 0.2%
Arrow Electronics, Inc.
3.25%, 09/08/2024		250,000		233,757
3.88%, 01/12/2028		870,000		794,041
Keysight Technologies, Inc. 4.55%, 10/30/2024		1,000,000		1,009,837
				2,037,635
Energy Equipment & Services - 0.1%
Schlumberger Holdings Corp. 3.00%, 12/21/2020 (E)		854,000		844,894
Schlumberger Investment SA 3.65%, 12/01/2023		105,000		105,088
Weatherford International, Ltd. 5.95%, 04/15/2042		120,000		77,400
				1,027,382
Equity Real Estate Investment Trusts - 0.9%
American Tower Trust #1 3.65%, 03/23/2048 (E)		755,000		727,165
CBL & Associates, LP 5.25%, 12/01/2023 (C)		754,000		633,360
EPR Properties 4.75%, 12/15/2026		1,565,000		1,510,459
HCP, Inc. 3.40%, 02/01/2025		1,090,000		1,023,092
Hospitality Properties Trust 5.00%, 08/15/2022		909,000		927,879

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Equity Real Estate Investment Trusts (continued)
Kilroy Realty, LP
4.25%, 08/15/2029		$   865,000		$   827,087
6.63%, 06/01/2020		605,000		631,646
Realty Income Corp. 3.88%, 07/15/2024		750,000		745,088
VEREIT Operating Partnership, LP
3.00%, 02/06/2019		278,000		277,908
4.13%, 06/01/2021		275,000		276,804
4.63%, 11/01/2025		660,000		654,800
				8,235,288
Food & Staples Retailing - 0.3%
Sysco Corp. 3.25%, 07/15/2027		641,000		592,805
Walgreens Boots Alliance, Inc. 3.30%, 11/18/2021		1,027,000		1,014,935
Walmart, Inc. 3.63%, 12/15/2047		955,000		845,704
				2,453,444
Food Products - 0.1%
Danone SA 2.95%, 11/02/2026 (E)		751,000		682,374
Kraft Heinz Foods Co.
2.80%, 07/02/2020		182,000		180,124
4.88%, 02/15/2025 (E)		390,000		395,598
				1,258,096
Health Care Equipment & Supplies - 0.2%
Abbott Laboratories 3.75%, 11/30/2026		558,000		549,360
Becton Dickinson and Co. 3.70%, 06/06/2027		1,036,000		972,806
				1,522,166
Health Care Providers & Services - 0.4%
AmerisourceBergen Corp. 4.30%, 12/15/2047		815,000		708,364
Coventry Health Care, Inc. 5.45%, 06/15/2021		177,000		184,310
CVS Health Corp.
2.13%, 06/01/2021		1,125,000		1,084,279
5.05%, 03/25/2048		599,000		584,062
5.30%, 12/05/2043		162,000		162,509
Halfmoon Parent, Inc. 4.13%, 11/15/2025 (E)		470,000		464,546
HCA Healthcare, Inc. 6.25%, 02/15/2021		255,000		264,881
				3,452,951
Household Durables - 0.1%
D.R. Horton, Inc. 4.38%, 09/15/2022		561,000		564,546
Industrial Conglomerates - 0.2%
General Electric Co.
Fixed until 01/21/2021 (G), 5.00% (D)		1,209,000		1,119,836
6.88%, 01/10/2039, MTN		818,000		938,098
				2,057,934

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

Transamerica Funds Annual Report 2018

Page    266

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Insurance - 0.4%
Allstate Corp. 3.28%, 12/15/2026		$   606,000		$   578,756
American International Group, Inc. Fixed until 05/15/2038, 8.18% (D), 05/15/2068		36,000		44,190
Athene Global Funding 3.00%, 07/01/2022 (E)		612,000		592,224
Athene Holding, Ltd. 4.13%, 01/12/2028		637,000		584,176
Berkshire Hathaway Finance Corp. 3.00%, 05/15/2022		755,000		746,664
CNA Financial Corp. 5.88%, 08/15/2020		775,000		806,914
Fidelity National Financial, Inc. 5.50%, 09/01/2022		195,000		205,454
				3,558,378
Interactive Media & Services - 0.1%
Baidu, Inc. 3.88%, 09/29/2023		575,000		567,473
Internet & Direct Marketing Retail - 0.0% (B)
Booking Holdings, Inc. 3.60%, 06/01/2026		369,000		352,410
IT Services - 0.1%
DXC Technology Co. 4.75%, 04/15/2027		600,000		595,982
First Data Corp. 7.00%, 12/01/2023 (E)		440,000		456,280
Mastercard, Inc. 2.00%, 04/01/2019		173,000		172,429
				1,224,691
Machinery - 0.0% (B)
Doosan Heavy Industries & Construction Co., Ltd. 2.13%, 04/27/2020 (E)		490,000		478,550
Media - 0.3%
Clear Channel Worldwide Holdings, Inc. 6.50%, 11/15/2022		690,000		700,488
CSC Holdings LLC 10.13%, 01/15/2023 (E)		200,000		217,580
NBCUniversal Enterprise, Inc. 5.25%, 03/19/2021 (E) (G)		550,000		556,875
NBCUniversal Media LLC
4.38%, 04/01/2021		909,000		928,251
4.45%, 01/15/2043		274,000		254,834
				2,658,028
Metals & Mining - 0.1%
Anglo American Capital PLC
4.00%, 09/11/2027 (E)		650,000		592,024
4.75%, 04/10/2027 (E)		230,000		221,449
Freeport-McMoRan, Inc. 3.88%, 03/15/2023		140,000		129,500
				942,973
Multi-Utilities - 0.2%
CMS Energy Corp.
3.88%, 03/01/2024		70,000		69,572
4.88%, 03/01/2044		152,000		155,728

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Multi-Utilities (continued)
Dominion Energy, Inc. 2.58%, 07/01/2020		$   516,000		$   508,157
DTE Electric Co. 4.30%, 07/01/2044		848,000		845,041
Public Service Enterprise Group, Inc. 2.65%, 11/15/2022		170,000		162,691
				1,741,189
Oil, Gas & Consumable Fuels - 1.4%
Anadarko Petroleum Corp. 5.55%, 03/15/2026		1,087,000		1,130,953
Apache Corp.
4.25%, 01/15/2044		47,000		39,416
4.75%, 04/15/2043		65,000		57,724
BP Capital Markets PLC 3.12%, 05/04/2026		1,426,000		1,341,880
Continental Resources, Inc. 3.80%, 06/01/2024		210,000		202,837
Energy Transfer Operating, LP
4.90%, 02/01/2024		382,000		388,202
5.15%, 02/01/2043		600,000		526,942
5.95%, 10/01/2043		535,000		517,430
Enterprise Products Operating LLC 4.25%, 02/15/2048		1,082,000		957,425
EOG Resources, Inc. 2.45%, 04/01/2020		290,000		286,806
Exxon Mobil Corp.
1.82%, 03/15/2019		500,000		498,277
3.04%, 03/01/2026		975,000		930,771
Husky Energy, Inc. 4.00%, 04/15/2024		140,000		138,173
Kerr-McGee Corp. 6.95%, 07/01/2024		150,000		167,910
Kinder Morgan Energy Partners, LP 4.15%, 02/01/2024		858,000		851,934
Nexen Energy ULC 5.88%, 03/10/2035		10,000		11,119
Noble Energy, Inc. 6.00%, 03/01/2041		75,000		77,854
Petrobras Global Finance BV 6.25%, 03/17/2024		350,000		354,025
Petroleos Mexicanos
3.50%, 01/30/2023		910,000		836,290
6.50%, 01/23/2029 (E)		385,000		368,445
6.88%, 08/04/2026		450,000		448,200
Petronas Capital, Ltd. 5.25%, 08/12/2019 (E)		945,000		959,641
Sabine Pass Liquefaction LLC 4.20%, 03/15/2028		790,000		751,709
Shell International Finance BV
2.50%, 09/12/2026		873,000		792,534
3.75%, 09/12/2046		195,000		173,291
TransCanada PipeLines, Ltd.
3.75%, 10/16/2023		120,000		118,900
4.63%, 03/01/2034		110,000		105,166
Western Gas Partners, LP 5.38%, 06/01/2021		225,000		232,036

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

Transamerica Funds Annual Report 2018

Page    267

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Williams Cos., Inc.
3.70%, 01/15/2023		$   64,000		$   62,808
5.40%, 03/04/2044		104,000		100,061
7.88%, 09/01/2021		100,000		110,107
				13,538,866
Pharmaceuticals - 0.3%
Bayer US Finance II LLC 4.40%, 07/15/2044 (E)		1,021,000		869,592
Bayer US Finance LLC 3.00%, 10/08/2021 (E)		575,000		561,960
Perrigo Finance Unlimited Co. 4.38%, 03/15/2026		596,000		575,804
Shire Acquisitions Investments Ireland DAC 3.20%, 09/23/2026		692,000		627,109
				2,634,465
Road & Rail - 0.0% (B)
Burlington Northern Santa Fe LLC
3.00%, 03/15/2023		40,000		39,102
3.75%, 04/01/2024		37,000		37,088
				76,190
Semiconductors & Semiconductor Equipment - 0.2%
Intel Corp. 2.88%, 05/11/2024		955,000		918,304
KLA-Tencor Corp.
4.13%, 11/01/2021		193,000		194,793
4.65%, 11/01/2024		300,000		305,955
QUALCOMM, Inc. 3.25%, 05/20/2027		1,048,000		969,186
				2,388,238
Software - 0.1%
Microsoft Corp. 3.30%, 02/06/2027		1,157,000		1,122,564
Technology Hardware, Storage & Peripherals - 0.4%
Apple, Inc. 2.85%, 02/23/2023		1,417,000		1,380,617
Dell International LLC / EMC Corp. 6.02%, 06/15/2026 (E)		859,000		890,138
Seagate HDD Cayman 4.88%, 06/01/2027		408,000		360,606
Western Digital Corp. 4.75%, 02/15/2026		855,000		789,806
				3,421,167
Tobacco - 0.2%
BAT Capital Corp.
2.30%, 08/14/2020 (E)		282,000		275,966
3.56%, 08/15/2027 (E)		1,071,000		979,752
RJ Reynolds Tobacco Co. 8.13%, 06/23/2019		340,000		350,507
				1,606,225
Trading Companies & Distributors - 0.2%
Air Lease Corp. 3.50%, 01/15/2022		1,082,000		1,069,828
International Lease Finance Corp. 8.25%, 12/15/2020		741,000		803,635
				1,873,463

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Wireless Telecommunication Services - 0.3%
America Movil SAB de CV
3.13%, 07/16/2022		$   407,000		$   396,836
4.38%, 07/16/2042 (C)		300,000		277,196
Crown Castle Towers LLC
3.22%, 05/15/2042 (E)		905,000		891,244
3.72%, 07/15/2043 (E)		160,000		159,502
Sprint Communications, Inc. 9.00%, 11/15/2018 (E)		588,000		589,176
Sprint Corp.
7.25%, 09/15/2021		200,000		209,000
7.88%, 09/15/2023		155,000		165,463
				2,688,417
Total Corporate Debt Securities (Cost $157,034,036)				151,297,294
FOREIGN GOVERNMENT OBLIGATIONS - 0.5%
Brazil - 0.0% (B)
Brazil Government International Bond 4.25%, 01/07/2025 (C)		330,000		318,569
Colombia - 0.1%
Colombia Government International Bond
4.00%, 02/26/2024		235,000		232,062
4.50%, 01/28/2026		650,000		650,000
				882,062
Indonesia - 0.1%
Indonesia Government International Bond
4.75%, 01/08/2026 (E)		610,000		602,861
5.38%, 10/17/2023 (E)		315,000		325,446
				928,307
Mexico - 0.1%
Mexico Government International Bond 3.75%, 01/11/2028 (C)		1,126,000		1,037,057
Panama - 0.0% (B)
Panama Government International Bond 3.88%, 03/17/2028		315,000		302,560
Peru - 0.0% (B)
Peru Government International Bond 7.35%, 07/21/2025		125,000		150,625
Poland - 0.0% (B)
Republic of Poland Government International Bond 3.00%, 03/17/2023		275,000		267,842
Qatar - 0.0% (B)
Qatar Government International Bond 3.88%, 04/23/2023 (E)		200,000		200,440
Republic of Korea - 0.1%
Korea Development Bank 3.00%, 03/17/2019		416,000		416,031
Saudi Arabia - 0.1%
Saudi Government International Bond 2.38%, 10/26/2021 (E)		455,000		434,607
Total Foreign Government Obligations (Cost $5,115,700)				4,938,100

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

Transamerica Funds Annual Report 2018

Page    268

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
MORTGAGE-BACKED SECURITIES - 4.0%
Aventura Mall Trust Series 2013-AVM, Class A, 3.74% (D), 12/05/2032 (E)		$   700,000		$   707,845
BB-UBS Trust
Series 2012-TFT, Class A,
2.89%, 06/05/2030 (E)		1,145,000		1,121,904
Series 2012-TFT, Class C,
3.47% (D), 06/05/2030 (E)		1,070,000		1,036,050
BB-UBS Trust, Interest Only STRIPS Series 2012-SHOW, Class XA, 0.60% (D), 11/05/2036 (E)		3,045,000		102,009
BBCMS Trust Series 2015-MSQ, Class B, 3.89%, 09/15/2032 (E)		600,000		596,355
BCAP LLC Trust
Series 2009-RR6, Class 2A1,
4.14% (D), 08/26/2035 (E)		7,718		7,697
Series 2010-RR1, Class 12A1,
5.25% (D), 08/26/2036 (E)		29,948		29,980
Caesars Palace Las Vegas Trust Series 2017-VICI, Class A, 3.53%, 10/15/2034 (E)		700,000		698,450
CGRBS Commercial Mortgage Trust Series 2013-VN05, Class B, 3.58% (D), 03/13/2035 (E)		1,550,000		1,530,779
Citigroup Commercial Mortgage Trust
Series 2014-GC19, Class A3,
3.75%, 03/10/2047		113,286		113,634
Series 2014-GC19, Class A4,
4.02%, 03/10/2047		220,000		223,316
Citigroup Mortgage Loan Trust Series 2015-A, Class A1, 3.50% (D), 06/25/2058 (E)		412,540		407,815
Citigroup Mortgage Loan Trust, Inc. Series 2018-RP1, Class A1, 3.00% (D), 09/25/2064 (E)		628,115		613,304
COMM Mortgage Trust
Series 2013-CR11, Class AM,
4.72% (D), 08/10/2050		410,000		425,464
Series 2013-GAM, Class A1,
1.71%, 02/10/2028 (E)		148,760		145,933
Series 2013-GAM, Class A2,
3.37%, 02/10/2028 (E)		110,000		108,515
Series 2013-WWP, Class B,
3.73%, 03/10/2031 (E)		1,150,000		1,166,016
Series 2014-UBS2, Class A5,
3.96%, 03/10/2047		2,415,000		2,439,973
Series 2015-3BP, Class A,
3.18%, 02/10/2035 (E)		3,250,000		3,130,343
Series 2016-GCT, Class C,
3.46% (D), 08/10/2029 (E)		520,000		511,413
Commercial Mortgage Pass-Through Certificates Series 2012-LTRT, Class A2, 3.40%, 10/05/2030 (E)		830,000		796,335
Core Industrial Trust Series 2015-CALW, Class B, 3.25%, 02/10/2034 (E)		1,040,000		1,025,584

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Credit Suisse Mortgage Capital Certificates Series 2009-11R, Class 5A1, 3.79% (D), 08/26/2036 (E)		$   119,872		$   120,213
CSMC Trust Series 2014-4R, Class 21A1, 1-Month LIBOR + 0.33%, 2.88% (D), 12/27/2035 (E)		513,994		509,093
GS Mortgage Securities Corp. II Series 2013-KING, Class E, 3.44% (D), 12/10/2027 (E)		320,000		315,385
GS Mortgage Securities Trust Series 2013-G1, Class A2, 3.56% (D), 04/10/2031 (E)		675,000		662,008
Houston Galleria Mall Trust Series 2015-HGLR, Class A1A2, 3.09%, 03/05/2037 (E)		700,000		665,376
Jefferies Resecuritization Trust Series 2009-R7, Class 1A1, 4.04% (D), 02/26/2036 (E)		62,033		61,947
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2010-C1, Class B,
5.95%, 06/15/2043 (E)		370,000		372,795
Series 2012-WLDN, Class A,
3.91%, 05/05/2030 (E)		2,159,768		2,156,336
Mill City Mortgage Loan Trust Series 2016-1, Class A1, 2.50% (D), 04/25/2057 (E)		273,053		266,533
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C6, Class AS, 3.48%, 11/15/2045		320,000		316,523
Morgan Stanley Capital Barclays Bank Trust Series 2016-MART, Class A, 2.20%, 09/13/2031 (E)		1,950,000		1,881,088
Morgan Stanley Resecuritization Trust Series 2014-R3, Class 2A, 3.00% (D), 07/26/2048 (E)		535,842		515,731
Motel 6 Trust Series 2017-MTL6, Class C, 1-Month LIBOR + 1.40%, 3.68% (D), 08/15/2034 (E)		2,682,576		2,680,869
Nationstar Mortgage Loan Trust Series 2013-A, Class A, 3.75% (D), 12/25/2052 (E)		259,918		259,777
New Residential Mortgage Loan Trust
Series 2014-1A, Class A,
3.75% (D), 01/25/2054 (E)		119,713		119,150
Series 2014-2A, Class A3,
3.75% (D), 05/25/2054 (E)		287,742		286,620
Series 2014-3A, Class AFX3,
3.75% (D), 11/25/2054 (E)		220,736		219,589
Series 2015-2A, Class A1,
3.75% (D), 08/25/2055 (E)		541,397		538,048
Series 2016-2A, Class A1,
3.75% (D), 11/26/2035 (E)		369,814		368,055
Series 2016-3A, Class A1B,
3.25% (D), 09/25/2056 (E)		379,034		371,565

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

Transamerica Funds Annual Report 2018

Page    269

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
New Residential Mortgage Loan Trust (continued)
Series 2016-4A, Class A1,
3.75% (D), 11/25/2056 (E)		$   439,656		$   436,349
Series 2017-1A, Class A1,
4.00% (D), 02/25/2057 (E)		1,079,014		1,081,260
Series 2017-2A, Class A3,
4.00% (D), 03/25/2057 (E)		887,518		890,886
Series 2017-3A, Class A1,
4.00% (D), 04/25/2057 (E)		1,524,886		1,527,971
Series 2017-4A, Class A1,
4.00% (D), 05/25/2057 (E)		606,252		606,692
One Market Plaza Trust Series 2017-1MKT, Class A, 3.61%, 02/10/2032 (E)		1,373,000		1,363,985
Palisades Center Trust Series 2016-PLSD, Class A, 2.71%, 04/13/2033 (E)		950,000		925,185
Provident Funding Mortgage Loan Trust Series 2005-1, Class 3A1, 1-Month LIBOR + 0.58%, 2.86% (D), 05/25/2035		192,555		191,606
Queens Center Mortgage Trust Series 2013-QCA, Class D, 3.47% (D), 01/11/2037 (E)		410,000		384,215
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 06/10/2030 (E)		560,000		554,743
Waldorf Astoria Boca Raton Trust Series 2016-BOCA, Class C, 1-Month LIBOR + 2.50%, 4.78% (D), 06/15/2029 (E)		695,000		695,420
Total Mortgage-Backed Securities (Cost $39,294,484)				38,283,727
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.3%
California - 0.3%
Los Angeles Community College District, General Obligation Unlimited, 6.60%, 08/01/2042		45,000		59,537
State of California, General Obligation Unlimited
7.30%, 10/01/2039		290,000		394,063
7.60%, 11/01/2040		480,000		692,942
7.70%, 11/01/2030		340,000		369,570
7.95%, 03/01/2036		905,000		958,766
University of California, Revenue Bonds, Series AD, 4.86%, 05/15/2112		40,000		39,026
				2,513,904
Georgia - 0.0% (B)
Municipal Electric Authority of Georgia, Revenue Bonds, Series A, 6.64%, 04/01/2057		35,000		37,878
New Jersey - 0.0% (B)
New Jersey Turnpike Authority, Revenue Bonds, Series F, 7.41%, 01/01/2040		54,000		75,275

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New York - 0.0% (B)
Metropolitan Transportation Authority, Revenue Bonds, Series E, 6.81%, 11/15/2040		$   45,000		$   57,798
New York City Water & Sewer System, Revenue Bonds, Series CC, 5.88%, 06/15/2044		45,000		56,076
New York State Dormitory Authority, Revenue Bonds, Series H, 5.39%, 03/15/2040		40,000		46,030
Port Authority of New York & New Jersey, Revenue Bonds, Series 181, 4.96%, 08/01/2046		70,000		76,263
				236,167
Total Municipal Government Obligations (Cost $3,026,517)				2,863,224
U.S. GOVERNMENT AGENCY OBLIGATIONS - 6.8%
Federal Home Loan Mortgage Corp.
5.00%, 08/01/2035		320,816		339,557
5.50%, 11/01/2018 - 06/01/2041		115,747		124,222
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
2.89%, 06/25/2027		3,403,962		3,310,839
3.06% (D), 08/25/2024		3,410,000		3,348,848
3.49%, 01/25/2024		1,298,000		1,304,908
3.53% (D), 07/25/2023		1,100,000		1,106,355
Federal National Mortgage Association
2.50%, TBA (F)		3,421,000		3,274,266
3.00%, TBA (F)		24,676,000		23,620,054
3.33% (D), 10/25/2023		185,795		186,070
12-Month LIBOR + 1.53%, 3.36% (D), 02/01/2043		61,924		64,093
3.50%, 07/01/2028 - 11/01/2028		389,996		391,179
3.50%, TBA (F)		16,166,000		15,796,257
4.00%, 04/01/2026 - 06/01/2042		108,313		109,271
4.00%, TBA (F)		4,977,000		4,976,805
4.50%, 02/01/2025 - 06/01/2026		231,431		237,395
5.00%, 04/01/2039 - 11/01/2039		1,367,985		1,447,610
5.00%, TBA (F)		2,961,000		3,089,364
5.50%, 07/01/2019 - 12/01/2041		1,041,947		1,134,226
6.00%, 08/01/2036 - 06/01/2041		1,403,044		1,532,162
6.50%, 05/01/2040		132,906		146,923
Government National Mortgage Association, Interest Only STRIPS
0.78% (D), 02/16/2053		586,557		28,074
Total U.S. Government Agency Obligations (Cost $66,008,621)				65,568,478
U.S. GOVERNMENT OBLIGATIONS - 8.9%
U.S. Treasury - 8.0%
U.S. Treasury Bond
2.25%, 08/15/2046		3,005,000		2,380,876
2.50%, 02/15/2045 - 05/15/2046		7,240,000		6,084,789

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

Transamerica Funds Annual Report 2018

Page    270

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (continued)
U.S. Treasury (continued)
U.S. Treasury Bond (continued)
2.75%, 08/15/2042 - 11/15/2047		$   5,430,400		$   4,815,362
2.88%, 08/15/2045		1,070,000		970,398
3.00%, 05/15/2042		476,000		446,139
3.13%, 02/15/2042 - 05/15/2048		1,301,000		1,246,559
3.50%, 02/15/2039		3,780,000		3,882,178
3.63%, 02/15/2044		8,170,000		8,480,205
4.50%, 02/15/2036		3,825,500		4,454,466
4.75%, 02/15/2037		4,556,000		5,485,353
5.25%, 02/15/2029		3,602,000		4,253,737
U.S. Treasury Note
1.00%, 11/30/2019		7,324,900		7,190,419
1.13%, 06/30/2021 - 09/30/2021		2,888,000		2,754,242
1.50%, 08/15/2026		3,597,000		3,198,660
1.63%, 03/31/2019 - 05/15/2026		4,603,900		4,390,466
2.25%, 11/15/2027		1,870,500		1,739,346
2.38%, 01/31/2023		3,631,000		3,544,197
2.50%, 05/15/2024		4,458,000		4,339,236
2.88%, 05/15/2028 - 08/15/2028		6,995,300		6,832,327
				76,488,955
U.S. Treasury Inflation-Protected Securities - 0.9%
U.S. Treasury Inflation-Indexed Bond
1.75%, 01/15/2028		1,219,206		1,284,691
2.50%, 01/15/2029		2,711,197		3,062,311
U.S. Treasury Inflation-Indexed Note 0.63%, 01/15/2024		4,850,903		4,748,924
				9,095,926
Total U.S. Government Obligations (Cost $89,205,017)				85,584,881
COMMERCIAL PAPER - 4.3%
Banks - 0.4%
Sumitomo Mitsui Banking Corp. 2.28% (H), 12/17/2018		3,500,000		3,489,982
Capital Markets - 0.4%
Cedar Springs Capital Co. LLC 2.35% (H), 12/07/2018		3,700,000		3,691,490
Commercial Services & Supplies - 0.1%
Charta LLC 2.30% (H), 11/16/2018		1,000,000		999,063
Diversified Financial Services - 2.7%
Atlantic Asset Securitization LLC 2.40% (H), 12/17/2018		200,000		199,399
Barton Capital Corp. 2.32% (H), 12/11/2018		2,020,000		2,014,905
Cafco LLC 2.33% (H), 12/17/2018		3,700,000		3,689,221
Crown Point Capital Co. 2.35% (H), 12/07/2018		1,800,000		1,795,860
Fairway Finance Corp.
2.30% (H), 12/17/2018		1,400,000		1,395,957
2.42% (H), 01/03/2019		2,500,000		2,489,631
Gotham Funding Corp. 2.29% (H), 11/05/2018		4,000,000		3,999,000

	Principal		Value
COMMERCIAL PAPER (continued)
Diversified Financial Services (continued)
Le Fayette Asset Securitization LLC 2.45% (H), 12/17/2018 - 01/03/2019		$   3,400,000		$   3,387,307
Liberty Funding LLC 2.30% (H), 12/04/2018		980,000		977,970
LMA SA 2.65% (H), 02/04/2019		3,600,000		3,575,300
Nieuw Amsterdam Receivables Corp. 2.44% (H), 01/09/2019		2,400,000		2,389,006
				25,913,556
Energy Equipment & Services - 0.3%
Schlumberger Investment SA 2.43% (H), 01/03/2019		3,500,000		3,485,422
Software - 0.4%
Manhattan Asset Funding 2.25% (H), 11/16/2018		3,700,000		3,696,593
Total Commercial Paper (Cost $41,276,106)				41,276,106
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 1.1%
U.S. Treasury Bill
2.21% (H), 01/03/2019		2,817,000		2,806,330
2.22% (H), 01/03/2019		7,340,000		7,312,062
Total Short-Term U.S. Government Obligations (Cost $10,118,392)				10,118,392
	Shares		Value
OTHER INVESTMENT COMPANY - 0.5%
Securities Lending Collateral - 0.5%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 2.19% (H)		5,012,863		5,012,863
Total Other Investment Company (Cost $5,012,863)				5,012,863
	Principal		Value
REPURCHASE AGREEMENT - 0.6%
Fixed Income Clearing Corp., 1.25% (H), dated 10/31/2018, to be repurchased at $5,860,311 on 11/01/2018. Collateralized by U.S. Government Obligations, 1.13% - 2.13%, due 08/15/2021 - 08/31/2021, and with a total value of $5,983,201.		$  5,860,107		5,860,107
Total Repurchase Agreement (Cost $5,860,107)				5,860,107
Total Investments (Cost $873,791,321)				1,011,797,957
Net Other Assets (Liabilities) - (5.6)%				(53,711,836	)
Net Assets - 100.0%				$  958,086,121

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

Transamerica Funds Annual Report 2018

Page    271

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

FUTURES CONTRACTS:

Description	Long/Short		Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation		Unrealized Depreciation
S&P 500® E-Mini Index		Long		23		12/21/2018	$	3,328,132	$	3,117,765	$	—	$	(210,367	)

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	$	561,640,719		$	—	$	—	$	561,640,719
Preferred Stocks		447,250			—		—		447,250
Asset-Backed Securities		—			38,906,816		—		38,906,816
Corporate Debt Securities		—			151,297,294		—		151,297,294
Foreign Government Obligations		—			4,938,100		—		4,938,100
Mortgage-Backed Securities		—			38,283,727		—		38,283,727
Municipal Government Obligations		—			2,863,224		—		2,863,224
U.S. Government Agency Obligations		—			65,568,478		—		65,568,478
U.S. Government Obligations		—			85,584,881		—		85,584,881
Commercial Paper		—			41,276,106		—		41,276,106
Short-Term U.S. Government Obligations		—			10,118,392		—		10,118,392
Other Investment Company		5,012,863			—		—		5,012,863
Repurchase Agreement		—			5,860,107		—		5,860,107
Total Investments	$	567,100,832		$	444,697,125	$	—	$	1,011,797,957
LIABILITIES
Other Financial Instruments
Futures Contracts (J)	$	(210,367	)	$	—	$	—	$	(210,367	)
Total Other Financial Instruments	$	(210,367	)	$	—	$	—	$	(210,367	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	Percentage rounds to less than 0.1% or (0.1)%.
(C)	All or a portion of the securities are on loan. The total value of all securities on loan is $4,901,895. 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, 2018. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(E)	Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2018, the total value of 144A securities is $109,108,044, representing 11.4% 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, 2018. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(G)	Perpetual maturity. The date displayed is the next call date.
(H)	Rates disclosed reflect the yields at October 31, 2018.
(I)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(J)	Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation).

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

Transamerica Funds Annual Report 2018

Page    272

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

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 2018

Page    273

Transamerica Short-Term Bond

(unaudited)

MARKET ENVIRONMENT

The fiscal year ended on October 31, 2018, began with solid U.S. gross domestic product (“GDP”) growth of 2.5% year-over-year, buoyed by consumption, business equipment spending and a global pick-up in activity. The GOP-led congress signed broad tax relief for individuals, small businesses, and corporations into law early in 2018, providing at worst a costly debt-fueled sugar high near term, and at best incentives for business investment and more equity-friendly capital structures. Amid a positive string of earnings reports and signs of an economic rebound in the second quarter, investors generally contended less with market volatility and concerns over a more aggressive U.S. Federal Reserve (“Fed”).

The front end of the yield curve continued to reprice throughout the year as the Fed remained confident in its outlook for steady economic growth and signaled further rate hikes amid increasing Treasury supply. During the twelve-month period, the Fed raised the federal funds rate four times and the 10-year US Treasury increased by 77 basis points to end at 3.14%.

Policy and politics remained center-stage as President Trump’s trade spat with China escalated throughout the year. Protectionist and retaliatory trade rhetoric intensified globally. Risks around trade policy were still a concern for the Fed, even as they stayed the course on normalizing rates given continued economic strength.

PERFORMANCE

For the year ended October 31, 2018, Transamerica Short-Term Bond (Class I2) returned 0.81.%. By comparison, its benchmark, ICE BofAML U.S. Corporate & Government 1-3 Years Index, returned 0.41%.

STRATEGY REVIEW

During the past year, we continued to prefer defensive interest rate positioning by focusing on spread products rather than taking on duration risk. Returns were driven more by carry than by spread tightening. Our emphasis remained on seeking carry from spread products, especially in investment grade corporate credit, structured products, and high yield. We were positive on the fundamentals in the U.S. consumer and property markets, with continued positions in private label structured products, including asset-backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”), and non-agency residential mortgage-backed securities. Within corporate credit, we maintained exposure to financials and utilities.

Yield curve positioning also contributed positively. Credit spread widening, however, mainly within BBB-rated corporate credit, detracted from excess returns. The largest contributions to excess returns by asset class came from allocations to investment grade corporate credit, CMBS and ABS, as well as an underweight to U.S. Treasuries. Security selection within high yield credit also contributed favorably, but was somewhat offset by the allocation to the asset class.

Fixed and floating-rate exposure contributed to performance, with allocation decisions among floating-rate securities contributing the most. At the ratings level, the strategy produced excess performance due to security selection, with the largest contributions coming from A-rated paper. An overweight allocation to BBB-rated paper also contributed to excess returns.

Norbert King

Glen Kneeland

Tyler A. Knight, CFA

Doug Weih, CFA

Brian W. Westhoff, CFA

Co-Portfolio Managers

Aegon USA Investment Management

Fund Characteristics	Years
Average Maturity §		2.47
Duration †		1.62
Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		0.0	%*
AAA		14.5
AA		7.1
A		29.2
BBB		39.5
BB		2.8
B		3.5
CCC and Below		0.5
Not Rated		2.8
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.

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

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

Transamerica Funds Annual Report 2018

Page    274

Transamerica Short-Term Bond

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		(1.96	)%		0.99	%		3.58	%		11/01/2007
Class A (NAV)		0.53	%		1.50	%		3.84	%		11/01/2007
Class C (POP)		(1.22	)%		0.73	%		3.06	%		11/01/2007
Class C (NAV)		(0.24	)%		0.73	%		3.06	%		11/01/2007
Class I (NAV)		0.71	%		1.72	%		2.89	%		11/30/2009
Class I2 (NAV)		0.81	%		1.80	%		4.15	%		11/08/2004
ICE BofAML U.S. Corporate & Government 1-3 Years Index (A)		0.41	%		0.84	%		1.70	%
Class R6 (NAV)		0.92	%		N/A			1.71	%		05/29/2015
Class T1 (POP)		(1.81	)%		N/A			(0.18	)%		03/17/2017
Class T1 (NAV)		0.69	%		N/A			1.38	%		03/17/2017
Advisor Class (NAV)		0.82	%		N/A			1.79	%		12/16/2016

^(A) The ICE BofAML U.S. Corporate & Government 1-3 Years Index tracks the performance of U.S. dollar denominated investment grade debt publicly issued in the U.S. domestic market, including U.S. Treasury, U.S. agency, foreign government, supranational and corporate securities that have a remaining maturity of less than three years and more than one year.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 2.5% for A 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. If a sales charge had been deducted, the results would be lower. 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 and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower.

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

The Fund is subject to a variety of risks, including credit risk, inflation risk, interest rate risk, prepayment risk, and liquidity risk. Additional risks include investing in foreign markets and non-investment grade securities. Changes in interest rates, the market’s perception of the issuers and the creditworthiness of the issuers may significant affect the value of the Fund.

Transamerica Funds Annual Report 2018

Page    275

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Principal		Value
ASSET-BACKED SECURITIES - 17.8%
Access Point Funding I LLC Series 2017-A, Class A, 3.06%, 04/15/2029 (A)		$  4,059,536		$  4,031,068
Benefit Street Partners CLO VII, Ltd. Series 2015-VIIA, Class A2R, 3-Month LIBOR + 1.20%, 3.64% (B), 07/18/2027 (A)		8,000,000		7,917,944
BXG Receivables Note Trust
Series 2012-A, Class A,
2.66%, 12/02/2027 (A)		3,183,371		3,133,103
Series 2013-A, Class A,
3.01%, 12/04/2028 (A)		7,616,032		7,457,081
Series 2017-A, Class A,
2.95%, 10/04/2032 (A)		7,256,316		7,037,479
CIFC Funding, Ltd. Series 2015-2A, Class BR, 3-Month LIBOR + 1.25%, 3.69% (B), 04/15/2027 (A)		16,270,000		16,155,280
Citigroup Mortgage Loan Trust, Inc. Series 2003-HE3, Class A, 1-Month LIBOR + 0.76%, 3.04% (B), 12/25/2033		811,366		808,851
CWABS Asset-Backed Certificates Trust Series 2006-17, Class 2A2, 1-Month LIBOR + 0.15%, 2.43% (B), 03/25/2047		8,401,518		8,203,698
Diamond Resorts Owner Trust
Series 2014-1, Class B,
2.98%, 05/20/2027 (A)		746,143		745,400
Series 2017-1A, Class A,
3.27%, 10/22/2029 (A)		8,658,802		8,559,896
Golub Capital Partners CLO, Ltd. Series 2017-34A, Class A1, 3-Month LIBOR + 1.85%, 4.19% (B), 03/08/2029 (A)		9,000,000		9,018,351
Halcyon Loan Advisors Funding, Ltd.
Series 2014-3A, Class B1R,
3-Month LIBOR + 1.70%,
4.17% (B), 10/22/2025 (A)		10,000,000		10,001,040
Series 2015-1A, Class B1R,
3-Month LIBOR + 1.55%, 4.02% (B), 04/20/2027 (A)		8,000,000		7,969,880
Hertz Vehicle Financing II, LP Series 2016-1A, Class B, 3.72%, 03/25/2020 (A)		15,000,000		15,014,730
Hilton Grand Vacations Trust
Series 2013-A, Class A,
2.28%, 01/25/2026 (A)		1,083,207		1,077,297
Series 2014-AA, Class B,
2.07% (B), 11/25/2026 (A)		3,612,389		3,547,597
ICG US CLO, Ltd. Series 2016-1A, Class A2R, 3-Month LIBOR + 1.70%, 4.21% (B), 07/29/2028 (A)		6,000,000		5,999,982
Jamestown CLO IV, Ltd. Series 2014-4A, Class A2R, 3-Month LIBOR + 1.35%, 3.79% (B), 07/15/2026 (A)		12,000,000		11,945,952

	Principal		Value
ASSET-BACKED SECURITIES (continued)
KVK CLO, Ltd. Series 2014-1A, Class BR, 3-Month LIBOR + 1.80%, 4.11% (B), 05/15/2026 (A)		$   9,135,000		$   9,135,238
Marathon CLO VII, Ltd. Series 2014-7A, Class A1R, 3-Month LIBOR + 1.32%, 3.83% (B), 10/28/2025 (A)		10,000,000		10,009,050
Marriott Vacation Club Owner Trust Series 2012-1A, Class A, 2.51%, 05/20/2030 (A)		2,508,440		2,486,377
Mountain View CLO, Ltd. Series 2014-1A, Class BRR, 3-Month LIBOR + 1.45%, 3.89% (B), 10/15/2026 (A)		10,000,000		9,999,850
MVW Owner Trust
Series 2014-1A, Class B,
2.70%, 09/22/2031 (A)		2,890,708		2,811,080
Series 2015-1A, Class A,
2.52%, 12/20/2032 (A)		2,972,542		2,907,724
New Residential Advanced Receivables Trust Series 2016-T2, Class AT2, 2.58%, 10/15/2049 (A)		7,550,000		7,488,621
New Residential Mortgage Loan Trust Series 2018-RPL1, Class A1, 3.50% (B), 12/25/2057 (A)		6,676,023		6,545,358
New Residential Mortgage Trust Series 2018-1A, Class A1A, 4.00% (B), 12/25/2057 (A)		6,044,366		6,054,788
NRZ Advance Receivables Trust
Series 2016-T3, Class AT3,
2.83%, 10/16/2051 (A)		10,000,000		9,736,079
Series 2016-T5, Class AT5,
3.33%, 12/15/2051 (A)		10,000,000		9,857,720
Ocwen Master Advance Receivables Trust Series 2018-T2, Class AT2, 3.60%, 08/15/2050 (A)		9,960,000		9,931,116
Orange Lake Timeshare Trust
Series 2014-AA, Class A,
2.29%, 07/09/2029 (A)		3,418,603		3,352,294
Series 2015-AA, Class A,
2.88%, 09/08/2027 (A)		5,451,171		5,344,379
Series 2016-A, Class A,
2.61%, 03/08/2029 (A)		10,706,009		10,416,540
Series 2018-A, Class C,
3.74%, 11/08/2030 (A)		7,109,889		7,006,231
Sierra Timeshare Receivables Funding LLC
Series 2014-2A, Class B,
2.40%, 06/20/2031 (A)		1,784,015		1,782,484
Series 2014-3A, Class B,
2.80%, 10/20/2031 (A)		2,042,485		2,031,621
Series 2015-1A, Class A,
2.40%, 03/22/2032 (A)		689,916		684,909
Series 2015-1A, Class B,
3.05%, 03/22/2032 (A)		843,231		838,677
Series 2018-2A, Class B,
3.65%, 06/20/2035 (A)		6,260,788		6,224,865

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

Transamerica Funds Annual Report 2018

Page    276

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Sierra Timeshare Receivables Funding LLC (continued)
Series 2018-3A, Class A,
3.69%, 09/20/2035 (A)		$   8,000,000		$   8,006,283
Series 2018-3A, Class D,
5.20%, 09/20/2035 (A)		4,320,000		4,324,035
SLM Student Loan Trust Series 2006-1, Class B, 3-Month LIBOR + 0.20%, 2.69% (B), 01/25/2027		9,160,000		8,622,292
SoFi Consumer Loan Program LLC Series 2017-1, Class A, 3.28%, 01/26/2026 (A)		4,079,995		4,070,346
Spirit Master Funding LLC Series 2014-2A, Class A, 5.76%, 03/20/2041 (A)		6,372,640		6,527,197
SpringCastle America Funding LLC Series 2016-AA, Class A, 3.05%, 04/25/2029 (A)		7,545,756		7,485,053
SPS Servicer Advance Receivables Trust Series 2018-T1, Class AT1, 3.62%, 10/17/2050 (A)		17,680,000		17,679,132
TICP CLO I, Ltd. Series 2015-1A, Class BR, 3-Month LIBOR + 1.30%, 3.77% (B), 07/20/2027 (A)		10,000,000		9,895,340
TICP CLO III, Ltd. Series 2018-3R, Class B, 3-Month LIBOR + 1.35%, 3.82% (B), 04/20/2028 (A)		10,000,000		9,962,980
Towd Point Mortgage Trust
Series 2015-3, Class A1B,
3.00% (B), 03/25/2054 (A)		2,230,383		2,206,866
Series 2015-4, Class A1B,
2.75% (B), 04/25/2055 (A)		7,913,878		7,787,332
Series 2016-3, Class A1,
2.25% (B), 04/25/2056 (A)		7,862,826		7,654,560
Series 2016-5, Class A1,
2.50% (B), 10/25/2056 (A)		10,714,853		10,402,466
Series 2017-1, Class A1,
2.75% (B), 10/25/2056 (A)		15,494,085		15,109,722
Series 2017-2, Class A1,
2.75% (B), 04/25/2057 (A)		6,954,928		6,802,538
Series 2017-3, Class A1,
2.75% (B), 07/25/2057 (A)		12,208,065		11,916,414
Series 2017-4, Class A1,
2.75% (B), 06/25/2057 (A)		11,935,159		11,556,899
Series 2017-6, Class A1,
2.75% (B), 10/25/2057 (A)		12,908,500		12,545,891
Series 2018-1, Class A1,
3.00% (B), 01/25/2058 (A)		12,546,140		12,243,563
Series 2018-2, Class A1,
3.25% (B), 03/25/2058 (A)		5,662,644		5,569,133
Series 2018-3, Class A1,
3.75% (B), 05/25/2058 (A)		9,463,292		9,415,870
Trafigura Securitisation Finance PLC
Series 2017-1A, Class A2,
2.47%, 12/15/2020 (A)		10,000,000		9,791,750
Series 2018-1A, Class A2,
3.73%, 03/15/2022 (A)		11,000,000		10,990,474

	Principal		Value
ASSET-BACKED SECURITIES (continued)
VSE VOI Mortgage LLC Series 2017-A, Class A, 2.33%, 03/20/2035 (A)		$   10,797,508		$   10,402,831
Welk Resorts LLC
Series 2013-AA, Class A,
3.10%, 03/15/2029 (A)		3,354,556		3,323,475
Series 2015-AA, Class A,
2.79%, 06/16/2031 (A)		4,194,410		4,104,288
Series 2017-AA, Class A,
2.82%, 06/15/2033 (A)		7,000,698		6,809,285
Wellfleet CLO, Ltd. Series 2016-1A, Class BR, 3-Month LIBOR + 1.50%, 3.97% (B), 04/20/2028 (A)		15,000,000		14,928,915
Total Asset-Backed Securities (Cost $508,524,298)				503,404,560
CORPORATE DEBT SECURITIES - 57.2%
Aerospace & Defense - 0.2%
Lockheed Martin Corp. 2.50%, 11/23/2020		7,102,000		6,973,095
Airlines - 1.0%
America West Airlines Pass-Through Trust
7.93%, 07/02/2020		286,368		287,800
8.06%, 01/02/2022		6,170,524		6,577,161
Delta Air Lines, Inc. 3.40%, 04/19/2021		4,995,000		4,945,405
Northwest Airlines Pass-Through Trust 6.26%, 05/20/2023		530,764		538,884
Southwest Airlines Co. 2.65%, 11/05/2020		9,964,000		9,843,871
Virgin Australia Pass-Through Trust 5.00%, 04/23/2025 (A)		6,448,884		6,535,493
				28,728,614
Banks - 15.4%
ABN AMRO Bank NV 3.40%, 08/27/2021 (A)		15,000,000		14,896,290
Banco Santander SA
3-Month LIBOR + 1.09%, 3.40% (B), 02/23/2023		10,000,000		10,007,000
3.85%, 04/12/2023		4,600,000		4,451,487
Bank of America Corp.
Fixed until 12/20/2022, 3.00% (B), 12/20/2023		7,542,000		7,256,906
Fixed until 01/20/2022, 3.12% (B), 01/20/2023, MTN		8,000,000		7,817,314
Fixed until 05/17/2021, 3.50% (B), 05/17/2022, MTN		15,000,000		14,929,099
Barclays PLC 3-Month LIBOR + 1.38%, 3.70% (B), 05/16/2024		10,000,000		9,915,200
BNP Paribas SA 5.00%, 01/15/2021		17,935,000		18,505,333
CIT Group, Inc. 4.13%, 03/09/2021		600,000		598,500
Citigroup, Inc.
2.90%, 12/08/2021		4,757,000		4,648,368

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

Transamerica Funds Annual Report 2018

Page    277

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Citigroup, Inc. (continued)
Fixed until 01/24/2022, 3.14% (B), 01/24/2023 (C)		$   13,000,000		$   12,690,785
3-Month LIBOR + 0.69%, 3.20% (B), 10/27/2022		3,000,000		2,998,751
3-Month LIBOR + 1.07%, 3.40% (B), 12/08/2021		5,000,000		5,078,600
Citizens Bank NA
2.25%, 10/30/2020		6,000,000		5,845,755
3-Month LIBOR + 0.95%, 3.34% (B), 03/29/2023		10,000,000		10,011,965
Commerzbank AG 8.13%, 09/19/2023 (A)		8,000,000		9,009,829
Cooperatieve Rabobank UA
3-Month LIBOR + 0.83%, 3.24% (B), 01/10/2022 (C)		2,900,000		2,936,382
Fixed until 06/30/2019 (D), 11.00% (A) (B)		9,781,000		10,230,926
Danske Bank A/S
2.00%, 09/08/2021 (A)		8,000,000		7,529,379
3-Month LIBOR + 1.06%, 3.39% (B), 09/12/2023 (A)		14,743,000		14,298,831
Discover Bank 7.00%, 04/15/2020		16,576,000		17,316,017
Fifth Third Bank 3.35%, 07/26/2021		14,960,000		14,888,680
First Horizon National Corp. 3.50%, 12/15/2020		8,160,000		8,155,216
First Niagara Financial Group, Inc.
6.75%, 03/19/2020		13,396,000		13,971,232
7.25%, 12/15/2021 (C)		6,340,000		6,909,876
First Tennessee Bank NA 2.95%, 12/01/2019		14,548,000		14,505,292
HSBC Holdings PLC
3-Month LIBOR + 0.60%, 2.92% (B), 05/18/2021		10,280,000		10,291,390
3-Month LIBOR + 1.00%, 3.32% (B), 05/18/2024		11,930,000		11,897,076
Huntington Bancshares, Inc. 2.30%, 01/14/2022		13,724,000		13,126,220
ING Bank NV 5.80%, 09/25/2023 (A)		12,067,000		12,635,060
Intesa Sanpaolo SpA 3.38%, 01/12/2023 (A)		4,864,000		4,404,574
JPMorgan Chase & Co.
4.25%, 10/15/2020		6,865,000		6,971,671
4.50%, 01/24/2022		10,904,000		11,205,908
JPMorgan Chase Bank NA Fixed until 04/26/2020, 3.09% (B), 04/26/2021		10,000,000		9,961,300
National City Corp. 6.88%, 05/15/2019		3,000,000		3,062,032
Nordea Bank Abp 4.25%, 09/21/2022 (A)		5,179,000		5,172,758
PNC Financial Services Group, Inc. 3.90%, 04/29/2024		7,811,000		7,747,936
Regions Financial Corp. 2.75%, 08/14/2022		12,360,000		11,883,729

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Royal Bank of Scotland Group PLC
3-Month LIBOR + 1.55%, 3.92% (B), 06/25/2024		$   9,014,000		$   9,027,218
6.40%, 10/21/2019		14,228,000		14,621,295
Santander Holdings USA, Inc. 3.40%, 01/18/2023		6,907,000		6,592,981
Standard Chartered PLC Fixed until 01/20/2022, 4.25% (B), 01/20/2023 (A)		10,323,000		10,309,632
US Bank NA 2.13%, 10/28/2019		8,770,000		8,718,432
Wells Fargo Bank NA 2.60%, 01/15/2021		19,494,000		19,119,709
Zions Bancorp NA 3.50%, 08/27/2021		8,390,000		8,346,151
				434,498,085
Beverages - 1.5%
Anheuser-Busch InBev Finance, Inc. 3.30%, 02/01/2023		11,291,000		11,009,176
Constellation Brands, Inc. 3.75%, 05/01/2021		12,965,000		12,965,956
Diageo Capital PLC 3.50%, 09/18/2023		9,800,000		9,760,398
Pernod Ricard SA 5.75%, 04/07/2021 (A)		9,466,000		9,913,052
				43,648,582
Biotechnology - 0.5%
AbbVie, Inc. 2.50%, 05/14/2020		6,351,000		6,268,055
Amgen, Inc. 4.50%, 03/15/2020		3,695,000		3,769,474
Biogen, Inc. 2.90%, 09/15/2020		4,981,000		4,935,156
				14,972,685
Capital Markets - 5.2%
Ameriprise Financial, Inc. 7.30%, 06/28/2019		18,320,000		18,822,743
Bank of New York Mellon Corp. 2.20%, 08/16/2023, MTN		10,000,000		9,333,779
Charles Schwab Corp. 2.65%, 01/25/2023		9,964,000		9,610,003
Credit Suisse Group AG 3-Month LIBOR + 1.24%, 3.57% (B), 06/12/2024 (A)		19,750,000		19,789,840
Credit Suisse Group Funding Guernsey, Ltd. 3.13%, 12/10/2020		10,000,000		9,887,107
Deutsche Bank AG 4.25%, 02/04/2021		5,560,000		5,538,388
Goldman Sachs Group, Inc.
2.35%, 11/15/2021		8,791,000		8,459,140
5.75%, 01/24/2022		14,970,000		15,818,500
Lazard Group LLC 4.25%, 11/14/2020(C)		4,176,000		4,230,193
Morgan Stanley
3-Month LIBOR + 1.18%, 3.65% (B), 01/20/2022		14,940,000		15,108,180
5.75%, 01/25/2021		8,748,000		9,145,247

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

Transamerica Funds Annual Report 2018

Page    278

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Capital Markets (continued)
UBS AG 2.20%, 06/08/2020 (A)		$   11,838,000		$   11,616,440
UBS Group Funding Switzerland AG 3-Month LIBOR + 1.44%, 3.81% (B), 09/24/2020 (A) (C)		8,831,000		8,994,272
				146,353,832
Chemicals - 1.7%
Dow Chemical Co. 8.55%, 05/15/2019		24,461,000		25,158,452
E.I. du Pont de Nemours & Co. 2.20%, 05/01/2020		6,000,000		5,926,435
Huntsman International LLC 5.13%, 11/15/2022		6,972,000		7,033,005
Syngenta Finance NV 3.93%, 04/23/2021 (A)		9,575,000		9,527,150
				47,645,042
Commercial Services & Supplies - 0.2%
CK Hutchison International 17 II, Ltd. 2.25%, 09/29/2020 (A)		5,000,000		4,875,878
Construction Materials - 0.2%
Martin Marietta Materials, Inc. 3-Month LIBOR + 0.65%, 2.96% (B), 05/22/2020		5,975,000		5,985,815
Consumer Finance - 2.6%
Ally Financial, Inc.
3.50%, 01/27/2019		12,000,000		11,985,000
8.00%, 03/15/2020		5,717,000		6,017,143
American Express Co. 3.38%, 05/17/2021		17,933,000		17,888,789
Capital One Financial Corp. 2.40%, 10/30/2020		9,963,000		9,735,308
Ford Motor Credit Co. LLC 3.34%, 03/18/2021		8,000,000		7,813,737
General Motors Financial Co., Inc.
3.55%, 04/09/2021		9,963,000		9,873,251
3-Month LIBOR + 1.56%, 4.00% (B), 01/15/2020		3,150,000		3,187,479
Springleaf Finance Corp. 8.25%, 12/15/2020		6,825,000		7,302,750
				73,803,457
Containers & Packaging - 0.4%
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 4.25%, 09/15/2022 (A) (C)		3,035,000		2,943,950
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC 5.75%, 10/15/2020		7,063,826		7,063,826
				10,007,776
Diversified Consumer Services - 0.1%
Princeton University 4.95%, 03/01/2019		1,902,000		1,913,880
Diversified Financial Services - 3.1%
Aviation Capital Group LLC 7.13%, 10/15/2020 (A)		18,266,000		19,424,674

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Financial Services (continued)
AXA Equitable Holdings, Inc. 3.90%, 04/20/2023 (A)		$   12,251,000		$   12,110,391
GE Capital International Funding Co. Unlimited Co. 2.34%, 11/15/2020		5,800,000		5,627,255
Jefferies Group LLC 8.50%, 07/15/2019 (C)		7,475,000		7,738,220
National Rural Utilities Cooperative Finance Corp. 10.38%, 11/01/2018		13,587,000		13,587,000
OMX Timber Finance Investments I LLC 5.42%, 01/29/2020 (A)		20,014,000		20,445,030
Protective Life Global Funding 2.70%, 11/25/2020 (A)		8,378,000		8,265,225
				87,197,795
Diversified Telecommunication Services - 1.1%
AT&T, Inc. 3.20%, 03/01/2022		9,960,000		9,785,751
Sprint Capital Corp. 6.90%, 05/01/2019		9,000,000		9,117,810
Verizon Communications, Inc.
3-Month LIBOR + 0.55%, 2.86% (B), 05/22/2020		9,000,000		9,041,256
2.95%, 03/15/2022		4,736,000		4,640,106
				32,584,923
Electric Utilities - 2.4%
Appalachian Power Co. 4.60%, 03/30/2021		4,528,000		4,634,215
Duke Energy Corp. 3.05%, 08/15/2022		18,483,000		18,063,131
Entergy Corp. 4.00%, 07/15/2022		7,365,000		7,407,026
Entergy Texas, Inc. 7.13%, 02/01/2019		14,282,000		14,424,761
Southern California Edison Co. 1.85%, 02/01/2022		13,250,000		12,913,208
Southern Co. 2.35%, 07/01/2021		11,954,000		11,550,629
				68,992,970
Equity Real Estate Investment Trusts - 1.8%
American Tower Corp. 3.00%, 06/15/2023		9,963,000		9,543,813
Crown Castle International Corp. 5.25%, 01/15/2023		9,538,000		9,946,516
HCP, Inc. 3.15%, 08/01/2022		14,125,000		13,707,606
iStar, Inc. 5.00%, 07/01/2019		4,647,000		4,649,904
WEA Finance LLC / Westfield UK & Europe Finance PLC 2.70%, 09/17/2019 (A)		12,570,000		12,526,496
				50,374,335
Food & Staples Retailing - 0.9%
Kroger Co. 2.80%, 08/01/2022		10,433,000		10,098,788

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

Transamerica Funds Annual Report 2018

Page    279

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Food & Staples Retailing (continued)
Sysco Corp. 2.50%, 07/15/2021		$   9,646,000		$   9,393,663
Walgreens Boots Alliance, Inc. 3.30%, 11/18/2021		4,979,000		4,920,508
				24,412,959
Food Products - 1.4%
General Mills, Inc. 3-Month LIBOR + 1.01%, 3.46% (B), 10/17/2023		15,084,000		15,103,975
Kraft Heinz Foods Co. 3-Month LIBOR + 0.57%, 2.91% (B), 02/10/2021		14,866,000		14,893,304
Mondelez International Holdings Netherlands BV 2.00%, 10/28/2021 (A)		11,000,000		10,468,878
				40,466,157
Gas Utilities - 0.9%
DTE Gas Co. 5.00%, 10/01/2019		14,397,000		14,633,766
South Jersey Industries, Inc. 0.10%, 06/27/2019 (E)		10,000,000		10,000,000
				24,633,766
Health Care Equipment & Supplies - 1.1%
Abbott Laboratories 2.90%, 11/30/2021		13,000,000		12,774,450
Becton Dickinson and Co.
2.89%, 06/06/2022		9,959,000		9,631,440
3-Month LIBOR + 1.03%, 3.35% (B), 06/06/2022		8,124,000		8,171,163
				30,577,053
Health Care Providers & Services - 1.5%
CVS Health Corp. 2.13%, 06/01/2021		15,000,000		14,457,058
Express Scripts Holding Co. 3.90%, 02/15/2022		9,465,000		9,502,573
Halfmoon Parent, Inc. 3-Month LIBOR + 0.89%, 3.33% (B), 07/15/2023 (A) (C)		12,689,000		12,678,864
HCA, Inc. 6.50%, 02/15/2020		6,200,000		6,401,500
				43,039,995
Household Durables - 0.4%
Beazer Homes USA, Inc. 8.75%, 03/15/2022		7,100,000		7,153,250
DR Horton, Inc. 2.55%, 12/01/2020		4,029,000		3,935,097
				11,088,347
Independent Power & Renewable Electricity Producers - 0.3%
Exelon Generation Co. LLC 4.00%, 10/01/2020		9,554,000		9,631,267
Industrial Conglomerates - 0.2%
General Electric Co. 3-Month LIBOR + 0.80%, 3.24% (B), 04/15/2020, MTN		5,100,000		5,110,585

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Insurance - 1.0%
Athene Global Funding 3.00%, 07/01/2022 (A)		$   14,168,000		$   13,710,185
CNA Financial Corp. 5.88%, 08/15/2020		6,145,000		6,398,045
Five Corners Funding Trust 4.42%, 11/15/2023 (A)		8,785,000		8,971,992
				29,080,222
IT Services - 0.9%
DXC Technology Co. 2.88%, 03/27/2020		8,090,000		8,010,828
First Data Corp. 7.00%, 12/01/2023 (A)		7,596,000		7,877,052
Fiserv, Inc. 3.80%, 10/01/2023		8,477,000		8,460,447
				24,348,327
Leisure Products - 0.2%
Mattel, Inc. 4.35%, 10/01/2020 (C)		7,005,000		6,932,778
Media - 1.5%
CCO Holdings LLC / CCO Holdings Capital Corp. 5.25%, 09/30/2022		7,500,000		7,537,500
Charter Communications Operating LLC / Charter Communications Operating Capital 3.58%, 07/23/2020		17,240,000		17,211,615
Comcast Corp. 3.45%, 10/01/2021		9,959,000		9,954,255
CSC Holdings LLC 6.75%, 11/15/2021		8,655,000		9,063,083
				43,766,453
Metals & Mining - 0.5%
ArcelorMittal 5.50%, 03/01/2021		1,992,000		2,061,987
First Quantum Minerals, Ltd. 7.00%, 02/15/2021 (A) (C)		6,430,000		6,286,611
Glencore Funding LLC 3.00%, 10/27/2022 (A)		6,974,000		6,668,846
				15,017,444
Multi-Utilities - 0.8%
Consumers Energy Co. 6.70%, 09/15/2019		10,000,000		10,311,836
Dominion Energy, Inc. 2.58%, 07/01/2020		4,498,000		4,429,630
NiSource, Inc. 3.85%, 02/15/2023		7,266,000		7,215,615
				21,957,081
Oil, Gas & Consumable Fuels - 2.7%
Anadarko Petroleum Corp. 8.70%, 03/15/2019		2,857,000		2,913,743
Devon Energy Corp. 3.25%, 05/15/2022		10,260,000		9,969,522
El Paso Natural Gas Co. LLC 8.63%, 01/15/2022		8,935,000		10,154,036

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

Transamerica Funds Annual Report 2018

Page    280

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Energy Transfer Operating, LP
4.15%, 10/01/2020 (C)		$   8,000,000		$   8,068,164
4.20%, 09/15/2023		4,980,000		4,955,759
Kinder Morgan Energy Partners, LP 4.15%, 03/01/2022		4,980,000		5,032,781
MPLX, LP
3.38%, 03/15/2023		4,499,000		4,384,459
4.88%, 12/01/2024		5,661,000		5,796,806
Sabine Pass Liquefaction LLC 5.63%, 04/15/2023		14,900,000		15,685,677
Williams Cos., Inc. 4.55%, 06/24/2024		7,966,000		8,022,490
YPF SA 8.50%, 03/23/2021 (A)		1,743,000		1,759,559
				76,742,996
Pharmaceuticals - 1.2%
AstraZeneca PLC 3.50%, 08/17/2023		9,961,000		9,809,345
Bayer US Finance LLC 3.00%, 10/08/2021 (A)		7,474,000		7,304,508
Perrigo Finance Unlimited Co. 3.50%, 12/15/2021		7,400,000		7,234,618
Shire Acquisitions Investments Ireland DAC 2.40%, 09/23/2021		9,963,000		9,571,983
				33,920,454
Road & Rail - 0.3%
Canadian Pacific Railway Co. 9.45%, 08/01/2021		7,000,000		8,016,009
Software - 0.4%
CDK Global, Inc. 3.80%, 10/15/2019		11,925,000		11,903,416
Technology Hardware, Storage & Peripherals - 0.4%
Hewlett Packard Enterprise Co. 3.50%, 10/05/2021		7,170,000		7,148,022
Xerox Corp. 2.75%, 09/01/2020 (C)		5,626,000		5,462,212
				12,610,234
Tobacco - 1.2%
Altria Group, Inc. 9.70%, 11/10/2018		12,724,000		12,740,464
BAT Capital Corp. 2.30%, 08/14/2020 (A)		8,717,000		8,530,495
RJ Reynolds Tobacco Co. 8.13%, 06/23/2019		11,299,000		11,648,169
				32,919,128
Trading Companies & Distributors - 1.3%
Air Lease Corp. 3.50%, 01/15/2022		13,789,000		13,633,874
International Lease Finance Corp. 8.25%, 12/15/2020		21,682,000		23,514,731
				37,148,605
Wireless Telecommunication Services - 0.7%
Sprint Communications, Inc. 9.00%, 11/15/2018 (A)		3,597,000		3,604,194

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Wireless Telecommunication Services (continued)
Vodafone Group PLC 3-Month LIBOR + 0.99%, 3.43% (B), 01/16/2024		$   14,944,000		$   14,896,203
				18,500,397
Total Corporate Debt Securities (Cost $1,639,415,186)				1,620,380,437
FOREIGN GOVERNMENT OBLIGATIONS - 0.4%
Lebanon - 0.3%
Lebanon Government International Bond 5.15%, 11/12/2018, MTN (F)		10,100,000		10,084,042
Qatar - 0.1%
Qatar Government International Bond 3.88%, 04/23/2023 (A)		2,175,000		2,179,785
Total Foreign Government Obligations (Cost $12,261,667)				12,263,827
LOAN ASSIGNMENT - 0.5%
Commercial Services & Supplies - 0.5%
Spin Holdco, Inc. Term Loan B, 3-Month LIBOR + 3.25%, 5.69% (B), 11/14/2022		13,197,280		13,190,681
Total Loan Assignment (Cost $13,156,311)				13,190,681
MORTGAGE-BACKED SECURITIES - 21.5%
20 Times Square Trust
Series 2018-20TS, Class C,
3.10% (B), 05/15/2035 (A)		10,900,000		10,403,129
280 Park Avenue Mortgage Trust
Series 2017-280P, Class C,
1-Month LIBOR + 1.25%, 3.53% (B), 09/15/2034 (A)		15,640,000		15,639,876
Arroyo Mortgage Trust Series 2018-1, Class A1, 3.76% (B), 04/25/2048 (A)		11,311,512		11,289,513
Ashford Hospitality Trust
Series 2018-ASHF, Class C,
1-Month LIBOR + 1.40%, 3.68% (B), 04/15/2035 (A)		17,440,000		17,434,428
Series 2018-ASHF, Class D,
1-Month LIBOR + 2.10%, 4.38% (B), 04/15/2035 (A)		10,520,000		10,529,797
BAMLL Commercial Mortgage Securities Trust Series 2014-FL1, Class B, 1-Month LIBOR + 2.20%, 4.36% (B), 12/15/2031 (A)		10,000,000		10,014,239
BBCMS Mortgage Trust
Series 2017-DELC, Class C,
1-Month LIBOR + 1.20%, 3.48% (B), 08/15/2036 (A)		14,890,000		14,890,094
Series 2017-DELC, Class D,
1-Month LIBOR + 1.70%, 3.98% (B), 08/15/2036 (A)		15,000,000		14,971,890

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

Transamerica Funds Annual Report 2018

Page    281

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
BBCMS Mortgage Trust (continued)
Series 2017-GLKS, Class D,
1-Month LIBOR + 1.75%, 4.03% (B), 11/15/2034 (A)		$   10,000,000		$   9,981,254
Series 2018-TALL, Class C,
1-Month LIBOR + 1.12%, 3.40% (B), 03/15/2037 (A)		16,120,000		16,094,622
Series 2018-TALL, Class E,
1-Month LIBOR + 2.44%, 4.72% (B), 03/15/2037 (A)		15,000,000		15,014,930
BCAP LLC Trust
Series 2009-RR6, Class 2A1,
4.14% (B), 08/26/2035 (A)		53,148		53,006
Series 2010-RR1, Class 12A1,
5.25% (B), 08/26/2036 (A)		402,544		402,972
BHMS Series 2018-ATLS, Class C, 1-Month LIBOR + 1.90%, 4.18% (B), 07/15/2035 (A)		14,900,000		14,899,811
BX Trust
Series 2017-APPL, Class C,
1-Month LIBOR + 1.40%, 3.68% (B), 07/15/2034 (A)		16,278,720		16,273,454
Series 2017-SLCT, Class C,
1-Month LIBOR + 1.40%, 3.68% (B), 07/15/2034 (A)		13,219,676		13,216,207
Series 2018-GW, Class C,
1-Month LIBOR + 1.22%, 3.50% (B), 05/15/2035 (A)		5,480,000		5,476,499
Series 2018-GW, Class D,
1-Month LIBOR + 1.77%, 4.05% (B), 05/15/2035 (A)		4,250,000		4,257,905
BXP Trust Series 2017-CQHP, Class D, 1-Month LIBOR + 2.00%, 4.28% (B), 11/15/2034 (A)		11,825,000		11,776,898
Caesars Palace Las Vegas Trust Series 2017-VICI, Class A, 3.53%, 10/15/2034 (A)		15,000,000		14,966,775
CCRESG Commercial Mortgage Trust
Series 2016-HEAT, Class B,
4.11%, 04/10/2029 (A)		4,319,000		4,332,369
Series 2016-HEAT, Class C,
4.92%, 04/10/2029 (A)		3,619,000		3,671,301
Series 2016-HEAT, Class D,
5.49% (B), 04/10/2029 (A)		7,290,000		7,425,867
CGMS Commercial Mortgage Trust Series 2017-MDRB, Class B, 1-Month LIBOR + 1.75%, 4.03% (B), 07/15/2030 (A)		10,000,000		9,986,222
CHT Mortgage Trust Series 2017-CSMO, Class D, 1-Month LIBOR + 2.25%, 4.53% (B), 11/15/2036 (A)		17,400,000		17,443,276
Citigroup Commercial Mortgage Trust
Series 2017-1500, Class B,
1-Month LIBOR + 1.10%, 3.38% (B), 07/15/2029 (A)		5,000,000		4,993,032

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Citigroup Commercial Mortgage Trust (continued)
Series 2017-1500, Class C,
1-Month LIBOR + 1.25%, 3.53% (B), 07/15/2032 (A)		$   3,500,000		$   3,492,710
Citigroup Mortgage Loan Trust, Inc.
Series 2014-A, Class A,
4.00% (B), 01/25/2035 (A)		4,560,915		4,584,587
Series 2018-RP1, Class A1,
3.00% (B), 09/25/2064 (A)		10,076,960		9,839,341
CLNS Trust Series 2017-IKPR, Class C, 1-Month LIBOR + 1.10%, 3.39% (B), 06/11/2032 (A)		14,800,000		14,781,296
COMM Mortgage Trust
Series 2014-PAT, Class D,
1-Month LIBOR + 2.15%, 4.43% (B), 08/13/2027 (A)		15,000,000		15,052,541
Series 2014-PAT, Class E,
1-Month LIBOR + 3.15%, 5.43% (B), 08/13/2027 (A)		5,000,000		5,052,964
Series 2014-TWC, Class C,
1-Month LIBOR + 1.85%, 4.13% (B), 02/13/2032 (A)		10,000,000		10,009,395
DBCG Mortgage Trust
Series 2017-BBG, Class B,
1-Month LIBOR + 0.85%, 3.13% (B), 06/15/2034 (A)		12,500,000		12,484,331
Series 2017-BBG, Class C,
1-Month LIBOR + 1.00%, 3.28% (B), 06/15/2034 (A)		2,500,000		2,496,866
GPT Mortgage Trust
Series 2018-GPP, Class C,
1-Month LIBOR + 1.40%, 3.68% (B), 06/15/2035 (A)		10,000,000		10,000,926
Series 2018-GPP, Class D,
1-Month LIBOR + 1.85%, 4.13% (B), 06/15/2035 (A)		10,000,000		9,996,710
GS Mortgage Securities Trust Series 2013-G1, Class A1, 2.06%, 04/10/2031 (A)		6,298,214		6,121,796
Hilton Orlando Trust Series 2018-ORL, Class C, 1-Month LIBOR + 1.30%, 3.58% (B), 12/15/2034 (A)		10,000,000		9,990,407
Hospitality Mortgage Trust Series 2017-HIT, Class C, 1-Month LIBOR + 1.35%, 3.63% (B), 05/08/2030 (A)		7,900,000		7,897,585
JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-DSTY, Class C, 3.80% (B), 06/10/2027(A)		10,000,000		9,701,093
JPMorgan Resecuritization Trust Series 2010-5, Class 2A2, 3.31% (B), 07/26/2035 (A)		237,001		237,323
Lehman Brothers Small Balance Commercial Mortgage Trust Series 2005-1A, Class A, 1-Month LIBOR + 0.25%, 2.53% (B), 02/25/2030 (A)		2,207,176		2,172,103

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

Transamerica Funds Annual Report 2018

Page    282

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Metlife Securitization Trust Series 2017-1A, Class A, 3.00% (B), 04/25/2055 (A)		$   13,791,056		$   13,364,631
Mill City Mortgage Loan Trust Series 2017-3, Class A1, 2.75% (B), 01/25/2061 (A)		15,892,296		15,475,223
Monarch Beach Resort Trust Series 2018-MBR, Class D, 1-Month LIBOR + 1.70%, 3.98% (B), 07/15/2035 (A)		12,000,000		12,000,005
Morgan Stanley Capital I Trust
Series 2017-ASHF, Class D,
1-Month LIBOR + 2.20%, 4.48% (B), 11/15/2034 (A)		10,800,000		10,815,172
Series 2018-SUN, Class C,
1-Month LIBOR + 1.40%, 3.68% (B), 07/15/2035 (A)		10,850,000		10,837,950
Mortgage Equity Conversion Asset Trust Series 2010-1A, Class A, 4.00%, 07/25/2060 (A)		5,309,825		4,938,137
Motel 6 Trust Series 2017-MTL6, Class C, 1-Month LIBOR + 1.40%, 3.68% (B), 08/15/2034 (A)		19,237,211		19,224,970
MSCG Trust
Series 2018-SELF, Class C,
1-Month LIBOR + 1.18%, 3.48% (B), 10/15/2028 (A)		9,810,000		9,810,000
Series 2018-SELF, Class D,
1-Month LIBOR + 1.65%, 3.95% (B), 10/15/2028 (A)		5,320,000		5,320,000
New Residential Mortgage Loan Trust
Series 2014-1A, Class A,
3.75% (B), 01/25/2054 (A)		2,762,598		2,749,616
Series 2014-3A, Class AFX3,
3.75% (B), 11/25/2054 (A)		3,393,753		3,376,117
Series 2016-4A, Class A1,
3.75% (B), 11/25/2056 (A)		5,536,407		5,494,768
Series 2017-3A, Class A1,
4.00% (B), 04/25/2057 (A)		10,239,044		10,259,758
Series 2017-4A, Class A1,
4.00% (B), 05/25/2057 (A)		6,984,464		6,989,544
Series 2017-5A, Class A1,
1-Month LIBOR + 1.50%, 3.78% (B), 06/25/2057 (A)		8,461,326		8,653,260
Series 2018-2A, Class A1,
4.50% (B), 02/25/2058 (A)		10,080,178		10,239,735
RBSSP Resecuritization Trust Series 2013-2, Class 2A1, 1-Month LIBOR + 0.19%, 2.36% (B), 12/20/2036 (A)		7,545,954		7,390,575
RETL Trust Series 2018-RVP, Class B, 1-Month LIBOR + 1.75%, 4.03% (B), 03/15/2033 (A)		8,091,424		8,093,747
Stonemont Portfolio Trust Series 2017-MONT, Class C, 1-Month LIBOR + 1.25%, 3.53% (B), 08/20/2030 (A)		14,812,114		14,812,907

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Tharaldson Hotel Portfolio Trust Series 2018-THL, Class C, 1-Month LIBOR + 1.35%, 3.63% (B), 11/11/2034 (A)		$   12,983,728		$   13,000,919
TIAA Seasoned Commercial Mortgage Trust Series 2007-C4, Class AJ, 5.48% (B), 08/15/2039		285,551		286,030
TRU Trust Series 2016-TOYS, Class A, 1-Month LIBOR + 2.25%, 4.53% (B), 11/15/2030 (A)		5,760,972		5,759,807
VSD LLC 3.60%, 12/25/2043 (A)		1,649,901		1,649,901
Total Mortgage-Backed Securities (Cost $613,270,256)				609,894,112
U.S. GOVERNMENT AGENCY OBLIGATION - 0.0% (G)
Federal Home Loan Mortgage Corp. 12-Month LIBOR + 1.77%, 4.52% (B), 08/01/2037		338,405		355,638
Total U.S. Government Agency Obligation (Cost $343,150)				355,638
	Shares		Value
OTHER INVESTMENT COMPANY - 0.7%
Securities Lending Collateral - 0.7%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 2.19% (H)		19,045,930		19,045,930
Total Other Investment Company (Cost $19,045,930)				19,045,930
	Principal		Value
REPURCHASE AGREEMENT - 1.8%
Fixed Income Clearing Corp., 1.25% (H), dated 10/31/2018, to be repurchased at $49,902,035 on 11/01/2018. Collateralized by U.S. Government Obligations, 1.13%-2.75%, due 08/31/2021 -  09/15/2021, and with a total value of $50,902,386.		$  49,900,302		49,900,302
Total Repurchase Agreement (Cost $49,900,302)				49,900,302
Total Investments (Cost $2,855,917,100)				2,828,435,487
Net Other Assets (Liabilities) - 0.1%				1,908,345
Net Assets - 100.0%				$  2,830,343,832

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

Transamerica Funds Annual Report 2018

Page    283

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

SECURITY VALUATION:

Valuation Inputs ^(I)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Asset-Backed Securities	$	—	$	503,404,560	$	—	$	503,404,560
Corporate Debt Securities		—		1,620,380,437		—		1,620,380,437
Foreign Government Obligations		—		12,263,827		—		12,263,827
Loan Assignment		—		13,190,681		—		13,190,681
Mortgage-Backed Securities		—		609,894,112		—		609,894,112
U.S. Government Agency Obligation		—		355,638		—		355,638
Other Investment Company		19,045,930		—		—		19,045,930
Repurchase Agreement		—		49,900,302		—		49,900,302
Total Investments	$	19,045,930	$	2,809,389,557	$	—	$	2,828,435,487

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, 2018, the total value of 144A securities is $1,420,873,940, representing 50.2% of the Fund’s net assets.
(B)	Floating or variable rate securities. The rates disclosed are as of October 31, 2018. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(C)	All or a portion of the securities are on loan. The total value of all securities on loan is $18,650,606. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(D)	Perpetual maturity. The date displayed is the next call date.
(E)	Illiquid security. At October 31, 2018, the value of such securities amounted to $10,000,000 or 0.4% 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, 2018, the value of the Regulation S security is $10,084,042, representing 0.4% of the Fund’s net assets.
(G)	Percentage rounds to less than 0.1% or (0.1)%.
(H)	Rates disclosed reflect the yields at October 31, 2018.
(I)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. 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 2018

Page    284

Transamerica Small Cap Core

(unaudited)

MARKET ENVIRONMENT

Volatility intensified as the period closed and a steep market pullback erased most of the earlier gains, leaving the Russell 2000^® Index up just under two percent for the 12-month period ended on October 31, 2018. Small-cap stocks were in favor for much of the 12-month period in light of their largely domestic exposure, a positive characteristic following the U.S. corporate tax cut at the end of 2017 and, thereafter, amid worries about the effects of heightened protectionism on global trade. The perception that small caps provided safe haven from the broadened tariff activity dissipated along with the unfavorable market sentiment late in the fiscal year. This dynamic worsened as investors weighed potential impacts of rising interest rates and elevated cost pressures due to a tightening labor market and increasing commodity prices.

The market headwinds largely reflected future risks more so than current reality, as the economy remained in good shape throughout the 12-month period. The fiscal stimulus had the desired effect, and most companies reported double-digit, year-over-year earnings growth in the third quarter of 2018, even adjusting for the lower corporate tax rates. During the October sell-off, investors pondered how long the nearly decade-long expansion could last. This risk aversion pushed many economically-sensitive sectors of the Index into the red, including materials, energy and industrials.

For the full 12-month period, investors once again favored “growth” stocks, with the Russell 2000^® Growth Index outperforming the Russell 2000^® Value Index. However, amid the volatility and pullback late in the 12-month period, investors became more focused on fundamentals and valuation, which served as a tailwind for the Fund.

The outperformance of companies that are growing the fastest, losing money and trading at high valuations that has prevailed over the recent past is at odds with the historical record in our view, suggesting that the opposite characteristics are the recipe for long-term success. It is the long-term record that we find most credible and upon which our discipline is built.

PERFORMANCE

For the year ended October 31, 2018, Transamerica Small Cap Core (Class R4) returned 2.27%, excluding any sales charges. By comparison, its primary and secondary benchmarks, the Russell 2000^® Index and the S&P 500^®, returned 1.85% and 7.35%, 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 continue to believe that the ultimate strength of the Fund’s strategy lies in our ability to produce a portfolio that, in aggregate, maintains objective and economically-meaningful exposures to the factors that our research has shown to be indicative of prospective outperformance.

The Fund outperformed the Russell 2000^® Index despite the headwind from investors’ preference for growth stocks. For much of the period, companies trading at higher valuations with the fastest sales growth and those that were losing money substantially outperformed. This was a headwind, since our strategy generally favors companies that are profitable and trade at lower valuation levels. Late in the period, as investor preferences shifted, the Fund benefited and finished ahead of the Index. While earnings-based valuation metrics proved largely ineffective, our exposure to companies with higher free-cash-flow yields was beneficial to relative results. In addition, our stock selection in the consumer discretionary and health-care sectors added significant value, primarily as a result of our specialty retail and pharmaceutical holdings.

Eoin E. Middaugh, CFA

D. Kevin McCreesh, CFA

Co-Portfolio Managers

Systematic Financial Management L.P.

Asset Allocation	Percentage of Net Assets
Common Stocks		98.5	%
Other Investment Company		3.1
Repurchase Agreement		1.5
Net Other Assets (Liabilities)		(3.1	)
Total		100.0	%

Transamerica Funds Annual Report 2018

Page    285

Transamerica Small Cap Core

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		(3.37	)%		N/A			0.11	%		03/10/2017
Class A (NAV)		2.24	%		N/A			3.62	%		03/10/2017
Class C (POP)		0.42	%		N/A			2.81	%		03/10/2017
Class C (NAV)		1.40	%		N/A			2.81	%		03/10/2017
Class I (NAV)		2.38	%		N/A			3.81	%		03/10/2017
Class I2 (NAV)		2.63	%		N/A			4.02	%		03/10/2017
Class I3 (NAV)		2.57	%		N/A			3.70	%		03/10/2017
Class R (NAV)		2.12	%		N/A			3.16	%		03/10/2017
Class R4 (NAV)		2.27	%		4.87	%		10.74	%		09/11/2000
Russell 2000® Index (A)		1.85	%		8.01	%		12.44	%
S&P 500® (B)		7.35	%		11.34	%		13.24	%
Class T1 (POP)		(0.19	)%		N/A			0.61	%		03/17/2017
Class T1 (NAV)		2.37	%		N/A			2.20	%		03/17/2017
Advisor Class (NAV)		2.46	%		N/A			3.80	%		03/10/2017

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

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

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for A shares 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. If a sales charge had been deducted, the results would be lower. There are no sales charges on Class I, I2, I3, R, R4 and Advisor Class shares.

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

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

Small capitalization companies may have less experienced management, unpredictable earnings growth, and limited product lines, which can cause their share prices to fluctuate more than those of larger firms. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the Fund fall, the value of the Fund will decline.

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

Transamerica Funds Annual Report 2018

Page    286

Transamerica Small Cap Core

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Shares		Value
COMMON STOCKS - 98.5%
Air Freight & Logistics - 0.3%
Echo Global Logistics, Inc. (A)		23,025		$  591,973
Auto Components - 0.2%
Modine Manufacturing Co. (A)		41,435		539,069
Banks - 8.6%
1st Source Corp.		11,170		520,410
Bancorp, Inc. (A)		64,250		674,625
Bank of Marin Bancorp		7,310		621,277
Bank of NT Butterfield & Son, Ltd.		14,495		584,004
Bank OZK		18,715		512,042
BankUnited, Inc.		17,935		593,649
Cadence BanCorp		25,980		573,119
Cathay General Bancorp		18,490		696,518
Central Pacific Financial Corp.		25,675		694,252
Community Trust Bancorp, Inc.		12,120		551,581
Customers Bancorp, Inc. (A)		29,965		613,983
Eagle Bancorp, Inc. (A)		12,470		613,150
Financial Institutions, Inc.		18,500		528,175
First Financial Corp.		11,760		539,314
First Internet Bancorp		19,785		509,859
First Merchants Corp.		15,995		665,552
First of Long Island Corp.		24,705		499,288
Franklin Financial Network, Inc. (A)		19,645		665,965
Great Southern Bancorp, Inc.		10,390		562,619
Hanmi Financial Corp.		29,045		609,364
Hilltop Holdings, Inc.		32,105		638,890
Hope Bancorp, Inc.		41,495		600,848
Independent Bank Corp.		25,695		568,630
Pacific City Financial Corp.		30,745		503,296
Peapack Gladstone Financial Corp.		18,685		504,308
Peoples Bancorp, Inc.		16,500		564,795
Preferred Bank		11,780		605,610
Prosperity Bancshares, Inc.		10,110		657,453
QCR Holdings, Inc.		14,715		536,067
RBB Bancorp		24,195		522,128
TCF Financial Corp.		30,025		626,922
Veritex Holdings, Inc. (A)		24,515		577,573
				18,735,266
Biotechnology - 2.1%
Acorda Therapeutics, Inc. (A)		37,355		713,854
AMAG Pharmaceuticals, Inc. (A)		30,615		658,222
Concert Pharmaceuticals, Inc. (A)		38,100		568,452
Emergent BioSolutions, Inc. (A)		11,015		674,008
Myriad Genetics, Inc. (A)		15,435		695,038
PDL BioPharma, Inc. (A)		268,820		669,362
United Therapeutics Corp. (A)		5,960		660,726
				4,639,662
Building Products - 0.5%
NCI Building Systems, Inc. (A)		49,790		609,928
Quanex Building Products Corp.		36,470		540,485
				1,150,413
Capital Markets - 1.8%
Artisan Partners Asset Management, Inc., Class A		23,875		654,414
Cowen, Inc. (A)		40,845		604,506
Legg Mason, Inc.		24,065		679,114
Stifel Financial Corp.		14,125		645,795

	Shares		Value
COMMON STOCKS (continued)
Capital Markets (continued)
Virtus Investment Partners, Inc.		6,270		$   622,862
Waddell & Reed Financial, Inc., Class A		37,610		717,223
				3,923,914
Chemicals - 1.3%
Kraton Corp. (A)		15,665		431,414
Methanex Corp.		8,800		569,624
Stepan Co.		8,410		694,582
Tredegar Corp.		35,530		660,858
Trinseo SA		8,885		478,724
				2,835,202
Commercial Services & Supplies - 2.5%
ACCO Brands Corp.		65,035		524,833
Brady Corp., Class A		16,770		675,663
Ennis, Inc.		29,315		567,538
Herman Miller, Inc.		19,140		630,663
Interface, Inc.		31,465		512,565
Pitney Bowes, Inc.		96,170		636,645
Quad/Graphics, Inc.		32,090		495,149
R.R. Donnelley & Sons Co.		148,366		870,909
SP Plus Corp. (A)		18,450		589,662
				5,503,627
Communications Equipment - 1.3%
ARRIS International PLC (A)		27,885		693,500
Ciena Corp. (A)		23,980		749,615
Comtech Telecommunications Corp.		21,410		597,767
Plantronics, Inc.		11,400		672,258
				2,713,140
Construction & Engineering - 1.1%
AECOM (A)		21,600		629,424
Aegion Corp. (A)		24,535		474,997
EMCOR Group, Inc.		9,855		699,508
Tutor Perini Corp. (A)		34,090		528,395
				2,332,324
Consumer Finance - 0.3%
Navient Corp.		53,465		619,125
Containers & Packaging - 0.8%
Greif, Inc., Class A		13,320		630,036
Myers Industries, Inc.		33,290		527,979
Owens-Illinois, Inc. (A)		37,310		584,648
				1,742,663
Diversified Consumer Services - 0.7%
American Public Education, Inc. (A)		21,420		701,076
K12, Inc. (A)		41,097		879,887
				1,580,963
Diversified Telecommunication Services - 0.3%
Vonage Holdings Corp. (A)		49,865		661,210
Electric Utilities - 0.7%
ALLETE, Inc.		9,515		704,110
Portland General Electric Co.		17,135		772,446
				1,476,556
Electrical Equipment - 0.3%
Regal Beloit Corp.		8,975		643,507
Electronic Equipment, Instruments & Components - 4.5%
Anixter International, Inc. (A)		10,580		695,000

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

Transamerica Funds Annual Report 2018

Page    287

Transamerica Small Cap Core

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Shares		Value
COMMON STOCKS (continued)
Electronic Equipment, Instruments & Components (continued)
Avnet, Inc.		15,645		$   626,895
Belden, Inc.		10,520		568,606
CTS Corp.		19,755		527,261
Electro Scientific Industries, Inc. (A) (B)		42,460		1,231,340
Fabrinet (A)		15,785		683,806
Hollysys Automation Technologies, Ltd.		35,095		674,526
Insight Enterprises, Inc. (A)		13,770		711,771
Jabil, Inc.		26,080		644,958
Plexus Corp. (A)		11,855		692,332
Sanmina Corp. (A)		23,995		607,074
Tech Data Corp. (A)		10,000		706,600
Vishay Intertechnology, Inc.		35,675		652,853
Vishay Precision Group, Inc. (A)		19,795		642,348
				9,665,370
Energy Equipment & Services - 1.6%
Helix Energy Solutions Group, Inc. (A)		71,935		612,886
Matrix Service Co. (A)		29,625		602,276
Noble Corp. PLC (A)		101,585		509,957
Precision Drilling Corp. (A) (B)		190,055		458,033
SEACOR Holdings, Inc. (A)		13,745		659,622
Unit Corp. (A)		27,646		639,452
				3,482,226
Entertainment - 0.4%
Cinemark Holdings, Inc.		18,490		768,629
Equity Real Estate Investment Trusts - 6.4%
Apple Hospitality REIT, Inc.		42,215		682,617
Braemar Hotels & Resorts, Inc.		57,210		608,714
CBL & Associates Properties, Inc. (B)		169,480		559,284
Chatham Lodging Trust		34,160		666,120
CoreCivic, Inc.		30,165		677,506
Franklin Street Properties Corp.		84,120		585,475
Government Properties Income Trust (B)		75,215		664,148
Hersha Hospitality Trust		33,405		586,592
Hospitality Properties Trust		25,735		659,331
Kite Realty Group Trust		44,155		699,415
MedEquities Realty Trust, Inc.		55,425		458,365
Medical Properties Trust, Inc.		52,275		776,807
Piedmont Office Realty Trust, Inc., Class A		38,165		687,733
Ramco-Gershenson Properties Trust		58,005		770,306
Retail Properties of America, Inc., Class A		59,235		726,814
RLJ Lodging Trust		34,815		676,804
Sabra Health Care REIT, Inc.		32,985		714,125
Select Income REIT		38,180		721,984
Senior Housing Properties Trust		40,235		646,576
Spirit Realty Capital, Inc.		90,530		707,945
Xenia Hotels & Resorts, Inc.		30,375		624,206
				13,900,867
Food & Staples Retailing - 1.2%
Natural Grocers by Vitamin Cottage, Inc. (A)		45,865		831,074
SpartanNash Co.		38,320		684,012
United Natural Foods, Inc. (A)		21,680		471,106
Weis Markets, Inc.		15,625		721,094
				2,707,286
Food Products - 1.4%
Cal-Maine Foods, Inc.		15,885		773,123
Dean Foods Co.		97,970		782,780

	Shares		Value
COMMON STOCKS (continued)
Food Products (continued)
Flowers Foods, Inc.		39,285		$   758,593
TreeHouse Foods, Inc. (A)		14,160		645,130
				2,959,626
Gas Utilities - 0.3%
National Fuel Gas Co.		13,460		730,743
Health Care Equipment & Supplies - 3.7%
Accuray, Inc. (A)		154,325		692,919
AngioDynamics, Inc. (A)		33,535		685,120
Anika Therapeutics, Inc. (A)		17,280		617,933
CONMED Corp.		9,755		657,780
Haemonetics Corp. (A)		6,475		676,443
Hill-Rom Holdings, Inc.		7,830		658,346
Integer Holdings Corp. (A)		9,105		678,049
Masimo Corp. (A)		5,955		688,398
Meridian Bioscience, Inc.		46,455		753,036
Natus Medical, Inc. (A)		20,890		624,193
OraSure Technologies, Inc. (A)		41,760		580,464
Orthofix Medical, Inc. (A)		12,925		786,099
				8,098,780
Health Care Providers & Services - 6.9%
Acadia Healthcare Co., Inc. (A)		19,195		796,592
Addus HomeCare Corp. (A)		11,100		727,050
Amedisys, Inc. (A)		6,105		671,550
AMN Healthcare Services, Inc. (A)		12,350		625,157
Brookdale Senior Living, Inc. (A)		78,120		697,612
Chemed Corp.		2,267		689,916
Community Health Systems, Inc. (A) (B)		269,320		851,051
Cross Country Healthcare, Inc. (A)		73,635		650,197
Encompass Health Corp.		9,280		624,544
Ensign Group, Inc.		19,725		730,614
Magellan Health, Inc. (A)		10,065		654,829
MEDNAX, Inc. (A)		16,965		700,485
Molina Healthcare, Inc. (A)		5,445		690,263
National HealthCare Corp.		8,630		686,344
Owens & Minor, Inc.		42,475		335,552
Patterson Cos., Inc.		32,405		731,705
Premier, Inc., Class A (A)		15,750		708,750
Providence Service Corp. (A)		9,975		659,248
Tenet Healthcare Corp. (A)		25,700		661,261
Tivity Health, Inc. (A)		21,095		725,879
Triple-S Management Corp., Class B (A)		33,252		570,604
US Physical Therapy, Inc.		6,515		700,493
				14,889,696
Health Care Technology - 1.1%
Allscripts Healthcare Solutions, Inc. (A)		51,425		612,472
Computer Programs & Systems, Inc. (B)		27,215		680,375
HealthStream, Inc.		23,150		609,076
NextGen Healthcare, Inc. (A)		33,650		497,011
				2,398,934
Hotels, Restaurants & Leisure - 0.6%
Brinker International, Inc.		15,315		663,905
Red Robin Gourmet Burgers, Inc. (A)		18,520		559,304
				1,223,209
Household Durables - 0.6%
Ethan Allen Interiors, Inc.		31,035		594,010
ZAGG, Inc. (A)		53,845		652,063
				1,246,073

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

Transamerica Funds Annual Report 2018

Page    288

Transamerica Small Cap Core

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Shares		Value
COMMON STOCKS (continued)
Insurance - 1.6%
Ambac Financial Group, Inc. (A)		35,170		$   723,799
Assured Guaranty, Ltd.		18,315		732,234
CNO Financial Group, Inc.		34,075		644,017
Genworth Financial, Inc., Class A (A)		159,015		680,584
Third Point Reinsurance, Ltd. (A)		53,188		588,259
				3,368,893
Interactive Media & Services - 0.6%
DHI Group, Inc. (A)		308,240		514,761
QuinStreet, Inc. (A)		52,070		827,913
				1,342,674
Internet & Direct Marketing Retail - 0.2%
Points International, Ltd. (A)		42,625		531,107
IT Services - 3.5%
CACI International, Inc., Class A (A)		4,090		729,901
Cardtronics PLC, Class A (A)		20,025		543,879
Conduent, Inc. (A)		35,565		679,291
CSG Systems International, Inc.		18,788		659,459
EVERTEC, Inc.		30,645		799,222
MAXIMUS, Inc.		11,560		751,053
NIC, Inc.		46,115		613,791
Perficient, Inc. (A)		27,145		679,168
Sykes Enterprises, Inc. (A)		24,543		752,734
Teradata Corp. (A)		17,085		621,894
Unisys Corp. (A) (B)		36,145		665,429
				7,495,821
Life Sciences Tools & Services - 1.8%
Bruker Corp.		22,835		715,421
Cambrex Corp. (A)		11,845		631,220
Charles River Laboratories International, Inc. (A)		5,420		660,264
ICON PLC (A)		4,735		653,809
Luminex Corp.		25,265		726,874
Medpace Holdings, Inc. (A)		11,765		612,956
				4,000,544
Machinery - 3.4%
AGCO Corp.		11,690		655,108
Colfax Corp. (A)		19,835		555,975
Commercial Vehicle Group, Inc. (A)		66,234		443,105
EnPro Industries, Inc.		10,165		632,263
Global Brass & Copper Holdings, Inc.		20,310		642,202
Hyster-Yale Materials Handling, Inc.		11,370		687,317
Meritor, Inc. (A)		35,515		603,400
Rexnord Corp. (A)		23,015		617,032
Terex Corp.		17,955		599,517
Timken Co.		14,510		573,871
Titan International, Inc.		94,080		664,205
TriMas Corp. (A)		25,020		736,839
				7,410,834
Marine - 0.5%
Costamare, Inc.		119,970		635,841
Genco Shipping & Trading, Ltd. (A)		49,450		544,939
				1,180,780
Media - 0.9%
Gannett Co., Inc.		70,805		686,808
John Wiley & Sons, Inc., Class A		12,045		653,321
MSG Networks, Inc., Class A (A)		27,265		696,621
				2,036,750

	Shares		Value
COMMON STOCKS (continued)
Metals & Mining - 1.8%
Hudbay Minerals, Inc. (B)		142,315		$   556,452
Kaiser Aluminum Corp.		6,530		622,766
Materion Corp.		12,115		688,495
Schnitzer Steel Industries, Inc., Class A		25,970		698,593
SunCoke Energy, Inc. (A)		61,615		690,088
U.S. Steel Corp.		24,975		662,587
				3,918,981
Mortgage Real Estate Investment Trusts - 0.3%
Dynex Capital, Inc.		118,015		683,307
Multi-Utilities - 1.0%
Black Hills Corp.		12,555		747,023
MDU Resources Group, Inc.		25,250		630,240
NorthWestern Corp.		12,665		744,195
				2,121,458
Oil, Gas & Consumable Fuels - 4.9%
Arch Coal, Inc., Class A		8,530		818,027
Cloud Peak Energy, Inc. (A)		251,955		430,843
Cosan, Ltd., Class A		100,250		837,088
Green Plains, Inc.		42,005		715,765
Gulfport Energy Corp. (A)		61,030		555,983
Halcon Resources Corp. (A) (B)		159,520		529,606
Laredo Petroleum, Inc. (A)		90,230		472,805
Murphy Oil Corp.		21,105		672,405
Overseas Shipholding Group, Inc., Class A (A)		162,055		508,853
Pacific Ethanol, Inc. (A)		275,265		451,435
PBF Energy, Inc., Class A		13,620		569,997
Peabody Energy Corp.		20,140		713,963
Renewable Energy Group, Inc. (A)		25,615		796,114
SM Energy Co.		21,795		530,490
Southwestern Energy Co. (A)		138,820		741,299
VAALCO Energy, Inc. (A)		212,125		420,008
World Fuel Services Corp.		25,380		812,160
				10,576,841
Paper & Forest Products - 2.0%
Boise Cascade Co.		20,840		641,664
Domtar Corp.		15,335		710,164
Louisiana-Pacific Corp.		25,555		556,332
Mercer International, Inc.		40,685		618,819
Resolute Forest Products, Inc. (A)		52,750		594,493
Schweitzer-Mauduit International, Inc.		18,920		603,926
Verso Corp., Class A (A)		21,920		616,171
				4,341,569
Personal Products - 1.3%
Edgewell Personal Care Co. (A)		14,220		682,275
Inter Parfums, Inc.		11,440		674,846
Medifast, Inc.		3,375		714,420
USANA Health Sciences, Inc. (A)		5,815		680,471
				2,752,012
Pharmaceuticals - 2.4%
Assertio Therapeutics, Inc. (A)		128,235		622,581
Bausch Health Cos., Inc. (A)		25,785		589,961
Endo International PLC (A)		41,620		705,043
Horizon Pharma PLC (A)		37,460		682,146
Innoviva, Inc. (A)		46,125		643,905
Mallinckrodt PLC (A)		21,250		532,525

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

Transamerica Funds Annual Report 2018

Page    289

Transamerica Small Cap Core

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Shares		Value
COMMON STOCKS (continued)
Pharmaceuticals (continued)
Prestige Consumer Healthcare, Inc. (A)		19,180		$   693,549
Taro Pharmaceutical Industries, Ltd. (A)		6,545		651,293
				5,121,003
Professional Services - 1.9%
Heidrick & Struggles International, Inc.		22,990		793,385
Kelly Services, Inc., Class A		32,075		753,442
Kforce, Inc.		19,785		609,774
ManpowerGroup, Inc.		7,865		600,021
Navigant Consulting, Inc.		32,145		694,332
TrueBlue, Inc. (A)		26,905		627,693
				4,078,647
Road & Rail - 0.8%
ArcBest Corp.		15,786		585,976
USA Truck, Inc. (A)		29,580		581,839
YRC Worldwide, Inc. (A)		66,760		551,438
				1,719,253
Semiconductors & Semiconductor Equipment - 2.6%
Amkor Technology, Inc. (A)		89,150		637,422
Cirrus Logic, Inc. (A)		18,200		681,408
Cohu, Inc.		28,990		602,992
Diodes, Inc. (A)		20,105		606,970
Kulicke & Soffa Industries, Inc.		30,805		626,266
Mellanox Technologies, Ltd. (A)		9,395		795,663
MKS Instruments, Inc.		8,895		655,473
Nanometrics, Inc. (A)		17,720		568,103
Synaptics, Inc. (A)		15,025		564,038
				5,738,335
Software - 0.3%
Progress Software Corp.		18,585		597,322
Specialty Retail - 6.5%
Aaron’s, Inc.		10,855		511,596
Abercrombie & Fitch Co., Class A		29,125		573,763
American Eagle Outfitters, Inc.		22,300		514,238
Ascena Retail Group, Inc. (A)		130,485		502,367
Bed Bath & Beyond, Inc. (B)		42,200		579,828
Caleres, Inc.		17,710		605,682
Cato Corp., Class A		32,840		633,155
Chico’s FAS, Inc.		64,270		492,951
Dick’s Sporting Goods, Inc.		16,690		590,325
DSW, Inc., Class A		17,785		472,192
Express, Inc. (A)		61,455		541,419
Foot Locker, Inc.		11,600		546,824
Genesco, Inc. (A)		13,805		590,716
Guess?, Inc.		26,600		564,984
Haverty Furniture Cos., Inc.		29,795		604,243
Hibbett Sports, Inc. (A) (B)		32,660		570,570
Sally Beauty Holdings, Inc. (A)		34,410		612,842
Shoe Carnival, Inc. (B)		15,980		650,865
Signet Jewelers, Ltd.		10,350		580,118
Tailored Brands, Inc.		29,220		613,912
Tilly’s, Inc., A Shares		33,210		589,145
Urban Outfitters, Inc. (A)		14,030		553,624
Vitamin Shoppe, Inc. (A)		63,195		491,025
Williams-Sonoma, Inc. (B)		8,920		529,670
Zumiez, Inc. (A)		21,455		499,043
				14,015,097

	Shares		Value
COMMON STOCKS (continued)
Technology Hardware, Storage & Peripherals - 1.2%
Electronics For Imaging, Inc. (A)		22,170		$   675,076
Immersion Corp. (A)		65,005		650,700
NCR Corp. (A)		23,310		625,874
Stratasys, Ltd. (A)		30,275		577,042
				2,528,692
Textiles, Apparel & Luxury Goods - 2.0%
Crocs, Inc. (A)		36,733		754,496
Deckers Outdoor Corp. (A)		6,485		824,697
Fossil Group, Inc. (A)		34,560		750,298
Movado Group, Inc.		18,630		717,441
Ralph Lauren Corp.		5,480		710,263
Vera Bradley, Inc. (A)		43,950		579,700
				4,336,895
Thrifts & Mortgage Finance - 3.6%
Axos Financial, Inc. (A)		20,205		613,424
Dime Community Bancshares, Inc.		36,555		589,267
First Defiance Financial Corp.		18,645		507,517
Flagstar Bancorp, Inc. (A)		21,075		648,899
MGIC Investment Corp. (A)		55,235		674,419
Ocwen Financial Corp. (A)		167,435		586,022
Oritani Financial Corp.		44,895		655,916
PennyMac Financial Services, Inc.		28,945		578,611
Radian Group, Inc.		37,275		715,307
United Community Financial Corp.		59,410		543,602
United Financial Bancorp, Inc.		34,640		535,188
Walker & Dunlop, Inc.		12,795		536,878
Washington Federal, Inc.		21,700		611,072
				7,796,122
Trading Companies & Distributors - 1.2%
BMC Stock Holdings, Inc. (A)		39,170		655,706
Rush Enterprises, Inc., Class A		16,505		584,112
Veritiv Corp. (A)		19,880		662,799
WESCO International, Inc. (A)		12,425		623,486
				2,526,103
Wireless Telecommunication Services - 0.7%
Telephone & Data Systems, Inc.		24,980		770,134
U.S. Cellular Corp. (A)		17,355		829,048
				1,599,182
Total Common Stocks (Cost $219,981,180)				213,578,275
OTHER INVESTMENT COMPANY - 3.1%
Securities Lending Collateral - 3.1%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 2.19% (C)		6,782,725		6,782,725
Total Other Investment Company (Cost $6,782,725)				6,782,725

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

Transamerica Funds Annual Report 2018

Page    290

Transamerica Small Cap Core

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
REPURCHASE AGREEMENT - 1.5%
Fixed Income Clearing Corp., 1.25% (C), dated 10/31/2018, to be repurchased at $3,277,591 on 11/01/2018. Collateralized by a U.S. Government Obligation, 1.13%, due 08/31/2021, and with a value of $3,344,152.		$  3,277,477		$   3,277,477
Total Repurchase Agreement (Cost $3,277,477)				3,277,477
Total Investments (Cost $230,041,382)				223,638,477
Net Other Assets (Liabilities) - (3.1)%				(6,749,384	)
Net Assets - 100.0%				$  216,889,093

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	$	213,578,275	$	—	$	—	$	213,578,275
Other Investment Company		6,782,725		—		—		6,782,725
Repurchase Agreement		—		3,277,477		—		3,277,477
Total Investments	$	220,361,000	$	3,277,477	$	—	$	223,638,477

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	All or a portion of the securities are on loan. The total value of all securities on loan is $6,547,706. 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, 2018.
(D)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. 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 2018

Page    291

Transamerica Small Cap Growth

(unaudited)

MARKET ENVIRONMENT

Over much of the 12-month period ended on October 31, 2018, small-cap growth stocks outperformed the overall market due to a number of factors. First, small-cap companies were disproportionately benefiting from the tax cut passed in 2017. Second, economic growth in the U.S. was stronger than overseas and the rising dollar (since mid-April) hurt U.S. companies that export. Finally, small-cap companies were relatively insulated from developing global trade disputes. After 10 months of almost uninterrupted advances, volatility returned to the equity market in September and October, and small caps led the market lower.

The U.S. economy showed a mix of mid-cycle dynamics and late-cycle trends. As typical during a late-cycle phase, tighter employment markets pushed up wages and the U.S. Federal Reserve’s tightening of monetary policy flattened the yield curve. However, credit conditions were not yet restrictive. Moreover, the U.S. corporate backdrop remained strong, and pro-business policies helped boost earnings expectations. Lower tax burdens and access to offshore cash provided companies with additional spending capacity, which was being used on a variety of activities, including investor-friendly actions (buybacks, dividends and mergers/acquisitions) as well as direct boosts to the real economy (raising wages and capital expenditures). We continued to believe a maturing business cycle suggested caution rather than portending disaster.

The aggressive U.S. trade posture was becoming a major risk to the global economy. China and the U.S. are the most central economies in the highly-integrated global trade network. Plans by the U.S. to confront China’s trade and investment policies could ratchet up bilateral commercial tensions, thus complicating future global growth.

At period end, we believed global growth and inflation were firm enough to keep policy makers moving toward tighter monetary policy. We also expected a return to more normalized market volatility due to declining global economic momentum as risks to the monetary, political, and economic outlooks continued. With increased market volatility, we believed that higher-quality companies may outperform the overall market.

PERFORMANCE

For the year ended October 31, 2018, Transamerica Small Cap Growth (Class A) returned 4.50%, excluding any sales charges. By comparison, its benchmark, the Russell 2000^® Growth Index, returned 4.13%.

STRATEGY REVIEW

Performance in the benchmark was led by non-earning companies, particularly in technology and biotechnology. As a group, non-earning companies in the Russell 2000^® Growth Index outperformed companies with earnings. Companies without earnings weren’t represented in the Fund, given our focus on high-quality, profitable businesses.

Despite our quality emphasis, the Fund outperformed its benchmark. From a sector perspective, materials/processing, energy and health care provided the strongest relative outperformance. Technology, financial services and producer durables were the three biggest relative detractors

Tabula Rasa HealthCare, Inc., a provider of medication management software, was the largest individual contributor. The company’s novel solution addresses a large unmet need for Medicare and Medicaid patients, in our view. We also think there is significant potential for broad application of Tabula Rasa HealthCare, Inc.’s technology, especially considering the shift in health care toward population health and precision medicine.

WageWorks, Inc., a provider of programs for employee spending-account benefits, was the largest detractor. Weakness was related to the company delaying the filing of its 2017 financials. The company announced it was making small changes to its 2016 financials and didn’t expect significant changes to its 2017 results. While this announcement helped alleviate some of our concerns, we believed it was prudent to hold the investment at a minimal position until the revised financials were filed.

W. Conrad Doenges

Andrew Hill

Joseph LaBate

Co-Portfolio Managers

Ranger Investment Management, L.P.

Asset Allocation	Percentage of Net Assets
Common Stocks		95.2	%
Other Investment Company		7.2
Repurchase Agreement		4.5
Net Other Assets (Liabilities)		(6.9	)
Total		100.0	%

Transamerica Funds Annual Report 2018

Page    292

Transamerica Small Cap Growth

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		(1.23	)%		7.76	%		9.98	%		08/31/2012
Class A (NAV)		4.50	%		8.99	%		10.99	%		08/31/2012
Russell 2000® Growth Index (A)		4.13	%		8.75	%		13.06	%
Class C (POP)		2.94	%		8.21	%		10.21	%		08/31/2012
Class C (NAV)		3.87	%		8.21	%		10.21	%		08/31/2012
Class I (NAV)		4.82	%		9.25	%		11.27	%		08/31/2012
Class I2 (NAV)		5.06	%		9.42	%		11.42	%		08/31/2012
Class I3 (NAV)		4.90	%		N/A			10.07	%		03/10/2017
Class R (NAV)		4.48	%		N/A			9.52	%		03/10/2017
Class R4 (NAV)		4.60	%		N/A			9.79	%		03/10/2017
Class R6 (NAV)		5.06	%		N/A			12.24	%		07/25/2016
Class T1 (POP)		2.00	%		N/A			6.89	%		03/17/2017
Class T1 (NAV)		4.66	%		N/A			8.55	%		03/17/2017
Advisor Class (NAV)		4.81	%		N/A			9.18	%		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.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for A shares and 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. If a sales charge had been deducted, the results would be lower. There are no sales charges on Class I, I2, I3, R, R4, R6 and Advisor Class shares.

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

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

Small capitalization companies may have less experienced management, unpredictable earnings growth, and limited product lines, which can cause their share prices to fluctuate more than those of larger firms. Returns on growth stocks may not move in tandem with return on other categories of stocks or the market as a whole. Growth stocks may be particularly susceptible to larger price swings or to adverse developments. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks.

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

Transamerica Funds Annual Report 2018

Page    293

Transamerica Small Cap Growth

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Shares		Value
COMMON STOCKS - 95.2%
Aerospace & Defense - 1.9%
Mercury Systems, Inc. (A)		59,353		$  2,781,282
Banks - 4.7%
Banc of California, Inc.		256,284		4,087,730
CenterState Bank Corp.		37,235		915,236
LegacyTexas Financial Group, Inc.		46,665		1,798,002
				6,800,968
Biotechnology - 2.7%
Repligen Corp. (A)		71,645		3,884,592
Building Products - 1.1%
Insteel Industries, Inc.		59,855		1,563,413
Chemicals - 1.7%
Quaker Chemical Corp.		13,700		2,464,630
Commercial Services & Supplies - 2.8%
Knoll, Inc.		205,295		4,075,106
Diversified Telecommunication Services - 2.5%
Cogent Communications Holdings, Inc.		69,640		3,619,887
Electronic Equipment, Instruments & Components - 1.5%
Mesa Laboratories, Inc.		11,900		2,174,011
Food Products - 4.9%
Calavo Growers, Inc. (B)		49,475		4,799,075
J&J Snack Foods Corp.		14,295		2,232,307
				7,031,382
Health Care Equipment & Supplies - 7.4%
Cantel Medical Corp.		40,730		3,223,779
Heska Corp. (A)		20,457		2,050,201
LeMaitre Vascular, Inc.		66,930		1,787,031
Neogen Corp. (A)		23,608		1,433,478
Tactile Systems Technology, Inc. (A)		32,930		2,156,256
				10,650,745
Health Care Providers & Services - 2.3%
BioTelemetry, Inc. (A)		56,160		3,262,896
Health Care Technology - 3.8%
Medidata Solutions, Inc. (A)		39,295		2,762,438
Tabula Rasa HealthCare, Inc. (A)		36,283		2,680,588
				5,443,026
Hotels, Restaurants & Leisure - 2.4%
Sonic Corp.		80,763		3,495,423
Household Durables - 2.6%
Cavco Industries, Inc. (A)		11,320		2,270,905
TopBuild Corp. (A)		32,330		1,474,895
				3,745,800
IT Services - 6.6%
Evo Payments, Inc., Class A (A) (B)		83,587		1,984,355
MAXIMUS, Inc.		42,580		2,766,423
WNS Holdings, Ltd., ADR (A)		93,131		4,674,245
				9,425,023
Leisure Products - 1.1%
Malibu Boats, Inc., Class A (A)		39,361		1,582,312
Life Sciences Tools & Services - 7.8%
Cambrex Corp. (A)		76,150		4,058,033
NeoGenomics, Inc. (A)		116,380		2,146,047
PRA Health Sciences, Inc. (A)		52,295		5,065,817
				11,269,897

	Shares		Value
COMMON STOCKS (continued)
Oil, Gas & Consumable Fuels - 4.1%
Callon Petroleum Co. (A)		144,090		$   1,436,577
WildHorse Resource Development Corp. (A) (B)		211,710		4,490,369
				5,926,946
Personal Products - 3.3%
Inter Parfums, Inc.		81,070		4,782,319
Pharmaceuticals - 1.6%
Supernus Pharmaceuticals, Inc. (A)		48,505		2,306,898
Professional Services - 1.1%
WageWorks, Inc. (A)		38,625		1,537,661
Road & Rail - 4.5%
Marten Transport, Ltd.		128,081		2,466,840
Saia, Inc. (A)		63,445		3,988,153
				6,454,993
Semiconductors & Semiconductor Equipment - 4.7%
Cabot Microelectronics Corp.		22,772		2,223,003
CEVA, Inc. (A)		35,166		866,490
Integrated Device Technology, Inc. (A)		30,810		1,442,216
Silicon Laboratories, Inc. (A)		26,500		2,160,545
				6,692,254
Software - 12.1%
Box, Inc., Class A (A)		84,051		1,512,918
Mimecast, Ltd. (A)		61,580		2,146,679
MINDBODY, Inc., Class A (A) (B)		109,900		3,499,216
Pegasystems, Inc.		116,152		6,216,455
Qualys, Inc. (A)		55,505		3,954,176
				17,329,444
Textiles, Apparel & Luxury Goods - 3.7%
Oxford Industries, Inc.		23,562		2,096,547
Steven Madden, Ltd.		104,444		3,265,964
				5,362,511
Thrifts & Mortgage Finance - 0.5%
LendingTree, Inc. (A) (B)		3,665		739,194
Trading Companies & Distributors - 1.8%
Beacon Roofing Supply, Inc. (A)		16,109		449,602
SiteOne Landscape Supply, Inc. (A)		31,768		2,161,495
				2,611,097
Total Common Stocks (Cost $110,833,160)				137,013,710
OTHER INVESTMENT COMPANY - 7.2%
Securities Lending Collateral - 7.2%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 2.19% (C)		10,397,096		10,397,096
Total Other Investment Company (Cost $10,397,096)				10,397,096

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

Transamerica Funds Annual Report 2018

Page    294

Transamerica Small Cap Growth

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
REPURCHASE AGREEMENT - 4.5%
Fixed Income Clearing Corp., 1.25% (C), dated 10/31/2018, to be repurchased at $6,537,031 on 11/01/2018. Collateralized by a U.S. Government Obligation, 1.13%, due 08/31/2021, and with a value of $6,669,222.		$  6,536,804		$   6,536,804
Total Repurchase Agreement (Cost $6,536,804)				6,536,804
Total Investments (Cost $127,767,060)				153,947,610
Net Other Assets (Liabilities) - (6.9)%				(9,974,381	)
Net Assets - 100.0%				$  143,973,229

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	$	137,013,710	$	—	$	—	$	137,013,710
Other Investment Company		10,397,096		—		—		10,397,096
Repurchase Agreement		—		6,536,804		—		6,536,804
Total Investments	$	147,410,806	$	6,536,804	$	—	$	153,947,610

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 $10,166,185. 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, 2018.
(D)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. 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 2018

Page    295

Transamerica Small Cap Value

(unaudited)

MARKET ENVIRONMENT

U.S. stock markets were generally strong over the 12-month period ended on October 31, 2018. Economic growth was not only solid, but rose above recent levels thanks, in part, to changes in tax policy. Wages finally began to rise and corporate profits were strong. Yet, interest rates, while rising, remained low and generally accommodative. Politics around trade were concerning to investors but did not overly affect markets.

In the small-universe, growth indexes led their value counterparts. From a sector standpoint, health care was the cap equity runaway winner, advancing more than twice the next closest sector. Energy and materials were among the weakest.

PERFORMANCE

For the year ended October 31, 2018, Transamerica Small Cap Value (Class R4) returned -6.99%, excluding any sales charges. By comparison, its benchmark, the Russell 2000^® Value Index, returned -0.59%.

STRATEGY REVIEW

The Fund underperformed its benchmark, driven by unfavorable stock selection and sector allocation decisions.

Our weakest sector for stock selection was financials, which was driven by regional banks. This group underwent a transition as a very long credit cycle shifted due to rising interest rates. Hanmi Financial Corp., a Los Angeles-based bank, detracted from performance due to a series of negative earnings announcements tied to rising deposit costs. Customers Bancorp, Inc. also detracted, partly due to rising deposit costs and a delay in the spinoff of its mobile banking division. Our stock selection within industrials was also weak, led lower by Builders FirstSource, Inc., a supplier to contractors in housing, and Rush Enterprises, Inc., a truck retailer.

Our strongest sector for stock selection was energy; most of our holdings either were flat or positive. Our stock selection in health care was also strong, especially in biotechnology, driven by Emergent Biosolutions, Inc., which manufactures countermeasures to biological and chemical threats, and Repligen Corp., a processor of biological compounds.

James W. Gaul, CFA

David Hanna

Douglas A. Riley, CFA

Michael J. Vogelzang, CFA

Co-Portfolio Managers

Boston Advisors, LLC

Asset Allocation	Percentage of Net Assets
Common Stocks		88.7	%
Investment Companies		6.9
Repurchase Agreement		2.3
Master Limited Partnership		2.0
Net Other Assets (Liabilities)		0.1
Total		100.0	%

Transamerica Funds Annual Report 2018

Page    296

Transamerica Small Cap Value

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		(12.19	)%		N/A			(3.54	)%		04/21/2017
Class A (NAV)		(7.12	)%		N/A			0.06	%		04/21/2017
Class C (POP)		(8.76	)%		N/A			(0.73	)%		04/21/2017
Class C (NAV)		(7.88	)%		N/A			(0.73	)%		04/21/2017
Class I (NAV)		(6.86	)%		N/A			0.32	%		04/21/2017
Class I2 (NAV)		(6.81	)%		N/A			0.35	%		04/21/2017
Class I3 (NAV)		(6.78	)%		N/A			0.49	%		04/21/2017
Class R (NAV)		(7.25	)%		N/A			(0.06	)%		04/21/2017
Class R4 (NAV)		(6.99	)%		4.36	%		10.08	%		01/23/2003
Russell 2000® Value Index (A)		(0.59	)%		7.18	%		10.95	%
Class R6 (NAV)		(6.85	)%		N/A			0.35	%		04/21/2017
Class T1 (POP)		(9.41	)%		N/A			(1.52	)%		04/21/2017
Class T1 (NAV)		(7.06	)%		N/A			0.10	%		04/21/2017
Advisor Class (NAV)		(6.96	)%		N/A			0.27	%		04/21/2017

^(A) The Russell 2000^® Value Index measures the performance of small-cap value segment of the U.S. equity universe, and is comprised of Russell 2000^® Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for A shares 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. If a sales charge had been deducted, the results would be lower. There are no sales charges on Class I, I2, I3, R, R4, R6 and Advisor Class shares.

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

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

The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the Fund fall, the value of the Fund will decline. Small capitalization companies may have less experienced management, unpredictable earnings growth, and limited product lines, which can cause their share prices to fluctuate more than those of larger firms. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “growth” stocks. The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down.

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

Transamerica Funds Annual Report 2018

Page    297

Transamerica Small Cap Value

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Shares		Value
COMMON STOCKS - 88.7%
Auto Components - 1.5%
American Axle & Manufacturing Holdings, Inc. (A)		244,340		$  3,706,638
Banks - 15.9%
Associated Banc-Corp.		169,405		3,926,808
Brookline Bancorp, Inc.		234,070		3,628,085
Cathay General Bancorp		127,395		4,798,970
Eagle Bancorp, Inc. (A)		56,270		2,766,796
Hancock Whitney Corp.		98,300		4,124,668
Hanmi Financial Corp.		114,065		2,393,084
OFG Bancorp		268,150		4,582,683
TCF Financial Corp.		194,560		4,062,413
TriState Capital Holdings, Inc. (A)		153,119		3,861,661
United Community Banks, Inc.		156,405		3,889,792
Veritex Holdings, Inc. (A)		93,080		2,192,965
				40,227,925
Biotechnology - 3.1%
Emergent BioSolutions, Inc. (A)		77,890		4,766,089
Repligen Corp. (A)		58,930		3,195,185
				7,961,274
Capital Markets - 2.6%
Evercore, Inc., Class A		38,865		3,174,882
Moelis & Co., Class A		81,920		3,306,291
				6,481,173
Chemicals - 1.1%
Ferro Corp. (A)		165,520		2,803,909
Commercial Services & Supplies - 1.4%
McGrath RentCorp		64,890		3,464,477
Diversified Consumer Services - 1.3%
Weight Watchers International, Inc. (A)		48,585		3,211,468
Diversified Financial Services - 1.2%
On Deck Capital, Inc. (A)		440,170		3,037,173
Electric Utilities - 2.1%
Portland General Electric Co.		120,605		5,436,873
Electronic Equipment, Instruments & Components - 3.6%
Electro Scientific Industries, Inc. (A)		197,300		5,721,700
Vishay Intertechnology, Inc.		181,065		3,313,489
				9,035,189
Energy Equipment & Services - 4.1%
McDermott International, Inc. (A)		181,119		1,400,050
ProPetro Holding Corp. (A)		258,320		4,559,348
Unit Corp. (A)		188,970		4,370,876
				10,330,274
Equity Real Estate Investment Trusts - 9.4%
National Storage Affiliates Trust		188,890		5,030,141
Senior Housing Properties Trust		307,440		4,940,561
Spirit Realty Capital, Inc.		548,810		4,291,694
STAG Industrial, Inc.		204,600		5,413,716
Xenia Hotels & Resorts, Inc.		206,110		4,235,560
				23,911,672
Food Products - 1.6%
Darling Ingredients, Inc. (A)		201,590		4,164,849
Gas Utilities - 2.1%
Southwest Gas Holdings, Inc.		67,125		5,186,749

	Shares		Value
COMMON STOCKS (continued)
Health Care Technology - 1.5%
Allscripts Healthcare Solutions, Inc. (A)		326,420		$   3,887,662
Hotels, Restaurants & Leisure - 1.3%
Boyd Gaming Corp.		124,030		3,294,237
Household Products - 1.1%
Central Garden & Pet Co., Class A (A)		95,164		2,821,613
Insurance - 3.7%
Assured Guaranty, Ltd.		113,790		4,549,324
CNO Financial Group, Inc.		248,485		4,696,367
				9,245,691
IT Services - 1.7%
CACI International, Inc., Class A (A)		24,480		4,368,701
Leisure Products - 3.9%
Callaway Golf Co.		186,585		3,992,919
Johnson Outdoors, Inc., Class A		36,670		2,761,618
Malibu Boats, Inc., Class A (A)		76,830		3,088,566
				9,843,103
Machinery - 3.0%
Briggs & Stratton Corp.		215,610		3,132,813
Harsco Corp. (A)		163,715		4,497,251
				7,630,064
Metals & Mining - 1.6%
Allegheny Technologies, Inc. (A)		157,980		4,090,102
Oil, Gas & Consumable Fuels - 3.1%
Delek US Holdings, Inc.		71,850		2,638,332
Enerplus Corp.		342,740		3,184,055
Gulfport Energy Corp. (A)		220,995		2,013,264
				7,835,651
Paper & Forest Products - 1.1%
Louisiana-Pacific Corp.		131,380		2,860,143
Pharmaceuticals - 1.4%
Supernus Pharmaceuticals, Inc. (A)		76,430		3,635,011
Road & Rail - 1.4%
Ryder System, Inc.		62,840		3,475,680
Semiconductors & Semiconductor Equipment - 1.0%
Cohu, Inc.		118,495		2,464,696
Software - 2.9%
Hortonworks, Inc. (A)		167,250		2,987,085
Upland Software, Inc. (A)		136,035		4,290,544
				7,277,629
Specialty Retail - 3.0%
Children’s Place, Inc.		31,150		4,653,810
Sleep Number Corp. (A)		80,030		2,910,691
				7,564,501
Thrifts & Mortgage Finance - 3.3%
Essent Group, Ltd. (A)		95,230		3,753,967
Washington Federal, Inc.		165,550		4,661,888
				8,415,855
Trading Companies & Distributors - 2.7%
H&E Equipment Services, Inc.		97,780		2,355,520
Triton International, Ltd.		139,250		4,479,673
				6,835,193
Total Common Stocks (Cost $217,730,081)				224,505,175

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

Transamerica Funds Annual Report 2018

Page    298

Transamerica Small Cap Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Shares		Value
INVESTMENT COMPANIES - 6.9%
U.S. Equity Funds - 6.9%
First Trust NASDAQ ABA Community Bank Index Fund		51,790		$   2,511,815
Invesco KBW Premium Yield Equity REIT ETF		155,835		4,877,635
iShares Russell 2000 Value ETF		83,625		10,131,169
Total Investment Companies (Cost $18,110,417)				17,520,619
MASTER LIMITED PARTNERSHIP - 2.0%
Independent Power & Renewable Electricity Producers - 2.0%
NextEra Energy Partners, LP		112,860		5,138,516
Total Master Limited Partnership (Cost $4,480,784)				5,138,516

	Principal		Value
REPURCHASE AGREEMENT - 2.3%
Fixed Income Clearing Corp., 1.25% (B), dated 10/31/2018, to be repurchased at $5,885,035 on 11/01/2018. Collateralized by a U.S. Government Obligation, 1.13%, due 08/31/2021, and with a value of $6,006,116.		$  5,884,831		$   5,884,831
Total Repurchase Agreement (Cost $5,884,831)				5,884,831
Total Investments (Cost $246,206,113)				253,049,141
Net Other Assets (Liabilities) - 0.1%				226,841
Net Assets - 100.0%				$  253,275,982

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	$	224,505,175	$	—	$	—	$	224,505,175
Investment Companies		17,520,619		—		—		17,520,619
Master Limited Partnership		5,138,516		—		—		5,138,516
Repurchase Agreement		—		5,884,831		—		5,884,831
Total Investments	$	247,164,310	$	5,884,831	$	—	$	253,049,141

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	Rate disclosed reflects the yield at October 31, 2018.
(C)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. 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 2018

Page    299

Transamerica Small/Mid Cap Value

(unaudited)

MARKET ENVIRONMENT

Systematic Financial Management, L.P.

Volatility intensified as the 12-month period closed and a steep market pullback erased most of the earlier gains, leaving the Russell 2000^® Index up just under two percent for the 12-month period ended October 31, 2018. Small-cap stocks were in favor for much of the 12-month period in light of their largely domestic exposure, a positive characteristic following the U.S. corporate tax cut at the end of 2017 and, thereafter, amid worries about the effects of heightened protectionism on global trade. The perception that small caps provided safe haven from the broadened tariff activity dissipated along with the unfavorable market sentiment late in the fiscal year. This dynamic worsened as investors weighed potential impacts of rising interest rates and elevated cost pressures due to a tightening labor market and increasing commodity prices.

The market headwinds largely reflected future risks more than current reality, as the economy remained in good shape throughout the 12-month period. The fiscal stimulus had the desired effect, and most companies reported double-digit, year-over-year earnings growth in the third quarter of 2018, even adjusting for the lower corporate tax rates. During the October sell-off, investors pondered how long the nearly decade-long expansion could last. This risk aversion pushed many economically-sensitive sectors of the Index into the red, including materials, energy and industrials.

As the favorable effect of 2017’s fiscal stimulus waned and the specter of sustained and potentially heightened tariff activity loomed, the economy may well soften as cost pressures rise. As such, another low-return market environment could be ahead.

Thompson, Siegel & Walmsley

The market witnessed significantly more moderate returns in the Fund’s 2018 fiscal year relative to its 2017 fiscal year, when both domestic and international equity markets posted returns north of 20% in many asset classes. For the 12-month period ended on October 31, 2018, the market appeared to reset, with domestic indexes returning modest returns in the low-to-mid single digit range, with international equities and fixed income (as represented by the Bloomberg Barclays U.S. Aggregate Bond Index) posting negative returns. There were two notable sell-offs due to concerns over higher inflation that could lead to expedited tightening by U.S. Federal Reserve, and more recent worries of the market reaching peak profit margins while potential growth challenges arose driven from a global trade war and wage inflation. After a period of investor complacency, measured by record low volatility in 2017, the market reset with an increase in volatility, although close to in-line with the long-term history.

Despite the late period noise and volatility, the U.S. economy appeared to be in good health, as gross domestic product growth remained strong and earnings were generally positive and relatively broad based. The environment, however, was certainly not without its risks. Namely, political uncertainty and trade tensions between the U.S. and other global participants continued to present noise and short-termism in the market. This may cause volatility and create opportunities as stock prices dislocate from intrinsic value.

The market continued to trade at an expensive multiple, which was further pronounced when comparing growth against value, as the historic premium growth garnered over value was well above long-term levels, indicating the relative attractiveness of the value style, in our view. We believe the market ultimately rewards fundamentals and valuation, providing a strong backdrop for active value managers going forward.

PERFORMANCE

For the year ended October 31, 2018, Transamerica Small/Mid Cap Value (Class A) returned 2.25%, excluding any sales charges. By comparison, its benchmark, the Russell 2500™ Value Index, returned 0.27%.

STRATEGY REVIEW

Systematic Financial Management, L.P.

In the small-cap sleeve, Systematic generally invests in stocks of companies with small capitalizations that are attractively valued. Our security selection process generally favors companies with strong operating cash flow, healthy free cash flow, limited financial leverage and sturdy debt coverage.

The small-cap sleeve outperformed (gross of management fees) its Russell 2000 Value benchmark. On a relative basis, our strong stock selection offset an unfavorable sector allocation impact. Holdings in the consumer discretionary and health-care sectors were especially robust, and were moderately offset by underperformance in materials and financials. Negative sector allocation was widespread but minimal in most. One exception was information technology, where an overweight represented almost half of the negative contribution from sector allocation.

Transamerica Funds Annual Report 2018

Page    300

Transamerica Small/Mid Cap Value

(unaudited)

STRATEGY REVIEW (continued)

From a factor attribution standpoint, our focus on balance sheet quality and recurring cash flows positioned the sleeve well despite the volatile year. Avoidance of companies with poor interest coverage minimized our exposure to some of the worst areas of the small-cap universe. Additionally, high exposure to companies with healthy debt-to-equity ratios added materially compared to the Index, as companies with strong leverage ratios outperformed those without. The increase in both short- and long-term interest rates played no small role in this dynamic.

Thompson, Siegel & Walmsley

In the mid-cap sleeve, we seek to invest in companies we believe present a value or potential worth that is not recognized by prevailing market prices or that have experienced some fundamental changes and are intrinsically undervalued by the investment community. Our process uses a combination of quantitative and qualitative methods and is based on a four-factor valuation screen.

The mid-cap sleeve outperformed its benchmark, the Russell MidCap Value Index, led by the consumer discretionary and financial services sectors. Within consumer discretionary, Discovery, Inc. had the largest impact, driven by heightened expectations around future synergies from its acquisition of Scripps Networks Interactive, as well as the potential for further media merger-and-acquisition activity following AT&T, Inc.’s successful acquisition of Time Warner Cable LLC. The Fund’s sleeve also benefitted from auto parts retailer, Advance Auto Parts, Inc. New management improved the business in a number of areas, such as supply chain management, which have helped propel the stock price higher. In financials, we benefited from positive stock selection across several industries including insurance and real estate investment trusts (REITs). At the stock level, Progressive Corp. and Uniti Group, Inc. were our top performers. Shares in insurance company Progressive Corp. moved higher on strength in personal lines as industry pricing improved, and top-line growth and underwriting margins continued to surprise to the upside. The company also added market share. Uniti Group, Inc., a telecom infrastructure REIT, had been pressured by financial difficulties facing the company’s largest tenant, Windstream Holdings, Inc. Shares lifted on positive news flow surrounding Windstream Holdings, Inc.‘s ongoing dispute with a creditor attempting to force the company into bankruptcy. We believed the market was pricing in a worst-case scenario on the impact from Windstream Holdings, Inc., and at the same time, ignored the continued build in infrastructure in fiber assets and towers.

Energy and health care weighed on relative performance. In energy, our underweight in oil-sensitive stocks, which rallied along with the improving price of oil, was the main detractor. Additionally, we were negatively impacted by natural gas producers Range Resources Corp. and Antero Resources Corp., which were pressured by the weakening of forward-looking natural gas prices. In health care, DENTSPLY SIRONA, Inc. was the largest detractor. An American dental consumables and equipment manufacturer, the company has been challenged from weakness in the dental industry, and merger synergies not meeting investor expectations. We continued to like the stock and believed these headwinds were not secular, and that the valuation gap will narrow as new management reduces meaningful costs.

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		96.2	%
Other Investment Company		2.3
Repurchase Agreement		1.1
Net Other Assets (Liabilities)		0.4
Total		100.0	%

Transamerica Funds Annual Report 2018

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Transamerica Small/Mid Cap Value

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		(3.36	)%		6.36	%		13.05	%		04/02/2001
Class A (NAV)		2.25	%		7.57	%		13.69	%		04/02/2001
Russell 2500™ Value Index (A)		0.27	%		7.17	%		12.11	%
Class B (POP)		(3.07	)%		6.62	%		13.06	%		04/02/2001
Class B (NAV)		1.35	%		6.75	%		13.06	%		04/02/2001
Class C (POP)		0.71	%		6.86	%		12.96	%		11/11/2002
Class C (NAV)		1.60	%		6.86	%		12.96	%		11/11/2002
Class I (NAV)		2.60	%		7.95	%		13.18	%		11/30/2009
Class I2 (NAV)		2.72	%		8.05	%		14.26	%		11/15/2005
Class R6 (NAV)		2.75	%		N/A			7.51	%		05/29/2015
Class T1 (POP)		(0.13	)%		N/A			2.87	%		03/17/2017
Class T1 (NAV)		2.44	%		N/A			4.48	%		03/17/2017
Advisor Class (NAV)		2.51	%		N/A			6.09	%		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.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for A shares and 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. If a sales charge had been deducted, the results would be lower. 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 and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower.

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

The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the Fund fall, the value of the Fund will decline. Small capitalization companies may have less experienced management, unpredictable earnings growth, and limited product lines, which can cause their share prices to fluctuate more than those of larger firms. Value investing carries the risk that the market will not recognize a security’s intrinsic value for a long time or that a stock considered undervalued. The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down.

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

Transamerica Funds Annual Report 2018

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Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Shares		Value
COMMON STOCKS - 96.2%
Aerospace & Defense - 1.0%
Aerojet Rocketdyne Holdings, Inc. (A)		86,000		$  3,037,520
Cubic Corp.		27,000		1,771,470
Curtiss-Wright Corp.		16,350		1,789,671
Elbit Systems, Ltd. (B)		15,850		1,893,916
				8,492,577
Airlines - 1.8%
Alaska Air Group, Inc.		137,300		8,432,966
United Continental Holdings, Inc. (A)		73,300		6,267,883
				14,700,849
Auto Components - 0.8%
Dana, Inc.		84,000		1,307,880
Gentex Corp.		26,500		557,825
Stoneridge, Inc. (A)		89,700		2,279,277
Visteon Corp. (A)		27,800		2,197,312
				6,342,294
Banks - 6.6%
Bank of Princeton (A)		40,100		1,132,825
Berkshire Hills Bancorp, Inc.		113,131		3,775,182
CIT Group, Inc.		249,700		11,830,786
Evans Bancorp, Inc.		11,000		484,000
First Citizens BancShares, Inc., Class A		17,813		7,599,560
First Community Bankshares, Inc.		122,980		4,246,499
First Republic Bank		8,350		759,767
Hanmi Financial Corp.		84,900		1,781,202
Hilltop Holdings, Inc.		15,100		300,490
Hope Bancorp, Inc.		125,382		1,815,531
Lakeland Bancorp, Inc.		216,000		3,557,520
Sandy Spring Bancorp, Inc.		108,900		3,871,395
Sterling Bancorp		169,500		3,047,610
Umpqua Holdings Corp.		150,500		2,889,600
Union Bankshares Corp.		49,000		1,672,860
United Community Banks, Inc.		95,000		2,362,650
Washington Trust Bancorp, Inc.		34,871		1,790,626
Webster Financial Corp.		25,000		1,471,000
				54,389,103
Beverages - 1.3%
Molson Coors Brewing Co., Class B		171,800		10,995,200
Biotechnology - 0.6%
United Therapeutics Corp. (A)		40,900		4,534,174
Building Products - 1.3%
American Woodmark Corp. (A)		17,100		1,033,524
Continental Building Products, Inc. (A)		167,900		4,669,299
Gibraltar Industries, Inc. (A)		26,500		944,460
Insteel Industries, Inc.		22,000		574,640
JELD-WEN Holding, Inc. (A)		77,200		1,255,272
Masonite International Corp. (A)		16,700		925,013
PGT Innovations, Inc. (A)		68,500		1,387,810
				10,790,018
Capital Markets - 1.5%
E*TRADE Financial Corp.		99,600		4,922,232
Legg Mason, Inc.		72,200		2,037,484
Piper Jaffray Cos.		38,800		2,691,944
Stifel Financial Corp.		48,000		2,194,560
Waddell & Reed Financial, Inc., Class A		27,500		524,425
				12,370,645

	Shares		Value
COMMON STOCKS (continued)
Chemicals - 1.6%
Chase Corp.		8,000		$   862,720
Methanex Corp.		28,500		1,844,805
PPG Industries, Inc.		71,800		7,545,462
Trinseo SA		40,500		2,182,140
Venator Materials PLC (A)		98,600		666,536
				13,101,663
Commercial Services & Supplies - 1.4%
HNI Corp.		17,900		678,231
Knoll, Inc.		74,700		1,482,795
Stericycle, Inc. (A)		128,300		6,411,151
Tetra Tech, Inc.		44,200		2,918,968
				11,491,145
Communications Equipment - 1.7%
ARRIS International PLC (A)		299,006		7,436,279
KVH Industries, Inc. (A)		318,500		3,933,475
NETGEAR, Inc. (A)		42,650		2,366,222
				13,735,976
Construction & Engineering - 1.5%
Comfort Systems USA, Inc.		62,800		3,358,544
EMCOR Group, Inc.		50,300		3,570,294
Granite Construction, Inc.		50,500		2,308,860
KBR, Inc.		160,400		3,172,712
				12,410,410
Construction Materials - 0.2%
US Concrete, Inc. (A) (B)		49,400		1,612,416
Consumer Finance - 0.6%
Ally Financial, Inc.		191,300		4,860,933
Containers & Packaging - 0.6%
Ball Corp.		112,200		5,026,560
Distributors - 1.2%
LKQ Corp. (A)		347,800		9,484,506
Diversified Consumer Services - 0.1%
K12, Inc. (A)		26,300		563,083
Diversified Financial Services - 1.4%
Jefferies Financial Group, Inc.		378,100		8,117,807
Voya Financial, Inc.		75,776		3,315,958
				11,433,765
Electric Utilities - 4.4%
Alliant Energy Corp.		225,200		9,679,096
FirstEnergy Corp.		230,300		8,585,584
PG&E Corp. (A)		115,800		5,420,598
PPL Corp.		402,100		12,223,840
				35,909,118
Electrical Equipment - 0.5%
LSI Industries, Inc.		174,000		751,680
Regal Beloit Corp.		45,000		3,226,500
				3,978,180
Electronic Equipment, Instruments & Components - 2.2%
Belden, Inc.		29,300		1,583,665
Benchmark Electronics, Inc.		32,200		702,926
Coherent, Inc. (A)		7,800		960,492
Control4 Corp. (A)		149,100		4,162,872
Daktronics, Inc.		32,400		236,844
Electro Scientific Industries, Inc. (A) (B)		45,900		1,331,100

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

Transamerica Funds Annual Report 2018

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Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Shares		Value
COMMON STOCKS (continued)
Electronic Equipment, Instruments & Components (continued)
Methode Electronics, Inc.		52,100		$   1,542,160
Orbotech, Ltd. (A)		101,100		5,655,534
Vishay Intertechnology, Inc.		122,500		2,241,750
				18,417,343
Energy Equipment & Services - 0.2%
Helmerich & Payne, Inc.		31,250		1,946,563
Entertainment - 1.1%
Lions Gate Entertainment Corp., Class B		94,219		1,676,156
Viacom, Inc., Class B		232,309		7,429,242
				9,105,398
Equity Real Estate Investment Trusts - 8.1%
Apple Hospitality REIT, Inc.		62,800		1,015,476
Brandywine Realty Trust		152,000		2,137,120
Chatham Lodging Trust		13,500		263,250
Colony Capital, Inc.		1,561,600		9,166,592
Community Healthcare Trust, Inc.		128,500		3,819,020
DiamondRock Hospitality Co.		310,000		3,239,500
Gaming and Leisure Properties, Inc.		116,300		3,918,147
Iron Mountain, Inc.		195,400		5,981,194
JBG SMITH Properties		256,500		9,613,620
Lexington Realty Trust		328,500		2,552,445
Outfront Media, Inc.		73,000		1,293,560
Physicians Realty Trust		173,700		2,879,946
Piedmont Office Realty Trust, Inc., Class A		62,000		1,117,240
Sabra Health Care REIT, Inc.		126,500		2,738,725
Summit Hotel Properties, Inc.		275,500		3,173,760
Uniti Group, Inc. (A)		248,278		4,752,041
VEREIT, Inc.		1,308,100		9,588,373
				67,250,009
Food & Staples Retailing - 2.0%
Casey’s General Stores, Inc.		67,400		8,499,814
US Foods Holding Corp. (A)		266,900		7,785,473
				16,285,287
Food Products - 2.3%
General Mills, Inc.		55,400		2,426,520
J.M. Smucker, Co.		57,000		6,174,240
Kellogg Co.		101,500		6,646,220
Post Holdings, Inc. (A)		43,500		3,846,270
				19,093,250
Health Care Equipment & Supplies - 2.3%
DENTSPLY SIRONA, Inc.		206,500		7,151,095
Meridian Bioscience, Inc.		181,500		2,942,115
OraSure Technologies, Inc. (A)		89,600		1,245,440
Zimmer Biomet Holdings, Inc.		64,900		7,371,991
				18,710,641
Health Care Providers & Services - 3.5%
AmerisourceBergen Corp.		76,900		6,767,200
AMN Healthcare Services, Inc. (A)		34,500		1,746,390
Cardinal Health, Inc.		192,200		9,725,320
Cross Country Healthcare, Inc. (A)		124,900		1,102,867
Encompass Health Corp.		50,500		3,398,650
Laboratory Corp. of America Holdings (A)		40,400		6,486,220
				29,226,647
Health Care Technology - 0.2%
Omnicell, Inc. (A)		28,100		1,986,670

	Shares		Value
COMMON STOCKS (continued)
Hotels, Restaurants & Leisure - 1.8%
Bloomin’ Brands, Inc.		48,900		$   975,555
Caesars Entertainment Corp. (A) (B)		762,300		6,548,157
Churchill Downs, Inc.		10,200		2,546,022
Stars Group, Inc. (A)		231,400		4,806,178
				14,875,912
Household Durables - 1.2%
Helen of Troy, Ltd. (A)		25,000		3,103,000
La-Z-Boy, Inc.		66,000		1,834,800
Mohawk Industries, Inc. (A)		39,000		4,864,470
				9,802,270
Household Products - 0.3%
Spectrum Brands Holdings, Inc.		37,600		2,442,120
Independent Power & Renewable Electricity Producers - 0.7%
AES Corp.		409,300		5,967,594
Insurance - 8.6%
Alleghany Corp.		18,200		10,932,376
Allstate Corp.		40,300		3,857,516
Arch Capital Group, Ltd. (A)		282,400		8,011,688
Aspen Insurance Holdings, Ltd.		30,500		1,277,340
Fidelity National Financial, Inc.		235,800		7,887,510
Loews Corp.		205,200		9,554,112
Markel Corp. (A)		5,800		6,340,792
Selective Insurance Group, Inc.		81,450		5,282,032
United Fire Group, Inc.		90,318		4,861,818
Unum Group		67,200		2,436,672
Willis Towers Watson PLC		75,400		10,794,264
				71,236,120
Interactive Media & Services - 0.3%
IAC/InterActiveCorp (A)		13,100		2,575,329
Internet & Direct Marketing Retail - 0.9%
Liberty Expedia Holdings, Inc., Class A (A)		152,725		6,631,320
Nutrisystem, Inc.		17,500		622,300
				7,253,620
IT Services - 2.2%
Leidos Holdings, Inc.		181,000		11,725,180
MAXIMUS, Inc.		104,800		6,808,856
				18,534,036
Machinery - 2.2%
Altra Industrial Motion Corp.		52,700		1,700,629
Columbus McKinnon Corp.		69,592		2,556,114
Douglas Dynamics, Inc.		59,500		2,581,705
Gencor Industries, Inc. (A)		127,700		1,453,226
Mueller Industries, Inc.		81,300		1,979,655
Oshkosh Corp.		26,350		1,479,289
Terex Corp.		13,400		447,426
Trinity Industries, Inc.		133,600		3,814,280
Watts Water Technologies, Inc., Class A		34,500		2,416,725
				18,429,049
Media - 4.9%
AMC Networks, Inc., Class A (A) (B)		60,087		3,519,896
Discovery, Inc., Class C (A)		295,959		8,674,558
DISH Network Corp., Class A (A)		293,400		9,019,116
GCI Liberty, Inc., Class A (A)		79,800		3,776,934
Liberty Media Corp. - Liberty SiriusXM, Class C (A)		95,273		3,931,917

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

Transamerica Funds Annual Report 2018

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Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Shares		Value
COMMON STOCKS (continued)
Media (continued)
MSG Networks, Inc., Class A (A)		185,300		$   4,734,415
News Corp., Class A		540,500		7,129,195
				40,786,031
Metals & Mining - 0.7%
Commercial Metals Co.		126,000		2,401,560
Kaiser Aluminum Corp.		25,000		2,384,250
Schnitzer Steel Industries, Inc., Class A		27,500		739,750
TimkenSteel Corp. (A) (B)		52,300		608,249
				6,133,809
Mortgage Real Estate Investment Trusts - 1.4%
Annaly Capital Management, Inc.		1,169,942		11,547,328
Multi-Utilities - 0.5%
NorthWestern Corp.		75,000		4,407,000
Oil, Gas & Consumable Fuels - 3.8%
Antero Resources Corp. (A)		550,704		8,750,687
Callon Petroleum Co. (A)		204,000		2,033,880
Delek US Holdings, Inc.		38,596		1,417,245
Energen Corp. (A)		43,900		3,159,483
EQT Corp.		79,600		2,704,012
Gulfport Energy Corp. (A)		173,300		1,578,763
Magnolia Oil & Gas Corp. (A)		75,000		933,750
REX American Resources Corp. (A)		29,600		2,195,432
Williams Cos., Inc.		361,700		8,800,161
				31,573,413
Paper & Forest Products - 0.4%
Domtar Corp.		57,500		2,662,825
P.H. Glatfelter Co.		53,100		950,490
				3,613,315
Personal Products - 0.7%
Coty, Inc., Class A		575,200		6,068,360
Professional Services - 2.5%
ASGN, Inc. (A)		34,250		2,297,490
FTI Consulting, Inc. (A)		19,500		1,347,645
Heidrick & Struggles International, Inc.		82,800		2,857,428
ICF International, Inc.		46,050		3,391,122
ManpowerGroup, Inc.		68,500		5,225,865
Nielsen Holdings PLC		204,300		5,307,714
				20,427,264
Real Estate Management & Development - 0.2%
Newmark Group, Inc., Class A		198,500		1,933,390
Road & Rail - 0.2%
AMERCO		5,600		1,828,288
Semiconductors & Semiconductor Equipment - 2.5%
AXT, Inc. (A)		195,400		1,287,686
Brooks Automation, Inc.		52,000		1,613,560
Cohu, Inc.		185,749		3,863,579
Entegris, Inc.		82,000		2,176,280
MKS Instruments, Inc.		34,100		2,512,829
Qorvo, Inc. (A)		32,374		2,379,813
Silicon Motion Technology Corp., ADR		62,450		2,347,495
Universal Display Corp. (B)		32,700		4,022,427
				20,203,669

	Shares		Value
COMMON STOCKS (continued)
Software - 1.0%
CDK Global, Inc.		110,200		$   6,307,848
TiVo Corp.		148,398		1,632,378
				7,940,226
Specialty Retail - 2.4%
Abercrombie & Fitch Co., Class A		109,200		2,151,240
American Eagle Outfitters, Inc.		207,500		4,784,950
Foot Locker, Inc.		154,700		7,292,558
Urban Outfitters, Inc. (A)		75,800		2,991,068
Williams-Sonoma, Inc. (B)		43,950		2,609,751
				19,829,567
Technology Hardware, Storage & Peripherals - 1.0%
NCR Corp. (A)		298,700		8,020,095
Textiles, Apparel & Luxury Goods - 1.0%
Deckers Outdoor Corp. (A)		19,900		2,530,683
Michael Kors Holdings, Ltd. (A)		57,500		3,186,075
Steven Madden, Ltd.		78,750		2,462,513
				8,179,271
Thrifts & Mortgage Finance - 1.7%
Dime Community Bancshares, Inc.		130,600		2,105,272
Oritani Financial Corp.		43,500		635,535
Provident Financial Services, Inc.		92,500		2,257,000
TrustCo Bank Corp.		167,500		1,254,575
United Financial Bancorp, Inc.		251,658		3,888,116
Washington Federal, Inc.		136,000		3,829,760
				13,970,258
Trading Companies & Distributors - 1.1%
AerCap Holdings NV (A)		176,500		8,839,120
Total Common Stocks (Cost $709,830,026)				794,660,877
OTHER INVESTMENT COMPANY - 2.3%
Securities Lending Collateral - 2.3%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 2.19% (C)		18,641,814		18,641,814
Total Other Investment Company (Cost $18,641,814)				18,641,814
	Principal		Value
REPURCHASE AGREEMENT - 1.1%
Fixed Income Clearing Corp., 1.25% (C), dated 10/31/2018, to be repurchased at $8,811,866 on 11/01/2018. Collateralized by a U.S. Government Obligation, 2.88%, due 10/15/2021, and with a value of $8,991,065.		$  8,811,560		8,811,560
Total Repurchase Agreement (Cost $8,811,560)				8,811,560
Total Investments (Cost $737,283,400)				822,114,251
Net Other Assets (Liabilities) - 0.4%				3,680,948
Net Assets - 100.0%				$  825,795,199

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

Transamerica Funds Annual Report 2018

Page    305

Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

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	$	794,660,877	$	—	$	—	$	794,660,877
Other Investment Company		18,641,814		—		—		18,641,814
Repurchase Agreement		—		8,811,560		—		8,811,560
Total Investments	$	813,302,691	$	8,811,560	$	—	$	822,114,251

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 $18,065,654. 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, 2018.
(D)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. 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 2018

Page    306

Transamerica Strategic High Income

(unaudited)

MARKET ENVIRONMENT

Interest rates generally moved higher throughout the fiscal year ended on October 31, 2018. A significant catalyst was the signing of President Trump’s Tax Cuts and Jobs Act in December, which cut corporate tax rates from 35% to 21% and bolstered prospects for an improving economy and expectations of higher inflation. The 10-year Treasury rate ended the fiscal year at 3.14%, approximately 76 basis points higher than the beginning of the fiscal year. Concurrent with steadily rising inflation expectations, the U.S Federal Reserve raised their Federal Funds target rate four times throughout the year while continuing to pare back the size of their balance sheet. On the geopolitical front, trade wars and tariffs took center stage during the second half of the year. Although volatile throughout the year, both equities and high yield credit were favorably impacted by a strengthening economy. Equity returns were solid with the S&P 500^® returning 7.35%. The ICE BofAML US High Yield index and the ICE BofAML Fixed Rate Preferred index posted returns of 0.86% and -1.23%, respectively.

PERFORMANCE

For the year ended October 31, 2018, Transamerica Strategic High Income (Class A) returned 3.11%, excluding any sales charges. By comparison, its primary and secondary benchmarks, the S&P 500^® and the Transamerica Strategic High Income Blended Benchmark, returned 7.35% and 4.61%, 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. The fund’s focus on higher quality high yield was a drag on performance as lower rated credit outperformed higher rated credit. The ICE BofAML US High Yield (CCC & Lower) returned 4.57% for the year compared to the ICE BofA Merrill Lynch High Yield (BB-B) index return of 0.34%. The portfolio’s preferred equity allocation detracted from total performance as the ICE BofAML Fixed Rate Preferred Securities index returned -1.23% for the year.

Within equity, consumer staples and technology sectors aided relative performance. In consumer staples, Marine Harvest ASA was the standout, benefitting from increasing salmon prices. In technology, Cisco Systems, Inc. increased on better than expected earnings and outlook.

The most notable detractors to relative performance among equites were within the producer durables and health care sectors. In producer durables, Macquarie Infrastructure Corp. declined after several customers failed to renew oil storage contracts causing management to cut its dividend by 30%. In health care, both the weighting and performance of AbbVie, Inc. detracted from relative performance after concerns grew regarding biosimilars competition on its top selling drug Humira.

William M. Bellamy, CFA

Portfolio Manager

Thompson, Siegel & Walmsley LLC

Asset Allocation	Percentage of Net Assets
Corporate Debt Securities		48.8	%
Common Stocks		43.1
Preferred Stocks		4.3
Other Investment Company		3.4
Repurchase Agreement		1.6
Master Limited Partnerships		1.6
Net Other Assets (Liabilities)		(2.8	)
Total		100.0	%

Transamerica Funds Annual Report 2018

Page    307

Transamerica Strategic High Income

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		(2.58	)%		4.51	%		03/01/2014
Class A (NAV)		3.11	%		5.77	%		03/01/2014
S&P 500® (A)		7.35	%		10.65	%
Transamerica Strategic High Income Blended Benchmark (A) (B) (C)		4.61	%		8.06	%
Class C (POP)		1.25	%		4.97	%		03/01/2014
Class C (NAV)		2.24	%		4.97	%		03/01/2014
Class I (NAV)		3.27	%		6.02	%		03/01/2014
Class I2 (NAV)		3.45	%		4.90	%		03/01/2014
Class T1 (POP)		0.56	%		4.39	%		03/17/2017
Class T1 (NAV)		3.11	%		6.01	%		03/17/2017
Advisor Class (NAV)		3.38	%		7.53	%		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% ICE BofAML U.S. High Yield BB-B Rated Constrained.

^(C) The ICE BofAML U.S. High Yield BB-B Rated Constrained tracks the performance of BB and B rated high yield bonds.

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

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

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

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

The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the Fund fall, the value of the Fund will decline. Fixed income investing is subject to credit risk, inflation risk, and interest rate risk. Investing in high-yield securities may be subject to greater volatility and risks as the income derived from these securities is not guaranteed and may be unpredictable and the value of these securities tends to decline when interest rates increases. Preferred stock tends to vary more with fluctuations in the underlying common stock and less with fluctuations in interest rates and tends to exhibit greater volatility.

Transamerica Funds Annual Report 2018

Page    308

Transamerica Strategic High Income

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Shares		Value
COMMON STOCKS - 43.1%
Airlines - 1.5%
Delta Air Lines, Inc.		30,491		$  1,668,772
Japan Airlines Co., Ltd.		21,066		747,657
				2,416,429
Auto Components - 0.4%
Lear Corp.		5,025		667,823
Banks - 3.8%
Citigroup, Inc.		22,500		1,472,850
JPMorgan Chase & Co.		27,250		2,970,795
PNC Financial Services Group, Inc.		12,000		1,541,880
				5,985,525
Beverages - 0.0% (A)
Thai Beverage PCL (B)		3		1
Biotechnology - 1.7%
AbbVie, Inc.		35,000		2,724,750
Chemicals - 0.9%
DowDuPont, Inc.		25,000		1,348,000
Communications Equipment - 1.0%
Cisco Systems, Inc.		34,000		1,555,500
Containers & Packaging - 1.4%
International Paper Co.		27,000		1,224,720
Packaging Corp. of America		10,000		918,100
				2,142,820
Diversified Telecommunication Services - 1.1%
HKT Trust & HKT, Ltd.		939,540		1,295,784
Verizon Communications, Inc.		8,000		456,720
				1,752,504
Electronic Equipment, Instruments & Components - 0.3%
Corning, Inc.		15,000		479,250
Equity Real Estate Investment Trusts - 1.0%
STORE Capital Corp.		54,008		1,567,852
Food & Staples Retailing - 0.4%
Wal-Mart de Mexico SAB de CV		275,930		705,540
Food Products - 1.5%
Marine Harvest ASA		100,000		2,421,029
Health Care Providers & Services - 1.0%
CVS Health Corp.		22,000		1,592,580
Hotels, Restaurants & Leisure - 1.5%
Carnival Corp.		25,000		1,401,000
Las Vegas Sands Corp.		18,500		944,055
				2,345,055
Household Durables - 0.4%
Whirlpool Corp.		6,000		658,560
Household Products - 0.8%
Procter & Gamble Co.		14,825		1,314,681
Insurance - 2.8%
Allstate Corp.		11,000		1,052,920
Fidelity National Financial, Inc.		25,000		836,250
MetLife, Inc.		23,000		947,370
Prudential Financial, Inc.		16,300		1,528,614
				4,365,154
Interactive Media & Services - 1.9%
Alphabet, Inc., Class C (C)		2,800		3,014,956

	Shares		Value
COMMON STOCKS (continued)
Media - 0.7%
Comcast Corp., Class A		27,500		$   1,048,850
Mortgage Real Estate Investment Trusts - 1.0%
Starwood Property Trust, Inc.		70,000		1,520,400
Multi-Utilities - 0.8%
Dominion Energy, Inc.		17,500		1,249,850
Multiline Retail - 1.1%
Target Corp.		20,000		1,672,600
Oil, Gas & Consumable Fuels - 3.5%
BP PLC, ADR		40,000		1,734,800
Chevron Corp.		8,500		949,025
Exxon Mobil Corp.		20,000		1,593,600
Royal Dutch Shell PLC, Class B, ADR		18,575		1,220,563
				5,497,988
Pharmaceuticals - 2.9%
Johnson & Johnson		14,000		1,959,860
Merck & Co., Inc.		25,000		1,840,250
Pfizer, Inc.		20,000		861,200
				4,661,310
Road & Rail - 0.5%
Ryder System, Inc.		15,655		865,878
Semiconductors & Semiconductor Equipment - 1.6%
Intel Corp.		26,500		1,242,320
QUALCOMM, Inc.		20,000		1,257,800
				2,500,120
Software - 2.6%
Microsoft Corp.		38,750		4,138,888
Specialty Retail - 2.0%
Foot Locker, Inc.		23,050		1,086,577
Home Depot, Inc.		10,000		1,758,800
Lowe’s Cos., Inc.		4,000		380,880
				3,226,257
Technology Hardware, Storage & Peripherals - 3.0%
Apple, Inc.		21,500		4,705,490
Total Common Stocks (Cost $58,761,726)				68,145,640
PREFERRED STOCKS - 4.3%
Banks - 1.6%
Bank of America Corp., Series W, 6.63%		33,000		851,730
Citigroup, Inc., Series J, Fixed until 09/30/2023, 7.13% (D)		12,000		327,120
Wells Fargo & Co., Series R, Fixed until 03/15/2024, 6.63% (D)		50,000		1,375,500
				2,554,350
Equity Real Estate Investment Trusts - 0.4%
Colony Capital, Inc.
Series E, 8.75%		10,350		267,237
Series G, 7.50%		8,250		186,450
Digital Realty Trust, Inc., Series C, 6.63%		10,000		262,400
				716,087

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

Transamerica Funds Annual Report 2018

Page    309

Transamerica Strategic High Income

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Shares		Value
PREFERRED STOCKS (continued)
Insurance - 1.0%
Kemper Corp., 7.38%		39,484		$   1,010,790
Torchmark Corp., 6.13%		20,000		506,000
				1,516,790
Mortgage Real Estate Investment Trusts - 1.3%
AGNC Investment Corp., Series B, 7.75%		15,000		381,150
Annaly Capital Management, Inc., Series F, Fixed until 09/30/2022, 6.95% (D)		25,000		628,250
Two Harbors Investment Corp., Series B, Fixed until 07/27/2027, 7.63% (D)		39,800		982,264
				1,991,664
Total Preferred Stocks (Cost $6,851,472)				6,778,891
MASTER LIMITED PARTNERSHIPS - 1.6%
Capital Markets - 0.7%
AllianceBernstein Holding, LP		40,000		1,156,400
Oil, Gas & Consumable Fuels - 0.9%
Enterprise Products Partners, LP		20,260		543,373
Spectra Energy Partners, LP		25,000		862,500
				1,405,873
Total Master Limited Partnerships (Cost $2,410,825)				2,562,273
	Principal		Value
CORPORATE DEBT SECURITIES - 48.8%
Air Freight & Logistics - 0.3%
XPO Logistics, Inc. 6.13%, 09/01/2023 (E)		$  500,000		512,100
Auto Components - 1.8%
American Axle & Manufacturing, Inc.
6.25%, 03/15/2026		500,000		472,500
6.63%, 10/15/2022		818,000		830,270
Cooper Tire & Rubber Co.
7.63%, 03/15/2027		79,000		84,727
8.00%, 12/15/2019		300,000		312,000
Dana, Inc. 6.00%, 09/15/2023		1,130,000		1,146,950
				2,846,447
Building Products - 1.2%
BMC East LLC 5.50%, 10/01/2024 (E)		2,000,000		1,875,000
Capital Markets - 1.1%
BCD Acquisition, Inc. 9.63%, 09/15/2023 (E)		1,565,000		1,651,075
MSCI, Inc. 5.75%, 08/15/2025 (E)		100,000		102,750
				1,753,825
Chemicals - 0.9%
Blue Cube Spinco LLC 9.75%, 10/15/2023		1,250,000		1,390,625

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Commercial Services & Supplies - 3.4%
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 5.50%, 04/01/2023 (B)		$   1,000,000		$   972,500
Cimpress NV 7.00%, 06/15/2026 (E)		1,500,000		1,498,125
FXI Holdings, Inc. 7.88%, 11/01/2024 (E)		1,250,000		1,165,625
Prime Security Services Borrower LLC / Prime Finance, Inc. 9.25%, 05/15/2023 (E)		1,216,000		1,284,947
Waste Pro USA, Inc. 5.50%, 02/15/2026 (E)		500,000		473,750
				5,394,947
Communications Equipment - 0.6%
CommScope Technologies LLC 6.00%, 06/15/2025 (E)		1,000,000		972,500
Construction & Engineering - 0.3%
New Enterprise Stone & Lime Co., Inc. 6.25%, 03/15/2026 (E)		200,000		195,000
Tutor Perini Corp. 6.88%, 05/01/2025 (B) (E)		250,000		250,313
				445,313
Construction Materials - 0.2%
US Concrete, Inc. 6.38%, 06/01/2024		305,000		284,031
Consumer Finance - 1.3%
Ally Financial, Inc. 8.00%, 03/15/2020		1,000,000		1,052,500
Navient Corp.
6.50%, 06/15/2022		500,000		508,750
7.25%, 01/25/2022, MTN		400,000		416,000
				1,977,250
Distributors - 0.9%
American Builders & Contractors Supply Co., Inc. 5.88%, 05/15/2026 (E)		1,500,000		1,455,000
Diversified Consumer Services - 1.8%
Carriage Services, Inc. 6.63%, 06/01/2026 (E)		805,000		807,012
Service Corp. International 5.38%, 05/15/2024		2,000,000		2,022,500
				2,829,512
Diversified Financial Services - 3.3%
Cornerstone Chemical Co. 6.75%, 08/15/2024 (E)		1,000,000		971,250
Icahn Enterprises, LP / Icahn Enterprises Finance Corp.
6.00%, 08/01/2020		1,965,000		1,982,194
6.25%, 02/01/2022		500,000		504,780
Jefferies Finance LLC / JFIN Co-Issuer Corp. 7.25%, 08/15/2024 (E)		1,250,000		1,221,875
Quicken Loans, Inc. 5.75%, 05/01/2025 (E)		550,000		530,062
				5,210,161

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

Transamerica Funds Annual Report 2018

Page    310

Transamerica Strategic High Income

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electric Utilities - 0.9%
Drax Finco PLC 6.63%, 11/01/2025 (E)		$   1,000,000		$   997,500
Vistra Operations Co. LLC 5.50%, 09/01/2026 (E)		500,000		492,500
				1,490,000
Energy Equipment & Services - 4.0%
Bristow Group, Inc. 8.75%, 03/01/2023 (B) (E)		1,500,000		1,413,750
Enviva Partners, LP / Enviva Partners Finance Corp. 8.50%, 11/01/2021		2,000,000		2,055,000
McDermott Technology Americas, Inc. / McDermott Technology US, Inc. 10.63%, 05/01/2024 (E)		500,000		453,750
Precision Drilling Corp. 7.13%, 01/15/2026 (E)		1,000,000		992,500
Rowan Cos., Inc. 7.38%, 06/15/2025 (B)		450,000		427,500
USA Compression Partners, LP / USA Compression Finance Corp. 6.88%, 04/01/2026 (E)		1,000,000		1,010,000
				6,352,500
Entertainment - 0.9%
Netflix, Inc. 5.88%, 02/15/2025		1,460,000		1,483,871
Equity Real Estate Investment Trusts - 1.2%
Equinix, Inc. 5.38%, 04/01/2023		1,000,000		1,015,000
Uniti Group, LP / Uniti Group Finance, Inc. 6.00%, 04/15/2023 (E)		1,000,000		960,000
				1,975,000
Food Products - 0.6%
Pilgrim’s Pride Corp. 5.75%, 03/15/2025 (E)		1,000,000		932,500
Health Care Providers & Services - 1.2%
HCA, Inc. 7.50%, 02/15/2022		1,200,000		1,302,000
RegionalCare Hospital Partners Holdings, Inc. 8.25%, 05/01/2023 (E)		500,000		528,125
				1,830,125
Hotels, Restaurants & Leisure - 1.2%
Nathan’s Famous, Inc. 6.63%, 11/01/2025 (E)		2,000,000		1,975,000
Household Durables - 1.2%
Meritage Homes Corp. 7.15%, 04/15/2020		1,225,000		1,255,625
PulteGroup, Inc. 5.50%, 03/01/2026		625,000		612,500
				1,868,125
Household Products - 1.1%
Central Garden & Pet Co. 6.13%, 11/15/2023		1,700,000		1,729,750

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
IT Services - 1.0%
First Data Corp. 5.75%, 01/15/2024 (E)		$   1,500,000		$   1,509,375
Machinery - 2.1%
JB Poindexter & Co., Inc. 7.13%, 04/15/2026 (E)		250,000		257,500
Meritor, Inc. 6.25%, 02/15/2024 (B)		1,250,000		1,231,250
Mueller Industries, Inc. 6.00%, 03/01/2027		1,400,000		1,340,500
Wabash National Corp. 5.50%, 10/01/2025 (E)		500,000		450,000
				3,279,250
Marine - 0.5%
Tidewater, Inc. 8.00%, 08/01/2022		700,000		738,500
Media - 1.4%
CCO Holdings LLC / CCO Holdings Capital Corp. 5.13%, 02/15/2023		1,000,000		995,000
Sirius XM Radio, Inc. 5.38%, 04/15/2025 (E)		1,250,000		1,238,281
				2,233,281
Metals & Mining - 0.6%
U.S. Steel Corp. 6.88%, 08/15/2025		1,000,000		980,000
Multiline Retail - 0.2%
Dillard’s, Inc. 7.88%, 01/01/2023		350,000		382,763
Oil, Gas & Consumable Fuels - 4.0%
Andeavor Logistics, LP / Tesoro Logistics Finance Corp.
6.25%, 10/15/2022		559,000		576,469
6.38%, 05/01/2024		450,000		475,650
Blue Racer Midstream LLC / Blue Racer Finance Corp. 6.63%, 07/15/2026 (E)		1,000,000		1,015,000
Cheniere Energy Partners, LP 5.63%, 10/01/2026 (E)		1,500,000		1,477,500
Holly Energy Partners, LP / Holly Energy Finance Corp. 6.00%, 08/01/2024 (E)		300,000		300,750
HollyFrontier Corp. 5.88%, 04/01/2026		1,000,000		1,044,537
PBF Holding Co. LLC / PBF Finance Corp. 7.00%, 11/15/2023		1,000,000		1,033,900
Valero Energy Corp. 8.75%, 06/15/2030		300,000		392,537
				6,316,343
Paper & Forest Products - 0.4%
Louisiana-Pacific Corp. 4.88%, 09/15/2024		500,000		486,250
P.H. Glatfelter Co. 5.38%, 10/15/2020		175,000		174,125
				660,375

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

Transamerica Funds Annual Report 2018

Page    311

Transamerica Strategic High Income

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Pharmaceuticals - 0.6%
Elanco Animal Health, Inc. 4.90%, 08/28/2028 (E)		$   1,000,000		$   987,884
Professional Services - 0.2%
AMN Healthcare, Inc. 5.13%, 10/01/2024 (E)		380,000		366,225
Real Estate Management & Development - 1.2%
Hunt Cos., Inc. 6.25%, 02/15/2026 (E)		1,000,000		922,500
WeWork Cos., Inc. 7.88%, 05/01/2025 (B) (E)		1,000,000		917,500
				1,840,000
Road & Rail - 0.9%
Fortress Transportation & Infrastructure Investors LLC 6.75%, 03/15/2022 (E)		1,415,000		1,446,838
Software - 0.8%
j2 Cloud Services LLC / j2 Global Co-Obligor, Inc. 6.00%, 07/15/2025 (E)		1,250,000		1,237,500
Specialty Retail - 2.7%
Foot Locker, Inc. 8.50%, 01/15/2022		1,438,000		1,617,750
L Brands, Inc.
6.88%, 11/01/2035		1,000,000		850,000
6.95%, 03/01/2033		400,000		315,200
Lithia Motors, Inc. 5.25%, 08/01/2025 (E)		1,000,000		942,500
Rent-A-Center, Inc. 6.63%, 11/15/2020 (B)		542,000		535,225
				4,260,675
Technology Hardware, Storage & Peripherals - 1.1%
Dell International LLC / EMC Corp. 8.10%, 07/15/2036 (E)		1,500,000		1,693,002
Textiles, Apparel & Luxury Goods - 0.1%
PVH Corp. 7.75%, 11/15/2023		100,000		113,300

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Thrifts & Mortgage Finance - 0.2%
Radian Group, Inc. 7.00%, 03/15/2021		$   262,000		$   276,738
Trading Companies & Distributors - 0.6%
H&E Equipment Services, Inc. 5.63%, 09/01/2025		1,000,000		952,500
Wireless Telecommunication Services - 0.8%
Sprint Corp. 7.25%, 09/15/2021		1,250,000		1,306,250
Total Corporate Debt Securities (Cost $78,834,226)				77,164,381
	Shares		Value
OTHER INVESTMENT COMPANY - 3.4%
Securities Lending Collateral - 3.4%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 2.19% (F)		5,466,956		5,466,956
Total Other Investment Company (Cost $5,466,956)				5,466,956
	Principal		Value
REPURCHASE AGREEMENT - 1.6%
Fixed Income Clearing Corp., 1.25% (F), dated 10/31/2018, to be repurchased at $2,586,460 on 11/01/2018. Collateralized by a U.S. Government Obligation, 1.13%, due 08/31/2021, and with a value of $2,638,111.		$  2,586,370		2,586,370
Total Repurchase Agreement (Cost $2,586,370)				2,586,370
Total Investments (Cost $154,911,575)				162,704,511
Net Other Assets (Liabilities) - (2.8)%				(4,457,585	)
Net Assets - 100.0%				$  158,246,926

SECURITY VALUATION:

Valuation Inputs ^(G)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	63,681,169	$	4,464,471	$	—	$	68,145,640
Preferred Stocks		6,592,441		186,450		—		6,778,891
Master Limited Partnerships		2,562,273		—		—		2,562,273
Corporate Debt Securities		—		77,164,381		—		77,164,381
Other Investment Company		5,466,956		—		—		5,466,956
Repurchase Agreement		—		2,586,370		—		2,586,370
Total Investments	$	78,302,839	$	84,401,672	$	—	$	162,704,511

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

Transamerica Funds Annual Report 2018

Page    312

Transamerica Strategic High Income

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Percentage rounds to less than 0.1% or (0.1)%.
(B)	All or a portion of the securities are on loan. The total value of all securities on loan is $5,351,877. 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)	Floating or variable rate securities. The rates disclosed are as of October 31, 2018. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(E)	Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2018, the total value of 144A securities is $39,484,364, representing 25.0% of the Fund’s net assets.
(F)	Rates disclosed reflect the yields at October 31, 2018.
(G)	There were no transfers in or out of Level 3 during the period ended October 31, 2018. 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 2018

Page    313

Transamerica Unconstrained Bond

(unaudited)

MARKET ENVIRONMENT

Credit spreads generally performed well during the last two months of 2017 as the optimism around corporate earnings and a pro-reflationary rise in equities more than offset the impact of treasury rate concerns. In December, investors saw positive performance from credit-related asset classes as the market was able to easily absorb the passage of the GOP tax bill, a U.S. Federal Reserve (“Fed”) rate hike and multi-year highs in oil prices.

The first quarter of 2018 was a tale of two halves for credit markets. Spreads were continuing along their 2017 path tighter throughout most of January amid solid gains for equity markets and higher oil prices. However, enthusiasm began to wane towards the end of January and beginning of February as U.S. Treasury yields surged to reach the highest levels investors had seen since 2014. This continued as evidence of stronger global growth and wage gains led to concerns around inflation and the potential for a more accelerated pace of central bank policy tightening. In March, investors had to contend with a Fed rate hike, softer global growth data, negative headlines related to several large technology companies and the threat of an escalating trade war between the United States and China.

Continuing from March and throughout the second quarter of 2018, most topical were concerns related to U.S. trade policy and the potential impact on global growth expectations. On the central bank front, we saw a Federal Open Market Committee meeting that leaned slightly hawkish and the European Central Bank announced it would end its bond purchase program by the end of 2018. A lack of clarity on trade policy, a stronger dollar and concerns related to China’s growth prospects weighed most on emerging markets fixed income, leaving these assets as the clear underperformer.

Investors experienced a bit of reprieve in the third quarter amid a backdrop of optimism related to U.S. trade policy, easing pressure in select emerging markets, higher oil and other commodity prices and fresh record highs in U.S. equity markets. However, credit spreads came under pressure again in October amid a backdrop of sharply lower equity markets. Investors had to contend with data suggesting softening growth in Europe and emerging markets, Saudi Arabian-driven geopolitical concerns, Italy’s budget woes, and rising U.S. Treasury rates.

Overall for the fiscal year, treasury rates traded significantly higher amid a backdrop of stronger U.S. growth and a relatively hawkish Fed tone. Specifically, 5- and 10-year treasury rates traded approximately 96 and 76 basis points higher, respectively. In this environment, floating-rate securities generally outperformed. Longer duration assets, non-dollar bonds and securities tied to emerging economies generally underperformed.

PERFORMANCE

For the year ended October 31, 2018, Transamerica Unconstrained Bond (Class I) returned -0.14%. By comparison, its benchmark, the ICE BofAML U.S. Dollar LIBOR 3-Month Constant Maturity Index, returned 1.85%.

STRATEGY REVIEW

The Fund has both top-down and bottom-up elements to it. The global multi-asset team sets top-down targets across all fixed income asset classes with a forward-looking intermediate-term investment horizon of 9-18 months. These targets are expected to be reset 2-6 times per year depending upon the magnitude and frequency of changes in market conditions.

Once given these targets, the fixed income team has flexibility to make tactical adjustments depending on their bottom-up views of market sentiment, valuations and technicals given the backdrop of a shorter investment horizon. Finally, portfolio managers work with analysts in implementing bottom-up credit research and selecting individual issues for the portfolio.

The Fund underperformed the benchmark for the trailing one-year period. The Fund benefitted from a hedged duration profile, however, asset allocation detracted during the period. From an asset allocation standpoint, the Fund benefitted most from exposures to bank loans, investment grade corporate floating-rate bonds and collateralized loan obligation debt tranches. Meanwhile, the Fund was most negatively impacted by holdings in local and hard currency emerging markets sovereign debt.

Transamerica Funds Annual Report 2018

Page    314

Transamerica Unconstrained Bond

(unaudited)

STRATEGY REVIEW (continued)

Top holdings that had the greatest positive impact on the portfolio were short positions in the March and December 2018 10-year treasury futures contracts. Securities that had the largest negative impact were Argentinean and Indonesian sovereign bonds, both with maturities in 2028.

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

Roberto Coronado

Peter Hu, CFA

Michael J. Kelly, CFA

Steven Oh, CFA

Robert A. Vanden Assem, CFA

Co-Portfolio Managers

PineBridge Investments LLC

Fund Characteristics	Years
Average Maturity §		8.39
Duration †		2.27
Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		1.0	%
AAA		7.1
AA		3.6
A		13.2
BBB		26.1
BB		21.2
B		24.6
CCC and Below		1.6
Not Rated		5.0
Net Other Assets (Liabilities) ^		(3.4	)
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.

^ 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 2018

Page    315

Transamerica Unconstrained Bond

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			10 Years or Since Inception Date of Class			Inception Date
Class I (NAV)		(0.14	)%		2.98	%		12/08/2014
ICE BofAML U.S. Dollar LIBOR 3-Month Constant Maturity Index (A)		1.85	%		0.94	%
Class I2 (NAV)		(0.10	)%		3.06	%		12/08/2014
Advisor Class (NAV)		(0.13	)%		3.33	%		12/16/2016

^(A) The ICE BofAML U.S. Dollar LIBOR 3-Month Constant Maturity Index represents the London interbank offered rate (“LIBOR”) with a constant 3-month average maturity.

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

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

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

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

Investing in the Fund entails interest rate risk, pre-payment risk, and credit risk as well as additional risks in that it may invest in high-yield/non-investment grade bonds. The Fund may also invest in foreign securities, including emerging markets, which carry currency risk if denominated in non-dollar or non-USD and are difficult to trade during periods of stress. Changes in interest rates, the market’s perception of the issuers and the creditworthiness of the issuers may significantly affect the value of a bond. Derivatives involve risks in addition to the risks of underlying securities, particularly counterparty and liquidity risk.

Transamerica Funds Annual Report 2018

Page    316

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Principal		Value
ASSET-BACKED SECURITIES - 17.2%
AIMCO CLO Trust
Series 2018-AA, Class B,
3-Month LIBOR + 1.40%, 3.85% (A), 04/17/2031 (B)		$  500,000		$  494,950
Series 2018-AA, Class D,
3-Month LIBOR + 2.55%, 5.00% (A), 04/17/2031 (B)		1,500,000		1,483,932
Ally Auto Receivables Trust Series 2018-2, Class A3, 2.92%, 11/15/2022		1,050,000		1,046,078
American Express Credit Account Master Trust
Series 2017-1, Class A,
1.93%, 09/15/2022		2,000,000		1,969,968
Series 2017-3, Class A,
1.77%, 11/15/2022		1,375,000		1,348,981
Series 2017-6, Class A,
2.04%, 05/15/2023		700,000		684,725
Series 2018-4, Class A,
2.99%, 12/15/2023		575,000		572,042
Series 2018-8, Class A,
3.18%, 04/15/2024		744,000		743,106
AmeriCredit Automobile Receivables Trust Series 2018-2, Class D, 4.01%, 07/18/2024		960,000		957,187
Ares XXXVII CLO, Ltd. Series 2015-4A, Class ER, 3-Month LIBOR + 7.27%, 9.71% (A), 10/15/2030 (B)		4,000,000		3,786,108
Avery Point VI CLO, Ltd. Series 2015-6A, Class F, 3-Month LIBOR + 6.80%, 9.14% (A), 08/05/2027 (B)		2,000,000		1,945,306
Avis Budget Rental Car Funding AESOP LLC Series 2015-1A, Class A, 2.50%, 07/20/2021 (B)		2,000,000		1,972,440
BA Credit Card Trust
Series 2017-A2, Class A2,
1.84%, 01/17/2023		2,000,000		1,954,214
Series 2018-A1, Class A1,
2.70%, 07/17/2023		2,000,000		1,979,238
Series 2018-A2, Class A2,
3.00%, 09/15/2023		910,000		905,344
BMW Vehicle Lease Trust Series 2017-2, Class A3, 2.07%, 10/20/2020		985,000		975,546
Capital One Multi-Asset Execution Trust Series 2017-A1, Class A1, 2.00%, 01/17/2023		1,788,000		1,761,464
Carlyle Global Market Strategies CLO, Ltd. Series 2013-3A, Class DR, 3-Month LIBOR + 5.50%, 7.94% (A), 10/15/2030 (B)		4,000,000		3,973,376
CarMax Auto Owner Trust
Series 2014-4, Class C,
2.44%, 11/16/2020		1,320,000		1,318,586
Series 2016-4, Class A4,
1.60%, 06/15/2022		1,724,000		1,674,537

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Carmax Auto Owner Trust (continued) Series 2018-4, Class A3, 3.36%, 09/15/2023		$   570,000		$   569,934
CBAM, Ltd. Series 2018-5A, Class B1, 3-Month LIBOR + 1.40%, 3.85% (A), 04/17/2031 (B)		1,250,000		1,235,995
Cedar Funding VII CLO, Ltd.
Series 2018-7A, Class C,
3-Month LIBOR + 1.75%, 4.22% (A), 01/20/2031 (B)		750,000		742,162
Series 2018-7A, Class D,
3-Month LIBOR + 2.55%, 5.02% (A), 01/20/2031 (B)		3,000,000		2,968,389
Chase Issuance Trust Series 2016-A4, Class A4, 1.49%, 07/15/2022		1,000,000		972,883
Citibank Credit Card Issuance Trust
Series 2017-A3, Class A3,
1.92%, 04/07/2022		1,862,000		1,830,456
Series 2018-A1, Class A1,
2.49%, 01/20/2023		1,200,000		1,181,629
Series 2018-A6, Class A6,
3.21%, 12/07/2024		1,600,000		1,591,414
Denali Capital CLO X LLC Series 2013-1A, Class B1LR, 3-Month LIBOR + 3.15%, 5.66% (A), 10/26/2027 (B)		4,000,000		4,002,844
Discover Card Execution Note Trust Series 2015-A4, Class A4, 2.19%, 04/17/2023		2,000,000		1,962,407
Elevation CLO, Ltd.
Series 2017-7A, Class D,
3-Month LIBOR + 2.90%, 5.34% (A), 07/15/2030 (B)		658,000		647,061
Series 2017-8A, Class D,
3-Month LIBOR + 2.87%, 5.36% (A), 10/25/2030 (B)		1,000,000		984,760
Series 2018-9A, Class E,
3-Month LIBOR + 6.30%, 8.52% (A), 07/15/2031 (B)		3,040,000		3,001,933
Elm CLO,Ltd. Series 2014-1A, Class CR, 3-Month LIBOR + 2.95%, 5.40% (A), 01/17/2029 (B)		740,000		742,754
Ford Credit Auto Owner Trust
Series 2016-A, Class A4,
1.60%, 06/15/2021		1,000,000		988,019
Series 2016-C, Class B,
1.73%, 03/15/2022		1,635,000		1,593,103
Ford Credit Auto Owner Trust / Ford Credit Series 2018-2, Class A, 3.47%, 01/15/2030 (B)		1,000,000		991,050
Ford Credit Floorplan Master Owner Trust Series 2017-3, Class A, 2.48%, 09/15/2024		1,750,000		1,687,670
GM Financial Consumer Automobile Receivables Trust Series 2017-3A, Class A4, 2.13%, 03/16/2023 (B)		300,000		291,521

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

Transamerica Funds Annual Report 2018

Page    317

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Greenwood Park CLO, Ltd. Series 2018-1A, Class E, 3-Month LIBOR + 4.95%, 7.39% (A), 04/15/2031 (B)		$   1,500,000		$   1,443,513
Hayfin Kingsland VIII, Ltd.
Series 2018-8A, Class A,
3-Month LIBOR + 1.12%, 3.59% (A), 04/20/2031 (B)		650,000		646,180
Series 2018-8A, Class B,
3-Month LIBOR + 1.48%, 3.95% (A), 04/20/2031 (B)		725,000		714,845
Honda Auto Receivables Owner Trust Series 2015-3, Class A4, 1.56%, 10/18/2021		1,244,521		1,242,430
Madison Park Funding XIII, Ltd. Series 2014-13A, Class ER, 3-Month LIBOR + 5.75%, 8.20% (A), 04/19/2030 (B)		1,500,000		1,501,647
Madison Park Funding XVII, Ltd. Series 2015-17A, Class FR, 3-Month LIBOR + 7.48%, 9.95% (A), 07/21/2030 (B)		2,400,000		2,383,783
Madison Park Funding XXX, Ltd.
Series 2018-30A, Class C,
3-Month LIBOR + 1.70%, 4.14% (A), 04/15/2029 (B)		475,000		471,054
Series 2018-30A, Class D,
3-Month LIBOR + 2.50%, 4.94% (A), 04/15/2029 (B)		2,700,000		2,674,525
Series 2018-30A, Class E,
3-Month LIBOR + 4.95%, 7.39% (A), 04/15/2029 (B)		2,000,000		1,948,200
Series 2018-30A, Class F,
3-Month LIBOR + 6.85%, 9.29% (A), 04/15/2029 (B)		2,000,000		1,927,616
Magnetite VII, Ltd. Series 2012-7A, Class ER2, 3-Month LIBOR + 6.50%, 8.94% (A), 01/15/2028 (B)		2,000,000		1,934,298
Magnetite VIII, Ltd. Series 2014-8A, Class FR2, 3-Month LIBOR + 7.44%, 9.88% (A), 04/15/2031 (B)		2,000,000		1,963,812
Mariner CLO 5, Ltd. Series 2018-5A, Class E, 3-Month LIBOR + 5.65%, 8.14% (A), 04/25/2031 (B)		4,000,000		3,921,256
Mariner CLO LLC Series 2015-1A, Class CR, 3-Month LIBOR + 2.50%, 4.97% (A), 04/20/2029 (B)		3,000,000		3,007,317
Mercedes-Benz Auto Receivables Trust Series 2016-1, Class A4, 1.46%, 12/15/2022		2,000,000		1,951,697
Nissan Auto Receivables Owner Trust
Series 2017-A, Class A3,
1.74%, 08/16/2021		2,040,000		2,016,797
Series 2017-C, Class A3,
2.12%, 04/18/2022		500,000		491,878

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Nissan Auto Receivables Owner Trust (continued)
Series 2018-A, Class A3,
2.65%, 05/16/2022		$   2,000,000		$   1,984,213
Octagon Investment Partners 18-R, Ltd. Series 2018-18A, Class E, 3-Month LIBOR + 8.25%, 10.69% (A), 04/16/2031 (B)		1,625,000		1,569,024
OHA Credit Partners, Ltd. Series 2015-12A, Class FR, 3-Month LIBOR + 7.68%, 10.16% (A), 07/23/2030 (B)		2,000,000		1,911,592
Post CLO, Ltd. Series 2018-1A, Class C, 3-Month LIBOR + 2.00%, 4.44% (A), 04/16/2031 (B)		3,075,000		3,030,391
Stewart Park CLO, Ltd. Series 2015-1A, Class ER, 3-Month LIBOR + 5.28%, 7.72% (A), 01/15/2030 (B)		3,500,000		3,449,026
Synchrony Credit Card Master Note Trust
Series 2016-2, Class A,
2.21%, 05/15/2024		2,000,000		1,945,118
Series 2016-3, Class B,
1.91%, 09/15/2022		1,900,000		1,879,579
TCW CLO, Ltd.
Series 2018-1A, Class D, 3-Month LIBOR + 2.91%, 5.40% (A), 04/25/2031 (B)		500,000		491,661
Series 2018-1A, Class E, 3-Month LIBOR + 6.05%, 8.54% (A), 04/25/2031 (B)		3,000,000		2,942,226
TICP CLO III, Ltd. Series 2018-3R, Class E, 3-Month LIBOR + 5.90%, 8.37% (A), 04/20/2028 (B)		3,000,000		2,986,398
TICP CLO, Ltd. Series 2016-5A, Class ER, 3-Month LIBOR + 5.75%, 8.20% (A), 07/17/2031 (B)		3,000,000		2,941,419
Toyota Auto Receivables Owner Trust Series 2018-C, Class A4, 3.13%, 02/15/2024		900,000		895,838
Verizon Owner Trust
Series 2017-3A, Class A1A,
2.06%, 04/20/2022 (B)		1,250,000		1,230,070
Series 2018-1A, Class C,
3.20%, 09/20/2022 (B)		1,200,000		1,187,854
Voya CLO, Ltd. Series 2018-1A, Class B, 3-Month LIBOR + 1.80%, 4.14% (A), 04/19/2031 (B)		750,000		742,081
World Financial Network Credit Card Master Trust Series 2017-C, Class A, 2.31%, 08/15/2024		1,850,000		1,812,242
York CLO-2, Ltd. Series 2015-1A, Class DR, 3-Month LIBOR + 2.60%, 5.07% (A), 01/22/2031 (B)		1,475,000		1,459,474
Total Asset-Backed Securities (Cost $123,477,316)				122,232,166

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

Transamerica Funds Annual Report 2018

Page    318

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES - 51.3%
Aerospace & Defense - 0.4%
General Dynamics Corp. 2.88%, 05/11/2020		$   207,000		$   206,236
Harris Corp.
2.70%, 04/27/2020		363,000		358,997
4.40%, 06/15/2028		302,000		301,943
L3 Technologies, Inc. 4.40%, 06/15/2028		116,000		115,825
Lockheed Martin Corp. 3.10%, 01/15/2023		1,191,000		1,165,991
Triumph Group, Inc. 4.88%, 04/01/2021		551,000		518,987
United Technologies Corp.
1.90%, 05/04/2020		397,000		388,606
3.95%, 08/16/2025		116,000		114,872
				3,171,457
Air Freight & Logistics - 0.0% (C)
FedEx Corp. 4.95%, 10/17/2048		106,000		103,040
Auto Components - 0.1%
Delphi Technologies PLC 5.00%, 10/01/2025 (B)		625,000		564,063
Toyota Industries Corp. 3.24%, 03/16/2023 (B)		484,000		474,223
				1,038,286
Banks - 13.7%
ADCB Finance Cayman, Ltd. 4.00%, 03/29/2023, MTN (D)		1,600,000		1,572,832
AIB Group PLC 4.75%, 10/12/2023 (B)		330,000		328,945
Associated Bank NA 3.50%, 08/13/2021		204,000		202,229
Australia & New Zealand Banking Group, Ltd. Fixed until 06/15/2026 (E), 6.75% (A) (B)		563,000		577,779
Banco Bilbao Vizcaya Argentaria SA Fixed until 11/16/2027 (E), 6.13% (A) (F)		1,200,000		1,033,500
Banco de Credito e Inversiones SA 3.50%, 10/12/2027 (D)		1,500,000		1,338,750
Bangkok Bank PCL 4.45%, 09/19/2028 (B)		1,400,000		1,396,836
Bank of America Corp.
2.63%, 04/19/2021, MTN		893,000		876,088
3-Month LIBOR + 0.38%, 2.86% (A), 01/23/2022		1,000,000		993,471
Fixed until 03/05/2023, 3.55% (A), 03/05/2024		143,000		140,331
3-Month LIBOR + 1.16%, 3.63% (A), 01/20/2023, MTN		2,000,000		2,031,272
Fixed until 07/23/2023, 3.86% (A), 07/23/2024, MTN		215,000		213,251
Bank of China, Ltd. 5.00%, 11/13/2024 (D)		1,300,000		1,323,525
BankUnited, Inc. 4.88%, 11/17/2025		193,000		194,957
Barclays PLC Fixed until 09/15/2023 (E), 7.75% (A)		3,150,000		3,142,755
BNP Paribas SA
3.80%, 01/10/2024 (B)		1,200,000		1,167,127

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
BNP Paribas SA (continued)
Fixed until 03/14/2022 (E), 6.75% (A) (B)		$   3,305,000		$   3,342,181
Fixed until 08/16/2028 (E), 7.00% (A) (B) (F)		1,410,000		1,388,850
Fixed until 03/30/2021 (E), 7.63% (A) (B)		400,000		415,500
Canadian Imperial Bank of Commerce 3-Month LIBOR + 0.32%, 2.87% (A), 02/02/2021		2,500,000		2,501,763
China Construction Bank Corp. Fixed until 05/13/2020, 3.88% (A), 05/13/2025 (D)		1,500,000		1,485,385
Citibank NA
2.13%, 10/20/2020		250,000		244,149
3-Month LIBOR + 0.26%, 2.60% (A), 09/18/2019		1,000,000		1,000,719
Citigroup, Inc.
3-Month LIBOR + 1.07%, 3.40% (A), 12/08/2021		1,000,000		1,015,720
3-Month LIBOR + 1.10%, 3.41% (A), 05/17/2024		505,000		508,018
3-Month LIBOR + 1.19%, 3.75% (A), 08/02/2021		1,000,000		1,016,600
Fixed until 06/01/2023, 4.04% (A), 06/01/2024		325,000		324,171
4.45%, 09/29/2027		98,000		95,368
Citizens Bank NA 2.25%, 03/02/2020		300,000		295,726
Credit Agricole SA
Fixed until 01/23/2024 (E), 7.88% (A) (B)		4,000,000		4,135,000
Fixed until 12/23/2025 (E), 8.13% (A) (B)		1,553,000		1,665,695
Danske Bank A/S 3.88%, 09/12/2023 (B)		200,000		194,451
Discover Bank 3.45%, 07/27/2026		825,000		759,206
Fifth Third Bancorp 2.88%, 07/27/2020		591,000		585,675
First Abu Dhabi Bank PJSC 3.00%, 03/30/2022, MTN (D)		1,300,000		1,259,700
First Horizon National Corp. 3.50%, 12/15/2020		323,000		322,811
HSBC Holdings PLC
Fixed until 09/12/2025, 4.29% (A), 09/12/2026		250,000		246,426
Fixed until 05/22/2027 (E), 6.00% (A)		1,770,000		1,628,400
Fixed until 03/23/2023 (E), 6.25% (A)		409,000		397,241
Fixed until 03/30/2025 (E), 6.38% (A)		3,000,000		2,913,750
Fixed until 03/23/2028 (E), 6.50% (A)		2,000,000		1,877,500
Huntington Bancshares, Inc. Fixed until 04/15/2023 (E), 5.70% (A)		126,000		123,480
ING Groep NV Fixed until 04/16/2025 (E), 6.50% (A) (F)		1,500,000		1,422,000
Intesa Sanpaolo SpA Fixed until 09/17/2025 (E), 7.70% (A) (B) (F)		1,626,000		1,473,563
JPMorgan Chase & Co.
2.30%, 08/15/2021, MTN		250,000		242,030
2.55%, 10/29/2020		592,000		582,239
3-Month LIBOR + 0.55%, 2.88% (A), 03/09/2021		3,000,000		3,003,855

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

Transamerica Funds Annual Report 2018

Page    319

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
JPMorgan Chase & Co. (continued)
Fixed until 07/24/2037, 3.88% (A), 07/24/2038		$   244,000		$   220,781
Fixed until 11/01/2022 (E), 4.63% (A)		432,000		399,859
3-Month LIBOR + 3.47%, 5.99% (A), 01/30/2019 (E)		3,368,000		3,386,052
Lloyds Banking Group PLC
Fixed until 06/27/2024 (E), 7.50% (A)		3,300,000		3,328,875
Fixed until 09/27/2025 (E), 7.50% (A)		3,320,000		3,336,600
Macquarie Bank, Ltd. Fixed until 03/08/2027 (E), 6.13%(A) (B)		1,290,000		1,157,775
Malayan Banking BHD Fixed until 10/29/2021, 3.91% (A), 10/29/2026 (D)		1,200,000		1,182,564
Mitsubishi UFJ Financial Group, Inc. 3.78%, 03/02/2025		65,000		63,933
Mizuho Financial Group, Inc. 3.55%, 03/05/2023		541,000		534,947
National Australia Bank, Ltd. 3.63%, 06/20/2023		250,000		247,750
PNC Bank NA 3-Month LIBOR + 0.50%, 3.01% (A), 07/27/2022		1,700,000		1,702,995
Powszechna Kasa Oszczednosci Bank Polski SA Via PKO Finance AB 4.63%, 09/26/2022 (D)		1,250,000		1,273,438
QNB Finance, Ltd. 2.13%, 09/07/2021, MTN (D)		1,250,000		1,185,704
Regions Bank Fixed until 08/13/2020, 3.37% (A), 08/13/2021		533,000		530,386
Regions Financial Corp. 7.38%, 12/10/2037		309,000		387,813
Royal Bank of Canada 3.70%, 10/05/2023, MTN		141,000		140,279
Royal Bank of Scotland Group PLC
Fixed until 06/25/2023, 4.52% (A), 06/25/2024		200,000		197,967
Fixed until 01/27/2029, 5.08% (A), 01/27/2030		209,000		204,705
Fixed until 08/15/2021 (E), 8.63% (A)		557,000		585,546
Shinhan Bank Co., Ltd. 3.88%, 03/24/2026, MTN (D)		1,700,000		1,609,519
Societe Generale SA
Fixed until 04/06/2028 (E), 6.75% (A) (B)		4,100,000		3,618,250
Fixed until 12/18/2023 (E), 7.88% (A) (B) (F)		2,000,000		2,012,500
Standard Chartered PLC Fixed until 04/02/2022 (E), 7.50% (A) (B) (F)		3,488,000		3,527,240
SunTrust Bank Fixed until 08/02/2021, 3.50% (A), 08/02/2022		153,000		151,967
Svenska Handelsbanken AB 3-Month LIBOR + 0.49%, 2.82% (A), 06/17/2019		1,250,000		1,252,686
Toronto-Dominion Bank 3-Month LIBOR + 0.90%, 3.34% (A), 07/13/2021		1,500,000		1,523,220

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
UniCredit SpA Fixed until 06/19/2027, 5.86% (A), 06/19/2032 (B)		$   200,000		$   171,110
Union Bank of the Philippines 3.37%, 11/29/2022, MTN (D)		1,000,000		950,439
US Bank NA 3-Month LIBOR + 0.14%, 2.62% (A), 10/23/2020, MTN		3,000,000		2,995,615
Wells Fargo & Co.
3-Month LIBOR + 1.11%, 3.60% (A), 01/24/2023		2,000,000		2,022,754
4.30%, 07/22/2027, MTN		397,000		389,805
Wells Fargo Bank NA
3-Month LIBOR + 0.60%, 2.91% (A), 05/24/2019		1,250,000		1,252,992
3.55%, 08/14/2023		322,000		319,133
Westpac Banking Corp.
3.05%, 05/15/2020		135,000		134,547
3-Month LIBOR + 0.71%, 3.10% (A), 06/28/2022		505,000		507,606
Fixed until 09/21/2027 (E), 5.00% (A)		900,000		787,417
Woori Bank 5.13%, 08/06/2028, MTN (D)		1,300,000		1,294,504
				97,590,093
Beverages - 0.7%
Anheuser-Busch InBev Finance, Inc.
2.65%, 02/01/2021		794,000		778,406
3.65%, 02/01/2026		204,000		194,048
3-Month LIBOR + 1.26%, 3.82% (A), 02/01/2021		3,000,000		3,063,866
Heineken NV 3.50%, 01/29/2028 (B)		422,000		399,751
Keurig Dr. Pepper, Inc.
4.06%, 05/25/2023 (B)		97,000		96,479
4.42%, 05/25/2025 (B)		249,000		246,070
				4,778,620
Biotechnology - 0.1%
Celgene Corp. 3.25%, 02/20/2023		598,000		579,750
Building Products - 0.1%
Standard Industries, Inc. 6.00%, 10/15/2025 (B)		575,000		565,656
Capital Markets - 3.1%
Charles Schwab Corp. 3.85%, 05/21/2025		449,000		449,057
Credit Suisse Group AG
Fixed until 07/17/2023 (E), 7.50% (A) (B)		1,745,000		1,775,538
Fixed until 12/11/2023 (E), 7.50% (A) (B)		1,700,000		1,769,972
Credit Suisse Group Funding Guernsey, Ltd. 3-Month LIBOR + 2.29%, 4.73% (A), 04/16/2021		500,000		519,839
Deutsche Bank AG
3-Month LIBOR + 1.23%, 3.54% (A), 02/27/2023 (F)		2,500,000		2,437,553
4.25%, 02/04/2021		151,000		150,413
Donnelley Financial Solutions, Inc. 8.25%, 10/15/2024		710,000		733,075

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

Transamerica Funds Annual Report 2018

Page    320

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Capital Markets (continued)
FS Energy & Power Fund 7.50%, 08/15/2023 (B)		$   582,000		$   590,148
Goldman Sachs Group, Inc.
3-Month LIBOR + 1.04%, 3.53% (A), 04/25/2019		437,000		438,943
3-Month LIBOR + 1.16%, 3.64% (A), 04/23/2020		2,000,000		2,022,110
3-Month LIBOR + 1.36%, 3.85% (A), 04/23/2021		1,000,000		1,019,800
Fixed until 11/10/2022 (E),		333,000		306,360
5.00% (A), 5.25%, 07/27/2021		530,000		551,209
LPL Holdings, Inc. 5.75%, 09/15/2025 (B) (F)		500,000		485,625
Morgan Stanley
3-Month LIBOR + 0.55%, 2.89% (A), 02/10/2021, MTN		3,000,000		3,001,500
3-Month LIBOR + 1.18%, 3.65% (A), 01/20/2022		881,000		890,917
5.00%, 11/24/2025		688,000		703,464
SURA Asset Management SA 4.88%, 04/17/2024 (D)		1,550,000		1,530,238
UBS AG 3-Month LIBOR + 0.85%, 3.17% (A), 06/01/2020		1,700,000		1,715,242
UBS Group Funding Switzerland AG 2.65%, 02/01/2022 (B)		800,000		772,168
				21,863,171
Chemicals - 1.3%
Chevron Phillips Chemical Co. LLC / Chevron Phillips Chemical Co., LP 3.30%, 05/01/2023 (B)		132,000		129,769
CNAC HK Finbridge Co., Ltd. 4.88%, 03/14/2025 (D)		1,300,000		1,289,730
Ecolab, Inc. 2.38%, 08/10/2022		400,000		382,505
Equate Petrochemical BV 3.00%, 03/03/2022 (D)		1,700,000		1,626,560
GCP Applied Technologies, Inc. 5.50%, 04/15/2026 (B)		253,000		244,778
Israel Chemicals, Ltd. 6.38%, 05/31/2038 (D)		1,500,000		1,488,150
Kraton Polymers LLC / Kraton Polymers Capital Corp. 7.00%, 04/15/2025 (B)		725,000		679,688
NOVA Chemicals Corp. 5.00%, 05/01/2025 (B)		575,000		526,125
Praxair, Inc. 2.25%, 09/24/2020		385,000		378,704
SASOL Financing USA LLC 6.50%, 09/27/2028		1,400,000		1,416,916
Starfruit Finco BV / Starfruit US Holdco LLC 8.00%, 10/01/2026 (B) (F)		502,000		486,940
Syngenta Finance NV 4.44%, 04/24/2023 (B)		206,000		202,700
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc. 5.38%, 09/01/2025 (B)		600,000		554,580
				9,407,145

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Commercial Services & Supplies - 0.5%
ADT Security Corp. 4.13%, 06/15/2023		$   804,000		$   745,710
Ahern Rentals, Inc. 7.38%, 05/15/2023 (B)		615,000		568,875
Cimpress NV 7.00%, 06/15/2026 (B)		900,000		898,875
Jurassic Holdings III, Inc. 6.88%, 02/15/2021 (B) (F)		599,000		560,065
Multi-Color Corp. 4.88%, 11/01/2025 (B)		655,000		599,325
				3,372,850
Communications Equipment - 0.0% (C)
Anixter, Inc. 6.00%, 12/01/2025 (B) (G)		331,000		331,828
Construction & Engineering - 0.4%
ABB Finance USA, Inc. 3.38%, 04/03/2023		230,000		228,132
Great Lakes Dredge & Dock Corp. 8.00%, 05/15/2022		590,000		601,800
Mattamy Group Corp. 6.50%, 10/01/2025 (B)		510,000		479,400
Tutor Perini Corp. 6.88%, 05/01/2025 (B) (F)		460,000		460,575
Weekley Homes LLC / Weekley Finance Corp. 6.00%, 02/01/2023		520,000		499,200
William Lyon Homes, Inc. 6.00%, 09/01/2023		592,000		540,200
				2,809,307
Consumer Finance - 3.9%
Altice Financing SA 7.50%, 05/15/2026 (B)		900,000		846,000
American Express Co.
2.50%, 08/01/2022		755,000		722,987
3-Month LIBOR + 0.65%, 2.96% (A), 02/27/2023		1,500,000		1,494,389
BMW US Capital LLC
3-Month LIBOR + 0.38%, 2.79% (A), 04/06/2020 (B)		1,000,000		1,003,053
3-Month LIBOR + 0.41%, 2.84% (A), 04/12/2021 (B)		1,000,000		999,107
3.10%, 04/12/2021 (B)		329,000		325,562
Capital One Financial Corp. 3.75%, 07/28/2026		138,000		126,580
Capital One NA
2.65%, 08/08/2022		750,000		718,673
3-Month LIBOR + 1.15%, 3.67% (A), 01/30/2023		1,454,000		1,463,391
Credit Acceptance Corp. 7.38%, 03/15/2023		286,000		295,295
Daimler Finance North America LLC
2.00%, 07/06/2021 (B)		525,000		505,072
3-Month LIBOR + 0.45%, 2.76% (A), 02/22/2021 (B)		1,500,000		1,498,680
3-Month LIBOR + 0.62%, 3.14% (A), 10/30/2019 (B)		2,500,000		2,509,803
3.75%, 11/05/2021 (B)		186,000		175,978

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

Transamerica Funds Annual Report 2018

Page    321

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Consumer Finance (continued)
Enova International, Inc. 8.50%, 09/01/2024 - 09/15/2025 (B)		$   1,260,000		$   1,187,400
FirstCash, Inc. 5.38%, 06/01/2024 (B)		475,000		467,875
Ford Motor Credit Co. LLC 3-Month LIBOR + 0.93%, 3.27% (A), 11/04/2019		1,000,000		999,119
General Motors Financial Co., Inc.
3.20%, 07/06/2021		993,000		972,133
3-Month LIBOR + 0.93%, 3.37% (A), 04/13/2020		1,000,000		1,004,628
Fixed until 09/30/2027 (E), 5.75% (A),		700,000		630,336
Fixed until 09/30/2028 (E), 6.50% (A) (F)		2,400,000		2,256,000
Harley-Davidson Financial Services, Inc. 3-Month LIBOR + 0.35%, 2.68% (A), 03/08/2019 (B)		1,200,000		1,200,032
John Deere Capital Corp.
2.35%, 01/08/2021, MTN		161,000		158,276
3.65%, 10/12/2023		106,000		106,379
Navient Corp. 5.63%, 08/01/2033, MTN		1,065,000		866,037
Nissan Motor Acceptance Corp. 2.15%, 09/28/2020 (B)		199,000		194,106
Springleaf Finance Corp.
6.88%, 03/15/2025		850,000		813,875
7.13%, 03/15/2026		256,000		242,560
Synchrony Financial 2.60%, 01/15/2019		437,000		436,410
Toyota Motor Credit Corp.
3-Month LIBOR + 0.28%, 2.72% (A), 04/13/2021, MTN		3,000,000		3,000,510
2.95%, 04/13/2021, MTN		230,000		228,496
				27,448,742
Containers & Packaging - 0.2%
Crown Americas LLC / Crown Americas Capital Corp. VI 4.75%, 02/01/2026 (B) (F)		171,000		161,381
Crown Cork & Seal Co., Inc. 7.38%, 12/15/2026		168,000		179,760
Intertape Polymer Group, Inc. 7.00%, 10/15/2026 (B)		600,000		600,000
Owens-Brockway Glass Container, Inc. 5.38%, 01/15/2025 (B)		375,000		363,750
				1,304,891
Distributors - 0.1%
Ingram Micro, Inc. 5.45%, 12/15/2024		886,000		863,675
Diversified Consumer Services - 0.2%
frontdoor, Inc. 6.75%, 08/15/2026 (B)		591,000		602,820
Graham Holdings Co. 5.75%, 06/01/2026 (B)		574,000		578,305
				1,181,125
Diversified Financial Services - 0.3%
Aircastle, Ltd. 4.40%, 09/25/2023		85,000		84,338

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Financial Services (continued)
GE Capital International Funding Co. Unlimited Co. 2.34%, 11/15/2020		$   317,000		$   307,559
Jefferies Group LLC / Jefferies Group Capital Finance, Inc. 4.15%, 01/23/2030		117,000		102,202
National Rural Utilities Cooperative Finance Corp.
2.30%, 11/01/2020		153,000		149,805
2.40%, 04/25/2022		362,000		349,548
Fixed until 04/30/2023, 4.75% (A), 04/30/2043		507,000		503,372
Quicken Loans, Inc. 5.75%, 05/01/2025 (B)		530,000		510,787
Travelport Corporate Finance PLC 6.00%, 03/15/2026 (B)		273,000		273,682
				2,281,293
Diversified Telecommunication Services - 1.9%
AT&T, Inc. 3.40%, 05/15/2025		940,000		882,590
Bharti Airtel International Netherlands BV 5.13%, 03/11/2023 (D)		1,500,000		1,454,976
CenturyLink, Inc. 6.75%, 12/01/2023 (F)		500,000		510,000
Cogent Communications Group, Inc. 5.38%, 03/01/2022 (B)		455,000		457,844
Frontier Communications Corp. 9.00%, 08/15/2031 (F)		1,065,000		654,975
Hughes Satellite Systems Corp. 6.63%, 08/01/2026		743,000		707,707
Inmarsat Finance PLC 6.50%, 10/01/2024 (B)		600,000		591,750
Intelsat Jackson Holdings SA
5.50%, 08/01/2023		1,315,000		1,176,925
8.50%, 10/15/2024 (B)		408,000		400,860
Ooredoo International Finance, Ltd. 3.25%, 02/21/2023, MTN (D)		1,650,000		1,579,413
Telesat Canada / Telesat LLC 8.88%, 11/15/2024 (B)		600,000		639,000
Verizon Communications, Inc.
3-Month LIBOR + 0.55%, 2.86% (A), 05/22/2020		1,000,000		1,004,584
3-Month LIBOR + 0.77%, 3.10% (A), 06/17/2019		3,000,000		3,011,477
3.38%, 02/15/2025		400,000		386,153
5.25%, 03/16/2037		203,000		208,705
				13,666,959
Electric Utilities - 1.4%
Abu Dhabi National Energy Co. PJSC
3.63%, 01/12/2023 (D)		1,300,000		1,267,713
4.88%, 04/23/2030 (D)		1,200,000		1,190,784
Adani Transmission, Ltd. 4.00%, 08/03/2026 (D)		1,200,000		1,050,709
Atlantic City Electric Co. 4.00%, 10/15/2028		133,000		133,481
ENEL Chile SA 4.88%, 06/12/2028		1,400,000		1,376,900

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

Transamerica Funds Annual Report 2018

Page    322

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electric Utilities (continued)
ENEL Finance International NV
2.75%, 04/06/2023 (B)		$   200,000		$   184,189
4.25%, 09/14/2023 (B)		200,000		195,055
Exelon Corp. 2.85%, 06/15/2020		1,179,000		1,165,968
Georgia Power Co. 2.00%, 09/08/2020		194,000		188,987
Israel Electric Corp., Ltd. 5.00%, 11/12/2024 (D)		1,200,000		1,212,000
Kallpa Generacion SA 4.13%, 08/16/2027 (D)		1,650,000		1,505,642
Nevada Power Co. 2.75%, 04/15/2020		139,000		138,353
Pacific Gas & Electric Co. 3.30%, 12/01/2027		277,000		246,634
				9,856,415
Electrical Equipment - 0.3%
Hubbell, Inc. 3.35%, 03/01/2026		225,000		210,944
Siemens Financieringsmaatschappij NV 3-Month LIBOR + 0.61%, 2.94% (A), 03/16/2022 (B)		2,000,000		2,021,069
				2,232,013
Electronic Equipment, Instruments & Components - 0.1%
Allegion US Holding Co., Inc. 3.20%, 10/01/2024		64,000		59,218
Trimble, Inc.
4.75%, 12/01/2024		21,000		21,122
4.90%, 06/15/2028		388,000		385,051
TTM Technologies, Inc. 5.63%, 10/01/2025 (B)		525,000		511,875
				977,266
Energy Equipment & Services - 1.1%
Apergy Corp. 6.38%, 05/01/2026 (B)		390,000		394,875
Calfrac Holdings, LP 8.50%, 06/15/2026 (B)		605,000		544,500
Forum Energy Technologies, Inc. 6.25%, 10/01/2021		480,000		470,400
Genesis Energy, LP / Genesis Energy Finance Corp.
5.63%, 06/15/2024		280,000		253,400
6.00%, 05/15/2023		650,000		612,625
Hi-Crush Partners, LP 9.50%, 08/01/2026 (B) (F)		900,000		715,500
KCA Deutag UK Finance PLC 9.88%, 04/01/2022 (B)		950,000		916,750
Nine Energy Service, Inc. 8.75%, 11/01/2023 (B)		288,000		292,680
Noble Holding International, Ltd.
7.75%, 01/15/2024		385,000		359,494
7.88%, 02/01/2026 (B)		652,000		647,110
Pattern Energy Group, Inc. 5.88%, 02/01/2024 (B)		832,000		823,680
Pioneer Energy Services Corp. 6.13%, 03/15/2022		625,000		532,812

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Energy Equipment & Services (continued)
Trinidad Drilling, Ltd. 6.63%, 02/15/2025 (B)		$   555,000		$   555,000
USA Compression Partners, LP / USA Compression Finance Corp. 6.88%, 04/01/2026 (B)		511,000		516,110
				7,634,936
Entertainment - 0.5%
Netflix, Inc. 5.88%, 02/15/2025		480,000		487,848
Walt Disney Co.
3-Month LIBOR + 0.13%, 2.45% (A), 03/04/2020, MTN (F)		1,000,000		1,001,001
3-Month LIBOR + 0.19%, 2.51% (A), 06/05/2020, MTN		2,000,000		2,004,098
				3,492,947
Equity Real Estate Investment Trusts - 1.1%
Alexandria Real Estate Equities, Inc. 4.00%, 01/15/2024		123,000		122,790
American Tower Corp.
2.25%, 01/15/2022		993,000		946,368
3.60%, 01/15/2028		24,000		22,079
CTR Partnership, LP / CareTrust Capital Corp. 5.25%, 06/01/2025		351,000		342,225
Duke Realty, LP 4.00%, 09/15/2028		142,000		138,776
EPR Properties 4.95%, 04/15/2028		60,000		57,977
ESH Hospitality, Inc. 5.25%, 05/01/2025 (B)		1,015,000		960,444
Geo Group, Inc. 5.13%, 04/01/2023		610,000		572,638
GEO Group, Inc. 5.88%, 10/15/2024		190,000		176,187
Iron Mountain, Inc. 4.88%, 09/15/2027 (B)		550,000		489,500
iStar, Inc.
5.25%, 09/15/2022 (F)		705,000		682,087
6.00%, 04/01/2022		250,000		250,000
MPT Operating Partnership, LP / MPT Finance Corp. 5.00%, 10/15/2027		493,000		463,272
Sabra Health Care, LP 5.13%, 08/15/2026		750,000		718,055
Simon Property Group, LP
3.38%, 12/01/2027		18,000		16,974
4.13%, 12/01/2021		218,000		221,676
Trust F/1401 5.25%, 12/15/2024 (D)		1,300,000		1,295,788
UDR, Inc.
3.50%, 01/15/2028, MTN		72,000		67,017
4.40%, 01/26/2029, MTN		186,000		186,268
Welltower, Inc. 3.95%, 09/01/2023		117,000		116,712
				7,846,833

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

Transamerica Funds Annual Report 2018

Page    323

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Food & Staples Retailing - 0.3%
Albertsons Cos. LLC / Safeway, Inc. 5.75%, 03/15/2025		$   930,000		$   818,400
Costco Wholesale Corp. 2.15%, 05/18/2021		843,000		822,411
Walmart, Inc. 1.90%, 12/15/2020		291,000		283,850
				1,924,661
Food Products - 1.5%
ConAgra Brands, Inc. 4.60%, 11/01/2025		212,000		212,360
General Mills, Inc. 3-Month LIBOR + 0.54%, 2.98% (A), 04/16/2021		270,000		269,771
Gruma SAB de CV 4.88%, 12/01/2024 (D)		1,200,000		1,212,000
JBS USA LUX SA / JBS USA Finance, Inc.
5.75%, 06/15/2025 (B)		87,000		83,520
5.88%, 07/15/2024 (B)		455,000		446,583
Kraft Heinz Foods Co. 2.80%, 07/02/2020		397,000		392,909
Land O’ Lakes, Inc. 7.00%, 09/18/2028 (B) (E)		3,952,000		3,947,060
Nestle Holdings, Inc. 3.50%, 09/24/2025 (B)		225,000		221,560
Pilgrim’s Pride Corp. 5.88%, 09/30/2027 (B)		925,000		837,125
Sigma Finance Netherlands BV 4.88%, 03/27/2028 (D)		1,350,000		1,270,687
Tyson Foods, Inc. 3-Month LIBOR + 0.45%, 2.76% (A), 08/21/2020		1,500,000		1,502,687
				10,396,262
Gas Utilities - 0.5%
China Resources Gas Group, Ltd. 4.50%, 04/05/2022, MTN (D)		1,000,000		1,008,626
ENN Energy Holdings, Ltd. 3.25%, 07/24/2022 (D)		1,500,000		1,437,622
Transportadora de Gas del Peru SA 4.25%, 04/30/2028 (D)		1,300,000		1,261,000
				3,707,248
Health Care Equipment & Supplies - 0.1%
Medtronic, Inc. 2.50%, 03/15/2020		236,000		233,853
Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA 6.63%, 05/15/2022 (B)		292,000		280,612
				514,465
Health Care Providers & Services - 0.6%
CHS / Community Health Systems, Inc. 5.13%, 08/01/2021 (F)		228,000		216,030
CVS Health Corp. 4.10%, 03/25/2025		1,160,000		1,145,973
HCA, Inc.
5.25%, 06/15/2026		480,000		488,400
5.38%, 02/01/2025		884,000		889,525
Laboratory Corp. of America Holdings 3.25%, 09/01/2024		253,000		241,557

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Health Care Providers & Services (continued)
MEDNAX, Inc. 5.25%, 12/01/2023 (B)		$   219,000		$   218,726
Roche Holdings, Inc. 2.88%, 09/29/2021 (B)		306,000		302,165
UnitedHealth Group, Inc.
2.38%, 10/15/2022		642,000		614,456
3.75%, 07/15/2025		482,000		477,235
				4,594,067
Hotels, Restaurants & Leisure - 0.6%
Eldorado Resorts, Inc. 6.00%, 09/15/2026 (B)		785,000		768,829
Gohl Capital, Ltd. 4.25%, 01/24/2027 (D)		1,250,000		1,168,847
International Game Technology PLC 6.50%, 02/15/2025 (B)		560,000		567,000
Scientific Games International, Inc. 5.00%, 10/15/2025 (B)		625,000		581,250
Wyndham Destinations, Inc.
4.15%, 04/01/2024		610,000		587,125
4.50%, 04/01/2027		655,000		606,694
				4,279,745
Household Durables - 0.0% (C)
Toll Brothers Finance Corp. 4.35%, 02/15/2028		72,000		63,540
Household Products - 0.2%
Central Garden & Pet Co. 5.13%, 02/01/2028		640,000		590,400
Energizer Gamma Acquisition, Inc. 6.38%, 07/15/2026 (B) (F)		500,000		500,000
Procter & Gamble Co. 1.90%, 10/23/2020		20,000		19,592
				1,109,992
Independent Power & Renewable Electricity Producers - 0.2%
Clearway Energy Operating LLC 5.38%, 08/15/2024		600,000		593,625
Empresa Electrica Angamos SA 4.88%, 05/25/2029 (D)		1,147,800		1,117,900
				1,711,525
Industrial Conglomerates - 0.1%
Roper Technologies, Inc.
2.80%, 12/15/2021		457,000		444,594
4.20%, 09/15/2028		357,000		350,389
				794,983
Insurance - 0.9%
American International Group, Inc. Fixed until 04/01/2028, 5.75% (A), 04/01/2048		713,000		673,343
Amwins Group, Inc. 7.75%, 07/01/2026 (B)		605,000		621,638
Assurant, Inc. Fixed until 03/27/2028, 7.00% (A), 03/27/2048		2,332,000		2,332,000
Athene Global Funding 3-Month LIBOR + 1.23%, 3.63% (A), 07/01/2022 (B)		1,000,000		1,017,433

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

Transamerica Funds Annual Report 2018

Page    324

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Insurance (continued)
Athene Holding, Ltd. 4.13%, 01/12/2028		$   100,000		$   91,707
Chubb INA Holdings, Inc. 2.88%, 11/03/2022		203,000		198,241
Hanwha Life Insurance Co., Ltd. Fixed until 04/23/2023, 4.70% (A), 04/23/2048 (B)		304,000		289,199
Jackson National Life Global Funding 3-Month LIBOR + 0.73%, 3.11% (A), 06/27/2022 (B)		873,000		880,867
Prudential Financial, Inc. 3.50%, 05/15/2024, MTN		400,000		397,442
				6,501,870
Internet & Direct Marketing Retail - 0.0% (C)
Amazon.com, Inc. 2.80%, 08/22/2024		247,000		235,563
IT Services - 0.6%
Fiserv, Inc. 4.20%, 10/01/2028		149,000		147,475
Harland Clarke Holdings Corp. 8.38%, 08/15/2022 (B)		1,130,000		1,019,825
IBM Credit LLC
3-Month LIBOR + 0.16%, 2.50% (A), 02/05/2021		1,500,000		1,502,694
2.65%, 02/05/2021		530,000		521,787
3-Month LIBOR + 0.26%, 2.73% (A), 01/20/2021		500,000		501,162
Rackspace Hosting, Inc. 8.63%, 11/15/2024 (B) (F)		585,000		549,900
Total System Services, Inc. 3.80%, 04/01/2021		318,000		318,568
				4,561,411
Machinery - 0.8%
Caterpillar Financial Services Corp.
2.55%, 11/29/2022, MTN		135,000		130,191
3-Month LIBOR + 0.23%, 2.56% (A), 03/15/2021, MTN		2,000,000		2,001,439
3.15%, 09/07/2021, MTN		101,000		100,543
3.45%, 05/15/2023, MTN		191,000		190,482
Cleaver-Brooks, Inc. 7.88%, 03/01/2023 (B)		455,000		457,275
CNH Industrial Capital LLC 4.20%, 01/15/2024		170,000		168,228
CNH Industrial NV
3.85%, 11/15/2027, MTN		171,000		157,974
4.50%, 08/15/2023		121,000		121,907
JB Poindexter & Co., Inc. 7.13%, 04/15/2026 (B)		590,000		607,700
Novelis Corp. 6.25%, 08/15/2024 (B)		790,000		782,100
Nvent Finance Sarl 4.55%, 04/15/2028		115,000		111,126
Terex Corp. 5.63%, 02/01/2025 (B)		595,000		565,994
				5,394,959

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Marine - 0.2%
Kirby Corp. 4.20%, 03/01/2028		$   104,000		$   99,659
Pelabuhan Indonesia II PT 4.25%, 05/05/2025 (D)		1,300,000		1,222,000
				1,321,659
Media - 1.7%
Altice France SA
7.38%, 05/01/2026 (B)		980,000		938,046
8.13%, 02/01/2027 (B)		214,000		211,860
Altice Luxembourg SA 7.63%, 02/15/2025 (B) (F)		1,100,000		937,750
Belo Corp. 7.75%, 06/01/2027		225,000		239,625
Block Communications, Inc. 6.88%, 02/15/2025 (B) (F)		515,000		522,081
CBS Corp. 3.70%, 08/15/2024		385,000		372,772
CCO Holdings LLC / CCO Holdings Capital Corp.
5.00%, 02/01/2028 (B)		418,000		389,524
5.38%, 05/01/2025 (B)		290,000		283,838
Comcast Corp.
3.60%, 03/01/2024		283,000		280,079
3.90%, 03/01/2038		91,000		81,289
4.15%, 10/15/2028		875,000		867,811
CSC Holdings LLC 5.50%, 04/15/2027 (B)		1,575,000		1,512,000
Discovery Communications LLC
3.50%, 06/15/2022 (B)		179,000		175,385
3.90%, 11/15/2024 (B)		201,000		194,658
DISH DBS Corp. 5.00%, 03/15/2023 (F)		555,000		485,625
EW Scripps Co. 5.13%, 05/15/2025 (B)		598,000		562,120
Gray Television, Inc.
5.13%, 10/15/2024 (B)		527,000		499,991
5.88%, 07/15/2026 (B)		113,000		108,445
McGraw-Hill Global Education Holdings LLC / McGraw-Hill Global Education Finance 7.88%, 05/15/2024 (B) (F)		665,000		566,913
Myriad International Holdings BV 5.50%, 07/21/2025 (D)		1,300,000		1,325,410
Sirius XM Radio, Inc. 5.38%, 07/15/2026 (B)		487,000		476,043
Univision Communications, Inc. 5.13%, 05/15/2023 (B)		935,000		880,770
				11,912,035
Metals & Mining - 1.4%
AK Steel Corp. 6.38%, 10/15/2025 (F)		315,000		280,350
Anglo American Capital PLC 4.00%, 09/11/2027 (B)		800,000		728,645
Cleveland-Cliffs, Inc. 5.75%, 03/01/2025 (F)		850,000		803,250
Commercial Metals Co. 5.75%, 04/15/2026 (B)		490,000		470,400

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

Transamerica Funds Annual Report 2018

Page    325

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Metals & Mining (continued)
First Quantum Minerals, Ltd.
6.50%, 03/01/2024 (B)		$   945,000		$   826,875
7.25%, 04/01/2023 (B)		231,000		213,386
GTL Trade Finance, Inc. / Gerdau Holdings, Inc. 5.89%, 04/29/2024 (D)		1,400,000		1,428,000
Hudbay Minerals, Inc. 7.25%, 01/15/2023 (B)		486,000		483,570
Novolipetsk Steel Via Steel Funding DAC 4.50%, 06/15/2023 (D)		1,600,000		1,544,800
Severstal OAO Via Steel Capital SA 5.90%, 10/17/2022 (D)		1,500,000		1,533,270
Southern Copper Corp. 6.75%, 04/16/2040		1,200,000		1,365,310
U.S. Steel Corp. 6.88%, 08/15/2025		360,000		352,800
				10,030,656
Mortgage Real Estate Investment Trusts - 0.1%
Starwood Property Trust, Inc. 4.75%, 03/15/2025 (F)		545,000		519,113
Multi-Utilities - 0.0% (C)
Public Service Co. of Colorado 3.70%, 06/15/2028		188,000		186,809
Multiline Retail - 0.4%
Conn’s, Inc. 7.25%, 07/15/2022		856,000		846,370
El Puerto de Liverpool SAB de CV 3.88%, 10/06/2026 (D)		1,900,000		1,695,750
				2,542,120
Oil, Gas & Consumable Fuels - 5.0%
Anadarko Petroleum Corp. 6.45%, 09/15/2036		206,000		223,096
Andeavor Logistics, LP / Tesoro Logistics Finance Corp. 3.50%, 12/01/2022		72,000		70,295
BP Capital Markets PLC 2.75%, 05/10/2023 (F)		597,000		574,876
Callon Petroleum Co. 6.38%, 07/01/2026		600,000		595,500
Canadian Natural Resources, Ltd. 2.95%, 01/15/2023		675,000		649,752
Cenovus Energy, Inc. 4.25%, 04/15/2027 (F)		299,000		281,871
Chaparral Energy, Inc. 8.75%, 07/15/2023 (B)		600,000		575,460
Cheniere Corpus Christi Holdings LLC 7.00%, 06/30/2024		400,000		432,500
Chevron Corp. 3-Month LIBOR + 0.41%, 2.72% (A), 11/15/2019		1,000,000		1,004,788
CNOOC Finance, Ltd. 3.00%, 05/09/2023		1,650,000		1,575,275
ConocoPhillips Co. 3-Month LIBOR + 0.90%, 3.21% (A), 05/15/2022		1,700,000		1,729,351
Continental Resources, Inc. 4.50%, 04/15/2023		199,000		199,352

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Ecopetrol SA 5.88%, 05/28/2045		$   1,500,000		$   1,429,500
Enable Midstream Partners, LP 4.95%, 05/15/2028		152,000		148,699
Enbridge, Inc.
Fixed until 01/15/2027, 6.00% (A), 01/15/2077		1,000,000		934,956
Fixed until 03/01/2028, 6.25% (A), 03/01/2078		2,667,000		2,495,553
Endeavor Energy Resources, LP / EER Finance, Inc. 5.50%, 01/30/2026 (B)		725,000		744,937
Energy Transfer Operating, LP Fixed until 02/15/2023 (E), 6.25% (A)		2,118,000		1,980,330
EnLink Midstream Partners, LP
4.85%, 07/15/2026		507,000		479,530
Fixed until 12/15/2022 (E), 6.00% (A)		1,400,000		1,219,886
Enterprise Products Operating LLC 4.05%, 02/15/2022		402,000		405,862
Extraction Oil & Gas, Inc. 5.63%, 02/01/2026 (B)		600,000		507,000
Hilcorp Energy I, LP / Hilcorp Finance Co. 5.00%, 12/01/2024 (B)		640,000		604,000
Holly Energy Partners, LP / Holly Energy Finance Corp. 6.00%, 08/01/2024 (B)		414,000		415,035
Kinder Morgan Energy Partners, LP 4.30%, 05/01/2024		187,000		187,395
Lonestar Resources America, Inc. 11.25%, 01/01/2023 (B)		537,000		586,672
Marathon Oil Corp. 2.80%, 11/01/2022		476,000		453,649
MEG Energy Corp. 6.38%, 01/30/2023 (B)		130,000		125,450
MPLX, LP 4.00%, 03/15/2028		125,000		117,393
Noble Energy, Inc. 3.90%, 11/15/2024		400,000		388,786
Oil India International Pte, Ltd. 4.00%, 04/21/2027 (D)		1,500,000		1,341,609
ONGC Videsh, Ltd. 4.63%, 07/15/2024 (D)		1,300,000		1,276,834
PBF Holding Co. LLC / PBF Finance Corp. 7.25%, 06/15/2025		108,000		111,240
Petroleos Mexicanos
5.35%, 02/12/2028 (D)		500,000		445,450
6.50%, 01/23/2029 (B)		74,000		70,818
6.75%, 09/21/2047		1,200,000		1,029,960
QEP Resources, Inc. 5.63%, 03/01/2026 (F)		675,000		635,344
Sanchez Energy Corp. 6.13%, 01/15/2023		470,000		173,900
SemGroup Corp. / Rose Rock Finance Corp. 5.63%, 11/15/2023		1,051,000		993,195
Shelf Drilling Holdings, Ltd. 8.25%, 02/15/2025 (B)		755,000		756,887

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

Transamerica Funds Annual Report 2018

Page    326

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Southwestern Energy Co. 7.50%, 04/01/2026 (F)		$   575,000		$   585,063
Summit Midstream Holdings LLC / Summit Midstream Finance Corp. 5.50%, 08/15/2022		880,000		871,200
SunCoke Energy Partners, LP / SunCoke Energy Partners Finance Corp. 7.50%, 06/15/2025 (B)		520,000		529,100
Tengizchevroil Finance Co. International, Ltd. 4.00%, 08/15/2026 (D)		2,000,000		1,861,980
Total Capital International SA 2.88%, 02/17/2022		597,000		586,252
Transportadora de Gas Internacional SA ESP 5.55%, 11/01/2028 (B) (G)		1,300,000		1,306,630
Western Gas Partners, LP 4.65%, 07/01/2026		345,000		336,020
WildHorse Resource Development Corp. 6.88%, 02/01/2025		674,000		670,630
Williams Cos., Inc.
3.70%, 01/15/2023		285,000		279,691
3.75%, 06/15/2027		252,000		234,647
				35,233,199
Paper & Forest Products - 0.7%
Cascades, Inc. 5.50%, 07/15/2022 (B)		561,000		556,792
Celulosa Arauco y Constitucion SA 4.50%, 08/01/2024		1,400,000		1,384,614
Fibria Overseas Finance, Ltd. 4.00%, 01/14/2025		1,300,000		1,204,450
Inversiones CMPC SA 4.38%, 05/15/2023 (D)		1,500,000		1,484,826
				4,630,682
Personal Products - 0.2%
Coty, Inc. 6.50%, 04/15/2026 (B) (F)		575,000		536,188
First Quality Finance Co., Inc. 5.00%, 07/01/2025 (B)		755,000		694,600
HLF Financing Sarl LLC / Herbalife International, Inc. 7.25%, 08/15/2026 (B)		92,000		93,150
				1,323,938
Pharmaceuticals - 0.5%
Bausch Health Cos., Inc. 5.88%, 05/15/2023 (B)		905,000		863,144
Endo Finance LLC / Endo Finco, Inc. 5.38%, 01/15/2023 (B)		519,000		442,447
GlaxoSmithKline Capital PLC 3-Month LIBOR + 0.35%, 2.67% (A), 05/14/2021		2,000,000		2,003,902
GlaxoSmithKline Capital, Inc. 3.38%, 05/15/2023		143,000		141,580
Pfizer, Inc. 3.00%, 09/15/2021		109,000		108,659
Shire Acquisitions Investments Ireland DAC 2.88%, 09/23/2023		132,000		124,523
				3,684,255

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Professional Services - 0.2%
Everi Payments, Inc. 7.50%, 12/15/2025 (B)		$   775,000		$   771,125
Refinitiv US Holdings, Inc.
6.25%, 05/15/2026 (B) (F)		189,000		188,055
8.25%, 11/15/2026 (B)		640,000		622,400
				1,581,580
Real Estate Management & Development - 0.5%
Greystar Real Estate Partners LLC 5.75%, 12/01/2025 (B)		475,000		460,750
Kennedy-Wilson, Inc. 5.88%, 04/01/2024		1,000,000		960,000
Longfor Group Holdings, Ltd. 4.50%, 01/16/2028 (D)		1,500,000		1,266,190
Realogy Group LLC / Realogy Co-Issuer Corp. 4.88%, 06/01/2023 (B) (F)		1,040,000		941,200
				3,628,140
Road & Rail - 0.1%
Avolon Holdings Funding, Ltd. 5.13%, 10/01/2023 (B)		600,000		588,750
Canadian National Railway Co. 2.85%, 12/15/2021		152,000		148,999
Kansas City Southern 4.70%, 05/01/2048		219,000		211,434
				949,183
Semiconductors & Semiconductor Equipment - 0.1%
Intel Corp. 2.45%, 07/29/2020		420,000		415,704
QUALCOMM, Inc. 3.45%, 05/20/2025		196,000		187,983
				603,687
Software - 0.3%
Microsoft Corp.
2.40%, 02/06/2022		993,000		966,985
2.88%, 02/06/2024		950,000		920,987
				1,887,972
Specialty Retail - 0.5%
Advance Auto Parts, Inc. 5.75%, 05/01/2020		272,000		280,023
AutoNation, Inc. 3.50%, 11/15/2024		168,000		158,141
Lithia Motors, Inc. 5.25%, 08/01/2025 (B)		625,000		589,062
O’Reilly Automotive, Inc. 3.55%, 03/15/2026		337,000		319,863
Party City Holdings, Inc. 6.63%, 08/01/2026 (B)		587,000		570,858
QVC, Inc. 4.85%, 04/01/2024		434,000		427,927
Staples, Inc. 8.50%, 09/15/2025 (B) (F)		1,047,000		947,535
				3,293,409
Technology Hardware, Storage & Peripherals - 0.5%
Apple, Inc. 3-Month LIBOR + 0.30%, 2.64% (A), 05/06/2019		1,500,000		1,502,348

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

Transamerica Funds Annual Report 2018

Page    327

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Technology Hardware, Storage & Peripherals (continued)
Dell International LLC / EMC Corp.
3.48%, 06/01/2019 (B)		$   402,000		$   402,503
6.02%, 06/15/2026 (B)		560,000		580,299
Diebold Nixdorf, Inc. 8.50%, 04/15/2024 (F)		970,000		601,400
Seagate HDD Cayman 4.75%, 01/01/2025 (F)		770,000		700,338
				3,786,888
Trading Companies & Distributors - 0.2%
H&E Equipment Services, Inc. 5.63%, 09/01/2025		765,000		728,662
United Rentals North America, Inc. 6.50%, 12/15/2026		512,000		517,627
				1,246,289
Transportation Infrastructure - 0.2%
DP World, Ltd. 5.63%, 09/25/2048 (B)		1,500,000		1,416,900
Penske Truck Leasing Co., LP / PTL Finance Corp. 3.95%, 03/10/2025 (B)		221,000		215,198
				1,632,098
Wireless Telecommunication Services - 0.6%
C&W Senior Financing DAC 6.88%, 09/15/2027 (B)		900,000		857,250
Sprint Corp. 7.88%, 09/15/2023		2,790,000		2,978,325
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC 4.74%, 09/20/2029 (B)		382,000		381,522
Vodafone Group PLC 4.13%, 05/30/2025		81,000		79,207
				4,296,304
Total Corporate Debt Securities (Cost $373,657,127)				364,478,605
FOREIGN GOVERNMENT OBLIGATIONS - 8.1%
Argentina - 0.8%
Argentina Republic Government International Bond 5.25%, 01/15/2028		EUR  6,900,000		5,998,233
Colombia - 1.0%
Colombia Government International Bond
3.88%, 04/25/2027		$  7,400,000		7,044,800
4.50%, 03/15/2029		203,000		200,160
				7,244,960
Egypt - 0.5%
Egypt Government International Bond 6.59%, 02/21/2028 (D)		3,700,000		3,388,719
Indonesia - 1.4%
Indonesia Treasury Bond
8.38%, 09/15/2026		IDR  35,000,000,000		2,268,287
10.00%, 02/15/2028		57,800,000,000		4,067,816
10.50%, 08/15/2030		50,200,000,000		3,696,424
				10,032,527

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Mexico - 1.1%
Mexico Bonos
Series M,
7.25%, 12/09/2021		MXN  82,000,000		$   3,880,672
7.50%, 06/03/2027		90,000,000		4,076,600
				7,957,272
Peru - 1.0%
Peru Government Bond 5.70%, 08/12/2024		PEN  9,300,000		2,865,443
Peru Government International Bond 6.35%, 08/12/2028 (B)		12,660,000		3,900,508
				6,765,951
Qatar - 1.0%
Qatar Government International Bond 4.50%, 04/23/2028 (D)		$  7,000,000		7,140,000
Supranational - 0.3%
European Investment Bank
1.38%, 06/15/2020		993,000		968,344
2.38%, 06/15/2022		400,000		389,684
Inter-American Development Bank 2.63%, 04/19/2021, MTN		650,000		643,818
				2,001,846
Uruguay - 1.0%
Uruguay Government International Bond 9.88%, 06/20/2022 (B)		UYU  229,500,000		6,881,853
Total Foreign Government Obligations (Cost $64,977,220)				57,411,361
LOAN ASSIGNMENTS - 18.0%
Aerospace & Defense - 0.5%
Accudyne Industries LLC Term Loan, 1-Month LIBOR + 3.00%, 5.30% (A), 08/18/2024		$  401,654		399,746
Alion Science and Technology Corp. Term Loan B, 1-Month LIBOR + 4.50%, 6.80% (A), 08/19/2021 (G)		907,909		909,800
Doncasters Finance US LLC Term Loan, 3-Month LIBOR + 3.50%, 5.89% (A), 04/09/2020		879,043		812,566
TransDigm, Inc.
Term Loan E,
1-Month LIBOR + 2.50%, 4.80% (A), 05/30/2025		649,031		644,975
Term Loan F,
TBD, 1-Month LIBOR + 2.50%, 06/09/2023 (G) (H)		660,000		656,462
				3,423,549
Auto Components - 0.3%
DexKo Global, Inc. Term Loan, 1-Month LIBOR + 3.50%, 5.80% (A), 07/24/2024		164,977		165,045

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

Transamerica Funds Annual Report 2018

Page    328

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
LOAN ASSIGNMENTS (continued)
Auto Components (continued)
Mavis Tire Express Services Corp.
1st Lien Term Loan,
1-Month LIBOR + 3.25%, 5.53% (A), 03/20/2025 (G)		$   846,130		$   838,726
Delayed Draw Term Loan,
1-Month LIBOR + 3.25%, 1.25% (A), 03/20/2025 (G)		99,026		98,160
USI, Inc. Repriced Term Loan, 3-Month LIBOR + 3.00%, 5.39% (A), 05/16/2024		989,909		983,227
				2,085,158
Automobiles - 0.2%
CWGS Group LLC Term Loan, 1-Month LIBOR + 2.75%, 5.03% (A), 11/08/2023		1,131,364		1,087,995
I-Logic Technologies Bidco, Ltd. Term Loan, 2-Month LIBOR + 3.25%, 5.64% (A), 12/21/2024		504,110		502,850
				1,590,845
Biotechnology - 0.1%
Grifols Worldwide Operations USA, Inc. Term Loan, 1-Week LIBOR + 2.25%, 4.47% (A), 01/31/2025		369,375		369,467
Building Products - 0.3%
C.H.I. Overhead Doors, Inc. 1st Lien Term Loan, 1-Month LIBOR + 3.25%, 5.55% (A), 07/29/2022		691,217		690,641
CD&R Hydra Buyer, Inc. Term Loan, 1-Month LIBOR + 4.25%, 6.55% (A), 12/11/2024		1,251,151		1,248,811
NCI Building Systems, Inc. Term Loan, 1-Month LIBOR + 2.00%, 4.30% (A), 02/07/2025		23,816		23,767
Quikrete Holdings, Inc. 1st Lien Term Loan, 1-Month LIBOR + 2.75%, 5.05% (A), 11/15/2023		465,000		463,090
				2,426,309
Capital Markets - 0.3%
Advisor Group, Inc. Term Loan, 1-Month LIBOR + 3.75%, 6.04% (A), 08/15/2025		173,795		174,338
Crown Finance US, Inc. Term Loan, 1-Month LIBOR + 2.50%, 4.80% (A), 02/28/2025		1,188,190		1,182,249
Donnelley Financial Solutions, Inc. Term Loan B, 1-Week LIBOR + 3.00%, 5.22% (A), 10/02/2023		252,941		252,941

	Principal		Value
LOAN ASSIGNMENTS (continued)
Capital Markets (continued)
Duff & Phelps Corp. Term Loan B, 1-Month LIBOR + 3.25%, 5.55% (A), 02/13/2025		$   633,711		$   632,579
LPL Holdings, Inc. 1st Lien Term Loan B, 1-Month LIBOR + 2.25%, 4.53% (A), 09/23/2024		140,807		140,895
				2,383,002
Chemicals - 0.4%
Charter NEX US Holdings, Inc. Term Loan B, 1-Month LIBOR + 3.00%, 5.05% (A), 05/16/2024		1,169,550		1,167,357
Ferro Corp.
Term Loan B1,
3-Month LIBOR + 2.25%, 4.64% (A), 02/14/2024		392,035		391,545
Term Loan B2,
3-Month LIBOR + 2.25%, 4.64% (A), 02/14/2024		15,222		15,202
Term Loan B3,
3-Month LIBOR + 2.25%, 4.64% (A), 02/14/2024		14,898		14,879
Gruden Acquisition, Inc. Term Loan, 3-Month LIBOR + 5.50%, 7.89% (A), 08/18/2022		447,993		451,726
MacDermid, Inc. Term Loan B6, 1-Month LIBOR + 3.00%, 5.30% (A), 06/07/2023		276,676		276,158
Natgasoline LLC Term Loan B, TBD, 10/31/2025 (G) (H)		155,850		156,045
PQ Corp. Term Loan B, 3-Month LIBOR + 2.50%, 5.03% (A), 02/08/2025		169,958		169,675
Schenectady International Group, Inc. 1st Lien Term Loan, 3-Month LIBOR + 4.75%, 7.19% (A), 10/15/2025		333,412		330,912
Trinseo Materials Operating SCA Term Loan, 1-Month LIBOR + 2.00%, 4.30% (A), 09/06/2024		67,843		67,291
Venator Materials Corp. Term Loan B, 1-Month LIBOR + 3.00%, 5.30% (A), 08/08/2024		27,012		26,979
				3,067,769
Commercial Services & Supplies - 0.6%
Asurion LLC
2nd Lien Term Loan,
1-Month LIBOR + 6.50%, 8.80% (A), 08/04/2025		63,905		65,556

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

Transamerica Funds Annual Report 2018

Page    329

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
LOAN ASSIGNMENTS (continued)
Commercial Services & Supplies (continued)
Asurion LLC (continued)
Term Loan B6,
1-Month LIBOR + 3.00%, 5.30% (A), 11/03/2023		$   703,054		$   703,493
Term Loan B7,
1-Month LIBOR + 3.00%, 5.30% (A), 11/03/2024		334,223		334,473
BrightView Landscapes LLC 1st Lien Term Loan B, 1-month LIBOR + 2.50%, 4.81% (A), 08/15/2025		343,697		344,557
Garda World Security Corp. Term Loan, 3-Month LIBOR + 2.50%, 5.82% (A), 05/24/2024		223,179		223,667
GFL Environmental, Inc.
Delayed Draw Term Loan,
3-Month LIBOR + 2.75%, 7.00% (A), 05/30/2025		39,939		39,365
Term Loan B,
3-Month LIBOR + 2.75%, 5.14% (A), 05/30/2025 (G)		945,649		932,055
IBC Capital, Ltd.
1st Lien Term Loan,
3-month LIBOR + 3.75%, 6.09% (A), 09/11/2023		811,969		809,939
2nd Lien Term Loan,
3-month LIBOR + 7.00%, 9.34% (A), 09/11/2024		160,958		161,897
West Corp.
Term Loan,
1-Month LIBOR + 4.00%, 6.53% (A), 10/10/2024		408,797		406,856
Term Loan B1,
TBD, 10/10/2024 (G) (H)		260,000		256,750
Wrangler Buyer Corp. Term Loan B, 3-Month LIBOR + 2.75%, 5.01% (A), 09/27/2024		106,499		106,455
				4,385,063
Construction Materials - 0.1%
Forterra Finance LLC Term Loan B, 1-Month LIBOR + 3.00%, 5.30% (A), 10/25/2023 (G)		683,316		627,906
Consumer Finance - 0.3%
Altice Financing SA
1st Lien Term Loan,
1-Month LIBOR + 2.75%, 5.04% (A), 01/31/2026		1,141,127		1,120,207
Term Loan B,
1-Month LIBOR + 2.75%, 5.04% (A), 07/15/2025		376,238		367,709
Altice US Finance I Corp. Term Loan B, 1-Month LIBOR + 2.25%, 4.55% (A), 07/28/2025		784,517		782,066
				2,269,982

	Principal		Value
LOAN ASSIGNMENTS (continued)
Containers & Packaging - 0.3%
Flex Acquisition Co., Inc. Term Loan, 1-Month LIBOR + 3.25%, 5.51% (A), 06/29/2025		$   510,037		$   510,583
FPC Holdings, Inc. 1st Lien Term Loan, 1-month LIBOR + 4.50%, 6.74% (A), 11/19/2022		666,574		666,574
Trident TPI Holdings, Inc. Term Loan B1, 1-Month LIBOR + 3.25%, 5.55% (A), 10/17/2024		690,743		684,699
				1,861,856
Distributors - 0.0% (C)
TMK Hawk Parent Corp. 1st Lien Term Loan, 1-Month LIBOR + 3.50%, 5.81% (A), 08/28/2024		83,624		80,593
Diversified Consumer Services - 0.1%
FrontDoor, Inc. Term Loan B, 1-Month LIBOR + 2.50%, 4.81% (A), 08/14/2025		107,277		107,813
William Morris Endeavor Entertainment LLC 1st Lien Term Loan, 3-Month LIBOR + 2.75%, 5.28% (A), 05/18/2025		405,322		403,928
				511,741
Diversified Financial Services - 0.5%
AI Ladder Subco SARL Term Loan, 3-Month LIBOR + 4.50%, 7.02% (A), 07/09/2025		660,976		663,455
AI Mistral Holdco, Ltd. Term Loan B, 1-Month LIBOR + 3.00%, 5.30% (A), 03/09/2024		772,245		765,810
AlixPartners LLP Term Loan B, 1-Month LIBOR + 2.75%, 5.05% (A), 04/04/2024		550,683		550,683
Camelot UK Holdco, Ltd. Repriced Term Loan, 1-Month LIBOR + 3.25%, 5.55% (A), 10/03/2023		784,584		783,603
Stars Group Holdings BV Term Loan, 3-Month LIBOR + 3.50%, 5.89% (A), 07/10/2025		554,625		555,912
				3,319,463
Diversified Telecommunication Services - 0.7%
CenturyLink, Inc. Term Loan B, 1-Month LIBOR + 2.75%, 5.05% (A), 01/31/2025		1,621,150		1,601,291

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

Transamerica Funds Annual Report 2018

Page    330

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
LOAN ASSIGNMENTS (continued)
Diversified Telecommunication Services (continued)
Coral-US Co-Borrower LLC Term Loan B4, 1-Month LIBOR + 3.25%, 5.55% (A), 01/30/2026		$   1,605,000		$   1,603,440
Intelsat Jackson Holdings SA
Term Loan B3, 1-Month LIBOR + 3.75%, 6.04% (A), 11/27/2023		1,175,000		1,173,237
Term Loan B4,
1-Month LIBOR + 4.50%, 6.79% (A), 01/02/2024		347,634		364,726
Virgin Media Bristol LLC Term Loan K, 1-Month LIBOR + 2.50%, 4.78% (A), 01/15/2026		400,000		399,572
				5,142,266
Electrical Equipment - 0.1%
EXC Holdings III Corp. 1st Lien Term Loan,
3-Month LIBOR + 3.50%, 5.89% (A), 12/02/2024		35,749		35,972
2nd Lien Term Loan,
6-Month LIBOR + 7.50%, 9.97% (A), 12/01/2025		320,000		324,400
Penn Engineering & Manufacturing Corp. Term Loan B, 1-Month LIBOR + 2.75%, 5.04% (A), 06/27/2024		509,482		509,800
				870,172
Electronic Equipment, Instruments & Components - 0.3%
TTM Technologies, Inc. Term Loan, 1-Month LIBOR + 2.50%, 4.76% (A), 09/28/2024		456,567		455,426
Verifone Systems, Inc. 1st Lien Term Loan, 3-month LIBOR + 4.00%, 6.32% (A), 08/20/2025		828,767		828,560
Verra Mobility Corp. 1st Lien Term Loan, 1-Month LIBOR + 3.75%, 6.04% (A), 02/28/2025		795,682		799,262
				2,083,248
Energy Equipment & Services - 0.0% (C)
TerraForm Power Operating LLC Term Loan B, 1-month LIBOR + 2.00%, 4.30% (A), 11/08/2022		39,323		39,249
Equity Real Estate Investment Trusts - 0.1%
ESH Hospitality, Inc. Term Loan B, 1-Month LIBOR + 2.00%, 4.30% (A), 08/30/2023		255,595		255,315
Geo Group, Inc. Term Loan B, 1-Month LIBOR + 2.00%, 4.31% (A), 03/22/2024		237,020		235,983

	Principal		Value
LOAN ASSIGNMENTS (continued)
Equity Real Estate Investment Trusts (continued)
VICI Properties 1 LLC Term Loan B, 1-Month LIBOR + 2.00%, 4.28% (A), 12/20/2024		$   127,343		$   126,926
				618,224
Food & Staples Retailing - 0.4%
Albertsons LLC Term Loan B6, 3-Month LIBOR + 3.00%, 5.31% (A), 06/22/2023		1,933,331		1,920,644
Smart & Final Stores LLC 1st Lien Term Loan, 1-Month LIBOR + 3.50%, 5.80% (A), 11/15/2022		935,000		900,522
				2,821,166
Food Products - 0.2%
Dole Food Co., Inc. Term Loan B, 3-Month LIBOR + 2.75%, 5.05% (A), 04/06/2024		721,044		718,678
JBS USA LLC Term Loan B, 3-Month LIBOR + 2.50%, 4.84% (A), 10/30/2022		642,324		641,722
Post Holdings, Inc. Series A, Term Loan, 1-Month LIBOR + 2.00%, 4.29% (A), 05/24/2024		81,631		81,453
				1,441,853
Health Care Equipment & Supplies - 0.2%
Immucor, Inc. Term Loan B, 3-Month LIBOR + 5.00%, 7.39% (A), 06/15/2021		595,658		604,097
Ortho-Clinical Diagnostics SA Term Loan B, 1-Month LIBOR + 3.25%, 5.54% (A), 06/30/2025		463,520		461,589
				1,065,686
Health Care Providers & Services - 0.9%
Community Health Systems, Inc. Term Loan H, 3-Month LIBOR + 3.25%, 5.56% (A), 01/27/2021		704,587		689,320
Global Medical Response, Inc.
Term Loan B1,
3-Month LIBOR + 3.25%, 5.53% (A), 04/28/2022		246,231		238,844
Term Loan B2,
1-Month LIBOR + 4.25%, 6.53% (A), 03/14/2025		563,108		552,127
HC Group Holdings III, Inc. Term Loan B, 1-month LIBOR + 3.75%, 6.05% (A), 04/07/2022		246,193		246,347

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

Transamerica Funds Annual Report 2018

Page    331

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
LOAN ASSIGNMENTS (continued)
Health Care Providers & Services (continued)
Kindred Healthcare, Inc. 1st Lien Term Loan, 1-Month LIBOR + 5.00%, 7.31% (A), 06/19/2025		$   768,495		$   769,455
MPH Acquisition Holdings LLC Term Loan B, 3-Month LIBOR + 2.75%, 5.14% (A), 06/07/2023		896,809		894,146
Sotera Health Holdings LLC Term Loan, 1-Month LIBOR + 3.00%, 5.30% (A), 05/15/2022		1,347,424		1,347,424
Sound Inpatient Physicians
1st Lien Term Loan,
1-Month LIBOR + 3.00%, 5.30% (A), 06/27/2025		346,454		346,887
2nd Lien Term Loan,
1-month LIBOR + 6.75%, 9.05% (A), 06/26/2026		89,080		89,525
Team Health Holdings, Inc. 1st Lien Term Loan, 1-Month LIBOR + 2.75%, 5.05% (A), 02/06/2024		940,774		887,856
U.S. Renal Care, Inc. Term Loan B, 3-Month LIBOR + 4.25%, 6.64% (A), 12/30/2022 (G)		356,260		344,978
Universal Hospital Services, Inc. Term Loan, TBD, 10/18/2025 (G) (H)		161,149		161,955
				6,568,864
Hotels, Restaurants & Leisure - 1.1%
Belmond Interfin Ltd. Term Loan, 1-Month LIBOR + 2.75%, 5.05% (A), 07/03/2024		1,033,588		1,034,235
Boyd Gaming Corp. Term Loan B3, 1-Week LIBOR + 2.25%, 4.47% (A), 09/15/2023		286,085		286,289
Caesars Entertainment Operating Co. Term Loan, 1-Month LIBOR + 2.00%, 4.30% (A), 10/06/2024		535,950		532,888
ClubCorp Holdings, Inc. Term Loan B, 3-Month LIBOR + 2.75%, 5.14% (A), 09/18/2024		155,175		152,525
Eldorado Resorts LLC Term Loan B, 3-Month LIBOR + 2.25%, 4.56% (A), 04/17/2024		205,363		205,363
Fogo de Chao Churrascaria Holdings LLC Term Loan, 1-Month LIBOR + 4.25%, 6.55% (A), 04/05/2025		350,341		351,217

	Principal		Value
LOAN ASSIGNMENTS (continued)
Hotels, Restaurants & Leisure (continued)
Golden Nugget, Inc. Term Loan B, 3-Month LIBOR + 1.75%, 5.23% (A), 10/04/2023		$   646,644		$   647,553
IRB Holding Corp. 1st Lien Term Loan, TBD,2-Month LIBOR + 3.25%, 02/05/2025 (G) (H)		326,074		325,491
Las Vegas Sands LLC Term Loan B, 1-Month LIBOR + 1.75%, 4.05% (A), 03/27/2025		474,668		472,780
Marriott Ownership Resorts, Inc. Term Loan B, 1-Month LIBOR + 2.25%, 4.55% (A), 08/29/2025		120,938		121,240
Mohegan Tribal Gaming Authority Term Loan B, 1-Month LIBOR + 4.00%, 6.30% (A), 10/13/2023		705,107		662,139
Scientific Games International, Inc. Term Loan B5, 2-Month LIBOR + 2.75%, 5.05% (A), 08/14/2024		1,148,126		1,136,645
SeaWorld Parks & Entertainment, Inc. Term Loan B5, 1-Month LIBOR + 3.00%, 5.30% (A), 03/31/2024		1,126,423		1,124,170
Station Casinos LLC Term Loan B, 1-Month LIBOR + 2.50%, 4.81% (A), 06/08/2023		234,105		233,812
Travelport Finance SARL Term Loan B, 3-Month LIBOR + 2.50%, 4.81% (A), 03/17/2025		861,897		859,850
				8,146,197
Household Durables - 0.2%
API Heat Transfer ThermaSys Corp. Term Loan, 3-Month LIBOR + 3.00%, 8.25% (A), 05/03/2019		972,410		838,704
LTI Holdings, Inc. 1st Lien Term Loan,
1-Month LIBOR + 3.50%, 5.80% (A), 09/06/2025		360,661		360,210
2nd Lien Term Loan,
1-month LIBOR + 6.75%, 9.05% (A), 09/06/2026		64,009		63,769
Serta Simmons Bedding LLC 1st Lien Term Loan, 1-Month LIBOR + 3.50%, 5.77% (A), 11/08/2023		295,489		266,679
				1,529,362

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

Transamerica Funds Annual Report 2018

Page    332

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
LOAN ASSIGNMENTS (continued)
Household Products - 0.2%
Diamond BV Term Loan, 3-Month LIBOR + 3.00%, 5.53% (A), 09/06/2024		$   1,169,405		$   1,153,325
Industrial Conglomerates - 0.1%
Auris Luxembourg III SARL Term Loan B, TBD, 07/20/2025 (G) (H)		145,915		146,736
One Call Corp. Term Loan B, 1-month LIBOR + 5.25%, 7.53% (A), 11/25/2022		351,270		328,437
				475,173
Insurance - 0.7%
Alliant Holdings I, Inc. Term Loan B, 1-Month LIBOR + 3.00%, 5.28% (A), 05/09/2025		1,100,795		1,098,903
Hub International, Ltd. Term Loan B, 3-Month LIBOR + 3.00%, 5.49% (A), 04/25/2025		328,532		327,594
Hyperion Insurance Group, Ltd. Repriced Term Loan, 1-Month LIBOR + 3.50%, 5.81% (A), 12/20/2024		958,966		962,761
NFP Corp. Term Loan B, 1-Month LIBOR + 3.00%, 5.30% (A), 01/08/2024		632,313		629,626
Sedgwick Claims Management Services, Inc. 1st Lien Term Loan,
1-Month LIBOR + 2.75%, 5.05% (A), 03/01/2021		822,612		822,318
2nd Lien Term Loan,
1-Month LIBOR + 5.75%, 8.05% (A), 02/28/2022		644,912		645,315
York Risk Services Holding Corp. Term Loan B, 1-Month LIBOR + 3.75%, 6.05% (A), 10/01/2021		823,566		797,623
				5,284,140
IT Services - 0.8%
Allied Universal Holdco LLC Term Loan,
3-Month LIBOR + 3.75%, 6.14% (A), 07/28/2022		394,937		392,962
3-Month LIBOR + 3.25%, 6.64% (A), 07/28/2022		445,000		442,219
First Data Corp. Term Loan, 1-Month LIBOR + 2.00%, 4.29% (A), 04/26/2024		519,394		518,190
GTT Communications, Inc. Term Loan B, 1-Month LIBOR + 2.75%, 5.05% (A), 05/31/2025		705,138		695,332

	Principal		Value
LOAN ASSIGNMENTS (continued)
IT Services (continued)
Harland Clarke Holdings Corp. Term Loan B7, 3-Month LIBOR + 4.75%, 7.14% (A), 11/03/2023		$   523,465		$   488,567
MoneyGram International, Inc. Term Loan B, 1-Month LIBOR + 3.25%, 5.55% (A), 03/27/2020		1,160,581		1,102,552
PI US MergerCo, Inc. 1st Lien Term Loan, 1-Month LIBOR + 3.50%, 5.80% (A), 12/20/2024		822,649		818,364
Tempo Acquisition LLC Term Loan, 1-Month LIBOR + 3.00%, 5.30% (A), 05/01/2024		1,030,349		1,029,382
Verscend Holding Corp. Term Loan B, 1-Month LIBOR + 4.50%, 6.80% (A), 08/27/2025		221,371		222,686
				5,710,254
Leisure Products - 0.0% (C)
Zodiac Pool Solutions LLC Term Loan B, 1-month LIBOR + 2.25%, 4.55% (A), 07/02/2025		52,001		51,936
Life Sciences Tools & Services - 0.1%
Avantor, Inc. 1st Lien Term Loan, 1-Month LIBOR + 4.00%, 6.30% (A), 11/21/2024		102,452		103,028
Parexel International Corp. Term Loan B, 1-Month LIBOR + 2.75%, 5.05% (A), 09/27/2024		942,898		929,148
				1,032,176
Machinery - 1.1%
Circor International, Inc. 1st Lien Term Loan, 1-Month LIBOR + 3.50%, 5.78% (A), 12/11/2024		1,181,653		1,179,437
Clark Equipment Co. Term Loan B, 1-Month LIBOR + 2.00%, 4.38% (A), 05/18/2024		25,502		25,400
Crosby US Acquisition Corp. 1st Lien Term Loan, 1-Month LIBOR + 3.00%, 5.28% (A), 11/23/2020		1,225,352		1,207,354
Engineered Machinery Holdings, Inc. 1st Lien Term Loan, 3-Month LIBOR + 3.25%, 5.64% (A), 07/19/2024		1,011,950		1,000,565
Gardner Denver, Inc. Term Loan B, 1-Month LIBOR + 2.75%, 5.05% (A), 07/30/2024		784,339		785,880

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

Transamerica Funds Annual Report 2018

Page    333

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
LOAN ASSIGNMENTS (continued)
Machinery (continued)
Hayward Industries, Inc. 1st Lien Term Loan, 1-Month LIBOR + 3.50%, 5.79% (A), 08/05/2024		$   1,047,897		$   1,052,810
MW Industries, Inc. Term Loan B, 3-Month LIBOR + 3.50%, 5.89% (A), 09/29/2024		1,271,273		1,272,862
Rexnord LLC Term Loan B, 1-Month LIBOR + 2.00%, 4.29% (A), 08/21/2024		149,779		149,896
Shape Technologies Group, Inc. Term Loan, 3-Month LIBOR + 3.00%, 5.30% (A), 04/20/2025		319,484		318,685
Tecomet, Inc. Repriced Term Loan, 1-Month LIBOR + 3.50%, 5.78% (A), 05/01/2024		631,074		631,468
Wastequip LLC 1st Lien Term Loan, 1-Month LIBOR + 3.50%, 5.79% (A), 03/20/2025		110,623		110,969
				7,735,326
Media - 1.4%
Checkout Holding Corp. 1st Lien Term Loan, 3-Month LIBOR + 3.50%, 5.81% (A), 04/04/2021		995,000		369,809
Cogeco Communications II L.P. 1st Lien Term Loan, 1-Month LIBOR + 2.38%, 4.68% (A), 01/03/2025		1,137,150		1,131,180
CSC Holdings LLC 1st Lien Term Loan,
1-Month LIBOR + 2.25%, 4.53% (A), 07/17/2025		479,853		477,148
Term Loan B,
1-Month LIBOR + 2.50%, 4.78% (A), 01/25/2026		406,347		406,652
Delta 2 SARL Term Loan, 1-Month LIBOR + 2.50%, 4.80% (A), 02/01/2024		830,000		820,662
Entravision Communications Corp. Term Loan B, 1-Month LIBOR + 2.75%, 5.05% (A), 11/29/2024		1,168,064		1,151,516
ION Media Networks, Inc. Term Loan B3, 2-Month LIBOR + 2.75%, 5.05% (A), 12/18/2020		225,436		225,577
McGraw-Hill Global Education Holdings LLC Term Loan B, 1-Month LIBOR + 4.00%, 6.30% (A), 05/04/2022		1,154,348		1,101,990

	Principal		Value
LOAN ASSIGNMENTS (continued)
Media (continued)
NAI Entertainment Holdings LLC Term Loan B, 1-Month LIBOR + 2.50%, 4.81% (A), 05/08/2025		$   92,646		$   92,415
Numericable Group SA
Term Loan B11,
3-Month LIBOR + 2.75%, 5.05% (A), 07/31/2025		310,023		300,820
Term Loan B12,
1-Month LIBOR + 3.69%, 5.97% (A), 01/31/2026		376,992		368,588
Rentpath, Inc.
2nd Lien Term Loan,
1-Month LIBOR + 9.00%, 11.31% (A), 12/17/2022		765,000		445,613
Term Loan,
1-Month LIBOR + 4.75%, 7.06% (A), 12/17/2021		368,618		301,713
Telenet Financing LLC Term Loan AN, 1-Month LIBOR + 2.25%, 4.53% (A), 08/15/2026		441,974		440,040
Unitymedia Finance LLC Term Loan B, 1-Month LIBOR + 2.25%, 4.53% (A), 09/30/2025		764,378		762,944
Univision Communications, Inc. Term Loan C5, 1-Month LIBOR + 2.75%, 5.05% (A), 03/15/2024		815,924		781,078
UPC Financing Partnership Term Loan AR, 1-Month LIBOR + 2.50%, 4.78% (A), 01/15/2026		151,527		150,840
Ziggo Secured Finance Partnership Term Loan E, 1-Month LIBOR + 2.50%, 4.78% (A), 04/15/2025		850,000		832,601
				10,161,186
Metals & Mining - 0.2%
Covia Holdings Corp. Term Loan, 3-Month LIBOR + 3.75%, 6.14% (A), 06/01/2025		696,615		584,112
U.S. Silica Co. Term Loan B, 1-Month LIBOR + 4.00%, 6.31% (A), 05/01/2025		715,774		646,702
				1,230,814
Multiline Retail - 0.1%
Hudson’s Bay Co. Term Loan B, 1-Month LIBOR + 3.25%, 5.54% (A), 09/30/2022		400,021		391,021

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

Transamerica Funds Annual Report 2018

Page    334

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
LOAN ASSIGNMENTS (continued)
Oil, Gas & Consumable Fuels - 0.8%
Delek US Holdings, Inc. Term Loan B, 1-Month LIBOR + 2.25%, 4.55% (A), 03/31/2025		$   277,918		$   277,744
EG Finco Ltd.
2nd Lien Term Loan,
3-Month LIBOR + 8.00%, 10.39% (A), 04/20/2026		270,270		267,568
Term Loan,
3-Month LIBOR + 4.00%, 6.39% (A), 02/07/2025		549,323		547,950
Energy Transfer Equity, LP Term Loan B, 1-Month LIBOR + 2.00%, 4.30% (A), 02/02/2024		256,262		256,101
Lucid Energy Group II LLC 1st Lien Term Loan, 1-Month LIBOR + 3.00%, 5.28% (A), 02/17/2025		828,137		810,884
Medallion Midland Acquisition LLC 1st Lien Term Loan, 1-Month LIBOR + 3.25%, 5.55% (A), 10/30/2024		1,166,609		1,154,213
MEG Energy Corp. Term Loan B, 1-Month LIBOR + 3.50%, 5.81% (A), 12/31/2023		241,618		241,920
Osum Productions Corp. Term Loan, 3-Month LIBOR + 5.50%, 7.89% (A), 07/28/2020		912,868		839,839
TEX Operations Co. LLC Term Loan B, 1-Month LIBOR + 2.00%, 4.30% (A), 08/04/2023		240,011		239,111
Traverse Midstream Partners LLC Term Loan, 6-Month LIBOR + 4.00%, 6.60% (A), 09/27/2024		1,043,711		1,048,929
				5,684,259
Personal Products - 0.2%
Coty, Inc. Term Loan B, 3-Month LIBOR + 2.25%, 4.53% (A), 04/07/2025		832,913		814,172
HLF Financing SARL Term Loan B, 1-month LIBOR + 3.25%, 5.55% (A), 08/18/2025		381,677		382,870
				1,197,042
Pharmaceuticals - 0.7%
Akorn, Inc. Term Loan B, 1-Month LIBOR + 4.75%, 7.81% (A), 04/16/2021		1,010,000		932,356

	Principal		Value
LOAN ASSIGNMENTS (continued)
Pharmaceuticals (continued)
Alphabet Holding Co., Inc. 1st Lien Term Loan, 1-Month LIBOR + 3.50%, 5.80% (A), 09/26/2024		$   1,273,450		$   1,214,156
Alvogen Pharma US, Inc. Term Loan B, 1-month LIBOR + 4.75%, 7.05% (A), 04/02/2022		882,384		884,590
Amneal Pharmaceuticals LLC Term Loan B, 1-Month LIBOR + 3.50%, 5.81% (A), 05/04/2025		657,152		658,795
Endo Luxembourg Finance Co. I SARL Term Loan B, 1-Month LIBOR + 4.25%, 6.56% (A), 04/29/2024		637,900		639,229
Valeant Pharmaceuticals International, Inc. Term Loan B, 1-Month LIBOR + 3.00%, 5.27% (A), 06/02/2025		388,968		389,185
				4,718,311
Professional Services - 0.2%
Cast and Crew Payroll LLC 1st Lien Term Loan B, 1-Month LIBOR + 2.75%, 5.06% (A), 09/27/2024		751,404		750,778
Everi Payments, Inc. Term Loan B, 1-Month LIBOR + 3.00%, 5.30% (A), 05/09/2024		671,001		673,797
Stiphout Finance LLC 1st Lien Term Loan, 1-Month LIBOR + 3.00%, 5.30% (A), 10/26/2022		111,533		112,508
				1,537,083
Real Estate Management & Development - 0.3%
Brookfield WEC Holdings, Inc. 1st Lien Term Loan, 1-Month LIBOR + 3.75%, 6.05% (A), 08/01/2025		679,958		683,924
CityCenter Holdings LLC Term Loan B, 1-Month LIBOR + 2.25%, 4.55% (A), 04/18/2024		722,251		720,106
DTZ U.S. Borrower LLC Term Loan B, 1-Month LIBOR + 3.25%, 5.55% (A), 08/21/2025 (G)		776,821		775,989
				2,180,019
Road & Rail - 0.1%
Navistar Financial Corp. Term Loan B, 1-Month LIBOR + 3.75%, 6.06% (A), 08/03/2025		661,533		662,773

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

Transamerica Funds Annual Report 2018

Page    335

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
LOAN ASSIGNMENTS (continued)
Software - 1.9%
Almonde, Inc. 1st Lien Term Loan, 3-Month LIBOR + 3.50%, 5.89% (A), 06/13/2024		$   962,637		$   956,448
Applied Systems, Inc. 2nd Lien Term Loan, 3-Month LIBOR + 7.00%, 9.39% (A), 09/19/2025		234,232		238,682
Barracuda Networks, Inc. 1st Lien Term Loan, 1-Month LIBOR + 3.25%, 5.54% (A), 02/12/2025		1,036,968		1,036,645
BMC Software Finance, Inc. Term Loan B, 3-Month LIBOR + 4.25%, 6.65% (A), 10/02/2025		1,202,050		1,204,454
Cypress Intermediate Holdings III, Inc. 1st Lien Term Loan, 1-Month LIBOR + 3.00%, 5.31% (A), 04/26/2024		1,028,993		1,029,207
Epicor Software Corp. 1st Lien Term Loan, 1-Month LIBOR + 3.25%, 5.56% (A), 06/01/2022		1,122,279		1,123,282
Greeneden U.S. Holdings II LLC Term Loan B, 1-Month LIBOR + 3.50%, 5.80% (A), 12/01/2023		647,644		648,615
Infor, Inc. Term Loan B6, 3-Month LIBOR + 2.75%, 5.14% (A), 02/01/2022		653,363		650,640
Informatica LLC Term Loan, 1-Month LIBOR + 3.25%, 5.55% (A), 08/05/2022		1,183,030		1,185,248
ION Trading Technologies SARL Term Loan B, 3-Month LIBOR + 4.00%, 6.39% (A), 11/21/2024		1,005,460		996,662
Kronos, Inc. Term Loan B, 3-Month LIBOR + 3.00%, 5.34% (A), 11/01/2023		497,500		497,759
MA FinanceCo. LLC Term Loan B2,
1-Month LIBOR + 2.25%, 4.55% (A), 11/19/2021		456,964		452,508
Term Loan B3, 1-Month LIBOR + 2.50%, 4.80% (A), 06/21/2024		11,271		11,145
McAfee LLC Term Loan B, 1-Month LIBOR + 4.50%, 6.79% (A), 09/30/2024		631,395		632,184
Seattle Spinco, Inc. Term Loan B3, 1-Month LIBOR + 2.50%, 4.80% (A), 06/21/2024		76,119		75,310

	Principal		Value
LOAN ASSIGNMENTS (continued)
Software (continued)
Sophia, LP Term Loan B, 3-Month LIBOR + 3.25%, 5.64% (A), 09/30/2022		$   1,504,378		$   1,505,005
SS&C Technologies Holdings Europe SARL Term Loan B4, 1-Month LIBOR + 2.25%, 4.55% (A), 04/16/2025		119,402		118,749
SS&C Technologies, Inc. Term Loan B3, 1-Month LIBOR + 2.25%, 4.55% (A), 04/16/2025		308,055		306,370
Vertafore, Inc. 1st Lien Term Loan, 1-Month LIBOR + 3.25%, 5.55% (A), 07/02/2025		510,597		508,409
2nd Lien Term Loan, 1-month LIBOR + 7.25%, 9.55% (A), 07/02/2026		202,041		202,041
				13,379,363
Specialty Retail - 0.4%
Bass Pro Group LLC Term Loan B, 1-Month LIBOR + 5.00%, 7.30% (A), 09/25/2024		1,139,490		1,139,253
Party City Holdings, Inc. Term Loan B, 1-Month LIBOR + 2.75%, 5.06% (A), 08/19/2022		794,607		796,736
Staples, Inc. Term Loan B, 3-Month LIBOR + 4.00%, 6.34% (A), 09/12/2024		817,319		813,616
Titan Acquisition Ltd. Term Loan B, 1-Month LIBOR + 3.00%, 5.30% (A), 03/28/2025		220,221		207,008
				2,956,613
Technology Hardware, Storage & Peripherals - 0.1%
Oberthur Technologies SA Term Loan B1, 3-Month LIBOR + 3.75%, 5.99% (A), 01/10/2024		992,443		993,684
Textiles, Apparel & Luxury Goods - 0.0% (C)
Varsity Brands, Inc. Term Loan B, 1-Month LIBOR + 3.50%, 5.80% (A), 12/15/2024		76,924		76,956
Transportation Infrastructure - 0.2%
Drew Marine Partners LP 1st Lien Term Loan, 1-Month LIBOR + 3.25%, 5.55% (A), 11/19/2020		1,193,734		1,187,765

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

Transamerica Funds Annual Report 2018

Page    336

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
LOAN ASSIGNMENTS (continued)
Wireless Telecommunication Services - 0.2%
Sprint Communications, Inc. 1st Lien Term Loan B, 1-Month LIBOR + 2.50%, 4.81% (A), 02/02/2024		$   1,585,676		$   1,582,373
Total Loan Assignments (Cost $130,240,325)				128,110,582
U.S. GOVERNMENT AGENCY OBLIGATION - 0.2%
Federal National Mortgage Association 4.00%, 07/01/2047		1,540,200		1,541,096
Total U.S. Government Agency Obligation (Cost $1,597,476)				1,541,096
U.S. GOVERNMENT OBLIGATIONS - 0.6%
U.S. Treasury - 0.6%
U.S. Treasury Note 1.63%, 02/15/2026		395,000		357,336
2.38%, 01/31/2023		125,000		122,012
2.50%, 01/31/2025		500,000		484,336
2.75%, 06/30/2025 - 02/15/2028		2,817,000		2,730,219
2.88%, 08/15/2028		881,000		860,110
Total U.S. Government Obligations (Cost $4,618,614)				4,554,013
	Shares		Value
COMMON STOCK - 0.0% (C)
Machinery - 0.0% (C)
Ameriforge Group, Inc. (I)		2,679		128,592
Total Common Stock (Cost $91,086)				128,592
PREFERRED STOCKS - 2.6%
Banks - 1.5%
Banco Santander SA, 3-Month LIBOR + 0.52%, 4.00% (A)		49,970		1,107,835
Bank of America Corp., Series K*, Fixed until 12/15/2066, 6.45% (A)		6,800		172,652
Deutsche Bank Contingent Capital Trust II, 6.55% (F)		39,850		1,001,829
GMAC Capital Trust I, Series 2, 3-Month LIBOR + 5.79%, 8.10% (A)		259,000		6,801,340
ING Groep NV, 6.13%		13,745		347,199
Royal Bank of Scotland Group PLC, Series S, 6.60%		43,000		1,086,610
				10,517,465

	Shares		Value
PREFERRED STOCKS (continued)
Banks (continued)
Capital Markets - 0.5%
Apollo Global Management LLC, Series B, 6.38%		90,000		$   2,222,100
Oaktree Capital Group LLC, Series A, 6.63% (F)		44,000		1,104,840
				3,326,940
Insurance - 0.0% (C)
WR Berkley Corp., 5.70%		14,170		331,578
Oil, Gas & Consumable Fuels - 0.6%
Enbridge, Inc., Series B, Fixed until 04/15/2023, 6.38% (A)(F)		60,000		1,480,800
Energy Transfer Operating, LP, Series C, Fixed until 05/15/2023, 7.38% (A)		110,000		2,721,400
				4,202,200
Total Preferred Stocks (Cost $18,442,658)				18,378,183
	Principal		Value
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 0.2%
U.S. Treasury Bill
2.04% (J) (K), 11/08/2018		$  1,300,000		1,299,472
2.09% (J) (K), 12/06/2018		325,000		324,326
Total Short-Term U.S. Government Obligations (Cost $1,623,845)				1,623,798
	Shares		Value
SHORT-TERM INVESTMENT COMPANIES - 1.3%
Money Market Fund - 1.3%
State Street Institutional U.S. Government Money Market Fund		9,357,456		9,357,456
Total Short-Term Investment Companies (Cost $9,357,456)				9,357,456
OTHER INVESTMENT COMPANY - 3.7%
Securities Lending Collateral - 3.7%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 2.19% (J)		26,196,178		26,196,178
Total Other Investment Company (Cost $26,196,178)				26,196,178
Total Investments (Cost $754,279,301)				734,012,030
Net Other Assets (Liabilities)  - (3.2)%				(23,052,828	)
Net Assets  - 100.0%				$  710,959,202

FUTURES CONTRACTS:

Description	Long/Short		Number of Contracts			Expiration Date		Notional Amount			Value			Unrealized Appreciation		Unrealized Depreciation
10-Year U.S. Treasury Note		Short		(926	)		12/19/2018	$	(111,259,539	)	$	(109,673,125	)	$	1,586,414	$	—

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

Transamerica Funds Annual Report 2018

Page    337

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

FORWARD FOREIGN CURRENCY CONTRACTS:
Counterparty	Settlement Date	Currency Purchased			Currency Sold			Unrealized Appreciation		Unrealized Depreciation
GSC	12/19/2018		USD	7,182,613		EUR	6,100,000	$	241,906	$	—

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	$	—	$	122,232,166	$	—	$	122,232,166
Corporate Debt Securities		—		364,478,605		—		364,478,605
Foreign Government Obligations		—		57,411,361		—		57,411,361
Loan Assignments		—		128,110,582		—		128,110,582
U.S. Government Agency Obligation		—		1,541,096		—		1,541,096
U.S. Government Obligations		—		4,554,013		—		4,554,013
Common Stock		128,592		—		—		128,592
Preferred Stocks		18,378,183		—		—		18,378,183
Short-Term U.S. Government Obligations		—		1,623,798		—		1,623,798
Short-Term Investment Companies		9,357,456		—		—		9,357,456
Other Investment Company		26,196,178		—		—		26,196,178
Total Investments	$	54,060,409	$	679,951,621	$	—	$	734,012,030
Other Financial Instruments
Futures Contracts (M)	$	1,586,414	$	—	$	—	$	1,586,414
Forward Foreign Currency Contracts (M)		—		241,906		—		241,906
Total Other Financial Instruments	$	1,586,414	$	241,906	$	—	$	1,828,320

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Floating or variable rate securities. The rates disclosed are as of October 31, 2018. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(B)	Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2018, the total value of 144A securities is $200,893,784, representing 28.3% of the Fund’s net assets.
(C)	Percentage rounds to less than 0.1% or (0.1)%.
(D)	Securities are exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At October 31, 2018, the total value of Regulation S securities is $66,399,583, representing 9.3% 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 $25,646,274. 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, 2018. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(H)	All or a portion of the security represents unsettled loan commitments at October 31, 2018 where the rate will be determined at time of settlement.
(I)	Non-income producing security.
(J)	Rates disclosed reflect the yields at October 31, 2018.
(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 $1,623,798.
(L)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. 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).

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

Transamerica Funds Annual Report 2018

Page    338

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

CURRENCY ABBREVIATIONS:

EUR Euro

IDR	Indonesian Rupiah
MXN	Mexican Peso
PEN	Peruvian Sol
UYU	Uruguayan Peso

COUNTERPARTY ABBREVIATION:

GSC Goldman Sachs & Co.

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 2018

Page    339

Transamerica US Growth

(unaudited)

MARKET ENVIRONMENT

U.S. equities, measured by the S&P 500^®, rose for the 12-month period ended October 31, 2018. The U.S. Federal Reserve (“Fed”) raised its benchmark interest rate several times during the period, in line with expectations. Despite continued political turmoil and heightened U.S. tensions with Russia and North Korea, strong employment data and corporate earnings helped propel the market to a series of new highs during the first half of the period. In December, tax reform was a key area of focus, culminating with a tax reform bill signed into law by President Trump.

Entering 2018, bullish sentiment was exceptionally strong, as better-than-expected corporate profits helped drive U.S. equities higher. Signs of inflation entered the market in February, leading to heightened levels of volatility. By the summer, talk of tariffs and trade wars had progressed to implementation, raising concerns in an otherwise strong economy. Nonetheless, positive sentiment persisted for much of the summer, fueled by robust earnings growth, fiscal stimulus, the announcement of a preliminary trade deal between the U.S. and Mexico, and expectations for stronger U.S. economic growth relative to other regions of the world. This changed in October, as U.S. equities saw their worst performance in recent years. Concerns surrounding slowing global growth, rich valuations and volatile U.S. and China trade relations weighed heavily on sentiment.

Returns varied by market cap, as large-cap stocks, as measured by the S&P 500^®, outperformed small and mid-cap stocks, as measured by the Russell 2000^® Index and S&P MidCap 400^® Index, respectively.

PERFORMANCE

For the year ended October 31, 2018, Transamerica US Growth (Class A) returned 11.74%, excluding any sales charges. By comparison, its benchmark, the Russell 1000^® Growth Index, returned 10.71%.

STRATEGY REVIEW

We adhere to a disciplined portfolio construction process that allows us to assess risk, weight individual positions accordingly, and in the process, build a portfolio that seeks to generate benchmark-relative outperformance largely via stock selection.

The Fund outperformed its benchmark due largely to stock selection within the information technology, consumer discretionary, and communication services sectors. This was partially offset by weaker holdings in health care. Sector allocation, a result of our bottom-up stock selection process, also contributed to relative performance. The Fund’s underweight in materials and lack of allocation in real estate contributed the most.

The Fund’s largest individual contributors included NetApp, Inc., a cloud and data services company; GoDaddy, Inc., a web-hosting company; and Mastercard, Inc., a global financial services corporation. The Fund’s largest individual detractors included Mohawk Industries, Inc., a flooring manufacturer, and underweight positions in Apple, Inc., a global technology company, and Microsoft Corp., a multinational technology and software firm. We eliminated our position in Mohawk Industries, Inc.

Mammen Chally, CFA

Douglas McLane, CFA

David Siegle, CFA

Co-Portfolio Managers

Wellington Management Company LLP

Asset Allocation	Percentage of Net Assets
Common Stocks		99.2	%
Repurchase Agreement		1.0
Other Investment Company		0.0	*
Net Other Assets (Liabilities)		(0.2	)
Total		100.0	%

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

Transamerica Funds Annual Report 2018

Page    340

Transamerica US Growth

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class A (POP)		5.58	%		10.89	%		11.33	%		11/13/2009
Class A (NAV)		11.74	%		12.15	%		12.04	%		11/13/2009
Russell 1000® Growth Index (A)		10.71	%		13.43	%		14.62	%
Class B (POP)		5.64	%		10.96	%		11.21	%		11/13/2009
Class B (NAV)		10.60	%		11.09	%		11.21	%		11/13/2009
Class C (POP)		9.78	%		11.26	%		11.19	%		11/13/2009
Class C (NAV)		10.78	%		11.26	%		11.19	%		11/13/2009
Class I (NAV)		12.01	%		12.51	%		12.78	%		11/30/2009
Class I2 (NAV)		12.18	%		12.66	%		12.65	%		11/13/2009
Class T (POP)		2.57	%		10.59	%		11.68	%		02/10/2012
Class T (NAV)		12.10	%		12.57	%		13.17	%		02/10/2012
Class T1 (POP)		9.10	%		N/A			13.76	%		03/17/2017
Class T1 (NAV)		11.88	%		N/A			15.54	%		03/17/2017
Advisor Class (NAV)		11.96	%		N/A			18.55	%		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.

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

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

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

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

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

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

Transamerica Funds Annual Report 2018

Page    341

Transamerica US Growth

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Shares		Value
COMMON STOCKS - 99.2%
Aerospace & Defense - 2.7%
Boeing Co.		80,291		$  28,492,064
Banks - 0.7%
SVB Financial Group (A)		29,634		7,030,074
Beverages - 1.8%
Constellation Brands, Inc., Class A		41,126		8,193,533
Monster Beverage Corp. (A)		212,678		11,240,032
				19,433,565
Biotechnology - 2.5%
Biogen, Inc. (A)		25,209		7,670,342
Incyte Corp. (A)		51,385		3,330,776
Seattle Genetics, Inc. (A)		104,420		5,861,095
Vertex Pharmaceuticals, Inc. (A)		54,160		9,177,953
				26,040,166
Building Products - 0.6%
Fortune Brands Home & Security, Inc.		151,403		6,787,396
Capital Markets - 2.4%
BlackRock, Inc.		16,019		6,590,537
Intercontinental Exchange, Inc.		135,864		10,466,963
MarketAxess Holdings, Inc.		39,208		8,220,741
				25,278,241
Chemicals - 1.7%
PPG Industries, Inc.		119,042		12,510,124
Sherwin-Williams Co.		14,928		5,873,720
				18,383,844
Commercial Services & Supplies - 0.7%
Copart, Inc. (A)		159,422		7,797,330
Consumer Finance - 0.9%
Capital One Financial Corp.		102,329		9,137,980
Diversified Telecommunication Services - 1.4%
Verizon Communications, Inc.		266,581		15,219,109
Electrical Equipment - 1.5%
AMETEK, Inc.		134,275		9,007,167
Eaton Corp. PLC		98,403		7,052,543
				16,059,710
Electronic Equipment, Instruments & Components - 0.9%
CDW Corp.		101,791		9,162,208
Entertainment - 1.0%
Netflix, Inc. (A)		36,444		10,998,070
Equity Real Estate Investment Trusts - 1.0%
American Tower Corp.		70,826		11,035,399
Food & Staples Retailing - 1.6%
Costco Wholesale Corp.		75,420		17,243,275
Health Care Equipment & Supplies - 4.3%
Baxter International, Inc.		224,053		14,005,553
Boston Scientific Corp. (A)		336,720		12,169,061
Edwards Lifesciences Corp. (A)		59,693		8,810,687
Teleflex, Inc.		42,187		10,156,098
				45,141,399
Health Care Providers & Services - 2.8%
UnitedHealth Group, Inc.		113,895		29,766,458
Hotels, Restaurants & Leisure - 1.0%
Hilton Worldwide Holdings, Inc.		148,713		10,583,904

	Shares		Value
COMMON STOCKS (continued)
Household Products - 1.0%
Colgate-Palmolive Co.		171,881		$   10,235,514
Insurance - 0.9%
Allstate Corp.		99,346		9,509,399
Interactive Media & Services - 8.9%
Alphabet, Inc., Class A (A)		43,993		47,977,886
Alphabet, Inc., Class C (A)		19,414		20,904,413
Facebook, Inc., Class A (A)		165,467		25,116,236
				93,998,535
Internet & Direct Marketing Retail - 7.7%
Amazon.com, Inc. (A)		35,247		56,325,058
Booking Holdings, Inc. (A)		9,475		17,761,646
Wayfair, Inc., Class A (A)		63,185		6,968,674
				81,055,378
IT Services - 9.5%
EPAM Systems, Inc. (A)		66,833		7,984,538
FleetCor Technologies, Inc. (A)		61,052		12,212,232
Global Payments, Inc.		119,189		13,614,959
GoDaddy, Inc., Class A (A)		216,315		15,827,769
Mastercard, Inc., Class A		185,640		36,695,459
PayPal Holdings, Inc. (A)		163,629		13,775,925
				100,110,882
Life Sciences Tools & Services - 1.5%
Thermo Fisher Scientific, Inc.		68,929		16,105,261
Machinery - 3.7%
Gardner Denver Holdings, Inc. (A)		182,507		4,938,639
Illinois Tool Works, Inc.		67,633		8,627,942
Middleby Corp. (A)		62,260		6,991,798
Nordson Corp.		75,187		9,223,189
Snap-on, Inc.		58,341		8,981,014
				38,762,582
Media - 1.1%
Comcast Corp., Class A		302,149		11,523,963
Multiline Retail - 1.1%
Dollar Tree, Inc. (A)		140,189		11,817,933
Oil, Gas & Consumable Fuels - 0.8%
Continental Resources, Inc. (A)		153,947		8,109,928
Personal Products - 0.9%
Estee Lauder Cos., Inc., Class A		71,586		9,838,780
Pharmaceuticals - 1.7%
Allergan PLC		58,207		9,197,288
Bristol-Myers Squibb Co.		172,089		8,697,378
				17,894,666
Professional Services - 1.2%
Equifax, Inc.		53,096		5,386,058
IHS Markit, Ltd. (A)		143,285		7,526,761
				12,912,819
Road & Rail - 1.4%
JB Hunt Transport Services, Inc.		55,941		6,187,634
Norfolk Southern Corp.		54,747		9,188,189
				15,375,823
Semiconductors & Semiconductor Equipment - 2.3%
Advanced Micro Devices, Inc. (A)		480,037		8,741,474
Micron Technology, Inc. (A)		241,831		9,121,865

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

Transamerica Funds Annual Report 2018

Page    342

Transamerica US Growth

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Shares		Value
COMMON STOCKS (continued)
Semiconductors & Semiconductor Equipment (continued)
ON Semiconductor Corp. (A)		352,975		$   6,000,575
				23,863,914
Software - 12.7%
Adobe, Inc. (A)		70,554		17,339,351
Guidewire Software, Inc. (A)		102,510		9,120,315
Microsoft Corp.		505,568		53,999,718
salesforce.com, Inc. (A)		142,051		19,495,079
ServiceNow, Inc. (A)		52,753		9,550,403
SS&C Technologies Holdings, Inc.		189,560		9,697,889
Workday, Inc., Class A (A)		112,881		15,015,431
				134,218,186
Specialty Retail - 1.5%
TJX Cos., Inc.		146,293		16,074,675
Technology Hardware, Storage & Peripherals - 7.5%
Apple, Inc.		309,229		67,677,859
NetApp, Inc.		153,165		12,021,921
				79,699,780
Textiles, Apparel & Luxury Goods - 4.3%
NIKE, Inc., Class B		310,631		23,309,750
Under Armour, Inc., Class C (A) (B)		509,557		10,104,515
VF Corp.		141,928		11,762,993
				45,177,258
Total Common Stocks (Cost $683,102,647)				1,049,875,468

	Shares		Value
OTHER INVESTMENT COMPANY - 0.0% (C)
Securities Lending Collateral - 0.0% (C)
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 2.19% (D)		104,328		$   104,328
Total Other Investment Company (Cost $104,328)				104,328
	Principal		Value
REPURCHASE AGREEMENT - 1.0%
Fixed Income Clearing Corp., 1.25% (D), dated 10/31/2018, to be repurchased at $10,244,583 on 11/01/2018. Collateralized by a U.S. Government Obligation, 2.00%, due 10/31/2021, and with a value of $10,452,951.		$  10,244,228		10,244,228
Total Repurchase Agreement (Cost $10,244,228)				10,244,228
Total Investments (Cost $693,451,203)				1,060,224,024
Net Other Assets (Liabilities) - (0.2)%				(1,706,945	)
Net Assets - 100.0%				$  1,058,517,079

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	$	1,049,875,468	$	—	$	—	$	1,049,875,468
Other Investment Company		104,328		—		—		104,328
Repurchase Agreement		—		10,244,228		—		10,244,228
Total Investments	$	1,049,979,796	$	10,244,228	$	—	$	1,060,224,024

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 $102,164. 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)	Percentage rounds to less than 0.1% or (0.1)%.
(D)	Rates disclosed reflect the yields at October 31, 2018.
(E)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. 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 2018

Page    343

STATEMENTS OF ASSETS AND LIABILITIES

At October 31, 2018

	Transamerica Balanced II		Transamerica Bond			Transamerica Capital Growth		Transamerica Concentrated Growth		Transamerica Dividend Focused
Assets:
Investments, at value (A) (B)	$	138,279,105	$	646,608,495		$	1,327,797,744	$	187,912,639	$	593,343,296
Repurchase agreements, at value (C)		—		12,375,516			124,734,473		498,409		4,609,154
Cash		1,019,975		19,183			—		—		—
Foreign currency, at value (D)		—		—			566		—		—
Receivables and other assets:
Investments sold		87,882		934			8,744,936		998,752		—
When-issued, delayed-delivery, forward and TBA commitments sold		15,287		—			—		—		—
Net income from securities lending		286		3,100			5,659		238		795
Shares of beneficial interest sold		—		4,151,457			10,173,971		45		31,032
Dividends and/or distributions		53,384		—			—		52,026		778,045
Interest		363,485		5,116,921			4,331		17		160
Tax reclaims		294		933			—		90,449		206,662
Due from investment manager		36,239		—			—		—		—
Variation margin receivable on futures contracts		9,047		—			—		—		—
Total assets		139,864,984		668,276,539			1,471,461,680		189,552,575		598,969,144
Liabilities:
Cash collateral received upon return of:
Securities on loan		840,352		12,201,208			17,317,496		—		3,206,531
Cash collateral at broker for:
OTC derivatives (E)		—		—			3,550,000		—		—
Payables and other liabilities:
Investments purchased		75,857		—			22,324,832		711,454		—
When-issued, delayed-delivery, forward and TBA commitments purchased		6,598,853		15,310,114			—		—		—
Shares of beneficial interest redeemed		34,763		951,598			6,668,510		129,304		351,479
Dividends and/or distributions		—		319,616			—		—		—
Investment management fees		—		150,422			978,323		121,018		393,048
Distribution and service fees		38,485		60,690			225,763		1,297		25,299
Transfer agent fees		1,512		64,250			141,095		6,162		9,726
Trustees, CCO and deferred compensation fees		306		1,586			2,680		497		1,592
Audit and tax fees		24,396		27,455			23,843		22,210		22,115
Custody fees		5,598		21,754			35,356		7,810		17,760
Legal fees		1,213		4,272			9,135		1,782		5,826
Printing and shareholder reports fees		6,975		32,633			57,082		9,732		27,500
Registration fees		1,964		4,017			7,211		6,318		8,659
Other accrued expenses		997		6,133			7,329		1,464		4,895
Total liabilities		7,631,271		29,155,748			51,348,655		1,019,048		4,074,430
Net assets	$	132,233,713	$	639,120,791		$	1,420,113,025	$	188,533,527	$	594,894,714
Net assets consist of:
Paid-in capital	$	126,593,379	$	652,082,836		$	1,057,523,668	$	118,271,811	$	442,480,631
Total distributable earnings		5,640,334		(12,962,045	)		362,589,357		70,261,716		152,414,083
Net assets	$	132,233,713	$	639,120,791		$	1,420,113,025	$	188,533,527	$	594,894,714

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

Transamerica Funds Annual Report 2018

Page    344

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2018

	Transamerica Balanced II		Transamerica Bond		Transamerica Capital Growth		Transamerica Concentrated Growth			Transamerica Dividend Focused
Net assets by class:
Class A	$	—	$	87,523,348	$	384,192,831	$	1,298,136		$	83,566,912
Class B		—		115,497		786,377		—			—
Class C		—		44,957,485		149,726,545		1,065,059			5,816,202
Class I		—		396,082,687		719,431,207		30,742,773			16,823,105
Class I2		—		101,250,894		165,523,448		155,403,061			484,565,318
Class I3		49,963,617		—		—		—			—
Class R		82,270,096		—		—		—			—
Class R6		—		9,180,560		—		—			4,081,313
Class T1		—		10,320		59,717		11,789			30,858
Advisor Class		—		—		392,900		12,709			11,006
Shares outstanding (unlimited shares, no par value):
Class A		—		9,784,126		14,332,038		72,064			7,891,451
Class B		—		12,898		37,541		—			—
Class C		—		5,057,797		6,994,557		61,063			552,222
Class I		—		44,202,496		25,573,762		1,718,142			1,589,192
Class I2		—		11,297,504		11,844,645		8,569,623			45,754,138
Class I3		4,895,003		—		—		—			—
Class R		8,063,240		—		—		—			—
Class R6		—		1,024,695		—		—			385,509
Class T1		—		1,154		2,223		653			2,904
Advisor Class		—		—		13,990		705			1,031
Net asset value per share: (F)
Class A	$	—	$	8.95	$	26.81	$	18.01		$	10.59
Class B		—		8.95		20.95		—			—
Class C		—		8.89		21.41		17.44			10.53
Class I		—		8.96		28.13		17.89			10.59
Class I2		—		8.96		13.97		18.13			10.59
Class I3		10.21		—		—		—			—
Class R		10.20		—		—		—			—
Class R6		—		8.96		—		—			10.59
Class T1		—		8.94		26.86		18.06	(G)		10.63
Advisor Class		—		—		28.08		18.02	(G)		10.67
Maximum offering price per share: (H)
Class A	$	—	$	9.40	$	28.37	$	19.06		$	11.21
Class T1		—		9.17		27.55		18.52			10.90
(A) Investments, at cost	$	136,286,644	$	654,259,950	$	1,025,771,697	$	137,532,336		$	519,589,916
(B) Securities on loan, at value	$	822,305	$	11,948,034	$	16,879,557	$	—		$	3,121,366
(C) Repurchase agreements, at cost	$	—	$	12,375,516	$	124,734,473	$	498,409		$	4,609,154
(D) Foreign currency, at cost	$	—	$	—	$	585	$	—		$	—

(E)	OTC derivatives may include swaps, options and/or swaptions and forward foreign currency contracts.
(F)	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.
(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 Funds’ Prospectus.

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

Transamerica Funds Annual Report 2018

Page    345

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2018

	Transamerica Dynamic Allocation		Transamerica Dynamic Income			Transamerica Emerging Markets Debt			Transamerica Emerging Markets Equity			Transamerica Event Driven
Assets:
Investments, at value (A) (B)	$	24,071,620	$	242,771,799		$	701,573,871		$	841,119,956		$	85,897,326
Repurchase agreements, at value (C)		1,869,742		850,088			16,849,729			21,123,797			34,699,160
Cash		272		—			5,195,743			251,799			—
Cash collateral pledged at custodian for:
OTC derivatives (G)		—		—			1,600,000			—			3,500,000
Futures contracts		—		—			—			—			66,514
Cash collateral pledged at broker for:
Securities sold short		—		—			—			—			19,299,316
OTC derivatives (G)		—		—			—			—			135,266
Foreign currency, at value (D)		—		—			792,231			180,858			—
OTC swap agreements, at value		—		—			—			—			57,394
Receivables and other assets:
Investments sold		—		—			18,466,654			—			2,866,852
When-issued, delayed-delivery, forward and TBA commitments sold		—		—			1,330,794			—			—
Net income from securities lending		858		56,851			42,767			10,270			1,408
Shares of beneficial interest sold		—		131,217			1,609,557			4,741			95,000
Dividends and/or distributions		—		—			8,965			882,688			25,016
Interest		65		30			9,646,729			734			324,668
Tax reclaims		—		—			415			6,648			—
Due from investment manager		3,322		—			—			—			—
Variation margin receivable on futures contracts		—		—			—			—			239,286
Unrealized appreciation on forward foreign currency contracts		—		—			832,279			—			34,681
Total assets		25,945,879		243,809,985			757,949,734			863,581,491			147,241,887
Liabilities:
Securities sold short, at value (E)		—		—			—			—			24,008,961
Foreign currency overdraft, at value (D)		—		—			—			—			1,096
Cash collateral received upon return of:
Securities on loan		5,502,628		22,251,612			47,549,493			2,100,000			2,340,767
Securities sold short		—		—			—			—			295,564
Written options and swaptions, at value (F)		—		—			—			—			8,330
OTC swap agreements, at value		—		—			—			—			18,303
Payables and other liabilities:
Investments purchased		898,949		—			24,511,148			—			3,476,409
When-issued, delayed-delivery, forward and TBA commitments purchased		—		—			8,150,000			—			—
Shares of beneficial interest redeemed		2,529		623,953			1,054,255			328,469			62,405
Dividends, interest and fees for borrowings from securities sold short		—		—			—			—			34,867
Investment management fees		—		97,418			385,886			728,415			125,404
Distribution and service fees		7,598		117,817			12,796			2,563			—
Transfer agent fees		2,263		23,825			58,601			8,707			863
Trustees, CCO and deferred compensation fees		43		744			1,658			1,436			237
Audit and tax fees		18,804		20,300			35,975			36,679			25,600
Custody fees		3,653		4,185			126,385			232,538			61,427
Legal fees		151		2,380			7,603			4,197			1,043
Printing and shareholder reports fees		2,375		30,097			70,322			9,075			4,173
Registration fees		4,449		6,347			11,366			7,910			2,416
Other accrued expenses		2,742		1,968			9,180			5,773			38,350
Unrealized depreciation on forward foreign currency contracts		—		—			1,235,306			—			1,554
Total liabilities		6,446,184		23,180,646			83,219,974			3,465,762			30,507,769
Net assets	$	19,499,695	$	220,629,339		$	674,729,760		$	860,115,729		$	116,734,118
Net assets consist of:
Paid-in capital	$	18,816,035	$	296,120,415		$	788,569,363		$	1,036,682,168		$	117,202,623
Total distributable earnings		683,660		(75,491,076	)		(113,839,603	)		(176,566,439	)		(468,505	)
Net assets	$	19,499,695	$	220,629,339		$	674,729,760		$	860,115,729		$	116,734,118

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

Transamerica Funds Annual Report 2018

Page    346

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2018

	Transamerica Dynamic Allocation			Transamerica Dynamic Income			Transamerica Emerging Markets Debt		Transamerica Emerging Markets Equity		Transamerica Event Driven
Net assets by class:
Class A	$	10,935,371		$	68,423,946		$	15,293,582	$	4,331,022	$	—
Class C		5,944,130			108,855,626			10,088,613		1,624,935		—
Class I		2,609,430			43,329,677			481,999,442		6,653,012		705,748
Class I2		—			—			161,793,662		847,485,488		116,012,409
Class R6		—			—			5,512,543		—		—
Class T1		10,764			10,047			9,960		9,838		—
Advisor Class		—			10,043			31,958		11,434		15,961
Shares outstanding (unlimited shares, no par value):
Class A		926,038			7,745,445			1,553,159		468,348		—
Class C		510,941			12,379,922			1,033,189		177,556		—
Class I		221,486			4,904,019			48,768,895		713,629		68,115
Class I2		—			—			16,366,946		90,848,499		11,356,704
Class R6		—			—			558,004		—		—
Class T1		910			1,134			1,001		1,059		—
Advisor Class		—			1,137			3,197		1,204		1,539
Net asset value per share: (H)
Class A	$	11.81		$	8.83		$	9.85	$	9.25	$	—
Class C		11.63			8.79			9.76		9.15		—
Class I		11.78			8.84			9.88		9.32		10.36
Class I2		—			—			9.89		9.33		10.22
Class R6		—			—			9.88		—		—
Class T1		11.82	(I)		8.86			9.95		9.29		—
Advisor Class		—			8.84	(I)		10.00		9.50		10.37
Maximum offering price per share: (J)
Class A	$	12.50		$	9.27		$	10.34	$	9.79	$	—
Class T1	$	12.12		$	9.09		$	10.21	$	9.53	$	—
(A) Investments, at cost	$	21,343,040		$	258,417,504		$	747,823,596	$	917,090,947	$	88,268,349
(B) Securities on loan, at value	$	5,387,020		$	21,584,365		$	46,549,840	$	1,809,960	$	2,282,067
(C) Repurchase agreements, at cost	$	1,869,742		$	850,088		$	16,849,729	$	21,123,797	$	34,699,160
(D) Foreign currency, at cost	$	—		$	—		$	793,683	$	180,991	$	(1,110	)
(E) Proceeds received from securities sold short	$	—		$	—		$	—	$	—	$	25,691,506
(F) Premium received on written options and swaptions	$	—		$	—		$	—	$	—	$	(39,622	)

(G)	OTC derivatives may include swaps, options and/or swaptions and forward foreign currency contracts.
(H)	Net asset value per share for Class C, I, I2, 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.
(I)	Actual net asset value per share presented differs from calculated net asset value per share due to rounding.
(J)	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 Funds’ Prospectus.

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

Transamerica Funds Annual Report 2018

Page    347

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2018

	Transamerica Floating Rate			Transamerica Global Equity		Transamerica Government Money Market		Transamerica Growth		Transamerica High Quality Bond
Assets:
Investments, at value (A) (B)	$	684,705,880		$	105,543,420	$	862,168,890	$	201,782,797	$	282,707,650
Repurchase agreements, at value (C)		31,348,871			409,945		362,279,094		480,965		—
Cash		—			—		—		—		4,614,885
Receivables and other assets:
Investments sold		5,087,574			11,627		—		742,535		3,076
When-issued, delayed-delivery, forward and TBA commitments sold		15,020,862			—		—		—		—
Net income from securities lending		1,609			101		—		318		1,092
Shares of beneficial interest sold		678,595			13,974		2,622,710		14,942		872
Dividends and/or distributions		2,758			150,806		—		54,548		—
Interest		3,095,378			15		523,779		—		1,474,216
Tax reclaims		—			46,493		—		29,096		8,380
Total assets		739,941,527			106,176,381		1,227,594,473		203,105,201		288,810,171
Liabilities:
Foreign currency overdraft, at value (D)		—			33		—		—		—
Cash collateral received upon return of:
Securities on loan		3,443,420			265,926		—		2,232,765		2,976,678
Payables and other liabilities:
Investments purchased		3,498,927			—		—		1,298,259		—
When-issued, delayed-delivery, forward and TBA commitments purchased		11,784,652			—		—		—		2,400,000
Shares of beneficial interest redeemed		625,487			62,294		2,366,649		124,277		640,390
Dividends and/or distributions		5,306			—		7,525		—		—
Due to custodian		313									—
Money market waiver due to investment manager		—			—		511,742		—		—
Investment management fees		399,682			102,906		141,921		156,310		76,333
Distribution and service fees		29,146			31,670		4,426,346		—		14,519
Transfer agent fees		27,321			16,971		212,628		1,412		1,823
Trustees, CCO and deferred compensation fees		1,461			305		2,568		602		725
Audit and tax fees		37,282			19,075		23,325		16,941		23,094
Custody fees		107,807			15,014		49,160		15,249		8,591
Legal fees		6,137			1,025		9,465		2,139		2,505
Printing and shareholder reports fees		29,238			15,122		46,546		12,164		10,755
Registration fees		7,231			2,581		7,804		2,004		3,802
Other accrued expenses		7,580			855		14,946		1,642		2,031
Unrealized depreciation on unfunded commitments		2,538			—		—		—		—
Total liabilities		20,013,528			533,777		7,820,625		3,863,764		6,161,246
Net assets	$	719,927,999		$	105,642,604	$	1,219,773,848	$	199,241,437	$	282,648,925
Net assets consist of:
Paid-in capital	$	727,682,023		$	93,433,381	$	1,219,773,848	$	56,034,414	$	293,463,332
Total distributable earnings		(7,754,024	)		12,209,223		—		143,207,023		(10,814,407	)
Net assets	$	719,927,999		$	105,642,604	$	1,219,773,848	$	199,241,437	$	282,648,925

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

Transamerica Funds Annual Report 2018

Page    348

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2018

	Transamerica Floating Rate			Transamerica Global Equity			Transamerica Government Money Market		Transamerica Growth		Transamerica High Quality Bond
Net assets by class:
Class A	$	37,011,081		$	51,911,659		$	171,707,322	$	—	$	—
Class B		—			187,188			449,468		—		—
Class C		22,412,088			20,289,078			13,477,230		—		—
Class I		187,447,067			32,282,846			21,281,375		—		—
Class I2		473,047,199			—			4,017,293		185,889,658		—
Class I3		—			—			106,430,313		—		231,290,818
Class R		—			—			—		—		13,519,988
Class R2		—			—			728,261,092		—		—
Class R4		—			—			174,149,755		—		37,838,119
Class R6		—			948,556			—		13,351,779		—
Class T1		10,564			11,225			—		—		—
Advisor Class		—			12,052			—		—		—
Shares outstanding (unlimited shares, no par value):
Class A		3,750,343			3,941,315			171,706,869		—		—
Class B		—			14,418			449,139		—		—
Class C		2,269,803			1,576,283			13,473,702		—		—
Class I		19,050,629			2,444,977			21,282,142		—		—
Class I2		47,916,386			—			4,016,906		16,871,212		—
Class I3		—			—			106,430,310		—		23,623,652
Class R		—			—			—		—		1,377,446
Class R2		—			—			728,261,090		—		—
Class R4		—			—			174,149,755		—		3,865,602
Class R6		—			71,758			—		1,212,115		—
Class T1		1,071			848			—		—		—
Advisor Class		—			887			—		—		—
Net asset value per share: (E)
Class A	$	9.87		$	13.17		$	1.00	$	—	$	—
Class B		—			12.98			1.00		—		—
Class C		9.87			12.87			1.00		—		—
Class I		9.84			13.20			1.00		—		—
Class I2		9.87			—			1.00		11.02		—
Class I3		—			—			1.00		—		9.79
Class R		—			—			—		—		9.82
Class R2		—			—			1.00		—		—
Class R4		—			—			1.00		—		9.79
Class R6		—			13.22			—		11.02		—
Class T1		9.87	(F)		13.23	(F)		—		—		—
Advisor Class		—			13.59			—		—		—
Maximum offering price per share: (G)
Class A	$	10.36		$	13.94		$	—	$	—	$	—
Class T1		10.12			13.57			—		—		—
(A) Investments, at cost	$	691,681,371		$	92,856,708		$	862,168,890	$	118,387,987	$	285,433,427
(B) Securities on loan, at value	$	3,373,189		$	260,087		$	—	$	2,187,999	$	2,916,014
(C) Repurchase agreements, at cost	$	31,348,871		$	409,945		$	362,279,094	$	480,965	$	—
(D) Foreign currency, at cost	$	—		$	(34	)	$	—	$	—	$	—

(E)	Net asset value per share for Class B, C, I, I2, I3, R, R2, 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.
(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 Funds’ Prospectus.

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

Transamerica Funds Annual Report 2018

Page    349

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2018

	Transamerica High Yield Bond			Transamerica High Yield Muni			Transamerica Inflation Opportunities			Transamerica Inflation-Protected Securities			Transamerica Intermediate Bond
Assets:
Investments, at value (A) (B)	$	1,485,383,645		$	97,945,930		$	151,055,179		$	137,341,397		$	3,341,110,605
Repurchase agreements, at value (C)		6,133,874			4,208,165			—			—			9,309,013
Cash		664,138			—			—			74,336			1,076,184
Cash collateral pledged at broker for:
OTC derivatives (E)		—			—			80,000			—			—
Foreign currency, at value (D)		—			—			321			18,204			—
Receivables and other assets:
Investments sold		7,421,023			—			—			106,765			37,829
When-issued, delayed-delivery, forward and TBA commitments sold		7,946,675			—			—			—			—
Net income from securities lending		84,846			20			48			113			9,791
Shares of beneficial interest sold		1,387,699			319,480			—			6,661			79,703
Dividends and/or distributions		—			144			—			—			—
Interest		22,267,444			1,566,888			585,812			359,475			20,297,587
Tax reclaims		—			—			513			—			—
Due from investment manager		—			—			—			15,900			—
Due from distributor		—			5,393			—			—			—
Unrealized appreciation on forward foreign currency contracts		—			—			609,167			305,035			—
Total assets		1,531,289,344			104,046,020			152,331,040			138,227,886			3,371,920,712
Liabilities:
Cash collateral received upon return of:
Securities on loan		121,929,013			—			177,210			215,820			37,846,743
Cash collateral at broker for:
TBA commitments		—			—			—			—			680,952
Payables and other liabilities:
Investments purchased		1,022,268			8,966			—			—			—
When-issued, delayed-delivery, forward and TBA commitments purchased		2,690,278			—			—			—			382,441,241
Shares of beneficial interest redeemed		1,425,192			446,805			68,885			73,181			4,353,660
Dividends and/or distributions		237,054			2,269			—			—			—
Due to custodian		—			—			78,219			—			—
Investment management fees		321,647			58,796			83,917			—			643,788
Distribution and service fees		151,554			17,354			580			8,273			84,667
Transfer agent fees		50,334			9,593			1,432			875			21,004
Trustees, CCO and deferred compensation fees		3,806			201			373			485			6,640
Audit and tax fees		37,612			24,566			29,361			25,668			50,985
Custody fees		44,692			6,029			13,151			58,513			72,965
Legal fees		14,235			890			1,489			1,404			26,358
Printing and shareholder reports fees		107,813			8,036			6,680			7,324			99,897
Registration fees		4,403			5,043			6,063			3,076			12,219
Other accrued expenses		14,418			3,385			3,845			1,146			24,340
Unrealized depreciation on forward foreign currency contracts		—			—			18,067			29,499			—
Total liabilities		128,054,319			591,933			489,272			425,264			426,365,459
Net assets	$	1,403,235,025		$	103,454,087		$	151,841,768		$	137,802,622		$	2,945,555,253
Net assets consist of:
Paid-in capital	$	1,496,415,531		$	106,500,497		$	161,124,484		$	148,964,533		$	3,091,121,119
Total distributable earnings		(93,180,506	)		(3,046,410	)		(9,282,716	)		(11,161,911	)		(145,565,866	)
Net assets	$	1,403,235,025		$	103,454,087		$	151,841,768		$	137,802,622		$	2,945,555,253

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

Transamerica Funds Annual Report 2018

Page    350

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2018

	Transamerica High Yield Bond		Transamerica High Yield Muni		Transamerica Inflation Opportunities		Transamerica Inflation-Protected Securities		Transamerica Intermediate Bond
Net assets by class:
Class A	$	87,027,895	$	30,520,855	$	719,083	$	—	$	—
Class B		113,416		—		—		—		—
Class C		31,361,325		11,388,997		456,044		—		—
Class I		80,140,555		61,523,219		2,156,103		—		—
Class I2		472,588,760		10,232		148,449,883		—		1,971,570,751
Class I3		298,603,879		—		—		111,873,424		697,789,766
Class R		42,801,834		—		—		10,508,311		94,747,685
Class R4		361,071,830		—		—		15,420,887		181,447,051
Class R6		29,499,054		—		50,620		—		—
Class T1		10,526		10,784		10,035		—		—
Advisor Class		15,951		—		—		—		—
Shares outstanding (unlimited shares, no par value):
Class A		9,825,872		2,692,313		75,058		—		—
Class B		12,809		—		—		—		—
Class C		3,560,333		1,003,332		48,458		—		—
Class I		8,995,050		5,414,671		223,868		—		—
Class I2		52,867,103		901		15,377,198		—		203,165,651
Class I3		33,422,292		—		—		11,621,585		71,776,120
Class R		4,791,344		—		—		1,088,839		9,740,233
Class R4		40,413,554		—		—		1,601,711		18,662,113
Class R6		3,300,987		—		5,243		—		—
Class T1		1,190		950		1,046		—		—
Advisor Class		1,788		—		—		—		—
Net asset value per share: (F)
Class A	$	8.86	$	11.34	$	9.58	$	—	$	—
Class B		8.85		—		—		—		—
Class C		8.81		11.35		9.41		—		—
Class I		8.91		11.36		9.63		—		—
Class I2		8.94		11.36		9.65		—		9.70
Class I3		8.93		—		—		9.63		9.72
Class R		8.93		—		—		9.65		9.73
Class R4		8.93		—		—		9.63		9.72
Class R6		8.94		—		9.66		—		—
Class T1		8.85		11.35		9.59		—		—
Advisor Class		8.92		—		—		—		—
Maximum offering price per share: (G)
Class A	$	9.30	$	11.72	$	10.06	$	—	$	—
Class T1	$	9.08	$	11.64	$	9.84	$	—	$	—
(A) Investments, at cost	$	1,556,551,853	$	99,200,018	$	158,528,477	$	142,860,397	$	3,435,902,580
(B) Securities on loan, at value	$	119,412,872	$	—	$	173,636	$	211,309	$	37,061,855
(C) Repurchase agreements, at cost	$	6,133,874	$	4,208,165	$	—	$	—	$	9,309,013
(D) Foreign currency, at cost	$	—	$	—	$	326	$	18,346	$	—

(E)	OTC derivatives may include swaps, options and/or swaptions and forward foreign currency contracts.
(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)	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 Funds’ Prospectus.

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

Transamerica Funds Annual Report 2018

Page    351

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2018

	Transamerica Intermediate Muni			Transamerica International Equity		Transamerica International Growth		Transamerica International Small Cap Value		Transamerica International Stock
Assets:
Investments, at value (A) (B)	$	1,358,224,955		$	5,501,325,668	$	1,183,832,305	$	733,399,297	$	1,786,206
Repurchase agreements, at value (C)		50,948,066			6,208,006		25,823,423		689,472		—
Cash		—			—		1,395		—		44,155
Foreign currency, at value (D)		—			—		2,106,998		15		—
Receivables and other assets:
Investments sold		219,705			736,323		—		1,831,444		70
Net income from securities lending		—			279,100		2,740		12,859		—
Shares of beneficial interest sold		4,122,238			13,443,152		—		96,157		—
Dividends and/or distributions		24,992			23,070,027		3,659,364		2,339,185		389
Interest		16,154,552			216		897		24		—
Tax reclaims		—			7,497,154		2,444,052		660,325		34
Due from investment manager		—			—		—		—		23,183
Due from distributor		58,786			—		—		—		—
Total assets		1,429,753,294			5,552,559,646		1,217,871,174		739,028,778		1,854,037
Liabilities:
Foreign currency overdraft, at value (D)		—			30		—		—		70
Cash collateral received upon return of:
Securities on loan		—			100,261,093		—		6,587,825		—
Payables and other liabilities:
Investments purchased		98,730			5,598,604		—		—		—
When-issued, delayed-delivery, forward and TBA commitments purchased		4,560,708			—		—		—		—
Shares of beneficial interest redeemed		4,845,930			19,485,673		234,925		156,391		—
Dividends and/or distributions		585,365			—		—		—		—
Investment management fees		545,053			3,656,292		862,067		654,282		—
Distribution and service fees		198,272			130,583		11		—		114
Transfer agent fees		128,779			351,416		8,604		36,555		55
Trustees, CCO and deferred compensation fees		2,690			11,278		2,646		1,777		4
Audit and tax fees		35,420			66,103		35,582		27,011		15,353
Custody fees		38,779			589,354		180,484		134,251		64
Legal fees		12,202			48,733		11,734		7,484		941
Printing and shareholder reports fees		84,829			381,883		10,926		33,638		20
Registration fees		11,732			34,156		8,541		4,234		8
Other accrued expenses		12,737			42,923		12,197		8,810		4
Total liabilities		11,161,226			130,658,121		1,367,717		7,652,258		16,633
Net assets	$	1,418,592,068		$	5,421,901,525	$	1,216,503,457	$	731,376,520	$	1,837,404
Net assets consist of:
Paid-in capital	$	1,474,339,664		$	5,358,580,727	$	1,199,871,419	$	701,018,857	$	1,999,970
Total distributable earnings		(55,747,596	)		63,320,798		16,632,038		30,357,663		(162,566	)
Net assets	$	1,418,592,068		$	5,421,901,525	$	1,216,503,457	$	731,376,520	$	1,837,404

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

Transamerica Funds Annual Report 2018

Page    352

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2018

	Transamerica Intermediate Muni		Transamerica International Equity			Transamerica International Growth		Transamerica International Small Cap Value		Transamerica International Stock
Net assets by class:
Class A	$	269,452,318	$	202,461,951		$	48,141	$	—	$	459,268
Class C		148,671,846		64,846,972			—		—		—
Class I		999,825,264		2,495,943,097			13,125		291,455,111		459,379
Class I2		9,965		2,186,243,385			1,216,433,335		439,921,409		459,379
Class I3		—		218,377,984			—		—		—
Class R		—		37,376,400			—		—		—
Class R4		—		15,775,042			—		—		—
Class R6		—		198,632,080			8,856		—		459,378
Class T1		10,339		24,579			—		—		—
Advisor Class		622,336		2,220,035			—		—		—
Shares outstanding (unlimited shares, no par value):
Class A		24,369,272		11,702,084			6,129		—		50,000
Class C		13,475,003		3,820,578			—		—		—
Class I		90,016,361		142,300,513			1,669		23,431,831		50,000
Class I2		897		124,455,116			154,488,917		35,288,284		50,000
Class I3		—		12,352,220			—		—		—
Class R		—		2,117,495			—		—		—
Class R4		—		893,970			—		—		—
Class R6		—		11,202,456			1,125		—		50,000
Class T1		934		1,410			—		—		—
Advisor Class		56,034		124,764			—		—		—
Net asset value per share: (E)
Class A	$	11.06	$	17.30		$	7.85	$	—	$	9.19
Class C		11.03		16.97			—		—		—
Class I		11.11		17.54			7.86		12.44		9.19
Class I2		11.11		17.57			7.87		12.47		9.19
Class I3		—		17.68			—		—		—
Class R		—		17.65			—		—		—
Class R4		—		17.65			—		—		—
Class R6		—		17.73			7.87		—		9.19
Class T1		11.07		17.44	(F)		—		—		—
Advisor Class		11.11		17.79			—		—		—
Maximum offering price per share: (G)
Class A	$	11.43	$	18.31		$	8.31	$	—	$	9.19
Class T1	$	11.35	$	17.89		$	—	$	—	$	—
(A) Investments, at cost	$	1,395,510,594	$	5,660,155,554		$	1,355,688,950	$	739,708,889	$	1,947,100
(B) Securities on loan, at value	$	—	$	95,245,738		$	—	$	6,208,937	$	—
(C) Repurchase agreements, at cost	$	50,948,066	$	6,208,006		$	25,823,423	$	689,472	$	—
(D) Foreign currency, at cost	$	—	$	(31	)	$	2,144,999	$	15	$	(70	)

(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 equal 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 Funds’ Prospectus.

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

Transamerica Funds Annual Report 2018

Page    353

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2018

	Transamerica Large Cap Value		Transamerica Large Core		Transamerica Large Growth		Transamerica Large Value Opportunities		Transamerica Mid Cap Growth
Assets:
Investments, at value (A) (B)	$	2,148,157,421	$	267,106,029	$	809,400,993	$	597,655,064	$	75,646,703
Repurchase agreements, at value (C)		95,215,516		—		—		—		264,231
Cash		—		565,635		5,042,025		1,277,350		—
Foreign currency, at value (D)		—		—		190		—		—
Receivables and other assets:
Investments sold		12,577,429		—		1,436,398		—		—
Net income from securities lending		2,986		65		1,786		—		1,292
Shares of beneficial interest sold		2,018,608		58,884		305,850		131,462		78,273
Dividends and/or distributions		2,922,281		209,921		239,488		540,011		36,148
Interest		3,306		—		—		—		9
Tax reclaims		740,324		—		14,920		—		—
Due from investment manager		—		—		—		—		23,473
Total assets		2,261,637,871		267,940,534		816,441,650		599,603,887		76,050,129
Liabilities:
Cash collateral received upon return of:
Securities on loan		—		—		12,463,342		—		3,739,239
Payables and other liabilities:
Investments purchased		44,224,056		—		3,044,057		—		—
Shares of beneficial interest redeemed		1,897,801		68,264		407,839		261,565		62,775
Investment management fees		1,339,820		155,490		334,903		270,463		—
Distribution and service fees		69,475		35,141		75,035		56,682		14,111
Transfer agent fees		72,805		2,382		6,637		4,916		2,608
Trustees, CCO and deferred compensation fees		4,766		689		2,111		1,682		389
Audit and tax fees		32,828		19,492		23,581		21,245		21,945
Custody fees		49,452		9,149		36,542		18,099		10,686
Legal fees		19,076		2,459		7,334		5,605		1,564
Printing and shareholder reports fees		107,547		9,448		26,259		22,572		12,422
Registration fees		6,496		3,481		5,557		4,819		7,301
Other accrued expenses		15,563		2,024		6,040		4,572		1,535
Total liabilities		47,839,685		308,019		16,439,237		672,220		3,874,575
Net assets	$	2,213,798,186	$	267,632,515	$	800,002,413	$	598,931,667	$	72,175,554
Net assets consist of:
Paid-in capital	$	1,996,477,635	$	224,946,140	$	570,947,007	$	517,064,224	$	51,284,636
Total distributable earnings		217,320,551		42,686,375		229,055,406		81,867,443		20,890,918
Net assets	$	2,213,798,186	$	267,632,515	$	800,002,413	$	598,931,667	$	72,175,554

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

Transamerica Funds Annual Report 2018

Page    354

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2018

	Transamerica Large Cap Value			Transamerica Large Core		Transamerica Large Growth		Transamerica Large Value Opportunities		Transamerica Mid Cap Growth
Net assets by class:
Class A	$	95,523,217		$	—	$	—	$	—	$	8,997,363
Class C		49,838,537			—		—		—		1,268,054
Class I		375,160,927			—		—		—		664,255
Class I2		1,664,183,912			—		—		—		9,118
Class I3		—			189,482,607		622,541,555		458,785,709		36,796,583
Class R		—			72,763,779		140,192,030		103,700,510		19,710,789
Class R4		—			5,386,129		37,268,828		36,445,448		4,708,690
Class R6		27,069,513			—		—		—		—
Class T1		10,654			—		—		—		10,051
Advisor Class		2,011,426			—		—		—		10,651
Shares outstanding (unlimited shares, no par value):
Class A		7,903,378			—		—		—		693,128
Class C		4,150,632			—		—		—		101,011
Class I		30,843,140			—		—		—		50,744
Class I2		136,902,773			—		—		—		696
Class I3		—			17,042,104		50,002,368		42,677,561		2,799,846
Class R		—			6,547,123		11,293,896		9,647,188		1,506,827
Class R4		—			484,542		2,996,713		3,390,395		358,634
Class R6		2,226,705			—		—		—		—
Class T1		880			—		—		—		774
Advisor Class		164,513			—		—		—		815
Net asset value per share: (E)
Class A	$	12.09		$	—	$	—	$	—	$	12.98
Class C		12.01			—		—		—		12.55
Class I		12.16			—		—		—		13.09
Class I2		12.16			—		—		—		13.10
Class I3		—			11.12		12.45		10.75		13.14
Class R		—			11.11		12.41		10.75		13.08
Class R4		—			11.12		12.44		10.75		13.13
Class R6		12.16			—		—		—		—
Class T1		12.10	(F)		—		—		—		12.99
Advisor Class		12.23			—		—		—		13.07
Maximum offering price per share: (G)
Class A	$	12.79		$	—	$	—	$	—	$	13.74
Class T1	$	12.41		$	—	$	—	$	—	$	13.32
(A) Investments, at cost	$	2,111,383,933		$	267,349,214	$	644,015,186	$	610,349,869	$	77,414,390
(B) Securities on loan, at value	$	—		$	—	$	12,213,075	$	—	$	3,571,252
(C) Repurchase agreements, at cost	$	95,215,516		$	—	$	—	$	—	$	264,231
(D) Foreign currency, at cost	$	—		$	—	$	194	$	—	$	—

(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 equal 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 Funds’ Prospectus.

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

Transamerica Funds Annual Report 2018

Page    355

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2018

	Transamerica Mid Cap Value Opportunities		Transamerica MLP & Energy Income			Transamerica Multi-Cap Growth		Transamerica Multi-Managed Balanced		Transamerica Short-Term Bond
Assets:
Investments, at value (A) (B)	$	1,528,280,731	$	335,716,846		$	282,528,657	$	1,005,937,850	$	2,778,535,185
Repurchase agreements, at value (C)		47,516,424		949,962			1,083,324		5,860,107		49,900,302
Cash		295,662		128,142			—		—		626,457
Cash collateral pledged at broker for:
Futures contracts		—		—			—		345,000		—
Receivables and other assets:
Investments sold		51,401,684		622,684			—		626,145		—
When-issued, delayed-delivery, forward and TBA commitments sold		—		—			—		126,654		—
Net income from securities lending		5,629		4,598			—		2,283		3,534
Shares of beneficial interest sold		1,514,548		13,355			82,888		1,738,023		17,803,512
Dividends and/or distributions		931,045		1,556,781			183,615		378,479		—
Interest		1,650		77,786			37		2,677,108		18,972,244
Tax reclaims		—		—			66,428		—		3,647
Variation margin receivable on futures contracts		—		—			—		30,061		—
Total assets		1,629,947,373		339,070,154			283,944,949		1,017,721,710		2,865,844,881
Liabilities:
Cash collateral received upon return of:
Securities on loan		18,058,500		18,867,926			—		5,012,863		19,045,930
Payables and other liabilities:
Investments purchased		5,228,832		405,199			—		815,407		5,145,975
When-issued, delayed-delivery, forward and TBA commitments purchased		—		—			—		51,630,068		—
Shares of beneficial interest redeemed		1,466,266		250,212			139,360		1,050,362		7,976,516
Dividends and/or distributions		—		—			—		—		864,231
Due to custodian		—		—			—		7,079		—
Investment management fees		135,022		352,517			177,889		577,103		1,293,510
Distribution and service fees		158,041		21,246			15,936		296,309		528,854
Transfer agent fees		76,101		11,270			33,727		87,037		239,665
Trustees, CCO and deferred compensation fees		3,786		791			757		2,046		6,709
Audit and tax fees		33,612		25,008			19,062		29,872		46,622
Custody fees		42,791		11,144			10,306		43,826		70,555
Legal fees		13,829		2,639			2,552		8,719		26,404
Printing and shareholder reports fees		98,420		20,677			13,994		62,213		216,788
Registration fees		15,759		5,489			1,148		2,860		14,842
Other accrued expenses		11,325		4,727			2,178		9,825		24,448
Total liabilities		25,342,284		19,978,845			416,909		59,635,589		35,501,049
Net assets	$	1,604,605,089	$	319,091,309		$	283,528,040	$	958,086,121	$	2,830,343,832
Net assets consist of:
Paid-in capital	$	1,449,017,813	$	492,973,839		$	223,519,687	$	766,785,126	$	2,899,405,439
Total distributable earnings		155,587,276		(173,882,530	)		60,008,353		191,300,995		(69,061,607	)
Net assets	$	1,604,605,089	$	319,091,309		$	283,528,040	$	958,086,121	$	2,830,343,832

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

Transamerica Funds Annual Report 2018

Page    356

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2018

	Transamerica Mid Cap Value Opportunities			Transamerica MLP & Energy Income		Transamerica Multi-Cap Growth		Transamerica Multi-Managed Balanced			Transamerica Short-Term Bond
Net assets by class:
Class A	$	108,568,254		$	23,095,762	$	54,793,832	$	532,860,769		$	732,814,896
Class B		—			—		373,988		942,447			—
Class C		17,476,091			15,954,880		2,958,812		184,726,966			393,543,458
Class I		368,787,195			21,257,442		56,246,462		232,307,574			1,451,633,793
Class I2		280,298,880			258,764,323		169,130,824		—			220,648,009
Class I3		231,306,762			—		—		—			—
Class R		69,545,966			—		—		—			—
Class R4		362,081,950			—		—		—			—
Class R6		166,518,817			—		—		7,149,265			26,239,506
Class T1		10,385			9,313		11,629		10,849			10,221
Advisor Class		10,789			9,589		12,493		88,251			5,453,949
Shares outstanding (unlimited shares, no par value):
Class A		9,416,269			3,355,692		7,548,781		19,349,221			72,889,445
Class B		—			—		68,325		34,426			—
Class C		1,539,168			2,327,487		532,828		6,830,520			39,217,974
Class I		31,780,251			3,087,012		6,954,465		8,395,644			146,911,063
Class I2		24,117,993			37,574,361		20,553,716		—			22,349,533
Class I3		19,818,215			—		—		—			—
Class R		5,981,097			—		—		—			—
Class R4		31,060,929			—		—		—			—
Class R6		14,232,289			—		—		258,330			2,657,284
Class T1		897			1,336		1,598		393			1,016
Advisor Class		921			1,373		1,545		3,184			550,970
Net asset value per share: (D)
Class A	$	11.53		$	6.88	$	7.26	$	27.54		$	10.05
Class B		—			—		5.47		27.38			—
Class C		11.35			6.85		5.55		27.04			10.03
Class I		11.60			6.89		8.09		27.67			9.88
Class I2		11.62			6.89		8.23		—			9.87
Class I3		11.67			—		—		—			—
Class R		11.63			—		—		—			—
Class R4		11.66			—		—		—			—
Class R6		11.70			—		—		27.67			9.87
Class T1		11.57	(E)		6.97		7.28		27.61	(E)		10.06
Advisor Class		11.72	(E)		6.98		8.09		27.72			9.90
Maximum offering price per share: (F)
Class A	$	12.20		$	7.28	$	7.68	$	29.14		$	10.31
Class T1	$	11.87		$	7.15	$	7.47	$	28.32		$	10.06
(A) Investments, at cost	$	1,482,821,381		$	335,383,276	$	237,225,309	$	867,931,214		$	2,806,016,798
(B) Securities on loan, at value	$	17,235,835		$	18,473,813	$	—	$	4,901,895		$	18,650,606
(C) Repurchase agreements, at cost	$	47,516,424		$	949,962	$	1,083,324	$	5,860,107		$	49,900,302

(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 Funds’ Prospectus.

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

Transamerica Funds Annual Report 2018

Page    357

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2018

	Transamerica Small Cap Core		Transamerica Small Cap Growth		Transamerica Small Cap Value		Transamerica Small/Mid Cap Value		Transamerica Strategic High Income
Assets:
Investments, at value (A) (B)	$	220,361,000	$	147,410,806	$	247,164,310	$	813,302,691	$	160,118,141
Repurchase agreements, at value (C)		3,277,477		6,536,804		5,884,831		8,811,560		2,586,370
Cash		—		—		—		23,318,655		—
Receivables and other assets:
Investments sold		—		605,354		—		2,460,179		—
Net income from securities lending		2,626		1,303		360		8,116		4,094
Shares of beneficial interest sold		9,040		168,390		42,060		2,057,734		174,725
Dividends and/or distributions		172,271		13,007		184,828		375,702		128,652
Interest		114		227		204		306		1,365,387
Tax reclaims		—		—		—		—		111,106
Due from investment manager		—		115,451		172,177		—		—
Total assets		223,822,528		154,851,342		253,448,770		850,334,943		164,488,475
Liabilities:
Cash collateral received upon return of:
Securities on loan		6,782,725		10,397,096		—		18,641,814		5,466,956
Payables and other liabilities:
Investments purchased		—		311,910		—		4,047,249		476,854
Shares of beneficial interest redeemed		32,104		90,032		106,730		745,743		58,629
Investment management fees		32,517		—		—		595,186		121,545
Distribution and service fees		24,617		18,362		5,931		239,417		41,715
Transfer agent fees		2,724		7,853		2,738		117,074		16,429
Trustees, CCO and deferred compensation fees		653		481		756		1,923		493
Audit and tax fees		22,316		17,543		18,705		23,147		26,964
Custody fees		13,629		10,740		10,383		32,616		10,642
Legal fees		2,076		1,305		2,493		7,419		1,245
Printing and shareholder reports fees		11,354		13,465		14,885		79,515		11,128
Registration fees		7,059		8,280		8,145		2,527		5,301
Other accrued expenses		1,661		1,046		2,022		6,114		3,648
Total liabilities		6,933,435		10,878,113		172,788		24,539,744		6,241,549
Net assets	$	216,889,093	$	143,973,229	$	253,275,982	$	825,795,199	$	158,246,926
Net assets consist of:
Paid-in capital	$	211,700,276	$	105,758,680	$	223,647,761	$	669,544,132	$	213,042,427
Total distributable earnings		5,188,817		38,214,549		29,628,221		156,251,067		(54,795,501	)
Net assets	$	216,889,093	$	143,973,229	$	253,275,982	$	825,795,199	$	158,246,926

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

Transamerica Funds Annual Report 2018

Page    358

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2018

	Transamerica Small Cap Core		Transamerica Small Cap Growth		Transamerica Small Cap Value		Transamerica Small/Mid Cap Value			Transamerica Strategic High Income
Net assets by class:
Class A	$	3,356,223	$	18,536,976	$	3,049,956	$	357,947,973		$	27,643,908
Class B		—		—		—		438,122			—
Class C		667,788		4,603,908		785,893		165,646,544			38,321,980
Class I		2,046,529		31,592,470		756,015		270,188,342			92,147,842
Class I2		21,106,327		35,994,736		212,024,809		19,429,337			11,428
Class I3		137,326,013		29,618,805		27,065,450		—			—
Class R		46,717,648		16,846,257		9,264,339		—			—
Class R4		5,647,828		6,608,869		252,546		—			—
Class R6		—		65,050		56,921		11,821,889			—
Class T1		10,368		91,797		10,010		10,741			11,002
Advisor Class		10,369		14,361		10,043		312,251			110,766
Shares outstanding (unlimited shares, no par value):
Class A		292,422		2,847,012		286,238		13,449,293			2,534,347
Class B		—		—		—		18,737			—
Class C		59,122		779,421		74,813		7,187,366			3,527,243
Class I		177,429		4,686,364		70,314		9,802,526			8,444,298
Class I2		1,826,335		5,255,745		19,713,257		703,376			1,092
Class I3		11,770,019		4,327,318		2,512,624		—			—
Class R		4,019,250		2,482,747		863,673		—			—
Class R4		485,151		969,837		23,509		—			—
Class R6		—		9,503		5,265		426,207			—
Class T1		894		14,097		938		403			1,000
Advisor Class		898		2,132		929		11,211			10,099
Net asset value per share: (D)
Class A	$	11.48	$	6.51	$	10.66	$	26.61		$	10.91
Class B		—		—		—		23.38			—
Class C		11.30		5.91		10.50		23.05			10.86
Class I		11.53		6.74		10.75		27.56			10.91
Class I2		11.56		6.85		10.76		27.62			10.47
Class I3		11.67		6.84		10.77		—			—
Class R		11.62		6.79		10.73		—			—
Class R4		11.64		6.81		10.74		—			—
Class R6		—		6.85		10.81		27.74			—
Class T1		11.60		6.51		10.67		26.67	(E)		11.00
Advisor Class		11.55		6.74		10.81		27.85			10.97
Maximum offering price per share: (F)
Class A	$	12.15	$	6.89	$	11.28	$	28.16		$	11.54
Class T1	$	11.90	$	6.68	$	10.94	$	27.35		$	11.28
(A) Investments, at cost	$	226,763,905	$	121,230,256	$	240,321,282	$	728,471,840		$	152,325,205
(B) Securities on loan, at value	$	6,547,706	$	10,166,185	$	—	$	18,065,654		$	5,351,877
(C) Repurchase agreements, at cost	$	3,277,477	$	6,536,804	$	5,884,831	$	8,811,560		$	2,586,370

(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 and offering price per share presented differs from calculated net asset value and offering price 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 Funds’ Prospectus.

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

Transamerica Funds Annual Report 2018

Page    359

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2018

	Transamerica Unconstrained Bond			Transamerica US Growth
Assets:
Investments, at value (A) (B)	$	734,012,030		$	1,049,979,796
Repurchase agreements, at value (C)		—			10,244,228
Cash		488,906			—
Cash collateral pledged at broker for:
TBA commitments		830,000			—
Foreign currency, at value (D)		2,000			—
Receivables and other assets:
Investments sold		1,391,542			—
When-issued, delayed-delivery, forward and TBA commitments sold		1,337,233			—
Net income from securities lending		18,941			—
Shares of beneficial interest sold		—			66,486
Dividends and/or distributions		51,025			355,897
Interest		5,593,576			356
Tax reclaims		1,222			234,547
Variation margin receivable on futures contracts		318,293			—
Unrealized appreciation on forward foreign currency contracts		241,906			—
Total assets		744,286,674			1,060,881,310
Liabilities:
Cash collateral received upon return of:
Securities on loan		26,196,178			104,328
Payables and other liabilities:
Investments purchased		1,823,201			809,309
When-issued, delayed-delivery, forward and TBA commitments purchased		4,694,939			—
Shares of beneficial interest redeemed		1,712			338,814
Investment management fees		437,149			696,200
Distribution and service fees		—			146,407
Transfer agent fees		5,139			131,717
Trustees, CCO and deferred compensation fees		1,206			2,457
Audit and tax fees		35,938			26,700
Custody fees		108,023			27,855
Legal fees		4,817			9,387
Printing and shareholder reports fees		10,630			59,697
Registration fees		1,879			3,456
Other accrued expenses		6,429			7,904
Unrealized depreciation on unfunded commitments		232			—
Total liabilities		33,327,472			2,364,231
Net assets	$	710,959,202		$	1,058,517,079
Net assets consist of:
Paid-in capital	$	732,841,157		$	593,874,843
Total distributable earnings		(21,881,955	)		464,642,236
Net assets	$	710,959,202		$	1,058,517,079

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

Transamerica Funds Annual Report 2018

Page    360

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2018

	Transamerica Unconstrained Bond			Transamerica US Growth
Net assets by class:
Class A	$	—		$	550,529,386
Class B		—			3,279,353
Class C		—			13,929,717
Class I		1,816,675			186,752,420
Class I2		709,131,897			190,514,211
Class T		—			113,485,581
Class T1		—			12,649
Advisor Class		10,630			13,762
Shares outstanding (unlimited shares, no par value):
Class A		—			26,322,101
Class B		—			168,032
Class C		—			709,566
Class I		184,476			8,764,045
Class I2		72,269,662			8,957,285
Class T		—			2,019,850
Class T1		—			604
Advisor Class		1,080			644
Net asset value per share: (E)
Class A	$	—		$	20.92
Class B		—			19.52
Class C		—			19.63
Class I		9.85			21.31
Class I2		9.81			21.27
Class T		—			56.19
Class T1		—			20.95	(F)
Advisor Class		9.85	(F)		21.38	(F)
Maximum offering price per share: (G)
Class A	$	—		$	22.14
Class T	$	—		$	61.41
Class T1	$	—		$	21.49
(A) Investments, at cost	$	754,279,301		$	683,206,975
(B) Securities on loan, at value	$	25,646,274		$	102,164
(C) Repurchase agreements, at cost	$	—		$	10,244,228
(D) Foreign currency, at cost	$	2,355		$	—

(E)	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.
(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, 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 Funds’ Prospectus.

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

Transamerica Funds Annual Report 2018

Page    361

STATEMENTS OF OPERATIONS

For the year ended October 31, 2018

	Transamerica Balanced II			Transamerica Bond			Transamerica Capital Growth			Transamerica Concentrated Growth			Transamerica Dividend Focused
Investment Income:
Dividend income	$	1,473,832		$	547,472		$	3,915,277		$	1,907,599		$	19,678,685
Interest income		1,702,910			22,789,286			571,026			35,381			71,167
Net income from securities lending		4,351			100,700			199,713			16,588			9,650
Withholding taxes on foreign income		(33	)		—			(107,039	)		(94,383	)		(71,086	)
Total investment income		3,181,060			23,437,458			4,578,977			1,865,185			19,688,416
Expenses:
Investment management fees		685,647			2,315,738			8,547,049			1,420,487			4,752,415
Distribution and service fees:
Class A		—			207,012			776,739			2,932			231,232
Class B		—			2,933			11,899			—			—
Class C		—			481,652			1,209,473			10,768			69,133
Class R		444,634			—			—			—			—
Class T1		—			34			172			30			67
Transfer agent fees
Class A		—			175,928			365,346			39			30,802
Class B		—			1,735			7,659			—			—
Class C		—			49,310			135,581			1,056			7,906
Class I		—			305,597			594,537			35,689			22,701
Class I2		—			8,318			14,349			13,003			41,871
Class I3		4,044			—			—			—			—
Class R		3,303			—			—			—			—
Class R6		—			590			—			—			294
Advisor Class		—			71			334			26			22
Trustees, CCO and deferred compensation fees		3,371			12,253			27,384			4,953			15,970
Audit and tax fees		18,601			30,828			33,269			28,359			29,710
Custody fees		20,931			80,019			132,739			35,224			68,824
Legal fees		5,415			24,138			51,257			9,971			32,997
Printing and shareholder reports fees		30,349			86,663			159,158			18,866			56,900
Registration fees		69,531			129,165			222,274			70,921			99,742
Other		4,055			19,461			23,893			7,165			18,683
Total expenses before waiver and/or reimbursement and recapture		1,289,881			3,931,445			12,313,112			1,659,489			5,479,269
Expenses waived and/or reimbursed:
Class A		—			(12,503	)		—			(13,654	)		—
Class B		—			(882	)		(3,504	)		—			—
Class C		—			(6,816	)		—			—			—
Class I		—			(122,836	)		—			—			—
Class I2		—			(15,305	)		—			(13,118	)		—
Class I3		(50,758	)		—			—			—			—
Class R		(100,672	)		—			—			—			—
Class R6		—			(1,559	)		—			—			—
Class T1		—			(2	)		—			—			—
Advisor Class		—			—			—			(6	)		(5	)
Recapture of previously waived and/or reimbursed fees:
Class A		—			—			—			15,793			—
Class B		—			106			387			—			—
Class I2		—			—			—			13,118			—
Class I3		59			—			—			—			—
Class R		29,430			—			—			—			—
Class R6		—			8			—			—			—
Advisor Class		—			—			—			4			1
Net expenses		1,167,940			3,771,656			12,309,995			1,661,626			5,479,265
Net investment income (loss)		2,013,120			19,665,802			(7,731,018	)		203,559			14,209,151
Net realized gain (loss) on:
Investments		1,468,373			(569,696	)		67,955,017			19,899,525			78,058,559
Futures contracts		68,133			—			—			—			—
Foreign currency transactions		4			(12,800	)		(17,769	)		(3,187	)		—
Net realized gain (loss)		1,536,510			(582,496	)		67,937,248			19,896,338			78,058,559
Net change in unrealized appreciation (depreciation) on:
Investments		(240,543	)		(21,519,403	)		56,015,528			(5,173,508	)		(88,893,899	)
Futures contracts		4,881			—			—			—			—
Translation of assets and liabilities denominated in foreign currencies		—			39			(3,587	)		—			—
Net change in unrealized appreciation (depreciation)		(235,662	)		(21,519,364	)		56,011,941			(5,173,508	)		(88,893,899	)
Net realized and change in unrealized gain (loss)		1,300,848			(22,101,860	)		123,949,189			14,722,830			(10,835,340	)
Net increase (decrease) in net assets resulting from operations	$	3,313,968		$	(2,436,058	)	$	116,218,171		$	14,926,389		$	3,373,811

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

Transamerica Funds Annual Report 2018

Page    362

STATEMENTS OF OPERATIONS (continued)

For the year ended October 31, 2018

	Transamerica Dynamic Allocation			Transamerica Dynamic Income			Transamerica Emerging Markets Debt			Transamerica Emerging Markets Equity			Transamerica Event Driven
Investment Income:
Dividend income	$	350,034		$	11,631,866		$	—		$	17,517,977		$	509,846
Interest income		1,109			7,713			52,873,925			169,073			952,606
Net income from securities lending		18,409			470,771			428,063			41,928			27,396
Withholding taxes on foreign income		—			—			(354,889	)		(1,959,040	)		(4,013	)
Total investment income		369,552			12,110,350			52,947,099			15,769,938			1,485,835
Expenses:
Investment management fees		104,060			1,367,837			5,515,529			5,036,202			1,466,334
Distribution and service fees:
Class A		20,115			206,687			53,339			22,394			—
Class C		69,174			1,359,526			128,039			25,014			—
Class T1		28			26			26			29			—
Transfer agent fees
Class A		12,487			79,381			31,273			16,918			—
Class C		9,235			148,484			20,896			3,495			—
Class I		3,158			57,333			677,785			10,375			196
Class I2		—			—			15,101			39,119			9,321
Class R6		—			—			604			—			—
Advisor Class		—			22			44			28			27
Trustees, CCO and deferred compensation fees		423			6,413			20,705			14,150			2,880
Audit and tax fees		23,578			26,361			49,497			41,078			32,019
Custody fees		13,794			15,709			465,617			671,985			207,545
Legal fees		857			13,282			46,093			22,096			6,150
Printing and shareholder reports fees		5,902			75,769			167,256			35,193			13,759
Registration fees		53,629			69,873			112,103			91,408			32,163
Dividends, interest and fees for borrowings from securities sold short		—			—			1,905			—			306,375
Other		5,073			10,067			37,589			32,473			8,503
Total expenses before waiver and/or reimbursement and recapture		321,513			3,436,770			7,343,401			6,061,957			2,085,272
Expenses waived and/or reimbursed:
Class A		(37,854	)		(7,651	)		—			(137	)		—
Class C		(30,408	)		(31,752	)		—			(38	)		—
Class I		(12,255	)		(8,916	)		—			(147	)		(329	)
Class I2		—			—			—			(8,006	)		(100,411	)
Class T1		(34	)		—			—			—			—
Advisor Class		—			(13	)		—			—			(36	)
Recapture of previously waived and/or reimbursed fees:
Class A		799			3,061			—			—			—
Class C		29			6,295			—			—			—
Class I		29			1,359			—			—			23
Class I2		—			—			—			—			4,459
Net expenses		241,819			3,399,153			7,343,401			6,053,629			1,988,978
Net investment income (loss)		127,733			8,711,197			45,603,698			9,716,309			(503,143	)
Net realized gain (loss) on:
Investments		372,170			4,538,702			(52,005,641	)(A)		(37,533,487	)		8,976,368
Distributions		—			57,411			—			—			—
Securities sold short		—			—			—			—			(2,782,403	)
Written options and swaptions		—			—			—			—			(1,714,412	)
Swap agreements		—			—			—			—			(416,478	)
Futures contracts		—			—			—			—			(158,918	)
Forward foreign currency contracts		—			—			1,398,666			—			(591,228	)
Foreign currency transactions		—			—			(1,232,199	)		(382,639	)		(57,791	)
Net realized gain (loss)		372,170			4,596,113			(51,839,174	)		(37,916,126	)		3,255,138
Net change in unrealized appreciation (depreciation) on:
Investments		(325,121	)		(19,499,727	)		(52,067,809	)(B)		(128,350,219	)		(4,409,525	)
Securities sold short		—			—			—			—			1,644,970
Written options and swaptions		—			—			—			—			31,292
Swap agreements		—			—			—			—			375,816
Futures contracts		—			—			—			—			(23,168	)
Forward foreign currency contracts		—			—			(70,184	)		—			111,826
Translation of assets and liabilities denominated in foreign currencies		—			—			(23,600	)		(7,924	)		(295,318	)
Net change in unrealized appreciation (depreciation)		(325,121	)		(19,499,727	)		(52,161,593	)		(128,358,143	)		(2,564,107	)
Net realized and change in unrealized gain (loss)		47,049			(14,903,614	)		(104,000,767	)		(166,274,269	)		691,031
Net increase (decrease) in net assets resulting from operations	$	174,782		$	(6,192,417	)	$	(58,397,069	)	$	(156,557,960	)	$	187,888

(A)	Includes net of realized foreign capital gains tax of $56,477.
(B)	Includes net change in foreign capital gains tax of $(3,314).

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

Transamerica Funds Annual Report 2018

Page    363

STATEMENTS OF OPERATIONS (continued)

For the year ended October 31, 2018

	Transamerica Floating Rate			Transamerica Global Equity			Transamerica Government Money Market			Transamerica Growth			Transamerica High Quality Bond
Investment Income:
Dividend income	$	556,367		$	2,238,855		$	—		$	2,141,705		$	—
Interest income		37,859,200			4,645			19,799,940			11,459			7,324,298
Net income from securities lending		29,598			14,803			—			8,255			8,496
Withholding taxes on foreign income		—			(216,358	)		—			(48,512	)		—
Total investment income		38,445,165			2,041,945			19,799,940			2,112,907			7,332,794
Expenses:
Investment management fees		4,645,807			1,012,725			2,885,075			2,022,666			1,091,812
Distribution and service fees:
Class A		100,331			110,930			442,199			—			—
Class B		—			4,760			5,596			—			—
Class C		200,350			397,952			172,268			—			—
Class R		—			—			—			—			83,377
Class R2		—			—			1,713,591			—			—
Class R4		—			—			459,006			—			94,824
Class T1		26			29			—			—			—
Transfer agent fees
Class A		33,981			83,793			205,495			—			—
Class B		—			2,944			2,953			—			—
Class C		17,580			66,859			26,048			—			—
Class I		124,011			36,554			42,969			—			—
Class I2		41,059			—			419			17,488			—
Class I3		—			—			5,278			—			17,454
Class R2		—			—			2,164,956			—			—
Class R4		—			—			13,770			—			2,845
Class R6		—			84			—			858			—
Advisor Class		—			26			—			—			—
Trustees, CCO and deferred compensation fees		17,233			2,827			25,979			5,928			6,614
Audit and tax fees		66,132			21,172			12,003			20,575			18,841
Custody fees		423,091			54,218			175,345			59,095			30,920
Legal fees		35,794			5,873			55,755			11,637			12,573
Printing and shareholder reports fees		78,663			30,063			301,335			23,363			25,699
Registration fees		75,349			88,308			142,070			24,457			39,082
Other		22,657			7,327			31,282			6,660			5,637
Total expenses before waiver and/or reimbursement and recapture		5,882,064			1,926,444			8,883,392			2,192,727			1,429,678
Expenses waived and/or reimbursed:
Class A		(10,038	)		(55,928	)		(33,728	)		—			—
Class B		—			(3,004	)		(2,414	)		—			—
Class C		(5,664	)		(43,510	)		(11,010	)		—			—
Class I		(56,823	)		(16,955	)		(8,755	)		—			—
Class I2		—			—			(1,207	)		—			—
Class I3		—			—			(24,051	)		—			(90,825	)
Class R		—			—			—			—			(4,755	)
Class R2		—			—			(573,624	)		—			—
Class R4		—			—			(129,444	)		—			(14,866	)
Advisor Class		—			(18	)		—			—			—
Recapture of previously waived and/or reimbursed fees:
Class A		662			10,096			1,050,069			—			—
Class B		—			473			1,384			—			—
Class C		154			11,125			49,196			—			—
Class I		1,232			10,283			58,277			—			—
Class I2		—			—			74,661			—			—
Class I3		—			—			9,579			—			7,018
Class R2		—			—			36,070			—			—
Class R4		—			—			156			—			1,182
Advisor Class		—			3			—			—			—
Net expenses		5,811,587			1,839,009			9,378,551			2,192,727			1,327,432
Net investment income (loss)		32,633,578			202,936			10,421,389			(79,820	)		6,005,362

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

Transamerica Funds Annual Report 2018

Page    364

STATEMENTS OF OPERATIONS (continued)

For the year ended October 31, 2018

	Transamerica Floating Rate			Transamerica Global Equity			Transamerica Government Money Market		Transamerica Growth			Transamerica High Quality Bond
Net realized gain (loss) on:
Investments	$	318,096		$	11,432,187		$	—	$	107,816,974		$	(2,869,403	)
Foreign currency transactions		—			(28,064	)		—		(1,285	)		—
Net realized gain (loss)		318,096			11,404,123			—		107,815,689			(2,869,403	)
Net change in unrealized appreciation (depreciation) on:
Investments		(7,290,500	)		(12,390,015	)		—		(80,754,962	)		(1,897,277	)
Unfunded commitment		(10,867	)		—			—		—			—
Translation of assets and liabilities denominated in foreign currencies		—			4			—		(310	)		—
Net change in unrealized appreciation (depreciation)		(7,301,367	)		(12,390,011	)		—		(80,755,272	)		(1,897,277	)
Net realized and change in unrealized gain (loss)		(6,983,271	)		(985,888	)		—		27,060,417			(4,766,680	)
Net increase (decrease) in net assets resulting from operations	$	25,650,307		$	(782,952	)	$	10,421,389	$	26,980,597		$	1,238,682

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

Transamerica Funds Annual Report 2018

Page    365

STATEMENTS OF OPERATIONS (continued)

For the year ended October 31, 2018

	Transamerica High Yield Bond			Transamerica High Yield Muni			Transamerica Inflation Opportunities			Transamerica Inflation-Protected Securities			Transamerica Intermediate Bond
Investment Income:
Dividend income	$	2,553,291		$	7,976		$	13,583		$	—		$	210,730
Interest income		102,822,347			4,555,913			5,342,699			4,828,848			95,034,604
Net income from securities lending		1,219,998			853			5,133			90			136,922
Withholding taxes on foreign income		—			—			(771	)		(8,212	)		—
Total investment income		106,595,636			4,564,742			5,360,644			4,820,726			95,382,256
Expenses:
Investment management fees		9,492,366			566,028			1,011,100			613,249			11,588,603
Distribution and service fees:
Class A		241,550			80,885			1,531			—			—
Class B		5,414			—			—			—			—
Class C		401,511			118,407			6,434			—			—
Class R		236,615			—			—			54,957			515,151
Class R4		922,142			—			—			48,130			634,779
Class T1		26			26			26			—			—
Transfer agent fees
Class A		201,635			20,501			20			—			—
Class B		2,384			—			—			—			—
Class C		49,392			9,232			727			—			—
Class I		141,865			63,428			978			—			—
Class I2		45,805			—			12,919			—			154,403
Class I3		25,083			—			—			9,835			50,784
Class R		51,770			—			—			—			2,448
Class R4		27,664			—			—			1,444			19,043
Class R6		2,330			—			4			—			—
Advisor Class		33			—			—			—			—
Trustees, CCO and deferred compensation fees		38,528			2,490			4,094			3,788			72,520
Audit and tax fees		45,660			27,370			36,062			20,578			69,601
Custody fees		176,869			23,528			48,115			188,274			272,590
Legal fees		81,917			5,050			8,567			6,268			154,256
Printing and shareholder reports fees		244,057			18,355			17,272			20,735			276,157
Registration fees		174,276			62,060			69,026			34,844			76,362
Other		48,234			11,060			12,530			5,852			72,098
Total expenses before waiver and/or reimbursement and recapture		12,657,126			1,008,420			1,229,405			1,007,954			13,958,795
Expenses waived and/or reimbursed:
Class A		(79,284	)		(33,417	)		(3,586	)		—			—
Class B		(2,058	)		—			—			—			—
Class C		(9,249	)		(31,274	)		(419	)		—			—
Class I		(28,630	)		(22,998	)		(783	)		—			—
Class I2		(140,681	)		—			—			—			(145,032	)
Class I3		(109,498	)		—			—			(213,383	)		(103,194	)
Class R		(63,766	)		—			—			(14,994	)		(7,258	)
Class R4		(124,439	)		—			—			(30,894	)		(37,880	)
Class R6		(7,156	)		—			—			—			—
Class T1		(2	)		(11	)		—			—			—
Advisor Class		(4	)		—			—			—			—
Recapture of previously waived and/or reimbursed fees:
Class A		—			5,464			3,919			—			—
Class B		376			—			—			—			—
Class C		—			1,554			65			—			—
Class I		—			6,229			225			—			—
Class I3		7,377			—			—			3,917			4,708
Class R		1,034			—			—			401			—
Class R4		10,244			—			—			538			2,899
Net expenses		12,111,390			933,967			1,228,826			753,539			13,673,038
Net investment income (loss)		94,484,246			3,630,775			4,131,818			4,067,187			81,709,218

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

Transamerica Funds Annual Report 2018

Page    366

STATEMENTS OF OPERATIONS (continued)

For the year ended October 31, 2018

	Transamerica High Yield Bond			Transamerica High Yield Muni			Transamerica Inflation Opportunities			Transamerica Inflation-Protected Securities			Transamerica Intermediate Bond
Net realized gain (loss) on:
Investments	$	6,553,769		$	(100,506	)	$	917,940		$	(597,019	)	$	(36,084,758	)
Written options and swaptions		—			—			—			(118,883	)		—
Swap agreements		—			—			—			305,991			—
Futures contracts		—			—			—			507,953			—
Forward foreign currency contracts		—			—			866,439			202,001			—
Foreign currency transactions		—			—			(73,528	)		28,755			—
Net realized gain (loss)		6,553,769			(100,506	)		1,710,851			328,798			(36,084,758	)
Net change in unrealized appreciation (depreciation) on:
Investments		(100,287,376	)		(2,439,155	)		(8,555,032	)		(5,331,163	)		(115,255,145	)
Written options and swaptions		—			—			—			14,353			—
Swap agreements		—			—			—			(173,641	)		—
Futures contracts		—			—			—			(16,541	)		—
Forward foreign currency contracts		—			—			150,516			37,375			—
Translation of assets and liabilities denominated in foreign currencies		—			—			(3,680	)		(10,046	)		(105,537	)
Net change in unrealized appreciation (depreciation)		(100,287,376	)		(2,439,155	)		(8,408,196	)		(5,479,663	)		(115,360,682	)
Net realized and change in unrealized gain (loss)		(93,733,607	)		(2,539,661	)		(6,697,345	)		(5,150,865	)		(151,445,440	)
Net increase (decrease) in net assets resulting from operations	$	750,639		$	1,091,114		$	(2,565,527	)	$	(1,083,678	)	$	(69,736,222	)

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

Transamerica Funds Annual Report 2018

Page    367

STATEMENTS OF OPERATIONS (continued)

For the year ended October 31, 2018

	Transamerica Intermediate Muni			Transamerica International Equity			Transamerica International Growth (A)			Transamerica International Small Cap Value			Transamerica International Stock (B)
Investment Income:
Dividend income	$	166,417		$	187,810,952		$	40,506,517		$	28,542,785		$	981
Interest income		42,500,635			1,113,213			183,359			79,504			—
Net income from securities lending		—			2,278,519			321,404			254,425			—
Withholding taxes on foreign income		—			(15,646,572	)		(4,225,947	)		(2,458,211	)		(76	)
Total investment income		42,667,052			175,556,112			36,785,333			26,418,503			905
Expenses:
Investment management fees		6,121,835			40,997,126			10,918,133			8,208,168			1,280
Distribution and service fees:
Class A		727,762			618,316			59			—			114
Class C		1,696,716			763,228			—			—			—
Class R		—			220,152			—			—			—
Class R4		—			49,286			—			—			—
Class T1		26			59			—			—			—
Transfer agent fees
Class A		135,455			483,752			83			—			4
Class C		99,941			118,932			—			—			—
Class I		1,033,630			2,680,106			42			376,067			46
Class I2		—			179,125			103,409			38,963			3
Class I3		—			19,115			—			—			—
Class R		—			593			—			—			—
Class R4		—			1,478			—			—			—
Class R6		—			15,305			—			—			3
Advisor Class		1,403			2,486			—			—			—
Trustees, CCO and deferred compensation fees		33,825			135,457			32,104			20,704			4
Audit and tax fees		51,592			92,948			43,685			36,597			23,509
Custody fees		147,445			2,265,364			646,331			474,631			64
Legal fees		70,743			285,779			68,424			43,966			942
Printing and shareholder reports fees		198,537			1,048,440			65,766			81,377			20
Registration fees		136,708			339,203			77,832			29,542			395
Other		39,220			149,611			62,835			26,867			3
Total expenses before waiver and/or reimbursement and recapture		10,494,838			50,465,861			12,018,703			9,336,882			26,387
Expenses waived and/or reimbursed:
Class A		(291,104	)		(38,568	)		(33	)		—			(6,105	)
Class C		(424,179	)		—			—			—			—
Class I		—			—			(34	)		—			(6,148	)
Class I2		—			—			—			—			(6,106	)
Class R6		—			—			—			—			(6,104	)
Class T1		(10	)		—			—			—			—
Recapture of previously waived and/or reimbursed fees:
Class A		—			22,968			2			—			—
Class I		—			—			9			—			—
Net expenses		9,779,545			50,450,261			12,018,647			9,336,882			1,924
Net investment income (loss)		32,887,507			125,105,851			24,766,686			17,081,621			(1,019	)
Net realized gain (loss) on:
Investments		(5,366,562	)		168,498,714			174,455,593			51,712,705			(108	)
Foreign currency transactions		—			(2,481,462	)		(447,505	)		(214,700	)		(566	)
Net realized gain (loss)		(5,366,562	)		166,017,252			174,008,088			51,498,005			(674	)
Net change in unrealized appreciation (depreciation) on:
Investments		(39,608,905	)		(746,523,817	)		(354,664,185	)		(114,653,303	)		(160,894	)
Translation of assets and liabilities denominated in foreign currencies		—			(444,980	)		(148,384	)		(19,486	)		(9	)
Net change in unrealized appreciation (depreciation)		(39,608,905	)		(746,968,797	)		(354,812,569	)		(114,672,789	)		(160,903	)
Net realized and change in unrealized gain (loss)		(44,975,467	)		(580,951,545	)		(180,804,481	)		(63,174,784	)		(161,577	)
Net increase (decrease) in net assets resulting from operations	$	(12,087,960	)	$	(455,845,694	)	$	(156,037,795	)	$	(46,093,163	)	$	(162,596	)

(A)	Class A, I and R6 commenced operations on March 1, 2018.
(B)	Commenced operations on September 28, 2018.

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

Transamerica Funds Annual Report 2018

Page    368

STATEMENTS OF OPERATIONS (continued)

For the year ended October 31, 2018

	Transamerica Large Cap Value			Transamerica Large Core			Transamerica Large Growth			Transamerica Large Value Opportunities			Transamerica Mid Cap Growth
Investment Income:
Dividend income	$	48,189,926		$	5,455,832		$	6,818,485		$	14,012,944		$	1,925,310
Interest income		518,474			53			371			176			7,302
Non-cash dividend income		—			—			577,989			—			—
Net income from securities lending		81,108			3,486			111,930			—			11,563
Withholding taxes on foreign income		(334,931	)		(9,064	)		(102,125	)		(17,993	)		—
Total investment income		48,454,577			5,450,307			7,406,650			13,995,127			1,944,175
Expenses:
Investment management fees		14,624,113			1,742,080			5,639,824			3,115,208			1,291,490
Distribution and service fees:
Class A		252,070			—			—			—			26,224
Class C		505,710			—			—			—			14,927
Class R		—			388,504			730,528			560,282			125,012
Class R4		—			19,399			100,337			102,613			19,946
Class T1		28			—			—			—			29
Transfer agent fees
Class A		140,642			—			—			—			16,964
Class C		59,304			—			—			—			2,780
Class I		349,661			—			—			—			928
Class I2		132,309			—			—			—			6,027
Class I3		—			15,348			51,107			37,785			3,459
Class R		—			2,549			3,776			4,538			598
Class R4		—			582			3,010			3,078			598
Class R6		1,792			—			—			—			—
Advisor Class		5,672			—			—			—			25
Trustees, CCO and deferred compensation fees		53,266			6,807			20,583			15,377			3,863
Audit and tax fees		48,699			14,000			20,260			14,376			16,195
Custody fees		192,329			35,638			118,971			58,284			44,380
Legal fees		108,387			13,482			40,069			27,499			9,102
Printing and shareholder reports fees		270,085			32,699			71,168			53,786			11,893
Registration fees		161,089			35,523			46,245			39,596			89,360
Other		52,028			8,367			18,088			9,824			9,832
Total expenses		16,957,184			2,314,978			6,863,966			4,042,246			1,693,632
Expenses waived and/or reimbursed:
Class A		—			—			—			—			(19,180	)
Class C		—			—			—			—			(3,202	)
Class I		—			—			—			—			(1,038	)
Class I2		—			—			—			—			(92,399	)
Class I3		—			(91,476	)		(320,429	)		(150,123	)		(60,654	)
Class R		—			(31,888	)		(56,443	)		(30,449	)		(30,713	)
Class R4		—			(3,734	)		(18,921	)		(12,336	)		(14,856	)
Class T1		—			—			—			—			(13	)
Advisor Class		—			—			—			—			(17	)
Recapture of previously waived and/or reimbursed fees:
Class A		—			—			—			—			645
Class C		—			—			—			—			198
Class I3		—			56,780			6,078			31,304			4,175
Class R		—			21,998			—			8,297			5,414
Class R4		—			2,342			439			2,663			1,095
Advisor Class		—			—			—			—			4
Net expenses		16,957,184			2,269,000			6,474,690			3,891,602			1,483,091
Net investment income (loss)		31,497,393			3,181,307			931,960			10,103,525			461,084
Net realized gain (loss) on:
Investments		196,906,396			39,299,339			50,891,920			77,317,101			37,031,309
Foreign currency transactions		—			178			(8,977	)		37			—
Net realized gain (loss)		196,906,396			39,299,517			50,882,943			77,317,138			37,031,309
Net change in unrealized appreciation (depreciation) on:
Investments		(207,866,272	)		(24,410,390	)		39,919,496			(62,205,395	)		(36,990,443	)
Translation of assets and liabilities denominated in foreign currencies		—			—			(558	)		—			—
Net change in unrealized appreciation (depreciation)		(207,866,272	)		(24,410,390	)		39,918,938			(62,205,395	)		(36,990,443	)
Net realized and change in unrealized gain (loss)		(10,959,876	)		14,889,127			90,801,881			15,111,743			40,866
Net increase (decrease) in net assets resulting from operations	$	20,537,517		$	18,070,434		$	91,733,841		$	25,215,268		$	501,950

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

Transamerica Funds Annual Report 2018

Page    369

STATEMENTS OF OPERATIONS (continued)

For the year ended October 31, 2018

	Transamerica Mid Cap Value Opportunities			Transamerica MLP & Energy Income			Transamerica Multi-Cap Growth			Transamerica Multi-Managed Balanced			Transamerica Short-Term Bond
Investment Income:
Dividend income	$	29,308,160		$	6,549,107		$	3,062,839		$	10,696,026		$	—
Interest income		769,586			467,358			30,724			12,373,326			93,544,885
Net income from securities lending		64,544			50,470			1,754			41,132			35,975
Withholding taxes on foreign income		(32,607	)		(314,913	)		(30,097	)		(238	)		—
Total investment income		30,109,683			6,752,022			3,065,220			23,110,246			93,580,860
Expenses:
Investment management fees		11,402,359			3,524,576			2,126,886			6,647,134			15,361,656
Distribution and service fees:
Class A		278,105			72,059			131,598			1,376,885			2,080,008
Class B		—			—			5,231			14,610			—
Class C		184,470			195,077			75,594			2,161,989			4,591,766
Class R		401,642			—			—			—			—
Class R4		1,000,493			—			—			—			—
Class T1		26			24			29			27			26
Transfer agent fees
Class A		287,645			46,859			227,384			409,202			530,986
Class B		—			—			6,803			10,004			—
Class C		26,246			38,384			29,800			195,716			373,356
Class I		435,757			34,080			98,557			288,301			1,515,999
Class I2		22,287			17,577			13,600			—			28,844
Class I3		19,539			—			—			—			—
Class R		17,587			—			—			—			—
Class R4		30,015			—			—			—			—
Class R6		3,707			—			—			612			1,048
Advisor Class		22			20			26			93			5,997
Trustees, CCO and deferred compensation fees		38,883			7,608			7,148			24,108			72,726
Audit and tax fees		36,500			31,438			12,124			41,508			70,675
Custody fees		135,173			41,055			37,880			159,729			278,747
Legal fees		79,930			14,228			14,708			50,326			153,624
Printing and shareholder reports fees		256,099			54,330			37,897			146,204			490,155
Registration fees		164,568			69,997			77,257			112,364			206,943
Other		41,197			14,769			10,568			28,216			74,031
Total expenses before waiver and/or reimbursement and recapture		14,862,250			4,162,081			2,913,090			11,667,028			25,836,587
Expenses waived and/or reimbursed:
Class A		(230,052	)		(8,648	)		(106,592	)		—			—
Class B		—			—			(5,850	)		(3,907	)		—
Class C		(15,616	)		(10,813	)		(12,793	)		—			—
Class I		(193,454	)		—			—			—			—
Class I2		(125,752	)		(10,994	)		—			—			—
Class I3		(133,669	)		—			—			—			—
Class R		(35,081	)		—			—			—			—
Class R4		(404,967	)		—			—			—			—
Class R6		(20,919	)		—			—			—			—
Class T1		(4	)		—			—			—			—
Advisor Class		(7	)		(6	)		—			—			—
Recapture of previously waived and/or reimbursed fees:
Class A		6,489			6,922			2,898			—			—
Class B		—			—			276			434			—
Class C		—			2,953			756			—			—
Class I2		—			10,994			—			—			—
Class I3		3,886			—			—			—			—
Class R		14,989			—			—			—			—
Class R4		5,437			—			—			—			—
Advisor Class		3			1			—			—			—
Net expenses		13,733,533			4,152,490			2,791,785			11,663,555			25,836,587
Net investment income (loss)		16,376,150			2,599,532			273,435			11,446,691			67,744,273
Net realized gain (loss) on:
Investments		88,071,117			(1,924,106	)		14,929,869			58,088,507			(9,452,655	)
Futures contracts		—			—			—			101,217			—
Foreign currency transactions		—			23			—			26			—
Net realized gain (loss)		88,071,117			(1,924,083	)		14,929,869			58,189,750			(9,452,655	)
Net change in unrealized appreciation (depreciation) on:
Investments		(23,334,476	)		(7,314,992	)		6,625,651			(47,489,297	)		(41,360,373	)
Futures contracts		—			—			—			(255,441	)		—
Translation of assets and liabilities denominated in foreign currencies		—			287			—			—			—
Net change in unrealized appreciation (depreciation)		(23,334,476	)		(7,314,705	)		6,625,651			(47,744,738	)		(41,360,373	)
Net realized and change in unrealized gain (loss)		64,736,641			(9,238,788	)		21,555,520			10,445,012			(50,813,028	)
Net increase (decrease) in net assets resulting from operations	$	81,112,791		$	(6,639,256	)	$	21,828,955		$	21,891,703		$	16,931,245

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

Transamerica Funds Annual Report 2018

Page    370

STATEMENTS OF OPERATIONS (continued)

For the year ended October 31, 2018

	Transamerica Small Cap Core			Transamerica Small Cap Growth			Transamerica Small Cap Value			Transamerica Small/Mid Cap Value			Transamerica Strategic High Income
Investment Income:
Dividend income	$	3,729,053		$	914,283		$	4,110,036		$	15,592,971		$	2,987,072
Interest income		26,122			44,408			33,061			35,576			3,973,590
Net income from securities lending		32,503			111,054			53,827			95,641			66,866
Withholding taxes on foreign income		(6,622	)		—			(7,285	)		(27,063	)		(40,972	)
Total investment income		3,781,056			1,069,745			4,189,639			15,697,125			6,986,556
Expenses:
Investment management fees		2,012,003			1,333,533			2,454,763			6,810,257			1,024,945
Distribution and service fees:
Class A		8,561			47,297			7,212			897,930			64,592
Class B		—			—			—			24,868			—
Class C		7,118			43,530			8,759			2,272,265			405,271
Class R		256,975			87,703			55,755			—			—
Class R4		19,414			16,596			840			—			—
Class T1		27			160			27			28			28
Transfer agent fees
Class A		5,276			30,294			7,156			718,805			32,321
Class B		—			—			—			9,085			—
Class C		1,059			6,284			951			270,571			41,917
Class I		2,082			31,977			1,967			279,430			85,842
Class I2		1,893			3,142			18,107			1,554			—
Class I3		11,398			2,526			2,422			—			—
Class R		1,541			376			266			—			—
Class R4		582			498			25			—			—
Class R6		—			4			4			432			—
Advisor Class		22			32			22			566			228
Trustees, CCO and deferred compensation fees		5,761			3,693			6,938			20,738			3,505
Audit and tax fees		17,196			10,081			17,025			32,110			33,927
Custody fees		48,956			35,838			41,317			120,898			38,993
Legal fees		11,813			7,255			84,330			42,407			7,062
Printing and shareholder reports fees		18,163			30,398			40,012			178,451			23,080
Registration fees		89,973			106,937			101,728			109,065			75,943
Other		10,786			8,763			12,269			21,980			11,895
Total expenses before waiver and/or reimbursement and recapture		2,530,599			1,806,917			2,861,895			11,811,440			1,849,549
Expenses waived and/or reimbursed:
Class A		(4,732	)		(35,407	)		(7,466	)		—			(7,146	)
Class B		—			—			—			(2,754	)		—
Class C		(906	)		(7,658	)		(1,095	)		—			(9,050	)
Class I		(1,997	)		(37,077	)		(2,552	)		—			(15,523	)
Class I2		(16,049	)		(42,856	)		(238,495	)		—			(11	)
Class I3		(108,519	)		(42,160	)		(37,587	)		—			—
Class R		(32,690	)		(19,357	)		(11,015	)		—			—
Class R4		(5,846	)		(8,392	)		(390	)		—			—
Class R6		—			(68	)		(61	)		—			—
Class T1		(7	)		(65	)		(11	)		—			—
Advisor Class		(7	)		(11	)		(12	)		—			(106	)
Recapture of previously waived and/or reimbursed fees:
Class A		697			4,641			339			—			7,146
Class B		—			—			—			1,486			—
Class C		106			1,259			154			—			9,050
Class I		597			4,306			613			—			35,839
Class I2		—			—			—			—			11
Class I3		460			5,177			3,271			—			—
Class R		—			5,009			—			—			—
Class R4		345			1,089			34			—			—
Advisor Class		1			2			1			—			21
Net expenses		2,362,052			1,635,349			2,567,623			11,810,172			1,869,780
Net investment income (loss)		1,419,004			(565,604	)		1,622,016			3,886,953			5,116,776
Net realized gain (loss) on:
Investments		18,354,781			11,294,709			20,943,085			77,145,651			3,882,079
Foreign currency transactions		23			—			(11	)		—			(1,558	)
Net realized gain (loss)		18,354,804			11,294,709			20,943,074			77,145,651			3,880,521
Net change in unrealized appreciation (depreciation) on:
Investments		(12,056,862	)		(3,461,073	)		(40,264,856	)		(59,923,934	)		(5,320,952	)
Translation of assets and liabilities denominated in foreign currencies		1			—			(3	)		—			(3,745	)
Net change in unrealized appreciation (depreciation)		(12,056,861	)		(3,461,073	)		(40,264,859	)		(59,923,934	)		(5,324,697	)
Net realized and change in unrealized gain (loss)		6,297,943			7,833,636			(19,321,785	)		17,221,717			(1,444,176	)
Net increase (decrease) in net assets resulting from operations	$	7,716,947		$	7,268,032		$	(17,699,769	)	$	21,108,670		$	3,672,600

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

Transamerica Funds Annual Report 2018

Page    371

STATEMENTS OF OPERATIONS (continued)

For the year ended October 31, 2018

	Transamerica Unconstrained Bond			Transamerica US Growth
Investment Income:
Dividend income	$	688,576		$	8,983,130
Interest income		27,126,490			86,661
Net income from securities lending		193,071			64,268
Withholding taxes on foreign income		(122,520	)		—
Total investment income		27,885,617			9,134,059
Expenses:
Investment management fees		3,933,967			7,766,008
Distribution and service fees:
Class A		—			1,346,311
Class B		—			43,600
Class C		—			470,770
Class T1		—			32
Transfer agent fees
Class A		—			918,608
Class B		—			25,484
Class C		—			105,436
Class I		2,740			256,844
Class I2		43,843			16,105
Class T		—			85,546
Advisor Class		22			28
Trustees, CCO and deferred compensation fees		13,807			26,554
Audit and tax fees		46,540			37,179
Custody fees		386,721			105,748
Legal fees		28,483			53,584
Printing and shareholder reports fees		43,807			136,143
Registration fees		46,390			117,422
Other		22,560			28,013
Total expenses before waiver and/or reimbursement and recapture		4,568,880			11,539,415
Expenses waived and/or reimbursed:
Class B		—			(7,536	)
Class I		(14	)		—
Class I2		(4,079	)		—
Advisor Class		(5	)		—
Recapture of previously waived and/or reimbursed fees:
Class B		—			776
Advisor Class		2			—
Net expenses		4,564,784			11,532,655
Net investment income (loss)		23,320,833			(2,398,596	)
Net realized gain (loss) on:
Investments		(7,989,760	)		101,172,920
Futures contracts		3,959,047			—
Forward foreign currency contracts		(805,115	)		—
Foreign currency transactions		(272,095	)		—
Net realized gain (loss)		(5,107,923	)		101,172,920
Net change in unrealized appreciation (depreciation) on:
Investments		(22,762,189	)(A)		26,345,930
Unfunded commitment		(659	)		—
Futures contracts		965,707			—
Forward foreign currency contracts		241,906			—
Translation of assets and liabilities denominated in foreign currencies		(45,896	)		(2,332	)
Net change in unrealized appreciation (depreciation)		(21,601,131	)		26,343,598
Net realized and change in unrealized gain (loss)		(26,709,054	)		127,516,518
Net increase (decrease) in net assets resulting from operations	$	(3,388,221	)	$	125,117,922

(A) 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 2018

Page    372

STATEMENTS OF CHANGES IN NET ASSETS

For the period and years ended:

	Transamerica Balanced II									Transamerica Bond
	October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			October 31, 2018			October 31, 2017 (D) (E) (F)
From operations:
Net investment income (loss)	$	2,013,120		$	818,046		$	1,007,112		$	19,665,802		$	16,440,085
Net realized gain (loss)		1,536,510			88,798			—			(582,496	)		(3,677,055	)
Net realized gain (loss) allocated from Series Portfolios		—			8,798,847			2,665,661			—			—
Net change in unrealized appreciation (depreciation)		(235,662	)		2,205,835			—			(21,519,364	)		5,899,867
Net change in unrealized appreciation (depreciation) allocated from Series Portfolios		—			(1,512,266	)		2,787,190			—			—
Net increase (decrease) in net assets resulting from operations		3,313,968			10,399,260			6,459,963			(2,436,058	)		18,662,897
Distributions (G):
Dividends and/or distributions to shareholders:
Class A		—			—			—			(2,976,214	)		—
Class B		—			—			—			(8,013	)		—
Class C		—			—			—			(1,421,858	)		—
Class I		—			—			—			(10,582,642	)		—
Class I2		—			—			—			(4,492,263	)		—
Class I3		(1,119,238	)		—			—			—			—
Class R		(1,383,991	)		—			—			—			—
Class R6		—			—			—			(321,402	)		—
Class T1		—			—			—			(514	)		—
Advisor Class		—			—			—			(1,268	)		—
Net investment income:
Class A		—			—			—			—			(3,287,346	)
Class B		—			—			—			—			(23,561	)
Class C		—			—			—			—			(1,620,395	)
Class I		—			—			—			—			(6,717,471	)
Class I2		—			—			—			—			(5,174,332	)
Class R		—			(808,533	)		(1,097,995	)		—			—
Class R6		—			—			—			—			(203,865	)
Class T1		—			—			—			—			(382	)
Advisor Class		—			—			—			—			(354	)
Total dividends and/or distributions from net investment income		—			(808,533	)		(1,097,995	)		—			(17,027,706	)
Net realized gains:
Class R		—			(7,555,327	)		(1,641,858	)		—			—
Total dividends and/or distributions from net realized gains		—			(7,555,327	)		(1,641,858	)		—			—
Total dividends and/or distributions to shareholders		(2,503,229	)		(8,363,860	)		(2,739,853	)		(19,804,174	)		(17,027,706	)
Capital share transactions:
Proceeds from shares sold:
Class A		—			—			—			34,165,272			40,198,896
Class B		—			—			—			79,777			12,312
Class C		—			—			—			15,182,942			6,201,229
Class I		—			—			—			306,757,666			70,536,792
Class I2		—			—			—			6,223,598			1,584,985
Class I3		1,090,664			143,037			—			—			—
Class R		4,334,814			4,444,753			8,426,436			—			—
Class R6		—			—			—			5,495,156			3,851,220
Class T1		—			—			—			—			19,749
Advisor Class		—			—			—			186,181			10,000
		5,425,478			4,587,790			8,426,436			368,090,592			122,415,183
Issued from fund acquisition:
Class I3		—			56,191,666			—			—			—
		—			56,191,666			—			—			—
Dividends and/or distributions reinvested:
Class A		—			—			—			2,599,757			2,902,072
Class B		—			—			—			7,829			21,922
Class C		—			—			—			1,153,551			1,246,211
Class I		—			—			—			8,614,351			5,327,554
Class I2		—			—			—			4,492,263			5,223,019
Class I3		1,119,238			—			—			—			—
Class R		1,383,991			8,363,860			2,739,853			—			—
Class R6		—			—			—			321,402			204,448
Class T1		—			—			—			393			246
Advisor Class		—			—			—			652			354
		2,503,229			8,363,860			2,739,853			17,190,198			14,925,826

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

Transamerica Funds Annual Report 2018

Page    373

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:

	Transamerica Balanced II									Transamerica Bond
	October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			October 31, 2018			October 31, 2017 (D) (E) (F)
Cost of shares redeemed:
Class A		—			—			—			(32,073,539	)		(46,935,294	)
Class B		—			—			—			(111,196	)		(446,514	)
Class C		—			—			—			(15,901,194	)		(18,314,327	)
Class I		—			—			—			(89,887,771	)		(57,485,644	)
Class I2		—			—			—			(23,364,274	)		(25,682,096	)
Class I3		(8,691,683	)		(1,127,147	)		—			—			—
Class R		(15,153,991	)		(13,166,410	)		(14,972,910	)		—			—
Class R6		—			—			—			(2,580,180	)		(842,558	)
Class T1		—			—			—			(9,551	)		—
Advisor Class		—			—			—			(197,200	)		—
		(23,845,674	)		(14,293,557	)		(14,972,910	)		(164,124,905	)		(149,706,433	)
Automatic conversions:
Class A		—			—			—			378,629			411,016
Class B		—			—			—			(378,629	)		(411,016	)
		—			—			—			—			—
Automatic conversions:
Class A		—			—			—			2,793,123			—
Class C		—			—			—			(2,793,123	)		—
		—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		(15,916,967	)		54,849,759			(3,806,621	)		221,155,885			(12,365,424	)
Net increase (decrease) in net assets		(15,106,228	)		56,885,159			(86,511	)		198,915,653			(10,730,233	)
Net assets:
Beginning of period/year		147,339,941			90,454,782			90,541,293			440,205,138			450,935,371
End of period/year	$	132,233,713		$	147,339,941		$	90,454,782		$	639,120,791		$	440,205,138
Undistributed (distributions in excess of) net investment income (loss) (G)		—		$	61,560		$	72,977			—		$	(455,911	)
Capital share transactions - shares:
Shares issued:
Class A		—			—			—			3,751,474			4,340,989
Class B		—			—			—			8,737			1,329
Class C		—			—			—			1,676,024			671,862
Class I		—			—			—			33,657,653			7,593,840
Class I2		—			—			—			681,527			171,019
Class I3		104,576			14,171			—			—			—
Class R		414,862			423,788			853,260			—			—
Class R6		—			—			—			601,410			415,230
Class T1		—			—			—			—			2,129
Advisor Class		—			—			—			20,514			1,093
		519,438			437,959			853,260			40,397,339			13,197,491
Shares issued on fund acquisition:
Class I3		—			5,619,167			—			—			—
		—			5,619,167			—			—			—
Shares reinvested:
Class A		—			—			—			285,260			312,453
Class B		—			—			—			854			2,361
Class C		—			—			—			127,365			135,072
Class I		—			—			—			946,024			572,687
Class I2		—			—			—			491,573			561,411
Class I3		107,753			—			—			—			—
Class R		133,356			834,377			272,613			—			—
Class R6		—			—			—			35,250			21,947
Class T1		—			—			—			43			26
Advisor Class		—			—			—			71			38
		241,109			834,377			272,613			1,886,440			1,605,995
Shares redeemed:
Class A		—			—			—			(3,514,073	)		(5,057,768	)
Class B		—			—			—			(12,222	)		(48,149	)
Class C		—			—			—			(1,755,671	)		(1,988,549	)
Class I		—			—			—			(9,849,780	)		(6,193,409	)
Class I2		—			—			—			(2,560,259	)		(2,767,636	)
Class I3		(838,918	)		(111,746	)		—			—			—
Class R		(1,453,957	)		(1,252,751	)		(1,528,548	)		—			—
Class R6		—			—			—			(283,314	)		(90,719	)
Class T1		—			—			—			(1,044	)		—
Advisor Class		—			—			—			(21,716	)		—
		(2,292,875	)		(1,364,497	)		(1,528,548	)		(17,998,079	)		(16,146,230	)

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

Transamerica Funds Annual Report 2018

Page    374

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:

	Transamerica Balanced II								Transamerica Bond
	October 31, 2018			October 31, 2017 (A) (B) (C)		December 31, 2016			October 31, 2018			October 31, 2017 (D) (E) (F)
Automatic conversions:
Class A		—			—		—			41,310			44,274
Class B		—			—		—			(41,254	)		(44,236	)
		—			—		—			56			38
Automatic conversions:
Class A		—			—		—			309,018			—
Class C		—			—		—			(310,890	)		—
		—			—		—			(1,872	)		—
Net increase (decrease) in shares outstanding:
Class A		—			—		—			872,989			(360,052	)
Class B		—			—		—			(43,885	)		(88,695	)
Class C		—			—		—			(263,172	)		(1,181,615	)
Class I		—			—		—			24,753,897			1,973,118
Class I2		—			—		—			(1,387,159	)		(2,035,206	)
Class I3		(626,589	)		5,521,592		—			—			—
Class R		(905,739	)		5,414		(402,675	)		—			—
Class R6		—			—		—			353,346			346,458
Class T1		—			—		—			(1,001	)		2,155
Advisor Class		—			—		—			(1,131	)		1,131
		(1,532,328	)		5,527,006		(402,675	)		24,283,884			(1,342,706	)

(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 Capital share transactions – shares 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 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.
(F)	Formerly, Transamerica Flexible Income.
(G)	The sources of distributions to shareholders and the amount of undistributed net investment income are no longer required disclosures for the year ended October 31, 2018 due to the SEC Regulation S-X updates effective November 5, 2018. Please reference the New Accounting Pronouncements section of the Notes to Financial Statements for additional information.

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

Transamerica Funds Annual Report 2018

Page    375

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Capital Growth						Transamerica Concentrated Growth						Transamerica Dividend Focused
	October 31, 2018			October 31, 2017 (A) (B)			October 31, 2018			October 31, 2017 (A) (B)			October 31, 2018			October 31, 2017 (A) (B)
From operations:
Net investment income (loss)	$	(7,731,018	)	$	(5,891,539	)	$	203,559		$	577,613		$	14,209,151		$	15,527,281
Net realized gain (loss)		67,937,248			195,874,058			19,896,338			12,300,896			78,058,559			45,319,607
Net change in unrealized appreciation (depreciation)		56,011,941			24,211,473			(5,173,508	)		32,328,280			(88,893,899	)		85,078,091
Net increase (decrease) in net assets resulting from operations		116,218,171			214,193,992			14,926,389			45,206,789			3,373,811			145,924,979
Distributions (C):
Dividends and/or distributions to shareholders:
Class A		(43,513,097	)		—			(58,658	)		—			(7,676,436	)		—
Class B		(359,311	)		—			—			—			—			—
Class C		(20,055,109	)		—			(61,314	)		—			(516,821	)		—
Class I		(55,327,406	)		—			(1,896,304	)		—			(2,399,153	)		—
Class I2		(65,956,671	)		—			(10,746,561	)		—			(47,996,255	)		—
Class R6		—			—			—			—			(313,512	)		—
Class T1		(11,709	)		—			(635	)		—			(1,191	)		—
Advisor Class		(5,364	)		—			(692	)		—			(931	)		—
Net investment income:
Class A		—			—			—			(2,217	)		—			(1,950,815	)
Class C		—			—			—			—			—			(94,324	)
Class I		—			—			—			(161,220	)		—			(316,789	)
Class I2		—			—			—			(1,597,015	)		—			(15,048,195	)
Class R6		—			—			—			—			—			(51,142	)
Class T1		—			—			—			—			—			(114	)
Advisor Class		—			—			—			(3	)		—			(159	)
Total dividends and/or distributions from net investment income		—			—			—			(1,760,455	)		—			(17,461,538	)
Net realized gains:
Class A		—			(30,968,652	)		—			(98,367	)		—			(11,783,484	)
Class B		—			(475,627	)		—			—			—			—
Class C		—			(13,402,952	)		—			(105,338	)		—			(988,062	)
Class I		—			(27,681,430	)		—			(3,547,712	)		—			(1,399,900	)
Class I2		—			(61,546,757	)		—			(31,167,503	)		—			(88,890,353	)
Class R6		—			—			—			—			—			(92,323	)
Advisor Class		—			(1,765	)		—			(1,418	)		—			(1,229	)
Total dividends and/or distributions from net realized gains		—			(134,077,183	)		—			(34,920,338	)		—			(103,155,351	)
Total dividends and/or distributions to shareholders		(185,228,667	)		(134,077,183	)		(12,764,164	)		(36,680,793	)		(58,904,299	)		(120,616,889	)
Capital share transactions:
Proceeds from shares sold:
Class A		210,615,143			86,551,909			418,165			326,652			10,375,813			14,292,306
Class B		72,154			84,527			—			—			—			—
Class C		93,876,218			20,534,662			62,569			189,910			851,701			1,943,068
Class I		635,496,801			154,609,137			5,250,468			7,782,093			22,514,565			7,812,544
Class I2		18,539,341			2,266,207			17,954,090			1,817,712			66,167,413			10,412,578
Class R6		—			—			—			—			1,074,179			3,171,661
Class T1		71,600			10,033			—			10,000			24,379			10,000
Advisor Class		382,462			65,400			—			10,000			—			10,000
		959,053,719			264,121,875			23,685,292			10,136,367			101,008,050			37,652,157
Dividends and/or distributions reinvested:
Class A		42,819,001			30,368,051			58,658			100,584			7,670,992			13,722,660
Class B		357,982			472,403			—			—			—			—
Class C		19,328,218			12,505,792			61,314			105,338			516,570			1,078,282
Class I		54,098,365			26,612,251			1,878,811			3,665,935			2,396,839			1,716,450
Class I2		65,956,671			61,546,757			10,746,561			32,764,518			47,996,255			103,938,548
Class R6		—			—			—			—			313,512			143,465
Class T1		11,709			—			635			—			1,191			114
Advisor Class		5,364			1,765			692			1,421			931			1,388
		182,577,310			131,507,019			12,746,671			36,637,796			58,896,290			120,600,907

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

Transamerica Funds Annual Report 2018

Page    376

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Capital Growth						Transamerica Concentrated Growth						Transamerica Dividend Focused
	October 31, 2018			October 31, 2017 (A) (B)			October 31, 2018			October 31, 2017 (A) (B)			October 31, 2018			October 31, 2017 (A) (B)
Cost of shares redeemed:
Class A		(99,359,362	)		(92,900,340	)		(217,167	)		(226,124	)		(21,692,704	)		(24,283,007	)
Class B		(209,205	)		(285,378	)		—			—			—			—
Class C		(24,538,488	)		(24,734,673	)		(68,665	)		(32,460	)		(1,571,911	)		(4,012,194	)
Class I		(246,590,786	)		(88,460,334	)		(9,968,519	)		(4,300,932	)		(22,984,684	)		(3,445,217	)
Class I2		(115,092,349	)		(84,375,674	)		(65,745,645	)		(73,467,287	)		(161,668,665	)		(230,550,048	)
Class R6		—			—			—			—			(499,445	)		(437,919	)
Class T1		(30,000	)		—			—			—			(3,500	)		—
Advisor Class		(6,333	)		(42,830	)		—			—			—			—
		(485,826,523	)		(290,799,229	)		(75,999,996	)		(78,026,803	)		(208,420,909	)		(262,728,385	)
Automatic conversions:
Class A		991,771			1,220,208			—			—			—			—
Class B		(991,771	)		(1,220,208	)		—			—			—			—
		—			—			—			—			—			—
Automatic conversions:
Class A		15,746,478			—			18,910			—			533,498			—
Class C		(15,746,478	)		—			(18,910	)		—			(533,498	)		—
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		655,804,506			104,829,665			(39,568,033	)		(31,252,640	)		(48,516,569	)		(104,475,321	)
Net increase (decrease) in net assets		586,794,010			184,946,474			(37,405,808	)		(22,726,644	)		(104,047,057	)		(79,167,231	)
Net assets:
Beginning of year		833,319,015			648,372,541			225,939,335			248,665,979			698,941,771			778,109,002
End of year	$	1,420,113,025		$	833,319,015		$	188,533,527		$	225,939,335		$	594,894,714		$	698,941,771
Undistributed (distributions in excess of) net investment income (loss) (C)		—		$	—			—		$	434,339			—		$	447,755
Capital share transactions - shares:
Shares issued:
Class A		7,713,880			3,467,747			23,071			19,611			937,102			1,284,218
Class B		3,393			3,850			—			—			—			—
Class C		4,229,922			970,174			3,458			11,675			76,229			174,383
Class I		22,078,737			5,901,067			302,012			470,308			1,912,576			701,195
Class I2		1,332,671			153,189			978,081			110,884			5,800,798			933,667
Class R6		—			—			—			—			96,383			289,192
Class T1		2,448			434			—			616			2,190			902
Advisor Class		12,993			2,448			—			571			—			821
		35,374,044			10,498,909			1,306,622			613,665			8,825,278			3,384,378
Shares reinvested:
Class A		1,815,926			1,482,815			3,377			6,652			686,110			1,279,159
Class B		19,257			27,578			—			—			—			—
Class C		1,019,959			721,211			3,624			7,098			46,353			101,094
Class I		2,191,075			1,254,690			109,170			245,049			214,277			159,690
Class I2		5,384,218			4,947,489			616,555			2,165,533			4,295,038			9,690,652
Class R6		—			—			—			—			28,062			13,229
Class T1		496			—			37			—			107			10
Advisor Class		218			83			40			94			82			128
		10,431,149			8,433,866			732,803			2,424,426			5,270,029			11,243,962
Shares redeemed:
Class A		(3,661,460	)		(3,740,617	)		(12,135	)		(13,679	)		(1,940,771	)		(2,199,874	)
Class B		(9,832	)		(13,687	)		—			—			—			—
Class C		(1,139,370	)		(1,204,359	)		(4,054	)		(1,968	)		(140,520	)		(357,215	)
Class I		(8,645,444	)		(3,432,146	)		(552,820	)		(270,330	)		(2,037,868	)		(308,146	)
Class I2		(8,254,667	)		(5,593,965	)		(3,618,649	)		(4,449,272	)		(14,378,117	)		(20,888,012	)
Class R6		—			—			—			—			(44,719	)		(39,148	)
Class T1		(1,155	)		—			—			—			(305	)		—
Advisor Class		(204	)		(1,548	)		—			—			—			—
		(21,712,132	)		(13,986,322	)		(4,187,658	)		(4,735,249	)		(18,542,300	)		(23,792,395	)
Automatic conversions:
Class A		37,489			51,618			—			—			—			—
Class B		(47,394	)		(61,581	)		—			—			—			—
		(9,905	)		(9,963	)		—			—			—			—

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

Transamerica Funds Annual Report 2018

Page    377

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Capital Growth						Transamerica Concentrated Growth						Transamerica Dividend Focused
	October 31, 2018			October 31, 2017 (A) (B)			October 31, 2018			October 31, 2017 (A) (B)			October 31, 2018			October 31, 2017 (A) (B)
Automatic conversions:
Class A		541,233			—			985			—			46,878			—
Class C		(677,285	)		—			(1,017	)		—			(47,209	)		—
		(136,052	)		—			(32	)		—			(331	)		—
Net increase (decrease) in shares outstanding:
Class A		6,447,068			1,261,563			15,298			12,584			(270,681	)		363,503
Class B		(34,576	)		(43,840	)		—			—			—			—
Class C		3,433,226			487,026			2,011			16,805			(65,147	)		(81,738	)
Class I		15,624,368			3,723,611			(141,638	)		445,027			88,985			552,739
Class I2		(1,537,778	)		(493,287	)		(2,024,013	)		(2,172,855	)		(4,282,281	)		(10,263,693	)
Class R6		—			—			—			—			79,726			263,273
Class T1		1,789			434			37			616			1,992			912
Advisor Class		13,007			983			40			665			82			949
		23,947,104			4,936,490			(2,148,265	)		(1,697,158	)		(4,447,324	)		(9,164,055	)

(A)	Class T1 commenced operations on March 17, 2017.
(B)	Advisor Class commenced operations on December 16, 2016.
(C)	The sources of distributions to shareholders and the amount of undistributed net investment income are no longer required disclosures for the year ended October 31, 2018 due to the SEC Regulation S-X updates effective November 5, 2018. Please reference the New Accounting Pronouncements section of the Notes to Financial Statements for additional information.

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

Transamerica Funds Annual Report 2018

Page    378

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Dynamic Allocation						Transamerica Dynamic Income						Transamerica Emerging Markets Debt
	October 31, 2018			October 31, 2017 (A)			October 31, 2018			October 31, 2017 (A) (B)			October 31, 2018			October 31, 2017 (A) (C)
From operations:
Net investment income (loss)	$	127,733		$	138,526		$	8,711,197		$	11,427,095		$	45,603,698		$	43,605,804
Net realized gain (loss)		372,170			282,931			4,596,113			399,875			(51,839,174	)		24,041,399
Net change in unrealized appreciation (depreciation)		(325,121	)		2,073,466			(19,499,727	)		1,903,163			(52,161,593	)		(4,838,227	)
Net increase (decrease) in net assets resulting from operations		174,782			2,494,923			(6,192,417	)		13,730,133			(58,397,069	)		62,808,976
Distributions (D):
Dividends and/or distributions to shareholders:
Class A		(68,070	)		—			(2,838,673	)		—			(694,026	)		—
Class C		(4,153	)		—			(3,951,560	)		—			(325,271	)		—
Class I		(36,886	)		—			(1,976,216	)		—			(21,985,652	)		—
Class I2		—			—			—			—			(6,633,509	)		—
Class R6		—			—			—			—			(260,275	)		—
Class T1		(74	)		—			(365	)		—			(319	)		—
Advisor Class		—			—			(373	)		—			(638	)		—
Net investment income:
Class A		—			(117,617	)		—			(3,635,838	)		—			(1,502,424	)
Class C		—			(39,222	)		—			(5,048,783	)		—			(540,689	)
Class I		—			(43,796	)		—			(2,612,863	)		—			(26,546,429	)
Class I2		—			—			—			—			—			(10,149,753	)
Class R6		—			—			—			—			—			(112,695	)
Class T1		—			—			—			(214	)		—			(285	)
Advisor Class		—			—			—			(237	)		—			(2,127	)
Total dividends and/or distributions from net investment income		—			(200,635	)		—			(11,297,935	)		—			(38,854,402	)
Return of capital:
Class A		—			—			(728,928	)		(862,845	)		(75,977	)		—
Class C		—			—			(1,014,700	)		(1,198,163	)		(35,609	)		—
Class I		—			—			(507,463	)		(620,077	)		(2,406,799	)		—
Class I2		—			—			—			—			(726,180	)		—
Class R6		—			—			—			—			(28,493	)		—
Class T1		—			—			(92	)		(51	)		(34	)		—
Advisor Class		—			—			(97	)		(56	)		(67	)		—
Total dividends and/or distributions from return of capital		—			—			(2,251,280	)		(2,681,192	)		(3,273,159	)		—
Total dividends and/or distributions to shareholders		(109,183	)		(200,635	)		(11,018,467	)		(13,979,127	)		(33,172,849	)		(38,854,402	)
Capital share transactions:
Proceeds from shares sold:
Class A		3,913,662			579,997			3,774,057			9,563,861			14,063,676			18,132,695
Class C		684,440			638,684			2,543,481			7,611,351			2,020,456			2,974,285
Class I		1,003,272			1,141,832			10,300,333			16,187,249			276,722,017			396,190,604
Class I2		—			—			—			—			34,115,378			65,064,423
Class R6		—			—			—			—			3,625,398			6,940,484
Class T1		—			10,000			—			10,000			—			10,000
Advisor Class		—			—			—			10,000			22,552			150,000
		5,601,374			2,370,513			16,617,871			33,382,461			330,569,477			489,462,491
Dividends and/or distributions reinvested:
Class A		67,754			116,674			3,320,002			4,197,380			756,316			1,440,058
Class C		4,117			39,119			4,611,066			5,714,768			333,535			482,010
Class I		36,886			42,953			2,271,029			2,776,691			19,397,127			23,550,247
Class I2		—			—			—			—			7,359,689			10,149,753
Class R6		—			—			—			—			74,060			42,440
Class T1		74			—			457			265			353			285
Advisor Class		—			—			470			293			705			2,127
		108,831			198,746			10,203,024			12,689,397			27,921,785			35,666,920
Cost of shares redeemed:
Class A		(2,067,226	)		(2,524,671	)		(33,378,047	)		(37,945,594	)		(19,118,138	)		(34,458,493	)
Class C		(1,558,934	)		(3,088,049	)		(49,751,701	)		(61,858,475	)		(4,868,153	)		(4,311,807	)
Class I		(1,463,812	)		(818,836	)		(32,069,016	)		(35,937,418	)		(429,968,194	)		(369,817,125	)
Class I2		—			—			—			—			(73,725,067	)		(38,056,012	)
Class R6		—			—			—			—			(4,278,305	)		(127,367	)
Advisor Class		—			—			—			—			(239	)		(142,011	)
		(5,089,972	)		(6,431,556	)		(115,198,764	)		(135,741,487	)		(531,958,096	)		(446,912,815	)

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

Transamerica Funds Annual Report 2018

Page    379

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Dynamic Allocation						Transamerica Dynamic Income						Transamerica Emerging Markets Debt
	October 31, 2018			October 31, 2017 (A)			October 31, 2018			October 31, 2017 (A) (B)			October 31, 2018			October 31, 2017 (A) (C)
Automatic conversions:
Class A		486,064			—			1,965,282			—			85,621			—
Class C		(486,064	)		—			(1,965,282	)		—			(85,621	)		—
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		620,233			(3,862,297	)		(88,377,869	)		(89,669,629	)		(173,466,834	)		78,216,596
Net increase (decrease) in net assets		685,832			(1,568,009	)		(105,588,753	)		(89,918,623	)		(265,036,752	)		102,171,170
Net assets:
Beginning of year		18,813,863			20,381,872			326,218,092			416,136,715			939,766,512			837,595,342
End of year	$	19,499,695		$	18,813,863		$	220,629,339		$	326,218,092		$	674,729,760		$	939,766,512
Undistributed (distributions in excess of) net investment income (loss) (D)		—		$	62,709			—		$	38,184			—		$	1,834,487
Capital share transactions - shares:
Shares issued:
Class A		325,704			51,640			402,454			1,010,414			1,348,306			1,694,018
Class C		57,032			58,106			273,393			808,500			188,373			278,533
Class I		83,680			104,523			1,110,186			1,709,901			25,892,393			36,551,354
Class I2		—			—			—			—			3,292,154			6,150,869
Class R6		—			—			—			—			343,733			633,202
Class T1		—			904			—			1,057			—			942
Advisor Class		—			—			—			1,055			2,135			14,038
		466,416			215,173			1,786,033			3,530,927			31,067,094			45,322,956
Shares reinvested:
Class A		5,679			10,833			360,155			443,492			72,321			136,141
Class C		348			3,663			502,037			606,114			31,901			45,648
Class I		3,105			4,007			246,421			293,365			1,828,138			2,211,709
Class I2		—			—			—			—			697,745			952,460
Class R6		—			—			—			—			7,049			3,919
Class T1		6			—			49			28			33			26
Advisor Class		—			—			51			31			67			198
		9,138			18,503			1,108,713			1,343,030			2,637,254			3,350,101
Shares redeemed:
Class A		(171,845	)		(226,713	)		(3,598,352	)		(4,013,929	)		(1,873,721	)		(3,240,365	)
Class C		(130,564	)		(281,777	)		(5,387,132	)		(6,561,878	)		(471,054	)		(408,551	)
Class I		(121,747	)		(74,048	)		(3,460,924	)		(3,802,272	)		(41,290,406	)		(35,173,629	)
Class I2		—			—			—			—			(7,215,697	)		(3,585,100	)
Class R6		—			—			—			—			(426,395	)		(11,769	)
Advisor Class		—			—			—			—			(23	)		(13,218	)
		(424,156	)		(582,538	)		(12,446,408	)		(14,378,079	)		(51,277,296	)		(42,432,632	)
Automatic conversions:
Class A		39,153			—			215,660			—			8,712			—
Class C		(39,713	)		—			(216,781	)		—			(8,775	)		—
		(560	)		—			(1,121	)		—			(63	)		—
Net increase (decrease) in shares outstanding:
Class A		198,691			(164,240	)		(2,620,083	)		(2,560,023	)		(444,382	)		(1,410,206	)
Class C		(112,897	)		(220,008	)		(4,828,483	)		(5,147,264	)		(259,555	)		(84,370	)
Class I		(34,962	)		34,482			(2,104,317	)		(1,799,006	)		(13,569,875	)		3,589,434
Class I2		—			—			—			—			(3,225,798	)		3,518,229
Class R6		—			—			—			—			(75,613	)		625,352
Class T1		6			904			49			1,085			33			968
Advisor Class		—			—			51			1,086			2,179			1,018
		50,838			(348,862	)		(9,552,783	)		(9,504,122	)		(17,573,011	)		6,240,425

(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.
(D)	The sources of distributions to shareholders and the amount of undistributed net investment income are no longer required disclosures for the year ended October 31, 2018 due to the SEC Regulation S-X updates effective November 5, 2018. Please reference the New Accounting Pronouncements section of the Notes to Financial Statements for additional information.

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

Transamerica Funds Annual Report 2018

Page    380

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Emerging Markets Equity						Transamerica Event Driven						Transamerica Floating Rate
	October 31, 2018			October 31, 2017 (A) (B)			October 31, 2018			October 31, 2017 (A) (C)			October 31, 2018			October 31, 2017 (A) (B)
From operations:
Net investment income (loss)	$	9,716,309		$	2,569,365		$	(503,143	)	$	1,476,913		$	32,633,578		$	22,316,072
Net realized gain (loss)		(37,916,126	)		9,797,667			3,255,138			4,674,785			318,096			289,049
Net change in unrealized appreciation (depreciation)		(128,358,143	)		34,742,625			(2,564,107	)		31,554			(7,301,367	)		386,958
Net increase (decrease) in net assets resulting from operations		(156,557,960	)		47,109,657			187,888			6,183,252			25,650,307			22,992,079
Distributions (D):
Dividends and/or distributions to shareholders:
Class A		(71,692	)		—			—			—			(1,714,526	)		—
Class C		(1,032	)		—			—			—			(711,254	)		—
Class I		(72,864	)		—			(915	)		—			(5,449,204	)		—
Class I2		(2,365,604	)		—			(1,548,315	)		—			(25,131,093	)		—
Class T1		(71	)		—			—			—			(451	)		—
Advisor Class		(110	)		—			(160	)		—			—			—
Net investment income:
Class A		—			(38,010	)		—			—			—			(1,037,595	)
Class C		—			(19,789	)		—			—			—			(426,594	)
Class I		—			(9,003	)		—			(23	)		—			(2,098,647	)
Class I2		—			(2,910,992	)		—			(1,538,826	)		—			(18,899,972	)
Class T1		—			—			—			—			—			(240	)
Advisor Class		—			(9	)		—			(7	)		—			—
Total dividends and/or distributions from net investment income		—			(2,977,803	)		—			(1,538,856	)		—			(22,463,048	)
Total dividends and/or distributions to shareholders		(2,511,373	)		(2,977,803	)		(1,549,390	)		(1,538,856	)		(33,006,528	)		(22,463,048	)
Capital share transactions:
Proceeds from shares sold:
Class A		4,710,603			9,170,440			—			—			30,977,953			40,831,647
Class C		654,698			809,112			—			—			9,398,709			13,841,884
Class I		17,741,544			8,973,883			658,461			57,145			158,554,811			89,627,788
Class I2		898,106,042			45,502,563			55,373,167			6,817,658			168,091,938			150,996,705
Class T1		—			9,989			—			—			—			10,000
Advisor Class		—			10,000			9,884			10,000			—			—
		921,212,887			64,475,987			56,041,512			6,884,803			367,023,411			295,308,024
Dividends and/or distributions reinvested:
Class A		71,570			36,183			—			—			1,700,265			1,036,577
Class C		1,032			18,967			—			—			701,724			422,179
Class I		71,978			9,003			912			23			5,413,873			2,097,097
Class I2		2,365,604			2,910,992			1,548,315			1,538,826			25,131,093			19,048,239
Class T1		71			—			—			—			451			240
Advisor Class		110			9			160			7			—			—
		2,510,365			2,975,154			1,549,387			1,538,856			32,947,406			22,604,332
Cost of shares redeemed:
Class A		(10,071,471	)		(2,649,201	)		—			—			(33,712,226	)		(9,877,972	)
Class C		(1,104,470	)		(621,743	)		—			—			(4,872,939	)		(3,388,071	)
Class I		(17,844,573	)		(2,240,898	)		(175	)		—			(47,531,167	)		(32,451,925	)
Class I2		(114,204,858	)		(18,532,261	)		(29,736,125	)		(20,221,985	)		(226,818,641	)		(33,440,263	)
Advisor Class		—			—			(4,237	)		—			—			—
		(143,225,372	)		(24,044,103	)		(29,740,537	)		(20,221,985	)		(312,934,973	)		(79,158,231	)
Automatic conversions:
Class A		133,511			—			—			—			158,465			—
Class C		(133,511	)		—			—			—			(158,465	)		—
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		780,497,880			43,407,038			27,850,362			(11,798,326	)		87,035,844			238,754,125
Net increase (decrease) in net assets		621,428,547			87,538,892			26,488,860			(7,153,930	)		79,679,623			239,283,156

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

Transamerica Funds Annual Report 2018

Page    381

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Emerging Markets Equity						Transamerica Event Driven						Transamerica Floating Rate
	October 31, 2018			October 31, 2017 (A) (B)			October 31, 2018			October 31, 2017 (A) (C)			October 31, 2018			October 31, 2017 (A) (B)
Net assets:
Beginning of year	$	238,687,182		$	151,148,290		$	90,245,258		$	97,399,188		$	640,248,376		$	400,965,220
End of year	$	860,115,729		$	238,687,182		$	116,734,118		$	90,245,258		$	719,927,999		$	640,248,376
Undistributed (distributions in excess of) net investment income (loss) (D)		—		$	2,312,443			—		$	1,863,150			—		$	26,521
Capital share transactions - shares:
Shares issued:
Class A		412,256			938,973			—			—			3,118,850			4,094,398
Class C		57,760			85,065			—			—			946,167			1,386,980
Class I		1,692,558			889,138			62,348			5,695			16,033,189			9,015,911
Class I2		81,382,284			4,682,241			5,310,123			682,866			16,874,398			15,110,130
Class T1		—			1,053			—			—			—			1,001
Advisor Class		—			1,193			928			993			—			—
		83,544,858			6,597,663			5,373,399			689,554			36,972,604			29,608,420
Shares reinvested:
Class A		6,520			4,445			—			—			171,389			103,915
Class C		94			2,341			—			—			70,725			42,315
Class I		6,512			1,102			87			2			548,089			210,916
Class I2		214,082			356,303			150,614			155,124			2,532,602			1,909,734
Class T1		6			—			—			—			46			24
Advisor Class		10			1			15			1			—			—
		227,224			364,192			150,716			155,127			3,322,851			2,266,904
Shares redeemed:
Class A		(910,691	)		(264,637	)		—			—			(3,399,213	)		(991,046	)
Class C		(101,200	)		(64,235	)		—			—			(490,691	)		(339,808	)
Class I		(1,714,681	)		(214,636	)		(17	)		—			(4,809,523	)		(3,265,212	)
Class I2		(10,383,039	)		(1,871,886	)		(2,846,460	)		(2,007,022	)		(22,841,767	)		(3,355,771	)
Advisor Class		—			—			(398	)		—			—			—
		(13,109,611	)		(2,415,394	)		(2,846,875	)		(2,007,022	)		(31,541,194	)		(7,951,837	)
Automatic conversions:
Class A		13,376			—			—			—			16,008			—
Class C		(13,511	)		—			—			—			(16,008	)		—
		(135	)		—			—			—			—			—
Net increase (decrease) in shares outstanding:
Class A		(478,539	)		678,781			—			—			(92,966	)		3,207,267
Class C		(56,857	)		23,171			—			—			510,193			1,089,487
Class I		(15,611	)		675,604			62,418			5,697			11,771,755			5,961,615
Class I2		71,213,327			3,166,658			2,614,277			(1,169,032	)		(3,434,767	)		13,664,093
Class T1		6			1,053			—			—			46			1,025
Advisor Class		10			1,194			545			994			—			—
		70,662,336			4,546,461			2,677,240			(1,162,341	)		8,754,261			23,923,487

(A)	Advisor Class commenced operations on December 16, 2016.
(B)	Class T1 commenced operations on March 17, 2017.
(C)	Class I commenced operations on November 11, 2016.
(D)	The sources of distributions to shareholders and the amount of undistributed net investment income are no longer required disclosures for the year ended October 31, 2018 due to the SEC Regulation S-X updates effective November 5, 2018. Please reference the New Accounting Pronouncements section of the Notes to Financial Statements for additional information.

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

Transamerica Funds Annual Report 2018

Page    382

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Global Equity						Transamerica Government Money Market						Transamerica Growth
	October 31, 2018			October 31, 2017 (A) (B)			October 31, 2018			October 31, 2017 (C) (D)			October 31, 2018			October 31, 2017
From operations:
Net investment income (loss)	$	202,936		$	541,670		$	10,421,389		$	205,016		$	(79,820	)	$	(67,160	)
Net realized gain (loss)		11,404,123			5,033,809			—			199			107,815,689			86,602,623
Net change in unrealized appreciation (depreciation)		(12,390,011	)		20,747,076			—			—			(80,755,272	)		14,287,823
Net increase (decrease) in net assets resulting from operations		(782,952	)		26,322,555			10,421,389			205,215			26,980,597			100,823,286
Distributions (E):
Dividends and/or distributions to shareholders:
Class A		(807,300	)		—			(772,195	)		—			—			—
Class B		(5,993	)		—			(31	)		—			—			—
Class C		(510,170	)		—			(867	)		—			—			—
Class I		(746,307	)		—			(194,793	)		—			—			—
Class I2		—			—			(280	)		—			(83,895,864	)		—
Class I3		—			—			(990,000	)		—			—			—
Class R2		—			—			(6,272,459	)		—			—			—
Class R4		—			—			(2,190,764	)		—			—			—
Class R6		(24,294	)		—			—			—			(2,445,164	)		—
Class T1		(179	)		—			—			—			—			—
Advisor Class		(255	)		—			—			—			—			—
Net investment income:
Class A		—			(967,374	)		—			(10,399	)		—			—
Class B		—			(20,351	)		—			(57	)		—			—
Class C		—			(786,606	)		—			(1,093	)		—			—
Class I		—			(815,513	)		—			(1,147	)		—			—
Class I2		—			—			—			(460	)		—			(269,162	)
Class I3		—			—			—			(40,253	)		—			—
Class R2		—			—			—			(95,066	)		—			—
Class R4		—			—			—			(56,540	)		—			—
Class R6		—			(14,519	)		—			—			—			(2,307	)
Advisor Class		—			(12	)		—			—			—			—
Total dividends and/or distributions from net investment income		—			(2,604,375	)		—			(205,015	)		—			(271,469	)
Net realized gains:
Class I2		—			—			—			—			—			(71,424,962	)
Class R6		—			—			—			—			—			(576,608	)
Total dividends and/or distributions from net realized gains		—			—			—			—			—			(72,001,570	)
Total dividends and/or distributions to shareholders		(2,094,498	)		(2,604,375	)		(10,421,389	)		(205,015	)		(86,341,028	)		(72,273,039	)
Capital share transactions:
Proceeds from shares sold:
Class A		4,587,452			7,190,126			65,365,822			107,129,499			—			—
Class B		10,966			27,787			90,724			244,495			—			—
Class C		1,050,539			1,362,306			12,163,868			15,402,606			—			—
Class I		5,094,686			9,274,080			7,238,529			12,372,709			—			—
Class I2		—			—			2,658,935			8,645,454			22,203,603			3,468,715
Class I3		—			—			522,618,214			77,378,722			—			—
Class R2		—			—			166,105,237			4,363,672			—			—
Class R4		—			—			79,350,513			3,706,200			—			—
Class R6		242,886			933,164			—			—			8,424,302			5,458,217
Class T1		—			10,000			—			—			—			—
Advisor Class		—			10,000			—			—			—			—
		10,986,529			18,807,463			855,591,842			229,243,357			30,627,905			8,926,932
Issued from fund acquisition:
Class I3		—			—			—			66,989,654			—			—
Class R2		—			—			—			632,075,520			—			—
Class R4		—			—			—			187,617,564			—			—
		—			—			—			886,682,738			—			—

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

Transamerica Funds Annual Report 2018

Page    383

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Global Equity						Transamerica Government Money Market						Transamerica Growth
	October 31, 2018			October 31, 2017 (A) (B)			October 31, 2018			October 31, 2017 (C) (D)			October 31, 2018			October 31, 2017
Dividends and/or distributions reinvested:
Class A		736,670			924,346			765,363			9,449			—			—
Class B		5,963			19,753			19			35			—			—
Class C		467,509			657,493			747			948			—			—
Class I		627,897			678,324			181,342			1,007			—			—
Class I2		—			—			280			468			83,895,864			71,694,124
Class I3		—			—			990,183			40,272			—			—
Class R2		—			—			6,272,459			95,066			—			—
Class R4		—			—			2,190,764			56,540			—			—
Class R6		24,294			14,519			—			—			2,445,164			578,915
Class T1		179			—			—			—			—			—
Advisor Class		255			12			—			—			—			—
		1,862,767			2,294,447			10,401,157			203,785			86,341,028			72,273,039
Cost of shares redeemed:
Class A		(11,366,028	)		(14,030,048	)		(91,066,511	)		(108,648,516	)		—			—
Class B		(129,584	)		(420,172	)		(129,481	)		(484,105	)		—			—
Class C		(8,772,107	)		(15,470,948	)		(13,504,066	)		(17,886,249	)		—			—
Class I		(6,988,774	)		(10,255,116	)		(7,716,977	)		(11,979,994	)		—			—
Class I2		—			—			(6,491,761	)		(12,750,078	)		(206,716,424	)		(127,698,429	)
Class I3		—			—			(539,727,067	)		(21,859,667	)		—			—
Class R2		—			—			(79,035,174	)		(1,615,690	)		—			—
Class R4		—			—			(97,691,667	)		(1,080,158	)		—			—
Class R6		(406,037	)		(116,308	)		—			—			(4,454,630	)		(926,203	)
		(27,662,530	)		(40,292,592	)		(835,362,704	)		(176,304,457	)		(211,171,054	)		(128,624,632	)
Automatic conversions:
Class A		623,334			610,687			275,445			379,513			—			—
Class B		(623,334	)		(610,687	)		(275,445	)		(379,513	)		—			—
		—			—			—			—			—			—
Automatic conversions:
Class A		17,269,985			—			4,889,826			—			—			—
Class C		(17,269,985	)		—			(4,889,826	)		—			—			—
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		(14,813,234	)		(19,190,682	)		30,630,295			939,825,423			(94,202,121	)		(47,424,661	)
Net increase (decrease) in net assets		(17,690,684	)		4,527,498			30,630,295			939,825,623			(153,562,552	)		(18,874,414	)
Net assets:
Beginning of year		123,333,288			118,805,790			1,189,143,553			249,317,930			352,803,989			371,678,403
End of year	$	105,642,604		$	123,333,288		$	1,219,773,848		$	1,189,143,553		$	199,241,437		$	352,803,989
Undistributed (distributions in excess of) net investment income (loss) (E)		—		$	646,424			—		$	—			—		$	(89,625	)
Capital share transactions - shares:
Shares issued:
Class A		329,924			572,983			65,365,822			107,129,499			—			—
Class B		798			2,200			90,724			244,495			—			—
Class C		76,657			113,149			12,163,868			15,402,606			—			—
Class I		361,573			765,863			7,238,529			12,372,709			—			—
Class I2		—			—			2,658,935			8,645,454			1,945,742			292,258
Class I3		—			—			522,618,214			77,378,722			—			—
Class R2		—			—			166,105,237			4,363,672			—			—
Class R4		—			—			79,350,513			3,706,200			—			—
Class R6		17,382			77,051			—			—			749,888			464,849
Class T1		—			835			—			—			—			—
Advisor Class		—			868			—			—			—			—
		786,334			1,532,949			855,591,842			229,243,357			2,695,630			757,107
Shares issued on fund acquisition:
Class I3		—			—			—			66,989,654			—			—
Class R2		—			—			—			632,075,520			—			—
Class R4		—			—			—			187,617,564			—			—
		—			—			—			886,682,738			—			—

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

Transamerica Funds Annual Report 2018

Page    384

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Global Equity						Transamerica Government Money Market						Transamerica Growth
	October 31, 2018			October 31, 2017 (A) (B)			October 31, 2018			October 31, 2017 (C) (D)			October 31, 2018			October 31, 2017
Shares reinvested:
Class A		53,537			82,457			765,363			9,449			—			—
Class B		437			1,783			19			35			—			—
Class C		34,554			59,610			747			949			—			—
Class I		45,632			59,912			181,342			1,006			—			—
Class I2		—			—			280			468			8,066,910			6,782,793
Class I3		—			—			990,183			40,272			—			—
Class R2		—			—			6,272,459			95,066			—			—
Class R4		—			—			2,190,764			56,540			—			—
Class R6		1,764			1,268			—			—			235,112			54,770
Class T1		13			—			—			—			—			—
Advisor Class		18			1			—			—			—			—
		135,955			205,031			10,401,157			203,785			8,302,022			6,837,563
Shares redeemed:
Class A		(816,151	)		(1,156,020	)		(91,066,511	)		(108,648,516	)		—			—
Class B		(9,468	)		(34,587	)		(129,481	)		(484,105	)		—			—
Class C		(641,388	)		(1,297,571	)		(13,504,066	)		(17,886,249	)		—			—
Class I		(502,507	)		(841,504	)		(7,716,977	)		(11,979,994	)		—			—
Class I2		—			—			(6,491,761	)		(12,750,078	)		(17,999,785	)		(10,593,001	)
Class I3		—			—			(539,727,067	)		(21,859,667	)		—			—
Class R2		—			—			(79,035,174	)		(1,615,690	)		—			—
Class R4		—			—			(97,691,667	)		(1,080,158	)		—			—
Class R6		(29,176	)		(9,021	)		—			—			(393,013	)		(75,219	)
		(1,998,690	)		(3,338,703	)		(835,362,704	)		(176,304,457	)		(18,392,798	)		(10,668,220	)
Automatic conversions:
Class A		45,115			50,822			275,445			379,513			—			—
Class B		(45,637	)		(51,666	)		(275,445	)		(379,513	)		—			—
		(522	)		(844	)		—			—			—			—
Automatic conversions:
Class A		1,216,143			—			4,889,826			—			—			—
Class C		(1,242,651	)		—			(4,889,826	)		—			—			—
		(26,508	)		—			—			—			—			—
Net increase (decrease) in shares outstanding:
Class A		828,568			(449,758	)		(19,770,055	)		(1,130,055	)		—			—
Class B		(53,870	)		(82,270	)		(314,183	)		(619,088	)		—			—
Class C		(1,772,828	)		(1,124,812	)		(6,229,277	)		(2,482,694	)		—			—
Class I		(95,302	)		(15,729	)		(297,106	)		393,721			—			—
Class I2		—			—			(3,832,546	)		(4,104,156	)		(7,987,133	)		(3,517,950	)
Class I3		—			—			(16,118,670	)		122,548,981			—			—
Class R2		—			—			93,342,522			634,918,568			—			—
Class R4		—			—			(16,150,390	)		190,300,146			—			—
Class R6		(10,030	)		69,298			—			—			591,987			444,400
Class T1		13			835			—			—			—			—
Advisor Class		18			869			—			—			—			—
		(1,103,431	)		(1,601,567	)		30,630,295			939,825,423			(7,395,146	)		(3,073,550	)

(A)	Class T1 commenced operations on March 17, 2017.
(B)	Advisor Class commenced operations on December 16, 2016.
(C)	Class I3 commenced operations on May 19, 2017.
(D)	Class R2 and R4 commenced operations on October 13, 2017.
(E)	The sources of distributions to shareholders and the amount of undistributed net investment income are no longer required disclosures for the year ended October 31, 2018 due to the SEC Regulation S-X updates effective November 5, 2018. Please reference the New Accounting Pronouncements section of the Notes to Financial Statements for additional information.

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

Transamerica Funds Annual Report 2018

Page    385

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:

	Transamerica High Quality Bond									Transamerica High Yield Bond
	October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			October 31, 2018			October 31, 2017 (D) (E) (F)
From operations:
Net investment income (loss)	$	6,005,362		$	2,708,942		$	755,102		$	94,484,246		$	97,141,878
Net realized gain (loss)		(2,869,403	)		(74,190	)		—			6,553,769			8,403,193
Net realized gain (loss) allocated from Series Portfolios		—			1,511,352			(271,995	)		—			—
Net change in unrealized appreciation (depreciation)		(1,897,277	)		(828,500	)		—			(100,287,376	)		47,175,073
Net change in unrealized appreciation (depreciation) allocated from Series Portfolios		—			(1,308,687	)		202,411			—			—
Net increase (decrease) in net assets resulting from operations		1,238,682			2,008,917			685,518			750,639			152,720,144
Distributions (G):
Dividends and/or distributions to shareholders:
Class A		—			—			—			(5,154,162	)		—
Class B		—			—			—			(24,048	)		—
Class C		—			—			—			(1,878,383	)		—
Class I		—			—			—			(6,999,933	)		—
Class I2		—			—			—			(35,336,286	)		—
Class I3		(5,292,699	)		—			—			(19,478,851	)		—
Class R		(298,452	)		—			—			(2,519,293	)		—
Class R4		(801,249	)		—			—			(20,574,821	)		—
Class R6		—			—			—			(1,801,266	)		—
Class T1		—			—			—			(583	)		—
Advisor Class		—			—			—			(890	)		—
Net investment income:
Class A		—			—			—			—			(5,827,127	)
Class B		—			—			—			—			(92,593	)
Class C		—			—			—			—			(2,246,104	)
Class I		—			—			—			—			(9,681,538	)
Class I2		—			—			—			—			(50,961,039	)
Class I3		—			(1,924,637	)		—			—			(13,116,261	)
Class R		—			(82,945	)		—			—			(2,340,483	)
Class R4		—			(587,025	)		(1,008,704	)		—			(12,084,000	)
Class R6		—			—			—			—			(1,069,920	)
Class T1		—			—			—			—			(349	)
Advisor Class		—			—			—			—			(588	)
Total dividends and/or distributions from net investment income		—			(2,594,607	)		(1,008,704	)		—			(97,420,002	)
Total dividends and/or distributions to shareholders		(6,392,400	)		(2,594,607	)		(1,008,704	)		(93,768,516	)		(97,420,002	)
Capital share transactions:
Proceeds from shares sold:
Class A		—			—			—			38,203,122			70,224,290
Class B		—			—			—			11,353			8,860
Class C		—			—			—			4,030,047			7,294,651
Class I		—			—			—			147,245,529			158,685,177
Class I2		—			—			—			88,697,016			58,935,984
Class I3		140,068,270			153,882,615			—			9,605,033			77,078,681
Class R		1,662,754			1,269,754			—			10,086,780			9,239,323
Class R4		8,465,097			6,586,975			13,158,060			45,360,966			28,031,069
Class R6		—			—			—			15,184,677			32,126,975
Class T1		—			—			—			1			10,000
Advisor Class		—			—			—			2			15,000
		150,196,121			161,739,344			13,158,060			358,424,526			441,650,010
Issued from fund acquisition:
Class I3		—			180,891,191			—			—			346,225,252
Class R		—			101,647,214			—			—			122,337,520
Class R4		—			—			—			—			352,098,584
		—			282,538,405			—			—			820,661,356

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

Transamerica Funds Annual Report 2018

Page    386

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:

	Transamerica High Quality Bond									Transamerica High Yield Bond
	October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			October 31, 2018			October 31, 2017 (D) (E) (F)
Dividends and/or distributions reinvested:
Class A		—			—			—			4,703,129			5,328,805
Class B		—			—			—			22,647			85,841
Class C		—			—			—			1,740,441			2,069,004
Class I		—			—			—			6,655,453			9,047,484
Class I2		—			—			—			35,336,278			51,381,833
Class I3		5,292,699			1,924,637			—			19,478,851			13,127,977
Class R		298,452			82,945			—			2,314,432			2,255,774
Class R4		801,249			587,025			1,008,704			20,574,821			12,084,000
Class R6		—			—			—			1,801,244			1,065,430
Class T1		—			—			—			583			349
Advisor Class		—			—			—			890			588
		6,392,400			2,594,607			1,008,704			92,628,769			96,447,085
Cost of shares redeemed:
Class A		—			—			—			(60,670,907	)		(89,668,464	)
Class B		—			—			—			(193,666	)		(483,086	)
Class C		—			—			—			(14,199,088	)		(16,532,355	)
Class I		—			—			—			(230,621,466	)		(164,267,366	)
Class I2		—			—			—			(474,861,063	)		(238,843,844	)
Class I3		(152,551,826	)		(93,504,035	)		—			(92,903,355	)		(62,278,765	)
Class R		(7,558,553	)		(83,577,629	)		—			(22,751,620	)		(80,311,956	)
Class R4		(10,911,336	)		(23,281,037	)		(14,759,138	)		(54,088,385	)		(30,083,253	)
Class R6		—			—			—			(20,083,678	)		(3,288,105	)
		(171,021,715	)		(200,362,701	)		(14,759,138	)		(970,373,228	)		(685,757,194	)
Automatic conversions:
Class A		—			—			—			1,002,202			1,099,262
Class B		—			—			—			(1,002,202	)		(1,099,262	)
		—			—			—			—			—
Automatic conversions:
Class A		—			—			—			4,219,166			—
Class C		—			—			—			(4,219,166	)		—
		—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		(14,433,194	)		246,509,655			(592,374	)		(519,319,933	)		673,001,257
Net increase (decrease) in net assets		(19,586,912	)		245,923,965			(915,560	)		(612,337,810	)		728,301,399
Net assets:
Beginning of period/year		302,235,837			56,311,872			57,227,432			2,015,572,835			1,287,271,436
End of period/year	$	282,648,925		$	302,235,837		$	56,311,872		$	1,403,235,025		$	2,015,572,835
Undistributed (distributions in excess of) net investment income (loss) (G)		—		$	497,616		$	18,954			—		$	(69,333	)
Capital share transactions - shares:
Shares issued:
Class A		—			—			—			4,192,701			7,618,203
Class B		—			—			—			1,257			978
Class C		—			—			—			442,594			795,710
Class I		—			—			—			16,024,804			17,234,944
Class I2		—			—			—			9,668,351			6,363,591
Class I3		14,232,135			15,387,079			—			1,040,594			8,184,824
Class R		166,877			124,806			—			1,099,763			980,153
Class R4		858,785			658,874			1,306,444			4,939,205			2,989,897
Class R6		—			—			—			1,650,554			3,430,588
Class T1		—			—			—			—			1,089
Advisor Class		—			—			—			—			1,628
		15,257,797			16,170,759			1,306,444			39,059,823			47,601,605
Shares issued on fund acquisition:
Class I3		—			18,089,119			—			—			37,423,688
Class R		—			10,164,721			—			—			13,223,534
Class R4		—			—			—			—			38,058,540
		—			28,253,840			—			—			88,705,762

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

Transamerica Funds Annual Report 2018

Page    387

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:

	Transamerica High Quality Bond									Transamerica High Yield Bond
	October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			October 31, 2018			October 31, 2017 (D) (E) (F)
Shares reinvested:
Class A		—			—			—			518,144			575,392
Class B		—			—			—			2,474			9,279
Class C		—			—			—			192,548			224,497
Class I		—			—			—			728,522			969,541
Class I2		—			—			—			3,843,781			5,496,562
Class I3		538,744			192,876			—			2,123,331			1,392,459
Class R		30,326			8,300			—			252,341			239,501
Class R4		81,558			58,827			100,380			2,245,041			1,281,835
Class R6		—			—			—			196,275			113,280
Class T1		—			—			—			64			37
Advisor Class		—			—			—			97			63
		650,628			260,003			100,380			10,102,618			10,302,446
Shares redeemed:
Class A		—			—			—			(6,693,769	)		(9,740,126	)
Class B		—			—			—			(21,180	)		(52,217	)
Class C		—			—			—			(1,567,720	)		(1,800,372	)
Class I		—			—			—			(25,266,623	)		(17,753,679	)
Class I2		—			—			—			(51,651,838	)		(25,548,022	)
Class I3		(15,466,620	)		(9,349,681	)		—			(10,121,460	)		(6,621,144	)
Class R		(766,564	)		(8,351,020	)		—			(2,469,136	)		(8,534,812	)
Class R4		(1,107,350	)		(2,327,257	)		(1,466,640	)		(5,908,619	)		(3,192,345	)
Class R6		—			—			—			(2,185,438	)		(350,654	)
		(17,340,534	)		(20,027,958	)		(1,466,640	)		(105,885,783	)		(73,593,371	)
Automatic conversions:
Class A		—			—			—			109,646			118,528
Class B		—			—			—			(109,518	)		(118,400	)
		—			—			—			128			128
Automatic conversions:
Class A		—			—			—			467,228			—
Class C		—			—			—			(469,554	)		—
		—			—			—			(2,326	)		—
Net increase (decrease) in shares outstanding:
Class A		—			—			—			(1,406,050	)		(1,428,003	)
Class B		—			—			—			(126,967	)		(160,360	)
Class C		—			—			—			(1,402,132	)		(780,165	)
Class I		—			—			—			(8,513,297	)		450,806
Class I2		—			—			—			(38,139,706	)		(13,687,869	)
Class I3		(695,741	)		24,319,393			—			(6,957,535	)		40,379,827
Class R		(569,361	)		1,946,807			—			(1,117,032	)		5,908,376
Class R4		(167,007	)		(1,609,556	)		(59,816	)		1,275,627			39,137,927
Class R6		—			—			—			(338,609	)		3,193,214
Class T1		—			—			—			64			1,126
Advisor Class		—			—			—			97			1,691
		(1,432,109	)		24,656,644			(59,816	)		(56,725,540	)		73,016,570

(A)	The fiscal year end of the Fund is October 31 while the fiscal year end of the accounting and performance survivor is December 31. 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.
(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)	Class I3, R, and R4 commenced operations on April 21, 2017.
(D)	Class I3, R, and R4 commenced operations on March 24, 2017.
(E)	Class T1 commenced operations on March 17, 2017.
(F)	Advisor Class commenced operations on December 16, 2016.
(G)	The sources of distributions to shareholders and the amount of undistributed net investment income are no longer required disclosures for the year ended October 31, 2018 due to the SEC Regulation S-X updates effective November 5, 2018. Please reference the New Accounting Pronouncements section of the Notes to Financial Statements for additional information.

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

Transamerica Funds Annual Report 2018

Page    388

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica High Yield Muni						Transamerica Inflation Opportunities
	October 31, 2018			October 31, 2017 (A)			October 31, 2018			October 31, 2017 (A)
From operations:
Net investment income (loss)	$	3,630,775		$	3,052,788		$	4,131,818		$	2,861,864
Net realized gain (loss)		(100,506	)		(1,691,804	)		1,710,851			(1,877,583	)
Net change in unrealized appreciation (depreciation)		(2,439,155	)		(457,090	)		(8,408,196	)		1,501,989
Net increase (decrease) in net assets resulting from operations		1,091,114			903,894			(2,565,527	)		2,486,270
Distributions (B):
Dividends and/or distributions to shareholders:
Class A		(1,114,939	)		—			(13,213	)		—
Class C		(336,838	)		—			(10,155	)		—
Class I		(2,178,524	)		—			(17,402	)		—
Class I2		(375	)		—			(4,136,050	)		—
Class R6		—			—			(1,243	)		—
Class T1		(370	)		—			(226	)		—
Net investment income:
Class A		—			(1,178,305	)		—			(8,352	)
Class C		—			(308,289	)		—			(5,089	)
Class I		—			(1,565,656	)		—			(5,546	)
Class I2		—			(311	)		—			(2,557,524	)
Class R6		—			—			—			(766	)
Class T1		—			(196	)		—			(91	)
Total dividends and/or distributions from net investment income		—			(3,052,757	)		—			(2,577,368	)
Net realized gains:
Class A		—			(604,129	)		—			—
Class C		—			(178,015	)		—			—
Class I		—			(616,425	)		—			—
Class I2		—			(136	)		—			—
Total dividends and/or distributions from net realized gains		—			(1,398,705	)		—			—
Total dividends and/or distributions to shareholders		(3,631,046	)		(4,451,462	)		(4,178,289	)		(2,577,368	)
Capital share transactions:
Proceeds from shares sold:
Class A		13,238,105			12,021,066			171,506			107,026
Class C		2,041,923			4,710,986			22,175			280,258
Class I		31,116,577			42,919,531			2,075,115			345
Class I2		—			—			26,457,996			20,887,256
Class T1		—			10,000			—			10,000
		46,396,605			59,661,583			28,726,792			21,284,885
Dividends and/or distributions reinvested:
Class A		1,110,296			1,749,501			13,213			8,352
Class C		335,430			480,775			10,155			5,089
Class I		2,156,673			2,164,413			17,402			5,546
Class I2		375			450			4,136,050			2,557,524
Class R6		—			—			1,243			766
Class T1		370			196			226			91
		3,603,144			4,395,335			4,178,289			2,577,368
Cost of shares redeemed:
Class A		(17,450,672	)		(36,645,665	)		(208,620	)		(126,065	)
Class C		(2,652,436	)		(6,431,286	)		(125,378	)		(94,689	)
Class I		(27,374,270	)		(42,283,798	)		(149,821	)		(1,050,645	)
Class I2		—			—			(47,474,764	)		(30,262,957	)
		(47,477,378	)		(85,360,749	)		(47,958,583	)		(31,534,356	)
Automatic conversions:
Class A		169,090			—			136,219			—
Class C		(169,090	)		—			(136,219	)		—
		—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		2,522,371			(21,303,831	)		(15,053,502	)		(7,672,103	)
Net increase (decrease) in net assets		(17,561	)		(24,851,399	)		(21,797,318	)		(7,763,201	)
Net assets:
Beginning of year		103,471,648			128,323,047			173,639,086			181,402,287
End of year	$	103,454,087		$	103,471,648		$	151,841,768		$	173,639,086
Undistributed (distributions in excess of) net investment income (loss) (B)		—		$	—			—		$	129,877

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

Transamerica Funds Annual Report 2018

Page    389

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica High Yield Muni						Transamerica Inflation Opportunities
	October 31, 2018			October 31, 2017 (A)			October 31, 2018			October 31, 2017 (A)
Capital share transactions - shares:
Shares issued:
Class A		1,141,289			1,065,647			17,343			10,823
Class C		176,016			419,479			2,276			28,812
Class I		2,681,393			3,797,704			210,283			34
Class I2		—			—			2,639,987			2,102,026
Class T1		—			901			—			1,014
		3,998,698			5,283,731			2,869,889			2,142,709
Shares reinvested:
Class A		96,160			156,291			1,342			845
Class C		29,019			42,883			1,047			523
Class I		186,431			192,099			1,767			560
Class I2		32			41			416,744			257,004
Class R6		—			—			126			77
Class T1		32			17			23			9
		311,674			391,331			421,049			259,018
Shares redeemed:
Class A		(1,507,408	)		(3,229,878	)		(21,100	)		(12,714	)
Class C		(229,802	)		(570,388	)		(12,905	)		(9,679	)
Class I		(2,369,628	)		(3,765,771	)		(15,133	)		(106,800	)
Class I2		—			—			(4,798,718	)		(3,035,681	)
		(4,106,838	)		(7,566,037	)		(4,847,856	)		(3,164,874	)
Automatic conversions:
Class A		14,575			—			13,953			—
Class C		(14,563	)		—			(14,200	)		—
		12			—			(247	)		—
Net increase (decrease) in shares outstanding:
Class A		(255,384	)		(2,007,940	)		11,538			(1,046	)
Class C		(39,330	)		(108,026	)		(23,782	)		19,656
Class I		498,196			224,032			196,917			(106,206	)
Class I2		32			41			(1,741,987	)		(676,651	)
Class R6		—			—			126			77
Class T1		32			918			23			1,023
		203,546			(1,890,975	)		(1,557,165	)		(763,147	)

(A)	Class T1 commenced operations on March 17, 2017.
(B)	The sources of distributions to shareholders and the amount of undistributed net investment income are no longer required disclosures for the year ended October 31, 2018 due to the SEC Regulation S-X updates effective November 5, 2018. Please reference the New Accounting Pronouncements section of the Notes to Financial Statements for additional information.

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

Transamerica Funds Annual Report 2018

Page    390

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:

	Transamerica Inflation-Protected Securities									Transamerica Intermediate Bond
	October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			October 31, 2018			October 31, 2017 (D) (E) (F)			December 31, 2016
From operations:
Net investment income (loss)	$	4,067,187		$	1,797,750		$	895,162		$	81,709,218		$	43,933,188		$	7,558,985
Net realized gain (loss)		328,798			(1,745,267	)		—			(36,084,758	)		12,477,427			—
Net realized gain (loss) allocated from Series Portfolios		—			425,860			(242,185	)		—			2,063,488			3,195,662
Net change in unrealized appreciation (depreciation)		(5,479,663	)		219,794			—			(115,360,682	)		32,404,587			—
Net change in unrealized appreciation (depreciation) allocated from Series Portfolios		—			57,860			2,279,047			—			(33,975	)		745,508
Net increase (decrease) in net assets resulting from operations		(1,083,678	)		755,997			2,932,024			(69,736,222	)		90,844,715			11,500,155
Distributions (G):
Dividends and/or distributions to shareholders:
Class I2		—			—			—			(56,958,858	)		—			—
Class I3		(3,170,576	)		—			—			(18,678,249	)		—			—
Class R		(221,753	)		—			—			(2,316,866	)		—			—
Class R4		(419,738	)		—			—			(6,318,383	)		—			—
Net investment income:
Class I2		—			—			—			—			(32,710,168	)		—
Class I3		—			(747,945	)		—			—			(9,025,255	)		—
Class R		—			(640	)		—			—			(1,786,781	)		—
Class R4		—			(500,748	)		(963,275	)		—			(5,678,068	)		(8,450,944	)
Total dividends and/or distributions from net investment income		—			(1,249,333	)		(963,275	)		—			(49,200,272	)		(8,450,944	)
Net realized gains:
Class R4		—			—			—			—			—			(2,733,553	)
Total dividends and/or distributions from net realized gains		—			—			—			—			—			(2,733,553	)
Total dividends and/or distributions to shareholders		(3,812,067	)		(1,249,333	)		(963,275	)		(84,272,356	)		(49,200,272	)		(11,184,497	)
Capital share transactions:
Proceeds from shares sold:
Class I2		—			—			—			170,041,312			96,286,499			—
Class I3		5,308,071			117,226,159			—			327,773,739			279,773,243			—
Class R		1,154,166			1,733,248			—			11,712,541			5,371,127			—
Class R4		3,154,125			5,685,936			9,978,849			29,943,124			33,305,979			49,265,943
		9,616,362			124,645,343			9,978,849			539,470,716			414,736,848			49,265,943
Issued from fund acquisition:
Class I2		—			—			—			—			1,965,902,863			—
Class I3		—			64,350,738			—			—			447,822,600			—
Class R		—			114,858,579			—			—			365,849,559			—
		—			179,209,317			—			—			2,779,575,022			—
Dividends and/or distributions reinvested:
Class I2		—			—			—			56,958,858			32,710,168			—
Class I3		3,170,576			747,945			—			18,678,249			9,025,255			—
Class R		221,753			640			—			2,316,866			1,786,781			—
Class R4		419,738			500,748			963,275			6,318,383			5,678,068			11,184,497
		3,812,067			1,249,333			963,275			84,272,356			49,200,272			11,184,497

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

Transamerica Funds Annual Report 2018

Page    391

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:

	Transamerica Inflation-Protected Securities									Transamerica Intermediate Bond
	October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			October 31, 2018			October 31, 2017 (D) (E) (F)			December 31, 2016
Cost of shares redeemed:
Class I2		—			—			—			(210,656,380	)		(61,273,519	)		—
Class I3		(36,960,643	)		(37,521,717	)		—			(243,489,920	)		(115,505,985	)		—
Class R		(3,185,784	)		(103,703,045	)		—			(26,653,038	)		(265,031,197	)		—
Class R4		(10,803,958	)		(46,803,450	)		(25,694,006	)		(133,539,468	)		(70,336,140	)		(117,221,441	)
		(50,950,385	)		(188,028,212	)		(25,694,006	)		(614,338,806	)		(512,146,841	)		(117,221,441	)
Net increase (decrease) in net assets resulting from capital share transactions		(37,521,956	)		117,075,781			(14,751,882	)		9,404,266			2,731,365,301			(56,771,001	)
Net increase (decrease) in net assets		(42,417,701	)		116,582,445			(12,783,133	)		(144,604,312	)		2,773,009,744			(56,455,343	)
Net assets:
Beginning of period/year		180,220,323			63,637,878			76,421,011			3,090,159,565			317,149,821			373,605,164
End of period/year	$	137,802,622		$	180,220,323		$	63,637,878		$	2,945,555,253		$	3,090,159,565		$	317,149,821
Undistributed (distributions in excess of) net investment income (loss) (G)		—		$	256,608		$	12,483			—		$	116,401		$	—
Capital share transactions - shares:
Shares issued:
Class I2		—			—			—			16,901,618			9,479,538			—
Class I3		535,774			11,729,019			—			33,140,821			27,440,507			—
Class R		114,762			166,354			—			1,173,956			518,373			—
Class R4		317,869			570,654			998,930			2,986,752			3,273,804			4,819,538
		968,405			12,466,027			998,930			54,203,147			40,712,222			4,819,538
Shares issued on fund acquisition:
Class I2		—			—			—			—			195,080,630			—
Class I3		—			6,435,074			—			—			44,438,308			—
Class R		—			11,485,858			—			—			36,303,963			—
		—			17,920,932			—			—			275,822,901			—
Shares reinvested:
Class I2		—			—			—			5,746,230			3,211,417			—
Class I3		321,631			75,159			—			1,882,526			883,049			—
Class R		22,492			64			—			233,150			175,171			—
Class R4		42,564			50,137			96,143			635,395			558,412			1,100,156
		386,687			125,360			96,143			8,497,301			4,828,049			1,100,156
Shares redeemed:
Class I2		—			—			—			(21,260,163	)		(5,993,619	)		—
Class I3		(3,717,133	)		(3,757,939	)		—			(24,719,482	)		(11,289,609	)		—
Class R		(319,623	)		(10,381,068	)		—			(2,668,167	)		(25,996,213	)		—
Class R4		(1,086,797	)		(4,702,027	)		(2,571,487	)		(13,497,368	)		(6,911,750	)		(11,527,736	)
		(5,123,553	)		(18,841,034	)		(2,571,487	)		(62,145,180	)		(50,191,191	)		(11,527,736	)
Net increase (decrease) in shares outstanding:
Class I2		—			—			—			1,387,685			201,777,966			—
Class I3		(2,859,728	)		14,481,313			—			10,303,865			61,472,255			—
Class R		(182,369	)		1,271,208			—			(1,261,061	)		11,001,294			—
Class R4		(726,364	)		(4,081,236	)		(1,476,414	)		(9,875,221	)		(3,079,534	)		(5,608,042	)
		(3,768,461	)		11,671,285			(1,476,414	)		555,268			271,171,981			(5,608,042	)

(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 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.
(D)	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.
(E)	Effective March 24, 2017, the Fund underwent a 1.06-for-1 share split. The Capital share transactions – shares has 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 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.
(G)	The sources of distributions to shareholders and the amount of undistributed net investment income are no longer required disclosures for the year ended October 31, 2018 due to the SEC Regulation S-X updates effective November 5, 2018. Please reference the New Accounting Pronouncements section of the Notes to Financial Statements for additional information.

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

Transamerica Funds Annual Report 2018

Page    392

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Intermediate Muni						Transamerica International Equity						Transamerica International Growth
	October 31, 2018			October 31, 2017 (A) (B)			October 31, 2018			October 31, 2017 (A) (B) (C)			October 31, 2018			October 31, 2017 (D)
From operations:
Net investment income (loss)	$	32,887,507		$	25,280,545		$	125,105,851		$	127,719,112		$	24,766,686		$	17,040,088
Net realized gain (loss)		(5,366,562	)		(13,096,372	)		166,017,252			7,287,796			174,008,088			20,855,566
Net change in unrealized appreciation (depreciation)		(39,608,905	)		(4,660,695	)		(746,968,797	)		651,118,939			(354,812,569	)		246,629,606
Net increase (decrease) in net assets resulting from operations		(12,087,960	)		7,523,478			(455,845,694	)		786,125,847			(156,037,795	)		284,525,260
Distributions (E):
Dividends and/or distributions to shareholders:
Class A		(6,652,422	)		—			(7,233,243	)		—			—			—
Class C		(2,839,371	)		—			(1,696,387	)		—			—			—
Class I		(23,377,634	)		—			(71,524,342	)		—			—			—
Class I2		(249	)		—			(73,435,227	)		—			(22,882,446	)		—
Class I3		—			—			(6,742,243	)		—			—			—
Class R		—			—			(842,448	)		—			—			—
Class R4		—			—			(495,072	)		—			—			—
Class R6		—			—			(6,002,484	)		—			—			—
Class T1		(233	)		—			(257	)		—			—			—
Advisor Class		(15,541	)		—			(12,723	)		—			—			—
Net investment income:
Class A		—			(7,077,061	)		—			(3,475,006	)		—			—
Class C		—			(2,590,948	)		—			(296,476	)		—			—
Class I		—			(15,613,065	)		—			(25,478,447	)		—			—
Class I2		—			(215	)		—			(28,776,503	)		—			(12,679,466	)
Class I3		—			—			—			—			—			—
Class R		—			—			—			—			—			—
Class R4		—			—			—			—			—			—
Class R6		—			—			—			(1,696,461	)		—			—
Class T1		—			(121	)		—			—			—			—
Advisor Class		—			(999	)		—			(7	)		—			—
Total dividends and/or distributions from net investment income		—			(25,282,409	)		—			(59,722,900	)		—			(12,679,466	)
Net realized gains:
Class A		—			(2,348,489	)		—			(754,292	)		—			—
Class C		—			(1,227,296	)		—			(153,044	)		—			—
Class I		—			(4,235,485	)		—			(4,062,192	)		—			—
Class I2		—			(61	)		—			(4,352,408	)		—			—
Class R6		—			—			—			(256,047	)		—			—
Advisor Class		—			(65	)		—			(26	)		—			—
Total dividends and/or distributions from net realized gains		—			(7,811,396	)		—			(9,578,009	)		—			—
Total dividends and/or distributions to shareholders		(32,885,450	)		(33,093,805	)		(167,984,426	)		(69,300,909	)		(22,882,446	)		(12,679,466	)
Capital share transactions:
Proceeds from shares sold:
Class A		83,072,555			127,063,834			64,373,383			97,978,419			54,621			—
Class C		25,376,273			44,612,182			18,947,231			26,852,093			—			—
Class I		470,615,460			561,748,181			1,402,209,858			817,811,367			14,760			—
Class I2		—			—			472,898,109			426,556,746			204,015,943			64,868,372
Class I3		—			—			7,325,000			142,118,819			—			—
Class R		—			—			6,693,917			3,034,009			—			—
Class R4		—			—			3,190,561			2,018,635			—			—
Class R6		—			—			116,826,370			128,349,753			10,000			—
Class T1		—			10,000			19,501			10,000			—			—
Advisor Class		920,032			297,993			3,217,928			243,000			—			—
		579,984,320			733,732,190			2,095,701,858			1,644,972,841			204,095,324			64,868,372
Issued from fund acquisition:
Class I3		—			—			—			189,770,376			—			—
Class R		—			—			—			141,711,875			—			—
Class R4		—			—			—			40,890,816			—			—
		—			—			—			372,373,067			—			—

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

Transamerica Funds Annual Report 2018

Page    393

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Intermediate Muni						Transamerica International Equity						Transamerica International Growth
	October 31, 2018			October 31, 2017 (A) (B)			October 31, 2018			October 31, 2017 (A) (B) (C)			October 31, 2018			October 31, 2017 (D)
Dividends and/or distributions reinvested:
Class A		6,315,321			8,781,198			6,766,872			4,066,061			—			—
Class C		2,420,139			3,293,954			1,457,576			331,067			—			—
Class I		17,091,456			14,264,507			66,820,752			27,551,001			—			—
Class I2		249			276			73,383,042			33,128,911			22,882,446			12,679,466
Class I3		—			—			6,742,243			—			—			—
Class R		—			—			842,448			—			—			—
Class R4		—			—			495,072			—			—			—
Class R6		—			—			5,818,711			1,952,508			—			—
Class T1		233			121			257			—			—			—
Advisor Class		15,549			1,064			12,723			33			—			—
		25,842,947			26,341,120			162,339,696			67,029,581			22,882,446			12,679,466
Cost of shares redeemed:
Class A		(123,909,894	)		(242,114,748	)		(121,294,978	)		(186,662,747	)		—			—
Class C		(54,059,017	)		(63,778,002	)		(19,063,281	)		(24,663,772	)		—			—
Class I		(371,398,458	)		(480,603,723	)		(921,944,493	)		(444,064,244	)		—			—
Class I2		—			—			(410,622,817	)		(167,240,592	)		(199,968,352	)		(144,995,285	)
Class I3		—			—			(42,708,376	)		(92,278,290	)		—			—
Class R		—			—			(11,926,655	)		(112,621,640	)		—			—
Class R4		—			—			(7,622,080	)		(25,727,316	)		—			—
Class R6		—			—			(82,327,404	)		(29,882,324	)		—			—
Class T1		—			—			(3,000	)		—			—			—
Advisor Class		(593,806	)		(364	)		(1,039,455	)		—			—			—
		(549,961,175	)		(786,496,837	)		(1,618,552,539	)		(1,083,140,925	)		(199,968,352	)		(144,995,285	)
Automatic conversions:
Class A		626,308			—			1,070,593			—			—			—
Class C		(626,308	)		—			(1,070,593	)		—			—			—
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		55,866,092			(26,423,527	)		639,489,015			1,001,234,564			27,009,418			(67,447,447	)
Net increase (decrease) in net assets		10,892,682			(51,993,854	)		15,658,895			1,718,059,502			(151,910,823	)		204,398,347
Net assets:
Beginning of year		1,407,699,386			1,459,693,240			5,406,242,630			3,688,183,128			1,368,414,280			1,164,015,933
End of year	$	1,418,592,068		$	1,407,699,386		$	5,421,901,525		$	5,406,242,630		$	1,216,503,457		$	1,368,414,280
Undistributed (distributions in excess of) net investment income (loss) (E)		—		$	—			—		$	124,339,695			—		$	17,130,762
Capital share transactions - shares:
Shares issued:
Class A		7,367,657			11,307,705			3,345,096			5,549,640			6,129			—
Class C		2,251,056			3,973,189			990,908			1,495,354			—			—
Class I		41,611,382			49,660,381			72,686,607			45,394,285			1,669			—
Class I2		—			—			24,147,942			22,941,097			22,568,356			7,899,403
Class I3		—			—			382,352			7,622,880			—			—
Class R		—			—			347,591			162,589			—			—
Class R4		—			—			163,495			106,585			—			—
Class R6		—			—			5,988,101			7,264,628			1,125			—
Class T1		—			902			981			575			—			—
Advisor Class		81,533			25,967			163,897			12,488			—			—
		51,311,628			64,968,144			108,216,970			90,550,121			22,577,279			7,899,403
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		562,468			786,355			354,101			250,837			—			—
Class C		215,990			296,062			77,243			20,640			—			—
Class I		1,515,988			1,268,871			3,458,631			1,680,964			—			—
Class I2		22			25			3,796,329			2,020,055			2,556,698			1,765,942
Class I3		—			—			346,467			—			—			—
Class R		—			—			43,180			—			—			—
Class R4		—			—			25,440			—			—			—
Class R6		—			—			298,090			117,976			—			—
Class T1		21			11			13			—			—			—
Advisor Class		1,380			93			649			2			—			—
		2,295,869			2,351,417			8,400,143			4,090,474			2,556,698			1,765,942

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

Transamerica Funds Annual Report 2018

Page    394

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Intermediate Muni						Transamerica International Equity						Transamerica International Growth
	October 31, 2018			October 31, 2017 (A) (B)			October 31, 2018			October 31, 2017 (A) (B) (C)			October 31, 2018			October 31, 2017 (D)
Shares redeemed:
Class A		(11,005,031	)		(21,586,049	)		(6,293,427	)		(10,569,316	)		—			—
Class C		(4,818,479	)		(5,693,151	)		(1,013,783	)		(1,428,808	)		—			—
Class I		(32,923,381	)		(42,799,733	)		(48,536,128	)		(25,188,905	)		—			—
Class I2		—			—			(20,919,149	)		(9,295,411	)		(22,294,920	)		(18,038,551	)
Class I3		—			—			(2,175,713	)		(4,829,477	)		—			—
Class R		—			—			(615,778	)		(6,038,651	)		—			—
Class R4		—			—			(386,909	)		(1,386,099	)		—			—
Class R6		—			—			(4,229,345	)		(1,604,693	)		—			—
Class T1		—			—			(159	)		—			—			—
Advisor Class		(52,907	)		(32	)		(52,272	)		—			—			—
		(48,799,798	)		(70,078,965	)		(84,222,663	)		(60,341,360	)		(22,294,920	)		(18,038,551	)
Automatic conversions:
Class A		55,888			—			57,628			—			—			—
Class C		(55,998	)		—			(58,687	)		—			—			—
		(110	)		—			(1,059	)		—			—			—
Net increase (decrease) in shares outstanding:
Class A		(3,019,018	)		(9,491,989	)		(2,536,602	)		(4,768,839	)		6,129			—
Class C		(2,407,431	)		(1,423,900	)		(4,319	)		87,186			—			—
Class I		10,203,989			8,129,519			27,609,110			21,886,344			1,669			—
Class I2		22			25			7,025,122			15,665,741			2,830,134			(8,373,206	)
Class I3		—			—			(1,446,894	)		13,799,114			—			—
Class R		—			—			(225,007	)		2,342,502			—			—
Class R4		—			—			(197,974	)		1,091,944			—			—
Class R6		—			—			2,056,846			5,777,911			1,125			—
Class T1		21			913			835			575			—			—
Advisor Class		30,006			26,028			112,274			12,490			—			—
		4,807,589			(2,759,404	)		32,393,391			55,894,968			2,839,057			(8,373,206	)

(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.
(D)	Class A, I and R6 commenced operations on March 1, 2018.
(E)	The sources of distributions to shareholders and the amount of undistributed net investment income are no longer required disclosures for the year ended October 31, 2018 due to the SEC Regulation S-X updates effective November 5, 2018. Please reference the New Accounting Pronouncements section of the Notes to Financial Statements for additional information.

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

Transamerica Funds Annual Report 2018

Page    395

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:

	Transamerica International Small Cap Value						Transamerica International Stock			Transamerica Large Cap Value
	October 31, 2018			October 31, 2017			October 31, 2018 (A)			October 31, 2018			October 31, 2017 (B) (C)
From operations:
Net investment income (loss)	$	17,081,621		$	11,768,227		$	(1,019	)	$	31,497,393		$	30,856,386
Net realized gain (loss)		51,498,005			(11,061,004	)		(674	)		196,906,396			236,962,877
Net change in unrealized appreciation (depreciation)		(114,672,789	)		161,945,205			(160,903	)		(207,866,272	)		142,147,449
Net increase (decrease) in net assets resulting from operations		(46,093,163	)		162,652,428			(162,596	)		20,537,517			409,966,712
Distributions (D):
Dividends and/or distributions to shareholders:
Class A		—			—			—			(11,859,895	)		—
Class C		—			—			—			(5,416,437	)		—
Class I		(10,430,076	)		—			—			(31,656,405	)		—
Class I2		(16,845,554	)		—			—			(218,906,146	)		—
Class R6		—			—			—			(2,153,741	)		—
Class T1		—			—			—			(1,252	)		—
Advisor Class		—			—			—			(266,827	)		—
Net investment income:
Class A		—			—			—			—			(1,517,664	)
Class C		—			—			—			—			(261,945	)
Class I		—			(5,411,353	)		—			—			(2,156,247	)
Class I2		—			(9,647,157	)		—			—			(30,774,782	)
Class R6		—			—			—			—			(155,446	)
Class T1		—			—			—			—			(88	)
Advisor Class		—			—			—			—			(5,549	)
Total dividends and/or distributions from net investment income		—			(15,058,510	)		—			—			(34,871,721	)
Net realized gains:
Class A		—			—			—			—			(7,349,150	)
Class C		—			—			—			—			(2,326,510	)
Class I		—			(1,747,486	)		—			—			(6,704,664	)
Class I2		—			(2,967,180	)		—			—			(153,964,634	)
Class R6		—			—			—			—			(356,571	)
Class T1		—			—			—			—			—
Advisor Class		—			—			—			—			(760	)
Total dividends and/or distributions from net realized gains		—			(4,714,666	)		—			—			(170,702,289	)
Total dividends and/or distributions to shareholders		(27,275,630	)		(19,773,176	)		—			(270,260,703	)		(205,574,010	)
Capital share transactions:
Proceeds from shares sold:
Class A		—			—			500,000			34,593,548			94,657,916
Class C		—			—			—			17,855,992			33,693,765
Class I		94,653,501			44,630,443			500,000			250,391,490			232,983,500
Class I2		33,676,992			33,951,499			500,000			108,243,725			13,973,464
Class R6		—			—			500,000			14,820,432			12,977,158
Class T1		—			—			—			—			10,000
Advisor Class		—			—			—			3,807,018			1,955,932
		128,330,493			78,581,942			2,000,000			429,712,205			390,251,735
Dividends and/or distributions reinvested:
Class A		—			—			—			11,013,056			8,551,096
Class C		—			—			—			4,516,691			1,746,557
Class I		10,395,926			7,143,991			—			23,645,791			5,508,390
Class I2		16,845,554			12,614,337			—			218,906,146			184,739,416
Class R6		—			—			—			2,153,741			512,017
Class T1		—			—			—			1,252			88
Advisor Class		—			—			—			266,827			6,309
		27,241,480			19,758,328			—			260,503,504			201,063,873
Cost of shares redeemed:
Class A		—			—			—			(43,942,788	)		(81,255,547	)
Class C		—			—			—			(14,620,812	)		(12,234,617	)
Class I		(106,602,952	)		(50,999,085	)		—			(109,385,787	)		(60,586,338	)
Class I2		(96,240,090	)		(52,181,750	)		—			(366,829,095	)		(376,660,043	)
Class R6		—			—			—			(4,042,101	)		(1,407,636	)
Advisor Class		—			—			—			(3,808,195	)		(28,719	)
		(202,843,042	)		(103,180,835	)		—			(542,628,778	)		(532,172,900	)

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

Transamerica Funds Annual Report 2018

Page    396

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:

	Transamerica International Small Cap Value						Transamerica International Stock		Transamerica Large Cap Value
	October 31, 2018			October 31, 2017			October 31, 2018 (A)		October 31, 2018			October 31, 2017 (B) (C)
Automatic conversions:
Class A		—			—			—		1,226,810			—
Class C		—			—			—		(1,226,810	)		—
		—			—			—		—			—
Net increase (decrease) in net assets resulting from capital share transactions		(47,271,069	)		(4,840,565	)		2,000,000		147,586,931			59,142,708
Net increase (decrease) in net assets		(120,639,862	)		138,038,687			1,837,404		(102,136,255	)		263,535,410
Net assets:
Beginning of period/year		852,016,382			713,977,695			—		2,315,934,441			2,052,399,031
End of period/year	$	731,376,520		$	852,016,382		$	1,837,404	$	2,213,798,186		$	2,315,934,441
Undistributed (distributions in excess of) net investment income (loss) (D)		—		$	8,700,560			—		—		$	—
Capital share transactions - shares:
Shares issued:
Class A		—			—			50,000		2,698,430			7,320,426
Class C		—			—			—		1,400,182			2,616,690
Class I		6,666,008			3,595,476			50,000		19,553,345			17,717,019
Class I2		2,377,703			2,714,906			50,000		8,395,702			1,071,513
Class R6		—			—			50,000		1,169,860			993,893
Class T1		—			—			—		—			772
Advisor Class		—			—			—		294,246			146,939
		9,043,711			6,310,382			200,000		33,511,765			29,867,252
Shares reinvested:
Class A		—			—			—		888,955			671,032
Class C		—			—			—		366,611			137,803
Class I		756,067			653,016			—		1,894,844			428,366
Class I2		1,223,352			1,150,943			—		17,566,281			14,433,951
Class R6		—			—			—		172,714			39,777
Class T1		—			—			—		101			7
Advisor Class		—			—			—		21,309			469
		1,979,419			1,803,959			—		20,910,815			15,711,405
Shares redeemed:
Class A		—			—			—		(3,439,031	)		(6,128,935	)
Class C		—			—			—		(1,158,223	)		(943,819	)
Class I		(7,875,057	)		(4,375,350	)		—		(8,610,289	)		(4,658,563	)
Class I2		(6,688,786	)		(4,072,330	)		—		(28,422,613	)		(29,007,137	)
Class R6		—			—			—		(316,095	)		(106,421	)
Advisor Class		—			—			—		(296,278	)		(2,172	)
		(14,563,843	)		(8,447,680	)		—		(42,242,529	)		(40,847,047	)
Automatic conversions:
Class A		—			—			—		93,591			—
Class C		—			—			—		(94,309	)		—
		—			—			—		(718	)		—
Net increase (decrease) in shares outstanding:
Class A		—			—			50,000		241,945			1,862,523
Class C		—			—			—		514,261			1,810,674
Class I		(452,982	)		(126,858	)		50,000		12,837,900			13,486,822
Class I2		(3,087,731	)		(206,481	)		50,000		(2,460,630	)		(13,501,673	)
Class R6		—			—			50,000		1,026,479			927,249
Class T1		—			—			—		101			779
Advisor Class		—			—			—		19,277			145,236
		(3,540,713	)		(333,339	)		200,000		12,179,333			4,731,610

(A)	Commenced operations on September 28, 2018.
(B)	Class T1 commenced operations on March 17, 2017.
(C)	Advisor Class commenced operations on December 16, 2016.
(D)	The sources of distributions to shareholders and the amount of undistributed net investment income are no longer required disclosures for the year ended October 31, 2018 due to the SEC Regulation S-X updates effective November 5, 2018. Please reference the New Accounting Pronouncements section of the Notes to Financial Statements for additional information.

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

Transamerica Funds Annual Report 2018

Page    397

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:

	Transamerica Large Core									Transamerica Large Growth
	October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			October 31, 2018			October 31, 2017 (C) (D) (E)			December 31, 2016
From operations:
Net investment income (loss)	$	3,181,307		$	2,226,229		$	177,737		$	931,960		$	1,589,700		$	155,715
Net realized gain (loss)		39,299,517			3,897,015			—			50,882,943			11,903,358			—
Net realized gain (loss) allocated from Series Portfolios		—			(19,816,427	)		53,941			—			(18,964,494	)		8,322,753
Net change in unrealized appreciation (depreciation)		(24,410,390	)		24,167,359			—			39,918,938			125,466,931			—
Net change in unrealized appreciation (depreciation) allocated from Series Portfolios		—			20,356,926			517,564			—			26,621,833			(7,744,083	)
Net increase (decrease) in net assets resulting from operations		18,070,434			30,831,102			749,242			91,733,841			146,617,328			734,385
Distributions (F):
Dividends and/or distributions to shareholders:
Class I3		(10,516,433	)		—			—			(28,859,138	)		—			—
Class R		(3,613,975	)		—			—			(5,525,002	)		—			—
Class R4		(415,139	)		—			—			(1,583,244	)		—			—
Net investment income:
Class I3		—			(1,635,730	)		—			—			(1,664,195	)		—
Class R		—			(410,548	)		—			—			—			—
Class R4		—			(110,146	)		(181,583	)		—			(72,614	)		(186,262	)
Total dividends and/or distributions from net investment income		—			(2,156,424	)		(181,583	)		—			(1,736,809	)		(186,262	)
Total dividends and/or distributions to shareholders		(14,545,547	)		(2,156,424	)		(181,583	)		(35,967,384	)		(1,736,809	)		(186,262	)
Capital share transactions:
Proceeds from shares sold:
Class I3		4,729,131			3,285,480			—			6,841,505			151,283,465			—
Class R		7,465,152			1,752,760			—			21,627,998			6,415,777			—
Class R4		247,225			507,092			717,967			4,763,363			2,739,917			6,537,096
		12,441,508			5,545,332			717,967			33,232,866			160,439,159			6,537,096
Issued from fund acquisition:
Class I3		—			202,902,469			—			—			523,865,143			—
Class R		—			80,657,396			—			—			249,085,885			—
		—			283,559,865			—			—			772,951,028			—
Dividends and/or distributions reinvested:
Class I3		10,516,433			1,635,730			—			28,859,138			1,664,195			—
Class R		3,613,975			410,548			—			5,525,002			—			—
Class R4		415,139			110,146			181,583			1,583,244			72,614			186,262
		14,545,547			2,156,424			181,583			35,967,384			1,736,809			186,262
Cost of shares redeemed:
Class I3		(29,006,226	)		(26,623,832	)		—			(124,042,641	)		(110,808,783	)		—
Class R		(15,975,810	)		(13,446,133	)		—			(41,908,897	)		(137,271,406	)		—
Class R4		(7,151,105	)		(1,245,212	)		(2,829,799	)		(9,679,726	)		(63,806,341	)		(32,094,032	)
		(52,133,141	)		(41,315,177	)		(2,829,799	)		(175,631,264	)		(311,886,530	)		(32,094,032	)
Net increase (decrease) in net assets resulting from capital share transactions		(25,146,086	)		249,946,444			(1,930,249	)		(106,431,014	)		623,240,466			(25,370,674	)
Net increase (decrease) in net assets		(21,621,199	)		278,621,122			(1,362,590	)		(50,664,557	)		768,120,985			(24,822,551	)

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

Transamerica Funds Annual Report 2018

Page    398

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:

	Transamerica Large Core									Transamerica Large Growth
	October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			October 31, 2018			October 31, 2017 (C) (D) (E)			December 31, 2016
Net assets:
Beginning of period/year	$	289,253,714		$	10,632,592		$	11,995,182		$	850,666,970		$	82,545,985		$	107,368,536
End of period/year	$	267,632,515		$	289,253,714		$	10,632,592		$	800,002,413		$	850,666,970		$	82,545,985
Undistributed (distributions in excess of) net investment income (loss) (F)		—		$	74,641		$	239			—		$	—		$	—
Capital share transactions - shares:
Shares issued:
Class I3		415,662			321,661			—			544,684			14,366,914			—
Class R		649,806			174,357			—			1,685,024			608,139			—
Class R4		21,702			50,512			82,789			379,499			264,867			754,059
		1,087,170			546,530			82,789			2,609,207			15,239,920			754,059
Shares issued on fund acquisition:
Class I3		—			20,290,247			—			—			52,386,514			—
Class R		—			8,065,740			—			—			24,908,589			—
		—			28,355,987			—			—			77,295,103			—
Shares reinvested:
Class I3		936,284			157,778			—			2,466,584			152,755			—
Class R		322,061			39,592			—			473,842			—			—
Class R4		37,013			10,752			20,235			135,546			6,902			20,696
		1,295,358			208,122			20,235			3,075,972			159,657			20,696
Shares redeemed:
Class I3		(2,538,402	)		(2,541,126	)		—			(9,830,830	)		(10,084,253	)		—
Class R		(1,402,664	)		(1,301,769	)		—			(3,366,115	)		(13,015,583	)		—
Class R4		(630,684	)		(121,104	)		(322,872	)		(763,105	)		(6,055,730	)		(3,564,316	)
		(4,571,750	)		(3,963,999	)		(322,872	)		(13,960,050	)		(29,155,566	)		(3,564,316	)
Net increase (decrease) in shares outstanding:
Class I3		(1,186,456	)		18,228,560			—			(6,819,562	)		56,821,930			—
Class R		(430,797	)		6,977,920			—			(1,207,249	)		12,501,145			—
Class R4		(571,969	)		(59,840	)		(219,848	)		(248,060	)		(5,783,961	)		(2,789,561	)
		(2,189,222	)		25,146,640			(219,848	)		(8,274,871	)		63,539,114			(2,789,561	)

(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 Capital share transactions – shares 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 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 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.
(E)	Effective March 10, 2017, the Fund underwent a 1.35-for-1 share split. The Capital share transactions – shares has been retroactively adjusted to reflect the share split. See the Stock Split section of the Notes to Financial Statements for more information.
(F)	The sources of distributions to shareholders and the amount of undistributed net investment income are no longer required disclosures for the year ended October 31, 2018 due to the SEC Regulation S-X updates effective November 5, 2018. Please reference the New Accounting Pronouncements section of the Notes to Financial Statements for additional information.

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

Transamerica Funds Annual Report 2018

Page    399

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:

	Transamerica Large Value Opportunities									Transamerica Mid Cap Growth
	October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			October 31, 2018			October 31, 2017 (D) (E) (F) (G)			December 31, 2016
From operations:
Net investment income (loss)	$	10,103,525		$	6,092,901		$	1,694,515		$	461,084		$	498,390		$	(14,277	)
Net realized gain (loss)		77,317,138			(659,438	)		—			37,031,309			10,843,576			—
Net realized gain (loss) allocated from Series Portfolios		—			(99,187,677	)		(1,133,458	)		—			(93,487	)		660,335
Net change in unrealized appreciation (depreciation)		(62,205,395	)		49,510,590			7,646,532			(36,990,443	)		9,945,942			—
Net change in unrealized appreciation (depreciation) allocated from Series Portfolios		—			100,830,830			—			—			1,228,606			1,163,662
Net increase (decrease) in net assets resulting from operations		25,215,268			56,587,206			8,207,589			501,950			22,423,027			1,809,720
Distributions (H):
Dividends and/or distributions to shareholders:
Class A		—			—			—			(175,096	)		—			—
Class C		—			—			—			(24,769	)		—			—
Class I		—			—			—			(13,939	)		—			—
Class I2		—			—			—			(3,238,011	)		—			—
Class I3		(16,314,502	)		—			—			(931,099	)		—			—
Class R		(3,039,969	)		—			—			(417,313	)		—			—
Class R4		(1,213,363	)		—			—			(179,887	)		—			—
Class T1		—			—			—			(193	)		—			—
Advisor Class		—			—			—			(217	)		—			—
Net investment income:
Class I3		—			(4,251,676	)		—			—			—			—
Class R		—			(636,201	)		—			—			—			—
Class R4		—			(857,573	)		(1,735,308	)		—			—			—
Total dividends and/or distributions from net investment income		—			(5,745,450	)		(1,735,308	)		—			—			—
Net realized gains:
Class R4		—			—			—			—			(428,539	)		(1,611,795	)
Total dividends and/or distributions from net realized gains		—			—			—			—			(428,539	)		(1,611,795	)
Total dividends and/or distributions to shareholders		(20,567,834	)		(5,745,450	)		(1,735,308	)		(4,980,524	)		(428,539	)		(1,611,795	)
Capital share transactions:
Proceeds from shares sold:
Class A		—			—			—			2,994,683			2,751,634			—
Class C		—			—			—			283,781			269,670			—
Class I		—			—			—			239,069			195,964			—
Class I2		—			—			—			10,000			—			—
Class I3		4,874,180			137,858,532			—			929,592			34,898,658			—
Class R		5,317,383			1,138,409			—			6,970,413			2,380,532			—
Class R4		4,045,018			2,805,938			9,184,835			2,683,100			1,532,756			1,991,283
Class T1		—			—			—			7			10,000			—
Advisor Class		—			—			—			7			—			—
		14,236,581			141,802,879			9,184,835			14,110,652			42,039,214			1,991,283
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		—			423,874,680			—			—			35,433,677			—
Class R		—			229,097,355			—			—			53,042,698			—
Advisor Class		—			—			—			—			10,563			—
		—			652,972,035			—			—			257,227,686			—

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

Transamerica Funds Annual Report 2018

Page    400

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:

	Transamerica Large Value Opportunities									Transamerica Mid Cap Growth
	October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			October 31, 2018			October 31, 2017 (D) (E) (F) (G)			December 31, 2016
Dividends and/or distributions reinvested:
Class A		—			—			—			174,864			—			—
Class C		—			—			—			24,769			—			—
Class I		—			—			—			13,939			—			—
Class I2		—			—			—			3,238,011			—			—
Class I3		16,314,502			4,251,676			—			931,099			—			—
Class R		3,039,969			636,201			—			417,313			—			—
Class R4		1,213,363			857,573			1,735,308			179,887			428,539			1,611,795
Class T1		—			—			—			193			—			—
Advisor Class		—			—			—			217			—			—
		20,567,834			5,745,450			1,735,308			4,980,292			428,539			1,611,795
Cost of shares redeemed:
Class A		—			—			—			(3,391,002	)		(1,434,367	)		—
Class C		—			—			—			(256,183	)		(94,913	)		—
Class I		—			—			—			(191,629	)		(50,573	)		—
Class I2		—			—			—			(159,904,186	)		(16,215,111	)		—
Class I3		(86,641,189	)		(84,132,643	)		—			(10,472,053	)		(26,918,711	)		—
Class R		(19,194,740	)		(123,829,312	)		—			(12,235,911	)		(31,318,210	)		—
Class R4		(22,703,298	)		(54,673,477	)		(17,518,104	)		(8,366,810	)		(10,043,950	)		(4,109,017	)
		(128,539,227	)		(262,635,432	)		(17,518,104	)		(194,817,774	)		(86,075,835	)		(4,109,017	)
Automatic conversions:
Class A		—			—			—			112,171			—			—
Class C		—			—			—			(112,171	)		—			—
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		(93,734,812	)		537,884,932			(6,597,961	)		(175,726,830	)		213,619,604			(505,939	)
Net increase (decrease) in net assets		(89,087,378	)		588,726,688			(125,680	)		(180,205,404	)		235,614,092			(308,014	)
Net assets:
Beginning of period/year		688,019,045			99,292,357			99,418,037			252,380,958			16,766,866			17,074,880
End of period/year	$	598,931,667		$	688,019,045		$	99,292,357		$	72,175,554		$	252,380,958		$	16,766,866
Undistributed (distributions in excess of) net investment income (loss) (H)		—		$	392,497		$	7,142			—		$	507,592		$	—
Capital share transactions - shares:
Shares issued:
Class A		—			—			—			201,861			207,218			—
Class C		—			—			—			19,610			20,405			—
Class I		—			—			—			15,967			14,478			—
Class I2		—			—			—			695			—			—
Class I3		440,353			13,947,453			—			61,776			2,618,465			—
Class R		480,715			111,438			—			470,142			172,128			—
Class R4		368,137			279,076			1,039,429			179,281			113,827			163,448
Class T1		—			—			—			—			760			—
		1,289,205			14,337,967			1,039,429			949,332			3,147,281			163,448
Shares issued on fund acquisition:
Class A		—			—			—			—			600,232			—
Class C		—			—			—			—			92,065			—
Class I		—			—			—			—			35,727			—
Class I2		—			—			—			—			12,026,921			—
Class I3		—			42,387,468			—			—			2,676,644			—
Class R		—			22,909,736			—			—			4,006,821			—
Advisor Class		—			—			—			—			800			—
		—			65,297,204			—			—			19,439,210			—
Shares reinvested:
Class A		—			—			—			11,993			—			—
Class C		—			—			—			1,744			—			—
Class I		—			—			—			949			—			—
Class I2		—			—			—			219,974			—			—
Class I3		1,484,294			414,615			—			63,125			—			—
Class R		276,508			62,039			—			28,331			—			—
Class R4		110,399			85,164			191,499			12,187			32,568			128,997
Class T1		—			—			—			14			—			—
Advisor Class		—			—			—			15			—			—
		1,871,201			561,818			191,499			338,332			32,568			128,997

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

Transamerica Funds Annual Report 2018

Page    401

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:

	Transamerica Large Value Opportunities									Transamerica Mid Cap Growth
	October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			October 31, 2018			October 31, 2017 (D) (E) (F) (G)			December 31, 2016
Shares redeemed:
Class A		—			—			—			(228,648	)		(107,035	)		—
Class C		—			—			—			(17,757	)		(7,301	)		—
Class I		—			—			—			(12,693	)		(3,684	)		—
Class I2		—			—			—			(11,096,731	)		(1,150,163	)		—
Class I3		(7,843,770	)		(8,152,852	)		—			(700,091	)		(1,920,073	)		—
Class R		(1,737,549	)		(12,455,699	)		—			(825,320	)		(2,345,275	)		—
Class R4		(2,076,810	)		(5,454,390	)		(1,968,045	)		(548,376	)		(750,445	)		(338,006	)
		(11,658,129	)		(26,062,941	)		(1,968,045	)		(13,429,616	)		(6,283,976	)		(338,006	)
Automatic conversions:
Class A		—			—			—			7,507			—			—
Class C		—			—			—			(7,755	)		—			—
		—			—			—			(248	)		—			—
Net increase (decrease) in shares outstanding:
Class A		—			—			—			(7,287	)		700,415			—
Class C		—			—			—			(4,158	)		105,169			—
Class I		—			—			—			4,223			46,521			—
Class I2		—			—			—			(10,876,062	)		10,876,758			—
Class I3		(5,919,123	)		48,596,684			—			(575,190	)		3,375,036			—
Class R		(980,326	)		10,627,514			—			(326,847	)		1,833,674			—
Class R4		(1,598,274	)		(5,090,150	)		(737,117	)		(356,908	)		(604,050	)		(45,561	)
Class T1		—			—			—			14			760			—
Advisor Class		—			—			—			15			800			—
		(8,497,723	)		54,134,048			(737,117	)		(12,142,200	)		16,335,083			(45,561	)

(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 Capital share transactions – shares 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)	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)	Effective March 10, 2017, the Fund underwent a 0.84-for-1 share split. The Capital share transactions – shares has 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 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.
(G)	Class T1 commenced operations on March 17, 2017.
(H)	The sources of distributions to shareholders and the amount of undistributed net investment income are no longer required disclosures for the year ended October 31, 2018 due to the SEC Regulation S-X updates effective November 5, 2018. Please reference the New Accounting Pronouncements section of the Notes to Financial Statements for additional information.

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

Transamerica Funds Annual Report 2018

Page    402

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Mid Cap Value Opportunities						Transamerica MLP & Energy Income
	October 31, 2018			October 31, 2017 (A) (B) (C)			October 31, 2018			October 31, 2017 (A) (B)
From operations:
Net investment income (loss)	$	16,376,150		$	9,940,826		$	2,599,532		$	7,690,180
Net realized gain (loss)		88,071,117			45,269,180			(1,924,083	)		16,075,000
Net change in unrealized appreciation (depreciation)		(23,334,476	)		15,028,559			(7,314,705	)		(11,004,717	)
Net increase (decrease) in net assets resulting from operations		81,112,791			70,238,565			(6,639,256	)		12,760,463
Distributions (D):
Dividends and/or distributions to shareholders:
Class A		(8,172,969	)		—			(282,971	)		—
Class C		(1,292,636	)		—			(160,718	)		—
Class I		(30,090,327	)		—			(316,956	)		—
Class I2		(23,409,015	)		—			(2,627,809	)		—
Class I3		(20,225,453	)		—			—			—
Class R		(6,113,362	)		—			—			—
Class R4		(30,226,839	)		—			—			—
Class R6		(1,475,600	)		—			—			—
Class T1		(740	)		—			(98	)		—
Advisor Class		(796	)		—			(106	)		—
Net investment income:
Class A		—			(900,992	)		—			(1,455,657	)
Class C		—			(49,168	)		—			(926,627	)
Class I		—			(3,648,391	)		—			(1,970,470	)
Class I2		—			(3,775,673	)		—			(10,351,944	)
Class R6		—			(259	)		—			—
Class T1		—			—			—			(197	)
Advisor Class		—			(4	)		—			(298	)
Total dividends and/or distributions from net investment income		—			(8,374,487	)		—			(14,705,193	)
Net realized gains:
Class A		—			(6,370,108	)		—			—
Class C		—			(587,982	)		—			—
Class I		—			(23,154,423	)		—			—
Class I2		—			(22,656,746	)		—			—
Class R6		—			(3,526	)		—			—
Advisor Class		—			(666	)		—			—
Total dividends and/or distributions from net realized gains		—			(52,773,451	)		—			—
Return of capital:
Class A		—			—			(1,111,923	)		(543,510	)
Class C		—			—			(631,550	)		(345,976	)
Class I		—			—			(1,245,522	)		(735,723	)
Class I2		—			—			(10,326,185	)		(3,865,159	)
Class T1		—			—			(386	)		(77	)
Advisor Class		—			—			(399	)		(110	)
Total dividends and/or distributions from return of capital		—			—			(13,315,965	)		(5,490,555	)
Total dividends and/or distributions to shareholders		(121,007,737	)		(61,147,938	)		(16,704,623	)		(20,195,748	)
Capital share transactions:
Proceeds from shares sold:
Class A		44,765,561			82,092,377			5,635,060			7,849,028
Class C		5,071,156			13,111,964			1,360,328			2,395,568
Class I		185,045,880			244,496,929			25,864,814			29,089,625
Class I2		8,824,715			1,471,503			97,728,579			5,251,286
Class I3		3,386,198			38,123,383			—			—
Class R		9,920,268			6,253,869			—			—
Class R4		21,810,715			17,889,964			—			—
Class R6		168,510,517			21,110,275			—			—
Class T1		3			10,000			—			10,000
Advisor Class		3			20,000			—			10,000
		447,335,016			424,580,264			130,588,781			44,605,507
Issued from fund acquisition:
Class I3		—			291,240,513			—			—
Class R		—			132,969,517			—			—
Class R4		—			465,442,058			—			—
		—			889,652,088			—			—

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

Transamerica Funds Annual Report 2018

Page    403

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Mid Cap Value Opportunities						Transamerica MLP & Energy Income
	October 31, 2018			October 31, 2017 (A) (B) (C)			October 31, 2018			October 31, 2017 (A) (B)
Dividends and/or distributions reinvested:
Class A		8,066,660			7,220,302			1,277,238			1,692,339
Class C		1,212,653			598,740			641,039			924,288
Class I		27,039,120			26,017,180			1,308,067			1,550,070
Class I2		23,409,015			26,432,419			12,953,994			14,217,103
Class I3		20,225,453			—			—			—
Class R		5,895,337			—			—			—
Class R4		30,226,839			—			—			—
Class R6		1,475,600			3,785			—			—
Class T1		740			—			484			274
Advisor Class		796			670			505			408
		117,552,213			60,273,096			16,181,327			18,384,482
Cost of shares redeemed:
Class A		(57,698,324	)		(48,726,575	)		(14,280,863	)		(20,445,016	)
Class C		(5,874,543	)		(2,914,305	)		(8,269,989	)		(10,205,393	)
Class I		(231,019,544	)		(177,722,775	)		(51,699,906	)		(20,540,482	)
Class I2		(43,247,424	)		(55,798,588	)		(43,159,307	)		(73,809,028	)
Class I3		(62,073,657	)		(55,941,759	)		—			—
Class R		(33,430,531	)		(50,380,405	)		—			—
Class R4		(106,310,216	)		(60,490,724	)		—			—
Class R6		(12,079,445	)		(4,838,114	)		—			—
Advisor Class		—			(10,033	)		—			—
		(551,733,684	)		(456,823,278	)		(117,410,065	)		(124,999,919	)
Automatic conversions:
Class A		189,811			—			278,203			—
Class C		(189,811	)		—			(278,203	)		—
		—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		13,153,545			917,682,170			29,360,043			(62,009,930	)
Net increase (decrease) in net assets		(26,741,401	)		926,772,797			6,016,164			(69,445,215	)
Net assets:
Beginning of year		1,631,346,490			704,573,693			313,075,145			382,520,360
End of year	$	1,604,605,089		$	1,631,346,490		$	319,091,309		$	313,075,145
Undistributed (distributions in excess of) net investment income (loss) (D)		—		$	8,127,824			—		$	(1,528,065	)
Capital share transactions - shares:
Shares issued:
Class A		3,792,820			6,858,224			763,587			1,003,454
Class C		434,104			1,107,514			186,369			304,506
Class I		15,675,022			20,419,935			3,418,089			3,723,548
Class I2		732,396			124,535			13,238,834			685,313
Class I3		286,586			3,181,906			—			—
Class R		827,297			512,308			—			—
Class R4		1,851,424			1,484,698			—			—
Class R6		13,745,333			1,754,629			—			—
Class T1		—			833			—			1,235
Advisor Class		—			1,621			—			1,251
		37,344,982			35,446,203			17,606,879			5,719,307
Shares issued on fund acquisition:
Class I3		—			24,417,361			—			—
Class R		—			11,148,053			—			—
Class R4		—			39,022,272			—			—
		—			74,587,686			—			—
Shares reinvested:
Class A		698,412			621,368			178,008			216,771
Class C		106,001			51,839			89,570			118,908
Class I		2,332,970			2,229,407			182,231			199,301
Class I2		2,018,019			2,263,049			1,796,995			1,818,061
Class I3		1,734,601			—			—			—
Class R		505,604			—			—			—
Class R4		2,592,353			—			—			—
Class R6		126,228			322			—			—
Class T1		64			—			66			35
Advisor Class		68			57			70			52
		10,114,320			5,166,042			2,246,940			2,353,128

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

Transamerica Funds Annual Report 2018

Page    404

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Mid Cap Value Opportunities						Transamerica MLP & Energy Income
	October 31, 2018			October 31, 2017 (A) (B) (C)			October 31, 2018			October 31, 2017 (A) (B)
Shares redeemed:
Class A		(4,874,055	)		(4,096,947	)		(1,975,741	)		(2,562,351	)
Class C		(506,316	)		(245,294	)		(1,137,821	)		(1,309,167	)
Class I		(19,281,697	)		(14,783,811	)		(7,025,681	)		(2,641,581	)
Class I2		(3,621,304	)		(4,632,890	)		(5,833,306	)		(9,482,816	)
Class I3		(5,203,773	)		(4,598,466	)		—			—
Class R		(2,812,602	)		(4,199,563	)		—			—
Class R4		(8,897,529	)		(4,992,289	)		—			—
Class R6		(1,001,676	)		(396,759	)		—			—
Advisor Class		—			(825	)		—			—
		(46,198,952	)		(37,946,844	)		(15,972,549	)		(15,995,915	)
Automatic conversions:
Class A		15,516			—			37,031			—
Class C		(15,730	)		—			(37,219	)		—
		(214	)		—			(188	)		—
Net increase (decrease) in shares outstanding:
Class A		(367,307	)		3,382,645			(997,115	)		(1,342,126	)
Class C		18,059			914,059			(899,101	)		(885,753	)
Class I		(1,273,705	)		7,865,531			(3,425,361	)		1,281,268
Class I2		(870,889	)		(2,245,306	)		9,202,523			(6,979,442	)
Class I3		(3,182,586	)		23,000,801			—			—
Class R		(1,479,701	)		7,460,798			—			—
Class R4		(4,453,752	)		35,514,681			—			—
Class R6		12,869,885			1,358,192			—			—
Class T1		64			833			66			1,270
Advisor Class		68			853			70			1,303
		1,260,136			77,253,087			3,881,082			(7,923,480	)

(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 24, 2017.
(D)	The sources of distributions to shareholders and the amount of undistributed net investment income are no longer required disclosures for the year ended October 31, 2018 due to the SEC Regulation S-X updates effective November 5, 2018. Please reference the New Accounting Pronouncements section of the Notes to Financial Statements for additional information.

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

Transamerica Funds Annual Report 2018

Page    405

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Multi-Cap Growth						Transamerica Multi-Managed Balanced						Transamerica Short-Term Bond
	October 31, 2018			October 31, 2017 (A) (B)			October 31, 2018			October 31, 2017 (A) (C)			October 31, 2018			October 31, 2017 (A) (B)
From operations:
Net investment income (loss)	$	273,435		$	464,546		$	11,446,691		$	9,576,374		$	67,744,273		$	52,271,428
Net realized gain (loss)		14,929,869			12,103,202			58,189,750			22,528,824			(9,452,655	)		(2,199,067	)
Net change in unrealized appreciation (depreciation)		6,625,651			40,261,380			(47,744,738	)		94,310,995			(41,360,373	)		4,706,987
Net increase (decrease) in net assets resulting from operations		21,828,955			52,829,128			21,891,703			126,416,193			16,931,245			54,779,348
Distributions (D):
Dividends and/or distributions to shareholders:
Class A		(2,492,435	)		—			(18,631,456	)		—			(18,213,891	)		—
Class B		(39,519	)		—			(39,885	)		—			—			—
Class C		(507,414	)		—			(5,735,192	)		—			(6,540,709	)		—
Class I		(2,716,513	)		—			(8,731,540	)		—			(33,893,076	)		—
Class I2		(6,851,441	)		—			—			—			(9,547,261	)		—
Class R6		—			—			(317,627	)		—			(373,863	)		—
Class T1		(542	)		—			(368	)		—			(230	)		—
Advisor Class		(532	)		—			(899	)		—			(70,294	)		—
Net investment income:
Class A		—			—			—			(6,499,930	)		—			(19,196,837	)
Class B		—			—			—			(3,434	)		—			—
Class C		—			(19	)		—			(1,011,781	)		—			(6,870,311	)
Class I		—			(24,737	)		—			(3,301,226	)		—			(22,553,104	)
Class I2		—			(430,759	)		—			—			—			(7,636,970	)
Class R6		—			—			—			(128,030	)		—			(19,654	)
Class T1		—			—			—			(67	)		—			(125	)
Advisor Class		—			—			—			(74	)		—			(336	)
Total dividends and/or distributions from net investment income		—			(455,515	)		—			(10,944,542	)		—			(56,277,337	)
Net realized gains:
Class A		—			(9,176,019	)		—			(1,538,902	)		—			—
Class B		—			(264,885	)		—			(11,291	)		—			—
Class C		—			(1,794,873	)		—			(723,850	)		—			—
Class I		—			(7,032,558	)		—			(715,081	)		—			—
Class I2		—			(29,460,257	)		—			—			—			—
Class R6		—			—			—			(22,299	)		—			—
Advisor Class		—			(1,766	)		—			—			—			—
Total dividends and/or distributions from net realized gains		—			(47,730,358	)		—			(3,011,423	)		—			—
Total dividends and/or distributions to shareholders		(12,608,396	)		(48,185,873	)		(33,456,967	)		(13,955,965	)		(68,639,324	)		(56,277,337	)
Capital share transactions:
Proceeds from shares sold:
Class A		2,845,093			3,868,799			36,633,991			194,851,948			213,003,959			429,018,787
Class B		1,374			—			13,908			104,609			—			—
Class C		667,603			822,734			25,585,598			45,022,538			36,853,985			63,615,527
Class I		5,244,696			25,526,401			55,084,342			74,657,629			928,696,994			894,410,421
Class I2		60,834,413			1,460,963			—			—			117,327,477			226,064,769
Class R6		—			—			660,956			3,349,901			29,103,138			1,380,048
Class T1		—			10,140			—			10,000			—			10,098
Advisor Class		—			10,000			78,689			10,000			5,788,823			40,843
		69,593,179			31,699,037			118,057,484			318,006,625			1,330,774,376			1,614,540,493
Dividends and/or distributions reinvested:
Class A		2,461,301			9,029,367			18,275,344			7,879,486			17,028,111			17,774,062
Class B		39,329			263,164			39,296			14,616			—			—
Class C		499,621			1,740,513			5,461,657			1,619,346			5,872,168			6,131,759
Class I		2,681,959			6,994,746			7,931,626			3,683,954			27,768,981			18,654,392
Class I2		6,851,441			29,891,016			—			—			9,547,261			7,690,380
Class R6		—			—			317,627			150,329			373,694			19,754
Class T1		542			—			368			67			230			125
Advisor Class		532			1,766			899			74			70,294			336
		12,534,725			47,920,572			32,026,817			13,347,872			60,660,739			50,270,808

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

Transamerica Funds Annual Report 2018

Page    406

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Multi-Cap Growth						Transamerica Multi-Managed Balanced						Transamerica Short-Term Bond
	October 31, 2018			October 31, 2017 (A) (B)			October 31, 2018			October 31, 2017 (A) (C)			October 31, 2018			October 31, 2017 (A) (B)
Cost of shares redeemed:
Class A		(7,421,570	)		(9,684,516	)		(114,314,282	)		(96,998,922	)		(430,846,080	)		(440,706,214	)
Class B		(85,035	)		(88,515	)		(204,202	)		(378,996	)		—			—
Class C		(1,281,280	)		(1,999,107	)		(42,300,880	)		(56,909,943	)		(151,834,719	)		(172,869,720	)
Class I		(13,126,602	)		(15,268,843	)		(94,861,437	)		(47,047,417	)		(794,307,491	)		(579,954,021	)
Class I2		(43,410,187	)		(58,452,194	)		—			—			(326,983,740	)		(88,195,875	)
Class R6		—			—			(3,509,962	)		(1,036,001	)		(4,514,560	)		(360,132	)
Class T1		—			—			—			—			—			(98	)
Advisor Class		—			—			—			—			(410,066	)		(8	)
		(65,324,674	)		(85,493,175	)		(255,190,763	)		(202,371,279	)		(1,708,896,656	)		(1,282,086,068	)
Automatic conversions:
Class A		246,789			561,428			1,145,242			1,310,454			—			—
Class B		(246,789	)		(561,428	)		(1,145,242	)		(1,310,454	)		—			—
		—			—			—			—			—			—
Automatic conversions:
Class A		5,288,683			—			25,323,116			—			7,411,824			—
Class C		(5,288,683	)		—			(25,323,116	)		—			(7,411,824	)		—
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		16,803,230			(5,873,566	)		(105,106,462	)		128,983,218			(317,461,541	)		382,725,233
Net increase (decrease) in net assets		26,023,789			(1,230,311	)		(116,671,726	)		241,443,446			(369,169,620	)		381,227,244
Net assets:
Beginning of year		257,504,251			258,734,562			1,074,757,847			833,314,401			3,199,513,452			2,818,286,208
End of year	$	283,528,040		$	257,504,251		$	958,086,121		$	1,074,757,847		$	2,830,343,832		$	3,199,513,452
Undistributed (distributions in excess of) net investment income (loss) (D)		—		$	9,031			—		$	173,021			—		$	(541,126	)
Capital share transactions - shares:
Shares issued:
Class A		382,041			568,857			1,298,925			7,473,049			21,028,863			42,029,320
Class B		236			—			508			4,059			—			—
Class C		115,472			162,126			923,557			1,737,413			3,645,273			6,244,662
Class I		641,026			3,618,805			1,945,171			2,799,028			93,387,841			89,102,548
Class I2		7,341,659			195,998			—			—			11,808,140			22,524,741
Class R6		—			—			23,582			128,418			2,933,332			137,623
Class T1		—			1,522			—			378			—			991
Advisor Class		—			1,218			2,774			375			581,072			4,065
		8,480,434			4,548,526			4,194,517			12,142,720			133,384,521			160,043,950
Shares reinvested:
Class A		345,688			1,463,431			653,585			299,319			1,684,437			1,740,678
Class B		7,270			54,948			1,416			576			—			—
Class C		91,006			358,868			199,112			63,373			582,165			601,792
Class I		338,632			1,028,639			282,422			139,272			2,795,907			1,858,739
Class I2		852,169			4,325,762			—			—			961,750			766,945
Class R6		—			—			11,311			5,667			37,733			1,969
Class T1		76			—			13			2			22			12
Advisor Class		68			259			32			3			7,078			33
		1,634,909			7,231,907			1,147,891			508,212			6,069,092			4,970,168
Shares redeemed:
Class A		(1,011,315	)		(1,442,562	)		(4,067,002	)		(3,619,896	)		(42,567,492	)		(43,162,772	)
Class B		(15,054	)		(17,267	)		(7,347	)		(14,386	)		—			—
Class C		(226,693	)		(376,047	)		(1,530,412	)		(2,193,976	)		(15,037,337	)		(16,970,642	)
Class I		(1,584,611	)		(2,073,088	)		(3,345,104	)		(1,770,029	)		(79,905,360	)		(57,845,195	)
Class I2		(5,118,950	)		(7,827,370	)		—			—			(33,008,014	)		(8,795,787	)
Class R6		—			—			(124,352	)		(39,052	)		(454,569	)		(35,879	)
Class T1		—			—			—			—			—			(9	)
Advisor Class		—			—			—			—			(41,278	)		—
		(7,956,623	)		(11,736,334	)		(9,074,217	)		(7,637,339	)		(171,014,050	)		(126,810,284	)
Automatic conversions:
Class A		33,649			86,199			40,742			49,435			—			—
Class B		(44,349	)		(110,724	)		(41,025	)		(49,771	)		—			—
		(10,700	)		(24,525	)		(283	)		(336	)		—			—
Automatic conversions:
Class A		675,305			—			876,784			—			734,583			—
Class C		(881,210	)		—			(893,954	)		—			(736,042	)		—
		(205,905	)		—			(17,170	)		—			(1,459	)		—

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

Transamerica Funds Annual Report 2018

Page    407

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Multi-Cap Growth						Transamerica Multi-Managed Balanced						Transamerica Short-Term Bond
	October 31, 2018			October 31, 2017 (A) (B)			October 31, 2018			October 31, 2017 (A) (C)			October 31, 2018			October 31, 2017 (A) (B)
Net increase (decrease) in shares outstanding:
Class A		425,368			675,925			(1,196,966	)		4,201,907			(19,119,609	)		607,226
Class B		(51,897	)		(73,043	)		(46,448	)		(59,522	)		—			—
Class C		(901,425	)		144,947			(1,301,697	)		(393,190	)		(11,545,941	)		(10,124,188	)
Class I		(604,953	)		2,574,356			(1,117,511	)		1,168,271			16,278,388			33,116,092
Class I2		3,074,878			(3,305,610	)		—			—			(20,238,124	)		14,495,899
Class R6		—			—			(89,459	)		95,033			2,516,496			103,713
Class T1		76			1,522			13			380			22			994
Advisor Class		68			1,477			2,806			378			546,872			4,098
		1,942,115			19,574			(3,749,262	)		5,013,257			(31,561,896	)		38,203,834

(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)	The sources of distributions to shareholders and the amount of undistributed net investment income are no longer required disclosures for the year ended October 31, 2018 due to the SEC Regulation S-X updates effective November 5, 2018. Please reference the New Accounting Pronouncements section of the Notes to Financial Statements for additional information.

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

Transamerica Funds Annual Report 2018

Page    408

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:

	Transamerica Small Cap Core									Transamerica Small Cap Growth
	October 31, 2018			October 31, 2017 (A) (B) (C) (D)			December 31, 2016			October 31, 2018			October 31, 2017 (A) (E) (F)
From operations:
Net investment income (loss)	$	1,419,004		$	933,032		$	100,266		$	(565,604	)	$	(875,287	)
Net realized gain (loss)		18,354,804			5,468,338			—			11,294,709			10,735,168
Net realized gain (loss) allocated from Series Portfolios		—			(47,991,746	)		243,734			—			—
Net change in unrealized appreciation (depreciation)		(12,056,861	)		2,267,684			—			(3,461,073	)		15,784,843
Net change in unrealized appreciation (depreciation) allocated from Series Portfolios		—			47,847,340			2,263,938			—			—
Net increase (decrease) in net assets resulting from operations		7,716,947			8,524,648			2,607,938			7,268,032			25,644,724
Distributions (G):
Dividends and/or distributions to shareholders:
Class A		(153,549	)		—			—			(1,803,881	)		—
Class C		(25,343	)		—			—			(390,836	)		—
Class I		(84,391	)		—			—			(2,668,855	)		—
Class I2		(1,300,776	)		—			—			(4,230,808	)		—
Class I3		(5,641,764	)		—			—			(3,224,876	)		—
Class R		(1,731,562	)		—			—			(1,622,178	)		—
Class R4		(310,768	)		—			—			(568,604	)		—
Class R6		—			—			—			(5,894	)		—
Class T1		(359	)		—			—			(1,084	)		—
Advisor Class		(471	)		—			—			(1,548	)		—
Net investment income:
Class R4		—			(13,209	)		(106,674	)		—			—
Total dividends and/or distributions from net investment income		—			(13,209	)		(106,674	)		—			—
Net realized gains:
Class A		—			—			—			—			(6,093,796	)
Class C		—			—			—			—			(1,028,759	)
Class I		—			—			—			—			(2,491,220	)
Class I2		—			—			—			—			(32,431,383	)
Class R6		—			—			—			—			(30,128	)
Advisor Class		—			—			—			—			(5,508	)
Total dividends and/or distributions from net realized gains		—			—			—			—			(42,080,794	)
Total dividends and/or distributions to shareholders		(9,248,983	)		(13,209	)		(106,674	)		(14,518,564	)		(42,080,794	)
Capital share transactions:
Proceeds from shares sold:
Class A		1,000,871			837,158			—			12,387,704			10,899,962
Class C		144,309			12,670			—			2,021,512			2,142,285
Class I		517,371			214,113			—			10,959,812			26,832,249
Class I2		2,614,929			180,882			—			4,159,437			758,685
Class I3		3,623,967			10,922,377			—			789,527			33,968,740
Class R		1,433,778			1,333,867			—			7,066,340			1,250,562
Class R4		910,722			1,087,037			1,271,274			1,125,023			539,552
Class R6		—			—			—			63			—
Class T1		—			—			—			79,383			10,000
Advisor Class		—			10,000			—			—			14,550
		10,245,947			14,598,104			1,271,274			38,588,801			76,416,585
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			—			—			17,586,938
Class R		—			67,963,093			—			—			40,910,118
Class R4		—			—			—			—			11,132,383
Advisor Class		—			9,800			—			—			—
		—			277,187,353			—			—			69,629,439

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

Transamerica Funds Annual Report 2018

Page    409

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:

	Transamerica Small Cap Core									Transamerica Small Cap Growth
	October 31, 2018			October 31, 2017 (A) (B) (C) (D)			December 31, 2016			October 31, 2018			October 31, 2017 (A) (E) (F)
Dividends and/or distributions reinvested:
Class A		153,549			—			—			1,798,719			6,067,726
Class C		25,106			—			—			389,283			1,027,285
Class I		84,391			—			—			2,658,470			1,538,133
Class I2		1,300,776			—			—			4,230,808			32,431,383
Class I3		5,641,764			—			—			3,224,876			—
Class R		1,731,562			—			—			1,622,178			—
Class R4		310,768			13,209			106,674			568,604			—
Class R6		—			—			—			5,894			30,128
Class T1		359			—			—			1,084			—
Advisor Class		471			—			—			1,548			5,508
		9,248,746			13,209			106,674			14,501,464			41,100,163
Cost of shares redeemed:
Class A		(1,219,124	)		(435,979	)		—			(10,203,758	)		(6,930,735	)
Class C		(89,602	)		(163,862	)		—			(880,271	)		(440,072	)
Class I		(172,921	)		(224,352	)		—			(7,958,712	)		(2,601,404	)
Class I2		(12,199,516	)		(11,361,954	)		—			(18,453,485	)		(19,599,510	)
Class I3		(24,604,114	)		(27,112,967	)		—			(7,688,540	)		(20,916,482	)
Class R		(9,069,694	)		(17,737,657	)		—			(8,397,749	)		(27,317,128	)
Class R4		(4,693,244	)		(6,838,672	)		(2,057,728	)		(741,682	)		(6,529,406	)
Advisor Class		—			—			—			(2,465	)		—
		(52,048,215	)		(63,875,443	)		(2,057,728	)		(54,326,662	)		(84,334,737	)
Automatic conversions:
Class A		36,600			—			—			233,833			—
Class C		(36,600	)		—			—			(233,833	)		—
		—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		(32,553,522	)		227,923,223			(679,780	)		(1,236,397	)		102,811,450
Net increase (decrease) in net assets		(34,085,558	)		236,434,662			1,821,484			(8,486,929	)		86,375,380
Net assets:
Beginning of period/year		250,974,651			14,539,989			12,718,505			152,460,158			66,084,778
End of period/year	$	216,889,093		$	250,974,651		$	14,539,989		$	143,973,229		$	152,460,158
Undistributed (distributions in excess of) net investment income (loss) (G)		—		$	1,089,419		$	5,199			—		$	(732,251	)
Capital share transactions - shares:
Shares issued:
Class A		81,560			72,977			—			1,797,590			1,589,648
Class C		12,157			1,119			—			320,311			343,854
Class I		41,258			18,574			—			1,550,025			3,855,586
Class I2		212,994			15,802			—			587,212			104,057
Class I3		292,360			967,173			—			106,934			5,090,756
Class R		111,877			115,859			—			975,150			184,955
Class R4		73,631			93,465			115,106			159,986			80,310
Class T1		—			864			—			12,342			1,585
Advisor Class		—			—			—			—			1,402
		825,837			1,285,833			115,106			5,509,550			11,252,153
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			—			—			2,729,704
Class R		—			5,959,897			—			—			6,349,742
Class R4		—			—			—			—			1,727,879
Advisor Class		—			858			—			—			—
		—			24,309,325			—			—			10,807,325
Shares reinvested:
Class A		13,124			—			—			283,263			977,090
Class C		2,166			—			—			67,118			178,039
Class I		7,194			—			—			405,255			240,709
Class I2		110,799			—			—			636,212			5,020,338
Class I3		475,296			—			—			484,216			—
Class R		146,000			—			—			245,042			—
Class R4		26,181			1,156			10,653			85,504			—
Class R6		—			—			—			887			4,663
Class T1		30			—			—			170			—
Advisor Class		40			—			—			235			862
		780,830			1,156			10,653			2,207,902			6,421,701

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

Transamerica Funds Annual Report 2018

Page    410

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:

	Transamerica Small Cap Core									Transamerica Small Cap Growth
	October 31, 2018			October 31, 2017 (A) (B) (C) (D)			December 31, 2016			October 31, 2018			October 31, 2017 (A) (E) (F)
Shares redeemed:
Class A		(102,925	)		(38,160	)		—			(1,519,276	)		(1,040,338	)
Class C		(7,564	)		(14,338	)		—			(137,629	)		(73,599	)
Class I		(14,402	)		(19,347	)		—			(1,154,309	)		(376,935	)
Class I2		(1,005,243	)		(993,336	)		—			(2,608,822	)		(2,835,117	)
Class I3		(2,018,291	)		(2,334,146	)		—			(1,075,653	)		(3,008,639	)
Class R		(751,562	)		(1,562,821	)		—			(1,179,783	)		(4,092,359	)
Class R4		(376,326	)		(592,530	)		(210,127	)		(103,894	)		(979,948	)
Advisor Class		—			—			—			(367	)		—
		(4,276,313	)		(5,554,678	)		(210,127	)		(7,779,733	)		(12,406,935	)
Automatic conversions:
Class A		2,904			—			—			31,813			—
Class C		(2,948	)		—			—			(35,003	)		—
		(44	)		—			—			(3,190	)		—
Net increase (decrease) in shares outstanding:
Class A		(5,337	)		297,759			—			593,390			1,526,400
Class C		3,811			55,311			—			214,797			448,294
Class I		34,050			143,379			—			800,971			3,719,360
Class I2		(681,450	)		2,507,785			—			(1,385,398	)		2,289,278
Class I3		(1,250,635	)		13,020,654			—			(484,503	)		4,811,821
Class R		(493,685	)		4,512,935			—			40,409			2,442,338
Class R4		(276,514	)		(497,909	)		(84,368	)		141,596			828,241
Class R6		—			—			—			887			4,663
Class T1		30			864			—			12,512			1,585
Advisor Class		40			858			—			(132	)		2,264
		(2,669,690	)		20,041,636			(84,368	)		(65,471	)		16,074,244

(A)	Class T1 commenced operations on March 17, 2017.
(B)	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.
(C)	Effective March 10, 2017, the Fund underwent a 1.44-for-1 share split. The Capital share transactions – shares has been retroactively adjusted to reflect the share split. See the Stock Split section of the Notes to Financial Statements for more information.
(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-feederstructure 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 ofJanuary 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 10, 2017.
(F)	Advisor Class commenced operations on December 16, 2016.
(G)	The sources of distributions to shareholders and the amount of undistributed net investment income are no longer required disclosures for the year ended October 31, 2018 due to the SEC Regulation S-X updates effective November 5, 2018. Please reference the New Accounting Pronouncements section of the Notes to Financial Statements for additional information.

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

Transamerica Funds Annual Report 2018

Page    411

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:

	Transamerica Small Cap Value									Transamerica Small/Mid Cap Value
	October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			October 31, 2018			October 31, 2017 (D)
From operations:
Net investment income (loss)	$	1,622,016		$	902,986		$	44,412		$	3,886,953		$	(402,299	)
Net realized gain (loss)		20,943,074			14,690,324			—			77,145,651			107,344,174
Net realized gain (loss) allocated from Series Portfolios		—			4,987,862			34,016			—			—
Net change in unrealized appreciation (depreciation)		(40,264,859	)		8,637,238			—			(59,923,934	)		72,322,791
Net change in unrealized appreciation (depreciation) allocated from Series Portfolios		—			(5,039,261	)		1,123,681			—			—
Net increase (decrease) in net assets resulting from operations		(17,699,769	)		24,179,149			1,202,109			21,108,670			179,264,666
Distributions (E):
Dividends and/or distributions to shareholders:
Class A		(108,556	)		—			—			(43,122,222	)		—
Class B		—			—			—			(639,012	)		—
Class C		(35,407	)		—			—			(32,267,610	)		—
Class I		(104,035	)		—			—			(30,473,301	)		—
Class I2		(10,810,508	)		—			—			(2,520,225	)		—
Class I3		(1,436,337	)		—			—			—			—
Class R		(455,240	)		—			—			—			—
Class R4		(13,409	)		—			—			—			—
Class R6		(2,639	)		—			—			(494,961	)		—
Class T1		(439	)		—			—			(1,292	)		—
Advisor Class		(453	)		—			—			(17,021	)		—
Net investment income:
Class A		—			—			—			—			(2,976,859	)
Class C		—			—			—			—			(745,005	)
Class I		—			—			—			—			(1,892,802	)
Class I2		—			—			—			—			(234,153	)
Class R4		—			(6,110	)		(57,375	)		—			—
Class R6		—			—			—			—			(13,648	)
Advisor Class		—			—			—			—			(4	)
Total dividends and/or distributions from net investment income		—			(6,110	)		(57,375	)		—			(5,862,471	)
Net realized gains:
Class A		—			—			—			—			(18,330,193	)
Class B		—			—			—			—			(499,496	)
Class C		—			—			—			—			(14,159,982	)
Class I		—			—			—			—			(8,156,693	)
Class I2		—			—			—			—			(932,170	)
Class R6		—			—			—			—			(54,160	)
Advisor Class		—			—			—			—			(462	)
Total dividends and/or distributions from net realized gains		—			—			—			—			(42,133,156	)
Total dividends and/or distributions to shareholders		(12,967,023	)		(6,110	)		(57,375	)		(109,535,644	)		(47,995,627	)
Capital share transactions:
Proceeds from shares sold:
Class A		1,710,750			706,527			—			35,241,213			63,364,690
Class B		—			—			—			17,146			67,532
Class C		50,657			25,426			—			16,161,565			22,623,383
Class I		43,451			1,970,178			—			93,438,856			103,309,527
Class I2		7,908,511			273,374			—			820,884			516,914
Class I3		803,587			34,058,827			—			—			—
Class R		2,439,583			404,165			—			—			—
Class R4		28,958			146,453			396,114			—			—
Class R6		—			—			—			10,097,334			3,044,908
Class T1		—			—			—			—			10,000
Advisor Class		—			—			—			166,800			134,507
		12,985,497			37,584,950			396,114			155,943,798			193,071,461
Issued from fund acquisition:
Class A		—			2,495,036			—			—			—
Class C		—			824,598			—			—			—
Class I		—			639,862			—			—			—
Class I2		—			262,835,266			—			—			—
Class I3		—			17,165,386			—			—			—
Class R		—			35,584,048			—			—			—
Class R6		—			56,472			—			—			—
Class T1		—			9,968			—			—			—
Advisor Class		—			9,995			—			—			—
		—			319,620,631			—			—			—

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

Transamerica Funds Annual Report 2018

Page    412

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:

	Transamerica Small Cap Value									Transamerica Small/Mid Cap Value
	October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			October 31, 2018			October 31, 2017 (D)
Dividends and/or distributions reinvested:
Class A		108,556			—			—			41,347,231			20,401,389
Class B		—			—			—			616,613			463,513
Class C		34,117			—			—			29,995,369			13,256,501
Class I		104,035			—			—			25,040,503			8,092,037
Class I2		10,810,508			—			—			2,520,225			1,166,323
Class I3		1,436,337			—			—			—			—
Class R		455,240			—			—			—			—
Class R4		13,409			6,110			57,375			—			—
Class R6		2,639			—			—			494,961			67,808
Class T1		439			—			—			1,292			—
Advisor Class		453			—			—			17,021			466
		12,965,733			6,110			57,375			100,033,215			43,448,037
Cost of shares redeemed:
Class A		(1,168,433	)		(640,919	)		—			(92,835,823	)		(121,154,535	)
Class B		—			—			—			(533,712	)		(1,891,522	)
Class C		(74,348	)		(20,194	)		—			(55,805,642	)		(69,587,487	)
Class I		(1,760,708	)		(211,610	)		—			(65,498,780	)		(57,688,794	)
Class I2		(36,295,986	)		(27,229,294	)		—			(2,661,806	)		(2,360,345	)
Class I3		(6,884,739	)		(19,980,994	)		—			—			—
Class R		(4,288,362	)		(25,014,729	)		—			—			—
Class R4		(104,869	)		(6,783,482	)		(1,241,683	)		—			—
Class R6		—			—			—			(1,861,419	)		(379,530	)
		(50,577,445	)		(79,881,222	)		(1,241,683	)		(219,197,182	)		(253,062,213	)
Automatic conversions:
Class A		—			—			—			4,877,540			3,516,440
Class B		—			—			—			(4,877,540	)		(3,516,440	)
		—			—			—			—			—
Automatic conversions:
Class A		14,772			—			—			42,926,528			—
Class C		(14,772	)		—			—			(42,926,528	)		—
		—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		(24,626,215	)		277,330,469			(788,194	)		36,779,831			(16,542,715	)
Net increase (decrease) in net assets		(55,293,007	)		301,503,508			356,540			(51,647,143	)		114,726,324
Net assets:
Beginning of period/year		308,568,989			7,065,481			6,708,941			877,442,342			762,716,018
End of period/year	$	253,275,982		$	308,568,989		$	7,065,481		$	825,795,199		$	877,442,342
Undistributed (distributions in excess of) net investment income (loss) (E)		—		$	637,513		$	—			—		$	822,486
Capital share transactions - shares:
Shares issued:
Class A		144,318			62,428			—			1,254,521			2,265,562
Class B		—			—			—			745			2,630
Class C		4,302			2,232			—			660,996			912,026
Class I		3,580			169,873			—			3,206,944			3,567,317
Class I2		649,754			24,123			—			28,361			18,001
Class I3		66,437			3,072,379			—			—			—
Class R		206,866			35,280			—			—			—
Class R4		2,453			13,003			39,617			—			—
Class R6		—			—			—			344,513			103,831
Class T1 (A)		—			—			—			—			355
Advisor Class		—			—			—			6,083			4,515
		1,077,710			3,379,318			39,617			5,502,163			6,874,237
Shares issued on fund acquisition:
Class A		—			225,399			—			—			—
Class C		—			74,769			—			—			—
Class I		—			57,440			—			—			—
Class I2		—			23,579,640			—			—			—
Class I3		—			1,539,952			—			—			—
Class R		—			3,192,339			—			—			—
Class R6		—			5,040			—			—			—
Class T1		—			900			—			—			—
Advisor Class		—			891			—			—			—
		—			28,676,370			—			—			—

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

Transamerica Funds Annual Report 2018

Page    413

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:

	Transamerica Small Cap Value									Transamerica Small/Mid Cap Value
	October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			October 31, 2018			October 31, 2017 (D)
Shares reinvested:
Class A		9,326			—			—			1,515,105			747,030
Class B		—			—			—			25,512			18,781
Class C		2,954			—			—			1,261,900			545,535
Class I		8,892			—			—			888,591			288,075
Class I2		923,186			—			—			89,306			41,477
Class I3		122,345			—			—			—			—
Class R		38,843			—			—			—			—
Class R4		1,143			559			5,829			—			—
Class R6		225			—			—			17,465			2,403
Class T1		38			—			—			48			—
Advisor Class		38			—			—			597			16
		1,106,990			559			5,829			3,798,524			1,643,317
Shares redeemed:
Class A		(99,636	)		(56,826	)		—			(3,302,754	)		(4,316,782	)
Class B		—			—			—			(21,574	)		(74,384	)
Class C		(6,460	)		(1,738	)		—			(2,291,705	)		(2,796,491	)
Class I		(151,703	)		(17,768	)		—			(2,269,591	)		(2,014,153	)
Class I2		(3,046,861	)		(2,416,585	)		—			(91,680	)		(80,676	)
Class I3		(581,031	)		(1,707,458	)		—			—			—
Class R		(365,190	)		(2,244,465	)		—			—			—
Class R4		(8,799	)		(613,048	)		(122,618	)		—			—
Class R6		—			—			—			(65,370	)		(12,854	)
		(4,259,680	)		(7,057,888	)		(122,618	)		(8,042,674	)		(9,295,340	)
Automatic conversions:
Class A		—			—			—			175,520			126,093
Class B		—			—			—			(198,264	)		(139,953	)
		—			—			—			(22,744	)		(13,860	)
Automatic conversions:
Class A		1,229			—			—			1,488,416			—
Class C		(1,246	)		—			—			(1,717,127	)		—
		(17	)		—			—			(228,711	)		—
Net increase (decrease) in shares outstanding:
Class A		55,237			231,001			—			1,130,808			(1,178,097	)
Class B		—			—			—			(193,581	)		(192,926	)
Class C		(450	)		75,263			—			(2,085,936	)		(1,338,930	)
Class I		(139,231	)		209,545			—			1,825,944			1,841,239
Class I2		(1,473,921	)		21,187,178			—			25,987			(21,198	)
Class I3		(392,249	)		2,904,873			—			—			—
Class R		(119,481	)		983,154			—			—			—
Class R4		(5,203	)		(599,486	)		(77,172	)		—			—
Class R6		225			5,040			—			296,608			93,380
Class T1		38			900			—			48			355
Advisor Class		38			891			—			6,680			4,531
		(2,074,997	)		24,998,359			(77,172	)		1,006,558			(791,646	)

(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 Capital share transactions – shares 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 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)	The sources of distributions to shareholders and the amount of undistributed net investment income are no longer required disclosures for the year ended October 31, 2018 due to the SEC Regulation S-X updates effective November 5, 2018. Please reference the New Accounting Pronouncements section of the Notes to Financial Statements for additional information.

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

Transamerica Funds Annual Report 2018

Page    414

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Strategic High Income						Transamerica Unconstrained Bond						Transamerica US Growth
	October 31, 2018			October 31, 2017 (A) (B)			October 31, 2018			October 31, 2017 (B)			October 31, 2018			October 31, 2017 (A) (B)
From operations:
Net investment income (loss)	$	5,116,776		$	4,802,189		$	23,320,833		$	6,660,303		$	(2,398,596	)	$	2,219,323
Net realized gain (loss)		3,880,521			9,030,193			(5,107,923	)		6,573,151			101,172,920			100,647,830
Net change in unrealized appreciation (depreciation)		(5,324,697	)		3,139,383			(21,601,131	)		1,148,745			26,343,598			137,501,273
Net increase (decrease) in net assets resulting from operations		3,672,600			16,971,765			(3,388,221	)		14,382,199			125,117,922			240,368,426
Distributions (C):
Dividends and/or distributions to shareholders:
Class A		(892,273	)		—			—			—			(50,554,272	)		—
Class B		—			—			—			—			(546,263	)		—
Class C		(1,116,453	)		—			—			—			(5,140,014	)		—
Class I		(3,068,436	)		—			(83,485	)		—			(18,709,124	)		—
Class I2		(441	)		—			(20,859,820	)		—			(22,693,124	)		—
Class T		—			—			—			—			(4,498,847	)		—
Class T1		(396	)		—			—			—			(1,169	)		—
Advisor Class		(4,389	)		—			(345	)		—			(1,259	)		—
Net investment income:
Class A		—			(890,762	)		—			—			—			(300,861	)
Class C		—			(1,351,056	)		—			—			—			(18	)
Class I		—			(2,400,293	)		—			(29,338	)		—			(612,803	)
Class I2		—			(407	)		—			(7,789,343	)		—			(1,330,410	)
Class T		—			—			—			—			—			(118,454	)
Class T1		—			(217	)		—			—			—			—
Advisor Class		—			(486	)		—			(251	)		—			—
Total dividends and/or distributions from net investment income		—			(4,643,221	)		—			(7,818,932	)		—			(2,362,546	)
Net realized gains:
Class A		—			—			—			—			—			(9,431,729	)
Class B		—			—			—			—			—			(160,941	)
Class C		—			—			—			—			—			(1,012,745	)
Class I		—			—			—			—			—			(3,408,145	)
Class I2		—			—			—			—			—			(5,475,375	)
Class T		—			—			—			—			—			(833,124	)
Advisor Class		—			—			—			—			—			(211	)
Total dividends and/or distributions from net realized gains		—			—			—			—			—			(20,322,270	)
Return of capital:
Class I		—			—			(10,079	)		—			—			—
Class I2		—			—			(2,519,473	)		—			—			—
Advisor Class		—			—			(43	)		—			—			—
Total dividends and/or distributions from return of capital		—			—			(2,529,595	)		—			—			—
Total dividends and/or distributions to shareholders		(5,082,388	)		(4,643,221	)		(23,473,245	)		(7,818,932	)		(102,144,072	)		(22,684,816	)
Capital share transactions:
Proceeds from shares sold:
Class A		13,479,563			2,604,986			—			—			19,735,361			18,566,843
Class B		—			—			—			—			21,100			30,524
Class C		7,806,763			2,480,440			—			—			2,900,954			1,598,793
Class I		30,253,939			15,390,430			1,404,290			2,036,489			9,344,791			9,805,089
Class I2		—			—			481,390,903			38,959,786			21,977,924			2,952,866
Class T		—			—			—			—			606,724			626,800
Class T1		—			10,000			—			—			—			10,000
Advisor Class		107,000			15,201			—			10,000			—			10,000
		51,647,265			20,501,057			482,795,193			41,006,275			54,586,854			33,600,915
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			—			—			—			—

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

Transamerica Funds Annual Report 2018

Page    415

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Strategic High Income						Transamerica Unconstrained Bond						Transamerica US Growth
	October 31, 2018			October 31, 2017 (A) (B)			October 31, 2018			October 31, 2017 (B)			October 31, 2018			October 31, 2017 (A) (B)
Dividends and/or distributions reinvested:
Class A		859,497			839,426			—			—			49,576,762			9,537,986
Class B		—			—			—			—			543,134			159,875
Class C		1,071,787			1,273,462			—			—			5,084,390			974,829
Class I		2,992,295			2,313,769			93,465			29,421			18,392,313			3,966,146
Class I2		441			407			23,379,293			7,863,241			22,693,124			6,804,498
Class T		—			—			—			—			4,398,658			926,321
Class T1		396			217			—			—			1,169			—
Advisor Class		4,389			486			388			251			1,259			211
		4,928,805			4,427,767			23,473,146			7,892,913			100,690,809			22,369,866
Cost of shares redeemed:
Class A		(7,592,489	)		(15,969,213	)		—			—			(65,737,546	)		(59,971,042	)
Class B		—			—			—			—			(375,423	)		(784,678	)
Class C		(12,945,203	)		(22,923,946	)		—			—			(5,726,054	)		(8,670,918	)
Class I		(12,039,725	)		(15,715,712	)		(1,686,071	)		(265,705	)		(27,869,439	)		(25,861,694	)
Class I2		—			—			(35,769,369	)		(5,485,322	)		(88,711,712	)		(89,116,391	)
Class T		—			—			—			—			(9,372,231	)		(9,945,457	)
Advisor Class		(15,831	)		—			—			—			—			—
		(32,593,248	)		(54,608,871	)		(37,455,440	)		(5,751,027	)		(197,792,405	)		(194,350,180	)
Automatic conversions:
Class A		—			—			—			—			2,351,872			2,717,208
Class B		—			—			—			—			(2,351,872	)		(2,717,208	)
		—			—			—			—			—			—
Automatic conversions:
Class A		582,350			—			—			—			39,772,817			—
Class C		(582,350	)		—			—			—			(39,772,817	)		—
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		23,982,822			75,328,641			468,812,899			43,148,161			(42,514,742	)		(138,379,399	)
Net increase (decrease) in net assets		22,573,034			87,657,185			441,951,433			49,711,428			(19,540,892	)		79,304,211
Net assets:
Beginning of year		135,673,892			48,016,707			269,007,769			219,296,341			1,078,057,971			998,753,760
End of year	$	158,246,926		$	135,673,892		$	710,959,202		$	269,007,769		$	1,058,517,079		$	1,078,057,971
Undistributed (distributions in excess of) net investment income (loss) (C)		—		$	(416,364	)		—		$	(7,174	)		—		$	1,339,868
Capital share transactions - shares:
Shares issued:
Class A		1,195,062			246,530			—			—			924,713			1,013,965
Class B		—			—			—			—			1,054			1,589
Class C		701,212			234,012			—			—			145,833			90,039
Class I		2,705,748			1,449,619			137,448			200,492			433,222			512,782
Class I2		—			—			47,346,225			3,849,972			1,016,540			160,321
Class T		—			—			—			—			10,843			13,819
Class T1		—			944			—			—			—			544
Advisor Class		9,630			1,465			—			1,016			—			569
		4,611,652			1,932,570			47,483,673			4,051,480			2,532,205			1,793,628
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		77,461			79,620			—			—			2,533,308			560,399
Class B		—			—			—			—			29,486			9,820
Class C		96,929			121,233			—			—			274,832			59,769
Class I		269,390			218,645			9,298			2,897			924,698			229,788
Class I2		42			40			2,343,459			781,386			1,144,383			395,151
Class T		—			—			—			—			83,928			21,709
Class T1		36			20			—			—			60			—
Advisor Class		394			45			39			25			63			12
		444,252			419,603			2,352,796			784,308			4,990,758			1,276,648

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

Transamerica Funds Annual Report 2018

Page    416

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Strategic High Income						Transamerica Unconstrained Bond						Transamerica US Growth
	October 31, 2018			October 31, 2017 (A) (B)			October 31, 2018			October 31, 2017 (B)			October 31, 2018			October 31, 2017 (A) (B)
Shares redeemed:
Class A		(681,019	)		(1,506,401	)		—			—			(3,117,096	)		(3,219,928	)
Class B		—			—			—			—			(18,983	)		(44,994	)
Class C		(1,165,635	)		(2,186,787	)		—			—			(288,060	)		(487,937	)
Class I		(1,080,662	)		(1,497,533	)		(168,551	)		(26,015	)		(1,301,306	)		(1,400,518	)
Class I2		—			—			(3,596,561	)		(548,489	)		(4,162,695	)		(4,702,781	)
Class T		—			—			—			—			(166,565	)		(216,035	)
Advisor Class		(1,435	)		—			—			—			—			—
		(2,928,751	)		(5,190,721	)		(3,765,112	)		(574,504	)		(9,054,705	)		(10,072,193	)
Automatic conversions:
Class A		—			—			—			—			112,570			148,318
Class B		—			—			—			—			(119,823	)		(155,494	)
		—			—			—			—			(7,253	)		(7,176	)
Automatic conversions:
Class A		51,290			—			—			—			1,745,914			—
Class C		(51,562	)		—			—			—			(1,857,940	)		—
		(272	)		—			—			—			(112,026	)		—
Net increase (decrease) in shares outstanding:
Class A		642,794			1,675,557			—			—			2,199,409			(1,497,246	)
Class B		—			—			—			—			(108,266	)		(189,079	)
Class C		(419,056	)		3,526,258			—			—			(1,725,335	)		(338,129	)
Class I		1,894,476			2,366,460			(21,805	)		177,374			56,614			(657,948	)
Class I2		42			1,049			46,093,123			4,082,869			(2,001,772	)		(4,147,309	)
Class T		—			—			—			—			(71,794	)		(180,507	)
Class T1		36			964			—			—			60			544
Advisor Class		8,589			1,510			39			1,041			63			581
		2,126,881			7,571,798			46,071,357			4,261,284			(1,651,021	)		(7,009,093	)

(A)	Class T1 commenced operations on March 17, 2017.
(B)	Advisor Class commenced operations on December 16, 2016.
(C)	The sources of distributions to shareholders and the amount of undistributed net investment income are no longer required disclosures for the year ended October 31, 2018 due to the SEC Regulation S-X updates effective November 5, 2018. Please reference the New Accounting Pronouncements section of the Notes to Financial Statements for additional information.

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

Transamerica Funds Annual Report 2018

Page    417

STATEMENT OF CASH FLOWS

For the year ended October 31, 2018

	Transamerica Event Driven
Cash flows provided by (used for) operating activities:
Net increase (decrease) in net assets resulting from operations	$	187,888
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		(596,295,950	)
Proceeds of long-term investments		602,250,320
Purchases to cover securities sold short		(186,168,530	)
Proceeds from securities sold short		199,107,304
Net purchases/proceeds of short-term investments		(22,750,959	)
Net change in unrealized appreciation (depreciation)		2,564,107
Net realized gain (loss)		(3,255,138	)
Net amortization (accretion) of discount and premium		(176,551	)
(Increase) decrease in receivables for investments sold		132,311
(Increase) decrease in receivables for interest		(68,039	)
(Increase) decrease in receivables for dividends		86,083
(Increase) decrease in receivables for net income from securities lending		861
Increase (decrease) in payables for investments purchased		(3,946,125	)
Increase (decrease) in dividends, interest and fees for borrowings from securities sold short		34,867
Increase (decrease) in accrued liabilities		86,492
Increase (decrease) in collateral for securities on loan		379,012
Net cash provided by (used for) swap agreement transactions		78,277
Net cash provided by (used for) written options and swaptions transactions		(1,674,790	)
Net cash provided by (used for) in futures contracts transactions		(363,914	)
Net cash provided by (used for) in forward foreign currency contracts		(944,337	)
Net cash provided by (used for) operating activities		(10,736,811	)
Cash flows from financing activities:
Increase (decrease) in foreign cash overdraft		1,066
Proceeds from shares sold, net of receivable for shares sold		55,946,512
Payment of shares redeemed, net of payable for shares redeemed		(29,707,306	)
Cash distributions paid		(3	)
Net cash provided by (used for) financing activities		26,240,269
Net increase (decrease) in cash and foreign currencies		15,503,458
Cash and foreign currencies, at beginning of year (A) (B)	$	7,202,074
Cash and foreign currencies, at end of year (B)	$	22,705,532
Supplemental disclosure of cash flow information:
Dividends, interest and fees for borrowings from securities sold short paid	$	271,508
Non-cash financing activities included herein consist of reinvestment of distributions	$	1,549,387

(A)	Beginning balance is reflective of Accounting Standards Update No. 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash, a consensus of the FASB’s Emerging Issues Task Force.
(B)	For the year ended October 31, 2018, the beginning and ending cash balances consist of the following:

	Beginning of Year		End of Year
Assets:
Cash	$	17	$	—
Cash collateral pledged at custodian:
OTC derivatives		—		3,500,000
Futures contracts		—		66,514
Cash collateral pledged at broker:
Securities sold short		—		19,299,316
OTC derivatives		7,152,671		135,266
Futures contracts		49,386		—
Total assets		7,202,074		23,001,096
Liabilities:
Cash collateral received at custodian for:
Securities sold short		—		295,564
Total liabilities		—		295,564
Net cash per statement of assets and liabilities	$	7,202,074	$	22,705,532
Total cash and foreign currencies per statement of cash flows	$	7,202,074	$	22,705,532

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

Transamerica Funds Annual Report 2018

Page    418

FINANCIAL HIGHLIGHTS

For a share outstanding during the period and year indicated:	Transamerica Balanced II
	Class I3
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.17		$	10.00
Investment operations:
Net investment income (loss) (B)		0.18			0.02
Net realized and unrealized gain (loss)		0.07			0.15
Total investment operations		0.25			0.17
Dividends and/or distributions to shareholders:
Net investment income		(0.17	)		—
Net realized gains		(0.04	)		—
Total dividends and/or distributions to shareholders		(0.21	)		—
Net asset value, end of period/year	$	10.21		$	10.17
Total return		2.49	%		1.70	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	49,964		$	56,169
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.59	%		0.66	%(D)
Including waiver and/or reimbursement and recapture		0.50	%		0.50	%(D)
Net investment income (loss) to average net assets		1.73	%		1.23	%(D)
Portfolio turnover rate		60	%		40	%(C)

(A)	Commenced operations on September 15, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica Balanced II
	Class R
	October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			December 31, 2015			December 31, 2014			December 31, 2013
Net asset value, beginning of period/year	$	10.17		$	10.11		$	9.68		$	9.85		$	9.04		$	7.80
Investment operations:
Net investment income (loss) (D)		0.13			0.14			0.11			0.10			0.10			0.07
Net realized and unrealized gain (loss)		0.06			0.91			0.63			(0.11	)		0.82			1.30
Total investment operations		0.19			1.05			0.74			(0.01	)		0.92			1.37
Dividends and/or distributions to shareholders:
Net investment income		(0.12	)		(0.09	)		(0.12	)		(0.10	)		(0.11	)		(0.13	)
Net realized gains		(0.04	)		(0.90	)		(0.19	)		(0.06	)		—			—
Total dividends and/or distributions to shareholders		(0.16	)		(0.99	)		(0.31	)		(0.16	)		(0.11	)		(0.13	)
Net asset value, end of period/year	$	10.20		$	10.17		$	10.11		$	9.68		$	9.85		$	9.04
Total return		1.85	%		10.68	%(E)		7.69	%		(0.08	)%		10.35	%		17.65	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	82,270		$	91,171		$	90,455		$	90,541		$	77,447		$	52,672
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.09	%		1.20	%(F)		1.18	%		1.16	%		1.21	%		1.28	%
Including waiver and/or reimbursement and recapture		1.01	%(G)		1.13	%(F)(H)		1.09	%(H)(I)		1.10	%		1.10	%		1.10	%
Net investment income (loss) to average net assets		1.22	%		0.95	%(F)		1.13	%		1.00	%		1.09	%		0.85	%
Portfolio turnover rate		60	%		40	%(E)		37	%		50	%		92	%		123	%

(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)	TAM has voluntarily agreed to waive a portion of its management fee.
(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 2018

Page    419

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Bond (A)
	Class A
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	9.34		$	9.31		$	9.22		$	9.46		$	9.38
Investment operations:
Net investment income (loss) (B)		0.33			0.33			0.36	(C)		0.28			0.29
Net realized and unrealized gain (loss)		(0.39	)		0.05			0.07			(0.23	)		0.08
Total investment operations		(0.06	)		0.38			0.43			0.05			0.37
Dividends and/or distributions to shareholders:
Net investment income		(0.33	)		(0.35	)		(0.34	)		(0.29	)		(0.29	)
Net asset value, end of year	$	8.95		$	9.34		$	9.31		$	9.22		$	9.46
Total return (D)		(0.67	)%		4.12	%		4.78	%		0.56	%		3.98	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	87,523		$	83,251		$	86,305		$	68,304		$	73,829
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.99	%		0.97	%		0.93	%		0.88	%		0.91	%
Including waiver and/or reimbursement and recapture		0.97	%(E)		0.97	%		0.91	%(C)		0.88	%		0.89	%
Net investment income (loss) to average net assets		3.58	%		3.59	%		3.92	%(C)		3.03	%		3.04	%
Portfolio turnover rate		38	%		34	%		47	%		27	%		26	%

(A)	Formerly, Transamerica Flexible Income.
(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)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(E)	TAM has voluntarily agreed to waive a portion of its management fee.

For a share outstanding during the years indicated:	Transamerica Bond (A)
	Class B
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	9.35		$	9.32		$	9.22		$	9.46		$	9.39
Investment operations:
Net investment income (loss) (B)		0.25			0.25			0.28	(C)		0.21			0.21
Net realized and unrealized gain (loss)		(0.40	)		0.05			0.08			(0.24	)		0.07
Total investment operations		(0.15	)		0.30			0.36			(0.03	)		0.28
Dividends and/or distributions to shareholders:
Net investment income		(0.25	)		(0.27	)		(0.26	)		(0.21	)		(0.21	)
Net asset value, end of year	$	8.95		$	9.35		$	9.32		$	9.22		$	9.46
Total return (D)		(1.64	)%		3.20	%		3.95	%		(0.28	)%		2.98	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	115		$	531		$	1,355		$	2,164		$	3,644
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.11	%		1.87	%		1.80	%		1.71	%		1.72	%
Including waiver and/or reimbursement and recapture		1.85	%		1.85	%		1.79	%(C)		1.71	%		1.72	%
Net investment income (loss) to average net assets		2.70	%		2.69	%		3.03	%(C)		2.18	%		2.24	%
Portfolio turnover rate		38	%		34	%		47	%		27	%		26	%

(A)	Formerly, Transamerica Flexible Income.
(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 initial sales charge.

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

Transamerica Funds Annual Report 2018

Page    420

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Bond (A)
	Class C
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	9.28		$	9.25		$	9.16		$	9.40		$	9.32
Investment operations:
Net investment income (loss) (B)		0.27			0.27			0.29	(C)		0.22			0.22
Net realized and unrealized gain (loss)		(0.39	)		0.05			0.07			(0.23	)		0.08
Total investment operations		(0.12	)		0.32			0.36			(0.01	)		0.30
Dividends and/or distributions to shareholders:
Net investment income		(0.27	)		(0.29	)		(0.27	)		(0.23	)		(0.22	)
Net asset value, end of year	$	8.89		$	9.28		$	9.25		$	9.16		$	9.40
Total return (D)		(1.33	)%		3.41	%		4.18	%		(0.15	)%		3.26	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	44,958		$	49,394		$	60,126		$	64,995		$	68,629
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.63	%		1.65	%		1.64	%		1.59	%		1.60	%
Including waiver and/or reimbursement and recapture		1.61	%(E)		1.65	%		1.62	%(C)		1.59	%		1.60	%
Net investment income (loss) to average net assets		2.93	%		2.90	%		3.20	%(C)		2.32	%		2.33	%
Portfolio turnover rate		38	%		34	%		47	%		27	%		26	%

(A)	Formerly, Transamerica Flexible Income.
(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)	Total return has been calculated without deduction of the contingent deferred sales charge.
(E)	TAM has voluntarily agreed to waive a portion of its management fee.

For a share outstanding during the years indicated:	Transamerica Bond (A)
	Class I
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	9.36		$	9.32		$	9.23		$	9.47		$	9.39
Investment operations:
Net investment income (loss) (B)		0.36			0.36			0.38	(C)		0.31			0.31
Net realized and unrealized gain (loss)		(0.40	)		0.06			0.07			(0.23	)		0.08
Total investment operations		(0.04	)		0.42			0.45			0.08			0.39
Dividends and/or distributions to shareholders:
Net investment income		(0.36	)		(0.38	)		(0.36	)		(0.32	)		(0.31	)
Net asset value, end of year	$	8.96		$	9.36		$	9.32		$	9.23		$	9.47
Total return		(0.39	)%		4.54	%		5.05	%		0.84	%		4.25	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	396,083		$	181,977		$	162,875		$	55,370		$	42,545
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.64	%		0.67	%		0.67	%		0.61	%		0.62	%
Including waiver and/or reimbursement and recapture		0.59	%		0.67	%		0.65	%(C)		0.61	%		0.62	%
Net investment income (loss) to average net assets		3.94	%		3.88	%		4.20	%(C)		3.33	%		3.29	%
Portfolio turnover rate		38	%		34	%		47	%		27	%		26	%

(A)	Formerly, Transamerica Flexible Income.
(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.

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

Transamerica Funds Annual Report 2018

Page    421

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Bond (A)
	Class I2
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	9.36		$	9.32		$	9.23		$	9.48		$	9.40
Investment operations:
Net investment income (loss) (B)		0.37			0.37			0.39	(C)		0.32			0.31
Net realized and unrealized gain (loss)		(0.40	)		0.06			0.07			(0.24	)		0.09
Total investment operations		(0.03	)		0.43			0.46			0.08			0.40
Dividends and/or distributions to shareholders:
Net investment income		(0.37	)		(0.39	)		(0.37	)		(0.33	)		(0.32	)
Net asset value, end of year	$	8.96		$	9.36		$	9.32		$	9.23		$	9.48
Total return		(0.32	)%		4.65	%		5.17	%		0.83	%		4.35	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	101,251		$	118,738		$	137,246		$	355,272		$	540,719
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.53	%		0.56	%		0.55	%		0.51	%		0.52	%
Including waiver and/or reimbursement and recapture		0.52	%(D)		0.56	%		0.53	%(C)		0.51	%		0.52	%
Net investment income (loss) to average net assets		4.03	%		3.99	%		4.23	%(C)		3.40	%		3.26	%
Portfolio turnover rate		38	%		34	%		47	%		27	%		26	%

(A)	Formerly, Transamerica Flexible Income.
(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)	TAM has voluntarily agreed to waive a portion of its management fee.

For a share outstanding during the period and years indicated:	Transamerica Bond (A)
	Class R6
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (B)
Net asset value, beginning of period/year	$	9.36		$	9.32		$	9.23		$	9.45
Investment operations:
Net investment income (loss) (C)		0.37			0.37			0.40	(D)		0.14
Net realized and unrealized gain (loss)		(0.40	)		0.06			0.06			(0.21	)
Total investment operations		(0.03	)		0.43			0.46			(0.07	)
Dividends and/or distributions to shareholders:
Net investment income		(0.37	)		(0.39	)		(0.37	)		(0.15	)
Net asset value, end of period/year	$	8.96		$	9.36		$	9.32		$	9.23
Total return		(0.30	)%		4.65	%		5.16	%		(0.79	)%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	9,181		$	6,283		$	3,028		$	50
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.53	%		0.56	%		0.55	%		0.52	%(F)
Including waiver and/or reimbursement and recapture		0.51	%		0.56	%		0.52	%(D)		0.52	%(F)
Net investment income (loss) to average net assets		4.05	%		4.01	%		4.38	%(D)		3.55	%(F)
Portfolio turnover rate		38	%		34	%		47	%		27	%(E)

(A)	Formerly, Transamerica Flexible Income.
(B)	Commenced operations on May 29, 2015.
(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 0.03% 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 2018

Page    422

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Bond (A)
	Class T1
	October 31, 2018			October 31, 2017 (B)
Net asset value, beginning of period/year	$	9.34		$	9.22
Investment operations:
Net investment income (loss) (C)		0.35			0.22
Net realized and unrealized gain (loss)		(0.40	)		0.12
Total investment operations		(0.05	)		0.34
Dividends and/or distributions to shareholders:
Net investment income		(0.35	)		(0.22	)
Net asset value, end of period/year	$	8.94		$	9.34
Total return (D)		(0.56	)%		3.77	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	10		$	20
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.77	%		0.81	%(F)
Including waiver and/or reimbursement and recapture		0.76	%(G)		0.81	%(F)
Net investment income (loss) to average net assets		3.78	%		3.71	%(F)
Portfolio turnover rate		38	%		34	%

(A)	Formerly, Transamerica Flexible Income.
(B)	Commenced operations on March 17, 2017.
(C)	Calculated based on average number of shares outstanding.
(D)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(E)	Not annualized.
(F)	Annualized.
(G)	TAM has voluntarily agreed to waive a portion of its management fee.

For a share outstanding during the years indicated:	Transamerica Capital Growth
	Class A
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	28.32		$	25.70		$	25.35		$	24.40		$	21.40
Investment operations:
Net investment income (loss) (A)		(0.21	)		(0.24	)		(0.14	)(B)		(0.19	)		(0.15	)
Net realized and unrealized gain (loss)		4.14			7.40			1.33			1.80			3.64
Total investment operations		3.93			7.16			1.19			1.61			3.49
Dividends and/or distributions to shareholders:
Net realized gains		(5.44	)		(4.54	)		(0.84	)		(0.66	)		(0.49	)
Net asset value, end of year	$	26.81		$	28.32		$	25.70		$	25.35		$	24.40
Total return (C)		16.52	%		34.66	%		4.77	%		6.77	%		16.52	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	384,193		$	223,299		$	170,198		$	160,269		$	124,413
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.19	%		1.23	%		1.23	%		1.21	%		1.26	%
Including waiver and/or reimbursement and recapture		1.19	%		1.23	%		1.22	%(B)		1.21	%		1.26	%
Net investment income (loss) to average net assets		(0.78	)%		(0.95	)%		(0.57	)%(B)		(0.75	)%		(0.63	)%
Portfolio turnover rate		40	%		66	%		32	%		24	%		30	%

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

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

Transamerica Funds Annual Report 2018

Page    423

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Capital Growth
	Class B
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	23.48		$	22.28		$	22.30		$	21.76		$	19.31
Investment operations:
Net investment income (loss) (A)		(0.37	)		(0.39	)		(0.33	)(B)		(0.38	)		(0.32	)
Net realized and unrealized gain (loss)		3.28			6.13			1.15			1.58			3.26
Total investment operations		2.91			5.74			0.82			1.20			2.94
Dividends and/or distributions to shareholders:
Net realized gains		(5.44	)		(4.54	)		(0.84	)		(0.66	)		(0.49	)
Net asset value, end of year	$	20.95		$	23.48		$	22.28		$	22.30		$	21.76
Total return (C)		15.30	%		33.36	%		3.78	%		5.72	%		15.44	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	786		$	1,694		$	2,584		$	3,870		$	4,932
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.46	%		2.32	%		2.20	%		2.13	%		2.16	%
Including waiver and/or reimbursement and recapture		2.20	%		2.20	%		2.19	%(B)		2.20	%		2.20	%
Net investment income (loss) to average net assets		(1.74	)%		(1.89	)%		(1.54	)%(B)		(1.73	)%		(1.54	)%
Portfolio turnover rate		40	%		66	%		32	%		24	%		30	%

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

For a share outstanding during the years indicated:	Transamerica Capital Growth
	Class C
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	23.83		$	22.50		$	22.46		$	21.84		$	19.33
Investment operations:
Net investment income (loss) (A)		(0.34	)		(0.35	)		(0.28	)(B)		(0.33	)		(0.28	)
Net realized and unrealized gain (loss)		3.36			6.22			1.16			1.61			3.28
Total investment operations		3.02			5.87			0.88			1.28			3.00
Dividends and/or distributions to shareholders:
Net realized gains		(5.44	)		(4.54	)		(0.84	)		(0.66	)		(0.49	)
Net asset value, end of year	$	21.41		$	23.83		$	22.50		$	22.46		$	21.84
Total return (C)		15.65	%		33.68	%		4.03	%		5.98	%		15.74	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	149,727		$	84,852		$	69,159		$	68,922		$	50,879
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.93	%		1.97	%		1.96	%		1.92	%		1.95	%
Including waiver and/or reimbursement and recapture		1.93	%		1.97	%		1.95	%(B)		1.92	%		1.95	%
Net investment income (loss) to average net assets		(1.52	)%		(1.69	)%		(1.30	)%(B)		(1.47	)%		(1.34	)%
Portfolio turnover rate		40	%		66	%		32	%		24	%		30	%

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

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

Transamerica Funds Annual Report 2018

Page    424

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Capital Growth
	Class I
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	29.39		$	26.43		$	25.98		$	24.92		$	21.78
Investment operations:
Net investment income (loss) (A)		(0.16	)		(0.18	)		(0.07	)(B)		(0.12	)		(0.07	)
Net realized and unrealized gain (loss)		4.34			7.68			1.36			1.84			3.70
Total investment operations		4.18			7.50			1.29			1.72			3.63
Dividends and/or distributions to shareholders:
Net realized gains		(5.44	)		(4.54	)		(0.84	)		(0.66	)		(0.49	)
Net asset value, end of year	$	28.13		$	29.39		$	26.43		$	25.98		$	24.92
Total return		16.77	%		35.03	%		5.09	%		7.07	%		16.88	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	719,431		$	292,452		$	164,575		$	153,719		$	161,858
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.94	%		0.96	%		0.94	%		0.92	%		0.95	%
Including waiver and/or reimbursement and recapture		0.94	%		0.96	%		0.93	%(B)		0.92	%		0.95	%
Net investment income (loss) to average net assets		(0.55	)%		(0.69	)%		(0.28	)%(B)		(0.46	)%		(0.31	)%
Portfolio turnover rate		40	%		66	%		32	%		24	%		30	%

(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 Capital Growth
	Class I2
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	17.26		$	17.43		$	17.40		$	16.88		$	14.88
Investment operations:
Net investment income (loss) (A)		(0.05	)		(0.08	)		(0.03	)(B)		(0.06	)		(0.03	)
Net realized and unrealized gain (loss)		2.20			4.45			0.90			1.24			2.52
Total investment operations		2.15			4.37			0.87			1.18			2.49
Dividends and/or distributions to shareholders:
Net realized gains		(5.44	)		(4.54	)		(0.84	)		(0.66	)		(0.49	)
Net asset value, end of year	$	13.97		$	17.26		$	17.43		$	17.40		$	16.88
Total return		16.90	%		35.14	%		5.25	%		7.19	%		17.05	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	165,523		$	230,981		$	241,857		$	1,039,343		$	836,984
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.83	%		0.85	%		0.81	%		0.79	%		0.81	%
Including waiver and/or reimbursement and recapture		0.83	%		0.85	%		0.81	%(B)		0.79	%		0.81	%
Net investment income (loss) to average net assets		(0.38	)%		(0.56	)%		(0.18	)%(B)		(0.34	)%		(0.20	)%
Portfolio turnover rate		40	%		66	%		32	%		24	%		30	%

(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 2018

Page    425

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Capital Growth
	Class T1
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	28.34		$	23.02
Investment operations:
Net investment income (loss) (B)		(0.19	)		(0.14	)
Net realized and unrealized gain (loss)		4.15			5.46
Total investment operations		3.96			5.32
Dividends and/or distributions to shareholders:
Net realized gains		(5.44	)		—
Net asset value, end of period/year	$	26.86		$	28.34
Total return (C)		16.64	%		23.11	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	60		$	12
Expenses to average net assets		1.07	%		1.09	%(E)
Net investment income (loss) to average net assets		(0.69	)%		(0.88	)%(E)
Portfolio turnover rate		40	%		66	%

(A)	Commenced operations on March 17, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(D)	Not annualized.
(E)	Annualized.

For a share outstanding during the period and year indicated:	Transamerica Capital Growth
	Advisor Class
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	29.37		$	25.71
Investment operations:
Net investment income (loss) (B)		(0.21	)		(0.19	)
Net realized and unrealized gain (loss)		4.36			8.39
Total investment operations		4.15			8.20
Dividends and/or distributions to shareholders:
Net realized gains		(5.44	)		(4.54	)
Net asset value, end of period/year	$	28.08		$	29.37
Total return		16.71	%		38.67	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	393		$	29
Expenses to average net assets		1.03	%		1.04	%(D)
Net investment income (loss) to average net assets		(0.71	)%		(0.81	)%(D)
Portfolio turnover rate		40	%		66	%

(A)	Commenced operations on December 16, 2016.
(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 2018

Page    426

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Concentrated Growth
	Class A
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014 (A)
Net asset value, beginning of period/year	$	17.93		$	17.38		$	16.80		$	16.22		$	15.57
Investment operations:
Net investment income (loss) (B)		(0.06	)		(0.04	)		(0.02	)(C)		0.01			0.00	(D)
Net realized and unrealized gain (loss)		1.17			3.13			0.62			0.61			0.65
Total investment operations		1.11			3.09			0.60			0.62			0.65
Dividends and/or distributions to shareholders:
Net investment income		—			(0.06	)		(0.02	)		—			—
Net realized gains		(1.03	)		(2.48	)		—			(0.04	)		—
Total dividends and/or distributions to shareholders		(1.03	)		(2.54	)		(0.02	)		(0.04	)		—
Net asset value, end of period/year	$	18.01		$	17.93		$	17.38		$	16.80		$	16.22
Total return (E)		6.39	%		20.50	%		3.59	%		3.81	%		4.17	%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,298		$	1,018		$	768		$	681		$	444
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.02	%		2.79	%		1.12	%		1.06	%		1.18	%(G)
Including waiver and/or reimbursement and recapture		1.20	%		1.20	%		1.11	%(C)		1.06	%		1.18	%(G)
Net investment income (loss) to average net assets		(0.32	)%		(0.21	)%		(0.10	)%(C)		0.07	%		0.03	%(G)
Portfolio turnover rate		23	%		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 initial 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, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014 (A)
Net asset value, beginning of period/year	$	17.50		$	17.06		$	16.59		$	16.14		$	15.57
Investment operations:
Net investment income (loss) (B)		(0.17	)		(0.14	)		(0.13	)(C)		(0.11	)		(0.07	)
Net realized and unrealized gain (loss)		1.14			3.06			0.60			0.60			0.64
Total investment operations		0.97			2.92			0.47			0.49			0.57
Dividends and/or distributions to shareholders:
Net realized gains		(1.03	)		(2.48	)		—			(0.04	)		—
Net asset value, end of period/year	$	17.44		$	17.50		$	17.06		$	16.59		$	16.14
Total return (D)		5.71	%		19.75	%		2.83	%		3.02	%		3.66	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,065		$	1,033		$	721		$	421		$	274
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.86	%		1.85	%		1.81	%		1.80	%		1.93	%(F)
Including waiver and/or reimbursement and recapture		1.86	%		1.85	%		1.81	%(C)		1.80	%		1.93	%(F)
Net investment income (loss) to average net assets		(0.98	)%		(0.86	)%		(0.81	)%(C)		(0.67	)%		(0.67	)%(F)
Portfolio turnover rate		23	%		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 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 2018

Page    427

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Concentrated Growth
	Class I (A)
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014 (B)			December 31, 2013
Net asset value, beginning of period/year	$	17.79		$	17.26		$	16.67		$	16.09		$	15.76		$	12.24
Investment operations:
Net investment income (loss) (C)		0.00	(D)		0.02			0.03	(E)		0.04			0.02			(0.00	)(E)
Net realized and unrealized gain (loss)		1.16			3.10			0.61			0.60			0.76			3.87
Total investment operations		1.16			3.12			0.64			0.64			0.78			3.87
Dividends and/or distributions to shareholders:
Net investment income		(0.03	)		(0.11	)		(0.05	)		(0.02	)		—			(0.00	)(E)
Net realized gains		(1.03	)		(2.48	)		—			(0.04	)		(0.45	)		(0.34	)
Total dividends and/or distributions to shareholders		(1.06	)		(2.59	)		(0.05	)		(0.06	)		(0.45	)		(0.35	)
Net asset value, end of period/year	$	17.89		$	17.79		$	17.26		$	16.67		$	16.09		$	15.76
Total return		6.74	%		20.97	%		3.87	%		3.95	%		6.13	%(F)		31.84	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	30,743		$	33,077		$	24,424		$	23,460		$	19,643		$	13,761
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.87	%		0.87	%		0.83	%		0.83	%		1.08	%(G)		2.18	%
Including waiver and/or reimbursement and recapture		0.87	%		0.87	%		0.82	%(E)		0.88	%		1.00	%(G)		1.25	%
Net investment income (loss) to average net assets		0.02	%		0.13	%		0.19	%(E)		0.27	%		0.16	%(G)		(0.02	)%
Portfolio turnover rate		23	%		15	%		83	%		34	%		18	%(F)		15	%

(A)	Prior to February 28, 2014, information provided in previous periods reflects The Torray Resolute Fund, which is the accounting 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)	Rounds to less than $0.01 or $(0.01).
(E)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average 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.
(F)	Not annualized.
(G)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica Concentrated Growth
	Class I2
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014 (A)
Net asset value, beginning of period/year	$	18.01		$	17.45		$	16.85		$	16.26		$	15.57
Investment operations:
Net investment income (loss) (B)		0.02			0.04			0.06	(C)		0.07			0.04
Net realized and unrealized gain (loss)		1.17			3.13			0.61			0.60			0.65
Total investment operations		1.19			3.17			0.67			0.67			0.69
Dividends and/or distributions to shareholders:
Net investment income		(0.04	)		(0.13	)		(0.07	)		(0.04	)		—
Net realized gains		(1.03	)		(2.48	)		—			(0.04	)		—
Total dividends and/or distributions to shareholders		(1.07	)		(2.61	)		(0.07	)		(0.08	)		—
Net asset value, end of period/year	$	18.13		$	18.01		$	17.45		$	16.85		$	16.26
Total return		6.86	%		21.02	%		4.02	%		4.11	%		4.43	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	155,403		$	190,788		$	222,753		$	390,712		$	353,480
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.77	%		0.77	%		0.72	%		0.73	%		0.77	%(E)
Including waiver and/or reimbursement and recapture		0.77	%		0.77	%		0.72	%(C)		0.73	%		0.77	%(E)
Net investment income (loss) to average net assets		0.12	%		0.27	%		0.36	%(C)		0.41	%		0.42	%(E)
Portfolio turnover rate		23	%		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 2018

Page    428

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Concentrated Growth
	Class T1
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	17.94		$	16.23
Investment operations:
Net investment income (loss) (B)		(0.02	)		(0.02	)
Net realized and unrealized gain (loss)		1.17			1.73
Total investment operations		1.15			1.71
Dividends and/or distributions to shareholders:
Net investment income		(0.00	)(C)		—
Net realized gains		(1.03	)		—
Total dividends and/or distributions to shareholders		(1.03	)		—
Net asset value, end of period/year	$	18.06		$	17.94
Total return (D)		6.57	%		10.60	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	12		$	11
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.02	%		1.01	%(F)
Including waiver and/or reimbursement and recapture		1.02	%		1.01	%(F)(G)
Net investment income (loss) to average net assets		(0.14	)%		(0.17	)%(F)
Portfolio turnover rate		23	%		15	%(E)

(A)	Commenced operations on March 17, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(E)	Not annualized.
(F)	Annualized.
(G)	Waiver and/or reimbursement rounds to less than 0.01%.

For a share outstanding during the period and year indicated:	Transamerica Concentrated Growth
	Advisor Class
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	17.90		$	17.51
Investment operations:
Net investment income (loss) (B)		(0.01	)		0.00	(C)
Net realized and unrealized gain (loss)		1.17			2.87
Total investment operations		1.16			2.87
Dividends and/or distributions to shareholders:
Net investment income		(0.01	)		(0.00	)(C)
Net realized gains		(1.03	)		(2.48	)
Total dividends and/or distributions to shareholders		(1.04	)		(2.48	)
Net asset value, end of period/year	$	18.02		$	17.90
Total return		6.71	%		19.12	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	13		$	12
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.97	%		0.96	%(E)
Including waiver and/or reimbursement and recapture		0.95	%		0.95	%(E)
Net investment income (loss) to average net assets		(0.07	)%		0.00	%(E)(F)
Portfolio turnover rate		23	%		15	%(D)

(A)	Commenced operations on December 16, 2016.
(B)	Calculated based on average number of shares outstanding.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Not annualized.
(E)	Annualized.
(F)	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 2018

Page    429

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Dividend Focused
	Class A
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	11.53		$	11.15		$	12.75		$	13.35		$	11.98
Investment operations:
Net investment income (loss) (A)		0.21			0.20			0.23	(B)		0.23			0.20
Net realized and unrealized gain (loss)		(0.19	)		1.92			0.23			(0.18	)		1.47
Total investment operations		0.02			2.12			0.46			0.05			1.67
Dividends and/or distributions to shareholders:
Net investment income		(0.21	)		(0.24	)		(0.23	)		(0.22	)		(0.20	)
Net realized gains		(0.75	)		(1.50	)		(1.83	)		(0.43	)		(0.10	)
Total dividends and/or distributions to shareholders		(0.96	)		(1.74	)		(2.06	)		(0.65	)		(0.30	)
Net asset value, end of year	$	10.59		$	11.53		$	11.15		$	12.75		$	13.35
Total return (C)		(0.20	)%		20.35	%		4.30	%		0.32	%		14.14	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	83,567		$	94,083		$	86,943		$	51,809		$	63,639
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.03	%		1.01	%		0.97	%		0.97	%		0.96	%
Including waiver and/or reimbursement and recapture		1.03	%		1.01	%		0.97	%(B)		0.97	%		0.96	%
Net investment income (loss) to average net assets		1.85	%		1.77	%		2.09	%(B)		1.74	%		1.55	%
Portfolio turnover rate		22	%		14	%		54	%		15	%		21	%

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

For a share outstanding during the years indicated:	Transamerica Dividend Focused
	Class C
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	11.47		$	11.09		$	12.70		$	13.32		$	11.96
Investment operations:
Net investment income (loss) (A)		0.11			0.11			0.14	(B)		0.12			0.09
Net realized and unrealized gain (loss)		(0.19	)		1.91			0.22			(0.19	)		1.49
Total investment operations		(0.08	)		2.02			0.36			(0.07	)		1.58
Dividends and/or distributions to shareholders:
Net investment income		(0.11	)		(0.14	)		(0.14	)		(0.12	)		(0.12	)
Net realized gains		(0.75	)		(1.50	)		(1.83	)		(0.43	)		(0.10	)
Total dividends and/or distributions to shareholders		(0.86	)		(1.64	)		(1.97	)		(0.55	)		(0.22	)
Net asset value, end of year	$	10.53		$	11.47		$	11.09		$	12.70		$	13.32
Total return (C)		(1.06	)%		19.42	%		3.41	%		(0.62	)%		13.30	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	5,816		$	7,080		$	7,755		$	4,749		$	4,419
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.86	%		1.84	%		1.80	%		1.81	%		1.81	%
Including waiver and/or reimbursement and recapture		1.86	%		1.84	%		1.80	%(B)		1.81	%		1.81	%
Net investment income (loss) to average net assets		1.02	%		0.96	%		1.23	%(B)		0.89	%		0.74	%
Portfolio turnover rate		22	%		14	%		54	%		15	%		21	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the contingent deferred sales charge.

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

Transamerica Funds Annual Report 2018

Page    430

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Dividend Focused
	Class I
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	11.52		$	11.14		$	12.75		$	13.35		$	11.98
Investment operations:
Net investment income (loss) (A)		0.22			0.21			0.25	(B)		0.25			0.23
Net realized and unrealized gain (loss)		(0.17	)		1.93			0.22			(0.18	)		1.47
Total investment operations		0.05			2.14			0.47			0.07			1.70
Dividends and/or distributions to shareholders:
Net investment income		(0.23	)		(0.26	)		(0.25	)		(0.24	)		(0.23	)
Net realized gains		(0.75	)		(1.50	)		(1.83	)		(0.43	)		(0.10	)
Total dividends and/or distributions to shareholders		(0.98	)		(1.76	)		(2.08	)		(0.67	)		(0.33	)
Net asset value, end of year	$	10.59		$	11.52		$	11.14		$	12.75		$	13.35
Total return		0.06	%		20.56	%		4.38	%		0.49	%		14.37	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	16,823		$	17,286		$	10,559		$	6,318		$	6,311
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.85	%		0.84	%		0.81	%		0.81	%		0.80	%
Including waiver and/or reimbursement and recapture		0.85	%		0.84	%		0.80	%(B)		0.81	%		0.80	%
Net investment income (loss) to average net assets		1.98	%		1.91	%		2.26	%(B)		1.88	%		1.80	%
Portfolio turnover rate		22	%		14	%		54	%		15	%		21	%

(A)

Calculated based on average number of shares outstanding.

(B)

Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

For a share outstanding during the years indicated:	Transamerica Dividend Focused
	Class I2
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	11.53		$	11.15		$	12.75		$	13.36		$	11.98
Investment operations:
Net investment income (loss) (A)		0.24			0.23			0.26	(B)		0.26			0.24
Net realized and unrealized gain (loss)		(0.19	)		1.92			0.23			(0.18	)		1.48
Total investment operations		0.05			2.15			0.49			0.08			1.72
Dividends and/or distributions to shareholders:
Net investment income		(0.24	)		(0.27	)		(0.26	)		(0.26	)		(0.24	)
Net realized gains		(0.75	)		(1.50	)		(1.83	)		(0.43	)		(0.10	)
Total dividends and/or distributions to shareholders		(0.99	)		(1.77	)		(2.09	)		(0.69	)		(0.34	)
Net asset value, end of year	$	10.59		$	11.53		$	11.15		$	12.75		$	13.36
Total return		0.08	%		20.67	%		4.57	%		0.52	%		14.56	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	484,565		$	576,947		$	672,378		$	852,448		$	1,402,739
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.75	%		0.74	%		0.70	%		0.71	%		0.70	%
Including waiver and/or reimbursement and recapture		0.75	%		0.74	%		0.70	%(B)		0.71	%		0.70	%
Net investment income (loss) to average net assets		2.14	%		2.07	%		2.31	%(B)		1.98	%		1.88	%
Portfolio turnover rate		22	%		14	%		54	%		15	%		21	%

(A)

Calculated based on average number of shares outstanding.

(B)

Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

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

Transamerica Funds Annual Report 2018

Page    431

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Dividend Focused
	Class R6
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	11.52		$	11.15		$	12.75		$	13.25
Investment operations:
Net investment income (loss) (B)		0.24			0.21			0.27	(C)		0.11
Net realized and unrealized gain (loss)		(0.18	)		1.93			0.22			(0.48	)
Total investment operations		0.06			2.14			0.49			(0.37	)
Dividends and/or distributions to shareholders:
Net investment income		(0.24	)		(0.27	)		(0.26	)		(0.13	)
Net realized gains		(0.75	)		(1.50	)		(1.83	)		—
Total dividends and/or distributions to shareholders		(0.99	)		(1.77	)		(2.09	)		(0.13	)
Net asset value, end of period/year	$	10.59		$	11.52		$	11.15		$	12.75
Total return		0.17	%		20.67	%		4.57	%		(2.79	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	4,082		$	3,524		$	474		$	49
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.75	%		0.74	%		0.71	%		0.72	%(E)
Including waiver and/or reimbursement and recapture		0.75	%		0.74	%		0.70	%(C)		0.72	%(E)
Net investment income (loss) to average net assets		2.11	%		1.90	%		2.39	%(C)		1.99	%(E)
Portfolio turnover rate		22	%		14	%		54	%		15	%

(A)	Commenced operations on May 29, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Not annualized.
(E)	Annualized.

For a share outstanding during the period and year indicated:	Transamerica Dividend Focused
	Class T1
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.56		$	11.09
Investment operations:
Net investment income (loss) (B)		0.21			0.12
Net realized and unrealized gain (loss)		(0.18	)		0.48
Total investment operations		0.03			0.60
Dividends and/or distributions to shareholders:
Net investment income		(0.21	)		(0.13	)
Net realized gains		(0.75	)		—
Total dividends and/or distributions to shareholders		(0.96	)		(0.13	)
Net asset value, end of period/year	$	10.63		$	11.56
Total return (C)		(0.06	)%		5.50	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	31		$	11
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.99	%		0.98	%(E)
Including waiver and/or reimbursement and recapture		0.99	%		0.98	%(E)
Net investment income (loss) to average net assets		1.91	%		1.67	%(E)
Portfolio turnover rate		22	%		14	%

(A)	Commenced operations on March 17, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(D)	Not annualized.
(E)	Annualized.

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

Transamerica Funds Annual Report 2018

Page    432

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Dividend Focused
	Advisor Class
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.61		$	12.19
Investment operations:
Net investment income (loss) (B)		0.22			0.17
Net realized and unrealized gain (loss)		(0.19	)		0.92
Total investment operations		0.03			1.09
Dividends and/or distributions to shareholders:
Net investment income		(0.22	)		(0.17	)
Net realized gains		(0.75	)		(1.50	)
Total dividends and/or distributions to shareholders		(0.97	)		(1.67	)
Net asset value, end of period/year	$	10.67		$	11.61
Total return		(0.09	)%		10.16	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	11		$	11
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.94	%		0.94	%(D)
Including waiver and/or reimbursement and recapture		0.90	%		0.90	%(D)
Net investment income (loss) to average net assets		1.97	%		1.78	%(D)
Portfolio turnover rate		22	%		14	%

(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 Dynamic Allocation
	Class A
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	11.77		$	10.48		$	11.10		$	11.73		$	11.12
Investment operations:
Net investment income (loss) (A) (B)		0.11			0.11			0.12	(C)		0.07			0.08
Net realized and unrealized gain (loss)		0.03			1.32			(0.23	)		0.04	(D)		0.61
Total investment operations		0.14			1.43			(0.11	)		0.11			0.69
Dividends and/or distributions to shareholders:
Net investment income		(0.10	)		(0.14	)		(0.05	)		(0.11	)		(0.05	)
Net realized gains		—			—			(0.46	)		(0.63	)		(0.03	)
Total dividends and/or distributions to shareholders		(0.10	)		(0.14	)		(0.51	)		(0.74	)		(0.08	)
Net asset value, end of year	$	11.81		$	11.77		$	10.48		$	11.10		$	11.73
Total return (E)		1.17	%		13.73	%		(0.99	)%		0.91	%		6.31	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	10,935		$	8,560		$	9,348		$	14,100		$	12,115
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		1.56	%		1.59	%		1.33	%		1.36	%		1.32	%
Including waiver and/or reimbursement and recapture		1.10	%		1.10	%		1.09	%(C)		1.10	%		1.11	%
Net investment income (loss) to average net assets (B)		0.95	%		0.96	%		1.14	%(C)		0.63	%		0.70	%
Portfolio turnover rate (G)		25	%		3	%		142	%		308	%		194	%

(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)	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 initial 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 2018

Page    433

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Dynamic Allocation
	Class C
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	11.59		$	10.32		$	10.96		$	11.60		$	11.05
Investment operations:
Net investment income (loss) (A) (B)		0.03			0.02			0.04	(C)		(0.01	)		(0.00	)(D)
Net realized and unrealized gain (loss)		0.02			1.30			(0.22	)		0.04	(E)		0.60
Total investment operations		0.05			1.32			(0.18	)		0.03			0.60
Dividends and/or distributions to shareholders:
Net investment income		(0.01	)		(0.05	)		—			(0.04	)		(0.02	)
Net realized gains		—			—			(0.46	)		(0.63	)		(0.03	)
Total dividends and/or distributions to shareholders		(0.01	)		(0.05	)		(0.46	)		(0.67	)		(0.05	)
Net asset value, end of year	$	11.63		$	11.59		$	10.32		$	10.96		$	11.60
Total return (F)		0.40	%		12.82	%		(1.64	)%		0.15	%		5.46	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	5,944		$	7,231		$	8,710		$	11,492		$	7,266
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		2.29	%		2.32	%		2.06	%		2.12	%		2.09	%
Including waiver and/or reimbursement and recapture		1.85	%		1.85	%		1.83	%(C)		1.85	%		1.85	%
Net investment income (loss) to average net assets (B)		0.22	%		0.21	%		0.37	%(C)		(0.13	)%		(0.03	)%
Portfolio turnover rate (H)		25	%		3	%		142	%		308	%		194	%

(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 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Rounds to less than $0.01 or $(0.01).
(E)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(F)	Total return has been calculated without deduction of the 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 years indicated:	Transamerica Dynamic Allocation
	Class I
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	11.74		$	10.47		$	11.08		$	11.71		$	11.09
Investment operations:
Net investment income (loss) (A) (B)		0.15			0.13			0.15	(C)		0.10			0.11
Net realized and unrealized gain (loss)		0.02			1.31			(0.23	)		0.04	(D)		0.61
Total investment operations		0.17			1.44			(0.08	)		0.14			0.72
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.17	)		(0.07	)		(0.14	)		(0.07	)
Net realized gains		—			—			(0.46	)		(0.63	)		(0.03	)
Total dividends and/or distributions to shareholders		(0.13	)		(0.17	)		(0.53	)		(0.77	)		(0.10	)
Net asset value, end of year	$	11.78		$	11.74		$	10.47		$	11.08		$	11.71
Total return		1.45	%		13.89	%		(0.65	)%		1.15	%		6.57	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	2,610		$	3,012		$	2,324		$	3,889		$	3,521
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		1.26	%		1.29	%		1.03	%		1.08	%		1.03	%
Including waiver and/or reimbursement and recapture		0.85	%		0.85	%		0.83	%(C)		0.85	%		0.85	%
Net investment income (loss) to average net assets (B)		1.22	%		1.21	%		1.39	%(C)		0.91	%		0.98	%
Portfolio turnover rate (F)		25	%		3	%		142	%		308	%		194	%

(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 0.02% 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)	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 2018

Page    434

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Dynamic Allocation
	Class T1
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.77		$	11.06
Investment operations:
Net investment income (loss) (B) (C)		0.12			0.07
Net realized and unrealized gain (loss)		0.01			0.64
Total investment operations		0.13			0.71
Dividends and/or distributions to shareholders:
Net investment income		(0.08	)		—
Net asset value, end of period/year	$	11.82		$	11.77
Total return (E)		1.11	%		6.42	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	11		$	11
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		1.41	%		1.43	%(G)
Including waiver and/or reimbursement and recapture		1.10	%		1.10	%(G)
Net investment income (loss) to average net assets (C)		0.96	%		0.97	%(G)
Portfolio turnover rate (H)		25	%		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)	Not annualized.
(E)	Total return has been calculated without deduction of the initial 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)	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, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	9.45		$	9.46		$	9.38		$	10.48		$	10.16
Investment operations:
Net investment income (loss) (A) (B)		0.32			0.32			0.36	(C)		0.39			0.38
Net realized and unrealized gain (loss)		(0.54	)		0.06			0.32			(0.87	)		0.26
Total investment operations		(0.22	)		0.38			0.68			(0.48	)		0.64
Dividends and/or distributions to shareholders:
Net investment income		(0.32	)		(0.32	)		(0.33	)		(0.45	)		(0.32	)
Net realized gains		—			—			(0.20	)		(0.17	)		—
Return of capital		(0.08	)		(0.07	)		(0.07	)		—			—
Total dividends and/or distributions to shareholders		(0.40	)		(0.39	)		(0.60	)		(0.62	)		(0.32	)
Net asset value, end of year	$	8.83		$	9.45		$	9.46		$	9.38		$	10.48
Total return (D)		(2.38	)%		4.12	%		7.79	%		(4.78	)%		6.39	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	68,424		$	97,964		$	122,240		$	175,092		$	259,348
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		0.93	%		0.89	%		0.89	%		0.89	%		0.89	%
Including waiver and/or reimbursement and recapture		0.92	%		0.89	%		0.88	%(C)		0.89	%		0.87	%
Net investment income (loss) to average net assets (B)		3.48	%		3.41	%		3.89	%(C)		3.84	%		3.63	%
Portfolio turnover rate (F)		23	%		9	%		27	%		159	%		102	%

(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 initial 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 2018

Page    435

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Dynamic Income
	Class C
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	9.41		$	9.42		$	9.34		$	10.44		$	10.12
Investment operations:
Net investment income (loss) (A) (B)		0.26			0.25			0.28	(C)		0.31			0.29
Net realized and unrealized gain (loss)		(0.54	)		0.06			0.33			(0.87	)		0.27
Total investment operations		(0.28	)		0.31			0.61			(0.56	)		0.56
Dividends and/or distributions to shareholders:
Net investment income		(0.27	)		(0.26	)		(0.28	)		(0.37	)		(0.24	)
Net realized gains		—			—			(0.20	)		(0.17	)		—
Return of capital		(0.07	)		(0.06	)		(0.05	)		—			—
Total dividends and/or distributions to shareholders		(0.34	)		(0.32	)		(0.53	)		(0.54	)		(0.24	)
Net asset value, end of year	$	8.79		$	9.41		$	9.42		$	9.34		$	10.44
Total return (D)		(3.07	)%		3.34	%		7.00	%		(5.53	)%		5.61	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	108,855		$	161,999		$	210,600		$	289,060		$	400,142
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		1.69	%		1.65	%		1.65	%		1.65	%		1.63	%
Including waiver and/or reimbursement and recapture		1.67	%		1.65	%		1.64	%(C)		1.65	%		1.63	%
Net investment income (loss) to average net assets (B)		2.77	%		2.68	%		3.11	%(C)		3.09	%		2.86	%
Portfolio turnover rate (F)		23	%		9	%		27	%		159	%		102	%

(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 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, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	9.45		$	9.46		$	9.38		$	10.48		$	10.16
Investment operations:
Net investment income (loss) (A) (B)		0.35			0.35			0.39	(C)		0.41			0.40
Net realized and unrealized gain (loss)		(0.53	)		0.06			0.31			(0.87	)		0.26
Total investment operations		(0.18	)		0.41			0.70			(0.46	)		0.66
Dividends and/or distributions to shareholders:
Net investment income		(0.34	)		(0.34	)		(0.35	)		(0.47	)		(0.34	)
Net realized gains		—			—			(0.20	)		(0.17	)		—
Return of capital		(0.09	)		(0.08	)		(0.07	)		—			—
Total dividends and/or distributions to shareholders		(0.43	)		(0.42	)		(0.62	)		(0.64	)		(0.34	)
Net asset value, end of year	$	8.84		$	9.45		$	9.46		$	9.38		$	10.48
Total return		(2.04	)%		4.37	%		8.06	%		(4.56	)%		6.64	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	43,330		$	66,235		$	83,297		$	144,733		$	242,703
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.68	%		0.66	%		0.65	%		0.66	%		0.64	%
Including waiver and/or reimbursement and recapture		0.67	%		0.66	%		0.64	%(C)		0.66	%		0.64	%
Net investment income (loss) to average net assets (B)		3.78	%		3.66	%		4.25	%(C)		4.05	%		3.83	%
Portfolio turnover rate (E)		23	%		9	%		27	%		159	%		102	%

(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 2018

Page    436

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Dynamic Income
	Class T1
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	9.47		$	9.46
Investment operations:
Net investment income (loss) (B) (C)		0.31			0.15
Net realized and unrealized gain (loss)		(0.51	)		0.11
Total investment operations		(0.20	)		0.26
Dividends and/or distributions to shareholders:
Net investment income		(0.33	)		(0.20	)
Return of capital		(0.08	)		(0.05	)
Total dividends and/or distributions to shareholders		(0.41	)		(0.25	)
Net asset value, end of period/year	$	8.86		$	9.47
Total return (D)		(2.28	)%		2.84	%(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		0.83	%		0.80	%(G)
Including waiver and/or reimbursement and recapture		0.83	%		0.80	%(G)
Net investment income (loss) to average net assets (C)		3.36	%		2.52	%(G)
Portfolio turnover rate (H)		23	%		9	%

(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 initial 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 period and year indicated:	Transamerica Dynamic Income
	Advisor Class
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	9.45		$	9.48
Investment operations:
Net investment income (loss) (B) (C)		0.32			0.16
Net realized and unrealized gain (loss)		(0.51	)		0.08
Total investment operations		(0.19	)		0.24
Dividends and/or distributions to shareholders:
Net investment income		(0.33	)		(0.22	)
Return of capital		(0.09	)		(0.05	)
Total dividends and/or distributions to shareholders		(0.42	)		(0.27	)
Net asset value, end of period/year	$	8.84		$	9.45
Total return		(2.05	)%		2.59	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	10		$	10
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		0.79	%		0.77	%(F)
Including waiver and/or reimbursement and recapture		0.67	%		0.67	%(F)
Net investment income (loss) to average net assets (C)		3.52	%		2.50	%(F)
Portfolio turnover rate (G)		23	%		9	%

(A)	Commenced operations on March 3, 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)	Not annualized.
(E)	Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(F)	Annualized.
(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 2018

Page    437

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Emerging Markets Debt
	Class A
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	10.92		$	10.50		$	9.70		$	10.75		$	10.83
Investment operations:
Net investment income (loss) (A)		0.51			0.55			0.63	(B)		0.60			0.61
Net realized and unrealized gain (loss)		(1.23	)		0.38			0.49			(1.26	)		(0.11	)
Total investment operations		(0.72	)		0.93			1.12			(0.66	)		0.50
Dividends and/or distributions to shareholders:
Net investment income		(0.32	)		(0.51	)		(0.30	)		(0.39	)		(0.58	)
Return of capital		(0.03	)		—			(0.02	)		—			—
Total dividends and/or distributions to shareholders		(0.35	)		(0.51	)		(0.32	)		(0.39	)		(0.58	)
Net asset value, end of year	$	9.85		$	10.92		$	10.50		$	9.70		$	10.75
Total return (C)		(6.65	)%		8.96	%		11.86	%		(6.30	)%		4.81	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	15,294		$	21,804		$	35,765		$	59,093		$	81,684
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.12	%		1.12	%		1.15	%		1.11	%		1.18	%
Including waiver and/or reimbursement and recapture		1.12	%		1.12	%		1.15	%(B)		1.11	%		1.18	%
Net investment income (loss) to average net assets		4.81	%		5.20	%		6.39	%(B)		5.94	%		5.68	%
Portfolio turnover rate		221	%		247	%		257	%		237	%		321	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.

For a share outstanding during the years indicated:	Transamerica Emerging Markets Debt
	Class C
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	10.85		$	10.43		$	9.66		$	10.72		$	10.80
Investment operations:
Net investment income (loss) (A)		0.42			0.48			0.55	(B)		0.53			0.54
Net realized and unrealized gain (loss)		(1.22	)		0.36			0.49			(1.26	)		(0.11	)
Total investment operations		(0.80	)		0.84			1.04			(0.73	)		0.43
Dividends and/or distributions to shareholders:
Net investment income		(0.26	)		(0.42	)		(0.25	)		(0.33	)		(0.51	)
Return of capital		(0.03	)		—			(0.02	)		—			—
Total dividends and/or distributions to shareholders		(0.29	)		(0.42	)		(0.27	)		(0.33	)		(0.51	)
Net asset value, end of year	$	9.76		$	10.85		$	10.43		$	9.66		$	10.72
Total return (C)		(7.36	)%		8.26	%		11.01	%		(7.02	)%		4.12	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	10,089		$	14,023		$	14,363		$	17,462		$	27,202
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.88	%		1.87	%		1.89	%		1.84	%		1.84	%
Including waiver and/or reimbursement and recapture		1.88	%		1.87	%		1.88	%(B)		1.84	%		1.84	%
Net investment income (loss) to average net assets		4.03	%		4.53	%		5.56	%(B)		5.23	%		5.02	%
Portfolio turnover rate		221	%		247	%		257	%		237	%		321	%

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

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

Transamerica Funds Annual Report 2018

Page    438

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Emerging Markets Debt
	Class I
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	10.95		$	10.52		$	9.72		$	10.78		$	10.85
Investment operations:
Net investment income (loss) (A)		0.54			0.60			0.66	(B)		0.64			0.65
Net realized and unrealized gain (loss)		(1.24	)		0.37			0.49			(1.27	)		(0.10	)
Total investment operations		(0.70	)		0.97			1.15			(0.63	)		0.55
Dividends and/or distributions to shareholders:
Net investment income		(0.33	)		(0.54	)		(0.33	)		(0.43	)		(0.62	)
Return of capital		(0.04	)		—			(0.02	)		—			—
Total dividends and/or distributions to shareholders		(0.37	)		(0.54	)		(0.35	)		(0.43	)		(0.62	)
Net asset value, end of year	$	9.88		$	10.95		$	10.52		$	9.72		$	10.78
Total return		(6.36	)%		9.33	%		12.27	%		(6.03	)%		5.30	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	481,999		$	682,535		$	618,258		$	581,888		$	340,068
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.82	%		0.82	%		0.82	%		0.81	%		0.81	%
Including waiver and/or reimbursement and recapture		0.82	%		0.82	%		0.82	%(B)		0.81	%		0.81	%
Net investment income (loss) to average net assets		5.12	%		5.62	%		6.60	%(B)		6.39	%		6.00	%
Portfolio turnover rate		221	%		247	%		257	%		237	%		321	%

(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 Emerging Markets Debt
	Class I2
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	10.95		$	10.52		$	9.72		$	10.78		$	10.85
Investment operations:
Net investment income (loss) (A)		0.55			0.62			0.65	(B)		0.64			0.66
Net realized and unrealized gain (loss)		(1.23	)		0.36			0.51			(1.26	)		(0.10	)
Total investment operations		(0.68	)		0.98			1.16			(0.62	)		0.56
Dividends and/or distributions to shareholders:
Net investment income		(0.34	)		(0.55	)		(0.33	)		(0.44	)		(0.63	)
Return of capital		(0.04	)		—			(0.03	)		—			—
Total dividends and/or distributions to shareholders		(0.38	)		(0.55	)		(0.36	)		(0.44	)		(0.63	)
Net asset value, end of year	$	9.89		$	10.95		$	10.52		$	9.72		$	10.78
Total return		(6.21	)%		9.44	%		12.25	%		(5.86	)%		5.39	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	161,794		$	214,450		$	169,122		$	60,406		$	143,512
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.73	%		0.72	%		0.72	%		0.70	%		0.71	%
Including waiver and/or reimbursement and recapture		0.73	%		0.72	%		0.72	%(B)		0.70	%		0.71	%
Net investment income (loss) to average net assets		5.21	%		5.83	%		6.48	%(B)		6.29	%		6.16	%
Portfolio turnover rate		221	%		247	%		257	%		237	%		321	%

(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 2018

Page    439

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Emerging Markets Debt
	Class R6
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	10.94		$	10.52		$	9.71		$	10.37
Investment operations:
Net investment income (loss) (B)		0.58			0.64			0.66	(C)		0.28
Net realized and unrealized gain (loss)		(1.26	)		0.33			0.51			(0.66	)
Total investment operations		(0.68	)		0.97			1.17			(0.38	)
Dividends and/or distributions to shareholders:
Net investment income		(0.34	)		(0.55	)		(0.33	)		(0.28	)
Return of capital		(0.04	)		—			(0.03	)		—
Total dividends and/or distributions to shareholders		(0.38	)		(0.55	)		(0.36	)		(0.28	)
Net asset value, end of period/year	$	9.88		$	10.94		$	10.52		$	9.71
Total return		(6.30	)%		9.45	%		12.36	%		(3.71	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	5,512		$	6,933		$	87		$	48
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.73	%		0.72	%		0.72	%		0.71	%(E)
Including waiver and/or reimbursement and recapture		0.73	%		0.72	%		0.72	%(C)		0.71	%(E)
Net investment income (loss) to average net assets		5.50	%		5.87	%		6.62	%(C)		6.66	%(E)
Portfolio turnover rate		221	%		247	%		257	%		237	%

(A)	Commenced operations on May 29, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Not annualized.
(E)	Annualized.

For a share outstanding during the period and year indicated:	Transamerica Emerging Markets Debt
	Class T1
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.02		$	10.62
Investment operations:
Net investment income (loss) (B)		0.55			0.38
Net realized and unrealized gain (loss)		(1.26	)		0.32
Total investment operations		(0.71	)		0.70
Dividends and/or distributions to shareholders:
Net investment income		(0.33	)		(0.30	)
Return of capital		(0.03	)		—
Total dividends and/or distributions to shareholders		(0.36	)		(0.30	)
Net asset value, end of period/year	$	9.95		$	11.02
Total return (C)		(6.51	)%		6.64	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	10		$	11
Expenses to average net assets		0.96	%		0.96	%(E)
Net investment income (loss) to average net assets		5.24	%		5.58	%(E)
Portfolio turnover rate		221	%		247	%

(A)	Commenced operations on March 17, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(D)	Not annualized.
(E)	Annualized.

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

Transamerica Funds Annual Report 2018

Page    440

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Emerging Markets Debt
	Advisor Class
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.07		$	10.20
Investment operations:
Net investment income (loss) (B)		0.55			0.57
Net realized and unrealized gain (loss)		(1.25	)		0.72
Total investment operations		(0.70	)		1.29
Dividends and/or distributions to shareholders:
Net investment income		(0.33	)		(0.42	)
Return of capital		(0.04	)		—
Total dividends and/or distributions to shareholders		(0.37	)		(0.42	)
Net asset value, end of period/year	$	10.00		$	11.07
Total return		(6.43	)%		12.71	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	32		$	11
Expenses to average net assets		0.93	%		0.92	%(D)
Net investment income (loss) to average net assets		5.28	%		6.01	%(D)
Portfolio turnover rate		221	%		247	%

(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 Emerging Markets Equity
	Class A
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	11.01		$	8.83		$	8.50		$	10.25		$	10.40
Investment operations:
Net investment income (loss) (A)		0.07	(B)		0.12			0.07	(C)		0.06			0.11
Net realized and unrealized gain (loss)		(1.75	)		2.20			0.34			(1.70	)		(0.16	)
Total investment operations		(1.68	)		2.32			0.41			(1.64	)		(0.05	)
Dividends and/or distributions to shareholders:
Net investment income		(0.08	)		(0.14	)		(0.08	)		(0.11	)		(0.10	)
Net asset value, end of year	$	9.25		$	11.01		$	8.83		$	8.50		$	10.25
Total return (D)		(15.32	)%		26.75	%		4.88	%		(16.17	)%		(0.40	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	4,331		$	10,421		$	2,368		$	1,669		$	1,495
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.53	%(E)		1.59	%		1.73	%		1.60	%		1.62	%
Including waiver and/or reimbursement and recapture		1.53	%(E)		1.59	%		1.72	%(C)		1.60	%		1.62	%
Net investment income (loss) to average net assets		0.61	%(B)		1.16	%		0.87	%(C)		0.63	%		1.05	%
Portfolio turnover rate		75	%(F)		49	%		61	%		89	%		69	%

(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 initial 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 2018

Page    441

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Emerging Markets Equity
	Class C
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	10.89		$	8.74		$	8.41		$	10.14		$	10.32
Investment operations:
Net investment income (loss) (A)		0.01	(B)		0.02			0.02	(C)		0.01			0.04
Net realized and unrealized gain (loss)		(1.75	)		2.22			0.34			(1.70	)		(0.15	)
Total investment operations		(1.74	)		2.24			0.36			(1.69	)		(0.11	)
Dividends and/or distributions to shareholders:
Net investment income		(0.00	)(D)		(0.09	)		(0.03	)		(0.04	)		(0.07	)
Net asset value, end of year	$	9.15		$	10.89		$	8.74		$	8.41		$	10.14
Total return (E)		(15.95	)%		25.97	%		4.28	%		(16.73	)%		(1.05	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,625		$	2,552		$	1,846		$	1,882		$	1,424
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.23	%(F)		2.28	%		2.33	%		2.28	%		2.29	%
Including waiver and/or reimbursement and recapture		2.23	%(F)		2.28	%		2.32	%(C)		2.28	%		2.29	%
Net investment income (loss) to average net assets		0.09	%(B)		0.23	%		0.23	%(C)		0.08	%		0.36	%
Portfolio turnover rate		75	%(G)		49	%		61	%		89	%		69	%

(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)	Rounds to less than $0.01 or $(0.01).
(E)	Total return has been calculated without deduction of the 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 Emerging Markets Equity
	Class I
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	11.07		$	8.88		$	8.55		$	10.30		$	10.43
Investment operations:
Net investment income (loss) (A)		0.13	(B)		0.17			0.08	(C)		0.10			0.12
Net realized and unrealized gain (loss)		(1.77	)		2.19			0.36			(1.72	)		(0.13	)
Total investment operations		(1.64	)		2.36			0.44			(1.62	)		(0.01	)
Dividends and/or distributions to shareholders:
Net investment income		(0.11	)		(0.17	)		(0.11	)		(0.13	)		(0.12	)
Net asset value, end of year	$	9.32		$	11.07		$	8.88		$	8.55		$	10.30
Total return		(15.01	)%		27.20	%		5.30	%		(15.89	)%		(0.04	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	6,653		$	8,072		$	476		$	1,281		$	1,147
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.20	%(D)		1.27	%		1.31	%		1.25	%		1.29	%
Including waiver and/or reimbursement and recapture		1.20	%(D)		1.27	%		1.31	%(C)		1.25	%		1.29	%
Net investment income (loss) to average net assets		1.20	%(B)		1.64	%		1.04	%(C)		1.01	%		1.22	%
Portfolio turnover rate		75	%(E)		49	%		61	%		89	%		69	%

(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 2018

Page    442

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Emerging Markets Equity
	Class I2
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	11.08		$	8.89		$	8.56		$	10.30		$	10.44
Investment operations:
Net investment income (loss) (A)		0.19	(B)		0.13			0.12	(C)		0.12			0.15
Net realized and unrealized gain (loss)		(1.83	)		2.24			0.33			(1.72	)		(0.16	)
Total investment operations		(1.64	)		2.37			0.45			(1.60	)		(0.01	)
Dividends and/or distributions to shareholders:
Net investment income		(0.11	)		(0.18	)		(0.12	)		(0.14	)		(0.13	)
Net asset value, end of year	$	9.33		$	11.08		$	8.89		$	8.56		$	10.30
Total return		(14.94	)%		27.35	%		5.41	%		(15.74	)%		(0.02	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	847,486		$	217,617		$	146,458		$	270,402		$	241,658
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.10	%(D)		1.17	%		1.19	%		1.14	%		1.17	%
Including waiver and/or reimbursement and recapture		1.10	%(D)		1.17	%		1.18	%(C)		1.14	%		1.17	%
Net investment income (loss) to average net assets		1.83	%(B)		1.37	%		1.46	%(C)		1.26	%		1.44	%
Portfolio turnover rate		75	%(E)		49	%		61	%		89	%		69	%

(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.

For a share outstanding during the period and year indicated:	Transamerica Emerging Markets Equity
	Class T1
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.02		$	9.50
Investment operations:
Net investment income (loss) (B)		0.11	(C)		0.10
Net realized and unrealized gain (loss)		(1.77	)		1.42
Total investment operations		(1.66	)		1.52
Dividends and/or distributions to shareholders:
Net investment income		(0.07	)		—
Net asset value, end of period/year	$	9.29		$	11.02
Total return (D)		(15.18	)%		16.00	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	10		$	12
Expenses to average net assets		1.34	%(F)		1.41	%(G)
Net investment income (loss) to average net assets		1.03	%(C)		1.59	%(G)
Portfolio turnover rate		75	%(H)		49	%

(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 initial 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.

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

Transamerica Funds Annual Report 2018

Page    443

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Emerging Markets Equity
	Advisor Class
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.28		$	8.38
Investment operations:
Net investment income (loss) (B)		0.12	(C)		0.12
Net realized and unrealized gain (loss)		(1.81	)		2.79
Total investment operations		(1.69	)		2.91
Dividends and/or distributions to shareholders:
Net investment income		(0.09	)		(0.01	)
Net asset value, end of period/year	$	9.50		$	11.28
Total return		(15.09	)%		34.72	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	11		$	13
Expenses to average net assets		1.30	%(E)		1.36	%(F)
Net investment income (loss) to average net assets		1.07	%(C)		1.34	%(F)
Portfolio turnover rate		75	%(G)		49	%

(A)	Commenced operations on December 16, 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)	Not annualized.
(E)	Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(F)	Annualized.
(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 Event Driven
	Class I
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.46		$	9.78
Investment operations:
Net investment income (loss) (B) (C)		(0.02	)		0.10
Net realized and unrealized gain (loss)		0.08			0.60
Total investment operations		0.06			0.70
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.02	)
Net asset value, end of period/year	$	10.36		$	10.46
Total return		0.57	%		7.19	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	706		$	60
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture, including dividends, interest and fees for borrowings from securities sold short		1.69	%		1.81	%(F)
Including waiver and/or reimbursement and recapture, including dividends, interest and fees for borrowings from securities sold short		1.49	%		1.44	%(F)
Including waiver and/or reimbursement and recapture, excluding dividends, interest and fees from borrowings from securities sold short		1.35	%		1.38	%(F)
Net investment income (loss) to average net assets (C)		(0.15	)%		1.03	%(F)
Portfolio turnover rate (G)		514	%		633	%

(A)	Commenced operations on November 11, 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)	Not annualized.
(E)	Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(F)	Annualized.
(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 2018

Page    444

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Event Driven
	Class I2
	October 31, 2018			October 31, 2017			October 31, 2016			October 31,   2015 (A)
Net asset value, beginning of period/year	$	10.31		$	9.83		$	9.66		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		(0.04	)		0.16			0.15	(D)		(0.03	)(E)
Net realized and unrealized gain (loss)		0.11			0.48			0.04	(F)		(0.31	)(E)
Total investment operations		0.07			0.64			0.19			(0.34	)
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.16	)		(0.02	)		—
Net asset value, end of period/year	$	10.22		$	10.31		$	9.83		$	9.66
Total return		0.68	%		6.55	%		1.98	%		(3.30	)%(G)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	116,012		$	90,175		$	97,399		$	125,039
Expenses to average net assets (H)
Excluding waiver and/or reimbursement and recapture, including dividends, interest and fees for borrowings from securities sold short		1.68	%		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		1.60	%		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		1.35	%		1.45	%		1.73	%(D)		1.66	%(I)
Net investment income (loss) to average net assets (C)		(0.40	)%		1.55	%		1.62	%(D)		(0.44	)%(E)(I)
Portfolio turnover rate (J)		514	%		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 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)	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.

For a share outstanding during the period and year indicated:	Transamerica Event Driven
	Advisor Class
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.47		$	10.07
Investment operations:
Net investment income (loss) (B) (C)		(0.03	)		0.11
Net realized and unrealized gain (loss)		0.09			0.30
Total investment operations		0.06			0.41
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.01	)
Net asset value, end of period/year	$	10.37		$	10.47
Total return		0.57	%		4.04	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	16		$	10
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture, including dividends, interest and fees for borrowings from securities sold short		1.82	%		1.91	%(F)
Including waiver and/or reimbursement and recapture, including dividends, interest and fees for borrowings from securities sold short		1.55	%		1.58	%(F)
Including waiver and/or reimbursement and recapture, excluding dividends, interest and fees from borrowings from securities sold short		1.35	%		1.42	%(F)
Net investment income (loss) to average net assets (C)		(0.29	)%		1.22	%(F)
Portfolio turnover rate (G)		514	%		633	%

(A)	Commenced operations on December 16, 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)	Not annualized.
(E)	Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(F)	Annualized.
(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 2018

Page    445

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Floating Rate
	Class A
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014 (A)
Net asset value, beginning of year	$	9.97		$	9.95		$	9.82		$	9.92		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.42			0.38			0.40	(D)		0.34			0.31
Net realized and unrealized gain (loss)		(0.10	)		0.03			0.12			(0.08	)		(0.10	)
Total investment operations		0.32			0.41			0.52			0.26			0.21
Dividends and/or distributions to shareholders:
Net investment income		(0.42	)		(0.39	)		(0.39	)		(0.35	)		(0.29	)
Net realized gains		—			—			—			(0.01	)		—
Total dividends and/or distributions to shareholders		(0.42	)		(0.39	)		(0.39	)		(0.36	)		(0.29	)
Net asset value, end of year	$	9.87		$	9.97		$	9.95		$	9.82		$	9.92
Total return (E)		3.32	%		4.14	%		5.50	%		2.73	%		2.17	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	37,011		$	38,312		$	6,327		$	3,360		$	633
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		1.07	%		1.08	%		1.11	%		1.11	%		1.21	%
Including waiver and/or reimbursement and recapture		1.05	%		1.05	%		1.05	%(D)		1.05	%		1.06	%
Net investment income (loss) to average net assets (C)		4.22	%		3.79	%		4.05	%(D)		3.46	%		3.08	%
Portfolio turnover rate (G)		54	%		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 initial 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.

For a share outstanding during the years indicated:	Transamerica Floating Rate
	Class C
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014 (A)
Net asset value, beginning of year	$	9.97		$	9.95		$	9.82		$	9.92		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.35			0.30			0.32	(D)		0.27			0.24
Net realized and unrealized gain (loss)		(0.10	)		0.04			0.13			(0.08	)		(0.10	)
Total investment operations		0.25			0.34			0.45			0.19			0.14
Dividends and/or distributions to shareholders:
Net investment income		(0.35	)		(0.32	)		(0.32	)		(0.28	)		(0.22	)
Net realized gains		—			—			—			(0.01	)		—
Total dividends and/or distributions to shareholders		(0.35	)		(0.32	)		(0.32	)		(0.29	)		(0.22	)
Net asset value, end of year	$	9.87		$	9.97		$	9.95		$	9.82		$	9.92
Total return (E)		2.55	%		3.36	%		4.70	%		1.98	%		1.43	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	22,412		$	17,549		$	6,669		$	2,904		$	1,672
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		1.83	%		1.83	%		1.84	%		1.86	%		1.97	%
Including waiver and/or reimbursement and recapture		1.80	%		1.80	%		1.80	%(D)		1.80	%		1.80	%
Net investment income (loss) to average net assets (C)		3.50	%		3.05	%		3.30	%(D)		2.78	%		2.45	%
Portfolio turnover rate (G)		54	%		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 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 2018

Page    446

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Floating Rate
	Class I
	October 31, 2018			October 31, 2017			October 31,       2016			October 31, 2015			October 31, 2014 (A)
Net asset value, beginning of year	$	9.94		$	9.92		$	9.79		$	9.92		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.45			0.40			0.41	(D)		0.35			0.33
Net realized and unrealized gain (loss)		(0.10	)		0.04			0.14			(0.09	)		(0.09	)
Total investment operations		0.35			0.44			0.55			0.26			0.24
Dividends and/or distributions to shareholders:
Net investment income		(0.45	)		(0.42	)		(0.42	)		(0.38	)		(0.32	)
Net realized gains		—			—			—			(0.01	)		—
Total dividends and/or distributions to shareholders		(0.45	)		(0.42	)		(0.42	)		(0.39	)		(0.32	)
Net asset value, end of year	$	9.84		$	9.94		$	9.92		$	9.79		$	9.92
Total return		3.57	%		4.40	%		5.75	%		2.66	%		2.45	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	187,447		$	72,316		$	13,061		$	787		$	412
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		0.85	%		0.85	%		0.85	%		0.87	%		0.97	%
Including waiver and/or reimbursement and recapture		0.80	%		0.80	%		0.80	%(D)		0.80	%		0.80	%
Net investment income (loss) to average net assets (C)		4.56	%		4.02	%		4.21	%(D)		3.57	%		3.27	%
Portfolio turnover rate (F)		54	%		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.

For a share outstanding during the years indicated:	Transamerica Floating Rate
	Class I2
	October 31, 2018			October 31, 2017			October 31,       2016			October 31, 2015			October 31, 2014 (A)
Net asset value, beginning of year	$	9.97		$	9.95		$	9.82		$	9.92		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.45			0.41			0.42	(D)		0.38			0.34
Net realized and unrealized gain (loss)		(0.09	)		0.03			0.13			(0.09	)		(0.10	)
Total investment operations		0.36			0.44			0.55			0.29			0.24
Dividends and/or distributions to shareholders:
Net investment income		(0.46	)		(0.42	)		(0.42	)		(0.38	)		(0.32	)
Net realized gains		—			—			—			(0.01	)		—
Total dividends and/or distributions to shareholders		(0.46	)		(0.42	)		(0.42	)		(0.39	)		(0.32	)
Net asset value, end of year	$	9.87		$	9.97		$	9.95		$	9.82		$	9.92
Total return		3.64	%		4.45	%		5.81	%		2.99	%		2.47	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	473,047		$	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	%		0.75	%		0.77	%		0.87	%
Including waiver and/or reimbursement and recapture		0.75	%		0.75	%		0.75	%(D)(F)		0.80	%		0.80	%
Net investment income (loss) to average net assets (C)		4.54	%		4.12	%		4.32	%(D)		3.79	%		3.37	%
Portfolio turnover rate (G)		54	%		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.

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

Transamerica Funds Annual Report 2018

Page    447

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Floating Rate
	Class T1
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	9.97		$	9.99
Investment operations:
Net investment income (loss) (B) (C)		0.42			0.24
Net realized and unrealized gain (loss)		(0.09	)		(0.02	)(D)
Total investment operations		0.33			0.22
Dividends and/or distributions to shareholders:
Net investment income		(0.43	)		(0.24	)
Net asset value, end of period/year	$	9.87		$	9.97
Total return (F)		3.39	%		2.20	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	11		$	10
Expenses to average net assets (G)
Expenses to average net assets		0.99	%		1.00	%(H)
Net investment income (loss) to average net assets (C)		4.24	%		3.73	%(H)
Portfolio turnover rate (I)		54	%		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)	Not annualized.
(F)	Total return has been calculated without deduction of the initial 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)	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 Global Equity
	Class A
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	13.58		$	11.14		$	11.15		$	11.08		$	10.96
Investment operations:
Net investment income (loss) (A)		0.05	(B)		0.08			0.08	(C)		0.05	(B)		0.18	(B)
Net realized and unrealized gain (loss)		(0.20	)		2.64			(0.09	)		0.02			0.10
Total investment operations		(0.15	)		2.72			(0.01	)		0.07			0.28
Dividends and/or distributions to shareholders:
Net investment income		(0.26	)		(0.28	)		—			—			(0.16	)
Net asset value, end of year	$	13.17		$	13.58		$	11.14		$	11.15		$	11.08
Total return (D)		(1.18	)%		24.92	%		(0.09	)%		0.63	%		2.54	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	51,912		$	42,264		$	39,699		$	48,311		$	56,663
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.45	%(E)		1.49	%		1.39	%		1.36	%(E)		0.75	%(E)
Including waiver and/or reimbursement and recapture		1.35	%(E)		1.35	%		1.34	%(C)		1.35	%(E)		0.74	%(E)
Net investment income (loss) to average net assets		0.35	%(B)		0.68	%		0.74	%(C)		0.46	%(B)		1.64	%(B)
Portfolio turnover rate		36	%(F)		38	%		63	%		51	%(F)		150	%(F)

(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 initial 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 2018

Page    448

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Global Equity
	Class B
	October 31,   2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	13.33		$	10.90		$	10.99		$	11.00		$	10.89
Investment operations:
Net investment income (loss) (A)		(0.07	)(B)		(0.01	)		0.00	(C)(D)		(0.03	)(B)		0.10	(B)
Net realized and unrealized gain (loss)		(0.18	)		2.59			(0.09	)		0.02			0.08
Total investment operations		(0.25	)		2.58			(0.09	)		(0.01	)		0.18
Dividends and/or distributions to shareholders:
Net investment income		(0.10	)		(0.15	)		—			—			(0.07	)
Net asset value, end of year	$	12.98		$	13.33		$	10.90		$	10.99		$	11.00
Total return (E)		(1.91	)%		23.96	%		(0.82	)%		(0.09	)%		1.64	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	187		$	910		$	1,642		$	3,380		$	6,460
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.63	%(F)		2.44	%		2.31	%		2.27	%(F)		1.63	%(F)
Including waiver and/or reimbursement and recapture		2.10	%(F)		2.10	%		2.09	%(D)		2.10	%(F)		1.53	%(F)
Net investment income (loss) to average net assets		(0.52	)%(B)		(0.08	)%		0.03	%(D)		(0.28	)%(B)		0.95	%(B)
Portfolio turnover rate		36	%(G)		38	%		63	%		51	%(G)		150	%(G)

(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)	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 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(E)	Total return has been calculated without deduction of the initial 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 Global Equity
	Class C
	October 31,   2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	13.27		$	10.89		$	10.98		$	10.99		$	10.88
Investment operations:
Net investment income (loss) (A)		(0.06	)(B)		(0.01	)		0.00	(C)(D)		(0.03	)(B)		0.09	(B)
Net realized and unrealized gain (loss)		(0.19	)		2.58			(0.09	)		0.02			0.10
Total investment operations		(0.25	)		2.57			(0.09	)		(0.01	)		0.19
Dividends and/or distributions to shareholders:
Net investment income		(0.15	)		(0.19	)		—			—			(0.08	)
Net asset value, end of year	$	12.87		$	13.27		$	10.89		$	10.98		$	10.99
Total return (E)		(1.91	)%		23.90	%		(0.82	)%		(0.09	)%		1.73	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	20,289		$	44,450		$	48,720		$	61,427		$	74,772
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.18	%(F)		2.21	%		2.13	%		2.10	%(F)		1.49	%(F)
Including waiver and/or reimbursement and recapture		2.10	%(F)		2.10	%		2.09	%(D)		2.10	%(F)(G)		1.47	%(F)
Net investment income (loss) to average net assets		(0.41	)%(B)		(0.07	)%		(0.01	)%(D)		(0.29	)%(B)		0.87	%(B)
Portfolio turnover rate		36	%(H)		38	%		63	%		51	%(H)		150	%(H)

(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)	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 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(E)	Total return has been calculated without deduction of the 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.

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

Transamerica Funds Annual Report 2018

Page    449

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Global Equity
	Class I
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	13.61		$	11.19		$	11.17		$	11.06		$	10.96
Investment operations:
Net investment income (loss) (A)		0.08	(B)		0.11			0.11	(C)		0.09	(B)		0.21	(B)
Net realized and unrealized gain (loss)		(0.20	)		2.64			(0.08	)		0.02			0.09
Total investment operations		(0.12	)		2.75			0.03			0.11			0.30
Dividends and/or distributions to shareholders:
Net investment income		(0.29	)		(0.33	)		(0.01	)		—			(0.20	)
Net asset value, end of year	$	13.20		$	13.61		$	11.19		$	11.17		$	11.06
Total return		(0.94	)%		25.20	%		0.24	%		0.99	%		2.75	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	32,283		$	34,572		$	28,605		$	37,576		$	33,329
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.12	%(D)		1.14	%		1.04	%		1.03	%(D)		0.46	%(D)
Including waiver and/or reimbursement and recapture		1.10	%(D)		1.10	%		1.02	%(C)		1.04	%(D)		0.44	%(D)
Net investment income (loss) to average net assets		0.59	%(B)		0.93	%		1.04	%(C)		0.78	%(B)		1.88	%(B)
Portfolio turnover rate		36	%(E)		38	%		63	%		51	%(E)		150	%(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 0.01% 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.

For a share outstanding during the period and years indicated:	Transamerica Global Equity
	Class R6
	October 31, 2018			October 31, 2017			October 31, 2016			October 31,   2015 (A)
Net asset value, beginning of period/year	$	13.62		$	11.22		$	11.18		$	11.63
Investment operations:
Net investment income (loss) (B)		0.10	(C)		0.13			0.09	(D)		0.03	(C)
Net realized and unrealized gain (loss)		(0.20	)		2.63			(0.05	)		(0.48	)(E)
Total investment operations		(0.10	)		2.76			0.04			(0.45	)
Dividends and/or distributions to shareholders:
Net investment income		(0.30	)		(0.36	)		(0.00	)(F)		—
Net asset value, end of period/year	$	13.22		$	13.62		$	11.22		$	11.18
Total return		(0.80	)%		25.19	%		0.36	%		(3.87	)%(G)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	949		$	1,114		$	140		$	48
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.02	%(I)		1.04	%		0.95	%		0.93	%(H)(I)
Including waiver and/or reimbursement and recapture		1.02	%(I)		1.04	%		0.94	%(D)		0.93	%(H)(I)
Net investment income (loss) to average net assets		0.70	%(C)		1.01	%		0.82	%(D)		0.61	%(C)(H)
Portfolio turnover rate		36	%(J)		38	%		63	%		51	%(J)

(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 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)	Rounds to less than $0.01 or $(0.01).
(G)	Not annualized.
(H)	Annualized.
(I)	Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(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 2018

Page    450

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Global Equity
	Class T1
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	13.58		$	11.97
Investment operations:
Net investment income (loss) (B)		0.06	(C)		0.08
Net realized and unrealized gain (loss)		(0.20	)		1.53
Total investment operations		(0.14	)		1.61
Dividends and/or distributions to shareholders:
Net investment income		(0.21	)		—
Net asset value, end of period/year	$	13.23		$	13.58
Total return (D)		(1.07	)%		13.45	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	11		$	11
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.26	%(G)		1.28	%(F)
Including waiver and/or reimbursement and recapture		1.26	%(G)		1.28	%(F)
Net investment income (loss) to average net assets		0.44	%(C)		0.96	%(F)
Portfolio turnover rate		36	%(H)		38	%

(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 initial sales charge and contingent deferred sales charge.
(E)	Not annualized.
(F)	Annualized.
(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 year indicated:	Transamerica Global Equity
	Advisor Class
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	13.99		$	11.52
Investment operations:
Net investment income (loss) (B)		0.09	(C)		0.12
Net realized and unrealized gain (loss)		(0.20	)		2.36
Total investment operations		(0.11	)		2.48
Dividends and/or distributions to shareholders:
Net investment income		(0.29	)		(0.01	)
Net asset value, end of period/year	$	13.59		$	13.99
Total return		(0.85	)%		21.59	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	12		$	12
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.22	%(F)		1.23	%(E)
Including waiver and/or reimbursement and recapture		1.10	%(F)		1.10	%(E)
Net investment income (loss) to average net assets		0.60	%(C)		1.06	%(E)
Portfolio turnover rate		36	%(G)		38	%

(A)	Commenced operations on December 16, 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)	Not annualized.
(E)	Annualized.
(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 2018

Page    451

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Government Money Market
	Class A
	October 31, 2018			October 31, 2017			October 31,   2016			October 31, 2015			October 31, 2014
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)		0.00	(B)(C)		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)		0.46	%		0.01	%		0.01	%		0.01	%		0.01	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	171,707		$	191,477		$	192,607		$	105,532		$	100,310
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.68	%		0.78	%		0.87	%		1.07	%		1.09	%
Including waiver and/or reimbursement and recapture (E)		1.25	%		0.82	%		0.43	%(C)		0.27	%		0.22	%
Net investment income (loss) to average net assets		0.44	%		0.01	%		0.01	%(C)		0.00	%(F)		0.01	%

(A)	Calculated based on average number of shares outstanding.
(B)	Rounds to less than $0.01 or $(0.01).
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(E)	Transamerica Asset Management, Inc. and/or its affiliates have voluntarily waived fees and/or reimbursed expenses in order to avoid a negative yield. Transamerica Asset Management, Inc. is entitled to recapture such amounts in certain circumstances, and amounts have been so recaptured. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.
(F)	Rounds to less than 0.01% or (0.01)%.

For a share outstanding during the years indicated:	Transamerica Government Money Market
	Class B
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
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)		0.00	(B)(C)		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)	$	449		$	764		$	1,383		$	2,418		$	3,820
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.84	%		1.80	%		1.79	%		1.83	%		1.86	%
Including waiver and/or reimbursement and recapture (E)		1.66	%		0.79	%		0.43	%(C)		0.26	%		0.22	%
Net investment income (loss) to average net assets		0.01	%		0.01	%		0.01	%(C)		0.01	%		0.01	%

(A)	Calculated based on average number of shares outstanding.
(B)	Rounds to less than $0.01 or $(0.01).
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Total return has been calculated without deduction of the contingent deferred sales charge.
(E)	Transamerica Asset Management, Inc. and/or its affiliates have voluntarily waived fees and/or reimbursed expenses in order to avoid a negative yield. Transamerica Asset Management, Inc. is entitled to recapture such amounts in certain circumstances, and amounts have been so recaptured. 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 2018

Page    452

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Government Money Market
	Class C
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
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)		0.00	(B)(C)		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)	$	13,477		$	19,707		$	22,189		$	21,500		$	24,180
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.46	%		1.56	%		1.61	%		1.68	%		1.67	%
Including waiver and/or reimbursement and recapture (E)		1.69	%		0.81	%		0.43	%(C)		0.27	%		0.22	%
Net investment income (loss) to average net assets		0.01	%		0.01	%		0.01	%(C)		0.00	%(F)		0.01	%

(A)	Calculated based on average number of shares outstanding.
(B)	Rounds to less than $0.01 or $(0.01).
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Total return has been calculated without deduction of the contingent deferred sales charge.
(E)	Transamerica Asset Management, Inc. and/or its affiliates have voluntarily waived fees and/or reimbursed expenses in order to avoid a negative yield. Transamerica Asset Management, Inc. is entitled to recapture such amounts in certain circumstances, and amounts have been so recaptured. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.
(F)	Rounds to less than 0.01% or (0.01)%.

For a share outstanding during the years indicated:	Transamerica Government Money Market
	Class I
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Investment operations:
Net investment income (loss) (A)		0.01			0.00	(B)		0.00	(B)(C)		0.00	(B)		0.00	(B)
Total investment operations		0.01			0.00	(B)		0.00	(B)		0.00	(B)		0.00	(B)
Dividends and/or distributions to shareholders:
Net investment income		(0.01	)		(0.00	)(B)		(0.00	)(B)		(0.00	)(B)		(0.00	)(B)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return		0.95	%		0.01	%		0.01	%		0.02	%		0.01	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	21,281		$	21,578		$	21,185		$	18,529		$	19,325
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.52	%		0.62	%		0.69	%		0.78	%		0.77	%
Including waiver and/or reimbursement and recapture (D)		0.76	%		0.82	%		0.43	%(C)		0.26	%		0.21	%
Net investment income (loss) to average net assets		0.94	%		0.01	%		0.01	%(C)		0.01	%		0.02	%

(A)	Calculated based on average number of shares outstanding.
(B)	Rounds to less than $0.01 or $(0.01).
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Transamerica Asset Management, Inc. and/or its affiliates have voluntarily waived fees and/or reimbursed expenses in order to avoid a negative yield. Transamerica Asset Management, Inc. is entitled to recapture such amounts in certain circumstances, and amounts have been so recaptured. 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 2018

Page    453

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Government Money Market
	Class I2
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
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)		0.00	(B)(C)		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	%		0.01	%		0.02	%		0.01	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	4,017		$	7,850		$	11,954		$	35,245		$	31,522
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.32	%		0.43	%		0.48	%		0.54	%		0.53	%
Including waiver and/or reimbursement and recapture (D)		1.64	%		0.79	%		0.43	%(C)		0.26	%		0.21	%
Net investment income (loss) to average net assets		0.00	%(B)		0.01	%		0.01	%(C)		0.01	%		0.02	%

(A)	Calculated based on average number of shares outstanding.
(B)	Rounds to less than $0.01 or $(0.01).
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Transamerica Asset Management, Inc. and/or its affiliates have voluntarily waived fees and/or reimbursed expenses in order to avoid a negative yield. Transamerica Asset Management, Inc. is entitled to recapture such amounts in certain circumstances, and amounts have been so recaptured. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.

For a share outstanding during the period and year indicated:	Transamerica Government Money Market
	Class I3
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	1.00		$	1.00
Investment operations:
Net investment income (loss) (B)		0.01			0.00	(C)
Total investment operations		0.01			0.00	(C)
Dividends and/or distributions to shareholders:
Net investment income		(0.01	)		(0.00	)(C)
Net asset value, end of period/year	$	1.00		$	1.00
Total return		1.41	%		0.34	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	106,431		$	122,549
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.32	%		0.40	%(E)
Including waiver and/or reimbursement and recapture (F)		0.30	%		0.30	%(E)
Net investment income (loss) to average net assets		1.41	%		0.86	%(E)

(A)	Commenced operations on May 19, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Not annualized.
(E)	Annualized.
(F)	Transamerica Asset Management, Inc. and/or its affiliates have voluntarily waived fees and/or reimbursed expenses in order to avoid a negative yield. Transamerica Asset Management, Inc. is entitled to recapture such amounts in certain circumstances, and amounts have been so recaptured. 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 2018

Page    454

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Government Money Market
	Class R2
	October 31, 2018			October 31,   2017 (A)
Net asset value, beginning of period/year	$	1.00		$	1.00
Investment operations:
Net investment income (loss) (B)		0.01			0.00	(C)
Total investment operations		0.01			0.00	(C)
Dividends and/or distributions to shareholders:
Net investment income		(0.01	)		(0.00	)(C)
Net asset value, end of period/year	$	1.00		$	1.00
Total return		0.91	%		0.02	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	728,262		$	634,919
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.88	%		0.91	%(E)
Including waiver and/or reimbursement and recapture (F)		0.80	%		0.80	%(E)
Net investment income (loss) to average net assets		0.92	%		0.30	%(E)

(A)	Commenced operations on October 13, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Not annualized.
(E)	Annualized.
(F)	Transamerica Asset Management, Inc. and/or its affiliates have voluntarily waived fees and/or reimbursed expenses in order to avoid a negative yield. Transamerica Asset Management, Inc. is entitled to recapture such amounts in certain circumstances, and amounts have been so recaptured. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.

For a share outstanding during the period and year indicated:	Transamerica Government Money Market
	Class R4
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	1.00		$	1.00
Investment operations:
Net investment income (loss) (B)		0.01			0.00	(C)
Total investment operations		0.01			0.00	(C)
Dividends and/or distributions to shareholders:
Net investment income		(0.01	)		(0.00	)(C)
Net asset value, end of period/year	$	1.00		$	1.00
Total return		1.21	%		0.03	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	174,150		$	190,300
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.57	%		0.65	%(E)
Including waiver and/or reimbursement and recapture (F)		0.50	%		0.50	%(E)
Net investment income (loss) to average net assets		1.19	%		0.61	%(E)

(A)	Commenced operations on October 13, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Not annualized.
(E)	Annualized.
(F)	Transamerica Asset Management, Inc. and/or its affiliates have voluntarily waived fees and/or reimbursed expenses in order to avoid a negative yield. Transamerica Asset Management, Inc. is entitled to recapture such amounts in certain circumstances, and amounts have been so recaptured. 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 2018

Page    455

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Growth
	Class I2
	October 31, 2018			October 31, 2017			October 31,  2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	13.85		$	13.02		$	15.06		$	16.18		$	15.89
Investment operations:
Net investment income (loss) (A)		(0.00	)(B)		(0.00	)(B)		0.00	(B)(C)		(0.01	)		(0.01	)
Net realized and unrealized gain (loss)		1.04			3.41			(0.15	)		1.69			2.50
Total investment operations		1.04			3.41			(0.15	)		1.68			2.49
Dividends and/or distributions to shareholders:
Net investment income		(0.01	)		(0.01	)		—			—			(0.00	)(B)
Net realized gains		(3.86	)		(2.57	)		(1.89	)		(2.80	)		(2.20	)
Total dividends and/or distributions to shareholders		(3.87	)		(2.58	)		(1.89	)		(2.80	)		(2.20	)
Net asset value, end of year	$	11.02		$	13.85		$	13.02		$	15.06		$	16.18
Total return		9.17	%		32.38	%		(1.13	)%		12.30	%		17.17	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	185,890		$	344,218		$	369,391		$	516,868		$	529,426
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.90	%		0.87	%		0.85	%		0.84	%		0.84	%
Including waiver and/or reimbursement and recapture		0.90	%		0.87	%		0.84	%(C)		0.84	%		0.84	%
Net investment income (loss) to average net assets		(0.03	)%		(0.02	)%		0.01	%(C)		(0.07	)%		(0.06	)%
Portfolio turnover rate		42	%		50	%		36	%		33	%		31	%

(A)	Calculated based on average number of shares outstanding.
(B)	Rounds to less than $0.01 or $(0.01).
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% 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, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	13.85		$	13.02		$	15.06		$	14.59
Investment operations:
Net investment income (loss) (B)		(0.01	)		(0.01	)		(0.00	)(C)(D)		(0.02	)
Net realized and unrealized gain (loss)		1.05			3.42			(0.15	)		0.49
Total investment operations		1.04			3.41			(0.15	)		0.47
Dividends and/or distributions to shareholders:
Net investment income		(0.01	)		(0.01	)		—			—
Net realized gains		(3.86	)		(2.57	)		(1.89	)		—
Total dividends and/or distributions to shareholders		(3.87	)		(2.58	)		(1.89	)		—
Net asset value, end of period/year	$	11.02		$	13.85		$	13.02		$	15.06
Total return		9.25	%		32.29	%		(1.13	)%		3.22	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	13,351		$	8,586		$	2,287		$	52
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.90	%		0.87	%		0.85	%		0.84	%(F)
Including waiver and/or reimbursement and recapture		0.90	%		0.87	%		0.83	%(C)		0.84	%(F)
Net investment income (loss) to average net assets		(0.04	)%		(0.05	)%		(0.03	)%(C)		(0.31	)%(F)
Portfolio turnover rate		42	%		50	%		36	%		33	%

(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)	Rounds to less than $0.01 or $(0.01).
(E)	Not annualized.
(F)	Annualized.

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

Transamerica Funds Annual Report 2018

Page    456

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica High Quality Bond
	Class I3
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	9.97		$	10.00
Investment operations:
Net investment income (loss) (B)		0.21			0.09
Net realized and unrealized gain (loss)		(0.15	)		(0.04	)
Total investment operations		0.06			0.05
Dividends and/or distributions to shareholders:
Net investment income		(0.24	)		(0.08	)
Net asset value, end of period/year	$	9.79		$	9.97
Total return		0.57	%		0.51	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	231,291		$	242,577
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.44	%		0.48	%(D)
Including waiver and/or reimbursement and recapture		0.40	%		0.40	%(D)
Net investment income (loss) to average net assets		2.16	%		1.63	%(D)
Portfolio turnover rate		120	%		31	%(C)

(A)	Commenced 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 year indicated:	Transamerica High Quality Bond
	Class R
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	9.99		$	10.00
Investment operations:
Net investment income (loss) (B)		0.16			0.06
Net realized and unrealized gain (loss)		(0.15	)		(0.03	)
Total investment operations		0.01			0.03
Dividends and/or distributions to shareholders:
Net investment income		(0.18	)		(0.04	)
Net asset value, end of period/year	$	9.82		$	9.99
Total return		0.14	%		0.32	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	13,520		$	19,443
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.93	%		0.97	%(D)
Including waiver and/or reimbursement and recapture		0.90	%(E)		0.97	%(D)
Net investment income (loss) to average net assets		1.60	%		1.03	%(D)
Portfolio turnover rate		120	%		31	%(C)

(A)	Commenced operations on April 21, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.
(E)	TAM has voluntarily agreed to waive a portion of its management fee.

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

Transamerica Funds Annual Report 2018

Page    457

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica High Quality Bond
	Class R4
	October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			December 31, 2015			December 31, 2014			December 31, 2013
Net asset value, beginning of period/years	$	9.97		$	9.98		$	10.03		$	10.17		$	10.29		$	10.49
Investment operations:
Net investment income (loss) (D)		0.19			0.11			0.14			0.10			0.13			0.16
Net realized and unrealized gain (loss)		(0.16	)		0.01	(E)		(0.01	)		(0.06	)		(0.07	)		(0.14	)
Total investment operations		0.03			0.12			0.13			0.04			0.06			0.02
Dividends and/or distributions to shareholders:
Net investment income		(0.21	)		(0.13	)		(0.18	)		(0.18	)		(0.18	)		(0.22	)
Net asset value, end of period/years	$	9.79		$	9.97		$	9.98		$	10.03		$	10.17		$	10.29
Total return		0.31	%		1.13	%(F)		1.31	%		0.38	%		0.55	%		0.19	%
Ratio and supplemental data:
Net assets end of period/years (000’s)	$	37,838		$	40,216		$	56,312		$	57,227		$	58,080		$	64,958
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.69	%		0.75	%(G)		0.78	%		0.76	%		0.77	%		0.75	%
Including waiver and/or reimbursement and recapture		0.65	%		0.66	%(G)(H)		0.64	%(I)		0.65	%		0.65	%		0.65	%
Net investment income (loss) to average net assets		1.89	%		1.33	%(G)		1.34	%		1.01	%		1.21	%		1.56	%
Portfolio turnover rate		120	%		31	%(F)		92	%		70	%		92	%		77	%

(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.

For a share outstanding during the years indicated:	Transamerica High Yield Bond
	Class A
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	9.34		$	9.06		$	8.97		$	9.68		$	9.75
Investment operations:
Net investment income (loss) (A)		0.50			0.48			0.49	(B)		0.48			0.50
Net realized and unrealized gain (loss)		(0.49	)		0.30			0.10			(0.58	)		0.05
Total investment operations		0.01			0.78			0.59			(0.10	)		0.55
Dividends and/or distributions to shareholders:
Net investment income		(0.49	)		(0.50	)		(0.50	)		(0.49	)		(0.49	)
Net realized gains		—			—			—			(0.12	)		(0.13	)
Total dividends and/or distributions to shareholders		(0.49	)		(0.50	)		(0.50	)		(0.61	)		(0.62	)
Net asset value, end of year	$	8.86		$	9.34		$	9.06		$	8.97		$	9.68
Total return (C)		(0.20	)%		8.63	%		6.95	%		(1.11	)%		5.85	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	87,028		$	104,904		$	114,761		$	127,509		$	135,250
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.08	%		1.04	%		1.02	%		1.00	%		0.97	%
Including waiver and/or reimbursement and recapture		1.00	%		1.04	%		1.01	%(B)		1.00	%		0.97	%
Net investment income (loss) to average net assets		5.45	%		5.24	%		5.64	%(B)		5.14	%		5.10	%
Portfolio turnover rate		35	%		39	%		49	%		61	%		48	%

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

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

Transamerica Funds Annual Report 2018

Page    458

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica High Yield Bond
	Class B
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	9.35		$	9.07		$	8.97		$	9.69		$	9.76
Investment operations:
Net investment income (loss) (A)		0.43			0.41			0.42	(B)		0.40			0.42
Net realized and unrealized gain (loss)		(0.53	)		0.29			0.10			(0.59	)		0.05
Total investment operations		(0.10	)		0.70			0.52			(0.19	)		0.47
Dividends and/or distributions to shareholders:
Net investment income		(0.40	)		(0.42	)		(0.42	)		(0.41	)		(0.41	)
Net realized gains		—			—			—			(0.12	)		(0.13	)
Total dividends and/or distributions to shareholders		(0.40	)		(0.42	)		(0.42	)		(0.53	)		(0.54	)
Net asset value, end of year	$	8.85		$	9.35		$	9.07		$	8.97		$	9.69
Total return (C)		(1.08	)%		7.75	%		6.18	%		(2.03	)%		4.99	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	113		$	1,307		$	2,723		$	3,977		$	6,435
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.06	%		1.85	%		1.83	%		1.80	%		1.80	%
Including waiver and/or reimbursement and recapture		1.75	%		1.85	%		1.82	%(B)		1.80	%		1.80	%
Net investment income (loss) to average net assets		4.63	%		4.43	%		4.86	%(B)		4.32	%		4.28	%
Portfolio turnover rate		35	%		39	%		49	%		61	%		48	%

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

For a share outstanding during the years indicated:	Transamerica High Yield Bond
	Class C
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	9.30		$	9.02		$	8.92		$	9.64		$	9.72
Investment operations:
Net investment income (loss) (A)		0.43			0.42			0.43	(B)		0.41			0.42
Net realized and unrealized gain (loss)		(0.50	)		0.29			0.10			(0.59	)		0.05
Total investment operations		(0.07	)		0.71			0.53			(0.18	)		0.47
Dividends and/or distributions to shareholders:
Net investment income		(0.42	)		(0.43	)		(0.43	)		(0.42	)		(0.42	)
Net realized gains		—			—			—			(0.12	)		(0.13	)
Total dividends and/or distributions to shareholders		(0.42	)		(0.43	)		(0.43	)		(0.54	)		(0.55	)
Net asset value, end of year	$	8.81		$	9.30		$	9.02		$	8.92		$	9.64
Total return (C)		(0.88	)%		7.91	%		6.34	%		(1.95	)%		4.98	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	31,361		$	46,129		$	51,787		$	58,147		$	69,198
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.75	%		1.73	%		1.74	%		1.74	%		1.74	%
Including waiver and/or reimbursement and recapture		1.72	%		1.73	%		1.73	%(B)		1.74	%		1.74	%
Net investment income (loss) to average net assets		4.74	%		4.56	%		4.93	%(B)		4.41	%		4.33	%
Portfolio turnover rate		35	%		39	%		49	%		61	%		48	%

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

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

Transamerica Funds Annual Report 2018

Page    459

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica High Yield Bond
	Class I
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	9.40		$	9.13		$	9.03		$	9.74		$	9.82
Investment operations:
Net investment income (loss) (A)		0.52			0.52			0.52	(B)		0.51			0.52
Net realized and unrealized gain (loss)		(0.49	)		0.28			0.10			(0.59	)		0.05
Total investment operations		0.03			0.80			0.62			(0.08	)		0.57
Dividends and/or distributions to shareholders:
Net investment income		(0.52	)		(0.53	)		(0.52	)		(0.51	)		(0.52	)
Net realized gains		—			—			—			(0.12	)		(0.13	)
Total dividends and/or distributions to shareholders		(0.52	)		(0.53	)		(0.52	)		(0.63	)		(0.65	)
Net asset value, end of year	$	8.91		$	9.40		$	9.13		$	9.03		$	9.74
Total return		0.17	%		8.83	%		7.33	%		(0.85	)%		5.95	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	80,141		$	164,626		$	155,777		$	127,675		$	305,992
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.74	%		0.73	%		0.73	%		0.74	%		0.75	%
Including waiver and/or reimbursement and recapture		0.71	%		0.73	%		0.72	%(B)		0.74	%		0.75	%
Net investment income (loss) to average net assets		5.67	%		5.54	%		5.86	%(B)		5.32	%		5.32	%
Portfolio turnover rate		35	%		39	%		49	%		61	%		48	%

(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 High Yield Bond
	Class I2
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	9.43		$	9.15		$	9.05		$	9.77		$	9.84
Investment operations:
Net investment income (loss) (A)		0.54			0.53			0.53	(B)		0.52			0.53
Net realized and unrealized gain (loss)		(0.50	)		0.29			0.10			(0.60	)		0.06
Total investment operations		0.04			0.82			0.63			(0.08	)		0.59
Dividends and/or distributions to shareholders:
Net investment income		(0.53	)		(0.54	)		(0.53	)		(0.52	)		(0.53	)
Net realized gains		—			—			—			(0.12	)		(0.13	)
Total dividends and/or distributions to shareholders		(0.53	)		(0.54	)		(0.53	)		(0.64	)		(0.66	)
Net asset value, end of year	$	8.94		$	9.43		$	9.15		$	9.05		$	9.77
Total return		0.30	%		9.05	%		7.43	%		(0.84	)%		6.16	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	472,589		$	858,441		$	958,137		$	788,225		$	806,431
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.63	%		0.63	%		0.63	%		0.64	%		0.65	%
Including waiver and/or reimbursement and recapture		0.61	%		0.63	%		0.62	%(B)		0.64	%		0.65	%
Net investment income (loss) to average net assets		5.83	%		5.65	%		6.01	%(B)		5.51	%		5.43	%
Portfolio turnover rate		35	%		39	%		49	%		61	%		48	%

(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 2018

Page    460

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica High Yield Bond
	Class I3
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	9.43		$	9.25
Investment operations:
Net investment income (loss) (B)		0.54			0.32
Net realized and unrealized gain (loss)		(0.50	)		0.18
Total investment operations		0.04			0.50
Dividends and/or distributions to shareholders:
Net investment income		(0.54	)		(0.32	)
Net asset value, end of period/year	$	8.93		$	9.43
Total return		0.33	%		5.51	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	298,604		$	380,900
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.63	%		0.63	%(D)
Including waiver and/or reimbursement and recapture		0.60	%		0.60	%(D)
Net investment income (loss) to average net assets		5.85	%		5.69	%(D)
Portfolio turnover rate		35	%		39	%

(A)	Commenced operations on March 24, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.

For a share outstanding during the period and year indicated:	Transamerica High Yield Bond
	Class R
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	9.43		$	9.25
Investment operations:
Net investment income (loss) (B)		0.49			0.29
Net realized and unrealized gain (loss)		(0.50	)		0.19
Total investment operations		(0.01	)		0.48
Dividends and/or distributions to shareholders:
Net investment income		(0.49	)		(0.30	)
Net asset value, end of period/year	$	8.93		$	9.43
Total return		(0.17	)%		5.19	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	42,802		$	55,724
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.23	%		1.14	%(D)
Including waiver and/or reimbursement and recapture		1.10	%		1.10	%(D)
Net investment income (loss) to average net assets		5.35	%		5.12	%(D)
Portfolio turnover rate		35	%		39	%

(A)	Commenced operations on March 24, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.

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

Transamerica Funds Annual Report 2018

Page    461

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica High Yield Bond
	Class R4
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	9.43		$	9.25
Investment operations:
Net investment income (loss) (B)		0.52			0.31
Net realized and unrealized gain (loss)		(0.51	)		0.18
Total investment operations		0.01			0.49
Dividends and/or distributions to shareholders:
Net investment income		(0.51	)		(0.31	)
Net asset value, end of period/year	$	8.93		$	9.43
Total return		0.08	%		5.35	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	361,071		$	369,181
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.88	%		0.88	%(D)
Including waiver and/or reimbursement and recapture		0.85	%		0.85	%(D)
Net investment income (loss) to average net assets		5.61	%		5.43	%(D)
Portfolio turnover rate		35	%		39	%

(A)	Commenced operations on March 24, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica High Yield Bond
	Class R6
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	9.43		$	9.15		$	9.05		$	9.56
Investment operations:
Net investment income (loss) (B)		0.54			0.54			0.52	(C)		0.22
Net realized and unrealized gain (loss)		(0.50	)		0.28			0.11			(0.51	)
Total investment operations		0.04			0.82			0.63			(0.29	)
Dividends and/or distributions to shareholders:
Net investment income		(0.53	)		(0.54	)		(0.53	)		(0.22	)
Net asset value, end of period/year	$	8.94		$	9.43		$	9.15		$	9.05
Total return		0.29	%		9.06	%		7.43	%		(3.04	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	29,499		$	34,335		$	4,086		$	49
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.63	%		0.63	%		0.63	%		0.63	%(E)
Including waiver and/or reimbursement and recapture		0.61	%		0.63	%		0.61	%(C)		0.63	%(E)
Net investment income (loss) to average net assets		5.85	%		5.73	%		5.81	%(C)		5.64	%(E)
Portfolio turnover rate		35	%		39	%		49	%		61	%

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

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

Transamerica Funds Annual Report 2018

Page    462

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica High Yield Bond
	Class T1
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	9.34		$	9.19
Investment operations:
Net investment income (loss) (B)		0.51			0.31
Net realized and unrealized gain (loss)		(0.49	)		0.16
Total investment operations		0.02			0.47
Dividends and/or distributions to shareholders:
Net investment income		(0.51	)		(0.32	)
Net asset value, end of period/year	$	8.85		$	9.34
Total return (C)		0.01	%		5.12	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	11		$	10
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.86	%		0.87	%(E)
Including waiver and/or reimbursement and recapture		0.84	%		0.87	%(E)
Net investment income (loss) to average net assets		5.60	%		5.43	%(E)
Portfolio turnover rate		35	%		39	%

(A)	Commenced operations on March 17, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(D)	Not annualized.
(E)	Annualized.

For a share outstanding during the period and year indicated:	Transamerica High Yield Bond
	Advisor Class
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	9.41		$	9.13
Investment operations:
Net investment income (loss) (B)		0.52			0.45
Net realized and unrealized gain (loss)		(0.50	)		0.28
Total investment operations		0.02			0.73
Dividends and/or distributions to shareholders:
Net investment income		(0.51	)		(0.45	)
Net asset value, end of period/year	$	8.92		$	9.41
Total return		0.09	%		8.09	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	16		$	16
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.83	%		0.83	%(D)
Including waiver and/or reimbursement and recapture		0.81	%		0.83	%(D)
Net investment income (loss) to average net assets		5.64	%		5.46	%(D)
Portfolio turnover rate		35	%		39	%

(A)	Commenced operations on December 16, 2016.
(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 2018

Page    463

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica High Yield Muni
	Class A
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	11.60		$	11.88		$	11.47		$	11.46		$	10.21
Investment operations:
Net investment income (loss) (A) (B)		0.40			0.34			0.31	(C)		0.33			0.34
Net realized and unrealized gain (loss)		(0.26	)		(0.11	)		0.47			0.36			1.31
Total investment operations		0.14			0.23			0.78			0.69			1.65
Dividends and/or distributions to shareholders:
Net investment income		(0.40	)		(0.35	)		(0.30	)		(0.32	)		(0.38	)
Net realized gains		—			(0.16	)		(0.07	)		(0.36	)		(0.02	)
Total dividends and/or distributions to shareholders		(0.40	)		(0.51	)		(0.37	)		(0.68	)		(0.40	)
Net asset value, end of year	$	11.34		$	11.60		$	11.88		$	11.47		$	11.46
Total return (D)		1.19	%		2.26	%		6.72	%		6.24	%		16.49	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	30,521		$	34,191		$	58,848		$	24,700		$	4,492
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		1.00	%		1.04	%		0.98	%		1.29	%		2.27	%
Including waiver and/or reimbursement and recapture		0.91	%		0.91	%		0.91	%(C)		0.91	%		0.91	%
Net investment income (loss) to average net assets (B)		3.45	%		3.02	%		2.59	%(C)		2.88	%		3.11	%
Portfolio turnover rate (F)		119	%		115	%		61	%		78	%		266	%

(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)	Total return has been calculated without deduction of the initial 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 High Yield Muni
	Class C
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	11.61		$	11.88		$	11.48		$	11.47		$	10.21
Investment operations:
Net investment income (loss) (A) (B)		0.33			0.28			0.24	(C)		0.26			0.34
Net realized and unrealized gain (loss)		(0.26	)		(0.11	)		0.46			0.37			1.26
Total investment operations		0.07			0.17			0.70			0.63			1.60
Dividends and/or distributions to shareholders:
Net investment income		(0.33	)		(0.28	)		(0.23	)		(0.26	)		(0.32	)
Net realized gains		—			(0.16	)		(0.07	)		(0.36	)		(0.02	)
Total dividends and/or distributions to shareholders		(0.33	)		(0.44	)		(0.30	)		(0.62	)		(0.34	)
Net asset value, end of year	$	11.35		$	11.61		$	11.88		$	11.48		$	11.47
Total return (D)		0.59	%		1.64	%		6.12	%		5.62	%		15.94	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	11,389		$	12,109		$	13,670		$	3,708		$	1,398
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		1.76	%		1.80	%		1.73	%		2.04	%		2.98	%
Including waiver and/or reimbursement and recapture		1.51	%		1.51	%		1.51	%(C)		1.51	%		1.51	%
Net investment income (loss) to average net assets (B)		2.84	%		2.42	%		2.02	%(C)		2.31	%		3.08	%
Portfolio turnover rate (F)		119	%		115	%		61	%		78	%		266	%

(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)	Total return has been calculated without deduction of the 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 2018

Page    464

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica High Yield Muni
	Class I
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	11.62		$	11.89		$	11.48		$	11.47		$	10.21
Investment operations:
Net investment income (loss) (A) (B)		0.42			0.36			0.33	(C)		0.34			0.43
Net realized and unrealized gain (loss)		(0.26	)		(0.10	)		0.46			0.37			1.25
Total investment operations		0.16			0.26			0.79			0.71			1.68
Dividends and/or distributions to shareholders:
Net investment income		(0.42	)		(0.37	)		(0.31	)		(0.34	)		(0.40	)
Net realized gains		—			(0.16	)		(0.07	)		(0.36	)		(0.02	)
Total dividends and/or distributions to shareholders		(0.42	)		(0.53	)		(0.38	)		(0.70	)		(0.42	)
Net asset value, end of year	$	11.36		$	11.62		$	11.89		$	11.48		$	11.47
Total return		1.35	%		2.41	%		6.96	%		6.38	%		16.76	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	61,523		$	57,151		$	55,795		$	19,085		$	5,042
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.79	%		0.83	%		0.77	%		1.07	%		2.04	%
Including waiver and/or reimbursement and recapture		0.76	%		0.76	%		0.76	%(C)		0.76	%		0.76	%
Net investment income (loss) to average net assets (B)		3.59	%		3.17	%		2.76	%(C)		3.04	%		3.91	%
Portfolio turnover rate (E)		119	%		115	%		61	%		78	%		266	%

(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.

For a share outstanding during the period and years indicated:	Transamerica High Yield Muni
	Class I2
	October 31, 2018			October 31, 2017			October 31, 2016 (A)
Net asset value, beginning of period/year	$	11.62		$	11.89		$	12.10
Investment operations:
Net investment income (loss) (B) (C)		0.42			0.37			0.03
Net realized and unrealized gain (loss)		(0.26	)		(0.11	)		(0.21	)(D)
Total investment operations		0.16			0.26			(0.18	)
Dividends and/or distributions to shareholders:
Net investment income		(0.42	)		(0.37	)		(0.03	)
Net realized gains		—			(0.16	)		—
Total dividends and/or distributions to shareholders		(0.42	)		(0.53	)		(0.03	)
Net asset value, end of period/year	$	11.36		$	11.62		$	11.89
Total return		1.42	%		2.44	%		(1.47	)%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	10		$	10		$	10
Expenses to average net assets (F)		0.68	%		0.72	%		0.66	%(G)
Net investment income (loss) to average net assets (C)		3.67	%		3.21	%		3.22	%(G)
Portfolio turnover rate (H)		119	%		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.

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

Transamerica Funds Annual Report 2018

Page    465

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica High Yield Muni
	Class T1
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.60		$	11.10
Investment operations:
Net investment income (loss) (B) (C)		0.41			0.21
Net realized and unrealized gain (loss)		(0.26	)		0.51	(D)
Total investment operations		0.15			0.72
Dividends and/or distributions to shareholders:
Net investment income		(0.40	)		(0.22	)
Net asset value, end of period/year	$	11.35		$	11.60
Total return (E)		1.26	%		6.48	%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	11		$	11
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		0.92	%		0.97	%(H)
Including waiver and/or reimbursement and recapture		0.82	%		0.97	%(H)
Net investment income (loss) to average net assets (C)		3.54	%		2.99	%(H)
Portfolio turnover rate (I)		119	%		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 initial 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 period and years indicated:	Transamerica Inflation Opportunities
	Class A
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014 (A)
Net asset value, beginning of period/year	$	9.97		$	9.99		$	9.57		$	9.95		$	10.00
Investment operations:
Net investment income (loss) (B)		0.20	(C)		0.14			0.08	(D)		0.00	(E)		0.16
Net realized and unrealized gain (loss)		(0.38	)		(0.03	)		0.34			(0.34	)		(0.06	)
Total investment operations		(0.18	)		0.11			0.42			(0.34	)		0.10
Dividends and/or distributions to shareholders:
Net investment income		(0.21	)		(0.13	)		—			(0.02	)		(0.15	)
Net realized gains		—			—			—			(0.01	)		—
Return of capital		—			—			—			(0.01	)		—
Total dividends and/or distributions to shareholders		(0.21	)		(0.13	)		—			(0.04	)		(0.15	)
Net asset value, end of period/year	$	9.58		$	9.97		$	9.99		$	9.57		$	9.95
Total return (F)		(1.81	)%		1.11	%		4.39	%		(3.48	)%		1.01	%(G)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	719		$	634		$	645		$	516		$	299
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.95	%(H)		1.55	%		1.00	%		0.99	%		1.01	%(I)
Including waiver and/or reimbursement and recapture		1.00	%(H)		1.00	%		0.99	%(D)		1.00	%		1.00	%(I)
Net investment income (loss) to average net assets		2.02	%(C)		1.39	%		0.81	%(D)		0.01	%		2.30	%(I)
Portfolio turnover rate		36	%(J)		41	%		39	%		35	%		57	%(G)

(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 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(E)	Rounds to less than $0.01 or $(0.01).
(F)	Total return has been calculated without deduction of the initial 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.

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

Transamerica Funds Annual Report 2018

Page    466

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Inflation Opportunities
	Class C
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014 (A)
Net asset value, beginning of period/year	$	9.81		$	9.84		$	9.50		$	9.94		$	10.00
Investment operations:
Net investment income (loss) (B)		0.13	(C)		0.07			0.01	(D)		(0.08	)		0.09
Net realized and unrealized gain (loss)		(0.38	)		(0.03	)		0.33			(0.34	)		(0.04	)
Total investment operations		(0.25	)		0.04			0.34			(0.42	)		0.05
Dividends and/or distributions to shareholders:
Net investment income		(0.15	)		(0.07	)		—			(0.01	)		(0.11	)
Net realized gains		—			—			—			(0.01	)		—
Return of capital		—			—			—			(0.00	)(E)		—
Total dividends and/or distributions to shareholders		(0.15	)		(0.07	)		—			(0.02	)		(0.11	)
Net asset value, end of period/year	$	9.41		$	9.81		$	9.84		$	9.50		$	9.94
Total return (F)		(2.59	)%		0.46	%		3.58	%		(4.22	)%		0.52	%(G)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	456		$	709		$	517		$	371		$	380
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.81	%(H)		1.80	%		1.77	%		1.77	%		1.77	%(I)
Including waiver and/or reimbursement and recapture		1.75	%(H)		1.75	%		1.74	%(D)		1.75	%		1.75	%(I)
Net investment income (loss) to average net assets		1.35	%(C)		0.70	%		0.12	%(D)		(0.85	)%		1.39	%(I)
Portfolio turnover rate		36	%(J)		41	%		39	%		35	%		57	%(G)

(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 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(E)	Rounds to less than $0.01 or $(0.01).
(F)	Total return has been calculated without deduction of the 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 period and years indicated:	Transamerica Inflation Opportunities
	Class I
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014 (A)
Net asset value, beginning of period/year	$	10.03		$	10.03		$	9.59		$	9.95		$	10.00
Investment operations:
Net investment income (loss) (B)		0.18	(C)		0.17			0.10	(D)		0.01			0.18
Net realized and unrealized gain (loss)		(0.34	)		(0.03	)		0.34			(0.33	)		(0.06	)
Total investment operations		(0.16	)		0.14			0.44			(0.32	)		0.12
Dividends and/or distributions to shareholders:
Net investment income		(0.24	)		(0.14	)		—			(0.02	)		(0.17	)
Net realized gains		—			—			—			(0.01	)		—
Return of capital		—			—			—			(0.01	)		—
Total dividends and/or distributions to shareholders		(0.24	)		(0.14	)		—			(0.04	)		(0.17	)
Net asset value, end of period/year	$	9.63		$	10.03		$	10.03		$	9.59		$	9.95
Total return		(1.67	)%		1.47	%		4.59	%		(3.22	)%		1.16	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	2,156		$	270		$	1,336		$	259		$	277
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.82	%(F)		0.81	%		0.79	%		0.78	%		0.84	%(G)
Including waiver and/or reimbursement and recapture		0.75	%(F)		0.75	%		0.74	%(D)		0.75	%		0.75	%(G)
Net investment income (loss) to average net assets		1.81	%(C)		1.76	%		0.98	%(D)		0.05	%		2.67	%(G)
Portfolio turnover rate		36	%(H)		41	%		39	%		35	%		57	%(E)

(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 0.01% higher and 0.01% 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 2018

Page    467

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Inflation Opportunities
	Class I2
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014 (A)
Net asset value, beginning of period/year	$	10.05		$	10.05		$	9.60		$	9.96		$	10.00
Investment operations:
Net investment income (loss) (B)		0.24	(C)		0.17			0.10	(D)		0.02			0.14
Net realized and unrealized gain (loss)		(0.40	)		(0.02	)		0.35			(0.34	)		(0.01	)
Total investment operations		(0.16	)		0.15			0.45			(0.32	)		0.13
Dividends and/or distributions to shareholders:
Net investment income		(0.24	)		(0.15	)		—			(0.02	)		(0.17	)
Net realized gains		—			—			—			(0.01	)		—
Return of capital		—			—			—			(0.01	)		—
Total dividends and/or distributions to shareholders		(0.24	)		(0.15	)		—			(0.04	)		(0.17	)
Net asset value, end of period/year	$	9.65		$	10.05		$	10.05		$	9.60		$	9.96
Total return		(1.63	)%		1.53	%		4.69	%		(3.19	)%		1.26	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	148,450		$	171,965		$	178,853		$	234,802		$	245,715
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.70	%(F)		0.70	%		0.68	%		0.66	%		0.72	%(G)
Including waiver and/or reimbursement and recapture		0.70	%(F)		0.70	%		0.67	%(D)		0.66	%		0.72	%(G)
Net investment income (loss) to average net assets		2.38	%(C)		1.67	%		0.99	%(D)		0.21	%		2.11	%(G)
Portfolio turnover rate		36	%(H)		41	%		39	%		35	%		57	%(E)

(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 0.01% higher and 0.01% 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 period and years indicated:	Transamerica Inflation Opportunities
	Class R6
	October 31, 2018			October 31, 2017			October 31, 2016 (A)
Net asset value, beginning of period/year	$	10.05		$	10.05		$	9.92
Investment operations:
Net investment income (loss) (B)		0.24	(C)		0.17			0.03	(D)
Net realized and unrealized gain (loss)		(0.39	)		(0.02	)		0.10
Total investment operations		(0.15	)		0.15			0.13
Dividends and/or distributions to shareholders:
Net investment income		(0.24	)		(0.15	)		—
Net asset value, end of period/year	$	9.66		$	10.05		$	10.05
Total return		(1.53	)%		1.53	%		1.31	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	51		$	51		$	51
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.70	%(F)		0.70	%		0.66	%(G)
Including waiver and/or reimbursement and recapture		0.70	%(F)		0.70	%		0.64	%(D)(G)
Net investment income (loss) to average net assets		2.37	%(C)		1.69	%		1.15	%(D)(G)
Portfolio turnover rate		36	%(H)		41	%		39	%

(A)	Commenced operations on July 25, 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)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average 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 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 2018

Page    468

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Inflation Opportunities
	Class T1
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	9.99		$	9.86
Investment operations:
Net investment income (loss) (B)		0.21	(C)		0.10
Net realized and unrealized gain (loss)		(0.39	)		0.12	(D)
Total investment operations		(0.18	)		0.22
Dividends and/or distributions to shareholders:
Net investment income		(0.22	)		(0.09	)
Net asset value, end of period/year	$	9.59		$	9.99
Total return (E)		(1.86	)%		2.23	%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	10		$	10
Expenses to average net assets		0.94	%(G)		0.95	%(H)
Net investment income (loss) to average net assets		2.11	%(C)		1.66	%(H)
Portfolio turnover rate		36	%(I)		41	%

(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 initial 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 period and year indicated:	Transamerica Inflation-Protected Securities
	Class I3
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	9.97		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.26			0.08
Net realized and unrealized gain (loss)		(0.34	)		(0.06	)
Total investment operations		(0.08	)		0.02
Dividends and/or distributions to shareholders:
Net investment income		(0.26	)		(0.05	)
Net asset value, end of period/year	$	9.63		$	9.97
Total return		(0.88	)%		0.16	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	111,874		$	144,334
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		0.56	%		0.52	%(F)
Including waiver and/or reimbursement and recapture		0.40	%		0.40	%(F)
Net investment income (loss) to average net assets (C)		2.59	%		1.45	%(F)
Portfolio turnover rate (G)		134	%		51	%(D)

(A)	Commenced 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)	Not annualized.
(E)	Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(F)	Annualized.
(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 2018

Page    469

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Inflation-Protected Securities
	Class R
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	9.98		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.21			0.05
Net realized and unrealized gain (loss)		(0.34	)		(0.07	)
Total investment operations		(0.13	)		(0.02	)
Dividends and/or distributions to shareholders:
Net investment income		(0.20	)		(0.00	)(D)
Net asset value, end of period/year	$	9.65		$	9.98
Total return		(1.29	)%		(0.20	)%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	10,508		$	12,683
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		1.05	%		1.01	%(G)
Including waiver and/or reimbursement and recapture		0.92	%(H)		1.00	%(G)
Net investment income (loss) to average net assets (C)		2.07	%		0.85	%(G)
Portfolio turnover rate (I)		134	%		51	%(E)

(A)	Commenced 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)	TAM has voluntarily agreed to waive a portion of its management fee.
(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 Inflation-Protected Securities
	Class R4
	October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			December 31, 2015			December 31, 2014			December 31, 2013
Net asset value, beginning of period/year	$	9.97		$	9.93		$	9.69		$	9.93		$	9.85		$	11.09
Investment operations:
Net investment income (loss) (D)		0.23	(E)		0.12	(E)		0.11			(0.01	)		0.09			0.02
Net realized and unrealized gain (loss)		(0.34	)		0.01	(F)		0.26			(0.21	)		0.19			(0.97	)
Total investment operations		(0.11	)		0.13			0.37			(0.22	)		0.28			(0.95	)
Dividends and/or distributions to shareholders:
Net investment income		(0.23	)		(0.09	)		(0.13	)		—			(0.14	)		(0.03	)
Net realized gains		—			—			—			—			(0.03	)		(0.26	)
Return of capital		—			—			—			(0.02	)		(0.03	)		—
Total dividends and/or distributions to shareholders		(0.23	)		(0.09	)		(0.13	)		(0.02	)		(0.20	)		(0.29	)
Net asset value, end of period/year	$	9.63		$	9.97		$	9.93		$	9.69		$	9.93		$	9.85
Total return		(1.15	)%		1.37	%(G)		3.76	%		(2.18	)%		2.74	%		(8.55	)%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	15,421		$	23,203		$	63,638		$	76,421		$	85,490		$	86,788
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.81	%		0.81	%(H)(I)		0.82	%		0.80	%		0.78	%		0.76	%
Including waiver and/or reimbursement and recapture		0.65	%(I)(K)		0.66	%(H)(I)(K)		0.64	%(J)		0.65	%		0.65	%		0.65	%
Net investment income (loss) to average net assets		2.33	%(E)		1.41	%(E)(H)		1.13	%		(0.13	)%		0.93	%		0.23	%
Portfolio turnover rate		134	%(L)		51	%(G)(L)		52	%		54	%		81	%		99	%

(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 reimbursement of custody fees at the underlying Series Portfolio level.
(K)	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.
(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 2018

Page    470

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Intermediate Bond
	Class I2
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.20		$	10.08
Investment operations:
Net investment income (loss) (B)		0.27			0.14
Net realized and unrealized gain (loss)		(0.49	)		0.14
Total investment operations		(0.22	)		0.28
Dividends and/or distributions to shareholders:
Net investment income		(0.28	)		(0.16	)
Net asset value, end of period/year	$	9.70		$	10.20
Total return		(2.22	)%		2.92	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,971,571		$	2,058,090
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.41	%		0.43	%(D)
Including waiver and/or reimbursement and recapture		0.41	%(E)		0.43	%(D)
Net investment income (loss) to average net assets		2.68	%		2.29	%(D)
Portfolio turnover rate		49	%		22	%(C)

(A)	Commenced operations on March 24, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.
(E)	TAM has voluntarily agreed to waive a portion of its management fee.

For a share outstanding during the period and year indicated:	Transamerica Intermediate Bond
	Class I3
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.22		$	10.08
Investment operations:
Net investment income (loss) (B)		0.27			0.14
Net realized and unrealized gain (loss)		(0.49	)		0.15
Total investment operations		(0.22	)		0.29
Dividends and/or distributions to shareholders:
Net investment income		(0.28	)		(0.15	)
Net asset value, end of period/year	$	9.72		$	10.22
Total return		(2.21	)%		2.87	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	697,789		$	628,055
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.41	%		0.42	%(D)
Including waiver and/or reimbursement and recapture		0.40	%		0.40	%(D)
Net investment income (loss) to average net assets		2.70	%		2.33	%(D)
Portfolio turnover rate		49	%		22	%(C)

(A)	Commenced operations on March 24, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.

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

Transamerica Funds Annual Report 2018

Page    471

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Intermediate Bond
	Class R
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.22		$	10.08
Investment operations:
Net investment income (loss) (B)		0.22			0.11
Net realized and unrealized gain (loss)		(0.48	)		0.14
Total investment operations		(0.26	)		0.25
Dividends and/or distributions to shareholders:
Net investment income		(0.23	)		(0.11	)
Net asset value, end of period/year	$	9.73		$	10.22
Total return		(2.61	)%		2.50	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	94,748		$	112,450
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.91	%		0.91	%(D)
Including waiver and/or reimbursement and recapture		0.90	%(E)		0.91	%(D)
Net investment income (loss) to average net assets		2.18	%		1.75	%(D)
Portfolio turnover rate		49	%		22	%(C)

(A)	Commenced operations on March 24, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.
(E)	TAM has voluntarily agreed to waive a portion of its management fee.

For a share outstanding during the period and years indicated:	Transamerica Intermediate Bond
	Class R4
	October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			December 31, 2015			December 31, 2014			December 31, 2013
Net asset value, beginning of period/year	$	10.22		$	10.03		$	10.04		$	10.32		$	10.10		$	10.62
Investment operations:
Net investment income (loss) (D)		0.24			0.17			0.22			0.21			0.24			0.25
Net realized and unrealized gain (loss)		(0.49	)		0.21			0.10			(0.18	)		0.37			(0.38	)
Total investment operations		(0.25	)		0.38			0.32			0.03			0.61			(0.13	)
Dividends and/or distributions to shareholders:
Net investment income		(0.25	)		(0.19	)		(0.24	)		(0.23	)		(0.27	)		(0.36	)
Net realized gains		—			—			(0.09	)		(0.08	)		(0.12	)		(0.03	)
Return of capital		—			—			—			—			—			(0.00	)(E)
Total dividends and/or distributions to shareholders		(0.25	)		(0.19	)		(0.33	)		(0.31	)		(0.39	)		(0.39	)
Net asset value, end of period/year	$	9.72		$	10.22		$	10.03		$	10.04		$	10.32		$	10.10
Total return		(2.46	)%		3.75	%(F)		3.21	%		0.21	%		5.99	%		(1.22	)%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	181,447		$	291,565		$	317,150		$	373,605		$	410,662		$	400,409
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.66	%		0.68	%(G)		0.71	%		0.71	%		0.72	%		0.72	%
Including waiver and/or reimbursement and recapture		0.65	%(H)		0.65	%(G)		0.63	%(I)		0.65	%		0.65	%		0.65	%
Net investment income (loss) to average net assets		2.41	%		1.99	%(G)		2.08	%		1.99	%		2.32	%		2.39	%
Portfolio turnover rate		49	%		22	%(F)		50	%		46	%		184	%		200	%

(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)	TAM has voluntarily agreed to waive a portion of its management fee.
(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 2018

Page    472

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Intermediate Muni
	Class A
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	11.40		$	11.57		$	11.31		$	11.16		$	10.37
Investment operations:
Net investment income (loss) (A) (B)		0.26			0.23			0.21	(C)		0.19			0.25
Net realized and unrealized gain (loss)		(0.34	)		(0.10	)		0.30			0.29			0.78
Total investment operations		(0.08	)		0.13			0.51			0.48			1.03
Dividends and/or distributions to shareholders:
Net investment income		(0.26	)		(0.23	)		(0.20	)		(0.18	)		(0.24	)
Net realized gains		—			(0.07	)		(0.05	)		(0.15	)		—
Total dividends and/or distributions to shareholders		(0.26	)		(0.30	)		(0.25	)		(0.33	)		(0.24	)
Net asset value, end of year	$	11.06		$	11.40		$	11.57		$	11.31		$	11.16
Total return (D)		(0.73	)%		1.20	%		4.58	%		4.37	%		10.05	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	269,452		$	312,347		$	426,748		$	117,387		$	35,974
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		0.77	%		0.78	%		0.78	%		0.89	%		1.12	%
Including waiver and/or reimbursement and recapture		0.67	%		0.68	%		0.68	%(C)		0.86	%		0.86	%
Net investment income (loss) to average net assets (B)		2.29	%		2.00	%		1.79	%(C)		1.69	%		2.27	%
Portfolio turnover rate (F)		34	%		55	%		34	%		55	%		107	%

(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)	Total return has been calculated without deduction of the initial 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 Intermediate Muni
	Class C
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	11.38		$	11.54		$	11.28		$	11.14		$	10.36
Investment operations:
Net investment income (loss) (A) (B)		0.19			0.16			0.14	(C)		0.12			0.18
Net realized and unrealized gain (loss)		(0.35	)		(0.09	)		0.31			0.29			0.78
Total investment operations		(0.16	)		0.07			0.45			0.41			0.96
Dividends and/or distributions to shareholders:
Net investment income		(0.19	)		(0.16	)		(0.14	)		(0.12	)		(0.18	)
Net realized gains		—			(0.07	)		(0.05	)		(0.15	)		—
Total dividends and/or distributions to shareholders		(0.19	)		(0.23	)		(0.19	)		(0.27	)		(0.18	)
Net asset value, end of year	$	11.03		$	11.38		$	11.54		$	11.28		$	11.14
Total return (D)		(1.43	)%		0.67	%		4.00	%		3.70	%		9.35	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	148,672		$	180,744		$	199,784		$	47,543		$	9,960
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		1.53	%		1.54	%		1.53	%		1.65	%		1.87	%
Including waiver and/or reimbursement and recapture		1.28	%		1.29	%		1.29	%(C)		1.46	%		1.46	%
Net investment income (loss) to average net assets (B)		1.67	%		1.39	%		1.18	%(C)		1.09	%		1.69	%
Portfolio turnover rate (F)		34	%		55	%		34	%		55	%		107	%

(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)	Total return has been calculated without deduction of the 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 2018

Page    473

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Intermediate Muni
	Class I
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	11.46		$	11.62		$	11.36		$	11.20		$	10.41
Investment operations:
Net investment income (loss) (A) (B)		0.27			0.24			0.22	(C)		0.20			0.26
Net realized and unrealized gain (loss)		(0.35	)		(0.09	)		0.30			0.31			0.78
Total investment operations		(0.08	)		0.15			0.52			0.51			1.04
Dividends and/or distributions to shareholders:
Net investment income		(0.27	)		(0.24	)		(0.21	)		(0.20	)		(0.25	)
Net realized gains		—			(0.07	)		(0.05	)		(0.15	)		—
Total dividends and/or distributions to shareholders		(0.27	)		(0.31	)		(0.26	)		(0.35	)		(0.25	)
Net asset value, end of year	$	11.11		$	11.46		$	11.62		$	11.36		$	11.20
Total return		(0.71	)%		1.39	%		4.62	%		4.59	%		10.16	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	999,826		$	914,290		$	833,151		$	215,560		$	22,007
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.58	%		0.59	%		0.59	%		0.70	%		0.92	%
Including waiver and/or reimbursement and recapture		0.58	%		0.59	%		0.61	%(C)		0.71	%		0.71	%
Net investment income (loss) to average net assets (B)		2.38	%		2.09	%		1.86	%(C)		1.82	%		2.44	%
Portfolio turnover rate (E)		34	%		55	%		34	%		55	%		107	%

(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.

For a share outstanding during the period and years indicated:	Transamerica Intermediate Muni
	Class I2
	October 31, 2018			October 31, 2017			October 31, 2016 (A)
Net asset value, beginning of period/year	$	11.46		$	11.62		$	11.78
Investment operations:
Net investment income (loss) (B) (C)		0.28			0.25			0.02
Net realized and unrealized gain (loss)		(0.35	)		(0.09	)		(0.16	)(D)
Total investment operations		(0.07	)		0.16			(0.14	)
Dividends and/or distributions to shareholders:
Net investment income		(0.28	)		(0.25	)		(0.02	)
Net realized gains		—			(0.07	)		—
Total dividends and/or distributions to shareholders		(0.28	)		(0.32	)		(0.02	)
Net asset value, end of period/year	$	11.11		$	11.46		$	11.62
Total return		(0.60	)%		1.49	%		(1.18	)%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	10		$	10		$	10
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		0.47	%		0.48	%		0.48	%(G)
Including waiver and/or reimbursement and recapture		0.47	%		0.48	%		0.48	%(G)
Net investment income (loss) to average net assets (C)		2.49	%		2.20	%		2.02	%(G)
Portfolio turnover rate (H)		34	%		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 2018

Page    474

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Intermediate Muni
	Class T1
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.41		$	11.08
Investment operations:
Net investment income (loss) (B) (C)		0.26			0.13
Net realized and unrealized gain (loss)		(0.35	)		0.33	(D)
Total investment operations		(0.09	)		0.46
Dividends and/or distributions to shareholders:
Net investment income		(0.25	)		(0.13	)
Net asset value, end of period/year	$	11.07		$	11.41
Total return (F)		(0.77	)%		4.20	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	10		$	10
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		0.72	%		0.73	%(H)
Including waiver and/or reimbursement and recapture		0.62	%		0.73	%(H)
Net investment income (loss) to average net assets (C)		2.35	%		1.89	%(H)
Portfolio turnover rate (I)		34	%		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)	Not annualized.
(F)	Total return has been calculated without deduction of the initial 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)	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 year indicated:	Transamerica Intermediate Muni
	Advisor Class
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.45		$	11.06
Investment operations:
Net investment income (loss) (B) (C)		0.26			0.20
Net realized and unrealized gain (loss)		(0.34	)		0.46	(D)
Total investment operations		(0.08	)		0.66
Dividends and/or distributions to shareholders:
Net investment income		(0.26	)		(0.20	)
Net realized gains		—			(0.07	)
Total dividends and/or distributions to shareholders		(0.26	)		(0.27	)
Net asset value, end of period/year	$	11.11		$	11.45
Total return (F)		(0.73	)%		6.02	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	622		$	298
Expenses to average net assets (G)		0.68	%		0.69	%(H)
Net investment income (loss) to average net assets (C)		2.30	%		2.01	%(H)
Portfolio turnover rate (I)		34	%		55	%

(A)	Commenced operations on December 16, 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)	Total return has been calculated without deduction of the initial 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)	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 2018

Page    475

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica International Equity
	Class A
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	19.29		$	16.49		$	17.37		$	17.61		$	18.44
Investment operations:
Net investment income (loss) (A)		0.33			0.43			0.29	(B)		0.33			0.48
Net realized and unrealized gain (loss)		(1.79	)		2.61			(0.78	)		(0.00	)(C)		(0.58	)
Total investment operations		(1.46	)		3.04			(0.49	)		0.33			(0.10	)
Dividends and/or distributions to shareholders:
Net investment income		(0.53	)		(0.20	)		(0.30	)		(0.29	)		(0.34	)
Net realized gains		—			(0.04	)		(0.09	)		(0.28	)		(0.39	)
Total dividends and/or distributions to shareholders		(0.53	)		(0.24	)		(0.39	)		(0.57	)		(0.73	)
Net asset value, end of year	$	17.30		$	19.29		$	16.49		$	17.37		$	17.61
Total return (D)		(7.82	)%		18.72	%		(2.83	)%		1.94	%		(0.51	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	202,462		$	274,610		$	313,394		$	249,773		$	61,566
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.23	%		1.20	%		1.24	%		1.42	%		1.29	%
Including waiver and/or reimbursement and recapture		1.22	%		1.20	%		1.30	%(B)		1.32	%		1.29	%
Net investment income (loss) to average net assets		1.74	%		2.43	%		1.78	%(B)		1.87	%		2.62	%
Portfolio turnover rate		21	%		22	%		19	%		21	%		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 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.

For a share outstanding during the years indicated:	Transamerica International Equity
	Class C
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	18.97		$	16.22		$	17.11		$	17.34		$	18.21
Investment operations:
Net investment income (loss) (A)		0.21			0.29			0.17	(B)		0.20			0.33
Net realized and unrealized gain (loss)		(1.78	)		2.58			(0.76	)		(0.00	)(C)		(0.54	)
Total investment operations		(1.57	)		2.87			(0.59	)		0.20			(0.21	)
Dividends and/or distributions to shareholders:
Net investment income		(0.43	)		(0.08	)		(0.21	)		(0.15	)		(0.27	)
Net realized gains		—			(0.04	)		(0.09	)		(0.28	)		(0.39	)
Total dividends and/or distributions to shareholders		(0.43	)		(0.12	)		(0.30	)		(0.43	)		(0.66	)
Net asset value, end of year	$	16.97		$	18.97		$	16.22		$	17.11		$	17.34
Total return (D)		(8.49	)%		17.88	%		(3.47	)%		1.21	%		(1.19	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	64,847		$	72,542		$	60,630		$	62,013		$	36,867
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.94	%		1.94	%		1.96	%		1.96	%		1.98	%
Including waiver and/or reimbursement and recapture		1.94	%		1.94	%		1.96	%(B)		1.96	%		1.98	%
Net investment income (loss) to average net assets		1.12	%		1.64	%		1.07	%(B)		1.13	%		1.82	%
Portfolio turnover rate		21	%		22	%		19	%		21	%		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 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Total return has been calculated without deduction of the contingent deferred sales charge.

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

Transamerica Funds Annual Report 2018

Page    476

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica International Equity
	Class I
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	19.55		$	16.73		$	17.60		$	17.80		$	18.60
Investment operations:
Net investment income (loss) (A)		0.42			0.50			0.36	(B)		0.39			0.48
Net realized and unrealized gain (loss)		(1.83	)		2.63			(0.79	)		(0.00	)(C)		(0.52	)
Total investment operations		(1.41	)		3.13			(0.43	)		0.39			(0.04	)
Dividends and/or distributions to shareholders:
Net investment income		(0.60	)		(0.27	)		(0.35	)		(0.31	)		(0.37	)
Net realized gains		—			(0.04	)		(0.09	)		(0.28	)		(0.39	)
Total dividends and/or distributions to shareholders		(0.60	)		(0.31	)		(0.44	)		(0.59	)		(0.76	)
Net asset value, end of year	$	17.54		$	19.55		$	16.73		$	17.60		$	17.80
Total return		(7.49	)%		19.09	%		(2.46	)%		2.29	%		(0.20	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	2,495,943		$	2,242,175		$	1,552,632		$	1,043,345		$	567,267
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.89	%		0.89	%		0.90	%		0.93	%		0.95	%
Including waiver and/or reimbursement and recapture		0.89	%		0.89	%		0.90	%(B)		0.93	%		0.95	%
Net investment income (loss) to average net assets		2.17	%		2.77	%		2.20	%(B)		2.20	%		2.63	%
Portfolio turnover rate		21	%		22	%		19	%		21	%		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 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Rounds to less than $0.01 or $(0.01).

For a share outstanding during the years indicated:	Transamerica International Equity
	Class I2
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	19.58		$	16.75		$	17.62		$	17.81		$	18.60
Investment operations:
Net investment income (loss) (A)		0.43			0.52			0.37	(B)		0.41			0.52
Net realized and unrealized gain (loss)		(1.82	)		2.63			(0.79	)		(0.00	)(C)		(0.54	)
Total investment operations		(1.39	)		3.15			(0.42	)		0.41			(0.02	)
Dividends and/or distributions to shareholders:
Net investment income		(0.62	)		(0.28	)		(0.36	)		(0.32	)		(0.38	)
Net realized gains		—			(0.04	)		(0.09	)		(0.28	)		(0.39	)
Total dividends and/or distributions to shareholders		(0.62	)		(0.32	)		(0.45	)		(0.60	)		(0.77	)
Net asset value, end of year	$	17.57		$	19.58		$	16.75		$	17.62		$	17.81
Total return		(7.40	)%		19.23	%		(2.38	)%		2.40	%		(0.07	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	2,186,243		$	2,298,782		$	1,704,610		$	573,806		$	595,742
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.79	%		0.79	%		0.81	%		0.83	%		0.85	%
Including waiver and/or reimbursement and recapture		0.79	%		0.79	%		0.80	%(B)		0.83	%		0.85	%
Net investment income (loss) to average net assets		2.21	%		2.87	%		2.27	%(B)		2.28	%		2.83	%
Portfolio turnover rate		21	%		22	%		19	%		21	%		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 0.00% 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 2018

Page    477

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica International Equity
	Class I3
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	19.58		$	17.24
Investment operations:
Net investment income (loss) (B)		0.43			0.45
Net realized and unrealized gain (loss)		(1.84	)		1.89
Total investment operations		(1.41	)		2.34
Dividends and/or distributions to shareholders:
Net investment income		(0.49	)		—
Net asset value, end of period/year	$	17.68		$	19.58
Total return		(7.41	)%		13.57	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	218,378		$	270,144
Expenses to average net assets		0.79	%		0.79	%(D)
Net investment income (loss) to average net assets		2.21	%		3.70	%(D)
Portfolio turnover rate		21	%		22	%

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.

For a share outstanding during the period and year indicated:	Transamerica International Equity
	Class R
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	19.51		$	17.24
Investment operations:
Net investment income (loss) (B)		0.34			0.48
Net realized and unrealized gain (loss)		(1.83	)		1.79
Total investment operations		(1.49	)		2.27
Dividends and/or distributions to shareholders:
Net investment income		(0.37	)		—
Net asset value, end of period/year	$	17.65		$	19.51
Total return		(7.89	)%		13.22	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	37,376		$	45,713
Expenses to average net assets		1.28	%		1.29	%(D)
Net investment income (loss) to average net assets		1.72	%		4.08	%(D)
Portfolio turnover rate		21	%		22	%

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.

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

Transamerica Funds Annual Report 2018

Page    478

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica International Equity
	Class R4
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	19.54		$	17.24
Investment operations:
Net investment income (loss) (B)		0.38			0.48
Net realized and unrealized gain (loss)		(1.82	)		1.82
Total investment operations		(1.44	)		2.30
Dividends and/or distributions to shareholders:
Net investment income		(0.45	)		—
Net asset value, end of period/year	$	17.65		$	19.54
Total return		(7.59	)%		13.34	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	15,775		$	21,339
Expenses to average net assets		1.04	%		1.04	%(D)
Net investment income (loss) to average net assets		1.95	%		4.04	%(D)
Portfolio turnover rate		21	%		22	%

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica International Equity
	Class R6
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	19.76		$	16.90		$	17.62		$	18.65
Investment operations:
Net investment income (loss) (B)		0.46			0.56			0.42	(C)		0.10
Net realized and unrealized gain (loss)		(1.87	)		2.62			(0.84	)		(1.13	)
Total investment operations		(1.41	)		3.18			(0.42	)		(1.03	)
Dividends and/or distributions to shareholders:
Net investment income		(0.62	)		(0.28	)		(0.21	)		—
Net realized gains		—			(0.04	)		(0.09	)		—
Total dividends and/or distributions to shareholders		(0.62	)		(0.32	)		(0.30	)		—
Net asset value, end of period/year	$	17.73		$	19.76		$	16.90		$	17.62
Total return		(7.43	)%		19.24	%		(2.37	)%		(5.52	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	198,633		$	180,679		$	56,917		$	47
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.79	%		0.79	%		0.81	%		0.83	%(E)
Including waiver and/or reimbursement and recapture		0.79	%		0.79	%		0.80	%(C)		0.83	%(E)
Net investment income (loss) to average net assets		2.35	%		3.06	%		2.53	%(C)		1.35	%(E)
Portfolio turnover rate		21	%		22	%		19	%		21	%

(A)	Commenced operations on May 29, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Not annualized.
(E)	Annualized.

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

Transamerica Funds Annual Report 2018

Page    479

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica International Equity
	Class T1
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	19.31		$	17.38
Investment operations:
Net investment income (loss) (B)		0.46			0.43
Net realized and unrealized gain (loss)		(1.88	)		1.50
Total investment operations		(1.42	)		1.93
Dividends and/or distributions to shareholders:
Net investment income		(0.45	)		—
Net asset value, end of period/year	$	17.44		$	19.31
Total return (C)		(7.58	)%		11.10	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	25		$	11
Expenses to average net assets		1.03	%		1.03	%(E)
Net investment income (loss) to average net assets		2.38	%		3.72	%(E)
Portfolio turnover rate		21	%		22	%

(A)	Commenced operations on March 17, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(D)	Not annualized.
(E)	Annualized.

For a share outstanding during the period and year indicated:	Transamerica International Equity
	Advisor Class
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	19.85		$	16.71
Investment operations:
Net investment income (loss) (B)		0.43			0.33
Net realized and unrealized gain (loss)		(1.88	)		2.86
Total investment operations		(1.45	)		3.19
Dividends and/or distributions to shareholders:
Net investment income		(0.61	)		(0.01	)
Net realized gains		—			(0.04	)
Total dividends and/or distributions to shareholders		(0.61	)		(0.05	)
Net asset value, end of period/year	$	17.79		$	19.85
Total return		(7.58	)%		19.18	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	2,220		$	248
Expenses to average net assets		0.99	%		0.99	%(D)
Net investment income (loss) to average net assets		2.20	%		1.99	%(D)
Portfolio turnover rate		21	%		22	%

(A)	Commenced operations on December 16, 2016.
(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 2018

Page    480

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period indicated:	Transamerica International Growth
	Class A			Class I			Class R6
	October 31, 2018 (A)			October 31, 2018 (A)			October 31, 2018 (A)
Net asset value, beginning of period	$	8.89		$	8.89		$	8.89
Investment operations:
Net investment income (loss) (B)		0.09			0.13			0.16
Net realized and unrealized gain (loss)		(1.13	)		(1.16	)		(1.18	)
Total investment operations		(1.04	)		(1.03	)		(1.02	)
Net asset value, end of period	$	7.85		$	7.86		$	7.87
Total return		(11.70	)%(C)(D)		(11.59	)%(D)		(11.47	)%(D)
Ratio and supplemental data:
Net assets end of period (000’s)	$	48		$	13		$	9
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.43	%(E)		1.36	%(E)		0.83	%(E)
Including waiver and/or reimbursement and recapture		1.30	%(E)		1.05	%(E)		0.83	%(E)
Net investment income (loss) to average net assets		1.49	%(E)		2.27	%(E)		2.72	%(E)
Portfolio turnover rate		119	%(D)		119	%(D)		119	%(D)

(A)	Commenced operations on March 1, 2018.
(B)	Calculated based on average number of shares outstanding.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(D)	Not annualized.
(E)	Annualized.

For a share outstanding during the years indicated:	Transamerica International Growth
	Class I2
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	9.02		$	7.27		$	7.80		$	8.51		$	8.65
Investment operations:
Net investment income (loss) (A)		0.16			0.11			0.11	(B)		0.13			0.13
Net realized and unrealized gain (loss)		(1.16	)		1.72			(0.40	)		(0.08	)		(0.13	)
Total investment operations		(1.00	)		1.83			(0.29	)		0.05			—
Dividends and/or distributions to shareholders:
Net investment income		(0.15	)		(0.08	)		(0.08	)		(0.15	)		(0.06	)
Net realized gains		—			—			(0.16	)		(0.61	)		(0.08	)
Total dividends and/or distributions to shareholders		(0.15	)		(0.08	)		(0.24	)		(0.76	)		(0.14	)
Net asset value, end of year	$	7.87		$	9.02		$	7.27		$	7.80		$	8.51
Total return		(11.29	)%		25.45	%		(3.75	)%		0.74	%		0.05	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,216,433		$	1,368,414		$	1,164,016		$	675,208		$	564,135
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.87	%		0.95	%		0.97	%		1.00	%		1.00	%
Including waiver and/or reimbursement and recapture		0.87	%		0.95	%		0.96	%(B)		1.00	%		1.00	%
Net investment income (loss) to average net assets		1.80	%		1.36	%		1.52	%(B)		1.58	%		1.53	%
Portfolio turnover rate		119	%		15	%		15	%		39	%		39	%

(A)

Calculated based on average number of shares outstanding.

(B)

Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

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

Transamerica Funds Annual Report 2018

Page    481

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica International Small Cap Value
	Class I
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	13.67		$	11.39		$	12.40		$	11.81		$	12.24
Investment operations:
Net investment income (loss) (A)		0.27			0.18			0.25	(B)		0.22			0.25
Net realized and unrealized gain (loss)		(1.08	)		2.42			(0.55	)		0.64			(0.44	)
Total investment operations		(0.81	)		2.60			(0.30	)		0.86			(0.19	)
Dividends and/or distributions to shareholders:
Net investment income		(0.42	)		(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		(0.42	)		(0.32	)		(0.71	)		(0.27	)		(0.24	)
Net asset value, end of year	$	12.44		$	13.67		$	11.39		$	12.40		$	11.81
Total return		(6.20	)%		23.51	%		(2.48	)%		7.52	%		(1.67	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	291,455		$	326,445		$	273,540		$	367,502		$	214,170
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.12	%		1.12	%		1.12	%		1.12	%		1.15	%
Including waiver and/or reimbursement and recapture		1.12	%		1.12	%		1.11	%(B)		1.12	%		1.15	%
Net investment income (loss) to average net assets		1.92	%		1.48	%		2.18	%(B)		1.78	%		2.03	%
Portfolio turnover rate		20	%		25	%		20	%		26	%		21	%

(A)

Calculated based on average number of shares outstanding.

(B)

Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

For a share outstanding during the years indicated:	Transamerica International Small Cap Value
	Class I2
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	13.70		$	11.42		$	12.43		$	11.82		$	12.25
Investment operations:
Net investment income (loss) (A)		0.27			0.19			0.27	(B)		0.22			0.24
Net realized and unrealized gain (loss)		(1.07	)		2.42			(0.56	)		0.66			(0.43	)
Total investment operations		(0.80	)		2.61			(0.29	)		0.88			(0.19	)
Dividends and/or distributions to shareholders:
Net investment income		(0.43	)		(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		(0.43	)		(0.33	)		(0.72	)		(0.27	)		(0.24	)
Net asset value, end of year	$	12.47		$	13.70		$	11.42		$	12.43		$	11.82
Total return		(6.11	)%		23.58	%		(2.38	)%		7.73	%		(1.66	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	439,922		$	525,571		$	440,438		$	598,764		$	533,058
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.02	%		1.02	%		1.02	%		1.02	%		1.05	%
Including waiver and/or reimbursement and recapture		1.02	%		1.02	%		1.01	%(B)		1.02	%		1.05	%
Net investment income (loss) to average net assets		1.95	%		1.56	%		2.36	%(B)		1.84	%		1.91	%
Portfolio turnover rate		20	%		25	%		20	%		26	%		21	%

(A)

Calculated based on average number of shares outstanding.

(B)

Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

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

Transamerica Funds Annual Report 2018

Page    482

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period indicated:	Transamerica International Stock
	Class A			Class I			Class I2			Class R6
	October 31, 2018 (A)			October 31, 2018 (A)			October 31, 2018 (A)			October 31, 2018 (A)
Net asset value, beginning of period	$	10.00		$	10.00		$	10.00		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		(0.01	)		(0.00	)(D)		(0.00	)(D)		(0.00	)(D)
Net realized and unrealized gain (loss)		(0.80	)		(0.81	)		(0.81	)		(0.81	)
Total investment operations		(0.81	)		(0.81	)		(0.81	)		(0.81	)
Net asset value, end of period	$	9.19		$	9.19		$	9.19		$	9.19
Total return		(8.10	)%(E)(F)		(8.10	)%(E)		(8.10	)%(E)		(8.10	)%(E)
Ratio and supplemental data:
Net assets end of period (000’s)	$	459		$	459		$	459		$	460
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		14.60	%(H)		14.44	%(H)		14.35	%(H)		14.35	%(H)
Including waiver and/or reimbursement and recapture		1.25	%(H)		1.00	%(H)		1.00	%(H)		1.00	%(H)
Net investment income (loss) to average net assets (C)		(0.74	)%(H)		(0.49	)%(H)		(0.49	)%(H)		(0.50	)%(H)
Portfolio turnover rate (I)		2	%(E)		2	%(E)		2	%(E)		2	%(E)

(A)	Commenced operations on September 28, 2018.
(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)	Total return has been calculated without deduction of the initial 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)	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 Large Cap Value
	Class A
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	13.56		$	12.36		$	12.71		$	13.30		$	14.24
Investment operations:
Net investment income (loss) (A)		0.14			0.14			0.14	(B)		0.16			0.15
Net realized and unrealized gain (loss)		(0.04	)		2.28			0.98			0.54			1.40
Total investment operations		0.10			2.42			1.12			0.70			1.55
Dividends and/or distributions to shareholders:
Net investment income		(0.12	)		(0.17	)		(0.15	)		(0.15	)		(0.17	)
Net realized gains		(1.45	)		(1.05	)		(1.32	)		(1.14	)		(2.32	)
Total dividends and/or distributions to shareholders		(1.57	)		(1.22	)		(1.47	)		(1.29	)		(2.49	)
Net asset value, end of year	$	12.09		$	13.56		$	12.36		$	12.71		$	13.30
Total return (C)		0.56	%		20.29	%		9.83	%		5.44	%		12.09	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	95,523		$	103,851		$	71,700		$	31,566		$	31,677
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.08	%		1.06	%		1.05	%		1.05	%		1.07	%
Including waiver and/or reimbursement and recapture		1.08	%		1.06	%		1.04	%(B)		1.05	%		1.07	%
Net investment income (loss) to average net assets		1.06	%		1.11	%		1.16	%(B)		1.23	%		1.13	%
Portfolio turnover rate		139	%		128	%		127	%		129	%		87	%

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

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

Transamerica Funds Annual Report 2018

Page    483

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Large Cap Value
	Class C
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	13.48		$	12.31		$	12.67		$	13.26		$	14.20
Investment operations:
Net investment income (loss) (A)		0.04			0.04			0.05	(B)		0.06			0.06
Net realized and unrealized gain (loss)		(0.02	)		2.27			0.98			0.55			1.39
Total investment operations		0.02			2.31			1.03			0.61			1.45
Dividends and/or distributions to shareholders:
Net investment income		(0.04	)		(0.09	)		(0.07	)		(0.06	)		(0.07	)
Net realized gains		(1.45	)		(1.05	)		(1.32	)		(1.14	)		(2.32	)
Total dividends and/or distributions to shareholders		(1.49	)		(1.14	)		(1.39	)		(1.20	)		(2.39	)
Net asset value, end of year	$	12.01		$	13.48		$	12.31		$	12.67		$	13.26
Total return (C)		(0.16	)%		19.37	%		9.00	%		4.68	%		11.30	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	49,839		$	49,014		$	22,482		$	11,128		$	9,402
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.80	%		1.79	%		1.80	%		1.81	%		1.79	%
Including waiver and/or reimbursement and recapture		1.80	%		1.79	%		1.80	%(B)		1.81	%		1.79	%
Net investment income (loss) to average net assets		0.33	%		0.30	%		0.43	%(B)		0.45	%		0.49	%
Portfolio turnover rate		139	%		128	%		127	%		129	%		87	%

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

For a share outstanding during the years indicated:	Transamerica Large Cap Value
	Class I
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	13.64		$	12.43		$	12.77		$	13.35		$	14.28
Investment operations:
Net investment income (loss) (A)		0.17			0.15			0.17	(B)		0.19			0.20
Net realized and unrealized gain (loss)		(0.04	)		2.31			0.99			0.56			1.39
Total investment operations		0.13			2.46			1.16			0.75			1.59
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.20	)		(0.18	)		(0.19	)		(0.20	)
Net realized gains		(1.45	)		(1.05	)		(1.32	)		(1.14	)		(2.32	)
Total dividends and/or distributions to shareholders		(1.61	)		(1.25	)		(1.50	)		(1.33	)		(2.52	)
Net asset value, end of year	$	12.16		$	13.64		$	12.43		$	12.77		$	13.35
Total return		0.78	%		20.55	%		10.14	%		5.78	%		12.40	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	375,161		$	245,508		$	56,161		$	15,090		$	13,348
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.80	%		0.79	%		0.79	%		0.78	%		0.79	%
Including waiver and/or reimbursement and recapture		0.80	%		0.79	%		0.78	%(B)		0.78	%		0.79	%
Net investment income (loss) to average net assets		1.31	%		1.17	%		1.37	%(B)		1.49	%		1.55	%
Portfolio turnover rate		139	%		128	%		127	%		129	%		87	%

(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 2018

Page    484

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Large Cap Value
	Class I2
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	13.63		$	12.42		$	12.76		$	13.34		$	14.27
Investment operations:
Net investment income (loss) (A)		0.19			0.19			0.19	(B)		0.20			0.21
Net realized and unrealized gain (loss)		(0.03	)		2.28			0.98			0.56			1.39
Total investment operations		0.16			2.47			1.17			0.76			1.60
Dividends and/or distributions to shareholders:
Net investment income		(0.18	)		(0.21	)		(0.19	)		(0.20	)		(0.21	)
Net realized gains		(1.45	)		(1.05	)		(1.32	)		(1.14	)		(2.32	)
Total dividends and/or distributions to shareholders		(1.63	)		(1.26	)		(1.51	)		(1.34	)		(2.53	)
Net asset value, end of year	$	12.16		$	13.63		$	12.42		$	12.76		$	13.34
Total return		0.96	%		20.66	%		10.25	%		5.90	%		12.53	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,664,184		$	1,899,205		$	1,898,665		$	1,818,476		$	1,739,472
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.69	%		0.69	%		0.69	%		0.68	%		0.69	%
Including waiver and/or reimbursement and recapture		0.69	%		0.69	%		0.68	%(B)		0.68	%		0.69	%
Net investment income (loss) to average net assets		1.46	%		1.44	%		1.60	%(B)		1.58	%		1.59	%
Portfolio turnover rate		139	%		128	%		127	%		129	%		87	%

(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, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	13.63		$	12.42		$	12.76		$	13.07
Investment operations:
Net investment income (loss) (B)		0.18			0.17			0.15	(C)		0.08
Net realized and unrealized gain (loss)		(0.02	)		2.30			1.02			(0.28	)(D)
Total investment operations		0.16			2.47			1.17			(0.20	)
Dividends and/or distributions to shareholders:
Net investment income		(0.18	)		(0.21	)		(0.19	)		(0.11	)
Net realized gains		(1.45	)		(1.05	)		(1.32	)		—
Total dividends and/or distributions to shareholders		(1.63	)		(1.26	)		(1.51	)		(0.11	)
Net asset value, end of period/year	$	12.16		$	13.63		$	12.42		$	12.76
Total return		0.96	%		20.66	%		10.25	%		(1.53	)%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	27,069		$	16,356		$	3,391		$	49
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.69	%		0.69	%		0.69	%		0.69	%(F)
Including waiver and/or reimbursement and recapture		0.69	%		0.69	%		0.68	%(C)		0.69	%(F)
Net investment income (loss) to average net assets		1.42	%		1.29	%		1.25	%(C)		1.48	%(F)
Portfolio turnover rate		139	%		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 2018

Page    485

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Large Cap Value
	Class T1
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	13.57		$	12.94
Investment operations:
Net investment income (loss) (B)		0.15			0.09
Net realized and unrealized gain (loss)		(0.02	)		0.65
Total investment operations		0.13			0.74
Dividends and/or distributions to shareholders:
Net investment income		(0.15	)		(0.11	)
Net realized gains		(1.45	)		—
Total dividends and/or distributions to shareholders		(1.60	)		(0.11	)
Net asset value, end of period/year	$	12.10		$	13.57
Total return (C)		0.71	%		5.77	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	11		$	11
Expenses to average net assets		0.94	%		0.93	%(E)
Net investment income (loss) to average net assets		1.20	%		1.13	%(E)
Portfolio turnover rate		139	%		128	%

(A)	Commenced operations on March 17, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(D)	Not annualized.
(E)	Annualized.

For a share outstanding during the period and year indicated:	Transamerica Large Cap Value
	Advisor Class
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	13.70		$	13.78
Investment operations:
Net investment income (loss) (B)		0.17			(0.02	)
Net realized and unrealized gain (loss)		(0.04	)		1.12
Total investment operations		0.13			1.10
Dividends and/or distributions to shareholders:
Net investment income		(0.15	)		(0.13	)
Net realized gains		(1.45	)		(1.05	)
Total dividends and/or distributions to shareholders		(1.60	)		(1.18	)
Net asset value, end of period/year	$	12.23		$	13.70
Total return		0.74	%		8.62	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	2,011		$	1,989
Expenses to average net assets		0.89	%		0.88	%(D)
Net investment income (loss) to average net assets		1.30	%		(0.17	)%(D)
Portfolio turnover rate		139	%		128	%

(A)	Commenced operations on December 16, 2016.
(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 2018

Page    486

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Large Core
	Class I3
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.02		$	10.00
Investment operations:
Net investment income (loss) (B)		0.14	(C)		0.09
Net realized and unrealized gain (loss)		0.55			1.01
Total investment operations		0.69			1.10
Dividends and/or distributions to shareholders:
Net investment income		(0.14	)		(0.08	)
Net realized gains		(0.45	)		—
Total dividends and/or distributions to shareholders		(0.59	)		(0.08	)
Net asset value, end of period/year	$	11.12		$	11.02
Total return		6.20	%		11.09	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	189,483		$	200,790
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.66	%(E)		0.72	%(F)
Including waiver and/or reimbursement and recapture		0.64	%(E)		0.64	%(F)
Net investment income (loss) to average net assets		1.24	%(C)		1.32	%(F)
Portfolio turnover rate		130	%(G)		41	%(D)

(A)	Commenced operations on March 10, 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)	Not annualized.
(E)	Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(F)	Annualized.
(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 Large Core
	Class R
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.01		$	10.00
Investment operations:
Net investment income (loss) (B)		0.08	(C)		0.05
Net realized and unrealized gain (loss)		0.55			1.01
Total investment operations		0.63			1.06
Dividends and/or distributions to shareholders:
Net investment income		(0.08	)		(0.05	)
Net realized gains		(0.45	)		—
Total dividends and/or distributions to shareholders		(0.53	)		(0.05	)
Net asset value, end of period/year	$	11.11		$	11.01
Total return		5.67	%		10.68	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	72,764		$	76,828
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.15	%(E)		1.22	%(F)
Including waiver and/or reimbursement and recapture		1.14	%(E)		1.14	%(F)
Net investment income (loss) to average net assets		0.74	%(C)		0.82	%(F)
Portfolio turnover rate		130	%(G)		41	%(D)

(A)	Commenced operations on March 10, 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)	Not annualized.
(E)	Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(F)	Annualized.
(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 2018

Page    487

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Large Core
	Class R4
	October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			December 31, 2015			December 31, 2014			December 31, 2013
Net asset value, beginning of period/year	$	11.01		$	9.52		$	8.98		$	9.17		$	8.05		$	5.94
Investment operations:
Net investment income (loss) (D)		0.12	(E)		0.09			0.15			0.10			0.06			0.09
Net realized and unrealized gain (loss)		0.55			1.50			0.54			(0.20	)		1.12			2.11
Total investment operations		0.67			1.59			0.69			(0.10	)		1.18			2.20
Dividends and/or distributions to shareholders:
Net investment income		(0.11	)		(0.10	)		(0.15	)		(0.09	)		(0.06	)		(0.09	)
Net realized gains		(0.45	)		—			—			—			—			—
Total dividends and/or distributions to shareholders		(0.56	)		(0.10	)		(0.15	)		(0.09	)		(0.06	)		(0.09	)
Net asset value, end of period/year	$	11.12		$	11.01		$	9.52		$	8.98		$	9.17		$	8.05
Total return		6.00	%		16.72	%(F)		7.79	%		(1.02	)%		14.80	%		37.13	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	5,386		$	11,636		$	10,633		$	11,995		$	7,872		$	7,478
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.91	%(G)		1.05	%(H)		1.34	%		1.28	%		1.43	%		1.46	%
Including waiver and/or reimbursement and recapture		0.89	%(G)		0.90	%(H)		0.90	%(I)		0.90	%		0.90	%		0.90	%
Net investment income (loss) to average net assets		1.01	%(E)		1.10	%(H)		1.65	%		1.04	%		0.75	%		1.16	%
Portfolio turnover rate		130	%(J)		41	%(F)		47	%		64	%		70	%		116	%

(A)	The fiscal year end of the Fund is October 31 while the fiscal year end of the accounting and performance survivor is December 31. Prior to the closing of the applicable Transamerica Partners reorganization as of the close of business on March 10, 2017, the accounting and performance survivor operated as a feeder in a master-feeder structure and invested all of its investable assets in a corresponding Series Portfolio. The Financial Highlights represents activity for the ten months of January 1, 2017 – October 31, 2017. Please reference the Reorganization section of the Notes to the Financial Statements for additional information.
(B)	Transamerica Partners Institutional Large Core reorganized into the Fund on March 10, 2017. Prior to March 10, 2017, information provided reflects Transamerica Partners Institutional Large Core, which was the accounting and performance survivor of the reorganization. Please reference the Reorganization section of the Notes to the Financial Statements for additional information.
(C)	Effective March 10, 2017, the Fund underwent a 0.81-for-1 share split. The per share data has been retroactively adjusted to reflect the share split. See the Stock Split section of the Notes to Financial Statements for more information.
(D)	Calculated based on average number of shares outstanding.
(E)	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)	Not annualized.
(G)	Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(H)	Annualized.
(I)	Includes reimbursement of custody fees at the underlying Series Portfolio level.
(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 and year indicated:	Transamerica Large Growth
	Class I3
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.72		$	10.00
Investment operations:
Net investment income (loss) (B)		0.03			0.03
Net realized and unrealized gain (loss)		1.22			1.72
Total investment operations		1.25			1.75
Dividends and/or distributions to shareholders:
Net investment income		(0.07	)		(0.03	)
Net realized gains		(0.45	)		—
Total dividends and/or distributions to shareholders		(0.52	)		(0.03	)
Net asset value, end of period/year	$	12.45		$	11.72
Total return		10.94	%		17.49	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	622,541		$	666,225
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.70	%		0.72	%(D)
Including waiver and/or reimbursement and recapture		0.65	%		0.65	%(D)
Net investment income (loss) to average net assets		0.20	%		0.40	%(D)
Portfolio turnover rate		34	%		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 2018

Page    488

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Large Growth
	Class R
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.71		$	10.00
Investment operations:
Net investment income (loss) (B)		(0.04	)		(0.01	)
Net realized and unrealized gain (loss)		1.23			1.72
Total investment operations		1.19			1.71
Dividends and/or distributions to shareholders:
Net investment income		(0.04	)		—
Net realized gains		(0.45	)		—
Total dividends and/or distributions to shareholders		(0.49	)		—
Net asset value, end of period/year	$	12.41		$	11.71
Total return		10.39	%		17.10	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	140,192		$	146,404
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.19	%		1.22	%(D)
Including waiver and/or reimbursement and recapture		1.15	%(E)		1.22	%(D)
Net investment income (loss) to average net assets		(0.30	)%		(0.10	)%(D)
Portfolio turnover rate		34	%		21	%(C)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.
(E)	TAM has voluntarily agreed to waive a portion of its management fee.

For a share outstanding during the period and years indicated:	Transamerica Large Growth
	Class R4
	October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			December 31, 2015			December 31, 2014			December 31, 2013
Net asset value, beginning of period/year	$	11.72		$	9.14		$	9.08		$	8.35		$	7.57		$	5.63
Investment operations:
Net investment income (loss) (D)		(0.01	)		0.01			0.01			0.01			0.01			0.02
Net realized and unrealized gain (loss)		1.23			2.58			0.06			0.73			0.78			1.94
Total investment operations		1.22			2.59			0.07			0.74			0.79			1.96
Dividends and/or distributions to shareholders:
Net investment income		(0.05	)		(0.01	)		(0.01	)		(0.01	)		(0.01	)		(0.02	)
Net realized gains		(0.45	)		—			—			—			—			—
Total dividends and/or distributions to shareholders		(0.50	)		(0.01	)		(0.01	)		(0.01	)		(0.01	)		(0.02	)
Net asset value, end of period/year	$	12.44		$	11.72		$	9.14		$	9.08		$	8.35		$	7.57
Total return		10.68	%		28.42	%(E)		0.84	%		8.89	%		10.46	%		35.00	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	37,269		$	38,038		$	82,546		$	107,369		$	110,430		$	130,443
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.95	%		0.99	%(F)		1.01	%		0.99	%		1.01	%		1.00	%
Including waiver and/or reimbursement and recapture		0.90	%		0.90	%(F)		0.88	%(G)		0.90	%		0.90	%		0.90	%
Net investment income (loss) to average net assets		(0.04	)%		0.14	%(F)		0.15	%		0.07	%		0.17	%		0.32	%
Portfolio turnover rate		34	%		21	%(E)		36	%		33	%		73	%		49	%

(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.

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

Transamerica Funds Annual Report 2018

Page    489

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Large Value Opportunities
	Class I3
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.71		$	10.00
Investment operations:
Net investment income (loss) (B)		0.18	(C)		0.08
Net realized and unrealized gain (loss)		0.21			0.71
Total investment operations		0.39			0.79
Dividends and/or distributions to shareholders:
Net investment income		(0.17	)		(0.08	)
Net realized gains		(0.18	)		—
Total dividends and/or distributions to shareholders		(0.35	)		(0.08	)
Net asset value, end of period/year	$	10.75		$	10.71
Total return		3.60	%		7.94	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	458,786		$	520,709
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.52	%(E)		0.57	%(F)
Including waiver and/or reimbursement and recapture		0.49	%(E)		0.49	%(F)
Net investment income (loss) to average net assets		1.64	%(C)		1.69	%(F)
Portfolio turnover rate		137	%(G)		33	%(D)

(A)	Commenced operations on May 5, 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)	Not annualized.
(E)	Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(F)	Annualized.
(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 Large Value Opportunities
	Class R
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.71		$	10.00
Investment operations:
Net investment income (loss) (B)		0.13	(C)		0.08
Net realized and unrealized gain (loss)		0.21			0.69
Total investment operations		0.34			0.77
Dividends and/or distributions to shareholders:
Net investment income		(0.12	)		(0.06	)
Net realized gains		(0.18	)		—
Total dividends and/or distributions to shareholders		(0.30	)		(0.06	)
Net asset value, end of period/year	$	10.75		$	10.71
Total return		3.08	%		7.69	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	103,701		$	113,861
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.01	%(E)		1.06	%(F)
Including waiver and/or reimbursement and recapture		0.99	%(E)		0.99	%(F)
Net investment income (loss) to average net assets		1.14	%(C)		1.36	%(F)
Portfolio turnover rate		137	%(G)		33	%(D)

(A)	Commenced operations on May 5, 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)	Not annualized.
(E)	Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(F)	Annualized.
(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 2018

Page    490

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Large Value Opportunities
	Class R4
	October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			December 31, 2015			December 31, 2014			December 31, 2013
Net asset value, beginning of period/years	$	10.71		$	9.84		$	9.18		$	9.36		$	8.63		$	6.36
Investment operations:
Net investment income (loss) (D)		0.15	(E)		0.14			0.16			0.12			0.08			0.11
Net realized and unrealized gain (loss)		0.21			0.85			0.67			(0.18	)		0.74			2.28
Total investment operations		0.36			0.99			0.83			(0.06	)		0.82			2.39
Dividends and/or distributions to shareholders:
Net investment income		(0.14	)		(0.12	)		(0.17	)		(0.12	)		(0.09	)		(0.12	)
Net realized gains		(0.18	)		—			—			—			—			—
Total dividends and/or distributions to shareholders		(0.32	)		(0.12	)		(0.17	)		(0.12	)		(0.09	)		(0.12	)
Net asset value, end of period/years	$	10.75		$	10.71		$	9.84		$	9.18		$	9.36		$	8.63
Total return		3.32	%		9.99	%(F)		9.14	%		(0.69	)%		9.54	%		37.73	%
Ratio and supplemental data:
Net assets end of period/years (000’s)	$	36,445		$	53,449		$	99,292		$	99,418		$	102,791		$	120,005
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.77	%(G)		0.83	%(H)		0.84	%		0.83	%		0.83	%		0.83	%
Including waiver and/or reimbursement and recapture		0.74	%(G)		0.74	%(H)		0.74	%(I)		0.75	%		0.75	%		0.75	%
Net investment income (loss) to average net assets		1.39	%(E)		1.35	%(H)		1.80	%		1.21	%		0.96	%		1.43	%
Portfolio turnover rate		137	%(J)		33	%(F)		48	%		65	%		69	%		99	%

(A)	Effective May 5, 2017, the Fund underwent a 1.56-for-1 share split. The per share data has been retroactively adjusted to reflect the share split. See the Stock Split section of the Notes to Financial Statements for more information.
(B)	Transamerica Partners Institutional Large Value reorganized into the Fund on May 5, 2017. Prior to May 5, 2017, information provided reflects Transamerica Partners Institutional Large Value, which was the accounting and performance survivor of the reorganization. Please reference the Reorganization section of the Notes to the Financial Statements for additional information.
(C)	The fiscal year end of the Fund is October 31 while the fiscal year end of the accounting and performance survivor is December 31. Prior to the closing of the applicable Transamerica Partners reorganization as of the close of business on May 5, 2017, the accounting and performance survivor operated as a feeder in a master-feeder structure and invested all of its investable assets in a corresponding Series Portfolio. The Financial Highlights represents activity for the ten months of January 1, 2017 –October 31, 2017. Please reference the Reorganization section of the Notes to the Financial Statements for additional information.
(D)	Calculated based on average number of shares outstanding.
(E)	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)	Not annualized.
(G)	Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(H)	Annualized.
(I)	Includes reimbursement of custody fees at the underlying Series Portfolio level.
(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 and year indicated:	Transamerica Mid Cap Growth
	Class A
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	14.14		$	13.12
Investment operations:
Net investment income (loss) (B)		(0.01	)		(0.01	)
Net realized and unrealized gain (loss)		(0.91	)(C)		1.03
Total investment operations		(0.92	)		1.02
Dividends and/or distributions to shareholders:
Net investment income		(0.01	)		—
Net realized gains		(0.23	)		—
Total dividends and/or distributions to shareholders		(0.24	)		—
Net asset value, end of period/year	$	12.98		$	14.14
Total return (D)		(6.88	)%		7.77	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	8,997		$	9,903
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.28	%		1.30	%(F)
Including waiver and/or reimbursement and recapture		1.10	%(G)		1.30	%(F)
Net investment income (loss) to average net assets		(0.04	)%		(0.10	)%(F)
Portfolio turnover rate		61	%		30	%(E)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(E)	Not annualized.
(F)	Annualized.
(G)	TAM has voluntarily agreed to waive a portion of its management fee.

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

Transamerica Funds Annual Report 2018

Page    491

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Mid Cap Growth
	Class C
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	13.77		$	12.84
Investment operations:
Net investment income (loss) (B)		(0.11	)		(0.07	)
Net realized and unrealized gain (loss)		(0.88	)(C)		1.00
Total investment operations		(0.99	)		0.93
Dividends and/or distributions to shareholders:
Net realized gains		(0.23	)		—
Net asset value, end of period/year	$	12.55		$	13.77
Total return (D)		(7.58	)%		7.24	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,268		$	1,448
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.05	%		2.05	%(F)
Including waiver and/or reimbursement and recapture		1.85	%(G)		2.05	%(F)
Net investment income (loss) to average net assets		(0.79	)%		(0.85	)%(F)
Portfolio turnover rate		61	%		30	%(E)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Total return has been calculated without deduction of the contingent deferred sales charge.
(E)	Not annualized.
(F)	Annualized.
(G)	TAM has voluntarily agreed to waive a portion of its management fee.

For a share outstanding during the period and year indicated:	Transamerica Mid Cap Growth
	Class I
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	14.27		$	13.21
Investment operations:
Net investment income (loss) (B)		0.03			0.02
Net realized and unrealized gain (loss)		(0.93	)(C)		1.04
Total investment operations		(0.90	)		1.06
Dividends and/or distributions to shareholders:
Net investment income		(0.05	)		—
Net realized gains		(0.23	)		—
Total dividends and/or distributions to shareholders		(0.28	)		—
Net asset value, end of period/year	$	13.09		$	14.27
Total return		(6.64	)%		8.02	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	664		$	664
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.99	%		0.98	%(E)
Including waiver and/or reimbursement and recapture		0.85	%(F)		0.98	%(E)
Net investment income (loss) to average net assets		0.20	%		0.22	%(E)
Portfolio turnover rate		61	%		30	%(D)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Not annualized.
(E)	Annualized.
(F)	TAM has voluntarily agreed to waive a portion of its management fee.

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

Transamerica Funds Annual Report 2018

Page    492

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Mid Cap Growth
	Class I2
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	14.31		$	13.24
Investment operations:
Net investment income (loss) (B)		0.07			0.03
Net realized and unrealized gain (loss)		(0.99	)(C)		1.04
Total investment operations		(0.92	)		1.07
Dividends and/or distributions to shareholders:
Net investment income		(0.06	)		—
Net realized gains		(0.23	)		—
Total dividends and/or distributions to shareholders		(0.29	)		—
Net asset value, end of period/year	$	13.10		$	14.31
Total return		(6.60	)%		8.08	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	9		$	155,629
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.86	%		0.87	%(E)
Including waiver and/or reimbursement and recapture		0.74	%(F)		0.87	%(E)
Net investment income (loss) to average net assets		0.45	%		0.35	%(E)
Portfolio turnover rate		61	%		30	%(D)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Not annualized.
(E)	Annualized.
(F)	TAM has voluntarily agreed to waive a portion of its management fee.

For a share outstanding during the period and year indicated:	Transamerica Mid Cap Growth
	Class I3
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	14.32		$	13.24
Investment operations:
Net investment income (loss) (B)		0.05			0.04
Net realized and unrealized gain (loss)		(0.95	)(C)		1.04
Total investment operations		(0.90	)		1.08
Dividends and/or distributions to shareholders:
Net investment income		(0.05	)		—
Net realized gains		(0.23	)		—
Total dividends and/or distributions to shareholders		(0.28	)		—
Net asset value, end of period/year	$	13.14		$	14.32
Total return		(6.49	)%		8.16	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	36,797		$	48,330
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.87	%		0.87	%(E)
Including waiver and/or reimbursement and recapture		0.75	%(F)		0.75	%(E)
Net investment income (loss) to average net assets		0.32	%		0.50	%(E)
Portfolio turnover rate		61	%		30	%(D)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Not annualized.
(E)	Annualized.
(F)	TAM has voluntarily agreed to waive a portion of its management fee.

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

Transamerica Funds Annual Report 2018

Page    493

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Mid Cap Growth
	Class R
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	14.26		$	13.24
Investment operations:
Net investment income (loss) (B)		(0.03	)		(0.01	)
Net realized and unrealized gain (loss)		(0.92	)(C)		1.03
Total investment operations		(0.95	)		1.02
Dividends and/or distributions to shareholders:
Net realized gains		(0.23	)		—
Net asset value, end of period/year	$	13.08		$	14.26
Total return		(6.89	)%		7.70	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	19,711		$	26,153
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.37	%		1.37	%(E)
Including waiver and/or reimbursement and recapture		1.27	%(F)		1.35	%(E)
Net investment income (loss) to average net assets		(0.19	)%		(0.16	)%(E)
Portfolio turnover rate		61	%		30	%(D)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Not annualized.
(E)	Annualized.
(F)	TAM has voluntarily agreed to waive a portion of its management fee.

For a share outstanding during the period and years indicated:	Transamerica Mid Cap Growth
	Class R4
	October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			December 31, 2015			December 31, 2014			December 31, 2013
Net asset value, beginning of period/year	$	14.30		$	12.70		$	12.50		$	15.44		$	16.72		$	16.25
Investment operations:
Net investment income (loss) (D)		0.02			0.01			(0.01	)		(0.05	)		0.06			(0.04	)
Net realized and unrealized gain (loss)		(0.95	)(E)		1.92			1.48			(0.24	)		1.16			4.73
Total investment operations		(0.93	)		1.93			1.47			(0.29	)		1.22			4.69
Dividends and/or distributions to shareholders:
Net investment income		(0.01	)		—			—			—			(0.07	)		—
Net realized gains		(0.23	)		(0.33	)		(1.27	)		(2.65	)		(2.34	)		(4.22	)
Return of capital		—			—			—			—			(0.09	)		—
Total dividends and/or distributions to shareholders		(0.24	)		(0.33	)		(1.27	)		(2.65	)		(2.50	)		(4.22	)
Net asset value, end of period/year	$	13.13		$	14.30		$	12.70		$	12.50		$	15.44		$	16.72
Total return		(6.64	)%		15.34	%(F)		12.13	%		(1.60	)%		7.83	%		30.10	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	4,709		$	10,232		$	16,767		$	17,075		$	22,686		$	33,879
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.12	%		1.20	%(G)		1.36	%		1.22	%		1.24	%		1.18	%
Including waiver and/or reimbursement and recapture		0.95	%(H)		0.98	%(G)(I)		0.95	%(J)		0.95	%		0.95	%		0.95	%
Net investment income (loss) to average net assets		0.17	%		0.13	%(G)		(0.09	)%		(0.31	)%		0.34	%		(0.21	)%
Portfolio turnover rate		61	%		30	%(F)		79	%		70	%		60	%		234	%

(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)	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)	TAM has voluntarily agreed to waive a portion of its management fee.
(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 regarding the reorganization.
(J)	Includes reimbursement of custody fees at the underlying Series Portfolio level.

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

Transamerica Funds Annual Report 2018

Page    494

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Mid Cap Growth
	Class T1
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	14.15		$	13.15
Investment operations:
Net investment income (loss) (B)		0.01			0.00	(C)
Net realized and unrealized gain (loss)		(0.92	)(D)		1.00
Total investment operations		(0.91	)		1.00
Dividends and/or distributions to shareholders:
Net investment income		(0.02	)		—
Net realized gains		(0.23	)		—
Total dividends and/or distributions to shareholders		(0.25	)		—
Net asset value, end of period/year	$	12.99		$	14.15
Total return (E)		(6.75	)%		7.60	%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	10		$	11
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.12	%		1.11	%(G)
Including waiver and/or reimbursement and recapture		1.00	%(H)		1.11	%(G)
Net investment income (loss) to average net assets		0.05	%		0.03	%(G)
Portfolio turnover rate		61	%		30	%(F)

(A)	Commenced operations on March 17, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Rounds to less than $0.01 or $(0.01).
(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 initial sales charge and contingent deferred sales charge.
(F)	Not annualized.
(G)	Annualized.
(H)	TAM has voluntarily agreed to waive a portion of its management fee.

For a share outstanding during the period and year indicated:	Transamerica Mid Cap Growth
	Advisor Class
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	14.26		$	13.20
Investment operations:
Net investment income (loss) (B)		0.01			0.01
Net realized and unrealized gain (loss)		(0.93	)(C)		1.05
Total investment operations		(0.92	)		1.06
Dividends and/or distributions to shareholders:
Net investment income		(0.04	)		—
Net realized gains		(0.23	)		—
Total dividends and/or distributions to shareholders		(0.27	)		—
Net asset value, end of period/year	$	13.07		$	14.26
Total return		(6.72	)%		8.03	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	11		$	11
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.07	%		1.06	%(E)
Including waiver and/or reimbursement and recapture		0.96	%(F)		1.04	%(E)
Net investment income (loss) to average net assets		0.09	%		0.16	%(E)
Portfolio turnover rate		61	%		30	%(D)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Not annualized.
(E)	Annualized.
(F)	TAM has voluntarily agreed to waive a portion of its management fee.

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

Transamerica Funds Annual Report 2018

Page    495

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Mid Cap Value Opportunities
	Class A
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014 (A)
Net asset value, beginning of period/year	$	11.86		$	11.80		$	11.37		$	10.68		$	10.00
Investment operations:
Net investment income (loss) (B)		0.09			0.07			0.06	(C)		0.11			0.07
Net realized and unrealized gain (loss)		0.50			0.95			0.78			0.68			0.69
Total investment operations		0.59			1.02			0.84			0.79			0.76
Dividends and/or distributions to shareholders:
Net investment income		(0.09	)		(0.12	)		(0.14	)		(0.03	)		(0.08	)
Net realized gains		(0.83	)		(0.84	)		(0.27	)		(0.07	)		—
Total dividends and/or distributions to shareholders		(0.92	)		(0.96	)		(0.41	)		(0.10	)		(0.08	)
Net asset value, end of period/year	$	11.53		$	11.86		$	11.80		$	11.37		$	10.68
Total return (D)		4.75	%		8.77	%		7.72	%		7.50	%		7.62	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	108,568		$	116,047		$	75,556		$	18,794		$	703
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.25	%		1.09	%		1.08	%		1.05	%		1.18	%(F)
Including waiver and/or reimbursement and recapture		1.05	%(G)		1.09	%		1.08	%(C)		1.05	%		1.18	%(F)
Net investment income (loss) to average net assets		0.78	%		0.57	%		0.55	%(C)		1.02	%		1.38	%(F)
Portfolio turnover rate		85	%		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 initial sales charge and contingent deferred sales charge.
(E)	Not annualized.
(F)	Annualized.
(G)	TAM has voluntarily agreed to waive a portion of its management fee.

For a share outstanding during the period and years indicated:	Transamerica Mid Cap Value Opportunities
	Class C
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014 (A)
Net asset value, beginning of period/year	$	11.71		$	11.70		$	11.31		$	10.68		$	10.00
Investment operations:
Net investment income (loss) (B)		0.01			(0.03	)		(0.04	)(C)		0.03			0.04
Net realized and unrealized gain (loss)		0.48			0.95			0.79			0.68			0.69
Total investment operations		0.49			0.92			0.75			0.71			0.73
Dividends and/or distributions to shareholders:
Net investment income		(0.02	)		(0.07	)		(0.09	)		(0.01	)		(0.05	)
Net realized gains		(0.83	)		(0.84	)		(0.27	)		(0.07	)		—
Total dividends and/or distributions to shareholders		(0.85	)		(0.91	)		(0.36	)		(0.08	)		(0.05	)
Net asset value, end of period/year	$	11.35		$	11.71		$	11.70		$	11.31		$	10.68
Total return (D)		4.00	%		7.95	%		6.87	%		6.72	%		7.29	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	17,476		$	17,808		$	7,104		$	1,241		$	278
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.88	%		1.89	%		1.90	%		1.80	%		1.93	%(F)
Including waiver and/or reimbursement and recapture		1.80	%(G)		1.89	%		1.90	%(C)		1.80	%		1.93	%(F)
Net investment income (loss) to average net assets		0.06	%		(0.29	)%		(0.37	)%(C)		0.30	%		0.71	%(F)
Portfolio turnover rate		85	%		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 contingent deferred sales charge.
(E)	Not annualized.
(F)	Annualized.
(G)	TAM has voluntarily agreed to waive a portion of its management fee.

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

Transamerica Funds Annual Report 2018

Page    496

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Mid Cap Value Opportunities
	Class I
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014 (A)
Net asset value, beginning of period/year	$	11.93		$	11.85		$	11.41		$	10.69		$	10.00
Investment operations:
Net investment income (loss) (B)		0.13			0.10			0.11	(C)		0.13			0.06
Net realized and unrealized gain (loss)		0.49			0.95			0.75			0.69			0.72
Total investment operations		0.62			1.05			0.86			0.82			0.78
Dividends and/or distributions to shareholders:
Net investment income		(0.12	)		(0.13	)		(0.15	)		(0.03	)		(0.09	)
Net realized gains		(0.83	)		(0.84	)		(0.27	)		(0.07	)		—
Total dividends and/or distributions to shareholders		(0.95	)		(0.97	)		(0.42	)		(0.10	)		(0.09	)
Net asset value, end of period/year	$	11.60		$	11.93		$	11.85		$	11.41		$	10.69
Total return		5.16	%		8.94	%		8.00	%		7.78	%		7.83	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	368,787		$	394,378		$	298,589		$	147,712		$	5,979
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.85	%		0.86	%		0.86	%		0.84	%		0.96	%(E)
Including waiver and/or reimbursement and recapture		0.80	%(F)		0.86	%		0.86	%(C)		0.84	%		0.95	%(E)
Net investment income (loss) to average net assets		1.09	%		0.79	%		0.97	%(C)		1.19	%		1.13	%(E)
Portfolio turnover rate		85	%		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.
(F)	TAM has voluntarily agreed to waive a portion of its management fee.

For a share outstanding during the period and years indicated:	Transamerica Mid Cap Value Opportunities
	Class I2
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014 (A)
Net asset value, beginning of period/year	$	11.95		$	11.87		$	11.41		$	10.69		$	10.00
Investment operations:
Net investment income (loss) (B)		0.14			0.11			0.15	(C)		0.16			0.09
Net realized and unrealized gain (loss)		0.49			0.95			0.74			0.67			0.69
Total investment operations		0.63			1.06			0.89			0.83			0.78
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.14	)		(0.16	)		(0.04	)		(0.09	)
Net realized gains		(0.83	)		(0.84	)		(0.27	)		(0.07	)		—
Total dividends and/or distributions to shareholders		(0.96	)		(0.98	)		(0.43	)		(0.11	)		(0.09	)
Net asset value, end of period/year	$	11.62		$	11.95		$	11.87		$	11.41		$	10.69
Total return		5.26	%		9.09	%		8.12	%		7.80	%		7.86	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	280,299		$	298,655		$	323,275		$	465,775		$	166,170
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.75	%		0.76	%		0.74	%		0.74	%		0.86	%(E)
Including waiver and/or reimbursement and recapture		0.71	%(F)		0.76	%		0.74	%(C)		0.74	%		0.86	%(E)
Net investment income (loss) to average net assets		1.15	%		0.92	%		1.37	%(C)		1.42	%		1.71	%(E)
Portfolio turnover rate		85	%		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.
(F)	TAM has voluntarily agreed to waive a portion of its management fee.

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

Transamerica Funds Annual Report 2018

Page    497

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Mid Cap Value Opportunities
	Class I3
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.96		$	11.93
Investment operations:
Net investment income (loss) (B)		0.14			0.06
Net realized and unrealized gain (loss)		0.48			(0.03	)(C)
Total investment operations		0.62			0.03
Dividends and/or distributions to shareholders:
Net investment income		(0.08	)		—
Net realized gains		(0.83	)		—
Total dividends and/or distributions to shareholders		(0.91	)		—
Net asset value, end of period/year	$	11.67		$	11.96
Total return		5.19	%		0.25	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	231,307		$	275,016
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.75	%		0.76	%(E)
Including waiver and/or reimbursement and recapture		0.70	%(F)		0.70	%(E)
Net investment income (loss) to average net assets		1.16	%		0.79	%(E)
Portfolio turnover rate		85	%		76	%(D)

(A)	Commenced operations on March 24, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Not annualized.
(E)	Annualized.
(F)	TAM has voluntarily agreed to waive a portion of its management fee.

For a share outstanding during the period and year indicated:	Transamerica Mid Cap Value Opportunities
	Class R
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.92		$	11.93
Investment operations:
Net investment income (loss) (B)		0.07			0.02
Net realized and unrealized gain (loss)		0.50			(0.03	)(C)
Total investment operations		0.57			(0.01	)
Dividends and/or distributions to shareholders:
Net investment income		(0.03	)		—
Net realized gains		(0.83	)		—
Total dividends and/or distributions to shareholders		(0.86	)		—
Net asset value, end of period/year	$	11.63		$	11.92
Total return		4.70	%		(0.08	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	69,546		$	88,909
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.26	%		1.27	%(E)
Including waiver and/or reimbursement and recapture		1.24	%(F)		1.25	%(E)
Net investment income (loss) to average net assets		0.63	%		0.26	%(E)
Portfolio turnover rate		85	%		76	%(D)

(A)	Commenced operations on March 24, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Not annualized.
(E)	Annualized.
(F)	TAM has voluntarily agreed to waive a portion of its management fee.

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

Transamerica Funds Annual Report 2018

Page    498

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Mid Cap Value Opportunities
	Class R4
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.94		$	11.93
Investment operations:
Net investment income (loss) (B)		0.11			0.04
Net realized and unrealized gain (loss)		0.50			(0.03	)(C)
Total investment operations		0.61			0.01
Dividends and/or distributions to shareholders:
Net investment income		(0.06	)		—
Net realized gains		(0.83	)		—
Total dividends and/or distributions to shareholders		(0.89	)		—
Net asset value, end of period/year	$	11.66		$	11.94
Total return		5.07	%		0.08	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	362,082		$	424,122
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.00	%		1.01	%(E)
Including waiver and/or reimbursement and recapture		0.90	%(F)		0.90	%(E)
Net investment income (loss) to average net assets		0.96	%		0.58	%(E)
Portfolio turnover rate		85	%		76	%(D)

(A)	Commenced operations on March 24, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Not annualized.
(E)	Annualized.
(F)	TAM has voluntarily agreed to waive a portion of its management fee.

For a share outstanding during the period and years indicated:	Transamerica Mid Cap Value Opportunities
	Class R6
	October 31, 2018			October 31, 2017			October 31, 2016 (A)
Net asset value, beginning of period/year	$	12.03		$	11.87		$	11.87
Investment operations:
Net investment income (loss) (B)		0.04			0.08			0.01	(C)
Net realized and unrealized gain (loss)		0.59			0.98			(0.01	)(D)
Total investment operations		0.63			1.06			—
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.06	)		—
Net realized gains		(0.83	)		(0.84	)		—
Total dividends and/or distributions to shareholders		(0.96	)		(0.90	)		—
Net asset value, end of period/year	$	11.70		$	12.03		$	11.87
Total return		5.22	%		9.09	%		0.00	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	166,519		$	16,391		$	50
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.75	%		0.76	%		0.79	%(F)
Including waiver and/or reimbursement and recapture		0.71	%(G)		0.76	%		0.78	%(C)(F)
Net investment income (loss) to average net assets		0.30	%		0.68	%		0.18	%(C)(F)
Portfolio turnover rate		85	%		76	%		95	%(E)

(A)	Commenced operations on July 25, 2016.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(D)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(E)	Not annualized.
(F)	Annualized.
(G)	TAM has voluntarily agreed to waive a portion of its management fee.

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

Transamerica Funds Annual Report 2018

Page    499

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Mid Cap Value Opportunities
	Class T1
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.87		$	12.00
Investment operations:
Net investment income (loss) (B)		0.11			0.03
Net realized and unrealized gain (loss)		0.48			(0.16	)(C)
Total investment operations		0.59			(0.13	)
Dividends and/or distributions to shareholders:
Net investment income		(0.06	)		—
Net realized gains		(0.83	)		—
Total dividends and/or distributions to shareholders		(0.89	)		—
Net asset value, end of period/year	$	11.57		$	11.87
Total return (D)		4.95	%		(1.08	)%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	10		$	10
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.99	%		1.00	%(F)
Including waiver and/or reimbursement and recapture		0.95	%(G)		1.00	%(F)
Net investment income (loss) to average net assets		0.90	%		0.42	%(F)
Portfolio turnover rate		85	%		76	%(E)

(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 initial sales charge and contingent deferred sales charge.
(E)	Not annualized.
(F)	Annualized.
(G)	TAM has voluntarily agreed to waive a portion of its management fee.

For a share outstanding during the period and year indicated:	Transamerica Mid Cap Value Opportunities
	Advisor Class
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	12.04		$	12.56
Investment operations:
Net investment income (loss) (B)		0.11			0.08
Net realized and unrealized gain (loss)		0.51			0.25
Total investment operations		0.62			0.33
Dividends and/or distributions to shareholders:
Net investment income		(0.11	)		(0.01	)
Net realized gains		(0.83	)		(0.84	)
Total dividends and/or distributions to shareholders		(0.94	)		(0.85	)
Net asset value, end of period/year	$	11.72		$	12.04
Total return		5.00	%		2.71	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	11		$	10
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.94	%		0.96	%(D)
Including waiver and/or reimbursement and recapture		0.91	%(E)		0.95	%(D)
Net investment income (loss) to average net assets		0.93	%		0.79	%(D)
Portfolio turnover rate		85	%		76	%(C)

(A)	Commenced operations on December 16, 2016.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.
(E)	TAM has voluntarily agreed to waive a portion of its management fee.

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

Transamerica Funds Annual Report 2018

Page    500

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica MLP & Energy Income
	Class A
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	7.37		$	7.59		$	7.94		$	11.62		$	10.28
Investment operations:
Net investment income (loss) (A)		0.03			0.15			0.24	(B)		0.29			0.26
Net realized and unrealized gain (loss)		(0.16	)		0.04			(0.33	)(C)		(3.62	)		1.40
Total investment operations		(0.13	)		0.19			(0.09	)		(3.33	)		1.66
Dividends and/or distributions to shareholders:
Net investment income		(0.07	)		(0.30	)		(0.26	)		(0.09	)		(0.27	)
Net realized gains		—			—			—			(0.07	)		(0.05	)
Return of capital		(0.29	)		(0.11	)		—			(0.19	)		—
Total dividends and/or distributions to shareholders		(0.36	)		(0.41	)		(0.26	)		(0.35	)		(0.32	)
Net asset value, end of year	$	6.88		$	7.37		$	7.59		$	7.94		$	11.62
Total return (D)		(1.85	)%		2.30	%		(0.87	)%		(29.17	)%		16.36	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	23,096		$	32,083		$	43,221		$	46,624		$	64,300
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.61	%		1.58	%		1.57	%		1.52	%		1.54	%
Including waiver and/or reimbursement and recapture		1.60	%		1.58	%		1.56	%(B)		1.52	%		1.54	%
Net investment income (loss) to average net assets		0.40	%		1.97	%		3.50	%(B)		2.84	%		2.24	%
Portfolio turnover rate		33	%		41	%		79	%		67	%		46	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.

For a share outstanding during the years indicated:	Transamerica MLP & Energy Income
	Class C
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	7.34		$	7.55		$	7.91		$	11.57		$	10.25
Investment operations:
Net investment income (loss) (A)		(0.02	)		0.09			0.19	(B)		0.21			0.17
Net realized and unrealized gain (loss)		(0.17	)		0.05			(0.35	)(C)		(3.60	)		1.41
Total investment operations		(0.19	)		0.14			(0.16	)		(3.39	)		1.58
Dividends and/or distributions to shareholders:
Net investment income		(0.06	)		(0.25	)		(0.20	)		(0.06	)		(0.21	)
Net realized gains		—			—			—			(0.07	)		(0.05	)
Return of capital		(0.24	)		(0.10	)		—			(0.14	)		—
Total dividends and/or distributions to shareholders		(0.30	)		(0.35	)		(0.20	)		(0.27	)		(0.26	)
Net asset value, end of year	$	6.85		$	7.34		$	7.55		$	7.91		$	11.57
Total return (D)		(2.66	)%		1.64	%		(1.79	)%		(29.61	)%		15.59	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	15,955		$	23,673		$	31,067		$	37,877		$	53,064
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.39	%		2.36	%		2.36	%		2.27	%		2.26	%
Including waiver and/or reimbursement and recapture		2.35	%		2.35	%		2.35	%(B)		2.27	%		2.26	%
Net investment income (loss) to average net assets		(0.29	)%		1.10	%		2.73	%(B)		2.11	%		1.47	%
Portfolio turnover rate		33	%		41	%		79	%		67	%		46	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Total return has been calculated without deduction of the contingent deferred sales charge.

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

Transamerica Funds Annual Report 2018

Page    501

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica MLP & Energy Income
	Class I
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	7.37		$	7.59		$	7.95		$	11.63		$	10.28
Investment operations:
Net investment income (loss) (A)		0.07			0.16			0.26	(B)		0.31			0.29
Net realized and unrealized gain (loss)		(0.17	)		0.05			(0.34	)(C)		(3.61	)		1.41
Total investment operations		(0.10	)		0.21			(0.08	)		(3.30	)		1.70
Dividends and/or distributions to shareholders:
Net investment income		(0.08	)		(0.31	)		(0.28	)		(0.10	)		(0.30	)
Net realized gains		—			—			—			(0.07	)		(0.05	)
Return of capital		(0.30	)		(0.12	)		—			(0.21	)		—
Total dividends and/or distributions to shareholders		(0.38	)		(0.43	)		(0.28	)		(0.38	)		(0.35	)
Net asset value, end of year	$	6.89		$	7.37		$	7.59		$	7.95		$	11.63
Total return		(1.42	)%		2.61	%		(0.68	)%		(28.92	)%		16.69	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	21,257		$	48,023		$	39,716		$	63,695		$	112,833
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.30	%		1.29	%		1.26	%		1.23	%		1.27	%
Including waiver and/or reimbursement and recapture		1.30	%		1.29	%		1.25	%(B)		1.23	%		1.27	%
Net investment income (loss) to average net assets		1.02	%		2.05	%		3.79	%(B)		3.08	%		2.52	%
Portfolio turnover rate		33	%		41	%		79	%		67	%		46	%

(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 MLP & Energy Income
	Class I2
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	7.38		$	7.60		$	7.95		$	11.63		$	10.28
Investment operations:
Net investment income (loss) (A)		0.07			0.17			0.25	(B)		0.33			0.31
Net realized and unrealized gain (loss)		(0.17	)		0.05			(0.31	)(C)		(3.62	)		1.40
Total investment operations		(0.10	)		0.22			(0.06	)		(3.29	)		1.71
Dividends and/or distributions to shareholders:
Net investment income		(0.08	)		(0.32	)		(0.29	)		(0.10	)		(0.31	)
Net realized gains		—			—			—			(0.07	)		(0.05	)
Return of capital		(0.31	)		(0.12	)		—			(0.22	)		—
Total dividends and/or distributions to shareholders		(0.39	)		(0.44	)		(0.29	)		(0.39	)		(0.36	)
Net asset value, end of year	$	6.89		$	7.38		$	7.60		$	7.95		$	11.63
Total return		(1.44	)%		2.70	%		(0.45	)%		(28.84	)%		16.79	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	258,764		$	209,277		$	268,516		$	346,050		$	463,787
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.20	%		1.19	%		1.16	%		1.14	%		1.17	%
Including waiver and/or reimbursement and recapture		1.20	%		1.19	%		1.15	%(B)		1.14	%		1.17	%
Net investment income (loss) to average net assets		0.95	%		2.18	%		3.69	%(B)		3.26	%		2.73	%
Portfolio turnover rate		33	%		41	%		79	%		67	%		46	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.

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

Transamerica Funds Annual Report 2018

Page    502

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica MLP & Energy Income
	Class T1
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	7.46		$	8.10
Investment operations:
Net investment income (loss) (B)		0.04			0.03
Net realized and unrealized gain (loss)		(0.16	)		(0.45	)(C)
Total investment operations		(0.12	)		(0.42	)
Dividends and/or distributions to shareholders:
Net investment income		(0.07	)		(0.16	)
Return of capital		(0.30	)		(0.06	)
Total dividends and/or distributions to shareholders		(0.37	)		(0.22	)
Net asset value, end of period/year	$	6.97		$	7.46
Total return (D)		(1.67	)%		(5.27	)%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	9		$	9
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.45	%		1.44	%(F)
Including waiver and/or reimbursement and recapture		1.45	%		1.44	%(F)
Net investment income (loss) to average net assets		0.50	%		0.57	%(F)
Portfolio turnover rate		33	%		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 initial sales charge and contingent deferred sales charge.
(E)	Not annualized.
(F)	Annualized.

For a share outstanding during the period and year indicated:	Transamerica MLP & Energy Income
	Advisor Class
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	7.47		$	7.99
Investment operations:
Net investment income (loss) (B)		0.04			0.12
Net realized and unrealized gain (loss)		(0.15	)		(0.32	)(C)
Total investment operations		(0.11	)		(0.20	)
Dividends and/or distributions to shareholders:
Net investment income		(0.08	)		(0.23	)
Return of capital		(0.30	)		(0.09	)
Total dividends and/or distributions to shareholders		(0.38	)		(0.32	)
Net asset value, end of period/year	$	6.98		$	7.47
Total return		(1.58	)%		(2.63	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	10		$	10
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.40	%		1.38	%(E)
Including waiver and/or reimbursement and recapture		1.35	%		1.35	%(E)
Net investment income (loss) to average net assets		0.60	%		1.66	%(E)
Portfolio turnover rate		33	%		41	%

(A)	Commenced operations on December 16, 2016.
(B)	Calculated based on average number of shares outstanding.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Not annualized.
(E)	Annualized.

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

Transamerica Funds Annual Report 2018

Page    503

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Multi-Cap Growth
	Class A
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	7.08		$	7.20		$	8.99		$	11.29		$	10.73
Investment operations:
Net investment income (loss) (A)		(0.02	)		(0.01	)		(0.03	)(B)		(0.09	)		(0.04	)
Net realized and unrealized gain (loss)		0.56			1.34			(0.93	)		(0.99	)		1.05
Total investment operations		0.54			1.33			(0.96	)		(1.08	)		1.01
Dividends and/or distributions to shareholders:
Net investment income		—			—			(0.00	)(C)		—			—
Net realized gains		(0.36	)		(1.45	)		(0.83	)		(1.22	)		(0.45	)
Total dividends and/or distributions to shareholders		(0.36	)		(1.45	)		(0.83	)		(1.22	)		(0.45	)
Net asset value, end of year	$	7.26		$	7.08		$	7.20		$	8.99		$	11.29
Total return (D)		7.67	%		21.44	%		(12.04	)%		(10.56	)%		9.57	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	54,794		$	50,449		$	46,433		$	71,255		$	104,933
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.45	%		1.48	%		1.44	%		1.35	%		1.37	%
Including waiver and/or reimbursement and recapture		1.25	%		1.25	%		1.32	%(B)		1.35	%		1.37	%
Net investment income (loss) to average net assets		(0.25	)%		(0.14	)%		(0.38	)%(B)		(0.94	)%		(0.39	)%
Portfolio turnover rate		32	%		16	%		101	%		27	%		53	%

(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 initial sales charge and contingent deferred sales charge.

For a share outstanding during the years indicated:	Transamerica Multi-Cap Growth
	Class B
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	5.46		$	5.90		$	7.57		$	9.78		$	9.43
Investment operations:
Net investment income (loss) (A)		(0.05	)		(0.05	)		(0.08	)(B)		(0.16	)		(0.12	)
Net realized and unrealized gain (loss)		0.42			1.06			(0.76	)		(0.83	)		0.92
Total investment operations		0.37			1.01			(0.84	)		(0.99	)		0.80
Dividends and/or distributions to shareholders:
Net investment income		—			—			(0.00	)(C)		—			—
Net realized gains		(0.36	)		(1.45	)		(0.83	)		(1.22	)		(0.45	)
Total dividends and/or distributions to shareholders		(0.36	)		(1.45	)		(0.83	)		(1.22	)		(0.45	)
Net asset value, end of year	$	5.47		$	5.46		$	5.90		$	7.57		$	9.78
Total return (D)		6.77	%		20.55	%		(12.78	)%		(11.37	)%		8.63	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	374		$	657		$	1,141		$	2,257		$	4,079
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		3.07	%		2.78	%		2.52	%		2.30	%		2.23	%
Including waiver and/or reimbursement and recapture		2.00	%		2.00	%		2.14	%(B)		2.30	%		2.23	%
Net investment income (loss) to average net assets		(0.99	)%		(0.88	)%		(1.22	)%(B)		(1.90	)%		(1.27	)%
Portfolio turnover rate		32	%		16	%		101	%		27	%		53	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Total return has been calculated without deduction of the contingent deferred sales charge.

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

Transamerica Funds Annual Report 2018

Page    504

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Multi-Cap Growth
	Class C
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	5.54		$	5.97		$	7.64		$	9.85		$	9.48
Investment operations:
Net investment income (loss) (A)		(0.05	)		(0.05	)		(0.07	)(B)		(0.15	)		(0.11	)
Net realized and unrealized gain (loss)		0.42			1.07			(0.77	)		(0.84	)		0.93
Total investment operations		0.37			1.02			(0.84	)		(0.99	)		0.82
Dividends and/or distributions to shareholders:
Net realized gains		(0.36	)		(1.45	)		(0.83	)		(1.22	)		(0.45	)
Net asset value, end of year	$	5.55		$	5.54		$	5.97		$	7.64		$	9.85
Total return (C)		6.67	%		20.54	%		(12.64	)%		(11.27	)%		8.80	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	2,959		$	7,943		$	7,695		$	10,378		$	13,296
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.16	%		2.16	%		2.19	%		2.15	%		2.14	%
Including waiver and/or reimbursement and recapture		2.00	%		2.00	%		2.07	%(B)		2.15	%		2.14	%
Net investment income (loss) to average net assets		(0.96	)%		(0.89	)%		(1.14	)%(B)		(1.74	)%		(1.16	)%
Portfolio turnover rate		32	%		16	%		101	%		27	%		53	%

(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 contingent deferred sales charge.

For a share outstanding during the years indicated:	Transamerica Multi-Cap Growth
	Class I
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	7.83		$	7.81		$	9.65		$	11.98		$	11.32
Investment operations:
Net investment income (loss) (A)		0.01			0.01			(0.00	)(B)(C)		(0.06	)		0.00	(B)
Net realized and unrealized gain (loss)		0.62			1.47			(1.01	)		(1.05	)		1.11
Total investment operations		0.63			1.48			(1.01	)		(1.11	)		1.11
Dividends and/or distributions to shareholders:
Net investment income		(0.01	)		(0.01	)		(0.00	)(B)		—			—
Net realized gains		(0.36	)		(1.45	)		(0.83	)		(1.22	)		(0.45	)
Total dividends and/or distributions to shareholders		(0.37	)		(1.46	)		(0.83	)		(1.22	)		(0.45	)
Net asset value, end of year	$	8.09		$	7.83		$	7.81		$	9.65		$	11.98
Total return		8.05	%		21.71	%		(11.71	)%		(10.17	)%		9.97	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	56,246		$	59,218		$	38,914		$	51,011		$	65,747
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.92	%		0.94	%		0.99	%		1.00	%		0.99	%
Including waiver and/or reimbursement and recapture		0.92	%		0.94	%		0.96	%(C)		1.00	%		0.99	%
Net investment income (loss) to average net assets		0.08	%		0.17	%		(0.03	)%(C)		(0.58	)%		(0.02	)%
Portfolio turnover rate		32	%		16	%		101	%		27	%		53	%

(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.

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

Transamerica Funds Annual Report 2018

Page    505

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Multi-Cap Growth
	Class I2
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	7.96		$	7.92		$	9.76		$	12.10		$	11.41
Investment operations:
Net investment income (loss) (A)		0.02			0.03			0.01	(B)		(0.05	)		0.02
Net realized and unrealized gain (loss)		0.63			1.48			(1.02	)		(1.06	)		1.12
Total investment operations		0.65			1.51			(1.01	)		(1.11	)		1.14
Dividends and/or distributions to shareholders:
Net investment income		(0.02	)		(0.02	)		—			(0.01	)		—
Net realized gains		(0.36	)		(1.45	)		(0.83	)		(1.22	)		(0.45	)
Total dividends and/or distributions to shareholders		(0.38	)		(1.47	)		(0.83	)		(1.23	)		(0.45	)
Net asset value, end of year	$	8.23		$	7.96		$	7.92		$	9.76		$	12.10
Total return		8.20	%		21.90	%		(11.56	)%		(10.05	)%		10.16	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	169,131		$	139,215		$	164,552		$	312,108		$	593,507
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.77	%		0.78	%		0.81	%		0.83	%		0.83	%
Including waiver and/or reimbursement and recapture		0.77	%		0.78	%		0.78	%(B)		0.83	%		0.83	%
Net investment income (loss) to average net assets		0.24	%		0.33	%		0.15	%(B)		(0.43	)%		0.14	%
Portfolio turnover rate		32	%		16	%		101	%		27	%		53	%

(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.

For a share outstanding during the period and year indicated:	Transamerica Multi-Cap Growth
	Class T1
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	7.08		$	6.57
Investment operations:
Net investment income (loss) (B)		(0.00	)(C)		(0.00	)(C)
Net realized and unrealized gain (loss)		0.56			0.51
Total investment operations		0.56			0.51
Dividends and/or distributions to shareholders:
Net investment income		(0.00	)(C)		—
Net realized gains		(0.36	)		—
Total dividends and/or distributions to shareholders		(0.36	)		—
Net asset value, end of period/year	$	7.28		$	7.08
Total return (E)		7.96	%		7.76	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	12		$	11
Expenses to average net assets		1.02	%		1.02	%(F)
Net investment income (loss) to average net assets		(0.01	)%		(0.02	)%(F)
Portfolio turnover rate		32	%		16	%

(A)	Commenced operations on March 17, 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 initial 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 2018

Page    506

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Multi-Cap Growth
	Advisor Class
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	7.84		$	8.21
Investment operations:
Net investment income (loss) (B)		0.00	(C)		0.00	(C)
Net realized and unrealized gain (loss)		0.61			1.08
Total investment operations		0.61			1.08
Dividends and/or distributions to shareholders:
Net investment income		(0.00	)(C)		—
Net realized gains		(0.36	)		(1.45	)
Total dividends and/or distributions to shareholders		(0.36	)		(1.45	)
Net asset value, end of period/year	$	8.09		$	7.84
Total return		7.88	%		15.82	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	12		$	11
Expenses to average net assets		0.97	%		0.98	%(E)
Net investment income (loss) to average net assets		0.04	%		0.06	%(E)
Portfolio turnover rate		32	%		16	%

(A)	Commenced operations on December 16, 2016.
(B)	Calculated based on average number of shares outstanding.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Not annualized.
(E)	Annualized.

For a share outstanding during the years indicated:	Transamerica Multi-Managed Balanced
	Class A
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	27.90		$	24.88		$	24.86		$	25.61		$	24.23
Investment operations:
Net investment income (loss) (A)		0.34			0.28			0.25	(B)		0.24			0.24	(C)
Net realized and unrealized gain (loss)		0.24			3.15			0.61			0.41			2.57
Total investment operations		0.58			3.43			0.86			0.65			2.81
Dividends and/or distributions to shareholders:
Net investment income		(0.35	)		(0.32	)		(0.26	)		(0.25	)		(0.31	)
Net realized gains		(0.59	)		(0.09	)		(0.58	)		(1.15	)		(1.12	)
Total dividends and/or distributions to shareholders		(0.94	)		(0.41	)		(0.84	)		(1.40	)		(1.43	)
Net asset value, end of year	$	27.54		$	27.90		$	24.88		$	24.86		$	25.61
Total return (D)		2.05	%		13.89	%		3.57	%		2.58	%		12.11	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	532,861		$	573,224		$	406,606		$	210,457		$	174,817
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.03	%		1.03	%		1.10	%		1.14	%		1.23	%(E)
Including waiver and/or reimbursement and recapture		1.03	%		1.03	%		1.08	%(B)		1.14	%		1.23	%(E)
Net investment income (loss) to average net assets		1.22	%		1.07	%		1.04	%(B)		0.97	%		1.00	%(C)
Portfolio turnover rate		48	%		39	%		35	%		39	%		102	%(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 initial 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 2018

Page    507

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Multi-Managed Balanced
	Class B
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	27.72		$	24.72		$	24.70		$	25.45		$	24.09
Investment operations:
Net investment income (loss) (A)		0.03			(0.00	)(B)		0.01	(C)		0.01			0.02	(D)
Net realized and unrealized gain (loss)		0.23			3.12			0.59			0.40			2.55
Total investment operations		0.26			3.12			0.60			0.41			2.57
Dividends and/or distributions to shareholders:
Net investment income		(0.01	)		(0.03	)		(0.00	)(B)		(0.01	)		(0.09	)
Net realized gains		(0.59	)		(0.09	)		(0.58	)		(1.15	)		(1.12	)
Total dividends and/or distributions to shareholders		(0.60	)		(0.12	)		(0.58	)		(1.16	)		(1.21	)
Net asset value, end of year	$	27.38		$	27.72		$	24.72		$	24.70		$	25.45
Total return (E)		0.87	%		12.63	%		2.52	%		1.62	%		11.07	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	942		$	2,242		$	3,470		$	5,344		$	6,579
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.39	%		2.14	%		2.12	%		2.08	%		2.15	%(F)
Including waiver and/or reimbursement and recapture		2.15	%		2.14	%		2.11	%(C)		2.08	%		2.15	%(F)
Net investment income (loss) to average net assets		0.11	%		(0.01	)%		0.06	%(C)		0.05	%		0.10	%(D)
Portfolio turnover rate		48	%		39	%		35	%		39	%		102	%(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 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, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	27.41		$	24.45		$	24.44		$	25.21		$	23.88
Investment operations:
Net investment income (loss) (A)		0.13			0.08			0.08	(B)		0.07			0.08	(C)
Net realized and unrealized gain (loss)		0.22			3.09			0.59			0.40			2.53
Total investment operations		0.35			3.17			0.67			0.47			2.61
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.12	)		(0.08	)		(0.09	)		(0.16	)
Net realized gains		(0.59	)		(0.09	)		(0.58	)		(1.15	)		(1.12	)
Total dividends and/or distributions to shareholders		(0.72	)		(0.21	)		(0.66	)		(1.24	)		(1.28	)
Net asset value, end of year	$	27.04		$	27.41		$	24.45		$	24.44		$	25.21
Total return (D)		1.25	%		13.02	%		2.84	%		1.87	%		11.38	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	184,727		$	222,884		$	208,410		$	184,907		$	132,473
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.79	%		1.79	%		1.83	%		1.84	%		1.90	%(E)
Including waiver and/or reimbursement and recapture		1.79	%		1.79	%		1.82	%(B)		1.84	%		1.90	%(E)
Net investment income (loss) to average net assets		0.47	%		0.32	%		0.33	%(B)		0.27	%		0.32	%(C)
Portfolio turnover rate		48	%		39	%		35	%		39	%		102	%(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 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 2018

Page    508

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Multi-Managed Balanced
	Class I
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	28.03		$	24.99		$	24.96		$	25.70		$	24.31
Investment operations:
Net investment income (loss) (A)		0.41			0.34			0.32	(B)		0.31			0.33	(C)
Net realized and unrealized gain (loss)		0.23			3.16			0.60			0.42			2.57
Total investment operations		0.64			3.50			0.92			0.73			2.90
Dividends and/or distributions to shareholders:
Net investment income		(0.41	)		(0.37	)		(0.31	)		(0.32	)		(0.39	)
Net realized gains		(0.59	)		(0.09	)		(0.58	)		(1.15	)		(1.12	)
Total dividends and/or distributions to shareholders		(1.00	)		(0.46	)		(0.89	)		(1.47	)		(1.51	)
Net asset value, end of year	$	27.67		$	28.03		$	24.99		$	24.96		$	25.70
Total return		2.26	%		14.13	%		3.83	%		2.90	%		12.46	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	232,308		$	266,637		$	208,512		$	199,378		$	176,667
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.82	%		0.82	%		0.84	%		0.86	%		0.92	%(D)
Including waiver and/or reimbursement and recapture		0.82	%		0.82	%		0.84	%(B)		0.86	%		0.92	%(D)
Net investment income (loss) to average net assets		1.44	%		1.28	%		1.32	%(B)		1.26	%		1.32	%(C)
Portfolio turnover rate		48	%		39	%		35	%		39	%		102	%(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, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	28.03		$	24.99		$	24.95		$	25.40
Investment operations:
Net investment income (loss) (B)		0.44			0.37			0.25	(C)		0.13
Net realized and unrealized gain (loss)		0.23			3.16			0.71			(0.40	)(D)
Total investment operations		0.67			3.53			0.96			(0.27	)
Dividends and/or distributions to shareholders:
Net investment income		(0.44	)		(0.40	)		(0.34	)		(0.18	)
Net realized gains		(0.59	)		(0.09	)		(0.58	)		—
Total dividends and/or distributions to shareholders		(1.03	)		(0.49	)		(0.92	)		(0.18	)
Net asset value, end of period/year	$	27.67		$	28.03		$	24.99		$	24.95
Total return		2.37	%		14.25	%		3.99	%		(1.07	)%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	7,149		$	9,749		$	6,316		$	49
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.71	%		0.71	%		0.73	%		0.75	%(F)
Including waiver and/or reimbursement and recapture		0.71	%		0.71	%		0.73	%(C)		0.75	%(F)
Net investment income (loss) to average net assets		1.54	%		1.39	%		1.02	%(C)		1.19	%(F)
Portfolio turnover rate		48	%		39	%		35	%		39	%

(A)	Commenced operations on May 29, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(D)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(E)	Not annualized.
(F)	Annualized.

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

Transamerica Funds Annual Report 2018

Page    509

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Multi-Managed Balanced
	Class T1
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	27.97		$	26.50
Investment operations:
Net investment income (loss) (B)		0.37			0.17
Net realized and unrealized gain (loss)		0.23			1.48
Total investment operations		0.60			1.65
Dividends and/or distributions to shareholders:
Net investment income		(0.37	)		(0.18	)
Net realized gains		(0.59	)		—
Total dividends and/or distributions to shareholders		(0.96	)		(0.18	)
Net asset value, end of period/year	$	27.61		$	27.97
Total return (C)		2.09	%		6.24	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	11		$	11
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.95	%		0.95	%(E)
Including waiver and/or reimbursement and recapture		0.95	%		0.95	%(E)
Net investment income (loss) to average net assets		1.30	%		1.03	%(E)
Portfolio turnover rate		48	%		39	%

(A)	Commenced operations on March 17, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(D)	Not annualized.
(E)	Annualized.

For a share outstanding during the period and year indicated:	Transamerica Multi-Managed Balanced
	Advisor Class
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	28.08		$	26.63
Investment operations:
Net investment income (loss) (B)		0.37			0.20
Net realized and unrealized gain (loss)		0.25			1.45
Total investment operations		0.62			1.65
Dividends and/or distributions to shareholders:
Net investment income		(0.39	)		(0.20	)
Net realized gains		(0.59	)		—
Total dividends and/or distributions to shareholders		(0.98	)		(0.20	)
Net asset value, end of period/year	$	27.72		$	28.08
Total return		2.20	%		6.20	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	88		$	11
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.91	%		0.90	%(D)
Including waiver and/or reimbursement and recapture		0.91	%		0.90	%(D)
Net investment income (loss) to average net assets		1.32	%		1.11	%(D)
Portfolio turnover rate		48	%		39	%

(A)	Commenced operations on March 3, 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 2018

Page    510

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Short-Term Bond
	Class A
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	10.22		$	10.23		$	10.19		$	10.37		$	10.45
Investment operations:
Net investment income (loss) (A)		0.22			0.19			0.20	(B)		0.20			0.21
Net realized and unrealized gain (loss)		(0.17	)		0.01			0.06			(0.15	)		0.00	(C)
Total investment operations		0.05			0.20			0.26			0.05			0.21
Dividends and/or distributions to shareholders:
Net investment income		(0.22	)		(0.21	)		(0.20	)		(0.21	)		(0.23	)
Net realized gains		—			—			—			(0.02	)		(0.06	)
Return of capital		—			—			(0.02	)		—			—
Total dividends and/or distributions to shareholders		(0.22	)		(0.21	)		(0.22	)		(0.23	)		(0.29	)
Net asset value, end of year	$	10.05		$	10.22		$	10.23		$	10.19		$	10.37
Total return (D)		0.53	%		1.90	%		2.60	%		0.53	%		1.97	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	732,815		$	940,515		$	934,615		$	976,715		$	1,012,764
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.85	%		0.84	%		0.85	%		0.84	%		0.86	%
Including waiver and/or reimbursement and recapture		0.85	%		0.84	%		0.84	%(B)		0.84	%		0.84	%
Net investment income (loss) to average net assets		2.16	%		1.84	%		1.95	%(B)		1.94	%		2.05	%
Portfolio turnover rate		60	%		52	%		45	%		66	%		52	%

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

For a share outstanding during the years indicated:	Transamerica Short-Term Bond
	Class C
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	10.20		$	10.21		$	10.17		$	10.35		$	10.43
Investment operations:
Net investment income (loss) (A)		0.14			0.11			0.12	(B)		0.12			0.14
Net realized and unrealized gain (loss)		(0.16	)		0.01			0.06			(0.14	)		(0.01	)
Total investment operations		(0.02	)		0.12			0.18			(0.02	)		0.13
Dividends and/or distributions to shareholders:
Net investment income		(0.15	)		(0.13	)		(0.12	)		(0.14	)		(0.15	)
Net realized gains		—			—			—			(0.02	)		(0.06	)
Return of capital		—			—			(0.02	)		—			—
Total dividends and/or distributions to shareholders		(0.15	)		(0.13	)		(0.14	)		(0.16	)		(0.21	)
Net asset value, end of year	$	10.03		$	10.20		$	10.21		$	10.17		$	10.35
Total return (C)		(0.24	)%		1.12	%		1.82	%		(0.23	)%		1.20	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	393,543		$	517,918		$	621,425		$	721,293		$	847,407
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.62	%		1.61	%		1.61	%		1.60	%		1.59	%
Including waiver and/or reimbursement and recapture		1.62	%		1.61	%		1.60	% (B)		1.60	%		1.59	%
Net investment income (loss) to average net assets		1.40	%		1.07	%		1.18	% (B)		1.19	%		1.30	%
Portfolio turnover rate		60	%		52	%		45	%		66	%		52	%

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

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

Transamerica Funds Annual Report 2018

Page    511

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Short-Term Bond
	Class I
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	10.05		$	10.05		$	10.01		$	10.19		$	10.27
Investment operations:
Net investment income (loss) (A)		0.24			0.20			0.21	(B)		0.22			0.23
Net realized and unrealized gain (loss)		(0.17	)		0.02			0.07			(0.15	)		(0.01	)
Total investment operations		0.07			0.22			0.28			0.07			0.22
Dividends and/or distributions to shareholders:
Net investment income		(0.24	)		(0.22	)		(0.21	)		(0.23	)		(0.24	)
Net realized gains		—			—			—			(0.02	)		(0.06	)
Return of capital		—			—			(0.03	)		—			—
Total dividends and/or distributions to shareholders		(0.24	)		(0.22	)		(0.24	)		(0.25	)		(0.30	)
Net asset value, end of year	$	9.88		$	10.05		$	10.05		$	10.01		$	10.19
Total return		0.71	%		2.21	%		2.82	%		0.71	%		2.18	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,451,634		$	1,312,220		$	979,858		$	822,063		$	804,004
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.65	%		0.64	%		0.64	%		0.63	%		0.63	%
Including waiver and/or reimbursement and recapture		0.65	%		0.64	%		0.63	%(B)		0.63	%		0.63	%
Net investment income (loss) to average net assets		2.39	%		2.04	%		2.15	%(B)		2.15	%		2.25	%
Portfolio turnover rate		60	%		52	%		45	%		66	%		52	%

(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 Short-Term Bond
	Class I2
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	10.04		$	10.04		$	10.01		$	10.18		$	10.27
Investment operations:
Net investment income (loss) (A)		0.24			0.22			0.22	(B)		0.23			0.24
Net realized and unrealized gain (loss)		(0.16	)		0.01			0.06			(0.14	)		(0.02	)
Total investment operations		0.08			0.23			0.28			0.09			0.22
Dividends and/or distributions to shareholders:
Net investment income		(0.25	)		(0.23	)		(0.22	)		(0.24	)		(0.25	)
Net realized gains		—			—			—			(0.02	)		(0.06	)
Return of capital		—			—			(0.03	)		—			—
Total dividends and/or distributions to shareholders		(0.25	)		(0.23	)		(0.25	)		(0.26	)		(0.31	)
Net asset value, end of year	$	9.87		$	10.04		$	10.04		$	10.01		$	10.18
Total return		0.81	%		2.31	%		2.81	%		0.91	%		2.18	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	220,648		$	427,397		$	282,016		$	1,223,002		$	1,400,475
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.55	%		0.54	%		0.54	%		0.53	%		0.53	%
Including waiver and/or reimbursement and recapture		0.55	%		0.54	%		0.54	%(B)		0.53	%		0.53	%
Net investment income (loss) to average net assets		2.45	%		2.15	%		2.21	%(B)		2.25	%		2.37	%
Portfolio turnover rate		60	%		52	%		45	%		66	%		52	%

(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 2018

Page    512

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Short-Term Bond
	Class R6
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	10.03		$	10.04		$	10.01		$	10.12
Investment operations:
Net investment income (loss) (B)		0.26			0.21			0.23	(C)		0.09
Net realized and unrealized gain (loss)		(0.17	)		0.01			0.05			(0.10	)
Total investment operations		0.09			0.22			0.28			(0.01	)
Dividends and/or distributions to shareholders:
Net investment income		(0.25	)		(0.23	)		(0.22	)		(0.10	)
Return of capital		—			—			(0.03	)		—
Total dividends and/or distributions to shareholders		(0.25	)		(0.23	)		(0.25	)		(0.10	)
Net asset value, end of period/year	$	9.87		$	10.03		$	10.04		$	10.01
Total return		0.92	%		2.21	%		2.82	%		(0.09	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	26,240		$	1,412		$	372		$	50
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.55	%		0.54	%		0.54	%		0.53	%(E)
Including waiver and/or reimbursement and recapture		0.55	%		0.54	%		0.52	%(C)		0.53	%(E)
Net investment income (loss) to average net assets		2.65	%		2.14	%		2.26	%(C)		2.22	%(E)
Portfolio turnover rate		60	%		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.

For a share outstanding during the period and year indicated:	Transamerica Short-Term Bond
	Class T1
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.22		$	10.19
Investment operations:
Net investment income (loss) (B)		0.23			0.12
Net realized and unrealized gain (loss)		(0.16	)		0.04
Total investment operations		0.07			0.16
Dividends and/or distributions to shareholders:
Net investment income		(0.23	)		(0.13	)
Net asset value, end of period/year	$	10.06		$	10.22
Total return (C)		0.69	%		1.55	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	10		$	10
Expenses to average net assets		0.79	%		0.79	%(E)
Net investment income (loss) to average net assets		2.24	%		1.83	%(E)
Portfolio turnover rate		60	%		52	%

(A)	Commenced operations on March 17, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(D)	Not annualized.
(E)	Annualized.

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

Transamerica Funds Annual Report 2018

Page    513

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Short-Term Bond
	Advisor Class
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.05		$	9.98
Investment operations:
Net investment income (loss) (B)		0.24			0.17
Net realized and unrealized gain (loss)		(0.16	)		0.08
Total investment operations		0.08			0.25
Dividends and/or distributions to shareholders:
Net investment income		(0.23	)		(0.18	)
Net asset value, end of period/year	$	9.90		$	10.05
Total return		0.82	%		2.55	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	5,454		$	41
Expenses to average net assets		0.75	%		0.74	%(D)
Net investment income (loss) to average net assets		2.40	%		1.94	%(D)
Portfolio turnover rate		60	%		52	%

(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 period and year indicated:	Transamerica Small Cap Core
	Class A
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.72		$	11.36
Investment operations:
Net investment income (loss) (B)		0.04			0.02
Net realized and unrealized gain (loss)		0.24			0.34
Total investment operations		0.28			0.36
Dividends and/or distributions to shareholders:
Net investment income		(0.15	)		—
Net realized gains		(0.37	)		—
Total dividends and/or distributions to shareholders		(0.52	)		—
Net asset value, end of period/year	$	11.48		$	11.72
Total return (C)		2.24	%		3.17	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	3,356		$	3,490
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.32	%		1.35	%(E)
Including waiver and/or reimbursement and recapture		1.20	%(F)		1.30	%(E)
Net investment income (loss) to average net assets		0.34	%		0.22	%(E)
Portfolio turnover rate		86	%		53	%(D)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(D)	Not annualized.
(E)	Annualized.
(F)	TAM has voluntarily agreed to waive a portion of its management fee.

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

Transamerica Funds Annual Report 2018

Page    514

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Small Cap Core
	Class C
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.54		$	11.24
Investment operations:
Net investment income (loss) (B)		(0.05	)		(0.04	)
Net realized and unrealized gain (loss)		0.24			0.34
Total investment operations		0.19			0.30
Dividends and/or distributions to shareholders:
Net investment income		(0.06	)		—
Net realized gains		(0.37	)		—
Total dividends and/or distributions to shareholders		(0.43	)		—
Net asset value, end of period/year	$	11.30		$	11.54
Total return (C)		1.58	%		2.67	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	668		$	638
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.06	%		2.07	%(E)
Including waiver and/or reimbursement and recapture		1.95	%(F)		2.05	%(E)
Net investment income (loss) to average net assets		(0.40	)%		(0.49	)%(E)
Portfolio turnover rate		86	%		53	%(D)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Total return has been calculated without deduction of the contingent deferred sales charge.
(D)	Not annualized.
(E)	Annualized.
(F)	TAM has voluntarily agreed to waive a portion of its management fee.

For a share outstanding during the period and year indicated:	Transamerica Small Cap Core
	Class I
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.78		$	11.40
Investment operations:
Net investment income (loss) (B)		0.07			0.04
Net realized and unrealized gain (loss)		0.23			0.34
Total investment operations		0.30			0.38
Dividends and/or distributions to shareholders:
Net investment income		(0.18	)		—
Net realized gains		(0.37	)		—
Total dividends and/or distributions to shareholders		(0.55	)		—
Net asset value, end of period/year	$	11.53		$	11.78
Total return		2.38	%		3.33	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	2,047		$	1,689
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.02	%		0.99	%(D)
Including waiver and/or reimbursement and recapture		0.95	%(E)		1.05	%(D)
Net investment income (loss) to average net assets		0.57	%		0.48	%(D)
Portfolio turnover rate		86	%		53	%(C)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.
(E)	TAM has voluntarily agreed to waive a portion of its management fee.

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

Transamerica Funds Annual Report 2018

Page    515

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Small Cap Core
	Class I2
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.79		$	11.40
Investment operations:
Net investment income (loss) (B)		0.09			0.05
Net realized and unrealized gain (loss)		0.24			0.34
Total investment operations		0.33			0.39
Dividends and/or distributions to shareholders:
Net investment income		(0.19	)		—
Net realized gains		(0.37	)		—
Total dividends and/or distributions to shareholders		(0.56	)		—
Net asset value, end of period/year	$	11.56		$	11.79
Total return		2.63	%		3.42	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	21,106		$	29,564
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.92	%		0.85	%(D)
Including waiver and/or reimbursement and recapture		0.86	%(E)		0.93	%(D)
Net investment income (loss) to average net assets		0.72	%		0.63	%(D)
Portfolio turnover rate		86	%		53	%(C)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.
(E)	TAM has voluntarily agreed to waive a portion of its management fee.

For a share outstanding during the period and year indicated:	Transamerica Small Cap Core
	Class I3
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.80		$	11.40
Investment operations:
Net investment income (loss) (B)		0.09			0.05
Net realized and unrealized gain (loss)		0.22			0.35
Total investment operations		0.31			0.40
Dividends and/or distributions to shareholders:
Net investment income		(0.07	)		—
Net realized gains		(0.37	)		—
Total dividends and/or distributions to shareholders		(0.44	)		—
Net asset value, end of period/year	$	11.67		$	11.80
Total return		2.57	%		3.51	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	137,326		$	153,587
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.92	%		0.98	%(D)
Including waiver and/or reimbursement and recapture		0.85	%(E)		0.85	%(D)
Net investment income (loss) to average net assets		0.71	%		0.70	%(D)
Portfolio turnover rate		86	%		53	%(C)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.
(E)	TAM has voluntarily agreed to waive a portion of its management fee.

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

Transamerica Funds Annual Report 2018

Page    516

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Small Cap Core
	Class R
	October 31,   2018			October 31,    2017 (A)
Net asset value, beginning of period/year	$	11.75		$	11.40
Investment operations:
Net investment income (loss) (B)		0.02			0.01
Net realized and unrealized gain (loss)		0.24			0.34
Total investment operations		0.26			0.35
Dividends and/or distributions to shareholders:
Net investment income		(0.02	)		—
Net realized gains		(0.37	)		—
Total dividends and/or distributions to shareholders		(0.39	)		—
Net asset value, end of period/year	$	11.62		$	11.75
Total return		2.12	%		3.07	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	46,718		$	53,017
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.42	%		1.48	%(D)
Including waiver and/or reimbursement and recapture		1.35	%(E)		1.48	%(D)
Net investment income (loss) to average net assets		0.20	%		0.08	%(D)
Portfolio turnover rate		86	%		53	%(C)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.
(E)	TAM has voluntarily agreed to waive a portion of its management fee.

For a share outstanding during the period and years indicated:	Transamerica Small Cap Core
	Class R4
	October 31,   2018			October 31,    2017 (A) (B) (C)			December 31,  2016			December 31,  2015			December 31,  2014			December 31,  2013
Net asset value, beginning of period/year	$	11.78		$	11.53		$	9.45		$	10.57		$	10.25		$	7.73
Investment operations:
Net investment income (loss) (D)		0.06			0.04			0.08			0.08			0.08			0.04
Net realized and unrealized gain (loss)		0.22			0.22			2.08			(1.11	)		0.32			2.52
Total investment operations		0.28			0.26			2.16			(1.03	)		0.40			2.56
Dividends and/or distributions to shareholders:
Net investment income		(0.05	)		(0.01	)		(0.08	)		(0.09	)		(0.08	)		(0.04	)
Net realized gains		(0.37	)		—			—			—			—			—
Total dividends and/or distributions to shareholders		(0.42	)		(0.01	)		(0.08	)		(0.09	)		(0.08	)		(0.04	)
Net asset value, end of period/year	$	11.64		$	11.78		$	11.53		$	9.45		$	10.57		$	10.25
Total return		2.27	%		2.27	%(E)		23.08	%		(9.72	)%		3.94	%		33.23	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	5,648		$	8,970		$	14,540		$	12,719		$	27,550		$	30,567
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.17	%		1.30	%(F)		1.50	%		1.32	%		1.28	%		1.27	%
Including waiver and/or reimbursement and recapture		1.10	%(G)		1.11	%(F)(H)		1.07	%(I)		1.10	%		1.10	%		1.10	%
Net investment income (loss) to average net assets		0.50	%		0.34	%(F)		0.80	%		0.82	%		0.78	%		0.46	%
Portfolio turnover rate		86	%		53	%(E)		122	%		132	%		148	%		195	%

(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)	TAM has voluntarily agreed to waive a portion of its management fee.
(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 2018

Page    517

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Small Cap Core
	Class T1
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.72		$	11.58
Investment operations:
Net investment income (loss) (B)		0.05			0.02
Net realized and unrealized gain (loss)		0.25			0.12
Total investment operations		0.30			0.14
Dividends and/or distributions to shareholders:
Net investment income		(0.05	)		—
Net realized gains		(0.37	)		—
Total dividends and/or distributions to shareholders		(0.42	)		—
Net asset value, end of period/year	$	11.60		$	11.72
Total return (C)		2.37	%		1.21	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	10		$	10
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.17	%		1.23	%(E)
Including waiver and/or reimbursement and recapture		1.10	%(F)		1.23	%(E)
Net investment income (loss) to average net assets		0.44	%		0.25	%(E)
Portfolio turnover rate		86	%		53	%(D)

(A)	Commenced operations on March 17, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(D)	Not annualized.
(E)	Annualized.
(F)	TAM has voluntarily agreed to waive a portion of its management fee.

For a share outstanding during the period and year indicated:	Transamerica Small Cap Core
	Advisor Class
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.80		$	11.43
Investment operations:
Net investment income (loss) (B)		0.06			0.03
Net realized and unrealized gain (loss)		0.24			0.34
Total investment operations		0.30			0.37
Dividends and/or distributions to shareholders:
Net investment income		(0.18	)		—
Net realized gains		(0.37	)		—
Total dividends and/or distributions to shareholders		(0.55	)		—
Net asset value, end of period/year	$	11.55		$	11.80
Total return		2.46	%		3.24	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	10		$	10
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.12	%		1.09	%(D)
Including waiver and/or reimbursement and recapture		1.05	%(E)		1.05	%(D)
Net investment income (loss) to average net assets		0.48	%		0.49	%(D)
Portfolio turnover rate		86	%		53	%(C)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.
(E)	TAM has voluntarily agreed to waive a portion of its management fee.

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

Transamerica Funds Annual Report 2018

Page    518

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Small Cap Growth
	Class A
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	6.89		$	12.15		$	12.82		$	12.87		$	12.37
Investment operations:
Net investment income (loss) (A)		(0.04	)		(0.06	)		(0.10	)(B)		(0.03	)		(0.11	)
Net realized and unrealized gain (loss)		0.34			2.42			0.49			1.03			0.61
Total investment operations		0.30			2.36			0.39			1.00			0.50
Dividends and/or distributions to shareholders:
Net realized gains		(0.68	)		(7.62	)		(1.06	)		(1.05	)		—
Net asset value, end of year	$	6.51		$	6.89		$	12.15		$	12.82		$	12.87
Total return (C)		4.50	%		26.31	%		3.42	%		8.27	%		4.04	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	18,537		$	15,520		$	8,835		$	2,882		$	862
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.41	%		1.51	%		1.36	%		1.30	%		1.35	%
Including waiver and/or reimbursement and recapture		1.25	%(D)		1.41	%(E)		1.35	%(B)		1.30	%		1.35	%
Net investment income (loss) to average net assets		(0.55	)%		(0.92	)%		(0.82	)%(B)		(0.26	)%		(0.87	)%
Portfolio turnover rate		55	%		80	%		43	%		60	%		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 initial sales charge and contingent deferred sales charge.
(D)	TAM has voluntarily agreed to waive a portion of its management fee.
(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, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	6.35		$	11.77		$	12.55		$	12.70		$	12.28
Investment operations:
Net investment income (loss) (A)		(0.08	)		(0.10	)		(0.18	)(B)		(0.15	)		(0.19	)
Net realized and unrealized gain (loss)		0.32			2.30			0.46			1.05			0.61
Total investment operations		0.24			2.20			0.28			0.90			0.42
Dividends and/or distributions to shareholders:
Net realized gains		(0.68	)		(7.62	)		(1.06	)		(1.05	)		—
Net asset value, end of year	$	5.91		$	6.35		$	11.77		$	12.55		$	12.70
Total return (C)		3.87	%		25.22	%		2.56	%		7.54	%		3.42	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	4,604		$	3,588		$	1,369		$	1,380		$	628
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.15	%		2.23	%		2.10	%		2.02	%		1.99	%
Including waiver and/or reimbursement and recapture		2.00	%(D)		2.16	%(E)		2.09	%(B)		2.02	%		1.99	%
Net investment income (loss) to average net assets		(1.32	)%		(1.69	)%		(1.54	)%(B)		(1.20	)%		(1.51	)%
Portfolio turnover rate		55	%		80	%		43	%		60	%		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 contingent deferred sales charge.
(D)	TAM has voluntarily agreed to waive a portion of its management fee.
(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.

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

Transamerica Funds Annual Report 2018

Page    519

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Small Cap Growth
	Class I
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	7.09		$	12.30		$	12.94		$	12.94		$	12.39
Investment operations:
Net investment income (loss) (A)		(0.02	)		(0.05	)		(0.06	)(B)		(0.06	)		(0.07	)
Net realized and unrealized gain (loss)		0.35			2.46			0.48			1.11			0.62
Total investment operations		0.33			2.41			0.42			1.05			0.55
Dividends and/or distributions to shareholders:
Net realized gains		(0.68	)		(7.62	)		(1.06	)		(1.05	)		—
Net asset value, end of year	$	6.74		$	7.09		$	12.30		$	12.94		$	12.94
Total return		4.82	%		26.40	%		3.64	%		8.63	%		4.44	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	31,592		$	27,564		$	2,042		$	2,540		$	510
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.11	%		1.18	%		1.03	%		1.00	%		1.03	%
Including waiver and/or reimbursement and recapture		1.00	%(C)		1.16	%(D)		1.03	%(B)		1.00	%		1.03	%
Net investment income (loss) to average net assets		(0.31	)%		(0.69	)%		(0.48	)%(B)		(0.44	)%		(0.54	)%
Portfolio turnover rate		55	%		80	%		43	%		60	%		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 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	TAM has voluntarily agreed to waive a portion of its management fee.
(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.

For a share outstanding during the years indicated:	Transamerica Small Cap Growth
	Class I2
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	7.18		$	12.36		$	12.99		$	12.97		$	12.41
Investment operations:
Net investment income (loss) (A)		(0.01	)		(0.04	)		(0.04	)(B)		0.01			(0.05	)
Net realized and unrealized gain (loss)		0.36			2.48			0.47			1.06			0.61
Total investment operations		0.35			2.44			0.43			1.07			0.56
Dividends and/or distributions to shareholders:
Net investment income		—			—			—			—			(0.00	)(C)
Net realized gains		(0.68	)		(7.62	)		(1.06	)		(1.05	)		—
Total dividends and/or distributions to shareholders		(0.68	)		(7.62	)		(1.06	)		(1.05	)		(0.00	)(C)
Net asset value, end of year	$	6.85		$	7.18		$	12.36		$	12.99		$	12.97
Total return		5.06	%		26.63	%		3.71	%		8.78	%		4.51	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	35,995		$	47,690		$	53,790		$	539,006		$	528,891
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.01	%		1.09	%		0.92	%		0.89	%		0.89	%
Including waiver and/or reimbursement and recapture		0.91	%(D)		1.09	%		0.91	%(B)		0.89	%		0.89	%
Net investment income (loss) to average net assets		(0.20	)%		(0.57	)%		(0.32	)%(B)		0.07	%		(0.41	)%
Portfolio turnover rate		55	%		80	%		43	%		60	%		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)	TAM has voluntarily agreed to waive a portion of its management fee.

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

Transamerica Funds Annual Report 2018

Page    520

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Small Cap Growth
	Class I3
	October 31, 2018			October 31,   2017 (A)
Net asset value, beginning of period/year	$	7.19		$	6.44
Investment operations:
Net investment income (loss) (B)		(0.01	)		(0.02	)
Net realized and unrealized gain (loss)		0.34			0.77
Total investment operations		0.33			0.75
Dividends and/or distributions to shareholders:
Net realized gains		(0.68	)		—
Net asset value, end of period/year	$	6.84		$	7.19
Total return		4.90	%		11.65	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	29,619		$	34,587
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.01	%		1.07	%(D)
Including waiver and/or reimbursement and recapture		0.90	%(E)		0.90	%(D)
Net investment income (loss) to average net assets		(0.20	)%		(0.47	)%(D)
Portfolio turnover rate		55	%		80	%(C)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.
(E)	TAM has voluntarily agreed to waive a portion of its management fee.

For a share outstanding during the period and year indicated:	Transamerica Small Cap Growth
	Class R
	October 31, 2018			October 31,   2017 (A)
Net asset value, beginning of period/year	$	7.16		$	6.44
Investment operations:
Net investment income (loss) (B)		(0.05	)		(0.05	)
Net realized and unrealized gain (loss)		0.36			0.77
Total investment operations		0.31			0.72
Dividends and/or distributions to shareholders:
Net realized gains		(0.68	)		—
Net asset value, end of period/year	$	6.79		$	7.16
Total return		4.48	%		11.18	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	16,846		$	17,479
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.50	%		1.57	%(D)
Including waiver and/or reimbursement and recapture		1.42	%(E)		1.55	%(D)
Net investment income (loss) to average net assets		(0.73	)%		(1.17	)%(D)
Portfolio turnover rate		55	%		80	%(C)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.
(E)	TAM has voluntarily agreed to waive a portion of its management fee.

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

Transamerica Funds Annual Report 2018

Page    521

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Small Cap Growth
	Class R4
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	7.18		$	6.44
Investment operations:
Net investment income (loss) (B)		(0.03	)		(0.03	)
Net realized and unrealized gain (loss)		0.34			0.77
Total investment operations		0.31			0.74
Dividends and/or distributions to shareholders:
Net realized gains		(0.68	)		—
Net asset value, end of period/year	$	6.81		$	7.18
Total return		4.60	%		11.49	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	6,609		$	5,943
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.26	%		1.32	%(D)
Including waiver and/or reimbursement and recapture		1.15	%(E)		1.15	%(D)
Net investment income (loss) to average net assets		(0.46	)%		(0.77	)%(D)
Portfolio turnover rate		55	%		80	%(C)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.
(E)	TAM has voluntarily agreed to waive a portion of its management fee.

For a share outstanding during the period and years indicated:	Transamerica Small Cap Growth
	Class R6
	October 31, 2018			October 31, 2017			October 31,     2016 (A)
Net asset value, beginning of period/year	$	7.18		$	12.36		$	12.65
Investment operations:
Net investment income (loss) (B)		(0.02	)		(0.04	)		(0.01	)(C)
Net realized and unrealized gain (loss)		0.37			2.48			(0.28	)(D)
Total investment operations		0.35			2.44			(0.29	)
Dividends and/or distributions to shareholders:
Net realized gains		(0.68	)		(7.62	)		—
Net asset value, end of period/year	$	6.85		$	7.18		$	12.36
Total return		5.06	%		26.63	%		(2.29	)%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	65		$	62		$	49
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.01	%		1.09	%		0.97	%(F)
Including waiver and/or reimbursement and recapture		0.91	%(G)		1.09	%		0.95	%(C)(F)
Net investment income (loss) to average net assets		(0.22	)%		(0.58	)%		(0.37	)%(C)(F)
Portfolio turnover rate		55	%		80	%		43	%

(A)	Commenced operations on July 25, 2016.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(D)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(E)	Not annualized.
(F)	Annualized.
(G)	TAM has voluntarily agreed to waive a portion of its management fee.

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

Transamerica Funds Annual Report 2018

Page    522

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Small Cap Growth
	Class T1
	October 31, 2018			October 31,     2017 (A)
Net asset value, beginning of period/year	$	6.89		$	6.31
Investment operations:
Net investment income (loss) (B)		(0.04	)		(0.04	)
Net realized and unrealized gain (loss)		0.34			0.62
Total investment operations		0.30			0.58
Dividends and/or distributions to shareholders:
Net realized gains		(0.68	)		—
Net asset value, end of period/year	$	6.51		$	6.89
Total return (C)		4.66	%		9.19	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	92		$	11
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.25	%		1.32	%(E)
Including waiver and/or reimbursement and recapture		1.15	%(F)		1.32	%(E)
Net investment income (loss) to average net assets		(0.55	)%		(0.96	)%(E)
Portfolio turnover rate		55	%		80	%(D)

(A)	Commenced operations on March 17, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(D)	Not annualized.
(E)	Annualized.
(F)	TAM has voluntarily agreed to waive a portion of its management fee.

For a share outstanding during the period and year indicated:	Transamerica Small Cap Growth
	Advisor Class
	October 31, 2018			October 31,     2017 (A)
Net asset value, beginning of period/year	$	7.10		$	13.84
Investment operations:
Net investment income (loss) (B)		(0.03	)		(0.04	)
Net realized and unrealized gain (loss)		0.35			0.92
Total investment operations		0.32			0.88
Dividends and/or distributions to shareholders:
Net realized gains		(0.68	)		(7.62	)
Net asset value, end of period/year	$	6.74		$	7.10
Total return		4.81	%		12.50	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	14		$	16
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.21	%		1.28	%(D)
Including waiver and/or reimbursement and recapture		1.15	%(E)		1.16	%(D)(F)
Net investment income (loss) to average net assets		(0.45	)%		(0.71	)%(D)
Portfolio turnover rate		55	%		80	%(C)

(A)	Commenced operations on December 16, 2016.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.
(E)	TAM has voluntarily agreed to waive a portion of its management fee.
(F)	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 2018

Page    523

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Small Cap Value
	Class A
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.94		$	11.07
Investment operations:
Net investment income (loss) (B)		0.02	(C)		0.01
Net realized and unrealized gain (loss)		(0.82	)		0.86
Total investment operations		(0.80	)		0.87
Dividends and/or distributions to shareholders:
Net investment income		(0.01	)		—
Net realized gains		(0.47	)		—
Total dividends and/or distributions to shareholders		(0.48	)		—
Net asset value, end of period/year	$	10.66		$	11.94
Total return (D)		(7.12	)%		7.76	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	3,050		$	2,757
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.45	%(F)		1.49	%(G)
Including waiver and/or reimbursement and recapture		1.20	%(H)		1.30	%(G)
Net investment income (loss) to average net assets		0.20	%(C)		0.19	%(G)
Portfolio turnover rate		84	%(I)		35	%(E)

(A)	Commenced 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)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(E)	Not annualized.
(F)	Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(G)	Annualized.
(H)	TAM has voluntarily agreed to waive a portion of its management fee.
(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 year indicated:	Transamerica Small Cap Value
	Class C
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.85		$	11.03
Investment operations:
Net investment income (loss) (B)		(0.06	)(C)		(0.03	)
Net realized and unrealized gain (loss)		(0.82	)		0.85
Total investment operations		(0.88	)		0.82
Dividends and/or distributions to shareholders:
Net realized gains		(0.47	)		—
Net asset value, end of period/year	$	10.50		$	11.85
Total return (D)		(7.88	)%		7.34	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	786		$	891
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.06	%(F)		2.05	%(G)
Including waiver and/or reimbursement and recapture		1.95	%(H)		2.05	%(G)
Net investment income (loss) to average net assets		(0.52	)%(C)		(0.56	)%(G)
Portfolio turnover rate		84	%(I)		35	%(E)

(A)	Commenced 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)	Total return has been calculated without deduction of the 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)	TAM has voluntarily agreed to waive a portion of its management fee.
(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 2018

Page    524

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Small Cap Value
	Class I
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	12.03		$	11.14
Investment operations:
Net investment income (loss) (B)		0.07	(C)		0.00	(D)
Net realized and unrealized gain (loss)		(0.83	)		0.89
Total investment operations		(0.76	)		0.89
Dividends and/or distributions to shareholders:
Net investment income		(0.05	)		—
Net realized gains		(0.47	)		—
Total dividends and/or distributions to shareholders		(0.52	)		—
Net asset value, end of period/year	$	10.75		$	12.03
Total return		(6.86	)%		7.89	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	756		$	2,521
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.07	%(F)		1.05	%(G)
Including waiver and/or reimbursement and recapture		0.95	%(H)		1.05	%(G)
Net investment income (loss) to average net assets		0.57	%(C)		0.01	%(G)
Portfolio turnover rate		84	%(I)		35	%(E)

(A)	Commenced 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)	TAM has voluntarily agreed to waive a portion of its management fee.
(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 year indicated:	Transamerica Small Cap Value
	Class I2
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	12.04		$	11.15
Investment operations:
Net investment income (loss) (B)		0.07	(C)		0.03
Net realized and unrealized gain (loss)		(0.83	)		0.86
Total investment operations		(0.76	)		0.89
Dividends and/or distributions to shareholders:
Net investment income		(0.05	)		—
Net realized gains		(0.47	)		—
Total dividends and/or distributions to shareholders		(0.52	)		—
Net asset value, end of period/year	$	10.76		$	12.04
Total return		(6.81	)%		7.89	%(D)(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	212,025		$	255,161
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.96	%(E)		0.93	%(F)
Including waiver and/or reimbursement and recapture		0.86	%(G)		0.93	%(F)
Net investment income (loss) to average net assets		0.58	%(C)		0.55	%(F)
Portfolio turnover rate		84	%(H)		35	%(D)

(A)	Commenced 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)	Not annualized.
(E)	Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(F)	Annualized.
(G)	TAM has voluntarily agreed to waive a portion of its management fee.
(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 2018

Page    525

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Small Cap Value
	Class I3
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	12.05		$	11.15
Investment operations:
Net investment income (loss) (B)		0.07	(C)		0.05
Net realized and unrealized gain (loss)		(0.84	)		0.85
Total investment operations		(0.77	)		0.90
Dividends and/or distributions to shareholders:
Net investment income		(0.04	)		—
Net realized gains		(0.47	)		—
Total dividends and/or distributions to shareholders		(0.51	)		—
Net asset value, end of period/year	$	10.77		$	12.05
Total return		(6.78	)%		8.07	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	27,065		$	35,000
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.96	%(E)		0.94	%(F)
Including waiver and/or reimbursement and recapture		0.85	%(G)		0.85	%(F)
Net investment income (loss) to average net assets		0.60	%(C)		0.82	%(F)
Portfolio turnover rate		84	%(H)		35	%(D)

(A)	Commenced 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)	Not annualized.
(E)	Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(F)	Annualized.
(G)	TAM has voluntarily agreed to waive a portion of its management fee.
(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 year indicated:	Transamerica Small Cap Value
	Class R
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	12.01		$	11.15
Investment operations:
Net investment income (loss) (B)		0.01	(C)		0.00	(D)
Net realized and unrealized gain (loss)		(0.82	)		0.86
Total investment operations		(0.81	)		0.86
Dividends and/or distributions to shareholders:
Net realized gains		(0.47	)		—
Net asset value, end of period/year	$	10.73		$	12.01
Total return		(7.25	)%		7.71	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	9,264		$	11,811
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.45	%(F)		1.43	%(G)
Including waiver and/or reimbursement and recapture		1.35	%(H)		1.43	%(G)
Net investment income (loss) to average net assets		0.10	%(C)		0.01	%(G)
Portfolio turnover rate		84	%(I)		35	%(E)

(A)	Commenced 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)	TAM has voluntarily agreed to waive a portion of its management fee.
(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 2018

Page    526

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Small Cap Value
	Class R4
	October 31, 2018			October 31,   2017 (A) (B) (C)			December 31,    2016			December 31, 2015			December 31, 2014			December 31, 2013
Net asset value, beginning of period/year	$	12.01		$	11.25		$	9.52		$	10.23		$	9.62		$	7.24
Investment operations:
Net investment income (loss) (D)		0.04	(E)		0.01			0.06			0.07			0.07			0.03
Net realized and unrealized gain (loss)		(0.84	)		0.76			1.75			(0.72	)		0.61			2.42
Total investment operations		(0.80	)		0.77			1.81			(0.65	)		0.68			2.45
Dividends and/or distributions to shareholders:
Net investment income		—			(0.01	)		(0.08	)		(0.06	)		(0.07	)		(0.07	)
Net realized gains		(0.47	)		—			—			—			—			—
Total dividends and/or distributions to shareholders		(0.47	)		(0.01	)		(0.08	)		(0.06	)		(0.07	)		(0.07	)
Net asset value, end of period/year	$	10.74		$	12.01		$	11.25		$	9.52		$	10.23		$	9.62
Total return		(6.99	)%		6.85	%(F)		19.24	%		(6.33	)%		7.08	%		33.88	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	253		$	345		$	7,065		$	6,709		$	8,537		$	11,948
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.21	%(G)		2.06	%(H)		1.72	%		1.73	%		1.67	%		1.41	%
Including waiver and/or reimbursement and recapture		1.10	%(I)		1.17	%(H)(J)		1.11	%(J)(K)		1.10	%		1.10	%		1.10	%
Net investment income (loss) to average net assets		0.36	%(E)		0.06	%(H)		0.67	%		0.73	%		0.73	%		0.31	%
Portfolio turnover rate		84	%(L)		35	%(F)		89	%		133	%		18	%		16	%

(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)	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)	Not annualized.
(G)	Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(H)	Annualized.
(I)	TAM has voluntarily agreed to waive a portion of its management fee.
(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.

For a share outstanding during the period and year indicated:	Transamerica Small Cap Value
	Class R6
	October 31, 2018			October 31,   2017 (A)
Net asset value, beginning of period/year	$	12.10		$	11.20
Investment operations:
Net investment income (loss) (B)		0.07	(C)		0.00	(D)
Net realized and unrealized gain (loss)		(0.84	)		0.90
Total investment operations		(0.77	)		0.90
Dividends and/or distributions to shareholders:
Net investment income		(0.05	)		—
Net realized gains		(0.47	)		—
Total dividends and/or distributions to shareholders		(0.52	)		—
Net asset value, end of period/year	$	10.81		$	12.10
Total return		(6.85	)%		7.93	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	57		$	61
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.95	%(F)		0.93	%(G)
Including waiver and/or reimbursement and recapture		0.86	%(H)		0.93	%(G)
Net investment income (loss) to average net assets		0.57	%(C)		0.55	%(G)
Portfolio turnover rate		84	%(I)		35	%(E)

(A)	Commenced 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)	TAM has voluntarily agreed to waive a portion of its management fee.
(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 2018

Page    527

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Small Cap Value
	Class T1
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.95		$	11.07
Investment operations:
Net investment income (loss) (B)		0.04	(C)		0.02
Net realized and unrealized gain (loss)		(0.83	)		0.86
Total investment operations		(0.79	)		0.88
Dividends and/or distributions to shareholders:
Net investment income		(0.02	)		—
Net realized gains		(0.47	)		—
Total dividends and/or distributions to shareholders		(0.49	)		—
Net asset value, end of period/year	$	10.67		$	11.95
Total return (D)		(7.06	)%		7.75	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	10		$	11
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.20	%(F)		1.16	%(G)
Including waiver and/or reimbursement and recapture		1.10	%(F)(H)		1.16	%(G)
Net investment income (loss) to average net assets		0.32	%(C)		0.31	%(G)
Portfolio turnover rate		84	%(I)		35	%(E)

(A)	Commenced 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)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(E)	Not annualized.
(F)	Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(G)	Annualized.
(H)	TAM has voluntarily agreed to waive a portion of its management fee.
(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 year indicated:	Transamerica Small Cap Value
	Advisor Class
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	12.12		$	11.22
Investment operations:
Net investment income (loss) (B)		0.04	(C)		0.03
Net realized and unrealized gain (loss)		(0.84	)		0.87
Total investment operations		(0.80	)		0.90
Dividends and/or distributions to shareholders:
Net investment income		(0.04	)		—
Net realized gains		(0.47	)		—
Total dividends and/or distributions to shareholders		(0.51	)		—
Net asset value, end of period/year	$	10.81		$	12.12
Total return		(6.96	)%		7.93	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	10		$	11
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.15	%(E)		1.12	%(F)
Including waiver and/or reimbursement and recapture		1.05	%(E)(G)		1.05	%(F)
Net investment income (loss) to average net assets		0.37	%(C)		0.43	%(F)
Portfolio turnover rate		84	%(H)		35	%(D)

(A)	Commenced 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)	Not annualized.
(E)	Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(F)	Annualized.
(G)	TAM has voluntarily agreed to waive a portion of its management fee.
(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 2018

Page    528

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Small/Mid Cap Value
	Class A
	October 31, 2018			October 31,   2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	29.46		$	25.09		$	26.18		$	28.88		$	29.05
Investment operations:
Net investment income (loss) (A)		0.14			0.03			0.24	(B)		0.05			0.07
Net realized and unrealized gain (loss)		0.61			5.92			0.87			0.04			2.18
Total investment operations		0.75			5.95			1.11			0.09			2.25
Dividends and/or distributions to shareholders:
Net investment income		(0.06	)		(0.22	)		(0.03	)		(0.03	)		(0.10	)
Net realized gains		(3.54	)		(1.36	)		(2.17	)		(2.76	)		(2.32	)
Total dividends and/or distributions to shareholders		(3.60	)		(1.58	)		(2.20	)		(2.79	)		(2.42	)
Net asset value, end of year	$	26.61		$	29.46		$	25.09		$	26.18		$	28.88
Total return (C)		2.25	%		24.23	%		4.69	%		0.17	%		8.13	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	357,948		$	362,890		$	338,577		$	400,506		$	473,644
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.29	%		1.28	%		1.34	%		1.31	%		1.30	%
Including waiver and/or reimbursement and recapture		1.29	%		1.28	%		1.33	%(B)		1.31	%		1.30	%
Net investment income (loss) to average net assets		0.49	%		0.09	%		0.99	%(B)		0.20	%		0.24	%
Portfolio turnover rate		61	%		104	%		74	%		68	%		96	%

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

For a share outstanding during the years indicated:	Transamerica Small/Mid Cap Value
	Class B
	October 31, 2018			October 31,   2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	26.45		$	22.64		$	23.98		$	26.83		$	27.23
Investment operations:
Net investment income (loss) (A)		(0.05	)		(0.16	)		0.03	(B)		(0.12	)		(0.12	)
Net realized and unrealized gain (loss)		0.52			5.33			0.80			0.03			2.04
Total investment operations		0.47			5.17			0.83			(0.09	)		1.92
Dividends and/or distributions to shareholders:
Net realized gains		(3.54	)		(1.36	)		(2.17	)		(2.76	)		(2.32	)
Net asset value, end of year	$	23.38		$	26.45		$	22.64		$	23.98		$	26.83
Total return (C)		1.35	%		23.29	%		3.90	%		(0.56	)%		7.38	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	438		$	5,617		$	9,174		$	18,644		$	27,010
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.20	%		2.04	%		2.09	%		2.02	%		2.01	%
Including waiver and/or reimbursement and recapture		2.15	%		2.04	%		2.08	%(B)		2.02	%		2.01	%
Net investment income (loss) to average net assets		(0.18	)%		(0.64	)%		0.16	%(B)		(0.49	)%		(0.47	)%
Portfolio turnover rate		61	%		104	%		74	%		68	%		96	%

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

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

Transamerica Funds Annual Report 2018

Page    529

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Small/Mid Cap Value
	Class C
	October 31, 2018			October 31, 2017			October 31,  2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	26.07		$	22.37		$	23.70		$	26.54		$	26.95
Investment operations:
Net investment income (loss) (A)		(0.03	)		(0.15	)		0.07	(B)		(0.12	)		(0.12	)
Net realized and unrealized gain (loss)		0.55			5.28			0.77			0.04			2.03
Total investment operations		0.52			5.13			0.84			(0.08	)		1.91
Dividends and/or distributions to shareholders:
Net investment income		—			(0.07	)		—			—			(0.00	)(C)
Net realized gains		(3.54	)		(1.36	)		(2.17	)		(2.76	)		(2.32	)
Total dividends and/or distributions to shareholders		(3.54	)		(1.43	)		(2.17	)		(2.76	)		(2.32	)
Net asset value, end of year	$	23.05		$	26.07		$	22.37		$	23.70		$	26.54
Total return (D)		1.60	%		23.43	%		3.99	%		(0.53	)%		7.42	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	165,647		$	241,737		$	237,404		$	278,388		$	314,999
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.96	%		1.95	%		2.02	%		1.98	%		1.97	%
Including waiver and/or reimbursement and recapture		1.96	%		1.95	%		2.01	%(B)		1.98	%		1.97	%
Net investment income (loss) to average net assets		(0.11	)%		(0.59	)%		0.31	%(B)		(0.47	)%		(0.44	)%
Portfolio turnover rate		61	%		104	%		74	%		68	%		96	%

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

For a share outstanding during the years indicated:	Transamerica Small/Mid Cap Value
	Class I
	October 31, 2018			October 31, 2017			October 31,  2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	30.40		$	25.84		$	26.91		$	29.63		$	29.74
Investment operations:
Net investment income (loss) (A)		0.24			0.10			0.34	(B)		0.16			0.17
Net realized and unrealized gain (loss)		0.63			6.14			0.89			0.03			2.24
Total investment operations		0.87			6.24			1.23			0.19			2.41
Dividends and/or distributions to shareholders:
Net investment income		(0.17	)		(0.32	)		(0.13	)		(0.15	)		(0.20	)
Net realized gains		(3.54	)		(1.36	)		(2.17	)		(2.76	)		(2.32	)
Total dividends and/or distributions to shareholders		(3.71	)		(1.68	)		(2.30	)		(2.91	)		(2.52	)
Net asset value, end of year	$	27.56		$	30.40		$	25.84		$	26.91		$	29.63
Total return		2.60	%		24.68	%		5.06	%		0.51	%		8.51	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	270,188		$	242,460		$	158,538		$	188,583		$	235,418
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.94	%		0.94	%		0.98	%		0.95	%		0.96	%
Including waiver and/or reimbursement and recapture		0.94	%		0.94	%		0.97	%(B)		0.95	%		0.96	%
Net investment income (loss) to average net assets		0.82	%		0.35	%		1.35	%(B)		0.57	%		0.57	%
Portfolio turnover rate		61	%		104	%		74	%		68	%		96	%

(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 2018

Page    530

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Small/Mid Cap Value
	Class I2
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	30.45		$	25.88		$	26.95		$	29.68		$	29.78
Investment operations:
Net investment income (loss) (A)		0.27			0.15			0.36	(B)		0.18			0.20
Net realized and unrealized gain (loss)		0.63			6.12			0.90			0.03			2.25
Total investment operations		0.90			6.27			1.26			0.21			2.45
Dividends and/or distributions to shareholders:
Net investment income		(0.19	)		(0.34	)		(0.16	)		(0.18	)		(0.23	)
Net realized gains		(3.54	)		(1.36	)		(2.17	)		(2.76	)		(2.32	)
Total dividends and/or distributions to shareholders		(3.73	)		(1.70	)		(2.33	)		(2.94	)		(2.55	)
Net asset value, end of year	$	27.62		$	30.45		$	25.88		$	26.95		$	29.68
Total return		2.72	%		24.80	%		5.18	%		0.57	%		8.63	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	19,429		$	20,628		$	18,082		$	19,012		$	22,282
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.84	%		0.84	%		0.88	%		0.86	%		0.85	%
Including waiver and/or reimbursement and recapture		0.84	%		0.84	%		0.87	%(B)		0.86	%		0.85	%
Net investment income (loss) to average net assets		0.95	%		0.51	%		1.46	%(B)		0.66	%		0.68	%
Portfolio turnover rate		61	%		104	%		74	%		68	%		96	%

(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, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	30.56		$	25.97		$	26.95		$	28.36
Investment operations:
Net investment income (loss) (B)		0.18			0.10			0.44	(C)		0.05
Net realized and unrealized gain (loss)		0.74			6.19			0.82			(1.46	)(D)
Total investment operations		0.92			6.29			1.26			(1.41	)
Dividends and/or distributions to shareholders:
Net investment income		(0.20	)		(0.34	)		(0.07	)		—
Net realized gains		(3.54	)		(1.36	)		(2.17	)		—
Total dividends and/or distributions to shareholders		(3.74	)		(1.70	)		(2.24	)		—
Net asset value, end of period/year	$	27.74		$	30.56		$	25.97		$	26.95
Total return		2.75	%		24.79	%		5.18	%		(4.97	)%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	11,822		$	3,961		$	941		$	48
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.84	%		0.84	%		0.88	%		0.86	%(F)
Including waiver and/or reimbursement and recapture		0.84	%		0.84	%		0.86	%(C)		0.86	%(F)
Net investment income (loss) to average net assets		0.62	%		0.33	%		1.72	%(C)		0.43	%(F)
Portfolio turnover rate		61	%		104	%		74	%		68	%

(A)	Commenced operations on May 29, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(D)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(E)	Not annualized.
(F)	Annualized.

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

Transamerica Funds Annual Report 2018

Page    531

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Small/Mid Cap Value
	Class T1
	October 31,   2018			October 31,   2017 (A)
Net asset value, beginning of period/year	$	29.50		$	28.14
Investment operations:
Net investment income (loss) (B)		0.19			(0.05	)
Net realized and unrealized gain (loss)		0.61			1.41
Total investment operations		0.80			1.36
Dividends and/or distributions to shareholders:
Net investment income		(0.09	)		—
Net realized gains		(3.54	)		—
Total dividends and/or distributions to shareholders		(3.63	)		—
Net asset value, end of period/year	$	26.67		$	29.50
Total return (C)		2.44	%		4.83	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	11		$	10
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.09	%		1.09	%(E)
Including waiver and/or reimbursement and recapture		1.09	%		1.09	%(E)
Net investment income (loss) to average net assets		0.69	%		(0.27	)%(E)
Portfolio turnover rate		61	%		104	%

(A)	Commenced operations on March 17, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(D)	Not annualized.
(E)	Annualized.

For a share outstanding during the period and year indicated:	Transamerica Small/Mid Cap Value
	Advisor Class
	October 31,   2018			October 31,   2017 (A)
Net asset value, beginning of period/year	$	30.70		$	29.53
Investment operations:
Net investment income (loss) (B)		0.21			0.05
Net realized and unrealized gain (loss)		0.64			2.49
Total investment operations		0.85			2.54
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.01	)
Net realized gains		(3.54	)		(1.36	)
Total dividends and/or distributions to shareholders		(3.70	)		(1.37	)
Net asset value, end of period/year	$	27.85		$	30.70
Total return		2.51	%		9.00	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	312		$	139
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.04	%		1.04	%(D)
Including waiver and/or reimbursement and recapture		1.04	%		1.04	%(D)
Net investment income (loss) to average net assets		0.72	%		0.18	%(D)
Portfolio turnover rate		61	%		104	%

(A)	Commenced operations on December 16, 2016.
(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 2018

Page    532

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Strategic High Income
	Class A
	October 31, 2018			October 31, 2017			October 31,    2016			October 31, 2015			October 31,    2014 (A)
Net asset value, beginning of period/year	$	10.96		$	9.97		$	9.97		$	10.30		$	10.00
Investment operations:
Net investment income (loss) (B)		0.39			0.39			0.35	(C)(D)		0.37	(C)		0.24	(C)
Net realized and unrealized gain (loss)		(0.05	)		0.96			0.03			(0.20	)		0.26
Total investment operations		0.34			1.35			0.38			0.17			0.50
Dividends and/or distributions to shareholders:
Net investment income		(0.35	)		(0.36	)		(0.34	)		(0.39	)		(0.20	)
Net realized gains		(0.04	)		—			(0.04	)		(0.11	)		—
Total dividends and/or distributions to shareholders		(0.39	)		(0.36	)		(0.38	)		(0.50	)		(0.20	)
Net asset value, end of period/year	$	10.91		$	10.96		$	9.97		$	9.97		$	10.30
Total return (E)		3.11	%		13.77	%		3.88	%		1.60	%		4.99	%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	27,644		$	20,733		$	2,153		$	1,600		$	1,200
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.20	%		1.19	%		1.21	%(G)		1.31	%(G)		1.40	%(G)(H)
Including waiver and/or reimbursement and recapture		1.20	%		1.21	%(I)		1.20	%(D)(G)		1.20	%(G)		1.20	%(G)(H)
Net investment income (loss) to average net assets		3.50	%		3.74	%		3.60	%(C)(D)		3.67	%(C)		3.43	%(C)(H)
Portfolio turnover rate		38	%		79	%		51	%(J)		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 initial 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.

For a share outstanding during the period and years indicated:	Transamerica Strategic High Income
	Class C
	October 31, 2018			October 31, 2017			October 31,    2016			October 31, 2015			October 31,    2014 (A)
Net asset value, beginning of period/year	$	10.92		$	9.94		$	9.94		$	10.29		$	10.00
Investment operations:
Net investment income (loss) (B)		0.31			0.31			0.28	(C)(D)		0.28	(D)		0.18	(D)
Net realized and unrealized gain (loss)		(0.07	)		0.97			0.03			(0.20	)		0.26
Total investment operations		0.24			1.28			0.31			0.08			0.44
Dividends and/or distributions to shareholders:
Net investment income		(0.26	)		(0.30	)		(0.27	)		(0.32	)		(0.15	)
Net realized gains		(0.04	)		—			(0.04	)		(0.11	)		—
Total dividends and/or distributions to shareholders		(0.30	)		(0.30	)		(0.31	)		(0.43	)		(0.15	)
Net asset value, end of period/year	$	10.86		$	10.92		$	9.94		$	9.94		$	10.29
Total return (E)		2.24	%		12.97	%		3.17	%		0.78	%		4.46	%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	38,322		$	43,076		$	4,173		$	3,024		$	1,073
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.92	%		1.94	%		1.94	%(G)		2.01	%(G)		2.14	%(G)(H)
Including waiver and/or reimbursement and recapture		1.92	%		1.94	%		1.95	%(C)(G)		1.95	%(G)		1.95	%(G)(H)
Net investment income (loss) to average net assets		2.80	%		2.99	%		2.86	%(C)(D)		2.78	%(D)		2.66	%(D)(H)
Portfolio turnover rate		38	%		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 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 2018

Page    533

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Strategic High Income
	Class I
	October 31, 2018			October 31, 2017			October 31,         2016			October 31, 2015			October 31,     2014 (A)
Net asset value, beginning of period/year	$	10.97		$	9.97		$	9.97		$	10.31		$	10.00
Investment operations:
Net investment income (loss) (B)		0.42			0.42			0.38	(C)(D)		0.40	(C)		0.26	(C)
Net realized and unrealized gain (loss)		(0.06	)		0.97			0.02			(0.22	)		0.26
Total investment operations		0.36			1.39			0.40			0.18			0.52
Dividends and/or distributions to shareholders:
Net investment income		(0.38	)		(0.39	)		(0.36	)		(0.41	)		(0.21	)
Net realized gains		(0.04	)		—			(0.04	)		(0.11	)		—
Total dividends and/or distributions to shareholders		(0.42	)		(0.39	)		(0.40	)		(0.52	)		(0.21	)
Net asset value, end of period/year	$	10.91		$	10.97		$	9.97		$	9.97		$	10.31
Total return		3.27	%		14.10	%		4.13	%		1.77	%		5.24	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	92,148		$	71,827		$	41,691		$	30,300		$	13,897
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.93	%		0.94	%		1.01	%(F)		1.09	%(F)		1.23	%(F)(G)
Including waiver and/or reimbursement and recapture		0.95	%		0.96	%(H)		0.95	%(D)(F)		0.95	%(F)		0.95	%(F)(G)
Net investment income (loss) to average net assets		3.75	%		4.02	%		3.83	%(C)(D)		3.90	%(C)		3.80	%(C)(G)
Portfolio turnover rate		38	%		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 regarding the reorganization.
(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 I2
	October 31, 2018			October 31, 2017			October 31,         2016			October 31, 2015			October 31,     2014 (A)
Net asset value, beginning of period/year	$	10.52		$	9.62		$	9.89		$	10.30		$	10.00
Investment operations:
Net investment income (loss) (B)		0.42			0.40			0.09	(C)(D)		0.42	(C)		0.26	(C)
Net realized and unrealized gain (loss)		(0.06	)		0.90			0.04			(0.44	)		0.25
Total investment operations		0.36			1.30			0.13			(0.02	)		0.51
Dividends and/or distributions to shareholders:
Net investment income		(0.37	)		(0.40	)		(0.36	)		(0.28	)		(0.21	)
Net realized gains		(0.04	)		—			(0.04	)		(0.11	)		—
Total dividends and/or distributions to shareholders		(0.41	)		(0.40	)		(0.40	)		(0.39	)		(0.21	)
Net asset value, end of period/year	$	10.47		$	10.52		$	9.62		$	9.89		$	10.30
Total return		3.45	%		13.70	%		1.38	%		(0.28	)%		5.14	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	11		$	11		$	0	(F)	$	0	(F)	$	22,618
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.82	%		0.84	%		0.00	%(G)(H)		1.00	%(G)		1.13	%(G)(I)
Including waiver and/or reimbursement and recapture		0.82	%		0.96	%(J)		0.00	%(D)(G)(H)		0.95	%(G)		0.95	%(G)(I)
Net investment income (loss) to average net assets		3.88	%		3.94	%		0.96	%(C)(D)		4.02	%(C)		3.82	%(C)(I)
Portfolio turnover rate		38	%		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 regarding the reorganization.
(K)	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 2018

Page    534

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated	Transamerica Strategic High Income
	Class T1
	October 31, 2018			October 31,     2017 (A)
Net asset value, beginning of period/year	$	11.06		$	10.59
Investment operations:
Net investment income (loss) (B)		0.41			0.26
Net realized and unrealized gain (loss)		(0.07	)		0.44
Total investment operations		0.34			0.70
Dividends and/or distributions to shareholders:
Net investment income		(0.36	)		(0.23	)
Net realized gains		(0.04	)		—
Total dividends and/or distributions to shareholders		(0.40	)		(0.23	)
Net asset value, end of period/year	$	11.00		$	11.06
Total return (C)		3.11	%		6.66	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	11		$	11
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.07	%		1.09	%(E)
Including waiver and/or reimbursement and recapture		1.07	%		1.09	%(E)
Net investment income (loss) to average net assets		3.63	%		3.89	%(E)
Portfolio turnover rate		38	%		79	%

(A)	Commenced operations on March 17, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(D)	Not annualized.
(E)	Annualized.

For a share outstanding during the period and year indicated:	Transamerica Strategic High Income
	Advisor Class
	October 31, 2018			October 31,     2017 (A)
Net asset value, beginning of period/year	$	11.02		$	10.25
Investment operations:
Net investment income (loss) (B)		0.41			0.38
Net realized and unrealized gain (loss)		(0.04	)		0.72
Total investment operations		0.37			1.10
Dividends and/or distributions to shareholders:
Net investment income		(0.38	)		(0.33	)
Net realized gains		(0.04	)		—
Total dividends and/or distributions to shareholders		(0.42	)		(0.33	)
Net asset value, end of period/year	$	10.97		$	11.02
Total return		3.38	%		10.85	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	111		$	16
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.03	%		1.04	%(D)
Including waiver and/or reimbursement and recapture		0.95	%		0.96	%(D)(E)
Net investment income (loss) to average net assets		3.67	%		4.04	%(D)
Portfolio turnover rate		38	%		79	%

(A)	Commenced operations on December 16, 2016.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.
(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.

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

Transamerica Funds Annual Report 2018

Page    535

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Unconstrained Bond
	Class I
	October 31,         2018			October 31,   2017			October 31,  2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	10.23		$	9.92		$	9.83		$	10.00
Investment operations:
Net investment income (loss) (B)		0.37	(C)		0.22			0.42	(D)		0.27
Net realized and unrealized gain (loss)		(0.38	)		0.38			0.04			(0.18	)
Total investment operations		(0.01	)		0.60			0.46			0.09
Dividends and/or distributions to shareholders:
Net investment income		(0.33	)		(0.29	)		(0.37	)		(0.26	)
Net realized gains		(0.00	)(E)		—			—			—
Return of capital		(0.04	)		—			—			—
Total dividends and/or distributions to shareholders		(0.37	)		(0.29	)		(0.37	)		(0.26	)
Net asset value, end of period/year	$	9.85		$	10.23		$	9.92		$	9.83
Total return		(0.14	)%		6.07	%		4.86	%		0.95	%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,817		$	2,110		$	287		$	288
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.87	%(G)		0.91	%		0.95	%		1.05	%(H)
Including waiver and/or reimbursement and recapture		0.87	%(G)(I)		0.93	%		0.95	%(D)(I)		0.95	%(H)
Net investment income (loss) to average net assets		3.62	%(G)		2.18	%		4.33	%(D)		3.03	%(H)
Portfolio turnover rate		72	%(J)		87	%		141	%		95	%(F)

(A)	Commenced operations on December 8, 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)	Rounds to less than $0.01 or $(0.01).
(F)	Not annualized.
(G)	Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(H)	Annualized.
(I)	Waiver and/or reimbursement rounds to less than 0.01%.
(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 and years indicated:	Transamerica Unconstrained Bond
	Class I2
	October 31,         2018			October 31,   2017			October 31,  2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	10.20		$	9.91		$	9.83		$	10.00
Investment operations:
Net investment income (loss) (B)		0.40	(C)		0.27			0.43	(D)		0.27
Net realized and unrealized gain (loss)		(0.41	)		0.35			0.03			(0.17	)
Total investment operations		(0.01	)		0.62			0.46			0.10
Dividends and/or distributions to shareholders:
Net investment income		(0.34	)		(0.33	)		(0.38	)		(0.27	)
Net realized gains		(0.00	)(E)		—			—			—
Return of capital		(0.04	)		—			—			—
Total dividends and/or distributions to shareholders		(0.38	)		(0.33	)		(0.38	)		(0.27	)
Net asset value, end of period/year	$	9.81		$	10.20		$	9.91		$	9.83
Total return		(0.10	)%		6.32	%		4.87	%		0.99	%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	709,125		$	266,887		$	219,009		$	202,883
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.78	%(G)		0.81	%		0.84	%		0.94	%(H)
Including waiver and/or reimbursement and recapture		0.78	%(G)(I)		0.81	%		0.84	%(D)		0.94	%(H)
Net investment income (loss) to average net assets		3.97	%(G)		2.70	%		4.40	%(D)		3.04	%(H)
Portfolio turnover rate		72	%(J)		87	%		141	%		95	%(F)

(A)	Commenced operations on December 8, 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)	Rounds to less than $0.01 or $(0.01).
(F)	Not annualized.
(G)	Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(H)	Annualized.
(I)	Waiver and/or reimbursement rounds to less than 0.01%.
(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 2018

Page    536

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Unconstrained Bond
	Advisor Class
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.23		$	9.84
Investment operations:
Net investment income (loss) (B)		0.36	(C)		0.25
Net realized and unrealized gain (loss)		(0.37	)		0.39
Total investment operations		(0.01	)		0.64
Dividends and/or distributions to shareholders:
Net investment income		(0.33	)		(0.25	)
Net realized gains		(0.00	)(D)		—
Return of capital		(0.04	)		—
Total dividends and/or distributions to shareholders		(0.37	)		(0.25	)
Net asset value, end of period/year	$	9.85		$	10.23
Total return		(0.13	)%		6.49	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	11		$	11
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.98	%(F)		1.01	%(G)
Including waiver and/or reimbursement and recapture		0.96	%(F)		0.95	%(G)
Net investment income (loss) to average net assets		3.56	%(F)		2.83	%(G)
Portfolio turnover rate		72	%(H)		87	%

(A)	Commenced operations on December 16, 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)	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 years indicated:	Transamerica US Growth
	Class A
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	20.75		$	16.87		$	17.45		$	19.22		$	16.95
Investment operations:
Net investment income (loss) (A)		(0.07	)		0.01			0.00	(B)(C)		0.00	(C)		0.02
Net realized and unrealized gain (loss)		2.36			4.25			(0.17	)		1.95			2.38
Total investment operations		2.29			4.26			(0.17	)		1.95			2.40
Dividends and/or distributions to shareholders:
Net investment income		(0.00	)(C)		(0.01	)		(0.00	)(C)		(0.02	)		(0.13	)
Net realized gains		(2.12	)		(0.37	)		(0.41	)		(3.70	)		—
Total dividends and/or distributions to shareholders		(2.12	)		(0.38	)		(0.41	)		(3.72	)		(0.13	)
Net asset value, end of year	$	20.92		$	20.75		$	16.87		$	17.45		$	19.22
Total return (D)		11.74	%		25.76	%		(0.95	)%		11.59	%		14.25	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	550,529		$	500,587		$	432,130		$	470,702		$	459,677
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.16	%		1.18	%		1.20	%		1.19	%		1.27	%
Including waiver and/or reimbursement and recapture		1.16	%		1.18	%		1.18	%(B)		1.19	%		1.27	%
Net investment income (loss) to average net assets		(0.35	)%		0.07	%		0.03	%(B)		0.01	%		0.13	%
Portfolio turnover rate		27	%		35	%		34	%		38	%		111	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.

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

Transamerica Funds Annual Report 2018

Page    537

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica US Growth
	Class B
	October 31, 2018			October 31, 2017			October 31,  2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	19.68		$	16.16		$	16.89		$	18.85		$	16.64
Investment operations:
Net investment income (loss) (A)		(0.26	)		(0.16	)		(0.15	)(B)		(0.15	)		(0.13	)
Net realized and unrealized gain (loss)		2.22			4.05			(0.17	)		1.89			2.34
Total investment operations		1.96			3.89			(0.32	)		1.74			2.21
Dividends and/or distributions to shareholders:
Net realized gains		(2.12	)		(0.37	)		(0.41	)		(3.70	)		—
Net asset value, end of year	$	19.52		$	19.68		$	16.16		$	16.89		$	18.85
Total return (C)		10.60	%		24.55	%		(1.89	)%		10.52	%		13.28	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	3,279		$	5,437		$	7,520		$	11,324		$	16,421
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.33	%		2.21	%		2.17	%		2.09	%		2.11	%
Including waiver and/or reimbursement and recapture		2.17	%		2.17	%		2.15	%(B)		2.12	%		2.17	%
Net investment income (loss) to average net assets		(1.33	)%		(0.91	)%		(0.94	)%(B)		(0.90	)%		(0.76	)%
Portfolio turnover rate		27	%		35	%		34	%		38	%		111	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the initial sales charge.

For a share outstanding during the years indicated:	Transamerica US Growth
	Class C
	October 31, 2018			October 31, 2017			October 31,  2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	19.75		$	16.18		$	16.89		$	18.82		$	16.61
Investment operations:
Net investment income (loss) (A)		(0.22	)		(0.13	)		(0.12	)(B)		(0.13	)		(0.12	)
Net realized and unrealized gain (loss)		2.22			4.07			(0.18	)		1.90			2.34
Total investment operations		2.00			3.94			(0.30	)		1.77			2.22
Dividends and/or distributions to shareholders:
Net investment income		—			(0.00	)(C)		—			—			(0.01	)
Net realized gains		(2.12	)		(0.37	)		(0.41	)		(3.70	)		—
Total dividends and/or distributions to shareholders		(2.12	)		(0.37	)		(0.41	)		(3.70	)		(0.01	)
Net asset value, end of year	$	19.63		$	19.75		$	16.18		$	16.89		$	18.82
Total return (D)		10.78	%		24.84	%		(1.77	)%		10.72	%		13.37	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	13,930		$	48,087		$	44,877		$	53,482		$	49,041
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.96	%		1.97	%		1.99	%		1.98	%		2.05	%
Including waiver and/or reimbursement and recapture		1.96	%		1.97	%		1.97	%(B)		1.98	%		2.05	%
Net investment income (loss) to average net assets		(1.09	)%		(0.72	)%		(0.76	)%(B)		(0.78	)%		(0.65	)%
Portfolio turnover rate		27	%		35	%		34	%		38	%		111	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Total return has been calculated without deduction of the contingent deferred sales charge.

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

Transamerica Funds Annual Report 2018

Page    538

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica US Growth
	Class I
	October 31, 2018			October 31, 2017			October 31,  2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	21.11		$	17.15		$	17.74		$	19.49		$	17.19
Investment operations:
Net investment income (loss) (A)		(0.01	)		0.07			0.06	(B)		0.06			0.09
Net realized and unrealized gain (loss)		2.39			4.33			(0.18	)		1.98			2.41
Total investment operations		2.38			4.40			(0.12	)		2.04			2.50
Dividends and/or distributions to shareholders:
Net investment income		(0.06	)		(0.07	)		(0.06	)		(0.09	)		(0.20	)
Net realized gains		(2.12	)		(0.37	)		(0.41	)		(3.70	)		—
Total dividends and/or distributions to shareholders		(2.18	)		(0.44	)		(0.47	)		(3.79	)		(0.20	)
Net asset value, end of year	$	21.31		$	21.11		$	17.15		$	17.74		$	19.49
Total return		12.01	%		26.21	%		(0.67	)%		11.96	%		14.67	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	186,752		$	183,788		$	160,628		$	182,714		$	212,866
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.87	%		0.88	%		0.87	%		0.86	%		0.90	%
Including waiver and/or reimbursement and recapture		0.87	%		0.88	%		0.85	%(B)		0.86	%		0.90	%
Net investment income (loss) to average net assets		(0.06	)%		0.37	%		0.35	%(B)		0.34	%		0.51	%
Portfolio turnover rate		27	%		35	%		34	%		38	%		111	%

(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, 2018			October 31, 2017			October 31,  2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	21.07		$	17.13		$	17.72		$	19.48		$	17.17
Investment operations:
Net investment income (loss) (A)		0.02			0.09			0.08	(B)		0.08			0.12
Net realized and unrealized gain (loss)		2.39			4.31			(0.18	)		1.98			2.42
Total investment operations		2.41			4.40			(0.10	)		2.06			2.54
Dividends and/or distributions to shareholders:
Net investment income		(0.09	)		(0.09	)		(0.08	)		(0.12	)		(0.23	)
Net realized gains		(2.12	)		(0.37	)		(0.41	)		(3.70	)		—
Total dividends and/or distributions to shareholders		(2.21	)		(0.46	)		(0.49	)		(3.82	)		(0.23	)
Net asset value, end of year	$	21.27		$	21.07		$	17.13		$	17.72		$	19.48
Total return		12.18	%		26.29	%		(0.53	)%		12.10	%		14.91	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	190,514		$	230,952		$	258,722		$	361,470		$	370,161
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.75	%		0.75	%		0.74	%		0.73	%		0.77	%
Including waiver and/or reimbursement and recapture		0.75	%		0.75	%		0.72	%(B)		0.73	%		0.77	%
Net investment income (loss) to average net assets		0.08	%		0.50	%		0.48	%(B)		0.47	%		0.66	%
Portfolio turnover rate		27	%		35	%		34	%		38	%		111	%

(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 2018

Page    539

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica US Growth
	Class T
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	52.20		$	41.76		$	42.47		$	41.55		$	36.39
Investment operations:
Net investment income (loss) (A)		0.00	(C)		0.20			0.17	(B)		0.16			0.21
Net realized and unrealized gain (loss)		6.16			10.66			(0.43	)		4.54			5.14
Total investment operations		6.16			10.86			(0.26	)		4.70			5.35
Dividends and/or distributions to shareholders:
Net investment income		(0.05	)		(0.05	)		(0.04	)		(0.08	)		(0.19	)
Net realized gains		(2.12	)		(0.37	)		(0.41	)		(3.70	)		—
Total dividends and/or distributions to shareholders		(2.17	)		(0.42	)		(0.45	)		(3.78	)		(0.19	)
Net asset value, end of year	$	56.19		$	52.20		$	41.76		$	42.47		$	41.55
Total return (D)		12.10	%		26.24	%		(0.59	)%		12.01	%		14.74	%
Ratios and supplemental data:
Net assets end of year (000’s)	$	113,486		$	109,183		$	94,877		$	105,379		$	101,029
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.81	%		0.82	%		0.82	%		0.82	%		0.87	%
Including waiver and/or reimbursement and recapture		0.81	%		0.82	%		0.80	%(B)		0.82	%		0.87	%
Net investment income (loss) to average net assets		0.02	%		0.43	%		0.40	%(B)		0.38	%		0.53	%
Portfolio turnover rate		27	%		35	%		34	%		38	%		111	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Total return has been calculated without deduction of the initial sales charge.

For a share outstanding during the period and year indicated:	Transamerica US Growth
	Class T1
	October 31, 2018			October 31, 2017(A)
Net asset value, beginning of period/year	$	20.78		$	18.38
Investment operations:
Net investment income (loss) (B)		(0.04	)		0.03
Net realized and unrealized gain (loss)		2.36			2.37
Total investment operations		2.32			2.40
Dividends and/or distributions to shareholders:
Net investment income		(0.03	)		—
Net realized gains		(2.12	)		—
Total dividends and/or distributions to shareholders		(2.15	)		—
Net asset value, end of period/year	$	20.95		$	20.78
Total return (C)		11.88	%		13.06	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	13		$	12
Expenses to average net assets		0.99	%		0.98	%(E)
Net investment income (loss) to average net assets		(0.18	)%		0.23	%(E)
Portfolio turnover rate		27	%		35	%

(A)	Commenced operations on March 17, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(D)	Not annualized.
(E)	Annualized.

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

Transamerica Funds Annual Report 2018

Page    540

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica US Growth
	Advisor Class
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	21.17		$	17.59
Investment operations:
Net investment income (loss) (B)		(0.03	)		0.04
Net realized and unrealized gain (loss)		2.41			3.91
Total investment operations		2.38			3.95
Dividends and/or distributions to shareholders:
Net investment income		(0.05	)		—
Net realized gains		(2.12	)		(0.37	)
Total dividends and/or distributions to shareholders		(2.17	)		(0.37	)
Net asset value, end of period/year	$	21.38		$	21.17
Total return		11.96	%		22.92	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	14		$	12
Expenses to average net assets		0.94	%		0.93	%(D)
Net investment income (loss) to average net assets		(0.13	)%		0.26	%(D)
Portfolio turnover rate		27	%		35	%

(A)	Commenced operations on December 16, 2016.
(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 2018

Page    541

NOTES TO FINANCIAL STATEMENTS

At October 31, 2018

1. ORGANIZATION

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

Fund	Class
Transamerica Balanced II (“Balanced II”)	I3,R
Transamerica Bond (“Bond”) (A)	A,B,C,I,I2,R6,T1
Transamerica Capital Growth (“Capital Growth”)	A,B,C,I,I2,T1,Advisor
Transamerica Concentrated Growth (“Concentrated Growth”)	A,C,I,I2,T1,Advisor
Transamerica Dividend Focused (“Dividend Focused”)	A,C,I,I2,R6,T1,Advisor
Transamerica Dynamic Allocation (“Dynamic Allocation”)	A,C,I,T1
Transamerica Dynamic Income (“Dynamic Income”)	A,C,I,T1,Advisor
Transamerica Emerging Markets Debt (“Emerging Markets Debt”)	A,C,I,I2,R6,T1,Advisor
Transamerica Emerging Markets Equity (“Emerging Markets Equity”)	A,C,I,I2,T1,Advisor
Transamerica Event Driven (“Event Driven”)	I,I2,Advisor
Transamerica Floating Rate (“Floating Rate”)	A,C,I,I2,T1
Transamerica Global Equity (“Global Equity”)	A,B,C,I,R6,T1,Advisor
Transamerica Government Money Market (“Government Money Market”)	A,B,C,I,I2,I3,R2,R4
Transamerica Growth (“Growth”)	I2,R6
Transamerica High Quality Bond (“‘High Quality Bond”)	I3,R,R4
Transamerica High Yield Bond (“High Yield Bond”)	A,B,C,I,I2,I3,R,R4,R6,T1,Advisor
Transamerica High Yield Muni (“High Yield Muni”)	A,C,I,I2,T1
Transamerica Inflation Opportunities (“Inflation Opportunities”)	A,C,I,I2,R6,T1
Transamerica Inflation-Protected Securities (“Inflation-Protected Securities”)	I3,R,R4
Transamerica Intermediate Bond (“Intermediate Bond”)	I2,I3,R,R4
Transamerica Intermediate Muni (“Intermediate Muni”)	A,C,I,I2,T1,Advisor
Transamerica International Equity (“International Equity”)	A,C,I,I2,I3,R,R4,R6,T1,Advisor
Transamerica International Growth (“International Growth”) (B) (C)	A,I,I2,R6
Transamerica International Small Cap Value (“International Small Cap Value”)	I,I2
Transamerica International Stock (“International Stock”) (D)	A,I,I2,R6
Transamerica Large Cap Value (“Large Cap Value”)	A,C,I,I2,R6,T1,Advisor
Transamerica Large Core (“Large Core”)	I3,R,R4
Transamerica Large Growth (“Large Growth”)	I3,R,R4
Transamerica Large Value Opportunities (“Large Value Opportunities”)	I3,R,R4
Transamerica Mid Cap Growth (“Mid Cap Growth”)	A,C,I,I2,I3,R,R4,T1,Advisor
Transamerica Mid Cap Value Opportunities (“Mid Cap Value Opportunities”)	A,C,I,I2,I3,R,R4,R6,T1,Advisor
Transamerica MLP & Energy Income (“MLP & Energy Income”)	A,C,I,I2,T1,Advisor
Transamerica Multi-Cap Growth (“Multi-Cap Growth”)	A,B,C,I,I2,T1,Advisor
Transamerica Multi-Managed Balanced (“Multi-Managed Balanced”)	A,B,C,I,R6,T1,Advisor
Transamerica Short-Term Bond (“Short-Term Bond”)	A,C,I,I2,R6,T1,Advisor
Transamerica Small Cap Core (“Small Cap Core”)	A,C,I,I2,I3,R,R4,T1,Advisor
Transamerica Small Cap Growth (“Small Cap Growth”)	A,C,I,I2,I3,R,R4,R6,T1,Advisor
Transamerica Small Cap Value (“Small Cap Value”)	A,C,I,I2,I3,R,R4,R6,T1,Advisor
Transamerica Small/Mid Cap Value (“Small/Mid Cap Value”)	A,B,C,I,I2,R6,T1,Advisor
Transamerica Strategic High Income (“Strategic High Income”)	A,C,I,I2,T1,Advisor
Transamerica Unconstrained Bond (“Unconstrained Bond”)	I,I2,Advisor
Transamerica US Growth (“US Growth”)	A,B,C,I,I2,T,T1,Advisor

(A)	Formerly, Transamerica Flexible Income. The Funds’ Board approved the liquidation of the former Transamerica Bond fund. Effective July 2, 2018, the name of the Transamerica Flexible Income fund changed to Transamerica Bond.
(B)	Formerly, Transamerica International Equity Opportunities.
(C)	Class A, Class I and Class R6 commenced operations on March 1, 2018.
(D)	Fund commenced operations on September 28, 2018.

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 from the date of purchase. Class B shares are no longer available to existing investors except for exchanges, and dividend and capital gains reinvestment. Effective September 16, 2018, Class C shares will convert to Class A shares ten years from the date of purchase.

Transamerica Funds Annual Report 2018

Page    542

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

1. ORGANIZATION (continued)

Emerging Markets Debt, Event Driven, High Yield Muni and MLP & Energy Income are “non-diversified” Funds, as defined under the 1940 Act.

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

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

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Foreign currency denominated investments: The accounting records of the Funds are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect

Transamerica Funds Annual Report 2018

Page    543

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

on the date of the respective transaction. Each Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

Security transactions and investment income: Security transactions are accounted for on the trade date. Security gains and losses are calculated on the specific identification basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Funds are informed of the ex-dividend dates, net of foreign taxes. Interest income, if any, 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 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 section of the Notes to Financial Statements for more information.

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

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

Foreign taxes: The Funds may be subject to taxes imposed by the countries in which they invest, with respect to their investments in issuers existing or operating in such countries. The Funds may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Funds accrue such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Funds invest. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

Cash overdraft: 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.

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

Commissions recaptured are included within Net realized gain (loss) within the Statements of Operations. For the year ended October 31, 2018, commissions recaptured are as follows. Funds not listed in the subsequent table do not have any commissions recaptured during the year.

Transamerica Funds Annual Report 2018

Page    544

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Fund	Commissions Recaptured
Capital Growth	$	4,593
Concentrated Growth		1,286
Dividend Focused		18,997
Emerging Markets Equity		259,222
Global Equity		3,305
Growth		6,445
International Equity		96,690
International Small Cap Value		10,138
Large Cap Value		53,226
Large Growth		10,938
Mid Cap Value Opportunities		193,313
Multi-Cap Growth		3,490
Multi-Managed Balanced		13,936
Small Cap Growth		11,849
Small Cap Value		2,184
Small/Mid Cap Value		63,524
Strategic High Income		2,606
US Growth		928

Statement of cash flows: GAAP requires entities providing financial statements that report both a financial position and results of operations to also provide a Statement of Cash Flows for each period for which results of operations are provided, but exempts investment companies meeting certain conditions. These conditions may include the enterprise had little or no debt, based on the average debt outstanding during the year, little or no illiquid investments and little or no investments classified as Level 3 of the fair value hierarchy, in relation to average total assets. Funds with certain degrees of borrowing activity, typically through the use of sale-buyback financing transactions, line of credit borrowing, short sale transactions, illiquid investments, or Level 3 classified securities have been determined to be at a level requiring a Statement of Cash Flows. A Statement of Cash Flows has been prepared for Event Driven using the indirect method which requires net change in net assets resulting from operations to be adjusted to reconcile to net cash flows from operating activities.

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

3. SECURITY VALUATION

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

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

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

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

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

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the “practical expedient” have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Funds’ investments at October 31, 2018, is disclosed within the Security Valuation section of each Fund’s Schedule of Investments.

Transamerica Funds Annual Report 2018

Page    545

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

3. SECURITY VALUATION (continued)

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

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

Equity securities: Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

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

Foreign equity securities: Securities in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, or ETFs and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

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

Securities lending collateral: Securities lending collateral is invested in a money market fund which is valued at the NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

Asset-backed securities: The fair value of asset-backed securities is estimated based on models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

Commercial paper: Commercial paper is valued using amortized cost, which approximates fair value. The values are generally categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

Convertible bonds: The fair value of convertible bonds is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, broker price quotations (where observable), and models incorporating benchmark curves, underlying stock data, and foreign exchange rates. While most convertible bonds are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

Corporate debt securities: The fair value of corporate debt securities is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate debt securities are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

Foreign government obligations: Foreign government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. Foreign government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

Transamerica Funds Annual Report 2018

Page    546

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

3. SECURITY VALUATION (continued)

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.

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

Short-term notes: 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, 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.

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

Transamerica Funds Annual Report 2018

Page    547

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

3. SECURITY VALUATION (continued)

pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. The majority of OTC derivative products valued by the Funds using pricing models fall into this category and are categorized within Level 2 of the fair value hierarchy or Level 3 if inputs are unobservable.

4. SECURITIES AND OTHER INVESTMENTS

Loan participations and assignments: The Funds may invest in direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers, either in the form of participations at the time the loan is originated (“Participations”) or buying an interest in the loan in the secondary market from a financial institution or institutional investor (“Assignments”). Participations and Assignments in commercial loans may be secured or unsecured. These investments may include standby financing commitments, including revolving credit facilities that obligate the Funds to supply additional cash to the borrowers on demand. Loan Participations and Assignments involve risks of insolvency of the lending banks or other financial intermediaries. As such, the Funds assume the credit risks associated with the corporate borrowers and may assume the credit risks associated with the interposed banks or other financial intermediaries.

Each Fund, based on its ability to invest in Loan Participations and Assignments, may be contractually obligated to receive approval from the agent banks and/or borrowers prior to the sale of these investments. The Funds that participate in such syndications, or that can buy a portion of the loans, become part lenders. Loans are often administered by agent banks acting as agents for all holders.

The agent banks administer the terms of the loans, as specified in the loan agreements. In addition, the agent banks are normally responsible for the collection of principal and interest payments from the corporate borrowers and the apportionment of these payments to the credit of all institutions that are parties to the loan agreements. Unless the Funds have direct recourse against the corporate borrowers under the terms of the loans or other indebtedness, the Funds may have to rely on the agent banks or other financial intermediaries to apply appropriate credit remedies against corporate borrowers.

Unfunded commitments represent the remaining obligation of the Funds to the borrower. At any point in time, up to the maturity date of the issue, the borrower may demand the unfunded portion. These unfunded amounts are marked-to-market and any unrealized appreciation (depreciation) are recorded within the Statements of Assets and Liabilities. Funds not listed in the subsequent table do not have any unfunded commitments during the year.

Fund	Principal Commitment		Unrealized Appreciation (Depreciation)
Floating Rate
DentalCorp Perfect Smile ULC, 1st Lien Delayed Draw Term Loan	$	266,762	$	1,162
Heartland Dental, LLC, 2018 Delayed Draw Term Loan		389,348		(2,692	)
Mavis Tire Express Services Corp., 2018 Delayed Draw Term Loan		226,187		(2,167	)
VT Topco, Inc., 2018 Delayed Draw Term Loan		153,480		573
YI, LLC, 2017 1st Lien Delayed Draw Term Loan		322,595		586
Total	$	1,358,372	$	(2,538	)
Unconstrained Bond
Mavis Tire Express Services Corp., Delayed Draw Term Loan	$	36,986	$	(232	)
Total	$	36,986	$	(232	)

Open secured loan participations and assignments at October 31, 2018, if any, are included within the Schedule of Investments.

Payment in-kind (“PIK”) securities: PIKs give the issuer the option of making interest payments in either cash or additional debt securities at each interest payment date. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a “dirty price”) and require a pro-rata adjustment from Total distributable earnings (loss) to Interest within the Statements of Assets and Liabilities.

PIKs held at October 31, 2018, 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

Transamerica Funds Annual Report 2018

Page    548

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

4. SECURITIES AND OTHER INVESTMENTS (continued)

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, 2018, if any, are identified within the Schedule of 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, 2018, 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.

TIPS held at October 31, 2018, if any, are included within the Schedule of Investments. The adjustments, if any, to principal due to inflation/deflation are reflected as increases/decreases to Interest income within the Statements of Operations, with a corresponding adjustment to Investments, at cost within the Statements of Assets and Liabilities.

When-issued, delayed-delivery, forward, and to be announced (“TBA”) commitment transactions: The Funds may purchase or sell securities on a when-issued, delayed-delivery, forward and TBA commitment basis. When-issued and forward commitment transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Funds engage in when-issued and forward commitment transactions to obtain an advantageous price and yield at the time of the transaction. The Funds engage in when-issued and forward commitment transactions for the purpose of acquiring securities, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Funds may be required to pay more at settlement than the security is worth. In addition, the Funds are not entitled to any of the interest earned prior to settlement.

Delayed-delivery transactions involve a commitment by the Funds to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Funds will segregate with their custodian either cash, U.S. government securities, or other liquid assets at least equal to the value or purchase commitments until payment is made. When purchasing a security on a delayed-delivery basis, the Funds assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations. These transactions also involve a risk to the Funds if the other party to the transaction defaults on its obligation to make payment or delivery, and the Funds are delayed or prevented from completing the transaction. The Funds may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain or loss. When the Funds sell a security on a delayed-delivery basis, the Funds do not participate in future gains and losses on the security.

TBA commitments are entered into to purchase or sell securities for a fixed price at a future date, typically not to exceed 45 days. TBAs are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines, or the value of the security sold increases, prior to settlement date, in addition to the risk of decline in the value of 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, 2018, if any, are identified within the Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery, forward and TBA commitments purchased or sold within the Statements of Assets and Liabilities.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by their investment policies, to raise additional cash to be invested in other securities or

Transamerica Funds Annual Report 2018

Page    549

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

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

Interfund lending: The Funds, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Funds to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which place limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. As of October 31, 2018, 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, 2018.

Repurchase agreements at October 31, 2018, if any, are included within the Schedule of Investments and Statements of Assets and Liabilities.

Securities lending: Securities are lent to qualified financial institutions and brokers. State Street serves as securities lending agent to the Funds pursuant to a Securities Lending Agreement. The lending of securities exposes the Funds to risks such as, the borrowers may fail to return the loaned securities, 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 in Net income from securities lending within the Statements of Operations and is net of fees and rebates earned by the lending agent for its services.

The value of loaned securities and related collateral outstanding at October 31, 2018, if any, are shown on a gross basis within the Schedule of Investments and Statements of Assets and Liabilities.

Short sales: A short sale is a transaction in which the Funds sell securities they do not own, but have borrowed, in anticipation of a decline in the fair market value of the securities. The Funds are obligated to replace the borrowed securities at the market price at the time of replacement. The Funds’ obligation to replace the securities borrowed in connection with a short sale is fully secured by collateral deposited with the custodian. In addition, the Funds consider the short sale to be a borrowing by the Funds that is subject to the asset coverage requirements of the 1940 Act. Short sales represent an aggressive trading practice with a high risk/return potential, and short sales involve special considerations. Risks of short sales include that possible losses from short sales may be unlimited (e.g., if the price of stocks sold short rises), whereas losses from direct purchases of securities are limited to the total amount invested, and the Funds may be unable to replace borrowed securities sold short.

The Funds investing in short sales are liable for any dividends and/or interest payable on securities in a short position and these payables, if any, are reflected as Dividends, interest and fees for borrowings from securities sold short within the Statements of Assets

Transamerica Funds Annual Report 2018

Page    550

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

and Liabilities. The Funds also bear other costs, such as charges for the prime brokerage accounts, in connection with short positions. These costs are reported as Dividends, interest and fees for borrowings from securities sold short within the Statements of Operations.

Open short sale transactions at October 31, 2018, if any, are included within the Schedule of Investments and are reflected in Securities sold short, at value within the Statements of Assets and Liabilities.

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, 2018. Funds not listed in the subsequent table have not entered into secured borrowing transactions.

	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Less Than 30 Days		Between 30 & 90 Days		Greater Than 90 Days		Total
Balanced II
Securities Lending Transactions
Common Stocks	$	189,772	$	—	$	—	$	—	$	189,772
Corporate Debt Securities		334,003		—		—		—		334,003
Foreign Government Obligations		316,577		—		—		—		316,577
Total Securities Lending Transactions	$	840,352	$	—	$	—	$	—	$	840,352
Total Borrowings	$	840,352	$	—	$	—	$	—	$	840,352
Bond
Securities Lending Transactions
Corporate Debt Securities	$	12,201,208	$	—	$	—	$	—	$	12,201,208
Total Borrowings	$	12,201,208	$	—	$	—	$	—	$	12,201,208
Capital Growth
Securities Lending Transactions
Common Stocks	$	17,317,496	$	—	$	—	$	—	$	17,317,496
Total Borrowings	$	17,317,496	$	—	$	—	$	—	$	17,317,496
Dividend Focused
Securities Lending Transactions
Common Stocks	$	3,206,531	$	—	$	—	$	—	$	3,206,531
Total Borrowings	$	3,206,531	$	—	$	—	$	—	$	3,206,531
Dynamic Allocation
Securities Lending Transactions
Exchange-Traded Funds	$	5,502,628	$	—	$	—	$	—	$	5,502,628
Total Borrowings	$	5,502,628	$	—	$	—	$	—	$	5,502,628
Dynamic Income
Securities Lending Transactions
Exchange-Traded Funds	$	15,250,521	$	—	$	—	$	—	$	15,250,521
Investment Companies		7,001,091		—		—		—		7,001,091
Total Securities Lending Transactions	$	22,251,612	$	—	$	—	$	—	$	22,251,612
Total Borrowings	$	22,251,612	$	—	$	—	$	—	$	22,251,612
Emerging Markets Debt
Securities Lending Transactions
Corporate Debt Securities	$	32,480,400	$	—	$	—	$	—	$	32,480,400
Foreign Government Obligations		13,810,548		—		—		—		13,810,548
Common Stocks		1,258,545		—		—		—		1,258,545
Total Securities Lending Transactions	$	47,549,493	$	—	$	—	$	—	$	47,549,493
Total Borrowings	$	47,549,493	$	—	$	—	$	—	$	47,549,493

Transamerica Funds Annual Report 2018

Page    551

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

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
Emerging Markets Equity
Securities Lending Transactions
Common Stocks	$	2,100,000	$	—	$	—	$	—	$	2,100,000
Total Borrowings	$	2,100,000	$	—	$	—	$	—	$	2,100,000
Event Driven
Securities Lending Transactions
Common Stocks	$	657,287	$	—	$	—	$	—	$	657,287
Convertible Bonds		471,728		—		—		—		471,728
Corporate Debt Securities		1,211,752		—		—		—		1,211,752
Total Securities Lending Transactions	$	2,340,767	$	—	$	—	$	—	$	2,340,767
Total Borrowings	$	2,340,767	$	—	$	—	$	—	$	2,340,767
Floating Rate
Securities Lending Transactions
Corporate Debt Securities	$	3,443,420	$	—	$	—	$	—	$	3,443,420
Total Borrowings	$	3,443,420	$	—	$	—	$	—	$	3,443,420
Global Equity
Securities Lending Transactions
Common Stocks	$	265,926	$	—	$	—	$	—	$	265,926
Total Borrowings	$	265,926	$	—	$	—	$	—	$	265,926
Growth
Securities Lending Transactions
Common Stocks	$	2,232,765	$	—	$	—	$	—	$	2,232,765
Total Borrowings	$	2,232,765	$	—	$	—	$	—	$	2,232,765
High Quality Bond
Securities Lending Transactions
Corporate Debt Securities	$	2,976,678	$	—	$	—	$	—	$	2,976,678
Total Borrowings	$	2,976,678	$	—	$	—	$	—	$	2,976,678
High Yield Bond
Securities Lending Transactions
Corporate Debt Securities	$	121,929,013	$	—	$	—	$	—	$	121,929,013
Total Borrowings	$	121,929,013	$	—	$	—	$	—	$	121,929,013
Inflation Opportunities
Securities Lending Transactions
Corporate Debt Securities	$	177,210	$	—	$	—	$	—	$	177,210
Total Borrowings	$	177,210	$	—	$	—	$	—	$	177,210
Inflation-Protected Securities
Securities Lending Transactions
Corporate Debt Securities	$	215,820	$	—	$	—	$	—	$	215,820
Total Borrowings	$	215,820	$	—	$	—	$	—	$	215,820

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NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

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
Intermediate Bond
Securities Lending Transactions
Corporate Debt Securities	$	19,793,678	$	—	$	—	$	—	$	19,793,678
Foreign Government Obligations		7,738,876		—		—		—		7,738,876
U.S. Government Obligations		10,314,189		—		—		—		10,314,189
Total Securities Lending Transactions	$	37,846,743	$	—	$	—	$	—	$	37,846,743
Total Borrowings	$	37,846,743	$	—	$	—	$	—	$	37,846,743
International Equity
Securities Lending Transactions
Common Stocks	$	100,261,093	$	—	$	—	$	—	$	100,261,093
Total Borrowings	$	100,261,093	$	—	$	—	$	—	$	100,261,093
International Small Cap Value
Securities Lending Transactions
Common Stocks	$	6,587,825	$	—	$	—	$	—	$	6,587,825
Total Borrowings	$	6,587,825	$	—	$	—	$	—	$	6,587,825
Large Growth
Securities Lending Transactions
Common Stocks	$	12,463,342	$	—	$	—	$	—	$	12,463,342
Total Borrowings	$	12,463,342	$	—	$	—	$	—	$	12,463,342
Mid Cap Growth
Securities Lending Transactions
Common Stocks	$	3,739,239	$	—	$	—	$	—	$	3,739,239
Total Borrowings	$	3,739,239	$	—	$	—	$	—	$	3,739,239
Mid Cap Value Opportunities
Securities Lending Transactions
Common Stocks	$	18,058,500	$	—	$	—	$	—	$	18,058,500
Total Borrowings	$	18,058,500	$	—	$	—	$	—	$	18,058,500
MLP & Energy Income
Securities Lending Transactions
Common Stocks	$	18,867,926	$	—	$	—	$	—	$	18,867,926
Total Borrowings	$	18,867,926	$	—	$	—	$	—	$	18,867,926
Multi-Managed Balanced
Securities Lending Transactions
Common Stocks	$	2,431,075	$	—	$	—	$	—	$	2,431,075
Corporate Debt Securities		1,184,486		—		—		—		1,184,486
Foreign Government Obligations		1,397,302		—		—		—		1,397,302
Total Securities Lending Transactions	$	5,012,863	$	—	$	—	$	—	$	5,012,863
Total Borrowings	$	5,012,863	$	—	$	—	$	—	$	5,012,863
Short-Term Bond
Securities Lending Transactions
Corporate Debt Securities	$	19,045,930	$	—	$	—	$	—	$	19,045,930
Total Borrowings	$	19,045,930	$	—	$	—	$	—	$	19,045,930

Transamerica Funds Annual Report 2018

Page    553

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

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 Core
Securities Lending Transactions
Common Stocks	$	6,782,725	$	—	$	—	$	—	$	6,782,725
Total Borrowings	$	6,782,725	$	—	$	—	$	—	$	6,782,725
Small Cap Growth
Securities Lending Transactions
Common Stocks	$	10,397,096	$	—	$	—	$	—	$	10,397,096
Total Borrowings	$	10,397,096	$	—	$	—	$	—	$	10,397,096
Small/Mid Cap Value
Securities Lending Transactions
Common Stocks	$	18,641,814	$	—	$	—	$	—	$	18,641,814
Total Borrowings	$	18,641,814	$	—	$	—	$	—	$	18,641,814
Strategic High Income
Securities Lending Transactions
Common Stocks	$	1	$	—	$	—	$	—	$	1
Corporate Debt Securities		5,466,955		—		—		—		5,466,955
Total Securities Lending Transactions	$	5,466,956	$	—	$	—	$	—	$	5,466,956
Total Borrowings	$	5,466,956	$	—	$	—	$	—	$	5,466,956
Unconstrained Bond
Securities Lending Transactions
Corporate Debt Securities	$	25,155,965	$	—	$	—	$	—	$	25,155,965
Preferred Stocks		1,040,213		—		—		—		1,040,213
Total Securities Lending Transactions	$	26,196,178	$	—	$	—	$	—	$	26,196,178
Total Borrowings	$	26,196,178	$	—	$	—	$	—	$	26,196,178
US Growth
Securities Lending Transactions
Common Stocks	$	104,328	$	—	$	—	$	—	$	104,328
Total Borrowings	$	104,328	$	—	$	—	$	—	$	104,328

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 exposure to certain market risks, including:

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

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

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

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

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NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

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

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

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

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

Option contracts: The Funds are subject to equity risk, interest rate risk, and foreign exchange rate risk in the normal course of pursuing their investment objectives. The Funds, with the exception of High Yield Bond and Government Money Market, may enter into option contracts to manage exposure to various market fluctuations. The Funds may purchase or write call and put options on securities and derivative instruments in which each Fund owns or may invest. Options are valued at the average of the bid and ask price established each day at the close of the board of trade or exchange on which they are traded. Options are marked-to-market daily to reflect the current value of the option. The primary risks associated with options are an imperfect correlation between the change in value of the securities held and the prices of the option contracts, the possibility of an illiquid market, and an inability of the counterparty to meet the contract terms. Options can be traded through an exchange or through privately negotiated arrangements with a dealer in an OTC transaction. Options traded on an exchange are generally cleared through a clearinghouse such as the Options Clearing Corp.

Options on exchange-traded funds and/or securities: The Funds may purchase or write options on ETFs and/or securities. Purchasing or writing options on ETFs and/or securities gives the Funds the right, but not the obligation to buy or sell a specified ETF and/or security as an underlying instrument for the option contract.

Options on foreign currency: The Funds may purchase or write foreign currency options. Purchasing or writing options on foreign currency gives the Funds the right, but not the obligation to buy or sell the currency and will specify the amount of currency and a rate of exchange that may be exercised by a specified date.

Options on indices: The Funds may purchase or write options on indices. Purchasing or writing an option on indices gives the Funds the right, but not the obligation to buy or sell the cash from the underlying index. The exercise of the option will result in a cash transfer and gain or loss depends on the change in the underlying index.

Options on futures: The Funds may purchase or write options on futures. Purchasing or writing options on futures gives the Funds the right, but not obligation to buy or sell a position on a futures contract at the specified option exercise price at any time during the period of the option.

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.

Transamerica Funds Annual Report 2018

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NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

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

Open option contracts at October 31, 2018, if any, are included within the 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 bilateral privately negotiated arrangement with a dealer in an OTC transaction or executed on a regular market. Certain swaps regardless of the venue of execution are required to be cleared through a clearinghouse (“centrally cleared swap agreements”). Centrally cleared swap agreements listed or traded on a multilateral platform, are valued at the daily settlement price determined by the corresponding exchange. For centrally cleared credit default swap agreements the clearing exchange requires all members to provide applicable levels across complete term levels. Centrally cleared interest rate swap agreements are valued using a pricing model that references the underlying rates including but not limited to the overnight index swap rate and London Interbank Offered Rate (“LIBOR”) forward rate to calculate the daily settlement price. The Funds, with the exception of Government Money Market, may enter into credit default, cross-currency, interest rate, total return, and other forms of swap agreements to manage exposure to credit, currency, interest rate, and commodity risks. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Centrally cleared swap agreements are marked-to-market daily based upon values from third party vendors, which may include a registered exchange, or quotations from market makers to the extent available and the change in value, if any, is recorded as Variation margin receivable (payable) on centrally cleared swap agreements within the Statements of Assets and Liabilities.

For OTC swap agreements, payments received or made at the beginning of the measurement period are reflected in OTC swap agreements, at value within the Statements of Assets and Liabilities and represent payments made or received upon entering into the swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Additionally, these upfront payments, as well as any periodic payments received or paid by the Fund, including any liquidation payment received or made at the termination of the swap are recorded as part of Net realized gain (loss) on swap agreements within the Statements of Operations.

Interest rate swap agreements: The Funds are subject to interest rate risk exposure in the normal course of pursuing their investment objectives. Because the Funds hold fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk, the Funds enter into interest rate swap agreements. Under an interest rate swap agreement, two parties will exchange cash flows based on a notional principal amount. Funds with interest rate agreements can elect to pay a fixed rate and receive a floating rate, or receive a fixed rate and pay a floating rate, on a notional principal amount. The risks of interest rate swap agreements include changes in market conditions which will affect the value of the contract or the cash flows, and the possible inability of the counterparty to fulfill its obligations under the agreement. The Funds’ maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparties over the contracts’ remaining lives, to the extent that amount is positive. This risk is mitigated by having a master netting arrangement between the Funds and the counterparty, and by the posting of collateral.

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, 2018, 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, 2018, 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

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NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

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

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, 2018, if any, are listed within the Schedule of Investments. Variation margin, if applicable, is shown in Variation margin receivable or payable on futures contracts within the Statements of Assets and Liabilities.

Forward foreign currency contracts: The Funds are subject to foreign exchange rate risk exposure in the normal course of pursuing their investment objectives. The Funds, with the exception of Government Money Market, may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Additionally, Bond utilizes forward foreign currency contracts for speculative purposes. Forward foreign currency contracts are marked-to-market daily, with the change in value recorded as an unrealized gain or loss and is shown in Unrealized appreciation (depreciation) on forward foreign currency contracts within the Statements of Assets and Liabilities. When the contracts are settled, a realized gain or loss is incurred and is shown in Net realized gain (loss) on forward foreign currency contracts within the Statements of Operations. Risks may arise from changes in market value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts. Forward foreign currency contracts are traded in the OTC inter-bank currency dealer market.

Open forward foreign currency contracts at October 31, 2018, 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, 2018. Funds not listed in the subsequent tables do not have derivative investments during the year.

Asset Derivatives
Fund/Location	Interest Rate Contracts		Foreign Exchange Contracts		Equity Contracts		Credit Contracts		Commodity Contracts		Total
Balanced II
Futures contracts:
Total distributable earnings (A) (B)	$	—	$	—	$	9,071	$	—	$	—	$	9,071
Total	$	—	$	—	$	9,071	$	—	$	—	$	9,071
Capital Growth
Options and swaptions:
Purchased options and swaptions (A) (C)	$	—	$	3,431,148	$	—	$	—	$	—	$	3,431,148
Total	$	—	$	3,431,148	$	—	$	—	$	—	$	3,431,148
Dynamic Allocation
Options and swaptions:
Purchased options and swaptions (A) (C)	$	—	$	—	$	182,723	$	—	$	—	$	182,723
Total	$	—	$	—	$	182,723	$	—	$	—	$	182,723
Emerging Markets Debt
Forward foreign currency contracts:
Unrealized appreciation on forward foreign currency contracts	$	—	$	832,279	$	—	$	—	$	—	$	832,279
Total	$	—	$	832,279	$	—	$	—	$	—	$	832,279
Event Driven
Options and swaptions:
Purchased options and swaptions (A) (C)	$	—	$	—	$	218,491	$	—	$	—	$	218,491
OTC Swaps:
OTC swap agreements, at value		57,394		—		—		—		—		57,394
Forward foreign currency contracts:
Unrealized appreciation on forward foreign currency contracts		—		34,681		—		—		—		34,681
Total	$	57,394	$	34,681	$	218,491	$	—	$	—	$	310,566

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NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

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 Opportunities
Forward foreign currency contracts:
Unrealized appreciation on forward foreign currency contracts	$	—		$	609,167		$	—		$	—	$	—	$	609,167
Total	$	—		$	609,167		$	—		$	—	$	—	$	609,167
Inflation-Protected Securities
Forward foreign currency contracts:
Unrealized appreciation on forward foreign currency contracts	$	—		$	305,035		$	—		$	—	$	—	$	305,035
Total	$	—		$	305,035		$	—		$	—	$	—	$	305,035
Unconstrained Bond
Futures contracts:
Total distributable earnings (A) (B)	$	1,586,414		$	—		$	—		$	—	$	—	$	1,586,414
Forward foreign currency contracts:
Unrealized appreciation on forward foreign currency contracts		—			241,906			—			—		—		241,906
Total	$	1,586,414		$	241,906		$	—		$	—	$	—	$	1,828,320
Liability Derivatives
Fund/Location	Interest Rate Contracts			Foreign Exchange Contracts			Equity Contracts			Credit Contracts		Commodity Contracts		Total
Emerging Markets Debt
Forward foreign currency contracts:
Unrealized depreciation on forward foreign currency contracts	$	—		$	(1,235,306	)	$	—		$	—	$	—	$	(1,235,306	)
Total	$	—		$	(1,235,306	)	$	—		$	—	$	—	$	(1,235,306	)
Event Driven
Options and swaptions:
Written options and swaptions, at value (A)	$	—		$	—		$	(8,330	)	$	—	$	—	$	(8,330	)
OTC Swaps:
OTC swap agreements, at value		(18,303	)		—			—			—		—		(18,303	)
Futures contracts:
Total distributable earnings (A) (B)		(10,073	)		—			—			—		—		(10,073	)
Forward foreign currency contracts:
Unrealized depreciation on forward foreign currency contracts		—			(1,554	)		—			—		—		(1,554	)
Total	$	(28,376	)	$	(1,554	)	$	(8,330	)	$	—	$	—	$	(38,260	)
Inflation Opportunities
Forward foreign currency contracts:
Unrealized depreciation on forward foreign currency contracts	$	—		$	(18,067	)	$	—		$	—	$	—	$	(18,067	)
Total	$	—		$	(18,067	)	$	—		$	—	$	—	$	(18,067	)
Inflation-Protected Securities
Forward foreign currency contracts:
Unrealized depreciation on forward foreign currency contracts	$	—		$	(29,499	)	$	—		$	—	$	—	$	(29,499	)
Total	$	—		$	(29,499	)	$	—		$	—	$	—	$	(29,499	)
Multi-Managed Balanced
Futures contracts:
Total distributable earnings (A) (B)	$	—		$	—		$	(210,367	)	$	—	$	—	$	(210,367	)
Total	$	—		$	—		$	(210,367	)	$	—	$	—	$	(210,367	)

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

Transamerica Funds Annual Report 2018

Page    558

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

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, 2018.

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	$	—		$	—		$	68,133		$	—	$	—	$	68,133
Total	$	—		$	—		$	68,133		$	—	$	—	$	68,133
Capital Growth
Purchased options and swaptions (A)	$	—		$	(1,160,988	)	$	—		$	—	$	—	$	(1,160,988	)
Total	$	—		$	(1,160,988	)	$	—		$	—	$	—	$	(1,160,988	)
Dynamic Allocation
Purchased options and swaptions (A)	$	—		$	—		$	(180,699	)	$	—	$	—	$	(180,699	)
Total	$	—		$	—		$	(180,699	)	$	—	$	—	$	(180,699	)
Emerging Markets Debt
Forward foreign currency contracts	$	—		$	1,398,666		$	—		$	—	$	—	$	1,398,666
Total	$	—		$	1,398,666		$	—		$	—	$	—	$	1,398,666
Event Driven
Purchased options and swaptions (A)	$	—		$	—		$	1,991,436		$	—	$	—	$	1,991,436
Written options and swaptions		—			—			(1,714,412	)		—		—		(1,714,412	)
Swap agreements		(416,478	)		—			—			—		—		(416,478	)
Futures contracts		(20,868	)		—			(138,050	)		—		—		(158,918	)
Forward foreign currency contracts		—			(591,228	)		—			—		—		(591,228	)
Total	$	(437,346	)	$	(591,228	)	$	138,974		$	—	$	—	$	(889,600	)
Inflation Opportunities
Forward foreign currency contracts	$	—		$	866,439		$	—		$	—	$	—	$	866,439
Total	$	—		$	866,439		$	—		$	—	$	—	$	866,439
Inflation-Protected Securities
Purchased options and swaptions (A)	$	22,069		$	12,084		$	—		$	—	$	—	$	34,153
Written options and swaptions		(137,494	)		18,611			—			—		—		(118,883	)
Swap agreements		305,991			—			—			—		—		305,991
Futures contracts		507,953			—			—			—		—		507,953
Forward foreign currency contracts		—			202,001			—			—		—		202,001
Total	$	698,519		$	232,696		$	—		$	—	$	—	$	931,215
Multi-Managed Balanced
Futures contracts	$	—		$	—		$	101,217		$	—	$	—	$	101,217
Total	$	—		$	—		$	101,217		$	—	$	—	$	101,217
Unconstrained Bond
Futures contracts	$	3,959,047		$	—		$	—		$	—	$	—	$	3,959,047
Forward foreign currency contracts		—			(805,115	)		—			—		—		(805,115	)
Total	$	3,959,047		$	(805,115	)	$	—		$	—	$	—	$	3,153,932
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	$	—		$	—		$	4,881		$	—	$	—	$	4,881
Total	$	—		$	—		$	4,881		$	—	$	—	$	4,881

Transamerica Funds Annual Report 2018

Page    559

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

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
Capital Growth
Purchased options and swaptions (B)	$	—		$	(7,127	)	$	—		$	—	$	—	$	(7,127	)
Total	$	—		$	(7,127	)	$	—		$	—	$	—	$	(7,127	)
Dynamic Allocation
Purchased options and swaptions (B)	$	—		$	—		$	93,251		$	—	$	—	$	93,251
Total	$	—		$	—		$	93,251		$	—	$	—	$	93,251
Emerging Markets Debt
Forward foreign currency contracts	$	—		$	(70,184	)	$	—		$	—	$	—	$	(70,184	)
Total	$	—		$	(70,184	)	$	—		$	—	$	—	$	(70,184	)
Event Driven
Purchased options and swaptions (B)	$	—		$	—		$	(64,967	)	$	—	$	—	$	(64,967	)
Written options and swaptions		—			—			31,292			—		—		31,292
Swap agreements		375,816			—			—			—		—		375,816
Futures contracts		(23,168	)		—			—			—		—		(23,168	)
Forward foreign currency contracts		—			111,826			—			—		—		111,826
Total	$	352,648		$	111,826		$	(33,675	)	$	—	$	—	$	430,799
Inflation Opportunities
Forward foreign currency contracts	$	—		$	150,516		$	—		$	—	$	—	$	150,516
Total	$	—		$	150,516		$	—		$	—	$	—	$	150,516
Inflation-Protected Securities
Purchased options and swaptions (B)	$	47,993		$	—		$	—		$	—	$	—	$	47,993
Written options and swaptions		14,353			—			—			—		—		14,353
Swap agreements		(173,641	)		—			—			—		—		(173,641	)
Futures contracts		(16,541	)		—			—			—		—		(16,541	)
Forward foreign currency contracts		—			37,375			—			—		—		37,375
Total	$	(127,836	)	$	37,375		$	—		$	—	$	—	$	(90,461	)
Multi-Managed Balanced
Futures contracts	$	—		$	—		$	(255,441	)	$	—	$	—	$	(255,441	)
Total	$	—		$	—		$	(255,441	)	$	—	$	—	$	(255,441	)
Unconstrained Bond
Futures contracts	$	965,707		$	—		$	—		$	—	$	—	$	965,707
Forward foreign currency contracts		—			241,906			—			—		—		241,906
Total	$	965,707		$	241,906		$	—		$	—	$	—	$	1,207,613

(A)	Included within Net realized gain (loss) on Investments in the Statement of Operations.
(B)	Included within Net change in unrealized appreciation (depreciation) on Investments in the Statement of Operations.

The following is a summary of the ending monthly average volume on derivative activity during the year ended October 31, 2018.

	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	$	—	$	—	$	—		$	—		$	—		231		—		$	—	$	—	$	—
Capital Growth		979,228		—		—			—			—		—		—			—		—		—
Dynamic Allocation		—		113,134		—			—			—		—		—			—		—		—
Emerging Markets Debt		—		—		—			—			—		—		—			86,457,419		54,509,031		—
Event Driven		298,404		236,197		(26,814	)		(42,331	)		8,876,923		—		(577,141	)		536,976		22,550,056		—

Transamerica Funds Annual Report 2018

Page    560

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

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
Inflation Opportunities	$	—	$	—	$	—		$	—		$	—		—		—		$	1,766,613	$	28,541,591	$	—
Inflation-Protected Securities		4,565		292,698		(37,267	)		(140,382	)		60,887,025		18,076,923		(24,255,769	)		1,518,817		12,403,527		1,246,323
Multi-Managed Balanced		—		—		—			—			—		1,592		—			—		—		—
Unconstrained Bond		—		—		—			—			—		—		(91,976,923	)		6,336,993		6,712,481		—

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 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 purposes, 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 by 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 has been 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, 2018. For financial reporting purposes, the Funds do not offset assets and liabilities that are subject to a master netting agreement or similar arrangement on the Statements of Assets and Liabilities. See the Repurchase agreement section within the notes for offsetting and collateral information pertaining to repurchase agreements that are subject to master netting agreements. Funds not listed in the subsequent tables do not have master netting agreements for open derivative positions during the year.

	Gross Amounts of Assets Presented within Statements of Assets and Liabilities (A)		Gross Amounts Not Offset within Statements of Assets and Liabilities						Gross Amounts of Liabilities Presented within Statements of Assets and Liabilities (A)		Gross Amounts Not Offset within Statements of Assets and Liabilities
Counterparty			Financial Instruments		Collateral Received (B)		Net Amount				Financial Instruments		Collateral Pledged (B)		Net Amount
	Assets								Liabilities
Capital Growth
Royal Bank of Scotland PLC	$	3,431,148	$	—	$	—	$	3,431,148	$	—	$	—	$	—	$	—
Total	$	3,431,148	$	—	$	—	$	3,431,148	$	—	$	—	$	—	$	—

Transamerica Funds Annual Report 2018

Page    561

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

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

	Gross Amounts of Assets Presented within Statements of Assets and Liabilities (A)		Gross Amounts Not Offset within Statements of Assets and Liabilities							Gross Amounts of Liabilities Presented within Statements of Assets and Liabilities (A)		Gross Amounts Not Offset within Statements of Assets and Liabilities
Counterparty			Financial Instruments			Collateral Received (B)		Net Amount				Financial Instruments			Collateral Pledged (B)		Net Amount
	Assets									Liabilities
Emerging Markets Debt
Other Derivatives (C)	$	832,279	$	—		$	—	$	832,279	$	1,235,306	$	—		$	—	$	1,235,306
Total	$	832,279	$	—		$	—	$	832,279	$	1,235,306	$	—		$	—	$	1,235,306
Event Driven
Citibank N.A.	$	57,394	$	(18,303	)	$	—	$	39,091	$	18,303	$	(18,303	)	$	—	$	—
Other Derivatives (C)		253,172		—			—		253,172		19,957		—			—		19,957
Total	$	310,566	$	(18,303	)	$	—	$	292,263	$	38,260	$	(18,303	)	$	—	$	19,957
Inflation Opportunities
J.P. Morgan Securities LLC	$	609,167	$	(18,067	)	$	—	$	591,100	$	18,067	$	(18,067	)	$	—	$	—
Total	$	609,167	$	(18,067	)	$	—	$	591,100	$	18,067	$	(18,067	)	$	—	$	—
Inflation-Protected Securities
J.P. Morgan Securities LLC	$	305,035	$	(29,499	)	$	—	$	275,536	$	29,499	$	(29,499	)	$	—	$	—
Total	$	305,035	$	(29,499	)	$	—	$	275,536	$	29,499	$	(29,499	)	$	—	$	—
Unconstrained Bond
Goldman Sachs & Co.	$	241,906	$	—		$	—	$	241,906	$	—	$	—		$	—	$	—
Other Derivatives (C)		1,586,414		—			—		1,586,414		—		—			—		—
Total	$	1,828,320	$	—		$	—	$	1,828,320	$	—	$	—		$	—	$	—

(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 involves certain key risks related to the Funds’ trading activity. Please reference the Funds’ prospectuses for a more complete discussion of the following risks, as well as other risks of investing in the Funds.

Emerging market risk: Investments in the securities of issuers located in or principally doing business in emerging markets are subject to heightened foreign investments risks. Emerging market countries tend to have economic, political and legal systems 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 their 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 less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Fund fall, the value of your investment will go down. The value of your investment will generally go down when interest rates rise. Interest rates have been at historically low levels, so the Fund faces a heightened risk that interest rates may rise. A general rise in interest rates may cause investors to move out of fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities. A rise in rates tends to have a greater impact on the prices of longer term or duration securities.

Foreign investment risk: Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries in which the Portfolio may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the Portfolio’s 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.

Transamerica Funds Annual Report 2018

Page    562

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

7. RISK FACTORS (continued)

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 a Fund. At times, the performance of securities of companies in the energy, natural resources and real estate sectors of the economy may lag the performance of other sectors or the broader market as a whole. The yields for equity and debt securities of MLPs and other issuers in the energy sector are susceptible in the short-term to fluctuations in interest rates and the value of the Fund’s investments in such securities may decline if interest rates rise. The value of a Fund’s investment in MLPs depends to a significant extent on the MLPs being treated as partnerships for U.S. federal income tax purposes. If an MLP does not meet the legal requirements to maintain partnership status, it could be taxed as a corporation and there could be a material decrease in the value of its securities.

Mortgage-related and asset-backed security risk: The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. Mortgage-backed securities may be issued by private issuers, by government-sponsored entities such as Fannie Mae (formally known as Federal National Mortgage Association) or Freddie Mac (formally known as Federal Home Loan Mortgage Corporation) or by agencies of the U.S. government, such as the Government National Mortgage Association (“Ginnie Mae”). Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Unlike mortgage-related securities issued or guaranteed by agencies of the U.S. government or government-sponsored entities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other underwriting characteristics. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. Certain asset-backed securities present a heightened level of risk because, in the event of default, the liquidation value of the underlying assets may be inadequate to pay any unpaid principal or interest. 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.

Transamerica Funds Annual Report 2018

Page    563

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

7. RISK FACTORS (continued)

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 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 Portfolio will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT’s failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Portfolio.

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

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.

Aegon USA Investment Management LLC (“AUIM”) is both an affiliate and a sub-adviser of Balanced II, Bond, Floating Rate, Government Money Market, High Yield Bond, Intermediate Bond, Multi-Managed Balanced, and Short-Term Bond.

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.

Transamerica Funds Annual Report 2018

Page    564

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

As of October 31, 2018, the investment manager and/or other affiliated investment accounts held balances of each Fund as follows.

Fund	Account Balance		Percentage of Net Assets
Balanced II	$	132,233,713		100.00	%
Bond		102,323,239		16.01
Capital Growth		154,224,275		10.86
Concentrated Growth		146,584,817		77.75
Dividend Focused		521,187,259		87.61
Dynamic Allocation		376,344		1.93
Dynamic Income		22,063		0.01
Emerging Markets Debt		155,660,156		23.07
Emerging Markets Equity		816,507,862		94.93
Event Driven		115,309,962		98.78
Floating Rate		486,959,299		67.64
Global Equity		971,912		0.92
Government Money Market		1,033,758,336		84.75
Growth		187,247,102		93.98
High Quality Bond		282,648,925		100.00
High Yield Bond		1,153,459,191		82.20
High Yield Muni		20,691		0.02
Inflation Opportunities		126,104,588		83.05
Inflation-Protected Securities		137,802,622		100.00
Intermediate Bond		2,901,057,215		98.49
Intermediate Muni		30,754		0.00	(A)
International Equity		2,100,986,841		38.75

Fund	Account Balance		Percentage of Net Assets
International Growth	$	1,192,051,738		97.99	%
International Small Cap Value		431,950,973		59.06
International Stock		1,837,404		100.00
Large Cap Value		1,679,165,924		75.85
Large Core		263,055,999		98.29
Large Growth		790,002,383		98.75
Large Value Opportunities		596,476,047		99.59
Mid Cap Growth		57,545,569		79.73
Mid Cap Value Opportunities		930,350,031		57.98
MLP & Energy Income		242,317,940		75.94
Multi-Cap Growth		159,966,520		56.42
Multi-Managed Balanced		7,281,455		0.76
Short-Term Bond		197,274,965		6.97
Small Cap Core		212,030,777		97.76
Small Cap Growth		79,674,785		55.34
Small Cap Value		243,474,201		96.13
Small/Mid Cap Value		45,336,156		5.49
Strategic High Income		31,649		0.02
Unconstrained Bond		706,622,351		99.39
US Growth		207,257,644		19.58

(A) Rounds to less than 0.01%.

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

Each Fund pays a management fee to TAM based on daily Average Net Assets (“ANA”) at the following rates:

Fund	Rate
Balanced II		0.4800	%
Bond
Effective July 2, 2018
First $500 million		0.4100
Over $500 million up to $1 billion		0.3900
Over $1 billion up to $1.5 billion		0.3800
Over $1.5 billion		0.3750
Prior to July 2, 2018
First $250 million		0.5050
Over $250 million up to $350 million		0.4550
Over $350 million		0.4300
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

Fund	Rate
Dividend Focused
Effective August 1, 2018
First $200 million		0.7800	%
Over $200 million up to $500 million		0.6800
Over $500 million up to $1.5 billion		0.6300
Over $1.5 billion up to $2.5 billion		0.5900
Over $2.5 billion		0.5800
Prior to August 1, 2018
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

Transamerica Funds Annual Report 2018

Page    565

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Fund	Rate
Emerging Markets Debt
First $400 million		0.6300	%
Over $400 million		0.6100
Emerging Markets Equity
Effective July 2, 2018
First $250 million		0.9500
Over $250 million up to $500 million		0.9100
Over $500 million up to $1 billion		0.8600
Over $1 billion		0.8400
Prior to July 2, 2018
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
Floating Rate
First $1 billion		0.6400
Over $1 billion up to $1.5 billion		0.6200
Over $1.5 billion up to $2 billion		0.6000
Over $2 billion		0.5900
Global Equity
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
First $1 billion		0.2500
Over $1 billion up to $3 billion		0.2400
Over $3 billion		0.2300
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		0.3800
High Yield Bond
First $1.25 billion		0.5800
Over $1.25 billion up to $2 billion		0.5550
Over $2 billion		0.5300
High Yield Muni
First $500 million		0.5400
Over $500 million up to $1 billion		0.5300
Over $1 billion		0.5000
Inflation Opportunities
First $200 million		0.5800
Over $200 million up to $500 million		0.5700
Over $500 million		0.5400

Fund	Rate
Inflation-Protected Securities		0.3800	%
Intermediate Bond
Effective August 1, 2018
First $2 billion		0.3800
Over $2 billion up to $3.5 billion		0.3650
Over $3.5 billion up to $5 billion		0.3600
Over $5 billion		0.3550
Prior to August 1, 2018
First $2 billion		0.3800
Over $2 billion		0.3650
Intermediate Muni
First $150 million		0.4700
Over $150 million up to $350 million		0.4500
Over $350 million up to $650 million		0.4400
Over $650 million up to $1 billion		0.4200
Over $1 billion		0.3900
International Equity
Effective August 1, 2018
First $500 million		0.7700
Over $500 million up to $1 billion		0.7500
Over $1 billion up to $2 billion		0.7200
Over $2 billion up to $6 billion		0.6900
Over $6 billion		0.6800
Prior to August 1, 2018
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 Growth
Effective March 1, 2018
First $500 million		0.7700
Over $500 million up to $1 billion		0.7600
Over $1 billion up to $2 billion		0.7100
Over $2 billion up to $3 billion		0.6950
Over $3 billion		0.6800
Prior to March 1, 2018
First $500 million		0.9050
Over $500 million up to $1 billion		0.8800
Over $1 billion up to $1.5 billion		0.8300
Over $1.5 billion up to $2 billion		0.8050
Over $2 billion		0.7800
International Small Cap Value
Effective August 1, 2018
First $300 million		0.9550
Over $300 million up to $750 million		0.9300
Over $750 million up to $1 billion		0.8800
Over $1 billion		0.8400
Prior to August 1, 2018
First $300 million		0.9550
Over $300 million up to $750 million		0.9300
Over $750 million		0.8800
International Stock
Effective September 28, 2018
First $500 million		0.7000
Over $500 million up to $1 billion		0.6800
Over $1 billion up to $2 billion		0.6700
Over $2 billion up to $3 billion		0.6400
Over $3 billion		0.6300

Transamerica Funds Annual Report 2018

Page    566

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Fund	Rate
Large Cap Value
Effective August 1, 2018
First $750 million		0.6800	%
Over $750 million up to $1 billion		0.6500
Over $1 billion up to $2 billion		0.6300
Over $2 billion up to $3 billion		0.6000
Over $3 billion		0.5800
Prior to August 1, 2018
First $750 million		0.6800
Over $750 million up to $1 billion		0.6500
Over $1 billion		0.6300
Large Core
Effective September 1, 2018
First $250 million		0.4500
Over $250 million up to $750 million		0.4400
Over $750 million		0.4300
Prior to September 1, 2018		0.6300
Large Growth
First $2 billion		0.6500
Over $2 billion up to $3 billion		0.6400
Over $3 billion up to $4 billion		0.6300
Over $4 billion		0.6100
Large Value Opportunities
Effective September 1, 2018
First $250 million		0.4500
Over $250 million up to $750 million		0.4400
Over $750 million		0.4300
Prior to September 1, 2018		0.4800
Mid Cap Growth
First $1 billion		0.7500
Over $1 billion		0.7300
Mid Cap Value Opportunities
First $750 million		0.7000
Over $750 million up to $1.5 billion		0.6950
Over $1.5 billion up to $2 billion		0.6850
Over $2 billion		0.6775
MLP & Energy Income
First $250 million		1.1300
Over $250 million up to $500 million		1.0800
Over $500 million up to $1 billion		1.0100
Over $1 billion up to $2 billion		0.9100
Over $2 billion		0.8500
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

Fund	Rate
Multi-Managed Balanced
First $1 billion		0.6500	%
Over $1 billion up to $5 billion		0.5900
Over $5 billion		0.5800
Short-Term Bond
First $250 million		0.5800
Over $250 million up to $500 million		0.5300
Over $500 million up to $1 billion		0.5050
Over $1 billion		0.4800
Small Cap Core
First $300 million		0.8300
Over $300 million		0.8000
Small Cap Growth
First $300 million		0.8700
Over $300 million		0.8300
Small Cap Value
First $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
Small/Mid Cap Value
First $350 million		0.7900
Over $350 million up to $500 million		0.7800
Over $500 million up to $750 million		0.7650
Over $750 million up to $1 billion		0.7550
Over $1 billion up to $1.5 billion		0.7350
Over $1.5 billion up to $2 billion		0.7300
Over $2 billion		0.7250
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

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.

Transamerica Funds Annual Report 2018

Page    567

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Fund	Current Operating Expense Limit (A)			Prior Operating Expense Limit (B) (C)
Balanced II
Class I3		0.50	%
Class R		1.10
Bond
Class A, Class T1		1.10
Class B		1.85
Class C		1.75			1.85	%
Class I (D)		0.50			0.75, 0.85
Class I2		0.75			0.85
Class R6 (D)		0.44			0.75, 0.85
Capital Growth
Class A, Class T1		1.45
Class B, Class C		2.20
Class I, Class I2, Advisor Class		1.20
Concentrated Growth
Class A, Class T1		1.20
Class C		1.95
Class I, Advisor Class		0.95
Class I2		0.85			0.95
Dividend Focused
Class A, Class T1		1.15
Class C		1.90
Class I, Advisor Class		0.90
Class I2, Class R6		0.85			0.90
Dynamic Allocation
Class A, Class T1		1.10
Class C		1.85
Class I		0.85
Dynamic Income
Class A, Class T1		0.92
Class C		1.67
Class I, Advisor Class		0.67
Emerging Markets Debt
Class A, Class T1		1.25
Class C		2.00
Class I, Class I2, Class R6		0.85			1.00
Advisor Class		1.00
Emerging Markets Equity
Class A		1.65			1.75
Class C		2.40			2.50
Class I, Class I2		1.40			1.50
Class T1		1.75
Advisor Class		1.50
Event Driven
Class I, Class I2, Advisor Class		1.35
Floating Rate
Class A, Class T1		1.05
Class C		1.80
Class I, Class I2		0.80

Fund	Current Operating Expense Limit (A)			Prior Operating Expense Limit (B) (C)
Global Equity
Class A, Class T1		1.35	%
Class B, Class C		2.10
Class I, Class R6, Advisor Class		1.10
Government Money Market
Class A		0.73
Class B, Class C		1.48
Class I, Class I2		0.48
Class I3		0.30
Class R2		0.80
Class R4		0.50
Growth
Class I2, Class R6		N/A			N/A
High Quality Bond
Class I3		0.40
Class R		1.00
Class R4		0.65
High Yield Bond
Class A (E)		1.00			1.20	%
Class B (E), Class C (E)		1.75			1.95
Class I (E), Class I2 (E)		0.75			0.95
Class I3		0.60
Class R		1.10
Class R4		0.85
Class R6		0.85			0.95
Class T1		1.20
Advisor Class		0.95
High Yield Muni
Class A, Class T1		1.01
Class C		1.76
Class I, Class I2		0.76
Inflation Opportunities
Class A, Class T1		1.00
Class C		1.75
Class I, Class I2, Class R6		0.75
Inflation-Protected Securities
Class I3		0.40
Class R		1.00
Class R4		0.65
Intermediate Bond
Class I2 (E)		0.50			0.55
Class I3		0.40
Class R		1.00
Class R4		0.65
Intermediate Muni
Class A		0.85			0.96
Class C		1.60			1.71
Class I, Class I2, Advisor Class		0.71
Class T1		0.96

Transamerica Funds Annual Report 2018

Page    568

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Fund	Current Operating Expense Limit (A)			Prior Operating Expense Limit (B) (C)
International Equity
Class A		1.25	%		1.35	%
Class C		2.00			2.10
Class I, Class I2, Class R6		1.00			1.10
Class I3		0.90
Class R		1.40
Class R4		1.15
Class T1		1.35
Advisor Class		1.10
International Growth
Class A (F)		1.30			N/A
Class I (F), Class I2, Class R6 (F)		1.05			N/A
International Small Cap Value
Class I, Class I2		1.22
International Stock (G)
Class A		1.25			N/A
Class I, Class I2, Class R6		1.00			N/A
Large Cap Value
Class A, Class T1		1.15
Class C		1.90
Class I, Class I2, Class R6, Advisor Class		0.90
Large Core
Class I3		0.65
Class R		1.15
Class R4		0.90
Large Growth
Class I3		0.65
Class R		1.25
Class R4		0.90
Large Value Opportunities
Class I3		0.50
Class R		1.00
Class R4		0.75
Mid Cap Growth
Class A (E)		1.10			1.30
Class C (E)		1.85			2.05
Class I (E), Class I2 (E)		0.85			1.05
Class I3		0.75
Class R		1.35
Class R4		0.95
Class T1		1.30
Advisor Class		1.05

Fund	Current Operating Expense Limit (A)			Prior Operating Expense Limit (B) (C)
Mid Cap Value Opportunities
Class A (E)		1.05	%		1.20	%
Class C (E)		1.80			1.95
Class I (E), Class I2 (E)		0.80			0.95
Class I3		0.70
Class R		1.25
Class R4		0.90
Class R6, Advisor Class		0.95
Class T1		1.20
MLP & Energy Income
Class A, Class T1		1.60
Class C		2.35
Class I, Advisor Class		1.35
Class I2		1.25			1.35
Multi-Cap Growth
Class A, Class T1		1.25
Class B, Class C		2.00
Class I, Advisor Class		1.00
Class I2		0.90			1.00
Multi-Managed Balanced
Class A		1.15			1.40
Class B		2.15
Class C		1.90			2.15
Class I, Class R6		0.90			1.15
Class T1		1.40
Advisor Class		1.15
Short-Term Bond
Class A		0.90			1.00
Class C		1.75
Class I		0.75
Class I2, Class R6		0.65			0.75
Class T1		1.00
Advisor Class		0.75
Small Cap Core
Class A (E)		1.20			1.30
Class C (E)		1.95			2.05
Class I (E), Class I2 (E)		0.95			1.05
Class I3		0.85
Class R		1.50
Class R4		1.10
Class T1		1.30
Advisor Class		1.05
Small Cap Growth
Class A (E)		1.25			1.40
Class C (E)		2.00			2.15
Class I (E), Class I2 (E)		1.00			1.15
Class I3		0.90
Class R		1.55
Class R4, Class R6, Advisor Class		1.15
Class T1		1.40

Transamerica Funds Annual Report 2018

Page    569

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Fund	Current Operating Expense Limit (A)			Prior Operating Expense Limit (B) (C)
Small Cap Value
Class A (E)		1.20	%		1.30	%
Class C (E)		1.95			2.05
Class I (E), Class I2 (E)		0.95			1.05
Class I3		0.85
Class R		1.50
Class R4		1.10
Class R6, Advisor Class		1.05
Class T1		1.30
Small/Mid Cap Value
Class A, Class T1		1.40
Class B		2.15
Class C		2.05			2.15
Class I, Class I2, Class R6		1.00			1.15
Advisor Class		1.15
Strategic High Income
Class A, Class T1		1.20
Class C		1.95
Class I, Class I2, Advisor Class		0.95

Fund	Current Operating Expense Limit (A)			Prior Operating Expense Limit (B) (C)
Unconstrained Bond
Class I, Class I2, Advisor Class		0.95	%
US Growth
Class A		1.25			1.42	%
Class B		2.17
Class C		2.00			2.17
Class I, Class I2, Class T		1.00			1.17
Class T1		1.42
Advisor Class		1.17

^(A)  Current operating expense limit is effective through March 1, 2019.

^(B)  Prior operating expense limit was effective through March 1, 2018, unless otherwise indicated.

^(C)  No rate present indicates no change to the operating expense limit during the year.

^(D) Prior operating expense limit was effective through July 2, 2018 and March 1, 2018, respectively.

^(E) Current voluntary operating expense limit is effective through October 31, 2018.

^(F) Class commenced operations on March 1, 2018.

^(G) Fund commenced operations on September 28, 2018.

TAM is entitled to recapture expenses accrued by the Funds for fees waived and/or reimbursed during any of the previous thirty-six months if on any day or month the estimated annualized Funds’ operating expenses are less than the stated annual operating expense limit or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended October 31, 2018 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statements of Operations.

TAM, on a voluntary basis and in addition to the contractual waivers in effect from time to time, may waive and/or reimburse expenses of the Funds, or any classes thereof, to such level(s) as the Trust’s officers have determined or may reasonably determine from time to time. Any such waiver or expense reimbursement may be discounted by TAM at any time.

As of October 31, 2018, the balances available for recapture by TAM for each Fund are as follows. Funds not listed in the subsequent table do not have balances available for recapture during the year. Government Money Market is discussed in further detail in proceeding notes and tables.

	Amounts Available
Fund	2016		2017		2018		Total
Balanced II
Class I3	$	—	$	11,077	$	50,758	$	61,835
Bond
Class B		—		35		882		917
Class I		—		—		122,836		122,836
Class R6		—		—		1,551		1,551
Capital Growth
Class B		5		2,652		3,504		6,161
Concentrated Growth
Class A		—		—		10,718		10,718
Advisor Class		—		—		3		3
Dividend Focused
Advisor Class		—		3		5		8

	Amounts Available
Fund	2016		2017		2018		Total
Dynamic Allocation
Class A	$	27,380	$	44,299	$	37,854	$	109,533
Class C		21,410		37,597		30,408		89,415
Class I		4,549		13,169		12,255		29,973
Class T1		—		21		34		55
Dynamic Income
Class A		—		—		4,590		4,590
Class C		—		—		25,457		25,457
Class I		—		—		7,557		7,557
Advisor Class		—		6		13		19
Event Driven
Class I		—		108		329		437
Class I2		48,658		161,964		100,411		311,033
Advisor Class		—		31		36		67

Transamerica Funds Annual Report 2018

Page    570

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

	Amounts Available
Fund	2016		2017		2018		Total
Floating Rate
Class A	$	—	$	11,724	$	10,038	$	21,762
Class C		2,208		5,582		5,664		13,454
Class I		2,145		27,236		56,823		86,204
Global Equity
Class A		12,477		67,263		55,928		135,668
Class B		5,147		5,032		3,004		13,183
Class C		136		67,152		43,510		110,798
Class I		—		2,329		16,955		19,284
Class Advisor		—		10		18		28
High Quality Bond
Class I3		—		86,961		90,825		177,786
Class R4		—		15,843		14,866		30,709
High Yield Bond
Class B		—		—		599		599
Class I3		—		54,739		109,498		164,237
Class R		—		17,643		63,766		81,409
Class R4		—		49,732		124,439		174,171
High Yield Muni
Class A		10,234		21,232		1,063		32,529
Class C		1,409		10,480		1,672		13,561
Class I		10,617		44,555		22,998		78,170
Inflation Opportunities
Class A		—		—		3,210		3,210
Class C		—		436		419		855
Class I		—		252		783		1,035
Inflation-Protected Securities
Class I3		—		85,795		212,731		298,526
Class R		—		1,742		6,362		8,104
Class R4		—		24,596		30,803		55,399
Intermediate Bond
Class I3		—		73,499		103,194		176,693
Class R4		—		34,759		37,880		72,639
International Equity
Class A		—		—		15,600		15,600
International Growth
Class A		—		—		31		31
Class I		—		—		25		25
International Stock
Class A		—		—		6,100		6,100
Class I		—		—		6,143		6,143
Class I2		—		—		6,101		6,101
Class R6		—		—		6,100		6,100

	Amounts Available
Fund	2016		2017		2018		Total
Large Core
Class I3	$	—	$	37,199	$	74,158	$	111,357
Class R		—		12,381		25,316		37,697
Class R4		—		2,856		3,049		5,905
Large Growth
Class I3		—		286,340		320,429		600,769
Class R4		—		24,931		18,921		43,852
Large Value Opportunities
Class I3		—		143,058		107,301		250,359
Class R		—		16,458		8,830		25,288
Class R4		—		27,440		20,958		48,398
Mid Cap Growth
Class C		—		—		19		19
Class I3		—		36,650		60,653		97,303
Class R		—		—		7,792		7,792
Class R4		—		12,349		14,856		27,205
Advisor Class		—		—		4		4
Mid Cap Value Opportunities
Class A		—		—		56,699		56,699
Class I3		—		107,312		133,669		240,981
Class R		—		—		25,301		25,301
Class R4		—		300,751		404,966		705,717
MLP & Energy Income
Class A		—		—		1,726		1,726
Class C		—		505		10,813		11,318
Advisor Class		—		2		6		8
Multi-Cap Growth
Class A		53,059		118,223		106,592		277,874
Class B		5,108		6,858		5,850		17,816
Class C		6,757		13,994		12,793		33,544
Multi-Managed Balanced
Class B		—		—		3,473		3,473
Small Cap Core
Class A		—		3,676		1,307		4,983
Class C		—		625		194		819
Class I		—		461		597		1,058
Class I3		—		136,058		108,519		244,577
Class R4		—		7,523		5,846		13,369
Advisor Class		—		10		7		17

Transamerica Funds Annual Report 2018

Page    571

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

	Amounts Available
Fund	2016		2017		2018		Total
Small Cap Growth
Class A	$	—	$	8,210	$	7,029	$	15,239
Class C		—		731		1,259		1,990
Class I		—		—		2,106		2,106
Class I3		—		35,590		42,159		77,749
Class R4		—		7,282		8,393		15,675
Advisor Class		—		11		11		22
Small Cap Value
Class A		243		3,912		4,581		8,736
Class C		—		—		65		65
Class I		—		—		377		377
Class I3		—		16,150		37,587		53,737
Class R4		—		585		390		975
Advisor Class		—		7		12		19

	Amounts Available
Fund	2016		2017		2018		Total
Small Mid/Cap Value
Class B	$	—	$	—	$	1,268	$	1,268
Strategic High Income
Class A		—		—		—		—
Class C		—		—		—		—
Class I		—		21,504		15,523		37,027
Class I2		—		—		9		9
Advisor Class		—		—		95		95
Unconstrained Bond
Advisor Class		—		3		5		8
US Growth
Class B		—		2,004		7,536		9,540

Government Money Market: TAM, on a voluntary basis and in addition to the contractual waivers in effect from time to time, has agreed to waive fees and/or reimburse expenses of Government Money Market, or any share classes thereof, to such level(s) as the Trust’s officers have determined or may reasonably determine from time to time in order to prevent a negative yield. Any such waiver or expense reimbursement may be discontinued by TAM at any time. TAM is entitled to recapture any amounts so waived or reimbursed upon Government Money Market attaining such yield as the Trust’s officers reasonably determine.

TAM is entitled to reimbursement by Government Money Market, or any share classes thereof, of the fees waived and/or expenses reimbursed by TAM or any of its affiliates to Government Money Market, or any share classes thereof, during any of the previous thirty-six months. Reimbursement is not permitted if it would result in a negative yield, but amounts recaptured in certain cases have exceeded the expense limit under the contractual expense arrangement.

Waived and/or reimbursed expenses related to the maintenance of yield are included in Expenses waived and/or reimbursed and amounts recaptured by TAM under the voluntary yield waiver are included in Recapture of previously waived and/or reimbursed fees, both within the Statements of Operations. The actual expense ratio of each class of Government Money Market, including any amounts waived and/or reimbursed and any amounts recaptured under the voluntary yield waiver, are shown in the Ratio and supplemental data section within the Financial Highlights.

For the years ended October 31, 2016, October 31, 2017 and October 31, 2018, the amounts waived by TAM due to the maintenance of the yield are as follows:

	Amounts Waived
	2016		2017		2018		Total
Class A	$	462,515	$	143,302	$	—	$	605,817
Class B		21,043		8,274		282		29,599
Class C		250,500		147,590		7,148		405,238
Class I		15,152		2,272		—		17,424
Class I2		20,533		5,796		—		26,329
Class I3		—		47		—		47
Class R2		—		—		—		—
Class R4		—		—		—		—

As of October 31, 2018, the balances available for recapture by TAM due to the maintenance of the yield is as follows:

	Amounts Available
	2016		2017		2018		Total
Class A	$	—	$	—	$	—	$	—
Class B		21,043		8,274		282		29,599
Class C		250,500		147,590		7,148		405,238
Class I		—		—				—
Class I2		19,628		5,796		—		25,424
Class I3		—		26		—		26
Class R2		—		—		—		—
Class R4		—		—		—		—

Transamerica Funds Annual Report 2018

Page    572

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

For the years ended October 31, 2016, October 31, 2017 and October 31, 2018, the amounts waived by TAM due to the operating expense limitation is as follows:

	Amounts Waived
	2016		2017		2018		Total
Class A	$	214,037	$	98,896	$	33,727	$	346,660
Class B		5,827		3,788		2,132		11,747
Class C		30,691		18,048		3,861		52,600
Class I		43,216		31,889		8,755		83,860
Class I2		—		2,876		1,207		4,083
Class I3		—		6,004		24,051		30,055
Class R2		—		35,908		573,624		609,532
Class R4		—		14,414		129,445		143,859

As of October 31, 2018, the balances available for recapture by TAM due to the operating expense limitation is as follows:

	Amounts Available
	2016		2017		2018		Total
Class A	$	214,037	$	98,896	$	33,727	$	346,600
Class B		5,827		3,788		2,132		11,747
Class C		30,691		18,048		3,861		52,600
Class I		43,216		31,889		8,755		83,860
Class I2		—		2,876		1,207		4,083
Class I3		—		—		19,236		19,236
Class R2		—		—		570,539		570,539
Class R4		—		13,604		129,445		143,049

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

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

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

Class (A)	Rate
Class A		0.25	%
Class B		1.00
Class C		1.00
Class R		0.50
Class R2		0.25
Class R4		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.

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			Class T1 Waiver			12b-1 Expense Waiver Effective Through
High Yield Muni		0.10	%		0.25	%		0.10	%		March 1, 2019
Intermediate Muni		0.10			0.25			0.10			March 1, 2019

Transamerica Funds Annual Report 2018

Page    573

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

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, 2018, underwriter commissions received by TCI from the various sales charges are as follows. Funds and/or classes not listed in the subsequent table do not have shareholder fees.

Fund	Initial Sales Charge		Contingent Deferred Sales Charge
Bond
Class A	$	245,954	$	3,482
Class B		—		11
Class C		—		5,079
Capital Growth
Class A		2,442,660		5,528
Class B		—		102
Class C		—		18,729
Concentrated Growth
Class A		8,282		—
Class C		—		10
Dividend Focused
Class A		80,846		1,631
Class C		—		294
Dynamic Income
Class A		28,979		224
Class C		—		2,531
Emerging Markets Debt
Class A		24,587		7
Class C		—		1,767
Emerging Markets Equity
Class A		26,246		12
Class C		—		440
Floating Rate
Class A		41,230		9,960
Class C		—		6,113
Global Equity
Class A		50,361		—
Class B		—		47
Class C		—		428
Government Money Market
Class A		1,078		—
Class B		—		92
Class C		—		3,201
High Yield Bond
Class A		110,263		1,963
Class C		—		1,409
High Yield Muni
Class A		16,427		3,127
Class C		—		551
Inflation Opportunities
Class A		1,193		—
Class C		—		19
Intermediate Muni
Class A		179,268		71,492
Class C		—		31,836

Fund	Initial Sales Charge		Contingent Deferred Sales Charge
International Equity
Class A	$	355,651	$	648
Class C		—		12,450
International Growth
Class A		956		—
Large Cap Value
Class A		352,901		196
Class C		—		10,555
Mid Cap Growth
Class A		13,651		—
Class C		—		18
Mid Cap Value Opportunities
Class A		99,208		17
Class C		—		4,843
Multi-Cap Growth
Class A		30,583		—
Class B		—		65
Class C		—		525
MLP & Energy Income
Class A		42,862		2,745
Class C		—		1,896
Multi-Managed Balanced
Class A		569,987		143
Class B		—		244
Class C		—		18,642
Short-Term Bond
Class A		183,151		58,276
Class C		—		53,579
Small Cap Core
Class A		2,472		—
Class C		—		148
Small Cap Growth
Class A		17,917		5
Class C		—		410
Small Cap Value
Class A		4,204		2
Small/Mid Cap Value
Class A		273,514		2,472
Class B		—		154
Class C		—		6,198
Strategic High Income
Class A		120,232		73
Class C		—		1,564
US Growth
Class A		215,848		104
Class B		—		253
Class C		—		776

Transamerica Funds Annual Report 2018

Page    574

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

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

For the year ended October 31, 2018, transfer agent fees paid and the amounts due to TFS are as follows:

Fund	Fees Paid to TFS		Fees Due to TFS
Balanced II	$	4,044	$	353
Bond		528,719		58,379
Capital Growth		1,086,519		125,883
Concentrated Growth		47,280		4,379
Dividend Focused		99,634		8,188
Dynamic Allocation		24,313		2,037
Dynamic Income		276,584		20,536
Emerging Markets Debt		722,524		50,814
Emerging Markets Equity		69,140		8,480
Event Driven		9,514		858
Floating Rate		210,697		24,580
Global Equity		186,310		15,432
Government Money Market		290,117		24,906
Growth		18,346		1,412
High Quality Bond		20,298		1,823
High Yield Bond		537,431		46,236
High Yield Muni		89,751		8,183
Inflation Opportunities		14,297		1,411
Inflation-Protected Securities		11,279		875
Intermediate Bond		224,236		19,666
Intermediate Muni		1,220,778		109,776

Fund	Fees Paid to TFS		Fees Due to TFS
International Equity	$	3,400,221	$	310,496
International Growth		103,533		8,603
International Small Cap Value		402,327		31,280
International Stock		57		55
Large Cap Value		668,053		65,776
Large Core		15,977		1,371
Large Growth		54,138		4,673
Large Value Opportunities		40,866		3,457
Mid Cap Growth		30,355		2,127
Mid Cap Value Opportunities		822,613		67,505
MLP & Energy Income		134,338		10,342
Multi-Cap Growth		372,157		32,091
Multi-Managed Balanced		870,535		73,857
Short-Term Bond		2,361,590		204,123
Small Cap Core		22,115		1,960
Small Cap Growth		72,897		6,838
Small Cap Value		30,454		2,530
Small/Mid Cap Value		1,252,294		105,816
Strategic High Income		155,304		14,368
Unconstrained Bond		46,489		5,106
US Growth		1,378,612		119,589

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, 2018, amounts included in Trustees, CCO and deferred compensation fees within the Statements of Operations reflect total compensation paid to the independent Board members.

Brokerage commissions: The Funds incurred brokerage commissions on security transactions placed with affiliates of the adviser or sub-adviser(s).

For the year ended October 31, 2018, brokerage commissions are as follows. Funds not listed in the subsequent table do not have brokerage commissions during the year.

Fund	Commissions
Capital Growth	$	3,919

Cross-trades: The Funds are authorized to purchase or sell securities from and to other funds within TAF or between the Fund and other mutual funds or accounts advised by TAM or the sub-adviser, in each case in accordance with Rule 17a-7 under the 1940 Act, when it is in the best interest of each Fund participating in the transaction.

For the year ended October 31, 2018, the Funds engaged in the following net cross-trade transactions, which resulted in net realized gains/(losses) are as follows. Funds not listed in the subsequent table did not have 17a-7 transactions during the year.

Transamerica Funds Annual Report 2018

Page    575

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Fund	Purchases		Sales		Net Realized Gains (Losses)
International Growth	$	—	$	1,886,377	$	540,848
Large Core		4,594,513		20,483,503		3,313,843
Large Growth		2,127,648		—		—
Large Value Opportunities		20,483,503		4,594,513		(41,568	)
US Growth		5,596,534		—		—

9. PURCHASES AND SALES OF SECURITIES

For the year ended October 31, 2018, 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	$	68,187,309	$	12,121,445	$	82,831,823	$	12,190,611
Bond		316,317,793		71,228,711		143,525,075		44,961,507
Capital Growth		812,273,211		—		421,482,075		—
Concentrated Growth		47,537,228		—		97,559,654		—
Dividend Focused		149,481,602		—		239,325,093		—
Dynamic Allocation		4,453,203		—		4,633,854		—
Dynamic Income		63,388,170		—		150,741,777		—
Emerging Markets Debt		1,827,782,425		—		1,964,202,149		—
Emerging Markets Equity		1,170,323,151		—		400,024,072		—
Event Driven		564,795,710		—		569,761,264		—
Floating Rate		418,085,382		—		370,606,688		—
Global Equity		42,849,722		—		59,107,723		—
Growth		102,501,654		—		282,738,850		—
High Quality Bond		218,095,816		115,858,955		188,115,262		165,909,182
High Yield Bond		558,200,018		—		1,042,179,141		—
High Yield Muni		115,132,748		4,782,041		110,489,291		9,681,220
Inflation Opportunities		34,556,578		27,104,225		37,118,425		35,744,594
Inflation-Protected Securities		31,596,299		179,495,006		17,196,226		239,014,575
Intermediate Bond		776,425,439		611,782,256		690,886,778		592,778,710
Intermediate Muni		531,671,825		9,591,807		449,191,740		24,283,954
International Equity		1,971,622,453		—		1,197,518,858		—
International Growth		1,620,337,019		—		1,606,983,160		—
International Small Cap Value		172,178,684		—		224,922,961		—
International Stock		1,990,426		—		43,293		—
Large Cap Value		3,040,967,034		—		3,081,049,907		—
Large Core		371,236,095		—		406,221,357		—
Large Growth		286,460,890		—		420,544,458		—
Large Value Opportunities		893,336,634		—		993,327,958		—
Mid Cap Growth		100,097,860		—		276,763,419		—
Mid Cap Value Opportunities		1,303,288,539		—		1,405,253,583		—
MLP & Energy Income		128,856,220		—		100,397,976		—
Multi-Cap Growth		99,613,184		—		95,544,951		—
Multi-Managed Balanced		401,651,770		60,616,793		520,560,947		53,888,267
Short-Term Bond		1,825,522,628		—		2,116,661,922		48,405
Small Cap Core		203,571,616		—		241,038,922		—
Small Cap Growth		81,035,352		—		97,185,554		—
Small Cap Value		240,186,701		—		274,796,610		—
Small/Mid Cap Value		512,761,572		—		580,239,169		—
Strategic High Income		77,763,645		—		55,913,680		—
Unconstrained Bond		828,895,472		48,531,227		324,001,735		68,953,064
US Growth		294,297,673		—		432,636,616		—

Transamerica Funds Annual Report 2018

Page    576

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS

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

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales, structured notes, foreign bonds, swaps, net operating losses, distribution reclasses for real estate investment trusts, passive foreign investment companies, foreign currency transactions, capital loss carryforwards, Late Year Ordinary Loss Deferrals, paydown gain/loss, foreign capital gains tax, and return of capital distributions from underlying investments. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. The primary permanent differences are due to swaps, foreign currency gain and losses, paydown gain/loss, and TIPS adjustments. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. These permanent reclassifications are as follows:

Fund	Paid-in Capital			Total Distributable Earnings
Balanced II	$	(2,133,535	)	$	2,133,535
Bond		—			—
Capital Growth		(1,724,121	)		1,724,121
Concentrated Growth		—			—
Dividend Focused		—			—
Dynamic Allocation		(48	)		48
Dynamic Income		—			—
Emerging Markets Debt		—			—
Emerging Markets Equity		2			(2	)
Event Driven		—			—
Floating Rate		(13,938	)		13,938
Global Equity		(2,348,161	)		2,348,161
Government Money Market		—			—
Growth		46,166,837			(46,166,837	)
High Quality Bond		206,225			(206,225	)
High Yield Bond		(4,746,923	)		4,746,923
High Yield Muni		(271	)		271
Inflation Opportunities		—			—
Inflation-Protected Securities		110,077			(110,077	)
Intermediate Bond		(1,458,611	)		1,458,611
Intermediate Muni		—			—

Fund	Paid-in Capital			Total Distributable Earnings
International Equity	$	(1,468,711	)	$	1,468,711
International Growth		—			—
International Small Cap Value		—			—
International Stock		(30	)		30
Large Cap Value		(8,418	)		8,418
Large Core		(3,718,958	)		3,718,958
Large Growth		(17,158,721	)		17,158,721
Large Value Opportunities		(16,385,312	)		16,385,312
Mid Cap Growth		13,475,527			(13,475,527	)
Mid Cap Value Opportunities		(12,196,027	)		12,196,027
MLP & Energy Income		(5,493,670	)		5,493,670
Multi-Cap Growth		—			—
Multi-Managed Balanced		—			—
Short-Term Bond		—			—
Small Cap Core		(1,322,575	)		1,322,575
Small Cap Growth		(3,619,337	)		3,619,337
Small Cap Value		(1,654,680	)		1,654,680
Small/Mid Cap Value		—			—
Strategic High Income		(120,886	)		120,886
Unconstrained Bond		—			—
US Growth		—			—

As of October 31, 2018, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) were as follows:

Fund	Cost		Gross Appreciation		Gross (Depreciation)			Net Appreciation (Depreciation)
Balanced II	$	132,018,771	$	10,734,414	$	(4,474,080	)	$	6,260,334
Bond		666,858,897		6,833,361		(14,708,247	)		(7,874,886	)

Transamerica Funds Annual Report 2018

Page    577

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

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

Fund	Cost		Gross Appreciation		Gross (Depreciation)			Net Appreciation (Depreciation)
Capital Growth	$	1,151,518,713	$	330,589,613	$	(29,576,109	)	$	301,013,504
Concentrated Growth		138,128,354		52,402,112		(2,119,418	)		50,282,694
Dividend Focused		524,265,182		110,928,957		(37,241,689	)		73,687,268
Dynamic Allocation		24,146,701		1,916,180		(121,519	)		1,794,661
Dynamic Income		261,148,573		172,424		(17,699,110	)		(17,526,686	)
Emerging Markets Debt		770,108,525		3,288,706		(54,925,353	)		(51,636,647	)
Emerging Markets Equity		944,563,263		22,154,154		(104,473,664	)		(82,319,510	)
Event Driven		124,276,755		4,260,790		(6,228,776	)		(1,967,986	)
Floating Rate		723,051,900		1,666,104		(8,663,253	)		(6,997,149	)
Global Equity		93,833,225		17,700,023		(5,579,883	)		12,120,140
Government Money Market		1,224,447,984		—		—			—
Growth		119,740,182		83,567,935		(1,044,355	)		82,523,580
High Quality Bond		285,530,213		96,109		(2,918,672	)		(2,822,563	)
High Yield Bond		1,565,235,242		10,390,881		(84,108,604	)		(73,717,723	)
High Yield Muni		103,408,196		1,220,186		(2,474,287	)		(1,254,101	)
Inflation Opportunities		158,667,642		528,719		(8,141,182	)		(7,612,463	)
Inflation-Protected Securities		141,735,351		535,799		(4,929,753	)		(4,393,954	)
Intermediate Bond		3,448,683,913		1,865,278		(100,129,573	)		(98,264,295	)
Intermediate Muni		1,446,459,395		2,290,551		(39,576,925	)		(37,286,374	)
International Equity		5,689,944,276		359,911,031		(542,321,633	)		(182,410,602	)
International Growth		1,382,853,333		25,963,640		(199,161,245	)		(173,197,605	)
International Small Cap Value		754,558,092		112,532,470		(133,001,793	)		(20,469,323	)
International Stock		1,947,324		4,541		(165,659	)		(161,118	)
Large Cap Value		2,223,615,132		153,586,822		(133,829,017	)		19,757,805
Large Core		264,209,706		18,858,206		(15,961,883	)		2,896,323
Large Growth		623,335,619		197,250,475		(11,185,101	)		186,065,374
Large Value Opportunities		604,002,725		26,664,839		(33,012,500	)		(6,347,661	)
Mid Cap Growth		77,336,827		8,168,474		(9,594,367	)		(1,425,893	)
Mid Cap Value Opportunities		1,514,874,686		113,585,069		(52,662,600	)		60,922,469
MLP & Energy Income		324,123,559		34,248,394		(21,705,145	)		12,543,249
Multi-Cap Growth		238,315,147		54,470,498		(9,173,664	)		45,296,834
Multi-Managed Balanced		878,026,038		158,801,506		(25,029,587	)		133,771,919
Short-Term Bond		2,856,039,870		3,860,028		(31,464,411	)		(27,604,383	)
Small Cap Core		229,029,236		20,560,793		(25,951,552	)		(5,390,759	)
Small Cap Growth		127,432,315		31,001,652		(4,486,357	)		26,515,295
Small Cap Value		246,332,504		23,732,120		(17,015,483	)		6,716,637
Small/Mid Cap Value		748,476,228		119,107,864		(45,469,841	)		73,638,023
Strategic High Income		154,994,251		12,265,128		(4,554,868	)		7,710,260
Unconstrained Bond		754,293,278		1,181,256		(21,462,504	)		(20,281,248	)
US Growth		694,594,869		379,897,234		(14,268,079	)		365,629,155

As of October 31, 2018, the capital loss carryforwards available to offset future realized capital gains are as follows. Funds not listed in the subsequent table do not have capital loss carryforwards.

	Unlimited
Fund	Short-Term		Long-Term
Bond	$	1,583,042	$	3,349,122
Dynamic Allocation		187,097		490,361
Dynamic Income		27,506,533		30,440,051
Emerging Markets Debt		46,421,742		12,671,827
Emerging Markets Equity		103,808,425		—
Floating Rate		—		749,031
High Quality Bond		2,648,583		6,217,873
High Yield Bond		7,614,311		15,126,768

Transamerica Funds Annual Report 2018

Page    578

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

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

	Unlimited
Fund	Short-Term		Long-Term
High Yield Muni	$	1,435,802	$	356,507
Inflation Opportunities		—		2,164,047
Inflation-Protected Securities		2,903,434		3,883,868
Intermediate Bond		32,732,913		14,899,844
Intermediate Muni		15,695,791		2,767,528
International Equity		676,357		7,975,249
International Stock		993		1,596
MLP & Energy Income		56,049,074		112,426,017
Short-Term Bond		14,849,901		26,021,481
Small Cap Core		5,993,621		—
Strategic High Income		47,058,775		15,248,447
Unconstrained Bond		1,552,803		—

During the year ended October 31, 2018, 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
Dynamic Allocation	$	673,594
Event Driven		1,856,236
Global Equity		12,678,351
High Yield Bond		10,969,121

Fund	Capital Loss Carryforwards Utilized/Expired
Inflation Opportunities	$	1,481,498
International Equity		9,705,118
International Growth		3,932,571
International Small Cap Value		12,588,536

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 2018 and 2017 are as follows:

	2018 Distributions Paid From								2017 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	$	1,889,706	$	—	$	613,523	$	—	$	1,395,387	$	—	$	6,968,473	$	—
Bond		19,804,174		—		—		—		17,027,706		—		—		—
Capital Growth		11,201,061		—		174,027,606		—		—		—		134,077,183		—
Concentrated Growth		1,711,498		—		11,052,666		—		4,525,239		—		32,155,554		—
Dividend Focused		21,351,351		—		37,552,948		—		19,651,498		—		100,965,391		—
Dynamic Allocation		109,183		—		—		—		200,635		—		—		—
Dynamic Income		8,767,187		—		—		2,251,280		12,696,112		—		—		2,681,192
Emerging Markets Debt		29,899,690		—		—		3,273,159		38,854,402		—		—		—
Emerging Markets Equity		2,511,373		—		—		—		2,977,803		—		—		—
Event Driven		1,549,390		—		—		—		1,538,856		—		—		—
Flexible Income		—		—		—		—		17,027,706		—		—		—
Floating Rate		33,006,528		—		—		—		22,463,048		—		—		—
Global Equity		2,094,498		—		—		—		2,604,375		—		—		—
Government Money Market		10,421,389		—		—		—		205,015		—		—		—
Growth		—		—		86,341,028		—		—		—		72,273,039		—
High Quality Bond		6,392,400		—		—		—		2,594,607		—		—
High Yield Bond		93,768,516		—		—		—		97,420,002		—		—		—
High Yield Muni		162,784		3,468,262		—		—		1,122,908		3,004,592		323,962		—
Inflation Opportunities		4,178,289		—		—		—		2,577,368		—		—		—
Inflation-Protected Securities		3,812,067		—		—		—		1,249,333		—		—		—
Intermediate Bond		84,272,356		—		—		—		67,061,329		—		—		—
Intermediate Muni		287,647		32,597,803		—		—		6,639,962		25,168,571		1,285,272		—
International Equity		167,984,426		—		—		—		64,674,493		—		4,626,416		—
International Growth		22,882,446		—		—		—		12,679,466		—		—		—
International Small Cap Value		27,275,630		—		—		—		15,061,211		—		4,711,965		—
International Stock		—		—		—		—		—		—		—		—
Large Cap Value		109,599,251		—		160,661,452		—		109,605,415		—		95,968,595		—

Transamerica Funds Annual Report 2018

Page    579

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

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

	2018 Distributions Paid From								2017 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
Large Core	$	4,735,805	$	—	$	9,809,742	$	—	$	2,156,424	$	—	$	—	$	—
Large Growth		4,362,825		—		31,604,559		—		1,665,293				71,516		—
Large Value Opportunities		9,440,216		—		11,127,618		—		5,745,450		—		—		—
Mid Cap Growth		875,874		—		4,104,650		—		98,557		—		—		—
Mid Cap Value Opportunities		13,190,577		—		107,817,160		—		37,008,702		—		24,139,236		—
MLP & Energy Income		3,388,658		—		—		13,315,965		14,705,193		—		—		5,490,555
Multi-Cap Growth		7,638,175		—		4,970,221		—		455,515		—		47,730,358		—
Multi-Managed Balanced		13,140,857		—		20,316,110		—		10,944,542		—		3,011,423		—
Short-Term Bond		68,639,324		—		—		—		56,277,337		—		—		—
Small Cap Core		2,327,900		—		6,921,083		—		100,206		—		—		—
Small Cap Growth		—		—		14,518,564		—		2,609,307		—		39,471,487		—
Small Cap Value		1,133,203		—		11,833,820		—		2,713,129		—		—		—
Small/Mid Cap Value		69,149,581		—		40,386,063		—		12,291,569		—		35,704,058		—
Strategic High Income		4,544,312		—		538,076		—		4,509,069		—		134,152		—
Unconstrained Bond		20,935,712		—		7,938		2,529,595		7,790,075		—		28,857		—
US Growth		13,999,694		—		88,144,378		—		2,336,255		—		20,348,561		—

As of October 31, 2018, 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	$	267,625	$	—	$	3,687,513	$	—		$	—		$	(4,575,140	)	$	6,260,336
Bond		183,901		—		—		(4,932,164	)		—			(338,364	)		(7,875,418	)
Capital Growth		—		—		68,764,772		—			(7,185,332	)		—			301,009,917
Concentrated Growth		143,601		—		19,835,421		—			—			—			50,282,694
Dividend Focused		1,269,164		—		77,457,651		—			—			—			73,687,268
Dynamic Allocation		81,307		—		—		(677,458	)		—			(514,850	)		1,794,661
Dynamic Income		—		—		—		(57,946,584	)		—			(17,806	)		(17,526,686	)
Emerging Markets Debt		—		—		—		(59,093,569	)		—			(2,943,016	)		(51,803,018	)
Emerging Markets Equity		9,568,940		—		—		(103,808,425	)		—			—			(82,326,954	)
Event Driven		1,254,356		—		868,747		—			—			(301,044	)		(2,290,564	)
Floating Rate		—		—		—		(749,031	)		—			(5,306	)		(6,999,687	)
Global Equity		89,937		—		—		—			—			—			12,119,286
Government Money Market		7,525		—		—		—			—			(7,525	)		—
Growth		1,370,613		—		59,312,520		—			—			—			82,523,890
High Quality Bond		810,761		—		—		(8,866,456	)		—			63,851			(2,822,563	)
High Yield Bond		1,325,511		—		—		(22,741,079	)		—			1,952,785			(73,717,723	)
High Yield Muni		—		—		—		(1,792,309	)		—			—			(1,254,101	)
Inflation Opportunities		500,229		—		—		(2,164,047	)		—			—			(7,618,898	)
Inflation-Protected Securities		1,329,773		—		—		(6,787,302	)		—			(1,309,292	)		(4,395,090	)
Intermediate Bond		348,369		—		—		(47,632,757	)		—			88,354			(98,369,832	)
Intermediate Muni		—		2,097		—		(18,463,319	)		—			—			(37,286,374	)
International Equity		99,638,219		—		156,243,080		(8,651,606	)		—			(1,055,810	)		(182,853,085	)
International Growth		23,591,595		—		166,373,934		—			—			—			(173,333,491	)
International Small Cap Value		11,838,367		—		39,014,265		—			—			—			(20,494,969	)
International Stock		1,150		—		—		(2,589	)		—			—			(161,127	)
Large Cap Value		2,618,851		—		194,943,895		—			—			—			19,757,805
Large Core		10,939,434		—		32,293,117		—			—			(3,442,499	)		2,896,323
Large Growth		3,683,999		—		61,192,881		—			—			(21,886,910	)		186,065,436
Large Value Opportunities		24,669,128		—		70,119,743		—			—			(6,573,768	)		(6,347,660	)
Mid Cap Growth		3,762,638		—		19,295,557		—			—			(741,384	)		(1,425,893	)
Mid Cap Value Opportunities		12,828,176		—		98,360,213		—			—			(16,523,582	)		60,922,469
MLP & Energy Income		—		—		—		(168,475,091	)		—			(17,949,859	)		12,542,420
Multi-Cap Growth		109,287		—		14,602,232		—			—			—			45,296,834
Multi-Managed Balanced		537,633		—		57,057,636		—			—			(66,193	)		133,771,919
Short-Term Bond		278,389		—		—		(40,871,382	)		—			(864,231	)		(27,604,383	)
Small Cap Core		4,925,353		—		13,372,039		(5,993,621	)		—			(1,724,195	)		(5,390,759	)
Small Cap Growth		—		—		13,387,868		—			—			(1,688,614	)		26,515,295
Small Cap Value		1,453,675		—		21,689,963		—			—			(232,048	)		6,716,631

Transamerica Funds Annual Report 2018

Page    580

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

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

Fund	Undistributed Ordinary Income		Undistributed Tax Exempt Income		Undistributed Long-Term Capital Gain		Capital Loss Carryforwards			Late Year Ordinary Loss Deferral		Other Temporary Differences			Net Unrealized Appreciation (Depreciation)
Small/Mid Cap Value	$	8,314,966	$	—	$	74,298,078	$	—		$	—	$	—		$	73,638,023
Strategic High Income		321,158		—		2,107,006		(62,307,222	)		—		(2,623,258	)		7,706,815
Unconstrained Bond		—		—		—		(1,552,803	)		—		—			(20,329,152	)
US Growth		11,673,434		—		87,293,628		—			—		—			365,675,174

11. NEW ACCOUNTING PRONOUNCEMENTS

In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2017-08 (“ASU 2017-08”), “Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities”. ASU 2017-08 amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the implication, if any, of the additional requirements and its impact on the Funds’ financial statements.

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

In August 2018, the Securities and Exchange Commission (“SEC”) released its Final Rule on Disclosure Update and Simplification (the “Final Rule”) which is intended to simplify an issuer’s disclosure compliance efforts by removing redundant or outdated disclosure requirements without significantly altering the mix of information provided to investors. The most notable impacts being that a fund is no longer required to present the components of distributable earnings on the Statements of Assets and Liabilities, or the sources of distributions to shareholders and the amount of undistributed net investment income on the Statements of Changes in Net Assets. The compliance date for the amendments to Regulation S-X is November 5, 2018. Management has evaluated and adopted the disclosure requirements and the impact is reflected within the Funds’ financial statements.

12. RECLASSIFICATION

Certain amounts prior to November 1, 2015, have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the net increase (decrease) in net assets resulting from operations. The Trust concluded that it was appropriate to reclassify certain borrowing costs, which relate to charges from a broker for securities sold short positions, as an expense which is included in Dividends, interest and fees for borrowings from securities sold short within the Statements of Operations. Previously, the borrowing costs had been included in Net realized gain/(loss) on securities sold short within the Statements of Operations. Corresponding reclassifications have been made to Net investment income (loss) per share, Net realized and unrealized gain (loss) per share and Expenses to average net asset ratios within the Financial Highlights. The impact of the reclassification is an increase to realized gain (loss) and total expenses, and a decrease in net investment income. All impacted amounts, as identified within the Financial Highlights, have been adjusted for purposes of comparability.

13. 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

Transamerica Funds Annual Report 2018

Page    581

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

13. STOCK SPLIT (continued)

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	R	September 15, 2017		2.01-for-1		4,571,079		9,171,183	Decrease	Increase
High Quality Bond	R4	April 21, 2017		1.01-for-1		5,355,021		5,396,036	Decrease	Increase
Inflation-Protected Securities	R4	April 21, 2017		0.97-for-1		6,242,382		6,069,179	Increase	Decrease
Intermediate Bond	R4	March 24, 2017		1.06-for-1		29,646,707		31,285,459	Decrease	Increase
Large Core	R4	March 10, 2017		0.81-for-1		1,376,796		1,117,293	Increase	Decrease
Large Growth	R4	March 10, 2017		1.35-for-1		6,200,939		8,353,323	Decrease	Increase
Large Value Opportunities	R4	May 5, 2017		1.56-for-1		6,045,594		9,421,040	Decrease	Increase
Mid Cap Growth	R4	March 10, 2017		0.84-for-1		1,574,918		1,327,363	Increase	Decrease
Small Cap Core	R4	March 10, 2017		1.44-for-1		743,234		1,073,021	Decrease	Increase
Small Cap Value	R4	April 21, 2017		2.16-for-1		258,654		559,003	Decrease	Increase

14. REORGANIZATION

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 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

Transamerica Partners: Following the close of business on the date listed in the subsequent table, the certain series of Transamerica Partners Funds Group and Transamerica Partners Institutional Funds Group (the “Target Funds”) reorganized into corresponding 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

Transamerica Funds Annual Report 2018

Page    582

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

14. REORGANIZATION (continued)

Target Fund	Destination Fund/Class	Reorganization Date
	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
	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

Transamerica Funds Annual Report 2018

Page    583

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

14. REORGANIZATION (continued)

Target Fund	Destination Fund/Class	Reorganization Date
	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. Where a Target Fund was the accounting and performance survivor 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 issued 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 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

Transamerica Funds Annual Report 2018

Page    584

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

14. REORGANIZATION (continued)

Fund	Fund Shares		Destination Fund – Class	Destination Fund Shares		Dollar Amount		Exchange Ratio (A)
			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 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 Funds Annual Report 2018

Page    585

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

14. REORGANIZATION (continued)

Fund	Fund Shares		Destination Fund – Class	Destination Fund Shares		Dollar Amount		Exchange Ratio (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 the relevant 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 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 Funds Annual Report 2018

Page    586

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

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 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 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.

Transamerica Funds Annual Report 2018

Page    587

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

15. CUSTODY OUT-OF-POCKET EXPENSE

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

16. SUBSEQUENT EVENTS

The Board has approved a new sub-advisory agreement with BlackRock Investment Management, LLC and certain related changes with respect to Government Money Market. This will be effective on or about November 1, 2018.

The Board has approved a new sub-advisory agreement with Peregrine Capital Management, LLC and certain related changes with respect to Small Cap Value. This will be effective on or about November 1, 2018.

The Board has approved a new sub-advisory agreement with Wellington Management Company LLP and certain related changes with respect to Mid Cap Growth. This will be effective on or about December 1, 2018.

17. LEGAL PROCEEDINGS

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

The SEC’s order instituting administrative and cease-and-desist proceedings (the “Order”) pertains to events that occurred during the period between July 2011 and June 2015, and, among other things, the operation and/or implementation of an asset allocation model utilized by AUIM when it served as sub-adviser to certain Transamerica tactical funds and asset allocation funds, the designation of the portfolio manager for certain of these funds as well as the operation and/or implementation of volatility overlays utilized by AUIM when it served as subadviser to the asset allocation funds. The Order also states that the parties failed to make appropriate disclosures regarding these matters, including in marketing materials, and failed to have adequate compliance policies and procedures. The tactical funds are Transamerica Dynamic Income (formerly, Transamerica Tactical Income), Transamerica Dynamic Allocation (formerly, Transamerica Tactical Rotation) and Transamerica Dynamic Allocation II (formerly, Transamerica Tactical Allocation, and now reorganized into Transamerica Dynamic Allocation). The asset allocation funds are Transamerica Managed Risk – Conservative ETF VP (formerly, Transamerica Vanguard ETF Portfolio – Conservative VP and Transamerica Index 35 VP), Transamerica Managed Risk – Balanced ETF VP (formerly, Transamerica Vanguard ETF Portfolio – Balanced VP and Transamerica Index 50 VP), Transamerica Managed Risk – Growth ETF VP (formerly, Transamerica Vanguard ETF Portfolio – Growth VP and Transamerica Index 75 VP), Transamerica QS Investors Active Asset Allocation – Conservative VP (formerly, Transamerica Aegon Active Asset Allocation – Conservative VP), Transamerica QS Investors Active Asset Allocation – Moderate VP (formerly, Transamerica Aegon Active Asset Allocation – Moderate VP) and Transamerica QS Investors Active Asset Allocation – Moderate Growth VP (formerly, Transamerica Aegon Active Asset Allocation – Moderate Growth VP). AUIM ceased to serve as sub-adviser to the Transamerica tactical funds on April 30, 2015 and to the Transamerica asset allocation funds on June 30, 2015.

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

Transamerica Funds Annual Report 2018

Page    588

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

17. LEGAL PROCEEDINGS (continued)

In accepting the settlement, the SEC considered the substantial cooperation and remedial efforts of AUIM, TAM and TCI. In the Order, the SEC acknowledged that, after the start of the SEC staff’s investigation but before the settlement, AUIM, TAM and TCI had voluntarily retained an independent compliance consultant to conduct a comprehensive review of certain compliance policies and procedures, internal controls and related procedures, and that AUIM, TAM and TCI had received the consultant’s written findings and implemented the consultant’s proposed changes. The SEC also acknowledged that, in advance of receiving written findings and recommendations from the independent compliance consultant, AUIM, TAM and TCI had already begun making revisions and improvements to their compliance policies and procedures. The SEC also considered that AUIM, TAM and TCI have retained the independent compliance consultant for further reviews through the completion of the consultant’s follow-up review for fiscal year 2019.

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

Transamerica Financial Advisors, LLC (“TFA”), which serves as an intermediary for the Transamerica-sponsored mutual funds, also was a party to the settlement. The findings in the Order with respect to TFA are unrelated to the mutual funds. The foregoing is only a brief summary of the Order. A copy of the Order is available on the SEC’s website at https://www.sec.gov.

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

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

Transamerica Funds Annual Report 2018

Page    589

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders 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 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 Growth, Transamerica International Small Cap Value, Transamerica International Stock, Transamerica Large Cap Value, Transamerica Large Core, Transamerica Large Growth, Transamerica Large Value Opportunities, Transamerica Mid Cap Growth, Transamerica Mid Cap Value Opportunities, Transamerica MLP & Energy Income, Transamerica Multi-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 and the Board of Trustees of Transamerica Funds:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Transamerica Balanced II, Transamerica Bond, Transamerica Capital Growth, Transamerica Concentrated Growth, Transamerica Dividend Focused, Transamerica Dynamic Allocation, Transamerica Dynamic Income, Transamerica Emerging Markets Debt, Transamerica Emerging Markets Equity, Transamerica Event Driven, Transamerica Floating Rate, Transamerica Global Equity, Transamerica Government Money Market, Transamerica 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 Growth, Transamerica International Small Cap Value, Transamerica International Stock, Transamerica Large Cap Value, Transamerica Large Core, Transamerica Large Growth, Transamerica Large Value Opportunities, Transamerica Mid Cap Growth, Transamerica Mid Cap Value Opportunities, Transamerica MLP & Energy Income, Transamerica Multi-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 (collectively referred to as the “Funds”), (forty-two of the funds constituting Transamerica Funds (the “Trust”), including the schedules of investments, as of October 31, 2018, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below, and the statement of cash flow for Transamerica Event Driven for the year ended October 31, 2018, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (forty-two of the Funds constituting Transamerica Funds) at October 31, 2018, the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, and the statement of cash flow for Transamerica Event Driven for the year ended October 31, 2018, in conformity with U.S. generally accepted accounting principles.

The Funds	Statement of operations	Statements of changes in net assets	Financial highlights
Transamerica Bond Transamerica Capital Growth Transamerica Dividend Focused Transamerica Dynamic Allocation Transamerica Dynamic Income Transamerica Emerging Markets Debt Transamerica Emerging Markets Equity Transamerica Floating Rate Transamerica Global Equity Transamerica Government Money Market Transamerica Growth Transamerica High Yield Bond Transamerica High Yield Muni Transamerica Intermediate Muni Transamerica International Equity Transamerica International Growth Transamerica International Small Cap Value Transamerica Large Cap Value Transamerica MLP & Energy Income Transamerica Multi-Cap Growth Transamerica Multi-Managed Balanced Transamerica Short-Term Bond Transamerica Small Cap Growth Transamerica Small/Mid Cap Value Transamerica US Growth	For the year ended October 31, 2018	For each of the two years in the period ended October 31, 2018	For each of the five years in the period ended October 31, 2018

Transamerica Funds Annual Report 2018

Page    590

The Funds	Statement of operations	Statements of changes in net assets	Financial highlights
Transamerica Balanced II Transamerica High Quality Bond Transamerica Inflation-Protected Securities Transamerica Intermediate Bond Transamerica Large Core Transamerica Large Growth Transamerica Large Value Opportunities Transamerica Mid Cap Growth Transamerica Small Cap Core Transamerica Small Cap Value	For the year ended October 31, 2018	For the year ended October 31, 2018, the period from January 1, 2017 through October 31, 2017 and the year ended December 31, 2016.	For the year ended October 31, 2018, the period from January 1, 2017 through October 31, 2017, and for each of the 4 years in the period ended December 31, 2016.
Transamerica Concentrated Growth	For the year ended October 31, 2018	For each of the two years in the period ended October 31, 2018	For each of the four years ended October 31, 2018 and the period from January 1, 2014 through October 31, 2014.
Transamerica Event Driven	For the year ended October 31, 2018	For each of the two years in the period ended October 31, 2018	For each of the three years in the period ended October 31, 2018 and the period from March 31, 2015 (commencement of operations) through October 31, 2015
Transamerica Inflation Opportunities Transamerica Strategic High Income	For the year ended October 31, 2018	For each of the two years in the period ended October 31, 2018	For each of the four years in the period ended October 31, 2018 and the period from March 1, 2014 (commencement of operations) through October 31, 2014
Transamerica Mid Cap Value Opportunities	For the year ended October 31, 2018	For each of the two years in the period ended October 31, 2018	For each of the four years in the period ended October 31, 2018 and the period from April 30, 2014 (commencement of operations) through October 31, 2014
Transamerica Unconstrained Bond	For the year ended October 31, 2018	For each of the two years in the period ended October 31, 2018	For each of the 3 years in the period ended October 31, 2018 and the period from December 8, 2014 (commencement of operations) through October 31, 2015
Transamerica International Stock	For the period from September 28, 2018 (commencement of operations) through October 31, 2018

The financial highlights for Transamerica Concentrated Growth for the period ended prior to January 1, 2014 were audited by another independent registered public accounting firm whose report dated February 24, 2014 expressed an unqualified opinion on those financial highlights.

Transamerica Funds Annual Report 2018

Page    591

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2018, by correspondence with the custodian, brokers and others, or by other appropriate auditing procedures where replies from brokers or others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

Boston, Massachusetts

December 24, 2018

Transamerica Funds Annual Report 2018

Page    592

SUPPLEMENTAL INFORMATION

(unaudited)

TAX INFORMATION

For dividends paid during the year ended October 31, 2018, the Funds designated the following maximum amounts of qualified dividend income:

Fund	Qualified Dividend Income
Balanced II	$	1,419,495
Capital Growth		3,206,173
Concentrated Growth		1,711,498
Dividend Focused		18,371,418
Emerging Markets Equity		2,511,373
Event Driven		294,317
Global Equity		1,737,404
High Yield Bond		1,290,631
International Equity		123,748,486
International Growth		22,882,446
International Small Cap Value		20,147,675
Large Cap Value		46,149,670
Large Core		4,735,805
Large Growth		4,362,825
Large Value Opportunities		9,440,216
Mid Cap Growth		875,874
Mid Cap Value Opportunities		13,190,577
MLP & Energy Income		3,388,658
Multi-Cap Growth		2,995,377
Multi-Managed Balanced		10,120,253
Small Cap Core		2,327,900
Small Cap Value		1,219,626
Small/Mid Cap Value		10,867,979
Strategic High Income		1,944,115
US Growth		9,171,468

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		62	%
Concentrated Growth		80
Dividend Focused		92
Event Driven		8
Global Equity		31
High Yield Bond		1
Large Cap Value		52
Large Core		59
Large Growth		78
Large Value Opportunities		40
Mid Cap Growth		73
Mid Cap Value Opportunities		100
MLP & Energy Income		71
Multi-Cap Growth		38
Multi-Managed Balanced		83
Small Cap Core		87
Small Cap Value		100
Small/Mid Cap Value		17
Strategic High Income		34
US Growth		84

Transamerica Funds Annual Report 2018

Page    593

SUPPLEMENTAL INFORMATION

(unaudited)

TAX INFORMATION (continued)

For tax purposes, the long-term capital gain designations for the year ended October 31, 2018 are as follows:

Fund	Long-Term Capital Gain Designation
Balanced II	$	613,523
Capital Growth		174,027,606
Concentrated Growth		11,052,666
Dividend Focused		37,552,948
Growth		132,507,864
Large Cap Value		160,661,452
Large Core		9,809,742
Large Growth		31,604,559
Large Value Opportunities		11,127,618
Mid Cap Growth		22,047,335
Mid Cap Value Opportunities		107,817,160
Multi-Cap Growth		4,970,221
Multi-Managed Balanced		20,316,110
Small Cap Core		6,921,083
Small Cap Growth		14,518,564
Small Cap Value		11,833,820
Small/Mid Cap Value		40,386,063
Strategic High Income		538,076
Unconstrained Bond		7,938
US Growth		88,144,378

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	$	16,604,755	$	1,846,159
International Equity		142,398,065		9,301,381
International Growth		33,537,338		2,924,020
International Small Cap Value		25,918,666		2,190,812

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2018. Complete information will be computed and reported in conjunction with your 2018 Form 1099-DIV.

Transamerica Funds Annual Report 2018

Page    594

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 21-22, 2018, the Board considered the renewal of the management agreement (the “Management Agreement”) between Transamerica Asset Management, Inc. (“TAM”) and Transamerica Funds, on behalf of each of the following funds (each a “Fund” and collectively the “Funds”):

Transamerica Balanced II	Transamerica International Equity
Transamerica Bond (formerly, Transamerica Flexible Income)	Transamerica International Growth
Transamerica Capital Growth	Transamerica International Small Cap Value
Transamerica Concentrated Growth	Transamerica Large Cap Value
Transamerica Dividend Focused	Transamerica Large Core
Transamerica Dynamic Allocation	Transamerica Large Growth
Transamerica Dynamic Income	Transamerica Large Value Opportunities
Transamerica Emerging Markets Debt	Transamerica Mid Cap Growth
Transamerica Emerging Markets Equity	Transamerica Mid Cap Value Opportunities
Transamerica Event Driven	Transamerica MLP & Energy Income
Transamerica Floating Rate	Transamerica Multi-Cap Growth
Transamerica Global Equity	Transamerica Multi-Managed Balanced
Transamerica Government Money Market	Transamerica Short-Term Bond
Transamerica Growth	Transamerica Small Cap Core
Transamerica High Quality Bond	Transamerica Small Cap Growth
Transamerica High Yield Bond	Transamerica Small Cap Value
Transamerica High Yield Muni	Transamerica Small/Mid Cap Value
Transamerica Inflation Opportunities	Transamerica Strategic High Income
Transamerica Inflation-Protected Securities	Transamerica Unconstrained Bond
Transamerica Intermediate Bond	Transamerica US Growth
Transamerica Intermediate Muni

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 (formerly, Transamerica Flexible Income)	Aegon USA Investment Management, LLC
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, L.P.
Transamerica Emerging Markets Equity	ClariVest Asset Management LLC
Transamerica Event Driven	Advent Capital Management, LLC
Transamerica Floating Rate	Aegon USA Investment Management, LLC
Transamerica Global Equity	Rockefeller and Co., Inc.
Transamerica 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 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
Transamerica Large Cap Value	Levin Capital Strategies, L.P.

Transamerica Funds Annual Report 2018

Page    595

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

(unaudited)

Fund	Sub-Adviser(s)
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. Thompson, Siegel & Walmsley LLC
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, 2019.

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.

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

Nature, Extent and Quality of the Services Provided

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

The Board also considered the continuous and regular investment management and other services provided by TAM, when acting as a manager of managers, for the portion of the management fee it retains from each Fund after payment of the sub-advisory fees. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of each Fund and its investment strategy; the selection, oversight and monitoring of one or more investment

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

Investment Performance

In addition, the Board considered the short- and longer-term performance, as applicable, of each Fund in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the Fund’s benchmark(s), in each case for various trailing periods ended December 31, 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 Fund’s investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board’s conclusions as to performance are summarized below. In describing a Fund’s performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was “above,” “below” or “in line with” the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as “above” 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 significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

Transamerica Balanced II. The Board noted that the performance of Class R Shares of the Fund was above the median for its peer universe for the past 5- and 10-year period, in line with the median for the past 3-year period and below the median for the past 1-year period. The Board also noted that the performance of Class R 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 July 9, 2010 pursuant to its current equity investment strategies. The Board also noted that the Fund’s fixed income sub-adviser, Aegon USA Investment Management, LLC, had commenced subadvising that portion of the Fund on May 1, 2014 pursuant to its current fixed income investment strategies. The Trustees noted that the Fund had acquired the assets and assumed the liabilities of two Transamerica Partners funds on September 15, 2017. As a result of that transaction, and based on published guidance from the staff of the Securities and Exchange Commission, the Fund had assumed the performance history of the performance survivor, Transamerica Partners Balanced, effective as of that date in place of its own historical performance record. The Trustees also noted recent changes in the portfolio management team at Aegon USA Investment Management, LLC. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward.

Transamerica Bond (formerly, Transamerica Flexible Income). The Board noted that the performance of Class A Shares of the Fund was above the median for its peer universe and above its benchmark, each for the past 1-, 3-, 5- and 10-year periods. The Trustees also noted recent changes in the portfolio management team at Aegon USA Investment Management, LLC. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward.

Transamerica Capital Growth. The Board noted that the performance of Class A Shares of the Fund was above the median for its peer universe and above its benchmark, each for the past 1-, 3- and 5-year periods. The Board noted that the Fund’s Sub-Adviser had commenced subadvising the Fund on March 22, 2011 pursuant to its current investment strategies.

Transamerica Concentrated Growth. The Board noted that the performance of Class A Shares of the Fund was below the median for its peer universe and below its benchmark, each for the past 1- and 3-year periods. The Trustees discussed the reasons for the underperformance with TAM and TAM agreed to continue to closely monitor and report to the Board on the performance of the Fund.

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Transamerica Dividend Focused. The Board noted that the performance of Class A Shares of the Fund was in line with the median for its peer universe but above its benchmark, each 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 above the median for its peer universe for the past 5-year period and in line with the median for the past 1- and 3-year periods. The Board also noted that the performance of Class A Shares of the Fund was below its composite benchmark for the past 1-, 3- and 5-year periods. The Board noted that the Fund’s Sub-Adviser had commenced subadvising the Fund on May 1, 2015 pursuant to its current investment objective and investment strategies.

Transamerica Dynamic Income. The Board noted that the performance of Class A Shares of the Fund was below the median for its peer universe and below its composite benchmark, each for the past 1-, 3- and 5-year periods. The Board noted that the Fund’s Sub-Adviser had commenced subadvising the Fund on May 1, 2015 pursuant to its current investment strategies.

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-, 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-year period and below its benchmark for the past 3- and 5-year periods.

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- 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.

Transamerica Event Driven. The Board noted that the performance of Class I2 Shares of the Fund was in line with the median for its peer universe but above its benchmark, each for the past 1-year period.

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 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 Global Equity. 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, in line with the median for the past 3-year period and below the median for the past 5- and 10-year periods. 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-, 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.

Transamerica Government Money Market. 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 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 and above its benchmark, each for the past 1-, 3-, 5- and 10-year periods.

Transamerica High Quality Bond. The Board noted that the performance of Class R4 Shares of the Fund was in line with the median for its peer universe for the past 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- and 10-year periods and below its benchmark for the past 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 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 5- and 10-year periods and in line with the median for the past 1- and 3-year periods. The Board also noted that the performance of Class 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 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 3-year period and below its benchmark for the past 1-year period.

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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 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 below its benchmark for the past 1- and 3-year periods.

Transamerica Inflation-Protected Securities. The Board noted that the performance of Class R4 Shares of the Fund was in line with the median for its peer universe for the past 1- and 10-year periods and below the median for the past 3- and 5-year periods. The Board also noted that the performance of Class R4 Shares of the Fund was below its benchmark for the past 1-, 3-, 5- and 10-year periods. The Trustees noted that the Fund had acquired the assets and assumed the liabilities of three Transamerica Partners funds on April 21, 2017. As a result of that transaction, and based on published guidance from the staff of the Securities and Exchange Commission, the Fund had assumed the performance history of the performance survivor, Transamerica Partners Institutional Inflation-Protected Securities, effective as of that date in place of its own historical performance record. The Trustees also noted recent changes in the portfolio management team at BlackRock Financial Management, Inc. The Board also noted that, effective on or about June 30, 2018, PineBridge Investments LLC will replace BlackRock as sub-adviser to the Fund and will begin managing the Fund pursuant to different investment strategies.

Transamerica Intermediate Bond. The Board noted that the performance of Class R4 Shares of the Fund was above the median for its peer universe and above its benchmark, each 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, 2014 pursuant to its current investment objective. The Trustees noted that the Fund had acquired the assets and assumed the liabilities of three Transamerica Partners funds on March 24, 2017. As a result of that transaction, and based on published guidance from the staff of the Securities and Exchange Commission, the Fund had assumed the performance history of the performance survivor, Transamerica Partners Institutional Core Bond, effective as of that date in place of its own historical performance record. The Trustees also noted recent changes in the portfolio management team at Aegon USA Investment Management, LLC. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward.

Transamerica Intermediate Muni. The Board noted that the performance of Class A Shares of the Fund was above the median for its peer universe and above its benchmark, each for the past 1-, 3- and 5-year periods.

Transamerica International Equity. The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 5- and 10-year periods, in line with the median for the past 3-year period and below the median for the past 1-year period. The Board also noted that the performance of Class I Shares of the Fund was above its benchmark for the past 5- and 10-year periods and below its benchmark for the past 1- and 3-year periods.

Transamerica International Growth. The Board noted that the performance of Class I2 Shares of the Fund was in line with the median for its peer universe for the past 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- and 3-year periods and below its benchmark for the past 5-year period. The Board noted that the Fund’s Sub-Adviser had commenced subadvising the Fund on March 1, 2018 pursuant to its current investment objective and investment strategies.

Transamerica International Small Cap Value. The Board noted that the performance of Class 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 3- and 5-year periods 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- and 5-year periods and below its benchmark for the past 1-year period. The Board noted that the Fund’s Sub-Adviser had commenced subadvising the Fund on July 31, 2012 pursuant to its current investment objective and investment strategies.

Transamerica Large Core. The Board noted that the performance of Class R4 Shares of the Fund was above the median for its peer universe for the past 1-, 5- and 10-year periods and in line with the median for the past 3-year period. The Board also noted that the performance of Class 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 Large Core, effective as of that date in place of its own historical performance record. The Board noted that, effective on or about September 1, 2018, PineBridge Investments, LLC will replace AJO as sub-adviser to the Fund and will begin managing the Fund pursuant to a different investment objective and different investment strategies.

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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 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 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 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 1- and 5-year periods and below the median for the past 3- 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 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. The Board noted that, effective on or about September 1, 2018, PineBridge Investments, LLC will replace AJO as sub-adviser to the Fund and will begin managing the Fund pursuant to a different investment objective and different investment strategies.

Transamerica Mid Cap Growth. 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- and 5-year periods 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 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 Board noted that the Fund’s Sub-Adviser had commenced subadvising the Fund on June 28, 2013 pursuant to its current investment objective and investment strategies. The Trustees noted that the Fund had acquired the assets and assumed the liabilities of three Transamerica Partners funds on March 10, 2017. As a result of that transaction, and based on published guidance from the staff of the Securities and Exchange Commission, the Fund had assumed the performance history of the performance survivor, Transamerica Partners Institutional 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 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 MLP & Energy Income. The Board noted that the performance of Class A Shares of the Fund was above the median for its peer universe but below its composite benchmark, each for the past 1- and 3-year periods.

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 and below its benchmark, each 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 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.

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 10-year period, in line with the median for the past 3- and 5-year periods and below the median for the past 1-year period. The Board also noted that the performance of Class A Shares of the Fund was below its composite benchmark for the past 1-, 3-, 5- and 10-year periods. The Board noted that the Fund’s equity sub-adviser, J.P. Morgan Investment Management Inc., had commenced subadvising that portion of the Fund on March 22, 2011 pursuant to its current equity investment objective and investment strategies. The Board also noted that the Fund’s fixed income sub-adviser, Aegon USA Investment Management, LLC, had commenced subadvising that portion of the Fund on May 1, 2014 pursuant to its current fixed income investment strategies. The Trustees also noted recent changes in the portfolio management team at Aegon USA Investment Management, LLC. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward.

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 and above its benchmark, each for the past 1-, 3-, 5- and 10-year periods. Trustees also noted recent changes in the portfolio management team at Aegon USA Investment Management, LLC. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward.

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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 and below its primary benchmark, each 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 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 3- and 5-year periods 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- and 5-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 1- and 10-year periods and below the median for the past 3- and 5-year periods. The Board also noted that the performance of Class 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 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 3- and 10-year periods and in line with the median for the past 1- 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-, 5- and 10-year periods. The Board noted that Systematic Financial Management, L.P. had previously served as the Fund’s sole Sub-Adviser, beginning on March 22, 2011, pursuant to different investment strategies. The Board also noted that Thompson, Siegel & Walmsley LLC had commenced subadvising the Fund’s mid-cap sleeve and Systematic Financial Management, L.P. had continued subadvising the Fund’s small-cap sleeve pursuant to the Fund’s current investment strategies on December 5, 2016.

Transamerica 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 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 composite benchmark for the past 1- and 3-year periods.

Transamerica Unconstrained Bond. The Board noted that the performance of Class I2 Shares of the Fund was above the median for its peer universe and above its benchmark, each for the past 1- and 3-year periods.

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 but below its benchmark, each for the past 1-, 3- and 5-year periods. The Board noted that the Fund’s Sub-Adviser had commenced subadvising the Fund on March 22, 2011 and commenced using its current investment objective and investment strategies on July 1, 2014.

Management and Sub-Advisory Fees and Total Expense Ratios

The Board considered the management fee and total expense ratio of each Fund, including information provided by Broadridge comparing the management fee and total expense ratio of each Fund to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board’s conclusions as to management fees and total expense ratios are summarized below. In describing a Fund’s management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were “above,” “below” or “in line with” the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as “above” 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.

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Transamerica Balanced II. The Board noted that the Fund’s contractual management fee was below the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R Shares of the Fund were 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 Bond (formerly, Transamerica Flexible Income). 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 A Shares of the Fund were above the medians for its peer group and peer universe. The Trustees and TAM agreed upon a reduction to the Fund’s management and sub-advisory fee schedules. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Capital Growth. The Board noted that the Fund’s contractual management fee was in line with the 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 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 Concentrated 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 Dividend Focused. 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 and TAM agreed upon additional breakpoints to the Fund’s management fee schedule. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica 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 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 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 noted that even though the sub-advisory fee schedule increased, the management fee remained the same. 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 in line with the medians for its peer group and peer universe. The Trustees and TAM agreed upon a reduction to the Fund’s management and sub-advisory fee schedules. 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 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 Floating Rate. The Board noted that the Fund’s contractual management fee was below the median for its peer group and in line with the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class 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 Funds Annual Report 2018

Page    602

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

(unaudited)

Transamerica Global Equity. The Board noted that the Fund’s contractual management fee and the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class 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 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 in line with the medians for its peer group and peer universe.

Transamerica High Quality Bond. The Board noted that the Fund’s contractual management fee was in line with the median for its peer group and below the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class 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 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 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 High Yield Muni. The Board noted that the Fund’s contractual management fee was in line with the median for its peer group and below the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class 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 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 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 and TAM agreed upon additional breakpoints to the Fund’s management fee schedule. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

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

Transamerica Funds Annual Report 2018

Page    603

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

(unaudited)

Transamerica International 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 I2 Shares of the Fund were above the median for its peer group and in line with the median for its peer universe. The Board further noted that the Fund’s management fee schedule had been reduced in connection with the recent sub-adviser change. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica International Small Cap Value. The Board noted that the Fund’s contractual management fee was in line with the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 Shares of the Fund were below the medians for its peer group and peer universe. The Trustees and TAM agreed upon an additional breakpoint to the Fund’s management fee schedule. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Large Cap Value. 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 A Shares of the Fund were in line with the medians for its peer group and peer universe. The Trustees and TAM agreed upon additional breakpoints to the Fund’s management fee schedule. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Large Core. The Board noted that the Fund’s contractual management fee 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 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 and TAM agreed upon a reduction to the Fund’s management and sub-advisory fee schedules. 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 and TAM agreed upon a reduction to the Fund’s management and sub-advisory fee schedules. 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 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 Multi-Cap Growth. 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 above the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Funds Annual Report 2018

Page    604

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

(unaudited)

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 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 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 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 Cap Growth. The Board noted that the Fund’s contractual management fee was in line with the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class 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 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 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 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 below the median for its peer group and in line with the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 Shares of the Fund were 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 US Growth. The Board noted that the Fund’s contractual management fee was below the median for its peer group and in line with the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class 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.

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

Cost of Services Provided and Level of Profitability

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

Transamerica Funds Annual Report 2018

Page    605

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

(unaudited)

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

With respect to the Sub-Advisers, the Board noted that the sub-advisory fees are the product of arm’s-length negotiation between TAM and the applicable Sub-Adviser, which is not affiliated with TAM (with the exception of those fees paid to Aegon USA Investment Management, LLC (“AUIM”), which is affiliated with TAM), and are paid by TAM and not the applicable Fund. As a result, for those Funds not sub-advised by AUIM, the Board focused on the profitability of TAM and its affiliates with respect to the applicable Fund. For each Fund sub-advised by AUIM, the Board noted that information about AUIM’s revenues and expenses was incorporated into the profitability analysis for TAM and its affiliates with respect to each Fund. As a result, the Board focused on profitability information for TAM and its affiliates and AUIM in the aggregate.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Funds was not excessive.

Economies of Scale

The Board considered economies of scale with respect to the management of each Fund, whether the Fund had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Funds benefited from any economies of scale. The Board recognized that, as a Fund’s assets increase, any economies of scale realized by TAM 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, Alta Capital Management, LLC, Barrow, Hanley, Mewhinney & Strauss, LLC, Boston Advisors, LLC, J.P. Morgan Investment Management Inc., Jennison Associates LLC, Levin Capital Strategies, L.P., Morgan Stanley Investment Management Inc., 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 Advent Capital Management, LLC, Alta Capital Management, LLC, Barrow, Hanley, Mewhinney & Strauss, LLC, ClariVest Asset Management LLC, Jennison Associates LLC, Kayne Anderson Capital Advisors, L.P., Levin Capital Strategies, L.P., Morgan Stanley Investment Management Inc., Ranger Investment Management, L.P., Rockefeller and Co., Inc., Systematic Financial Management L.P., Thompson, Siegel & Walmsley LLC, Torray LLC and Wellington Management Company LLP participate in a brokerage program pursuant to which a portion of brokerage commissions paid by each applicable Fund is recaptured for the benefit of the Fund and its shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to a Fund’s brokerage transactions.

Other Considerations

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage each Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Advisers. The Board also noted that TAM has made 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 2018

Page    606

TRANSAMERICA GOVERNMENT MONEY MARKET

APPROVAL OF SUB-ADVISORY AGREEMENT

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board” or “Board Members”) held on September 12-13, 2018, the Board considered the termination of Aegon USA Investment Management, LLC (“AUIM”) as sub-adviser for Transamerica Government Money Market (the “Fund”) and the approval of BlackRock Investment Management, LLC (“BlackRock”) as replacement sub-adviser. Following their review and consideration, the Board Members determined that the terms of the proposed sub-advisory agreement between Transamerica Asset Management, Inc. (“TAM”), on behalf of the Fund, and BlackRock (the “Sub-Advisory Agreement”) were reasonable, and that the termination of AUIM as sub-adviser to the Fund and approval of the Sub-Advisory Agreement was in the best interests of the Fund and its shareholders. The Board, including the independent members of the Board (the “Independent Board Members”), unanimously approved the Sub-Advisory Agreement for an initial two-year period and authorized TAM to terminate the sub-advisory agreement with AUIM with respect to the Fund.

To assist the Board Members in their consideration of the Sub-Advisory Agreement, the Board Members had requested and received from TAM and BlackRock certain materials and information in advance of the meeting. They then reviewed such information as they deemed reasonably necessary to evaluate the Sub-Advisory Agreement. In addition, the Independent Board Members consulted with counsel, including independent legal counsel, discussing, among other things, the legal standards and certain other considerations relevant to the Independent Board Members’ deliberations.

Among other matters, the Board Members considered:

(a)        that the appointment of BlackRock is not expected to result in any diminution in the nature, extent and quality of services provided to the Fund and its shareholders, including compliance services;

(b)        that BlackRock is an experienced and respected asset management firm and TAM believes that BlackRock will have the capabilities, resources and personnel necessary to provide sub-advisory services to the Fund based on an assessment of BlackRock’s organization, investment personnel and experience managing the proposed investment strategy;

(c)        that the proposed management fee rate payable to TAM by the Fund is lower than the current management fee rate, which would result in immediate savings for current shareholders, as well as additional savings as the Fund’s assets grow in size;

(d)        that the proposed sub-advisory fee rate payable to BlackRock would be lower than the current AUIM sub-advisory fee rate and is fair and reasonable in light of the sub-advisory services to be provided;

(e)        the fact that the sub-advisory fees payable to BlackRock would be paid by TAM and not the Fund;

(f)        that TAM recommended to the Board Members that BlackRock be appointed to replace AUIM based on recent compliance issues related to the Fund;

(g)        the proposed responsibilities of BlackRock for the Fund and the sub-advisory services expected to be provided by the sub-adviser; and

(h)        that TAM recommended to the Board Members that BlackRock be appointed as sub-adviser to the Fund based on, among other things, TAM’s desire to engage an investment sub-adviser with a proven track record.

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 BlackRock under the Sub-Advisory Agreement, the Board Members considered, among other things, information provided by TAM and BlackRock regarding the operations, facilities, organization and personnel of BlackRock, the anticipated ability of BlackRock to perform its duties under the Sub-Advisory Agreement, and the proposed changes to the Fund’s current investment program and other practices of the Fund. The Board Members also considered that TAM has advised the Board that the appointment of BlackRock is not expected to result in any diminution in the nature, extent and quality of services provided to the Fund and its shareholders, including compliance services. The Board Members further considered that BlackRock is an experienced asset management firm and that TAM believes that BlackRock has the capabilities, resources and personnel necessary to provide sub-advisory services to the Fund based on its assessment of BlackRock’s organization, investment talent and strong back office. The Board Members also considered the proposed changes to the Fund’s principal investment strategies.

Transamerica Funds Annual Report 2018

Page    607

TRANSAMERICA GOVERNMENT MONEY MARKET

APPROVAL OF SUB-ADVISORY AGREEMENT (continued)

(unaudited)

Based on their review of the materials provided and the information they received from TAM and BlackRock, the Board Members determined that BlackRock can provide sub-advisory services that are appropriate in scope and extent in light of the proposed investment program for the Fund and that BlackRock’s appointment is not expected to adversely affect the nature, extent and quality of services provided to the Fund.

Investment Performance. The Board Members considered BlackRock’s past performance, investment management experience, capabilities and resources. The Board Members reviewed the performance of the Fund as compared to its primary benchmark, its peer group and the composite performance of the strategy to be followed by BlackRock (the “BlackRock Strategy”). The Board noted that with fee differential and recapture adjustments, the performance of the BlackRock Strategy compared competitively to that of the Fund for the one- and two-year periods ending June 30, 2018 as well as the 30-day performance as of each quarter-end for the trailing two-year period. The Board Members further noted that, while past performance is not necessarily a predictor of future results, TAM believes the appointment of BlackRock will benefit shareholders by offering them the potential for improved performance based on the historical comparisons. On the basis of this information and the Board Members’ assessment of the nature, extent and quality of the services to be provided by BlackRock, the Board Members concluded that BlackRock is capable of generating a level of investment performance that is appropriate in light of the Fund’s proposed new principal investment strategies.

Management and Sub-Advisory Fees, Cost of Services to be Provided and Profitability. The Board Members considered the proposed management and sub-advisory fee schedules. The Board Members noted that the proposed sub-advisory fee schedule payable by TAM to BlackRock was lower than the current sub-advisory fee schedule for AUIM. The Board Members also considered that, based on current asset levels, the proposed management fee for Transamerica Government Money Market would be above the applicable Morningstar peer group median and below the applicable Broadridge peer group median. The Board Members also considered that although the net management fee retained by TAM would increase, the proposed management fee rate payable by the Fund to TAM would decrease at all levels, and that TAM considered the proposed management fee to be reasonable compensation for its services. On the basis of these considerations, together with the other information they considered, the Board Members determined that the management fee to be received by TAM and the sub-advisory fee to be received by BlackRock under the Sub-Advisory Agreement are reasonable in light of the sub-advisory services to be provided.

With respect to BlackRock’s costs and profitability in providing sub-advisory services to the Fund, the Board Members noted that the proposed sub-advisory fee was the product of arm’s-length negotiation between TAM and BlackRock. As a result, the Board Members did not consider BlackRock’s anticipated profitability to be material to its decision to approve the Sub-Advisory Agreement. The Board also reviewed pro forma estimated profitability information provided by TAM, noting that TAM would experience a net annual increase in management fees retained for the Fund.

Economies of Scale. In evaluating the extent to which the proposed sub-advisory fees payable under the Sub-Advisory Agreement reflect economies of scale or would permit economies of scale to be realized in the future, the Board Members considered the existence of breakpoints in both the management and sub-advisory fee schedules. The Board Members considered that the appointment of BlackRock has the potential to attract additional assets due to BlackRock’s established asset management capabilities. The Board Members concluded that they would have the opportunity to periodically reexamine the appropriateness of the management fees payable by the Fund to TAM, and the sub-advisory fees payable by TAM to BlackRock, in light of any economies of scale experienced in the future.

Fall-Out Benefits. The Board Members considered other benefits expected to be derived by BlackRock 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 BlackRock or the Fund, and that BlackRock may engage in soft dollar arrangements and receive such benefits, consistent with applicable law and “best execution” requirements.

Conclusion. After consideration of the factors described above, as well as other factors, the Board Members, including all of the Independent Board Members, concluded that the approval of the revised management fee schedule and the Sub-Advisory Agreement was in the best interests of the Fund and its shareholders and unanimously approved the revised management fee schedule and the Sub-Advisory Agreement.

Transamerica Funds Annual Report 2018

Page    608

TRANSAMERICA INFLATION-PROTECTED SECURITIES

APPROVAL OF SUB-ADVISORY AGREEMENT

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board” or “Board Members”) held on March 7-8, 2018, the Board considered the termination of BlackRock Financial Management, Inc. (“BlackRock”) as sub-adviser for Transamerica Inflation-Protected Securities (the “Fund”), the termination of BlackRock International, Ltd. (“BIL”) as sub-sub-adviser for the Fund, and the approval of PineBridge Investments LLC (“PineBridge”) as replacement sub-adviser. Following their review and consideration, the Board Members determined that the terms of the proposed sub-advisory agreement between Transamerica Asset Management, Inc. (“TAM”), on behalf of the Fund, and PineBridge (the “Sub-Advisory Agreement”) were reasonable, and that the termination of BlackRock as sub-adviser to the Fund, termination of BIL as sub-sub-adviser to the Fund, and approval of the Sub-Advisory Agreement was in the best interests of the Fund and its shareholders. The Board, including the independent members of the Board (the “Independent Board Members”), unanimously approved the Sub-Advisory Agreement for an initial two-year period and authorized TAM to terminate the sub-advisory agreement with BlackRock and the sub-sub-advisory agreement with BIL with respect to the Fund.

To assist the Board Members in their consideration of the Sub-Advisory Agreement, the Board Members had requested and received from TAM and PineBridge certain materials and information in advance of the meeting. The Board Members then reviewed such information as they deemed reasonably necessary to evaluate the Sub-Advisory Agreement. In addition, the Independent Board Members consulted with counsel, including independent legal counsel, discussing, among other things, the legal standards and certain other considerations relevant to the Independent Board Members’ deliberations.

Among other matters, the Board Members considered:

(a)        that PineBridge is an experienced and respected asset management firm and TAM believes that PineBridge has the capabilities, resources and personnel necessary to provide sub-advisory services to the Fund based on an assessment of PineBridge’s organization, investment personnel and experience managing the proposed strategy;

(b)        the proposed responsibilities of PineBridge for the Fund and the sub-advisory services expected to be provided by it;

(c)        that the proposed sub-advisory fee rate to be paid to PineBridge is the same as the current BlackRock sub-advisory fee and is fair and reasonable in light of the sub-advisory services to be provided by PineBridge;

(d)        the fact that the sub-advisory fees payable to PineBridge would be paid by TAM and not the Fund;

(e)        that TAM recommended to the Board Members that PineBridge be appointed as sub-adviser to the Fund based on TAM’s desire to engage an investment sub-adviser with a proven track record;

(f)        that TAM recommended to the Board Members that PineBridge be appointed to replace BlackRock based on BlackRock’s poor relative and risk-adjusted performance compared to their benchmark and their peer group, as well as the recent portfolio manager change; and

(g)        that the appointment of PineBridge is not expected to result in any diminution in the nature, extent and quality of services provided to the Fund and its shareholders, including compliance services.

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 PineBridge under the Sub-Advisory Agreement, the Board Members considered, among other things, information provided by TAM and PineBridge regarding the operations, facilities, organization and personnel of PineBridge, the anticipated ability of PineBridge to perform its duties under the Sub-Advisory Agreement, and the anticipated changes to the Fund’s current investment program and other practices.

The Board Members considered the proposed changes to the Fund’s principal investment strategies. The Board Members considered that TAM has advised the Board Members that the appointment of PineBridge is not expected to result in any diminution in the nature, extent and quality of services provided to the Fund and its shareholders, including compliance services.

Based on their review of the materials provided and the information they had received from TAM, the Board Members determined that PineBridge is capable of providing sub-advisory services to the Fund that are appropriate in scope and extent in light of the proposed investment program for the Fund and that PineBridge’s appointment is not expected to adversely affect the nature, extent and quality of services provided to the Fund.

Transamerica Funds Annual Report 2018

Page    609

TRANSAMERICA INFLATION-PROTECTED SECURITIES

APPROVAL OF SUB-ADVISORY AGREEMENT (continued)

(unaudited)

Investment Performance. The Board Members considered PineBridge’s past performance, investment management experience, capabilities and resources. The Board Members reviewed the performance of the Fund as compared to its current benchmark, its current peer group, the composite performance of the strategy to be followed by PineBridge (the “PineBridge Strategy”), and a peer group of funds pursuing strategies similar to the PineBridge Strategy. The performance of the PineBridge Strategy compared favorably to that of the Fund and its current benchmark and peer group, as well as the PineBridge Strategy’s peer group, for the one-, three-, and five-year periods and the period of available performance history (since July 2008) ended September 30, 2017.

The Board Members further noted that TAM believes that the appointment of PineBridge will benefit shareholders by offering them the potential for improved performance based on the historical comparisons, but were unable to predict what effect execution of the Sub-Advisory Agreement would actually have on the future performance of the Fund. On the basis of this information and the Board Members’ assessment of the nature, extent and quality of the services to be provided by PineBridge, the Board Members concluded that PineBridge is capable of generating a level of investment performance that is appropriate in light of the Fund’s proposed new principal investment strategies.

Sub-Advisory Fee, Cost of Services to be Provided and Profitability. The Board Members considered the proposed sub-advisory fee schedule under the Sub-Advisory Agreement. The Board Members noted that the proposed sub-advisory fee schedule payable by TAM to PineBridge is the same as the current sub-advisory fee schedule for BlackRock.

With respect to PineBridge’s costs and profitability in providing sub-advisory services to the Fund, the Board Members noted that the proposed sub-advisory fees are the product of arm’s-length negotiation between TAM and PineBridge. As a result, the Board Members did not consider PineBridge’s anticipated profitability as material to its decision to approve the Sub-Advisory Agreement. The Board also reviewed pro forma estimated profitability information provided by TAM.

Economies of Scale. In evaluating the extent to which the sub-advisory fees payable under the 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 considered that TAM believes that the appointment of PineBridge as sub-adviser has the potential to attract additional assets because of PineBridge’s asset management capabilities. The Board Members concluded that they would have the opportunity to periodically reexamine the appropriateness of the management fees payable by the Fund to TAM and sub-advisory fees payable by TAM to PineBridge in light of any economies of scale experienced in the future.

Fall-Out Benefits. The Board Members considered other benefits expected to be derived by PineBridge 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 PineBridge, and that PineBridge 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 Sub-Advisory Agreement is in the best interests of the Fund and its shareholders and unanimously approved the Sub-Advisory Agreement.

Transamerica Funds Annual Report 2018

Page    610

TRANSAMERICA INTERNATIONAL GROWTH

APPROVAL OF SUB-ADVISORY AGREEMENT

(unaudited)

On November 1, 2018, The Toronto-Dominion Bank (“TD”) acquired Greystone Capital Management Inc., the parent company of Greystone Managed Investments Inc. (“Greystone”). 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 Greystone, 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 12-13, 2018, considered the continued retention of Greystone as the sub-adviser to Transamerica International Growth (the “Fund”). Following their review and consideration, the Board Members determined that the terms of the proposed sub-advisory agreement between TAM and Greystone, 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 members of the Board (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 had requested and received from TAM and Greystone 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 Independent Board Members’ deliberations.

Among other matters, the Board Members considered:

(a)        that Greystone 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 to the Fund and its shareholders, including compliance services;

(b)        that Greystone expects to retain the same investment processes, key personnel and support systems following the transaction;

(c)        that Greystone believes that its business, clients and employees will benefit from the transaction, and that the transaction will result in Greystone receiving the support and resources of a global organization;

(d)        that Greystone believes it will gain the strength of a broader and deeper investment management team through the combined resources of TD;

(e)        that Greystone is an experienced and respected asset management firm and TAM believes that Greystone will continue to have the capabilities, resources and personnel necessary to provide sub-advisory services to the Fund based on an assessment of Greystone, its investment personnel, and the sub-advisory services Greystone provides to the Fund; and

(f)        that the New Sub-Advisory Agreement will not result in any change in the rate of sub-advisory fees payable by TAM to Greystone.

In approving the New Sub-Advisory Agreement, the Board Members also relied, as to Greystone’s services, fees, profitability and fallout benefits, on their prior deliberations in initially approving the sub-advisory agreement, in December of 2017, as supplemented by the new information concerning the transaction. With respect to other matters, such as TAM’s profitability in operating the Fund with Greystone as its sub-adviser, they relied in part upon their prior deliberations in approving the continuance of the management agreement with TAM in June of 2018.

In their deliberations, the Board Members evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. The Board Members based their decisions on the considerations discussed above, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Board Member may have attributed different weights to the various factors.

After consideration of the factors described above, as well as other factors, the Board Members, including all of the Independent Board Members, concluded that the approval of the New Sub-Advisory Agreement was in the best interests of the Fund and its shareholders and unanimously approved the New Sub-Advisory Agreement to take effect upon the closing of the transaction.

Transamerica Funds Annual Report 2018

Page    611

TRANSAMERICA INTERNATIONAL STOCK

MANAGEMENT AND SUB-ADVISORY AGREEMENTS — INITIAL CONTRACT APPROVAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board” or “Board Members”) held on September 12-13, 2018, the Board considered the proposed management agreement (the “Management Agreement”) between Transamerica Asset Management, Inc. (“TAM”) and Transamerica Funds, on behalf of Transamerica International Stock (the “Fund”). The Board also considered the proposed investment sub-advisory agreement (the “Sub-Advisory Agreement” and, together with the Management Agreement, the “Agreements”) for the Fund between TAM and ClariVest Asset Management LLC (“ClariVest”). 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 Fund and its shareholders. The Board, including the independent members of the Board (the “Independent Board Members”), unanimously approved the Agreements for an initial two-year period.

To assist the Board Members in their consideration, the Board Members had requested and received from TAM and ClariVest certain materials and information in advance of the meeting. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements. In addition, the Independent Board Members consulted counsel, including independent legal counsel, discussing, among other things, the legal standards and certain other considerations relevant to the Independent Board Members’ deliberations. 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. The Board Members considered the nature, extent and quality of the services expected to be provided by TAM and ClariVest. In particular, the Board Members considered the proposed investment strategies and approach for the Fund; the experience, capability and integrity of TAM’s senior management; the financial resources of TAM; TAM’s management oversight process; the continuous and regular management services to be provided by ClariVest; the experience of ClariVest with the proposed investment strategy; and the professional qualifications and experience of ClariVest’s portfolio management team. The Board Members also considered the management and other services to be provided by TAM for the portion of the management fee it will retain after payment of the sub-advisory fee for the Fund. The Board Members noted that these services would include the design, development and ongoing review and evaluation of the Fund and its investment strategy; the selection, oversight and monitoring of ClariVest to perform certain duties with respect to the Fund; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of the Fund’s investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Fund; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for the Fund’s investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board, oversight of preparation of the Fund’s prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings; and ongoing cash management services. The Board noted that TAM, as part of the management services it provides to all Transamerica mutual funds, provides oversight of the services provided by the custodian, transfer agent, independent accountant and legal counsel and supervision of recordkeeping and shareholder relations functions of the Transamerica mutual funds.

Based on these and other considerations, the Board Members determined that TAM and ClariVest can provide investment and related services that are appropriate in scope and extent in light of the proposed investment program for the Fund.

Investment Performance. The Board Members considered ClariVest’s past performance, investment management experience, capabilities and resources. The Board Members recognized that the Fund is not yet in existence and therefore has no historical performance for the Board Members to review. However, the Board Members considered the historical performance of ClariVest’s existing ClariVest International strategy (the “ClariVest Strategy”). The historical performance covered the one-, three-, five-, and ten-year performance periods ended June 30, 2018, as compared to median performance figures of a peer group of funds pursuing similar strategies as the Fund, as well as the proposed benchmark for the Fund. The Board noted that the ClariVest Strategy outperformed the benchmark and the peer group median for each of the periods. On the basis of this information and the Board Members’ assessment of the nature, extent and quality of the services to be provided by TAM and ClariVest, the Board Members concluded that TAM and ClariVest are capable of generating a level of investment performance that is appropriate in light of the Fund’s proposed investment objective, policies and strategies.

Management and Sub-Advisory Fees and Total Expense Ratio. The Board Members considered the proposed management fee and anticipated total expense ratio of the Fund, including information comparing the management fee and total expense ratio of the Fund to the investment advisory fees and total expense ratios of comparable investment companies in the Broadridge and Morningstar peer universes. The Board Members also considered the fee to be charged by ClariVest for sub-advisory services as well as the portion of the Fund’s management fee to be retained by TAM following payment of the sub-advisory fee. The Board also noted that, while the

Transamerica Funds Annual Report 2018

Page    612

TRANSAMERICA INTERNATIONAL STOCK

MANAGEMENT AND SUB-ADVISORY AGREEMENTS — INITIAL CONTRACT APPROVAL (continued)

(unaudited)

estimated total expenses of the Fund were above its Morningstar and Broadridge peer group medians, the proposed management fee was comparable to the applicable Morningstar management fee median and below the applicable Broadridge median. The Board Members considered that the Fund was expected to gain assets which should cause the total expense ratio to decrease, and that sub-advisory fees would be discounted based on the combined assets of the Fund and Transamerica Emerging Markets Equity. The Board Members further noted that TAM proposed to enter into an expense limitation arrangement with the Fund, 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 Members determined that the management and sub-advisory fees to be received by TAM and ClariVest under the Agreements are reasonable in light of the services to be provided.

Cost of Services to be Provided and Profitability. The Board Members noted that the Fund was not yet in existence and therefore no revenue, cost or profitability data was available for the Board to review. However, the Board Members reviewed projected profitability information provided by TAM regarding its costs of procuring management services as well as the costs of providing administration, transfer agency and other services to the Fund by TAM and its affiliates. Based on this information, the Board Members determined that the profitability of TAM and its affiliates from their relationships with the Fund was not anticipated to be excessive. The Board Members also noted that the proposed sub-advisory fees were the product of arm’s-length negotiation between TAM and ClariVest. As a result, the Board Members did not consider ClariVest’s anticipated profitability to be material to its decision to approve the ClariVest Sub-Advisory Agreement.

Economies of Scale. In evaluating the extent to which the proposed fees payable under the Agreements reflected economies of scale or would permit economies of scale to be realized in the future, the Board Members considered the management and sub-advisory fee schedules and the existence of breakpoints in those schedules, as detailed in the materials provided to the Board Members, and noted each fee breakpoint with respect to the various asset levels to be achieved by the Fund. The Board Members concluded that the proposed fees and breakpoints may benefit shareholders by permitting the sharing of any economies of scale through lower management fees as the level of assets grows for the Fund. The Board Members also noted that they would have the opportunity to periodically reexamine the appropriateness of the management fees payable by the Fund to TAM, and the sub-advisory fees payable by TAM to ClariVest, in light of any economies of scale experienced in the future.

Fall-Out Benefits. The Board Members considered other benefits expected to be derived by TAM, its affiliates, and/or ClariVest from their relationships 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 ClariVest or the Fund, and that ClariVest may engage in soft dollar arrangements and receive such benefits, consistent with applicable law and “best execution” requirements. The Board Members noted that they would have the opportunity in the future to review the benefits over time.

Other Considerations. The Board Members considered the investment objective of the Fund and its investment strategy and noted that TAM believes that the Fund would enhance TAM’s product line-up. The Board Members noted that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Board Members favorably considered TAM’s procedures and policies to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of ClariVest. The Board Members also noted that TAM has made a significant entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Fund.

Conclusion. After consideration of the factors described above, as well as other factors, the Board Members, including all of the Independent Board Members, concluded that the approval of the Agreements would be in the best interests of the Fund and its shareholders and unanimously approved the Agreements.

Transamerica Funds Annual Report 2018

Page    613

TRANSAMERICA INTERNATIONAL VALUE

MANAGEMENT AND SUB-ADVISORY AGREEMENTS — INITIAL CONTRACT APPROVAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board” or “Board Members”) held on July 18-19, 2018, the Board considered the proposed management agreement (the “Management Agreement”) between Transamerica Asset Management, Inc. (“TAM”) and Transamerica Funds, on behalf of Transamerica International Value (the “Fund”). The Board also considered the proposed investment sub-advisory agreement (the “Sub-Advisory Agreement” and, together with the Management Agreement, the “Agreements”) for the Fund between TAM and Thompson, Siegel & Walmsley, LLC (“TSW”). 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 Fund and its shareholders. The Board, including the independent members of the Board (the “Independent Board Members”), unanimously approved the Agreements for an initial two-year period.

To assist the Board Members in their consideration, the Board Members had requested and received from TAM and TSW certain materials and information in advance of the meeting. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements. In addition, the Independent Board Members consulted counsel, including independent legal counsel, discussing, among other things, the legal standards and certain other considerations relevant to the Independent Board Members’ deliberations. 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. The Board Members considered the nature, extent and quality of the services expected to be provided by TAM and TSW. In particular, the Board Members considered the proposed investment strategies and approach for the Fund; the experience, capability and integrity of TAM’s senior management; the financial resources of TAM; TAM’s management oversight process; the continuous and regular management services to be provided by TSW; the experience of TSW with the proposed investment strategy; and the professional qualifications and experience of TSW’s portfolio management team. The Board Members also considered the management and other services to be provided by TAM for the portion of the management fee it will retain after payment of the sub-advisory fee for the Fund. The Board Members noted that these services would include the design, development and ongoing review and evaluation of the Fund and its investment strategy; the selection, oversight and monitoring of TSW to perform certain duties with respect to the Fund; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of the Fund’s investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Fund; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for the Fund’s investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board, oversight of preparation of the Fund’s prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings; and ongoing cash management services. The Board noted that TAM, as part of the management services it provides to all Transamerica mutual funds, provides oversight of the services provided by the custodian, transfer agent, independent accountant and legal counsel and supervision of recordkeeping and shareholder relations functions of the Transamerica mutual funds.

Based on these and other considerations, the Board Members determined that TAM and TSW can provide investment and related services that are appropriate in scope and extent in light of the proposed investment program for the Fund.

Investment Performance. The Board Members considered TSW’s past performance, investment management experience, capabilities and resources. The Board Members recognized that the Fund is not yet in existence and therefore has no historical performance for the Board Members to review. However, the Board Members considered the historical performance of TSW’s existing TSW ACWI ex-US strategy (the “TSW Strategy”). The historical performance covered one-, two- and three-year performance periods ended March 31, 2018, as compared to a peer group of funds pursuing similar strategies as the Fund, as well as the proposed benchmark for the Fund. The Board noted that the performance of the TSW Strategy generally compared favorably to the Fund’s proposed benchmark and peer group for the periods. On the basis of this information and the Board Members’ assessment of the nature, extent and quality of the management services to be provided by TAM and TSW, the Board Members concluded that TAM and TSW are capable of generating a level of investment performance that is appropriate in light of the Fund’s proposed principal investment objective, policies and strategies.

Management and Sub-Advisory Fees and Total Expense Ratio. The Board Members considered the proposed management fee and anticipated total expense ratio of the Fund, including information comparing the management fee and total expense ratio of the Fund to the investment advisory fees and total expense ratios of comparable investment companies in the Broadridge and Morningstar peer universes. The Board Members also considered the fee to be charged by TSW for sub-advisory services as well as the portion of the Fund’s management fee to be retained by TAM following payment of the sub-advisory fee. The Board Members noted that the proposed management fee was comparable to the applicable Morningstar management fee median and below the applicable

Transamerica Funds Annual Report 2018

Page    614

TRANSAMERICA INTERNATIONAL VALUE

MANAGEMENT AND SUB-ADVISORY AGREEMENTS — INITIAL CONTRACT APPROVAL (continued)

(unaudited)

Broadridge median. The Board also noted that, while the estimated total expenses of the Fund were above its Morningstar and Broadridge peer group medians, the Fund was expected to gain additional assets, which should cause the total expense ratio to decrease, and that the Fund’s fees would be based on the combined assets of multiple funds. The Board Members further noted that TAM proposed to enter into an expense limitation arrangement with the Fund, 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 Members determined that the management and sub-advisory fees to be received by TAM and TSW under the Agreements are reasonable in light of the services to be provided.

Cost of Services to be Provided and Profitability. The Board Members noted that the Fund was not yet in existence and therefore no revenue, cost or profitability data was available for the Board to review. However, the Board Members reviewed projected profitability information provided by TAM regarding its costs of procuring management services as well as the costs of providing administration, transfer agency and other services to the Fund by TAM and its affiliates. Based on this information, the Board Members determined that the profitability of TAM and its affiliates from their relationships with the Fund was not anticipated to be excessive. The Board Members also noted that the proposed sub-advisory fees were the product of arm’s-length negotiation between TAM and TSW. As a result, the Board Members did not consider TSW’s anticipated profitability to be material to its decision to approve the TSW Sub-Advisory Agreement.

Economies of Scale. In evaluating the extent to which the proposed fees payable under the Agreements reflected economies of scale or would permit economies of scale to be realized in the future, the Board Members considered the management and sub-advisory fee schedules and the existence of breakpoints in those schedules, as detailed in the materials provided to the Board Members, and noted each fee breakpoint with respect to the various asset levels to be achieved by the Fund. The Board Members also considered that the appointment of TSW as sub-adviser had the potential to attract additional assets due to TSW’s known asset management capabilities. The Board Members concluded that the proposed fees and breakpoints may benefit shareholders by permitting the sharing of any economies of scale through lower management fees as the level of assets grows for the Fund. The Board Members also noted that they would have the opportunity to periodically reexamine the appropriateness of the management fees payable by the Fund to TAM, and the sub-advisory fees payable by TAM to TSW, in light of any economies of scale experienced in the future.

Fall-Out Benefits. The Board Members considered other benefits expected to be derived by TAM, its affiliates, and/or TSW from their relationships 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 TSW or the Fund, and that TSW may engage in soft dollar arrangements and receive such benefits, consistent with applicable law and “best execution” requirements. The Board Members noted that they would have the opportunity in the future to review the benefits over time.

Other Considerations. The Board Members considered the investment objective of the Fund and its investment strategy and noted that TAM believes that the Fund would enhance TAM’s product line-up. The Board Members noted that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Board Members favorably considered TAM’s procedures and policies to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of TSW. The Board Members also noted that TAM has made a significant entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Fund.

Conclusion. After consideration of the factors described above, as well as other factors, the Board Members, including all of the Independent Board Members, concluded that the approval of the Agreements would be in the best interests of the Fund and its shareholders and unanimously approved the Agreements.

Transamerica Funds Annual Report 2018

Page    615

TRANSAMERICA LARGE CORE

TRANSAMERICA LARGE VALUE OPPORTUNITIES

APPROVAL OF SUB-ADVISORY AGREEMENT

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board” or “Board Members”) held on June 21-22, 2018, the Board considered the termination of AJO, LP (“AJO”) as sub-adviser for Transamerica Large Core and Transamerica Large Value Opportunities (each a “Fund” and collectively, the “Funds”) and the approval of PineBridge Investments LLC (“PineBridge”) as replacement sub-adviser. Following their review and consideration, the Board Members determined that the terms of the proposed sub-advisory agreement between Transamerica Asset Management, Inc. (“TAM”), on behalf of the Funds, and PineBridge (the “Sub-Advisory Agreement”) were reasonable, and that the termination of AJO as sub-adviser to each Fund and approval of the Sub-Advisory Agreement was in the best interests of each Fund and its shareholders. The Board, including the independent members of the Board (the “Independent Board Members”), unanimously approved the Sub-Advisory Agreement for an initial two-year period and authorized TAM to terminate the sub-advisory agreement with AJO with respect to the Funds.

To assist the Board Members in their consideration of the Sub-Advisory Agreement, the Board Members had requested and received from TAM and PineBridge certain materials and information in advance of the meeting. The Board Members then reviewed such information as they deemed reasonably necessary to evaluate the Sub-Advisory Agreement. In addition, the Independent Board Members consulted with 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 PineBridge is an experienced and respected asset management firm and TAM believes that PineBridge has the capabilities, resources and personnel necessary to provide sub-advisory services to each Fund based on an assessment of PineBridge’s organization, investment personnel and experience managing the proposed strategy;

(b)        the proposed responsibilities of PineBridge for the Funds and the sub-advisory services expected to be provided by it;

(c)        that the proposed sub-advisory fee schedule paid to PineBridge is lower than the current AJO sub-advisory fee schedule and is fair and reasonable in light of the sub-advisory services to be provided;

(d)        the fact that the sub-advisory fees payable to PineBridge would be paid by TAM and not the Funds; and

(e)        that TAM recommended to the Board Members that PineBridge be appointed to replace AJO based on AJO’s underperformance over several years compared to the Funds’ benchmarks and peer groups, and TAM’s desire to engage a sub-adviser with a proven track record.

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 PineBridge under the Sub-Advisory Agreement, the Board Members considered, among other things, information provided by TAM and PineBridge regarding the operations, facilities, organization and personnel of PineBridge, the anticipated ability of PineBridge to perform its duties under the Sub-Advisory Agreement, and the proposed changes to the Funds’ current investment programs and other practices.

The Board Members considered the proposed changes to the Funds’ investment objectives and principal investment strategies. The Board Members also considered that TAM has advised the Board Members that the appointment of PineBridge is not expected to result in any diminution in the nature, extent and quality of services provided to the Funds and their shareholders, including compliance services.

Based on their review of the materials provided and the information they had received from TAM and PineBridge, the Board Members concluded that PineBridge is capable of providing sub-advisory services to each Fund that are appropriate in scope and extent in light of the proposed investment programs for such Funds.

Investment Performance. The Board Members considered PineBridge’s past performance, investment management experience, capabilities and resources. The Board Members reviewed the historical performance of PineBridge’s U.S. Research Enhanced Equity Value and U.S. Research Enhanced Equity Core investment strategies (the “PineBridge Strategies”) proposed to be used in managing

Transamerica Funds Annual Report 2018

Page    616

TRANSAMERICA LARGE CORE

TRANSAMERICA LARGE VALUE OPPORTUNITIES

APPROVAL OF SUB-ADVISORY AGREEMENT (continued)

(unaudited)

the Funds. The Board Members noted that the U.S. Research Enhanced Equity Value strategy outperformed Transamerica Large Value Opportunities across the three-, five-, and ten-year periods ended March 30, 2018. The Board Members noted that the U.S. Research Enhanced Equity Core strategy outperformed Transamerica Large Core across the three-, five-, and ten-year periods ended March 30, 2018. The Board Members also noted that the PineBridge Strategies outperformed the Funds’ current benchmarks and peer groups and proposed benchmarks across the one-, three-, five-, and ten-year periods ended March 30, 2018.

The Board Members further noted that TAM believes that the appointment of PineBridge will benefit shareholders by offering them the potential for improved performance. On the basis of this information and the Board Members’ assessment of the nature, extent and quality of the services to be provided by PineBridge, the Board Members concluded that PineBridge is capable of generating a level of investment performance that is appropriate in light of the Funds’ proposed new principal investment strategies.

Sub-Advisory Fee, Cost of Services to be Provided and Profitability. The Board Members considered the proposed sub-advisory fee schedule under the Sub-Advisory Agreement. The Board Members noted that the proposed sub-advisory fee schedule payable by TAM to PineBridge is lower at all asset levels than the current sub-advisory fee schedule for AJO, noting that TAM has negotiated with PineBridge to have the assets of each Fund aggregated for purposes of computing breakpoints in the sub-advisory fee schedules. The Board Members further noted that shareholders are expected to benefit from a lower management fee schedule. The Board Members also considered that although the net management fee retained by TAM would increase with respect to Transamerica Large Value Opportunities, the proposed management fee rates payable by both Funds to TAM would decrease at all asset levels.

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 PineBridge under the Sub-Advisory Agreement is reasonable in light of the sub-advisory services to be provided.

With respect to PineBridge’s costs and profitability in providing sub-advisory services to the Funds, the Board Members noted that the sub-advisory fees are the product of arm’s-length negotiation between TAM and PineBridge. As a result, the Board Members did not consider PineBridge’s anticipated profitability as material to its decision to approve the Sub-Advisory Agreement. The Board reviewed pro forma estimated profitability information provided by TAM. The Board Members considered that the proposed fee schedule, and the aggregation of the average daily net assets of the Funds for purposes of calculating the sub advisory fees paid by TAM to PineBridge, would result in an increase in the net management fees retained by TAM for Transamerica Large Value Opportunities and a decrease in the net management fees retained for Transamerica Large Core.

Economies of Scale. In evaluating the extent to which the sub-advisory fees payable under the Sub-Advisory Agreement reflect economies of scale or would permit economies of scale to be realized in the future, the Board Members considered the existence of breakpoints in both the management and sub-advisory fee schedule. The Board Members concluded that, in the future, they would have the opportunity to periodically reexamine the appropriateness of the management fees payable by the Funds to TAM and sub-advisory fees payable by TAM to PineBridge in light of any economies of scale experienced in the future.

Fall-Out Benefits. The Board Members considered other benefits expected to be derived by PineBridge from its relationship with each 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 PineBridge, and that PineBridge 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 Sub-Advisory Agreement is in the best interests of each Fund and its shareholders and unanimously approved the Sub-Advisory Agreement.

Transamerica Funds Annual Report 2018

Page    617

TRANSAMERICA MID CAP GROWTH

APPROVAL OF SUB-ADVISORY AGREEMENT

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board” or “Board Members”) held on September 12-13, 2018, the Board considered the termination of Quantum Capital Management, LLC (“Quantum”) as sub-adviser for Transamerica Mid Cap Growth (the “Fund”) and the approval of Wellington Management Company, LLP (“Wellington”) as replacement sub-adviser. Following their review and consideration, the Board Members determined that the terms of the proposed sub-advisory agreement between Transamerica Asset Management, Inc. (“TAM”), on behalf of the Fund, and Wellington (the “Sub-Advisory Agreement”) were reasonable, and that the termination of Quantum as sub-adviser to the Fund and approval of the Sub-Advisory Agreement was in the best interests of the Fund and its shareholders. The Board, including the independent members of the Board (the “Independent Board Members”), unanimously approved the Sub-Advisory Agreement for an initial two-year period and authorized TAM to terminate the sub-advisory agreement with Quantum with respect to the Fund.

To assist the Board Members in their consideration of the Sub-Advisory Agreement, the Board Members had requested and received from TAM and Wellington certain materials and information in advance of the meeting. They then reviewed such information as they deemed reasonably necessary to evaluate the Sub-Advisory Agreement. In addition, the Independent Board Members consulted with counsel, including independent legal counsel, discussing, among other things, the legal standards and certain other considerations relevant to the Independent Board Members’ deliberations.

Among other matters, the Board Members considered:

(a)        that the appointment of Wellington is not expected to result in any diminution in the nature, extent and quality of services provided to the Fund and its shareholders, including compliance services;

(b)        that Wellington is an experienced and respected asset management firm and TAM believes that Wellington has the capabilities, resources and personnel necessary to provide sub-advisory services to the Fund based on an assessment of Wellington’s organization, investment personnel and experience managing the proposed investment strategy;

(c)        that the proposed management fee rate payable to TAM by the Fund is lower than the current management fee rate, which would result in immediate savings for current shareholders;

(d)        that the proposed sub-advisory fee rate payable to Wellington by TAM would be lower than the current Quantum sub-advisory fee rate and is fair and reasonable in light of the sub-advisory services to be provided;

(e)        the fact that the sub-advisory fees payable to Wellington, as sub-adviser, would be paid by TAM and not the Fund;

(f)        the proposed responsibilities of Wellington for the Fund and the sub-advisory services expected to be provided by the sub-adviser;

(g)        that TAM recommended to the Board Members that Wellington be appointed to replace Quantum based on Quantum’s poor relative and risk-adjusted performance compared to the Fund’s benchmark and peer group; and

(h)        that TAM recommended to the Board Members that Wellington be appointed as sub-adviser based on, among other things, TAM’s desire to engage an investment sub-adviser with a proven track record.

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 Wellington under the Sub-Advisory Agreement, the Board Members considered, among other things, information provided by TAM and Wellington regarding the operations, facilities, organization and personnel of Wellington, the anticipated ability of Wellington to perform its duties under the Sub-Advisory Agreement, and the proposed changes to the Fund’s current investment program and other practices of the Fund. The Board Members considered that TAM has advised the Board that the appointment of Wellington is not expected to result in any diminution in the nature, extent and quality of services provided to the Fund and its shareholders, including compliance services. The Board Members further considered that Wellington is an experienced asset management firm and that TAM believes that Wellington has the capabilities, resources and personnel necessary to provide sub-advisory services to the Fund based on its assessment of Wellington’s organization, investment talent and strong back office. The Board Members also considered the proposed changes to the Fund’s principal investment strategies.

Transamerica Funds Annual Report 2018

Page    618

TRANSAMERICA MID CAP GROWTH

APPROVAL OF SUB-ADVISORY AGREEMENT (continued)

(unaudited)

Based on their review of the materials provided and the information they had received from TAM and Wellington, the Board Members determined that Wellington can provide sub-advisory services that are appropriate in scope and extent in light of the proposed investment program for the Fund and that Wellington’s appointment is not expected to adversely affect the nature, extent and quality of services provided to the Fund.

Investment Performance. The Board Members considered Wellington’s past performance, investment management experience, capabilities and resources. The Board Members reviewed the performance of the Fund as compared to its primary benchmark, its peer group and the composite performance of the strategy to be followed by Wellington (the “Wellington Strategy”). They noted that the performance of the Wellington Strategy compared favorably to that of the Fund and its benchmark and peer group median for the past one-, two- and three-year time periods, and for the period in which Quantum sub-advised the Fund, ending June 30, 2018. The Board Members further noted that, while past performance is not necessarily a predictor of future results, TAM believes that the appointment of Wellington will benefit shareholders by offering them the potential for improved performance based on the historical comparisons. On the basis of this information and the Board Members’ assessment of the nature, extent and quality of the services to be provided by Wellington, the Board Members concluded that Wellington is capable of generating a level of investment performance that is appropriate in light of the Fund’s proposed new principal investment strategies.

Management and Sub-Advisory Fees, Cost of Services to be Provided and Profitability. The Board Members considered the proposed management and sub-advisory fee schedules. The Board Members noted that the proposed sub-advisory fee schedule payable by TAM to Wellington is lower at all asset levels than the current sub-advisory fee schedule for Quantum. The Board Members also considered that the proposed management fee would be lower at all asset levels and would continue to be lower than the applicable Morningstar and Broadridge peer group medians, and that TAM considered the proposed management fee to be reasonable compensation for its services. On the basis of these considerations, together with the other information they considered, the Board Members determined that the management fee to be received by TAM and the sub-advisory fee to be received by Wellington under the Sub-Advisory Agreement to be reasonable in light of the services provided.

With respect to Wellington’s costs and profitability in providing sub-advisory services to the Fund, the Board Members noted that the proposed sub-advisory fees were the product of arm’s-length negotiation between TAM and Wellington. As a result, the Board Members did not consider Wellington’s anticipated profitability to be material to its decision to approve the Sub-Advisory Agreement. The Board also reviewed pro forma estimated profitability information provided by TAM, noting that there was not expected to be any change in the net management fees retained by TAM.

Economies of Scale. In evaluating the extent to which the proposed sub-advisory fees payable under the Sub-Advisory Agreement reflected economies of scale or would permit economies of scale to be realized in the future, the Board Members considered the existence of breakpoints in both the management and sub-advisory fee schedules. The Board Members considered that the appointment of Wellington has the potential to attract additional assets due to Wellington’s established asset management capabilities. The Board Members concluded that they would have the opportunity to periodically reexamine the appropriateness of the management fees payable by the Fund to TAM, and the sub-advisory fees payable by TAM to Wellington, in light of any economies of scale experienced in the future.

Fall-Out Benefits. The Board Members considered other benefits expected to be derived by Wellington 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 Wellington or the Fund, and that Wellington may engage in soft dollar arrangements and receive such benefits, consistent with applicable law and “best execution” requirements.

Conclusion. After consideration of the factors described above, as well as other factors, the Board Members, including all of the Independent Board Members, concluded that the approval of the revised management fee schedule and the Sub-Advisory Agreement was in the best interests of the Fund and its shareholders and unanimously approved the revised management fee schedule and the Sub-Advisory Agreement.

Transamerica Funds Annual Report 2018

Page    619

TRANSAMERICA SMALL CAP VALUE

APPROVAL OF SUB-ADVISORY AGREEMENT

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board” or “Board Members”) held on July 18-19, 2018, the Board considered the termination of Boston Advisors, LLC (“Boston Advisors”) as sub-adviser for Transamerica Small Cap Value (the “Fund”) and the approval of Peregrine Capital Management, LLC (“Peregrine”) as replacement sub-adviser. Following their review and consideration, the Board Members determined that the terms of the proposed sub-advisory agreement between Transamerica Asset Management, Inc. (“TAM”), on behalf of the Fund, and Peregrine (the “Sub-Advisory Agreement”) were reasonable, and that the termination of Boston Advisors as sub-adviser to the Fund and approval of the Sub-Advisory Agreement was in the best interests of the Fund and its shareholders. The Board, including the independent members of the Board (the “Independent Board Members”), unanimously approved the Sub-Advisory Agreement for an initial two-year period and authorized TAM to terminate the sub-advisory agreement with Boston Advisors with respect to the Fund.

To assist the Board Members in their consideration of the Sub-Advisory Agreement, the Board Members had requested and received from TAM and Peregrine certain materials and information in advance of the meeting. They then reviewed such information as they deemed reasonably necessary to evaluate the Sub-Advisory Agreement. In addition, the Independent Board Members consulted with counsel, including independent legal counsel, discussing, among other things, the legal standards and certain other considerations relevant to the Independent Board Members’ deliberations.

Among other matters, the Board Members considered:

(a)        that the appointment of Peregrine is not expected to result in any diminution in the nature, extent and quality of services provided to the Fund and its shareholders, including compliance services;

(b)        that Peregrine is an experienced and respected asset management firm and TAM believes that Peregrine will have the capabilities, resources and personnel necessary to provide sub-advisory services to the Fund based on an assessment of Peregrine’s organization, investment personnel and experience managing the proposed investment strategy;

(c)        that the proposed management fee rate payable to TAM by the Fund is lower than the current management fee rate and would result in immediate savings for current shareholders, as well as additional savings as the Fund’s assets grow in size;

(d)        that the proposed sub-advisory fee rate payable to Peregrine by TAM would be lower than the current Boston Advisors sub-advisory fee rate and is fair and reasonable in light of the sub-advisory services to be provided;

(e)        that TAM recommended to the Board Members that Peregrine be appointed to replace Boston Advisors based on an extended period of underperformance of the Fund with Boston Advisors as sub-adviser;

(f)        the fact that the sub-advisory fees payable to Peregrine would be paid by TAM and not the Fund;

(g)        the proposed responsibilities of Peregrine for the Fund and the sub-advisory services expected to be provided by Peregrine; and

(h)        that TAM recommended to the Board Members that Peregrine be appointed as sub-adviser to the Fund based on, among other things, TAM’s desire to engage an investment sub-adviser with a proven track record.

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 Peregrine under the Sub-Advisory Agreement, the Board Members considered, among other things, information provided by TAM and Peregrine regarding the operations, facilities, organization and personnel of Peregrine, the anticipated ability of Peregrine to perform its duties under the Sub-Advisory Agreement, and the proposed changes to the current investment program for the Fund. The Board Members considered the proposed changes to the Fund’s principal investment strategies. The Board considered that TAM has advised the Board that the appointment of Peregrine is not expected to result in any diminution in the nature, extent and quality of services provided to the Fund and its shareholders, including compliance services. The Board Members further considered that Peregrine is an experienced asset management firm and that TAM believes that it has the capabilities, resources and personnel necessary to provide sub-advisory services to the Fund based on its assessment of Peregrine’s organization, investment talent and strong back office. The Board Members also considered that Peregrine has extensive experience sub-advising funds, experienced back office personnel and a proven, research-driven investment process.

Transamerica Funds Annual Report 2018

Page    620

TRANSAMERICA SMALL CAP VALUE

APPROVAL OF SUB-ADVISORY AGREEMENT (continued)

(unaudited)

Based on their review of the materials provided and the information they had received from TAM and Peregrine, the Board Members determined that Peregrine can provide sub-advisory services that are appropriate in scope and extent in light of the proposed investment program for the Fund and that Peregrine’s appointment is not expected to adversely affect the nature, extent and quality of services provided to the Fund.

Investment Performance. The Board Members considered Peregrine’s past performance, investment management experience, capabilities and resources. The Board Members reviewed the performance of the Fund as compared to its benchmark, its peer group, the composite performance of the strategy to be followed by Peregrine (the “Peregrine Strategy”) and the composite performance of Boston Advisors’ Small Cap Value strategy. They noted that the performance of the Peregrine Strategy compared favorably to that of the Fund, its benchmark, its peer group median and to the Boston Advisors composite strategy, for the one-, three-, five- and ten-year periods ended March 31, 2018. The Board Members further noted that, while past performance is not necessarily a predictor of future results, TAM believes that the appointment of Peregrine will benefit shareholders by offering them the potential for improved performance based on the historical comparisons. On the basis of this information and the Board Members’ assessment of the nature, extent and quality of the services to be provided by Peregrine, the Board Members concluded that Peregrine is capable of generating a level of investment performance that is appropriate in light of the Fund’s proposed new principal investment strategies.

Sub-Advisory Fee, Cost of Services to be Provided and Profitability. The Board Members considered the proposed sub-advisory fee schedule under the Peregrine Sub-Advisory Agreement. The Board Members noted that the proposed sub-advisory fee schedule payable by TAM to Peregrine was lower than the sub-advisory fee schedule for Boston Advisors. The Board Members also noted that the proposed lower management fee, based on current assets, would be equal to the applicable Morningstar and Broadridge management fee peer group medians, and that TAM considered the proposed management fee to be reasonable compensation for its services. The Board Members also considered that the proposed total net operating expenses for certain share classes of the Fund are higher than those of its respective Morningstar and Broadridge peer group medians, but that the data was based on actual expenses incurred by the Fund, rather than an increase in operating expenses expected to result from the proposed sub-adviser change.

With respect to Peregrine’s costs and profitability in providing sub-advisory services to the Fund, the Board Members noted that the proposed sub-advisory fee was the product of arm’s-length negotiation between TAM and Peregrine. As a result, the Board Members did not consider Peregrine’s anticipated profitability to be material to its decision to approve the Peregrine Sub-Advisory Agreement. The Board also reviewed pro forma estimated profitability information provided by TAM and noted that TAM’s retained portion of its management fee would decrease as a result of the sub-adviser change.

Economies of Scale. In evaluating the extent to which the proposed sub-advisory fees payable under the Peregrine Sub-Advisory Agreement reflected economies of scale or would permit economies of scale to be realized in the future, the Board Members considered the existence of breakpoints in both the management and sub-advisory fee schedules. The Board Members concluded that they would have the opportunity to periodically reexamine the appropriateness of the management fees payable by the Fund to TAM, and the sub-advisory fees payable by TAM to Peregrine, in light of any economies of scale experienced in the future.

Fall-Out Benefits. The Board Members considered other benefits expected to be derived by Peregrine 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 Peregrine or the Fund, and that Peregrine may engage in soft dollar arrangements and receive such benefits, consistent with applicable law and “best execution” requirements.

Conclusion. After consideration of the factors described above, as well as other factors, the Board Members, including all of the Independent Board Members, concluded that the approval of the Sub-Advisory Agreement was in the best interests of the Fund and its shareholders and unanimously approved the Sub-Advisory Agreement.

Transamerica Funds Annual Report 2018

Page    621

Management of the Trust

Board Members and Officers

(unaudited)

The members of the Board (“Board Members”) and executive officers of the Trust are listed below.

Interested Board Member means a board member who may be deemed an “interested person” (as that term is defined in the 1940 Act) of the Trust because of his current or former service with TAM or an affiliate of TAM. Interested Board Members may also be referred to herein as “Interested Trustees.” Independent Board Member means a Board Member who is not an “interested person” (as defined under the 1940 Act) of the Trust and may also be referred to herein as an “Independent Trustee.”

The Board governs each Fund and is responsible for protecting the interests of the shareholders. The Board Members are experienced executives who meet periodically throughout the year to oversee the business affairs of each Fund and the operation of each Fund by its officers. The Board also reviews the management of each Fund’s assets by the investment manager and its respective sub-adviser.

The Funds are among the Funds managed and sponsored by TAM (collectively, “Transamerica Fund Family”). The Transamerica Fund Family consists of (i) Transamerica Funds (“TF”); (ii) Transamerica Series Trust (“TST”); (iii) Transamerica ETF Trust (“TET”); and (iv) Transamerica Asset Allocation Variable Funds (“TAAVF”). The Transamerica Fund Family consists of 136 funds as of the date of this Annual Report. With the exception of Mr. Smit, none of the Board Members serve on the board of trustees of TET. TET is overseen by a separate board of trustees.

The mailing address of each Board Member is c/o Secretary, 1801 California Street, Suite 5200, Denver, 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 and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INTERESTED BOARD MEMBERS
Marijn P. Smit (45)	Chairman of the Board, President and Chief Executive Officer	Since 2014	Chairman of the Board, President and Chief Executive Officer, TF, TST and TAAVF (2014 – present); Chairman of the Board, President and Chief Executive Officer, TET (2017 – present); Chairman of the Board, President and Chief Executive Officer, Transamerica Partners Portfolio (“TPP”), Transamerica Partners Funds Group (“TPFG”) and Transamerica Partners Funds Group II (“TPFG II”) (2014 – 2018); Chairman of the Board, President and Chief Executive Officer, Transamerica Income Shares, Inc. (“TIS”) (2014 – 2015); Director, Chairman of the Board, President and Chief Executive Officer, Transamerica Asset Management, Inc. (“TAM”) and Transamerica Fund Services, Inc. (“TFS”) (2014 – present);	136	Director, Massachusetts Fidelity Trust Company (2014 – present); Director, Aegon Global Funds (2016 – present); Director – Akaan-Aegon, S.A.P.I. de C.V. (financial services joint venture in Mexico) (2017 – present)

Transamerica Funds Annual Report 2018

Page    622

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INTERESTED BOARD MEMBERS — continued
Marijn P. Smit (continued)			President, Investment Solutions, Transamerica Investments & Retirement (2014 – 2016); Vice President, Transamerica Premier Life Insurance Company (2010 – 2016); Vice President, Transamerica Life Insurance Company (2010 – present); Senior Vice President, Transamerica Financial Life Insurance Company (2013 – 2016); Senior Vice President, Transamerica Retirement Advisors, Inc. (2013 – 2016); Senior Vice President, Transamerica Retirement Solutions Corporation (2012 – present); and President and Director, Transamerica Stable Value Solutions, Inc. (2010 – 2016).
Alan F. Warrick (70)	Board Member	Since 2012	Board Member, TF, TST and TAAVF (2012 – present); Board Member, TPP, TPFG and TPFG II (2012 – 2018); Board Member, TIS (2012 – 2015); Consultant, Aegon USA (2010 – 2011); Senior Advisor, Lovell Minnick Equity Partners (2010 – present); Retired (2010 – present); and Managing Director for Strategic Business Development, Aegon USA (1994 – 2010).	131	N/A
INDEPENDENT BOARD MEMBERS
Sandra N. Bane (66)	Board Member	Since 2008	Retired (1999 – present); Board Member, TF, TST and TAAVF (2008 – present); Board Member, TPP, TPFG and TPFG II (2008 – 2018); Board Member, TIS (2008 – 2015); Board Member, Transamerica Investors, Inc. (“TII”) (2003 – 2010); and Partner, KPMG (1975 – 1999).	131	Big 5 Sporting Goods (2002 – present); Southern Company Gas (energy services holding company) (2008 – present)

Transamerica Funds Annual Report 2018

Page    623

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INDEPENDENT BOARD MEMBERS — continued
Leo J. Hill (62)	Lead Independent Board Member	Since 2002	Principal, Advisor Network Solutions, LLC (business consulting) (2006 – present); Board Member, TST (2001 – present); Board Member, TF (2002 – present); Board Member, TPP, TPFG and TPFG II (2007 – 2018); Board Member, TIS (2002 – 2015); Board Member, TAAVF (2007 – present); Board Member, TII (2008 – 2010); Market President, Nations Bank of Sun Coast Florida (1998 – 1999); Chairman, President and Chief Executive Officer, Barnett Banks of Treasure Coast Florida (1994 – 1998); Executive Vice President and Senior Credit Officer, Barnett Banks of Jacksonville, Florida (1991 – 1994); and Senior Vice President and Senior Loan Administration Officer, Wachovia Bank of Georgia (1976 – 1991).	131	Ameris Bancorp (2013 – present); Ameris Bank (2013 – present)
David W. Jennings (72)	Board Member	Since 2009	Board Member, TF, TST and TAAVF (2009 – present); Board Member, TPP, TPFG and TPFG II (2009 – 2018); Board Member, TIS (2009 – 2015); Board Member, TII (2009 – 2010); Managing Director, Hilton Capital Management, LLC (2010 – present); Principal, Maxam Capital Management, LLC (2006 – 2008); and Principal, Cobble Creek Management LP (2004 – 2006).	131	N/A

Transamerica Funds Annual Report 2018

Page    624

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INDEPENDENT BOARD MEMBERS — continued
Russell A. Kimball, Jr. (74)	Board Member	Since 1986 – 1990 and Since 2002	General Manager, Sheraton Sand Key Resort (1975 – present); Board Member, TST (1986 – present); Board Member, TF, (1986 – 1990), (2002 – present); Board Member, TPP, TPFG and TPFG II (2007 – 2018); Board Member, TIS (2002 – 2015); Board Member, TAAVF (2007 – present); and Board Member, TII (2008 – 2010).	131	N/A
Fredric A. Nelson III (61)	Board Member	Since 2017	Board Member, TF, TST and TAAVF (2017 – present); Board Member, TPP, TPFG and TPFG II (2017 – 2018); Chief Investment Officer (“CIO”), Commonfund (2011 – 2015); Vice Chairman, CIO, ING Investment Management Americas (2003 – 2009); Managing Director, Head of U.S. Equity, JP Morgan Investment Management (1994 – 2003); Managing Director, Head of Global Quantitative Investments Group, Bankers Trust Global Investment Management (1981 – 1994).	131	N/A
John E. Pelletier (54)	Board Member	Since 2017	Board Member, TF, TST and TAAVF (2017 – present); Board Member, TPP, TPFG and TPFG II (2017 – 2018); Director, Center for Financial Literacy, Champlain College (2010 – present); Co-Chair, Vermont Financial Literacy Commission with Vermont State Treasurer (2015 – present); Chairman, Vermont Universal Children’s Higher Education Savings Account Program Advisory Committee (2015 – present); Founder and Principal, Sterling Valley Consulting LLC (a financial services consulting firm) (2009 – 2017);	131	N/A

Transamerica Funds Annual Report 2018

Page    625

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INDEPENDENT BOARD MEMBERS — continued
John E. Pelletier (continued)			Independent Director, The Sentinel Funds and Sentinel Variable Products Trust (2013 – 2017); Chief Legal Officer, Eaton Vance Corp. (2007 – 2008); and Executive Vice President and Chief Operating Officer (2004 – 2007), General Counsel (1997 – 2004), Natixis Global Associates.
Patricia L. Sawyer (68)	Board Member	Since 2007	Retired (2007 – present); President/Founder, Smith & Sawyer LLC (management consulting) (1989 – 2007); Board Member, TF and TST (2007 – present); Board Member, TPP, TPFG and TPFG II (1993 – 2018); Board Member, TIS (2007 – 2015); Board Member, TII (2008 – 2010); Board Member, TAAVF (1993 – present); and Trustee, Chair of Finance Committee and Chair of Nominating Committee (1987 – 1996), Bryant University.	131	Honorary Trustee, Bryant University (1996 – present)
John W. Waechter (66)	Board Member	Since 2005	Partner, Englander Fischer (2016 – present); Attorney, Englander Fischer (2008 – 2015); Retired (2004 – 2008); Board Member, TST (2004 – present); Board Member, TF (2005 – present); Board Member, TAAVF (2007 – present); Board Member, TPP, TPFG and TPFG II (2007 – 2018); Board Member, TIS (2004 – 2015); Board Member, TII (2008 – 2010); Employee, RBC Dain Rauscher (securities dealer) (2004);	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); Board Member, Boley PAR, Inc. (non-profit organization) (2016 – present)

Transamerica Funds Annual Report 2018

Page    626

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INDEPENDENT BOARD MEMBERS — continued
John W. Waechter (continued)			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).

* 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 2018

Page    627

OFFICERS

The mailing address of each officer is c/o Secretary, 1801 California Street, Suite 5200, Denver, CO 80202. The following table shows information about the officers, including their year of birth, their positions held with the Trust and their principal occupations during the past five years (their titles may have varied during that period). Each officer will hold office until his or her successor has been duly elected or appointed or until his or her earlier death, resignation or removal.

Name and Age	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Marijn P. Smit (45)	Chairman of the Board, President and Chief Executive Officer	Since 2014	See Interested Board Member Table
Christopher A. Staples (48)	Vice President and Chief Investment Officer, Advisory Services	Since 2005	Vice President and Chief Investment Officer, Advisory Services (2007 – present), Transamerica Funds and TST; Vice President and Chief Investment Officer, Advisory Services (2007 – 2015), TIS; Vice President and Chief Investment Officer, Advisory Services, TAAVF (2007 – present); Vice President and Chief Investment Officer, Advisory Services, TPP, TPFG and TPFG II (2007 – 2018); Director (2005 – present), Senior Vice President (2006 – present), Senior Director, Investments (2016 – present), Chief Investment Officer, Advisory Services (2012 – 2016) and Lead Portfolio Manager (2007 – present), TAM; Director, TFS (2005 – present); Registered Representative (2007 – 2016), TCI; and Registered Representative, TFA (2005 – present).
Thomas R. Wald (58)	Chief Investment Officer	Since 2014	Chief Investment Officer, Transamerica Funds, TST and TAAVF (2014 – present); Chief Investment Officer, TPP, TPFG and TPFG II (2014 – 2018); Chief Investment Officer, TIS (2014 – 2015); Senior Vice President and Chief Investment Officer, TAM (2014 – present); Chief Investment Officer, Transamerica Investments & Retirement (2014 – present); and Vice President and Client Portfolio Manager, Curian Capital, LLC (2012 – 2014).
Vincent J. Toner (48)	Vice President and Treasurer	Since 2014	Vice President and Treasurer, Transamerica Funds, TST and TAAVF (2014 – present); Vice President and Treasurer, TPP, TPFG and TPFG II (2014 – 2018); Vice President and Treasurer, TIS (2014 – 2015); Vice President and Treasurer (2016 – present), Vice President, Administration and Treasurer (2014 – 2016), TAM; Vice President, Administration and Treasurer, TFS (2014 – present); and Senior Vice President and Vice President, Fund Administration, Brown Brothers Harriman (2010 – 2014).

Transamerica Funds Annual Report 2018

Page    628

Name and Age	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Scott M. Lenhart (57)	Chief Compliance Officer and Anti-Money Laundering Officer	Since 2014	Chief Compliance Officer and Anti-Money Laundering Officer, Transamerica Funds, TST and TAAVF (2014 – present), TPP, TPFG and TPFG II (2014 – 2018), TIS (2014 – 2015); Chief Compliance Officer (2014 – present), Anti-Money Laundering Officer (2014 – present), TAM; Vice President and Chief Compliance Officer, TFS (2014 – present); and Director of Compliance, Transamerica Investments & Retirement (2014 – present).
Rhonda A. Mills (52)	Assistant General Counsel, Assistant Secretary	Since 2016	Assistant Secretary, Transamerica Funds, TST and TAAVF (2016 – present); Assistant Secretary, TPP, TPFG and TPFG II (2016 – 2018); Assistant Secretary, Vice President and High Level Specialist Attorney (2014 – 2016), Assistant General Counsel (2016 – present), TAM; Assistant Secretary, High Level Specialist Attorney and Vice President (2014 – present), TFS; Vice President and Associate Counsel, ALPS Fund Services, Inc. (2011 – 2014); Managing Member, Mills Law, LLC (2010 – 2011); Counsel, Old Mutual Capital (2006 – 2009); Senior Counsel, Great-West Life and Annuity Insurance Company (2004 – 2006); and Securities Counsel, J.D. Edwards (2000 – 2003).
Blake Boettcher (32)	Tax Manager	Since 2018	Tax Manager, Transamerica Funds, TST, TAAVF and TET (2018 – present); Senior Manager – Tax, Charles Schwab Investment Management (2015 – 2017); and Tax Manager, Deloitte Tax LLP (2012 – 2015).

* Elected and serves at the pleasure of the Board of the Trust.

Transamerica Funds Annual Report 2018

Page    629

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 2018

Page    630

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 2018

Page    631

Customer Service: 1-888-233-4339

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Transamerica Capital, Inc.

www.transamerica.com

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, Inc., Member of FINRA

25333_ARMFP1018

© 2018 Transamerica Capital, Inc.

TRANSAMERICA FUNDS

ANNUAL REPORT

OCTOBER 31, 2018

Customer Service: 1-888-233-4339

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Transamerica Capital, Inc.

www.transamerica.com

Table of Contents

Shareholder Letter	1
Disclosure of Expenses	2
Manager Commentary and Schedules of Investments
Transamerica Core Bond	3
Transamerica Global Real Estate Securities	34
Transamerica International Value	38
Transamerica Long/Short Strategy	44
Transamerica Mid Cap Value	51
Transamerica Total Return	56
Statements of Assets and Liabilities	80
Statements of Operations	82
Statements of Changes in Net Assets	84
Statements of Cash Flows	86
Financial Highlights	87
Disclosure of Fund Expenses	90
Manager Commentary and Consolidated Schedules of Investments
Transamerica Global Multifactor Macro	91
Transamerica Managed Futures Strategy	101
Consolidated Statements of Assets and Liabilities	110
Consolidated Statements of Operations	111
Consolidated Statements of Changes in Net Assets	112
Consolidated Financial Highlights	113
Notes to Financial Statements	114
Report of Independent Registered Public Accounting Firm	139
Supplemental Information	141
Approval of Management and Sub-Advisory Agreements	142
Management of the Trust	149
Proxy Voting Policies and Procedures and Quarterly Portfolio Holdings	157
Notice of Privacy Policy	158

Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a fund’s investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.

Transamerica Funds Annual Report 2018

Dear Shareholder,

On behalf of Transamerica Funds, I would like to thank you for your continued support and confidence in our products as we look forward to continuing to serve you and your financial professional in the future. We value the trust you have placed in us.

This annual report is provided to you to show the investments and performance of your Fund(s) during the fiscal year. 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 ended October 31, 2018.

We believe it is important to understand market conditions over the Funds’ last fiscal year to provide a context for reading this report. The period began with both U.S. and international equity markets extending strong gains based on optimism surrounding upcoming corporate earnings and the global economy. During this time, credit spreads in the bond markets remained mostly stable and longer-term interest rates stayed range bound during the final months of 2017. The bell weather 10-year U.S. Treasury bond yield finished 2017 at 2.40%, almost precisely where it had started the year, and this benign rate environment further lifted stocks as the new year began. By late January 2018, stocks had hit record highs as points of enthusiasm included fiscal stimulus from the recently passed Tax Reform and Jobs Act, higher anticipated corporate profit margins, and lower levels of overall volatility in the market.

Throughout the first month of 2018, longer-term interest rates crept higher, and when January employment numbers displayed a multi-year high in wage growth, inflationary fears gripped the markets. As the stock market reacted negatively to this, a second negative catalyst emerged in proposed tariffs by the White House against China, Mexico and Canada. This further rattled the market as fears of an international trade war combined with domestic inflation took its toll on investor sentiment, and by the second week in February 2018 the Dow Jones Industrial Average (“Dow”) had declined more than 10%. In March, the U.S. Federal Reserve (“Fed”) increased short term rates, and while this was expected, more downside volatility plagued the markets. By late April 2018, tariffs and trade concerns were taking center stage in terms of news driving equities markets, and in the bond market the 10-year Treasury yield reached 3% for the first time in more than four years.

Despite these investor concerns, market fundamentals in the U.S. remained strong into the summer months. Second quarter gross domestic product (“GDP”) came in at its highest level of growth in four years and S&P 500^® corporate earnings reached the best year-over-year growth rate in more than fourteen years. Corporate profit margins also soared to record levels. However, outside of the U.S. the news was not so bright, as economic growth rates in Europe, Japan and various emerging market regions slowed below expectations, and concerns of tariffs and trade relations heightened international risk perspectives. As a result, when U.S. equities recovered to reach new highs in September 2018, international developed and emerging markets continued to lag.

October 2018 was a particularly challenging month for U.S. and global stocks as the major indexes sold off fiercely with the Dow and S&P 500^® again declining more than 10% off their highs. Following the Fed’s September 2018 meeting in which they increased the Fed Funds Rate for the third time since January 2018, the 10-year Treasury rate further jumped to more than 3.20%, which was its highest yield in seven years. Investor concerns also began to focus on how much longer the Fed’s rate tightening cycle would continue and whether or not more rate hikes were warranted. The White House also continued its tough talk with China on trade and this continued to hurt investor sentiment. In addition, investors also began to focus on the prospect of 2019 stock earnings growth, while potentially being strong once again, perhaps not being as high as the past year. Nonetheless, initial third quarter GDP growth reports came in strong, and the U.S. appears well positioned for its best calendar year of economic growth in more than a decade.

For the 12-month period ended October 31, 2018, the S&P 500^® returned 7.35% while the MSCI EAFE Index, representing international developed market equities, returned -6.39%. During the same period, the Bloomberg Barclays U.S. Aggregate Bond Index returned -2.05%. Please keep in mind that it is important to maintain a diversified portfolio as investment returns have historically been difficult to predict.

In addition to your active involvement in the investment process, we firmly believe that a financial professional is a key resource to help you build a complete picture of your current and future financial needs. Financial professionals are familiar with the market’s history, including long-term returns and volatility of various asset classes. With your professional, you can develop an investment program that incorporates factors such as your goals, your investment timeline and your risk tolerance.

Please contact your financial professional if you have any questions about the contents of this report, and thanks again for the confidence you have placed in us.

Sincerely,

Marijn Smit

President & Chief Executive Officer

Transamerica Funds

Tom Wald, CFA

Chief Investment Officer

Transamerica Funds

Bloomberg Barclays U.S. Aggregate Bond Index: Measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.

MSCI EAFE Index: A free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada.

S&P 500^®: A market-capitalization weighted index of 500 large U.S. companies with common stock listed on the New York Stock Exchange or NASDAQ Stock Market.

The views expressed in this report reflect those of the portfolio managers only and may not necessarily represent the views of the Transamerica Funds. These views are as of the date of this report and are subject to change based upon market conditions. These views should not be relied upon as investment advice and are not indicative of trading intent on behalf of the Transamerica Funds. Investing involves risk, including potential loss of principal. The performance data presented represents past performance and does not guarantee future results. Indexes are unmanaged and an investor cannot invest directly in an index.

Disclosure of Expenses

(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur two types of costs: (i) transaction costs, including sales charges (loads) on purchases, contingent deferred sales charges on redemptions; and (ii) ongoing costs, including management fees, and other fund expenses.

The following examples are intended to help you understand your ongoing costs (in dollars and cents) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The examples are based on an investment of $1,000 invested at May 1, 2018, and held for the entire six-month period until October 31, 2018.

ACTUAL EXPENSES

The information in the table below provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The information in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund versus other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges and brokerage commissions paid on purchases and sales of Fund shares. Therefore, the information under the heading “Hypothetical Expenses” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

			Actual Expenses					Hypothetical Expenses (A)
Fund	Beginning Account Value		Ending Account Value		Expenses Paid During Period(B)			Ending Account Value		Expenses Paid During Period (B)		Annualized Expense Ratio (C)
Transamerica Core Bond	$	1,000.00	$	998.10	$	2.32		$	1,022.90	$	2.35		0.46	%
Transamerica Global Real Estate Securities		1,000.00		948.00		8.20			1,016.80		8.49		1.67
Transamerica International Value		1,000.00		915.00		1.60	(D)		1,020.20		5.09		1.00
Transamerica Long/Short Strategy		1,000.00		998.40		22.16			1,003.00		22.21		4.40
Transamerica Mid Cap Value		1,000.00		974.70		4.53			1,020.60		4.63		0.91
Transamerica Total Return		1,000.00		998.90		3.73			1,021.50		3.77		0.74

(A)	5% return per year before expenses.
(B)	Expenses are calculated using each Fund’s annualized expense ratios (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).
(C)	Expense ratios are based on the most recent six-months and may differ from the expense ratio displayed in the Financial Highlights which covers a twelve-month period.
(D)	Fund commenced operations on August 31, 2018. 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 (61 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, 2018.

Transamerica Funds Annual Report 2018

Page    2

Transamerica Core Bond

(unaudited)

MARKET ENVIRONMENT

U.S. tax reform was the major focus for markets in the fourth quarter of 2017, as both the House and Senate worked expeditiously to pass their respective versions of a tax bill. While expectations of passage had drifted lower as the year progressed, lawmakers passed a reconciled version of the bill which was signed into law in December 2017.

In the first quarter of 2018, markets gyrated wildly as volatility returned. Despite the generally positive economic backdrop, fears of runaway inflation, rising interest rates and continued political unrest in Washington D.C. led to a sharp sell-off in global equities. As the quarter progressed, growing fears of a trade war came into focus. Rhetoric from the U.S. and its decision to impose tariffs, first on steel and aluminum imports and then on a wide variety of categories, caused China to retaliate, announcing it would impose tariffs on a number of U.S. products, including soybeans, autos and chemical products.

After more than a year of synchronized global growth, the second half of 2018 reinforced the message of widening divergences in economic activity, with a rotation of growth toward the U.S. and away from the eurozone. U.S. growth rebounded in the second quarter while Europe and Japan struggled to regain momentum. By the end of the fiscal period, markets reacted nervously to further escalation in the China/U.S. trade dispute. Renewed angst over the impact of tariffs on corporate earnings, softer economic data in China and the ensuing implications for the business cycle weighed on sentiment, causing a sell-off in risk markets.

PERFORMANCE

For the year ended October 31, 2018, Transamerica Core Bond (Class I2) returned -1.84%. By comparison, its benchmark, the Bloomberg Barclays US Aggregate Bond Index, returned -2.05%.

STRATEGY REVIEW

U.S. Treasury yields rose across the curve and flattened during the period, as the spread between the two- and 10-year Treasuries finished the year at 0.28%. Within Treasuries, the 30-year bellwether was the worst performer, posting a loss of -7.11%. Our shorter-duration posture contributed to returns, as rates rose across the curve; however, this was partially offset by the Fund’s yield-curve positioning, which detracted.

Our underweight in Treasury debt hurt performance. Corporate bonds finished as the worst-performing investment-grade domestic broad-market sector. Overall, the Barclays Corporate Index trailed comparable-duration Treasuries. Within corporates, utilities were the worst-performing sub-sector. The Fund’s sector allocation in credit was a slight negative, while the security selection within the sector was positive for performance. In securitized sectors, both allocation and security selection were favorable within agency mortgage-backed securities (“MBS”), non-agency MBS, commercial MBS and asset-backed securities (“ABS”).

Sector allocations did not change dramatically throughout the period. The Fund remained underweight in Treasury debt, overweight in MBS and ABS, and near neutral in corporate bonds.

The Fund ended the fiscal year with duration lower than that of the benchmark.

Richard Figuly

Barbara Miller

Co-Portfolio Managers

J.P. Morgan Investment Management Inc.

Fund Characteristics	Years
Average Maturity §		7.52
Duration †		5.66
Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		55.3	%
AAA		6.4
AA		4.6
A		11.7
BBB		13.2
BB		0.1
B		0.0	*
CCC and Below		0.1
Not Rated		8.7
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.

‡ Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor’s (“S&P”) ratings; percentages may include investments not rated by S&P but rated by Moody’s, or if unrated by Moody’s, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency.

* Percentage rounds to less than 0.1% or (0.1)%.

Transamerica Funds Annual Report 2018

Page    3

Transamerica Core Bond

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class I2 (NAV)		(1.84	)%		1.98	%		3.10	%		07/01/2009
Bloomberg Barclays US Aggregate Bond Index (A)		(2.05	)%		1.83	%		3.25	%

^(A) The Bloomberg Barclays US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or since inception date of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Investing in bond funds entails interest rate and credit risk as well as additional risks in that the Fund may invest in high-yield/high-risk bonds and is subject to greater levels of liquidity risk, which are described in more detail in the prospectus. This Fund is only available in Class I2 shares, which are not available for direct investment by the public.

Transamerica Funds Annual Report 2018

Page    4

Transamerica Core Bond

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Principal		Value
ASSET-BACKED SECURITIES - 14.6%
ABFC Trust
Series 2005-AQ1, Class A4, 4.78% (A), 01/25/2034		$  191,112		$  194,949
Academic Loan Funding Trust
Series 2013-1A, Class A,
1-Month LIBOR + 0.80%, 3.08% (A), 12/26/2044 (B)		541,598		539,747
Ally Auto Receivables Trust
Series 2016-1, Class A3, 1.47%, 04/15/2020		221,994		221,629
American Credit Acceptance Receivables Trust
Series 2016-2, Class C, 6.09%, 05/12/2022 (B)		800,000		816,201
Series 2016-3, Class C, 4.26%, 08/12/2022 (B)		722,000		727,607
Series 2016-4, Class C, 2.91%, 02/13/2023 (B)		515,527		514,527
Series 2018-2, Class B, 3.46%, 08/10/2022 (B)		1,156,000		1,154,406
American Homes 4 Rent Trust
Series 2014-SFR2, Class A, 3.79%, 10/17/2036 (B)		2,060,421		2,049,733
Series 2014-SFR2, Class E, 6.23%, 10/17/2036 (B)		200,000		214,755
Series 2014-SFR3, Class D, 5.04%, 12/17/2036 (B)		270,000		277,031
Series 2014-SFR3, Class E, 6.42%, 12/17/2036 (B)		725,000		786,860
Series 2015-SFR1, Class A, 3.47%, 04/17/2052 (B)		936,054		911,880
Series 2015-SFR1, Class D, 4.41%, 04/17/2052 (B)		1,800,000		1,780,598
Series 2015-SFR1, Class E, 5.64%, 04/17/2052 (B)		825,000		858,540
Series 2015-SFR2, Class E, 6.07%, 10/17/2045 (B)		1,155,000		1,230,337
American Tower Trust #1
Series 2013-2A, Class 2A, 3.07%, 03/15/2048 (B)		400,000		387,581
AmeriCredit Automobile Receivables Trust
Series 2016-1, Class A3, 1.81%, 10/08/2020		49,608		49,578
Series 2016-2, Class A3, 1.60%, 11/09/2020		99,600		99,454
Series 2016-4, Class B, 1.83%, 12/08/2021		700,000		690,854
Series 2017-1, Class B, 2.30%, 02/18/2022		406,000		401,971
Series 2017-1, Class C, 2.71%, 08/18/2022		218,000		214,859
Series 2017-1, Class D, 3.13%, 01/18/2023		489,000		481,428
Anchor Assets IX LLC
Series 2016-1, Class A, 5.13%, 02/15/2020 (B) (C)		3,000,000		3,000,000
ARIVO
Series 2018-1, Class A, 5.17%, 09/15/2019 (D)		1,062,113		1,062,113

	Principal		Value
ASSET-BACKED SECURITIES (continued)
B2R Mortgage Trust
Series 2015-1, Class A1, 2.52%, 05/15/2048 (B)		$   126,334		$   124,644
Series 2015-2, Class A, 3.34%, 11/15/2048 (B)		784,501		779,214
Series 2016-1, Class A, 2.57%, 06/15/2049 (B)		1,138,115		1,106,116
Banc of America Funding Corp.
Series 2012-R6, Class 1A1, 3.00%, 10/26/2039 (B) (C)		10,879		10,834
BCC Funding XIII LLC
Series 2016-1, Class A2, 2.20%, 12/20/2021 (B)		269,989		268,951
Business Jet Securities LLC
Series 2018-1, Class A, 4.34%, 02/15/2033 (B)		1,371,504		1,366,790
Series 2018-2, Class A, 4.45%, 06/15/2033 (B)		1,686,444		1,685,171
BXG Receivables Note Trust
Series 2012-A, Class A, 2.66%, 12/02/2027 (B)		162,797		160,227
Cabela’s Credit Card Master Note Trust
Series 2015-2, Class A1, 2.25%, 07/17/2023		185,000		181,985
California Republic Auto Receivables Trust
Series 2015-1, Class A4, 1.82%, 09/15/2020		295,365		294,661
Camillo Trust
Series 2016-SFR1, 5.00%, 12/05/2023 (C)		1,904,008		1,899,844
Capital Auto Receivables Asset Trust
Series 2018-1, Class A3, 2.79%, 01/20/2022 (B)		2,750,000		2,738,452
CarFinance Capital Auto Trust
Series 2015-1A, Class A, 1.75%, 06/15/2021 (B)		2,878		2,876
CarMax Auto Owner Trust
Series 2016-2, Class A3, 1.52%, 02/16/2021		296,712		294,853
CarNow Auto Receivables Trust
Series 2016-1A, Class B, 3.49%, 02/15/2021 (B)		90,893		90,755
Series 2017-1A, Class A, 2.92%, 09/15/2022 (B)		399,048		397,019
Chase Funding Trust
Series 2003-2, Class 2A2,
1-Month LIBOR + 0.56%, 2.84% (A), 02/25/2033		419,129		403,062
Series 2003-6, Class 1A5, 5.07% (A), 11/25/2034		244,518		252,301
Chrysler Capital Auto Receivables Trust
Series 2016-AA, Class A3, 1.77%, 10/15/2020 (B)		196,277		196,076
CIG Auto Receivables Trust
Series 2017-1A, Class A, 2.71%, 05/15/2023 (B)		434,370		431,312
Citi Held For Asset Issuance
Series 2016-MF1, Class B, 6.64%, 08/15/2022 (B)		621,295		623,225

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    5

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Citigroup Global Markets Mortgage Securities VII, Inc.
Series 2003-UP1, Class A, 3.95% (A), 04/25/2032 (B)		$   5,473		$   5,430
CLUB Credit Trust
Series 2017-P2, Class A, 2.61%, 01/15/2024 (B)		860,254		855,619
Colony American Finance, Ltd.
Series 2016-2, Class A, 2.55%, 11/15/2048 (B)		559,038		544,268
COOF Securitization Trust, Ltd., Interest Only STRIPS
Series 2014-1, Class A, 2.81% (A), 06/25/2040 (B)		390,423		34,464
CPS Auto Receivables Trust
Series 2014-D, Class C, 4.35%, 11/16/2020 (B)		125,000		125,768
Series 2015-A, Class C, 4.00%, 02/16/2021 (B)		100,000		100,531
Series 2015-C, Class D, 4.63%, 08/16/2021 (B)		482,000		488,054
Series 2016-A, Class B, 3.34%, 05/15/2020 (B)		382,738		382,804
Series 2016-B, Class B, 3.18%, 09/15/2020 (B)		266,193		266,325
Series 2016-C, Class C, 3.27%, 06/15/2022 (B)		840,000		839,597
Series 2017-C, Class C, 2.86%, 06/15/2023 (B)		1,150,000		1,137,545
Credit Acceptance Auto Loan Trust
Series 2017-1A, Class A, 2.56%, 10/15/2025 (B)		621,000		617,734
Series 2017-1A, Class B, 3.04%, 12/15/2025 (B)		272,000		268,785
Series 2017-1A, Class C, 3.48%, 02/17/2026 (B)		250,000		248,488
Series 2017-2A, Class C, 3.35%, 06/15/2026 (B)		272,000		268,463
Series 2018-1A, Class A, 3.01%, 02/16/2027 (B)		859,000		848,929
Diamond Resorts Owner Trust
Series 2017-1A, Class A, 3.27%, 10/22/2029 (B)		714,695		706,531
Series 2018-1, Class A, 3.70%, 01/21/2031 (B)		1,541,115		1,531,088
Drive Auto Receivables Trust
Series 2015-AA, Class D, 4.12%, 07/15/2022 (B)		294,000		295,649
Series 2015-BA, Class D, 3.84%, 07/15/2021 (B)		536,706		538,546
Series 2015-DA, Class D, 4.59%, 01/17/2023 (B)		396,000		401,019
Series 2016-AA, Class C, 3.91%, 05/17/2021 (B)		615,626		617,325
Series 2016-CA, Class D, 4.18%, 03/15/2024 (B)		1,126,000		1,135,319
Series 2017-1, Class C, 2.84%, 04/15/2022		1,173,000		1,170,480

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Drive Auto Receivables Trust (continued)
Series 2017-1, Class D, 3.84%, 03/15/2023		$   1,983,000		$   1,987,389
Series 2017-2, Class C, 2.75%, 09/15/2023		1,869,000		1,863,917
Series 2017-3, Class D, 3.53%, 12/15/2023 (B)		3,800,000		3,789,783
Series 2017-AA, Class B, 2.51%, 01/15/2021 (B)		44,782		44,769
Series 2017-AA, Class C, 2.98%, 01/18/2022 (B)		485,000		484,285
Series 2017-AA, Class D, 4.16%, 05/15/2024 (B)		648,000		653,119
Series 2018-3, Class C, 3.72%, 09/16/2024		1,625,000		1,627,393
DT Asset Trust
Series 2017, Class B, 5.84%, 12/16/2022 (C)		1,100,000		1,098,959
DT Auto Owner Trust
Series 2016-2A, Class C, 3.67%, 01/18/2022 (B)		49,823		49,877
Series 2016-4A, Class D, 3.77%, 10/17/2022 (B)		578,700		580,149
Series 2017-1A, Class D, 3.55%, 11/15/2022 (B)		588,000		587,111
Series 2017-2A, Class C, 3.03%, 01/17/2023 (B)		946,000		944,642
Series 2017-3A, Class D, 3.58%, 05/15/2023 (B)		534,000		532,622
Series 2018-1A, Class C, 3.47%, 12/15/2023 (B)		961,000		959,135
Series 2018-1A, Class D, 3.81%, 12/15/2023 (B)		681,000		676,124
Engs Commercial Finance Trust
Series 2016-1A, Class A2, 2.63%, 02/22/2022 (B)		192,388		190,994
Exeter Automobile Receivables Trust
Series 2015-2A, Class C, 3.90%, 03/15/2021 (B)		220,862		221,754
Series 2016-1A, Class C, 5.52%, 10/15/2021 (B)		890,000		904,433
Series 2016-2A, Class B, 3.64%, 02/15/2022 (B)		426,330		427,306
Series 2016-3A, Class A, 1.84%, 11/16/2020 (B)		100,473		100,384
Series 2016-3A, Class B, 2.84%, 08/16/2021 (B)		426,000		425,374
Series 2017-1A, Class C, 3.95%, 12/15/2022 (B)		315,000		316,516
Series 2017-3A, Class A, 2.05%, 12/15/2021 (B)		295,360		294,042
Series 2018-4A, Class B, 3.64%, 11/15/2022 (B)		744,000		744,360
First Investors Auto Owner Trust
Series 2016-2A, Class A1, 1.53%, 11/16/2020 (B)		7,636		7,631
Series 2017-2A, Class B, 2.65%, 11/15/2022 (B)		866,000		853,521

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    6

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
ASSET-BACKED SECURITIES (continued)
First Investors Auto Owner Trust (continued)
Series 2017-2A, Class C, 3.00%, 08/15/2023 (B)		$   1,500,000		$   1,465,389
Series 2017-3A, Class A2, 2.41%, 12/15/2022 (B)		1,089,000		1,074,869
Flagship Credit Auto Trust
Series 2015-3, Class A, 2.38%, 10/15/2020 (B)		92,731		92,639
Series 2015-3, Class B, 3.68%, 03/15/2022 (B)		252,000		252,778
Series 2015-3, Class C, 4.65%, 03/15/2022 (B)		189,000		191,166
Series 2016-1, Class A, 2.77%, 12/15/2020 (B)		98,468		98,435
Series 2016-1, Class C, 6.22%, 06/15/2022 (B)		1,050,000		1,083,919
Series 2016-4, Class C, 2.71%, 11/15/2022 (B)		747,000		737,738
Series 2018-3, Class C, 3.79%, 12/16/2024 (B)		2,029,000		2,015,831
Ford Credit Auto Owner Trust
Series 2016-B, Class A3, 1.33%, 10/15/2020		268,592		267,223
Freedom Financial Trust
Series 2018-1, Class A, 3.61%, 07/18/2024 (B)		1,068,759		1,067,236
Series 2018-2, Class A, 3.99%, 10/20/2025 (B)		2,203,000		2,203,000
GLS Auto Receivables Trust
Series 2016-1A, Class B, 4.39%, 01/15/2021 (B)		312,524		313,515
Series 2016-1A, Class C, 6.90%, 10/15/2021 (B)		700,000		723,301
Series 2017-1A, Class B, 2.98%, 12/15/2021 (B)		1,300,000		1,292,387
GM Financial Automobile Leasing Trust
Series 2017-2, Class A4, 2.18%, 06/21/2021		279,000		275,891
GMAT Trust
Series 2013-1A, Class A, 6.97% (A), 11/25/2043 (B)		20,204		20,215
Gold Key Resorts LLC
Series 2014-A, Class A, 3.22%, 03/17/2031 (B)		116,940		115,920
Golden Bear LLC
Series 2016-R, Class R, 5.65%, 09/20/2047 (B)		525,852		532,556
Goodgreen Trust
Series 2017, Class R1, 5.00%, 10/20/2051 (C)		1,857,387		1,819,868
Series 2017-1A, Class A, 3.74%, 10/15/2052 (B)		301,177		296,855
Series 2017-2A, Class A, 3.26%, 10/15/2053 (B)		1,494,302		1,434,212
Headlands Residential LLC
Series 2018, 4.25% (A), 06/25/2023		2,410,000		2,397,925

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Hero Funding Trust
Series 2016-3A, Class A1, 3.08%, 09/20/2042 (B)		$   393,360		$   379,630
Series 2017-1A, Class A2, 4.46%, 09/20/2047 (B)		998,483		1,009,338
Series 2017-3A, Class A2, 3.95%, 09/20/2048 (B)		1,373,336		1,360,718
Hilton Grand Vacations Trust
Series 2017-AA, Class A, 2.66%, 12/26/2028 (B)		342,166		335,130
Honda Auto Receivables Owner Trust
Series 2016-1, Class A3, 1.22%, 12/18/2019		218,451		217,790
Hyundai Auto Receivables Trust
Series 2016-A, Class A3, 1.56%, 09/15/2020		194,040		193,252
Kabbage Asset Securitization LLC
Series 2017-1, Class A, 4.57%, 03/15/2022 (B)		3,375,000		3,392,795
KGS-Alpha SBA COOF Trust, Interest Only STRIPS
Series 2012-2, Class A, 0.91% (A), 08/25/2038 (B)		2,135,428		52,051
Series 2014-2, Class A, 3.04% (A), 04/25/2040 (B)		359,612		28,995
LendingClub Issuance Trust
Series 2016-NP2, Class A, 3.00%, 01/17/2023 (B)		774		774
Lendmark Funding Trust
Series 2017-1A, Class A, 2.83%, 12/22/2025 (B)		830,000		819,076
Series 2017-1A, Class B, 3.77%, 12/22/2025 (B)		2,200,000		2,184,428
Series 2017-1A, Class C, 5.41%, 12/22/2025 (B)		1,850,000		1,879,737
LV Tower 52
Series 2013-1, Class A, 5.75%, 07/15/2019 (B) (C)		1,157,466		1,157,466
Mariner Finance Issuance Trust
Series 2017-AA, Class A, 3.62%, 02/20/2029 (B)		1,109,000		1,107,649
Marlette Funding Trust
Series 2017-1A, Class A, 2.83%, 03/15/2024 (B)		243,582		243,492
Series 2017-2A, Class A, 2.39%, 07/15/2024 (B)		849,897		848,664
Series 2018-1A, Class A, 2.61%, 03/15/2028 (B)		923,938		920,639
New Residential Advanced Receivables Trust
Series 2016-T2, Class AT2, 2.58%, 10/15/2049 (B)		465,000		461,220
Series 2016-T2, Class CT2, 3.51%, 10/15/2049 (B)		312,500		309,324
Nissan Auto Receivables Owner Trust
Series 2016-B, Class A3, 1.32%, 01/15/2021		300,696		298,196
Ocwen Master Advance Receivables Trust
Series 2018-T2, Class CT2, 4.19%, 08/15/2050 (B)		1,280,000		1,276,631
OnDeck Asset Securitization Trust LLC
Series 2018-1A, Class A, 3.50%, 04/18/2022 (B)		696,000		692,990

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    7

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
ASSET-BACKED SECURITIES (continued)
OneMain Financial Issuance Trust
Series 2015-1A, Class A, 3.19%, 03/18/2026 (B)		$   275,376		$   275,577
Series 2015-1A, Class B, 3.85%, 03/18/2026 (B)		500,000		501,879
Series 2015-2A, Class B, 3.10%, 07/18/2025 (B)		318,867		318,771
Series 2016-1A, Class A, 3.66%, 02/20/2029 (B)		960,000		962,199
Oportun Funding IV LLC
Series 2016-C, Class B, 4.85%, 11/08/2021 (B)		472,769		472,881
Oportun Funding IX LLC
Series 2018-B, Class A, 3.91%, 07/08/2024 (B)		2,329,000		2,317,498
Oportun Funding VI LLC
Series 2017-A, Class A, 3.23%, 06/08/2023 (B) (C)		616,000		607,011
Oportun Funding VII LLC
Series 2017-B, Class A, 3.22%, 10/10/2023 (B)		542,000		533,482
Oportun Funding VIII LLC
Series 2018-A, Class A, 3.61%, 03/08/2024 (B)		1,251,000		1,234,477
Oportun Funding X LLC
Series 2018-C, Class A, 4.10%, 10/08/2024 (B)		3,554,000		3,552,426
Progress Residential Trust
Series 2015-SFR2, Class A, 2.74%, 06/12/2032 (B)		2,724,733		2,680,629
Series 2015-SFR2, Class B, 3.14%, 06/12/2032 (B)		478,000		471,204
Series 2015-SFR3, Class A, 3.07%, 11/12/2032 (B)		2,477,622		2,449,242
Series 2015-SFR3, Class D, 4.67%, 11/12/2032 (B)		700,000		703,471
Series 2015-SFR3, Class E, 5.66%, 11/12/2032 (B)		275,000		279,429
Series 2017-SFR1, Class C, 3.32%, 08/17/2034 (B)		3,000,000		2,898,417
Series 2018-SFR2, Class E, 4.66%, 08/17/2035 (B)		1,284,000		1,271,351
Prosper Marketplace Issuance Trust
Series 2017-1A, Class A, 2.56%, 06/15/2023 (B)		17,368		17,361
Series 2017-2A, Class A, 2.41%, 09/15/2023 (B)		153,854		153,677
Series 2017-3A, Class A, 2.36%, 11/15/2023 (B)		534,970		533,404
Purchasing Power Funding LLC
Series 2018-A, Class A, 3.34%, 08/15/2022 (B)		3,220,000		3,200,577
Renew
Series 2017-1A, Class A, 3.67%, 09/20/2052 (B)		408,697		401,039
Rice Park Financing Trust
Series 2016-A, Class A, 4.63%, 10/31/2041 (B) (C)		1,658,362		1,653,104

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Santander Drive Auto Receivables Trust
Series 2015-5, Class E, 4.67%, 02/15/2023 (B)		$   2,400,000		$   2,417,546
Santander Retail Auto Lease Trust
Series 2018-A, Class A3, 2.93%, 05/20/2021 (B)		1,298,000		1,290,837
Saxon Asset Securities Trust
Series 2003-1, Class AF6, 4.69% (A), 06/25/2033		21,089		21,316
Sierra Auto Receivables Securitization Trust
Series 2016-1A, Class A, 2.85%, 01/18/2022 (B)		12,850		12,847
SoFi Consumer Loan Program LLC
Series 2016-2A, Class A, 3.09%, 10/27/2025 (B)		240,571		239,768
SpringCastle America Funding LLC
Series 2016-AA, Class A, 3.05%, 04/25/2029 (B)		338,050		335,330
Springleaf Funding Trust
Series 2015-AA, Class A, 3.16%, 11/15/2024 (B)		426,533		426,458
Structured Asset Securities Corp. Mortgage Pass-Through Certificates
Series 2002-AL1, Class A2, 3.45%, 02/25/2032		93,351		92,143
Series 2004-6XS, Class A5A, 6.03% (A), 03/25/2034		169,736		172,878
Series 2004-6XS, Class A5B, 6.05% (A), 03/25/2034		169,736		172,076
Synchrony Card Issuance Trust
Series 2018-A1, Class A1, 3.38%, 09/15/2024		1,580,000		1,576,817
Toyota Auto Receivables Owner Trust
Series 2016-B, Class A3, 1.30%, 04/15/2020		155,901		155,297
Tricolor Auto Securitization Trust
Series 2018-1A, Class A, 5.05%, 12/15/2020 (B) (C)		1,489,616		1,488,246
Tricon American Homes Trust
Series 2016-SFR1, Class A, 2.59%, 11/17/2033 (B)		661,158		636,652
U.S. Residential Opportunity Fund IV Trust
Series 2017-1III, Class A, 3.35% (A), 11/27/2037 (B)		1,644,324		1,627,914
Series 2017-1IV, Class A, 3.35% (A), 11/27/2037 (B)		875,534		864,472
Upgrade Receivables Trust
Series 2018-1A, Class A, 3.76%, 11/15/2024 (B)		817,000		816,956
Upstart Securitization Trust
Series 2017-1, Class A, 2.64%, 06/20/2024 (B)		139,720		139,541
USASF Receivables LLC
Series 2018-1A, Class A, 5.50%, 07/15/2023 (B)		2,000,000		1,997,500
Vericrest Opportunity Loan Trust
Series 2018-NPL2, Class A1, 4.34% (A), 05/25/2048 (B)		1,267,386		1,262,287

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    8

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Verizon Owner Trust
Series 2016-1A, Class A, 1.42%, 01/20/2021 (B)		$   111,893		$   111,379
Series 2017-3A, Class A1A, 2.06%, 04/20/2022 (B)		1,801,000		1,772,285
Series 2018-1A, Class A1A, 2.82%, 09/20/2022 (B)		3,516,000		3,490,901
VM DEBT LLC
Series 2017-1, Class A, 6.50%, 10/02/2024 (B) (C)		1,450,000		1,450,000
VOLT FT1 3.26% (A), 01/27/2023		1,290,137		1,273,493
VOLT LX LLC
Series 2017-NPL7, Class A1, 3.25% (A), 06/25/2047 (B)		436,821		433,314
VOLT LXI LLC
Series 2017-NPL8, Class A1, 3.13% (A), 06/25/2047 (B)		567,910		562,375
VOLT LXIV LLC
Series 2017-NP11, Class A1, 3.38% (A), 10/25/2047 (B)		2,182,851		2,165,480
VOLT LXIX LLC
Series 2018-NPL5, Class A1A, 4.21% (A), 08/25/2048 (B)		943,000		941,396
VOLT LXVII LLC
Series 2018-NPL3, Class A1, 4.38% (A), 06/25/2048 (B)		1,500,426		1,496,067
VOLT LXVIII LLC
Series 2018-NPL4, Class A1A, 4.34% (A), 07/27/2048 (B)		1,225,826		1,224,716
VOLT LXX LLC
Series 2018-NPL6, Class A1A, 4.11% (A), 09/25/2048 (B)		984,727		982,903
VOLT LXXII LLC
Series 2018-NPL8, Class A1A, 4.21% (A), 10/26/2048 (B)		3,200,000		3,200,854
VSE Voi Mortgage LLC
Series 2018-A, Class A, 3.56%, 02/20/2036 (B)		924,635		919,986
Westgate Resorts LLC
Series 2017-1A, Class A, 3.05%, 12/20/2030 (B)		387,395		383,292
Westlake Automobile Receivables Trust
Series 2015-3A, Class D, 4.40%, 05/17/2021 (B)		369,307		370,274
Series 2016-2A, Class D, 4.10%, 06/15/2021 (B)		280,000		281,724
Series 2017-1A, Class C, 2.70%, 10/17/2022 (B)		374,000		372,794
World Omni Automobile Lease Securitization Trust
Series 2018-A, Class A3, 2.83%, 07/15/2021		1,301,000		1,292,699
Total Asset-Backed Securities (Cost $171,570,845)				170,674,128

	Principal		Value
CORPORATE DEBT SECURITIES - 25.0%
Aerospace & Defense - 0.3%
Airbus SE 3.15%, 04/10/2027 (B)		$   327,000		$   309,411
3.95%, 04/10/2047 (B)		150,000		138,992
Harris Corp. 3.83%, 04/27/2025		400,000		389,434
Lockheed Martin Corp. 4.50%, 05/15/2036		300,000		301,339
Northrop Grumman Corp. 3.20%, 02/01/2027		268,000		248,490
3.25%, 01/15/2028		130,000		120,098
3.85%, 04/15/2045		49,000		42,806
Precision Castparts Corp. 3.25%, 06/15/2025		150,000		144,124
4.20%, 06/15/2035		150,000		146,792
Rockwell Collins, Inc. 3.20%, 03/15/2024		140,000		134,067
United Technologies Corp. 3.95%, 08/16/2025		120,000		118,834
4.15%, 05/15/2045		148,000		132,099
4.45%, 11/16/2038		120,000		116,108
4.50%, 06/01/2042		257,000		243,372
6.70%, 08/01/2028		260,000		304,571
8.88%, 11/15/2019		250,000		264,794
				3,155,331
Air Freight & Logistics - 0.0% (E)
FedEx Corp. 3.90%, 02/01/2035		96,000		87,083
4.10%, 04/15/2043		130,000		112,516
				199,599
Airlines - 0.7%
Air Canada Pass-Through Trust 3.30%, 07/15/2031 (B)		685,000		648,558
3.55%, 07/15/2031 (B)		405,000		384,198
3.60%, 09/15/2028 (B)		518,247		497,517
4.13%, 11/15/2026 (B)		545,051		547,503
American Airlines Pass-Through Trust 3.00%, 04/15/2030		927,706		862,970
3.65%, 02/15/2029 - 12/15/2029		858,012		832,425
3.70%, 04/15/2027 - 04/01/2028		691,987		666,709
5.25%, 07/31/2022		47,147		48,316
British Airways Pass-Through Trust 4.13%, 03/20/2033 (B)		528,960		523,924
Continental Airlines Pass-Through Trust 4.00%, 04/29/2026		190,854		189,842
5.98%, 10/19/2023		205,162		214,784
Delta Air Lines Pass-Through Trust 4.75%, 11/07/2021		69,347		70,341
4.95%, 11/23/2020		87,749		88,098
5.30%, 10/15/2020		34,035		34,290
6.82%, 02/10/2024		97,657		106,105
Spirit Airlines Pass-Through Trust 3.38%, 08/15/2031		270,811		257,389
United Airlines Pass-Through Trust 2.88%, 04/07/2030		568,283		523,843
3.45%, 01/07/2030		294,591		279,638
3.50%, 09/01/2031		683,000		652,185
3.65%, 07/07/2027		220,150		212,404
3.70%, 09/01/2031		387,000		369,695
				8,010,734

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    9

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Automobiles - 0.1%
Ford Motor Co. 7.45%, 07/16/2031		$   702,000		$   738,809
General Motors Co. 6.60%, 04/01/2036		606,000		620,148
KIA Motors Corp. 2.63%, 04/21/2021 (B)		200,000		194,292
				1,553,249
Banks - 4.6%
ABN AMRO Bank NV 2.45%, 06/04/2020 (B)		279,000		274,688
4.75%, 07/28/2025 (B)		600,000		595,740
AIB Group PLC 4.75%, 10/12/2023 (B)		700,000		697,761
ANZ New Zealand International, Ltd. 2.60%, 09/23/2019 (B)		619,000		615,897
2.85%, 08/06/2020 (B)		250,000		247,356
3.45%, 07/17/2027 (B)		222,000		209,587
Australia & New Zealand Banking Group, Ltd. 4.40%, 05/19/2026 (B)		200,000		194,351
4.88%, 01/12/2021 (B)		137,000		140,833
Banco Santander SA 3.13%, 02/23/2023		200,000		188,708
Bank of America Corp. 2.50%, 10/21/2022, MTN		27,000		25,650
Fixed until 04/24/2022, 2.88% (A), 04/24/2023		50,000		48,372
Fixed until 12/20/2022, 3.00% (A), 12/20/2023		2,539,000		2,443,024
Fixed until 01/20/2022, 3.12% (A), 01/20/2023, MTN		1,037,000		1,013,319
3.25%, 10/21/2027, MTN		398,000		365,545
Fixed until 01/23/2025, 3.37% (A), 01/23/2026		200,000		190,636
Fixed until 12/20/2027, 3.42% (A), 12/20/2028		306,000		281,980
Fixed until 04/24/2027, 3.71% (A), 04/24/2028		1,300,000		1,233,656
Fixed until 03/05/2028, 3.97% (A), 03/05/2029, MTN		1,300,000		1,249,693
5.88%, 02/07/2042, MTN		400,000		456,345
Bank of Montreal 1.50%, 07/18/2019, MTN		261,000		258,357
2.35%, 09/11/2022, MTN		200,000		191,090
Bank of Nova Scotia 1.85%, 04/14/2020		400,000		392,734
1.88%, 09/20/2021 (B)		330,000		316,698
2.45%, 09/19/2022 (F)		200,000		191,870
2.70%, 03/07/2022		114,000		110,948
Banque Federative du Credit Mutuel SA 2.00%, 04/12/2019 (B)		200,000		198,991
Barclays PLC 3.65%, 03/16/2025		223,000		207,416
3.68%, 01/10/2023		629,000		608,902
4.38%, 01/12/2026		863,000		827,062
BB&T Corp. 2.63%, 06/29/2020, MTN		300,000		296,845
5.25%, 11/01/2019		90,000		91,739
6.85%, 04/30/2019, MTN		250,000		254,859

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
BNP Paribas SA 3.38%, 01/09/2025 (B)		$   320,000		$   299,121
3.50%, 03/01/2023 (B)		250,000		242,526
BNZ International Funding, Ltd. 2.65%, 11/03/2022 (B)		650,000		617,013
BPCE SA 4.63%, 07/11/2024 (B)		600,000		590,402
Canadian Imperial Bank of Commerce 2.25%, 07/21/2020 (B) (F)		234,000		230,259
2.55%, 06/16/2022		350,000		336,637
Citigroup, Inc. 2.35%, 08/02/2021		192,000		185,585
2.40%, 02/18/2020		800,000		791,195
2.65%, 10/26/2020		300,000		295,453
2.70%, 03/30/2021		474,000		464,198
2.75%, 04/25/2022		650,000		628,338
Fixed until 01/24/2022, 3.14% (A), 01/24/2023		370,000		361,199
3.40%, 05/01/2026		400,000		375,434
Fixed until 07/24/2027, 3.67% (A), 07/24/2028		900,000		843,575
3.70%, 01/12/2026		1,350,000		1,290,891
Fixed until 01/24/2038, 3.88% (A), 01/24/2039		100,000		88,716
4.45%, 09/29/2027		85,000		82,717
4.75%, 05/18/2046		400,000		373,022
8.13%, 07/15/2039		56,000		78,190
Citizens Bank NA 3.70%, 03/29/2023		475,000		469,884
Citizens Financial Group, Inc. 2.38%, 07/28/2021		78,000		75,189
4.30%, 12/03/2025		77,000		75,419
Comerica, Inc. 2.13%, 05/23/2019		250,000		248,826
Commonwealth Bank of Australia 2.50%, 09/18/2022 (B)		300,000		286,671
3.45%, 03/16/2023 (B)		410,000		405,213
3.90%, 03/16/2028 (B) (F)		410,000		402,011
4.50%, 12/09/2025 (B)		200,000		196,381
Cooperatieve Rabobank UA 4.38%, 08/04/2025		347,000		339,264
4.75%, 01/15/2020, MTN (B)		350,000		356,485
5.80%, 09/30/2110 (B)		300,000		328,886
Credit Agricole SA 4.13%, 01/10/2027 (B)		250,000		237,773
4.38%, 03/17/2025 (B)		200,000		192,824
Danske Bank A/S 2.00%, 09/08/2021 (B)		201,000		189,176
2.70%, 03/02/2022 (B)		213,000		203,574
Discover Bank 4.20%, 08/08/2023		550,000		548,615
Fifth Third Bancorp 3.95%, 03/14/2028		340,000		330,608
Fifth Third Bank 2.38%, 04/25/2019		270,000		269,269
3.85%, 03/15/2026		200,000		193,912
HSBC Holdings PLC 3.60%, 05/25/2023		1,007,000		991,851

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    10

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
HSBC Holdings PLC (continued)
4.00%, 03/30/2022		$   911,000		$   919,189
Fixed until 03/13/2027, 4.04% (A), 03/13/2028		695,000		665,146
4.25%, 03/14/2024		500,000		493,225
Industrial & Commercial Bank of China, Ltd. 2.45%, 10/20/2021		400,000		383,417
ING Bank NV 1.65%, 08/15/2019 (B)		260,000		257,138
ING Groep NV 3.95%, 03/29/2027		200,000		189,531
4.10%, 10/02/2023		775,000		769,813
Intesa Sanpaolo SpA 3.88%, 07/14/2027 - 01/12/2028 (B)		606,000		497,308
KeyBank NA 3.18%, 10/15/2027		250,000		244,995
KeyCorp 4.15%, 10/29/2025, MTN (F)		235,000		235,662
Lloyds Bank PLC 2.40%, 03/17/2020		400,000		395,045
Lloyds Banking Group PLC
Fixed until 11/07/2022, 2.91% (A), 11/07/2023		200,000		190,096
4.38%, 03/22/2028		339,000		323,935
4.58%, 12/10/2025		200,000		192,887
Macquarie Bank, Ltd. 2.60%, 06/24/2019 (B)		100,000		99,713
3.90%, 01/15/2026 (B)		570,000		556,157
Mitsubishi UFJ Financial Group, Inc. 2.53%, 09/13/2023		200,000		188,011
2.67%, 07/25/2022		270,000		260,378
2.95%, 03/01/2021		297,000		292,936
Mitsubishi UFJ Trust & Banking Corp. 2.45%, 10/16/2019 (B)		400,000		397,537
Mizuho Financial Group, Inc. 2.63%, 04/12/2021 (B)		263,000		256,768
MUFG Americas Holdings Corp. 2.25%, 02/10/2020		319,000		316,337
MUFG Union Bank NA 2.25%, 05/06/2019		300,000		298,986
National Australia Bank, Ltd. 2.50%, 07/12/2026		250,000		223,095
3.38%, 01/14/2026		1,000,000		952,018
Nordea Bank Abp 4.25%, 09/21/2022 (B)		384,000		383,537
4.88%, 01/27/2020 (B)		200,000		203,834
PNC Financial Services Group, Inc. 4.38%, 08/11/2020		75,000		76,230
5.13%, 02/08/2020		250,000		255,765
6.70%, 06/10/2019		75,000		76,670
Regions Financial Corp. 3.80%, 08/14/2023		200,000		197,936
Royal Bank of Canada 1.88%, 02/05/2020		500,000		492,580
2.75%, 02/01/2022, MTN		99,000		96,737
3.70%, 10/05/2023, MTN		600,000		596,933
Royal Bank of Scotland Group PLC 3.88%, 09/12/2023		350,000		336,705

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Santander UK Group Holdings PLC 3.57%, 01/10/2023		$   360,000		$   347,779
Santander UK PLC 2.50%, 03/14/2019		350,000		349,676
Societe Generale SA 2.50%, 04/08/2021 (B)		300,000		291,549
4.25%, 04/14/2025 (B)		270,000		257,337
Stadshypotek AB 1.88%, 10/02/2019 (B)		530,000		524,496
Standard Chartered PLC 3.05%, 01/15/2021 (B) (F)		1,000,000		983,548
Fixed until 03/15/2028, 4.87% (A), 03/15/2033 (B)		300,000		286,788
Sumitomo Mitsui Financial Group, Inc. 2.44%, 10/19/2021		239,000		231,131
2.63%, 07/14/2026		322,000		288,526
2.78%, 07/12/2022 - 10/18/2022		729,000		703,203
2.85%, 01/11/2022 (F)		400,000		389,824
2.93%, 03/09/2021		270,000		266,368
3.10%, 01/17/2023		241,000		234,554
Sumitomo Mitsui Trust Bank, Ltd. 2.05%, 10/18/2019 (B)		600,000		593,186
SunTrust Banks, Inc. 2.70%, 01/27/2022		91,000		88,095
2.90%, 03/03/2021		265,000		260,947
Swedbank AB 2.20%, 03/04/2020 (B)		400,000		393,871
Toronto-Dominion Bank 2.13%, 04/07/2021, MTN		115,000		111,757
2.25%, 03/15/2021 (B)		300,000		292,890
2.50%, 12/14/2020, MTN		150,000		147,702
Fixed until 09/15/2026, 3.63% (A), 09/15/2031		223,000		207,608
US Bancorp 2.38%, 07/22/2026, MTN		266,000		238,625
2.63%, 01/24/2022, MTN		133,000		129,532
3.00%, 03/15/2022, MTN		233,000		229,280
3.15%, 04/27/2027, MTN		85,000		80,120
Wells Fargo & Co. 2.50%, 03/04/2021		532,000		518,459
3.00%, 02/19/2025, MTN		509,000		476,381
3.30%, 09/09/2024, MTN		1,300,000		1,246,592
3.55%, 09/29/2025, MTN		400,000		383,554
4.10%, 06/03/2026, MTN		121,000		117,859
4.30%, 07/22/2027, MTN		246,000		241,542
4.65%, 11/04/2044, MTN		184,000		173,076
4.75%, 12/07/2046, MTN		239,000		227,139
4.90%, 11/17/2045, MTN		202,000		195,946
Westpac Banking Corp. 2.00%, 03/03/2020 (B)		236,000		232,368
2.10%, 02/25/2021 (B)		600,000		583,820
2.50%, 06/28/2022		200,000		192,086
2.60%, 11/23/2020		100,000		98,560
2.85%, 05/13/2026		300,000		275,641
Fixed until 11/23/2026, 4.32% (A), 11/23/2031, MTN		260,000		247,532
				54,392,151

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    11

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Beverages - 0.5%
Anheuser-Busch InBev Finance, Inc. 3.30%, 02/01/2023		$   1,109,000		$   1,081,319
3.65%, 02/01/2026		410,000		389,999
4.70%, 02/01/2036		2,939,000		2,798,967
Anheuser-Busch InBev Worldwide, Inc. 4.75%, 04/15/2058		100,000		89,215
Coca-Cola Femsa SAB de CV 3.88%, 11/26/2023		250,000		247,791
Constellation Brands, Inc. 4.40%, 11/15/2025		185,000		185,322
5.25%, 11/15/2048		110,000		110,104
Diageo Capital PLC 4.83%, 07/15/2020		90,000		92,296
Keurig Dr. Pepper, Inc. 3.13%, 12/15/2023		275,000		261,094
3.43%, 06/15/2027		120,000		109,278
4.42%, 05/25/2025 (B)		112,000		110,682
4.99%, 05/25/2038 (B)		162,000		156,144
PepsiCo, Inc. 4.60%, 07/17/2045		78,000		80,625
				5,712,836
Biotechnology - 0.3%
AbbVie, Inc. 3.20%, 11/06/2022		100,000		97,684
3.60%, 05/14/2025		508,000		485,222
4.50%, 05/14/2035		200,000		184,457
Amgen, Inc. 4.66%, 06/15/2051		200,000		185,178
4.95%, 10/01/2041		100,000		98,905
Celgene Corp. 3.63%, 05/15/2024		298,000		289,400
3.88%, 08/15/2025		150,000		144,389
4.35%, 11/15/2047		167,000		139,283
5.70%, 10/15/2040		160,000		166,291
Gilead Sciences, Inc. 3.50%, 02/01/2025		90,000		87,387
3.70%, 04/01/2024		381,000		377,161
4.00%, 09/01/2036		72,000		65,745
4.60%, 09/01/2035		583,000		579,058
				2,900,160
Building Products - 0.1%
Johnson Controls International PLC 4.25%, 03/01/2021		150,000		152,064
4.95% (G), 07/02/2064		200,000		183,408
5.25%, 12/01/2041		300,000		291,250
Masco Corp. 6.50%, 08/15/2032		410,000		442,123
				1,068,845
Capital Markets - 2.5%
Ameriprise Financial, Inc. 2.88%, 09/15/2026		349,000		318,639
Bank of New York Mellon Corp. 2.20%, 08/16/2023, MTN		300,000		280,013
2.50%, 04/15/2021, MTN		267,000		261,650
2.60%, 08/17/2020, MTN		100,000		98,919
2.80%, 05/04/2026, MTN		76,000		70,267
4.60%, 01/15/2020, MTN		40,000		40,679
5.45%, 05/15/2019		200,000		202,718

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Capital Markets (continued)
Charles Schwab Corp. 3.20%, 03/02/2027		$   500,000		$   471,363
3.23%, 09/01/2022		100,000		98,626
CME Group, Inc. 3.00%, 03/15/2025		160,000		152,732
Credit Suisse AG 2.30%, 05/28/2019, MTN		500,000		498,385
Credit Suisse Group AG 3.57%, 01/09/2023 (B)		500,000		488,253
Fixed until 01/12/2028, 3.87% (A), 01/12/2029 (B)		250,000		232,000
4.28%, 01/09/2028 (B)		400,000		383,305
Credit Suisse Group Funding Guernsey, Ltd. 3.75%, 03/26/2025		950,000		909,301
Daiwa Securities Group, Inc. 3.13%, 04/19/2022 (B)		244,000		238,237
Deutsche Bank AG 3.30%, 11/16/2022		200,000		188,853
4.10%, 01/13/2026 (F)		700,000		656,036
Goldman Sachs Group, Inc. 2.35%, 11/15/2021		1,141,000		1,097,927
Fixed until 10/31/2021, 2.88% (A), 10/31/2022		2,150,000		2,090,162
Fixed until 07/24/2022, 2.91% (A), 07/24/2023		300,000		288,512
Fixed until 06/05/2022, 2.91% (A), 06/05/2023		474,000		456,748
Fixed until 09/29/2024, 3.27% (A), 09/29/2025		725,000		687,316
3.50%, 01/23/2025 - 11/16/2026		362,000		342,269
Fixed until 06/05/2027, 3.69% (A), 06/05/2028		907,000		850,320
3.75%, 05/22/2025		101,000		97,836
3.85%, 01/26/2027		815,000		780,933
Fixed until 05/01/2028, 4.22% (A), 05/01/2029		800,000		775,659
4.25%, 10/21/2025		100,000		97,315
5.38%, 03/15/2020, MTN		1,021,000		1,048,302
6.75%, 10/01/2037		200,000		233,454
Invesco Finance PLC 4.00%, 01/30/2024		160,000		159,613
Macquarie Group, Ltd.
Fixed until 11/28/2027, 3.76% (A), 11/28/2028 (B)		495,000		452,627
Fixed until 01/15/2029, 5.03% (A), 01/15/2030 (B)		600,000		598,507
6.00%, 01/14/2020 (B)		850,000		876,011
6.25%, 01/14/2021 (B)		725,000		762,115
Morgan Stanley 2.45%, 02/01/2019, MTN		285,000		284,694
2.50%, 04/21/2021, MTN		213,000		207,528
2.65%, 01/27/2020		315,000		312,705
Fixed until 07/22/2027, 3.59% (A), 07/22/2028		1,067,000		999,260
Fixed until 01/24/2028, 3.77% (A), 01/24/2029, MTN		735,000		696,452
3.88%, 01/27/2026, MTN		1,279,000		1,236,601
4.00%, 07/23/2025, MTN		1,736,000		1,704,506
4.10%, 05/22/2023, MTN		150,000		149,735
5.00%, 11/24/2025		497,000		508,171
5.63%, 09/23/2019, MTN		1,000,000		1,021,443
7.30%, 05/13/2019, MTN		1,800,000		1,839,672

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    12

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Capital Markets (continued)
Nomura Holdings, Inc. 6.70%, 03/04/2020		$   257,000		$   267,988
Northern Trust Corp.
Fixed until 05/08/2027, 3.38% (A), 05/08/2032		343,000		317,033
State Street Corp. 2.65%, 05/19/2026		150,000		137,250
3.70%, 11/20/2023		615,000		614,608
TD Ameritrade Holding Corp. 2.95%, 04/01/2022		138,000		134,857
UBS Group Funding Switzerland AG
Fixed until 08/15/2022, 2.86% (A), 08/15/2023 (B)		200,000		191,605
3.49%, 05/23/2023 (B)		400,000		391,011
4.13%, 09/24/2025 - 04/15/2026 (B)		521,000		511,845
				28,812,566
Chemicals - 0.3%
Air Liquide Finance SA 2.25%, 09/27/2023 (B)		228,000		212,628
Albemarle Corp. 5.45%, 12/01/2044		200,000		201,524
Chevron Phillips Chemical Co. 3.70%, 06/01/2028 (B)		400,000		390,022
Chevron Phillips Chemical Co. LLC / Chevron Phillips Chemical Co., LP 3.40%, 12/01/2026 (B)		181,000		173,409
E.I. du Pont de Nemours & Co. 4.90%, 01/15/2041		90,000		89,676
International Flavors & Fragrances, Inc. 4.45%, 09/26/2028 (F)		158,000		157,485
5.00%, 09/26/2048		187,000		183,454
Mosaic Co. 4.88%, 11/15/2041		253,000		227,426
5.45%, 11/15/2033		472,000		483,823
Nutrien, Ltd. 3.38%, 03/15/2025		120,000		112,513
4.13%, 03/15/2035		450,000		406,160
6.50%, 05/15/2019		260,000		264,757
Praxair, Inc. 2.65%, 02/05/2025		82,000		76,780
Sherwin-Williams Co. 3.13%, 06/01/2024		136,000		129,049
Union Carbide Corp. 7.50%, 06/01/2025		400,000		460,230
7.75%, 10/01/2096		210,000		250,301
Westlake Chemical Corp. 4.38%, 11/15/2047		160,000		136,385
				3,955,622
Commercial Services & Supplies - 0.1%
ERAC USA Finance LLC 4.50%, 08/16/2021 (B)		175,000		178,465
5.25%, 10/01/2020 (B)		65,000		67,062
5.63%, 03/15/2042 (B)		141,000		149,857
6.70%, 06/01/2034 (B)		331,000		387,878
Republic Services, Inc. 2.90%, 07/01/2026		96,000		88,653
				871,915

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Communications Equipment - 0.1%
Cisco Systems, Inc. 2.95%, 02/28/2026		$   73,000		$   69,276
3.00%, 06/15/2022		194,000		191,595
3.63%, 03/04/2024		200,000		200,966
5.90%, 02/15/2039		100,000		120,923
				582,760
Construction & Engineering - 0.1%
ABB Finance USA, Inc. 2.88%, 05/08/2022		352,000		344,235
4.38%, 05/08/2042		128,000		125,269
				469,504
Construction Materials - 0.0% (E)
CRH America, Inc. 5.13%, 05/18/2045 (B)		200,000		195,573
Martin Marietta Materials, Inc. 3.45%, 06/01/2027		276,000		251,823
				447,396
Consumer Finance - 0.8%
American Express Co. 3.40%, 02/27/2023		400,000		392,142
3.63%, 12/05/2024		63,000		61,486
American Express Credit Corp. 2.25%, 05/05/2021, MTN		145,000		141,004
2.38%, 05/26/2020, MTN		212,000		209,130
2.70%, 03/03/2022, MTN		90,000		87,266
American Honda Finance Corp. 2.30%, 09/09/2026, MTN		67,000		59,507
2.90%, 02/16/2024, MTN		150,000		144,345
BMW US Capital LLC 2.25%, 09/15/2023 (B)		330,000		307,540
Capital One Financial Corp. 3.20%, 02/05/2025		123,000		114,917
3.75%, 04/24/2024 - 07/28/2026		1,052,000		1,012,921
4.20%, 10/29/2025		150,000		144,752
Capital One NA 2.40%, 09/05/2019		350,000		347,552
2.95%, 07/23/2021		250,000		245,339
Daimler Finance North America LLC 2.88%, 03/10/2021 (B)		550,000		540,775
3.35%, 02/22/2023 (B)		300,000		292,784
Ford Motor Credit Co. LLC 2.02%, 05/03/2019		363,000		360,469
2.94%, 01/08/2019, MTN		400,000		399,903
3.81%, 01/09/2024		332,000		308,453
3.82%, 11/02/2027		400,000		343,923
General Motors Financial Co., Inc. 3.45%, 04/10/2022		377,000		366,992
3.50%, 11/07/2024		390,000		363,141
3.70%, 05/09/2023		376,000		363,528
3.95%, 04/13/2024		485,000		465,976
4.30%, 07/13/2025		200,000		191,103
4.35%, 04/09/2025		160,000		154,005
Hyundai Capital America 2.00%, 07/01/2019 (B)		86,000		85,161
3.00%, 03/18/2021 (B)		250,000		243,995
John Deere Capital Corp. 2.70%, 01/06/2023, MTN		482,000		466,584

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    13

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Consumer Finance (continued)
John Deere Capital Corp. (continued)
2.75%, 03/15/2022, MTN		$   153,000		$   149,605
2.80%, 09/08/2027, MTN (F)		200,000		183,311
Nissan Motor Acceptance Corp. 1.55%, 09/13/2019 (B)		138,000		136,320
2.55%, 03/08/2021 (B)		500,000		487,636
PACCAR Financial Corp. 2.25%, 02/25/2021, MTN		156,000		152,094
Synchrony Financial 3.70%, 08/04/2026		300,000		266,190
Toyota Motor Credit Corp. 1.90%, 04/08/2021, MTN		194,000		187,518
				9,777,367
Containers & Packaging - 0.1%
International Paper Co. 3.00%, 02/15/2027 (F)		286,000		257,481
7.30%, 11/15/2039		200,000		240,425
8.70%, 06/15/2038		120,000		160,552
WestRock Co. 3.00%, 09/15/2024 (B)		350,000		328,441
3.75%, 03/15/2025 (B)		300,000		288,710
				1,275,609
Diversified Consumer Services - 0.3%
President & Fellows of Harvard College 3.30%, 07/15/2056		414,000		340,119
SART 4.75%, 07/15/2024		3,463,738		3,461,037
				3,801,156
Diversified Financial Services - 0.6%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.30%, 01/23/2023		157,000		150,824
Aircastle, Ltd. 4.40%, 09/25/2023		365,000		362,156
Aviation Capital Group LLC 2.88%, 01/20/2022 (B)		300,000		289,954
Blackstone Holdings Finance Co. LLC 5.88%, 03/15/2021 (B)		500,000		525,786
BOC Aviation, Ltd. 2.75%, 09/18/2022 (B)		270,000		256,302
Brookfield Finance, Inc. 3.90%, 01/25/2028		211,000		197,051
4.70%, 09/20/2047		242,000		223,074
Carlyle Investment Management LLC
3-Month LIBOR + 2.00%, 4.56% (A), 07/15/2019 (D) (H)		21,553		21,472
China Southern Power Grid International Finance BVI Co., Ltd. 3.50%, 05/08/2027 (B)		480,000		448,317
GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/2035		3,323,000		2,923,672
Jefferies Group LLC 6.25%, 01/15/2036		260,000		258,104
6.45%, 06/08/2027		133,000		141,051
Mitsubishi UFJ Lease & Finance Co., Ltd. 2.65%, 09/19/2022 (B)		294,000		279,742

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Financial Services (continued)
National Rural Utilities Cooperative Finance Corp. 2.95%, 02/07/2024		$   118,000		$   113,753
10.38%, 11/01/2018		175,000		175,000
ORIX Corp. 2.90%, 07/18/2022		201,000		193,554
Protective Life Global Funding 2.00%, 09/14/2021 (B)		400,000		383,530
Voya Financial, Inc. 3.13%, 07/15/2024		550,000		517,964
				7,461,306
Diversified Telecommunication Services - 0.8%
AT&T, Inc. 3.95%, 01/15/2025		282,000		273,628
4.13%, 02/17/2026		804,000		778,631
4.30%, 02/15/2030 (B)		1,966,000		1,847,076
4.90%, 08/15/2037 (B)		1,224,000		1,122,794
5.35%, 09/01/2040		943,000		899,215
6.00%, 08/15/2040		200,000		204,492
6.38%, 03/01/2041		240,000		253,173
British Telecommunications PLC 9.63%, 12/15/2030		180,000		250,652
Centel Capital Corp. 9.00%, 10/15/2019		450,000		468,000
Deutsche Telekom International Finance BV 2.82%, 01/19/2022 (B)		150,000		145,738
3.60%, 01/19/2027 (B)		180,000		168,494
GTP Acquisition Partners I LLC 2.35%, 06/15/2045 (B)		77,000		75,284
3.48%, 06/15/2050 (B)		81,000		78,183
Telefonica Emisiones SAU 5.13%, 04/27/2020		663,000		678,773
5.46%, 02/16/2021		91,000		94,506
Verizon Communications, Inc. 4.27%, 01/15/2036		400,000		366,219
4.33%, 09/21/2028		307,000		303,720
4.40%, 11/01/2034		1,531,000		1,443,248
				9,451,826
Electric Utilities - 1.6%
AEP Texas, Inc. 6.65%, 02/15/2033		100,000		122,613
Alabama Power Co. 5.60%, 03/15/2033		160,000		175,708
6.00%, 03/01/2039		248,000		292,127
6.13%, 05/15/2038		77,000		91,154
Appalachian Power Co. 6.38%, 04/01/2036		200,000		232,905
6.70%, 08/15/2037		200,000		240,734
Arizona Public Service Co. 5.05%, 09/01/2041		303,000		323,558
Baltimore Gas & Electric Co. 3.50%, 08/15/2046		188,000		159,928
Berkshire Hathaway Energy Co. 6.13%, 04/01/2036		302,000		355,957
CenterPoint Energy Houston Electric LLC 3.95%, 03/01/2048		154,000		143,698

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    14

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electric Utilities (continued)
Cleveland Electric Illuminating Co. 8.88%, 11/15/2018		$   337,000		$   337,697
Comision Federal de Electricidad 4.88%, 05/26/2021 (B)		261,000		261,525
Commonwealth Edison Co. 3.65%, 06/15/2046		162,000		142,583
3.75%, 08/15/2047		300,000		267,240
Connecticut Light & Power Co. 4.00%, 04/01/2048		212,000		200,828
Duke Energy Carolinas LLC 4.30%, 06/15/2020		156,000		158,794
6.00%, 12/01/2028 - 01/15/2038		633,000		732,920
6.45%, 10/15/2032		100,000		122,119
Duke Energy Corp. 2.65%, 09/01/2026		85,000		76,046
Duke Energy Indiana LLC 3.75%, 05/15/2046		200,000		176,967
Duke Energy Progress LLC 3.60%, 09/15/2047		130,000		111,476
3.70%, 10/15/2046		215,000		187,973
5.30%, 01/15/2019		80,000		80,478
Edison International 2.95%, 03/15/2023		400,000		380,468
4.13%, 03/15/2028		135,000		131,705
EDP Finance BV 3.63%, 07/15/2024 (B)		300,000		283,990
Enel Finance International NV 3.50%, 04/06/2028 (B)		265,000		222,691
3.63%, 05/25/2027 (B)		270,000		234,429
4.63%, 09/14/2025 (B)		200,000		189,052
Entergy Corp. 2.95%, 09/01/2026		78,000		70,625
Entergy Louisiana LLC 2.40%, 10/01/2026		237,000		212,421
3.05%, 06/01/2031		189,000		169,717
3.25%, 04/01/2028		387,000		366,298
Entergy Mississippi, Inc. 2.85%, 06/01/2028		166,000		151,122
Evergy, Inc. 4.85%, 06/01/2021		326,000		332,718
Exelon Corp. 3.40%, 04/15/2026		127,000		119,509
FirstEnergy Corp. 4.85%, 07/15/2047		105,000		102,247
Florida Power & Light Co. 3.95%, 03/01/2048		265,000		245,683
4.95%, 06/01/2035		100,000		106,734
5.13%, 06/01/2041		112,000		120,834
5.40%, 09/01/2035		100,000		110,604
Fortis, Inc. 3.06%, 10/04/2026		1,000,000		903,995
Hydro-Quebec 8.40%, 01/15/2022		420,000		478,635
9.40%, 02/01/2021		100,000		112,959
ITC Holdings Corp. 2.70%, 11/15/2022		300,000		286,837

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electric Utilities (continued)
John Sevier Combined Cycle Generation LLC 4.63%, 01/15/2042		$   455,756		$   472,189
Kansas City Power & Light Co. 5.30%, 10/01/2041		500,000		539,283
Korea Southern Power Co., Ltd. 3.00%, 01/29/2021 (B)		200,000		196,700
Massachusetts Electric Co. 4.00%, 08/15/2046 (B)		201,000		185,416
5.90%, 11/15/2039 (B)		55,000		64,042
Mid-Atlantic Interstate Transmission LLC 4.10%, 05/15/2028 (B)		195,000		191,166
MidAmerican Energy Co. 5.75%, 11/01/2035, MTN		600,000		691,968
Nevada Power Co. 5.38%, 09/15/2040		52,000		56,815
5.45%, 05/15/2041		400,000		438,445
New England Power Co. 3.80%, 12/05/2047 (B) (F)		140,000		125,353
New York State Electric & Gas Corp. 3.25%, 12/01/2026 (B)		151,000		143,414
Niagara Mohawk Power Corp. 4.88%, 08/15/2019 (B)		50,000		50,653
Northern States Power Co. 6.20%, 07/01/2037		89,000		108,250
6.25%, 06/01/2036		150,000		183,207
Ohio Edison Co. 6.88%, 07/15/2036		150,000		189,914
Pacific Gas & Electric Co. 2.45%, 08/15/2022		181,000		170,580
2.95%, 03/01/2026		311,000		275,961
3.25%, 09/15/2021		159,000		156,279
4.50%, 12/15/2041		200,000		174,494
4.60%, 06/15/2043		100,000		89,811
6.05%, 03/01/2034		60,000		64,245
PacifiCorp 6.25%, 10/15/2037		360,000		441,194
Pennsylvania Electric Co. 3.25%, 03/15/2028 (B)		75,000		68,814
PPL Capital Funding, Inc. 4.20%, 06/15/2022		165,000		166,889
PPL Electric Utilities Corp. 2.50%, 09/01/2022		100,000		96,141
Progress Energy, Inc. 4.40%, 01/15/2021		113,000		114,937
4.88%, 12/01/2019		87,000		88,704
Public Service Electric & Gas Co. 2.25%, 09/15/2026, MTN		140,000		125,419
3.65%, 09/01/2042, MTN		138,000		124,854
Southern California Edison Co. 3.90%, 12/01/2041		100,000		88,817
5.50%, 03/15/2040		130,000		143,467
6.65%, 04/01/2029		300,000		350,740
Southern Power Co. 5.15%, 09/15/2041		260,000		255,708
Southwestern Electric Power Co. 2.75%, 10/01/2026		500,000		453,944
Southwestern Public Service Co. 4.50%, 08/15/2041		100,000		101,311

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    15

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electric Utilities (continued)
Three Gorges Finance I Cayman Islands, Ltd. 3.15%, 06/02/2026 (B)		$   200,000		$   183,930
Toledo Edison Co. 6.15%, 05/15/2037		200,000		235,679
Tri-State Generation & Transmission Association, Inc. 4.25%, 06/01/2046		124,000		109,916
Union Electric Co. 2.95%, 06/15/2027		193,000		179,614
Virginia Electric & Power Co. 2.75%, 03/15/2023		127,000		122,494
2.95%, 01/15/2022		157,000		154,308
6.00%, 05/15/2037		140,000		165,505
Wisconsin Electric Power Co. 3.10%, 06/01/2025		82,000		77,887
3.65%, 12/15/2042		144,000		124,671
Xcel Energy, Inc. 2.40%, 03/15/2021		150,000		146,342
4.80%, 09/15/2041		116,000		116,718
6.50%, 07/01/2036		48,000		59,311
				19,193,800
Electrical Equipment - 0.1%
Eaton Corp. 7.63%, 04/01/2024		500,000		575,994
Siemens Financieringsmaatschappij NV 3.13%, 03/16/2024 (B)		500,000		484,259
				1,060,253
Electronic Equipment, Instruments & Components - 0.0% (E)
Arrow Electronics, Inc. 3.25%, 09/08/2024		175,000		163,629
3.50%, 04/01/2022		100,000		98,097
3.88%, 01/12/2028		133,000		121,388
				383,114
Energy Equipment & Services - 0.2%
ANR Pipeline Co. 9.63%, 11/01/2021		200,000		233,912
Baker Hughes a GE Co. LLC 5.13%, 09/15/2040		200,000		201,564
Halliburton Co. 3.50%, 08/01/2023		150,000		147,646
4.85%, 11/15/2035		130,000		130,589
7.60%, 08/15/2096 (B)		160,000		195,588
Schlumberger Holdings Corp. 3.63%, 12/21/2022 (B)		165,000		163,872
Schlumberger Investment SA 3.30%, 09/14/2021 (B)		344,000		341,174
Texas Eastern Transmission, LP 2.80%, 10/15/2022 (B)		462,000		442,438
3.50%, 01/15/2028 (B)		60,000		56,257
				1,913,040
Entertainment - 0.1%
Viacom, Inc. 3.88%, 04/01/2024 (F)		376,000		365,950
6.88%, 04/30/2036		250,000		276,062

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Entertainment (continued)
Walt Disney Co. 3.00%, 02/13/2026 (F)		$   750,000		$   713,557
				1,355,569
Equity Real Estate Investment Trusts - 1.1%
American Tower Corp. 2.25%, 01/15/2022		300,000		285,912
3.38%, 10/15/2026		281,000		258,128
3.50%, 01/31/2023		201,000		196,808
5.00%, 02/15/2024		139,000		144,115
5.90%, 11/01/2021		150,000		158,809
AvalonBay Communities, Inc. 2.85%, 03/15/2023, MTN		510,000		492,925
3.45%, 06/01/2025, MTN		120,000		116,324
Boston Properties, LP 3.20%, 01/15/2025		228,000		216,618
3.65%, 02/01/2026		408,000		391,959
Brixmor Operating Partnership, LP 3.85%, 02/01/2025		400,000		381,810
Crown Castle International Corp. 4.88%, 04/15/2022		200,000		206,026
5.25%, 01/15/2023		200,000		208,566
Digital Realty Trust, LP 3.70%, 08/15/2027		154,000		143,975
Duke Realty, LP 3.25%, 06/30/2026		84,000		78,690
3.63%, 04/15/2023		168,000		165,478
EPR Properties 4.50%, 06/01/2027		248,000		235,304
4.95%, 04/15/2028		110,000		106,291
Equity Commonwealth 5.88%, 09/15/2020		855,000		876,889
ERP Operating, LP 2.85%, 11/01/2026		184,000		168,907
4.63%, 12/15/2021		587,000		604,350
GAIF Bond Issuer Pty, Ltd. 3.40%, 09/30/2026 (B)		353,000		324,795
Government Properties Income Trust 3.75%, 08/15/2019		1,370,000		1,374,329
4.00%, 07/15/2022		416,000		410,133
HCP, Inc. 3.40%, 02/01/2025		114,000		107,002
3.88%, 08/15/2024		337,000		328,252
Liberty Property, LP 3.25%, 10/01/2026		107,000		98,558
National Retail Properties, Inc. 3.50%, 10/15/2027		150,000		139,949
3.60%, 12/15/2026		218,000		205,560
Realty Income Corp. 3.25%, 10/15/2022		250,000		246,111
3.88%, 04/15/2025		290,000		285,407
4.65%, 03/15/2047		113,000		110,554
Scentre Group Trust 1 / Scentre Group Trust 2 3.50%, 02/12/2025 (B)		500,000		477,349
Select Income REIT 3.60%, 02/01/2020		620,000		616,171
Senior Housing Properties Trust 3.25%, 05/01/2019		250,000		249,981
4.75%, 02/15/2028		300,000		287,497

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    16

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Equity Real Estate Investment Trusts (continued)
Simon Property Group, LP 3.75%, 02/01/2024		$   242,000		$   240,998
4.38%, 03/01/2021		457,000		466,030
SITE Centers Corp. 3.63%, 02/01/2025		121,000		113,747
4.70%, 06/01/2027		71,000		70,646
UDR, Inc. 2.95%, 09/01/2026, MTN		116,000		105,508
Ventas Realty, LP 3.75%, 05/01/2024		300,000		294,515
3.85%, 04/01/2027		203,000		192,962
4.13%, 01/15/2026		79,000		76,935
VEREIT Operating Partnership, LP 4.60%, 02/06/2024		530,000		530,250
Welltower, Inc. 4.25%, 04/01/2026		250,000		247,118
				13,038,241
Food & Staples Retailing - 0.2%
CK Hutchison International 16, Ltd. 1.88%, 10/03/2021 (B)		241,000		228,956
2.75%, 10/03/2026 (B)		350,000		313,905
CVS Pass-Through Trust 4.70%, 01/10/2036 (B)		517,143		509,386
5.77%, 01/10/2033 (B)		155,638		163,588
5.93%, 01/10/2034 (B)		544,443		579,071
Kroger Co. 5.40%, 07/15/2040		51,000		50,644
8.00%, 09/15/2029		175,000		214,233
Sysco Corp. 3.25%, 07/15/2027		500,000		462,406
3.75%, 10/01/2025		102,000		99,546
Walgreens Boots Alliance, Inc. 4.80%, 11/18/2044		100,000		92,276
				2,714,011
Food Products - 0.3%
Campbell Soup Co. 3.95%, 03/15/2025		450,000		427,541
Cargill, Inc. 3.25%, 03/01/2023 (B)		140,000		137,738
3.30%, 03/01/2022 (B)		250,000		247,915
ConAgra Brands, Inc. 4.60%, 11/01/2025		175,000		175,297
5.30%, 11/01/2038		390,000		377,728
General Mills, Inc. 4.00%, 04/17/2025		305,000		299,156
4.20%, 04/17/2028		200,000		193,061
4.55%, 04/17/2038		75,000		68,854
Kellogg Co. 3.40%, 11/15/2027		190,000		174,983
Kraft Heinz Foods Co. 2.80%, 07/02/2020		400,000		395,878
4.00%, 06/15/2023		138,000		137,266
6.88%, 01/26/2039		149,000		168,781
McCormick & Co., Inc. 3.15%, 08/15/2024		142,000		135,297
3.40%, 08/15/2027		198,000		186,146

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Food Products (continued)
Mead Johnson Nutrition Co. 4.13%, 11/15/2025		$   288,000		$   288,413
4.60%, 06/01/2044		130,000		132,211
Tyson Foods, Inc. 4.88%, 08/15/2034		100,000		98,062
				3,644,327
Gas Utilities - 0.2%
Atmos Energy Corp. 8.50%, 03/15/2019		44,000		44,898
Boston Gas Co. 4.49%, 02/15/2042 (B)		330,000		323,568
Brooklyn Union Gas Co. 4.27%, 03/15/2048 (B)		280,000		267,399
CenterPoint Energy Resources Corp. 4.50%, 01/15/2021		352,000		358,064
KeySpan Gas East Corp. 2.74%, 08/15/2026 (B)		172,000		157,581
Korea Gas Corp. 1.88%, 07/18/2021 (B)		200,000		190,602
Southern Co. Gas Capital Corp. 2.45%, 10/01/2023		77,000		71,950
3.25%, 06/15/2026		85,000		78,866
3.50%, 09/15/2021		601,000		599,304
3.95%, 10/01/2046		94,000		80,297
5.25%, 08/15/2019		100,000		101,746
5.88%, 03/15/2041		109,000		120,940
Southwest Gas Corp. 3.80%, 09/29/2046		177,000		155,528
				2,550,743
Health Care Equipment & Supplies - 0.1%
Abbott Laboratories 3.88%, 09/15/2025		258,000		257,647
Becton Dickinson and Co. 3.73%, 12/15/2024		23,000		22,295
Covidien International Finance SA 2.95%, 06/15/2023		49,000		47,604
Medtronic, Inc. 3.13%, 03/15/2022		51,000		50,347
4.38%, 03/15/2035		117,000		116,529
Zimmer Biomet Holdings, Inc. 3.70%, 03/19/2023		136,000		134,528
				628,950
Health Care Providers & Services - 0.6%
Aetna, Inc. 2.80%, 06/15/2023		90,000		85,843
4.50%, 05/15/2042		153,000		142,035
6.75%, 12/15/2037		305,000		363,340
Anthem, Inc. 3.13%, 05/15/2022		200,000		195,493
3.30%, 01/15/2023		105,000		102,714
4.10%, 03/01/2028		425,000		410,869
4.38%, 12/01/2047		110,000		99,459
4.65%, 01/15/2043		38,000		35,889
CVS Health Corp. 2.75%, 12/01/2022		100,000		95,575
4.10%, 03/25/2025		1,741,000		1,719,947
4.30%, 03/25/2028		467,000		455,430

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    17

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Health Care Providers & Services (continued)
CVS Health Corp. (continued)
4.78%, 03/25/2038		$   688,000		$   662,001
5.05%, 03/25/2048		385,000		375,399
Express Scripts Holding Co. 4.50%, 02/25/2026		367,000		368,528
4.80%, 07/15/2046		62,000		58,267
Laboratory Corp. of America Holdings 3.20%, 02/01/2022		170,000		167,452
Magellan Health, Inc. 4.40%, 09/22/2024		558,000		533,998
Mayo Clinic 4.13%, 11/15/2052		198,000		190,673
Providence St. Joseph Health Obligated Group 2.75%, 10/01/2026		168,000		153,846
Quest Diagnostics, Inc. 3.45%, 06/01/2026		75,000		70,175
Texas Health Resources 4.33%, 11/15/2055		175,000		169,923
UnitedHealth Group, Inc. 2.13%, 03/15/2021		300,000		292,229
2.75%, 02/15/2023		84,000		81,159
3.10%, 03/15/2026		281,000		266,166
4.63%, 07/15/2035		234,000		240,671
				7,337,081
Hotels, Restaurants & Leisure - 0.1%
McDonald’s Corp. 4.70%, 12/09/2035, MTN		465,000		467,610
6.30%, 10/15/2037, MTN		81,000		95,440
				563,050
Household Durables - 0.0% (E)
Newell Brands, Inc. 4.20%, 04/01/2026		200,000		183,740
Household Products - 0.0% (E)
Kimberly-Clark Corp. 2.40%, 03/01/2022 (F)		68,000		65,596
Procter & Gamble Co. 2.70%, 02/02/2026		400,000		374,493
				440,089
Independent Power & Renewable Electricity Producers - 0.0% (E)
Exelon Generation Co. LLC 5.75%, 10/01/2041		86,000		86,078
Industrial Conglomerates - 0.0% (E)
General Electric Co. 4.65%, 10/17/2021, MTN		258,000		263,114
Roper Technologies, Inc. 3.00%, 12/15/2020		52,000		51,517
				314,631
Insurance - 1.2%
AIA Group, Ltd. 3.90%, 04/06/2028 (B)		335,000		325,091
AIG SunAmerica Global Financing X 6.90%, 03/15/2032 (B)		800,000		986,085
American International Group, Inc. 4.20%, 04/01/2028		225,000		216,043

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Insurance (continued)
Assurant, Inc. 4.20%, 09/27/2023		$   425,000		$   422,690
Athene Global Funding 2.75%, 04/20/2020 (B)		492,000		485,487
4.00%, 01/25/2022 (B)		368,000		369,273
Athene Holding, Ltd. 4.13%, 01/12/2028		445,000		408,098
Berkshire Hathaway Finance Corp. 4.40%, 05/15/2042		268,000		265,524
5.75%, 01/15/2040		100,000		115,426
Chubb INA Holdings, Inc. 2.88%, 11/03/2022		130,000		126,953
3.15%, 03/15/2025		275,000		264,191
3.35%, 05/15/2024		250,000		245,477
CNA Financial Corp. 3.95%, 05/15/2024		164,000		161,726
Dai-ichi Life Insurance Co., Ltd.
Fixed until 07/24/2026 (I), 4.00% (A) (B)		421,000		387,846
Great-West Lifeco Finance Delaware, LP 4.15%, 06/03/2047 (B)		350,000		315,074
Guardian Life Insurance Co. of America 4.85%, 01/24/2077 (B)		83,000		78,501
Hartford Financial Services Group, Inc. 4.30%, 04/15/2043		360,000		331,174
Jackson National Life Global Funding 2.50%, 06/27/2022 (B)		200,000		192,112
3.05%, 04/29/2026 (B)		303,000		282,033
3.25%, 01/30/2024 (B)		115,000		111,458
Liberty Mutual Group, Inc. 4.95%, 05/01/2022 (B)		200,000		205,899
6.50%, 03/15/2035 (B)		300,000		346,313
Liberty Mutual Insurance Co. 8.50%, 05/15/2025 (B)		200,000		241,496
Lincoln National Corp. 4.00%, 09/01/2023		300,000		302,161
4.20%, 03/15/2022		211,000		213,854
6.15%, 04/07/2036		14,000		15,763
Manulife Financial Corp.
Fixed until 02/24/2027, 4.06% (A), 02/24/2032		350,000		325,384
Marsh & McLennan Cos., Inc. 2.35%, 03/06/2020		176,000		173,535
Massachusetts Mutual Life Insurance Co. 5.38%, 12/01/2041 (B)		147,000		157,867
8.88%, 06/01/2039 (B)		52,000		77,418
MassMutual Global Funding II 2.75%, 06/22/2024 (B)		400,000		381,053
MetLife, Inc. 3.00%, 03/01/2025		200,000		188,634
Metropolitan Life Global Funding I 3.00%, 09/19/2027 (B)		350,000		324,102
3.88%, 04/11/2022 (B)		720,000		723,475
New York Life Global Funding 2.00%, 04/13/2021 (B)		96,000		92,970
2.35%, 07/14/2026 (B)		226,000		203,534
3.00%, 01/10/2028 (B)		202,000		187,698
OneBeacon US Holdings, Inc. 4.60%, 11/09/2022		500,000		501,762

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    18

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Insurance (continued)
Pacific Life Insurance Co.
Fixed until 10/24/2047, 4.30% (A), 10/24/2067 (B)		$   198,000		$   173,478
Progressive Corp.
Fixed until 03/15/2023 (I), 5.38% (A)		245,000		240,712
Prudential Financial, Inc. 3.91%, 12/07/2047		164,000		142,609
Prudential Insurance Co. of America 8.30%, 07/01/2025 (B)		900,000		1,098,822
Reliance Standard Life Global Funding II 2.50%, 01/15/2020 (B)		130,000		128,692
3.05%, 01/20/2021 (B)		298,000		293,395
Sumitomo Life Insurance Co.
Fixed until 09/14/2027, 4.00% (A), 09/14/2077 (B)		250,000		229,375
Teachers Insurance & Annuity Association of America 4.27%, 05/15/2047 (B)		260,000		243,500
4.90%, 09/15/2044 (B)		150,000		154,851
Torchmark Corp. 4.55%, 09/15/2028		285,000		283,839
Travelers Property Casualty Corp. 7.75%, 04/15/2026		450,000		548,812
				14,291,265
Interactive Media & Services - 0.1%
Tencent Holdings, Ltd. 3.60%, 01/19/2028 (B)		545,000		499,949
Internet & Direct Marketing Retail - 0.2%
Alibaba Group Holding, Ltd. 4.00%, 12/06/2037		200,000		176,007
Amazon.com, Inc. 2.80%, 08/22/2024		508,000		484,477
3.88%, 08/22/2037		500,000		471,717
4.25%, 08/22/2057		550,000		514,725
4.80%, 12/05/2034		215,000		226,255
Booking Holdings, Inc. 2.75%, 03/15/2023		286,000		273,274
3.55%, 03/15/2028		400,000		374,107
				2,520,562
IT Services - 0.2%
DXC Technology Co. 4.25%, 04/15/2024		172,000		170,697
7.45%, 10/15/2029		500,000		597,185
IBM Credit LLC 2.65%, 02/05/2021		400,000		393,801
3.00%, 02/06/2023		500,000		487,487
International Business Machines Corp. 7.00%, 10/30/2025		508,000		596,779
Western Union Co. 3.60%, 03/15/2022 (F)		400,000		394,450
				2,640,399
Life Sciences Tools & Services - 0.0% (E)
Thermo Fisher Scientific, Inc. 2.95%, 09/19/2026		161,000		147,021
4.15%, 02/01/2024		217,000		218,800
				365,821

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Machinery - 0.2%
Caterpillar Financial Services Corp. 1.93%, 10/01/2021		$   262,000		$   251,520
2.40%, 08/09/2026		270,000		241,542
Caterpillar, Inc. 2.60%, 06/26/2022		123,000		119,390
Illinois Tool Works, Inc. 4.88%, 09/15/2041		449,000		477,585
Ingersoll-Rand Luxembourg Finance SA 2.63%, 05/01/2020		200,000		197,696
Nvent Finance Sarl 4.55%, 04/15/2028		337,000		325,648
Parker-Hannifin Corp. 4.10%, 03/01/2047		104,000		98,270
Xylem, Inc. 3.25%, 11/01/2026		74,000		68,820
				1,780,471
Media - 0.9%
21st Century Fox America, Inc. 7.30%, 04/30/2028		130,000		157,616
7.70%, 10/30/2025		300,000		359,780
8.88%, 04/26/2023		200,000		238,466
CBS Corp. 2.90%, 01/15/2027		250,000		219,247
3.70%, 08/15/2024		63,000		60,999
4.00%, 01/15/2026		208,000		201,289
4.85%, 07/01/2042		150,000		139,699
Charter Communications Operating LLC / Charter Communications Operating Capital 4.91%, 07/23/2025		1,191,000		1,196,074
5.38%, 04/01/2038		191,000		175,312
6.38%, 10/23/2035		114,000		117,730
6.83%, 10/23/2055		150,000		156,292
Comcast Cable Holdings LLC 10.13%, 04/15/2022		414,000		493,603
Comcast Corp. 3.15%, 02/15/2028		400,000		367,487
3.95%, 10/15/2025		690,000		688,859
4.60%, 10/15/2038		415,000		406,061
4.95%, 10/15/2058		525,000		514,093
6.50%, 11/15/2035		511,000		603,184
7.05%, 03/15/2033		1,300,000		1,600,150
Cox Communications, Inc. 3.35%, 09/15/2026 (B)		134,000		123,265
4.60%, 08/15/2047 (B)		196,000		174,498
4.80%, 02/01/2035 (B)		450,000		405,030
Discovery Communications LLC 3.95%, 03/20/2028		263,000		244,847
4.38%, 06/15/2021		344,000		348,751
NBCUniversal Media LLC 5.95%, 04/01/2041		210,000		234,139
SES SA 3.60%, 04/04/2023 (B)		100,000		96,650
TCI Communications, Inc. 7.13%, 02/15/2028		100,000		119,164
Time Warner Cable LLC 5.50%, 09/01/2041		400,000		364,492
7.30%, 07/01/2038		90,000		99,264

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    19

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Media (continued)
Time Warner Entertainment Co., LP 8.38%, 07/15/2033		$   250,000		$   303,667
Warner Media LLC 3.55%, 06/01/2024		230,000		222,474
3.60%, 07/15/2025		225,000		212,900
4.75%, 03/29/2021		140,000		143,670
				10,788,752
Metals & Mining - 0.2%
Anglo American Capital PLC 3.63%, 09/11/2024 (B)		200,000		188,854
4.00%, 09/11/2027 (B)		400,000		364,323
Barrick Gold Corp. 6.45%, 10/15/2035		399,000		448,759
BHP Billiton Finance USA, Ltd. 4.13%, 02/24/2042		300,000		285,701
Nucor Corp. 6.40%, 12/01/2037		390,000		463,383
Vale Canada, Ltd. 7.20%, 09/15/2032		400,000		437,600
Vale Overseas, Ltd. 6.25%, 08/10/2026		81,000		86,571
				2,275,191
Multi-Utilities - 0.4%
CMS Energy Corp. 3.00%, 05/15/2026		73,000		68,012
3.88%, 03/01/2024		350,000		347,861
Consolidated Edison Co. of New York, Inc. 5.70%, 06/15/2040		154,000		177,171
Consumers Energy Co. 2.85%, 05/15/2022		121,000		118,652
3.25%, 08/15/2046		95,000		78,937
6.70%, 09/15/2019		100,000		103,118
Delmarva Power & Light Co. 4.00%, 06/01/2042		294,000		268,189
4.15%, 05/15/2045		270,000		254,835
Dominion Energy, Inc. 2.75%, 09/15/2022		165,000		159,185
4.90%, 08/01/2041		103,000		102,570
5.25%, 08/01/2033		500,000		527,291
DTE Electric Co. 2.65%, 06/15/2022		68,000		65,860
3.70%, 03/15/2045		114,000		102,039
3.95%, 06/15/2042		101,000		93,692
DTE Energy Co. 3.85%, 12/01/2023		252,000		251,028
NiSource, Inc. 5.80%, 02/01/2042		600,000		639,894
Public Service Co. of New Hampshire 3.50%, 11/01/2023		60,000		59,747
Public Service Co. of Oklahoma 5.15%, 12/01/2019		133,000		135,885
San Diego Gas & Electric Co. 6.00%, 06/01/2026		320,000		353,915
6.13%, 09/15/2037		100,000		117,775
Sempra Energy 9.80%, 02/15/2019		400,000		407,648

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Multi-Utilities (continued)
WEC Energy Group, Inc. 3.55%, 06/15/2025		$   115,000		$   112,702
				4,546,006
Multiline Retail - 0.1%
Dollar General Corp. 4.13%, 05/01/2028		280,000		271,272
Macy’s Retail Holdings, Inc. 6.90%, 04/01/2029		200,000		209,797
Nordstrom, Inc. 4.00%, 10/15/2021		301,000		303,584
Target Corp. 2.50%, 04/15/2026 (F)		300,000		274,326
				1,058,979
Oil, Gas & Consumable Fuels - 2.3%
Anadarko Holding Co. 7.15%, 05/15/2028		552,000		606,612
Anadarko Petroleum Corp. 8.70%, 03/15/2019		150,000		152,979
Andeavor Logistics, LP / Tesoro Logistics Finance Corp. 5.25%, 01/15/2025		214,000		218,280
Apache Corp. 3.25%, 04/15/2022		88,000		86,125
4.75%, 04/15/2043		268,000		238,001
APT Pipelines, Ltd. 4.25%, 07/15/2027 (B)		386,000		370,486
BG Energy Capital PLC 5.13%, 10/15/2041 (B)		200,000		213,923
BP Capital Markets PLC 3.22%, 04/14/2024		600,000		584,569
3.25%, 05/06/2022		462,000		457,392
3.81%, 02/10/2024		224,000		224,515
Buckeye Partners, LP 3.95%, 12/01/2026		45,000		41,097
4.88%, 02/01/2021		200,000		202,451
5.85%, 11/15/2043		150,000		136,862
Canadian Natural Resources, Ltd. 3.80%, 04/15/2024		200,000		196,563
5.85%, 02/01/2035		150,000		162,560
6.45%, 06/30/2033		299,000		338,569
Cenovus Energy, Inc. 5.25%, 06/15/2037		101,000		94,909
6.75%, 11/15/2039		511,000		545,743
Chevron Corp. 2.36%, 12/05/2022		80,000		76,765
2.57%, 05/16/2023		600,000		576,241
2.90%, 03/03/2024		296,000		285,640
CNOOC Finance Pty, Ltd. 2.63%, 05/05/2020		328,000		323,422
CNOOC Finance, Ltd. 3.00%, 05/09/2023		254,000		242,497
Ecopetrol SA 5.38%, 06/26/2026		135,000		136,309
5.88%, 09/18/2023		113,000		118,142
Enable Midstream Partners, LP 4.95%, 05/15/2028		135,000		132,068

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    20

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Enbridge, Inc. 4.50%, 06/10/2044		$   200,000		$   180,811
Fixed until 03/01/2028, 6.25% (A), 03/01/2078		300,000		280,715
Encana Corp. 6.50%, 05/15/2019		150,000		152,554
7.20%, 11/01/2031		200,000		235,328
7.38%, 11/01/2031		250,000		298,494
Energy Transfer Operating, LP 3.60%, 02/01/2023		75,000		73,029
4.05%, 03/15/2025		136,000		130,297
4.75%, 01/15/2026		173,000		170,368
4.90%, 02/01/2024		159,000		161,581
6.05%, 06/01/2041		538,000		528,753
6.50%, 02/01/2042		45,000		46,612
Eni SpA 5.70%, 10/01/2040 (B)		900,000		920,409
Enterprise Products Operating LLC 3.70%, 02/15/2026		127,000		122,563
3.75%, 02/15/2025		74,000		72,516
3.90%, 02/15/2024		362,000		361,429
4.95%, 10/15/2054		33,000		29,309
5.10%, 02/15/2045		32,000		31,798
7.55%, 04/15/2038		320,000		406,024
EOG Resources, Inc. 4.10%, 02/01/2021		300,000		303,906
4.15%, 01/15/2026		80,000		80,677
EQT Corp. 3.90%, 10/01/2027		264,000		240,224
Equinor ASA 3.15%, 01/23/2022		313,000		310,078
Exxon Mobil Corp. 4.11%, 03/01/2046		294,000		283,725
Kerr-McGee Corp. 7.88%, 09/15/2031		100,000		121,358
Kinder Morgan, Inc. 4.30%, 03/01/2028		700,000		676,716
Magellan Midstream Partners, LP 3.20%, 03/15/2025		80,000		75,628
4.20%, 12/01/2042 - 10/03/2047		648,000		565,298
MPLX, LP 4.13%, 03/01/2027		155,000		147,878
4.88%, 12/01/2024		280,000		286,717
5.20%, 03/01/2047		108,000		102,146
ONEOK Partners, LP 3.38%, 10/01/2022		30,000		29,330
4.90%, 03/15/2025		800,000		819,214
5.00%, 09/15/2023		65,000		66,929
6.65%, 10/01/2036		220,000		249,558
8.63%, 03/01/2019		150,000		152,676
Petro-Canada 5.35%, 07/15/2033		100,000		108,624
7.88%, 06/15/2026		100,000		120,635
Petroleos Mexicanos 4.63%, 09/21/2023		450,000		429,070
4.88%, 01/18/2024		81,000		77,056
5.35%, 02/12/2028 (B)		189,000		168,380
6.35%, 02/12/2048 (B)		71,000		58,916

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Petroleos Mexicanos (continued)
6.38%, 02/04/2021 - 01/23/2045		$   513,000		$   481,418
6.50%, 03/13/2027		2,050,000		1,984,400
6.50%, 01/23/2029 (B)		239,000		228,723
6.75%, 09/21/2047		403,000		345,895
6.88%, 08/04/2026		466,000		464,136
Phillips 66 3.90%, 03/15/2028		285,000		273,016
4.30%, 04/01/2022		130,000		132,587
4.88%, 11/15/2044		40,000		38,813
Phillips 66 Partners, LP 3.55%, 10/01/2026		66,000		61,651
4.90%, 10/01/2046		144,000		132,984
Plains All American Pipeline, LP / PAA Finance Corp. 4.30%, 01/31/2043		150,000		120,022
4.65%, 10/15/2025		350,000		345,223
Shell International Finance BV 4.13%, 05/11/2035		258,000		251,143
Southern Natural Gas Co. LLC 4.80%, 03/15/2047 (B)		136,000		128,798
8.00%, 03/01/2032		105,000		131,667
Spectra Energy Partners, LP 3.50%, 03/15/2025		633,000		606,041
Suncor Energy, Inc. 5.95%, 12/01/2034		550,000		621,897
Sunoco Logistics Partners Operations, LP 3.90%, 07/15/2026		195,000		181,080
5.50%, 02/15/2020		250,000		255,925
5.95%, 12/01/2025		150,000		158,847
6.10%, 02/15/2042		500,000		493,458
TC PipeLines, LP 3.90%, 05/25/2027		141,000		131,114
Total Capital International SA 2.70%, 01/25/2023		688,000		664,479
3.70%, 01/15/2024		160,000		160,439
3.75%, 04/10/2024		82,000		82,332
TransCanada PipeLines, Ltd. 2.50%, 08/01/2022		115,000		109,901
3.13%, 01/15/2019		149,000		149,050
3.75%, 10/16/2023		135,000		133,763
4.88%, 01/15/2026		370,000		381,292
Valero Energy Corp. 7.50%, 04/15/2032		100,000		122,522
Western Gas Partners, LP 4.50%, 03/01/2028		68,000		64,726
5.30%, 03/01/2048		196,000		171,356
5.45%, 04/01/2044		97,000		87,544
Williams Cos., Inc. 3.90%, 01/15/2025		117,000		113,378
4.85%, 03/01/2048		249,000		227,367
				26,477,036
Personal Products - 0.0% (E)
Unilever Capital Corp. 3.38%, 03/22/2025		180,000		176,448
Pharmaceuticals - 0.3%
Allergan Funding SCS 3.85%, 06/15/2024		211,000		207,134

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    21

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Pharmaceuticals (continued)
Allergan, Inc. 2.80%, 03/15/2023		$   162,000		$   153,731
3.38%, 09/15/2020		125,000		124,911
Baxalta, Inc. 3.60%, 06/23/2022		20,000		19,813
5.25%, 06/23/2045		10,000		10,049
Bayer US Finance II LLC 4.70%, 07/15/2064 (B)		100,000		80,240
Bayer US Finance LLC 3.38%, 10/08/2024 (B)		200,000		189,855
Johnson & Johnson 2.63%, 01/15/2025		408,000		387,710
3.40%, 01/15/2038		432,000		388,273
4.38%, 12/05/2033		99,000		102,911
Merck & Co., Inc. 3.70%, 02/10/2045		20,000		18,162
Mylan NV 3.95%, 06/15/2026		185,000		169,757
Mylan, Inc. 3.13%, 01/15/2023 (B)		100,000		94,308
5.40%, 11/29/2043		100,000		89,379
Novartis Capital Corp. 3.00%, 11/20/2025		395,000		375,634
Pfizer, Inc. 3.00%, 12/15/2026		412,000		390,158
Shire Acquisitions Investments Ireland DAC 2.88%, 09/23/2023		334,000		315,082
3.20%, 09/23/2026		270,000		244,681
				3,361,788
Real Estate Management & Development - 0.1%
Ontario Teachers’ Cadillac Fairview Properties Trust 3.13%, 03/20/2022 (B)		314,000		307,434
3.88%, 03/20/2027 (B)		325,000		315,441
				622,875
Road & Rail - 0.2%
Burlington Northern Santa Fe LLC 3.45%, 09/15/2021		251,000		252,034
5.75%, 05/01/2040		300,000		345,247
7.29%, 06/01/2036		90,000		118,260
Canadian Pacific Railway Co. 6.13%, 09/15/2115		210,000		234,767
CSX Corp. 4.25%, 06/01/2021		65,000		66,210
6.00%, 10/01/2036, MTN		340,000		387,690
Norfolk Southern Corp. 3.25%, 12/01/2021		166,000		164,775
3.85%, 01/15/2024		266,000		266,391
4.05%, 08/15/2052		87,000		77,132
Ryder System, Inc. 2.50%, 05/11/2020, MTN		158,000		155,776
3.45%, 11/15/2021, MTN		42,000		41,692
				2,109,974
Semiconductors & Semiconductor Equipment - 0.2%
Analog Devices, Inc. 4.50%, 12/05/2036		226,000		208,970

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Semiconductors & Semiconductor Equipment (continued)
Broadcom Corp. / Broadcom Cayman Finance, Ltd. 3.63%, 01/15/2024		$   663,000		$   634,874
3.88%, 01/15/2027		200,000		183,648
Intel Corp. 3.70%, 07/29/2025		97,000		96,737
3.73%, 12/08/2047		155,000		138,187
4.10%, 05/19/2046		224,000		213,199
QUALCOMM, Inc. 2.90%, 05/20/2024		400,000		379,541
3.25%, 05/20/2027		357,000		330,152
				2,185,308
Software - 0.5%
Microsoft Corp. 2.38%, 05/01/2023		24,000		22,999
2.88%, 02/06/2024		342,000		331,555
3.30%, 02/06/2027		279,000		270,696
3.50%, 02/12/2035		277,000		258,742
4.00%, 02/12/2055		81,000		75,948
4.10%, 02/06/2037		489,000		489,981
4.20%, 11/03/2035		103,000		104,442
4.50%, 10/01/2040 - 02/06/2057		451,000		465,458
4.75%, 11/03/2055		436,000		470,323
Oracle Corp. 2.40%, 09/15/2023		324,000		306,395
2.95%, 11/15/2024 - 05/15/2025		1,100,000		1,049,514
3.90%, 05/15/2035		60,000		55,937
4.30%, 07/08/2034		600,000		587,852
5.38%, 07/15/2040		123,000		135,750
6.13%, 07/08/2039		731,000		870,562
VMware, Inc. 2.95%, 08/21/2022		521,000		498,791
				5,994,945
Specialty Retail - 0.1%
Home Depot, Inc. 2.13%, 09/15/2026		315,000		280,342
4.20%, 04/01/2043		145,000		138,910
Lowe’s Cos., Inc. 3.38%, 09/15/2025		119,000		115,110
O’Reilly Automotive, Inc. 3.60%, 09/01/2027		247,000		230,886
				765,248
Technology Hardware, Storage & Peripherals - 0.5%
Apple, Inc. 2.45%, 08/04/2026		296,000		269,559
2.75%, 01/13/2025		500,000		474,123
2.85%, 05/11/2024		234,000		224,570
2.90%, 09/12/2027		597,000		552,955
3.00%, 02/09/2024 - 06/20/2027		988,000		936,926
3.20%, 05/13/2025 - 05/11/2027		446,000		426,870
3.25%, 02/23/2026		266,000		256,062
3.35%, 02/09/2027		603,000		580,783
3.45%, 05/06/2024 - 02/09/2045		549,000		526,768
3.75%, 09/12/2047		500,000		448,606
3.85%, 08/04/2046		207,000		189,186
4.50%, 02/23/2036		340,000		353,568
4.65%, 02/23/2046		119,000		122,755

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    22

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Technology Hardware, Storage & Peripherals (continued)
Dell International LLC / EMC Corp. 6.02%, 06/15/2026 (B)		$   800,000		$   828,999
				6,191,730
Tobacco - 0.0% (E)
BAT Capital Corp. 4.39%, 08/15/2037 (B)		377,000		334,166
Trading Companies & Distributors - 0.1%
Air Lease Corp. 3.25%, 03/01/2025		258,000		239,464
International Lease Finance Corp. 5.88%, 08/15/2022		154,000		162,174
8.63%, 01/15/2022		700,000		793,056
WW Grainger, Inc. 4.60%, 06/15/2045		198,000		193,117
				1,387,811
Transportation Infrastructure - 0.1%
Mexico City Airport Trust 5.50%, 07/31/2047 (B)		200,000		160,000
Penske Truck Leasing Co., LP / PTL Finance Corp. 4.13%, 08/01/2023 (B)		233,000		232,452
4.88%, 07/11/2022 (B)		500,000		513,896
				906,348
Water Utilities - 0.0% (E)
American Water Capital Corp. 3.85%, 03/01/2024		300,000		302,217
4.00%, 12/01/2046		172,000		157,655
				459,872
Wireless Telecommunication Services - 0.2%
America Movil SAB de CV 3.13%, 07/16/2022		236,000		230,106
Crown Castle Towers LLC 3.22%, 05/15/2042 (B)		200,000		196,960
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC 3.36%, 03/20/2023 (B)		606,750		600,682
Vodafone Group PLC 2.95%, 02/19/2023		75,000		71,824
4.13%, 05/30/2025		313,000		306,070
5.00%, 05/30/2038		443,000		416,960
5.25%, 05/30/2048		260,000		245,478
				2,068,080
Total Corporate Debt Securities (Cost $302,932,629)				293,115,673
FOREIGN GOVERNMENT OBLIGATIONS - 0.7%
Canada - 0.0% (E)
Province of Quebec 6.35%, 01/30/2026, MTN		285,000		329,053
Colombia - 0.1%
Colombia Government International Bond 4.00%, 02/26/2024		300,000		296,250
5.00%, 06/15/2045		200,000		189,302
7.38%, 09/18/2037		200,000		241,500
				727,052

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Israel - 0.3%
Israel Government AID Bond Series 2011-Z, Zero Coupon, 11/15/2026		$   1,400,000		$   1,054,802
Israel Government AID Bond, Principal Only STRIPS Series 2, 11/01/2024		2,250,000		1,848,548
				2,903,350
Mexico - 0.3%
Mexico Government International Bond 3.75%, 01/11/2028 (F)		1,042,000		959,692
4.13%, 01/21/2026		615,000		592,522
4.35%, 01/15/2047		183,000		152,437
4.60%, 02/10/2048		200,000		173,504
5.55%, 01/21/2045 (F)		190,000		187,722
4.75%, 03/08/2044, MTN		688,000		609,919
5.75%, 10/12/2110, MTN		550,000		504,625
				3,180,421
Panama - 0.0% (E)
Panama Government International Bond 4.50%, 04/16/2050		200,000		184,500
Supranational - 0.0% (E)
African Development Bank 8.80%, 09/01/2019		500,000		523,284
Total Foreign Government Obligations (Cost $8,352,886)				7,847,660
MORTGAGE-BACKED SECURITIES - 2.8%
American General Mortgage Loan Trust
Series 2006-1, Class A5,
5.75% (A), 12/25/2035 (B)		6,878		7,088
ASG Resecuritization Trust
Series 2011-1, Class 3A50,
4.16% (A), 11/28/2035 (B)		35,475		35,429
Banc of America Funding Trust
Series 2004-3, Class 1A1,
5.50%, 10/25/2034		86,638		90,422
Series 2004-C, Class 1A1,
3.88% (A), 12/20/2034		45,770		46,107
Series 2005-E, Class 4A1,
4.31% (A), 03/20/2035		287,133		290,266
Banc of America Mortgage Trust
Series 2003-C, Class 3A1,
4.19% (A), 04/25/2033		47,057		47,872
Series 2004-C, Class 2A2,
4.15% (A), 04/25/2034		174,985		176,285
BB-UBS Trust
Series 2012-SHOW, Class A,
3.43%, 11/05/2036 (B)		1,500,000		1,464,887
BCAP LLC Trust
Series 2009-RR5, Class 8A1,
5.50% (A), 11/26/2034 (B)		62,958		63,834
Series 2010-RR7, Class 2A1,
3.77% (A), 07/26/2045 (B)		277,081		274,611
Bear Stearns Alt-A Trust
Series 2005-2, Class 1A1,
1-Month LIBOR + 0.50%, 2.78% (A), 03/25/2035		23,775		23,778

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    23

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Bear Stearns ARM Trust
Series 2003-4, Class 3A1, 4.40% (A), 07/25/2033		$   43,862		$   44,328
Series 2004-2, Class 14A, 3.86% (A), 05/25/2034		31,943		31,742
Bear Stearns Commercial Mortgage Securities Trust, Interest Only STRIPS
Series 2005-PWR8, Class X1, 0.34% (A), 06/11/2041 (B)		125,604		723
CD Commercial Mortgage Trust, Interest Only STRIPS
Series 2007-CD4, Class XC, 0.77% (A), 12/11/2049 (B)		123,806		1,391
Chase Mortgage Finance Trust
Series 2007-A1, Class 1A3, 4.16% (A), 02/25/2037		601,960		610,858
Series 2007-A1, Class 2A1, 4.47% (A), 02/25/2037		123,457		126,729
Series 2007-A1, Class 7A1, 4.26% (A), 02/25/2037		71,238		71,618
Series 2007-A1, Class 9A1, 4.02% (A), 02/25/2037		55,343		55,104
Series 2007-A2, Class 1A1, 4.26% (A), 07/25/2037		26,267		26,368
Series 2007-A2, Class 2A1, 4.24% (A), 07/25/2037		174,746		178,020
CHL Mortgage Pass-Through Trust
Series 2004-3, Class A26, 5.50%, 04/25/2034		113,481		115,070
Series 2004-3, Class A4, 5.75%, 04/25/2034		170,222		173,838
Series 2004-5, Class 1A4, 5.50%, 06/25/2034		201,122		203,005
Series 2004-8, Class 2A1, 4.50%, 06/25/2019		974		976
Series 2004-J4, Class 2A1, 5.00%, 05/25/2019		13,370		12,879
Citigroup Global Markets Mortgage Securities VII, Inc.
Series 2003-HYB1, Class A, 4.74% (A), 09/25/2033		64,701		65,509
Citigroup Mortgage Loan Trust
Series 2003-1, Class 3A4, 5.25%, 09/25/2033		62,171		62,180
Series 2005-2, Class 2A11, 5.50%, 05/25/2035		124,675		127,357
Series 2009-10, Class 1A1, 4.32% (A), 09/25/2033 (B)		191,322		194,330
COBALT CMBS Commercial Mortgage Trust, Interest Only STRIPS
Series 2006-C1, Class IO, 0.81% (A), 08/15/2048		930,593		7,858
COMM Mortgage Trust
Series 2015-CR25, Class A4, 3.76%, 08/10/2048		562,000		558,425
Series 2018-HOME, Class A, 3.82% (A), 04/10/2033 (B)		2,410,000		2,357,496
COMM Mortgage Trust, Interest Only STRIPS
Series 2012-CR2, Class XA, 1.65% (A), 08/15/2045		1,799,515		90,682

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Credit Suisse First Boston Mortgage Securities Corp.
Series 2003-21, Class 1A4, 5.25%, 09/25/2033		$   52,548		$   53,726
Series 2003-AR15, Class 3A1, 4.18% (A), 06/25/2033		98,300		98,741
Series 2004-5, Class 3A1, 5.25%, 08/25/2019		19,696		19,735
CSFB Mortgage-Backed Pass-Through Certificates
Series 2003-27, Class 5A4, 5.25%, 11/25/2033		97,972		98,592
Series 2003-29, Class 5A1, 7.00%, 12/25/2033		109,398		116,855
Series 2004-4, Class 2A4, 5.50%, 09/25/2034		132,293		138,032
Series 2004-8, Class 1A4, 5.50%, 12/25/2034		142,481		147,884
CSMC OA LLC
Series 2014-USA, Class D, 4.37%, 09/15/2037 (B)		500,000		475,625
CSMC Trust
Series 2010-17R, Class 1A1, 4.18% (A), 06/26/2036 (B)		32,402		32,507
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust
Series 2005-1, Class 2A1, 5.40% (A), 02/25/2020		26,660		26,659
Federal Home Loan Mortgage Corp.
Series K070, Class A2, 3.30% (A), 11/25/2027		965,000		933,366
Series W5FX, Class AFX, 3.21% (A), 04/25/2028		970,000		930,730
GMACM Mortgage Loan Trust
Series 2003-AR2, Class 2A4, 4.39% (A), 12/19/2033		290,930		293,214
GS Mortgage Securities Trust, Interest Only STRIPS
Series 2006-GG8, Class X, 0.87% (A), 11/10/2039 (B)		1,076,157		7,738
GSMPS Mortgage Loan Trust
Series 2005-RP3, Class 1AF,
1-Month LIBOR + 0.35%, 2.63% (A), 09/25/2035 (B)		747,382		668,634
GSMPS Mortgage Loan Trust, Interest Only STRIPS
Series 2005-RP3, Class 1AS, 2.31% (A), 09/25/2035 (B)		560,536		30,819
GSR Mortgage Loan Trust
Series 2003-7F, Class 1A4, 5.25%, 06/25/2033		297,594		304,334
Series 2004-8F, Class 2A3, 6.00%, 09/25/2034		164,872		168,718
Series 2005-5F, Class 8A3,
1-Month LIBOR + 0.50%, 2.78% (A), 06/25/2035		14,221		13,613
Headlands Residential LLC
Series 2017-RPL1, Class A, 3.88% (A), 08/25/2022 (B)		1,980,000		1,959,804

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    24

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Impac CMB Trust
Series 2005-4, Class 2A1,
1-Month LIBOR + 0.60%, 2.88% (A), 05/25/2035		$   122,823		$   121,572
Impac Secured Assets CMN Owner Trust
Series 2003-2, Class A1, 5.50%, 08/25/2033		49,618		51,528
Impac Secured Assets Trust
Series 2006-1, Class 2A1,
1-Month LIBOR + 0.35%, 2.63% (A), 05/25/2036		396,081		391,933
Series 2006-2, Class 2A1,
1-Month LIBOR + 0.35%, 2.63% (A), 08/25/2036		164,231		160,580
Independence Plaza Trust
Series 2018-INDP, Class A, 3.76%, 07/10/2035 (B)		1,590,000		1,559,313
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2006-LDP9, Class A3SF,
1-Month LIBOR + 0.16%, 2.43% (A), 05/15/2047		232,325		232,150
JPMorgan Chase Commercial Mortgage Securities Trust, Interest Only STRIPS
Series 2006-CB15, Class X1, 0.19% (A), 06/12/2043		4,270,813		5,103
JPMorgan Mortgage Trust
Series 2004-A3, Class 4A1, 4.54% (A), 07/25/2034		23,548		24,103
Series 2004-A4, Class 1A1, 4.64% (A), 09/25/2034		29,856		30,641
Series 2004-S1, Class 1A7, 5.00%, 09/25/2034		3,394		3,418
Series 2005-A1, Class 3A4, 4.27% (A), 02/25/2035		107,392		110,105
Series 2006-A2, Class 5A3, 4.24% (A), 11/25/2033		193,248		197,597
Series 2006-A3, Class 6A1, 4.16% (A), 08/25/2034		21,246		21,159
LB-UBS Commercial Mortgage Trust, Interest Only STRIPS
Series 2006-C1, Class XCL, 0.38% (A), 02/15/2041 (B)		970,353		105
MASTR Adjustable Rate Mortgages Trust
Series 2004-13, Class 2A1, 4.46% (A), 04/21/2034		226,671		232,794
Series 2004-13, Class 3A7, 4.45% (A), 11/21/2034		140,790		144,093
MASTR Alternative Loan Trust
Series 2003-9, Class 2A1, 6.00%, 12/25/2033		15,254		15,701
Series 2004-5, Class 5A1, 4.75%, 06/25/2019		3,022		3,017
MASTR Asset Securitization Trust
Series 2003-11, Class 9A6, 5.25%, 12/25/2033		271,759		273,329
Series 2004-P7, Class A6, 5.50%, 12/27/2033 (B)		37,620		37,615

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
MASTR Resecuritization Trust, Principal Only STRIPS
Series 2005, Class 3, 05/28/2035 (B)		$   15,188		$   12,231
Merrill Lynch Mortgage Investors Trust
Series 2003-A4, Class 2A, 4.46% (A), 07/25/2033		63,187		62,245
Series 2003-A5, Class 2A6, 4.40% (A), 08/25/2033		40,488		41,822
Series 2004-1, Class 2A1, 4.12% (A), 12/25/2034		152,378		152,703
Series 2004-A4, Class A2, 4.09% (A), 08/25/2034		75,748		77,642
Series 2004-D, Class A2,
6-Month LIBOR + 0.72%, 3.24% (A), 09/25/2029		119,139		114,785
ML-CFC Commercial Mortgage Trust, Interest Only STRIPS
Series 2006-4, Class XC, 0.61% (A), 12/12/2049 (B)		246,426		3
Morgan Stanley Capital I Trust
Series 2011-C3, Class A3, 4.05%, 07/15/2049		471,236		473,357
Morgan Stanley Capital I Trust, Interest Only STRIPS
Series 2006-IQ12, Class X1, 0.63% (A), 12/15/2043 (B)		1,429,828		14
Series 2006-T21, Class X, 0.03% (A), 10/12/2052 (B)		10,632,733		106
Series 2007-HQ11, Class X, 0.33% (A), 02/12/2044 (B)		789,157		1,342
Morgan Stanley Mortgage Loan Trust
Series 2004-3, Class 4A, 5.64% (A), 04/25/2034		167,638		176,144
Morgan Stanley Re-REMIC Trust
Series 2012-IO, Class AXA, 1.00%, 03/27/2051 (B)		33,508		33,341
Series 2012-XA, Class B, 0.25%, 07/27/2049 (B)		247,617		232,835
Prime Mortgage Trust
Series 2004-CL1, Class 1A1, 6.00%, 02/25/2034		58,450		61,299
Prime Mortgage Trust, Principal Only STRIPS
Series 2004-CL1, Class 1, 02/25/2034		3,585		2,994
Provident Funding Mortgage Loan Trust
Series 2005-1, Class 2A1, 3.85% (A), 05/25/2035		74,375		73,113
RALI Trust
Series 2003-QS18, Class A1, 5.00%, 09/25/2018		1,602		1,602
RAMP Trust
Series 2004-SL2, Class A3, 7.00%, 10/25/2031		105,432		109,003
RBSSP Resecuritization Trust
Series 2009-1, Class 1A1, 6.50% (A), 02/26/2036 (B)		196,660		204,532

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    25

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Sequoia Mortgage Trust
Series 2004-11, Class A1,
1-Month LIBOR + 0.60%, 2.88% (A), 12/20/2034		$   233,023		$   229,619
Series 2004-11, Class A3,
1-Month LIBOR + 0.60%, 2.88% (A), 12/20/2034		110,099		108,170
Series 2004-12, Class A3,
6-Month LIBOR + 0.32%, 2.82% (A), 01/20/2035		104,006		96,914
Structured Asset Mortgage Investments II Trust
Series 2004-AR5, Class 1A1,
1-Month LIBOR + 0.66%, 2.94% (A), 10/19/2034		242,545		239,483
Structured Asset Securities Corp.
Series 2003-37A, Class 2A, 4.36% (A), 12/25/2033		55,893		56,272
Series 2004-4XS, Class 1A5, 5.23% (A), 02/25/2034		278,056		279,116
Structured Asset Securities Corp. Mortgage Pass-Through Certificates
Series 2003-33H, Class 1A1, 5.50%, 10/25/2033		53,446		54,356
Series 2004-5H, Class A4, 5.54%, 12/25/2033		215,824		220,561
Thornburg Mortgage Securities Trust
Series 2003-4, Class A1,
1-Month LIBOR + 0.64%, 2.92% (A), 09/25/2043		117,380		116,875
Series 2004-1, Class II2A, 2.76% (A), 03/25/2044		55,180		54,139
UBS-BAMLL Trust
Series 2012-WRM, Class A, 3.66%, 06/10/2030 (B)		1,000,000		990,613
UBS-Barclays Commercial Mortgage Trust
Series 2012-C2, Class A4, 3.53%, 05/10/2063		650,000		649,311
UBS-Barclays Commercial Mortgage Trust, Interest Only STRIPS
Series 2012-C2, Class XA, 1.33% (A), 05/10/2063 (B)		4,299,054		168,270
V.M. Jog Engineering, Ltd.
Series 2017, Class A,
1-Month LIBOR + 4.60%, 6.56% (A), 12/15/2020		2,090,000		2,090,000
VNDO Mortgage Trust
Series 2012-6AVE, Class A, 3.00%, 11/15/2030 (B)		1,000,000		977,836
Wachovia Bank Commercial Mortgage Trust, Interest Only STRIPS
Series 2006-C24, Class XC, 0.08% (A), 03/15/2045 (B)		5,868,346		59
WaMu Mortgage Pass-Through Certificates Trust
Series 2003-AR6, Class A1, 4.23% (A), 06/25/2033		203,406		205,797
Series 2003-AR7, Class A7, 4.14% (A), 08/25/2033		76,346		78,165

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
WaMu Mortgage Pass-Through Certificates Trust (continued)
Series 2003-AR8, Class A, 4.23% (A), 08/25/2033		$   32,838		$   33,305
Series 2003-AR9, Class 1A6, 4.32% (A), 09/25/2033		151,513		155,297
Series 2003-S3, Class 1A4, 5.50%, 06/25/2033		173,897		178,204
Series 2003-S4, Class 2A10,
(2.75) * 1-Month LIBOR + 17.46%, 11.19% (A), 06/25/2033		7,076		7,452
Series 2003-S9, Class A8, 5.25%, 10/25/2033		92,126		93,538
Series 2004-AR3, Class A1, 3.96% (A), 06/25/2034		22,015		22,436
Series 2004-AR3, Class A2, 3.96% (A), 06/25/2034		226,436		230,766
Series 2004-CB2, Class 7A, 5.50%, 08/25/2019		9,974		10,041
Series 2004-CB3, Class 4A, 6.00%, 10/25/2019		19,708		20,017
Series 2004-S2, Class 2A4, 5.50%, 06/25/2034		196,676		205,049
Washington Mutual MSC Mortgage Pass-Through Certificates Trust
Series 2003-MS2, Class 1A1, 5.75%, 02/25/2033		28,026		28,335
Series 2004-RA2, Class 2A, 7.00%, 07/25/2033		60,409		65,111
Wells Fargo Commercial Mortgage Trust
Series 2014-LC16, Class A2, 2.82%, 08/15/2050		979,821		978,251
Series 2016-C35, Class A4, 2.93%, 07/15/2048		1,915,000		1,786,306
Wells Fargo Mortgage-Backed Securities Trust
Series 2003-K, Class 1A1, 4.69% (A), 11/25/2033		10,722		10,909
Series 2004-4, Class A9, 5.50%, 05/25/2034		132,576		134,263
Series 2004-EE, Class 2A1, 4.44% (A), 12/25/2034		73,019		74,527
Series 2004-EE, Class 2A2, 4.44% (A), 12/25/2034		18,255		18,817
Series 2004-EE, Class 3A1, 4.52% (A), 12/25/2034		25,018		25,888
Series 2004-EE, Class 3A2, 4.52% (A), 12/25/2034		37,527		38,833
Series 2004-I, Class 1A1, 4.35% (A), 07/25/2034		405,938		416,162
Series 2004-P, Class 2A1, 4.64% (A), 09/25/2034		502,911		517,231
Series 2004-R, Class 2A1, 4.73% (A), 09/25/2034		203,588		210,488
Series 2004-U, Class A1, 4.42% (A), 10/25/2034		418,973		422,510
Series 2004-V, Class 1A1, 4.46% (A), 10/25/2034		48,576		49,439
Series 2004-V, Class 1A2, 4.46% (A), 10/25/2034		21,686		22,423

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    26

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Wells Fargo Mortgage-Backed Securities Trust (continued)
Series 2004-W, Class A9, 4.69% (A), 11/25/2034		$   73,319		$   75,220
Series 2005-AR3, Class 1A1, 4.43% (A), 03/25/2035		357,131		367,948
Series 2005-AR8, Class 2A1, 4.21% (A), 06/25/2035		119,299		122,468
Series 2005-AR9, Class 2A1, 4.68% (A), 10/25/2033		54,292		55,027
WFRBS Commercial Mortgage Trust
Series 2011-C3, Class A4, 4.38%, 03/15/2044 (B)		550,000		560,181
Total Mortgage-Backed Securities (Cost $33,404,533)				33,155,358
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.4%
California - 0.1%
State of California, General Obligation Unlimited, 7.30%, 10/01/2039		520,000		706,597
New York - 0.1%
New York State Dormitory Authority, Revenue Bonds, 5.60%, 03/15/2040		280,000		325,665
Port Authority of New York & New Jersey, Revenue Bonds 4.46%, 10/01/2062		800,000		789,368
5.65%, 11/01/2040		655,000		774,662
				1,889,695
Ohio - 0.2%
American Municipal Power, Inc., Revenue Bonds,
Series B, 7.50%, 02/15/2050		640,000		873,056
Ohio State University, Revenue Bonds,
Series A, 4.80%, 06/01/2111		1,370,000		1,395,646
				2,268,702
Total Municipal Government Obligations (Cost $4,426,956)				4,864,994
U.S. GOVERNMENT AGENCY OBLIGATIONS - 31.4%
Federal Home Loan Mortgage Corp.
12-Month LIBOR + 1.64%, 3.39% (A), 11/01/2036		63,323		66,129
3.50%, 06/01/2042 - 07/15/2042		2,634,020		2,581,876
12-Month LIBOR + 1.59%, 3.58% (A), 12/01/2036		199,452		207,669
12-Month LIBOR + 1.70%, 3.58% (A), 02/01/2037		23,772		24,703
12-Month LIBOR + 1.91%, 3.66% (A), 04/01/2037		1,702		1,744
1-Year CMT + 2.25%, 3.70% (A), 01/01/2035		277,958		293,189
1-Year CMT + 2.24%, 3.75% (A), 11/01/2036		179,159		189,054
12-Month LIBOR + 2.05%, 3.80% (A), 11/01/2036		16,291		17,250

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal Home Loan Mortgage Corp. (continued)
12-Month LIBOR + 1.70%, 3.80% (A), 06/01/2037		$   22,753		$   23,703
6-Month LIBOR + 1.52%, 3.98% (A), 05/01/2037		83,508		86,156
12-Month LIBOR + 1.89%, 3.99% (A), 05/01/2038		23,360		24,546
4.00%, 04/01/2043 - 01/01/2046		3,339,175		3,371,015
1-Year CMT + 2.25%, 4.00% (A), 02/01/2036		353,009		371,978
12-Month LIBOR + 1.67%, 4.02% (A), 12/01/2036		111,547		116,220
12-Month LIBOR + 2.05%, 4.03% (A), 05/01/2037		58,488		61,854
12-Month LIBOR + 1.98%, 4.08% (A), 04/01/2037		29,837		31,226
12-Month LIBOR + 2.22%, 4.10% (A), 03/01/2037		61,968		64,761
1-Year CMT + 2.25%, 4.13% (A), 07/01/2036		227,177		239,538
6-Month LIBOR + 1.70%, 4.20% (A), 10/01/2036		23,388		24,206
6-Month LIBOR + 2.01%, 4.35% (A), 05/01/2037		49,095		51,569
1-Year CMT + 2.43%, 4.43% (A), 12/01/2031		388,252		408,862
4.50%, 05/01/2041 - 07/01/2047		13,117,564		13,622,359
12-Month LIBOR + 2.18%, 4.56% (A), 05/01/2037		164,373		173,821
12-Month LIBOR + 1.81%, 4.56% (A), 09/01/2037		29,108		30,525
1-Year CMT + 2.36%, 4.63% (A), 10/01/2037		27,616		28,884
12-Month LIBOR + 2.33%, 4.69% (A), 05/01/2036		29,952		32,088
12-Month LIBOR + 2.47%, 4.77% (A), 03/01/2036		112,583		120,924
1-Year CMT + 2.65%, 4.85% (A), 10/01/2037		96,323		94,629
5.00%, 08/01/2040		335,860		354,671
5.50%, 02/01/2021 - 12/01/2035		735,261		766,876
6.00%, 12/01/2036 - 06/01/2037		212,269		227,656
6.50%, 05/01/2035 - 03/01/2038		1,025,582		1,135,649
7.50%, 02/01/2038 - 09/01/2038		48,009		52,820
10.00%, 03/17/2026 - 10/01/2030		37,459		38,842
11.00%, 02/17/2021		2,623		2,636
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates 2.27%, 01/25/2023		2,500,000		2,387,265
2.31%, 12/25/2022		3,000,000		2,887,040
2.33%, 06/25/2021		2,100,000		2,052,493
2.60%, 09/25/2020		81,014		80,346
2.72%, 07/25/2026		1,456,000		1,373,582
2.74%, 09/25/2025		1,000,000		946,711
2.81%, 09/25/2024		4,140,000		4,013,843
2.84%, 09/25/2022		1,001,000		982,389
2.93%, 01/25/2023		1,435,300		1,415,342

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    27

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates (continued)
1-Month LIBOR + 0.70%, 2.96% (A), 09/25/2022		$   420,785		$   421,444
3.12%, 06/25/2027		654,000		626,384
3.24%, 04/25/2027		1,097,000		1,058,939
3.33%, 05/25/2027		590,000		572,806
3.35%, 01/25/2028		1,595,000		1,547,133
Federal Home Loan Mortgage Corp. REMIC
1-Month LIBOR + 0.40%, 2.50% (A), 07/15/2037		690,022		691,075
1-Month LIBOR + 0.25%, 2.53% (A), 08/15/2023		167,782		168,534
1-Month LIBOR + 0.30%, 2.58% (A), 03/15/2036		35,220		35,248
1-Month LIBOR + 0.40%, 2.68% (A), 02/15/2033		77,608		77,563
1-Month LIBOR + 1.20%, 3.48% (A), 07/15/2039		28,577		29,259
4.00%, 11/15/2041 - 07/15/2042		3,494,290		3,511,434
4.50%, 06/15/2025		2,000,000		2,067,493
5.00%, 07/15/2033 - 07/15/2041		9,129,091		9,680,599
5.30%, 01/15/2033		399,256		425,970
5.50%, 02/15/2022 - 01/15/2039		3,019,982		3,203,626
(3.62) * 1-Month LIBOR + 27.21%, 5.50% (A), 05/15/2041		585,005		578,927
(3.67) * 1-Month LIBOR + 27.50%, 5.50% (A), 05/15/2041		698,227		734,209
(1.50) * 1-Month LIBOR + 9.08%, 5.69% (A), 11/15/2033		80,918		81,393
5.72% (A), 10/15/2038		215,904		232,098
6.00%, 05/15/2034 - 06/15/2038		1,639,951		1,795,576
6.25%, 10/15/2023		152,436		159,204
6.50%, 08/15/2021 - 06/15/2032		1,115,766		1,193,685
6.96% (A), 11/15/2021		54,978		55,676
7.00%, 12/15/2036		456,018		508,720
7.34% (A), 11/15/2046		632,192		709,993
7.50%, 11/15/2036 - 12/15/2036		540,076		613,096
(7.27) * 1-Month LIBOR + 48.00%, 8.00% (A), 06/15/2035		16,942		18,621
(3.33) * 1-Month LIBOR + 17.50%, 9.90% (A), 02/15/2040		412,038		459,288
(1.83) * 1-Month LIBOR + 14.85%, 10.67% (A), 06/15/2033		31,801		36,355
(2.50) * 1-Month LIBOR + 17.45%, 11.75% (A), 02/15/2038		13,997		15,272
(4.00) * 1-Month LIBOR + 22.00%, 12.88% (A), 05/15/2035		49,103		57,540
(3.00) * 1-Month LIBOR + 20.22%, 13.38% (A), 07/15/2035		28,550		32,409
(4.50) * 1-Month LIBOR + 24.75%, 14.49% (A), 06/15/2035		66,581		85,232
(2.60) * 1-Month LIBOR + 20.93%, 15.00% (A), 08/15/2031		40,990		51,848
Federal Home Loan Mortgage Corp. REMIC, Interest Only STRIPS 1.53% (A), 01/15/2040		598,585		24,321
(1.00) * 1-Month LIBOR + 6.00%, 3.72% (A), 11/15/2037 - 10/15/2040		937,833		112,696

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal Home Loan Mortgage Corp. REMIC, Interest Only STRIPS (continued)
(1.00) * 1-Month LIBOR + 6.05%, 3.77% (A), 05/15/2038		$   151,731		$   14,767
(1.00) * 1-Month LIBOR + 6.10%, 3.82% (A), 05/15/2039		75,582		3,581
(1.00) * 1-Month LIBOR + 6.25%, 3.97% (A), 12/15/2039		205,298		24,212
4.00%, 11/15/2029 - 10/15/2037		598,900		29,677
(1.00) * 1-Month LIBOR + 6.34%, 4.06% (A), 12/15/2039		558,839		60,911
(1.00) * 1-Month LIBOR + 6.40%, 4.12% (A), 01/15/2037		55,554		4,945
(1.00) * 1-Month LIBOR + 6.45%, 4.17% (A), 11/15/2037		26,546		2,471
4.50%, 12/15/2024 - 07/15/2037		43,848		639
(1.00) * 1-Month LIBOR + 6.80%, 4.52% (A), 09/15/2039		210,301		21,452
5.00%, 04/15/2032 - 08/15/2040		1,348,837		185,766
Federal Home Loan Mortgage Corp. REMIC, Principal Only STRIPS 03/15/2019 - 12/15/2043		5,215,891		4,200,588
Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates 3.24% (A), 10/25/2037		399,390		407,329
3.90% (A), 08/25/2028		1,720,000		1,730,868
5.23%, 05/25/2043		856,441		882,644
6.50%, 02/25/2043		281,701		314,720
6.50% (A), 09/25/2043		126,271		139,953
7.00%, 02/25/2043 - 07/25/2043		323,478		364,046
7.50%, 02/25/2042 - 09/25/2043		406,523		462,222
Federal Home Loan Mortgage Corp., Interest Only STRIPS
(1.00) * 1-Month LIBOR + 7.70%, 5.42% (A), 08/15/2036		395,476		62,367
Federal National Mortgage Association
Zero Coupon, 10/09/2019		4,865,000		4,738,615
2.03%, 08/01/2019		108,732		108,314
2.15%, 01/25/2023		2,500,000		2,385,682
2.37%, 04/01/2023		1,664,300		1,598,429
2.38%, 10/01/2026		1,500,000		1,379,336
2.43%, 08/01/2026		1,940,985		1,797,947
2.49% (A), 12/25/2026		2,200,000		2,021,268
2.49%, 05/01/2026 - 05/25/2026		3,000,000		2,775,981
1-Month LIBOR + 0.22%, 2.50% (A), 03/25/2045 - 02/25/2046		150,436		150,203
2.61%, 06/01/2026		1,012,000		945,816
2.63%, 03/01/2026		2,970,149		2,798,444
2.64%, 06/01/2026		2,477,000		2,319,990
2.67%, 04/01/2025		1,164,592		1,112,033
1-Month LIBOR + 0.40%, 2.68% (A), 05/25/2042		243,450		240,819
2.70%, 07/01/2026		1,276,000		1,195,305
2.80%, 10/01/2025 - 01/01/2028		15,086,033		14,448,688
1-Month LIBOR + 0.55%, 2.83% (A), 08/25/2042		889,060		897,789
2.90%, 06/25/2027		2,040,732		1,898,740
2.92%, 01/01/2025		2,510,000		2,428,167
2.93%, 06/01/2030		1,000,000		916,469

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    28

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal National Mortgage Association (continued)
2.94% (A), 01/25/2026		$   3,486,000		$   3,334,863
2.94%, 12/01/2028		5,000,000		4,639,847
2.98%, 06/01/2027		1,715,000		1,623,448
2.99%, 08/01/2029		3,000,000		2,778,509
3.00%, 06/01/2043		1,306,523		1,246,691
3.02%, 07/01/2024 - 05/01/2030		13,258,633		12,501,710
3.04%, 06/01/2024 - 07/01/2029		6,906,485		6,504,981
3.04% (A), 03/25/2028		1,138,000		1,072,435
3.06% (A), 05/25/2027		1,700,000		1,613,800
3.08% (A), 06/25/2027		1,771,000		1,684,179
3.08%, 12/01/2024		1,903,137		1,860,109
3.09%, 09/01/2029		3,797,000		3,529,184
3.09% (A), 02/25/2030		815,000		758,199
1-Month LIBOR + 0.93%, 3.09% (A), 11/25/2022		812,939		820,169
3.11%, 03/01/2027		1,981,273		1,917,086
3.15%, 04/01/2031		3,234,743		3,125,605
3.17%, 02/01/2030		988,910		937,696
3.18% (A), 04/25/2029		1,419,000		1,336,016
3.21%, 03/01/2029		5,000,000		4,759,200
3.24%, 06/01/2026		928,639		910,031
3.28%, 11/01/2030		2,000,000		1,893,225
3.29%, 08/01/2026		2,000,000		1,961,311
3.32%, 04/01/2029		5,000,000		4,798,572
3.37%, 05/01/2037		944,637		892,384
3.38%, 12/01/2029		799,520		771,797
3.39% (A), 07/25/2028		2,032,000		1,965,843
3.45%, 04/01/2029		3,867,000		3,755,709
3.50%, 04/01/2043 - 01/01/2044		2,796,177		2,738,632
3.52%, 10/01/2029		818,609		805,320
12-Month LIBOR + 1.79%, 3.54% (A), 12/01/2036		38,754		40,742
3.57%, 07/01/2028		2,501,360		2,463,907
3.59%, 01/01/2031		953,995		930,817
12-Month LIBOR + 1.88%, 3.63% (A), 11/01/2036		29,034		30,565
12-Month LIBOR + 1.94%, 3.69% (A), 12/01/2036		52,020		54,489
3.73%, 05/01/2029		862,839		858,383
12-Month LIBOR + 1.68%, 3.76% (A), 04/01/2036		42,972		44,944
3.76%, 12/01/2035		1,920,581		1,899,901
6-Month LIBOR + 1.28%, 3.78% (A), 09/01/2036		36,220		37,093
12-Month LIBOR + 1.71%, 3.80% (A), 04/01/2037		23,239		24,327
6-Month LIBOR + 1.31%, 3.81% (A), 07/01/2037		90,527		92,825
3.82%, 07/01/2030		2,502,000		2,491,465
3.89%, 07/01/2021		5,798,346		5,872,245
3.90%, 09/01/2021		883,980		896,063
12-Month LIBOR + 1.67%, 3.91% (A), 10/01/2036		48,183		50,073
3.95%, 07/01/2021		6,767,444		6,863,948
3.97%, 12/01/2025		416,249		426,913
6-Month LIBOR + 1.50%, 3.98% (A), 02/01/2037		73,740		76,160
4.00%, 04/01/2020 - 06/01/2047		5,241,216		5,261,367

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal National Mortgage Association (continued)
4.02%, 11/01/2028		$   646,901		$   662,834
6-Month LIBOR + 1.52%, 4.02% (A), 02/01/2037		29,209		30,187
12-Month LIBOR + 1.41%, 4.02% (A), 11/01/2037		47,415		48,962
4.05%, 01/01/2021		6,065,000		6,155,336
12-Month LIBOR + 1.46%, 4.21% (A), 09/01/2037		37,117		38,765
12-Month LIBOR + 1.84%, 4.22% (A), 05/01/2036		94,452		99,521
4.23%, 02/01/2029		4,073,341		4,151,605
4.25%, 04/01/2021		2,500,000		2,550,945
4.26%, 07/01/2021		2,420,271		2,473,738
12-Month LIBOR + 2.20%, 4.27% (A), 11/01/2036		9,283		9,780
1-Year CMT + 2.09%, 4.33% (A), 11/01/2037		99,507		104,439
4.34%, 06/01/2021		7,000,000		7,167,743
12-Month LIBOR + 1.62%, 4.37% (A), 09/01/2036		130,607		135,669
12-Month LIBOR + 1.68%, 4.41% (A), 07/01/2037		39,494		41,370
4.45%, 07/01/2026		1,343,221		1,412,070
4.50%, 08/01/2021		3,000,000		3,087,351
12-Month LIBOR + 1.87%, 4.50% (A), 07/01/2037		50,212		52,767
12-Month LIBOR + 1.75%, 4.50% (A), 08/01/2036		9,362		9,455
12-Month LIBOR + 2.38%, 4.54% (A), 03/01/2036		102,033		109,408
12-Month LIBOR + 1.82%, 4.55% (A), 06/01/2036		89,463		94,327
4.55%, 06/25/2043		113,158		115,807
12-Month LIBOR + 1.82%, 4.70% (A), 09/01/2036		18,261		19,150
6-Month LIBOR + 2.50%, 4.95% (A), 03/01/2036		214,325		229,089
5.00%, 04/01/2022 - 08/01/2040		881,894		929,791
12-Month LIBOR + 2.37%, 5.11% (A), 08/01/2037		28,685		30,424
5.50%, 11/01/2032 - 07/01/2037		1,471,240		1,570,532
6.00%, 03/01/2019 - 11/01/2037		2,751,005		2,920,970
6.50%, 06/01/2023 - 07/25/2042		1,728,597		1,883,996
7.00%, 12/25/2033 - 02/25/2044		1,250,592		1,396,475
7.50%, 10/01/2037 - 12/25/2045		742,451		830,167
8.00%, 10/01/2031		63,112		68,774
Federal National Mortgage Association REMIC
1-Month LIBOR + 0.25%, 2.47% (A), 06/27/2036		195,547		191,925
1-Month LIBOR + 0.24%, 2.52% (A), 10/25/2046		139,538		139,275
1-Month LIBOR + 0.29%, 2.57% (A), 07/25/2036		128,083		127,847
1-Month LIBOR + 0.40%, 2.68% (A), 06/25/2037		33,516		33,700
1-Month LIBOR + 0.55%, 2.83% (A), 08/25/2041		380,652		384,821

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    29

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal National Mortgage Association REMIC (continued)
1-Month LIBOR + 0.60%, 2.88% (A), 04/25/2040		$   304,161		$   306,291
3.00%, 01/25/2046		900,834		873,047
3.50%, 02/25/2043		1,107,538		1,095,782
4.28% (A), 12/25/2039		203,586		217,544
4.50%, 02/25/2039 - 05/25/2041		1,275,007		1,324,524
5.50%, 08/25/2025 - 10/25/2040		7,607,103		8,149,426
5.61% (G), 01/25/2032		65,702		67,250
5.75% (A), 05/25/2051		244,958		261,914
5.75%, 08/25/2034		1,000,000		1,069,596
5.91% (A), 12/25/2042		119,195		128,168
5.98% (A), 06/25/2040		172,708		187,074
6.00%, 03/25/2029 - 12/25/2049		2,455,349		2,646,195
6.22% (A), 02/25/2040		214,418		234,961
6.25%, 09/25/2038		32,294		34,705
6.44% (A), 03/25/2040		265,848		295,500
6.50%, 04/18/2028 - 11/25/2041		822,662		899,775
6.75%, 04/25/2037		63,382		68,419
7.00%, 03/25/2038 - 11/25/2041		1,933,907		2,140,872
7.50%, 05/17/2024		91,683		97,974
8.00%, 02/25/2023		349,130		371,788
(2.00) * 1-Month LIBOR + 12.66%, 8.10% (A), 03/25/2040		274,105		289,062
(3.33) * 1-Month LIBOR + 17.67%, 10.06% (A), 04/25/2040		215,549		253,662
(2.50) * 1-Month LIBOR + 16.88%, 11.17% (A), 08/25/2035 - 10/25/2035		76,040		87,664
(2.75) * 1-Month LIBOR + 17.88%, 11.60% (A), 09/25/2024		102,589		110,790
(2.00) * 1-Month LIBOR + 16.20%, 11.64% (A), 01/25/2034		19,540		21,055
(2.75) * 1-Month LIBOR + 19.53%, 13.25% (A), 05/25/2034		124,298		156,385
(2.75) * 1-Month LIBOR + 20.13%, 13.86% (A), 05/25/2035		164,568		187,883
(3.33) * 1-Month LIBOR + 22.67%, 15.06% (A), 04/25/2037		70,703		88,814
(3.67) * 1-Month LIBOR + 24.57%, 16.20% (A), 11/25/2035		79,418		99,912
Federal National Mortgage Association REMIC, Interest Only STRIPS 1.35% (A), 04/25/2041		388,218		17,970
1.42% (A), 01/25/2038		80,972		2,855
(1.00) * 1-Month LIBOR + 4.44%, 2.16% (A), 11/25/2040		990,297		48,622
(1.00) * 1-Month LIBOR + 5.00%, 2.72% (A), 07/25/2040		1,019,099		97,605
3.00%, 01/25/2021		260,837		7,037
(1.00) * 1-Month LIBOR + 5.90%, 3.62% (A), 10/25/2039		42,576		3,984
(1.00) * 1-Month LIBOR + 6.00%, 3.72% (A), 02/25/2038 - 06/25/2039		738,257		59,639
(1.00) * 1-Month LIBOR + 6.18%, 3.90% (A), 12/25/2039		14,721		1,357
(1.00) * 1-Month LIBOR + 6.25%, 3.97% (A), 01/25/2040		286,539		32,604
(1.00) * 1-Month LIBOR + 6.35%, 4.07% (A), 12/25/2037		528,313		52,798

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal National Mortgage Association REMIC, Interest Only STRIPS (continued)
(1.00) * 1-Month LIBOR + 6.40%, 4.12% (A), 07/25/2037 - 05/25/2040		$   723,063		$   90,577
(1.00) * 1-Month LIBOR + 6.42%, 4.14% (A), 04/25/2040		117,160		12,958
(1.00) * 1-Month LIBOR + 6.45%, 4.17% (A), 10/25/2037 - 12/25/2037		321,955		38,029
(1.00) * 1-Month LIBOR + 6.62%, 4.34% (A), 07/25/2037		151,505		15,970
(1.00) * 1-Month LIBOR + 6.65%, 4.37% (A), 10/25/2026 - 03/25/2039		627,759		60,004
(1.00) * 1-Month LIBOR + 6.70%, 4.42% (A), 03/25/2036		1,180,242		184,587
(1.00) * 1-Month LIBOR + 6.99%, 4.71% (A), 03/25/2038		155,793		22,218
(1.00) * 1-Month LIBOR + 7.10%, 4.82% (A), 02/25/2040		128,176		11,185
5.00%, 07/25/2039		83,277		19,274
5.50%, 10/25/2039		118,773		23,020
Federal National Mortgage Association REMIC, Principal Only STRIPS 10/25/2023 - 12/25/2043		3,391,842		2,886,402
Federal National Mortgage Association, Principal Only STRIPS 09/25/2024 - 08/25/2032		459,833		414,966
FREMF Mortgage Trust 3.58% (A), 11/25/2049 (B)		920,000		870,473
3.68% (A), 01/25/2048 (B)		1,405,000		1,315,302
3.68% (A), 01/25/2048 (B)		4,355,000		4,222,313
3.83% (A), 11/25/2047 (B)		2,000,000		1,888,138
3.84% (A), 07/25/2049 (B)		750,000		745,489
4.07% (A), 11/25/2047 (B)		853,000		831,715
Government National Mortgage Association
1-Month LIBOR + 0.45%, 2.56% (A), 03/20/2060		9,790		9,779
1-Month LIBOR + 0.47%, 2.58% (A), 05/20/2063		1,653,192		1,654,660
1-Month LIBOR + 0.50%, 2.61% (A), 06/20/2067		2,276,459		2,283,307
1-Month LIBOR + 0.52%, 2.63% (A), 10/20/2062		1,365,571		1,368,339
1-Month LIBOR + 0.53%, 2.64% (A), 10/20/2062		1,210,688		1,219,258
1-Month LIBOR + 0.58%, 2.69% (A), 05/20/2066		1,464,489		1,467,275
1-Month LIBOR + 0.60%, 2.71% (A), 11/20/2065		2,861,476		2,882,487
1-Month LIBOR + 0.65%, 2.76% (A), 05/20/2061 - 01/20/2066		6,034,072		6,081,499
1-Month LIBOR + 0.70%, 2.81% (A), 05/20/2061 - 03/20/2066		5,090,006		5,136,675
1-Month LIBOR + 1.00%, 3.11% (A), 12/20/2066		795,383		813,064
4.50%, 11/20/2034		934,197		977,581
(1.15) * 1-Month LIBOR + 7.67%, 5.03% (A), 03/17/2033		10,612		10,612
5.50%, 01/16/2033 - 09/20/2039		3,912,965		4,200,540
5.75%, 02/20/2036 - 10/20/2037		639,010		674,625

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    30

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Government National Mortgage Association (continued)
5.82% (A), 10/20/2033		$   238,520		$   258,948
6.00%, 11/20/2033 - 08/20/2038		896,246		971,445
6.13%, 06/16/2031		1,584,000		1,700,502
6.50%, 12/20/2031 - 12/15/2035		1,003,271		1,105,939
7.00%, 09/15/2031 - 10/16/2040		924,211		1,013,959
(6.25) * 1-Month LIBOR + 44.50%, 7.00% (A), 09/20/2034		13,432		13,974
7.50%, 09/16/2035 - 10/15/2037		167,520		188,462
(1.83) * 1-Month LIBOR + 14.70%, 10.52% (A), 11/17/2032		21,579		22,659
(2.92) * 1-Month LIBOR + 17.50%, 10.85% (A), 02/20/2034		52,294		58,650
(3.50) * 1-Month LIBOR + 23.28%, 15.30% (A), 04/20/2037		140,564		171,761
Government National Mortgage Association, Interest Only STRIPS 1.61% (A), 06/20/2067		4,857,104		490,688
(1.00) * 1-Month LIBOR + 5.83%, 3.55% (A), 02/20/2038		71,201		6,974
(1.00) * 1-Month LIBOR + 5.90%, 3.62% (A), 09/20/2038		460,973		42,106
(1.00) * 1-Month LIBOR + 5.95%, 3.67% (A), 02/20/2039 - 06/20/2039		185,986		16,578
(1.00) * 1-Month LIBOR + 6.00%, 3.72% (A), 02/20/2038		761,897		79,071
(1.00) * 1-Month LIBOR + 6.04%, 3.76% (A), 02/20/2039		61,348		4,679
(1.00) * 1-Month LIBOR + 6.05%, 3.77% (A), 08/16/2039		284,196		26,359
(1.00) * 1-Month LIBOR + 6.09%, 3.81% (A), 09/20/2039		449,362		39,754
(1.00) * 1-Month LIBOR + 6.10%, 3.82% (A), 11/20/2034 - 07/16/2039		661,213		63,296
(1.00) * 1-Month LIBOR + 6.15%, 3.87% (A), 07/20/2038		546,579		67,064
(1.00) * 1-Month LIBOR + 6.20%, 3.92% (A), 03/20/2037 - 06/20/2038		193,897		19,581
4.00%, 09/16/2037		78,585		254
(1.00) * 1-Month LIBOR + 6.30%, 4.02% (A), 03/20/2039		15,661		263
(1.00) * 1-Month LIBOR + 6.40%, 4.12% (A), 12/20/2038 - 11/16/2039		486,724		39,963
(1.00) * 1-Month LIBOR + 6.55%, 4.27% (A), 11/16/2033 - 11/20/2037		126,627		12,889
(1.00) * 1-Month LIBOR + 6.60%, 4.32% (A), 05/20/2041		307,542		40,130
(1.00) * 1-Month LIBOR + 6.68%, 4.40% (A), 07/20/2037		289,749		32,496
(1.00) * 1-Month LIBOR + 6.70%, 4.42% (A), 06/20/2037		549,005		69,007
(1.00) * 1-Month LIBOR + 7.30%, 5.02% (A), 12/20/2038		303,486		37,079
(1.00) * 1-Month LIBOR + 7.60%, 5.32% (A), 09/20/2038		35,540		4,620
(1.00) * 1-Month LIBOR + 7.70%, 5.42% (A), 04/16/2038		28,176		3,964
6.50%, 03/20/2039		41,205		9,152

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Government National Mortgage Association, Principal Only STRIPS 12/20/2032 - 12/20/2040		$   1,165,371		$   975,108
Government Trust Certificate
Series 2001-Z,
Zero Coupon, 04/01/2020		10,890,000		10,439,972
National Credit Union Administration Guaranteed Notes Trust
Series 2010-R3, Class 3A, 2.40%, 12/08/2020		54,401		54,174
Residual Funding Corp., Principal Only STRIPS 10/15/2019 - 01/15/2030		6,755,000		5,884,066
Resolution Funding Corp., Principal Only STRIPS 01/15/2026 - 10/15/2027		170,000		129,193
Tennessee Valley Authority 4.25%, 09/15/2065		365,000		384,540
4.63%, 09/15/2060 (F)		451,000		508,453
5.88%, 04/01/2036		2,565,000		3,210,313
Tennessee Valley Authority, Principal Only STRIPS 05/01/2019 - 05/01/2030		3,800,000		2,896,795
Vendee Mortgage Trust 6.75%, 06/15/2028		264,268		287,005
7.25%, 02/15/2023		269,724		287,536
Total U.S. Government Agency Obligations (Cost $384,438,616)				368,277,536
U.S. GOVERNMENT OBLIGATIONS - 23.9%
U.S. Treasury - 23.2%
U.S. Treasury Bond 2.50%, 02/15/2045		2,300,000		1,938,559
2.75%, 08/15/2042		48,000		42,932
2.88%, 08/15/2045		2,000,000		1,813,828
3.00%, 02/15/2048		430,000		397,632
3.13%, 02/15/2043 - 05/15/2048		5,609,000		5,344,285
3.38%, 05/15/2044		3,000,000		2,987,227
3.50%, 02/15/2039		2,700,000		2,772,984
3.63%, 08/15/2043 - 02/15/2044		10,190,000		10,574,159
3.75%, 11/15/2043		20,490,000		21,696,989
3.88%, 08/15/2040		5,000,000		5,397,852
4.25%, 05/15/2039		1,100,000		1,250,605
4.38%, 02/15/2038 - 05/15/2041		3,345,000		3,866,403
4.50%, 02/15/2036 - 08/15/2039		3,796,000		4,432,257
5.38%, 02/15/2031		29,000		35,388
U.S. Treasury Bond, Principal Only STRIPS 08/15/2020 - 11/15/2041		115,075,000		86,259,756
U.S. Treasury Note 1.50%, 02/28/2023 - 08/15/2026		5,142,000		4,826,861
1.63%, 11/30/2020 - 02/15/2026		11,088,400		10,535,401
1.75%, 02/28/2022 - 05/15/2023		21,090,000		20,184,878
1.88%, 08/31/2022 - 08/31/2024		4,398,000		4,215,107
2.00%, 10/31/2021 - 11/15/2026		15,715,800		15,224,297
2.13%, 01/31/2021 - 03/31/2024		10,279,000		9,867,980
2.25%, 11/15/2024 - 02/15/2027		4,155,000		3,958,010
2.38%, 08/15/2024		18,000,000		17,366,484
2.50%, 08/15/2023 - 05/15/2024		10,148,000		9,926,869

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    31

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (continued)
U.S. Treasury (continued)
U.S. Treasury Note (continued)
2.63%, 05/15/2021		$   2,663,600		$   2,644,455
2.75%, 05/31/2023 - 02/15/2024		16,609,000		16,410,945
2.88%, 05/31/2025 - 05/15/2028		7,961,300		7,805,058
				271,777,201
U.S. Treasury Inflation-Protected Securities - 0.7%
U.S. Treasury Inflation-Indexed Bond 2.50%, 01/15/2029		2,935,975		3,316,199
U.S. Treasury Inflation-Indexed Note 0.13%, 04/15/2019 - 01/15/2022		4,099,304		3,997,039
1.38%, 01/15/2020		1,414,346		1,417,955
				8,731,193
Total U.S. Government Obligations (Cost $290,067,741)				280,508,394
	Shares		Value
OTHER INVESTMENT COMPANY - 0.4%
Securities Lending Collateral - 0.4%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 2.19% (J)		5,069,965		5,069,965
Total Other Investment Company (Cost $5,069,965)				5,069,965

	Principal		Value
REPURCHASE AGREEMENT - 0.9%
Fixed Income Clearing Corp., 1.25% (J), dated 10/31/2018, to be repurchased at $10,377,309 on 11/01/2018. Collateralized by a U.S. Government Obligation, 1.13%, due 08/31/2021, and with a value of $10,585,839.		$  10,376,948		$   10,376,948
Total Repurchase Agreement (Cost $10,376,948)				10,376,948
Total Investments (Cost $1,210,641,119)				1,173,890,656
Net Other Assets (Liabilities) - (0.1)%				(1,609,484	)
Net Assets - 100.0%				$  1,172,281,172

SECURITY VALUATION:

Valuation Inputs ^(K)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs (L)		Value
ASSETS
Investments
Asset-Backed Securities	$	—	$	170,674,128	$	—	$	170,674,128
Corporate Debt Securities		—		293,094,201		21,472		293,115,673
Foreign Government Obligations		—		7,847,660		—		7,847,660
Mortgage-Backed Securities		—		33,155,358		—		33,155,358
Municipal Government Obligations		—		4,864,994		—		4,864,994
U.S. Government Agency Obligations		—		368,277,536		—		368,277,536
U.S. Government Obligations		—		280,508,394		—		280,508,394
Other Investment Company		5,069,965		—		—		5,069,965
Repurchase Agreement		—		10,376,948		—		10,376,948
Total Investments	$	5,069,965	$	1,168,799,219	$	21,472	$	1,173,890,656

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)

Floating or variable rate securities. The rates disclosed are as of October 31, 2018. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.

(B)

Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2018, the total value of 144A securities is $226,868,733, representing 19.4% of the Fund’s net assets.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    32

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(C)	Illiquid security. At October 31, 2018, the value of such securities amounted to $14,185,332 or 1.2% 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, 2018, the total value of securities is $1,083,585, representing 0.1% of the Fund’s net assets.
(E)	Percentage rounds to less than 0.1% or (0.1)%.
(F)	All or a portion of the securities are on loan. The total value of all securities on loan is $4,965,888. 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 bonds. Coupon rates change in increments to maturity. The rates disclosed are as of October 31, 2018; the maturity dates disclosed are the ultimate maturity dates.
(H)	Security is Level 3 of the fair value hierarchy.
(I)	Perpetual maturity. The date displayed is the next call date.
(J)	Rates disclosed reflect the yields at October 31, 2018.
(K)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(L)	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 2018

Page    33

Transamerica Global Real Estate Securities

(unaudited)

MARKET ENVIRONMENT

Global real estate stocks were essentially flat over the past 12-month period ended October 31, 2018, down approximately a half of a percent, which was lower than the returns delivered by global stocks but ahead of the negative total return delivered by global bonds. Concern regarding higher interest rates in the U.S. was the primary overhang to investment returns despite continued improvement in both economic growth and property company fundamentals. The Americas region delivered the best performance, as both Canada and the U.S. generated positive total return. Europe and the Asia-Pacific region delivered a negative total return. In Europe, returns on the continent were flat, while returns were negative in the U.K. as uncertainty over Great Britain’s vote to leave the European Union weighed on investor sentiment. In the Asia-Pacific region, Australia and Japan were both flat for the period, while Hong Kong and Singapore were both down over -10% as the result of continued geopolitical tensions regarding trade and tariffs.

Economic growth continued with modest pressure on inflation in an economic expansion, which continued to have durability at this point of an extended cycle. Consistent with this growth, monetary policy tightened in certain markets, including the U.S., U.K. and Canada, but remained more accommodative elsewhere. We expect the U.S. Federal Reserve to tighten monetary policy further in response to continued favorable economic growth. We believe real estate stocks remain attractively priced relative to private real estate and competing asset classes.

PERFORMANCE

For the year ended October 31, 2018, Transamerica Global Real Estate Securities (Class I2) returned -3.76%. By comparison, its benchmark, the S&P Developed Property Index, returned -0.46%.

STRATEGY REVIEW

Offering a global strategy for real estate securities’ investors in the U.S., the Fund seeks to own attractively-priced companies that own property in markets with favorable underlying real-estate fundamentals. The global universe of public real estate companies is approximately three times the size of the U.S. public company universe; thus, it offers additional choices and diversification opportunities.

The Fund trailed the benchmark during the period as the result of sub-par stock selection and sector allocation decisions. The value added by positive stock selection and sector allocation in Europe was more than offset by stock selection and sector allocation in the Americas and Asia-Pacific regions.

Stock selection in the U.S. accounted for three-quarters of the relative shortfall during the period, primarily due to stock selection in the office, residential, hotel and health-care sectors. This overshadowed the value added from positive sector allocation in the U.S., which was largely driven by an overweight in the outperforming mall sector.

In the Asia-Pacific region, stock selection in Hong Kong and Australia detracted from relative performance. Positioning in Europe, both on the continent and in the U.K., contributed to relative performance from both a stock selection and sector allocation perspective.

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		100.3	%
Net Other Assets (Liabilities)		(0.3	)
Total		100.0	%

Transamerica Funds Annual Report 2018

Page    34

Transamerica Global Real Estate Securities

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class I2 (NAV)		(3.76	)%		2.40	%		7.39	%		11/15/2005
S&P Developed Property Index (A)		(0.46	)%		5.14	%		10.47	%

^(A) The S&P Developed Property Index defines and measures the investable universe of publicly traded property companies domiciled in developed markets.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or since inception date of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Investments in real estate securities and real estate investment trusts (“REITs”) involve special risks, such as the possible decline in value of real estate, extended vacancies, and uninsured damages from natural disasters. This Fund is only available in Class I2 shares, which are not available for direct investment by the public.

Transamerica Funds Annual Report 2018

Page    35

Transamerica Global Real Estate Securities

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Shares		Value
COMMON STOCKS - 100.3%
Australia - 4.8%
Dexus, REIT		30,517		$  220,495
Goodman Group, REIT		15,323		112,615
LendLease Group		26,224		327,500
Mirvac Group, REIT		267,214		411,038
				1,071,648
Belgium - 0.7%
Warehouses de Pauw CVA, REIT		1,199		155,497
Canada - 0.6%
First Capital Realty, Inc.		9,300		138,746
Germany - 5.8%
ADO Properties SA (A)		1,984		117,020
Deutsche EuroShop AG		3,948		122,510
Grand City Properties SA		7,396		178,804
LEG Immobilien AG		4,518		493,858
Vonovia SE		8,121		371,101
				1,283,293
Hong Kong - 9.4%
China Overseas Land & Investment, Ltd.		38,000		119,466
China Resources Land, Ltd.		34,000		115,641
CK Asset Holdings, Ltd.		78,227		509,081
Henderson Land Development Co., Ltd.		81,000		377,790
Hongkong Land Holdings, Ltd.		22,748		134,713
Link REIT		31,000		275,500
Wharf Real Estate Investment Co., Ltd.		42,418		263,591
Wheelock & Co., Ltd.		54,000		288,685
				2,084,467
Ireland - 0.7%
Green REIT PLC		50,467		83,341
Hibernia REIT PLC		51,444		80,993
				164,334
Japan - 13.9%
AEON REIT Investment Corp.		111		122,259
Fukuoka REIT Corp.		86		129,820
Hulic Co., Ltd.		37,500		343,148
Invincible Investment Corp., REIT		192		79,526
Japan Hotel REIT Investment Corp.		412		293,098
LaSalle Logiport REIT		139		127,997
Mitsui Fudosan Co., Ltd.		46,212		1,040,797
Mori Hills REIT Investment Corp.		204		252,329
Nomura Real Estate Holdings, Inc.		9,885		185,689
Orix JREIT, Inc.		209		319,729
Tokyo Tatemono Co., Ltd.		17,900		192,517
				3,086,909
Norway - 0.5%
Entra ASA (A)		8,870		120,023
Singapore - 3.3%
CapitaLand Commercial Trust, REIT		77,100		96,340
CapitaLand, Ltd.		199,918		454,111
Mapletree Logistics Trust, REIT		213,600		186,669
				737,120
Spain - 1.5%
Merlin Properties Socimi SA, REIT		26,251		328,927
Sweden - 3.5%
Castellum AB		18,095		311,917
Fabege AB		20,127		257,009

	Shares		Value
COMMON STOCKS (continued)
Sweden (continued)
Kungsleden AB		12,947		$   90,501
Wihlborgs Fastigheter AB		9,734		109,820
				769,247
United Kingdom - 4.2%
Big Yellow Group PLC, REIT		10,987		120,966
Hammerson PLC, REIT		25,124		140,267
Land Securities Group PLC, REIT		18,932		205,944
Safestore Holdings PLC, REIT		15,017		102,538
Tritax Big Box REIT PLC		74,550		136,103
UNITE Group PLC, REIT		18,618		202,716
Workspace Group PLC, REIT		1,293		15,848
				924,382
United States - 51.4%
Alexandria Real Estate Equities, Inc., REIT		3,372		412,160
AvalonBay Communities, Inc., REIT		2,930		513,863
Brixmor Property Group, Inc., REIT		19,701		319,156
Columbia Property Trust, Inc., REIT		9,146		205,328
CoreCivic, Inc., REIT		6,385		143,407
Cousins Properties, Inc., REIT		27,150		225,617
Crown Castle International Corp., REIT		1,479		160,827
CubeSmart, REIT		12,291		356,193
CyrusOne, Inc., REIT		6,909		367,766
DiamondRock Hospitality Co., REIT		9,466		98,920
Douglas Emmett, Inc., REIT		10,706		387,450
Duke Realty Corp., REIT		8,461		233,270
Equinix, Inc., REIT		1,092		413,584
Equity Residential, REIT		11,180		726,253
Essex Property Trust, Inc., REIT		757		189,841
Extra Space Storage, Inc., REIT		5,788		521,267
Healthcare Trust of America, Inc., Class A, REIT		13,013		341,721
Hilton Worldwide Holdings, Inc.		3,033		215,859
Hudson Pacific Properties, Inc., REIT		10,278		311,423
Invitation Homes, Inc., REIT		16,893		369,619
JBG SMITH Properties, REIT		2,833		106,181
Macerich Co., REIT		4,993		257,739
MGM Growth Properties LLC, Class A, REIT		4,756		134,547
Piedmont Office Realty Trust, Inc., Class A, REIT		10,011		180,398
Prologis, Inc., REIT		11,812		761,520
Regency Centers Corp., REIT		5,274		334,161
Simon Property Group, Inc., REIT		5,782		1,061,113
STORE Capital Corp., REIT		12,848		372,977
Sun Communities, Inc., REIT		3,452		346,822
Taubman Centers, Inc., REIT		4,729		260,142
VEREIT, Inc.		44,501		326,192
VICI Properties, Inc., REIT		5,526		119,306
Welltower, Inc., REIT		9,806		647,882
				11,422,504
Total Common Stocks (Cost $21,677,666)				22,287,097
Total Investments (Cost $21,677,666)				22,287,097
Net Other Assets (Liabilities) - (0.3)%				(72,700	)
Net Assets - 100.0%				$  22,214,397

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    36

Transamerica Global Real Estate Securities

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

INVESTMENTS BY INDUSTRY (unaudited):

Industry	Percentage of Total Investments			Value
Equity Real Estate Investment Trusts		69.1	%	$	15,407,200
Real Estate Management & Development		29.9			6,664,038
Hotels, Restaurants & Leisure		1.0			215,859
Investments, at Value		100.0			22,287,097
Total Investments		100.0	%	$	22,287,097

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	$	11,561,250	$	10,725,847	$	—	$	22,287,097
Total Investments	$	11,561,250	$	10,725,847	$	—	$	22,287,097

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, 2018, the total value of 144A securities is $237,043, representing 1.1% of the Fund’s net assets.

(B)

There were no transfers in or out of Level 3 during the year ended October 31, 2018. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATIONS:

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 2018

Page    37

Transamerica International Value

(unaudited)

MARKET ENVIRONMENT

From the Fund’s inception on August 31, 2018 until October 31, 2018, international equities declined in U.S. dollar terms with the MSCI ACWI ex-U.S. Index falling -8.24%. Concerns about trade disputes, interest rates and the outcome of Brexit weighed on investor sentiment. Japan was the top-performing region though it generated a negative return of -4.80%. Asia ex-Japan, down -9.06%, was the worst-performing region. Sector performance was mixed. Utilities and energy led the index but were down -3.41% and -3.36%, respectively. Information technology and consumer discretionary were the worst-performing sectors, down -12.50% and -10.18%, respectively.

PERFORMANCE

For the period from August 31, 2018 through year ended October 31, 2018, Transamerica International Value (Class I2) returned -8.50%. By comparison, its benchmark, the MSCI ACWI ex-U.S. Index, returned -8.24%.

STRATEGY REVIEW

The Fund modestly underperformed its benchmark over the two months due in part to its holdings in Europe, including ArcelorMittal. Shares of world’s largest steel company were impacted by rising negative sentiment about the future of the global economy. Our holdings in emerging markets were the top regional contributor. Banco do Brasil SA led the group. Shares of many Brazilian companies benefited as it became more likely a business-friendly candidate, Jair Bolsonaro, would win the country’s presidential election.

Basic materials stocks were the biggest drag on relative performance. Ireland-based packaging company Smurfit Kappa Group PLC joined ArcelorMittal among notable detractors. Both were held back by investor concerns about how more cyclical companies would perform in a slowing economy. Our information technology holdings, led lower by Flex, Ltd., also detracted from performance. The Singapore-based contract manufacturer disappointed investors when it ended a relationship with Nike, Inc.

Our holdings and underweight in consumer discretionary were the largest relative sector contributors. A recent purchase, Alibaba Group Holding, Ltd., ADR, was the top sector contributor. The Chinese internet company sold off with peers prior to our initial purchase, giving us an opportunity to acquire a company with good business fundamentals and strong growth potential at an attractive price. Our consumer staples holdings were also positive contributors. Nestle SA led this group thanks to its traditionally defensive nature during a period of market decline.

Brandon H. Harrell, CFA

Mark S. Tyler, CFA

Co-Portfolio Managers

Thompson, Siegel & Walmsley LLC

Asset Allocation	Percentage of Net Assets
Common Stocks		97.2	%
Preferred Stock		1.5
Other Investment Company		1.1
Net Other Assets (Liabilities)		0.2
Total		100.0	%

Transamerica Funds Annual Report 2018

Page    38

Transamerica International Value

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	10 Years or Since Inception Date of Class			Inception Date
Class I2 (NAV)		(8.50	)%(A)		08/31/2018
MSCI ACWI ex-U.S. Index (B)		(8.24	)%(A)

^(A) Not annualized.

^(B) The MSCI ACWI ex-U.S. Index captures large and mid-cap representation across developed and emerging markets countries, excluding the U.S.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or since inception date of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Investments in international markets involve risks not associated with U.S. markets, such as currency fluctuations, adverse social and political developments, and relatively small size and lesser liquidity of the markets. Value approach carries the risk that the market will not recognize a security’s intrinsic value for a long time or that an undervalued stock is actually appropriately priced.

Transamerica Funds Annual Report 2018

Page    39

Transamerica International Value

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Shares		Value
COMMON STOCKS - 97.2%
Australia - 3.6%
Challenger, Ltd.		7,380		$  53,747
Macquarie Group, Ltd.		973		81,141
Qantas Airways, Ltd.		16,230		63,001
Santos, Ltd.		28,808		135,212
				333,101
Belgium - 0.8%
KBC Group NV		1,074		74,016
Brazil - 2.1%
Banco do Brasil SA		6,400		73,519
BR Properties SA		17,900		37,565
Embraer SA		5,000		28,120
Localiza Rent a Car SA		2,900		22,404
Qualicorp Consultoria e Corretora de Seguros SA		7,400		28,634
				190,242
Canada - 5.8%
Canadian Imperial Bank of Commerce		800		69,083
Canadian National Railway Co.		1,200		102,585
Celestica, Inc. (A)		5,500		57,070
Entertainment One, Ltd.		5,115		26,737
Fairfax Financial Holdings, Ltd.		200		97,186
Fairfax India Holdings Corp. (A) (B)		2,500		31,725
Power Financial Corp.		2,800		60,299
Suncor Energy, Inc.		1,700		57,026
Transcontinental, Inc., Class A		1,500		24,691
				526,402
China - 5.4%
Agricultural Bank of China, Ltd., H Shares		123,000		54,142
Alibaba Group Holding, Ltd., ADR (A)		530		75,408
Baidu, Inc., ADR (A)		207		39,343
China Construction Bank Corp., Class H		101,000		80,148
China Petroleum & Chemical Corp., A Shares		49,500		44,775
JD.com, Inc., ADR (A)		1,995		46,922
Minth Group, Ltd.		8,000		25,993
Tencent Holdings, Ltd.		3,100		106,204
Yangtze Optical Fibre and Cable Joint Stock, Ltd. Co., H Shares (B)		7,500		18,372
				491,307
Czech Republic - 0.4%
Komercni banka as		997		37,835
Denmark - 1.6%
AP Moller - Maersk A/S, Class B		113		142,630
Egypt - 0.1%
ElSewedy Electric Co.		13,030		10,943
France - 5.3%
Airbus SE		649		71,724
Arkema SA		892		93,583
Engie SA (C)		5,274		70,077
Peugeot SA		3,976		94,513
Veolia Environnement SA		3,965		79,020
Vivendi SA		3,164		76,310
				485,227
Germany - 7.3%
Allianz SE		334		69,579
Bayer AG		876		67,148
Deutsche Boerse AG		539		68,115

	Shares		Value
COMMON STOCKS (continued)
Germany (continued)
Fresenius SE & Co. KGaA		510		$   32,413
Infineon Technologies AG		3,976		79,667
LANXESS AG		660		40,852
Merck KGaA		740		79,182
SAP SE		649		69,491
Siemens AG		730		83,911
TUI AG		4,452		73,578
				663,936
Greece - 0.2%
OPAP SA		2,411		22,651
Hong Kong - 4.0%
China Mobile, Ltd.		7,500		70,259
CK Hutchison Holdings, Ltd.		5,500		55,397
Guangdong Investment, Ltd.		38,607		69,117
Haier Electronics Group Co., Ltd. (A)		16,000		33,600
SITC International Holdings Co., Ltd.		38,000		27,919
Swire Pacific, Ltd., Class A		3,500		36,360
Swire Pacific, Ltd., Class B		25,000		40,352
WH Group, Ltd. (B)		45,500		31,953
				364,957
India - 1.1%
Infosys, Ltd., ADR		5,200		49,244
Vedanta, Ltd., ADR		4,588		51,110
				100,354
Indonesia - 0.3%
AKR Corporindo Tbk PT		124,300		28,307
Ireland - 3.0%
AIB Group PLC		9,835		47,418
DCC PLC		1,136		97,367
Ryanair Holdings PLC, ADR (A)		568		47,030
Smurfit Kappa Group PLC		2,677		87,031
				278,846
Italy - 3.0%
Azimut Holding SpA (C)		4,968		61,169
Eni SpA		6,842		121,512
Mediobanca Banca di Credito Finanziario SpA		5,193		45,479
Prysmian SpA		2,207		42,875
				271,035
Japan - 16.7%
Aisin Seiki Co., Ltd.		1,500		58,667
Astellas Pharma, Inc.		5,100		78,796
Bridgestone Corp.		1,300		50,127
Daiwa Securities Group, Inc.		13,100		75,125
FANUC Corp.		200		34,793
Hitachi, Ltd.		1,600		48,912
JXTG Holdings, Inc.		32,200		217,575
Kuraray Co., Ltd.		4,800		65,930
MS&AD Insurance Group Holdings, Inc.		3,000		90,112
Nippon Telegraph & Telephone Corp.		1,600		65,982
ORIX Corp.		4,600		74,939
Seven & i Holdings Co., Ltd.		1,600		69,280
Shimadzu Corp.		2,700		68,237
SoftBank Group Corp.		700		55,397
Sony Corp.		2,300		124,469
Square Enix Holdings Co., Ltd.		1,500		53,762

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    40

Transamerica International Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Shares		Value
COMMON STOCKS (continued)
Japan (continued)
Sumitomo Mitsui Financial Group, Inc.		3,000		$   116,805
Toshiba Corp. (A)		4,000		119,890
Trend Micro, Inc.		1,000		57,566
				1,526,364
Luxembourg - 1.6%
ArcelorMittal		6,005		149,843
Malaysia - 0.3%
Sime Darby Property Bhd.		117,300		27,400
Mexico - 0.9%
Alpek SAB de CV (A)		15,300		20,299
Arca Continental SAB de CV		5,100		25,609
Grupo Aeroportuario del Centro Norte SAB de CV		7,200		37,710
				83,618
Netherlands - 2.9%
ASML Holding NV		100		17,224
Heineken NV		1,300		116,957
Koninklijke Philips NV		2,109		78,657
NXP Semiconductors NV		745		55,868
				268,706
Norway - 0.5%
Marine Harvest ASA		1,866		45,176
Philippines - 0.4%
International Container Terminal Services, Inc.		24,360		41,203
Republic of Korea - 2.2%
Com2uSCorp		282		31,906
Hana Financial Group, Inc.		1,413		47,598
Korean Reinsurance Co.		2,020		17,202
NCSoft Corp.		99		37,418
POSCO		282		64,548
				198,672
Republic of South Africa - 0.7%
Naspers, Ltd., N Shares		349		61,215
Russian Federation - 1.5%
LUKOIL PJSC, ADR		831		62,026
PhosAgro PJSC, GDR (D)		2,958		38,750
Sberbank of Russia PJSC, ADR		3,204		37,454
				138,230
Singapore - 1.1%
DBS Group Holdings, Ltd.		6,000		101,805
Spain - 0.3%
Siemens Gamesa Renewable Energy SA (A) (C)		2,434		26,957
Sweden - 0.7%
Loomis AB, Class B		1,947		60,201
Switzerland - 5.9%
Nestle SA		2,464		208,018
Novartis AG		1,967		172,254
Pargesa Holding SA		892		65,482
UBS Group AG (A)		4,644		64,910
Wizz Air Holdings PLC (A) (B)		1,021		33,488
				544,152
Taiwan - 2.4%
Hon Hai Precision Industry Co., Ltd.		13,600		34,620
Realtek Semiconductor Corp.		10,000		40,267

	Shares		Value
COMMON STOCKS (continued)
Taiwan (continued)
Taiwan High Speed Rail Corp.		6,120		$   6,081
Taiwan Semiconductor Manufacturing Co., Ltd.		13,000		97,596
Yuanta Financial Holding Co., Ltd.		91,000		44,253
				222,817
Thailand - 0.5%
Bangkok Bank PCL, NVDR		7,800		48,751
Turkey - 0.6%
Tofas Turk Otomobil Fabrikasi AS		5,237		19,767
Tupras Turkiye Petrol Rafinerileri AS		1,496		35,296
				55,063
United Kingdom - 10.8%
Aviva PLC		17,790		97,220
Barratt Developments PLC		11,117		72,916
British Land Co. PLC, REIT		12,659		95,605
Cineworld Group PLC		21,886		82,275
HSBC Holdings PLC		12,821		105,512
Imperial Brands PLC		2,272		76,959
Informa PLC		4,509		41,147
Inmarsat PLC		6,816		39,638
Persimmon PLC		1,379		40,359
Standard Life Aberdeen PLC		12,709		43,896
TechnipFMC PLC		3,083		81,083
Tesco PLC		33,817		92,098
Vodafone Group PLC		20,774		39,066
Whitbread PLC		540		30,363
William Hill PLC		17,690		47,554
				985,691
United States - 2.7%
Allergan PLC		788		124,512
Cott Corp.		6,400		96,356
Flex, Ltd. (A)		2,840		22,322
				243,190
Uruguay - 0.5%
Arcos Dorados Holdings, Inc., Class A		5,819		41,955
Total Common Stocks (Cost $9,745,424)				8,892,798
PREFERRED STOCK - 1.5%
Republic of Korea - 1.5%
Samsung Electronics Co., Ltd., 4.08% (E)		4,198		132,450
Total Preferred Stock (Cost $146,048)				132,450
OTHER INVESTMENT COMPANY - 1.1%
Securities Lending Collateral - 1.1%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 2.19% (E)		102,680		102,680
Total Other Investment Company (Cost $102,680)				102,680
Total Investments (Cost $9,994,152)				9,127,928
Net Other Assets (Liabilities) - 0.2%				17,825
Net Assets - 100.0%				$  9,145,753

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    41

Transamerica International Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

INVESTMENTS BY INDUSTRY (unaudited):

Industry	Percentage of Total Investments			Value
Banks		10.3	%	$	939,565
Oil, Gas & Consumable Fuels		7.4			673,422
Pharmaceuticals		5.7			521,892
Insurance		4.7			431,598
Capital Markets		4.7			426,438
Industrial Conglomerates		3.9			356,565
Entertainment		3.4			308,408
Semiconductors & Semiconductor Equipment		3.2			290,622
Food Products		3.1			285,147
Household Durables		3.0			271,344
Metals & Mining		2.9			265,501
Chemicals		2.8			259,414
Beverages		2.6			238,922
Diversified Financial Services		2.6			238,064
Electronic Equipment, Instruments & Components		2.5			231,161
Hotels, Restaurants & Leisure		2.4			216,101
Marine		1.9			170,549
Wireless Telecommunication Services		1.8			164,722
Food & Staples Retailing		1.8			161,378
Multi-Utilities		1.6			149,097
Interactive Media & Services		1.6			145,547
Airlines		1.6			143,519
Real Estate Management & Development		1.6			141,677
Auto Components		1.5			134,787
Technology Hardware, Storage & Peripherals		1.4			132,450
Software		1.4			127,057
Road & Rail		1.4			124,989
Internet & Direct Marketing Retail		1.3			122,330
Automobiles		1.2			114,280
Diversified Telecommunication Services		1.2			105,620
Media		1.1			102,362
Aerospace & Defense		1.1			99,844
Equity Real Estate Investment Trusts		1.0			95,605
Containers & Packaging		1.0			87,031
Transportation Infrastructure		0.9			84,994
Commercial Services & Supplies		0.9			84,892
Energy Equipment & Services		0.9			81,083
Electrical Equipment		0.9			80,775
Health Care Equipment & Supplies		0.9			78,657
Tobacco		0.8			76,959
Water Utilities		0.8			69,117
Health Care Providers & Services		0.7			61,047
IT Services		0.5			49,244
Machinery		0.4			34,793
Trading Companies & Distributors		0.3			28,307
Communications Equipment		0.2			18,372
Investments, at Value		98.9			9,025,248
Short-Term Investments		1.1			102,680
Total Investments		100.0	%	$	9,127,928

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    42

Transamerica International Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

SECURITY VALUATION:

Valuation Inputs ^(F)

	Level 1 -  Unadjusted Quoted Prices		Level 2 -  Other Significant Observable Inputs		Level 3 -  Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	1,642,908	$	7,249,890	$	—	$	8,892,798
Preferred Stock		—		132,450		—		132,450
Other Investment Company		102,680		—		—		102,680
Total Investments	$	1,745,588	$	7,382,340	$	—	$	9,127,928

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2018, the total value of 144A securities is $115,538, representing 1.3% 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 $97,668. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(D)	Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At October 31, 2018, the value of the Regulation S security is $38,750, representing 0.4% of the Fund’s net assets.
(E)	Rates disclosed reflect the yields at October 31, 2018.
(F)	There were no transfers in or out of Level 3 during the period ended October 31, 2018. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATIONS:

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
NVDR	Non-Voting Depository Receipt
REIT	Real Estate Investment Trust

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    43

Transamerica Long/Short Strategy

(unaudited)

MARKET ENVIRONMENT

In the fourth quarter of 2017, U.S. equity markets marched higher, propelled by a stream of positive economic data, the well-received U.S. Federal Reserve (“Fed”) chair nomination of Jerome Powell, and progress on tax reform. The signing of the tax reform act in December 2017 resulted in increased earnings estimates for many companies, giving investors hope that 2018 would see an increase in investment spending.

U.S. equity markets in 2018 experienced a significant increase in volatility compared to the unusually mild 2017. Economic growth remained stable as the Fed raised interest rates on two occasions during the first six months of the year, bringing the federal funds rate to a range of 1.75%-2.00%. In June, the Trump administration announced plans to impose a 25% tariff on $50 billion of annual Chinese imports. Though the impact was modest, the market continued to grapple with the potential implications for the growth and profitability of global companies.

The Fed continued to raise rates in September, reaching a range of 2.00-2.25%, and it remained on target to meet its long-term objective of normalizing monetary policy with economic projections marginally more constructive. Moving into October, the S&P 500^® sold off sharply as market volatility increased. Corporate fundamentals remained robust and recent economic projections looked solid, with healthy consumer spending, strong growth in inventories and credit spreads remained in check. We are monitoring potential U.S. market risks, which include more interest rate increases, the overhang of midterm elections, and U.S./China trade uncertainties.

PERFORMANCE

For the year ended October 31, 2018, Transamerica Long/Short Strategy (Class I2) returned 0.36%. By comparison, its primary and secondary benchmarks, the ICE BofAML 3-Month Treasury Bill Index and the S&P 500^®, returned 1.68% and 7.35%, respectively.

STRATEGY REVIEW

For the year ended October 31, 2018, the Fund underperformed its benchmark with retail, basic materials and communications sectors detracting from returns, while health care, media and financials added value.

Within consumer cyclicals, a short position in Chipotle Mexican Grill, Inc. detracted. The stock’s rise was primarily driven by improvements in operating margins. Additionally, the market seemed to have renewed confidence in the company based on CEO Brian Niccol’s turnaround strategy. We still believed that the company was trading at a lofty multiple with no guarantee of the turnaround plan succeeding; thus, we remained comfortable in our negative position. In technology, a short in Seagate Technology PLC hurt returns. Performance was due to a strong showing from the hard-disk drives (“HDDs”) segment. However, we still viewed HDDs, which account for much of Seagate Technology PLC’s revenue, in secular decline as NAND flash memory prices fall and become an increasingly competitive substitute for HDDs. While the company was still making money and could likely continue to do so in the near term, we believed solid state drives (“SSDs”) should replace much of the HDD market share, and Seagate Technology PLC’s heavy exposure to HDD could pose a larger challenge long term.

On the positive side, within industrial cyclicals, our long position in Union Pacific Corp. contributed. The stock rose on news of a large buyback, positive volume growth and continued productivity improvements. Potential for margin growth increased investor confidence. We believed pricing growth may accelerate in the coming years and that volumes remained favorable for the company. Also within industrial cyclicals, a long position in Norfolk Southern Corp. contributed. Strong earnings, coupled with positive forward guidance and an increase in the company’s stock buyback program led shares higher. Although the company’s services segment still needed improvement in our view, recent trends of higher volumes, favorable pricing and the potential for margin improvement led to our continued positive view on the stock.

Steven G. Lee

Raffaele Zingone, CFA

Co-Portfolio Managers

J.P. Morgan Asset Management Inc.

Asset Allocation	Percentage of Net Assets
Common Stocks		105.0	%
Repurchase Agreement		5.5
Common Stocks Sold Short		(73.7	)
Net Other Assets (Liabilities)^		63.2
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 2018

Page    44

Transamerica Long/Short Strategy

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class I2 (NAV)		0.36	%		3.57	%		1.11	%		01/03/2007
ICE BofAML 3-Month Treasury Bill Index (A)		1.68	%		0.55	%		0.35	%
S&P 500® (B)		7.35	%		11.34	%		13.24	%

^(A) The ICE BofAML 3-Month Treasury Bill Index is comprised of a single issue purchased at the beginning of the month, which is subsequently sold at the end of the month and rolled into a newly selected issue. The issue selected at each month-end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date.

^(B) The S&P 500^® is market-capitalization weighted index of 500 large U.S. companies with common stock listed on the NYSE or NASDAQ.

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or since inception date of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Securities purchased for an arbitrage strategy are intended to take advantage of a perceived relationship between the value of two securities and may not perform as expected. The Fund is only available in Class I2 shares, which are not available for direct investment by the public.

Transamerica Funds Annual Report 2018

Page    45

Transamerica Long/Short Strategy

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Shares		Value
COMMON STOCKS - 105.0%
Aerospace & Defense - 2.1%
General Dynamics Corp. (A)		1,031		$  177,930
Northrop Grumman Corp. (A)		138		36,149
United Technologies Corp.		359		44,591
				258,670
Airlines - 0.4%
Delta Air Lines, Inc.		869		47,560
Auto Components - 0.6%
Aptiv PLC		494		37,939
BorgWarner, Inc.		809		31,883
				69,822
Banks - 4.1%
Bank of America Corp. (A)		3,982		109,505
Citigroup, Inc.		436		28,541
Comerica, Inc.		261		21,287
KeyCorp (A)		5,194		94,323
Regions Financial Corp.		2,641		44,818
SunTrust Banks, Inc.		1,361		85,280
SVB Financial Group (B)		461		109,363
				493,117
Beverages - 1.1%
Coca-Cola Co.		1,762		84,365
PepsiCo, Inc.		404		45,401
				129,766
Biotechnology - 1.2%
Alexion Pharmaceuticals, Inc. (B)		259		29,026
Biogen, Inc. (B)		108		32,861
Vertex Pharmaceuticals, Inc. (B)		504		85,408
				147,295
Building Products - 0.0% (C)
Resideo Technologies, Inc. (B)		35		754
Capital Markets - 3.2%
Ameriprise Financial, Inc.		302		38,426
CME Group, Inc.		970		177,743
Morgan Stanley (A)		2,663		121,593
S&P Global, Inc.		243		44,304
				382,066
Chemicals - 2.4%
Celanese Corp.		1,171		113,517
DowDuPont, Inc.		989		53,327
Eastman Chemical Co.		1,563		122,461
				289,305
Consumer Finance - 0.5%
American Express Co.		545		55,988
Containers & Packaging - 1.6%
Avery Dennison Corp.		921		83,553
Crown Holdings, Inc. (B)		853		36,074
Packaging Corp. of America		600		55,086
WestRock Co.		494		21,227
				195,940
Diversified Telecommunication Services - 0.7%
Verizon Communications, Inc.		1,452		82,895
Electric Utilities - 4.7%
Evergy, Inc.		2,139		119,762
Exelon Corp.		3,044		133,358

	Shares		Value
COMMON STOCKS (continued)
Electric Utilities (continued)
NextEra Energy, Inc. (A)		1,274		$   219,765
Xcel Energy, Inc.		1,765		86,503
				559,388
Electrical Equipment - 0.3%
Eaton Corp. PLC		476		34,115
Entertainment - 2.3%
Electronic Arts, Inc. (B)		1,221		111,086
Twenty-First Century Fox, Inc., Class A		2,550		116,076
Walt Disney Co.		442		50,755
				277,917
Equity Real Estate Investment Trusts - 3.0%
AvalonBay Communities, Inc.		506		88,742
Brixmor Property Group, Inc.		1,447		23,441
Federal Realty Investment Trust		248		30,764
Host Hotels & Resorts, Inc.		972		18,575
Prologis, Inc.		1,359		87,615
Ventas, Inc.		1,214		71,590
Vornado Realty Trust		593		40,372
				361,099
Food & Staples Retailing - 0.4%
Costco Wholesale Corp.		238		54,414
Food Products - 2.6%
Conagra Brands, Inc.		2,251		80,136
Mondelez International, Inc., Class A (A)		5,003		210,026
Post Holdings, Inc. (B)		249		22,016
				312,178
Health Care Equipment & Supplies - 2.8%
Boston Scientific Corp. (B)		4,453		160,931
Medtronic PLC		283		25,419
Zimmer Biomet Holdings, Inc.		1,281		145,509
				331,859
Health Care Providers & Services - 4.7%
Anthem, Inc.		222		61,176
Cigna Corp.		1,220		260,848
UnitedHealth Group, Inc. (A)		945		246,976
				569,000
Hotels, Restaurants & Leisure - 2.3%
Hilton Worldwide Holdings, Inc.		1,263		89,888
Royal Caribbean Cruises, Ltd.		587		61,476
Yum! Brands, Inc.		1,383		125,037
				276,401
Household Durables - 0.4%
MDC Holdings, Inc.		1,710		48,051
Household Products - 0.6%
Energizer Holdings, Inc.		1,275		74,932
Industrial Conglomerates - 1.0%
Honeywell International, Inc.		799		115,711
Insurance - 2.1%
Allstate Corp.		1,150		110,078
Arthur J. Gallagher & Co.		596		44,110
Axis Capital Holdings, Ltd.		655		36,542
Principal Financial Group, Inc.		600		28,242
Willis Towers Watson PLC		247		35,361
				254,333

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    46

Transamerica Long/Short Strategy

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Shares		Value
COMMON STOCKS (continued)
Interactive Media & Services - 4.8%
Alphabet, Inc., Class C (A) (B)		537		$   578,226
Internet & Direct Marketing Retail - 3.2%
Amazon.com, Inc. (A) (B)		183		292,436
Booking Holdings, Inc. (B)		24		44,990
Expedia Group, Inc.		406		50,924
				388,350
IT Services - 5.7%
Automatic Data Processing, Inc.		1,147		165,260
Fidelity National Information Services, Inc.		597		62,148
First Data Corp., Class A (B)		1,026		19,227
Fiserv, Inc. (B)		436		34,575
Mastercard, Inc., Class A		585		115,637
PayPal Holdings, Inc. (B)		423		35,612
Visa, Inc., Class A		690		95,117
WEX, Inc. (B)		488		85,868
Worldpay, Inc., Class A (B)		785		72,094
				685,538
Machinery - 1.8%
Ingersoll-Rand PLC		1,332		127,792
Stanley Black & Decker, Inc.		747		87,041
				214,833
Media - 1.4%
Charter Communications, Inc., Class A (B)		311		99,635
Discovery, Inc., Class A (B)		2,177		70,513
				170,148
Multi-Utilities - 2.8%
Ameren Corp.		1,076		69,488
NiSource, Inc.		460		11,666
Public Service Enterprise Group, Inc.		1,664		88,907
Sempra Energy		993		109,349
WEC Energy Group, Inc.		837		57,251
				336,661
Multiline Retail - 1.4%
Dollar General Corp.		508		56,581
Dollar Tree, Inc. (B)		1,278		107,735
				164,316
Oil, Gas & Consumable Fuels - 8.1%
Chevron Corp.		318		35,505
Cimarex Energy Co.		212		16,848
Concho Resources, Inc. (B)		218		30,322
Diamondback Energy, Inc.		811		91,124
EOG Resources, Inc. (A)		1,820		191,719
Marathon Petroleum Corp.		2,504		176,407
Occidental Petroleum Corp.		2,117		141,987
ONEOK, Inc.		891		58,449
Parsley Energy, Inc., Class A (B)		2,517		58,948
Pioneer Natural Resources Co. (A)		1,168		172,011
				973,320
Pharmaceuticals - 1.9%
Eli Lilly & Co.		457		49,557
Merck & Co., Inc.		568		41,810
Pfizer, Inc.		3,132		134,864
				226,231
Professional Services - 0.3%
TransUnion		522		34,322

	Shares		Value
COMMON STOCKS (continued)
Road & Rail - 7.6%
Canadian Pacific Railway, Ltd.		492		$   100,860
Norfolk Southern Corp. (A)		2,436		408,834
Union Pacific Corp. (A)		2,747		401,666
				911,360
Semiconductors & Semiconductor Equipment - 6.3%
Analog Devices, Inc. (A)		1,630		136,447
Broadcom, Inc.		444		99,230
NVIDIA Corp.		1,089		229,594
NXP Semiconductors NV		919		68,916
ON Semiconductor Corp. (B)		2,307		39,219
Texas Instruments, Inc. (A)		1,917		177,955
				751,361
Software - 5.0%
Adobe, Inc. (B)		194		47,677
Anaplan, Inc. (B)		2,997		68,931
Microsoft Corp. (A)		2,471		263,928
salesforce.com, Inc. (B)		1,325		181,843
ServiceNow, Inc. (B)		204		36,932
				599,311
Specialty Retail - 5.4%
Advance Auto Parts, Inc.		182		29,076
AutoZone, Inc. (B)		131		96,085
Best Buy Co., Inc.		437		30,660
Lowe’s Cos., Inc.		940		89,507
O’Reilly Automotive, Inc. (A) (B)		561		179,941
Ross Stores, Inc.		1,550		153,450
TJX Cos., Inc.		680		74,718
				653,437
Textiles, Apparel & Luxury Goods - 0.7%
PVH Corp.		707		85,399
Tobacco - 2.5%
Altria Group, Inc.		2,096		136,324
Philip Morris International, Inc.		1,800		158,526
				294,850
Wireless Telecommunication Services - 1.0%
T-Mobile US, Inc. (B)		1,764		120,922
Total Common Stocks (Cost $11,243,090)				12,611,161
	Principal		Value
REPURCHASE AGREEMENT - 5.5%
Fixed Income Clearing Corp., 1.25% (D), dated 10/31/2018, to be repurchased at $663,244 on 11/01/2018. Collateralized by U.S. Government Obligations, 1.88% - 2.00%, due 10/31/2021 - 02/28/2022, and with a total value of $680,032.		$  663,221		663,221
Total Repurchase Agreement (Cost $663,221)				663,221
Total Investments (Cost $11,906,311)				13,274,382

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    47

Transamerica Long/Short Strategy

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Shares			Value
SECURITIES SOLD SHORT - (73.7)%
COMMON STOCKS - (73.7)%
Aerospace & Defense - (1.5)%
Huntington Ingalls Industries, Inc.		(180	)		$  (39,326	)
Lockheed Martin Corp.		(226	)		(66,410	)
Raytheon Co.		(272	)		(47,611	)
Textron, Inc.		(600	)		(32,070	)
					(185,417	)
Air Freight & Logistics - (1.2)%
CH Robinson Worldwide, Inc.		(167	)		(14,868	)
United Parcel Service, Inc., Class B		(1,193	)		(127,102	)
					(141,970	)
Auto Components - (0.2)%
Autoliv, Inc.		(234	)		(19,501	)
Veoneer, Inc.		(234	)		(7,858	)
					(27,359	)
Automobiles - (1.4)%
General Motors Co.		(2,360	)		(86,352	)
Harley-Davidson, Inc.		(463	)		(17,696	)
Tesla, Inc.		(191	)		(64,428	)
					(168,476	)
Banks - (2.1)%
Associated Banc-Corp.		(3,607	)		(83,610	)
BancorpSouth Bank		(1,012	)		(29,044	)
Bank of Hawaii Corp.		(423	)		(33,180	)
First Hawaiian, Inc.		(1,451	)		(35,956	)
People’s United Financial, Inc.		(2,354	)		(36,864	)
PNC Financial Services Group, Inc.		(300	)		(38,547	)
					(257,201	)
Beverages - (0.8)%
Brown-Forman Corp., Class B		(2,009	)		(93,097	)
Biotechnology - (1.5)%
AbbVie, Inc.		(1,341	)		(104,397	)
Amgen, Inc.		(396	)		(76,345	)
					(180,742	)
Building Products - (0.6)%
Johnson Controls International PLC		(2,200	)		(70,334	)
Capital Markets - (2.7)%
FactSet Research Systems, Inc.		(229	)		(51,241	)
Federated Investors, Inc., Class B		(1,520	)		(37,498	)
Goldman Sachs Group, Inc.		(149	)		(33,580	)
Invesco, Ltd.		(2,324	)		(50,454	)
Legg Mason, Inc.		(1,293	)		(36,488	)
Nasdaq, Inc.		(322	)		(27,921	)
Northern Trust Corp.		(267	)		(25,117	)
State Street Corp.		(225	)		(15,469	)
Waddell & Reed Financial, Inc., Class A		(2,447	)		(46,664	)
					(324,432	)
Chemicals - (2.1)%
Albemarle Corp.		(1,212	)		(120,255	)
LyondellBasell Industries NV, Class A		(662	)		(59,097	)
PPG Industries, Inc.		(712	)		(74,824	)
					(254,176	)
Communications Equipment - (0.8)%
Cisco Systems, Inc.		(1,088	)		(49,776	)
Juniper Networks, Inc.		(1,534	)		(44,900	)
					(94,676	)

	Shares			Value
SECURITIES SOLD SHORT (continued)
COMMON STOCKS (continued)
Consumer Finance - (0.3)%
Synchrony Financial		(1,063	)		$   (30,699	)
Diversified Telecommunication Services - (0.2)%
AT&T, Inc.		(905	)		(27,765	)
Electric Utilities - (3.9)%
Duke Energy Corp.		(1,776	)		(146,751	)
Pinnacle West Capital Corp.		(1,106	)		(90,968	)
Southern Co.		(5,264	)		(237,038	)
					(474,757	)
Electrical Equipment - (0.4)%
Rockwell Automation, Inc., Class B		(260	)		(42,830	)
Electronic Equipment, Instruments & Components - (0.5)%
Amphenol Corp., Class A		(707	)		(63,277	)
Energy Equipment & Services - (2.5)%
Halliburton Co.		(1,052	)		(36,483	)
Helmerich & Payne, Inc.		(1,116	)		(69,516	)
Schlumberger, Ltd.		(3,822	)		(196,107	)
					(302,106	)
Entertainment - (0.3)%
Viacom, Inc., Class B		(1,312	)		(41,958	)
Equity Real Estate Investment Trusts - (3.4)%
Alexandria Real Estate Equities, Inc.		(235	)		(28,724	)
American Tower Corp.		(297	)		(47,802	)
Apple Hospitality REIT, Inc.		(1,953	)		(31,580	)
CBL & Associates Properties, Inc.		(2,204	)		(7,273	)
Crown Castle International Corp.		(285	)		(30,991	)
Macerich Co.		(690	)		(35,618	)
Pennsylvania Real Estate Investment Trust		(996	)		(8,914	)
Regency Centers Corp.		(191	)		(12,102	)
Simon Property Group, Inc.		(356	)		(65,333	)
SL Green Realty Corp.		(363	)		(33,127	)
Taubman Centers, Inc.		(250	)		(13,753	)
Washington Prime Group, Inc.		(2,128	)		(13,619	)
Welltower, Inc.		(1,087	)		(71,818	)
					(400,654	)
Food & Staples Retailing - (1.0)%
Kroger Co.		(2,494	)		(74,221	)
Walgreens Boots Alliance, Inc.		(600	)		(47,862	)
					(122,083	)
Food Products - (3.3)%
Campbell Soup Co.		(1,711	)		(64,008	)
General Mills, Inc.		(4,589	)		(200,998	)
Hershey Co.		(1,285	)		(137,688	)
					(402,694	)
Gas Utilities - (0.6)%
National Fuel Gas Co.		(645	)		(35,017	)
UGI Corp.		(674	)		(35,763	)
					(70,780	)
Health Care Equipment & Supplies - (1.7)%
Abbott Laboratories		(632	)		(43,570	)
Baxter International, Inc.		(48	)		(3,000	)
DENTSPLY SIRONA, Inc.		(746	)		(25,834	)
Edwards Lifesciences Corp.		(136	)		(20,074	)
Stryker Corp.		(326	)		(52,884	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    48

Transamerica Long/Short Strategy

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Shares			Value
SECURITIES SOLD SHORT (continued)
COMMON STOCKS (continued)
Health Care Equipment & Supplies (continued)
Varian Medical Systems, Inc.		(491	)		$   (58,611	)
					(203,973	)
Health Care Providers & Services - (1.9)%
Cardinal Health, Inc.		(2,834	)		(143,400	)
Henry Schein, Inc.		(361	)		(29,963	)
Patterson Cos., Inc.		(2,238	)		(50,534	)
					(223,897	)
Health Care Technology - (0.2)%
Cerner Corp.		(338	)		(19,361	)
Hotels, Restaurants & Leisure - (2.4)%
Aramark		(371	)		(13,326	)
Bloomin’ Brands, Inc.		(854	)		(17,037	)
Brinker International, Inc.		(497	)		(21,545	)
Carnival Corp.		(355	)		(19,894	)
Chipotle Mexican Grill, Inc.		(378	)		(174,005	)
McDonald’s Corp.		(224	)		(39,626	)
					(285,433	)
Household Durables - (0.1)%
Whirlpool Corp.		(160	)		(17,562	)
Household Products - (0.8)%
Church & Dwight Co., Inc.		(660	)		(39,184	)
Clorox Co.		(402	)		(59,677	)
					(98,861	)
Industrial Conglomerates - (1.7)%
3M Co.		(665	)		(126,523	)
General Electric Co.		(7,620	)		(76,962	)
					(203,485	)
Insurance - (1.5)%
Aflac, Inc.		(666	)		(28,685	)
Chubb, Ltd.		(550	)		(68,700	)
RenaissanceRe Holdings, Ltd.		(60	)		(7,330	)
Torchmark Corp.		(272	)		(23,027	)
Travelers Cos., Inc.		(176	)		(22,023	)
WR Berkley Corp.		(444	)		(33,700	)
					(183,465	)
Interactive Media & Services - (0.9)%
Facebook, Inc., Class A		(584	)		(88,645	)
Snap, Inc., Class A		(2,839	)		(18,766	)
					(107,411	)
Internet & Direct Marketing Retail - (0.9)%
eBay, Inc.		(3,624	)		(105,205	)
IT Services - (1.1)%
Cognizant Technology Solutions Corp., Class A		(263	)		(18,155	)
International Business Machines Corp.		(375	)		(43,286	)
Paychex, Inc.		(1,076	)		(70,467	)
					(131,908	)
Leisure Products - (0.5)%
Mattel, Inc.		(4,638	)		(62,984	)
Machinery - (0.4)%
Donaldson Co., Inc.		(851	)		(43,639	)
Media - (3.4)%
AMC Networks, Inc., Class A		(1,609	)		(94,255	)
Entercom Communications Corp., Class A		(3,757	)		(24,383	)

	Shares			Value
SECURITIES SOLD SHORT (continued)
COMMON STOCKS (continued)
Media (continued)
Interpublic Group of Cos., Inc.		(2,798	)		$   (64,802	)
News Corp., Class A		(6,933	)		(91,446	)
Omnicom Group, Inc.		(1,842	)		(136,898	)
					(411,784	)
Metals & Mining - (0.6)%
Compass Minerals International, Inc.		(1,446	)		(70,146	)
Multi-Utilities - (2.3)%
CenterPoint Energy, Inc.		(2,056	)		(55,532	)
Dominion Energy, Inc.		(2,323	)		(165,909	)
DTE Energy Co.		(454	)		(51,030	)
					(272,471	)
Oil, Gas & Consumable Fuels - (4.3)%
Anadarko Petroleum Corp.		(297	)		(15,800	)
Apache Corp.		(2,255	)		(85,307	)
Continental Resources, Inc.		(299	)		(15,751	)
Enbridge, Inc.		(2,120	)		(65,953	)
Exxon Mobil Corp.		(982	)		(78,246	)
Hess Corp.		(2,409	)		(138,277	)
Murphy Oil Corp.		(1,180	)		(37,595	)
Range Resources Corp.		(5,287	)		(83,799	)
					(520,728	)
Paper & Forest Products - (0.7)%
Domtar Corp.		(1,751	)		(81,089	)
Pharmaceuticals - (0.6)%
Johnson & Johnson		(496	)		(69,435	)
Professional Services - (0.9)%
Nielsen Holdings PLC		(1,119	)		(29,072	)
Robert Half International, Inc.		(1,308	)		(79,173	)
					(108,245	)
Road & Rail - (3.5)%
Canadian National Railway Co.		(1,873	)		(160,104	)
Heartland Express, Inc.		(5,976	)		(116,353	)
Knight-Swift Transportation Holdings, Inc.		(529	)		(16,928	)
Ryder System, Inc.		(689	)		(38,109	)
Schneider National, Inc., Class B		(1,834	)		(40,109	)
Werner Enterprises, Inc.		(1,521	)		(48,961	)
					(420,564	)
Semiconductors & Semiconductor Equipment - (4.4)%
Applied Materials, Inc.		(1,480	)		(48,662	)
Intel Corp.		(1,782	)		(83,540	)
KLA-Tencor Corp.		(310	)		(28,377	)
Lam Research Corp.		(501	)		(71,007	)
Maxim Integrated Products, Inc., Class A		(2,156	)		(107,843	)
Micron Technology, Inc.		(2,882	)		(108,709	)
QUALCOMM, Inc.		(674	)		(42,388	)
Xilinx, Inc.		(391	)		(33,380	)
					(523,906	)
Software - (0.2)%
Citrix Systems, Inc.		(181	)		(18,547	)
Specialty Retail - (2.5)%
Abercrombie & Fitch Co., Class A		(1,629	)		(32,091	)
American Eagle Outfitters, Inc.		(605	)		(13,951	)
Ascena Retail Group, Inc.		(7,086	)		(27,281	)
AutoNation, Inc.		(396	)		(16,030	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    49

Transamerica Long/Short Strategy

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Shares			Value
SECURITIES SOLD SHORT (continued)
COMMON STOCKS (continued)
Specialty Retail (continued)
Bed Bath & Beyond, Inc.		(4,097	)		$   (56,293	)
Buckle, Inc.		(392	)		(7,997	)
CarMax, Inc.		(198	)		(13,446	)
DSW, Inc., Class A		(2,067	)		(54,879	)
Express, Inc.		(2,965	)		(26,122	)
L Brands, Inc.		(360	)		(11,671	)
Williams-Sonoma, Inc.		(683	)		(40,557	)
					(300,318	)
Technology Hardware, Storage & Peripherals - (1.5)%
HP, Inc.		(1,533	)		(37,007	)
NetApp, Inc.		(454	)		(35,634	)
Seagate Technology PLC		(1,921	)		(77,282	)
Western Digital Corp.		(801	)		(34,499	)
					(184,422	)
Textiles, Apparel & Luxury Goods - (2.2)%
Carter’s, Inc.		(320	)		(30,714	)
Hanesbrands, Inc.		(5,838	)		(100,180	)

	Shares			Value
SECURITIES SOLD SHORT (continued)
COMMON STOCKS (continued)
Textiles, Apparel & Luxury Goods (continued)
NIKE, Inc., Class B		(510	)		$   (38,270	)
Under Armour, Inc., Class A		(3,117	)		(68,917	)
Under Armour, Inc., Class C		(1,170	)		(23,201	)
					(261,282	)
Trading Companies & Distributors - (0.6)%
Air Lease Corp.		(722	)		(27,508	)
GATX Corp.		(561	)		(42,036	)
					(69,544	)
Wireless Telecommunication Services - (0.6)%
Sprint Corp.		(11,077	)		(67,791	)
Total Common Stocks (Proceeds $9,427,869)					(8,844,939	)
Total Securities Sold Short (Proceeds $9,427,869)					(8,844,939	)
Net Other Assets (Liabilities) - 63.2%					7,579,066
Net Assets - 100.0%					$  12,008,509

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	$	12,611,161		$	—	$	—	$	12,611,161
Repurchase Agreement		—			663,221		—		663,221
Total Investments	$	12,611,161		$	663,221	$	—	$	13,274,382
LIABILITIES
Securities Sold Short
Common Stocks	$	(8,844,939	)	$	—	$	—	$	(8,844,939	)
Total Securities Sold Short	$	(8,844,939	)	$	—	$	—	$	(8,844,939	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	All or a portion of these securities have been segregated as collateral for open securities sold short transactions. The total value of such securities is $31,212.
(B)	Non-income producing securities.
(C)	Percentage rounds to less than 0.1% or (0.1)%.
(D)	Rate disclosed reflects the yield at October 31, 2018.
(E)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. 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 2018

Page    50

Transamerica Mid Cap Value

(unaudited)

MARKET ENVIRONMENT

In the fourth quarter of 2017, U.S. equity markets marched higher, propelled by a stream of positive economic data, the well-received U.S. Federal Reserve (“Fed”) chair nomination of Jerome Powell, and progress on tax reform. The signing of the tax reform act in December 2017 resulted in increased earnings estimates for many companies, giving investors hope that 2018 would see an increase in investment spending.

U.S. equity markets in 2018 experienced a significant increase in volatility compared to the unusually mild 2017. Economic growth remained stable as the Fed raised interest rates on two occasions during the first six months of the year, bringing the federal funds rate to a range of 1.75%-2.00%. In June, the Trump administration announced plans to impose a 25% tariff on $50 billion of annual Chinese imports. Though the impact was modest, the market continued to grapple with the potential implications for the growth and profitability of global companies.

The Fed continued to raise rates in September, reaching a range of 2.00-2.25%, and it remained on target to meet its long-term objective of normalizing monetary policy with economic projections marginally more constructive. Moving into October 2018, the S&P 500^® sold off sharply as market volatility increased. Corporate fundamentals remained robust and recent economic projections looked solid, with healthy consumer spending, strong growth in inventories and credit spreads remained in check. We were monitoring potential U.S. market risks, which include more interest rate increases, the overhang of midterm elections, and U.S./China trade uncertainties.

PERFORMANCE

For the year ended October 31, 2018, Transamerica Mid Cap Value (Class I2) returned -0.17%. By comparison, its benchmark, the Russell Midcap^® Value Index, returned 0.16%.

STRATEGY REVIEW

Stock selection in health care and consumer staples contributed to relative performance while holdings in utilities and energy detracted.

Our position in Energen Corp., an oil and gas exploration and production company, was a top stock-specific contributor during the 12-month period. It was welcomed news to learn that in August, Diamondback Energy, Inc. announced the acquisition of Energen Corp. at an 18% premium to the stock’s prior-day closing price. Energen Corp. had been the subject of shareholder activism, as hedge fund Corvex first purchased the stock about a year ago and began publicly urging the company to sell itself. Four strong quarters of execution and positive well results later, Energen Corp. traded at a much higher price at period end. While the acquisition was not our best case scenario, we were pleased with the outcome.

Stock selection in consumer discretionary was a performance headwind amid a challenging phase for flooring manufacturer Mohawk Industries, Inc. The company’s shares declined following a series of earnings misses and continued downward revisions to its full-year guidance. Elevated input costs continued to act as a headwind and management faced the pressure of structural change within the flooring market, given consumer preferences for lower-priced, luxury vinyl tile. Despite the intermittent turmoil, we have a favorable view of Mohawk Industries, Inc. due to its leading market share position in flooring based on what we consider its best-in-class manufacturing and distribution. In addition, we consider management to be of high quality, with a track record of consistently creating significant value for shareholders through mergers and acquisitions, further consolidating its leadership position.

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		98.0	%
Repurchase Agreement		1.9
Other Investment Company		0.7
Net Other Assets (Liabilities)		(0.6	)
Total		100.0	%

Transamerica Funds Annual Report 2018

Page    51

Transamerica Mid Cap Value

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class I2 (NAV)		(0.17	)%		8.09	%		13.46	%		11/15/2005
Russell Midcap® Value Index (A)		0.16	%		8.11	%		13.35	%

^(A) The Russell Midcap^® Value Index measures the performance of the mid-cap value segment of the U.S. equity universe, and is comprised of Russell Midcap^® Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell Midcap^® Index measures the performance of the mid-cap segment of the U.S. equity universe.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or since inception date of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Growth stocks can be volatile and experience sharp price declines and certain types of stocks, especially technology, can be extremely volatile and subject to greater price swings than the broader market. Value approach carries the risk that the market will not recognize a security’s intrinsic value for a long time or that an undervalued stock is actually appropriately priced. This Fund is only available in Class I2 shares, which are not available for direct investment by the public.

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Transamerica Funds Annual Report 2018

Page    52

Transamerica Mid Cap Value

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Shares		Value
COMMON STOCKS - 98.0%
Auto Components - 0.7%
BorgWarner, Inc.		27,905		$  1,099,736
Banks - 8.2%
Citizens Financial Group, Inc.		42,007		1,568,962
Comerica, Inc.		4,685		382,109
Fifth Third Bancorp		79,083		2,134,450
First Republic Bank		14,766		1,343,558
Huntington Bancshares, Inc.		86,191		1,235,117
M&T Bank Corp.		17,060		2,821,895
SunTrust Banks, Inc.		38,661		2,422,498
Zions BanCorp NA		12,589		592,312
				12,500,901
Beverages - 1.8%
Constellation Brands, Inc., Class A		6,761		1,346,994
Keurig Dr. Pepper, Inc.		22,125		575,250
Molson Coors Brewing Co., Class B		11,547		739,008
				2,661,252
Building Products - 0.7%
Fortune Brands Home & Security, Inc.		25,093		1,124,919
Capital Markets - 4.8%
Ameriprise Financial, Inc.		11,462		1,458,425
Invesco, Ltd.		37,800		820,638
Northern Trust Corp.		17,294		1,626,846
Raymond James Financial, Inc.		16,869		1,293,684
T. Rowe Price Group, Inc.		21,568		2,091,880
				7,291,473
Chemicals - 0.8%
Sherwin-Williams Co.		3,205		1,261,071
Communications Equipment - 0.7%
CommScope Holding Co., Inc. (A)		45,888		1,104,065
Construction Materials - 0.5%
Martin Marietta Materials, Inc.		4,009		686,661
Consumer Finance - 0.9%
Ally Financial, Inc.		52,582		1,336,109
Containers & Packaging - 3.5%
Ball Corp.		64,190		2,875,712
Silgan Holdings, Inc.		52,243		1,255,399
WestRock Co.		29,206		1,254,982
				5,386,093
Distributors - 0.8%
Genuine Parts Co.		12,865		1,259,741
Electric Utilities - 3.1%
Edison International		13,073		907,135
Evergy, Inc.		20,243		1,133,406
Xcel Energy, Inc.		55,769		2,733,239
				4,773,780
Electrical Equipment - 2.3%
Acuity Brands, Inc.		11,467		1,440,714
AMETEK, Inc.		21,240		1,424,779
Hubbell, Inc.		6,963		708,137
				3,573,630
Electronic Equipment, Instruments & Components - 4.2%
Amphenol Corp., Class A		17,174		1,537,073
Arrow Electronics, Inc. (A)		25,386		1,718,886

	Shares		Value
COMMON STOCKS (continued)
Electronic Equipment, Instruments & Components (continued)
CDW Corp.		19,152		$   1,723,872
Keysight Technologies, Inc. (A)		24,029		1,371,575
				6,351,406
Equity Real Estate Investment Trusts - 10.7%
American Campus Communities, Inc.		18,716		739,469
American Homes 4 Rent Trust, Class A		39,509		832,455
AvalonBay Communities, Inc.		10,107		1,772,566
Boston Properties, Inc.		13,785		1,664,677
Brixmor Property Group, Inc.		65,515		1,061,343
Essex Property Trust, Inc.		4,240		1,063,307
Federal Realty Investment Trust		11,756		1,458,332
JBG SMITH Properties		17,114		641,433
Kimco Realty Corp.		55,451		892,206
Outfront Media, Inc.		52,311		926,951
Rayonier, Inc.		37,606		1,135,701
Regency Centers Corp.		14,203		899,902
Vornado Realty Trust		22,213		1,512,261
Weyerhaeuser Co.		33,636		895,727
WP Carey, Inc.		12,852		848,360
				16,344,690
Food & Staples Retailing - 1.2%
Kroger Co.		59,743		1,777,952
Food Products - 1.7%
Conagra Brands, Inc.		38,885		1,384,313
Post Holdings, Inc. (A)		13,494		1,193,139
				2,577,452
Gas Utilities - 1.0%
National Fuel Gas Co.		28,442		1,544,116
Health Care Equipment & Supplies - 1.2%
Zimmer Biomet Holdings, Inc.		16,001		1,817,554
Health Care Providers & Services - 6.3%
AmerisourceBergen Corp.		20,549		1,808,312
Cigna Corp.		9,978		2,133,396
Henry Schein, Inc. (A)		15,904		1,320,032
Humana, Inc.		3,870		1,239,987
Laboratory Corp. of America Holdings (A)		10,165		1,631,991
Universal Health Services, Inc., Class B		12,060		1,466,013
				9,599,731
Hotels, Restaurants & Leisure - 1.7%
Hilton Worldwide Holdings, Inc.		30,637		2,180,435
Marriott International, Inc., Class A		3,292		384,802
				2,565,237
Household Durables - 1.5%
Mohawk Industries, Inc. (A)		12,501		1,559,250
Newell Brands, Inc.		45,280		719,046
				2,278,296
Household Products - 0.4%
Energizer Holdings, Inc.		11,139		654,639
Industrial Conglomerates - 0.7%
Carlisle Cos., Inc.		10,558		1,019,797
Insurance - 7.6%
Alleghany Corp.		1,524		915,436
Hartford Financial Services Group, Inc.		42,392		1,925,445
Lincoln National Corp.		11,961		719,933

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    53

Transamerica Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Shares		Value
COMMON STOCKS (continued)
Insurance (continued)
Loews Corp.		57,510		$   2,677,666
Marsh & McLennan Cos., Inc.		16,549		1,402,528
Principal Financial Group, Inc.		15,457		727,561
Progressive Corp.		22,070		1,538,279
Unum Group		21,083		764,469
WR Berkley Corp.		11,707		888,561
				11,559,878
Interactive Media & Services - 0.7%
Match Group, Inc. (A) (B)		19,800		1,024,056
Internet & Direct Marketing Retail - 1.4%
Expedia Group, Inc.		16,973		2,128,923
IT Services - 1.1%
Jack Henry & Associates, Inc.		10,780		1,615,167
Machinery - 2.6%
IDEX Corp.		10,015		1,270,102
Middleby Corp. (A)		7,523		844,833
Snap-on, Inc.		11,544		1,777,084
				3,892,019
Media - 1.3%
CBS Corp., Class B		19,645		1,126,641
DISH Network Corp., Class A (A)		28,008		860,966
				1,987,607
Multi-Utilities - 4.7%
CMS Energy Corp.		58,240		2,884,045
Sempra Energy		13,801		1,519,766
WEC Energy Group, Inc.		40,071		2,740,856
				7,144,667
Multiline Retail - 2.2%
Kohl’s Corp.		28,855		2,185,189
Nordstrom, Inc.		17,515		1,151,962
				3,337,151
Oil, Gas & Consumable Fuels - 5.7%
Energen Corp. (A)		47,809		3,440,814
EQT Corp.		47,137		1,601,244
PBF Energy, Inc., Class A		25,525		1,068,221
Williams Cos., Inc.		104,644		2,545,988
				8,656,267
Personal Products - 1.0%
Coty, Inc., Class A		66,253		698,969
Edgewell Personal Care Co. (A)		18,281		877,122
				1,576,091
Real Estate Management & Development - 1.2%
CBRE Group, Inc., Class A (A)		33,633		1,355,074
Cushman & Wakefield PLC (A)		25,278		411,020
				1,766,094
Semiconductors & Semiconductor Equipment - 0.9%
Analog Devices, Inc.		16,743		1,401,557
Software - 1.0%
Synopsys, Inc. (A)		16,152		1,446,089
Specialty Retail - 4.3%
AutoZone, Inc. (A)		2,797		2,051,516
Best Buy Co., Inc.		21,046		1,476,587
Gap, Inc.		51,852		1,415,560
Tiffany & Co.		14,560		1,620,528
				6,564,191

	Shares		Value
COMMON STOCKS (continued)
Textiles, Apparel & Luxury Goods - 2.0%
PVH Corp.		13,277		$   1,603,729
Ralph Lauren Corp.		10,536		1,365,571
				2,969,300
Trading Companies & Distributors - 0.9%
MSC Industrial Direct Co., Inc., Class A		17,447		1,414,254
Total Common Stocks (Cost $91,378,231)				149,073,612
OTHER INVESTMENT COMPANY - 0.7%
Securities Lending Collateral - 0.7%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 2.19% (C)		1,038,906		1,038,906
Total Other Investment Company (Cost $1,038,906)				1,038,906
	Principal		Value
REPURCHASE AGREEMENT - 1.9%
Fixed Income Clearing Corp., 1.25% (C), dated 10/31/2018, to be repurchased at $2,903,682 on 11/01/2018. Collateralized by a U.S. Government Obligation, 2.75%, due 09/15/2021, and with a value of $2,962,856.		$  2,903,581		2,903,581
Total Repurchase Agreement (Cost $2,903,581)				2,903,581
Total Investments (Cost $95,320,718)				153,016,099
Net Other Assets (Liabilities) - (0.6)%				(900,127	)
Net Assets - 100.0%				$  152,115,972

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    54

Transamerica Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

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	$	149,073,612	$	—	$	—	$	149,073,612
Other Investment Company		1,038,906		—		—		1,038,906
Repurchase Agreement		—		2,903,581		—		2,903,581
Total Investments	$	150,112,518	$	2,903,581	$	—	$	153,016,099

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 $1,013,815. 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, 2018.
(D)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. 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 2018

Page    55

Transamerica Total Return

(unaudited)

MARKET ENVIRONMENT

At the end of 2017, geopolitics continued to capture headlines – from elections and policy votes in the U.S., Europe and Japan, to China’s 19th Party Congress, to turmoil in the Middle East – but markets were broadly resilient. Anticipation for – and passage of – fiscal stimulus in the U.S., as well as an uptick in growth momentum, contributed to tighter credit spreads and allowed U.S. equities to finish the calendar year strong.

After a year of low volatility and strong risk asset returns, the start to 2018 was highlighted by the return of volatility. Solid growth data kept central banks on track, but rising interest rates and geopolitical concerns contributed to more challenged performance across equities and credit. Fears of a global trade war exacerbated the extent of swings in risk markets. Tariff announcements from the Trump administration first on steel and aluminum imports, then on certain Chinese goods, resulted in retaliatory measures from China.

The second half of 2018 saw solid growth momentum in the U.S., contrasted with some softening in growth in other developed regions, while geopolitical developments weighed on risk sentiment and resulted in mixed market performance. Solid fundamental data and higher inflation kept the U.S. Federal Reserve (“Fed”) on track with policy normalization even as other central banks like the European Central Bank softened rhetoric. With divergence in both growth trends and central bank activity, the U.S. dollar strengthened against virtually all counterparts. The 12-month period ended with extreme bouts of volatility within emerging market currencies, largely driven by a strong dollar and increasing trade tensions.

Over the 12-month period ended October 31, 2018, U.S. Treasuries rose across the yield curve, as the front end rose relatively more than the long end, causing the curve to flatten. Globally, government yields in Japan and Europe, specifically in the U.K. and Italy, rose in tandem. Within the spread market, long-end break-evens, corporate credit, and agency mortgage backed securities (“MBS”) spreads all widened. Currency markets moved in tandem as the dollar appreciated against most developed market currencies. Emerging market currencies faced bouts of volatility, particularly within Turkey and Argentina amid the tough U.S. trade stance.

PERFORMANCE

For the year ended October 31, 2018, Transamerica Total Return (Class I2) returned -2.34%. By comparison, its benchmark, the Bloomberg Barclays US Aggregate Bond Index, returned -2.05%.

STRATEGY REVIEW

During the 12-month period ended October 31, 2018, overall interest-rate strategies were positive for returns. Specifically, non-U.S. interest rate exposure, including defensive positioning in the U.K., country selection in the eurozone, and local interest-rate exposure in Brazil, contributed to performance. Within the U.S., interest-rate strategies, including duration and yield curve positioning, modestly detracted, as rates broadly rose.

Within spread strategies, exposure to the securitized sector added to performance; select positions of non-agency MBS were positive and more than offset underperforming positions in agency MBS. Corporate credit exposure helped performance as both an allocation to high-yield credit and select exposure to investment-grade financial corporates were additive.

Finally, currency strategies detracted. Exposures within developed market currencies, specifically within Europe and Japan, weighed, as the currencies depreciated against the U.S. dollar. In addition, exposures within a basket of emerging-market currencies detracted.

During the fiscal year, the Fund utilized derivatives. These positions added to performance.

Mark R. Kiesel

Scott A. Mather

Mihir P. Worah

Co-Portfolio Managers

Pacific Investment Management Company LLC

Fund Characteristics	Years
Average Maturity §		5.96
Duration †		4.65
Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		84.3	%
AAA		13.3
AA		2.2
A		13.6
BBB		32.0
BB		5.3
B		4.2
CCC and Below		3.2
Not Rated		16.1
Net Other Assets (Liabilities)^		(74.2	)
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.

‡ 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.

^ 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 2018

Page    56

Transamerica Total Return

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class I2 (NAV)		(2.34	)%		1.88	%		5.10	%		11/15/2005
Bloomberg Barclays US Aggregate Bond Index (A)		(2.05	)%		1.83	%		3.94	%

^(A) The Bloomberg Barclays US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or since inception date of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expenses reimbursements by the Investment Manager and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

This Fund will normally invest its assets in a diversified portfolio of fixed-income securities. The Fund may invest in non-U.S. securities and may invest a portion of its assets in high-yield securities. Investing in non-U.S. securities may entail risk due to foreign economic and political developments; this risk may be enhanced when investing in emerging markets. This Fund is only available in Class I2 shares, which are not available for direct investment by the public.

Transamerica Funds Annual Report 2018

Page    57

Transamerica Total Return

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Principal		Value
ASSET-BACKED SECURITIES - 15.4%
ABFC Trust
Series 2004-OPT4, Class A1,
1-Month LIBOR + 0.62%, 2.90% (A), 04/25/2034		$  242,632		$  243,014
Series 2004-OPT5, Class A1,
1-Month LIBOR + 0.70%, 2.98% (A), 06/25/2034		186,612		188,119
Ally Auto Receivables Trust
Series 2018-3, Class A2,
2.72%, 05/17/2021		2,200,000		2,196,910
AmeriCredit Automobile Receivables Trust
Series 2018-1, Class A1,
2.45%, 05/20/2019		2,646		2,646
Series 2018-1, Class A2B,
1-Month LIBOR + 0.23%, 2.52% (A), 07/19/2021		1,300,000		1,300,505
Aurium CLO
Series 2A, Class AR,
3-Month LIBOR + 0.68%, 0.68% (A), 10/13/2029 (B) (C) (D)		EUR  1,900,000		2,152,036
B&M CLO, Ltd.
Series 2014-1A, Class A1R,
3-Month LIBOR + 0.73%, 3.17% (A), 04/16/2026 (B)		$  784,223		781,815
Barings Euro CLO
Series 2016-1A, Class A1R,
3-Month LIBOR + 0.68%, 0.68% (A), 07/27/2030 (B) (C) (D)		EUR  1,900,000		2,152,036
Bear Stearns Asset-Backed Securities I Trust
Series 2005-AQ1, Class M2,
1-Month LIBOR + 0.65%, 2.93% (A), 03/25/2035 (E)		$  1,216,538		1,225,354
Series 2006-HE1, Class 1M2,
1-Month LIBOR + 0.43%, 2.71% (A), 12/25/2035		4,500,000		4,509,466
Series 2006-HE1, Class 2M2,
1-Month LIBOR + 0.43%, 2.86% (A), 02/25/2036		1,300,000		1,295,712
Series 2006-HE10, Class 21A3,
1-Month LIBOR + 0.24%, 2.52% (A), 12/25/2036		2,875,482		2,475,821
Series 2007-AQ1, Class A1,
1-Month LIBOR + 0.11%, 2.39% (A), 04/25/2031		161,158		222,569
Bear Stearns Asset-Backed Securities Trust
Series 2002-2, Class A1,
1-Month LIBOR + 0.66%, 2.94% (A), 10/25/2032		3,744		3,756
C-BASS Trust
Series 2007-CB1, Class AF1A,
1-Month LIBOR + 0.07%, 2.35% (A), 01/25/2037		340,506		156,348
Capital One Multi-Asset Execution Trust
Series 2014-A3, Class A3,
1-Month LIBOR + 0.38%, 2.66% (A), 01/18/2022		1,900,000		1,901,710
Series 2014-A4, Class A4,
1-Month LIBOR + 0.36%, 2.64% (A), 06/15/2022		1,600,000		1,602,860

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Capital One Multi-Asset Execution Trust (continued)
Series 2016-A1, Class A1,
1-Month LIBOR + 0.45%, 2.73% (A), 02/15/2022		$   1,900,000		$   1,902,816
Chase Issuance Trust
Series 2017-A1, Class A,
1-Month LIBOR + 0.30%, 2.58% (A), 01/15/2022		1,300,000		1,302,853
CIFC Funding, Ltd.
Series 2015-5A, Class A1R,
3-Month LIBOR + 0.86%, 3.35% (A), 10/25/2027 (B)		1,900,000		1,893,770
Citigroup Mortgage Loan Trust
Series 2007-FS1, Class 1A1,
4.57% (A), 10/25/2037 (B)		906,087		933,771
Citigroup Mortgage Loan Trust Asset-Backed Pass-Through Certificate
Series 2004-OPT1, Class M3,
1-Month LIBOR + 0.95%, 3.23% (A), 10/25/2034		1,600,000		1,613,549
Countrywide Asset-Backed Certificates
Series 2006-15, Class A6,
4.71% (A), 10/25/2046		873,503		837,682
Series 2006-2, Class M1,
1-Month LIBOR + 0.40%, 2.68% (A), 06/25/2036		400,000		393,252
Series 2006-26, Class 2A3,
1-Month LIBOR + 0.17%, 2.45% (A), 06/25/2037		1,074,910		1,071,147
Credit Acceptance Auto Loan Trust
Series 2018-2A, Class A,
3.47%, 05/17/2027 (B)		2,000,000		1,996,306
CVP Cascade CLO-1, Ltd.
Series 2013-CLO1, Class A1R,
3-Month LIBOR + 1.15%, 3.59% (A), 01/16/2026 (B)		931,742		932,186
CWABS Asset-Backed Certificates Trust
Series 2005-17, Class MV1,
1-Month LIBOR + 0.46%, 2.74% (A), 05/25/2036		1,500,000		1,476,281
Series 2006-14, Class 1A,
1-Month LIBOR + 0.14%, 2.42% (A), 02/25/2037		930,491		870,268
Denali Capital CLO X LLC
Series 2013-1, Class A1LR,
3-Month LIBOR + 1.05%, 3.56% (A), 10/26/2027 (B)		1,200,000		1,200,461
Dorchester Park CLO DAC
Series 2015-1A, Class AR,
3-Month LIBOR + 0.90%, 3.37% (A), 04/20/2028 (B)		1,800,000		1,796,801
Dryden XXV Senior Loan Fund
Series 2012-25A, Class ARR,
3-Month LIBOR + 0.90%, 3.34% (A), 10/15/2027 (B)		1,600,000		1,600,150
Figueroa CLO, Ltd.
Series 2013-2A, Class A1RR,
3-Month LIBOR + 0.85%, 3.19% (A), 06/20/2027 (B)		1,800,000		1,796,036

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    58

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
ASSET-BACKED SECURITIES (continued)
First Franklin Mortgage Loan Trust
Series 2004-FFH3, Class M2,
1-Month LIBOR + 0.93%, 3.21% (A), 10/25/2034		$   1,383,804		$   1,348,940
Flagship CLO, Ltd.
Series 2014-8A, Class ARR,
3-Month LIBOR + 0.85%, 3.29% (A), 01/16/2026 (B)		1,800,000		1,796,267
Ford Credit Auto Owner Trust
Series 2014-2, Class A,
2.31%, 04/15/2026 (B)		1,100,000		1,092,067
GM Financial Automobile Leasing Trust
Series 2017-1, Class A2A,
1.67%, 09/20/2019		84,749		84,694
Home Equity Asset Trust
Series 2002-1, Class A4,
1-Month LIBOR + 0.60%, 2.88% (A), 11/25/2032		1,026		990
Home Equity Mortgage Loan Asset-Backed Trust
Series 2007-A, Class 1A,
1-Month LIBOR + 0.22%, 2.50% (A), 04/25/2037		476,976		384,189
Hyundai Auto Lease Securitization Trust
Series 2017-B, Class A2A,
1.69%, 12/16/2019 (B)		702,761		701,050
Series 2017-B, Class A2B,
1-Month LIBOR + 0.28%, 2.56% (A), 12/16/2019 (B)		834,529		834,840
ICG US CLO, Ltd.
Series 2015-2A, Class AR,
3-Month LIBOR + 0.85%, 3.29% (A), 01/16/2028 (B)		1,900,000		1,894,916
JMP Credit Advisors CLO IIIR, Ltd.
Series 2014-1RA, Class A,
3-Month LIBOR + 0.85%, 3.29% (A), 01/17/2028 (B)		2,000,000		1,984,388
JPMorgan Mortgage Acquisition Trust
Series 2007-CH3, Class A5,
1-Month LIBOR + 0.26%, 2.54% (A), 03/25/2037		3,500,000		3,423,896
KVK CLO, Ltd.
Series 2013-1A, Class AR,
3-Month LIBOR + 0.90%, 3.34% (A), 01/15/2028 (B)		1,500,000		1,497,555
Series 2013-2A, Class AR,
3-Month LIBOR + 1.15%, 3.59% (A), 01/15/2026 (B)		710,545		710,909
LoanCore Issuer, Ltd.
Series 2018-CRE1, Class A,
1-Month LIBOR + 1.13%, 3.41% (A), 05/15/2028 (B)		1,600,000		1,601,519
LP Credit Card ABS Master Trust Series 2018-1, Class A,
1-Month LIBOR + 1.55%, 3.83% (A), 08/20/2024 (B)		1,718,104		1,718,194
Merrill Lynch Mortgage Investors Trust Series 2006-FM1, Class A2C,
1-Month LIBOR + 0.16%, 2.44% (A), 04/25/2037		1,806,321		1,136,465

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Morgan Stanley Mortgage Loan Trust
Series 2007-10XS, Class A1,
6.00% (A), 07/25/2047		$   144,324		$   113,228
Series 2007-8XS, Class A1,
5.75% (A), 04/25/2037		198,475		135,861
Mountain Hawk III CLO, Ltd.
Series 2014-3A, Class AR,
3-Month LIBOR + 1.20%, 3.64% (A), 04/18/2025 (B)		845,782		846,309
Mountain View CLO, Ltd.
Series 2014-1A, Class ARR,
3-Month LIBOR + 0.80%, 3.24% (A), 10/15/2026 (B)		2,200,000		2,196,352
Navient Private Education Loan Trust
Series 2015-CA, Class A,
1-Month LIBOR + 1.50%, 3.78% (A), 01/16/2035 (B)		221,447		221,785
Series 2018-CA, Class A1,
3.01%, 06/16/2042 (B)		1,680,149		1,672,550
Nelnet Student Loan Trust
Series 2010-1A, Class A,
3-Month LIBOR + 0.80%, 3.11% (A), 11/25/2048 (B)		541,742		548,017
Series 2010-3A, Class A,
3-Month LIBOR + 0.78%, 3.27% (A), 07/27/2048 (B)		782,470		789,811
New Century Home Equity Loan Trust
Series 2006-1, Class A2B,
1-Month LIBOR + 0.18%, 2.46% (A), 05/25/2036		70,884		66,218
Oak Hill Credit Partners X, Ltd.
Series 2014-10A, Class AR,
3-Month LIBOR + 1.13%, 3.60% (A), 07/20/2026 (B)		1,348,802		1,349,409
Oaktree CLO, Ltd.
Series 2014-2A, Class A1AR,
3-Month LIBOR + 1.22%, 3.69% (A), 10/20/2026 (B)		1,200,000		1,200,732
Octagon Investment Partners XIX, Ltd.
Series 2014-1A, Class AR,
3-Month LIBOR + 1.10%, 3.54% (A), 04/15/2026 (B)		832,491		832,831
Octagon Investment Partners XXIII, Ltd.
Series 2015-1A, Class A1R,
3-Month LIBOR + 0.85%, 3.29% (A), 07/15/2027 (B)		1,000,000		996,057
Option One Mortgage Loan Trust
Series 2007-4, Class 2A4,
1-Month LIBOR + 0.31%, 2.59% (A), 04/25/2037		4,481,529		3,108,720
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-WCW2, Class M2,
1-Month LIBOR + 0.80%, 3.08% (A), 07/25/2035		500,000		501,873
Popular ABS Mortgage Pass-Through Trust Series 2006-A, Class M1,
1-Month LIBOR + 0.39%, 2.67% (A), 02/25/2036		500,000		494,902

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    59

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Securitized Asset-Backed Receivables LLC Trust Series 2007-HE1, Class A2A,
1-Month LIBOR + 0.06%, 2.34% (A), 12/25/2036		$   63,858		$   22,707
SLM Student Loan Trust
Series 2005-4, Class A3,
3-Month LIBOR + 0.12%, 2.61% (A), 01/25/2027		1,136,893		1,132,915
Series 2007-2, Class A3,
3-Month LIBOR + 0.04%, 2.53% (A), 01/25/2019		58,004		57,948
Series 2007-3, Class A3,
3-Month LIBOR + 0.04%, 2.53% (A), 04/25/2019		335,791		334,832
SoFi Consumer Loan Program LLC Series 2016-3, Class A, 3.05%, 12/26/2025 (B)		586,540		584,067
SoFi Professional Loan Program LLC Series 2017-B, Class A1FX, 1.83%, 05/25/2040 (B)		499,992		496,769
SoFi Professional Loan Program Trust Series 2018-B, Class A1FX, 2.64%, 08/25/2047 (B)		1,064,471		1,056,630
Sound Point CLO, Ltd.
Series 2015-3A, Class AR,
3-Month LIBOR + 0.89%, 3.36% (A), 01/20/2028 (B)		1,800,000		1,796,305
Specialty Underwriting & Residential Finance Trust Series 2004-BC2, Class M1,
1-Month LIBOR + 0.83%, 3.11% (A), 05/25/2035		2,487,467		2,481,224
SpringCastle America Funding LLC Series 2016-AA, Class A, 3.05%, 04/25/2029 (B)		704,271		698,605
Structured Asset Securities Corp. Mortgage Loan Trust Series 2006-BC1, Class A6,
1-Month LIBOR + 0.27%, 2.55% (A), 03/25/2036		1,000,000		906,133
Sudbury Mill CLO, Ltd.
Series 2013-1A, Class A1R,
3-Month LIBOR + 1.15%, 3.60% (A), 01/17/2026 (B)		894,963		895,435
Series 2013-1A, Class A2R,
3-Month LIBOR + 1.17%, 3.62% (A), 01/17/2026 (B)		894,963		895,474
Telos CLO, Ltd. Series 2014-5A, Class A1R,
3-Month LIBOR + 0.95%, 3.40% (A), 04/17/2028 (B)		1,900,000		1,897,994
Tralee CLO V, Ltd. Series 2018-5A, Class A1,
3-Month LIBOR + 1.11%, 3.87% (A), 10/20/2028 (B) (E)		2,300,000		2,299,900
Trillium Credit Card Trust II Series 2018-1A, Class A,
1-Month LIBOR + 0.25%, 2.54% (A), 02/27/2023 (B)		2,600,000		2,599,638

	Principal		Value
ASSET-BACKED SECURITIES (continued)
U.S. Small Business Administration
Series 2003-20I, Class 1, 5.13%, 09/01/2023		$   5,068		$   5,199
Series 2004-20C, Class 1, 4.34%, 03/01/2024		41,482		41,890
Venture XII CLO, Ltd. Series 2012-12A, Class ARR,
3-Month LIBOR + 0.80%, 3.11% (A), 02/28/2026 (B)		1,900,000		1,893,660
Wellfleet CLO, Ltd. Series 2015-1A, Class A1R,
3-Month LIBOR + 1.14%, 3.61% (A), 10/20/2027 (B)		2,300,000		2,299,982
Wells Fargo Home Equity Asset-Backed Securities Trust Series 2005-4, Class M2,
1-Month LIBOR + 0.48%, 2.76% (A), 12/25/2035		6,500,000		6,503,240
Westlake Automobile Receivables Trust
Series 2017-1A, Class A2, 1.78%, 04/15/2020 (B)		52,526		52,501
Series 2018-3A, Class A1, 2.53%, 09/16/2019 (B)		1,755,316		1,754,466
Series 2018-3A, Class A2A, 2.98%, 01/18/2022 (B)		2,500,000		2,496,293
WhiteHorse X, Ltd. Series 2015-10A, Class A1R,
3-Month LIBOR + 0.93%, 3.38% (A), 04/17/2027 (B)		1,700,000		1,699,983
World Omni Automobile Lease Securitization Trust Series 2017-A, Class A2, 1.68%, 12/16/2019		534,637		533,254
Total Asset-Backed Securities (Cost $108,043,905)				114,750,584
CERTIFICATES OF DEPOSIT - 0.8%
Banks - 0.8%
Barclays Bank PLC
3-Month LIBOR + 0.40%, 2.88% (A), 10/25/2019		3,800,000		3,800,000
Lloyds Bank Corporate Markets PLC
3-Month LIBOR + 0.50%, 2.91% (A), 10/26/2020		1,900,000		1,900,000
Total Certificates of Deposit (Cost $5,700,000)				5,700,000
CORPORATE DEBT SECURITIES - 51.4%
Aerospace & Defense - 0.5%
Textron, Inc.
3-Month LIBOR + 0.55%, 2.89% (A), 11/10/2020		1,500,000		1,498,115
United Technologies Corp. 3.65%, 08/16/2023		1,900,000		1,882,210
				3,380,325
Airlines - 0.5%
Delta Air Lines, Inc. 2.60%, 12/04/2020		2,200,000		2,150,871

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    60

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Airlines (continued)
Latam Airlines Pass-Through Trust 4.20%, 08/15/2029		$   1,283,401		$   1,236,852
				3,387,723
Banks - 16.4%
AIB Group PLC 4.75%, 10/12/2023 (B)		1,900,000		1,893,923
Australia & New Zealand Banking Group, Ltd.
3-Month LIBOR + 0.46%, 2.77% (A), 05/17/2021 (B) (F)		1,500,000		1,500,785
3.30%, 05/17/2021 (F)		1,600,000		1,590,051
Banco Bilbao Vizcaya Argentaria SA
Fixed until 02/19/2019 (G), 7.00% (A) (H)		EUR  1,400,000		1,600,616
Bank of America Corp.
Fixed until 12/20/2022, 3.00% (A), 12/20/2023		$  4,319,000		4,155,738
3-Month LIBOR + 0.79%, 3.11% (A), 03/05/2024, MTN		1,000,000		992,865
Fixed until 05/17/2021, 3.50% (A), 05/17/2022, MTN		2,000,000		1,990,546
Fixed until 07/23/2023, 3.86% (A), 07/23/2024, MTN		1,900,000		1,884,542
Banque Federative du Credit Mutuel SA
3-Month LIBOR + 0.96%, 3.43% (A), 07/20/2023 (B)		2,200,000		2,213,923
Barclays Bank PLC 7.63%, 11/21/2022		3,900,000		4,163,250
10.18%, 06/12/2021 (B)		1,840,000		2,090,511
Barclays PLC
Fixed until 10/06/2022, 2.38% (A), 10/06/2023, MTN (H)		GBP  600,000		753,254
3.68%, 01/10/2023		$  1,100,000		1,064,853
Fixed until 09/15/2019 (G), 6.50% (A)		EUR  800,000		932,035
Fixed until 12/15/2018 (G), 8.25% (A)		$  1,500,000		1,508,133
CitiBank NA 3.40%, 07/23/2021		1,900,000		1,891,869
Citigroup, Inc. 2.05%, 06/07/2019		300,000		298,230
2.75%, 04/25/2022		1,700,000		1,643,345
3-Month LIBOR + 0.93%, 3.25% (A), 06/07/2019		900,000		903,913
3-Month LIBOR + 1.02%, 3.34% (A), 06/01/2024		1,600,000		1,604,660
3-Month LIBOR + 1.43%, 3.75% (A), 09/01/2023		500,000		510,525
3-Month LIBOR + 1.38%, 3.77% (A), 03/30/2021		300,000		306,140
Compass Bank
3-Month LIBOR + 0.73%, 3.06% (A), 06/11/2021		1,800,000		1,803,319
3.50%, 06/11/2021		1,800,000		1,785,149
Cooperatieve Rabobank UA 6.88%, 03/19/2020 (H)		EUR  3,300,000		4,060,915
Dexia Credit Local SA 2.38%, 09/20/2022 (B)		$  1,500,000		1,443,916

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Discover Bank 2.60%, 11/13/2018		$   1,400,000		$   1,399,751
4.20%, 08/08/2023		1,800,000		1,795,468
HSBC Holdings PLC
3-Month LIBOR + 0.60%, 2.92% (A), 05/18/2021		1,600,000		1,601,773
ING Bank NV 2.63%, 12/05/2022 (B)		800,000		775,650
ING Groep NV 4.10%, 10/02/2023		2,100,000		2,085,945
JPMorgan Chase & Co. 2.40%, 06/07/2021		1,500,000		1,461,345
3-Month LIBOR + 0.61%, 2.95% (A), 06/18/2022		2,200,000		2,199,978
3-Month LIBOR + 0.90%, 3.39% (A), 04/25/2023		1,700,000		1,709,350
Fixed until 06/18/2021, 3.51% (A), 06/18/2022		2,200,000		2,196,251
Fixed until 07/23/2023, 3.80% (A), 07/23/2024		1,800,000		1,787,974
JPMorgan Chase Bank NA
3-Month LIBOR + 0.25%, 2.59% (A), 02/13/2020		1,900,000		1,900,601
3-Month LIBOR + 0.55%, 2.73% (A), 10/19/2020		1,900,000		1,900,308
KeyBank NA 3.35%, 06/15/2021		2,200,000		2,192,650
Lloyds Bank PLC 3.30%, 05/07/2021		1,400,000		1,388,661
Fixed until 12/16/2024 (G), 12.00% (A) (B)		2,200,000		2,640,959
Lloyds Banking Group PLC 2.25%, 10/16/2024, MTN (H)		GBP  400,000		495,474
4.00%, 03/07/2025, MTN		AUD  2,500,000		1,766,263
Fixed until 06/27/2019 (G), 7.00% (A) (H)		GBP  1,200,000		1,558,765
Fixed until 06/27/2023 (G), 7.63% (A) (H)		700,000		948,425
Mitsubishi UFJ Financial Group, Inc. 3.46%, 03/02/2023		$  1,600,000		1,577,601
3-Month LIBOR + 1.88%, 4.20% (A), 03/01/2021		658,000		679,132
Mizuho Financial Group, Inc.
Fixed until 09/11/2023, 3.92% (A), 09/11/2024		2,100,000		2,089,731
National Australia Bank, Ltd. 2.25%, 03/16/2021 (B)		1,400,000		1,365,785
3.63%, 06/20/2023		1,900,000		1,882,900
Natwest Markets PLC 0.63%, 03/02/2022, MTN (H)		EUR  1,700,000		1,895,564
Royal Bank of Canada 2.30%, 03/22/2021		$  1,400,000		1,368,947
Royal Bank of Scotland Group PLC
3-Month LIBOR + 1.55%, 3.92% (A), 06/25/2024		1,800,000		1,802,639
Fixed until 05/18/2028, 4.89% (A), 05/18/2029		1,300,000		1,266,043
Santander UK PLC 2.13%, 11/03/2020		1,500,000		1,457,741

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    61

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Skandinaviska Enskilda Banken AB
3-Month LIBOR + 0.43%, 2.74% (A), 05/17/2021 (B)		$   1,600,000		$   1,598,834
3.25%, 05/17/2021 (B)		1,600,000		1,588,640
Societe Generale SA 4.25%, 09/14/2023 (B)		1,800,000		1,785,613
Fixed until 11/29/2018 (G), 8.25% (A), MTN (H)		1,300,000		1,304,069
Standard Chartered PLC
Fixed until 01/20/2022, 4.25% (A), 01/20/2023 (B) (E)		1,900,000		1,897,540
Sumitomo Mitsui Banking Corp.
3-Month LIBOR + 0.37%, 2.81% (A), 10/16/2020		2,300,000		2,300,168
Sumitomo Mitsui Trust Bank, Ltd.
3-Month LIBOR + 0.51%, 2.83% (A), 03/06/2019 (B)		1,400,000		1,401,458
Svenska Handelsbanken AB 3.35%, 05/24/2021, MTN		1,700,000		1,690,163
Synchrony Bank 3.65%, 05/24/2021		1,700,000		1,684,565
Toronto-Dominion Bank 2.25%, 03/15/2021 (B)		2,000,000		1,952,600
3.35%, 10/22/2021 (B) (E) (F)		2,300,000		2,298,465
Wells Fargo & Co. 2.63%, 07/22/2022, MTN		2,300,000		2,207,169
3.00%, 02/19/2025, MTN		1,900,000		1,778,238
3-Month LIBOR + 3.77%, 6.10% (A), 12/15/2018 (G)		3,400,000		3,425,500
Wells Fargo Bank NA
Fixed until 07/23/2020, 3.33% (A), 07/23/2021		1,800,000		1,793,787
Westpac Banking Corp. 3.05%, 05/15/2020		1,600,000		1,594,633
				122,080,122
Beverages - 0.7%
Bacardi, Ltd. 4.45%, 05/15/2025 (B)		1,200,000		1,179,663
Keurig Dr. Pepper, Inc. 4.06%, 05/25/2023 (B) (E)		1,700,000		1,690,875
Pernod Ricard SA 4.25%, 07/15/2022 (B)		700,000		709,160
Suntory Holdings, Ltd. 2.55%, 06/28/2022 (B)		1,600,000		1,525,182
				5,104,880
Biotechnology - 0.7%
AbbVie, Inc. 2.50%, 05/14/2020		1,253,000		1,236,635
2.90%, 11/06/2022		2,547,000		2,465,523
Celgene Corp. 2.88%, 08/15/2020		1,500,000		1,483,447
				5,185,605
Capital Markets - 5.6%
Blackstone CQP Holdco, LP 6.00%, 08/18/2021 (B) (E)		1,600,000		1,597,898
Credit Suisse Group AG
3-Month LIBOR + 1.24%, 3.57% (A), 06/12/2024 (B)		1,800,000		1,803,631

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Capital Markets (continued)
Credit Suisse Group Funding Guernsey, Ltd. 2.75%, 03/26/2020		$   1,200,000		$   1,187,446
3.13%, 12/10/2020		1,400,000		1,384,195
3.75%, 03/26/2025		1,600,000		1,531,454
3.80%, 09/15/2022 - 06/09/2023		2,700,000		2,659,545
Deutsche Bank AG
3-Month LIBOR + 0.50%, 0.18% (A), 12/07/2020, MTN (H)		EUR  1,400,000		1,567,304
2.70%, 07/13/2020		$  1,500,000		1,465,723
3-Month LIBOR + 1.45%, 3.89% (A), 01/18/2019 (F)		1,400,000		1,400,878
3.95%, 02/27/2023		1,900,000		1,827,766
4.25%, 02/04/2021 - 10/14/2021		4,600,000		4,570,462
Goldman Sachs Group, Inc. 3.20%, 02/23/2023		1,600,000		1,553,848
3-Month LIBOR + 1.10%, 3.41% (A), 11/15/2018, MTN		1,300,000		1,300,536
3-Month LIBOR + 1.17%, 3.48% (A), 05/15/2026		1,600,000		1,594,736
3-Month LIBOR + 1.20%, 3.53% (A), 09/15/2020		1,600,000		1,622,254
Morgan Stanley
3-Month LIBOR + 0.55%, 2.89% (A), 02/10/2021, MTN		1,800,000		1,800,900
3-Month LIBOR + 1.18%, 3.65% (A), 01/20/2022		1,600,000		1,618,011
Fixed until 04/24/2023, 3.74% (A), 04/24/2024		1,900,000		1,876,063
UBS AG
3-Month LIBOR + 0.58%, 2.91% (A), 06/08/2020 (B)		2,600,000		2,608,944
7.63%, 08/17/2022		600,000		657,000
UBS Group Funding Switzerland AG 3.00%, 04/15/2021 (B)		3,800,000		3,739,824
4.13%, 09/24/2025 (B)		2,200,000		2,164,362
				41,532,780
Chemicals - 0.6%
Syngenta Finance NV 3.70%, 04/24/2020 (B)		1,700,000		1,693,631
3.93%, 04/23/2021 (B)		1,200,000		1,194,003
5.18%, 04/24/2028 (B)		1,300,000		1,229,726
				4,117,360
Construction & Engineering - 0.1%
Odebrecht Offshore Drilling Finance, Ltd. 6.72%, 12/01/2022 (B)		503,635		480,972
PIK Rate 1.00%, Cash Rate 6.72%, 7.72%, 12/01/2026 (B) (I)		1,741,733		526,892
Odebrecht Oil & Gas Finance, Ltd. Zero Coupon, 12/03/2018 (B) (G)		266,175		4,820
				1,012,684
Consumer Finance - 3.4%
American Express Co. 3.38%, 05/17/2021		1,600,000		1,596,055
3.40%, 02/27/2023		1,900,000		1,862,676

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    62

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Consumer Finance (continued)
Capital One Financial Corp. 4.25%, 04/30/2025		$   1,500,000		$   1,477,992
Daimler Finance North America LLC 3.35%, 05/04/2021 (B)		1,600,000		1,588,257
Ford Motor Credit Co. LLC
3-Month LIBOR + 0.83%, 3.16% (A), 03/12/2019		600,000		600,390
3-Month LIBOR + 0.93%, 3.30% (A), 09/24/2020, MTN		2,600,000		2,599,026
3-Month LIBOR + 1.24%, 3.55% (A), 02/15/2023		1,200,000		1,167,561
General Motors Financial Co., Inc.
2.45%, 11/06/2020		1,900,000		1,848,612
3-Month LIBOR + 0.54%, 2.88% (A), 11/06/2020		1,300,000		1,295,953
3.20%, 07/13/2020		1,500,000		1,486,725
3-Month LIBOR + 0.93%, 3.37% (A), 04/13/2020		1,700,000		1,707,868
3.55%, 04/09/2021		1,600,000		1,585,587
Harley-Davidson Financial Services, Inc. 3.55%, 05/21/2021 (B)		1,700,000		1,687,559
John Deere Capital Corp. 3.45%, 06/07/2023, MTN		1,900,000		1,889,262
Navient Corp.
5.00%, 10/26/2020		900,000		904,950
5.88%, 03/25/2021		300,000		303,000
Springleaf Finance Corp. 8.25%, 12/15/2020		1,200,000		1,284,000
Volkswagen Group of America Finance LLC 2.45%, 11/20/2019 (B)		700,000		693,028
				25,578,501
Diversified Consumer Services - 0.2%
Nationwide Building Society
Fixed until 03/08/2023, 3.77% (A), 03/08/2024 (B)		1,900,000		1,847,837
Diversified Financial Services - 2.4%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
4.13%, 07/03/2023		1,800,000		1,780,337
5.00%, 10/01/2021		1,800,000		1,846,652
Aviation Capital Group LLC
2.88%, 01/20/2022 (B)		1,900,000		1,836,378
4.13%, 08/01/2025 (B)		1,400,000		1,368,624
LeasePlan Corp. NV 2.88%, 01/22/2019 (B)		1,500,000		1,498,819
SMBC Aviation Capital Finance DAC
3.00%, 07/15/2022 (B)		1,600,000		1,535,907
4.13%, 07/15/2023 (B)		1,800,000		1,790,043
Tayarra, Ltd. 3.63%, 02/15/2022		2,902,471		2,925,292
Washington Prime Group, LP 5.95%, 08/15/2024 (F)		3,800,000		3,506,944
				18,088,996

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Telecommunication Services - 2.3%
AT&T, Inc.
3-Month LIBOR + 0.95%, 3.39% (A), 07/15/2021		$   1,500,000		$   1,516,274
3-Month LIBOR + 1.18%, 3.51% (A), 06/12/2024		1,800,000		1,804,993
5.00%, 03/01/2021		1,700,000		1,750,133
Deutsche Telekom International Finance BV 1.95%, 09/19/2021 (B)		1,600,000		1,523,942
Sprint Capital Corp. 6.90%, 05/01/2019		3,000,000		3,039,270
Telstra Corp., Ltd. 4.80%, 10/12/2021 (B)		1,800,000		1,848,065
United Group BV 4.38%, 07/01/2022 (B)		EUR  1,300,000		1,515,055
Verizon Communications, Inc. 3.38%, 02/15/2025		$  4,590,000		4,431,105
				17,428,837
Electric Utilities - 2.1%
Duke Energy Corp.
3-Month LIBOR + 0.50%, 2.82% (A), 05/14/2021 (B) (E)		1,700,000		1,704,330
3.55%, 09/15/2021		1,100,000		1,099,285
Electricite de France SA 4.60%, 01/27/2020 (B)		1,500,000		1,525,545
FirstEnergy Corp. 2.85%, 07/15/2022		1,500,000		1,445,637
NextEra Energy Capital Holdings, Inc.
3-Month LIBOR + 0.32%, 2.64% (A), 09/03/2019		2,600,000		2,603,081
Oncor Electric Delivery Co. LLC 4.10%, 06/01/2022		1,500,000		1,528,697
PPL Capital Funding, Inc. 3.50%, 12/01/2022		2,000,000		1,974,324
Progress Energy, Inc. 4.88%, 12/01/2019		600,000		611,749
Southern Co.
3-Month LIBOR + 0.70%, 3.04% (A), 09/30/2020 (B)		2,000,000		2,004,681
Southern Power Co. 1.95%, 12/15/2019		900,000		885,862
				15,383,191
Entertainment - 0.2%
Activision Blizzard, Inc. 2.30%, 09/15/2021		1,600,000		1,548,709
Equity Real Estate Investment Trusts - 1.8%
AvalonBay Communities, Inc. 3.50%, 11/15/2024, MTN		1,595,000		1,573,305
Crown Castle International Corp.
3.40%, 02/15/2021		1,850,000		1,838,266
3.70%, 06/15/2026		1,700,000		1,605,678
4.88%, 04/15/2022		900,000		927,115
Digital Realty Trust, LP
2.75%, 02/01/2023		1,400,000		1,337,267
4.45%, 07/15/2028		1,900,000		1,867,135
National Retail Properties, Inc. 3.50%, 10/15/2027		1,600,000		1,492,785

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    63

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Equity Real Estate Investment Trusts (continued)
Simon Property Group, LP 2.50%, 09/01/2020		$   2,500,000		$   2,465,139
				13,106,690
Food Products - 1.4%
Campbell Soup Co. 3.30%, 03/15/2021		1,900,000		1,880,735
ConAgra Brands, Inc. 3.80%, 10/22/2021		1,900,000		1,901,754
Danone SA
2.59%, 11/02/2023 (B)		3,294,000		3,097,372
3.00%, 06/15/2022 (B)		1,100,000		1,071,964
Kraft Heinz Foods Co.
4.00%, 06/15/2023		2,200,000		2,188,295
				10,140,120
Health Care Equipment & Supplies - 0.6%
Becton Dickinson and Co.
2.13%, 06/06/2019		1,600,000		1,589,651
Boston Scientific Corp.
3.38%, 05/15/2022		1,600,000		1,578,508
Medtronic, Inc. 2.50%, 03/15/2020		1,300,000		1,288,175
				4,456,334
Health Care Providers & Services - 0.8%
Aetna, Inc. 2.75%, 11/15/2022		2,000,000		1,918,302
Centene Corp. 5.38%, 06/01/2026 (B)		1,200,000		1,218,000
CVS Health Corp. 3.13%, 03/09/2020		1,900,000		1,895,643
3.50%, 07/20/2022		1,300,000		1,285,482
				6,317,427
Hotels, Restaurants & Leisure - 1.2%
GLP Capital, LP / GLP Financing II, Inc. 5.30%, 01/15/2029		2,400,000		2,358,000
McDonald’s Corp.
3-Month LIBOR + 0.43%, 2.94% (A), 10/28/2021, MTN		1,600,000		1,604,609
Sands China, Ltd. 5.13%, 08/08/2025 (B)		1,900,000		1,863,014
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. 4.25%, 05/30/2023 (B)		1,500,000		1,425,000
5.50%, 03/01/2025 (B)		1,800,000		1,712,250
				8,962,873
Household Durables - 0.2%
D.R. Horton, Inc. 4.38%, 09/15/2022		1,800,000		1,811,378
Household Products - 0.5%
Reckitt Benckiser Treasury Services PLC 2.38%, 06/24/2022 (B)		3,900,000		3,727,285
Independent Power & Renewable Electricity Producers - 0.1%
Exelon Generation Co. LLC 5.20%, 10/01/2019		500,000		508,882

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Industrial Conglomerates - 0.1%
General Electric Co.
Fixed until 01/21/2021 (G), 5.00% (A) (F)		$   1,100,000		$   1,018,875
Insurance - 0.8%
Allstate Corp.
3-Month LIBOR + 0.63%, 3.02% (A), 03/29/2023		1,300,000		1,302,656
Ambac LSNI LLC
3-Month LIBOR + 5.00%, 7.40% (A), 02/12/2023 (B)		2,193,082		2,217,754
Jackson National Life Global Funding
3-Month LIBOR + 0.48%, 2.81% (A), 06/11/2021 (B)		1,500,000		1,505,716
New York Life Global Funding 2.90%, 01/17/2024 (B)		1,000,000		962,850
				5,988,976
Internet & Direct Marketing Retail - 0.7%
Amazon.com, Inc. 4.25%, 08/22/2057		700,000		655,105
eBay, Inc. 2.15%, 06/05/2020		3,000,000		2,947,055
2.88%, 08/01/2021		600,000		589,078
3.80%, 03/09/2022		1,200,000		1,202,604
				5,393,842
IT Services - 0.1%
DXC Technology Co.
3-Month LIBOR + 0.95%, 3.27% (A), 03/01/2021		1,000,000		1,000,023
Machinery - 0.4%
CNH Industrial Capital LLC 4.38%, 11/06/2020 (F)		1,300,000		1,313,811
Wabtec Corp.
3-Month LIBOR + 1.05%, 3.38% (A), 09/15/2021		1,700,000		1,702,881
				3,016,692
Media - 1.2%
Altice France SA 5.88%, 02/01/2027 (B)		EUR  1,200,000		1,399,956
7.38%, 05/01/2026 (B)		$  900,000		861,471
Charter Communications Operating LLC / Charter Communications Operating Capital 3.58%, 07/23/2020		1,800,000		1,797,036
4.46%, 07/23/2022		600,000		607,032
Interpublic Group Cos., Inc. 3.50%, 10/01/2020 (F)		2,200,000		2,197,567
Virgin Media Receivables Financing Notes I DAC 5.50%, 09/15/2024 (H)		GBP  1,400,000		1,778,434
				8,641,496
Multi-Utilities - 0.2%
Sempra Energy 2.40%, 03/15/2020		$  1,900,000		1,875,298
Oil, Gas & Consumable Fuels - 1.1%
Continental Resources, Inc. 5.00%, 09/15/2022		480,000		484,718

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    64

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Enbridge, Inc.
3-Month LIBOR + 0.70%, 3.03% (A), 06/15/2020		$   1,500,000		$   1,501,602
Energy Transfer Operating, LP 4.15%, 10/01/2020		800,000		806,816
Marathon Oil Corp. 2.80%, 11/01/2022		1,000,000		953,045
Petrobras Global Finance BV 6.13%, 01/17/2022 (F)		408,000		422,790
Plains All American Pipeline, LP / PAA Finance Corp. 3.65%, 06/01/2022		1,706,000		1,672,050
Sabine Pass Liquefaction LLC 5.63%, 02/01/2021		1,500,000		1,552,092
5.75%, 05/15/2024		1,000,000		1,059,037
				8,452,150
Pharmaceuticals - 1.1%
Bayer US Finance II LLC
3-Month LIBOR + 0.63%, 3.00% (A), 06/25/2021 (B)		1,900,000		1,900,713
3-Month LIBOR + 1.01%, 3.34% (A), 12/15/2023 (B)		2,200,000		2,191,292
Shire Acquisitions Investments Ireland DAC 1.90%, 09/23/2019		1,500,000		1,481,452
Teva Pharmaceutical Finance Netherlands II BV 4.50%, 03/01/2025		EUR  1,100,000		1,308,453
Teva Pharmaceutical Finance Netherlands III BV 6.00%, 04/15/2024		$  1,100,000		1,092,133
				7,974,043
Professional Services - 0.3%
Equifax, Inc.
3-Month LIBOR + 0.87%, 3.18% (A), 08/15/2021		2,100,000		2,112,512
Real Estate Management & Development - 0.1%
Tesco Property Finance 6 PLC 5.41%, 07/13/2044 (H)		GBP  772,876		1,124,343
Semiconductors & Semiconductor Equipment - 0.5%
Broadcom Corp. / Broadcom Cayman Finance, Ltd. 2.20%, 01/15/2021		$  1,900,000		1,836,218
3.00%, 01/15/2022		2,300,000		2,226,525
				4,062,743
Software - 0.3%
VMware, Inc. 2.95%, 08/21/2022		2,400,000		2,297,691
Specialty Retail - 0.1%
QVC, Inc. 5.13%, 07/02/2022		800,000		809,699
Technology Hardware, Storage & Peripherals - 0.6%
Dell International LLC / EMC Corp. 4.42%, 06/15/2021 (B)		2,000,000		2,016,593
5.45%, 06/15/2023 (B)		1,200,000		1,243,754

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Technology Hardware, Storage & Peripherals (continued)
Hewlett Packard Enterprise Co.
3-Month LIBOR + 0.72%, 3.06% (A), 10/05/2021		$   1,500,000		$   1,500,646
				4,760,993
Tobacco - 0.8%
BAT Capital Corp. 2.30%, 08/14/2020 (B)		2,600,000		2,544,372
2.76%, 08/15/2022 (B)		1,000,000		957,151
BAT International Finance PLC 2.75%, 06/15/2020 (B)		500,000		494,232
Imperial Brands Finance PLC 3.75%, 07/21/2022 (B)		297,000		293,563
Reynolds American, Inc. 4.00%, 06/12/2022		1,800,000		1,803,494
				6,092,812
Transportation Infrastructure - 0.3%
Penske Truck Leasing Co., LP / PTL Finance Corp. 3.30%, 04/01/2021 (B)		1,900,000		1,877,551
Wireless Telecommunication Services - 0.4%
Sprint Communications, Inc. 7.00%, 03/01/2020 (B)		900,000		932,625
Vodafone Group PLC
3-Month LIBOR + 0.99%, 3.43% (A), 01/16/2024		1,700,000		1,694,563
				2,627,188
Total Corporate Debt Securities (Cost $388,882,178)				383,835,466
FOREIGN GOVERNMENT OBLIGATIONS - 2.8%
Argentina - 0.2%
Bonos de la Nacion Argentina CON Ajuste por CER 4.00%, 03/06/2020		ARS  43,200,000		1,456,044
Brazil - 1.4%
Brazil Letras do Tesouro Nacional
Zero Coupon, 01/01/2019		BRL  39,500,000		10,507,287
Germany - 0.1%
Bundesobligation
Zero Coupon, 04/17/2020 (H)		EUR  300,000		343,272
Greece - 0.1%
Hellenic Republic Government Bond 4.75%, 04/17/2019 (B) (H)		900,000		1,036,038
Japan - 0.8%
Japan Bank for International Cooperation 2.88%, 07/21/2027		$  1,700,000		1,606,082
Japan Finance Organization for Municipalities 2.63%, 04/20/2022 (B)		1,400,000		1,360,178
3.38%, 09/27/2023 (B)		2,900,000		2,884,734
				5,850,994

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    65

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Kuwait - 0.2%
Kuwait International Government Bond 2.75%, 03/20/2022 (B)		$   1,400,000		$   1,360,744
Total Foreign Government Obligations (Cost $21,809,719)				20,554,379
MORTGAGE-BACKED SECURITIES - 5.5%
Alternative Loan Trust
Series 2005-J12, Class 2A1,
1-Month LIBOR + 0.27%, 2.55% (A), 08/25/2035		1,051,231		727,345
Series 2006-30T1, Class 1A3,
6.25%, 11/25/2036		141,380		122,253
Series 2006-J8, Class A2,
6.00%, 02/25/2037		160,781		113,611
Series 2006-OA12, Class A1B,
1-Month LIBOR + 0.19%, 2.47% (A), 09/20/2046		789,754		672,113
Series 2006-OC7, Class 2A2A,
1-Month LIBOR + 0.17%, 2.45% (A), 07/25/2046		852,807		814,559
Series 2006-OC8, Class 2A2B,
1-Month LIBOR + 0.17%, 2.45% (A), 11/25/2036		530,040		509,975
Series 2007-2CB, Class 1A13,
1-Month LIBOR + 1.00%, 5.75% (A), 03/25/2037		215,401		184,752
Series 2007-HY4, Class 1A1,
3.72% (A), 06/25/2037		388,153		332,877
Series 2007-J1, Class 2A8,
6.00%, 03/25/2037		1,467,388		974,972
Ashford Hospitality Trust
Series 2018-AHT1, Class A,
1-Month LIBOR + 1.00%, 3.28% (A), 05/15/2035 (B)		2,200,000		2,206,571
Banc of America Funding Trust
Series 2005-D, Class A1,
4.23% (A), 05/25/2035		155,208		162,301
Series 2006-J, Class 4A1,
4.03% (A), 01/20/2047		30,158		28,742
BBCMS Trust
Series 2015-STP, Class A,
3.32%, 09/10/2028 (B)		2,333,575		2,328,006
BCAP LLC Trust
Series 2011-RR8, Class 2A1,
3.79% (A), 08/26/2037 (B)		402,540		403,077
Bear Stearns Alt-A Trust
Series 2006-6, Class 31A1,
4.50% (A), 11/25/2036		959,661		886,901
Series 2006-6, Class 32A1,
3.92% (A), 11/25/2036		186,565		155,764
Bear Stearns ARM Trust
Series 2003-5, Class 2A1,
4.21% (A), 08/25/2033		138,610		138,969
Series 2003-8, Class 2A1,
3.85% (A), 01/25/2034		4,498		4,607
Series 2003-8, Class 4A1,
4.37% (A), 01/25/2034		48,703		49,064

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Bear Stearns ARM Trust (continued)
Series 2006-4, Class 1A1,
4.49% (A), 10/25/2036		$   64,562		$   62,028
Bear Stearns Structured Products, Inc. Trust
Series 2007-R6, Class 1A1,
3.55% (A), 01/26/2036		117,753		106,923
CGMS Commercial Mortgage Trust
Series 2017-MDRA, Class A,
3.66%, 07/10/2030 (B)		1,900,000		1,864,155
Chevy Chase Funding LLC Mortgage-Backed Certificates
Series 2004-3A, Class A1,
1-Month LIBOR + 0.25%, 2.53% (A), 08/25/2035 (B)		64,569		64,199
CHL Mortgage Pass-Through Trust
Series 2002-30, Class M,
3.88% (A), 10/19/2032		5,166		4,978
Series 2004-12, Class 12A1,
4.17% (A), 08/25/2034		55,842		54,629
Citigroup Commercial Mortgage Trust
Series 2015-SHP2, Class A,
1-Month LIBOR + 1.28%, 3.56% (A), 07/15/2027 (B)		1,800,000		1,798,868
Citigroup Mortgage Loan Trust
Series 2005-6, Class A2,
1-Year CMT + 2.15%, 4.24% (A), 09/25/2035		53,505		54,219
Series 2009-3, Class 5A3,
6.00% (A), 02/25/2037 (B)		751,682		668,003
CitiMortgage Alternative Loan Trust
Series 2006-A7, Class 1A9,
1-Month LIBOR + 0.65%, 2.93% (A), 12/25/2036		1,342,435		1,085,784
COMM Mortgage Trust
Series 2015-CR26, Class ASB,
3.37%, 10/10/2048		1,400,000		1,385,522
Credit Suisse First Boston Mortgage Securities Corp.
Series 2002-P1A, Class A,
2.67% (A), 03/25/2032 (B)		223		213
Series 2003-AR15, Class 2A1,
3.81% (A), 06/25/2033		229,808		230,171
Series 2003-AR28, Class 2A1,
3.83% (A), 12/25/2033		1,567,447		1,577,329
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust
Series 2005-6, Class 2A3,
5.50%, 12/25/2035		249,512		223,014
First Horizon Alternative Mortgage Securities Trust
Series 2007-FA4, Class 1A8,
6.25%, 08/25/2037		139,369		107,491
First Horizon Mortgage Pass-Through Trust
Series 2005-AR3, Class 2A1,
4.28% (A), 08/25/2035		14,253		11,879
GS Mortgage Securities Corp. Trust
Series 2016-RENT, Class A,
3.20%, 02/10/2029 (B)		1,400,000		1,389,316

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    66

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
GSR Mortgage Loan Trust
Series 2005-AR6, Class 2A1,
4.01% (A), 09/25/2035		$   24,541		$   25,023
HarborView Mortgage Loan Trust
Series 2005-14, Class 4A1A,
4.03% (A), 12/19/2035		180,834		146,713
Series 2006-6, Class 5A1A,
4.10% (A), 08/19/2036		83,728		78,538
Hilton USA Trust
Series 2016-SFP, Class A,
2.83%, 11/05/2035 (B)		1,700,000		1,632,591
IndyMac INDX Mortgage Loan Trust Series 2005-AR11, Class A3, 3.90% (A), 08/25/2035		995,023		896,632
JPMorgan Alternative Loan Trust Series 2006-A2, Class 1A1,
1-Month LIBOR + 0.18%, 2.46% (A), 05/25/2036		1,180,617		1,131,849
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2018-LAQ, Class A,
1-Month LIBOR + 1.00%, 3.28% (A), 06/15/2032 (B)		2,200,000		2,199,980
Series 2018-PHH, Class A,
1-Month LIBOR + 0.91%, 3.19% (A), 06/15/2035 (B)		1,800,000		1,797,157
Ludgate Funding PLC
Series 2007-1, Class A2A,
3-Month GBP LIBOR + 0.16%, 0.96% (A), 01/01/2061 (H)		GBP  1,557,977		1,883,018
MASTR Alternative Loan Trust Series 2006-2, Class 2A1,
1-Month LIBOR + 0.40%, 2.68% (A), 03/25/2036		$  90,469		16,994
Merrill Lynch Mortgage Investors Trust Series 2005-3, Class 4A,
1-Month LIBOR + 0.25%, 2.53% (A), 11/25/2035		2,814		2,730
Morgan Stanley Capital I Trust Series 2014-CPT, Class AM, 3.40% (A), 07/13/2029 (B)		1,400,000		1,390,031
RALI Trust Series 2008-QR1, Class 1A1,
1-Month LIBOR + 1.40%, 3.68% (A), 08/25/2036		438,320		417,654
RBSSP Resecuritization Trust Series 2009-6, Class 2A1,
1-Month LIBOR + 0.15%, 3.69% (A), 01/26/2036 (B)		538,469		543,232
Reperforming Loan REMIC Trust
Series 2004-R1, Class 2A,
6.50%, 11/25/2034 (B)		121,612		120,106
Series 2005-R2, Class 1AF1,
1-Month LIBOR + 0.34%, 2.62% (A), 06/25/2035 (B)		354,563		342,080
RFMSI Trust Series 2003-S9, Class A1, 6.50%, 03/25/2032		641		654

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
RMAC Securities No. 1 PLC Series 2007-NS1X, Class A2B,
3-Month LIBOR + 0.15%, 2.48% (A), 06/12/2044 (H)		$   1,956,352		$   1,882,474
Sequoia Mortgage Trust
Series 2004-11, Class A2,
6-Month LIBOR + 0.64%, 3.14% (A), 12/20/2034		795,602		770,958
Series 2007-1, Class 1A1,
3.72% (A), 01/20/2047		219,283		177,414
Series 2007-3, Class 2AA1,
3.95% (A), 07/20/2037		1,178,479		1,124,044
Series 2010, Class 2A1,
1-Month LIBOR + 0.76%, 3.04% (A), 10/20/2027		6,134		5,873
Structured Adjustable Rate Mortgage Loan Trust
Series 2004-12, Class 3A1,
4.33% (A), 09/25/2034		186,708		186,215
Series 2004-19, Class 2A1,
12-MTA + 1.40%, 3.35% (A), 01/25/2035		87,452		82,993
Structured Asset Mortgage Investments II Trust
Series 2005-AR5, Class A1,
1-Month LIBOR + 0.25%, 2.53% (A), 07/19/2035		14,840		14,479
Series 2005-AR5, Class A2,
1-Month LIBOR + 0.25%, 2.53% (A), 07/19/2035		14,396		14,065
Series 2005-AR5, Class A3,
1-Month LIBOR + 0.25%, 2.53% (A), 07/19/2035		36,842		35,836
Series 2005-AR8, Class A1A,
1-Month LIBOR + 0.28%, 2.56% (A), 02/25/2036		253,176		240,008
Structured Asset Mortgage Investments Trust Series 2002-AR3, Class A1,
1-Month LIBOR + 0.66%, 2.94% (A), 09/19/2032		4,434		4,331
Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2003-22A, Class 2A1, 4.25% (A), 06/25/2033		216,220		213,706
WaMu Mortgage Pass-Through Certificates Trust Series 2003-AR9, Class 2A, 4.41% (A), 09/25/2033		283,057		287,867
Wells Fargo Mortgage-Backed Securities Trust
Series 2004-CC, Class A1,
3.84% (A), 01/25/2035		38,061		38,965
Series 2005-AR2, Class 1A1,
3.98% (A), 03/25/2035		726,738		737,395
Series 2006-AR1, Class 2A4,
3.97% (A), 03/25/2036		1,203,251		1,176,199
Series 2006-AR8, Class 2A4,
4.62% (A), 04/25/2036		65,552		65,755
Total Mortgage-Backed Securities (Cost $41,315,816)				41,188,739

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    67

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.6%
Illinois - 0.5%
City of Chicago, General Obligation Unlimited, Series B, 7.75%, 01/01/2042		$   1,000,000		$   1,060,660
State of Illinois, General Obligation Unlimited
6.63%, 02/01/2035		1,500,000		1,563,480
7.35%, 07/01/2035		1,015,000		1,104,858
				3,728,998
South Carolina - 0.0% (J)
South Carolina Student Loan Corp., Revenue Bonds, Series A-3,
3-Month LIBOR + 0.14%, 2.46% (A), 12/01/2023		155,348		155,345
West Virginia - 0.1%
Tobacco Settlement Finance Authority, Revenue Bonds, Series A, 7.47%, 06/01/2047		955,000		935,060
Total Municipal Government Obligations (Cost $4,696,678)				4,819,403
U.S. GOVERNMENT AGENCY OBLIGATIONS - 58.7%
Federal Home Loan Mortgage Corp.
1-Year CMT + 2.22%, 3.47% (A), 11/01/2033		27,395		28,870
3.50%, TBA (K)		7,000,000		6,813,516
1-Year CMT + 2.23%, 3.92% (A), 03/01/2034		37,893		39,835
1-Year CMT + 2.26%, 3.94% (A), 01/01/2036		935,646		989,877
4.00%, TBA (K)		12,000,000		11,985,597
12-Month LIBOR + 1.35%, 4.09% (A), 09/01/2035		12,740		13,154
4.50%, 08/01/2025 - 05/01/2037		29,260		30,062
4.50%, TBA (K)		3,000,000		3,072,070
12-Month LIBOR + 1.87%, 4.62% (A), 09/01/2035		131,466		138,438
Federal Home Loan Mortgage Corp. REMIC
1-Month LIBOR + 0.40%, 2.68% (A), 06/15/2041		1,141,795		1,147,871
6.50%, 04/15/2029		1,112		1,206
Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates
12-MTA + 1.20%, 3.15% (A), 10/25/2044		160,699		160,852
12-MTA + 1.40%, 3.35% (A), 07/25/2044		157,694		159,138
6.50%, 07/25/2043		9,215		10,247
Federal National Mortgage Association
1-Month LIBOR + 0.35%, 2.57% (A), 09/25/2042		153,404		152,611
3.00%, TBA (K)		91,000,000		85,931,454
12-MTA + 1.20%, 3.04% (A), 03/01/2044 - 10/01/2044		492,119		488,897
3.31%, 07/01/2023		3,276,815		3,256,763
3.50%, 02/01/2027		129,500		129,604

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal National Mortgage Association (continued)
3.50%, TBA (K)		$   130,800,000		$   127,436,972
1-Year CMT + 2.27%, 3.52% (A), 11/01/2033		20,252		21,449
12-Month LIBOR + 1.69%, 3.79% (A), 03/01/2034		81,931		85,658
1-Year CMT + 2.22%, 3.88% (A), 01/01/2028		11,787		12,340
4.00%, TBA (K)		152,000,000		151,772,111
12-Month LIBOR + 1.36%, 4.10% (A), 07/01/2035		63,711		65,839
1-Year CMT + 2.04%, 4.29% (A), 09/01/2035		159,225		167,498
1-Year CMT + 2.19%, 4.44% (A), 01/01/2026		1,623		1,629
4.50%, 12/01/2024		154,543		158,355
4.50%, TBA (K)		15,000,000		15,333,894
5.00%, 08/01/2020 - 10/01/2029		199,750		208,290
5.00%, TBA (K)		9,000,000		9,365,520
6.00%, 07/01/2035 - 06/01/2040		993,236		1,082,584
Federal National Mortgage Association REMIC
1-Month LIBOR + 0.10%, 2.38% (A), 01/25/2021 (L)		0		0
1-Month LIBOR + 0.45%, 2.55% (A), 09/25/2046		708,265		709,095
6.30%, 10/17/2038		47,450		47,379
Federal National Mortgage Association REMIC, Interest Only STRIPS
(1.00) * 1-Month LIBOR + 7.10%, 4.82% (A), 07/25/2034		364,412		48,007
Government National Mortgage Association
1-Month LIBOR + 0.60%, 2.71% (A), 08/20/2065 - 10/20/2065		3,405,379		3,420,795
3.00%, TBA (K)		1,000,000		956,680
1-Month LIBOR + 0.95%, 3.06% (A), 12/20/2066		1,243,335		1,266,962
1-Month LIBOR + 1.00%, 3.11% (A), 12/20/2065		4,964,026		5,064,638
3.50%, TBA (K)		1,000,000		981,016
1-Year CMT + 1.50%, 3.63% (A), 05/20/2024		13,158		13,412
4.00%, TBA (K)		5,000,000		5,032,813
Government National Mortgage Association, Interest Only STRIPS
(1.00) * 1-Month LIBOR + 6.56%, 4.28% (A), 04/16/2033 - 10/16/2033		380,571		49,027
(1.00) * 1-Month LIBOR + 6.60%, 4.32% (A), 08/16/2033 - 09/20/2034		1,100,584		148,771
Total U.S. Government Agency Obligations (Cost $439,225,725)				438,000,796
U.S. GOVERNMENT OBLIGATIONS - 23.2%
U.S. Treasury - 23.2%
U.S. Treasury Bond
2.75%, 08/15/2042 - 11/15/2042 (M)		10,000,000		8,936,484
2.88%, 05/15/2043		3,600,000		3,284,297

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    68

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (continued)
U.S. Treasury (continued)
U.S. Treasury Bond (continued)
2.88%, 08/15/2045 (M)		$   7,200,000		$   6,529,781
3.00%, 05/15/2042 - 02/15/2048 (M)		13,000,000		12,086,648
3.13%, 02/15/2043		1,000,000		954,297
3.13%, 08/15/2044 (M)		9,700,000		9,238,492
4.25%, 05/15/2039		900,000		1,023,223
4.38%, 11/15/2039 (M)		4,900,000		5,665,242
4.38%, 05/15/2040		1,400,000		1,619,844
4.63%, 02/15/2040		700,000		835,926
U.S. Treasury Note
1.88%, 07/31/2022 (N) (O)		900,000		865,266
1.88%, 08/31/2022 (M) (O) (P) (Q)		4,000,000		3,841,563
2.00%, 12/31/2021 (M) (N) (Q)		86,900,000		84,428,781
2.00%, 10/31/2022 (O)		400,000		385,406
2.13%, 09/30/2024 (M)		14,800,000		14,068,672
2.25%, 08/15/2027 (M) (O) (P) (Q)		8,800,000		8,199,469
2.38%, 05/15/2027 (M)		11,400,000		10,760,086
Total U.S. Government Obligations (Cost $182,255,602)				172,723,477
	Shares		Value
COMMON STOCK - 0.0% (J)
Household Durables - 0.0% (J)
Urbi Desarrollos Urbanos SAB de CV (E) (R)		7,629		1,348
Total Common Stock (Cost $417,591)				1,348
	Principal		Value
COMMERCIAL PAPER - 0.8%
Consumer Finance - 0.2%
Ford Motor Credit Co. 2.90% (S), 02/19/2019		$  1,600,000		1,586,409
Food Products - 0.3%
Campbell Soup Co. 2.97% (S), 01/14/2019		2,200,000		2,186,885
Oil, Gas & Consumable Fuels - 0.3%
Enbridge Energy Partners 3.17% (S), 11/14/2018		2,300,000		2,297,409
Total Commercial Paper (Cost $6,070,703)				6,070,703
SHORT-TERM FOREIGN GOVERNMENT OBLIGATIONS - 10.8%
Argentina - 0.6%
Argentina Treasury Bill
3.09% (S), 11/16/2018		900,000		898,507
3.10% (S), 01/11/2019		800,000		793,910
3.54% (S), 02/22/2019		2,000,000		1,975,870
3.80% (S), 12/28/2018		ARS  25,620,000		758,252
6.00% (S), 03/29/2019		8,845,000		251,306
				4,677,845
Greece - 0.3%
Hellenic Republic Treasury Bill 0.71% (S), 11/02/2018		EUR  300,000		339,795
1.22% (S), 03/15/2019		700,000		789,454

	Principal			Value
SHORT-TERM FOREIGN GOVERNMENT OBLIGATIONS (continued)
Greece (continued)
1.27% (S), 03/15/2019		$   1,000,000			$   1,127,791
					2,257,040
Japan - 9.9%
Japan Treasury Discount Bill 0.00% (S), 11/05/2018 - 01/15/2019		JPY  8,280,000,000			73,395,268
Total Short-Term Foreign Government Obligations (Cost $81,233,308)					80,330,153
	Shares			Value
OTHER INVESTMENT COMPANY - 1.8%
Securities Lending Collateral - 1.8%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 2.19% (S)		13,481,422			13,481,422
Total Other Investment Company (Cost $13,481,422)					13,481,422
	Principal			Value
REPURCHASE AGREEMENT - 0.0% (J)
Fixed Income Clearing Corp., 1.25% (S), dated 10/31/2018, to be repurchased at $134,031 on 11/01/2018. Collateralized by a U.S. Government Obligation, 2.88%, due 10/15/2021, and with a value of $140,095.		$  134,026			134,026
Total Repurchase Agreement (Cost $134,026)					134,026
Total Investments Excluding Purchased Options/Swaptions (Cost $1,293,266,673)					1,281,590,496
Total Purchased Options/Swaptions - 0.0% (J) (Cost $47,942)					49,757
Total Investments (Cost $1,293,314,615)					1,281,640,253
Net Other Assets (Liabilities) - (71.8)%					(535,597,985	)
Net Assets - 100.0%					$  746,042,268
	Principal			Value
REVERSE REPURCHASE AGREEMENTS - (13.5)%
Bank of Nova Scotia, 2.38% (S), dated 10/10/2018, to be repurchased at $(8,304,328) on 01/10/2019. Collateralized by a U.S. Government Obligation, 2.38%, due 05/15/2027, and with a value of $(8,308,456).		$  (8,254,125	)		$  (8,254,125	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    69

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

	Principal			Value
REVERSE REPURCHASE AGREEMENTS (continued)
Credit Agricole Corporate and Investment Bank, 2.30% (S), dated 10/24/2018, to be repurchased at $(19,756,854) on 11/02/2018. Collateralized by U.S. Government Obligation, 2.00%, due 12/31/2021, and Cash with a total value of $(19,720,959).		$   (19,745,500	)		$   (19,745,500	)
Credit Agricole Corporate and Investment Bank, 2.30% (S), dated 10/25/2018, to be repurchased at $(4,169,351) on 11/08/2018. Collateralized by U.S. Government Obligation, 3.13%, due 08/15/2044, and Cash with a total value of $(4,112,017).		(4,165,625	)		(4,165,625	)
Credit Agricole Corporate and Investment Bank, 2.30% (S), dated 10/12/2018, to be repurchased at $(56,933,911) on 11/13/2018. Collateralized by U.S. Government Obligation, 2.00%, due 12/31/2021, and Cash with a total value of $(56,747,132).		(56,817,750	)		(56,817,750	)
Deutsche Bank Securities, Inc., 2.48% (S), dated 10/29/2018, to be repurchased at $(4,758,926) on 01/25/2019. Collateralized by a U.S. Government Obligation, 2.88%, due 08/15/2045, and with a value of $(4,657,734).		(4,730,250	)		(4,730,250	)

	Principal			Value
REVERSE REPURCHASE AGREEMENTS (continued)
Deutsche Bank Securities, Inc., 2.51% (S), dated 11/01/2018, to be repurchased at $(753,804) on 02/01/2019. Collateralized by a U.S. Government Obligation, 3.00%, due 02/15/2048, and with a value of $(739,969).		$   (749,000	)		$   (749,000	)
Merrill Lynch Pierce Fenner & Smith, 2.32% (S), dated 10/24/2018, to be repurchased at $(1,435,115) on 11/01/2018. Collateralized by a U.S. Government Obligation, 2.38%, due 05/15/2027, and with a value of $(1,432,492).		(1,434,375	)		(1,434,375	)
RBS Securities, Inc., 2.44% (S), dated 10/18/2018, to be repurchased at $(3,899,163) on 01/18/2019. Collateralized by U.S. Government Obligations, 2.00% - 2.38%, due 12/31/2021 - 05/15/2027, and with a total value of $(3,884,865).		(3,875,000	)		(3,875,000	)
RBS Securities, Inc., 2.46% (S), dated 10/19/2018, to be repurchased at $(688,692) on 01/22/2019. Collateralized by a U.S. Government Obligation, 2.00%, due 12/31/2021, and with a value of $(685,595).		(684,250	)		(684,250	)
Total Reverse Repurchase Agreements ($100,455,875)					$  (100,455,875	)

EXCHANGE-TRADED OPTIONS PURCHASED:

Description	Exercise Price			Expiration Date		Notional Amount			Number of Contracts		Premiums Paid		Value
Call - 10-Year Canada Government Bond Futures		CAD	158.00		11/16/2018		CAD	3,039,450		23	$	211	$	87
Call - 10-Year Canada Government Bond Futures		CAD	159.00		11/16/2018		CAD	4,625,250		35		321		133
Call - 30-Year U.S. Treasury Note Futures		USD	178.00		11/23/2018		USD	2,210,080		16		134		16
Call - 30-Year U.S. Treasury Note Futures		USD	180.00		11/23/2018		USD	4,282,030		31		265		31
Call - U.S. Treasury Note Futures		USD	160.00		11/23/2018		USD	2,486,340		18		154		18
Call - U.S. Treasury Note Futures		USD	175.00		11/23/2018		USD	138,130		1		8		1
Call - U.S. Treasury Note Futures		USD	182.00		11/23/2018		USD	5,248,940		38		325		38
Call - U.S. Treasury Note Futures		USD	184.00		11/23/2018		USD	3,038,860		22		188		22
Put - 05-Year U.S. Treasury Note Futures		USD	104.00		11/23/2018		USD	5,506,620		49		419		49
Put - 05-Year U.S. Treasury Note Futures		USD	104.25		11/23/2018		USD	12,698,940		113		966		113
Put - 05-Year U.S. Treasury Note Futures		USD	104.75		11/23/2018		USD	561,900		5		43		5
Put - 05-Year U.S. Treasury Note Futures		USD	105.25		11/23/2018		USD	19,441,740		173		1,479		173
Put - 05-Year U.S. Treasury Note Futures		USD	105.50		12/21/2018		USD	785,969		7		60		7
Put - 05-Year U.S. Treasury Note Futures		USD	105.75		11/23/2018		USD	12,811,320		114		975		114
Put - 05-Year U.S. Treasury Note Futures		USD	106.00		12/21/2018		USD	1,235,094		11		94		11
Put - 05-Year U.S. Treasury Note Futures		USD	106.50		11/23/2018		USD	7,417,080		66		564		66
Put - 05-Year U.S. Treasury Note Futures		USD	106.75		11/23/2018		USD	4,944,720		44		376		44
Put - 05-Year U.S. Treasury Note Futures		USD	107.00		11/23/2018		USD	39,445,380		351		3,001		351
Put - 05-Year U.S. Treasury Note Futures		USD	107.25		11/23/2018		USD	48,660,540		433		3,702		433
Put - 05-Year U.S. Treasury Note Futures		USD	107.50		11/23/2018		USD	7,079,940		63		539		63
Put - 05-Year U.S. Treasury Note Futures		USD	108.50		11/23/2018		USD	2,697,120		24		205		24
Put - 10-Year U.S. Treasury Note Futures		USD	105.50		12/21/2018		USD	8,745,875		74		633		74

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    70

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

EXCHANGE-TRADED OPTIONS PURCHASED (continued):

Description	Exercise Price			Expiration Date		Notional Amount			Number of Contracts		Premiums Paid		Value
Put - 10-Year U.S. Treasury Note Futures		USD	106.50		12/21/2018		USD	5,436,625		46	$	393	$	46
Put - 10-Year U.S. Treasury Note Futures		USD	109.50		11/23/2018		USD	9,119,880		77		658		77
Put - 10-Year U.S. Treasury Note Futures		USD	110.00		11/23/2018		USD	7,224,840		61		521		61
Put - 10-Year U.S. Treasury Note Futures		USD	110.50		11/23/2018		USD	2,605,680		22		188		22
Put - 10-Year U.S. Treasury Note Futures		USD	111.00		11/23/2018		USD	20,016,360		169		1,445		169
Total											$	17,867	$	2,248

OVER-THE-COUNTER OPTIONS PURCHASED:

Description

Counterparty

Exercise Price

Expiration Date

Notional Amount

Number of Contracts

Premiums Paid

Value

Put - Federal National Mortgage Association, 4.00%, TBA (T)

JPM

USD

72.00

11/06/2018

USD

9,000,000

9,000,000

$

352

$

—

OVER-THE-COUNTER FOREIGN EXCHANGE OPTIONS PURCHASED:

Description	Counterparty		Exercise Price			Expiration Date		Notional Amount/ Number of Contracts			Premiums Paid		Value
Put - USD vs. INR		HSBC		USD	68.50		12/05/2018		USD	3,500,000	$	2,923	$	28
Put - USD vs. INR		GSB		USD	68.50		12/07/2018		USD	2,800,000		2,800		28
Total											$	5,723	$	56

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 (E)

GSB

3-Month USD-LIBOR

Pay

2.94

%

12/12/2019

USD

500,000

$

24,000

$

47,453

EXCHANGE-TRADED OPTIONS WRITTEN:

Description	Exercise Price			Expiration Date		Notional Amount			Number of Contracts		Premiums (Received)			Value
Call - 10-Year U.S. Treasury Note Futures		USD	119.00		11/23/2018		USD	8,053,920		68	$	(23,153	)	$	(18,062	)
Call - 10-Year U.S. Treasury Note Futures		USD	119.50		11/23/2018		USD	12,909,960		109		(26,229	)		(15,328	)
Total											$	(49,382	)	$	(33,390	)

OVER-THE-COUNTER FOREIGN EXCHANGE OPTIONS WRITTEN:

Description	Counterparty		Exercise Price			Expiration Date		Notional Amount/ Number of Contracts			Premiums (Received)			Value
Call - AUD vs. USD		GSB		AUD	0.73		11/09/2018		AUD	6,800,000	$	(32,909	)	$	(737	)
Call - USD vs. MXN		JPM		USD	19.50		11/26/2018		USD	3,800,000		(46,835	)		(168,902	)
Call - USD vs. MXN		HSBC		USD	20.65		12/07/2018		USD	1,900,000		(20,710	)		(27,537	)
Call - USD vs. MXN		GSB		USD	20.75		12/11/2018		USD	4,500,000		(45,360	)		(63,158	)
Call - USD vs. MXN		GSB		USD	20.89		12/04/2018		USD	3,400,000		(33,830	)		(33,830	)
Call - USD vs. MXN		GSB		USD	21.00		12/18/2018		USD	3,000,000		(35,550	)		(35,550	)
Put - AUD vs. USD		GSB		AUD	0.69		11/09/2018		AUD	6,800,000		(24,839	)		(2,249	)
Total											$	(240,033	)	$	(331,963	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    71

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

OVER-THE-COUNTER INTEREST RATE SWAPTIONS WRITTEN:

Description	Counterparty	Floating Rate Index		Pay/Receive Floating Rate	Exercise Rate			Expiration Date		Notional Amount/ Number of Contracts			Premiums (Received)			Value
Put - 5-Year	GSB		3-Month USD-LIBOR	Pay		2.75	%		12/12/2019		USD	2,200,000	$	(24,000	)	$	(57,659	)
													Premiums (Received)			Value
TOTAL WRITTEN OPTIONS AND SWAPTIONS													$	(313,415	)	$	(423,012	)

CENTRALLY CLEARED SWAP AGREEMENTS:

Credit Default Swap Agreements on Corporate and Sovereign Issues - Sell Protection (U)
Reference Obligation	Fixed Rate Receivable			Payment Frequency		Maturity Date		Implied Credit Spread at October 31, 2018 (V)			Notional Amount (W)			Value (X)		Premiums Paid (Received)			Net Unrealized Appreciation (Depreciation)
Ford Motor Credit Co. LLC, 3.81%, 01/09/2024		5.00	%		Quarterly		12/20/2023		1.97	%		USD	2,400,000	$	348,330	$	323,101		$	25,229
Ford Motor Credit Co. LLC, 5.00%, 05/15/2018		5.00			Quarterly		12/20/2022		1.49			USD	1,500,000		210,242		236,017			(25,775	)
Goldman Sachs Group, Inc., 5.95%, 01/18/2018		1.00			Quarterly		06/20/2021		0.43			USD	1,000,000		15,916		9,110			6,806
Goldman Sachs Group, Inc., 5.95%, 01/18/2018		1.00			Quarterly		12/20/2021		0.48			USD	1,400,000		23,398		12,519			10,879
MetLife, Inc., 4.75%, 02/08/2021		1.00			Quarterly		12/20/2021		0.36			USD	1,500,000		30,734		(8,101	)		38,835
Tesco PLC, 6.00%, 12/14/2029		1.00			Quarterly		06/20/2022		0.66			EUR	1,200,000		19,374		(39,301	)		58,675
Total														$	647,994	$	533,345		$	114,649

Credit Default Swap Agreements on Credit Indices - Sell Protection (U)
Reference Obligation	Fixed Rate Receivable			Payment Frequency		Maturity Date		Notional Amount (W)			Value (X)			Premiums Paid (Received)			Net Unrealized Appreciation (Depreciation)
North America Investment Grade Index - Series 28		1.00	%		Quarterly		06/20/2022		USD	1,100,000	$	19,896		$	15,719		$	4,177
North America Investment Grade Index - Series 30		1.00			Quarterly		06/20/2023		USD	24,100,000		(411,041	)		(399,771	)		(11,270	)
North America Investment Grade Index - Series 31		1.00			Quarterly		12/20/2023		USD	1,200,000		19,083			21,075			(1,992	)
Total											$	(372,062	)	$	(362,977	)	$	(9,085	)

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	$	75,931		$	(4,944	)	$	80,875
3-Month USD-LIBOR	Receive		1.96		Quarterly/ Semi-Annually		12/05/2019		USD	14,800,000		(89,881	)		—			(89,881	)
3-Month USD-LIBOR	Pay		2.25		Semi-Annually/ Quarterly		06/20/2028		USD	16,500,000		1,243,183			853,208			389,975
3-Month USD-LIBOR	Pay		2.50		Semi-Annually/ Quarterly		12/20/2027		USD	7,900,000		410,868			(107,281	)		518,149
3-Month USD-LIBOR	Receive		2.80		Semi-Annually/ Quarterly		08/22/2023		USD	17,100,000		(248,949	)		(209	)		(248,740	)
3-Month USD-LIBOR	Pay		2.91		Semi-Annually/ Quarterly		08/22/2048		USD	3,900,000		320,850			31,398			289,452

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    72

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

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)
3-Month USD-LIBOR		Pay		2.94	%		Semi-Annually/ Quarterly		08/22/2048		USD	900,000	$	67,776		$	—		$	67,776
6-Month EUR-EURIBOR		Receive		1.00			Semi-Annually/ Annually		03/20/2029		EUR	40,200,000		(175,048	)		(243,978	)		68,930
6-Month EUR-EURIBOR		Receive		1.25			Semi-Annually/ Annually		12/19/2028		EUR	7,300,000		214,264			137,480			76,784
6-Month EUR-EURIBOR		Receive		1.50			Semi-Annually/ Annually		03/20/2049		EUR	2,500,000		(23,656	)		(49,760	)		26,104
6-Month EUR-EURIBOR		Receive		1.50			Semi-Annually/ Annually		07/04/2042		EUR	5,800,000		43,538			—			43,538
6-Month GBP-LIBOR		Pay		1.50			Semi-Annually		03/20/2024		GBP	8,500,000		(31,685	)		(7,415	)		(24,270	)
6-Month GBP-LIBOR		Pay		1.50			Semi-Annually		12/19/2028		GBP	2,200,000		27,504			35,395			(7,891	)
6-Month GBP-LIBOR		Pay		1.50			Semi-Annually		03/20/2029		GBP	7,100,000		110,325			112,615			(2,290	)
6-Month GBP-LIBOR		Pay		1.50			Semi-Annually		12/19/2048		GBP	4,700,000		302,465			21,871			280,594
6-Month GBP-LIBOR		Pay		1.75			Semi-Annually		03/20/2049		GBP	1,000,000		(11,457	)		(6,113	)		(5,344	)
6-Month JPY-LIBOR		Pay		0.30			Semi-Annually		03/18/2026		JPY	3,050,000,000		(181,795	)		(138,570	)		(43,225	)
6-Month JPY-LIBOR		Pay		0.30			Semi-Annually		03/18/2026		JPY	2,960,000,000		(160,069	)		(160,056	)		(13	)
6-Month JPY-LIBOR		Pay		0.30			Semi-Annually		09/20/2027		JPY	840,000,000		(9,544	)		(29,963	)		20,419
6-Month JPY-LIBOR		Pay		0.30			Semi-Annually		03/20/2028		JPY	300,000,000		2,143			20,019			(17,876	)
6-Month JPY-LIBOR		Receive		0.31			Semi-Annually		10/31/2028		JPY	510,000,000		(14,176	)		(7,860	)		(6,316	)
6-Month JPY-LIBOR		Receive		0.37			Semi-Annually		10/22/2028		JPY	170,000,000		5,062			—			5,062
6-Month JPY-LIBOR		Receive		0.38			Semi-Annually		06/18/2028		JPY	170,000,000		10,263			10,169			94
6-Month JPY-LIBOR		Pay		0.40			Semi-Annually		06/18/2028		JPY	220,000,000		(16,969	)		(175	)		(16,794	)
6-Month JPY-LIBOR		Pay		0.45			Semi-Annually		03/20/2029		JPY	440,000,000		(30,253	)		(31,378	)		1,125
6-Month JPY-LIBOR		Pay		0.71			Semi-Annually		10/31/2038		JPY	260,000,000		26,708			16,622			10,086
6-Month JPY-LIBOR		Pay		0.75			Semi-Annually		03/20/2038		JPY	750,000,000		(10,442	)		21,569			(32,011	)
6-Month JPY-LIBOR		Pay		0.75			Semi-Annually		12/20/2038		JPY	870,000,000		37,048			59,403			(22,355	)
6-Month JPY-LIBOR		Pay		0.80			Semi-Annually		10/22/2038		JPY	90,000,000		(5,602	)		—			(5,602	)
6-Month JPY-LIBOR		Pay		1.00			Semi-Annually		03/21/2048		JPY	40,000,000		(4,742	)		(1,240	)		(3,502	)
Total													$	1,883,660		$	530,807		$	1,352,853

OVER-THE-COUNTER SWAP AGREEMENTS:
Credit Default Swap Agreements on Corporate and Sovereign Issues - Sell Protection (U)
Reference Obligation	Counterparty		Fixed Rate Receivable			Payment Frequency		Maturity Date		Implied Credit Spread at October 31, 2018 (V)		Notional Amount (W)			Value (X)			Premiums Paid (Received)			Net Unrealized Appreciation (Depreciation)
Petrobras Global Finance BV, 8.38%, 12/10/2018		GSI		1.00	%		Quarterly		12/20/2019		1.03%		USD	400,000	$	326		$	(9,436	)	$	9,762
Republic of South Africa Government International Bond, 5.50%, 03/09/2020		JPM		1.00			Quarterly		12/20/2023		2.35		USD	1,900,000		(113,359	)		(101,385	)		(11,974	)
Russian Foreign Bond - Eurobond, 7.50%, 03/31/2030		JPM		1.00			Quarterly		12/20/2023		1.47		USD	5,300,000		(107,508	)		(135,460	)		27,952
Total															$	(220,541	)	$	(246,281	)	$	25,740

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    73

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

OVER-THE-COUNTER SWAP AGREEMENTS (continued):

Credit Default Swap Agreements on Credit Indices - Sell Protection (U)

Reference Obligation

Counterparty

Fixed Rate Receivable

Payment Frequency

Maturity Date

Notional Amount (W)

Value (X)

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

$  9,204

$  (138,146

)

$  147,350

	Value
OTC Swap Agreements, at value (Assets)	$	9,530
OTC Swap Agreements, at value (Liabilities)	$	(220,867	)

FUTURES CONTRACTS:
Description	Long/Short		Number of Contracts			Expiration Date		Notional Amount			Value			Unrealized Appreciation		Unrealized Depreciation
90-Day Eurodollar		Long		30			03/18/2019	$	7,291,531		$	7,282,875		$	—	$	(8,656	)
90-Day Eurodollar		Short		(15	)		06/15/2020		(3,642,100	)		(3,629,625	)		12,475		—
90-Day Eurodollar		Short		(25	)		12/14/2020		(6,057,787	)		(6,049,688	)		8,099		—
5-Year U.S. Treasury Note		Long		1,390			12/31/2018		157,352,753			156,212,110			—		(1,140,643	)
10-Year Australia Treasury Bond		Short		(239	)		12/17/2018		(21,971,595	)		(21,902,821	)		68,774		—
10-Year Canada Government Bond		Short		(50	)		12/18/2018		(5,102,163	)		(5,019,180	)		82,983		—
10-Year Japan Government Bond		Short		(6	)		12/13/2018		(7,983,143	)		(8,009,749	)		—		(26,606	)
10-Year U.S. Treasury Note		Long		335			12/19/2018		39,873,366			39,676,562			—		(196,804	)
Euro OAT Index		Short		(328	)		12/06/2018		(56,519,182	)		(56,454,555	)		64,627		—
Euro-BTP Italy Government Bond		Short		(390	)		12/06/2018		(54,341,140	)		(53,732,479	)		608,661		—
German Euro Bund Index		Long		149			12/06/2018		26,934,992			27,046,263			111,271		—
German Euro BUXL Index		Short		(37	)		12/06/2018		(7,427,337	)		(7,413,536	)		13,801		—
German Euro Schatz Index		Short		(26	)		12/06/2018		(3,296,104	)		(3,297,542	)		—		(1,438	)
OTC Call Options Exercise Price EUR 157.00 on German Euro Bund Futures		Long		82			11/23/2018		1,009			929			—		(80	)
OTC Call Options Exercise Price EUR 159.00 on German Euro Bund Futures		Long		290			11/23/2018		3,568			3,285			—		(283	)
OTC Call Options Exercise Price EUR 160.00 on German Euro Bund Futures		Short		(95	)		11/23/2018		(46,177	)		(92,538	)		—		(46,361	)
OTC Call Options Exercise Price EUR 165.00 on German Euro Bund Futures		Long		60			11/23/2018		739			680			—		(59	)
OTC Put Options Exercise Price EUR 145.00 on German Euro Bund Futures		Long		64			11/23/2018		787			725			—		(62	)
U.K. Gilt		Short		(87	)		12/27/2018		(13,561,363	)		(13,612,411	)		—		(51,048	)
U.S. Treasury Bond		Short		(129	)		12/19/2018		(18,520,070	)		(17,818,125	)		701,945		—
Total														$	1,672,636	$	(1,472,040	)

FORWARD FOREIGN CURRENCY CONTRACTS:
Counterparty	Settlement Date	Currency Purchased			Currency Sold			Unrealized Appreciation		Unrealized Depreciation
BCLY	11/13/2018		ARS	6,565,686		USD	166,726	$	13,123	$	—
BCLY	11/15/2018		USD	1,844,026		RUB	121,618,686		1,337		—
BCLY	11/15/2018		USD	1,817,305		SEK	15,905,000		77,172		—
BCLY	11/19/2018		USD	14,249,410		JPY	1,570,000,000		316,253		—
BCLY	11/19/2018		RUB	25,081,165		USD	381,155		—		(1,343	)
BCLY	11/26/2018		USD	9,121,286		JPY	1,010,000,000		153,291		—
BCLY	12/14/2018		USD	380,055		RUB	25,081,165		1,442		—
BCLY	12/14/2018		RUB	121,618,686		USD	1,838,065		—		(2,170	)
BNP	11/02/2018		USD	19,726,999		EUR	16,708,000		799,766		—
BNP	11/02/2018		EUR	1,048,000		USD	1,218,589		—		(31,389	)
BNP	11/05/2018		USD	2,431,731		JPY	270,000,000		38,031		—
BNP	11/14/2018		USD	878,473		MXN	16,787,000		54,057		—

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    74

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

FORWARD FOREIGN CURRENCY CONTRACTS (continued):
Counterparty	Settlement Date	Currency Purchased			Currency Sold			Unrealized Appreciation		Unrealized Depreciation
BNP	11/26/2018		USD	3,343,126		JPY	370,000,000	$	57,821	$	—
BNP	12/19/2018		INR	288,149,760		USD	3,925,992		—		(52,425	)
BNP	12/28/2018		USD	201,845		ARS	8,043,510		—		(6,400	)
BNP	01/15/2019		USD	19,543,824		JPY	2,210,000,000		—		(178,779	)
BOA	11/01/2018		USD	170,887		ARS	6,298,413		—		(4,329	)
BOA	11/01/2018		ARS	6,298,413		USD	170,642		4,573		—
BOA	11/02/2018		USD	1,089,622		EUR	928,000		38,360		—
BOA	11/02/2018		EUR	1,220,000		USD	1,404,412		—		(22,366	)
BOA	11/02/2018		USD	333		ZAR	5,000		—		(6	)
BOA	11/15/2018		USD	4,045,310		JPY	454,400,000		13,870		—
BOA	11/15/2018		USD	4,857,016		SEK	43,600,000		86,831		—
BOA	11/15/2018		RUB	520,427,435		USD	8,204,518		4,915		(324,247	)
BOA	12/10/2018		USD	3,185,287		JPY	350,000,000		73,004		—
BOA	01/16/2019		USD	154,714		ARS	6,298,413		—		(4,380	)
CITI	11/01/2018		USD	148,233		ARS	6,298,413		—		(26,983	)
CITI	11/01/2018		ARS	6,298,413		USD	170,887		4,329		—
CITI	11/02/2018		USD	1,930,227		AUD	2,674,000		36,588		—
CITI	11/02/2018		USD	4,888,743		CAD	6,286,000		113,625		—
CITI	11/02/2018		USD	3,496,272		EUR	3,051,000		40,024		—
CITI	11/02/2018		USD	648,085		ZAR	9,306,000		17,425		—
CITI	11/05/2018		USD	11,103,339		JPY	1,230,000,000		198,704		—
CITI	11/14/2018		MXN	129,346,000		USD	6,626,257		—		(274,029	)
CITI	11/15/2018		USD	20,386,186		GBP	15,830,000		139,100		—
CITI	11/15/2018		USD	17,920,967		JPY	1,998,400,000		193,902		(2,753	)
CITI	11/15/2018		USD	4,360,153		SEK	38,365,000		162,718		—
CITI	11/15/2018		SEK	105,325,000		USD	11,686,637		—		(163,247	)
CITI	11/15/2018		RUB	237,463,200		USD	3,493,339		104,552		—
CITI	11/15/2018		JPY	345,000,000		USD	3,077,675		—		(16,832	)
CITI	11/26/2018		ARS	32,252,181		USD	789,237		79,781		—
CITI	12/19/2018		INR	74,442,480		USD	1,013,864		—		(13,142	)
CITI	12/28/2018		ARS	200,500		USD	5,000		191		—
DUB	11/05/2018		USD	763,480		BRL	2,842,134		1,048		(747	)
DUB	11/05/2018		BRL	2,842,134		USD	739,958		23,221		—
DUB	12/04/2018		USD	520,574		BRL	1,947,884		—		(1,119	)
GSB	11/02/2018		USD	1,549,636		EUR	1,353,000		16,924		—
GSB	11/02/2018		EUR	538,000		USD	618,011		—		(8,551	)
GSB	11/05/2018		USD	204,000		BRL	822,283		—		(16,802	)
GSB	11/05/2018		BRL	822,283		USD	221,181		—		(378	)
GSB	11/13/2018		USD	219,000		INR	16,323,581		—		(1,394	)
GSB	11/13/2018		INR	20,132,261		USD	271,566		251		—
GSB	11/14/2018		USD	2,241,302		MXN	42,939,000		132,552		—
GSB	11/15/2018		USD	1,172,000		INR	87,576,528		—		(10,126	)
GSB	11/15/2018		USD	6,549,756		RUB	436,166,106		1,825		(60,580	)
GSB	12/14/2018		RUB	141,844,962		USD	2,143,648		—		(2,428	)
GSB	12/19/2018		USD	623,021		INR	46,670,801		—		(4,369	)
GSB	01/03/2019		BRL	4,800,000		USD	1,274,359		8,354		—
HSBC	11/02/2018		USD	249,789		AUD	352,000		514		—
HSBC	11/02/2018		USD	525,877		EUR	454,000		11,575		—
HSBC	11/02/2018		ZAR	9,448,556		USD	700,780		—		(60,460	)
HSBC	11/02/2018		AUD	2,674,000		USD	1,896,458		—		(2,819	)
HSBC	11/05/2018		USD	351,597		BRL	1,454,733		—		(39,033	)
HSBC	11/05/2018		BRL	1,454,733		USD	391,299		—		(669	)
HSBC	11/13/2018		USD	51,000		INR	3,808,680		—		(423	)
HSBC	11/14/2018		USD	11,634,067		MXN	220,806,000		790,206		—
HSBC	11/14/2018		MXN	68,492,000		USD	3,525,482		—		(161,815	)
HSBC	11/15/2018		USD	5,041,359		JPY	568,200,000		285		—
HSBC	11/15/2018		JPY	481,700,000		USD	4,282,452		—		(8,806	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    75

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

FORWARD FOREIGN CURRENCY CONTRACTS (continued):
Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation		Unrealized Depreciation
HSBC		11/15/2018		INR	87,576,528		USD	1,189,252	$	—	$	(7,126	)
HSBC		11/19/2018		USD	382,000		RUB	25,081,165		2,187		—
HSBC		12/04/2018		USD	1,897,050		AUD	2,674,000		2,752		—
HSBC		12/14/2018		RUB	242,720,417		USD	3,535,098		128,888		—
HSBC		12/19/2018		USD	1,622,027		INR	120,547,623		5,745		(4,227	)
HSBC		12/28/2018		ARS	7,843,010		USD	188,000		15,054		—
HSBC		01/25/2019		MXN	26,540,411		USD	1,377,213		—		(89,251	)
HSBC		01/30/2019		RUB	64,384,320		USD	972,380		—		(4,832	)
HSBC		03/15/2019		USD	2,172,443		EUR	1,700,000		223,010		—
JPM		11/02/2018		USD	11,296,918		EUR	9,744,000		258,675		—
JPM		11/02/2018		GBP	5,743,000		USD	7,576,039		—		(234,728	)
JPM		11/02/2018		EUR	9,462,000		USD	10,862,687		—		(143,901	)
JPM		11/02/2018		CAD	4,761,000		USD	3,637,652		—		(20,990	)
JPM		11/13/2018		USD	175,085		ARS	6,565,686		—		(4,764	)
JPM		11/15/2018		USD	14,124,229		JPY	1,565,900,000		236,243		(4,690	)
JPM		11/15/2018		USD	6,937,000		RUB	456,101,354		31,139		(4,696	)
JPM		11/15/2018		USD	839,100		SEK	7,385,000		31,122		—
JPM		11/15/2018		JPY	3,585,800,000		USD	31,882,832		45,898		(115,486	)
JPM		11/15/2018		RUB	43,842,161		USD	668,000		—		(3,731	)
JPM		11/15/2018		GBP	2,700,000		USD	3,555,416		—		(102,028	)
JPM		12/14/2018		USD	3,346,039		RUB	220,840,423		12,343		—
JPM		12/19/2018		USD	185,000		INR	13,838,000		—		(1,023	)
JPM		01/03/2019		USD	11,997,292		BRL	44,300,000		158,924		—
NGFP		12/19/2018		USD	1,713,000		INR	128,843,824		—		(19,034	)
SCB		11/02/2018		USD	7,332,973		GBP	5,743,000		—		(8,339	)
SCB		11/02/2018		CAD	1,292,000		USD	1,008,894		—		(27,435	)
SCB		11/02/2018		EUR	19,348,000		USD	22,023,751		—		(105,861	)
SCB		11/15/2018		RUB	206,026,094		USD	3,027,178		94,398		—
SCB		12/04/2018		USD	22,079,106		EUR	19,348,000		102,148		—
SCB		12/04/2018		GBP	5,743,000		USD	7,343,149		9,290		—
SCB		12/14/2018		USD	4,843,803		RUB	323,917,515		6,646		(52,539	)
SCB		12/19/2018		USD	731,000		INR	54,796,994		—		(5,630	)
UBS		11/05/2018		USD	2,431,968		JPY	270,000,000		38,268		—
UBS		11/15/2018		RUB	6,127,257		USD	95,477		—		(2,641	)
UBS		11/15/2018		JPY	1,502,200,000		USD	13,633,620		—		(306,091	)
UBS		11/26/2018		USD	9,033,424		JPY	1,000,000,000		154,220		—
Total									$	5,368,490	$	(2,774,382	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    76

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

SECURITY VALUATION:

Valuation Inputs ^(Y)

	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs (Z)		Value
ASSETS
Investments
Asset-Backed Securities	$	—		$	110,446,512		$	4,304,072	$	114,750,584
Certificates of Deposit		—			5,700,000			—		5,700,000
Corporate Debt Securities		—			383,835,466			—		383,835,466
Foreign Government Obligations		—			20,554,379			—		20,554,379
Mortgage-Backed Securities		—			41,188,739			—		41,188,739
Municipal Government Obligations		—			4,819,403			—		4,819,403
U.S. Government Agency Obligations		—			438,000,796			—		438,000,796
U.S. Government Obligations		—			172,723,477			—		172,723,477
Common Stock		1,348			—			—		1,348
Commercial Paper		—			6,070,703			—		6,070,703
Short-Term Foreign Government Obligations		—			80,330,153			—		80,330,153
Other Investment Company		13,481,422			—			—		13,481,422
Repurchase Agreement		—			134,026			—		134,026
Exchange-Traded Options Purchased		2,248			—			—		2,248
Over-the-Counter Options Purchased		—			—			—		—
Over-the-Counter Foreign Exchange Options Purchased		—			56			—		56
Over-the-Counter Interest Rate Swaptions Purchased		—			47,453			—		47,453
Total Investments	$	13,485,018		$	1,263,851,163		$	4,304,072	$	1,281,640,253
Other Financial Instruments
Centrally Cleared Credit Default Swap Agreements	$	—		$	686,973		$	—	$	686,973
Centrally Cleared Interest Rate Swap Agreements		—			2,897,928			—		2,897,928
Over-the-Counter Credit Default Swap Agreements		—			9,530			—		9,530
Futures Contracts (AA)		1,672,636			—			—		1,672,636
Forward Foreign Currency Contracts (AA)		—			5,368,490			—		5,368,490
Total Other Financial Instruments	$	1,672,636		$	8,962,921		$	—	$	10,635,557
LIABILITIES
Other Financial Instruments
Reverse Repurchase Agreements	$	—		$	(100,455,875	)	$	—	$	(100,455,875	)
Exchange-Traded Options Written		(33,390	)		—			—		(33,390	)
Over-the-Counter Foreign Exchange Options Written		—			(331,963	)		—		(331,963	)
Over-the-Counter Interest Rate Swaptions Written		—			(57,659	)		—		(57,659	)
Centrally Cleared Credit Default Swap Agreements		—			(411,041	)		—		(411,041	)
Centrally Cleared Interest Rate Swap Agreements		—			(1,014,268	)		—		(1,014,268	)
Over-the-Counter Credit Default Swap Agreements		—			(220,867	)		—		(220,867	)
Futures Contracts (AA)		(1,472,040	)		—			—		(1,472,040	)
Forward Foreign Currency Contracts (AA)		—			(2,774,382	)		—		(2,774,382	)
Total Other Financial Instruments	$	(1,505,430	)	$	(105,266,055	)	$	—	$	(106,771,485	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)

Floating or variable rate securities. The rates disclosed are as of October 31, 2018. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.

(B)

Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2018, the total value of 144A securities is $198,608,640, representing 26.6% of the Fund’s net assets.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    77

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(C)	Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2018, the total value of securities is $4,304,072, representing 0.6% of the Fund’s net assets.
(D)	Securities are Level 3 of the fair value hierarchy.
(E)	Illiquid security. At October 31, 2018, the value of such securities amounted to $12,763,163 or 1.7% 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 $13,196,568. 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)	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, 2018, the total value of Regulation S securities is $22,231,965, representing 3.0% of the Fund’s net assets.
(I)	Payment in-kind. Security pays interest or dividends in the form of additional bonds or preferred stock. If the security makes a cash payment in addition to in-kind, the cash rate is disclosed separately.
(J)	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, 2018. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(L)	Rounds to less than $1 or $(1).
(M)	Securities are subject to sale-buyback transactions.
(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 $1,845,190.
(O)	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 $3,069,313.
(P)	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 $816,192.
(Q)	All or a portion of these securities have been segregated by the custodian as collateral for centrally cleared swap agreements. The total value of such securities is $3,564,571.
(R)	Non-income producing security.
(S)	Rates disclosed reflect the yields at October 31, 2018.
(T)	Security deemed worthless.
(U)	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.
(V)	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.
(W)	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.
(X)	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.
(Y)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(Z)	Level 3 securities were not considered significant to the Fund.
(AA)	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 2018

Page    78

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

CURRENCY ABBREVIATIONS:

ARS	Argentine Peso
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
EUR	Euro
GBP	Pound Sterling
INR	Indian Rupee
JPY	Japanese Yen
MXN	Mexican Peso
RUB	Russian Ruble
SEK	Swedish Krona
USD	United States Dollar
ZAR	South African Rand

COUNTERPARTY ABBREVIATIONS:

BCLY	Barclays Bank PLC
BNP	BNP Paribas
BOA	Bank of America N.A.
CITI	Citibank N.A.
DUB	Deutsche Bank AG
GSB	Goldman Sachs Bank
GSI	Goldman Sachs International
HSBC	HSBC Bank USA
JPM	JPMorgan Chase Bank N.A.
MLI	Merrill Lynch International
MSC	Morgan Stanley & Co.
NGFP	Nomura Global Financial Products, Inc.
SCB	Standard Chartered Bank
UBS	UBS AG

PORTFOLIO ABBREVIATIONS:

BRL-CDI	Brazil Interbank Deposit Rate
BTP	Buoni del Tesoro Poliennali (Italian Treasury Bonds)
BUXL	Bundesanleihen (German Long-Term Debt)
CDI	CHESS Depositary Interests
CDOR	Canadian Dollar Offered Rate
CMBS	Commercial Mortgage-Backed Securities
CMT	Constant Maturity Treasury
EURIBOR	Euro Interbank Offer Rate
LIBOR	London Interbank Offered Rate
MTA	Month Treasury Average
MTN	Medium Term Note
OAT	Obligations Assimilables du Tresor (Treasury Obligations)
OTC	Over-the-Counter
Schatz	Bundesschatzanweisungen (German Federal Government 2-Year Securities)
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 2018

Page    79

STATEMENTS OF ASSETS AND LIABILITIES

At October 31, 2018

	Transamerica Core Bond			Transamerica Global Real Estate Securities		Transamerica International Value			Transamerica Long/Short Strategy		Transamerica Mid Cap Value
Assets:
Investments, at value (A) (B)	$	1,163,513,708		$	22,287,097	$	9,127,928		$	12,611,161	$	150,112,518
Repurchase agreements, at value (C)		10,376,948			—		—			663,221		2,903,581
Cash		—			—		73,515			—		—
Cash collateral pledged at broker for:
Securities sold short		—			—		—			8,634,271		—
Foreign currency, at value (D)		—			5,531		1,099			—		—
Receivables and other assets:
Investments sold		84,000			—		16,827			1,002,229		350,182
Net income from securities lending		1,103			264		113			—		800
Dividends and/or distributions		—			28,745		31,167			6,297		45,187
Interest		6,155,091			—		—			23		101
Tax reclaims		1,852			7,737		1,640			—		—
Due from investment manager		—			—		11,805			—		—
Other		—			—		—			11,612		—
Total assets		1,180,132,702			22,329,374		9,264,094			22,928,814		153,412,369
Liabilities:
Securities sold short, at value (E)		—			—		—			8,844,939		—
Cash collateral received upon return of:
Securities on loan		5,069,965			—		102,680			—		1,038,906
Payables and other liabilities:
Investments purchased		—			—		—			1,810,114		2,802
Shares of beneficial interest redeemed		256,334			11,392		—			—		98,377
Dividends, interest and fees for borrowings from securities sold short		—			—		—			37,979		—
Due to custodian		1,937,544			4,845		—			186,119		—
Investment management fees		454,384			17,001		—			11,277		123,264
Transfer agent fees		8,014			154		64			84		1,073
Trustees, CCO and deferred compensation fees		2,590			69		14			66		408
Audit and tax fees		45,381			18,428		14,669			16,792		17,023
Custody fees		46,769			59,106		615			12,271		9,867
Legal fees		10,673			212		58			131		1,577
Printing and shareholder reports fees		4,760			427		191			353		1,310
Registration fees		3,537			546		19			69		516
Other accrued expenses		11,579			2,797		31			111		1,274
Total liabilities		7,851,530			114,977		118,341			10,920,305		1,296,397
Net assets	$	1,172,281,172		$	22,214,397	$	9,145,753		$	12,008,509	$	152,115,972
Net assets consist of:
Paid-in capital	$	1,215,486,220		$	21,606,248	$	9,999,686		$	9,867,308	$	63,642,515
Total distributable earnings		(43,205,048	)		608,149		(853,933	)		2,141,201		88,473,457
Net assets	$	1,172,281,172		$	22,214,397	$	9,145,753		$	12,008,509	$	152,115,972
Shares outstanding (unlimited shares, no par value)		123,579,934			1,702,987		1,000,000			1,948,026		9,863,675
Net asset value and offering price per share	$	9.49		$	13.04	$	9.15		$	6.16	$	15.42
(A) Investments, at cost	$	1,200,264,171		$	21,677,666	$	9,994,152		$	11,243,090	$	92,417,137
(B) Securities on loan, at value	$	4,965,888		$	—	$	97,668		$	—	$	1,013,815
(C) Repurchase agreements, at cost	$	10,376,948		$	—	$	—		$	663,221	$	2,903,581
(D) Foreign currency, at cost	$	—		$	5,570	$	1,097		$	—	$	—
(E) Proceeds received from securities sold short	$	—		$	—	$	—		$	9,427,869	$	—

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    80

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2018

	Transamerica Total Return
Assets:
Investments, at value (A) (B)	$	1,281,506,227
Repurchase agreements, at value (C)		134,026
Cash		143,319
Cash collateral pledged at broker for:
Centrally cleared swap agreements		3,009,000
Futures contracts		2,151,000
Foreign currency, at value (D)		2,636,027
OTC swap agreements, at value		9,530
Receivables and other assets:
Investments sold		25,502,668
When-issued, delayed-delivery, forward and TBA commitments sold		710,679,536
Net income from securities lending		2,032
Interest		5,389,112
Tax reclaims		2,547
Variation margin receivable on centrally cleared swap agreements		846,140
Variation margin receivable on futures contracts		693,738
Unrealized appreciation on forward foreign currency contracts		5,368,490
Total assets		2,038,073,392
Liabilities:
Cash collateral received upon return of:
Securities on loan		13,481,422
Cash collateral at broker for:
TBA commitments		696,000
Reverse repurchase agreements		253,000
OTC derivatives (G)		2,440,000
Written options and swaptions, at value (F)		423,012
Reverse repurchase agreements, at value (E)		100,455,875
OTC swap agreements, at value		220,867
Payables and other liabilities:
Investments purchased		144,658
When-issued, delayed-delivery, forward and TBA commitments purchased		1,157,628,785
Sale-buyback financing transactions		12,446,862
Shares of beneficial interest redeemed		387,777
Interest		102,632
Deferred income for sale-buyback financing transactions		208
Investment management fees		381,081
Transfer agent fees		5,092
Trustees, CCO and deferred compensation fees		1,551
Audit and tax fees		33,097
Custody fees		137,310
Legal fees		5,630
Printing and shareholder reports fees		2,766
Registration fees		1,951
Other accrued expenses		7,166
Unrealized depreciation on forward foreign currency contracts		2,774,382
Total liabilities		1,292,031,124
Net assets	$	746,042,268
Net assets consist of:
Paid-in capital	$	771,967,418
Total distributable earnings		(25,925,150	)
Net assets	$	746,042,268
Shares outstanding (unlimited shares, no par value)		75,802,373
Net asset value and offering price per share	$	9.84
(A) Investments, at cost	$	1,293,180,589
(B) Securities on loan, at value	$	13,196,568
(C) Repurchase agreements, at cost	$	134,026
(D) Foreign currency, at cost	$	2,487,305
(E) Reverse repurchase agreements, at cost	$	100,455,875
(F) Premium received on written options and swaptions	$	(313,415	)

(G) OTC derivatives may include swaps, options and/or swaptions and forward foreign currency contracts.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    81

STATEMENTS OF OPERATIONS

For the period and year ended October 31, 2018

	Transamerica Core Bond			Transamerica Global Real Estate Securities			Transamerica International Value (A)			Transamerica Long/Short Strategy			Transamerica Mid Cap Value
Investment Income:
Dividend income	$	—		$	798,245		$	52,535		$	235,615		$	3,882,312
Interest income		41,336,916			1,181			—			154,522			30,950
Net income (loss) from securities lending		38,910			3,356			113			—			18,731
Withholding taxes on foreign income		—			(38,248	)		(3,800	)		(119	)		—
Total investment income		41,375,826			764,534			48,848			390,018			3,931,993
Expenses:
Investment management fees		5,290,129			204,629			11,512			187,363			1,560,858
Transfer agent fees		93,803			1,849			122			1,143			13,652
Trustees, CCO and deferred compensation fees		29,691			592			53			360			4,332
Audit and tax fees		63,400			17,749			20,825			20,969			21,663
Custody fees		167,812			167,631			619			36,665			34,225
Legal fees		61,624			1,152			7,933			727			8,667
Printing and shareholder reports fees		9,878			1,362			191			1,420			2,584
Registration fees		16,541			3,783			718			2,346			3,822
Dividends, interest and fees for borrowings from securities sold short		—			—			—			376,780			—
Other		32,046			5,897			40			486			4,116
Total expenses before waiver and/or reimbursement and recapture		5,764,924			404,644			42,013			628,259			1,653,919
Expense waived and/or reimbursed		(2,857	)		—			(25,798	)		(12,061	)		—
Recapture of previously waived and/or reimbursed fees		—			—			—			2,786			—
Net expenses		5,762,067			404,644			16,215			618,984			1,653,919
Net investment income (loss)		35,613,759			359,890			32,633			(228,966	)		2,278,074
Net realized gain (loss) on:
Investments		(1,412,140	)		1,899,975			(9,162	)		2,029,025			30,642,675
Securities sold short		—			—			—			(1,249,566	)		—
Forward foreign currency contracts		—			—			1,486			—			—
Foreign currency transactions		—			(10,833	)		(12,607	)		26			—
Net realized gain (loss)		(1,412,140	)		1,889,142			(20,283	)		779,485			30,642,675
Net change in unrealized appreciation (depreciation) on:
Investments		(57,816,404	)		(3,025,567	)		(866,224	)		(1,204,248	)		(30,577,242	)
Securities sold short		—			—			—			830,522			—
Forward foreign currency contracts		—			—			—			—			—
Translation of assets and liabilities denominated in foreign currencies		—			(251	)		(373	)		—			—
Net change in unrealized appreciation (depreciation)		(57,816,404	)		(3,025,818	)		(866,597	)		(373,726	)		(30,577,242	)
Net realized and change in unrealized gain (loss)		(59,228,544	)		(1,136,676	)		(886,880	)		405,759			65,433
Net increase (decrease) in net assets resulting from operations	$	(23,614,785	)	$	(776,786	)	$	(854,247	)	$	176,793		$	2,343,507

(A) Commenced operations on August 31, 2018.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    82

STATEMENTS OF OPERATIONS (continued)

For the year ended October 31, 2018

	Transamerica Total Return
Investment Income:
Interest income	$	20,505,973
Net income (loss) from securities lending		12,247
Withholding taxes on foreign income		(8,445	)
Total investment income		20,509,775
Expenses:
Investment management fees		4,498,860
Transfer agent fees		50,271
Trustees, CCO and deferred compensation fees		15,907
Audit and tax fees		44,415
Custody fees		459,090
Legal fees		32,367
Printing and shareholder reports fees		7,810
Registration fees		9,854
Interest		76,591
Other		21,072
Total expenses before waiver and/or reimbursement and recapture		5,216,237
Expense waived and/or reimbursed		(168,057	)
Net expenses		5,048,180
Net investment income (loss)		15,461,595
Net realized gain (loss) on:
Investments		(10,102,451	)
Written options and swaptions		1,323,453
Swap agreements		4,130,172
Futures contracts		(6,323,528	)
Forward foreign currency contracts		(137,503	)
Foreign currency transactions		(1,139,512	)
Net realized gain (loss)		(12,249,369	)
Net change in unrealized appreciation (depreciation) on:
Investments		(22,267,600	)
Written options and swaptions		(427,653	)
Swap agreements		362,568
Futures contracts		1,788,673
Forward foreign currency contracts		2,706,981
Translation of assets and liabilities denominated in foreign currencies		529,740
Net change in unrealized appreciation (depreciation)		(17,307,291	)
Net realized and change in unrealized gain (loss)		(29,556,660	)
Net increase (decrease) in net assets resulting from operations	$	(14,095,065	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    83

STATEMENTS OF CHANGES IN NET ASSETS

For the period and years ended:

	Transamerica Core Bond						Transamerica Global Real Estate Securities						Transamerica International Value
	October 31, 2018			October 31, 2017			October 31, 2018			October 31, 2017			October 31, 2018 (A)
From operations:
Net investment income (loss)	$	35,613,759		$	32,219,861		$	359,890		$	462,462		$	32,633
Net realized gain (loss)		(1,412,140	)		2,137,239			1,889,142			5,040,348			(20,283	)
Net change in unrealized appreciation (depreciation)		(57,816,404	)		(23,157,928	)		(3,025,818	)		(3,938,897	)		(866,597	)
Net increase (decrease) in net assets resulting from operations		(23,614,785	)		11,199,172			(776,786	)		1,563,913			(854,247	)
Distributions (B):
Dividends and/or distributions to shareholders		(38,247,090	)		—			(959,199	)		—			—
Dividends and/or distributions to shareholders from
Net investment income		—			(35,577,432	)		—			(1,219,979	)		—
Total dividends and/or distributions to shareholders		(38,247,090	)		(35,577,432	)		(959,199	)		(1,219,979	)		—
Capital share transactions:
Proceeds from shares sold		159,140,915			246,278,915			3,385,856			585,235			10,000,000
Dividends and/or distributions reinvested		38,247,090			35,577,432			959,199			1,219,979			—
Cost of shares redeemed		(273,074,148	)		(214,926,665	)		(7,727,398	)		(13,248,057	)		—
Net increase (decrease) in net assets resulting from capital share transactions		(75,686,143	)		66,929,682			(3,382,343	)		(11,442,843	)		10,000,000
Net increase (decrease) in net assets		(137,548,018	)		42,551,422			(5,118,328	)		(11,098,909	)		9,145,753
Net assets:
Beginning of year		1,309,829,190			1,267,277,768			27,332,725			38,431,634			—
End of year	$	1,172,281,172		$	1,309,829,190		$	22,214,397		$	27,332,725		$	9,145,753
Undistributed (distributions in excess of) net investment income (loss) (B)		—		$	279,664			—		$	194,416			—
Capital share transactions - shares:
Shares issued		16,295,909			24,686,855			243,853			43,033			1,000,000
Shares reinvested		3,944,060			3,577,619			68,440			92,033			—
Shares redeemed		(28,100,628	)		(21,646,515	)		(552,529	)		(968,759	)		—
Net increase (decrease) in shares outstanding		(7,860,659	)		6,617,959			(240,236	)		(833,693	)		1,000,000

(A)	Commenced operations on August 31, 2018.
(B)	The sources of distributions to shareholders and the amount of undistributed net investment income are no longer required disclosures for the year ended October 31, 2018 due to the SEC Regulation S-X updates effective November 5, 2018. Please reference the New Accounting Pronouncements section of the Notes to Financial Statements for additional information.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    84

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Long/Short Strategy						Transamerica Mid Cap Value						Transamerica Total Return
	October 31, 2018			October 31, 2017			October 31, 2018			October 31, 2017			October 31, 2018			October 31, 2017
From operations:
Net investment income (loss)	$	(228,966	)	$	(355,456	)	$	2,278,074		$	2,080,228		$	15,461,595		$	12,513,130
Net realized gain (loss)		779,485			2,006,832			30,642,675			17,388,652			(12,249,369	)		(3,744,072	)
Net change in unrealized appreciation (depreciation)		(373,726	)		649,555			(30,577,242	)		20,549,943			(17,307,291	)		8,550,709
Net increase (decrease) in net assets resulting from operations		176,793			2,300,931			2,343,507			40,018,823			(14,095,065	)		17,319,767
Distributions (A):
Dividends and/or distributions to shareholders		(1,591,832	)		—			(19,237,424	)		—			(13,383,223	)		—
Dividends and/or distributions to shareholders from
Net investment income		—			—			—			(2,380,194	)		—			(9,680,885	)
Net realized gains		—			(115,862	)		—			(16,569,432	)		—			(13,851,003	)
Total dividends and/or distributions to shareholders		(1,591,832	)		(115,862	)		(19,237,424	)		(18,949,626	)		(13,383,223	)		(23,531,888	)
Capital share transactions:
Proceeds from shares sold		187,000			7,022,744			19,479,665			1,432,278			264,505,402			161,517,209
Dividends and/or distributions reinvested		1,591,832			115,862			19,237,424			18,949,626			13,383,223			23,531,888
Cost of shares redeemed		(6,086,000	)		(5,921,000	)		(85,621,867	)		(85,836,118	)		(129,434,746	)		(110,395,993	)
Net increase (decrease) in net assets resulting from capital share transactions		(4,307,168	)		1,217,606			(46,904,778	)		(65,454,214	)		148,453,879			74,653,104
Net increase (decrease) in net assets		(5,722,207	)		3,402,675			(63,798,695	)		(44,385,017	)		120,975,591			68,440,983
Net assets:
Beginning of year		17,730,716			14,328,041			215,914,667			260,299,684			625,066,677			556,625,694
End of year	$	12,008,509		$	17,730,716		$	152,115,972		$	215,914,667		$	746,042,268		$	625,066,677
Undistributed (distributions in excess of) net investment income (loss) (A)		—		$	(235,411	)		—		$	1,324,783			—		$	(264,993	)
Capital share transactions - shares:
Shares issued		29,772			1,121,162			1,182,250			88,275			26,593,339			15,998,102
Shares reinvested		258,414			18,839			1,202,339			1,200,863			1,339,269			2,355,082
Shares redeemed		(957,195	)		(904,091	)		(5,204,386	)		(5,288,681	)		(12,951,568	)		(10,891,639	)
Net increase (decrease) in shares outstanding		(669,009	)		235,910			(2,819,797	)		(3,999,543	)		14,981,040			7,461,545

(A) The sources of distributions to shareholders and the amount of undistributed net investment income are no longer required disclosures for the year ended October 31, 2018 due to the SEC Regulation S-X updates effective November 5, 2018. Please reference the New Accounting Pronouncements section of the Notes to Financial Statements for additional information.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    85

STATEMENT OF CASH FLOWS

For the year ended October 31, 2018

	Transamerica Long/Short Strategy
Cash flows provided by (used for) operating activities:
Net increase (decrease) in net assets resulting from operations	$	176,793
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		(18,187,534	)
Proceeds from long-term investments		23,476,485
Purchases to cover securities sold short		(15,736,639	)
Proceeds from securities sold short		12,482,608
Net purchases/proceeds of short-term investments		851,222
Net change in unrealized appreciation (depreciation)		373,726
Net realized gain (loss)		(779,485	)
(Increase) decrease in receivables for investments sold		(559,132	)
(Increase) decrease in receivables for interest		(18	)
(Increase) decrease in receivables for dividends		5,319
(Increase) decrease in other assets		(6,600	)
Increase (decrease) in payables for investments purchased		1,494,724
Increase (decrease) in dividends, interest and fees for borrowings from securities sold short		22,578
Increase (decrease) in accrued liabilities		(9,656	)
Net cash provided by (used for) operating activities		3,604,391
Cash flows from financing activities:
Increase (decrease) in payable to custodian for cash overdraft		186,119
Proceeds from shares sold, net of receivable for shares sold		187,000
Payment of shares redeemed, net of payable for shares redeemed		(6,086,000	)
Net cash provided by (used for) financing activities		(5,712,881	)
Net increase (decrease) in cash and foreign currencies		(2,108,490	)
Cash and foreign currencies, at beginning of year (A) (B)	$	10,742,761
Cash and foreign currencies, at end of year (B)	$	8,634,271
Supplemental disclosure of cash flow information:
Dividends, interest and fees for borrowings from securities sold short paid	$	354,202
Non-cash financing activities included herein consist of reinvestment of distributions	$	1,591,832

(A)	Beginning balance is reflective of Accounting Standards Update No. 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash, a consensus of the FASB’s Emerging Issues Task Force.
(B)	For the year ended October 31, 2018, the beginning and ending cash balances consist of the following:

	Beginning of Year		End of Year
Assets:
Cash	$	156	$	—
Cash collateral pledged at broker:
Securities sold short		10,742,605		8,634,271
Total assets		10,742,761		8,634,271
Net cash per statement of assets and liabilities	$	10,742,761	$	8,634,271
Total cash and foreign currencies per statement of cash flows	$	10,742,761	$	8,634,271

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    86

FINANCIAL HIGHLIGHTS

For a share outstanding during the years indicated:	Transamerica Core Bond
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	9.97		$	10.15		$	10.02		$	10.16		$	10.32
Investment operations:
Net investment income (loss) (A)		0.28			0.26			0.24	(B)		0.27			0.30
Net realized and unrealized gain (loss)		(0.46	)		(0.15	)		0.16			(0.03	)		0.12
Total investment operations		(0.18	)		0.11			0.40			0.24			0.42
Dividends and/or distributions to shareholders:
Net investment income		(0.30	)		(0.29	)		(0.27	)		(0.30	)		(0.39	)
Net realized gains		—			—			—			(0.08	)		(0.19	)
Total dividends and/or distributions to shareholders		(0.30	)		(0.29	)		(0.27	)		(0.38	)		(0.58	)
Net asset value, end of year	$	9.49		$	9.97		$	10.15		$	10.02		$	10.16
Total return		(1.84	)%		1.11	%		4.03	%		2.44	%		4.26	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,172,281		$	1,309,829		$	1,267,278		$	930,168		$	824,328
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.46	%		0.49	%		0.49	%		0.52	%		0.51	%
Including waiver and/or reimbursement and recapture		0.46	%(C)(D)		0.49	%(C)(D)		0.48	%(B)		0.52	%		0.51	%
Net investment income (loss) to average net assets		2.85	%		2.60	%		2.40	%(B)		2.65	%		2.99	%
Portfolio turnover rate		28	%		29	%		22	%		17	%		14	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Waiver and/or reimbursement rounds to less than 0.01%.
(D)	TAM has voluntarily agreed to waive a portion of its management fee. These amounts are not subject to recapture by TAM in future years.

For a share outstanding during the years indicated:	Transamerica Global Real Estate Securities
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	14.07		$	13.84		$	14.26		$	14.42		$	13.34
Investment operations:
Net investment income (loss) (A)		0.20			0.19			0.30	(B)		0.22			0.24
Net realized and unrealized gain (loss)		(0.70	)		0.51			(0.39	)		(0.06	)		1.15
Total investment operations		(0.50	)		0.70			(0.09	)		0.16			1.39
Dividends and/or distributions to shareholders:
Net investment income		(0.53	)		(0.47	)		(0.33	)		(0.32	)		(0.31	)
Net asset value, end of year	$	13.04		$	14.07		$	13.84		$	14.26		$	14.42
Total return		(3.76	)%		5.26	%		(0.65	)%		1.13	%		10.61	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	22,214		$	27,333		$	38,432		$	51,635		$	56,478
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.64	%		1.44	%		1.22	%		1.15	%		1.11	%
Including waiver and/or reimbursement and recapture		1.64	%		1.44	%		1.16	%(B)		1.15	%		1.11	%
Net investment income (loss) to average net assets		1.46	%		1.39	%		2.12	%(B)		1.52	%		1.73	%
Portfolio turnover rate		150	%		109	%		52	%		49	%		60	%

(A)

Calculated based on average number of shares outstanding.

(B)

Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.06% higher and 0.06% lower, respectively, had the custodian not reimbursed the Fund.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    87

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period indicated:	Transamerica International Value
	October 31, 2018 (A)
Net asset value, beginning of period	$	10.00
Investment operations:
Net investment income (loss) (B)		0.03
Net realized and unrealized gain (loss)		(0.88	)
Total investment operations		(0.85	)
Net asset value, end of period	$	9.15
Total return		(8.50	)%(C)
Ratio and supplemental data:
Net assets end of period (000’s)	$	9,146
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.59	%(D)
Including waiver and/or reimbursement and recapture		1.00	%(D)
Net investment income (loss) to average net assets		2.01	%(D)
Portfolio turnover rate		3	%(C)

(A)	Commenced operations on August 31, 2018.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.

For a share outstanding during the years indicated:	Transamerica Long/Short Strategy
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	6.78		$	6.02		$	9.18		$	9.56		$	8.80
Investment operations:
Net investment income (loss) (A)		(0.10	)		(0.12	)		(0.15	)(B)		(0.14	)(C)		(0.15	)(C)
Net realized and unrealized gain (loss)		0.11			0.92			0.09	(D)		(0.12	)(C)		0.91	(C)
Total investment operations		0.01			0.80			(0.06	)		(0.26	)		0.76
Dividends and/or distributions to shareholders:
Net investment income		—			—			(0.08	)		—			—
Net realized gains		(0.63	)		(0.04	)		(3.02	)		(0.12	)		—
Total dividends and/or distributions to shareholders		(0.63	)		(0.04	)		(3.10	)		(0.12	)		—
Net asset value, end of year	$	6.16		$	6.78		$	6.02		$	9.18		$	9.56
Total return		0.20	%		13.32	%		(0.73	)%		(2.81	)%		8.64	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	12,009		$	17,731		$	14,328		$	35,474		$	160,910
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture, including dividends, interest and fees for borrowings from securities sold short		4.12	%		4.03	%		3.67	%		3.42	%(C)		3.46	%(C)
Including waiver and/or reimbursement and recapture, including dividends, interest and fees for borrowings from securities sold short		4.06	%		3.89	%		3.55	%(B)		3.42	%(C)		3.46	%(C)
Including waiver and/or reimbursement and recapture, excluding dividends, interest and fees for borrowings from securities sold short		1.59	%		1.59	%		1.49	%(B)		1.42	%		1.37	%
Net investment income (loss) to average net assets		(1.50	)%		(1.82	)%		(2.24	)%(B)		(1.50	)%(C)		(1.65	)%(C)
Portfolio turnover rate		728	%		915	%		955	%		1,158	%		339	%

(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 2018

Page    88

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Mid Cap Value
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	17.02		$	15.60		$	15.95		$	17.77		$	16.58
Investment operations:
Net investment income (loss) (A)		0.20			0.14			0.13	(B)		0.17			0.12
Net realized and unrealized gain (loss)		(0.17	)(C)		2.44			0.64			0.57			2.29
Total investment operations		0.03			2.58			0.77			0.74			2.41
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.15	)		(0.13	)		(0.17	)		(0.15	)
Net realized gains		(1.47	)		(1.01	)		(0.99	)		(2.39	)		(1.07	)
Total dividends and/or distributions to shareholders		(1.63	)		(1.16	)		(1.12	)		(2.56	)		(1.22	)
Net asset value, end of year	$	15.42		$	17.02		$	15.60		$	15.95		$	17.77
Total return		(0.17	)%		17.08	%		5.24	%		3.96	%		15.36	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	152,116		$	215,915		$	260,300		$	271,303		$	271,912
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.91	%		0.89	%		0.89	%		0.88	%		0.89	%
Including waiver and/or reimbursement and recapture		0.91	%		0.89	%		0.88	%(B)		0.88	%		0.89	%
Net investment income (loss) to average net assets		1.25	%		0.84	%		0.84	%(B)		1.02	%		0.73	%
Portfolio turnover rate		19	%		11	%		23	%		14	%		44	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.

For a share outstanding during the years indicated:	Transamerica Total Return
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	10.28		$	10.43		$	10.46		$	10.65		$	10.51
Investment operations:
Net investment income (loss) (A)		0.23			0.22			0.24	(B)		0.19			0.14
Net realized and unrealized gain (loss)		(0.47	)		0.06			0.23			(0.02	)		0.14
Total investment operations		(0.24	)		0.28			0.47			0.17			0.28
Dividends and/or distributions to shareholders:
Net investment income		(0.20	)		(0.16	)		(0.31	)		(0.18	)		(0.14	)
Net realized gains		—			(0.27	)		(0.19	)		(0.18	)		—
Total dividends and/or distributions to shareholders		(0.20	)		(0.43	)		(0.50	)		(0.36	)		(0.14	)
Net asset value, end of year	$	9.84		$	10.28		$	10.43		$	10.46		$	10.65
Total return		(2.34	)%		2.87	%		4.70	%		1.62	%		2.69	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	746,042		$	625,067		$	556,626		$	608,634		$	1,075,042
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.78	%		0.76	%		0.78	%		0.79	%		0.73	%
Including waiver and/or reimbursement and recapture		0.75	%		0.76	%		0.76	%(B)		0.79	%		0.73	%
Net investment income (loss) to average net assets		2.31	%		2.13	%		2.35	%(B)		1.78	%		1.30	%
Portfolio turnover rate (C)		38	%		84	%		31	%		62	%		178	%

(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 2018

Page    89

Disclosure of Fund Expenses

(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur two types of costs: (i) transaction costs, including sales charges (loads) on purchases, contingent deferred sales charges on redemptions; and (ii) ongoing costs, including management fees, and other fund expenses.

The following examples are intended to help you understand your ongoing costs (in dollars and cents) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The examples are based on an investment of $1,000 invested at May 1, 2018, and held for the entire six-month period until October 31, 2018.

ACTUAL EXPENSES

The information in the table below provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The information in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund versus other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges and brokerage commissions paid on purchases and sales of Fund shares. Therefore, the information under the heading “Hypothetical Expenses” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

			Actual Expenses				Hypothetical Expenses (A)
Fund	Beginning Account Value		Ending Account Value		Expenses Paid During Period (B)		Ending Account Value		Expenses Paid During Period (B)		Annualized Expense Ratio (C)  (D)
Transamerica Global Multifactor Macro	$	1,000.00	$	1,029.50	$	7.67	$	1,017.60	$	7.63		1.50	%
Transamerica Managed Futures Strategy		1,000.00		976.30		7.22		1,017.90		7.38		1.45

(A)	5% return per year before expenses.
(B)	Expenses are calculated using each Fund’s annualized expense ratios (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).
(C)	Expense ratios (as disclosed in the table) do not include the expenses of the investment companies and/or exchange-traded funds (“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 and may differ from the expense ratio displayed in the Consolidated Financial Highlights which covers a twelve-month period.

Transamerica Funds Annual Report 2018

Page    90

Transamerica Global Multifactor Macro

(unaudited)

MARKET ENVIRONMENT

The fiscal year began with continued optimism around synchronized global growth and new optimism around tax reform in the U.S. In late 2017, the Trump administration signed into law the Tax Cuts and Jobs Act, which provided a meaningful cut to the corporate tax rate starting in 2018. This led to positive earnings revisions and aided a strong equity market rally in January 2018. However, increased trade tensions between the U.S. and China and higher interest rates in the U.S. led to increased volatility as 2018 progressed. Equities sold off sharply in early February 2018 after higher-than-expected wage data in the U.S. increased concerns around margins, but were able to partially recover over the second half of February 2018.

Better-than-expected earnings reports and associated strong technology and energy company performance drove most developed equity markets higher in the second and third quarters of 2018. Higher oil prices aided energy company performance. U.S. economic outperformance was a theme throughout most of 2018, as U.S. growth surprised to the upside, while European and Chinese growth surprised to the downside. Inflation in the U.S. breached the U.S. Federal Reserve’s (“Fed”) target and the unemployment rate continued to fall further below the Fed estimate of the natural rate of unemployment.

Accounting for the positive economic data, the Fed hiked its key policy rates three times in 2018 and suggested further interest rate hikes were likely in December and the coming year. The European Central Bank also took steps to remove accommodative monetary policy, announcing it would cease asset purchases at the end of 2018. However, Europe as a whole faced increased economic and political uncertainty as growth data slowed. The 12-month period ended with a sharp equity market sell-off. Equities were weighed down in October by weaker-than-expected gross domestic product growth data in China and Europe and broader cyclical concerns related to earnings and higher yields in the U.S.

PERFORMANCE

For the year ended October 31, 2018, Transamerica Global Multifactor Macro (Class I2) returned 9.46%. By comparison, its benchmark, the ICE BofA Merrill Lynch U.S. Dollar LIBOR 3-Month Constant Maturity Index, returned 1.85%.

STRATEGY REVIEW

The Fund is a long-term, market-neutral strategy that seeks to deliver positive returns with low correlation to traditional and alternative investments. We trade 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, we can take directional views over the short term. Exposure to global equity, fixed income, currency and commodity markets are made through the use of derivatives, including futures, currency forwards and swaps.

We use a multifactor approach, and one of the meaningful risk weights is placed on macroeconomic momentum signals. Our positioning in macroeconomic momentum signals and carry performed well and was only slightly offset by negative performance in positioning driven by price momentum and value. The fixed income asset class performed well, with a short U.S. two-year interest rate swap position contributing meaningfully. U.S. two-year interest rate swaps sold off and underperformed relative to other countries, as the Fed continued to hike its key policy rates as a result of growth data being better than expected and the signing of Tax Cuts and Jobs Act. A short Japanese government bond position during the third quarter of 2018 also added to returns. Japanese government bonds underperformed in August after the Bank of Japan adjusted its yield curve control policy to allow higher 10-year Japanese government bond yields.

The other two major contributors were commodities and currencies. In commodities, we held a long position in crude oil during the first and second quarters of 2018 and a short position in soybeans in the second quarter of 2018 that performed well. Oil rallied over the first and second quarters as inventories drew more than expected and supply disruptions increased in Venezuela, Libya and Angola. The U.S. decision to withdraw from the nuclear deal with Iran also boosted oil prices in the second quarter. Soybeans sold off meaningfully during June, weighed down by a stronger U.S. dollar and China’s announcement it would place tariffs on U.S. agricultural products, including soybeans. The U.S. exports a meaningful amount of soybeans to China. In currencies, we held a short position in the Swedish krona that performed well during the first quarter of 2018 and into April. The krona underperformed over this period, weighed down by lower-than-expected inflation data and a more dovish central bank.

During the fiscal year, the Fund utilized derivatives. These positions added to 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		90.5	%
Net Other Assets (Liabilities)^		9.5
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 2018

Page    91

Transamerica Global Multifactor Macro

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			10 Years or Since Inception Date of Class			Inception Date
Class I2 (NAV)		9.46	%		1.55	%		03/03/2015
ICE BofAML U.S. Dollar LIBOR 3-Month Constant Maturity Index (A)		1.85	%		0.99	%

^(A) The ICE BofAML U.S. Dollar LIBOR 3-Month Constant Maturity Index represents the London interbank offered rate (“LIBOR”) with a constant 3-month average maturity.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or since inception date of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Consolidated Financial Highlights.

Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries in which the Fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. This Fund is only available in Class I2 shares, which are not available for direct investment by the public.

Transamerica Funds Annual Report 2018

Page    92

Transamerica Global Multifactor Macro

CONSOLIDATED SCHEDULE OF INVESTMENTS

At October 31, 2018

	Shares		Value
SHORT-TERM INVESTMENT COMPANIES - 90.5%
Money Market Funds - 90.5%
BlackRock Liquidity Funds T-Fund Portfolio		8,279,151		$  8,279,151
Dreyfus Treasury Cash Management		33,619,911		33,619,911
UBS Select Treasury Preferred		41,964,009		41,964,009
Total Short-Term Investment Companies (Cost $83,863,071)				83,863,071
Total Investments (Cost $83,863,071)				83,863,071
Net Other Assets (Liabilities) - 9.5%				8,842,923
Net Assets - 100.0%				$  92,705,994

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	Pay		2.00	%	Quarterly		12/10/2020		AUD	10,600,000	$	3,970		$	5,041		$	(1,071	)
3-Month AUD-BBR-BBSW	Pay		2.00		Quarterly		03/11/2021		AUD	22,800,000		19,970			39,665			(19,695	)
3-Month CAD-CDOR	Pay		2.50		Semi-Annually/ Quarterly		03/15/2021		CAD	164,400,000		713,817			351,592			362,225
3-Month CAD-CDOR	Receive		3.00		Semi-Annually/ Quarterly		03/19/2029		CAD	21,000,000		83,253			47,051			36,202
3-Month NZD-BKBM	Receive		2.50		Semi-Annually/ Quarterly		03/10/2021		NZD	188,500,000		1,034,753			1,036,156			(1,403	)
3-Month NZD-BKBM	Pay		3.00		Semi-Annually/ Quarterly		03/14/2029		NZD	26,000,000		(156,057	)		(109,381	)		(46,676	)
3-Month SEK-STIBOR-SIDE	Pay		0.50		Annually/ Quarterly		03/17/2021		SEK	279,000,000		(194,327	)		(194,331	)		4
3-Month SEK-STIBOR-SIDE	Receive		1.50		Annually/ Quarterly		03/21/2029		SEK	51,600,000		78,856			106,413			(27,557	)
3-Month USD-LIBOR	Pay		2.75		Semi-Annually/ Quarterly		12/21/2020		USD	4,400,000		32,510			19,457			13,053
3-Month USD-LIBOR	Pay		2.75		Semi-Annually/ Quarterly		03/22/2021		USD	245,000,000		2,065,198			1,446,630			618,568
3-Month USD-LIBOR	Receive		2.75		Semi-Annually/ Quarterly		03/20/2024		USD	42,400,000		(828,691	)		(372,375	)		(456,316	)
3-Month USD-LIBOR	Receive		3.00		Semi-Annually/ Quarterly		12/19/2028		USD	1,000,000		(20,511	)		(4,894	)		(15,617	)
3-Month USD-LIBOR			3.00		Semi-Annually/ Quarterly		03/20/2029		USD	6,700,000		146,549			178,400			(31,851	)
6-Month AUD-BBR-BBSW	Receive		3.00		Semi-Annually		12/07/2028		AUD	2,300,000		24,520			14,231			10,289
6-Month AUD-BBR-BBSW	Receive		3.00		Semi-Annually		03/08/2029		AUD	7,500,000		63,933			40,405			23,528
6-Month CHF-LIBOR	Pay		0.00		Semi-Annually/ Annually		03/17/2021		CHF	61,200,000		(205,096	)		(187,317	)		(17,779	)
6-Month CHF-LIBOR	Receive		0.50		Semi-Annually/ Annually		03/21/2029		CHF	8,900,000		(59,943	)		(22,575	)		(37,368	)
6-Month EUR-EURIBOR	Receive		0.00		Semi-Annually/ Annually		03/22/2021		EUR	1,800,000		1,011			916			95
6-Month EUR-EURIBOR	Pay		0.50		Semi-Annually/ Annually		03/20/2024		EUR	32,700,000		(80,138	)		(127,110	)		46,972
6-Month EUR-EURIBOR	Pay		1.00		Semi-Annually/ Annually		12/21/2020		EUR	1,600,000		(3,320	)		—			(3,320	)
6-Month EUR-EURIBOR	Receive		1.00		Semi-Annually/ Annually		03/20/2029		EUR	18,900,000		(84,799	)		(23,688	)		(61,111	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    93

Transamerica Global Multifactor Macro

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

CENTRALLY CLEARED SWAP AGREEMENTS (continued):

Interest Rate Swap Agreements (continued)

Floating Rate Index	Pay/Receive Fixed Rate		Fixed Rate			Payment Frequency		Maturity Date		Notional Amount			Value			Premiums Paid (Received)			Net Unrealized Appreciation (Depreciation)
6-Month EUR-EURIBOR		Receive		1.25	%		Semi-Annually/ Annually		12/19/2028		EUR	300,000	$	8,805		$	—		$	8,805
6-Month GBP-LIBOR		Pay		1.25			Semi-Annually		12/21/2020		GBP	1,500,000		(3,313	)		(698	)		(2,615	)
6-Month GBP-LIBOR		Receive		1.25			Semi-Annually		03/22/2021		GBP	162,700,000		93,065			(32,745	)		125,810
6-Month GBP-LIBOR		Pay		1.50			Semi-Annually		03/20/2029		GBP	15,300,000		248,111			268,593			(20,482	)
6-Month GBP-LIBOR		Receive		1.75			Semi-Annually		12/19/2028		GBP	200,000		3,505			2,578			927
6-Month JPY-LIBOR		Receive		0.00			Semi-Annually		12/16/2020		JPY	76,500,000		(733	)		(517	)		(216	)
6-Month JPY-LIBOR		Pay		0.25			Semi-Annually		03/17/2021		JPY	438,000,000		(14,266	)		(12,754	)		(1,512	)
6-Month JPY-LIBOR		Pay		0.50			Semi-Annually		12/20/2028		JPY	15,300,000		(2,008	)		(1,996	)		(12	)
6-Month NOK-NIBOR		Receive		2.00			Semi-Annually/ Annually		03/17/2021		NOK	662,800,000		480,602			524,164			(43,562	)
6-Month NOK-NIBOR		Pay		2.50			Semi-Annually/ Annually		03/21/2029		NOK	123,300,000		(202,924	)		(316,850	)		113,926
Total													$	3,246,302		$	2,674,061		$	572,241

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)
2-Year U.S. Treasury Note Futures	MLI	Receive	Maturity		12/31/2018		USD	34,573,890		328,000	$	26,265		$	—	$	26,265
10-Year Canada Government Bond Futures	MLI	Receive	Maturity		12/18/2018		CAD	22,045,783		164,000		288,460			—		288,460
10-Year Japan Government Bond Futures	MLI	Receive	Maturity		12/13/2018		JPY	1,202,476,000		8,000,000		(17,051	)		—		(17,051	)
10-Year U.K. Gilt Futures)	MLI	Pay	Maturity		12/27/2018		GBP	8,307,220		68,000		21,295			—		21,295
10-Year U.S. Treasury Note Futures	MLI	Receive	Maturity		12/19/2018		USD	37,656,900		314,000		442,994			—		442,994
BM&F Bovespa Index Futures	MLI	Receive	Maturity		12/12/2018		BRL	5,108,833		60		(44,156	)		—		(44,156	)
German Euro Bund Futures	MLI	Pay	Maturity		12/06/2018		EUR	16,982,247		106,000		4,817			—		4,817
Heating Oil Futures	CITI	Pay	Maturity		11/29/2018		USD	100,572		42,000		(6,320	)		—		(6,320	)
HSCEI China Index Futures	GSI	Pay	Maturity		11/29/2018		HKD	16,626,913		1,650		26,318			—		26,318
HSCEI China Index Futures	MLI	Pay	Maturity		11/29/2018		HKD	2,514,044		250		4,649			—		4,649
MSCI Brazil Index Futures	GSI	Pay	Maturity		12/19/2018		BRL	90,561		94		(351	)		—		(351	)
MSCI Brazil Index Futures	GSI	Pay	Maturity		12/19/2018		BRL	2,916,275		3,035		(13,416	)		—		(13,416	)
MSCI Brazil Index Futures	GSI	Pay	Maturity		12/19/2018		BRL	860,020		910		(7,962	)		—		(7,962	)
MSCI Hong Kong Index Futures	MLI	Receive	Monthly		12/19/2018		HKD	16,407,395		214		(57,715	)		—		(57,715	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    94

Transamerica Global Multifactor Macro

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

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)
MSCI Italy Index Futures		MLI		Pay		Maturity/ Monthly		12/19/2018		EUR	1,138,441		12,269	$	(19,052	)	$	—	$	(19,052	)
MSCI Japan Index Futures		MLI		Pay		Maturity/ Monthly		12/19/2018		JPY	460,187,154		232,345		(152,675	)		—		(152,675	)
MSCI Mexico Index Futures		GSI		Pay		Maturity		12/19/2018		MXN	3,374,090		3,392		13,132			—		13,132
MSCI Poland Index Futures		GSI		Pay		Maturity		12/19/2018		PLN	1,169,875		6,012		7,244			—		7,244
MSCI Singapore Index Futures		GSI		Receive		Monthly		12/19/2018		SGD	1,042,585		191		(14,879	)		—		(14,879	)
MSCI South Africa Index Futures		GSI		Pay		Maturity		12/19/2018		ZAR	26,589,456		29,902		25,914			—		25,914
MSCI Spain Index Futures		MLI		Receive		Monthly/ Maturity		12/19/2018		EUR	405,695		2,171		4,255			—		4,255
MSCI Switzerland Index Futures		MLI		Receive		Monthly/ Maturity		12/19/2018		CHF	276,567		107		(9,013	)		—		(9,013	)
MSCI Taiwan Index Futures		MLI		Pay		Maturity		11/29/2018		USD	640,932		1,800		16,968			—		16,968
Soybean Meal Futures		CITI		Receive		Maturity		12/21/2018		USD	404,214		1,300		3,554			—		3,554
Swiss Market Index Futures		MLI		Receive		Maturity		12/21/2018		CHF	263,219		30		(6,227	)		—		(6,227	)
TAIEX Futures		MLI		Pay		Maturity		11/21/2018		TWD	51,328,217		5,200		(22,823	)		—		(22,823	)
Tel Aviv 35 Index Futures		MLI		Receive		Maturity		11/30/2018		ILS	645,983		400		2,991			—		2,991
Wheat Futures		CITI		Receive		Maturity		11/23/2018		USD	149,321		30,000		(829	)		—		(829	)
WIG 20 Index Futures		GSI		Receive		Maturity		12/21/2018		PLN	719,270		320		8,900			—		8,900
Total														$	525,287		$	—	$	525,287

	Value
OTC Swap Agreements, at value (Assets)	$	897,756
OTC Swap Agreements, at value (Liabilities)	$	(372,469	)

FUTURES CONTRACTS:

Description	Long/Short		Number of Contracts			Expiration Date		Notional Amount			Value			Unrealized Appreciation		Unrealized Depreciation
3-Month Aluminum		Long		2			11/08/2018	$	103,149		$	96,931		$	—	$	(6,218	)
3-Month Aluminum		Short		(2	)		11/08/2018		(102,494	)		(96,931	)		5,563		—
3-Month Aluminum		Long		2			11/16/2018		101,493			97,189			—		(4,304	)
3-Month Aluminum		Short		(2	)		11/16/2018		(101,945	)		(97,189	)		4,756		—
3-Month Aluminum		Long		3			12/05/2018		154,659			146,403			—		(8,256	)
3-Month Aluminum		Short		(3	)		12/05/2018		(154,944	)		(146,403	)		8,541		—
3-Month Aluminum		Long		2			12/11/2018		104,156			97,741			—		(6,415	)
3-Month Aluminum		Short		(2	)		12/11/2018		(103,529	)		(97,740	)		5,789		—
3-Month Aluminum		Long		3			12/24/2018		155,287			146,588			—		(8,699	)
3-Month Aluminum		Short		(3	)		12/24/2018		(155,653	)		(146,587	)		9,066		—
3-Month Aluminum		Long		2			01/03/2019		109,075			97,888			—		(11,187	)
3-Month Aluminum		Short		(2	)		01/03/2019		(108,995	)		(97,887	)		11,108		—
3-Month Aluminum		Long		2			01/10/2019		102,013			97,869			—		(4,144	)
3-Month Aluminum		Short		(2	)		01/10/2019		(102,220	)		(97,869	)		4,351		—
3-Month Aluminum		Long		4			01/24/2019		200,694			195,081			—		(5,613	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    95

Transamerica Global Multifactor Macro

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

FUTURES CONTRACTS (continued):

Description	Long/Short		Number of Contracts			Expiration Date		Notional Amount			Value			Unrealized Appreciation		Unrealized Depreciation
3-Month Aluminum		Short		(4	)		01/24/2019	$	(200,233	)	$	(195,081	)	$	5,152	$	—
3-Month Aluminum		Long		1			01/25/2019		49,678			48,780			—		(898	)
3-Month Aluminum		Short		(1	)		01/25/2019		(49,610	)		(48,780	)		830		—
3-Month Aluminum		Long		1			01/31/2019		49,253			49,142			—		(111	)
3-Month Aluminum		Short		(1	)		01/31/2019		(49,237	)		(49,142	)		95		—
3-Month Copper		Long		3			01/10/2019		470,634			450,150			—		(20,484	)
3-Month Copper		Short		(3	)		01/10/2019		(470,307	)		(450,150	)		20,157		—
3-Month Copper		Long		2			01/17/2019		311,789			299,700			—		(12,089	)
3-Month Copper		Short		(2	)		01/17/2019		(312,687	)		(299,700	)		12,987		—
3-Month Copper		Long		1			01/25/2019		153,103			149,813			—		(3,290	)
3-Month Copper		Short		(1	)		01/25/2019		(153,439	)		(149,812	)		3,627		—
3-Month Copper		Long		1			11/08/2018		153,998			150,663			—		(3,335	)
3-Month Copper		Short		(1	)		11/08/2018		(153,872	)		(150,662	)		3,210		—
3-Month Copper		Long		1			11/15/2018		147,545			150,413			2,868		—
3-Month Copper		Short		(1	)		11/15/2018		(147,127	)		(150,412	)		—		(3,285	)
3-Month Copper		Long		1			11/16/2018		146,882			150,350			3,468		—
3-Month Copper		Short		(1	)		11/16/2018		(147,486	)		(150,350	)		—		(2,864	)
3-Month Copper		Long		2			12/11/2018		295,056			300,138			5,082		—
3-Month Copper		Short		(2	)		12/11/2018		(293,525	)		(300,138	)		—		(6,613	)
3-Month Copper		Long		1			12/20/2018		152,315			150,000			—		(2,315	)
3-Month Copper		Short		(1	)		12/20/2018		(151,622	)		(150,000	)		1,622		—
3-Month Copper		Long		1			12/24/2018		158,689			149,950			—		(8,739	)
3-Month Copper		Short		(1	)		12/24/2018		(158,247	)		(149,950	)		8,297		—
3-Month Nickel		Long		1			11/16/2018		79,203			68,619			—		(10,584	)
3-Month Nickel		Short		(1	)		11/16/2018		(79,632	)		(68,619	)		11,013		—
3-Month Nickel		Long		1			12/05/2018		74,942			68,721			—		(6,221	)
3-Month Nickel		Short		(1	)		12/05/2018		(74,547	)		(68,721	)		5,826		—
3-Month Nickel		Long		1			12/11/2018		73,833			68,754			—		(5,079	)
3-Month Nickel		Short		(1	)		12/11/2018		(73,914	)		(68,754	)		5,160		—
3-Month Nickel		Long		1			12/24/2018		78,538			68,825			—		(9,713	)
3-Month Nickel		Short		(1	)		12/24/2018		(78,774	)		(68,825	)		9,949		—
3-Month Nickel		Long		3			01/10/2019		231,579			206,744			—		(24,835	)
3-Month Nickel		Short		(3	)		01/10/2019		(231,537	)		(206,744	)		24,793		—
3-Month Nickel		Long		2			01/17/2019		150,278			137,899			—		(12,379	)
3-Month Nickel		Short		(2	)		01/17/2019		(150,954	)		(137,899	)		13,055		—
3-Month Zinc		Long		1			11/08/2018		65,350			63,719			—		(1,631	)
3-Month Zinc		Short		(1	)		11/08/2018		(65,372	)		(63,719	)		1,653		—
3-Month Zinc		Long		1			12/11/2018		58,503			63,081			4,578		—
3-Month Zinc		Short		(1	)		12/11/2018		(58,570	)		(63,081	)		—		(4,511	)
3-Month Zinc		Long		1			12/24/2018		63,452			62,619			—		(833	)
3-Month Zinc		Short		(1	)		12/24/2018		(63,347	)		(62,619	)		728		—
3-Month Zinc		Long		4			01/10/2019		269,012			249,882			—		(19,130	)
3-Month Zinc		Short		(4	)		01/10/2019		(266,470	)		(249,882	)		16,588		—
3-Month Zinc		Long		3			01/17/2019		197,543			187,191			—		(10,352	)
3-Month Zinc		Short		(3	)		01/17/2019		(197,616	)		(187,191	)		10,425		—
10-Year Australia Treasury Bond		Short		(142	)		12/17/2018		(13,011,464	)		(13,013,392	)		—		(1,928	)
10-Year Canada Government Bond		Short		(41	)		12/18/2018		(4,135,325	)		(4,115,728	)		19,597		—
10-Year Japan Government Bond		Short		(16	)		12/13/2018		(21,306,529	)		(21,359,330	)		—		(52,801	)
10-Year Japan Government Bond Mini		Short		(175	)		12/12/2018		(23,307,980	)		(23,346,258	)		—		(38,278	)
10-Year U.S. Treasury Note		Short		(18	)		12/19/2018		(2,130,719	)		(2,131,875	)		—		(1,156	)
Aluminum		Long		8			12/19/2018		420,022			391,700			—		(28,322	)
Aluminum		Short		(17	)		12/19/2018		(943,270	)		(901,894	)		41,376		—
Amsterdam Index		Long		14			11/16/2018		1,641,715			1,638,990			—		(2,725	)
Brent Crude Oil		Short		(4	)		11/30/2018		(305,794	)		(300,160	)		5,634		—
CAC 40 Index		Short		(24	)		11/16/2018		(1,392,049	)		(1,383,646	)		8,403		—

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    96

Transamerica Global Multifactor Macro

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

FUTURES CONTRACTS (continued):

Description	Long/Short		Number of Contracts			Expiration Date		Notional Amount			Value			Unrealized Appreciation		Unrealized Depreciation
Copper		Long		5			12/19/2018	$	775,575		$	750,125		$	—	$	(25,450	)
Copper		Short		(6	)		12/19/2018		(919,264	)		(900,150	)		19,114		—
Corn		Short		(23	)		12/14/2018		(420,415	)		(417,738	)		2,677		—
DAX® Index		Short		(1	)		12/21/2018		(319,645	)		(324,434	)		—		(4,789	)
EURO STOXX 50® Index		Short		(265	)		12/21/2018		(9,843,875	)		(9,586,866	)		257,009		—
FTSE 100 Index		Short		(48	)		12/21/2018		(4,433,578	)		(4,362,856	)		70,722		—
FTSE Bursa Malaysia KLCI		Short		(11	)		11/30/2018		(221,330	)		(224,101	)		—		(2,771	)
FTSE MIB Index		Long		2			12/21/2018		224,937			215,034			—		(9,903	)
German Euro Bund Index		Long		105			12/06/2018		19,022,477			19,059,447			36,970		—
Gold 100 oz		Short		(2	)		12/27/2018		(240,012	)		(243,000	)		—		(2,988	)
Hang Seng Index		Short		(10	)		11/29/2018		(1,582,252	)		(1,588,317	)		—		(6,065	)
HSCEI Index		Long		12			11/29/2018		771,948			775,292			3,344		—
IBEX 35 Index		Short		(3	)		11/16/2018		(298,716	)		(301,956	)		—		(3,240	)
KOSPI 200 Index		Short		(80	)		12/13/2018		(5,133,439	)		(4,635,163	)		498,276		—
Lead		Long		1			12/19/2018		52,096			48,075			—		(4,021	)
Mexican Bolsa Index		Short		(16	)		12/21/2018		(395,988	)		(347,344	)		48,644		—
MSCI Singapore Index		Short		(16	)		11/29/2018		(389,676	)		(396,203	)		—		(6,527	)
MSCI Taiwan Index		Short		(5	)		11/29/2018		(181,568	)		(178,350	)		3,218		—
Natural Gas		Short		(3	)		11/28/2018		(96,156	)		(97,830	)		—		(1,674	)
New York Harbor ULSD		Long		4			11/30/2018		398,631			378,235			—		(20,396	)
Nickel		Long		5			12/19/2018		385,110			343,995			—		(41,115	)
Nickel		Short		(5	)		12/19/2018		(380,167	)		(343,995	)		36,172		—
OMX Stockholm 30 Index		Long		135			11/16/2018		2,250,999			2,260,044			9,045		—
RBOB Gasoline		Long		5			11/30/2018		424,958			367,794			—		(57,164	)
S&P 500® E-Mini Index		Short		(85	)		12/21/2018		(12,009,818	)		(11,522,175	)		487,643		—
S&P/ASX 200 Index		Long		84			12/20/2018		9,099,287			8,622,294			—		(476,993	)
S&P/TSX 60 Index		Short		(33	)		12/20/2018		(4,763,510	)		(4,483,057	)		280,453		—
SET 50 Index		Short		(50	)		12/27/2018		(348,718	)		(331,554	)		17,164		—
Silver		Long		3			12/27/2018		220,979			214,230			—		(6,749	)
Soybean		Short		(4	)		01/14/2019		(169,975	)		(170,350	)		—		(375	)
Soybean Meal		Short		(11	)		01/14/2019		(344,482	)		(339,020	)		5,462		—
Soybean Oil		Short		(69	)		01/14/2019		(1,208,312	)		(1,169,136	)		39,176		—
TOPIX Index		Long		12			12/13/2018		1,834,609			1,745,203			—		(89,406	)
U.K. Gilt		Long		80			12/27/2018		12,479,440			12,517,160			37,720		—
Wheat		Short		(19	)		12/14/2018		(561,229	)		(475,475	)		85,754		—
WTI Crude		Long		15			11/19/2018		1,095,187			979,650			—		(115,537	)
Zinc		Long		7			12/19/2018		448,531			440,081			—		(8,450	)
Total														$	2,233,910	$	(1,232,950	)

FORWARD FOREIGN CURRENCY CONTRACTS:
Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation		Unrealized Depreciation
CITI		12/19/2018		USD	2,263,914		AUD	3,087,000	$	76,656	$	—
CITI		12/19/2018		USD	3,746,406		BRL	15,295,018		399		(345,757	)
CITI		12/19/2018		USD	1,322,105		CAD	1,729,000		7,330		—
CITI		12/19/2018		USD	13,698,380		CHF	13,253,000		471,172		—
CITI		12/19/2018		USD	1,151,887		CLP	770,000,000		45,178		(456	)
CITI		12/19/2018		USD	4,867,595		CNH	33,605,890		61,754		—
CITI		12/19/2018		USD	239,124		COP	730,000,000		12,857		—
CITI		12/19/2018		USD	1,093,027		CZK	24,300,000		26,565		—
CITI		12/19/2018		USD	25,991,396		EUR	22,207,000		723,808		—
CITI		12/19/2018		USD	7,215,321		GBP	5,523,000		137,415		—
CITI		12/19/2018		USD	1,480,983		HKD	11,596,000		589		(417	)
CITI		12/19/2018		USD	679,612		HUF	188,821,000		17,979		—
CITI		12/19/2018		USD	1,661,429		IDR	25,000,000,000		31,424		(3,514	)
CITI		12/19/2018		USD	1,104,623		INR	80,716,000		19,983		(418	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    97

Transamerica Global Multifactor Macro

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

FORWARD FOREIGN CURRENCY CONTRACTS (continued):
Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation		Unrealized Depreciation
CITI		12/19/2018		USD	5,753,654		JPY	643,815,000	$	26,415	$	(3,766	)
CITI		12/19/2018		USD	6,377,177		KRW	7,149,546,000		93,978		(313	)
CITI		12/19/2018		USD	1,929,897		MXN	38,406,000		54,906		—
CITI		12/19/2018		USD	509,901		NOK	4,190,000		11,678		—
CITI		12/19/2018		USD	5,081,071		NZD	7,633,000		97,451		—
CITI		12/19/2018		USD	1,401,497		PHP	76,000,000		—		(14,108	)
CITI		12/19/2018		USD	786,548		PLN	2,899,000		29,933		—
CITI		12/19/2018		USD	761,771		RUB	52,000,000		—		(22,717	)
CITI		12/19/2018		USD	12,173,375		SEK	109,425,000		157,108		—
CITI		12/19/2018		USD	156,510		SGD	215,000		1,132		—
CITI		12/19/2018		USD	310,145		THB	10,112,000		4,610		—
CITI		12/19/2018		USD	314,309		TWD	9,700,000		3		(362	)
CITI		12/19/2018		EUR	1,834,000		USD	2,128,430		—		(41,666	)
CITI		12/19/2018		COP	2,590,000,000		USD	867,608		—		(64,828	)
CITI		12/19/2018		JPY	233,413,000		USD	2,100,113		—		(22,355	)
CITI		12/19/2018		CLP	740,000,000		USD	1,107,185		—		(43,155	)
CITI		12/19/2018		TWD	9,900,000		USD	324,474		—		(3,319	)
CITI		12/19/2018		BRL	13,004,000		USD	3,272,691		210,425		(4,252	)
CITI		12/19/2018		MXN	114,892,166		USD	5,925,741		—		(316,675	)
CITI		12/19/2018		AUD	9,079,000		USD	6,524,438		—		(91,617	)
CITI		12/19/2018		ZAR	25,233,000		USD	1,722,626		2,414		(25,192	)
CITI		12/19/2018		ILS	3,260,000		USD	913,576		—		(33,751	)
CITI		12/19/2018		NOK	23,252,000		USD	2,796,519		—		(31,679	)
CITI		12/19/2018		CAD	24,305,000		USD	18,636,048		3,910		(157,819	)
CITI		12/19/2018		INR	104,300,000		USD	1,440,992		345		(39,243	)
CITI		12/19/2018		NZD	8,262,000		USD	5,465,481		16		(71,200	)
CITI		12/19/2018		SEK	20,034,000		USD	2,217,017		—		(17,027	)
CITI		12/19/2018		SGD	3,590,000		USD	2,637,867		—		(43,393	)
CITI		12/19/2018		KRW	1,763,279,000		USD	1,576,860		5		(27,174	)
CITI		12/19/2018		HKD	37,925,000		USD	4,842,843		893		(711	)
CITI		12/19/2018		PHP	17,200,000		USD	319,372		1,078		(77	)
CITI		12/19/2018		IDR	11,200,000,000		USD	734,216		948		(3,348	)
CITI		12/19/2018		CNH	5,478,667		USD	797,475		—		(13,993	)
CITI		12/19/2018		PLN	5,003,000		USD	1,345,153		—		(39,410	)
CITI		12/19/2018		CHF	6,157,000		USD	6,400,896		—		(255,879	)
CITI		12/19/2018		RUB	92,000,000		USD	1,382,577		7,506		(2,144	)
CITI		12/19/2018		CZK	5,600,000		USD	255,808		—		(10,039	)
CITI		12/19/2018		HUF	63,821,000		USD	228,447		—		(4,817	)
CITI		12/19/2018		THB	10,112,000		USD	308,942		—		(3,408	)
CITI		12/19/2018		GBP	143,000		USD	187,289		—		(4,030	)
CITI		12/19/2018		USD	2,327,379		ZAR	33,944,000		47,426		(6,727	)
Total									$	2,385,289	$	(1,770,756	)

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	$	83,863,071	$	—	$	—	$	83,863,071
Total Investments	$	83,863,071	$	—	$	—	$	83,863,071

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    98

Transamerica Global Multifactor Macro

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

SECURITY VALUATION (continued):

Valuation Inputs (continued) ^(B)

	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value
Other Financial Instruments
Centrally Cleared Interest Rate Swap Agreements	$	—		$	5,102,428		$	—	$	5,102,428
Over-the-Counter Total Return Swap Agreements		—			897,756			—		897,756
Futures Contracts (C)		2,233,910			—			—		2,233,910
Forward Foreign Currency Contracts (C)		—			2,385,289			—		2,385,289
Total Other Financial Instruments	$	2,233,910		$	8,385,473		$	—	$	10,619,383
LIABILITIES
Other Financial Instruments
Centrally Cleared Interest Rate Swap Agreements	$	—		$	(1,856,126	)	$	—	$	(1,856,126	)
Over-the-Counter Total Return Swap Agreements		—			(372,469	)		—		(372,469	)
Futures Contracts (C)		(1,232,950	)		—			—		(1,232,950	)
Forward Foreign Currency Contracts (C)		—			(1,770,756	)		—		(1,770,756	)
Total Other Financial Instruments	$	(1,232,950	)	$	(3,999,351	)	$	—	$	(5,232,301	)

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)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(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 Republic Koruna
EUR	Euro
GBP	Pound Sterling
HKD	Hong Kong Dollar
HUF	Hungarian Forint
IDR	Indonesian Rupiah
ILS	Israel New Shekel
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
PHP	Philippine Peso
PLN	Polish Zloty
RUB	Russian Ruble
SEK	Swedish Krona
SGD	Singapore Dollar

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    99

Transamerica Global Multifactor Macro

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

CURRENCY ABBREVIATIONS (continued):

THB	Thai Baht
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
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)
KLCI	Kuala Lumpur Composite Index
KOSPI	Korean Composite Stock Price Index
LIBOR	London Interbank Offered Rate
MIB	Milano Italia Borsa (FTSE MIB is the primary benchmark index for the Italian equity markets)
NIBOR	Norwegian Interbank Offered Rate
OMX	Norwegian Stockholm Stock Exchange
RBOB	Reformulated Blendstock for Oxygenate Blending
SET	Stock Exchange of Thailand
SIDE	Swedish Markets
STIBOR	Stockholm Interbank Offered Rate
STOXX	Deutsche Börse Group & SIX Group Index
TAIEX	Taiwan Capitalization Weighted Stock 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 2018

Page    100

Transamerica Managed Futures Strategy

(unaudited)

MARKET ENVIRONMENT

The fiscal year began with continued optimism around synchronized global growth and new optimism around tax reform in the U.S. In late 2017, the Trump administration signed into law the Tax Cuts and Jobs Act, which provided a meaningful cut to the corporate tax rate starting in 2018. This led to positive earnings revisions and aided a strong equity market rally in January 2018. However, increased trade tensions between the U.S. and China and higher interest rates in the U.S. led to increased volatility as 2018 progressed. Equities sold off sharply in early February 2018 after higher-than-expected wage data in the U.S. increased concerns around margins, but were able to partially recover over the second half of February.

Better-than-expected earnings reports and associated strong technology and energy company performance drove most developed equity markets higher in the second and third quarters of 2018. Higher oil prices aided energy company performance. U.S. economic outperformance was a theme throughout most of 2018, as U.S. growth surprised to the upside, while European and Chinese growth surprised to the downside. Inflation in the U.S. breached the U.S. Federal Reserve’s (“Fed”) target and the unemployment rate continued to fall further below the Fed estimate of the natural rate of unemployment.

Accounting for the positive economic data, the Fed hiked its key policy rates three times in 2018 and suggested further interest rate hikes were likely in December and the coming year. The European Central Bank also took steps to remove accommodative monetary policy, announcing it would cease asset purchases at the end of 2018. However, Europe as a whole faced increased economic and political uncertainty as growth data slowed. The 12-month period ended with a sharp equity market sell-off. Equities were weighed down in October by weaker-than-expected gross domestic product growth data in China and Europe and broader cyclical concerns related to earnings and higher yields in the U.S.

PERFORMANCE

For the year ended October 31, 2018, Transamerica Managed Futures Strategy (Class I2) returned -4.62%. By comparison, its benchmark, the FTSE 3-Month Treasury Bill + 7% Wrap, returned 9.02%.

STRATEGY REVIEW

The strategy invests in swap, futures and forward contracts both long and short across global equity, fixed income, commodity and currency markets. We use 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, we incorporate signals that seek to identify over-extended trends, and help reduce risk when the chance of a reversal is perceived as higher than normal.

Overall, while the Fund generated losses over the period, it remained strongly diversifying to a traditional stock-and-bond portfolio. For the trailing one-year period, currencies detracted the most from returns, followed by equities. Trends in commodities and fixed income performed positively. By signal horizon, short-term and over-extended signals detracted equally.

Fixed income contributed to performance. Gains were driven by short positioning in short- to intermediate-term U.S. fixed income, which benefited from rising U.S. interest rates and contributed positively across signal types. Reversals in other geographies led to losses that partially offset these gains. Trend following in commodities also contributed, driven by sustained bullish trends in energy, and over-extended signals that viewed the sector as cheap. In contrast, reversals in agricultural commodities and base metals detracted. Agricultural markets whipsawed over the trailing 12-month period and caused losses for long-term signals on changing expectations for crop conditions and trade tensions between the U.S. and China. Rising concerns over trade tensions and softer economic growth data in China also led to reversals of bullish trends in base metals, particularly in the latter half of the period.

Trend following in equities detracted. Global equity markets reversed course several times, most notably in February and more recently in October. Short-term signals drove losses as they were whipsawed by changing equity markets in 2018 through October.

Trend following in currencies was the largest detractor. Ongoing trade negotiations caused shorter-term U.S. dollar reversals throughout the period, especially versus the Canadian dollar and Mexican peso. The longer-term U.S. dollar depreciation trend reversed sharply in April due to relative U.S. economic strength versus Europe. Reversals toward the end of the period due to rising eurozone crisis concerns and Brexit negotiations resulted in negative performance for the euro and Japanese yen and British pound, respectively. Over-extended signals were the largest detractor in currencies and significant losses were primarily due to the view that the U.S. dollar was expensive and the Turkish lira was cheap. This detracted from performance as the U.S. dollar appreciated and the Turkish lira declined.

During the fiscal year, the Fund utilized derivatives. These positions detracted from performance.

Clifford S. Asness

Brian K. Hurst

Ari Levine

John M. Liew

Yao Hua Ooi

Co-Portfolio Managers

AQR Capital Management, LLC

Asset Allocation	Percentage of Net Assets
Short-Term U.S. Government Obligations		79.1	%
Short-Term Investment Companies		12.6
Net Other Assets (Liabilities)^		8.3
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.

Transamerica Funds Annual Report 2018

Page    101

Transamerica Managed Futures Strategy

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			5 Year			10 Years or Since Inception Date of Class			Inception Date
Class I2 (NAV)		(4.62	)%		(0.07	)%		0.30	%		09/30/2010
FTSE 3-Month Treasury Bill + 7% Wrap (A)		9.02	%		7.80	%		7.61	%

^(A) The FTSE 3-Month Treasury Bill + 7% Wrap represents monthly return equivalents of yield averages of the last 3 month Treasury Bill issues.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or since inception date of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or expense reimbursements, the performance would be lower.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Consolidated Financial Highlights.

Securities purchased for an arbitrage strategy are intended to take advantage of a perceived relationship between the value of two securities and may not perform as expected. This Fund is only available in Class I2 shares, which are not available for direct investment by the public.

Transamerica Funds Annual Report 2018

Page    102

Transamerica Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS

At October 31, 2018

	Principal		Value
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 79.1%
U.S. Treasury Bill 2.08% (A), 11/15/2018		$  79,096,000		$  79,031,020
2.13% (A), 11/23/2018 - 12/27/2018		28,740,000		28,693,248
2.14% (A), 12/27/2018		2,093,000		2,085,837
2.15% (A), 01/10/2019		6,861,000		6,831,367
2.19% (A), 01/17/2019		8,892,000		8,851,299
2.23% (A), 02/07/2019		1,576,000		1,566,175
2.32% (A), 03/14/2019		1,985,000		1,968,051
Total Short-Term U.S. Government Obligations (Cost $129,034,045)				129,026,997

	Shares		Value
SHORT-TERM INVESTMENT COMPANIES - 12.6%
Money Market Funds - 12.6%
BlackRock Liquidity Funds T-Fund Portfolio		1,345,516		$   1,345,516
Dreyfus Treasury Cash Management		5,382,066		5,382,066
UBS Select Treasury Preferred		13,755,726		13,755,726
Total Short-Term Investment Companies (Cost $20,483,308)				20,483,308
Total Investments (Cost $149,517,353)				149,510,305
Net Other Assets (Liabilities) - 8.3%				13,472,145
Net Assets - 100.0%				$  162,982,450

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		12/31/2018		USD	32,433,180		308,000	$	(7,883	)	$	—	$	(7,883	)
5-Year U.S. Treasury Note Futures	BOA	Receive	Maturity		12/31/2018		USD	80,146,927		708,000		552,239			—		552,239
10-Year Canada Government Bond Futures	BOA	Receive	Maturity		12/18/2018		CAD	2,784,884		21,000		8,032			—		8,032
10-Year Italy Government Bond Futures	BOA	Receive	Maturity		12/06/2018		EUR	1,095,187		9,000		483			—		483
10-Year Japan Government Bond Futures	BOA	Pay	Maturity		12/13/2018		JPY	452,223,100		3,000,000		(5,079	)		—		(5,079	)
10-Year U.K. Gilt Futures	BOA	Pay	Maturity		12/27/2018		GBP	8,709,377		71,000		(23,348	)		—		(23,348	)
10-Year U.S. Treasury Note Futures	BOA	Receive	Maturity		12/19/2018		USD	41,995,105		350,000		514,636			—		514,636
20-Year U.S. Treasury Note Futures	BOA	Receive	Maturity		12/19/2018		USD	18,214,129		129,000		371,817			—		371,817
Aluminum Futures	CITI	Receive	Maturity		12/17/2018		USD	248,950		125		4,138			—		4,138
BM&F Bovespa Index Futures	MLI	Pay	Maturity		12/12/2018		BRL	2,562,353		30		19,946			—		19,946
Cocoa Futures	CITI	Pay	Maturity		11/30/2018		GBP	16,970		10		(26	)		—		(26	)
Coffee Futures	MLI	Receive	Maturity		11/09/2018		USD	1,327,500		1,200,000		(24,900	)		—		(24,900	)
Copper Futures	CITI	Receive	Maturity		12/17/2018		USD	292,950		50		(7,100	)		—		(7,100	)
Cotton No. 2 Futures	CITI	Pay	Maturity		11/09/2018		USD	139,530		150,000		(24,240	)		—		(24,240	)
Cotton No. 2 Futures	MLI	Pay	Maturity		11/09/2018		USD	44,060		50,000		(5,630	)		—		(5,630	)
Euro OAT Futures	BOA	Pay	Maturity		12/06/2018		EUR	2,279,699		15,000		(339	)		—		(339	)
FTSE China A50 Index Futures	MLI	Receive	Maturity		11/29/2018		USD	210,204		19		(2,549	)		—		(2,549	)
Gasoil Bullet Futures	MLI	Pay	Maturity		12/11/2018		USD	1,174,500		1,600		(72,900	)		—		(72,900	)
Gasoil Bullet Futures	CITI	Pay	Maturity		12/11/2018		USD	1,761,360		2,400		(108,960	)		—		(108,960	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    103

Transamerica Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

OVER-THE-COUNTER SWAP AGREEMENTS (continued):

Total Return Swap Agreements (continued) ^(B)

Reference Entity	Counterparty		Pay/Receive		Payment Frequency		Maturity Date		Notional Amount			Number of Shares or Units		Value			Premiums Paid (Received)		Net Unrealized Appreciation (Depreciation)
German Euro BOBL Futures		BOA		Pay		Maturity		12/06/2018		EUR	7,232,552		55,000	$	(3,174	)	$	—	$	(3,174	)
German Euro Bond Futures		BOA		Pay		Maturity		12/06/2018		EUR	3,868,640		22,000		24,239			—		24,239
German Euro Bund Futures		BOA		Pay		Maturity		12/06/2018		EUR	16,488,971		103,000		19,005			—		19,005
German Euro Schatz Futures		BOA		Pay		Maturity		12/06/2018		EUR	6,831,642		61,000		(1,322	)		—		(1,322	)
Gold Futures		MLI		Receive		Maturity		11/30/2018		USD	120,220		100		(1,390	)		—		(1,390	)
Gold Futures		CITI		Receive		Maturity		11/30/2018		USD	2,089,787		1,700		22,417			—		22,417
Heating Oil Futures		MLI		Pay		Maturity		11/29/2018		USD	580,738		252,000		(15,225	)		—		(15,225	)
Heating Oil Futures		CITI		Pay		Maturity		11/29/2018		USD	2,413,715		1,008,000		(151,662	)		—		(151,662	)
HG Copper Futures		MLI		Receive		Maturity		11/30/2018		USD	68,238		25,000		1,900			—		1,900
HG Copper Futures		CITI		Receive		Maturity		11/30/2018		USD	204,467		75,000		5,454			—		5,454
HSCEI China Index Futures		GSI		Receive		Maturity		11/29/2018		HKD	14,108,524		1,400		(22,223	)		—		(22,223	)
KOSPI 200 Index Futures		MLI		Receive		Maturity		12/13/2018		KRW	1,120,698,834		4,250,000		(6,923	)		—		(6,923	)
Lean Hogs Futures		MLI		Receive		Maturity		12/14/2018		USD	179,920		320,000		(7,120	)		—		(7,120	)
MSCI Taiwan Index Futures		MLI		Receive		Maturity		11/29/2018		USD	498,061		1,400		(13,639	)		—		(13,639	)
Natural Gas Futures		MLI		Pay		Maturity		11/28/2018		USD	31,630		10,000		1,190			—		1,190
Nickel Futures		CITI		Receive		Maturity		12/17/2018		USD	140,760		12		3,162			—		3,162
Palladium Futures		MLI		Pay		Maturity		11/30/2018		USD	107,140		100		(490	)		—		(490	)
Palladium Futures		CITI		Pay		Maturity		11/30/2018		USD	218,050		200		(4,750	)		—		(4,750	)
Platinum Futures		MLI		Receive		Maturity		12/31/2018		USD	204,100		250		(5,875	)		—		(5,875	)
Platinum Futures		CITI		Receive		Maturity		12/31/2018		USD	286,160		350		(7,805	)		—		(7,805	)
RBOB Gasoline Futures		CITI		Pay		Maturity		11/29/2018		USD	874,860		420,000		(141,246	)		—		(141,246	)
Silver Futures		CITI		Receive		Maturity		11/30/2018		USD	219,000		15,000		5,325			—		5,325
Soybean Futures		CITI		Receive		Maturity		12/21/2018		USD	2,870,603		330,000		59,828			—		59,828
Soybean Meal Futures		CITI		Receive		Maturity		12/21/2018		USD	410,115		1,300		9,455			—		9,455
Soybean Oil Futures		CITI		Receive		Maturity		12/21/2018		USD	416,819		1,440,000		10,163			—		10,163
Swiss Market Index Futures		MLI		Receive		Maturity		12/21/2018		CHF	434,359		50		(14,686	)		—		(14,686	)
U.S. Treasury Note Futures		BOA		Receive		Maturity		12/19/2018		USD	11,773,608		78,000		115,045			—		115,045
Wheat Futures		MLI		Receive		Maturity		11/23/2018		USD	26,113		5,000		1,450			—		1,450
WTI Crude Oil Futures		MLI		Pay		Maturity		11/16/2018		USD	3,004,030		41,000		(342,720	)		—		(342,720	)
WTI Crude Oil Futures		CITI		Pay		Maturity		11/16/2018		USD	3,378,143		46,000		(392,283	)		—		(392,283	)
Zinc Futures		CITI		Receive		Maturity		12/17/2018		USD	60,775		25		(2,094	)		—		(2,094	)
Total														$	332,343		$	—	$	332,343

	Value
OTC Swap Agreements, at value (Assets)	$	1,749,924
OTC Swap Agreements, at value (Liabilities)	$	(1,417,581	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    104

Transamerica Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

FUTURES CONTRACTS:
Description	Long/Short		Number of Contracts			Expiration Date		Notional Amount			Value			Unrealized Appreciation		Unrealized Depreciation
90-Day Eurodollar		Short		(230	)		03/18/2019	$	(56,014,658	)	$	(55,835,375	)	$	179,283	$	—
90-Day Eurodollar		Short		(217	)		06/17/2019		(52,780,374	)		(52,600,800	)		179,574		—
90-Day Eurodollar		Short		(211	)		09/16/2019		(51,254,623	)		(51,096,288	)		158,335		—
90-Day Eurodollar		Short		(210	)		12/16/2019		(50,955,746	)		(50,817,375	)		138,371		—
90-Day Eurodollar		Short		(212	)		03/16/2020		(51,414,849	)		(51,296,050	)		118,799		—
90-Day Eurodollar		Short		(215	)		06/15/2020		(52,134,026	)		(52,024,625	)		109,401		—
90-Day Eurodollar		Short		(204	)		09/14/2020		(49,465,107	)		(49,368,000	)		97,107		—
90-Day Sterling		Long		6			03/20/2019		949,939			949,639			—		(300	)
90-Day Sterling		Short		(14	)		06/19/2019		(2,214,079	)		(2,214,258	)		—		(179	)
90-Day Sterling		Long		6			09/18/2019		948,802			948,297			—		(505	)
90-Day Sterling		Short		(9	)		12/18/2019		(1,421,257	)		(1,421,582	)		—		(325	)
90-Day Sterling		Short		(4	)		03/18/2020		(631,421	)		(631,431	)		—		(10	)
90-Day Sterling		Short		(8	)		06/17/2020		(1,261,892	)		(1,262,223	)		—		(331	)
90-Day Sterling		Short		(26	)		09/16/2020		(4,100,287	)		(4,100,147	)		140		—
3-Month Copper		Long		1			01/24/2019		154,883			149,816			—		(5,067	)
3-Month Copper		Short		(1	)		01/24/2019		(154,997	)		(149,816	)		5,181		—
3-Month Copper		Long		1			01/29/2019		154,972			149,806			—		(5,166	)
3-Month Copper		Short		(1	)		01/29/2019		(155,447	)		(149,806	)		5,641		—
3-Month Copper		Long		1			01/30/2019		151,981			149,803			—		(2,178	)
3-Month Copper		Short		(1	)		01/30/2019		(152,834	)		(149,803	)		3,031		—
3-Month Copper		Long		1			01/25/2019		153,456			149,812			—		(3,644	)
3-Month Copper		Short		(1	)		01/25/2019		(153,450	)		(149,813	)		3,637		—
3-Month Copper		Long		1			11/07/2018		153,828			150,725			—		(3,103	)
3-Month Copper		Short		(1	)		11/07/2018		(154,145	)		(150,725	)		3,420		—
3-Month Copper		Long		2			11/09/2018		308,138			301,200			—		(6,938	)
3-Month Copper		Short		(2	)		11/09/2018		(308,009	)		(301,200	)		6,809		—
3-Month Copper		Long		2			11/14/2018		305,643			300,950			—		(4,693	)
3-Month Copper		Short		(2	)		11/14/2018		(304,299	)		(300,950	)		3,349		—
3-Month Copper		Long		2			11/15/2018		295,805			300,825			5,020		—
3-Month Copper		Short		(2	)		11/15/2018		(294,250	)		(300,825	)		—		(6,575	)
3-Month Copper		Long		4			11/16/2018		590,537			601,400			10,863		—
3-Month Copper		Short		(4	)		11/16/2018		(590,412	)		(601,400	)		—		(10,988	)
3-Month Copper		Long		2			11/20/2018		301,288			300,450			—		(838	)
3-Month Copper		Short		(2	)		11/20/2018		(299,677	)		(300,450	)		—		(773	)
3-Month Copper		Long		2			11/21/2018		301,468			300,325			—		(1,143	)
3-Month Copper		Short		(2	)		11/21/2018		(302,447	)		(300,325	)		2,122		—
3-Month Copper		Long		3			11/23/2018		449,334			450,150			816		—
3-Month Copper		Short		(3	)		11/23/2018		(449,881	)		(450,150	)		—		(269	)
3-Month EURIBOR		Short		(5	)		03/18/2019		(1,419,919	)		(1,419,990	)		—		(71	)
3-Month EURIBOR		Short		(3	)		06/17/2019		(851,824	)		(851,909	)		—		(85	)
3-Month EURIBOR		Long		10			09/16/2019		2,837,872			2,837,997			125		—
3-Month EURIBOR		Long		33			12/16/2019		9,357,689			9,357,915			226		—
3-Month EURIBOR		Long		39			03/16/2020		11,050,408			11,050,519			111		—
3-Month EURIBOR		Long		35			06/15/2020		9,908,628			9,908,213			—		(415	)
3-Month EURIBOR		Long		8			09/14/2020		2,262,709			2,262,582			—		(127	)
3-Month Euroswiss		Long		5			06/17/2019		1,249,810			1,249,938			128		—
3-Month Euroswiss		Long		6			09/16/2019		1,499,142			1,499,330			188		—
3-Month Nickel		Long		1			12/13/2018		76,173			68,766			—		(7,407	)
3-Month Nickel		Short		(1	)		12/13/2018		(76,198	)		(68,766	)		7,432		—
2-Year U.S. Treasury Note		Short		(179	)		12/31/2018		(37,706,353	)		(37,707,469	)		—		(1,116	)
3-Year Australia Treasury Bond		Long		231			12/17/2018		18,201,055			18,229,036			27,981		—
5-Year U.S. Treasury Note		Short		(43	)		12/31/2018		(4,839,841	)		(4,832,461	)		7,380		—
10-Year Australia Treasury Bond		Long		20			12/17/2018		1,839,232			1,832,872			—		(6,360	)
10-Year Canada Government Bond		Short		(26	)		12/18/2018		(2,608,341	)		(2,609,974	)		—		(1,633	)
10-Year U.S. Treasury Note		Short		(50	)		12/19/2018		(5,987,468	)		(5,921,875	)		65,593		—
Amsterdam Index		Short		(6	)		11/16/2018		(688,418	)		(702,424	)		—		(14,006	)
Brent Crude Oil		Long		129			11/30/2018		10,398,538			9,680,160			—		(718,378	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    105

Transamerica Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

FUTURES CONTRACTS (continued):

Description	Long/Short		Number of Contracts			Expiration Date		Notional Amount			Value			Unrealized Appreciation		Unrealized Depreciation
CAC 40 Index		Short		(38	)		11/16/2018	$	(2,136,967	)	$	(2,190,772	)	$	—	$	(53,805	)
Canada Bankers’ Acceptance		Short		(66	)		03/18/2019		(12,226,277	)		(12,214,099	)		12,178		—
Canada Bankers’ Acceptance		Short		(60	)		06/17/2019		(11,101,614	)		(11,088,344	)		13,270		—
Cocoa		Long		1			03/14/2019		22,492			22,530			38		—
Coffee		Long		3			12/18/2018		137,206			126,788			—		(10,418	)
Copper		Long		4			12/17/2018		617,918			600,100			—		(17,818	)
Copper		Short		(18	)		12/17/2018		(2,701,639	)		(2,700,450	)		1,189		—
Copper		Short		(1	)		12/27/2018		(68,205	)		(66,475	)		1,730		—
Corn		Short		(40	)		12/14/2018		(731,862	)		(726,500	)		5,362		—
Cotton No. 2		Short		(4	)		12/06/2018		(163,605	)		(153,720	)		9,885		—
DAX® Index		Short		(20	)		12/21/2018		(6,762,814	)		(6,488,671	)		274,143		—
E-Mini DJIA Index		Long		9			12/21/2018		1,174,648			1,128,465			—		(46,183	)
E-Mini Russell 2000® Index		Short		(55	)		12/21/2018		(4,318,454	)		(4,157,725	)		160,729		—
EURO STOXX 50® Index		Short		(425	)		12/21/2018		(15,590,861	)		(15,375,162	)		215,699		—
Euro-BTP Italy Government Bond		Short		(90	)		12/06/2018		(12,313,176	)		(12,399,803	)		—		(86,627	)
FTSE 100 Index		Short		(126	)		12/21/2018		(11,355,692	)		(11,452,496	)		—		(96,804	)
FTSE China A50 Index		Short		(42	)		11/29/2018		(470,712	)		(469,245	)		1,467		—
FTSE MIB Index		Short		(13	)		12/21/2018		(1,486,040	)		(1,397,719	)		88,321		—
German Euro BOBL		Long		19			12/06/2018		2,829,172			2,828,636			—		(536	)
German Euro BUXL		Long		8			12/06/2018		1,576,314			1,602,927			26,613		—
German Euro Schatz		Long		7			12/06/2018		887,818			887,800			—		(18	)
Gold 100 oz		Short		(72	)		12/27/2018		(8,877,719	)		(8,748,000	)		129,719		—
Hang Seng Index		Short		(35	)		11/29/2018		(5,533,399	)		(5,559,108	)		—		(25,709	)
HSCEI Index		Short		(44	)		11/29/2018		(2,834,747	)		(2,842,737	)		—		(7,990	)
IBEX 35 Index		Short		(29	)		11/16/2018		(2,901,892	)		(2,918,903	)		—		(17,011	)
KOSPI 200 Index		Short		(102	)		12/13/2018		(6,428,056	)		(5,909,833	)		518,223		—
Lean Hogs		Short		(4	)		12/14/2018		(91,024	)		(93,520	)		—		(2,496	)
Low Sulfur Gasoil		Long		40			12/12/2018		2,794,874			2,796,000			1,126		—
MSCI Emerging Markets Index		Short		(23	)		12/21/2018		(1,169,881	)		(1,100,205	)		69,676		—
MSCI Singapore Index		Short		(8	)		11/29/2018		(195,118	)		(198,101	)		—		(2,983	)
MSCI Taiwan Index		Short		(54	)		11/29/2018		(1,915,782	)		(1,970,460	)		—		(54,678	)
NASDAQ-100 E-Mini Index		Short		(1	)		12/21/2018		(134,988	)		(139,510	)		—		(4,522	)
Natural Gas		Long		79			11/28/2018		2,603,401			2,576,190			—		(27,211	)
New York Harbor ULSD		Long		1			11/30/2018		95,997			94,559			—		(1,438	)
Nickel		Long		1			12/17/2018		75,482			68,799			—		(6,683	)
Nickel		Short		(1	)		12/17/2018		(76,197	)		(68,799	)		7,398		—
OMX Stockholm 30 Index		Short		(42	)		11/16/2018		(685,337	)		(703,125	)		—		(17,788	)
Platinum		Short		(12	)		01/29/2019		(497,767	)		(505,800	)		—		(8,033	)
RBOB Gasoline		Long		7			11/30/2018		585,926			514,912			—		(71,014	)
S&P 500® E-Mini Index		Short		(2	)		12/21/2018		(266,050	)		(271,110	)		—		(5,060	)
S&P/ASX 200 Index		Short		(29	)		12/20/2018		(2,947,184	)		(2,976,744	)		—		(29,560	)
S&P/TSX 60 Index		Short		(12	)		12/20/2018		(1,604,518	)		(1,630,202	)		—		(25,684	)
Soybean		Short		(20	)		01/14/2019		(853,960	)		(851,750	)		2,210		—
Soybean Meal		Short		(5	)		01/14/2019		(154,636	)		(154,100	)		536		—
Soybean Oil		Short		(7	)		01/14/2019		(120,105	)		(118,608	)		1,497		—
Sugar		Short		(2	)		02/28/2019		(30,246	)		(29,546	)		700		—
TOPIX Index		Short		(27	)		12/13/2018		(3,931,388	)		(3,926,707	)		4,681		—
U.S. Treasury Bond		Short		(118	)		12/19/2018		(17,152,258	)		(16,786,875	)		365,383		—
Wheat		Short		(16	)		12/14/2018		(400,745	)		(398,225	)		2,520		—
WTI Crude		Long		50			11/19/2018		3,662,837			3,265,500			—		(397,337	)
Total														$	3,054,356	$	(1,820,029	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    106

Transamerica Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

FORWARD FOREIGN CURRENCY CONTRACTS:
Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation		Unrealized Depreciation
CITI		12/19/2018		USD	41,676,216		AUD	57,673,000	$	813,089	$	(406	)
CITI		12/19/2018		USD	3,701,873		BRL	15,365,000		1,693		(410,306	)
CITI		12/19/2018		USD	32,792,373		CAD	42,851,002		208,122		(741	)
CITI		12/19/2018		USD	640,135		CHF	626,000		15,354		—
CITI		12/19/2018		USD	1,936,206		CLP	1,290,187,008		81,110		(31	)
CITI		12/19/2018		USD	1,010,127		COP	3,058,428,032		62,156		—
CITI		12/19/2018		USD	125,544,680		EUR	107,854,631		2,825,426		—
CITI		12/19/2018		USD	52,865,009		GBP	40,832,000		546,729		(9,277	)
CITI		12/19/2018		USD	146,110		HKD	1,144,000		50		(30	)
CITI		12/19/2018		USD	2,275,327		HUF	634,595,000		51,694		—
CITI		12/19/2018		USD	1,948,541		IDR	29,920,927,000		6,124		(12,638	)
CITI		12/19/2018		USD	2,444,084		ILS	8,843,999		57,219		—
CITI		12/19/2018		USD	4,590,770		INR	328,966,000		168,984		(469	)
CITI		12/19/2018		USD	62,735,865		JPY	6,994,865,000		580,672		(110,539	)
CITI		12/19/2018		USD	13,070,518		KRW	14,608,998,831		235,597		(4,468	)
CITI		12/19/2018		USD	9,600,026		MXN	188,589,000		393,065		—
CITI		12/19/2018		USD	11,631,338		NOK	96,776,000		123,933		—
CITI		12/19/2018		USD	25,216,821		NZD	37,903,000		472,704		(2,922	)
CITI		12/19/2018		USD	40,564		PHP	2,206,000		—		(526	)
CITI		12/19/2018		USD	2,671,480		PLN	10,096,000		36,505		—
CITI		12/19/2018		USD	13,583,973		SEK	122,728,000		109,136		(2,270	)
CITI		12/19/2018		USD	11,644,862		SGD	15,922,000		138,116		—
CITI		12/19/2018		USD	5,106,401		TWD	155,784,000		52,787		(23	)
CITI		12/19/2018		CHF	7,287,000		USD	7,516,852		—		(244,038	)
CITI		12/19/2018		ZAR	111,374,000		USD	7,695,283		3,497		(195,937	)
CITI		12/19/2018		SEK	9,003,000		USD	1,015,981		—		(27,336	)
CITI		12/19/2018		NOK	95,219,000		USD	11,654,672		—		(332,407	)
CITI		12/19/2018		COP	2,511,283,000		USD	825,934		—		(47,554	)
CITI		12/19/2018		CAD	62,050,000		USD	47,998,857		1,353		(815,815	)
CITI		12/19/2018		KRW	11,968,348,000		USD	10,686,485		—		(167,881	)
CITI		12/19/2018		SGD	12,276,000		USD	8,990,134		—		(118,333	)
CITI		12/19/2018		EUR	56,768,000		USD	66,532,351		—		(1,940,532	)
CITI		12/19/2018		JPY	7,432,867,187		USD	66,936,219		13		(771,565	)
CITI		12/19/2018		MXN	243,708,000		USD	12,533,195		—		(635,313	)
CITI		12/19/2018		PHP	2,148,000		USD	39,631		379		—
CITI		12/19/2018		IDR	1,308,713,008		USD	85,685		264		(436	)
CITI		12/19/2018		AUD	6,165,000		USD	4,375,778		3,897		(11,538	)
CITI		12/19/2018		TWD	21,299,000		USD	692,702		612		(2,372	)
CITI		12/19/2018		PLN	21,338,000		USD	5,805,630		—		(236,584	)
CITI		12/19/2018		NZD	30,651,000		USD	20,083,068		15,373		(86,265	)
CITI		12/19/2018		GBP	51,790,000		USD	67,943,653		—		(1,573,055	)
CITI		12/19/2018		ILS	7,390,000		USD	2,062,229		—		(67,777	)
CITI		12/19/2018		INR	24,566,000		USD	332,327		94		(2,183	)
CITI		12/19/2018		HUF	41,165,000		USD	148,785		—		(4,540	)
CITI		12/19/2018		BRL	14,782,000		USD	3,935,253		26,084		(6,817	)
CITI		12/19/2018		CLP	693,497,000		USD	1,026,584		—		(29,424	)
CITI		12/19/2018		USD	6,700,705		ZAR	97,583,000		137,702		(10,794	)
Total									$	7,169,533	$	(7,883,142	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    107

Transamerica Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

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	$	—		$	129,026,997		$	—	$	129,026,997
Short-Term Investment Companies		20,483,308			—			—		20,483,308
Total Investments	$	20,483,308		$	129,026,997		$	—	$	149,510,305
Other Financial Instruments
Over-the-Counter Total Return Swap Agreements	$	—		$	1,749,924		$	—	$	1,749,924
Futures Contracts (D)		3,054,356			—			—		3,054,356
Forward Foreign Currency Contracts (D)		—			7,169,533			—		7,169,533
Total Other Financial Instruments	$	3,054,356		$	8,919,457		$	—	$	11,973,813
LIABILITIES
Other Financial Instruments
Over-the-Counter Total Return Swap Agreements	$	—		$	(1,417,581	)	$	—	$	(1,417,581	)
Futures Contracts (D)		(1,820,029	)		—			—		(1,820,029	)
Forward Foreign Currency Contracts (D)		—			(7,883,142	)		—		(7,883,142	)
Total Other Financial Instruments	$	(1,820,029	)	$	(9,300,723	)	$	—	$	(11,120,752	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Rates disclosed reflect the yields at October 31, 2018.
(B)	At the termination date, a net cash flow is exchanged where the total return is equivalent to the return of the reference entity less a financing rate, if any. As a receiver, the Fund would receive payments based on any positive total return and would owe payments in the event of a negative total return. As the payer, the Fund would owe payments on any net positive total return and would receive payment in the event of a negative total return.
(C)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(D)	Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation).

CURRENCY ABBREVIATIONS:

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
COP	Columbian Peso
EUR	Euro
GBP	Pound Sterling
HKD	Hong Kong Dollar
HUF	Hungarian Forint
IDR	Indonesian Rupiah
ILS	Israel New Shekel
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
PHP	Philippine Peso

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    108

Transamerica Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2018

CURRENCY ABBREVIATIONS (continued):

PLN	Polish Zloty
SEK	Swedish Krona
SGD	Singapore Dollar
TWD	Taiwan New Dollar
USD	United States Dollar
ZAR	South African Rand

COUNTERPARTY ABBREVIATIONS:

BOA	Bank of America N.A.
CITI	Citibank N.A.
GSI	Goldman Sachs International
MLI	Merrill Lynch International

PORTFOLIO ABBREVIATIONS:

ASX	Australian Securities Exchange
BM&F Bovespa	Bolsa de Valores, Mercadorias & Futuros de Sao Paulo (Brazilian Stock Exchange Index)
BOBL	Bundesobligationen (German Federal Government Securities)
BTP	Buoni del Tesoro Poliennali (Italian Treasury Bonds)
BUXL	Bundesanleihen (German Long-Term Debt)
CAC	Cotation Assistée en Continu (French Stock Market Index)
DAX	Deutscher Aktienindex (Frankfurt Stock Index)
DJIA	Dow Jones Industrial Average
EURIBOR	Euro Interbank Offer Rate
FTSE	Financial Times Stock Exchange
HG	High Grade
HSCEI	Hang Seng China Enterprises Index
IBEX	Índice Bursatil Español (Bolsa de Madrid Stock Market Index)
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)
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 2018

Page    109

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

At October 31, 2018

	Transamerica Global Multifactor Macro			Transamerica Managed Futures Strategy
Assets:
Investments, at value (A)	$	83,863,071		$	149,510,305
Cash collateral pledged at custodian for:
Centrally cleared swap agreements		314,912			—
OTC derivatives (C)		740,000			10,540,949
Futures contracts		297,311			—
Cash collateral pledged at broker for:
Centrally cleared swap agreements		2,274,733			—
OTC derivatives (C)		760,000			—
Futures contracts		3,883,876			8,021,322
Foreign currency, at value (B)		143,052			422,952
OTC swap agreements, at value		897,756			1,749,924
Receivables and other assets:
Investments sold		—			27,185,218
Interest		125,014			27,213
Variation margin receivable on centrally cleared swap agreements		246,638			—
Unrealized appreciation on forward foreign currency contracts		2,385,289			7,169,533
Total assets		95,931,652			204,627,416
Liabilities:
Cash collateral received at broker for:
OTC derivatives (C)		150,000			3,880,929
OTC swap agreements, at value		372,469			1,417,581
Payables and other liabilities:
Investments purchased		117,940			26,978,860
Shares of beneficial interest redeemed		45,947			91,727
Due to custodian		10,682			162,451
Investment management fees		20,457			53,891
Transfer agent fees		636			1,141
Trustees, CCO and deferred compensation fees		209			441
Audit and tax fees		34,091			17,931
Custody fees		290,853			520,491
Legal fees		897			1,526
Printing and shareholder reports fees		1,087			1,211
Registration fees		306			536
Other accrued expenses		5,964			6,557
Variation margin payable on futures contracts		403,364			626,551
Unrealized depreciation on forward foreign currency contracts		1,770,756			7,883,142
Total liabilities		3,225,658			41,644,966
Net assets	$	92,705,994		$	162,982,450
Net assets consist of:
Paid-in capital	$	97,654,480		$	239,369,126
Total distributable earnings		(4,948,486	)		(76,386,676	)
Net assets	$	92,705,994		$	162,982,450
Shares outstanding (unlimited shares, no par value)		9,825,559			21,991,385
Net asset value and offering price per share	$	9.44		$	7.41
(A) Investments, at cost	$	83,863,071		$	149,517,353
(B) Foreign currency, at cost	$	130,573		$	424,024

(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 2018

Page    110

CONSOLIDATED STATEMENTS OF OPERATIONS

For the year ended October 31, 2018

	Transamerica Global Multifactor Macro			Transamerica Managed Futures Strategy
Investment Income:
Interest income	$	1,430,454		$	2,859,252
Withholding taxes on foreign income		(86,561	)		(13,427	)
Total investment income		1,343,893			2,845,825
Expenses:
Investment management fees		1,586,865			2,500,259
Transfer agent fees		7,768			13,556
Trustees, CCO and deferred compensation fees		2,441			4,186
Audit and tax fees		69,542			22,280
Custody fees		882,890			1,678,954
Legal fees		9,888			12,889
Printing and shareholder reports fees		2,159			2,989
Registration fees		3,216			4,131
Other		18,107			19,241
Total expenses before waiver and/or reimbursement and recapture		2,582,876			4,258,485
Expense waived and/or reimbursed		(1,022,720	)		(1,631,483	)
Net expenses		1,560,156			2,627,002
Net investment income (loss)		(216,263	)		218,823
Net realized gain (loss) on:
Investments		—			(1,153	)
Swap agreements		5,567,673			(2,081,925	)
Futures contracts		2,114,628			4,662,605
Forward foreign currency contracts		(1,993,048	)		(8,634,094	)
Foreign currency transactions		7,376			(342,854	)
Net realized gain (loss)		5,696,629			(6,397,421	)
Net change in unrealized appreciation (depreciation) on:
Investments		—			(10,988	)
Swap agreements		(584,033	)		(851,244	)
Futures contracts		1,217,972			(3,799,687	)
Forward foreign currency contracts		2,814,610			1,527,161
Translation of assets and liabilities denominated in foreign currencies		(3,306	)		(71,852	)
Net change in unrealized appreciation (depreciation)		3,445,243			(3,206,610	)
Net realized and change in unrealized gain (loss)		9,141,872			(9,604,031	)
Net increase (decrease) in net assets resulting from operations	$	8,925,609		$	(9,385,208	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    111

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

For the years ended:

	Transamerica Global Multifactor Macro						Transamerica Managed Futures Strategy
	October 31, 2018			October 31, 2017			October 31, 2018			October 31, 2017
From operations:
Net investment income (loss)	$	(216,263	)	$	(1,333,614	)	$	218,823		$	(1,212,247	)
Net realized gain (loss)		5,696,629			(606,152	)		(6,397,421	)		(17,742,547	)
Net change in unrealized appreciation (depreciation)		3,445,243			(5,415,051	)		(3,206,610	)		5,159,074
Net increase (decrease) in net assets resulting from operations		8,925,609			(7,354,817	)		(9,385,208	)		(13,795,720	)
Distributions (A):
Dividends and/or distributions to shareholders		(4,578,138	)		—			(28,018	)		—
Dividends and/or distributions to shareholders from
Net investment income		—			—			—			(234,782	)
Net realized gains		—			(5,429,639	)		—			—
Return of capital		—			—			—			(1,749,421	)
Total dividends and/or distributions to shareholders		(4,578,138	)		(5,429,639	)		(28,018	)		(1,984,203	)
Capital share transactions:
Proceeds from shares sold		7,991,036			11,358,198			57,090,315			21,650,758
Dividends and/or distributions reinvested		4,578,138			5,429,639			28,018			1,984,203
Cost of shares redeemed		(48,567,389	)		(46,331,974	)		(45,603,176	)		(49,158,191	)
Net increase (decrease) in net assets resulting from capital share transactions		(35,998,215	)		(29,544,137	)		11,515,157			(25,523,230	)
Net increase (decrease) in net assets		(31,650,744	)		(42,328,593	)		2,101,931			(41,303,153	)
Net assets:
Beginning of year		124,356,738			166,685,331			160,880,519			202,183,672
End of year	$	92,705,994		$	124,356,738		$	162,982,450		$	160,880,519
Undistributed (distributions in excess of) net investment income (loss) (A)		—		$	(6,117,362	)		—		$	(52,151,554	)
Capital share transactions - shares:
Shares issued		882,905			1,276,509			7,231,376			2,788,284
Shares reinvested		534,829			581,955			3,565			246,791
Shares redeemed		(5,442,706	)		(5,067,150	)		(5,952,165	)		(6,189,604	)
Net increase (decrease) in shares outstanding		(4,024,972	)		(3,208,686	)		1,282,776			(3,154,529	)

(A) The sources of distributions to shareholders and the amount of undistributed net investment income are no longer required disclosures for the year ended October 31, 2018 due to the SEC Regulation S-X updates effective November 5, 2018. Please reference the New Accounting Pronouncements section of the Notes to Financial Statements for additional information.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    112

CONSOLIDATED FINANCIAL HIGHLIGHTS

For a share outstanding during the period and years indicated:	Transamerica Global Multifactor Macro
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015(A)
Net asset value, beginning of period/year	$	8.98		$	9.77		$	10.06		$	10.00
Investment operations:
Net investment income (loss) (B)		(0.02	)		(0.09	)		(0.13	)(C)		(0.10	)
Net realized and unrealized gain (loss)		0.83			(0.37	)		0.23			0.16
Total investment operations		0.81			(0.46	)		0.10			0.06
Dividends and/or distributions to shareholders:
Net investment income		(0.35	)		—			(0.39	)		—
Net realized gains		—			(0.33	)		—			—
Total dividends and/or distributions to shareholders		(0.35	)		(0.33	)		(0.39	)		—
Net asset value, end of period/year	$	9.44		$	8.98		$	9.77		$	10.06
Total return		9.46	%		(5.09	)%		1.01	%		0.60	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	92,706		$	124,357		$	166,685		$	222,239
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		2.48	%		2.49	%		2.22	%		1.93	%(F)
Including waiver and/or reimbursement and recapture		1.50	%		1.50	%		1.50	%(D)		1.50	%(F)
Net investment income (loss) to average net assets		(0.21	)%		(0.96	)%		(1.36	)%(D)		(1.49	)%(F)
Portfolio turnover rate (G)		—	%		—	%		—	%		—	%(D)

(A)	Commenced operations on March 3, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Not annualized.
(E)	Does not include expenses of the investment companies and/or ETFs in which the Fund invests.
(F)	Annualized.
(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 Managed Futures Strategy
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015			October 31, 2014
Net asset value, beginning of year	$	7.77		$	8.47		$	11.06		$	10.28		$	10.10
Investment operations:
Net investment income (loss) (A)		0.01			(0.06	)		(0.10	)(B)		(0.15	)		(0.14	)
Net realized and unrealized gain (loss)		(0.37	)		(0.55	)		(0.37	)		1.46			0.64
Total investment operations		(0.36	)		(0.61	)		(0.47	)		1.31			0.50
Dividends and/or distributions to shareholders:
Net investment income		(0.00	)(C)		(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		(0.00	)(C)		(0.09	)		(2.12	)		(0.53	)		(0.32	)
Net asset value, end of year	$	7.41		$	7.77		$	8.47		$	11.06		$	10.28
Total return		(4.62	)%		(7.22	)%		(5.00	)%		12.89	%		4.97	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	162,982		$	160,881		$	202,184		$	325,631		$	413,887
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		2.36	%		2.29	%		2.02	%		1.68	%		1.68	%
Including waiver and/or reimbursement and recapture		1.45	%		1.45	%		1.44	%(B)		1.42	%		1.42	%
Net investment income (loss) to average net assets		0.12	%		(0.72	)%		(1.13	)%(B)		(1.37	)%		(1.39	)%
Portfolio turnover rate (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 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Does not include expenses of the 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 2018

Page    113

NOTES TO FINANCIAL STATEMENTS

At October 31, 2018

1. ORGANIZATION

Transamerica Funds (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust applies investment company accounting and reporting guidance. The funds (each, a “Fund” and collectively, the “Funds”) are each a series of the Trust and are as follows:

Fund Fund

Transamerica Core Bond (“Core Bond”)

Transamerica Global Real Estate Securities (“Global Real Estate Securities”)

Transamerica International Value (“International Value”) ^(A)

Transamerica Long/Short Strategy (“Long/Short Strategy”)

Transamerica Mid Cap Value (“Mid Cap Value”)

Transamerica Total Return (“Total Return”)

Transamerica Global Multifactor Macro (“Global Multifactor Macro”) ^(B)

Transamerica Managed Futures Strategy (“Managed Futures Strategy”) ^(B)

(A)	Fund commenced operations on August 31, 2018.
(B)	Transamerica Cayman Global Multifactor Macro, Ltd. and Transamerica Cayman Managed Futures Strategy, Ltd. are wholly-owned subsidiaries which act as investment vehicles for Global Multifactor Macro and Managed Futures Strategy, respectively. Please reference the Basis for Consolidation section of the Notes to Financial Statements for more information.

Global Real Estate Securities, Global Multifactor Macro and Managed Futures Strategy are “non-diversified” Funds, as defined under the 1940 Act.

This report must be accompanied or preceded by the Funds’ current prospectuses, which contain additional information about the Funds, including risks as well as investment objectives and strategies.

Transamerica Asset Management, Inc. (“TAM”) serves as investment manager for the Funds pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Funds. TAM supervises each Fund’s investments, conducts its investment program and provides supervisory, compliance and administrative services to the Funds.

TAM currently acts as a “manager of managers” and hires sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Funds and their investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Funds employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Funds’ investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers’ buying and selling of securities for the Funds; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation, and review, of materials for meetings of the Funds’ Board of Trustees (the “Board”), participation in these meetings and preparation of regular communications with the Board; oversight of preparation, and review, of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Funds; oversight of other service providers to the Funds, such as the custodian, the transfer agent, the Funds’ independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Funds; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Funds, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM’s expense.

TAM’s investment management services also include the provision of supervisory and administrative services to the Funds. These services include performing certain administrative services for the Funds and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Funds by State Street Bank and Trust Company (“State Street”), to whom TAM has outsourced the provision of certain services as described below: to the extent agreed upon by TAM and the Funds from time to time, monitoring and verifying the custodian’s daily calculation of the Net Asset Values (“NAV”); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory

Transamerica Funds Annual Report 2018

Page    114

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

1. ORGANIZATION (continued)

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” and collectively, the “Subsidiaries”) are organized under the laws of the Cayman Islands and are wholly-owned subsidiaries which act as investment vehicles for Global Multifactor Macro and Managed Futures Strategy, respectively. The principal purpose of investment 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, 2018, each Subsidiary as a percentage of each Fund’s net assets is as follows:

Fund	Subsidiary	Value		Percentage of Net Assets
Global Multifactor Macro	Transamerica Cayman Global Multifactor Macro, Ltd.	$	21,354,923		23.04	%
Managed Futures Strategy	Transamerica Cayman Managed Futures Strategy, Ltd.		37,317,270		22.90

3. SIGNIFICANT ACCOUNTING POLICIES

In preparing the Funds’ financial statements in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Funds.

Foreign currency denominated investments: The accounting records of the Funds are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. Each Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

Security transactions and investment income: Security transactions are accounted for on the trade date. Security gains and losses are calculated on the specific identification basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Funds are informed of the ex-dividend dates, net of foreign taxes. Interest income, if any, 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.

Foreign taxes: The Funds may be subject to taxes imposed by the countries in which they invest, with respect to their investments in issuers existing or operating in such countries. The Funds may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Funds accrue such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Funds invest. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

Transamerica Funds Annual Report 2018

Page    115

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

3. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 or Consolidated Statements of Assets and Liabilities. Expenses, if any, from U.S. cash overdrafts are reflected in Custody fees within the Statements of Operations or Consolidated Statements of Operations. Expenses, if any, from foreign cash overdrafts are reflected in Other expenses within the Statements of Operations or Consolidated Statements of Operations.

Commission recapture: The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Funds with broker/dealers with which other funds or portfolios advised by TAM have established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Funds. In no event will commissions, paid by the Funds, be used to pay expenses that would otherwise be borne by any other funds or portfolios advised by TAM, or by any other party.

Commissions recaptured are included within Net realized gain (loss) within the Statements of Operations or Consolidated Statements of Operations. For the year ended October 31, 2018, 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	$	6,915
Mid Cap Value		2,709

Statement of cash flows: GAAP requires entities providing financial statements that report both a financial position and results of operations to also provide a Statement of Cash Flows for each period for which results of operations are provided, but exempts investment companies meeting certain conditions. These conditions may include the enterprise had little or no debt, based on the average debt outstanding during the period, little or no illiquid investments, and little or no investments classified as Level 3 of the fair value hierarchy, in relation to average total assets. Funds with certain degrees of borrowing activity, typically through the use of sale-buyback financing transactions, line of credit borrowing, short sale transactions, illiquid investments, or Level 3 classified securities have been determined to be at a level requiring a Statement of Cash Flows. A Statement of Cash Flows has been prepared for Long/Short Strategy using the indirect method which requires net change in net assets resulting from operations to be adjusted to reconcile to net cash flows from operating activities.

Indemnification: In the normal course of business, the Funds enter into contracts that contain a variety of representations that provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds and/or their affiliates that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

4. SECURITY VALUATION

All investments in securities are recorded at their estimated fair value. The Funds value their investments at the official close of the New York Stock Exchange (“NYSE”) each day the NYSE is open for business.

The Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels (“Levels”) of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include the Funds’ own assumptions used in determining the fair value of investments and derivative instruments.

Transamerica Funds Annual Report 2018

Page    116

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

4. SECURITY VALUATION (continued)

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the “practical expedient” have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Funds’ investments at October 31, 2018, is disclosed within the Security Valuation section of each Fund’s Schedule of Investments or Consolidated Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

Fair value measurements: Descriptions of the valuation techniques applied to the Funds’ significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

Equity securities: Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

Foreign equity securities: Securities in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures or ETFs and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

Investment companies: Certain investment companies are valued at the NAV of the underlying funds as the practical expedient. These investment companies are not included within the fair value hierarchy. Certain other investment companies are valued at the actively traded NAV of the underlying funds and no valuation adjustments are applied. These investment companies are categorized in Level 1 of the fair value hierarchy.

Securities lending collateral: Securities lending collateral is invested in a money market fund which is valued at the NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

Asset-backed securities: The fair value of asset-backed securities is estimated based on models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

Commercial paper: Commercial paper is valued using amortized cost, which approximates fair value. The values are generally categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

Corporate debt securities: The fair value of corporate debt securities is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate debt securities are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

Foreign government obligations: Foreign government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. Foreign government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

Transamerica Funds Annual Report 2018

Page    117

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

4. SECURITY VALUATION (continued)

Mortgage-backed securities: The fair value of mortgage-backed securities is estimated based on models that consider issuer type, coupon, cash flows, mortgage prepayment projection tables and adjustable rate mortgage evaluations that incorporate index data, periodic life caps and the next coupon reset date. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they are categorized in Level 3.

Municipal government obligations: The fair value of municipal government obligations and variable rate notes is estimated based on models that consider, among other factors, information received from market makers and broker-dealers, current trades, bid-want lists, offerings, market movements, the liquidity of the bond, state of issuance, benchmark yield curves, and bond or note insurance. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they are categorized in Level 3.

Repurchase agreements: Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

Short-term notes: 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.

U.S. government agency obligations: U.S. government agency obligations are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs. Generally, agency issued debt securities are valued in a manner similar to U.S. government obligations. Mortgage pass-throughs include to be announced (“TBA”) securities and mortgage pass-through certificates. Generally, TBA securities and mortgage pass-throughs are valued using dealer quotations. Depending on market activity levels and whether quotations or other observable data are used, these securities are typically categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

U.S. government obligations: U.S. government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. U.S. government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

Derivative instruments: Centrally cleared or listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) derivative contracts include forward, swap, swaption, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products are modeled taking into account the counterparties’ creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. The majority of OTC derivative products valued by the Funds using pricing models fall into this category and are categorized within Level 2 of the fair value hierarchy or Level 3 if inputs are unobservable.

5. SECURITIES AND OTHER INVESTMENTS

Real estate investment trusts (“REIT”): REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management’s estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year’s classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at October 31, 2018, if any, are identified within the Schedule of Investments or Consolidated Schedule of 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.

Transamerica Funds Annual Report 2018

Page    118

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

5. SECURITIES AND OTHER INVESTMENTS (continued)

Restricted and illiquid securities held at October 31, 2018, if any, are identified within the Schedule of Investments or Consolidated 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.

TIPS held at October 31, 2018, if any, are included within the Schedule of Investments or Consolidated Schedule of Investments. The adjustments, if any, to principal due to inflation/deflation are reflected as increases/decreases to Interest income within the Statements of Operations or Consolidated Statements of Operations, with a corresponding adjustment to Investments, at cost within the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities.

When-issued, delayed-delivery, forward, and to be announced (“TBA”) commitment transactions: The Funds may purchase or sell securities on a when-issued, delayed-delivery, forward and TBA commitment basis. When-issued and forward commitment transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Funds engage in when-issued and forward commitment transactions to obtain an advantageous price and yield at the time of the transaction. The Funds engage in when-issued and forward commitment transactions for the purpose of acquiring securities, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Funds may be required to pay more at settlement than the security is worth. In addition, the Funds are not entitled to any of the interest earned prior to settlement.

Delayed-delivery transactions involve a commitment by the Funds to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Funds will segregate with their custodian either cash, U.S. government securities, or other liquid assets at least equal to the value or purchase commitments until payment is made. When purchasing a security on a delayed-delivery basis, the Funds assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations. These transactions also involve a risk to the Funds if the other party to the transaction defaults on its obligation to make payment or delivery, and the Funds are delayed or prevented from completing the transaction. The Funds may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain or loss. When the Funds sell a security on a delayed-delivery basis, the Funds do not participate in future gains and losses on the security.

TBA commitments are entered into to purchase or sell securities for a fixed price at a future date, typically not to exceed 45 days. TBAs are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines, or the value of the security sold increases, prior to settlement date, in addition to the risk of decline in the value of 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, 2018, if any, are identified within the Schedule of Investments or Consolidated Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery, forward and TBA commitments purchased or sold within the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities.

6. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by their investment policies, to raise additional cash to be invested in other securities or instruments. When the Funds invest borrowing proceeds in other securities, the Funds will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Funds may borrow on a secured or on an unsecured basis. If the Funds enter into a secured borrowing arrangement, a portion of the Funds’ assets will be used as collateral. The 1940 Act requires the Funds to maintain asset coverage of at least 300% of the amount of their borrowings. Asset coverage means the ratio that the value of the Funds’ total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Funds may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

Transamerica Funds Annual Report 2018

Page    119

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

6. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

Interfund lending: The Funds, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Funds to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which place limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. As of October 31, 2018, the Funds have not utilized the program.

Repurchase agreements: In a repurchase agreement, the Funds purchase a security and simultaneously commit to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Funds’ custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Funds will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Funds and their counterparties that provide for the net settlement of all transactions and collateral with the Funds, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments or Consolidated Schedule of Investments, and as part of Repurchase agreements, at value within the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments or Consolidated Schedule of Investments, exceeds the value of each repurchase agreement at October 31, 2018.

Repurchase agreements at October 31, 2018, if any, are included within the Schedule of Investments or Consolidated Schedule of Investments and Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities.

Reverse repurchase agreements: The Funds may enter into reverse repurchase agreements in which the Funds sell portfolio securities and agree to repurchase them from the buyer at a specified date and price. The Funds may utilize reverse repurchase agreements when it is anticipated that the interest income to be earned from the investment of the proceeds of the transaction is greater than the interest expense of the transaction. Reverse repurchase agreements are considered to be a form of borrowing. Pursuant to the terms of the reverse repurchase agreements, the Funds’ custodian must segregate assets with an aggregate market value greater than or equal to 100% of the repurchase price. In periods of increased demand for the security, the Funds may receive a fee for use of the security by the counterparty, which may result in interest income to the Funds. Reverse repurchase agreements involve leverage risk and also the risk that the market value of the securities that the Funds are obligated to repurchase under the agreement may decline below the repurchase price. The Funds are subject to the risk that the buyer under the agreement may file for bankruptcy, become insolvent, or otherwise default on its obligations to the Funds. In the event of a default by the counterparty, there may be delays, costs and risks of loss involved in the Funds exercising their rights under the agreement, or those rights may be limited by other contractual agreements.

For the year ended October 31, 2018, the Funds’ average borrowings are as follows. Funds not listed in the subsequent table do not have any reverse repurchase agreements during the period.

Fund	Average Daily Borrowing		Number of Days Outstanding		Weighted Average Interest Rate
Total Return	$	88,997,242		365		1.87	%

Open reverse repurchase agreements at October 31, 2018, 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

Transamerica Funds Annual Report 2018

Page    120

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

6. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

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, 2018, Total Return earned price drop fee income of $33,251. 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 within the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities. The interest expense is included within Interest income on the Statements of Operations or Consolidated Statements of Operations. In periods of increased demand of the security, the Funds may receive a fee for use of the security by the counterparty, which may result in interest income to the Funds, and is reflected in Interest income on the Statements of Operations or Consolidated Statements of Operations.

For the year ended October 31, 2018, the Funds’ average borrowings are as follows. Funds not listed in the subsequent table do not have any sale-buybacks during the year.

Fund	Average Daily Borrowing		Number of Days Outstanding		Weighted Average Interest Rate
Total Return	$	4,579,843		260		1.65	%

Open sale-buyback financing transactions at October 31, 2018, if any, are identified within the Schedule of Investments or Consolidated Schedule of Investments.

Securities lending: Securities are lent to qualified financial institutions and brokers. State Street serves as securities lending agent to the Funds pursuant to a Securities Lending Agreement. The lending of securities exposes the Funds to risks such as, the borrowers may fail to return the loaned securities, 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 in Net income (loss) from securities lending within the Statements of Operations and is net of fees and rebates earned by the lending agent for its services.

The value of loaned securities and related collateral outstanding at October 31, 2018, if any, are shown on a gross basis within the Schedule of Investments or Consolidated Schedule of Investments and Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities.

Short sales: A short sale is a transaction in which the Funds sell securities they do not own, but have borrowed, in anticipation of a decline in the fair market value of the securities. The Funds are obligated to replace the borrowed securities at the market price at the time of replacement. The Funds’ obligation to replace the securities borrowed in connection with a short sale is fully secured by collateral deposited with the custodian. In addition, the Funds consider the short sale to be a borrowing by the Funds that is subject to the asset coverage requirements of the 1940 Act. Short sales represent an aggressive trading practice with a high risk/return potential, and short sales involve special considerations. Risks of short sales include that possible losses from short sales may be unlimited (e.g., if the price of stocks sold short rises), whereas losses from direct purchases of securities are limited to the total amount invested, and the Funds may be unable to replace borrowed securities sold short.

The Funds investing in short sales are liable for any dividends and/or interest payable on securities in a short position and these payables, if any, are reflected as Dividends, interest and fees for borrowings from securities sold short within the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities. The Funds also bear other costs, such as charges for the prime 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, 2018, if any, are included within the Schedule of Investments or Consolidated Schedule of Investments and are reflected in Securities sold short, at value within the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities.

Transamerica Funds Annual Report 2018

Page    121

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

6. 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, 2018. Funds not listed in the subsequent table have not entered into secured borrowing transactions.

	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous			Less Than 30 Days		Between 30 & 90 Days		Greater Than 90 Days		Total
Core Bond
Securities Lending Transactions
Corporate Debt Securities	$	4,129,693		$	—	$	—	$	—	$	4,129,693
Foreign Government Obligations		425,447			—		—		—		425,447
U.S. Government Agency Obligations		514,825			—		—		—		514,825
Total Securities Lending Transactions	$	5,069,965		$	—	$	—	$	—	$	5,069,965
Total Borrowings	$	5,069,965		$	—	$	—	$	—	$	5,069,965
International Value
Securities Lending Transactions
Common Stocks	$	102,680		$	—	$	—	$	—	$	102,680
Total Borrowings	$	102,680		$	—	$	—	$	—	$	102,680
Mid Cap Value
Securities Lending Transactions
Common Stocks	$	1,038,906		$	—	$	—	$	—	$	1,038,906
Total Borrowings	$	1,038,906		$	—	$	—	$	—	$	1,038,906
Total Return
Securities Lending Transactions
Corporate Debt Securities	$	13,481,422		$	—	$	—	$	—	$	13,481,422
Reverse Repurchase Agreements
U.S. Government Obligations	$	1,434,375		$	80,981,875	$	17,543,625	$	749,000	$	100,708,875
Cash		(253,000	)		—		—		—		(253,000	)
Total Reverse Repurchase Agreements	$	1,181,375		$	80,981,875	$	17,543,625	$	749,000	$	100,455,875
Sale Buy-back Transactions
U.S. Government Obligations	$	1,036,048		$	11,410,814	$	—	$	—	$	12,446,862
Total Borrowings	$	15,698,845		$	92,392,689	$	17,543,625	$	749,000	$	126,384,159

7. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS

The Funds’ investment objectives allow the Funds to use various types of derivative contracts, including option contracts, swap agreements, futures contracts, and forward foreign currency contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or OTC.

Market Risk Factors: In pursuit of the Funds’ investment objectives, the Funds may seek to use derivatives to increase or decrease exposure to certain market risks, including:

Interest rate risk: Interest rate risk relates to the fluctuations in the value of fixed income securities due to changes in the prevailing levels of market interest rates.

Foreign exchange rate risk: Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in the currency exchange rates.

Equity risk: Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

Credit risk: Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Funds.

Transamerica Funds Annual Report 2018

Page    122

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

7. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)

Commodity risk: Commodity risk relates to the change in value of commodities or commodity indices as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

The Funds are also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Funds will be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligations to the Funds. Investing in derivatives may also involve greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

The Funds’ exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

Option contracts: The Funds are subject to equity risk, interest rate risk, and foreign exchange rate risk in the normal course of pursuing their investment objectives. The Funds may enter into option contracts to manage exposure to various market fluctuations. The Funds may purchase or write call and put options on securities and derivative instruments in which each Fund owns or may invest. Options are valued at the average of the bid and ask price established each day at the close of the board of trade or exchange on which they are traded. Options are marked-to-market daily to reflect the current value of the option. The primary risks associated with options are an imperfect correlation between the change in value of the securities held and the prices of the option contracts, the possibility of an illiquid market, and an inability of the counterparty to meet the contract terms. Options can be traded through an exchange or through privately negotiated arrangements with a dealer in an OTC transaction. Options traded on an exchange are generally cleared through a clearinghouse such as the Options Clearing Corp.

Options on exchange-traded funds and/or securities: The Funds may purchase or write options on ETFs and/or securities. Purchasing or writing options on ETFs and/or securities gives the Funds the right, but not the obligation to buy or sell a specified ETF and/or security as an underlying instrument for the option contract.

Options on foreign currency: The Funds may purchase or write foreign currency options. Purchasing or writing options on foreign currency gives the Funds the right, but not the obligation to buy or sell the currency and will specify the amount of currency and a rate of exchange that may be exercised by a specified date.

Options on indices: The Funds may purchase or write options on indices. Purchasing or writing an option on indices gives the Funds the right, but not the obligation to buy or sell the cash from the underlying index. The exercise of the option will result in a cash transfer and gain or loss depends on the change in the underlying index.

Options on futures: The Funds may purchase or write options on futures. Purchasing or writing options on futures gives the Funds the right, but not obligation to buy or sell a position on a futures contract at the specified option exercise price at any time during the period of the option.

Credit default swaptions: The Funds may purchase or write credit default swaption agreements which are options to enter into a pre-defined swap agreement by some specific date in the future. Purchasing or writing credit default swaptions gives the Funds the right, but not the obligation to buy or sell credit protection on a specific reference with a specific maturity.

Interest rate swaptions: The Funds may purchase or write interest rate swaption agreements which are options to enter into a pre-defined swap agreement by some specific date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

Purchased options: Purchasing call options tends to increase exposure to the underlying instrument. Purchasing put options tends to decrease exposure to the underlying instrument. The Funds pay premiums, which are included within the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities as an investment and subsequently marked-to-market to reflect the 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

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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, 2018, 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 bilateral privately negotiated arrangement with a dealer in an OTC transaction or executed on a regular market. Certain swaps regardless of the venue of execution are required to be cleared through a clearinghouse (“centrally cleared swap agreements”). Centrally cleared swap agreements listed or traded on a multilateral platform, are valued at the daily settlement price determined by the corresponding exchange. For centrally cleared credit default swap agreements the clearing exchange requires all members to provide applicable levels across complete term levels. Centrally cleared interest rate swap agreements are valued using a pricing model that references the underlying rates including but not limited to the overnight index swap rate and London Interbank Offered Rate (“LIBOR”) forward rate to calculate the daily settlement price. The Funds may enter into credit default, cross-currency, interest rate, total return, and other forms of swap agreements to manage exposure to credit, currency, interest rate, and commodity risks. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Centrally cleared swap agreements are marked-to-market daily based upon values from third party vendors, which may include a registered exchange, or quotations from market makers to the extent available and the change in value, if any, is recorded as Variation margin receivable (payable) on centrally cleared swap agreements within the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities.

For OTC swap agreements, payments received or made at the beginning of the measurement period are reflected in OTC swap agreements, at value within the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities and represent payments made or received upon entering into the swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Additionally, these upfront payments, as well as any periodic payments received or paid by the Fund, including any liquidation payment received or made at the termination of the swap are recorded as part of Net realized gain (loss) on swap agreements within the Statements of Operations or Consolidated Statements of Operations.

Credit default swap agreements: The Funds are subject to credit risk in the normal course of pursuing their investment objectives. The Funds enter into credit default swap agreements to manage their exposure to the market or certain sectors of the market to reduce their risk exposure to defaults of corporate and sovereign issuers, or to create exposure to corporate or sovereign issuers to which they are not otherwise exposed. Credit default swap agreements involve the exchange of a fixed rate premium for protection against the loss in value of an underlying security in the event of a defined credit event, such as payment default or bankruptcy (buy protection).

Under a credit default swap agreement, one party acts as a guarantor by receiving the fixed periodic payment in exchange for the commitment to purchase the underlying security at par if the defined credit event occurs (sell protection). The Funds’ maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the notional amount of the contract. This risk is mitigated by having a master netting arrangement between the Funds and the counterparty, and by the posting of collateral.

Certain Funds sell credit default swap agreements, which exposes them to risk of loss from credit risk related events specified in the contracts. Although contract-specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. If a defined credit event had occurred during the period, the swap agreements’ credit-risk-related contingent features would have been triggered, and the Funds would have been required to pay the notional amounts for the credit default swap agreements with a sell protection less the value of the contracts’ related reference obligations.

Interest rate swap agreements: The Funds are subject to interest rate risk exposure in the normal course of pursuing their investment objectives. Because the Funds hold fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk, the Funds enter into interest rate swap agreements. Under an interest rate swap agreement, two parties will exchange cash flows based on a notional principal amount. Funds with interest rate agreements can elect to pay a fixed rate and receive a floating rate, or receive a fixed rate and pay a floating rate, on a notional principal amount. The risks of interest rate swap agreements include changes in market conditions which will affect the value of the contract or the cash flows, and the possible inability of the

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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, 2018, 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, 2018, 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.

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, 2018, if any, are listed within the Schedule of Investments or Consolidated Schedule of Investments. Variation margin, if applicable, is shown in Variation margin receivable or payable on futures contracts within the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities.

Forward foreign currency contracts: The Funds are subject to foreign exchange rate risk exposure in the normal course of pursuing their investment objectives. The Funds may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Additionally, Managed Futures Strategy utilizes forward foreign currency contracts for speculative purposes. Forward foreign currency contracts are marked-to-market daily, with the change in value recorded as an unrealized gain or loss and is shown in Unrealized appreciation (depreciation) on forward foreign currency contracts within the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities. When the contracts are settled, a realized gain or loss is incurred and is shown in Net realized gain (loss) on forward foreign currency contracts within the Statements of Operations or Consolidated Statements of Operations. Risks may arise from changes in market value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts. Forward foreign currency contracts are traded in the OTC inter-bank currency dealer market.

Open forward foreign currency contracts at October 31, 2018, if any, are listed within the Schedule of Investments or Consolidated Schedule of Investments.

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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, 2018. Funds not listed in the subsequent tables do not have derivative investments during the year.

Asset Derivatives
Fund/Location	Interest Rate Contracts		Foreign Exchange Contracts		Equity Contracts		Credit Contracts		Commodity Contracts		Total
Total Return
Options and swaptions:
Purchased options and swaptions (A) (B)	$	49,701	$	56	$	—	$	—	$	—	$	49,757
Centrally cleared swaps:
Centrally cleared swap agreements, at value (B) (C)		2,897,928		—		—		686,973		—		3,584,901
OTC Swaps:
OTC swap agreements, at value		—		—		—		9,530		—		9,530
Futures contracts:
Total distributable earnings (B) (D)		1,672,636		—		—		—		—		1,672,636
Forward foreign currency contracts:
Unrealized appreciation on forward foreign currency contracts		—		5,368,490		—		—		—		5,368,490
Total	$	4,620,265	$	5,368,546	$	—	$	696,503	$	—	$	10,685,314
Global Multifactor Macro
Centrally cleared swaps:
Centrally cleared swap agreements, at value (B) (C)	$	5,102,428	$	—	$	—	$	—	$	—	$	5,102,428
OTC Swaps:
OTC swap agreements, at value		783,831		—		110,371		—		3,554		897,756
Futures contracts:
Total distributable earnings (B) (D)		94,287		—		1,683,922		—		455,701		2,233,910
Forward foreign currency contracts:
Unrealized appreciation on forward foreign currency contracts		—		2,385,289		—		—		—		2,385,289
Total	$	5,980,546	$	2,385,289	$	1,794,293	$	—	$	459,255	$	10,619,383
Managed Futures Strategy
OTC Swaps:
OTC swap agreements, at value	$	1,685,545	$	—	$	64,379	$	—	$	—	$	1,749,924
Futures contracts:
Total distributable earnings (B) (D)		1,500,186		—		1,332,939		—		221,231		3,054,356
Forward foreign currency contracts:
Unrealized appreciation on forward foreign currency contracts		—		7,169,533		—		—		—		7,169,533
Total	$	3,185,731	$	7,169,533	$	1,397,318	$	—	$	221,231	$	11,973,813

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Liability Derivatives
Fund/Location	Interest Rate Contracts			Foreign Exchange Contracts			Equity Contracts			Credit Contracts			Commodity Contracts			Total
Total Return
Options and swaptions:
Written options and swaptions, at value (B)	$	(91,049	)	$	(331,963	)	$	—		$	—		$	—		$	(423,012	)
Centrally cleared swaps:
Centrally cleared swap agreements, at value (B) (C)		(1,014,268	)		—			—			(411,041	)		—			(1,425,309	)
OTC Swaps:
OTC swap agreements, at value		—			—			—			(220,867	)		—			(220,867	)
Futures contracts:
Total distributable earnings (B) (D)		(1,472,040	)		—			—			—			—			(1,472,040	)
Forward foreign currency contracts:
Unrealized depreciation on forward foreign currency contracts		—			(2,774,382	)		—			—			—			(2,774,382	)
Total	$	(2,577,357	)	$	(3,106,345	)	$	—		$	(631,908	)	$	—		$	(6,315,610	)
Global Multifactor Macro
Centrally cleared swaps:
Centrally cleared swap agreements, at value (B) (C)	$	(1,856,126	)	$	—		$	—		$	—		$	—		$	(1,856,126	)
OTC Swaps:
OTC swap agreements, at value		(17,051	)		—			(348,269	)		—			(7,149	)		(372,469	)
Futures contracts:
Total distributable earnings (B) (D)		(94,164	)		—			(602,417	)		—			(536,369	)		(1,232,950	)
Forward foreign currency contracts:
Unrealized depreciation on forward foreign currency contracts		—			(1,770,756	)		—			—			—			(1,770,756	)
Total	$	(1,967,341	)	$	(1,770,756	)	$	(950,686	)	$	—		$	(543,518	)	$	(5,232,301	)
Managed Futures Strategy
OTC Swaps:
OTC swap agreements, at value	$	(124,187	)	$	—		$	(1,293,394	)	$	—		$	—		$	(1,417,581	)
Futures contracts:
Total distributable earnings (B) (D)		(98,638	)		—			(401,793	)		—			(1,319,598	)		(1,820,029	)
Forward foreign currency contracts:
Unrealized depreciation on forward foreign currency contracts		—			(7,883,142	)		—			—			—			(7,883,142	)
Total	$	(222,825	)	$	(7,883,142	)	$	(1,695,187	)	$	—		$	(1,319,598	)	$	(11,120,752	)

(A)	Included within Investments, at value on the Statement 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 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 Statement of Assets and Liabilities or Consolidated Statements of Assets and Liabilities.
(D)	Included within Unrealized Appreciation (Depreciation) on futures contracts as reported in the Schedule of Investments or Consolidated Schedule of Investments. Only current day’s variation margin is reported within the Statement 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, 2018.

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)	$	6,331		$	(1,986	)	$	—	$	—	$	(4,634	)	$	(289	)
Written options and swaptions		184,102			1,134,719			—		4,632		—			1,323,453
Swap agreements		3,678,776			—			—		451,396		—			4,130,172
Futures contracts		(6,323,528	)		—			—		—		—			(6,323,528	)
Forward foreign currency contracts		—			(137,503	)		—		—		—			(137,503	)
Total	$	(2,454,319	)	$	995,230		$	—	$	456,028	$	(4,634	)	$	(1,007,695	)

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Realized Gain (Loss) on Derivative Instruments
Fund/Location	Interest Rate Contracts			Foreign Exchange Contracts			Equity Contracts			Credit Contracts			Commodity Contracts			Total
Global Multifactor Macro
Swap agreements	$	6,182,632		$	—		$	(1,238,148	)	$	—		$	623,189		$	5,567,673
Futures contracts		432,505			—			(419,997	)		—			2,102,120			2,114,628
Forward foreign currency contracts		—			(1,993,048	)		—			—			—			(1,993,048	)
Total	$	6,615,137		$	(1,993,048	)	$	(1,658,145	)	$	—		$	2,725,309		$	5,689,253
Managed Futures Strategy
Swap agreements	$	253,647		$	—		$	(2,335,572	)	$	—		$	—		$	(2,081,925	)
Futures contracts		310,854			—			(603,604	)		—			4,955,355			4,662,605
Forward foreign currency contracts		—			(8,634,094	)		—			—			—			(8,634,094	)
Total	$	564,501		$	(8,634,094	)	$	(2,939,176	)	$	—		$	4,955,355		$	(6,053,414	)
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)	$	308,391		$	(5,667	)	$	—		$	—		$	—		$	302,724
Written options and swaptions		(381,544	)		(46,109	)		—			—			—			(427,653	)
Swap agreements		523,454			—			—			(160,886	)		—			362,568
Futures contracts		1,788,673			—			—			—			—			1,788,673
Forward foreign currency contracts		—			2,706,981			—			—			—			2,706,981
Total	$	2,238,974		$	2,655,205		$	—		$	(160,886	)	$	—		$	4,733,293
Global Multifactor Macro
Swap agreements	$	163,816		$	—		$	(826,788	)	$	—		$	78,939		$	(584,033	)
Futures contracts		(149,845	)		—			1,577,384			—			(209,567	)		1,217,972
Forward foreign currency contracts		—			2,814,610			—			—			—			2,814,610
Total	$	13,971		$	2,814,610		$	750,596		$	—		$	(130,628	)	$	3,448,549
Managed Futures Strategy
Swap agreements	$	1,428,564		$	—		$	(2,279,808	)	$	—		$	—		$	(851,244	)
Futures contracts		773,869			—			(2,332,919	)		—			(2,240,637	)		(3,799,687	)
Forward foreign currency contracts		—			1,527,161			—			—			—			1,527,161
Total	$	2,202,433		$	1,527,161		$	(4,612,727	)	$	—		$	(2,240,637	)	$	(3,123,770	)

(A)	Included within Net realized gain (loss) on Investments in the Statement of Operations or Consolidated Statements of Operations.
(B)	Included within Net change in unrealized appreciation (depreciation) on Investments in the Statement 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, 2018.

	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
Total Return	$	349	$	115,895	$	(194,432	)	$	(163,375	)	$	339,870,609		267,303,846		(721,115,385	)	$	181,444,230	$	329,278,624	$	146,795
Global Multifactor Macro		—		—		—			—			1,297,187,387		13,235,947		(4,563,210,631	)		163,877,197		177,136,688		—
Managed Futures Strategy		—		—		—			—			201,342,434		700,000,105		(577,364,927	)		373,263,587		376,201,190		—

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 credit risk to counterparties.

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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 by 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 or Consolidated Schedule of Investments. Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has been made. 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, 2018. For financial reporting purposes, the Funds do not offset assets and liabilities that are subject to a master netting agreement or similar arrangement on the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities. See the Repurchase agreement section within the notes for offsetting and collateral information pertaining to repurchase agreements and reverse repurchase agreements that are subject to master netting agreements. Funds not listed in the subsequent tables do not have master netting agreements for open derivative positions during the year.

	Gross Amounts of Assets Presented within Statements of Assets  and Liabilities (A)		Gross Amounts Not Offset within Statements of Assets and Liabilities								Gross Amounts of Liabilities Presented within Statements of Assets  and Liabilities (A)		Gross Amounts Not Offset within Statements of Assets and Liabilities
Counterparty			Financial Instruments			Collateral Received (B)			Net Amount				Financial Instruments			Collateral Pledged (B)			Net Amount
	Assets										Liabilities
Total Return
Bank of America N.A.	$	221,553	$	(221,553	)	$	—		$	—	$	355,328	$	(221,553	)	$	(133,775	)	$	—
Barclays Bank PLC		562,618		(3,513	)		(550,000	)		9,105		3,513		(3,513	)		—			—
BNP Paribas		949,675		(268,993	)		(630,000	)		50,682		268,993		(268,993	)		—			—
Citibank N.A.		1,090,939		(496,986	)		(530,000	)		63,953		496,986		(496,986	)		—			—
Deutsche Bank AG		24,269		(1,866	)		(10,000	)		12,403		1,866		(1,866	)		—			—
Goldman Sachs Bank		207,387		(207,387	)		—			—		297,811		(207,387	)		—			90,424
Goldman Sachs International		326		—			—			326		—		—			—			—
HSBC Bank USA		1,180,244		(406,998	)		(720,000	)		53,246		406,998		(406,998	)		—			—
JPMorgan Chase Bank N.A.		774,344		(774,344	)		—			—		1,025,806		(774,344	)		(251,462	)		—
Merrill Lynch International		9,204		—			—			9,204		—		—			—			—
Nomura Global Financial Products, Inc.		—		—			—			—		19,034		—			—			19,034
Standard Chartered Bank		212,482		(199,804	)		—			12,678		199,804		(199,804	)		—			—
UBS AG		192,488		(192,488	)		—			—		308,732		(192,488	)		(116,244	)		—
Other Derivatives (C)		5,259,785		—			—			5,259,785		2,930,739		—			—			2,930,739
Total	$	10,685,314	$	(2,773,932	)	$	(2,440,000	)	$	5,471,382	$	6,315,610	$	(2,773,932	)	$	(501,481	)	$	3,040,197

Transamerica Funds Annual Report 2018

Page    129

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

7. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)

	Gross Amounts of Assets Presented within Statements of Assets  and Liabilities (A)		Gross Amounts Not Offset within Statements of Assets and Liabilities								Gross Amounts of Liabilities Presented within Statements of Assets  and Liabilities (A)		Gross Amounts Not Offset within Statements of Assets and Liabilities
Counterparty			Financial Instruments			Collateral Received (B)			Net Amount				Financial Instruments			Collateral Pledged (B)			Net Amount
	Assets										Liabilities
Global Multifactor Macro
Citibank N.A.	$	2,388,843	$	(1,777,905	)	$	(610,938	)	$	—	$	1,777,905	$	(1,777,905	)	$	—		$	—
Goldman Sachs International		81,508		(36,608	)		(44,900	)		—		36,608		(36,608	)		—			—
Merrill Lynch International		812,694		(328,712	)		(140,000	)		343,982		328,712		(328,712	)		—			—
Other Derivatives (C)		7,336,338		—			—			7,336,338		3,089,076		—			—			3,089,076
Total	$	10,619,383	$	(2,143,225	)	$	(795,838	)	$	7,680,320	$	5,232,301	$	(2,143,225	)	$	—		$	3,089,076
Managed Futures Strategy
Bank of America N.A.	$	1,605,496	$	(41,145	)	$	(1,564,351	)	$	—	$	41,145	$	(41,145	)	$	—		$	—
Citibank N.A.		7,289,475		(7,289,475	)		—			—		8,723,308		(7,289,475	)		(1,433,833	)		—
Goldman Sachs International		—		—			—			—		22,223		—			(22,223	)		—
Merrill Lynch International		24,486		(24,486	)		—			—		514,047		(24,486	)		(489,561	)		—
Other Derivatives (C)		3,054,356		—			—			3,054,356		1,820,029		—			—			1,820,029
Total	$	11,973,813	$	(7,355,106	)	$	(1,564,351	)	$	3,054,356	$	11,120,752	$	(7,355,106	)	$	(1,945,617	)	$	1,820,029

(A)	Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset within the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities.
(B)	In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.
(C)	Other Derivatives, which includes future contracts, exchange-traded options and exchange-traded swap agreements, are not subject to a master netting arrangement or another similar arrangement. The amount presented is intended to permit reconciliation to the amount presented within the Schedule of Investments or Consolidated Schedule of Investments.

8. RISK FACTORS

Investing in the Funds involves certain key risks related to the Funds’ trading activity. Please reference the Funds’ prospectuses for a more complete discussion of the following risks, as well as other risks of investing in the Funds.

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.

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 their 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 less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Fund fall, the value of your investment will go down. The value of your investment will generally go down when interest rates rise. Interest rates have been at historically low levels, so the Fund faces a heightened risk that interest rates may rise. A general rise in interest rates may cause investors to move out of fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities. A rise in rates tends to have a greater impact on the prices of longer term or duration securities.

Foreign investment risk: Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries in which the Portfolio may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the Portfolio’s 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.

Transamerica Funds Annual Report 2018

Page    130

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

8. RISK FACTORS (continued)

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.

Real estate investment trusts (“REIT”) and real estate risk: Investments in the real estate industry 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 Portfolio will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT’s failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Portfolio.

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.

9. 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.

Transamerica Funds Services, Inc. (“TFS”) is the Funds’ transfer agent. Transamerica Capital, Inc. (“TCI”) is the Funds’ distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Funds are also officers and/or trustees of TAM, 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.

As of October 31, 2018, the investment manager and/or other affiliated investment accounts held balances of each Fund as follows.

Fund	Account Balance		Percentage of Net Assets
Core Bond	$	1,109,798,586		94.67	%
Global Real Estate Securities		17,847,047		80.34
International Value		9,145,753		100.00
Long/Short Strategy		12,008,509		100.00
Mid Cap Value		145,027,368		95.34
Total Return		657,549,261		88.14
Global Multifactor Macro		91,816,016		99.04
Managed Futures Strategy		161,727,485		99.23

Transamerica Funds Annual Report 2018

Page    131

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

9. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Investment management fees: TAM serves as the Funds’ investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and each Fund pays a single management fee, which is reflected in Investment management fees within the Statements of Operations.

Each Fund pays a management fee to TAM based on daily Average Net Assets (“ANA”) at the following rates:

Fund	Rate
Core Bond
First $750 million		0.450	%
Over $750 million up to $1 billion		0.390
Over $1 billion up to $1.5 billion		0.375
Over $1.5 billion up to $3 billion		0.370
Over $3 billion		0.365
Global Real Estate Securities
First $250 million		0.830
Over $250 million up to $500 million		0.805
Over $500 million up to $1 billion		0.730
Over $1 billion		0.680
International Value
First $500 million		0.710
Over $500 million up to $1 billion		0.700
Over $1 billion up to $2 billion		0.680
Over $2 billion up to $6 billion		0.660
Over $6 billion		0.650
Long/Short Strategy
First $300 million		1.230
Over $300 million up to $1 billion		1.180
Over $1 billion		1.155

Fund	Rate
Mid Cap Value
Effective August 1, 2018
First $100 million		0.880	%
Over $100 million up to $750 million		0.830
Over $750 million up to $1.5 billion		0.810
Over $1.5 billion		0.800
Prior to August 1, 2018
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, 2018, the amounts waived were $292,194 and $457,886 for Transamerica Cayman Global Multifactor Macro, Ltd. and Transamerica Cayman Managed Futures Strategy, Ltd., respectively, and are not subject to recapture.

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Funds’ business, exceed the following stated annual operating expense limits to the Funds’ daily ANA. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statements of Operations or the Consolidated Statements of Operations. Funds not listed in the subsequent table do not have an operating expense limit during the year.

Transamerica Funds Annual Report 2018

Page    132

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

9. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Fund	Operating Expense Limit (A)			Prior Operating Expense Limit (B)
Core Bond		0.60	%
Global Real Estate Securities		N/A
International Value		1.00	%
Long/Short Strategy		1.59	%
Mid Cap Value		1.05	%
Total Return		0.70	%		N/A
Global Multifactor Macro		1.50	%
Managed Futures Strategy		1.45	%

(A)	Current operation expense limit is effective through March 1, 2019.
(B)	No rate present indicates no change to the operating expense limit during the year.

TAM is entitled to recapture expenses accrued by the Funds for fees waived and/or reimbursed during any of the previous thirty-six months if on any day or month the estimated annualized Funds’ operating expenses are less than the stated annual operating expense limit or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended October 31, 2018 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statements of Operations or Consolidated Statements of Operations.

As of October 31, 2018, the balances available for recapture by TAM for each Fund are as follows. Funds not listed in the subsequent table do not have balances available for recapture by TAM during the year.

	Amounts Available
Fund	2016		2017		2018		Total
International Value	$	—	$	—	$	25,798	$	25,798
Long/Short Strategy		—		25,487		12,061		37,548
Total Return		—		—		168,057		168,057
Global Multifactor Macro		851,269		1,117,901		730,526		2,699,696
Managed Futures Strategy		822,351		966,388		1,173,597		2,962,336

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, 2018, amounts included in Trustees, CCO and deferred compensation fees within the Statements of Operations or Consolidated Statements of Operations reflect total compensation paid to the independent Board members.

Brokerage commissions: The Funds incurred no brokerage commissions on security transactions placed with affiliates of the adviser or sub-adviser(s) for the year ended October 31, 2018.

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.

For the year ended October 31, 2018, the Funds engaged in the following net cross-trade transactions, which resulted in net realized gains/(losses) as follows. Funds not listed in the subsequent table did not have 17a-7 transactions during the year.

Fund	Purchases		Sales		Net Realized Gains (Losses)
Total Return	$	9,899,994	$	—	$  —

Transamerica Funds Annual Report 2018

Page    133

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

10. PURCHASES AND SALES OF SECURITIES

For the year ended October 31, 2018, 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	$	185,242,794	$	157,405,857	$	219,754,958	$	171,951,012
Global Real Estate Securities		37,876,140		—		41,560,081		—
International Value		10,195,551		—		294,941		—
Long/Short Strategy		33,863,935		—		35,910,407		—
Mid Cap Value		33,507,378		—		94,998,624		—
Total Return		880,367,933		72,224,396		698,237,477		57,648,644

11. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS

The Funds have not made any provision for federal income or excise taxes due to their policy to distribute all of their taxable income and capital gains to their shareholders and otherwise qualify as regulated investment companies under Subchapter M of the Internal Revenue Code. The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. The Funds’ tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Funds’ tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Funds’ financial statements. If applicable, the Funds recognize interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statements of Operations or Consolidated Statements of Operations. The Funds identify their major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Funds make significant investments; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales, interest written off, 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, 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			Total Distributable Earnings
Core Bond	$	—		$	—
Global Real Estate Securities		(11,729,463	)		11,729,463
International Value		(314	)		314
Long/Short Strategy		(414,974	)		414,974
Mid Cap Value		—			—
Total Return		—			—
Global Multifactor Macro		270,746			(270,746	)
Managed Futures Strategy		4,071,927			(4,071,927	)

Transamerica Funds Annual Report 2018

Page    134

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

11. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)

As of October 31, 2018, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) were as follows:

Fund	Cost		Gross Appreciation		Gross (Depreciation)			Net Appreciation (Depreciation)
Core Bond	$	1,210,720,479	$	5,436,828	$	(42,266,651	)	$	(36,829,823	)
Global Real Estate Securities		22,045,551		1,316,702		(1,075,156	)		241,546
International Value		9,996,070		92,510		(960,652	)		(868,142	)
Long/Short Strategy		12,112,528		3,292,013		(1,547,229	)		1,744,784
Mid Cap Value		96,364,358		61,080,478		(4,428,737	)		56,651,741
Total Return		1,297,172,079		11,697,552		(26,917,607	)		(15,220,055	)
Global Multifactor Macro		83,302,632		21,938,148		(19,713,118	)		2,225,030
Managed Futures Strategy		176,129,772		2,834,664		(23,269,351	)		(20,434,687	)

As of October 31, 2018, the capital loss carryforwards available to offset future realized capital gains are as follows. Funds not listed in the subsequent table do not have capital loss carryforwards.

	Unlimited
Fund	Short-Term		Long-Term
Core Bond	$	2,283,044	$	4,124,227
Global Real Estate Securities		—		—
International Value		7,482		—
Total Return		9,962,714		4,921,144
Managed Futures Strategy		12,045,678		8,342,492

During the year ended October 31, 2018, 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
Global Real Estate Securities	$	12,882,785
Global Multifactor Macro		4,314,291

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 2018 and 2017 are as follows:

	2018 Distributions Paid From								2017 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	$	38,247,090	$	—	$	—	$	—	$	35,577,432	$	—	$	—	$	—
Global Real Estate Securities		959,199		—		—		—		1,219,979		—		—		—
International Value		—		—		—		—		—		—		—		—
Long/Short Strategy		—		—		1,591,832		—		—		—		115,862		—
Mid Cap Value		1,920,557		—		17,316,867		—		2,380,194		—		16,569,432		—
Total Return		13,383,223		—		—		—		20,458,543		—		3,073,345		—
Global Multifactor Macro		4,578,138		—		—		—		371		—		5,429,268		—
Managed Futures Strategy		28,018		—		—		—		234,782		—		—		1,749,421

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NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

11. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)

As of October 31, 2018, 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	$	37,783	$	—	$	—	$	(6,407,271	)	$	—	$	(5,737	)	$	(36,829,823	)
Global Real Estate Securities		367,303		—		—		—			—		—			240,846
International Value		22,064		—		—		(7,482	)		—		—			(868,515	)
Long/Short Strategy		—		—		438,905		—			—		(42,488	)		1,744,784
Mid Cap Value		1,682,300		—		30,139,416		—			—		—			56,651,741
Total Return		4,102,098		—		—		(14,883,858	)		—		(40,395	)		(15,102,995	)
Global Multifactor Macro		—		—		—		—			—		(7,161,856	)		2,213,370
Managed Futures Strategy		—		—		—		(20,388,170	)		—		(35,495,139	)		(20,503,367	)

12. RECLASSIFICATION

Certain amounts prior to November 1, 2015, have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the net increase (decrease) in net assets resulting from operations. The Trust concluded that it was appropriate to reclassify certain borrowing costs, which relate to charges from a broker for securities sold short positions, as an expense which is included in Dividends, interest and fees for borrowings from securities sold short within the Statements of Operations. Previously, the borrowing costs had been included in Net realized gain/(loss) on securities sold short within the Statements of Operations. Corresponding reclassifications have been made to Net investment income (loss) per share, Net realized and unrealized gain (loss) per share and Expenses to average net asset ratios within the Financial Highlights. The impact of the reclassification is an increase to realized gain (loss) and total expenses, and a decrease in net investment income. All impacted amounts, as identified within the Financial Highlights, have been adjusted for purposes of comparability.

13. NEW ACCOUNTING PRONOUNCEMENTS

In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2017-08 (“ASU 2017-08”), “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities”. ASU 2017-08 amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the implication, if any, of the additional requirements and its impact on the Funds’ financial statements.

In August 2018, FASB issued Accounting Standards Update No. 2018-13 (“ASU 2018-13”), “Fair Value Measurement (Topic 820: Disclosure Framework), Changes to the Disclosure Requirements for Fair Value Measurement”. ASU 2018-13 eliminates the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the timing of transfers between levels of the fair value hierarchy and the valuation processes for Level 3 fair value measurements. ASU 2018-13 does not eliminate the requirement to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements, or the reporting of changes in unrealized gains and losses for recurring Level 3 fair value measurements. ASU 2018-13 requires that information is provided about the measurement uncertainty of Level 3 fair value measurements as of the reporting date. The amendment is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has evaluated and adopted the disclosure requirements and the impact is eflected within the Funds’ financial statements.

In August 2018, the Securities and Exchange Commission (“SEC”) released its Final Rule on Disclosure Update and Simplification (the “Final Rule”) which is intended to simplify an issuer’s disclosure compliance efforts by removing redundant or outdated disclosure requirements without significantly altering the mix of information provided to investors. The most notable impacts being that a fund is no longer required to present the components of distributable earnings on the Statements of Assets and Liabilities, or the sources of distributions to shareholders and the amount of undistributed net investment income on the Statements of Changes in Net Assets. The compliance date for the amendments to Regulation S-X is November 5, 2018. Management has evaluated and adopted the disclosure requirements and the impact is reflected within the Funds’ financial statements.

14. CUSTODY OUT-OF-POCKET EXPENSE

In December 2015, State Street, the Funds’ custodian, identified inconsistencies in the way in which clients were invoiced for categories of expenses, particularly those deemed out-of-pocket costs, during an 18-year period going back to 1998. The issue was the result of

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NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

14. CUSTODY OUT-OF-POCKET EXPENSE (continued)

inaccurate billing rates that were not subsequently reviewed or adjusted. The amount of the difference in what was charged and what should have been charged, plus interest, was paid back to the Funds in September 2016 as a reimbursement. The amounts applicable to each Fund, if any, were recognized as a change in accounting estimate and are reflected as a reimbursement of custody fees. This resulted in a decrease in net expenses and an overall increase in net assets. Please reference the Financial Highlights for additional information in regards to the per share impact.

15. SUBSEQUENT EVENT

The Board has approved a new sub-advisory agreement with BlackRock Investment Management LLC and certain related changes with respect to Global Real Estate Securities. This will be effective on or about November 1, 2018.

Management has evaluated subsequent events through the date of issuance of the financial statements, and determined that no other material events or transactions would require recognition or disclosure in the Funds’ financial statements.

16. LEGAL PROCEEDINGS

On August 27, 2018, Transamerica Asset Management, Inc. (“TAM”), Aegon USA Investment Management, LLC (“AUIM”) and Transamerica Capital, Inc. (“TCI”) reached a settlement with the Securities and Exchange Commission (the “SEC”) that resolved an investigation into asset allocation models and volatility overlays utilized by AUIM when it served as sub-adviser to certain Transamerica-sponsored mutual funds, and related disclosures. TAM and TCI serve as investment manager and principal underwriter, respectively, to Transamerica-sponsored mutual funds. TCI also serves as the principal underwriter to the variable life insurance and annuity products through which certain Transamerica-sponsored mutual funds are offered. AUIM, an affiliate of TAM and TCI, serves as sub-adviser to a number of Transamerica-sponsored mutual funds.

The SEC’s order instituting administrative and cease-and-desist proceedings (the “Order”) pertains to events that occurred during the period between July 2011 and June 2015, and, among other things, the operation and/or implementation of an asset allocation model utilized by AUIM when it served as sub-adviser to certain Transamerica tactical funds and asset allocation funds, the designation of the portfolio manager for certain of these funds as well as the operation and/or implementation of volatility overlays utilized by AUIM when it served as subadviser to the asset allocation funds. The Order also states that the parties failed to make appropriate disclosures regarding these matters, including in marketing materials, and failed to have adequate compliance policies and procedures. The tactical funds are Transamerica Dynamic Income (formerly, Transamerica Tactical Income), Transamerica Dynamic Allocation (formerly, Transamerica Tactical Rotation) and Transamerica Dynamic Allocation II (formerly, Transamerica Tactical Allocation, and now reorganized into Transamerica Dynamic Allocation). The asset allocation funds are Transamerica Managed Risk – Conservative ETF VP (formerly, Transamerica Vanguard ETF Portfolio – Conservative VP and Transamerica Index 35 VP), Transamerica Managed Risk – Balanced ETF VP (formerly, Transamerica Vanguard ETF Portfolio – Balanced VP and Transamerica Index 50 VP), Transamerica Managed Risk – Growth ETF VP (formerly, Transamerica Vanguard ETF Portfolio – Growth VP and Transamerica Index 75 VP), Transamerica QS Investors Active Asset Allocation – Conservative VP (formerly, Transamerica Aegon Active Asset Allocation – Conservative VP), Transamerica QS Investors Active Asset Allocation – Moderate VP (formerly, Transamerica Aegon Active Asset Allocation – Moderate VP) and Transamerica QS Investors Active Asset Allocation – Moderate Growth VP (formerly, Transamerica Aegon Active Asset Allocation – Moderate Growth VP). AUIM ceased to serve as sub-adviser to the Transamerica tactical funds on April 30, 2015 and to the Transamerica asset allocation funds on June 30, 2015.

Under the terms of the Order, AUIM, TAM and TCI were censured, and agreed, without admitting or denying the findings in the Order, to cease and desist from committing or causing any violations of certain statutory provisions and SEC rules. AUIM agreed to pay civil penalties of $21,000,000, $24,599,896 in disgorgement and $3,682,195 in prejudgment interest. TAM agreed to pay civil penalties of $10,500,000, $15,000,000 in disgorgement and $2,235,765 in prejudgment interest. TCI agreed to pay civil penalties of $4,000,000, $12,000,000 in disgorgement and $1,826,022 in prejudgment interest. The amounts paid in disgorgement, prejudgment interest and civil penalties will be deposited into a Fair Fund for distribution to affected investors. Affected investors are those who purchased or held the relevant mutual funds, variable life insurance and annuity investment portfolios and separately managed account strategies during the period between July 2011 and June 2015. The Order states that these investors are to receive from the Fair Fund the pro rata fees and commissions paid by them during that period, subject to any de minimis threshold.

In accepting the settlement, the SEC considered the substantial cooperation and remedial efforts of AUIM, TAM and TCI. In the Order, the SEC acknowledged that, after the start of the SEC staff’s investigation but before the settlement, AUIM, TAM and TCI had voluntarily retained an independent compliance consultant to conduct a comprehensive review of certain compliance policies and procedures, internal controls and related procedures, and that AUIM, TAM and TCI had received the consultant’s written findings and implemented the consultant’s proposed changes. The SEC also acknowledged that, in advance of receiving written findings and recommendations from the independent compliance consultant, AUIM, TAM and TCI had already begun making revisions and

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NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

16. LEGAL PROCEEDINGS (continued)

improvements to their compliance policies and procedures. The SEC also considered that AUIM, TAM and TCI have retained the independent compliance consultant for further reviews through the completion of the consultant’s follow-up review for fiscal year 2019.

The settlement does not impose any restrictions on the business or continued ability of AUIM, TAM or TCI to serve the funds.

Transamerica Financial Advisors, LLC (“TFA”), which serves as an intermediary for the Transamerica-sponsored mutual funds, also was a party to the settlement. The findings in the Order with respect to TFA are unrelated to the mutual funds. The foregoing is only a brief summary of the Order. A copy of the Order is available on the SEC’s website at https://www.sec.gov.

The funds are affected by many factors and risks: for example, the risk that the sub-advisers’ judgments and investment decisions, and methods, tools, resources, information, models and analyses utilized in making investment decisions, are incorrect or flawed, do not produce the desired results, and cause the funds to lose value. See “Principal Risks” in the prospectus.

The Order and settlement has no impact on the Funds’ financial statements.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Transamerica Core Bond, Transamerica Global Real Estate Securities, Transamerica International Value, Transamerica Long/Short Strategy, Transamerica Mid Cap Value, Transamerica Total Return, Transamerica Global Multifactor Macro and Transamerica Managed Futures Strategy and the Board of Trustees of Transamerica Funds

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Transamerica Core Bond, Transamerica Global Real Estate Securities, Transamerica International Value, Transamerica Long/Short Strategy, Transamerica Mid Cap Value and Transamerica Total Return (six of the funds constituting Transamerica Funds (the “Trust”)), including the schedules of investments, as of October 31, 2018, and the related statements of operations, cash flows (for Transamerica Long/Short Strategy), and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). We have also audited the accompanying consolidated statements of assets and liabilities of Transamerica Global Multifactor Macro and Transamerica Managed Futures Strategy (two of the funds constituting the Trust), including the consolidated schedules of investments, as of October 31, 2018, and the related consolidated statements of operations, the consolidated statements of changes in net assets and the consolidated financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “consolidated financial statements”). Transamerica Core Bond, Transamerica Global Real Estate Securities, Transamerica International Value, Transamerica Long/Short Strategy, Transamerica Mid Cap Value, Transamerica Total Return, Transamerica Global Multifactor Macro and Transamerica Managed Futures Strategy are collectively referred to as the “Funds”. In our opinion, the financial statements and consolidated financial statements present fairly, in all material respects, the financial position or consolidated financial position of each of the Funds (eight of the funds constituting Transamerica Funds) at October 31, 2018, and the results of their operations or consolidated operations, cash flows, changes in net assets or consolidated changes in net assets and their financial highlights or consolidated financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

The Funds	Statement of operations	Statements of changes in net assets	Financial highlights
Transamerica Core Bond, Transamerica Global Real Estate Securities, Transamerica Long/Short Strategy, Transamerica Mid Cap Value, Transamerica Total Return, Transamerica Managed Futures Strategy	For the year ended October 31, 2018	For each of the two years in the period ended October 31, 2018	For each of the five years in the period ended October 31, 2018
Transamerica Global Multifactor Macro	For the year ended October 31, 2018	For each of the two years in the period ended October 31, 2018	For each of the three years in the period ended October 31, 2018 and the period from March 3, 2015 (commencement of operations) through October 31, 2015
Transamerica International Value	For the period from August 31, 2018 (commencement of operations) through October 31, 2018

Basis for Opinion

These financial statements and consolidated financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Funds’ financial statements and consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

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Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and consolidated financial statements. Our procedures included confirmation of securities owned as of October 31, 2018, by correspondence with the custodian, brokers and others, or by other appropriate auditing procedures where replies from brokers or others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

December 24, 2018

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SUPPLEMENTAL INFORMATION

(unaudited)

TAX INFORMATION

For dividends paid during the year ended October 31, 2018, the Funds designated the following maximum amounts of qualified dividend income:

Fund	Qualified Dividend Income
Global Real Estate Securities	$	101,889
Mid Cap Value		1,920,557

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
Mid Cap Value		100	%

For tax purposes, the long-term capital gain designations for the year ended October 31, 2018 are as follows:

Fund	Long-Term Capital Gain Designation
Long/Short Strategy	$	1,591,832
Mid Cap Value		17,316,867

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2018. Complete information will be computed and reported in conjunction with your 2018 Form 1099-DIV.

Transamerica Funds Annual Report 2018

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MANAGEMENT AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Trustees” or the “Board”) held on June 21-22, 2018, the Board considered the renewal of the management agreement (the “Management Agreement”) between Transamerica Asset Management, Inc. (“TAM”) and Transamerica Funds, on behalf of each of the following funds (each a “Fund” and collectively the “Funds”):

Transamerica Core Bond	Transamerica Managed Futures Strategy
Transamerica Global Multifactor Macro	Transamerica Mid Cap Value
Transamerica Global Real Estate Securities	Transamerica Total Return
Transamerica Long/Short Strategy

For the Funds listed in the left column below, the Board also considered the renewal of the investment sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively the “Sub-Advisory Agreements” 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 Core Bond	J.P. Morgan Investment Management Inc.
Transamerica Global Multifactor Macro	AQR Capital Management, LLC
Transamerica Global Real Estate Securities	CBRE Clarion Securities LLC
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, 2019.

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.

In their deliberations, the Independent Trustees met privately without representatives of TAM or any Sub-Adviser present and were represented throughout the process by their independent legal counsel. In considering the proposed continuation of each of the Agreements, the Trustees evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

Nature, Extent and Quality of the Services Provided

The Board considered the nature, extent and quality of the services provided by TAM and each Sub-Adviser to the applicable Fund in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for each Fund; the experience, capability and integrity of TAM’s senior management; the financial resources of TAM; TAM’s management oversight process; TAM’s and each Sub-Adviser’s responsiveness to any questions by the Trustees; and the professional qualifications and compensation program of the portfolio management team of each Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for each applicable Sub-Adviser and a comparison of trading results against a peer universe of managers.

The Board also considered the continuous and regular investment management and other services provided by TAM, when acting as a manager of managers, for the portion of the management fee it retains from each Fund after payment of the sub-advisory fees. The

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MANAGEMENT AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL (continued)

(unaudited)

Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of each Fund and its investment strategy; the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Funds; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Fund investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Funds; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Fund investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Funds’ prospectuses, statements of additional information, shareholder reports and other disclosure materials and regulatory filings for the Funds; and ongoing cash management services. The Board considered that TAM’s investment management services also include the provision of supervisory and administrative services to each Fund. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Funds, oversees the services provided by the funds’ custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and shareholder service functions of the funds.

Investment Performance

In addition, the Board considered the short- and longer-term performance, as applicable, of each Fund in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the Fund’s benchmark(s), in each case for various trailing periods ended December 31, 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 Fund’s investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board’s conclusions as to performance are summarized below. In describing a Fund’s performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was “above,” “below” or “in line with” the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as “above” 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 significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

Transamerica Core Bond. The Board noted that the performance of Class I2 Shares of the Fund was above the median for its peer universe for the past 3- and 5-year periods and in line with the median for the past 1-year period. The Board also noted that the performance of Class I2 Shares of the Fund was above its benchmark for the past 1-, 3- and 5-year periods.

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 and below its benchmark, each 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 2018.

Transamerica Global Real Estate Securities. 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 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 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-year period and below the median for the past 3-, 5- and 10-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-, 5- and 10-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. The Trustees observed that the performance of the Fund had improved during the first quarter of 2018.

Transamerica Managed Futures 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 5-year period and below the median for the past 1- and 3-year periods. The Board also noted

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MANAGEMENT AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL (continued)

(unaudited)

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 Mid Cap Value. The Board noted that the performance of Class I2 Shares of the Fund was above the median for its peer universe for the past 5- and 10-year periods, in line with the median for the past 3-year period and below the median for the past 1-year period. The Board also noted that the performance of Class I2 Shares of the Fund was above its benchmark for the past 1- and 10-year periods and below its benchmark for the past 3- and 5-year periods.

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 1- and 3-year periods, in line with the median for the past 10-year period and below the median for the 5-year period. The Board also noted that the performance of Class I2 Shares of the Fund was above its benchmark for the past 1-, 3- and 10-year periods and below its benchmark for the past 5-year period.

Management and Sub-Advisory Fees and Total Expense Ratios

The Board considered the management fee and total expense ratio of each Fund, including information provided by Broadridge comparing the management fee and total expense ratio of each Fund to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board’s conclusions as to management fees and total expense ratios are summarized below. In describing a Fund’s management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were “above,” “below” or “in line with” the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as “above” 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 in line with the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 Shares of the Fund were above the median for its peer group and below the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica 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 above the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Global Real Estate 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 I2 Shares of the Fund were above the medians for its peer group and peer universe.

Transamerica Long/Short Strategy. The Board noted that the Fund’s contractual management fee was below the median for its peer group and in line with the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 Shares of the Fund were below the median for its peer group and above the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Managed Futures 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 in line with the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Mid Cap Value. 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

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MANAGEMENT AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL (continued)

(unaudited)

of the Fund were below the medians for its peer group and peer universe. The Trustees and TAM agreed upon additional breakpoints to the Fund’s management fee schedule. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Total Return. The Board noted that the Fund’s contractual management fee and the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 Shares of the Fund were above the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and the Sub-Advisers under the Management Agreement and each Sub-Advisory Agreement are reasonable in light of the services provided.

Cost of Services Provided and Level of Profitability

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to each Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for each Fund and Transamerica Funds as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser’s long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Funds had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for each Fund.

With respect to the Sub-Advisers, the Board noted that the sub-advisory fees are the product of arm’s-length negotiation between TAM and the applicable Sub-Adviser, which is not affiliated with TAM, and are paid by TAM and not the applicable Fund. As a result, the Board focused on the profitability of TAM and its affiliates with respect to the applicable Fund.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Funds was not excessive.

Economies of Scale

The Board considered economies of scale with respect to the management of each Fund, whether the Fund had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Funds benefited from any economies of scale. The Board recognized that, as a Fund’s assets increase, any economies of scale realized by TAM or a Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Fund. The Board considered each Fund’s management fee schedule and the existence of breakpoints 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 CBRE Clarion Securities LLC and J.P. Morgan Investment Management, Inc. is generally appropriate and in the best interests of the applicable Funds. The Board also noted that CBRE Clarion Securities LLC participates in a brokerage program pursuant to which a portion of brokerage commissions paid by each applicable Fund is recaptured for the benefit of the Fund and its shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to a Fund’s brokerage transactions.

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MANAGEMENT AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL (continued)

(unaudited)

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.

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TRANSAMERICA GLOBAL REAL ESTATE SECURITIES

APPROVAL OF SUB-ADVISORY AGREEMENT AND SUB-SUB-ADVISORY AGREEMENTS

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board” or “Board Members”) held on July 18-19, 2018, the Board considered the termination of CBRE Clarion Securities LLC (“CBRE”) as sub-adviser for Global Real Estate Securities (the “Fund”) and the approval of BlackRock Investment Management, LLC (“BlackRock”) as replacement sub-adviser with BlackRock International Limited and BlackRock Singapore Limited serving as sub-sub-advisers (BlackRock together with BlackRock International, Limited and BlackRock (Singapore) Limited, the “BlackRock Sub-Advisers”). Following their review and consideration, the Board Members determined that the terms of the proposed sub-advisory agreement between Transamerica Asset Management, Inc. (“TAM”) and BlackRock, on behalf of the Fund, as well as the sub-sub-advisory agreements between BlackRock and each of BlackRock International, Limited and BlackRock (Singapore) Limited (collectively, the “Sub-Advisory Agreements”), were reasonable, and that the termination of CBRE as sub-adviser to the Fund and approval of the Sub-Advisory Agreements were in the best interests of the Fund and its shareholders. The Board, including the independent members of the Board (the “Independent Board Members”), unanimously approved the Sub-Advisory Agreements for an initial two-year period and authorized TAM to terminate the sub-advisory agreement with CBRE with respect to the Fund.

To assist the Board Members in their consideration of the Sub-Advisory Agreements, the Board Members had requested and received from TAM and the BlackRock Sub-Advisers certain materials and information in advance of the meeting. They then reviewed such information as they deemed reasonably necessary to evaluate the Sub-Advisory Agreements. In addition, the Independent Board Members consulted with counsel, including independent legal counsel, discussing, among other things, the legal standards and certain other considerations relevant to the Independent Board Members’ deliberations.

Among other matters, the Board Members considered:

(a)        that the appointment of the BlackRock Sub-Advisers is not expected to result in any diminution in the nature, extent and quality of services provided to the Fund and its shareholders, including compliance services;

(b)        that the BlackRock Sub-Advisers are experienced and respected asset management firms and TAM believes that the BlackRock Sub-Advisers will have the capabilities, resources and personnel necessary to provide sub-advisory services to the Fund based on an assessment of the BlackRock Sub-Advisers’ organizations, investment personnel and experience managing the proposed investment strategy;

(c)        that the proposed management fee rate payable to TAM by the Fund is lower than the current management fee rate, which would result in immediate savings for current shareholders and help offset some of the increases in custody expenses tied to the Fund’s proposed portfolio composition;

(d)        that the proposed sub-advisory fee rate payable to BlackRock by TAM would be lower than the current CBRE sub-advisory fee rate and is fair and reasonable in light of the sub-advisory services to be provided;

(e)        that TAM recommended to the Board Members that the BlackRock Sub-Advisers be appointed to replace CBRE based on CBRE’s poor relative and risk-adjusted performance compared to the Fund’s benchmark and peer group;

(f)        the fact that the sub-advisory fees payable to BlackRock, as sub-adviser, would be paid by TAM and not the Fund, and the fact that the sub-sub-advisory fees payable to BlackRock International, Limited and BlackRock (Singapore) Limited, as sub-sub-advisers, would be paid by BlackRock and not the Fund or TAM;

(g)        the proposed responsibilities of the BlackRock Sub-Advisers for the Fund and the sub-advisory services expected to be provided by those sub-advisers; and

(h)        that TAM recommended to the Board Members that the BlackRock Sub-Advisers be appointed as sub-advisers based on, among other things, TAM’s desire to engage investment sub-advisers with a proven track record.

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 the BlackRock Sub-Advisers under the Sub-Advisory Agreements, the Board Members considered, among other things, information provided by TAM and the BlackRock Sub-Advisers regarding the operations, facilities, organization and personnel of the BlackRock Sub-Advisers, the anticipated ability of the BlackRock Sub-Advisers to perform their duties under the Sub-Advisory Agreements, and

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TRANSAMERICA GLOBAL REAL ESTATE SECURITIES

APPROVAL OF SUB-ADVISORY AGREEMENT AND SUB-SUB-ADVISORY AGREEMENTS (continued)

(unaudited)

the proposed changes to the current investment program and other practices of the Fund. The Board considered that TAM has advised the Board that the appointment of the BlackRock Sub-Advisers is not expected to result in any diminution in the nature, extent and quality of services provided to the Fund and its shareholders, including compliance services. The Board Members further considered that the BlackRock Sub-Advisers are experienced asset management firms and that TAM believes that they have the capabilities, resources and personnel necessary to provide sub-advisory services to the Fund based on its assessment of the BlackRock Sub-Advisers’ organizations, investment talent and strong back offices. The Board Members also considered the proposed changes to the Fund’s principal investment strategies.

Based on their review of the materials provided and the information they had received from TAM and the BlackRock Sub-Advisers, the Board Members determined that the BlackRock Sub-Advisers can provide sub-advisory services that are appropriate in scope and extent in light of the proposed investment program for the Fund and that the BlackRock Sub-Advisers’ appointment is not expected to adversely affect the nature, extent and quality of services provided to the Fund.

Investment Performance. The Board Members considered the BlackRock Sub-Advisers’ past performance, investment management experience, capabilities and resources. The Board Members reviewed the performance of the Fund as compared to its proposed primary benchmark, its peer group and the composite performance of the strategy to be followed by the BlackRock Sub-Advisers (the “BlackRock Strategy”). They noted that the performance of the BlackRock Strategy compared favorably to that of the Fund and its proposed benchmark and peer group median for the one-, three-, and five-year periods ended March 31, 2018. The Board Members further noted that, while past performance is not necessarily a predictor of future results, TAM believes that the appointment of the BlackRock Sub-Advisers will benefit shareholders by offering them the potential for improved performance based on the historical comparisons. On the basis of this information and the Board Members’ assessment of the nature, extent and quality of the services to be provided by the BlackRock Sub-Advisers, the Board Members concluded that the BlackRock Sub-Advisers are capable of generating a level of investment performance that is appropriate in light of the Fund’s proposed new investment objective and principal investment strategies.

Sub-Advisory Fee, Cost of Services to be Provided and Profitability. The Board Members considered the proposed sub-advisory fee schedule under the Sub-Advisory Agreements. The Board Members noted that the proposed sub-advisory fee schedule payable by TAM to BlackRock is lower than the sub-advisory fee schedule for CBRE, and that the sub-sub-advisory fees payable to BlackRock International, Limited and BlackRock (Singapore) Limited would be paid by BlackRock and not the Fund or TAM. The Board Members also considered that the proposed lower management fee would continue to be lower than the applicable Morningstar and Broadridge peer group medians, and that TAM considered the proposed management fee to be reasonable compensation for its services. The Board Members noted that the proposed total net operating expenses for certain share classes of the Fund are higher than those of its respective Morningstar and Broadridge peer group medians, but that the data was based on actual expenses incurred by the Fund, rather than an increase in operating expenses expected to result from the proposed sub-adviser change.

With respect to the BlackRock Sub-Advisers’ costs and profitability in providing sub-advisory services to the Fund, the Board Members noted that the proposed sub-advisory fee was the product of arm’s-length negotiation between TAM and the BlackRock Sub-Advisers. As a result, the Board Members did not consider the BlackRock Sub-Advisers’ anticipated profitability to be material to its decision to approve the Sub-Advisory Agreements. The Board also reviewed pro forma estimated profitability information provided by TAM.

Economies of Scale. In evaluating the extent to which the proposed sub-advisory fees payable under the Sub-Advisory Agreements reflected economies of scale or would permit economies of scale to be realized in the future, the Board Members considered the existence of breakpoints in both the management and sub-advisory fee schedules. The Board Members considered that the appointment of the BlackRock Sub-Advisers had the potential to attract additional assets due to the BlackRock Sub-Advisers’ established asset management capabilities. The Board Members concluded that they would have the opportunity to periodically reexamine the appropriateness of the management fees payable by the Fund to TAM, and the sub-advisory fees payable by TAM to the BlackRock Sub-Advisers, in light of any economies of scale experienced in the future.

Fall-Out Benefits. The Board Members considered other benefits expected to be derived by the BlackRock Sub-Advisers from their 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 the BlackRock Sub-Advisers or the Fund, and that the BlackRock Sub-Advisers may engage in soft dollar arrangements and receive such benefits, consistent with applicable law and “best execution” requirements.

Conclusion. After consideration of the factors described above, as well as other factors, the Board Members, including all of the Independent Board Members, concluded that the approval of the Sub-Advisory Agreements was in the best interests of the Fund and its shareholders and unanimously approved the Sub-Advisory 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 the Trust are listed below.

Interested Board Member means a board member who may be deemed an “interested person” (as that term is defined in the 1940 Act) of the Trust because of his current or former service with TAM or an affiliate of TAM. Interested Board Members may also be referred to herein as “Interested Trustees.” Independent Board Member means a Board Member who is not an “interested person” (as defined under the 1940 Act) of the Trust and may also be referred to herein as an “Independent Trustee.”

The Board governs each Fund and is responsible for protecting the interests of the shareholders. The Board Members are experienced executives who meet periodically throughout the year to oversee the business affairs of each Fund and the operation of each Fund by its officers. The Board also reviews the management of each Fund’s assets by the investment manager and its respective sub-adviser.

The Funds are among the Funds managed and sponsored by TAM (collectively, “Transamerica Fund Family”). The Transamerica Fund Family consists of (i) Transamerica Funds (“TF”); (ii) Transamerica Series Trust (“TST”); (iii) Transamerica ETF Trust (“TET”); and (iv) Transamerica Asset Allocation Variable Funds (“TAAVF”). The Transamerica Fund Family consists of 136 funds as of the date of this Annual Report. With the exception of Mr. Smit, none of the Board Members serve on the board of trustees of TET. TET is overseen by a separate board of trustees.

The mailing address of each Board Member is c/o Secretary, 1801 California Street, Suite 5200, Denver, 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 and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INTERESTED BOARD MEMBERS
Marijn P. Smit (45)	Chairman of the Board, President and Chief Executive Officer	Since 2014	Chairman of the Board, President and Chief Executive Officer, TF, TST and TAAVF (2014 – present); Chairman of the Board, President and Chief Executive Officer, TET (2017 – present); Chairman of the Board, President and Chief Executive Officer, Transamerica Partners Portfolio (“TPP”), Transamerica Partners Funds Group (“TPFG”) and Transamerica Partners Funds Group II (“TPFG II”) (2014 – 2018); Chairman of the Board, President and Chief Executive Officer, Transamerica Income Shares, Inc. (“TIS”) (2014 – 2015); Director, Chairman of the Board, President and Chief Executive Officer, Transamerica Asset Management, Inc. (“TAM”) and Transamerica Fund Services, Inc. (“TFS”) (2014 – present);	136	Director, Massachusetts Fidelity Trust Company (2014 – present); Director, Aegon Global Funds (2016 – present); Director – Akaan-Aegon, S.A.P.I. de C.V. (financial services joint venture in Mexico) (2017 – present)

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Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INTERESTED BOARD MEMBERS — continued
Marijn P. Smit (continued)			President, Investment Solutions, Transamerica Investments & Retirement (2014 – 2016); Vice President, Transamerica Premier Life Insurance Company (2010 – 2016); Vice President, Transamerica Life Insurance Company (2010 – present); Senior Vice President, Transamerica Financial Life Insurance Company (2013 – 2016); Senior Vice President, Transamerica Retirement Advisors, Inc. (2013 – 2016); Senior Vice President, Transamerica Retirement Solutions Corporation (2012 – present); and President and Director, Transamerica Stable Value Solutions, Inc. (2010 – 2016).
Alan F. Warrick (70)	Board Member	Since 2012	Board Member, TF, TST and TAAVF (2012 – present); Board Member, TPP, TPFG and TPFG II (2012 – 2018); Board Member, TIS (2012 – 2015); Consultant, Aegon USA (2010 – 2011); Senior Advisor, Lovell Minnick Equity Partners (2010 – present); Retired (2010 – present); and Managing Director for Strategic Business Development, Aegon USA (1994 – 2010).	131	N/A
INDEPENDENT BOARD MEMBERS
Sandra N. Bane (66)	Board Member	Since 2008	Retired (1999 – present); Board Member, TF, TST and TAAVF (2008 – present); Board Member, TPP, TPFG and TPFG II (2008 – 2018); Board Member, TIS (2008 – 2015); Board Member, Transamerica Investors, Inc. (“TII”) (2003 – 2010); and Partner, KPMG (1975 – 1999).	131	Big 5 Sporting Goods (2002 – present); Southern Company Gas (energy services holding company) (2008 – present)

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Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INDEPENDENT BOARD MEMBERS — continued
Leo J. Hill (62)	Lead Independent Board Member	Since 2002	Principal, Advisor Network Solutions, LLC (business consulting) (2006 – present); Board Member, TST (2001 – present); Board Member, TF (2002 – present); Board Member, TPP, TPFG and TPFG II (2007 – 2018); Board Member, TIS (2002 – 2015); Board Member, TAAVF (2007 – present); Board Member, TII (2008 – 2010); Market President, Nations Bank of Sun Coast Florida (1998 – 1999); Chairman, President and Chief Executive Officer, Barnett Banks of Treasure Coast Florida (1994 –1998); Executive Vice President and Senior Credit Officer, Barnett Banks of Jacksonville, Florida (1991 –1994); and Senior Vice President and Senior Loan Administration Officer, Wachovia Bank of Georgia (1976 –1991).	131	Ameris Bancorp (2013 – present); Ameris Bank (2013 – present)
David W. Jennings (72)	Board Member	Since 2009	Board Member, TF, TST and TAAVF (2009 – present); Board Member, TPP, TPFG and TPFG II (2009 – 2018); Board Member, TIS (2009 – 2015); Board Member, TII (2009 – 2010); Managing Director, Hilton Capital Management, LLC (2010 – present); Principal, Maxam Capital Management, LLC (2006 – 2008); and Principal, Cobble Creek Management LP (2004 – 2006).	131	N/A

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Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INDEPENDENT BOARD MEMBERS — continued
Russell A. Kimball, Jr. (74)	Board Member	Since 1986 – 1990 and Since 2002	General Manager, Sheraton Sand Key Resort (1975 – present); Board Member, TST (1986 – present); Board Member, TF, (1986 – 1990), (2002 – present); Board Member, TPP, TPFG and TPFG II (2007 – 2018); Board Member, TIS (2002 – 2015); Board Member, TAAVF (2007 – present); and Board Member, TII (2008 – 2010).	131	N/A
Fredric A. Nelson III (61)	Board Member	Since 2017	Board Member, TF, TST and TAAVF (2017 – present); Board Member, TPP, TPFG and TPFG II (2017 – 2018); Chief Investment Officer (“CIO”), Commonfund (2011 – 2015); Vice Chairman, CIO, ING Investment Management Americas (2003 – 2009); Managing Director, Head of U.S. Equity, JP Morgan Investment Management (1994 – 2003); Managing Director, Head of Global Quantitative Investments Group, Bankers Trust Global Investment Management (1981 – 1994).	131	N/A
John E. Pelletier (54)	Board Member	Since 2017	Board Member, TF, TST and TAAVF (2017 – present); Board Member, TPP, TPFG and TPFG II (2017 – 2018); Director, Center for Financial Literacy, Champlain College (2010 – present); Co-Chair, Vermont Financial Literacy Commission with Vermont State Treasurer (2015 – present); Chairman, Vermont Universal Children’s Higher Education Savings Account Program Advisory Committee (2015 – present); Founder and Principal, Sterling Valley Consulting LLC (a financial services consulting firm) (2009 – 2017);	131	N/A

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Name and Age	Position(s)  Held with Trust	Term of Office and  Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INDEPENDENT BOARD MEMBERS — continued
John E. Pelletier (continued)			Independent Director, The Sentinel Funds and Sentinel Variable Products Trust (2013 – 2017); Chief Legal Officer, Eaton Vance Corp. (2007 – 2008); and Executive Vice President and Chief Operating Officer (2004 – 2007), General Counsel (1997 – 2004), Natixis Global Associates.
Patricia L. Sawyer (68)	Board Member	Since 2007	Retired (2007 – present); President/Founder, Smith & Sawyer LLC (management consulting) (1989 – 2007); Board Member, TF and TST (2007 – present); Board Member, TPP, TPFG and TPFG II (1993 – 2018); Board Member, TIS (2007 – 2015); Board Member, TII (2008 – 2010); Board Member, TAAVF (1993 – present); and Trustee, Chair of Finance Committee and Chair of Nominating Committee (1987 – 1996), Bryant University.	131	Honorary Trustee, Bryant University (1996 – present)
John W. Waechter (66)	Board Member	Since 2005	Partner, Englander Fischer (2016 – present); Attorney, Englander Fischer (2008 – 2015); Retired (2004 – 2008); Board Member, TST (2004 – present); Board Member, TF (2005 – present); Board Member, TAAVF (2007 – present); Board Member, TPP, TPFG and TPFG II (2007 – 2018); Board Member, TIS (2004 – 2015); Board Member, TII (2008 – 2010); Employee, RBC Dain Rauscher (securities dealer) (2004);	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); Board Member, Boley PAR, Inc. (non-profit organization) (2016 – present)

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Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INDEPENDENT BOARD MEMBERS — continued
John W. Waechter (continued)			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).

* Each Board Member shall hold office until: 1) his or her successor is elected and qualified or 2) he or she resigns, retires or his or her term as a Board Member is terminated in accordance with the Trust’s Declaration of Trust.

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OFFICERS

The mailing address of each officer is c/o Secretary, 1801 California Street, Suite 5200, Denver, CO 80202. The following table shows information about the officers, including their year of birth, their positions held with the Trust and their principal occupations during the past five years (their titles may have varied during that period). Each officer will hold office until his or her successor has been duly elected or appointed or until his or her earlier death, resignation or removal.

Name and Age	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Marijn P. Smit (45)	Chairman of the Board, President and Chief Executive Officer	Since 2014	See Interested Board Member Table
Christopher A. Staples (48)	Vice President and Chief Investment Officer, Advisory Services	Since 2005	Vice President and Chief Investment Officer, Advisory Services (2007 – present), Transamerica Funds and TST; Vice President and Chief Investment Officer, Advisory Services (2007 – 2015), TIS; Vice President and Chief Investment Officer, Advisory Services, TAAVF (2007 – present); Vice President and Chief Investment Officer, Advisory Services, TPP, TPFG and TPFG II (2007 – 2018); Director (2005 – present), Senior Vice President (2006 – present), Senior Director, Investments (2016 – present), Chief Investment Officer, Advisory Services (2012 – 2016) and Lead Portfolio Manager (2007 – present), TAM; Director, TFS (2005 – present); Registered Representative (2007 – 2016), TCI; and Registered Representative, TFA (2005 – present).
Thomas R. Wald (58)	Chief Investment Officer	Since 2014	Chief Investment Officer, Transamerica Funds, TST and TAAVF (2014 – present); Chief Investment Officer, TPP, TPFG and TPFG II (2014 – 2018); Chief Investment Officer, TIS (2014 – 2015); Senior Vice President and Chief Investment Officer, TAM (2014 – present); Chief Investment Officer, Transamerica Investments & Retirement (2014 – present); and Vice President and Client Portfolio Manager, Curian Capital, LLC (2012 – 2014).
Vincent J. Toner (48)	Vice President and Treasurer	Since 2014	Vice President and Treasurer, Transamerica Funds, TST and TAAVF (2014 – present); Vice President and Treasurer, TPP, TPFG and TPFG II (2014 – 2018); Vice President and Treasurer, TIS (2014 – 2015); Vice President and Treasurer (2016 – present), Vice President, Administration and Treasurer (2014 – 2016), TAM; Vice President, Administration and Treasurer, TFS (2014 – present); and Senior Vice President and Vice President, Fund Administration, Brown Brothers Harriman (2010 – 2014).

Transamerica Funds Annual Report 2018

Page    155

Name and Age	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Scott M. Lenhart (57)	Chief Compliance Officer and Anti-Money Laundering Officer	Since 2014	Chief Compliance Officer and Anti-Money Laundering Officer, Transamerica Funds, TST and TAAVF (2014 – present), TPP, TPFG and TPFG II (2014 – 2018), TIS (2014 – 2015); Chief Compliance Officer (2014 – present), Anti-Money Laundering Officer (2014 – present), TAM; Vice President and Chief Compliance Officer, TFS (2014 – present); and Director of Compliance, Transamerica Investments & Retirement (2014 – present).
Rhonda A. Mills (52)	Assistant General Counsel, Assistant Secretary	Since 2016	Assistant Secretary, Transamerica Funds, TST and TAAVF (2016 – present); Assistant Secretary, TPP, TPFG and TPFG II (2016 – 2018); Assistant Secretary, Vice President and High Level Specialist Attorney (2014 – 2016), Assistant General Counsel (2016 – present), TAM; Assistant Secretary, High Level Specialist Attorney and Vice President (2014 – present), TFS; Vice President and Associate Counsel, ALPS Fund Services, Inc. (2011 – 2014); Managing Member, Mills Law, LLC (2010 – 2011); Counsel, Old Mutual Capital (2006 – 2009); Senior Counsel, Great-West Life and Annuity Insurance Company (2004 – 2006); and Securities Counsel, J.D. Edwards (2000 – 2003).
Blake Boettcher (32)	Tax Manager	Since 2018	Tax Manager, Transamerica Funds, TST, TAAVF and TET (2018 – present); Senior Manager – Tax, Charles Schwab Investment Management (2015 – 2017); and Tax Manager, Deloitte Tax LLP (2012 – 2015).

* Elected and serves at the pleasure of the Board of the Trust.

Transamerica Funds Annual Report 2018

Page    156

PROXY VOTING POLICIES AND PROCEDURES AND QUARTERLY PORTFOLIO HOLDINGS

(unaudited)

A description of the Transamerica Funds’ proxy voting policies and procedures is available in the Statement of Additional Information of the Funds, available without charge upon request by calling 1-888-233-4339 (toll free) or on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

In addition, the Funds are required to file Form N-PX, with their complete proxy voting records for the 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.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 2018

Page    157

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 2018

Page    158

Customer Service: 1-888-233-4339

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Transamerica Capital, Inc.

www.transamerica.com

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, Inc., Member of FINRA

25336_ARMFP1018

© 2018 Transamerica Capital, Inc.

TRANSAMERICA FUNDS

ANNUAL REPORT

OCTOBER 31, 2018

Customer Service: 1-888-233-4339

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Transamerica Capital, Inc.

www.transamerica.com

Table of Contents

Shareholder Letter	1
Disclosure of Expenses	2
Manager Commentary and Schedules of Investments
ClearTrack® 2015	4
ClearTrack® 2020	7
ClearTrack® 2025	10
ClearTrack® 2030	13
ClearTrack® 2035	16
ClearTrack® 2040	19
ClearTrack® 2045	22
ClearTrack® 2050	25
ClearTrack® 2055	28
ClearTrack® 2060	31
ClearTrack® Retirement Income	34
Statements of Assets and Liabilities	38
Statements of Operations	41
Statements of Changes in Net Assets	44
Financial Highlights	48
Notes to Financial Statements	59
Report of Independent Registered Public Accounting Firm	70
Supplemental Information	71
Approval of Management and Sub-Advisory Agreements	72
Management of the Trust	77
Proxy Voting Policies and Procedures and Quarterly Portfolio Holdings	85
Notice of Privacy Policy	86

Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a fund’s investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.

Transamerica Funds Annual Report 2018

Dear Shareholder,

On behalf of Transamerica Funds, I would like to thank you for your continued support and confidence in our products as we look forward to continuing to serve you and your financial professional in the future. We value the trust you have placed in us.

This annual report is provided to you to show the investments and performance of your Fund(s) during the fiscal year. 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 ended October 31, 2018.

We believe it is important to understand market conditions over the Funds’ last fiscal year to provide a context for reading this report. The period began with both U.S. and international equity markets extending strong gains based on optimism surrounding upcoming corporate earnings and the global economy. During this time, credit spreads in the bond markets remained mostly stable and longer-term interest rates stayed range bound during the final months of 2017. The bell weather 10-year U.S. Treasury bond yield finished 2017 at 2.40%, almost precisely where it had started the year, and this benign rate environment further lifted stocks as the new year began. By late January 2018, stocks had hit record highs as points of enthusiasm included fiscal stimulus from the recently passed Tax Reform and Jobs Act, higher anticipated corporate profit margins, and lower levels of overall volatility in the market.

Throughout the first month of 2018, longer-term interest rates crept higher, and when January employment numbers displayed a multi-year high in wage growth, inflationary fears gripped the markets. As the stock market reacted negatively to this, a second negative catalyst emerged in proposed tariffs by the White House against China, Mexico and Canada. This further rattled the market as fears of an international trade war combined with domestic inflation took its toll on investor sentiment, and by the second week in February 2018 the Dow Jones Industrial Average (“Dow”) had declined more than 10%. In March, the U.S. Federal Reserve (“Fed”) increased short term rates, and while this was expected, more downside volatility plagued the markets. By late April 2018, tariffs and trade concerns were taking center stage in terms of news driving equities markets, and in the bond market the 10-year Treasury yield reached 3% for the first time in more than four years.

Despite these investor concerns, market fundamentals in the U.S. remained strong into the summer months. Second quarter gross domestic product (“GDP”) came in at its highest level of growth in four years and S&P 500^® corporate earnings reached the best year-over-year growth rate in more than fourteen years. Corporate profit margins also soared to record levels. However, outside of the U.S. the news was not so bright, as economic growth rates in Europe, Japan and various emerging market regions slowed below expectations, and concerns of tariffs and trade relations heightened international risk perspectives. As a result, when U.S. equities recovered to reach new highs in September 2018, international developed and emerging markets continued to lag.

October 2018 was a particularly challenging month for U.S. and global stocks as the major indexes sold off fiercely with the Dow and S&P 500^® again declining more than 10% off their highs. Following the Fed’s September 2018 meeting in which they increased the Fed Funds Rate for the third time since January 2018, the 10-year Treasury rate further jumped to more than 3.20%, which was its highest yield in seven years. Investor concerns also began to focus on how much longer the Fed’s rate tightening cycle would continue and whether or not more rate hikes were warranted. The White House also continued its tough talk with China on trade and this continued to hurt investor sentiment. In addition, investors also began to focus on the prospect of 2019 stock earnings growth, while potentially being strong once again, perhaps not being as high as the past year. Nonetheless, initial third quarter GDP growth reports came in strong, and the U.S. appears well positioned for its best calendar year of economic growth in more than a decade.

For the 12-month period ended October 31, 2018, the S&P 500^® returned 7.35% while the MSCI EAFE Index, representing international developed market equities, returned -6.39%. During the same period, the Bloomberg Barclays U.S. Aggregate Bond Index returned -2.05%. Please keep in mind that it is important to maintain a diversified portfolio as investment returns have historically been difficult to predict.

In addition to your active involvement in the investment process, we firmly believe that a financial professional is a key resource to help you build a complete picture of your current and future financial needs. Financial professionals are familiar with the market’s history, including long-term returns and volatility of various asset classes. With your professional, you can develop an investment program that incorporates factors such as your goals, your investment timeline and your risk tolerance.

Please contact your financial professional if you have any questions about the contents of this report, and thanks again for the confidence you have placed in us.

Sincerely,

Marijn Smit

President & Chief Executive Officer

Transamerica Funds

Tom Wald, CFA

Chief Investment Officer

Transamerica Funds

Bloomberg Barclays U.S. Aggregate Bond Index: Measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.

Dow Jones Industrial Average: a market that shows how 30 large, publicly owned companies based in the U.S. have traded during a standard trading session in the stock market.

MSCI EAFE Index: A free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada.

S&P 500^®: A market-capitalization weighted index of 500 large U.S. companies with common stock listed on the New York Stock Exchange or NASDAQ Stock Market.

The views expressed in this report reflect those of the portfolio managers only and may not necessarily represent the views of the Transamerica Funds. These views are as of the date of this report and are subject to change based upon market conditions. These views should not be relied upon as investment advice and are not indicative of trading intent on behalf of the Transamerica Funds. Investing involves risk, including potential loss of principal. The performance data presented represents past performance and does not guarantee future results. Indexes are unmanaged and an investor cannot invest directly in an index.

Disclosure of Expenses

(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur two types of costs: (i) transaction costs; and (ii) ongoing costs, including management fees, and other fund expenses.

The following examples are intended to help you understand your ongoing costs (in dollars and cents) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The examples are based on an investment of $1,000 invested at May 1, 2018, and held for the entire six-month period until October 31, 2018.

ACTUAL EXPENSES

The information in the table below provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. If your account is an IRA, your expenses may have included a $15 annual fee. The amount of any fee paid during the six-month period can decrease your ending account value.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The information in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund versus other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other fund(s). As in the case of the actual expense example, if your account is subject to an IRA fee, the amount of the fee paid through your account would increase the hypothetical expenses you would have paid during the period and decrease the hypothetical ending account value.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges and brokerage commissions paid on purchases and sales of Fund shares. Therefore, the information under the heading “Hypothetical Expenses” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

			Actual Expenses				Hypothetical Expenses (A)
Fund	Beginning Account Value		Ending Account Value		Expenses Paid During Period (B)		Ending Account Value		Expenses Paid During Period (B)		Annualized Expense Ratio (C) (D)
ClearTrack® 2015
Class R1	$	1,000.00	$	985.60	$	5.71	$	1,019.50	$	5.80		1.14	%
Class R6		1,000.00		987.60		2.45		1,022.70		2.50		0.49
ClearTrack® 2020
Class R1		1,000.00		983.90		5.70		1,019.50		5.80		1.14
Class R6		1,000.00		986.80		2.45		1,022.70		2.50		0.49
ClearTrack® 2025
Class R1		1,000.00		979.90		5.74		1,019.40		5.85		1.15
Class R6		1,000.00		983.70		2.50		1,022.70		2.55		0.50
ClearTrack® 2030
Class R1		1,000.00		980.20		5.74		1,019.40		5.85		1.15
Class R6		1,000.00		983.10		2.50		1,022.70		2.55		0.50
ClearTrack® 2035
Class R1		1,000.00		973.70		5.72		1,019.40		5.85		1.15
Class R6		1,000.00		978.20		2.49		1,022.70		2.55		0.50
ClearTrack® 2040
Class R1		1,000.00		974.00		5.72		1,019.40		5.85		1.15
Class R6		1,000.00		976.10		2.49		1,022.70		2.55		0.50
ClearTrack® 2045
Class R1		1,000.00		968.70		5.71		1,019.40		5.85		1.15
Class R6		1,000.00		972.30		2.49		1,022.70		2.55		0.50

Transamerica Funds Annual Report 2018

Page    2

Disclosure of Expenses (continued)

(unaudited)

			Actual Expenses				Hypothetical Expenses (A)
Fund	Beginning Account Value		Ending Account Value		Expenses Paid During Period (B)		Ending Account Value		Expenses Paid During Period (B)		Annualized Expense Ratio (C) (D)
ClearTrack® 2050
Class R1	$	1,000.00	$	968.10	$	5.70	$	1,019.40	$	5.85		1.15	%
Class R6		1,000.00		970.90		2.48		1,022.70		2.55		0.50
ClearTrack® 2055
Class R1		1,000.00		966.70		5.65		1,019.50		5.80		1.14
Class R6		1,000.00		969.50		2.43		1,022.70		2.50		0.49
ClearTrack® 2060
Class R1		1,000.00		966.70		5.65		1,019.50		5.80		1.14
Class R6		1,000.00		969.50		2.43		1,022.70		2.50		0.49
ClearTrack® Retirement Income
Class R1		1,000.00		992.20		5.67		1,019.50		5.75		1.13
Class R6		1,000.00		995.20		2.41		1,022.80		2.45		0.48

(A)	5% return per year before expenses.
(B)	Expenses are calculated using each Fund’s annualized expense ratios (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).
(C)	Expense ratios (as disclosed in the table) do not include the expenses of the underlying funds in which the Funds invest. The annualized expense ratios, as stated in the fee table of the Funds’ Prospectus, may differ from the expense ratios disclosed in this report.
(D)	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 2018

Page    3

ClearTrack^® 2015

(unaudited)

MARKET ENVIRONMENT

Across asset classes, markets proved to be challenging over the 12-month period ended on October 31, 2018. After a prolonged period of steady upward momentum in risk assets during 2017, volatility returned in 2018 marked by two key episodes.

The first occurred in early February. Following strong wage gains data, many market participants reevaluated their inflation expectations on the belief that inflation would increase faster than previously thought. This belief implied that the U.S. Federal Reserve would accelerate its pace of hiking interest rates, which could be unfavorable for risk assets and potentially slow down economic growth. In response, the CBOE Volatility Index^® spiked to levels not seen since 2015 and the S&P 500^® declined by almost nine percent before rebounding and recovering most losses by the end of the month. Furthermore, fixed income assets sold off in rates, credit, municipals and structured products.

The second bout of significant volatility occurred in October. After a relatively calm and constructive summer, risk sentiment suddenly turned, and markets sold off across the board in the U.S. and abroad. Uncertainty surrounding trade tensions, growth and solvency in emerging markets and the outcome of the U.S. midterm elections were primary catalysts. For the month of October 2018, equities comprising the S&P 500^® fell -6.84%, and abroad, equities forming the MSCI World Index declined -7.32% and -8.70% in the MSCI Emerging Markets Index. Within fixed income, indices also decreased broadly in the U.S., with the Bloomberg Barclays Global Aggregate Bond Index falling -1.12%.

In our view, the economic outlook in the U.S. continues to remain on solid footing. However, a divergence in global growth continues, which could weigh on investors going forward. This combined with continued trade, emerging market and political uncertainty led us to remain neutral to cautiously optimistic on risk assets.

PERFORMANCE

For the year ended October 31, 2018, ClearTrack^® 2015 (Class R6) returned -1.16%. By comparison, its benchmark, the Dow Jones Target 2015 Index, returned -0.09%.

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, its target asset mix will gradually become more conservative until approximately 10 years after the target date, when the mix will become static.

The Fund’s glide path includes the use of a dynamic rebalancing strategy, which seeks to limit an investor’s exposure to extended periods of market declines, in the five years before and after retirement. Dynamic Rebalancing involves systematically raising the allocation to cash in response to rising volatility and declines in the Fund’s net asset value. It 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 generally low volatility.

For the year ended October 31, 2018, the Fund underperformed its benchmark, the Dow Jones Target Date 2015 Index, chiefly due to style selection; manager selection effects were also slightly negative. Style selection, or sub-asset class effect, detracted within U.S. and international fixed income, emerging markets equity and U.S. real estate. Selection effects were negative within international equity. Asset allocation benefited the Fund, however, chiefly due to an overweight in U.S. large cap equity and an underweight in international fixed income.

The Fund had a negative absolute return over the period, with mixed performance from its underlying holdings. Four of the nine holdings held for the full period had positive returns. U.S. large cap equity was the best performing asset class led by the Schwab U.S. Large-Cap ETF, followed by the Schwab U.S. REIT ETF. The only fixed income holding in positive territory was the Vanguard Total International Bond Index ETF. The laggard was the Vanguard FTSE Emerging Markets ETF.

Adam J. Petryk, CFA

Thomas Picciochi

Ellen Tesler

Co-Portfolio Managers

QS Investors, LLC

Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		48.2	%
U.S. Equity Funds		30.8
Other Investment Company		26.2
International Equity Funds		14.3
International Fixed Income Funds		6.1
Repurchase Agreement		0.8
Net Other Assets (Liabilities)		(26.4	)
Total		100.0	%

Transamerica Funds Annual Report 2018

Page    4

ClearTrack^® 2015

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			10 Years or Since Inception of Class			Inception Date
Class R1 (NAV)		(1.76	)%		1.81	%		03/02/2015
Class R6 (NAV)		(1.16	)%		2.45	%		03/02/2015
Dow Jones Target 2015 Index (A)		(0.09	)%		2.24	%

^(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 performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load. If a sales charge had been deducted, the results would have been lower. There are no sales charges for Class R shares. Class R shares are available only to eligible retirement plans.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The ClearTrack^® target date options invest in exchange-traded funds (“ETFs”) which may represent a variety of broad asset classes including equity, fixed income, inflation-hedging, and short-term defensive instruments and may be subject to all of the risks of these asset classes. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF’s shares may be above or below the shares’ net asset value; and an active trading market for an ETF’s shares may not develop or be maintained, which may constrain liquidity. The allocations are intended to become more conservative over time: the fund’s asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or product against market loss.

Transamerica Funds Annual Report 2018

Page    5

ClearTrack^® 2015

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Shares		Value
EXCHANGE-TRADED FUNDS - 99.4%
International Equity Funds - 14.3%
Vanguard FTSE Developed Markets ETF (A)		115,985		$  4,587,207
Vanguard FTSE Emerging Markets ETF		37,485		1,419,182
				6,006,389
International Fixed Income Funds - 6.1%
iShares JP Morgan USD Emerging Markets Bond ETF		4,041		422,931
Vanguard Total International Bond ETF (A)		39,239		2,139,703
				2,562,634
U.S. Equity Funds - 30.8%
Schwab U.S. Large-Cap ETF (A)		158,560		10,254,075
Schwab U.S. REIT ETF		12,080		490,810
Schwab U.S. Small-Cap ETF		32,242		2,196,648
				12,941,533
U.S. Fixed Income Funds - 48.2%
iShares Core U.S. Aggregate Bond ETF (A)		161,840		16,926,845
iShares TIPS Bond ETF		23,630		2,571,889
SPDR Bloomberg Barclays High Yield Bond ETF (A)		20,885		734,317
				20,233,051
Total Exchange-Traded Funds (Cost $40,357,999)				41,743,607

	Shares		Value
OTHER INVESTMENT COMPANY - 26.2%
Securities Lending Collateral - 26.2%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 2.19% (B)		11,013,372		$   11,013,372
Total Other Investment Company (Cost $11,013,372)				11,013,372
	Principal		Value
REPURCHASE AGREEMENT - 0.8%
Fixed Income Clearing Corp., 1.25% (B), dated 10/31/2018, to be repurchased at $331,841 on 11/01/2018. Collateralized by a U.S. Government Obligation, 1.13%, due 08/31/2021, and with a value of $338,709.		$  331,829		331,829
Total Repurchase Agreement (Cost $331,829)				331,829
Total Investments (Cost $51,703,200)				53,088,808
Net Other Assets (Liabilities) - (26.4)%				(11,095,149	)
Net Assets - 100.0%				$  41,993,659

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	$	41,743,607	$	—	$	—	$	41,743,607
Other Investment Company		11,013,372		—		—		11,013,372
Repurchase Agreement		—		331,829		—		331,829
Total Investments	$	52,756,979	$	331,829	$	—	$	53,088,808

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 $10,769,697. 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, 2018.
(C)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. 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 2018

Page    6

ClearTrack^® 2020

(unaudited)

MARKET ENVIRONMENT

Across asset classes, markets proved to be challenging over the 12-month period ended on October 31, 2018. After a prolonged period of steady upward momentum in risk assets during 2017, volatility returned in 2018 marked by two key episodes.

The first occurred in early February. Following strong wage gains data, many market participants reevaluated their inflation expectations on the belief that inflation would increase faster than previously thought. This belief implied that the U.S. Federal Reserve would accelerate its pace of hiking interest rates, which could be unfavorable for risk assets and potentially slow down economic growth. In response, the CBOE Volatility Index^® spiked to levels not seen since 2015 and the S&P 500^® declined by almost nine percent before rebounding and recovering most losses by the end of the month. Furthermore, fixed income assets sold off in rates, credit, municipals and structured products.

The second bout of significant volatility occurred in October. After a relatively calm and constructive summer, risk sentiment suddenly turned, and markets sold off across the board in the U.S. and abroad. Uncertainty surrounding trade tensions, growth and solvency in emerging markets and the outcome of the U.S. midterm elections were primary catalysts. For the month of October 2018, equities comprising the S&P 500^® fell -6.84%, and abroad, equities forming the MSCI World Index declined -7.32% and -8.70% in the MSCI Emerging Markets Index. Within fixed income, indices also decreased broadly in the U.S., with the Bloomberg Barclays Global Aggregate Bond Index falling -1.12%.

In our view, the economic outlook in the U.S. continues to remain on solid footing. However, a divergence in global growth continues, which could weigh on investors going forward. This combined with continued trade, emerging market, and political uncertainty led us to remain neutral to cautiously optimistic on risk assets.

PERFORMANCE

For the year ended October 31, 2018, ClearTrack^® 2020 (Class R6) returned -1.00%. By comparison, its benchmark, the Dow Jones Target 2020 Index, returned -0.55%.

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, its target asset mix will gradually become more conservative until approximately 10 years after the target date, when the mix will become static.

The Fund’s glide path includes the use of a dynamic rebalancing strategy, which seeks to limit an investor’s exposure to extended periods of market declines, in the five years before and after retirement. Dynamic rebalancing involves systematically raising the allocation to cash in response to rising volatility and declines in the Fund’s net asset value. It 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 generally low volatility.

For the year ended October 31, 2018, the Fund underperformed its benchmark, the Dow Jones Target Date 2020 Index, chiefly due to style selection; manager selection was also slightly negative. Style selection, or sub-asset class effect, detracted within emerging markets equity, both U.S. and international fixed income, and U.S. real estate. Selection effects were negative within international equity. Asset allocation benefited the Fund, however, chiefly due to an overweight in U.S. large cap equity and underweights in both U.S. and international fixed income.

The Fund had a negative absolute return over the period with mixed performance from its underlying holdings. Four of the nine holdings held over the 12-month period had positive returns. U.S. large cap equity was the best performing asset class led by the Schwab U.S. Large-Cap ETF, followed by the Schwab U.S. REIT ETF. The only fixed income holding in positive territory was the Vanguard Total International Bond Index ETF. The laggard was the Vanguard FTSE Emerging Markets ETF.

Adam J. Petryk, CFA

Thomas Picciochi

Ellen Tesler

Co-Portfolio Managers

QS Investors, LLC

Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		42.6	%
U.S. Equity Funds		35.1
Other Investment Company		17.5
International Equity Funds		15.9
International Fixed Income Funds		5.6
Repurchase Agreement		1.0
Net Other Assets (Liabilities)		(17.7	)
Total		100.0	%

Transamerica Funds Annual Report 2018

Page    7

ClearTrack^® 2020

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			10 Years or Since Inception of Class			Inception Date
Class R1 (NAV)		(1.55	)%		2.03	%		03/02/2015
Class R6 (NAV)		(1.00	)%		2.66	%		03/02/2015
Dow Jones Target 2020 Index (A)		(0.55	)%		2.67	%

^(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.

The Dow Jones Target Date Indices are passively-managed indices designed to automatically adjust their asset allocations over time to reflect reductions in potential risk as an investor’s target date approaches. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load. If a sales charge had been deducted, the results would have been lower. There are no sales charges for Class R shares. Class R shares are available only to eligible retirement plans.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The ClearTrack^® target date options invest in exchange-traded funds (“ETFs”) which may represent a variety of broad asset classes including equity, fixed income, inflation-hedging, and short-term defensive instruments and may be subject to all of the risks of these asset classes. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF’s shares may be above or below the shares’ net asset value; and an active trading market for an ETF’s shares may not develop or be maintained, which may constrain liquidity. The allocations are intended to become more conservative over time: the fund’s asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or product against market loss.

Transamerica Funds Annual Report 2018

Page    8

ClearTrack^® 2020

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Shares		Value
EXCHANGE-TRADED FUNDS - 99.2%
International Equity Funds - 15.9%
Vanguard FTSE Developed Markets ETF (A)		187,630		$  7,420,767
Vanguard FTSE Emerging Markets ETF		58,034		2,197,167
				9,617,934
International Fixed Income Funds - 5.6%
iShares JP Morgan USD Emerging Markets Bond ETF		5,821		609,226
Vanguard Total International Bond ETF (A)		51,024		2,782,339
				3,391,565
U.S. Equity Funds - 35.1%
Schwab U.S. Large-Cap ETF		261,399		16,904,673
Schwab U.S. REIT ETF		21,156		859,568
Schwab U.S. Small-Cap ETF		51,599		3,515,440
				21,279,681
U.S. Fixed Income Funds - 42.6%
iShares Core U.S. Aggregate Bond ETF		211,005		22,069,013
iShares TIPS Bond ETF		28,248		3,074,512
SPDR Bloomberg Barclays High Yield Bond ETF (A)		18,673		656,543
				25,800,068
Total Exchange-Traded Funds (Cost $58,024,966)				60,089,248

	Shares		Value
OTHER INVESTMENT COMPANY - 17.5%
Securities Lending Collateral - 17.5%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 2.19% (B)		10,633,353		$   10,633,353
Total Other Investment Company (Cost $10,633,353)				10,633,353
	Principal		Value
REPURCHASE AGREEMENT - 1.0%
Fixed Income Clearing Corp., 1.25% (B), dated 10/31/2018, to be repurchased at $589,785 on 11/01/2018. Collateralized by a U.S. Government Obligation, 1.13%, due 08/31/2021, and with a value of $605,859.		$  589,764		589,764
Total Repurchase Agreement (Cost $589,764)				589,764
Total Investments (Cost $69,248,083)				71,312,365
Net Other Assets (Liabilities) - (17.7)%				(10,729,332	)
Net Assets - 100.0%				$  60,583,033

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	$	60,089,248	$	—	$	—	$	60,089,248
Other Investment Company		10,633,353		—		—		10,633,353
Repurchase Agreement		—		589,764		—		589,764
Total Investments	$	70,722,601	$	589,764	$	—	$	71,312,365

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 $10,387,858. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(B)	Rates disclosed reflect the yields at October 31, 2018.
(C)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. 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 2018

Page    9

ClearTrack^® 2025

(unaudited)

MARKET ENVIRONMENT

Across asset classes, markets proved to be challenging over the 12-month period ended on October 31, 2018. After a prolonged period of steady upward momentum in risk assets during 2017, volatility returned in 2018 marked by two key episodes.

The first occurred in early February. Following strong wage gains data, many market participants reevaluated their inflation expectations on the belief that inflation would increase faster than previously thought. This belief implied that the U.S. Federal Reserve would accelerate its pace of hiking interest rates, which could be unfavorable for risk assets and potentially slow down economic growth. In response, the CBOE Volatility Index^® spiked to levels not seen since 2015 and the S&P 500^® declined by almost nine percent before rebounding and recovering most losses by the end of the month. Furthermore, fixed income assets sold off in rates, credit, municipals and structured products.

The second bout of significant volatility occurred in October. After a relatively calm and constructive summer, risk sentiment suddenly turned, and markets sold off across the board in the U.S. and abroad. Uncertainty surrounding trade tensions, growth and solvency in emerging markets and the outcome of the U.S. midterm elections were primary catalysts. For the month of October 2018, equities comprising the S&P 500^® fell -6.84%, and abroad, equities forming the MSCI World Index declined -7.32% and -8.70% in the MSCI Emerging Markets Index. Within fixed income, indices also decreased broadly in the U.S., with the Bloomberg Barclays Global Aggregate Bond Index falling -1.12%.

In our view, the economic outlook in the U.S. continues to remain on solid footing. However, a divergence in global growth continues, which could weigh on investors going forward. This combined with continued trade, emerging market and political uncertainty led us to remain neutral to cautiously optimistic on risk assets.

PERFORMANCE

For the year ended October 31, 2018, ClearTrack^® 2025 (Class R6) returned -1.00%. By comparison, its benchmark, the Dow Jones Target 2025 Index, returned -0.19%.

STRATEGY REVIEW

ClearTrack^® 2025 seeks to achieve its investment objective by investing in a combination of underlying exchange traded funds (“ETFs”) representing a variety of broad asset classes — equity, fixed income and inflation-hedging — and investment styles. The Fund is managed to the specific target date included in its name, which is intended to coincide, generally, with an investor’s retirement year. The Fund follows a particular glide path in which, over time, its target asset mix will gradually become more conservative until approximately 10 years after the target date, when the mix will become static.

For the year ended October 31, 2018, the Fund underperformed its benchmark, the Dow Jones Target Date 2025 Index, chiefly due to style selection; manager selection was also slightly negative. Style selection, or sub-asset class effect, detracted within emerging markets equity, international fixed income and U.S. real estate. Selection effects were negative within international equity. Asset allocation benefited the fund, however, chiefly due to an overweight in U.S. large cap equity and underweights in both U.S. and international fixed income.

The Fund had a negative absolute return over the period with mixed performance from its underlying holdings. Four of the eight holdings had positive returns. U.S. large cap equity was the best performing asset class led by the Schwab U.S. Large-Cap ETF, followed by the Schwab U.S. REIT ETF. The only fixed income holding in positive territory was the Vanguard Total International Bond Index ETF. The laggard was the Vanguard FTSE Emerging Markets ETF.

Adam J. Petryk, CFA

Thomas Picciochi

Ellen Tesler

Co-Portfolio Managers

QS Investors, LLC

Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		37.8	%
U.S. Fixed Income Funds		37.4
International Equity Funds		19.6
International Fixed Income Funds		4.7
Repurchase Agreement		0.6
Net Other Assets (Liabilities)		(0.1	)
Total		100.0	%

Transamerica Funds Annual Report 2018

Page    10

ClearTrack^® 2025

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			10 Years or Since Inception of Class			Inception Date
Class R1 (NAV)		(1.65	)%		2.78	%		03/02/2015
Class R6 (NAV)		(1.00	)%		3.46	%		03/02/2015
Dow Jones Target 2025 Index (A)		(0.19	)%		3.34	%

^(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.

The Dow Jones Target Date Indices are passively-managed indices designed to automatically adjust their asset allocations over time to reflect reductions in potential risk as an investor’s target date approaches. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load. If a sales charge had been deducted, the results would have been lower. There are no sales charges for Class R shares. Class R shares are available only to eligible retirement plans.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The ClearTrack^® target date options invest in exchange-traded funds (“ETFs”) which may represent a variety of broad asset classes including equity, fixed income, inflation-hedging, and short-term defensive instruments and may be subject to all of the risks of these asset classes. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF’s shares may be above or below the shares’ net asset value; and an active trading market for an ETF’s shares may not develop or be maintained, which may constrain liquidity. The allocations are intended to become more conservative over time: the fund’s asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or product against market loss.

Transamerica Funds Annual Report 2018

Page    11

ClearTrack^® 2025

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Shares		Value
EXCHANGE-TRADED FUNDS - 99.5%
International Equity Funds - 19.6%
Vanguard FTSE Developed Markets ETF		287,451		$  11,368,687
Vanguard FTSE Emerging Markets ETF		85,945		3,253,878
				14,622,565
International Fixed Income Funds - 4.7%
iShares JP Morgan USD Emerging Markets Bond ETF		7,253		759,099
Vanguard Total International Bond ETF		50,254		2,740,351
				3,499,450
U.S. Equity Funds - 37.8%
Schwab U.S. Large-Cap ETF		347,539		22,475,347
Schwab U.S. REIT ETF		31,914		1,296,666
Schwab U.S. Small-Cap ETF		65,380		4,454,339
				28,226,352
U.S. Fixed Income Funds - 37.4%
iShares Core U.S. Aggregate Bond ETF		245,222		25,647,769
iShares TIPS Bond ETF		21,204		2,307,843
				27,955,612
Total Exchange-Traded Funds (Cost $70,657,838)				74,303,979

	Principal		Value
REPURCHASE AGREEMENT - 0.6%
Fixed Income Clearing Corp., 1.25% (A), dated 10/31/2018, to be repurchased at $462,236 on 11/01/2018. Collateralized by a U.S. Government Obligation, 1.13%, due 08/31/2021, and with a value of $472,284.		$  462,220		$   462,220
Total Repurchase Agreement (Cost $462,220)				462,220
Total Investments (Cost $71,120,058)				74,766,199
Net Other Assets (Liabilities) - (0.1)%				(102,644	)
Net Assets - 100.0%				$  74,663,555

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	$	74,303,979	$	—	$	—	$	74,303,979
Repurchase Agreement		—		462,220		—		462,220
Total Investments	$	74,303,979	$	462,220	$	—	$	74,766,199

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Rate disclosed reflects the yield at October 31, 2018.
(B)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. 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 2018

Page    12

ClearTrack^® 2030

(unaudited)

MARKET ENVIRONMENT

Across asset classes, markets proved to be challenging over the 12-month period ended on October 31, 2018. After a prolonged period of steady upward momentum in risk assets during 2017, volatility returned in 2018 marked by two key episodes.

The first occurred in early February. Following strong wage gains data, many market participants reevaluated their inflation expectations on the belief that inflation would increase faster than previously thought. This belief implied that the U.S. Federal Reserve would accelerate its pace of hiking interest rates, which could be unfavorable for risk assets and potentially slow down economic growth. In response, the CBOE Volatility Index^® spiked to levels not seen since 2015 and the S&P 500^® declined by almost nine percent before rebounding and recovering most losses by the end of the month. Furthermore, fixed income assets sold off in rates, credit, municipals and structured products.

The second bout of significant volatility occurred in October. After a relatively calm and constructive summer, risk sentiment suddenly turned, and markets sold off across the board in the U.S. and abroad. Uncertainty surrounding trade tensions, growth and solvency in emerging markets and the outcome of the U.S. midterm elections were primary catalysts. For the month of October 2018, equities comprising the S&P 500^® fell -6.84%, and abroad, equities forming the MSCI World Index declined -7.32% and -8.70% in the MSCI Emerging Markets Index. Within fixed income, indices also decreased broadly in the U.S., with the Bloomberg Barclays Global Aggregate Bond Index falling -1.12%.

In our view, the economic outlook in the U.S. continues to remain on solid footing. However, a divergence in global growth continues, which could weigh on investors going forward. This combined with continued trade, emerging market and political uncertainty led us to remain neutral to cautiously optimistic on risk assets.

PERFORMANCE

For the year ended October 31, 2018, ClearTrack^® 2030 (Class R6) returned -0.69%. By comparison, its benchmark, the Dow Jones Target 2030 Index, returned 0.14%.

STRATEGY REVIEW

ClearTrack^® 2030 seeks to achieve its investment objective by investing in a combination of underlying exchange traded funds (“ETFs”) representing a variety of broad asset classes — equity, fixed income and inflation-hedging — and investment styles. The Fund is managed to the specific target date included in its name, which is intended to coincide, generally, with an investor’s retirement year. The Fund follows a particular glide path in which, over time, its target asset mix will gradually become more conservative until approximately 10 years after the target date, when the mix will become static.

For the year ended October 31, 2018, the Fund underperformed its benchmark, the Dow Jones Target Date 2030 Index, chiefly due to style selection; manager selection was also slightly negative. Style selection, or sub-asset class effect, detracted within emerging markets equity and international fixed income. Manager selection effects were negative within international equity. Asset allocation benefited the Fund, chiefly due to an overweight in U.S. large cap equity and underweights in emerging markets equity, and both U.S. and international fixed income. An overweight in international equity detracted from the return.

The Fund had a negative absolute return over the period with mixed performance from its underlying holdings. Four of the eight holdings had positive returns. U.S. large cap equity was the best performing asset class led by Schwab U.S. Large-Cap ETF, followed by the Schwab U.S. REIT ETF. The only fixed income holding in positive territory was the Vanguard Total International Bond Index ETF. The laggard was the Vanguard FTSE Emerging Markets ETF.

Adam J. Petryk, CFA

Thomas Picciochi

Ellen Tesler

Co-Portfolio Managers

QS Investors, LLC

Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		43.0	%
U.S. Fixed Income Funds		31.9
International Equity Funds		21.9
Other Investment Company		6.8
International Fixed Income Fund		3.2
Repurchase Agreement		0.4
Net Other Assets (Liabilities)		(7.2	)
Total		100.0	%

Transamerica Funds Annual Report 2018

Page    13

ClearTrack^® 2030

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			10 Years or Since Inception of Class			Inception Date
Class R1 (NAV)		(1.34	)%		3.37	%		03/02/2015
Class R6 (NAV)		(0.69	)%		4.04	%		03/02/2015
Dow Jones Target 2030 Index (A)		0.14	%		4.08	%

^(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 Dow Jones Target Date Indices are passively-managed indices designed to automatically adjust their asset allocations over time to reflect reductions in potential risk as an investor’s target date approaches. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load. If a sales charge had been deducted, the results would have been lower. There are no sales charges for Class R shares. Class R shares are available only to eligible retirement plans.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The ClearTrack^® target date options invest in exchange-traded funds (“ETFs”) which may represent a variety of broad asset classes including equity, fixed income, inflation-hedging, and short-term defensive instruments and may be subject to all of the risks of these asset classes. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF’s shares may be above or below the shares’ net asset value; and an active trading market for an ETF’s shares may not develop or be maintained, which may constrain liquidity. The allocations are intended to become more conservative over time: the fund’s asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or product against market loss.

Transamerica Funds Annual Report 2018

Page    14

ClearTrack^® 2030

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Shares		Value
EXCHANGE-TRADED FUNDS - 100.0%
International Equity Funds - 21.9%
Vanguard FTSE Developed Markets ETF (A)		252,458		$  9,984,714
Vanguard FTSE Emerging Markets ETF		71,346		2,701,159
				12,685,873
International Fixed Income Fund - 3.2%
Vanguard Total International Bond ETF		33,840		1,845,295
U.S. Equity Funds - 43.0%
Schwab U.S. Large-Cap ETF		307,456		19,883,180
Schwab U.S. REIT ETF		31,349		1,273,710
Schwab U.S. Small-Cap ETF		55,787		3,800,768
				24,957,658
U.S. Fixed Income Funds - 31.9%
iShares Core U.S. Aggregate Bond ETF		165,130		17,270,947
iShares TIPS Bond ETF		11,081		1,206,056
				18,477,003
Total Exchange-Traded Funds (Cost $54,096,940)				57,965,829
OTHER INVESTMENT COMPANY - 6.8%
Securities Lending Collateral - 6.8%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 2.19% (B)		3,931,700		3,931,700
Total Other Investment Company (Cost $3,931,700)				3,931,700

	Principal		Value
REPURCHASE AGREEMENT - 0.4%
Fixed Income Clearing Corp., 1.25% (B), dated 10/31/2018, to be repurchased at $223,445 on 11/01/2018. Collateralized by a U.S. Government Obligation, 1.13%, due 08/31/2021, and with a value of $228,986.		$  223,437		$   223,437
Total Repurchase Agreement (Cost $223,437)				223,437
Total Investments (Cost $58,252,077)				62,120,966
Net Other Assets (Liabilities) - (7.2)%				(4,166,641	)
Net Assets - 100.0%				$  57,954,325

SECURITY VALUATION:

Valuation Inputs ^(C)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS Investments
Exchange-Traded Funds	$	57,965,829	$	—	$	—	$	57,965,829
Other Investment Company		3,931,700		—		—		3,931,700
Repurchase Agreement		—		223,437		—		223,437
Total Investments	$	61,897,529	$	223,437	$	—	$	62,120,966

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	All or a portion of the security is on loan. The value of the security on loan is $3,839,474. 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, 2018.
(C)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. 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 2018

Page    15

ClearTrack^® 2035

(unaudited)

MARKET ENVIRONMENT

Across asset classes, markets proved to be challenging over the 12-month period ended on October 31, 2018. After a prolonged period of steady upward momentum in risk assets during 2017, volatility returned in 2018 marked by two key episodes.

The first occurred in early February. Following strong wage gains data, many market participants reevaluated their inflation expectations on the belief that inflation would increase faster than previously thought. This belief implied that the U.S. Federal Reserve would accelerate its pace of hiking interest rates, which could be unfavorable for risk assets and potentially slow down economic growth. In response, the CBOE Volatility Index^® spiked to levels not seen since 2015 and the S&P 500^® declined by almost nine percent before rebounding and recovering most losses by the end of the month. Furthermore, fixed income assets sold off in rates, credit, municipals and structured products.

The second bout of significant volatility occurred in October. After a relatively calm and constructive summer, risk sentiment suddenly turned, and markets sold off across the board in the U.S. and abroad. Uncertainty surrounding trade tensions, growth and solvency in emerging markets and the outcome of the U.S. midterm elections were primary catalysts. For the month of October 2018, equities comprising the S&P 500^® fell -6.84%, and abroad, equities forming the MSCI World Index declined -7.32% and -8.70% in the MSCI Emerging Markets Index. Within fixed income, indices also decreased broadly in the U.S., with the Bloomberg Barclays Global Aggregate Bond Index falling -1.12%.

In our view, the economic outlook in the U.S. continues to remain on solid footing. However, a divergence in global growth continues, which could weigh on investors going forward. This combined with continued trade, emerging market and political uncertainty led us to remain neutral to cautiously optimistic on risk assets.

PERFORMANCE

For the year ended October 31, 2018, ClearTrack^® 2035 (Class R6) returned -0.81%. By comparison, its benchmark, the Dow Jones Target 2035 Index, returned 0.27%.

STRATEGY REVIEW

ClearTrack^® 2035 seeks to achieve its investment objective by investing in a combination of underlying exchange traded funds (“ETFs”) representing a variety of broad asset classes — equity, fixed income and inflation-hedging — and investment styles. The Fund is managed to the specific target date included in its name, which is intended to coincide, generally, with an investor’s retirement year. The Fund follows a particular glide path in which, over time, its target asset mix will gradually become more conservative until approximately 10 years after the target date, when the mix will become static.

For the year ended October 31, 2018, the Fund underperformed its benchmark, the Dow Jones Target Date 2035 Index, chiefly due to style selection; manager selection was also slightly negative. Style selection, or sub-asset class effect, detracted within emerging markets equity and international fixed income. Manager selection effects were negative within international equity. Asset allocation benefited the Fund, chiefly due to an overweight in U.S. large cap equity and underweights in emerging markets equity, and both the U.S. and international fixed income. An overweight in international equity detracted from the return.

The Fund had a negative absolute return over the period with mixed performance from its underlying holdings. Four of the seven holdings had positive returns. U.S. large cap equity was the best performing asset class led by Schwab U.S. Large-Cap ETF, followed by the Schwab U.S. REIT ETF. The only fixed income holding in positive territory was the Vanguard Total International Bond Index ETF. The laggard was the Vanguard FTSE Emerging Markets ETF.

Adam J. Petryk, CFA

Thomas Picciochi

Ellen Tesler

Co-Portfolio Managers

QS Investors, LLC

Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		46.3	%
International Equity Funds		27.7
U.S. Fixed Income Fund		23.9
International Fixed Income Fund		1.4
Repurchase Agreement		1.0
Net Other Assets (Liabilities)		(0.3	)
Total		100.0	%

Transamerica Funds Annual Report 2018

Page    16

ClearTrack^® 2035

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			10 Years or Since Inception of Class			Inception Date
Class R1 (NAV)		(1.62	)%		3.85	%		03/02/2015
Class R6 (NAV)		(0.81	)%		4.54	%		03/02/2015
Dow Jones Target 2035 Index (A)		0.27	%		4.61	%

^(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.

The Dow Jones Target Date Indices are passively-managed indices designed to automatically adjust their asset allocations over time to reflect reductions in potential risk as an investor’s target date approaches. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load. If a sales charge had been deducted, the results would have been lower. There are no sales charges for Class R shares. Class R shares are available only to eligible retirement plans.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The ClearTrack^® target date options invest in exchange-traded funds (“ETFs”) which may represent a variety of broad asset classes including equity, fixed income, inflation-hedging, and short-term defensive instruments and may be subject to all of the risks of these asset classes. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF’s shares may be above or below the shares’ net asset value; and an active trading market for an ETF’s shares may not develop or be maintained, which may constrain liquidity. The allocations are intended to become more conservative over time: the fund’s asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or product against market loss.

Transamerica Funds Annual Report 2018

Page    17

ClearTrack^® 2035

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Shares		Value
EXCHANGE-TRADED FUNDS - 99.3%
International Equity Funds - 27.7%
Vanguard FTSE Developed Markets ETF		319,155		$  12,622,580
Vanguard FTSE Emerging Markets ETF		92,811		3,513,825
				16,136,405
International Fixed Income Fund - 1.4%
Vanguard Total International Bond ETF		14,970		816,314
U.S. Equity Funds - 46.3%
Schwab U.S. Large-Cap ETF		335,018		21,665,614
Schwab U.S. REIT ETF		38,475		1,563,239
Schwab U.S. Small-Cap ETF		55,860		3,805,742
				27,034,595
U.S. Fixed Income Fund - 23.9%
iShares Core U.S. Aggregate Bond ETF		133,251		13,936,722
Total Exchange-Traded Funds (Cost $53,002,211)				57,924,036

	Principal		Value
REPURCHASE AGREEMENT - 1.0%
Fixed Income Clearing Corp., 1.25% (A), dated 10/31/2018, to be repurchased at $568,220 on 11/01/2018. Collateralized by a U.S. Government Obligation, 1.13%, due 08/31/2021, and with a value of $582,006.		$  568,200		$   568,200
Total Repurchase Agreement (Cost $568,200)				568,200
Total Investments (Cost $53,570,411)				58,492,236
Net Other Assets (Liabilities) - (0.3)%				(182,376	)
Net Assets - 100.0%				$  58,309,860

SECURITY VALUATION:

Valuation Inputs ^(B)

	Level 1 -  Unadjusted Quoted Prices		Level 2 -  Other Significant Observable Inputs		Level 3 -  Significant Unobservable Inputs		Value
ASSETS
Investments
Exchange-Traded Funds	$	57,924,036	$	—	$	—	$	57,924,036
Repurchase Agreement		—		568,200		—		568,200
Total Investments	$	57,924,036	$	568,200	$	—	$	58,492,236

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Rate disclosed reflects the yield at October 31, 2018.
(B)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. 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 2018

Page    18

ClearTrack^® 2040

(unaudited)

MARKET ENVIRONMENT

Across asset classes, markets proved to be challenging over the 12-month period ended on October 31, 2018. After a prolonged period of steady upward momentum in risk assets during 2017, volatility returned in 2018 marked by two key episodes.

The first occurred in early February. Following strong wage gains data, many market participants reevaluated their inflation expectations on the belief that inflation would increase faster than previously thought. This belief implied that the U.S. Federal Reserve would accelerate its pace of hiking interest rates, which could be unfavorable for risk assets and potentially slow down economic growth. In response, the CBOE Volatility Index^® spiked to levels not seen since 2015 and the S&P 500^® declined by almost nine percent before rebounding and recovering most losses by the end of the month. Furthermore, fixed income assets sold off in rates, credit, municipals and structured products.

The second bout of significant volatility occurred in October. After a relatively calm and constructive summer, risk sentiment suddenly turned, and markets sold off across the board in the U.S. and abroad. Uncertainty surrounding trade tensions, growth and solvency in emerging markets and the outcome of the U.S. midterm elections were primary catalysts. For the month of October 2018, equities comprising the S&P 500^® fell -6.84%, and abroad, equities forming the MSCI World Index declined -7.32% and -8.70% in the MSCI Emerging Markets Index. Within fixed income, indices also decreased broadly in the U.S., with the Bloomberg Barclays Global Aggregate Bond Index falling -1.12%.

In our view, the economic outlook in the U.S. continues to remain on solid footing. However, a divergence in global growth continues, which could weigh on investors going forward. This combined with continued trade, emerging market and political uncertainty led us to remain neutral to cautiously optimistic on risk assets.

PERFORMANCE

For the year ended October 31, 2018, ClearTrack^® 2040 (Class R6) returned -0.62%. By comparison, its benchmark, the Dow Jones Target 2040 Index, returned 0.39%.

STRATEGY REVIEW

ClearTrack^® 2040 seeks to achieve its investment objective by investing in a combination of underlying exchange traded funds (“ETFs”) representing a variety of broad asset classes — equity and fixed income — and investment styles. The Fund is managed to the specific target date included in its name, which is intended to coincide, generally, with an investor’s retirement year. The Fund follows a particular glide path in which, over time, its target asset mix will gradually become more conservative until approximately 10 years after the target date, when the mix will become static.

For the year ended October 31, 2018, the Fund underperformed its benchmark, the Dow Jones Target Date 2040 Index, chiefly due to style selection; manager selection was also slightly negative. Style selection, or sub-asset class effect, detracted within emerging markets equity and emerging markets fixed income. Manager selection effects were negative within international equity. Asset allocation benefited the fund, chiefly due to an overweight in U.S. large cap equity and underweights in emerging markets equity, and both U.S. and international fixed income. An overweight in international equity detracted.

The Fund had a negative absolute return over the period with mixed performance from its underlying holdings. Four of the seven holdings had positive returns. U.S. large cap equity was the best performing asset class led by the Schwab U.S. Large-Cap ETF, followed by the Schwab U.S. REIT ETF. The only fixed income holding in positive territory was the Vanguard Total International Bond Index ETF. The laggard was the Vanguard FTSE Emerging Markets ETF.

Adam J. Petryk, CFA

Thomas Picciochi

Ellen Tesler

Co-Portfolio Managers

QS Investors, LLC

Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		50.6	%
International Equity Funds		29.9
U.S. Fixed Income Fund		17.9
International Fixed Income Fund		1.0
Repurchase Agreement		0.7
Net Other Assets (Liabilities)		(0.1	)
Total		100.0	%

Transamerica Funds Annual Report 2018

Page    19

ClearTrack^® 2040

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			10 Years or Since Inception of Class			Inception Date
Class R1 (NAV)		(1.17	)%		4.28	%		03/02/2015
Class R6 (NAV)		(0.62	)%		5.04	%		03/02/2015
Dow Jones Target 2040 Index (A)		0.39	%		5.06	%

^(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.

The Dow Jones Target Date Indices are passively-managed indices designed to automatically adjust their asset allocations over time to reflect reductions in potential risk as an investor’s target date approaches. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load. If a sales charge had been deducted, the results would have been lower. There are no sales charges for Class R shares. Class R shares are available only to eligible retirement plans.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The ClearTrack^® target date options invest in exchange-traded funds (“ETFs”) which may represent a variety of broad asset classes including equity, fixed income, inflation-hedging, and short-term defensive instruments and may be subject to all of the risks of these asset classes. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF’s shares may be above or below the shares’ net asset value; and an active trading market for an ETF’s shares may not develop or be maintained, which may constrain liquidity. The allocations are intended to become more conservative over time: the fund’s asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or product against market loss.

Transamerica Funds Annual Report 2018

Page    20

ClearTrack^® 2040

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Shares		Value
EXCHANGE-TRADED FUNDS - 99.4%
International Equity Funds - 29.9%
Vanguard FTSE Developed Markets ETF		309,692		$  12,248,319
Vanguard FTSE Emerging Markets ETF		85,920		3,252,931
				15,501,250
International Fixed Income Fund - 1.0%
Vanguard Total International Bond ETF		9,987		544,591
U.S. Equity Funds - 50.6%
Schwab U.S. Large-Cap ETF		325,996		21,082,161
Schwab U.S. REIT ETF		39,638		1,610,492
Schwab U.S. Small-Cap ETF		52,152		3,553,116
				26,245,769
U.S. Fixed Income Fund - 17.9%
iShares Core U.S. Aggregate Bond ETF		88,546		9,261,026
Total Exchange-Traded Funds (Cost $46,543,481)				51,552,636

	Principal		Value
REPURCHASE AGREEMENT - 0.7%
Fixed Income Clearing Corp., 1.25% (A), dated 10/31/2018, to be repurchased at $386,800 on 11/01/2018. Collateralized by a U.S. Government Obligation, 1.13%, due 08/31/2021, and with a value of $395,955.		$  386,787		$   386,787
Total Repurchase Agreement (Cost $386,787)				386,787
Total Investments (Cost $46,930,268)				51,939,423
Net Other Assets (Liabilities) - (0.1)%				(76,474	)
Net Assets - 100.0%				$  51,862,949

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	$	51,552,636	$	—	$	—	$	51,552,636
Repurchase Agreement		—		386,787		—		386,787
Total Investments	$	51,552,636	$	386,787	$	—	$	51,939,423

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Rate disclosed reflects the yield at October 31, 2018.
(B)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. 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 2018

Page    21

ClearTrack^® 2045

(unaudited)

MARKET ENVIRONMENT

Across asset classes, markets proved to be challenging over the 12-month period ended on October 31, 2018. After a prolonged period of steady upward momentum in risk assets during 2017, volatility returned in 2018 marked by two key episodes.

The first occurred in early February. Following strong wage gains data, many market participants reevaluated their inflation expectations on the belief that inflation would increase faster than previously thought. This belief implied that the U.S. Federal Reserve would accelerate its pace of hiking interest rates, which could be unfavorable for risk assets and potentially slow down economic growth. In response, the CBOE Volatility Index^® spiked to levels not seen since 2015 and the S&P 500^® declined by almost nine percent before rebounding and recovering most losses by the end of the month. Furthermore, fixed income assets sold off in rates, credit, municipals and structured products.

The second bout of significant volatility occurred in October. After a relatively calm and constructive summer, risk sentiment suddenly turned, and markets sold off across the board in the U.S. and abroad. Uncertainty surrounding trade tensions, growth and solvency in emerging markets and the outcome of the U.S. midterm elections were primary catalysts. For the month of October 2018, equities comprising the S&P 500^® fell -6.84%, and abroad, equities forming the MSCI World Index declined -7.32% and -8.70% in the MSCI Emerging Markets Index. Within fixed income, indices also decreased broadly in the U.S., with the Bloomberg Barclays Global Aggregate Bond Index falling -1.12%.

In our view, the economic outlook in the U.S. continues to remain on solid footing. However, a divergence in global growth continues, which could weigh on investors going forward. This combined with continued trade, emerging market and political uncertainty led us to remain neutral to cautiously optimistic on risk assets.

PERFORMANCE

For the year ended October 31, 2018, ClearTrack^® 2045 (Class R6) returned -0.35%. By comparison, its benchmark, the Dow Jones Target 2045 Index, returned 0.46%.

STRATEGY REVIEW

ClearTrack^® 2045 seeks to achieve its investment objective by investing in a combination of underlying exchange traded funds (“ETFs”) representing a variety of broad asset classes — equity and fixed income — and investment styles. The Fund is managed to the specific target date included in its name, which is intended to coincide, generally, with an investor’s retirement year. The Fund follows a particular glide path in which, over time, its target asset mix will gradually become more conservative until approximately 10 years after the target date, when the mix will become static.

For the year ended October 31, 2018, the Fund underperformed its benchmark, the Dow Jones Target Date 2045 Index, chiefly due to style selection; manager selection was also slightly negative. Style selection, or sub-asset class effect, detracted within emerging markets equity and emerging markets fixed income. Manager selection effects were negative within international equity. Asset allocation benefited the Fund, chiefly due to an overweight in U.S. large cap equity and underweights in emerging markets equity, and both U.S. and international fixed income. An overweight in international equity detracted.

The Fund had a negative absolute return with mixed performance from its underlying holdings. Three of the six holdings had positive returns. U.S. large cap equity was the best performing asset class led by Schwab U.S. Large-Cap ETF, followed by the Schwab U.S. REIT ETF. The only fixed income holding was the iShares Barclays Aggregate Bond Fund. The laggard was the Vanguard FTSE Emerging Markets ETF.

Adam J. Petryk, CFA

Thomas Picciochi

Ellen Tesler

Co-Portfolio Managers

QS Investors, LLC

Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		55.2	%
International Equity Funds		35.6
Other Investment Company		28.7
U.S. Fixed Income Fund		8.5
Repurchase Agreement		0.8
Net Other Assets (Liabilities)		(28.8	)
Total		100.0	%

Transamerica Funds Annual Report 2018

Page    22

ClearTrack^® 2045

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			10 Years or Since Inception of Class			Inception Date
Class R1 (NAV)		(0.97	)%		4.75	%		03/02/2015
Class R6 (NAV)		(0.35	)%		5.43	%		03/02/2015
Dow Jones Target 2045 Index (A)		0.46	%		5.37	%

^(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.

The Dow Jones Target Date Indices are passively-managed indices designed to automatically adjust their asset allocations over time to reflect reductions in potential risk as an investor’s target date approaches. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load. If a sales charge had been deducted, the results would have been lower. There are no sales charges for Class R shares. Class R shares are available only to eligible retirement plans.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The ClearTrack^® target date options invest in exchange-traded funds (“ETFs”) which may represent a variety of broad asset classes including equity, fixed income, inflation-hedging, and short-term defensive instruments and may be subject to all of the risks of these asset classes. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF’s shares may be above or below the shares’ net asset value; and an active trading market for an ETF’s shares may not develop or be maintained, which may constrain liquidity. The allocations are intended to become more conservative over time: the fund’s asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or product against market loss.

Transamerica Funds Annual Report 2018

Page    23

ClearTrack^® 2045

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Shares		Value
EXCHANGE-TRADED FUNDS - 99.3%
International Equity Funds - 35.6%
Vanguard FTSE Developed Markets ETF (A)		257,270		$  10,175,029
Vanguard FTSE Emerging Markets ETF		57,557		2,179,108
				12,354,137
U.S. Equity Funds - 55.2%
Schwab U.S. Large-Cap ETF		238,326		15,412,542
Schwab U.S. REIT ETF		31,041		1,261,196
Schwab U.S. Small-Cap ETF		36,122		2,460,992
				19,134,730
U.S. Fixed Income Fund - 8.5%
iShares Core U.S. Aggregate Bond ETF		28,046		2,933,331
Total Exchange-Traded Funds (Cost $30,533,922)				34,422,198
OTHER INVESTMENT COMPANY - 28.7%
Securities Lending Collateral - 28.7%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 2.19% (B)		9,936,270		9,936,270
Total Other Investment Company (Cost $9,936,270)				9,936,270

	Principal		Value
REPURCHASE AGREEMENT - 0.8%
Fixed Income Clearing Corp., 1.25% (B), dated 10/31/2018, to be repurchased at $269,221 on 11/01/2018. Collateralized by a U.S. Government Obligation, 1.13%, due 08/31/2021, and with a value of $276,692.		$  269,212		$   269,212
Total Repurchase Agreement (Cost $269,212)				269,212
Total Investments (Cost $40,739,404)				44,627,680
Net Other Assets (Liabilities) - (28.8)%				(9,983,225	)
Net Assets - 100.0%				$  34,644,455

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	$	34,422,198	$	—	$	—	$	34,422,198
Other Investment Company		9,936,270		—		—		9,936,270
Repurchase Agreement		—		269,212		—		269,212
Total Investments	$	44,358,468	$	269,212	$	—	$	44,627,680

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	All or a portion of the security is on loan. The value of the security on loan is $9,703,197. 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, 2018.
(C)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. 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 2018

Page    24

ClearTrack^® 2050

(unaudited)

MARKET ENVIRONMENT

Across asset classes, markets proved to be challenging over the 12-month period ended on October 31, 2018. After a prolonged period of steady upward momentum in risk assets during 2017, volatility returned in 2018 marked by two key episodes.

The first occurred in early February. Following strong wage gains data, many market participants reevaluated their inflation expectations on the belief that inflation would increase faster than previously thought. This belief implied that the U.S. Federal Reserve would accelerate its pace of hiking interest rates, which could be unfavorable for risk assets and potentially slow down economic growth. In response, the CBOE Volatility Index^® spiked to levels not seen since 2015 and the S&P 500^® declined by almost nine percent before rebounding and recovering most losses by the end of the month. Furthermore, fixed income assets sold off in rates, credit, municipals and structured products.

The second bout of significant volatility occurred in October. After a relatively calm and constructive summer, risk sentiment suddenly turned, and markets sold off across the board in the U.S. and abroad. Uncertainty surrounding trade tensions, growth and solvency in emerging markets and the outcome of the U.S. midterm elections were primary catalysts. For the month of October 2018, equities comprising the S&P 500^® fell -6.84%, and abroad, equities forming the MSCI World Index declined -7.32% and -8.70% in the MSCI Emerging Markets Index. Within fixed income, indices also decreased broadly in the U.S., with the Bloomberg Barclays Global Aggregate Bond Index falling -1.12%.

In our view, the economic outlook in the U.S. continues to remain on solid footing. However, a divergence in global growth continues, which could weigh on investors going forward. This combined with continued trade, emerging market and political uncertainty led us to remain neutral to cautiously optimistic on risk assets.

PERFORMANCE

For the year ended October 31, 2018, ClearTrack^® 2050 (Class R6) returned -0.34%. By comparison, its benchmark, the Dow Jones Target 2050 Index, returned 0.48%.

STRATEGY REVIEW

ClearTrack^® 2050 seeks to achieve its investment objective by investing in a combination of underlying exchange traded funds (“ETFs”) representing a variety of broad asset classes — equity and fixed income — and investment styles. The Fund is managed to the specific target date included in its name, which is intended to coincide, generally, with an investor’s retirement year. The Fund follows a particular glide path in which, over time, its target asset mix will gradually become more conservative until approximately 10 years after the target date, when the mix will become static.

For the year ended October 31, 2018, the Fund underperformed its benchmark, the Dow Jones Target Date 2050 Index, chiefly due to style selection; manager selection was also slightly negative. Style selection, or sub-asset class effect, detracted chiefly within emerging markets equity. Manager selection effects were negative within international equity. Asset allocation benefited the Fund, chiefly due to an underweight in emerging markets equity and an overweight in U.S large cap equity. An overweight in international equity detracted.

The Fund had a negative absolute return over the period with mixed performance from its underlying holdings. Three of the six holdings had positive returns. U.S. large cap equity was the best performing asset class led by Schwab U.S. Large-Cap ETF, followed by the Schwab U.S. REIT ETF. The only fixed income holding was the iShares Barclays Aggregate Bond Fund. The laggard was the Vanguard FTSE Emerging Markets ETF.

Adam J. Petryk, CFA

Thomas Picciochi

Ellen Tesler

Co-Portfolio Managers

QS Investors, LLC

Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		56.4	%
International Equity Funds		36.5
Other Investment Company		28.5
U.S. Fixed Income Fund		6.3
Repurchase Agreement		1.0
Net Other Assets (Liabilities)		(28.7	)
Total		100.0	%

Transamerica Funds Annual Report 2018

Page    25

ClearTrack^® 2050

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			10 Years or Since Inception of Class			Inception Date
Class R1 (NAV)		(1.04	)%		4.78	%		03/02/2015
Class R6 (NAV)		(0.34	)%		5.46	%		03/02/2015
Dow Jones Target 2050 Index (A)		0.48	%		5.53	%

^(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.

The Dow Jones Target Date Indices are passively-managed indices designed to automatically adjust their asset allocations over time to reflect reductions in potential risk as an investor’s target date approaches. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load. If a sales charge had been deducted, the results would have been lower. There are no sales charges for Class R shares. Class R shares are available only to eligible retirement plans.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The ClearTrack^® target date options invest in exchange-traded funds (“ETFs”) which may represent a variety of broad asset classes including equity, fixed income, inflation-hedging, and short-term defensive instruments and may be subject to all of the risks of these asset classes. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF’s shares may be above or below the shares’ net asset value; and an active trading market for an ETF’s shares may not develop or be maintained, which may constrain liquidity. The allocations are intended to become more conservative over time: the fund’s asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or product against market loss.

Transamerica Funds Annual Report 2018

Page    26

ClearTrack^® 2050

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Shares		Value
EXCHANGE-TRADED FUNDS - 99.2%
International Equity Funds - 36.5%
Vanguard FTSE Developed Markets ETF (A)		202,764		$  8,019,316
Vanguard FTSE Emerging Markets ETF		48,687		1,843,290
				9,862,606
U.S. Equity Funds - 56.4%
Schwab U.S. Large-Cap ETF		189,512		12,255,741
Schwab U.S. REIT ETF		24,596		999,336
Schwab U.S. Small-Cap ETF		28,757		1,959,214
				15,214,291
U.S. Fixed Income Fund - 6.3%
iShares Core U.S. Aggregate Bond ETF (A)		16,184		1,692,685
Total Exchange-Traded Funds (Cost $23,719,677)				26,769,582
OTHER INVESTMENT COMPANY - 28.5%
Securities Lending Collateral - 28.5%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 2.19% (B)		7,681,830		7,681,830
Total Other Investment Company (Cost $7,681,830)				7,681,830

	Principal		Value
REPURCHASE AGREEMENT - 1.0%
Fixed Income Clearing Corp., 1.25% (B), dated 10/31/2018, to be repurchased at $264,508 on 11/01/2018. Collateralized by a U.S. Government Obligation, 1.13%, due 08/31/2021, and with a value of $271,921.		$  264,498		$   264,498
Total Repurchase Agreement (Cost $264,498)				264,498
Total Investments (Cost $31,666,005)				34,715,910
Net Other Assets (Liabilities) - (28.7)%				(7,738,021	)
Net Assets - 100.0%				$  26,977,889

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	$	26,769,582	$	—	$	—	$	26,769,582
Other Investment Company		7,681,830		—		—		7,681,830
Repurchase Agreement		—		264,498		—		264,498
Total Investments	$	34,451,412	$	264,498	$	—	$	34,715,910

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 $7,507,151. 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, 2018.
(C)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. 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 2018

Page    27

ClearTrack^® 2055

(unaudited)

MARKET ENVIRONMENT

Across asset classes, markets proved to be challenging over the 12-month period ended on October 31, 2018. After a prolonged period of steady upward momentum in risk assets during 2017, volatility returned in 2018 marked by two key episodes.

The first occurred in early February. Following strong wage gains data, many market participants reevaluated their inflation expectations on the belief that inflation would increase faster than previously thought. This belief implied that the U.S. Federal Reserve would accelerate its pace of hiking interest rates, which could be unfavorable for risk assets and potentially slow down economic growth. In response, the CBOE Volatility Index^® spiked to levels not seen since 2015 and the S&P 500^® declined by almost nine percent before rebounding and recovering most losses by the end of the month. Furthermore, fixed income assets sold off in rates, credit, municipals and structured products.

The second bout of significant volatility occurred in October. After a relatively calm and constructive summer, risk sentiment suddenly turned, and markets sold off across the board in the U.S. and abroad. Uncertainty surrounding trade tensions, growth and solvency in emerging markets and the outcome of the U.S. midterm elections were primary catalysts. For the month of October 2018, equities comprising the S&P 500^® fell -6.84%, and abroad, equities forming the MSCI World Index declined -7.32% and -8.70% in the MSCI Emerging Markets Index. Within fixed income, indices also decreased broadly in the U.S., with the Bloomberg Barclays Global Aggregate Bond Index falling -1.12%.

In our view, the economic outlook in the U.S. continues to remain on solid footing. However, a divergence in global growth continues, which could weigh on investors going forward. This combined with continued trade, emerging market and political uncertainty led us to remain neutral to cautiously optimistic on risk assets.

PERFORMANCE

For the year ended October 31, 2018, ClearTrack^® 2055 (Class R6) returned -0.37%. By comparison, its benchmark, the Dow Jones Target 2055 Index, returned 0.47%.

STRATEGY REVIEW

ClearTrack^® 2055 seeks to achieve its investment objective by investing in a combination of underlying exchange traded funds (“ETFs”) representing a variety of broad asset classes — equity and fixed income — and investment styles. The Fund is managed to the specific target date included in its name, which is intended to coincide, generally, with an investor’s retirement year. The Fund follows a particular glide path in which, over time, its target asset mix will gradually become more conservative until approximately 10 years after the target date, when the mix will become static.

For the year ended October 31, 2018, the Fund underperformed its benchmark, the Dow Jones Target Date 2055 Index, chiefly due to style selection; manager selection was also slightly negative. Style selection, or sub-asset class effect, detracted mainly within emerging markets equity. Manager selection effects were negative within international equity. Asset allocation benefited the Fund, chiefly due to an underweight in emerging markets equities and an overweight in U.S large cap equity. An overweight in international equity detracted.

The Fund had a negative absolute return over the period with mixed performance from its underlying holdings. Three of the six holdings had positive returns. U.S. large cap equity was the best performing asset class led by Schwab U.S. Large-Cap ETF, followed by the Schwab U.S. REIT ETF. The only fixed income holding was the iShares Barclays Aggregate Bond Fund. The laggard was the Vanguard FTSE Emerging Markets ETF.

Adam J. Petryk, CFA

Thomas Picciochi

Ellen Tesler

Co-Portfolio Managers

QS Investors, LLC

Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		58.3	%
International Equity Funds		37.4
U.S. Fixed Income Fund		6.9
Net Other Assets (Liabilities)		(2.6	)
Total		100.0	%

Transamerica Funds Annual Report 2018

Page    28

ClearTrack^® 2055

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			10 Years or Since Inception of Class			Inception Date
Class R1 (NAV)		(0.96	)%		3.83	%		07/07/2017
Class R6 (NAV)		(0.37	)%		4.51	%		07/07/2017
Dow Jones Target 2055 Index (A)		0.47	%		5.65	%

^(A) Dow Jones Target 2055 Index measures the performance of multi-asset-class portfolios with market risk profiles that become more conservative over time. Each Dow Jones Target Date Index is made up of composite indices representing equity securities, fixed income securities, and money market instruments. The asset class indices are weighted differently within each target date index depending on the time horizon. Each month, the allocations among the asset class indices are rebalanced to reflect an increasingly conservative asset mix.

The Dow Jones Target Date Indices are passively-managed indices designed to automatically adjust their asset allocations over time to reflect reductions in potential risk as an investor’s target date approaches. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load. If a sales charge had been deducted, the results would have been lower. There are no sales charges for Class R shares. Class R shares are available only to eligible retirement plans.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The ClearTrack^® target date options invest in exchange-traded funds (“ETFs”) which may represent a variety of broad asset classes including equity, fixed income, inflation-hedging, and short-term defensive instruments and may be subject to all of the risks of these asset classes. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF’s shares may be above or below the shares’ net asset value; and an active trading market for an ETF’s shares may not develop or be maintained, which may constrain liquidity. The allocations are intended to become more conservative over time: the fund’s asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or product against market loss.

Transamerica Funds Annual Report 2018

Page    29

ClearTrack^® 2055

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Shares		Value
EXCHANGE-TRADED FUNDS - 102.6%
International Equity Funds - 37.4%
Vanguard FTSE Developed Markets ETF		4,074		$  161,127
Vanguard FTSE Emerging Markets ETF		1,006		38,087
				199,214
U.S. Equity Funds - 58.3%
Schwab U.S. Large-Cap ETF		3,852		249,109
Schwab U.S. REIT ETF		516		20,965
Schwab U.S. Small-Cap ETF		587		39,992
				310,066
U.S. Fixed Income Fund - 6.9%
iShares Core U.S. Aggregate Bond ETF		352		36,816
Total Exchange-Traded Funds (Cost $541,004)				546,096
Total Investments (Cost $541,004)				546,096
Net Other Assets (Liabilities) - (2.6)%				(13,650	)
Net Assets - 100.0%				$  532,446

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	$	546,096	$	—	$	—	$	546,096
Total Investments	$	546,096	$	—	$	—	$	546,096

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A) There were no transfers in or out of Level 3 during the year ended October 31, 2018. 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 2018

Page    30

ClearTrack^® 2060

(unaudited)

MARKET ENVIRONMENT

Across asset classes, markets proved to be challenging over the 12-month period ended on October 31, 2018. After a prolonged period of steady upward momentum in risk assets during 2017, volatility returned in 2018 marked by two key episodes.

The first occurred in early February. Following strong wage gains data, many market participants reevaluated their inflation expectations on the belief that inflation would increase faster than previously thought. This belief implied that the U.S. Federal Reserve would accelerate its pace of hiking interest rates, which could be unfavorable for risk assets and potentially slow down economic growth. In response, the CBOE Volatility Index^® spiked to levels not seen since 2015 and the S&P 500^® declined by almost nine percent before rebounding and recovering most losses by the end of the month. Furthermore, fixed income assets sold off in rates, credit, municipals and structured products.

The second bout of significant volatility occurred in October. After a relatively calm and constructive summer, risk sentiment suddenly turned, and markets sold off across the board in the U.S. and abroad. Uncertainty surrounding trade tensions, growth and solvency in emerging markets and the outcome of the U.S. midterm elections were primary catalysts. For the month of October 2018, equities comprising the S&P 500^® fell -6.84%, and abroad, equities forming the MSCI World Index declined -7.32% and -8.70% in the MSCI Emerging Markets Index. Within fixed income, indices also decreased broadly in the U.S., with the Bloomberg Barclays Global Aggregate Bond Index falling -1.12%.

In our view, the economic outlook in the U.S. continues to remain on solid footing. However, a divergence in global growth continues, which could weigh on investors going forward. This combined with continued trade, emerging market and political uncertainty led us to remain neutral to cautiously optimistic on risk assets.

PERFORMANCE

For the year ended October 31, 2018, ClearTrack^® 2060 (Class R6) returned -0.37%. By comparison, its benchmark, the Dow Jones Target 2060 Index, returned 0.47%.

STRATEGY REVIEW

ClearTrack^® 2060 seeks to achieve its investment objective by investing in a combination of underlying exchange traded funds (“ETFs”) representing a variety of broad asset classes — equity and fixed income — and investment styles. The Fund is managed to the specific target date included in its name, which is intended to coincide, generally, with an investor’s retirement year. The Fund follows a particular glide path in which, over time, its target asset mix will gradually become more conservative until approximately 10 years after the target date, when the mix will become static.

For the year ended October 31, 2018, the Fund underperformed its benchmark, the Dow Jones Target Date 2060 Index, chiefly due to style selection; manager selection was also slightly negative. Style selection, or sub-asset class effect, detracted mainly within emerging markets equity. Manager selection effects were negative within international equity. Asset allocation benefited the Fund, chiefly due to an underweight in emerging markets equity and an overweight in U.S large cap equity. An overweight in international equity detracted.

The Fund had a negative absolute return over the period with mixed performance from its underlying holdings. Three of the six holdings had positive returns. U.S. large cap equity was the best performing asset class led by Schwab U.S. Large-Cap ETF, followed by the Schwab U.S. REIT ETF. The only fixed income holding was the iShares Barclays Aggregate Bond Fund. The laggard was the Vanguard FTSE Emerging Markets ETF.

Adam J. Petryk, CFA

Thomas Picciochi

Ellen Tesler

Co-Portfolio Managers

QS Investors, LLC

Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		58.7	%
International Equity Funds		37.0
U.S. Fixed Income Fund		7.0
Net Other Assets (Liabilities)		(2.7	)
Total		100.0	%

Transamerica Funds Annual Report 2018

Page    31

ClearTrack^® 2060

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			10 Years or Since Inception of Class			Inception Date
Class R1 (NAV)		(0.96	)%		3.83	%		07/07/2017
Class R6 (NAV)		(0.37	)%		4.51	%		07/07/2017
Dow Jones Target 2060 Index (A)		0.47	%		5.65	%

^(A) Dow Jones Target 2060 Index measures the performance of multi-asset-class portfolios with market risk profiles that become more conservative over time. Each Dow Jones Target Date Index is made up of composite indices representing equity securities, fixed income securities, and money market instruments. The asset class indices are weighted differently within each target date index depending on the time horizon. Each month, the allocations among the asset class indices are rebalanced to reflect an increasingly conservative asset mix.

The Dow Jones Target Date Indices are passively-managed indices designed to automatically adjust their asset allocations over time to reflect reductions in potential risk as an investor’s target date approaches. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load. If a sales charge had been deducted, the results would have been lower. There are no sales charges for Class R shares. Class R shares are available only to eligible retirement plans.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The ClearTrack^® target date options invest in exchange-traded funds (“ETFs”) which may represent a variety of broad asset classes including equity, fixed income, inflation-hedging, and short-term defensive instruments and may be subject to all of the risks of these asset classes. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF’s shares may be above or below the shares’ net asset value; and an active trading market for an ETF’s shares may not develop or be maintained, which may constrain liquidity. The allocations are intended to become more conservative over time: the fund’s asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or product against market loss.

Transamerica Funds Annual Report 2018

Page    32

ClearTrack^® 2060

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Shares		Value
EXCHANGE-TRADED FUNDS - 102.7%
International Equity Funds - 37.0%
Vanguard FTSE Developed Markets ETF		4,008		$  158,516
Vanguard FTSE Emerging Markets ETF		975		36,914
				195,430
U.S. Equity Funds - 58.7%
Schwab U.S. Large-Cap ETF		3,851		249,044
Schwab U.S. REIT ETF		516		20,965
Schwab U.S. Small-Cap ETF		587		39,992
				310,001
U.S. Fixed Income Fund - 7.0%
iShares Core U.S. Aggregate Bond ETF		352		36,816
Total Exchange-Traded Funds (Cost $536,833)				542,247
Total Investments (Cost $536,833)				542,247
Net Other Assets (Liabilities) - (2.7)%				(14,234	)
Net Assets - 100.0%				$  528,013

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	$	542,247	$	—	$	—	$	542,247
Total Investments	$	542,247	$	—	$	—	$	542,247

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A) There were no transfers in or out of Level 3 during the year ended October 31, 2018. 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 2018

Page    33

ClearTrack^® Retirement Income

(unaudited)

MARKET ENVIRONMENT

Across asset classes, markets proved to be challenging over the 12-month period ended on October 31, 2018. After a prolonged period of steady upward momentum in risk assets during 2017, volatility returned in 2018 marked by two key episodes.

The first occurred in early February. Following strong wage gains data, many market participants reevaluated their inflation expectations on the belief that inflation would increase faster than previously thought. This belief implied that the U.S. Federal Reserve would accelerate its pace of hiking interest rates, which could be unfavorable for risk assets and potentially slow down economic growth. In response, the CBOE Volatility Index^® spiked to levels not seen since 2015 and the S&P 500^® declined by almost nine percent before rebounding and recovering most losses by the end of the month. Furthermore, fixed income assets sold off in rates, credit, municipals and structured products.

The second bout of significant volatility occurred in October. After a relatively calm and constructive summer, risk sentiment suddenly turned, and markets sold off across the board in the U.S. and abroad. Uncertainty surrounding trade tensions, growth and solvency in emerging markets and the outcome of the U.S. midterm elections were primary catalysts. For the month of October 2018, equities comprising the S&P 500^® fell -6.84%, and abroad, equities forming the MSCI World Index declined -7.32% and -8.70% in the MSCI Emerging Markets Index. Within fixed income, indices also decreased broadly in the U.S., with the Bloomberg Barclays Global Aggregate Bond Index falling -1.12%.

In our view, the economic outlook in the U.S. continued to remain on solid footing. However, a divergence in global growth continues, which could weigh on investors going forward. This combined with continued trade, emerging market and political uncertainty led us to remain neutral to cautiously optimistic on risk assets.

PERFORMANCE

For the year ended October 31, 2018, ClearTrack^® Retirement Income (Class R6) returned -1.19%. By comparison, its primary and secondary benchmarks, the Bloomberg Barclays US Aggregate Bond Index and the ClearTrack^® Retirement Income Blended Benchmark, returned -2.05% and -1.50%, respectively.

STRATEGY REVIEW

ClearTrack^® Retirement Income seeks to achieve its investment objective by investing in a combination of underlying exchange traded funds (“ETFs”) representing a variety of broad asset classes — equity, fixed income and inflation-hedging — and investment styles. The Fund’s objective is to provide investors 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 following their retirement date.

For the year ended October 31, 2018, the Fund outperformed its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. Style selection, or sub-asset class effect, added value chiefly within U.S. large cap equity. Selection in U.S. small cap equity also added value. Manager selection detracted, primarily in international equity. U.S. real estate equity also weighed on performance. Asset allocation effects were neutral.

The Fund had a negative absolute return over the period with mixed performance from its underlying holdings. Four of the nine holdings held for the full period had positive returns. U.S. large cap equity was the best performing asset class led by the Schwab U.S. Large-Cap ETF, followed by the Schwab U.S. REIT ETF. The only fixed income holding in positive territory was the Vanguard Total International Bond Index ETF. The laggard was the Vanguard FTSE Emerging Markets ETF.

Adam J. Petryk, CFA

Thomas Picciochi

Ellen Tesler

Co-Portfolio Managers

QS Investors, LLC

Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		59.7	%
U.S. Equity Funds		24.6
International Fixed Income Funds		8.4
International Equity Funds		6.4
Other Investment Company		3.4
Repurchase Agreement		1.0
Net Other Assets (Liabilities)		(3.5	)
Total		100.0	%

Transamerica Funds Annual Report 2018

Page    34

ClearTrack^® Retirement Income

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2018
	1 Year			10 Years or Since Inception of Class			Inception Date
Class R1 (NAV)		(1.86	)%		1.63	%		03/02/2015
Class R6 (NAV)		(1.19	)%		2.29	%		03/02/2015
Bloomberg Barclays US Aggregate Bond Index (A)		(2.05	)%		0.85	%
ClearTrack® Retirement Income Blended Benchmark (A) (B) (C) (D) (E) (F) (G) (H) (I)		(1.50	)%		2.69	%

^(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 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 Cap Index is an issuer-constrained measurement of the market of U.S. dollar denominated, non-investment grade, fixed-rate, taxable corporate bonds. The exposure of each issuer is limited to 2% of the total market value of the index.

^(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.

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

Transamerica Funds Annual Report 2018

Page    35

ClearTrack^® Retirement Income (continued)

(unaudited)

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load. If a sales charge had been deducted, the results would have been lower. There are no sales charges for Class R shares. Class R shares are available only to eligible retirement plans.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The ClearTrack^® target date options invest in exchange-traded funds (“ETFs”) which may represent a variety of broad asset classes including equity, fixed income, inflation-hedging, and short-term defensive instruments and may be subject to all of the risks of these asset classes. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF’s shares may be above or below the shares’ net asset value; and an active trading market for an ETF’s shares may not develop or be maintained, which may constrain liquidity. The allocations are intended to become more conservative over time: the fund’s asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or product against market loss.

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Transamerica Funds Annual Report 2018

Page    36

ClearTrack^® Retirement Income

SCHEDULE OF INVESTMENTS

At October 31, 2018

	Shares		Value
EXCHANGE-TRADED FUNDS - 99.1%
International Equity Funds - 6.4%
Vanguard FTSE Developed Markets ETF		93,549		$  3,699,863
Vanguard FTSE Emerging Markets ETF		25,035		947,825
				4,647,688
International Fixed Income Funds - 8.4%
iShares JP Morgan USD Emerging Markets Bond ETF		6,943		726,655
Vanguard Total International Bond ETF		99,791		5,441,603
				6,168,258
U.S. Equity Funds - 24.6%
Schwab U.S. Large-Cap ETF		217,918		14,092,757
Schwab U.S. REIT ETF		9,651		392,120
Schwab U.S. Small-Cap ETF		50,534		3,442,881
				17,927,758
U.S. Fixed Income Funds - 59.7%
iShares Core U.S. Aggregate Bond ETF		344,142		35,993,812
iShares TIPS Bond ETF		47,155		5,132,350
SPDR Bloomberg Barclays High Yield Bond ETF (A)		69,508		2,443,901
				43,570,063
Total Exchange-Traded Funds (Cost $73,146,813)				72,313,767

	Shares		Value
OTHER INVESTMENT COMPANY - 3.4%
Securities Lending Collateral - 3.4%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 2.19% (B)		2,477,232		$   2,477,232
Total Other Investment Company (Cost $2,477,232)				2,477,232
	Principal		Value
REPURCHASE AGREEMENT - 1.0%
Fixed Income Clearing Corp., 1.25% (B), dated 10/31/2018, to be repurchased at $714,868 on 11/01/2018. Collateralized by a U.S. Government Obligation, 1.13%, due 08/31/2021, and with a value of $729,893.		$  714,844		714,844
Total Repurchase Agreement (Cost $714,844)				714,844
Total Investments (Cost $76,338,889)				75,505,843
Net Other Assets (Liabilities) - (3.5)%				(2,587,667	)
Net Assets - 100.0%				$  72,918,176

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	$	72,313,767	$	—	$	—	$	72,313,767
Other Investment Company		2,477,232		—		—		2,477,232
Repurchase Agreement		—		714,844		—		714,844
Total Investments	$	74,790,999	$	714,844	$	—	$	75,505,843

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	All or a portion of the security is on loan. The value of the security on loan is $2,419,430. 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, 2018.
(C)	There were no transfers in or out of Level 3 during the year ended October 31, 2018. 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 2018

Page    37

STATEMENTS OF ASSETS AND LIABILITIES

At October 31, 2018

	ClearTrack® 2015		ClearTrack® 2020		ClearTrack® 2025		ClearTrack® 2030		ClearTrack® 2035
Assets:
Investments, at value (A) (B)	$	52,756,979	$	70,722,601	$	74,303,979	$	61,897,529	$	57,924,036
Repurchase agreements, at value (C)		331,829		589,764		462,220		223,437		568,200
Receivables and other assets:
Net income from securities lending		2,461		1,835		1,148		1,107		1,304
Shares of beneficial interest sold		—		23		9,968		—		40
Interest		12		20		16		8		20
Total assets		53,091,281		71,314,243		74,777,331		62,122,081		58,493,600
Liabilities:
Cash collateral received upon return of:
Securities on loan		11,013,372		10,633,353		—		3,931,700		—
Payables and other liabilities:
Shares of beneficial interest redeemed		10,074		1,549		810		141,960		89,487
Investment management fees		24,803		33,121		40,135		32,497		32,455
Distribution and service fees		19,278		27,843		34,049		27,080		27,203
Transfer agent fees		6,076		8,775		10,735		8,533		8,572
Trustees, CCO and deferred compensation fees		86		128		156		124		124
Audit and tax fees		13,542		13,725		13,843		13,693		13,699
Custody fees		2,696		2,769		2,692		2,677		2,644
Legal fees		407		604		734		572		576
Printing and shareholder reports fees		4,171		6,003		7,131		5,615		5,669
Registration fees		2,780		2,843		2,887		2,835		2,835
Other accrued expenses		337		497		604		470		476
Total liabilities		11,097,622		10,731,210		113,776		4,167,756		183,740
Net assets	$	41,993,659	$	60,583,033	$	74,663,555	$	57,954,325	$	58,309,860
Net assets consist of:
Paid-in capital	$	38,768,393	$	55,028,451	$	66,838,843	$	50,850,356	$	49,892,107
Total distributable earnings		3,225,266		5,554,582		7,824,712		7,103,969		8,417,753
Net assets	$	41,993,659	$	60,583,033	$	74,663,555	$	57,954,325	$	58,309,860
Net assets by class:
Class R1	$	41,572,349	$	59,914,339	$	73,294,035	$	57,571,006	$	57,851,063
Class R6		421,310		668,694		1,369,520		383,319		458,797
Shares outstanding (unlimited shares, no par value):
Class R1		4,060,351		5,772,419		6,847,816		5,278,702		5,214,602
Class R6		40,732		63,716		126,504		34,736		40,869
Net asset value per share:
Class R1	$	10.24	$	10.38	$	10.70	$	10.91	$	11.09
Class R6		10.34		10.49		10.83		11.04		11.23
(A) Investments, at cost	$	51,371,371	$	68,658,319	$	70,657,838	$	58,028,640	$	53,002,211
(B) Securities on loan, at value	$	10,769,697	$	10,387,858	$	—	$	3,839,474	$	—
(C) Repurchase agreements, at cost	$	331,829	$	589,764	$	462,220	$	223,437	$	568,200

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    38

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2018

	ClearTrack® 2040		ClearTrack® 2045		ClearTrack® 2050		ClearTrack® 2055		ClearTrack® 2060
Assets:
Investments, at value (A) (B)	$	51,552,636	$	44,358,468	$	34,451,412	$	546,096	$	542,247
Repurchase agreements, at value (C)		386,787		269,212		264,498		—		—
Cash		—		—		—		2,857		2,270
Receivables and other assets:
Net income from securities lending		1,250		1,329		1,042		—		—
Shares of beneficial interest sold		3,000		16,957		11		—		—
Interest		14		9		9		—		—
Due from investment manager		—		—		—		2,117		2,118
Total assets		51,943,687		44,645,975		34,716,972		551,070		546,635
Liabilities:
Cash collateral received upon return of:
Securities on loan		—		9,936,270		7,681,830		—		—
Payables and other liabilities:
Shares of beneficial interest redeemed		322		75		4,191		2		—
Investment management fees		24,000		21,784		15,169		—		—
Distribution and service fees		23,906		15,986		12,319		122		122
Transfer agent fees		7,536		5,039		3,885		40		40
Trustees, CCO and deferred compensation fees		108		70		54		1		1
Audit and tax fees		13,631		13,466		13,399		13,169		13,169
Custody fees		2,552		2,151		2,385		2,357		2,357
Legal fees		500		326		253		5		5
Printing and shareholder reports fees		4,955		3,324		2,656		329		329
Registration fees		2,813		2,758		2,734		2,596		2,596
Other accrued expenses		415		271		208		3		3
Total liabilities		80,738		10,001,520		7,739,083		18,624		18,622
Net assets	$	51,862,949	$	34,644,455	$	26,977,889	$	532,446	$	528,013
Net assets consist of:
Paid-in capital	$	43,733,747	$	28,796,311	$	22,571,657	$	509,240	$	504,488
Total distributable earnings		8,129,202		5,848,144		4,406,232		23,206		23,525
Net assets	$	51,862,949	$	34,644,455	$	26,977,889	$	532,446	$	528,013
Net assets by class:
Class R1	$	51,048,086	$	34,139,472	$	26,278,898	$	262,680	$	262,685
Class R6		814,863		504,983		698,991		269,766		265,328
Shares outstanding (unlimited shares, no par value):
Class R1		4,534,654		2,980,960		2,281,469		25,163		25,163
Class R6		71,263		43,572		59,953		25,697		25,274
Net asset value per share:
Class R1	$	11.26	$	11.45	$	11.52	$	10.44	$	10.44
Class R6		11.43		11.59		11.66		10.50		10.50
(A) Investments, at cost	$	46,543,481	$	40,470,192	$	31,401,507	$	541,004	$	536,833
(B) Securities on loan, at value	$	—	$	9,703,197	$	7,507,151	$	—	$	—
(C) Repurchase agreements, at cost	$	386,787	$	269,212	$	264,498	$	—	$	—

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    39

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2018

	ClearTrack® Retirement Income
Assets:
Investments, at value (A) (B)	$	74,790,999
Repurchase agreements, at value (C)		714,844
Receivables and other assets:
Net income from securities lending		1,886
Interest		25
Total assets		75,507,754
Liabilities:
Cash collateral received upon return of:
Securities on loan		2,477,232
Payables and other liabilities:
Shares of beneficial interest redeemed		748
Investment management fees		39,114
Distribution and service fees		33,419
Transfer agent fees		10,530
Trustees, CCO and deferred compensation fees		157
Audit and tax fees		13,851
Custody fees		2,937
Legal fees		746
Printing and shareholder reports fees		7,348
Registration fees		2,884
Other accrued expenses		612
Total liabilities		2,589,578
Net assets	$	72,918,176
Net assets consist of:
Paid-in capital	$	69,184,496
Total distributable earnings		3,733,680
Net assets	$	72,918,176
Net assets by class:
Class R1	$	72,493,502
Class R6		424,674
Shares outstanding (unlimited shares, no par value):
Class R1		7,084,281
Class R6		41,017
Net asset value per share:
Class R1	$	10.23
Class R6		10.35
(A) Investments, at cost	$	75,624,045
(B) Securities on loan, at value	$	2,419,430
(C) Repurchase agreements, at cost	$	714,844

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    40

STATEMENTS OF OPERATIONS

For the year ended October 31, 2018

	ClearTrack® 2015			ClearTrack® 2020			ClearTrack® 2025			ClearTrack® 2030			ClearTrack® 2035
Investment Income:
Dividend income	$	1,187,591		$	1,735,022		$	2,063,384		$	1,590,079		$	1,602,765
Interest income		2,918			3,925			5,140			3,715			4,040
Net income from securities lending		14,497			21,336			11,698			14,183			10,159
Total investment income		1,205,006			1,760,283			2,080,222			1,607,977			1,616,964
Expenses:
Investment management fees		180,090			267,828			325,342			253,377			255,825
Distribution and service fees:
Class R1		234,827			349,027			421,010			331,498			334,312
Transfer agent fees
Class R1		73,971			109,944			132,618			104,422			105,308
Class R6		33			51			106			29			35
Trustees, CCO and deferred compensation fees		1,106			1,652			2,011			1,565			1,577
Audit and tax fees		17,407			18,852			19,760			19,373			19,763
Custody fees		10,279			10,318			10,157			10,152			9,895
Legal fees		2,249			3,505			4,264			3,302			3,350
Printing and shareholder reports fees		8,932			12,294			14,450			11,620			11,738
Registration fees		30,890			31,162			31,337			31,118			31,129
Other		2,389			2,907			3,234			2,814			2,815
Total expenses before waiver and/or reimbursement and recapture		562,173			807,540			964,289			769,270			775,747
Expenses waived and/or reimbursed:
Class R1		(49,944	)		(44,459	)		(29,328	)		(37,701	)		(37,414	)
Class R6		(479	)		(434	)		(511	)		(217	)		(272	)
Recapture of previously waived and/or reimbursed fees:
Class R1		16,104			22,126			23,412			19,533			19,548
Class R6		163			223			407			118			142
Net expenses		528,017			784,996			958,269			751,003			757,751
Net investment income (loss)		676,989			975,287			1,121,953			856,974			859,213
Net realized gain (loss) on:
Investments		2,266,769			3,792,817			3,595,717			2,726,978			2,974,998
Net change in unrealized appreciation (depreciation) on:
Investments		(3,593,570	)		(5,470,371	)		(5,658,673	)		(4,122,160	)		(4,435,565	)
Net realized and change in unrealized gain (loss)		(1,326,801	)		(1,677,554	)		(2,062,956	)		(1,395,182	)		(1,460,567	)
Net increase (decrease) in net assets resulting from operations	$	(649,812	)	$	(702,267	)	$	(941,003	)	$	(538,208	)	$	(601,354	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    41

STATEMENTS OF OPERATIONS (continued)

For the year ended October 31, 2018

	ClearTrack® 2040			ClearTrack® 2045			ClearTrack® 2050			ClearTrack® 2055			ClearTrack® 2060
Investment Income:
Dividend income	$	1,354,963		$	856,871		$	659,509		$	12,330		$	12,325
Interest income		3,412			2,502			1,976			—			—
Net income from securities lending		8,141			7,723			5,716			—			—
Total investment income		1,366,516			867,096			667,201			12,330			12,325
Expenses:
Investment management fees		223,042			145,900			113,432			2,103			2,101
Distribution and service fees:
Class R1		289,489			189,045			145,850			1,378			1,378
Transfer agent fees
Class R1		91,189			59,549			45,943			435			435
Class R6		60			44			51			22			22
Trustees, CCO and deferred compensation fees		1,376			899			698			13			13
Audit and tax fees		18,539			17,591			17,388			16,522			16,522
Custody fees		9,656			8,158			9,111			7,955			7,954
Legal fees		2,918			1,895			1,479			649			649
Printing and shareholder reports fees		10,432			7,361			6,115			1,265			1,265
Registration fees		31,036			30,807			30,746			31,441			31,441
Other		2,613			2,160			1,967			1,304			1,306
Total expenses before waiver and/or reimbursement and recapture		680,350			463,409			372,780			63,087			63,086
Expenses waived and/or reimbursed:
Class R1		(38,451	)		(40,470	)		(46,296	)		(44,707	)		(44,755	)
Class R6		(529	)		(636	)		(1,112	)		(45,066	)		(45,017	)
Recapture of previously waived and/or reimbursed fees:
Class R1		16,464			11,402			10,240			15,508			15,525
Class R6		239			189			260			15,625			15,607
Net expenses		658,073			433,894			335,872			4,447			4,446
Net investment income (loss)		708,443			433,202			331,329			7,883			7,879
Net realized gain (loss) on:
Investments		2,722,911			1,738,261			1,147,291			12,638			12,639
Net change in unrealized appreciation (depreciation) on:
Investments		(3,804,813	)		(2,362,803	)		(1,658,137	)		(24,447	)		(24,132	)
Net realized and change in unrealized gain (loss)		(1,081,902	)		(624,542	)		(510,846	)		(11,809	)		(11,493	)
Net increase (decrease) in net assets resulting from operations	$	(373,459	)	$	(191,340	)	$	(179,517	)	$	(3,926	)	$	(3,614	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    42

STATEMENTS OF OPERATIONS (continued)

For the year ended October 31, 2018

	ClearTrack® Retirement Income
Investment Income:
Dividend income	$	2,247,494
Interest income		4,590
Net income from securities lending		29,228
Total investment income		2,281,312
Expenses:
Investment management fees		327,396
Distribution and service fees:
Class R1		428,646
Transfer agent fees
Class R1		135,024
Class R6		32
Trustees, CCO and deferred compensation fees		2,017
Audit and tax fees		17,659
Custody fees		11,022
Legal fees		4,306
Printing and shareholder reports fees		12,331
Registration fees		31,337
Other		3,313
Total expenses before waiver and/or reimbursement and recapture		973,083
Expenses waived and/or reimbursed:
Class R1		(45,469	)
Class R6		(229	)
Recapture of previously waived and/or reimbursed fees:
Class R1		26,039
Class R6		136
Net expenses		953,560
Net investment income (loss)		1,327,752
Net realized gain (loss) on:
Investments		3,772,608
Net change in unrealized appreciation (depreciation) on:
Investments		(6,329,224	)
Net realized and change in unrealized gain (loss)		(2,556,616	)
Net increase (decrease) in net assets resulting from operations	$	(1,228,864	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    43

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended:

	ClearTrack® 2015						ClearTrack® 2020						ClearTrack® 2025
	October 31, 2018			October 31, 2017			October 31, 2018			October 31, 2017			October 31, 2018			October 31, 2017
From operations:
Net investment income (loss)	$	676,989		$	667,517		$	975,287		$	875,121		$	1,121,953		$	976,072
Net realized gain (loss)		2,266,769			458,601			3,792,817			426,387			3,595,717			446,999
Net change in unrealized appreciation (depreciation)		(3,593,570	)		3,731,357			(5,470,371	)		6,170,550			(5,658,673	)		8,248,723
Net increase (decrease) in net assets resulting from operations		(649,812	)		4,857,475			(702,267	)		7,472,058			(941,003	)		9,671,794
Distributions (A):
Dividends and/or distributions to shareholders:
Class R1		(1,115,887	)		—			(1,327,179	)		—			(1,460,620	)		—
Class R6		(12,067	)		—			(15,544	)		—			(31,735	)		—
Net investment income:
Class R1		—			(560,391	)		—			(704,529	)		—			(790,233	)
Class R6		—			(5,392	)		—			(8,206	)		—			(8,700	)
Total dividends and/or distributions from net investment income		—			(565,783	)		—			(712,735	)		—			(798,933	)
Net realized gains:
Class R1		—			(80,803	)		—			(88,695	)		—			(14,460	)
Class R6		—			(547	)		—			(738	)		—			(114	)
Total dividends and/or distributions from net realized gains		—			(81,350	)		—			(89,433	)		—			(14,574	)
Total dividends and/or distributions to shareholders		(1,127,954	)		(647,133	)		(1,342,723	)		(802,168	)		(1,492,355	)		(813,507	)
Capital share transactions:
Proceeds from shares sold:
Class R1		958,095			14,089,688			2,935,905			21,666,202			2,100,508			28,151,097
Class R6		13,230			60,983			31,120			94,741			173,403			689,997
		971,325			14,150,671			2,967,025			21,760,943			2,273,911			28,841,094
Dividends and/or distributions reinvested:
Class R1		1,115,887			641,194			1,327,179			793,224			1,460,620			804,693
Class R6		12,067			5,939			15,544			8,944			31,735			8,814
		1,127,954			647,133			1,342,723			802,168			1,492,355			813,507
Cost of shares redeemed:
Class R1		(11,667,117	)		(10,718,716	)		(19,145,064	)		(9,073,392	)		(18,378,716	)		(11,091,601	)
Class R6		(1,491	)		(242	)		(28,380	)		(1,391	)		(169,441	)		(5,420	)
		(11,668,608	)		(10,718,958	)		(19,173,444	)		(9,074,783	)		(18,548,157	)		(11,097,021	)
Net increase (decrease) in net assets resulting from capital share transactions		(9,569,329	)		4,078,846			(14,863,696	)		13,488,328			(14,781,891	)		18,557,580
Net increase (decrease) in net assets		(11,347,095	)		8,289,188			(16,908,686	)		20,158,218			(17,215,249	)		27,415,867
Net assets:
Beginning of year		53,340,754			45,051,566			77,491,719			57,333,501			91,878,804			64,462,937
End of year	$	41,993,659		$	53,340,754		$	60,583,033		$	77,491,719		$	74,663,555		$	91,878,804
Undistributed (distributions in excess of) net investment income (loss) (A)		—		$	412,325			—		$	532,641			—		$	577,192
Capital share transactions - shares:
Shares issued:
Class R1		90,596			1,407,629			272,335			2,166,023			189,706			2,749,506
Class R6		1,244			6,010			2,880			8,967			15,496			66,217
		91,840			1,413,639			275,215			2,174,990			205,202			2,815,723
Shares reinvested:
Class R1		105,771			65,696			124,035			81,273			131,944			80,631
Class R6		1,139			605			1,445			912			2,851			878
		106,910			66,301			125,480			82,185			134,795			81,509
Shares redeemed:
Class R1		(1,102,471	)		(1,049,765	)		(1,781,636	)		(881,927	)		(1,654,801	)		(1,048,640	)
Class R6		(140	)		(24	)		(2,601	)		(135	)		(15,012	)		(504	)
		(1,102,611	)		(1,049,789	)		(1,784,237	)		(882,062	)		(1,669,813	)		(1,049,144	)
Net increase (decrease) in shares outstanding:
Class R1		(906,104	)		423,560			(1,385,266	)		1,365,369			(1,333,151	)		1,781,497
Class R6		2,243			6,591			1,724			9,744			3,335			66,591
		(903,861	)		430,151			(1,383,542	)		1,375,113			(1,329,816	)		1,848,088

(A) The sources of distributions to shareholders and the amount of undistributed net investment income are no longer required disclosures for the year ended October 31, 2018 due to the SEC Regulation S-X updates effective November 5, 2018. Please reference the New Accounting Pronouncements section of the Notes to Financial Statements for additional information.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    44

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	ClearTrack® 2030						ClearTrack® 2035						ClearTrack® 2040
	October 31, 2018			October 31, 2017			October 31, 2018			October 31, 2017			October 31, 2018			October 31, 2017
From operations:
Net investment income (loss)	$	856,974		$	786,215		$	859,213		$	846,201		$	708,443		$	736,961
Net realized gain (loss)		2,726,978			543,098			2,974,998			401,961			2,722,911			269,734
Net change in unrealized appreciation (depreciation)		(4,122,160	)		7,175,219			(4,435,565	)		8,337,398			(3,804,813	)		8,016,032
Net increase (decrease) in net assets resulting from operations		(538,208	)		8,504,532			(601,354	)		9,585,560			(373,459	)		9,022,727
Distributions (A):
Dividends and/or distributions to shareholders:
Class R1		(1,330,068	)		—			(1,220,164	)		—			(982,691	)		—
Class R6		(9,086	)		—			(9,885	)		—			(16,497	)		—
Net investment income:
Class R1		—			(644,133	)		—			(698,342	)		—			(563,549	)
Class R6		—			(4,572	)		—			(6,076	)		—			(7,201	)
Total dividends and/or distributions from net investment income		—			(648,705	)		—			(704,418	)		—			(570,750	)
Total dividends and/or distributions to shareholders		(1,339,154	)		(648,705	)		(1,230,049	)		(704,418	)		(999,188	)		(570,750	)
Capital share transactions:
Proceeds from shares sold:
Class R1		2,003,222			19,413,136			2,417,029			18,312,733			1,472,484			18,871,475
Class R6		39,557			18,387			53,819			90,815			127,995			314,635
		2,042,779			19,431,523			2,470,848			18,403,548			1,600,479			19,186,110
Dividends and/or distributions reinvested:
Class R1		1,330,068			644,133			1,220,164			698,342			982,691			563,549
Class R6		9,086			4,572			9,885			6,076			16,497			7,201
		1,339,154			648,705			1,230,049			704,418			999,188			570,750
Cost of shares redeemed:
Class R1		(13,934,317	)		(11,771,960	)		(14,927,194	)		(7,587,168	)		(10,424,814	)		(7,319,084	)
Class R6		(5,893	)		(16,509	)		(115,857	)		(6,061	)		(44,238	)		(115,751	)
		(13,940,210	)		(11,788,469	)		(15,043,051	)		(7,593,229	)		(10,469,052	)		(7,434,835	)
Net increase (decrease) in net assets resulting from capital share transactions		(10,558,277	)		8,291,759			(11,342,154	)		11,514,737			(7,869,385	)		12,322,025
Net increase (decrease) in net assets		(12,435,639	)		16,147,586			(13,173,557	)		20,395,879			(9,242,032	)		20,774,002
Net assets:
Beginning of year		70,389,964			54,242,378			71,483,417			51,087,538			61,104,981			40,330,979
End of year	$	57,954,325		$	70,389,964		$	58,309,860		$	71,483,417		$	51,862,949		$	61,104,981
Undistributed (distributions in excess of) net investment income (loss) (A)		—		$	450,709			—		$	499,336			—		$	466,192
Capital share transactions - shares:
Shares issued:
Class R1		177,097			1,876,217			208,400			1,756,946			124,466			1,808,065
Class R6		3,462			1,718			4,612			8,665			10,747			30,274
		180,559			1,877,935			213,012			1,765,611			135,213			1,838,339
Shares reinvested:
Class R1		118,018			63,776			105,825			68,802			83,991			55,577
Class R6		802			450			852			595			1,395			704
		118,820			64,226			106,677			69,397			85,386			56,281
Shares redeemed:
Class R1		(1,231,137	)		(1,095,883	)		(1,288,717	)		(702,286	)		(886,560	)		(671,049	)
Class R6		(517	)		(1,532	)		(9,895	)		(553	)		(3,680	)		(10,805	)
		(1,231,654	)		(1,097,415	)		(1,298,612	)		(702,839	)		(890,240	)		(681,854	)
Net increase (decrease) in shares outstanding:
Class R1		(936,022	)		844,110			(974,492	)		1,123,462			(678,103	)		1,192,593
Class R6		3,747			636			(4,431	)		8,707			8,462			20,173
		(932,275	)		844,746			(978,923	)		1,132,169			(669,641	)		1,212,766

(A) The sources of distributions to shareholders and the amount of undistributed net investment income are no longer required disclosures for the year ended October 31, 2018 due to the SEC Regulation S-X updates effective November 5, 2018. Please reference the New Accounting Pronouncements section of the Notes to Financial Statements for additional information.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    45

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:

	ClearTrack® 2045						ClearTrack® 2050						ClearTrack® 2055
	October 31, 2018			October 31, 2017			October 31, 2018			October 31, 2017			October 31, 2018			October 31, 2017 (A)
From operations:
Net investment income (loss)	$	433,202		$	453,536		$	331,329		$	314,125		$	7,883		$	1,409
Net realized gain (loss)		1,738,261			253,901			1,147,291			81,575			12,638			296
Net change in unrealized appreciation (depreciation)		(2,362,803	)		5,606,848			(1,658,137	)		4,342,431			(24,447	)		29,539
Net increase (decrease) in net assets resulting from operations		(191,340	)		6,314,285			(179,517	)		4,738,131			(3,926	)		31,244
Distributions (B):
Dividends and/or distributions to shareholders:
Class R1		(657,331	)		—			(377,585	)		—			(1,778	)		—
Class R6		(13,802	)		—			(11,904	)		—			(2,602	)		—
Net investment income:
Class R1		—			(352,543	)		—			(233,267	)		—			—
Class R6		—			(7,031	)		—			(7,360	)		—			—
Total dividends and/or distributions from net investment income		—			(359,574	)		—			(240,627	)		—			—
Total dividends and/or distributions to shareholders		(671,133	)		(359,574	)		(389,489	)		(240,627	)		(4,380	)		—
Capital share transactions:
Proceeds from shares sold:
Class R1		1,609,657			10,614,138			2,054,342			8,515,015			—			250,000
Class R6		82,850			70,415			131,483			73,424			5,130			250,000
		1,692,507			10,684,553			2,185,825			8,588,439			5,130			500,000
Dividends and/or distributions reinvested:
Class R1		657,331			352,543			377,585			233,267			1,778			—
Class R6		13,802			7,031			11,904			7,360			2,602			—
		671,133			359,574			389,489			240,627			4,380			—
Cost of shares redeemed:
Class R1		(5,790,518	)		(5,622,430	)		(4,930,704	)		(3,256,911	)		—			—
Class R6		(166,797	)		(7,290	)		(53,336	)		(25,494	)		(2	)		—
		(5,957,315	)		(5,629,720	)		(4,984,040	)		(3,282,405	)		(2	)		—
Net increase (decrease) in net assets resulting from capital share transactions		(3,593,675	)		5,414,407			(2,408,726	)		5,546,661			9,508			500,000
Net increase (decrease) in net assets		(4,456,148	)		11,369,118			(2,977,732	)		10,044,165			1,202			531,244
Net assets:
Beginning of period/year		39,100,603			27,731,485			29,955,621			19,911,456			531,244			—
End of period/year	$	34,644,455		$	39,100,603		$	26,977,889		$	29,955,621		$	532,446		$	531,244
Undistributed (distributions in excess of) net investment income (loss) (B)		—		$	272,935			—		$	186,611			—		$	1,665
Capital share transactions - shares:
Shares issued:
Class R1		132,465			1,007,181			169,808			807,052			—			25,000
Class R6		6,849			6,590			10,805			6,662			458			25,000
		139,314			1,013,771			180,613			813,714			458			50,000
Shares reinvested:
Class R1		55,145			34,529			31,465			22,803			163			—
Class R6		1,150			685			986			715			239			—
		56,295			35,214			32,451			23,518			402			—
Shares redeemed:
Class R1		(480,849	)		(513,841	)		(407,941	)		(298,390	)		—			—
Class R6		(13,556	)		(649	)		(4,409	)		(2,341	)		(0	)(C)		—
		(494,405	)		(514,490	)		(412,350	)		(300,731	)		(0	)(C)		—
Net increase (decrease) in shares outstanding:
Class R1		(293,239	)		527,869			(206,668	)		531,465			163			25,000
Class R6		(5,557	)		6,626			7,382			5,036			697			25,000
		(298,796	)		534,495			(199,286	)		536,501			860			50,000

(A)	Commenced operations on July 7, 2017.
(B)	The sources of distributions to shareholders and the amount of undistributed net investment income are no longer required disclosures for the year ended October 31, 2018 due to the SEC Regulation S-X updates effective November 5, 2018. Please reference the New Accounting Pronouncements section of the Notes to Financial Statements for additional information.
(C)	Rounds to less than 1 or (1) share.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    46

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:

	ClearTrack® 2060					ClearTrack® Retirement Income
	October 31, 2018			October 31, 2017 (A)		October 31, 2018			October 31, 2017
From operations:
Net investment income (loss)	$	7,879		$	1,410	$	1,327,752		$	1,309,539
Net realized gain (loss)		12,639			295		3,772,608			454,756
Net change in unrealized appreciation (depreciation)		(24,132	)		29,546		(6,329,224	)		4,251,581
Net increase (decrease) in net assets resulting from operations		(3,614	)		31,251		(1,228,864	)		6,015,876
Distributions (B):
Dividends and/or distributions to shareholders:
Class R1		(1,777	)		—		(1,855,727	)		—
Class R6		(2,603	)		—		(10,571	)		—
Net investment income:
Class R1		—			—		—			(925,163	)
Class R6		—			—		—			(4,123	)
Total dividends and/or distributions from net investment income		—			—		—			(929,286	)
Total dividends and/or distributions to shareholders		(4,380	)		—		(1,866,298	)		(929,286	)
Capital share transactions:
Proceeds from shares sold:
Class R1		—			250,000		1,248,096			35,523,597
Class R6		376			250,000		44,739			126,466
		376			500,000		1,292,835			35,650,063
Dividends and/or distributions reinvested:
Class R1		1,777			—		1,855,727			925,163
Class R6		2,603			—		10,571			4,123
		4,380			—		1,866,298			929,286
Cost of shares redeemed:
Class R1		—			—		(26,369,053	)		(14,751,142	)
Class R6		—			—		(23,247	)		(424	)
		—			—		(26,392,300	)		(14,751,566	)
Net increase (decrease) in net assets resulting from capital share transactions		4,756			500,000		(23,233,167	)		21,827,783
Net increase (decrease) in net assets		(3,238	)		531,251		(26,328,329	)		26,914,373
Net assets:
Beginning of period/year		531,251			—		99,246,505			72,332,132
End of period/year	$	528,013		$	531,251	$	72,918,176		$	99,246,505
Undistributed (distributions in excess of) net investment income (loss) (B)		—		$	1,666		—		$	877,908
Capital share transactions - shares:
Shares issued:
Class R1		—			25,000		118,252			3,499,386
Class R6		35			25,000		4,234			12,459
		35			50,000		122,486			3,511,845
Shares reinvested:
Class R1		163			—		176,736			92,981
Class R6		239			—		1,001			412
		402			—		177,737			93,393
Shares redeemed:
Class R1		—			—		(2,512,156	)		(1,423,010	)
Class R6		—			—		(2,228	)		(40	)
		—			—		(2,514,384	)		(1,423,050	)
Net increase (decrease) in shares outstanding:
Class R1		163			25,000		(2,217,168	)		2,169,357
Class R6		274			25,000		3,007			12,831
		437			50,000		(2,214,161	)		2,182,188

(A)	Commenced operations on July 7, 2017.
(B)	The sources of distributions to shareholders and the amount of undistributed net investment income are no longer required disclosures for the year ended October 31, 2018 due to the SEC Regulation S-X updates effective November 5, 2018. Please reference the New Accounting Pronouncements section of the Notes to Financial Statements for additional information.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    47

FINANCIAL HIGHLIGHTS

For a share outstanding during the period and years indicated:	ClearTrack® 2015
	Class R1
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	10.66		$	9.85		$	9.76		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.15			0.13			0.11	(D)		0.08
Net realized and unrealized gain (loss)		(0.33	)		0.82			0.03			(0.32	)
Total investment operations		(0.18	)		0.95			0.14			(0.24	)
Dividends and/or distributions to shareholders:
Net investment income		(0.14	)		(0.12	)		(0.05	)		—
Net realized gains		(0.10	)		(0.02	)		(0.00	)(E)		—
Total dividends and/or distributions to shareholders		(0.24	)		(0.14	)		(0.05	)		—
Net asset value, end of period/year	$	10.24		$	10.66		$	9.85		$	9.76
Total return		(1.76	)%		9.72	%		1.52	%		(2.40	)%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	41,573		$	52,926		$	44,735		$	15,821
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		1.19	%		1.17	%		1.22	%		3.19	%(H)
Including waiver and/or reimbursement and recapture (I)		1.12	%		1.11	%		1.08	%(D)		1.06	%(H)
Net investment income (loss) to average net assets (C)		1.42	%		1.28	%		1.18	%(D)		1.32	%(H)
Portfolio turnover rate (J)		23	%		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)	Due to TAM waiving the underlying ETF fund fees, waiver and/or reimbursements may be applied under the total operating expense limit.
(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® 2015
	Class R6
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	10.77		$	9.93		$	9.80		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.22			0.20			0.18	(D)		0.13
Net realized and unrealized gain (loss)		(0.33	)		0.83			0.02			(0.33	)
Total investment operations		(0.11	)		1.03			0.20			(0.20	)
Dividends and/or distributions to shareholders:
Net investment income		(0.22	)		(0.17	)		(0.07	)		—
Net realized gains		(0.10	)		(0.02	)		(0.00	)(E)		—
Total dividends and/or distributions to shareholders		(0.32	)		(0.19	)		(0.07	)		—
Net asset value, end of period/year	$	10.34		$	10.77		$	9.93		$	9.80
Total return		(1.16	)%		10.50	%		2.11	%		(2.00	)%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	421		$	415		$	317		$	245
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		0.54	%		0.52	%		0.57	%		2.54	%(H)
Including waiver and/or reimbursement and recapture (I)		0.47	%		0.46	%		0.43	%(D)		0.41	%(H)
Net investment income (loss) to average net assets (C)		2.06	%		1.91	%		1.87	%(D)		1.96	%(H)
Portfolio turnover rate (J)		23	%		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)	Due to TAM waiving the underlying ETF fund fees, waiver and/or reimbursements may be applied under the total operating expense limit.
(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 2018

Page    48

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	ClearTrack® 2020
	Class R1
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	10.73		$	9.81		$	9.75		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.15			0.12			0.12	(D)		0.09
Net realized and unrealized gain (loss)		(0.31	)		0.92			(0.01	)(E)		(0.34	)
Total investment operations		(0.16	)		1.04			0.11			(0.25	)
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.11	)		(0.05	)		—
Net realized gains		(0.06	)		(0.01	)		(0.00	)(F)		—
Total dividends and/or distributions to shareholders		(0.19	)		(0.12	)		(0.05	)		—
Net asset value, end of period/year	$	10.38		$	10.73		$	9.81		$	9.75
Total return		(1.55	)%		10.79	%		1.21	%		(2.50	)%(G)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	59,914		$	76,819		$	56,817		$	15,345
Expenses to average net assets (H)
Excluding waiver and/or reimbursement and recapture		1.15	%		1.14	%		1.20	%		3.27	%(I)
Including waiver and/or reimbursement and recapture (J)		1.12	%		1.11	%		1.08	%(D)		1.05	%(I)
Net investment income (loss) to average net assets (C)		1.38	%		1.21	%		1.19	%(D)		1.36	%(I)
Portfolio turnover rate (K)		25	%		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)	Due to TAM waiving the underlying ETF fund fees, waiver and/or reimbursements may be applied under the total operating expense limit.
(K)	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, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	10.85		$	9.89		$	9.79		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.22			0.19			0.18	(D)		0.13
Net realized and unrealized gain (loss)		(0.32	)		0.94			(0.01	)(E)		(0.34	)
Total investment operations		(0.10	)		1.13			0.17			(0.21	)
Dividends and/or distributions to shareholders:
Net investment income		(0.20	)		(0.16	)		(0.07	)		—
Net realized gains		(0.06	)		(0.01	)		(0.00	)(F)		—
Total dividends and/or distributions to shareholders		(0.26	)		(0.17	)		(0.07	)		—
Net asset value, end of period/year	$	10.49		$	10.85		$	9.89		$	9.79
Total return		(1.00	)%		11.62	%		1.80	%		(2.10	)%(G)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	669		$	673		$	517		$	245
Expenses to average net assets (H)
Excluding waiver and/or reimbursement and recapture		0.50	%		0.49	%		0.55	%		2.62	%(I)
Including waiver and/or reimbursement and recapture (J)		0.47	%		0.46	%		0.43	%(D)		0.40	%(I)
Net investment income (loss) to average net assets (C)		2.01	%		1.85	%		1.90	%(D)		1.95	%(I)
Portfolio turnover rate (K)		25	%		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)	Due to TAM waiving the underlying ETF fund fees, waiver and/or reimbursements may be applied under the total operating expense limit.
(K)	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 2018

Page    49

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	ClearTrack® 2025
	Class R1
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	11.06		$	9.98		$	9.77		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.14			0.12			0.12	(D)		0.08
Net realized and unrealized gain (loss)		(0.32	)		1.07			0.14			(0.31	)
Total investment operations		(0.18	)		1.19			0.26			(0.23	)
Dividends and/or distributions to shareholders:
Net investment income		(0.12	)		(0.11	)		(0.05	)		—
Net realized gains		(0.06	)		(0.00	)(E)		(0.00	)(E)		—
Total dividends and/or distributions to shareholders		(0.18	)		(0.11	)		(0.05	)		—
Net asset value, end of period/year	$	10.70		$	11.06		$	9.98		$	9.77
Total return		(1.65	)%		12.06	%		2.70	%		(2.30	)%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	73,294		$	90,501		$	63,893		$	14,942
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		1.14	%		1.13	%		1.19	%		3.19	%(H)
Including waiver and/or reimbursement and recapture (I)		1.13	%		1.12	%		1.09	%(D)		1.07	%(H)
Net investment income (loss) to average net assets (C)		1.30	%		1.15	%		1.22	%(D)		1.19	%(H)
Portfolio turnover rate (J)		25	%		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)	Due to TAM waiving the underlying ETF fund fees, waiver and/or reimbursements may be applied under the total operating expense limit.
(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® 2025
	Class R6
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	11.19		$	10.07		$	9.81		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.22			0.18			0.19	(D)		0.13
Net realized and unrealized gain (loss)		(0.32	)		1.09			0.14			(0.32	)
Total investment operations		(0.10	)		1.27			0.33			(0.19	)
Dividends and/or distributions to shareholders:
Net investment income		(0.20	)		(0.15	)		(0.07	)		—
Net realized gains		(0.06	)		(0.00	)(E)		(0.00	)(E)		—
Total dividends and/or distributions to shareholders		(0.26	)		(0.15	)		(0.07	)		—
Net asset value, end of period/year	$	10.83		$	11.19		$	10.07		$	9.81
Total return		(1.00	)%		12.83	%		3.37	%		(1.90	)%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,370		$	1,378		$	570		$	245
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		0.49	%		0.48	%		0.54	%		2.54	%(H)
Including waiver and/or reimbursement and recapture (I)		0.48	%		0.47	%		0.44	%(D)		0.42	%(H)
Net investment income (loss) to average net assets (C)		1.93	%		1.69	%		1.93	%(D)		1.91	%(H)
Portfolio turnover rate (J)		25	%		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)	Due to TAM waiving the underlying ETF fund fees, waiver and/or reimbursements may be applied under the total operating expense limit.
(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 2018

Page    50

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	ClearTrack® 2030
	Class R1
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	11.27		$	10.04		$	9.82		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.15			0.12			0.11	(D)		0.08
Net realized and unrealized gain (loss)		(0.29	)		1.22			0.16			(0.26	)
Total investment operations		(0.14	)		1.34			0.27			(0.18	)
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.11	)		(0.05	)		—
Net realized gains		(0.09	)		—			(0.00	)(E)		—
Total dividends and/or distributions to shareholders		(0.22	)		(0.11	)		(0.05	)		—
Net asset value, end of period/year	$	10.91		$	11.27		$	10.04		$	9.82
Total return		(1.34	)%		13.43	%		2.74	%		(1.80	)%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	57,571		$	70,037		$	53,935		$	12,041
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		1.16	%		1.15	%		1.21	%		3.89	%(H)
Including waiver and/or reimbursement and recapture (I)		1.13	%		1.12	%		1.09	%(D)		1.08	%(H)
Net investment income (loss) to average net assets (C)		1.28	%		1.16	%		1.14	%(D)		1.27	%(H)
Portfolio turnover rate (J)		26	%		9	%		0	%(K)		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)	Due to TAM waiving the underlying ETF fund fees, waiver and/or reimbursements may be applied under the total operating expense limit.
(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® 2030
	Class R6
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	11.40		$	10.13		$	9.86		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.22			0.19			0.19	(D)		0.14
Net realized and unrealized gain (loss)		(0.29	)		1.23			0.14			(0.28	)
Total investment operations		(0.07	)		1.42			0.33			(0.14	)
Dividends and/or distributions to shareholders:
Net investment income		(0.20	)		(0.15	)		(0.06	)		—
Net realized gains		(0.09	)		—			(0.00	)(E)		—
Total dividends and/or distributions to shareholders		(0.29	)		(0.15	)		(0.06	)		—
Net asset value, end of period/year	$	11.04		$	11.40		$	10.13		$	9.86
Total return		(0.69	)%		14.20	%		3.40	%		(1.40	)%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	383		$	353		$	307		$	247
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		0.51	%		0.50	%		0.57	%		3.24	%(H)
Including waiver and/or reimbursement and recapture (I)		0.48	%		0.47	%		0.44	%(D)		0.43	%(H)
Net investment income (loss) to average net assets (C)		1.92	%		1.81	%		1.90	%(D)		2.05	%(H)
Portfolio turnover rate (J)		26	%		9	%		0	%(K)		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)	Due to TAM waiving the underlying ETF fund fees, waiver and/or reimbursements may be applied under the total operating expense limit.
(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 2018

Page    51

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	ClearTrack® 2035
	Class R1
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	11.47		$	10.01		$	9.81		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.15			0.14			0.13	(D)		0.10
Net realized and unrealized gain (loss)		(0.33	)		1.44			0.13			(0.29	)(E)
Total investment operations		(0.18	)		1.58			0.26			(0.19	)
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.12	)		(0.06	)		—
Net realized gains		(0.07	)		—			(0.00	)(F)		—
Total dividends and/or distributions to shareholders		(0.20	)		(0.12	)		(0.06	)		—
Net asset value, end of period/year	$	11.09		$	11.47		$	10.01		$	9.81
Total return		(1.62	)%		15.97	%		2.63	%		(1.90	)%(G)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	57,851		$	70,958		$	50,718		$	9,888
Expenses to average net assets (H)
Excluding waiver and/or reimbursement and recapture		1.16	%		1.15	%		1.22	%		4.29	%(I)
Including waiver and/or reimbursement and recapture (J)		1.13	%		1.12	%		1.09	%(D)		1.07	%(I)
Net investment income (loss) to average net assets (C)		1.27	%		1.28	%		1.34	%(D)		1.56	%(I)
Portfolio turnover rate (K)		24	%		8	%		0	%(L)		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)	Due to TAM waiving the underlying ETF fund fees, waiver and/or reimbursements may be applied under the total operating expense limit.
(K)	Does not include portfolio activity of the underlying funds in which the Fund invests.
(L)	Rounds to less than 1%.

For a share outstanding during the period and years indicated:	ClearTrack® 2035
	Class R6
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	11.59		$	10.10		$	9.85		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.22			0.20			0.20	(D)		0.15
Net realized and unrealized gain (loss)		(0.30	)		1.46			0.12			(0.30	)(E)
Total investment operations		(0.08	)		1.66			0.32			(0.15	)
Dividends and/or distributions to shareholders:
Net investment income		(0.21	)		(0.17	)		(0.07	)		—
Net realized gains		(0.07	)		—			(0.00	)(F)		—
Total dividends and/or distributions to shareholders		(0.28	)		(0.17	)		(0.07	)		—
Net asset value, end of period/year	$	11.23		$	11.59		$	10.10		$	9.85
Total return		(0.81	)%		16.61	%		3.30	%		(1.50	)%(G)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	459		$	525		$	370		$	246
Expenses to average net assets (H)
Excluding waiver and/or reimbursement and recapture		0.51	%		0.50	%		0.57	%		3.64	%(I)
Including waiver and/or reimbursement and recapture (J)		0.48	%		0.47	%		0.44	%(D)		0.42	%(I)
Net investment income (loss) to average net assets (C)		1.87	%		1.88	%		2.01	%(D)		2.26	%(I)
Portfolio turnover rate (K)		24	%		8	%		0	%(L)		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)	Due to TAM waiving the underlying ETF fund fees, waiver and/or reimbursements may be applied under the total operating expense limit.
(K)	Does not include portfolio activity of the underlying funds in which the Fund invests.
(L)	Rounds to less than 1%.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    52

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	ClearTrack® 2040
	Class R1
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	11.58		$	9.93		$	9.79		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.14			0.14			0.14	(D)		0.12
Net realized and unrealized gain (loss)		(0.27	)		1.63			0.06			(0.33	)(E)
Total investment operations		(0.13	)		1.77			0.20			(0.21	)
Dividends and/or distributions to shareholders:
Net investment income		(0.14	)		(0.12	)		(0.06	)		—
Net realized gains		(0.05	)		—			(0.00	)(F)		—
Total dividends and/or distributions to shareholders		(0.19	)		(0.12	)		(0.06	)		—
Net asset value, end of period/year	$	11.26		$	11.58		$	9.93		$	9.79
Total return		(1.17	)%		18.05	%		2.09	%		(2.10	)%(G)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	51,048		$	60,367		$	39,903		$	10,385
Expenses to average net assets (H)
Excluding waiver and/or reimbursement and recapture		1.17	%		1.17	%		1.26	%		4.29	%(I)
Including waiver and/or reimbursement and recapture (J)		1.13	%		1.12	%		1.09	%(D)		1.07	%(I)
Net investment income (loss) to average net assets (C)		1.20	%		1.33	%		1.40	%(D)		1.86	%(I)
Portfolio turnover rate (K)		20	%		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)	Due to TAM waiving the underlying ETF fund fees, waiver and/or reimbursements may be applied under the total operating expense limit.
(K)	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, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	11.76		$	10.05		$	9.86		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.22			0.21			0.20	(D)		0.17
Net realized and unrealized gain (loss)		(0.29	)		1.67			0.07			(0.31	)(E)
Total investment operations		(0.07	)		1.88			0.27			(0.14	)
Dividends and/or distributions to shareholders:
Net investment income		(0.21	)		(0.17	)		(0.08	)		—
Net realized gains		(0.05	)		—			(0.00	)(F)		—
Total dividends and/or distributions to shareholders		(0.26	)		(0.17	)		(0.08	)		—
Net asset value, end of period/year	$	11.43		$	11.76		$	10.05		$	9.86
Total return		(0.62	)%		18.95	%		2.76	%		(1.40	)%(G)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	815		$	738		$	428		$	247
Expenses to average net assets (H)
Excluding waiver and/or reimbursement and recapture		0.52	%		0.52	%		0.61	%		3.64	%(I)
Including waiver and/or reimbursement and recapture (J)		0.48	%		0.47	%		0.44	%(D)		0.42	%(I)
Net investment income (loss) to average net assets (C)		1.84	%		1.88	%		2.05	%(D)		2.58	%(I)
Portfolio turnover rate (K)		20	%		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)	Due to TAM waiving the underlying ETF fund fees, waiver and/or reimbursements may be applied under the total operating expense limit.
(K)	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 2018

Page    53

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	ClearTrack® 2045
	Class R1
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	11.76		$	9.94		$	9.78		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.13			0.14			0.12	(D)		0.11
Net realized and unrealized gain (loss)		(0.24	)		1.80			0.10			(0.33	)(E)
Total investment operations		(0.11	)		1.94			0.22			(0.22	)
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.12	)		(0.06	)		—
Net realized gains		(0.07	)		—			(0.00	)(F)		—
Total dividends and/or distributions to shareholders		(0.20	)		(0.12	)		(0.06	)		—
Net asset value, end of period/year	$	11.45		$	11.76		$	9.94		$	9.78
Total return		(0.97	)%		19.67	%		2.28	%		(2.20	)%(G)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	34,139		$	38,516		$	27,305		$	6,731
Expenses to average net assets (H)
Excluding waiver and/or reimbursement and recapture		1.22	%		1.22	%		1.32	%		5.88	%(I)
Including waiver and/or reimbursement and recapture (J)		1.14	%		1.13	%		1.10	%(D)		1.08	%(I)
Net investment income (loss) to average net assets (C)		1.12	%		1.25	%		1.24	%(D)		1.67	%(I)
Portfolio turnover rate (K)		15	%		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)	Due to TAM waiving the underlying ETF fund fees, waiver and/or reimbursements may be applied under the total operating expense limit.
(K)	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, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	11.90		$	10.03		$	9.82		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.21			0.21			0.18	(D)		0.15
Net realized and unrealized gain (loss)		(0.25	)		1.82			0.11			(0.33	)(E)
Total investment operations		(0.04	)		2.03			0.29			(0.18	)
Dividends and/or distributions to shareholders:
Net investment income		(0.20	)		(0.16	)		(0.08	)		—
Net realized gains		(0.07	)		—			(0.00	)(F)		—
Total dividends and/or distributions to shareholders		(0.27	)		(0.16	)		(0.08	)		—
Net asset value, end of period/year	$	11.59		$	11.90		$	10.03		$	9.82
Total return		(0.35	)%		20.53	%		2.95	%		(1.80	)%(G)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	505		$	585		$	426		$	245
Expenses to average net assets (H)
Excluding waiver and/or reimbursement and recapture		0.57	%		0.57	%		0.67	%		5.23	%(I)
Including waiver and/or reimbursement and recapture (J)		0.49	%		0.48	%		0.45	%(D)		0.43	%(I)
Net investment income (loss) to average net assets (C)		1.70	%		1.87	%		1.88	%(D)		2.31	%(I)
Portfolio turnover rate (K)		15	%		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)	Due to TAM waiving the underlying ETF fund fees, waiver and/or reimbursements may be applied under the total operating expense limit.
(K)	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 2018

Page    54

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	ClearTrack® 2050
	Class R1
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	11.79		$	9.93		$	9.77		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.13			0.13			0.11	(D)		0.11
Net realized and unrealized gain (loss)		(0.24	)		1.84			0.11			(0.34	)(E)
Total investment operations		(0.11	)		1.97			0.22			(0.23	)
Dividends and/or distributions to shareholders:
Net investment income		(0.12	)		(0.11	)		(0.06	)		—
Net realized gains		(0.04	)		—			(0.00	)(F)		—
Total dividends and/or distributions to shareholders		(0.16	)		(0.11	)		(0.06	)		—
Net asset value, end of period/year	$	11.52		$	11.79		$	9.93		$	9.77
Total return		(1.04	)%		20.00	%		2.31	%		(2.30	)%(G)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	26,279		$	29,329		$	19,435		$	5,305
Expenses to average net assets (H)
Excluding waiver and/or reimbursement and recapture		1.26	%		1.28	%		1.47	%		7.19	%(I)
Including waiver and/or reimbursement and recapture (J)		1.14	%		1.13	%		1.10	%(D)		1.08	%(I)
Net investment income (loss) to average net assets (C)		1.09	%		1.17	%		1.16	%(D)		1.73	%(I)
Portfolio turnover rate (K)		13	%		3	%		0	%(L)		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)	Due to TAM waiving the underlying ETF fund fees, waiver and/or reimbursements may be applied under the total operating expense limit.
(K)	Does not include portfolio activity of the underlying funds in which the Fund invests.
(L)	Rounds to less than 1%.

For a share outstanding during the period and years indicated:	ClearTrack® 2050
	Class R6
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	11.92		$	10.02		$	9.81		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.21			0.20			0.18	(D)		0.15
Net realized and unrealized gain (loss)		(0.24	)		1.85			0.11			(0.34	)(E)
Total investment operations		(0.03	)		2.05			0.29			(0.19	)
Dividends and/or distributions to shareholders:
Net investment income		(0.19	)		(0.15	)		(0.08	)		—
Net realized gains		(0.04	)		—			(0.00	)(F)		—
Total dividends and/or distributions to shareholders		(0.23	)		(0.15	)		(0.08	)		—
Net asset value, end of period/year	$	11.66		$	11.92		$	10.02		$	9.81
Total return		(0.34	)%		20.72	%		2.99	%		(1.90	)%(G)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	699		$	627		$	476		$	245
Expenses to average net assets (H)
Excluding waiver and/or reimbursement and recapture		0.62	%		0.63	%		0.83	%		6.54	%(I)
Including waiver and/or reimbursement and recapture (J)		0.49	%		0.48	%		0.45	%(D)		0.43	%(I)
Net investment income (loss) to average net assets (C)		1.75	%		1.82	%		1.87	%(D)		2.33	%(I)
Portfolio turnover rate (K)		13	%		3	%		0	%(L)		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)	Due to TAM waiving the underlying ETF fund fees, waiver and/or reimbursements may be applied under the total operating expense limit.
(K)	Does not include portfolio activity of the underlying funds in which the Fund invests.
(L)	Rounds to less than 1%.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2018

Page    55

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	ClearTrack® 2055
	Class R1
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.61		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.12			0.02
Net realized and unrealized gain (loss)		(0.21	)		0.59
Total investment operations		(0.09	)		0.61
Dividends and/or distributions to shareholders:
Net investment income		(0.07	)		—
Net realized gains		(0.01	)		—
Total dividends and/or distributions to shareholders		(0.08	)		—
Net asset value, end of period/year	$	10.44		$	10.61
Total return		(0.96	)%		6.10	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	262		$	265
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		11.72	%		40.02	%(F)
Including waiver and/or reimbursement and recapture (G)		1.13	%		1.06	%(F)
Net investment income (loss) to average net assets (C)		1.10	%		0.54	%(F)
Portfolio turnover rate (H)		35	%		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)	Due to TAM waiving the underlying ETF fund fees, waiver and/or reimbursements may be applied under the total operating expense limit.
(H)	Does not include portfolio activity of the underlying funds in which the Fund invests.

For a share outstanding during the period and year indicated:	ClearTrack® 2055
	Class R6
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.64		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.19			0.04
Net realized and unrealized gain (loss)		(0.22	)		0.60
Total investment operations		(0.03	)		0.64
Dividends and/or distributions to shareholders:
Net investment income		(0.10	)		—
Net realized gains		(0.01	)		—
Total dividends and/or distributions to shareholders		(0.11	)		—
Net asset value, end of period/year	$	10.50		$	10.64
Total return		(0.37	)%		6.40	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	270		$	266
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		11.07	%		39.37	%(F)
Including waiver and/or reimbursement and recapture (G)		0.48	%		0.41	%(F)
Net investment income (loss) to average net assets (C)		1.75	%		1.19	%(F)
Portfolio turnover rate (H)		35	%		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)	Due to TAM waiving the underlying ETF fund fees, waiver and/or reimbursements may be applied under the total operating expense limit.
(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 2018

Page    56

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	ClearTrack® 2060
	Class R1
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.61		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.12			0.02
Net realized and unrealized gain (loss)		(0.21	)		0.59
Total investment operations		(0.09	)		0.61
Dividends and/or distributions to shareholders:
Net investment income		(0.07	)		—
Net realized gains		(0.01	)		—
Total dividends and/or distributions to shareholders		(0.08	)		—
Net asset value, end of period/year	$	10.44		$	10.61
Total return		(0.96	)%		6.10	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	263		$	265
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		11.74	%		39.93	%(F)
Including waiver and/or reimbursement and recapture (G)		1.13	%		1.06	%(F)
Net investment income (loss) to average net assets (C)		1.10	%		0.54	%(F)
Portfolio turnover rate (H)		35	%		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)	Due to TAM waiving the underlying ETF fund fees, waiver and/or reimbursements may be applied under the total operating expense limit.
(H)	Does not include portfolio activity of the underlying funds in which the Fund invests.

For a share outstanding during the period and year indicated:	ClearTrack® 2060
	Class R6
	October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.64		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.19			0.04
Net realized and unrealized gain (loss)		(0.22	)		0.60
Total investment operations		(0.03	)		0.64
Dividends and/or distributions to shareholders:
Net investment income		(0.10	)		—
Net realized gains		(0.01	)		—
Total dividends and/or distributions to shareholders		(0.11	)		—
Net asset value, end of period/year	$	10.50		$	10.64
Total return		(0.37	)%		6.40	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	265		$	266
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		11.09	%		39.28	%(F)
Including waiver and/or reimbursement and recapture (G)		0.48	%		0.41	%(F)
Net investment income (loss) to average net assets (C)		1.75	%		1.19	%(F)
Portfolio turnover rate (H)		35	%		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)	Due to TAM waiving the underlying ETF fund fees, waiver and/or reimbursements may be applied under the total operating expense limit.
(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 2018

Page    57

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	ClearTrack® Retirement Income
	Class R1
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	10.63		$	10.11		$	9.83		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.16			0.14			0.13	(D)		0.11
Net realized and unrealized gain (loss)		(0.35	)		0.50			0.20			(0.28	)
Total investment operations		(0.19	)		0.64			0.33			(0.17	)
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.12	)		(0.05	)		—
Net realized gains		(0.05	)		—			(0.00	)(E)		—
Total dividends and/or distributions to shareholders		(0.21	)		(0.12	)		(0.05	)		—
Net asset value, end of period/year	$	10.23		$	10.63		$	10.11		$	9.83
Total return		(1.86	)%		6.41	%		3.36	%		(1.70	)%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	72,493		$	98,838		$	72,075		$	12,186
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		1.13	%		1.12	%		1.18	%		3.66	%(H)
Including waiver and/or reimbursement and recapture (I)		1.11	%		1.09	%		1.07	%(D)		1.08	%(H)
Net investment income (loss) to average net assets (C)		1.54	%		1.40	%		1.30	%(D)		1.76	%(H)
Portfolio turnover rate (J)		24	%		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)	Due to TAM waiving the underlying ETF fund fees, waiver and/or reimbursements may be applied under the total operating expense limit.
(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® Retirement Income
	Class R6
	October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	10.75		$	10.20		$	9.87		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.23			0.21			0.21	(D)		0.14
Net realized and unrealized gain (loss)		(0.35	)		0.50			0.18			(0.27	)
Total investment operations		(0.12	)		0.71			0.39			(0.13	)
Dividends and/or distributions to shareholders:
Net investment income		(0.23	)		(0.16	)		(0.06	)		—
Net realized gains		(0.05	)		—			(0.00	)(E)		—
Total dividends and/or distributions to shareholders		(0.28	)		(0.16	)		(0.06	)		—
Net asset value, end of period/year	$	10.35		$	10.75		$	10.20		$	9.87
Total return		(1.19	)%		7.12	%		4.01	%		(1.30	)%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	425		$	409		$	257		$	247
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		0.48	%		0.47	%		0.53	%		3.01	%(H)
Including waiver and/or reimbursement and recapture (I)		0.46	%		0.44	%		0.42	%(D)		0.43	%(H)
Net investment income (loss) to average net assets (C)		2.15	%		1.98	%		2.08	%(D)		2.16	%(H)
Portfolio turnover rate (J)		24	%		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)	Due to TAM waiving the underlying ETF fund fees, waiver and/or reimbursements may be applied under the total operating expense limit.
(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 2018

Page    58

NOTES TO FINANCIAL STATEMENTS

At October 31, 2018

1. ORGANIZATION

Transamerica Funds (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust applies investment company accounting and reporting guidance. The funds (each, a “Fund” and collectively, the “Funds”) are each a series of the Trust and are as follows:

Fund	Class
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	R1,R6
ClearTrack® 2060	R1,R6
ClearTrack® Retirement Income	R1,R6

The Funds are generally offered in eligible retirement plans.

As of October 31, 2018, the only investors of the Funds are affiliated and eligible retirement plans as defined in the Funds’ current prospectus.

Each Fund, a “fund of fund”, invests the majority of its assets in underlying exchange-traded funds that are 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 this report. 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, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. (“TAM”) serves as investment manager for the Funds pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Funds. TAM supervises each Fund’s investments, conducts its investment program and provides supervisory, compliance and administrative services to the Funds.

TAM currently acts as a “manager of managers” and hires sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Funds and their investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Funds employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Funds’ investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers’ buying and selling of securities for the Funds; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation, and review, of materials for meetings of the Funds’ Board of Trustees (the “Board”), participation in these meetings and preparation of regular communications with the Board; oversight of preparation, and review, of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Funds; oversight of other service providers to the Funds, such as the custodian, the transfer agent, the Funds’ independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Funds; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Funds, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM’s expense.

Transamerica Funds Annual Report 2018

Page    59

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

1. ORGANIZATION (continued)

TAM’s investment management services also include the provision of supervisory and administrative services to the Funds. These services include performing certain administrative services for the Funds and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Funds by State Street Bank and Trust Company (“State Street”), to whom TAM has outsourced the provision of certain services as described below: to the extent agreed upon by TAM and the Funds from time to time, monitoring and verifying the custodian’s daily calculation of the Net Asset Values (“NAV”); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Funds’ custodian and dividend disbursing agent and monitoring their services to the Funds; assisting the Funds in preparing reports to shareholders; acting as liaison with the Funds’ independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Funds.

2. SIGNIFICANT ACCOUNTING POLICIES

In preparing the Funds’ financial statements in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Funds.

Security transactions and investment income: Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. 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, if any, 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.

Multiple class operations, income, and expenses: Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

Distributions to shareholders: Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

Commission recapture: The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Funds with broker/dealers with which other funds or portfolios advised by TAM have established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Funds. In no event will commissions, paid by the Funds, be used to pay expenses that would otherwise be borne by any other funds or portfolios advised by TAM, or by any other party.

There were no commissions recaptured during the year ended October 31, 2018 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.

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.

Transamerica Funds Annual Report 2018

Page    60

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

3. SECURITY VALUATION (continued)

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include the Funds’ own assumptions used in determining the fair value of investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the “practical expedient” have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Funds’ investments at October 31, 2018, is disclosed within the Security Valuation section of each Fund’s Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

Fair value measurements: Descriptions of the valuation techniques applied to the Funds’ significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

Exchange-traded funds (“ETF”): ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

Securities lending collateral: Securities lending collateral is invested in a money market fund which is valued at the NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

Repurchase agreements: Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

4. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by their investment policies, to raise additional cash to be invested in other securities or instruments. When the Funds invest borrowing proceeds in other securities, the Funds will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Funds may borrow on a secured or on an unsecured basis. If the Funds enter into a secured borrowing arrangement, a portion of the Funds’ assets will be used as collateral. The 1940 Act requires the Funds to maintain asset coverage of at least 300% of the amount of their borrowings. Asset coverage means the ratio that the value of the Funds’ total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Funds may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

Interfund lending: The Funds, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Funds to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the 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, 2018, 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.

Transamerica Funds Annual Report 2018

Page    61

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

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, 2018.

Repurchase agreements at October 31, 2018, if any, are included within the Schedule of Investments and Statements of Assets and Liabilities.

Securities lending: Securities are lent to qualified financial institutions and brokers. State Street serves as securities lending agent to the Funds pursuant to a Securities Lending Agreement. The lending of securities exposes the Funds to risks such as, the borrowers may fail to return the loaned securities, 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 in Net income from securities lending within the Statements of Operations and is net of fees and rebates earned by the lending agent for its services.

The value of loaned securities and related collateral outstanding at October 31, 2018, if any, are shown on a gross basis within the Schedule of Investments and Statements of Assets and Liabilities.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of October 31, 2018. Funds not listed in the subsequent table have not entered into secured borrowing transactions during the year.

	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	$	11,013,372	$	—	$	—	$	—	$	11,013,372
Total Borrowings	$	11,013,372	$	—	$	—	$	—	$	11,013,372
ClearTrack® 2020
Securities Lending Transactions
Exchange-Traded Funds	$	10,633,353	$	—	$	—	$	—	$	10,633,353
Total Borrowings	$	10,633,353	$	—	$	—	$	—	$	10,633,353
ClearTrack® 2030
Securities Lending Transactions
Exchange-Traded Funds	$	3,931,700	$	—	$	—	$	—	$	3,931,700
Total Borrowings	$	3,931,700	$	—	$	—	$	—	$	3,931,700
ClearTrack® 2045
Securities Lending Transactions
Exchange-Traded Funds	$	9,936,270	$	—	$	—	$	—	$	9,936,270
Total Borrowings	$	9,936,270	$	—	$	—	$	—	$	9,936,270
ClearTrack® 2050
Securities Lending Transactions
Exchange-Traded Funds	$	7,681,830	$	—	$	—	$	—	$	7,681,830
Total Borrowings	$	7,681,830	$	—	$	—	$	—	$	7,681,830

Transamerica Funds Annual Report 2018

Page    62

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

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® Retirement Income
Securities Lending Transactions
Exchange-Traded Funds	$	2,477,232	$	—	$	—	$	—	$	2,477,232
Total Borrowings	$	2,477,232	$	—	$	—	$	—	$	2,477,232

5. 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.

Transamerica Funds Services, Inc. (“TFS”) is the Funds’ transfer agent. Transamerica Capital, Inc. (“TCI”) is the Funds’ distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Funds are also officers and/or trustees of TAM, TFS, and TCI. No interested trustee, who is deemed an interested person due to current or former service with TAM or an affiliate of TAM, receives compensation from the Funds.

The Underlying ETFs have varied expense and fee levels and the Funds may own different proportions of the Underlying ETFs at different times, the amount of fees and expenses incurred indirectly by the Funds will vary. Fund expenses do not include expenses of the Underlying ETFs in which the Funds invest. The Funds have material ownership interests in the Underlying ETFs.

Investment management fees: TAM serves as the Funds’ investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and each Fund pays a single management fee, which is reflected in Investment management fees within the Statements of Operations.

Each Fund pays a management fee to TAM based on daily Average Net Assets (“ANA”) at the following rates:

Breakpoints	Rate
First $2.5 billion		0.38	%
Over $2.5 billion up to $4 billion		0.37
Over $4 billion		0.36

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses, including the pro rata share of expenses incurred through each Fund’s investment in the Underlying ETFs, but excluding, as applicable, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Funds’ business, exceed the following stated annual operating expense limits to the Funds’ daily ANA. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statements of Operations.

Class	Operating Expense Limit			Operating Expense Limit Effective Through
Class R1		1.20	%	March 1, 2019
Class R6		0.55		March 1, 2019

TAM is entitled to recapture expenses accrued by the Funds for fees waived and/or reimbursed during any of the previous thirty-six months if on any day or month the estimated annualized Funds’ operating expenses are less than the stated annual operating expense limit or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended October 31, 2018 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statements of Operations.

Transamerica Funds Annual Report 2018

Page    63

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

5. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

As of October 31, 2018, the balances available for recapture by TAM for each Fund are as follows.

	Amounts Available
Fund	2016		2017		2018		Total
ClearTrack® 2015
Class R1	$	60,363	$	46,620	$	49,944	$	156,927
Class R6		562		331		479		1,372
ClearTrack® 2020
Class R1		59,376		38,837		44,459		142,672
Class R6		785		313		434		1,532
ClearTrack® 2025
Class R1		46,851		32,594		29,328		108,773
Class R6		466		380		511		1,357
ClearTrack® 2030
Class R1		52,182		39,018		37,701		128,901
Class R6		553		193		217		963
ClearTrack® 2035
Class R1		52,408		38,929		37,414		128,751
Class R6		596		276		272		1,144
ClearTrack® 2040
Class R1		58,243		44,202		38,451		140,896
Class R6		698		524		529		1,751
ClearTrack® 2045
Class R1		51,918		45,541		40,470		137,929
Class R6		911		663		636		2,210
ClearTrack® 2050
Class R1		56,636		50,941		46,296		153,873
Class R6		1,738		1,089		1,112		3,939
ClearTrack® 2055 (A)
Class R1		—		16,374		44,707		61,081
Class R6		—		16,292		45,066		61,358
ClearTrack® 2060 (A)
Class R1		—		16,282		44,755		61,037
Class R6		—		16,234		45,017		61,251
ClearTrack® Retirement Income
Class R1		55,653		47,651		45,469		148,773
Class R6		475		186		229		890

(A) Commenced operations on July 7, 2017.

Distribution and service fees: The Trust has a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCI as the Funds’ distributor.

The Distribution Plan requires the Funds to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Funds, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Funds shares. The distribution and service fees are included in Distribution and service fees within the Statements of Operations.

Each Fund is authorized under the Distribution Plan to pay fees to TCI based on daily ANA of each class up to the following annual rates:

Class (A)	Rate
Class R1		0.50	%

(A) 12b-1 fees are not applicable for Class R6.

Transamerica Funds Annual Report 2018

Page    64

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

5. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Transfer agent fees: Pursuant to a transfer agency agreement, as amended, the Funds pay TFS a fee for providing services based on the number of classes, accounts and transactions relating to each Fund. The Transfer agent fees included within the Statements of Assets and Liabilities and Statements of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services.

For the year ended October 31, 2018, transfer agent fees paid and the amounts due to TFS are as follows:

Fund	Fees Paid to TFS		Fees Due to TFS
ClearTrack® 2015	$	3,555	$	292
ClearTrack® 2020		5,286		422
ClearTrack® 2025		6,421		520
ClearTrack® 2030		5,001		409
ClearTrack® 2035		5,049		411
ClearTrack® 2040		4,402		364
ClearTrack® 2045		2,880		243
ClearTrack® 2050		2,239		190
ClearTrack® 2055		43		4
ClearTrack® 2060		43		4
ClearTrack® Retirement Income		6,462		504

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, 2018, 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-adviser(s) for the year ended October 31, 2018.

6. PURCHASES AND SALES OF SECURITIES

For the year ended October 31, 2018, 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	$	10,831,386	$	20,830,385
ClearTrack® 2020		17,315,503		32,565,225
ClearTrack® 2025		20,940,144		35,647,091
ClearTrack® 2030		17,263,316		27,921,502
ClearTrack® 2035		15,643,741		27,145,951
ClearTrack® 2040		11,401,731		19,582,559
ClearTrack® 2045		5,565,166		9,401,689
ClearTrack® 2050		3,720,101		6,269,008
ClearTrack® 2055		206,244		192,518
ClearTrack® 2060		201,915		192,460
ClearTrack® Retirement Income		20,554,375		44,075,243

7. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS

The Funds have not made any provision for federal income or excise taxes due to their policy to distribute all of their taxable income and capital gains to their shareholders and otherwise qualify as regulated investment companies under Subchapter M of the Internal Revenue Code. The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. The Funds’ tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Funds’ tax provisions taken for all open tax years, and has concluded that no provision for

Transamerica Funds Annual Report 2018

Page    65

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

7. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)

income tax is required in the Funds’ financial statements. If applicable, the Funds recognize interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statements of Operations. The Funds identify their major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Funds make significant investments; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. The primary permanent differences are due to 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			Total Distributable Earnings
ClearTrack® 2015	$	(288	)	$	288
ClearTrack® 2020		(1,416	)		1,416
ClearTrack® 2025		(2,129	)		2,129
ClearTrack® 2030		(1,997	)		1,997
ClearTrack® 2035		(2,375	)		2,375
ClearTrack® 2040		(1,266	)		1,266
ClearTrack® 2045		(593	)		593
ClearTrack® 2050		(498	)		498
ClearTrack® 2055		(12	)		12
ClearTrack® 2060		(12	)		12
ClearTrack® Retirement Income		—			—

As of October 31, 2018, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) were as follows:

Fund	Cost		Gross Appreciation		Gross (Depreciation)			Net Appreciation (Depreciation)
ClearTrack® 2015	$	51,737,162	$	2,231,829	$	(880,183	)	$	1,351,646
ClearTrack® 2020		69,275,298		3,148,670		(1,111,603	)		2,037,067
ClearTrack® 2025		71,197,531		4,670,605		(1,101,937	)		3,568,668
ClearTrack® 2030		58,271,673		4,524,182		(674,889	)		3,849,293
ClearTrack® 2035		53,597,722		5,670,334		(775,820	)		4,894,514
ClearTrack® 2040		46,957,554		5,759,007		(777,138	)		4,981,869
ClearTrack® 2045		40,796,500		4,129,818		(298,638	)		3,831,180
ClearTrack® 2050		31,674,905		3,212,005		(171,000	)		3,041,005
ClearTrack® 2055		541,428		22,779		(18,111	)		4,668
ClearTrack® 2060		537,257		22,785		(17,795	)		4,990
ClearTrack® Retirement Income		76,394,022		1,228,629		(2,116,808	)		(888,179	)

As of October 31, 2018, the Funds had no capital loss carryforwards available to offset future realized gains. During the year ended October 31, 2018, the Funds did not have any capital loss carryforwards utilized or expired.

Transamerica Funds Annual Report 2018

Page    66

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

7. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)

The tax character of distributions paid may differ from the character of distributions shown within the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2018 and 2017 are listed below.

	2018 Distributions Paid From						2017 Distributions Paid From
Fund	Ordinary Income		Long-Term Capital Gain		Return of Capital		Ordinary Income		Long-Term Capital Gain		Return of Capital
ClearTrack® 2015	$	674,142	$	453,812	$	—	$	647,133	$	—	$	—
ClearTrack® 2020		918,937		423,786		—		802,168		—		—
ClearTrack® 2025		1,006,757		485,598		—		812,050		1,457		—
ClearTrack® 2030		783,884		555,270		—		648,705		—		—
ClearTrack® 2035		816,238		413,811		—		704,418		—		—
ClearTrack® 2040		729,568		269,620		—		570,750		—		—
ClearTrack® 2045		426,343		244,790		—		359,574		—		—
ClearTrack® 2050		299,586		89,903		—		240,627		—		—
ClearTrack® 2055		4,380		—		—		—		—		—
ClearTrack® 2060		4,380		—		—		—		—		—
ClearTrack® Retirement Income		1,408,032		458,266		—		929,286		—		—

As of October 31, 2018, 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	$	415,460	$	—	$	1,458,160	$	—	$	—	$	—	$	1,351,646
ClearTrack® 2020		590,407		—		2,927,108		—		—		—		2,037,067
ClearTrack® 2025		694,517		—		3,561,527		—		—		—		3,568,668
ClearTrack® 2030		525,796		—		2,728,880		—		—		—		3,849,293
ClearTrack® 2035		544,686		—		2,978,553		—		—		—		4,894,514
ClearTrack® 2040		446,333		—		2,701,000		—		—		—		4,981,869
ClearTrack® 2045		280,387		—		1,736,577		—		—		—		3,831,180
ClearTrack® 2050		218,852		—		1,146,375		—		—		—		3,041,005
ClearTrack® 2055		18,538		—		—		—		—		—		4,668
ClearTrack® 2060		18,535		—		—		—		—		—		4,990
ClearTrack® Retirement Income		797,628		—		3,824,231		—		—		—		(888,179	)

8. NEW ACCOUNTING PRONOUNCEMENTS

In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update No. 2018-13 (“ASU 2018-13”), “Fair Value Measurement (Topic 820: Disclosure Framework), Changes to the Disclosure Requirements for Fair Value Measurement”. ASU 2018-13 eliminates the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the timing of transfers between levels of the fair value hierarchy and the valuation processes for Level 3 fair value measurements. ASU 2018-13 does not eliminate the requirement to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements, or the reporting of changes in unrealized gains and losses for recurring Level 3 fair value measurements. ASU 2018-13 requires that information is provided about the measurement uncertainty of Level 3 fair value measurements as of the reporting date. The amendment is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has evaluated and adopted the disclosure requirements and the impact is reflected within the Funds; financial statements.

In August 2018, the Securities and Exchange Commission (“SEC”) released its Final Rule on Disclosure Update and Simplification (the “Final Rule”) which is intended to simplify an issuer’s disclosure compliance efforts by removing redundant or outdated disclosure requirements without significantly altering the mix of information provided to investors. The most notable impacts being that a fund is no longer required to present the components of distributable earnings on the Statements of Assets and Liabilities, or the sources of distributions to shareholders and the amount of undistributed net investment income on the Statements of Changes in Net Assets. The compliance date for the amendments to Regulation S-X is November 5, 2018. Management has evaluated and adopted the disclosure requirements and the impact is reflected within the Funds’ financial statements.

Transamerica Funds Annual Report 2018

Page    67

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

9. CUSTODY OUT-OF-POCKET EXPENSE

In December 2015, State Street, the Funds’ custodian, identified inconsistencies in the way in which clients were invoiced for categories of expenses, particularly those deemed out-of-pocket costs, during an 18-year period going back to 1998. The issue was the result of inaccurate billing rates that were not subsequently reviewed or adjusted. The amount of the difference in what was charged and what should have been charged, plus interest, was paid back to the Funds in September 2016 as a reimbursement. The amounts applicable to each Fund, if any, were recognized as a change in accounting estimate and are reflected as a reimbursement of custody fees. This resulted in a decrease in net expenses and an overall increase in net assets. Please reference the Financial Highlights for additional information in regards to the per share impact.

10. LEGAL PROCEEDINGS

On August 27, 2018, Transamerica Asset Management, Inc. (“TAM”), Aegon USA Investment Management, LLC (“AUIM”) and Transamerica Capital, Inc. (“TCI”) reached a settlement with the Securities and Exchange Commission (the “SEC”) that resolved an investigation into asset allocation models and volatility overlays utilized by AUIM when it served as sub-adviser to certain Transamerica-sponsored mutual funds, and related disclosures. TAM and TCI serve as investment manager and principal underwriter, respectively, to Transamerica-sponsored mutual funds. TCI also serves as the principal underwriter to the variable life insurance and annuity products through which certain Transamerica-sponsored mutual funds are offered. AUIM, an affiliate of TAM and TCI, serves as sub-adviser to a number of Transamerica-sponsored mutual funds.

The SEC’s order instituting administrative and cease-and-desist proceedings (the “Order”) pertains to events that occurred during the period between July 2011 and June 2015, and, among other things, the operation and/or implementation of an asset allocation model utilized by AUIM when it served as sub-adviser to certain Transamerica tactical funds and asset allocation funds, the designation of the portfolio manager for certain of these funds as well as the operation and/or implementation of volatility overlays utilized by AUIM when it served as subadviser to the asset allocation funds. The Order also states that the parties failed to make appropriate disclosures regarding these matters, including in marketing materials, and failed to have adequate compliance policies and procedures. The tactical funds are Transamerica Dynamic Income (formerly, Transamerica Tactical Income), Transamerica Dynamic Allocation (formerly, Transamerica Tactical Rotation) and Transamerica Dynamic Allocation II (formerly, Transamerica Tactical Allocation, and now reorganized into Transamerica Dynamic Allocation). The asset allocation funds are Transamerica Managed Risk – Conservative ETF VP (formerly, Transamerica Vanguard ETF Portfolio – Conservative VP and Transamerica Index 35 VP), Transamerica Managed Risk – Balanced ETF VP (formerly, Transamerica Vanguard ETF Portfolio – Balanced VP and Transamerica Index 50 VP), Transamerica Managed Risk – Growth ETF VP (formerly, Transamerica Vanguard ETF Portfolio – Growth VP and Transamerica Index 75 VP), Transamerica QS Investors Active Asset Allocation – Conservative VP (formerly, Transamerica Aegon Active Asset Allocation – Conservative VP), Transamerica QS Investors Active Asset Allocation – Moderate VP (formerly, Transamerica Aegon Active Asset Allocation – Moderate VP) and Transamerica QS Investors Active Asset Allocation – Moderate Growth VP (formerly, Transamerica Aegon Active Asset Allocation – Moderate Growth VP). AUIM ceased to serve as sub-adviser to the Transamerica tactical funds on April 30, 2015 and to the Transamerica asset allocation funds on June 30, 2015.

Under the terms of the Order, AUIM, TAM and TCI were censured, and agreed, without admitting or denying the findings in the Order, to cease and desist from committing or causing any violations of certain statutory provisions and SEC rules. AUIM agreed to pay civil penalties of $21,000,000, $24,599,896 in disgorgement and $3,682,195 in prejudgment interest. TAM agreed to pay civil penalties of $10,500,000, $15,000,000 in disgorgement and $2,235,765 in prejudgment interest. TCI agreed to pay civil penalties of $4,000,000, $12,000,000 in disgorgement and $1,826,022 in prejudgment interest. The amounts paid in disgorgement, prejudgment interest and civil penalties will be deposited into a Fair Fund for distribution to affected investors. Affected investors are those who purchased or held the relevant mutual funds, variable life insurance and annuity investment portfolios and separately managed account strategies during the period between July 2011 and June 2015. The Order states that these investors are to receive from the Fair Fund the pro rata fees and commissions paid by them during that period, subject to any de minimis threshold.

In accepting the settlement, the SEC considered the substantial cooperation and remedial efforts of AUIM, TAM and TCI. In the Order, the SEC acknowledged that, after the start of the SEC staff’s investigation but before the settlement, AUIM, TAM and TCI had voluntarily retained an independent compliance consultant to conduct a comprehensive review of certain compliance policies and procedures, internal controls and related procedures, and that AUIM, TAM and TCI had received the consultant’s written findings and implemented the consultant’s proposed changes. The SEC also acknowledged that, in advance of receiving written findings and recommendations from the independent compliance consultant, AUIM, TAM and TCI had already begun making revisions and improvements to their compliance policies and procedures. The SEC also considered that AUIM, TAM and TCI have retained the independent compliance consultant for further reviews through the completion of the consultant’s follow-up review for fiscal year 2019.

The settlement does not impose any restrictions on the business or continued ability of AUIM, TAM or TCI to serve the funds. Transamerica Financial Advisors, LLC (“TFA”), which serves as an intermediary for the Transamerica-sponsored mutual funds, also was a party to the settlement. The findings in the Order with respect to TFA are unrelated to the mutual funds. The foregoing is only a brief summary of the Order. A copy of the Order is available on the SEC’s website at https://www.sec.gov.

Transamerica Funds Annual Report 2018

Page    68

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2018

10. LEGAL PROCEEDINGS (continued)

The funds are affected by many factors and risks: for example, the risk that the sub-advisers’ judgments and investment decisions, and methods, tools, resources, information, models and analyses utilized in making investment decisions, are incorrect or flawed, do not produce the desired results, and cause the funds to lose value. See “Principal Risks” in the prospectus.

The Order and settlement has no impact on the Funds’ financial statements.

Transamerica Funds Annual Report 2018

Page    69

Report of Independent Registered Public Accounting Firm

To the Shareholders 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 and the Board of Trustees of Transamerica Funds

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities 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 (collectively referred to as the “Funds”), (eleven of the funds constituting Transamerica Funds (the “Trust”)), including the schedules of investments, as of October 31, 2018, and the related statements of operations, the statements of changes in net assets and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each the Funds (eleven of the funds constituting Transamerica Funds) at October 31, 2018, and the results of their operations, the changes in their net assets and the financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

Individual fund constituting the Transamerica Funds	Statement of operations	Statements of changes in net assets	Financial highlights
ClearTrack 2015 ClearTrack 2020 ClearTrack 2025 ClearTrack 2030 ClearTrack 2035 ClearTrack 2040 ClearTrack 2045 ClearTrack 2050 ClearTrack Retirement Income	For the year ended October 31, 2018	For each of the two years in the period ended October 31, 2018	For each of the three years in the period ended October 31, 2018 and the period from March 2, 2015 (commencement of operations) through October 31, 2015
ClearTrack 2055 ClearTrack 2060	For the year ended October 31, 2018	For the year ended October 31, 2018 and the period from July 7, 2017 (commencement of operations) through October 31, 2017

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2018, by correspondence with the custodian and others, or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

December 24, 2018

Transamerica Funds Annual Report 2018

Page    70

SUPPLEMENTAL INFORMATION

(unaudited)

TAX INFORMATION

For tax purposes, the long-term capital gain designations for the year ended October 31, 2018 are as follows:

Fund	Long-Term Capital Gain Designation
ClearTrack® 2015	$	453,812
ClearTrack® 2020		423,786
ClearTrack® 2025		485,598
ClearTrack® 2030		555,270
ClearTrack® 2035		413,811
ClearTrack® 2040		269,620
ClearTrack® 2045		244,790
ClearTrack® 2050		89,903
ClearTrack® Retirement Income		458,266

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2018. Complete information will be computed and reported in conjunction with your 2018 Form 1099-DIV.

Transamerica Funds Annual Report 2018

Page    71

MANAGEMENT AND SUB-ADVISORY AGREEMENT — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Trustees” or the “Board”) held on June 21-22, 2018, 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”):

ClearTrack® 2015	ClearTrack® 2045
ClearTrack® 2020	ClearTrack® 2050
ClearTrack® 2025	ClearTrack® 2055
ClearTrack® 2030	ClearTrack® 2060
ClearTrack® 2035	ClearTrack® Retirement Income
ClearTrack® 2040

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, 2019.

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 their independent legal counsel. In considering the proposed continuation of each of the Agreements, the Trustees evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

Nature, Extent and Quality of the Services Provided

The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the applicable 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

Transamerica Funds Annual Report 2018

Page    72

MANAGEMENT AND SUB-ADVISORY AGREEMENT — CONTRACT RENEWAL (continued)

(unaudited)

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 service 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, 2017. 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. 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 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 significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

ClearTrack^® 2015. The Board noted that the performance of Class R1 Shares of the Portfolio was below the median for its peer universe but above its benchmark, each for the past 1-year period.

ClearTrack^® 2020. The Board noted that the performance of Class R1 Shares of the Portfolio was below the median for its peer universe but above its benchmark, each for the past 1-year period.

ClearTrack^® 2025. The Board noted that the performance of Class R1 Shares of the Portfolio was below the median for its peer universe but above its benchmark, each for the past 1-year period.

ClearTrack^® 2030. The Board noted that the performance of Class R1 Shares of the Portfolio was below the median for its peer universe and below its benchmark for the past 1-year period.

ClearTrack^® 2035. The Board noted that the performance of Class R1 Shares of the Portfolio was below the median for its peer universe and below its benchmark, each for the past 1-year period.

ClearTrack^® 2040. The Board noted that the performance of Class R1 Shares of the Portfolio was below the median for its peer universe and below its benchmark, each for the past 1-year period.

ClearTrack^® 2045. The Board noted that the performance of Class R1 Shares of the Portfolio was below the median for its peer universe and below its benchmark, each for the past 1-year period.

ClearTrack^® 2050. The Board noted that the performance of Class R1 Shares of the Portfolio was below the median for its peer universe and below its benchmark, each for the past 1-year period.

ClearTrack^® 2055. The Board noted that the performance of Class R1 Shares of the Portfolio was above the median for its peer universe but below its benchmark, each since its inception.

ClearTrack^® 2060. The Board noted that the performance of Class R1 Shares of the Portfolio was above the median for its peer universe but below its benchmark, each since its inception.

ClearTrack^® Retirement Income. The Board noted that the performance of Class R1 Shares of the Portfolio was below the median for its peer universe and below its composite benchmark, each for the past 1-year period.

Transamerica Funds Annual Report 2018

Page    73

MANAGEMENT AND SUB-ADVISORY AGREEMENT — CONTRACT RENEWAL (continued)

(unaudited)

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 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^® 2025. 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^® 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 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^® 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 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^® 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 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.

Transamerica Funds Annual Report 2018

Page    74

MANAGEMENT AND SUB-ADVISORY AGREEMENT — CONTRACT RENEWAL (continued)

(unaudited)

ClearTrack^® 2055. 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^® 2060. 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^® 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

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 reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for each Portfolio.

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 and also considered the extent to which TAM shared economies of scale 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 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.

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.

Transamerica Funds Annual Report 2018

Page    75

MANAGEMENT AND SUB-ADVISORY AGREEMENT — CONTRACT RENEWAL (continued)

(unaudited)

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.

Transamerica Funds Annual Report 2018

Page    76

Management of the Trust

Board Members and Officers

(unaudited)

The members of the Board (“Board Members”) and executive officers of the Trust are listed below.

Interested Board Member means a board member who may be deemed an “interested person” (as that term is defined in the 1940 Act) of the Trust because of his current or former service with TAM or an affiliate of TAM. Interested Board Members may also be referred to herein as “Interested Trustees.” Independent Board Member means a Board Member who is not an “interested person” (as defined under the 1940 Act) of the Trust and may also be referred to herein as an “Independent Trustee.”

The Board governs each Fund and is responsible for protecting the interests of the shareholders. The Board Members are experienced executives who meet periodically throughout the year to oversee the business affairs of each Fund and the operation of each Fund by its officers. The Board also reviews the management of each Fund’s assets by the investment manager and its respective sub-adviser.

The Funds are among the Funds managed and sponsored by TAM (collectively, “Transamerica Fund Family”). The Transamerica Fund Family consists of (i) Transamerica Funds (“TF”); (ii) Transamerica Series Trust (“TST”); (iii) Transamerica ETF Trust (“TET”); and (iv) Transamerica Asset Allocation Variable Funds (“TAAVF”). The Transamerica Fund Family consists of 136 funds as of the date of this Annual Report. With the exception of Mr. Smit, none of the Board Members serve on the board of trustees of TET. TET is overseen by a separate board of trustees.

The mailing address of each Board Member is c/o Secretary, 1801 California Street, Suite 5200, Denver, 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 and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INTERESTED BOARD MEMBERS
Marijn P. Smit (45)	Chairman of the Board, President and Chief Executive Officer	Since 2014	Chairman of the Board, President and Chief Executive Officer, TF, TST and TAAVF (2014 – present); Chairman of the Board, President and Chief Executive Officer, TET (2017 – present); Chairman of the Board, President and Chief Executive Officer, Transamerica Partners Portfolio (“TPP”), Transamerica Partners Funds Group (“TPFG”) and Transamerica Partners Funds Group II (“TPFG II”) (2014 – 2018); Chairman of the Board, President and Chief Executive Officer, Transamerica Income Shares, Inc. (“TIS”) (2014 – 2015); Director, Chairman of the Board, President and Chief Executive Officer, Transamerica Asset Management, Inc. (“TAM”) and Transamerica Fund Services, Inc. (“TFS”) (2014 – present);	136	Director, Massachusetts Fidelity Trust Company (2014 – present); Director, Aegon Global Funds (2016 – present); Director – Akaan-Aegon, S.A.P.I. de C.V. (financial services joint venture in Mexico) (2017 – present)

Transamerica Funds Annual Report 2018

Page    77

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INTERESTED BOARD MEMBERS — continued
Marijn P. Smit (continued)			President, Investment Solutions, Transamerica Investments & Retirement (2014 – 2016); Vice President, Transamerica Premier Life Insurance Company (2010 – 2016); Vice President, Transamerica Life Insurance Company (2010 – present); Senior Vice President, Transamerica Financial Life Insurance Company (2013 – 2016); Senior Vice President, Transamerica Retirement Advisors, Inc. (2013 – 2016); Senior Vice President, Transamerica Retirement Solutions Corporation (2012 – present); and President and Director, Transamerica Stable Value Solutions, Inc. (2010 – 2016).
Alan F. Warrick (70)	Board Member	Since 2012	Board Member, TF, TST and TAAVF (2012 – present); Board Member, TPP, TPFG and TPFG II (2012 – 2018); Board Member, TIS (2012 – 2015); Consultant, Aegon USA (2010 – 2011); Senior Advisor, Lovell Minnick Equity Partners (2010 – present); Retired (2010 – present); and Managing Director for Strategic Business Development, Aegon USA (1994 – 2010).	131	N/A
INDEPENDENT BOARD MEMBERS
Sandra N. Bane (66)	Board Member	Since 2008	Retired (1999 – present); Board Member, TF, TST and TAAVF (2008 – present); Board Member, TPP, TPFG and TPFG II (2008 – 2018); Board Member, TIS (2008 – 2015); Board Member, Transamerica Investors, Inc. (“TII”) (2003 – 2010); and Partner, KPMG (1975 – 1999).	131	Big 5 Sporting Goods (2002 – present); Southern Company Gas (energy services holding company) (2008 – present)

Transamerica Funds Annual Report 2018

Page    78

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INDEPENDENT BOARD MEMBERS — continued
Leo J. Hill (62)	Lead Independent Board Member	Since 2002	Principal, Advisor Network Solutions, LLC (business consulting) (2006 – present); Board Member, TST (2001 – present); Board Member, TF (2002 – present); Board Member, TPP, TPFG and TPFG II (2007 – 2018); Board Member, TIS (2002 – 2015); Board Member, TAAVF (2007 – present); Board Member, TII (2008 – 2010); Market President, Nations Bank of Sun Coast Florida (1998 – 1999); Chairman, President and Chief Executive Officer, Barnett Banks of Treasure Coast Florida (1994 – 1998); Executive Vice President and Senior Credit Officer, Barnett Banks of Jacksonville, Florida (1991 – 1994); and Senior Vice President and Senior Loan Administration Officer, Wachovia Bank of Georgia (1976 – 1991).	131	Ameris Bancorp (2013 – present); Ameris Bank (2013 – present)
David W. Jennings (72)	Board Member	Since 2009	Board Member, TF, TST and TAAVF (2009 – present); Board Member, TPP, TPFG and TPFG II (2009 – 2018); Board Member, TIS (2009 – 2015); Board Member, TII (2009 – 2010); Managing Director, Hilton Capital Management, LLC (2010 – present); Principal, Maxam Capital Management, LLC (2006 – 2008); and Principal, Cobble Creek Management LP (2004 – 2006).	131	N/A

Transamerica Funds Annual Report 2018

Page    79

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INDEPENDENT BOARD MEMBERS — continued
Russell A. Kimball, Jr. (74)	Board Member	Since 1986 – 1990 and Since 2002	General Manager, Sheraton Sand Key Resort (1975 – present); Board Member, TST (1986 – present); Board Member, TF, (1986 – 1990), (2002 – present); Board Member, TPP, TPFG and TPFG II (2007 – 2018); Board Member, TIS (2002 – 2015); Board Member, TAAVF (2007 – present); and Board Member, TII (2008 – 2010).	131	N/A
Fredric A. Nelson III (61)	Board Member	Since 2017	Board Member, TF, TST and TAAVF (2017 – present); Board Member, TPP, TPFG and TPFG II (2017 – 2018); Chief Investment Officer (“CIO”), Commonfund (2011 – 2015); Vice Chairman, CIO, ING Investment Management Americas (2003 – 2009); Managing Director, Head of U.S. Equity, JP Morgan Investment Management (1994 – 2003); Managing Director, Head of Global Quantitative Investments Group, Bankers Trust Global Investment Management (1981 – 1994).	131	N/A
John E. Pelletier (54)	Board Member	Since 2017	Board Member, TF, TST and TAAVF (2017 – present); Board Member, TPP, TPFG and TPFG II (2017 – 2018); Director, Center for Financial Literacy, Champlain College (2010 – present); Co-Chair, Vermont Financial Literacy Commission with Vermont State Treasurer (2015 – present); Chairman, Vermont Universal Children’s Higher Education Savings Account Program Advisory Committee (2015 – present); Founder and Principal, Sterling Valley Consulting LLC (a financial services consulting firm) (2009 – 2017);	131	N/A

Transamerica Funds Annual Report 2018

Page    80

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INDEPENDENT BOARD MEMBERS — continued
John E. Pelletier (continued)			Independent Director, The Sentinel Funds and Sentinel Variable Products Trust (2013 – 2017); Chief Legal Officer, Eaton Vance Corp. (2007 – 2008); and Executive Vice President and Chief Operating Officer (2004 – 2007), General Counsel (1997 – 2004), Natixis Global Associates.
Patricia L. Sawyer (68)	Board Member	Since 2007	Retired (2007 – present); President/Founder, Smith & Sawyer LLC (management consulting) (1989 – 2007); Board Member, TF and TST (2007 – present); Board Member, TPP, TPFG and TPFG II (1993 – 2018); Board Member, TIS (2007 – 2015); Board Member, TII (2008 – 2010); Board Member, TAAVF (1993 – present); and Trustee, Chair of Finance Committee and Chair of Nominating Committee (1987 – 1996), Bryant University.	131	Honorary Trustee, Bryant University (1996 – present)
John W. Waechter (66)	Board Member	Since 2005	Partner, Englander Fischer (2016 – present); Attorney, Englander Fischer (2008 – 2015); Retired (2004 – 2008); Board Member, TST (2004 – present); Board Member, TF (2005 – present); Board Member, TAAVF (2007 – present); Board Member, TPP, TPFG and TPFG II (2007 – 2018); Board Member, TIS (2004 – 2015); Board Member, TII (2008 – 2010); Employee, RBC Dain Rauscher (securities dealer) (2004);	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); Board Member, Boley PAR, Inc. (non-profit organization) (2016 – present)

Transamerica Funds Annual Report 2018

Page    81

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INDEPENDENT BOARD MEMBERS — continued
John W. Waechter (continued)			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).

* 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 2018

Page    82

OFFICERS

The mailing address of each officer is c/o Secretary, 1801 California Street, Suite 5200, Denver, CO 80202. The following table shows information about the officers, including their year of birth, their positions held with the Trust and their principal occupations during the past five years (their titles may have varied during that period). Each officer will hold office until his or her successor has been duly elected or appointed or until his or her earlier death, resignation or removal.

Name and Age	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Marijn P. Smit (45)	Chairman of the Board, President and Chief Executive Officer	Since 2014	See Interested Board Member Table
Christopher A. Staples (48)	Vice President and Chief Investment Officer, Advisory Services	Since 2005	Vice President and Chief Investment Officer, Advisory Services (2007 – present), Transamerica Funds and TST; Vice President and Chief Investment Officer, Advisory Services (2007 – 2015), TIS; Vice President and Chief Investment Officer, Advisory Services, TAAVF (2007 – present); Vice President and Chief Investment Officer, Advisory Services, TPP, TPFG and TPFG II (2007 – 2018); Director (2005 – present), Senior Vice President (2006 – present), Senior Director, Investments (2016 – present), Chief Investment Officer, Advisory Services (2012 – 2016) and Lead Portfolio Manager (2007 – present), TAM; Director, TFS (2005 – present); Registered Representative (2007 – 2016), TCI; and Registered Representative, TFA (2005 – present).
Thomas R. Wald (58)	Chief Investment Officer	Since 2014	Chief Investment Officer, Transamerica Funds, TST and TAAVF (2014 – present); Chief Investment Officer, TPP, TPFG and TPFG II (2014 – 2018); Chief Investment Officer, TIS (2014 – 2015); Senior Vice President and Chief Investment Officer, TAM (2014 – present); Chief Investment Officer, Transamerica Investments & Retirement (2014 – present); and Vice President and Client Portfolio Manager, Curian Capital, LLC (2012 – 2014).
Vincent J. Toner (48)	Vice President and Treasurer	Since 2014	Vice President and Treasurer, Transamerica Funds, TST and TAAVF (2014 – present); Vice President and Treasurer, TPP, TPFG and TPFG II (2014 – 2018); Vice President and Treasurer, TIS (2014 – 2015); Vice President and Treasurer (2016 – present), Vice President, Administration and Treasurer (2014 – 2016), TAM; Vice President, Administration and Treasurer, TFS (2014 – present); and Senior Vice President and Vice President, Fund Administration, Brown Brothers Harriman (2010 – 2014).

Transamerica Funds Annual Report 2018

Page    83

Name and Age	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Scott M. Lenhart (57)	Chief Compliance Officer and Anti-Money Laundering Officer	Since 2014	Chief Compliance Officer and Anti-Money Laundering Officer, Transamerica Funds, TST and TAAVF (2014 – present), TPP, TPFG and TPFG II (2014 – 2018), TIS (2014 – 2015); Chief Compliance Officer (2014 – present), Anti-Money Laundering Officer (2014 – present), TAM; Vice President and Chief Compliance Officer, TFS (2014 – present); and Director of Compliance, Transamerica Investments & Retirement (2014 – present).
Rhonda A. Mills (52)	Assistant General Counsel, Assistant Secretary	Since 2016	Assistant Secretary, Transamerica Funds, TST and TAAVF (2016 – present); Assistant Secretary, TPP, TPFG and TPFG II (2016 – 2018); Assistant Secretary, Vice President and High Level Specialist Attorney (2014 – 2016), Assistant General Counsel (2016 – present), TAM; Assistant Secretary, High Level Specialist Attorney and Vice President (2014 – present), TFS; Vice President and Associate Counsel, ALPS Fund Services, Inc. (2011 – 2014); Managing Member, Mills Law, LLC (2010 – 2011); Counsel, Old Mutual Capital (2006 – 2009); Senior Counsel, Great-West Life and Annuity Insurance Company (2004 – 2006); and Securities Counsel, J.D. Edwards (2000 – 2003).
Blake Boettcher (32)	Tax Manager	Since 2018	Tax Manager, Transamerica Funds, TST, TAAVF and TET (2018 – present); Senior Manager – Tax, Charles Schwab Investment Management (2015 – 2017); and Tax Manager, Deloitte Tax LLP (2012 – 2015).

* Elected and serves at the pleasure of the Board of the Trust.

Transamerica Funds Annual Report 2018

Page    84

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 2018

Page    85

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 2018

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Customer Service: 1-888-233-4339

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Transamerica Capital, Inc.

www.transamerica.com

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, Inc., Member of FINRA

25334_ARMFP1018

© 2018 Transamerica Capital, Inc.

Item 2: Code of Ethics.

(a) The Registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer, and any other officers who serve a similar function.

(b) The Registrant’s code of ethics is reasonably designed as described in this Form N-CSR.

(c) During the period covered by the report no amendments were made to the provisions of this code of ethics.

(d) During the period covered by the report, the Registrant did not grant any waivers, including implicit waivers, from the provisions of this code of ethics.

(e) Not Applicable.

(f) The Registrant has filed this code of ethics as an exhibit pursuant to Item 13(a)(1) of Form N-CSR.

Item 3: Audit Committee Financial Experts.

The Registrant’s Board of Trustees has determined that Sandra N. Bane, and John W. Waechter are “audit committee financial experts,” as such term is defined in Item 3 of Form N CSR. Ms. Bane, and Mr. Waechter are “independent” under the standards set forth in Item 3 of Form N-CSR. The designation of Ms. Bane, and Mr. Waechter as “audit committee financial experts” pursuant to Item 3 of Form N CSR does not (i) impose upon them any duties, obligations, or liabilities that are greater than the duties, obligations and liabilities imposed upon them as a member of the Registrant’s audit committee or Board of Trustees in the absence of such designation; or (ii) affect the duties, obligations or liabilities of any other member of the Registrant’s audit committee or Board of Trustees.

Item 4: Principal Accountant Fees and Services.

	Fiscal Year Ended 10/31 (in thousands)
	2018		2017
(a)             Audit Fees		$1,360		$1,382
(b)             Audit Related Fees(1)		$9		$72
(c)             Tax Fees(2)		$300		$504
(d)             All Other Fees(3)		$34		$84

⁽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 2018 and 2017 was zero.

(f) Not Applicable.

(g) Not Applicable.

(h) The Registrant’s Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrant’s Adviser, and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintain the principal accountant’s independence.

Item 5: Audit Committee of Listed Registrants.

The following individuals comprise the standing Audit Committee: Sandra N. Bane, Leo J. Hill, David W. Jennings, Frederic A. Nelson, John E. Pelletier, Patricia L. Sawyer and John W. Waechter.

Item 6: Schedule of Investments.

(a) The schedules of investments and consolidated schedules of investments are included in the Annual Report to shareholders filed under Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8: Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9: Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable

Item 10: Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees that have been implemented since the Registrant last provided disclosure in response to the requirements of this Item.

Item 11: Controls and Procedures.

(a) The Registrant’s principal executive officer and principal financial officer evaluated the Registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are appropriately designed to ensure that information required to be disclosed by the Registrant in the reports that it files on Form N-CSR (a) is accumulated and communicated to Registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

(b) The Registrant’s principal executive officer and principal financial officer are aware of no change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal 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) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit. The Registrant’s code of ethics (that is the subject of the disclosure required by Item 2(a)) is attached.

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Separate certifications for Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(a) under the 1940 Act, are attached.

(a)(3) Any written solicitation to purchase securities under Rule 23c 1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

(a)(4) Change in the registrant’s independent public accountant. Not applicable.

(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. A certification for Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(b) under the 1940 Act, is attached. The certification furnished pursuant to this paragraph is not deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to liability of that section. Such certification is not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates it by reference.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Transamerica Funds
(Registrant)
By:	/s/ Marijn P. Smit
	Marijn P. Smit
	Chief Executive Officer
	(Principal Executive Officer)
Date:	January 4, 2019

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 4, 2019
By:	/s/ Vincent J. Toner
	Vincent J. Toner
	Treasurer
	(Principal Financial Officer)
Date:	January 4, 2019

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